PT Medco Energi Internasional (MEDC) Q4 2025 earnings summary

Executive summary

• Achieved or exceeded all operational guidance for 2025, with significant portfolio growth, new asset acquisitions, and record total shareholder returns despite a 15% drop in realized oil prices.

• Delivered strong operational performance across oil & gas, power, and mining, with new production in Natuna, Oman, and Corridor, and oil and gas production rising to 156 mboepd.

• Power generation reached 4,371 GWh, with renewables rising to 25% of total sales and installed capacity targets achieved.

• MSCI ESG rating upgraded to AAA, reflecting a 30% reduction in GHG emissions from 2019 and progress in sustainability.

• Maintained robust financial discipline, proactive debt management, and continued shareholder returns.

Financial highlights

• FY25 revenue was USD 2,395 mn, flat year-over-year; EBITDA reached USD 1,264 mn despite a 15% YoY realized price decline.

• Net income for FY25 was USD 101 mn, down 72.5% YoY, mainly due to lower AMMN contribution, impairments, and weaker oil prices.

• Oil and gas revenue rose 0.5% YoY to USD 2,189 mn; power revenue declined 13.2% YoY to USD 178 mn.

• Cash cost per boe was USD 8.6, below guidance.

• Operating cash flow was USD 906 mn.

Outlook and guidance

• 2026 guidance: oil & gas production 165–170 mboepd, power sales 4,550 GWh, capex USD 415 mn (O&G) and USD 15 mn (Power).

• Cash cost guidance remains below USD 10/boe; RG Net Debt/EBITDA target maintained at <2.5x.

• Focus on PSC extensions, further project developments, and continued dividend payments.

• ROE expected above 15%.