Investor Relations – Financial Highlights

Short Management Discussion and Analysis

Key movements in Q2/26

Y-on-Y highlights, Q2-2026 against Q2-2025:

• Sales volume increased by 3%, driven by higher export sales. Export sales volume accounted for 16%, up from 12% of total sales in the prior year.
• Sales revenue increased by 19%, primarily driven by increase in sales volume and higher average selling prices as the market strengthened.
• Cost of Goods Sold increased by 6%, mainly due to inventory drawdown (higher sales vs. lower production), while underlying manufacturing costs per unit remained largely stable.
• The value and margin of EBITDA increased, primarily driven by higher sales revenue.
• Profit for the period increased, supported by higher EBITDA and EBITDA margin.
• Total liabilities and debt decreased by 9% and 14%, respectively, primarily because of debt repayments.
• Debt/Equity improved by 11%, driven by a combination of equity growth and debt reduction.

Q-on-Q highlights, Q2-2026 against Q1-2026:

• Sales volume increased by 12%, driven by higher domestic and export sales. Export sales volume accounted for 16%, up from 12% of total sales in the prior quarter.
• Sales revenue increased by 23%, primarily driven by increase in sales volume and higher average selling prices as the market strengthened.
• Cost of Goods Sold increased by 17%, mainly due to inventory movement normalization.
• The value and margin of EBITDA increased, primarily driven by higher sales revenue.
• Profit for the period increased, supported by higher EBITDA and EBITDA margin.
• Total liabilities and debt both decreased by -0.1%, due to debt repayments.
• Debt/Equity remained stable compared to the prior quarter.

Y-on-Y highlights, H1-2026 against H1-2025:

• Sales volume has decreased by 3%, driven by lower export sales. Domestic sales volume accounted for 86%, up from the prior year’s 83% of total sales.
• Sales revenue has increased by 8%, primarily driven by higher average selling prices amid a stronger market.
• Cost of Goods Sold has decreased by 4%, from lower production volumes.
• The value and margin of EBITDA increased, primarily driven by higher sales revenue.
• Profit for the period increased, supported by higher EBITDA and EBITDA margin.
• Total liabilities and debt decreased by 9% and 14%, respectively, primarily because of debt repayments.
• Debt/Equity improved by 11%, driven by a combination of equity growth and debt reduction.

Notes:

– On 30 June 2026, the Total Debt of IDR 4,518 billion consisted of around USD 18 million and IDR 4,196 billion.
–  Average cost of debt (pre-tax, trailing-twelve months) has slightly decreased in Q2-2026 from the previous quarter, from 6.4% (Q1/26) to 6.2% (Q2/26), reflecting proactive management and optimization of the debt structure.