Investor Relations – Financial Highlights

Short Management Discussion and Analysis

Key movements in Q3/25

Y-on-Y highlights, Q3-2025 against Q3-2024:

• Sales volume has increased by 9%, driven by higher domestic sales. Domestic sales volume accounted for 89%, up from the prior year’s 80% of total sales.
• Sales revenue has increased by 6%, primarily driven by 9% growth in sales volume.
• Cost of Goods Sold has decreased by 5%, primarily due to lower raw materials costs.
• The value and margin of EBITDA have increased, from higher sales revenue and reduced cost of goods sold.
• Loss for the period has decreased, supported by higher EBITDA..
• Total liabilities and debt have decreased by 29% and 39%, respectively, primarily as a result of the recent corporate action.
• Debt/Equity has decreased by 65%, reflecting both an increase in equity and a reduction in debt as a result of the recent corporate action.

Q-on-Q highlights, Q3-2025 against Q2-2025:

• Sales volume has slight decreased by 3%, driven by slower domestic and export sales. Domestic sales volume accounted for 89%, up from the prior quarter’s 88% of total sales.
• Sales revenue has decreased by 5%, primarily driven by lower sales volume.
• Cost of Goods Sold has decreased by 2%, primarily driven by lower raw material costs.
• The value and margin of EBITDA have decreased, primarily due to lower sales revenue.
• Loss for the period has increased, primarily due to the depreciation of the Indonesian Rupiah (IDR) against the US Dollar (USD) compared to the prior quarter.
• Total liabilities and debt have decreased by 11% and 14%, respectively, primarily as a result of the recent corporate action.
• Debt/Equity has decreased by 21%, reflecting both an increase in equity and a reduction in debt as a result of the recent corporate action.

Y-on-Y highlights, 9M-2025 against 9M-2024:

• Sales volume has increased by 5%, driven by higher domestic sales. Domestic sales volume accounted for 85%, up from the prior year’s 76% of total sales.
• Sales revenue has increased by 4%, primarily driven by 5% growth in sales volume.
• Cost of Goods Sold has decreased by 1%, from lower raw material costs.
• The value and margin of EBITDA have increased, from higher sales revenue and reduced cost of goods sold.
• Loss for the period has decreased, supported by higher EBITDA.
• Total liabilities and debt have decreased by 29% and 39%, respectively, primarily as a result of the recent corporate action.
• Debt/Equity has decreased by 65%, reflecting both an increase in equity and a reduction in debt as a result of the recent corporate action.

Notes:

– On 30 September 2025, the Total Debt of IDR 4,500 billion consisted of around USD 56.5 million and IDR 3,558 billion.

– Cost of Debt (Pre-Tax) remained stable at 6.6% in Q3 2025, but beginning to decline from lower USD and IDR loan reference rates. The year-to-date average cost remains elevated due to the high interest rate environment in H1 2025.