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Page 1
PT WINTERMAR OFFSHORE MARINE Tbk
Jl. Kebayoran Lama No 155
Jakarta 11560 Indonesia
Tel : 62 21 530 5201 / 2
Fax : 62 21 530 5203
www.wintermar.com
                                                                                                                   NO. 113/NL/X/2025
                                         NEWSLETTER # 113
                                          28th October 2025
                       RESULTS FOR THE NINE MONTHS ENDING 30 SEPTEMBER 2025

Wintermar booked a 25.1%YOY rise in                                      Wintermar membukukan kenaikan Laba Operasi
9M2025 Operating Profit to US$14.7million,                               sebesar 25.1%YOY pada 9M2025 menjadi
supported by an 11.6% increase in Owned                                  US$14.7juta, didukung oleh peningkatan
Vessel Revenue and rising Gross Margins                                  Pendapatan Kapal Milik sebesar 11.6% serta
                                                                         kenaikan Marjin Kotor
Owned Vessel Division                                                    Divisi Kapal Milik
Owned Vessel Revenue rose by 11.6%YOY to                                 Pendapatan Divisi Kapal Milik meningkat sebesar 11.6%YOY
US$50.3million for 9M2025, driven by a significant increase              menjadi US$50.3juta untuk periode 9M2025, didorong oleh
in High Tier vessel utilization to 76% for 9M2025 compared               peningkatan signifikan utilisasi kapal high tier menjadi 76% untuk
to 59% in 9M2024.                                                        9M2025 dibandingkan dengan 59% pada 9M2024.

Average charter rates for our fleet have risen around 5%                 Tarif sewa rata-rata untuk armada kami meningkat sekitar 5% sejak
since end 2024 whereas average utilization for 9M2025 was                akhir tahun 2024, sedangkan utilisasi rata-rata untuk 9M2025
60.4%, lower than utilization rates of 67% achieved in                   sebesar 60.4%, lebih rendah dibandingkan tingkat utilisasi 67%
9M2024. The lower utilization stemmed from the large                     pada 9M2024. Penurunan utilisasi ini disebabkan oleh banyaknya
number of spot contracts for our mid-tier fleet in 2025, which           kontrak spot pada armada mid-tier di tahun 2025, yang merupakan
is characteristic of this early phase of the oil and gas                 karakteristik dari fase awal siklus investasi minyak dan gas ini, di
investment cycle where most of the OSV demand is for                     mana sebagian besar permintaan OSV masih untuk kegiatan
seismic/survey or the exploration and construction, where                seismik/survey atau eksplorasi serta konstruksi, dengan proyek-
projects tend to be completed in several weeks. In the mid-              proyek yang umumnya hanya berlangsung beberapa minggu. Pada
tier segment, the utilization of HLB was lower in 3Q2025                 segmen mid-tier, utilisasi kapal HLB lebih rendah pada 3Q2025
compared to 2Q2025 due to completion of spot contracts.                  dibandingkan dengan 2Q2025 karena selesainya beberapa kontrak
                                                                         spot.

Overall, the higher charter rates for the fleet compensated for          Secara keseluruhan, kenaikan tarif sewa armada mengkompensasi
lower overall fleet utilization this year, leading to a rise in          penurunan utilisasi armada secara keseluruhan tahun ini, sehingga
gross margins for the Owned Vessel Division to 38% from                  margin kotor Divisi Kapal Milik meningkat menjadi 38% dari
30% in 9M2024. Total Gross Profit for the Owned Vessel                   sebelumnya 30% pada 9M2024. Total Laba kotor Divisi Kapal Milik
Division amounted to US$20.1million (+29.6%YOY) for                      tercatat sebesar US$20.1juta (+29.6%YOY) untuk 9M2025.
9M2025. Although the fleet is still impacted by fluctuations in          Meskipun armada masih terdampak oleh fluktuasi utilisasi antar
quarter-to-quarter utilization as the majority of vessels are still      kuartal karena sebagian besar kapal masih berada pada kontrak
on spot contracts, we are confident that there will be longer            spot, kami optimistis bahwa kontrak jangka panjang akan meningkat
term contracts coming up in 2026-2027 as more projects                   pada tahun 2026-2027, seiring dengan semakin banyaknya proyek
head into the development and production phase of the oil                yang memasuki tahap pengembangan dan produksi dalam siklus
and gas investment cycle.                                                investasi minyak dan gas.

Chartering Division and Other Services                                   Divisi Kapal Sewa dan Layanan Lainnya
Contribution from the Chartering Division has declined, with             Kontribusi dari Divisi Kapal Sewa menurun, dengan laba kotor
gross profit of US$0.35million for 9M2025 compared to                    sebesar US$0.35juta untuk 9M2025 dibandingkan US$1.2juta pada
US$1.2million in 9M2024. This was because a few chartered                9M2024. Hal ini dikarenakan beberapa kapal sewa telah
vessels completed a project which will not be resuming this              menyelesaikan proyek yang belum dilanjutkan pada tahun ini.
year. This reduction has been offset by higher Gross Profit              Penurunan ini diimbangi oleh peningkatan Laba Kotor dari Layanan
from Other Services, which rose 8.1%YOY to US$1.8million                 Lainnya, yang naik 8.1% YOY menjadi US$1.8juta, didorong oleh




                                             ISM Code & ISPS Compliant
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Page 2
PT WINTERMAR OFFSHORE MARINE Tbk
Jl. Kebayoran Lama No 155
Jakarta 11560 Indonesia
Tel : 62 21 530 5201 / 2
Fax : 62 21 530 5203
www.wintermar.com
                                                                                                               NO. 113/NL/X/2025
from an increase in commissions, fees and other service                peningkatan komisi, biaya, dan pendapatan jasa lainnya.
income.
Direct Expenses and Gross Profit                                       Biaya Langsung dan Laba Kotor
Total Owned Vessel Direct Costs rose by 2.2%YOY to                     Total biaya langsung Kapal Milik meningkat sebesar 2.2%YOY
US$30.2million for 9M2025, due to higher depreciation and              menjadi US$30.2 juta untuk 9M2025, dikarenakan meningkatnya
crewing costs.      Depreciation rose to US$10.5million                biaya depresiasi dan biaya awak kapal. Depresiasi naik menjadi
(+3.6%YOY) with the operation of 3 additional HLB vessels              US$10.5 juta (+3.6%YOY) seiring pengoperasian 3 kapal HLB
and 1 PSV compared to 9M2024. Crewing costs roseto                     tambahan dan 1 kapal PSV dibandingkan dengan 9M2024. Biaya
US$8.1million (+7.6%YOY) as a result of a higher number of             awak kapal naik (+7.6%YOY) menjadi US$8.1juta, diakibatkan
Dynamic Positioning (DP) vessels in the fleet and higher               bertambahnya jumlah kapal dengan sistem Dynamic Positioning
salaries for crew on international contracts. Fuel costs are           (DP) dalam armada serta kenaikan gaji awak kapal untuk kontrak
borne by charterers while a vessel is on contract, and with            internasional. Biaya bahan bakar ditanggung oleh pihak penyewa
more high tier vessels chartered out compared to the                   selama kapal disewa dan dengan meningkatnya jumlah kapal high-
previous year, the overall fuel expenses fell by 19.1% YOY to          tier yang disewakan dibandingkan tahun sebelumnya, total biaya
US$1.76million in 9M2025.                                              bahan bakar menurun sebesar 19.1%YOY menjadi US$1.76juta
                                                                       pada 9M2025.
Indirect Expenses and Operating Profit                                 Biaya Tidak Langsung dan Laba Operasional
Total Indirect Expenses rose by 14%YOY or US$0.9million to             Total Beban Tidak Langsung meningkat sebesar 14%YOY atau
US$7.5million for 9M2025, with salary costs, employee                  US$0.9juta menjadi US$7.5juta pada 9M2025, dengan biaya gaji,
benefits and staff training accounting for US$0.6million of this       tunjangan karyawan, dan pelatihan staf menyumbang US$0.6 juta
increase. As our business has expanded internationally, we             dari kenaikan tersebut. Seiring dengan perluasan bisnis secara
have invested more heavily into human resources,                       internasional, kami telah meningkatkan investasi pada sumber
particularly in the technical and technology divisions, and            daya manusia, khususnya di divisi teknis dan teknologi, serta
expanded our crew training and development programs to                 memperluas program pelatihan dan pengembangan awak kapal
invest in developing young marine graduates and electrical             untuk membekali lulusan baru bidang kelautan dan teknik elektro
engineers to have practical experience on board our fleet to           dengan pengalaman praktis di atas kapal, sehingga siap
be ready for future international operations.                          mendukung operasi internasional di masa mendatang.

Operating Profit grew by 25.1% YOY to US$14.7million for               Laba Operasi meningkat sebesar 25.1%YOY menjadi US$14.7juta
9M2025 compared to US$11.8million in 9M2024.                           pada 9M2025, dibandingkan dengan US$11.8juta pada 9M2024.


Other Income, Expenses and Net Attributable Profit                     Pendapatan Lain, Beban Lain, dan Laba Bersih yang Dapat
                                                                       Diatribusikan
Net interest expenses rose by US$0.4million as higher                  Beban bunga bersih meningkat sebesar US$0.4juta, seiring
interest expenses were offset by interest income. Net gearing          kenaikan beban bunga yang diimbangi oleh pendapatan bunga.
stands at only 0.6% as at end September 2025.                          Rasio utang bersih tercatat hanya 0.6% pada akhir September
                                                                       2025.

Equity in Associate Companies fell to US$0.6million in                 Ekuitas pada Perusahaan Asosiasi menurun menjadi US$0.6juta
9M2025, from US$2.1million in 9M2024, due to poorer                    pada 9M2025, dari US$2.1juta pada 9M2024, seiring dengan
utilization in 3Q2025 and increased capital costs related to           penurunan tingkat utilisasi pada 3Q2025 serta meningkatnya biaya
the award of a new long-term contract.                                 modal yang terkait dengan pemberian kontrak jangka panjang baru.

There were no vessel sales in 3Q2025, and only one vessel              Tidak terdapat penjualan kapal pada 3Q2025, dan hanya satu kapal
sold in 2Q2025, realizing a gain of US$1.7million for 9M2025.          yang dijual pada 2Q2025, dengan keuntungan sebesar US$1.7 juta
This represents a sharp decline compared to 2024 which                 untuk 9M2025. Hal ini menunjukkan penurunan tajam dibandingkan
included a large one-off gain booked from vessel sales in              laba yang dibukukan dari penjualan kapal pada tahun 2024, dimana
2024 where the Company made US$17.4million from the                    Perseroan memperoleh keuntungan satu kali (one-off gain) yang
                                                                       besar sebesar US$17.4juta dari penjualan beberapa kapal,




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PT WINTERMAR OFFSHORE MARINE Tbk
Jl. Kebayoran Lama No 155
Jakarta 11560 Indonesia
Tel : 62 21 530 5201 / 2
Fax : 62 21 530 5203
www.wintermar.com
                                                                                                                NO. 113/NL/X/2025
sale of several vessels including a significant gain from the         termasuk keuntungan signifikan dari penjualan satu kapal jenis
sale of a PSV.                                                        PSV.

Total Other Income for 9M2025 stood at US$1.3million which            Pendapatan Lain-lain untuk 9M2025 tercatat sebesar US$1.3juta,
resulted in a net income before tax of US$16.1million for the         menghasilkan laba bersih sebelum pajak sebesar US$16.1juta
nine months period year to date.                                      untuk periode sembilan bulan berjalan tahun ini.

Net profit attributable to shareholders for 9M2025 amounted           Laba bersih yang dapat diatribusikan kepada pemegang saham
to US$9.2million compared to US$19.7million in 9M2024.                pada 9M2025 mencapai US$9.2 juta, dibandingkan dengan
Net income before Non-Controlling Interest in 9M2025 fell to          US$19.7 juta pada 9M2024. Laba bersih sebelum Kepentingan
US$14.4million compared to US$27.2million in 9M2024                   Non-Pengendali pada 9M2025 menurun menjadi US$14.4juta,
which included the impact of the PSV sale.                            dibandingkan dengan US$27.2juta pada 9M2024, yang mencakup
                                                                      dampak dari penjualan kapal jenis PSV.

EBITDA for 9M2025 rose by 15%YOY to US$25.5million,                   EBITDA untuk 9M2025 meningkat 15%YOY menjadi US$25.5juta,
compared to US$22.1million in 9M2024. This reflects the               dibandingkan dengan US$22.1 juta pada 9M2024. Hal ini
strong cash flow enjoyed by the Company as most of the past           mencerminkan arus kas yang kuat yang diperoleh Perseroan
vessel loans have been repaid.                                        karena sebagian besar pinjaman kapal sebelumnya telah dilunasi.

Industry Outlook                                                      Prospek Industri
The OSV industry was not spared from the global uncertainty           Industri OSV tidak luput dari ketidakpastian sentimen investor global
in investor sentiment this year. Concerns over US tariffs and         pada tahun ini. Kekhawatiran terhadap tarif Amerika Serikat dan
a potential global economic slowdown caused oil prices to             potensi perlambatan ekonomi global menyebabkan harga minyak
trend lower, which led to a more cautious environment and             bergerak menurun, yang berdampak pada lingkungan usaha yang
delays in contract awards. Charter rates for OSVs which had           lebih berhati-hati serta penundaan dalam pemberian kontrak. Tarif
risen sharply from 2021 to 2024 also saw a correction this            sewa kapal OSV, yang sebelumnya meningkat tajam dari tahun
year.                                                                 2021 hingga 2024, juga mengalami koreksi pada tahun ini.

The Oil and Gas investment cycle is a long-term cycle over            Siklus investasi di sektor Minyak dan Gas merupakan siklus jangka
several years from award of concessions to production. Due            panjang yang berlangsung selama beberapa tahun, mulai dari
to the lack of investment in new reserves over a 8-year period        pemberian konsesi hingga tahap produksi. Karena minimnya
until 2021, we are firmly optimistic that the longer-term             investasi pada cadangan baru selama periode delapan tahun hingga
fundamentals indicate continued investment in oil and gas             2021, kami tetap optimistis bahwa fundamental jangka panjang akan
exploration.                                                          mendorong keberlanjutan investasi dalam eksplorasi minyak dan
                                                                      gas.

In the Offshore Supply Vessel (OSV) industry, there has               Dalam industri Offshore Supply Vessel (OSV), hampir tidak ada
been nearly no newbuilding of high tier Dynamic Positioning           pembangunan kapal baru jenis kelas tinggi dilengkapi dengan
(DP) equipped vessels from 2015 to 2022. The softening in             Dynamic Positioning (DP) selama periode 2015 hingga 2022.
OSV charter rates this year is expected to be short term in           Pelemahan tarif sewa OSV yang terjadi pada tahun ini diperkirakan
nature as the limited supply of operationally ready OSVs              bersifat sementara, mengingat terbatasnya pasokan kapal OSV
points to a sustained shortage of OSV supply in the coming            yang siap beroperasi, yang menunjukkan adanya kekurangan
years. This is illustrated in the chart below, which shows the        pasokan OSV yang berkelanjutan dalam beberapa tahun
active fleet compared with the small number of idle PSVs and          mendatang. Hal ini tergambar pada grafik di bawah ini, yang
charter rates for the period 2023-2025. From the data,                menampilkan perbandingan antara jumlah armada aktif dengan
demand continues to be high with overall global fleet                 jumlah kapal PSV yang tidak beroperasi, serta pergerakan tarif sewa
utilization close to 90%.                                             untuk periode 2023–2025. Data tersebut menunjukkan bahwa
                                                                      permintaan tetap tinggi, dengan tingkat utilisasi armada global
                                                                      mendekati 90%.




                                          ISM Code & ISPS Compliant
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PT WINTERMAR OFFSHORE MARINE Tbk
Jl. Kebayoran Lama No 155
Jakarta 11560 Indonesia
Tel : 62 21 530 5201 / 2
Fax : 62 21 530 5203
www.wintermar.com
                                                                                                                NO. 113/NL/X/2025
                              Global PSV Demand/Supply and Projected utilization and Charter Rates




Source: Clarksons Sept 2025

Business Prospects                                                      Prospek Bisnis
The short-term weakness in oil prices over the past quarter             Pelemahan harga minyak dalam jangka pendek selama kuartal
reflects the volatile geopolitical sentiment which has been             terakhir mencerminkan sentimen geopolitik yang bergejolak, yang
driven by changing news flows more than industry                        lebih dipengaruhi oleh perubahan arus pemberitaan daripada oleh
fundamentals. The structural outlook for oil and gas supply             faktor fundamental industri. Prospek struktural pasokan minyak dan
support stable oil prices, resulting from years of                      gas tetap mendukung harga minyak yang stabil, sebagai akibat dari
underinvestment in new reserves. In 2025, there have been               minimnya investasi dalam cadangan baru selama beberapa tahun
several projects in Indonesia which are still at the early stage        terakhir. Pada tahun 2025, terdapat beberapa proyek di Indonesia
of the investment cycle, where seismic and exploration work             yang masih berada pada tahap awal siklus investasi, di mana
only necessitates spot contracts. This has caused volatility            kegiatan seismik dan eksplorasi hanya memerlukan kontrak jangka
in our fleet utilization. However, the long investment cycle            pendek. Hal ini menyebabkan volatilitas pada tingkat utilisasi
from exploration to production indicates that there will be             armada kami.
more demand in the coming years as these projects will                  Namun demikian, siklus investasi jangka panjang dari tahap
continue towards production targets in 2027. This will                  eksplorasi hingga produksi menunjukkan bahwa permintaan akan
underpin OSV demand in the coming years. Taking into                    meningkat dalam beberapa tahun mendatang, seiring dengan
consideration the limited orderbooks for new OSVs to be                 berlanjutnya proyek-proyek tersebut menuju target produksi pada
delivered in the coming years, we remain very optimistic that           tahun 2027. Kondisi ini akan menjadi penopang permintaan kapal
charter rates and utilization will improve in the coming years,         OSV di masa depan. Dengan mempertimbangkan terbatasnya
as we continue to add high value vessels.                               pesanan pembangunan kapal OSV baru yang akan dikirimkan
                                                                        dalam beberapa tahun ke depan, kami tetap sangat optimistis
                                                                        bahwa tarif sewa dan tingkat utilisasi akan meningkat dalam
                                                                        beberapa tahun mendatang, seiring dengan penambahan kapal
                                                                        bernilai tinggi ke dalam armada.

Award of long-term contract in Brunei                                   Perolehan kontrak jangka panjang di Brunei
Our associate company, Fast Offshore Supply Pte Ltd (FOS),              Perusahaan asosiasi Perseroan, Fast Offshore Supply Pte Ltd
based in Singapore, has been awarded a tender to supply 5               (FOS) yang berbasis di Singapura, telah memenangkan tender
newbuild 55-metre Crew Transfer Vessels (CTVs) under a                  untuk menyediakan lima kapal baru jenis Crew Transfer Vessel
five-year charter contract in Brunei for delivery in 2027.              (CTV) berukuran 55 meter dalam kontrak sewa selama lima tahun




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                                                                                                                              Page | 4
Page 5
 PT WINTERMAR OFFSHORE MARINE Tbk
 Jl. Kebayoran Lama No 155
 Jakarta 11560 Indonesia
 Tel : 62 21 530 5201 / 2
 Fax : 62 21 530 5203
 www.wintermar.com
                                                                                                                                                          NO. 113/NL/X/2025
 Construction of the vessels has commenced, and WINS has                                        di Brunei, dengan jadwal pengiriman pada tahun 2027.
 participated in a rights issue to support this project. The                                    Pembangunan kapal-kapal tersebut telah dimulai, dan WINS telah
 vessels are being constructed by FOS in Singapore and                                          berpartisipasi dalam penerbitan saham untuk mendukung peluang
 Batam. This new long-term contract provides secure future                                      ini. Kapal-kapal tersebut sedang dibangun oleh FOS di Singapura
 earnings and fleet renewal for FOS, thereby improving the                                      dan Batam. Kontrak jangka panjang yang baru ini memberikan
 financial & revenue contribution to the Company.                                               pendapatan masa depan yang terjamin dan pembaruan armada
                                                                                                bagi FOS, sehingga meningkatkan kontribusi keuangan dan
                                                                                                pendapatan Perseroan.




 Total contracts on hand as at end September 2025 amount                                        Total kontrak yang dimiliki untuk dijalankan hingga akhir September
 to US$62.6million.                                                                             2025 dengan jumlah US$62.6juta.




                                                                           Ms. Pek Swan Layanto, CFA
                                                                               Investor Relations
                                                                        PT Wintermar Offshore Marine Tbk
                                                    Tel (62-21) 530 5201 Ext 401 Email: investor_relations@wintermar.com
                                                                                            DISCLAIMER
Certain statements made in this publication involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. Certain statements relating
to business and operations of PT Wintermar Offshore Marine Tbk and Subsidiaries (the Company) are based on management’s expectations, estimates and projections. These statements
are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Certain statements are based upon assumptions as to future events
that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such statements. The Company makes no
commitment, and disclaims any duty, to update or revise any of these statements. This publication is for informational purposes only and is not intended as a solicitation or offering of
securities in any jurisdiction. The information contained in this publication is not intended to qualify, supplement or amend information disclosed under corporate and securities legislation of
any jurisdiction applicable to the Company and should not be relied upon for the purpose of making investment decisions concerning any securities of the Company.




                                                            ISM Code & ISPS Compliant
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PT WINTERMAR OFFSHORE MARINE Tbk
Jl. Kebayoran Lama No 155
Jakarta 11560 Indonesia
Tel : 62 21 530 5201 / 2
Fax : 62 21 530 5203
www.wintermar.com
                                                                                                              NO. 113/NL/X/2025
        SUMMARY PROFIT AND LOSS (YTD Sep-2025 vs YTD Sep-2024)
        PT WINTERMAR OFFSHORE MARINE TBK AND SUBSIDIARIES (in US$)
                                                                                                      YTD Sep-2024 vs YTD Sep-
        Description
                                                                YTD Sep              YTD Sep                   2025
                                                                 2025                 2024
                                                                                                         Change            %
        PROFIT AND LOSS
        Revenue
           Owned vessel                                             50,288,877        45,045,771          5,243,106           11.6%
           Chartering                                                4,069,832        11,469,639         (7,399,807)       -64.5%
           Others                                                     4,110,449       4,998,209            (887,760)        -17.8%
        Total Revenue                                               58,469,158        61,513,619         (3,044,461)        -4.9%

        Direct expense
           Owned vessel                                              30,188,339       29,536,067             652,272        2.2%
           Charter                                                     3,719,877      10,268,569         (6,548,692)      -63.8%
           Others                                                      2,314,282        3,336,742        (1,022,460)      -30.6%
        Total Direct expense                                        36,222,498         43,141,378        (6,918,880)      -16.0%
        Gross profit (loss)                                         22,246,660         18,372,241          3,874,419        21.1%


        Gross profit (loss) - owned vessel                          20,100,538        15,509,704          4,590,834         29.6%
        Gross profit (loss) - chartering                               349,955          1,201,070            (851,115)     -70.9%
        Gross profit (loss) - others                                   1,796,167        1,661,467           134,700            8.1%


        Total Indirect expenses                                      7,509,974        6,590,001             919,973         14.0%
        Operating profit (loss)                                     14,736,686        11,782,240          2,954,446         25.1%
                                                                          25.2%             19.2%
        Other income (expenses)
           Interest expenses                                         (1,540,396)         (739,284)            (801,112)    108.4%
           Interest income                                               732,708         300,726              431,982       143.6%
           Equity in net earning of associates                           608,893         2,112,722        (1,503,829)       -71.2%
           Net - Gain (loss) on sale of fixed assets                   1,654,343       17,366,919         (15,712,576)     -90.5%
           Forex gain (loss)                                            (315,006)         150,672            (465,678)    -309.1%
           Others                                                         198,488         (80,593)            279,081     -346.3%
        Total Other income (expenses)                                 1,339,030          19,111,162       (17,772,132)     -93.0%
        Net income (loss) before tax                                 16,075,716      30,893,402          (14,817,686)      -48.0%
        Total tax benefit (expenses)                                   (1,667,561)    (3,676,808)         2,009,247        -54.6%
        Income before non controlling interest                       14,408,155       27,216,594        (12,808,439)       -47.1%
        Non controlling interest                                        5,179,519      7,527,318          (2,347,799)      -31.2%
        ATTRIBUTABLE NET PROFIT                                      9,228,636        19,689,276        (10,460,640)       -53.1%
        EBITDA                                                       25,461,151       22,138,105          3,323,046         15.0%


        Weighted Average EPS - USD Cents                                    0.21            0.45               (0.24)      -54.1%
        Weighted Average EPS - Equivalent to IDR                          34.51            68.59              (34.08)      -49.7%




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Page 7
PT WINTERMAR OFFSHORE MARINE Tbk
Jl. Kebayoran Lama No 155
Jakarta 11560 Indonesia
Tel : 62 21 530 5201 / 2
Fax : 62 21 530 5203
www.wintermar.com
                                                                                                            NO. 113/NL/X/2025
        SUMMARY PROFIT AND LOSS (YTD Sep-2025 vs YTD Sep-2024)
        PT WINTERMAR OFFSHORE MARINE TBK AND SUBSIDIARIES (in US$)
                                                                                                     YTD Sep-2024 vs YTD Sep-
        Description
                                                                  YTD Sep             YTD Sep                 2025
                                                                   2025                2024
                                                                                                        Change            %

        Direct expense
           Owned vessel                                               30,188,339       29,536,067          652,272         2.2%
           Depreciation                                                10,501,437       10,131,956          369,481        3.6%
           Crewing                                                        8,181,245     7,601,903          579,342         7.6%
           Operations                                                     3,428,117      3,631,942        (203,825)       -5.6%
           Maintenance                                                  6,317,090       5,994,022          323,068         5.4%
           Fuel Bunker                                                  1,760,450        2,176,244         (415,794)      -19.1%
           Charter                                                       3,719,877     10,268,569       (6,548,692)      -63.8%
           Others                                                        2,314,282      3,336,742       (1,022,460)      -30.6%
        Total Direct expense                                          36,222,498        43,141,378      (6,918,880)      -16.0%

        Indirect expenses
            Administration                                                118,275          126,190           (7,915)      -6.3%
            Depreciation office                                         223,028          223,909               (881)      -0.4%
            Employee Benefits                                           375,360          320,867           54,493          17.0%
            Profesional fee                                              295,346          254,356         40,990            16.1%
            Staff salary                                               5,280,216        4,758,627         521,589           11.0%
            Staff training & recreation                                    77,318           49,932          27,386        54.8%
            Telecomunication                                               45,128           40,154           4,974         12.4%
            Marketing                                                    592,649          352,896         239,753         67.9%
            Travelling                                                    76,687            89,557         (12,870)      -14.4%
            Donation                                                      16,800             9,363           7,437        79.4%
            Office utility                                               409,167          364,150           45,017-        12.4%
                                                                                                                       #DIV/0!
        Total Indirect expenses                                        7,509,974       6,590,001           919,973        14.0%




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