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20260427_DSNG_Laporan Informasi dan Fakta Material_32073852_lamp1.pdf
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PT DHARMA SATYA NUSANTARA TBK
Investor Newsletter – Vol. 61 April 2026
Navigating Growth Amid Global Uncertainty
In Million Rupiah
Profit and Loss 3M-2026 3M-2025 % FY 2025 PT Dharma Satya Nusantara Tbk (DSNG) opened
Revenue 2,886,350 2,678,809 7.7 12,314,712 2026 with a solid performance, posting Rp 2.9 trillion
- Palm Oil 2,611,002 2,350,009 11.1 10,846,146 in revenue for 1Q26, up 7.7% YoY. The growth was
- Wood Product 235,147 284,896 (17.5) 1,242,325 largely underpinned by the palm oil segment, which
- Renewable Energy 40,201 43,904 (8.4) 226,241 contributed around 90% of consolidated revenue,
Cost of Revenue (2,076,841) (1,884,851) 10.2 (8,464,728) supported by higher Fresh Fruit Bunch (FFB)
Gross Profit 809,509 793,958 2.0 3,849,984 production and improved Oil Extraction Rate (OER).
-Margin % 28.0% 29.6% - 31.3%
Profit Before Tax 571,873 497,983 14.8 2,499,545 However, performance across non-core segments
-Margin % 19.8% 18.6% - 20.3% remained subdued. The Wood Products segment
EBITDA 863,085 861,228 0.2 4,077,998 (±8% of revenue) contracted 17.5% YoY, primarily
-Margin % 29.9% 32.1% - 33.1% due to a sharp decline in engineered flooring sales
Profit 421,350 366,958 14.8 1,828,798 volume. This outcome highlights the continued
-Margin % 14.6% 13.7% - 14.9% exposure to the ongoing uncertainty surrounding
Core Profit* 427,095 386,335 10.6 1,850,417 tariff structures and administrative processes in the
-Margin % 14.8% 14.4% - 15.0% United States—one of its key export markets.
*calculated from net profit & adjusted for unrealized foreign exchange
gains/losses, net of tax effects.
Similarly, the Renewable Energy segment saw revenue decline by 8.4% YoY, contributing below 1.5% of total revenue.
Export volumes of Palm Kernel Shells (PKS) remained under pressure amid softer demand from Japan’s biomass market.
During the first quarter, cost of revenue increased by 10.2% YoY, broadly in line with higher sales volumes in the palm
oil segment. However, gross profit grew by only 2.0% YoY, reflecting margin pressure primarily driven by a 3% YoY
decline in CPO ASP, alongside the weaker performance of the Wood Products and Renewable Energy segments.
Despite this, net profit rose by 14.8% YoY, primarily supported by a significant reduction in interest expenses following
the Company’s ongoing deleveraging strategy. Profitability improved, with net profit margin expanding to 14.6%,
compared to 13.7% in the same period last year. The core profit margin showed a similar trajectory, indicating that
earnings growth was largely operational in nature, with minimal impact from unrealized foreign exchange movements.
Financial Position 31-Mar-26 31-Dec-25 %
Total Asset 17,758,416 17,617,196 0.8
Total Liabilities 5,694,196 5,974,326 (4.7)
Equity 12,064,220 11,642,870 3.6
From a balance sheet perspective, total assets edged up by 0.8% to Rp 17.8 trillion, while total liabilities declined by
4.7%, underscoring continued prudent financial management. The Company maintained a healthy capital structure,
with a net debt-to-equity ratio of 0.27x, and only 14% of outstanding debt denominated in USD, limiting exposure to
currency risk. Meanwhile, equity increased by 3.6% YoY, further strengthening the Company’s financial position and
supporting its long-term growth trajectory.
DSNG Investor Newsletter —For further information, contact Investor Relations (investor.relations@dsngroup.co.id)
PT Dharma Satya Nusantara Tbk. Jl. Pulo Ayang Kav. OR No. 3 Kawasan Industri Pulogadung, Jakarta 13930 Indonesia
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Investor Newsletter – Vol. 61 April 2026
PALM OIL
3M-2026 3M-2025 %YoY FY-2025 Fresh Fruit Bunch (FFB) production in 1Q26 increased by
Plantation Performance 2.7% YoY to 492 thousand tons, supported by improving
FFB Production (tons) 491,992 478,835 2.7 2,189,347 weather conditions and steady gains in plantation
Nucleus (tons) 384,984 378,100 1.8 1,721,049
productivity. Growth was recorded across both nucleus
Plasma (tons) 107,008 100,734 6.2 468,298
Mill Performance
and plasma estates, which rose by 1.8% and 6.2% YoY,
FFB Processed (tons) 602,601 591,444 1.9 2,706,560 respectively highlighting continued operational
CPO Production (tons) 140,545 137,611 2.1 631,046 consistency and strengthening smallholder contribution.
PK Production (tons) 26,772 26,008 2.9 119,405
PKO Production (tons) 8,520 8,064 5.7 37,805 Mill performance tracked the positive upstream trend,
CPO OER (%) 23.32 23.27 0.2 23.32 with FFB processed rising by 1.9% YoY. In turn, Crude
FFA (%) 3.06 3.05 0.4 3.01
Palm Oil (CPO) production increased by 2.1% YoY to
Sales Performance
CPO (tons) 159,427 134,644 18.4 628,737
140,545 tons, while Palm Kernel (PK) and Palm Kernel
PK (tons) 6,679 6,438 3.7 29,416 Oil (PKO) output grew by 2.9% and 5.7% YoY. From a
PKO (tons) 5,501 7,506 (26.7) 38,522 quality standpoint, Oil Extraction Rate (OER) remained
CPO ASP (Rp 'million/ton) 14.47 14.91 (3.0) 14.47 stable at 23.32%, indicating consistent processing
PKO ASP (Rp 'million/ton) 28.43 27.35 4.0 28.95 efficiency.
Meanwhile, Free Fatty Acid (FFA) levels edged up slightly to 3.06%, but remained within a manageable range, suggesting
no significant deterioration in fruit quality or handling.
On the commercial side, CPO sales volume rose strongly by 18.4% YoY to 159,427 tons, while PKO sales declined by 27%
YoY. This divergence primarily reflects shipment timing differences rather than underlying demand trends. From a pricing
perspective, CPO ASP softened by 3% YoY, partially offsetting the benefit of higher volumes, while PKO ASP increased by
4% YoY, providing some support to overall pricing.
Overall, the Palm Oil segment continued to demonstrate resilient operational performance, with steady production
growth, stable extraction rates, and disciplined execution across both upstream and downstream operations—reinforcing
its role as the Company’s primary earnings driver.
FFB PRODUCTION (TONS) CPO PRODUCTION (TON)
2025 2026 2025 2026
166,952
165,671
48,053
159,369
47,285
45,206
142,376
156,479
179,979
223,542
198,781
186,233
177,985
182,325
169,839
191,844
196,758
183,207
46,212
40,410
50,990
62,386
57,717
53,278
48,854
49,765
48,358
56,547
61,142
55,389
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Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
KPB Medan 2025 KPB Medan 2026 DSN 2025 DSN 2026
CPO ASP (IDR'000/TON)
15,133 15,048
14,471 15,001 14,783
14,393 14,620 14,682
14,277 13,712 14,173
13,578
14,304 14,407 14,637
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
DSNG Investor Newsletter —For further information, contact Investor Relations (investor.relations@dsngroup.co.id)
PT Dharma Satya Nusantara Tbk. Jl. Pulo Ayang Kav. OR No. 3 Kawasan Industri Pulogadung, Jakarta 13930 Indonesia
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Investor Newsletter – Vol. 61 April 2026
PALM OIL – PLANTED AREA
Planted Hectarage
Average
Immature Mature Total Planted
Age (yrs)
('000 ha) ('000 ha) ('000 ha)
Nucleus 15 5.0 77.9 82.8
Plasma 13 0.6 24.4 29.1
Total 15 5.5 102.3 111.9
DSN Group maintains a well-balanced plantation profile, with a mix of immature and mature estates that support
both current production stability and future growth potential. The relatively young average plantation age reflects
ongoing replanting and disciplined development efforts, positioning the Company to sustain yield improvements
and enhance long-term productivity. This balanced age profile also provides better visibility on future output
growth, while maintaining operational efficiency across its estates.
WOOD PRODUCT
3M-2026 3M-2025 %YoY FY-2025
Sales Volume
Panel ('000 m3) 25.6 28.9 (11.5) 124.3
Engineered Flooring ('000 m2) 55.6 151.2 (63.2) 633.0
Average Selling Price (ASP)
Panel (USD/m3) 371.06 358.93 3.4 359.94
Engineered Flooring (USD/m2) 34.27 32.07 6.8 33.05
The wood products market showed no meaningful signs of recovery during the quarter. Panel sales volume declined
by 11.5% YoY, while engineered flooring fell more sharply by 63.2% YoY, reflecting significantly weaker demand. The
steeper contraction in engineered flooring was partly due to its relatively high exposure to the US market, where
uncertainty surrounding tariff policies under the Trump administration has weighed on buyer sentiment, leading to
delayed purchasing decisions and softer order flows.
RENEWABLE ENERGY
3M-2026 3M-2025 %YoY FY-2025
Sales Volume
Palm Kernel Shell (ton) 10,100 11,994 (15.8) 89,265
Wood Pellet (ton) 10,785 10,461 3.1 36,602
Average Selling Price (ASP)
Palm Kernel Shell (USD/ton) 105.00 106.04 (1.0) 105.04
Wood Pellet (USD/ton) 122.31 135.00 (9.4) 118.16
Despite relatively stable pricing, Palm Kernel Shell (PKS) export volumes declined by 15.8% YoY, reflecting weaker
demand. Japan remained the primary export market for Indonesian PKS; however, demand softened following the
government’s move to reassess biomass subsidies for power generation, leading to more cautious procurement by
buyers.
Meanwhile, wood pellet export volume, primarily to the Korean market, grew modestly by 3% YoY. However, ASP
declined by 9.4% YoY, as exports have yet to reach the Japanese market, where pricing is typically higher due to
more stringent quality standards.
DSNG Investor Newsletter —For further information, contact Investor Relations (investor.relations@dsngroup.co.id)
PT Dharma Satya Nusantara Tbk. Jl. Pulo Ayang Kav. OR No. 3 Kawasan Industri Pulogadung, Jakarta 13930 Indonesia
Page 4
Investor Newsletter – Vol. 61 April 2026
DSNG Latest Update
DSN Group Named Among TIME Asia Pacific’s Best Companies of 2026
DSN Group has been recognized as one of TIME and Statista’s Best
Companies in Asia Pacific for 2026, reflecting strong performance
across key dimensions, including employee satisfaction, financial
performance, and commitment to environmental, social, and
governance (ESG) principles. Beyond recognition, this achievement
underscores the Company’s ongoing focus on building a resilient and
sustainable business, while continuing to enhance operational
excellence and stakeholder value over the long term.
DISCLAIMER: The views expressed here contain information derived from publicly available sources that have not been independently
verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. Any forward-looking
information in this presentation has been prepared on the basis of a number of assumptions which may prove to be incorrect. This
presentation should not be relied upon as a recommendation or forecast by PT Dharma Satya Nusantara Tbk. Nothing in this release
should be construed as either an offer to buy or sell or a solicitation of an offer to buy or sell shares in any jurisdiction.
DSNG Investor Newsletter —For further information, contact Investor Relations (investor.relations@dsngroup.co.id)
PT Dharma Satya Nusantara Tbk. Jl. Pulo Ayang Kav. OR No. 3 Kawasan Industri Pulogadung, Jakarta 13930 Indonesia
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