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PT Merdeka Copper Gold
PT Merdeka Copper Gold (MDKA) investor relations material
PT Merdeka Copper Gold Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary17 Dec, 2025
Executive summary
Consolidated revenue for 9M 2025 was $1.28 billion, down 23% year-over-year, mainly due to lower HGNM and NPI contributions, partially offset by higher gold and nickel ore sales and improved gold prices.
EBITDA rose 33% year-over-year to $295 million, driven by higher gold sales, improved NPI profitability, and increased third-party nickel ore sales.
Net profit reached $14 million, a 173% increase year-over-year, reflecting stronger operational performance and margin expansion.
Interim consolidated financial statements for the nine months ended 30 September 2025 were audited and received an unqualified opinion, confirming fair presentation in accordance with Indonesian Financial Accounting Standards.
Key audit matter identified was the assessment of impairment indications for exploration and evaluation assets and mining properties, with no impairment indicated as of 30 September 2025.
Financial highlights
Revenue: $1.28 billion (down 23% YoY); EBITDA: $295 million (up 33% YoY); Net profit: $14 million (up 173% YoY).
MBMA revenue: $935 million (down 32% YoY); EBITDA: $140 million (up 22% YoY); Net profit: $63 million (up 5% YoY).
Gross profit margin improved to 12.9% from 7.1% YoY; EBITDA margin increased to 22.9% from 13.3% YoY.
Finance costs rose due to higher debt, with outstanding debt at $1.9 billion (up from $1.6 billion YoY).
Outlook and guidance
Gold and copper production for FY 2025 on track at 100,000–110,000 ounces and 10,000–12,000 tonnes, respectively.
NPI production guidance for FY 2025 is 70,000–80,000 tonnes; SCM to supply 60–70% of RKEF ore feed.
Cash cost guidance: saprolite below $25/wmt, limonite below $13/wmt, NPI below $11,000/tNi, gold $1,100–1,250/oz, copper $3.00–3.20/lb.
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Next PT Merdeka Copper Gold earnings date
Q4 20251 Apr, 2026
PT Merdeka Copper Gold
Next PT Merdeka Copper Gold earnings date
Q4 20251 Apr, 2026
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