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20260311_PGAS_Laporan Informasi dan Fakta Material_32053310_lamp1.pdf
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March 11th 2026
Fajriyah Usman (T : +62 85883308686, E : fajriyah.usman@pertamina.com)
Strong Fundamentals and Cash Flow Support Fitch’s ‘BBB-’ Rating
Affirmation with Stable Outlook for PGN
Jakarta – PT Perusahaan Gas Negara Tbk (PGN), Pertamina’s Gas Subholding,
has maintained its investment grade credit rating at ‘BBB-’ with a Stable Outlook
from international rating agency Fitch Ratings for both foreign and local currency.
The rating affirmation reflects PGN’s resilient business fundamentals, strong cash
flow generation, and strategic position as the operator of Indonesia’s national gas
infrastructure, amid market dynamics and outlook adjustments affecting several
Indonesian corporates following Fitch’s revision of Indonesia’s sovereign outlook.
PGN’s Finance Director, Catur Dermawan, stated that the rating affirmation
demonstrates global rating agencies’ confidence in PGN’s business fundamentals
and operational stability.
“The affirmation of PGN’s ‘BBB-’ rating with a Stable Outlook reflects the Company’s
resilient fundamentals, supported by a strategic gas infrastructure portfolio, reliable
operational performance, and disciplined financial management,” said Catur.
As the operator of more than 95% of Indonesia’s natural gas infrastructure network,
PGN manages an extensive gas transmission and distribution network serving
various strategic sectors, including industries, power generation, commercial
customers, and households. This role positions PGN as a key energy infrastructure
operator within Indonesia’s national energy system and supports domestic energy
security.
In 2025, PGN recorded revenue of US$3.9 billion, with EBITDA reaching US$971.2
million, while maintaining a strong cash flow position of US$1.3 billion. This financial
position provides the Company with flexibility to maintain operational stability while
supporting future development of natural gas infrastructure.
PGN’s financial profile also continues to strengthen. The interest coverage ratio
increased to 17.44x at the end of 2025, compared to 15.83x in the previous year,
reflecting the Company’s strong ability to meet its interest obligations through
EBITDA generation.
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March 11th 2026
Fajriyah Usman (T : +62 85883308686, E : fajriyah.usman@pertamina.com)
Meanwhile, the debt-to-equity ratio improved to 30.5% from 34.6%, demonstrating
prudent capital structure management and disciplined financial governance.
Going forward, PGN will continue strengthening its business fundamentals through
optimization of national gas infrastructure utilization, integration of pipeline gas and
LNG supply portfolios, and improvement of operational efficiency to ensure
sustainable business performance.
“PGN remains committed to maintaining operational reliability, strengthening the
integration of national gas infrastructure, and ensuring sustainable energy supply
for customers across Indonesia,” Catur concluded.
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