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PT WINTERMAR OFFSHORE MARINE Tbk
Jl. Kebayoran Lama No 155
Jakarta 11560 Indonesia
Tel : 62 21 530 5201 / 2
Fax : 62 21 530 5203
www.wintermar.com
NO. 114/NL/III/2026
NEWSLETTER # 114
17 March 2026
RESULTS FOR THE FULL YEAR ENDING DECEMBER 2025
Wintermar’s Operating Profit for FY2025 Laba Operasional Wintermar untuk FY2025 naik
jumped by 31%YOY to US$23.3 million, 31% YOY menjadi US$23.3 juta, mencerminkan
reflecting margin expansion through a better ekspansi margin melalui komposisi armada yang
fleet mix. Core Profit increased by 19.2%YOY lebih baik. Laba Inti meningkat sebesar 19.2%
to US$18million. YOY menjadi US$18 juta.
Owned Vessel Division Divisi Kapal Milik
Owned vessel revenue rose by 13.8%YOY to US$70.7million Pendapatan kapal milik naik 13.8%YOY menjadi US$70.7 juta
as gross margins for Owned Vessels widened to 41.7% for dengan margin kotor untuk Kapal Milik membesar menjadi 41.7%
FY2025 compared to 36.1% in FY2024 despite softer charter untuk FY2025 dibandingkan dengan 36.1% pada FY2024 meskipun
rates and lower offshore activity in 2025. Utillization in 2025 tarif sewa dan tingkat aktivitas lepas pantai lebih rendah pada tahun
was lower than 2024 arising from geopolitical concerns and 2025. Utilisasi pada tahun 2025 lebih rendah dari tahun 2024
the early stage of most drilling projects which are shorter term sebagai akibat masalah geopolitik dan sebagian besar proyek
in nature. However, this was compensated by higher revenue pengeboran jangka pendek yang masih berada pada tahap awal.
from having more Dynamic Positioning (DP) equipped Akan tetapi, hal ini diimbangi dengan pendapatan yang lebih tinggi
vessels. The Company operated a larger number of units of dari kapal-kapal yang dilengkapi Dynamic Positioning (DP).
higher value vessels in FY2025. Perusahaan mengoperasikan lebih banyak unit kapal yang bernilai
lebih tinggi pada FY2025.
Chartering Division and Other Services Divisi Kapal Sewa dan Layanan Lainnya
Gross Profit from the Chartering Division continued to decline Laba Kotor dari Divisi Kapal Sewa menurun menjadi US$0.5 juta
with a drop in contribution to US$0.5million in FY2025 pada FY2025 dibandingkan dengan US$1.4 juta pada FY2024.
compared to US$1.4million in FY2024. Some of the declines Sebagian penurunan tersebut disebabkan oleh keputusan strategis
resulted from a strategic decision to move the Company untuk mengarahkan Perusahaan menuju model bisnis manajemen
towards a management fee based ship management kapal berbasis imbalan jasa untuk skalabilitas yang lebih baik, di
business model for better scalability, where the Company mana Perusahaan kini menerima pendapatan imbalan jasa untuk
now receives fees for various services which are recorded in berbagai layanan yang tercatat di Divisi Jasa Lainnya. Kontribusi
the Other Services Division. Contribution from Other Services dari Divisi Layanan Lainnya telah meningkat sebesar 9.3%YOY
Division has increased by 9.3%YOY by US$0.2 million to sebesar US$0.2 juta menjadi US$2.8 juta pada FY2025.
US$2.8million in FY2025.
Direct Expenses and Gross Profit Biaya Langsung dan Laba Kotor
With a larger number of DP vessels in operation and more Dengan lebih banyak kapal DP yang beroperasi dan lebih banyak
overseas contracts, total crewing costs rose by 10.5%YOY to kontrak di luar negeri, total biaya awak kapal meningkat 10.5%
US$11.4million for FY2025. Depreciation rose accordingly by YOY menjadi US$11.4 juta untuk FY2025. Depresiasi naik sebesar
10.4%YOY to US$14.8million for FY2025 from the full year 10.4% YOY menjadi US$14.8juta untuk FY2025 karena dampak
impact of the additions to the fleet in 2024. One PSV setahun penuh dari penambahan armada pada tahun 2024. Satu
completed reactivation and became operational in 4Q2025. unit PSV menyelesaikan reaktivasi dan mulai beroperasi di
Operation expenses were slightly higher (+2.2%YOY) at 4Q2025. Beban operasional sedikit lebih tinggi (+2.2%YOY)
US$5.2million while maintenance costs fell by 2.9%YOY to menjadi US$5.2 juta sementara biaya pemeliharaan turun 2.9%
US$7.3million. Fuel bunker was significantly lower (- YOY menjadi US$7.3 juta. Biaya bunker menurun secara signifikan
26%YOY) as idle vessels were berthed in Batam on shore (-26% YOY) karena kapal yang belum beroperasi berlabuh di
power. Batam dengan menggunakan daya listrik dari darat.
ISM Code & ISPS Compliant
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PT WINTERMAR OFFSHORE MARINE Tbk
Jl. Kebayoran Lama No 155
Jakarta 11560 Indonesia
Tel : 62 21 530 5201 / 2
Fax : 62 21 530 5203
www.wintermar.com
NO. 114/NL/III/2026
By December 2025, there were 7 units of PSVs in operation, Hingga Desember 2025, terdapat 7 unit PSV yang telah
as compared to 5 units of operational PSVs at end 2024. The beroperasi, dibandingkan hanya 5 unit PSV pada akhir 2024.
Company purchased an additional PSV in late 2025 and she Perusahaan membeli PSV tambahan pada akhir 2025 yang akan
is being delivered to Indonesia and expected to be dikirim ke Indonesia dan diharapkan dapat beroperasi pada
operational by 2H2026. 2H2026.
Total Gross Profit rose by 24.1%YOY to US$32.7million. Total Laba Kotor naik 24.1% YOY menjadi US$32.7 juta.
Indirect Expenses and Operating Profit Biaya Tidak Langsung dan Laba Operasional
Total Indirect Expenses rose by 10%YOY to US$9.4million Total Biaya Tidak Langsung naik 10% YOY menjadi US$9.4 juta
for FY2025. The largest increase in indirect expenses came untuk FY2025. Peningkatan terbesar dalam biaya tidak langsung
from salary cost, in line with a building out of key technical berasal dari biaya gaji, sejalan dengan penambahan posisi-posisi
and operations positions to prepare for scaling up the fleet. inti di bidang teknikal dan operasional untuk mempersiapkan
Salary expenses rose by 11.9% YOY to US$6.5million for peningkatan armada. Biaya gaji naik 11.9% YOY menjadi US$6.5
FY2025, as employee strength increased to 252 from 244. juta untuk FY2025, seiring dengan meningkatnya jumlah karyawan
Marketing expenses rose by 17.2%YOY due to fees and menjadi 252 dari 244 orang. Biaya pemasaran naik 17.2% YOY
commissions as well as bid bond expenses to participate in karena biaya dan komisi serta biaya jaminan penawaran untuk
tenders. Investments in new subsidiaries added 12.6%YOY mengikuti tender. Investasi atas anak perusahaan turut
to office utility costs which amounted to US$0.6million. menambahkan 12.6%YOY ke biaya utilitas kantor yang menjadi
US$0.6 juta.
As a result, Operating Profit for FY2025 jumped by 31%YOY Hasilnya, Laba Operasional untuk FY2025 melonjak sebesar
to US$23.3million in FY2025 compared to US$17.8million in 31%YOY menjadi US$23.3 juta pada FY2025 dibandingkan
FY2024. dengan US$17.8 juta pada FY2024.
Other Income, Expenses and Core Net Profit Pendapatan Lain, Biaya Lain, dan Laba Bersih Inti
Cash flow from operations have increased due to better Arus kas dari operasional telah meningkat karena pendapatan dan
revenues and receivables collections, and the Company has penagihan piutang yang lebih baik, serta Perusahaan juga telah
also taken on more debt to refinance vessels. As a result, mendapatkan lebih banyak pinjaman untuk membiayai kembali
interest expenses rose by 83.5%YOY to US$2.1million, while kapal. Hal ini membuat beban bunga naik 83.5% YOY menjadi
interest income doubled to US$1.0million. The Company is US$2.1 juta, sementara pendapatan bunga meningkat dua kali lipat
still in a strong financial position with net cash. Associated menjadi US$1.0 juta. Perusahaan masih dalam posisi keuangan
companies contributed US$4.1million (+71.5%YOY) from yang kuat dengan kas bersih. Perusahaan asosiasi menyumbang
better business conditions. US$4.1 juta (+71.5% YOY) dari kondisi bisnis yang lebih baik.
The sale of 2 older mid-tier vessels recorded a gain of Penjualan 2 kapal mid-tier yang lebih tua mencatat pendapatan
US$3.5million in total. This is much lower than the gain on sebesar US$3.5 juta. Angka ini lebih rendah jika dibandingkan
sale of vessels in the previous year of US$16.1million as dengan keuntungan penjualan kapal pada tahun sebelumnya
there was a windfall profit in FY2024 from the sale of an older sebesar US$16.1 juta, hal ini disebabkan karena pada FY2024,
PSV. Total other income was US$7.4million for FY2025 terdapat keuntungan yang lebih besar dari penjualan PSV yang
compared to US$19million in FY2024. lebih tua. Total pendapatan lainnya adalah US$7.4 juta untuk
FY2025 dibandingkan dengan US$19 juta pada FY2024.
EBITDA for FY2025 increased by 21.8% YOY to
US$38.4milllion, reflecting a significant improvement in EBITDA untuk FY2025 meningkat sebesar 21.8% YOY menjadi
operations and cash generation ability of the Company. US$38.4 juta, mencerminkan peningkatan yang signifikan dalam
operasional dan kemampuan menghasilkan kas Perusahaan.
Stripping out gains on vessel sale, the underlying Core Net Dengan mengecualikan keuntungan dari penjualan kapal, Laba
Profit attributable to shareholders was US$18.0 million, a Bersih Inti yang diatribusikan kepada pemegang saham adalah
jump of 19.2%YOY as compared to US$15.1million in US$18.0 juta, melonjak 19.2% YOY dibandingkan dengan US$15.1
FY2024. juta pada FY2024.
ISM Code & ISPS Compliant
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PT WINTERMAR OFFSHORE MARINE Tbk
Jl. Kebayoran Lama No 155
Jakarta 11560 Indonesia
Tel : 62 21 530 5201 / 2
Fax : 62 21 530 5203
www.wintermar.com
NO. 114/NL/III/2026
The performance of the Company has contributed to EPS of Kinerja Perusahaan telah berkontribusi terhadap EPS sebesar
Rp75.80 for FY2025 against Rp78.35 in FY2024. Rp75.80 untuk FY2025 dibandingkan Rp78.35 pada FY2024.
Industry Outlook Prospek Industri
The heightened geopolitical risks in 2025 saw governments Meningkatnya risiko geopolitik pada tahun 2025 membuat
around the world prioritizing energy security over long term pemerintah di seluruh dunia memprioritaskan ketahanan energi
climate goals. The speed of adoption of Aritficial Inteligence daripada tujuan penanganan iklim jangka panjang. Kecepatan
(AI) in every field also accelerated the expansion of data penggunaan Kecerdasan Buatan (AI) di setiap bidang juga
centers, contributing significantly to the increasing demand mempercepat perluasan pusat data, berkontribusi secara signifikan
for power. By late 2025, the International Energy Agency terhadap meningkatnya permintaan daya. Pada akhir 2025, Badan
(IEA) revised up electricity demand growth to 3.7% in 2026, Energi Internasional (IEA) merevisi pertumbuhan permintaan listrik
well in excess of average growth of 2.6%p.a. between 2015 menjadi 3,7% pada tahun 2026, jauh melebihi pertumbuhan rata-
to 2023. rata 2,6% per tahun antara 2015 hingga 2023.
As a result of these changes, there has been an upward Sebagai akibat dari perubahan tersebut, terjadi revisi peningkatan
revision in total investment into oil and gas exploration in total investasi eksplorasi migas pada tahun 2025 dibandingkan
2025 compared to 2024, in particular in deepwater drilling. tahun 2024, khususnya pengeboran laut dalam. Hal ini
This confirms our positive outlook for strong demand in OSV mengkonfirmasi prospek positif kami untuk permintaan yang tinggi
for the coming few years, particularly in DP equipped OSVs. pada OSV untuk beberapa tahun mendatang, terutama pada OSV
yang dilengkapi system DP.
In early 2026, the attacks on Iran and ensuing retaliation has Pada awal 2026, serangan terhadap Iran dan pembalasan
disrupted oil and gas supplies coming from the Middle East, berikutnya telah mengganggu pasokan minyak dan gas yang
causing oil prices to spike. Should the Iran war escalate for a berasal dari Timur Tengah, menyebabkan harga minyak melonjak.
longer period, it is likely to trigger even more investment into Jika perang Iran meningkat untuk jangka waktu yang lebih lama,
exploration of new oil and gas reserves as energy kemungkinan akan memicu lebih banyak investasi pada eksplorasi
nationalism becomes the new normal. cadangan minyak dan gas baru seiring dengan semakin normalnya
nasionalisme energi.
Global Exploration and Production Capex is projected to rise, particularly in deep water areas
Source: Fearnley Offshore Supply, January 2026
Business Prospects Prospek Bisnis
The Company’s investment in additional fleet has improved Investasi Perusahaan dalam penambahan armada telah
the fleet composition and raised revenues and margins in the meningkatkan komposisi armada dan meningkatkan pendapatan
past year. Indonesia alone has 4 deepwater drilling projects dan margin dalam setahun terakhir. Indonesia sendiri memiliki 4
ISM Code & ISPS Compliant
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PT WINTERMAR OFFSHORE MARINE Tbk
Jl. Kebayoran Lama No 155
Jakarta 11560 Indonesia
Tel : 62 21 530 5201 / 2
Fax : 62 21 530 5203
www.wintermar.com
NO. 114/NL/III/2026
which have been identified as strategic projects by the proyek pengeboran laut dalam yang telah diidentifikasi sebagai
government and slated to start production between 2027 to proyek strategis oleh pemerintah dan dijadwalkan untuk memulai
2030. There will be longer term contracts awarded for these produksi antara tahun 2027 hingga 2030. Kontrak jangka panjang
projects in the coming year as projects start to ramp up akan diberikan untuk proyek-proyek ini pada tahun mendatang
towards the second half of 2026. karena terlihat proyek mulai akan berkembang menjelang
pertengahan tahun 2026.
With stronger cash flow expected in 2026, management is Dengan arus kas yang lebih kuat pada tahun 2026, manajemen
looking to expand the dynamic positioning fleet, and cash will ingin memperluas armada Dynamic Positioning, kas tersebut akan
be deployed to fleet expansion, whether through direct digunakan untuk ekspansi armada melalui pembelian langsung
purchases of vessels or corporate acquisitions. In 2025, total kapal atau akuisisi perusahaan. Pada tahun 2025, total belanja
capex was US$41.7million, while in FY2026, the Company is modal adalah sebesar US$41.7 juta, sedangkan pada FY2026,
budgeting more than double that amount in anticipation of Perusahaan menganggarkan lebih dari dua kali lipat jumlah tersebut
increased OSV demand. This will be funded by internal cash untuk mengantisipasi peningkatan permintaan OSV, yang akan
flow and bank loans. didanai oleh arus kas internal dan pinjaman bank.
Total contracts on hand as at end December 2025 amount to Total kontrak yang dimiliki untuk dijalankan hingga akhir Desember
US$59.1million. 2025 dengan jumlah US$59.1juta.
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel (62-21) 530 5201 Ext 401 Email: investor_relations@wintermar.com
DISCLAIMER
Certain statements made in this publication involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. Certain statements relating
to business and operations of PT Wintermar Offshore Marine Tbk and Subsidiaries (the Company) are based on management’s expectations, estimates and projections. These statements
are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Certain statements are based upon assumptions as to future events
that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such statements. The Company makes no
commitment, and disclaims any duty, to update or revise any of these statements. This publication is for informational purposes only and is not intended as a solicitation or offering of
securities in any jurisdiction. The information contained in this publication is not intended to qualify, supplement or amend information disclosed under corporate and securities legislation of
any jurisdiction applicable to the Company and should not be relied upon for the purpose of making investment decisions concerning any securities of the Company.
ISM Code & ISPS Compliant
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PT WINTERMAR OFFSHORE MARINE Tbk
Jl. Kebayoran Lama No 155
Jakarta 11560 Indonesia
Tel : 62 21 530 5201 / 2
Fax : 62 21 530 5203
www.wintermar.com
NO. 114/NL/III/2026
SUMMARY PROFIT AND LOSS (YTD Dec-2025 vs YTD Dec-2024)
PT WINTERMAR OFFSHORE MARINE TBK AND SUBSIDIARIES (in US$)
FY 2024 vs FY 2025
Description FY 2025 FY 2024
Change %
PROFIT AND LOSS
Revenue
Owned vessel 70,664,103 62,087,986 8,576,117 13.8%
Chartering 4,913,929 13,747,249 (8,833,320) -64.3%
Others 5,740,261 6,526,265 (786,004) -12.0%
Total Revenue 81,318,293 82,361,500 (1,043,207) -1.3%
Direct expense
Owned vessel 41,202,513 39,681,532 1,520,981 3.8%
Charter 4,450,982 12,352,928 (7,901,946) -64.0%
Others 2,945,050 3,968,162 (1,023,112) -25.8%
Total Direct expense 48,598,545 56,002,622 (7,404,077) -13.2%
Gross profit (loss) 32,719,748 26,358,878 6,360,870 24.1%
Gross profit (loss) - owned vessel 29,461,590 22,406,454 7,055,136 31.5%
Gross profit (loss) - chartering 462,947 1,394,321 (931,374) -66.8%
Gross profit (loss) - others 2,795,211 2,558,103 237,108 9.3%
Total Indirect expenses 9,431,152 8,575,734 855,418 10.0%
Operating profit (loss) 23,288,596 17,783,144 5,505,452 31.0%
28.6% 21.6%
Other income (expenses)
Interest expenses (2,055,304) (1,120,200) (935,104) 83.5%
Interest income 957,357 458,749 498,608 108.7%
Equity in net earning of associates 4,081,718 2,379,414 1,702,304 71.5%
Net - Gain (loss) on sale of fixed assets 3,479,525 16,054,278 (12,574,753) -78.3%
Forex gain (loss) (295,469) (470,591) 175,122 -37.2%
Others 1,195,879 1,666,190 (470,311) -28.2%
Total Other income (expenses) 7,363,706 18,967,840 (11,604,134) -61.2%
Net income (loss) before tax 30,652,302 36,750,984 (6,098,682) -16.6%
Tax expenses
Final income tax (1,186,588) (1,055,801) (130,787) 12.4%
Non final income tax (886,864) (3,394,999) 2,508,135 -73.9%
Deferred tax - - - -
Total tax benefit (expenses) (2,073,452) (4,450,800) 2,377,348 -53.4%
Income before non controlling interest 28,578,850 32,300,184 (3,721,334) -11.5%
Non controlling interest 8,546,551 9,808,396 (1,261,845) -12.9%
Attributable Net Profit 20,032,299 22,491,788 (2,459,489) -10.9%
EBITDA 38,408,631 31,521,831 6,886,800 21.8%
Weighted Average EPS - USD Cents 0.45 0.52 (0.07) -12.9%
Weighted Average EPS - Equivalent to IDR 75.80 78.35 (2.55) -3.3%
Core Profits 18,015,321 15,115,238 2,900,083 19.2%
ISM Code & ISPS Compliant
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PT WINTERMAR OFFSHORE MARINE Tbk
Jl. Kebayoran Lama No 155
Jakarta 11560 Indonesia
Tel : 62 21 530 5201 / 2
Fax : 62 21 530 5203
www.wintermar.com
NO. 114/NL/III/2026
SUMMARY PROFIT AND LOSS (YTD Dec-2025 vs YTD Dec-2024)
PT WINTERMAR OFFSHORE MARINE TBK AND SUBSIDIARIES (in US$)
FY 2024 vs FY 2025
Description FY 2025 FY 2024
Change %
Direct expense
Owned vessel 41,202,513 39,681,532 1,520,981 3.8%
Depreciation 14,836,248 13,440,787 1,395,461 10.4%
Crewing 11,419,106 10,330,980 1,088,126 10.5%
Operations 5,239,596 5,129,008 110,588 2.2%
Maintenance 7,269,320 7,485,467 (216,147) -2.9%
Fuel Bunker 2,438,243 3,295,290 (857,047) -26.0%
Charter 4,450,982 12,352,928 (7,901,946) -64.0%
Others 2,945,050 3,968,162 (1,023,112) -25.8%
Total Direct expense 48,598,545 56,002,622 (7,404,077) -13.2%
Indirect expenses
Administration 122,705 173,687 (50,982) -29.4%
Depreciation office 283,787 297,900 (14,113) -4.7%
Employee Benefits 491,738 479,631 12,107 2.5%
Profesional fee 338,736 372,243 (33,507) -9.0%
Staff salary 6,538,439 5,841,258 697,181 11.9%
Staff training & recreation 105,263 61,452 43,811 71.3%
Telecomunication 60,573 61,521 (948) -1.5%
Marketing 772,904 659,299 113,605 17.2%
Travelling 125,385 110,426 14,959 13.5%
Donation 24,039 14,374 9,665 67.2%
Office utility 567,583 503,943 63,640 12.6%
Total Indirect expenses 9,431,152 8,575,734 855,418 10.0%
ISM Code & ISPS Compliant
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