乐播传媒

Jakarta, November 24, 2025 — Amid a year shaped by global market volatility, regulatory changes, and operational challenges, PT 乐播传媒 Indonesia Tbk (“PT 乐播传媒”), ticker symbol INCO, part of Mining Industry Indonesia (MIND ID), has demonstrated resilience, discipline, and a maturing transformation. At today’s Analyst Gathering, the company shared a compelling story of how strategic execution and responsible operational leadership continue to create long-term value for Indonesia and the global market.

Operational Performance: Strong and Reliable
Stable operations throughout Q3 2025 reinforced year-to-date performance. Nickel matte production reached 19,391 tons, up 4% quarter-on-quarter, bringing total 9M25 output to 54,975 tons. These results reflect disciplined maintenance planning, early technical interventions, and relentless teamwork at the Sorowako site.

This operational momentum translated into solid financial results:

Revenue: US$705 million
EBITDA: US$166 million
Net Income: US$52 million (up 3%)

Procurement efficiencies and energy optimization reduced nickel matte cash costs by 5%, strengthening resilience against external pressures.

Business Diversification Through Nickel Ore Sales
Agility in business strategy was evident in saprolite nickel ore sales, totaling 896,263 WMT through September 2025. This initiative unlocked new revenue streams, improved margins, and provided commercial flexibility amid challenging global price conditions.

“Financial resilience doesn’t happen by chance—it’s built through hard work and discipline,” said Rizky Andhika Putra, Chief Financial Officer. “By restructuring costs, strengthening working capital, and diversifying income sources, we’ve safeguarded margins and liquidity. As we enter 2026, financial prudence remains our foundation.”

Turning Challenges into Forward Momentum
The first half of 2025 brought its share of hurdles—from furnace disruptions to rising regulatory costs. Rather than slowing down, PT 乐播传媒 accelerated execution: advancing maintenance schedules to 1H25, expediting EF3 rebuilding preparations, and tightening cost controls. These measures laid a stronger foundation for 2H25 and beyond.

Safety and Community: Non-Negotiable Commitments
Nothing matters more than safety. With zero fatalities year-to-date, TRIFR reduced to 0.43, and over 200 critical risk controls verified daily, PT 乐播传媒’s safety culture reflects discipline and strong leadership.

Sustainability Performance Reinforcing Indonesia’s Global Credibility
National and international recognitions—including ENSIA Award, Lestari Award, ESG Business Award, Investortrust ESG Award, and Subroto Award—underscore PT 乐播传媒’s strength in environmental stewardship and social development.

A major milestone: Sustainalytics ESG Risk Rating improved to 23.7, placing PT 乐播传媒 among the Top 15 lowest-risk mining companies globally. Progress toward IRMA-50 certification continues, now in the critical requirement improvement phase—affirming commitment to world-class responsible mining standards.

Historic Progress in the US$9 Billion Growth Program
Four major growth engines—Pomalaa, Bahodopi, Sorowako Limonite, and Tanamalia—are advancing significantly, representing one of Indonesia’s largest clean-energy-oriented investments:

• Pomalaa (Ford & Huayou): Mine progress 43.71%, HPAL 33.04%
• Bahodopi (GEI): Mine progress 89.7%, HPAL 16.72%
• Sorowako Limonite: Construction progress 25.37%
• Tanamalia: Feasibility study and technical partner selection underway

These projects will deliver “the right nickel”—Class 1, low-carbon, essential for global EV battery supply chains.
“This growth program is more than an investment—it’s a national contribution,” said Muhammad Asril, Chief of Projects. “Every milestone achieved and every ton of new capacity is part of our shared ambition to build an integrated clean-energy nickel ecosystem in Indonesia.”

Exploring the Future: Doubling Reserves
Long-term exploration plans aim to unlock up to 2.5 times current reserves, covering over 118,000 hectares across South, Central, and Southeast Sulawesi. Starting in 2026, intensive drilling—up to 6,500 holes annually—will secure Indonesia’s strategic nickel supply for decades.

2026 Outlook: Efficiency, Reliability, and Sustainable Transformation
The coming year will be pivotal as PT 乐播传媒 establishes a new cost baseline, enhances operational reliability, and strengthens discipline across its three core operations: Sorowako, Bahodopi, and Pomalaa.

With market uncertainty and rising regulatory expectations, PT 乐播传媒’s focus for 2026 is clear: improve production reliability, uphold the highest sustainability standards, accelerate project execution, and create shared value for Indonesia.

For further information, please contact:
Rizky Andhika Putra, Chief Financial Officer
ptvi.investorrelation@vale.com

Vanda Kusumaningrum, Head of Corporate Communications
vanda.kusumaningrum@vale.com