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Value. Focus. Growth. PUBLIC EXPOSE 2026 Medco Energi Internasional Tbk (IDX: MEDC, OTCQX: MDCOY) | 2026
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Leadership Team - Built On A Proven Foundation
Continuing Medco’s commitment to disciplined growth and its legacy of operational excellence and credit discipline
Board of Directors
Hilmi Panigoro
President Director
Ronald Gunawan Amri Siahaan 28 years with MEDC Benny Setiawan Sanjeev Bansal
Chief Executive Officer Chief Operating Officer Chief Financial Officer Chief Growth Officer
11 years with MEDC 11 years with MEDC 7 years with Medco Group 11 years with MEDC
CONTINUITY AND CONSISTENCY
OPERATIONAL PRODUCTION AND DISCIPLINED CAPITAL BALANCE SHEET & SUSTAINABLE
EXCELLENCE COST MANAGEMENT ALLOCATION LIQUIDITY MANAGEMENT GROWTH
• Safe and reliable • Production and • Balanced allocation • Financial flexibility to • Organic development of
operations cost discipline between capital pursue value- core assets
• Continuous • Cost efficiency and expenditures, accretive • Disciplined and selective
improvement asset optimization deleveraging, and opportunities M&A
shareholder returns • Disciplined liquidity • Maintain MSCI AAA ESG
and cost of funding rating
management
CREDIT QUALITY FINANCIAL FLEXIBILITY PRUDENT DEBT MANAGEMENT STAKEHOLDER CONFIDENCE
Protect and enhance Maintain strong liquidity Maintain prudent debt Deliver sustainable value for
creditworthiness and funding access and cost of funding optimization bondholders and shareholders
2 Value. Focus. Growth.
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Strong Oil & Gas Production Underpins 1Q Performance
A diversified portfolio and financial discipline reinforce resilience amid uncertainty:
Oil & Gas Power Copper & Gold Mining
One of SEA’s largest independent oil & gas One of the largest gas-fired and renewable ~21% stake in PT Amman Mineral Internasional
producers power platforms in Indonesia Tbk. (AMMN) valued at USD 2.6 bn1
Our 1Q 2026 Performance
Oil & Gas Production2 Revenue EBITDA Net Income
170.1 668.3 351.1 67.4
mboepd USD mn USD mn USD mn
+19.0% YoY +19.2% YoY +5.7% YoY +282.3% YoY
Power Sales2 Cash Cost RG Net Debt / LTM EBITDA MSCI ESG Rating
2,323 9.0 1.7x AAA
GWh USD per boe
+16.5% YoY (< guidance USD 10 per boe) (guidance < 2.5x) As per March ‘26
1As of 30 June 2026
3 2As of 1H 2026
Value. Focus. Growth.
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Our Business Strategy is Delivering Long-Term Value
1H 2026 Production and Power Sales Tracking Ahead of 2026 Guidance
Oil & Gas Clean Power Copper & Gold Mining
Production Power Sold
1H 2026 170.1 mboepd 1H 2026 2,323 GWh Ownership in Amman Mineral ~21%
72/28 75.1 1,733 590 101 136
% of Gas/Liquids 1Q Realised Oil, USD/bbl 1H GWh Gas Power Sold 1H GWh Renewables 1Q Prod Mlbs Copper 1Q Prod Koz Gold
16 Production Assets 9.0 1Q Cash Cost, USD/boe 6 Operated Gas-Fired IPPs 4 Geothermal & Solar IPPs 485 FY26 Mlbs Copper 579 FY26 Koz Gold
542 MMBOE 1H Net 2P Reserves 1,012 MW 1Q IPP Installed Capacity (Gross) 23.4 Blb FY24 Copper Reserves
1,154 MMBOE 1H Net Contingent Resources 26% 1Q Renewable Mix Installed Capacity 32.7 Moz FY24 Gold Reserves
4 Value. Focus. Growth.
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Value. Focus. Growth.
1 V A L UE
Build long term sustainable value through a diversified and
Oil & Gas Production (mboepd) Net 2P Reserves (mmboe)
integrated platform across Oil & Gas, Power, and Amman
Mineral's copper and gold operations. Disciplined
163 564 542
operation drives value creation, with a top-tier MSCI AAA 160 152 156 170
481
539
493
ESG rating reinforcing our commitment to long-term
competitiveness. 2022 2023 2024 2025 1H26 2022 2023 2024 2025 1H26
2 F O C US
Disciplined cost and capital management spans every
O&G Cash Cost (USD/boe) RG Net Debt / EBITDA (x)
business line. Operational excellence and strong asset-
liability management ensure balance-sheet resilience, 8.3 8.2 8.6 9.0 2.1x 1.8x 2.0x
6.8 1.4x 1.7x
backed by committed undrawn facilities ensuring liquidity
for operation and growth opportunities.
2022 2023 2024 2024 1Q-26 2022 2023 2024 2025 1Q-26
3 GROWTH
Pursued through disciplined M&A, every acquisition since Block B ‘16 Ophir ‘19 Corridor 46% ‘22 Oman ‘23 Corridor 24% ‘25 Sakakemang and
TGI ‘25
2016 has been value accretive. Organic growth momentum USD 238 mn USD 541 mn USD 1,355 mn USD 713 mn1 USD 425 mn
USD 90 mn
continues to extend production, while AMMN and its 296% 122% 134% 35% 32% 22%
Elang Project add long-term upside potential in copper and 35 mmboe 2P 69 mmboe 2P 124 mmboe 2P 53 mmboe 2P 58 mmboe 2P 26 mmboe 2P
gold. Acq. Price Paid
Recovery % = Net CF since acq. until 31 Mar 2026 ÷ Acq. price paid
5 1 Including deferred consideration Value. Focus. Growth.
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Maintaining Operational Excellence In Key Projects For Future Cash Flow
Key asset progress strengthens the outlook for sustained value creation.
INDONESIA • INDONESIA • SAKAKEMANG INDONESIA • CORRIDOR
PSC Extension Updates Updates Sambar (New Field Development)
• Madura (exp. 2027): MEMR signs key terms • POD revision approved • Targeting partial onstream in Q4 2026,
for 20 years extension • Expected production of ~85 mmscfd with production continuing up to 85 mmscfd
• Lematang (exp. 2027), Sampang (exp. 2027), first gas target in Q3 2027 Rebonjaro (New Field Development)
Block B (exp. 2028), Block A (exp. 2031) and • Signed binding key principles on the gas • First-phase drilling, targeting partial
Bangkanai (exp. 2033): proposal document commercialization with buyers onstream in 1Q 2027
submitted for Government review and
approval • MoU Facility Sharing with Grissik signed Development drilling in the Suban & Rawa
Fields, and facility optimization to sustain base
production
INDONESIA • TOMORI OVERSEAS • OMAN OVERSEAS • THAILAND / MALAYSIA
Senoro Oman 60: Bualuang
• Senoro phase 2A full onstream in Jun 2026 • Bisat C and Bisat C-Exp debottlenecking for • Completed Bualuang Renewal Plan Phase I
to maintain a production plateau ~340 water handling to maintain plateau project and onstream in Q2 2026 with
mmscfd until 2031 production of around 60 mboepd incremental production ~2,000 bopd
• Initiating an assessment of Senoro Phase Oman KSF • Progressing Bualuang Renewal Plan Phase
2B to extend the production plateau beyond II to sustain production rate
2031 • Secured 9 years exploration extension (2026-
2035) as part of service agreement with PDO Cendramas
• PSC signed on 31 March 2026, with an
• Approval of full scale of steam flood
effective date of 23 September 2026
development in Ilham field
6 All figures are in Gross 100% Value. Focus. Growth.
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Power: One of Indonesia’s Biggest Renewables Players
2,323 GWh 1,012 MW 2,160 MW 26%
Power sales (+16.5% YoY) | 25% of power sales
IPP Installed Capacity (Gross) O&M Installed Capacity Renewable installed mix
comes from renewables
Our Projects by Energy Source and Stage of Development
GAS-FIRED GEOTHERMAL SOLAR PV MINI-HYDRO O&M
● Riau 275 MW ● Sarulla 330 MW ● Sumbawa 26 MW ● Cibalapulang 9 MW ● Tanjung Jati B 1,320 MW
● ELB 109 MW ● Ijen 35 MW ● East Bali 25 MW ● Pusaka 9 MW ● Sarulla 330 MW
● MEB 85 MW ● Riau 275 MW
Installed
● DEB 85 MW ● Sulut-1 100 MW
● EPE 12 MW ● Timor-1 100 MW
● MPE 12 MW ● Ijen 35 MW
Development ● DEB expansion 215 MW ● Ijen ● West Bali 25 MW
75 MW
Exploration ● Bonjol PSPE 60 MW
● Samosir PSPE 40 MW
Pipeline ● Bulan 600 MW
7 Value. Focus. Growth.
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ESG as a Cost-of-Capital Lever
AAA -30% -40% 26%
MSCI ESG rating (Mar 2026) E&P GHG vs 2019 (achieved) Methane vs 2019 (achieved) Renewable installed mix
MSCI ESG RATING JOURNEY
E&P Scope 1&2 GHG (mn tCO2e) E&P Methane (k tCO2e) Renewable Mix Installed (%)
▼ 30% vs 2019 (2019–25) ▼ 40% vs 2019 (2019–25) 2025: 26% renewable
BBB A A AA AAA
5.4 164 Gas IPP Renewable IPP
Nov-21 Dec-22 Nov-23 Nov-24 Mar-26
Upgraded 3 notches since 2021 — top of MSCI scale 26%
3.8
97
MSCI ESG rating scale
CCC B BB BBB A AA AAA
AAA — as of 23 March 2026
2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025
8 Value. Focus. Growth.
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Financial Results
Strong operating performance and cash generation support lower leverage
Metric Q1-26 Q4-25 QoQ % Q1-26 Q1-25 YoY % EBITDA (USD mn) Net Income (USD mn)
Revenue (USD mn) 668.3 638.0 4.7 668.3 560.5 19.2
- Oil and Gas (USD mn) 616.5 591.1 4.3 616.5 509.7 21.0 163 156 169 531
160 152
- Power (USD mn) 43.4 44.1 (1.7) 43.4 44.4 (2.2) 96 143
78 78
1,593 67 367
- Service and Others (USD mn) 8.4 2.7 >100 8.4 6.4 30.8 75
72 331
Gross Profit (USD mn) 231.7 277.9 (16.6) 231.7 229.3 1.1 1,255 1,272 1,264
Gross Profit margin (%) 34.7 43.5 (20.4) 34.7 40.9
EBITDA (USD mn) 351.1 317.8 10.5 351.1 332.2 5.7 332 351 101
67
EBITDA margin (%) 52.5 49.8 5.5 52.5 59.3 18
Finance cost (USD mn) (81.0) (81.7) (0.8) (81.0) (79.0) 2.6 2022 2023 2024 2025 Q1 25 Q1 26 2022 2023 2024 2025 Q1 25 Q1 26
Net Income (USD mn) 67.4 15.3 >100 67.4 17.6 282.3 Production (mboepd) Realized Oil Price
- AMMN (USD mn) 33.5 89.4 (62.5) 33.5 (29.0) (215.4)
Restricted Group (RG) Debt (USD bn)1 Cash Flows from Operation (USD mn)
Metric Q1-26 Q4-25 QoQ % Q1-26 Q1-25 YoY %
2.4
Consolidated Gross Debt (USD mn) 3,520.2 3,646.3 (3.5) 3,520.2 3,430.4 2.6 2.1 2.0 4.0 1,220
1.8 1.8 2.0 1,116
RG Gross Debt (USD mn)¹ 2,780.5 2,879.1 (3.4) 2,780.5 2,828.7 (1.7) 2.1 2.0
1.8 1.7 1.7 3.0 906
RG Net Debt (USD mn)¹ 2,306.1 2,403.7 (4.1) 2,306.1 2,121.7 8.7 1.4
723
RG Net Debt/EBITDA² 1.7x 2.0x – 1.7x 1.7x – 2.0
2.7 2.8 2.5 2.7 2.9 2.8 2.8
Operating Cash Flow (USD mn) 273.0 240.6 13.4 273.0 210.5 29.7 2.1 2.2 2.4 2.1 2.3 1.0 211 273
Cash & Equivalents (USD mn)³ 597.7 632.8 (5.5) 597.7 875.7 (31.7)
-
Total Assets (USD mn) 8,272.9 8,362.7 (1.1) 8,272.9 8,087.8 2.3
2022 2023 2024 2025 Q1 25 Q1 26 2022 2023 2024 2025 Q1 25 Q126
Dividends paid (USD mn) – 42.2 – – – –
Shares bought back (mn) – 32.8 – – – –
1 Restricted Group, excluding PT Medco Power Indonesia ("MPI") and Services and Others 3 Cash & Cash Equivalent includes Restricted Cash in Banks
9 2 Annualized, excluding MPI and Services and Others
Value. Focus. Growth.
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2026 Guidance: Beyond Production
Metric FY2026 Guidance 1Q-26 actual
O&G production (mboepd) – 1H26 165 - 170 1701
Power sales (cumulative GWh) – 1H26 4,550 2,3231
O&G capex (USD mn) 415 88
Power capex (USD mn) 15 2
Cash cost (USD/boe) < 10 9.0
RG Net debt / LTM EBITDA < 2.5x 1.9x
Return on Equity (ROE) > 15% 7%
Further Catalyst for FY 2026
Sakakemang and further Corridor
Bualuang Phase-1 onstream Q2 2026 Continue Batam IPP expansion
developments
Maintain cash cost and production as per
Further portfolio enhancements AMMN smelter ramp-up continues
guidance
10 1As of 1H 2026 Value. Focus. Growth.
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THANK YOU
Value. Focus. Growth.
PT Medco Energi Internasional Tbk | www.medcoenergi.com
Investor Relations | investor.relations@medcoenergi.com
Value. Focus. Growth. MEDCOENERGI | Q1 2026 Investor Update 11
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