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PUBLIC EXPOSE FY2025 PT Ancora Indonesia Resources Tbk (Ticker Code: OKAS) MARCH 2026
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Disclaimer
These materials have been prepared by PT Ancora Indonesia Resources Tbk (“AIR” or “Ancora”) and have not been independently
verified. No representation or warranty, expressed or implied, is made and no reliance should be placed on the accuracy, fairness or
completeness of the information presented or contained in these materials. AIR or any of its affiliates, advisers or representatives
accepts no liability whatsoever for any loss howsoever arising from any information presented or contained in these materials. The
information presented or contained in these materials is subject to change without notice and its accuracy is not guaranteed.
The information contained in this presentation is intended solely for User reference. This presentation contains "Forward Looking"
statements relating to future events, which are inherently subject to risk and significant uncertainty. All statements, except historical
facts contained in this presentation, include but are not limited to statements regarding AIR’s future financial position and results of
operating activities, strategies, plans, goals, objectives and targets, future developments in the Market where AIR participates or
wishes to participate, and other statements that begin with or are followed by the words "believe", "expect", "aim", “intend”, “will”,
“may”, “project”, “estimate”, “anticipate”, “predict”, “seek”, “should” or other similar words and expressions both in English and Bahasa
Indonesia, are statements that are "Forward Looking".
Under no circumstances shall AIR be responsible or liable for the correctness of such material or for damage or loss of opportunity as
a result of use of this material. AIR makes no representations whatsoever regarding the opinions or statements of any analyst or other
third party statements. AIR does not monitor or control the content of third party opinions or statements and does not accept or
assume responsibility regarding anything related to the content or use of such opinions or statements. This presentation does not
constitute an offer to sell or a solicitation of an offer to buy or sell the AIR shares in any jurisdiction.
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Part I Company Profile Our Company & Business Segments, Operational Areas, Sustainability at Ancora
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Our Company and Business Segments
PT Ancora Indonesia Resources Tbk
Explosive Materials and Blasting Services Work-Over for Oil Well Services Others
PT Ancora Berani Berdampak
PT Multi Nitrotama Kimia PT Bormindo Nusantara PT Ancora Shipping (“ABB”)
(“MNK”) (“BN”) (“AS”)
Leading provider in oil and gas Focused on investing and
drilling and workover rigs Delivering logistics solutions developing sustainable
services in Indonesia businesses
PT Kemitraan MNK BME
(“KMB”)
MNK and KMB (JV with BME
part of Omnia Group, which PT Global Adidaya Sejahtera
started in 2023) are Indonesia’s (“GLAS”)
leading provider of commercial
explosives and blasting services
Production and trading company
of used cooking oils and its by-
products
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Operational Areas
Handil, East Kalimantan
Explosive Accessories
Duri, Riau Factory
East Kalimantan
Oil and Gas Drilling
Services MNK Customer
Coverage
MNK’s Customer
Coverage
AS Sea Service Area
Cikampek, West Java
Customer
Central and South Kalimantan
Ammonium Nitrate Factory
GLAS Operational Area
AS Land Service Area
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Commitment Towards Sustainability
At Ancora, we are committed to integrating sustainability principles comprehensively into our business strategy, with a focus on responsible resource
utilization and contributing to society; We promote inclusive growth and innovation that balances economic, environmental, and social aspects, while
upholding transparency and accountability toward a sustainable future
Ancora Sustainability Pillars
Sustaining Growth Preserving the Planet Nurturing Our People Prospering with The Communities
Ancora’s Commitment
We continue to foster growth through We pledge to protect and sustain the We promise to foster our team’s We commit to advancing in harmony with
operational and service excellence, natural world, and working towards a development, value each member, and the communities, sharing success and
customer satisfaction, and sound financial legacy of environmental stewardship and prioritize their well-being, fully committed fostering mutual growth, as we strive for
performance responsibility for the future generation to nurturing our people and cultivating a a future where prosperity is a collective
culture of empowerment and growth achievement.
Sustainable Development Goals (SDGs) Sustainable Development Goals (SDGs) Sustainable Development Goals (SDGs) Sustainable Development Goals (SDGs)
Enabler: Good Corporate Governance, Business Ethics, and Anti-Corruption
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Ancora Sustainability Highlights
Prospering with
Sustaining Growth Preserving the Planet Nurturing Our People
The Communities
Ancora continues to accelerate its Ancora continues to sustain its existing Ancora maintained an excellent Ancora implemented 12 strategic
transformation through a focused energy efficiency, emissions occupational safety performance by CSR programs in Riau, East
business diversification strategy and reduction, and water management achieving Zero Lost Time Injury (LTI) Kalimantan, West Java, and Jakarta,
market expansion across business initiatives, while expanding its impact throughout the year, reflecting a strong focusing on:
through the introduction of new safety culture
The successful realization of programs as part of its growing • Career Building
detonator exports for the first time sustainability strategy Continuous investment in competency • Capacity Building
marks an important milestone in development, leadership, and • Community Building
opening access to global markets and The completion of the solar panel coaching has strengthened the
expanding the revenue base -- installation at the MNK Cikampek organization’s capabilities in These programs have reached more
strengthening competitiveness and facility underscores the Company’s supporting business growth than 150,000 beneficiaries, including
long-term growth foundation commitment to energy transition and scholarship support, construction
operational cost efficiency Leadership development programs, of social facilities, mangrove
Conducted Ancora Social Enterprise such as Ancora Meeting of the planting, as well as development
Project, an employee-driven initiative In addition, the implementation of Minds, continue to be a strong focus programs for teachers, students,
to develop sustainable business Climate Risk Identification and to upskill and enhance unity and and athletes
solutions addressing social challenges Climate Scenario Analysis upskilling among employees across
strengthens Ancora’s readiness to levels Ancora also continues to strengthen
Successfully established new address future climate change risks its monitoring and evaluation
business, GLAS, marking a strategic mechanisms to ensure measurable,
step in its business diversification sustainable impact that is aligned with
long-term development goals
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Part II
Financial Performance
Income Statement, Balance Sheet, Financial Ratios
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Income Statement Performance FY2025
PT Ancora Indonesia Resources Tbk reported a decline across most income statement metrics due to global macroeconomic pressures;
Nevertheless, EBITDA remained resilient above USD 34 million, demonstrating Ancora’s ability to navigate challenging market conditions
Revenue Gross Profit
(In Millions USD) -11.33% (In Millions USD) -14.28%
185.09 182.20
55.45
50.99
161.65
158.30 47.17 47.53
2022 2023 2024 2025 2022 2023 2024 2025
EBITDA -18.72% Net Income -66.55%
(In Millions USD) (In Millions USD)
25.95
37.57 40.47
32.66 34.09
16.34
8.38 8.68
2022 2023 2024 2025 2022 2023 2024 2025
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Balance Sheet Performance FY2025
Overall, the balance sheet position remained solid; Cash levels increased with improved leverage following debt repayments that is also supported
by a stronger equity position; Total assets declined primarily due to the divestment of Indotan Lombok Pte, Ltd (“ILP”) in September 2025
Cash Assets
(In Millions USD) (In Millions USD) -12,05%
+87.24% 187.11
8.83 181.09 176.11
7.64 154.88
6.32
3.37
2022 2023 2024 2025 2022 2023 2024 2025
Liabilities Equity +4.33%
(In Millions USD) -20.44% (In Millions USD)
168.25 59.61 62.19
145.38
116.50 41.73
92.69
12.85
2022 2023 2024 2025 2022 2023 2024 2025
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Improved Leverage Position FY2025
PT Ancora Indonesia Resources Tbk strengthened its leverage position by reducing interest-bearing debt to USD 39.71 million; This improvement is
reflected in Ancora’s Debt-to-Equity ratio, which is now below 1.0x, as well as the continued improvement in the Debt-to-EBITDA ratio
Debt Position Ratio
(In Millions USD) (X)
100.00 10.00
88.19
90.00 9.00
80.00 72.35 8.00
70.00 7.00
59.58
60.00 6.86 6.00
50.00 5.00
39.71
40.00 4.00
30.00 2.35 2.21 3.00
20.00 1.47 2.00
1.16
10.00 1.73 1.00
1.00 0.64
0.00 0.00
2022 2023 2024 2025
Interest Bearing Debt Debt to Equity Debt to EBITDA
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For the full results, please visit:
https://www.ancorair.com/id/informasi-dan-ikhtisar-keuangan
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Financial Ratios
Profitability ratios including Gross Profit and EBITDA margins remained relatively stable; however, Operating and Net Income margins declined due
to fixed operating costs amid pressured revenue from global conditions; meanwhile, liquidity ratios improved following lower debt levels
Profitability Ratios (%)
GP Margin EBITDA Margin Operating Margin NI Margin
Horizontal Analysis 2023-2024 (Absolute) 2024-2025 (Absolute)
40%
30% 29% GP Margin +2% -1%
28%
30%
22% 22% 21% EBITDA Margin +4% -1%
18%
20% 14%
12% 10% Operating Margin +10% -12%
10% 5% 5%
NI Margin +9% -9%
0%
2023 2024 2025
Liquidity and Solvency Ratios
Current Ratio Quick Ratio Debt to Equity Debt to EBITDA
Horiz. Analysis 2023-2024 (Absolute) 2024-2025 (Absolute)
2.50 2.21
1.73 Current Ratio +0.25 +0.17
2.00
1.47 1.47
1.50 1.30 1.16 Quick Ratio +0.15 +0.12
1.05 1.00
1.00 0.70 0.82
0.55 0.64 Debt to Equity -0.73 -0.26
0.50
Debt to EBITDA -0.74 -0.31
0.00
2023 2024 2025
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Part III
Business Operations
2025 Operational Highlights, New Business
Development, Next Steps in 2026
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MNK 2025 Business Operations
MNK has developed and matured as a reliable business for customers in the commercial explosives and energy solution space; Going forward, the
emphasis is towards diversification, while also sustaining MNK’s strong track record of operational and commercial reliability for its customers
Business • Maintained above 97% reliability in its plant operations
Operations • Continued strong Ammonium Nitrate (AN), Detonator, ANFO, and Emulsion production and sales volume
• Continued strong partnership with Dyno Nobel (Australia) in Detonator business delivering non-electric and
electronic detonators – with first export sales
• Continued Zero LTI safety record performance
Business • 1st full year operations of new subsidiaries under MNK across diversified industries such as engineering services,
Development
trading, chemicals, commodities, training and event services with improved performance from initial year
• Strong presence in the industry, catering to more than 30% of the market and serving the largest mining companies
in the nation – with continued expansion of customer base across different segments and commodities
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KMB 2025 Business Operations
KMB is displaying strong growth as a business, with the joint venture between MNK and BME (of Omnia Group in South Africa) resulting in the
company growing as a leading blasting solution provider in the nation and delivering in modern solutions for customers
Business • EBITDA increased by ~11% YoY along with an increase in net profit, through growth and optimization
Operations
• Continued digitalization innovation in blasting solutions for customers
• Continued Zero LTI safety record performance
• Continued strong partnership with BME in JV, maintaining high quality service quality, safety, and technical services
Business • Revenue increased by ~21% YoY due to higher BCM and emulsion volumes from new and existing projects
Development
• Strong customer base serving leading mining companies in coal and other critical minerals
• High customer satisfaction in its blasting solutions and operations
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Bormindo 2025 Business Operations
Bormindo continues to be a desired oil and gas service provider, with a focus on continued operational improvement, new drilling projects business
development driven by partnerships, and further service diversification the pillars in 2025 and beyond to serve the strong nation demand
Business • 5 rigs operating in the Duri, Riau area
Operations • Continuous improvement initiatives to improve productivity and reliability
• Continued Zero LTI safety record performance
Business • Initiate Indonesian Drilling School program to be focused on in 2026, leveraging capability to expand offerings
Development • Strong demand and interest in drilling services, on going progress in preparing for new projects
• New business diversification initiatives initiated targeted to kick-off in 2026 and beyond
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Business Development 2025 – GLAS
In 2025, PT Ancora Indonesia Resources Tbk successfully expanded its business portfolio through the development of a new business in the used
cooking oil industry as part of the Ancora’s commitment to sustainable business development
PT Global Adidaya Sejahtera Profile
Company PT Global Adidaya Sejahtera
Operational Date Q4 2025
Purpose New Business Development & Sustainability
Business Development Rationale
1. Ancora’s commitment to sustainable business development, by
maintaining balance and environmental sustainability through the
processing of used cooking oil waste into energy and new value-added
PT Global Adidaya Sejahtera (“GLAS”) is a company
operating in the used cooking oil management raw materials.
industry, which started operating in Q4 2025. GLAS 2. A promising and scalable business, with strong growth potential in line
conducts business activities including the trading,
with the increasing demand for used cooking oil management and its
production, processing, and sale of used cooking oil
products, while delivering sustainability value. derivative products – with GLAS showing strong demand and operational
capability in its first 2 quarters of operations
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Pengembangan Bisnis Baru 2026 – AS
In the beginning of 2026, PT Ancora Indonesia Resources Tbk successfully expanded its business portfolio through the acquisition of a logistics
company under PT Ancora Shipping as part of Ancora’s commitment to continue growing and diversifying its portfolio
PT Global Adidaya Sejahtera Profile
Company PT Ancora Shipping
Operational Date End of 2025 – LCT Vessel Acquisition
Q1 2026 – New Companies Acquisition
Purpose Synergy, Expansion & New Business Dev.
Business Development Rationale
Ancora Shipping has begun to actively operate in 2026, 1. Synergy and optimization through fulfilling entire Group operations
through acquiring companies WLS1, MWL2, and NJL3, and
ecosystem and operational transportation needs
following the acquisition of an LCT vessel at the end of
2025, enabling the Company to provide integrated logistics 2. The logistics business growth opportunity in Indonesia remains very
services including sea transportation, licensed explosive large, in line with the increasing industrial and distribution activities, with
logistics management, trucking and heavy equipment
growth opportunities beyond internal ecosystem.
rental, warehousing and other supporting logistics assets.
3. Growing energy and transportation sectors, thereby increasing
1 PT Wahana Logistik Semesta
2 PT Multi Wahana Logistik demand for logistics and transportation services
3 PT Nusajaya Logistik Utama 15
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Next Steps in 2026
Company Business Focus for 2026
• To become an integrated commercial explosives company with a comprehensive portfolio of products and
services, both vertically and horizontally, starting with target completion of the booster plant project
• To accelerate expansion into new markets beyond mining explosives industry through organic and inorganic business
development, while futher developing the new subsidiaries initiated and innovation to continually improve customer solutions
• To continually improve operations as a reliable rig provider for leading customers regionally and nationally
• To expand on new projects and diversified services such as electric rigs, active, and scale Indonesia Drilling School
• To expand rig operational coverage nationally through strong partnerships to leverage capability as a rig operator
• Continue market expansion to strengthen its position as a leading blasting services provider in Indonesia
• Leverage its differentiated blasting solution capability and innovation in scaling to more customers and projects across
different commodities and minerals throughout the nation, into more geographies
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Next Steps in 2026
Company Business Focus for 2026
• To strengthen the foundation as a reliable leading end-to-end logistics services provider
• To expand its solution offering to more customers and beyond the mining explosives markets, and into other products,
materials, and commodities
• To continue strengthening the value chain to build a sustainable business foundation
• Increasing production capacity and accelerate business expansion, to scale the business given its strong start in its first
2 quarters of operations
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Thank You Contact Us: Equity Tower 41st Floor Sudirman Central Business District (SCBD) Jl. Jend. Sudirman Kav. 52-53 Lot 9 Jakarta Selatan Indonesia 12190 Phone: +62 21 290 35 011 Email: corporate.secretary@ancorair.com Website: www.ancorair.com
Names mentioned 13 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT Ancora Berani Berdampak
p.4
unresolved
org
PT Multi Nitrotama Kimia
p.4
unresolved
org
PT Bormindo Nusantara
p.4
unresolved
org
PT Ancora Shipping
p.4 ×2
unresolved
org
PT Kemitraan MNK BME
p.4
unresolved
org
PT Global Adidaya Sejahtera
p.4 ×4
unresolved
org
PT Global Adidaya Sejahtera Operational
p.18
unresolved
org
PT Ancora Shipping Operational
p.19
unresolved
org
PT Wahana Logistik Semesta
p.19
unresolved
org
PT Multi Wahana Logistik
p.19
unresolved
org
PT Nusajaya Logistik Utama
p.19
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