Quarterly
Report

The Group’s consolidated net revenue in the First Quarter of 2025 was Rp34.3 trillion, 6% higher year on year. The revenue was mainly derived from:

• Rp12.6 trillion in Mining Contracting, 6% lower
• Rp10.9 trillion in Construction Machinery, 31% higher
• Rp7.0 trillion in Thermal and Metallurgical Coal Mining, 15% lower
• Rp2.9 trillion in Gold and Other Mineral Mining, 61% higher

Net income was Rp3.2 trillion, 30% lower due to:

• declined performance contribution from Thermal and Metallurgical Coal Mining business resulting from lower coal sales and prices and Mining Contracting business owing to heavy rain were partly offset by improved contribution from Gold and Other Mineral Mining and Construction Machinery businesses, and
• ⁠net loss from associates related to an impairment of two Nickel Industries Limited (NIC)’s older RKEF processing plants**.

**) equity income from NIC for the 3-month period in arrears based on NIC’s results from the final quarter of 2024