ANTM A Third of 2025's Profit Jump Came From a Courtroom, Not a Mine

A Legal Reversal Did a Third of the Work That Mining Gets Credit For

ANTAM's operating profit rose 180.0% in 2025 to Rp8,395 billion, but about a third of that Rp5,397 billion increase - Rp1.76 trillion of it - came from reversing legal-case provisions after a favorable Supreme Court ruling, not from mining or refining more. ANTAM (IDX: ANTM) reported revenue of Rp84,642 billion for the year ended December 31, 2025 (up 22.3%) and net profit attributable to owners of Rp7,209 billion (up 97.7%), in audited consolidated financial statements authorized for issue on March 31, 2026. Management's own narrative credits the operating-profit jump entirely to "higher sales volumes, optimization of a value-added product mix, and consistent implementation of operational efficiency initiatives" - it never mentions that the single biggest swing inside that profit was a Rp1.38 trillion reversal of provisions for legal cases, which fell from Rp1,547.6 billion to Rp165.5 billion on the balance sheet over the year. Underneath that one-off, the real operating story is a nickel segment that nearly tripled its share of group profit even as a Rp1.08 trillion impairment - more than double 2024's - hit it, almost all of it in the fourth quarter, and a revenue mix inside that same segment that swung hard toward unprocessed ore and away from the ferronickel ANTAM actually smelts (see Key Financial Metrics and Segment Comparison).

Rp1.76 Trillion of the Profit Swing Was a Reversed Provision, Not a Lower Cost Base

Inside general and administrative expenses, the line "(reversal)/additions of provision for legal case" moved from a Rp379.9 billion addition to expenses in 2024 to a Rp1,382.0 billion reversal in 2025 - a swing of Rp1,761.9 billion that, by itself, explains 32.6% of the year's entire Rp5,397.1 billion increase in operating profit. The balance-sheet provision for legal cases fell by almost exactly the same amount (the filing does not say whether the release was settled in cash or gold bars, or simply released), from Rp1,547.6 billion at the end of 2024 to Rp165.5 billion at the end of 2025. The filing's notes say the provision changed "due to development of the legal case and adjustments in the prices of gold bars related to the ongoing legal disputes," and separately state that in July 2025 ANTAM received an official Supreme Court verdict on its Second Judicial Review of one of its gold-bar delivery lawsuits, in the company's favor, and that "the impact of this verdict has been reflected in the Group's consolidated financial statements." The filing does not break out how much of the Rp1.38 trillion reversal belongs to that specific verdict versus other legal developments or gold-price marks during the year - so the precise split isn't disclosed, only that a court outcome, not a lower cost base, did a third of the year's profit growth.

Nickel's Share of Segment Profit Nearly Tripled, Then an Impairment Hit It in Q4

Nickel supplied 38.5% of the three operating segments' combined profit for the full year, up from just 15.6% in 2024, even though it was still only 17.5% of their combined revenue. That full-year average sits well below where the segment would be running without a one-off: a Rp1.08 trillion fixed-asset impairment at the "Haltim Project" cash-generating unit - more than double the Rp475.9 billion impaired across the Group in 2024 - landed inside the nickel segment and, on the numbers the filings allow to be derived, about Rp951 billion of it fell in the fourth quarter alone, with the other Rp133 billion already in the nine-month figures (see Segment Comparison). Strip the impairment out and nickel's own margin for the year was 36.3%, not the reported 29.0% - still the highest margin of ANTAM's three segments either way.

Revenue Grew 22%, but the Mix Shifted Hard From Processed Metal to Raw Ore

Nickel ore revenue more than doubled (up 137.3% to Rp12,752 billion) while ferronickel revenue - the smelted, higher-value product - fell 49.2% to Rp2,099 billion, even though ANTAM says 2025 was its highest nickel ore production and sales performance "in more than a decade" since Indonesia's mineral export ban took hold. Ferronickel sales volume reached only 51% of its own 2025 target (10,528 tonnes of nickel in ferronickel, against a 20,479-tonne target), while nickel ore sales hit 99% of target. The pattern repeats in gold: gold revenue rose a comparatively modest 15.5% to Rp66,468 billion even as nickel ore and bauxite ore revenue both grew well over 100% (see Key Operational Metrics).

The Prescription

ANTAM should disclose, line by line, how much of any future legal-provision swing is tied to a specific named case versus a general gold-price remeasurement of its litigation reserves - the FY2025 filing discloses the net Rp1.38 trillion number and the balance it came from, but not the split, which is exactly the information a reader needs to tell a one-off from a trend before the next quarter's headline growth rate gets compared against this one. A company confident enough to say in its own notes that a specific Supreme Court verdict's impact "has been reflected" in its financial statements is close enough to that disclosure already that withholding the rupiah figure attached to it looks like an oversight rather than a genuine confidentiality concern.

What ANTAM should stop doing: letting its own MD&A credit the year's operating-profit growth entirely to volume, mix and "operational efficiency" without a single mention of the legal-provision reversal sitting inside that same cost line. Both things can be true - the business did grow, and the courtroom also helped - but a narrative that names only the first while a third of the number came from the second is the kind of framing this project's Red Flag checklist exists to catch, independent of whether the number itself is accurate (see Beyond the Usual).

Key Financial Metrics

FY2025 (year ended Dec 31, 2025) vs FY2024, audited consolidated statements

FX: Rp16,709 = US$1 (Dec 31, 2025) and Rp16,086 = US$1 (Dec 31, 2024) - period-end market quotes, used only to convert the US$ columns, because ANTAM reports in rupiah. No chart accompanies this post: Recursive Gains generates charts only for posts whose period is 2026 or later, and this one covers FY2025.

Metric	FY2025 (Rp)	FY2025 (US$)	FY2024 (Rp)	YoY
Revenue	Rp84,642B	~$5,066M	Rp69,192B	+22.3%
EBITDA» (operating profit + D&A + impairment)	Rp10,715B	~$641M	Rp5,029B	+113.0%
Operating Income»	Rp8,395B	~$502M	Rp2,998B	+180.0%
Net Income (attributable to owners)	Rp7,209B	~$432M	Rp3,647B	+97.7%
...consolidated profit for the year	Rp7,920B	~$474M	Rp3,852B	+105.6%
Free Cash Flow» (operating cash flow less capex, this project's measure)	Rp4,154B	~$249M	Rp2,457B	+69.1%
Cash and cash equivalents (Dec 31, 2025 vs Dec 31, 2024)	Rp8,434B	~$505M	Rp4,752B	+77.5%

EBITDA here is this project's own measure (operating profit plus depreciation and amortisation of Rp1,236 billion, plus the Rp1,084 billion fixed-asset impairment discussed above), not ANTAM's own undefined figure - management's MD&A separately states FY2025 EBITDA of Rp10.51 trillion (up 56% from Rp6.73 trillion in 2024), a different number on a basis the filing does not define. Free cash flow in the table is operating cash flow (Rp4,853 billion) less cash spent on fixed assets, exploration and evaluation assets and intangibles (Rp699 billion; no separate mining-properties capex line appears in this filing's cash-flow statement, unlike some later quarters'). The annual report's own five-year summary table states a different free cash flow of Rp4,422.73 billion for 2025 (Rp2,718.68 billion for 2024) - this reconciles almost exactly to operating cash flow less the fixed-assets addition alone (Rp4,853.256B less Rp430.528B = Rp4,422.73B for 2025), meaning ANTAM's own measure, unlike this post's, does not subtract spending on exploration and evaluation assets or intangibles.

Operating profit (Rp8,395B) grew nearly eight times faster than revenue, and about a third of that gap is the provision reversal discussed above (see Key Financial Metrics opening). The rest came from real margin expansion: gross profit more than doubled (+110.5% to Rp13,681B) as nickel - ANTAM's highest-margin segment - supplied a much larger share of sales, while selling and marketing expenses nearly tripled (+184.1% to Rp1,710B; the filing says logistics and insurance costs, up 218% to Rp1.42 trillion, were the main component, in line with higher nickel and bauxite sales). Finance costs fell 29.5% to Rp167B, which the filing attributes primarily to lower interest expense on bank borrowings (the filing does not reconcile this with the Rp2.92 trillion rise in bank loans from syndicated facilities drawn during 2025; see Beyond the Usual), and other operating income rose 290.7% to Rp787B, which management attributes "primarily" to fair-value adjustments in a contingent-consideration asset (see Beyond the Usual). The effective tax rate rose to 18.7% from 16.5%, and minority shareholders' share of profit rose to 9.0% of the consolidated total from 5.3% a year earlier, and this post's own inference, not a statement in the filing, is that both are consistent with the Nickel segment - where ANTAM's subsidiaries carry minority partners - growing faster than the rest of the business.

The quarterly series the two documents on file allow (standalone Q4 is this filing's full-year total less the already-published nine-month figures; the other three quarters are each already reported standalone):

Quarter	Revenue	Operating Income	Net Income (to owners)	Operating margin
Mar 2025	Rp26,152B	Rp2,691B	Rp2,131B	10.3%
Jun 2025	Rp32,868B	Rp3,446B	Rp2,565B	10.5%
Sep 2025	Rp13,008B	Rp1,750B	Rp1,278B	13.5%
Dec 2025	Rp12,614B	Rp507B	Rp1,234B	4.0%

Revenue fell sharply in the second half after a strong March-June run - a pattern this filing does not attribute to any stated calendar seasonality - and the standalone fourth quarter's operating margin of 4.0% is the year's low point, which this post infers, from deriving the quarter by subtraction and without a filing statement of the quarter, was driven mainly by the roughly Rp951 billion of the nickel impairment landing in that quarter (see Segment Comparison); net income to owners (Rp1,234B) exceeded operating income (Rp507B) in the quarter, and the filing does not explain why; the legal-provision reversal cannot be the reason, because it sits inside general and administrative expenses, above the operating-profit line.

Key Operational Metrics

ANTAM's own annual report, unlike the quarterly financial statements this project's later ANTM posts have had to work from, discloses actual production and sales volumes against the Company's own 2025 targets:

Commodity	2025 production	vs. target	2025 sales	vs. target
Nickel ore	16.11M wmt (+62% YoY)	97% of 16.61M wmt	14.58M wmt (+75% YoY)	99% of 14.74M wmt
Ferronickel	16,064 TNi	82% of 19,679 TNi	10,528 TNi	51% of 20,479 TNi
Gold (from ANTAM's own mines)	743 kg / 23,888 troy oz	77% of 962 kg	-	-
Gold (total sales)	-	-	37,365 kg / 1,201,313 troy oz	93% of 40,031 kg
Silver	4,578 kg / 147,186 troy oz	103% of 4,432 kg	6,402 kg / 205,829 troy oz	138% of 4,648 kg
Bauxite ore	2.83M wmt (+112% YoY)	56% of 5.02M wmt	1.89M wmt (+157% YoY)	43% of 4.38M wmt
Alumina (CGA)	181,690 tons (+23% YoY)	101% of 180,000 tons	179,919 tons (+2% YoY)	99% of 180,000 tons

(wmt is wet metric tonnes, the standard unit for ore; TNi is tonnes of nickel contained within ferronickel; a YoY figure is shown only where the filing states the prior-year volume.) ANTAM's own words: 2025 was its "highest bauxite production and sales in its history" and its "highest nickel ore production and sales performance in more than a decade" since Indonesia's mineral export ban - claims this filing does not support with a full historical series, so they are reported here as the Company's own characterization, not independently verified. Ferronickel is the one commodity that missed its sales target badly (51%), consistent with ferronickel's 49.2% revenue decline noted above; all of ANTAM's ferronickel sales went to export markets (South Korea, India and China, per the filing), while all nickel ore sales stayed domestic.

Revenue by product, year over year:

Product	FY2025	FY2024	YoY
Gold	Rp66,468B	Rp57,559B	+15.5%
Nickel ore	Rp12,752B	Rp5,373B	+137.3%
Ferronickel	Rp2,099B	Rp4,131B	-49.2%
Alumina	Rp1,825B	Rp1,493B	+22.2%
Bauxite ore	Rp1,091B	Rp308B	+253.9%
Silver	Rp181B	Rp97B	+87.1%
Services (precious metals and other)	Rp227B	Rp230B	-1.4%

Gold still supplied 78.5% of total revenue, but nickel ore (+137.3%), bauxite ore (+253.9%, off the smallest base), silver (+87.1%) and alumina (+22.2%) all grew faster than gold's 15.5%; only ferronickel (-49.2%) and services (-1.4%) grew slower, or shrank. The filing gives no sales-volume figures broken down to the same product lines as this revenue table (volumes above are reported by commodity, not matched one-for-one to these revenue figures), so how much of each line's growth is price versus volume cannot be separated cleanly from the statements alone.

Segment Comparison

ANTAM reports three operating segments, Nickel (nickel ore and ferronickel), Precious metals and refinery (gold, silver and refining services) and Bauxite and alumina, plus unallocated head-office costs and a small "Others" line. The Board of Directors uses net sales to assess segment performance.

Segment	FY2025 revenue	Share of revenue	FY2025 operating profit	Share of segment profit	Margin (FY2025 / FY2024)
Nickel	Rp14,851B	17.5%	Rp4,314B	38.5%	29.0% / 7.3%
Precious metals and refinery	Rp66,840B	79.0%	Rp6,280B	56.1%	9.4% / 6.2%
Bauxite and alumina	Rp2,916B	3.4%	Rp609B	5.4%	20.9% / 9.2%
Head office	-	-	-Rp2,521B	-	-
Others	Rp37B	<0.1%	-Rp286B	-	-
Total	Rp84,642B	100%	Rp8,395B	-	9.9% / 4.3%

(Segment shares are of the three operating segments' combined profit, before head office and Others. The segments reconcile exactly to the Rp8,395B group operating profit - Rp11,202B of combined segment profit, less Rp2,521B of head office cost and Rp286B from Others, with no further unallocated adjustment.) Head-office cost absorbed 22.5% of the three segments' combined profit in 2025, down from 28.6% in 2024, even as it grew in absolute terms, because the segments' own combined profit grew faster still.

Nickel's share of the three segments' combined profit rose to 38.5% for the full year, from 15.6% in 2024 - the clearest sign in this filing of where the business's economics are shifting, discussed above. Precious metals and refinery, still almost four-fifths of group revenue, supplied 56.1% of segment profit, down from 80.7% a year earlier even as its own revenue still grew 15.6%.

Nickel: margin nearly quadrupled, then a fourth-quarter impairment flipped the segment to a loss

Nickel's full-year revenue was Rp14,851 billion (+56.2%) and operating profit Rp4,314 billion (+519.8%), a reported margin of 29.0% against 7.3% a year earlier - or 36.3% with the Rp1.08 trillion Haltim Project impairment added back (see Key Financial Metrics opening). The impairment is tied to a single cash-generating unit the filing calls the "Haltim Project," measured with a discounted-cash-flow model whose own disclosed sensitivity shows a mere 0.5 percentage point rise in the discount rate alone would cut the unit's recoverable amount by a further 8.64% (see Beyond the Usual). As this post's own inference (the filing gives no quarterly segment figures), subtracting the already-published nine-month 2025 segment figures from this filing's full-year total puts a standalone fourth-quarter operating loss of roughly Rp397 billion in the segment (Rp4,314 billion for the year less Rp4,711 billion for the nine months), and the nine-month figures already carried Rp133 billion of the year's Rp1,084 billion impairment, so about Rp951 billion of it fell in the fourth quarter - against roughly Rp555 billion of operating profit in that same quarter before the charge; the filing does not state the quarter of the impairment, so this split is the post's derivation from the two filings.

Precious metals and refinery: still the revenue base, growing margin from a low start

This segment's revenue grew 15.6% to Rp66,840 billion and operating profit 74.2% to Rp6,280 billion, a margin of 9.4% against 6.2% a year earlier - genuine improvement, but still well below Nickel's or Bauxite and alumina's margin either year. Gold, this segment's dominant product, grew revenue only 15.5% while silver, the segment's other main commodity, grew faster (+87.1%) off a much smaller base (Rp181 billion), so the segment's own revenue mix did not meaningfully shift within the year the way the group's did.

Bauxite and alumina: still small, with a margin that more than doubled

Revenue rose 61.8% to Rp2,916 billion and operating profit rose 265.3% to Rp609 billion, lifting the margin to 20.9% from 9.2%. Bauxite ore production and sales both grew over 100% (see Key Operational Metrics), and the segment's alumina output, sold mostly as feedstock to the Company's own Chemical Grade Alumina plant operated through PT Indonesia Chemical Alumina, grew in step.

The comparison: nickel supplies the margin, precious metals still supplies the revenue

A year ago, precious metals and refinery supplied 80.7% of the three segments' combined profit; by the end of 2025 that had fallen to 56.1%, with nickel's share rising from 15.6% to 38.5% even after its own fourth-quarter impairment. Bauxite and alumina remains the smallest segment by far, but its 20.9% margin is now second only to nickel's (29.0% reported, 36.3% without the impairment) and well ahead of precious metals and refinery's 9.4%.

Stock Price in 2025

ANTM closed 2025 at Rp3,150 on the last trading day of the year (December 30, 2025), up 106.6% from the Rp1,525 close at the end of 2024 - a move well past this project's threshold for a dedicated price section. Over the 24 months to December 2025, the stock's month-end closes ranged from Rp1,250 (June 2024, the window low) to Rp3,160 (September 2025, the window high); the December 30, 2025 close of Rp3,150 sits just 0.3% below that September peak and 152.0% above the June 2024 trough. No stock split falls within this window (ANTAM's issued share count, 24,030,764,725, is unchanged across the period), so these are actual nominal prices, not split-adjusted.

No filing explains the move. The numbers in this post are consistent with a stock that re-rated well beyond its own earnings growth: net income to owners grew 97.7% for the year, while the stock itself more than doubled - a point this post's valuation section below addresses directly.

Beyond the Usual

A Corruption Investigation Now Sits Inside the Loco Montrado Lawsuit, and ANTAM Filed a Court Submission on the Last Day of the Fiscal Year

ANTAM has been a defendant since November 2021 in a lawsuit from PT Loco Montrado ("LoMon") over a 2017 metal-anode refining contract, with LoMon seeking material and non-material losses plus delivery of 5.36 tonnes of metal anode, totalling approximately Rp859 billion (full amount), per the filing's Note 38. A December 2023 Supreme Court cassation decision went against ANTAM, and ANTAM filed for judicial review on February 6, 2025. On August 13, 2025, ANTAM learned that LoMon had been designated a corporate suspect by Indonesia's Corruption Eradication Commission (KPK) over alleged corporate corruption. In response, on December 31, 2025 - the last day of the fiscal year this report covers - ANTAM submitted what the filing calls an "Ad Informandum" (a formal information submission to the authorities) regarding LoMon's KPK designation. As of this filing's issuance, the judicial review itself remained pending, and the filing does not say whether or how LoMon's new status as a corporate-corruption suspect might affect the underlying Rp859 billion claim.

A Criminal Investigation Into an Inoperative Belt Conveyor Was Still Open at Year-End, More Than a Year After It Began

In October 2023, several non-governmental organizations filed a complaint with Indonesia's Attorney General's Office alleging that ANTAM's belt conveyor facility at Pomalaa, Southeast Sulawesi, was not operating. The matter advanced to an investigative stage on October 18, 2024, and to a formal preliminary investigation ("penyidikan") on November 28, 2024, led by the Kejaksaan Tinggi (High Prosecutor's Office) of Southeast Sulawesi. ANTAM commissioned LAPI ITB, an engineering institute, to study the construction's technical alignment with its original design; the resulting report was reviewed by the Company's own legal advisory team on December 30, 2025 - two days before the fiscal year's end - with LAPI ITB expected to serve as an expert witness in the ongoing investigation. ANTAM states it believes the conveyor was built and functions properly; the filing records no financial provision against this matter and does not disclose the capital cost of the facility under investigation.

A Related-Party Supplier Went From Zero to ANTAM's Single Largest Gold Purchase Relationship in One Year

ANTAM's purchases from PT Freeport Indonesia - a related party under common ultimate state ownership - rose from nil in 2024 to Rp19,724 billion in 2025, instantly making Freeport ANTAM's largest named supplier of goods above the 10%-of-purchases disclosure threshold, ahead of third parties Stonex Apac Pte Ltd (Rp16,689 billion) and ABC Refinery Australia Pty Ltd (Rp8,709 billion). The filing attributes this to a new strategic partnership, tied to ANTAM's precious-metals manufacturing expansion at the Java Integrated Industrial and Ports Estate in Gresik, under which Freeport Indonesia committed to a minimum gold supply of 30 tonnes per year to ANTAM. No pricing terms or contract length are disclosed.

A Contingent Nickel-Reserve Asset More Than Doubled in Value After Its Underlying Reserve Estimate Jumped

ANTAM carries a contingent-consideration asset, recognised in December 2023 from its divestment of 49% of PT Sumberdaya Arindo ("SDA") to HongKong Ningbo Contemporary Brunp Lygend Co., Limited ("HKCBL") - a right to payment tied to additional nickel reserves found in SDA's inferred and unclassified mine areas within thirty-six months of the transaction's share purchase agreement. During 2025, the reserve estimate behind this asset's fair-value calculation rose from 411,987 to 633,913 tonnes of contained nickel (+53.9%), while the discount rate used also moved (6.05% from 5.49%) and the exploration-cost assumption rose (Rp251.5 billion from Rp149.4 billion). Together, these changes more than doubled the asset's carrying value, from Rp690.2 billion at the end of 2024 to Rp1,454.3 billion at the end of 2025 - a swing large enough that management's own MD&A names it as the primary driver of a 290.7% jump in "other operating income" for the year.

The Nickel Segment's Fourth-Quarter Impairment Is Highly Sensitive to a Discounted-Cash-Flow Model's Own Assumptions

The Rp1.08 trillion fixed-asset impairment inside the nickel segment (more than double the Rp475.9 billion impaired across the whole Group in 2024) relates to a cash-generating unit the filing calls the "Haltim Project," whose recoverable amount is measured with a discounted cash flow model built on a nickel sales price range of US$12,063 to US$18,064 per tonne and a 9.62% discount rate. ANTAM's own disclosed sensitivity analysis shows that a 0.5 percentage point increase in that discount rate alone would reduce the unit's recoverable amount by a further 8.64% - roughly three times more sensitive to the discount rate than to an equivalent 0.5% move in the assumed nickel price (+/-2.76%).

ANTAM Took On Its First-Ever Bank Loans in 2025, for a Broadly Stated Purpose

ANTAM had zero bank loans outstanding at December 31, 2024. By December 31, 2025, it carried Rp4,250 billion (Rp1,330 billion current, Rp2,920 billion non-current), drawn mostly from new syndicated credit facilities. The filing describes the purpose as funding "the Company's general purposes, including but not limited to capital expenditures, acquisitions, working capital requirements, and the payment of fees and expenses related to the loan facilities" - a broad mandate that does not commit the proceeds to any specific project. The Company also signed a cross-currency swap in August 2025 to hedge a floating-rate foreign-currency loan - a derivative liability of Rp78.9 billion at year-end that had no counterpart at December 31, 2024 - alongside put-option facilities with Deutsche Bank, BNP Paribas and MUFG Bank entered in December 2024 to hedge separate foreign-currency loan receivables.

Target Valuation Range

Verdict: against its own history, the market paid a richer EV/EBITDA multiple by the end of 2025 than a year earlier, but a P/E only slightly higher, because per-share earnings roughly tracked the profit growth. At the December 30, 2025 close of Rp3,150, the market priced ANTAM at about 5.75 times FY2025 EBITDA and 10.50 times FY2025 earnings attributable to owners, up from roughly 4.52 times and 10.05 times at the December 2024 close - EV/EBITDA expanded even though EBITDA itself grew 113.0%, because the stock price (and so market capitalization and enterprise value) grew even faster.

In plain words: enterprise value (EV) is what the market says the whole business is worth - the value of all the shares, adjusted for net debt or net cash, non-controlling interests, and the value of associates the group doesn't fully own - and EV/EBITDA divides it by a year of the profit measure this post builds from ANTAM's own disclosures. No DCF or scenario price is used; this is a multiples build against the Company's own trailing history. No peer table is shown: none of the companies covered in this project's posts is a miner or a gold refiner (the covered set is banks, telecoms, internet platforms and fintechs), so there is no peer post to link, and the verdict below is against ANTAM's own history only.

Market-cap and enterprise-value bridge (24,030,764,725 issued shares, the point-in-time count from this filing, the same figure used to reproduce the printed basic EPS of Rp299.98; cash and debt as of each balance-sheet date):

	Dec 31, 2025 (Rp)	Dec 31, 2025 (US$)	Dec 31, 2024 (Rp)	Dec 31, 2024 (US$)
Share price (last trading day of the year)	Rp3,150	~$0.189	Rp1,525	~$0.095
Market capitalization	Rp75,697B	~$4,531M	Rp36,647B	~$2,279M
Add: bank loans and lease liabilities	Rp4,372B	~$262M	Rp98B	~$6M
Less: cash and cash equivalents	Rp(8,434)B	~$(505)M	Rp(4,752)B	~$(295)M
Less: other current financial assets (time deposits over three months)	Rp(2,278)B	~$(136)M	Rp(4,566)B	~$(284)M
Add: non-controlling interests» at book	Rp1,302B	~$78M	Rp741B	~$46M
Less: investments in associates at book	Rp(8,999)B	~$(539)M	Rp(5,426)B	~$(337)M
Enterprise value	Rp61,660B	~$3,691M	Rp22,743B	~$1,414M

Multiples (FY2025 and FY2024 are each already full fiscal-year figures, so the EV/Revenue multiple below uses full fiscal-year revenue with no trailing-twelve-month construction needed):

	FY2025	FY2024
Revenue	Rp84,642B	Rp69,192B
EBITDA	Rp10,715B	Rp5,029B
Net profit attributable to owners	Rp7,209B	Rp3,647B
Enterprise value	Rp61,660B	Rp22,743B
EV/Revenue»	0.73x	0.33x
EV/EBITDA»	5.75x	4.52x
P/E» (market capitalisation / owners' profit)	10.50x	10.05x

Enterprise value rose 171.1% over the year while EBITDA rose 113.0% and net profit to owners rose 97.7% - both profit measures grew fast in absolute terms, but the market's valuation of the business grew even faster, which is why EV/EBITDA expanded by more than a full turn even as the underlying profit measure more than doubled. P/E moved far less (10.05x to 10.50x) because market capitalization and owners' net profit grew at closer to the same pace as each other (106.6% and 97.7%, respectively) than enterprise value and EBITDA did - EV/Revenue, by contrast, more than doubled (0.33x to 0.73x) because enterprise value grew more than seven times faster than revenue.

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