Astra Financial Report for the Third Quarter of 2025

31st October 2025
PT ASTRA INTERNATIONAL TBK (the “Company” or “Astra”)
2025 THIRD QUARTER FINANCIAL STATEMENTS

 

Highlights

• Earnings per share down 6% to Rp609 (excluding fair value adjustments)
• Overall results were impacted by lower coal prices partially offset by higher contributions in gold mining, financial services, agribusiness and infrastructure, while automotive performance was stable
• Resilient market share in motorcycles in a relatively stable market, while car market share declined in a softer market reflecting weaker purchasing power in the entry-level segment
• Astra and United Tractors announced separate share buyback programs for up to Rp2 trillion each, reflecting management’s confidence in both companies’ prospects and their ability to generate sustainable cash flows. These programs also support the government in maintaining stability of the capital market

“The Group’s earnings for the first nine months of 2025 were down mainly due to lower coal prices. Solid contribution from our other businesses helped to provide resilience and we expect the full-year results to remain broadly in line with current trends.

We remain focused on maintaining financial discipline and operational excellence, while leveraging our strong balance sheet to capture growth opportunities and enhance shareholder value creation.”

Djony Bunarto Tjondro President Director

 

 

 

Astra group (“the Group”) Results

	For the period ended 30th September
	2025 Rp bn	2024 Rp bn	Change %
Net revenue	243.608	246.329	(1)
Net income*+	24.674	26.18	(6)
Net income*	24.473	25.854	(5)
	Rp	Rp
Net earnings per share*+	609	647	(6)
Net earnings per share*	605	639	(5)
	As at 30th September 2025 Rp bn	As at 31st December 2024** Rp bn	Change %
Shareholders' funds	227.091	213.651	6
	Rp	Rp
Net asset value per share	5.609	5.277	6

* Profit attributable to owners of the parent
+ Net income before fair value adjustments on investments in GoTo and Hermina
** Restated due to implementation of PSAK 117: Insurance Contracts

The financial results for the nine months ended 30th September 2025 and 2024, as well as the financial position as at 30th September 2025, have been prepared in accordance with Indonesian Financial Accounting Standards and are unaudited.

PRESIDENT DIRECTOR’S STATEMENT

Performance
The Group’s consolidated net revenue in the first nine months of 2025 was Rp243.6 trillion, 1% lower than the first nine months of 2024. The Group’s net income, excluding fair value adjustments on investments in GoTo and Hermina, was Rp24.7 trillion, 6% lower than the same period last year. Including these fair value adjustments, the Group’s net income declined by 5% to Rp24.5 trillion. The decline was mainly attributable to lower contribution from the Group’s mining services and coal mining, partly mitigated by stronger performance in gold mining, financial services, agribusiness and infrastructure businesses, while overall automotive performance was stable.

The net asset value per share at 30th September 2025 increased by 6% to Rp5,609.

Net cash, excluding the Group’s Financial Services subsidiaries, was Rp13.4 trillion at 30th September 2025, up from Rp8.0 trillion at 31st December 2024. Net debt of the Group’s Financial Services subsidiaries was Rp64.6 trillion at 30th September 2025, up from Rp60.2 trillion at 31st December 2024.

Business Activities
The Group’s net income by division in the first nine months of 2025, compared with the same period last year, is set out in the table below:

	Net Income by Division
	For the period ended 30th September
	2025 Rp bn	2024 Rp bn	Change %
Automotive & Mobility	8.816	8.741	1
Financial Services	6.731	6.230	8
Heavy Equipment, Mining, Construction & Energy	7.036	9.571	(26)
Agribusiness	853	638	34
Infrastructure	935	728	28
Information Technology	139	116	20
Property	164		1
Net Income* - before fair value adjustments on investments in GoTo and Hermina	24.674	26.186	(6)
Fair value adjustments on investments in GoTo and Hermina	(201)	(332)	39
Net Income*	24.473	25.854	(5)

* Profit attributable to owners of the parent

Automotive & Mobility
Net income from the Group’s Automotive & Mobility division rose 1% to Rp8.8 trillion, supported by the motorcycle and component businesses, despite lower car sales in a weak national market.

• The wholesale car market decreased by 11% to 562,000 units in the first nine months of 2025, reflecting weaker purchasing power in the entry-level segment. Astra’s market share declined from 56% to 53%, mainly reflecting lower Daihatsu market share, while Toyota market share remained resilient.
• The wholesale motorcycle market decreased by less than 1% to 4.8 million units in the first nine months of 2025. Astra Honda Motor’s market share remained stable at 77%.
• The net income contribution from 80%-owned Astra Otoparts, the Group’s components business, increased by 15% to Rp1.3 trillion in the first nine months of 2025, with higher contribution from all segments.
• Serasi Autoraya, the Group’s transportation and logistics solutions business, recorded relatively stable vehicles under contract at 26,500 units.
• OLXmobbi, the Group’s used car business, booked a 24% increase in used car sales to 23,900 units.

Financial Services
Net income from the Group’s Financial Services division increased by 8% to Rp6.7 trillion, due to higher contribution from consumer financing on larger loan portfolios.

• The Group’s consumer finance businesses saw a 5% increase in new amounts financed to Rp85.6 trillion (excluding dealer financing), mainly reflecting strong growth in multipurpose financing. The net income contribution from the Group’s car-focused finance companies increased by 4% to Rp1.8 trillion. The net income contribution from Federal International Finance, the Group’s motorcycle-focused finance business, increased by 5% to Rp3.5 trillion.
• The Group’s heavy equipment-focused finance companies saw new amounts financed increased by 14% to Rp11.2 trillion. The net income contribution from these businesses decreased by 1% to Rp169 billion.
• The Group’s general insurance company, Asuransi Astra Buana, reported a 7% increase in net income contribution to Rp1.2 trillion, largely due to higher underwriting income and investment income. The Group’s life insurance company, Asuransi Jiwa Astra, recorded a 26% decrease in gross written premiums to Rp3.3 trillion.

Heavy Equipment, Mining, Construction and Energy

Net income from the Group’s Heavy Equipment, Mining, Construction and Energy division, represented by 59.5%-owned United Tractors, decreased by 26% to Rp7.0 trillion. Lower results in mining services and coal mining were partly offset by gold mining.

• Komatsu heavy equipment sales increased by 10% to 3,700 units, driven by stronger demand from all sectors. Revenues from its parts and service businesses were slightly decreased.
• Mining services provider Pamapersada Nusantara recorded 10% lower overburden removal at 829 million bank cubic metres, due to heavy rainfall alongside reduced stripping ratios for some customer contracts.
• United Tractors’ coal mining subsidiaries recorded higher own coal sales of 9.2 million tonnes, including 2.8 million tonnes of metallurgical coal, compared with 8.0 million tonnes in the first nine months of 2024, which included 2.4 million tonnes of metallurgical coal. However, revenue from this business was impacted by lower coal prices.
• United Tractors’ gold mining business reported 8% higher gold sales at 178,000 oz. Gold prices were 37% higher.
• United Tractors’ nickel mining business comprises majority-owned Stargate Pasific Resources and 20.1%-owned Nickel Industries Limited (“NIC”). United Tractors recognised equity income from NIC for the 9-month period in arrears based on NIC’s results from the final quarter of 2024 and the first half of 2025.

 

Agribusiness
Net income from the Group’s Agribusiness division, represented by 79.7%-owned Astra Agro Lestari, increased by 34% to Rp853 billion.

• Crude palm oil (“CPO”) prices were 14% higher at Rp14,277/kg.
• CPO and derivative product sales increased by 14% to 1.4 million tonnes.

Infrastructure
The Group’s Infrastructure division reported a 28% increase in net income to Rp935 billion, due to increased tariffs and higher traffic volume. The Group’s toll road concessions generated 7% higher daily toll revenue during the period from its 396km of operational toll roads along the Trans-Java network and the Jakarta Outer Ring Road.

Information Technology
The Group’s Information Technology division, represented by 76.9%-owned Astra Graphia, reported a 20% increase in net income to Rp139 billion, primarily due to higher revenue from its information technology solutions business and improved operating margin.

Property
The Group’s Property division reported a 1% increase in net income to Rp164 billion, mainly driven by contribution from its newly acquired industrial warehouse assets, partly offset by weaker performance from its residential business.

Corporate Actions

In September:

• The Group increased its ownership in Medikaloka Hermina (“Hermina”) to 20.2%. Hermina is one of Indonesia’s largest private hospital networks. The Group's total investment to date in the healthcare sector, including Hermina, Halodoc and Heartology Hospital, amounts to Rp8.6 trillion.
• The Group signed a Conditional Sale and Purchase Agreement (“CSPA”) to acquire 100% of Arafura Surya Alam, a gold mining company located in North Sulawesi, for a total consideration of USD540 million. This acquisition will be effective subject to the fulfilment of conditions precedent under the CSPA.
• The Group completed the acquisition of an 83.7% stake in Mega Manunggal Property (“MMP”), an industrial and logistics property developer listed on the Indonesia Stock Exchange. Following this transaction, the Group, through Saka Industrial Arjaya, has become the new controlling shareholder of MMP and will carry out a Mandatory Tender Offer in line with the capital market regulations. This acquisition is part of the Group’s strategy to benefit from Indonesia's rapidly growing demand for industrial & logistics infrastructure, particularly modern warehouses.

Today, Astra announces a share buyback program for up to Rp2 trillion, which will run from 3 November 2025 to 30 January 2026. Yesterday, United Tractors announced its share buyback program for up to Rp2 trillion, which will run from 31 October 2025 to 30 January 2026. Under both of these programs, shares will be repurchased in accordance with the Financial Services Authority regulation related to share buyback under significantly fluctuating market conditions.

These programs reflect management’s confidence in both companies’ prospects and their ability to generate sustainable cash flows, as well as supporting the government in maintaining stability of the capital market.

Prospects
The Group’s earnings for the first nine months of 2025 were down mainly due to lower coal prices. Solid contribution from our other businesses helped to provide resilience and we expect the full-year results to remain broadly in line with current trends.

We remain focused on maintaining financial discipline and operational excellence, while leveraging our strong balance sheet to capture growth opportunities and enhance shareholder value creation.

 

Djony Bunarto Tjondro
President Director
31st October 2025

For further information,
please contact: PT Astra International Tbk
Boy Kelana Soebroto, Chief of Corporate Affairs
Tel: +62 - 21 - 5084 3888

 

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Tentang Astra
Astra adalah salah satu perusahaan publik terbesar di Indonesia, yang terdiri dari 301 anak perusahaan, ventura bersama serta entitas asosiasi, didukung lebih dari 190.000 karyawan. Model bisnis perusahaan yang terdiversifikasi menciptakan sinergi dan peluang di seluruh sektor industri termasuk Otomotif & Mobilitas, Jasa Keuangan, Alat Berat, Pertambangan, Konstruksi & Energi, Agribisnis, Infrastruktur, Teknologi Informasi dan Properti. Astra mempunyai kerangka sustainability yang di dalamnya terdapat Astra 2030 Sustainability Aspirations untuk memandu perjalanan transisi Grup Astra dalam menjadi perusahaan yang lebih sustainable pada tahun 2030 dan seterusnya. Astra berkeinginan untuk berkontribusi dalam memperkuat ketahanan perekonomian Indonesia yang mendukung masyarakat yang inklusif dan sejahtera. 

Astra memiliki rekam jejak kontribusi publik dan sosial yang baik melalui empat pilar, yang terdiri dari kesehatan, pendidikan, lingkungan, dan kewirausahaan serta sembilan yayasan yang turut berkontribusi untuk pertumbuhan ekonomi Indonesia sekaligus mendukung masyarakat yang inklusif dan sejahtera. Dilaksanakan pertama kali pada tahun 2010, program Astra Semangat Astra Terpadu Untuk (SATU) Indonesia Awards, telah mengapresiasi 726 pemuda Indonesia di tingkat nasional dan provinsi di seluruh Indonesia. Program SATU Indonesia Awards dikolaborasikan dengan berbagai kegiatan komunitas Astra melalui lebih dari 1.500 Desa Sejahtera Astra dan Kampung Berseri Astra di 35 provinsi di seluruh Indonesia.

Untuk informasi lebih lanjut, kunjungi www.astra.co.id, serta ikuti kegiatan Astra melalui Instagram @satu_indonesia, TikTok @satu_indonesia, YouTube SATU Indonesia, X (Twitter) @satu_indonesia, LinkedIn PT Astra International Tbk, dan Facebook Semangat Astra Terpadu.