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PT Steel Pipe Industry of Indonesia Tbk
Company Presentation
For Public Expose
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Materi dalam presentasi ini telah disiapkan oleh PT Steel Pipe Industry Indonesia Tbk (“Spindo”) dan merupakan informasi bersifat umum tentang kinerja bisnis Spindo terkini pada tanggal presentasi dan dapat berubah tanpa pemberitahuan sebelumnya. Informasi ini diberikan dalam bentuk ringkasan dan tidak dimaksudkan untuk dianggap sebagai laporan lengkap. Informasi dalam presentasi ini, termasuk perkiraan informasi keuangan, tidak boleh dianggap sebagai saran atau rekomendasi kepada investor atau calon investor sehubungan dengan keputusan memegang, membeli atau menjual sekuritas atau produk atau instrumen keuangan lainnya dan tidak mempertimbangkan tujuan investasi khusus, situasi atau kebutuhan keuangan. Sebelum bertindak berdasarkan informasi apa pun, pembaca harus mempertimbangkan kesesuaian informasi yang berkaitan dengan hal-hal ini, dokumen penawaran yang relevan dan khususnya, pembaca harus mencari nasihat keuangan independen. Presentasi ini dapat berisi pernyataan berwawasan ke depan termasuk pernyataan mengenai niat, keyakinan, atau harapan kami saat ini sehubungan dengan bisnis dan operasi Spindo, kondisi pasar, hasil operasi dan kondisi keuangan, kecukupan modal, ketentuan khusus, dan praktik manajemen risiko. Pembaca diperingatkan untuk tidak menempatkan kepercayaan yang tidak semestinya pada pernyataan berwawasan ke depan ini; kinerja masa lalu bukan merupakan indikasi kinerja masa depan yang dapat diandalkan. Spindo tidak memiliki kewajiban apa pun untuk secara terbuka merilis hasil dari setiap revisi terhadap pernyataan berwawasan ke depan ini untuk mencerminkan peristiwa atau keadaan setelah tanggal pernyataan ini untuk mencerminkan terjadinya peristiwa yang tidak terduga. Kami melepaskan tanggung jawab atau kewajiban apa pun yang timbul yang dapat ditanggung atau diderita oleh siapa pun sebagai akibat dari bertindak berdasarkan kepercayaan pada seluruh atau sebagian dari isi laporan ini dan Spindo dan / atau perusahaan afiliasinya dan / atau masing-masing karyawan dan / atau agen tidak menerima tanggung jawab atas kesalahan, kelalaian atau sebaliknya, dalam laporan ini dan ketidakakuratan apa pun di sini atau kekurangan di sini yang mungkin terjadi The materials in this presentation have been prepared by PT Steel Pipe Industry of Indonesia Tbk (“Spindo”) and are general background information about Spindo business performances current as at the date of this presentation and are subject to change without prior notice. This information is given in summary form and does not purport to be complete. Information in this presentation, including forecast financial information, should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or other financial products or instruments and does not consider their particular investment objectives, financial situation or needs. Before acting on any information, readers should consider the appropriateness of the information having regard to these matters, any relevant offer document and, readers should seek independent financial advice. This presentation may contain forward looking statements including statements regarding our intent, belief or current expectations with respect to Spindo businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions and risk management practices. Readers are cautioned not to place undue reliance on these forward-looking statements; past performance is not a reliable indication of future performance. Spindo does not undertake any obligation to publicly release the result of any revisions to these forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events. We disclaim any responsibility or liability whatsoever arising which may be brought or suffered by any person as a result of acting in reliance upon the whole or any part of the contents of this report and neither Spindo and/or its affiliated companies and/or their respective employees and/or agents accepts liability for any errors, omissions, negligent or otherwise, in this report and any inaccuracy herein or omission here from which might otherwise arise.
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1
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Established in 1971 as a foreign investment corporation by PT Gayantara, Itochu Corporation, and Kawasaki
Steel Corporation
Samarinda Makassar
Medan
Warehouse Warehouse
Representative
Office
Pekanbaru
Representative
Office
Gresik
Production Unit 7
Warehouse
Jakarta
Office
Warehouse
Bandung Surabaya
Warehouse Head Office
Production Unit 1, 2, 3
Sidoarjo
Production Unit 6
Warehouse
Karawang Pasuruan
Production Unit 5 Production Unit 4
Warehouse Semarang Warehouse
Representative
Office
4
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Educational Background Educational Background
He completed his education at the Faculty of Economics, Parahyangan Catholic Graduated in June 1999 from Duke University School of
University, Bandung in 1985 and obtained a Masters of Management from the Law, J.D., with honor Durham, North Carolina, USA
Prasetya Mulya Business School in 1992. Graduated in June 1996 from Harvard University,
Mathematics, with honor Cambridge, Massachusetts, USA
Professional Experience Professional Experience
His previous positions includes : 2004 – 2009, President Director of PT Makinta Welly Tantono is the Group General Counsel at Secretlab,
Makmur Widjaja Welly Tantono
President Securities; 2000 – 2004 Managing Director of PT Makinta Securities; 1994 – Independent
leading gaming chair maker for professional esports teams.
Commissioner 1999, Corporate Finance Director of PT Bhakti Investama, Tbk., an Indonesian Commissioner Legal Career is a former IP litigator at top New York and
(Independent investment company; 1992 – 1994, Head of Corporate Finance of PT. Bali California law firms, handling high-stakes cases.
Commissioner) Securities.
She transitioned to tech and healthcare sectors and is well-
Educational Background versed in capital markets and cross-border ventures and
has held senior roles in Singapore and the US as a co-
Bachelor of Mechanical Engineering fromi University of Massachusetts, USA in founder of Singapore's early healthcare cooperative.
1996
She graduated with honors from both Harvard as well as
Professional Experience Duke University and is the past president of the Association
1997 – 1998 : MEP Program Mattel Indonesia of Corporate Counsel, Singapore Chapter and Member of
1998 – 1999 : System Engineer Ericsson Indonesia Legal Subcommittee to Fencing Singapore.
Entario Widjaja Susanto
Commissioner
1999 – 2000 : Trader for Myanmar and Singapore Market at Itochu Steel Asia Her current appointment is as Lecturer at National
2000 – 2005 : Marketing Manager PT Saranacentral Bajatama Tbk University of Singapore's School of Computing.
2005 – Sekarang : Director PT Saranacentral Bajatama Tbk
Educational Background
Bachelor of Economics from Airlangga University, Surabaya in 1984
Attended a professional business course by Arthur Andersen in St. Charles,
Chicago, USA and became a member of The Indonesian Institute of Accountants.
Bing H. Poernomosidi
Independent Commissioner
Professional Experience
1
Officiate as Member of Audit Committee in PT Steel Pipe Industry of Indonesia
Tbk (2012 – 2022)
Independent Commissioner in PT SekarLaut Tbk 2007 – 2019
Managing Partner (Surabaya Office) of Ernst & Young, Hanadi, Sarwoko & 5
Sandjaja (2002 – 2006)
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Educational Background
He completed his high school education in 1961.. Educational Background
Professional Experience He earned a master’s degree from Institut Teknologi
Sepuluh November in 2006
Previously, he worked for PT Radjin from 1972 to 1997 as a
President Director, which merged with PT SPINDO, Tbk. in 1998 Professional Experience
Nico Gunawan started his career in steel industry since
Ibnu Susanto 2003 as OT Production Unit 2 and the latest as Operational
President Nico Gunawan Deputy Director in 2023
Director Director
Educational Background Educational Background
He graduated from Waseda University, Japan in 1989, majoring He earned a Bachelor of Engineering and Industrial
in Electronic Communication. Management at the University of 17 Agustus 1945
Surabaya in 1990, previously he also completed his
Professional Experience
Diploma III in Statistics at the Sepuluh Nopember Institute
Previously, he worked for PT Radjin from 1993 until 1998 as of Technology Surabaya in 1987.
director.
Professional Experience
The Hanny
Tedja Sukmana Hudianto Purnomo 1992 – 1999 MIS Manager PT. Pelayaran Nusantara
Vice President Director Meratus
Director 1999 – 2001 MIS Manager PT. Steel Pipe Industry of
Indonesia
2001 – 2008 Senior Manager MIS PT. Steel Pipe Industry
Educational Background of Indonesia
He completed his high school education in 1964 2009 – 2016 Senior Manager SAP PT. Steel Pipe Industry
of Indonesia Tbk
Professional Experience
2016 – 2018 Deputy General Manager SAP PT. Steel Pipe
Previously, he held the position as Commissioner of PT Radjin Industry of Indonesia Tbk
since 1972 until 1997, which merged with our company in 1998.
From 2002 until 2011, he held the position as Director of PT
Saranacentral Bajatama, Tbk., an Indonesian steel manufacturer.
Soediarto Soerjoprahono
Director
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2022 – 2023 2025
• ESG Disclosure Award 2022, Majalah Investor • Best Sustainability Linked
Transaction 2024, Alpha
• Best Stock 2022 Mid Cap Category, Majalah Investor Southeast Asia
• Vendor with The Best Delivery Performance in 2022, PT • Best Sustainability-Linked Bond,
Chandra Nugerahcipta The Asset
• Achievement in the Implementation of the Occupational • Best Stock Awards 2025 Middle
Health & Safety Management System (SMK3), East Java Cap Category – Raw Material
Governor Sector, Investortrust
2024 • Corporate Secretary Champion
2025, SWA Media Group
• Award for the Highest Investment Achievement in the City of
Surabaya, Mayor of Surabaya City • Best Sharia Award 2025,
Investortrust
• The Best Sector Investortrust Companies – Raw Material
Sector, Investortrust • Top CSR of The Year 2025,
INFOBRAND.ID dan TRAS N CO
• East Java Industrial Company – 2024 Green Certification
Participant, East Java Governor • Best of The Best Building &
Structure Pipes Category,
• Top Corporate Award 2024, INFOBRAND.ID dan TRAS N CO IndoBuildTech Awards 202
• Investortrust ESG Award 2024, Investortrust • Vendor with The Best Delivery
Performance in 2025, PT
Chandra Nugerahcipta
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Spindo’s Position in the Value Chain Our Products and Key Markets
Spiral pipes (non Black pipes (non
API) Water pipes API)
Construction, Electric and Utility Strips + plates
poles
Infrastructure, and
Carbon and Cutting, Steel pipe Utilities
stainless-steel bending, and products
coils welding
Mechanical tubes of various shapes
Key Products
HFW High Frequency Welding SSAW Spiral Submerged
Arc Welding Automotive
Furniture pipes Stainless steel pipes
Black pipes, water pipes,
Spiral pipes
mechanical pipes, API pipes,
(API & non-API)
furniture pipes, steel poles
Furniture
Tungsten Inert
TIG Gas Welding Service
Spiral pipes (API) Black pipes (API)
Industrial and ornament Galvanizing, shearing, slitting, 4
stainless steel pipes QAQC tests 4
Oil & Gas
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Distribution Channel
More than5,000 2,000 – 3,000 Approx.
Customers Registered Active Customers
End-users 70%
Approx.
Distributors 30%
Selected Key-Customers
Construction, Infrastructure,
and Utilities Pipe Furniture Pipe Automotive Pipe Oil & Gas Pipe
52% 21% 21% 6%
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SPINDO demonstrates a
well-balanced customer
sector exposure, ensuring
resilience and reduced
dependency on any single
market.
The distribution highlights
the company's robust
positioning across multiple
industries
Other indicator that our AR
days do not change much
from 2023, despite liquidity
problem in SOE
contractors. Proving that
although we supply to
them, we do not endure
Annual average – company estimates
significant credit problem
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Largest Pipe Manufacturer in Indonesia by Revenue
Standing Out Amid Competition Across (in billion Rupiah)
Sectors
6455
6256
6118
• SPINDO's primary competitors include PT
5932
5379
4886
Krakatau Pipe Industries (KPI) – a
4468
3870
3759
3776
3626
3663
subsidiary of PT Krakatau Steel (Persero)
3340
3235
Tbk, and PT Bakrie Pipe – a subsidiary of
2459
2454
2393
2068
PT Bakrie Brothers Tbk.
1511
1384
1460
1378
1301
1202
• Uniquely, SPINDO competes across all
989
922
769
sectors, unlike other competitors who
typically concentrate on one or two 2017 2018 2019 2020 2021 2022 2023 2024 2025
sectors. SPINDO Bakrie Group Krakatau Steel Group
Construction, Oil and Gas
Furniture Automotive
Infrastructure, Utilities (API Standard)
Strong
Weak
Manufacturers
Manufacturers
Industries
Industries
SPINDO
SPINDO
SPINDO
Manufacturers
SPINDO
Manufacturers
Industries
Other Smaller
Industries
Other Smaller
Other Smaller
Other Smaller
Krakatau Pipe
Krakatau Pipe
Krakatau Pipe
Krakatau Pipe
Bakrie Pipe
Bakrie Pipe
Bakrie Pipe
Bakrie Pipe
ISTW
Manufacturers
11
Note :
Figure in Table 1 is obtained from respective companies Annual Report as of 14/05/2025 KRAS.IJ have not submitted their annual report (delayed)
Company estimates
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In 1H2026, we recorded revenue of Rp2.8 trillion in 1H 2026, representing a 8.5% year-on-year (YoY) increase from the same period
last year. In line with higher production activity, cost of goods sold rose 7.0% YoY, primarily driven by increased raw material usage and
labor costs. Nevertheless, we successfully recorded its highest gross profit ever for a first-half period, reaching Rp597 billion, with a
gross profit margin of 21.1%. From the operating expenses perspective, general and administrative expenses increased by 43.7% YoY,
mainly due to employee benefits as well as tax and licensing-related expenses. On the other hand, lower interest expenses on bonds
and sukuk helped reduce finance costs by 15% YoY, keeping the increase in operating expenses to a stable Rp294.1 million. As a
result, ISSP posted net profit of Rp240 billion, representing a 12.7% increase compared to 1H 2025.
Revenue and Margin 2018 – 1H2026 in Billion Rupiah 1H2025 1H2026
(in Billion Rupiah)
7,000
6,455
Revenue 2,614.3 2,836,6
6,256 6,118 5,932.8 1,600.0
Cost of Sales 2,093.3 2,238.9
6,000
5,379 1,400.0
Gross Profit 521.0 597.6
4,886
5,000 1,200.0
4,468 Gross Profit Margin 19.9% 21.1%
4,000 3,776 1,000.0 Operating Expenses 253.1 294.1
13
2,836.6 800.0 Net Profit 213.3 240.5
3,000
498.1
530.1 534.2 600.0 NPM 8.2% 8.5%
486.8
2,000
400.0
240.5 USD/IDR 2025 2026
1,000 185.7 305.8
200.0
48.7 175.9 Last year end 16.162 16.723
0 0.0 1Q 16.558 16.993
2018 2019 2020 2021 2022 2023 2024 2025 1H2026
Revenue Net Profit
2Q 16.233 17.856
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In Billion IDR
Higher working capital requirements
Net cash used in operating activities stood at Rp1.10 trillion, primarily reflecting
increased inventory and payments to suppliers to support production and
project requirements.
Disciplined debt management
The Company repaid Rp500.55 billion of bonds and sukuk during 1H 2026,
supporting the optimization of its funding structure and debt maturities.
Through prudent cash flow and funding structure management, the Company
maintained a solid cash position, with ending cash balance of Rp680 billion at
the end of 1H 2026.
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Both Return on Equity (ROE) and Return on Assets (ROA) have shown a positive trend since 2023, reflecting improved profitability and
more efficient use of capital. While there is some normalization in 1H2026 due to increase in total assets, it is still in line with the
Company’s medium-term targets. The Company continues to target ROE of around 14% and ROA of approximately 10%, supported by
operational improvements and a better product mix.
In addition, the Company maintains a consistent dividend distribution policy. The most recent dividend distribution delivered a yield of
approximately 5.2%, demonstrating the Company’s commitment to balancing growth and shareholder returns.
Earnings per share also continues to show a strong upward trend over the past few years, further reinforcing value creation for
shareholders.
ROE & ROA
12.9% 16
16
Dividend Yield
10.8% 10.5%
5.97% 16
9.4%16
8.3%
5.30% 5.20% 6.9% 7.4%
6.0% 6.2% 6.4% 6.1%
5.0% 4.6%
4.1%
2.9% 2.8%
3.3% 1.7%
0.8%
2.3% 2018 2019 2020 2021 2022 2023 2024 2025 1H2026
1.9%
ROE ROA
0.7%
2017 2018 2019 2020 2021 2022 2023 2024 2025 1H2026
EPS
(Rp/Share) 1.2 6.9 26.3 24.9 68.9 43.3 70.5 75.0 76 34
2017 2021 2022 2023 2024 1H2025 1H2026
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Before
Jan Feb Mar Apr May Jul Aug Sep Oct Nov Dec
After
Jan Feb Mar Apr May Jul Aug Sep Oct Nov Dec
Bonus Akhir
Tahun Bonus THR
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Strong 2Q project activity supported Oil & Gas pipe sales, while
normalized selling prices weighed on several product segments. Highly Diversified Product Mix (1H2025 vs 1H2026)
Despite lower sales of Spiral API, Pole, and Black Pipe API, growth in
Black Pipes (non API) 18.1%
Mechanical and Water Pipes helped sustain overall sales performance 18.25%
and supported higher revenue and margin. 16.8%
Mechanical Pipes
18.36%
Water Pipes 12.8%
14.72%
Strips and Plates 12.0%
13.04%
Furniture Pipes 11.1%
12.04%
SALES COMPOSITION (Type of Pipes) 11.0%
Spiral Pipes (non API) 1H2025
2018 2019 2020 2021 2022 2023 2024 2025 1H2026 10.72%
1H2026
Oil & Gas 0% 0% 0% 1% 3% 2% 5% 5% 6% Stainless Pipes 5.2%
5.59%
Black Pipes (API) 4.7%
Furniture 14% 16% 19% 18% 18% 17% 19% 18% 21% 3.77%
3.7% High Value-high
Poles
Automotive 19% 19% 17% 16% 17% 17% 18% 18% 21% 1.27% margin product
Spiral Pipes (API) 3.6%
Construction, 1.27%
Infrastructure & 67% 65% 64% 65% 62% 64% 58% 59% 52%
Service & Others 0.8%
Utilities 0.96%
Total Sales Vol (000 18 18
Ton) 341.3 375.4 302.4 302.8 325.3 364.5 357.7 367.8 177.6
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Top Suppliers
Flexible Sourcing Optimizes Cost & Availability
1H2025 (inside) and 1H2026(outside)
SPINDO continues to leverage both local and imported
sources, with sourcing nearly evenly split in 1H 2026. This
flexibility enables the Company to optimize procurement 14.4%
based on pricing and availability while securing specific JFE 21.2%
grades for higher-specification products. Others (under 5%)
1.6%
0.5%
0.6% 6.7% 4.8%
1.8%
Tsingshan
1.5% 7.0%
Baowu Group 13.7%
3.9%
Purchase of Materials 5.5% 0.1%
KS 4.2%
0.4%
Posco 5.1%
49.9% AM NS
56.5% 7.6% 13.8%
New Asia 10.5%
Java Pacific
44.8%
Lautan Baja
43.5% 50.1%
Dexin
1H2025 1H2026 30.3%
Local Import 19 19
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Spindo is targeting to reach 1 T Net profit by 2027
2025 2026 2027 2028 2029 2030
8” Stainless Steel Pipe
New Export Opportunity,
NEW MAJOR column pipe, further
Up to 2.5 inch API Pipe increase to Oil and Gas
PRODUCT LINE
Sector
Big Diameter Carbon Steel
Pipe (Plant 7)
SALES & Depo +2
MARKETING
Establish Rep Office in Ind. Major Cities
HUMAN Major Improvement in HR
RESOURCES Aspect
Inventory and SCM Improvement Relocation of Unit Further Unit 7
1,2,3,4 to Plant 7 Development
OPERATIONAL
Transformation to 4.0 Industry
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Phase 1: North Distribution Centre (Warehouse) – Completed 2024
Construction of new 1 Ha Warehouse, to be functioned as distribution
centre with significantly better layout to substantially reduce loading time
and excellent handling
Phase 2: New 8 inch Machine and 20 inch Machine – Ongoing
• Capacity: Adds ~24k tons API and ~36k tons non-API black pipe by
2027 (total ~50-70k tons new output).
• Technology: Equipped with advanced ERW (Electric Resistance
Welding) mills, Robotic automation, and Industry 4.0 monitoring
systems for higher efficiency and quality control.
• ESG Considerations: Incorporates energy-efficient equipment, waste
heat recovery, and compliance with TKDN/local content requirements.
• Timeline: Groundbreaking 2023 → Machinery installation Q1 2026 -
TBA → Final Commissioning 4Q2026. The 8-inch machine is already
operational as of 2Q2026.
Phase 3: Relocation of East Java Unit (TBA)
Further efficiency improvement on logistic cost, human capital, and other
resources due to single location. Also refurbishment of existing and new
automated machinery
8
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• Capture High-Growth Segments
Indonesia’s oil & gas, energy transition, and infrastructure projects are driving demand for API-
grade and premium steel pipes. Unit 7 ensures SPINDO can supply this demand domestically,
reducing reliance on imports.
• Strengthen Market Leadership
With >95% sales in Indonesia, expanding capacity and moving up to higher-value products
allows SPINDO to maintain dominance against foreign competition, particularly Chinese
imports.
*not real picture – for illustration purposes only
• Technology & Efficiency Leap
Unit 7 is designed with automation, advanced machinery, and Industry 4.0 integration to
improve production cycles, reduce downtime, and increase product consistency.
• Support National Priorities
Unit 7 aligns with Indonesia’s industrial policies: infrastructure build-out, energy security, and
downstream industrialization, contributing directly to GDP growth and local job creation.
• ESG & Long-Term Sustainability
Incorporates energy-efficient systems and waste reduction initiatives, supporting SPINDO’s
ESG commitments and positioning the company for sustainable growth.
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CONFIDENTIAL – FOR DISCUSSION PURPOSES ONLY
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Policy / Regulation Objective / Key Points Relevance for Pipes & Unit 7
Omnibus Law on Job Creation (Law Streamline licensing, accelerate Fast-tracks approval for National Strategic Projects
No. 11/2020) strategic projects, attract FDI. (dams, refineries, pipelines). Simplifies land
acquisition. Directly increases demand for
transmission pipelines.
Mandatory Domestic Gas Requires new gas production to Drives construction of domestic pipelines to power
Allocation (ESDM No. 45/2017, prioritize domestic market. plants & industries (e.g., Jawa-1 Gas Power Plant,
reinforced post-2019) Krakatau Steel). High demand for large-diameter
transmission pipes.
Downstream Oil & Gas Incentivizes refinery, Projects like Tuban GRR Refinery & Bontang
Revitalization (GR 36/2021) petrochemical & gas processing Fertilizer Plant require extensive pipe networks for
investment. utilities & product flows.
Tightened TKDN Rules (ESDM No. Mandates higher local content Strong competitive edge for local pipe producers like
54/2022; PUPR regulations) (40–85%) in oil/gas & infra SPINDO. Imports face high barriers. Pertamina
projects. refinery upgrades mandate >60% TKDN.
Government policies strongly favor local capacity expansion like Unit 7. The Omnibus Law accelerates strategic
projects and land clearance, while mandatory domestic gas allocation ensures steady pipeline development for
power and industrial needs. Downstream revitalization drives long-term refinery and petrochemical investment, all
of which are pipe-intensive. At the same time, tightened TKDN rules create a protective barrier against imports,
giving SPINDO a clear competitive edge as the primary domestic supplier of large-diameter pipes.
5
CONFIDENTIAL – FOR DISCUSSION PURPOSES ONLY
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Program / Project Scope / Details Pipe Demand Implications
National Gas Grid Expansion Cirebon–Semarang (257 km, operational High demand for 18”–24” large-diameter
(ESDM priority, 2020–present) 2023), Dumai–Sei Mangke (target 2025), transmission pipes.
Kalimantan–Java (proposed long-term).
National Strategic Projects (PSP) New Capital (IKN), 59 new dams (e.g., Requires water, drainage & utility
(Bappenas list 2021–2024) Karian–Serpong), Pertamina RDMP pipelines, plus refinery pipe
(Balikpapan, Cilacap, Dumai). replacements/expansions.
Infrastructure & Energy Projects Ongoing investment in transport, power, Long-term stable demand for API &
under RPJPN 2025–2045 and renewable energy facilities. structural pipes.
Indonesia’s pipeline-heavy National Strategic Projects
create a strong demand base for Unit 7. The National Gas
Grid expansion alone involves hundreds of kilometers of
large-diameter pipes connecting gas fields to industries
across Java and Sumatra. Major infrastructure programs
such as the New Capital (IKN), 59 new dams, and
Pertamina’s refinery upgrades will further require extensive
water, drainage, and utility pipelines. These projects
together ensure a multi-year, diversified demand pipeline
that Unit 7 is designed to serve.
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CONFIDENTIAL – FOR DISCUSSION PURPOSES ONLY
Page 30
• The Ministry of Energy and Mineral Resources (ESDM) plans to expand the
Cirebon-Semarang (CISEM) gas transmission pipeline to Bandung and
Yogyakarta.
• The project, valued at Rp1.7 trillion, will be divided into the Cirebon-Bandung
(132km) and Semarang-Solo-Yogyakarta (148km) lines. The budget, allocated for
2025-2026, aims to boost the development of the national gas network and will be
openly tendered [PT Pertamina (Persero) – PERTAMINA GAS].
Source: kumparan.com, 3 September 2025 • The total budget for the 132-kilometer Cirebon-Bandung transmission pipeline is
Rp865.07 billion, with Rp10.94 billion allocated for 2025 and Rp854.13 billion for
2026. Meanwhile, the total budget for the 148 kilometer Semarang-Solo-Yogyakarta
pipeline is Rp895.63 billion: Rp13.13 billion in 2025 and Rp882.50 billion in 2026.
CONFIDENTIAL – FOR DISCUSSION PURPOSES ONLY
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Indonesia’s Gas Discoveries Translate Directly into Future Pipeline Demand
Relevance for Unit 7 (Pipe
Block / Project Operator Discovery / Milestone
Demand)
New large-diameter pipelines to
Andaman Block II (South Mubadala Energy “Cengkih-1” discovery (Nov 2023), 2+ TCF.
Grissik Hub for domestic/export
Sumatra) (UAE) FID 2024, first gas 2029.
markets.
West Ganal Block (East “Geng North-1” discovery (Oct 2023), Expansion of Jangkrik fields or
Eni (Italy)
Kalimantan) deepwater gas. FLNG; requires subsea pipelines.
Hundreds of km of subsea &
onshore large-diameter pipelines
Abadi LNG (Masela Block) Inpex (Japan) $20B LNG project, FID approved Mar 2024.
— largest near-term driver of
ERW demand.
Sakakemang Block (South “Maha-1” (2019, 2 TCF) & “Maha-2” (2023) Pipeline development to feed
Pertamina Hulu Energi
Sumatra) extension. South Sumatra industrial corridor.
Pertamina, Husky- Onshore finds in Jambi & South Sumatra Localized pipeline networks —
Other Discoveries
CNOOC (2022–23); Bangka exploration (2022). additional pipe demand.
Recent gas discoveries across Indonesia add significant long-term momentum to pipeline demand, directly reinforcing the rationale
for Unit 7. World-class projects like Abadi LNG (Masela Block) and Andaman Block II will require hundreds of kilometers of subsea
and onshore transmission lines, while discoveries in West Ganal and Sakakemang ensure sustained development in Sumatra and
Kalimantan. Smaller finds by Pertamina and Husky-CNOOC also generate localized pipeline networks, collectively creating a broad
7
and scalable market for large-diameter pipes that Unit 7 will supply.
CONFIDENTIAL – FOR DISCUSSION PURPOSES ONLY
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Iron ore price decreased significantly on early June Coaking coal price surged on mid-August
Source: Trading Economics Source: Trading Economics
HRC Price
normalized around
US$490/tonne
Source: London Metal Exchange
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Solar Panel Installation in Plant IV & VI
Accumulated Cost Saving for 25 Years
PLN Tariff Discount for 25 Years* IDR 8-25 Billion
12-18% Accumulated CO2 Reduction in 25
Years
*PLN Tariff assumption 6% CAGR growth
7,536-16,658 tons
Immediate Solar Panel Installation in
Plant I, III & V
Implementation of GCG Practices
Code of Conduct
Regular CSR activity and Other Social
Vendor Code of Conduct
Initiatives
Whistleblowing mechanism
Empowering the employment of the local community
Audit Committee
Establishing a Training Centre
KP5 Committee
Published the Sustainability Report 2020
Board Manual
36
Page 36
Target 2025 Pencapaian 2025 Persenta The installation of Solar PV panels at Plants 1,
Estimasi Estimasi se 2, 3, and 5 was successfully completed in July
Kapasitas Pengurangan Emisi Kapasitas Pengurangan Emisi Peningka Tindakan yang Dilakukan
to October 2024. The total installed capacities
(kWp) Karbon (kWp) Karbon tan
(kg CO₂eq) (kg CO₂eq) (%) are 651.75 kWp for Plant 1, 759 kWp for Plant
▪ Penambahan kapasitas 2, 715 kWp for Plant 3, and 1030 kWp for Plant
Solar Cell Unit 6 dari 5. As of November 2025, there is an additional
340 kWp menjadi 650 operation for solar panel in Plant 1, 2 and 3.
kWp pada Oktober
2024
▪ Pemasangan Solar Cell
baru di Unit 5 dengan
kapasitas 1.030 kWp
pada Juli 2024
715 895.752 4.122,37 3.706.193,74 476
▪ Pemasangan Solar Cell
di Unit 3 dengan
kapasitas 715 kWp
pada September 2025
▪ Pemasangan Solar Cell
di Unit 1 dan 2 dengan
kapasitas 615,75 jWp
dan 759 kWp pada
November 2025
Page 37
CSR Program by SPINDO that supports
SDG 6: Clean Water and Sanitation
▪ Conducted three times in three villages on the
island of Java during 2024 and 2025:
- Petungsinarang Village, Pacitan
- Dusun Undakan, Wonosobo
- Padukahan Bulu, Gunungkidul
- Tasikmalaya
▪ We helped install water pipelines from bore
wells to storage reservoirs, which were then
distributed to residents’ homes.
CSR Location
Page 38
6
Page 39
SPINDO Financial Growth Projection (2025-2030) While SPINDO's financial projections
Net Sales (T IDR) Gross Profit (T IDR) Net Profit (T IDR) indicate strong revenue and profit growth,
2.5 it is essential to consider market
14 uncertainties and operational challenges
that may influence actual performance.
Gross Profit & Net Profit ( T IDR)
12 2
10
Net Sales (T IDR)
1.5
8
6 1
4
0.5
2
0 0
2025 2026 2027 2028 2029 2030
Year
Page 40
7
Page 41
Logistik Infrastructure Oil and Gas Machinery • Proyek Laut Kilo 2026 • Proyek Construction of KSCS Package 2 • Proyek PT PGN • Proyek Lanjutan Peningkatan Fasilitas Pelabuhan Laut • Proyek Bayan Resources Group Matui • Proyek Pembangunan Jembatan Gantung • Proyek Peningkatan Fasilitas Pelabuhan Laut Lampia Rarongkeu • Proyek Pelabuhan Saketa • Proyek Penanganan Mendesak Tanggap • Proyek Replacement Fasilitas Pelabuhan Laut Tahuna Darurat Bencana Alam Banjir Bandar • Proyek Pembangunan Dermaga Alternatif Pel. Tanjung Koridor Bireuen, Aceh Utara Uban, Pembangunan Dolphin Telaga Punggur dan Tanjung • Proyek Penanganan Mendesak Tanggap Uban, Pembangunan Dermaga II Pel. Tanjung Kalian Darurat Jembatan Daerah Aceh Tenggara • Proyek Replacement Fasilitas Pelabuhan Laut Agats • Proyek Penanganan SPAM Pasca • Proyek Replacement Fasilitas Pelabuhan Laut Boepinang Bencana Banjir Padang • Proyek Jetty Malili • Proyek PT Bayan • EPC Perpanjangan Dermaga 2, Pembangunan BSL 3 dan • Proyek Penggantian Jembatan Doropeti Sistem Konveyor PT PKT Bontang CS – NTB • Proyek Pembangunan Dermaga Babo, Teluk Bintuni, • Proyek Pembangunan Jalan Toll Serang – Papua Barat Panimbang Seksi III Fase 2 Paket 1 • Proyek Pembangunan Jalan Angkut Tambang • G&S Construction – Proyek Timor Leste • Proyek Jembatan Pulau Laut Kabupaten Kotabaru, Kal-Sel • Proyek PT SMI (Tahun Jamak) • Proyek Sekolah Rakyat Maluku Tenggara • Proyek Dermaga Sapudi 2026 (Tambahan) • Proyek Sekolah Rakyat Maluku Tengah • Proyek Pembangunan Pelabuhan Penyeberangan Bakit, • Proyek Rehabilitasi Intake dan Jaringan Bangka Belitung (2026) Transmisi Air Baku Rumbia • Proyek Pembangunan Pelabuhan Penyeberangan Belinyu, • Proyek Penanganan SPAM Pasca Bangka Belitung (2026) Bencana di Kota Padang • Pekerjaan Jetty Multipurpose Wanam Merauke (Tambahan) • Proyek Tanggap Darurat Jembatan Aceh • Proyek Peninggian Lantai Dermaga Samudera KADE 0- Tenggara (Tambahan) 275 Pelabuhan Tanjung Emas • Proyek PLTA Jelok / Ketenger • Proyek Dermaga di Malinau, Kalimantan Utara
Page 42
“SPINDO’s strategic roadmap focuses on sustainable growth by balancing sector diversification, operational excellence, and strategic partnerships, ensuring resilience and profitability in Indonesia’s evolving steel market landscape.”
Page 43
facebook.com/spindosteelpipe
youtube.com/c/spindosteelpipe
@spindosteelpipe
linkedin.com/company/spindo
For more information please contact:
PT Steel Pipe Industry of Indonesia Tbk.
Gd. Baja Lantai 7B
Jl. Pangeran Jayakarta no 55 Jakarta
Indonesia
Up:
Johanes W Edward
Corporate Secretary & Investor Relations
Chief Strategy & Business Development Officer
Email: johanes.edward@spindo.co.id
Ph: +62-21 6231 3502 ext. 6062
Names mentioned 40 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT Steel Pipe Industry
p.1 ×6
unresolved
org
Indonesia Tbk
p.1 ×6
unresolved
org
Steel Pipe Industry Indonesia Tbk
p.2 ×2
unresolved
org
PT Gayantara
p.4
unresolved
org
Kawasaki Steel Corporation
p.4
unresolved
org
PT Makinta
p.5
unresolved
org
PT Makinta Securities
p.5
unresolved
org
PT Bhakti Investama
p.5
unresolved
person
Legal Career
· Commissioner
p.5
unresolved
person
H. Poernomosidi Independent Commissioner Professional Experience
p.5
unresolved
org
SekarLaut Tbk
p.5 ×2
unresolved
org
PT Radjin
p.6 ×3
unresolved
org
PT SPINDO
p.6
unresolved
org
PT. Pelayaran Nusantara Vice
p.6
unresolved
person
Meratus
· Director
p.6
unresolved
org
PT. Steel Pipe Industry Educational Background
p.6
unresolved
org
PT. Steel Pipe Previously
p.6
unresolved
org
PT Chandra Nugerahcipta
p.7
unresolved
org
PT Bakrie Pipe
p.11
unresolved
org
Ministry of Energy and Mineral Resources
p.30
unresolved
org
PT PGN
p.41
unresolved
org
PT Bayan
p.41
unresolved
org
PT PKT Bontang
p.41
unresolved
org
PT SMI
p.41
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