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TBS Public Expose 2025 Company Presentation 2025
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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 Our Growth Strategy Financial Highlights
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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 1.0 Billion
Sustainability- focused Corporation Countries Employees Asset Value
Carbon-based Past Sustainability-Centered Future
Mining CFPP Waste Renewables EV Ecosystem
~3.0 Annual
Production Fully Divested >1.2 Mn Tons
Annual Waste Collected
6MW Mini-Hydro
in Operation
PP
>5,100 Units
E2W in Operation
M Tons
*MCL divested on 5 March 2025 and GLP Including Projection for 46MWp Solar PP
divested on 16 May 2025 (Post-Q1 2025) Sembcorp 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 Electrum Batam for 46 MWp
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
*GLP divested on 16 May 2025
Dec 2024 Jan 2025
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TBS at a Glance Our Growth Strategy Financial Highlights
Led by a Strong Team to Drive our Growth
Experienced management team with extensive financial and operational expertise
Board of Commissioners
President & Independent Independent Independent
Commissioner Commissioner Commissioner Commissioner
Bacelius Ruru Frances Kang A. Fuad Rahmany Yasmin Wirjawan
Board of Directors
President Director Director Director Director Director
Dicky Yordan Alvin Sunanda Juli Oktarina Mufti Utomo Sudharmono Saragih
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TBS at a Glance Our Growth Strategy Financial Highlights
TBS2030 Vision
Recycling earnings from our fossil fuel-based business into Waste, Renewables & EV
Main Business Pillars
Waste Renewable Electric
Management Energy Vehicle
COAL Transformation from
COAL
Sembcorp
Environment
Fossil-Based Business to: E2W
Solar Power
Medical Manufacturing
A Business Committed to Hydro Power
Industry Battery
Sustainability Wind Power
Municipal Infrastructure
Carbon Project
Key Supporting Factors
World-Class Talent
CFPP
CFPP Strategic Partnerships
A Comprehensive and Proactive Stakeholder Management
TBS is fully committed to fostering sustainability initiatives
TBS Fossil Based Business while ensuring profitability and creating positive impacts on both the
environment and society 7
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TBS at a Glance Our Growth Strategy Financial Highlights
Latest Corporate Actions
Significant milestones towards TBS2030, reducing 80% of our total emissions and strengthening our portfolio
Divestment of CFPP assets Acquisition of an integrated waste management company
CFPP Sulut 1 CFPP Sulut 3
PT Gorontalo Listrik Perdana PT Minahasa Cahaya Lestari Sembcorp Environment Pte Ltd
Capacity COD Date Capacity COD Date Location Operation Customer Base
2 x 50 MW Dec 2021 2 x 50 MW Jul 2021 Singapore 20+ Years 470k+
US$ 403mn S$ 405mn
Transaction Value Transaction Value
Transaction rationale Transaction rationale
• Supports long-term transition strategy by reducing exposure to coal, • Strengthens the TBS’s presence and capabilities in the regional waste and
aligning with global decarbonization trends environmental services sector
• Unlocks capital for reinvestment into cleaner and higher-growth segments, • Enables transfer of knowledge and operational capabilities to accelerate
enhancing portfolio resilience sustainable waste solutions in Indonesia
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TBS at a Glance Our Growth Strategy Financial Highlights
Key Strategic Initiatives
Multi Track Approach to Continue Delivering on our Commitments
TBS Coal
From
1 Maintaining efficient
mining operations
Fossil Fuel
Based TBS CFPP
2 Divestment of our CFPP Business
to fuel our strategic agenda
Fully Divested
TBS Waste Management
3 Building a Regionally Integrated
Waste Management Platform
TOWARDS
TBS Renewable Energy
Sustainable
Businesses 4 >500 MW of Installed Renewable
Energy Capacity by 2030
TBS EV Ecosystem
5 A leading EV Ecosystem player with >500,000
total vehicles on the road by 2030 9
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TBS at a Glance Our Growth Strategy Financial Highlights
TBS Waste Management Ambition
A Leading Asia Pacific Regional Waste Company
Growing
overseas
Establish regional footprint across
Asia Pacific through acquisition
and partnership
Expanding in
Indonesia
Capture large volume market,
leveraging TBS strong local
presence and acquired best
practice 10
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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
Sembcorp Environment
Chain
Asia Medical Enviro Services
ARAH
Presence
Transportation Processing Additional Services
Waste-to-Energy
Sembcorp
Environment Pte Ltd
Business Overview Municipal and commercial waste Medical waste management company Medical, industrial and commercial waste
management company with 20+ years of with 20+ years of operation covering management company serving >5,000
operation serving >400,000 customers ~50% market share in Singapore customers nationwide
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
Sembcorp 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
3M Operational Highlights 3M Operational Highlights 3M Operational Highlights
232,000 ton 1,135 ton 2,400 ton
Waste Collected Waste Collected Waste Collected
84,550 ton 1,040 ton 2,010 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 >370 MW project pipeline until 2030
Opportunities across Indonesia TBS Renewable Energy Projects
Capacity expansion plans in Indonesia (in GW)
Mini Hydro Power Plant Floating Solar PV
34.08 Lampung Batam
19.97 IN OPERATION UNDER CONSTRUCTION
Capacity PPA Term Capacity PPA Term
6 25 46 25
8.97
15.35 18.69 MW years MWp years
1.7 10.43
3.6
Hydro Power Plant Floating Solar PV
2025 2028 2031 2034 Domestic (Pipeline) Domestic (Pipeline)
Renewable Fossil
ADVANCED DEVELOPMENT ADVANCED DEVELOPMENT
• Indonesia Installed Capacity in 2024 is at 93 GW (85% Fossil Fuel, 15% NRE)
Construction Target Q2 2026 Construction Target Q3 2026
• 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
Potential Emissions
Reduction
288k tCO2e p.a. Potential Emissions
Reduction
120k tCO2e p.a.
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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 >370 MW project pipeline until 2030
Hydro – Jawa Barat TBS Renewable Energy Projects Solar Wind Hydro
Target COD and Installed Capacity (in MW/MWp)
270
Batam I Batam II NTT Batam Jawa Inorganic
III Barat growth
Floating Solar PV - Batam 220 50 pursuits
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Total
2026 2027 2028 2029
NRE
Equity
(mn USD)
5.7 5.0 9.7 100.5 120.9
Project Cost
Wind – NTT (mn USD)
28.7 25.2 48.3 442.8 545.0
• Batam projects are progressing well with a secured reservoir concession. Batam I is under construction, with planned
expansions in Batam II and Batam III, which includes additional BESS capacity.
• The wind project in Nusa Tenggara Timur (NTT) and the hydropower plant in Jawa Barat are both in advanced stages of
development.
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TBS at a Glance Our Growth Strategy Financial Highlights
TBS EV Ecosystem
Electrum, a JVCo with Goto, has achieved substantial progress in driving the adoption of electric vehicles in 3M 2025
Our strength lies in our ecosystem Electrum’s E2W lowers carbon emissions while increasing
partner drivers' earnings
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 Operational Highlights
Cutting edge E2Ws Closed loop battery
developed specifically for swapping infrastructure to Operational Metrics Social & Environment Impacts
the Indonesian consumer mitigate range anxiety and
landscape improve usability
Service Offerings
Direct Sales
Battery >5,100 >310 >10K 25% >20
Subscription E2W Units BSS Units Batteries Increased Earning for Ton Emission CO2
Bike Rental Partner Driver Avoided per Day
Customer Electrum’s ecosystem is optimized for both B2C and
Segments B2B riders with specialized product offerings and
>15K >380K
commercial schemes to maximize value Battery Swap Daily Km Daily Distance Covered
as of 31st March 2025
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TBS at a Glance Our Growth Strategy Financial Highlights
TBS EV Ecosystem
Collaboration between Electrum and GoTo has been successful and creates a massive impact in Jakarta
Electrum drivers making 380,000 km trips per day - daily trip to the moon
The partnership with
GoTo, Indonesia’s leading
digital ecosystem, has
been instrumental to
drive change at scale
>5,000 Electrum >300 Battery Electrum 20 tons reduced 25% additional
E2Ws on the Swapping facilitates emissions of CO2 income and less
GoTo Digital Ecosystem road produce Stations available >15,000 per day fatigue
zero emissions swaps/day
>2.6 mn partner drivers
>15 mn merchants
>67 mn transaction users
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TBS at a Glance Our Growth Strategy Financial Highlights
TBS EV Ecosystem
Electrum has achieved substantial progress in driving the adoption of electric vehicles in 3M 2025
2029 Projection | Number of bikes Strategic Milestones to Spur Exponential Growth
Total unit Total additional unit per year
Partnership with large-scale fleet operators
23x
Established partnerships with
ride hailing and e-commerce 2 mn
logistics solutions to tap into Driver
partners
an additional ecosystem of:
Expanding into mass market segment with H3i
Launched the new H3i variant
2029 Projection | Number of BSS intended to generate traction
among B2C early adopters
Total unit Total additional unit per year
20x Securing funding from strategic financiers
USD 15 mn
Funding secured
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TBS at a Glance Our Growth Strategy Financial Highlights
TBS Energi Utama
Q1 2025 LTM Summary – Maintaining efficiency and resilience as a foundation for the Company's Growth
Financial Condition Q1 2025 LTM
Q1 2024 LTM Q1 2025 LTM
The Company’s financial
The Company’s financial US$ US$
performance Revenue
496.0mn (21%) 392.8mn
performance
demonstrates its ability to US$ US$
EBITDA
7%
demonstrates
sustain growth duringits
theability to
Adjusted 102.5mn 109.2mn
sustain growth
transition period, withduring
a the Total
Equity
US$
432.9mn (17%)
US$
359.6mn
recorded 34% increase in
transition period, with a Cash US$ US$
Adjusted EBITDA and Cash
87.2mn 45% 126.1mn
recorded 7% increase in Equivalents
US$ US$
EBITDA Adjusted
Total
Asset 946.0mn 11% 1,048.5mn
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TBS at a Glance Our Growth Strategy Financial Highlights
Strategic Transformation Rationale
Transforming our business to maximize value for the environment and our shareholders
Market Comps by Industry
EV/EBITDA
Transforming towards 39.50x
a Sustainability- 21.40x
22.90x
centered Business to CFPP Renewable Waste Electric
6.80x Energy Management Vehicles
tap into higher
Coal Mining
1.00x 9.20x 9.00x 9.30x
0.20x 2.10x
trading multiples
Source: Capital IQ (May 2025) 19
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Thank You Disclaimer: These materials have been prepared by PT TBS Energi Utama Tbk (the “Company”). These materials may contain statements that constitute forward-looking statements. These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the consolidated results of operations and financial condition of the Company. These statements can be recognized by the use of words such as “expects,” “plan,” “will,” “estimates,” “projects,” “intends,” or words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in the forward-looking statements as a result of various factors and assumptions. The Company has no obligation and does not undertake to revise forward-looking statements to reflect future events or circumstances. These materials do not constitute or form part of an offer, solicitation or invitation of any offer to buy or subscribe for any securities of the Company, in any jurisdiction, nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract, commitment or investment decision whatsoever. Any decision to purchase or subscribe for any securities of the Company should be made after seeking appropriate professional advice regarding legal, tax, investment and other matters. This presentation is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. The Company has prepared this presentation based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. Finally, these materials may include financial information that are preliminary, unaudited and/or subject to revision upon completion of the Company’s closing and audit processes. This material is strictly confidential and must not be copied, reproduced, distributed or passed (in whole or in part) to any other person at any time without the prior written consent of the Company.
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TBS at a Glance Our Growth Strategy Financial Highlights Key Operational Highlights Appendix
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Transformation Towards a
Green Business Future
Thriving Climate Land and Biodiversity Water
Environment Becoming a carbon-neutral Revegetation and conservation Enhancing Effective Water
organization across all operations efforts across all operational areas, Management Across All
with biodiversity studies Operations
conducted for all assets
Empowered Community Health, Wellbeing & Inclusivity & Capacity
Empowerment Safety Diversity Development
People
Enhancing the impact of social Promoting a safe and healthy work Ensuring that all employees grow
investments on local communities environment with zero incidents alongside the business while
Promoting gender balance and
across all operational areas and ensured employee well-being building resilience to change as
diversity across all aspects of our
across all our operations part of the Transition initiative
business
Business Ethics & Sustainable Disclosure &
Trusted Conduct Acquisition, Investing Transparency
Partner and Divesting
Upholding business ethics and Ensuring sustainable growth for Actively advocating for the
employing a risk-based approach to TBS, with ~80% of our revenue adoption of globally recognized
ensure responsible and transparent projected to come from green reporting standards to enhance
operations businesses by 2030 our transparency
Names mentioned 11 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT Minahasa Cahaya Lestari
p.4 ×2
unresolved
org
PT Gorontalo Listrik Perdana
p.4 ×2
unresolved
org
Sembcorp Environment Pte Ltd
p.8
unresolved
org
Additional Services Waste-to-Energy Sembcorp Environment Pte Ltd
p.11
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