Slides
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4Q 2025Results PresentationJakarta, 05February 2026
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Scan to download the materials Annual Report 2024Sustainability Report 2024 Financial Statement 4Q25 Corporate Presentation 4Q25
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0102030405060708 Introduction Management Highlights Financial & Operation Asset Quality & Capital Digital Innovations & Performance Subsidiaries Performance Environmental, Social & Governance Appendix 4 - 8 9- 17 18 - 30 31 - 36 37 - 47 48 - 56 57- 64 65 - 85 Table of contents 3 |
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NoShareholderDecember 2024December 2025Number of Shares%Number of Shares%1Government of RI a) 48,533,333,33452.0%48,533,333,33452.0%2INA 7,466,666,6668.0%7,466,666,6668.0%3Local Institutions3,980,755,1724.3%4,993,028,5695.3%4Local Retail2,069,762,8772.2%4,018,962,7344.3%5Foreign31,282,815,28333.5%28,321,342,02930.3%Total93,333,333,332100.0%93,333,333,332100.0% BMRI Historical Share Price Performance Versus JCI – YoY Trend BMRI Share Performance Versus JCI – YTD December 2025 Trend BMRI2024A2025A2025E b)2026E b)5y Avg. c)10y Avg. c) Net Profit (Rp Bn)55,78356,29551,30654,990Net Profit YoY Growth (%)1%1%-8%7%ROA – After Tax (%)2.422.142.041.982.232.00ROE – After Tax d) (%)21.220.317.717.919.816.0P/E e) (x) 9.548.539.138.5110.213.3P/B e) (x) 1.871.671.581.481.871.86Dividend Yield e) (%)6.218.168.247.50 4,07% -17,6% 11,1% 41,3% 21,9% -5,79%-10,5% 1,70% -5,09% 10,1%4,09%6,16% -2,65% 22,1% -30,0%-20,0%-10,0%0,0%10,0%20,0%30,0%40,0%50,0% 2019202020212022202320242025 BMRI Share Price YoYJCI Performance YoY Notes:a) Majority of the shares had been transferred to Danantara, with State-Owned Enterprises Governance (BP BUMN) holds the 1 series A share b) Bloomberg consensus as of 04 February 2026c) 5y avg. From 2021 – 2025. 10y avg. from 2016– 2025d) ROE = PATMI / average shareholders' equity excluding minority interest, Cons. ROE = PATMI / average total equitye) Trailing numbers, using ending period price -10,5% 22,1% -40,0%-30,0%-20,0%-10,0%0,0%10,0%20,0%30,0% 31-Dec-2431-Jan-2528-Feb-2531-Mar-2530-Apr-2531-May-2530-Jun-2531-Jul-2531-Aug-2530-Sep-2531-Oct-2530-Nov-2531-Dec-25 BMRI JCI 4 | BMRI share price performance & shareholder composition
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5 | Board of Commissioners RUDY SALAHUDDIN RAMTODEPUTY PRESIDENT COMMISSIONER*Experience•2025 Secretary of the Ministry of Investment and Downstreaming•2025 Commissioner of PT Aneka Tambang Tbk.•2023-2024 Commissioner of PT Asuransi Kerugian Jasa Raharja MUHAMMAD YUSUF ATEHCOMMISSIONERExperience•2021 to date Commissioner of PT Bank Mandiri (Persero), Tbk.•2020 Head of Indonesia's National Government Internal Auditor•2013-2020 Deputy of Ministry of State Apparatus Utilization and Bureaucratic Reform YULIOTCOMMISSIONER*Experience•2025 Deputy Minister of Energy & Mineral Resources•2024 Vice Minister of Investment / Vice President of BKPM•2023 Deputy for Investment Implementation Control of BKPM MIA AMIATIINDEPENDENT COMMISSIONERExperience•2022 Head of the East Java High Prosecutor’s Office•2021 Director of Strategic Development Security of Indonesia’s Attorney General’s Office for Intelligence *) Effective after successfully obtaining approval and passing the Fit and Proper Test administered by the Financial Services Authority (Otoritas Jasa Keuangan) ZULKIFLI ZAINIPRESIDENT COMMISSIONER*Experience•2021-2025 President Commissioner and Independent Commissioner of PT Perkebunan Nasional III (Persero)•2019-2021 President Director of PT Perusahaan Listrik Negara (Persero)•2017-2019 Commissioner of PT Bank Permata, Tbk. LUKY ALFIRMANCOMMISSIONER*Experience•2022 General Directorate of Fiscal Balance of Indonesia’s Ministry of Finance•2019to date Commissioner of Lembaga Penjamin Simpanan•2017 General Directorate of Budget Financing& Risk Management of Indonesia’s Ministry of Finance BINTORO K. PARDEWOINDEPENDENT COMMISSIONER* Experience•2025 Commissioner of PT Danareksa (Persero)•2021-2025 Deputy Director of Bank Indonesia•2019-2021 Executive Analyst of Bank Indonesia
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6 | Board of Directors (1/2)RIDUANPRESIDENT DIRECTORExperience•2025 Vice President Director PT Bank Mandiri (Persero), Tbk.•2024-2025 Corporate Banking Director PT Bank Mandiri (Persero), Tbk.•2019-2024 Commercial Banking Director of PT Bank Mandiri (Persero), Tbk.•2017-2019 SEVP Middle Corporate of PT Bank Mandiri (Persero), Tbk. TIMOTHY UTAMA OPERATION DIRECTORExperience•2021-2025 Director Information Technology of PT Bank Mandiri (Persero), Tbk.•2016-2021Managing Director ofCitibank•2012-2015 Chief Operations & TechnologyOfficer of Singapore Exchange EKA FITRIA COMPLIANCE & HUMAN CAPITAL DIRECTORExperience•2023-2025 Director Treasury & International of PT Bank Mandiri (Persero), Tbk.•2021-2022 Group Head International Banking & Financial Institution of PT Bank Mandiri (Persero), Tbk. DANIS SUBYANTORORISK MANAGEMENT DIRECTORExperience•2024 to date Director of Risk Management of PT Bank Mandiri (Persero), Tbk.•2021-2024 SEVP Internal Audit of PT Bank Mandiri (Persero), Tbk.•2020-2021 SEVP Wholesale Risk of PT Bank Mandiri (Persero), Tbk. HENRY PANJAITANVICE PRESIDENT DIRECTORExperience•Director of PT Jaminan Kredit Indonesia’s Guarantee Business•Director Retail Banking of PT Bank Negara Indonesia (Persero), Tbk. TOTOK PRIYAMBODOCOMMERCIAL BANKING DIRECTORExperience•2024 to date Director Commercial Banking of PT Bank Mandiri (Persero), Tbk.•2020-2023 SEVP Commercial Banking of PT Bank Mandiri (Persero), Tbk.•2018-2020 Group Head Commercial Banking of PT Bank Mandiri (Persero), Tbk.
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7 | Board of Directors (2/2) MOCHAMAD RIZALDICORPORATE BANKING DIRECTORExperience•2024 SEVP Corporate Banking of PT Bank Mandiri (Persero), Tbk.•2024 Commissioner of PTMandiri Sekuritas•2021 SEVP Special Asset Management of PT Bank Mandiri (Persero), Tbk. SAPTARICONSUMER BANKING DIRECTORExperience•2024 SEVP Micro & Consumer Finance of PT Bank Mandiri (Persero), Tbk.•2024 Commissioner of PTMandiri Tunas Finance•2022 Group Head Commercial Banking 1of PT Bank Mandiri (Persero), Tbk. ARI RIZALDITREASURY & INTERNATIONAL BANKING DIRECTORExperience•2024 Director Treasury & International Banking PT Bank Syariah Indonesia, Tbk.•2020 Group Head Treasury of PT Bank Mandiri (Persero), Tbk. NOVITA WIDYA ANGGRAINIFINANCIAL & STRATEGY DIRECTOR Experience•2020 Director Finance of PT Bank Negara Indonesia (Persero), Tbk.•2020 Group Head Strategy & Performance Management of PT Bank Mandiri (Persero), Tbk.•2017 Group Head Accounting of PT Bank Mandiri (Persero), Tbk. JAN WINSTON TAMBUNANNETWORK & RETAIL BANKING DIRECTORExperience•2023 Regional CEO Area IV / Jakarta 2 of PT Bank Mandiri (Persero), Tbk.•2021 Regional CEO Area IX / Kalimantan of PT Bank Mandiri (Persero), Tbk. SUNARTOINFORMATION TECHNOLOGY DIRECTORExperience•SEVP Digital Banking of PT Bank Mandiri (Persero), Tbk.•Group Head Digital Banking Product of PT Bank Mandiri (Persero), Tbk.
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Direct Beneficiary of Structural Growth in Indonesia Securing Dominance Through Digital Innovations and Business Adaptations BroadOpportunities Across CorporateWholesale and Retail Segments Strong Foundation to Sustain Low Costs AcrossFunding, Operations and Credit Achieving Market Leadership With High Returns at Modest Valuations Bank Mandiri group investment thesis 8 |
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Management Highlights
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14.24714.14114.52914.29714.87415.24816.10216.34816.29816.51416.69716.7506,00%5,00%3,75%3,50%5,50%6,00%6,00%5,75%5,50%4,75%4,75%4,25% 3,13%2,72%1,68%1,87%5,51%2,61%1,57%1,03%1,87%2,65%2,92%2,78% 5,17%5,02% -2,07% 3,70% 5,31%5,05%5,03%4,87%5,12%4,95%5,39%5,18% FY18FY19FY20FY21FY22FY23FY24Mar-25Jun-25Sep-25Dec-25FY26E11 . 900 29 . 900 Daily Avg. Rp/USDBI-Rate (%)Inflation Rate (%)Real GDP (%) 1,33% 10,2%11,5%12,9%16,3% 4,11%6,82% 26,2% 6,45%6,54%11,1%12,2%9,01%3,73%4,48% 13,8% 0, 0 0% 5, 0 0% 10 , 00% 15 , 00% 20 , 00% 25 , 00% 30 , 00% FY18FY19FY20FY21FY22FY23FY24FY25 Bank-Only Deposit Growth (%)Industry Deposit Growth (%) 2,37% 2,53%3,06%3,00%2,44%2,19%2,08%2,21%2,79% 2,39% 3,29% 2,81% 1,88%1,02%0,97%0,96%FY18FY19FY20FY21FY22FY23FY24FY25 Industry NPL Ratio (%)Bank-Only NPL Ratio (%) 10 | Macroeconomic highlights & forecasts Source: Bloomberg, Financial Services Authority(OJK), Bank Indonesiaa)If SAL deposit is removed, Mandiri Bank-Only’s deposit growth will become 22.1% and Banking Industry’s deposit growth will become 11.5% NPL Ratio: Mandiri vs. IndustryDeposit Growth(a) YoY: Mandiri vs. Industry Loan Growth YoY: Mandiri vs. Industry 11,6%10,2% -3,63% 8,45%12,6%16,4%20,7%14,2%12,0% 6,08%-2,40%4,92%11,6%10,6%10,5%9,69% -8 ,0 % -3 ,0 % 2, 0 % 7, 0 % 12 , 0% 17 , 0% 22 , 0% 27 , 0% FY18FY19FY20FY21FY22FY23FY24FY25 Bank-Only Loan Growth (%)Industry Loan Growth (%)Real GDP, Inflation, BI-Rate (%) & Daily Avg. Rp/USD
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11 | FY25 Results vs. FY25 Guidance Net Interest Margin Loan Growth Cost of Credit FY250.58% FY2513.4% Higher RangeGuidance 10.0%8.0% FY254.89% Full Year 2025: Strengths and challenges to be addressedKey Strengths & Challenges to be Addressed Strengths Challenges Lower RangeGuidance Lower RangeGuidance 4.8% Higher RangeGuidance 5.0% Lower RangeGuidance 0.8%1.0% Higher RangeGuidance Lower cost of funds offsetting lower loan yields The Bank continued to record an improving deposit cost of fund (declining to 2.35%, down by 8 bps YoY). This improvement helped offset loan yield compression, allowing NIM YTD Consolidated to remain stable at 4.89%.Resilient asset qualityAsset quality remained resilient in FY25, supported by improving Loan-at-Risk. The consolidated NPL ratio eased to 1.13%, while coverage remained strong at 231%. Loan write-offs declined meaningfully, and NPL formation stayed under control. As a result, CoC remained below guidance at 0.58%.Strong non-interest incomeNon-Interest Income at the Bank-only level grew 16.9% YoY, underpinned by solid growth in recurring fees alongside non-recurring income, strengthening overall profitability. Loan yield pressureLoan yield moderated to 7.55% in FY25, down 21 bps YoY, reflecting the cumulative 125 bps policy rate cuts during 2025 and continued competitive pricing in the wholesale segment. Nonetheless, Mandiri continues to optimize its portfolio mix and maintain disciplined repricing strategies.Moderation in retail loan growthRetail loan growth remained modest at 1.84% YoY, reflecting softer demand and selective underwriting across segments. Auto loans declined by 15.7% YoY, while SME loans by 2.09% YoY. Despite this moderation, retail loan momentum is expected to improve in FY26.Opex growthConsolidated opex grew 15.2% YoY in FY25, driving the CIR to 43.5%. However, growth was flat QoQ in 4Q25. Looking ahead, consolidated opex growth is expected to moderate to mid-single-digit levels in FY26.
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7,77% 2,16%5,15%2,41%0,79%2,42% 21.2% 7,67% 2,40%4,89%2,60%0,73%2,02% 18.4%7,55% 2,33%4,89%2,39%0,58%2,14% 20.3% 0, 0 0% 2, 0 0% 4, 0 0% 6, 0 0% 8, 0 0% 10 , 00% 12 , 00% 14 , 00% Loan Yield(Bank-only)CoF Deposit(Bank-Only)NIMCost to AssetCoCROAAfter taxROEAfter Tax FY249M25FY25 12 | Supported by Solid Balance Sheet... Notes:a)Loan Yield & CoF Deposit is calculated by using average daily balance approachb)Consolidated NIM is calculated by using average monthly balance approachc)ROE = PATMI / YTD average monthly equity excluding minority interest 1.6711.2711.6992.4271.8951.4312.1062.830 LoansCASA DepositsTotal DepositsTotal Assets FY24FY25 +13.4% +12.6% +23.9% +16.6%in Rp Tn -12bpsQoQ +0bpsQoQ -21bpsQoQ -15bpsQoQ +13bpsQoQ +1,87ptsQoQ a) b) c) …and Well-Managed Key Ratios Earnings resilience with improving PPOP and profitability amid a challenging environment -7bpsQoQ a) Consolidated Quarterly Net Profit TrendConsolidated Quarterly PPOP Trend 21,122,018,721,2 25,7 4Q241Q252Q253Q254Q25 in Rp Tn YoY: +21.8%QoQ: +21.6% 13,813,211,313,318,6 4Q241Q252Q253Q254Q25 in Rp Tn YoY: +34.9%QoQ: +39.8%
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13 | Consolidated Loan Growth Breakdown Analysis -6,30%-2,09%-1,10% 7,16%9,23%9,39%12,1%12,5%14,5%23,1% 1,83%10,6%19,6%13,4% 0,50%1,27%-0,57% 2,55%2,80% -0,54% 4,28%3,79%5,98%14,6% 0,47%4,76%11,3%7,41% Auto Loan(incl. Multi-FinanceSubsidiaries) SMEPayroll LoanMo rtgageMa ntap(Subsidiary)Micro(KUM+KUR)Commer cialCr edit CardBSI(Subsidiary)CorporateRetail(Bank-Only)AggregateSubsidiariesWh olesale(Bank-Only)BMRIConsolidated Dec-25 YoY (%)Dec-25 QoQ (%) % to total consolidated loans in December 2025 Loan growth supported by a healthy LDR level and asset quality 4%4%5%4%3%5%17%1%17%40%21%21%58%100% Note:a) Average daily LDR is 95.2% (Mar-25), 94.7% (Jun-25), 94.3% (Sep-25), 93.9% (Dec-25)b) Net NPL Formation = (Downgrade – Upgrade) / Average Balance Bank Only Loan Bank-Only Loan-to-Deposit Ratio(a) TrendBank-Only Net NPL Formation(b) and Loan-at-Risk Ratio Trend 1,27%0,77%0,83%0,81%0,77% 6,81%7,37%7,06%6,53%6,05% FY243M256M259M25FY25 Net NPL Formation (Bank-Only)LaR Ratio (Bank-Only) 86,8%89,7%90,5%93,2% 98,0% 93,5%90,2%92,6% 88,9% Dec-23Mar-24Jun-24Sep-24Dec-24Mar-25Jun-25Sep-25Dec-25 LDR (Bank-Only)
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NIM resilience maintained as lower CoF offsets yield decline 14 | Bank-Only Yield of Loan Trend Consolidated YTD Net Interest Margin TrendBank-Only Cost of Deposit Trend 5,15% 4,80%4,92%4,89%4,89%4,83%4,89%5,00%5,00% 4,80%4,80% FY241M252M253M254M255M256M257M258M259M2510M2511M25FY253Q254Q25 YTD NIM Consolidated (%)FY25 NIM Guidance (%) 1,56% 1,26%1,74%2,16%2,33%2,31%2,15% 2,66%2,19%2,95%3,77%4,25%4,36%4,00% 1,49%1,42%2,24%2,79%2,72%2,64%2,22% 0,79%0,48%0,47%0,48%0,43%0,33%0,40% 202120222023202420253Q254Q25 Cost of DepositsTime DepositCurr ent AccountSaving Account 5,24%5,32% 6,85%7,01%6,64%6,58%6,26%6,42%6,27%6,81%6,91%7,12%7,20%7,09%7,71%8,00%7,95%7,59%7,38%7,26%7,21% 9,31%9,03%8,56%8,18%8,42%7,92%7,69% 11,3%11,5%11,6%11,2%11,0%10,9%10,8% 202120222023202420253Q254Q25 Corp. (incl. Inst. & Int. Banking)Comm.SMECons. (incl. CC)Micro & Payroll
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5,19 5,80 6,69 7,47 8,91 10,05 10,9 13,34 4,68 4,01 4,74 7,05 8,01 12,6 9,27 9,14 8,39 8,20 10,7 11,5 35,2 40,6 42,3 48,5 FY22FY23FY24FY25 15| Consolidated Non-Interest Income Breakdown by Type (Rp Tn)Consolidated Opex Breakdown (Rp Tn) Total ConsolidatedYoY:14.5% Subsidiaries a)% to Total : 23.7%YoY:7.47% Recurring Fee Income Non-Digital% to Total : 27.5%YoY:21.9% Recurring Digital Fee Income% to Total : 15.4%YoY:11.6% G&A Expense% to Total Opex : 45.0%YoY:14.7% Personnel & Other Expense% to Total Opex: 55.0%YoY:15.8% Total ConsolidatedYoY:15.3% Treasury Income% to Total : 14.5%YoY:48.6% Cash Recoveries & Others% to Total : 18.9%YoY:-1.47% Strong non-interest income growth, while one-off opex drives higher cost growth in FY25 Notes:a)Net of elimination 22,1 22,7 26,5 30,4 31,2 31,1 32,1 37,2 53,3 53,9 58,6 67,6 FY22FY23FY24FY25 Consolidated Cost-to-Income Ratio (CIR)42.4%38.8%40.0%43.5%Consolidated Non-II to Revenue28.0%29.3%28.9%31.2%
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16 | ConsolidatedLoans at Risk (LaR)vs. Cost of Credit TrendLaRCoverage and NPL Coverage 2,76% 8,46% 2,47%2,81%2,49%2,14%2,64% 4,22% 4,09% 3,17%3,23%3,20%3,15%2,74% 2,85% 2,23% 1,12%1,17%1,23%1,19%1,13% 9,83% 14,8% 6,76%7,21%6,92%6,48%6,51% 1,84%1,70% 0,79%0,88%0,77%0,73%0,58% Avg.'17-'19Avg.'20-'23Dec-24Mar-25Jun-25Sep-25Dec-25 Cat. 1 Restru (%)SML (%)NPL (%)YTD CoC (%) 40,6%40,5%45,0%43,0%44,5%44,7%39,9%39,0%42,1%43,0%40,7%41,4%42,5%40,1%141% 269%271%265%246%243%231%146% 298%304%299%273%271%253% Avg.'17-'19Avg.'20-'23Dec-24Mar-25Jun-25Sep-25Dec-25 Consol. LaR Coverage (%)Bank-Only LaR Coverage (%)Consol. NPL Coverage (%)Bank-Only NPL Coverage (%) Healthy asset quality with ample coverage
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17 | Bank Mandiri FY-2026 consolidated guidance Loan Growth7 – 9% NIM4.6 – 4.8% Credit Cost0.6 – 0.8% Net Interest Margin:Mandiri guides consolidated NIM at 4.6–4.8%, implying a 10–30 bps moderation from FY25. This reflects continued pressure on loan yields amid a competitive lending environment, particularly in the wholesale segment, as well as the incorporation of an expected 50 bps policy rate cut this year. The guidance embeds a cautious assumption on cost of funds, with potential upside should liquidity conditions improve beyond expectations, although this is not included in the base case. Loan Growth:Mandiri expects consolidated loan growth of 7–9%, representing a measured slowdown YoY. Growth will be balanced across segments, including wholesale, MSME, and consumer loans, while maintaining prudent liquidity management. The Bank aims to keep the loan-to-deposit ratio below 95% to preserve funding discipline. Growth will remain selective and profitability-focused to support optimal capital positioning and sustainable returns. Cost of Credit:The Bank guides cost of credit at 0.6–0.8%, representing a normalization from 0.58% in FY25. This outlook reflects a normalization in provisioning trends, with asset quality indicators— including Loans-at-Risk—expected to remain stable, or slightly higher, in FY26. Overall asset quality is expected to remain healthy, supported by adequate NPL coverage levels. BMRI 2026 Guidance: Loan Growth, Net Interest Margin, and Cost of Credit
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Financial & Operation
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Balance Sheet (Rp Bn)Dec-24Sep-25Dec-25QoQYoYCash and Placement with BI & Other Banks246,710 243,576 383,571 57.5%55.5%Receivables (Acceptances & Others)39,288 38,479 40,160 4.37%2.22%Gov't Bonds & Marketable Securities391,041 424,817 421,449 -0.79%7.78%Loans 1,670,547 1,764,328 1,894,985 7.41%13.4%Loan Provisions(50,392)(51,002)(49,218)-3.50%-2.33%Other Provisions(3,076)(4,417)(4,314)-2.33%40.3%Fixed & Other Assets133,106 147,580 143,315 -2.89%7.67%Total Assets 2,427,223 2,563,360 2,829,948 10.4%16.6%CASA: 1,271,210 1,304,937 1,431,378 9.69%12.6%Current Account605,765 623,725 710,147 13.9%17.2%Savings Account665,446 681,213 721,232 5.87%8.38%Time Deposits 427,686 579,252 674,386 16.4%57.7%Third Party Funds1,698,897 1,884,189 2,105,764 11.8%23.9%Wholesale Funding316,574 260,174 286,652 10.2%-9.45%Other Liabilities 98,278 105,159 110,130 4.73%12.1%Total Liabilities2,113,749 2,249,522 2,502,546 11.2%18.4%Equity excl. Minority Interest283,796 281,631 293,751 4.30%3.51%Minority Interest29,678 32,207 33,651 4.48%13.4%Total Liabilities & Equity2,427,223 2,563,360 2,829,948 10.4%16.6% Consolidated 19 | Consolidated balance sheet summary
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P&L Summary (Rp Bn)4Q243Q254Q25QoQYoYFY24FY25YoYInterest Income40,600 40,720 42,115 3.43%3.73%151,236 164,412 8.71%Interest Expense(13,446)(14,845)(14,164)-4.59%5.34%(49,479)(58,202)17.6%Net Interest Income27,154 25,875 27,951 8.02%2.94%101,757 106,210 4.38%Net Insurance Income1,219 239 250 4.60%-79.5%2,521 550 -78.2%Total NII & Insurance Income28,373 26,114 28,201 7.99%-0.61%104,278 106,760 2.38%Non-Interest Income11,530 12,313 15,221 23.6%32.0%42,321 48,466 14.5%Total Operating Income39,903 38,427 43,422 13.0%8.82%146,599 155,226 5.88%Total Operating Expenses:(18,774)(17,251)(17,678)2.48%-5.84%(58,611)(67,584)15.3%Personnel Expenses(5,840)(7,240)(6,432)-11.2%10.1%(23,991)(26,635)11.0%G&A Expenses(9,839)(7,541)(8,601)14.1%-12.6%(26,521)(30,422)14.7%Other Expenses(3,095)(2,470)(2,645)7.09%-14.5%(8,099)(10,527)30.0%Pre-Provision Operating Profit (PPOP)21,129 21,176 25,744 21.6%21.8%87,988 87,642 -0.39%Provision Expenses(2,396)(3,185)(867)-72.8%-63.8%(11,929)(11,331)-5.01%Profit from Operations18,733 17,991 24,877 38.3%32.8%76,059 76,311 0.33%Non-Operating Income325 33 (6)-118%-102%344 107 -68.9%Net Income Before Tax19,058 18,024 24,871 38.0%30.5%76,403 76,418 0.02%Profit After Tax & Minority Interest (PATMI)13,766 13,275 18,565 39.8%34.9%55,783 56,295 0.92% Consolidated 20 | Consolidated income statement summary
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83,0%81,2%86,0%83,3%80,0%83,7%84,8%83,2%77,6%84,9%85,7%87,6%86,8%89,7%90,5%93,2%98,0%93,5%90,2%92,6%88,9% 80,8%79,2%83,8%81,3%78,6%81,2%83,2%81,3%76,0%82,9%83,5%84,3%83,7%86,3%87,9%90,6%94,8%88,2%85,5%87,7%84,7% 70 , 0% 80 , 0% 90 , 0% 10 0, 0 % 11 0, 0 % 12 0, 0 % 4Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q25 LDRMIR Optimizing Assetand Liability Management(Bank-Only) LCR & NSFR > 100% (Consolidated) Liquidity Coverage Ratio (LCR) & Net Stable Funding Ratio (NSFR) Notes:MIR : Macroprudential Intermediation Ratio, defined as Total Financing (Loan & Bonds) divided by Total Funding (3rd party funds & qualified wholesale funding)LCR : Liquidity Coverage Ratio, defined as High Quality Liquid Asset divided by Net Cash Outflow NSFR : Net Stable Funding Ratio, defined as Bank's available stable funding (“ASF”) divided by its required stable funding (“RSF”) Loan-Deposit Ratio (LDR) & Macroprudential Intermediation Ratio (MIR) 208%211%196%188%198%217%196%185%187%187%171%172%170%166%147%145%141%147%131%134%140% 125%122%122%124%126%123%123%120%122%113%112%117%118%113%109%109%109%109%112%110%111% 4Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q25 LCRNSFR 21 | Key liquidity and intermediation metrics
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Consolidated Notes:a) ROE = PATMI / YTD average monthly equity excluding minority interestb) Exclude Loan from Multi-finance Subsidiaries and Loan to Bank22 | Key profitability ratiosRatios in % FY22FY23FY24FY25YoYPROFITABILITYNIM 5.475.485.154.89-26bpsCost to IncomeRatio 42.438.840.043.53.56ptsCost to Asset Ratio (annualized)2.672.482.412.39-3bpsNon-Interest Income to Asset Ratio1.891.951.841.84-Cost of Credit 1.440.850.790.58-21bpsProvision to Asset Ratio0.810.470.490.40-9bpsRoA –after tax 2.212.642.422.14-28bpsRoRWA –after tax 3.634.504.123.70-42bpsRoE –after tax a) 19.723.221.220.3-88bpsFUNDING, LIQUIDITY & CAPITALCASA Ratio 73.474.374.868.0-6.85ptsLoan to Deposit Ratio (LDR) –Bank Entity b) 78.385.895.187.6-7.48ptsLoan to Funding Ratio (LFR)72.878.082.979.2-3.68ptsDeposit to Interest Bearing Liabilities Ratio90.288.084.388.03.73ptsTier-1 Capital 18.620.819.619.3-37bpsCAR 19.722.020.820.4-39bpsASSET QUALITYNPL Ratio 1.921.191.121.131bpsSpecial Mention Loan Ratio3.763.893.172.74-43bpsColl. 1Restructured LoanRatio –incl. Covid Restructured6.193.542.472.6417bpsLoan at Risk Ratio 11.98.626.766.51-25bpsNPL Coverage 285326271231-40.1ptsLoan at RiskCoverage 46.445.345.039.9-5.13pts
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551 534 615 565 640 515 532 530 523 546 261 318 315 400 489 372 365 369 397 431 1.699 1.749 1.828 1.884 2.106 - 50 0 1. 000 1. 500 2. 000 Dec-24Mar-25Jun-25Sep-25Dec-25 Curr ent AccountSavings AccountTime DepositSubsidiaries 620 608 616 667 764 293 296 309 315 328 87 85 85 84 85 188 192 194 197 195 123 122 123 122 124 360 369 374 380 398 1.671 1.672 1.701 1.764 1.895 - 50 0 1. 000 1. 500 2. 000 Dec-24Mar-25Jun-25Sep-25Dec-25 CorporateCommer cialSMEMicro & PayrollConsumerSubsidiariesBreakdown 6.57% 40.3% 17.3%4.48%10.3% 21.0% 100% YoY 1.35% 23.1% 12.1%-2.09%3.97% 10.6% 13.4% Loan Breakdown (Rp Tn) Third-Party-Fund Breakdown (Rp Tn)Breakdown 23.2% 30.4% 25.9% QoQ 13.3% 4.49% 22.3% QoQ 14.6% 4.28% 4.76% 7.41% 1.27%-0.55%1.58% 20.5%8.52% 100%11.8% a) Notes: a) includes Institutional Banking and International Bankingb) As of Dec-25, CASA Ratio for BSI is 61.6% & Mantap is 23.3% vs. Mandiri Bank-Only 70.8%. Bringing Consolidated CASA Ratio to 68.0%. YoY 16.1% 6.16% 87.0% 15.9% 23.9% b) 23 | Consolidated loan & deposit breakdown
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Loan Movement Bank-Only (Rp Tn) Loan Disbursement by Segment Bank-Only (Rp Tn) 1.385 + 291 - 40,1 - 30,9 - 108 + 0,33 - 1,54 1.496 3Q25Disburs.Install.PaymentPay-offFX ImpactWrite-Offs4Q25 183 54,323,418,612,4 291 CorporateCommercialSmallMicroConsumerTotal 11.6%-8.82%18.9%-5.99%-39.1%-92.8%0.75%14.1%YoY Growth 6.23%4.06%-56.9%-26.6%-21.6%-8.82%YoY Growth 24 | Bank-only loan movement analysis
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34,6 29,9 31,4 36,1 38,0 35,0 29,5 13,8 10,9 12,3 14,1 16,7 19,3 21,7 44,3 43,5 46,2 50,1 56,0 65,5 70,2 1,56 2,05 2,26 2,40 2,75 3,01 3,08 94,3 86,4 92,1 103 113 123 124 2019202020212022202320242025 Auto Loan (Joint Finance)Cr edit CardMo rtgageOthers Micro & Payroll Loans (Rp Tn) Consumer Loan Breakdown (Rp Tn) 14,713,113,315,420,5 26,9 30,8 32,041,853,362,162,3 63,9 68,5 76,265,965,474,685,1 97,2 96,2 123121132152168 188 195 0,0 50 ,0 10 0,0 15 0,0 20 0,0 25 0,0 2019202020212022202320242025 Normal Micro (KUM)Subsidised Micro (KUR)Payroll Loan (KSM) Micro & Payroll Loan Growth as of Dec-25 Consumer Loan Growth Breakdown as of Dec-25 Loan Type% to Consolidated Loan% to Bank-Only Loan% to Micro & PayrollYoY(%)Normal Micro (KUM)1.632.0615.814.6Subsidised Micro (KUR)3.624.5835.07.19Payroll Loan (KSM)5.076.4249.2-1.10Total Micro + Payroll10.313.11003.97 Loan Type% to Consolidated Loan% to Bank-Only Loan% to Total Consumer LoanYoY(%)Mortgage3.704.6956.47.16Credit Card1.141.4517.412.5Auto Loan (JF)1.561.9723.7-15.7Others0.160.212.472.29Total Consumer6.578.311001.35 Note: All figures are Bank-Only 25 | Micro, payroll & consumer loans
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64,2 33,2 22,2 11,2 10,5 10,3 6,26 6,16 5,96 5,19 0 10 20 30 40 50 60 70 Non-Infra. Const.Energy & WaterMe tal Manufacturing & TradePulp & Paper ManufacturingTr ansport. SupportWa ter Transport. -…Tr ading - Plantation Non-CPOProperty - InvestmentTr ade - AutomotiveBusiness Services Δ%1,479%229%380%31.5%23.3%61.9%11.9%27.9%21.9%11.1% Outstanding Increase Rp Tn Quarter-on-Quarter Year-on-YearΔ%967%56.7%110%69.2%49.0%1,255%460%21.9%75.8%84.0% Outstanding Increase Rp Tn Quarter-on-QuarterΔ%76.8%55.6%23.7%N/A20.7%20.3%21.0%7.47%159%3.50% Year-on-Year Δ%158%21.6%48.3%35.2%98.4%39.9%10.2%3.91%7.67%6.90% Outstanding Increase Rp Tn Outstanding Increase Rp Tn Top 10 Industries Contributing to Wholesale (Corporate + Commercial) Loan Growth in Dec-25 Outstanding Increase Rp Tn Quarter-on-Quarter Year-on-YearΔ%1,637%64.7%122%83.7%57.9%410%301%49.8%24.3%N/A Δ%189%27.2%47.1%28.9%270%39.4%10.3%7.85%15.0%4.05% Outstanding Increase Rp Tn Top 10 IndustriesContributing to Corporate Loan Growth in Dec-25Top 10 IndustriesContributing to Commercial Loan Growth in Dec-25 Notes: •All figures are using Bank-Only loan•Exclude loan to Gov. of Indonesia Wholesale segment (corporate & commercial) analysis by industries 26 | 43,4 16,3 13,8 7,15 5,64 3,76 3,69 2,43 2,33 2,07 0 10 20 30 40 50 Non-Infra. Const.Energy & WaterMe tal Manufacturing & TradePulp & Paper ManufacturingBusiness ServicesWh olesale Trade - F&BTelcoF&B ManufacturingWa ter Transport. Serv. -…Tr ansport. Support 66,7 28,7 19,7 11,1 10,9 5,37 4,95 4,23 3,08 2,69 0 10 20 30 40 50 60 70 80 Non-Infra. Const.Energy & WaterMe tal Manufacturing & TradeProperty - InvestmentTr ansport. SupportTr ade - AutomotiveBusiness ServicesWh olesale Trade - F&BPulp & Paper ManufacturingFarm 46,3 15,6 11,5 5,44 4,81 3,59 2,38 2,17 2,06 1,89 0 10 20 30 40 50 Non-Infra. Const.Energy & WaterMe tal Manufacturing & TradeProperty - InvestmentBusiness ServicesWh olesale Trade - F&BPalm Plantation & CPOTr ansport. SupportPulp & Paper ManufacturingF&B Manufacturing 9,97 8,16 5,17 4,45 3,87 2,51 2,21 1,80 1,69 1,60 0 2 4 6 8 10 12 Wa ter Transport. -…Pulp & Paper ManufacturingTr ading - Plantation Non-CPOEnergy & WaterCoal ManufacturingMe tal Manufacturing & TradeFinancial ServicesLand Transport.TelcoF&B Manufacturing 5,09 2,34 1,81 1,42 1,25 1,10 0,83 0,74 0,67 0,63 0 1 2 3 4 5 6 7 Pulp & Paper ManufacturingMe tal Manufacturing & TradeTelcoEducationHotel, Restaurant &…Tr ading - Plantation Non-CPOBusiness ServicesWa ter Transport. -…Livestock TradingEnergy & Water
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1,21 2,54 3,04 2,67 4,71 8,34 1,40 2,33 3,11 4,97 5,70 9,47 Commercial SME Micro Treasury Corporate Consumer FY25FY24 +15.7% -8.18% +2.57% +86.2% NII per Segment Analysis FY25 in Rp Tn (Bank-Only)Non-Interest Income per Segment FY25 in Rp Tn (Bank-Only) +21.1% +13.6% %YoY 27 | 13,3 12,4 6,70 6,30 12,1 11,5 3,09 3,05 22,0 20,2 (0,78)(0,01) 3,58 5,31 0,36 2,90 1,15 1,41 9,34 9,55 2,56 1,56 (0,72)(2,69) 16,8 17,7 7,07 9,20 13,3 12,9 12,4 12,6 24,5 21,7 (1,50)(2,69)FY24FY25FY24FY25FY24FY25FY24FY25FY24FY25FY24FY25CorporateCommercialSMEMicroConsumerTreasury Asset SpreadLiabilities Spread Balanced earnings contribution by business units
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7,08%7,11%7,84%7,77%7,55%7,51%7,24% 4,72%5,23%5,22%4,92%4,56%4,47%4,49% 1,70%1,48%2,10%2,56%2,71%2,76%2,49% 202120222023202420253Q254Q25 Yield of LoanNIMCoF IBL 1,56% 1,26%1,74%2,16%2,33%2,31%2,15% 2,66%2,19%2,95%3,77%4,25%4,36%4,00% 1,49%1,42%2,24%2,79%2,72%2,64%2,22% 0,79%0,48%0,47%0,48%0,43%0,33%0,40% 202120222023202420253Q254Q25 Cost of DepositsTime DepositCurr ent AccountSaving Account YTD NIM, Loan Yield and Cost ofInterest-Bearing Liabilities (Bank-Only)YTD Cost of Fund by Type of Deposit (Bank-Only) YTD Loan Yield per Segment (Bank-Only) Notes: •The consolidated NIM is calculated using the average monthly balance approach, whereas the bank-only NIM, loan yield, and cost of funds are calculated using the average daily balance approach•BSI NIM are unaudited number 5,24%5,32% 6,85%7,01%6,64%6,58%6,26%6,42%6,27%6,81%6,91%7,12%7,20%7,09%7,71%8,00%7,95%7,59%7,38%7,26%7,21% 9,31%9,03%8,56%8,18%8,42%7,92%7,69% 11,3%11,5%11,6%11,2%11,0%10,9%10,8% 202120222023202420253Q254Q25 Corp. (incl. Inst. & Int. Banking)Comm.SMECons. (incl. CC)Micro & PayrollYTD NIM Analysis– Bank-Only, Banks Subsidiaries and Consolidated 4,92%5,63%5,56%5,15%4,58% 5,64%5,37%4,89%4,56% 5,59%5,42%4,89% Bank-OnlyBSIMa ntapConsolidated 20249M252025 28 | Net interest margin trend analysis
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Consolidated Notes:a)The historical figures were restated following a reclassification of certain components under Non-Interest Income b)Net of elimination 29 | Non-interest income breakdown & trend analysisNon-II Breakdown (Rp Bn)4Q243Q254Q25QoQYoYFY24FY25YoY% to TotalLoan Related Fee1,033 1,488 1,462 -1.75%41.5%3,918 4,744 21.1%9.79%Deposit Related and Remittance Fee a) 1,204 1,317 1,851 40.5%53.7%4,638 5,527 19.2%11.4%Credit Card451 510 822 61.1%82.1%1,724 2,291 32.9%4.73%Mutual Fund & Bancassurance180 175 294 68.5%63.0%661 778 17.6%1.60%KOPRA Fee a) 535 515 564 9.48%5.33%2,053 2,071 0.84%4.27%E-Channel 1,320 1,452 1,424 -1.97%7.89%4,641 5,402 16.4%11.1%ATM 128 129 128 -0.86%-0.14%495 508 2.50%1.05%Livin’ App765 801 948 18.3%23.8%2,624 3,133 19.4%6.47%Other E-Channel426 522 348 -33.4%-18.3%1,522 1,761 15.7%3.63%Recurring Non-Interest Income4,724 5,457 6,416 17.6%35.8%17,635 20,812 18.0%42.9%Fixed Income, FX & Derivatives1,515 1,908 1,987 4.15%31.1%4,742 7,048 48.6%14.5%FX & Derivatives a) 813 841 705 -16.2%-13.3%2,208 2,768 25.4%5.71%Fixed Income702 1,067 1,282 20.2%82.5%2,534 4,280 68.9%8.83%Cash Recoveries1,795 1,593 2,604 63.5%45.0%6,785 7,285 7.36%15.0%Other Income142 337 150 -55.6%5.17%2,488 1,852 -25.5%3.82%Non-Recurring Non-Interest Income3,453 3,838 4,741 23.5%37.3%14,015 16,185 15.5%33.4%Total Non-Interest Income (Bank-Only)8,177 9,295 11,157 20.0%36.4%31,650 36,997 16.9%76.3%Subsidiaries b) 3,353 3,017 4,064 34.7%21.2%10,671 11,469 7.47%23.7%Total Non-Interest Income (Consolidated)11,530 12,312 15,221 23.6%32.0%42,321 48,466 14.5%100%Non-Interest Income to Revenue Ratio28.9%32.0%35.1%3.01pts6.16pts28.9%31.2%2.35pts
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Operating expense breakdown & trend analysis 38,8%40,0%43,5%44,9%40,7% 2,48%2,41%2,39%2,69%2,50% 22,7 26,5 30,4 7,54 8,60 24,4 24,0 26,6 7,24 6,43 6,71 8,10 10,5 2,47 2,65 53,9 58,6 67,6 17,3 17,7 FY23FY24FY253Q254Q25 Operating Expense HighlightsRp Bn4Q243Q254Q25QoQYoYFY24FY25YoY%Base Salary1,382 1,427 1,421 -0.43%2.84%5,572 5,745 3.11%8.50%Other Allowances1,554 3,345 2,304 -31.1%48.2%8,715 11,432 31.2%16.9%Training161 116 78 -32.3%-51.1%397 326 -17.8%0.48%Bank-Only Personnel Expenses3,096 4,888 3,803 -22.2%22.8%14,684 17,504 19.2%25.9%IT & telecoms1,224 921 1,093 18.7%-10.7%2,986 3,440 15.2%5.09%Occupancy Related1,550 946 1,332 40.7%-14.1%3,548 3,887 9.56%5.75%Promo & Sponsor706 738 767 3.93%8.70%1,905 4,125 116%6.10%Transport & Travel179 186 165 -11.2%-7.77%601 650 8.13%0.96%Goods, Prof. Svc. & Other1,626 1,122 1,354 20.7%-16.7%4,063 4,212 3.65%6.23%Employee Related1,468 865 799 -7.62%-45.6%3,764 3,409 -9.42%5.04%Bank-Only G&A Expenses6,754 4,778 5,510 15.3%-18.4%16,868 19,723 16.9%29.2%Bank-Only Other Expenses2,231 2,020 2,189 8.36%-1.87%5,885 8,722 48.2%12.9%Bank-Only OPEX (a)12,081 11,687 11,502 -1.58%-4.79%37,438 45,948 22.7%68.0%Subsidiaries - Personnel Expense2,744 2,352 2,629 11.8%-4.18%9,306 9,132 -1.87%13.5%Subsidiaries - G&A Expense3,084 2,762 3,091 11.9%0.22%9,651 10,699 10.9%15.8%Subsidiaries - Others Expense864 450 456 1.29%-47.3%2,215 1,805 -18.5%2.67%Subsidiaries OPEX (b)6,692 5,564 6,176 11.0%-7.72%21,173 21,636 2.19%32.0%Personnel Expense Consolidated5,840 7,240 6,432 -11.2%10.1%23,991 26,635 11.0%39.4%G&A Expense Consolidated9,838 7,541 8,601 14.1%-12.6%26,520 30,422 14.7%45.0%Other Expense Consolidated3,095 2,470 2,645 7.07%-14.6%8,100 10,527 30.0%15.6%Consolidated OPEX (a+b)18,773 17,251 17,678 2.48%-5.83%58,610 67,584 15.3%100%G&A Expenses (Rp Tn)Personnel Expenses (Rp Tn)Other Expenses (Rp Tn)CIR Consol (%)Cost to Asset Consol (%) 30 |
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Asset Quality & Capital
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1,82%1,40% 2,47%2,05%1,44%0,85%0,79%0,58% Dec-18Dec-19Dec-20Dec-21Dec-22Dec-23Dec-24Dec-25 CoC - Consolidated StageLoan Loss Reserve (LLR)Total LoanLLR/Loan1 7.241,4000.52%2 16.374.121.9%3 12.822.556.9%Total36.31,4972.43% 4Q 2025 Loan Loss Reserve (Bank-Only, Rp Tn)4Q 2025 Loan Stage Profile by Segment (Bank-Only)StageCorporateCommercialSMEMicro & PayrollConsumerTotal193.9%92.5%95.2%93.8%92.9%93.5%24.84%6.82%3.85%3.19%4.16%4.95%31.29%0.69%0.98%3.03%2.90%1.51%Total100%100%100%100%100%100% 143%144%221%243%285%326%271%231% 42,0%36,8%31,8%38,6%46,4%45,3%45,0%39,9% NPL Coverage RatioLaR Coverage RatioLoan at Risk Ratio Breakdown & Coverage (Consolidated) 2,70%2,20%13,8%10,3%6,19%3,54%2,47%2,64%4,00%4,58% 4,39%4,31%3,76%3,89%3,17%2,74%2,75%2,33% 3,10%2,72%1,92%1,19%1,12%1,13%9,45%9,11% 21,3%17,3%11,9%8,62%6,76%6,51% Dec-18Dec-19Dec-20Dec-21Dec-22Dec-23Dec-24Dec-25Cat. 1 RestruCat 2NPL Gross CoC (Consolidated, YTD annualized) 32 | Asset quality key highlights
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13,2 10,8 9,65 12,9 14,3 17,9 11,1 6,42 5,07 4,75 3,69 4,71 6,34 10,1 6,78 7,28 38,3%43,8%38,3%36,5%44,4%56,7%61,1%114% - 5 ,0 1 0 ,0 1 5 ,0 2 0 ,0 2 5 ,0 3 0 ,0 3 5 ,0 20182019202020212022202320242025 Write OffRecoveryRecovery Rate NPL Movement4Q241Q252Q253Q254Q25Wholesale BankingBeginning Balance5.45.55.55.24.4(+) Downgrade0.20.10.10.10.0(-) Upgrade0.00.00.00.00.0(-) Collection0.10.00.00.00.0(-) Write-Offs 0.10.00.31.00.0(+) Others0.00.0-0.00.0-0.0Ending Balance5.55.55.24.44.4Retail BankingBeginning Balance6.67.17.68.99.7(+) Downgrade3.33.13.33.23.1(-) Upgrade0.70.70.60.90.8(-) Collection0.60.50.60.50.6(-) Write-Offs 1.51.50.91.11.5(+) Others0.00.00.00.00.0Ending Balance7.17.68.99.710.0 Net NPL Formation b) (%) – Bank Only NPL Movement (Rp Tn) – Bank Only Write Off & Recovery a) (Rp Tn) – Bank Only NPL by Segment – Bank Only & Subsidiaries Notes: a)Recovery exclude penaltyb)Net NPL Formation = (Downgrade – Upgrade) / Average Balance Bank Only Loanc)Exclude Loan to Bank SegmentNPL Amount (Rp Tn)NPL Ratio (%)QoQ(bps)YoY (bps)4Q243Q254Q254Q243Q254Q25Corp.2.262.122.120.360.320.28-4-9Comm.3.232.322.281.100.740.69-4-41New0.050.000.060.020.020.0200Legacy3.182.262.244.042.842.69-15-135SME0.800.810.820.920.970.9705Micro & Payroll3.655.705.741.942.902.94499Consumer2.673.243.402.182.642.74956Bank Only c)12.614.214.40.971.030.96-60Subsidiaries 6.026.796.941.631.741.69-56Consolidated c)18.621.021.01.121.191.13-61 33 | Write-offs, recoveries and NPL trendCorpCommSMEMicro & PayrollConsTotal Bank Only20201.20 4.671.802.273.52 2.3720210.16 3.272.272.793.07 1.6920220.071.692.792.752.491.3220230.220.672.553.534.101.4520240.270.371.524.013.641.2720250.000.120.622.843.170.77
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72,5 65,4 53,4 51,9 48,6 46,0 45,1 43,2 41,5 47,8 43,1 38,8 50,4 34,6 33,4 39,3 38,6 38,0 39,6 38,2 36,4 38,0 37,7 38,9 40,3 39,5 18,4 16,1 15,4 13,8 10,4 9,09 9,79 9,84 9,77 9,72 9,82 9,22 9,26 126 115 108 104 97,0 94,6 93,1 89,4 89,2 95,2 91,8 88,3 99,1 0, 0 20 , 0 40 , 0 60 , 0 80 , 0 10 0, 0 12 0, 0 14 0, 0 16 0, 0 18 0, 0 20 0, 0 Dec-22Mar-23Jun-23Sep-23Dec-23Mar-24Jun-24Sep-24Dec-24Mar-25Jun-25Sep-25Dec-25 Current Special Mention Non-Performing 10,4%9,54%8,49%7,93%6,94%6,59%6,07%5,63%5,34%5,69%5,40%5,00%5,23% Current Ratio 57.8%56.9%49.4%49.7%50.1%48.6%48.4%48.3%46.5%50.2%46.9%44.0%50.8%SML27.6%29.1%36.4%37.0%39.2%41.8%41.0%40.7%42.6%39.6%42.4%45.6%39.9%NPL14.7%14.0%14.2%13.2%10.7%9.6%10.5%11.0%11.0%10.2%10.7%10.4%9.3% Total Restructured Loans – Rp Tn% to total loan 34 | Consolidated restructured loan trend analysis Note: Starting 2025, the restructured loans will be shown in total
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35 |Notes:a) For 2018-2020, number refer to BankSyariahMandiristand aloneb) Non-Joint Finance only Business SegmentsLoan Mix(% of Consolidated Loan)Cost of Credit (%)2019202020212022202320242025q2019202020212022202320242025 Corporate40.0735.5435.2534.4435.0337.1440.32 0.35 1.081.260.28(0.23)(0.05)(0.01)Commercial16.7416.4116.5516.3317.0217.5317.33 2.54 3.352.731.14(0.76)(0.21)(0.30)SME6.515.745.735.615.495.184.48 3.16 2.151.551.841.160.200.25Micro& Payroll13.5512.5112.5612.6512.0111.2610.32 1.69 3.052.582.782.692.361.64Consumer10.229.318.038.358.117.356.57 2.09 4.382.292.373.582.951.91Total Bank-Only87.3279.1578.8677.5877.6678.4679.00 1.31 2.311.911.210.630.620.34 Bank Syariah Indonesia a)8.2816.0816.2217.2817.1916.6716.83 2.10 2.302.351.961.130.810.79Mandiri Taspen2.242.662.993.072.962.772.67 0.50 1.602.611.800.750.110.45Mandiri Tunas Finance b)1.881.851.731.872.011.961.42 2.60 4.303.681.942.042.724.04Mandiri Utama Finance b)0.510.500.550.550.690.830.91 3.40 3.804.194.686.424.485.33Total Subsidiaries12.9121.0921.4822.7622.8522.2321.82 1.90 2.502.542.001.301.021.17Elimination(0.22)(0.24)(0.34)(0.34)(0.51)(0.69)(0.82)Total Consolidated100.00100.00100.00100.00100.00100.00100.001.402.472.051.440.850.790.58 35 | Provisioning by segments
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8278949861,0331,2151,30868.4%66.0%62.8%61.2%64.7%58.7%12.2%11.5%11.0%11.8%11.6%10.0% Tier-2 Ratio CET1 Ratio(Equivalent to Tier-1 Ratio) RWA (Rp Tn) Leverage Ratio b) Notes:a)RWA Density = Total RWA divided by Total Assetb)Based on OJK Regulation No. 31/POJK.03/2019, Leverage Ratio = Tier 1 Capital divided by Total Exposure (On Balance Sheet Exposure + Derivatives Exposure + Securities Financing Transaction Exposure + Other Off-Balance Sheet Exposures) 18,8%18,5%18,4%20,3%18,9%18,2% 1,09%1,09%1,10%1,19%1,18%1,17%19,9%19,6%19,5%21,5%20,1%19,4% 8,29%14,3%19,6%23,6%21,4%20,8% 202020212022202320242025 Capital Adequacy Ratio ROE – Average Equity Dividend Payout Ratio RWA Density a) Capital Structure, Dividend Payout and Returns (Bank-Only) 36 | CAR and CET1 ratios are well above minimum requirement REGULATORY REQUIREMENT 14.68% Baseline Requirement2.50% Capital Conservation Buffer2.50% Capital Surcharge on Systemic Bank9.68% CAR based on Risk Profile 18.0 - 20.0% Internal Targetfor Bank-only CAR 60.0%60.0%60.0%60.0%60.0%78.0%
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Digital Innovations & Performance
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Livin’ Registered Users 37Mn▲27% YoYRegistered UsersAs of Dec-25 Livin’ Performance Highlights 2.815 3.069 3.311 3.550 3.880 4.138 4.331 4.542 4.689 3.261 3.459 3.643 3.855 4.025 4.174 4.225 4.257 4.401 Dec-23Mar-24Jun-24Sep-24Dec-24Mar-25Jun-25Sep-25Dec-25 Tr x Freq Trailing 4-Quarters (Mn)Tr x Value Trailing 4-Quarters (Rp Tn)Livin' Trx Value & Frequency YoY: 20.9%YoY: 9.32% Launched in Oct-21 General performance highlights 38 |
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1.388 1.474 1.534 1.563 1.546 1.527 1.471 1.456 1.512 507 540 570 601 630 650 664 687 704 252 270 286 305 332 354 373 391 403 210 276 364 479 627 776 939 1.104 1.274 112 124 135 147 162 168 171 173 153 346 386 421 454 584 662 713 731 642 Dec-23Mar-24Jun-24Sep-24Dec-24Mar-25Jun-25Sep-25Dec-25 TransferTop Up & PurchasePaymentQR PaymentOthers FinancialNon-Financial 2.794 2.940 3.070 3.221 3.336 3.426 3.437 3.426 3.514 108 116 123 132 135 140 144 151 163 231 250 269 290 313 335 346 354 365 32 42 55 73 94 116 137 156 178 96 111 126 140 148 157 161 171 180 Dec-23Mar-24Jun-24Sep-24Dec-24Mar-25Jun-25Sep-25Dec-25 TransferTop Up & PurchasePaymentQR PaymentOthers Financial% to Total 100% QoQQoQYoY% to Total 8.60% 32.2% 15.0% 3.27% 27.2% 13.7% 100% Transaction Value Trailing 4-Quarters (In Rp Tn)Transaction Frequency Trailing 4-Quarters (In Mn) YoY 39 | Strong transactionalgrowth generating solid transactional value growth 2,8153,0693,3093,5503,8804,138 3.16% 3.84% 2.57% -11.7% 15.4% -12.1% 3.25% 21.5% -2.20% 11.8% -5.38% 103% 9.97% 20.9% 3,2613,4593,6443,8564,0254,1744.09%4.05%8.29%3.71% 79.9% 3.36%5.32%14.3%3.16%8.25% 2.57% 9.32%22.0%89.9%16.6%21.1% 5.34% 4,331 4,2254,542 4,2574,689 4,401
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40 | Quality Livin’ users driving strong growth of fee generating transactions# of Users Registered in Livin'App (in Mn) 9,67 15,6 22,5 29,3 37,2 FY21FY22FY23FY24FY25 +27.2% YoY Growth of Transaction Value in FY25 (% YoY) 20,9% 42,4% -7,46%Total # of TrxFee GeneratingNon-Fee Generating 9,28% 15,3% 1,11%Total Trx ValueFee GeneratingNon-Fee Generatinga) b) a) b) Notes:a)Example of fee generating transactions: Payment (including QRIS), Powercash, e-Wallet Top-up, Interbank Transfers, Bond investment, etc.b)Example of non-fee generating transactions: Cardless withdrawal at ATM, E-money, Opening Accounts, Transfer Inhouse, etc.
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16,6%18,6% 4Q24 4Q25 17,2 26,0 4Q244Q25 14,8 15,9 4Q24 4Q25 Notes:a)Digital Loans include multipurpose Loan (Digital Payroll Loan, Paylater, Mortgage, and Auto) and CC Power Cash disbursed viaLivin’.b)Overall booking (digitally and non-digitally) of multipurpose Loan (Payroll Loan,Paylater, Mortgage, and Auto) and CC Power Cash. Digital Loans a) Booking via Livin’ (trailing 4-quarters)In Rp Tn % of Digital Loans Booking via Livin’ to Overall Booking b)(trailing 4-quarters) Avg. Daily New Account Openings via Livin’in ‘000 Account Opening Per Working Day Steadily Growing our Digital Loans BookingBoosting New Acc. & Driving Saving Deposit Growth Beyond Industry Level Consistently supporting balance sheet growth through loans and deposits 41 | 0,46% 0,48% 0,43% 5,92% 13,4% 6,16%1,31% 5,43% 8,78% 0, 2 0% 0, 7 0% 1, 2 0% 1, 7 0% 2, 2 0% 2, 7 0% Dec-23Mar-24Jun-24Sep-24Dec-24Mar-25Jun-25Sep-25Dec-25 CoF Savings Deposit YTD (Bank-Only)BMRI Saving Deposit YoY (Bank-Only)Industry Saving Deposit YoY (Exc. BMRI Bank-Only) Savings Deposits Growth YoY (BMRI & Industry) vs. CoF Source: Indonesian Banking Statistics, Latest Industry Savings Data as of Nov-25
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Instant and Manageable SolutionShop Now, Pay Later Leveraging Payroll Ecosystem by offering loans to eligible customers Offering extensive range of retail lending products Personal LoanLaunched in Oct-21 42 | Easy and Efficient loan through both Credit Cards Loan Solutions CC InstallmentLaunched in Oct-21Cash AdvanceLaunched in Dec-22 Quick and Flexible SolutionsMortgage Offerings PaylaterLaunched in Dec-23 Buy today and spread the payments over time Vehicle Financing Livin’ MortgageLaunched in Jun-24 Competitive Mortgage Solutions for easy Home Ownership Livin’ AutoLaunched in Oct-24 Quick Financing for Vehicle Purchase with Flexible Loan Term Rp1 BnUp ToIndicative Personalized Limit Flexible Term of Tenure 50%Up ToOf Credit Card Limit Starting from Rp1 Mn Easy Conversionof Transactions into Installments36Up To months Rp20 MnUp ToIndicative PersonalizedLimit Quick Loan Solution for Short-term Needs 30minutes 600+Rapid Approval of Loans for Mortgage Solution Leading Housing Developers in IndonesiaTeam up with Projects Partnering with Top Dealers in Livin’ Auto Personalized Offerings of Auto Solutions CATERING TO ALL CUSTOMER NEEDSFrom essential daily purchases to significant lifestyle investmentsSmaller ticket-size items Bigger ticket-size items
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Smart InvestmentMulticurrency Solutions & Seamless Cross-Border TransferTap to Pay Stock InvestmentLaunched in Oct-24 Invest in stocks, primary bonds, and Secondary Bonds via Livin’ Multicurrency account Launched in Aug-23 Seamlessly Open Accounts with various foreign currency options USDEURSGDAUDGBPHKDCAD CNYTHBINR 14 Currencies Available Transfer real-time to 18 countries with competitive rates and easily use QR payments abroad Cross-border Transfer Launched in Feb-23QR Payment Cross Border Launched in Jan-24 Launched in Dec-23 Transact faster with no fuss by simply tapping smartphone to make contactless payment Make contactless payments worldwide! From paying for transport to buying food – simply with a tap! QR Payment Cross-border Available in 4 Countries Thailand Malaysia Singapore Smart Top-ups & Pre-Login Quick Financial Transaction with Pre-Login Features and Link e-wallets to set up auto top-ups E-Wallet Integration Some of our leading features (1/2) Smart Top-UpLaunched in Oct-21Pre-LoginLaunched in Oct-21 Cardless WithdrawalTop Up E-money QR Payment & Transfer Quick Pick Retail Investor AccountInvest in Mutual Funds, Stocks, & BondsIntegrated Portfolio with Mandiri Sekuritas (Growin)Automatic Monthly Investment Option 43 | SAR JPYMYRNZD Secondary Bonds Launched in Aug-25 Japan NEW NEW
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Branch ReservationLivin’ Loyalty Skip the Queueing at Bank Mandiri branches a) using Branch Reservation Launched in Jun-22 Launched in Oct-24 1,846259 Conventional Branches Sukha Beyond Banking lifestyle feature with engaging contents to drive purchase Pharmacy & Healthcare Golf Course Travel & Leisure Concert & Event Transportation Game Voucher Protection & Investment Charity & Donation Launched in Oct-23 Note:a) branches that provide for branch reservation via Livin' Some of our leading features (2/2)What’s Next for Livin’? 44 | Personalized and Engaging ExperienceA New Way of User Acquisition Livin’ Loyalty Monetizing Transactions Member-Get-MemberUtilizing Livin’ Points Rewarding Transactions More Transactions in Gaining Livin’ Points Livin’ Points Redemption Points can be exchanged for Offered Items at Livin’ Loyalty Level on Member Personalized profile display on Higher Tiering MemberMonetizing Challenges For Transaction and Funding Growth Retail Lending Complete Financial SolutionsEasy Approval via Digital LendingIndicative Personal LimitFlexible Tenors and Schemes Launched in Oct-24Livin’ Auto Offering Complete Retail Solution through Digital Super App Launched in Jun-24Livin’ Mortgage Digital LoanOfferings
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Empowering merchants: your mobile pos powerhouse at your fingertips Value Propositions for MSME Merchants 8 minutes onboarding Launched in Jun-23 Real time & on demand settlement Free subscription Modern & Complete Point-of-Sales Enriched Value Proposition Livin’ Merchant General Performance 1.7x2.2x2.7x3.6X4.7x Dec-24Ma r-25Jun-25Sep-25Dec-25 Transaction Value 2.1x2.1x2.9x4.0X5.3x Dec-24Ma r-25Jun-25Sep-25Dec-25 ~3.1 Mn As of Dec-25Registered Merchants Livin’ Merchant App Transaction Volume Sector SolutionF&B and Kiosk Card Payment Acceptance Distributor Ordering & Merchant Financing 45 | NEW
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Upgraded to provide an enhanced customer experience 46 | Personalized Offerings Customizable To Client’s Needs with Comprehensive Dashboard & Payment Personalised Dashboard and Experience Optimized Collection & Liquidity Capabilities Customized DashboardPersonalized Payment Experience Optimized Fund Management Solution, Creating A Closed Loop Ecosystem with Collection & Liquidity Closed-Loop Collection EcosystemSeamless Liquidity Setup Direct Virtual Account (VA) through KOPRA Self-Setup Directly through KOPRA SimplifiedVA Collection ReconciliationProcess Flexible Execution Time Up to 7 times a Day Quick Access to Cross-Border & Bank Report Insight with Cashflow Forecasting VariousTransaction Options Personalized Biller Tailored to Industry
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z Kopra Performance Highlights KOPRA Trx Value KOPRA Trx Frequency 1.084 1.127 1.178 1.244 1.312 1.356 1.399 1.447 1.497 Dec-23Ma r-24Jun-24Sep-24Dec-24Ma r-25Jun-25Sep-25Dec-25 Tr x Freq Trailing 4-Quarters (Thousands) YoY: 14.1% 19.100 19.319 20.090 21.378 22.703 23.824 24.696 25.980 27.675 Dec-23Ma r-24Jun-24Sep-24Dec-24Ma r-25Jun-25Sep-25Dec-25 Tr x Value Trailing 4-Quarters (Rp Tn) General performance highlights Providing Comprehensive Wholesale Solutions,Covering Wide-range of Clients’ Needs Offering corporate treasurers cashflow & liquidity management with Cash & Treasury Solutions Enabling clients with working capital solutions through Trade Services & Supply Chain Financing Generate valuable insights and better risk management for corporate clients Bespoke Solutions catered to Industry-Specific demands across key sectors 47 | YoY: 21.9%
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Subsidiaries Performance
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7.006 7.568 3.606 3.895 1.035 1.222 528 623 1.172 401 598 204 300 400 153 399 1.578 1.581 806 808 11.559 11.683 6.159 6.442 FY24FY25FY24FY25 Bank Syariah IndonesiaAXA Mandiri Financial ServicesMandiri Tunas FinanceMandiri Utama FinanceMandiri TaspenOthersNet Profit After Tax▲ 1.10%YoY NPAT by Ownership b) Notes: a)Restatement on AMFS financial statement due to the implementation of PSAK 74/IFRS 17b)Net Profit After Tax and Non-Controlling Interest by Ownershipc)As of 4Q24, Bank Mandiri’s ownership in Mandiri Utama Finance is increased from 51.00% to 99.99%d)As of 2Q24, Bank Mandiri’s ownership in Mandiri InHealth is reduced to 20% thus it is excluded in the Total Assets calculation Subsidiaries Net ProfitContribution toMandiri Group (in Rp Bn)SubsidiariesOwnershipTotal Assets (in Rp Bn)Growthas %to TotalFY249M25FY25QoQYoYBankingBank Syariah Indonesia51.47%408,613 416,568456,206 9.52%11.6%71.5%Mandiri Taspen51.10%66,232 69,79573,025 5.08%8.23%11.4%Bank MandiriEurope Limited100%4,222 4,8224,975 10.2%31.6%0.78%Multi-FinanceMandiri Tunas Finance (MTF)51.0%34,425 28,80828,026 -6.81%-19.4%4.39%Mandiri Utama Finance (MUF)99.9%c)15,050 17,11218,785 6.92%16.4%2.94%InsuranceAXA MandiriFinancial Services51.0%41,912 43,82944,904 2.48%2.61%7.04%Mandiri Inhealth20.0%d)- -- ---Securities, Venture Capital & OthersMandiri Sekuritas99.9%3,733 6,5745,602 29.4%-1.53%0.88%Mandiri Capital99.9%5,968 6,3026,393 2.46%8.32%1.00%Mandiri Remittance100%33 3738 -0.49%7.29%0.01%Total 580,189 593,852637,955 3.86%9.05%100% 49 | Subsidiaries performance summary ▲4.59%YoY a)
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FY24FY25YoY Growth4Q243Q254Q25QoQ GrowthYoY GrowthBALANCE SHEET (Rp Bn)Total Asset408,613 456,206 11.6%408,613 416,568456,206 9.52%11.6%Financing278,481 318,844 14.5%278,481 300,851318,844 5.98%14.5%Total Deposit327,454 380,488 16.2%327,454 348,381380,488 9.22%16.2%Total Equity45,236 51,953 14.8%45,236 49,84451,953 4.23%14.8%INCOME STATEMENT (Rp Bn)Net Sharia Income17,321 19,040 9.93%4,747 5,239 4,964 -5.24%4.59%Fee Based Income5,515 6,972 26.4%1,576 1,426 2,214 55.2%40.4%Revenue22,835 26,012 13.9%6,323 6,665 7,178 7.70%13.5%Operating Expense11,663 13,644 17.0%3,670 3,565 4,052 13.7%10.4%PPOP11,172 12,368 10.7%2,653 3,100 3,127 0.85%17.8%Net Profit7,006 7,568 8.02%1,899 1,950 1,999 2.50%5.26%PROFITABILITYNet Margin5.63%5.59%-4bps5.63%5.64%5.59%-5bps-4bpsCoC 0.83%0.84%1bps0.83%0.86%0.84%-2bps1bpsCIR 50.9%52.2%1.30pts50.9%51.1%52.2%1.13pts1.30ptsROA 2.49%2.38%-11bps2.49%2.39%2.38%-2bps-11bpsROE 17.8%16.8%-90bps17.8%16.8%16.8%0bps-90bpsFUNDING, LIQUIDITY & CAPITALCASA Ratio60.1%61.6%1.50pts60.1%59.4%61.6%2.20pts1.50ptsFDR 85.0%83.7%-1.23pts85.0%86.3%83.7%-2.55pts-1.23ptsCAR 21.5%22.0%48bps21.5%21.6%22.0%40bps48bpsASSET QUALITYNPF ratio1.90%1.81%-9bps1.90%1.84%1.81%-3bps-9bpsNPF Coverage195%191%-4.09pts195%191%191%-11bps-4.09pts Key Financial Metrics 107 123 139 153 37,6 42,3 49,4 52,3 57,2 67,5 77,2 90,8 5,93 7,20 12,8 22,9 208 240 278 319 - 5 0 1 0 0 1 5 0 2 0 0 2 5 0 3 0 0 2022202320242025 ConsumerMicro & SMEWh olesalePawningLoan Breakdown (Rp Tn) Total FinancingYoY :14.6% WholesaleYoY :17.6% Micro & SMEYoY :5.87% ConsumerYoY :10.1% PawningYoY :78.9% 1,049Branch NetworkAcross Indonesia~9.3 MnMobile BankingUsers ~23.1 MnCustomerBased 50 | Bank Syariah Indonesia
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4 FY24FY25YoY Growth4Q243Q254Q25QoQ GrowthYoY GrowthBALANCE SHEET (Rp Bn)Total Asset66,232 73,025 10.3%66,232 69,795 73,025 4.63%10.3%Loan 46,261 50,531 9.23%46,261 49,155 50,531 2.80%9.23%Total Deposit48,825 55,031 12.7%48,825 52,833 55,031 4.16%12.7%Total Equity7,788 9,398 20.7%7,788 8,942 9,398 5.10%20.7%INCOME STATEMENT (Rp Bn)Net Interest Income3,442 3,666 6.51%889 904985 9.01%10.8%Non-Interest Income421 425 0.80%86 99127 27.4%47.2%Revenue3,863 4,090 5.88%975 1,0031,112 10.8%14.1%Operating Expense1,764 1,817 3.01%510 487467 -4.07%-8.34%PPOP2,099 2,273 8.30%465 516645 24.9%38.6%Net Profit1,578 1,581 0.22%352 344437 27.2%24.1%PROFITABILITYNIM 5.56%5.42%-14bps5.56%5.37%5.42%5bps-14bpsCoC 0.11%0.45%34bps0.11%0.36%0.45%8bps34bpsCIR 45.7%44.4%-1.24pts45.7%45.3%44.4%-90bps-1.24ptsROA 3.26%2.99%-27bps3.26%2.95%2.99%4bps-27bpsROE 22.9%18.9%-3.99pts22.9%18.7%18.9%23bps-3.99ptsFUNDING, LIQUIDITY & CAPITALCASA Ratio23.3%23.3%-4bps23.3%23.6%23.3%-31bps-4bpsLFR 93.1%89.0%-4.13pts93.1%90.0%89.0%-1.06pts-4.13ptsCAR 27.4%30.5%3.03pts27.4%29.5%30.5%95bps3.03ptsASSET QUALITYNPL Ratio0.38%0.63%25bps0.38%0.55%0.63%8bps25bpsNPL Coverage175%127%-48.4pts175%126%127%1.02pts-48.4pts 36,4 40,9 45,7 49,8 0,54 0,44 0,55 0,70 36,9 41,4 46,3 50,5 - 1 0 , 0 2 0 , 0 3 0 , 0 4 0 , 0 5 0 , 0 6 0 , 0 2022202320242025 Pension LoanOther Retail Key Financial MetricsLoan Breakdown (Rp Tn) Total LoanYoY : 9.19% Other RetailYoY :27.3% Pension LoanYoY :8.97% ~948.377Customer Based289Branch NetworkAcross Indonesia~622,385“Payroll Based” Retiree 51 | Bank Mandiri Taspen
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Key Financial MetricsFY24FY25YoY Growth4Q243Q254Q25QoQ GrowthYoY GrowthBALANCE SHEET (Rp Bn)Total Asset34,425 28,026 -18.6%34,425 28,808 28,026 -2.72%-18.6%Loan60,643 51,294 -15.4%60,643 52,937 51,294 -3.10%-15.4%% to Mandiri Loans (%)3.63%2.71%-92bps3.63%3.00%2.71%-29bps-92bpsTotal Equity4,864 4,917 1.08%4,864 4,786 4,917 2.74%1.08%INCOME STATEMENT (Rp Bn)Net Interest Income2,219 1,656 -25.4%620 355365 2.81%-41.1%Non-Interest Income1,452 1,012 -30.3%543 133251 88.3%-53.8%Revenue3,671 2,668 -27.3%1,163 489616 26.1%-47.0%Operating Expense1,183 1,108 -6.38%269 258328 26.9%22.0%PPOP2,488 1,560 -37.3%894 230288 25.2%-67.7%Net Profit1,172 401 -65.8%378 84126 49.8%-66.7%% to Mandiri NPAT (%)2.10%0.71%-1.39pts2.74%0.63%0.68%4bps-2.07ptsPROFITABILITYAR Loss Ratio3.32%2.96%-36bps3.32%2.94%2.96%2bps-36bpsNIM 3.87%2.95%-92bps3.87%3.00%2.95%-5bps-92bpsCoC 3.09%4.07%98bps3.09%4.52%4.07%-45bps98bpsCIR 32.2%39.2%6.96pts32.2%36.0%39.2%3.20pts6.96ptsROA 4.55%1.66%-2.90pts4.55%1.47%1.66%18bps-2.90ptsROE 26.6%8.17%-18.5pts26.6%7.44%8.17%72bps-18.5ptsCAPITAL & ASSET QUALITYDER a) 5.79x 4.49x -1.30x5.79x 4.84x 4.49x -0.35x-1.30xNPL ratio1.13%2.08%95bps1.13%2.09%2.08%-1bps95bpsNPL Coverage172%102%-70.0pts172%100%102%1.94pts-70.0pts Disbursement Breakdown (Rp Tn) Note :a) Regulatory DER (Debt to Equity Ratio) maximum at10x 52 | Mandiri Tunas Finance 20,2 24,2 24,1 12,1 7,55 8,52 10,9 7,13 27,8 32,7 35,1 19,3 - 5 ,0 1 0 , 0 1 5 , 0 2 0 , 0 2 5 , 0 3 0 , 0 3 5 , 0 4 0 , 0 2022202320242025 New CarUsed Car & others Total DisbursementYoY :-45.1% Used Car & othersYoY :-34.9% New CarYoY :-49.7% 234,144Customer Based242,442Unit of New Car Financed
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FY24FY25YoY Growth4Q243Q254Q25QoQ GrowthYoY GrowthBALANCE SHEET (Rp Bn)Total Asset15,050 18,785 24.8%15,050 17,091 18,785 9.77%24.8%Loan35,111 40,643 15.8%35,111 38,147 40,643 6.54%15.8%% to Mandiri Loans (%)2.10%2.15%0.04pts2.10%2.16%2.15%-0.02pts0.04ptsTotal Equity1,481 1,887 27.4%1,481 1,747 1,887 8.05%27.4%INCOME STATEMENT (Rp Bn)Net Interest Income2,161 2,154 -0.32%522 531566 6.66%8.42%Non-Interest Income930 994 6.87%278 242290 19.6%4.27%Revenue3,091 3,148 1.84%800 773856 10.7%6.98%Operating Expense1,774 1,797 1.34%425 447490 9.51%15.1%PPOP1,317 1,351 2.51%374 325366 12.4%-2.26%Net Profit300 400 33.1%68 93134 44.0%98.5%% to Mandiri NPAT (%)0.54%0.71%0.17pts0.49%0.70%0.72%0.02pts0.23ptsPROFITABILITYAR Loss Ratio6.38%6.18%-0.19pts6.38%6.12%6.18%0.06pts-0.19ptsNIM 6.59%5.82%-0.77pts6.59%5.83%5.82%-0.02pts-0.77ptsCoC 7.81%5.62%-2.19pts7.81%5.98%5.62%-0.36pts-2.19ptsCIR 57.4%57.1%-0.28pts57.4%57.0%57.1%0.05pts-0.28ptsROA 3.01%3.16%0.15pts3.01%2.90%3.16%0.26pts0.15ptsROE 20.3%23.8%3.56pts20.3%21.8%23.8%2.05pts3.56ptsCAPITAL & ASSET QUALITYDER a) 8.56x 8.38x-0.18x8.56x 8.36x 8.38x 0.31x-2.05xNPL ratio1.33%1.31%-0.02pts1.33%1.33%1.31%-0.02pts-0.02ptsNPL Coverage228%180%-47.6pts228%180%180%-0.17pts-47.6pts Key Financial MetricsDisbursement Breakdown (Rp Tn) Notes :a) Regulatory DER (Debt to Equity Ratio) maximum at10x 53 | Mandiri Utama Finance 7,38 9,16 11,6 16,6 6,70 7,49 6,67 4,68 2,21 2,53 2,27 2,04 1,60 1,53 1,11 0,85 17,9 20,7 21,6 24,1 - 5 ,0 0 1 0 , 0 0 1 5 , 0 0 2 0 , 0 0 2 5 , 0 0 2022202320242025 New CarUsed CarNew MotorcycleUsed Motorcycle ~237,498Unit of CarFinanced~349,931Unit of MotorcycleFinanced~587,429Customer Based Total Disbursementb)YoY :6.5% Used CarYoY :-9.7% New CarYoY :30.5% Used MotorcycleYoY :-23.7% New MotorcycleYoY :-4.8% 279,120Unit of CarFinanced289,916Unit of MotorcycleFinanced569,036Customer Based Total DisbursementYoY :11.6% Used CarYoY :-29.9% New CarYoY :43.1% Used MotorcycleYoY :-23.5% New MotorcycleYoY :-10.2%
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Key Financial MetricsFY24FY25YoY Growth4Q243Q254Q25QoQ GrowthYoY GrowthBALANCE SHEET (Rp Bn)Total Asset3,733 5,602 50.1%3,733 6,574 5,602 -14.8%50.1%Total Equity1,661 2,189 31.8%1,661 1,879 2,189 16.5%31.8%Adj. Net Working Capital(ANWC)785 1,238 57.7%785 929 1,238 33.3%57.7%Minimum ANWC a) 250 250 0.0%250 250 250 0.00%0.00%INCOME STATEMENT (Rp Bn)Revenue988 1,274 21.5%388 318476 38.4%22.6%Operating Expense690 850 23.2%230 241280 16.0%21.8%Net Profit278 367 31.9%134 85153 80.3%14.4%PROFITABILITYCIR 70.1%66.5%-3.65pts70.1%70.4%66.5%-3.86pts-3.65ptsROA 4.94%5.56%0.62pts4.94%4.32%5.56%1.24pts0.62ptsROE 14.7%16.6%1.92pts14.7%13.2%16.6%3.42pts1.92ptsCAPITAL & ASSET QUALITYANWC to Minimum ANWC3.14x4.95x1.81x3.14x3.72x4.95x33.3pts57.7pts Revenue Generator Breakdown (Rp Tn) Notes:a)Regulatory ANWC is minimum at Rp 25 billion or 6.25% of total liabilityb)Investment Banking includes Equity, Fixed Income & Global Bond Underwirtting, Advisory, and MTN Arrangementc)Capital Market includes Brokerage on Equity Capital Market and Debt Capital Market54 | Mandiri Sekuritas 0,73 0,70 0,711,01 0,56 0,28 0,34 0,27 1,29 0,98 1,05 1,27 2022202320242025 Capital MarketInvestment Banking Total RevenueYoY : 21.5% Investment Banking b)YoY : -22.3% Capital Market c)YoY :42.8% ~Rp844 TnEquity Trading Value~ 1,159,633Customer Based~Rp75.3TnAsset Under Mgmt. (through Mandiri Manajemen Investasi)
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Key Financial MetricsGross Written Premium Breakdown (Rp Tn) ~3.7 MnNumber of Policies~1.9 KFinancial Advisors Notes: The financial statement format and the numbers are changed and restated due to the implementation of PSAK 74/IFRS 17 on insurance companiesa)MER (Management Expense Ratio) defined as Management Expense divided by Full –Year Premium, Renewal Premium, and 10% of Single Premiumb)RBC (Risk Based Capital) requirement by regulator is minimum at 120%55 | AXAMandiri Financial Services 2,16 2,42 2,68 2,82 10,3 9,51 9,37 7,15 12,5 11,9 12,1 10,0 - 2 ,0 0 4 ,0 0 6 ,0 0 8 ,0 0 1 0 , 0 0 1 2 , 0 0 1 4 , 0 0 2022202320242025 P&H PremiumNon P&H Premium Gross Written PremiumYoY : -17.3% Non-P&H PremiumYoY :-23.7% P&H PremiumYoY : 5.34% FY24FY25YoY Growth4Q243Q254Q25QoQ GrowthYoY GrowthBALANCE SHEET (Rp Bn)Total Asset41,24444,9068.88%41,24443,82944,9062.46%8.88%Total Equity3,3883,4170.83%3,3883,1433,4178.69%0.83%INCOME STATEMENT (PSAK 117 Unaudited Rp Bn)Insurance Revenue3,9964,2245.70%9489801,28431.1%35.5%Investment Income59273724.5%161194193-0.41%20.2%Other Operating Income & Reinsurance9215973.9%-8-766n.mn.mTotal Income4,6805,1209.41%1,1011,1671,54432.3%40.2%Insurance Expense2,9313,2219.89%7737361,02439.1%32.4%Investment Expense (Unwinding of Discount Rate on Reserve)43460038.3%1161411527.96%31.3%Total Expense3,3643,82013.6%8898771,17634.1%32.3%Net Profit After Tax1,0351,22218.2%7729933512.1%337%PROFITABILITYClaim Ratio (Excluding No Claim Bonus)10.3%11.7%1.41pts10.3%12.1%11.7%-0.36pts1.41ptsMER a) 15.0%15.8%0.73pts15.0%15.4%15.8%0.41pts0.73ptsROA 2.5%2.72%0.21pts2.51%2.7%2.72%0.02pts0.21ptsROE 30.5%35.8%5.25pts30.5%37.6%35.8%-1.86pts5.25ptsCAPITAL & QUALITYRBC b) 553.6%613.3%59.7pts553.6%539.4%613.3%73.9pts59.7pts
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Cathering Venture Capital Synergy……& Strategic Gateaway Investment Value* (Rp Tn)(-1.76% YoY) Offshore Subsidiaries Total Assets (Rp Tn)(+18.0% YoY) BMEL: MIR: For IndonesianRelated Business in UK Rp 4.98 TnTotalAsset For Indonesian Diaspora Transaction in MY Rp 37.6 BnTotalAsset MCI facilitates startups through XYZ program, fostering impactful businesses for society: 1,981,94 20242025 4,255,02 20242025 Business Matchmaking Networking and Collaboration Platform Accelerator Program 1565848 Business Deals Startups work with Bank Mandiri’s business unitBusiness Units work with startup 56 | Other subsidiaries *include Convertible Bonds Investment
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Environmental, Social & Governance
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58 | Our Sustainability Journey “Becoming Indonesia’s Sustainability Championfor a Better Future” GOVERNANCE SUSTAINABLE BANKINGSUSTAINABLE OPERATIONSUSTAINABILITY BEYOND BANKING Leading Indonesia’s Transition to Low Carbon EconomyNet Zero Emissions Operation by 2030Catalyzing Multiple Growth for Social Impact to Achieve SDGs VISIONPILLARCOMMITMENTINITIATIVES SustainableProducts and Services ESG Integrationin Business Process Carbon Neutral Initiatives Security & Data Protection Gender Equity Financial Inclusion Corporate Social Responsibility Framework to Integrate Sustainability Into Our Business & Operations •MSCI ESG Rating improved to BBB•Started testing climate risk for 50% of the portfolio•Taxonomy reporting for sustainable finance in the energy sector•Launched Green Mortgage and Livin’ Planet products•Issued Sustainable Finance and Transition Finance frameworks •First national bank to issue eco- friendly bank cards •Pioneer in implementing digital carbon tracking•Issued Phase 1 Green Bonds (Rp5 trillion)•Member of the Partnership for Carbon Accounting Financials •Establishment of Sustainability Vision and Commitment & ESG Group•Mitigation Action Project through land conservation and restoration •Credit policies for the palm oil and CPO, energy, coal, mining, and FMCG sectors •Indonesia’s first ESG Repo transaction valued at USD500 Mn •Sustainalytics Rating improved to 9.5 (Negligible Risk)•MSCI Rating improved “double notch” to AA •The 1st Wholesale Funding: Sustainability-Linked Loan for BMRI•Launched Green Bond Phase II IDR 5 Trillion & Sustainability Bond Phase I IDR 5 Trillion•CRST covered 100% of Bank-only loan portfolio2024 2023 2022 2025 Bank Mandiri’s Commitment to Sustainability: Demonstrating Continuous Progress
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Bank Mandiri’s Sustainable Financing (Rp Tn)Bank Mandiri’s Sustainable Funding 46%54% Sustainability Bonds (2021) Green BondsSocial Bonds USD300 Mn 71% 29% ESG Repo (2022) Green RepoSocial Repo USD500 Mn Bank Mandiri sustainable portfolio and innovative funding solutions 96106129149166 109122135144150205228264293316 20212022202320242025 Green PortfolioSocial Portfolio Rp115.7Tn(7.7% of Total Loan) Rp12.9 Tn(0.9% of Total Loan)Rp15 Tn(1.0% of Total Loan) Rp10.3Tn(0.7% of Total Loan)Rp5.8Tn(0.4% of Total Loan) Clean TransportationSustainable Water MgtGreen BuildingRp6.5Tn(0.4% of Total Loan) 69% 31% Green Bonds Phase I (2023) Renewable EnergySustainable Agriculture IDR5 Tn Green Bond Phase II (2025) 59 | ▲8% YoY Classification Based on POJK 51/2017 Sustainable AgricultureRenewable EnergyEco-Efficient Products IDR5 Tn Oversubscribed 2.55x Sustainability Bond Phase I (2025) Oversubscribed 3.10x IDR5 Tn *In Q4 2025
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Green Financing *Energy Sector Portfolio (Rp Tn)Fulfil the Environmental Impact Analysis (AMDAL) or engage in Environmental Management and Monitoring Efforts (UKL-UPL) in accordance with applicable laws and regulations.Have Environmental Management Certification and Occupational Health and Safety (OHS) Management Certification or other similar documents.For the construction of a new coal-fired power plant, consideration has been given to the appropriateness of the financing period in alignment with the government’s energy transition timeline.Have clear code of conduct environmental (carbon emission, coal ash, waste and water treatment management) and employment policies. Energy Sector Policy Total Palm Sector Portfolio (Rp Tn)Palm Sector Policy PROPER Assessment Results (ie. Company Performance Rating Assessment Program in Environmental Management) minimum blue.Have ISPO (Indonesia Sustainable Palm Oil) Certification or at least proof that ISPO certification is in progress. Have internal policies related to Zero-Deforestation and No Exploitation (NDPE), which include land clearing, preservation of High Conservation Value (HCV) areas.Have clear code of conduct environmental (carbon emission, coal ash, waste and water treatment management) and employment policies. Performance KUR & KUMSocial Financing KUR Disbursement for Farmers & Fishermen Rp12.75 TnAgriculture Rp562 BnFishery Debtors53%47%Rp44.6 Tn598 K DebtorsRp54.7 Tn674 K Debtors 6,07,410,614,016,427,131,534,235,938,4513602687685674 20212022202320242025 KUM (Rp Tn)KUR (Rp Tn)The Number of Female Debtors ('000) 111,035 Mandiri Agents extends our distribution network throughout Indonesia Financing for Women through MSME Credit As of Dec-25 KUM & KUR Loan Disbursement (Rp Tn) 13,3 15,4 20,5 26,9 30,8 53,3 62,1 62,3 63,9 68,5 20212022202320242025 KUMKUR 70,669,079,286,775,18,38,79,09,28,78,310,812,714,817,18788101111101 20212022202320242025 Wh olesaleSMEMicro 60 | 21 37 20242025 9 9 20242025 Non-Renewable EnergyRenewable Energy 91% of the corporate palm oil portfolio isSustainable Palm Oil (ISPO and/or RSPO certified). 66.4% of our social portfolio is disbursed for Micro segments (KUM & KUR) Navigating the future: progress in our sustainable portfolio *IPP Only
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Total Absolute Financed Emission *60.9%covered from total portfolio(bank only) 61 | Accelerating our efforts to a low carbon economy in operational and businessPromoting Green Operational Business Practices First Bank in Indonesia to Implement Digital Carbon Tracking 31 Charging St. 870 Solar Panel10 Green Offices 3 Green BuildingsGBCI certifiedWisma DanantaraIndjoko SurabayaMandiri Digital Tower https://esg.bankmandiri.co.id/ Financed Emission Calculation 76616443434753 283254250260253193191 359315314303296240244 2019202020212022202320242025 Scope 1 (fuel)Scope 2 (electricity)…. Have Resulted in Emissions Reduction 4.64.24.24.13.93.23.3Intensity of GHG per Employee (tCO2eq) Emission Reduction 32% from 2019 Intensity per Employee 28% from 2019 521EV & Hybrid 54%100% 20242025 Completed a pilot climate risk stress testing (CRST), with a target to cover 100% of Bank-only loan portfolio by 2025 Climate Risk Stress Testing (CRST)Portfolio coverage (target) Portfolio coverage (realization) 19,420,3 2024**2025* in Mn tCO2eq **Previously only covered 56.1%of total loan portfolio
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Boosting Equality Work Environment Promoting Inclusive Access to Finance for MSMEs in Non-Urban AreasDistribution of User Registered in non-urban Area ~1.96 Mn (▲62.7% YoY)Users in Non-Urban Area > Manager LevelTotalAll Employee 46% employees at the manager level and above are woman52% female out of total employee Bank Mandiri’s Gender DiversityCounseling Session is a program that collaborates with professional psychologists to assist female employees in addressing issues related to their emotional, mental, and physical well-being Respectful Workplace Policy (RWP) ensuresa safe and respectful work environment for all employees, monitored by Mandiri Bank's Board and reported biannually to the BUMN Minister, with no incidents of discrimination. Our Facilities 212k 193k 203k 191k 267k 258k 137k 200k 45k 252k Social performance highlights - empowering communities through financial inclusion 62 | 21,472PMIs Mandiri Sahabatku is an entrepreneurship training for Indonesian Migrant Workers (PMI) and their families, empowering them to become independent entrepreneurs upon returning home. CSR Initiatives that Empower Financial Inclusion 21,997PMIsMandiri Sahabatku is an entrepreneurship training for Indonesian Migrant Workers (PMI) and their families, empowering them to become independent entrepreneurs upon returning home. 100Individual with disabilities Mandiri Sahabat Difabel is our initiative to empower persons with disabilities through financial literacy, training, and inclusive support. 7,118StudentsMandiri Peduli Sekolah reflects our commitment to support achieving the SDGs, particularly in fostering better future for Indonesia’s young generation by improving their learning facilities. 7,000participantsMandiri Sehat is a program from Bank Mandiri that focuses on improving public health, especially in areas that require healthcare service support.
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One of the top performers in corporate governance perception index (CGPI)*) From previous rating of 95.22 CGPI Assessment ESG Governance Score95.30 Achieved the “Top 50 Big Capitalization Public Listed Company” from the Indonesian Institute for Corporate Directorship (IICD) The 15th IICDCorporate Governance Award Performing Security Operation Center (SOC) 24x7 detection and monitoring of IT and cyber security systems.The application of Cyber Threat Intelligence with the latest cyber security attack tactics.Implementation of Vendor Security Assessment for third parties collaborating with the Bank Strengthening Governance Bank Mandiri Cyber Resilience Framework Cyber Resilience Enabler Implementing a multilayer Defense Mechanism supported by the latest security technology Penetration test through regular hacking simulationsare conducted to ensureoptimal security measuresManaging User Access Management that are integrated with the Bank's network Increasing Security awareness among all stakeholders about the importance of IT and cyber security Ensuring alignment and compliance with Security Policy Ensuring the adequacy and capability of Organization Structure & Personnel related to IT and cyber security •ISO 9001:2015 Certifiedfor quality management systems (Mandiri Contact Center Department)•ISO 27001 Certified for Provision of Infrastructure and Operational Data Center and Disaster Recovery Center•ISO 27001 Certified for Provision of application development and IT operation related to Livin' by Mandiri•ISO 27001 Certified for Security operation centerto manage cybersecurity threats in banking system & cyber operations•ISO/IEC 17025 Accreditation for Digital Forensic Laboratory Establishment of the ESG Group as the ‘control tower’ for the implementation of ESGat Bank Mandiri ESG Governance Oversight by the Board of Commissioners and Directors, directly supervised by the Vice President DirectorPrivacy Policy for Bank Mandiri products and all Subsidiaries. Whistleblowing System - Letter to CEO (WBS-LTC) managed by an independent external party. Governance Score 63 | Strengthening corporate governance, capacity development & disclosure OperationProtectionGovernance & Awareness
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Bank Mandiri raised exceptional ESG rating improvements through extensive efforts Driving Factors ESG Integration – Financials Product GovernanceData Privacy and Cybersecurity Business Ethics MSCI ESG Rating has been Upgraded to AASustainalytics ESG Rating has been improved to Negligible Risk (9.5) BB 20202022 AA ESG Rating History Overall increases are driven by:2024 Strengthening Credit PoliciesIncreasing in Corporate Behavior Score due to disclosure of audit ethicsZero Data Breach Reinforcing Strong Data SecurityIncreasing in Loan to MSMEsExtending Grievance Escalation/Reporting BBBBBBBBBB 20212023 BBB 2025 ESG Risk Rating HistoryHigh Risk NegligibleRiskMedium Risk 30,0629,7429,2828,1828,45 9.5 201920202021202320242025 As of Dec-25 64 | As of Dec-25 (30-40) (20-30) (0-10)LeaderAverage
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Appendix
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QTD Interest Income Breakdown (Rp Tn) QTD Interest Expense Breakdown (Rp Tn) Interest income & interest expense breakdown Breakdown 67.3% 8.25%3.88% 100%YoY 4.07% -5.34%-13.7% 3.73%QoQ 3.98% -1.79% 3.42% 4.08% 15.0%8.36%3.70% Breakdown 46.2% 8.23% 23.1% 14.2% 100% YoY 30.0% -5.39% -16.8% 13.2% 5.34% QoQ 6.75% 15.3% -2.66% -4.59% -18.0% 7.56%-21.8%-31.8% * Consumer Financing refers to financing from BMRI’s multi-finance subsidiaries (MTF & MUF) 5,04 5,27 5,87 6,13 6,55 3,94 4,24 4,43 3,99 3,28 1,78 2,01 2,00 2,07 2,02 1,37 1,22 1,47 1,57 1,07 1,23 1,32 1,25 1,01 1,17 0,09 0,07 0,06 0,06 0,09 13,4 14,1 15,1 14,8 14,2 1, 00 3, 00 5, 00 7, 00 9, 00 11 ,00 13 ,00 15 ,00 17 ,00 4Q241Q252Q253Q254Q25 Time DepositCurr ent AccountBorrowingsSecurities IssuedSavingsOthers 27,2 26,6 27,7 27,2 28,3 5,81 5,83 6,56 6,07 6,30 3,67 3,56 3,58 3,54 3,47 1,89 1,74 1,69 1,57 1,63 0,86 0,78 1,09 1,03 1,07 0,94 0,92 1,08 0,88 1,04 0,21 0,21 0,23 0,40 0,28 40,6 39,6 42,0 40,7 42,1 4Q241Q252Q253Q254Q25 LoansSyariah FinancingGovernment BondsConsumer Financing*Ma rketable SecuritiesPlacement at BI and Other BanksOthers 2.55%26.1%4.45%2.47%9.72%18.7%0.66%29.4%-31.1% 0.60%-1.49%40.3% 66 |
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Recoveries and written-off loan – historical data Recoveries and Written-Off Loans – Bank-Only 0,55 0,57 0,69 0,97 1,07 0,95 0,84 1,64 2,67 1,49 1,69 0,65 0,65 0,89 1,01 0,85 0,57 1,21 1,02 1,46 1,53 1,40 0,75 0,83 0,97 1,02 1,24 0,95 1,03 1,99 1,55 1,96 1,59 1,09 1,14 1,20 2,08 1,59 1,21 1,62 1,68 4,46 1,79 2,60 3,04 3,19 3,74 5,07 4,75 3,69 4,70 6,34 10,1 6,78 7,28 1Q2Q3Q4Q 0,95 2,23 3,22 5,40 3,24 2,81 3,22 2,49 3,40 3,59 1,61 1,75 1,99 2,55 2,76 2,01 3,34 4,06 4,06 3,83 3,78 1,20 1,72 1,83 2,14 2,72 2,16 1,74 2,65 3,52 5,38 2,12 2,06 1,57 5,36 3,67 2,34 3,44 1,76 2,98 4,21 5,26 1,60 1,55 6,00 11,4 11,6 13,2 10,9 9,66 12,9 14,3 17,9 11,1 6,42 20152016201720182019202020212022202320242025 Recoveries of Written-Off Loans Written-Off Loans Note: All figures in the chart are in Rupiah Trillion amount Recovery Rate50.7%28.0%32.3%38.3%43.8%38.3%36.5%44.4%56.7%61.2%114% 67 |
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3.669 3.562 3.575 3.536 3.473 3. 0 00 3. 2 00 3. 4 00 3. 6 00 3. 8 00 4. 0 00 4. 2 00 4Q241Q252Q253Q254Q25 FVOCI + ACMaturity(Rp Bn)FVTPL PortfolioFVOCIACTOTAL(MTM + AC)NominalMTMNominalMTMFixed Rate Bonds< 1 year3,151 3,202 9,889 11,186 33,370 47,757 1 - 5 year17,508 18,019 40,021 51,178 52,644 121,841 5 - 10 year5,962 6,079 27,122 30,509 41,654 78,243 > 10 year6,312 6,387 8,186 13,161 25,428 44,977 Total32,933 33,687 85,218 106,034 153,096 292,818 Variable Rate Bonds< 1 year- - - - - - 1 - 5 year- - - - - - 5 - 10 year- - - - - - > 10 year- - - - - - Sub Total- - - - - - T o t a l 32,93333,68785,218106,034153,096292,818Notes:FVTPL : Fair Value to Profit & LossFVOCI : Fair Value to Other Comprehensive IncomeAC : Amortized Cost Government Bond Portfolio by Type and Maturity QTD Interest Income from Gov’t Bonds QTD Non-Interest Income (Realized Gains/Losses) from Gov’t Bonds 77,2 12,6 5,84 0,93 (1,75)372 707 789 962 804 449 720 794 963 802 (1 0 0 ) 10 0 30 0 50 0 70 0 90 0 1. 1 00 4Q241Q252Q253Q254Q25 FVOCI + ACFVTPL Government bond portfolio (Rp 293 Tn as of December 2025)Rp Bn 68 |
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STANDARD & POOR’S202020212022202320242025OutlookBBB-/Neg-/A-3BBB-/Neg-/A-3BBB-/Neg-/A-3BBB/Stable/A-3BBB/Stable/A-2BBB/Stable/A-2 MOODY’S202020212022202320242025OutlookSTABLESTABLESTABLESTABLESTABLESTABLELT Counterparty Risk RatingBaa2Baa2Baa2Baa2Baa1Baa1LT DebtBaa2Baa2Baa2Baa2Baa2Baa2LT DepositBaa2Baa2Baa2Baa2Baa2Baa2 PEFINDO202020212022202320242025Corporate RatingSTABLESTABLESTABLESTABLESTABLESTABLELT General ObligationidAAAidAAAidAAAidAAAidAAAidAAA FITCHRATING202020212022202320242025OutlookSTABLESTABLESTABLESTABLESTABLESTABLEInternational LT RatingBBB-BBB-BBB-BBB-BBBBBBInternational ST RatingF3F3F3F3F2F2National LT RatingAA+(idn)AA+(idn)AA+(idn)AA+(idn)AAA(idn)AAA(idn)National ST RatingF1+(idn)F1+(idn)F1+(idn)F1+(idn)F1+(idn)F1+(idn)Viability Ratingbb+bb+bb+bbb-bbb-bbb-Government Supportbbb-bbb-bbbbbb Bank Mandiri historical credit ratings 69 |
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First Dividend Interim since 2010•Allocation: Rp 9.33 Tn Shares Buyback•Allocation: Rp 1.17 Tn•Period: 26 Mar’25 – 25 Mar’26 1998 Bank Mandiri Establishment SubsidiariesMandiri Sekuritas acquisition SubsidiariesBank Mandiri Europe Ltd.acquisition 199920002003 Bank Mandiri IPO SubsidiariesAXA Mandiri Financial Services establishment 2004 SubsidiariesMandiri Manajemen Investasi establishment 2008 SubsidiariesMandiri Taspen acquisition 2009 Bonds IssuanceRupiah Subordinated Bonds I: Rp 3.5 Tn SubsidiariesMandiri Tunas Finance & Mandiri Remittance establishment Rights Issue•# of Shares: 2.34 Bn•Amount: Rp 11.7 Tn SubsidiariesMandiri AXA General Insurance acquisition 2011 2021 2020201920182017201620152014 SubsidiariesMandiri InHealth acquisition Bonds IssuanceNegotiable Certificates of Deposit (NCD) I: Rp 2.6 Tn Bonds Issuance•Negotiable Certificates of Deposit (NCD) II: Rp 2.7 Tn•Sustainable Bonds I Phase I: Rp 5 Tn Securities IssuanceAsset-Backed Securities(EBA -SP) Class A: Rp 457 Bn Bonds IssuanceSustainable Bonds I Phase II: Rp 6 Tn Stock Split•Ratio: 1:2•Result: 46 Bn shares Bonds IssuanceSustainable Bonds I Phase III: Rp 3 Tn MTN IssuanceMedium Term Notes Subordinated I 2018: Rp 500 Bn MTN Issuance Euro Medium Term Notes 2019: USD 750 Mn Bonds Issuance Sustainable Bonds II Phase I: Rp 5 Tn MTN IssuanceEuro Medium Term Notes 2020: USD 500 Mn SubsidiariesMandiri Utama Finance & Mandiri Capital Indonesia establishment 2022 2023 2024 Bonds IssuanceEuro Medium Term Notes /Sustainability Bond 2021: USD 300 Mn SubsidiariesBank Syariah Indonesia merger Issuance RepoESG Repurchase Agreement (Repo) : USD500Mn MTN Issuance Euro Medium Term Notes IV 2023 : USD300 Mn Bonds IssuanceGreen Bond 2023: Rp 5 Tn SubsidiariesMandiri AXA General Insurance divestment Stock Split•Ratio: 1:2•Result: 93Bn shares Subsidiaries•Mandiri InHealth partial divestment•Mandiri Utama Finance incremental ownership Bank Mandiri Key Corporate ActionsBank Mandiri historical corporate actions 70 |2025 Transfer of OwnershipFrom Government of RI toPT Biro Klasifikasi Indonesia Bonds IssuanceGreen Bond 2025: USD800 Mn
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Office & NetworksBranches: 2,153Conventional Branches 1,846Smart Branches 259Other Outlets 19Overseas Offices 7# of Employees 38,732 As of Dec-25 Hongkong Branch Cayman Island Branch Shanghai Branch Singapore Branch Dili Branch Region I/ Sumatera 1 Region II/ Sumatera 2 Region III/ Jakarta 1Region IV/ Jakarta 2Region V/ Jakarta 3 Region VI/ Jawa 1 Region VII/ Jawa 2Region VIII/ Jawa 3 Region IX/ KalimantanRegion X/ Sulawesi & Maluku Region XI/ Bali & Nusa Tenggara Region XII/ Papua E-Channel & Digital Coverage No. of Customers & Accounts Cards Subsidiaries Coverage # of Customers# of Deposit Accounts# of Loan Accounts# of Payroll Accounts34.8mn Cards138.1mn YTD TrxRp67.8TnYTD Trx Value 2.27mn Cards103.5mn YTD TrxRp73.0TnYTD Trx Value 9.55mn Active Cards5.65mn Active e-Money39.1mn46.8mn4.99mn5.68mn 12,966ATMs314,328 EDCs37.2mn Debit CardsCredit CardsPrepaid Cards Livin’Livin’ Merchant16,073Active EDCs Bank Syariah Indonesia5,884ATMs1,049branches Bank Mandiri Taspen289branches Network coverage of Bank Mandiri’s group User Registered3.13mnUser Registered 71 | Mandiri International Remittance Office Bank Mandiri Europe Limited Office
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FMCG; 7,47% Transportation Services; 7,18% Palm Plantation & CPO; 7,08% Construction; 6,21% Energy & Water; 6,14%Business Services; 4,81%Government; 4,72%Coal; 4,49%Agriculture; 4,40%Mining; 3,87%Financial Services; 3,78% Steel; 2,91%Property; 2,85% Telco; 2,71%Oil & Gas; 2,62% Others; 13,1% Consumer Loans; 15,7% NoTop 15 SectorsO/S (Rp Tn)% to Total Loan(%)NPL Ratio (%)1FMCG 112 7.47%0.35%2Transportation107 7.18%0.12%3Palm Plantation & CPO106 7.08%0.10%4Construction92.9 6.21%0.18%5Energy & Water91.9 6.14%0.00%6Business Services72.0 4.81%0.25%7Government70.6 4.72%0.00%8Coal 67.1 4.49%0.00%9Agriculture65.8 4.40%0.35%10Mining 57.8 3.87%2.64%11Financial Services56.5 3.78%0.03%12Steel 43.5 2.91%0.18%13Property 42.6 2.85%0.02%14Telco 40.6 2.71%0.04%15Oil & Gas39.2 2.62%0.18%Total of Top 15 Sectors1,06571.2%0.27%Total Loans (Bank-Only)1,497 100%0.96% Top 15 sectors consist of prospective and neutral sectors with low NPL ratiosBank-Only, As of Dec-25 As of Dec-25% to Total Bank-Only LoanRp1,497Tn Loan portfolio by sectors, December 2025 72 |
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3 4 5 Current 90+ Days61-90 Days Household Equipment TradingManufacturingAgricultureF&B & AccommodationBusiness ServicesProfessional ServicesOthers Rp Consumption Working Capital Gov't ProgrammeInvestment Micro & Payroll Consumer CommercialSME Restru Non-Restru 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Collect.Int. Aging*SectorCurr encyPurposeSegmentRestructured The downgrade to Non-Performing Loan in 4Q 2025 totaled Rp3,086Bn. Of these loans:•54.9% were in Collectability 4 (Doubtful)•94.0% were Current on interest payment •Top 3 downgraded sectors:•Household Equipment,•Trading, •Agriculture.•100% were Rupiah loan•78.2% were loan for Consumption•52.7% came from Micro & Payroll segment•25.0% had been restructured * Excludes Micro and Consumer segments Loan Profile: Downgrade to NPL (Rp3,086Bn) Bank Only 4Q25 Loan detail: downgrades to NPL 73 |
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NPLs totaled Rp14,368Bn. Of these NPLs in 4Q 2025:•76.4% were in Collectability 5 (Loss)•72.7% were Current on interest payments.•The top 3 sectors were:•Household Equipment,•Manufacturing,•Mining.•91.9% were Rupiah loan•53.4% were loan for Consumption, 24.0% were Investment loan, and 18.1% were Working Capital loan.•40.0% were from Micro & Payroll segment•47.5% had been restructured 5 4 3 Current 90+ Days 15-30 Days Household Equipment Manufacturing Mining TradingAgricultureF&B & AccommodationTransportation & WarehousingOthers Rp Fx Consumption Investment WorkingCapital Gov't ProgrammeExport Micro & Payroll Consumer Commercial Corporate SME Restru Non-Restru 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Collect.Int. Aging*SectorCurr encyPurposeSegmentRestructured * Excludes Micro and Consumer segments Loan Profile: Non-Performing Loan (Rp14,368Bn) Bank Only 4Q25 Loan detail: non-performing loans 74 |
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The downgrade loan to Category 2 in 4Q 2025 totaled Rp5,227Bn. Of this loan: Micro & Payroll Consumer Corporate SME Commercial 15-30 Days Current 31-60 Days 1-6 Days 7-14 Days 61-90 Days Household Equipment TradingMiningManufacturingAgricultureF&B & AccommodationBusiness ServicesTransportation & WarehousingOthers Rp Fx Consumption Working Capital Gov't Programme InvestmentExport Restru Non-Restru 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% SegmentDays Aging*SectorCurr encyPurposeRestructured •51.0% were from Micro & Payroll segment•25.6% were 15-30 days delayed on interest payment•Primary sectors downgraded were:•Household Equipment,•Trading,•Agriculture. •100% were Rupiah loan•68.1% were loan for Consumption purpose•Only 16.5% were restructured * Excludes Micro and Consumer segments Loan Profile: Downgrade to Cat. 2 (Rp5,227Bn) Bank Only 4Q25 Loan detail: downgrades to category 2 75 |
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Rp43,946Bn loan were in Special Mention Loan in 4Q 2025. Of these Special Mention Loan:•45.6% were to Corporate Segment, 26.2% were to Commercial Segment•70.3% of the Special Mention Loan (Category 2) were still Current on payment•Top 3 sectors in Category 2 were:•Manufacturing, •Construction,•Household Equipment.•74.2% were Rupiah loan•40.0% were Working Capital loan and 28.4% were Investment loan•82.7% were restructured Corporate Commercial Micro & Payroll Consumer SME Current 7-14 Days15-30 Days1-6 Days31-60 Days 61-90 Days Manufacturing Construction Household Equipment UtilitiesTradingReal EstateTransportation & WarehousingF&B & AccommodationAgricultureBusiness ServicesOthers Rp Fx Working Capital Investment Consumption SyndicatedGov't ProgrammeEmployee Restru Non-Restru 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% SegmentDays Aging*Sector CurrencyPurposeRestructured * Excludes Micro and Consumer segments Loan Profile: Category 2 Loan (Rp43,946Bn) Bank Only 4Q25 Loan detail: category 2 loan 76 |
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Rp789Bn of loan were upgraded to PL in 4Q 2025. Of this loan:•52.3% were coming from Micro & Payroll segment•Largest upgrades by sector:•Household Equipment,•Trading,•Agriculture.•100% were Rupiah loan•78.7% were loans for Consumption purpose; 10.4% were for Working Capital.•66.9% were restructured loan2 1 Consumer Micro & Payroll SME Household Equipment TradingAgricultureF&B & AccommodationManufacturingTransportation & WarehousingOthers Rp Consumption Gov't Programme Working CapitalInvestment Restru Non-Restru 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Collect.SegmentSectorCurr encyPurposeRestructured Loan Profile: Upgrade to PL (Rp789Bn) Bank Only 4Q25 Loan detail: upgrade to PL 77 |
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Rp1,482,741Bn in bank-only loan were performing in 4Q 2025. Of this performing loan:•97.0% were in Collectability 1 (Current)•51.4% were from Corporate segment, 22.0% were from Commercial segment•Primary sectors are:•Household Equipment,•Manufacturing,•Agriculture.•77.8% were Rupiah loan•42.6% were Investment loan; 25.7% were Working Capital loan•Only 4.61% were restructured 1 2 Corporate Commercial Consumer Micro & Payroll SME Household Equipment Manufacturing Mining Agriculture Trading Transportation & Warehousing ConstructionFinancial ServicesGovernmentUtilitiesReal EstateBusiness ServicesIT & TelcoF&B & AccommodationHealthcareOthers Rp Fx Investment WorkingCapital Consumption SyndicatedGov't ProgrammeExport Restru Non-Restru 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Collect.SegmentSectorCurr encyPurposeRestructured Loan Profile: Performing Loan (Rp1,482,741Bn) Bank Only 4Q25 Loan detail: performing loan 78 |
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Rp1,166,360Bn in loan were Rupiah denominated in 4Q 2025. Of this Rupiah Loan: 1 245 Current 7-14 Days31-60 Days61-90 Days1-6 Days Household Equipment Agriculture Manufacturing Trading ConstructionFinancial ServicesMining Transportation & WarehousingReal EstateIT & TelcoBusiness ServicesF&B & AccommodationHealthcareRental ServicesUtilitiesOthers Corporate Commmercial Micro & Payroll Consumer SME Investment Working Capital Consumption Gov't ProgrammeSyndicatedExport Restru Non-Restru 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Collect.Cat.2 Int. Aging*SectorSegmentPurposeRestructured •98.9% were Performing Loan (Category 1 & 2)•88.7% of the Special Mention Loan were still Current on Interest Payment•Primary sectors in Rupiah loan were:•Household Equipment,•Agriculture,•Manufacturing.•42.6% were Corporate loan; 23.0% were Commercial loan; and 16.7% were Micro & Payroll loan•38.8% were Investment loan; 29.9% were Working Capital loan•Only 4.80% were restructured * Excludes Micro and Consumer segments Loan Profile: Rupiah Loan (Rp1,166,360Bn) Bank Only 4Q25 Loan detail: Rupiah loan 79 |
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Rp330,749Bn in loan were FX denominated in 4Q 2025. Of the FX Loan: 1 25 Current 7-14 Days Mining Manufacturing Government Transportation & Warehousing Utilities TradingAgricultureFinancial ServicesWater & Other TreatmentRental ServicesReal Estate Corporate Commercial SME Investment Syndicated Working CapitalExportConsumption Restru Non-Restru 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Collect.Cat.2 Int. Aging*SectorSegmentPurposeRestructured •99.6% were Performing Loan (Category 1 & 2)•99.4% of the Special Mention Loan were Current on interest payments•Primary sectors in FX loan are:•Manufacturing,•Government,•Mining,•80.6% were Corporate loan; and 18.3% were Commercial loan•55.3% were Investment loan; 30.3% were Syndication; 10.7% were Working Capital Loan•Only 5.81% were restructured * Excludes Micro and Consumer segments Loan Profile: FX Loan (Rp330,749Bn) Bank Only 4Q25 Loan detail: FX loan 80 |
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Rp764,084Bn in loan were in the Corporate portfolio in 4Q 2025. Of the Corporate Loan: 1 2 Current Manufacturing Mining ConstructionFinancial ServicesGovernment Utilities Agriculture Transportation & WarehousingTradingBusiness ServicesIT & TelcoReal EstateRental Services Rp Fx Investment Working Capital Syndicated Export Private SOE Government Int'l. Banks Refference Rate Managed Rate 1 23 Restru Non-Restru 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Collect.Cat.2 Int.AgingSectorCurr encyPurposeClient TypeRate TypeStageRestructured •99.7% were performing loan•100% of the Special Mention Loan were Current on interest payments•Primary sectors in Corporate were:•Manufacturing,•Mining,•Agriculture.•65.2% were Rupiah loan•50.9% were Investment Loan; 27.2% were Working Capital Loan; 20.4% wereSyndication•49.6% were into Private clients; 33.8% were into SOEs•60.7% were tied to Referenced Rate; 39.3% were Managed Rate•93.9% were in Stage 1•Only 5.14% were restructured Loan Profile: Corporate Loan (Rp764,084Bn) Bank Only 4Q25 Loan detail: corporate loan 81 |
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Rp328,310Bn in loan were in the Commercial portfolio in 4Q 2025. Of the Commercial Loan: 1 25 Current 7-14 Days 31-60 Days 1-6 Days61-90 Days Manufacturing Agriculture Mining Transportation & Warehousing TradingFinancial ServicesReal EstateUtilitiesHealthcareIT & TelcoConstructionF&B & Accom. Rp Fx Investment Working Capital Export Managed Rate Fixed RateRefference Rate New Legacy 1 23 Restru Non-Restru 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Collect.Cat.2 Int.AgingSectorCurr encyPurposeRate TypeClient OriginStageRestructured •99.3% were Performing Loan, with 3.5% in Special Mention Loan•70.3% of the Special Mention Loan were Current in interest payments•Primary sectors in Commercial were:•Manufacturing,•Agriculture,•Mining.•81.6% were Rupiah loan•66.1% were Investment loan; 32.0% were Working Capital loan•86.5% were Managed Rate; 7.47% were Fixed Rate•Only 25.2% were Legacy loan (disbursed prior to 2017)•92.5% were in Stage 1•Only 6.81% were restructured Loan Profile: Commercial Loan (Rp328,310Bn) Bank Only 4Q25 Loan detail: commercial loan 82 |
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1 25 Current 61-90 Days 31-60 Days 15-30 Days7-14 Days Trading Household Equipment Agriculture Construction Transportation & Warehousing ManufacturingMiningRental ServicesFinancial Serv.HealthcareF&B & Accom.IT & TelcoOthers Rp Fx WorkingCapital Investment Consumer Export Non-Restru Value Chain Non-Value Chain Fixed Rate1 23Restru 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Collect.Cat.2 Int.AgingSectorCurr encyPurposeEcosystemRate Type StageRestructured •99.0% were Performing Loan, with 1.15% in Category 2•66.8% of Special Mention Loan were still Current in Interest Payment•Primary sectors in SME were:•Trading,•Household Equipment, and•Agriculture.•96.1% were Rupiah loan•55.7% were Working Capital loan and 26.8% were Investment loan•57.3% were from value chain ecosystem•100% were Fixed Rate•95.2% were in Stage 1•Only 4.26% were restructured Rp84,810Bn in loan were in the SME portfolio in 4Q 2025:Loan Profile: Small Business Loan (Rp84,810Bn) Bank Only 4Q25 Loan detail: SME loan 83 |
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1 2345 KSM KUR KUM Rp Value Chain Non-Value Chain Fixed Rate1 23 Restru Non-Restru 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Collect.ProductCurr encyEcosystemRate TypeStageRestructured •97.1% were Performing Loan, with 2.84% in Category 2•49.2% were Payroll Loan; 35.0% were Subsidized Micro Loan (KUR)•99.8% were Rupiah Loan•41.5% were from value chain ecosystem•100% were Fixed Rate•93.8% were in Stage 1•Only 2.91% were restructured Rp195,488Bn in loan were in the Micro & Payroll portfolio in 4Q 2025. Of this Micro & Payroll Loan: Loan Profile: Micro & Payroll Loan (Rp195,488Bn) Bank Only 4Q25 Loan detail: micro & payroll loan 84 |
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•97.3% were Performing Loan, with 4.69% in Category 2•56.4% were Mortgage; 23.7% were Auto Loan•100% were Rupiah loan•18.6% were from value chain ecosystem•83.5% were Fixed Rate •92.9% were in Stage 1•Only 3.40% were restructured Rp124,416Bn in loan were in the Consumer portfolio in 4Q 2025. Of this Consumer Loan: 1 235 Mortgage Auto Credit Cards Employee Rp Value Chain Non-Value Chain Fixed Rate Floating Rate 1 23 Restru Non-Restru 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Collect.ProductCurr encyEcosystemRate TypeStageRestructured Loan Profile: Consumer Loan (Rp124,416Bn) Bank Only 4Q25 Loan detail: consumer loan 85 |
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Notes
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Equity Research Contact DetailsCOMPANY NAMEANALYSTE-MAILAUTONOMOUSIvan Ng ivan.ng@bernsteinsg.com BAHANA SECURITIESRazqi KurniawanRazqi.kurniawan@bahana.co.id BANK OF AMERICA SECURITIESAiden Chionhaiden.chionh2@bofa.comBCA SECURITIESAndre Benasandre.benas@bcasekuritas.co.id BNI SECURITIESYulinda Hartantoyulinda.hartanto@bnisekuritas.co.id BRI DANAREKSA SECURITIESVictor Stefanovictor.stefano@brids.co.idCITI Ferry Wongferry.wong@citi.comCLSA Sarina Lesminasarina.lesmina@clsa.comCGS INTERNATIONALHandy Noverdaniushandy.noverdanius@cgsi.com GOLDMAN SACHSMelissa Kuangmelissa.kuang@gs.comHSBC Danelle Teodanelle.t.y.teo@hsbc.com.sgINDOPREMIER SECURITIESJovent Muliadijovent.muliadi@ipc.co.idJ.P. MORGAN Harsh Modiharsh.w.modi@jpmorgan.comKB VALBURY SECURITIESAkhmad Nurcahyadiakhmad.nurcahyadi@kbvalbury.comMAYBANK KIM ENG SECURITIESJeffrosenberg Chen Limjeffrosenberg.lim@maybank.com MACQUARIE Jayden Vantarakisjayden.vantarakis@macquarie.comMORGAN STANLEYSelvie Jusmanselvie.jusman@morganstanley.comSAMUEL SECURITIESPrasetya Gunadiprasetya.gunadi@samuel.co.id SUCOR SECURITIESEdward Lowisedward.lowis@sucorsekuritas.comTRIMEGAH SECURITIESJonathan Gunawanjonathan.gunawan@trimegah.com UBS Joshua Tanjajoshua.tanja@ubs.comUOB KAY HIANPosmarito Pakpahanposmarito@uobkayhian.com VERDHANA SECURITIESRaymond Kosasihraymond.kosasih@verdhana.id
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PT BankMandiri(Persero) Tbk.MenaraMandiriII, 26thfloorJl. Jend.Sudirman Kav. 54-55Jakarta, Indonesia 12190Tel: 62-21 526 5045Fax: 62-21 527 4477, 527 5577Call Center: 14000www.bankmandiri.co.id Contact Information:Investor RelationsTel: +62 21 3002 3000 ext 7125207Fax: +62 21 5290 4249E-mail: ir@bankmandiri.co.idhttps://www.bankmandiri.co.id/web/irCorporate SecretaryTel: +62 21 524 5740Fax:: +62 21 526 8246