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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. 112/NL/VII/2025
NEWSLETTER # 112
29th July 2025
RESULTS FOR THE FIRST HALF ENDING 30 JUNE 2025
Wintermar’s Operating Profit jumped Laba Operasi Wintermar melonjak 55,8% YOY
55.8%YOY to US$8.9million for 1H2025, menjadi US$8,9 juta untuk 1H2025, didorong
derived from 17% growth in Owned Vessel oleh pertumbuhan 17% pada Pendapatan Kapal
Revenue in 1H2025 and higher gross Milik dan margin kotor yang lebih tinggi akibat
margins from better fleet mix and higher komposisi armada yang lebih baik serta tarif
charter rates. sewa yang lebih tinggi.
Owned Vessel revenues were higher in 1H2025 compared to Pendapatan dari Kapal Milik meningkat pada 1H2025
1H2024 despite lower utilization due to better yielding vessels dibandingkan 1H2024 meskipun utilisasi lebih rendah, karena
in operation in 1H2025. kapal-kapal yang beroperasi pada 1H2025 memiliki tingkat imbal
hasil yang lebih tinggi.
Owned Vessel Division Divisi Kapal Milik
Although the number of vessels has not changed, fleet Meskipun jumlah kapal tidak berubah, komposisi armada telah
composition has improved with 2 additional PSVs in membaik dengan adanya tambahan 2 unit kapal PSV yang mulai
operation in 1H2025 as well as 3 newly delivered HLBs which beroperasi di 1H2025 serta 3 unit HLB yang baru dibeli dimana 2
2 units commenced work in April 2025 and 1 unit in July 2025. unit telah mulai beroperasi pada April 2025 dan 1 unit mulai
With 4 additional units of higher yielding vessels in operation beroperasi di July 2025. Dengan total tambahan 4 kapal berimbal
compared to last year, gross margins from the Owned hasil lebih tinggi yang beroperasi dibandingkan tahun lalu, margin
Vessels Division expanded from 29.6% in 1H2024 to 39.1% kotor Divisi Kapal Milik meningkat dari 29,6% di 1H2024 menjadi
in 1H2025. This resulted in a 54.4%YOY jump in Gross Profit 39,1% di 1H2025. Hal ini menghasilkan lonjakan pertumbuhan Laba
growth for the Owned Vessel Division to US$12.4million, Kotor sebesar 54,4% YOY menjadi US$12,4 juta, meskipun terjadi
despite a fall in utilization from 63.7% in FY2024 to 57.9% in penurunan utilisasi dari 63,7% di FY2024 menjadi 57,9% di 1H2025.
1H2025.
Despite a slower first half of the year which caused a dip in Meskipun paruh pertama tahun ini berjalan lebih lambat dan
utilization, the Company reaped the benefit of improving menyebabkan penurunan tingkat utilisasi, Perusahaan
average charter rates from a higher number of operational mendapatkan manfaat dari kenaikan tarif sewa rata-rata seiring
vessels at the higher value segment of the fleet. Owned lebih banyaknya kapal bernilai tinggi yang beroperasi. Beban Kapal
Vessel Expenses increased by 22%QOQ from 1Q2025 to Milik meningkat 22% QOQ dari 1Q2025 ke 2Q2025 karena
2Q2025 due to an increase of fleet as well as Operational penambahan jumlah armada serta biaya operasional armada.
costs.
Chartering Division and Other Services Divisi Chartering dan Layanan Lainnya
Chartering revenues experienced a sharp decline, as several Pendapatan Chartering mengalami penurunan tajam karena
vessels ended a contract which has not been renewed. Gross beberapa kapal menyelesaikan kontrak yang belum diperpanjang.
Profit from Chartering fell from US$0.7million in 1H2024 to Laba Kotor dari Chartering turun dari US$0,7 juta di 1H2024 menjadi
US$0.2million in 1H2025. US$0,2 juta di 1H2025.
Gross Profit from Other Services fell to US$1.4million Laba Kotor dari Layanan Lainnya turun menjadi US$1,4 juta
(-11.5%YOY) in1H2025 in line with the lower vessel (-11,5% YOY) pada 1H2025 sejalan dengan penurunan tingkat
utilization for the period compared to last year. utilisasi kapal selama periode ini dibandingkan tahun lalu.
ISM Code & ISPS Compliant
Page | 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. 112/NL/VII/2025
Direct Expenses and Gross Profit Biaya Langsung dan Laba Kotor
Total Owned Vessel Direct Expenses rose only slightly by Total Beban Langsung dari Divisi Kapal Milik hanya meningkat
1.3%YOY to US$19.4million for 1H2025. The largest sedikit sebesar 1,3% YoY menjadi US$19,4 juta di 1H2025.
increase came from Fuel Bunker costs which rose to Peningkatan terbesar berasal dari biaya bahan bakar (Fuel Bunker)
US$1.4million (+46.1%YOY) due to the mobilization of yang naik 46,1% YOY menjadi US$1,4 juta akibat mobilisasi kapal-
vessels to overseas contracts. All other costs were lower kapal untuk kontrak luar negeri. Seluruh biaya lainnya menurun,
except for Fleet Maintenance which rose 2.2%YOY to kecuali Biaya Perawatan Armada yang naik 2,2% YOY menjadi
US$4.1million in 1H2025. US$4,1 juta di 1H2025.
On a quarterly basis, there were higher operational and Secara triwulanan, terdapat peningkatan biaya operasional dan
maintenance costs in 2Q2025 compared to 1Q2025 due to perawatan di 2Q2025 dibandingkan 1Q2025 akibat persiapan dan
the preparation and mobilization of a mid-tier vessel for a mobilisasi kapal mid-tier untuk kontrak jangka panjang di Timur
long-term contract in the Middle East. Tengah.
Indirect Expenses and Operating Profit Biaya Tidak Langsung dan Laba Operasional
Total Indirect Expense rose by 11.0%YOY to US$5.1million Total Beban Tidak Langsung meningkat 11,0% YOY menjadi
in 1H2025. The largest increase came from salary and US$5,1 juta di 1H2025. Peningkatan terbesar berasal dari gaji dan
employee benefits which rose by 10.0%YOY and 16.9%YOY tunjangan karyawan, masing-masing meningkat 10,0% dan 16,9%
to US$3.8million and US$0.2million respectively. With the YOY menjadi US$3,8 juta dan US$0,2 juta. Seiring perbaikan
improvement in business conditions and a wider geographic kondisi bisnis dan cakupan operasi yang lebih luas secara
spread of operations, there was an increase in the number of geografis, jumlah karyawan meningkat di 2025 dibanding tahun
employees in 2025 compared to last year. sebelumnya. Biaya telekomunikasi dan pemasaran juga meningkat
Telecommunications and marketing costs also rose with seiring dengan bertambahnya proyek internasional dan biaya
more international projects and higher costs of bid bond fees jaminan penawaran (bid bond) yang lebih tinggi dalam proses
in the tender process. tender.
Due to good cost control, Operating Profit for 1H2025 jumped
by 55.8% to US$8.9million from US$5.7million in the previous Akibat pengendalian biaya yang baik, Laba Operasi untuk 1H2025
year. melonjak 55,8% menjadi US$8,9 juta dari US$5,7 juta pada tahun
sebelumnya.
Other Income, Expenses and Net Attributable Profit Pendapatan Lain, Beban Lain, dan Laba Bersih yang Dapat
Diatribusikan
As the Company refinanced the newly acquired vessels from Perusahaan mendapatkan pembiayaan kembali atas kapal-kapal
the past year, interest expenses rose to US$1million for baru yang diperoleh tahun lalu, akibatnya beban bunga meningkat
1H2025, while interest income also doubled to US$0.3million menjadi US$1 juta di 1H2025, sementara pendapatan bunga juga
due to strong operational cash flow. naik dua kali lipat menjadi US$0,3 juta karena arus kas operasional
yang kuat.
There was a turnaround in Equity in net earnings of Kontribusi laba bersih pada posisi Ekuitas dari Entitas Asosiasi
Associates from a loss of US$0.4million in 1Q2025 to a profit membaik dari sebelumnya rugi sebesar US$0,4 juta di 1Q2025
of US$0.7million in 2Q2025. This resulted in a gain of menjadi laba US$0,7 juta di 2Q2025. Hal ini menghasilkan
US$0.6million from Investment in Associates for 1H2025, keuntungan sebesar US$0,6 juta dari Investasi pada Entitas
slightly lower than US$0.8million in 1H2024. Asosiasi di 1H2025, sedikit lebih rendah dibanding US$0,8 juta di
1H2024.
During 2Q2025, management successfully sold a smaller
mid-tier vessel for a profit, resulting in a net gain on sale of Pada 2Q2025, manajemen berhasil menjual satu kapal mid-tier
fixed asset of US$1.7million. This is in line with the continued berukuran lebih kecil dengan keuntungan, menghasilkan laba
fleet renewal program where smaller mid-tier vessels which bersih dari penjualan aset tetap sebesar US$1,7 juta. Hal ini sejalan
ISM Code & ISPS Compliant
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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. 112/NL/VII/2025
are lower yielding will continue to be sold off to concentrate dengan program pembaruan armada yang terus berlanjut, di mana
the fleet on larger and higher yielding vessels. However, this kapal-kapal mid-tier berimbal hasil lebih rendah akan terus dijual
cannot compare with the significant one-off gain of untuk memfokuskan armada pada kapal-kapal yang lebih besar dan
US$17.4million recorded in 1H2024 primarily from the sale of berimbal hasil lebih tinggi. Namun, laba ini tidak dapat dibandingkan
a platform supply vessel. Therefore, total Other Income was dengan keuntungan satu kali senilai US$17,4 juta yang dicatat di
US$1.7million for 1H2025 as compared to US$17.4million in 1H2024 dari penjualan sebuah kapal PSV. Oleh karena itu,
1H2024 which included the one-off vessel sale. Pendapatan Lainnya tercatat US$1,7 juta di 1H2025 dibanding
US$17,4 juta di 1H2024.
Net income before tax for 1H2025 totalled US$10.7million, Laba bersih sebelum pajak untuk 1H2025 mencapai US$10,7 juta,
compared to US$23.2million in 1H2024. This 53.8% decline dibandingkan dengan US$23,2 juta pada 1H2024. Penurunan
does not reflect the underlying improvement in the core sebesar 53,8% ini tidak mencerminkan perbaikan mendasar pada
business as 1H2024 profit included the sizable one-off gain bisnis inti karena laba 1H2024 termasuk keuntungan satu kali dari
from the vessel sale. penjualan kapal.
Non-Controlling Interest fell from US$6.4 million in 1H2024 Porsi laba untuk Kepentingan Non-Pengendali menurun dari
which included some profit from the sale of vessel to US$2.7 US$6,4 juta di 1H2024, yang termasuk sebagian laba dari penjualan
million in 1H2025. The group’s EBITDA jumped by kapal, menjadi US$2,7 juta di 1H2025. EBITDA Grup melonjak
25.8%YOY for 1H2025, reaching US$16.0 million compared 25,8% YOY menjadi US$16,0 juta pada 1H2025 dibanding US$12,7
to US$12.7million in 1H2024. juta di 1H2024.
Stripping out the impact of vessel sales, the underlying profit Jika dampak penjualan kapal dikeluarkan, laba mendasar untuk
for 1H2025 was US$ 5.4million compared to US$4.9million 1H2025 adalah US$5,4 juta dibanding US$4,9 juta di 1H2024,
in 1H2024 representing a growth of 10.1%YOY. mencerminkan pertumbuhan 10,1% YOY.
Industry Outlook Prospek Industri
There are growing signs of a pivot from renewable energy Terdapat indikasi bahwa fokus dunia mulai bergeser kembali dari
back to hydrocarbons as the world faces a growing need for energi terbarukan ke hidrokarbon, karena meningkatnya kebutuhan
energy while renewable sources of fuel are still insufficient energi sementara sumber energi terbarukan masih belum
and less economical. The continuing uncertainty in the mencukupi dan kurang ekonomis. Ketidakpastian yang berlanjut di
Middle East and ongoing wars in Ukraine and Gaza have Timur Tengah serta perang di Ukraina dan Gaza mendorong
put pressure on governments around the world to seek banyak negara untuk mencari keamanan energi. Selain itu,
energy security. In addition, the increasing need for energy meningkatnya kebutuhan energi untuk transisi hijau dan pusat data
for the “Green Transition” and data centres has led to a (data centres) juga menyebabkan kembali meningkatnya
resurgence of demand for oil and gas. These factors have permintaan akan minyak dan gas. Hal-hal ini mendukung proyeksi
led to projections for global investment in oil and gas being bahwa investasi global pada sektor migas akan tetap di atas
maintained above US$610 billion in the coming years, with US$610 miliar dalam beberapa tahun mendatang, dengan porsi
a steadily growing share invested into offshore fields. yang terus meningkat dialokasikan untuk lapangan lepas pantai.
In Indonesia, the government has continued to push for self- Di Indonesia, pemerintah terus mendorong kemandirian di berbagai
sufficiency in various sectors, with energy being one of the sektor, termasuk sektor energi. Saat ini terdapat empat proyek
sectors benefitting from this plan. There are at present four strategis nasional berskala besar di wilayah lepas pantai Indonesia
sizeable strategic national projects in Indonesian offshore yang sedang dalam tahap eksplorasi awal dan diperkirakan mulai
fields which are currently in the early stage of exploration and produksi pada 2026–2030. Proyek-proyek ini akan menopang
where production is expected from 2026-2030. These permintaan terhadap kapal OSV di Indonesia dalam beberapa tahun
projects will sustain demand for OSVs in Indonesia in the ke depan.
coming years.
ISM Code & ISPS Compliant
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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. 112/NL/VII/2025
Business Prospects Prospek Bisnis
The Company’s focus on developing a strong presence in the Fokus Perusahaan dalam membangun posisi kuat di segmen kapal
dynamic positioning segment is bringing in benefits of a dynamic positioning telah menghasilkan tarif sewa campuran
higher blended fleet charter rate which has led to higher (blended rate) yang lebih tinggi, yang berdampak pada margin kotor
gross margins. The 3 units of newly built HLB which yang meningkat. Tiga unit HLB yang baru dibangun dan yang mulai
commenced work in April to July 2025 will underpin earnings bekerja antara April hingga Juli 2025 akan menopang kinerja di
in 2H2025, and there is a third reactivated PSV expected to 2H2025. Selain itu, satu unit PSV yang direaktivasi diperkirakan
be operational at the end of 3Q2025. The investment cycle mulai beroperasi pada akhir 3Q2025. Siklus investasi sektor migas
for oil and gas is still expected to ramp up for the next few diperkirakan masih akan terus meningkat dalam beberapa tahun ke
years, providing better fleet utilization which will lead to profit depan, memberikan utilisasi armada yang lebih baik dan potensi
upside. peningkatan laba.
The stronger cash flow arising from a low debt position has Arus kas yang lebih kuat berkat posisi utang yang rendah
enabled the Company to continue investing into higher value memungkinkan Perusahaan untuk terus berinvestasi pada kapal-
vessels while selling lower yielding vessels. The additional kapal bernilai tinggi sambil menjual kapal dengan imbal hasil lebih
vessels coming into operation in 2025 will provide upside for rendah. Penambahan kapal yang mulai beroperasi pada 2025 akan
2026 earnings. memberikan potensi pertumbuhan laba untuk 2026.
Total contracts on hand as at end June 2025 has risen to Total kontrak yang dimiliki untuk dijalankan hingga akhir Juni 2025
US$70.9 million. telah meningkat menjadi US$70,9 juta.
ISM Code & ISPS Compliant
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PT WINTERMAR OFFSHORE MARINE Tbk
Jl. Kebayoran Lama No 155
Jakarta 11560 Indonesia
Tel : 62 21 530 5201 / 2
Fax : 62 21 530 5203
www.wintermar.com
NO. 112/NL/VII/2025
Wintermar Group - Contracts on Hand (US$ million)
85
80
75
70
65
60
55
50
Jun-23
Sep-23
Jun-24
Sep-24
Jun-25
Jan-23
Apr-23
Aug-23
Oct-23
Dec-23
Jan-24
Apr-24
Aug-24
Oct-24
Dec-24
Jan-25
Apr-25
Mar-23
Nov-23
Mar-24
Nov-24
Mar-25
Feb-23
May-23
Jul-23
Feb-24
May-24
Jul-24
Feb-25
May-25
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.
ISM Code & ISPS Compliant
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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. 112/NL/VII/2025
SUMMARY PROFIT AND LOSS (YTD Jun-2025 vs YTD Jun-2024)
PT WINTERMAR OFFSHORE MARINE TBK AND SUBSIDIARIES (in US$)
YTD Jun-2025 vs YTD Jun-
Description YTD Jun YTD Jun
2024
2025 2024
Change %
PROFIT AND LOSS
Revenue
Owned vessel 31,822,483 27,198,394 4,624,089 17.0%
Chartering 2,690,344 7,473,626 (4,783,282) (64.0%)
Others 2,333,433 3,655,640 (1,322,207) (36.2%)
Total Revenue 36,846,260 38,327,660 (1,481,400) (3.9%)
Direct expense
Owned vessel 19,384,314 19,142,361 241,953 1.3%
Charter 2,485,404 6,785,186 (4,299,782) (63.4%)
Others 900,247 2,035,443 (1,135,196) (55.8%)
Total Direct expense 22,769,965 27,962,990 (5,193,025) (18.6%)
Gross profit (loss) 14,076,295 10,364,670 3,711,625 35.8%
Gross profit (loss) - owned vessel 12,438,169 8,056,033 4,382,136 54.4%
Gross profit (loss) - chartering 204,940 688,440 (483,500) (70.2%)
Gross profit (loss) - others 1,433,186 1,620,197 (187,011) (11.5%)
Total Indirect expenses (5,133,034) (4,623,300) (509,734) 11.0%
Operating profit (loss) 8,943,261 5,741,370 3,201,891 55.8%
Other income (expenses)
Interest expenses (1,033,376) (444,586) (588,790) 132.4%
Interest income 306,567 153,360 153,207 99.9%
Equity in net earning of associates 620,791 789,868 (169,077) (21.4%)
Net - Gain (loss) on sale of fixed assets 1,654,343 17,383,812 (15,729,469) (90.5%)
Forex gain (loss) 16,356 (283,404) 299,760 (105.8%)
Others 174,728 (213,986) 388,714 (181.7%)
Total Other income (expenses) 1,739,409 17,385,064 (15,645,655) (90.0%)
Net income (loss) before tax 10,682,670 23,126,434 (12,443,764) (53.8%)
Total tax benefit (expenses) (1,260,098) (3,382,121) 2,122,023 (62.7%)
Income before non controlling interest 9,422,572 19,744,313 (10,321,741) (52.3%)
Non controlling interest 2,686,442 6,360,906 (3,674,464) (57.8%)
ATTRIBUTABLE NET PROFIT 6,736,130 13,383,407 (6,647,277) (49.7%)
EBITDA 15,968,510 12,694,792 3,273,718 25.8%
Weighted Average EPS - USD Cents 0.15 0.31 (0.15) (49.7%)
Weighted Average EPS - Equivalent to IDR 25.05 50.35 (25.30) (50.2%)
ISM Code & ISPS Compliant
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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. 112/NL/VII/2025
SUMMARY PROFIT AND LOSS (YTD Jun-2025 vs YTD Jun-2024)
PT WINTERMAR OFFSHORE MARINE TBK AND SUBSIDIARIES (in US$)
YTD Jun-2025 vs YTD Jun-
Description YTD Jun YTD Jun
2024
2025 2024
Change %
Direct expense
Owned vessel 19,384,314 19,142,361 241,953 1.3%
Depreciation 6,882,733 6,806,124 76,609 1.1%
Crewing 4,958,883 5,036,203 (77,320) (1.5%)
Operations 2,095,511 2,270,170 (174,659) (7.7%)
Maintenance 4,149,797 4,062,015 87,782 2.2%
Fuel Bunker 1,297,390 967,849 329,541 34.0%
Charter 2,485,404 6,785,186 (4,299,782) (63.4%)
Others 900,247 2,035,443 (1,135,196) (55.8%)
Total Direct expense 22,769,965 27,962,990 (5,193,025) (18.6%)
Indirect expenses
Administration (75,884) (92,183) 16,299 (17.7%)
Depreciation office (142,516) (147,298) 4,782 (3.2%)
Employee Benefits (249,688) (213,507) (36,181) 16.9%
Profesional fee (131,784) (147,299) 15,515 (10.5%)
Staff salary (3,788,408) (3,443,947) (344,461) 10.0%
Staff training & recreation (32,406) (35,679) 3,273 (9.2%)
Telecomunication (28,465) (25,574) (2,891) 11.3%
Marketing (369,350) (215,631) (153,719) 71.3%
Travelling (45,317) (55,969) 10,652 (19.0%)
Donation (14,296) (5,897) (8,399) 142.4%
Office utility (254,920) (240,316) (14,604)- 6.1%
#DIV/0!
Total Indirect expenses (5,133,034) (4,623,300) (509,734) 11.0%
ISM Code & ISPS Compliant
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