Pt Merdeka Battery Materials Tbk · IDX:MBMA
Pt Merdeka Battery Materials Tbk — 9M 2025 Earnings Presentation
21 slides from Pt Merdeka Battery Materials Tbk's earnings presentation, Dec 18, 2025
Slide 1: Merdeka Group Nine Months 2025 Financial Results Presentation
MERDEKA GROUP Nine Months 2025 Financial Results Presentation 18 December 2025 9M 2025 Financial Results Presentation
Slide 2: Disclaimer
DISCLAIMER This presentation has been 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 presentati
Slide 3: 9M 2025 Highlights
9M 2025 Highlights Financials Project Update MDKA MBMA Pani Gold Project Construction remains on schedule at 83% completion. First mining, power energization, ore processing plant operation, ore stacking, and Revenue ADR commissioning have been completed. All commissioning is expected to finish by D
Slide 4: Nickel Mining Operations
Nickel Mining Operations Ore Mined (million wmt) Ore Sales1 (million wmt) +68% +31% 14.5 13.8 4.5 10.5 4.8 8.6 7.6 3.6 6.4 1.9 6.0 2.0 5.4 3.0 9.9 4.3 2.0 3.2 3.7 1.4 3.5 8.9 1.2 6.7 1.5 6.9 1.3 5.6 1.3 3.4 4.1 4.0 1.8 2.5 2.1 2.8 4Q24 1Q25 2Q25 3Q25 9M24 9M25 4Q24 1Q25 2Q25 3Q25 9M24 9M25 Limonite
Slide 5: Nickel Processing Operations
Nickel Processing Operations NPI Production (tonnes) NPI Sales (tonnes) -17% -14% 63,338 61,368 52,863 52,863 18,823 16,297 16,748 19,819 18,831 16,297 16,748 19,819 4Q24 1Q25 2Q25 3Q25 9M241 9M25 4Q24 1Q25 2Q25 3Q25 9M24 9M25 HGNM Production (tonnes) HGNM Sales (tonnes) -75% -73% 38,422 40,401 11,8
Slide 6: Gold and Copper Operations
Gold and Copper Operations Gold Production (ounces) Gold Sales (ounces) -5% +12% 80,043 89,164 75,961 79,415 35,824 36,796 25,481 25,143 25,338 29,056 29,629 22,739 4Q24 1Q25 2Q25 3Q25 9M24 9M25 4Q24 1Q25 2Q25 3Q25 9M24 9M25 Copper Production (tonnes) Copper Sales (tonnes) -29% -36% 10,483 11,310 7,
Slide 7: ASP and Margin Analysis (9M 2025)
ASP and Margin Analysis (9M 2025) Saprolite1 NPI Gold ($/wmt) Margin: 16% ($/t) Margin: 16% ($/oz) Margin: 59% 24.5 11,441 1,866 4.0 9,575 20.5 8,587 3,044 1,806 1,238 ASP Cash Margin Cash costs Implied Cash ASP Cash Margin Cash costs ASP 2 Cash Margin Cash costs Cost3 Limonite HGNM Copper ($/wmt) M
Slide 8: Consolidated Group Revenue
Consolidated Group Revenue $ million Gold Copper NPI HGNM Nickel Ore -26% 2 1,666 (34) 97 (102) 107 (420) 3 564 1,231 25 133 144 1,666 1,729 1,627 707 1,207 1,232 605 69 103 185 281 1 9M 2024 Gold Copper NPI HGNM Nickel Ore 9M 2025 • Merdeka Group reported consolidated revenue of $1.2 billion in 9M
Slide 9: Consolidated Group EBITDA
Consolidated Group EBITDA $ million Gold Copper NPI HGNM Nickel Ore Others +33% 295 (19) 29 (27) 14 15 44 61 222 1 29 28 105 76 278 280 9 274 272 268 238 28 142 81 (20) (6) 9M 2024 Gold Copper NPI HGNM Nickel Ore Others 9M 2025 • Merdeka Group reported a strong 33% YoY increase in consolidated EBITD
Slide 10: 9M 2025 Profit & Loss (100%)
9M 2025 Profit & Loss (100%) $ million 295 (173) (82) (4) 14 (21) EBITDA D&A Finance Expense Other Expense, Net Tax Net Income • Net finance expense of $82 million mainly derived from $86 million in bonds interest and $4 million in loan interest, offset with $8 million in finance income. • Other exp
Slide 11: 9M 2025 Cash flow
9M 2025 Cash flow $ million • Pani Gold Project ($119mn) • Nickel ($73mn) 1,307 • AIM ($68mn) • TB Gold ($68mn) • Proceeds from: • HPAL Investment ($57mn) • EMAS’ IPO ($276mn) • MDKA Investment in MGR ($25mn) • Contribution from MBMA’s JV • Buyback EMAS shares ($141mn) • TB Copper ($15mn) partner ($
Slide 12: MDKA Consolidated Financial Statements (100%)
MDKA Consolidated Financial Statements (100%) In $ million 3Q 2024 3Q 2025 9M 2024 9M 2025 • Merdeka reported consolidated revenue of $1.28 Revenue 573.7 432.5 1,667.5 1,287.1 billion in 9M 2025, reflecting a -23% YoY decrease Cost of Revenue (exclusive of D&A) (489.9) (297.6) (1,408.7) (950.3) of $
Slide 13: MBMA Consolidated Financial Statements (100%)
MBMA Consolidated Financial Statements (100%) In $ million 3Q 2024 3Q 2025 9M 2024 9M 2025 • MBMA reported consolidated revenue of $935 Revenue 458.2 307.3 1,379.8 935.0 million and EBITDA of $140 million in 9M 2025, Cost of Revenue (exclusive of D&A) (419.8) (234.0) (1,245.1) (772.0) representing a
Slide 14: Project Development
Project Development TB Copper Pani Gold Project HPAL Operations • TB Copper advanced to feasibility study • Construction of Pani progressed on schedule, • Construction at PT SLNC had reached 54% for after completing key post-PFS optimisation: reaching 83% overall completion. the plant and 29% for th
Slide 15: Thank you
Thank you investor.relations@merdekacoppergold.com www.merdekacoppergold.com 9M 2025 Financial Results Presentation
Slide 16: MDKA – ASP and Margin Analysis (Quarterly)
MDKA – ASP and Margin Analysis (Quarterly) QoQ YoY Items Unit 3Q24 4Q24 1Q25 2Q25 3Q25 9M 2024 9M 2025 2Q25-3Q25 9M24-9M25 Gold Production oz 30,522 35,824 25,481 25,143 25,338 80,043 75,961 1% -5% Sales oz 27,778 29,056 36,796 22,739 29,629 79,415 89,164 30% 12% ASP $/oz 2,406 2,672 2,757 3,207 3,2
Slide 17: MBMA – ASP and Margin Analysis (Quarterly)
MBMA – ASP and Margin Analysis (Quarterly) QoQ YoY 3Q24 4Q24 1Q25 2Q25 3Q25 9M 2024 9M 2025 2Q25-3Q25 9M24-9M25 Limonite Production m wmt 3.7 3.4 1.8 2.5 5.6 6.7 9.9 124% 48% Sales m wmt 3.5 4.1 2.1 2.8 4.0 6.9 8.9 46% 29% ASP $/wmt 15.3 17.9 14.9 15.4 14.4 15.6 14.8 -6% -5% Cash costs $/wmt 9.9 9.0
Slide 18: MDKA Consolidated Financial Statements (Quarterly)
MDKA Consolidated Financial Statements (Quarterly) In $ million QoQ YoY 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 9M 2024 9M 2025 2Q25-3Q25 9M24-9M25 Revenue 573.7 571.5 502.2 352.4 432.5 1,667.5 1,287.1 23% -23% Cost of Revenue (exclusive of D&A) (489.9) (446.6) (400.0) (252.7) (297.6) (1,408.7) (950
Slide 19: MBMA Consolidated Financial Statements (Quarterly)
MBMA Consolidated Financial Statements (Quarterly) QoQ YoY In $ million 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 9M 2024 9M 2025 2Q25-3Q25 9M24-9M25 Revenue 458.2 464.9 366.1 261.6 307.3 1,379.8 935.0 17% -32% Cost of Revenue (exclusive of D&A) (419.8) (403.3) (327.9) (210.1) (234.0) (1,245.1) (772.0
Slide 20: MDKA Loan Maturity Profile
MDKA LOAN MATURITY PROFILE Net Debt to EBITDA as of 30 September 2025 Debt Maturity Profile as of 30 September 2025 ($ million) in $ million MDKA IDR Bond MDKA Term Loan MBMA IDR Bonds MDKA IDR Bonds 904 MBMA RCF MBMA IDR Sukuk MDKA Term Loan 250 551 545 MBMA IDR Bonds 512 MBMA RCF 100 453 13 168 MB
Slide 21: MBMA Loan Maturity Profile
MBMA LOAN MATURITY PROFILE Debt Maturity Profile as of 30 September 2025 ($ million) Net Debt to EBITDA as of 30 September 2025 in $ million MBMA IDR Bond MBMA IDR Sukuk MBMA RCF MBMA IDR Bonds 512 MBMA IDR Sukuk 144 MBMA RCF 100 Total Debt 756 Cash and Cash Equivalent 176 Net Debt 580 EBITDA 244 23
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