Jakarta, April 23, 2026 — PT TIMAH (Persero) Tbk (“the Company”; IDX: TINS) today announced its audited Consolidated Financial Statements for the year ended December 31, 2025.
Throughout 2025, global tin metal prices rose compared to the previous year, supported by increasing demand for semiconductors, photovoltaic panels, and other energy transition technologies. The average London Metal Exchange (LME) Cash Settlement Price for tin metal in 2025 was USD34,119.96 per ton, up 13% from USD30,177.45 per ton in the previous year.
Tin inventories in LME warehouses at the end of December 2025 stood at 5,420 tons, up 14% from 4,760 tons at the beginning of 2025.
Based on the CRU Tin Monitor, global tin metal production in 2025 was estimated at 371,369 tons, while global tin metal consumption was estimated at 389,404 tons.
Financial Performance
The Company recorded revenue of Rp11.55 trillion, up 6.41% in 2025 from Rp10.86 trillion in 2024, in line with a higher average selling price of tin metal. The Company’s cost of revenue rose 8.41%, from Rp8.11 trillion in 2024 to Rp8.79 trillion in 2025. The Company recorded operating profit of Rp1.91 trillion, with EBITDA reaching Rp2.76 trillion.
At the end of 2025, the value of the Company’s assets rose 6.75% to Rp13.64 trillion from Rp12.78 trillion at the end of 2024, due to an increase in trade receivables not yet due at the end of 2025. Meanwhile, the Company’s liabilities stood at Rp5.23 trillion, up 0.80% from Rp5.19 trillion at the end of 2024.
The equity position in 2025 of Rp8.41 trillion increased by 10.83% compared to Rp7.59 trillion at the end of 2024, in line with the profit recorded in 2025.
“In 2025, the Company successfully recorded a net profit of Rp1.31 trillion, reaching 119% of the target set in the 2025 RKAP. The Company focused on strengthening tin governance and optimizing operational, marketing, and financial performance,” said Restu Widiyantoro, President Director of PT TIMAH (Persero) Tbk.
The Company’s financial performance showed good results, reflected in several key financial ratios, including a Quick Ratio of 60.6%, a Current Ratio of 242.8%, a Debt to Asset Ratio of 11.5%, and a Debt to Equity Ratio of 18.7%.
Throughout 2025, the Company continued to pursue efficiency and cost optimization efforts, including reducing fixed costs through selective capital expenditure focused on operational support investments to mitigate rising depreciation expenses and maintain cash flow stability. In addition, the Company reduced its interest-bearing debt as part of its liability management strategy, thereby lowering interest expenses, among others through the buyback of Medium-Term Notes (MTN).
Operational Performance
The Company recorded tin ore production of 18,635 tons of Sn in 2025, down 4% compared to 19,437 tons of Sn in the previous year. This was caused by several factors, including the continued prevalence of illegal mining, particularly in coastal areas by Production Suction Pontoons (PIP) as well as onshore mines, and community opposition at new mining sites. In line with the decline in tin ore production, refined tin production also fell 6% to 17,815 metric tons, compared to 18,915 metric tons in the previous year.
Sales of refined tin fell 5% to 16,634 metric tons compared to 17,507 metric tons in the previous year. The average selling price of refined tin was USD35,240 per metric ton, up 13% from USD31,181 per metric ton in the previous year.
In 2025, the Company recorded domestic refined tin sales of 5% and refined tin exports of 95%, with the six largest export destinations comprising Singapore 23%; South Korea 21%; Japan 17%; the Netherlands 7%; Italy 3%; and China 3%. The Company’s export sales contributed approximately 24% of Indonesia’s total tin exports of 53,050 metric tons, and accounted for around 3% of total global tin exports of 371,369 metric tons.
Current Conditions and Future Prospects
Throughout 2025, the Company consistently undertook various initiatives to strengthen its operational and production performance. In onshore mining, the Company increased the number of mining operation points and reinforced operational exploration activities through guide drilling to ensure more precise excavation directions aligned with the established Work Plan blocks. In offshore mining, the Company optimized operational performance with its Production Suction Vessels (KIP) and improved the effectiveness of processing through the SHP (residual processing materials) facilities of both KIP and PIP.
In addition, the Company also operated one guide-drilling vessel across several key production areas to increase the confidence level of resource potential and to support more accurate, data-driven operational decision-making.
Based on Bloomberg data (as of March 12, 2026), the projected tin price in 2026 ranges between USD33,500 per ton and USD48,750 per ton. Electronic manufacturing activity, which is the main driver of tin demand, is expected to strengthen in 2026. On the fundamental side, the tightening of the tin market is driven by limited supply from Indonesia, Myanmar, MSC, and the DRC, further exacerbated by regulations, conflicts, and production maintenance. According to the World Bank (released October 29, 2025), the average tin metal price in 2026 is projected at USD34,000 per ton. The outlook for metal prices in 2026 is influenced by several factors, including increased use of electronics, semiconductors, and chips, as well as digitalization and Artificial Intelligence.
In 2026, the Company will focus on aggressively restoring production capacity and strengthening added value through downstream development. As part of the Indonesia Mining Holding, the Company is positioning itself to capitalize on the momentum of high global tin prices and the crackdown on illegal mining in Indonesia, which significantly affects the flow of global tin metal supply. The Company’s key strategies in 2026 include accelerating production and optimizing reserves, expanding downstream activities and product diversification, digital transformation and sustainability (ESG), continuous optimization and efficiency across all business lines, and optimizing the performance of subsidiaries, non-operating assets, and other synergies to support the Company’s sustainability.
Performance Highlights (2025 vs 2024)
| Description | 2025 | 2024 | Change (%) |
|---|---|---|---|
| Tin ore production – Ton Sn (Onshore) | 7,098 | 7,724 | -8% |
| Tin ore production – Ton Sn (Offshore) | 11,537 | 11,713 | -2% |
| Tin ore production – Ton Sn (Total) | 18,635 | 19,437 | -4% |
| Refined tin production – Metric Ton | 17,815 | 18,915 | -6% |
| Refined tin sales – Metric Ton | 16,634 | 17,507 | -5% |
| Average selling price – US$/Metric Ton | 35,240 | 31,181 | 13% |
About PT TIMAH (Persero) Tbk
PT TIMAH (Persero) Tbk, a subsidiary of the Indonesian mining holding company MIND ID, is a leading tin producer and the largest tin exporter in the world, with tin mining and smelting operations in the provinces of Bangka Belitung, the Riau Islands, and Riau. A Limited Liability Company since 1976 and listed on the Indonesia Stock Exchange since 1995, PT TIMAH (Persero) Tbk runs a vertically integrated tin business, from exploration, mining, smelting, and refining of tin metal to marketing that serves both international and domestic customers. Its refined tin products under the brands “Banka Tin,” “Kundur Tin,” and “Mentok Tin” hold an international reputation and are registered on the London Metal Exchange (LME). PT TIMAH (Persero) Tbk, a member of the International Tin Association (ITA), currently has four main business lines: tin mining, tin downstream products (tin chemical and tin solder), non-tin mining (coal and nickel), and competency-based businesses including property, shipyards, and agribusiness.
