Back to announcement
20251020_PGEO_Laporan Informasi dan Fakta Material_31978569_lamp2.pdf
Other Text extracted PGEOSource file signed link, expires in 15 minutes
Extracted text 19
Page 1
Powering the future: Accelerating Geothermal Resource Development – PGE 3GW INDONESIA DAY 2025, SINGAPORE PT Pertamina Geothermal Energy Tbk
Page 2
Disclaimer
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, EXCEPT TO “QUALIFIED INSTITUTIONAL BUYERS” (AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”)) OR IN ANY OTHER JURISDICTION IN WHICH SUCH
RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW.
This presentation and the accompanying slides (the “presentation”) contain selected information about the activities of Pertamina Geothermal Energy Tbk (the “Company”) and its subsidiaries and affiliates (together, the “Group”) as at the date of the presentation. It does not purport to present a comprehensive overview of the
Group or contain all the information necessary to evaluate an investment in the Company.
This presentation is for information purposes only and is not a prospectus, disclosure document or other offering document under any law, nor does it form part of, and should not be construed as, any present or future invitation, recommendation or offer to purchase or sell securities of the Group or an inducement to enter into
investment activity in any jurisdiction. No part of this presentation nor the fact of its distribution should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. If there is any subsequent offering of any security of the Company, it will be made pursuant to a separate
and distinct offering documentation. Any decision to purchase securities in the context of an offering of securities (if any) should be made solely on the basis of information contained in the offering documentation published in relation to such offering.
This presentation is being communicated to selected persons who have professional experience in matters relating to investments for information purposes only and does not constitute a recommendation regarding any securities of the Group. Other persons should not rely or act upon this presentation or any of its contents.
The contents of this presentation are strictly confidential. By viewing or accessing the presentation, you acknowledge and agree that (i) the information contained herein is strictly confidential and (ii) the information is intended for the recipient only and, except with the prior written consent of the Company and Australia and New
Zealand Banking Group Limited, Citigroup Global Markets Asia Limited, The Hongkong and Shanghai Banking Corporation Limited, MUFG Securities Asia Limited Singapore Branch, SMBC Nikko Securities (Hong Kong) Limited, BNP Paribas, Mandiri Securities Pte. Ltd and United Overseas Bank Limited (together, the “Joint Lead
Managers”), (a) the information shall not be disclosed, reproduced or distributed in any way to anyone else and (b) no part of these materials may be retained and taken away following this presentation and the participants must return this presentation and all other materials provided in connection herewith to the Company at the
completion of the presentation. The distribution of this presentation in certain jurisdictions may be restricted by law and recipients should inform themselves about and observe any such restrictions. In particular, this presentation may not be transmitted or distributed, directly or indirectly, in or into the United States, Canada or
Japan.
Hong Kong Securities and Futures Commission Code of Conduct (Paragraph 21 – Bookbuilding and Placing Activities) – In the context of any offering of securities, certain of the Joint Lead Managers are “capital markets intermediaries” (together, the “CMIs”) subject to Paragraph 21 of the Code of Conduct for Persons Licensed by or
Registered with the Securities and Futures Commission (the “Code”).
Associated Orders and Proprietary Orders: Prospective investors who are the directors, employees or major shareholders of the Company, a CMI or any of its group companies will be considered as having an association with the Company, the relevant CMI or the relevant group company. Prospective investors associated with the
Company or a CMI (including any of its group companies) should specifically disclose whether they have any such association to a CMI and the Joint Lead Managers (and such CMI and the Joint Lead Managers may be required to pass such information to the Company and certain other CMIs) when placing an order for such
securities and should disclose, at the same time, if such orders may negatively impact the price discovery process in relation to the offering. Prospective investors who do not disclose their associations are deemed not to be so associated. Where prospective investors disclose such associations but do not disclose that such order
may negatively impact the price discovery process in relation to the offering, such order is hereby deemed not to negatively impact the price discovery process in relation to the offering. If a prospective investor is an asset management arm affiliated with a CMI, such prospective investor should indicate when placing an order if it is
for a fund or portfolio where such CMI or its group company has more than 50% interest, in which case it will be classified as a “proprietary order” and subject to appropriate handling by CMIs in accordance with the Code and should disclose, at the same time, if such “proprietary order” may negatively impact the price discovery
process in relation to the offering. Prospective investors who do not indicate this information when placing an order are hereby deemed to confirm that their order is not such a “proprietary order”. If a prospective investor is otherwise affiliated with a CMI, such that its order may be considered to be a “proprietary order” (pursuant
to the Code), such prospective investor should indicate to a CMI and the Joint Lead Managers when placing such order. Prospective investors who do not indicate this information when placing an order are hereby deemed to confirm that their order is not such a “proprietary order”. Where prospective investors disclose such
information but do not disclose that such “proprietary order” may negatively impact the price discovery process in relation to the offering, such “proprietary order” is hereby deemed not to negatively impact the price discovery process in relation to the offering.
Order Book Transparency: Prospective investors should ensure, and by placing an order prospective investors are deemed to confirm, that orders placed with a CMI are bona fide, are not inflated and do not constitute duplicated orders (i.e. two or more corresponding or identical orders placed via two or more CMIs). In addition, any
other CMIs (including Private Banks) submitting orders with the Joint Lead Managers should disclose the identities of all investors when submitting orders with the Joint Lead Managers. When placing an order, Private Banks should disclose, at the same time, if such order is placed other than on a “principal” basis (whereby it is
deploying its own balance sheet for onward selling to investors). Private Banks who do not provide such disclosure are hereby deemed to be placing their order on such a “principal” basis. Otherwise, such order may be considered to be an omnibus order (see further below) pursuant to the Code. Private Banks should be aware that
placing an order on a “principal” basis may require the relevant Joint Lead Managers to apply the “proprietary orders” requirements of the Code to such order and will require the relevant Joint Lead Managers to apply the “rebates” requirements of the Code to such order. In the case of omnibus orders placed with the Joint Lead
Managers, CMIs (including Private Banks) should, at the same time, provide underlying investor information (name and unique identification number) in the format and to the relevant recipients indicated to such CMIs (including Private Banks) by the Joint Lead Managers at the relevant time. Failure to provide such information may
result in that order being rejected. In sharing such underlying investor information, which may be personal and/or confidential in nature, CMIs (including Private Banks) (i) should take appropriate steps to safeguard the transmission of such information; (ii) are deemed to have obtained the necessary consents to disclose such
information; and (iii) are deemed to have authorised the collection, disclosure, use and transfer of such information by the Joint Lead Managers, other CMIs and/or any other third parties as may be required by the Code. In addition, prospective investors should be aware that certain information may be disclosed by the Joint Lead
Managers and other CMIs which is personal and/or confidential in nature to the prospective investor. By placing an order with the Joint Lead Managers, prospective investors are deemed to have authorised the collection, disclosure, use and transfer of such information by the Joint Lead Managers to the Company, certain other
CMIs, relevant regulators and/or any other third parties as may be required by the Code, it being understood and agreed that such information shall only be used in connection with the offering.
Singapore Securities and Futures Act Product Classification – In connection with Section 309B of the Securities and Futures Act 2001 of Singapore (the “SFA”) and the Securities and Futures (Capital Markets Products) Regulations 2018 (the “CMP Regulations 2018”), the Company has determined, and hereby notifies all relevant
persons (as defined in Section 309A(1) of the SFA), the classification of the securities as prescribed capital markets products (as defined in the CMP Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on
Recommendations on Investment Products).
This presentation does not constitute or form part of any offer to purchase, a solicitation of an offer to purchase, an offer to sell or an invitation or solicitation of an offer to sell, issue or subscribe for, securities in or into the United States or in any other jurisdiction. No securities mentioned herein have been, or will be, registered
under the U.S. Securities Act, or any state securities laws or other jurisdiction of the United States and no such securities may be offered or sold in or into the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements under the U.S. Securities Act and any
applicable state or local securities laws of the United States.
This presentation has been prepared by the Company based on information and data which the Company considers reliable, but none of the Company and the Joint Lead Managers makes any representation or warranty, express or implied, as to and no reliance should be placed on, the fairness, accuracy, completeness or
correctness of the information contained herein or any statement made in this presentation. The presentation has not been independently verified. The Company, each member of the Group, the Joint Lead Managers and their respective affiliates, directors, employees, advisers and representatives do not accept any liability for any
facts made in or omitted from this presentation. To the maximum extent permitted by law, the Company, each member of the Group, the Joint Lead Managers and their respective affiliates, directors, employees, advisers and representatives disclaim all liability and responsibility (including without limitation any liability arising from
negligence or otherwise) for any direct or indirect loss or damage, howsoever arising, which may be suffered by any recipient through use of or reliance on anything contained in or omitted from or otherwise arising in connection with this presentation.
The information contained in, and the statements made in, this presentation should be considered in the context of the circumstances prevailing at the time. There is no obligation to update, modify or amend such information or statements or to otherwise notify any recipient if any information or statement set forth herein,
changes or subsequently becomes inaccurate or outdated. The information contained in this document is provided as at the date of this document and is subject to change without notice.
Any prospective investor that intends to deal in any existing or prospective securities of the Company is required to make its own independent investigation and appraisal of the business and financial condition of the Group and the nature of the securities at the time of such dealing. No one has been authorised to give any
information or to make any representations other than those contained in this presentation, and if given or made, such information or representations must not be relied upon as having been authorised by the Company, the Joint Lead Managers or their respective affiliates. The information in this presentation does not constitute
financial advice (nor investment, tax, accounting or legal advice) and does not take into account a prospective investor’s individual investment objectives, including the merits and risks involved in an investment in the Company or its securities, or a prospective investor’s financial situation, tax position or particular needs.
This presentation includes figures relating to EBITDA. EBITDA is not a standard measure under IFAS, but is a widely used financial indicator of a company’s ability to service and incur debt. EBITDA should not be considered in isolation or construed as an alternative to cash flows, net income or any other measure of performance or
as an indicator of the Group's operating performance, liquidity, profitability or cash flows generated by operating, investing or financing activities. In evaluating EBITDA, prospective investors should consider, among other things, the components of EBITDA such as total revenue and operating cost and the amount by which EBITDA
exceeds capital expenditures and other charges. EBITDA have been included because it is believed that each is a useful supplement to cash flow data as a measure of the Group's performance and its ability to generate cash flow from operations to cover debt service and taxes. EBITDA presented herein may not be comparable to
similarly titled measures presented by other companies. Prospective investors should not compare the Group's EBITDA to EBITDA presented by other companies because not all companies use the same definition.a
Past performance information in this presentation should not be relied upon as an indication of (and is not an indicator of) future performance. This presentation contains “forward-looking statements”. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the
Company's control that could cause the actual results, performance or achievements of any member of the Group to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Similarly, statements about market and industry trends are based on
interpretations of current market conditions which are also subject to change. Attendees are cautioned not to place undue reliance on forward looking statements. No representation, warranty or assurance (express or implied) is given that the occurrence of the events expressed or implied in any forward-looking statements in this
presentation will actually occur.
This presentation contains data sourced from and the views of independent third parties. In replicating such data in this document, none of the Company and the Joint Lead Managers makes any representation, whether express or implied, as to the accuracy of such data. The replication of any third party views in this document
should not necessarily be treated as an indication that the Company or the Joint Lead Managers agrees with or concurs with such views.
A rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension, reduction or withdrawal at any time by the relevant rating agencies. The significance of each rating should be analysed independently from any other rating.
By participating in this presentation, attendees agree to be bound by the foregoing limitations.
2
Page 3
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
3
Page 4
Growing support and economic momentum are gearing geothermal to propel
Indonesia towards NZE 2060, energy security, and development growth
Geothermal is key for the future development of Indonesia’s Power Sector
President’s Vision for Energy Geothermal as Catalyst for With geothermal reserves spread across Indonesia, it serves as a viable
Security and Transition Energy Security and energy source nationwide
Transition Tectonic Belt - Ring of Fire Low-medium temperature prospect review
Sumatra Sulawesi
Kalimantan
Support National 9.6 GW 3.1 GW
0.2 GW
Energy Security Maluku-Papua
1.2 GW
Contribute to
Transition Agenda
Indonesia Swasembada Energi
to achieve energy self-sufficiency, Boost GDP
meet its energy needs independently Growth
without relying on imports.
Energy Transition Conducive Policy to Nusa Tenggara
Jawa-Bali
Low-emission, reliable baseload Broaden Energy Mix 8.2 GW
1.2 GW
near high-demand areas
Accelerate Green Geothermal is the Stable Baseload with High CF1
Energy Security
Baseload to replace fossil fuel Manufacturing 90% 80% 70%
dependency 48%
36%
18%
Target 8% GDP Growth CF by type of Energy Supply
Expansion from world's 2nd Nuclear Geothermal Biomass Hydro Wind Solar
largest resource, new green
revenue & off-grid solutions 1Capacity factor is calculated as the total output energy divided by the theoretically maximum energy production at full capacity utilization
Note:(I) The World's Best Geothermal Resources, 24 GW and spread across Indonesia (10% utilization);(II) The Only Proven Baseload Renewable Energy;(III) Integration with PLN's 4
Super Grid to Make Renewable Energy Dominant in the Energy Mix;(IV) Off-Grid Opportunities and Domestic Manufacturing (World Giant Green Energy).
Page 5
PGE’s growth is fueled by three strategic pillars: scaling geothermal development,
advancing localized equipment manufacturing, and driving demand-led (off-grid)
business innovation Geothermal’s role in achieving the President’s vision for the Power Sector
Geothermal Manufacturing New Business
Development (Hilirisasi) Stream
National Geothermal Heat Exchanger Manufacturing Green H2/NH3, Green Data Centers, and M&A
USD 25 Billion USD 10.2 Million
Total Investment Roadmap Geothermal 1st local ORC HE fabricator
Total Investment Potential 300 MW Geothermal Resources
2025-2034 to cut lead time, costs & boost to be Off-Grid Utilization
7.8 GW by 2035 local content In Northern, Southern Sumatera, and
Capacity Target Roadmap Geothermal 570 MW Sulawesi
2025-2034 Market Share JV Co.'s production and sales
target of 38 units by 2034
Investment & Partnership Opportunity
PGE Business with China (Sinopec), USA (Ecolab, Ormat),
Partners
Singapore (Sembcorp), UAE (Mubadala),
USD 6.2 Billion
Investment Target Two-Phase Flow Meter and other countries
To Achieve by 2033
Manufacture of Flow2Max®
1.7 GW Acquisition opportunity
Capacity Target Product Patented in 6 ”geothermal
To Achieve by 2033 Provides faster and more impactful path to
producer” countries
scale, critical for fulfilling national mandate
Total to 3GW USD 12.3 Billion Partners and seizing regional opportunities in the
Investment Beyond 2033 evolving energy landscape.
5
Page 6
Recap: New Business Model shifts based on 40+ years development experience to
accelerate geothermal capacity increase by 2035 (based on 2025 RUPTL)
Target Geothermal capacity in Indonesia (GW) PGE is unlocking the next geothermal boom..
Lower
To achieve 2035 7.8 Exploration
Large-scale development, Step-wise development in
e.g. >50 MW development adjacent areas to improve
ambition, need to Risk DONE
add 520 MW per
success ratio and optimize cost
Historically, 100- year (+11.61%
150 MW has p.a. CAGR) Business-as-usual Drive new commercially-
been added per development and risk-averse, proven technologies e.g.,
year to installed Faster e.g., conventional technologies multilateral wells, ESP
capacity (+6% 2.6 Execution
FS
p.a. CAGR) Time & Lower
Discrete developments and Leverage collaboration and
1.4 Cost
limited consolidation, e.g., high volume to build market
drilling, plant O&M and consolidate demand DONE
Limited focus in adjacent Promote new “green-
Develop New business – relying purely on powered” businesses and
Revenue power and steam sales localization of technology e.g. FS
Stream EPCC, Turbine, HE, Power Plant
manufacturing
2014 2025 2035
Installed Current Planned ...while we anticipate continued and increasing support from stakeholder
capacity installed capacity capacity ▪ Market reform: competitive tariffs, renewable‐use incentives, and carbon pricing
▪ Investment & technology: fiscal/non-fiscal incentives, local-content rules, and investment frameworks
▪ Infrastructure & regional empowerment: grid upgrades and giving regions dedicated RE targets
Source: 2014 & 2024 capacities are from EBTKE Announcement; 2035 planned capacityfrom Indonesia Geothermal Roadmap EBTKE 2025-2035
and budgets 6
Page 7
End-to-End Geothermal Development: A 30+ Year Journey
from Resource Discovery to Sustainable Power Delivery
Exploration Exploitation Operations
3G Survey Exploration Exploitation FEED EPCC Electricity Production
3 – 5 years 3 – 5 years ~30 years
Key Milestones
Notice of Resource Confirmation (NORC) Notice of Intend to Develop (NOID) Commercial Operations Date (COD)
Head of Agreement Ground Breaking
Activities
• Location Permit, IPPKH, IMB, SIPPA, AMDAL • Additional Location Permits and Preparations • Operation & Maintenance (O&M)
• Location Preparation (Land Clearance) • Exploitation Well Drilling and Reinjection • Reservoir Management
• Exploration Well Drilling • Plant Infrastructure dan Construction (PLTP) • Make-Up Well
• Infrastructure and Construction. • Power Purchase Agreement (PPA)
• Geology, Geochemical, Geophysics surveys • Electricity Supply Business Permit (IUPTL)
7
Page 8
6M-2025
Projects Updates
8
Page 9
With a solid asset foundation and strong financial standing, PGE
is poised to drive and shape the future of Indonesia’s geothermal industry
PGE’S Existing Asset PGE’S Proposition
Massive Resources | 3.2 GW ready to
Seulawah Lahendong Unit 1-6 (120 MW) Own operation develop PGE geothermal world class
Aceh Lumut Balai Unit 1 (55MW) North Sulawesi
Exploration
resources
Sibayak (12 MW) Lumut Balai Unit 2 (55 MW) Kotamobagu*
North Sumatera South Sumatera North Sulawesi Development
Sungai Penuh Kamojang unit 1-5 (235 MW)
(1x55 MW) West Java Joint Operation Contract Strong Financials | Assets USD 3.0bn |
Jambi
JOC Sarulla (330 MW) Debt USD0.7bn | Equity USD 2.0bn |
North Sumatra Revenue USD0.4bn | EBITDA USD 0.3bn |
NPAT USD 0.2bn | EBITDA margin 80%|
Hululais (2x55 MW)
3,286 DPO 85% | 0.38x gearing ratio
Bengkulu MW of Total Geothermal
Hululais Ext. (Bukit Daun) JOC Wayang Windu (227MW) Resources Upsides
Bengkulu West Java
Operational Excellence | allows project
JOC Bedugul economics to meet expected return
Ulubelu Unit 1-4 (220MW)
Lampung
JOC Gn.Salak (377MW)
Bali
15 727 1,205
West Java
JOC Darajat ( 271 MW) Working Areas & MW Installed Capacity from
West Java Assignment Working Area Owned and Joint Operation Synergy | Pertamina & BUMN Group
Karaha unit 1 (30 MW)
West Java
1GW in next 2-3 years…. and 1.5 GW by 2030 Strategic Location | facility setup allows
easier market access
2025 2026 2027 2028 2029 2030 2031 2032 2033
Development
1-2 years 2-3 years 3-5 years
up to 1.8 GW Inclusion of PGE projects in the New
Quick Win Extension Green Field by 2033 Green RUPTL & HoA with PLN (on progress)
JDSA, JDA, and CA with PLN Indonesia Some projects are in the FID phase of in study and FS
Power are in place, reinforcing exploration, while others are advancing exploration phase
collaboration for energy development through the FS phase of development
9
Source: 2024 Financial Performance
Page 10
PGE has mapped out a strong project pipeline, aiming to maximize 3GW
of resource potential with an estimated investment of US$6.2 billion
3.286 Development
1GW in next 2-3 years… and 1.5 GW by 2030 Up to 1.7 GW
Quick Win 395 + Possible
by 2033
645 MW of geothermal
1.613 power; total ~1.8 GW of 2025 2028 2029 2030 2031 2032 2033
geothermal projects plan //
1-2 years JDSA, JDA, and a Consortium Agreement with PLN Indonesia Power are in
until 2033 Quick Win
563 place, reinforcing collaboration for energy development.
2-3 years Some projects are in the FID phase of exploration, while
1.110 727 MW is installed
Extension others are advancing through the FS phase of development
Resource maturity 3-5 years in study and FS
Possible Probable Proven
in GW, 2024 Green Field exploration phase
46.5% 34.4% 19.1% 37.7%
Proven reserves, does not require well Expansion of the existing operational New Field Development. 405 MW of 1075 MW already
drilling. Total Capex USD 2,683.3 Million area. Total Capex USD 1,882.7 Million Total Capex USD 1,485.1 Million secured a PPA and/or SSC.
▪ LMB Unit 2 (55 MW) ▪ LHD Unit 7, 8 & Co-Gen. 2 ▪ UBL EXT (GTG) (55 MW) ▪ KTB Unit (1, 2) (50 MW)
▪ UBL Co-Gen. (10 MW) (50 MW) ▪ LHD EXT (20 MW) ▪ SLW (70 MW)
▪ HLS Unit 1, 2 (110 MW) ▪ LMB Co-Gen. 1 (10 MW) ▪ LMB EXT C1 (Tanjung Tiga) (55 MW) ▪ WRT (55 MW)
▪ LHD Co-Gen. 1 (15 MW) ▪ SBY Co-Gen. (5 MW) ▪ HLS EXT B (Tambang Sawah) (20 MW) ▪ KTB Unit (3, 4) (30 MW)
▪ SPN Co-Gen. (10 MW) ▪ HLS Co-Gen. 1 (30 MW) ▪ HLS EXT C (Beriti) (55 MW)
▪
▪
▪
UBL Co-Gen. 1, 2, 3 (30
MW)
KMJ Co-Gen. (5 MW)
▪
▪
HLS EXT A (BDN) (30 MW) ▪
▪
LMB Co-Gen. 2 (10 MW)
LMB Unit 3 (55 MW)
HLS Co-Gen. 2 (30 MW)
LHD Co-Gen. 3 (10 MW)
▪
▪
▪
▪
SPN EXT 2 (40 MW)
LMB EXT (Margabayur) (55 MW)
KMJ EXT (35 MW)
LMB EXT D (10 MW)
24.2%
▪ LHD Co-Gen. (15 MW) ▪ LMB Co-Gen. 1, 2 (20 MW) ▪ LHD Unit 9 (25 MW)
8 of total 33 project already
secured a PPA and/or SSC.
10
Page 11
6M-2025
Key Performance
Highlight
15
Page 12
6M-2025 Production Performance (Own Operation)
Strong 6M25 production performance strengthened by make-up drilling, maintenance acceleration, and commencement Lumut Balai Unit 2
Production Performance (GWh) 6M 2025 Production Performance (GWh) – Per Working Area Installed Capacity (MW)
Electricity Steam Electricity Steam
+5.04% +3.02%
+1.60%
4,973
4,735 4,827 2,378 2,416 8.18%
727
672
2,444 2,644 1,224
2,443
1,428
911
785
379
2,292 2,384 2,329 1,192 403
950 437
160 232
532
277 382 51
2023 2024 Prognose PGE - 6M24 PGE - 6M25 Kamojang Lahendong Ulubelu Karaha Lumut Balai 2024 6M25
2025 (727 MW) (727 MW) (235 MW) (120 MW) (220 MW) (30 MW) (55 MW)
16
Page 13
6M-2025 Update: Solid Operational Performance Enable PGE to Aim
for Higher Production Milestone Than Originated
Kamojang Lahendong Ulubelu Lumut Balai Karaha
911.14 GWh 436.24 GWh 784.47 GWh 232,49 GWh 51.25 GWh
Vs. 865.61 GWh (6M24) Vs. 433.92 GWh (6M24) Vs. 790.35 (6M24) Vs. 241.59 GWh (6M24) Vs. 46.41 GWh (6M24)
+5.26% YoY +0.53% YOY -0.74% YoY -0.04% YoY +10.43% YoY
▪ Higher Production in Unit 1,2,3 due • 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 Maintenance Outage from 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
Unit 1,2 & 3
▪ 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
• Revitalization of the Reinjection • Reinjection system improvement • Preparation for drilling • FY25 prognose at 104 GWh
▪ KMJ 19.5, KMJ 30.3 piping
construction System for Unit 1-4 • Workover UBL-34 infrastructure cluster A-extension (+10.64% YoY)
▪ FY25 prognose at 1,723 MWh • FY25 prognose at 846 GWh • FY25 prognose at 1,639 GWh • FY25 prognose at 659 GWh
(-3.42% YoY) (-3,00% YoY) (+2.89% YoY) (+36.72% 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
17
Page 14
Financial Performances (1/4)
PGE maintain solid EBITDA margin above 80%, still one of the best in the Industry
Profit & Loss Target Target vs*
(USD Million) 6M2024 6M2025 YoY %
6M2025 Actual HIGHLIGHT:
▪ Revenue higher by US$1.08 Mn
(+0,53%) on year over year basis due
Revenue 203.77 204,85 +0,53 210,00 -2,45
to higher production
▪ PGE’s gross profit Lowered by US$4.63
Gross Profit 125,99 121,36 -3.67 N/A N/A Mn (-3.67%) if compared to the same
period last year due to higher
Operating Profit 112.81 109.70 -2.75 98,26 +11.65 depreciation expense
▪ Operating profit weaker by US$3.11
Net Profit 96.26 68.93 -28.39 62.94 +9.52 Mn (-2.75%) year over year basis due
to weaker gross profit despite lower
EBITDA 168.51 168.19 -0.19 161.60 +4.08 G&A cost
▪ Net profit lowered by US$27.33 Mn (-
28.39%) due to higher interest expense
and unrealized forex translation loss
18
Page 15
Financial Performances (2/4)
EPS 6M24 (US$) Core EPS 6M25 (US$)
PGE posted a net income of US$ 68.93 million, while EBITDA
0.00166 VS 0.00196
remained resilient despite market fluctuations
EBITDA 6M24 (US$ Mn) EBITDA 6M25 (US$ Mn)
168.51 VS 168.19
96,257 870 211
3,075
852
605 528 288
1,782 1,602
445 4,145
82
68,932
30,268
13,647
3,535
A A B C C D D D E F G B
Net Own ProductionDepreciation Salaries Other COGS Salaries Manpower Materials & Other G&A Other Finance Share Loss forex Finance Income tax Net
Income operations allowances expense and components and & Equipmentscomponents Income income of profit exchange Cost expense Income
6M2024 allowances allowances Professional in joint 6M2025
(COGS (G&A part) services venture
part) (USD Million)
A. Solid own-production of 2,415.58 GWh (+1.59% YoY) supported the +0.53% YoY increase in own production revenue
B. Expansion & post-capitalization clean-up raised depreciation, trimmed profit by USD3.1mn—but, among other things, unlocked USD13.6mn in tax savings
C. Talent development realized expenses of USD0.85mn and acceleration of Lumut Balai unit 2 COD led to increase of USD1.8mn in Other COGS Components
D. Efficiency in the Manpower and Professional Service Fee account to lowered by US$1.60 Mn, as well as materials & equipment by US$0,61 Mn.
E. Finance income declined by US$4.15 million driven by the BI rate cut
F. Unrealized Forex Loss occurred due to the strengthening of JPY against the USD, resulting in a translation loss on PGE’s JPY-denominated debt (JICA)
G. Interest during construction (IDC) was expensed (PSAK223) while awaiting the resumption of PLN’s project, which recently PLN have carried out the pre-qualification
process to commence the EPCC works.
19
Page 16
Financial Performances (3/4)
Changes
Financial Position HIGHLIGHT:
Target Target vs
(USD Million) 2024 6M2025 Changes %* 2Q2025 Actual*
Current Assets 828.56 910.37 +9.87 815.04 +11.70 ▪ Current asset expand by +9,87%
YoY due to the strong cash & cash
Non-Current Assets 2,168.85 2,135.51 -1.54 2,240.23 -4.67
equivalents at US$ 712,13 Mn
Total Assets 2,997.40 3,045.89 +1.62 3,055,27 - 0.31 (+8,69% YoY).
Current Liabilities 227,30 313.45 +37.90 227.74 +37.64 ▪ Business Development Capex grew by
197,35% YoY to reach US$ 10,08
Non-Current Liabilities 761.35 789.92 +3.75 825.97 -4.36 Mn, used to fund the Lumut Balai unit
Total Liabilities 988.65 1,103.36 +11.60 1,053.71 +4.71 1 & 2 projects, Hululais project,
Lahendong unit 7 and 8 explorations
Equity 2,008.75 1,942.52 - 3.30 2,001.56 - 2.95
as well as other working areas
Total Liabilities & Equity 2,997.40 3,045.89 +1.62 3,055.27 - 0.31 exploration projects. Projected
business development capex for FY25
would be US$ 228.56 Mn.
Capital Expenditure Target Target vs
▪ Maintenance Capex used for the
(USD Million) 6M2024 6M2025 Changes % Kamojang, Lahendong, Ulubelu,
6M2025 Actual
Karaha and Lumut Balai working
Development Expenditure 3.39 10.08 +197.35 6.02 +67.44 area as well as HQ. Allocated Non-
Maintenance Expenditure 2.62 11.05 +321.76 5.10 +116.67 BD capex for Full Year 2025
amounted to US$ 90.38 million.
Total 6.01 21.08 +250.75 11.12 +89.57
20
Page 17
Financial Performances (4/4)
Changes
Financial Position Target Target vs
HIGHLIGHT:
6M2024 6M2025 YoY %*
(USD Million) 6M2025 Actual*
▪ Cash from Operating Activities
Operating Activities 135.89 123.92 -8.81 73.53 5.26 lowered by -8,81% YoY to US$
123,92 Mn due to the payment
Investing Activities -49.40 -46.53 -5.82 -20.51 37.10
acceleration that was supposed to
Financing Activities -135.44 -22.01 -83.75 -8.22 94.40 be paid in January 2025, received
in December 2024.
Beginning Balance 677.72 655.19 -3.32 640.65 2.27 ▪ Financing activities lowered -
Effect of Exchange Rate on Cash 10,15 1,56 -84.67 N.A. N.A. 83,75% YoY due to the dividend
payment has not yet been recorded
Ending Balance 638.92 712.13 +11.46 685.45 2.69 in the 1st half of 2025 as in the 1st
half of 2024.
Free Cashflow 86.49 77,39 -10.52 53.02 -6.92
21
Page 18
Sustainability Performances
PGE is committed to making greater contributions toward building a sustainable future
Sustainalytics ESG Rating Carbon Credit Realization
#1 in Listed company in Indonesia
7,1
Revenue : USD 2,243,317.58
#1 from 679 in Global Utility Sector
#75 from 16,049 in all sectors
Total CERs : 2,605,767 TCO2eq*
*1,727,504 TCO2eq still available
Environmental Aspects Social Aspects
Emission Intensity Women in PGE Women in Corporate Social
0.004 ton CO2eq/MWh 12.82% Managerial Level Responsibility Investment
Significantly lower than the EU Taxonomy
threshold of 100 g CO₂eq/kWh 16.2% 1.072 Billion Rupiah
Emission Avoidance Employee Safe Working Hours Community
Satisfaction Index
2.030.826 tonCO2eq 3.92 /5.00 3,095,639
Development
VS emissions from coal power plant As June 30 2025 2,016 Beneficiaries
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
22
Page 19
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
23
Names mentioned 17 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
Extraction attempts how the parser did, and what it refused
Nothing structured was extracted from this document — the attempts below say why.
No extraction attempted yet.