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TBS Public Expose 2025 Company Presentation September 2025
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TBS at a Glance Our Growth Strategy Financial Highlights TBS at a Glance Our Growth Strategy Financial Highlights
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Your Panelists for Today
Juli Oktarina
Director
Gita Sjahrir
MD – Investor Relations
Mirza Hippy
SVP Corporate Finance & Investor Relations
Nafi Sentausa
SVP Corporate Strategy & Investor Relations
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TBS at a Glance Our Growth Strategy Financial Highlights
TBS at a Glance
We are Indonesia’s Leading 2 >1,800 USD 0.8 Billion
Sustainability- focused Corporation Countries Employees Asset Value
Carbon-based Past Sustainability-Centered Future
Mining CFPP Waste Renewables EV Ecosystem
~2.5 Annual
Production Fully Divested >1.2 Mn Tons
Annual Waste Collected
6 MW
Mini-Hydro PP
in Operation >5,400 Units
E2W in Operation
M Tons
*MCL divested on 5 March 2025 and GLP Including Projection for 46 MWp Solar PP
divested on 16 May 2025 (Post-Q1 2025) Cora Environment
MCL: PT Minahasa Cahaya Lestari, a 100MW CFPP 4
GLP: PT Gorontalo Listrik Perdana, a 100MW CFPP
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TBS at a Glance Our Growth Strategy Financial Highlights
Delivering on our TBS2030 Commitment
We have proven the ability to execute, shifting away from coal to sustainable businesses
From : Towards :
Coal-based Business Company Centered on Sustainability
Coal Coal Fired Power Electric Renewable Waste
Mining Plant Vehicles Energy Management
ABN, IM, & TMU Paiton Energi Acquisition 5% (2018) JV with GoTo for EV Reservoir agreement AMES Medical Waste
Greenfield & Divestment (2021) Ecosystem with BP Batam for Solar Acquisition
Nov 2021 PV Aug 2023
2007, 2008, 2011 Dec 2023
TBS IPO COD Sulut-3 (MCL) & Sulbagut-1 (GLP) Launch of the Inaugural Financial Close & Signed ARAH Acquisition
2021 Product & COD PPA with off-taker PLN Dec 2023
Jul 2012 Batam for 46 MWp
Electrum
Nov 2023 Oct 2024
MCL & GLP Divestment
2025 Blended Concessional Commercial Operations Sembcorp Environnent
Financing from the Asian Date of Lampung Mini- Acquisition
Development Bank hydro PP (6 MW)
(ADB) Mar 2025
Dec 2024 Jan 2025
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TBS at a Glance Our Growth Strategy Financial Highlights
Experienced Leadership Team
Stable, diversified and long-tenured leadership team with strong industry experience and execution capability
Board of Commissioners
Bacelius Ruru Dr. A. Fuad Rahmany Frances Kang Yasmin Wirjawan
Pres. & Independent Commissioner Independent Commissioner Independent Commissioner Independent Commissioner
12 years of tenure with TBS 5 years of tenure with TBS Appointed since April 2025 Appointed since April 2025
Board of Directors
Dicky Yordan Alvin F. Sunanda Juli Oktarina Mufti Utomo Sudharmono Saragih
President Director Director Director Director Director
8 years of tenure with TBS 10 years of tenure with TBS 7 years of tenure with TBS 6 years of tenure with TBS 14 years of tenure with TBS
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TBS at a Glance Our Growth Strategy Financial Highlights
Clear Strategic Vision and Strong Growth Potential
Well defined strategic direction supported by a robust pipeline of high quality opportunities
…. We transitioned into high multiple businesses with clear pipeline for growth
10-20x
As our heritage businesses in coal begin to 10-18x
9-15x
become less attractive in the market …
2-7x
0.2-1x We are proactively transforming towards a Sustainability-centered Business
to tap into higher trading multiples and maximize value
Coal Mining & Coal-fired Renewable Energy Waste Management Electric Vehicles
Trading Power Plant
Solar Power Municipal Waste E2W Mfg. & Sales
Hydro Power Medical Waste Batt. Infrastructure
ESG Focused Fully Divested Wind Power Industrial Waste Fleet Management
Unlock capital to
Managed with a strong NB Solutions Waste-to-Energy
sharpen our focus on
commitment to
sustainable
responsible operations
investments 600 MW Regional 500,000
Project pipeline up to Waste platform across EV bikes on the road in
2030 Southeast Asia across Indonesia
Legend Policy Driven Societal Demand Low Penetration
National mandates driving Escalating waste crisis High growth potential as
XX EV/EBITDA Market Comps XX Strategic Focus
demand for additional RE driving the need for with 6 mn 2W sales per
capacity advanced waste solutions year and <1% is EV
XX Business Segments XX Market Drivers
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TBS at a Glance Our Growth Strategy Financial Highlights
TBS Waste Management
TBS has established an integrated waste management platform across the waste value chain
Waste Collection Fleet Decontami- Recycling/ Digital Permits & Final
Value Incineration Smelting
Services Management nation Upcycling Services Regulations Disposal
CORA Environment
Chain
Asia Medical Enviro Services
ARAH
Presence
Transportation Processing Additional Services
Waste-to-Energy
Business Overview Integrated waste mgmt. company with >20 Medical waste management company Medical, industrial and commercial waste
years of experience, serving >470,000 with 20+ years of operation covering management company serving >5,000
households and >30% of Singapore’s ~50% market share in Singapore customers nationwide
industrial and commercial sector
Service Offerings Municipal Industrial Medical Pharma Medical Industrial
Commercial Waste-to-Energy Research Institutions Domestic
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TBS at a Glance Our Growth Strategy Financial Highlights
TBS Waste Management
Operational and Financial performance summary showing growth across the board
Asia Medical Enviro ARAH Environmental is an
Cora Environment is an
integrated waste 300+ Services (AMES) is a
leading player in medical
11+ integrated waste management
company in Indonesia,
53+
management company in Units Units Units
waste management in operating across 15 provinces
Singapore, serving over
Singapore, commanding a
700+ 40 300+
470k customers and and serving over 5,000
market share of customers in the medical,
thousands of businesses approximately 45%
Employees Employees industrial, and domestic sectors Employees
6M YTD Operational Highlights 6M YTD Operational Highlights 6M YTD Operational Highlights
480,000 ton 2,300 ton 9,900 ton
Waste Collected Waste Collected Waste Collected
155,000 ton 2,100 ton 4,000 ton
Waste Processed Waste Processed Waste Processed
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TBS at a Glance Our Growth Strategy Financial Highlights
TBS Renewable Energy
Tapping into 30 GW of renewable energy potential with >590 MW project pipeline until 2030
Opportunities across Indonesia TBS Renewable Energy Projects
Capacity expansion plans in Indonesia (in GW)
34.08
Mini Hydro Power Plant Floating Solar PV
19.97 Lampung Batam
8.97
18.69 IN OPERATION UNDER CONSTRUCTION
1.7 15.35
10.43
3.6 Capacity PPA Term Capacity PPA Term
6 25 46 25
2025 2028 2031 2034
Renewable Fossil
MW years MWp years
• Indonesia Installed Capacity in 2024 is at 93 GW (85% Fossil Fuel, 15% NRE)
• NRE penetration remains low, totaling 13 GW out of >3,600 GW potential capacity
• PLN has allocated a total of 34 GW of NRE capacity in the latest RUPTL for 2025-2034
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TBS at a Glance Our Growth Strategy Financial Highlights
TBS Renewable Energy
Tapping into 30 GW of renewable energy potential with >590 MW project pipeline until 2030
Hydro TBS Renewable Energy Projects Solar Wind Hydro
Target COD and Installed Capacity (in MW/MWp)
270 Inorganic
Floating Solar PV 22 220 50 growth
594
256 pursuits
46
2026 2027 2028 2029 Total NRE
Equity
(mn USD)
5.7 60.0 9.7 100.5 175.9
Project Cost
Wind (mn USD)
28.7 245.2 48.3 442.8 765.0
• Projects are progressing well with a secured reservoir concession. One project is already under construction, with
planned expansions in subsequent phases, including additional BESS capacity.
• The solar PV project for an Industrial Zone* (IZ), along with wind and hydropower projects, are both in advanced stages
of development.
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*Industrial zone captive market estimated at 220 MWp
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TBS at a Glance Our Growth Strategy Financial Highlights
TBS EV Ecosystem
Integrated EV ecosystem powered by advanced data analytics and IoT, designed to optimize urban transportation
Our strength lies in our ecosystem Electrum’s E2W lowers emissions while increasing partner drivers' earning
Products
Electrum H5 Electrum H3/H3i
Max Speed Max Speed
90 km/h 65 km/h
Max Range Max Range
60 km 65 km
Business Segments Electric Battery
2-Wheelers Infrastructure Vision: Leading E2W & energy infra. in Tier 1–2 cities across Indonesia and SE Asia
Cutting edge E2Ws Closed loop battery
developed specifically for swapping infrastructure to
the Indonesian consumer mitigate range anxiety and
landscape improve usability
Outputs
Service Offerings 170mn km 18,500+ 30 tons CO2
Direct Sales
Battery Served to date Daily battery swaps Offset daily
Subscription
Bike Rental
Drivers
Customer Electrum’s ecosystem is optimized for both B2C and
Segments B2B riders with specialized product offerings and 5,000+ 320 BSS 10x growth
commercial schemes to maximize value Bikes OTR In Jakarta area In bikes since Jan ‘24
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TBS at a Glance Our Growth Strategy Financial Highlights
TBS EV Ecosystem
Gojek and Grab endorse Electrum as the reliable, scalable partner for fleet electrification
US$ 7bn Market Opportunity in E2Ws and Energy Infra
Drivers from Indonesia’s two
125 mn 625 bn US$ 15 bn
Total 2W Population Annual Distance (KM) Annual Revenue largest ride-hailing services
48% 53%
86%
>5,300,000
1 Registered 2W Drivers
34% 31%
2
11% 12% 11%
1% 2% 6% 5% 3
>20,000
E2W Active Drivers
Population Total Annual Distance Total Revenue
Casual Users Long Commuters Gig Riders (excl. Ride-Hailing) Ride-Hailing Drivers
Our Strategy >5,500
Electrum
1 Now: Electrum leads in ride-hailing sector Drivers
2 Near Term: convert B2B leads
Equal to 25% of E2W OTR in
3 Medium Term: penetrate long commuters via driver partner referral program major ride-hailing
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Source: Internal Analysis
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TBS at a Glance Our Growth Strategy Financial Highlights
TBS Energi Utama
6M 2025 Summary – Maximizing efficiency to maintain a strong foundation for the Company's Growth
Profit or Loss Statement - 6M 2025 (in USD’000)
6M 2025 LTM 6M 2025 6M 2024 Change
This period’sfinancial
The Company’s earning Revenue 369,181 172,212 248,678 (31%)
reflects
performancemarket-driven
COGS (328,882) (158,303) (193,971) (18%)
pressure
demonstrates from declining
its ability to
Gross Profit 40,299 13,909 54,709 (75%)
coal
sustainprices. Despite
growth during the the
transition period, with a
pressure, however, Finance Costs (34,729) (17,018) (18,170) (6%)
recorded 34% increase in
revenue from our Loss from divestment
of subsidiaries
(96,870) (96,870) - -
Adjusted EBITDA
future businesses has Profit / (Loss Before
Taxes)
(105,103) (116,732) 49,249 (337%)
grown by 440%. EBITDA Adjusted 68,421 20,807 83,746 (75%)
Notes 14
EBITDA Adjusted = Operating Income + Depreciation & amortization expenses + PLN billed receivables + Others
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TBS at a Glance Our Growth Strategy Financial Highlights
Resilient Financial Performance
TBS Financial Performance Details by Segment
Revenue by business segment (in million USD) Results 1H 2025 Revenue % of Revenue Notes
(in USD’000)
-31%
Waste Revenue attributed
53.2 59,579 35% from Cora Group , incl.
Management
248.7 Cora Environment***
(2.1)
0.4 172.2
(110.0) (2.7) (15.3) Electric Lower E2W penetration
3,186 2%
Vehicle
6M 2024 Waste EV Coal Coal Power Others 6M 2025
Management* Mining Trading Generation
Coal Global coal price
36,332 21% decline and lower sales
Mining
EBITDA adjusted** by business segment (in million USD) volume
-75% Coal Global coal price
55,340 32%
7.4 Trading decline
83.7
(0.5)
Power Revenue from CFPP
0.2 20.8 14,364 8% prior to divestment
(61.2) (0.2) Generation
(8.6)
6M 2024 Waste EV Coal Coal Power Others 6M 2025
Management* Mining Trading Generation Revenue from
Others 3,411 2% plantation business
*including Cora Group from the acquisition date
**EBITDA adjusted is after taking into account cash flow generated from pre-divested CFPP amounting to US$123 million 15
*** Previously Sembcorp Environment Pte Ltd
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Thank You
Names mentioned 10 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT Minahasa Cahaya Lestari
p.4
unresolved
org
PT Gorontalo Listrik Perdana
p.4
unresolved
org
Previously Sembcorp Environment Pte Ltd
p.15
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