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KETERBUKAAN INFORMASI SEHUBUNGAN DENGAN RENCANA PEMBELIAN KEMBALI SAHAM
(“BUYBACK”) DAN PENGALIHAN SAHAM HASIL BUYBACK
DALAM RANGKA MEMENUHI PERATURAN OTORITAS JASA KEUANGAN NO. 29 TAHUN 2023
TENTANG PEMBELIAN KEMBALI SAHAM YANG DIKELUARKAN OLEH PERUSAHAAN TERBUKA
PT Bank Negara Indonesia (Persero) Tbk.
Kegiatan Usaha Utama:
Perbankan
Kantor Pusat:
Grha BNI
Jl. Jenderal Sudirman Kav. 1
Jakarta 10220
Telepon: 021-5728387
Email: corporate.secretary@bni.co.id
Website: www.bni.co.id
INFORMASI KEPADA PEMEGANG SAHAM
SEHUBUNGAN DENGAN RENCANA BUYBACK YANG DIKELUARKAN OLEH PERUSAHAAN
TERBUKA DAN RENCANA PENGALIHAN SAHAM HASIL BUYBACK
PT Bank Negara Indonesia (Persero) Tbk. (“Perseroan”) merencanakan untuk melakukan Pembelian Kembali
Saham Perseroan (“Buyback”) yang telah dikeluarkan dan tercatat di PT Bursa Efek Indonesia (“BEI”)
berserta rencana pengalihan saham hasil Buyback sesuai Peraturan Otoritas Jasa Keuangan (“OJK”) No. 29
Tahun 2023 tentang Pembelian Kembali Saham yang Dikeluarkan oleh Perusahaan Terbuka (“POJK
29/2023”). Nilai transaksi Buyback oleh Perseroan diperkirakan sebesar-besarnya Rp1.500.000.000.000 (satu
triliun lima ratus miliar Rupiah) termasuk biaya transaksi Buyback (meliputi biaya transaksi, biaya penyimpanan,
dan commitment fee) sekitar 0,32% (nol koma tiga dua persen) dari nilai eksekusi Buyback. Rapat Umum
Pemegang Saham untuk menyetujui rencana Buyback sebagaimana dimuat dalam Keterbukaan Informasi ini
akan dilaksanakan pada tanggal 9 Maret 2026 yang akan diselenggarakan secara elektronik melalui aplikasi
eASY.KSEI (electronic general meeting system KSEI) yang selanjutnya disebut (“RUPST”).
Transaksi pembelian saham dilakukan melalui 1 (satu) Anggota BEI, baik secara bertahap maupun sekaligus,
dan diselesaikan paling lambat 12 (dua belas) bulan sejak RUPST. Buyback dilaksanakan dengan
memperhatikan kondisi bursa, kondisi likuiditas, harga saham atau permodalan Perseroan, serta peraturan
perundang-undangan yang berlaku (termasuk namun tidak terbatas pada Undang-Undang No. 40 Tahun 2007
tentang Perseroan Terbatas sebagaimana telah diubah dengan Undang-Undang No. 6 Tahun 2023 tentang
Penetapan Peraturan Pemerintah Pengganti Undang-Undang No. 2 Tahun 2022 tentang Cipta Kerja Menjadi
Undang-Undang (“UU PT”), POJK 29/2023, dan Keputusan Direksi BEI No. Kep-00183/BEI/12-2018 tentang
Perubahan Peraturan No. I-A tentang Pencatatan Saham dan Efek Bersifat Ekuitas Selain Saham yang
Diterbitkan oleh Perusahaan Tercatat sebagaimana diubah terakhir dengan Keputusan Direksi BEI No. KEP-
00101/BEI/12-2021 Tahun 2021 tentang Perubahan Peraturan No. I-A tentang Pencatatan Saham dan Efek
Bersifat Ekuitas Selain Saham yang Diterbitkan oleh Perusahaan Tercatat (“Peraturan BEI I-A”).
Keterbukaan Informasi ini diterbitkan bersamaan dengan Pengumuman RUPST
Jakarta, 29 Januari 2026
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I. KETERBUKAAN INFORMASI TERKAIT RENCANA BUYBACK
A. PERKIRAAN JADWAL BUYBACK
Buyback akan dilakukan dengan perkiraan jangka waktu sebagai berikut:
1. Pengumuman RUPST dan Keterbukaan Informasi atas 29 Januari 2026
Rencana Buyback
2. Perkiraan Tanggal RUPST (yang menyetujui rencana 9 Maret 2026
Buyback)
3. Perkiraan Periode Buyback 9 Maret 2026 hingga 8 Maret
2027
B. PERKIRAAN BIAYA BUYBACK DAN JUMLAH NILAI TRANSAKSI BUYBACK
Perkiraan nilai transaksi Buyback sebesar-sebesarnya Rp1.500.000.000.000 (satu triliun lima ratus
miliar Rupiah) (“Perkiraan Nilai Transaksi Buyback”). Perkiraan Nilai Transaksi Buyback tersebut
tidak melebihi 10% (sepuluh persen) dari jumlah modal yang ditempatkan dalam Perseroan, yang
berasal dari arus kas bebas (free cash flow) berupa saldo laba yang belum ditentukan
penggunaannya. Perkiraan Nilai Transaksi Buyback termasuk biaya transaksi Buyback (meliputi biaya
transaksi, biaya penyimpanan, dan commitment fee) sekitar 0,32% (nol koma tiga dua persen) dari
nilai eksekusi Buyback, dengan asumsi Buyback dilaksanakan secara keseluruhan.
Adapun jumlah Perkiraan Nilai Transaksi Buyback ini telah sesuai dengan ketentuan di dalam Pasal
2 ayat (1) POJK 29/2023 dan Pasal 37 ayat (1) huruf (b) UU PT, dengan mana jumlah nilai nominal
saham yang dibeli kembali oleh perseroan tidak melebihi 10% (sepuluh persen) dari jumlah modal
yang ditempatkan dalam perseroan.
C. PENJELASAN, PERTIMBANGAN, DAN ALASAN DILAKUKANNYA BUYBACK
Saham perbankan Indonesia mengalami tekanan sepanjang tahun 2025 terutama dipengaruhi oleh
ketidakpastian global akibat risiko geopolitik dan ancaman perang tarif, sementara di dalam negeri
perbankan nasional menghadapi tantangan likuiditas dan perlambatan loan demand. Hal ini
menyebabkan saham perbankan Indonesia mengalami tekanan lebih dalam dibandingkan dengan
bank-bank di kawasan regional.
Per 31 Desember 2025, harga saham BNI hanya naik 0,5% (nol koma lima persen) YoY (year-on-
year). Meskipun lebih baik dari local peers, namun saham BNI masih tertinggal jika dibandingkan
dengan bank-bank regional peers.
Walau pasar saham domestik mulai rebound di akhir tahun 2025 seiring kembalinya optimisme
investor asing yang mulai masuk kembali, namun arus dana asing masuk belum sepenuhnya pulih.
Investor masih berhati-hati dalam mengantisipasi dampak ketidakpastian global yang kembali
meningkat di awal tahun 2026, terutama dipengaruhi sentimen, seperti tensi geopolitik dan ancaman
tarif AS. Ketidakstabilan geopolitik ini mendorong perlemahan nilai tukar Rupiah terhadap Dollar AS
hingga menyentuh nilai bahkan lebih rendah daripada masa krisis moneter tahun 1998 senilai
Rp16.985 (enam belas ribu sembilan ratus delapan puluh lima Rupiah) per Dollar AS.
Di tengah ketidakpastian akibat sentimen global, forecast kinerja BNI masih tumbuh positif dengan
kinerja fundamental yang resilient, dimana permodalan BNI masih kuat, kualitas aset terjaga,
pertumbuhan kredit yang imbang di semua segmen, dan pertumbuhan dana murah yang solid
didukung oleh transformasi digital dan jaringan. Namun demikian, eskalasi konflik geopolitik dan
perang tarif perdagangan yang masih berlanjut berpotensi menciptakan tekanan inflasi dari nilai tukar
dan berpotensi menekan IHSG, tanpa terkecuali saham perbankan nasional.
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Buyback dimaksudkan untuk membantu mengurangi tekanan jual di pasar saat indeks harga saham
sedang berfluktuasi, sekaligus memberi indikasi kepada investor bahwa perusahaan memandang
harga saham saat ini tidak mencerminkan fundamental perusahaan.
D. PERKIRAAN MENURUNNYA PENDAPATAN PERSEROAN SEBAGAI AKIBAT PELAKSANAAN
BUYBACK DAN DAMPAK ATAS BIAYA PEMBIAYAAN PERSEROAN
Dengan asumsi Perseroan menggunakan arus kas bebas (free cash flow) untuk Buyback sebesar
Rp1.500.000.000.000 (satu triliun lima ratus miliar Rupiah), maka aset dan ekuitas akan menurun
sebesar Rp1.500.000.000.000 (satu triliun lima ratus miliar Rupiah). Berkenaan dengan transaksi
tersebut, maka dampak terhadap biaya operasional Perseroan tidak material, sehingga Laba Rugi
diperkirakan masih sejalan dengan target Perseroan. Atas hal-hal tersebut, maka Perseroan
berkeyakinan bahwa pelaksanaan Buyback tidak akan memberikan dampak negatif yang material
terhadap kegiatan usaha Perseroan, mengingat Perseroan memiliki modal dan cash flow yang cukup
untuk melaksanakan pembiayaan transaksi bersamaan dengan kegiatan usaha Perseroan.
E. PROFORMA LAPORAN KEUANGAN KONSOLIDASIAN TERMASUK PERMODALAN SEBELUM
DAN SETELAH RENCANA BUYBACK DILAKSANAKAN
Berikut adalah proforma Laporan Keuangan Konsolidasian per tanggal 30 November 2025 dengan
memperhitungkan Perkiraan Nilai Transaksi Buyback sebesar-sebesarnya adalah sebesar
Rp1.500.000.000.000 (satu triliun lima ratus miliar Rupiah) termasuk biaya transaksi Buyback (meliputi
biaya transaksi, biaya penyimpanan, dan commitment fee) sekitar 0,32% (nol koma tiga dua persen) dari
nilai eksekusi Buyback:
(dalam jutaan Rupiah, kecuali Laba per Saham)
Periode Laporan Keuangan
Keterangan Yang Berakhir pada tanggal 30 November 2025
Sebelum Buyback Dampak Setelah Buyback
Jumlah Aset 1.237.103.455 (1.500.000) 1.235.603.455
Laba Bersih Tahun Berjalan 18.621.564 - 18.621.564
Total Ekuitas 165.504.376 (1.500.000) 164.004.376
Laba Bersih per Saham
499 5 504
(Rp Penuh)
Capital Adequacy Ratio
21,3% -0,2% 21,1%
(CAR)
Return on Equity (ROE) 12,7% 0,1% 12,8%
Analisis di atas menunjukkan tidak ada perubahan yang signifikan dari indikator keuangan Perseroan
dikarenakan Buyback.
F. PEMBATASAN HARGA SAHAM UNTUK BUYBACK
Perseroan akan melakukan Buyback dengan mempertimbangkan hal-hal sebagai berikut:
(i) harga terbaik yang dianggap baik dan wajar; dan
(ii) memperhatikan ketentuan peraturan perundang-undangan yang berlaku, di antaranya meliputi
POJK 29/2023, yang mengatur bahwa harga penawaran untuk Buyback harus lebih rendah atau
sama dengan harga transaksi yang terjadi sebelumnya.
G. PEMBATASAN JANGKA WAKTU BUYBACK
Buyback akan dilakukan melalui BEI, baik secara bertahap maupun sekaligus, dan diselesaikan paling
lama 12 (dua belas) bulan sejak tanggal RUPST yang menyetujui pelaksanaan Buyback.
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H. METODE YANG AKAN DIGUNAKAN UNTUK BUYBACK
Buyback akan dilakukan dengan memperhatikan peraturan perundang-undangan yang berlaku,
termasuk POJK 29/2023 di mana:
1. Buyback Saham Perseroan akan dilakukan melalui transaksi di BEI.
2. Perseroan akan menunjuk 1 (satu) anggota BEI untuk melakukan Buyback.
I. PEMBAHASAN DAN ANALISIS MANAJEMEN MENGENAI PENGARUH BUYBACK TERHADAP
KEGIATAN USAHA DAN PERTUMBUHAN PERSEROAN DI MASA MENDATANG
1. Pendapatan Perseroan diperkirakan tidak menurun akibat pelaksanaan Buyback.
2. Buyback diperkirakan tidak memberikan dampak negatif yang material terhadap kegiatan usaha
dan pertumbuhan Perseroan.
3. Buyback akan menurunkan Aset dan Ekuitas Perseroan sebesar jumlah Perkiraan Nilai Transaksi
Buyback. Jika Perseroan menggunakan seluruh anggaran yang dicadangkan untuk Buyback
sebesar jumlah maksimum, maka jumlah Aset dan Ekuitas akan berkurang sebanyak-banyaknya
Rp1.500.000.000.000 (satu triliun lima ratus miliar Rupiah).
4. Perseroan berkeyakinan bahwa pelaksanaan Buyback tidak akan memberikan dampak negatif
yang material bagi kegiatan usaha dan pertumbuhan Perseroan, karena Perseroan pada saat ini
memiliki modal dan cash flow yang cukup untuk melakukan dan membiayai seluruh kegiatan
usaha, kegiatan pengembangan usaha, kegiatan operasional serta Buyback.
J. SUMBER DANA YANG DIGUNAKAN UNTUK PELAKSANAAN BUYBACK
Sumber dana yang digunakan untuk pelaksanaan Buyback berasal dari arus kas bebas (free cash
flow) berupa saldo laba yang belum ditentukan penggunaannya. Memperhatikan POJK 29/2023,
Perseroan memastikan bahwa sumber dana yang akan digunakan untuk pelaksanaan Buyback:
1. tidak memengaruhi kemampuan keuangan Perseroan secara signifikan untuk memenuhi
kewajiban yang akan jatuh tempo;
2. menggunakan dana internal Perseroan;
3. bukan merupakan dana hasil Penawaran Umum; dan
4. bukan merupakan dana yang berasal dari pinjaman dan/atau utang dalam bentuk apapun.
II. KETERBUKAAN INFORMASI ATAS RENCANA PENGALIHAN SAHAM HASIL BUYBACK
DENGAN CARA DIJUAL KEMBALI DI BURSA EFEK, DAN/ATAU PELAKSANAAN PROGRAM
KEPEMILIKAN SAHAM BAGI PEGAWAI DAN/ATAU PENGURUS PERSEROAN(SESUAI PASAL
21 HURUF A DAN C POJK 29/2023)
A. LATAR BELAKANG BUYBACK SAHAM YANG AKAN DIALIHKAN
Tanggal persetujuan RUPS Buyback : 9 Maret 2026
Perkiraan Periode Buyback : 9 Maret 2026 hingga 8 Maret 2027, dengan
memperhatikan ketentuan bahwa periode Buyback
adalah paling lama 12 (dua belas) bulan sejak
disetujuinya rencana Buyback oleh RUPST
Perkiraan Realisasi Buyback : Realisasi Buyback dilakukan dalam periode
pelaksanaan Buyback
Sumber Saham Hasil Buyback yang : Sumber saham hasil Buyback yang dilakukan dalam
Akan Dialihkan periode pelaksanaan Buyback
Batas Waktu Pengalihan Saham Hasil : Batas waktu pengalihan saham hasil Buyback
Buyback dilakukan paling lama 3 (tiga) tahun setelah
selesainya Buyback dan dapat diperpanjang sesuai
dengan ketentuan dalam POJK 29/2023
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Jumlah Saham yang Akan Dialihkan : Sesuai jumlah realisasi Buyback
B. TUJUAN PENGALIHAN SAHAM BUYBACK
Adapun saham hasil Buyback 2026 akan dialihkan dengan cara dijual kembali di BEI, dan/ atau
pelaksanaan program kepemilikan saham bagi pegawai dan/atau pengurus Perseroan (“Program
Kepemilikan Saham”).
1. Dijual Kembali di BEI
Ketentuan Umum : 1. Dapat dilaksanakan tanpa terlebih dahulu mendapatkan persetujuan
RUPS.
2. Pengalihan saham hanya dapat dilaksanakan setelah 30 (tiga puluh)
hari sejak Buyback dilaksanakan seluruhnya dan tidak dapat
dilaksanakan dalam kurun waktu bersamaan dengan masa
Buyback.
3. Perseroan wajib mengumumkan keterbukaan informasi kepada
masyarakat dan menyampaikan dokumen pendukungnya kepada
OJK paling lambat 5 (lima) hari kerja sebelum mulainya periode
pelaksanaan penjualan saham hasil Buyback.
Syarat : Harga pengalihan saham tidak lebih rendah dari harga rata-rata
Pengalihan pembelian kembali saham Perseroan, serta:
Saham 1. tidak lebih rendah dari harga penutupan perdagangan harian di BEI
1 (satu) hari sebelum tanggal penjualan saham; atau
2. harga rata-rata dari harga penutupan perdagangan harian di BEI
selama 90 (sembilan puluh) hari terakhir sebelum tanggal penjualan
saham oleh Perseroan dengan diskon paling banyak 7,5% (tujuh
koma lima persen),
mana yang lebih tinggi.
Lain-lain : Dalam hal dilakukan penjualan kembali saham treasuri (treasury stock),
selisih antara harga jual dan nilai perolehan saham treasuri tersebut
akan dicatat sebagai tambahan modal disetor (agio saham) dan tidak
diakui sebagai laba atau rugi Perseroan, sesuai dengan Standar
Akuntansi Keuangan yang berlaku.
2. Pelaksanaan Program Kepemilikan Saham
Ketentuan Umum : 1. Wajib memperoleh persetujuan RUPS
2. Mengacu pada kebijakan internal Perseroan antara lain mengenai
pemberian kompensasi jangka panjang berbasis kinerja dan risiko
kepada Pegawai dan/atau Pengurus Perseroan dengan
berpedoman pada POJK 45/2015 dan Permen BUMN 3/2023.
Persyaratan : Diberikan kepada pegawai dan/atau pengurus Perseroan dengan
Penerima eligibilitas pegawai tetap dan/atau pengurus Perseroan yang
Program memenuhi kriteria, diantaranya memperhatikan peniaian kinerja,
employee classification, dan dampak sanksi.
Ketentuan Lock : Sebagai implementasi atas kebijakan remunerasi yang dikaitkan
Up Period dengan kinerja dan risiko, maka dengan berpedoman pada POJK
45/2015 dan Permen BUMN 3/2023, Perseroan dapat menetapkan
kebijakan lock up atas saham yang diberikan kepada pegawai
dan/atau pengurus Perseroan.
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Harga : Metode perhitungan harga pelaksanaan yang digunakan untuk
Pelaksanaan Program Kepemilikan Saham berdasarkan nilai wajar dengan dasar
atau Metode harga saham pada tanggal pemberian (grant date).
Perhitungan
Jumlah atau : Perseroan dapat mengenakan sejumlah pembayaran tertentu sesuai
Besaran dengan ketentuan yang berlaku di Perseroan.
Pembayaran
C. PROFORMA TOTAL EKUITAS SETELAH PENGALIHAN SAHAM HASIL BUYBACK
(dalam jutaan Rupiah, kecuali Laba per Saham)
Periode Laporan Keuangan yang Berakhir pada tanggal
30 November 2025
Keterangan
Sebelum Setelah Setelah Pengalihan
Dampak Dampak
Buyback Buyback Saham
Total Ekuitas 165.504.376 (1.500.000) 164.004.376 1.500.000 165.504.376
INFORMASI TAMBAHAN
1. Sehubungan dengan hal ini, Perseroan sedang mengajukan permohonan persetujuan Buyback kepada
OJK dengan mengacu kepada Peraturan OJK No. 11/POJK.03/2016 sebagaimana telah diubah terakhir
dengan Peraturan OJK No. 27 Tahun 2022 tentang Kewajiban Penyediaan Modal Minimum Bank Umum
(“POJK 11/2016”).
2. Dalam hal terdapat perubahan atau penambahan informasi atas Keterbukaan Informasi ini, perubahan atau
penambahan informasi diumumkan paling lambat 2 (dua) hari kerja sebelum RUPST.
3. Perseroan menerapkan larangan melakukan transaksi atas saham Perseroan pada hari yang sama dengan
Buyback atau penjualan saham hasil Buyback melalui BEI kepada pihak sebagai berikut:
a. anggota dewan komisaris, anggota direksi, pegawai, dan pemegang saham utama Perseroan;
b. orang perseorangan yang karena kedudukan atau profesinya atau karena hubungan usahanya dengan
Perseroan memungkinkan orang tersebut memperoleh informasi orang dalam; atau
c. pihak yang dalam waktu 6 (enam) bulan terakhir tidak lagi menjadi pihak sebagaimana dimaksud dalam
huruf a atau huruf b.
4. Bagi para pemegang saham yang memerlukan informasi tambahan dapat menghubungi Perseroan pada
hari dan jam kerja Perseroan pada alamat sebagai berikut:
Corporate Secretary
PT Bank Negara Indonesia (Persero) Tbk
Grha BNI Lantai 24
Jl. Jenderal Sudirman Kav. 1
Jakarta 10220 – Indonesia
Telp: (021) 5728387
Email: corporate.secretary@bni.co.id
Website: www.bni.co.id
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INFORMATION DISCLOSURE IN REGARDS OF THE PLAN TO CONDUCT BUYBACK OF SHARES
ISSUED BY THE COMPANY AND THE PLAN TO TRANSFER SHARES FROM THE BUYBACK
IN ORDER TO COMPLY WITH OJK REGULATION NO. 29 OF 2023 CONCERNING THE BUYBACK OF
SHARES ISSUED BY PUBLIC COMPANIES, PT BANK NEGARA INDONESIA (PERSERO) TBK.
PT Bank Negara Indonesia (Persero) Tbk.
Business Activities:
Banking Services
Head Office:
Grha BNI
Jl. Jenderal Sudirman Kav. 1
Jakarta 10220
Phone: 021-5728387
Email: corporate.secretary@bni.co.id
Website: www.bni.co.id
INFORMATION TO SHAREHOLDERS
IN REGARDS OF THE PLAN TO CONDUCT BUYBACK OF SHARES ISSUED BY THE COMPANY
AND THE PLAN TO TRANSFER SHARES FROM THE BUYBACK
PT Bank Negara Indonesia (Persero) Tbk. ("Company") plans to conduct buyback of shares that have been
issued and listed on the Indonesia Stock Exchange ("IDX"), along with the plan to transfer the shares resulting
from the buyback in accordance with the Financial Services Authority Regulation ("OJK") No. 29 of 2023
concerning the Buyback of Shares Issued by Public Companies ("POJK 29/2023"). The Company estimates that
the maximum value of the share buyback transaction will be up to IDR 1.5 trillion, inclusive of all buyback-related
costs (including transaction fees, custody fees, and commitment fees), which are expected to amount to
approximately 0.32% of the total buyback execution value. The General Meeting of Shareholders to approve the
plan in this Information Disclosure will be held on 9 March 2026, electronically through the eASY.KSEI application
(electronic general meeting system KSEI) hereinafter referred to as ("GMS").
The share buyback transaction will be carried out through 1 (one) IDX Member, either gradually or
simultaneously, and completed no later than 12 (twelve) months from the GMS. The share buyback will be
conducted by considering market circumstances, liquidity situation, and the Company's share price or capital, as
well as the applicable laws and regulations including but not limited to Law No. 40 of 2007 concerning Limited
Liability Companies as amended by Law No. 2 No. 6 of 2023 concerning the Stipulation of Government
Regulation in Lieu of Law No. 2 of 2022 concerning Job Creation ("Company Law"), POJK 29/2023, and the
IDX’s Board of Directors’ Decree No. Kep-00183/BEI/12-2018 regarding the Amendment to Regulation No. I-A
on the Listing of Shares and Equity Securities Other Than Shares Issued by Listed Companies, as last amended
by the IDX Board of Directors’ Decree No. KEP-00101/BEI/12-2021 in 2021 on the Amendment to Regulation
No. I-A on the Listing of Shares and Equity Securities Other Than Shares Issued by Listed Companies (the “IDX
Regulation I-A”).
This Information Disclosure is published simultaneously with the GMS Announcement.
Jakarta, 29 January 2026
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I. INFORMATION DISCLOSURE RELATED TO BUYBACK PLAN
A. ESTIMATED SCHEDULE
The Company plans to conduct the share buyback within the following estimated timeline:
1. Announcement of the GMS and Disclosure of Information 29 January 2026
regarding the Buyback Plan
2. Estimated Date of the GMS (to approve the Buyback Plan) 9 March 2026
3. Estimated Buyback Period 9 March 2026 to 8 March 2027
B. ESTIMATED BUYBACK COST AND TOTAL TRANSACTION VALUE
The Company estimates the maximum value of the share buyback transaction at up to IDR
1,500,000,000,000 (one trillion five hundred billion Rupiah) (the “Estimated Buyback Transaction
Value”). This amount will not exceed 10% of the Company’s issued and paid-up capital and will be
funded from free cash flow, specifically from retained earnings that have not been earmarked for specific
purposes. The Estimated Buyback Transaction Value includes all buyback-related costs, such as
transaction fees, custody fees, and commitment fees, which are estimated at approximately 0.32% of
the total buyback execution value, assuming the buyback is carried out in full.
This Estimated Buyback Transaction Value is in compliance with Article 2 paragraph (1) of POJK 29/2023
and Article 37 paragraph (1)(b) of the Indonesian Company Law, which provide that the nominal value
of shares repurchased by the Company may not exceed 10% of the Company’s issued capital.
C. EXPLANATION, CONSIDERATIONS, AND RATIONALE FOR THE SHARE BUYBACK
Throughout 2025, Indonesian banking sector equities experienced pressure, primarily due to heightened
global uncertainty arising from geopolitical developments and the potential escalation of trade-related
tariffs. Domestically, the banking industry also faced liquidity constraints and a moderation in loan
demand. These conditions contributed to the underperformance of Indonesian banking stocks relative to
regional peers.
As of 31 December 2025, BNI’s share price recorded a year-on-year increase of 0.5%. While this
performance was comparatively stronger than certain domestic peers, it remained below that of selected
regional banks.
Although the domestic equity market showed signs of recovery toward the end of 2025, foreign capital
inflows have not fully normalized. Entering early 2026, investor sentiment remains cautious amid
continued global uncertainty, including geopolitical tensions and potential changes in U.S. trade policy.
These conditions have contributed to depreciation pressure on the Indonesian Rupiah against the U.S.
Dollar, which reached approximately IDR 16,985 per USD.
Notwithstanding these external factors, the Company’s performance outlook remains supported by solid
fundamentals, including a strong capital position, maintained asset quality, balanced credit growth across
business segments, and sustained growth in low-cost funding, supported by digital transformation
initiatives and the Bank’s distribution network. However, continued geopolitical and global trade-related
developments may increase market volatility and could affect the performance of the broader equity
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market, including banking sector stocks.
The share buyback is conducted to help stabilize trading conditions during periods of heightened market
volatility and to reflect the Company’s assessment that the prevailing market price of its shares may not
fully represent the Company’s underlying value.
D. ESTIMATED DECREASE IN THE COMPANY’S REVENUE AS A RESULT OF THE SHARE
BUYBACK AND THE IMPACT ON THE COMPANY FINANCING COSTS
Assuming that the Company utilizes its free cash flow to implement a share buyback in the amount of
IDR 1,500,000,000,000 (one trillion five hundred billion Rupiah), the Company’s total assets and equity
are expected to decrease by the same amount.
The Company is of the opinion that such transaction will not result in a material increase in the Company’s
operating expenses. Accordingly, the Company’s profit and loss performance is expected to remain in
line with the targets and projections as disclosed by the Company.
Based on the foregoing, the Company is of the view that the implementation of the share buyback will
not have a material adverse effect on the continuity of the Company’s business activities, financial
condition, or liquidity, as the Company has sufficient capital structure and cash flow to fulfill its financial
obligations arising from the transaction while continuing to support its ongoing operational and business
activities.
E. PROFORMA CONSOLIDATED FINANCIAL STATEMENT, INCLUDING CAPITALIZATION, BEFORE
AND AFTER THE EXECUTION OF THE SHARE BUYBACK PROGRAM
The following is the pro forma Consolidated Financial Information as of 30 November 2025, reflecting
the maximum estimated Buyback Transaction Value of up to IDR 1,500,000,000,000 (one trillion five
hundred billion Rupiah), inclusive of Buyback-related transaction costs (comprising transaction fees,
custody fees, and commitment fees) of approximately 0.32% (zero point three two percent) of the
Buyback execution value:
(in millions of Rupiah, except for Earnings per Share)
Financial Report Period
Description Ending on 30 November 2025
Before Buyback Impact After Buyback
Total Assets 1,237,103,455 (1,500,000) 1,235,603,455
Net Profit for the Year 18,621,564 - 18,621,564
Total Equity 165,504,376 (1,500,000) 164,004,376
Earnings per Share
499 5 504
(IDR, full amount)
Capital Adequacy Ratio (CAR) 21,3% -0,2% 21,1%
Return on Equity (ROE) 12,7% 0,1% 12,8%
The above pro forma analysis indicates that the implementation of the Buyback is not expected to
result in any material or significant changes to the Company’s key financial indicators.
F. SHARE PRICE LIMITATION FOR SHARE BUYBACK
In implementing the Buyback, the Company shall consider:
(i) the best price that is deemed fair and reasonable; and
(ii) comply with all applicable laws and regulations, including Financial Services Authority Regulation
(POJK) No. 29/2023, which stipulates that the Buyback offer price shall be equal to or lower than
the price of the most recent share transaction.
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G. TIME LIMITATION FOR SHARE BUYBACK
The Company will conduct the share buyback through the IDX, either in stages or in a single transaction,
in accordance with prevailing capital market regulations.
The implementation of the buyback shall be completed within a maximum period of 12 (twelve) months
from the date of the GMS that approves the execution of the share buyback.
H. METHOD TO BE USED FOR THE SHARE BUYBACK
The Share Buyback will be carried out in compliance with all applicable laws and regulations, including
Financial Services Authority Regulation (POJK) No. 29/2023, whereby:
1. The Company’s Share Buyback will be conducted through transactions on the Indonesia Stock
Exchange (IDX).
2. The Company will appoint one (1) member of the IDX to execute the Share Buyback.
I. MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE IMPACT OF THE SHARE BUYBACK ON
THE COMPANY’S BUSINESS ACTIVITIES AND FUTURE GROWTH
1. The Company does not expect its revenue to decline as a result of the implementation of the Share
Buyback.
2. The Share Buyback is not expected to have a material adverse impact on the Company’s business
activities or growth.
3. The Share Buyback will reduce the Company’s Assets and Equity by an amount equal to the
estimated total value of the Share Buyback transaction. If the Company utilizes the maximum budget
allocated for the Share Buyback, the Company’s Assets and Equity may be reduced by up to IDR
1,500,000,000,000 (one trillion five hundred billion Rupiah).
4. The Company believes that the implementation of the Share Buyback will not have a material
adverse impact on its business activities or growth, as the Company currently has sufficient capital
and cash flows to fund all business operations, business development activities, operational needs,
and the Share Buyback.
J. SOURCE OF FUNDS FOR THE SHARE BUYBACK
The funds to be used for the Share Buyback will be derived from the Company’s free cash flow, in the
form of retained earnings that have not been allocated for any specific purpose. In compliance with
Financial Services Authority Regulation (POJK) No. 29/2023, the Company hereby represents and
confirms that the source of funds for the Share Buyback:
1. will not materially affect the Company’s financial capacity to fulfill its obligations as they become due;
2. will be sourced from the Company’s internal funds;
3. will not be derived from the proceeds of any public offering; and
4. will not be obtained from borrowings and/or any form of debt.
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II. INFORMATION DISCLOSURE REGARDING THE PLAN TO TRANSFER TREASURY SHARES
RESULTING FROM SHARE BUYBACK THROUGH RESALE ON THE STOCK EXCHANGE
AND/OR THE IMPLEMENTATION OF AN EMPLOYEE AND/OR MANAGEMENT SHARE
OWNERSHIP PROGRAM (IN ACCORDANCE WITH ARTICLE 21 LETTERS (A) AND (C) OF POJK
NO. 29/2023)
A. BACKGROUND OF THE TRANSFER OF SHARE BUYBACK
Date of GMS Approval for the Buyback : 9 March 2026
Estimated Buyback Period: : 9 March 2026 to 8 March 2027, subject to the provision
that the Buyback period shall not exceed 12 (twelve)
months from the date of approval of the Buyback plan by
the GMS.
Estimated Realization of the Buyback : The Buyback will be executed during the Buyback
implementation period.
Source of Share Buyback to be : Shares repurchased by the Company during the
Transferred Buyback implementation period.
Time limit for the Transfer of Share : The transfer of share buyback shall be conducted no
Buyback later than 3 (three) years after the completion of the
Buyback and may be extended in accordance with the
provisions of POJK No. 29/2023.
Number of Shares to be Transferred: : In accordance with the actual number of shares
repurchased.
B. PURPOSE OF THE TRANSFER OF SHARE BUYBACK
The share buyback from the 2026 Buyback Program will be transferred through resale on the IDX and/or
through the implementation of a share ownership program for employees and/or members of the
Company’s management (“Share Ownership Program”).
1. Resale on the IDX
General : 1. May be conducted without prior approval of the GMS.
Provisions 2. The transfer of shares may only be carried out after 30 (thirty) days
have elapsed since the Buyback has been fully completed and may not
be conducted concurrently with the Buyback period.
3. The Company is required to disclose information to the public and
submit the relevant supporting documents to the OJK no later than 5
(five) business days prior to the commencement of the resale period of
the repurchased shares.
Conditions for : The transfer price of the shares shall not be lower than the average
the Transfer of purchase price of the Company’s repurchased shares and shall also not be
Shares lower than:
1. the daily closing price on the IDX 1 (one) trading day prior to the date
of sale; or
2. the average of the daily closing prices on the IDX over the last 90
(ninety) trading days prior to the date of sale by the Company, subject
to a maximum discount of 7.5% (seven point five percent),
whichever is higher.
Other Provisions : In the event of a resale of treasury shares, the difference between the
selling price and the acquisition cost of such treasury shares shall be
recorded as additional paid-in capital (share premium) and shall not be
recognized as profit or loss of the Company, in accordance with the
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applicable Financial Accounting Standards.
2. Implementation of the Share Ownership Program
General : 1. The program is subject to prior approval by the General Meeting of
Provisions Shareholders (GMS).
2. The program is implemented in accordance with the Company’s internal
policies, including those governing the provision of long-term,
performance- and risk-based compensation for Employees and/or
Management, and is aligned with OJK Regulation No.
45/POJK.03/2015 and Ministry of State-Owned Enterprises Regulation
No. PER-3/MBU/03/2023.
Eligibility Criteria : The program is offered to eligible permanent employees and/or members
of Management who meet the applicable criteria, including, among others,
performance evaluations, employee classification, and consideration of
any applicable disciplinary sanctions.
Lock Up Period : As part of the Company’s remuneration policy linked to performance and
risk, and in compliance with OJK Regulation No. 45/POJK.03/2015 and
Ministry of State-Owned Enterprises Regulation No. PER-3/MBU/03/2023,
the Company may impose a lock-up period on shares granted to
Employees and/or Management under the program.
Exercise Price or : The exercise price under the Share Ownership Program is determined
Pricing based on fair value, with reference to the Company’s share price as of the
Methodology grant date.
Amount or : The Company may require participants to make a specified payment in
Payment accordance with the Company’s prevailing policies and applicable
Obligations regulations.
C. PROFORMA TOTAL EQUITY FOLLOWING THE TRANSFER OF SHARE BUYBACK
(in millions of Rupiah, except Earnings per Share)
Financial Report Period Ending on 30 November 2025
Description Before After Share
Impact After Buyback Impact
Buyback Transfer
Total Equity 165,504,376 (1,500,000) 164,004,376 1,500,000 165,504,376
ADDITIONAL INFORMATION
1. In this regard, the Company is in the process of submitting the approval of the share buyback to the OJK, in
accordance with Financial Services Authority Regulation No. 11/POJK.03/2016, as most recently amended
by Financial Services Authority Regulation No. 27 of 2022 concerning the Minimum Capital Adequacy
Requirements for Commercial Banks (“POJK 11/2016”).
2. In the event of any changes or additions to the information in this Disclosure, the changes or additions will
be announced no later than 2 (two) working days before the GMS.
3. The Company imposes a prohibition on transactions involving the Company's shares on the same day as
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the Share Buyback to the following parties:
a. Members of the board of commissioners, members of the board of directors, employees, and major
shareholders of the Company.
b. Individuals who, due to their position or profession or their business relationship with the Company, may
obtain insider information.
c. Parties who, within the last 6 (six) months, are no longer parties as referred to in letters a or b.
4. Shareholders who require additional information kindly contact the Company during business hours at the
following address:
Corporate Secretary
PT Bank Negara Indonesia (Persero) Tbk
Grha BNI 24th Floor
Jl. Jenderal Sudirman Kav. 1
Jakarta 10220 – Indonesia
Phone: (021) 5728387
Email: corporate.secretary@bni.co.id
Website: www.bni.co.id
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H. METHOD TO BE USED FOR THE SHARE
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Ministry of State-Owned Enterprises Regulation No. PER-
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