Investor Relations – Financial Highlights

Short Management Discussion and Analysis

Key movements in Q1/25

Y-on-Y highlights, Q1-2025 against Q1-2024:

• Sales volume has slight decreased by 3%, driven by slower export sales. Domestic sales volume accounted for 79%, up from the prior year’s 74% of total sales.
• Sales revenue has decreased by 2%, primarily driven by a 3% decrease in sales volume.
• Cost of Goods Sold has increased by 0.1%, from higher energy costs.
• The value and margin of EBITDA have decreased, due to domestic market conditions.
• Loss for the period has increased, from higher interest cost.
• Total liabilities and debt have increased by 14% and 16%, respectively, due to new facility agreement.
• Debt/Equity has increased by 61%, due to lower equity which was attributed by the Loss for the period and higher debt due to new facility agreement.

Q-on-Q highlights, Q1-2025 against Q1-2024:

• Sales volume has slight decreased by 3%, driven by slower export sales. Domestic sales volume accounted for 79%, up from the prior quarter’s 74% of total sales.
• Sales revenue has slight decreased by 0.2%, primarily driven by a 3% decrease in sales volume.
• Cost of Goods Sold has decreased by 3%, from higher ending balance finished goods due to production volume increased from prior quarter.
• The value and margin of EBITDA have increased, from lower Cost of Goods Sold.
• Loss for the period has increased, from lower deferred income tax benefits compared to the prior quarter.
• Total liabilities and debt have increased by 6% and 5%, respectively, due to higher working capital requirement from the prior quarter.
• Debt/Equity has increased by 15%, due to lower equity which was attributed by the Loss for the period and higher debt due to working capital requirement.

Notes:

– On 31 March 2025, the Total Debt of IDR 7,821 billion consisted of around USD 62 million and IDR 6,789 billion.

– Cost of Debt (Pre-Tax) has slight decreased in Q1-2025 from previous quarter, from 6.4% (Q3/24), 6.7% (Q4/24), to 6.6% (Q1/25), in light of the current high interest rate.