Pt Merdeka Battery Materials Tbk · IDX:MBMA
Pt Merdeka Battery Materials Tbk — H1 2026 Earnings Presentation
25 slides from Pt Merdeka Battery Materials Tbk's earnings presentation, Sep 28, 2026
Slide 1: MERDEKA GROUP 1H26 Financial Results
MERDEKA GROUP 1H26 Financial Results 28 September 2026 2Q26 - Financial Results Presentation
Slide 2: Disclaimer
DISCLAIMER This presentation, prepared by PT Merdeka Copper Gold Tbk (“Merdeka” or “MDKA”), PT Merdeka Gold Resources Tbk (“EMAS”), and PT Merdeka Battery Materials Tbk (“MBMA”), consists of written materials/slides for a presentation concerning Merdeka. By reviewing/attending this presentation, you
Slide 3: 1H26 Highlights
1H26 Highlights Financials Key Highlights MDKA MBMA EMAS A Step Change in Profitability, with Further Growth Ahead Revenue • MDKA sustained its return to profitability, delivering net profit $1,402m $1,048m $31m after tax and minority interests of $102 million in 1H26, compared to a net loss of $16
Slide 4: Nickel Mining Operations
Nickel Mining Operations Ore Mined (million wmt) Ore Sales1 (million wmt) +121% +60% 15.2 12.4 5.1 9.6 4.2 7.8 1.8 7.6 7.7 7.5 6.7 7.2 6.9 6.0 5.7 2.9 2.0 2.3 1.9 2.4 2.9 2.6 2.0 10.1 2.3 8.2 7.8 5.6 5.4 4.0 4.8 4.9 4.7 4.7 4.3 3.3 3Q25 4Q25 1Q26 2Q26 1H25 1H26 3Q25 4Q25 1Q26 2Q26 1H25 1H26 Limonite
Slide 5: Nickel Processing Operations
Nickel Processing Operations NPI Production (tonnes) NPI and LGNM Sales (tonnes) +20% +20% 39,496 39,497 33,045 33,045 19,819 21,008 19,990 19,505 19,819 21,008 19,991 19,505 3Q25 4Q25 1Q26 2Q26 1H25 1H26 3Q25 4Q25 1Q26 2Q26 1H25 1H26 HGNM Production (tonnes) HGNM Sales (tonnes) +105% +72% 19,526 18
Slide 6: Nickel ASP and Margin Analysis (1H26)
Nickel ASP and Margin Analysis (1H26) Saprolite1 NPI ($/wmt) Margin: 36% ($/t) Margin: 21% 45 14,073 11,111 10,037 29 2,962 16 22 (6) 3 ASP 2 Cash Margin Cash Cost Royalty Cash Cost ASP Cash Margin Cash Cost Implied Cash Cost (incl. royalty) (incl. royalty) (excl. royalty) (incl. royalty) (incl. roy
Slide 7: Gold and Copper Operations
Gold and Copper Operations Gold Production (ounces) Gold Sales (ounces) TB Gold Pani +32% TB Gold Pani +3% 66,814 59,535 61,561 50,624 17,412 40,161 6,955 26,652 36,574 25,338 27,195 29,629 24,987 15,594 6,439 1,818 49,402 15,004 516 54,606 24,835 24,567 24,470 30,135 3Q25 4Q25 1Q26 2Q26 1H25 1H26 3
Slide 8: Gold and Copper – ASP and Margin Analysis (1H26)
Gold and Copper – ASP and Margin Analysis (1H26) Gold – TB Gold Gold – Pani ($/oz) Margin: 73% ($/oz) Margin: 73% 4,674 4,437 711 1,248 1,084 1,185 898 3,426 (875) 3,252 (287) ASP Cash Margin Cash Cost Silver Credit Royalty Cash Cost ASP CashMargin Cash Margin CashCost Cash Cost Royalty CashCost Cas
Slide 9: Consolidated Group Revenue
Consolidated Group Revenue $ million Gold Copper Nickel Ore NPI HGNM Acid Others +64% 1,402 24 69 22 96 145 77 289 855 110 2 5 120 28 144 458 381 184 49 74 44 301 181 1H 2025 Gold 1 Copper Nickel Ore NPI HGNM Acid Others2 1H 2026 Merdeka Group reported consolidated revenue of $1,402 million in 1H26,
Slide 10: Consolidated Group EBITDA
Consolidated Group EBITDA $ million Gold Copper Nickel Ore NPI HGNM Acid Others +191% 512 (9) 42 38 15 12 61 112 148 168 176 15 5 72 3 26 51 20 11 179 107 (20) (30) 1H 2025 Gold Copper Nickel Ore NPI HGNM Acid Others 1H 2026 Merdeka Group reported consolidated EBITDA of $512 million in 1H26, up 191%
Slide 11: 1H26 Profit & Loss (100%)
1H26 Profit & Loss (100%) $ million 512 (115) (67) (69) 215 (46) 102 (113) EBITDA D&A Finance Other Tax Net Net Income - Net Income - Expense, Expense, Expense Income Minority Parent Entity Net Net Interest Portion • Net finance expenses of $67 million comprised $60 million in bond and sukuk interes
Slide 12: 1H26 Cash Flow
1H26 Cash Flow $ million • Pani Gold Mine ($87m) • TB Gold ($21m) 1,385 • TB Copper ($8m) • HPAL Investment ($113m) • SCM ($46m) • RKEF ($2m) • Others ($18m) 292 5 683 (1,098) 226 (6) 355 (99) (294) (84) Cash Capex Div / Repymnt to Loan Exc. Rate Inflow JV Partners Drawdown Effect Beg. Cash Cash Pro
Slide 13: EMAS Consolidated Financial Statements (100%)
EMAS Consolidated Financial Statements (100%) $ million 1Q26 2Q26 1H26 • EMAS began gold production in February 2026 and Revenue 2.6 28.2 30.9 recorded positive EBITDA of $18.5 million in 2Q26. It Cost of Revenue (excl. D&A) 4.4 (6.8) (2.4) completed its Hong Kong Stock Exchange (“HKEX”) Mining (7.0
Slide 14: MBMA Consolidated Financial Statements (100%)
MBMA Consolidated Financial Statements (100%) $ million 1H25 1H26 • Higher sales volumes and ASP drove revenue growth. Revenue 627.7 1,047.8 Combined with improved margins, this increased EBITDA Cost of Revenue (excl. D&A) (538.0) (714.5) and net profit after tax and minority interests by 306% and M
Slide 15: MDKA Consolidated Financial Statements (100%)
MDKA Consolidated Financial Statements (100%) $ million 1H25 1H26 • Net profit after tax and minority interests of $102 million in Revenue 854.6 1,402.4 1H26 marks a significant improvement from a $15.7 million Cost of Revenue (excl. D&A) (652.7) (855.1) loss in 1H25. Mining (76.2) (233.6) Processin
Slide 16: Project Development
Project Development TB Copper Pani Gold Project HPAL Operations TB Copper advanced to the FS phase • The maiden MRE for the Kolokoa • PT ESG produced 10,025 tNi in MHP in following key post-PFS milestones: Prospect comprises 42 Mt at 0.33 g/t 1H26. Transition to the new tailings area • Optimization
Slide 17: Thank you
Thank you investor.relations@merdekacoppergold.com www.merdekacoppergold.com 2Q26 - Financial Results Presentation
Slide 18: MDKA (exclude EMAS & MBMA) ASP and Margin Analysis (Quarterly)
MDKA (exclude EMAS & MBMA) ASP and Margin Analysis (Quarterly) QoQ YoY YoY Unit 2Q25 3Q25 4Q25 1Q26 2Q26 1Q26- 2Q25- 1H25 1H26 1H25- 2Q26 2Q26 1H26 Gold Production oz 25,143 25,338 27,195 24,835 24,567 -1% -2% 50,624 49,402 -2% Sales oz 22,739 29,629 15,004 24,470 30,135 23% 33% 59,535 54,606 -8% AS
Slide 19: MBMA ASP and Margin Analysis (Quarterly)
MBMA ASP and Margin Analysis (Quarterly) QoQ YoY YoY Unit 2Q25 3Q25 4Q25 1Q26 2Q26 1Q26- 2Q25- 1H25 1H26 1H25- 2Q26 2Q26 1H26 Saprolite1 Production mn wmt 1.2 2.0 2.4 2.3 2.9 26% 130% 2.6 5.1 100% Sales2 mn wmt 1.5 2.0 1.8 1.9 2.3 21% 54% 2.9 4.2 48% ASP $/wmt 25.0 24.8 27.0 28.5 58.9 106% 135% 25.4
Slide 20: EMAS ASP and Margin Analysis (Quarterly)
EMAS ASP and Margin Analysis (Quarterly) QoQ YoY YoY Unit 2Q25 3Q25 4Q25 1Q26 2Q26 1H25 1H26 1Q26-2Q26 2Q25-2Q26 1H25-1H26 Gold Production oz n/a n/a n/a 1,818 15,594 758% n/a n/a 17,412 n/a Sales oz n/a n/a n/a 516 6,439 1,147% n/a n/a 6,955 n/a ASP $/oz n/a n/a n/a 5,123 4,382 -14% n/a n/a 4,437 n
Slide 21: MDKA Consolidated Financial Statements (Quarterly)
MDKA Consolidated Financial Statements (Quarterly) QoQ YoY YoY $ million 2Q25 3Q25 4Q25 1Q26 2Q26 1Q26- 2Q25- 1H25 1H26 1H25- 2Q26 2Q26 1H26 Revenue 352.4 432.5 607.7 620.3 782.1 26% 122% 854.6 1,402.4 64% Cost of Revenue (excl. D&A) (252.7) (297.6) (505.0) (349.0) (506.1) -45% -100% (652.7) (855.1)
Slide 22: MBMA Consolidated Financial Statements (Quarterly)
MBMA Consolidated Financial Statements (Quarterly) QoQ YoY YoY $ million 2Q25 3Q25 4Q25 1Q26 2Q26 1Q26- 2Q25- 1H25 1H26 1H25- 2Q26 2Q26 1H26 Revenue 261.6 307.3 499.5 455.1 592.6 30% 127% 627.7 1,047.8 67% Cost of Revenue (excl. D&A) (210.1) (234.0) (409.5) (300.8) (413.7) -38% -97% (538.0) (714.5)
Slide 23: EMAS Consolidated Financial Statements (Quarterly)
EMAS Consolidated Financial Statements (Quarterly) QoQ YoY YoY 1 $ million 2Q25 3Q25 4Q25 1Q26 2Q26 1Q26- 2Q25- 1H25 1H26 1H25- 2Q26 2Q26 1H26 Revenue 0.1 0.0 0.0 2.6 28.2 967% n/a 0.1 30.9 n/a Cost of Revenue (excl. D&A) (0.0) (0.0) (0.2) 4.4 (6.8) -255% n/a (0.0) (2.4) n/a Mining - - - (7.0) (12.3
Slide 24: MDKA Loan Maturity Profile
MDKA Loan Maturity Profile Net Debt to EBITDA as of 30 June 2026 Debt Maturity Profile as of 30 June 2026 ($ million) $ million MDKA IDR Bonds 614 MDKA IDR Bonds MDKA RCF BSI RCF MDKA RCF 60 EMAS RCF MBMA IDR Bonds MBMA IDR Sharia Bonds BSI RCF 60 MBMA RCF 870 MBMA IDR Bonds 815 10 - MBMA IDR Sharia
Slide 25: MBMA Loan Maturity Profile
MBMA Loan Maturity Profile Net Debt to EBITDA as of 30 June 2026 Debt Maturity Profile as of 30 June 2026 ($ million) $ million MBMA IDR Bonds MBMA IDR Sharia Bonds MBMA RCF MBMA IDR Bonds 815 MBMA IDR Sharia Bonds 225 336 343 MBMA RCF / Term Loan 232 10 Total Debt 1,273 264 Cash and Banks 483 187 1
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