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PT Darma Henwa Tbk 2025 Public Expose Presentation www.ptdh.co.id
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2025 Highlights
Recent Development
3 & Fleet Expantion
Industry Overview Operational Performances &
2 & Corporate Strategy GMR Progress Update 4
Financial Performances
1 Darma Henwa at a Glance & Loan Facility 5
6 Awards, Certification &
CSR
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Darma Henwa at a Glance
PT Darma Henwa Tbk is a general mining contractor OB Removal
service public company, founded in 1991. We provide 9M25
integrated mining services including:
• coal and mineral mining services
101.19
• mining infrastructure & other supporting activities
• port management services
Total Asset The company was listed on the Indonesia Stock Exchange Million Bcm
1H25 on September 26, 2007, with the stock code DEWA`
Coal Mining
9M25
Total
10.04 Employee
12.47
1H25
3.300
IDR Trillion
Million Ton
Client Portfolio
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Our Transformation Progress
Resetting the Foundation, Scaling the Future
2023 - 2025 2026 - …
… - 2023
Rewritting the Reshaping the
The past
Future Future
• A traditional mining services contractor • A strategic turnaround and rebuilding • Transitioning toward scalable and
• Limited fleet ownership fundamental sustainable growth
• high reliance on subcontractors • Strengthened financial structure and • Building an integrated, technology-
• Operational fragmentation & margin liquidity enabled mining services group
volatility • Expanded in-house fleet capacity and • Focus on productivity uplift, ESG
• Balance sheet pressure constrained operational control integration, and capital efficiency
scalability and growth • Improved cost efficiency, execution • Targeting structural margin
discipline, and governance improvement and long-term value
• Restored performance stability and creation
stakeholder confidence
© PT DH, Tbk 4
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Industry Overview &
Corporate Strategy
© PT DH, Tbk 5
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Industry Overviews
Macroeconomic easing and normalized coal prices support a more stable operating environment
Interest Rates & Inflation (%) Coal Historical Data (USD) Coal Demand Updates:
FED rate BI Rate US Inflation ID Inflation Newcastle HBA • Coal demand remains supported by India
450
10,0% and China power generation, despite
400
9,0% global energy transition
8,0% 350
• Price normalization reflects supply
7,0%
300 discipline, not demand collapse
6,0%
250
5,0%
4,0% 200
3,0%
150 Key Takeaways for Mining Service:
2,0%
1,0%
100 • Favourable rate environment supports
0,0% 50
capital efficiency
Jan 24
May 20
May 21
Sep 21
May 22
May 23
May 24
May 25
Jan 21
Jan 20
Sep 20
Jan 22
Sep 22
Jan 23
Sep 23
Jan 25
Sep 24
0 • Coal price stability supports long-term
2019 2020 2021 2022 2023 2024 2025 contract execution
• Monetary easing in Indonesia reduces • Following the 2021–2022 Supercycle, • Industry rewards scale, fleet ownership,
funding pressure and supports capital- coal prices have normalized, creating a and cost discipline
intensive operations. more predictable planning environment
for mining contractors
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DH’s Strategic Pillars to Re-shape our Future
The blueprints to shape our future by design
Cultural &
Transformation Technology & Long-Term
Organizational
2.0 Innovation Perspectives
Shift
• Expanding clients • Shift to • Technology as a • Setting new
base & Scaling independence and force multiplier purpose that
beyond mining accountability changes how the
service • Data-driven Company impacts
• Build a high- decision making its stakeholder
• Transition from performance across operations • Preparing for future
diesel to electric organization with challenges &
heavy equipment strong execution • Deployment of IoT,
opportunity
AI, Automation and
• Building long-term • Leadership and analytics to • Bold & Proactive
cost efficiency and winning mindset at enhance leadership shaping
productivity. every level productivity a better trajectory.
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Recent Development © PT DH, Tbk 8
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1st EGMS : 13th February 2025: IDR 1.4 Trillion Debt to Equity Conversion (NPR) EGMS held on February 2025 gave approval for DH to converts IDR 1.4 trillion debt to 18.83 billion shares at IDR 75.-/share from: • Madhani Talatah Nusantara “MTN” – IDR 757 Billion • Andhesti Tungkas Pratama “ATP” – IDR 359 Billion • Antareja Mahada Makmur “AMM” – IDR 297 Billion Thus improving • Debt-to-equity ratio from 1,32x to 0,62x. • Current Ratio from 0,70x to 1,11x
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2nd EGMS : 30th April 2025
Change of PMA to PMDN & Asset Pledge as Guarantees
DEWA convened 2nd EGMS and receive shareholders These agendas are carried out in compliance with the
approval for the following agenda: provisions of Article 102 of Law Number 40 of 2007
concerning Limited Liability Companies (UUPT) and
1. Approval of the change in the Company's status
Article 12 Paragraph (5) as well as Article 15
from a Foreign Investment Company (PMA) to a
Paragraph (2) of the Company's Articles of
Domestic Investment Company (PMDN);
Association.
2. Approval for the pledge of the Company's assets
and/or wealth amounting to more than 50% of the
Company's net assets in connection with loan
facilities for the Company.
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AGMS & 3rd EGMS : 30th June 2025
Amendment of AoA to align with KBLI & OJK’s Regulatory updates
DEWA convened AGMS to request shareholders approval DEWA convened 3rd EGMS to request shareholders
for the following agenda: approval for the following agenda:
1. Annual Report 2024 Approval 1. amendments to the Articles of Association, aligning with
the Indonesian Standard Industrial Classification (KBLI)
2. Ratification of Annual Audited Financial Report.
and recent updates to Financial Services Authority
3. Authorize Board of Commissioners to set 2025 Boards (OJK) regulations.
remunerations.
AGMS & 3rd EGMS was held on:
4. Appointment of Public Accountant Firm.
Day/Date : Monday, 30th June 2025
5. Approval for Board structure’s Changes/re-appointment Time : 02:00 P.M. – 04:30 P.M.
Place : Financial Hall Jakarta
Graha CIMB Niaga 2nd Floor
Jl. Jend. Sudirman Kav. 58
South Jakarta
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4th EGMS – September 30th 2025
Strengthening Board Members
Joseph Lembayung – Director
IT leader with 24+ years in digital transformation, IT, and corporate
strategy across telco, mining, ICT, and media; former Chief IT at
PAMA; MBA, NUS Singapore.
Wisnu Wahyudin Pettalolo – Commissioner
Executive with 16+ years in business development, mining, logistics,
transport, smelters, and trading; currently President Director of Gayo
Mineral Resources (gold asset).
Sorimuda Pulungan – Commissioner
Mining professional with 30+ years’ experience in mining and services;
former President Director of BUMA; holds a Doctorate in Economics. 4th EGMS was Held on:
Agus Suharyono – Independent Commissioner Day/Date : Tuesday / 30th September 2025
Time : 02:00 P.M. – 03:00 P.M.
Former senior SOE official with 32+ years at Indonesia’s Ministry of
SOEs and 12+ years as Director/Commissioner in major SOEs; Master’s Place : Financial Hall Jakarta
in Agricultural Economics, University of Maine. Graha CIMB Niaga 2nd Floor
Jl. Jend. Sudirman Kav. 58
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5th EGMS – September 30th 2025
Strengthening Board Members & Governance
5th EGMS
The Company will convene its 5th Extraordinary General
Day/Date : Wednesday / 24th December 2025 Meeting of Shareholders (EGMS) on Wednesday, 24
December 2025, at the Financial Hall Jakarta, Graha
Time : 02:00 P.M. – 03:00 P.M. CIMB Niaga.
Place : Financial Hall Jakarta The meeting will address key corporate governance
Graha CIMB Niaga 2nd Floor matters, including the appointment of a new Public
Accountant and the changes and/or re-appointment of
Jl. Jend. Sudirman Kav. 58
members of the Board.
These agendas are part of the Company’s ongoing
Key Agendas: commitment to maintaining strong governance
• Appointment of a New Public Accountant practices, ensuring regulatory compliance, and
supporting the continuity of effective leadership in line
• Changes and/or Re-appointment of Board Members
with Darma Henwa’s long-term strategic direction.
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Share Buyback
Enhancing Shareholder Returns and Investor Confidence
• Buyback Period : 19 November 2025 – 19 February 2026
• Estimated Buyback Budget : Up to IDR 950 billion
• Realization as of 19 December 2025 : IDR 160 billion (372 Mn. Shares)
Description Before Buyback After Buyback
Total Asset (IDR) 10.043.486.585.000 950.000.000.000 9.093.486.585.000
Total Equity (IDR) 4.887.622.383.000 950.000.000.000 3.937.622.383.000
Rofit For The
168.007.800.000 168.007.800.000
Current Period (IDR)
Basic Earning Per
4,13 - 4,59
Shares (IDR)
© PT DH, Tbk 14
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Fleet Expansion © PT DH, Tbk 15
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1st Batch Fleet Expansion Update The company has installed the following new equipment from late 2024 and early 2025: • 8 (eight) 200T-Class Excavator • 1 (one) 120T-Class Excavator • 75 (seventy-five) 100T-Class Trucks • 12 (twelve) Dozers • 7 (seven) Motor Graders • 48 (forty-eight) Other supporting Eq. Which adds up to 30 - 35 Mbcm per annum of DH own fleet operating capacity
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2nd Batch Fleet Expansion Update: XCMG Fleet
Full operations achieved by End of September
2nd Batch Fleet Expansion units:
• 4 units 200T-Class Excavator (XE2000)
• 2 units 120T-Class Excavator (XE1250)
• 35 units 130T-Class Dump Trucks (XDE130)
The 2nd batch of fleet expansion boost internal earth
moving capacity per annum by up to 25-30 Mbcm.
Key Updates :
All Heavy Equipment are fully operational by end of
September 2025, advancing from the initial October
2025 schedule.
© PT DH, Tbk 17
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2025 Fleet Expansion Update
Internal fleet ramp-up are on track
Bengalon Project OB Production Projection by Fleet Effective Working Hour Projection by Fleet (hr)
20
(mbcm) 18,58 12.000
9.898
9.118 9.322
14,47 14,23 4,32 10.000
15 7.661
12,04 0,70 8.000 6.403 6.726
6.057
5.550
10 6.000
7,97 7,34 7,48
6,44 4.000 3.579
5
2.000 1.114
5,60 6,50 6,19 6,78 0 0
0 0
Q1 A Q2 A Q3 A Q4 F Q1 A Q2 A Q3 A Q4 F
Old DH Fleet BCA Fleet XCMG Fleet Old DH Fleet BCA Fleet XCMG Fleet
Key Updates:
• BCA Fleet (Batch 1) delivered 6.4 mbcm in Q1 &
7.97 mbcm in Q2 & 7.34 mbcm of OB production.
• XCMG Fleet (Batch 2) delivered 0.7 mbcm in Q3
and projected to deliver up to 4.32 mbcm in Q4 of
OB production.
• Adverse weather delays in Q3 (+44% budget)
temporarily affected full operational deployment
• All fleets expected to operate at full capacity by
Q4 , breaking internal record of quarterly own-fleet
production levels.
© PT DH, Tbk 18
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GMR Progress Update © PT DH, Tbk 19
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GMR - Gold & Copper Asset Progress Report Gayo Mineral Resources (GMR) Strategic Perspective Latest Update on Gayo Mineral Resources • GMR received a letter from the Ministry of Energy and Mineral Resources (ESDM) No. T-462/MB.04/MEM.B/2025 dated 14 October 2025 regarding the Approval of Changes in Share Ownership of PT Gayo Mineral Resources. • PT Gayo Mineral Resources (GMR) subsequently received a Notification Letter from the Ministry of Law, Ref. No. AHU- AH.01.09-0359755, confirming the acceptance of the notification on changes to the corporate data of PT Cayo Mineral Resources dated 27 November 2025. © PT DH, Tbk 20
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GMR Current Exploration Activity
End-to-End Exploration Efforts to Unlock Gold & Copper Potential
Exploration Core-shed Geotechnical
Drilling Activity Measurement
Hydrology Rehabilitation Laboratory:
Test Planting Crusher & Oven
© PT DH, Tbk 21
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Operational Performances © PT DH, Tbk 22
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Good Mining Practice Implementation
Unlocking Productivity Through Engineering-Based Pit Optimization
Darma Henwa is committed to implementing Good Mining Practices across all project sites
Key activities include optimizing pit staging, improving mining sequences, strategically designed waste dumps
and haul roads, efficient sump management, and road surface layering. The implementation of these practices
has increased hauling speed, reduced cycle time, and enhanced overall productivity and fleet utilization.
Before Implementation After Implementation
Strategically Standardized Optimized
designed access Loading Area Pit Staging
Efficient sump
management
Smooth & Straight
Haul Road
© PT DH, Tbk 23
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9M25 Consolidated Operational Performances
Solid volume growth across key operational metrics
Waste Removal (mbcm) Coal Mining (mt) Material Moved (mbcm)
120,00 14,00 120,00
12,00 108,57 110,78
100,00 12,33 12,47 100,00
99,09 101,19
10,00
80,00 80,00
8,00
60,00 60,00
6,00
40,00 40,00
4,00
20,00 20,00
2,00
- - -
9M-2024 9M-2025 9M-2024 9M-2025 9M-2024 9M-2025
• Waste removal in 9M 2025 reached 101.19 • Coal mining in 9M 2025 reached 12.47 mt, • Material moved in 9M 2025 reached 110.78
mbcm, reflecting a 2.12% increase compared to reflecting a 1.14% increase compared to 9M mbcm, reflecting a 2.04% increase compared
9M 2024 2024 to 9M 2024
© PT DH, Tbk 24
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9M25 DH Fleet Operational Performances
Solid volume growth across key operational metrics
DH Waste Removal (mbcm) DH Coal Mining (mt) DH Material Moved (mbcm)
80,00 10,00 80,00
9,00
70,00
9,10 70,00 74,36
67,36 8,00 41.74%
59.64%
60,00 60,00
61.73% 7,00
50,00 50,00
6,00 6,42
46,58
40,00 5,00 40,00
41,65
4,00
30,00 30,00
3,00
20,00 20,00
2,00
10,00 10,00
1,00
- - -
9M-2024 9M-2025 9M-2024 9M-2025 9M-2024 9M-2025
• DH Waste removal in 9M 2025 reached 67.36 • DH Coal mining in 9M 2025 reached 9.10 mt, • DH Material moved in 9M 2025 reached 74.36
mbcm, reflecting a 61.73% increase compared reflecting a 41.74% increase compared to 9M mbcm, reflecting a 59.64% increase compared
to 9M 2024 2024 to 9M 2024
© PT DH, Tbk 25
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9M25 Operational Performances by Fleet
Strategic shift toward internal capacity
9M25 Material Moved (mbcm)
DH Subcont
120,00 110.78
108.57
• DH Fleet material moved in 9M 2025 reached 74.36 mbcm,
61,99 36,42
100,00 reflecting a substantial 59.64% increase compared to 9M 2024
• Subcontracted fleet material moved in 9M 2025 reached 36.42
80,00
mbcm, reflecting a 41.25% decrease compared to 9M 2024
74,36
60,00
• Total material moved in 9M 2025 reached 110.78 mbcm,
reflecting a 2.04% increase compared to 9M 2024
46,58
40,00 • Significant DH Fleet internal capacity development
20,00
-
9M-2024 9M-2025
© PT DH, Tbk 26
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Financial Performances © PT DH, Tbk 27
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1H25 Income Statement
Boosted Profitability Through Revenue Growth, Cost Efficiency and In-House Operations
Revenue (IDR billion) Gross Profit (IDR billion) Gross Profit Margin
(%)
3.500 600
18
3.000 3.108,83 500 16
2.920,65
476,43 15,33
2.500 14
400
119.15% 12 7,89%
2.000
300 10
1.500 8
200 217,40 7,44
6
1.000
4
100
500
2
0 0 0
1H-2024 1H-2025 1H-2024 1H-2025 1H-2024 1H-2025
• Revenue in 1H 2025 amounted to IDR 3,108.83 • Cost of Revenue in 1H 2025 drecrase 2.62% • Gross Profit Margin in 1H 2025 reached 15,33%,
compared to 1H 2024
billion, representing a 6.44% increase increase compared to 7.44% in 1H 2024.
• Gross Profit in 1H 2025 amounted to IDR
compared to 1H 2024 476.43 billion, representing a 119.15% increase
compared to 1H 2024
© PT DH, Tbk 28
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1H25 Income Statement
Record-Breaking Profitability Driven by Operational Leverage
Net Income (IDR billion) EBITDA (IDR billion)
180 900
160 168,01 800
821,21
140 700
100.09%
120 600
100 500
80 1,075.72% 400
410,41
60 300
40 200
20 100
14,29
0 0
1H-2024 1H-2025 1H-2024 1H-2025
• Net Income in 1H 2025 amounted to IDR 168.01 • EBITDA in 1H 2025 amounted to IDR 821.21
billion, representing a 10x increase compared billion, representing a 100.09% increase
to 1H 2024 compared to 1H 2024
© PT DH, Tbk 29
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Balance Sheet
Stronger Balance Sheet with Improved Liquidity, Asset Base, and Equity Position
10.043,49 5.155,86 +82% +24%
8.806,36 5.495,55
1H25: IDR 632 B 1H25: IDR 4,243 B
Cash & Cash Eq. Fixed Asset
4.887,62
3.310,81
+48%
Asset - &
Liability Asset - &
Liability
Equity Equity 1H25: IDR 4,888 B
31 December 2024 30 June 2025
Equity
© PT DH, Tbk 30
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Capex 2025
Capex Increased, Focused on Heavy Equipment Investment
Capex 1H 2025 Vs. 2024
1
1,14
1
1
Capex YtD 1H-2025 was higher than
2024 figure, with the majority
1
allocated to the purchase of new
heavy equipment
0
0
0,10
0
1H-2024 1H-2025
© PT DH, Tbk 31
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Loan Facility © PT DH, Tbk 32
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Securing Loan Facility From BCA
Strengthened Capital Structure to Support Growth and Execution
&
On December 19th, 2025 On July 29th, 2025
Credit Investment and Working Capital Facility details: • Working Capital Facility details:
• Lenders : Bank BCA • Lenders : Bank BCA & OK Bank + (Potential: Amar
bank & ICBC)
• Amount : IDR 1 trillion (One Trillion Rupiah) –
Credit Investment & Working Capital • Amount : IDR 350 billion (Three Hundred Fifty
Billion Rupiah) + Accordion Option up to IDR 500
• Tenor : 2 years working capital & 5 (five) years billion
credit investment
• Tenor : 2 (two) years
• Interest : 90 days compounded rate + margin
(effective 7% per annum) • Interest : 90 days indoNIA + 2.817% margin
(effective 8.3% per annum)
• Objective : Support ongoing project execution and
operational scalability
© PT DH, Tbk 33
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Awards, Certification & CSR © PT DH, Tbk 34
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Awards & Certifications
ISO 9001:2015 Certification
Quality Management System
Certified for meeting international standards in quality management, ensuring consistent
service delivery and continuous improvement across all operational processes
01
ISO 14001:2015 Certification
Environmental Management System
Recognized for our commitment to sustainable environmental practices, including
waste reduction, compliance with environmental regulations, and proactive
02
resource management
ISO 45001:2015 Certification
Occupational Health and Safety Management System
Certified for implementing robust systems to ensure workplace
safety, risk prevention, and health protection for all employees
03
across our sites
Penghargaan Utama Good Mining Practice
Award for Excellence in Mining Practices
Granted by the Ministry of Energy and Mineral Resources for exemplary
compliance with mining governance, operational transparency, and
04
sustainability standards.
Penghargaan Kecelakaan Nihil Tahun 2024 untuk
Proyek Bengalon & Proyek Asam-asam
Zero-Accident Award 2024
05
Awarded for achieving zero workplace accidents in 2024 at both Bengalon and Asam-asam
projects, demonstrating outstanding safety culture and effective risk control.
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Corporate Social Responsibility • DARMA CERDAS • DARMA MANDIRI • DARMA SOSIAL In commemoration of the 2025 National PT Darma Henwa Tbk carried out CSR activities PT Darma Henwa Tbk provided social assistance for Occupational Safety and Health Month (BK3N), PT including a melon harvest with the Setuju farmer flood victims in Kurau–Bati Batu and received the Darma Henwa Tbk conducted a series of activities, group and the distribution of seven goats in Bukit Zero Accident Award (Gold) for its zero-accident including a school visit to SMA Negeri 2 Jorong Mulia Village. achievement and HIV/AIDS prevention efforts in through the Rescue Goes to School program, as South Kalimantan. well as DH Teaching psychoeducation and PMI training at SMAN 2 Kintap, South Kalimantan.
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Thank you End-Of-Presentation
Names mentioned 17 people and organisations named in the text · linked when the evidence is strong
unresolved
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Indonesia Stock Exchange
p.3
unresolved
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PT DH
p.4 ×23
unresolved
org
Financial Services Authority
p.11
unresolved
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Ministry of SOEs
p.12
unresolved
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Ministry of Energy and Mineral Resources
p.20 ×2
unresolved
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PT Gayo Mineral Resources.
p.20 ×2
unresolved
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Ministry of Law
p.20
unresolved
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PT Cayo Mineral Resources
p.20
unresolved
org
Bank BCA
p.33 ×2
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