PT Indika Energy (INDY) Q3 2025 earnings summary

Executive summary

• Gross revenue for 9M25 was $1,528.4M, down 16.6% YoY, with net revenue at $1,442.9M, a 19.1% decrease from 9M24.

• Net profit attributable to owners was $0.48M, a sharp decline from $34.4M in the prior year.

• Non-coal revenue grew 24.2% YoY to $293.5M, now 19% of total revenue, up from 13% in 9M24.

• The group continued diversification into gold, bauxite, renewables, EVs, green business, digital ventures, and infrastructure.

• Maintained strong ESG focus, with significant progress on emissions reduction and renewable energy mix.

Financial highlights

• Gross profit for 9M25 was $193.7M, down 28.1% YoY; gross margin declined to 13.4% from 15.1%.

• Adjusted EBITDA for 9M25 was $155.6M, a 16.9% decrease YoY.

• Net profit margin turned negative at -0.4% for 9M25, compared to 1.9% in 9M24.

• Basic earnings per share was $0.0001, compared to $0.0066 in the prior year.

• Coal segment revenue fell 18% YoY, while non-coal segments posted growth.

Outlook and guidance

• Gold project (Awak Mas) expected to start production in 2H26, with 99.6% of required land acquired and construction progressing.

• Ongoing expansion in renewable energy and EV segments is expected to support long-term growth.

• Management expects continued volatility in coal prices and regulatory changes to impact future performance.

• Ongoing trials and commercial operations in EV and fleet-as-a-service models to accelerate Indonesia’s EV transition.

• Management remains committed to achieving net-zero emissions by 2050 and 50% non-coal revenue by 2028.