Investor Relations – Financial Highlights

Short Management Discussion and Analysis

Key movements in Q4/25

Y-on-Y highlights, Q4-2025 against Q4-2024:

• Sales volume has increased by 7%, driven by higher domestic sales. Domestic sales volume accounted for 81%, up from the prior year’s 74% of total sales.
• Sales revenue has increased by 8%, primarily driven by 7% growth in sales volume.
• Cost of Goods Sold has increased by 5%, primarily driven by higher raw material consumption in line with increased production volume, as well as higher energy costs.
• The value and margin of EBITDA have increased, from higher sales revenue.
• Loss for the period has increased, primarily due to higher other expenses, which were mainly attributable to one-off, non-recurring charges.
• Total liabilities and debt have decreased by 31% and 42%, respectively, primarily as a result of the recent corporate action.
• Debt/Equity has decreased by 64%, reflecting both an increase in equity and a reduction in debt as a result of the recent corporate action.

Q-on-Q highlights, Q4-2025 against Q3-2025:

• Sales volume has increased by 16%, driven by higher export sales. Export sales volume accounted for 19%, up from the prior quarter’s 11% of total sales.
• Sales revenue has increased by 14%, primarily driven by 16% growth in sales volume.
• Cost of Goods Sold has increased by 14%, primarily driven by higher raw material costs in line with increased production volume.
• The value and margin of EBITDA have decreased, primarily due to higher freight expense.
• Loss for the period has increased, primarily due to higher other expenses, which were mainly attributable to one-off, non-recurring charges.
• Total liabilities has increased by 1%, mainly driven by higher trade payables and total debt has decreased by 3% from repayment of loans.
• Debt/Equity has increased by 14%, primarily due to a decline in equity resulting from the loss for the period.

Y-on-Y highlights, FY-2025 against FY-2024:

• Sales volume has increased by 6%, driven by higher domestic sales. Domestic sales volume accounted for 84%, up from the prior year’s 76% of total sales.
• Sales revenue has increased by 5%, primarily driven by 6% growth in sales volume.
• Cost of Goods Sold has increased by 1%, from higher energy costs.
• The value and margin of EBITDA have increased, from higher sales revenue.
• Loss for the period has decreased, supported by higher EBITDA.
• Total liabilities and debt have decreased by 31% and 42%, respectively, primarily as a result of the recent corporate action.
• Debt/Equity has decreased by 64%, reflecting both an increase in equity and a reduction in debt as a result of the recent corporate action.

Notes:

– On 31 December 2025, the Total Debt of IDR 4,356 billion consisted of around USD 43 million and IDR 3,634 billion.
– Average cost of debt (pre-tax) trailing-twelve months Q4 2025 at 6.6% p.a., but going down from interest rate cuts and better negotiation.