PT Indika Energy (INDY) Q2 2025 earnings summary

Executive summary

• 6M25 net revenue was $956.8M, down 20% YoY, with net profit at $2.2M, a sharp decline from $21.0M in the prior year.

• Gross profit margin decreased to 13.9% from 16.7% YoY, reflecting lower coal prices and higher costs.

• Non-coal revenue grew 28.8% YoY to $186.4M, now 19% of total revenue, reflecting diversification efforts.

• The group completed divestments and acquisitions, including the $218M sale of MUTU, and the acquisition of NAN and GSI.

• Final dividend of $5.0M was declared, representing 50% of attributable consolidated profit for 2024.

Financial highlights

• Revenue fell to $956.8M from $1,196.7M YoY; gross profit dropped to $132.7M from $199.5M.

• Net profit for 6M25 was $2.2M, down from $21.0M in 6M24.

• Adjusted EBITDA for 6M25 was $96.6M, down 28.1% YoY.

• Basic earnings per share was $0.0004, compared to $0.0040 in the prior year.

• Cash and cash equivalents increased to $497.4M as of June 30, 2025.

Outlook and guidance

• Targeting 50% non-coal revenue by 2028 and net-zero emissions by 2050.

• Management expects continued volatility in coal prices and ongoing regulatory changes.

• The group is focusing on diversification into renewables, digital ventures, and green business.

• Capital expenditure and project development in non-coal sectors are expected to increase.

• Gold project (Awak Mas) expected to start production in 2H26.