PT Merdeka Copper Gold (MDKA) Q3 2025 earnings summary

Executive summary

• Consolidated revenue for 9M 2025 was $1.28 billion, down 23% year-over-year, mainly due to lower HGNM and NPI contributions, partially offset by higher gold and nickel ore sales and improved gold prices.

• EBITDA rose 33% year-over-year to $295 million, driven by higher gold sales, improved NPI profitability, and increased third-party nickel ore sales.

• Net profit reached $14 million, a 173% increase year-over-year, reflecting stronger operational performance and margin expansion.

• Interim consolidated financial statements for the nine months ended 30 September 2025 were audited and received an unqualified opinion, confirming fair presentation in accordance with Indonesian Financial Accounting Standards.

• Key audit matter identified was the assessment of impairment indications for exploration and evaluation assets and mining properties, with no impairment indicated as of 30 September 2025.

Financial highlights

• Revenue: $1.28 billion (down 23% YoY); EBITDA: $295 million (up 33% YoY); Net profit: $14 million (up 173% YoY).

• MBMA revenue: $935 million (down 32% YoY); EBITDA: $140 million (up 22% YoY); Net profit: $63 million (up 5% YoY).

• Gross profit margin improved to 12.9% from 7.1% YoY; EBITDA margin increased to 22.9% from 13.3% YoY.

• Finance costs rose due to higher debt, with outstanding debt at $1.9 billion (up from $1.6 billion YoY).

Outlook and guidance

• Gold and copper production for FY 2025 on track at 100,000–110,000 ounces and 10,000–12,000 tonnes, respectively.

• NPI production guidance for FY 2025 is 70,000–80,000 tonnes; SCM to supply 60–70% of RKEF ore feed.

• Cash cost guidance: saprolite below $25/wmt, limonite below $13/wmt, NPI below $11,000/tNi, gold $1,100–1,250/oz, copper $3.00–3.20/lb.