Slides
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PT Indika Energy Tbk.October 2025 Company Update9M25 Results
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2 Indika Energy - To Energize Indonesia for a Sustainable Future MineralsGold development ProjectNickel TradingBauxite 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 recoveryProvides 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 initiativesPrudent financial management, with established track record in debt and equity capital markets (1) As measured by 2019 production according to Wood Mackenzie ResourcesIndonesia’s 3rdlargest coal miner(1) Coal exploration and production through flagship Kideco and MUTUCoal trading (ICI and IETPL) ServicesEPC and O&M services in oil & gas and power generation (Tripatra) InfrastructureTransportation of bulk materials (SBS & CTA)Electricity generation (CEP/CEPR) Green BusinessRenewables energy through solar powerElectric Vehicle, 2W and 4WNature based solutionsDigital VenturesDigital technology activities (integration of Group ICT systems)Digital transformation and analytics Logistic & InfrastructurePort and logistics services, as well as fuel storage (Interport) Energy
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3 Indika Energy has set out bold aspirationsas part of its ESG commitment 50%non-coal revenue by 2028 Net-Zeroemissions by 2050 Notable green initiatives: A leading Indonesian Investment group One of The 1stIndonesian 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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4 Operational Performance – 9M25%9M249M252025Operational Data GuidanceBudgetKIDECO-4.5%23.4 22.2 30.0 Production (MT)-22.0%133.9104.5130.0 Newcastle Benchmark ($/ton)-15.9%54.645.954.0 ICI-4 ($/ton)-14.7%57.9 49.4 54.7 Average Selling Price FOB ($/ton)-6.3%36.434.134.6Cash Cost ex royalty ($/ton)-9.6%5.7 5.2 5.5 Strip Ratio (x)-14.5%134.5 115.0 165.0 Overburden Volume (BCM)INDIKA RESOURCES-81.5%2.70.54.5Coal Traded Volume (MT)INTERPORT12.2%23.726.627Volume KGTE (Kbd)9M252025 BudgetCAPEX (US$M)(US$M)31.3%5.0 16.0 Kideco54.3%3.8 7.0 Interport25.2%2.6 10.3 IMPNa6.5--Tripatra63.2%2.4 3.8 IMG0.5%0.2 36.9 Kalista33.8%53.3 157.7 Awakmas44.0%2.2 5.0 Mekko14.3%0.2 1.4 EMB73.7%5.0 8.0 Others 33.4%82.1246.1 Total Capex
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Indika Energy’s Consolidated Income Statement Highlights 5*) Consolidated EBITDA plus dividends received from associates 9M25 9M24 YTD YoYRevenues 486.2 587.4 -17.2% 467.2 4.1% 1,443.0 1,784.2 -19.1%COGS (425.1) (517.6) -17.9% (398.2) 6.8% (1,249.2) (1,514.8) -17.5%Gross Profit 61.0 69.9 -12.7% 69.0 -11.5% 193.7 269.4 -28.1%SG&A Expenses (34.2) (40.6) -16.0% (41.8) -18.2% (112.8) (133.1) -15.3%Operating Profit 26.9 29.2 -8.1% 27.2 -1.3% 81.0 136.2 -40.6%Pre tax Profit 15.7 26.7 -41.3% 11.5 36.6% 46.8 95.2 -50.9%Adjusted EBITDA *) 58.9 53.1 10.9% 51.8 13.6% 155.6 187.4 -16.9%Income Tax (11.9) (77.3) -84.6% (11.4) 4.7% (32.8) (42.9) -23.6%Profit (Loss) for the Period 3.7 18.3 79.6% 0.1 3318.6% 14.0 52.3 -73.3%Profit (Loss) attributable to owners of the company (1.8) 13.4 -113.2% (0.7) 169.4% 0.5 34.4 -98.6%Gross Margin(%) 12.6% 11.9% 14.8% 13.4% 15.1%EBIT Margin(%) 5.5% 5.0% 5.8% 5.6% 7.6%Net Profit Margin(%) -0.4% 2.3% -0.1% 0.0% 1.9%Year To DateSummary P&L 3Q25 3Q24 YoY 2Q25 QoQ
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Business Highlights – Revenue Contribution 6 Revenue 9M24Revenue 9M2578,1%5,8%7,1%13,6%Coal 87%Non-coal 13%Non-coal 19% KidecoOther Coal TripatraInterport-Ex CotransMinerals & IIR Non-coalGreen Bus & Oth Gross Revenue US$1,529MGross Revenue US$1,832M Non-coal revenue grew 24.2% YoY to US$293.5m in 9M25 76%5%12%3%3%2% 77%10%9%2%0%2%Coal 81%
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7 9M25 Business Highlights – Revenue Breakdown Remarks YoY Chg9M249M25Subsidiaries(US$ mn)(US$ mn)FOB ASP ▼ 14.7% to US$49.4/ton in 9M25 compare to US$57.9/ton in 9M24, Sales Volume ▼ 4.3% to 22.2MT in 9M25(ICI-3: US$62.5/ton in 9M25 vs US$74.6/ton in 9M24; ICI-4: US$45.9/ton in 9M25 vs US$54.6/ton in 9M24)-18.0%1,404.9 1,152.4 KidecoCoal Trading: ASP Coal Trading ▲21.7% to US$61.7/ton in 9M25, but Sales Volume ▼ 586% to 465KT in 9M25-66.0%138.9 47.2 Indika Resources12.0% YoY higher revenue with higher contribution from Posco, APA Geng North, Akasia Bagus & PKT Amonia12.0%157.3 176.2 TripatraKGTE Volume ▲ to 26.6 kbd in 9M25 vs 23.7 kbd. Cotrans revenue sligthlydecrease YoY at US$ 53.8m in 9M25 compare to US$ 56.1 in 9M249.2%85.2 93.1 Interport 29.2%46.1 59.5 Others-16.6%1,832.4 1,528.4 Total Gross Revenue(48.2)(85.5)Elimination-19.1%1,784.2 1,442.9 Total Net Revenue
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8 9M25 Business Highlights- Gross Profit/ Margin Remarks YoY Change9M249M25Subsidiaries(US$ mn)(US$ mn)-28.1%269.4 193.7 Gross Profit15.1%13.4%Gross Margin (%)FOB ASP ▼ 14.7% to US$49.4/ton in 9M25 compare to US$57.9/ton in 9M25, Sales Volume ▼ 4.5% to 22.2 MT in 9M25; Cash cost inc Royalty ▼ -13.0% to US$44.0/ton in 9M25 mainly due to 1) lower royalty (-US$4.3/ton) and lower strip ratio-28.5%217.5 155.6 KidecoCoal Trading: ASP Coal Trading ▲ 21.7% to US$61.7/ton in 9M25, but Sales Volume ▼ 586% to 465KT in 9M25-71.4%5.2 1.5 Indika ResourcesGross profit decreased 64.5% in 9M25 due to lower gross profit margin on EPC project compare to 9M24, Tripatraabsorb project BP Tangguh change order costs impact to lower negative GP and negative margin in PKT Ammonia & others. -64.5%17.2 6.1 TripatraGross profit increase 3.6% in 9M25 mainly due to higher gross profit margin in 9M25 compare 9M24, contributed by Cotrans and logistics project3.6%22.3 23.1 Interport3.5%7.2 7.5 Others
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128.2119.8129.2130.0142.7134.0135.1146.4139.5145.0141.5126.6115.6101.996.694.0100.8106.5110.2111.5104.479.479.078.272.573.672.771.572.172.473.3 73.372.570.268.769.265.161.456.255.457.858.657.557.057.254.555.954.452.751.251.152.2 52.250.949.248.949.849.647.841.940.742.543.0125.9125.0109.8121.1114.1123.0130.4115.3125.2131.2114.4122.5124.0124.2123.0121.8115.899.8102.5101.5103.02024Sep.2024Oct.2024Nov.2024Jan.2024Feb.2025Jan.2024Mar.2025Feb.2024Apr.2025Mar.2025Apr.2025May.2025Jun.2024May2024Jun.2024Jul.2024Aug.2024Dec.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 10.5% YoY to 565 MT in 9M25 • China coal production decreased by 0.1% to 2,848 MT in 9M25, while average inventory at ports increased 25% YoY to 20 days. • Seasonal demand due to winter stocking and monsoon is expected to support price recovery in 4Q.• 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 10.5% YoY to 565 MT in 9M25 • China coal production decreased by 0.1% to 2,848 MT in 9M25, while average inventory at ports increased 25% YoY to 20 days. • Seasonal demand due to winter stocking and monsoon is expected to support price recovery in 4Q. Thermal Coal Price (2024-2025, US$/t)2025Agt.2025Sep.2025Jul..
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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$100/ton.HBA DMO General HBA DMO GeneralHBA < 70 14% 14% HBA < 70 14% 15%70 ≤ HBA < 80 14% 17% 70 ≤ HBA < 120 14% 18%80 ≤ HBA < 90 14% 23% 120 ≤ HBA < 140 14% 19%90 ≤ HBA 100 14% 25% 140 ≤ HBA < 160 14% 22%HBA ≥ 100 14% 28% 160 ≤ HBA < 180 14% 25%HBA ≥ 180 14% 28%Previous PP No18 - 2025
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Strong Cash Position supports sound Balance Sheet 11 863898638565Jun-24 Sep-24 Dec-24 Sep-2511 1)Total Consolidated Cash US$mCash & Other Financial assetsTotal Consolidated Debt US$m455 455 455 4555205725615790Dec-24 Mar-25 Jun-25Other LoansBank LoansNotes 2024Notes 2025Notes 20291,0621,0041,056Sep-251,0451) Kideco: US$147.6m, Tripatra: US$44.9m, IIR: US$44.5m, Interport: US$22.9m, Indika Nature: US$0.8m, IMG: US$3.3m; EMB: US$0.6m; Indika Minerals: US$14.1m, IDT: US$1.5m, Others : US$15.6m HoldCo: US$265.1mTotal cash & other financial assets exclude JO, IMG, IMP, IMAN, Kalista is US$ 556.5m2) Bond: US$455m due 2029 3) Bank Loan: Tripatra: US$17.7m; Interport: US$24.7m, EMB US$1.6m, IDT US$1.6m; EMITS (IE as guarantor) US$ 4.3m, HoldCo: US$475.1mTotal consolidation debt exclude IMG, IMP, IMAN, Kalista is US$ 1,001.1m
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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$300m7 May 2024: the settlement of the new notes US$350m3 July 2024: Tap issuance of US$105m, the company settled the tender offer of the 2025 notes in the amount of US$310.3m31 Oct 2024: Redemption of the remaining 2025 notes of US$201m25 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 AwakmasFacility (5 year at SOFR+2.5%).Debt maturity profile at HoldCoUS$m6451051221658598455Oct - Dec 202542026232027 2028 2029 203049128220620 Bonds 2029 Masmindo Refinancing Bank Loan
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Our Diversified Business Portfolio13
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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 analyticsOthers 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 – MineralsDeveloping 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 powerConcession: • 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 – MineralsLarge 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$463m contract for a period of 7 years, with option to extend for 5 years.
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18 Diversification Investments – MineralsDevelopment Progress:• Land acquisition of 1,444 ha land required for project development has been 99.6% completed as of June 25 . All critical land area has been acquired. • Construction – EPC & CPM by PetroseaDEDTemporary MagazineTemporary CampAccess RoadCrushing & Batching PlantPower Supply & Transmission – 5.19 MVA (stage 1)Expect to start producing by 2H26New Royalty Tariff on GoldHMA Gold PP No. 19 / 2025US$/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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19 Awakmas Project – Construction of Processing Plant
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20 Awakmas Project – Construction of Processing Plant
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21 Awakmas Project – Construction of Processing Plant
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22 Awakmas Project – Construction of Processing Plant
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Diversification Investments – MineralsBauxite Mine VolumekDMT ASP (US$/t)7.1 158.2 282433.2 22.3 23.0 23.6 24.2 20.0 20.5 21.0 21.5 22.0 22.5 23.0 23.5 24.0 24.5 - 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0 500.02022 2023 2024 9M25VolumeASPMekko – Bauxite • Bauxite mine in W. Kalimantan• Est. Reserve: 5.7 WMT• Est. Resources: 30 WMT• Strategic partnership with Nanshan AluminiumInternational Holding (2610 HK) 23
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24 Green Business - Aims to accelerate Indonesia’s EV ecosystemPT Indika Energy TbkPT Solusi Mobilitas IndonesiaHolding of EV CompanyPT Mitra Motor GroupHolding of Electric 4 Wheelers CompanyPT Foxconn Indika MotorE4W ManufacturerPT Energi Makmur BuanaE4W & Charging Distributor100%100%60%PT Kalista Nusa ArmadaHolding of EV, Charging, Battery Asset CompanyPT Kalista Rotom OrbitaE2W Asset CoPT Kalista Soter HastiaE4W Asset CoPT Kalista Nayara DayautamaCharging / Battery Asset Co90%*100%100%100%PT Industri Baterai NusantaraHolding of Battery Co100%100%Electric 2 Wheelers BusinessElectric 4 Wheelers BusinessBattery Co BusinessPT Ilectra Motor GroupHolding of Electric 2 Wheelers CompanyPT Electra Mobilitas IndonesiaE2W ManufacturerPT Electra Distribusi IndonesiaE2W DistributorPT Electra Auto IndonesiaE2W Dealership100%100%100%Rental Co BusinessPT Manufaktur Teknologi BateraiBattery Pack Co100% Other IMG Investors Development Partner
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25 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: Bandung Trial: 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 and trials with local governments Trial: Jambi
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26 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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27 IMG launched its brand “ALVA” with its own manufacturing facilities and builds experience centerALVA Experience Center My ALVA App Customized accessories from high-end OEM partners 1st2W experience center in Indonesia. Currently open in Jakarta (SCBD and Klp. Gading), Bali, Surabaya, Semarang and BandungBuild community-sensed of belonging Manufacturing Facilities Key HighlightsFully operational manufacturing facilities located inKawasan Industri Lippo Cikarang (Delta Silikon 6)on area of 1.7 hectaresAlready in mass production since Nov 2022Total capacity of100,000units per annum (with allshifts). Implementing flexible manufacturing &Industry 4.0 technology to enable fast scale up36,000 to 100,000 units per annumv Seamless interconnection experience with enhancedsecurity between motorbike with Apps.Key features:All in one place to control motorcycle including turn onor turn off the motorcycle, share access to themotorcycleMonitor & Share the Riding AnalyticsAnti-theft emergency turn off, and access to emergencyroadside assistance
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28 IMG already introduced 5 ALVA productsProductsALVA One Launched in 2022ALVA Cervo Launched in 2023 ALVA One XP Launched in 2023 ALVA Cervo Boost Charge Launched in 2024ALVA Cervo Q Launched in 2024
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29 Launched a new model in Mid segment “ALVA N3” • ALVA 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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30 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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31 Indonesia’s EV – Still in early stage, but fast growingEV adoption status and targetsE2W 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 toproduce wood pellets., planting at 5,000ha area in Jaya Bumi Paser, EastKalimantan.• Securing customers from Japan and SouthKorea• Process of obtaining a carbon creditcertificate that can be used for carbonoffsets for the Group or can be sold tothird parties Agroforestry & Non Timber Forest Product• Develop agricultural products thatsequester carbon in biomass, soils,essential oils and energy usage onfarms Energy Plantation Since its inception in 2019, Indika Nature currently owns 3 asset companies with various forestry licenses and a total of 135 thousands ha area under its management Diversification Investments – Green Businesses Indika Nature – Biomass, Agroforestry, Carbon Offset 32
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33 Indika Nature – Expanding to essential oil business Indika Nature acquired 100% shares in PT Natura Aromatik NusantaraAn essential oil producer with the fourth largest exporter in Indonesia located in Solo, Central JavaAroma ChemicalNatural and synthetic aroma compound derived from clove leavesEugenol, Rectified Clove Leaf Oil, Clove Terpenes, Caryophyllene Isoeugenol, Methyl Eugenol, Methyl Isoeugenol, Eugenyl, Acetate, Isoeugenyl AcetateEssential OilConcentrated natural oil obtained by distillation, having the characteristic fragrance of the source plant or fruitClove Leaf Oil, Clove Bud Oil, CloveStem Oil, Patchouli Oil, Citronella Oil, Nutmeg Oil, Vetiver Oil, Cananga OilNatural ExtractSubstance with desirable properties that is removed from the tissue of a plantGinger Extract, Curcuma Extract, Turmeric Extract, Garlic Extract, Eucalyptus Extract, Tamarind Extract,Cocoa ExtractProductsSector attractiveness due to its traditionality and fragmented players - opportunity to become significant player in the sectorAbundant resources in Indonesia - to supply 70% cloves derivative and 80% patchouli worldwideSynergy 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 traceabilityNatura 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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34 Indika Nature – Biomass Energy to produce wood pellet DIVA JBP TMK TCG Jaya Bumi Paser23,590 HaEast KalimantanDiva Perdana Pesona29,485 HaEast 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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35 Indika Nature – Carbon Business at TMK to support Net Zero Target Project Overview• PT Telaga Mas Kalimantan (TMK) is the holder of ForestConcession Rights (IUPHHK-HA (now PBPH) with anarea of 82,805 ha, located in Paser Regency, E.Kalimantan• The area is dominated by Meranti trees (50%), RimbaCampuran (26%) and other woods.Status- Originally TMK was wood logging concession, with82,805Ha with total net exploitable wood about 2 millionm3.- Baseline & potential carbon volume study by HatfieldConsultant, (2021) and- Feasibility study TMK carbon project continued byWildlife Works Consultant (2021)- Feasibility study and PDD TMK carbon projectconducted by PT WAS (2022-present).- Improved Forest Management: Conversion from Loggedto Protected Forest, VCS Methodology VM0010, Version1.3 Sectoral Scope 14- According to WAS, during the 30-year crediting period,project area (only TMK area) could produce 19.2mVCUs, equivalent to 641k VCU credits annually.- Currently is in the process to be certified through SPEGRK, with estimate average volume of 797kTCO2e/year for 25-year project. Location Source: Feasibility Study Report TMK - Wildlife, 2021 Block C Block B Block A
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Indicative impactTransaction ProceedsDescriptionInitiativeDate –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 emissionsUS$218mThermal coal miningDivestment of MUTU thermal coal mineFeb-2024 –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 assetn/aPower generationMOU for early decommissioning of Cirebon 1 power plantDec-2023 –Stake: 69.8% (Indika’s entire holding)US$147m Contract mining, engineering, procurement & construction and oil & gas services companyDivestment of PetroseaJul-2022 –Stake: 51% (Indika’s entire holding)US$41mIntegrated sea transportation solutions company that services the mining and natural resources industryDivestment of PT Mitrabahtera Segara Sejati (MBSS) Oct-2021 Diversifying Beyond Coal: DisposalsContinued Divestments of Coal and Coal-related Businesses
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Our MSCI rating has been upgraded to ADriven by improvements in our environmental and governance practicesMSCI ESG score2025 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 | CCCBBBBBBBBB BBBADec 20Feb 22Feb 23Feb 24 Apr 25AAAAAABBBBBBCCCKey scoresIndustry score 6.3Indika Energy average score 4.8 ▲0.4Environmental pillar score (38%) 4.6 ▲0.5Social pillar score (29%) 4.4 ▼0.1Governance pillar score (33%) 5.2 ▲0.5
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ESG performance - 9M259M252025 Target% Target ∆UnitParameter607903-25%ktCO2eqScope 1 & 2 GHG emissions0.0270.03-10%tCO2eq / ton coal productionEmissions intensity420.78396-50%tCO2eq / USD million revenue37.40%30%-%Renewable energy mix0.81.52-30%ML / USD million revenueWater withdrawal intensity72.35%40%-%Waste diversion rate5,3105,43920%HectaresLand reclamation53,129--Rp millionCSR spending4.09%1%-% of EBIT00-Person(s)Employee fatalities20-Person(s)Contractor fatalities20.78%20%-% of all employeesWomen representation16.50%15%-% of senior management
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Our performance to date: staying on course toward 2025 targetTarget: Reduce scope 1 and 2 emissions by 25% in 2025 and by 33% in 2030Target: Reduce scope 1 and 2 emissions intensity per ton coal production by 10% in 2025 and by 25% in 2030Scope 1 and 2 GHG emissions ktCO2eq▼32.72%GHG emissions per coal production▼17.41%Target: Reduce scope 1 and 2 emissions intensity per revenue by 50% in 2025 and by 55% in 2030GHG emissions per revenue▼46.87%Target: Increase % renewable energy share in the energy consumption mix to 30% by 2025 and to 35% by 2030Renewable energy share▲37.74% 1,2031,2011,1611,0309156079032020 2021 2022 2023 2024 YTD 2025 targetScope 1 & 2 GHG emissions3,46437.74%5,71562.26%RenewableNon-renewableRenewable energy share%374 3744963962020 2024 YTD 2025 target0.0330.0290.0270.0302020 2024 YTD 2025 targetGHG emissions intensitytCO2eq / ton coal productionGHG emissions intensitytCO2eq / million USD revenue810 (projections)
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Target: Reduce water withdrawalintensity per revenue by 30%Target: Divert 40% of waste fromlandfill by 2025 and 45% by 2030▼63.10%Non-hazardous waste diversion rate72.35%Target: Increase land reclamation area by 20% by 2025Cumulative land reclamation ▲17.17%Water withdrawal intensityWater withdrawalmegalitersWater withdrawal intensity megaliters/ million USD revenue1.520.830.801.522020 2024 YTD 2025targetNon-hazardous waste diversion rate (%)58.74%72.35%40.00%2024 YTD 2025 target2,1702,0301,1561,9782020 2024 YTD 2025target4,5325,2345,3105,4392020 2024 YTD 2025targetCumulative land reclamationhectaresFatality in managed operations (lives)0Target: Zero fatalities every year for employees2Target: Zero fatalities every year for contractorsDiversity and inclusion Target: 20% women in workforce by 2025 and 25% by 203020.78%Target: 15% women in senior management by 2025 and 20% by 203016.50%Community development spendingTarget: 1% EBIT spent on communitydevelopment every year4.09%Lives impacted as of Q3 2025Q1 2025: 52,247Q2 2025: 58,239Q3 2025: 133,248243,734 Kideco 84.96% Tripatra 2.49% Interport 3.63% Xapiens 0.02% Mekko 2.15% Masmindo 5.48% Indika Nature 0.94% Kalista 0.29% Indika Energy Holding 0.04% Our performance to date: staying on course toward 2025 target
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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 trees155 ha 1,265 tons of CO2eqLand planted until June 2025Target 2025: total 250 haMangroves plantedTarget 2025: 275,000 treesCarbon absorption per year from 187,710 treesTarget 2025: 1,750 tCO2eqSurvival rate of mangrove growth in riverside, affected by natural factors such as insects, barnacles, and wave impact. ~70%
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Makan Bergiziimplementation focus 2024 FLAGSHIP PROGRAMAt 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 audienceElementary and junior school students, along with additional beneficiaries including teachers.DurationCurrently 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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43 OverviewIndonesia 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 sustainability2. Project development: solving challenges through practical initiatives3. Capacity building: learn about sustainability through training, workshops, and seminarsOther companies that have joined:OverviewThe 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-corruptionOther companies that have joined: We also expanded our network by joining ESG-related associations
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44 Notes OutstandingThe Senior Notes are rated:B+ / Stable OutlookInternational Ratings (as of April 2025)Ba 3Negative Outlook (as of March 2025) Indika Energy Tbk.USD5455 mn8.750% 5-year Senior NotesReg S / 144A due 2029 May 2024
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Thank You45