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PT Alamtri Minerals Indonesia Tbk
Public Expose
www.alamtriminerals.id
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Disclaimer
These materials have been prepared by PT Alamtri Minerals 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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PT Alamtri Minerals Indonesia Tbk at a Glance
Indonesia’s leading metallurgical coal producer, driven by operational excellence and advancing sustainable growth through
mineral processing
Large metallurgical Driving sustainable
coal resources Strong demand Consistent growth through
and reserves base profile & supply volume growth mineral processing
diversification
Coal reserves stood at Provides metallurgical Solid performance Supporting Indonesia’s
177.2 Mt, while total coal coal supply amid industry downstream program by
resources amounted to diversification and headwinds, delivering creating added value for
982.9 Mt strategic proximity to 12% higher sales alumina through PT
key customers across volume in FY25. Kalimantan Aluminium
Asia. Industry’s aluminium
Customers are primarily smelter.
from Asian countries
including Japan, India,
China, South Korea, and
Indonesia.
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Business Overview – Metallurgical Coal
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Large Metallurgical Coal Resources and Reserves Base
CCoWs Locations 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
▪ Up to 82kt DWT
▪ Dedicated stockpiles of 560kt
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Established Infrastructure to Ensure Operational Excellence
Lampunut Coal Handling and Processing Plant
Crushing Plant : 600 tph One of the largest CHPPs in
Indonesia in terms of capacity
Reduces ash from 12% ad to 4.5% ad
Washing Plant : 525 tph (max: 550 tph)
WASHING – 3 Process Circuit
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Our ongoing Investment in Facilities and Infrastructure
Solid execution on infrastructure projects
1st phase of hauling road upgrade Second Barge Loading Conveyor New Employee Camp at Lampunut
• 1st 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 remain the world’s largest steel producer and a stable importer of metallurgical coal, despite moderating steel output.
• India is expected to be the key growth driver, supported by its target to reach 300 Mt of crude steel capacity by 2030, as well as its limited domestic supply of metallurgical coal and
the newly implemented met coke import duty in 2026.
• Indonesia's consumption is rising alongside, supported by increasing demand from coke plants and downstream industrial development.
• Vietnam’s demand supported by ongoing blast furnace expansion and industrialization.
Supply: Limited Structural Expansion
• Australia remains the dominant seaborne supplier, with modest growth constrained by reserve depletion, cost pressures, permiting limitations, and weather disruptions.
• Canada and the United States face cost and competitiveness pressures, while Russian supply is expected to remain constrained due to logistical challenges and geopolitical
sanctions.
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Business Overview - Minerals Processing
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Progress of Aluminium Smelter – 4Q25
Aluminium Smelter: Jetty and supporting facilities:
In 4Q25, KAI reached a milestone with the start of partial - Jetty and supporting facilities are fully operational.
testing and commissioning of the smelter. - Permanent dormitory capacity has been expanded,
and development of supporting facilities underway to
facilitate the ongoing relocation of personnel.
KAI remains focused on the strategic ramp-up of pot operations to reach full production capacity by year-end.
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Global Primary Aluminum Supply and Demand Outlook
78
77
76
75
Thousands
74
73
72
71
70
69
68
2024 2025 2026f 2027f
Supply Demand
• In 2025, global primary aluminum 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 rise with total installed capacity in 2026 expected to be 1.75 million tons (including AlamTri’s smelter) –
increasing 7x compared to the capacity in 2022. With this growth, Indonesia is potentially becoming one of the major primary aluminum
producers in Southeast Asia.
• China’s production capacity is capped at 45 million tons; however, some Chinese players are evaluating opportunities to develop smelters
overseas, particularly in Indonesia.
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Source: Resources and Energy Quarterly December 2025 (aluminium.org.au)
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Operational & Financial Highlights
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Highlights
• ADMR’s metallurgical coal production volume in FY25 reached 7.41 million tonnes (Mt), with sales reaching
6.28 Mt, both grew by 12% compared to FY24.
• Overburden removal volume in the period increased by 12% to 26.33 million bank cubic meters (Mbcm),
resulting in a strip ratio of 3.55x stable from FY24.
• Capital expenditure in FY25 increased by 63% to $661.7 million, driven by the ongoing infrastructure projects
of PT Maruwai Coal (MC) and the construction of PT Kalimantan Aluminium Industry (KAI)’s aluminium smelter.
Capital expenditure for FY26 is expected to range between $220 million to $240 million, including our equity
contribution in KAI.
• In the last quarter of 2025, we completed the first phase of the hauling road upgrade and the construction of a
new dormitory at Lampunut. Looking ahead to 2026, we will continue to develop infrastructure projects to
support our growth plans.
• In 4Q25, PT Kalimantan Aluminium Industry 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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Strong Production & Sales
Growing Production with Low Strip Ratio Expanding Sales Volume (Mt)
+12%
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 4.0
3.7 3.6 3.6 2021 2022 2023 2024 2025
15.0 3.0
2.5
2.2
10.0 8.3
7.4
2.0 Broad Market Demand (FY25)
6.6
5.2 5.1 Malaysia
5.0 3.4 1.0 0.4%
2.3
South
Korea 7%
0.0 0.0
China
2021 2022 2023 2024 2025 15% Indonesia
31%
Overburden Removal (in Mbcm) Production (in million tonnes)
Strip Ratio (x) India
19%
Japan
28%
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Performance Summary
OPERATIONAL FY25 FY24 % Change
Production (Mt) 7.41 6.63 12%
OB removal (Mbcm) 26.33 23.55 12%
Sales (Mt) 6.28 5.62 12%
FINANCIAL (in $ million, unless indicated) FY25 FY24 % Change
Revenue 973 1,154 (16%)
Gross profit 395 578 (32%)
Operating Income 318 540 (41%)
EBITDA 367 579 (37%)
Net profit 264 435 (39%)
Profit attributable to owners of the parent entity 271 437 (38%)
Interest-bearing debt 713 296 141%
Net debt (cash) 344 (317) (209%)
Capital expenditure 662 406 63%
Cash 369 613 (40%)
Free cash flow (446) 156 (386%)
Earnings per share (full amount) 0.0066 0.0107 (38%)
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Key Metrics
FINANCIAL RATIO FY25 FY24 % Change
Gross profit margin 40.6% 50.1% (9%)
Net profit margin 27.2% 37.7% (11%)
Operating margin 32.7% 46.8% (14%)
EBITDA margin 37.7% 50.1% (12%)
Net debt (cash) to equity (x) 0.20 (0.21) (195%)
Cash from operations to capex (x) 0.27 1.29 (79%)
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Sustainability
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Sustainability Initiatives
Biodiversity
MC has established a dedicated arboretum area
in Lampunut as a preservation zone - an initiative
aimed at maintaining the ecological conditions of
the area as the buffer zone as well as the
sustainability of natural biological resources and
their ecosystems in the mining area.
ADMR promotes a zero-accident Safety performance in FY25
mindset through continuous Indicator MC & LC KAI
improvement of safety SOPs to
reinforce safe work behavior. LTIFR 0.00 0.05
Accordingly, health and safety SR 0.00 0.08
governance remain a core value in our
operations.
CSR
Our corporate social responsibility (CSR) vision focus on five main areas: economy,
education, health, socio-cultural, and environment. CSR activities present the
opportunities for the company to communicate, interact, and get closer to the
communities. 24
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Thank You
www.alamtriminerals.id
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Names mentioned 3 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT Maruwai Coal
p.14
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