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PUBLIC EXPOSE LIVE 2025
PT PERUSAHAAN GAS NEGARA TBK
Jakarta, 10 September 2025
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Disclaimer & Limitation of Liability
This report has been published as part of our commitment to transparency and accountability,
providing stakeholders with material data and information. The content is derived from internal
analysis and credible external and internal sources. However, it includes forward-looking
statements that are subject to uncertainties and risks. Actual results, performance, or
achievements may differ from those projected in these statements due to factors such as changes
in national and regional economic and political conditions, fluctuations in foreign exchange rates,
shifts in commodity market prices, demand, and supply, evolving competitive landscapes, changes
in laws, regulations, accounting principles, policies, or guidelines, and revisions to the assumptions
underlying the forward-looking statements.
In this report, PT Perusahaan Gas Negara Tbk is abbreviated into “PGN“, The terms of “the
Company”, “PGN Group”, “Subholding Gas”, “Pertamina Gas Negara”, are associated with PT
Perusahaan Gas Negara Tbk.
Number annotation in this Report applies the writing rules applicable in Indonesian language.
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Agenda
PGN In Brief
Key Economic & PGAS Performance Highlights
Financial & Operational Performance
Strategic Project Highlight
GCG & Risk Management
Human Capital Management & Digitalization
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Strong Leadership Team
Board of Commissioners
PGN led by experienced
management across
Tony Setia Boedi Edward Omar Rambe Conny Lolyta
Board of Commissioners Hoesodo Sharif Hiariej Kamarulzaman Rumondor
Thanon Aria
Dewangga
Widjono Hardjanto
Independent
and Directors, and steered President Commissioner Commissioner Independent Independent Commissioner
Commissioner & Commissioner Commissioner
by qualified team of Independent
professionals who bring Commissioner
wealth of experience to Board of Directors
the table.
Arief Kurnia Catur Dermawan Rachmat Hutama Mirza Mahendra Aldiansyah Idham Hery Murahmanta Eri Surya Kelana
Risdianto Director of Director of HR Director of Director of
Director of Director of
President Director Finance and Business Strategy and Infrastructure and
Commerce Risk Management
Support Business Technology
Development
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PGN In Brief
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Vision, Mission and Strategic Pillars
To be a provider of clean energy solution for a
VISI
greener and more sustainable world
Providing gas-based energy that adds value to all customers
MISI
and Accelerating the energy transition in Indonesia
Maintain existing
• T&D and Regas Infrastructure Focusing on integrated infrastructure
Grow and
business
• City Gas Network
connectivity Sumatera – Jawa and developing
• Upstream Development & Oil/BBM
infrastructure on East Indonesia Region.
STRATEGIC PILLARS - GAS
Infrastructure Support
VISI
Focusing on developing LNG infrastructure as
pursue adjacent
Adapt business,
opportunities
• LNG Bunkering and Trading
• Domestic Upstream LNG Infrastructure point of supply domestic need, developing
• Total Solutions Energy Services infrastructure in East Indonesia and hub for
domestic & international market.
• Gas to Chemicals
Developing Capability and Low Carbon
new business
Step-out and
• Biomethane
scale to
• Hydrogen Production and Transport Business Energy which align with Net Zero
• CO2 Transport Emission (NZE) map.
Investment Acceleration: Prudent Investment Execution
Stakeholder Advocation: Active and Centralized Stakeholder Management
Capability Expansion: Portfolio Integration, Resource Development, and Sustainability
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Connecting Indonesia to a Greener and Sustainable Future
With our extensive experience,
focus on unlocking value on
downstream and midstream
infrastructure, and diverse
business operations, we are well-
positioned to lead the way in
providing clean and reliable
energy solutions for the nation
Strong Presence
60yrs
Experience & Expertise
in the industry
Provide Greener Energy Business Portfolio Market Share Pipeline Network Gas Infrastructure
Natural gas has Lowest
Carbon Emission
Total >33.360 km
>91,24%
• Natural Gas ; 450-550gr • Upstream (11 E&P blocks) • 2 LNG FSRUs + 1 land-based regas.
• Midstream • Gas Pipeline: 13,043 km
CO2/kWh terminal
• Downstream • Oil Pipeline: 605 km
• Coal : 600-1.100 gr CO2/kWh Major player in gas trading • City Gas Pipeline: 19,713 km • 14 Gas Fueling Stations, 4 MRUs
• Oil : 700-900 gr CO2/kWh • Others • 2 LPG processing plant (stripping &
compression) 77
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Organization & Business Portfolio
The Group
UPSTREAM DOWNSTREAM CUSTOMERS
Business Portfolio
Saka Energi Indonesia is a subsidiary Distribute gas through pipeline & beyond pipeline and
of PGN that has business activities in trading gas to the end miles of end user
the upstream business. Industrial Sector
Power Plants
Gas-fired power plant is Indonesia’s growth is driven by its
more environment friendly industrial sector, and we strive to
compared to oil or coal. promote fuel efficiency by distributing
natural gas to key industrial areas.
MIDSTREAM Pipeline Network Beyond Pipeline
Operate transmission pipelines, FSRU and
land-based regasification facility in Arun.
To boost revenue, the company expands Distribution Pipeline Network Mobile Refueling Unit (MRU) &
into LNG Trading & Services, including Gas Transport Module (Gas Link)
Through distribution Gas for Transportation (Gas
Commercial Customer Household Customer
Global LNG Trading, LNG Hub & Storage, pipeline, natural gas is MRU is the solution for Fueling Station)
Efficiency and reliability are key PGN has distributed gas
and LNG Bunkering for marine fuel. delivered to customers natural gas filling station for Our Subsidiary, Gagas Energi
in delivering energy to household customers in 67
covering power, industry, transportation using CNG Indonesia operates 16 Gas Filling
commercial customers, and we cities/regencies all over
commercial, households & technology. Stations in 11 cities in Java and
meet those needs. Indonesia.
transportation sector. Sumatera.
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Key Economic & PGAS Performance
Highlights
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Key Economic Highlights
• GDP Growth in 2Q 2025 reached 5.12% YoY and 4.04% QoQ
• Drivers of Growth
➢ Household consumption rose 4.97% and Gross Fixed Capital 6.99%
➢ Manufacturing sector 5.68%; construction 4.89%; Trade 5.37%; agriculture 1.65% and mining 2.03%
➢ Export of goods and services grew 10.67%
➢ Oil Production 602.4 MBOPD ; Gas Lifting 5.598 BBTUD for 1st semester 2025 and ICP of $69.33 per
barrel in June 2025
• Monetary Policy & Investment
➢ Following Central Bank cut by 25 bps to 5.5% in May, BI rate was further cut to 5.25% in July and to 5%
in August 2025, while Inflation rate was 1.38%
➢ Rupiah exchange rate was relatively managed, closed at Rp 16,231
• Fiscal Stimulus
➢ USD 1.5 billion stimulus package was launched targeting transportation discount, wage subsidies, toll
relief, and social aid to support consumption.
➢ Up to 1st semester, around Rp 5 trillion of state budget for free school meals program was utilized.
• Outlook and Risks
➢ While GDP growth is solid, several parties warn of underlying strains: declining auto sales, manufacturing
layoffs, weakening purchasing power and fragile consumption patterns
➢ Persistent global trade tensions and tariff pressures remains key risks, dampening both external demand
and investment sentiment
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6M-2025 Performance Highlight
Financial Highlight
USD 1.938 USD 144 USD 463 USD 6.417 USD 1.512 USD 94
Million Million Million Million Million Million
EBITDA Cash & Cash
Revenue Net Profit Total Assets CAPEX
Equivalent
Operational Highlight Jumlah Pelanggan
Number of Customers 820.021
832 1.627 246
99,84%
BBTUD MMSCFD BBTUD
Regasification Infrastructure
3.298 2.644 814.079
Gas
Gas Trading Transmission Availability
Industries & Pelanggan Kecil Rumah Tangga
(include TUA) Commercials Small Businesses Households
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Financial & Operational Performance
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6M-2025 Financial Performance YoY
Consolidated Income Statement
Highlights +5%
1.938 +13% (US$ Juta | Million)
▪ Increasing Consolidated Revenues YoY 1.839
contributed mainly by revenues from the 1.618
gas trading, regasification services and oil 1.432 6M2024
transportation. 6M2025
▪ Lower Consolidated Net Profit YoY was -20%
primarily driven by the increase of cost of -21%
-18% 578
gas, in line with the use of LNG as supply 407 -23% 463
mix 320 293 240 187 144
• Consolidated Financial Position YoY
Pendapatan BPP Laba Bruto Laba Operasi Laba Bersih EBITDA
reflecting the Company’s financial health Revenues COGS Gross Profit Operating Profit Net Profit
and stability.
Consolidated Financial Position Consolidated Cashflow
▪ Consolidated Cashflow reflecting strong (US$ Million) (US$ Million)
cashflow position driven by positive Financial Position 31 Dec 2024 30 Jun 2025 Cashflow 30 Jun 2024 30 Jun 2025
operating cashflow.
Beginning Balance 1.245 1.383
TOTAL ASET 6.416 6.417
Cashflow from operating 410 335
TOTAL LIABILITIES 2.744 2.952
Cashflow from investment (12) (7)
TOTAL EQUITY 3.672 3.465
Cashflow from financing (628) (203)
Foreign Exchange impact (42) 4
Ending Balance 997 1.512
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6M-2025 Financial Performance
Highlights Revenue Contribution
EBITDA Contribution
▪ In terms of revenue contribution, the gas Gas Sales & Transmition
17,0%
trading and transmission business Upstream
17%
segment remained the largest contributor 7,0% Others Downstream &
to the Company’s consolidated revenue at Others
76%, followed by the upstream segment at 83%
Upsteeam
76,0%
7%, and other business segments at 17%.
• EBITDA was contributed 83% by the gas
trading, gas transmission, and other
segments, and 17% by the upstream
CAPEX
segment. (US$ Million)
94
• Financial Ratios remain in compliance with Financial Ratios
the required covenants, reflecting the
Financial Ratios 30 Jun 2024 30 Jun 2025 31
Company’s financial health and strength. 70
Downstream & Others
EBITDA Margin 31% 24%
• CAPEX spent up to June 2025 was US$ 94 Upstream
EBITDA/Interest
million with 67% allocated to the 15,77x 15,70x 39
Expenses
downstream and other segments, while
Debt-to-Equity* 35,33% 35,41%
33% was allocated to the upstream 63
segment. *Interest Bearing Debt
31
6M 2024 6M 2025
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6M-2025 Operational Performance - Gas Trading
Highlights Gas Trading Industrial Consumption to Gas Trading
(Sales Volume to Customers)
Power
• The gas trading/ sales volume was lower -1,1%
Chemical
than corresponding period last year due
Ceramic
to the decrease supply from main 25,0% 27,0%
suppliers and lower absorption from Food
BBTUD
customers . Glass
841 832 5,0% Fabricated Metal
• PGN's gas supply was primarily from 6,0% Others
18,0%
pipeline gas, accounting for 90%, and 9,0%
10% came from LNG. In terms of the gas 10,0%
supply source, 43% was from the 6M2024 6M2025
Pertamina Group, with the remaining
Gas Sources PTM Group
sourced from other gas suppliers, mainly
from the Corridor block. Non PTM Group
10%
• From the customer side, as of 6M-2025, 97%
the consumption of PGN’s six largest 43%
industrial customers included power LNG 57%
plants, chemicals, ceramic, food, glass, Piped Gas
and fabricated metal. 90%
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6M-2025 Operational Performance - Others
Highlights Gas Transmission Oil & Gas Lifting Oil Transportation
• Gas transmission volume, contributed by increasing +10% +15%
-22%
transmission volume of existing shippers mainly for oil
refinery in Kalimantan and for power plant as well as for
industrial estates in East Java through Cirebon-Semarang
pipeline segment.
MMSCFD
BOEPD
BOEPD
1,479 1,627 21.408 173.159
• From the upstream business segment, the volume of oil 16.774 150.434
and gas lifting mainly affected by decreasing production
due to natural decline of the blocks and delay in drilling
activities of new well in Pangkah Block.
6M2024 6M2025 6M2024 6M2025 6M2024 6M2025
• In the LNG regasification business, the regasification
volume was primarily contributed by both regas services in LNG Regasification + LPG Processing
TUA-FSRU Lampung
Arun and optimalization of the Lampung FSRU under the
Terminal Usage Agreement (TUA) with PLN. +24% +16%
246
• In the oil transportation segment, the volume was
increased, primarily driven by increased lifting from Sumur 198
THOUSAND TON
Puspa (PEP Jambi) and switching transportation oil from
BBTUD
146
PHR to Pertagas pipeline. 133 22
19
• The sales of LPG processing was primarily driven by
increased of processing gas feed inline with LPG plant 65
100
optimization.
Regasification (BBTUD)
TUA (BBTUD)
6M2024 6M2025 6M2024 6M2025
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Strategic Project Highlight
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Strategic Projects Update
1. Oil Transportation – 2. Gas Pipeline Infrastructure 3. City Gas Project 4. LNG Hub Arun
5. Biomethane Project
Cikamplek Plumpang Tegal Cilacap (Annual) (Revitalization of Tank F-6004)
(2025-2026)
(2024 – 2027) (2025-2026) (2025)
Plumpang
Cikampek
Product / Capacity Product / Capacity Product / Capacity Product / Capacity Product / Capacity
Pipa 16” – 96 Km 60 mmscfd 0.2 BBTUD 127.200 m3 1,2 BBTUD
(79.8 thousand BOPD)
Capex Capex Capex Capex Capex
Total Capex : USD 90 million Total Capex : USD 125 million Capex for 2025: USD 29 million Total Capex : USD 42 million Total Capex : USD 5 million
Capex for 2025 :USD 20 million Capex for 2025 :USD 7 million Realization up to June: USD 6,2 Capex for 2025 :USD 12 million Capex for 2025 :USD 1 million
Realization up to June : USD 7,8 Million Realization up to June: USD 6,6
Million Million
Progress & Target Progress & Target Progress & Target Progress & Target Progress & Target
Up to June 2025 : Up to June 2025 : Up to June 2025: Up to June 2025: Up to June 2025:
EPC Procurement Process FEED & Commercial Arrangement • 13.959 connection (2025) Construction progress 81,10% Finalization of supply-demand,
• Total 143.087 connections from (Tank) dan 94,39% (Non Tank) EPC contractor procurement
Target 2021 preparation
Q1 2027 : Commissioning Target Target in 2025: Target Target
Q3 2026 : Commissioning Addition of pipeline length 590 Km Q3 2025 : Commissioning of Tank Q2 2027 : Commissioning
with potential 200.000 connection. Q4 2025 : Commissioning of Non Tank
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GCG & Risk Management
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GCG & Risk Management
ACGS
• PGN is committed to implementing GCG principles as a Implementation
foundation for conducting its business activities and
creating sustainable added value for its shareholders and
all other stakeholders. To support this, PGN implements a
robust risk management system.
91
• The 2024 GCG implementation assessment using the 72
ACGS (Access to GCG) showed that PGN had
implemented 91.11% of the criteria and exceeded the
minimum standard.
2023 2024
• For its strong GCG implementation, PGN received the
ASEAN Corporate Governance Awards 2025, achieving
recognition among the Top 50 ASEAN Public Listed KPMR Rating RMI Score
Companies (PLCs) and the Top 5 Indonesian PLCs for
2024.
• The results of the Risk Maturity Assessment, PGN's RMI
increased to 3.6 in the Good Practice (+) category.
87 90 3,4 3,6
• PGN also measured the quality of its risk management
and received a satisfactory score, with a score of 90 for
2024.
2023 2024 2024 2025
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20
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Human Capital Management & Digitalization
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Kinerja Human Capital - Demografi
Human Capital Management
372 , 507 , 784 ,
11% 15% 24%
Employee Engagement Survey
Age Gender
80,68%*
1,198 , *) Survey EES 2024
2,552 ,
36% 76%
1,259 ,
38%
Employee Turnover Rate
≤ 31 th 31-40 th Male Female Data as of Juni 2025
41-50 th ≥ 51 th
2,83%*
*) Turnover rate 2024
Position Education Female Talent
(Managerial Level)
Top
Management
241 S3 6
2024 Juni 2025 E-LHKPN
23 28
Middle
Management
452 S2 555
Young Talent
100%*
Senior Staff 1,722 S1 1,927 (Managerial Level) *) LHKPN 2025
Diploma 645 2024 Juni 2025
Staff 921
35 42
SLTA 203
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Digitalization in Gas Business Value Chain
UPSTREAM MIDSTREAM DOWNSTREAM CUSTOMER
Asset Operation & Customer Sales & Marketing
Network Operation Meter Operation
Maintenance Management Management
Work & Asset Gas Smart Meter Registration Digital Self Service
Management Management Management
System
Online registration
Automatic Billing &
Asset Construction Meter Reading Customer
PGN Mobile
Management
Field Service Meter Data DIgital Office
Acquisition Revenue
Management Chat Bot
Meter Data
Management
Integration & Dashboard Monitoring & Security
Enterprise Data Warehouse | Enterprise Service Bus
OT (Operation Technology) 23
IT (Information Technology
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Thank You Kantor Pusat | Headquarter Jl. K.H. Zainul Arifin No. 20, Jakarta, Indonesia Hubungan Investor | Investor Relations: PT Perusahaan Gas Negara Tbk Gedung A 4th Floor Jl. KH Zainul Arifin No. 20, Jakarta, Indonesia Email: PGN.InvestorRelation@pertamina.com URL: https://ir.pgn.co.id/ Phone: +62 21-39735233
Names mentioned 11 people and organisations named in the text · linked when the evidence is strong
unresolved
person
K.H. Zainul Arifin
p.24 ×2
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