<![CDATA[This research is motivated by the fluctuation of exchange rates and increasing operational costs that have the potential to affect the financial performance of PT Ultrajaya Milk Industry & Trading Company Tbk, while the company did not show the use of hedging instruments during the observation period. This study aims to analyze the effect of hedging policies, exchange rates, and operational costs on financial performance as measured by Return on Assets (ROA) for the period 2015 to 2025. This study uses a causal associative research method with a quantitative approach. The population and sample are PT Ultrajaya's financial statements for 2015 to 2025 with 11 annual observations. The research instrument is secondary data documentation from financial statements, while the analysis is carried out using SPSS 27 through descriptive statistics, classical assumption tests, multiple linear regression, t-tests, F-tests, correlations, and coefficients of determination. The results show that hedging policies do not have data variations, while exchange rates and operational costs do not have a significant effect on ROA with significance values of 0.786 and 0.816, respectively. The simultaneous model was insignificant with F = 2.040 and p = 0.210, and an R² of 50.5%. In conclusion, exchange rate changes and operational costs were not significant factors in explaining ROA, while hedging policy could not be tested inferentially due to its lack of variation]]>
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