PT Medco Energi Internasional (MEDC) Q2 2025 earnings summary

Executive summary

• Achieved strong operational and financial performance in 1H 2025, with significant progress in oil & gas, power, and mining segments.

• EBITDA reached $623 million in 1H 2025, down 4% year-over-year, reflecting resilience despite a 14% drop in average realized oil prices.

• Net income was $37 million, impacted by lower oil prices, a negative contribution from Amman Mineral Internasional, and dry hole expenses.

• Completed acquisition of Repsol's 24% interest in Corridor PSC, increasing ownership to 70% and boosting production and reserves.

• Advanced key renewable projects, including Ijen Geothermal and East Bali Solar PV, both reaching commercial operation.

Financial highlights

• 1H 2025 consolidated revenue was $1,138 million, down 2% year-over-year; EBITDA reached $623 million, down 4%.

• Net income for 1H 2025 was $37 million, a significant decrease from $201 million in 1H 2024.

• Oil & gas production averaged 143 mboepd; power sales totaled 1,994 GWh.

• Net debt reduced to $2.1 billion; RG Net Debt to EBITDA at 1.8x.

• Amman Mineral Internasional posted a net loss of $31 million, down from a $99 million profit in 1H 2024.

Outlook and guidance

• 2025 production guidance set at 155–160 mboepd and 4,300 GWh power sales.

• Oil & gas capex guidance at $400 million; power capex at $30 million.

• Oil & gas cash costs projected to remain below $10/boe.

• Focus on completing key projects, expanding renewables, and strengthening energy transition capabilities.

• RG Net Debt to EBITDA expected to remain below 2.5x at mid-cycle price.