PT Medco Energi Internasional (MEDC) Q3 2025 earnings summary

Executive summary

• Achieved stable EBITDA year-over-year despite a 15% drop in oil prices, supported by disciplined debt management and portfolio expansion.

• Completed significant acquisitions, including increasing Corridor PSC interest to 70% and full consolidation of Transasia Pipeline Company Pvt. Ltd.

• Expanded renewable power capacity with new geothermal and solar projects coming online in 2025.

• Distributed $37.9 million in cash dividends in July 2025 and delivered 18% growth in dividend per share.

• Gross profit margin declined to 37.8% from 38.1% year-over-year, reflecting higher costs.

Financial highlights

• Nine-month 2025 consolidated revenue was $1.76 billion, down 1.5% year-over-year.

• Net income for the period was $86 million, a 68.7% decrease year-over-year.

• EBITDA reached $946 million, down 3.4% year-over-year.

• Cash and equivalents at $755 million, up 12.5% from the prior year.

• Basic EPS: $0.00346 (9M 2025) vs $0.01091 (9M 2024).

Outlook and guidance

• 2025 oil & gas production guidance: 155–160 mboepd; power sales: 4,300 GWh.

• 2026 guidance: oil & gas production 165–170 mboepd, power sales 4,550 GWh, capex $400–430 million.

• Cash cost expected to remain below $10/boe, with net debt to EBITDA below 2.5x.

• Focus on bringing new production onstream and integrating recent acquisitions.

• Management is monitoring the impact of new tax regulations (Pillar Two) but does not expect material effects in the near term.