PT Merdeka Copper Gold (MDKA) Q4 2025 earnings summary

Executive summary

• Consolidated revenue for FY2025 was $1.89 billion, down 15% year-over-year, mainly due to lower HGNM and NPI contributions, partially offset by higher gold and nickel ore sales and prices.

• EBITDA for FY2025 was $373 million, driven by improved profitability in NPI, nickel ore, and gold segments, and a 32% YoY increase in average gold selling price.

• Net income for FY2025 was $16 million, with net profit margin at 0.9%.

• Strategic projects, including the Pani Gold Project and nickel downstream facilities, advanced significantly, with the first gold sale from Pani and a maiden mineral resource at Gua Macan.

• Diversified portfolio across gold, copper, and nickel segments underpins stable performance and cash flow.

Financial highlights

• Revenue: $1.89 billion (down 15% YoY); EBITDA: $373 million (up 13% YoY); Net income: $16 million.

• MBMA revenue: $1.43 billion (down 22% YoY); EBITDA: $219 million (up 34% YoY).

• Gross profit margin improved to 11.4% from 7.9% YoY; EBITDA margin increased to 19.7%.

• Nickel ore production grew 44% YoY, contributing to overall financial strength.

• Finance costs rose with higher debt, reaching $117 million for the year.

Outlook and guidance

• 2026 gold production guidance: TB Gold 80,000–90,000 oz, Pani 100,000–115,000 oz; copper: 4,000–5,000 t.

• Saprolite ore sales targeted at 8.0–10.0 million wmt, limonite at 20.0–25.0 million wmt.

• NPI production guidance: 70,000–80,000 t; HGNM: 44,000–48,000 t; MHP: 27,000–30,000 t.

• Cost guidance: gold AISC $1,300–$2,050/oz, copper AISC $4.00–$4.70/lb, NPI cash cost below $10,500/tNi.

• Commissioning of the HPAL project’s first production line is targeted for mid-2026.