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Annual Public Expose 2025 PT Barito Renewables Energy Tbk.
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Disclaimer
This material provides general information about PT Barito Renewables Energy Tbk (“BREN” or the “Company”) and is intended solely for informational purposes. Investors
are encouraged to assess its suitability for their investment needs and seek professional advice tailored to their specific situation. Reliance on this material is undertaken
entirely at the individual's own risk. The information herein is not an offer to sell or a solicitation to purchase securities or interests in the Company, nor is it intended to
provide, and should not be relied on for, investment, tax, legal or financial advice. To the maximum extent permitted by applicable law and regulation, the Company disclaims
all rematerials, warranties, conditions and guarantees, whether express, implied, statutory or of other otherwise, and assumes no duty to any person in connection with this
material.
Without prejudice to the generality of the foregoing, while the material has been diligently prepared, the Company does not warrant or represent that the information or
opinions contained herein is accurate or complete and this material does not encompass all of the information that may be required by Investors to evaluate its presents or
future investment in the Company. Investors are responsible for reviewing the adequacy, accuracy, reliability, and/or completeness of any information or the content of this
material available on this website or fitness for any particular purpose with respect to this material. To the maximum extent permitted by applicable law and regulation, the
Company shall not be liable for any any direct or indirect loss, damage, or expense arising in contract, tort (including negligence), strict liability, or otherwise, including
incidental, consequential, punitive, or special damages, associated with this material, including (without limitation) any course of action taken on the basis of the same.
This material contains “forward-looking” statements that relate to future events which are, by their nature, subject to significant risks and uncertainties. All statements
regarding future financial positions, estimates, strategies, plans, goals, and targets, future developments are forward-looking. The realization of these forward-looking
statements involves known and unknown risks, uncertainties, and factors that may result in materially different outcomes. Such statements are based on numerous
assumptions regarding the Company’s present and future business strategies and operating environment and are not a guarantee of future performance. The Company
does not represent, warrant, or predict that the results anticipated by these forward-looking statements will be achieved. Such forward-looking statements represent, in each
case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario, nor any liability therefore (including direct, indirect or
consequential loss or damage). The Company does not undertake or expect to update or revise this material after its issuance to reflect events or circumstance afterward.
Past performance does not necessarily indicate future results. Investors are advised to consult with its legal, tax, financial and other advisors prior to purchase or subscribe
securities issued by the Company. Prospective investor should ensure that such transactions comply with rules and regulations of his or her domicile. The material is not
directed to any person in any jurisdiction where the publication or availability of the material is or would be prohibited.
PT BARITO RENEWABLES ENERGY TBK 2
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Agenda – Annual Public Expose 2025
• Company overview
• Operational and Financial Highlights
• 2025 Achievements
• Our Next Focus
• Outlook
• ESG Achievements
• Q&A
PT BARITO RENEWABLES ENERGY TBK 3
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Overview
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Indonesia’s Leading Clean Energy Producer
Business overview
Founded in 2018, BREN focuses on long term strategy to provide cleaner and lower emission
energy Over Operating
20 Years 4
Our vision is to provide clean energy for a brighter tomorrow in Indonesia and the world with a
mission to support Indonesia’s energy transition program by developing and operating 2,300 MW
power plant by 2032
of experience Assets
BREN owns Star Energy Geothermal, Indonesia’s leading geothermal energy producer, with an
installed capacity of 910 MW and operating 3 assets and 2 green field assets with an estimated capacity of
up to 1.43 GW
BREN through Barito Wind Energy, owned and operate 78.75 MW Sidrap I wind farm and 3 green field
with a potential capacity of 319 MW
Operational assets 910.3MW 78.75MW
Geothermal Wind
capacity capacity
Wayang Windu Salak Darajat Sidrap I
5 >1.7GW
Wayang Windu ratings Salak-Darajat ratings BREN rating Development Potential additional
assets capacity
Ba3 Baa3 idAA-
BB- BBB-
PT BARITO RENEWABLES ENERGY TBK 5
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Group Structure
(Simplified – As of October 2025)
Green Era Public
64.7% 23.0% 12.3%
100%
100% 99.9%
Barito Wind Energy
90% (1) 81% 4% 15% 49% 51% 99.9%
Sidrap I
Sidrap II
SEGPL SEGBV
100%
100%
Lombok OMI
Wayang Salak Sekincau
Hamiding
Windu Darajat Selatan
Sukabumi
SEGPL : Star Energy Geothermal Pte. Ltd SEGBV : Star Energy Geothermal (Salak Darajat) BV
(1) : Mitsubishi owned 10% of SEGPL
PT BARITO RENEWABLES ENERGY TBK 6
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9M2025 Operational & Financial Highlights
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9M25 Operational Highlights
Solid 9M25 geothermal generation growth supported by Salak Binary dan improved steam production
Net Generation (MWh) Net Capacity Factor
+4.5%
5,330
5,098 94.0% 92.0%
139 90.0%
180
87.0%
3,812
3,650
35%
27%
1,268 1,379
9M24 9M25 9M24 9M25 9M24 9M25 9M24 9M25
Wind Electricity Geothermal Electricity Geothermal Steam
PT BARITO RENEWABLES ENERGY TBK 8
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Financial Highlights
Strong 9M2025 financial results driven by higher generation and improved operational efficiency
2021 2022 2023 2024 4Y CAGR 9M24 9M25
Gross Installed
886 886 886 965 965 989 2.5%
capacity (MW)
Revenue 537 570 595 597 3.6% 441 457 3.6%
EBITDA 441 473 502 515 5.3% 377 399 5.7%
EBITDA margin 82.1% 83.0% 84.4% 86.3% 85.4% 87.1%
Net Profit 159 173 145 155 12.4% 111 132 19.1%
Net Profit margin 29.5% 30.3% 24.4% 26.0% 25.1% 28.8%
The Company delivered strong financial results in 9M2025, with revenue growing by 3.6% YoY, EBITDA up by 5.7%, and
net profit rising by 19.1% YoY — reflecting improved operational efficiency and higher generation across assets
PT BARITO RENEWABLES ENERGY TBK 9
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Financial Highlights
Sustained asset growth and prudent financial management strengthen BREN’s balance sheet resilience
and capacity for future expansion
Total Asset, in USD million Total Debt, in USD million Net Debt to Equity Ratio (x)
3,788 3,835
3,442 3,508
3,332 3,394
2,094 2,122 2,086
2,009
4.01
1,636 1,594
2.30 2.21
1.82
1.58
1.21
2020 2021 2022 2023 2024 9M25 2020 2021 2022 2023 2024 9M25 2020 2021 2022 2023 2024 9M25
BREN’s balance sheet continues to strengthen, supported by steady asset growth and disciplined financial management. This
solid foundation provides the flexibility to fund ongoing developments and positions the Company to capture future
opportunities in Indonesia’s renewable energy expansion.
PT BARITO RENEWABLES ENERGY TBK 10
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2025 Achievements
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Our 2025 Achievements
We have completed 2 projects during 2025 which increased our geothermal capacity to 910 MW
Salak Binary Salak Retrofit
The Salak Binary Unit, commissioned in early 2025, Completed in 3Q 2025, the Salak Unit 4,5 and 6
added 16.6 MW of new capacity to our geothermal Retrofit program added 7.7 MW of incremental
portfolio. The unit has exceeded initial performance capacity, surpassing expectations of 7.2 MW. The
expectations of 14.2 MW, showcasing our ability to project demonstrates our proven ability to unlock
enhance output through technology optimization further value from mature geothermal fields through
and efficient resource utilization. targeted efficiency improvements.
PT BARITO RENEWABLES ENERGY TBK 12
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Our 2025 Achievements
Marking a new milestone in expanding Indonesia’s geothermal frontier in Eastern Indonesia
The first exploration drilling in Hamiding marks the beginning of the initial 50 MW development phase,
part of a broader plan to reach up to 300 MW of geothermal capacity. Conducted under the highest
safety and environmental standards, this milestone reflects strong collaboration between the
government, regional stakeholders, and local communities—supporting Indonesia’s clean energy
transition while creating local economic opportunities through jobs, MSME participation, and technology
transfer.
PT BARITO RENEWABLES ENERGY TBK 13
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Our Next Focus
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Our Short-term Growth Plans
Strengthening Our Growth Pipeline with Over 95 MW of Additional Capacity Under Construction
Additional Completion
Projects Status Capacity Target
New Plant Developments/Expansions
Wayang Windu Unit 3 Construction +30MW Q4 2026
Salak Unit 7 Construction +40MW Q4 2026
Capacity Increase of Existing Units
Wayang Windu Unit 1 & 2 Retrofit Construction +18.4MW Q4 2025
Darajat Unit 3 Retrofit Construction 2026
+7MW
PT BARITO RENEWABLES ENERGY TBK 15
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BREN’s pursuit of excellence is not a single achievement — it is a continuous
journey
By integrating cutting-edge technology, strong operational discipline, and a culture of improvement,
we transform challenges into milestones
Focus Area Key Action Outcome
Deploy AI-based risk alerts and rapid recovery Fewer dry holes, shorter drilling days,
Smarter Drilling
system to manage drilling incidents lower cost per well
Apply data driven lifetime assessments of critical
Predictive Higher plant availability, reduced
equipment and shift from preventive to predictive
Maintenance unplanned downtime
maintenance
Upgrade turbine blades, cooling systems, and
Efficiency
insulation to enhance energy conversion and asset Greater energy yield and longer asset life
Upgrades
longevity
Innovation, Lower operating costs, increase employee
Continuous process improvement, use AI to
Efficiency and productivity, and faster decision making
increase productivity, eliminate waste
Cost Discipline process
Continuous improvement remains central to BREN’s operating model — ensuring reliable performance, cost discipline, and
sustainable growth.
PT BARITO RENEWABLES ENERGY TBK 16
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Outlook
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Our Future Development Plans
Our growth roadmap focuses on reaching 1 GW by 2026 through optimization and expansion of existing
plants, and further scaling to 2.3 GW by 2032 through a pipeline of greenfield developments.
Geothermal Development Plan (in MW) Windfarm Development Plan (in MW)
2,430
Geothermal capacity addition under base case 99 398
scenario
Geothermal capacity addition under upside 525 Windfarm capacity addition
case scenario 1,905
220
900
77
910 18
79
Current 2025 2026 2027-2032 TOTAL Current 2028 2029-2032 TOTAL
Capacity Capacity
PT BARITO RENEWABLES ENERGY TBK 18
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ESG Achievements
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Recognised for Environmental and Safety Excellence
Barito Renewables’ community and environmental stewardship have been acknowledged by the highest
award distinction from the Indonesian government
Barito Renewables has won:
• 18 Gold Proper awards since 2008
• 24 Green Proper awards since 2010
• 30 zero accident award since 2015
• 19 Subroto Award – ADITAMA category since 2017
Type of Award Theme of Award Assets Total
Salak 6
Gold Proper from Ministry of Environment and
Environmental performance rating program in Darajat 3
Forestry
Indonesia organized by the Ministry of Environment Wayang Windu 9
and Forestry (Kementerian Lingkungan Hidup dan Salak 8
Green Proper from Ministry of Environment and
Kehutanan, KLHK) Darajat 9
Forestry
Wayang Windu 7
Salak 10
Zero Accident Award from Minister of Manpower Accolade given to companies or organizations that
Darajat 10
and Transmigration achieve exceptional safety standards
Wayang Windu 10
Salak 7
Subroto Award from Ministry of Energy and Honors outstanding achievements and contributions in
Darajat 6
Mineral the fields of energy and mineral resources
Wayang Windu 6
These recognitions affirm BREN’s enduring commitment to sustainability, operational safety, and responsible energy development.
PT BARITO RENEWABLES ENERGY TBK 20
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Thank you
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Q&A
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Star Energy Geothermal Pte. Ltd
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Ministry of Environment
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Kementerian Lingkungan Hidup
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Minister of Manpower
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Ministry of Energy
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