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MMI PUBLIC EXPOSE
MMI PUBLIC EXPOSE
DISCLAIMER
Presentasi ini dipersiapkan semata-mata dan secara eksklusif hanya untuk pihak-pihak
yang diundang untuk keperluan diskusi. Baik presentasi ini maupun isinya tidak
diperkenankan untuk diperbanyak, diungkapkan atau dipergunakan tanpa sebelumnya
memperoleh persetujuan tertulis dari PT Madusari Murni Indah Tbk (“Perseroan”).
Perseroan tidak bertanggung jawab atas semua keputusan apapun yang dibuat oleh para
investor atau analis berdasarkan informasi yang disajikan dalam presentasi ini.
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PUBLIC EXPOSE PT MADUSARI MURNI INDAH TBK. 9TH JUNE 2026
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MEET OUR DIRECTORS
MMI PUBLIC EXPOSE
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Donny Winarno Jose G. Tan PT MADUSARI MURNI INDAH TBK.
Driving Transformation with Purpose
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AGENDA
MMI PUBLIC EXPOSE
PUBLIC EXPOSE
2025 Q1 2026 2026
COMPANY FINANCIAL FINANCIAL FORECAST
PROFILE PERFORMANCE PERFORMANCE
2026 2026 CHALLENGES OPPORTUNITIES
MARCH 31 CAPEX & &
BALANCE SHEET BUDGET STRATEGIES STRATEGIES
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MMI PUBLIC EXPOSE
COMPANY PROFILE
1. Successfully grown for the past 60 5. Distribution facilities located in East
years as the best in quality and largest Java & West Java.
ethanol company in Indonesia.
6. Pioneer in producing fuel-grade
ethanol in Indonesia since 2004;
2. Molasses-base ethanol distillery with
supplied fuel-grade ethanol to the
installed capacity of 80,000 KL a year.
state-owned Pertamina from 2006 to
2010.
3. With 4.6 MW power plant fueled by a
7. Approximately 65% of ethanol
blend of vinasse (residue after
products are for the domestic market
extraction of ethanol from molasses
while 35% are for the international
through fermentation & distillation) &
markets.
coal.
4. Manufacturing facilities located in 8. Listed in IDX since August 2018.
5 Lawang, Malang, East Java.
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MMI PUBLIC EXPOSE 2025 PERFORMANCE
(In Thousand IDR) %
Description Increase • Higher gross profit due to (1) higher
Dec 31, 2025 Dec 31, 2024
(Decrease) sales volume across all product
Net sales 1.497.999.187 1.392.544.305 7,6% segments; (2) timely & strategic
Cost of goods sold (1.062.186.365) (1.082.343.345) -1,9% positioning of raw materials
Gross Profit 435.812.822 310.200.960 40,5% purchases to reduce cost; (3) lower
Gross Profit % 29,1% 22,3% conversion cost due to higher
Selling expense (164.475.464) (141.748.342) 16,0% production output & efficiency; and
General and Administrative expense (141.114.267) (110.451.200) 27,8% (4) strong USD IDR rate on export
Interest income 363.494 430.166 -15,5% sales.
Final tax on interest income (72.699) (86.033) -15,5%
Other income (expense) - net 5.411.453 (3.067.219) -276,4%
• Lower finance cost due to lower
Operating profit 135.925.339 55.278.332 145,9%
working capital funding requirements
Gain on disposal of fixed assets 288.314 12.293.239 -97,7%
arising from timely & strategic
Profit before finance cost and income tax 136.213.653 67.571.571 101,6%
positioning of raw materials
Finance costs (16.348.889) (34.333.030) -52,4%
purchases.
Profit before tax 119.864.764 33.238.541 260,6%
Corporate income tax (26.758.929) (15.486.845) 72,8%
Net Profit 93.105.835 17.751.696 424,5%
• Forex gain in 2025 of 4,9 billion vs
Net Profit % 6,2% 1,3% loss of 743 million in 2024.
6 EBITDA 175.484.773 103.423.389 69,7%
EBITDA % 11,7% 7,4%
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Q1 2026 PERFORMANCE
MMI PUBLIC EXPOSE
Three Months Period Ended • Lower selling price of ethanol in Q1
(In Thousand IDR) %
Description Increase
2026 vs Q1 2025 due to lower
Mar 31, 2026 Mar 31, 2025
(Decrease) molasses cost; lower sales volume in
Net sales 319.166.487 384.973.578 -17,1%
Q1 2026 due to truck ban during the
Cost of goods sold (215.544.382) (295.441.358) -27,0%
Gross Profit 103.622.105 89.532.220 15,7% Idul Fitri season in March 2026; and
Gross Profit % 32,5% 23,3% higher sales volume to Philippines in Q1
Selling expense (34.264.182) (42.363.255) -19,1%
General and Administrative expense (26.224.121) (27.330.353) -4,0% 2025 due to the local election in May
Interest income 369.539 88.971 315,3% 2025.
Final tax on interest income (73.908) (17.794) 315,4%
Other income (expense) - net 2.429.809 4.354.564 -44,2% • Reasonable gross profit margin % & net
Operating profit 45.859.242 24.264.353 89,0%
profit margin % in Q1 2026 due to the
Gain (loss) on disposal of fixed assets (17.154) 36.221 -147,4%
Profit before finance cost and income tax 45.842.088 24.300.574 88,6% normalization of molasses price.
Finance costs (571.285) (7.376.670) -92,3%
Profit before tax 45.270.803 16.923.904 167,5% • Focus: push export markets, continuous
Corporate income tax (10.835.743) (6.808.256) 59,2% improvement in production efficiency,
Net Profit 34.435.060 10.115.648 240,4%
Net Profit % 10,8% 2,6%
control cost & expenses, identify &
develop new market segments and
7 EBITDA 58.793.368 33.613.285 74,9% products.
EBITDA % 18,4% 8,7%
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MMI PUBLIC EXPOSE
2026 FORECAST & ONWARDS
• 2026: Despite the softening of ethanol prices and the economic
impact of the on-going conflict in the Middle East, Molindo
remains confident to duplicate the strong turnover and
profitability it achieved in 2025.
• Medium Term: The implementation of the government’s plan for
mandatory ethanol blending E5 (5% fuel-grade ethanol, 95%
gasoline) will be rolled out starting July 2026, and eventually to
E10 (10% fuel-grade ethanol, 90% gasoline) by 2028. This will
create a demand of approximately 1.2 million kiloliters of fuel-
grade ethanol by 2030. This presents an opportunity for Molindo
8 to accelerate expansion of production capacity.
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MARCH 31, 2026 & DECEMBER 31, 2025
BALANCE SHEETS
MMI PUBLIC EXPOSE
(In Thousand IDR) %
Description Increase
Mar 31, 2026 Dec 31, 2025
(Decrease)
Current Assets 843.748.393 805.032.679 4,8%
Non-Current Assets 801.336.817 809.026.989 -1,0%
Total Assets 1.645.085.210 1.614.059.668 1,9%
Current Liabilities 97.868.294 102.496.764 -4,5%
Nn-Current Liabilities 70.918.310 69.529.415 2,0%
Total Liabilities 168.786.604 172.026.179 -1,9%
Total Equity 1.476.298.606 1.442.033.489 2,4%
Total Liabilities & Equity 1.645.085.210 1.614.059.668 1,9%
Liquidity & Solvency Ratios Mar 31, 2026 Dec 31, 2025
Current Ratio 8,6 7,9
Interest Bearing Debts to Equity Ratio 0,0 0,0
Total Liabilities to Total Equity Ratio 0,1 0,1
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Total Liabilities to Total Assets Ratio 0,1 0,1
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2026 CAPEX PLAN
MMI PUBLIC EXPOSE
• Approximately 350 billion for
new Distillation equipment, liquid
CO2 line, boiler and other
supporting equipment.
• H i g h e r c a p a c i t y, m o r e e ff i c i e n t
production process and cost
e ff i c i e n c y, o p p o r t u n i t y t o d e v e l o p
new high-end ethanol products.
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MMI PUBLIC EXPOSE
CHALLENGES & STRATEGIES
CHALLENGES
1. Oversupply of ethanol product (non-fuel grade)
in the domestic market.
2. Lack of regulatory control over export of
feedstock to other countries.
3. Escalation of energy cost.
STRATEGIES
1. Focus on niche markets requiring higher
quality with better margin, especially for the
international market.
2. Develop new products through market
research and R&D.
3. Invest in new technology requiring lower
11 consumption of energy.
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MMI PUBLIC EXPOSE
OPPORTUNITIES & STRATEGIES
OPPORTUNITIES
1. Strong US dollar provides better margin for export
market.
2. Government’s policy of mandatory blending of fuel-
grade ethanol with gasoline will create demand for
fuel-grade ethanol of approximately 1.2 million kiloliters
by 2030.
STRATEGIES
1. Develop new export markets in the Asia Pacific.
2. Molindo has been actively engage in forums,
consultations and meetings organized by relevant
government agencies for the development of
sustainable policy on mandatory fuel-grade ethanol-
gasoline blending, which will be rolled out in stages (E5,
12 then E10).
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MMI PUBLIC EXPOSE
QUESTION & ANSWER
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THANK YOU!
THE BOARD OF DIRECTORS – PT MADUSARI MURNI INDAH TBK.
www.molindo.co.id | IDX: MOLI
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