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PT Blue Bird Tbk “BIRD”
Public Expose 2026
Financial Result Full Year 2025
March, 2026
DISCLAIMER:
This document contains financial conditions and result of operation, and may also contain certain projections, plans, strategies, and
objectives of the Company, which would be treated as forward-looking statements within the meaning of applicable law. Forward looking
statements, by their nature, involve risk and uncertainty that could cause actual results and development to differ materially from those
expressed or implied in these statements. PT Blue Bird Tbk does not guarantee that any action, which may have been taken in reliance on
this document, will bring specific results as expected.
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Who We Are
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About PT Blue Bird Tbk
Established in 2001, PT Blue Bird Tbk is a leading Indonesian mobility company
listed on the IDX (ticker: BIRD), with a strong focus on safety, comfort, and
innovation through digital transformation.
26,000 31,000
Fleets Drivers & Employees
58 1,300 22
Depos Exclusive Outlet Cities
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Service Quality Standard
Standardized Professional Integrated
Fleet Drivers Mobility 4
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Board of Directors
President Director
Adrianto Djokosoetono
Vice President Director Director
Sigit Djokosoetono Irawaty Salim
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Where We Are Now
Bluebird at a glance
Started as a taxi company, Bluebird has transformed to an adaptive mobility company by integrating our 3M Strategy:
Providing various services
Multi-Product
Taxi service Rental & Bus Shuttle Delivery service Corporate
Car ownership & service Auction
3M
Easier mobility access
Partner channels:
Owned channels:
Multi-Channel Multi-Payment
Easier payment methods
Cash E-wallet and e-voucher Credit card QRIS in-fleet
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What’s New In 2025
Expansion of
BRT Services Cititrans routes,
Expansion to including the launch
Jakarta of airport shuttle
services from
Balikpapan Airport to
IKN and Samarinda
Launch of a new
Integration of operational city in
OVO as a digital Solo
payment option
in the
MyBlueBird app
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Financial Result
FY 2025
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Performance Overview
19.8k 20.9k 23.0k 24.2k 26.0k
fleets fleets fleets fleets fleets
5.705
PANDEMIC
“FY2025 revenue grew
13.2% to Rp5.7T, driven by
Revenue fleet expansion to 26.0k and
643
Net Profit stronger performance across
core segments (Regular Taxi,
Rental, Shuttle).
Profitability remained
KEY RATIOS
ROA 0.1% 5.3% 6.1% 7.0% 6.7%
resilient with Rp643bn net
ROE 0.2% 6.8% 8.2% 9.9% 10.2% profit (11.3% margin)”
Debt-to-
0.16x 0.13x 0.18x 0.23x 0.36x
Equity
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Taxi
Executive
Regular Taxi
Taxi
Revenue Shifts Toward
a More Diversified Business
Non-Taxi
Rental Bus Charter
Car
29%
30%
70%
InterCity Inter 71%
Shuttle Province
Shuttle
FY 2024 FY 2025
Taxi
Auction
Non-taxi
Used-Car &
Maintenance Logistik
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Profit and Loss Overview
5,705
In Rp Bn
5,040
FY 2024 FY 2025
32.3 31.8
23.9 23.5
1,814
1,629 12.6 12.0 11.3
1,338 11.8
1,203
634 687 593 643
Revenue Gross Operating EBITDA Profit after
Profit Profit Tax
Revenue Gross Profit Operating Profit EBITDA Profit After Tax
+13.2% y/y +11.4% y/y +8.4% y/y +11.2% y/y +8.6% y/y
margin to revenue
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Balance Sheet Overview
Asset Liabilities 3,326 Equities
9,652 6,328
5,995
8,441 5,631
1,343
5,148 5,351
7,580 2,446
6,893 1,162
6,598 2,763
983 2,763
891 1,949 2,264 2,763
946 2,763
2,763
1,451 1,542 1,360
7,363 1,016
6,442
5,855 678
4,938 5,281 840
3,118 3,446
2,485 2,757
2,287
932 1,086 1,062
864
611
2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025
Non-Controlling Interest Retained Earnings Total Assets
Cash Prop & Equip Other Assets Total Assets Other Liabilities Bank Loan Total Assets Capital Called & Held
• Total assets increased to Rp 9.65 trillion in FY2025, supported by continued reinvestment into the core fleet and supporting infrastructure,
Property & Equipment remained the dominant component (76% of total assets), reflecting disciplined long-term capacity building (fleet
modernization & EV transition).
• Liquidity strengthened materially with year-end cash rising to Rp 1.34 trillion, providing ample flexibility to fund operations and upcoming
investment needs, this was supported by a combination of strong operating cash generation and year-end funding/cash positioning.
• Liabilities increased to Rp 3.33 trillion, primarily driven by bank loan balance to Rp 2.26 trillion, aligned with the Company’s planned capex and
strategic initiatives; leverage remained prudent, with Debt-to-Equity at 0.36×.
• Total equity expanded to Rp 6.33 trillion, underpinned by solid retained earnings from consistent profitability and disciplined capital
management, reinforcing a strong buffer for growth.
• Overall, FY2025 balance sheet reflects a resilient and growth-ready position: higher asset base, stronger cash, and conservative leverage that
enabling the Company to execute modernization and digital/EV roadmap while maintaining financial stability.
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Cash Flow Overview
Net cash from Operating Activities Net cash from/(used for) Investing Activities Net cash from/(used for) Financing Activities
1,246
In Rp Bn 345 In Rp Bn In Rp Bn 496
1,091 1,059
957
94
33
(649)
382 (913)
(1,093)
(363)
(1,561) (580)
2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025
• Operating cash flow strengthened to Rp 1.25 trillion in FY2025, reflecting solid operating profitability and effective cash collection supported by
stronger year-end customer receipts and ongoing working-capital discipline.
• Investing cash outflow increased to Rp 1.56 trillion, consistent with the Company’s long-term modernization agenda, driven mainly by fleet
renewal/expansion and strategic investment (including FA-related capex/acquisition) to support service capacity and future growth.
• Financing cash flow turned positive at Rp 496 billion, primarily from Rp 1.46 trillion in loan drawdowns, balancing investment needs while
maintaining prudent leverage (with repayments, dividends, and interest paid kept well-managed).
• Free cash flow was negative at Rp (315) billion, which is investment-led rather than operationally driven a deliberate choice to accelerate fleet and
capability upgrades while the business continues to generate strong operating cash.
• Liquidity ended the year robustly, with cash reaching Rp 1.34 trillion, supported by year-end cash positioning and funding timing—providing
ample flexibility heading into FY2026 execution.
• Overall, FY2025 cash flow profile highlights strong operating cash generation and disciplined reinvestment, reinforcing Blue Bird’s ability to
fund growth initiatives while preserving balance-sheet resilience.
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CapEx Spending
GROSS CAPEX (IN RP BN) FLEET MOVEMENT (IN UNITS)
2.099
2024 Net
changes
2025
December December
24.2k +1.800 26.0k
fleets fleets fleets
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Blue Bird Activity
Report 2025
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Sustainability has been at our core.
In 2025 we keep strengthening our impact.
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May June
New e-Goldenbird Fleet Tree Planting Activity Trash Clean-up at Rinjani
October December
Plogging Activity e-Bluebird Launch in Medan e-Bluebird Launch in Surabaya
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June August
Bluebird Peduli Scholarship 1st Aid Workshop Empower War Veterans Preserving Local Culture
September December
Umrah for Driver Volunteering for Needed Children Women Empowerment Sumatra Flood Aid
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June July November
RUPST SPEx2 Awards Bisnis Indonesia Awards CSA Awards
November December
Anugerah Produk Indonesia Traveloka Awards redBus People’s Choice Awards Disway Awards
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Thank You!
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