PT Merdeka Gold Resources (EMAS) Q4 2025 earnings summary

Executive summary

• The consolidated financial statements for the year ended 31 December 2025 were audited and received an unqualified opinion, confirming fair presentation in accordance with Indonesian Financial Accounting Standards.

• The Group operates as a vertically integrated holding company in gold mining and related activities, with commercial operations not yet commenced as of year-end 2025.

• A significant business combination occurred in June 2024, with the Group consolidating PETS, and a major IPO was completed in September 2025.

Financial highlights

• Total assets increased to $740.6 million as of 31 December 2025, up from $529.7 million at the end of 2024.

• Net loss for 2025 was $27.5 million, compared to a net loss of $12.7 million in 2024.

• Revenue for 2025 was $131,964, down from $1.75 million in 2024, reflecting the absence of commercial gold sales.

• Equity attributable to owners rose to $380.9 million, up from $273.0 million year-over-year.

• Cash and bank balances at year-end 2025 were $45.3 million, down from $67.3 million at the end of 2024.

Outlook and guidance

• The Group expects to commence gold sales in 2026, as inventories have not yet reached final production stage by end-2025.

• Management continues to monitor regulatory changes, including new mining and export regulations, with no significant financial impact anticipated.