20260619_SOLA_Public Expose_32102386_lamp1.pdf

Tanya Jawab / Question & Answer

Pertanyaan 1 / Question No.1
Muhamad salaludin hasan - Investor


  Q Terkait pertumbuhan income 2026, nantinya akan dihasilkan oleh proyek baru/proyek yang
    Selesai di tahun 2026 atau dari pelanggan aspal lainnya?./Regarding the projected revenue
    growth in 2026, will it be generated from new projects, projects scheduled to be completed
    in 2026, or from other asphalt customers?

  A Terkait dengan proyeksi tersebut itu merupakan proyeksi dari sisa project yang akan
    diselesaikan tahun ini kemudian ditambah dengan proyeksi untuk project-project baru
    yang diharapkan bisa diperolah tahun ini./The projection is based on the remaining
    projects that are expected to be completed this year, combined with the projected
    contribution from new projects that the Company expects to secure during the year.



Pertanyaan 2 / Question No.2
Ariyanto – Media


  Q Capex tahun ini dianggarkan berapa dan sumber dana darimana dan digunakan untuk
    apa? yang kedua kinerja sola pada tahun 2025 menunjukan kelonjakan pendapatan
    hampir 3x lipat faktor apa yang paling dominan yang mendorong pertumbuhan
    tersebut./What is the budgeted capital expenditure (Capex) for this year, what are the
    sources of funding, and how will the funds be utilized? Secondly, SOLA's performance in
    2025 showed a nearly threefold increase in revenue. What were the key factors that most
    significantly contributed to this growth?

  A Terkait belanja modal (Capex) tahun 2026, Perseroan telah merealisasikan sebagian besar
    rencana Capex pada awal tahun seiring dengan diperolehnya beberapa proyek strategis.
    Total realisasi Capex mencapai sekitar Rp30–40 miliar, yang seluruhnya dialokasikan
    untuk pengadaan alat berat serta pembangunan basecamp milik PT ABI yang berlokasi di
    Pali - Sumatera Selatan. Investasi tersebut dilakukan untuk mendukung pelaksanaan
    proyek dan meningkatkan kapasitas operasional Perseroan dalam memenuhi kebutuhan
    pekerjaan yang telah diperoleh./ With respect to the Company capital expenditure (Capex)
    for 2026, a substantial portion of the planned Capex has already been realized at the
    beginning of the year following the award of several strategic projects. The total Capex
    realized amounted to approximately IDR 30–40 billion, which was fully allocated to the
    procurement of heavy equipment and the construction of a basecamp for PT ABI located
    in Pali - South Sumatra. These investments were made to support project execution and
    enhance the Company' operational capacity in meeting the requirements of the projects
    secured.

      Adapun peningkatan pendapatan Perseroan pada tahun 2025 dibandingkan tahun 2024
      terutama didorong oleh perolehan sejumlah proyek konstruksi dengan nilai yang lebih
      besar, baik yang dikerjakan oleh Perseroan maupun entitas anak. Bertambahnya volume
      pekerjaan dan nilai kontrak yang diperoleh tersebut memberikan kontribusi signifikan
      terhadap pertumbuhan pendapatan Perseroan selama tahun 2025./As for the increase in
      revenue in 2025 compared to 2024, the growth was primarily driven by the acquisition of
      several larger-scale construction projects, both by the Company and its subsidiaries. The
      higher volume of work and larger contract values contributed significantly to the Company
      revenue growth during 2025.




                      PT Xolare RCR Energy Tbk, Gedung Plaza Simatupang Lt. 6,
   Jl. TB Simatupang Raya Kav IS No. 01, Pondok Pinang, Kebayoran Lama, Jakarta 12310 - Indonesia
              Telp. 021-22702295, Email: corsec@xolare.co.id, Website: www.xolare.co.id

Pertanyaan 3 / Question No.3
Daniel – Analis SOLA 1


  Q    •   Management melaporkan slide 21,13 dan 7 bahwa pendapatan perseroan naik
           hampir 3x lipat dari 119 miliar di tahun 2024 menjadi 334 miliar di tahun 2025. dan
           dari status operasional terlihat project terbesar yang sedang berjalan adalah
           peningkatan jalan hauling batubara PT Servo Lintas Raya sepanjang 36km. Di tengah
           tekanan kebijakan transisi energi pemerintah yang mendorong pengurangan
           ketergantungan pada batubara serta ketidakpastian perpanjangan izin tambang
           pasca perubahan regulasi ESDM. Bagaimana management menilai risiko
           ketergantungan pendapatan pada sektor hauling batubara ini dan apakah ada
           mekanisme kontrak jangka panjang yang melindungi revenue visibility perseroan bila
           klien tambang menghadapi tekanan operasional./ Management reported on Slides
           7, 13, and 21 that the Company revenue increased nearly threefold, from IDR 119
           billion in 2024 to IDR 334 billion in 2025. Based on the operational update, the largest
           ongoing project is the construction and improvement of a 36-kilometer coal hauling
           road for PT Servo Lintas Raya. Amid government energy transition policies aimed at
           reducing dependence on coal, as well as uncertainties surrounding the extension of
           mining permits following recent regulatory changes in the energy and mining sector,
           how does Management assess the risk of the Company revenue dependence on the
           coal hauling sector? Furthermore, does the Company have any long-term
           contractual arrangements or other mechanisms in place to safeguard revenue
           visibility should mining clients face operational or regulatory pressures?


       •   Yang kedua management melaporkan slide 22, 23 dan 27 bahwa menunjukan rasio
           lancar turun tajam dari 4,07 kali di tahun 2024 menjadi 1,55 kali di tahun 2025.
           sementara keuangan mencatat liabilitas melonjak dari 34,7 miliar di tahun 2024
           menjadi 117,2 miliar di tahun 2025, dalam satu tahun kenaikannya sudah lebih 3x
           lipat ditengah kondisi suku bunga domestik yang masih relatif tinggi dan tekanan nilai
           tukar dollar yang berdampak pada biaya impor bitumen sebagai bahan baku utama
           bisakah management mengungkapkan komposisi spesifik peningkatan lialibilitas
           berapa porsi untuk bank, trade payable supplier dan uang muka project serta
           bagaimana perseroan memastikan kemampuan melayani kewajiban tersebut.
           Mengingat proyeksi 2026 justru menargetkan penurunan liabilitas ke 106 miliar/
           Secondly, Management reported on Slides 22, 23, and 27 that the Company's current
           ratio declined significantly from 4.07x in 2024 to 1.55x in 2025. At the same time, total
           liabilities increased substantially from IDR 34.7 billion in 2024 to IDR 117.2 billion in
           2025, representing more than a threefold increase within a single year. Given the
           relatively high domestic interest rate environment and the pressure from the U.S.
           dollar exchange rate, which affects the cost of imported bitumen as the Company's
           primary raw material, could Management provide a breakdown of the increase in
           liabilities, including the proportion attributable to bank borrowings, trade payables to
           suppliers, and project advances?In addition, how does the Company ensure its
           ability to meet these obligations while maintaining financial stability? Considering
           that the 2026 projection targets a reduction in total liabilities to IDR 106 billion, what
           are the key factors and strategies that support Management’s confidence in
           achieving this deleveraging target?


       •   Management melaporkan slide 11, 25 dan 29 bahwa menyebutkan layanan CCUS
           melalui kerjasama strategis dengan Apolpo Llc dari Amerika Serikat sebagai salah
           satu peluang bisnis perseroan bersamaan dengan momentum regulasi CCUS yang
           sedang disusun pemerintah. Namun, menunjukan harga saham SOLA menurun
           20,63% sejak awal tahun 2026. Sementara nama perusahaan xolare sendiri
           mengandung elemen solar atau energi terbarukan yang tampaknya menjadi bagian
           dari positioning brand perseroan. Bisakah management memberikan kejelasan
           status legal kerjasama dengan Apolpo Llc ini apakah sudah berbentuk kontrak
           komersial yang mengikat, MOU atau masih letter of intent dan kapan segmen CCUS
           diproyeksikan memberikan kontribusi pendapatan pertama yang dapat dilaporkan
           secara material mengingat investor membutuhkan kejelasan story bisnis yang

                      PT Xolare RCR Energy Tbk, Gedung Plaza Simatupang Lt. 6,
   Jl. TB Simatupang Raya Kav IS No. 01, Pondok Pinang, Kebayoran Lama, Jakarta 12310 - Indonesia
              Telp. 021-22702295, Email: corsec@xolare.co.id, Website: www.xolare.co.id

        konkrit dibalik nama dan logo perseroan./ Management reported on Slides 11, 25,
        and 29 that CCUS (Carbon Capture, Utilization, and Storage) services, through a
        strategic partnership with Apollo LLC from the United States, represent one of the
        Company business opportunities, particularly amid the government's ongoing
        development of the CCUS regulatory framework. However, the Company share price
        has declined by 20.63% since the beginning of 2026. At the same time, the name
        "Xolare" itself contains elements associated with solar or renewable energy, which
        appears to form part of the Company brand positioning. Could Management clarify
        the legal status of the partnership with Apollo LLC? Specifically, has the collaboration
        been formalized through a binding commercial agreement, a Memorandum of
        Understanding (MoU), or is it still at the Letter of Intent (LoI) stage? Furthermore,
        when does Management expect the CCUS business segment to begin generating its
        first revenue contribution that could be considered material and reportable?
        Investors would appreciate greater clarity regarding the tangible business strategy
        and growth prospects underlying the Company name, branding, and long-term
        business direction.

A   •   Terkait kontrak jangka panjang, proyek dengan kontribusi terbesar terhadap
        pendapatan Perseroan pada tahun 2025 adalah pekerjaan pembangunan jalan
        hauling sepanjang 36 kilometer untuk PT Servo Lintas Raya. Di samping itu,
        Perseroan terus berupaya melakukan diversifikasi portofolio proyek dengan
        menjajaki peluang kerja sama dengan berbagai perusahaan serta sektor usaha di
        luar industri batubara. Meskipun saat ini sektor batubara menghadapi sejumlah
        tantangan, termasuk pengetatan terkait persetujuan Rencana Kerja dan Anggaran
        Biaya (RKAB/RKAP), Perseroan memandang bahwa sektor batubara dan mineral
        masih merupakan salah satu komoditas strategis yang memiliki peran penting dalam
        perekonomian Indonesia. Oleh karena itu, Perseroan akan tetap secara aktif
        mengejar peluang proyek yang sesuai dengan kompetensi dan kapabilitas yang
        dimiliki, baik dalam bidang jasa konstruksi maupun pengembangan infrastruktur dan
        produk terkait.Dalam rangka meningkatkan visibilitas pendapatan dan menciptakan
        sumber pendapatan yang lebih berkelanjutan, Perseroan juga menargetkan
        perolehan kontrak-kontrak pemeliharaan (maintenance contracts). Kontrak
        pemeliharaan tersebut diharapkan dapat memberikan pendapatan berulang
        (recurring income), mengingat Perseroan berpotensi bertindak sebagai operator
        yang bertanggung jawab atas pemeliharaan dan pengelolaan infrastruktur jalan
        dalam jangka waktu yang lebih panjang./With respect to long-term contracts, the
        project that contributed the largest portion of the Company revenue in 2025 was the
        construction of a 36-kilometer hauling road for PT Servo Lintas Raya. In addition, the
        Company continues to diversify its project portfolio by exploring business
        opportunities with various companies and sectors beyond the coal industry.
        Although the coal sector is currently facing several challenges, including tighter
        regulations related to the approval of Work Plans and Budgets (RKAB/RKAP), the
        Company believes that coal and mineral resources remain strategic commodities
        that play an important role in Indonesia economy. Accordingly, the Company will
        continue to actively pursue project opportunities that align with its competencies and
        capabilities, both in construction services and in the development of related
        infrastructure and products. To enhance revenue visibility and establish a more
        sustainable source of income, the Company is also targeting the acquisition of
        maintenance contracts. These maintenance contracts are expected to generate
        recurring income, as the Company has the potential to serve as an operator
        responsible for the long-term maintenance and management of road infrastructure.

    •   Pada tahun 2025 perseroan mendapat pekerjaan yang cukup signifikan itu juga
        sejalan dengan peningkatan liability karena disamping vendor perseroan juga ada
        penambahan capex artinya liability perseroan digunakan kepada hal yang cukup
        cepat membawa return. Perseroan berkeyakinan ketika proyek ini dapat
        diselesaikan tahun ini liability akan turun seperti yang perseroan proyeksikan
        menjadi 106 miliar./In 2025, the Company secured several significant projects,
        which was accompanied by an increase in liabilities. The increase was primarily
        attributable to obligations to vendors as well as additional capital expenditures
        (Capex). These liabilities were incurred to support productive operational and
        investment activities that are expected to generate returns within a relatively short

                   PT Xolare RCR Energy Tbk, Gedung Plaza Simatupang Lt. 6,
Jl. TB Simatupang Raya Kav IS No. 01, Pondok Pinang, Kebayoran Lama, Jakarta 12310 - Indonesia
           Telp. 021-22702295, Email: corsec@xolare.co.id, Website: www.xolare.co.id

             period. The Company is confident that, upon the completion of these projects within
             the current year, its liabilities will gradually decrease, in line with Management’s
             projection of total liabilities declining to approximately IDR 106 billion.

         •   Bahwa saat ini, xolare melakukan kontrak kerjasama dengan apolpo adalah sebagai
             pengembang. Bahwa kerja sama ini bukan untuk menjual teknologi tetapi
             mengembangkan project-project yang akan dicari saat ini adalah industri-industri
             penghasil emisi yang mau bekerja sama pihak Apolpo maupun xolare dalam
             melakukan kegiatan carbon capture tersebut tapi tentu kerja sama itu yang sekarang
             sedang perseroan jajaki dengan beberapa industri penghasil emisi baik itu industri
             semen atau pembangkit listri tenanga uap. Terkait dengan waktu ini bisa terealisasi
             tentu perseroan terus mengejar untuk menangkap peluang tersebut untuk
             bekerjasama dengan industri-industri tersebut, perseroan harapkan tahun depan
             perseroan bisa mendapatkan kontrak/kerjasama dengan industri-industri penghasil
             emisi tersebut. Terkait dengan nama dari xolare, perseroan saat ini mencoba
             mengembangkan kegiatan untuk IPP dalam sektor PLTS maupun sebagai
             perusahaan konstruksi dalam jasa konstruksi pembangunan PLTS./ Currently,
             Xolare cooperation agreement with Apollo LLC is structured as a project
             development partnership. The purpose of this collaboration is not to sell CCUS
             technology, but rather to jointly develop and pursue potential CCUS projects. The
             primary target market consists of emission-intensive industries that are willing to
             collaborate with Apollo LLC and Xolare in implementing carbon capture initiatives. At
             present, the Company is actively exploring opportunities with several emission-
             producing industries, including cement manufacturers and coal-fired power plants
             (PLTU). With regard to the timeline for realization, the Company continues to pursue
             these opportunities and engage with potential industry partners. The Company
             expects that, by next year, it will be able to secure contracts or strategic partnerships
             with such emission-producing industries. Regarding the Xolare brand and business
             direction, the Company is currently expanding its activities in the Independent Power
             Producer (IPP) sector, particularly in solar power generation (PLTS). In addition, the
             Company is strengthening its position as a construction services provider for the
             development and construction of solar power plant projects.




Demikian yang dapat kami sampaikan, atas            Thankyou for your attention.
perhatiannya kami ucapkan terimakasih.

Hormat Kami,
PT Xolare RCR Energy Tbk




Dinda Oktavia
Corporate Secretary/Sekretaris Perusahaan




                       PT Xolare RCR Energy Tbk, Gedung Plaza Simatupang Lt. 6,
    Jl. TB Simatupang Raya Kav IS No. 01, Pondok Pinang, Kebayoran Lama, Jakarta 12310 - Indonesia
               Telp. 021-22702295, Email: corsec@xolare.co.id, Website: www.xolare.co.id