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Important Note: The results provided below reflect the audited consolidated results of PT Harum Energy Tbk. (“the Company”) for the 12-
months period ending 31 December 2025 (“FY 2025”), which include the results of PT Mahakam Sumber Jaya (“MSJ”), PT Layar Lintas Jaya
(“LLJ”), PT Santan Batubara (“SB”), PT Karya Usaha Pertiwi (“KUP”), PT Bumi Karunia Pertiwi (“BKP”), PT Harum Nickel Perkasa (“HNP”), PT
Tanito Harum Nickel (“THN”), Nickel International Capital Pte., Ltd. (“NICAP”), PT Harum Nickel Industry (“HNI”), PT Infei Metal Industry
(“IMI”), PT Position (“POS”), PT Westrong Metal Industry (“WMI”), and PT Blue Sparking Energy (“BSE”). The report below is prepared by the
management and unaudited.
Nickel continues to drive the Company’s operational growth, with FY2025 volume rising 29% YoY and 4Q 2025 volume up 16% YoY. ASP declined only 4% for the year, outperforming the 10% YoY decline in LME nickel prices. Operational execution strengthened further, with utilization reaching 89% of total installed capacity in 2025, positioning the segment for stronger operating leverage as market conditions improve
Coal performance reflects disciplined production management amid a cyclical downturn, with FY sales volume and ASP declining by 15% and 13% YoY, respectively. The sharper 38% YoY reduction in 4Q volume demonstrates proactive alignment to the 2025 production target of 5.1 MT. ASP decline outperformed the NEWC benchmark’s 23% YoY drop, highlighting relative pricing resilience despite softer global conditions
Consolidated revenue rose 3% YoY to USD 1,338.6 million for FY 2025, supported primarily by higher nickel sales volume, with the nickel segment contributing 69% of total revenue. The revenue mix continues to shift toward nickel, reinforcing the Company’s strategic transition away from coal dependency and underscoring a successful pivot toward a more diversified and structurally resilient earnings base
FY2025 EBITDA reached USD 200.9 million declining to 29% YoY for the full year, due to margin compression driven by weaker commodity prices and the changing business mix. As coal historically carried higher margins, the shift toward nickel temporarily pressures profitability during the transition phase
Consolidated Net profit decreased by 42% YoY to USD 45.3 million, reflecting cyclical margin compression rather than structural weakness, as well as higher financing cost and one-off non-cash adjustments in 1Q 2025. As the portfolio continues to rebalance toward higher-volume nickel operations, the Company is building a platform for more sustainable long-term growth
We encourage all readers to read and review the full report attached below for complete details and analysis
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