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Accelerating Growth: Strengthening PGE's Position and Unlocking Geothermal Potential SURABAYA INVESTOR MEETING AND CONECTIVITY 2026 PT PERTAMINA GEOTHERMAL ENERGY TBK
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Today’s Discussion Materials
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Board of Directors
Ahmad Yani Andi Joko Nugroho Edwil Suzandi Fransetya H. Hutabarat
President Director Director of Operation Director of Exploration and Development Director of Finance
Experience: Experience: Experience: Experience:
▪ Director of Operation, Pertamina ▪ VP Operation & Engineering, Pertamina ▪ Executive VP Upstream Business, ▪ Director of Finance – PT Kilang Pertamina
Geotermal Energy Geothermal Energy Pertamina Hulu Rokan Internasional
▪ GM Area Geothermal Lahendong, ▪ General Manager Area Ulubelu, Pertamina ▪ VP Upstream Production & Project, ▪ Director of Human Capital & General Affair –
Pertamina Geothermal Energy Geothermal Energy Pertamina Hulu Energy PT Phapros Tbk
▪ Manager Drilling Planning & Support, ▪ Area Manager Area Karaha, Pertamina ▪ Director of Operation/Country ▪ Group CFO – PT Blue Bird Tbk
Pertamina Geothermal Energy Geothermal Energy Manager, Pertamina Internasional EP ▪ Group CFO – PT Sentul City Tbk
▪ Manager Operation Area Lahendong, Algeria
Pertamina Geothermal Energy
Education: Education:
Education:
Education: Master of Petroleum Engineering,
▪ Master of Mechanical Engineering, ▪
▪ Master of Science in Finance, University of
▪ Master of Science in Geothermal University of Iceland Institut Teknologi Bandung
Illinois at Urbana-Champaign, USA
Exploration, Universitas Indonesia Bachelor of Petroleum Engineering,
▪ Bachelor of Mechanical Engineering, ▪
▪ Bachelor of Accounting, Universitas Indonesia
▪ Bachelor of Petroleum Engineering, Institut Teknologi Sepuluh Nopember Universitas Trisakti
Universitas Islam Riau
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PGE is Turning Indonesia’s Growing Need for Reliable
Power into Global Geothermal Leadership
>3 GW resource base and a clear growth pathway position PGE to scale
from Indonesia’s leader into the world’s largest geothermal company
Geothermal is becoming critical infrastructure for Indonesia’s Commerciality Unlock: Advocating a Bankable Tariff Framework
economic growth and grid reliability
PGE advocates the refinement of Perpres 112 to establish
Rising Power Demand a more risk-reflective tariff framework. Turning PGE’s
Indonesia’s economy grew 5.61% YoY in Q1 2026, >3 GW resource base into commercially viable capacity.
1990
with 69.5 GW of new power capacity planned
through 2034. PGE: #1 in Indonesia, Powering Indonesia to #1 Globally
A More Resilient Power System
76% of new capacity will come from EBT and Target Directorate General PGE VISION: World Class Green Energy Company
2025 energy storage, increasing the need for stable, of New Renewable Energy with Largest Geothermal Capacity Globally
and Energy Conservation:
dispatchable generation.
Geothermal as Green Baseload 2030 2028 2033
RUPTL targets 5.2 GW of geothermal additions,
2035 while PGE delivers 90.42% capacity factor and
99.71% availability.
4.1GW
Indonesia #1
1GW 1.8 GW
PGE #1
PGE #1
in the World in Indonesia in the World
Oil Coal Natural Gas NRE
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Strong 6M26 Performance and Balance-Sheet
Strength Position PGE to Accelerate Growth
Resilient earnings, strong liquidity, and prudent leverage preserve PGE’s capacity to access
competitive financing and accelerate bankable geothermal projects
Strong Execution Translates into Resilient Earnings
2,745 GWh 90.42% 99.71% $235.03 $79.61 $184.02
53% of FY26 Target
Capacity Availability Total Revenue Net Income EBITDA
Own-operation Factor (Million)
Factor (Million) (Million)
Generation
Strong availability and Lumut Balai Unit 2 contribution keep production on track toward the FY26 target
Financial Capacity Enables Sustainable Expansion Green Book Projects Convert Financial Capacity into Growth
Strong liquidity and prudent leverage preserve financial flexibility, enhance The inclusion of strategic projects in the Green Book demonstrates
project economics, and support disciplined capital raising for future PGE's ability to access long-tenor, competitively priced concessional
geothermal expansion. financing, reinforcing a sustainable source of low-cost funding for
Ratio Number Note
future growth
Cost of Debt 4.1% Among the lowest in the Industry
Debt-to-Equity Ratio 37.0% Average max covenant: 300% 3 Projects 160 MW $477.87 Mn
Current Ratio 436.3% Average min Covenant: 100%
Cash Ratio 331.1% Average min Covenant: 20%
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Unlocking 3 GW Potential: PGE’s Domestic Project Pipeline Acceleration
Updated installed capacity roadmap, with identified acceleration to 1 GW by 2028
Organic Unorganic Acceleration Program 1,716 1,847
1,406
1,291
1,047 1,027
727 778 105
942
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2026 2027 2028 2029 2030 2031 2032 2033
Focused Priority
21 Project (COD 2028) Projects Unlocking 3 GW Resource Potential
No Project Name Capacity (MW) COD No Project Name Capacity (MW) COD No Project Name Capacity (MW) COD
1 Ulubelu BU (1,2,3) 30 2027 1 Kamojang LP 5 2030 11 Lumut Balai Unit 4 55 2032
2 Hululais Unit 1&2 110 2028 Lumut Balai EXT (Margabayur) 55 2032
2 Hululais BU Unit 2 30 2030 13
3 Lahendong LP 15 2028
3 Hululais Ext. (Bukit Daun) Unit 1&2 60 2030 14 Lahendong Unit 9 25 2032
4 Lahendong BU Unit 1 15 2028
5 Lumut Balai BU Unit 1 10 2028 4 Kotamobagu Unit 1&2 64 2030 15 Sungai Penuh EXT 40 2032
6 Sibayak BU 5 2028 5 16 Lahendong BU Unit 3 10 2032
Lumut Balai Unit 3 55 2030
7 Hululais BU Unit 1 30 2028
6 Lahendong Unit 7&8 dan BU 2 50 2030 17 Kamojang Extension 35 2033
8 Sungai Penuh LP 10 2029
9 Lumut Balai BU Unit 2 10 2029 7 Hululais EXT B (Tambang Sawah) 20 2031 18 Kotamobagu Unit 3&4 16 2033
10 Ulubelu LP 10 2029 8 Way Ratai 55 2033
Hululais EXT C (Beriti) 55 2031
11 Ulubelu EXT (Gunung Tiga) 55 2029
9 Lahendong EXT 20 2031 19 Lumut Balai EXT D 10 2033
12 Lumut Balai LP Unit 1&2 20 2031
Total 320 10 Seulawah 70 2032 20 Cubadak Panti 70 2033
PPA/SSC Secured Accelerated Project Completion by 2028 BU Binary Unit LP Low Pressure EXT Extension Project 7
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Project Milestones: 6M 2026 Progress Reduced Commercial,
Subsurface and Execution Risks
Improving tariff visibility and long- Protecting existing capacity through and well Advancing key projects through tangible Improving access to concessional loans
term revenue certainty. management. proactive reservoir on-the-ground milestones. at competitive rates
▪ Tariff framework advocacy Well Make up and Workover ▪ Gunung Tiga (55 MW) ▪ Green Book 2026 inclusion secured
Advancing amendments to Presidential ▪ Ulubelu workovers (UBL 34, 16, 26) Two wells entering production testing. ▪ Strategic partnership discussions
Regulation 112/2022 ▪ Lumut Balai Unit 3 (55 MW)
▪ Ulubelu make-up well (UBL-T.1, I.5) advanced to establish a JV Co
First development well (19.3) spudded.
▪ Co-generation (45 MW) PPAs ▪ Lahendong make-up well (TPS-P1.2, Potential
▪ Lumut Balai 4 (55 MW) Project Lender
Finalizing PPAs for Ulubelu and LHD-13.9) Infrastructure development, IPPKH submission,
Funding
Lahendong ▪ Kamojang workover (KMJ-55, 30.4 & preparation for exploration drilling. Lumut Balai 3 $158,86 million JICA
▪ Lahendong 7&8 (50 MW) PPA 24.4) ▪ Hululais (110 MW)
Accelerating commercial negotiations Fluid Collection & Reinjection System Lumut Balai 4 $148,97 million JICA
(FCRS) preparation accelerated.
Lahendong 7-8 $170,04 million World Bank
▪ Kotamobagu (64 MW)
Land acquisition progressed.
Aspect/Project MW Key Milestone
Advancing the amendment of Presidential Regulation No. 112/2022 to unlock a more competitive, viable
Tariff framework advocacy -
and bankable geothermal investment environment.
▪ JV Formation with PLN Indonesia Power
The Next 6 Months Will Be Co-Generation 45
▪ PPA Signing
Defined by Key ▪ Unit 3: Spudding of Well E-2 planned as the next drilling milestone.
Lumut Balai Unit 3 & 4 2 X 55
Commercial and Drilling ▪ Unit 4: Advancing IPPKH permitting and exploration infrastructure preparation.
Milestones Gunung Tiga 55
▪ Completed production testing for GTG-SH1.1 and GTG-B1 wells.
▪ Advancing the drilling campaign
Kotamobagu 64 First exploration well spudded.
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6M 2026
Key Operational
Performance Highlights
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Higher Demand Met by Stronger Asset Performance
Strong Operating Execution Drove 13.62% Production Growth in 6M 2026
Production Performance (GWh) 6M 2026 Production Performance (GWh) – Per Working Area
Electricity Steam Electricity Steam
+3.14% +13.62%
5,255 2,745
5,095
2,416
2,713 2,899 1,522
+13.62% 1,224
2,745
2,416
1,522 943
1,224
815
397
2,382 2,356
1,192 1,223 412 485
439
1,192 1,223 165
546
403 63
274
6M25 6M26 Realization Target
6M25 6M26 Kamojang Lahendong Ulubelu Karaha Lumut Balai
(727 MW) (727 MW) 2025 2026
(727 MW) (727 MW) (235 MW) (120 MW) (220 MW) (30 MW) (110 MW)
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PGE Capitalized on Rising Electricity Demand, Driving +13.62% YoY
Production Growth Through Strong Asset Performance
PGE achieve unwavering system
reliability through enhanced availability
Availability 99.71% Capacity 90.42% Outage 0.11%
Factor ( 0.43% YoY) Factor* ( 4.13% YoY) Rate ( 45% YoY)
and capacity
Kamojang Lahendong Ulubelu Lumut Balai Karaha
235 MW 120 MW 220 MW 110 MW 30 MW
943 GWh Capacity factor:
92.52% 439 GWh Capacity factor:
83.19% 815 GWh Capacity factor:
88.24% 485 GWh
Capacity factor:
100% 63 GWh
Capacity factor:
78.54%
vs. 911 GWh (6M25) 89.64% (6M25) vs. 436 GWh (6M25) 82.62% (6M25) vs. 784 GWh (6M25) 85.3% (6M25)
vs. 233 GWh (6M25)
96.80% (6M25) 86.25% (6M25)
vs. 51 GWh (6M25)
3.5% YoY 3.2% 0.7% YoY 0.7% 4.0% YoY 3.5% 108.2% YoY 3.3% 8.9%
23.5% YoY
▪ Increased electricity demand Units ▪ Higher production was driven by
▪ Higher electricity dispatch from ▪ Stronger electricity demand from PLN. ▪ Supported by full-capacity
1-3 due to volatility in fuel increased steam supply from
Lahendong Units 2 & 3, driven by ▪ Additional steam from cluster M to operations following the
availability and global supply Cluster TLG.3.
rising electricity demand in North adds ~35MW electric supply since commissioning of PLTP Lumut Balai
chains. ▪ Karaha Recovery Program is on
Sulawesi–Gorontalo grid. May 2026 Unit 2 end of June 2025.
▪ Higher production from Units 4 & progress to deliver operational
▪ Further supported by reliable ▪ Higher production driven by optimized ▪ The increase was further supported
5, supported by PLTP readiness and improvements.
steam supply and high plant maintenance durations. by strong electricity demand from
additional steam supply. ▪ Electricity generation has
reliability. ▪ The YoY increase in production was PLN across the Sumatra grid.
▪ The completion of make-up well successfully recovered to 18–22
primarily attributable to improved ▪ All power plants operated at nearly
piping at Kamojang 69.4, 19.5 MW.
operational availability following the full capacity, supported by a
&30.4 to adds ~41 MW successful completion of scheduled reliable steam supply.
incremental steam supply starting in turnaround activities ahead of plan in
March 2026. November 2025.
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*Relatively high compared to the capacity factors of other global geothermal energy companies, which average around 75–80%.
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6M 2026
Key Financial & ESG
Performance Highlights
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Financial Performances (1/4)
Strong Operational Performance Across PGEO's Operating Areas
Delivers Double-Digit Year over Year Revenue and Earnings Growth
Changes
Profit & Loss Target 6M2026 vs
(USD Million) 6M2025 6M2026 YoY % 3M2026 QoQ %
6M2026 Target % HIGHLIGHT YoY:
▪ Solid operations lifted steam and electricity
Revenue 204.85 235.03 +14.73 116.56 +101.64 218.72 +7.46
production 13.6% YoY to 2,745 GWh, driving
revenue up 14.7% to US$235.03 million
Gross Profit 120.65 130.44 +8.11 67.57 +93.04 122.55 +6.44
▪ Gross profit increased 8.1% YoY to
US$130.44 million. Gross profit margin
Gross Profit Margin 58.90% 55.50% -3.40 57.97% -2.47 56.03% -0.53 moderated to 55.5%, primarily due to higher
depreciation expense following the COD of
Net Income 68.93 79.61 +15.48 43.90 +81.33 71.77 +10.92 Lumut Balai Unit 2 and the acceleration of
new asset completions
Net Income Margin 33.65% 33.87% +0.22 37.66% -3.79 32.81% +1.06 ▪ Net income rose 15.5% YoY to US$79.61
million, supported by strong revenue growth
EBITDA 168.19 184.02 +9.41 96.54 +90.63 171.20 +7.49 and forex gains from a weaker Yen
▪ PGEO maintained an industry-leading EBITDA
EBITDA Margin 82.10% 78.30% -3.81 82.82% -4.52 78.27% +0.03 margin of 78.3%, despite a slight YoY decline
due to higher depreciation expenses
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Financial Performances (2/4)
Solid Production Reflects on Strong Own Production Revenue Generation
(USD Thousand)
0,09
10,45
3,46 0,55
30,09 6,47 7,74 79,60
0,26 1,10 18,49
3,66 0,10
68,93 4,27
0,11
A A B B B C C C D E F G
Net Income Own Production Depreciation Salaries and Other COGS Salaries and Manpower & Other G&A Other Income Finance Share of Loss forex Finance Cost Income tax Net Income
6M2025 operations allowances expense allowances components allowances Professional components income profit in exchange expense 6M2026
(COGS part) (G&A part) services joint venture
A. Strong growth in own-operation revenue, which increased by USD 30.0 million YoY, supported by higher steam and electricity production across PGEO's operating areas
B. Higher COGS, which increased by USD 20.4 million YoY, mainly due to an additional USD 10.5 million in depreciation expense following the capitalization of Lumut Balai Unit 2 after its COD in June
2025, as well as the capitalization of other completed assets, including well maintenance and turnaround activities
C. G&A General and administrative (G&A) expenses increased by USD 5.0 million year over year, primarily due to higher manpower and professional service costs following the commercial operation of
Lumut Balai Unit 2, increased IPPKH (Forest Area Borrow-and-Use Permit) license and permit expenses, and higher depreciation and community development costs. These increases were partially offset by
lower operational and other administrative expenses.
D. Lower finance income, which declined by USD 4.3 million year over year, primarily due to lower yields earned on time deposits during the first half of 2026
E. Improvement in foreign exchange performance, contributing an approximately USD 18.5 million YoY. Driven by a turnaround from a USD 13.4 million foreign exchange loss in the first half of 2025 to a
USD 5.1 million foreign exchange gain in the first half of 2026, following the depreciation of the U.S. Dollar against the Japanese Yen (from full year 2025 average rate at JPY 155.4/USD to first half
2026 average rate at JPY 162.2/USD)
F. Income tax expense increased by USD 7.74 Mn, primarily driven by higher EBT compared with the prior year (USD 97.41 Mn at 6M2025 vs USD 115.83 Mn at 6M2026) 14
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Financial Performances (3/4)
Maintaining a Strong Balance Sheet and Disciplined Capital Allocation
Changes
Financial Position
(USD Million) 2025 6M2026 Changes % HIGHLIGHT:
Current Assets 880.97 865.49 -1.76 ▪ Total Assets decreased by 2.23% YoY mainly due to lower Current
Cash & Cash Equivalent 718.50 656.63 -8.61 asset by 1.76% YoY as the result of the USD 123.9 million
dividend payment made in May 2026 (vs July 2025), partially
Other Current Assets 162,47 208,86 +28.55 offset by stronger revenue generation during the period and due
to the Non-current assets decreased by 2.42%, mainly driven by
Non-Current Assets 2,153.48 2,101.38 -2.42 higher depreciation following the Commercial Operation Date
Total Assets 3,034.45 2,966.88 -2.23 (COD) of Lumut Balai Unit 2
▪ Total liabilities decreased by 2.80% YoY, mainly reflecting
Current Liabilities 214.30 198.35 -7.44
payments to contractors and scheduled debt repayment
Non-Current Liabilities 774.59 762.83 -1.52 ▪ Equity decreased by 1.95% YoY, primarily due to the dividend
Total Liabilities 988.89 961.18 -2.80 payment
Equity 2,045.56 2,005.69 -1.95 ▪ Development capex reached US$13.66 million, up 31.47% YoY,
reflecting two exploration drilling campaigns in the Gunung Tiga
Total Liabilities & Equity 3,034.45 2,966.88 -2.23 project and infrastructure development supporting the Lumut Balai
unit 3 development wells
Capital Expenditure
(USD Million) 6M2025 6M2026 Changes % ▪ Maintenance capex of USD 10.16 Mn, supporting strong
production across all working areas, including make up well
Development Expenditure 10.39 13.66 +31.47 drilling at LMB-A/4 and LMB-15/1 in the Lumut Balai working area,
preparation for make up well drilling at TPS-P1.2 in the Lahendong
Maintenance Expenditure 11.50 10.16 -11.65 working area, hole cleaning workover 4.1 at Karaha and piping
work over in the Kamojang, Ulubelu area and Karaha areas
Total 21.89 23.82 +8.82
15
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Financial Performances (4/4)
Strong Operating Cash Flow Maintaining Positive Cash Flow Generation
Changes
Financial Position 6M 2025 6M 2026 YoY % HIGHLIGHT:
(USD Million)
Operating Activities 123.92 132.28 +6.74 ▪ Operating cashflow increased by 6.74%
YoY, underpinned by robust production
Investing Activities -46.53 -56.60 +21.65 performance
▪ Higher financing activities were primarily
Financing Activities -22.01 -143.19 +550.73 reflecting the USD 123.9 Mn dividend
payment
Beginning Balance 655.19 718,50 +9.66 ▪ Investing activities increased by 21.65%
YoY due to higher capex disbursement to
support PGEO growth
Effect of Exchange Rate on Cash 1.56 5,652 +263.24
▪ As a result of higher capex
Ending Balance 712.13 656.63 -7.79 disbursement, PGEO free cashflow
slightly lowered by 2.22% YoY
Free Cashflow 77.39 75.68 -2.22
16
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Sustainability Performances
Driving Sustainable Value through ESG Leadership
and Measurable Impact
Sustainalytics ESG Rating Carbon Credit Realization
#1 in Listed company in Indonesia
7.6 #1 from 607 in Global Utility Sector
#1 from 89 in Renewable Power Subindustry
Revenue : USD 42.764,80
Total CERs : 16,850 TCO2eq
Global Recogniton Environmental Aspects Social Aspects CSR Flagship Program
Geothermal Dry House
Emission Intensity Women Employee Women in Corporate Social
39.08 g CO2eq/MWh in PGE Managerial Level Responsibility
Investment
0.93% YoY 13.54% 12.7%
5.18 Billion Rupiah
Emission Avoidance Employee Safe Working Beneficiaries of
1,938,420 tonCO2eq Satisfaction Index Hours CSR programs
Income
VS emissions from coal power plant 4.35 /5.00 10,239,386 3,863 people Empowering
14.58% YoY hours 312 Coffee
Farmers
2.4 Bn/year
Governance Aspects International
Eagles Conservation Market Coverages
426 Java eagles
since 2014 GCG Assessment ACGS Anti-Bribery Japan, Korea, UEA
Germany, Morocco
Score Assessment Score Management System
93.85 122.52 ISO370001:2006 Social Return on
Yaki Conservation Very Good Leadership in Corporate Management system in all Investment (SROI)
Governance operational area
21 monkey
since 2020 3.07
Every 1 unit of investment
gives back about 3 times the
value in social benefits.
17
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Thank You
Investor Relations
Pertamina Geothermal Energy
Grha Pertamina, 7th Floor Pertamax Tower
Jl. Medan Merdeka Timur, Jakarta, Indonesia
https://www.pge.pertamina.com
pge.ir@pertamina.com
18
Names mentioned 16 people and organisations named in the text · linked when the evidence is strong
unresolved
org
New Zealand Banking Group Limited
p.3
unresolved
org
Citigroup Global Markets Asia Limited
p.3
unresolved
org
Shanghai Banking Corporation Limited
p.3
unresolved
org
MUFG Securities Asia Limited
p.3
unresolved
org
Mandiri Securities Pte. Ltd
p.3
unresolved
person
H. Hutabarat
p.4
unresolved
org
PT Kilang Pertamina Geotermal Energy
p.4
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