PT Medco Energi Internasional (MEDC) Q1 2025 earnings summary

Executive summary

• Q1 2025 production reached 143 mboepd, with power sales at 871 GWh, impacted by seasonality and maintenance events.

• EBITDA was $332mn, up from Q4 2024, driven by cost management and strong operational performance.

• Net income was $18mn, affected by AMMN/Amman Mineral Internasional's net loss during smelter commissioning.

• Major milestones included first oil at Natuna Forel, first gas at Terubuk, and commissioning of Ijen Geothermal and East Bali PV.

• Share buybacks (~380mn shares) and $519mn bond buybacks executed YTD; $400mn USD bond issued in May.

Financial highlights

• Consolidated revenue for Q1 2025 was $560mn, up 1% year-over-year and 9% sequentially.

• EBITDA reached $332mn, a 1% increase year-over-year and 14% higher than Q4 2024.

• Net income was $18mn, down from Q4 2024, mainly due to AMMN's net loss.

• Cash and cash equivalents stood at $876mn at quarter-end, up 26% from Q4 2024.

• Net debt to EBITDA improved to 1.7x from 1.8x at year-end 2024.

Outlook and guidance

• 2025 production guidance set at 145–150 mboepd and power sales at 4,500 GWh.

• Oil & gas capex planned at $400mn, power capex at $30mn for 2025.

• Cash cost guidance remains below $10/boe; ROE target above 15%.

• Focus on completing Senoro Phase 2A, progressing Ijen and Batam IPP expansions, and strengthening energy transition capabilities.

• Continued share buybacks, dividend distributions, and debt repayments planned.