20260603_REFI_Laporan Hasil Pemeringkatan_32096638_lamp1.pdf

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A potential upgrade could be considered if REFI demonstrates sustained improvement in financing
scale and profitability. KRI continues to monitor the execution of REFI's digital financing strategy to
broaden its market reach, supported by sound asset guality and adeguate funding flexibility.
Conversely, a downgrade could be triggered by a significant deterioration in asset guality, a material
increase in leverage affecting company stability, or disruption to key partnerships that adversely affect
the Company's operational and financial performance.

REFI Financial Result Highlights

Dec 2025 Dec 2024 Dec 2023 Dec 2022

For theryears-ended (Audited) | (Audited) | (Audited) | (Audited)
Total Assets (IDR, billion) 771.15 730.43 708.69 702.53
Total Debt (IDR, billion) 473.58 445.74 365.18 432.53
Total Eguity (IDR, billion) 271.54 256.73 240.67 231.2
Total Revenue (IDR, billion) 76.58 80.04 70.1 88.34
Net Interest Revenue (IDR, billion) 35.93 40.02 34.43 48.36
Net Income (IDR, billion) 14.74 16.05 9.47 18.13
Debt to Eguity (x) 1.74 1.74 1.52 1.87
Eguity/Assets (Y6) 35.21 35.15 33.96 32.91
Net Interest Margin (94) 5.08 5.93 5.30 9.10
Cost/Income (Y6) 41.59 50.20 63.81 54.90
Return On Asset (95) 1.96 2.23 1.34 3.06
Return On Eguity (99) 5.58 6.45 4.02 817
Gross NPF (95) 1.66 1.64 1.66 1.76

Analysts : Rizky Fajri Nursahadi (rizky.nursahadi@kreditratingindonesia.com)

Gromy Pilipi Pranata Purba (gromy.purba@kreditratingindonesia.com)

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