20260117_SOCI_Tanggapan atas Permintaan Penjelasan Bursa_32020586_lamp1.pdf

#£ SOECHI

Laba bersih per saham Perseroan adalah senilai AS$0,0017 atau senilai Rp28,5 menggunakan
kurs Rp16.680/AS$ pada laporan keuangan per 30 September 2025, dibanding laba bersih per

saham senilai AS$0,0017 atau senilai Rp261 menggunakan kurs Rp15.138/AS$ pada laporan
keuangan per 30 September 2024.

Berikut Ringkasan atas Laporan Laba Rugi dan Penghasilan Komprehensif Lain Konsolidasian
Perseroan untuk periode 9 bulan berakhir pada 30 September 2025 dan 2024.
Dalam AS$ (dolar Amerika Serikat)

30 September

Keterangan 2025 2024 Perubahan
Pendapatan Neto 118.036.314 | 120.454.312 “2,016
EBITDA 47.975.054 45.619.001 5,246
Laba Usaha 23.604.907 23.209.155 17K
Laba Periode Berjalan yang Dapat Diatribusikan kepada:

Pemilik Entitas Induk 12.074.767 12.163.129 0,716

Kepentingan Nonpengendali 1.589 10.846 “85,396
Laba per Saham Dasar/Dilusian yang Dapat 0,0017 0,0017 001
Diatribusikan kepada Pemilik Entitas Induk

B. Neraca
Pada sisi laporan posisi keuangan atau neraca, Perseroan tercatat memiliki total aset senilai
AS$632,7 juta per 30 September 2025, atau meningkat 5,096 apabila dibandingkan dengan total
aset senilai AS$602,6 juta per 30 September 2024. Peningkatan total aset didorong oleh adanya
akuisisi sebanyak 2 unit kapal yang dilakukan Perseroan sampai dengan 30 September 2025,
masing-masing berupa 1 unit kapal tanker LNG dan 1 unit kapal tanker minyak.

Perseroan tercatat memiliki total liabilitas senilai AS$221,4 juta per 30 September 2025, atau
meningkat 9,596 apabila dibandingkan dengan total liabilitas senilai AS$202,2 juta per 30
September 2024. Peningkatan total liabilitas disebabkan oleh adanya pendanaan baru yang
dilakukan oleh Perseroan untuk mendukung terealisasinya pengakuisisian sebanyak 2 unit kapal
sampai dengan 30 September 2025.

Perseroan tercatat memiliki total ekuitas senilai AS$411,3 juta per 30 September 2025, atau
meningkat 2,796 apabila dibandingkan dengan total ekuitas senilai AS$400,3 juta per 30
September 2024. Peningkatan total ekuitas ditopang oleh laba periode berjalan yang dihasilkan
oleh Perseroan selama periode yang berakhir sampai dengan 30 September 2025.

Berikut Ringkasan atas Laporan Posisi Keuangan Konsolidasian Perseroan pada 30 September
2025 dan 31 Desember 2024.

Dalam AS$ (dolar Amerika Serikat)

Keterangan 30 September 2025 31 Desember 2024 | Perubahan
Total Aset 632.797.539 602.681.935 5,095
Total Liabilitas 221.460.578 202.290.540 95K
Total Ekuitas 411.336.961 400.391.395 2,79
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C. Arus Kas
Pada sisi laporan arus kas, Perseroan menghasilkan kas neto yang diperoleh dari aktivitas operasi
senilai AS$22,3 juta per 30 September 2025, atau meningkat 40,596 apabila dibandingkan dengan
kas neto yang diperoleh dari aktivitas operasi senilai AS$15,8 juta per 30 September 2024.
Peningkatan kas neto yang diperoleh dari aktivitas operasi disebabkan oleh pembayaran yang
lebih rendah kepada pemasok dan lainnya yang dilakukan oleh Perseroan, ditengah cukup
solidnya penerimaan dari pelanggan, serta adanya penurunan pada beban keuangan Perseroan.

Perseroan mencatat kas neto yang digunakan untuk aktivitas investasi senilai AS$41,6 juta per
30 September 2025, atau meningkat 380,24 apabila dibandingkan dengan kas neto yang
digunakan untuk aktivitas investasi senilai AS$8,6 juta per 30 September 2024. Peningkatan kas
neto yang digunakan untuk aktivitas investasi disebabkan oleh realisasi belanja modal Perseroan
berupa akuisisi 2 unit kapal sampai dengan 30 September 2025.

Perseroan mencatat kas neto yang diperoleh dari aktivitas pendanaan senilai AS$15,4 juta per
30 September 2025, dibandingkan dengan terjadinya kas neto yang digunakan untuk aktivitas
pendanaan senilai AS$10,0 juta per 30 September 2024. Perseroan diantaranya menerima
pinjaman bank senilai AS$37,5 juta serta adanya penerimaan liabilitas atas transaksi jual dan
sewa balik-neto senilai AS$ 18,8 juta per 30 September 2025, yang mana keduanya terkait dengan
pendanaan atas akuisisi kapal yang dilakukan Perseroan sampai dengan 30 September 2025.
Disamping itu, Perseroan juga melakukan pembayaran pinjaman bank senilai AS$36,3 juta per
30 September 2025. Sementara itu, per 30 September 2024 Perseroan tercatat hanya menerima
pinjaman bank senilai AS$29,6 juta serta melakukan pembayaran pinjaman bank senilai AS$36,8
juta sampai dengan 30 September 2024.

Berikut Ringkasan atas Laporan Arus Kas Konsolidasian Perseroan untuk periode 9 bulan berakhir
pada 30 September 2025 dan 2024.
Dalam AS$ (dolar Amerika Serikat)

Keterangan 30 September Perubahan
2025 2024

Kas neto yang diperoleh dari aktivitas operasi 22.300.095 15.875.205 40,545

Kas neto yang digunakan untuk aktivitas investasi (41.675.600) (8.678.108) 380,244

Kas neto yang diperoleh (digunakan) untuk 15.495.046 | (10.064.928) si

aktivitas pendanaan

Apakah setelah periode Laporan Keuangan Perseroan per 30 September 2025 tersebut, terdapat
perolehan kontrak atau sumber pendapatan baru yang signifikan oleh Perseroan, atau transaksi
lainnya yang bersifat material, yang dibelum diungkapkan oleh Perseroan? Jika iya, agar dielaborasi.
Penjelasan:

Setelah periode Laporan Keuangan Perseroan per 30 September 2025, tidak terdapat perolehan
kontrak atau sumber pendapatan baru yang signifikan oleh Perseroan, juga tidak terdapat transaksi
lainnya yang bersifat material, yang belum diungkapkan oleh Perseroan.

Meski demikian, dapat Perseroan sampaikan, bahwa atas kapal tanker minyak yang diakuisisi oleh
Perseroan pada kuartal Ill 2025, kapal tersebut telah memperoleh kontrak penyewaan dari
pelanggan. Pendapatan dari kapal tersebut memberikan kontribusi mulai kuartal IV 2025. Atas kapal
tanker LNG yang diakuisisi Perseroan pada kuartal | 2025, kapal tanker LNG tersebut juga telah
memperoleh kontrak penyewaan dari pelanggan. Pendapatan dari kapal tanker LNG telah
berkontribusi mulai kuartal Il 2025.

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Dapat Perseroan sampaikan pula, ditengah akuisisi kapal yang dilakukan, Perseroan telah melepas
sebanyak 2 unit kapal pada tahun 2025, sebagai bagian dari strategi manajemen armada kapal.
Perseroan memiliki kebijakan untuk melepas kapal yang usianya telah tinggi dan tidak lagi efisien
dalam kegiatan operasionalnya. Perseroan kemudian akan melihat peluang untuk mengakuisisi kapal
dengan usia yang lebih rendah.

Sehubungan dengan kegiatan bisnis Perseroan, agar dijelaskan:
a. Perkembangan terkini atas kegiatan bisnis yang dijalankan oleh Perseroan.
Penjelasan:
Ii. Segmen usaha pelayaran

Hingga saat ini, armada kapal tanker Perseroan melayani rantai distribusi pasokan migas
di Indonesia dalam rangka untuk memenuhi konsumsi migas masyarakat Indonesia,
dengan jalur pelayaran kapal utamanya yang mencakup berbagai wilayah perairan
Indonesia. Perseroan saat ini didukung oleh sebanyak 30 unit kapal tanker. Ke-30 unit
kapal tanker tersebut memiliki total kapasitas sebesar 1,4 juta DWT (Deadweight
Tonnage).

Keseluruhan kapal tanker Perseroan hingga saat ini telah tersewakan dengan baik
kepada para pelanggan. Kontrak utama atas kapal Perseroan merupakan kontrak
kontrak time charter. Kontrak time charter merupakan kontrak penyewaan kapal untuk
jangka waktu tertentu. Pada kontrak time charter, tarif penyewaan (charter rate) bersifat
tetap selama jangka waktu kontrak, dan karenanya memberikan visibilitas dari segi
pendapatan bagi Perseroan. Perseroan juga menyewakan kapalnya menggunakan
kontrak spot charter, dimana Perseroan menerima pendapatan sewa berdasarkan
perjalanan untuk membawa kargo dari suatu tempat menuju kepada tujuan yang
ditentukan oleh pelanggan.

il. Segmen usaha galangan kapal
Hingga saat ini, galangan kapal Perseroan masih aktif menyediakan jasa perbaikan dan
perawatan kapal, baik untuk kapal milik sendiri maupun kapal pihak ketiga. Dalam 3
tahun terakhir, galangan kapal Perseroan telah mampu menjaga utilisasinya dengan
mengerjakan proyek berkisar antara 20-30 unit kapal per tahun. Perseroan sebelumnya
juga telah menyelesaikan proyek pembangunan kapal Landing Craft Utility (LCU) di
galangan kapal.

Galangan kapal Perseroan saat ini telah memiliki portofolio yang cukup bervariasi mulai
dari pengerjaan pembangunan kapal maupun perbaikan dan perawatan kapal. Jenis
kapal yang telah ditangani galangan kapal Perseroan sejauh ini telah mencakup kapal
tanker minyak, kapal tanker kimia, kapal bulk, kapal navigasi, kapal perintis, kapal
kontainer, kapal Ro-Ro, dan sebagainya.

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b. Rencana strategis Perseroan selama tahun 2025-2026, meliputi perkembangan bisnis eksisting
dan rencana pengembangan bisnis baru (jika ada).
Penjelasan:
i. Segmen usaha pelayaran

Untuk bisnis pelayaran eksisting saat ini, selama tahun 2025-2026 Perseroan akan
memastikan seluruh armada kapal tankernya memiliki kontrak penyewaan dari
pelanggan, memastikan armada tanker menjalankan kegiatan docking dan perawatan
berkala secara tepat waktu, sehingga dengan perawatan yang baik armada kapal dapat
memberikan utilisasi yang optimal kepada Perseroan. Target utilisasi rata-rata untuk
kapal oleh Perseroan ialah pada tingkat di atas #8096 untuk tahun 2025-2026.

Untuk rencana pengembangan selama 2025-2026, Perseroan bermaksud untuk dapat
terus mengembangkan armada kapal tankernya. Pada 2025 Perseroan berhasil
merealisasikan pengakuisisian sebanyak 2 unit kapal tanker. Pada 2026 Perseroan akan
berupaya untuk tetap dapat menangkap peluang pasar yang tersedia. Rencana akuisisi
kapal yang dilakukan oleh Perseroan kedepannya akan memperhatikan adanya
kebutuhan/permintaan kapal dari industri migas. Akuisisi kapal juga akan dilakukan
dengan memperhatikan perkembangan harga kapal di pasar internasional, sehingga
investasi yang dilakukan Perseroan atas kapal dapat memberikan imbal hasil yang
diharapkan.

ii. Segmen usaha galangan kapal
Untuk bisnis galangan kapal eksisting saat ini, selama tahun 2025-2026 Perseroan
berupaya untuk dapat menjaga utilisasi galangan kapal yakni pengerjaan sebanyak 20-
30 proyek kapal per tahun, utamanya dari proyek perbaikan dan perawatan kapal.
Perseroan memastikan galangan kapal dapat selalu menyelesaikan semua pekerjaan
yang dipercayakan oleh pelanggan.

Untuk rencana pengembangan selama 2025-2026, Perseroan telah mendekati
penyelesaian pengembangan fasilitas jetty di galangan kapal. Dengan penyelesaian
fasilitas jetty tersebut, Perseroan nantinya berharap akan dapat menampung lebih
banyak kapal yang datang ke galangan kapal Perseroan.

4. Bagaimana perkembangan saat ini atas faktor-faktor makroekonomi maupun industri Perseroan

yang dapat mempengaruhi prospek usaha Perseroan kedepannya?

Penjelasan:

Faktor makroekonomi

- Ekonomi Indonesia yang terus bertumbuh merupakan penopang atas pertumbuhan permintaan
energi di Indonesia, termasuk energi jenis migas. Permintaan migas kemudian membutuhkan
pelayaran tanker untuk proses pendistribusiannya. Sampai dengan kuartal III 2025, pertumbuhan
ekonomi Indonesia masih tercatat berada diatas laju 596. Ekonomi kuartal IV 2025 dan tahun
2026, juga diestimasi masih akan tumbuh diatas 596.

- Terkait dengan kurs rupiah yang cenderung melemah terhadap mata uang dolar Amerika Serikat,
Perseroan menyampaikan bahwa kontrak penyewaan kapal Perseroan menggunakan acuan
mata uang dolar Amerika Serikat. Pendanaan Perseroan yang mana berupa pinjaman kepada
kreditur, sebagian besarnya juga dalam mata uang dolar Amerika Serikat. Perseroan melihat

adanya lindung nilai alamiah (natural hedging) bagi Perseroan sehubungan dengan risiko
fluktuasi mata uang.

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- Atas risiko suku bunga, hingga saat ini suku bunga pinjaman Perseroan secara umum masih
berada pada level yang cukup stabil. Bank Indonesia masih mempertahankan suku bunga
acuannya pada level yang cukup rendah 4,7596, sedangkan bank sentral negara lain seperti
Amerika Serikat juga masih cenderung mempertahankan kebijakan suku bunga rendah.
Perseroan melihat risiko suku bunga yang masih cukup terkendali atas seluruh pinjaman yang
dimiliki Perseroan hingga saat ini.

Faktor industri

- Untuk segmen pelayaran minyak, Pemerintah Indonesia masih terus berupaya mendorong
produksi dan lifting minyak bumi di Indonesia. Pada 2025 lifting minyak bumi dilaporkan sekitar
605 ribu bph (barel per hari). Pemerintah juga bermaksud untuk mendorong reaktivasi sekitar 5
ribu sumur tua agar dapat kembali berproduksi dalam rangka untuk mendukung ketahanan
energi nasional. Volum penjualan BBM di Indonesia tercatat meningkat secara konsisten dari 65
juta ton pada 2020 menjadi 82 juta ton tahun 2024, berdasarkan data terakhir yang tersedia dari
Kementerian ESDM. Produksi dan konsumsi minyak yang meningkat akan memberi dampak
positif terhadap kebutuhan transportasi minyak melalui jalur laut.

- Untuk segmen pelayaran gas, Pemerintah Indonesia juga berupaya untuk mendorong produksi
dan lifting gas bumi di Indonesia. Pada 2025 lifting gas bumi dilaporkan sekitar 951 ribu bph.
Volum pemakaian LNG di Indonesia juga tercatat meningkat secara konsisten dari 174 juta
MMBTU (Million British Thermal Unit) pada 2020 menjadi 254 juta MMBTU pada 2024,
berdasarkan data terakhir yang tersedia dari Kementerian ESDM. Produksi dan konsumsi gas
yang meningkat akan memberi dampak positif terhadap kebutuhan transportasi gas melalui jalur
laut.

5. Bagaimana kondisi persaingan usaha Perseroan saat ini? Apakah terdapat pergeseran pangsa pasar
yang signifikan?
Penjelasan:
i. Segmen usaha pelayaran
Dengan total kapasitas armada kapal Perseroan pada saat ini yang sebesar 1,4 juta DWT,
kapasitas tersebut mencerminkan pangsa pasar sekitar 1845 apabila menggunakan data
jumlah kapal tanker minyak berbendera Indonesia sebesar 7,8 juta DWT pada 2025,
menurut data UN Trade & Development. Perseroan belum melihat adanya pergeseran

pasar yang signifikan yang terjadi di dalam industri pelayaran tanker Indonesia pada saat
ini.

Persaingan usaha industri pelayaran tanker umumnya lebih ketat terjadi pada segmen
tanker ukuran kecil. Sementara untuk segmen tanker ukuran besar, umumnya memiliki
hambatan masuk (barrier to entry) yang lebih tinggi, diantaranya disebabkan karena
tanker ukuran besar membutuhkan investasi yang lebih besar, adanya keterbatasan
sumber pembiayaan dari pemilik kapal untuk melakukan investasi, serta keterbatasan
pada aspek operasional untuk mengoperasikan kapal ukuran besar. Oleh karenanya,
persaingan pada segmen tanker ukuran besar menjadi lebih terbatas dibanding tanker
ukuran kecil. Sejauh ini, Perseroan masih dapat dengan cukup baik mempertahankan
posisinya sebagai salah satu operator tanker terbesar di Indonesia.

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ii. Segmen usaha galangan kapal

Indonesia saat ini memiliki sekitar 342 galangan kapal, menurut data dari Kementerian
Perindustrian. Meski demikian, galangan kapal yang memiliki fasilitas memadai sangat
terbatas jumlahnya. Galangan kapal nasional menghadapi berbagai tantangan untuk
dapat berkembang, diantaranya mencakup tantangan ketersediaan modal kerja dan
investasi, daya saing, serta sumber daya manusia. Perseroan sendiri melihat galangan
kapal di Indonesia memiliki peluang yang luas dari segi permintaan, hal ini seiring
dengan pemberlakuan azas cabotage di Indonesia yang telah mendorong
bertumbuhnya jumlah kapal berbendera Indonesia.

Kapal-kapal berbendera Indonesia tersebut membutuhkan perbaikan dan perawatan
berkala di galangan kapal. Kapal berbendera Indonesia yang usianya telah tua juga
membutuhkan peremajaan melalui pembangunan kapal baru. Perseroan melihat
persaingan usaha di dalam industri galangan kapal domestik, lebih ditentukan oleh
kemampuan tiap galangan kapal untuk menaikkan daya saingnya. Perseroan belum
melihat adanya pergeseran pasar yang signifikan yang terjadi di dalam industri galangan
kapal nasional hingga saat ini.

6. Apakah saat ini terdapat kejadian perkara hukum yang sedang dihadapi oleh Perseroan, Anak Usaha
Perseroan dan/atau anggota Direksi dan anggota Dewan Komisaris Perseroan yang berdampak
material, yang belum diungkapkan oleh Perseroan? Jika ada, agar dielaborasi.

Penjelasan:

Perseroan menyampaikan bahwa sampai dengan tanggal surat ini, tidak terdapat kejadian perkara
hukum yang sedang dihadapi oleh Perseroan, Anak Usaha Perseroan, dan/atau anggota Direksi dan
anggota Dewan Komisaris Perseroan yang berdampak material, yang belum diungkapkan oleh
Perseroan.

7. Bagaimana analisa manajemen Perseroan terkait dengan penyebab dari pergerakan harga saham
Perseroan?
Penjelasan:
Perseroan melihat adanya antusiasme atas saham-saham sektor pelayaran tanker dalam beberapa
waktu belakangan ini, ditengah antusiasme yang terjadi pada pasar saham Indonesia secara
keseluruhan, yang mana ditunjukkan oleh kenaikan Indeks Harga Saham Gabungan (IHSG) yang
tercatat meningkat sekitar 2896 dalam 1 tahun terakhir.

Dalam antusiasme tersebut, Perseroan melihat pasar melakukan penyesuaian atas valuasi saham
Perseroan, dimana valuasi Price-to-Earning Ratio (PE Ratio) saham Perseroan menjadi 17,80 kali,
berdasarkan harga penutupan saham Perseroan per tanggal 15 Januari 2026 pada Rp705 dengan
kinerja EPS (Earnings per Share) atau Laba Bersih per Saham Perseroan yang senilai Rp39,61/saham
selama periode 12 bulan terakhir sampai dengan 30 September 2025. Dibandingkan dengan periode
yang sama tahun sebelumnya, PE Ratio saham Perseroan berada pada posisi 5,63 kali berdasarkan
harga penutupan saham Perseroan per tanggal 15 Januari 2025 pada Rp163 dengan kinerja EPS yang
senilai Rp28,96/saham selama periode 12 bulan yang berakhir pada 30 September 2024.

Menggunakan valuasi Price-to-Book Value Ratio (PBV Ratio), maka PBV Ratio saham Perseroan
berada pada posisi 0,73 kali berdasarkan harga penutupan saham Perseroan pada tanggal 15 Januari
2025 pada Rp705 dengan kinerja Book Value per Share (BVS) atau Nilai Buku per Saham senilai
Rp971/saham pada tanggal 30 September 2025. Dibandingkan dengan periode yang sama tahun
sebelumnya, PBV Ratio saham Perseroan berada pada posisi 0,19 kali berdasarkan harga penutupan

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saham Perseroan pada tanggal 15 Januari 2025 pada Rp163 dengan kinerja BVS senilai Rp846/saham
pada tanggal 30 September 2024.

Perseroan melihat adanya penyesuaian valuasi atas saham Perseroan terhadap valuasi pasar saat ini.
Berdasarkan data dari Bursa Efek Indonesia, PE Ratio IHSG pada penutupan perdagangan 15 Januari
2026 berada pada besaran 17,05 kali dan PBV Ratio IHSG pada besaran 2,58 kali. Sementara itu,
beberapa saham sektor pelayaran tanker lainnya, memiliki valuasi PE Ratio berkisar antara 35,39 kali
sampai dengan 83,42 kali, serta valuasi PBV Ratio berkisar antara 1,40 kali sampai dengan 7,68 kali.

Kondisi cukup stabilnya permintaan penyewaan kapal tanker hingga saat ini khususnya di dalam
negeri, menurut Perseroan, dapat juga menjadi dukungan bagi pelaku pasar untuk berinvestasi di
saham emiten pelayaran tanker.

Perseroan menyampaikan kepada para pelaku pasar untuk tetap memperhatikan kewajaran atas
harga saham Perseroan agar sesuai dengan kinerja fundamental Perseroan. Perseroan
menyampaikan agar pelaku pasar tetap memperhatikan faktor risiko dalam membuat kebijakan
investasi pada saham Perseroan.

Apakah terdapat informasi material di media massa yang dapat memengaruhi harga efek Perusahaan
Tercatat dan/atau keputusan investasi pemodal, serta belum pernah dilaporkan kepada Bursa atau
sudah pernah dilaporkan namun tidak secara lengkap, atau informasi material di media massa
tersebut tidak benar? Jika ada, maka agar diklarifikasi dan dielaborasi.

Penjelasan:

Berdasarkan pengamatan Perseroan atas pemberitaan media massa, Perseroan melihat tidak
terdapat informasi material di media massa yang dapat memengaruhi harga efek Perseroan dan/atau
keputusan investasi pemodal, serta belum pernah dilaporkan kepada Bursa atau sudah pernah
dilaporkan namun tidak secara lengkap, ataupun informasi material di media massa yang tidak benar.

Tema pemberitaan media massa atas Perseroan hingga saat ini, diantaranya adalah terkait dengan
pembentukan entitas anak Perseroan yang dilakukan sepanjang tahun 2025, akuisisi kapal tanker
LNG yang dilakukan Perseroan pada kuartal | 2025, pembagian dividen tunai kepada para pemegang
saham Perseroan berdasarkan hasil RUPS Tahunan Perseroan pada tanggal 23 Juni 2025, kinerja
keuangan Perseroan berdasarkan Laporan Keuangan Konsolidasian sampai dengan tanggal 30
September 2025, pemberitaan sehubungan dengan pemaparan Public Expose Insidental yang
dilaksanakan Perseroan pada tanggal 8 Januari 2026, serta pemberitaan terkait pengumuman Bursa
Efek Indonesia pada tanggal 2 Januari 2026 dan 12 Januari 2026 sehubungan dengan penghentian
sementara perdagangan saham Perseroan.

Apakah terdapat informasi atau fakta material lainnya yang dapat memengaruhi harga efek
Perusahaan Tercatat dan/atau keputusan investasi pemodal, namun belum pernah diungkapkan
Perseroan? Jika ada, agar diungkapkan dan dielaborasi.

Penjelasan:

Sampai dengan tanggal surat ini, Perseroan menyampaikan bahwa tidak terdapat informasi atau
fakta material lainnya yang dapat memengaruhi harga efek Perseroan dan/atau keputusan investasi
pemodal, namun belum pernah diungkapkan Perseroan.

PT. Soechi Lines Tbk. R4 462 21 80861000
Sahid Sudirman Center 51" Floor C3 corsec@soechi.com
Jl. Jend. Sudirman, Kav. 86, Jakarta Pusat, 10220 - Indonesia @& wwusoechi.com 8

Sx SOECHI

Demikian dapat kami sampaikan. Atas perhatiannya, kami ucapkan terima kasih.

Hormat kami,
PT Soechi Lines Tbk

Direktur & Sekretaris Perusahaan

PT, Soechi Lines Tbk. R4 462 21 80861000
Sahid Sudirman Center 51" Floor & corsec@soechi.com
Jl. Jend, Sudirman, Kav. 86, Jakarta Pusat, 10220 — Indonesia @ wwsoechicom 9

$£ SOECHI

Due to Indonesia Stock Exchange Letter Number S-00563/BEI.PP2/01-2026 regarding the Stock Exchange
Reguest for Explanation dated January 15, 2026, PT Soechi Lines Tbk ("the Company") on January 19,
2026 submits the following response:

1.

The Company to explain the Company's financial condition and performance based on the
Company's Financial Report as of September 30, 2025.

Explanation:

A. Profit and Loss

On the profit and loss, the Company reported net revenues of US$118.0 million as of September
30, 2025, a decrease of 2.04 compared to net revenues of US$120.4 million as of September 30,
2024. Net revenues as of September 30, 2025, were contributed 8746 by the shipping segment
and 134 by the shipyard segment. Revenues from the shipping segment decreased 2.896, while
revenues from the shipyard segment increased 4.546.

The decrease in the shipping revenues was due to the disposal of two vessels made by the
Company in 2024, and as a result those vessels no longer give contribution to revenues in 2025.
Of the two vessels acguired in 2025, one was acguired in the third guarter of 2025, hence the
vessel provided revenues only starting fourth guarter of 2025. The increase in shipyard revenues
was mainly supported by the increased vessel repair and maintenance projects handled by the
shipyard.

EBITDA (Earnings Before Interest, Tax, Depreciation, & Amortization) was reported at US$47.9
million as of September 30, 2025, an increase of 5.294 compared to EBITDA of US$45.6 million as
of September 30, 2024. The increase in EBITDA was supported by a fairly solid EBITDA margin of
40.65h as of September 30, 2025, compared to 37.996 as of September 30, 2024.

The Company reported income from operations of US$23.6 million as of September 30, 2025, an
increase of 1.796 compared to income from operations of US$23.2 million as of September 30,
2024. Profit for the period attributable to owners of the parent entity was US$12.0 million as of
September 30, 2025, a decrease of 0.796 compared to US$12.1 million as of September 30, 2024.

The Company's earnings per share were US$0.0017, or Rp28.5 using the exchange rate of
Rp16,680/US$ in the financial statements as of September 30, 2025, compared to earnings per
share of US$0.0017, or Rp26.1 using the exchange rate of Rp15,138/US$ in the financial
statements as of September 30, 2024.

As the following is the summary of the Company's Consolidated Statements of Profit or Loss and
Other Comprehensive Income for the 9-month period ended September 30, 2025 and 2024.
In US$ (United States dollar)
30 September
2025 2024
Net Revenues 118,036,314 | 120454312 2.096
EBITDA 7,975,054 45,619,001 5.296
Income from Operations 23,604,907 23,209,155 1.796
Profit for the Period Attributable to:
Owners of the Parent Entity 12,074,767 12,163,129 “0.790
Non-controlling Interests 1,589 10,846 85.396
Basic/Diluted Earnings per Share Attributable to 0.0017 0.0017 0.096
Owners of the Parent Entity

Remark

Change

PT. Soechi Lines Tbk. 1 462 21 80861000
Sahid Sudirman Center 51” Floor Mi corsec@soechi.com
Jl. Jend. Sudirman, Kav. 86, Jakarta Pusat, 10220 - Indonesia @ wwsoechi.com 1

$£ SOECHI

B. Balance Sheet
On the balance sheet, the Company recorded total assets of US$632.7 million as of September
30, 2025, an increase of 5.096 compared to total assets of US$602.6 million as of September 30,
2024. Increase in total assets was driven by the Company's acguisition of two vessels as of
September 30, 2025, comprising an LNG tanker and an oil tanker.

The Company reported total liabilities of US$221.4 million as of September 30, 2025, an increase
of 9.546 compared to total liabilities of US$202.2 million as of September 30, 2024. Increase in
total liabilities was due to new funding by the Company to support the realization of two vessels
acguisition made as of September 30, 2025.

The Company had total eguity of US$411,3 million as of September 30, 2025, an increase of 2.746
compared to total eguity of US$400.3 million as of September 30, 2024. Increase in total eguity
was supported by the Company's profit generated during the period ended September 30, 2025.

As the following is the summary of the Company's Consolidated Statements of Financial Position
on September 30, 2025 and December 31, 2024.
In US$ (United States dollar)

Remark 30 September 2025 31 December 2024 Change

Total Assets 632,797,539 602,681,935 5.096

Total Liabilities 221,460,578 202,290,540 9.590

Total Eguity 411,336,961 400,391,395 27K
C. Cash Flow

On the cash flow statement, the Company generated net cash provided by operating activities
of US$22.3 million as of September 30, 2025, an increase of 40.594 compared to net cash
provided by operating activities of US$15.8 million as of September 30, 2024. Increase in net
cash provided by operating activities was due to lower payments to suppliers and others made
by the Company, amidst the strong receipts from customers, as well as there was decrease in the
Company's payment for financing costs.

The Company reported net cash used in investing activities of US$41.6 million as of September
30, 2025, an increase of 380.24 compared to net cash used in investing activities of US$8.6
million as of September 30, 2024. Increase in net cash used in investing activities was related to

the Company's capital expenditures due to the acguisition of two vessels up to September 30,
2025.

The Company reported a net cash provided by financing activities of US$15.4 million as of
September 30, 2025, compared to a net cash used in financing activities of US$10.0 million as of
September 30, 2024. The Company inter-alia received proceeds from bank loans of US$37.5
million and received proceeds from liabilities on sale and leaseback transaction — net of US$18.8
million as of September 30, 2025, both related to the financing of vessel acguisitions by the
Company as of September 30, 2025. The Company also made payments of bank loan amounting
to US$36.3 million as of September 30, 2025. Compared to the period as of September 30, 2024,
the Company reported to only receive the proceeds from bank lIoans of US$29.6 million while
made payments of bank loan amounting to US$36.8 million as of September 30, 2024.

PT. Soechi Lines Tbk. RL 462 21 80861000
Sahid Sudirman Center 51” Floor BM corsec@soechi.com
Jl. Jend. Sudirman, Kav. 86, Jakarta Pusat, 10220 — Indonesia @ wwsoechi.com 2

$£ SOECHI

As the following is the summary of the Company's Consolidated Statements of Cash Flows for
the 9-month period ended September 30, 2025 and 2024.
In US$ (United States dollar)

Remark J0 Gapsember 2024 Change
Net Cash Provided by Operating Activities 22,300,095 15,875,205 40.5K
Net Cash Used in Investing Activities (41,675,600) (8,678,108) 380.216
Net Cash Provided by (Used in) Financing Activities 15,495,046 | (10,064,928) -

2. After the Company's Financial Report period as of September 30, 2025, has the Company obtained
any significant new contracts or revenue sources, or any other material transactions that have not
been disclosed by the Company? If so, please elaborate.

Explanation:

After the Company's Financial Report period as of September 30, 2025, there are no significant new
contracts Or revenue sources acguired by the Company, as well as no any other material transactions
that have not been disclosed by the Company.

However, the Company would like to convey that the oil tanker acguired by the Company in the third
guarter of 2025 has secured charter contract from customer. Revenue from this vessel gives
contribution starting in the fourth guarter of 2025. The LNG tanker acguired by the Company in the
first guarter of 2025 has also secured charter contract from customer. Revenue from this LNG tanker
gives contribution starting in the second guarter of 2025.

The Company also would like to address, amidst the vessel acguisitions it made, the Company also
disposed two vessels in 2025 as part of its fleet management strategy. The Company has policy of
disposing vessel which has reached a certain old age and is considered to no longer have efficient
operation. The Company will explore opportunities to acguire vessels of younger age.

3. With regard to the Company's business activities, please explain:
a. The latest developments in the Company's business activities.
Explanation:
Ii. Shipping business segment
As of now, the Company's tanker fleet serves the oil and gas supply chain in Indonesia
in order to meet Indonesian people oil & gas consumption, with its main shipping routes
covering various Indonesian waters. The Company currently operates 30 tankers. These
30 tankers have a total capacity of 14 million Deadweight Tonnage (DWT).

The Company's overall tankers have currently secured good contracts from customers.
The Company's has time charter contract as the main contract for its vessels. Time
charter contract is a charter contract for a certain period. In time charter contract, the
vessel charter rate is fixed during the contract period, and due to this it provides
revenues visibility for the Company. The Company also charters out its vessels using spot
Charter contract, where the Company receives revenues by voyage, transporting cargo
from one location to a destination as specified by customer.

ii. Shipyard business segment
As of now, the Company's shipyard continues to actively serve vessel repair and
maintenance projects, for its own vessels as well as for third party vessels. In the last 3
years, the Company's shipyard has managed to well-maintain its utilization rate, by

PT. Soechi Lines Tbk. Ru 462 21 80861000
Sahid Sudirman Center 51” Floor MA corsec@soechi.com

Jl. Jend. Sudirman, Kav. 86, Jakarta Pusat, 10220 - Indonesia @&@ wwsoechi.com 3

3 SOECHI

handling projects ranging from 20 to 30 vessels per year. The Company previously has
also completed a Landing Craft Utility (LCU) newbuilding at the shipyard.

The Company's shipyard currently has a diverse portfolio, in terms of newbuilding as
well as repair and maintenance projects. Vessel types which have been handled by the
shipyard so far are including oil tankers, chemical tankers, bulk carriers, navigation
vessels, pioneer vessel, container vessel, Ro-Ro vessels, etc.

b. The Company's strategic plan for 2025-2026, including existing business development and new
business development plans (if any).
Explanation:

Shipping business segment

For its existing shipping business, during 2025-2026, the Company intends to ensure
that its entire tanker fleet has contracts with customers, ensure that its tanker fleet would
undergo docking and periodic maintenance in a timely manner, and therefore with good
maintenance the vessels will provide optimal utilization for the Company. The
Company's targets to maintain an average vessel utilization at above 8096 for 2025-2026.

In regard with business development plan for 2025-2026, the Company intends to
continue expanding its tanker fleet. In 2025, the Company managed to acguire two
tanker vessels. In 2026, the Company intends to continue seizing the market
opportunities. The Company's plan regarding future vessel acguisition will mainly
consider the reguirement of tanker vessel from the oil and gas industry. Vessel
acguisition shall also be made by matching it with the vessel prices in the international
market, to make sure the Company's investment in vessel can deliver the expected
returns.

Shipyard business segment

For its existing shipyard business, the Company intends to maintain its shipyard
utilization during 2025-2026, i.e. maintaining to handle up to 20-30 vessel projects per
year, mainly projects from ship repair and maintenance. The Company should make sure
that the shipyard can consistently deliver the work trusted by the customers.

In regard with business development plan for 2025-2026, the Company is to complete
the jetty facility development at the shipyard. With the completion of the jetty

development, the Company expects to have capacity to accommodate more vessels at
the shipyard

What are the current developments in the Company's macroeconomic and industrial factors that

could influence the Company's future business prospects??

Explanation:

Macroeconomic factors

- Indonesia's economic growth is the sustaining factor of the rising energy demand in Indonesia,
including for oil and gas. The oil and gas demand reguires the use of tanker shipping to support
the distribution activities. As of the third guarter of 2025, Indonesia's economic growth has

remained above 596, and the economy in the fourth guarter of 2025 and the year 2026 is also
expected to grow above 54.

PT. Soechi Lines Tbk.
Sahid Sudirman Center 51" Floor

LL 462 21 80861000
B corsec@soechi.com

Jl Jend. Sudirman, Kav. 86, Jakarta Pusat, 10220 - Indonesia @ wwwsoechi.com 4

s£ SOECHI

- With regard to the rupiah exchange rate which has tended to weaken against the United States
dollar, the Company notes that its vessel charter contracts mainly have U.S. dollars base. The
Company's financing in terms of the loans from creditors, is also mainly denominated in U.S.
dollars. The Company considers that it has natural hedging against the currency fluctuation risks.

- With regard with interest rate risk, the Company's loan interest rates have generally remained at
relatively stable levels. Bank Indonesia has maintained its benchmark interest rate at a relatively
low level of 4.7596, while central banks in other countries such as the US have also tended to
maintain low interest rate policies. The Company sees a well-controlled interest rate risk
regarding its current outstanding debt.

Industry factors

- For oil shipping segment, the Indonesian Government is in continuous effort to encourage the
crude oil production and lifting in Indonesia. In 2025, crude oil lifting was reported at
approximately 605 thousand barrels per day (bpd). The Government also intends to encourage
the reactivation of around 5,000 mature oil wells to resume production in support of national
energy security. Oil fuel sales volumes in Indonesia have shown a consistent increase, rising from
65 million tons in 2020 to 82 million tons in 2024, based on the latest available data from the
Ministry of Energy and Mineral Resources. Rising oil production and consumption should have
positive impact on the demand for sea transportation for oil.

- For gas shipping segment, the Indonesian Government is also in continuous effort to encourage
the gas production and lifting in Indonesia. In 2025, gas lifting was reported at approximately
951 thousand barrels per day (bpd). Domestic LNG consumption volumes have also shown a
consistent increase, rising from 174 million MMBTU (Million British Thermal Units) in 2020 to 254
million MMBTU in 2024, based on the latest available data from the Ministry of Energy and
Mineral Resources. Rising gas production and consumption should have positive impact on the
demand for sea transportation for gas.

5. What is the current situation of the Company's business competition? Is there a significant shift in
the market share??

Explanation:
Shipping business segment
With the Company's current total fleet capacity of 1.4 million DWT, the capacity
represents an estimated market share of around 1896, based on the total Indonesian-
flagged oil tanker fleet amounted to 7.8 million DWT in 2025, according to UN Trade &

Development. The Company has not seen any significant market shifts within the
Indonesian tanker shipping industry.

Competition in the tanker shipping industry is generally more competitive in the smaller
sized tanker segment. While large sized tanker segment has higher barriers to entry,
mmainly due to higher capital investment for big vessel, limited availability of financing by
shipowners, and operational concern in bigger vessel operation. As a result, competition
in the large sized tanker segment is more limited compared to the small sized tanker

segment. As of now, the Company has been able to effectively maintain its position as
one of the largest tanker operators in Indonesia.

PT. Soechi Lines Tbk.
Sahid Sudirman Center 51" Floor

KL 462 21 80861000

& corsec@soechi.com
Jl. Jend. Sudirman, Kav. 86, Jakarta Pusat, 10220 - Indonesia @ wwsoechi.com 5

$£ SOECHI

ii. Shipyard business segment
Indonesia currently has approximately 342 shipyards, according to data from the
Ministry of Industry. Nevertheless, the number of shipyards with adeguate facilities
remains very limited. Domestic shipyards face various challenges to grow, including
challenges in limited availability of working capital and investment, competitiveness, and
human resource. The Company believes that Indonesian shipyards have good
opportunity in terms of the demand, in line with the implementation of the cabotage

principle in Indonesia, which has driven growth in the number of Indonesian-flagged
vessels.

Indonesian-flagged vessels reguire regular repair and maintenance services at shipyards.
Older Indonesian-flagged vessels also reguire fleet renewal through newbuilding. The
Company believes that competition in the domestic shipyard industry is mainly
determined by each shipyard's ability to increase its competitiveness. As of now, the
Company has not seen any significant market shifts within the national shipyard industry.

6. Are there any legal cases currently being faced by the Company, its subsidiaries and/or members of
the Board of Directors and members of the Board of Commissioners that have a material impact,
which have not been disclosed by the Company? If so, please elaborate.

Explanation:

The Company informs that as of the date of this letter, there are no legal cases currently being faced
by the Company, the Company's Subsidiaries, and/or members of the Board of Directors and
members of the Board of Commissioners of the Company that have a material impact, which have
not been disclosed by the Company.

7. How does the Company's management analyze the causes of the Company's share price
movements?
Explanation:
The Company has seen recent enthusiasm for tanker shipping stocks, amidst the overall optimism in
the Indonesian stock market, as shown in the increase of Jakarta Composite Index (JCI), which has
increased around 28X in the last 1 year.

Within the enthusiasm, the Company sees that the market makes adjustment to the Company's
shares valuation, with the Price-to-Earnings Ratio (PE Ratio) of the Company's shares is currently at
17.80 times, based on the Company's closing share price of Rp705 as of January 15, 2026, with an
EPS (Earnings per Share) performance of Rp39.61/share for 12-month period ending September 30,
2025. Compared to the same period the previous year, the PE Ratio of the Company's shares was at
5.63 times, based on the Company's closing share price of Rp163 on January 15, 2025, with an EPS
performance of Rp28.96/share for the 12-month period ending September 30, 2024.

Using the Price-to-Book Value Ratio (PBV Ratio), the PBV Ratio of the Company's shares is at 0.73
times, based on the Company's closing share price as of January 15, 2025. 2025 at Rp705, with a
Book Value per Share (BVS) performance of Rp971/share on September 30, 2025. Compared to the
same period the previous year, the Company's PBV Ratio was at 0.19 times, based on the Company's

closing share price of Rp163 on January 15, 2025, with a BVS performance of Rp846/share on
September 30, 2024.

PT. Soechi Lines Tbk. Ra #62 21 80861000

Sahid Sudirman Center 51 Floor E corsec@soechi.com

Jl. Jend. Sudirman, Kav. 86, Jakarta Pusat, 10220 - Indonesia & wwwsoechi.com 6

$£ SOECHI

The Company sees there is an adjustment in the valuation of the Company's shares toward current
market valuations. Based on data from the Indonesia Stock Exchange, the JCI's PE Ratio at the close
of trading on January 15, 2026, is at 17.05 times, and its PBV Ratio is at 2.58 times. Meanwhile, several
other tanker shipping stocks have PE ratios ranging from 35.39 times to 83.42 times, and PBV ratios
ranging from 1.40 time to 7.68 times.

The continuous stable demand for tanker charter particularly in the domestic market, according to
the Company, may also be a propelling factor for market participants to invest in tanker shipping
stocks.

The Company would like to address to the market participants to pay attention regarding the fairness
of the Company's share price in relation to its fundamental performance. The Company also would
like the market participants to pay attention the risk factors in making any investment decision
toward the Company's shares.

8. Is there any material information in the mass media that could influence the price of the Listed
Company's securities and/or investors' investment decisions, and that has not been reported to the
Stock Exchange or has been reported but not in full, or is the material information in the mass media
incorrect? If so, please clarify and elaborate.

Explanation:

Based on the Company's monitoring of mass media coverage, the Company notices no material
information in the media that could influence the price of the Company's securities and/or investors'
investment decisions, and that has not been reported to the Stock Exchange or has been reported
but not in full, and there is no material information which is incorrect in the mass media.

Media coverage about the Company, as of this date, was inter-alia regarding the establishment of
the Company's subsidiaries during 2025, the acguisition of the LNG tanker by the Company in the
first guarter of 2025, the payment of cash dividends to shareholders based on the results of the
Company's Annual General Meeting of Shareholders on June 23, 2025, the Company's financial
performance based on the Consolidated Financial Statements up to September 30, 2025, coverage
related to the Company's Incidental Public Expose on January 8, 2026, and news related to the
announcement of the Indonesia Stock Exchange on January 2, 2026 and Januari 12, 2026 regarding
the temporary suspension of the Company's shares trading.

9. Is there any other material information or facts that could affect the price of the Listed Company's
securities and/or investors' investment decisions, but which the Company has not previously
disclosed? If so, please disclose and elaborate.

Explanation:
As of the date of this letter, the Company informs that there are no other material information or

facts that could affect the price of the Company's securities and/or investors' investment decisions,
which the Company has not yet disclosed.

PT. Soechi Lines Tbk.
Sahid Sudirman Center 51" Floor

R4 462 21 80861000

B3 corsec@soechi.com
Jl. Jend. Sudirman, Kav. 86, Jakarta Pusat, 10220 - Indonesia @ wwwsoechi.com 7