PT Bumi Resources (BUMI) Q3 2025 earnings summary

Executive summary

• Nine-month 2025 coal production reached 54.9 million tonnes, down from 57.3 million tonnes year-over-year due to heavy rainfall, especially at KPC.

• Realized coal prices fell to $60 from $73 year-over-year, reflecting global market trends.

• Revenue for the nine months ended September 30, 2025, reached USD 1.04 billion, up 12% year-over-year, driven by higher coal and gold sales.

• Net income attributable to owners was USD 29.4 million, down from USD 122.9 million in the prior year, mainly due to higher operating and finance costs.

• Diversification strategy underway, with acquisitions in copper, gold, and bauxite assets in Australia and Indonesia, including a staged investment in Jubilee Metals Limited, increasing ownership to 41.36% by September 2025.

Financial highlights

• Consolidated revenues for the period were $3.5 billion, down 17% from $4.2 billion year-over-year.

• Gross profit for the period was USD 161.3 million, up from USD 93.6 million year-over-year.

• Operating income declined 22% year-over-year, while operating profit reached USD 84.4 million, compared to USD 25.4 million in the prior year.

• Net profit decreased due to lower coal prices, a write-off in BRMS, and absence of last year's deferred tax benefit.

• Cash and cash equivalents increased to USD 112.5 million from USD 52.5 million at year-end 2024.

Outlook and guidance

• Sales guidance for 2025 remains at 73-75 million tonnes, limited by RKAB production quotas.

• Price guidance for Q4 is $59-$61 per tonne, with potential upside if market prices continue to rise.

• Production outlook for 2026 is slightly up, pending government approval of RKAB submissions.

• Wolfram Mining expected to produce 50,000 oz gold annually from June 2026; Jubilee to reach 25,000 oz.

• Management expects improved financial flexibility and capital structure post-quasi-reorganization.