Slides
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PT Indika Energy Tbk. July 2025 Company Update 6M25 Results
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2 Indika Energy - To Energize Indonesia for a Sustainable Future Minerals Gold development Project Nickel Trading Bauxite Mining ✓ An Investment Holding Company with portfolio spanning across Indonesia, from energy resources, logistic and infrastructure, minerals as well as green business. ✓ Well-placed to capture domestic economic growth and global economic recovery ✓ Provides complementary products and services to domestic and international customers ✓ Strong operating track-record, with focus on cost control and unlocking synergies within the Group ✓ Ongoing diversification initiatives such as gold mining, renewables, EVs and digital technologies (target 50% non-coal revenue by 2028) ✓ Strong focus on and commitment to ESG initiatives ✓ Prudent financial management, with established track record in debt and equity capital markets (1) As measured by 2019 production according to Wood Mackenzie Resources Indonesia’s 3 rd largest coal miner(1) Coal exploration and production through flagship Kideco and MUTU Coal trading (ICI and IETPL) Services EPC and O&M services in oil & gas and power generation (Tripatra) Infrastructure Transportation of bulk materials (SBS & CTA) Electricity generation (CEP/CEPR) Green Business Renewables energy through solar power Electric Vehicle, 2W and 4W Nature based solutions Digital Ventures Digital technology activities (integration of Group ICT systems) Digital transformation and analytics Logistic & Infrastructure Port and logistics services, as well as fuel storage (Interport) Energy
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3 Indika Energy has set out bold aspirations as part of its ESG commitment 50% non-coal revenue by 2028 Net-Zero emissions by 2050 3 Notable green initiatives: A leading Indonesian Investment group One of The 1st Indonesian company to commit to a Net Zero target; with the goal of >50% revenue from non coal by 2028 One of The 1st Indonesian investment groups to enter EV
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Indika Energy’s Consolidated Income Statement Highlights 4 *) Consolidated EBITDA plus dividends received from associates **) Core profit is defined as profit for the year attributable to owners of the company excluding (1) amortization of intangible assets resulting from acquisition of subsidiaries, (2) gains or losses from investment and divestment of subsidiaries, and (3) unrealized gains or losses on investments made by Indika Group. 6M25 6M24 YTD YoY Revenues 467.2 629.4 -25.8% 489.6 -4.6% 956.8 1,196.7 -20.0% COGS (398.2) (523.5) -23.9% (425.9) -6.5% (824.1) (997.2) -17.4% Gross Profit 69.0 106.0 -34.9% 63.7 8.3% 132.7 199.5 -33.5% SG&A Expenses (41.8) (44.4) -5.9% (36.8) 13.4% (78.6) (92.5) -15.0% Operating Profit 27.2 61.6 -55.8% 26.9 1.2% 54.1 107.0 -49.4% Pre tax Profit 11.5 27.5 -58.2% 19.6 -41.4% 31.1 68.5 -54.6% Adjusted EBITDA *) 51.7 71.3 -27.5% 44.9 15.1% 96.6 134.3 -28.1% Income Tax (11.4) 48.5 -123.5% (9.4) 20.9% (20.8) 34.4 -160.5% Profit (Loss) for the Period 0.1 7.2 98.5% 2.9 -96.2% 10.3 34.1 -69.9% Core Profit (Loss) (0.7) 0.9 -173.1% 2.9 -122.6% 2.2 21.0 -89.3% Net Profit (Loss) (0.7) 0.9 -173.1% 2.9 -122.6% 2.2 21.0 -89.3% Gross Margin(%) 14.8% 16.8% 13.0% 13.9% 16.7% EBIT Margin(%) 5.8% 9.8% 5.5% 5.7% 8.9% Core Profit Margin(%) -0.1% 0.1% 0.6% 0.2% 1.8% Net Profit Margin(%) -0.1% 0.1% 0.6% 0.2% 1.8% Year To Date Summary P&L 2Q25 2Q24 YoY 1Q25 QoQ
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Business Highlights – Revenue Contribution 5 Revenue 6M24Revenue 6M25 78,1% 5,8% 7,1% 13,6% Coal 88% Non-coal 12% Coal 81% Non-coal 19% 76% 12% 8% 2% 0% 2% 77% 5% 12% 2% 2% 3% Kideco Other Coal Tripatra Interport-Ex Cotrans Minerals & IIR Non-coal Green Bus & Oth Gross Revenue US$1,010M Gross Revenue US$1,222M Non-coal revenue grew 28.8% YoY to US$186.4m in 6M25
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6 6M25 Business Highlights – Revenue Breakdown Subsidiaries 6M25 6M24 YoY Change Remarks (US$ mn) (US$ mn) Kideco 775.9 926.1 -16.2% FOB ASP ▼ 14.5% to US$51.2/ton in 6M25 compared to US$59.9/ton in 6M24 Sales Volume ▼ 2.7% to 14.4MT in 6M25, as export to China declined amid weakened import demand Indika Resources 23.8 115 -79.3% Coal trading remained challenging amid oversupply in China. Coal trading revenue declined to US$12.6m in 6M25 and sales volume dropped to 0.3MT vs 2.2MT in 6M24. Non-Coal trading revenue recorded at US$11.6m in 6M25, mostly from bauxite; Tripatra 118.5 101.8 16.4% Mainly came from by Geng North project (US$23.7m), Akasia Bagus project (US$21.2m), followed by Posco and Pupuk Kaltim ammonia plant. Interport 54.9 55.3 -0.7% Cotrans contributed US$34.3m to revenue and fuel storage US$14.8m in 6M25 Fuel storage recorded average volume of 26.1kbd in 6M25 vs 22.9kbd in 6M24 New Business & Others 37.3 28.4 31.3% Mostly contributed by Natura of US$16.9m Total Gross Revenue 1,010.4 1,221.7 -17.6% Elimination (53.6) (25.0) Total Net Revenue 956.8 1,196.7 -20.0%
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7 6M25 Business Highlights - Gross Profit/ Margin Subsidiaries 6M25 6M24 YoY Change Remarks (US$ mn) (US$ mn) Kideco 111.7 162.6 -31.3% Cash cost ex-royalty dropped 6.6% yoY to US$34.2/ton, on the back of lower strip ratio but higher fuel cost due to implementation of B40 since Jan 2025 Cash cost inc Royalty decreased 11.6% to US$45.1/ton in 6M25, mainly due to 1) lower ASP 2) new royalty ( -US$3.5/ton) Indika Resources 0.7 4.7 -85.1% Thin margin amid oversupply in coal market Tripatra 5.4 8.6 -37.2% Gross profit decreased 37.2% in 6M25 due to lower gross profit margin on EPC project compared to 6M24 Interport 14.9 14.5 2.8% Gross profit slightly increased mainly due to higher utilization rate of fuel storage in 6M25 compared to 6M24 Others 0.0 9.1 Gross Profit 132.7 199.5 -33.5% Gross Margin (%) 13.9% 16.7%
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8 Operational Performance – 6M25 Operational Data Guidance 2025 6M25 6M24 % Budget KIDECO Production (MT) 30.0 14.5 14.9 -2.7% Newcastle Benchmark ($/ton) 130.0 102.6 130.6 -21.4% ICI-4 ($/ton) 54.0 47.8 56.1 -14.8% Average Selling Price FOB ($/ton) 54.7 51.2 59.9 -14.5% Cash Cost ex royalty ($/ton) 34.6 34.2 36.6 -6.6% Strip Ratio (x) 5.5 5.1 5.5 -7.2% Overburden Volume (BCM) 165.0 74.1 82.5 -10.2% INDIKA RESOURCES Coal Traded Volume (MT) 4.5 0.26 2.23 -88.3% INTERPORT Volume KGTE (Kbd) 27 26.1 22.9 13.9% CAPEX 2025 Budget 6M25 (US$M) (US$M) Kideco 16.0 2.4 15.0% Interport 7.0 2.3 32.8% IMP 10.3 0.8 7.7% IMG 3.8 0.9 23.7% Kalista 36.9 0.1 0.2% Awakmas 157.7 36.2 22.9% Mekko 5.0 1.9 38.0% EMB 1.4 - 0.0% Xapiens 8.0 0.4 3.2% Total Capex 246.1 45.0 18.3%
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128.2 119.8 129.2 130.0 142.7 134.0 135.1 146.4 139.5 145.0 141.5 126.6 115.6 101.9 96.6 94.0 100.8 99.879.4 79.0 78.2 72.5 73.6 72.7 71.5 72.1 72.4 73.3 73.3 72.5 70.2 68.7 69.2 65.1 61.4 56.257.5 57.0 57.2 54.5 55.9 54.4 52.7 51.2 51.1 52.2 52.2 50.9 49.2 48.9 49.8 49.6 125.9 125.0 109.8 121.1 114.1 123.0 130.4 115.3 125.2 131.2 114.4 122.5 124.0 124.2 123.0 121.8 115.8 99.8 2024 Sep. 2024 Oct. 2024 Nov. 2024 Jan. 2024 Feb. 2025 Jan. 2024 Mar. 2025 Feb. 2024 Apr. 2025 Mar. 2025 Apr. 2025 May. 2025 Jun. 2024 May 47.8 2024 Jun. 41.9 2024 Jul. 2024 Aug. 2024 Dec. NewC (6322) ICI 3 (5000) ICI 4 (4200) HBA • High inventory level and strong domestic coal production in China weakened demand for import, putting downward pressure to mid and low CV imports from Indonesia. • Weather related disruption in Newcastle caused longest vessel queues since 2017 and impacted into Australian coal export. Export from South Africa and Colombia also decreased, supporting price for high CV coal. • Indonesia coal production declined by 7.6% YoY to 375MT in 6M25 while Indonesia coal export dropped 10.1% Y oY to 239.5M • China coal production increased by 1.1% to 1,900 MT in 6M25, while average inventory at ports increased 16.4% YoY to 21.2 days. • Seasonal demand due to winter stocking and monsoon is expected to support price recovery in 4Q. Thermal Coal Price (2024-2025, US$/t)
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New Royalty Tariff has been Approved by the Government 10 • On 11 April 2025, the government of Indonesia has approved changes on the royalty scheme for IUPK, in line with the earlier proposal. • With the issuance of government regulation (PP No 18 Th 2025) effective as of 26 April 2025, coal will be subject to maximum royalty rate of 28% when price reaches US$180/ton or above vs previous regime at US$100/ton. HBA DMO General HBA DMO General HBA < 70 14% 14% HBA < 70 14% 15% 70 ≤ HBA < 80 14% 17% 70 ≤ HBA < 120 14% 18% 80 ≤ HBA < 90 14% 23% 120 ≤ HBA < 140 14% 19% 90 ≤ HBA 100 14% 25% 140 ≤ HBA < 160 14% 22% HBA ≥ 100 14% 28% 160 ≤ HBA < 180 14% 25% HBA ≥ 180 14% 28% Previous PP No18 - 2025
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Strong Cash Position supports sound Balance Sheet 11 863 898 638 585 Jun-24 Sep-24 Dec-24 Jun-25 11 1) Total Consolidated Cash US$m Cash & Other Financial assets Total Consolidated Debt US$m 350 455 455 455 224 202 573 580 587 564 0 Jun-24 Notes 2029 Notes 2025 Notes 2024 Bank Loans Other Loans Jun-25Dec-24 0 Sep-24 211,158 1,257 1,028 1,05621 1) Kideco: US$185.4m, Tripatra: US$32.7m, IIR: US$35.2m, Interport: US$23.3m, Indika Nature: US$0.5m, IMG: US$6.0m; MMG: US$1.2m; Indika Minerals: US$10.2m, IDT: US$1.1m, Others : US$14.8m HoldCo: US$274.9m Total cash & other financial assets exclude JO, IMG, IMP, IMAN, Kalista is US$ 556.5m 2) Bond: US$455m due 2029 3) Bank Loan: Tripatra: US$15.1m; Interport: US$30.8m, EMB US$1.6m, IDT US$1.3m; EMITS (IE as guarantor) US$ 4.8m HoldCo: US$446.4m (incl. derivative liabilities)
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Active Liability Management to lengthen maturity 12 ✓ 3 May 2024: the 2024 Notes was fully repaid bank loan with facility of US$300m ✓ 7 May 2024: the settlement of the new notes US$350m ✓ 3 July 2024: T ap issuance of US$105m, the company settled the tender offer of the 2025 notes in the amount of US$310.3m ✓ 31 Oct 2024: Redemption of the remaining 2025 notes of US$201m ✓ 25 Jun 2025 : Signed equivalent of US$375m loan facility (with 5-year tenor at SOFR+1.75% prior COD and SOFR+1.65% after COD) to refinance US$ 250m Awakmas Facility (5 year at SOFR+2.5%). Debt maturity profile at HoldCo (US$m) 18 45 105 122 165 85 98 455 July - Dec 2025 4 2026 23 2027 2028 2029 2030 49 128 220 620 Bonds 2029 Masmindo Refinancing Bank Loan
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Our Diversified Business Portfolio 13
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Logistics & Infrastructure Logistic assets, EPC services, infrastructure, e.g. fuel storage Mineral Exploration of gold and other metals and minerals Green Business Renewable energy and nature based solutions Ventura Digital Digital transformation and analytics Others Business incubation to develop emerging new businesses Field exploration of coal resources, production and trading Coal contract mining and EPC services in oil & gas Coal Fired Power Plant Energy resources Energy services Energy infrastructure 14 Indika Energy has developed into an investment company with a sustainable business portfolio EV Electric vehicle and its ecosystem
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15 Diversification Investments – Minerals Developing Gold Asset Project through Masmindo (Awakmas) Infrastructure: • Luwu Regency, South Sulawesi • Project located 45 km from coast • Good access to roads, two ports, airport, and telecommunication • Project to be powered by grid power Concession : • Total concession area 14,390 ha — non-forestry land • Development Area: 1,440 ha or 10% of total concession • AMDAL (EIS) approved • CoW tenure secured to 2050, with extensions possible as IUPK title system to 2070.
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16 Diversification Investments – Minerals Large concession area – currently only 10% being developed Awak Mas Gold Project – Contract of Work
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17 Diversification Investments – Minerals Awak Mas (main) pit Awak Mas Project • Gold ore reserve of 1.51 Moz and gold ore resources of 2.55 Moz • Open pit mining with drilling and blasting • Has signed refinancing agreement with total funding of US$375 million from consortium banks • Appointed Macmahon Holding Ltd as the mining service contractor for A$463m contract for a period of 7 years, with option to extend for 5 years.
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18 Diversification Investments – Minerals Development Progress: • Land acquisition of 1,444 ha land required for project development has been 99.6% completed as of June 25 . All critical land area has been acquired. • Construction – EPC & CPM by Petrosea ✓ DED ✓ Temporary Magazine ✓ Temporary Camp ✓ Access Road ✓ Crushing & Batching Plant ✓ Power Supply & Transmission – 5.19 MVA (stage 1) ✓ Expect to start producing by 2H26 New Royalty Tariff on Gold HMA Gold PP No. 19 / 2025 US$/oz New Tariff (%) < 1,800 7.0% 1,800 to < 2,000 10.0% 2,000 to < 2,200 11.0% 2,200 to < 2,500 12.0% 2,500 to < 2,700 14.0% 2,700 to <3,000 15.0% ≥ 3,000 16.0%
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Diversification Investments – Minerals Bauxite Mine Volume kDMT ASP (US$/t) 7.1 158.2 282 256.6 22.3 23.0 23.6 22.8 20.0 20.5 21.0 21.5 22.0 22.5 23.0 23.5 24.0 - 50.0 100.0 150.0 200.0 250.0 300.0 2022 2023 2024 1H25 Volume ASP Mekko – Bauxite • Bauxite mine in W. Kalimantan • Est. Reserve: 5.7 WMT • Est. Resources: 30 WMT • Strategic partnership with Nanshan Aluminium International Holding (2610 HK) 19
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20 Green Business - Aims to accelerate Indonesia’s EV ecosystem PT Indika Energy Tbk PT Solusi Mobilitas Indonesia Holding of EV Company PT Mitra Motor Group Holding of Electric 4 Wheelers Company PT Foxconn Indika Motor E4W Manufacturer PT Energi Makmur Buana E4W & Charging Distributor 100% 100%60% PT Kalista Nusa Armada Holding of EV, Charging, Battery Asset Company PT Kalista Rotom Orbita E2W Asset Co PT Kalista Soter Hastia E4W Asset Co PT Kalista Nayara Dayautama Charging / Battery Asset Co 90%*100% 100% 100% PT Industri Baterai Nusantara Holding of Battery Co 100%100% Electric 2 Wheelers Business Electric 4 Wheelers Business Battery Co Business PT Ilectra Motor Group Holding of Electric 2 Wheelers Company PT Electra Mobilitas Indonesia E2W Manufacturer PT Electra Distribusi Indonesia E2W Distributor PT Electra Auto Indonesia E2W Dealership 100% 100%100% Rental Co Business PT Manufaktur Teknologi Baterai Battery Pack Co 100% Other IMG Investors Development Partner
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21 Kalista - Developing trials for a fleet -as-a-service model, working with local governments and bus operators About Kalista’s FaaS model Operation : Medan Operation: Jakarta Trial : Surabaya Trial: BandungTrial: Bogor The fleet-as-a-service business model enables governments, public, and private businesses to accelerate the EV transition in Indonesia through • Separating ownership and maintenance from the fleet operator • Allowing for monthly rental terms, negating the high capital expenses of EV purchasing • Providing a wide array of vehicle options to suit a variety of local needs (e.g., high buses, low buses, LCVs, Angkots) Kalista’s operation andtrials with local governments Trial: Jambi
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22 Kalista - To accelerate adoption of EV in Indonesia • Developing fleet-as-service model to accelerate transition to EV, through B2B, B2G as well as public • Current segment target include logistic, mining and plantation, as well as local government and bus operator • To provide wide array of vehicles in terms of size and capacity, addressing customers’ needs • To separate between ownership and maintenance from operator • Usage based on monthly rental, to ease burden of CAPEX • Has conducted trials for public transport services in 6 major cities across Indonesia • Currently operate 87 units commercially in Jakarta and Medan
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23 IMG launched its brand “ALVA” with its own manufacturing facilities and builds experience center AL VA Experience Center My ALVA App Customized accessories from high-end OEM partners 1st 2W experience center in Indonesia. Currently open in Jakarta (SCBD and Klp. Gading), Bali, Surabaya, Semarang and Bandung Build community-sensed of belonging Manufacturing Facilities Key Highlights Fully operational manufacturing facilities located in Kawasan Industri Lippo Cikarang (Delta Silikon 6) on area of 1.7 hectares Already in mass production since Nov 2022 Total capacity of 100,000 units per annum (with all shifts). Implementing flexible manufacturing & Industry 4.0 technology to enable fast scale up 36,000 to 100,000 units per annum v Seamless interconnection experience with enhanced security between motorbike with Apps. Key features: All in one place to control motorcycle including turn on or turn off the motorcycle, share access to the motorcycle Monitor & Share the Riding Analytics Anti-theft emergency turn off, and access to emergency roadside assistance
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24 IMG already introduced 5 ALVA products Products ALVA One Launched in 2022 ALVA Cervo Launched in 2023 ALVA One XP Launched in 2023 ALVA Cervo Boost Charge Launched in 2024 ALVA Cervo Q Launched in 2024
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25 Launched a new model in Mid segment “ALVA N3” • AL VA introduced a new model in mid-segment called ALVA N3 • Pricing is competitive compared to market • N3 already adopts boost-charge technology in its battery, capable for 1-hour fast charging
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26 Green Business – To support reducing GHG emission in transport sector • The transport sector stands as the country’s second-largest contributor to greenhouse gas (GHG) emissions, accounting for 20% of indirect emissions, with road transport—both passenger and logistics—dominating at 90% • 2W significantly contribute to transportation emissions, making up 36% of the total emissions in 2022, correlating with their substantial registration share at 85% of vehicles. Their widespread usage, primarily due to affordability and speed, has made them the primary mode of transport, surpassing public transportation. Consequently, this issue has contributed to unresolved urban congestion. • The MoT decree 8/2023, “Climate Change Mitigation Actions in the Transportation Sector to Achieve Nationally Determined Contribution Targets,” outlines a comprehensive 38-point plan for decarbonizing the national transportation sector. This decree specifies mitigation plans, indicators, and the responsible executive bodies for each action (MoT, 2023) Indonesia GHG emission shares in Transportation Sector in 2022 Indonesia GHG emission from Industrial activities 2011-2022 Source: IESR analysis, adapted from MoEF, 2023; MEMR, 2023a. Note: *IESR analysis based on MOI, MEMR and MoEF available data.
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27 Indonesia’s EV – Still in early stage, but fast growing EV adoption status and targets E2W growth projection for Jakarta & Bali with IDR 7 million incentive • EV adoption has been increasing in recent years. In 2022 alone, the number of E2W and E4W on the road increased by almost 5 and 4 times, respectively, compared to 2021. However, despite such a huge growth in 2022, the EV adoption rate is still far from the target of Indonesia’s NDC. Inadequate charging infrastructure, high upfront cost, and limited driving/ riding range are the main barriers to EV adoption. • In addition, long charging duration, low performance, and limited travel range of EVs are also somewhat considered as hindrances. • Consumer perception and lack of understanding about EVs also obstruct EV adoption. Most E2Ws cost more than IDR 25 million, while the majority of motorcycles sold in Indonesia cost less than IDR 20 million. The gap is even more significant for E4W, until recently most of which cost more than IDR 600 million, while the majority of ICEV 4Ws sold cost less than IDR 300 million. • The IDR 7 million incentive by government is expected to result approximately 40% price reductions on the market in 2023 for the average 1.5 kW models, 25% for the average 2 kW models and 22% for the average 3 kW models. Source: IESR, ADB, 2022 Source: IESR, Indonesia Electric Vehicle Outlook 2023
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Environment Services • Designated for planting Calliandra trees to produce wood pellets., planting at 5,000 ha area in Jaya Bumi Paser, East Kalimantan. • Securing customers from Japan and South Korea • Process of obtaining a carbon credit certificate that can be used for carbon offsets for the Group or can be sold to third parties Agroforestry & Non Timber Forest Product • Develop agricultural products that sequester carbon in biomass, soils, essential oils and energy usage on farms Energy Plantation ❑Since its inception in 2019, Indika Nature currently owns3 asset companies with various forestry licenses and a total of135 thousands ha area under its management Diversification Investments – Green Businesses Indika Nature – Biomass, Agroforestry, Carbon Offset 28
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29 Indika Nature – Expanding to essential oil business Indika Nature acquired 100% shares in PT Natura Aromatik Nusantara An essential oil producer with the fourth largest exporter in Indonesia located in Solo, Central Java Aroma Chemical Natural and synthetic aroma compound derived from clove leaves Eugenol, Rectified Clove Leaf Oil, Clove Terpenes, Caryophyllene Isoeugenol, Methyl Eugenol, Methyl Isoeugenol, Eugenyl, Acetate, Isoeugenyl Acetate Essential Oil Concentrated natural oil obtained by distillation, having the characteristic fragrance of the source plant or fruit Clove Leaf Oil, Clove Bud Oil, Clove Stem Oil, Patchouli Oil, Citronella Oil, Nutmeg Oil, Vetiver Oil, Cananga Oil Natural Extract Substance with desirable properties that is removed from the tissue of a plant Ginger Extract, Curcuma Extract, Turmeric Extract, Garlic Extract, Eucalyptus Extract, Tamarind Extract, Cocoa Extract ProductsSector attractiveness due to its traditionality and fragmented players - opportunity to become significant player in the sector Abundant resources in Indonesia - to supply 70% cloves derivative and 80% patchouli worldwide Synergy within the group – Indika Nature sizeable land bank could leverage expansion on end -to-end value chain, and could improve our campaign for Net Zero, ESG traceability Natura offers established network for Flavor & Fragrance customers – Natura will act as trading company for Indika Nature products (supply sustainability to secure long-term contract with the customers) and potentially penetrate the downstream local market
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30 Indika Nature – Expanding to essential oil business Trading Houses/ Distributors F&F Houses One of Top 4th Largest Indonesian Supplier in the F&F Industry With Growing Key Customers •Despite being a relatively new player, Natura has established itself as one of the top 4 aroma chemical and essential oil players in Indonesia •Natura has relationships with more than 100 multinational customers in the global flavor and fragrances (“F&F”) industry
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31 Indika Nature – Biomass Energy to produce wood pellet DIV A JBP TMK TCG Jaya Bumi Paser 23,590 Ha East Kalimantan Diva Perdana Pesona 29,485 Ha East Kalimantan • Currently in phase I with total planting of 5,000 ha • With average calorific value of 4,200–4,750 kcal/kg, wood pellet is suitable for biomass power plant/ co-firing • Already received FSC certification in January 2024
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32 Indika Nature – Carbon Business at TMK to support Net Zero Target Project Overview • PT Telaga Mas Kalimantan (TMK) is the holder of Forest Concession Rights (IUPHHK-HA (now PBPH) with an area of 82,805 ha, located in Paser Regency, E. Kalimantan • The area is dominated by Meranti trees (50%), Rimba Campuran (26%) and other woods. Status - Originally TMK was wood logging concession, with 82,805Ha with total net exploitable wood about 2 million m3. - Baseline & potential carbon volume study by Hatfield Consultant, (2021) and - Feasibility study TMK carbon project continued by Wildlife Works Consultant (2021) - Feasibility study and PDD TMK carbon project conducted by PT WAS (2022-present). - Improved Forest Management: Conversion from Logged to Protected Forest, VCS Methodology VM0010, Version 1.3 Sectoral Scope 14 - According to WAS, during the 30-year crediting period, project area (only TMK area) could produce 19.2m VCUs, equivalent to 641k VCU credits annually. - Currently is in the process to be certified through SPE GRK, with estimate average volume of 797kT CO2e/year for 25-year project. Location Source: Feasibility Study Report TMK - Wildlife, 2021 Block C Block B Block A
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Date Initiative Description Transaction Proceeds Indicative impact Feb-2024 Divestment of MUTU thermal coal mine Thermal coal mining US$218m – Sale of all shares owned by IIR and ICI in PT Multi Tambangjaya Utama (MUTU) and marketing right held by ICI – 2023 contribution: 1.5mt production, US$231m revenue (7.5% of total) – 2023 contributed: 108kt CO2e, or 10.6% of total Indika’s Scope 1 GHG emissions Dec-2023 MOU for early decommissioning of Cirebon 1 power plant Power generation n/a – MOU between Indonesia government, Asia Development Bank and shareholders of Cirebon Electric Power for early retirement under Just Energy Transition Partnership (JETP) decarbonization initiative – Indika Energy holds 20% stake in asset Jul-2022 Divestment of Petrosea Contract mining, engineering, procurement & construction and oil & gas services company US$147m – Stake: 69.8% (Indika’s entire holding) Oct-2021 Divestment of PT Mitrabahtera Segara Sejati (MBSS) Integrated sea transportation solutions company that services the mining and natural resources industry US$41m – Stake: 51% (Indika’s entire holding) Diversifying Beyond Coal: Disposals Continued Divestments of Coal and Coal-related Businesses
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Our MSCI rating has been upgraded to A Driven by improvements in our environmental and governance practices MSCI ESG score 2025 score: A (previously BBB) Indika Energy has achieved a rating upgrade in MSCI from BBB to A. The improvement reflects our progress in managing carbon emissions, water stress, and toxic emissions and waste—areas now scoring above the industry average. MSCI ESG rating scale: AAA | AA | A | BBB | BB | B | CCC BBB BBB BBB BBB A Dec 20 Feb 22 Feb 23 Feb 24 Apr 25 AAA AA A BBB BB B CCC Key scores Industry score 6.3 Indika Energy average score 4.8 ▲0.4 Environmental pillar score (38%) 4.6 ▲0.5 Social pillar score (29%) 4.4 ▼0.1 Governance pillar score (33%) 5.2 ▲0.5
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ESG performance - 6M25 Parameter Unit % Target ∆ 2025 Target 6M25 Scope 1 & 2 GHG emissions ktCO2eq -25% 903 435 Emissions intensity tCO2eq / ton coal production -10% 0.030 0.028 tCO2eq / USD million revenue -50% 396 454 Renewable energy mix % - 30% 37.15% Water withdrawal intensity ML / USD million revenue -30% 1.52 1.03 Waste diversion rate % - 40% 71.70% Land reclamation Hectares 20% 5,439 5,279 CSR spending Rp million - - 36,045 % of EBIT - 1% 3.89% Employee fatalities Person(s) - 0 0 Contractor fatalities Person(s) - 0 2 Women representation % of all employees - 20% 20.50% % of senior management - 15% 14.04%
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Our route to achieving net zero emissions (1/2) Target: Reduce scope 1 and 2 emissions by 25% in 2025 and by 33% in 2030 Target: Reduce scope 1 and 2 emissions intensity per ton coal production by 10% in 2025 and by 25% in 2030 Scope 1 and 2 GHG emissions ktCO2eq▼ 27.72% GHG emissions per coal production ▼ 13.09% Target: Reduce scope 1 and 2 emissions intensity per revenue by 50% in 2025 and by 55% in 2030 GHG emissions per revenue ▼ 42.61% Target: Increase % renewable energy share in the energy consumption mix to 30% by 2025 and to 35% by 2030 Renewable energy share ▲ 37.15% 1,203 1,201 1,161 1,030 915 435 903 2020 2021 2022 2023 2024 YTD 2025 target Scope 1 & 2 GHG emissions 2,207 37% 3,733 63% Renewable Non-renewable Renewable energy share % 374 374 454 396 2020 2024 YTD 2025 target 0.033 0.029 0.028 0.030 2020 2024 YTD 2025 target GHG emissions intensity tCO2eq / ton coal production GHG emissions intensity tCO2eq / million USD revenue 870 (projections)
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Target: Reduce water withdrawal intensity per revenue by 30% Target: Divert 40% of waste from landfill by 2025 and 45% by 2030 ▼ 52.40% Non-hazardous waste diversion rate 71.70% Target: Increase land reclamation area by 20% by 2025 Cumulative land reclamation ▲ 16.48% Water withdrawal intensity Water withdrawal megaliters Water withdrawal intensity megaliters/ million USD revenue 1.52 0.83 1.03 1.52 2020 2024 YTD 2025 target Non-hazardous waste diversion rate (%) 58.74% 71.70% 40.00% 2024 YTD 2025 target 2,170 2,030 988 1,978 2020 2024 YTD 2025 target 4,532 5,234 5,279 5,439 2020 2024 YTD 2025 target Cumulative land reclamation hectares Fatality in managed operations (lives) 0 Target: Zero fatalities every year for employees 2 Target: Zero fatalities every year for contractors Diversity and inclusion Target: 20% women in workforce by 2025 and 25% by 2030 20.50% Target: 15% women in senior management by 2025 and 20% by 2030 14.04% Community development spending Target: 1% EBIT spent on community development every year 3.89% Lives impacted as of Q2 2025 Q1 2025: 52,247 Q2 2025: 58,239 110,486 Kideco 89% Tripatra 2% Interport 4% Xapiens 0% Mekko 2% Masmindo 2% Indika Nature 1% Kalista 0% Indika Energy Holding 0% ESG Performance - Our route to achieving net zero emissions
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2024 FLAGSHIP PROGRAM From roots to recovery, strengthening climate action through mangrove restoration Indika Energy Mangrove Program in Action In partnership with Indika Nature, we are restoring mangroves through a holistic, sustainable approach that supports Indonesia’s carbon neutrality goals - combining ecosystem restoration with community development. While challenges remain, such as slow growth and varying survival rates, our IMPACT program achieved a potential annual CO2eq absorption of 1,265 tons as of June 2025. 187,710 trees 155 ha 1,265 tons of CO2eq Land planted until June 2025 Target 2025: total 250 ha Mangroves planted Target 2025: 275,000 trees Carbon absorption per year from 187,710 trees Target 2025: 1,750 tCO2eq Survival rate of mangrove growth in riverside, affected by natural factors such as insects, barnacles, and wave impact. ~70%
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Makan Bergizi implementation focus 2024 FLAGSHIP PROGRAM At its core, it seeks to reduce malnutrition by ensuring regular access to balanced and nutritious meals. The initiative also aims to boost academic performance, supporting better concentration, energy levels, and overall cognitive development in classrooms. Target audience Elementary and junior school students, along with additional beneficiaries including teachers. Duration Currently in the first phase, which spans up to six months, with plans extending over a long-term period of five years. Focused area The program is currently being piloted at our Kideco site in Paser, East Kalimantan, as well as at Masmindo in Luwu, South Sulawesi.
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40 Overview Indonesia Business Council for Sustainable Development (IBCSD) is a CEO -led association of companies in Indonesia that share the commitment to promote sustainable development through economic growth, ecological balance, and social progress . Its key activities include: 1. Advocacy: shaping the policy agenda for sustainability 2. Project development: solving challenges through practical initiatives 3. Capacity building: learn about sustainability through training, workshops, and seminars Other companies that have joined: Overview The UN Global Compact is a conviction rooted in universal principles to help the global marketplace to be more socially and economically inclusive. By becoming a signatory of the UN Global Compact, we declare our commitment to uphold the UNGC Ten Principles in the areas of: • Human rights • Labour • Environment • Anti-corruption Other companies that have joined: We also expanded our network by joining ESG-related associations
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41 Notes Outstanding The Senior Notes are rated: B+ / Stable Outlook International Ratings (as of April 2025) Ba 3 Negative Outlook (as of March 2025) Indika Energy Tbk. USD5455 mn 8.750% 5-year Senior Notes Reg S / 144A due 2029 May 2024
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Thank You 42