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20260316_INCO_Laporan Informasi dan Fakta Material_32054280_lamp3.pdf
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Page 1
Solid 2025 results, reflecting resilience in navigating
dynamic market environment, reinforcing foundation
for sustainable long-term growth
Jakarta, March 16th, 2026 – PT Vale Indonesia Tbk (“PT Vale” or the “Company”, IDX ticker: INCO)
today announced the release of its audited financial results for the year ended 2025.
Nickel in Matte Production
4Q25 3Q25 4Q24 2025 2024
Nickel in matte production (t) 17,052 19,391 18,528 72,027 71,311
PT Vale delivered a solid operational performance in 2025, with full-year nickel in matte production
rising to 72,027 metric tons (“t”). This marks an encouraging increase from the 71,311 t achieved in
2024.
On a quarterly basis, 4Q25 production was 17,052 t, or about 12% lower than 19,391 t in 3Q25,
mainly due to the planned of Furnace 3 rebuild that began in November and is targeted to complete
by May 2026. Compared with 4Q24, when production was 18,528 t, output in 4Q25 was moderately
lower, yet overall full-year production remained higher year-on-year.
These results reflect the Company’s ongoing commitment to maintaining operational reliability and
managing production efficiently throughout the year.
In addition to our core nickel matte production, PT Vale continued to make steady progress in
broadening its commercial portfolio this year, including through the sale of nickel saprolite ore from
the Pomalaa and Bahodopi blocks. In 2025, saprolite ore sales reached 2,316,023 wet metric tons
(“wmt”), with the highest monthly volume recorded in October at 516,167 wmt. Overall, the Bahodopi
Block contributed the largest share of saprolite ore sales during the year.
Nickel Saprolite Ore Sales Volume
4Q25 3Q25 4Q24 2025 2024
Bahodopi Block (in wmt) 1,400,245 617,519 - 2,017,764 -
Pomalaa Block (in wmt) 19,514 131,254 - 298,259 -
Reflecting stable operational performance and continued improvements in output efficiency, PT Vale’s
nickel matte deliveries recorded a modest increase in 2025, reaching 73,093 t compared to 72,625 t
in 2024. This supported the Company in maintaining solid EBITDA of US$228.2 million for the year,
slightly higher than the previous year. On a quarterly basis, the Company booked EBITDA of US$61.9
million, down 17% from the prior quarter, mainly due to lower nickel matte production volumes.
[ 1 ]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T (62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 2
The average realized price of nickel matte in 2025 was US$12,157 per ton, a 7% decrease from
US$13,086 per ton in the previous year. Despite the softer price environment, the improvement in
nickel matte payability that took effect in July last year, combined with higher delivery volumes,
supported an increase in the Company’s total revenue to US$990.2 million—up 4% from US$950.4
million in 2024. On a quarterly basis, revenue reached US$284.8 million, a 2% rise from the prior
quarter, driven by a modest recovery in nickel prices. These underscore the strong commitment of
the Company together with its shareholders in navigating challenging market conditions and
confidence in the industry’s long-term view.
On the cost front, despite the undertaking of major maintenance on one of our furnaces, the Company
successfully maintained a competitive unit cash cost of sales at US$9,339 per ton in 2025, slightly
below the US$9,374 per ton recorded the previous year. This improvement demonstrates strong cost
discipline and achieves its lowest annual cash cost in four years from around US$11,201 per ton in
2022.
Meanwhile, the unit cash cost of sales for our nickel ore business remained stable in the range of
US$17–US$19 per ton, inclusive of royalty and logistics costs for blended saprolite ore. This figure
reflects ore sourced exclusively from the Bahodopi block, as sales from the Pomalaa block were still
limited to bulk sampling activities. Full mining operations in Pomalaa are expected to commence in
2026.
For the full year, PT Vale booked a net profit of US$76.1 million, a 32% increase compared to the
previous year. This performance reflects the Company’s consistent operational improvements,
stronger production levels, and disciplined approach to cost efficiency.
Below are a table detailing PT Vale’s consumption and average prices for High Sulphur Fuel Oil
(“HSFO”), diesel, and coal:
4Q25 3Q25 2025 2024
HSFO volume (barrels) 281,885 406,481 1,388,653 1,509,300
HSFO average price per barrel US$78.24 US$81.37 82.05 US$88.03
Diesel volume (kilolitres) 17,791 18,143 71,468 68,232
Diesel average price per litre US$0.84 US$0.79 US$0.82 US$0.80
Coal volume (t) 128,263 133,664 507,236 448,972
Coal average price per t (*) US$128.33 US$126.75 US$136.44 US$180.68
(*) Price in WMT (Wet Metric Ton) and CFR (Cost & Freight) basis
In 4Q25, consumption of HSFO, diesel, and coal decreased in line with lower production volumes, as
the Company began Furnace 3 rebuild, as a way to sustain future production capacity and ensure
operational safety. During the quarter, HSFO prices decreased by 4%, while diesel and coal prices
experienced modest increases of 6% and 1%, respectively.
Throughout the year, the Company allocated approximately US$485.9 million in capital expenditure,
representing a 46% increase from US$332.1 million in the previous year. The increase mainly reflects
spending on growth-related capital projects as well as sustaining capital requirements. As of
December 31, 2025, the Company’s cash balance stood at US$376.3 million, underscoring a solid
financial position to support the timely execution of its growth projects.
[ 2 ]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T.(62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 3
A Glance in 2025 and Outlook for 2026
The first half of 2025 brought PT Vale several operational challenges, with challenges affecting
production stability across our site. Even so, the period also delivered important milestones. In July,
the Company began nickel ore sales from Bahodopi, establishing a new revenue stream alongside
nickel matte production. At the same time, the Company made meaningful progress in negotiations
to enhance nickel matte payability and secured ore sales premiums.
These initiatives, driven by close collaboration across the organization have begun to show positive
outcomes, reflecting the Company’s resilience and its commitment to creating long-term value for all
stakeholders.
This year also presented one of our most demanding tests: the oil pipeline leak incident in August
2025. More than a technical or operational challenge, it was a moment that tested our integrity, our
credibility, and our responsibility to nature and to people. It was here that our principles of excellence
and resilience were truly put into practice.
Regardless of that, our dedication to responsible mining was further reinforced by the IRMA site audit
conducted in the fourth quarter, underscoring our willingness to embrace independent evaluation and
pursue continuous improvement. PT Vale also achieved solid ESG progress, reflected in an updated
Sustainalytics risk rating of 23.7 as of November 2025—positioning PT Vale as the top-rated mining
company in Indonesia and among leading peers globally.
In November, the Company began the rebuild of Furnace 3 — a complex undertaking that required
close technical coordination and a strong commitment to safety. Throughout the year, external
challenges, including continued pressure from softer nickel prices, also weighed on financial
performance. In navigating these conditions, PT Vale remained disciplined, managing costs prudently
while prioritizing safety and preserving operational excellence.
Looking ahead, the Company is sharpening its strategic focus through the development of mining
projects and downstream processing facilities in collaboration with joint venture partners. In Pomalaa
in particular, our mining project has now reached 60% progress, with several supporting facilities for
initial operations successfully completed. These developments are aligned with the advancement of
the HPAL project, which has achieved approximately 50% construction progress and celebrated a
key milestone with the arrival of four autoclaves and the installation of the first unit. The project
remains on track to reach first mechanical completion in 3Q26.
All of these strategic initiatives continue to be executed with prudent financial discipline, strong
governance, and an unwavering commitment to long-term sustainability.
Readers are encouraged to review the Company’s results. Operational achievements and audited
financial results are summarized on the following pages – all figures are in US$ except for nickel in
matte production and deliveries which are in metric tons.
[ 3 ]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T.(62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 4
For further information, please contact:
Rizky Putra, Director & Chief Financial Officer
📧 ptvi.investorrelation@vale.com
Andaru Adi, Head of Corporate Finance, Treasury and
Investor Relations
📧 andaru.adi@vale.com
🌐 visit our website at: www.vale.com/indonesia
📞 call us at: (+62 21) 524 9000
[ 4 ]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T.(62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 5
PT Vale Indonesia Tbk
Production and Financial Highlights
4Q25 3Q25 2025 2024
Nickel in matte production1 17,052 19,391 72,027 71,311
Nickel matte deliveries1 18,418 19,557 73,093 72,625
Average realized price2 12,308 12,272 12,157 13,086
EBITDA3 61.9 74.6 228.2 225.9
Revenue3 284.8 278.7 990.2 950.4
Profit3 23.6 27.2 76.1 57.8
Earnings per share4 0.0022 0.0026 0.0072 0.0056
1
metric ton (t)
2
US$ per t
3
US$ million
4
US$
[ 5 ]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T.(62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 6
PT Vale Indonesia Tbk
Statements of Profit or Loss and Other Comprehensive Income
(In thousands of US$ except basic earnings per share)
4Q25 3Q25 2025 2024
Revenue 284,806 278,650 990,195 950,388
Cost of revenue (247,439) (235,324) (879,343) (842,160)
Gross profit 37,367 43,326 110,852 108,228
Operating expenses (27,577) (9,067) (52,182) (38,254)
Other income 3,609 111 3,922 3,719
Other expenses (7,356) 445 (12,709) (9,873)
Net Profit Sharing (2,623) (3,023) (8,451) -
Operating profit 3,420 31,792 41,432 63,820
Gain on recognition of fair value of
investment in shares 6,680 - 6,680 1,346
Share in net profit from associate 896 (407) 607 57
Gain from loss of control of subsidiary (1,798) - 634 -
Gain/(loss) on recognition of fair value of
derivative asset - - 16,570 (19,940)
Finance income 15,754 6,297 37,258 36,198
Finance costs (2,597) (1,968) (8,649) (7,421)
Profit before income tax 22,355 35,714 94,532 74,060
Income tax expense 1,261 (8,515) (18,469) (16,299)
Profit for the period 23,616 27,199 76,063 57,761
Other comprehensive income
Items that will not be reclassified to profit or loss:
− Changes resulting from actuarial
remeasurement of post-employment benefit
liabilities 57 - 57 (1,191)
− Related income tax (12) - (12) 262
Items that will be reclassified to profit or loss:
- Currency differences from translation of
associate entity’s financial statements (487) (1,050) (215) -
Total other comprehensive loss (442) (1,050) (170) (929)
Total comprehensive income for the period 23,174 26,149 75,893 56,832
Earnings per share
- Basic and diluted (in full amount of US Dollars) 0.0022 0.0026 0.0072 0.0056
[ 6 ]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T (62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 7
PT Vale Indonesia Tbk
Statements of Financial Position
(In thousands of US$)
December 31, September 30, December 31,
2025 2025 2024
Assets (Audited) (Unaudited) (Audited)
Cash and cash equivalents 376,359 496,337 674,690
Trade receivables - Related parties 73,184 79,867 84,402
- Third parties 563 - -
Inventories 192,070 171,824 148,550
Prepaid taxes – Other taxes 97,333 82,267 82,756
Prepayments and advances 4,159 8,294 8,195
Other current financial assets 5,829 5,591 6,181
Total current assets 749,497 844,180 1,004,774
Restricted cash 96,987 86,650 86,650
Prepaid taxes - Corporate income tax 59,346 59,346 63,752
- Other taxes 17,795 10,513 24,169
Investment in associate 58,249 59,778 -
Investment in shares 19,950 12,882 13,270
Derivative assets 21,320 21,320 4,750
Fixed assets 2,313,449 2,146,948 1,975,092
Non-current prepayments and advances 2,251 - -
Deferred tax assets 3,040 - -
Other non-current financial assets 3,963 3,252 4,071
Total non-current assets 2,596,350 2,400,689 2,171,754
Total assets 3,345,847 3,244,869 3,176,528
Liabilities and Equity
Trade payables - Related parties 400 71 239
- Third parties 203,409 195,137 170,486
Accruals 115,397 81,694 56,061
Short-term employee benefit liabilities 21,966 17,320 19,402
Taxes payable – Corporate Income Tax 5,439 5,192 -
– Other taxes 1,859 2,238 4,287
Lease liabilities 3,451 4,610 5,767
Provision for asset retirement 9,465 1,861 5,497
Other current financial liabilities 1,004 1,222 1,732
Total current liabilities 362,390 309,345 263,471
Long-term post-employment benefit
liabilities 49,042 44,367 43,613
Deferred tax liabilities - 6,101 5,660
Lease liabilities 31 154 2,260
Provision for asset retirement 153,426 125,500 122,528
Other non-current financial liabilities 5,882 5,717 6,220
Total non-current liabilities 208,381 181,839 180,281
Total liabilities 570,771 491,184 443,752
Equity 2,775,076 2,753,685 2,732,776
Total liabilities and equity 3,345,847 3,244,869 3,176,528
[ 7 ]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T.(62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 8
PT Vale Indonesia Tbk
Statements of Cash Flows
(In thousands of US$)
4Q25 3Q25 2025 2024
Cash flows from operating activities
Receipts from customers 290,223 292,938 1,000,850 967,799
Payments to suppliers (193,004) (144,853) (575,004) (575,538)
Payments of corporate income tax (7,212) (4,044) (19,756) (91,430)
Payments of other taxes (12,470) (23,336) (81,215) (72,236)
Receipt of corporate income tax refund 4,715 - 4,715 23,290
Receipts of refunds of other taxes 2,268 20,105 66,263 57,297
Payments to employees (9,104) (28,006) (100,312) (102,762)
Withdrawal of financial guarantee - - - 28,080
Placement of financial guarantee - - - (10,873)
Receipts of finance income 5,417 6,297 26,921 36,198
Payments of royalties and levies (34,632) (23,746) (87,737) (52,339)
Net cash flows provided by operating
46,201 95,355 234,725 207,486
activities
Cash flows from investing activities
Payments for acquisition of fixed assets (154,449) (106,704) (485,888) (332,121)
Proceeds from disposal of fixed assets 1,226 14 1,263 349
Payment for additional investment in associate (9,838) - (9,838) -
Net cash flow decrease from loss of
control of a subsidiary 77 - (803) -
Net cash flows used in investing activities (162,984) (106,690) (495,266) (331,772)
Cash flows from financing activities
Payments of dividends (2,286) - (34,607) -
Payments of lease liabilities (4,517) (89) (6,832) (8,526)
Payments of finance costs (66) (64) (279) (599)
Issuance of new share - - - 112,346
Transaction costs for issuance of new shares - - - (939)
Net cash flows (used in)/provided by
financing activities (6,869) (153) (41,718) 102,282
(123,652) (11,488) (302,259) (22,004)
Net decrease in cash and cash equivalents
Cash and cash equivalents at the 496,337 506,711 674,690 698,795
beginning of the period
Effect of exchange rate changes on cash 3,657 1,114 3,928 (2,101)
and cash equivalents
Cash and cash equivalents at the end of the 376,359 496,337 376,359 674,690
period
[ 8 ]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T.(62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
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