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PGE Strategic Path Forward: Focusing on Power and Accelerating Beyond Energy PUBLIC EXPOSE 2025 PT Pertamina Geothermal Energy Tbk
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Board of Directors
Julfi Hadi Ahmad Yani Edwil Suzandi Yurizki Rio
President Director Director of Operation Director of Exploration and Development Director of Finance
Experience: Experience: Experience:
Experience:
▪ GM Area Geothermal Lahendong, Executive VP Upstream Business, ▪ Director Head of Investment Banking
▪ SVP Geothermal Assets, Medco Power Indonesia ▪
Pertamina Geothermal Energy Pertamina Hulu Rokan Advisory / M&A, PT BNI Sekuritas
▪ President Director, PT Medco Cahaya Geothermal
▪ Manager Drilling Planning & Support, VP Upstream Production & Project, ▪ Vice President - Head of Corporate
▪ Board of Director, PT Sarulla Operating Ltd ▪
Pertamina Geothermal Energy Pertamina Hulu Energy Finance and Investments, Onstar
▪ VP Exploration and Subsurface, Supreme Energy
▪ Manager Operation Area Lahendong, Director of Operation/Country Express Pte. Ltd. (Group Hold Co)
Corporation ▪
Pertamina Geothermal Energy Manager, Pertamina Internasional EP ▪ Group Head of Corporate Planning, IR
Algeria and ERM, PT Mitrabahtera Segara Sejati,
Tbk (MBSS)
Education:
▪ Diploma in Geothermal Technology, University of Education: Education:
Auckland Education:
▪ Master of Science in Geothermal ▪ Master of Petroleum Engineering, ▪ Master of Finance, Prasetiya Mulya
▪ Master of Science in Geology, University of Texas, Exploration, Universitas Indonesia Institut Teknologi Bandung
El Paso, USA Business School
▪ Bachelor of Petroleum Engineering, ▪ Bachelor of Petroleum Engineering, ▪ Bachelor of Finance, University of Texas
▪ Bachelor of Science in Geology, University of Texas, Universitas Islam Riau Universitas Trisakti
El Paso, USA at Dallas
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With 3 GW of resources and an end-to-end Pertamina ecosystem,
PGE can trigger Indonesia’s Geothermal Boom
PGE’S Existing Asset Installed Capacity Plan (MW)
PGE will reach 1 GW in 2028
Seulawah Lahendong Unit 1-6 (120 MW) Own operation
Aceh Lumut Balai Unit 1 (55MW) North Sulawesi
Exploration +11%
Sibayak (12 MW) Lumut Balai Unit 2 (55 MW) Kotamobagu* 1.796 1.857 1.857
North Sumatera South Sumatera North Sulawesi Development 1.686
1.551
Sungai Penuh Kamojang unit 1-5 (235 MW)
(1x55 MW) West Java Joint Operation Contract 1.247
Jambi 1.067
JOC Sarulla (330 MW) 952
North Sumatra 727 748
Hululais (2x55 MW) 3,286
Bengkulu MW of Total Geothermal
Hululais Ext. (Bukit Daun) JOC Wayang Windu (227MW) Resources Upsides 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Bengkulu West Java
Ulubelu Unit 1-4 (220MW)
JOC Bedugul
Bali
PGE’S Proposition
Lampung
JOC Gn.Salak (377MW)
15 727 1,205
JOC Darajat ( 271 MW)
West Java
West Java
Working Areas & MW Installed Capacity from Massive Resources | 3.2 GW
Assignment Working Area Owned and Joint Operation
Karaha unit 1 (30 MW) ready, PGE is poised to become a
West Java
world-leading geothermal producer
across power and off-grid businesses
Power Downstream
Derivatives &
Development industrialization Operational Excellence | allows project
Off-Grid Solutions
economics to meet expected return
Investment USD 6.2 Billion Heat Exchanger Manufacturing, Green H2/NH3, Green Data
Target 1.8 GW To Achieve by 2033 Technology Development Centers.
USD 10.2 Million1 Initial development of 300 MW from
Total to 3GW USD 12.3 Billion Synergy | Pertamina & BUMN Group
1st local ORC HE fabricator to cut lead 1000 MW potential2 geothermal
Investment Beyond 2033 time, costs & boost local content resources to be Off-Grid Utilization
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Source: 2024 Financial Performance
1) 45 MW co-generation 2) Number still being finalized
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Geothermal Project Pipeline 2025 - 2034
Installed
Project Name Expected COD Agreements 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Capacity
Lumut Balai Unit 2 (COD June 2025) 55 MW 2025 -
Ulubelu LP 10 MW 2026 MoU, HoA
Hululais Unit 1, 2 110 MW 2028 MoU, HoA
Lahendong BU 1 15 MW 2027 MoU, HoA
Sungai Penuh Combine Cycle 10 MW 2028 MoU, HoA
Ulubelu BU 1, 2, 3 30 MW 2027 MoU, HoA
Hululais EXT A (Bukit Daun) 60 MW 2029, 2030 MoU, HoA
QUICK WIN
Kamojang LP 5 MW 2028 JDA, JDSA
Lahendong LP 15 MW 2028 MoU, HoA
Lahendong Unit 7,8 & BU 2 50 MW 2028 JDA, JDSA
Lumut Balai BU 1 10 MW 2028 MoU, HoA
Sibayak BU 5 MW 2028 JDA, JDSA
Hululais BU 1 30 MW 2029 MoU, HoA
Lumut Balai BU 2 10 MW 2029 MoU, HoA
Lumut Balai Unit 3 55 MW 2029 -
Hululais BU 2 30 MW 2030 MoU, HoA
Lahendong BU 3 10 MW 2030 JDA, JDSA
Lumut Balai LP 1 & 2 20 MW 2031 MoU, HoA
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Subject to change
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Geothermal Project Pipeline 2025 – 2034 (cont’d)
Installed
Project Name COD Agreements 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Capacity
Gunung Tiga 55 MW 2029 -
Lahendong EXT 20 MW 2030 -
Lumut Balai Unit 4 (Tanjung Tiga) 55 MW 2030 -
Hululais EXT B (Tambang Sawah) 20 MW 2031 -
EXTENSION
Hululais EXT C (Beriti) 55 MW 2031 -
Sungai Penuh EXT 1 40 MW 2031 -
Lumut Balai EXT (Margabayur) 55 MW 2032 -
Kamojang Extension 35 MW 2033 -
Lumut Balai EXT D 10 MW 2033 - 16.2
Lahendong unit 9 25 MW 2030 -
Kamojang EXT (Masigit) 55 MW 2035 -
Installed
Project Name COD Agreements 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Capacity
Kotamobagu Unit 1 64 MW 2030 MoU, HoA
GREENFIELD
Kotamobagu Unit 2 16 MW 2033 -
Seulawah 70 MW 2030 -
Way Ratai 55 MW 2032 -
PJBL PJBU FID COD Project Execution Operation
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Subject to change
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Lumut Balai Unit 2 achieved COD in Q2 2025, marking a key milestone toward
PGE’s 1GW, while we continue to accelerate the progress of 3GW target
Lumut Balai Unit 2
55 MW l South Sumatera
▪ Operating at full capacity, supplying electricity to the
PLN Sumatera grid.
▪ All outstanding items have been successfully resolved.
▪ Ensuring project continuity for the development of Lumut
Balai Units 3 and 4.
Gunung Tiga Lumut Balai Unit 3 Kotamobagu Bukit Daun
2 X 27,5 MW l Lampung 55 MW l South Sumatera 50+14 MW l North Sulawesi 2x30 MW l Bengkulu
Total Investment Expected COD Total Investment Expected COD Total Investment Expected COD Total Investment Expected COD
USD 298.3 Mn 2029 & 2030 USD 447.75 Mn 2029 USD 448.92 Mn 2030 TBC 2030
▪ Drilling GTG SH-1.1 well commenced ▪ Finalization of FID approval circulation
▪ Designated as a National Strategic Project ▪ NORC obtained.
on 13 October 2025. ▪ Preparation for infrastructure
(PSN). ▪ Development Feasibility Study document
procurement for Cluster E and 19
▪ The land acquisition process is ongoing. ▪ FID approval obtained. under preparation (Q4 2025).
▪ AMDAL Addendum signed by the
▪ Preparations for the second phase of ▪ Target first well drilling: Q1 2026.
Ministry of Environment (KLH) on 28
infrastructure are underway ▪ Land acquisition and KJPP appraisal in
Oct 2025
progress.
▪ Ongoing land acquisition and
community socialization activities
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Focusing on power: PGE accelerates project execution across
both co-generation and conventional development portfolios
Contract COD
Project Target Status Follow-Up Actions
Type Timeline
Hululais Start EPCC Finalization of Power Plant construction ▪ Procurement target of EPCC (PLN) in Nov 2025
SSC 2028
(2x55 MW) (PLN) planning (PLN) ▪ Project alignment with Danantara and PLN
Co-Generation ▪ PQ EPCC result were announced. ▪ The joint venture company is targeted to be
PPA
(Ulubelu 30 MW & PPA Signing 2027-2031 ▪ Evaluation result in bidding proposal established by November 2025
(On going)
Lahendong 15 MW) (PLN) ▪ EPCC contractor selection in Q1 2026
▪ SSC and ESC contract Discussion between
PGE, PT Dizamatra Powerindo and PT
Economic assessment based on the development
Sibayak PLN (Persero)
SSC New PPA (Reactivation) scenario, including drilling cost and technology
(20+10 MW) ▪ Further studies to determine the optimal
optimization
technology for Sibayak reactivation
program.
▪ Notice of Resource Confirmation (NORC)
▪ Final Investment Decision (FID) is expected to be
Lahendong 7&8 PPA FID completed,
2028 secured in Q1 2026
(45+5 MW) (On going) Development ▪ feasibility study (FS) development in
▪ PPA is expected to be secured in 2026
progress
▪ Finalize the land acquisition scheme
▪ Infrastructure preparation for drilling
PPA
Seulawah (Nov 2025) ▪ Signing of the SHA amendment.
(On Well Drilling 2030
(55+15 MW) ▪ Finalization of the Shareholder ▪ First well drilling in December 2025
Going)
Agreement (SHA) amendment with
PEMA (Aceh Government)
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Accelerate beyond energy: Unlocking new industrial value chains
and accelerating domestic manufacturing growth
Off-grid solutions and high-value derivative products
▪ Green Hydrogen ▪ CO2 Liquefaction ▪ Green Data Center Industrial and Manufacturing
▪ Green Methanol ▪ Silica Extraction ▪ Geo Tourism
▪ Green Ammonia ▪ Lithium Extraction
Development
▪ Brine to Power
▪ H2S Removal ▪ Carbon Credits ▪ Direct Use for Agriculture
Green Data Center Heat Exchanger Manufacturing
Green Hydrogen Green Ammonia
(Pilot Project) Project
Project Project Partner:
Partner: Partner:
▪ Launching the Ulubelu pilot plant as ▪ Strategic export opportunity. Positions ▪ Initiation of the first project with ▪ Developing Indonesia’s first local ORC
Indonesia’s first green hydrogen project Indonesia as a future exporter to green- a 5 MW development. heat exchanger
▪ Setting the stage for a 2027 green fuel markets in Asia and beyond. ▪ Efficient operation utilizing ▪ Designed to cut lead time, reduce costs,
hydrogen boom and future scale-up ▪ Supplies sustainable fertilizer inputs while binary plant system technology. and boost local content across
into green methanol and ammonia supporting decarbonized fuel ecosystems. ▪ Business scheme: PGE develops geothermal projects.
industries ▪ Green Ammonia Boom. A full ecosystem and owns the data center.
▪ PGE is building Indonesia’s only end- will emerge, creating new demand centers
to-end green hydrogen ecosystem and accelerating market adoption.
Current progress: Current progress: Current progress: Current progress:
▪ Pilot project to produce 100 kg/day ▪ In Feasibility Study Phase ▪ In Feasibility Study Phase ▪ In Feasibility Study Phase
▪ Commissioning in Q3 2026
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9M-2025
Key Performance
Highlight
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9M-2025 Production Performance (Own Operation)
Strong 9M25 Performance: Make-Up Drilling and Maintenance Acceleration Propel Output; Lumut Balai Unit 2 Begins Operations
Production Performance (GWh) 9M 2025 Production Performance (GWh) – Per Working Area Installed Capacity (MW)
Electricity Steam Electricity Steam
+5.14% +3.12%
+4.06%
4,978
4,735 4,827 3,744 8.18%
3,598
727
672
2,444 2,564
2,443 1,841 1,975
1,326 1,225
2,384 2,414 556
2,292 1,757 1,769 625
643
244 470
770 600
399 80
2023 2024 Prognose PGE - 9M24 PGE - 9M25 Kamojang Lahendong Ulubelu Karaha Lumut Balai 2024 6M25
2025 (672 MW) (727 MW) (235 MW) (120 MW) (220 MW) (30 MW) (55 MW)
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9M-2025 PGE Targets Higher Output as 9M-2025 Operational Strength
Builds Momentum
Kamojang Lahendong Ulubelu Lumut Balai Karaha
1,326 GWh 643 GWh 1,225 GWh 470 GWh 80 GWh
Vs. 1,312 GWh (9M24) Vs. 655 GWh (9M24) Vs. 1,196 (9M24) Vs. 362 GWh (9M24) Vs. 73 GWh (9M24)
+1.1% YoY -1.7% YOY +2.5% YoY +30% YoY +9.6% YoY
▪ Higher Production in Unit 1,2,3 due • Production decrease was due • Additional steam from cluster M (up to • Decrease was due to the shifting • TLG 3.4, TLG 3.5, TLG 3.6 to GPP
to load factor optimization program to weaker electricity demand 35 MW) since 16 May 2025 of minor inspection of LMB-1 from piping construction
at KMJ Unit 1,2,3 in 2025 • Mobilization for make up well drilling August to 8 - 19 April of 2025. • TLG 3.6 well testing facility
from PLN
▪ Re-URC Unit 4 (07-09 May), UBL-M4 to reach its full capacity • Cleaning for cluster A-Well construction
• Addition of steam supply from • Full operation of unit 2 on 30 June
increased from 60,85 MW to 61,27 • Procurement preparation for make up • Additional steam supply from
LHD-11 up to 6 MW well drilling infrastructure cluster T 2025 (URC 55.8 MW) TLG3.4 first phase up to 1.65 MW.
MW
• Efforts to increase steam through • Reinjection system improvement • Preparation for drilling • FY25 prognose at 110 GWh
▪ KMJ 19.5, KMJ 30.3 piping
construction well testing of wells LHD-18 & • Workover UBL-34 infrastructure cluster A-extension (+16.19% YoY)
▪ FY25 prognose at 1,751 MWh LHD-13.10 as well as increasing • Preparation for UBL-34 & UBL-16 • FY25 prognose at 682 GWh
(-1.85% YoY) United Rate Capacity workover (add more steam efforts) (+41.49% YoY)
• FY25 prognose at 831 GWh • FY25 prognose at 1,603 GWh
(-4.72% YoY) (+0.56% YoY)
PGE achieve unwavering system
reliability through enhanced availability,
Availability 99.21% Capacity 86.6% Outage 0.21%
Factor (-0.34% YoY) Factor (+1.90% YoY) Rate (-0.01% YoY)
capacity, and reduced outage rates
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Financial Performances (1/4)
PGE 9M25 solid revenue growth (+4,20% YoY) supported by sound 9M25 production
Profit & Loss Target Target vs*
(USD Million) 9M2024 9M2025 YoY %
9M2025 Actual %
HIGHLIGHT:
Revenue 306.02 318.86 +4.20 314.30 +1.45 ▪ Lumut Balai Unit 2 COD in June 2025
drove a 4.20% YoY revenue increase.
Depreciation Expenses 83.47 91.49 +9.61 95.01 -3.70
▪ Higher depreciation from Lumut Balai Unit
2 and MESOP-related costs raised COGS,
Other COGS Expenses 36.54 48.72 +33.34 N/A N/A reducing gross profit by 3.96% YoY.
Gross Profit 186.01 178.65 -3.96 N/A N/A ▪ G&A expenses rose 40.87% due to higher
Salaries & Allowances (+60.41%) and
G&A 15.03 21.17 +40.87 N/A N/A Manpower & Professional Services
(+101.86%), resulting to a 7.68% decline
Other Income gain/loss 22.22 -9.96 -144.82 N/A N/A in operating profit.
Earnings Before Tax 193.21 147.52 -23.65 143.14 +3.06 ▪ Net profit lowered by US$29.72 Mn
(-22.18%) due to higher interest expenses
Net Profit 133.97 104.26 -22.18 94.47 +10.36 and unrealized forex losses from a
stronger Japan Yen.
EBITDA 254.59 248.97 -2.21 242.97 +2.47
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Financial Performances (2/4)
Core EPS 9M24 (US$) Core EPS 9M25 (US$)
PGE’s EBITDA margin of 78,08% is still one of the best from its peer’s
0.00303 VS 0.00281
EBITDA 9M24 (US$ Mn) EBITDA 9M25 (US$ Mn)
254.59 VS 248.97
314
8,019
12,526
133,970 13,367
1,184
5,012
1,920 792 304 2,715 413
104,256
23,281
6,080 15,973
A A B C C D D D D E F G H
Net Own ProductionDepreciation Salaries Other COGS Salaries Manpower Other G&A Other Finance Share Loss forex Finance Income tax Net
Income operations allowances expense and components and & components Income income of profit exchange Cost expense Income
9M2024 allowances allowances Professional in joint 9M2025
(COGS (G&A part) services venture
part) (USD Thousand)
A. Supported by strong production (+4.06% YoY at 3,744 GWh) due to the COD of Lumut Balai Unit 2, Own operations revenue increased by USD 12.5 Mn YoY
B. Depreciation expense increased by US$ 8.0 Mn YoY due to the operation of Lumut Balai Unit 2 in June 2025
C. Salaries and allowances in the COGS part increased by USD 13.4 Mn YoY as the result of the MESOP program (USD 7.5 Mn), on the contrary other COGS
components decreased by USD 1,2 Mn YoY due to lower travel expense, manpower & professional service and insurance.
D. Salaries and allowances in the G&A part increased by US$ 5.0 Mn YoY as a consequence of the MESOP program (USD 3.2 Mn).
E. Finance income weaker US$2.7 Mn YoY as the result of lower time deposit interest rate due to the BI reverse repo rate cut trend (5 rate cut year to date).
F. Unrealized Forex Loss occurred due to the strengthening of JPY against the USD (JPY 148.7/USD vs JPY 157.8/USD) , resulting in a translation loss on PGE’s JPY-
denominated debt (JICA).
G. Finance cost increase by USD 6.1 Mn as the result of the capitalization of the Lumut Balai Unit 2 project as well as the Hululais project on which before under AUC.
H. Income tax expense lowered by US$ 16 Mn YoY due to lower EBT as the result of higher depreciation, salaries and allowances, forex loss and finance cost.
14
Page 15
Financial Performances (3/4)
Changes
Financial Position HIGHLIGHT:
Target Target vs
(USD Million) 2024 9M2025 Changes %* 9M2025 Actual*
▪ Total assets slightly decreased by
Current Assets 828.56 831.78 +0.38 853.92 -2.59 1.17%, mainly reflecting scheduled
Non-Current Assets 2,168.85 2,130.59 -1.76 2,269.67 -6.13 depreciation of non-current assets
Total Assets 2,997.40 2,962.38 - 1.17 3,123,59 - 5.16 ▪ Total liabilities declined by -3.16%
Current Liabilities 227,30 180.86 -20.43 228.87 -20.98 driven by 20.43% lower current
liabilities, due to vendor settlement and
Non-Current Liabilities 761.35 776.53 +1.99 853,22 -8.99 billing realization.
Total Liabilities 988.65 957.39 -3.16 1,082.08 - 11.52
▪ Equity remained stable with a marginal
Equity 2,008.75 2,004.99 - 0.19 2,041.50 -1.79 0.19% adjustment due to dividend
Total Liabilities & Equity 2,997.40 2,962.38 -1.17 3,123.59 - 5.16 distribution.
▪ During 9M 2025, PGE invested US$
30.17 Mn in development for Lumut
Capital Expenditure Target Target vs Balai Unit 2, Hululais, and Gunung Tiga
(USD Million) 9M2024 9M2025 Changes %
9M2025 Actual (55 MW).
Development Expenditure 47.70 30.17 -36.75 66.95 -54.94
▪ Maintenance capex reached US$
Maintenance Expenditure 40.14 19.84 -50.57 39.82 -50.18 19.84Mn to sustain robust production
performance.
Total 87.84 50.01 -43.07 106.77 -53.16
15
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Financial Performances (4/4)
Changes
Financial Position Target Target vs
HIGHLIGHT:
9M2024 9M2025 YoY %*
(USD Million) 9M2025 Actual*
▪ Operating cash flow slightly decreased
Operating Activities 191.47 187.05 -2.31 191.00 -2.07 by 2.31% YoY, mainly due to higher
supplier payments following scheduled
Investing Activities -76.12 -66.99 -11.99 -68.99 -2.90 maturities.
Financing Activities -147.11 -150.73 +2.46 -105.40 43.01 ▪ Financing activities showed an 11.99%
YoY adjustment, reflecting timing
differences in Capex disbursement as
Beginning Balance 677.72 655.19 -3.32 655.19 0.00 billing processes continue.
Effect of Exchange Rate on Cash 11.69 3.61 -69.11 N.A. N.A. ▪ Despite MESOP proceeds of US$18.23
Mn and higher dividends (US$128.4 Mn
Ending Balance 657.65 628.12 -4.49 671.81 -6.50 vs US$136.4 Mn), along with increased
long-term debt payments, financing
Free Cashflow 115.35 120.06 +4.08 122.01 -1.60
activities improved by 2.46% YoY.
▪ PGE’s 9M2025 free cash flow reached
US$120.06 Mn, up 4.08% YoY.
16
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9M 2025 Sustainability Performances
PGE is committed to making greater contributions toward building a sustainable future
Sustainalytics ESG Rating Carbon Credit Realization 2023-2025
#1 in Listed company in Indonesia
7,1 #1 from 679 in Global Utility Sector
#75 from 16,049 in all sectors
Revenue : USD 1,840,333
Total CERs : 2,566,105 TCO2eq
Environmental Aspects Social Aspects
Emission Intensity Women in PGE Women in Corporate Social
0.037 ton CO2eq/MWh 14.10% Managerial Level Responsibility Investment
17% 3.653 Billion Rupiah
Emission Avoidance Employee Safe Working Hours Community
3,162,932.25 tonCO2eq Satisfaction Index Development
3.92 /5.00 4,732,346 hours
VS emissions from coal power plant 141 Partners
Eagles Conservation
Governance Aspects
374 Java eagles
since 2014
GCG Assessment Anti-Bribery IT Cyber Security System &
Yaki Conservation Score Management System Device Availability
21 monkey
since 2020
93.85 ISO370001:2006 100%
Very Good* Management system in all
operational area
17
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Thank You
Investor Relations
Pertamina Geothermal Energy
Grha Pertamina, 7th Floor Pertamax Tower
Jl. Medan Merdeka Timur, Jakarta, Indonesia
https://www.pge.pertamina.com
pge.ir@pertamina.com
18
Names mentioned 19 people and organisations named in the text · linked when the evidence is strong
unresolved
org
New Zealand Banking Group Limited
p.2
unresolved
org
Citigroup Global Markets Asia Limited
p.2
unresolved
org
Shanghai Banking Corporation Limited
p.2
unresolved
org
MUFG Securities Asia Limited
p.2
unresolved
org
Mandiri Securities Pte. Ltd
p.2
unresolved
org
PT Medco Cahaya Geothermal
p.3
unresolved
org
PT Sarulla Operating Ltd
p.3
unresolved
org
Ministry of Environment
p.7
unresolved
org
PT Dizamatra Powerindo
p.8
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