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Important Note: The results provided below reflect the unaudited consolidated results of PT Harum Energy Tbk. (“the Company”) for the 6-months period ending 30 September 2025 (“9M 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.
Coal sales volume reached 4.3 million tons (MT) in 9M 2025, in line with the Company’s RKAB target and production plan. Despite a 10% YoY decline, production was managed prudently amid softer global demand, with the remaining output expected in 4Q to meet the full-year target of 5.0–5.3 MT. The average selling price (ASP) is 12% lower YoY, outperforming the 22% decline in the NEWC benchmark over the same period.
Nickel sales volume grew 36% YoY as WMI optimized its utilization rate. Overall RKEF utilization rose to 89% in 9M 2025, from 80% a year earlier. The nickel ASP declined only 5% YoY, outperforming the broader market where LME nickel price fell 10%, from an average of USD 16,850 per tonne in 9M 2024 to USD 15,259 per ton in 9M 2025.
Consolidated revenue rose 6% YoY to USD 1,023.8 million, driven by strong growth in the nickel division, which now contributes 65% of total revenue. This reflects the Company’s strategic pivot toward diversification and long-term sustainability.
EBITDA reached USD 162.5 million, a 31% YoY decrease mainly reflecting the lower contribution from the coal business, which has historically carried higher margins. This trend illustrates the Company’s ongoing transition toward a nickel-focused growth portfolio, amid persistent global pricing headwinds.
Net profit for 9M 2025 was USD 42.2 million, with USD 3.8 million generated in 3Q. The quarter’s result reflected higher interest expenses following additional loan drawdowns totaling USD 381.1 million during the year, with most of the interest payments recognized in 3Q.
