Slides
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www.astra.co.id PT ASTRA INTERNATIONAL TBK First Half of 2025 Results Presentation
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The materials in this presentation have been prepared by PT Astra International Tbk (Astra) and show general background information about Astra group (the Group) business performances are current as at the date of this presentation and are subject to change without prior notice. This information is given in summary form and does not purport to be complete. Information in this presentation, including forecast financial information, should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or other financial products or instruments and does not take into account their particular investment objectives, financial situation or needs. Before acting on any information, readers should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, readers should seek independence financial advice. Forward-Looking Statements This presentation may contain forward looking statements, including statements regarding our intent, belief or current expectations with respect to the Group businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions and risk management practices. Readers are cautioned not to place undue reliance on these forward-looking statements; past performance is not a reliable indication of future performance. Astra does not undertake any obligation to publicly release the result of any revisions to these forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events. We disclaim any responsibility or liability whatsoever arising which may be brought or suffered by any person as a result of acting in reliance upon the whole or any part of the contents of this report and neither Astra and/or its affiliated companies and/or their respective employees and/or agents accepts liability for any errors, omissions, negligence or otherwise, in this report and any inaccuracy herein or omission here from which might otherwise arise. Consolidated Financial Information The financial results for the six months ended June 30th 2025 and 2024 and the financial position as at June 30th 2025 have been prepared in accordance with Indonesian Financial Accounting Standards and are unaudited. 22
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Astra Business Portfolio
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Automotive & Mobility Financial Services Heavy Equipment, Mining, Construction & Energy Agribusiness Infrastructure Information Technology Property New Business Initiative: Healthcare Astra Business Portfolio Business Pillars Core Portfolio Transition Portfolio Non-Coal Mining | Renewable Energy Diversified and resilient portfolio across consumption and industrial sectors. Clear transition strategy, alongside consistent efforts to strengthen and create new synergies through expansion into related areas and new businesses for long-term growth. Adjacencies 4 Geothermal, Mini Hydro, Solar PV New Business Initiative Industrial & Logistics Infrastructure Digital Infrastructure (Data Center) Used Cars Digital Bank Healthcare Gold, Nickel
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Corporate Actions 5 Toyota Motor Asia (Singapore) Pte. Ltd. (TMA) invested USD120 million (approximately Rp2.0 trillion) for a 40% stake in Astra Digital Mobil (ADMO), which owns OLXmobbi, an online-to-offline used car business. Following the transaction, the Group retains a 60% controlling interest in ADMO. This collaboration strengthens the longstanding partnership between Astra and TMA, and aims to modernise the used car market and enhance customer access to high-quality vehicles, financing, insurance and aftersales services across Indonesia. (Apr’25) The Group, through United Tractors, acquired a 30.6% stake in Supreme Energy Sriwijaya (SES) for USD30.8 million (Rp501 billion). SES is a 25.2% shareholder of Supreme Energy Rantau Dedap (SERD), which owns a geothermal plant in South Sumatera with an installed capacity of 91.2 MW. As a result of this transaction, United Tractors’ effective shareholding in SERD increased from 32.7% to 40.4%. (Jun’25) The Group, through Saka Industrial Arjaya (SIA), a company under its Property division, signed a Conditional Shares Sale and Purchase Agreement to acquire an 83.7% stake in Mega Manunggal Property (MMP), an industrial and logistics property developer listed on the Indonesia Stock Exchange. Upon completion, SIA will become the new controlling shareholder of MMP and, in line with the capital market regulations, will carry out a Mandatory Tender Offer. This acquisition is part of the Group’s strategy to benefit from Indonesia's rapidly growing demand for industrial & logistics infrastructure. (Jul’25)
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Financial Performance
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37% 10% 42% 9% 33% 27% 31% 4% 4% For the period ended 30th June 2025 Net Revenue Rp162,857bn Net Income Rp15,999bn* 2% 4% * Before fair value adjustments on investments in GoTo and Hermina • Earnings per share down 4% to Rp395 (excluding fair value adjustments) • Mining services affected by heavy rainfall and coal mining impacted by lower prices • Automotive performance impacted by lower car sales, partly offset by improved motorcycle and components performance • Higher contribution from Financial Services, Infrastructure and Agribusiness Financial Highlights Automotive & Mobility: Mobility includes SERA (transportation logistics solutions) and OLXmobbi (used car) HEMCE: Heavy Equipment, Mining, Construction & Energy Others: IT and Property Net Revenue Net Income Automotive & Mobility Financial Services HEMCE Agribusiness Others Automotive & Mobility Financial Services HEMCE Infrastructure Agribusiness 7 Others Infrastructure 1% 1% 1%
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Consolidated Profit and Loss Account Net Revenue Gross profit Operating profit Share of results of joint ventures and associates 1H25 1H24 162,857 159,967 2 34,833 35,600 (2) 19,167 20,848 (8) 3,789 5,009 (24) (484) (817) 41 Net Income (before fair value adjustments*) 15,999 16,673 (4) Net Income 15,515 15,856 Fair value adjustments* (2) Change % 8 (In Rupiah bn) *Fair value adjustments in respect of GoTo and Hermina
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Consolidated Net Income (excluding fair value adjustments) (In Rupiah bn) Segment Net Income Lower results in mining services and coal, partly offset by gold and heavy equipment Heavy Equipment, Mining, Construction & Energy Higher CPO selling prices and sales volume Agribusiness 4W impacted by lower sales, partly offset by improvements in 2W, components and mobility Automotive & Mobility Higher contribution from consumer finance on larger loan portfolios, with generally stable credit losses Financial Services -434 +256 -866 +175 1H24 1H25Automotive & Mobility HEMCEFinancial Services Agribusiness Infrastructure IT & Property -4% -8% +6% -15% +38% +22% 16,673 15,999 9 +40% +160 +35 Higher traffic volume and increased tariffs Infrastructure
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Consolidated Financial Position (In Rupiah bn) Total Assets 30 Jun’25 31 Dec’24* 487,794 471,356 3 209,040 199,378 5 Total Equity 278,754 271,978 2 Change % 10 Net cash, excluding the Group’s Financial Services subsidiaries, was Rp12.7 trillion at 30th June 2025, compared to Rp8.0 trillion at 31st December 2024. Net debt of the Group’s Financial Services subsidiaries was Rp64.0 trillion at 30th June 2025, up from Rp60.2 trillion at 31st December 2024. * Restated due to implementation of PSAK 117: Insurance Contracts Total Liabilities
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11 1H25 1H24 Change Net cash flows from operating activities 23,142 30,739 (7,597) Investing activities: Net capex (8,243) (8,377) 134 Net investment (4,204) (2,477) (1,727) Dividend received 5,358 6,219 (861) Other investing 734 (372) 1,106 Net cash flows used in investing activities (6,355) (5,007) (1,348) Net cash flows used in financing activities (12,122) (14,348) 2,226 Net change in cash 4,665 11,384 (6,719) Consolidated Cash Flow (In Rupiah Billion)
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Business Update
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124,843 131,265 64,405 85,434 11,275 [3%] 14,033 [3%] 174,218 179,288 1H25 1H24 Toyota & Lexus Daihatsu Isuzu Others 213,621 220,133 68,030 89,643 90,674 96,935 2,416 [1%] 3,309 [1%] 1H25 1H24 4x4 & 4x2 LCGC Commercial Sedan • 4W wholesale market decreased by 9% to 375k units. Astra’s market share declined from 57% to 54%. • xEV market sales 67k units (18% of total 4W sales) with HEVs making up 43%, the majority from Toyota. Automotive & Mobility – 4W Market Segment, units [%] Brand, units [%] [57%] [18%] [24%] [54%] [22%] [23%] [33%] [17%] [32%] [21%] 13 [47%] [44%] 374,741 410,020 9% 9% 54% 57%Astra M/S Top Astra HEV Models 374,741 410,020 Kijang Innova Zenix HEV Yaris Cross HEV
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3,105 3,171 1H25 1H24 Automotive & Mobility – 2W • 2W wholesale market decreased by 2% to 3.1m units. • Astra Honda Motor’s market share remained relatively stable at 77%. • Despite lower sales volume, 2W business performance improved mainly due to sales mix and exports. 14 77% 77%Astra M/S 2% 2W Market, k units Top Honda Models Honda Beat Honda Scoopy
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Automotive & Mobility – Components • Net income contribution from 80%-owned Astra Otoparts, the Group’s components business, increased by 11% to Rp751 billion, with higher contribution from all segments. 15 52% 51% 48% 49% 1H25 1H24 Manufacturing Trading 4% 9,1959,583 Astra Otoparts Revenue by Segment (Rp bn)
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25,834 26,870 1H25 1H24 15,063 11,970 1H25 1H24 Automotive & Mobility – Mobility • Serasi Autoraya (SERA), the Group’s transportation and logistics solutions business, delivered improved performance due to gain on disposal of ex-rental vehicles and improvement in the logistics business, which more than offset the decline in vehicles under contract. • OLXmobbi booked a 26% increase in used car sales to 15k units. 16 4% SERA Vehicles Under Contract, units Serasi Autoraya OLXmobbi OLXmobbi Used Car Sales, units 26%
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• Net income from the Group’s Financial Services division increased by 6% to Rp4.4tn. • The improvement in profit was due to higher contribution from consumer financing on larger loan portfolios, with generally stable credit losses. • New consumer amounts financed driven by strong growth in multipurpose financing. 1H25 vs 1H24 [Excluding Dealer Financing] * Includes electronics 4W 2W Heavy Equipment • Net income contribution of Rp764bn (+5%) • GWP of Rp4.8tn (+12%) Asuransi Astra 17 ACC TAF 4% 4%12,836 FIFGROUP* 8%24,465 SANF KAF 15%4,596 53% 3% FIFGROUP* 13%SANF KAF 2,048 63%449 4%98,221ACC TAF 4% Financial Services Amount Financed (Rp bn) Units Financed Insurance 59,174 18,910 1,767,896 3,437 • GWP of Rp2.7tn (-10%) Asuransi Jiwa Astra
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18 • Net income from the Group’s Heavy Equipment, Mining, Construction & Energy division, represented by 59.5%-owned United Tractors (UT), decreased by 15% to Rp5.0tn. • The decline in net income was mainly due to: • Mining services, primarily due to heavy rainfall, which led to lower productivity and higher cost, • Coal mining, which was impacted by lower coal prices, which were partly offset by improvements in: • Gold mining due to higher gold prices and sales volume, and • Heavy equipment sales, driven by stronger demand from all sectors. 18 Heavy Equipment, Mining, Construction & Energy
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533 588 1H25 1H24 30% 24% 38% 43% 20% 24% 10% 7% 2% 2% 1H25 1H24 11% 10% 11% 13% 13% 14% 65% 63% 1H25 1H24 Forestry Construction Agro Mining 19 Heavy Equipment, Mining, Construction & Energy Mining Services Overburden Removal (million bcm) 68,525 64,514 Komatsu Sales Volume (in units) United Tractors Revenue by Segment (Rp bn) 9% Over 70% of Pamapersada Nusantara revenue is driven by overburden removal. 19 6% Heavy Equipment Mining Contracting Services Construction Industry & Energy Gold Mining & Other Mineral Mining Coal Mining Komatsu market share: 24% (source: UT internal market research) 27% 2,728 2,147
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130.7 4.6 4.4 2.1 1.6 1.1 1.5 1H25 1H24 Thermal Coal Metallurgical Coal Coal Trading 360 421 727 546 1H25 1H24 Saprolite Limonite UT Owned Coal: 6.6 125 110 1H25 1H24 20 Heavy Equipment, Mining, Construction & Energy Coal Sales Volume & Price (million tonnes & USD/t) 7.8 7.5 Gold Mining Sales Volume & Price (k Oz & USD/t) 14% Nickel Mining (Stargate) Nickel Ore Sales & Price (k wmt & USD k/t) 1,087 20 967 12% 3% UT Owned Coal: 6.0 3,096 2,260 37% 102.5 22% 15.2 14% 17.6
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69% 65% 31% 35% 1H25 1H24 Domestic Export 21 • Net income from the Group’s Agribusiness division, represented by 79.7%-owned Astra Agro Lestari, increased 40% to Rp559bn. • The improvement in profit was due to higher average CPO selling prices, as well as increase in CPO and derivative product sales. 14,447 Astra Agro Lestari Revenue (Rp bn) CPO & Derivative Sales 883k tonnes CPO Production 601k tonnes Average CPO Price Rp14,285/kg 14% 17% 40% 21 Agribusiness 13% 10,313
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KUNCIRAN-SERPONG JORR I W2N SEMARANG-SOLO Total Toll Road length 396km • The business comprises 8 toll roads, spanning 396km on the Trans-Java network and the Jakarta Outer Ring Road. • The Group’s Infrastructure division reported a 38% increase in net income to Rp636bn, due to higher traffic volume and increased tariffs. 22 Infrastructure Daily Toll Revenue (Rp bn) Daily Traffic Volume (k vehicles) 8%20.4 2%533.1
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42% 53% 58% 47% 1H25 1H24 Astra Graphia Revenue (Rp bn) 23 18% 1,526 1,288 23 Information Technology • Net income contribution from 76.9%-owned Astra Graphia was 30% higher at Rp82bn, primarily due to higher revenue from its information technology solutions business and improved operating margin. Astra Graphia Document Solution Astra Graphia Information Technology
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24 Property • Net income from the Group’s Property division increased by 17% to Rp110bn. • The higher net income was mainly from its newly acquired industrial warehouse assets and to a lesser extent increased occupancy in Menara Astra. Menara Astra Cikarang Logistic Park 1 & 2
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Appendices
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4W Models Launched Launching Period Prices (Rp m) - on the road Jakarta Toyota New Corolla Cross HEV Feb’25 603.5 – 648.0 Toyota New Camry HEV Feb’25 973.3 – 976.4 Toyota Agya Stylix GR Feb’25 200.6 BMW 320i M Sport Mar’25 1,205 BMW 218 Gran Coupé M Sport (NEW) Jun’25 1,048 BMW X3 20 xDrive (NEW) Jun’25 1,568 4W & 2W Product Launches 2025 26 2W Models Launched Launching Period Prices (Rp m) - on the road Jakarta Honda Monkey Feb’25 87.8 Honda Verza (SW & CW) Apr’25 23.7 – 24.3 Honda XL 750 Apr’25 360
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Equity Research Contact Details No Brokerage House Analyst Name Contact Number Email Address 1 Aldiracita Sekuritas Indonesia Agus Pramono +62 21 39705860 agus.pramono@aldiracita.com 2 Bahana Sekuritas Jeremy Mikael +62 21 2505 081 jeremy.mikael@bahana.co.id 3 BofA Securities Paul Dewberry +65 6678 0423 paul.dewberry@bofa.com 4 BRI Danareksa Richard Jerry +62 21 5091 4100 richard.jerry@brids.co.id 5 CGS International Handy Noverdanius +62 21 3006 1727 handy.noverdanius@cgsi.com 6 Ciptadana Sekuritas Asia Arief Budiman +62 21 2557 4800 budimanarief@ciptadana.com 7 Citigroup Sekuritas Indonesia Ferry Wong +62 21 2924 9213 ferry.wong@citi.com 8 CLSA Sekuritas Indonesia Sarina Lesmina +62 21 5088 7888 sarina.lesmina@clsa.com 9 DBS Vickers Sekuritas Nashrullah Putra +62 21 3003 4900 nashrullah@dbs.com 10 Henan Putihrai Sekuritas Alroy Soeparto +62 21 2525 888 alroy.soeparto@henanputihrai.com 11 HSBC Global Research Rahul Bhatia +65 6658 0623 rahul1.bhatia@hsbc.com.sg 12 Indopremier Sekuritas Anthony +62 21 5088 7168 anthony@ipc.co.id 13 J.P. Morgan Sekuritas Indonesia Benny Kurniawan +62 21 5291 8024 benny.kurniawan@jpmorgan.com 14 KB Valbury Sekuritas Akhmad Nurcahyadi +62 21 2945 1577 akhmad.nurcahyadi@kbvalbury.com 15 Macquarie Sekuritas Indonesia Ari Jahja +62 21 25988366 ari.jahja@macquarie.com 16 Mandiri Sekuritas Ariyanto Kurniawan +62 21 5296 9682 ariyanto.kurniawan@mandirisek.co.id 17 MNC Sekuritas Rudy Setiawan +62 21 2980 3111 muhammad.setiawan@mncgroup.com 18 Morgan Stanley Divya Gangahar Kothiyal +65 6834 6438 divya.Gangahar@morganstanley.com 19 Maybank Sekuritas Paulina Margaretha +62 21 8066 8690 paulina.tjoa@maybank.com 20 NH Korindo Sekuritas Indonesia Arief Machrus +62 21 5088 9127 arief.machrus@nhsec.co.id 21 OCBC Sekuritas Indonesia Inav Chandra +62 21 2234 5430 inav.chandra@ocbcsekuritas.com 22 Panin Sekuritas Andhika Audrey +62 21 515 3055 andrey@pans.co.id 23 RHB Sekuritas Indonesia Andrey Wijaya +62 21 2598 6888 andrey.wijaya@id.oskgroup.com 24 UBS Sekuritas Indonesia Igor Putra +62 21 2554 7033 Igor.putra@ubs.co.id 25 UOB Kay Hian Sekuritas Willinoy Sitorus +62 21 2993 3845 willinoysitorus@uobkayhian.com 26 Verdhana Sekuritas Indonesia Jupriadi Tan +62 21 5098 5799 jupriadi.tan@verdhana.id 27 Stockbit Edi Chandren +62 21 5790 6242 edi.chandren@stockbit.com 28 Sucor Sekuritas Christofer Kojongian +62 21 8067 3000 christofer.kojongian@sucorsekuritas.com 27
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For further information please contact: PT Astra International Tbk Corporate Investor Relations P: (+62 21) 5084 3888 E: investor@ai.astra.co.id