20260414_MBMA_Laporan Hasil Pemeringkatan_32070466_lamp2.pdf

                                                                                                                                      Rating Summary
                                                                                                                                              April 13, 2026


Financial Highlights
 As of/for the year ended                                 Dec-2025             Dec-2024              Dec-2023       Dec-2022
                                                           (Audited)            (Audited)             (Audited)     (Audited)
 Total adjusted assets [USD mn]                               3,375.3               3,075.5               2,903.6     2,096.0
 Total adjusted debt [USD mn]                                    944.9                684.1                492.4       615.3
 Total adjusted equity [USD mn]                               1,988.1               1,989.5               1,950.0     1,233.8
 Total sales [USD mn]                                         1,434.5               1,844.7               1,328.3      455.7
 EBITDA [USD mn]                                                 218.8                162.9                 97.5        46.2
 Net income after MI [USD mn]                                      29.5                 22.8                  6.9       21.7
 EBITDA margin [%]                                                 15.3                   8.8                 7.3       10.1
 Adjusted debt/EBITDA [X]                                           4.3                   4.2                 5.0       13.3
 Adjusted debt/adjusted equity [X]                                  0.5                   0.3                 0.3         0.5
 FFO/adjusted debt [%]                                             20.0                 15.3                  5.3         3.5
 EBITDA/IFCCI [X]                                                  10.6                   2.5                 1.3         1.8
 USD exchange rate [IDR/USD]                                   16,782               16,162                15,416      15,606

FFO = EBITDA – IFCCI + Interest Income – Current Tax Expense
EBITDA = Operating Profit + Depreciation Expense + Amortization Expense
IFCCI = Gross Interest Expense + Other Financial Charges + Capitalized Interest; (FX Loss not included)
MI= Minority Interest                *annualized

The above ratios have been computed based on information from the company and published accounts. Where applicable, some items have
been reclassified according to PEFINDO’s definitions.




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 http://www.pefindo.com                                                                                                                                             April 2026