PT Indocement Tunggal Prakarsa (INTP) Q1 2025 earnings summary

Executive summary

• Q1 sales volume was 4,364 kt, down 4.0%; net revenue was Rp3,975,728 million, down 2.6%, EBITDA fell 7.5% and net income fell 11.5%.

• Domestic cement demand contracted 7.8% YoY; the 2025 domestic market outlook is flat to +2%.

• Operating cash flow turned positive at Rp63,538 million, from a Rp526,481 million outflow in Q1 2024.

Financial highlights

• Gross profit was Rp1,119,667 million, down 5.1%; gross margin was 28.2% versus 28.9% YoY.

• Operating income was Rp253.4bn, down 19.3%; operating margin was 6.4% versus 7.7%.

• EBITDA was Rp633.8bn, down 7.5%; EBITDA margin was 15.9% versus 16.8%.

• Net income was Rp210,675 million versus Rp238,029 million; lower income tax expense partly offset weaker operating income.

• Finance income rose to Rp58,936 million from Rp32,527 million; Q1 2025 included an FX loss versus an FX gain in Q1 2024.

Outlook and guidance

• Domestic cement market demand in 2025 is expected to grow flat to +2%.

• Potential demand support includes a 3mio houses/year program, school renovations, VAT discounts for new-home purchases and further interest-rate cuts.

• Alternative-fuel and biomass feeding facilities at Semen Grobogan are expected to be ready in Q3 2025.

• Solar-panel operation, automation, digitalization and improved toll-road and port connectivity are identified as operational opportunities.