History

Figures converted from IDR at historical FX rates — see data/company.json.fx_rates. Ratios, margins, and multiples are unitless and unchanged.

The record in one view

PT Trimegah Bangun Persada Tbk was incorporated on 6 September 2004 and began mining nickel laterite on Obi Island in 2010 [1]. The dated record that follows covers that span, but it is dense only from 2016 onward, when the first ferronickel smelter came on line, and it becomes a public record on 12 April 2023, when the company listed 7,997,600,000 new shares on the Indonesia Stock Exchange at $0.0813 apiece [2].

Three breaks separate the periods. The first is 2021, when the associate PT Halmahera Persada Lygend started Indonesia's first high-pressure acid leach refinery and the company acquired a battery-materials product line [3]. The second is 2023, when the listing and the eight-line PT Halmahera Jaya Feronikel smelter arrived within weeks of each other and revenue rose 149.4% [4]. The third is 2024–2025, when reported capital spending fell to roughly an eighth of its 2022 level and the company spent its cash buying stakes in refineries it did not build [5]. This tab records those events, the promises attached to them, and what the filings later reported. It does not weigh them.

Sources: IPO proceeds and use-of-proceeds table, FY2025 Annual Report [6]; dividend history and buyback realization, FY2025 Annual Report [7] [8]; FY2025 dividend as declared 30 June 2026, 1H26 results presentation [9]; share listing chronology, FY2025 Annual Report [10].

Dated beats, 2004 to 2026

Sources: founding deed and 2010–2024 milestone timeline, corporate website [11]; the 2011 Kawasi mining area and the 2016–2020 smelter and joint-venture milestones, FY2023 Annual Report [12]; HPL start-up [13]; KPS and OSS shareholders agreements, IPO prospectus [14]; IPO effective date and offer price, FY2022 Annual Report [15] and FY2023 Annual Report [16]; 2023 project milestones, August 2023 investor presentation [17]; 2024 EGMS and AGMS outcomes, FY2024 Annual Report [18] [19]; the December 2024 purchase of an additional equity ownership in ONC from Li Yuen, FY2025 Annual Report [20]; the June 2025 increase in share ownership to 40% bought from PT Harita Jayaraya [21]; the 2025 share buyback realisation [22]; KPS phasing, April 2025 and May 2026 presentations [23] [24]; the end-February 2026 escalation date, FY2025 Annual Report [25]; sulfur disruption and 1H26 project status, 2026 public expose and 1H26 presentation [26] [27]; FY2025 dividend [28].

The reported result over the same span is a step change concentrated in 2023 and a slower climb afterwards.

Sources: FY2021 revenue as reported in the FY2022 Annual Report [29]; FY2022 and FY2023 revenue and profit for the year, FY2023 Annual Report [30]; FY2025 revenue, profit for the year and share of associate profit, FY2025 Annual Report [31]; FY2022–FY2024 profit for the year per audited consolidated financial statements as reported. FY2021 profit for the year is not disclosed in the corpus filings and is left blank.

What the listing raised and where it went

The April 2023 offering raised $649.8 million gross. Offering costs of $18.8 million left $631.0 million net. The prospectus allocation and the realisation reported at the end of 2025 differ in exactly one line: capital expenditure came in $1.6 million under plan, and that amount is the entire unspent residue [32].

Source: FY2025 Annual Report, realization of the use of proceeds from the public offering [33].

Two features of that table belong in the record rather than in an argument. $264.4 million, or 41.9% of the net proceeds, retired debt, of which $53.6 million was owed to the controlling shareholder PT Harita Jayaraya. And $320.0 million, or 50.7%, went into associates and subsidiaries as equity, loans or stake purchases rather than into assets the listed entity consolidates.

Guidance against outcome

From the FY2022 report through the FY2024 report, the company published a two-line operating target and the realisation against it: nickel ore sales volume in wet metric tonnes before elimination, and processing sales volume in tonnes of contained nickel. Each year's projection was stated as a percentage increase on the prior year in the report where it first appeared, and the absolute target appeared in the following year's comparison table.

Sources: the 2022 revenue and capital goods investment outturn against internal target, and the 2023 nickel ore sales volume projection, FY2022 Annual Report [34]; the 2023 target-versus-realization table and the 2024 nickel ore sales volume projection, FY2023 Annual Report [35]; the 2024 target-versus-realization table and the 2025 sales volume projection, FY2024 Annual Report [36]; the 2025 statement that financial targets are not publicly disclosed and the mining sales volume realization against target, FY2025 Annual Report [37]; the 2026 nickel ore sales volume projection [38]; the FY2025 nickel ore and FeNi sales volumes, FY2025 Annual Report [39]; half-year mining and RKEF sales volumes, 1H26 presentation [40]. The 2022 ore volumes behind the 97.9% comparison are the saprolite and limonite figures in the FY2023 Annual Report [41]. The FY2025 targets are derived by applying the FY2024 report's stated percentages to the FY2024 realisations.

Mining volume beat the published target in each of the three years the target was published, by 32.8%, 18.8% and, on the derived FY2025 basis, roughly 4.5%.

Sources: the 2023 nickel ore sales volume target and realisation as tabled in the FY2023 Annual Report [42]; the 2024 sales volume target and achievements from mining and processing operations, FY2024 Annual Report [43]; FY2025 realisation of 30.59 million wmt, FY2025 Annual Report [44]; the FY2025 target bar is derived from the FY2024 report's stated 23% increase, since no absolute FY2025 target was published.

The disclosure break in the 2025 report

The FY2025 Annual Report ends the series. Where the three prior reports opened this section with a table, the 2025 edition states: "Given the highly competitive market environment, the Company does not publicly disclose its financial targets." It then reports that mining volume came in 4.5% above target and processing volume 0.6% above target, without publishing either target [45].

The processing figure carries a second measurement question the report does not resolve. The FY2024 report set the 2025 processing target as "relatively the same as the previous year (reflecting the operations of PT MSP and PT HJF)" — that is, on the two consolidated smelters, excluding the 35%-held associate PT Karunia Permai Sentosa [46]. Earlier in the same FY2025 report, the Board of Directors Report states ferronickel sales volume of 188,581 tonnes of contained nickel against 126,344 tonnes in 2024, a 49.3% increase, and attributes it to PT MSP, PT HJF and PT KPS together [47]. A 0.6% beat and a 49.3% increase sit in the same document because they count different entities. Neither passage says so.

Capital allocation ledger

Every cash movement below is drawn from the filings that disclose it. Where a return or an objective is not stated, the row says so rather than estimating.

Sources: IPO proceeds [48]; dividend policy and FY2022–FY2024 dividends [49]; FY2025 dividend [50]; 2024 EGMS outcomes and buyback authority [51]; rights issue status [52]; buyback realisation by authority [53]; buyback realisation and HPL capital increase [54] [55]; ONC purchases, revaluation gain and dividends [56] [57] [58]; HPL dividend [59].

Two disclosure points sit inside that ledger. The $93.8 million revaluation gain on the original 10% of ONC rests on a KJPP appraisal report dated 18 March 2025, three months after the transaction, valuing the stake as at 13 December 2024, and was routed to other comprehensive income [60]. And the two ONC purchases were struck at almost the same price per share — $209.0 in December 2024 from a third party, $202.9 in June 2025 from the controlling shareholder — a point the company itself made on the slide announcing the second deal, describing it as at "similar valuation with the previous transaction" [61] [62]. No hurdle rate, payback period or expected return was published for either purchase.

Capital returned to shareholders has risen each year the company has been listed; capital spent on its own assets has fallen every year since 2022.

Sources: capital goods investment as reported for 2022 and 2023 in the FY2023 Annual Report [63], for 2024 in the FY2024 Annual Report [64] and for 2025 in the FY2025 Annual Report [65]; dividends by payment year from the dividend table in the FY2025 Annual Report [66]. The FY2025 report restates 2024 capital goods investment as $77.8m against the $77.4m originally reported.

Authorised but not executed

Two capital-raising mechanisms were put to shareholders on 15 March 2024 for the same stated purpose. The financial statements set it out plainly: after obtaining approval, "the Company will decide to conduct Non-Preemptive Private Placement or Rights Issue. Company's decision is based on the final plan in relation to the purchase of equity stake in a company engaged in nickel ore smelter or other mining company" [67].

The private placement of up to 6,309,860,000 shares failed for want of a quorum and was never discussed. The rights issue of up to 18,929,580,000 shares — 30% of issued capital — passed with 99.93% of votes cast [68]. Asked about it at the June 2024 public expose, management said the proceeds "will be used to increase the capacity production and nickel reserves of the Company" and that "the Company also plans to increase shares ownership in the smelter and refinery facilities" [69].

Neither instrument was used. The FY2024 report recorded the rights issue as "has not been realized yet" [70]. The FY2025 report added a reason: "This decision was made after considering capital market dynamics, industry conditions, and the Company's funding requirements in order to ensure that the corporate action is carried out at the appropriate time and provides optimal value for the Company and its shareholders" [71]. The share listing chronology confirms the arithmetic: the only listing event since incorporation is the 12 April 2023 IPO, and "the Company did not issue other securities in any form" through 31 December 2025 [72].

The stake purchases the raise was meant to fund happened anyway, paid in cash: $131.3 million in December 2024 and $262.9 million in June 2025 [73] [74]. Over the same period the buyback authorities went almost unused: two successive mandates worth $62.0 million and $60.0 million produced $4.5 million of purchases through December 2025, which the FY2025 report describes as 7.6% of the approved amount — a figure that corresponds to one of the two authorisations rather than their sum [75].

Explanations that changed

Nickel prices have been the standing question at every public expose since the listing, and the account management gives has moved three times.

"Currently, nickel is oversupplied due to the increase of the nickel production in Indonesia. After we met several analysts and securities outside the country, they said that the oversupply is not as bad as predicted." — 27 June 2024, supported by stainless steel growth of 8% and Chinese property stimulus [76]

"The Company views the current nickel price as relatively stable. Based on LME data, the price hovers around USD 15,000/ton Ni and has occasionally lower below that level." — 18 June 2025, with the added expectation that the level was the floor [77]

"The Government has set the 2026 nickel RKAB at approximately 260 to 270 million tons, more controlled" than the 364 to 379 million tonnes of 2025 — the FY2025 report, which relocates the rebalancing hope from demand to Indonesian production quotas and describes 2023–2024 as "the oversupply period that pressured prices" [78]

The wording that disappears is as much a fact as the wording that arrives. The demand-side reassurance of 2024 — Chinese stainless steel growth, EV battery demand still compounding at double digits — is absent from the FY2025 report's outlook, which leads instead with supply policy. The FY2023 report had already named the risk that later dominated: it cited a World Bank forecast of nickel prices falling up to 10% in 2024 and the emergence of lithium ferro phosphate battery chemistry "as a substitute for nickel batteries" [79]. Asked directly in June 2026 why investors should expect MHP demand to absorb Indonesia's HPAL build-out when LFP holds roughly 80% of Chinese EV battery installations, management answered on market segmentation and recyclability rather than volumes [80].

A second, narrower drift runs through the IRMA responsible-mining certification.

"The Company expect that this certification will be completed soon and we will be certified no later than approximately in early 2025. If the certification is completed, we are the second company in Indonesia to be certified by IRMA after Vale." — 27 June 2024 [81]

"The audit has been ongoing since 2024 and remains in progress. The Company is currently in the corrective action period… The Company expects the auditor to conduct a re-verification within this year." — 30 June 2026 [82]

Between those two statements the target moved from certification by early 2025 to re-verification during 2026, and the comparison to Vale is not repeated.

Commitments still open

Sources: PT Obi Stainless Steel status and carrying value, FY2025 Annual Report [83] [84], and the stainless steel plan in the FY2023 Annual Report [85]; PT BBS, PT CKM and mining concessions from the 2024 and 2025 public expose minutes [86] [87]; CKM schedule and cost, November 2025 presentation [88]; KPS phasing and 1H26 project status [89] [90] [91]; Iron Extraction Project rename and the 50 MW steam power plant, May 2026 presentation [92]; IRMA status [93].

PT Karunia Permai Sentosa is the one item on that list delivered on the schedule management gave. In June 2025 the company said Phase 2 would "be commencing in Q3 or Q4" and the next phase "in early 2026", against a total installed capacity of 185,000 tonnes of nickel in ferronickel [94]. Phase 2's eight lines were reported complete as at December 2025 and Phase 3 in the first half of 2026 [95] [96].

Where the earnings now come from

The composition of reported profit has shifted alongside the stake purchases. Share of profit from associates — chiefly the 45.10%-held HPL, the 40%-held ONC and the 35%-held KPS — was $124.8 million in 2024 and $245.5 million in 2025, against profit for the year of $478.1 million and $658.2 million respectively [97] [98]. ONC alone moved from $3.4 million to $87.8 million of that line as its stake doubled and its refinery reached full capacity [99].

Source: profit for the year and share of associate profit as recorded in the FY2025 Annual Report [100]; the associates’ share of profit table, Note 10 [101]; the consolidated bar is derived as profit for the year less the share of associate profit.

The mining segment's reported revenue after elimination moved the other way over the same period, from $201.0 million in 2023 to $235.7 million in 2024 and $430.7 million in 2025, as PT KPS's smelters drew ore from the group's own mines [102] [103]. Asked in June 2026 whether that meant selling ore had become more profitable than processing it, management said mining carries the higher percentage margin but the smaller nominal contribution, because ore sells for far less per tonne than processed product [104]. Named-rival comparisons on this point belong to Competition; the ownership and control questions the associate structure raises belong to People.

What the record does not settle

Three things the filings state but do not close out. The FY2025 report's 4.5% and 0.6% delivery percentages have no published denominators, and the processing percentage counts a narrower set of entities than the 188,581-tonne volume printed in the same report. The two ONC purchases, totalling $394.2 million and taking the stake from 10% to 40%, carry disclosed prices and appraisal references but no stated return objective; the second was struck with the controlling shareholder. And PT Obi Stainless Steel, formed in November 2021 and still described in the FY2023 report as part of a plan to build a stainless steel manufacturing facility, sits at 31 December 2025 with about $180 of total assets, a $0.07 million carrying value and no commercial operation date [105].