PT Vale Indonesia (INCO) Q3 2025 earnings summary

Executive summary

• Revenue for the nine months ended September 30, 2025 was $705.4 million, nearly flat compared to $708.6 million in the same period last year.

• Net profit attributable to shareholders was $52.4 million, up slightly from $51.1 million year-over-year.

• The company completed a major share divestment and rights issue, resulting in MIND ID becoming the largest shareholder at 34%.

• A new Special Mining Business License (IUPK) was issued, extending operational certainty through at least 2035.

Financial highlights

• Gross profit for the period was $73.5 million, down from $80.2 million year-over-year.

• Operating profit was $43.8 million, compared to $55.1 million in the prior year.

• EBITDA and EBIT not explicitly stated, but operating margin declined due to higher operating expenses and lower gross margin.

• Earnings per share (EPS) was $0.0050, up from $0.0049 year-over-year.

• Total assets increased to $3.24 billion from $3.18 billion at year-end 2024.

• Cash and cash equivalents at period end were $496.3 million, down from $674.7 million at year-end 2024.

Outlook and guidance

• The IUPK provides operational certainty through December 2035, with potential for further 10-year extensions.

• The company is committed to major investment projects in South, Central, and Southeast Sulawesi, including HPAL processing facilities.

• New government regulations require 100% of export proceeds to be held in Indonesia for at least 12 months, impacting liquidity management.