20260506_SMMF_Laporan Hasil Pemeringkatan_32078118_lamp2.pdf

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SMMF's financing receivables continued to decline, with net receivables reaching IDR 2.41 trillion at
@nd-2025, down from IDR 3.14 trillion in FY2024 and IDR 3.51 trillion in FY2023. Market share across
all financing products declined further to 0.77Yo (FY2024: 1.00”c, FY2023: 1.33”5). Meanwhile, within
its core used car financing segment specifically, market share also declined to 2.814 in FY2025
(FY2024: 3.79Y: FY2023: 5.266). The decline in market share is attributable to the Company's
selective booking strategy and tightened risk acceptance criteria, which aim to preserve asset guality.
SMMF continues to operate 111 branches with no expansion plans. Going forward, the Company is
pivoting toward sale-and-leaseback (multiguna) financing, which already accounted for approximately
3079 of new bookings in FY2025

In FY2025, SMMF returned to profitability for the first time since FY2021, recording net income of
IDR 82.2 billion compared to a net loss of IDR 550.8 billion in FY2024. The Return on Assets improved
to 1.46Y6 (FY2024: -8.70”o: FY2023: -5.3394), though it remains below the industry average of 4.17
as of December 2025. The adjusted Net Interest Margin (NIM) (NIM, excluding insurance underwriting)
recovered to 6.476 (FY2024: 4.014: FY2023: 6.907), driven by lower interest expenses and a sharp
decline in provision charges. KRI notes that FY2025 net income was partially supported by a one-time
cash recovery in H2 2025 from previously written-off factoring receivables.

Looking ahead, a rating upgrade may be considered if the Company demonstrates sustained
improvements in profitability, a reduction in the NPF Ratio, and lower financing losses. Conversely, a
significant deterioration in asset guality--particularly a material rise in the NPF Ratio--or a weakening of
financial support from SMMA could exert downward pressure on the ratings.

SMMF Financial Result Highlights

RATING RATIONALE

Dec 2025" Dec 2024 Dec 2023 Dec 2022

For the years ended (Unaudited) | (Audited) | (Audited) | (Audited)
Total Assets (IDR, billion) 5,065.43 6,227.86 6,436.27 6,652.63
Total Debt (IDR, billion) 3,559.99 4,915.04 4,978.79 5,204.25
Total Eguity (IDR, billion) 1,395.87 115112 1,306.63 1,325:89
Total Adj. Revenue (IDR, billion) 910.31 843.59 122414 1,195.46
Net Income (IDR, billion) 82.24 (550.77) (349.07) (238.63)
Debt to Eguity (x) 2.55 4.27 3.81 3.93
Eguity/Assets (Yo) 27.56 18.48 20.30 19.93
Adj. Net Interest Margin (6) 6.47 4.01 6.90 5.10
Costilncome (Yo) 99.01 167.69 116.82 131.70
Return On Asset (42) 1.46 (8.70) (5.33) (3.46)
Return On Eauity (4) 5.46 (44.82) (26.52) (16.52
Gross NPF (96) 3.76 3.45 3.31 3.64

"Note: SMMF Financial Statements for December 31, 2025 figures are Unaudited, Parent Only .(Standalone):
December 31, 2022-2024 figures are Audited, Consolidated.

Analysts 1 Rizky Fajri Nursahadi (rizky.nursahadi@kreditratingindonesia.com)
Gromy Pilipi Pranata Purba (gromy.purba@kreditratingindonesia.com)

PT Sinar Mas Multifinance 2

RATING RATIONALE

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