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PT ASTRA INTERNATIONAL TBK
First Half of 2025
Results Presentation
www.astra.co.id
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The materials in this presentation have been prepared by PT Astra International Tbk (Astra) and show general background information about Astra group (the Group)
business performances are current as at the date of this presentation and are subject to change without prior notice.
This information is given in summary form and does not purport to be complete. Information in this presentation, including forecast financial information, should not
be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or other financial products or
instruments and does not take into account their particular investment objectives, financial situation or needs. Before acting on any information, readers should
consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, readers should seek independence
financial advice.
Forward-Looking Statements
This presentation may contain forward looking statements, including statements regarding our intent, belief or current expectations with respect to the Group
businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions and risk management practices.
Readers are cautioned not to place undue reliance on these forward-looking statements; past performance is not a reliable indication of future performance. Astra
does not undertake any obligation to publicly release the result of any revisions to these forward-looking statements to reflect events or circumstances after the date
hereof to reflect the occurrence of unanticipated events. We disclaim any responsibility or liability whatsoever arising which may be brought or suffered by any
person as a result of acting in reliance upon the whole or any part of the contents of this report and neither Astra and/or its affiliated companies and/or their
respective employees and/or agents accepts liability for any errors, omissions, negligence or otherwise, in this report and any inaccuracy herein or omission here from
which might otherwise arise.
Consolidated Financial Information
The financial results for the six months ended June 30th 2025 and 2024 and the financial position as at June 30th 2025 have been prepared in accordance with
Indonesian Financial Accounting Standards and are unaudited.
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Astra Business Portfolio
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Astra Business Portfolio
Diversified and resilient portfolio across consumption and industrial sectors. Clear transition strategy, alongside consistent efforts to
strengthen and create new synergies through expansion into related areas and new businesses for long-term growth.
Business Pillars Core Portfolio Transition Portfolio Adjacencies
Used Cars
Automotive & Mobility
Financial Services Digital Bank
Non-Coal Mining | Renewable Energy
Heavy Equipment, Mining,
Gold, Nickel Geothermal, Mini Hydro, Solar PV
Construction & Energy
Agribusiness
Infrastructure Digital
Infrastructure
(Data Center)
Information Technology
Industrial &
Logistics
Property Infrastructure
New Business Initiative:
New Business Initiative Healthcare
Healthcare
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Corporate Actions
Toyota Motor Asia (Singapore) Pte. Ltd. (TMA) invested USD120 million (approximately Rp2.0 trillion) for
a 40% stake in Astra Digital Mobil (ADMO), which owns OLXmobbi, an online-to-offline used car business.
Following the transaction, the Group retains a 60% controlling interest in ADMO. This collaboration
strengthens the longstanding partnership between Astra and TMA, and aims to modernise the used car
market and enhance customer access to high-quality vehicles, financing, insurance and aftersales services
across Indonesia. (Apr’25)
The Group, through United Tractors, acquired a 30.6% stake in Supreme Energy Sriwijaya (SES) for
USD30.8 million (Rp501 billion). SES is a 25.2% shareholder of Supreme Energy Rantau Dedap (SERD),
which owns a geothermal plant in South Sumatera with an installed capacity of 91.2 MW. As a result of
this transaction, United Tractors’ effective shareholding in SERD increased from 32.7% to 40.4%. (Jun’25)
The Group, through Saka Industrial Arjaya (SIA), a company under its Property division, signed a
Conditional Shares Sale and Purchase Agreement to acquire an 83.7% stake in Mega Manunggal Property
(MMP), an industrial and logistics property developer listed on the Indonesia Stock Exchange. Upon
completion, SIA will become the new controlling shareholder of MMP and, in line with the capital market
regulations, will carry out a Mandatory Tender Offer. This acquisition is part of the Group’s strategy to
benefit from Indonesia's rapidly growing demand for industrial & logistics infrastructure. (Jul’25)
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Financial Performance
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Infrastructure Others
1% 1%
Financial Highlights Agribusiness
9%
37% Automotive
• Earnings per share down 4% to Rp395 (excluding fair value adjustments) Net & Mobility
Revenue
• Mining services affected by heavy rainfall and coal mining impacted by 42%
HEMCE
lower prices
10%
• Automotive performance impacted by lower car sales, partly offset by
improved motorcycle and components performance Financial Services
• Higher contribution from Financial Services, Infrastructure and
Agribusiness Infrastructure Others
1%
Agribusiness
4% 4%
33%
Automotive
& Mobility
For the period ended 30th June 2025 31%
Net
HEMCE
Income
Net Revenue Net Income
Rp162,857bn Rp15,999bn* 27%
Financial Services
2% 4%
Automotive & Mobility: Mobility includes SERA (transportation logistics solutions) and
* Before fair value adjustments on investments in GoTo and Hermina OLXmobbi (used car)
HEMCE: Heavy Equipment, Mining, Construction & Energy
Others: IT and Property
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Consolidated Profit and Loss Account
(In Rupiah bn)
1H25 1H24 Change %
Net Revenue 162,857 159,967 2
Gross profit 34,833 35,600 (2)
Operating profit 19,167 20,848 (8)
Share of results of joint ventures and associates 3,789 5,009 (24)
Net Income (before fair value adjustments*) 15,999 16,673 (4)
Fair value adjustments* (484) (817) 41
Net Income 15,515 15,856 (2)
*Fair value adjustments in respect of GoTo and Hermina
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Segment Net Income
Consolidated Net Income (excluding fair value adjustments) Automotive & Mobility
(In Rupiah bn) 4W impacted by lower sales, partly offset by improvements in 2W,
components and mobility
-4%
Financial Services
Higher contribution from consumer finance on larger loan
-434 portfolios, with generally stable credit losses
+256 +35
-8% +6% -866 +175
+160
+22% Heavy Equipment, Mining, Construction & Energy
+38%
-15% +40% Lower results in mining services and coal, partly offset by gold and
heavy equipment
16,673 Agribusiness
15,999
Higher CPO selling prices and sales volume
Infrastructure
Higher traffic volume and increased tariffs
1H24 Automotive
& Mobility
Financial HEMCE Agribusiness Infrastructure IT & Property 1H25
Services
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Consolidated Financial Position
(In Rupiah bn)
30 Jun’25 31 Dec’24* Change %
Total Assets 487,794 471,356 3
Total Liabilities 209,040 199,378 5
Total Equity 278,754 271,978 2
* Restated due to implementation of PSAK 117: Insurance Contracts
Net cash, excluding the Group’s Financial Services subsidiaries, was Rp12.7 trillion at 30th June 2025, compared to Rp8.0
trillion at 31st December 2024. Net debt of the Group’s Financial Services subsidiaries was Rp64.0 trillion at 30th June 2025,
up from Rp60.2 trillion at 31st December 2024.
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Consolidated Cash Flow
(In Rupiah Billion)
1H25 1H24 Change
Net cash flows from operating activities 23,142 30,739 (7,597)
Investing activities:
Net capex (8,243) (8,377) 134
Net investment (4,204) (2,477) (1,727)
Dividend received 5,358 6,219 (861)
Other investing 734 (372) 1,106
Net cash flows used in investing activities (6,355) (5,007) (1,348)
Net cash flows used in financing activities (12,122) (14,348) 2,226
Net change in cash 4,665 11,384 (6,719)
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Business Update
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Automotive & Mobility – 4W
• 4W wholesale market decreased by 9% to 375k units. Astra’s market share declined from 57% to 54%.
• xEV market sales 67k units (18% of total 4W sales) with HEVs making up 43%, the majority from Toyota.
Market Segment, units [%] Brand, units [%] Top Astra HEV Models
Astra 57%
54%
410,020 M/S 410,020
374,741 3,309 [1%]
374,741
2,416 [1%]
96,935
90,674 [23%]
[24%] 179,288
174,218 [44%]
89,643 [47%]
68,030 [22%]
[18%]
14,033 [3%] Kijang Innova Zenix HEV
9% 11,275 [3%] 9% 85,434
64,405 [21%]
[17%]
213,621 220,133
[57%] [54%]
124,843 131,265
[33%] [32%]
1H25 1H24 1H25 1H24
4x4 & 4x2 LCGC Commercial Sedan Toyota & Lexus Daihatsu Isuzu Others Yaris Cross HEV
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Automotive & Mobility – 2W
Top Honda Models
• 2W wholesale market decreased by 2% to 3.1m units.
• Astra Honda Motor’s market share remained relatively stable at 77%.
• Despite lower sales volume, 2W business performance improved mainly due
to sales mix and exports.
2W Market, k units Honda Beat
Astra 77% 77%
M/S
3,105 2% 3,171
Honda Scoopy
1H25 1H24
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Automotive & Mobility – Components
Astra Otoparts
• Net income contribution from 80%-owned Astra Otoparts, the Group’s Revenue by Segment (Rp bn)
components business, increased by 11% to Rp751 billion, with higher
contribution from all segments. 9,583 9,195
48%
49%
4%
52% 51%
1H25 1H24
Manufacturing Trading
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Automotive & Mobility – Mobility
• Serasi Autoraya (SERA), the Group’s transportation and logistics solutions
business, delivered improved performance due to gain on disposal of ex-rental
vehicles and improvement in the logistics business, which more than offset the
decline in vehicles under contract.
• OLXmobbi booked a 26% increase in used car sales to 15k units.
Serasi Autoraya
SERA Vehicles Under Contract, units OLXmobbi Used Car Sales, units
25,834 26,870 15,063 26%
4% 11,970
OLXmobbi
1H25 1H24 1H25 1H24
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Financial Services 1H25 vs 1H24
[Excluding Dealer Financing] * Includes electronics
• Net income from the Group’s Financial Services division 4W 2W Heavy Equipment
increased by 6% to Rp4.4tn. Units Financed
ACC 98,221 4% FIFGROUP* SANF 2,048 13%
• The improvement in profit was due to higher contribution
1,767,896 3%
from consumer financing on larger loan portfolios, with TAF 59,174 4% KAF 449 63%
generally stable credit losses.
Amount Financed (Rp bn)
• New consumer amounts financed driven by strong growth
ACC 18,910 4% FIFGROUP* SANF 4,596 15%
in multipurpose financing.
24,465 8%
TAF 12,836 4% KAF 3,437 53%
Insurance
Asuransi Astra Asuransi Jiwa Astra
• Net income contribution of Rp764bn (+5%) • GWP of Rp2.7tn (-10%)
• GWP of Rp4.8tn (+12%)
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Heavy Equipment, Mining, Construction
& Energy
• Net income from the Group’s Heavy Equipment, Mining, Construction & Energy
division, represented by 59.5%-owned United Tractors (UT), decreased by 15% to
Rp5.0tn.
• The decline in net income was mainly due to:
• Mining services, primarily due to heavy rainfall, which led to lower productivity
and higher cost,
• Coal mining, which was impacted by lower coal prices,
which were partly offset by improvements in:
• Gold mining due to higher gold prices and sales volume, and
• Heavy equipment sales, driven by stronger demand from all sectors.
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Heavy Equipment, Mining, Construction
& Energy
United Tractors
Komatsu Sales Volume Mining Services
Revenue by Segment (Rp bn)
(in units) Overburden Removal (million bcm)
68,525 2,728
64,514
2%
10% 2% 2,147
7%
20% 24% 65%
63%
38% 6% 27% 9% 588
43% 533
13%
14%
30% 11% 13%
24%
11% 10%
1H25 1H24 1H25 1H24 1H25 1H24
Heavy Equipment Gold Mining & Other Mineral Mining Forestry Construction Agro Mining Over 70% of Pamapersada Nusantara revenue is
Mining Contracting Services Construction Industry & Energy Komatsu market share: 24% driven by overburden removal.
Coal Mining (source: UT internal market research)
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Heavy Equipment, Mining, Construction
& Energy
Coal Sales Volume & Price Gold Mining Sales Volume & Price Nickel Mining (Stargate)
(million tonnes & USD/t) (k Oz & USD/t) Nickel Ore Sales & Price (k wmt & USD k/t)
130.7 14% 17.6
102.5
22% 15.2
3,096
37%
7.8 1,087
7.5 2,260
967
1.1
1.5
2.1 727
1.6 546
3%
UT Owned UT Owned 125 14% 12%
110
Coal: 6.6 Coal: 6.0
4.6 4.4
360 421
1H25 1H24 1H25 1H24 1H25 1H24
Saprolite Limonite
Thermal Coal Metallurgical Coal Coal Trading
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Astra Agro Lestari
Agribusiness Revenue (Rp bn)
14,447
31% 10,313
• Net income from the Group’s Agribusiness division, represented
35%
by 79.7%-owned Astra Agro Lestari, increased 40% to Rp559bn. 40%
69%
Domestic 65%
• The improvement in profit was due to higher average CPO selling Export
prices, as well as increase in CPO and derivative product sales.
1H25 1H24
CPO Production
CPO & Derivative Sales 601k tonnes 14%
883k tonnes 13% Average CPO Price
Rp14,285/kg 17%
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Infrastructure
• The business comprises 8 toll roads, spanning 396km on SEMARANG-SOLO
the Trans-Java network and the Jakarta Outer Ring Road.
• The Group’s Infrastructure division reported a 38%
increase in net income to Rp636bn, due to higher traffic
volume and increased tariffs.
KUNCIRAN-SERPONG JORR I W2N Total Toll Road length 396km
Daily Toll Revenue (Rp bn) Daily Traffic Volume (k vehicles)
20.4 8% 533.1 2%
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Information Technology Astra Graphia
Revenue (Rp bn)
• Net income contribution from 76.9%-owned Astra Graphia was
30% higher at Rp82bn, primarily due to higher revenue from its 1,526
information technology solutions business and improved operating 1,288
margin. 58%
47%
18%
42% 53%
1H25 1H24
Astra Graphia Document Solution
Astra Graphia Information Technology
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Property
Menara Astra Cikarang Logistic Park 1 & 2
• Net income from the Group’s Property division
increased by 17% to Rp110bn.
• The higher net income was mainly from its newly
acquired industrial warehouse assets and to a lesser
extent increased occupancy in Menara Astra.
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Appendices
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4W & 2W Product Launches 2025
4W Models Launched Launching Period Prices (Rp m) - on the road Jakarta
Toyota New Corolla Cross HEV Feb’25 603.5 – 648.0
Toyota New Camry HEV Feb’25 973.3 – 976.4
Toyota Agya Stylix GR Feb’25 200.6
BMW 320i M Sport Mar’25 1,205
BMW 218 Gran Coupé M Sport (NEW) Jun’25 1,048
BMW X3 20 xDrive (NEW) Jun’25 1,568
2W Models Launched Launching Period Prices (Rp m) - on the road Jakarta
Honda Monkey Feb’25 87.8
Honda Verza (SW & CW) Apr’25 23.7 – 24.3
Honda XL 750 Apr’25 360
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Equity Research Contact Details
No Brokerage House Analyst Name Contact Number Email Address
1 Aldiracita Sekuritas Indonesia Agus Pramono +62 21 39705860 agus.pramono@aldiracita.com
2 Bahana Sekuritas Jeremy Mikael +62 21 2505 081 jeremy.mikael@bahana.co.id
3 BofA Securities Paul Dewberry +65 6678 0423 paul.dewberry@bofa.com
4 BRI Danareksa Richard Jerry +62 21 5091 4100 richard.jerry@brids.co.id
5 CGS International Handy Noverdanius +62 21 3006 1727 handy.noverdanius@cgsi.com
6 Ciptadana Sekuritas Asia Arief Budiman +62 21 2557 4800 budimanarief@ciptadana.com
7 Citigroup Sekuritas Indonesia Ferry Wong +62 21 2924 9213 ferry.wong@citi.com
8 CLSA Sekuritas Indonesia Sarina Lesmina +62 21 5088 7888 sarina.lesmina@clsa.com
9 DBS Vickers Sekuritas Nashrullah Putra +62 21 3003 4900 nashrullah@dbs.com
10 Henan Putihrai Sekuritas Alroy Soeparto +62 21 2525 888 alroy.soeparto@henanputihrai.com
11 HSBC Global Research Rahul Bhatia +65 6658 0623 rahul1.bhatia@hsbc.com.sg
12 Indopremier Sekuritas Anthony +62 21 5088 7168 anthony@ipc.co.id
13 J.P. Morgan Sekuritas Indonesia Benny Kurniawan +62 21 5291 8024 benny.kurniawan@jpmorgan.com
14 KB Valbury Sekuritas Akhmad Nurcahyadi +62 21 2945 1577 akhmad.nurcahyadi@kbvalbury.com
15 Macquarie Sekuritas Indonesia Ari Jahja +62 21 25988366 ari.jahja@macquarie.com
16 Mandiri Sekuritas Ariyanto Kurniawan +62 21 5296 9682 ariyanto.kurniawan@mandirisek.co.id
17 MNC Sekuritas Rudy Setiawan +62 21 2980 3111 muhammad.setiawan@mncgroup.com
18 Morgan Stanley Divya Gangahar Kothiyal +65 6834 6438 divya.Gangahar@morganstanley.com
19 Maybank Sekuritas Paulina Margaretha +62 21 8066 8690 paulina.tjoa@maybank.com
20 NH Korindo Sekuritas Indonesia Arief Machrus +62 21 5088 9127 arief.machrus@nhsec.co.id
21 OCBC Sekuritas Indonesia Inav Chandra +62 21 2234 5430 inav.chandra@ocbcsekuritas.com
22 Panin Sekuritas Andhika Audrey +62 21 515 3055 andrey@pans.co.id
23 RHB Sekuritas Indonesia Andrey Wijaya +62 21 2598 6888 andrey.wijaya@id.oskgroup.com
24 UBS Sekuritas Indonesia Igor Putra +62 21 2554 7033 Igor.putra@ubs.co.id
25 UOB Kay Hian Sekuritas Willinoy Sitorus +62 21 2993 3845 willinoysitorus@uobkayhian.com
26 Verdhana Sekuritas Indonesia Jupriadi Tan +62 21 5098 5799 jupriadi.tan@verdhana.id
27 Stockbit Edi Chandren +62 21 5790 6242 edi.chandren@stockbit.com
28 Sucor Sekuritas Christofer Kojongian +62 21 8067 3000 christofer.kojongian@sucorsekuritas.com
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For further information please contact: PT Astra International Tbk Corporate Investor Relations P: (+62 21) 5084 3888 E: investor@ai.astra.co.id
Names mentioned 28 people and organisations named in the text · linked when the evidence is strong
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Bank Non-Coal Mining
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Pte. Ltd.
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Indonesia Stock Exchange
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