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20260331_DSNG_Laporan Informasi dan Fakta Material_32056093_lamp2.pdf
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PT DHARMA SATYA NUSANTARA TBK
Investor Newsletter – Vol. 60 March 2026
Keeping the Pace of Growth
Profit and Loss FY 2025 FY 2024 % PT Dharma Satya Nusantara Tbk (DSNG) recorded total
Revenue 12,314,712 10,119,220 21.7 Revenue of IDR 12.3 trillion with a growth of 21.7% YoY
- Palm Oil 10,846,146 8,784,344 23.5 amidst ongoing market challenges in 2025. The growth
- Wood Product 1,242,325 1,152,074 7.8 reflects improved contributions across the Company’s
- Renewable Energy 226,241 182,802 23.8 business segments, though palm oil remaining its
Cost of Revenue (8,464,728) (7,115,019) 19.0 backbone contributing almost 90% of Total Revenue.
Gross Profit 3,849,984 3,004,201 28.2
-Margin % 31.3% 29.7% - The Palm-oil segment reported a record-high revenue
Profit Before Tax 2,499,545 1,640,016 52.4 amounting to IDR 10.8 trillion representing a nearly
-Margin % 20.3% 16.2% -
24% YoY increase. Meanwhile, the Wood Product
segment posted revenue of IDR 1.24 trillion, an
EBITDA 4,077,998 3,096,491 31.7
increase of 8% YoY despite persistent global headwinds
-Margin % 33.1% 30.6% -
such as U.S. tariffs and geopolitical tensions. The
Profit 1,828,798 1,141,375 60.2
Renewable Energy segment also recorded solid growth,
-Margin % 14.9% 11.3% - with revenue rising nearly 24% YoY to IDR 226 billion,
Core Profit* 1,850,417 1,181,098 56.7 mainly contributed from a new pellet factory that
-Margin % 15.0% 11.7% - already commissioned in 2025.
*calculated from net profit & adjusted for unrealized foreign
exchange gains/losses, net of tax effects.
In line with the revenue growth, DSNG’s profitability also showed improvement in FY2025. Gross margin
improved to 31.3% from 29.7% in the previous year. EBITDA grew 31.7% YoY to IDR 4.08 trillion, translating to
an EBITDA margin of 33.1%. This strong performance was also reflected in the bottom line, with net profit
rising to 60% YoY to IDR 1.83 trillion and net margin improving to 14.9%. Core profit similarly increased by
56.7% YoY to IDR 1.85 trillion, highlighting the Company’s solid operational performance.
Financial Position FY 2025 FY 2024 %
Total Asset 17,617,196 17,412,416 1.2
Total Liabilities 5,974,326 7,515,101 (20.5)
Equity 11,642,870 9,897,315 17.6
As of 31 December 2025, total assets stood at IDR 17.6 trillion, slightly increased by 1.2% compared to
FY2024. Total liabilities declined significantly by 21% YoY to IDR 5.97 trillion reflecting the Company’s
continued deleveraging efforts, of which the Group’s outstanding USD-denominated debt accounted for only
14% of total debt. This prudent approach shielded the company's financial standing from global uncertainty
and market dynamics of the domestic palm industry. Consequently, Equity grew modestly by 17.6% to IDR
11.64 trillion.
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
FY-2025 FY-2024 %YoY Q1-2025 Q2-2025 Q3-2025 Q4-2025 %QoQ
Plantation Performance
FFB Production (tons) 2,189,347 2,109,737 3.8 478,835 608,556 530,148 571,809 7.9
Nucleus (tons) 1,721,049 1,661,979 3.6 378,100 480,819 414,843 447,286 7.8
Plasma (tons) 468,298 447,757 4.6 100,734 127,736 115,305 124,523 8.0
Mill Performance
FFB Processed (tons) 2,706,560 2,515,086 7.6 591,444 741,370 627,170 746,576 19.0
CPO Production (tons) 631,046 601,508 4.9 137,611 173,380 146,977 173,078 17.8
PK Production (tons) 119,405 114,210 4.5 26,008 33,253 26,800 33,343 24.4
PKO Production (tons) 37,805 38,217 (1.1) 8,064 10,716 8,775 10,250 16.8
CPO OER (%) 23.32 23.92 (2.5) 23.27 23.39 23.43 23.18 (1.1)
FFA (%) 3.01 2.86 5.4 3.05 3.04 2.99 2.96 (1.1)
Sales Performance
CPO (tons) 628,737 601,111 4.6 134,644 177,576 147,110 169,406 15.2
PK (tons) 29,416 23,665 24.3 6,438 7,429 6,822 8,726 27.9
PKO (tons) 38,522 38,513 0.0 7,506 11,006 7,505 12,505 66.6
CPO ASP (Rp 'million/ton) 14.47 12.79 13.2 14.91 14.32 14.17 14.56 2.8
PKO ASP (Rp 'million/ton) 28.95 17.81 62.5 27.35 30.99 28.70 28.27 (1.5)
Amid ongoing replanting activities, DSNG recorded total FFB production of 2.19 million tons in FY-2025,
representing a 4% increase YoY. The increase was mainly due to production growth supported by conducive
weather throughout the year from both nucleus and plasma estates, resulting increases by 3.6% and 4.6%
YoY, respectively.
External fruits availability also increased FFB processed reaching 2.71 million tons, or 7.6% higher YoY. As a
result, CPO production and sales increased annually to 4.9% and 4.6%, respectively.
We maintained efficient mill operations throughout the year, with CPO OER recorded at 23.32%—slightly
lower than the previous year— while FFA increased moderately to 3.01%.
FFB PRODUCTION (TONS) CPO PRODUCTION (TON)
2024 2025 2024 2025
223,542
62,386
61,142
198,781
196,758
57,717
191,844
56,547
186,233
55,389
183,207
182,325
179,979
177,985
53,278
169,839
50,990
49,765
48,854
48,358
156,479
46,212
142,376
40,410
195,307
166,011
163,274
176,751
176,199
168,534
166,215
179,692
163,105
187,466
183,083
184,099
50,510
56,051
46,943
46,556
48,985
50,101
47,882
46,274
47,499
54,915
52,172
53,621
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 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
PALM OIL
CPO ASP (IDR '000/TON) KPB Medan 2024 KPB Medan 2025 YTD DSN 2024
YTD DSN 2025 DSN 2024 DSN 2025
14,682
14,474
15,133
13,578
15,048 14,393 14,620 14,783
14,471 15,001
14,277 13,712
12,788
12,959 12,962 14,448
12,858 12,616 12,563 13,196 13,467
12,527
11,481 11,642 12,014
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Since the beginning of 2025, CPO price had surged driven by several factors, such as a cyclical-low CPO
supply in Q1 compared to the previous quarter, additional demand for B40 that fully implemented in
February, and increases in the prices of other vegetable oils especially soybean. Although fluctuations
occurred throughout 2025, in the end the CPO ASP price in FY 2025 stood high at Rp 14.47 million per ton or
13% higher YoY.
Similarly, PKO ASP started its spike from first quarter and relatively remained high throughout 2025. Among
other factors, this phenomenon was mainly because of supply disruptions due to coconut harvest failure in
the Philippines and Indonesia. PKO ASP stood at Rp 28.95 million per ton, 62.5% higher than the previous
year.
PALM OIL – PLANTED AREA
Planted Hectarage
Average
Immature Mature Total Planted
Age (yrs)
('000 ha) ('000 ha) ('000 ha)
Nucleus 15 5.1 77.8 82.9
Plasma 13 0.6 24.3 29.0
Total 15 5.7 102.1 111.9
Launched in the second half of 2022 and continuing through 2025, DSNG’s replanting program has cleared
nearly 5.5 thousand hectares and replanted 3.7 thousand hectares. As a result, the Company’s maintains
total planted area of 111.9 thousand hectares, consisting of 82.9 thousand hectares of nucleus and 29.0
thousand hectares of plasma.
Overall, the Company’s plantation profile remains highly productive, with an average tree age of 15 years,
providing a strong foundation for sustainable production growth going forward.
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
WOOD PRODUCT
FY-2025 FY-2024 %YoY Q1-2025 Q2-2025 Q3-2025 Q4-2025 %QoQ
Sales Volume
Panel ('000 m3) 124.3 116.1 7.1 28.9 33.4 32.9 29.0 (11.9)
Engineered Flooring ('000 m2) 633.0 626.5 1.0 151.2 173.4 173.3 135.1 (22.0)
Average Selling Price (ASP)
Panel (USD/m3) 359.94 360.27 (0.1) 358.93 357.56 360.95 362.52 0.4
Engineered Flooring (USD/m2) 33.05 32.33 2.2 32.07 35.16 32.27 32.43 0.5
Despite a 7.8% increase in revenue, the wood segment product business largely stagnant during 2025 due
to continued market weakness driven by U.S tariffs and geopolitical tensions.
The increase in panel sales volume was therefore not driven by market recovery, but primarily by the
Company’s ability to capture market share from other players, which was reflected in continued pressure
on selling prices.
RENEWABLE ENERGY
FY-2025 FY-2024 %YoY Q1-2025 Q2-2025 Q3-2025 Q4-2025 %QoQ
Sales Volume
Palm Kernel Shell (ton) 89,265 94,933 (6.0) 11,994 12,335 32,675 32,261 (1.3)
Wood Pellet (ton) 36,602 - 100 10,461 190 13,745 12,206 (11.2)
Average Selling Price (ASP)
Palm Kernel Shell (USD/ton) 105.04 121.93 (13.8) 106.04 105.15 104.44 105.24 0.8
Wood Pellet (USD/ton) 118.16 - 100.0 135.00 128.00 119.72 101.83 (14.9)
The Renewable Energy segment recorded revenue growth of 23.8% YoY, with wood pellets contributing as
a new revenue stream following the commissioning of the factory in mid-2025. Located in Boyolali, Central
Java, the factory adopts a circular-economy-concept by utilizing biomass waste—such as twigs, tree cutting,
wood residues, as its feedstock. The Company targets export market, particularly Japan and South Korea,
where wood pellets are used for green-power generation. In FY 2025, the wood pellet business recorded
total sales volume of 36.6 thousand tons, with an ASP of USD 118/ton.
Meanwhile, Palm Kernel Shell (PKS) sales volume reached 89 thousand tons, declining by 6% YoY reflecting
softer demand from Japan, with the ASP decreased by approximately 14%.
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
Page 5
INVESTOR NEWSLETTER
DSNG Latest Update
DSNG Achieves Higher Ranking in SPOTT 2025
In October 2025, SPOTT, through its annual review, upgraded DSNG’s ranking to 5th place out of 230
companies operating in the high forest-risks commodity sectors, including palm oil, natural rubber and
timber (pulp).
The SPOTT assessment aims to incentivize producers, processors and traders, to adopt best practices and
enhance transparency for investors and buyers in managing ESG risks. The evaluation covers several key
indicators, including policy commitments, environmental governance, human rights, and supply chain
traceability.
This achievement reinforces DSNG’s strong commitment to sustainability, guided by its three core pillars:
People, Planet, and Prosperity. “We believe sustainability is not merely a concept, but a core principle that
drives every aspect of our business.”
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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