First Resources (EB5) Q1 2025 earnings summary

Executive summary

• Sales rose 33.0% YoY to US$280.0m, EBITDA increased 54.0% to US$107.0m and net profit attributable to owners climbed 74.9% to US$63.1m, supported by higher selling prices and sales volume.

• Higher sales volume reflected stronger production, partly offset by an 18,000-tonne net inventory build versus a 28,000-tonne drawdown in 1Q2024.

Financial highlights

• 1Q2025 sales were US$280.0m versus US$210.5m in 1Q2024; EBITDA was US$107.0m versus US$69.4m; net profit was US$63.1m versus US$36.1m.

• Equity attributable to owners increased 1.3% QoQ to US$1,397.1m at 31 Mar 2025, with quarterly profit partly offset by Indonesian rupiah translation losses.

Outlook and guidance

• PT ANJ assets are expected to bolster production for the remainder of 2025; ongoing priorities include operational strength, replanting and integration of acquired assets.

• Management will monitor macroeconomic changes amid trade tensions and their potential effects on edible oils, inflation expectations, economic activity and crude oil prices.