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Page 1
PUBLIC EXPOSE 2025
Hartadinata Business Performance & Strategy
hartadinata.abadi hartadinataabadi.co.id
September 2025
Page 2
HRTA’s What's Next?
1H25 Role in Bullion Bank
Financial Highlight Ecosystem
HRTA
Value Chain
Page 3
HRTA VALUE CHAIN
UPSTREAM MIDSTREAM DOWNSTREAM
INPUT INPUT
Gold Ore
From Local
Miners 99,99%
Gold Scrap Casted Bar / Granule Wholesale & Retail
PROCESS PROCESS
Smelting
Gold Refinery Gold Manufacturing
Gadaiku (Pawn Business)
PT. Emas Murni Abadi (EMA) PT Hartadinata Abadi, Tbk. (HRTA)
OUTPUT OUTPUT
Gold
Dore Gold Content
99,99% MOMAPAN (Community)
( Gold Content ~<20% ) ( Granule / Bullion ) Jewellery & Gold Bullion
Source Image: Company & Google
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PRODUCT
#EMASKUMASADEPANKU
Source Image: Company
Page 5
GROWING MARKET SHARE
100.0 Total Indonesia Gold Demand (Tonnes) % YoY Growth 50.0% HRTA Jewellery Sales (Pure Gold Tonnes) HRTA's Jewellery Market Share
90.0 40.0% 6.00 20.00%
42.9% 18.33% 18.00%
80.0 30.0% 5.00
70.0 20.3% 24.3% 15.54% 16.00%
20.0% 14.47% 14.84%
14.00%
60.0 4.00 13.09%
8.9% 10.0% 12.00%
50.0 6.3% 11.48% 11.49%
3.5% 10.27%
0.8% -1.2% 0.0% 3.00 9.60% 10.00%
40.0 1.4%
-6.9% -8.1% 8.00%
-10.0%
30.0 -14.8% 2.00
6.00%
20.0 -20.0%
4.00%
-28.1% -30.0% 1.00
10.0 -31.0% 2.00%
50.6 60.8 61.7 88.1 63.4 59.0 59.5 58.8 64.0 54.5 37.6 46.8 49.7 45.7 47.3 22.1 4.43 4.81 5.29 3.82 3.90 4.39 2.57 3.39 0.72
0.0 -40.0% - 0.00%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1H25 2017 2018 2019 2020 2021 2022 2023 2024 1H25
16.00 HRTA Sales (Pure Gold Tonnes) HRTA's Market Share 45.00% HRTA Gold Bar Sales (Pure Gold Tonnes) HRTA's Gold Bar Market Share
14.00 39.93% 40.00% 12.00 60.00%
35.00% 55.13%
12.00
10.00 50.00%
30.00%
10.00 28.20%
25.00% 8.00 40.61% 40.00%
8.00
20.00%
18.36% 6.00 30.00%
6.00 28.22%
15.58% 15.00%
13.62% 13.06%
4.00 10.00% 4.00 20.00%
9.75%
7.53% 7.52% 15.64%
2.00 5.00%
2.00 11.15% 10.00%
4.43 4.81 5.32 5.12 6.11 7.75 8.39 13.34 8.82 7.75%
- 0.00% 0.03 1.30 2.21 3.36 5.82 9.95 8.10
2017 2018 2019 2020 2021 2022 2023 2024 1H25 - 0.23% 0.00%
2019 2020 2021 2022 2023 2024 1H25
Despite flattening gold demand, HRTA keeps increasing market share, especially in the Gold Bar segment, as we see there is a shifting demand
from jewellery to gold bar since the pandemic.
Source: World Gold Council
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HRTA 80+ 900+ All Over
partners
partners partners Partners in
wholesalers retail shops INDONESIA
OMNI CHANNELS 93 Retail Stores
HRTA Store
Coverage area :
West Java, Greater Jakarta,
Central Java, East Java,
Yogyakarta, Lampung, Batam,
South Sulawesi, Sumatera
DISTRIBUTION OF
114
Pawn Store
Coverage area :
Pawn Stores
GOLD JEWELLERY & PAWN BUSINESS West Java, East Java, NTT, NTB,
South Sulawesi, DKI Jakarta
Digital
Platforms
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STRATEGIC PARTNERSHIP & BUSINESS ALLIANCES
Page 8
What's Next?
HRTA’s
Role in Bullion Bank
1H25 Ecosystem
Financial Highlight
HRTA
Value Chain
Page 9
GOLD PRICE IN USD VS IDR
Comparison of the average of gold price growth in rupiah and in USD from 2010 - 2024
Daily Average Price (in IDR/gram) Daily Average Price (in USD/troyounce) % growth (in IDR/gram)
42.13%
2,000,000 3,280.4 3,500.0 43.00% 40.73%
1,800,000
3,000.0
1,600,000 1,741,837 33.00% 30.78%
28.20% 27.12% 27.82%
1,400,000 2,500.0 23.78% 22.83%
23.00%
1,200,000
2,000.0
1,000,000 13.44%
13.00% 7.69% 10.73%
1,500.0 9.73%
800,000 1,225.4 7.03% 7.20%9.13% 7.83%
6.13%
3.96%
600,000 2.42%3.34% 1.41% 0.92% 1.63%
1,000.0 3.00% 0.15%
0.72%
400,000 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020-0.14%
2021 2022 2023 2024 1H25
500.0
200,000 357,515 -7.00%
-6.20%
-8.39%
0 0.0 -10.28%
-17.00% -15.41%
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
1H
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
The price of Gold in Rupiah is more resilient than in USD. This can be observed in the period of 2013, when the average international
gold price decreased by -15.41%, gold prices in Rupiah only decreased by -6.2%. Moreover, in 2014, when the international gold price
decreased significantly in 2014/2015, the gold price in Rupiah grew positively driven by the weakening of the Rupiah exchange rate
against the USD. In the long term, the price of gold continues to increase.
Source : World Gold Council
Page 10
SOLID PERFORMANCE
Revenue in IDR bn (LHS) Net Income in IDR bn (RHS)
20,000.00
+41.78%
18,000.00 540.00
16,000.00
+82.63%
+44.60%
14,000.00 440.00
+85.84%
12,000.00
+69.49%
340.00
10,000.00
+20.62%
+32.08%
8,000.00
+30.70% 240.00
+26.56%
6,000.00 +27.91% +13.32%
+14.03%
4,000.00
140.00
2,000.00
- 40.00
2020 2021 2022 2023 2024 1H24 1H25
HRTA managed to record solid growth even during the pandemic period where up to FY24, the Company's
financial performance recorded an all time high. Annual revenue grew by 34.52% (CAGR 2020 - 2024) and net
profit increased by 20.90% (CAGR 2020 - 2024).
Page 11
20%
INCOME STATEMENT 10%
0% 0.68%
1Q25
9.21%
1Q24
Refining Services
Revenue Loan interest and administration revenues from pawn business
Sales with Partners
Gold sold to Stores
Profit or Loss Highlight (IDR bn) 1H25 1H24 % YoY Breakdown Gold sold to Wholesaler
Sales 15,051.32 8,241.38 82.63% Export
COGS (14,304.48) (7,722.46) 85.23% 0.03% 0.40% 0.02% 0.45%
100%
Gross Profit 746.84 518.92 43.92% 90% 16.88%
18.91%
GPM 4.96% 6.30% -1.33% 80%
Selling Expense (11.34) (6.06) 87.26% 70%
G&A Expense (112.59) (104.14) 8.11% 60%
50% 66.09%
Other operating income (expense) (0.72) (2.34) -69.06%
40% 80.30%
Operating Income 622.18 406.39 53.10%
30%
OPM 4.13% 4.93% -0.80% 20%
EBITDA 644.67 423.74 52.14% 10% 16.53%
EBITDA margin 4.28% 5.14% -0.86% 0% 0.36%
1H25 1H24
Finance Income 1.56 0.99 57.41%
Finance expense (174.62) (142.29) 22.72% Revenue growth was supported by:
• This growth was primarily driven by a 19.38% YoY
Other Income (Expense) - - 0.00% increase in pure gold sales volume, totalling
Net Income att. to parent entity 348.51 205.63 69.49% 8.86 tonnes in 1H25, compared to 7.42 tonnes in
NPM 2.32% 2.50% -0.18% 1H24.
EPS 75.68 44.65 69.49% • The average selling price (ASP) also surged
significantly by 59.09% YoY to IDR 1,691,533 in
1H25, compared to IDR 1,104,944 in 1H24.
Page 12
PROFITABILITY &
MANAGEABLE DEBT
Positive trend in profitability and debt management
ROA (%) ROE (%) Int. Bearing Debt/Equity (x)
10.24% 26.79% 1.53
1.45
1.41
7.42% 18.82%
6.08% 15.50%
2023 2024 1H25 2023 2024 1H25 2023 2024 1H25
Page 13
PRODUCTION & UTILIZATION
Production Volume (Kg) Utilization Rate
25,000 *2017-2022 Manufacturing Capacity: 30 tons 47.00%
2023 Manufacture + Refinery Casting Capacity: 39 tons 45.69%
45.00%
2024 Capacity: 42 tons
2025 Capacity: 48 tons 43.67%
20,000 43.00%
42.24%
41.00%
40.22%
15,000 39.00%
37.00%
36.06%
10,000 35.00%
34.51%
33.00%
32.08%
31.60%
5,000 31.00%
29.89%
29.00%
8,968 9,480 10,817 9,625 10,354 13,101 16,475 19,191 9,654
- 27.00%
2017 2018 2019 2020 2021 2022 2023 2024 1H25
Production volume in FY24 increased by 16.48% YoY to 19,19 ton of jewellery and gold bar, driving the utilization rate to
reach 45.69% with additional 12 ton capacity from the newly operating refinery casting facility. While the refining capacity
in FY25E is expanded to 18 ton.
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DIVIDEND POLICY
DPS (IDR) Dividend Payout Ratio
30.00% 25
26.13%
25.00% 25.05% 24.56%
23.74% 20
22.59% 21.87%
21.59% 21.80%
20.00%
15
15.00%
10
10.00%
5
5.00%
6 7 8 8 10 12 15 21
0.00% 0
2017 2018 2019 2020 2021 2022 2023 2024
Consistent dividend distribution every year with a dividend yield of 3%
Page 15
What's Next?
HRTA’s
Role in Bullion Bank
1H25 Ecosystem
Financial Highlight
HRTA
Value Chain
Page 16
BULLION BANK INDONESIA
2
1st
License
2nd FUNCTIONS
License OF BULLION BANK INDONESIA
Jan 6, 2025 Targeted in 1H25
MAIN
PLAYERS
Gold Gold Gold Gold Others
Deposits & Saving Custody Trading Financing Financial Services
BACKGROUND
THE ESTABLISHMENT
1. Indonesia’s Rich Gold Resources : Indonesia is the 8th biggest gold MIN CAPITAL MIN Gold
producer in the world with 110 tonnes production in 2023;
(IDR TN) TRANSACTION Standard
REQUIREMENT (gold in gram)
14
2. Strengthening the National Foreign Reserves : Compared to other OF BULLION BANK
countries, Indonesia’s gold reserves (80.6 metric tons) make up only ~3% of total
foreign reserves, which is lower than the global average (15-20%). A bullion bank
INDONESIA
500
could help increase Indonesia’s gold reserves and reduce dependence on foreign
currencies like the USD.
3. Enhancing Gold-Based Financial Services : Indonesia has a high
• Huge demand for kilobar product EMASKU®
domestic demand for gold for investment, jewellery, and religious purposes (e.g., BENEFITS • Providing gold financing, hedging, easier access to raw
zakat and hajj savings). Moreover, gold is widely used in Islamic finance (such as FOR HRTA material and global market access.
gold-backed sukuk, savings, and loans).
Page 17
Economic Impact of Bullion Bank
in Indonesia
Impact of functioning gold ecosystem Bullion Service will increase the money supply by up to
(increased gold production) IDR 53 trillion (+0.75%)
GDP Opening New Job GDP Consumption Investment
(Impact from Gold Business) Opportunities (Impact from Money Supply) (Impact from Money Supply) (Impact from Money Supply)
Rp 201 tn 800.000 (increased Rp
gold22,9 tn
production) Rp 22,8 tn Rp 16,2 tn
(1,3%)* employees (0,15%) (0,28%) (0,32%)
Increasing the added value of The growing gold industry Gold Backed Financing, Gold Gold Backed Financing Gold Metal Loans and Dore
the gold supply chain and sector has the potential to Metal Loans and Dore drives retail consumption Financing will trigger SME
increasing domestic gold create new jobs Financing as a whole will investors
production increase GDP
• Gold bullion services will increase GDP (+0.15%), consumption (0.28%), and investment (+0.32%)
• Optimizing the gold supply chain will increase GDP (+1.3%) and new jobs (+800 thousand)
• Gold bullion business has no significant impact on inflation (only +0.02 to the consumer price index)
Source : Kementerian Perekonomian Indonesia
Page 18
HRTA's Position in the Gold
Business Value Chain
UPSTREAM
MIDSTREAM
OFFTAKER FROM MINING
(REFINERY) DOWNSTREAM
LARGEST DISTRIBUTION FROM BOTH
DOMESTIC AND INTERNATIONAL
GOLD JEWELLERY AND GOLD BAR
MANUFACTURING FACTORY
Page 19
HRTA’s What's Next?
Role in Bullion Bank
1H25 Ecosystem
Financial Highlight
HRTA
Value Chain
Page 20
BULLION BANK INDONESIA LBMA CERTIFICATION
Boosting company Boosting company
performance to be a key player performance to be a key player
in the Bullion Bank Ecosystem in the Bullion Bank Ecosystem
STRENGTHENING HRTA’S BRAND IMAGE ENGAGING LOCAL MINERS
Enhancing HRTA’s brand image Enhancing HRTA’s brand image
by strategic marketing, trust, and by strategic marketing, trust, and
innovation to enhance recognition innovation to enhance recognition
and industry leadership and industry leadership
AUTHENTIC DESIGN AND INNOVATION INTEGRATED FACTORY
Increasing jewellery demand with Increasing jewellery demand with
authentic design and innovation authentic design and innovation
Page 21
Disclaimer
By attending this presentation, you are agreeing to be bound by the restrictions set out below. Any failure to comply with these restrictions may constitute a violation of applicable securities
laws. The information and opinions contained in this presentation are intended solely for your personal reference and are strictly confidential. The information and opinions contained in
this presentation have not been independently verified, and no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on the fairness, accuracy,
completeness or correctness of, the information or opinions contained herein. It is not the intention to provide, and you may not rely on this presentation as providing, a complete or
comprehensive analysis of the condition (financial or other), earnings, business affairs, business prospects, properties or results of operations of the company or its subsidiaries. The
information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice. The company (including any of its
affiliates, advisors and representatives) shall have any responsibility or liability whatsoever (in negligence or otherwise) for the accuracy or completeness of, or any errors or omissions in,
any information or opinions contained herein nor for any loss howsoever arising from any use of this presentation.
In addition, the information contained in this presentation contains projections and forward-looking statements that reflect the company's current views with respect to future events and
financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies
as well as various risks and these may change over time and in many cases are outside the control of the company and its directors. No assurance can be given that future events will
occur, that projections will be achieved, or that the company's assumptions are correct. Actual results may differ materially from those forecast and projected.
This presentation is not and does not constitute or form part of any offer, invitation or recommendation to purchase or subscribe for any securities and no part of it shall form the basis of
or be relied upon in connection with any contract, commitment or investment decision in relation thereto. This presentation may not be used or relied upon by any other party, or for any
other purpose, and may not be reproduced, disseminated or quoted without the prior written consent of the company.
hartadinata.abadi
hartadinataabadi.co.id
investor.relations@hartadinataabadi.co.id
Names mentioned 6 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Bank Financial Highlight
p.2
unresolved
org
PT. Emas Murni Abadi
p.3
unresolved
org
BANK INDONESIA
p.16 ×4
unresolved
org
Kementerian Perekonomian Indonesia
p.17
unresolved
org
Bank Ecosystem STRENGTHENING HRTA’S BRAND IMAGE
p.20
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