PTBA - FY25 Sales +6% yoy; Downstream Initiatives Outlined

PTBA - FY25 Sales +6% yoy; Downstream Initiatives Outlined PT Bukit Asam Tbk (PTBA) recorded coal sales volume of 11.7 mt in 4Q25 (-3% qoq, +1% yoy), bringing FY25 sales volume to 45.4 mt (+6% yoy). Sales growth was supported by higher coal transportation and a shift in HBA implementation toward more favorable purchasing schemes. In terms of market mix, exports accounted for 52% of total 4Q25 sales volume (+24% qoq), while domestic sales contributed 48% (-21% qoq). Bangladesh drove higher coal imports during the quarter, while Spain emerged as a new export destination in 4Q25. Operationally, the stripping ratio increased to 6.3x in 4Q25 (vs. 5.7x in 3Q25). However, FY25 stripping ratio declined to 6.1x (vs. 6.2x in FY24), remaining below the FY25 guidance of 6.5x. Coal transportation volume reached 10.4 mt in 4Q25 (-3% qoq) and 40.4 mt in FY25 (+6% yoy). To ensure delivery commitments to buyers, non KAI transportation volumes were also increased on a yoy basis. PTBA’s new strategic initiatives beyond coal, anchored in its 2026 outlook, underscore a clear pivot toward downstream monetisation and infrastructure leverage, focusing on: 1) new coal logistics linking North and South Sumatra; 2) coal-fired power capacity to support aluminum smelters and the PLN grid; 3) downstream expansion via coal-to-gas, coal-to-liquid, and potassium humate projects. (Source: Company)