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Strategic Outlook: Aviation & MRO
PT Garuda Maintenance Facility Aero Asia Tbk
GMF AeroAsia @gmfaeroasia GMF AeroAsia GMF AeroAsia
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Disclaimer This presentation may contain forward-looking objectives and statements about PT Garuda Maintenance Facility Aero Asia Tbk. (“GMF” and/or “Company”) financial situation, operating results, business activities and expansion strategy. These objectives and statement are based on assumptions that are dependent upon significant risk and uncertainty factors that may prove to be inexact. The information is valid only at the time of writing and GMF does not assume any obligation to update or revise the objectives on the basis of new information or future or other events, subject to applicable regulations. Additional information on the factors that could have an impact on GMF’s financial result is contained in the documents filed by GMF with the Financial Services Authority (OJK), Indonesia Stock Exchange (IDX) By attending the meeting where this presentation is made, or by reading the presentation materials, you agree to be bound by the following limitations: www.gmf-aeroasia.co.id 2|
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Table Of Contents
Global Industry Overview
Global Macro Sentiment | Global MRO Outlook | Indonesia MRO Demand 04
Company Update 10
Company’s Performance
Financial Profitability | Financial Standing
14
Risk and Mitigation 20
Strategic Planning
15
GMF AeroAsia @gmfaeroasia GMF AeroAsia GMF AeroAsia
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Global Industry Overview
www.gmf-aeroasia.co.id 4|
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Indonesia’s Long Term Aviation Growth
Industry Forecast
Projected to be the Indonesia Aviation
4th Largest Aviation Expected to Grow Short-term disruptions may affect airline
Market by 2030 3x by 2045
profitability and operations, but they do not
change Indonesia's long-term aviation
growth trajectory, which is driven by structural
Aircraft Fleet Reach
Avtur Prices Increased by
974 Aircraft by 2034
More Than 70% in 2025 demand and increasing connectivity needs.
(from 600 in 2025)
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Global Outlook
Global MRO spending forecast 2025-2035 MRO industry has fully recovered from the impacts of
pandemic. Market reached over $114 billion in 2024, and
increase of 7.2% above the 2019 pre-COVID peak.
A combination of increased aircraft utilization and an
aging fleet that needs higher maintenance to stay
operational.
Over the next 10 years, we expect MRO
industry to grow by an annual rate of 2.7%,
reaching $156 billion
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The Growth Rate of MRO
Global MRO Demand, 2019-2036
The Supercycle drives upward pressure on MRO pricing,
especially for urgent or complex repairs. The MRO
Supercycle is expected to drive sustained market
growth and increased operational complexity well
into next decade.
MRO Demand Forecast by Segment, 2026-2036
Line maintenance growth closely follows aircraft
utilization, with a similar development arc as
engine maintenance. Line maintenance requires
more frequent servicing regardless or aircraft age.
The segment is projected to grow robustly at
a rate of 3.4%, in line with increasing fleet size.
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Indonesia MRO Long Term Demand
Key Takeaways
The total Indonesia MRO
demand continues to show an
upward trend, projected to
reach approximately USD 2.1
billion by 2034.
Engine maintenance remains
the largest contributor with
48% share, followed by
components (23%) and line
maintenance (20%).
This steady growth reflects
sustained demand across all
maintenance segments in line
with global fleet expansion.
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Military Market Overview: Fleet Population
Southeast Asia & Indonesia
Southeast Asia & Indonesia Total In service fleet
Branch Type Balance Fleet Balance
161 163
153 153 20.6% 22.4%
151 Army
Aviation Rotorcraft
25.0%
Naval
Aviation Fixed Wing
77.6%
Air Force
100 100 54.4%
88
77
70*
Southeast Asia shows a total
growth for 6.54% (2025 to 2026) of
total in service fleet, mainly driven by the addition
of 10 fleets of F-16 by the Philippines Air Force in
2028.
2025 2026 2027 2028 2029 In Indonesia Itself, has a total growth of
South East Asia Indonesia Linear (SouthEast Asia) Linear (Indonesia) 42.86% (2025 to 2026), the significant growth driven by
the addition of 42 unit Rafale Fighter Jet (delivery
Aircraft Type : Current Defense capabilities : B737 series, ATR72, Bell 412, C130H, C212
starting from 2026) and 6 unit F-15 (delivery in
Plan Defense Capabilities : F15, F16, Falcon 8X, AS332, Rafale, A400M, C130J 2029) for Indonesian Air ForceFleet.
Southeast Asia Countries :Brunei, Malaysia, Philippines, Singapore, Thailand, Vietnam
Note: *The figure represents only the in-service Indonesia service fleet. When combining both service
and in-service categories across all aircraft types, the total fleet exceeds 400 aircraft
www.gmf-aeroasia.co.id
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Company Update
www.gmf-aeroasia.co.id 10 |
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One of the biggest players in Asia
United
Serving for Iceland Kingdom Sweden
Russia
70
more than Netherlands
Krygyzstan
Moldova
Countries Ireland
Germany Georgia Uzbekistan
France Greece
Switzerland Armenia China
United States of America Afghanistan
Turkey
With more than Portugal Spain Italy
Bhutan South
Japan
Iran Korea
Years of Iraq
Kuwait
Pakistan Nepal Taiwan
Qatar
Expertise Saudi
Arabia
UAE
India Bangladesh
Hongkong
Oman Myanmar
1949 Technical Department of
Garuda Indonesia Gambia Nigeria
Yemen Thailand Cambodia
Vietnam
Singapore
Philippines
Cameroon Djibouti
Senegal
Maintenance & Ghana Uganda Srilanka Malaysia
1984 Engineering Division of Congo Rwanda Papua New Guinea
Ecuador
Garuda Indonesia Tanzania Indonesia Solomon Island
1992 Acquired the FAA (USA) Certificate
Zimbabwe Mauritius Fiji
Australia
1998 Strategic Business Unit Garuda
Maintenance Facility South Africa
Nauru
2002
New Zealand
Spin-off
PT GMF AeroAsia
GMF AeroAsia is considered as one of the Best and Biggest Aircraft
2004 Achieve EASA
Certification
(European)
Maintenance provider in the region, which provides Excellence
2017 Initial Public Offering
(GMFI)
of Integrated Solutions for the customers throughout the world
www.gmf-aeroasia.co.id 12 |
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GMF AeroAsia
Updated Facility
Hangar 1 Hangar 2 Hangar 3
Experience
Our World’s Biggest Hangar
Features a purpose-built docking
platform for heavy maintenance of
wide body aircrafts
Dedicated to minor maintenance
inspections up to “A” checks
Equipped with a purpose built docking
platform for heavy maintenance of
Airbus A330 Series
Hangar 4
2 Line 3 Line Wide Body 3 Line
Wide Body 6 Line Narrow Body Wide Body 15 Narrow Body 66,940 sq-m
1 Painting
22,000 sq-m 23,000 sq-m 23,000 sq-m
972,123
Approved Facility of
Sq-m Facilities
Area at Cengkareng
TRAINING CENTER
for GMF’s growth sources
UPDATED FACILITIES
Landing Gear and Component
Engine Shop Industrial Solutions Workshop
Shop
Newly equipped with the first Dedicated workshop for turbine
New dedicated workshop for
Gantry System in Indonesia and generator part repair
Landing Gear up to Overhaul
www.gmf-aeroasia.co.id 13 | 12 |
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Product & Customer Portfolio
Line Airframe Engine & APU Component
Maintenance Maintenance Services Services
Commercial
Aircraft MRO
Engineering Material Cabin Learning GSE Painting
Services Services Services Services Services Services
Government
MRO
B737 Classic C-130H 737-800 BBJ Bell Helicopter Others
Industrial
Solutions
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Company Performance
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Company Performance
Audited YTD December 2025
• As of YTD December 2025, the Company has recorded revenue of 491,8 MUSD or 109,65% of the target with EBITDA of 80.24 MUSD or 108% of the target
Revenue (MUSD) Net Profit (MUSD) EBITDA (MUSD)
31 December
30% Description
15,7% 491,8
425.0 33,25
33,96 2024 (A) 2025 (A)
16.80 416,9 79,9
107,9 27,12 74.30
86.00 22.65 61.43
108.89 I. Liquidity
322.1 350,5
235.9 Cash Ratio 5.31 13
Actual Actual Budget Current Ratio 86.78 99,56
Actual Actual Budget Actual ActualBudget
GA NGA Gov YTD Dec 24 YTD Dec 25 II. Profitability
YTD Dec 24 YTD Dec 25 YTD Dec 24 YTD Dec 25
Operating Profit Margin 9.97 12,31
GA & NGA Composition
Net Profit Margin 6.39 6.91
4.0% 6,7%
FY Target 2026 (MUSD) 20.2% 22.0% Return on Asset (ROA) 6.33 4.18
Revenue 542.79 III. Leverage
EBITDA 81.82 75.8% 71,3%
Net Profit 34.47 Debt to Equity (DER) -2.65 6,09
Debt Service Coverage
2.10 2.89
YTD Dec'24 YTD Dec'25 Ratio (DSCR)
GA NGA Gov
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Company Performance
Q1 March 2026
• As of Q1 March 2026, the Company has recorded revenue of 114.9 MUSD or 90% of the target with EBITDA of 17.56 MUSD or 108% of the target
Net Profit (MUSD) EBITDA (MUSD) GA & NGA Composition
Revenue (MUSD)
3.6%
128.04 14.3%
21% 114.94 20.9%
128.04
95 114.9 6.76 17.56
23.4%
95.36 5.67 16.23
15..34
3.79 75.4%
62.4%
Actual Q1 Actual Q1 Budget Q1 Actual Q1 Actual Q1 Budget Q1 Actual Q1 Actual Q1 Budget Q1
2025 2026 2026 2025 2026 2026 2025 2026 2026
Q1 Mar'25 Q1 Mar'26
GA NGA Gov
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Contribution by Segment 1Q March 2026
Contribution by Segment
1Q March 2026
Revenue Contribution by Segment (MUSD)
% Revenue GA s NGA by Segment
100% 5.9% 10.3%
25.4% % Revenue GA s NGA by Segment (1Q26)
80% 40.7%
100% 7.1%
60% 14.6%
25.4%
94.1% 89.7%
97.9% 100.0% 80%
40% 74.6%
59.3% 60% 71.4%
20% 94.1%
97.9%
40% 75.2%
74.6%
0% 2.1% 0.0%
Airframe Component Line Engine Power Government 20% 28.6%
Services
0%
GA NGA 2.1%
Airframe Component Line Engine Power Services
GA NGA
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Risk Management
Protecting Value, Driving Sustainable Growth
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Turning Customer Concentration into Diversified Growth Opportunities
Group affiliation provides a stable anchor customer base, while NGA and Government segments represent scalable upside the next growth runway
Customer Portfolio Direction Customer Concentration Mitigation Strategy
*) in million USD
Millions
- 100 200 300 400 500 600 700 Anchor Revenue Protection
Group-affiliated demand provides stable utilization, supported by
disciplined contract structure, payment terms, and collection monitoring
2025 71% 22% 7%
Millions Customer Diversification
- 100 200 300 400 500 600 700
▪ Non-group affiliated airline, government, defense, aerostructure, and
industrial solution customers are expanded through targeted acquisition
2026 73% 15% 9% 3% and recurring contract opportunities
▪ Deepen non-group airline penetration through regional customer access
Millions
and certified capabilities
- 100 200 300 400 500 600 700
Revenue Optimization
Capacity allocation is prioritized based on margin, payment certainty,
2030 47% 28% 11% 14%
customer risk profile, and long-term strategic value
GA NGA Defense Industry Strategic Initiatives
Group-affiliated revenue on 2025-2026 mainly supported by aircraft
reactivation project, while NGA and Government segments represent scalable
upside for the next growth runway
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Liquidity Management: Managed Transition toward Stronger Financial Resilience
Liquidity management is positioned as a disciplined execution to strengthen working capital resilience, improve cash visibili ty, and support sustainable growth
Key Liquidity Levers to Strengthen Financial Resilience
Cash Conversion Discipline
Strengthen billing milestones, collection monitoring, and payment term
Current Assets governance to improve cash visibility and reduce working capital pressure
Non-Current Assets
Working Capital Prioritization
Assets Prioritize funded, high-margin, and strategically accretive maintenance
Current Liabilities packages, while aligning inventory and procurement with demand visibility,
contract pipeline, and cash generation priorities
Non-Current Liabilities
Liabilities Liability Management
Manage short-term liabilities through cash flow matching, vendor term
Equity
optimization, and disciplined allocation to preserve financial flexibility
Total Liabilities and Equity
Equity Strengthening
Sustain profitability, support equity recovery, and reinforce capital structure
to strengthen financial resilience
GMF is strengthening its liquidity profile through a controlled transition: stable anchor demand today, broader market capture
tomorrow, and positive equity improvement.
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Capturing the Next Phase of Resilient Growth
GMF combines recovery momentum, market opportunity, and disciplined risk management to support sustainable long -
term value creation
Internal Strength External Support
Regional-Scale MRO Platform Structural Demand Growth
1 1
More than 70 countries served, 32 authority certifications, Regional aviation and MRO continue to grow, supported
and integrated product portfolio by fleet expansion and connectivity needs
Recovery Momentum Diversification Drives Growth
2 2 Government & Defense Segment, Oman, Kertajati,
2025 performance shows stronger revenue, EBITDA, and Pondok Cabe, and industrial solutions expand GMF’s
profitability.
revenue base beyond group-affiliated demand
3 Risk-Managed Execution 3 Capital market upside
Customer concentration, liquidity pressure, supply chain Higher public float may support liquidity, visibility, and
exposure, and margin risks are addressed through broader investor participation.
customer diversification, cash discipline, contract
governance, and capacity prioritization
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Strategic Planning
www.gmf-aeroasia.co.id 24 |
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Driving Growth: GMF 2026 Strategic Initiatives
PONDOK CABE
Expanding airframe capacity by EXPANSION
utilizing Pelita Air’s Pondok Cabe
MEA EXPANSION Utilizing the MRO Middle East hangar, enabling additional
hangar facilities narrowbody and turboprop
which will be maintenance capability and
operated through supporting growing domestic MRO
joint venture demand.
Companies.
Estimated revenue of >3 MUSD,
expected to grow through
additional capacity and stronger
market absorption.
Hangar CGK Expansion Project
Estimated revenue of ~16
MUSD this year, with HANGAR CGK EXPANSION is GMF's MRO business
strong growth potential of expansion initiative to expand
2.5–3.5x over the next 3 hangar capacity for both
years. widebody and narrowbody
Indonesia aircraft, aligned with market
dynamics, industry trends, and
global economic conditions.
AEROSPACE PARK
Developing an aerospace park area, Within the next 3years
which will be operated under a GMF- estimated revenue of >8 MUSD,
BIJB Joint Operation. Aiming to be the expected to grow through
Cluster
biggest Defense MRO ecosystem in additional capacity and
Cluster
Manufacturing
Warehou
se
Indonesia, with GMF as anchor tenant. stronger market absorption.
Other
Cluster MRO
Cluster
AEROSTRUCTURE Aerostructure (Aircraft
Expected to contribute >2 MUSD Manufacturing) Project is GMF's
within the next 3 years, supported business diversification initiative in
by ecosystem development and Indonesia, leveraging GMF's existing
MRO activities. facilities & capabilities to strengthen
the Indonesian Aerostructure
Ecosystem
Revenue at hundreds of
thousands USD this year, with
www.gmf-aeroasia.co.id 24 | potential to grow up to 5x in the
next 3 years.
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Thankyou #BeyondMaintenanceTowardCustomerSatisfaction PT Garuda Maintenance Facility Aero Asia Tbk Soekarno Hatta International Airport Tangerang, Indonesia, P.O Box 1303, BUSH 19130 GMF AeroAsia @gmfaeroasia GMF AeroAsia GMF AeroAsia
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Financial Services Authority
p.2
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Indonesia Stock Exchange
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PT GMF AeroAsia GMF AeroAsia
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