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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. 117/NL/VII/2026
NEWSLETTER # 117
30 July 2026
RESULTS FOR FIRST HALF ENDING 30 JUNE 2026
Wintermar reports 24.4% YOY Growth in Wintermar melaporkan pertumbuhan Laba
Attributable Net Profit to US$8.4million with Bersih yang Dapat Diatribusikan sebesar
additional High Tier vessels in operation and 24,4%YoY menjadi US$8,4 juta, didorong oleh
better fleet utilization at 62% for 1H2026 beroperasinya kapal High Tier tambahan serta
compared to 56% in 1H2025. peningkatan utilisasi armada menjadi 62% pada
1H2026 dibandingkan 56% pada 1H2025.
Owned Vessel Division Divisi Kapal Milik
Owned Vessel revenue grew by 41.4%YOY to US$45million Pendapatan Kapal Milik tumbuh sebesar 41,4%YOY menjadi
in 1H2026 as more vessels were operational compared to US$45 juta pada 1H2026 seiring lebih banyak kapal yang
1H2025. Margins for owned Vessels widened to 51.7% in beroperasi dibandingkan 1H2025. Margin untuk kapal milik
1H2026 compared to 39.1% in 1H2025 as more PSVs were meningkat menjadi 51,7% pada 1H2026 dibandingkan 39,1% pada
deployed. However, fleet utilization in 2Q2026 was slightly 1H2025 dikarenakan semakin banyaknya PSV yang beroperasi.
lower than 1Q2026 as the market is still largely dominated by Namun, utilisasi armada pada 2Q2026 sedikit lebih rendah bila
spot contracts in the period, although charter rates are higher. dibandingkan dengan 1Q2026, karena kondisi pasar yang
sebagian besar masih didominasi oleh kontrak spot pada periode
tersebut, meskipun tarif sewa lebih tinggi.
As the acquisition of FOS was completed at the end of June, Oleh karena akuisisi FOS selesai pada akhir Juni, maka laba dari
earnings from FOS will only be consolidated in 2H2026. FOS baru akan dikonsolidasikan pada 2H2026. Adanya penundaan
There has been a delay in the tendering timeline for some jadwal tender untuk beberapa kontrak jangka panjang OSV
longer term domestic OSV contracts, which prolong the domestik membuat utilisasi armada masih fluktuatif, karena
volatility in the fleet utilization as a large proportion of the fleet mayoritas dari armada masih menggunakan kontrak jangka
are still on short term contracts. The conflict in the Middle pendek. Konflik di Timur Tengah juga mempengaruhi beberapa
East has also impacted some vessels which had been kapal Perusahaan yang sebelumnya direncanakan untuk
planned for deployment in that region. beroperasi di wilayah tersebut.
Chartering Division and Other Services Divisi Chartering dan Layanan Lainnya
Revenue contribution from the Chartering division continues Kontribusi pendapatan dari divisi Chartering menurun seiring
to decline as management focus has shifted toward perubahan fokus manajemen yang beralih kepada peningkatan
maximizing the utilization of Owned Vessels and marketing utilisasi Kapal Milik dan pemasaran kapal tambahan dengan margin
the additional vessels, which offer significantly higher pendapatan yang jauh lebih tinggi dibandingkan kapal sewa. Total
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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. 117/NL/VII/2026
margins than chartered vessels. Total chartering revenue fell pendapatan Chartering turun sebesar 40,5%YOY menjadi US$1,6
by 40.5% YOY to US$1.6million for 1H2026, and gross profit juta untuk 1H2026, dan laba kotor turun menjadi US$0,11 juta
fell to US$0.11million compared to US$0.2million in the dibandingkan US$0,2 juta pada tahun sebelumnya.
previous year.
Conversely, revenue from Other Services rose by 40.8% to Sebaliknya, pendapatan dari Layanan Lainnya meningkat sebesar
US$3.4million for 1H2026 from more fee-based income, with 40,8% menjadi US$3,4 juta untuk 1H2026 dari pendapatan ”fee-
gross profit of US$1.5million compared to US$1.4million in based”, dengan laba kotor sebesar US$1,5 juta dibandingkan
1H2025. US$1,4 juta pada 1H2025.
Direct Expenses and Gross Profit Beban Langsung dan Laba Kotor
Direct Expenses for Owned Vessels rose by 12%YOY to Beban langsung untuk Kapal Milik naik sebesar 12%YOY menjadi
US$21.7million for 1H2026, largely from higher depreciation US$21,7 juta untuk 1H2026, sebagian besar diakibatkan oleh
(+16.8%YOY to US$8.0million) due to additional vessels in depresiasi yang lebih tinggi (+16,8%YOY menjadi US$8,0 juta)
operation, and a 25.6%YOY jump in crewing costs also karena lebih banyak kapal yang beroperasi, serta lonjakan biaya
arising from the increase in the number of certified crew for awak kapal sebesar 25,6%YOY, karena terdapat peningkatan
the Dynamic Positioning vessels and vessels working in jumlah sertifikasi awak untuk Dynamic Positioning Vessels dan
foreign countries. Operations costs rose 11%YOY to kapal yang beroperasi di luar negeri. Biaya operasional naik
US$2.3million for 1H2026 while maintenance costs fell 11%YOY menjadi US$2,3 juta untuk 1H2026, sebaliknya, biaya
slightly by 2.5%YOY to US$4million, as there were some pemeliharaan sedikit menurun sebesar 2,5%YOY menjadi US$4
large repairs and upgrading costs for High Tier vessels last juta, dikarenakan pada tahun lalu, terdapat beberapa biaya
year which are now operating in 1H2026. As fleet utilization perbaikan besar dan peningkatan kapal High Tier yang kini
improved in 1H2026, fuel costs also reduced by 40%YOY as beroperasi pada 1H2026. Seiring dengan peningkatan utilisasi
charterers are responsible for fuel expenses when the vessel armada pada 1H2026, biaya bahan bakar juga berkurang sebesar
is in operation. 40%YOY karena penyewa kapal bertanggung jawab atas biaya
bahan bakar saat kapal beroperasional.
Total Gross Profit jumped by 76.9%YOY in 1H2026 to Total Laba Bruto melonjak sebesar 76,9%YOY pada 1H2026
US$24.9million, with the Owned Vessels Division contributing menjadi US$24.9 juta, di mana sebesar US$23,3 juta berasal dari
US$23.3million. kontribusi Divisi Kapal Milik.
Indirect Expenses and Operating Profit Beban Tidak Langsung dan Laba Operasional
Total Indirect Expenses fell by 6.2%YOY in 1H2026, largely Total Beban Tidak Langsung turun sebesar 6,2%YOY pada
from lower salary related costs which offset by higher 1H2026, dipicu oleh penyusutan biaya terkait gaji yang diimbangi
marketing expense. oleh peningkatan biaya pemasaran.
Operating Profit rose by 124.6%YOY to US$20.1million in Laba Operasional naik sebesar 124,6%YOY menjadi US$20,1 juta
1H2026. pada 1H2026.
Other Income, Expenses and Net Attributable Profit Pendapatan Lain, Beban Lain, dan Laba Bersih yang Dapat
Diatribusikan
Interest expenses continued to fall slightly by 6.8%YOY to Beban bunga terus menurun sebesar 6,8%YOY menjadi US$1,0
US$1.0million while interest income rose 25.7%YOY to juta, sementara pendapatan bunga naik 25,7%YOY menjadi
US$0.4million. Associated Companies recorded a loss of US$0,4 juta. Perusahaan asosiasi mencatat kerugian sebesar
US$1.6million, due to lower utilization of fleet as vessels US$1,6 juta, akibat utilisasi armada yang lebih rendah saat kapal
underwent repairs and maintenance in 1H2026. There was menjalani perbaikan dan pemeliharaan pada 1H2026. Terjadi
a forex loss of US$0.4million incurred in 1H2026 on the kerugian selisih kurs sebesar US$0,4 juta pada 1H2026
portion of the Company’s cash held in Rupiah currency due dikarenakan sebagian kas Perusahaan yang dimiliki dalam mata
to the depreciation of the Rupiah in the period. uang Rupiah dan terdapat depresiasi atas Rupiah pada periode
tersebut.
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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. 117/NL/VII/2026
Total attributable Net Profit rose by 24.4%YOY to Total Laba Bersih yang dapat diatribusikan naik sebesar
US$8.4million compared to US$6.7million in 1H2025 which 24,4%YOY menjadi US$8,4 juta bila dibandingkan dengan US$6,7
included a gain on vessel sale of US$1,6 million. Earnings juta pada 1H2025, yang memperhitungkan keuntungan dari
per share of Rp31.1in 1H2026 compared to Rp25.05 in penjualan kapal sebesar US$1,6 juta. Laba per saham adalah
1H2025. sebesar Rp31,1 pada 1H2026 bila dibandingkan dengan Rp25,05
pada 1H2025.
EBITDA rose by 76.8%YOY to US$28.2million for 1H2026, EBITDA naik sebesar 76,8%YOY menjadi US$28,2 juta untuk
compared to US$16million in 1H2025. 1H2026, bila dibandingkan dengan US$16 juta pada 1H2025.
Industry Outlook Prospek Industri
Despite several attempts at resolution, the Iran conflict Meskipun terdapat beberapa upaya resolusi, konflik Iran terus
continues into 2H2026. Maritime traffic through the Strait of berlanjut hingga 2H2026. Lalu lintas maritim melalui Selat Hormuz
Hormuz remains disrupted with about 9.5million barrels per masih terganggu dengan terhentinya produksi minyak dan gas
day of oil and gas production shut in. Oil prices are expected sekitar 9,5 juta barel per harinya. Harga minyak diperkirakan akan
to stay firm while global investment into upstream oil and gas tetap tinggi, sementara investasi global di sektor hulu minyak dan
continues to rise. gas akan terus meningkat.
The rapid adoption of AI has also raised expectations for Pesatnya penggunaan AI turut mendorong lonjakan kebutuhan
energy demand in the coming years with more data centres energi dalam beberapa tahun mendatang, dengan semakin
being built to accommodate the processing capacity banyaknya pembangunan pusat data untuk mengakomodir
required. Globally, there continues to be more committed kapasitas pemrosesan data. Secara global, komitmen investasi atas
investments into oil and gas exploration, while offshore eksplorasi migas terus meningkat, di mana eksplorasi lepas pantai
exploration has taken the largest share of overall Exploration mendominasi dari keseluruhan capex Eksplorasi dan Produksi
and Production (E&P) capex. E&P capex in offshore is (E&P). Capex E&P Offshore diperkirakan akan terus meningkat
expected to continue rising until the end of the decade. hingga akhir dekade ini.
Global Exploration and Production Capex is projected to rise, particularly in deep water areas
Source: Fearnley Offshore Supply, January 2026
The business cycle for offshore oil and gas investment Siklus bisnis investasi minyak dan gas lepas pantai terus menguat,
continues to be strong, driven by higher oil prices amidst didorong oleh kenaikan harga minyak di tengah gangguan pasokan
supply disruptions and political uncertainty. Capital dan ketidakpastian politik. Belanja modal di sektor minyak dan gas
expenditure in offshore oil and gas has doubled since the lepas pantai telah meningkat dua kali lipat sejak titik terendahnya
trough of 2020, as seen in the chart above. In Indonesia pada tahun 2020, seperti terlihat pada grafik di atas. Di Indonesia
alone, there are now 5 strategic national projects which have saja, kini terdapat 5 proyek nasional strategis yang dijadwalkan
been slated for accelerated exploration, with the US$21billion untuk percepatan eksplorasi, di mana proyek Masela senilai US$21
Masela project breaking ground in July 2026. miliar telah memulai groundbreaking pada Juli 2026.
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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. 117/NL/VII/2026
In general, there has been stronger demand for dynamic Secara umum, permintaan terhadap PSV berteknologi dynamic
positioning enabled PSVs globally while the supply of vessels positioning menguat secara global, sementara pasokan kapal
has been limited due to the absence of orders for OSV terbatas karena tidak adanya pesanan untuk pembangunan OSV
newbuilding for nearly a decade since 2015. As 47% of the selama hampir satu dekade sejak 2015. Dengan 47% dari armada
global fleet is now over 15 years old, there will be tight supply global kini berusia di atas 15 tahun, pasokan kapal akan sangat
in the coming years, thereby pointing to higher charter rates. terbatas dalam beberapa tahun mendatang, yang mengindikasikan
kenaikan tarif sewa.
Business Strategy Strategi Bisnis
To capitalize on the momentum in OSV demand in the Untuk memanfaatkan momentum permintaan OSV dalam beberapa
coming years, and in view of the expected shortage of OSVs tahun ke depan dan mengantisipasi potensi kelangkaan OSV
globally, Wintermar has embarked on an expansion plan. secara global, Wintermar telah memulai rencana ekspansi. Strategi
The strategy is three pronged, involving: ini berfokus pada tiga pilar utama:
1. the purchase of second-hand vessels, 1. Pembelian kapal bekas (second-hand vessels),
2. building new vessels, and 2. Pembangunan kapal baru (newbuilding), dan
3. the acquisition of Fast Offshore Supply Pte Ltd to 3. Akuisisi Fast Offshore Supply Pte Ltd untuk mengambil
gain control of a fleet of new Crew Transfer Vessels alih kendali armada Crew Transfer Vessels (CTV) baru
(CTVs) which already have long term contracts. yang telah memiliki kontrak jangka panjang.
In July, we have taken delivery of 1 second hand diesel Pada bulan Juli, Perusahaan telah membeli 1 Anchor Handling Tug
electric (DE) Anchor Handling Tug Supply (AHTS) and 1 Supply (AHTS) diesel electric (DE) second dan 1 DE Multi-role
second-hand DE Multi-role Support Vessel (MSV), which are Support Vessel (MSV) second, yang sedang dalam proses
undergoing repair and modification and expected to be perbaikan dan modifikasi, serta diperkirakan akan beroperasi pada
operational by 4Q2026. We placed a new order to build 1 4Q2026. Perusahaan juga telah memesan pembangunan 1 unit
unit of MSV to be delivered in 2H2027. Through the MSV yang akan diserahkan pada 2H2027. Melalui akuisisi FOS,
acquisition of FOS, we will have 7 units of existing FMPVs, saat ini Perusahaan memiliki 7 unit FMPV, dua di antaranya
of which 2 have long term contracts, and in 2027 there will be memiliki kontrak jangka panjang. Pada tahun 2027, terdapat 5 unit
5 additional units of brand new CTVs to be delivered between tambahan CTV baru yang akan diserahkan pada 1Q2027 dan
1Q2027 and 2Q2027 which have been contracted for 5 years 2Q2027 dengan kontrak selama 5 tahun dengan opsi
with options. These investments will be funded through a perpanjangan. Investasi ini akan didanai melalui kombinasi kas
combination of internal cash, bank loans as well as vessel internal, pinjaman bank, serta penjualan kapal.
sales.
The effect of our expansion plan will be to raise our net Dampak dari rencana ekspansi ini adalah meningkatknya net
gearing and add to expenses in the second half of 2026 prior gearing dan bertambahnya beban biaya pada 2H2026 sebelum
to the vessels starting work in 2027. Although in the near kapal mulai beroperasi pada tahun 2027. Walaupun dalam jangka
term this is expected to reduce net margins for 2H2026, we pendek hal ini akan mengurangi margin bersih untuk 2H2026,
are confident that these investments will be earnings Perusahaan yakin investasi ini akan meningkatkan laba pada tahun
accretive in 2027, where there will be a jump in revenue and 2027, di mana akan terjadi lonjakan pendapatan dan keuntungan
profit when the new vessels start operations. saat kapal-kapal baru mulai beroperasi.
In addition to the new vessels mentioned, we already have 1 Selain kapal baru yang disebutkan, Perusahaan telah memiliki 1
second hand PSV purchased last year which is expected to PSV second yang dibeli tahun lalu, dimana diperkirakan akan
be reactivated in 4Q2026, and 1 new built PSV to be diaktifkan kembali pada 4Q2026, serta 1 unit PSV baru yang akan
delivered in 2Q2027. The below shows the contracts on hand dikirim pada 2Q2027. Grafik di bawah ini menunjukkan kontrak yang
before and after the acquisition of FOS. ada sebelum dan sesudah akuisisi FOS.
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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. 117/NL/VII/2026
Total contracts on hand as at end June 2026 excluding FOS Total kontrak yang ada per akhir Juni 2026, belum termasuk FOS
was US$ 58.7million, but after including FOS, the total adalah US$58,7 juta, namun setelah memasukkan FOS, total
contracts on hand amounts to US$307.3million kontrak yang ada mencapai US$307,3 juta.
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel (62-21) 530 5201 Ext 401 Email: investor_relations@wintermar.com
DISCLAIMER
Certain statements made in this publication involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. Certain statements relating
to business and operations of PT Wintermar Offshore Marine Tbk and Subsidiaries (the Company) are based on management’s expectations, estimates and projections. These statements
are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Certain statements are based upon assumptions as to future events
that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such statements. The Company makes no
commitment, and disclaims any duty, to update or revise any of these statements. This publication is for informational purposes only and is not intended as a solicitation or offering of
securities in any jurisdiction. The information contained in this publication is not intended to qualify, supplement or amend information disclosed under corporate and securities legislation of
any jurisdiction applicable to the Company and should not be relied upon for the purpose of making investment decisions concerning any securities of the Company.
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PT WINTERMAR OFFSHORE MARINE Tbk
Jl. Kebayoran Lama No 155
Jakarta 11560 Indonesia
Tel : 62 21 530 5201 / 2
Fax : 62 21 530 5203
www.wintermar.com
NO. 117/NL/VII/2026
SUMMARY PROFIT AND LOSS (YTD June-2026 vs YTD June-2025)
PT WINTERMAR OFFSHORE MARINE TBK AND SUBSIDIARIES (in US$)
1H 2025 vs 1H 2026
Description 1H 2026 1H 2025
Change %
PROFIT AND LOSS
Revenue
Owned vessel 44,996,992 31,822,483 13,174,509 41.4%
Chartering 1,600,488 2,690,344 (1,089,856) -40.5%
Others 3,286,621 2,333,433 953,188 40.8%
Total Revenue 49,884,101 36,846,260 13,037,841 35.4%
Direct expense
Owned vessel 21,718,994 19,384,314 2,334,680 12.0%
Charter 1,491,530 2,485,404 (993,874) -40.0%
Others 1,776,213 900,247 875,966 97.3%
Total Direct expense 24,986,737 22,769,965 2,216,772 9.7%
Gross profit (loss) 24,897,364 14,076,295 10,821,069 76.9%
Gross profit (loss) - owned vessel 23,277,998 12,438,169 10,839,829 87.1%
Gross profit (loss) - chartering 108,958 204,940 (95,982) -46.8%
Gross profit (loss) - others 1,510,408 1,433,186 77,222 5.4%
Total Indirect expenses 4,815,013 5,133,034 (318,021) -6.2%
Operating profit (loss) 20,082,351 8,943,261 11,139,090 124.6%
Other income (expenses)
Interest expenses (963,135) (1,033,376) 70,241 -6.8%
Interest income 385,321 306,567 78,754 25.7%
Equity in net earning of associates (1,620,153) 620,791 (2,240,944) -361.0%
Net - Gain (loss) on sale of fixed assets 15,994 1,654,343 (1,638,349) -99.0%
Forex gain (loss) (363,048) 16,356 (379,404) -2319.7%
Others (134,186) 174,728 (308,914) -176.8%
Total Other income (expenses) (2,679,207) 1,739,409 (4,418,616) -254.0%
Net income (loss) before tax 17,403,144 10,682,670 6,720,474 62.9%
Tax expenses
Final income tax (779,879) (529,982) (249,897) 47.2%
Non final income tax (439,704) (730,116) 290,412 -39.8%
Total tax benefit (expenses) (1,219,583) (1,260,098) 40,515 -3.2%
Income before non controlling interest 16,183,561 9,422,572 6,760,989 71.8%
Non controlling interest 7,802,215 2,686,442 5,115,773 190.4%
Attributable Net Profit 8,381,346 6,736,130 1,645,216 24.4%
EBITDA 28,236,221 15,968,510 12,267,711 76.8%
Weighted Average EPS - USD Cents 0.19 0.15 0.03 20.1%
Weighted Average EPS - Equivalent to IDR 31.10 25.05 6.05 24.1%
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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. 117/NL/VII/2026
SUMMARY PROFIT AND LOSS (YTD June-2026 vs YTD June-2025)
PT WINTERMAR OFFSHORE MARINE TBK AND SUBSIDIARIES (in US$)
1H 2025 vs 1H 2026
Description 1H 2026 1H 2025
Change %
Direct expense
Owned vessel 21,718,994 19,384,314 2,334,680 12.0%
Depreciation 8,041,896 6,882,733 1,159,163 16.8%
Crewing 6,227,441 4,958,883 1,268,558 25.6%
Operations 2,325,575 2,095,511 230,064 11.0%
Maintenance 4,044,357 4,149,797 (105,440) -2.5%
Fuel Bunker 1,079,725 1,297,390 (217,665) -16.8%
Charter 1,491,530 2,485,404 (993,874) -40.0%
Others 1,776,213 900,247 875,966 97.3%
Total Direct expense 24,986,737 22,769,965 2,216,772 9.7%
Indirect expenses
Administration 70,419 75,884 (5,465) -7.2%
Depreciation office 111,974 142,516 (30,542) -21.4%
Employee Benefits 230,318 249,688 (19,370) -7.8%
Profesional fee 131,076 131,784 (708) -0.5%
Staff salary 3,478,312 3,788,408 (310,096) -8.2%
Staff training & recreation 23,477 32,406 (8,929) -27.6%
Telecomunication 20,430 28,465 (8,035) -28.2%
Marketing 420,556 369,350 51,206 13.9%
Travelling 67,374 45,317 22,057 48.7%
Donation 12,106 14,296 (2,190) -15.3%
Office utility 248,971 254,920 (5,949) -2.3%
Total Indirect expenses 4,815,013 5,133,034 (318,021) -6.2%
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Pek Swan Layanto
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