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Confidential PT Pakuwon Jati Tbk Public Expose RUPS June 11, 2026
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Table of contents
Section 1 Company Overview 3
Section 2 Growth & Strategy 6
Section 3 Financial & Operational Highlight 11
Section 4 Capital Management 20
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Section 1 Company Overview
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What sets Pakuwon Jati apart?
Market leader in Jakarta 859k sqm
1. Retail Leadership
#1 + #3 Largest superblocks in South Retail Malls
• Leading retail mall developer and owner in Indonesia Jakarta
NLA
Largest retail mall in South
#1 + #3 Jakarta
2. Integrated Superblock 2,907
#3 Largest mall portfolio in Jakarta
• Proven track record in developing integrated superblock keys
ecosystems and township development
Market leader in Surabaya
3. Recurring Income 6
• Recurring income platform supporting resilient long-term
#1 + #2 Largest superblocks in Surabaya Superblocks
earnings #1 Largest land bank in Surabaya City
4. Growth Market Expansion #1 Largest retail mall in Indonesia
1,100 ha
• Strategic focus on Indonesia’s major cities with expansion 2 Townships
into key growth markets Market leader in Jogja/ Central Java
5. Future Growth Pipeline #1 Largest Mall in Central Java
514.6 ha
• Long-term growth supported by development pipeline, land #1 Largest room number for a 5 star hotel in Land bank
bank, and acquisitions Jogja
Note: 3
1 Based on World Population Review data for 2026
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Expanding Presence Across Indonesia’s Key and Emerging Cities
Anchored by Jakarta and Surabaya, while expanding into high-growth markets including Central Java and Bali
Jakarta Surabaya Central Java Bali
Pakuwon Mall
Solo Baru
Grand Pakuwon
Somerset Fourpoints Kuta
Kota Kasablanka Tunjungan City Pakuwon
Berlian Pakuwon MallJogja
Blok M City Yogyakarta
Gandaria City Plaza Pakuwon Pakuwon Mall Marriott Hotel
Mall Bekasi Royal
Plaza
✓ 3 superblocks (Kota Kasablanka, Gandaria City, ✓ 3 superblocks (Tunjungan City, Pakuwon Mall , 1
✓ 2 retail malls (Pakuwon Mall Solo
Baru, Pakuwon Mall Jogja)
✓ 1 hotel (Four Points by Sheraton Bali,
Kuta)
Pakuwon Mall Bekasi) Pakuwon City Mall)
✓ 1 retail mall (Blok M Plaza) ✓ 2 townships (Grand Pakuwon, Pakuwon City) ✓ 1 hotel (Yogyakarta Marriott Hotel)
✓ 1 serviced apartment (Somerset Berlian)
✓ 1 retail mall (Royal Plaza)
Yogyakarta
Kota Kasablanka Gandaria City Tunjungan City Pakuwon City Marriott Hotel
Pakuwon Mall Pakuwon Mall Four Points by Sheraton Bali, Kuta
Blok M Plaza Bekasi Project Somerset Berlian Royal Plaza Pakuwon Mall Grand Pakuwon Jogja Solo
Note:
1. Includes serviced apartments Ascott Waterplace Surabaya
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Section 2 Growth & Strategy
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Asset Growth
Strong organic expansion pipeline driving long-term income growth
Retail Leasing NLA Growth (sqm) Hotel Room Growth (rooms)
9% 1% 2% 10%
15% 18%
20%
7% 19%
9%
1,155 K 5,128
859 K +34% 2,907
+76%
Current Kota Semarang Batam Gandaria IKN Plan 2035 Current PM Kota Semarang Batam IKN Plan 2031
NLA Kasablanka Rooms Kasablanka
Office Leasing NLA Growth (sqm)
11%
Expansion across Growth focused on
retail, hotel and office selected high- Increasing scale and
segments supporting potential markets earnings visibility
155K +11% 172K recurring income including Semarang over the long term
growth and Batam
Current NLA Gandaria Office 2 Plan 2035
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Development in Progress
Pakuwon Mall (Phase 5) Kota Kasablanka Extension (Phase 4)
Type: Mixed use
Type: Mixed use Land size: 3.1 ha
Land size: 2.2 ha Project value: IDR 4.4T
Project value: IDR 2T Retail: 59K sqm NLA
Hotel: 4*, 266 rooms Hotel: 5*, 554 rooms
Residential: 3 towers-142K sqm GFA Residential: 2 towers-96K sqm GFA
Target completion: 2028-2029 Target Completion: 2029-2030
Superblock Pakuwon Mall Semarang (Phase 1)
Type: Mixed use
Total Land size: 22.7 ha
Land size phase 1: 12.7 ha
Project value: IDR 3.8T
Retail: 131K sqm NLA
Hotel: 4* and 5*, 570 rooms
Residential: 1 tower-22K sqm GFA
Target completion: 2030-2033
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Future Pipeline Development
Superblock Pakuwon Batam (Phase 1) Gandaria City Extension (Phase 2)
IKN (Phase 1)
Type: Mixed use
Type: Mixed use
Total Land size: 12.4 ha
Land size: 1.1 ha
Land size phase 1: 7.3 ha
Project value: IDR 2.5T
Project value: IDR 3.8T
Retail: 12K sqm NLA
Retail: 78K sqm NLA
Office: 35K sqm GFA
Hotel: 4* and 5*, 536 rooms
Residential: 3 towers-126K sqm GFA Residential: 1 tower-62K sqm GFA
Target completion: 2031-2033 Target completion: 2034-2035
IKN (Phase 1)
Type: Mixed use
Total Land size: 7.2 ha
Land size phase 1: 1.9 ha
Project value: IDR 651bn
Retail: 16K sqm NLA
Hotel: 4*, 295 rooms
Target completion: 2030 8
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Geographically Diversified Portfolio
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Section 3 Financial & Operational Highlights
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Financial Highlight - 1Q 2026
Recurring income driving earnings growth
Revenue EBITDA
IDR 1.646T IDR 916Bn
▲6% ▲10%
1Q 25 IDR 1.555T 1Q 25 IDR 834Bn ➢ Revenue analysis:
Revenue increased 6% YoY, driven by the expanding recurring income base,
supported by contributions from Pakuwon Mall Bekasi, positive rental reversion,
and newly opened hotels, alongside improving hospitality performance. As these
assets move beyond their initial opening phase, higher occupancy and average
NI room rates have supported strong hospitality growth.
IDR 511Bn ➢ EBITDA analysis:
EBITDA increased 10% YoY, outpacing revenue growth, supported by operating
▲29% leverage and disciplined cost control, resulting in higher margin.
1Q 25 IDR 397Bn
➢ NI analysis:
NI grew 29% YoY, supported by higher gross profit and lower finance costs
following the Company’s bond buyback initiatives, while reduced USD debt
exposure and higher USD investments contributed to lower foreign exchange
losses.
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Revenue Mix by Segment
1Q 2025 1Q 2026 YOY
IDR 1.555T IDR 1.646T 6% Landed houses
Condo sales 5%
In Bn In Bn 8%
1,432
1,030 1,322 Office leasing
947 4%
Hotel &
Serviced
85% 87% Apartments
340 21%
305 Retail leasing
133 234 214 62%
129 105 81
70 62
15% 13%
1Q 25 1Q 26 1Q 25 1Q 26 1Q 25 1Q 26 1Q 25 1Q 26 1Q 25 1Q 26 1Q 25 1Q 26 1Q 25 1Q 26
Retail leasing Hospitality Office leasing Condo sales Landed house Recurring Development
Retail leasing Hospitality Office leasing Condo sales Landed house
The increase was supported by The growth in the hospitality was Office leasing revenue declined due Condo sales revenue slightly increased, Landed house revenue
high occupancy, positive mainly driven by contributions from to the transfer of service charge supported by higher revenue recognition recorded a slight decline,
rental reversions from lease newly opened hotels. revenue to the building association, from Pakuwon Mall Bekasi residential mainly due to slower hand
renewals and contributions which reflects an accounting units, partially offset by lower over progress at Grand
from Pakuwon Mall Bekasi. reclassification rather than weaker contribution from Kota Kasablanka and Pakuwon.
operations. slower handover progress at Pakuwon
City high-rise.
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Revenue Mix by Project and Geography
Revenue by project Revenue by geography
Central Java Bekasi
Bali Kota 10%
8% Bali
1% Kasablanka
16% 1%
Bekasi
10% Central Java
8% Jakarta
Royal Plaza 32%
2% Gandaria City
Grand Pakuwon 14%
1%
Pakuwon City
10% Blok M Plaza
3%
Somerset
Tunjungan City 1%
Surabaya
17%
49%
Pakuwon Mall
17%
Surabaya Jakarta & Greater Jakarta Central Java
Tunjungan City and Pakuwon Mall remained the Kota Kasablanka (16%) and Gandaria City Central Java (8%) continued to deliver
largest contributors, each accounting for 17% of (14%) remained key contributors, highlighting solid contributions, further enhancing
total revenue, underscoring the strength of the Jakarta’s strategic importance within the the Company’s regional diversification.
Company’s flagship retail destinations. portfolio. Bekasi (10%) also recorded growing
Pakuwon City (10%) also continued to increase
its contribution, supported by expanding contributions, supported by newer
developments. developments and reflecting the Company’s
latest regional area expansion.
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Resilient Retail Portfolio Supporting Recurring Income
High occupancy and well-staggered lease expiry profile support earnings stability
Historical Occupancy Lease Expiry Profile (NLA breakdown)
O c c upanc y 2022 2023 2024 2025 1Q 2026 As %
of total 4% 10% 19% 16% 10% 41%
Kota Kasablanka Mall (116k sqm) 100% 99% 100% 100% 100%
sqm
Jakar ta
Gandaria City Mall (100k sqm) 96% 95% 96% 94% 95%
300,000
Blok M Plaza (31k sqm) 92% 92% 95% 99% 99%
250,000
Gr eater
Jakar ta
Pakuwon Mall Bekasi (45k sqm5 ) – – 94% 96% 96% 200,000
150,000
Tunjungan Plaza (149k sqm) 94% 92% 97% 97% 97%
94% 94% 94% 94% 95% 100,000
Sur abaya
Pakuwon Mall (161k sqm)
Pakuwon Trade Center (46k sqm1 ) 90% 92% 94% 96% 96%
50,000
2
Royal Plaza (53k sqm ) 95% 96% 97% 98% 98%
0
Pakuwon City Mall (54k sqm4 ) 80% 76% 87% 90% 90% Vacant 2026 2027 2028 2029 2030
Onwards
Centr al
3 91% 94% 95% 95%
Pakuwon Mall Yogyakarta (70k sqm) 90%
Java
Tunjungan Plaza Kota Kasablanka Mall Gandaria City Mall
3 3 95% 98% 99%
Pakuwon Mall Solo Baru (33k sqm) 83% 90% Pakuwon Mall Bekasi Pakuwon Mall Pakuwon Trade Center
Notes:
1. Pakuwon Trade Center NLA excludes sold area of 5,467 sqm Royal Plaza Blok M Plaza Pakuwon City Mall
2. Royal Plaza NLA excludes sold area of 15,226 sqm Pakuwon Mall Yogyakarta Pakuwon Mall Solo Baru
3. Under refurbishment
4. Pakuwon City Mall 3 opened on 23 October 2024
5. Pakuwon Mall Bekasi opened on 22 November 2024
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Office Portfolio Highlights
High-quality office assets within integrated superblocks
Occupancy 2022 2023 2024 2025 1Q 2026 1Q 2025
Kota Kasablanka Office 88 (57k sqm) 91% 93% 93% 91% 92% 92%
Office Tenant Mix
Prudential Center (32k sqm) 73% 79% 86% 93% 93% 91%
Jakarta
Energy, Others
Commodities, & 5%
Pakuwon Tower Jakarta (80k sqm) 50% 53% 30% 36% 39% 33% Logistic
4%
Gandaria 8 (58k sqm) 97% 99% 98% 99% 98% 98% Financials
27%
Surabaya
Pakuwon Center Surabaya (20k sqm) 78% 79% 78% 80% 81% 80% Telco, Media &
Tech
Pakuwon Tower Surabaya (41k sqm) 45% 63% 66% 68% 67% 66% 18% Leased
Area
101K
Professional
Kota Kasablanka Office 88 13%
Gandaria 8 Pakuwon Center Surabaya
Consumer &
Office Tower
Retail
33%
Prudential Tower Pakuwon Tower
Jakarta Pakuwon Tower Surabaya
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Diversified Hospitality Portfolio
RevPAR growth and resilient operations continued despite ramp-up from newly opened hotels
Room Occupancy Revenue per Available Room (RevPAR)
67% (Rp K)
64%* 934 959
58% 58%
52% 776 777 *
49% 714
651
51%
546
1Q 25 1Q 26 1Q 25 1Q 26 1Q 25 1Q 26 1Q 25 1Q 26 1Q 25 1Q 26 1Q 25 1Q 26
Serviced Apartment 4-star Hotel 5-star Hotel Serviced Apartment 4-star Hotel 5-star Hotel
Serviced Apartment 4-star hotel 5-star hotel
Somerset Berlian Sheraton Grand Jakarta Sheraton Surabaya
Four Points Tunjungan Four Points Pakuwon Indah Four Points Bekasi
Four Points by Sheraton Bali, Kuta The Westin Surabaya Marriott Yogyakarta
Ascott Waterplace Aloft Pakuwon City Fairfield
* Excluding 3 new hotels : Fairfield Bekasi, Four Points Bekasi and Aloft Pakuwon City 16
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Residential Pre-sales Performance
1Q2026 pre-sales remained supported by government incentives and new condo launches
(Rp bn) 1,554 Landed
1,500
1,342 High-rise
1,301
741 836
878 811
331 316
759 718
464 491 179 219 69%
151 98 31%
2022 2023 2024 2025 1Q 2025 1Q 2026
(Rp bn)
Vat Incentives
/Total
47% 18% 59% 63% 59% 34%
1
1,500
1 1,554
1
1,342 1,301
1
243
701 924
814
1,099 331
1
316
1
798
630 1062
487 194
137 210
Source: Company data as of Mar 31, 2026
2022 2023 2024 2025 1Q 2025 1Q 2026 Notes:
1 VAT incentives from the regulatory
VAT Incentive 2 The 1Q 2026 VAT subsidy comprised 53% high-rise units and 47% landed units
3 As % of saleable area, excluding approximately 50-60% of area set aside for lease
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Resilient Presales Mix Across Payment Methods and Price Segments
P RE S ALE S P E R PAYME NT ME THO D P RE S ALE S P E R UNI T P RI CE
Cash Mortgage Installment <IDR 1 bn/unit IDR 1-2 bn/unit IDR 2-5 bn/unit >IDR 5 bn/unit
5% 11% 17%
14% 26% 27%
27% 28%
35% 50%
56%
70% 35% 49%
62% 54%
56% 53% 23% 23%
24% 21% 19%
31% 17%
16% 16%
25% 19% 24% 20% 14% 10%
17% 4%
2022 2023 2024 2025 1Q 2026
2022 2023 2024 2025 1Q 2026
The shift toward installment-based payments mainly reflects the pre-launch phase The higher contribution from units above IDR 5 billion is mainly driven by
of Eluna Tower (Kota Kasablanka phase 4),where mortgage financing has not yet upgrader and repeat buyers from the Eluna Tower launch (Kota Kasablanka
been introduced. As such, the payment mix will vary depending on the contribution phase 4). Existing customers are moving into higher-value products within the
of Eluna Tower sales. same ecosystem, reflecting strong brand loyalty and confidence in the project.
This trend supports a shift toward higher-value products, reinforcing both pricing
power and margin quality.
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Section 4 Capital management
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Strong Growth & Delivering Consistent Profitability
Sustained recurring revenue expansion supported by resilient margins and disciplined execution
Revenue (Rp bn) Gross Profit (Rp bn)
8,000 57.2%
5,000 58.0%
56.5%
1,494 4,000 55.5%
6,000 1,480 53.8% 54.8%
1,531 55.2% 56.0%
2,118 3,000
4,000
2,000
5,191 5,617 54.0%
2,000 3,870 4,669 233 214 1,000 3,219 3,401 3,769 3,944 859 941
1,322 1,432 - 52.0%
-
2022 2023 2024 2025 1Q 2025 1Q 2026
2022 2023 2024 2025 1Q 2025 1Q 2026
Gross profit %GPM
Recurring Development
Adjusted Net Income (Rp 1bn)
EBITDA (Rp bn)
3,500 50.0%
55.7% 41.1%
4,000 56.0% 3,000 37.2% 37.0% 39.3%
33.1% 32.0% 40.0%
54.6% 54.2% 55.0% 2,500
3,000 53.7% 53.6%
54.0% 2,000 30.0%
2,000 52.1% 53.0% 1,500 20.0%
52.0% 1,000
1,000
3,271 3,362 3,584 3,708 834 916 51.0% 10.0%
500 2,226 2,295 2,623 2,923 515 527
- 50.0%
2022 2023 2024 2025 1Q 2025 1Q 2026 - 0.0%
2022 2023 2024 2025 1Q 2025 1Q 2026
Ebitda %EBITDA
Adjusted Net Income %Adjusted Net Income
Notes:
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1. Adjusted for forex gains / (losses) of (395bn), 87bn, (202bn), (165bn), (Rp118bn), (Rp16bn) in 2022, 2023, 2024, 2025, 1Q 2025, 1Q 2026
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Prudent Capital Management
Healthy debt profile with average debt maturity of 2.1 years and average cost of debt 5.49% p.a.
(Rp Bn) (Rp Bn)
0% 0% 100%
6,000
5,000
4,000
3,000
5,666
2,000
1,000
0
2026 2027 2028
Senior Unsecured Notes 2028 of US$ 333.4m (fully hedged)
US$ 80.4m Lower-upper Strike : Rp15,000-Rp16,500
US$ 125m Lower-upper Strike : Rp15,500-Rp17,000
US$ 64m Lower-upper Strike : Rp16,000-Rp17,500
US$ 64m Lower-upper Strike : Rp16,000-Rp18,000
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Strategic CAPEX Pipeline
Focused on expansion, greenfield projects, and selective acquisitions
(Rp Bn) (Rp Bn) CAPEX 1Q 25-1Q 26
CAPEX 2025-2030
3,876 3,938
4,000
526 520
3,500 3,315
3,000 520
979
2,565 237
1,341
2,500 2,242 764 3
526
2,000 930 99 164
1,111 721 705 843
1,500 1,214
24 112
1,000 535 601
693 1,509 115
1,304 1,188
500 289
271 717 35
366 167
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2025 (A) 2026 (F) 2027 (F) 2028 (F) 2029 (F) 2030 (F) 1Q 2025 (A) 1Q 2026 (A)
Malls Hotel Condominium Land & operasing assets acquisition
Disciplined multi-year CAPEX allocation
CAPEX funding will be supported by The Company remains open to
focused on recurring income and
internally generated cash flow and selective strategic acquisitions and
development assets, supporting strategic
external borrowings investments.
expansion
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Thank You!
Email : corpsec@pakuwon.com
Website : www.pakuwonjati.com
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