PT Lippo Karawaci Tbk : Investor release - LPKR 1Q25 Results

About this update from Pt Lippo Karawaci Tbk

INVESTOR RELEASE FOR IMMEDIATE RELEASE 30 April 2025 LPKR Achieves Steady Start to 2025 with IDR 169bn Net Profit in 1Q25 Underlying NPAT booked at IDR 208bn, supported by solid operational performance and lower financing costs Delivered Total NPAT of IDR 169bn, compared to loss of IDR 179bn in 1Q24 1Q25 Real Estate Marketing Sales reached IDR 1.26tn, achieving 20% of full-year target JAKARTA - PT Lippo Karawaci Tbk ("LPKR" or the "Company"), Indonesia's leading integrated real estate and healthcare platform, today announced its financial results for the first quarter ended 31 March 2025. LPKR began 2025 on a positive performance, delivering a significant improvement in profitability. Underlying Net Profit After Tax (NPAT) booked at IDR 208bn, while total NPAT at IDR 169bn compared to a loss of IDR 179bn in 1Q24. This turnaround reflects the Company's focus on core business execution, efficient cost management, and disciplined deleveraging. On a statutory basis, the Company reported revenue of IDR 2.06tn and underlying EBITDA of IDR 375bn. These figures reflect the deconsolidation of PT Siloam International Hospitals Tbk ("SILO") in June 2024. On a like-for-like basis, assuming SILO had already been deconsolidated in 1Q24, revenue would have grown 31% YoY. Exhibit 1: LPKR Statutory P&L Highlights (1Q25 vs 1Q24) (In IDR bn) 1Q25 1Q24 Var YoY %YoY Revenue 2,064 4,563 (2,499) -55% Gross Profit 817 1,957 (1,140) -58% Opex (442) (813) 371 46% EBITDA 1 375 1,143 (768) -67% Income (Loss) on Associates 186 38 148 389% Interest (79) (301) 222 74% Tax (69) (181) 112 62% Others 2 (205) (496) 291 59% Underlying NPAT 208 204 4 2% Non-Operational and One-off Items 3 (39) (383) 344 90% NPAT 169 (179) 348 194% 1 Underlying EBITDA excludes non-cash adjustments of SILO's historical assets write-down in 1Q24 2 Others mainly consist of the rental equivalent expense component from the PSAK 73 leasing calculation 3 Non operational accounting adjustments from SILO one-off in 1Q24, bonds buyback, FX and others Despite the expected lower operating cash flow following SILO's deconsolidation, LPKR maintained a healthy liquidity position with cash at the end of the period improved to IDR 2.77tn, from IDR 2.62tn a year earlier, reflecting prudent cash management. A key highlight for the quarter was the reduction in net interest expense, which fell 71% YoY to IDR 93bn. This decline was driven by the successful repayment of IDR 1.04tn in bonds and IDR 740bn in bank loans, underscoring LPKR's commitment to deleveraging and optimizing its capital structure. These efforts have resulted in a stronger balance sheet and lower funding costs going forward. Exhibit 2: LPKR Cash Flow Highlights (1Q25 vs 1Q24) (In IDR bn) 1Q25 1Q24 Var YoY %YoY Cash at beginning 5,328 2,650 2,678 101% Cash from operating activities (627) 1,031 (1,658) -161% Business operations (544) 1,467 (2,011) -137% Net Interest Expense (93) (316) 223 71% Receipts (Placement) for restricted funds 11 (121) 132 109% Cash from investing activities (74) (371) 297 80% Cash from financing activities (1,865) (690) (1,175) -170% Bond Repayment (1,035) - (1,035) Repayment bank loan (740) (471) (269) -57% Others (89) (219) 130 59% Forex Impact 7 2 5 250% Cash at end 2,770 2,622 148 6% Real Estate: Resilient Sales Momentum and Timely Execution LPKR's real estate segment recorded marketing sales of IDR 1.26tn in 1Q25, achieving 20% of its full-year target. The result was underpinned by sustained demand for affordable landed house across multiple regions with 80% of contribution total marketing sales, reflecting strong interest from first-time homebuyers and end-users. Flagship projects such as Cendana Homes, XYZ Livin, and Waterfront Uptown continued to gain traction, supported by the launch of Park Serpong Phase 4 and the Blackslate Series in Tanjung Bunga with take-up rate 96% and 88% respectively. Exhibit 3: Marketing sales results (in IDR bn) Exhibit 4: Marketing sales targets vs results (by projects) Project Location FY25 Marketing sales target (in IDR bn) 1Q25 Marketing sales result (in IDR bn) 1Q25 Units sold Lippo Karawaci (Holdco) 4,600 940 1,254 Residentials Various Locations¹ 3,700 792 944 Commercial Various Locations¹ 550 71 36 High rise inventory Various Locations¹ 100 28 20 San Diego Hills Karawang, West Java 200 31 253 Land Plot Various Locations¹ 50 18 1 Lippo Cikarang 1,650 323 325 Residentials East Greater Jakarta 1000 216 276 Industrial East Greater Jakarta 100 - - Commercial East Greater Jakarta 550 107 49 Total 6,250 1,263 1,579 ¹ Various locations including Lippo Village, Park Serpong, Tanjung Bunga, Jakarta, and Manado Within Lippo Karawaci (Holdco), residential sales contributed IDR 792bn, with additional contributions from commercial units (IDR 71bn), land plots (IDR 18bn), and cemetery plots at San Diego Hills (IDR 31bn). Sales momentum was further supported by strong take-up rates of up to 96% on launch day for premium products such as Cendana Suites, XYZ Series, and Blackstar Series at Park Serpong. Exhibit 5: Marketing sales breakdown in Lippo Karawaci Lippo Karawaci Location 1Q25 Marketing Sales Result (in IDR bn) 1Q25 Units Sold Key Products Landed residentials West Greater Jakarta 649 808 Cendana Suites, QXYZ Livin, and Blackstar Series Makassar, South Sulawesi 131 113 QXYZ Livin Mid-rise residentials West Greater Jakarta 12 23 Urbn X Shophouses West Greater Jakarta 71 36 The Hive @Parkhills Boulevard High-rise inventory North-east Jakarta 5 2 Holland Village West Greater Jakarta 23 18 Millenium Village Total 891 1,000 Lippo Cikarang reported IDR 323bn in marketing sales, with landed homes and shophouses accounting for over 96% of total sales. Projects such as XYZ Livin and Cendana Spark North continued to attract strong buyer interest. Exhibit 6: Marketing sales breakdown in Lippo Cikarang Lippo Cikarang 1Q25 Marketing Sales Result (in IDR bn) 1Q25 Units Sold Key Products Landed residentials 205 247 XYZ Livin, Cendana Spark North Low-rise residentials 7 22 Newville High-rise inventory 4 7 Orange County Shophouses 107 49 The Hive @Spark North Total 323 325 In 1Q25, 72% of sales were financed through mortgages, highlighting strong demand from end-users and reaffirming the success of LPKR's strategy in addressing Indonesia's affordable housing needs. Exhibit 7: Payment profile (excluding land plot sales) Payment mode 1Q25 1Q24 Mortgage 72% 78% Cash 12% 10% Instalment 16% 12% Total 100% 100% Revenue for the segment increased 39% YoY to IDR 1.74tn, supported by timely handovers of residential and commercial units and continued demand for cemetery plots at San Diego Hills. EBITDA remained stable at IDR 321bn, driven by operational efficiencies and strong operational execution. Exhibit 8: Real Estate P&L Highlights (1Q25 vs 1Q24) (In IDR bn) 1Q25 1Q24 Var YoY %YoY Revenue 1,741 1,252 489 39% Gross Profit 577 540 37 7% Opex (257) (195) (62) -32% EBITDA 321 346 (25) -7% Lifestyle: Steady Recovery in Malls and Hotels LPKR's lifestyle segment reported another quarter of strong performance, with revenue growing 13% YoY to IDR 322bn. Gross profit rose 33% to IDR 239bn, while EBITDA climbed 59% YoY to IDR 106bn, reflecting stronger tenant lease, operational recovery, and ongoing cost optimization initiatives. Exhibit 9: Lifestyle P&L Highlights (1Q25 vs 1Q24) (In IDR bn) 1Q25 1Q24 Var YoY %YoY Revenue 322 285 37 13% Gross Profit 239 179 60 34% Opex (132) (112) (20) 18% EBITDA 106 67 39 59% Operationally, average hotel room rates rose to IDR 641k, up 8% YoY. Mall footfall traffic remained resilient, averaging over 11 million monthly visitors, reflecting continued recovery in retail activity. Exhibit 10: Lifestyle Operational Metrics Highlights Key operational metrics 1Q25 1Q24 %YoY Hotels Average room rate (in IDR) Average occupancy rate 640,801 54% 596,016 58% 8% -7% Malls Average footfall traffic 11 10.2 8% CEO of LPKR, John Riady said, " We are off to a positive start in 2025, underpinned by our focused execution, operational resilience, and financial discipline. Our affordable housing strategy continues to resonate with end-users, and our debt reduction strategy is yielding tangible results through lower interest costs. We remain committed to expanding access to quality housing for more Indonesians, while driving sustainable growth for our stakeholders. " Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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