PT Buma Internasional Grup (DOID) Q2 2025 earnings summary

Executive summary

• Achieved strong operational recovery in 2Q25 after 1Q25 disruptions, focusing on cost reduction and operational excellence.

• Diversified business across geographies and commodities, with significant presence in thermal and metallurgical coal, and investments in metals and copper.

• Interim consolidated financial statements for the six months ended June 30, 2025, were audited and received an unqualified opinion, prepared in accordance with Indonesian Financial Accounting Standards.

• The period saw a net loss of USD 79.7 million and accumulated losses of USD 17.7 million, with current liabilities exceeding current assets by USD 90.4 million, raising going concern uncertainties.

• Management plans to improve productivity and implement cost efficiency measures to address these uncertainties.

Financial highlights

• 1H25 revenue reached USD 730.2 million, down 15% year-on-year.

• EBITDA was USD 64 million (USD 83 million adjusted for one-off costs), down 60% year-on-year.

• Net loss of USD 79.7 million, primarily due to a USD 96 million decrease in EBITDA.

• Free cash flow turned positive at USD 5 million, compared to negative USD 47 million in 1H24.

• Cash and cash equivalents increased to USD 206.3 million from USD 194.7 million at year-end 2024.

Outlook and guidance

• FY25 guidance: overburden 440–470MBCM, coal 80–90MT, revenue USD 1,500–1,600 million, EBITDA USD 160–210 million, capex USD 170–190 million.

• Management is focused on enhancing productivity, operational cost efficiency, and reducing overheads to support ongoing operations.

• Non-thermal coal revenue target on track for <50% by 2028.

• Thermal and met coal markets expected to remain volatile in the near term, with robust long-term demand from Asia.