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20251029_INCO_Laporan Informasi dan Fakta Material_31980520_lamp1.pdf
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PT Vale Delivers Strong 3Q25 Performance Driven by Higher Production
and Successful Start of Bahodopi Operations
Jakarta, October 29, 2025 — PT Vale Indonesia Tbk (“PT Vale” or “the Company”; IDX:
INCO), one of Indonesia’s leading nickel producers, today announced its operational and
financial performance for the third quarter of 2025 (“3Q25”) and the nine-month period
ended September 30, 2025 (“9M25”).
Operational Highlights
PT Vale achieved solid progress across its operations during the quarter, supported by
stronger production performance and the successful commencement of operations at its
Bahodopi site. Nickel in matte production reached 19,391 metric tons, a 4% increase from
the previous quarter. For the first nine months of 2025, total production stood at 54,975
metric tons, up 4% year-on-year. The improved results reflect the Company’s proactive
maintenance planning earlier in the year, which enabled smoother and more efficient
production in the second half.
In addition to its core nickel matte operations, PT Vale also strengthened its commercial
portfolio with the first sales of nickel saprolite ore from the Bahodopi and Pomalaa Blocks.
Originally planned for the fourth quarter, the Bahodopi mine commenced shipments ahead
of schedule in July 2025.
For the nine-month period, total nickel saprolite ore sales reached 896,263 wet metric
tons, underscoring PT Vale’s operational agility and responsiveness to market
opportunities.
“We are pleased with the consistent progress achieved this quarter,” said Bernardus
Irmanto, President Director and Chief Executive Officer of PT Vale. “Our performance
reflects the dedication of our teams and the resilience of our operations as we continue to
adapt and deliver value in a dynamic market environment. We remain focused on
operational excellence, safety, and contributing sustainably to Indonesia’s growth story.”
Financial Performance
PT Vale reported revenue of US$278.6 million in 3Q25, a 27% increase from the previous
quarter, primarily driven by higher sales volumes from both nickel matte and saprolite ore.
The average realized nickel matte price remained stable at US$12,272 per ton, reflecting
steady market conditions despite broader price normalization compared to last year.
For the nine-month period, revenue totaled US$705.4 million, broadly in line with
US$708.6 million recorded in the same period of 2024. The Company also recorded
significant improvements in profitability, with EBITDA rising to US$74.6 million in 3Q25
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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from US$40.0 million in 2Q25, and net profit increasing to US$27.2 million from US$3.5 million in the previous quarter. “Our financial results this quarter demonstrate improved profitability driven by higher production, enhanced nickel payability, and disciplined cost control,” said Rizky Putra, Director and Chief Financial Officer of PT Vale. “We also began to see the contribution from Bahodopi saprolite ore sales, which reinforces the strength of our diversified portfolio.” Operational Efficiency and Cost Management During the quarter, PT Vale recorded a moderate increase in energy consumption consistent with higher production activity. At the same time, lower fuel prices and continued procurement optimization supported further cost efficiencies. The Company’s unit cash cost of nickel matte sales declined to US$9,304 per ton, down from US$9,384 per ton in the previous quarter. These efficiencies, combined with stable operations, underline PT Vale’s commitment to maintaining competitiveness and managing costs prudently in an evolving market environment. Capital Investment and Financial Position As of September 30, 2025, cash and cash equivalents stood at US$496.3 million, compared to US$506.7 million at the end of June. Capital expenditures for the nine-month period totaled US$331.4 million, higher than US$200.9 million a year earlier, reflecting accelerated progress on the Bahodopi and Pomalaa projects. PT Vale continues to invest in long-term growth, guided by responsible mining principles and operational excellence. Commitment to Sustainability and Shared Progress In a milestone for sustainability in October 2025, PT Vale strengthened its leadership in sustainability through three prestigious recognitions. The Company received the Lestari Awards 2025 for its flagship biodiversity initiative Kehati Lutim Bersinergi, recognized under the Sustainable Ecosystems category for its long-term contribution to conservation and environmental restoration in East Luwu. The Company also earned the Gold Star Award (Big Cap – Public Company) at the Investortrust ESG Awards 2025, acknowledging transparency and excellence in ESG disclosure. Further, PT Vale won the Penghargaan Subroto 2025 from the Ministry of Energy and Mineral Resources for Outstanding Community Development (PPM) through its flagship program Matano Iniaku—a nationally recognized model for environmental rehabilitation, local economic empowerment, and inclusive community transformation. 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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In addition to receiving several awards, PT Vale also shared a meaningful milestone in its
sustainability efforts, having earned an updated ESG risk rating of 27.5 from
Sustainalytics. This places the Company within the Medium ESG Risk category and
reflects a notable advancement from its earlier classification. Collectively, these
achievements reinforce PT Vale’s long-term commitment to responsible mining, social
inclusion, and environmental stewardship.
PT Vale remains steadfast in its purpose — “We exist to improve life and transform the
future. Together.” The Company continues to prioritize sustainability, safety, and
community partnership as integral parts of its growth strategy, ensuring that progress
today supports future generations.
For further information, please contact:
Rizky Putra, Director & Chief Financial Officer
ptvi.investorrelation@vale.com
Vanda Kusumaningrum, Head of Corporate Communications
vanda.kusumaningrum@vale.com
Visit: www.vale.com/indonesia
Phone: (+62 21) 524 9000
Key Highlights (US$ million, unless otherwise stated)
Indicator 3Q25 2Q25 9M25 9M24
Nickel in matte production (t) 19,391 18,557 54,975 52,783
Nickel matte deliveries (t) 19,557 18,023 54,675 53,429
Average realized price (US$/t) 12,272 12,091 12,106 13,262
Revenue 278.6 220.2 705.4 708.6
EBITDA 74.6 40.0 166.3 171.8
Net profit 27.2 3.5 52.4 51.1
Earnings per share (US$) 0.0026 0.0003 0.0050 0.0049
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
PT Vale Indonesia Tbk
Interim Statements of Profit or Loss and Other Comprehensive Income
(In thousands of US$ except basic earnings per share)
3Q25 2Q25 9M25 9M24
Revenue 278,650 220,214 705,389 708,568
Cost of revenue (235,324) (209,568) (631,904) (628,398)
Gross profit 43,326 10,646 73,485 80,170
Operating expenses (9,067) (7,637) (24,605) (21,564)
Other income 111 101 313 4,422
Other expenses 445 (2,867) (5,353) (7,886)
Operating profit 34,815 243 43,840 55,142
Share in net (loss)/profit from
associate (407) 95 (289) 83
Gain/(loss) on recognition of fair
value of derivative asset - - 16,570 (9,790)
Gain on recognition of fair value of
investment in associate - 1,984 2,432 -
Finance income 6,297 7,654 21,504 27,357
Finance costs (1,968) (2,038) (6,052) (5,932)
Profit before income tax 38,737 7,938 78,005 66,860
Income tax expense (8,515) (4,102) (19,730) (12,128)
Profit for the period before
non-tax government revenue 30,222 3,836 58,275 54,732
Non-tax government revenue (3,023) (383) (5,828) (3,624)
Profit for the period 27,199 3,453 52,447 51,108
Other comprehensive
income/(loss)
Items that will not be reclassified to
profit or loss:
- Changes resulting from actuarial
remeasurement of post-
employment benefit liabilities - - - (3,544)
- Income tax on other
comprehensive income - - - 780
- - - (2,764)
Items that will be reclassified to
profit or loss:
- Currency differences from
translation of associate entity’s
financial statements (1,050) 1,322 272 233
Total other comprehensive
income/(loss) (1,050) 1,322 272 (2,531)
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
Total comprehensive
income for the period 26,149 4,775 52,719 48,577
Profit for the period
attributable to:
Owners of the parent entity
27,199 3,453 52,447 51,108
Total comprehensive income for
the period attributable to:
Owners of the parent entity
26,149 4,775 52,719 48,577
Earnings per share
- Basic and diluted
(in full amount of US Dollars) 0.0026 0.0003 0.0050 0.0049
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
Interim Statements of Financial Position
(In thousands of US$)
September 30, June 30, December 31,
2025 2025 2024
Assets (Unaudited) (Unaudited) (Audited)
Cash and cash equivalents 496,337 506,711 674,690
Trade receivables - Related parties 79,867 93,891 84,402
Inventories 171,824 161,961 148,550
Prepaid taxes – Other taxes 82,267 87,906 82,756
Prepayments and advances 8,294 15,183 8,195
Other current financial assets 5,591 6,189 6,181
Total current assets 844,180 871,841 1,004,774
Restricted cash 86,650 86,650 86,650
Prepaid taxes - Corporate income tax 59,346 62,122 63,752
- Other taxes 10,513 9,159 24,169
Investments in associate 59,778 61,779 -
Investment in shares 12,882 13,186 13,270
Derivative asset 21,320 21,320 4,750
Fixed assets 2,146,948 2,040,467 1,975,092
Other non-current financial assets 3,252 3,527 4,071
Total non-current assets 2,400,689 2,298,210 2,171,754
Total assets 3,244,869 3,170,051 3,176,528
Liabilities and Equity
Trade payables - Related parties 71 - 239
- Third parties 195,137 154,364 170,486
Accruals 81,694 79,491 56,061
Short-term employee benefit liabilities 17,320 11,932 19,402
Taxes payable – Corporate income tax 5,192 - -
– Other taxes 2,238 2,268 4,287
Lease liabilities 4,610 4,033 5,767
Provision for asset retirement 1,861 3,085 5,497
Other current financial liabilities 1,222 1,317 1,732
Total current liabilities 309,345 256,490 263,471
Long-term post-employment benefit
liabilities 44,367 45,532 43,613
Deferred tax liabilities 6,101 8,053 5,660
Lease liabilities 154 461 2,260
Provision for asset retirement 125,500 126,063 122,528
Other non-current financial liabilities 5,717 6,176 6,220
Total non-current liabilities 181,839 186,285 180,281
Total liabilities 491,184 442,775 443,752
Equity 2,753,685 2,727,276 2,732,776
Total liabilities and equity 3,244,869 3,170,051 3,176,528
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
Interim Statements of Cash Flows
(In thousands of US$)
3Q25 2Q25 9M25 9M24
Cash flows from operating activities
Receipts from customers 292,938 214,511 710,627 730,398
Payments to suppliers (144,853) (123,839) (382,000) (444,853)
Payments of corporate income tax (4,044) (3,747) (12,544) (65,291)
Payments of other taxes (23,336) (23,073) (68,745) (52,717)
Receipts of tax refunds 20,105 8,695 63,995 72,329
Payments to employees (28,006) (27,039) (91,208) (88,631)
Withdrawal of financial guarantee - - - 27,311
Receipts of finance income 6,297 7,654 21,504 27,365
Payments of royalties and levies (23,746) (15,674) (53,105) (45,668)
Net cash flows provided by operating
95,355 37,488 188,524 160,243
activities
Cash flows from investing activities
Payments for acquisition of fixed assets (106,704) (96,640) (331,439) (200,902)
Proceeds from disposal of fixed assets 14 23 37 372
Net cash flows decrease from loss of control
of a subsidiary - - (880) -
Net cash flows used in investing activities (106,690) (96,617) (332,282) (200,530)
Cash flows from financing activities
Issuance of new shares - - - 112,252
Payment of dividends - (32,321) (32,321) -
Payment of lease liabilities (89) (789) (2,332) (1,376)
Payments of finance costs (64) (62) (213) (352)
Net cash flows (used in)/provided by
financing activities (153) (33,172) (34,866) 110,524
Net (decrease)/increase in cash and cash (11,488) (92,301) (178,624) 70,237
equivalents
Cash and cash equivalents at the 506,711 601,395 674,690 698,795
beginning of the period
Effect of exchange rate changes on cash 1,114 (2,383) 271 2,183
and cash equivalents
Cash and cash equivalents at the end of the 496,337 506,711 496,337 771,215
period
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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