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PT WINTERMAR OFFSHORE MARINE TBK PUBLIC EXPOSE RESULTS FOR 1H2026 12 AUGUST 2026 SUGIMAN LAYANTO MANAGING DIRECTOR JANTO LILI FINANCE DIRECTOR PEK SWAN HEAD OF CORPORATE PLANNING AND INVESTOR RELATIONS Investor_relations@wintermar.com Jakarta, Indonesia PT WINTERMAR OFFSHORE MARINE Tbk
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Public Expose Guidelines
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● Questions or suggestions may also be sent to
investor_relations@wintermar.com.
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Annual Report 2025 and Sustainability Report 2025 are available on the Company's website at www.wintermar.com, under Investor Relations for the Annual Report and under Sustainability for the Sustainability Report.
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Agenda
01 Corporate Profile
02 Industry Highlights
03 Business Strategy
04 Financial Highlights
05 Questions and Answers
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Wintermar – Leading Domestic OSV Operator
● Established in 1970 with over 55 years of experience,
Wintermar is the operator of choice for offshore support Strong Regional Presence
vessels, serving leading clients like BP, ENI, Brunei Shell, 1H2026 Revenue
and ExxonMobil. 75% Domestic
25% Overseas
● Owns the largest fleet of Dynamic Positioning (DP) Contracts on Hand (Jun 2026)
vessels in Indonesia. 24% Domestic
76% Overseas
● National company operating to international standards
and is certified with ISO 9001:2015, ISO 14001:2015, and Operates the largest domestic fleet of Dynamic Positioning vessels*
ISO 45001:2018. Dynamic Positioning
Owned Vessels High Tier Vessels
(DP) Vessels
● Experienced in 12 countries across Asia, the Middle East,
and Africa, supported by a seasoned management team 52 21 14
serving high-quality multinational oil and gas clients.
Growing fleet with strong financials*
● Fleet includes 52 offshore vessels, providing a broad Consolidated Cash
Net Gearing Ratio EBITDA**
spectrum of services like rig moves, crew changes, and Equivalents
emergency rescue, offshore supply, subsea support, and US$ 39.5 min 13% US$ 28.2 min
accommodation.
*As at 30 June 2026 ** for 1H2026
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Business Segment
1. Owned Ship Division Vessel Composition – 30 June 2026
The Owner and operators of a diverse fleet of
Offshore Vessels
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2. Chartering Division High Tier
The use of third-party vessels to support
customer needs.
38
3. Ship Management and Other Services Mid and Low
• Manage third party fleet including crew Tier
management, technical, maintenance,
operation and providing agency services Managed vessels
• Wintermar currently manages 6 third
party vessels, therefore the total number
of vessels managed is 58 vessels, of
6
which 27 ships have DP systems Vessels with DP system
• New division through FOS - Shipbuilding
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Diversified OSV Fleet Providing All Essential
Services Throughout the Project Cycle
Renewables
Field Production,
Exploration and
Seismic, survey development and maintenance Decommissioning Offshore Wind
drilling
Construction and repair
WINS AHT, AHTS, PSV, AHTS, PSV, FMPV AHT, AHTS, PSV, HLB AHTS, PSV, FUV, AHTS, PSV, HLB AHTS, PSV, HLB
Vessel FMPV, FUV FMPV, UV, DSV
Segment
Key Client PSV vessels are Wintermar's DP AHTS Versatile fleet is crucial Once production Once oil and gas fields have Has significant potential to
Offerings modified to carry are employed in towing due to clients' demands commences arrange of reached their end of life, it serve a large client base in
seismic equipment for and positioning rigs for for ample cargo carrying vessel are required for becomes necessary to plug, the renewable energy sector.
seabed and exploration. capacity, regular supply abandon, decommission,
infrastructure surveys. accommodation for consumables, cargo remove, and recycle the Wintermar can provide a
PSVs are suited for clients, towing runs and crew change. infrastructure both above wide range of Offshore Wind
Other vessels like AHTS supporting deepwater capabilities, and the and below the sea surface. services including surveying,
can be utilized as exploration using ability to handle anchors Additionally, these towing, installation,
supporting vessels to drillship and for transporting large versatile vessels are AHTS and PSV vessels maintenance, and repair
support seismic semisubmersible rigs, offshore structures. utilized for inspecting, provide a comprehensive activities.
activities. with crew change and maintaining, and range of capabilities for
offer substantial cargo repairing subsea and these tasks.
space for both fixed and platform structures.
floating rigs.
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Strong Local and International Presence
Brunei India
Indonesia Malaysia Micronesia
UAE Qatar Taiwan Thailand
Vietnam Myanmar
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Strength in Safety and Quality
Awards
Wintermar Integrated Safety Program
• Leadership Visit
• Life Saving Rules
• Reflective Video Zero incidents
• Safety Pyramid
• Learning Engagement tool
Foundation Bisnis Indonesia Katadata ESG Index
Award 2024 Award 2024
• Resilience
• Mental Wellbeing
• Human Performance
No injury Zero incidents
Best Inter-Platform InvestorTrust
Boat (IPB) 2025 (PHE Award 2025
“Achieving Goal Zero…Because we care” OSES)
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INDUSTRY HIGHLIGHT Jakarta, Indonesia PT WINTERMAR OFFSHORE MARINE Tbk
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Global Energy Demand is Projected to Keep
Growing, Fossil Fuel Consumption still Increasing
Source : IEA, June 2026
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Prior to the Iran Conflict, Reserves Would Have Been Run
Down in 10 years – Indicating an Urgent Need for
Exploration to Maintain Supply
Source : Fearnley Offshore, January 2026
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Offshore Exploration and Production Capex is
Expected to Exceed Their Past Cyclical Peaks by 2030
Source : Fearnley Offshore, March 2026
• After peaking in 2013, global offshore capex fell sharply until 2020.
• The Ukraine and Iranian Conflict have spotlighted energy security as a key focus for all countries.
• Investment into Oil and Gas has strengthened again
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Global Offshore Capex Projected to Rise 5%YOY
in 2026 , Exceeding US$300billion
Asia expected to be the
largest source of Capex
increases, with Indonesia,
Vietnam and China as
engines of growth.
Source : Rystad Energy, Jan 2026
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Accelerating Approvals: $40 Billion of Upstream
& LNG Projects Fast-Tracked
Source : Rystad Energy, March 2026
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Global OSV utilisation is improving because
commercially viable supply is increasingly limited
The laid up fleet has
fallen sharply from
1,500 vessels in
2020 to only 400 by
4Q2025.
Source : Rystad Energy, March 2025
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Global OSV Fleet Below 25 Years Old Will Halve
in 10 Years’time
Source : Clarksons, May 2026
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Limited Supply of PSV From Lack of Newbuilds
in Past 10 Years
WINS
PSV size
WINS
AHTS
Size
Source : Fearnleys, May 2026
Source : Clarksons, May 2026
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Indonesia Moves Ahead with Several Significant
Upstream Oil and Gas Projects
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Indonesia now has 5 Strategic National Projects (PSN)
which are Targeted to Start from 2027-2030
The government has
accelerated the approvals for
these 5 significant projects in
Indonesia with investment
values totaling US$48billion
over 2027-2030
Source : SKK Migas 2026
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BUSINESS STRATEGY Jakarta, Indonesia PT WINTERMAR OFFSHORE MARINE Tbk
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WINS Business Strategy
Purchase of Second-hand Vessels
• Targeted Asset Growth: Fast, capital-light way to add high-tier vessels through
second-hand vessel acquisitions, bypassing supply shortages and long lead times for
newbuilds.
• Immediate Cash Flow Capture: Maximize fleet utilization and operational reliability to
capture surging offshore market demand and improve short-term yield.
Building New Vessels
• Fleet Modernization: Strategically deploy modern newbuilds to command premium
charter rates and lower operating expenditure.
• Asset Yield Optimization: Divest legacy vessels to recycle capital into higher-
yielding assets.
Acquisition of Fast Offshore Supply Pte Ltd
• Cash Flow Security: Full control Fast Offshore Supply (FOS and FOI) assets backed by
long-term charters to enhance multi-year revenue visibility.
• Service Expansion: Diversified line of business to ship building.
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Fast Offshore Acquisition
Fleet Shipbuilding Other Services
WINS acquired control of Fast
Offshore through taking full
ownership of Fast Offshore Supply
Pte Ltd (FOS) and PT Fast Offshore
Indonesia (FOI).
The Owner and operators Vessel repair
FOS has a significant presence in of a unique fleet of Fast Currently building 10 and ship
Brunei, having supplied offshore Multipurpose Vessels units of CTV for management
vessels there for 10+ years. (FMPV) delivery in 2027 and
2028 services
The transaction value represents a 7 units of existing FMPVs, 5 units for FOS on a 5
price to book ratio of 1.01% (FOS) of which 2 have long term year charter contract
and 0.96% (FOI) . contracts in 2027
FOI will be converted to a fully 5 units to be sold to a
5 new Crew Transfer
domestic Indonesia thus will focus Brunei oil and gas
Vessels (CTV) with five-
on supplying Indonesian flagged company in 2028
year contracts beginning
aluminium vessels in anticipation in 2027
of stronger Indonesian demand.
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WINS Positioning Into Key OSV player
1 2 3 4
#2 #10 10 21
Largest PSV operator Largest fleet of Fast Proprietary designed DP vessels in
in Asia Support Intervention newbuilt CTVs in the operation with new
Vessels globally pipeline vessels on order.
.
Scale, fleet renewal and market access position WINS to capture the upside of offshore upcycle.
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FINANCIAL HIGHLIGHTS Jakarta, Indonesia PT WINTERMAR OFFSHORE MARINE Tbk
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YOY comparison: Attributable Net Profit Growth 24.4% to US$8.4
million for 1H 2026 with EBITDA jumped to US$28.2 million (1/2)
Revenue, Gross Profit, GPM 1H2025 vs 1H2026 Owned Vessel Division:
• Owned vessel revenue rose by 41.4%YOY to
60,00 60%
US$45million with more High Tier vessels on
50%
hire especially our PSVs.
3,3
50,00 50% • Gross margins for Owned Vessels widened
to 51.7% for 1H2026 compared to 39.1% in
1,6
1H2025 .
40,00
38%
40% • Utilization increased in 1H2026 at 62%
compared to 56% in 1H2025 with the biggest
2,3
contributor from High Tier which increased
( US$ millions )
2,7
30,00 30% by 14%.
1,5
45,0 0,1
20,00 20% Chartering Division and Other
31,8 1,4
Services:
0,2
10,00
23,3
10% • Revenue from the Chartering Division fell
from US$2,7million in 1H2025 to
12,4
US$1.6million in 1H2026 as management
- 0% focus remain on increasing the utilization of
Revenue Gross Profit Revenue Gross Profit Owned Vessels.
1H 2025 1H 2026 • Continued transitioning toward a fee-based
ship management model to improve
Owned Vessel Chartering Others GPM %
scalability, while leveraging full control of
FOS to expand into shipbuilding services.
1H2026 1H2025
• Revenue from Other Services Division has
Fleet Utilization 62% 56% rosed by 40.8%YOY to US$3.3million from
US$2.3million.
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YOY comparison: Attributable Net Profit Growth 24.4% to US$8.4
million for 1H 2026 with EBITDA jumped to US$28.2 million (2/2)
Description 1H 2026 1H 2025
1H 2025 vs 1H 2026 Direct Expenses:
Change %
• Owned Vessel Direct expense increased by 12% because more vessel operates in 1H
Direct expense 2026 compared to the previous 1H 2025.
Owned vessel 21,718,994 19,384,314 2,334,680 12.0% • Higher depreciation (+16.8%YOY) and crewing expenses(+25.6%YOY) resulting from
Depreciation 8,041,896 6,882,733 1,159,163 16.8% a larger number of vessels in operation and more overseas contracts.
Crewing 6,227,441 4,958,883 1,268,558 25.6%
Operations 2,325,575 2,095,511 230,064 11.0%
• Operation expenses rose by 11%YOY from the results of new high tier active vessels.
Maintenance 4,044,357 4,149,797 (105,440) -2.5% • Fuel bunker fell by 16.8%YOY due to fewer idle vessels in 1H2026.
Fuel Bunker 1,079,725 1,297,390 (217,665) -16.8% • Chartering Expenses fell significantly in line with lower Chartering revenues as
Charter 1,491,530 2,485,404 (993,874) -40.0% management focused on Owned Vessels and fee-based income streams.
Others 1,776,213 900,247 875,966 97.3%
Total Direct expense 24,986,737 22,769,965 2,216,772 9.7%
Total Indirect expenses 4,815,013 5,133,034 (318,021) -6.2% Indirect Expenses:
Operating profit (loss) 20,082,351 8,943,261 11,139,090 124.6%
• Total Indirect Expenses fell by 6.2%YOY to US$4.8million for 1H2026.
Other income (expenses)
Interest expenses (963,135) (1,033,376) 70,241 -6.8% • The largest decrease came from salary cost to US$3.5million due to fewer total
Interest income 385,321 306,567 78,754 25.7% employee compared to 1H 2025.
Equity in net earning of associates (1,620,153) 620,791 (2,240,944) -361.0%
Net - Gain (loss) on sale of fixed assets 15,994 1,654,343 (1,638,349) -99.0%
Forex gain (loss) (363,048) 16,356 (379,404) -2319.7% Other Income and Other Expense:
Others (134,186) 174,728 (308,914) -176.8% • Equity in net earning of associates fell to loss US$1.6million due to lower utilization
Total Other income (expenses) (2,679,207) 1,739,409 (4,418,616) -254.0%
of fleet as vessels underwent repairs and maintenance in 1H2026
Net income (loss) before tax 17,403,144 10,682,670 6,720,474 62.9%
Tax expenses
• Gain on sale of vessels fell by 92.6%YOY to US$0.01 million as there were no vessels
Final income tax (779,879) (529,982) (249,897) 47.2% sold in 1Q2026.
Non final income tax (439,704) (730,116) 290,412 -39.8% • Forex loss to US$0.4 million in 1H 2026 on the portion of the Company’s cash held in
Total tax benefit (expenses) (1,219,583) (1,260,098) 40,515 -3.2%
Rupiah currency due to the depreciation of the Rupiah in the period.
Income before non controlling interest 16,183,561 9,422,572 6,760,989 71.8%
Non controlling interest 7,802,215 2,686,442 5,115,773 190.4%
Attributable Net Profit 8,381,346 6,736,130 1,645,216 24.4% EBITDA:
EBITDA 28,236,221 15,968,510 12,267,711 76.8%
• EBITDA jumped by 76.8%YOY to US$28.2 million from US$16 million in 1H2025,
Weighted Average EPS - USD Cents 0.19 0.15 0.03 20.1%
Weighted Average EPS - Equivalent to IDR 31.10 25.05 6.05 24.1%
reflecting effectiveness of fleet mix strategy and cost control.
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Stronger Performance from High tier Vessels due to
Long Term Contract
• Mid tier vessel utilization improved in 1H 2026 Total contracted revenue yet to be executed until the end
compared to 1H 2025. of June 2026 amounts to US$307.3million with the 5-year
contract from FOS (excluding FOS, total contract on hand
• High Tier utilisation increased on spot contracts.
amounted to US$58.7 million).
• 7 out of 8 PSVs were in operation in 1H2026, with the
8th PSV undergoing repair and improvement prior to
expected operation in 2H2026.
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Business Outlook
• Ongoing Iran war has accelerated oil and gas exploration around the world, driving demand for OSVs to support
drilling.
• DP enabled OSVs have been in high demand, while supply has remained tight.
Industry Outlook
• Charter rates are firming up with more tendering activity for drilling which require DP vessels.
• Indonesian projects are expected to ramp up in 2027 although 2026 activity remains sporadic
• The Indonesian government is strongly committed to energy security, accelerating four large national projects
for commencement in late 2026 and 2027.
Business Outlook • Management’s strategy to grow DP fleet has delivered margin expansion.
• Acquisition of FOS+FOI will initially dampen 2026 earnings then ramp up growth for 2027-2028 with delivery of
newbuilt CTVs on long term contracts.
• Purchase of 2 secondhand Diesel electric vessels to be operationally ready in 2H2026.
Capex & Digital • Ordered 1 Multirole Support vessels(MSV) for delivery in 2027 in addition to 1 large newbuilt PSV.
Solutions
• Speeding up digitization of processes and adoption of AI tools to deliver efficiency.
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Thank You! Jakarta, Indonesia PT WINTERMAR OFFSHORE MARINE Tbk
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Disclaimer
Certain statements made in this presentation 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 Investor Relations Contact :
Subsidiaries (the Company) are based on management’s
Pek Swan Layanto CFA
expectations, estimates and projections. These statements are not
investor_relations@wintermar.com
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 presentation is for
informational purposes only and is not intended as a solicitation or
offering of securities in any jurisdiction. The information contained
in this presentation 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.
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Names mentioned 6 people and organisations named in the text · linked when the evidence is strong
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PT Fast Offshore Indonesia
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