PT Indika Energy (INDY) Q4 2025 earnings summary

Executive summary

• Revenue declined 17.0% year-over-year to $2,031.1M in FY25, with gross profit down 18.8% to $270.3M and net profit attributable to owners falling 40.2% to $6.0M.

• Non-coal revenue grew 23.3% YoY, now comprising 19.0% of total revenue, reflecting ongoing diversification.

• Significant progress in ESG initiatives, including a net-zero target by 2050 and an upgraded MSCI ESG rating from BBB to A.

• Active divestment of coal-related assets and expansion into gold, bauxite, EVs, and green businesses.

• Consolidated financial statements audited for years ended December 31, 2025 and 2024, with an unqualified opinion from Deloitte.

Financial highlights

• FY25 revenues: $2,031.1M (down from $2,446.8M in FY24); gross profit: $270.3M (down from $332.7M); adjusted EBITDA: $210.3M (down from $258.3M).

• Net profit for 2025 was US$26.96 million, compared to US$31.81 million in 2024.

• Gross margin at 13.3% (vs 13.6% FY24); net profit margin at 0.4%.

• Non-coal revenue reached $408.3M, up 23.3% YoY.

• Cash and cash equivalents at year-end 2025 were US$488.2 million.

Outlook and guidance

• FY26 guidance: Kideco production to rise 1.0% to 30.3MT; average selling price expected to decline 8.0% to $50.3/ton.

• Total capex budgeted at $380.4M for FY26, up from $246.1M in FY25.

• Continued focus on increasing non-coal revenue to 50% by 2028 and achieving net-zero emissions by 2050.

• Management continues to monitor global economic and geopolitical risks, with a focus on operational resilience and liquidity.

• The group is expanding into renewables, electric vehicles, and healthcare, aiming for long-term sustainability and diversification.