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PT Alamtri Resources
Indonesia Tbk
Public Expose
www.alamtri.com
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Disclaimer
These materials have been prepared by PT Alamtri Resources Indonesia Tbk (the “Company”) 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 . The Company 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 .
These materials contain statements that constitute forward - looking statements . These statements include descriptions
regarding the intent, belief or current expectations of the Company or its officers with respect to the consolidated results of
operations and financial condition of the Company . These statements can be recognized by the use of words such as “expects,”
“plan,” “will,” “estimates,” “projects,” “intends,” or words of similar meaning . Such forward - looking statements are not guarantees
of future performance and involve risks and uncertainties, and actual results may differ from those in the forward - looking
statements as a result of various factors and assumptions . The Company has no obligation and does not undertake to revise
forward - looking statements to reflect future events or circumstances .
These materials are for information purposes only and do not constitute or form part of an offer, solicitation or invitation of any
offer to buy or subscribe for any securities of the Company, in any jurisdiction, nor should it or any part of it form the basis of, or be
relied upon in any connection with, any contract, commitment or investment decision whatsoever . Any decision to purchase or
subscribe for any securities of the Company should be made after seeking appropriate professional advice .
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AlamTri : An Overview
PT Alamtri Resources Indonesia
Tbk (ADRO)
PT Alamtri Minerals Indonesia Tbk (ADMR)
Renewable Energy:
Metallurgical Coal: Mineral Processing: Power Generation:
• PT Maruwai Coal •
Mining Services: PT Alamtri
PT Sumber PT Kalimantan PT Alamtri Power
• PT Lahai Coal Barito Coal PT Saptaindra Sejati Renewables
• PT Juloi Coal • PT Kalteng Aluminium Industry Indonesia
Coal Indonesia
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Performance Summary
OPERATIONAL FY25 FY24 Change
Production (Mt) 7.41 6.63 12%
Sales (Mt) 6.28 5.62 12%
OB removal ( Mbcm ) 26.33 23.55 12%
FINANCIAL ($ millions, unless indicated) FY25 FY24 Change
Revenue 1,874 2,079 - 10%
Cost of Revenue (1,237) (1,205) 3%
Operating Income 518 711 - 27%
Profit Attributable to Owners of the Parent Entity 448 570 - 21%
Net Profit 490 637 - 23%
EBITDA 799 986 - 19%
Cash 1,044 1,406 - 26%
Interest - bearing D eb ts 785 548 43 %
Net Debt (Cash) (259) (858) - 70%
Capex 797 548 45%
EBITDA Margin 43% 47% - 4%
Net Profit Margin 26% 31% - 5%
Cash from Operations to Capex (x) 0.75 1.37 - 46%
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Highlights
AlamTri recorded a 12% increase in sales of metallurgical coal to 6.28 million tonnes (Mt) from PT
Maruwai Coal (MC) and PT Lahai Coal (LC) .
AlamTri generated revenue of $ 1,874 million in FY 25 , 10% lower y- o - y. Net profit for the period was
$ 490 million, with a net margin of 26 % . The 25 % decline in average selling price (ASP) offset the
improvement in operational performance .
Capex increased by 45 % to $ 797 million driven by investments in the aluminium smelter, infrastructure
projects, and heavy equipment . FY 26 capex is estimated to range between $ 400 million and $ 420
million, including equity investments in projects .
Production volume from MC and LC reached 7.41 Mt, with overburden removal volume of 26 .33 million
bank cubic meters (Mbcm ), both increased by 12% y- o - y. The blended strip ratio for the year was
3 .55 x .
PT Saptaindra Sejati increased coal transport volume by 3 % y- o - y to 66 .55 Mt, while overburden
removal reached 201 .01 Mbcm ,
PT Kalimantan Aluminium Industry has commenced partial testing and commissioning of its smelter
and will strategically ramp up pot operations to reach full production capacity in 2026 .
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Metallurgical Coal
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AlamTri’s Metallurgical Coal Highlights
Indonesia’s leading metallurgical coal producer with low - cost, efficient operation supported by an
integrated supply chain network
Five CCoW holders located in Central and East Kalimantan, Indonesia.
Strong reserves and resources enabling long - term growth. Coal reserves: 177.2 Mt. Coal
resources: 982.9 Mt.
Consistent volume growth with sales volume reaching 6.28 Mt in FY25 (+12% y - o - y).
Strong demand from blue - chip steel producers across Indonesia, Japan, India, China, South
Korea, and other Asian markets.
Offers coal supply diversification for customers in a market dominated by Australia, Canada
and the US.
Close proximity to key markets offers customers with more competitive cost and shorter
transportation time.
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Operational Excellence Driving Volume Growth
Growing Production with Low Strip Ratio Sustained Sales Volume Growth (Mt)
6.3
30.0 6.0 5.6
26.3 4.5
25.0 23.6 5.0 3.2
2.3
20.0 18.7 3.6 4.0
3.7 3.6 2021 2022 2023 2024 2025
15.0 3.0
2.5
2.2 Broad Market Demand (FY25)
10.0 8.3 2.0
7.4 Malaysia
6.6 0.4%
5.2 5.1
5.0 3.4 1.0 South
2.3 Korea 7%
China
0.0 0.0 15% Indonesia
31%
2021 2022 2023 2024 2025
Overburden Removal (Mbcm) Production Volume (Mt) Strip Ratio (x) (RHS)
India
19%
Japan
28%
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Solid Resources and Reserves Base
CCoWs Locations Coal Resources and Reserves
Total Coal Total Coal
Compliance
Company / Locality Reserves Resources
Standard
(Mt) (Mt)
LC - Haju
1.5 3.4 JORC
(Metallurgical)
LC – Bara
10.8 14.9 JORC
(Metallurgical)
MC - Lampunut
86.1 94.2 JORC
(Metallurgical )
JC - Juloi Northwest
- 629.9 JORC
(Metallurgical)
JC - Bumbun
55.5 174.5 JORC
(Metallurgical)
KC - Luon
17.7 50.9 JORC
(Metallurgical)
SBC - Dahlia Arwana
5.6 15.0 JORC
(Metallurgical)
TOTAL 177.2 982.9
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Supply Chain: from Coal Terminal to Vessel Loading Points
Barge-to-Barge Barge-to-Barge
▪ Barge-to-Barge transfers are
done at Taboneo and North
Kelanis using floating cranes.
Barge-to-Vessel
Barge-to-Vessel (Taboneo)
▪ Safe for loading for a wide range
of vessel sizes
▪ Supported by the floating office
at Permata Barito
Indonesia Bulk Terminal Indonesia Bulk Terminal
▪ Located at Pulau Laut,
Southeastern coast of South
Kalimantan.
▪ 11 Mtpa capacity
▪ Able of handling vessels up to
82k DWT
▪ Dedicated stockpiles of 640kt
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Investment in Facilities and Infrastructure
Strengthening core infrastructure to enable scalable expansion and allowing greater
operational flexibility
Hauling Road Upgrade Second Barge Loading Conveyor New Employee Camp at Lampunut
• First phase of hauling road upgrades, second barge loading conveyor, and new employee camp at MC was
completed in 2025 .
• Other infrastructure projects underway to support volume growth, such as second Coal Handling and Preparation
Plant (CHPP), second phase of hauling road upgrades, and various supporting facilities .
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Seaborne Metallurgical Coal Demand and Supply Outlook
Global Metallurgical Coal Import Demand Global Metallurgical Coal Supply
400 400
350 350
300 300
250 250
Million tonnes
Million tonnes
200 200
150 150
100 100
50 50
0 0
2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
China India Japan South Korea Taiwan Indonesia Europe Others Australia Canada United States Mongolia Russia Mozambique Indonesia Others
Source: McCloskey, January 2026
Structural Demand Growth Amid Disciplined Supply Supports a Balanced Seaborne Met Coal Market
• Demand : Growth Led by Emerging Asia
• China : Steel output gradually moderating amid property sector adjustments but remains the world’s largest steel producer and stable met coal importer .
• India : The primary growth engine, targeting 300 Mt crude steel capacity by 2030 . Limited domestic met coal resources and met coke import levy structurally increase
import reliance .
• Vietnam : Demand supported by ongoing blast furnace expansion and industrialization .
• Indonesia : Domestic met coal consumption is rising alongside new coke oven capacity and downstream industrial development, supporting deeper integration within the
regional steel value chain .
• Supply : Limited Structural Expansion
• Australia remains the dominant seaborne supplier, with modest growth constrained by reserve depletion, cost pressures, permitting limitations, and weather disruptions .
• Canada and the United States face cost and competitiveness pressures, while Russia continues to encounter sanctions - related and logistical bottlenecks .
• A limited greenfield pipeline supports a disciplined medium - to long - term supply outlook .
• With demand growth led by India and Southeast Asia and limited global supply expansion, the seaborne met coal market is expected to remain broadly balanced with periodic
tightness, supporting Indonesia’s strategic positioning as a growing domestic market and reliable supplier to high - growth Asian economy . 12
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Minerals Processing
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Flagship Smelter Investment Supporting Sustainable Growth
Smelter Aluminium : Jetty and supporting facilities:
In 4Q25, KAI marked a key milestone with the - Jetty and supporting facilities are fully operational
commencement of partial smelter testing and - The capacity of permanent dormitory area has expanded
commissioning to facilitate ongoing personnel relocation
KAI remains focused on the strategic ramp - up of pot operations to reach full production capacity of 500 Ktpa by end of 2026
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Global Primary Aluminium Supply and Demand Outlook
78
77
76
75
74
Thousands
73
72
71
70
69
68
2024 2025 2026f 2027f
Supply Demand
• In 2025 , global primary aluminium supply and demand stood at 74.3 million tons and 74.4 million . In the coming years, demand is
projected to grow faster than supply, resulting in a widening supply deficit .
• Indonesia will contribute most to the increase with total installed capacity in 2026 expected to reach 1.75 Mt (including AlamTri’s
smelter), a sevenfold increase compared to 2022 . With this growth, Indonesia is poised to become one of the leading primary
aluminium producers in Southeast Asia .
• China’s production capacity is capped at 45 Mt, but some Chinese players are exploring opportunities to develop aluminium
smelters abroad, particularly in Indonesia .
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Source: Resources and Energy Quarterly December 2025 (aluminium.org.au)
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Mining Services
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Indonesia’s Leading Mining Services Company
A key part of AlamTri Group’s supply chain.
Ensures operational excellence, enhances productivity, and
manages operational risks.
Stable profitability margin buffers against the fluctuation in
metallurgical coal price.
Provides services for mining companies under the Adaro
Group and AlamTri Group.
Units FY25 FY24 FY25 vs FY24
Overburden Removal Mbcm 201.01 201.53 0%
PT Saptaindra Sejati
Coal Transport Mt 66.55 64.76 3%
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Renewable Energy
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Powering Sustainable Operations with Captive Solar PV
o We have installed 130 kWp PV Rooftop , and
another 468 kWp PV Floating solar PV (one of the
largest operational floating PV in Indonesia)
o The project is expected to generate 156,000
kWh/year and serves a captive market to support
the mining operation of PT Adaro Indonesia .
o Environmental impact of this project includes
replacing 33 , 000 liters of diesel per year , and
avoiding emission of 98 ton CO 2/year .
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Power Generation
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One of Indonesia’s Largest IPPs with 2,260 MW Capacity
Makmur Sejahtera Wisesa
Size / Tech. 2 x 30 MW CFB technology
Shareholders 100% Alamtri Power (AP)
COD #1 Jun 2013, #2 Feb 2014
Availability Factor 91.51% (Avg. FY25)
Adaro Mining Current: 11.7 MW
Electrification Plan: additional 17.9 MW
Makmur Sejahtera Wisesa – Solar PV
Size 130 kWp + 467 kWp
Shareholder 100% Alamtri Power (AP)
COD Q3 2018 (for 130 kWp) & 467 kWp
COD 27 December 2021
Project cost USD 800,000 (approx.)
Electricity produced 1,014 MWh (FY25)
Bhimasena Power Indonesia – CFPP
Size / Tech. 2 x 1,000 MW Ultra Super Critical
Shareholders 34% AP, 34% JPower, 32% Itochu
Tanjung Power Indonesia – CFPP
Project cost USD 4.2 billion
Size / Tech. 2 x 100 MW CFB technology
Availability Factor 69.70% (Avg. FY25)
Shareholders 65% AP, 35% Korea EWP
Project cost USD 545 million
COD 2019
Availability Factor 83.60% (Avg. FY25)
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Sustainability
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Sustainability Programs and Recognition
Key programs in Corporate Social Responsibility
Solid MSCI ESG Rating
Education Economic Health
development
Environmental Socio-cultural
enhancement Enrichment
Green Initiatives
Solar PV Biodiesel
Biomass Co-
NZE
Firing
Statement
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Thank You
www.alamtri.com
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Names mentioned 19 people and organisations named in the text · linked when the evidence is strong
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PT Maruwai Coal
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PT Alamtri
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PT Kalimantan
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PT Alamtri Power
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PT Lahai Coal
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PT Saptaindra Sejati
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PT Juloi Coal
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PT Kalteng
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PT Saptaindra
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COD
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Electrification
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Electricity produced
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Size / Tech.
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