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PT Merdeka Battery Materials Tbk
Public Expose
March 2026
IDX: MBMA I www.merdekabattery.com
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Disclaimer
The information in this presentation has been prepared by representatives of PT Merdeka Battery Materials Tbk (the "Company") for use in presentations by the Company and does not constitute a recommendation regarding the securities of
the Company.
No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained herein. Neither the Company nor any of
the Company's advisors or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection
with this presentation. Further, nothing in this document should be construed as constituting legal, business, tax or financial advice. The information set out herein is still in draft form and may be subject to updating, completion, revision,
verification and amendment and such information may change materially.
It should be understood that subsequent developments may affect the information contained in this presentation, which neither the Company nor its advisors or representatives are under an obligation to update, revise or affirm.
This presentation contains certain projected financial and operational information of the Company, such as sales volume per year, certain cost items and estimated capital expenditure. Such projected financial information constitutes
forward-looking information based on management's reasonable expectations and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying
projected financial and operational information are necessarily inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ
materially from those contained in the prospective financial and operational information. Actual results may differ materially from the results contemplated by the projected financial and/or operational information contained in this
presentation, and the inclusion of such information in this presentation should not be regarded as a representation by any person that the results reflected in such projections will be achieved. The Company's independent auditors have
not audited, reviewed, compiled, or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, they have not and will not express an opinion or provide any other form
of assurance with respect thereto for the purpose of this presentation.
This presentation and the information contained herein does not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities of the Company. This document is
not an offer of securities for sale in the Republic of Indonesia and does not constitute a public offering under Indonesian capital market laws and regulations ("Indonesian Capital Market Law"). The securities of the Company may not be
offered to more than 100 parties (including Indonesian citizens or entities located in Indonesia or offshore, or foreign citizens or entities located in Indonesia) and/or to fewer than 100 parties but result in sales to more than 50 parties
(including Indonesian citizens or entities located in Indonesia or offshore, or foreign citizens or entities located in Indonesia) and/or a sale (irrespective of whether such sale is preceded by an offer) to more than 50 parties (including
Indonesian citizens or entities located in Indonesia or offshore, or foreign citizens or entities located in Indonesia), in a manner which constitutes a public offering under the Indonesian Capital Market Law. Neither this presentation nor any
portion hereof may be sent or transmitted to the Republic of Indonesia or any jurisdiction where it is unlawful to do so. Any failure to comply with these restrictions may result in a violation of the Indonesian Capital Market Law or the
applicable laws of other jurisdictions.
The securities of the Company have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered, sold or delivered within the United States absent from registration under
or an applicable exemption from the registration requirements of the U.S. securities laws. This presentation and the information contained herein is being furnished to you solely for your information and may not be reproduced or
redistributed to any other person, in whole or in part in any manner. In particular, neither the information contained in this presentation, nor any copy hereof may be, directly or indirectly, taken or transmitted into or distributed in the
United States, Canada, Australia, Japan or any other jurisdiction which prohibits the same except in compliance with applicable securities laws. Any failure to comply with this restriction may constitute a violation of the United States or
other national securities laws. No money, securities or other consideration is being solicited, and, if any is sent in response to this presentation or the information contained herein, it will not be accepted. This document may not be taken
away.
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Highlights
MBMA's revenue soared to $1.4 billion (-22% YoY), with EBITDA and net profit rising to $219 million (+34% YoY), and $101 million (+26% YoY), respectively.
EBITDA contributions mostly from $145 million from NPI, $87 million from limonite ore and $10 million from HGNM partially offset by other costs, including
corporate G&A.
Project Updates:
• In AIM Operation, both trains of the roaster/acid plant have been operating at a stable rate in Q4 2025. Some parts of chloride plant are going through
further optimization process and have produced chlorinated iron pellet, copper sponge, and gold mud. Final modifications are scheduled in Q1 2026 to
allow stable operations.
• Commissioning is progressing with the Copper Cathode Plant (“CCP”) ramping up its production.
• PT ESG HPAL trains autoclave with nameplate capacity of 36ktpa have been starting to operate from 2025, with ~26k tonnes of MHP Ni produced in 2025.
The new FPP at the SCM mine has commenced its operation in Q4 2025.
• At PT SLNC HPAL, to facilitate ore supply, a new FPP is being built at the SCM mine site, enabling ore transport to the SLNC plant via slurry pipeline. As of
quarter-end, construction progress reached 83% for the HPAL plant and 67% for the FPP. The project is fully funded through a mix of shareholder equity
and bank financing.
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MBMA Consolidated Financial Statements (Before Minority)
In $ million 4Q 2024 4Q 2025 2024 2025 • MBMA reported consolidated revenue and EBITDA of
Revenue 464.9 499.5 1,844.7 1,434.5 $1,435 million (-22% YoY) and $219 million (+34% YoY),
respectively.
Cost of Revenue (exclusive of D&A) (403.3) (409.5) (1,648.4) (1,181.5)
Mining Cost (76.6) (86.5) (194.1) (244.5) • EBITDA contributions mostly from $145 million from NPI,
$87 million from nickel ore and $10 million from HGNM,
Processing Cost (334.3) (320.1) (1,393.9) (889.6) partially offset by other costs, including corporate G&A.
Inventory 22.1 21.5 (28.3) 5.4
Royalties (14.5) (24.4) (32.1) (52.7) • The cash cost for NPI dropped to $9,406/t in 2025, from
$10,307/t in 2024, due to lower costs for ore, reductants,
Depreciation and Amortisation (26.9) (15.8) (82.2) (86.5) and electricity. For HGNM, the cash cost is $13,157/t, with
Gross Profit 34.7 74.2 114.1 166.5 over 90% of the costs related to low-grade nickel matte.
Mining cash costs are $5.7/wmt for saprolite and $5.9/wmt
Gross Profit Margin 7.5% 14.9% 6.2% 11.6% for limonite, with total costs (including hauling and royalties)
at $10.0/wmt for limonite and $23.8/wmt for saprolite.
G&A Expenses (13.4) (11.4) (34.3) (35.2)
• Net finance costs increased to $13.8 million in 2025 up from
Operating Profit 21.3 62.8 79.8 131.3 $1.3 million in 2024, in line with increase of debt balance
Operating Profit Margin 4.6% 12.6% 4.3% 9.1% from $555 million in 2024 into $916 million in 2025.
Finance Income (Expenses), net 0.4 (6.3) (1.3) (13.8)
Other Income (Expenses), net 4.2 (10.5) 11.6 (4.9)
Profit Before Tax 25.9 46.1 90.1 112.6
Tax Expense (6.4) (8.3) (10.6) (12.0)
Net Profit Before Minority Interest 19.4 37.7 79.5 100.5
Net Profit Margin 4.2% 7.6% 4.3% 7.0%
EBITDA 48.5 78.9 162.9 218.8
EBITDA Margin 10.4% 15.8% 8.8% 15.3%
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Consolidated Group Revenue
NPI HGNM Limonite Increase Decrease
$ million
-22%
1
1,834
181 (110)
1
(453) 1,345
722 75 256
268
1,724
1,270 1,235
931 821
2024 NPI HGNM Limonite 2025
• MBMA group consolidated revenue of $1,435 million representing 36% YoY decrease.
• The decrease of revenue is attributable to:
o Decrease by $ 453 million reflecting a full year of HGNM sales as MBMA temporarily shifted focus to higher-margin NPI operations. Since Oct-25,
HGNM production has re-commenced after it secured a contract with economically attractive terms.
o Decreased by $110 million reflecting lower in NPI sales volume in 2025 due to turnaround maintenance at two out of three RKEF plants.
• These declines were partially offset by higher limonite ore sales from SCM mining by $75 million.
1Excluding $11 million and $89 million revenue from others in 2024 and 2025, respectively.
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Consolidated Group EBITDA
Limonite Others Increase Decrease
$ million NPI HGNM
+34%
3 219
28
163 (4)
28 87
58 10
14 248
213 217
189
145
117
(26) (23)
2024 NPI HGNM Limonite Others 2025
• MBMA group generated higher 34%YoY increase in consolidated EBITDA to $219 million in 2025 compared to 2024, primarily driven by:
o An increase in third-party nickel ore sales attributable to higher sales volume.
o Better NPI segment profitability due to higher proportion of saprolite ore feedstock sourced internally from SCM mine, bringing RKEFs cash cost
down.
• These increase were partially offset with lower EBITDA in HGNM due to partial shut-down in 2025.
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Project Development
AIM Operation ESG HPAL SLNC HPAL
• Both trains of the roaster/acid plant have • PT ESG HPAL trains autoclave with • To facilitate ore supply, a new FPP is being built
been operating at a stable rate in 4Q 2025. nameplate capacity of 36ktpa have been at the SCM mine site, enabling ore transport to
starting to operate from 2025, with ~26k the SLNC plant via slurry pipeline.
• Some parts of chloride plant are going
tonnes of MHP Ni produced in 2025.
through further optimization process and • As of quarter-end, construction progress
have produced chlorinated iron pellet, • The new FPP at the SCM mine has reached 83% for the HPAL plant and 67% for
copper sponge, and gold mud. Final commenced its operation in Q4 2025. the FPP.
modifications are scheduled in 1Q 2026 to • The project is fully funded through a mix of
allow stable operations.
shareholder equity and bank financing.
• Commissioning is progressing with the CCP
ramping up its production.
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2026 Guidance
NPI production is expected to range from 70,000 to 80,000 tonnes, with an expected cash cost below $10,500/t and all-in-sustaining cost (“AISC”) below
$11,000/t. MBMA anticipates further cost efficiencies are expected as SCM saprolite supply ramps up to 100% ore self-sufficiency targeted in FY 2026, while
guidance prudently incorporates higher ore prices linked to LME-based HPM.
HGNM production of 44,000 to 48,000 tonnes with an expected cash cost and AISC below $13,500/tNi. Currently MBMA will continue to take advantage of
high profitability of producing HGNM.
Saprolite ore delivery is expected to be between 8.0 to 10.0 million wmt with limonite ore sales in the range of 20.0 and 25.0 million wmt. Saprolite and
limonite cash cost (excluding royalty) is anticipated to remain below $21/wmt and $11/wmt, respectively.
MHP production from PT ESG of 27,000 to 30,000 tonnes is targeted.
2026 guidance is subject to Rencana Kerja dan Anggaran Biaya (RKAB) approval.
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PT Merdeka Battery Materials Tbk
Treasury Tower 69th Floor
District 8 SCBD Lot. 28
Jl. Jenderal Sudirman Kav. 52 – 53 South Jakarta
12910, Indonesia
T +62.21.3952 5581
F +62.21.3952 5582
corp-finance@merdekabattery.com
www.merdekacoppergold.com
IDX: MBMA I www.merdekabattery.com
Names mentioned 4 people and organisations named in the text · linked when the evidence is strong
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PT ESG HPAL
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PT SLNC HPAL
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PT ESG
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