20250903_MDKA_Laporan Hasil Pemeringkatan_31937172_lamp3.pdf

                                                                                                                                      Rating Summary
                                                                                                                                         October 7, 2025


Financial Highlights
 As of/for the year ended                              Jun-2025            Dec-2024            Dec-2023          Dec-2022
                                                        (Audited)           (Audited)           (Audited)        (Audited)
 Total adjusted assets [USD mn]                            4,924.7             4,878.4             4,605.6         3,551.7
 Total adjusted debt [USD mn]                              1,821.8             1,742.0             1,587.2         1,434.0
 Total adjusted equity [USD mn]                            2,510.5             2,557.9             2,405.4         1,699.9
 Total sales [USD mn]                                        854.6             2,239.0             1,706.8          869.9
 EBITDA [USD mn]                                             176.2                329.3               241.5         247.9
 Net income after MI [USD mn]                                (15.8)              (55.8)               (20.7)         58.4
 EBITDA margin [%]                                             20.6                14.7                   14.2       28.5
 Adjusted debt/EBITDA [X]                                       *5.2                 5.3                   6.6         5.8
 Adjusted debt/adjusted equity [X]                               0.7                 0.7                   0.7         0.8
 FFO/adjusted debt [%]                                        *11.6                11.3                    7.5       11.1
 EBITDA/IFCCI [X]                                                2.8                 3.0                   2.7         4.7
 USD exchange rate [IDR/USD]                                16,233              16,162              15,416         15,731

FFO = EBITDA – IFCCI + Interest Income – Current Tax Expense
EBITDA = Operating Profit + Depreciation Expense + Amortization Expense
IFCCI = Gross Interest Expense + Other Financial Charges + Capitalized Interest; (FX Loss not included)
MI= Minority Interest                *annualized

The above ratios have been computed based on information from the company and published accounts. Where applicable, some items have
been reclassified according to PEFINDO’s definitions.




DISCLAIMER
The rating contained in this report or publication is the opinion of PT Pemeringkat Efek Indonesia (PEFINDO) given based on the rating result on the date the rating
was made. The rating is a forward-looking opinion regarding the rated party’s capability to meet its financial obligations fully and on time, based on assumptions
made at the time of rating. The rating is not a recommendation for investors to make investment decisions (whether the decision is to buy, sell, or hold any debt
securities based on or related to the rating or other investment decisions) and/or an opinion on the fairness value of debt securities and/or the value of the entity
assigned a rating by PEFINDO. All the data and information needed in the rating process are obtained from the party requesting the rating, which are considered
reliable in conveying the accuracy and correctness of the data and information, as well as from other sources deemed reliable. PEFINDO does not conduct audits,
due diligence, or independent verifications of every information and data received and used as basis in the rating process. PEFINDO does not take any responsibility
for the truth, completeness, timeliness, and accuracy of the information and data referred to. The accuracy and correctness of the information and data are fully the
responsibility of the parties providing them. PEFINDO and every of its member of the Board of Directors, Commissioners, Shareholders and Employees are not
responsible to any party for losses, costs and expenses suffered or that arise as a result of the use of the contents and/or information in this rating report or publication,
either directly or indirectly. PEFINDO generally receives fees for its rating services from parties who request the ratings, and PEFINDO discloses its rating fees prior to
the rating assignment. PEFINDO has a commitment in the form of policies and procedures to maintain objectivity, integrity, and independence in the rating process.
PEFINDO also has a “Code of Conduct” to avoid conflicts of interest in the rating process. Ratings may change in the future due to events that were not anticipated
at the time they were first assigned. PEFINDO has the right to withdraw ratings if the data and information received are determined to be inadequate and/or the rated
company does not fulfill its obligations to PEFINDO. For ratings that received approval for publication from the rated party, PEFINDO has the right to publish the
ratings and analysis in its reports or publication, and publish the results of the review of the published ratings, both periodically and specifically in case there are
material facts or important events that could affect the previous ratings. Reproduction of the contents of this publication, in full or in part, requires written approval
from PEFINDO. PEFINDO is not responsible for publications by other parties of contents related to the ratings given by PEFINDO.

 http://www.pefindo.com                                                                                                                                         October 2025