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Page 1
2025
Laporan Tahunan
Annual Report
Strengthening
Housing Finance,
Expanding Access
to Homes for the
Community 1
Memperkuat Pembiayaan
PT Sarana Multigriya Finansial (Persero)
Perumahan, Memperluas Akses
Hunian bagi Masyarakat
Page 2
2 Laporan Tahunan 2025 Annual Report
Page 3
SANGGAHAN DAN BATASAN TANGGUNG JAWAB
DISCLAIMER
Laporan Tahunan ini memuat pernyataan kondisi keuangan, This Annual Report contains statements regarding the financial
hasil operasi, proyeksi, rencana, strategi, kebijakan, serta condition, operating results, projections, plans, strategies,
tujuan Perseroan, yang digolongkan sebagai pernyataan ke policies, and objectives of the Company, which constitute
depan dalam pelaksanaan perundang-undangan yang berlaku, forward-looking statements in accordance with applicable
kecuali hal-hal yang bersifat historis. Pernyataan-pernyataan laws and regulations, except for statements of historical fact.
tersebut memiliki prospek risiko, ketidakpastian, serta dapat These statements involve risks and uncertainties that may
mengakibatkan perkembangan aktual secara material berbeda cause actual results to differ materially from those expressed
dari yang dilaporkan. or reported.
Pernyataan-pernyataan prospektif dalam Laporan Tahunan The forward-looking statements in this Annual Report are based
ini dibuat berdasarkan berbagai asumsi mengenai kondisi on various assumptions concerning the current and future
terkini dan kondisi mendatang SMF serta lingkungan bisnis conditions of SMF and the business environment in which
di mana Perseroan menjalankan kegiatan usaha. Pernyataan the Company operates. Such statements do not constitute
yang terdapat di Laporan Tahunan ini bukan menjadi jaminan guarantees of future performance, as actual results may differ
kinerja di masa yang akan datang, karena hasil sebenarnya materially due to factors beyond the Company’s control.
di masa depan dapat berbeda karena dapat dipengaruhi oleh
beberapa faktor di luar kendali Perseroan.
Laporan tahunan ini memuat kata “SMF” dan “Perseroan” yang This Annual Report contains the terms “SMF” and “the
didefinisikan sebagai PT Sarana Multigriya Finansial (Persero) Company,” which refer to PT Sarana Multigriya Finansial
yang menjalankan bisnis utamanya di bidang pembiayaan (Persero) whose primary business activity is housing finance.
perumahan.
3
PT Sarana Multigriya Finansial (Persero)
Page 4
MEMPERKUAT PEMBIAYAAN
PERUMAHAN, MEMPERLUAS AKSES
4
HUNIAN BAGI MASYARAKAT
STRENGTHENING HOUSING FINANCE, EXPANDING
ACCESS TO HOMES FOR THE COMMUNITY
Laporan Tahunan 2025 Annual Report
Page 5
Kebutuhan masyarakat terhadap hunian yang layak dan The public’s need for decent and affordable housing is an
terjangkau tetap menjadi agenda pembangunan, terutama ongoing development agenda, particularly amid increasingly
ketika dinamika suku bunga, volatilitas pasar keuangan, challenging interest rate dynamics, financial market volatility,
dan perubahan preferensi likuiditas lembaga keuangan and shifts in financial institutions’ liquidity preferences. To
semakin menantang. Menghadapi hal tersebut, ketahanan address these issues, the resilience of housing finance,
pembiayaan perumahan, terkhusus ketersediaan pendanaan particularly the availability of medium and long-term funding,
jangka menengah dan panjang menjadi hal yang krusial agar is crucial to support continued expansion of access to home
akses kepemilikan hunian maupun peningkatan kualitas hunian ownership and improvement in housing quality. Without an
dapat terus meluas. Tanpa struktur pendanaan yang memadai, adequate funding structure, long-term mortgage financing will
pembiayaan KPR berjangka panjang akan tetap rentan terhadap remain vulnerable to maturity mismatches, which ultimately
kesenjangan jatuh tempo (maturity mismatch), yang pada increase funding costs and reduce affordability.
akhirnya meningkatkan tekanan biaya dana dan mengurangi
keterjangkauan.
Sepanjang tahun 2025, PT Sarana Multigriya Finansial (Persero) Throughout 2025, PT Sarana Multigriya Finansial (Persero)
(“SMF” atau “Perseroan”) memfokuskan diri memperkuat (“SMF” or “the Company”) focused on strengthening the
fondasi pembiayaan perumahan seraya terus berupaya foundations of housing finance while continuing to strive to
memperluas akses hunian secara terstruktur bagi masyarakat. expand structured access to homes for the community. This
Penguatan dilakukan melalui konsistensi pengelolaan aset– strengthening is achieved through consistent asset-liability
liabilitas dan likuiditas, penajaman strategi pendanaan, serta and liquidity management, sharpening of funding strategies,
pendalaman mekanisme pembiayaan sekunder, termasuk and advancing of secondary financing mechanisms, including
penguatan instrumen pasar yang mendukung konversi aset reinforcement of market instruments that support the conversion
KPR menjadi sumber pendanaan yang lebih likuid. of mortgage assets into more liquid sources of funding.
Pada saat yang sama, SMF juga berupaya kuat memperluas At the same time, SMF also strives to expand its support for
dukungan pada pembiayaan program dan ekosistem financing programs and the housing financing ecosystem to
pembiayaan perumahan agar keterjangkauan semakin increase affordability, especially for low-income communities
meningkat, khususnya bagi Masyarakat Berpenghasilan Rendah (MBR), while maintaining the principle of prudence.
(MBR), dengan tetap menjaga prinsip kehati-hatian.
Seluruh upaya tersebut dijalankan melalui keseimbangan antara All of these efforts are carried out by balancing public
mandat publik dan ketahanan keuangan. Penguatan tata kelola, mandate and financial resilience. Strengthened governance,
manajemen risiko, dan sistem pengendalian internal menjadi risk management, and internal control systems serve as
fondasi agar setiap langkah dapat dipertanggungjawabkan. the foundation for accountability in every initiative done.
Dengan landasan tersebut, SMF menjaga kesinambungan Through this approach, SMF maintains the continuity of
penyaluran pembiayaan perumahan, memperkuat kepercayaan housing financing distribution, strengthens stakeholder trust, 5
pemangku kepentingan, dan memastikan kontribusi yang and ensures an increasingly relevant contribution to national
semakin relevan bagi pembangunan perumahan nasional. housing development.
Dengan demikian, Laporan Tahunan ini berupaya menyajikan Thus, this Annual Report aims to present a comprehensive
PT Sarana Multigriya Finansial (Persero)
gambaran yang komprehensif tentang dinamika eksternal overview of the external dynamics affecting the housing sector,
yang memengaruhi sektor perumahan, langkah strategis, strategic steps, and SMF’s performance and achievements
serta kinerja dan pencapaian SMF sepanjang tahun 2025. throughout 2025. The descriptions in each section are expected
Uraian dalam setiap bagian diharapkan dapat memberikan to provide a complete understanding of how SMF strengthens
pemahaman yang utuh mengenai bagaimana SMF memperkuat housing financing and expands access to homes for the
pembiayaan perumahan dan memperluas akses hunian bagi community through measurable, transparent, and accountable
masyarakat melalui eksekusi yang terukur, transparan, dan execution.
dapat dipertanggungjawabkan.
Page 6
KESINAMBUNGAN TEMA
THEME CONTINUITY
2024
Membangun Masa Depan Perumahan
yang Berkelanjutan
Building the Future of Sustainable Housing
Perseroan terus memperkuat komitmennya sebagai Special Mission Vehicle (SMV)
Kementerian Keuangan dalam mendukung pengembangan sektor perumahan yang ramah
lingkungan, inklusif, dan berkelanjutan. Melalui pendanaan kreatif dan penguatan ekosistem
pembiayaan perumahan, Perseroan berupaya tidak hanya memenuhi kebutuhan hunian
masyarakat, tetapi juga memperhatikan dampak lingkungan dan sosial, dengan menjunjung
integritas dan transparansi untuk menjaga kepercayaan para pemangku kepentingan.
Sepanjang tahun 2024, Perseroan mendirikan SMF Research Institute sebagai basis
kajian dan riset untuk memperkuat industri perumahan, serta pengembangan program
pembiayaan hijau melalui Indonesia Green Affordable Housing Program (IGAHP). Sebagai
instrumen fiskal, Perseroan juga mendukung program pemerintah penyediaan 3 juta rumah
melalui pendanaan kepada Lembaga Jasa Keuangan (LJK) penyalur kredit perumahan,
sehingga kapasitas pembiayaan LJK meningkat dan akses hunian yang terjangkau dapat
menjangkau lebih banyak masyarakat secara berkelanjutan.
The Company continues to strengthen its commitment as the Ministry of Finance’s Special
Mission Vehicle (SMV) in supporting the development of an environmentally friendly,
inclusive, and sustainable housing sector. Through creative financing and strengthening
the housing financing ecosystem, the Company strives not only to meet the housing
needs of the community but also to pay attention to environmental and social impacts,
upholding integrity and transparency to maintain the trust of stakeholders.
6 Throughout 2024, the Company established the SMF Research Institute as a base for studies
and research to strengthen the housing industry, as well as the development of green
financing programs through the Indonesia Green Affordable Housing Program (IGAHP). As a
fiscal instrument, the Company also supports the government’s program to provide 3 million
homes by providing funding to Financial Services Institutions (LJK) that distribute housing
Laporan Tahunan 2025 Annual Report
loans, thereby increasing the financing capacity of LJK and enabling sustainable access to
affordable housing for more people.
2023
Berkontribusi dan Berinovasi dalam
Pengembangan Ekonomi Berkelanjutan
bersama Ekosistem Pembiayaan Perumahan
Contributing and Innovating in Sustainable Economic Development
through Housing Financing Ecosystem
Tahun 2023 menjadi momentum bagi SMF untuk memperkuat kontribusi dan inovasi dalam
upaya bersama pengembangan ekonomi berkelanjutan di Indonesia. Hal tersebut tercermin
melalui penerbitan obligasi dan sukuk berwawasan sosial, sebagai wujud komitmen untuk
mendukung pendanaan berkelanjutan melalui upaya-upaya pendanaan kreatif.
Kontribusi dan inovasi SMF pada 2023 juga mencakup penerbitan EBAS-SP sebagai hasil
sekuritisasi aset pembiayaan rumah berbasis syariah pertama di Indonesia. Peran Perseroan
pada pengembangan ekosistem pembiayaan perumahan telah diperkuat melalui dipilihnya
SMF sebagai Sekretariat Ekosistem Pembiayaan Perumahan oleh Pemerintah Republik
Indonesia, yang membuka jalan bagi terciptanya rencana kerja bersama pengembangan
sektor pembiayaan perumahan, sesuai mandat penyediaan akses perumahan bagi seluruh
rakyat Indonesia. Seluruh pencapaian pada 2023 akhirnya memotivasi SMF untuk terus
menghadirkan kontribusi dan inovasi, dengan dampak positif dan berkelanjutan bagi
ekosistem pembiayaan perumahan Indonesia di tahun tahun mendatang.
Page 7
The year 2023 marked a turning point for SMF to strengthen its contribution and innovation
in joint efforts to develop a sustainable economy in Indonesia. This was reflected in the
issuance of social bonds and sukuk, as a manifestation of its commitment to supporting
sustainable financing through creative financing efforts.
SMF’s contributions and innovations in 2023 also include the issuance of RMBS-PC
as a result of the first sharia-based housing finance asset securitization in Indonesia.
The Company’s role in developing the housing finance ecosystem has been reinforced
through the selection of SMF as the Secretariat of the Housing Finance Ecosystem by
the Government of the Republic of Indonesia, which paves the way for the creation of a
joint work plan for the development of the housing finance sector, in accordance with the
mandate to provide access to housing for all Indonesian people. All of the achievements
in 2023 ultimately motivate SMF to continue to contribute and innovate, with a positive
and sustainable impact on the Indonesian housing finance ecosystem in the coming years.
2022
Memperkuat Sinergi, Mewujudkan Ekosistem
Pembiayaan Perumahan dan Hunian Hijau
yang Berkelanjutan
Strengthening Synergy, Housing Finance Ecosystem and Achieve A
Sustainable Green Housing
Sejalan dengan perluasan mandat yang diberikan Pemerintah, SMF terus melakukan
berbagai upaya agar dapat menjalankan tanggung jawab tersebut dengan baik. Salah satu
langkah yang dilakukan adalah dengan melakukan kolaborasi dan memperkuat sinergi
dengan seluruh pemangku kepentingan.
Perseroan berupaya untuk mewujudkan ekosistem pembiayaan perumahan yang kuat,
di mana setiap pemangku kepentingan dapat menjalankan tugas dan fungsinya dalam
ekosistem tersebut. Salah satu fokus dalam pengembangan ekosistem pembiayaan
7
perumahan adalah untuk pengembangan hunian hijau yang sejalan dengan program
keberlanjutan yang dicanangkan pemerintah. Perseroan telah melakukan berbagai kajian
terkait konsep hunian hijau yang dapat diterapkan di Indonesia.
Selain itu, Perseroan juga melakukan beberapa kajian untuk mendukung perluasan mandat
PT Sarana Multigriya Finansial (Persero)
dengan melakukan inovasi produk pembiayaan kepada Lembaga Penyalur Pembiayaan
Perumahan. Pengembangan produk pembiayaan ini merupakan salah satu langkah strategis
yang dijalankan Perseroan dalam rangka memperkuat sektor pembiayaan sekunder
perumahan.
In line with the expansion of its mandate from the government, SMF continues to make
various efforts to fulfil its responsibilities properly. One of the steps taken is to collaborate
and enhance synergy with all stakeholders.
The Company strives to create a strong housing finance ecosystem, where each
stakeholder can perform their duties and functions within the ecosystem. One of the
focuses in developing the housing finance ecosystem is the development of green housing
in line with the government’s sustainability program. The Company has conducted various
studies related to green housing concepts that can be applied in Indonesia.
The Company has also conducted several studies to support the expansion of its mandate
by innovating financing products for Housing Financing Distributors. The development of
these financing products is one of the strategic steps taken by the Company to strengthen
the secondary housing financing sector.
Page 8
PENCAPAIAN TERBAIK SMF
SMF's BEST ACHIEVEMENTS
Aset Laba
Pendapatan
Assets Income Bersih
Net Income
Rp66.813,65 miliar Rp3.102,61 miliar Rp565,39 miliar
Rp66,813.65 billion Rp3,102.61 billion Rp565.39 billion
Tumbuh 17,35% (YoY) Tumbuh 20,49% (YoY) Tumbuh 59,40% (YoY)
Increase 17.35% (YoY) Increase 20.49% (YoY) Increase 59.40% (YoY)
Penyaluran Pembiayaan Komersial Penyaluran Program FLPP
8
(Konvensional & Syariah) (Konvensional & Syariah)
Distribution of commercial financing FLPP Program Disbursement (Conventional & Sharia)
(Conventional & Sharia)
Laporan Tahunan 2025 Annual Report
Rp12.845,40 miliar Rp8.030,69 miliar
Rp12,845.40 billion Rp8,030.69 billion
Tumbuh 3,59% (YoY) 103,10% dari Target
Increase 3.59% (YoY) 103.10% of Target
ROE Margin Laba Kualitas Aset
Profit Margin Asset Quality
NPL Gross 0,0030%
2,68% 18,05% NPL Net 0,00%
Melampaui target 2,36% Melampaui target 17,73% Gross NPL 0.0030%
Exceeding the target of 2.36% Exceeding the target of 17.73% Net NPL 0.00%
Page 9
Terobosan Sekuritisasi Non-True Sale
Breakthrough in Non-True Sale Securitization
Mempercepat opsi sekuritisasi “tanpa jual putus” dan menyiapkan
piloting melalui mekanisme regulatory sandbox.
Accelerating “non-true sale” securitization options and preparing for piloting
through a regulatory sandbox mechanism.
Dukungan Program 3 Juta Rumah
Support for the 3 Million Houses Program
Aktif mengawal opsi penguatan skema pendanaan, termasuk inisiatif pendalaman
peran sebagai OIP untuk mendukung sektor pembiayaan perumahan.
Actively overseeing options to strengthen the funding scheme, including initiatives to
expand the role of the OIP in supporting the housing finance sector.
KPBU Perumahan IKN: Penguatan Project
Development
IKN Housing PPP: Strengthening Project Development
Mengemban peran dalam Fasilitas Pengembangan Proyek KPBU
perumahan di IKN untuk mendorong kesiapan proyek.
Fulfilling the role of the Public-Private Partnership (PPP) Housing Project
Development Facility in IKN to enhance project readiness.
9
Penguatan Green & Affordable Housing
Strengthening Green & Affordable Housing PT Sarana Multigriya Finansial (Persero)
Mendorong pembiayaan hunian yang semakin inklusif dan berorientasi
keberlanjutan melalui implementasi IGAHP.
Promoting increasingly inclusive and sustainability-oriented housing finance
through the implementation of IGAHP.
Penguatan Peran dalam Ekosistem
Perumahan Nasional
Strengthening the Role in the National Housing Ecosystem
Menopang akses pembiayaan perumahan melalui penguatan
pendanaan, kolaborasi, dan inovasi skema pembiayaan.
Supporting access to housing finance through strengthening funding,
collaboration, and innovation in financing schemes.
Page 10
DAFTAR ISI
TABLE OF CONTENTS
03
Sanggahan dan Batasan Tanggung Jawab
3
Disclaimer PROFIL PERUSAHAAN
Penjelasan Tema
4 COMPANY PROFILE
Theme Explanation
Kesinambungan Tema Identitas Perusahaan
6 88
Theme Continuity Profile Identity
Pencapaian Terbaik SMF Jejak Langkah Perusahaan
8 90
SMF’s Best Achievements Company Milestones
Daftar Isi Riwayat Singkat Perusahaan
10 101
Table of Contents Brief History of The Company
01
Logo Perusahaan
105
Company Logo
IKHTISAR KINERJA Visi, Misi dan Budaya Perusahaan
106
PERFORMANCE HIGHLIGHTS Vision, Mission, And Corporate Culture
Bidang Usaha
108
Ikhtisar Kinerja Operasional Line Of Business
16
Operational Performance Highlights
Produk dan Jasa
110
Ikhtisar Saham Products and Services
22
Shares Highlights
Wilayah Operasional
121
Ikhtisar Efek Lainnya Areas of Operation
24
Other Securities Highlights
Keanggotaan Asosiasi
122
Penghargaan dan Sertifikasi Membership in Associations
25
Awards And Certifications
Struktur dan Komposisi Pemegang Saham
10 123
Peristiwa Penting 2025 Structure and Composition of Shareholders
31
Significant Events In 2025
Pencatatan Saham dan Efek Lainnya
125
Listing of Shares and Other Securities
02
Struktur Grup Perusahaan, Entitas Anak, Entitas Asosiasi dan
Laporan Tahunan 2025 Annual Report
Perusahaan Patungan
143
The Company’s Group Structure, Subsidiaries, Associates, and
LAPORAN MANAJEMEN Joint Venture
MANAGEMENT REPORT Lembaga Dan Profesi Penunjang
145
Supporting Institution and Profession
Laporan Dewan Komisaris Akuntan Publik Dan Kantor Akuntan Publik
41 147
Board of Commissioners' Report Public Accountant and Public Accounting Firm
Laporan Direksi Struktur Organisasi
59 148
Board of Director Report Organizational Structure
Surat Pernyataan Anggota Dewan Komisaris Tentang Profil Dewan Komisaris
Tanggung Jawab Atas Laporan Tahunan 2025 PT Sarana 150
Profile of The Board of Commissioners
Multigriya Finansial (Persero)
84
Statement of Accountability of The Board of Commissioners Pernyataan Independensi Komisaris Independen
153
for The 2025 Annual Report of PT Sarana Multigriya Finansial Statement of Independence of Independent Commissioners
(Persero)
Profil Dewan Pengawas Syariah
154
Surat Pernyataan Anggota Direksi Tentang Profile of The Sharia Supervisory Board
Tanggung Jawab Atas Laporan Tahunan 2025 PT Sarana
Multigriya Finansial (Persero) Profil Direksi
85 156
Statement of Accountability of The Board Of Directors for Profile of The Board Of Directors
The 2025 Annual Report of PT Sarana Multigriya Finansial
(Persero)
Page 11
Informasi Perubahan Komposisi Dewan Komisaris, Dewan
Pengawas Syariah dan Direksi
Information on Changes in The Composition of The Board 159
of Commissioners, Sharia Supervisory Board, And Board of
Directors
Profil Pejabat Eksekutif
160 Aspek Perpajakan
Profile of Executive Officers 233
Tax Aspects
Informasi Dalam Situs Web Perseroan
175 Realisasi Penggunaan Dana Hasil Penawaran Umum
Information of The Company’s Website 235
Realization of The Use of Proceeds From Public Offerings
Informasi Material Mengenai Investasi, Ekspansi, Divestasi,
Penggabungan/Peleburan Usaha, Akuisisi, Restrukturisasi
ANALISIS DAN PEMBAHASAN Utang/Modal 236
04
Material Information on Investment, Expansion, Divestment,
MANAJEMEN Merger/ Consolidation, Acquisition, Debt/Capital Restructuring
MANAGEMENT DISCUSSION Informasi Transaksi Material yang Mengandung Benturan
AND ANALYSIS Kepentingan dan/atau Transaksi Dengan Pihak Afiliasi/Pihak
Berelasi 237
Information on Material Transactions Containing Conflict of
Interest and/or Transactions With Affiliated/Related Parties
Tinjauan Perekonomian Global dan Nasional
178
Global And National Economic Overview Perubahan Peraturan Perundang-Undangan Terhadap
Perusahaan Pada Tahun Buku Terakhir
Tinjauan Industri Perumahan 242
182 Changes In Laws and Regulations Affecting The Company In
Housing Industry Overview The Last Fiscal Year
Strategi dan Program Strategis 2025 Perubahan Kebijakan Akuntansi yang Diterapkan Perusahaan
185
Strategy And Strategic Programs In 2025 Pada Tahun Buku Terakhir
243
Aspek Pemasaran Changes In Accounting Policies Applied By The Company In
187 The Last Fiscal Year
Marketing Aspects
Tinjauan Operasi Per Segmen Usaha Informasi Kelangsungan Usaha
191 244
Operational Overview By Business Segment Information on Going Concern
Tinjauan Keuangan Informasi Keuangan Yang Mengandung Kejadian Yang Bersifat
207 Luar Biasa Dan Jarang Terjadi
Financial Overview 244
Financial Information Containing Extraordinary And Unusual
Rasio Keuangan Utama Events
220
Key Financial Ratios
Rencana Jangka Panjang Perusahaan
247
Struktur Modal Company Long-Term Plan
224
Capital Structure
Ikatan Yang Material Untuk Investasi Barang Modal
05
226
Material Commitments for Capital Goods Investments
FUNGSI PENUNJANG BISNIS
Realisasi Investasi Barang Modal
Realization of Capital Goods Investment
227 BUSINESS SUPPORT
Informasi dan Fakta Material yang Terjadi Setelah Tanggal FUNCTION 11
Laporan Akuntan
228
Material Information and Facts That Occurred After The Date
Sumber Daya Manusia
of Accountant’s Report 252
Human Capital
Informasi Peningkatan atau Penurunan yang Material dari
Struktur Pengelola SDM
PT Sarana Multigriya Finansial (Persero)
Penjualan atau Pendapatan 228 254
Human Capital Management Structure
Material Increase or Decrease In Sales or Revenue
Teknologi Informasi
Dampak Perubahan Harga Terhadap Pendapatan 276
228 Information Technology
Impact of Price Changes On Revenue
Prospek Usaha
229
Business Prospects
Perbandingan Antara Target dan Realisasi Serta Proyeksi
Untuk 1 (Satu) Tahun Ke Depan
230
Comparison Between Targets and Realization as well as
Projections for The Next 1 (One) Year
Kebijakan Dan Pembagian Dividen Selama 2 (Dua) Tahun Buku
Terakhir
232
Dividend Policy and Distribution for The Last 2 (Two) Fiscal
Years
Page 12
TATA KELOLA PERUSAHAAN
CORPORATE GOVERNANCE 06
Pernyataan Penerapan Tata Kelola Perusahaan
286
Statement of Corporate Governance Implementation
Kebijakan Pemberian Kompensasi Jangka Panjang Kepada
Rapat Umum Pemegang Saham dan Pemegang Saham
Manajemen dan/atau Karyawan
Perseroan 449
291 Policy On Granting Long-Term Compensation To Management
General Meeting of Shareholders and Shareholders of The
And/Or Employees
Company
Sistem Pelaporan Pelanggaran
Direksi 450
297 Whistleblowing System
Board of Directors
Komitmen Terhadap Layanan Konsumen
Dewan Komisaris 455
318 Commitment To Customer Service
Board of Commissioners
Kebijakan Anti Korupsi
Nominasi dan Remunerasi Dewan Komisaris dan Direksi 457
Anti-Corruption Policy
Nomination and Remuneration of The Board of Commissioners 355
and The Board of Directors Laporan Harta Kekayaan Penyelenggara Negara
461
State Officials Wealth Report
Organ Pendukung Dewan Komisaris
364
Supporting Organs of The Board of Commissioners Pengadaan Barang dan Jasa
462
Procurement Of Goods And Service
Komite di Bawah Direksi
394
Committees Under The Board of Directors Kebijakan Terkait Insider Trading
464
Insider Trading Related Policies
Sekretaris Perusahaan
410
Corporate Secretary Tata Kelola Unit Usaha Syariah (UUS)
465
Governance of Sharia Business Units (UUS)
Unit Audit Internal
416
Internal Audit Unit Penerapan atas Kepatuhan Pada Pedoman Tata Kelola
Perusahaan
Sistem Pengendalian Internal 477
423 Implementation of Compliance With Good Corporate
Internal Control System
Governance Guidelines
Manajemen Risiko
426
Risk Management
12
Perkara Hukum
442
Legal Cases
Kode Etik Perusahaan
444
Kode Etik Perusahaan
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Page 13
TANGGUNG JAWAB SOSIAL PERUSAHAAN
SOCIAL AND ENVIRONMENTAL RESPONSIBILITY 07
Tata Kelola Tanggung Jawab Sosial Perusahaan Realisasi Dana dan Program Kegiatan TJSL 2025
490 496
Social And Environmental Responsibility Governance Realization of Funds and 2025 Activity Programs
Prinsip dan Landasan Hukum TJSL di Perusahaan Program Creating Share Value Perseroan
503
Principles and Legal Basis for Social and Environmental 492 The Company's Creating Share Value Program
Responsibility In Companies
Pendanaan Usaha Mikro & Usaha Kecil (PUMK)
504
Struktur Organisasi Tanggung Jawab Sosial Perusahaan Micro & Small Business Funding (PUMK)
Social and Environmental Responsibility Organizational 494
Structure Penghargaan Terkait TJSL
505
Social and Environmental Responsibility-Related Awards
Visi dan Misi Keuangan Berkelanjutan Perseroan
495
The Company's Sustainable Finance Vision and Mission
LAPORAN KEUANGAN AUDIT
AUDITED FINANCIAL STATEMENTS 08
13
PT Sarana Multigriya
PT SaranaFinansial
Multigriya
(Persero)
Finansial (Persero)
Page 14
Kilas Kinerja 2025
Performance Highlights in 2025
14
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Page 15
15
PT Sarana Multigriya Finansial (Persero)
IKHTISAR KINERJA
PERFORMANCE HIGHLIGHTS
Page 16
Kilas Kinerja 2025
Performance Highlights in 2025
IKHTISAR DATA KEUANGAN PENTING
FINANCIAL PERFORMANCE HIGHLIGHTS
Laporan Posisi Keuangan
Statement of Financial Position
(disajikan dalam jutaan Rupiah)
(presented in million Rupiah)
Uraian
Description
2025 2024 2023 2022 2021
Kas dan setara kas - 12.562.464 5.013.389 2.887.793 1.287.511 4.372.405
neto
Cash and cash
equivalents - net
Deposito berjangka 2.869.696 7.451.276 4.670.661 2.440.362 4.703.160
- neto
Time deposits – net
Efek-efek - neto 1.852.856 1.556.560 1.786.694 1.717.906 1.711.762
Marketable securities
- net
Pinjaman yang 49.165.520 41.830.509 35.987.360 27.164.736 22.620.628
diberikan - neto
Loans - net
Jaminan dan 17.006 28.348 42.080 45.843 56.492
pendukung kredit
Credit enhancement
16 Piutang usaha - neto 136.490 118.048 99.274 73.443 68.970
Account receivables
- net
Piutang lain-lain - neto 35.959 1.926.405 32.425 29.158 26.793
Other receivables – net
Laporan Tahunan 2025 Annual Report
Beban dibayar di muka 20.946 14.378 6.142 2.180 2.767
Prepaid expenses
Aset tetap - neto 121.852 132.190 132.128 125.927 88.453
Fixed assets – net
Aset hak guna - neto 1.268 1.068 883 860 1.269
Right-of-use assets
- net
Aset tak berwujud - 9.264 4.581 3.390 12.765 10.489
neto
Intangible assets - net
Aset pajak tangguhan 6.357 33.347 30.201 26.417 30.945
Deferred tax assets
Aset lain 141 - - 32 1.337
other assets
Investasi saham 13.826 28.389 28.619 28.989 29.687
Investment in shares
Total Aset 66.813.645 58.138.488 45.707.650 32.957.132 33.727.365
Total Assets
Beban yang masih 244.202 195.546 185.039 114.238 154.944
harus dibayar
Accrued expenses
Utang pajak 4.498 5.214 7.768 9.423 1.467
Tax payables
Utang bank 14.485.331 9.719.479 7.893.207 3.673.460 3.299.000
Bank loans
Page 17
Laporan Posisi Keuangan
Statement of Financial Position
(disajikan dalam jutaan Rupiah)
(presented in million Rupiah)
Uraian
Description
2025 2024 2023 2022 2021
Efek-efek yang 22.846.188 26.424.780 18.965.164 12.692.913 15.992.913
diterbitkan
Securities issued
Utang lain-lain 27.685 16.893 18.040 15.028 28.364
Other payables
Liabilitas imbalan kerja 51.505 43.106 36.790 31.563 29.818
Employee benefit
liabilities
Total Liabilitas 37.659.409 36.405.018 27.106.008 16.536.625 19.506.506
Total Liabilities
Total Dana Syirkah 1.428.305 1.173.510 370.500 100.000 200.010
Temporer
Total Temporary
Syirkah Funds
Total Ekuitas 27.725.931 20.559.960 18.231.142 16.320.507 14.020.849
Total Equity
Laporan Laba Rugi dan Penghasilan Komprehensif Lain
Statement of Profit or Loss and Other Comprehensive Incomes
(disajikan dalam jutaan Rupiah)
(presented in million Rupiah)
Uraian
Description
2025 2024 2023 2022 2021
Pendapatan 3.102.610 2.869.117 2.086.305 1.778.362 2.124.116
Income
Beban (2.386.091) (2.201.805) (1.507.775) (1.259.950) (1.560.580)
Expenses
Laba sebelum 716.519 667.312 578.530 518.412 563.536
Beban Pajak Final
dan Beban Pajak
Penghasilan
Income before Final 17
Tax Expense and
Income Tax Expense
Beban Pajak Final (127.634) (96.836) (44.281) (57.158) (68.973)
Final Tax Expense
PT Sarana Multigriya Finansial (Persero)
Laba sebelum Beban 588.885 570.476 534.249 461.254 494.563
Pajak Penghasilan
Income before
Income Tax Expense
Beban Pajak (23.492) (30.642) (68.630) (43.569) (34.640)
Penghasilan
Income Tax Expense
Laba Bersih 565.393 539.834 465.619 417.685 459.923
Net Income
Penghasilan (rugi) 24.509 (4.236) (1.447) (3.046) (594)
komprehensif lain, neto
setelah pajak
Other comprehensive
income (losses), net
of tax
Page 18
Kilas Kinerja 2025
Performance Highlights in 2025
Laporan Laba Rugi dan Penghasilan Komprehensif Lain
Statement of Profit or Loss and Other Comprehensive Incomes
(disajikan dalam jutaan Rupiah)
(presented in million Rupiah)
Uraian
Description
2025 2024 2023 2022 2021
Total Penghasilan 589.902 535.598 464.172 414.639 459.329
Komprehensif Tahun
Berjalan
Total Comprehensive
Income for the Year
Laba per Saham
Earnings Per Share
Dasar (dalam nilai 36.854 38.737 36.376 36.963 50.472
penuh)
Basic (in full amount)
Dilusian (dalam nilai 36.810 38.722 36.317 36.963 50.472
penuh)
Diluted (in full amount)
Laporan Arus Kas
Statement of Cash Flows
(disajikan dalam jutaan Rupiah)
(presented in million Rupiah)
Uraian
Description
2025 2024 2023 2022 2021
Kas neto (digunakan (6.364.752) (4.888.833) (8.358.776) (3.984.877) 3.199.403
18 untuk) diperoleh dari
aktivitas operasi
Net cash (used in)
provided by operating
activities
Laporan Tahunan 2025 Annual Report
Kas neto diperoleh 4.017.637 (2.960.359) (2.241.833) 2.043.316 (4.121.581)
dari (digunakan untuk)
aktivitas investasi
Net cash provided by
(used in) investing
activities
Kas neto diperoleh 9.896.035 9.974.971 12.200.961 (1.146.488) 769.575
dari (digunakan untuk)
aktivitas pendanaan
Net cash provided by
(used in) financing
activities
Kenaikan (penurunan) 7.548.920 2.125.779 1.600.352 (3.088.049) (152.603)
Kas dan Setara Kas
Increase (decrease)
of Cash and Cash
Equivalents
Saldo Kas dan Setara 5.013.708 2.887.929 1.287.577 4.375.626 4.528.229
Kas – Awal
Cash and Cash
Equivalents -
Beginning
Saldo Kas dan Setara 12.562.628 5.013.708 2.887.929 1.287.577 4.375.626
Kas - Akhir
Cash and Cash
Equivalents - Ending
Page 19
Rasio Keuangan
Financial Ratio
Uraian
Description
2025 2024 2023 2022 2021
Likuiditas
Liquidity
Rasio kas (%) 62,52 29,91 27,44 59,77 58,88
Cash Ratio (%)
Rasio Lancar (%) 151,67 153,84 176,32 342,52 210,32
Current Ratio (%)
Solvabilitas
Solvency
Rasio Utang terhadap 1,69 2,30 2,13 1,29 1,80
Ekuitas (kali)
Debt-to-Equity Ratio
(times)
Rasio Liabilitas 0,59 0,65 0,59 0,50 0,58
terhadap Aset (kali)
Debt-to-Asset ratio
(times)
Profitabilitas
Profitability
Margin Keuntungan 18,05 18,30 22,10 23,42 25,53
(%)
Profit Margin (%)
Rasio Laba terhadap 2,68 2,63 2,79 2,81 3,60
Ekuitas (%)
Return on Equity (%)
Rasio Laba terhadap 0,85 0,93 1,02 1,27 1,36
Aset (%)
Return on Assets (%)
Kualitas Pinjaman/Piutang
Quality of Loans/Receivables
Non Performing Loan 0,00 0,00 0,00 0,00 0,00
(NPL) – Gross (%)
Non Performing Loan - - - - -
– Net (%)
Keuangan Lainnya
Other Financial Ratios 19
Penyaluran Dana 8,73 8,43 8,10 7,93 8,51
terhadap Modal
Disetor (kali)
Primary Market to
Financing Capital Ratio
PT Sarana Multigriya Finansial (Persero)
(times)
Beban Operasional 81,95 81,70 77,90 76,58 74,47
terhadap Pendapatan
Operasional (BOPO)
(%)
Operating Expenses to
Operating Income (%)
Page 20
Kilas Kinerja 2025
Performance Highlights in 2025
GRAFIK IKHTISAR DATA FINANCIAL PERFORMANCE
KEUANGAN PENTING HIGHLIGHTS CHARTS
Total Aset (Rp juta) Total Liabilitas (Rp juta)
Total Assets (Rp million) Total Liabilities (Rp million)
33.727.365 32.957.132 45.707.650 58.138.488 66.813.645 19.506.506 16.536.625 27.106.008 36.405.018 37.659.409
14,92% 3,45%
2021 2022 2023 2024 2025 2021 2022 2023 2024 2025
Pinjaman yang diberikan - neto (Rp juta) Efek-efek yang diterbitkan (Rp juta)
20 Loans - net (Rp million) Securities issued (Rp million)
22.620.628 27.164.736 35.987.360 41.830.509 49.165.520 15.992.913 12.692.913 18.965.164 26.424.780 22.846.188
Laporan Tahunan 2025 Annual Report
17,54% -13,54%
2021 2022 2023 2024 2025 2021 2022 2023 2024 2025
Page 21
Total Ekuitas (Rp juta) Pendapatan (Rp juta)
Total Equity (Rp million) Income (Rp million)
14.020.849 16.320.507 18.231.142 20.559.960 27.725.931 2.124.116 1.778.362 2.086.305 2.869.117 3.102.610
34,85% 8,14%
2021 2022 2023 2024 2025 2021 2022 2023 2024 2025
Laba Bersih (Rp juta) Total Penghasilan Komprehensif Tahun Berjalan (Rp juta)
Net Income (Rp million) Total Comprehensive Income of for the Year (Rp million)
459.923 417.685 465.619 539.834 565.393 459.329 414.639 464.172 535.598 589.902
21
4,74% 10,14%
PT Sarana Multigriya Finansial (Persero)
2021 2022 2023 2024 2025 2021 2022 2023 2024 2025
Page 22
Kilas Kinerja 2025
Performance Highlights in 2025
IKHTISAR KINERJA OPERASIONAL
OPERATIONAL PERFORMANCE HIGHLIGHTS
Kerja Sama Pembiayaan
Financing Cooperation
(disajikan dalam miliar Rupiah)
(presented in billion Rupiah)
Institusi Penyalur KPR
Mortgage Lending Institutions
2025 2024 2023 2022 2021
Bank Umum (termasuk Bank Syariah) 8.097 7.581 7.935 8.059 7.714
Commercial Banks (including Sharia Banks)
Bank Daerah (termasuk Bank Daerah Syariah) 12.224 6.074 2.902 2.800 1.073
Regional Banks (including Sharia Regional Banks)
Multifinance (termasuk Multifinance Syariah) 492 3.085 1.166 3 5
Multifinance (including Sharia Multifinance)
BPR (termasuk BPR Syariah) 4 93 583 303 10
Rural Banks (including Sharia Rural Banks)
Lembaga Keuangan Lainnya (termasuk Lembaga 59 267 510 109 18
Keuangan Lainnya Syariah)
Other Financial Institutions (including Sharia Other
Financial Institutions
Jumlah Pembiayaan yang Disalurkan 20.876 17.101 13.096 11.275 8.820
Amount of Financing Disbursed
Aliran Dana Kumulatif dari Penyaluran Pinjaman (Termasuk KPR Program), Pembelian Aset KPR dan Sekuritisasi
22 Cumulative Cash Flows from Loan Disbursements (Including Program Mortgage), Purchase of Mortgage Assets and Securitization
(disajikan dalam miliar Rupiah)
(presented in billion Rupiah)
Uraian
2025 2024 2023 2022 2021
Laporan Tahunan 2025 Annual Report
Description
Penyaluran Pinjaman 127.364 106.488 89.387 76.291 65.016
Loan Disbursement
Pembelian Aset KPR 156 156 156 156 156
Purchase of Mortgage Assets
Sekuritisasi 14.212 14.212 14.212 13.287 12.787
Securitization
Jumlah Aliran Dana Penyaluran Pinjaman 141.733 120.857 103.755 89.734 77.960
Total Cash Flows from Loan Disbursement
Jumlah end debitur dari Penyaluran Pinjaman, Pembelian Aset KPR, dan Sekuritisasi
Number of end Debtors from Loan Disbursements, Purchase of Mortgage Assets, and Securitization
(Disajikan dalam jumlah end debitur)
(Presented in end debtors)
Uraian
Description
2025 2024 2023 2022 2021
Penyaluran Pinjaman 2.407.329 2.152.656 1.765.229 1.258.789 1.010.757
Loan Disbursement
Pembelian Aset KPR 1.148 1.148 1.543 1.543 1.543
Purchase of Mortgage Assets
Sekuritisasi 254.725 254.725 254.731 248.787 242.599
Securitization
Jumlah end debitur 2.663.202 2.408.529 2.021.503 1.508.724 1.254.883
Number of end Debtors
Page 23
Jumlah Karyawan
Number of Employees
(disajikan dalam jumlah orang)
(presented in the number of people)
Uraian
Description
2025 2024 2023 2022 2021
Karyawan Tetap 106 114 110 110 104
Permanent Employees
Karyawan Tidak Tetap 4 3 3 3 1
Non-Permanent Employees
Jumlah Karyawan 110 117 113 113 105
Number of Employees
GRAFIK IKHTISAR OPERASIONAL OPERATIONAL PERFORMANCE CHARTS
Jumlah Pinjaman yang Disalurkan (Disbursement) (Rp miliar) Jumlah Aliran Dana ke Pasar Pembiayaan
Total Disbursement (Rp billion) Primer Perumahan (Rp miliar)
Total Cash Flows into Primary Housing
Finance Market (Rp billion)
8.820 11.275 13.096 17.101 20.876 77.960 89.734 103.755 120.857 141.733
22,07%
2021 2022 2023 2024 2025 2021 2022 2023 2024 2025
23
Jumlah Debitur Penyaluran Pinjaman (Jumlah End Debitur) Jumlah Karyawan (orang)
Number of Debtors from Loan Disbursements (Number of End Debtors) Number of Employees (people)
PT Sarana Multigriya Finansial (Persero)
1.254.883 1.508.724 2.021.503 2.408.529 2.663.202 105 113 113 117 110
5,98%
2021 2022 2023 2024 2025 2021 2022 2023 2024 2025
Page 24
Kilas Kinerja 2025
Performance Highlights in 2025
IKHTISAR SAHAM
SHARES HIGHLIGHTS
KEPEMILIKAN SAHAM SMF SMF SHARE OWNERSHIP
Perseroan merupakan Badan Usaha Milik Negara (BUMN) The Company is a State-Owned Enterprise (SOEs) with
dengan kepemilikan saham sebesar 100% oleh Pemerintah 100% share ownership by the Government of the Republic
Republik Indonesia. Perseroan bukan perusahaan terbuka dan of Indonesia. The Company is not a public company and its
saham Perseroan tidak tercatat serta tidak diperdagangkan shares are not listed or traded on any exchange. Therefore,
di bursa mana pun. Oleh karena itu, tidak terdapat informasi there is no information related to stock performance, including
terkait kinerja saham, mencakup kapitalisasi pasar, harga saham market capitalization, stock prices (highest, lowest, closing),
(tertinggi, terendah, penutupan), serta volume perdagangan. and trading volume.
AKSI KORPORASI DAN PENDANAAN CORPORATE ACTIONS AND FUNDING
Sepanjang tahun buku 2025, Perseroan tidak melakukan aksi Throughout the 2025 fiscal year, the Company did not conduct
korporasi yang menyebabkan perubahan pada saham, antara any corporate actions that resulted in changes to its shares,
lain pemecahan saham (stock split), penggabungan saham including stock splits, reverse stock splits, stock dividends,
(reverse stock), pembagian dividen saham, pembagian saham bonus shares, changes in the nominal value of shares, or the
bonus, perubahan nilai nominal saham, maupun penerbitan efek issuance of convertible securities. Therefore, disclosures
konversi. Oleh karena itu, pengungkapan mengenai tanggal regarding the date of implementation of corporate actions,
pelaksanaan aksi korporasi, rasio aksi korporasi, jumlah saham corporate action ratios, the number of shares outstanding
beredar sebelum dan sesudah aksi korporasi, jumlah efek before and after corporate actions, the number of convertible
konversi yang dilaksanakan, serta harga saham sebelum dan securities implemented, and the share price before and after
24
sesudah aksi korporasi tidak relevan untuk disajikan dalam corporate actions are not relevant to be presented in this
Laporan Tahunan ini. Annual Report.
Laporan Tahunan 2025 Annual Report
Page 25
IKHTISAR EFEK LAINNYA
OTHER SECURITIES HIGHLIGHTS
Selain penguatan permodalan melalui Penyertaan Modal In addition to strengthening capital through State Capital
Negara, pada tahun 2025 Perseroan juga memperkuat struktur Participation, in 2025 the Company will also strengthen funding
pendanaan melalui penerbitan beberapa instrumen surat utang structure through the issuance of several debt instruments and
dan sukuk melalui skema Penawaran Umum Berkelanjutan sukuk through a Shelf Registration scheme, including social
(PUB), termasuk instrumen tematik sosial. Penerbitan instrumen thematic instruments. The issuance of these instruments is
tersebut dilakukan untuk mendukung kebutuhan pendanaan carried out to support the Company’s funding needs in carrying
Perseroan dalam menjalankan kegiatan usaha dan memperkuat out business activities and strengthening housing financing
kapasitas pembiayaan perumahan. Rincian penerbitan surat capacity. Details of the Company’s debt and sukuk issuance
utang dan sukuk Perseroan selama tahun 2025, sebagai berikut: during 2025 are as follows:
Kupon/Imbal
Jangka
Tanggal Terbit Nama Efek Seri Hasil Nilai Emisi (Rp) Peringkat
Waktu
Issuance Date Security Name Series Coupon/ Amount (IDR) Rating
Tenor
Equivalent Rate
14 Februari 2025 Obligasi PUB VII Tahap VIII Seri A 370 Hari 6,55% 704.925.000.000 AAA
February 14, 2025 Shelf-Registered Bonds VII A Series 370 Days
Phase VIII
Seri B 3 Tahun 6,80%
B Series 3 years
14 Februari 2025 Sukuk Musyarakah Non-Seri 370 Hari 6,55% 362.805.000.000 AAA(sy)
February 14, 2025 PUB I Tahap IV Non- 370 Days
Shelf-Registered Musyarakah Series
Sukuk I Phase IV
8 Juli 2025 Obligasi PUB VIII Tahap I Seri A 370 Hari 6,25% 1.575.650.000.000 AAA
July 8, 2025 Shelf-Registered Bonds VIII A Series 370 Days
Phase I
Seri B 3 Tahun 6,60%
B Series 3 years
8 Juli 2025 Sukuk Musyarakah Non-Seri 370 Hari 6,25% 445.000.000.000 AAA(sy)
July 8, 2025 PUB II Tahap I Non- 370 Days
Shelf-Registered Musyarakah Series
Sukuk II Phase I
8 Juli 2025 Obligasi Sosial PUB II Tahap I Non-Seri 5 Tahun 6,95% 1.650.000.000.000 AAA
25
July 8, 2025 Shelf-Registered Social Bonds Non- 5 years
II Phase I Series
8 Juli 2025 Sukuk Musyarakah Sosial PUB Non-Seri 5 Tahun 6,95% 250.000.000.000 AAA(sy)
July 8, 2025 II Tahap I Non- 5 years
Shelf-Registered Social Series
PT Sarana Multigriya Finansial (Persero)
Musyarakah Sukuk II Phase I
Total 4.988.380.000.000
Page 26
Kilas Kinerja 2025
Performance Highlights in 2025
PENGHARGAAN DAN SERTIFIKASI
AWARDS AND CERTIFICATIONS
PENGHARGAAN AWARDS
24 Januari 2025 31 Januari 2025 18 Februari 2025
January 24, 2025 January 31, 2025 February 18, 2025
Indonesian Creativity & Best Leader Award Indonesia CMO Awards 2025 Indonesia Digital Sustainability Awards 2025
PT Sarana Multigriya Finansial (Persero) Heliantopo: Indonesia’s 20 Chief PT Sarana Multigriya Finansial (Persero):
& Ananta Wiyogo, Category: Marketing Officer Award 2025 Indonesia Best Digital Awards 2025 in Financial
The Most Reputable Company of The Year Services Industry for Business Process
The Iconomics Automation and Digital Document Management
Nine Comm System, Category: Financial Services Industry
JAKTV
26
Laporan Tahunan 2025 Annual Report
25 Februari 2025 18 Maret 2025
February 25, 2025 March 18, 2025
Indonesia Best CFO Awards 2025 Indonesia Best 50 CEO Awards 2025
Bonai Subiakto: Best Chief Financial Officer Ananta Wiyogo:
2025 for Supporting the Growth of Housing Loan Indonesia Best 50 CEO Awards 2025
Market to Minimize Backlog in Special Category "Employees' Choice"
6th Anniversary
Warta Ekonomi
The Iconomics
Page 27
20 Maret 2025 20 Maret 2025 20 Maret 2025
March 20, 2025 March 20, 2025 March 20, 2025
14th Digital Brand Awards 2025 14th Digital Brand Awards 2025 14th Digital Brand Awards 2025
Ananta Wiyogo: The Most Reputable State Owned PT Sarana Multigriya Finansial (Persero): State The 3rd Highest Digital Index in SOE Under
Enterprise Under Financial Ministry CEO in Digital Owned Enterprise Under Financial Ministry in Financial Ministry
Brand 2025 Digital Brand For Consecutive Years (2021-2025)
Infobank
Infobank Infobank
27
PT Sarana Multigriya Finansial (Persero)
20 Maret 2025 29 April 2025 11 Juni 2025
March 20, 2025 April 29, 2025 June 11, 2025
14th Digital Brand Awards 2025 The Best Corporate Emission Reduction TOP CSR Award
Transparency & Awards 2025
The 2nd Best BUMN di bawah Kementerian PT Sarana Multigriya Finansial (Persero)
Keuangan 2025 - Aset Rp10 Triliun sd <Rp100 PT Sarana Multigriya Finansial (Persero): Category in TOP CSR Awards 2025 # Star 4
Triliun #2 Private Company with Diamond Achievement in
The 2nd Best State-Owned Enterprise under the Emission Transparency TOP Business
Ministry of Finance 2025 - Assets of Rp10 trillion
to <Rp100 trillion #2 Investortrust
Infobank
Page 28
Kilas Kinerja 2025
Performance Highlights in 2025
11 Juni 2025 25 Juni 2025 25 Juni 2025
June 11, 2025 June 25, 2025 June 25, 2025
TOP CSR Award Indonesia Excellence GCG Awards 2025 19th Annual Indonesia Property
& Bank Award 2025
Bonai Subiakto as TOP Leader on CSR PT Sarana Multigriya Finansial (Persero) as
Commitment 2025 Indonesia Excellence Good Corporate Governance PT Sarana Multigriya Finansial (Persero): Lembaga
Ethics in Promoting Sustainable Mortgage Pemerintah Pendukung Pembiayaan Perumahan
TOP Business Financing with Strong Risk and Compliance Nasional melalui Sekuritisasi Aset
Culture, Category: Financial Services Industry
Media Network
Warta Ekonomi
28
Laporan Tahunan 2025 Annual Report
26 Juni 2025 8 Agustus 2025 8 September 2025
June 26, 2025 August 8, 2025 September 8, 2025
SPEx2 Award 2025 Indonesia Public Relations Summit 2025 TOP GRC Award 2025
PT Sarana Multigriya Finansial (Persero) PT Sarana Multigriya Finansial (Persero) as 6th PT Sarana Multigriya Finansial (Persero)
in The Best Execution Winner in Corporate Reputation as TOP GRC Awards 2025 # 5 Star
Housing Finance Industry Awards 2025 Special Financing Category
TOP Business
One GML The Iconomics
Page 29
8 September 2025 9 Oktober 2025 9 Oktober 2025
September 8, 2025 October 9, 2025 October 9, 2025
TOP GRC Award 7th Indonesia Best Financial Awards 2025 Indonesia 20 Most Innovative CFO Awards 2025
Bonai Subiakto as PT Sarana Multigriya Finansial (Persero) as Bonai Subiakto as 3rd Indonesia 20 Most
The Most Committed GRC Leader 2025 Indonesia Best Financial Awards 2025 , Title: Best Innovative CFO Awards 2025
Brand Image in Special Financing Category
TOP Business The Iconomics
The Iconomics
26 Oktober 2025 31 Oktober 2025 4 Desember 2025
October 26, 2025 October 31, 2025 December 4, 2025
CSR Award Indonesia Best CMO Awards 2025 2025 TOP Digital Awards 2025
Bonai Subiakto as The Best Commitment Director Heliantopo: Best Chief Marketing Officer 2025 in PT Sarana Multigriya Finansial (Persero)
for CSR-SDG-ESG 2025 dengan predikat Platinum Expanding Affordable Housing Access through as TOP DIGITAL
Award – 5 Star Strategic Financing Partnerships (Category: Implementation 2025 #Star 4
Financial Services)
Economic Review IT Works
Warta Ekonomi
29
PT Sarana Multigriya Finansial (Persero)
4 Desember 2025
December 4, 2025 4 Desember 2025 17 Desember 2025
December 4, 2025 December 17, 2025
TOP Digital Awards 2025
TOP Digital Awards 2025 Indonesia Top GCG Awards 2025
Bonai Subiakto as TOP Leader on Digital
Implementation 2025 Febrina Sri Wahyuni as TOP CIO on Digital PT Sarana Multigriya Finansial (Persero)
Implementation 2025 as Indonesia Top Good Corporate
IT Works Governance Awards 2025
IT Works (Category: Financial Services)
The Iconomics.
Page 30
Kilas Kinerja 2025
Performance Highlights in 2025
SERTIFIKASI CERTIFICATIONS
15 Februari 2023 5 Juni 2023
February 15, 2023 June 5, 2023
Greenship Interior Greenship Interior
V.1.0 (GOLD) V.1.0 (GOLD)
No. 008/RP/IS/II-2023 No. 009/RP/IS/IV-2023
Green Building Council Indonesia Green Building Council Indonesia
15 Februari 2026 5 Juni 2026
February 15, 2026 June 5, 2026
30
Laporan Tahunan 2025 Annual Report
Page 31
PERISTIWA PENTING 2025
SIGNIFICANT EVENTS IN 2025
14 Januari 2025 15 Januari 2025 17 Januari 2025
January 14, 2025 January 15, 2025 January 17, 2025
Penandatanganan Perjanjian Pembiayaan Rapat Kerja Pembiayaan Perumahan Tahun SMF Housing Finance Outlook 2025:
Refinancing Kepada Bank Papua sebesar Rp1 2025: “Kolaborasi SMF BPD, Satu Langkah, Dua Strengthening the Housing Sector through
Triliun Sinergi, Tiga Juta Rumah”. Diverse Innovative Funding.
Signing of a refinancing agreement with Bank 2025 Housing Finance Working Meeting: “SMF SMF Housing Finance Outlook 2025:
Papua for Rp1 trillion BPD Collaboration, One Step, Two Synergies, Strengthening the Housing Sector through
Three Million Houses”. Diverse Innovative Funding.
17 Januari 2025 20 Januari 2025 30 Januari 2025
January 17, 2025 January 20, 2025 January 30, 2025
Kegiatan Monitoring dan Evaluasi Program Penandatanganan Nota Kesepahaman antara Perjanjian Akad Pembiayaan Mudharabah
KPR FLPP & Kredit Mikro Perumahan di PT Sarana Multigriya Finansial (Persero) dengan Muqayyadah (Refinancing) Perumahan antara
Makassar Asosiasi Pengembang Perumahan dan Permukiman SMF dengan Bank DKI Syariah sebesar Rp500
Monitoring and Evaluation of the FLPP Seluruh Indonesia (Apersi) Tentang Sinergi Miliar.
Mortgage Program & Micro Housing Loans Penyaluran Pembiayaan Perumahan dengan Skema Mudharabah Muqayyadah (Refinancing)
in Makassar Rent to Own. Housing Financing Agreement between SMF
Signing of a Memorandum of Understanding and Bank DKI Syariah amounting to Rp500
between PT Sarana Multigriya Finansial (Persero) billion.
31
and the Indonesian Housing and Settlement
Developers Association (Apersi) on Synergy in
Housing Financing Distribution with the Rent to
Own Scheme. PT Sarana Multigriya Finansial (Persero)
14 Februari 2025
February 14, 2025
Kegiatan Donor Darah dan Pemeriksaan
Kesehatan Gratis yang dilaksanakan di Kantor
SMF bekerja sama dengan Palang Merah
Indonesia Jakarta Selatan dan Yayasan Inspirasi
Anak Bangsa. Kegiatan ini terbuka untuk umum.
Blood Donation and Free Health Check-up
Activities held at the SMF Office in collaboration
with the South Jakarta Indonesian Red Cross
and the Inspirasi Anak Bangsa Foundation. This
event is open to the public.
Page 32
Kilas Kinerja 2025
Performance Highlights in 2025
13 Maret 2025 13 Maret 2025 28 April 2025
March 13, 2025 March 13, 2025 April 28, 2025
Signing Bipar tit FLPP dengan Bank Penandatanganan Perjanjian Kerjasama Griya Focus Group Discussion (FGD): Sosialisasi
Pembangunan Daerah Seluruh Indonesia & Nusantara Tahun 2025 antara PT Sarana Pengembangan Pembiayaan Sewa Beli (Rent
Peluncuran KPR Griya Nusantara. Multigriya Finansial (Persero) dengan PT to Own).
Signing of the FLPP Bipartite Agreement with Bank BJB Syariah. Focus Group Discussion (FGD): Dissemination
Regional Development Banks throughout Signing of the 2025 Griya Nusantara of Rent to Own Financing Development.
Indonesia & Launch of the Griya Nusantara Cooperation Agreement between PT Sarana
Mortgage. Multigriya Finansial (Persero) and PT Bank
BJB Syariah.
29 April 2025 8 Mei 2025 9 Mei 2025
April 29, 2025 May 8, 2025 May 9, 2025
32 Penandatanganan MoU Kerjasama Penandatanganan Nota Kesepahaman Rapat Umum Pemegang Saham Tahunan
Pengembangan Pembiayaan Sewa Beli Sekuritisasi Aset Perumahan antara SMF (RUPS-T) Pengesahan Laporan Keuangan
Perumahan ( Rent to Own ) Antara PT dengan Mitra Perbankan Nasional. Tahun Buku 2024 beserta Laporan tahunan.
Sarana Multigriya Finansial (Persero), PT Signing of a Memorandum of Understanding Annual General Meeting of Shareholders
Adhi Persada Properti (APP), dan PT Adhi on Housing Asset Securitization between (AGMS) Approval of the 2024 Financial
Commuter Properti Tbk (ADCP). SMF and National Banking Partners. Statements and Annual Report.
Laporan Tahunan 2025 Annual Report
Signing of the Memorandum of Understanding
on Cooperation in the Development of
Rent-to-Own Housing Financing between
PT Sarana Multigriya Finansial (Persero), PT
Adhi Persada Properti (APP), and PT Adhi
Commuter Properti Tbk (ADCP).
9 Mei 2025 19-22 Mei 2025 23 Mei 2025
May 9, 2025 May 19-22, 2025 May 23, 2025
Focus Group Discussion Pengembangan Secondment Program Bersama Cagamas Kuliah Umum SMF di Universitas Internasional
Skema Transaksi Sekuritisasi Aset Berhad di kantor SMF yang bertujuan sebagai Batam.
Perumahan. benchmarking antar institusi dalam bidang SMF Public Lecture at Batam International
Focus Group Discussion on the Development pembiayaan sekunder perumahan di Malaysia University.
of a Housing Asset Securitization Transaction dan Indonesia.
Scheme. Joint Secondment Program with Cagamas
Berhad at the SMF office, aimed at
benchmarking between institutions in
secondary housing financing in Malaysia
and Indonesia.
Page 33
28 Mei 2025 1 Juni 2025 16 Juni 2025
May 28, 2025 June 1, 2025 June 16, 2025
Penandatanganan Perjanjian Facility Line Kolaborasi Pembiayaan Mikro Perumahan Public Expose SMF: PUB Obligasi Berkelanjutan
Mikro Perumahan antara PT Sarana Multigriya SMF, PNM, dan Kementerian Perumahan VIII Sarana Multigriya Finansial Tahap I, Sukuk
Finansial (Persero) dan PT Permodalan Menuju Akses Pembiayaan Aman dan Musyarakah Berkelanjutan II Sarana Multigriya
Nasional Madani senilai Rp2 Triliun untuk Terjangkau di Majalengka, Jawa Barat. Finansial Tahap I, Obligasi Berwawasan Sosial
Konvensional dan Syariah. Collaboration between SMF, PNM, and Berkelanjutan II Sarana Multigriya Finansial
Signing of a Micro Housing Facility Line the Ministry of Housing on Micro Housing Tahap I, dan Sukuk Musyarakah Berwawasan
Agreement between PT Sarana Multigriya Financing Towards Safe and Affordable Sosial Berkelanjutan II Sarana Multigriya
Finansial (Persero) and PT Permodalan Financing Access in Majalengka, West Java. Finansial Tahap I Tahun 2025.
Nasional Madani worth Rp2 trillion for SMF Public Expose: Shelf-Registered Bonds
conventional and sharia financing VIII Sarana Multigriya Finansial Phase I,
Shelf-Registered Musyarakah Sukuk II
Sarana Multigriya Finansial Phase I, Shelf-
Registered Social Bonds II Sarana Multigriya
Finansial Phase I, and Shelf-Registered Social
Musyarakah Sukuk II Sarana Multigriya Finansial
Phase I Year 2025.
20 Juni 2025 24 Juni 2025 24 Juni 2025
June 20, 2025 June 24, 2025 June 24, 2025
Donor Darah dan Pemeriksaan Kesehatan Penandatanganan Addendum Perjanjian Penandatanganan Perjanjian Kerja Sama
Gratis. Uncommitted Facility Line (Konvensional Pembiayaan antara PT Sarana Multigriya 33
Blood Donation and Free Health Check-ups. dan Syariah) antara PT Sarana Multigriya Finansial (Persero) dengan PT BPD Sulawesi
Finansial (Persero) dengan PT Bank Maybank Selatan dan barat Senilai Rp500 miliar.
Indonesia Tbk senilai Rp2,4 triliun. Signing of a Financing Cooperation
Signing of the Addendum to the Uncommitted Agreement between PT Sarana Multigriya
Facility Line Agreement (Conventional and Finansial (Persero) and PT BPD Sulawesi
PT Sarana Multigriya Finansial (Persero)
Sharia) between PT Sarana Multigriya Selatan dan Barat worth Rp500 billion.
Finansial (Persero) and PT Bank Maybank
Indonesia Tbk worth Rp2.4 trillion.
Page 34
Kilas Kinerja 2025
Performance Highlights in 2025
7 Agustus 2025
10-11 Juli 2025 24 Juli 2025
August 7, 2025
July 10-11, 2025 July 24, 2025
BNI dan SMF Integrasikan Layanan
Kolaborasi SMF dan Badan Siber Sandi Tasyakuran HUT SMF ke-20 Tahun, dihadiri
Pembayaran Digital, Dukung Program 3
Negara (BSSN) melaksanakan kegiatan oleh Menteri Keuangan RI Periode 2020-
Juta Rumah.
Information Technology Security Assessment 2025, Ibu Sri Mulyani beserta jajaran.
BNI and SMF Integrate Digital Payment
(ITSA). Celebration of SMF’s 20th Anniversary,
Services to Support the 3 Million Houses
Collaboration between SMF and the National attended by the Indonesian Minister of
Program.
Cyber and Crypto Agency (BSSN) to carry out Finance for the 2020-2025 period, Mrs. Sri
Information Technology Security Assessment Mulyani, and her staff.
(ITSA) activities.
9 Agustus 2025 27 Agustus 2025 8-9 September 2025
August 9, 2025 August 27, 2025 September 8-9, 2025
34 Peresmian Joint Program TJSL SMV FGD “Membidik Peluang Bisnis Multifinance Sharing Session Sarana Multigriya Finansial
Kementerian Keuangan Pembangunan Rumah Syariah dalam Program 3 Juta Rumah”. (SMF) dengan Japan Housing Finance
Layak Huni di Kelurahan Sangkrah, Surakarta. FGD “Targeting Sharia Multifinance Business (JHF).
Inauguration of the Joint TJSL SMV Program Opportunities in the 3 Million Houses Sharing Session between Sarana Multigriya
of the Ministry of Finance for the Construction Program”. Finansial (SMF) and Japan Housing
of Livable Houses in Sangkrah Village, Finance (JHF).
Laporan Tahunan 2025 Annual Report
Surakarta.
12 September 2025 19 September 2025
30 September 2025
September 12, 2025 September 19, 2025
September 30, 2025
SMF Resmikan Pembangunan Rumah Kuliah Umum SMF di Universitas Prasetiya
SMF Salurkan Bantuan 7 Septic Tank Komunal
Layak Huni di Kabupaten Wajo bersama Mulya. Literasi keuangan dan edukasi
Untuk Kelurahan Kalibata.
Menteri PKP. terkait Peran Sektor Perumahan dalam
SMF Distributes 7 Communal Septic Tanks
SMF Inaugurates the Construction of Pertumbuhan Ekonomi Indonesia.
to Kalibata Village.
Livable Houses in Wajo Regency with the SMF Public Lecture at Prasetiya Mulya
Minister of Housing and Settlement Areas. University. Financial literacy and education
related to the Role of the Housing Sector in
Indonesia’s Economic Growth.
Page 35
24 Oktober 2025
13 Oktober 2025 22 Oktober 2025
October 24, 2025
October 13, 2025 October 22, 2025
Penandatanganan Perjanjian Kerja Sama
SMF Dukung Sinergi Pembiayaan Perumahan Penandatanganan Memorandum of
Syariah di ISEF 2025 dengan Business Deal
Refinancing antara PT Sarana Multigriya
Understanding (MoU) Antara PT Sarana
Finansial (Persero) dengan PT Bank
bersama IMFI Syariah dan Adira Syariah. Multigriya Finansial (Persero) dengan National
Pembangunan Daerah Kalimantan Tengah
SMF Supports Synergy in Sharia Housing Home Mortgage Finance Corporation
Sebesar Rp300 miliar.
Financing at ISEF 2025 with a Business Deal (NHMFC)
Signing of a Refinancing Cooperation
with IMFI Syariah and Adira Syariah. Signing of Memorandum of Understanding
Agreement between PT Sarana Multigriya
(MoU) Between PT Sarana Multigriya Finansial
F i n a n s i a l ( P e r s e ro) a n d P T B a n k
(Persero) and National Home Mortgage
Pembangunan Daerah Kalimantan Tengah
Finance Corporation (NHMFC)
for Rp300 billion.
07 November 2025 15 November 2025 20 November 2025
November 7, 2025 November 15, 2025 November 20, 2025
PT Sarana Multigriya Finansial (Persero) Konferensi Pers PT SMF sebagai Alat Fiskal Repo Surat Utang SMF: Langkah Strategis
melalui program TJSL, berkolaborasi dengan Pemerintah dalam Mendukung Pemenuhan Bank Indonesia Dalam Mendukung
Kantor Wilayah Direktorat Jenderal Kekayaan Program Tiga Juta Rumah” dan Kunjungan Pertumbuhan Ekonomi Berkelanjutan Melalui
Negara (DJKN) DKI Jakarta melaksanakan Media ke Program Pembangunan Rumah Sektor Perumahan.
kegiatan Bakti Sosial di Pulau Rambut pada Layak Huni di Sangkrah, Surakarta. SMF Bond Repo: Bank Indonesia’s Strategic
7 November 2025. Press Conference on PT SMF as a Step in Supporting Sustainable Economic
PT Sarana Multigriya Finansial (Persero), Government Fiscal Tool in Supporting the Growth Through the Housing Sector.
through its TJSL program, collaborated Fulfillment of the Three Million Houses
with the DKI Jakarta Regional Office of the Program and Media Visit to the Livable
Directorate General of State Assets (DJKN) House Development Program in Sangkrah,
to conduct social service activities on Rambut Surakarta. 35
Island on November 7, 2025.
PT Sarana Multigriya Finansial (Persero)
27 November 2025 28 November 2025 4 Desember 2025
November 27, 2025 November 28, 2025 December 4, 2025
Investalk Vol. 08 Dengan Tania Putri, Certified SMF Melakukan Kolaborasi Internasional SMF Fixed Income Securities Outlook
Financial Planner & Qualified Wealth Planner, Pembiayaan Perumahan dalam Asian 2025 di Belitung sebagai bagian dari upaya
mengangkat tema “Stronger Strategy, Secondary Mortgage Market Association memperkuat komunikasi strategis dan
Smarter Financial Moves 2026” (ASMMA) Conference 2025 di Uzbekistan. engagement dengan investor.
Investalk Vol. 08 With Tania Putri, Certified SMF Collaborates Internationally on Housing SMF Fixed Income Securities Outlook 2025
Financial Planner & Qualified Wealth Planner, Financing at the Asian Secondary Mortgage in Belitung as part of efforts to strengthen
featuring the theme “Stronger Strategy, Market Association (ASMMA) Conference strategic communication and engagement
Smarter Financial Moves 2026” 2025 in Uzbekistan. with investors.
Page 36
Kilas Kinerja 2025
Performance Highlights in 2025
23 Desember 2025
4 Desember 2025 18 Desember 2025
December 23, 2025
December 4, 2025 December 18, 2025
SMF Penandatanganan Perjanjian Kerja Sama
RUPS Pengesahan Rencana Kerja dan Penandatanganan Perjanjian Refinancing
Pembiayaan Uncommitted Facility Line Rp1,25
Anggaran Perusahaan (RKAP) Tahun 2026 Tahun 2025 sebesar Rp600 miliar dan
triliun antara SMF dengan Bank Kalimantan
SMF oleh Pemegang Saham. Pembiayaan dengan Skema Frontloading
Barat.
SMF Shareholders’ Meeting to Approve Tahun 2026 antara SMF dengan Bank
SMF signs a cooperation agreement for an
the 2026 Company Work Plan and Budget SulutGo.
uncommitted facility line of Rp1.25 trillion
(RKAP). Signing of a 2025 refinancing agreement
between SMF and Bank Kalimantan Barat.
worth Rp600 billion and financing with a
frontloading scheme for 2026 between SMF
and Bank SulutGo.
36
Laporan Tahunan 2025 Annual Report
Page 37
PT Sarana Multigriya Finansial (Persero) 37
Page 38
Laporan Manajemen
Management Report
38
Laporan Tahunan 2025 Annual Report
Page 39
PT Sarana Multigriya Finansial (Persero)
39
MANAGEMENT REPORT
LAPORAN
MANAJEMEN
Page 40
Laporan Manajemen
Management Report
40
Laporan Tahunan 2025 Annual Report
Nufransa Wira
Sakti
Komisaris Utama
President Commissioner
Page 41
LAPORAN DEWAN KOMISARIS
BOARD OF COMMISSIONERS' REPORT
Pemegang Saham dan Pemangku Kepentingan yang Terhormat,
Dear Distinguished Shareholders and Stakeholders,
Puji syukur kami panjatkan ke hadirat Tuhan Yang Maha We would like to express our praise and gratitude to God
Esa, atas berkat dan rahmat-Nya PT Sarana Multigriya Almighty for His blessings and grace, which have enabled
Finansial (Persero) atau Perseroan dapat melalui tahun PT Sarana Multigriya Finansial (Persero) or the Company
buku 2025 dengan kinerja yang terjaga dan fondasi to navigate through the 2025 fiscal year with sustained
kelembagaan yang semakin kuat. Bagi Dewan Komisaris, performance and an increasingly strong institutional
tahun 2025 bukan semata periode pencapaian angka, foundation. For the Board of Commissioners, 2025 was
melainkan cerminan ketangguhan Perseroan dalam not merely a period of achieving targets, but a reflection
menavigasi tantangan makroekonomi yang dinamis of the Company’s resilience in navigating dynamic
serta volatilitas pasar keuangan domestik yang turut macroeconomic challenges and domestic financial market
mempengaruhi ekosistem pembiayaan perumahan volatility, which also affected the national housing finance
nasional. Dalam konteks tersebut, Dewan Komisaris ecosystem. The Board of Commissioners believes that
memandang bahwa penguatan pembiayaan perumahan strengthening housing finance needs to be built through
perlu dibangun melalui likuiditas yang andal, pendanaan reliable liquidity, competitive long-term funding, and
jangka panjang yang kompetitif, serta disiplin kehati- prudent discipline so that expanding access to housing
hatian agar perluasan akses hunian bagi masyarakat for the community can take place in a sustainable manner.
dapat berlangsung secara berkelanjutan.
Sepanjang tahun 2025, Dewan Komisaris secara Throughout 2025, the Board of Commissioners
konsisten menjalankan fungsi pengawasan dan consistently performed its supervisory and advisory
pemberian nasihat untuk memastikan setiap kebijakan functions to guarantee that every policy of the Board of
Direksi tetap selaras dengan mandat Pemerintah dan Directors remained in line with the Government’s mandate
arah Rencana Jangka Panjang Perusahaan (RJPP), and the direction of the Company’s Long-Term Plan
serta dijalankan dalam koridor tata kelola perusahaan (RJPP), and was implemented within the corridor of good
yang baik. Pengawasan tersebut dilakukan melalui corporate governance. This supervision was implemented
rapat gabungan Dewan Komisaris dan Direksi yang through regular joint meetings between the Board of
diselenggarakan secara berkala, disertai pemantauan Commissioners and the Board of Directors, accompanied
tindak lanjut rekomendasi agar strategi pendanaan, by monitoring of follow-up recommendations so that 41
pelaksanaan program, serta pengelolaan risiko berjalan funding strategies, program implementation, and risk
disiplin dan seimbang. management were conducted in a disciplined and
balanced manner. PT Sarana Multigriya Finansial (Persero)
Sejalan dengan tema Laporan Tahunan “Memperkuat In line with the theme of the Annual Report, “Strengthening
Pembiayaan Perumahan, Memperluas Akses Hunian Housing Financing, Expanding Access to Homes for the
bagi Masyarakat”, Dewan Komisaris menekankan Community”, the Board of Commissioners emphasized
bahwa penguatan pembiayaan perumahan harus that strengthening housing financing must go hand in
berjalan beriringan dengan perluasan akses hunian hand with expanding inclusive access to housing, while
yang inklusif, dengan tetap menjaga disiplin kehati- maintaining discipline, prudence, and accountability in
hatian dan akuntabilitas pengelolaan dana. fund management.
Laporan ini merupakan rangkuman perspektif This report summarizes the Board of Commissioners’
pengawasan Dewan Komisaris atas perjalanan supervisory perspective on the Company’s journey
Perusahaan sepanjang tahun 2025, yang mencakup throughout 2025, which includes performance
evaluasi kinerja, penguatan manajemen risiko dan evaluation, strengthening risk management and internal
pengendalian internal, serta penajaman prioritas control, and sharpening strategic priorities for 2026.
strategis untuk menghadapi tahun 2026.
Page 42
Laporan Manajemen
Management Report
ANALISIS MAKROEKONOMI DAN INDUSTRI MACROECONOMIC AND INDUSTRY
PEMBIAYAAN DAN PERUMAHAN ANALYSIS OF FINANCING AND HOUSING
Kinerja Perseroan di sepanjang tahun 2025 tidak lepas dari The Company's performance throughout 2025 is linked closely
perkembangan makroekonomi dan juga industri yang melingkupi to macroeconomic developments and the industry surrounding
Perseroan. Dewan Komisaris mencermati bahwa dinamika the Company. The Board of Commissioners observed that global
ekonomi global sepanjang 2025 masih dipengaruhi ketidakpastian economic dynamics throughout 2025 were still influenced by
geopolitik dan arah suku bunga global yang berdampak pada geopolitical uncertainty and global interest rate directions, which
volatilitas imbal hasil surat utang serta preferensi risiko investor. had an impact on bond yield volatility and investor risk preferences.
Di tingkat domestik, kondisi suku bunga dan likuiditas pasar On the domestic level, interest rates and market liquidity also
turut mempengaruhi biaya dana (cost of fund) dan momentum affect the cost of funds and the momentum of funding instrument
penerbitan instrumen pendanaan. Dalam konteks tersebut, issuance. In light of these conditions, the Board of Commissioners
Dewan Komisaris menilai bahwa Direksi telah melakukan langkah concluded that the Board of Directors had taken anticipatory
antisipatif untuk menjaga akses pendanaan tetap terbuka, measures to maintain access to funding while strengthening
sekaligus memperkuat disiplin pengelolaan aset–liabilitas agar asset-liability management discipline to preserve balance sheet
ketahanan neraca tetap terjaga. resilience.
Pada sektor perumahan, kebutuhan hunian nasional masih tinggi, In the housing sector, the national demand for housing remains
tercermin dari backlog perumahan (kepemilikan) yang kerap high, as reflected in the housing backlog (ownership) that is
dirujuk dari hasil Susenas/BPS. Di sisi lain, daya beli dan tingkat often referred to in the results of the National Socioeconomic
keterjangkauan mendorong kebutuhan skema pembiayaan yang Survey (Susenas) conducted by Statistics Indonesia (BPS). On
semakin adaptif dan efisien. Industri pembiayaan perumahan the other hand, purchasing power and affordability levels are
juga bergerak menuju penguatan proses berbasis digital dan driving the need for increasingly adaptive and efficient financing
pembiayaan berkelanjutan untuk meningkatkan efisiensi dan schemes. The housing finance industry is also moving towards
kualitas mitigasi risiko. Kondisi ini mempertegas relevansi peran strengthening digital-based processes and sustainable financing
Perseroan sebagai penyedia likuiditas jangka panjang bagi to improve efficiency and risk mitigation quality. This condition
lembaga penyalur KPR. reinforces the relevance of the Company's role as a long-term
liquidity provider for mortgage lenders.
42
Dewan Komisaris memandang bahwa sepanjang 2025 Perseroan The Board of Commissioners believes that throughout 2025,
terus memperkuat posisinya sebagai penyedia likuiditas (Liquidity the Company will continue to strengthen its position as the main
Provider) utama dan instrumen fiskal (fiscal tools) Pemerintah di liquidity provider and fiscal tool for the Government in the housing
sektor perumahan agar aliran pembiayaan perumahan dapat terjaga sector so that the flow of housing financing can be maintained
Laporan Tahunan 2025 Annual Report
secara berkelanjutan. Di tengah kondisi perbankan yang cenderung sustainably. Amidst banking conditions that tend to be selective,
selektif, Perseroan berhasil mengambil posisi strategis dengan the Company has succeeded in taking a strategic position by
mendukung pendanaan KPR FLPP. Posisi Perseroan diperkuat supporting FLPP mortgage financing. The Company's position
melalui perannya dalam ekosistem pembiayaan perumahan is strengthened through its role in the national housing finance
nasional. ecosystem.
Dewan Komisaris menilai, Perseroan tidak hanya menjalankan fungsi The Board of Commissioners believes that the Company not
intermediasi pendanaan, tetapi juga menjadi salah satu pengungkit only performs a funding intermediary function, but also serves
penting dalam ekosistem pembiayaan perumahan yang semakin as an important lever in the housing finance ecosystem, which
membutuhkan pendanaan jangka panjang. Kontribusi tersebut increasingly requires long-term funding. This contribution
tercermin antara lain dari realisasi penyaluran pinjaman tahun 2025 is reflected, among other things, in the realization of loan
yang meningkat dari tahun sebelumnya. disbursements in 2025, which increased from.
PANDANGAN DEWAN KOMISARIS BOARD OF COMMISSIONERS'
ATAS PERKEMBANGAN DAN VIEW ON SMF'S DEVELOPMENT
PENCAPAIAN SMF TAHUN 2025 AND ACHIEVEMENTS IN 2025
Dewan Komisaris memandang tahun 2025 sebagai periode The Board of Commissioners views 2025 as an important period in
penting dalam memperkuat peran strategis Perseroan di tengah strengthening the Company's strategic role amid the dynamics of
dinamika pasar keuangan global dan domestik. Sejalan dengan the global and domestic financial markets. In line with the theme of
tema Laporan Tahunan “Memperkuat Pembiayaan Perumahan, the Annual Report, "Strengthening Housing Financing, Expanding
Memperluas Akses Hunian bagi Masyarakat”, Dewan Komisaris Access to Homes for the Community," The Board of Commissioners
menilai bahwa Perseroan telah berupaya kuat menjaga resiliensi considers that the Company has made strong efforts to maintain the
dan keberlanjutan likuiditas pembiayaan perumahan nasional resilience and sustainability of national housing financing liquidity
melalui pengambilan keputusan strategis yang tetap berada dalam through strategic decisions that remain within the corridor of
Page 43
koridor kehati-hatian. Dari sisi pengawasan, fokus utama pada prudence. From a supervisory perspective, the main focus this
tahun ini bukan hanya pencapaian angka, tetapi juga ketepatan year is not only on achieving targets, but also on the accuracy of
arah kebijakan, kualitas pengelolaan risiko, dan konsistensi policy direction, the quality of risk management, and consistency
penguatan tata kelola. in strengthening governance.
Dewan Komisaris memberikan apresiasi atas ketepatan arah RKAP The Board of Commissioners appreciates the accuracy of the
2025 yang berfokus pada penguatan peran Perseroan sebagai 2025 RKAP, which focuses on strengthening the Company's role
penyedia likuiditas (liquidity provider) dan instrumen kebijakan as a liquidity provider and fiscal tools for the Government. From
fiskal (fiscal tools) Pemerintah. Dalam perspektif pengawasan, a supervisory perspective, this approach is relevant to bridge
pendekatan tersebut relevan untuk menjembatani kebutuhan long-term funding needs and maintain the stability of housing
pendanaan jangka panjang serta menjaga stabilitas aliran financing flows through distribution institutions.
pembiayaan perumahan melalui lembaga penyalur.
Dari sisi kinerja korporat, Dewan Komisaris mencermati upaya In terms of corporate performance, the Board of Commissioners
Direksi dalam merealisasikan penyaluran pinjaman pada 2025 observed the Board of Directors' efforts in realizing loan
yang mencapai 101,23% dari target dengan realisasi sebesar disbursements in 2025, which reached 101.23% of the target
Rp20.876,09 miliar. Pencapaian ini menunjukkan pengelolaan with a realization of Rp20,876.09 billion. This achievement
neraca dan ketahanan likuiditas dijalankan secara disiplin, demonstrates that balance sheet management and liquidity
mengingat karakter bisnis Perseroan yang sensitif terhadap resilience are being carried out in a disciplined manner, given the
dinamika suku bunga dan kondisi pasar pendanaan. Karena itu, Company's business character, which is sensitive to interest rate
Dewan Komisaris menekankan penguatan ketahanan neraca dynamics and funding market conditions. Therefore, the Board of
sebagai prasyarat agar kontribusi Perseroan terhadap sektor Commissioners emphasizes strengthening balance sheet resilience
perumahan dapat berkelanjutan. as a prerequisite for the Company's contribution to the housing
sector to be sustainable.
Pada aspek pendanaan, rencana penerbitan obligasi/sukuk In terms of funding, the plan to issue bonds/sukuk amounting to
sebesar Rp12,15 triliun dikawal secara seksama untuk memastikan Rp12.15 trillion is being closely monitored and have the funding
kesesuaian strategi pendanaan dengan kebutuhan likuiditas, jatuh strategy is in line with liquidity needs, maturity of liabilities, and
tempo kewajiban, serta efisiensi biaya dana (cost of fund). Dewan cost of fund efficiency. The Board of Commissioners believes
Komisaris memandang pendanaan jangka panjang yang kompetitif competitive long-term funding as one of the main determinants of
merupakan salah satu penentu utama bagi kapasitas Perseroan the Company's capacity to strengthen housing financing through
dalam memperkuat pembiayaan perumahan melalui dukungan liquidity support to mortgage distribution partners.
likuiditas kepada mitra lembaga penyalur KPR.
Bagi Dewan Komisaris, esensi pencapaian tahun 2025 terletak pada For the Board of Commissioners, the essence of achieving the
keseimbangan antara: (i) pelaksanaan mandat untuk memperluas 2025 targets lies in the balance between: (i) implementing the
akses hunian melalui dukungan pembiayaan perumahan, termasuk mandate to expand access to housing through housing financing
segmen program; (ii) ketahanan keuangan melalui disiplin likuiditas support, including program segments; (ii) financial resilience through
agar tetap tangguh menghadapi volatilitas pasar; serta (iii) liquidity discipline in order to remain resilient in addressing market 43
penguatan tata kelola, manajemen risiko, dan penguatan kapasitas volatility; and (iii) strengthening governance, risk management, and
organisasi agar kualitas pengambilan keputusan dan kontrol internal organizational capacity so that the quality of decision-making and
terus meningkat. internal controls continue to improve. PT Sarana Multigriya Finansial (Persero)
Ke depan, Dewan Komisaris memberikan perhatian khusus pada As we advance, the Board of Commissioners will pay special attention
penguatan fondasi organisasi melalui peningkatan kapasitas to strengthening the organizational foundation by improving human
SDM dan teknologi informasi sebagaimana menjadi bagian dari capital and information technology capacity as part of the strategic
arah strategis menuju 2026. Agenda ini dinilai penting untuk direction towards 2026. This agenda is considered important to
meningkatkan kualitas analisis risiko, efektivitas proses kerja, serta improve the quality of risk analysis, the effectiveness of work
ketepatan pengambilan keputusan, sehingga peran Perseroan processes, and the accuracy of decision-making, so that the
dalam ekosistem pembiayaan perumahan dapat semakin kuat, Company's role in the housing finance ecosystem can be stronger,
adaptif, dan akuntabel. more adaptive, and more accountable.
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Laporan Manajemen
Management Report
PENILAIAN DEWAN KOMISARIS BOARD OF COMMISSIONERS'
TERHADAP KINERJA DIREKSI DALAM ASSESSMENT OF THE BOARD OF
PENGELOLAAN PERSEROAN TAHUN 2025 DIRECTORS' PERFORMANCE IN
MANAGING THE COMPANY IN 2025
Dewan Komisaris melaksanakan evaluasi atas kinerja Direksi The Board of Commissioners conducted an evaluation of the
sepanjang tahun 2025 untuk memastikan pengelolaan Perseroan Board of Directors' performance throughout 2025 to reaffirm
berjalan sejalan dengan mandat Pemerintah, Rencana Jangka that the management of the Company was in line with the
Panjang Perusahaan (RJPP), dan Rencana Kerja dan Anggaran Government's mandate, the Company's Long-Term Plan (RJPP),
Perusahaan (RKAP) tahun berjalan. Evaluasi ini juga dimaksudkan and the Company's Work Plan and Budget (RKAP) for the current
untuk menilai apakah strategi yang dijalankan Direksi telah year. This evaluation also aims to assess whether the strategies
diterjemahkan menjadi program kerja yang terukur, disertai implemented by the Board of Directors have been translated
pengendalian risiko dan kepatuhan yang memadai. into measurable work programs, accompanied by adequate risk
control and compliance.
Dalam melakukan penilaian, Dewan Komisaris menggunakan In conducting the assessment, the Board of Commissioners uses
beberapa dasar penilaian, yaitu: several assessment criteria, namely:
1. Pencapaian RKAP dan indikator kinerja utama (KPI), termasuk 1. Achievement of the RKAP and Key Performance Indicators
capaian target bisnis dan keuangan serta realisasinya (KPIs), encompassing the achievement of business and
dibanding target yang telah disepakati. financial targets as well as the realization performance against
the agreed targets.
2. Kualitas pengelolaan risiko dan kepatuhan, terutama pada area 2. Effectiveness of risk management and compliance practices,
yang material bagi bisnis SMF seperti pendanaan, likuiditas, particularly in areas material to SMF’s business operations,
manajemen aset dan liabilitas (ALMA), serta kepatuhan including funding, liquidity, Asset and Liability Management
terhadap ketentuan yang berlaku. (ALMA), and compliance with prevailing laws and regulations.
3. Konsistensi pelaksanaan mandat dalam memperkuat 3. Consistency in the execution of the Company’s mandate
pembiayaan perumahan, termasuk kontribusi Perseroan dalam to strengthen housing financing, including the Company’s
menjaga kesinambungan likuiditas pembiayaan perumahan contribution to maintaining the sustainability of national
nasional. housing financing liquidity.
44
4. Kualitas tata kelola dan pengendalian internal, termasuk 4. Effectiveness of governance implementation and internal
kualitas pelaporan manajemen, transparansi pengambilan control, including the quality of management reporting,
keputusan, dan tindak lanjut atas rekomendasi pengawasan. transparency in decision-making processes, and the follow-
up of supervisory recommendations.
Laporan Tahunan 2025 Annual Report
Penilaian ini dilakukan secara berkala melalui rapat-rapat Dewan This assessment is conducted periodically through Board
Komisaris, rapat gabungan dengan Direksi, pembahasan pada of Commissioners meetings, joint meetings with the Board
komite-komite di bawah Dewan Komisaris, serta penelaahan of Directors, discussions in committees under the Board of
laporan kinerja dan laporan pendukung lainnya. Commissioners, and the Board of Commissioners' review of
performance reports and other supporting reports.
1) Pencapaian RKAP dan Indikator Kinerja Utama (KPI) 1) Achievement of the Annual Work Plan and Budget
(RKAP) and Key Performance Indicators (KPIs)
Dewan Komisaris menilai Direksi menjaga fokus pada pencapaian The Board of Commissioners assessed that the Board of Directors
target bisnis dan keuangan yang telah ditetapkan dalam RKAP, maintained its focus on achieving the business and financial
sekaligus mengawal agar pencapaian tersebut dicapai melalui targets set out in the RKAP, while ensuring that these targets were
langkah yang terukur. Dalam melakukan evaluasi, Dewan Komisaris achieved through measurable steps. In conducting its evaluation,
mengacu pada perbandingan target RKAP 2025 terhadap realisasi the Board of Commissioners referred to a comparison of the
2025 sebagaimana tercermin dalam laporan keuangan yang 2025 RKAP targets with the 2025 actual results as reflected in
telah diaudit. the audited financial statements.
Secara keseluruhan, realisasi KPI Direksi mencapai 107,84%, yang Overall, the Board of Directors’ KPI achievement reached 107.84%,
menunjukkan bahwa pengelolaan Perseroan sepanjang tahun indicating that the Company’s management throughout 2025
2025 pada umumnya berjalan baik dan mampu melampaui target generally performed well and exceeded targets on a number of
pada sejumlah indikator strategis. strategic indicators.
Pada tahun 2025, total aset Perseroan tercatat sebesar Rp66,81 In 2025, the Company’s total assets were recorded at Rp66.81
triliun atau 113,19% dari target RKAP 2025 sebesar Rp59,03 trillion, or 113.19% of the 2025 RKAP target of Rp59.03 trillion.
triliun. Sementara itu, laba bersih tahun berjalan tercatat sebesar Meanwhile, net profit for the current year was recorded at
Rp565,39 miliar, atau mencapai 110,46% dari target RKAP 2025 Rp565.39 billion, or 110.46% of the 2025 RKAP target of
sebesar Rp511,87 miliar. Pencapaian tersebut menunjukkan Rp511.87 billion. This achievement demonstrates the Board of
Page 45
kemampuan Direksi dalam menjaga pertumbuhan usaha sekaligus Directors’ ability to maintain business growth while maintaining
mempertahankan kualitas profitabilitas Perseroan di tengah the Company’s profitability amid the dynamics of the housing
dinamika pasar pembiayaan perumahan. finance market.
Dari rasio keuangan, rasio laba terhadap ekuitas tercatat sebesar From a financial ratio perspective, the return on equity ratio was
2,68% , berada di atas target yang ditetapkan sebesar 2,36%, recorded at 2.68%, above the target of 2.36%, while the net profit
sementara net profit margin tercatat sebesar 18,05% atau di margin was recorded at 18.05%, above the target of 17.73%. This
atas target yang ditetapkan sebesar 17,73%. Pencapaian ini achievement shows that the Company is able to maintain its ability
menunjukkan bahwa Perseroan mampu menjaga kemampuan to generate profits from managed capital, while maintaining margin
dalam menghasilkan laba dari modal yang dikelola, sekaligus quality amid the dynamics of the funding structure and financing
mempertahankan kualitas margin di tengah dinamika struktur expansion demands. However, the Board of Commissioners
pendanaan dan tuntutan ekspansi pembiayaan. Meski demikian, continues to emphasize that the Board of Directors must continue
Dewan Komisaris tetap menekankan agar Direksi terus memperkuat to strengthen the quality of revenue and cost management, so that
kualitas pengelolaan pendapatan dan biaya, sehingga peningkatan the increase in financial ratios is not temporary, but truly reflects
rasio keuangan tidak bersifat sesaat, melainkan benar-benar a strong and sustainable performance foundation.
mencerminkan fondasi kinerja yang kuat dan berkelanjutan.
2) Kualitas Pengelolaan Risiko dan Kepatuhan 2) Quality of Risk Management and Compliance
Dewan Komisaris menilai Direksi memberikan perhatian pada area The Board of Commissioners assessed that the Board of Directors
risiko yang material bagi bisnis Perseroan, khususnya pendanaan, has given due attention to risk areas material to the Company’s
likuiditas, dan pengelolaan aset–liabilitas (ALMA), serta menjaga business, particularly funding, liquidity, and Asset and Liability
kepatuhan terhadap ketentuan yang berlaku. Dalam konteks ini, Management (ALMA), as well as maintaining compliance with
Dewan Komisaris menilai kualitas pengelolaan risiko tidak hanya prevailing regulations. In this regard, the Board of Commissioners
dilihat dari “ada atau tidaknya kebijakan”, tetapi dari konsistensi views the quality of risk management not merely in terms of
penerapannya dalam keputusan strategis dan pengendalian pada the existence of policies, but also in the consistency of their
level operasional. implementation in strategic decision-making and controls at the
operational level.
Pada tahun 2025, Rasio utang terhadap ekuitas tercatat sebesar In 2025, the debt-to-equity ratio was recorded at 1.69 times,
1,69 kali atau berada di atas target yang ditetapkan yaitu 1,56 kali, which is above the target of 1.56 times, while the current ratio
sedangkan rasio lancar tercatat pada level 151,67% atau berada was recorded at 151.67%, which is below the target of 193.04%.
di bawah target yang ditetapkan yaitu 193,04%.
Struktur tersebut menunjukkan bahwa pengelolaan leverage dan This structure indicates that leverage and liquidity management
likuiditas tetap perlu dijaga secara cermat agar keseimbangan must continue to be carefully maintained in order to preserve a
antara ekspansi pembiayaan, ketahanan neraca, dan kapasitas healthy balance between financing expansion, balance sheet
pendanaan dapat dipertahankan secara sehat. resilience, and funding capacity.
Pada saat yang sama, total liabilitas Perseroan tercatat sebesar At the same time, the Company’s total liabilities were recorded at 45
Rp37,66 triliun, sementara total ekuitas mencapai Rp27,72 triliun. Rp37.66 trillion, while total equity reached Rp27.72 trillion. This
Perkembangan ini menunjukkan bahwa pengelolaan leverage dan development indicates that leverage and liquidity management
likuiditas tetap perlu dijaga secara cermat agar keseimbangan must continue to be carefully maintained in order to preserve a
antara ekspansi pembiayaan, ketahanan neraca, dan kapasitas healthy balance between financing expansion, balance sheet
PT Sarana Multigriya Finansial (Persero)
pendanaan dapat terpelihara secara sehat. resilience, and funding capacity.
Sementara itu, dalam aspek kepatuhan dan kredibilitas In terms of compliance and funding credibility, the Board of
pendanaan, Dewan Komisaris mencermati bahwa Perseroan dapat Commissioners observed that the Company was able to maintain
mempertahankan peringkat AAA dari PEFINDO dan Fitch Ratings, its AAA rating from PEFINDO and Fitch Ratings, as well as obtain
serta memperoleh peringkat BBB dari S&P Global Ratings pada a BBB rating from S&P Global Ratings in 2025. This achievement
tahun 2025. Pencapaian ini memperluas referensi kepercayaan expands the market's confidence in the Company's ability to fulfill
pasar terhadap kapasitas pemenuhan kewajiban Perseroan dan its obligations and supports the flexibility of its future funding
mendukung fleksibilitas strategi pendanaan ke depan. strategy.
3) Konsistensi Pelaksanaan Mandat dalam Memperkuat 3) Consistency in Implementing the Mandate to Strengthen
Pembiayaan Perumahan Housing Financing
Dewan Komisaris menilai Direksi menjaga konsistensi pelaksanaan The Board of Commissioners assessed that the Board of
mandat Perseroan untuk memperkuat pembiayaan perumahan, Directors maintained consistency in implementing the Company’s
termasuk menjaga kesinambungan likuiditas pembiayaan mandate to strengthen housing finance, including maintaining the
perumahan nasional melalui lembaga penyalur. Dalam kerangka continuity of national housing finance liquidity through distribution
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Laporan Manajemen
Management Report
mandat tersebut, kontribusi Perseroan tercermin dari realisasi institutions. Within the framework of this mandate, the Company’s
penyaluran pinjaman pembiayaan perumahan pada tahun 2025 contribution is reflected in the realization of housing finance loan
yang mencapai Rp20,88 triliun, atau 101,23% dari target RKAP distribution in 2025, which reached Rp20.88 trillion, or 101.23%
2025 sebesar Rp20,62 triliun. Pencapaian tersebut ditopang oleh of the 2025 RKAP target of Rp20.62 trillion. This achievement
penyaluran pada segmen komersial sebesar Rp12,85 triliun dan was supported by disbursements in the commercial segment
segmen KPR Program FLPP sebesar Rp8,03 triliun. amounting to Rp12.85 trillion and the FLPP Program mortgage
segment amounting to Rp8.03 trillion.
Dewan Komisaris menilai penting bagi Direksi untuk menjelaskan The Board of Commissioners considers it important for the Board
keterkaitan pencapaian program dan strategi pendanaan, agar of Directors to explain the link between program achievements and
pembaca melihat kesinambungan antara mandat, struktur funding strategies, allowing readers to see the continuity between
pendanaan, dan ketahanan neraca. the mandate, funding structure, and balance sheet resilience.
4) Kualitas Tata Kelola dan Pengendalian Internal 4) Quality of Governance and Internal Control
Dewan Komisaris menilai kualitas tata kelola dan pengendalian The Board of Commissioners assessed the quality of governance
internal Direksi melalui empat aspek utama, yaitu kualitas and internal control by the Board of Directors through four
pelaporan manajemen, transparansi pengambilan keputusan, key aspects, namely the quality of management reporting,
kecukupan kontrol kunci, serta tindak lanjut rekomendasi transparency in decision-making, adequacy of key controls,
pengawasan. Dalam perspektif Dewan Komisaris, kualitas and the follow-up of supervisory recommendations. From the
tata kelola menjadi prasyarat agar pertumbuhan dan aktivitas perspective of the Board of Commissioners, sound governance
pendanaan berjalan akuntabel, terdokumentasi dengan baik, quality constitutes a prerequisite to ensure that growth and
dan dapat ditelusuri. funding activities are organized in an accountable manner, properly
documented, and traceable.
Dewan Komisaris mencermati bahwa Direksi telah menjalankan The Board of Commissioners noted that the Board of Directors
pengelolaan Perseroan dengan dukungan proses pengambilan had managed the Company with the support of structured
keputusan yang terstruktur, pelaporan yang memadai, serta tindak decision-making processes, adequate reporting, and follow-up on
lanjut atas berbagai masukan pengawasan. Meskipun demikian, various supervisory inputs. However, the Board of Commissioners
Dewan Komisaris tetap menekankan pentingnya penguatan continued to emphasize the importance of continuous
46
berkelanjutan pada kualitas pengendalian internal, konsistensi improvement in the quality of internal controls, consistency in
dokumentasi keputusan strategis, dan kecepatan tindak lanjut the documentation of strategic decisions, and speed in following
atas area-area yang masih memerlukan penyempurnaan. up on areas that still needed improvement.
Laporan Tahunan 2025 Annual Report
Dengan mempertimbangkan keseluruhan dasar penilaian Taking into consideration the overall assessment basis above,
di atas, Dewan Komisaris menilai kinerja Direksi pada tahun the Board of Commissioners concludes that the performance of
buku 2025 telah menunjukkan pengelolaan yang prudent dan the Board of Directors in the 2025 fiscal year has demonstrated
terukur, dengan catatan perlunya penguatan berkelanjutan prudent and measurable management, with notes on the need for
terutama pada aspek ALMA dan buffer likuiditas, konsistensi continuous strengthening, particularly in the areas of Asset and
penjelasan deviasi antar-segmen portofolio, serta penguatan Liability Management (ALMA) and liquidity buffers, consistency
proses pengendalian dan tindak lanjut pengawasan. in explaining deviations across portfolio segments, as well as the
enhancement of control processes and supervisory follow-up.
Secara umum, Dewan Komisaris menilai Direksi telah menjalankan Overall, the Board of Commissioners considers that the Board
pengelolaan Perseroan dengan tetap memperhatikan prinsip of Directors has managed the Company in accordance with
kehati-hatian, khususnya dalam menjaga kesinambungan prudential principles, particularly in maintaining funding and
pendanaan dan likuiditas yang menjadi prasyarat utama bagi liquidity sustainability, which constitute key prerequisites for
peran SMF dalam ekosistem pembiayaan perumahan. Dewan SMF’s role within the housing financing ecosystem. The Board of
Komisaris juga mencermati adanya upaya Direksi untuk menjaga Commissioners also observes the Board of Directors’ efforts to
pertumbuhan yang terukur sambil mengendalikan risiko-risiko maintain measured growth while managing the key risks inherent
utama yang melekat pada bisnis pembiayaan sekunder. in the secondary financing business.
Dewan Komisaris menekankan bahwa kualitas kinerja Direksi tidak The Board of Commissioners emphasizes that the performance
hanya dinilai dari pencapaian target, tetapi juga dari bagaimana of the Board of Directors is assessed not solely based on the
target tersebut dicapai, termasuk ketepatan strategi pendanaan, achievement of targets, but also on how such targets are
disiplin pengelolaan jatuh tempo kewajiban, kecukupan attained, including the appropriateness of funding strategies,
kontrol internal, serta konsistensi kepatuhan pada kebijakan discipline in managing liability maturities, adequacy of internal
dan ketentuan yang berlaku. Dengan pendekatan tersebut, controls, and consistent compliance with applicable policies and
Page 47
Dewan Komisaris memastikan kinerja yang dicapai tetap dapat regulations. Through this approach, the Board of Commissioners
dipertanggungjawabkan dan berkelanjutan. is convinced that the performance achieved remains accountable
and sustainable.
Dewan Komisaris mencermati kemampuan Direksi menjaga The Board of Commissioners further observed the ability of
keseimbangan antara pencapaian target bisnis dan pengelolaan the Board of Directors to maintain a balance between business
risiko, sehingga pertumbuhan yang dicapai tetap disertai kontrol, target achievement and risk management, ensuring that growth
kepatuhan, dan mitigasi risiko yang memadai. is accompanied by adequate controls, compliance, and risk
mitigation measures.
PANDANGAN DEWAN KOMISARIS BOARD OF COMMISSIONERS'
ATAS STRATEGI DAN PROGRAM VIEW ON SMF'S STRATEGY AND
STRATEGIS SMF TAHUN 2025 STRATEGIC PROGRAM FOR 2025
Dewan Komisaris mendukung dan mengawal implementasi tema The Board of Commissioners supports and oversees the
RKAP 2025, yaitu “Penguatan Peran Perseroan sebagai Liquidity implementation of the 2025 RKAP theme, namely "Strengthening
Provider dan SMV Fiscal Tools di Sektor Perumahan.” Dewan the Company's Role as a Liquidity Provider and SMV Fiscal Tools in
Komisaris menilai, strategi ini sangat relevan sebagai jawaban the Housing Sector." The Board of Commissioners considers this
atas tingginya angka backlog perumahan nasional. Pengawasan strategy to be highly relevant as a response to the high national
Dewan Komisaris berfokus pada keselarasan program strategis, housing backlog. The Board of Commissioners' supervision focuses
terutama dukungan terhadap pembiayaan perumahan program on the alignment of strategic programs, particularly support for
dan penguatan likuiditas, dengan RJPP dan mandat Pemegang program housing financing and liquidity strengthening, with the
Saham, disertai disiplin kehati-hatian pada aspek pendanaan, RJPP and Shareholders' mandate, accompanied by prudence in the
likuiditas, dan manajemen risiko. aspects of funding, liquidity, and risk management.
PENGAWASAN DEWAN KOMISARIS SUPERVISION BY THE BOARD
DALAM PERUMUSAN DAN IMPLEMENTASI OF COMMISSIONERS IN THE
STRATEGI SMF TAHUN 2025 FORMULATION AND IMPLEMENTATION
OF SMF'S 2025 STRATEGY
Dewan Komisaris menjalankan fungsi pengawasan dan pemberian The Board of Commissioners performs a supervisory and advisory
nasihat untuk memastikan strategi Perseroan yang disusun dan function to ensure that the Company's strategy formulated and
diimplementasikan oleh Direksi pada tahun 2025 tetap selaras implemented by the Board of Directors in 2025 remains in line with
dengan mandat Pemerintah, arah strategis Perseroan, serta the Government's mandate, the Company's strategic direction,
prinsip kehati-hatian. Pengawasan Dewan Komisaris diarahkan and the principle of prudence. The Board of Commissioners'
untuk memastikan bahwa strategi tidak hanya tepat pada tahap supervision is directed toward confirming that the Company’s
perencanaan, tetapi juga dapat dieksekusi secara terukur, disertai strategy is not only appropriate at the planning stage, but also
pengendalian risiko yang memadai, dan dievaluasi secara berkala. executable in a measurable manner, supported by adequate risk
controls and subject to periodic evaluation. 47
Pengawasan dalam Perumusan Strategi dan Penyusunan Supervision in Strategy Formulation and Preparation of
RKAP 2025 the 2025 RKAP
Dalam proses perumusan strategi dan penyusunan RKAP 2025, In the process of formulating strategies and preparing the 2025 RKAP,
PT Sarana Multigriya Finansial (Persero)
Dewan Komisaris memberikan arahan strategis melalui rapat- the Board of Commissioners provided strategic direction through
rapat bersama Direksi. Melalui forum tersebut, Dewan Komisaris joint meetings with the Board of Directors. Through these forums,
menelaah asumsi perencanaan, prioritas program kerja, target the Board of Commissioners reviews the planning assumptions,
kinerja, serta strategi pelaksanaan yang diusulkan Direksi. work program priorities, performance targets, and implementation
Dewan Komisaris juga menekankan agar strategi dan rencana strategies proposed by the Board of Directors. The Board of
kerja yang disusun tetap konsisten dengan mandat Pemerintah, Commissioners also emphasizes that the strategies and work plan
termasuk peran Perseroan dalam menjaga kesinambungan developed must remain consistent with the Government's mandate,
dukungan likuiditas pembiayaan perumahan, serta tetap including the Company's role in maintaining the continuity of liquidity
menjaga disiplin kehati-hatian dalam pengelolaan pendanaan, support for housing financing, as well as maintaining prudence in the
likuiditas, dan risiko. management of funding, liquidity, and risk.
Pengawasan terhadap Implementasi Strategi Sepanjang Supervision of Strategy Implementation Throughout 2025
2025
Sepanjang tahun 2025, Dewan Komisaris melakukan evaluasi Throughout 2025, the Board of Commissioners conducted periodic
dan pengawasan implementasi strategi secara berkala melalui evaluations and supervision of strategy implementation through
rapat gabungan Dewan Komisaris dan Direksi sebanyak 12 (dua joint meetings of the Board of Commissioners and the Board of
belas) kali dalam satu tahun. Directors 12 (twelve) times a year.
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Rapat-rapat tersebut membahas kinerja bisnis, operasional, dan These meetings discussed business, operational, and financial
keuangan, termasuk evaluasi atas realisasi strategi serta tindak performance, including an evaluation of strategy realization and
lanjut atas isu-isu yang memerlukan perhatian. follow-up on issues that required attention.
Dalam pelaksanaan pengawasan, Dewan Komisaris memastikan In carrying out its supervisory function, the Board of Commissioners
bahwa strategi Perseroan diterjemahkan menjadi langkah ensures that the Company’s strategy is translated into measurable
kerja yang terukur, dengan pemantauan atas capaian kinerja action plans, supported by monitoring of performance
dibandingkan rencana, identifikasi deviasi, serta penajaman achievements to established plans, identification of deviations,
mitigasi risiko yang relevan. Dewan Komisaris juga meminta and refinement of relevant risk mitigation measures. The Board
penjelasan Direksi atas perkembangan kondisi pasar yang dapat of Commissioners also requests explanations from the Board of
mempengaruhi pelaksanaan strategi, sehingga penyesuaian yang Directors regarding market developments that may affect strategy
diperlukan dapat dilakukan secara tepat waktu dan tetap berada implementation, thereby enabling necessary adjustments to be
dalam koridor tata kelola yang baik. made in a timely manner while remaining within the principles of
good governance.
Hasil Pengawasan Dewan Komisaris Results of the Board of Commissioners' Supervision
Berdasarkan hasil pengawasan sepanjang tahun 2025, Dewan Based on the results of supervision throughout 2025, the Board
Komisaris menilai implementasi strategi Perseroan berjalan sejalan of Commissioners assessed that the implementation of the
dengan rencana kerja yang ditetapkan, dengan penyesuaian Company's strategy was in line with the established work plan,
yang dilakukan secara terukur terhadap dinamika pasar apabila with adjustments made in a measured manner to market dynamics
diperlukan. Pengawasan ini dilakukan untuk memastikan setiap when necessary. This supervision was carried out allowing
penyesuaian tetap konsisten dengan mandat Pemerintah, menjaga any adjustments remained consistent with the Government's
prinsip kehati-hatian, serta tidak mengurangi akuntabilitas dalam mandate, maintained the principle of prudence, and did not reduce
pengambilan keputusan. accountability in decision making.
FREKUENSI DAN MEKANISME PEMBERIAN FREQUENCY AND MECHANISM OF ADVICE
NASIHAT OLEH DEWAN KOMISARIS GIVEN BY THE BOARD OF COMMISSIONERS
KEPADA DIREKSI TAHUN 2025 TO THE BOARD OF DIRECTORS IN 2025
48
Dewan Komisaris menjalankan fungsi pemberian nasihat kepada The Board of Commissioners consistently performs its advisory
Direksi secara konsisten sepanjang tahun buku 2025 sebagai function to the Board of Directors throughout the 2025 fiscal year
bagian integral dari tata kelola perusahaan. Pemberian nasihat as an integral part of corporate governance. The provision of
Laporan Tahunan 2025 Annual Report
dimaksudkan untuk memastikan pelaksanaan rencana bisnis dan advice is intended to assure that the implementation of business
keuangan, pengelolaan risiko, penguatan struktur pendanaan, and financial plans, risk management, strengthening of the funding
serta penguatan tata kelola berjalan sejalan dengan mandat structure, and strengthening of governance are in line with the
Perseroan dan prinsip kehati-hatian. Company's mandate and the principle of prudence.
Mekanisme Pemberian Nasihat Advisory Mechanism
Mekanisme utama pemberian nasihat dilakukan melalui rapat The main mechanism for providing advice is through joint meetings
gabungan Dewan Komisaris dengan Direksi yang diselenggarakan between the Board of Commissioners and the Board of Directors,
secara berkala. Sepanjang tahun 2025, rapat gabungan tersebut which are held periodically. Throughout 2025, these joint meetings
dilaksanakan sebanyak 12 (dua belas) kali, dan menjadi forum bagi were held 12 (twelve) times, and served as a forum for the Board of
Dewan Komisaris untuk memberikan arahan strategis, meminta Commissioners to provide strategic direction, request explanations
penjelasan atas perkembangan kinerja, serta menyampaikan on performance developments, and convey input on issues that
masukan atas isu-isu yang memerlukan perhatian Direksi. required the Board of Directors' attention.
Selain melalui rapat gabungan, Dewan Komisaris juga dapat In addition to joint meetings, the Board of Commissioners may
menyampaikan arahan melalui laporan khusus atau komunikasi also provide guidance through special reports or other formal
formal lainnya apabila diperlukan, terutama untuk isu yang bersifat communications when necessary, especially for issues that
strategis atau memerlukan tindak lanjut segera. Melalui mekanisme are strategic in nature or require immediate follow-up. Through
ini, nasihat Dewan Komisaris tidak hanya bersifat periodik, tetapi this mechanism, the Board of Commissioners' advice is not
juga responsif terhadap dinamika yang terjadi sepanjang tahun. only periodic, but also responsive to the dynamics that occur
throughout the year.
Ruang Lingkup dan Fokus Nasihat Scope and Focus of Advice
Dalam pelaksanaan fungsi penasihatan, Dewan Komisaris secara In carrying out its advisory function, the Board of Commissioners
aktif memberikan masukan strategis kepada Direksi, antara lain actively provides strategic input to the Board of Directors, including
terkait: in relation to:
Page 49
• Pelaksanaan rencana bisnis dan keuangan agar tetap terukur • The implementation of business and financial plans so they
dan akuntabel; remain measurable and accountable;
• Pengelolaan risiko dan penguatan pengendalian pada area • Risk management and strengthening controls in material areas;
yang material;
• Kebijakan dan strategi pendanaan, termasuk keseimbangan • Funding policies and strategies, including the balance between
antara kebutuhan likuiditas dan profil jatuh tempo kewajiban; liquidity needs and the maturity profile of liabilities; and
serta
• Penguatan tata kelola, kepatuhan, dan efektivitas pengendalian • Strengthening governance, compliance, and the effectiveness
internal. of internal controls.
Dewan Komisaris memastikan masukan dan arahan yang diberikan The Board of Commissioners is committed to providing
bersifat konstruktif dan dapat ditindaklanjuti. Dengan demikian, constructive and actionable input and guidance. Therefore, the
fungsi penasihatan Dewan Komisaris pada tahun 2025 menjadi advisory role of the Board of Commissioners in 2025 has become
bagian yang konsisten dalam penguatan kualitas pengambilan a consistent part of strengthening the quality of the Board of
keputusan Direksi dan keberlanjutan kinerja Perseroan. Directors' decision-making and the Company's performance
sustainability.
PANDANGAN DEWAN KOMISARIS BOARD OF COMMISSIONERS' VIEW ON
ATAS PROSPEK USAHA YANG THE BUSINESS PROSPECTS PREPARED
DISUSUN OLEH DIREKSI BY THE BOARD OF DIRECTORS
Dewan Komisaris memandang prospek usaha Perseroan The Board of Commissioners considers the Company's business
pada tahun 2026 tetap positif, dengan mempertimbangkan prospects in 2026 to remain positive, given the continuing high
kebutuhan perumahan nasional yang masih tinggi serta demand for housing in Indonesia and the ongoing need for long-
berlanjutnya kebutuhan pendanaan jangka panjang untuk menjaga term funding to maintain the continuity of housing finance liquidity.
kesinambungan likuiditas pembiayaan perumahan. Dalam konteks Based on this context, the Board of Commissioners deems the
tersebut, Dewan Komisaris menilai proyeksi yang disusun Direksi projections prepared by the Board of Directors to be realistic, as
realistis karena disusun berbasis asumsi makroekonomi yang they are based on measurable macroeconomic assumptions and
terukur dan mempertimbangkan dinamika pasar pendanaan. take into account the dynamics of the funding market.
Dalam menilai prospek tahun mendatang, Dewan Komisaris In assessing the outlook for the coming year, the Board of
mempertimbangkan sejumlah faktor strategis yang berpotensi Commissioners considered a number of strategic factors that
memengaruhi arah kinerja Perseroan. Pertama, perkembangan could potentially influence the Company’s performance. First,
kondisi makroekonomi dan dinamika suku bunga yang menjadi macroeconomic developments and interest rate dynamics,
salah satu referensi penting dalam proses perencanaan usaha. which serve as key references in the business planning process.
Stabilitas ekonomi domestik serta potensi perubahan kebijakan Domestic economic stability and potential changes in interest
suku bunga dipandang dapat memberikan ruang bagi Perseroan rate policy are expected to provide the Company with room to
dalam mengelola biaya dana dan menjaga nilai portofolio secara manage funding costs and maintain portfolio value optimally.
optimal. Meski demikian, Dewan Komisaris menekankan bahwa Nevertheless, the Board of Commissioners emphasizes that 49
dinamika inflasi, nilai tukar, dan kondisi likuiditas pasar tetap perlu inflation dynamics, exchange rates, and market liquidity conditions
dicermati secara seksama, sehingga disiplin dalam pengelolaan must continue to be closely monitored, so that discipline in Asset
Asset Liability Management (ALMA) serta prinsip kehati-hatian Liability Management (ALMA) and the principle of prudence remain
tetap menjadi prasyarat utama. key prerequisites.
PT Sarana Multigriya Finansial (Persero)
Selanjutnya, Dewan Komisaris juga mencermati rencana penguatan Furthermore, the Board of Commissioners also reviewed plans
kapasitas operasional Perseroan, khususnya dalam meningkatkan to strengthen the Company’s operational capacity, particularly
penyaluran pembiayaan baik pada segmen komersial maupun with regard to increasing the disbursement of financing in both
program. Langkah ini dipandang relevan untuk memperkuat the commercial and program segments. This step is considered
peran Perseroan dalam mendukung aliran pendanaan ke sektor essential to reinforce the Company’s role in supporting the flow
perumahan, sekaligus menjaga keberlanjutan fungsi intermediasi of funding to the housing sector, while ensuring the sustainability
Perseroan di pasar pembiayaan perumahan. of the Company’s intermediary function in the housing finance
market.
Selain itu, Dewan Komisaris menilai bahwa rencana pendanaan
dan strategi diversifikasi sumber dana yang disiapkan oleh In addition, the Board of Commissioners believes that the
Perseroan merupakan langkah yang tepat untuk menjaga Company’s funding plan and strategy for diversifying funding
fleksibilitas likuiditas serta ketahanan biaya dana. Pendekatan sources are appropriate measures to maintain liquidity flexibility
ini mencakup optimalisasi berbagai instrumen pendanaan di and funding cost resilience. This approach includes optimizing
pasar modal maupun kerja sama dengan lembaga keuangan, various funding instruments in the capital market as well as
termasuk perluasan akses kepada investor institusi dan pengelola collaborating with financial institutions, including expanding
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Laporan Manajemen
Management Report
dana jangka panjang. Diversifikasi sumber pendanaan tersebut access to institutional investors and long-term fund managers.
diharapkan dapat mendukung kebutuhan pembiayaan Perseroan This diversification of funding sources is expected to support
sekaligus memperkuat struktur pendanaan secara berkelanjutan. the Company’s financing needs while strengthening its funding
structure in a sustainable manner.
Secara keseluruhan, Dewan Komisaris menilai bahwa prospek Overall, the Board of Commissioners believes that the prospects
penguatan kinerja Perseroan tetap terbuka, seiring dengan for improving the Company’s performance remain favorable, given
peluang pertumbuhan sektor perumahan dan dukungan kebijakan the growth opportunities in the housing sector and supportive
yang kondusif. Namun demikian, Dewan Komisaris menekankan policies. However, the Board of Commissioners emphasizes the
pentingnya menjaga disiplin manajemen risiko, khususnya dalam importance of maintaining risk management discipline, particularly
pengelolaan likuiditas dan struktur pendanaan, mengingat in managing liquidity and the funding structure, given the rapidly
dinamika pasar yang dapat berubah dengan cepat. changing market dynamics.
PENILAIAN DEWAN KOMISARIS TERHADAP BOARD OF COMMISSIONERS'
PENERAPAN TATA KELOLA PERUSAHAAN ASSESSMENT OF THE IMPLEMENTATION
(GCG) DAN MANAJEMEN RISIKO OF CORPORATE GOVERNANCE
(GCG) AND RISK MANAGEMENT
Dewan Komisaris menekankan bahwa penguatan tata kelola The Board of Commissioners emphasizes that strengthening
perusahaan yang baik (GCG) tidak berhenti pada pemenuhan good corporate governance (GCG) does not stop at fulfilling
proses, melainkan harus tercermin pada kualitas keputusan, processes, but must be reflected in the quality of decisions,
ketahanan kontrol internal, serta kepatuhan yang konsisten, karena the resilience of internal controls, and consistent compliance,
reputasi dan kepercayaan pasar pendanaan sangat ditentukan because the Company's reputation and market confidence are
oleh integritas dan akuntabilitas Perseroan. largely determined by its integrity and accountability.
Sepanjang tahun 2025, Dewan Komisaris menilai penerapan GCG Throughout 2025, the Board of Commissioners evaluates that the
di lingkup Perseroan terus bergerak ke arah yang lebih berkualitas implementation of GCG within the Company continues to move
dan konsisten, terutama melalui penguatan perangkat kebijakan, towards higher quality and consistency, particularly through the
peran auditor internal dan eksternal yang independen, serta strengthening of policy instruments, the role of independent internal
50
peningkatan efektivitas pengendalian internal dan pemantauan and external auditors, and improvements in the effectiveness of
risiko. Penguatan tersebut tercermin dari fokus Perseroan pada internal controls and risk monitoring. This strengthening is reflected
aspek pencegahan kecurangan dan penguatan mekanisme in the Company's focus on fraud prevention and strengthening early
deteksi dini, termasuk melalui penguatan Whistleblowing System detection mechanisms, including through the strengthening of the
Laporan Tahunan 2025 Annual Report
(WBS) dan kebijakan anti-fraud. Whistleblowing System (WBS) and anti-fraud policies.
Dalam kerangka kinerja dan rencana kerja, Perseroan juga terus Within the framework of performance and work plans, the Company
memperkuat penerapan GCG secara berkesinambungan. Hal also continues to strengthen the implementation of GCG on an
ini tercermin dari hasil penilaian GCG tahun buku 2025 yang ongoing basis. This is reflected in the results of the GCG assessment
menunjukkan peningkatan skor dibandingkan tahun sebelumnya, for the 2025 fiscal year, which show an increase in the score
yakni dari 89,72% pada tahun 2024 menjadi 90,63% pada tahun compared to the previous year—from 89.72% in 2024 to 90.63% in
2025. Capaian tersebut menegaskan terjaganya kualitas tata kelola 2025. This achievement confirms the maintenance of the Company’s
Perseroan sekaligus menjadi landasan bagi target penerapan GCG governance quality and serves as a foundation for the target of
dengan predikat “Sangat Baik” pada tahun 2026. achieving a “Very Good” rating in GCG implementation by 2026.
1. Pandangan Dewan Komisaris atas Perangkat GCG dan 1. The Board of Commissioners' View on GCG Tools and the
Keterlibatan Dewan Komisaris dalam Implementasi Prinsip Board of Commissioners' Involvement in the Implementation
GCG of GCG Principles
Dewan Komisaris berpandangan bahwa efektivitas GCG The Board of Commissioners is confident that the effectiveness
Perseroan ditopang oleh perangkat tata kelola yang bekerja of the Company's GCG is supported by a functional governance
secara fungsional, termasuk komite-komite di bawah Dewan framework, including committees under the Board of
Komisaris. Sepanjang 2025, Dewan Komisaris menilai Komite Commissioners. Throughout 2025, the Board of Commissioners
Audit, Komite Pemantau Risiko, serta Komite Nominasi dan assessed that the Audit Committee, Risk Monitoring
Remunerasi telah menjalankan tugas sesuai ketentuan, Committee, and Nomination and Remuneration Committee
dengan rekomendasi yang bersifat konstruktif dan relevan had performed their duties in accordance with the provisions,
terhadap kebutuhan penguatan pengawasan. Dasar penilaian with recommendations that were constructive and relevant to
Dewan Komisaris meliputi laporan berkala komite, kualitas the need to strengthen supervision. The basis for the Board
rekomendasi, serta tindak lanjut atas hasil pengawasan. of Commissioners' assessment included periodic committee
reports, the quality of recommendations, and follow-up on the
results of supervision.
Page 51
Sebagai bagian dari akuntabilitas pelaksanaan fungsi As part of the accountability for the implementation of supervisory
pengawasan, Dewan Komisaris juga melakukan evaluasi functions, the Board of Commissioners also conducts periodic
kinerja secara berkala melalui mekanisme self-assessment performance evaluations through a self-assessment mechanism
yang diatur dalam Board Manual. Ukuran evaluasi kinerja stipulated in the Board Manual. The performance evaluation
Dewan Komisaris dan individu anggota Dewan Komisaris measures for the Board of Commissioners and individual members
diajukan untuk ditetapkan dalam RUPS, dengan kriteria yang of the Board of Commissioners are submitted for approval at
mencakup pencapaian KPI 2025 (kolegial dan individual) the GMS, with criteria that include the achievement of 2025
serta pencapaian assessment penerapan GCG pada aspek KPIs (collegial and individual) and the achievement of the GCG
Dewan Komisaris. implementation assessment in aspects related to the Board of
Commissioners.
2. Pandangan Dewan Komisaris terhadap Efektivitas Sistem 2. The Board of Commissioners' View on the Effectiveness of
Pengendalian Internal the Internal Control System
Dewan Komisaris menilai Sistem Pengendalian Internal The Board of Commissioners found that the Company's
Perseroan dirancang dan dijalankan untuk memberikan Internal Control System is designed and implemented to
reasonable assurance atas efektivitas dan efisiensi operasi, provide reasonable assurance regarding the effectiveness and
keandalan pelaporan keuangan, serta kepatuhan terhadap efficiency of operations, the reliability of financial reporting,
peraturan perundang-undangan. and compliance with laws and regulations.
Dalam pelaksanaannya, Perseroan mengacu pada elemen In its implementation, the Company refers to internal control
pengendalian internal yang selaras dengan kerangka COSO, elements that are in line with the COSO framework, which
yang mencakup: lingkungan pengendalian, penilaian risiko, includes: control environment, risk assessment, control
aktivitas pengendalian, informasi dan komunikasi, serta activities, information and communication, and monitoring.
monitoring. Di dalam elemen tersebut, Dewan Komisaris Within these elements, the Board of Commissioners affirms
menegaskan perannya untuk menjaga independensi its role in maintaining independent supervision of the
pengawasan atas pengembangan dan kinerja pengendalian development and performance of internal controls, including
internal, termasuk memastikan struktur, kewenangan, dan ensuring that the structure, authority, and accountability are
pertanggungjawaban ditetapkan secara memadai. adequately established.
Dewan Komisaris juga mencermati bahwa pada 2025 telah The Board of Commissioners also noticed that in 2025, a
dilakukan review atas pelaksanaan Sistem Pengendalian comprehensive review of the implementation of the Internal
Internal secara komprehensif melalui kombinasi penilaian Control System was conducted through a combination of
dokumen, survei persepsi, observasi, wawancara, dan FGD, document assessment, perception surveys, observations,
dengan responden seluruh karyawan dan Direksi. interviews, and FGDs, with all employees and the Board of
Directors as respondents.
3. Pandangan Dewan Komisaris atas Penerapan Manajemen 3. The Board of Commissioners' Views on the Implementation
Risiko of Risk Management
Dewan Komisaris memandang penerapan manajemen risiko The Board of Commissioners considers that the Company's 51
Perseroan telah berjalan dengan pendekatan yang terstruktur risk management implementation has been performed with
dan terintegrasi, dengan peran dan tanggung jawab yang jelas a structured and integrated approach, with clear roles and
antar organ dan fungsi terkait. Perseroan mengoordinasikan responsibilities between related organs and functions. The
proses manajemen risiko melalui Divisi Manajemen Risiko dan Company coordinates the risk management process through
PT Sarana Multigriya Finansial (Persero)
Kepatuhan, mencakup fungsi ERM, ORM, serta Business Risk the Risk Management and Compliance Division, including ERM,
untuk mendukung opini risiko dalam pengambilan keputusan ORM, and Business Risk functions to support risk opinions in
strategis. strategic decision making.
Dalam kerangka tata kelola risiko, Dewan Komisaris Within the risk governance framework, the Board of
menjalankan fungsi pengawasan atas proses manajemen Commissioners performs a supervisory function over the
risiko yang dilaksanakan Direksi, termasuk melakukan review risk management processes by the Board of Directors,
periodik. Dukungan pengawasan tersebut diperkuat melalui including conducting periodic reviews. This supervisory
peran Komite Pemantau Risiko yang memberikan saran dan support is strengthened through the role of the Risk Monitoring
rekomendasi kepada Dewan Komisaris, serta peran SPI Committee, which provides advice and recommendations
sebagai independent assurance provider yang turut menilai to the Board of Commissioners, as well as the role of SPI as
penerapan manajemen risiko dan risk maturity. an independent assurance provider that also assesses the
implementation of risk management and risk maturity.
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Laporan Manajemen
Management Report
Ke depan, Dewan Komisaris menilai pentingnya konsistensi Going forward, the Board of Commissioners considers it
peningkatan kualitas pengukuran profil risiko secara berkala important to consistently improve the quality of risk profile
dengan memperhitungkan kecukupan sistem pengendalian measurements on a regular basis by considering the adequacy
risiko, serta disiplin memastikan posisi risiko berada dalam of the risk control system and affirming that risk positions
batas risk appetite yang ditetapkan. remain within the established risk appetite limits.
4. Pandangan Dewan Komisaris atas Penerapan 4. The Board of Commissioners' view on the Implementation
Whistleblowing System (WBS) dan peran Dewan Komisaris of the Whistleblowing System (WBS) and the Role of the
dalam WBS Board of Commissioners in the WBS
Dewan Komisaris memandang WBS sebagai salah satu The Board of Commissioners acknowledges the WBS as
instrumen penting dalam membangun budaya integritas, an important instrument in building a culture of integrity,
memperkuat akuntabilitas, dan menjadi mekanisme strengthening accountability, and serving as a control
pengendalian untuk pencegahan pelanggaran. Direksi mechanism for the prevention of violations. The Board
telah menetapkan Kebijakan Perseroan Nomor 002/KEB/ of Directors has established Company Policy No. 002/
PED/SMF/I/2023 tentang Pedoman Pelaporan Pelanggaran KEB/PED/SMF/I/2023 regarding Guidelines for Reporting
(Whistleblowing System/WBS), tentang Pedoman Pelaporan Violations (Whistleblowing System/WBS), and in 2025 the
Pelanggaran (Whistleblowing System/WBS), dan pada 2025 Company disseminated information about the WBS to internal
Perseroan melakukan sosialisasi WBS kepada pemangku stakeholders through a town hall meeting on February 11,
kepentingan internal melalui townhall pada 11 Februari 2025. 2025.
Dari sisi mekanisme, pengelolaan WBS dijalankan oleh Kepala In terms of mechanism, WBS management is carried out by
SPI dan Auditor SPI, dengan mandat menerima laporan, the Head of Internal Audit Unit and Internal Audit Unit Auditor,
melakukan seleksi awal, mengusulkan pembentukan tim with the mandate to receive reports, conduct initial selection,
investigasi, menjaga kerahasiaan dan keamanan pelapor, serta propose the formation of an investigation team, maintain
menyusun administrasi dan laporan tindak lanjut (termasuk the confidentiality and security of reporters, and compile
pelaporan triwulanan kepada Direksi). Kanal pelaporan administration and follow-up reports (including quarterly
tersedia melalui email wbs@smf-indonesia.co.id dan website reports to the Board of Directors). The reporting channel
WBS Perseroan. is available via email at wbs@smf-indonesia.co.id and the
Company's WBS website.
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Dewan Komisaris menekankan bahwa tata kelola WBS The Board of Commissioners emphasizes that WBS governance
juga mengatur hirarki penanggung jawab pelaporan yang also regulates the hierarchy of reporting responsibilities to
memastikan independensi penanganan, termasuk ketentuan maintain independence in handling, including the provision
Laporan Tahunan 2025 Annual Report
bahwa apabila terlapor melibatkan Direksi, penanggung jawab that if the reported party involves the Board of Directors, the
pelaporan adalah Dewan Komisaris; dan apabila terlapor reporting responsibility lies with the Board of Commissioners;
melibatkan pengelola WBS, pelaporan ditujukan kepada and if the reported party involves WBS management, the
Komite Audit dengan penanggung jawab pelaporan berada report is addressed to the Audit Committee with the reporting
pada Dewan Komisaris. responsibility lying with the Board of Commissioners.
Sejalan dengan penguatan WBS dan kebijakan anti-fraud, In line with the strengthening of WBS and anti-fraud policies,
dalam proyeksi risiko 2025 Perseroan juga menempatkan in the 2025 risk projection, the Company also places fraud risk
risiko fraud pada level inheren rendah dengan mitigasi yang at a low inherent level with mitigation measures that include
mencakup sosialisasi anti-fraud, penguatan early warning anti-fraud dissemination, reinforcing the early warning system,
system, penguatan WBS, kebijakan pengendalian gratifikasi, strengthening WBS, gratification control policies, and the
serta penandatanganan pakta integritas oleh insan Perseroan. signing of integrity pacts by Company personnel.
5. Capaian kinerja Dewan Komisaris dalam Fungsi 5. Performance Achievements of the Board of Commissioners
Pengawasan atas penerapan GCG in its Supervisory Function over the Implementation of GCG
Dewan Komisaris memandang capaian fungsi pengawasan The Board of Commissioners views that the achievement
atas penerapan GCG sepanjang 2025 tercermin dari: of its supervisory function over the implementation of Good
(i) efektivitas perangkat pengawasan melalui komite- Corporate Governance (GCG) throughout 2025 is reflected in:
komite di bawah Dewan Komisaris dan tindak lanjut (i) the effectiveness of supervisory instruments through the
rekomendasinya; (ii) penguatan pengendalian internal committees under the Board of Commissioners and the follow-
berbasis kerangka COSO serta evaluasi efektivitas up of their recommendations; (ii) the strengthening of internal
internal control; (iii) penguatan pengawasan manajemen control based on the COSO framework, including the evaluation
risiko melalui koordinasi dengan Direksi, Komite Pemantau of internal control effectiveness; (iii) enhanced risk management
Risiko, dan SPI; serta (iv) keberfungsian WBS yang supervisory through coordination with the Board of Directors,
menjaga mekanisme pelaporan dan penanganan dugaan the Risk Monitoring Committee, and the Internal Audit Unit (SPI);
pelanggaran secara lebih akuntabel. and (iv) the effective functioning of the Whistleblowing System
(WBS), which supports more accountable reporting and handling
mechanisms for alleged violations.
Page 53
Sebagai bagian dari peningkatan berkelanjutan, Dewan As part of continuous improvement, the Board of
Komisaris mendorong agar penguatan GCG tidak berhenti Commissioners encourages that the strengthening of GCG
pada kepatuhan proses, melainkan semakin terukur pada should not be limited to procedural compliance, but should
kualitas outcome, terkhusus kualitas pengambilan keputusan, increasingly be measured by the quality of outcomes,
disiplin manajemen risiko, kualitas pelaporan, serta ketahanan particularly in decision-making quality, risk management
kontrol internal, agar tema besar Perseroan mengenai discipline, reporting quality, and the resilience of internal
penguatan pembiayaan perumahan dan perluasan akses controls, thereby enabling the Company’s overarching agenda
hunian dapat dijalankan secara konsisten, Prudent, dan of strengthening housing financing and expanding access
bertanggung jawab. to housing to be implemented consistently, prudently, and
responsibly.
PANDANGAN DEWAN KOMISARIS BOARD OF COMMISSIONERS' VIEW
TERHADAP PENGEMBANGAN ON HUMAN CAPITAL DEVELOPMENT
SUMBER DAYA MANUSIA DAN AND INFORMATION TECHNOLOGY
TEKNOLOGI INFORMASI
Dewan Komisaris memandang pengelolaan sumber daya manusia The Board of Commissioners views human resource management
dan pengembangan teknologi informasi merupakan dua enabler and information technology development as two key enablers
utama yang menunjang kemampuan Perseroan dalam menjalankan that support the Company’s ability to carry out its mandate in a
mandatnya secara prudent dan akuntabel. Dalam konteks bisnis prudent and accountable manner. In the context of the Company’s
Perseroan yang sensitif terhadap dinamika pasar pendanaan, business, which is sensitive to market dynamics, interest rate
perubahan suku bunga, dan kebutuhan pengelolaan aset–liabilitas, changes, and asset-liability management requirements, the
kualitas SDM dan kesiapan kapabilitas digital menjadi fondasi quality of human resources and digital capability readiness
agar pertumbuhan dapat dikelola secara terukur dan akuntabel. are the foundations for managing growth in a measurable and
accountable manner.
Pandangan Dewan Komisaris atas Strategi dan Kebijakan The Board of Commissioners' Views on Human Capital
Pengelolaan SDM Management Strategies and Policies
Dewan Komisaris menilai pengelolaan SDM pada tahun 2025 The Board of Commissioners assesses that human capital
dilakukan secara terarah melalui program pengembangan management in 2025 was carried out in a structured manner through
kompetensi dan peningkatan kapasitas organisasi. Arah competency development programs and organizational capacity
pengelolaan SDM dipandang selaras dengan kebutuhan enhancement initiatives. The direction of human capital management
transformasi bisnis dan penguatan tata kelola, terutama untuk is considered aligned with the Company’s business transformation
memastikan tersedianya talenta dengan kapabilitas yang relevan needs and governance strengthening efforts, particularly to confirm
pada area-area material seperti pengelolaan pendanaan, ALMA the availability of talent with relevant capabilities in material areas such
dan likuiditas, manajemen risiko, kepatuhan, audit internal, serta as funding management, Asset and Liability Management (ALMA)
fungsi pendukung pengambilan keputusan berbasis data. and liquidity, risk management, compliance, internal audit, as well as
data-driven decision-support functions.
53
Dewan Komisaris menilai, kualitas strategi SDM tidak hanya The Board of Commissioners evaluates that the quality of
ditentukan oleh jumlah program pelatihan, tetapi oleh seberapa HC strategy is not only determined by the number of training
jauh program tersebut memperkuat kesiapan organisasi programs, but by the extent to which these programs strengthen
(organizational readiness) dan ketahanan kontrol (control organizational readiness and control environment resilience.
PT Sarana Multigriya Finansial (Persero)
environment). Oleh karena itu, Dewan Komisaris mendorong Therefore, the Board of Commissioners encourages HC
agar pengembangan SDM semakin diarahkan pada: development to be increasingly directed towards:
1. Penguatan kompetensi inti yang mendukung mandat 1. Strengthening core competencies that support the Company's
Perseroan; mandate;
2. Penguatan kepemimpinan dan budaya kerja berbasis integritas 2. Enchancing leadership and a work culture based on integrity
serta kepatuhan; dan and compliance; and
3. Peningkatan kapabilitas analitik dan pemahaman risiko agar 3. Improving analytical capabilities and risk understanding to
kualitas keputusan strategis semakin kuat. strengthen the quality of strategic decisions.
Penilaian Dewan Komisaris atas Arah dan Implementasi The Board of Commissioners' Assessment of the Direction
Pengembangan Teknologi Informasi (TI) and Implementation of Information Technology (IT)
Development
Dewan Komisaris memandang pengembangan TI Perseroan The Board of Commissioners believes the Company's IT
pada tahun 2025 diarahkan untuk menjadi pengungkit efisiensi development in 2025 as being directed towards leveraging
operasional, peningkatan kualitas layanan dan proses bisnis, serta operational efficiency, improving service quality and business
penguatan keamanan data dan keandalan sistem. Pengembangan processes, and strengthening data security and system reliability.
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tersebut berbasis IT Strategic Plan yang menjadi acuan arah This development is based on the IT Strategic Plan, which serves
digitalisasi proses bisnis dan standardisasi pengelolaan TI agar as a reference for the direction of business process digitalization
lebih terukur dan terintegrasi. and IT management standardization to be more measurable and
integrated.
Dalam perspektif pengawasan, Dewan Komisaris menilai From a supervisory perspective, the Board of Commissioners
pentingnya memastikan bahwa investasi dan inisiatif TI selalu considers it important to ensure that IT investments and initiatives
dikaitkan dengan kebutuhan penguatan tata kelola dan manajemen are always linked to the need to strengthen governance and risk
risiko—terutama untuk: management—especially for:
• Meningkatkan kualitas data dan pelaporan manajemen yang • Improving the quality of data and management reporting,
menjadi dasar pengambilan keputusan; which form the basis for decision-making;
• Memperkuat kontrol pada proses yang material (termasuk • Strengthening controls over material processes (including
proses pendanaan dan pengelolaan jatuh tempo); dan funding and maturity management processes); and
• Memperkuat ketahanan operasional melalui sistem yang andal, • Improving operational resilience through reliable, documented
terdokumentasi, dan memiliki mekanisme pemulihan (backup systems with adequate backup and disaster recovery
dan disaster recovery) yang memadai. mechanisms.
Keamanan Siber dan Tata Kelola TI Terintegrasi Integrated Cybersecurity and IT Governance
Sejalan dengan meningkatnya risiko operasional dan risiko In line with the increasing operational and technology-related
teknologi, Dewan Komisaris mendorong penguatan keamanan risks, the Board of Commissioners encourages the strengthening
siber dan tata kelola TI yang terintegrasi. Dewan Komisaris of cybersecurity and integrated IT governance. The Board of
menekankan agar pengembangan TI tidak hanya mengejar Commissioners emphasizes that IT development should not solely
percepatan digitalisasi, tetapi juga memastikan bahwa kontrol pursue the acceleration of digitalization, but must also disciplined
keamanan, pengelolaan akses, serta pemantauan insiden berjalan implementation of security controls, access management,
disiplin. Penguatan tata kelola TI juga diharapkan selaras dengan and incident monitoring. Strengthened IT governance is also
pengelolaan risiko terintegrasi Perseroan, sehingga risiko teknologi expected to align with the Company’s integrated risk management
dapat diidentifikasi, dimitigasi, serta dimonitor secara konsisten. framework, enabling technology risks to be consistently identified,
mitigated, and monitored.
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Ke depan, Dewan Komisaris mendorong Direksi untuk terus Going forward, the Board of Commissioners encourages the
meningkatkan kematangan tata kelola TI melalui penguatan Board of Directors to continuously enhance IT governance
kebijakan, prosedur, dan indikator kinerja yang terukur, maturity through the strengthening of policies, procedures, and
sekaligus memastikan kesiapan SDM dan budaya kepatuhan measurable performance indicators, while having the readiness
Laporan Tahunan 2025 Annual Report
yang mendukung keamanan informasi dan ketahanan of human capital and a compliance-driven culture that supports
operasional. Dengan langkah tersebut, pengelolaan SDM information security and operational resilience. Through these
dan pengembangan TI diharapkan menjadi fondasi yang efforts, human capital management and IT development are
memperkuat kinerja Perseroan, menjaga akuntabilitas mandat, expected to serve as key foundations in strengthening the
serta meningkatkan daya adaptasi Perseroan terhadap dinamika Company’s performance, safeguarding mandate accountability,
pasar di tahun-tahun mendatang. and enhancing the Company’s adaptability to market dynamics
in the years ahead.
PANDANGAN DEWAN KOMISARIS THE BOARD OF COMMISSIONERS'
TERHADAP PENERAPAN VIEW ON THE IMPLEMENTATION
KEUANGAN BERKELANJUTAN OF SUSTAINABLE FINANCE
Dewan Komisaris memandang penerapan keuangan berkelanjutan The Board of Commissioners found the implementation of
semakin relevan bagi Perseroan karena tidak hanya untuk sustainable finance as increasingly relevant to the Company,
memperkuat keberlanjutan bisnis, tetapi juga untuk memastikan not only to strengthen business sustainability, but also to make
mandat Perseroan dalam memperkuat pembiayaan perumahan sure that the Company's mandate to strengthen housing finance
dilaksanakan dengan memperhatikan aspek lingkungan dan sosial is completed with greater consideration for environmental and
secara lebih terukur. Dalam perspektif Dewan Komisaris, integrasi social aspects. In the Board of Commissioners' perspective, ESG
ESG merupakan elemen penting untuk menjaga kepercayaan integration is an important element in maintaining stakeholder
pemangku kepentingan, memperluas akses pendanaan jangka trust, expanding access to long-term funding, and strengthening
panjang, serta memperkuat ketahanan Perseroan terhadap risiko- the Company's resilience to risks that are increasingly influenced
risiko yang semakin dipengaruhi dinamika keberlanjutan. by sustainability dynamics.
Dewan Komisaris mengapresiasi komitmen Perseroan The Board of Commissioners appreciates the Company’s commitment
dalam memperkuat implementasi keuangan berkelanjutan, to strengthening the implementation of sustainable finance, among
antara lain melalui penyusunan Road Map ES-GRC sebagai others through the development of the ES-GRC Road Map as a
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kerangka penguatan Environmental, Social, Governance, dan framework to enhance a more integrated Environmental, Social,
Governance-Risk-Compliance yang lebih terintegrasi. Dewan Governance, and Governance-Risk-Compliance approach. The
Komisaris menilai keberadaan roadmap tersebut penting untuk Board of Commissioners considers the existence of this roadmap
memastikan inisiatif berkelanjutan tidak berjalan parsial, namun essential to ensure that sustainability initiatives are not implemented
terarah, terukur, dan selaras dengan strategi bisnis serta in a fragmented manner, but are instead well-directed, measurable,
penguatan tata kelola. and aligned with the Company’s business strategy and governance
strengthening efforts.
Dewan Komisaris juga memandang bahwa inisiatif pembiayaan The Board of Commissioners also views that green financing
hijau dan instrumen berwawasan sosial berada dalam koridor yang initiatives and socially oriented instruments remain within a
sejalan dengan mandat Perseroan dan agenda pembangunan corridor aligned with the Company’s mandate and the national
nasional. Dalam konteks SMF sebagai penyedia likuiditas development agenda. In the context of SMF’s role as a housing
pembiayaan perumahan, inisiatif berkelanjutan dipandang financing liquidity provider, sustainability initiatives are considered
relevan apabila mampu memperkuat kualitas portofolio dan relevant insofar as they strengthen portfolio quality and expand
memperluas manfaat pembiayaan, khususnya bagi masyarakat financing benefits, particularly for communities requiring more
yang membutuhkan akses hunian yang lebih inklusif, serta inclusive access to housing, while also promoting financing
mendorong praktik pembiayaan yang mempertimbangkan risiko practices that take risks and impacts into consideration.
dan dampak.
Dewan Komisaris menekankan bahwa penguatan keuangan The Board of Commissioners emphasizes that the strengthening
berkelanjutan perlu disertai pengukuran dampak (impact of sustainable finance should be accompanied by more
measurement) yang lebih terstruktur. Dewan Komisaris structured impact measurement. The Board of Commissioners
mendorong Direksi untuk memperjelas indikator outcome encourages the Board of Directors to further clarify outcome
yang paling relevan bagi Perseroan, misalnya indikator indicators most relevant to the Company, such as affordability
keterjangkauan, inklusi, serta penguatan kualitas mitigasi risiko and inclusion indicators, as well as the enhancement of social
sosial dan lingkungan, agar implementasi program berkelanjutan and environmental risk mitigation quality, thereby enabling
dapat ditunjukkan melalui capaian yang lebih terukur dan dapat sustainable initiatives to demonstrate measurable achievements
dievaluasi dari waktu ke waktu. that can be evaluated over time.
Ke depan, integrasi aspek ESG dalam strategi bisnis akan semakin Going forward, the integration of ESG aspects into the Company’s
penting untuk menjaga keberlanjutan jangka panjang, memperkuat business strategy will become increasingly important to obtain
kredibilitas Perseroan di mata investor dan pemangku kepentingan, long-term sustainability, strengthen the Company’s credibility
serta meningkatkan ketahanan Perseroan dalam menghadapi among investors and stakeholders, and enhance resilience
dinamika risiko yang turut dipengaruhi faktor lingkungan dan in responding to risk dynamics influenced by environmental
sosial. Dengan demikian, Dewan Komisaris mendorong agar and social factors. Accordingly, the Board of Commissioners
Road Map ES-GRC dan inisiatif keberlanjutan Perseroan terus encourages the continued disciplined implementation of the ES-
ditindaklanjuti secara disiplin melalui kebijakan, tata kelola, serta GRC Road Map and the Company’s sustainability initiatives through
pengelolaan risiko yang konsisten. consistent policies, governance practices, and risk management.
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PENILAIAN DEWAN KOMISARIS BOARD OF COMMISSIONERS'
ATAS KINERJA KOMITE DI BAWAH ASSESSMENT OF THE PERFORMANCE
DEWAN KOMISARIS TAHUN 2025 OF THE COMMITTEES UNDER THE
BOARD OF COMMISSIONERS IN 2025
PT Sarana Multigriya Finansial (Persero)
Komite di bawah Dewan Komisaris merupakan salah satu organ The committees under the Board of Commissioners are one of
tata kelola perusahaan untuk memperkuat kualitas fungsi the corporate governance bodies that strengthen the quality of
pengawasan dan pemberian nasihat oleh Dewan Komisaris kepada the Board of Commissioners' oversight and advisory functions
Direksi. Melalui pembahasan yang lebih mendalam pada bidang to the Board of Directors. Through in-depth discussions in
masing-masing, komite membantu Dewan Komisaris memastikan their respective fields, the committees assist the Board of
bahwa pengelolaan Perseroan berjalan selaras dengan prinsip Commissioners in ensuring that the Company's management
kehati-hatian, tata kelola yang baik, serta pengelolaan risiko is align with the principles of prudence, good governance, and
yang memadai, terutama pada area-area yang material bagi adequate risk management, especially in areas that are material
bisnis Perseroan to the Company's business.
Sepanjang tahun 2025, Dewan Komisaris didukung oleh Komite Throughout 2025, the Board of Commissioners was supported
Audit, Komite Pemantau Risiko, dan Komite Nominasi dan by the Audit Committee, the Risk Monitoring Committee, and
Remunerasi. Dewan Komisaris menilai, komite-komite tersebut the Nomination and Remuneration Committee. The Board of
telah menjalankan tugas sesuai keputusan Dewan Komisaris dan Commissioners assessed that these committees had performed
ketentuan yang berlaku. their duties in accordance with the decisions of the Board of
Commissioners and applicable regulations.
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Dalam pelaksanaannya, komite berperan sebagai forum kerja yang In practice, the committees serve as working forums that provide
memberikan analisis, penelaahan, serta rekomendasi atas isu-isu analysis, review, and recommendations on strategic and material
strategis dan material sesuai ruang lingkup masing-masing komite. issues within the scope of each committee.
Sepanjang tahun berjalan, fokus pembahasan komite diarahkan Throughout the year, the committees' discussions focused
pada area-area material, antara lain efektivitas pengendalian on material areas, including the effectiveness of internal
internal, kecukupan mitigasi risiko pendanaan dan likuiditas, controls, the adequacy of funding and liquidity risk mitigation,
kepatuhan, serta kualitas tindak lanjut atas rekomendasi compliance, and the quality of follow-up on supervisory
pengawasan. recommendations.
Penilaian Dewan Komisaris terhadap kinerja komite-komite The Board of Commissioners' assessment of the committees'
dilakukan berdasarkan: performance is based on:
1. Laporan berkala komite kepada Dewan Komisaris, termasuk 1. Periodic reports from the committees to the Board of
kelengkapan pembahasan dan konsistensi pelaporan; Commissioners, including the comprehensiveness of
discussions and consistency of reporting;
2. Kualitas rekomendasi komite, terutama yang terkait penguatan 2. The quality of committee recommendations, particularly
tata kelola, manajemen risiko, kepatuhan, dan pengendalian those related to strengthening governance, risk management,
internal; serta compliance, and internal controls; and
3. Tindak lanjut atas hasil pengawasan, termasuk pemantauan 3. Follow-up on supervisory results, including monitoring the
penyelesaian rekomendasi dan efektivitas perbaikan yang completion of recommendations and the effectiveness of
dijalankan manajemen. improvements implemented by management.
Dewan Komisaris menilai rekomendasi yang disampaikan The Board of Commissioners considers the recommendations
komite bersifat konstruktif dan mendukung efektivitas fungsi submitted by the committees to be constructive and supportive
pengawasan. Secara keseluruhan, Dewan Komisaris memandang of the effectiveness of the supervisory function. Overall, the Board
komite-komite telah berkontribusi signifikan dalam menjaga of Commissioners finds that the committees have contributed
kualitas tata kelola dan penguatan manajemen risiko Perseroan, significantly to maintaining the quality of governance and
termasuk melalui penajaman fokus pengawasan pada area-area strengthening the Company's risk management, including by
yang paling material serta penguatan akuntabilitas tindak lanjut sharpening the focus of supervision on the most material areas and
56
atas hasil pengawasan. strengthening accountability for follow-up on supervisory results.
Ke depan, Dewan Komisaris mendorong agar komite-komite Moving forward, the Board of Commissioners encourages the
terus meningkatkan kualitas pembahasan yang berbasis data committees to continue improving the quality of data- and risk-
Laporan Tahunan 2025 Annual Report
dan risiko, memperkuat monitoring tindak lanjut rekomendasi, based discussions, strengthening the monitoring of follow-up on
serta menjaga ketepatan fokus pengawasan sesuai dinamika recommendations, and maintaining the accuracy of the focus of
bisnis dan tantangan Perseroan. supervision in line with the Company's business dynamics and
challenges.
PENJELASAN DEWAN KOMISARIS EXPLANATION FROM THE BOARD
TERKAIT PERUBAHAN KOMPOSISI OF COMMISSIONERS REGARDING
DEWAN KOMISARIS DAN CHANGES IN THE COMPOSITION OF
ALASAN PERUBAHANNYA THE BOARD OF COMMISSIONERS AND
THE REASONS FOR THESE CHANGES
Sepanjang tahun buku 2025, tidak terdapat perubahan dalam Throughout the 2025 financial year, there were no changes in the
komposisi keanggotaan Dewan Komisaris PT Sarana Multigriya composition of the Board of Commissioners of PT Sarana Multigriya
Finansial (Persero). Stabilitas ini senantiasa kami optimalkan Finansial (Persero). This stability has been continuously optimized
untuk menjamin keberlanjutan fungsi pengawasan dan kualitas to obtain continuity of the supervisory function and the quality of
pemberian nasihat strategis kepada Direksi, demi tercapainya strategic advice provided to the Board of Directors, in support of the
target jangka panjang Perseroan. achievement of the Company’s long-term objectives.
APRESIASI DAN PENUTUP APPRECIATION AND CLOSING
Menutup Laporan Dewan Komisaris ini, kami menyampaikan In closing this Board of Commissioners' Report, we would like to
apresiasi kepada Direksi dan seluruh insan SMF atas dedikasi extend our appreciation to the Board of Directors and all SMF
dan kerja keras sepanjang tahun buku 2025. Di tengah dinamika employees for their dedication and hard work throughout the
pasar keuangan dan tantangan pengelolaan pendanaan jangka 2025 fiscal year. Amidst the dynamics of the financial market and
panjang, Perseroan tetap menjaga fokus pada mandatnya dalam the challenges of long-term funding management, the Company
Page 57
memperkuat pembiayaan perumahan, sekaligus memperluas remains focused on its mandate to strengthen housing finance,
akses hunian bagi masyarakat. Bagi Dewan Komisaris, capaian while expanding access to housing for the community. For the
tahun 2025 mencerminkan pentingnya disiplin kehati-hatian, Board of Commissioners, the achievements in 2025 reflect the
konsistensi tata kelola, serta ketanggapan organisasi dalam importance of prudential discipline, consistent governance, and
menavigasi perubahan. organizational responsiveness in navigating change.
Dewan Komisaris juga menyampaikan penghargaan kepada The Board of Commissioners also expressed its gratitude to the
Pemerintah, regulator, mitra lembaga keuangan, pemegang surat Government, regulators, financial institution partners, bondholders/
utang/investor, serta seluruh pemangku kepentingan yang terus investors, and all stakeholders who continue to provide support
memberikan dukungan dan kepercayaan kepada Perseroan. and trust to the Company. This trust is the main capital for SMF to
Kepercayaan tersebut menjadi modal utama bagi SMF untuk menjaga maintain its continuity as a provider of national housing financing
kesinambungan peran sebagai penyedia likuiditas pembiayaan liquidity and a fiscal policy instrument, while upholding integrity,
perumahan nasional dan instrumen kebijakan fiskal, dengan tetap transparency, and accountability.
menjunjung integritas, transparansi, dan akuntabilitas.
Memasuki tahun 2026, Dewan Komisaris menegaskan komitmennya Entering 2026, the Board of Commissioners reaffirms its commitment
untuk terus menjalankan fungsi pengawasan dan pemberian nasihat to continue performing its supervisory and advisory functions
secara efektif. Dewan Komisaris meyakini bahwa dengan fondasi effectively. The Board of Commissioners believes that with a
tata kelola yang terus diperkuat dan dukungan seluruh pemangku continuously strengthened governance foundation and the support
kepentingan, Perseroan memiliki ruang yang kuat untuk meningkatkan of all stakeholders, the Company has a strong foundation to enhance
perannya dalam ekosistem pembiayaan perumahan. its role in the housing finance ecosystem.
57
PT Sarana Multigriya Finansial (Persero)
Jakarta, 31 Maret 2026
Jakarta, March 31, 2026
Atas Nama Dewan Komisaris
On behalf of the Board of Commissioners
PT Sarana Multigriya Finansial (Persero)
Nufransa Wira Sakti
Komisaris Utama
President Commissioner
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58
Laporan Tahunan 2025 Annual Report
Ananta
Wiyogo
Direktur Utama
President Director
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LAPORAN DIREKSI
BOARD OF DIRECTOR REPORT
Pemegang Saham dan Pemangku Kepentingan yang Terhormat,
Dear Distinguished Shareholders and Stakeholders,
Puji syukur kami panjatkan ke hadirat Tuhan Yang We would like to express our gratitude to God
Maha Esa, atas rahmat dan karunia-Nya sehingga Almighty for His grace and blessings, enabling PT
PT Sarana Multigriya Finansial (Persero) (“SMF” atau Sarana Multigriya Finansial (Persero) (“SMF” or “the
“Perseroan”) dapat menutup Tahun Buku 2025 dengan Company”) to close the 2025 Fiscal Year with sustained
kinerja yang tetap terjaga. Sepanjang 2025, Perseroan performance. Throughout 2025, the Company strived to
berupaya menjaga keseimbangan antara pelaksanaan maintain a balance between conducting its mandate and
mandat dan penguatan fondasi bisnis, dengan tetap strengthening its business foundation, while maintaining
memelihara disiplin pengelolaan likuiditas, efisiensi, discipline in liquidity management, efficiency, and
serta ketangguhan organisasi dalam merespons organizational resilience in responding to changes in
perubahan lingkungan strategis. the strategic environment.
Sejalan dengan dinamika tersebut, kebutuhan In line with these dynamics, the public's need for decent
masyarakat atas hunian yang layak dan terjangkau tetap and affordable housing remains an issue that requires
menjadi agenda yang menuntut perhatian berkelanjutan. ongoing attention. The fulfillment of these needs is
Pemenuhan kebutuhan tersebut tidak hanya ditentukan determined not only by the availability of supply, but also
oleh ketersediaan pasokan, melainkan juga oleh by the resilience of the financing mechanism. The issue
ketahanan mekanisme pembiayaannya. Isu maturity of maturity mismatch, in which long-term mortgage
mismatch, yaitu pembiayaan KPR berjangka panjang financing is supported by shorter-term funding sources,
yang ditopang sumber pendanaan berjangka lebih makes the housing financing ecosystem vulnerable to
pendek, membuat ekosistem pembiayaan perumahan interest rate volatility and liquidity pressures. Therefore,
rentan terhadap volatilitas suku bunga dan tekanan strengthening mid/long-term financing is an important
likuiditas. Karena itu, penguatan pembiayaan jangka prerequisite for maintaining the continuity of mortgage
menengah/panjang menjadi prasyarat penting agar distribution and expanding access to housing in a more
kesinambungan penyaluran KPR dapat terjaga dan sustainable manner.
akses hunian dapat diperluas secara lebih berkelanjutan.
Dalam konteks tersebut, Perseroan meneguhkan 59
perannya untuk memperkuat mekanisme pembiayaan In this context, the Company reaffirms its role in
jangka menengah/panjang melalui sekuritisasi tagihan strengthening mid/long-term financing mechanisms
KPR dan penyaluran pinjaman kepada lembaga through mortgage securitization and lending to
penyalur KPR, sekaligus menjalankan mandat yang mortgage lenders, while also carrying out its expanding
PT Sarana Multigriya Finansial (Persero)
kian luas melalui berbagai instrumen pembiayaan mandate through various housing sector financing
sektor perumahan. Direksi memaknai peran Perseroan instruments. The Board of Directors interprets the
sebagai Special Mission Vehicle bukan hanya sebagai Company's role as a Special Mission Vehicle not only as
pelaksana fungsi liquidity provider, tetapi juga a liquidity provider, but also as leverage for public policy
sebagai pengungkit kebijakan publik yang menjaga that maintains the continuity of the national housing
kesinambungan sistem pembiayaan perumahan financing system and supports affordability, particularly
nasional dan mendukung keterjangkauan, terutama bagi for low-income communities, including through efforts
Masyarakat Berpenghasilan Rendah (MBR), termasuk to reduce the Government's fiscal burden in a measured
melalui upaya penurunan beban fiskal Pemerintah manner.
secara terukur.
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Sepanjang 2025, Direksi menghadapi kombinasi tantangan yang Throughout 2025, the Board of Directors faced a combination
menuntut kehati-hatian sekaligus Agility, antara lain tekanan of challenges that require both caution and agility, including
suku bunga dan dinamika pasar keuangan, perubahan regulasi interest rate pressures and financial market dynamics, regulatory
terkait BUMN, kondisi likuiditas lembaga keuangan, serta tuntutan changes related to state-owned enterprises, the liquidity
efisiensi anggaran. Menyikapi hal tersebut, Direksi mengarahkan conditions of financial institutions, and demands for budget
organisasi untuk memperkuat manajemen risiko, mengoptimalkan efficiency. Addressing this issue, the Board of Directors guided
struktur pendanaan, meningkatkan kapasitas internal, serta the organization to strengthen risk management, optimize
memperdalam sinergi dengan para pemangku kepentingan, its funding structure, increase internal capacity, as well as
dengan prinsip kehati-hatian dan tata kelola yang akuntabel. synergies with stakeholders, with the principles of prudence
and accountable governance.
Arah kerja Perseroan pada 2025 selaras dengan agenda RKAP The Company’s direction for 2025 is in line with the RKAP
yang menegaskan penguatan peran Perseroan sebagai liquidity agenda, which emphasizes strengthening the Company’s role
provider dan SMV fiscal tools di sektor perumahan. Arah tersebut as a liquidity provider and SMV fiscal tool in the housing sector.
dijalankan melalui pengembangan pendanaan yang lebih kompetitif, This direction is carried out through the development of more
perluasan akses sumber dana, penguatan kontribusi pada kebijakan competitive funding, expansion of access to funding sources,
fiskal yang tepat sasaran, serta dorongan pembiayaan perumahan strengthening of contributions to targeted fiscal policies, and
yang berkelanjutan. promotion of sustainable housing financing.
Pada saat yang sama, Perseroan menyiapkan kesinambungan langkah At the same time, the Company is preparing continuity measures
untuk 2026 agar mandat publik dan ketahanan keuangan dapat for 2026 so that its public mandate and financial resilience go hand
berjalan beriringan, sejalan dengan prioritas penguatan bisnis inti, in hand, in line with its priorities of strengthening its core business,
transformasi strategi pendanaan, dan penguatan kapasitas internal transforming its funding strategy, and strengthening its internal
di tengah peluang kebutuhan perumahan nasional yang masih tinggi capacity amid the continuing high demand for national housing
serta dinamika suku bunga dan volatilitas pasar modal. and the dynamics of interest rates and capital market volatility.
Pada kesempatan ini, izinkan Direksi menyampaikan apresiasi kepada On this occasion, the Board of Directors would like to express
Pemegang Saham, Dewan Komisaris, regulator, mitra strategis, serta its appreciation to the Shareholders, Board of Commissioners,
seluruh insan SMF atas kepercayaan, arahan, dan kontribusinya regulators, strategic partners, and all SMF employees for their trust,
60
sepanjang 2025. Kepercayaan tersebut menjadi energi utama guidance, and contributions throughout 2025. This trust has been
bagi Perseroan untuk terus memperkuat peran strategisnya dalam the main driving force for the Company to continue strengthening
ekosistem pembiayaan perumahan nasional dan menghadirkan its strategic role in the national housing finance ecosystem and
dampak yang semakin luas bagi masyarakat. bringing about an increasingly broad impact on society.
Laporan Tahunan 2025 Annual Report
DINAMIKA EKONOMI GLOBAL: MODERASI GLOBAL ECONOMIC DYNAMICS:
PERTUMBUHAN DAN ARAH SUKU BUNGA MODERATION IN GROWTH AND
INTEREST RATE DIRECTION
Dalam beberapa tahun terakhir, perekonomian global menghadapi In recent years, the global economy has faced a series of
guncangan beruntun, mulai dari ketegangan geopolitik, gangguan shocks, ranging from geopolitical tensions and supply chain
rantai pasok, hingga volatilitas harga energi dan pangan, yang disruptions to energy and food price volatility, creating a
membentuk lingkungan usaha dengan ketidakpastian yang lebih business environment with greater uncertainty. International
tinggi. Proyeksi lembaga internasional menunjukkan pertumbuhan institutions project moderate global growth in 2025, noting
global yang cenderung moderat pada 2025, dengan catatan that escalating geopolitical conflicts could alter the trajectory
bahwa eskalasi konflik geopolitik berpotensi mengubah lintasan of inflation and growth.
inflasi dan pertumbuhan.
Di negara-negara utama, perlambatan dipengaruhi tingginya In major countries, the slowdown was influenced by high
biaya pinjaman dan pelemahan permintaan domestik, sementara borrowing costs and weakening domestic demand, while the
proses disinflasi berjalan bertahap. Sejalan dengan itu, pasar disinflation process was gradual. Consequently, the market began
juga membentuk ekspektasi penurunan suku bunga acuan bank to anticipate a reduction in the US central bank’s benchmark
sentral AS setelah siklus pengetatan yang panjang. interest rate after an extended period of monetary tightening.
Arah suku bunga global dan sentimen risiko akan mempengaruhi Global interest rate trends and risk sentiment will continue to
kondisi pasar surat utang, biaya dana, serta risk appetite investor. influence bond market conditions, funding costs, and investor
Bagi SMF yang mengandalkan pendanaan pasar untuk mengalirkan risk appetite. For the Company that rely on market-based funding
dana jangka menengah/panjang ke sektor perumahan, konsistensi to channel medium and long-term financing to the housing
strategi pendanaan dan pengelolaan risiko pasar menjadi penentu sector, consistent funding strategies and effective market risk
penting agar fungsi intermediasi dapat berjalan stabil. management are essential to maintaining stable intermediation.
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EKONOMI NASIONAL DAN STABILITAS NATIONAL ECONOMY AND
SEKTOR KEUANGAN: RUANG FINANCIAL SECTOR STABILITY:
KEBIJAKAN DAN KEHATI-HATIAN POLICY SPACE AND PRUDENCE
Pada sisi domestik, stabilitas ekonomi dan sektor keuangan Domestically, economic and financial sector stability remained
tetap menjadi jangkar penting. Kebijakan moneter menunjukkan a key anchor. Monetary policy showed room for easing amid
ruang pelonggaran ketika inflasi terkendali, nilai tukar stabil, controlled inflation, exchange rate stability, and the need to sustain
dan pertumbuhan perlu terus didorong. Di sisi lain, dinamika economic growth. Nevertheless, external developments continued
eksternal tetap perlu dicermati, antara lain tren pelemahan surplus to warrant close attention, including the moderating trend in the
perdagangan dan risiko perlambatan global. trade surplus alongside the risk of a global economic slowdown.
Kami juga menggarisbawahi ekspektasi penurunan suku bunga We also highlight expectations of a gradual decline in domestic
kebijakan domestik setelah penurunan ke level tertentu pada 2025, policy interest rates once they reach an appropriate level in
dengan implikasi positif terhadap valuasi portofolio instrumen 2025, which may provide positive momentum for the valuation of
berbasis suku bunga. Pergerakan suku bunga dan volatilitas interest rate–sensitive instruments within the Company’s portfolio.
pasar keuangan berdampak langsung pada biaya dana, strategi Interest rate movements and financial market volatility continue to
likuiditas, serta timing dan struktur instrumen pendanaan. influence funding costs, liquidity strategies, as well as the timing
Sementara itu, faktor eksternal yang mempengaruhi strategi and structure of funding instruments. At the same time, external
2025 meliputi pergerakan suku bunga, volatilitas pasar, perubahan dynamics shaping the Company’s 2025 strategy include interest
regulasi terkait BUMN, serta kondisi likuiditas lembaga keuangan. rate developments, market volatility, regulatory changes affecting
state-owned enterprises, and the liquidity conditions of financial
institutions.
Dengan demikian, disiplin ALMA/likuiditas, diversifikasi sumber Therefore, the Company continues to strengthen disciplined
pendanaan, dan efisiensi operasional menjadi respons yang asset-liability and liquidity management (ALMA), diversify
relevan. funding sources, and enhance operational efficiency to maintain
sustainable and resilient business performance.
INDUSTRI PEMBIAYAAN PERUMAHAN: HOUSING FINANCE INDUSTRY:
RUANG TUMBUH DAN TANTANGAN GROWTH OPPORTUNITIES AND
PENDALAMAN PASAR MARKET ADVANCING CHALLENGES
Dari perspektif industri, kebutuhan pembiayaan perumahan From industrial perspective, housing financing needs are
meningkat, sementara penetrasi KPR masih relatif rendah. increasing, while mortgage penetration remains relatively low.
Perseroan mencatat rasio outstanding KPR terhadap PDB Indonesia The Company notes that the ratio of outstanding mortgages to
berada pada kisaran 3–4%, lebih rendah dibandingkan beberapa Indonesia's GDP is in the range of 3–4%, which is lower than in
negara kawasan, yang menunjukkan ruang pengembangan pasar several other countries in the region, indicating that there is still
pembiayaan perumahan nasional masih terbuka luas. opportunity for growth in the national housing finance market.
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Namun pendalaman pasar melalui sekuritisasi masih menghadapi However, market advancing through securitization still faces
tantangan, antara lain keterbatasan basis investor, likuiditas challenges, including limited investor base, instrument liquidity,
instrumen, serta kebutuhan standardisasi aset. Pada saat yang and the need for asset standardization. At the same time,
PT Sarana Multigriya Finansial (Persero)
sama, stabilitas makro yang relatif terjaga, bonus demografi, dan relatively stable macroeconomic conditions, demographic
peningkatan kebutuhan hunian perkotaan membuka peluang untuk bonus and increased demand for urban housing unlock
memperkuat pembiayaan jangka panjang yang lebih inovatif dan opportunities to strengthen more innovative and competitive
berdaya saing. long-term financing.
Struktur pasar tersebut menegaskan relevansi mandat SMF: This market structure emphasize the relevance of SMF's
memperkuat pembiayaan jangka menengah/panjang, mengurangi mandate: strengthening mid/long-term financing, reducing
maturity mismatch, serta mendorong pengembangan instrumen maturity mismatches, and encouraging the development of
dan ekosistem yang memperluas akses pembiayaan perumahan. instruments and ecosystems that expand access to housing
Konteks industri ini juga menjelaskan mengapa strategi 2025 finance. This industry context also explains why the 2025
perlu menyeimbangkan agenda perluasan pembiayaan dengan strategy needs to balance the agenda of financing expansion
ketahanan pendanaan dan manajemen risiko. with funding resilience and risk management.
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Laporan Manajemen
Management Report
PERKEMBANGAN SMF DI TAHUN 2025 SMF DEVELOPMENT IN 2025
Sekilas Tentang SMF dan Mandat Strategis Overview of SMF and its Strategic Mandate
Sejak berdiri pada 22 Juli 2005, SMF menjalankan mandat untuk Since its establishment on July 22, 2005, SMF has carried out
membangun dan mengembangkan pasar pembiayaan sekunder its mandate to build and develop the secondary housing finance
perumahan melalui pengaliran dana jangka menengah/panjang market by channelling mid/long-term funds to mortgage lenders
kepada lembaga penyalur KPR, serta fasilitasi sekuritisasi tagihan and facilitating the securitization of mortgage receivables into
KPR menjadi Efek Beragun Aset (EBA) di pasar modal. Melalui Residential Mortgage Backed Securities (RMBS) in the capital
mekanisme tersebut, tagihan KPR yang semula tidak likuid dapat market. Through this mechanism, mortgage receivables that
dikonversi menjadi instrumen yang lebih likuid, sehingga kapasitas were originally non liquid can be converted into more liquid
pembiayaan perumahan dapat berputar dan meningkat secara instruments, thereby enabling housing financing capacity to
lebih berkelanjutan. circulate and increase in a more sustainable manner.
Seiring perkembangan mandat, cakupan dukungan pembiayaan As the mandate evolves, the scope of financing support is
juga semakin diperluas. SMF tidak hanya berfokus pada also expanding. SMF not only focuses on financing ready-
pembiayaan rumah siap huni, tetapi turut mendorong akses to-occupy homes, but also promotes access to financing for
pembiayaan untuk kebutuhan perumahan lainnya, termasuk other housing needs, including micro housing financing and
pembiayaan mikro perumahan dan dukungan terhadap perbaikan/ support for home repairs/renovations, so that the benefits of
renovasi hunian, agar manfaat pembiayaan perumahan dapat housing financing can reach a more diverse segment of society,
menjangkau segmen masyarakat yang lebih beragam, termasuk including informal workers and target groups.
pekerja informal dan kelompok sasaran.
Sepanjang 2025, Perseroan bergerak dalam lingkungan Throughout 2025, the Company operated in a funding
pendanaan yang menuntut ketepatan pengambilan keputusan. environment that demands precise decision-making. Interest
Dinamika suku bunga dan kondisi pasar obligasi memengaruhi rate dynamics and bond market conditions affect funding
biaya dana dan ketersediaan likuiditas, sementara kompetisi costs and liquidity availability, while funding competition and
pendanaan dan preferensi investor mendorong kebutuhan investor preferences drive the need for more adaptive funding
pengelolaan pendanaan yang lebih adaptif. Pada saat yang management. The nature of the housing finance industry, which
sama, karakter industri pembiayaan perumahan yang masih was still facing maturity mismatch challenges, underscores the
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menghadapi tantangan maturity mismatch menegaskan importance of sustainable mid/long-term funding to maintain
pentingnya keberlanjutan pendanaan jangka menengah/panjang housing finance intermediation.
agar intermediasi pembiayaan perumahan tetap terjaga.
Laporan Tahunan 2025 Annual Report
Menjawab konteks tersebut, SMF menegaskan fokus kerja pada In response to this context, SMF emphasizes its focus on
penguatan fondasi pendanaan dan pengelolaan risiko agar aliran strengthening its funding foundation and risk management so
pembiayaan perumahan tetap stabil, kompetitif, dan terukur. that the flow of housing finance remains stable, competitive,
Penguatan dilakukan melalui disiplin pengelolaan likuiditas, and measurable. This strengthening is carried out through
penyesuaian strategi pendanaan sesuai dinamika pasar, serta disciplined liquidity management, adjustments to funding
penguatan tata kelola dan proses pengambilan keputusan agar strategies in line with market dynamics, and strengthening
setiap langkah tetap sejalan dengan prinsip kehati-hatian. Di saat governance and decision-making processes so that every
yang sama, Perseroan melanjutkan agenda pendalaman pasar step remains in line with the principle of prudence. At the same
pembiayaan sekunder melalui penguatan mekanisme sekuritisasi time, the Company continues its agenda of advancing the
dan penguatan ekosistem yang mendukung standardisasi dan secondary financing market by strengthening securitization
kepercayaan pemangku kepentingan, sehingga kapasitas mechanisms and the ecosystem that supports standardization
pembiayaan perumahan dapat tumbuh secara lebih efisien. and stakeholder trust, so that housing financing capacity can
grow more efficiently.
Perkembangan Perseroan pada 2025 turut mencerminkan The Company's development in 2025 also reflects its
penguatan peran dalam ekosistem pembiayaan perumahan. Di strengthened role in the housing finance ecosystem. In addition
samping memastikan fungsi liquidity provider berjalan efektif, to ensuring the effective functioning of liquidity providers,
SMF memperkuat pelaksanaan mandat publik melalui dukungan SMF strengthens the implementation of its public mandate by
terhadap program pemerintah dan pengembangan instrumen supporting government programs and developing instruments
yang memperluas keterjangkauan pembiayaan, khususnya bagi that expand financing accessibility, particularly for low-income
MBR, dengan tetap berpegang pada prinsip kehati-hatian dan communities, while still adhering to the principles of prudence
tata kelola yang akuntabel. and accountable governance.
Dengan demikian, perjalanan 2025 dapat dipahami melalui dua Thus, the journey of the Company in 2025 can be
tarikan napas yang saling menguatkan. Pertama, penguatan understood through two mutually reinforcing approaches.
pembiayaan perumahan melalui ketahanan pendanaan jangka First, strengthening housing finance through mid/long-term
menengah/panjang, pengelolaan likuiditas yang disiplin, serta funding resilience, disciplined liquidity management, and
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penguatan mekanisme pasar pembiayaan sekunder untuk strengthening secondary financing market mechanisms to
menekan kesenjangan jatuh tempo secara bertahap. Kedua, gradually reduce maturity gaps. Secondly, expanding access
perluasan akses hunian melalui penguatan kontribusi mandat to housing through strengthening the contribution of public
publik dan dukungan ekosistem agar pembiayaan perumahan mandates and ecosystem support so that housing financing
semakin inklusif dan tepat sasaran, tanpa mengesampingkan becomes more inclusive and targeted, without compromising
prinsip kehati-hatian dan tata kelola yang akuntabel. the principles of prudence and accountable governance.
STRATEGI DAN PROGRAM STRATEGIS 2025 STRATEGY AND STRATEGIC
PROGRAM 2025
Strategi dan Program Strategis tahun 2025 dirumuskan sebagai The Strategy and Strategic Program for 2025 were formulated
respons adaptif terhadap dinamika ekonomi, dengan fokus utama as an adaptive response to economic dynamics, with a primary
pada tema “Penguatan Peran Perseroan sebagai Liquidity Provider focus on the theme of “Strengthening the Company's Role as a
dan SMV Fiscal Tools di Sektor Perumahan”. Liquidity Provider and SMV Fiscal Tools in the Housing Sector.”
Perseroan mengarahkan strategi untuk memperkuat ketahanan The Company directs its strategy towards strengthening
pembiayaan perumahan dan memperluas akses hunian bagi housing finance resilience and expanding access to housing
masyarakat, selaras dengan mandat Perseroan sebagai liquidity for the community, align with its mandate as a liquidity provider
provider dan Special Mission Vehicle di sektor perumahan. Strategi and Special Mission Vehicle in the housing sector. This strategy
ini diterjemahkan ke dalam empat arah kebijakan utama yang is translated into four complementary main policy directions,
saling melengkapi, mulai penguatan pembiayaan perumahan yang starting with strengthening sustainable housing financing,
berkelanjutan, pendanaan kreatif yang mendukung pembangunan creative funding that supports sustainable development,
berkelanjutan, menjadi katalisator utama Pemerintah dalam becoming the main catalyst for the Government in formulating
perumusan dan pelaksanaan kebijakan fiskal di sektor perumahan, and implementing fiscal policies in the housing sector, as well
serta pengelolaan perusahaan yang transparan dan akuntabel as transparent and accountable corporate management in
dalam mendukung bisnis yang Sustain dan Adaptif. Seluruhnya supporting a sustainable and adaptive business. All of these
dirancang agar eksekusi mandat publik berjalan seiring dengan are designed so that the execution of the public mandate
ketahanan keuangan dan prinsip kehati-hatian. goes hand in hand with financial resilience and the principle
of prudence.
1. Mendorong Pembiayaan Perumahan yang Berkelanjutan 1. Promoting Sustainable Housing Financing
Perseroan memfokuskan upaya pada penguatan pembiayaan The Company focuses its efforts on strengthening
perumahan secara berkelanjutan melalui optimalisasi produk sustainable housing financing through the optimization of
eksisting, sekaligus pengembangan pembiayaan yang existing products, as well as the development of financing
mendukung agenda perumahan hijau dan berkelanjutan. Arah that supports the green and sustainable housing agenda.
ini ditempuh untuk menjaga kesinambungan aliran pembiayaan This direction is taken to maintain the continuity of mid/
jangka menengah/panjang kepada lembaga penyalur, serta long-term financing flows to distribution institutions, as well
memperkuat kualitas dan relevansi portofolio pembiayaan as to strengthen the quality and relevance of the financing
sejalan dengan kebutuhan masyarakat dan perkembangan portfolio, in line with community needs and housing policy 63
kebijakan perumahan. developments.
Program Kerja Utama 2025 Key Work Program for 2025
• Optimalisasi produk pembiayaan yang telah berjalan • Optimization of existing financing products to improve
PT Sarana Multigriya Finansial (Persero)
untuk meningkatkan efektivitas intermediasi pembiayaan the effectiveness of housing finance intermediation.
perumahan.
• Pengembangan dukungan pembiayaan untuk produk • Development of financing support for green/sustainable
rumah hijau/berkelanjutan dan inisiatif yang relevan housing products and initiatives relevant to improving
dengan peningkatan kualitas hunian. housing quality.
2. Pendanaan Kreatif untuk Mendukung Pembangunan 2. Creative Funding to Support Sustainable Development
Berkelanjutan
Dalam merespons dinamika biaya dana dan kompetisi In response to the dynamics of funding costs and liquidity
likuiditas di pasar, Perseroan memperkuat strategi pendanaan competition in the market, the Company is strengthening its
melalui pendekatan yang kreatif dan adaptif. Fokusnya funding strategy through a creative and adaptive approach.
adalah memperluas ragam sumber pendanaan agar lebih The focus is on expanding the range of funding sources to
resilien, sekaligus menjaga efisiensi biaya dana dengan tetap be more resilient, while maintaining funding cost efficiency
memperhatikan profil risiko dan ketentuan yang berlaku. with due regard to the risk profile and prevailing regulations.
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Laporan Manajemen
Management Report
Program Kerja Utama 2025 Key Work Program for 2025
• Optimalisasi sumber pendanaan non-komersial yang • Optimizing relevant non-commercial funding sources
relevan (misalnya hibah/filantropi) sesuai kebutuhan (e.g., grants/philanthropy) in accordance with program
program dan ketentuan. needs and provisions.
• Penerbitan surat utang baik konvensional maupun tematik • Issuance of conventional and thematic debt securities in
sesuai kondisi pasar dan kebutuhan pendanaan. accordance with market conditions and funding needs.
• Optimalisasi ekuitas/struktur permodalan untuk menjaga • Optimization of equity/capital structure to maintain
kapasitas pembiayaan dan ketahanan keuangan. financing capacity and financial resilience.
3. Menjadi Katalisator Kebijakan Fiskal dan Penguatan 3. Becoming a Catalyst for Fiscal Policy and Strengthening
Ekosistem Pembiayaan Perumahan the Housing Financing Ecosystem Main work program
for 2025
Perseroan memperkuat perannya sebagai katalis dalam The Company strengthens its role as a catalyst in the
perumusan dan pelaksanaan kebijakan fiskal di sektor formulation and implementation of fiscal policy in the
perumahan melalui dukungan ekosistem yang terstruktur, housing sector through structured, research-based, and
berbasis kajian, dan kolaboratif. Arah kebijakan ini collaborative ecosystem support. This policy direction is
dimaksudkan untuk meningkatkan efektivitas intervensi intended to increase the effectiveness of housing sector
sektor perumahan, memperluas keterjangkauan pembiayaan, interventions, expand financing accessibility, and accelerate
serta mempercepat konsolidasi pemangku kepentingan agar stakeholder consolidation so that the financing ecosystem
ekosistem pembiayaan bekerja lebih efisien dan tepat sasaran. works more efficiently and effectively.
Program Kerja Utama 2025 Key Work Program for 2025
Penguatan peran sekretariat ekosistem pembiayaan Strengthening the role of the housing finance ecosystem
perumahan untuk memperkuat koordinasi lintas pemangku secretariat to enhance coordination among stakeholders.
kepentingan.
• Penguatan fungsi riset dan pengembangan kebijakan • Strengthening research and policy development functions
melalui SMF Research Institute (SRI) sebagai basis through the SMF Research Institute (SRI) as a basis for
rekomendasi kebijakan dan pengembangan ekosistem. policy recommendations and ecosystem development.
• Penguatan sinergi dengan kementerian/lembaga dan • Strengthening synergies with ministries/agencies
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pemangku kepentingan di daerah untuk memperluas and stakeholders in the regions to expand the
implementasi dan jangkauan program perumahan. implementation and reach of housing programs.
4. Pengelolaan Perusahaan yang Transparan dan Akuntabel 4. Transparent and Accountable Corporate Governance
Laporan Tahunan 2025 Annual Report
untuk Bisnis yang Adaptif for Adaptive Business
Untuk memastikan seluruh strategi berjalan konsisten dan To ensure that all strategies are implemented consistently
terukur, Perseroan memperkuat tata kelola, efektivitas and measurably, the Company reinforces its governance,
operasional, serta kapabilitas internal. Arah ini menegaskan operational effectiveness, and internal capabilities. This
bahwa penguatan pembiayaan dan perluasan akses direction emphasizes that strengthening financing and
tidak dapat dipisahkan dari disiplin pengendalian internal, expanding access is inseparable from internal control
manajemen risiko, efisiensi, dan pengembangan SDM. discipline, risk management, efficiency, and human capital
development.
Program Kerja Utama 2025 Key Work Program for 2025
• Penguatan peran Perseroan dalam mendorong sektor • Strengthening the Company's role in promoting the
perumahan melalui penyelarasan proses bisnis dan housing sector through business process alignment
peningkatan kualitas eksekusi. and improved execution quality.
• Pengembangan sistem pendukung efektivitas bisnis dan • Developing systems to support business effectiveness
kegiatan operasional. and operational activities.
• Penerapan GRC yang baik dan terukur serta penguatan • Implementing sound and measurable GRC and
manajemen risiko. strengthening risk management.
• Pengembangan metode penilaian kinerja proyek berbasis • Developing OKR-based project performance
OKR. assessment methods.
• Pengelolaan anggaran yang efektif, efisien, dan transparan. • Effective, efficient, and transparent budget
management.
• Penguatan learning culture untuk mendukung knowledge • Strengthening the learning culture to support knowledge
management dan pengembangan kapabilitas SDM secara management and sustainable human capital capability
berkelanjutan. development.
Dalam menetapkan strategi dan kebijakan strategis 2025, Direksi In determining its 2025 strategy and strategic policies, the
mempertimbangkan sejumlah faktor, antara lain dinamika suku Board of Directors considered a number of factors, including
bunga dan kondisi pasar surat utang yang mempengaruhi interest rate dynamics and bond market conditions that
Page 65
biaya dana; kondisi likuiditas serta strategi refinancing lembaga affect funding costs; liquidity condition as well as refinancing
penyalur; kebutuhan pendalaman pasar pembiayaan sekunder; strategies of lending institutions; the need to advance the
arah kebijakan pemerintah di sektor perumahan; serta kebutuhan secondary financing market; the direction of Government policy
menjaga kualitas aset, ketahanan likuiditas, dan akuntabilitas in the housing sector; and the need to maintain asset quality,
tata kelola. Dengan pertimbangan tersebut, Perseroan liquidity resilience, and governance accountability. Given these
memastikan strategi 2025 tetap adaptif, terukur, dan dapat considerations, the Company ensures that its 2025 strategy
dipertanggungjawabkan. remains adaptive, measurable, and accountable.
Peranan Direksi dalam Perumusan Strategi dan Kebijakan The Role of the Board of Directors in Formulating the
Strategis Tahun 2025 2025 Strategy and Strategic Policy
Direksi memegang peran sentral dalam memastikan strategi The Board of Directors plays a central role in ensuring that the
dan kebijakan strategis Perseroan dirumuskan secara terarah, Company's strategies and strategic policies are formulated in
terukur, serta selaras dengan mandat Perseroan sebagai Special a focused and measurable manner, in line with the Company's
Mission Vehicle di sektor pembiayaan perumahan. Peran tersebut mandate as a Special Mission Vehicle in the housing finance
tidak hanya mencakup penetapan arah dan prioritas, tetapi juga sector. This role not only includes setting directions and
memastikan strategi memiliki dasar analisis yang kuat, mekanisme priorities, but also affirming that strategies are based on
pengambilan keputusan yang akuntabel, serta rencana eksekusi solid analysis, accountable decision-making mechanisms,
yang dapat dipantau secara berkala. and execution plans that can be monitored regularly.
Dalam perumusan strategi 2025, Direksi memimpin proses In formulating the 2025 strategy, the Board of Directors led the
perencanaan tahunan melalui koordinasi lintas fungsi, dengan annual planning process through cross-functional coordination,
mengintegrasikan masukan dari unit bisnis, keuangan dan by integrating input from business units, finance and funding,
pendanaan, manajemen risiko, kepatuhan, serta fungsi pendukung risk management, compliance, and other support functions. The
lainnya. Penyusunan strategi dilakukan dengan mengacu pada strategy is formulated with reference to the Company's 2022-2026
rencana jangka panjang perusahaan 2022–2026, arah kebijakan long-term plan, government policy directions and programs in
dan program pemerintah di sektor perumahan, perkembangan the housing sector, developments in macro and microeconomic
kondisi makro dan mikro ekonomi, baik realisasi maupun conditions, both actual and projected as well as evaluations of
proyeksinya, serta evaluasi atas kinerja dan pembelajaran dari performance and lessons learned from the previous year. With this
tahun sebelumnya. Dengan fondasi tersebut, Direksi memastikan foundation, the Board of Directors conclude that the formulated
bahwa strategi yang dirumuskan tidak bersifat reaktif, melainkan strategy is not reactive, but adaptive and relevant to the dynamics
adaptif dan relevan terhadap dinamika biaya dana, likuiditas pasar, of funding costs, market liquidity, and the need to enhance the
serta kebutuhan pendalaman ekosistem pembiayaan perumahan. housing financing ecosystem.
Direksi juga memastikan setiap kebijakan strategis berada dalam The Board of Directors also ensures that every strategic
koridor mandat Pemegang Saham dan memperoleh penguatan policy is within the mandate of the Shareholders and is
melalui arahan dan pengawasan Dewan Komisaris. Dengan reinforced through the guidance and supervision of the Board
demikian, strategi 2025 tidak hanya memenuhi kebutuhan bisnis of Commissioners. Thus, the 2025 strategy not only meets
dan mandat publik, tetapi juga dapat dipertanggungjawabkan business needs and public mandates, but is also accountable
baik dari sisi kepatuhan, manajemen risiko, maupun efektivitas in terms of compliance, risk management, and implementation 65
implementasi. effectiveness.
Proses dan Mekanisme Perumusan Strategi dan Kebijakan Process and Mechanism For Formulating Strategies
Strategis and Strategic Policies
PT Sarana Multigriya Finansial (Persero)
Untuk menjaga kualitas perumusan strategi, Direksi menerapkan To maintain the quality of strategy formulation, the Board of
mekanisme yang terstruktur, antara lain: Directors implements structured mechanisms, including:
• Forum manajemen dan koordinasi lintas divisi, untuk • Cross-divisional management and coordination forums
menyepakati prioritas strategis, peta program kerja, dan to agree on strategic priorities, work program maps,
keterkaitan antar-inisiatif. and inter-initiative linkages.
• Kajian risiko dan uji kewajaran asumsi, untuk memastikan • Risk assessment and assumption reasonableness
strategi memiliki mitigasi yang memadai dan konsisten dengan testing so that strategies have adequate mitigation
profil risiko Perseroan. and are consistent with the Company's risk profile.
• Pembahasan dengan organ pengawasan, termasuk • Discussions with supervisory organs, including
penyelarasan dengan arahan Dewan Komisaris, agar strategi alignment with the Board of Commissioners' guidance,
dan kebijakan strategis memiliki check and balance yang kuat. to ensure that strategies and strategic policies have
• Finalisasi rencana kerja tahunan yang memuat target, indikator strong checks and balances.
kinerja, serta rencana monitoring-evaluasi, sehingga eksekusi • Finalization of annual work plans that include targets,
strategi dapat diukur dan ditingkatkan dari waktu ke waktu. performance indicators, and monitoring and evaluation
plans, so that strategy execution can be measured and
improved over time.
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Melalui peran dan mekanisme tersebut, Direksi memastikan strategi Through these roles and mechanisms, the Board of Directors
dan kebijakan strategis 2025 tidak hanya ditetapkan dengan believes that the 2025 strategy and strategic policies are
tepat, tetapi juga dijalankan secara konsisten, keseimbangan not only properly established, but also implemented in
antara pencapaian mandat publik, ketahanan pendanaan, serta consistently balancing the fulfilment of public mandates,
penguatan tata kelola yang akuntabel. funding sustainability, and the strengthening of accountable
governance.
Proses yang Dilakukan Direksi untuk Memastikan Processes Undertaken by the Board of Directors to
Implementasi Strategi 2025 Ensure Implementation of the 2025 Strategy
Setelah strategi dan kebijakan strategis 2025 ditetapkan, Once the 2025 strategy and strategic policies have been
Direksi memastikan implementasinya berjalan konsisten melalui established, the Board of Directors ensures consistent
pengawalan yang terstruktur, terukur, dan akuntabel. Pengawalan implementation through structured, measurable, and
ini mencakup penurunan strategi ke level operasional, penataan accountable oversight. This oversight includes translating
tata kelola eksekusi, pemantauan kinerja dan risiko secara berkala, the strategy to the operational level, establishing governance
serta tindakan korektif apabila terjadi deviasi akibat perubahan for execution, monitoring performance and risks on a regular
kondisi pasar maupun dinamika internal. Dengan pengawalan basis, and taking corrective action in the event of deviations
tersebut, kami memastikan strategi tidak berhenti pada tahap due to changes in market conditions or internal dynamics.
perencanaan, melainkan diwujudkan menjadi program kerja yang With this oversight, we ensure that strategies do not stop at
menghasilkan capaian yang dapat dipertanggungjawabkan. the planning stage, but are translated into work programs that
produce accountable results.
Penurunan Strategi ke Rencana Kerja Operasional yang Terukur Translating Strategy into Measurable Operational Work Plans
Direksi memastikan strategi diturunkan secara sistematis ke The Board of Directors believes that strategy is systematically
dalam rencana kerja lintas fungsi, meliputi program prioritas, translated into cross-functional work plans, including priority
target dan indikator kinerja, penanggung jawab (PIC), serta jadwal programs, targets and performance indicators, persons in
pelaksanaan. Pada tahap ini, Direksi menegaskan keterkaitan charge (PIC), and implementation schedules. At this stage,
antara sasaran strategis dengan output yang diharapkan, sehingga the Board of Directors emphasizes the link between strategic
setiap inisiatif memiliki arah yang jelas, ukuran keberhasilan yang objectives and expected outputs, so that each initiative has a
terdefinisi, dan kontribusi yang dapat ditelusuri terhadap mandat clear direction, defined measures of success, and a traceable
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Perseroan. Proses yang dilakukan meliputi: contribution to the Company's mandate. The process involves:
• Penyelarasan target strategis dengan KPI/OKR unit kerja dan • Aligning strategic targets with the KPIs/OKRs of key work
individu kunci. units and individuals.
• Penetapan PIC dan milestone per program untuk memastikan • Determining the PIC and milestones for each program to
Laporan Tahunan 2025 Annual Report
kepemilikan dan disiplin eksekusi. obtain ownership and execution discipline.
• Penguncian kebutuhan sumber daya (anggaran, SDM, sistem) • Locking in resource requirements (budget, human capital,
agar eksekusi tidak terhambat di tengah jalan. systems) so that execution is not hampered midway.
Tata Kelola Eksekusi: Forum Kinerja, Dashboard, dan Mekanisme Execution Governance: Performance Forums, Dashboards,
Eskalasi and Escalation Mechanisms
Direksi menerapkan tata kelola pelaksanaan untuk memastikan The Board of Directors reinforces execution governance to
program berjalan sesuai prioritas dan jadwal. Direksi menggunakan ensure that programs are implemented in line with established
forum kinerja berkala untuk memonitor realisasi program, priorities and timelines. Regular performance forums are
mengidentifikasi hambatan, serta memastikan keputusan dapat utilized to monitor program implementation, identify potential
diambil tepat waktu. Untuk menjaga konsistensi, pemantauan challenges, and enable timely decision-making. To maintain
dilengkapi dengan dashboard kinerja dan daftar isu (issue log) execution consistency, this monitoring process is supported by
yang mencatat status tindak lanjut, antara lain melalui: performance dashboards and issue logs that track the status of
• Rapat kinerja berkala untuk menilai progres program prioritas follow-up actions, including through the following mechanisms:
dan capaian KPI. • Regular performance meetings to assess the progress of
• Dashboard manajemen untuk memantau indikator utama priority programs and KPI achievements.
(kinerja, likuiditas, biaya dana, kualitas aset, serta indikator • Management dashboards to monitor key indicators
operasional yang relevan). (performance, liquidity, funding costs, asset quality, and
• Eskalasi isu lintas fungsi untuk memastikan hambatan yang relevant operational indicators).
berdampak material segera ditangani. • Cross-functional issue escalation to have material obstacles
to be addressed immediately.
Pengawalan Risiko dan Kepatuhan Sebagai “Risk Gate” dalam Risk and compliance monitoring as a “Risk Gate” in
pelaksanaan Implementation
Mengingat peran Perseroan dalam pembiayaan jangka menengah– Given the Company's role in medium to long-term financing
panjang dan kedekatannya dengan dinamika pasar keuangan, and its proximity to financial market dynamics, the Board of
Direksi memastikan implementasi strategi melewati risk gate yang Directors ensures that strategies are implemented through an
memadai. Artinya, setiap inisiatif yang berdampak material, baik adequate risk gate. This means that every initiative that has
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dari sisi pendanaan, transaksi, maupun pengembangan program, a material impact, whether in terms of funding, transactions,
ditelaah terhadap profil risiko, kepatuhan, dan kecukupan mitigasi or program development, is reviewed in terms of risk profile,
sebelum dieksekusi. Pengawalan dilakukan melalui: compliance, and adequacy of mitigation before execution.
Monitoring is carried out through:
• Review risiko dan kepatuhan atas inisiatif material (termasuk • Review of risks and compliance for material initiatives
limit, skenario sensitivitas, dan mitigasi). (including limits, sensitivity scenarios, and mitigation).
• Penguatan kontrol internal pada proses kritikal untuk • Strengthening internal controls on critical processes to
memastikan konsistensi dan integritas pelaksanaan. obtain consistency and integrity of implementation.
• Pemantauan indikator risiko utama (key risk indicators) sebagai • Monitoring key risk indicators as an early warning system.
sistem peringatan dini.
Evaluasi Realisasi dan Tindakan Korektif Berbasis Deviasi Target Evaluation of Realization and Corrective Actions Based on
Direksi memastikan adanya siklus monitor–evaluate–adjust yang Target Deviations
konsisten. Realisasi program dan kinerja dievaluasi terhadap The Board of Directors confirms a consistent monitor–
target, lalu dilakukan analisis deviasi untuk mengidentifikasi evaluate–adjust cycle. Program realization and performance
penyebab, dampak, dan langkah perbaikan. Jika asumsi eksternal are evaluated against targets, followed by deviation analysis to
berubah (misalnya perubahan kondisi pasar, biaya dana, atau identify causes, impacts, and corrective measures. If external
dinamika likuiditas), Direksi melakukan penyesuaian prioritas assumptions change (e.g., changes in market conditions,
dan urutan eksekusi dengan tetap menjaga tujuan strategis dan funding costs, or liquidity dynamics), the Board of Directors
prinsip kehati-hatian. Langkah yang dijalankan meliputi: adjusts priorities and the order of execution while maintaining
strategic objectives and prudential principles. The action taken
include:
• Analisis target vs realisasi untuk KPI utama dan program • Analysis of targets vs. actuals for key KPIs and priority
prioritas. programs.
• Penetapan corrective actions dengan tenggat waktu yang • Establishment of corrective actions with clear deadlines.
jelas.
• Penyesuaian strategi eksekusi (tanpa mengubah mandat) • Adjustment of execution strategies (without changing
apabila terjadi perubahan kondisi yang material. mandates) in the event of material changes in conditions.
Pelaporan dan Penguatan Akuntabilitas Melalui Organ Reporting and Strengthening Accountability Through
Pengawasan Supervisory Bodies
Dalam rangka menjaga check and balance, Direksi memastikan In order to maintain checks and balances, the Board of Directors
implementasi strategi dipantau dan dilaporkan melalui pelaporan encourages that strategy implementation is monitored and
manajemen kepada Dewan Komisaris dan komite terkait sesuai reported through management reports to the Board of
kewenangan masing-masing. Direksi juga memastikan tindak Commissioners and relevant committees in accordance
lanjut atas masukan dan rekomendasi organ pengawasan menjadi with their respective authorities. The Board of Directors also
bagian dari penguatan proses dan perbaikan berkelanjutan, concludes that follow-up on input and recommendations from
melalui: supervisory organs is part of strengthening processes and
continuous improvement, through: 67
• Pelaporan berkala atas capaian kinerja dan isu strategis • Regular reporting on performance achievements and
kepada Dewan Komisaris. strategic issues to the Board of Commissioners.
• Tindak lanjut rekomendasi audit/assurance yang relevan untuk • Follow-up on relevant audit/assurance recommendations
memperkuat efektivitas kontrol. to strengthen control effectiveness.
PT Sarana Multigriya Finansial (Persero)
• Evaluasi efektivitas program dan proses untuk memastikan • Evaluation of program and process effectiveness so that
strategi tetap adaptif dan akuntabel. strategies remain adaptive and accountable.
Melalui rangkaian proses tersebut, Direksi memastikan Through this series of processes, the Board of Directors
strategi 2025 dilaksanakan secara disiplin dan terukur, dengan acknowledges that the 2025 strategy is implemented in a
pengendalian risiko yang memadai dan akuntabilitas tata kelola disciplined and measurable manner, with adequate risk control
yang kuat. Pengawalan ini menjaga agar penguatan pembiayaan and strong governance accountability. This oversight aims
perumahan berjalan seiring dengan perluasan akses hunian bagi to keep housing financing expansion in line with expanding
masyarakat, serta memastikan mandat Perseroan diwujudkan access to housing for the public, while securing the company's
dalam capaian kinerja yang berkelanjutan. mandate to deliver sustainable performance.
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PERBANDINGAN ANTARA HASIL COMPARISON BETWEEN ACHIEVED
YANG DICAPAI DENGAN YANG RESULTS AND COMPANY TARGETS
DITARGETKAN PERUSAHAAN
Direksi mengevaluasi kinerja Perseroan sepanjang tahun buku The Board of Directors evaluated the Company’s performance
2025 melalui perbandingan realisasi terhadap target tahunan pada throughout the 2025 fiscal year by comparing actual results
indikator keuangan, operasional, serta indikator mandat. Evaluasi with annual targets for financial, operational, and mandate
ini menjadi dasar penguatan disiplin eksekusi strategi, ketahanan indicators. This evaluation forms the basis for strengthening
pendanaan, dan efektivitas peran Perseroan sebagai liquidity strategic execution discipline, funding resilience, and the
provider sekaligus instrumen kebijakan di sektor pembiayaan effectiveness of the Company’s role as a liquidity provider
perumahan. Dengan demikian melalui evaluasi tersebut, capaian and policy instrument in the housing finance sector. Thus,
2025 dibaca sebagai ukuran ketepatan pengelolaan neraca, through this evaluation, the 2025 achievements are interpreted
kualitas manajemen risiko, serta konsistensi penerapan prinsip as a measure of the accuracy of balance sheet management,
kehati-hatian dan akuntabilitas dalam melaksanakan mandat the quality of risk management, and the consistency of the
Perseroan. application of the principles of prudence and accountability
in carrying out the Company’s mandate.
Kinerja Penyaluran Pembiayaan Perumahan (Komersial Housing Financing Distribution Performance
dan Program) (Commercial and Program)
Hingga 31 Desember 2025, total penyaluran pinjaman pembiayaan As of December 31, 2025, the total distribution of housing
perumahan (KPR komersial maupun KPR program) tercatat financing loans (commercial mortgages and program
sebesar Rp20.876,09 miliar, atau mencapai 101,23% dari target mortgages) was recorded at Rp20,876.09 billion or 101.23%
2025 sebesar Rp20.623 miliar. Capaian tersebut ditopang oleh of the 2025 target of Rp20,623 billion. This achievement was
konsistensi Perseroan dalam menyediakan likuiditas jangka supported by the Company's consistency in providing mid- to
menengah–panjang kepada lembaga penyalur pembiayaan long-term liquidity to housing finance distributors, through
perumahan, melalui penguatan pipeline berbasis kesiapan strengthening the pipeline based on underlying readiness,
underlying, pemilihan mitra yang selaras dengan risk acceptance selecting partners that are in line with risk acceptance criteria,
criteria, serta penajaman desain pembiayaan agar sejalan dengan and refining the financing design to be in line with primary
kebutuhan pasar primer dan kebijakan risiko Perseroan. market needs and the Company's risk policy.
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Pada segmen penyaluran pinjaman komersial, realisasi per In the commercial loan distribution segment, the realization
31 Desember 2025 tercatat sebesar Rp12.845,40 miliar, atau as of December 31, 2025 was recorded at Rp12,845.40
mencapai 100,09% dari target 2025 sebesar Rp12.834 miliar. billion, or 100.09% of the 2025 target of Rp12,834 billion. This
Laporan Tahunan 2025 Annual Report
Pencapaian ini menunjukkan kemampuan Perseroan menjaga achievement demonstrates the Company's ability to maintain
fungsi intermediasi pembiayaan perumahan di tengah dinamika its housing financing intermediary function amid the dynamics
preferensi pendanaan lembaga keuangan, melalui penataan of financial institution funding preferences, through portfolio
prioritas portofolio serta pengelolaan struktur pembiayaan yang priority structuring and financing structure management that
menjaga keseimbangan antara daya saing pricing dan pengelolaan maintains a balance between pricing competitiveness and
risiko yang matang. well-developed risk management.
Sementara itu, penyaluran KPR program FLPP per 31 Desember Meanwhile, the distribution of FLPP program mortgages as
2025 tercatat sebesar Rp8.030,69 miliar, atau mencapai of December 31, 2025 was recorded at Rp8,030.69 billion, or
103,10% dari target 2025 sebesar Rp7.789 miliar. Realisasi 103.10% of the 2025 target of Rp7,789 billion. This realization
tersebut menggambarkan konsistensi Perseroan dalam menjaga illustrates the Company's consistency in maintaining the
ketersediaan pendanaan pendamping bagi penyalur KPR availability of supporting funding for subsidized mortgage
subsidi, sehingga akses pembiayaan hunian bagi Masyarakat lenders, so that access to housing financing for Low-Income
Berpenghasilan Rendah (MBR) tetap memperoleh dukungan Communities (MBR) continues to receive adequate support.
yang memadai.
Kinerja Pemenuhan Pendanaan dan Likuiditas Funding and Liquidity Performance
Untuk memonitor kecukupan sumber dana penyaluran dan To monitor the adequacy of distribution funds and maintain
menjaga likuiditas, Perseroan menggunakan IKU rasio pemenuhan liquidity, the Company uses the IKU funding fulfilment ratio with
pendanaan dengan target 2025 pada kisaran 50,00%–54,99%. Per a 2025 target in the range of 50.00%–54.99%. As of December
31 Desember 2025, realisasi rasio pemenuhan pendanaan tercatat 31, 2025, the realized funding fulfilment ratio was recorded at
70,52%, mencerminkan likuiditas yang dikelola secara konsisten 70.52%, reflecting consistent liquidity management to support
untuk mendukung kesinambungan penyaluran pembiayaan the continuity of housing financing while maintaining balance
perumahan sekaligus menjaga ketahanan neraca. sheet resilience.
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Realisasi Pendanaan Perseroan (Surat Utang, Pinjaman, Company Funding Realization (Debt Securities, Loans,
dan Sumber Dana Lainnya) and Other Sources of Funds)
Hingga 31 Desember 2025, realisasi pendanaan Perseroan tercatat As of December 31, 2025, the Company’s funding realization
sebesar Rp10.563 miliar, atau mencapai 87,69% dari target 2025 was recorded at Rp10,563 billion, or 87.69% of the 2025 target
sebesar Rp12.148 miliar. of Rp12,148 billion.
Di luar realisasi pendanaan tahun berjalan, Perseroan memperkuat Beyond the realization of funding for the current year, the
kerangka akses pendanaan melalui pembukaan Penawaran Company strengthened its funding access framework by
Umum Berkelanjutan (PUB) untuk obligasi, sukuk, dan instrumen launching a Shelf-Registration Public Offering (PUB) for
berwawasan sosial. Kerangka ini meningkatkan fleksibilitas bonds, sukuk, and social-minded instruments. This framework
pendanaan untuk menopang agenda penyaluran pembiayaan increases funding flexibility to support the housing finance
perumahan dan menjaga ketahanan likuiditas. distribution agenda and maintain liquidity resilience.
Selain pasar modal, penguatan pendanaan juga dilakukan melalui In addition to the capital market, funding is also strengthened
kerja sama dengan perbankan. Per 31 Desember 2025, total through cooperation with banks. As of December 31, 2025, the
fasilitas kredit yang dimiliki Perseroan berasal dari 15 bank, Company’s total credit facilities came from 15 banks, including
termasuk tambahan limit fasilitas perbankan tahun berjalan. an additional banking facility limit for the current year. This
Diversifikasi pendanaan ini memperkuat kapasitas pendanaan diversification of funding strengthens funding capacity while
sekaligus menambah ruang pengelolaan biaya dana yang adding room for competitive fund management in accordance
kompetitif sesuai kebutuhan penyaluran. with distribution needs.
Perseroan juga melakukan penjajakan pendanaan luar negeri, The Company is also exploring overseas funding, with the
dengan tantangan utama pada kompetitivitas pricing akibat main challenge being pricing competitiveness due to hedging
kebutuhan hedging. Untuk memperluas opsi tersebut secara requirements. To prudently expand these options, the Company
prudent, Perseroan menyiapkan usulan penguatan dukungan is preparing proposals to strengthen policy support that can
kebijakan yang dapat meningkatkan kelayakan pendanaan improve the feasibility of external funding, including support
eksternal, termasuk dukungan terkait withholding tax investor related to foreign investor withholding tax, swap/hedging
luar negeri, swap/hedging facility, serta aspek penjaminan dan facilities, as well as guarantees and licensing aspects.
perizinan.
Kinerja Posisi Keuangan dan Profitabilitas Financial Position and Profitability Performance
Per 31 Desember 2025, total aset Perseroan tercatat sebesar As of December 31, 2025, the Company’s total assets were
Rp66,81 triliun, atau mencapai 113,19% dari target 2025 recorded at Rp66.81 trillion, or 113.19% of the 2025 target of
sebesar Rp59,03 triliun. Pencapaian aset terutama ditopang Rp59.03 trillion. This asset achievement was mainly supported
oleh penguatan portofolio aset produktif melalui penyaluran by the strengthening of the productive asset portfolio through
pembiayaan perumahan serta pengelolaan aset–liabilitas yang the distribution of housing financing and asset-liability
menjaga keselarasan likuiditas dengan kebutuhan penyaluran management that maintained liquidity in line with distribution
dan profil jatuh tempo. needs and maturity profiles.
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Total liabilitas Perseroan tercatat sebesar Rp37,66 triliun, atau The Company’s total liabilities were recorded at Rp37.66 trillion,
mencapai 118,78% dari target 2025 sebesar Rp31,71 triliun. Struktur or 118.78% of the 2025 target of Rp31.71 trillion. The liability
liabilitas mencerminkan strategi pendanaan yang disiplin, termasuk structure reflects a disciplined funding strategy, including the
optimalisasi instrumen pendanaan dan/atau fasilitas pendanaan optimization of relevant funding instruments and/or funding
PT Sarana Multigriya Finansial (Persero)
yang relevan, disertai pengendalian biaya dana untuk menjaga facilities, accompanied by control of funding costs to maintain
efisiensi struktur pendanaan sejalan dengan pertumbuhan aset. the efficiency of the funding structure in line with asset growth.
Total ekuitas Perseroan tercatat sebesar Rp27,73 triliun, atau The Company’s total equity was recorded at Rp27.73 trillion,
mencapai 107,54% dari target 2025 sebesar Rp25,78 triliun. or 107.54% of the 2025 target of Rp25.78 trillion. This equity
Pencapaian ekuitas ditopang oleh ketahanan permodalan achievement was supported by the Company’s capital
dan kemampuan Perseroan menjaga profitabilitas, sekaligus resilience and ability to maintain profitability, while ensuring
memastikan ruang yang memadai untuk mendukung penguatan adequate space to support the strengthening of housing
kapasitas intermediasi pembiayaan perumahan dan pelaksanaan finance intermediation capacity and the implementation of
mandat yang semakin luas. an increasingly broad mandate.
Sejalan dengan itu, laba bersih setelah pajak dan CKPN tahun Accordingly, net profit after tax and CKPN in 2025 was recorded
2025 tercatat sebesar Rp565,39 miliar, atau mencapai 110,46% at Rp565.39 billion, or 110.46% of the 2025 target of Rp511.87
dari target 2025 sebesar Rp511,87 miliar. Realisasi laba didukung billion. Profit realization was supported by financing-based
oleh kinerja pendapatan berbasis pembiayaan, pengelolaan biaya revenue performance, measured fund cost management,
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dana yang terukur, efisiensi operasional, serta pemeliharaan operational efficiency, as well as maintaining asset quality
kualitas aset dan kecukupan pencadangan (CKPN) dalam koridor and adequate provisioning (CKPN) within the framework of
kebijakan manajemen risiko Perseroan. the Company’s risk management policies.
Kinerja Implementasi Perluasan Mandat dan Performance of Mandate Expansion and Product
Pengembangan Produk Development
Seiring perkembangan mandat, Perseroan memperluas cakupan As its mandate evolves, the Company is expanding the scope of
pembiayaan perumahan pada berbagai produk. Perseroan tidak housing finance across various products. The Company not only
hanya mendukung pembiayaan rumah siap huni, tetapi juga supports ready-to-move-in home financing, but also promotes
mendorong opsi pembiayaan lain seperti renovasi, pembiayaan other financing options such as renovations, micro housing
mikro perumahan, hingga skema tertentu yang mendukung finance, and specific schemes that support the availability
ketersediaan perumahan dan kawasan permukiman. Implementasi of housing and residential areas. The implementation of this
perluasan mandat tersebut diarahkan untuk memperluas akses expanded mandate is aimed at broadening access to more
pembiayaan yang lebih inklusif, terutama pada segmen yang inclusive financing, particularly for segments that require more
membutuhkan skema pembiayaan yang lebih adaptif. adaptive financing schemes.
Pada pembiayaan mikro perumahan, akumulasi penyaluran sejak In micro housing financing, the accumulated disbursement
implementasi awal hingga 31 Desember 2025 tercatat sebesar from the initial implementation until December 31, 2025, was
Rp1.007 miliar dan menjangkau 539.380 debitur, termasuk recorded at Rp1,007 billion and reached 539,380 debtors,
penyaluran tahun 2025 sebesar Rp61 miliar. Produk ini menjadi including disbursements in 2025 amounting to Rp61 billion.
salah satu fokus Perseroan untuk mendorong peningkatan This product is one of the Company’s focuses to encourage
kelayakan hunian dan memperluas akses pembiayaan bagi improvements in housing affordability and expand access to
segmen yang memerlukan pendekatan yang lebih sesuai profil financing for segments that require an approach more suited
penghasilan. to their income profiles.
Di luar itu, Perseroan terus mendorong kesiapan pasar primer untuk Furthermore, the Company continues to encourage the readiness
beberapa produk perluasan mandat lainnya melalui sosialisasi of the primary market for several other mandate expansion
kepada lembaga penyalur dan penguatan koordinasi kebijakan. products through dissemination to distribution institutions
Penguatan implementasi juga didukung oleh penugasan Perseroan and strengthening policy coordination. The reinforcement of
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sebagai pelaksana Project Development Facility (PDF) KPBU implementation is also supported by the Company's assignment as
sektor perumahan di IKN, yang memperluas kontribusi Perseroan the executor of the KPBU Project Development Facility (PDF) in the
pada aspek penyiapan proyek, tata kelola, dan pembiayaan. housing sector in IKN, which expands the Company's contribution
in terms of project preparation, governance, and financing.
Laporan Tahunan 2025 Annual Report
Pengukuran ERM Maturity Level dan Penguatan ERM Maturity Level Measurement and Risk Management
Pengelolaan Risiko Strengthening
Penilaian maturitas manajemen risiko Perseroan tahun 2025 The 2025 risk management maturity assessment of Company
menunjukkan tingkat maturitas Repeatable (Level 3) dengan skor indicates a maturity level of “Repeatable” (Level 3) with a score of
630, sedikit meningkat dibanding tahun 2024 (skor 623,51), yang 630, a slight increase compared to 2024 (score of 623.51), reflecting
mencerminkan bahwa infrastruktur dan proses manajemen risiko that the risk management infrastructure and processes have been
telah terdokumentasi, dilaksanakan secara konsisten, dan mulai documented, implemented consistently, and are beginning to be
dimanfaatkan untuk mengidentifikasi peluang meskipun belum utilized to identify opportunities, although they are not yet fully
sepenuhnya menyeluruh pada seluruh unit kerja dan proses comprehensive across all business units and processes of the
Perseroan. Pencapaian ini didukung oleh kerangka manajemen Company. This achievement is supported by a risk management
risiko yang mengacu pada ISO 31000:2018, penerapan model framework aligned with ISO 31000:2018, the implementation
Risk Maturity Model (RMM) RIMS, serta pelaksanaan penilaian of the RIMS Risk Maturity Model (RMM), and the conduct of a
komprehensif melalui review dokumentasi, survei persepsi, FGD, comprehensive assessment through documentation reviews,
dan diskusi panel yang melibatkan manajemen dan pengelola perception surveys, focus group discussions (FGDs), and panel
risiko sebagai bentuk validasi atas hasil penilaian. Pada tingkat discussions involving management and risk managers as a form
atribut, terdapat 3 atribut yang telah mencapai Level 4 (Managed), of validation of the assessment results. In terms of attributes,
yaitu Manajemen Proses Pengelolaan Risiko, Pengelolaan Selera three attributes have reached Level 4 (Managed), namely Risk
Risiko, dan Keahlian dalam Mencari Akar Masalah, sementara 4 Management Process Management, Risk Appetite Management,
atribut lainnya masih berada pada Level 3 (Repeatable), serta and Expertise in Root Cause Analysis, while the other four attributes
seluruh 25 komponen telah berada pada Level 3 dan 4 sehingga remain at Level 3 (Repeatable); furthermore, all 25 components are
tidak ada lagi komponen pada Level 2. Tingkat pemenuhan at Levels 3 and 4, meaning there are no longer any components at
tindak lanjut rekomendasi (area of improvement) hasil penilaian Level 2. The level of compliance with follow-up recommendations
tahun 2024 juga sangat tinggi dengan rata-rata tertimbang 96, (areas for improvement) from the 2024 assessment results is
yang menunjukkan komitmen kuat manajemen dalam menutup also very high, with a weighted average of 96, demonstrating
gap dan meningkatkan efektivitas pengelolaan risiko secara management’s strong commitment to filling gaps and continuously
berkelanjutan. improving the effectiveness of risk management.
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Penguatan Penerapan GCG Strengthening GCG Implementation
Dalam penguatan penerapan GCG, Perseroan mengacu pada In strengthening the implementation of GCG, the Company
Keputusan Menteri Keuangan Nomor 505/KMK.06/2020 tentang refers to Minister of Finance Decree No. 505/KMK.06/2020
Pedoman Penilaian dan Evaluasi atas Penerapan Tata Kelola regarding Guidelines for the Assessment and Evaluation of
Perusahaan yang Baik (Good Corporate Governance) pada the Implementation of Good Corporate Governance (GCG)
Perusahaan Perseroan di bawah Pembinaan dan Pengawasan in Public Companies under the Guidance and Supervision of
Menteri Keuangan. Hingga 31 Desember 2025, pemenuhan AoI the Minister of Finance. As of December 31, 2025, GCG AoI
GCG tercatat 25 dari 29 area perbaikan atau Area of Improvement compliance was recorded at 25 out of 29 areas of improvement
(AOI). Sementara itu, hasil penilaian GCG tahun buku 2025 (AOI). Meanwhile, the GCG assessment results for the 2025
menunjukkan peningkatan dibandingkan tahun 2024, dengan fiscal year showed an improvement compared to 2024, with the
skor mencapai 90,63% dari 89,72%. Capaian ini mencerminkan score rising to 90.63% from 89.72%. This achievement reflects
penguatan tata kelola yang dilakukan secara bertahap dan the gradual and measurable strengthening of governance, with a
terukur, dengan fokus pada kualitas implementasi, kelengkapan focus on the quality of implementation, the comprehensiveness
evidence penerapan, serta disiplin tindak lanjut perbaikan untuk of implementation evidence, and the discipline of follow-up
memperkuat predikat tata kelola pada periode berikutnya. improvements to strengthen the governance rating in the next
period.
Sistem Teknologi Informasi dan IT Maturity sebagai Information Technology Systems and IT Maturity as
Pendukung Bisnis Business Support
Untuk mendukung efektivitas proses bisnis, Perseroan To support the effectiveness of business processes, the
menargetkan penyelesaian pengembangan sistem/infrastruktur Company targets the completion of IT system/infrastructure
TI pada 2025. Hingga 31 Desember 2025, progres penyelesaian development in 2025. As of December 31, 2025, the progress
pengembangan sistem dan infrastruktur TI tercatat 86%, of IT system and infrastructure development completion
dengan sistem-sistem utama pendukung operasional (termasuk was recorded at 86%, with key operational support systems
treasury, loan management, serta integrasi pembayaran) telah (including treasury, loan management, and payment integration)
diimplementasikan sesuai roadmap, sementara pengembangan implemented according to the roadmap, while other system
sistem lainnya dilanjutkan melalui tahapan pengujian dan developments continued through testing and refinement stages.
penyempurnaan.
Pada IT Maturity Level, Perseroan menargetkan pemenuhan tindak At the IT Maturity Level, the Company targets 100% fulfilment
lanjut rekomendasi asesmen tahun sebelumnya sebesar 100%. of the previous year's assessment recommendations. As of
Hingga 31 Desember 2025, progres pemenuhan AOI tercatat 20%, December 31, 2025, the progress of AOI fulfilment is recorded
dengan penguatan tata kelola implementasi TI dan prioritisasi at 20%, with the strengthening of IT implementation governance
backlog menjadi fokus untuk memastikan perbaikan berkelanjutan and backlog prioritization becoming the focus to achieve
berjalan konsisten. consistent continuous improvement.
Kinerja Pengelolaan SDM, Learning Culture, dan Kesehatan Human Capital Management Performance, Learning
Organisasi Culture, and Organizational Health
Perseroan memperkuat learning culture sebagai enabler The Company strengthens its learning culture as the main 71
utama untuk menjaga organisasi tetap adaptif. Pengembangan enabler to keep the organization adaptive. Competency
kompetensi dilaksanakan melalui pendekatan blended learning development is carried out through a 70:20:10 blended
70:20:10 serta diperkuat dengan program pelatihan dan learning approach and reinforced with training and certification
sertifikasi sesuai kebutuhan kompetensi strategis. Evaluasi atas programs in line with strategic competency requirements. The
PT Sarana Multigriya Finansial (Persero)
pengembangan kompetensi menunjukkan hasil yang positif, yang evaluation of competency development shows positive results,
antara lain tercermin dari rata-rata skor Kesesuaian Profil Jabatan which are reflected, among other things, in the average Job
(Job Person Match/JPM) talenta Perseroan yang berada di atas 80. Person Match (JPM) score of the Company’s talents, which
Pendekatan ini memperkuat kesiapan organisasi dalam merespons is above 80. This approach strengthens the organization’s
dinamika mandat dan agenda bisnis berikutnya. readiness to respond to the dynamics of its mandate and
future business agenda.
Untuk menilai efektivitas organisasi, Perseroan secara berkala To assess organizational effectiveness, the Company
melakukan pengukuran Organization Health Index (OHI) sebagai periodically measures the Organization Health Index (OHI) as
salah satu instrumen untuk menilai kemampuan organisasi dalam one of the instruments to assess the organization’s ability to
menyelaraskan, mengeksekusi, dan memperbarui dirinya secara align, execute, and renew itself continuously. The results of
berkelanjutan. Hasil pengukuran tersebut menjadi dasar bagi these measurements form the basis for managerial intervention
intervensi manajerial pada dimensi yang masih memerlukan in areas that still need strengthening, so that the quality of
penguatan, sehingga kualitas eksekusi dan kapasitas pembaruan execution and the capacity for organizational renewal can
organisasi dapat terus ditingkatkan. continue to be improved.
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Laporan Manajemen
Management Report
Kinerja Keberlanjutan, Literasi, dan Penguatan Ekosistem Sustainability, Literacy, and Ecosystem Strengthening
Performance
Pada inisiatif green & affordable housing, Perseroan merealisasikan In the green & affordable housing initiative, the Company
keterlibatan dalam Indonesia Green & Affordable Housing Program realized its involvement in the Indonesia Green & Affordable
(IGAHP) melalui penyaluran hibah kepada 10 debitur dengan nilai Housing Program (IGAHP) through the distribution of grants
USD3.938 sepanjang 2025. Pengalaman implementasi menjadi to 10 debtors with a value of USD3,938 throughout 2025. The
lesson learned penting untuk memperkuat desain sosialisasi, experience in the implementation became an important lesson
pemenuhan standar teknis, dan kesiapan lembaga penyalur pada learned to strengthen the design of outreach, fulfilment of
skema tematik berbasis ESG. technical standards, and readiness of distribution institutions
in ESG-based thematic schemes.
Dalam program literasi dan inklusi keuangan, Perseroan In the financial literacy and inclusion program, the Company
melaksanakan kegiatan edukasi publik melalui kuliah umum di conducts public education activities through public lectures
perguruan tinggi dengan jumlah peserta 700 orang, serta program at universities with 700 participants, as well as Training &
Training & Advisory bagi lembaga keuangan penyalur pembiayaan Advisory programs for financial institutions that distribute
perumahan yang terus dijalankan. Aktivitas ini memperkuat housing financing, that continues to be carried out. These
kapasitas ekosistem, sekaligus memastikan pemahaman activities strengthen the capacity of the ecosystem, while
pemangku kepentingan terhadap mekanisme pembiayaan encouraging stakeholders' understanding of housing financing
perumahan semakin meningkat. mechanisms continues to improve.
Secara keseluruhan, perbandingan realisasi terhadap target 2025 Overall, the comparison between actual performance and
menunjukkan kemampuan Perseroan menjaga kesinambungan the 2025 target shows the Company's ability to maintain the
penyaluran pembiayaan perumahan melalui dukungan pendanaan continuity of housing financing through measured funding
dan pengelolaan neraca yang terukur, disertai penguatan support and balance sheet management, accompanied by
kapabilitas tata kelola, manajemen risiko, TI, dan SDM sebagai strengthening governance, risk management, IT, and human
fondasi eksekusi mandat. Capaian ini memperkuat posisi capital capabilities as the foundation for executing its mandate.
Perseroan untuk melanjutkan penguatan pembiayaan perumahan This achievement strengthens the Company's position to
dan memperluas akses hunian bagi masyarakat melalui eksekusi continue strengthening housing financing and expanding access
yang prudent, akuntabel, dan berkelanjutan. to housing for the community through prudent, accountable,
72
and sustainable execution.
PROSPEK USAHA DAN RENCANA BUSINESS PROSPECT AND
STRATEGIS 2026 STRATEGIC PLAN 2026
Laporan Tahunan 2025 Annual Report
Optimisme yang Terukur di Tengah Dinamika Measured Optimism Amid Macroeconomic Dynamics
Makroekonomi
Direksi memandang tahun 2026 dengan optimisme yang terukur. The Board of Directors views 2026 with measured optimism.
Stabilitas sektor keuangan nasional, prospek pelandaian suku The stability of the national financial sector, the prospect of
bunga pada horizon tertentu, serta kebutuhan hunian yang tetap interest rate cuts in the foreseeable future, and the continuing
tinggi menjadi faktor yang memperkuat ruang pertumbuhan high demand for housing are factors that strengthen the growth
pembiayaan perumahan. Meski demikian, Perseroan tetap potential of housing finance. However, the Company remains
mencermati risiko eksternal, termasuk fluktuasi yield obligasi global mindful of external risks, including fluctuations in global bond
dan ketidakpastian geopolitik yang berpotensi meningkatkan yields and geopolitical uncertainty, which could increase the
volatilitas pasar surat utang domestik dan mempengaruhi biaya volatility of the domestic debt market and affect funding costs.
dana.
Dalam konteks tersebut, fokus Direksi diarahkan pada penguatan Given this context, the Board of Directors is focused on
ketahanan pendanaan, ketepatan strategi asset–liability strengthening funding resilience, the accuracy of asset-liability
management, serta penajaman timing dan struktur penerbitan management strategies, and refining the timing and structure
instrumen pendanaan agar peran intermediasi pembiayaan jangka of funding instrument issuance so that the role of medium to
menengah–panjang dapat berjalan stabil. long-term financing intermediation can run smoothly.
Peluang dari Kesenjangan Kebutuhan Hunian (Backlog) Opportunities from the Housing Backlog
Besarnya backlog kepemilikan rumah menjadi peluang The size of the housing backlog presents an opportunity
pertumbuhan jangka panjang sekaligus pengingat bahwa for long-term growth while serving as a reminder that the
agenda keterjangkauan pembiayaan tetap memerlukan dukungan affordability agenda still requires consistent ecosystem support.
ekosistem yang konsisten. Direksi meyakini peran SMF akan The Board of Directors believes that SMF's role will become
semakin krusial dalam menjaga kesinambungan pembiayaan increasingly crucial in maintaining the continuity of housing
perumahan melalui penguatan mekanisme pembiayaan sekunder, financing through the strengthening of secondary financing
inovasi instrumen, serta penguatan kolaborasi lintas pemangku mechanisms, innovation of instruments, and enhanced
kepentingan. collaboration across stakeholders.
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Arah Kebijakan Strategis 2026 Strategic Policy Direction for 2026
Untuk menangkap peluang tersebut dan memitigasi risiko yang To capture these opportunities and mitigate existing risks, the
ada, Direksi menetapkan tema strategis 2026: “Optimalisasi Board of Directors has established the strategic theme for
Peran Strategis SMF dalam Sektor Pembiayaan Perumahan yang 2026: “Optimizing SMF's Strategic Role in a Resilient, Adaptive,
Tangguh, Adaptif, dan Berkelanjutan.” Strategi ini dijabarkan ke and Sustainable Housing Finance Sector.” This strategy is
dalam empat pilar utama: outlined in four main pillars:
1. Akselerator Program Perumahan Nasional 1. National Housing Program Accelerator
Direksi memperkuat posisi SMF sebagai katalis pendanaan The Board of Directors strengthens SMF's position as
jangka menengah–panjang melalui dukungan pembiayaan a catalyst for medium- to long-term financing through
program dan penguatan skema pembiayaan kreatif. Perseroan program financing support and the strengthening of
menargetkan penyaluran pinjaman tahun 2026 (komersial dan creative financing schemes. The Company targets loan
program) sebesar Rp23.658 miliar. disbursements in 2026 (commercial and program) of
Rp23,658 billion.
2. Refocusing dan Optimalisasi Bisnis Inti 2. Refocusing and Optimizing Core Business
Perseroan memperdalam penetrasi pada segmen yang belum The Company is further expanding its penetration into
terlayani optimal, termasuk penguatan skema pembiayaan segments that are not yet optimally served, including
yang lebih adaptif untuk memperluas akses, serta penguatan strengthening more adaptive financing schemes to
kontribusi Perseroan pada kebijakan sektor perumahan melalui expand access, as well as strengthening the Company's
instrumen yang relevan dengan mandat Pemegang Saham. contribution to housing sector policies through instruments
that are relevant to the mandate of the Shareholders.
3. Transformasi Strategi Pendanaan 3. Funding Strategy Transformation
Direksi melakukan diversifikasi instrumen pendanaan untuk The Board of Directors is diversifying funding instruments
memperoleh biaya dana yang lebih kompetitif dan menjaga to obtain more competitive funding costs and maintain
ketahanan likuiditas. Fokus utama meliputi penguatan transaksi liquidity resilience. The main focus includes strengthening
sekuritisasi (EBA-SP) dan opsi struktur yang feasible sesuai securitization transactions (RMBS-CP) and feasible
ketentuan, serta penguatan fleksibilitas akses pasar melalui structural options in accordance with regulations, as well as
kerangka pendanaan tematik. strengthening market access flexibility through a thematic
funding framework.
4. Penguatan Kapasitas Internal dan ESG 4. Internal Capacity Building and ESG
Perseroan melanjutkan akselerasi transformasi digital dan The Company continues to accelerate its digital
penguatan budaya kerja berbasis kinerja (OKR), serta transformation and strengthening a performance-driven
memperkuat integrasi prinsip keberlanjutan dalam tata kelola, work culture through the Objectives and Key Results
kebijakan pembiayaan, dan manajemen risiko. (OKR) framework, as well as reinforce the integration of
sustainability principles in its governance, financing policies,
and risk management.
Proyeksi Kinerja Keuangan 2026 2026 Financial Performance Projection
Berdasarkan strategi tersebut, Direksi menetapkan target kinerja Based on this strategy, the Board of Directors has set
2026 yang menantang namun terukur. Total aset diproyeksikan challenging but measurable performance targets for 2026. 73
meningkat 10%, dengan pendapatan usaha ditargetkan meningkat Total assets are projected to increase by 10%, with operating
6% dibanding capaian tahun 2025. Pencapaian target tersebut income targeted to increase by 6% compared to 2025. The
ditopang oleh strategi optimalisasi pendapatan berbasis achievement of these targets is supported by a strategy of
pembiayaan, pengelolaan biaya dana yang disiplin, efisiensi optimizing financing-based income, disciplined fund cost
PT Sarana Multigriya Finansial (Persero)
operasional, serta pemeliharaan kualitas aset dan kecukupan management, operational efficiency, and maintenance of asset
pencadangan dalam koridor manajemen risiko. quality and adequate reserves within the risk management.
Dengan kombinasi mandat publik yang kuat dan penguatan With a combination of a strong public mandate and continuous
fundamental bisnis yang berkelanjutan, Direksi berkeyakinan SMF strengthening of business fundamentals, the Board of Directors
siap menghadapi tantangan 2026 serta meningkatkan kontribusi is confident that SMF is ready to face the challenges of 2026 and
sosial-ekonomi melalui perluasan akses pembiayaan perumahan increase its socio-economic contribution through the expansion
yang pruden dan akuntabel. of prudent and accountable access to housing financing.
KENDALA/TANTANGAN YANG OBSTACLES/CHALLENGES FACED
DIHADAPI DAN PENYELESAIANNYA AND THEIR RESOLUTIONS
Sepanjang 2025, Perseroan menjalankan mandatnya sebagai Throughout 2025, the Company carried out its mandate as a
liquidity provider dan instrumen kebijakan di sektor perumahan liquidity provider and policy instrument in the housing sector
di tengah dinamika pasar keuangan dan perubahan kebijakan amid financial market dynamics and policy changes that affect
yang mempengaruhi biaya dana, struktur pendanaan, serta funding costs, funding structures, and the liquidity behaviour
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Laporan Manajemen
Management Report
perilaku likuiditas lembaga keuangan. Direksi menilai tantangan of financial institutions. The Board of Directors assessed that
2025 bersifat multidimensi, mencakup faktor pasar, regulasi, the challenges in 2025 were multidimensional, covering market,
dan operasional, sehingga respons Perseroan diarahkan pada regulatory, and operational factors, so that the Company's
penguatan ketahanan pendanaan, disiplin pengelolaan risiko, response was directed at strengthening funding resilience, risk
serta efisiensi eksekusi program agar mandat tetap berjalan management discipline, and program execution efficiency so
secara pruden dan akuntabel. that the mandate could continue to be conducted in a prudent
and accountable manner.
Tekanan Suku Bunga dan Dinamika Pasar Keuangan Interest Rate Pressure and Financial Market Dynamics
Tekanan suku bunga dan dinamika pasar keuangan memengaruhi Interest rate pressure and financial market dynamics influence
strategi penerbitan instrumen pendanaan, timing masuk pasar, funding instrument issuance strategies, market entry timing,
dan biaya dana. Dalam kondisi yield yang berfluktuasi, investor and funding costs. In fluctuating yield conditions, institutional
institusional cenderung mempertahankan target imbal hasil yang investors tend to maintain yield targets set at the beginning
ditetapkan sejak awal tahun, sehingga spread yang diminta dapat of the year, allowing for high requested spreads despite
tetap tinggi meskipun arah suku bunga bergerak turun. Direksi downward interest rates. The Board of Directors responded
merespons dengan memperkuat strategi pendanaan yang adaptif by strengthening an adaptive funding strategy by refining
melalui penajaman timing penerbitan, diversifikasi instrumen, issuance timing, diversifying instruments, and enhancing the
dan penguatan fleksibilitas sumber dana. Kerangka akses pasar flexibility of funding sources. The market access framework
juga diperkuat melalui Penawaran Umum Berkelanjutan (PUB) was also strengthened through a Shelf Registration Public
dengan plafon obligasi Rp24 triliun, sukuk Rp2,5 triliun, obligasi Offering (PUB) with a limit of Rp24 trillion for bonds, Rp2.5
berwawasan sosial Rp11 triliun, dan sukuk berwawasan sosial trillion for sukuk, Rp11 trillion for social bonds, and Rp2.5 trillion
Rp2,5 triliun, sehingga Perseroan memiliki ruang manuver yang for social sukuk, providing the Company with sufficient flexibility
memadai dalam mengelola kebutuhan pendanaan sesuai kondisi in managing funding needs according to market conditions.
pasar. Selain itu, penguatan asset–liability management tetap Furthermore, asset-liability management was maintained to
dijaga agar struktur tenor dan arus kas selaras dengan kebutuhan so that the tenor structure and cash flow were aligned with
penyaluran. distribution needs.
Perubahan Peraturan Perundangan Terkait BUMN dan Implikasi Changes in State-Owned Enterprises Laws and Implications
pada Dukungan Pendanaan Pemerintah for Government Funding Support
74
Perubahan peraturan perundangan terkait BUMN berdampak Changes in state-owned enterprise laws and regulations
pada kepastian mekanisme dan timing dukungan pendanaan have impacted the certainty of the mechanisms and timing
Pemerintah untuk program tertentu, sehingga meningkatkan risiko of government funding support for certain programs, increasing
gap pendanaan dalam mendukung target program perumahan. the risk of a funding gap in supporting housing program targets.
Laporan Tahunan 2025 Annual Report
Direksi menyiapkan langkah antisipatif melalui penguatan The Board of Directors is preparing anticipatory measures
skema alternatif dukungan pendanaan Pemerintah—termasuk by strengthening alternative government funding support
pengajuan mekanisme Operator Investasi Pemerintah (OIP), schemes—including proposing a Government Investment
serta memperkuat koordinasi lintas pemangku kepentingan Operator (OIP) mechanism and strengthening cross-stakeholder
untuk menjaga kesinambungan dukungan program. Pada saat coordination to maintain the continuity of program support. At
yang sama, Direksi memastikan pengelolaan likuiditas dilakukan the same time, the Board of Directors is ensuring prudent
secara prudent, termasuk penataan bridging sesuai kebutuhan liquidity management, including bridging arrangements
dan batas risiko yang diterima, sehingga peran Perseroan according to needs and acceptable risk limits, so that the
sebagai fiscal tools tetap berjalan dengan tata kelola yang dapat Company's role as a fiscal tool continues with accountable
dipertanggungjawabkan. governance.
Likuiditas Lembaga Keuangan dan Perubahan Preferensi Financial Institution Liquidity and Changing Funding
Pendanaan (Overliquidity) Preferences (Overliquidity)
Likuiditas lembaga keuangan yang longgar (overliquidity) juga Overliquidity in financial institutions also poses a challenge
menjadi tantangan karena sebagian bank memperoleh dana because some banks obtain low-cost funds and tend to rely on
murah dan cenderung mengandalkan sumber pendanaan internal funding sources. Consequently, the Company's need
internal, sehingga kebutuhan pendanaan alternatif dari Perseroan for alternative funding decreases during certain periods. This
menurun pada periode tertentu. Kondisi ini mempengaruhi condition impacts demand for secondary financing, including
demand pembiayaan sekunder, termasuk minat originator originator interest in securitization and loan disbursement. The
terhadap sekuritisasi dan penyaluran pinjaman. Direksi Board of Directors responded by increasing engagement with
merespons dengan meningkatkan engagement bersama mitra financial institution partners through outreach on government
lembaga keuangan melalui sosialisasi program pemerintah dan programs and the Company's initiatives, refining the medium
inisiatif Perseroan, penajaman value proposition pendanaan to long-term funding value proposition, and strengthening the
jangka menengah–panjang, serta penguatan pipeline transaksi transaction pipeline based on underlying readiness. In terms
berbasis kesiapan underlying. Pada sisi pengembangan pasar, of market development, the Company is also strengthening its
Perseroan juga memperkuat kesiapan skema sekuritisasi, securitization scheme readiness, including developing non-true
termasuk pengembangan opsi non-true sale dan penyiapan sale options and preparing implementation channels through
Page 75
jalur implementasi melalui mekanisme yang sesuai ketentuan mechanisms that comply with regulatory requirements, to
regulator, agar transaksi dapat lebih feasible saat kondisi pasar ensure transactions are more feasible when market conditions
dan kesiapan originator mendukung. and originator readiness are favourable.
Tantangan Efisiensi Anggaran dan Kebutuhan Penguatan Budget Efficiency Challenges and the Need to Strengthen
Produktivitas Productivity
Tantangan efisiensi anggaran muncul seiring kebutuhan menjaga Budget efficiency challenges arise from the need to maintain
produktivitas di tengah tuntutan mandat yang semakin luas dan productivity amidst the demands of an expanding mandate
dinamika biaya dana. Direksi memperkuat disiplin pengelolaan and the dynamics of funding costs. The Board of Directors is
anggaran melalui prioritisasi program bernilai tambah, penguatan strengthening budget management discipline by prioritizing
monitoring biaya, serta percepatan perbaikan proses untuk value-added programs, strengthening cost monitoring, and
meningkatkan efektivitas operasional. Penguatan enabler dilakukan accelerating process improvements to enhance operational
melalui pengembangan sistem dan infrastruktur TI; hingga 2025 effectiveness. Enhancement of enablers is carried out through
Perseroan menargetkan penyelesaian pengembangan sistem/ the development of IT systems and infrastructure; by 2025, the
infrastruktur TI dan merealisasikan implementasi sistem inti seperti Company targets the completion of IT system/infrastructure
CIMS, sistem tresuri, loan management system, integrasi H2H development and the implementation of core systems such
pembayaran, serta penguatan keamanan akses. Pada saat yang as CIMS, treasury systems, loan management systems, H2H
sama, penguatan kapabilitas organisasi dipercepat melalui learning payment integration, and access security reinforcement.
culture dan peningkatan kompetensi agar eksekusi lebih cepat, Concurrently, organizational capabilities are accelerated
konsisten, dan terukur. through a learning culture and competency enhancement to
enable faster, more consistent, and measurable execution.
Penyesuaian Kebijakan Fiskal dan Regulasi Sektor Keuangan Adjustments to Fiscal Policy and Financial Sector Regulations
Penyesuaian kebijakan fiskal dan regulasi sektor keuangan turut Adjustments to fiscal policy and financial sector regulations
mempengaruhi desain program, mekanisme penyaluran, serta have impacted program design, distribution mechanisms, and
persyaratan implementasi produk tertentu, terutama pada produk implementation requirements for certain products, particularly
yang membutuhkan penyelarasan regulasi atau kesiapan pasar those requiring regulatory alignment or primary market
primer. Direksi merespons dengan memperkuat koordinasi dengan readiness. The Board of Directors responded by strengthening
regulator dan stakeholder kunci, mempercepat kajian internal coordination with regulators and key stakeholders, accelerating
untuk memastikan kepatuhan sekaligus kelayakan implementasi, internal reviews to get compliance and implementation
serta menyusun milestone eksekusi yang realistis. Di sisi lain, feasibility, and establishing realistic execution milestones.
Perseroan juga menjajaki perluasan sumber dana luar negeri Meanwhile, the Company is also exploring expanding foreign
untuk memperkuat kapasitas pendanaan; namun pricing masih funding sources to strengthen its funding capacity; however,
terkendala biaya hedging. Untuk meningkatkan feasibilitas, pricing remains constrained by hedging costs. To increase
Perseroan menyiapkan usulan dukungan kebijakan yang dapat feasibility, the Company is preparing policy support proposals
memperkuat daya saing pendanaan eksternal, termasuk aspek to improve the competitiveness of external funding, including
withholding tax investor luar negeri, swap/hedging facility, serta aspects of withholding tax for foreign investors, swap/hedging
penjaminan dan perizinan. facilities, and guarantees and licensing.
75
Secara keseluruhan, Direksi memandang tantangan 2025 menjadi Overall, the Board of Directors observes the challenges of
ujian ketahanan model bisnis sekaligus kapasitas eksekusi 2025 as a test of the resilience of the Company’s business
mandat. Melalui penguatan hubungan dengan stakeholder, model and its capacity to execute its mandate. Through
manajemen risiko yang disiplin, diversifikasi sumber pendanaan, strengthening stakeholder relationships, disciplined risk
PT Sarana Multigriya Finansial (Persero)
dan peningkatan efisiensi operasional, Perseroan menjaga kinerja management, diversifying funding sources, and improving
tetap terarah dan akuntabel. Pembelajaran 2025 menjadi dasar operational efficiency, the Company maintains focused and
penajaman strategi pada 2026 agar penguatan pembiayaan accountable performance. Lessons learned in 2025 will
perumahan dan perluasan akses hunian dapat terus berjalan serve as the basis for refining the strategy for 2026 so that
secara berkelanjutan. strengthening housing finance and expanding housing access
can continue sustainably.
PENGELOLAAN SUMBER DAYA MANUSIA HUMAN CAPITAL AND INFORMATION
DAN TEKNOLOGI INFORMASI TECHNOLOGY MANAGEMENT
Direksi meyakini bahwa akselerasi mandat SMF sebagai Special The Board of Directors believes that accelerating SMF’s
Mission Vehicle (SMV) hanya dapat tercapai melalui sinergi mandate as a Special Mission Vehicle (SMV) can only be
antara talenta yang kompeten dan infrastruktur teknologi yang achieved through synergy between competent talent and
adaptif. Sepanjang tahun 2025 Direksi telah menetapkan berbagai adaptive technological infrastructure. Throughout 2025, the
kebijakan strategis untuk memperkuat fondasi internal Perseroan, Board of Directors has established various strategic policies to
baik dari sisi sumber daya manusia maupun teknologi informasi. strengthen the Company’s internal foundations, both in terms
of human resources and information technology.
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Transformasi dan Tata Kelola Sumber Daya Manusia (SDM) Human Capital (HC) Transformation and Governance
Pengelolaan SDM di tahun 2025 diarahkan untuk membentuk HC management in 2025 was aimed towards establishing a
organisasi yang lebih agile dan berbasis kinerja tinggi guna more agile and high-performance organization in response to
merespons perluasan mandat Pemerintah. the expanding government mandate.
• Budaya Kerja Berbasis Kinerja (OKRs): Direksi telah • Performance-Based Work Culture through the Objectives
mengimplementasikan sistem manajemen kinerja berbasis and Key Results (OKRs) framework: The Board of Directors
Objectives and Key Results (OKRs). Kebijakan ini bertujuan has implemented a performance management system based
untuk menyelaraskan target individu dengan strategi besar on Objectives and Key Results (OKRs). This policy aims to
korporasi, sehingga setiap Insan SMF memiliki fokus yang align individual targets with the corporate strategy, ensuring
tajam dalam mencapai target penyaluran dana dan efisiensi that every SMF employee maintains a sharp focus on
operasional. achieving disbursement targets and operational efficiency.
• Peningkatan Kompetensi dan Kapasitas: Fokus pengembangan • Competency and Capacity Enhancement: HC development
SDM diarahkan pada penguatan kompetensi teknis di bidang focuses on strengthening technical competencies in
pembiayaan perumahan, manajemen risiko, serta pemahaman housing finance, risk management, and fostering a deeper
mendalam mengenai program-program strategis seperti understanding of strategic programs such as the 3 million
Program 3 Juta Rumah dan skema OIP. Houses Program and the OIP scheme.
• Penyesuaian Struktur Organisasi: Sejalan dengan POJK • Organizational Structure Adjustment: In line with
8/2023, Direksi melakukan penyesuaian struktur organisasi, POJK 8/2023, the Board of Directors has adjusted
termasuk penyesuaian nomenklatur jabatan Direksi (Direktur the organizational structure, including adjusting the
Bisnis serta Direktur Keuangan dan Manajemen Risiko). nomenclature of Director positions (Director of Business and
Langkah ini diambil untuk memperkuat fungsi kendali risiko Director of Finance and Risk Management). This step was
dan memastikan tata kelola organisasi yang lebih akuntabel. taken to strengthen the risk control function and implement
a more accountable organizational governance.
Akselerasi Teknologi Informasi (TI) dan Keamanan Siber Accelerating Information Technology (IT) and Cybersecurity
Di sisi TI, Direksi berfokus pada penguatan ekosistem digital yang On the IT aspect, the Board of Directors is focusing on
mampu meningkatkan pelayanan kepada mitra lembaga penyalur strengthening the digital ecosystem to improve services to
serta efisiensi internal. channelling partners and internal efficiency.
• Digitalisasi Proses Bisnis: Pengembangan TI merujuk pada • Business Process Digitalization: IT development refers to
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IT Strategic Plan yang berfokus pada strategi "Integrasi the IT Strategic Plan, which focuses on the "Integration and
dan Analytics". Direksi mendorong pengembangan Data Analytics" strategy. The Board of Directors is encouraging
Warehouse dan Big Data untuk mendukung pengambilan the development of Data Warehouses and Big Data to
keputusan berbasis data (data-driven decision making), support data-driven decision-making, particularly in
Laporan Tahunan 2025 Annual Report
terutama dalam memantau kualitas portofolio KPR secara monitoring the quality of the mortgage portfolio in real time.
real-time.
• Penguatan Keamanan Siber dan Mitigasi Risiko: Menyadari • Strengthening Cybersecurity and Risk Mitigation: Recognizing
meningkatnya risiko digital, Direksi telah menetapkan kebijakan the increasing digital risks, the Board of Directors has
penguatan tata kelola TI dan keamanan siber. Langkah ini established a policy to strengthen IT governance and
mencakup peningkatan standar proteksi data nasabah cybersecurity. This step includes enhancing customer
sesuai dengan UU Perlindungan Data Pribadi (PDP) guna data protection standards in accordance with the Personal
menjaga kepercayaan mitra perbankan dalam pertukaran Data Protection (PDP) Law to maintain the trust of banking
data underlying KPR. partners in the exchange of underlying mortgage data.
• Peningkatan Efisiensi Operasional: Digitalisasi tidak hanya • Improving Operational Efficiency: Digitalization targets not
menyasar sisi bisnis, tetapi juga proses pendukung seperti only the business side but also supporting processes such
sistem keuangan dan administrasi terpadu. Hal ini terbukti as integrated financial and administrative systems. This
mampu menjaga rasio BOPO Operasional Perseroan tetap has proven to be effective in maintaining the Company's
efisien di angka 8,59%, melampaui target efisiensi yang operational BOPO ratio at 8.59%, exceeding the established
ditetapkan. efficiency target.
Melalui integrasi pengembangan SDM yang unggul dan teknologi Through the integration of superior human capital development
yang mutakhir, Direksi memastikan SMF memiliki daya saing and cutting-edge technology, the Board of Directors ensures
yang kuat serta kesiapan operasional yang optimal dalam that SMF has strong competitiveness and optimal operational
mendukung ekosistem pembiayaan perumahan nasional yang readiness to support the ever-growing national housing finance
terus berkembang. ecosystem.
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KOMITMEN TERHADAP TATA KELOLA COMMITMENT TO CORPORATE
PERUSAHAAN, MANAJEMEN GOVERNANCE, RISK MANAGEMENT,
RISIKO, DAN KEPATUHAN AND COMPLIANCE
Direksi meyakini bahwa keberlanjutan mandat SMF sebagai The Board of Directors believes that the sustainability of the
instrumen fiskal sangat bergantung pada integritas tata kelola SMF's mandate as a fiscal instrument depends heavily on
dan ketangguhan sistem manajemen risiko. Sepanjang tahun the integrity of its governance and the robustness of its risk
2025, Direksi memastikan bahwa setiap pengambilan keputusan management system. Throughout 2025, the Board of Directors
strategis senantiasa berlandaskan pada prinsip transparansi, has affirmed that every strategic decision-making process
akuntabilitas, tanggung jawab, independensi, dan kewajaran. was based on the principles of transparency, accountability,
responsibility, independence, and fairness.
Perkembangan Penerapan GCG dan Hasil Assessment GCG Implementation Progress and Assessment Results
Penerapan GCG di SMF pada tahun 2025 mengalami peningkatan GCG implementation at SMF in 2025 experienced significant
kualitas yang signifikan melalui internalisasi budaya sadar risiko quality improvements through the internalization of a risk-aware
di seluruh level organisasi. culture across all levels of the organization.
Analisis Hasil Assessment: Berdasarkan hasil self-assessment Assessment Results Analysis: Based on self-assessment and
maupun penilaian independen, skor penerapan GCG Perseroan independent assessments, the Company's GCG implementation
tahun 2025 menunjukkan tren perbaikan dibandingkan tahun score in 2025 showed an improving trend compared to the
sebelumnya, dengan predikat "Sangat Baik". Peningkatan ini previous year, with a rating of "Very Good." This improvement
mencerminkan penguatan struktur tata kelola dan optimalisasi reflects the strengthening of the governance structure and
peran organ pendukung Direksi dalam mengawal kepatuhan optimization of the role of the Board of Directors’ supporting
terhadap regulasi yang mengatur atau berkaitan dengan organs in ensuring compliance with regulations governing or
Perseroan. relating to the Company.
Efektivitas Sistem Pengendalian Internal (SPI) Effectiveness of the Internal Control System (SPI)
Direksi menerapkan Sistem Pengendalian Internal yang mengacu The Board of Directors implements an Internal Control System
pada kerangka kerja terintegrasi guna memberikan keyakinan based on an integrated framework to provide reasonable
memadai atas pencapaian tujuan organisasi. assurance regarding the achievement of organizational
objectives.
• Keandalan dan Integritas: SPI terbukti efektif dalam menjaga • Reliability and Integrity: The SPI has proven effective in
keandalan pelaporan keuangan dan memastikan tingkat maintaining the reliability of financial reporting and ensuring
kepatuhan yang tinggi terhadap ketentuan yang berlaku. Hal a high level of compliance with applicable regulations.
ini tercermin dari kemampuan Perseroan mempertahankan This is reflected in the Company's ability to maintain an
laporan keuangan dengan opini Wajar Tanpa Pengecualian Unqualified Opinion (WTP) in its financial statements.
(WTP).
• Perlindungan Aset: Melalui mekanisme check and balance • Asset Protection: Through a strict check and balance
yang ketat antara lini bisnis dan fungsi audit internal, Direksi mechanism between business lines and the internal audit 77
memastikan perlindungan aset Perseroan terjaga dari risiko function, the Board of Directors ensures the protection of
kecurangan (fraud) maupun inefisiensi operasional. the Company's assets from the risk of fraud and operational
inefficiency. PT Sarana Multigriya Finansial (Persero)
Manajemen Risiko Terintegrasi dan Mitigasi Risiko Utama Integrated Risk Management and Key Risk Mitigation
Direksi menerapkan manajemen risiko berbasis ISO 31000 yang
terintegrasi dalam seluruh proses bisnis, mulai dari perencanaan The Board of Directors implements integrated ISO 31000-based
hingga eksekusi penyaluran pinjaman. risk management across all business processes, from planning
• Risiko Utama 2025: Isu paling signifikan yang dihadapi adalah to loan disbursement execution.
Risiko Likuiditas dan Risiko Pasar (fluktuasi suku bunga). • Key Risks in 2025: The most significant issues faced are
Dinamika yield obligasi global dan penyesuaian sumber dana Liquidity Risk and Market Risk (interest rate fluctuations).
KPR FLPP menjadi dana OIP menuntut pengelolaan Asset The dynamics of global bond yields and the adjustment of
Liability Management (ALMA) yang lebih tajam. FLPP mortgage funding sources to OIP funds require more
rigorous Asset Liability Management (ALMA).
• Upaya Mitigasi: Direksi mengimplementasikan Early Warning • Mitigation Efforts: The Board of Directors has implemented
System (EWS) sebagai bagian dari pemantauan risiko bisnis an Early Warning System (EWS) as part of its real-time
secara real-time. Mitigasi dilakukan melalui diversifikasi business risk monitoring. Mitigation is carried out through
instrumen pendanaan, penetapan limit risiko yang disiplin, diversification of funding instruments, setting disciplined
serta penguatan cadangan kerugian penurunan nilai (CKPN) risk limits, and strengthening adequate allowances for
yang memadai. impairment losses (CKPN).
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• Identifikasi Risiko Iklim: Sejalan dengan penyusunan Road • Climate Risk Identification: In line with the development of
Map ES-GRC, Direksi telah mulai mengidentifikasi risiko iklim the ES-GRC Road Map, the Board of Directors has begun
(climate-related risk). Kami memandang risiko ini bukan hanya identifying climate-related risks. We view these risks not
sebagai tantangan, melainkan peluang untuk mengembangkan only as challenges but also as opportunities to develop
instrumen pembiayaan hijau (Green Housing) yang lebih green financing instruments (Green Housing) that are more
resilien terhadap perubahan lingkungan. resilient to environmental change.
Pengelolaan Whistleblowing System (WBS) Whistleblowing System (WBS) Management
Sebagai bagian dari Anti-Fraud Strategy, SMF mengelola sistem As part of the Anti-Fraud Strategy, SMF maintains an
pelaporan pelanggaran (WBS) yang independen dan rahasia. independent and confidential whistleblowing system (WBS).
Di tahun 2025, Direksi terus mendorong sosialisasi WBS kepada In 2025, the Board of Directors continued to promote the
seluruh pemangku kepentingan guna memperkuat budaya dissemination of the WBS to all stakeholders to strengthen
integritas. Sistem ini dijalankan sebagai mekanisme deteksi dini a culture of integrity. This system is implemented as an early
atas potensi pelanggaran kode etik maupun benturan kepentingan, detection mechanism for potential violations of the code of
sehingga setiap laporan yang masuk ditindaklanjuti secara ethics and conflicts of interest, so that every report received
profesional dan transparan sesuai dengan pedoman internal. is followed up professionally and transparently in accordance
with internal guidelines.
Keselarasan Strategi GRC dan Penguatan Kepercayaan Alignment of GRC Strategy and Strengthening Market
Pasar Confidence
Direksi menempatkan penguatan tata kelola, manajemen risiko, The Board of Directors places strengthening governance, risk
dan kepatuhan (GRC) sebagai fondasi utama untuk menjaga management, and compliance (GRC) as a key foundation for
kepercayaan Pemegang Saham, regulator, investor, serta mitra maintaining the trust of shareholders, regulators, investors, and
lembaga keuangan. Penguatan GRC diarahkan untuk memastikan financial institution partners. GRC strengthening is aimed at
setiap keputusan strategis terutama yang terkait pendanaan, ensuring that every strategic decision particularly those related
pengelolaan likuiditas, dan pembiayaan jangka menengah– to funding, liquidity management, and medium to long-term
panjang—berjalan dalam koridor risk appetite, memiliki kontrol financing—is within the risk appetite, has adequate internal
internal yang memadai, dan terdokumentasi secara akuntabel. controls, and is accountably documented.
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Konsistensi penerapan prinsip kehati-hatian dan penguatan The Company's consistent application of prudent principles
tata kelola tersebut turut tercermin dari kemampuan Perseroan and strengthened governance are also reflected in its ability
mempertahankan peringkat kredit idAAA untuk penerbitan to maintain its idAAA credit rating for debt issuance, which
Laporan Tahunan 2025 Annual Report
surat utang, yang memperkuat fleksibilitas akses pendanaan di enhances its flexibility in accessing funding in the financial
pasar keuangan. Ke depan, Perseroan melanjutkan penguatan markets. Going forward, the Company will continue to
kapabilitas risk management dan governance untuk menjaga strengthen its risk management and governance capabilities
resiliensi biaya dana, ketahanan neraca, serta keberlanjutan to maintain cost of funds resilience, balance sheet resilience,
pelaksanaan mandat. and the sustainability of its mandate implementation.
PENJELASAN DIREKSI TERHADAP BOARD OF DIRECTORS' EXPLANATION
PENERAPAN KEUANGAN BERKELANJUTAN ON THE IMPLEMENTATION OF
SUSTAINABLE FINANCE
Hingga akhir tahun 2025, SMF terus berupaya mengintegrasikan Until the end of 2025, SMF continued to strive to integrate
prinsip keberlanjutan ke dalam tata kelola, kebijakan pembiayaan, sustainability principles into its governance, financing policies,
serta pengambilan keputusan bisnis melalui penguatan kerangka and business decision-making by strengthening a measurable
kerja ESG yang terukur dan dapat diaudit, sehingga mendukung and auditable ESG framework, thereby supporting responsible
pendanaan yang bertanggung jawab sekaligus memperluas akses financing while expanding access to decent and affordable
hunian yang layak dan terjangkau. housing.
Pada aspek integrasi ke dalam kebijakan, tata kelola, dan strategi Regarding integration into policies, governance, and business
bisnis, Perseroan memperkuat kerangka keuangan berkelanjutan strategy, the Company is strengthening its sustainable finance
melalui penerapan governance framework untuk instrumen framework by implementing a governance framework for
pendanaan berkelanjutan, sekaligus meningkatkan disiplin sustainable financing instruments, while simultaneously
integrasi ESG ke dalam proses bisnis dan pengendalian. Salah satu enhancing the discipline of ESG integration into business
pijakan penting adalah Kerangka Pendanaan Berwawasan Sosial processes and controls. One important foundation is the
(Social Funding Framework) yang telah memperoleh Second-Party Social Funding Framework, which has received a Second-
Opinion dari DNV, sebagai kerangka utama penerbitan obligasi Party Opinion from DNV and serves as the primary framework
dan sukuk berwawasan sosial. for the issuance of social bonds and sukuk.
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Melalui kerangka ini, penguatan instrumen berwawasan sosial Through this framework, strengthening socially conscious
tidak berdiri sendiri, melainkan menjadi bagian dari strategi instruments does not stand alone but is part of the Company's
pendanaan Perseroan dalam memperluas sumber dana yang funding strategy to expand funding sources aligned with social
selaras dengan tujuan pembangunan sosial, khususnya sektor development goals, particularly in the housing sector.
perumahan.
Perseroan juga telah menyusun kajian awal green housing The Company has also prepared a preliminary study on
financing beserta pedoman Environmental and Social Safeguard, green housing financing along with Environmental and Social
sehingga integrasi aspek lingkungan dan sosial memiliki rujukan Safeguard guidelines, so that the integration of environmental
operasional yang lebih jelas dalam pengembangan produk, skema and social aspects has a clearer operational reference in
pendanaan, serta penilaian kelayakan implementasi. product development, funding schemes, and implementation
feasibility assessments.
Pada 2025, penguatan kerangka keberlanjutan tersebut turut In 2025, the strengthening of the sustainability framework
ditopang oleh agenda penguatan sumber pendanaan tematik dan will be supported by an agenda to strengthen thematic and
berwawasan sosial, termasuk melalui instrumen pendanaan yang social funding sources, including through funding instruments
mengacu pada standar internasional, sehingga meningkatkan that adhere to international standards, thereby increasing the
kredibilitas Perseroan di mata regulator, investor, dan mitra Company's credibility in the eyes of regulators, investors, and
lembaga jasa keuangan. financial services institution partners.
Sejalan dengan arah penguatan keberlanjutan, Perseroan In line with its sustainability strengthening direction, the
menegaskan integrasi ESG tidak hanya pada tataran komitmen, Company emphasizes that ESG integration is not only at the
namun juga pada “mekanisme kontrol”. Dalam agenda penguatan commitment level, but also within its "control mechanisms." In
2026, Perseroan merencanakan integrasi ES-GRC ke dalam RJPP, its 2026 strengthening agenda, the Company plans to integrate
RAKB, serta Risk Acceptance Criteria (RAC) untuk memastikan ESG-GRC into its Long-Term Development Plan (RJPP), Long-
setiap keputusan strategis terkait pembiayaan, sekuritisasi, Term Development Plan (RAKB), and Risk Acceptance Criteria
maupun penerbitan surat utang dilakukan dengan prinsip tata (RAC) to have every strategic decision related to financing,
kelola yang transparan dan akuntabel. securitization, and debt issuance is made with transparent
and accountable governance principles.
Arah kerja ini juga mencakup pembangunan framework tata This work objective also includes the development of a
kelola untuk penerbitan instrumen keuangan berkelanjutan serta governance framework for the issuance of sustainable financial
pelaksanaan shadow rating ESG untuk memperkuat positioning instruments and the implementation of ESG shadow ratings to
Perseroan dalam pasar keuangan yang semakin menuntut strengthen the Company's position in financial markets that
integrasi ESG. increasingly demand ESG integration.
Perseroan menempatkan agenda tersebut sebagai bagian dari The Company positions this agenda as part of its efforts to
penguatan integrasi aspek lingkungan dan sosial ke dalam operasi strengthen the integration of environmental and social aspects
bisnis, termasuk dalam penyampaian Laporan Keberlanjutan dan into its business operations, including in the submission of its 79
Rencana Aksi Keuangan Berkelanjutan sejalan dengan POJK Sustainability Report and Sustainable Finance Action Plan, in
51/2017 serta keterkaitan dengan kesiapan pengungkapan line with POJK 51/2017 and related to the readiness of IFRS
berbasis IFRS S1 & S2. S1 & S2-based disclosures. PT Sarana Multigriya Finansial (Persero)
Dalam memandang kontribusi Perseroan terhadap pembangunan In assessing the Company's contribution to sustainable housing
perumahan berkelanjutan pada 2025, Direksi melihat peran SMF development by 2025, the Board of Directors views SMF's role
bukan hanya pada volume pembiayaan, namun juga pada penguatan not only in financing volume, but also in strengthening schemes,
skema, ekosistem, serta standar implementasi yang mendorong ecosystems, and implementation standards that encourage
akses hunian yang lebih inklusif dan bertanggung jawab. Salah satu more inclusive and responsible housing access. One concrete
bukti konkret ialah keterlibatan Perseroan dalam Indonesia Green evidence is the Company's involvement in the Indonesia Green
& Affordable Housing Program (IGAHP) melalui kerja sama dengan & Affordable Housing Program (IGAHP) through a collaboration
Build Change, yang dituangkan dalam PKS hingga 15 September with Build Change, which is outlined in the MoU until September
2025. Pada periode tersebut, Perseroan menyalurkan program hibah 15, 2025. During that period, the Company distributed grant
kepada 10 debitur dengan nilai total USD3.938 sebagai bagian dari programs to 10 debtors with a total value of USD3,938 as part
dukungan terhadap perumahan hijau dan terjangkau di Indonesia. of its support for green and affordable housing in Indonesia.
Direksi juga mencermati lesson learned implementasi, mulai dari The Board of Directors also examined lessons learned from
kebutuhan edukasi konsep rumah hijau, tantangan kesesuaian implementation, from the need for education on the green home
spesifikasi teknis bangunan dengan standar hijau, hingga concept, challenges in aligning building technical specifications
penyesuaian lembaga penyalur terhadap skema pembiayaan with green standards, to channelling institutions' adjustments
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tematik berbasis ESG, yang menjadi masukan penting untuk to ESG-based thematic financing schemes. These provided
penyempurnaan desain program dan peningkatan efektivitas important input for refining program design and increasing
pada periode berikutnya. effectiveness in the following period.
Secara strategis, Direksi menempatkan kontribusi pada perumahan Strategically, the Board of Directors positions contributions
berkelanjutan sebagai bagian dari mandat jangka panjang yang to sustainable housing as part of a long-term mandate that
memerlukan konsistensi penguatan instrumen, tata kelola, dan requires consistent strengthening of instruments, governance,
kolaborasi. Kerangka pendanaan berwawasan sosial yang telah and collaboration. The social financing framework that has
dibangun, beserta penguatan roadmap integrasi ESG ke dalam been developed, along with a strengthened roadmap for ESG
GRC dan RAC, menjadi fondasi agar keberlanjutan tidak berhenti integration into the GRC and RAC, provides the foundation for
sebagai inisiatif, melainkan melekat pada proses pengambilan ensuring that sustainability is not merely an initiative but is
keputusan dan pengelolaan risiko. Dengan pendekatan tersebut, embedded within the decision-making and risk management
Perseroan memperkuat perannya sebagai katalis pembiayaan processes. With this approach, the Company strengthens
perumahan yang tidak hanya memperluas akses, namun juga its role as a catalyst for housing finance which is not only
mengarahkan pertumbuhan pembiayaan menuju praktik yang expanding access but also directing financing growth toward
lebih bertanggung jawab, terukur, dan sejalan dengan agenda more responsible, measurable practices aligned with the
pembangunan nasional. national development agenda.
PELAKSANAAN TANGGUNG JAWAB IMPLEMENTATION OF SOCIAL AND
SOSIAL DAN LINGKUNGAN (TJSL) ENVIRONMENTAL RESPONSIBILITY (TJSL)
Di tahun 2025, pelaksanaan program TJSL difokuskan pada In 2025, the implementation of the TJSL program focused on
penciptaan nilai tambah bersama (Creating Shared Value) bagi creating shared value for the community, the environment,
masyarakat, lingkungan, dan keberlanjutan bisnis Perseroan. and the Company's business sustainability.
Sepanjang tahun 2025, Direksi memastikan seluruh kegiatan TJSL Throughout 2025, the Board of Directors has confirmed
dijalankan dengan kepatuhan tinggi terhadap regulasi yang berlaku that all TJSL activities are conducted in strict compliance
serta arahan strategis Pemegang Saham. Dasar pelaksanaan with applicable regulations and the strategic direction of
program ini meliputi: Shareholders. The basis for implementing this program includes:
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1. Kepatuhan Regulasi: Mengacu pada Peraturan Menteri 1. Regulatory Compliance: Referring to the Regulation of the
BUMN terkait program TJSL dan sejalan dengan UU Perseroan Minister of State-Owned Enterprises regarding the TJSL
Terbatas yang mewajibkan tanggung jawab sosial bagi program and in line with the Limited Liability Company
perusahaan yang berkaitan dengan sumber daya alam maupun Law, which requires companies to be socially responsible
Laporan Tahunan 2025 Annual Report
dampak sosial. in relation to natural resources and social impacts.
2. Keselarasan dengan SDGs: Program diarahkan untuk 2. Alignment with the SDGs: The program is directed to
mendukung Sustainable Development Goals (SDGs), support the Sustainable Development Goals (SDGs),
khususnya poin ke-1 (Tanpa Kemiskinan), poin ke-11 (Kota dan specifically point 1 (No Poverty), point 11 (Sustainable Cities
Permukiman yang Berkelanjutan), dan poin ke-17 (Kemitraan and Communities), and point 17 (Partnerships for the Goals).
untuk Mencapai Tujuan).
Di tahun 2025, Direksi juga telah menetapkan "SMF Smart- In 2025, the Board of Directors also established "SMF Smart-
Care-Green" sebagai payung strategis program TJSL 2025 yang Care-Green" as the strategic umbrella for the 2025 TJSL
mencakup tiga pilar utama: program, which encompassed three main pillars:
• Program Peningkatan Kualitas Rumah di Daerah Kumuh: • Slum Area Housing Improvement Program: This is SMF's
Ini merupakan program flagship SMF. Direksi secara aktif flagship program. The Board of Directors actively allocates
mengalokasikan sumber daya untuk merenovasi rumah tidak resources to renovate uninhabitable houses in various slum
layak huni di berbagai daerah kumuh di Indonesia. Program areas across Indonesia. This program not only improves
ini tidak hanya memperbaiki fisik bangunan, tetapi juga the physical structure but also achieves better access to
memastikan akses sanitasi dan air bersih yang lebih baik sanitation and clean water for residents.
bagi penghuninya.
• SMF Smart (Edukasi Keuangan): Memberikan literasi keuangan • SMF Smart (Financial Education): Provides financial literacy
kepada masyarakat mengenai pentingnya perencanaan to the public regarding the importance of financial planning
keuangan untuk kepemilikan rumah serta edukasi terkait for home ownership and education regarding rights and
hak dan kewajiban dalam pembiayaan perumahan. obligations in housing financing.
• SMF Care & Green (Pemberdayaan & Lingkungan): Fokus • SMF Care & Green (Empowerment & Environment):
pada pemberdayaan ekonomi masyarakat di sekitar kawasan Focuses on economic empowerment of communities
perumahan serta inisiatif pelestarian lingkungan melalui surrounding housing areas and environmental
penanaman pohon dan kampanye hunian ramah lingkungan. conservation initiatives through tree planting and eco-
friendly housing campaigns.
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Direksi melakukan evaluasi bahwa kegiatan TJSL tahun 2025 telah The Board of Directors evaluated that the 2025 Social and
memberikan dampak yang terukur dan berkelanjutan: Environmental Responsibility (TJSL) activities had produced
measurable and sustainable impacts:
• Bagi Masyarakat (Penerima Manfaat): Terjadi peningkatan • For the Community (Beneficiaries): Improved quality of life
kualitas hidup dan kesehatan melalui hunian yang lebih and health through more adequate housing and increased
layak serta peningkatan literasi keuangan yang membantu financial literacy, helping the community avoid detrimental
masyarakat terhindar dari skema pembiayaan yang merugikan. financing schemes.
• Bagi Perseroan (SMF): Memperkuat reputasi dan brand equity • For the Company (SMF): Strengthened reputation and brand
sebagai SMV yang peduli pada aspek sosial. Hal ini turut equity as a socially responsible SMV. This also supports
mendukung peningkatan kepercayaan investor terhadap increased investor confidence in the Social Bonds issued
instrumen Social Bonds yang diterbitkan Perseroan. by the Company.
• Bagi Pemegang Saham & Pemangku Kepentingan: Mendukung • For Shareholders & Stakeholders: Supporting the
pencapaian target Pemerintah dalam mengurangi kawasan achievement of the Government's target of reducing slum
kumuh dan meningkatkan angka hunian layak nasional, serta areas and increasing the national number of adequate
memberikan nilai tambah bagi pemangku kepentingan melalui housings, while providing added value to stakeholders by
terciptanya ekosistem sosial yang stabil. creating a stable social ecosystem.
Ke depan, Direksi mengarahkan agar pelaksanaan TJSL semakin As we advance, the Board of Directors is guiding the
terukur dan berkelanjutan dengan menggunakan metode Social implementation of TJSL to be more measurable and sustainable,
Return on Investment (SROI) untuk memastikan setiap rupiah by utilizing the Social Return on Investment (SROI) method
yang dikeluarkan memberikan dampak sosial yang maksimal. to ensure that every rupiah spent delivers maximum social
Melalui semangat transformasi, SMF berkomitmen untuk terus impact. Through the spirit of transformation, SMF is committed
menghadirkan senyum bagi keluarga Indonesia melalui hunian to continuing to bring smiles to Indonesian families through
yang lebih baik. better housing.
PENILAIAN DIREKSI ATAS KINERJA BOARD OF DIRECTORS' ASSESSMENT OF
KOMITE DI BAWAH DIREKSI THE PERFORMANCE OF COMMITTEES
UNDER THE BOARD OF DIRECTORS
Hingga akhir Desember 2025, Direksi didukung oleh 5 (lima) As of December 2025, the Board of Directors was supported
komite, yaitu: by 5 (five) committees:
1. Komite Manajemen Risiko; 1. Risk Management Committee;
2. Komite Manajemen Aset dan Liabilitas; 2. Asset and Liability Management Committee;
3. Komite Pembiayaan; 3. Financing Committee;
4. Komite Pengarah Teknologi Informasi; dan 4. Information Technology Steering Committee; and
5. Komite Pengembangan Produk. 5. Product Development Committee.
Direksi melakukan penilaian kinerja organ pendukung secara The Board of Directors periodically assesses the performance
berkala untuk memastikan efektivitas perannya dalam memperkuat of supporting organs to accomplish the effectiveness of their 81
pengambilan keputusan dan pengendalian Perseroan. Proses role in strengthening the Company's decision-making and
penilaian diawali dengan penetapan kriteria penilaian yang control. The assessment process begins with the establishment
selanjutnya dikomunikasikan kepada Dewan Komisaris. of assessment criteria, which are then communicated to the
Board of Commissioners.
PT Sarana Multigriya Finansial (Persero)
Kriteria penilaian mengacu pada Piagam Komite dan Program Kerja The assessment criteria refer to the Committee Charter and
masing-masing organ, dengan fokus pada tiga aspek utama: (i) Work Program of each organ, with a focus on three main
disiplin pelaksanaan tugas, termasuk tata kelola rapat (frekuensi, aspects: (i) discipline in carrying out tasks, including meeting
ketepatan waktu, dan kelengkapan dokumentasi), (ii) kualitas governance (frequency, timeliness, and completeness of
rekomendasi, termasuk ketajaman analisis, kejelasan opsi, dan documentation), (ii) quality of recommendations, including
kelengkapan mitigasi risiko, serta (iii) efektivitas tindak lanjut, analytical rigor, clarity of options, and completeness of risk
yang tercermin pada ketepatan eksekusi keputusan, penyelesaian mitigation, and (iii) effectiveness of follow-up, which is reflected
action items, dan mekanisme eskalasi isu secara tepat waktu. Hasil in the accuracy of decision execution, completion of action
Self Assessment GCG digunakan sebagai referensi tambahan items, and timely issue escalation mechanisms. The results of
untuk menilai konsistensi penerapan tata kelola dan pengendalian the GCG Self-Assessment are used as an additional reference
internal. to assess the consistency of the implementation of governance
and internal control.
Page 82
Laporan Manajemen
Management Report
Secara umum, Direksi menilai seluruh organ pendukung telah In general, the Board of Directors assesses that all supporting
menjalankan fungsi dengan baik dan memberikan kontribusi yang organs have performed their functions effectively and made
nyata terhadap ketahanan pengelolaan Perseroan. Sepanjang a significant contribution to the resilience of the Company's
2025, organ pendukung tidak hanya menjalankan agenda kerja management. Throughout 2025, the supporting organs not only
sesuai ketentuan, tetapi juga memperkuat kualitas keputusan implemented their work agendas in accordance with regulations
Direksi melalui rekomendasi yang terstruktur, berbasis data, dan but also strengthened the quality of the Board of Directors'
berorientasi pada mitigasi risiko serta keberlanjutan mandat. decisions through structured, data-driven recommendations
Direksi juga menilai tindak lanjut atas rekomendasi dan keputusan oriented toward risk mitigation and mandate sustainability.
yang dihasilkan berjalan dengan disiplin, sehingga mendukung The Board of Directors also assesses that the follow-up to
konsistensi eksekusi strategi, ketertiban pengendalian, serta the recommendations and decisions produced has been
peningkatan efektivitas tata kelola. Uraian pelaksanaan tugas dan carried out in a disciplined manner, thus supporting consistent
rapat masing-masing organ pendukung disajikan pada bagian strategy execution, orderly control, and improving governance
terkait dalam Laporan Tahunan ini. effectiveness. A description of the implementation of duties
and meetings of each supporting organ is presented in the
relevant section of this Annual Report.
PENJELASAN DIREKSI TERKAIT BOARD OF DIRECTORS' EXPLANATION
PERUBAHAN KOMPOSISI DIREKSI REGARDING CHANGES TO THE BOARD
OF DIRECTORS' COMPOSITION
Sepanjang tahun 2025, tidak terdapat perubahan komposisi There were no changes to the composition of the Board
Direksi. Dengan demikian, pengawalan strategi dan pelaksanaan of Directors in 2025. Therefore, the Company's strategic
program kerja Perseroan sepanjang tahun berjalan berlangsung supervisory and work program implementation was consistent
secara konsisten, dengan kesinambungan kepemimpinan dan throughout the year, with continuity of leadership and
akuntabilitas yang tetap terjaga. maintained accountability.
PENUTUP DAN APRESIASI CLOSING REMARKS AND APPRECIATION
Tahun buku 2025 menegaskan pentingnya ketahanan strategi, The 2025 fiscal year will be a period that confirms the
82
disiplin tata kelola, dan ketepatan eksekusi dalam menjalankan importance of strategic resilience, disciplined governance,
mandat Perseroan. Di tengah dinamika pasar keuangan, perubahan and precise execution in carrying out the Company's mandate.
kebijakan, serta kebutuhan pembiayaan perumahan yang terus Amidst financial market dynamics, policy changes, and the
berkembang, Direksi mengarahkan Perseroan untuk menjaga ever-growing need for housing financing, the Board of Directors
Laporan Tahunan 2025 Annual Report
keseimbangan antara kesehatan bisnis dan peran sebagai guided the Company to maintain a balance between business
penyedia likuiditas jangka menengah dan panjang sekaligus soundness and its role as a provider of medium and long-
instrumen kebijakan di sektor perumahan. Direksi meyakini capaian term liquidity and a policy instrument in the housing sector.
dan penguatan fondasi yang dibangun sepanjang 2025 merupakan The Board of Directors believes that the achievements and
hasil kerja kolektif yang terstruktur, mulai dari perumusan strategi, strengthening of the foundations built throughout 2025 are the
pengendalian risiko, hingga penguatan kapabilitas operasional, result of structured collective work, from strategy formulation
yang seluruhnya diarahkan untuk memastikan mandat Perseroan and risk management to strengthening operational capabilities,
terlaksana secara pruden dan berkelanjutan. all of which are directed towards ensuring the prudent and
sustainable implementation of the Company's mandate.
Pada kesempatan ini, Direksi menyampaikan apresiasi dan On this occasion, the Board of Directors would like
terima kasih kepada Pemegang Saham atas kepercayaan dan to express its appreciation and gratitude to the
dukungan yang diberikan, serta kepada Dewan Komisaris Shareholders for their trust and support, and to the
atas arahan, pengawasan, dan masukan konstruktif yang Board of Commissioners for their guidance, supervision,
memperkuat kualitas pengambilan keputusan. Direksi and constructive input that strengthened the quality
juga menyampaikan penghargaan kepada regulator dan of decision-making. The Board of Directors also
otoritas terkait, mitra lembaga keuangan, investor, serta expressed its appreciation to the relevant regulators and
seluruh pemangku kepentingan atas sinergi yang menjaga authorities, financial institution partners, investors, and
keberlangsungan peran Perseroan dalam ekosistem all stakeholders for their synergy that has maintained the
pembiayaan perumahan nasional. Secara khusus, Direksi Company's continued role in the national housing finance
memberikan apresiasi setinggi-tingginya kepada seluruh ecosystem. In particular, the Board of Directors extends its
karyawan atas dedikasi, profesionalisme, dan integritas highest appreciation to all employees for their dedication,
dalam memastikan setiap proses berjalan akuntabel dan professionalism, and integrity in making sure that every
berorientasi pada hasil. process is accountable and results-oriented.
Page 83
Menatap periode berikutnya, Direksi berkomitmen melanjutkan Heading into the next period, the Board of Directors is
penguatan kapasitas pendanaan, pendalaman mekanisme committed to continuing to strengthen funding capacity,
pembiayaan sekunder, serta penguatan tata kelola dan advance secondary financing mechanisms, and strengthen
kapabilitas internal agar Perseroan semakin adaptif menghadapi internal governance and capabilities to encourages the
perubahan. Dengan komitmen tersebut, Perseroan akan Company's greater adaptability to change. With this
terus menjaga kesinambungan pembiayaan perumahan dan commitment, the Company will continue to maintain the
memperluas akses hunian bagi masyarakat, selaras dengan sustainability of housing finance and expand housing
agenda pembangunan nasional dan harapan para pemangku access for the community, in line with the national
kepentingan. development agenda and stakeholder expectations.
Jakarta, 31 Maret 2026
Jakarta, March 31, 2026
Atas Nama Direksi
83
On behalf of the Board of Directors
PT Sarana Multigriya Finansial (Persero)
PT Sarana Multigriya Finansial (Persero)
Ananta Wiyogo
Direktur Utama
President Director
Page 84
Laporan Manajemen
Management Report
SURAT PERNYATAAN ANGGOTA DEWAN
KOMISARIS TENTANG TANGGUNG JAWAB
ATAS LAPORAN TAHUNAN 2025 PT SARANA
MULTIGRIYA FINANSIAL (PERSERO)
STATEMENT OF ACCOUNTABILITY OF THE BOARD OF COMMISSIONERS
FOR THE 2025 ANNUAL REPORT OF PT SARANA MULTIGRIYA FINANSIAL
(PERSERO)
Kami yang bertanda tangan di bawah ini menyatakan bahwa We, the undersigned, hereby declare that all information
semua informasi dalam Laporan Tahunan PT Sarana Multigriya contained in the 2025 Annual Report of PT Sarana Multigriya
Finansial (Persero) tahun 2025 telah dimuat secara lengkap Infrastruktur (Persero) has been presented in full and we shall
dan bertanggung jawab penuh atas kebenaran isi Laporan be fully accountable for the accuracy of the contents of the
Tahunan ini. Company’s Annual Report.
Demikian pernyataan ini dibuat dengan sebenarnya. This statement was made with actual.
Jakarta, 31 Maret 2026
Jakarta, March 31, 2026
84
Laporan Tahunan 2025 Annual Report
Nufransa Wira Sakti
Komisaris Utama
President Commissioner
Brahmantio Isdijoso Dedy Supriadi Priatna
Komisaris Komisaris Independen
Commissioner Independent Commissioner
Page 85
SURAT PERNYATAAN ANGGOTA DIREKSI
TENTANG TANGGUNG JAWAB ATAS LAPORAN
TAHUNAN 2025 PT SARANA MULTIGRIYA
FINANSIAL (PERSERO)
STATEMENT OF ACCOUNTABILITY OF THE BOARD OF DIRECTORS FOR
THE 2025 ANNUAL REPORT OF PT SARANA MULTIGRIYA FINANSIAL
(PERSERO)
Kami yang bertanda tangan di bawah ini menyatakan bahwa We, the undersigned, hereby declare that all information
semua informasi dalam Laporan Tahunan PT Sarana Multigriya contained in the 2024 Annual Report of PT Sarana Multigriya
Finansial (Persero) tahun 2025 telah dimuat secara lengkap Infrastruktur (Persero) has been presented in full and we shall
dan bertanggung jawab penuh atas kebenaran isi Laporan be fully accountable for the accuracy of the contents of the
Tahunan ini. Company’s Annual Report.
Demikian pernyataan ini dibuat dengan sebenarnya. This statement was made with actual.
Jakarta, 31 Maret 2026
Jakarta, March 31, 2026
Ananta Wiyogo
Direktur Utama 85
President Director
PT Sarana Multigriya Finansial (Persero)
Heliantopo Bonai Subiakto
Direktur Bisnis Direktur Keuangan &
Director of Business Manajemen Risiko
Director of Finance and
Risk Management
Page 86
Profil Perusahaan
Company Profile
86
Laporan Tahunan 2025 Annual Report
Page 87
PT Sarana Multigriya Finansial (Persero)
87
COMPANY PROFILE
PROFIL
PERUSAHAAN
Page 88
Profil Perusahaan
Company Profile
IDENTITAS PERUSAHAAN
PROFILE IDENTITY
Nama Perusahaan Kontak
Company Name Contact
PT Sarana Multigriya Finansial (Persero) *) Sekretaris Perusahaan
Corporate Secretary
corsec[at]smf-indonesia.co.id
021 2700 400
Tanggal Pendirian
Date of Establishment Website
www.smf-indonesia.co.id
22 Juli 2005
July 22, 2005 Layanan Pelanggan
Customer Service
(021) 2700400
Bidang Usaha info[at]smf-indonesia.co.id
Line of Business
Media Sosial
Pembiayaan Sekunder Perumahan Social Media
Secondary Mortgage Facility @ptsmfpersero
@smfpersero
88 @PT Sarana Multigriya Finansial (Persero)
@PT Sarana Multigriya Finansial (Persero)
Jumlah Karyawan
Number of Employees
Laporan Tahunan 2025 Annual Report
110 orang | people *) Perusahaan tidak pernah melakukan perubahan nama
sejak didirikan.
*) The Company has never changed its name since its
establishment.
Alamat
Address
Grha SMF
Jalan Panglima Polim I No. 1 Melawai
Kebayoran Baru, Jakarta Selatan 12160
Telp: 021 2700 400
Fax: 021 2701 400
Page 89
Dasar Hukum Pendirian Anggaran Dasar dan Perubahan
Legal Basis of Establistment Articles of Association and its Amendment
1. Peraturan Pemerintah Republik Indonesia Nomor 5 Tahun 2005 tentang Penyesuaian Anggaran Dasar dengan Undang- Undang No. 40 Tahun 2007
Penyertaan Modal Negara Republik Indonesia untuk Pendirian Perusahaan tentang Perseroan Terbatas dilakukan pada 13 Agustus 2008 dengan akta No.
Perseroan (Persero) di bidang Pembiayaan Pembelian Perumahan, tanggal 114 Notaris Sutjipto, SH, persetujuan Menteri Hukum dan Hak Asasi Manusia
7 Februari 2005, yang terakhir diubah dengan Peraturan Pemerintah Republik Indonesia berdasarkan Surat Keputusan tertanggal 5 Desember 2008
Republik Indonesia Nomor 57 Tahun 2020 tentang Penyertaan Modal No. AHU-94053.AH.01.02 Tahun 2008 dan telah diumumkan dalam Berita
Negara Republik Indonesia untuk Pendirian Perusahaan Perseroan Negara Republik Indonesia tertanggal 3 Juli 2009 No. 53 Tambahan No. 17294.
(Persero) di bidang Pembiayaan Pembelian Perumahan. Perubahan beberapa pasal dan penyusunan Kembali Anggaran Dasar dengan
2. Peraturan Presiden Nomor 19 Tahun 2005, terakhir diubah dengan akta tertanggal 3 Juni 2015 No. 02A, dibuat di hadapan Ir Nanette Cahyanie
Peraturan Presiden Nomor 100 Tahun 2020 tentang Pembiayaan Sekunder Handari Adi Warsito, Sarjana Hukum, Notaris di Jakarta, sebagaimana Keputusan
Perumahan. Menteri Hukum dan HAM No. AHU-0938942.AH.01.02 Tahun 2015 tertanggal
3. Akta tertanggal 22 Juli 2005 Nomor 59, yang dibuat di hadapan Imas 08 Juli 2015 dan telah masuk dalam Daftar Perseroan Nomor AHU-3530421.
Fatimah, Sarjana Hukum, Notaris di Jakarta, yang telah mendapat AH.01.11.Tahun 2015 tertanggal 08 Juli 2015, Perubahan Anggaran Dasar terakhir
persetujuan dari Menteri Hukum dan Hak Asasi Manusia Republik Indonesia berdasarkan a akta tertanggal 25 Maret 2025 Nomor 27, yang dibuat dihadapan
dengan Keputusan Nomor C-20694. HT.01.01.TH.2005 tanggal 26 Juli Notaris Vita Cahyojati, Sarjana Hukum, Magister Humaniora, Notaris di Jakarta,
2005, dan telah diumumkan dalam Berita Negara Republik Indonesia dan telah memperoleh persetujuan Menteri Hukum dan Hak Asasi Manusia
tertanggal 30 Agustus 2005 Nomor 69, Tambahan Nomor 9263. Republik Indonesia Nomor AHU-AH.01.03-0091170 tanggal 25 Maret 2025.
1. Government Regulation of the Republic of Indonesia No. 5 of 2005 on State The adjustment to the Articles of Association in accordance with Law No. 40
Equity Participation of the Government of the Republic of Indonesia for of 2007 on Limited Liability Companies was carried out on August 13, 2008,
the Establishment of Limited Liability Company dated February 7, 2005, through Deed No. 114, drawn up before Notary Sutjipto, SH, with approval from
as lastly amended by Government Regulation of the Republic of Indonesia the Minister of Law and Human Rights of the Republic of Indonesia based on
No. 57 of 2020 on State Equity Participation of the Government of the the Decree dated December 5, 2008, No. AHU-94053.AH.01.02 of 2008, and
Republic of Indonesia for the Establishment of Limited Liability Company published in the State Gazette of the Republic of Indonesia on July 3, 2009, No.
in Mortgage Financing. 53, Supplement No. 17294. Amendments to several articles and the restructuring
2. Presidential Regulation No. 19 of 2005, as lastly amended by Presidential of the Articles of Association were made through a deed dated June 3, 2015, No.
Regulation No. 100 of 2020 on Secondary Mortgage. 02A, drawn up before Ir. Nanette Cahyanie Handari Adi Warsito, Bachelor of Law,
3. Deed No. 59 dated July 22, 2005, drawn up before Imas Fatimah, S.H., a a Notary in Jakarta, as stated in the Decree of the Minister of Law and Human
Notary in Jakarta, approved by the Minister of Law and Human Rights of Rights No. AHU-0938942. AH.01.02 of 2015, dated July 8, 2015, and recorded
the Republic of Indonesia pursuant to the Decree No. C-20694. HT.01.01. in the Company Register No. AHU-3530421.AH.01.11 of 2015, dated July 8, 2015.
TH.2005 dated July 26, 2005, and published in the State Gazette of the The latest amendment to the Articles of Association was made through a deed
Republic of Indonesia No. 69 dated August 30, 2005, Supplement No. 9263. dated March 25, 2025, No. 27, drawn up before Vita Cahyojati, S.H., M.Hum.,
a Notary in Jakarta. It has obtained the approval of the Minister of Law and
Human Rights of the Republic of Indonesia Number AHU-AH.01.03-0091170
dated March 25, 2025.
Modal Disetor
Paid-Up Capital
Rp16.221.000.000.000 89
Perseroan mendapat tambahan modal sebesar Rp6.684.022.705.000 (enam
triliun enam ratus delapan puluh empat miliar dua puluh dua juta tujuh ratus
lima ribu Rupiah) sebagaimana tertuang dalam Peraturan Pemerintah Republik
PT Sarana Multigriya Finansial (Persero)
Indonesia Nomor 54 Tahun 2025 tentang Penambahan Penyertaan Modal Negara
Republik Indonesia ke Dalam Modal Saham Perusahaan Perseroan (Persero) PT
Sarana Multigriya Finansial Dalam Rangka Pelaksanaan Penugasan. Penambahan
modal ini masih dicatat sebagai uang muka setoran modal.
The Company received additional capital in the amount of Rp6,684,022,705,000
(six trillion six hundred eighty-four billion twenty-two million seven hundred
five thousand Rupiah) as stipulated in Government Regulation of the Republic
of Indonesia Number 54 of 2025 concerning the Addition of State Capital
Participation of the Republic of Indonesia in the Share Capital of the Company
(Persero) PT Sarana Multigriya Finansial for the Purpose of Assignment. This
capital increase is still recorded as an advance capital payment.
Kepemilikan
Ownership
Saham Perseroan seluruhnya (100%) dimiliki oleh Pemerintah Republik Indonesia
yang Pemegang Sahamnya diwakili oleh Kementerian Keuangan Republik
Indonesia.
All the Company’s shares are owned by the Government of the Republic of
Indonesia (100%) whose Shareholders are represented by the Ministry of Finance
of the Republic of Indonesia.
Page 90
Profil Perusahaan
Company Profile
JEJAK LANGKAH PERUSAHAAN
COMPANY MILESTONES
1993
Kementerian Keuangan (d/h Departemen Keuangan) mengadakan serangkaian studi kelayakan untuk pendirian lembaga pembiayaan
sekunder perumahan sejak 1993.
The Ministry of Finance (formerly Department of Finance) had been conducting A Series of feasibility studies for the establishment
of a secondary mortgage institution since 1993.
1998
Pemerintah menerbitkan Keputusan Menteri Keuangan Republik Indonesia Nomor 132/KMK.014/1998 yang membuka peluang
berdirinya lembaga pembiayaan sekunder perumahan, akan tetapi karena belum ada calon pemegang saham maka pendiriannya
belum terlaksana.
The Government issued the Decree of the Minister of Finance of the Republic of Indonesia No. 132/KMK.014/1998, which opened
up the opportunity for the establishment of a secondary mortgage institution, but since there were no potential shareholders, its
establishment had not yet been carried out.
90
2005
Laporan Tahunan 2025 Annual Report
Pada 22 Juli 2005, Pemerintah mendirikan PT Sarana Multigriya Finansial (Persero) dengan Akta Nomor 59 yang diumumkan dalam
Berita Negara Republik Indonesia tanggal 30 Agustus 2005 Nomor 69 Tambahan Nomor 9263.
On July 22, 2005, the Government established PT Sarana Multigriya Finansial (Persero) by virtue of Deed No. 59 and was duly
published in the State Gazette of the Republic of Indonesia dated August 30, 2005, No. 69, Supplement No. 9263.
2006
Perseroan menyalurkan pinjaman pertama kepada lembaga penyalur KPR PT Bank Tabungan Negara (Persero).
The Company disbursed its first loan to a mortgage lender, namely PT Bank Tabungan Negara (Persero).
2007
Perseroan melakukan penyaluran pinjaman perdana kepada perusahaan pembiayaan.
The Company disbursed its first loan to a financing company.
Page 91
2008
• Perseroan menyalurkan pinjaman pertama kepada Bank Pembangunan Daerah (BPD).
• Melalui penerbitan Peraturan Presiden Republik Indonesia Nomor 1/2008 sebagai Perubahan atas Peraturan Presiden Nomor
19/2005 tentang Pembiayaan Sekunder Perumahan, Pemerintah memberikan kelonggaran kepada Perseroan agar dapat
menyalurkan fasilitas pinjaman paling lama 10 tahun dari sejak penerbitan peraturan dimaksud sampai tahun 2018, dengan
jangka waktu pinjaman paling lama 15 tahun.
• Perseroan menyalurkan pinjaman pertamanya kepada Bank Syariah.
• The Company disbursed its first loan to a Regional Development Bank.
• Through the issuance of Presidential Regulation of the Republic of Indonesia No. 1 of 2008 as the Amendment to Presidential
Regulation No. 19 of 2005 concerning Secondary Mortgage, the Government provided concessions to the Company to disburse
lending facilities at maximum 10 years from the issuance of the regulation until 2018, with a maximum tenor of 15 years.
• The Company disbursed its first loan to a sharia bank.
2009
• Perseroan merealisasikan transaksi sekuritisasi yang pertama melalui penawaran umum Efek Beragun Aset (EBA) yang
dicatatkan di Bursa Efek Indonesia (BEI).
• Perseroan menerbitkan obligasi pertama (tanpa jaminan) melalui penawaran umum.
• The Company realized its first securitization transaction through the public offering of Residential Mortgage-Backed Securities
(RMBS), which was listed on Indonesia Stock Exchange (IDX).
• The Company issued its first unsecured bonds through public offering.
2010
• Perseroan bekerja sama dengan PT Penilai Harga Efek Indonesia/ Indonesian Bond Pricing Agency (IBPA) dalam meluncurkan
harga pasar wajar EBA.
• Perseroan menerbitkan obligasi berjaminan agunan tagihan KPR yang pertama melalui penawaran umum.
• Perseroan menerbitkan Medium Term Notes (MTN) yang pertama melalui penawaran terbatas.
• The Company collaborated with PT Penilai Harga Efek Indonesia/Indonesian Bond Pricing Agency (IBPA) in launching the fair
market price of RMBS.
• The Company issued its first mortgage-backed bonds through a public offering.
• The Company issued its first Medium Term Notes (MTN) through a limited offering.
91
2011
PT Sarana Multigriya Finansial (Persero)
• Penambahan modal disetor sebesar Rp1 triliun.
• Perseroan melakukan penerbitan obligasi berkelanjutan yang pertama melalui penawaran umum.
• Additional paid-up capital of Rp1 trillion.
• The Company issued its first shelf-registered bonds through public offering
Page 92
Profil Perusahaan
Company Profile
2012
• Penetapan EBA Surat Partisipasi sebagai efek oleh Ketua Bapepam-LK berdasarkan Surat Ketua Bapepam-LK Nomor 11663/
BL/2012 tanggal 3 Oktober 2012.
• Penghargaan pertama dari media sebagai “BUMN yang Mendukung & Mengembangkan Pembiayaan Perumahan bagi Rakyat
yang Berkesinambungan”.
• The RMBS Participation Certificate is declared as security by the Chairman of Bapepam-LK based on the Decree of the
Chairman of Bapepam-LK No. 11663/BL/2012 dated October 3, 2012.
• The Company received its first award from the media as “The State-Owned Enterprise which Supports and Develops Sustainable
Housing Finance for People”.
2013
• Pihak regulator melibatkan Perseroan dalam proses penyusunan Rancangan Peraturan Otoritas Jasa Keuangan tentang EBA–
Surat Partisipasi.
• Perseroan meraih penghargaan pertama dari Menteri Perumahan Rakyat RI sebagai “Lembaga Pendukung Pendanaan Program
Pembiayaan Perumahan”.
• Perseroan memperoleh penghargaan Rekor Bisnis yang diselenggarakan oleh Harian Sindo & Tera Foundation sebagai
“Perusahaan Pelopor Pelaksana Sekuritisasi KPR di Indonesia”.
• Dalam ajang InfoBank Award 2013, Perseroan meraih predikat “Sangat Bagus” pada peringkat ke-126 di antara seluruh
perusahaan BUMN.
• Perseroan menerima penghargaan khusus sebagai “BUMN Keuangan Terbaik” di antara BUMN Keuangan lainnya yang berada
di bawah Kementerian Keuangan RI.
• The regulator involved the Company in the compilation of Draft Regulation of the Financial Services Authority concerning
92
RMBS-Participation Certificate.
• The Company received its first award from the Minister of Public Housing of the Republic of Indonesia as “Financial Institution
Supporting Housing Finance Program”.
• The Company received an award of Business Record from Sindo Daily & Tera Foundation as “The Company that Pioneers the
Implementation of Mortgage Securitization in Indonesia”.
Laporan Tahunan 2025 Annual Report
• In the 2013 InfoBank Award event, the Company received “Excellent” predicate in the 126th position among all SOEs.
• The Company received a special award as “Best Financial SOE” among other Finance SOEs under the Ministry of Finance of
the Republic of Indonesia.
2014
• Penerbitan POJK Nomor 23/POJK.04/2014 tentang Pedoman Penerbitan dan Pelaporan Efek Beragun Aset berbentuk Surat
Partisipasi (EBA-SP) dalam rangka Pembiayaan Sekunder Perumahan.
• Dalam ajang BUMN Marketing Award, Perseroan menerima “Bronze Award” pada kategori “Strategic Marketing”.
• Perseroan menerima tambahan Penyertaan Modal Negara (PMN) sebesar Rp1 triliun.
• Dalam ajang Infobank Award 2014, Perseroan meraih predikat “Sangat Bagus” pada peringkat ke-126 di antara seluruh
perusahaan BUMN.
• Issuance of Regulation of Financial Services Authority No. 23/ POJK.0/2014 concerning the Issuance and Reporting Guidelines
of Residential Mortgage Backed Securities Participation Certificate (RMBS-PC) for Secondary Mortgage.
• In the SOEs Marketing Award event, the Company received the “Bronze Award” in the “Strategic Marketing” category.
• The Company received additional State Equity Participation (PMN) amounting to Rp1 trillion.
• In the 2014 Infobank Award event, the Company received “Excellent” predicate in the 126th position among all SOEs.
Page 93
2015
• Perseroan meluncurkan logo baru sebagai bentuk semangat dan komitmen dalam mendukung program “Sejuta Rumah” yang
dicanangkan Pemerintah.
• Perseroan berhasil membukukan peningkatan penyaluran pinjaman kepada 246.860 debitur KPR yang secara keseluruhan
jumlahnya mencapai Rp14,60 triliun atau tumbuh 32% dari senilai Rp11.091 triliun sebelumnya.
• Penerbitan POJK Nomor 20/POJK.04 tahun 2015 tentang penerbitan dan Persyaratan Efek Beragun Aset Syariah.
• Perseroan menjalin kerja sama dengan PT Penilai Harga Efek Indonesia atau Indonesia Bond Pricing Agency (IBPA) untuk
menentukan harga dasar wajar EBA-SP SMF.
• Perseroan menerbitkan Efek Beragun Aset Surat Partisipasi (EBA-SP) yang pertama senilai Rp200 miliar.
• Penandatanganan MoU antara Perseroan, Kementerian PUPR dan 7 (tujuh) Bank Pembangunan Daerah (BPD). Kesepakatan
tersebut berkaitan dengan peningkatan kapasitas penyaluran KPR yang didukung oleh Asbanda.
• Perseroan menerima tambahan Penyertaan Modal Negara (PMN) sebesar Rp1 triliun.
• Program Bina Lingkungan Perseroan dihujani penghargaan oleh Museum Rekor Indonesia dengan “Rekor Pemeriksaan Gigi
dengan Peserta Terbanyak”.
• The Company launched its new logo, which marked a new spirit and commitment in supporting the “One Million Houses”
program that was initiated by the Government.
• The Company successfully posted an increase in loans disbursement to 246,860 mortgage debtors with a total amount reaching
Rp14.60 trillion or growth of 32% from Rp11.091 trillion in the previous year.
• Issuance of the Regulation of Financial Services Authority No. 20/POJK.04 of 2015 concerning the Issuance and Requirements
of Sharia Residential Mortgage Backed Securities.
• The Company established a partnership with PT Penilai Harga Efek Indonesia or Indonesia Bond Pricing Agency (IBPA) to
determine the fair value of RMBS-PC.
• The Company issued its first Residential Mortgage Backed Securities-Participation Certificate (RMBS-PC) amounted to Rp200
billion.
• MoU signing between the Company, the Ministry of Public Works and Housing (PUPR), and 7 (seven) Regional Development
Banks (BPD). The agreement was related to the capacity improvement of Mortgage disbursement supported by Regional
Development Bank Association (Asbanda).
• The Company received additional State Equity Participation (PMN) amounting to Rp1 trillion.
• The Company’s Community Development Program received many awards from the Indonesian Record Museum with “The Most
Participants in Dental Examination Record”.
2016
• Pencatatan Efek Beragun Aset berbentuk Surat Partisipasi (EBA-SP) SMFBMRI01 di Bursa Efek Indonesia dengan rating idAAA
dari Pefindo, kerja sama Perseroan dan Bank Mandiri.
• Pencatatan EBA-SP SMF-BTN 02 di Bursa Efek Indonesia dengan rating AAA dari Pefindo, kerja sama Perseroan dan Bank BTN.
• Penandatanganan kerja sama dengan Korea Housing Finance Corporation (KHFC), terkait Penelitian dan Program di Bidang
Perumahan.
93
• Peluncuran Housing Finance Information System (HFIS) dan Penyerahan SPO Dokumen KPR SMF untuk BPD kepada Asosiasi
Bank Pembangunan Daerah (Asbanda).
• Program PKBL SMF, Pemeriksaan Gigi yang dilakukan secara estafet masuk rekor dunia.
• Terbitnya Peraturan Presiden Nomor 101 Tahun 2016 yang merupakan perubahan ke-2 Peraturan Presiden Nomor 19 Tahun
2005, yang membuka peluang bagi Perseroan untuk menyalurkan pinjaman tanpa adanya batasan waktu, dengan jangka
PT Sarana Multigriya Finansial (Persero)
waktu fasilitas pinjaman paling lama 15 tahun.
• Perseroan menerima tambahan Penyertaan Modal Negara Sebesar Rp1 triliun.
• Perseroan meraih penghargaan di Annual Report Award 2015, Juara ke 3 Kategori BUMN Keuangan Listed.
• Listing of Residential Mortgage Backed Securities-Participation Certificate (RMBS-CP) SMF-BMRI01 on the IDX with an idAAA
rating from Pefindo, cooperation between the Company and Bank Mandiri.
• Listing of RMBS-CP SMF-BTN02 on the IDX with an AAA from Pefindo, cooperation between the Company and Bank BTN.
• Signing of the cooperation agreement with Korea Housing Finance Corporation (KHFC) related to Research and Programs in
the Housing Sector.
• Launching of Housing Finance Information System (HFIS) and Handover of the Company’s Mortgage SOPs Documents for
Regional Development Banks to Asbanda.
• The Company’s Partnership and Community Development (PKBL) Program “Dental Examination”, which performed by relay
has entered the world record.
• Issuance of the Presidential Regulation No. 101 of 2016 as the Second Amendment to Presidential Regulation No. 19 of 2005,
which opened the opportunity for the Company to disburse loans without any time limit, with a maximum tenor of 15 years.
• The Company received additional State Equity Participation amounting to Rp1 trillion.
• The Company received an award at the 2015 Annual Report Award, 3rd position in the Listed Financial SOEs category
Page 94
Profil Perusahaan
Company Profile
2017
• Pencatatan EBA-SP SMF-BTN03, kerja sama Perseroan dan Bank BTN senilai Rp1 triliun di Bursa Efek Indonesia.
• Perseroan menyelenggarakan Asia Fixed Income Summit (AFIS) ke-4 yang digelar pada tanggal 7 September 2017 di Nusa
Dua, Bali dan dihadiri oleh lebih dari 300 orang peserta dari dalam dan luar negeri. Selain itu, Perseroan menjadi tuan rumah
pertemuan anggota Asian Secondary Mortgage Market Association (ASMMA).
• Perseroan menjadi chairman ASMMA yang memiliki otoritas untuk mengoordinasikan seluruh informasi dan kegiatan yang
dilakukan oleh anggota ASMMA, termasuk mengelola sarana komunikasi hingga melakukan perencanaan ASMMA tahun berikutnya.
• Perseroan mendapatkan peringkat tertinggi IdAAA dari PT Pemeringkat Efek Indonesia (Pefindo), baik untuk surat utang yang
diterbitkan maupun untuk peringkat Korporasi.
• Bekerja sama dengan Dirjen Pembiayaan Perumahan, Kementerian PUPR, Perseroan menyerahkan Standar Prosedur Operasional
(SPO) KPR BPD SMF, SPO Kredit Modal Kerja – Konstruksi Perumahan SMF (KMK – KP SMF), kepada 25 BPD di Indonesia diikuti
dengan penandatanganan Komitmen penerapan SPO tersebut oleh masing-masing perwakilan BPD.
• Peluncuran dan penyerahan Standar Operasi Prosedur (SOP) PPR (Pembiayaan Pemilikan Rumah) Syariah/SPO PPR Syariah,
yang telah disusun oleh Perseroan kepada Pengurus Asosiasi Bank Syariah Indonesia (ASBISINDO) dan Asosiasi Bank
Pembangunan Daerah (ASBANDA).
• Peluncuran KPR SMF yang bekerja sama dengan Perusahaan Pembiayaan.
• Penandatanganan MoU Penerbitan EBA Syariah SP antara Perseroan dan Bank BTN Syariah.
• Pencatatan Obligasi PUB III Tahap VII sebesar Rp1,677 Triliun, PUB IV Tahap I Tahun 2017 sebesar Rp1 Triliun, dan PUB IV
Tahap II Tahun 2017 sebesar Rp1 Triliun.
• Listing of EBASP SMF-BTN03 on IDX in the amount of Rp1 trillion.
• The Company held the 4th Asia Fixed Income Summit (AFIS) on September 7, 2017 in Nusa Dua, Bali, which was attended
by more than 300 participants from within and outside the country. In addition, the Company also hosted a meeting of Asian
Secondary Mortgage Market Association (ASMMA) members.
• The Company was appointed as the Chairman of ASMMA, which has the authority to coordinate all information and activities
carried out by ASMMA members, including managing communication facilities up to the planning of the ASMMA in the following
year.
• The Company received the highest certificate of IdAAA from PT Pemeringkat Efek Indonesia (Pefindo), both for debt securities,
as well as for Corporate rating.
• In collaboration with the Directorate General of Housing Finance, the Ministry of Public Works and Housing, the Company
submitted the Standard Operating Procedures (SOPs) for the Company’s Regional Development Bank Mortgage (KPR BPD
94 SMF), Working Capital Credit – Housing Construction (KMK-KP SMF), to 25 Regional Development Banks in Indonesia, followed
by the signing of the Commitment for implementing the SOPs by each representative of the Regional Development Banks.
• Launching and submission of the Sharia Home Ownership Financing SOP as prepared by the Company to the Management of
the Indonesian Sharia Bank Association (ASBISINDO) and the Regional Development Bank Association (ASBANDA).
• Launching of the Company’s Mortgage (KPR SMF) in Cooperation with Financing Companies.
Laporan Tahunan 2025 Annual Report
• MoU signing for the Issuance of Sharia RMBS-PC between the Company and Bank BTN Syariah.
• Listing of Shelf Registration Bonds III Phase VII of Rp1.677 trillion, Shelf Registration Bonds IV Phase I Year 2017 of Rp1 trillion,
and Shelf-Registered Bonds IV Phase II Year 2017 of Rp1 trillion
2018
• Perseroan mendirikan Unit Usaha Syariah (UUS) agar dapat berfokus pada layanan dan pengembangan produk yang sesuai
dengan prinsip syariah, seperti Sekuritisasi KPR iB – EBA Syariah SP, Pembiayaan Syariah, dan Penerbitan Obligasi/MTN
Syariah atau Sukuk.
• Perseroan meluncurkan produk Efek Beragun Aset berbentuk Surat Partisipasi (EBA-SP) Ritel pertama di Indonesia melalui
mekanisme perdagangan di pasar sekunder.
• Perseroan merealisasikan program KPR-FLPP. Perseroan berperan dalam mengurangi beban fiskal Pemerintah dengan
membiayai porsi 25% pendanaan KPR FLPP, sehingga Pemerintah hanya menyediakan 75% dari total pendanaan FLPP dari
semula yang sebesar 90%.
• Selama tahun 2018, Perseroan telah menerbitkan surat utang senilai Rp5,551 triliun melalui penerbitan obligasi PUB IV Tahap
III sebesar Rp2.000 miliar, PUB IV Tahap IV sebesar Rp1.163 miliar, PUB IV Tahap V sebesar Rp1.500 miliar dan PUB IV Tahap
VI sebesar Rp888 miliar. Sampai akhir 2018, posisi (outstanding) surat utang Perseroan mencapai Rp10,23 triliun.
• Dalam rangka memperkuat perannya sebagai Special Mission Vehicle Perseroan secara aktif melakukan inisiasi produk/
program, seperti pembiayaan perumahan di daerah yang terdampak bencana (Program KPR SMF Pasca Bencana) program
penurunan beban fiskal, program pembiayaan Homestay di 4 destinasi wisata, dan program peningkatan kualitas rumah di
daerah kumuh di 32 kota.
• Pada 13 Agustus 2018, Perseroan menandatangani kerja sama bilateral dengan perusahaan Jepang, yaitu Japan Housing
Finance Agency (JHF) dalam hal pembiayaan perumahan, khususnya pengembangan pasar sekunder pembiayaan perumahan.
Page 95
• The Company established a Sharia Business Unit (UUS) to focus on services and product development in accordance with
sharia principles, such as iB Mortgage-Sharia RMBS- PC, Sharia Financing, and Issuance of Sharia Bond/MTN or Sukuk.
• The Company launched its first Retail Residential Mortgage Backed Securities-Participation Certificate (RMBS-PC) product
in Indonesia through the trade mechanism in the secondary market.
• The Company realized the FLPP Mortgage program. The Company contributed in reducing the Government’s fiscal burden
by financing the 25% portion of FLPP Mortgage funding, thus the Government only needed to provide 75% of the total FLPP
funding from the original 90%
• In 2018, the Company issued debt securities amounting to Rp5.551 trillion through the issuance of Shelf-Registered Bonds
IV Phase III of Rp2.000 billion, Shelf-Registered Bonds IV Phase IV of Rp1.163 billion, Shelf-Registered Bonds IV Phase V of
Rp1.500 billion and Shelf-Registered Bonds IV Phase VI of Rp888 billion. As of the end of 2018, the Company’s outstanding
bond amounted to Rp10.23 trillion.
• In strengthening its role as Special Mission Vehicle (SMV) and fiscal tool of the Government, the Company also actively initiated
several products/programs, including housing finance in disaster affected areas (SMF Post-Disaster Mortgage Program), f
iscal burden reduction program, homestay financing program in 4 tourism destinations, and housing quality improvement
program in slum areas in 32 cities.
• On 13 August 2018, the Company signed a bilateral cooperation agreement with a Japanese company, namely Japan Housing
Finance Agency (JHF) in housing finance, specifically the development of the secondary market.
2019
• Perseroan berhasil mencatatkan Efek Beragun Aset berbentuk Surat Partisipasi (EBA-SP-SMF-BTN05) di Bursa Efek Indonesia
(BEI). Pencatatan tersebut merupakan hasil kerja sama sekuritisasi aset KPR senilai Rp2 triliun antara Perseroan dengan PT
Bank Tabungan Negara (Persero) Tbk.
• Pada tahun 2019 Perseroan telah berhasil merealisasikan dukungannya terhadap program Pemerintah dalam mewujudkan
Program Perumahan Berbasis Komunitas khususnya bagi masyarakat berpenghasilan tidak tetap. Perseroan telah menggandeng
Grab Indonesia untuk memberikan akses KPR melalui Program KPR SMF-Grab bagi para driver GrabCar.
• Perseroan mencatatkan peningkatan kinerja di sepanjang tahun 2019, terutama dalam menjalankan misinya mengalirkan dana
dari pasar modal ke penyalur KPR di sektor pembiayaan perumahan. Melalui transaksi sekuritisasi dan penyaluran pinjaman yang
mencapai Rp14,45 triliun pada tahun 2019, angka tersebut meningkat 21,63% dibanding tahun 2018 sebesar Rp11,88 triliun.
• Perseroan telah menerbitkan Surat Utang sebesar Rp9,28 triliun melalui penerbitan obligasi PUB IV Tahap VII sebesar Rp1.850
miliar, MTN VIII sebesar Rp500 miliar, PUB IV Tahap VIII sebesar Rp2.511 miliar, PUB V Tahap I sebesar Rp2.000 miliar, Sukuk
PUB I Tahap I sebesar Rp100 miliar, PUB V Tahap II sebesar Rp2.203 miliar dan SBK I SMF 2019 sebesar Rp120 miliar. Sampai
dengan akhir tahun 2019, posisi (outstanding) surat utang Perseroan mencapai Rp14,8 triliun dan pendanaan dari bank sebesar
Rp2,37 triliun, angka tersebut berdasarkan data laporan keuangan periode 31 Desember 2019.
• Seluruh dana yang telah dialirkan oleh Perseroan hingga akhir tahun 2019 telah berhasil membiayai kurang lebih 975.837
ribu debitur KPR (termasuk KPR Program FLPP) yang terbagi atas 84,25% wilayah barat, 15,07% wilayah tengah dan sisanya
sebesar 0,68% wilayah timur.
• Sejak Agustus 2018 hingga 31 Desember 2019, Perseroan bersama BLU PPDPP telah berhasil merealisasikan penyaluran dana
KPR FLPP, kepada 88.911 debitur dengan total penyaluran dan sebesar Rp2,909 Triliun melalui 12 bank penyalur KPR FLPP.
• Perseroan telah bersinergi dengan Kementerian Pariwisata dan Ekonomi Kreatif (Kemenparekraf) dalam merealisasikan Program 95
Kemitraan berupa Program Pembiayaan Homestay di Destinasi Pariwisata Prioritas (DPP) yang terletak di Desa Nglanggeran
(Gunung Kidul, DIY Yogyakarta), Desa Pagerharjo (Kulonprogo DIY Yogyakarta), Desa Samiran (Boyolali, Jawa Tengah), Desa
Kuta (Lombok, Nusa Tenggara Barat).
• Program Pengembangan Rumah di Daerah Kumuh, Perseroan telah bersinergi dengan Dirjen Cipta Karya, Kementerian PUPR
melalui program KOTAKU (kota tanpa kumuh) dalam mengatasi daerah kumuh melalui renovasi/pembangunan rumah. Pada
PT Sarana Multigriya Finansial (Persero)
tahun 2019 program ini telah digulirkan di beberapa kota yaitu Semarang yang mencakup perbaikan rumah kumuh di 2
kelurahan yang terdiri dari 40 rumah, Pontianak (1 kelurahan, 23 rumah), Bukittinggi (2 kelurahan, 13 rumah) dan Makassar (1
kelurahan 14 rumah).
• Pada Program KPR Pasca Bencana, yang merupakan Program kepemilikan rumah dengan tujuan untuk mendukung program
pemerintah terkait pemulihan pemukiman yang terdampak akibat bencana. Pada tahun 2019 Perseroan telah merealisasikan
penyaluran KPR iB Pasca Bencana di Lombok Nusa Tenggara Barat, yang menyasar Aparatur Sipil Negara (ASN).
• Perseroan menjalin kerja sama dengan Korean Housing and Urban Guarantee Corporation (HUG) terkait pertukaran informasi
bisnis kedua pihak. Kerja sama tersebut merupakan sinergi nyata dalam rangka pengembangan industri perumahan, khususnya
rumah yang diperuntukkan bagi Masyarakat Berpenghasilan Rendah (MBR). Memorandum of Understanding (MoU) yang
ditandatangani tersebut menjadi langkah awal dan dasar dalam melakukan kerja sama, penelitian, berbagi informasi, berbagi
pengetahuan, yang berkaitan erat dengan pembiayaan perumahan.
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Profil Perusahaan
Company Profile
• The Company successfully listed Residential Mortgage Backed Securities in the form of Participation Certificates (EBA SP SMF-
BTN05) on the Indonesia Stock Exchange (IDX). The listing was derived from the cooperation in Mortgage assets securitization
of Rp2 trillion between the Company and PT Bank Tabungan Negara (Persero) Tbk.
• In 2019, the Company succeeded in realizing its support for the Government’s program in realizing the Community-Based
Housing Program, especially for people with non-permanent income. The Company partnered with Grab Indonesia to provide
Mortgage access through SMF-Grab Mortgage Program for GrabCar drivers.
• The Company recorded an increase in performance throughout 2019, particularly in carrying out its mission of channeling funds
from the capital market to KPR agents in the home financing sector. Through securitization transactions and lending which
together reached Rp14.45 trillion in 2019, the figure increased by 21.63% compared to 2018 of Rp11.88 trillion.
• SMF issued debts securities of Rp9.28 trillion through the issuance of Shelf-Registered Bonds IV Phase VII amounted to
Rp1.850 billion, MTN VIII of Rp500 billion, Shelf-Registered Bonds IV Phase VIII of Rp2.511 billion, Shelf-Registered Bonds V
Phase I of Rp2.000 billion, Shelf-Registered Sukuk I Phase I of Rp100 billion, Shelf-Registered Bonds V Phase II of Rp2.203
billion and Commercial Paper I SMF 2019 of Rp120 billion. Until the end of 2019, the outstanding position of the Company’s
bonds reached Rp14.8 trillion and funding from banks amounted to Rp2.37 trillion, this figure was based on financial statements
data as of December 31, 2019.
• All funds that have been disbursed by the Company until the end of 2019 have successfully financed approximately 975,837
thousand of Mortgage debtors (including FLPP Mortgage Program), which divided into 84.25% of the western region, 15.07%
of the central region and the remaining 0.68% in the eastern region
• From August 2018 to December 31, 2019, the Company together with BLU PPDPP have managed to realize the disbursement
of FLPP Mortgage funds to 88,911 debtors with a total disbursement of funds of Rp2.909 trillion through 12 FLPP Mortgage
disbursement banks.
• SMF synergized with the Ministry of Tourism and Creative Economy (Kemenparekraf) in realizing the Partnership Program
in the form of Homestay Financing Program in Priority Tourism Destinations (DPP) located in Nglanggeran Village (Gunung
Kidul, DIY Yogyakarta), Pagerharjo Village (Kulonprogo DIY Yogyakarta), Samiran Village (Boyolali, Central Java), Kuta Village
(Lombok, West Nusa Tenggara).
• In the Housing Development Program in Slum Areas, the Company synergized with the Directorate General of Human Settlements,
the Ministry of Public Works and Housing through KOTAKU program (National Slum Upgrading Project) in dealing with slum
through renovation/construction. In 2019 this program has been launched in several cities, namely Semarang, which includes
the house renovation in 2 villages in slum areas consisting of 40 houses, Pontianak (1 village, 23 houses), Bukittinggi (2 villages,
13 houses) and Makassar (1 village, 14 houses).
• In the Post-Disaster Mortgage Program, a home ownership program with the aim at supporting government programs related
to the recovery of settlements affected by disasters. In 2019, the Company has realized the distribution of Post-Disaster iB
Mortgage in Lombok, West Nusa Tenggara, which targeted the State Civil Apparatus (ASN).
• The Company established a cooperation with Korean Housing and Urban Guarantee Corporation (HUG) related to the exchange
of business information between the two parties. The collaboration was a real synergy for developing the housing industry,
especially houses intended for Low Income Communities (MBR). The signed Memorandum of Understanding (MoU) was the
96 initial and basic step in conducting collaboration, research, information sharing, knowledge sharing, which closely related to
housing finance
Laporan Tahunan 2025 Annual Report
2020
• Perseroan mendapatkan perluasan mandat dari Pemerintah dengan diterbitkannya Peraturan Pemerintah (PP) Nomor 57 Tahun
2020, tentang Perubahan Kedua atas Peraturan Pemerintah Nomor 5 Tahun 2005 tentang Penyertaan Modal Negara Republik
Indonesia Untuk Pendirian Perusahaan Perseroan (Persero) di Bidang Pembiayaan Sekunder Perumahan, dan Peraturan
Presiden (Perpres) Nomor 100 Tahun 2020, Tentang Perubahan Ketiga atas Peraturan Presiden Nomor 19 Tahun 2005 tentang
Pembiayaan Sekunder Perumahan. Melalui mandat baru tersebut Perseroan dapat semakin memperkuat fungsi dan perannya
dalam mendukung peningkatan kapasitas penyaluran pembiayaan perumahan yang berkesinambungan baik dari sisi supply
dan demand, sehingga akses masyarakat untuk mendapatkan hunian yang layak dan terjangkau dapat semakin terbuka lebar.
• Kinerja Efek Beragun Aset berbentuk Surat Partisipasi (EBA-SP) yang dirilis oleh Perseroan tetap terjaga dengan kualitas
kinerja yang baik dan menjanjikan di tengah masa pandemi COVID-19. EBA-SP tetap konsisten dengan rating terbaik yakni
idAAA dari PT Pemeringkat Efek Indonesia (Pefindo) dengan return yang kompetitif yaitu berkisar antara 7%-10%. Hal tersebut
tercermin dari historikal penerbitan EBA-SP, di mana Kupon EBA-SP Kelas A sebagai instrumen dengan rating triple A selalu
berada di atas return deposito.
• Selama tahun 2020, Unit Usaha Syariah SMF telah menginisiasi kerja sama dengan Bank Umum Syariah maupun Unit Usaha
Syariah potensial dengan realisasi pencairan pembiayaan replacement financing kepada Bank BTN Syariah sebesar Rp3,35 triliun,
Bank Muamalat Indonesia sebesar Rp100 miliar, dan Bank DKI Syariah sebesar Rp500 miliar. Secara kumulatif total penyaluran
pembiayaan syariah telah dilakukan Perseroan sejak tahun 2008 dan hingga saat ini secara akumulasi telah mencapai Rp12 triliun.
• Di tengah pandemi Covid-19, Perseroan tetap komit untuk berkontribusi kepada Program KPR Subsidi/FLPP Pemerintah,
tercatat di sepanjang tahun 2020 yaitu dengan mengalirkan pembiayaan sebesar Rp1,5 triliun atau setara dengan 44.157
debitur, dibandingkan dengan kinerja tahun 2019 Rp1,4 triliun atau setara dengan 45.399 debitur ditambah dengan program
percepatan FLPP Tahun 2020 yang dilaksanakan di Bulan Desember 2020 sebesar Rp486 miliar atau setara dengan 14.580
debitur. Perseroan juga mencatatkan penambahan 3 (tiga) Bank pelaksana baru pengguna Dana Pendampingan KPR FLPP
yaitu Bank BRI Agro, Bank Nagari dan Bank Nagari Syariah.
• Perseroan mendapat penugasan khusus dari Pemegang Saham dalam meningkatkan perannya pada pengembangan sektor
industri perumahan dengan melakukan pengambilalihan saham minoritas pada PT Sejahtera Eka Graha dan Entitas Anak.
• Perseroan berkesempatan mempresentasikan kerja sama SMFGrab melalui paper bertajuk “Affordable Housing Finance for
Page 97
Informal Workers” dan berhasil menjadi juara pertama dalam kompetisi call for papers 2020 yang diselenggarakan World Bank
kepada asosiasi perusahaan pembiayaan sekunder perumahan Internasional (ISMMA). Hadir dalam kegiatan melalui virtual
meeting tersebut puluhan anggota ISMMA dari berbagai negara. Dari Perseroan, kegiatan virtual meeting dihadiri lengkap
oleh Direksi Perseroan.
• Dalam rangka mendukung percepatan pemulihan ekonomi nasional khususnya di sektor perumahan, Perseroan juga menjalankan
penugasan khusus dari Pemerintah sebagai pelaksana investasi Pemerintah dengan memberikan suntikan dana kepada salah
satu BUMN di sektor perumahan.
• The Company received an expansion of its mandate from the Government through the issuance of Government Regulation
No. 57 of 2020 concerning the Second Amendment to Government Regulation No. 5 of 2005 concerning the State Equity
Participation of the Republic of Indonesia for the Establishment of Limited Liability Companies (Persero) in Secondary Mortgage
Sector, and Presidential Regulation No. 100 of 2020 concerning the Third Amendment to Presidential Regulation No. 19 of 2005
concerning Secondary Mortgage. Through this new mandate, the Company shall be able to further strengthen its function
and role in supporting the improvement of sustainable housing finance disbursement capacity both in terms of supply and
demand to enable the public in having wider access to decent and affordable housing.
• The performance of Residential Mortgage Backed Securities in the form of a Participation Certificate (RMBS-PC), which was
launched by the Company, was still maintained with good and promising performance quality in the midst of the COVID-19
pandemic. RMBS- PC remained consistent with the best rating, namely idAAA from PT Pemeringkat Efek Indonesia (Pefindo)
with competitive returns ranging from 7%-10%. This was reflected in the historical issuance of RMBS-PC, where the Class A
RMBS-SP Coupon as an instrument with triple A rating, was always above the deposit return.
• In 2020, the Company’s Sharia Business Unit has initiated cooperation with Sharia Commercial Banks as well as potential
Sharia Business Units by realizing the disbursement of replacement financing to Bank BTN Syariah of Rp3.35 trillion, Bank
Muamalat Indonesia of Rp100 billion, and Bank DKI Syariah of Rp500 billion. Cumulatively, the Company’s total distribution of
sharia financing from 2008 to date amounted to Rp12 trillion.
• In the midst of the Covid-19 pandemic, the Company remained committed to contributing to the Government’s Subsidized/ FLPP
Mortgage Program, which recorded to have distributed f inancing of Rp1.5 trillion or equivalent to 44,157 debtors throughout
2020, compared to 2019 performance of Rp1.4 trillion or equivalent with 45,399 debtors plus the 2020 FLPP acceleration
program held in December 2020 of Rp486 billion or equivalent to 14,580 debtors. The Company also recorded the addition
of 3 (three) new implementing banks using FLPP Mortgage Assistance Fund, namely Bank BRI Agro, Bank Nagari and Bank
Nagari Syariah.
• The Company received a special assignment from the Shareholders in enhancing its role in the development of housing industry
sector by taking over minority shares in PT Sejahtera Eka Graha and its Subsidiaries.
• The Company had the opportunity to present SMF-Grab collaboration through a paper entitled “Affordable Housing Finance
for Informal Workers” and won first place in the call for papers 2020 competition held by the World Bank to the International
Secondary Mortgage Market Association (ISMMA). Dozens of ISMMA members from various countries attended the event
through virtual meeting. From the Company, the virtual meeting was fully attended by the Company’s Board of Directors.
• To support the acceleration of national economic recovery, especially in the housing sector, the Company also carried out a
special assignment from the Government as the Government’s investment implementer by providing an injection of funds to
one of the SOEs in the housing sector.
2021
• Guna mengoptimalkan peran dan fungsinya dalam mendorong pemulihan ekonomi nasional serta bangkitnya industri perumahan 97
baik dari sisi supply maupun demand sesuai perluasan mandat yang telah diberikan oleh Pemerintah, Perseroan bersinergi
dengan PT Permodalan Nasional Madani atau PNM dalam merealisasikan Program Hunian Mikro Mekaar atau HOME. Program
ini merupakan program pembiayaan mikro perumahan bagi nasabah PNM Mekaar, dengan peruntukkan untuk renovasi rumah
nasabah yang juga dijadikan sebagai tempat usaha atau mendukung usaha.
• Perseroan menggandeng PT Penjaminan Infrastruktur Indonesia (Persero) atau PII dalam lingkup kerja sama innovative financing
PT Sarana Multigriya Finansial (Persero)
dengan skema Kerja Sama Pemerintah dan Badan Usaha (KPBU) di sektor perumahan dan pemukiman. Ruang lingkup dari kerja
sama tersebut terdiri dari penjajakan potensi, pengembangan pembangunan, pembiayaan sektor perumahan dan permukiman
serta capacity building dan pelatihan terkait KPBU untuk sektor perumahan dan permukiman.
• Pemerintah kembali memberikan dukungannya kepada Perseroan dalam mendorong peningkatan penyaluran KPR FLPP
melalui Penyertaan Modal Negara (PMN). Pada tahun 2021 Pemerintah mengalirkan dana PMN kepada Perseroan sebesar
Rp2,25 triliun. Seluruh dana tersebut di-blended dengan dana dari penerbitan surat utang, kemudian total dananya seluruhnya
digunakan untuk mendukung program KPR FLPP dalam memenuhi target subsidi pembiayaan KPR FLPP bagi 157.500 unit
rumah pada tahun 2021 bagi MBR.
• Pada tahun 2021, penyaluran dana KPR FLPP mencapai Rp24,19 triliun untuk 178.828 unit rumah, di mana porsi PPDPP (75%)
sebesar Rp19,58 triliun, yang terdiri dari dana APBN sebesar Rp16,62 triliun dan pengembalian pokok sebesar Rp2,96 triliun,
dan porsi Perseroan (25%) sebesar Rp4,62 triliun.
• Perseroan dipilih sebagai Sekretariat Ekosistem Pembiayaan Perumahan oleh Kelompok Kerja (Pokja) Ekosistem Pembiayaan
Perumahan diketuai oleh Ditjen Pembiayaan Infrastruktur, Kementerian PUPR. Perseroan berperan mendukung kegiatan koordinasi
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Company Profile
penyelenggaraan pelayanan teknis administratif dan ketatausahaan dari Kelompok Kerja Ekosistem Pembiayaan Perumahan.
Pokja tersebut merupakan wadah koordinasi antar stakeholder di sektor perumahan dan pembiayaan perumahan. Rencana
Kerja dalam Pokja Ekosistem Pembiayaan Perumahan bertujuan membuka jalan bagi terciptanya blueprint kebijakan di bidang
perumahan yang konkret, efisien, dan efektif dalam rangka pemenuhan kebutuhan perumahan yang terjangkau bagi masyarakat.
• To optimize its role and function in encouraging the national economic recovery and the rise of the housing industry from both
the supply and demand sides in accordance with the expansion of mandate from the Government, the Company collaborated
with PT Permodalan Nasional Madani or PNM in realizing the Micro Mekaar Residential Program or HOME. This program is a
housing microfinance program for PNM Mekaar customers, with the objective of renovating customers’ homes that also serve
as places of business or as support for businesses.
• The Company collaborated with PT Penjaminan Infrastruktur Indonesia (Persero) or PII on innovative financing through Public
Private Partnership (PPP) scheme in the housing and settlement sector. The scope of the collaboration includes potential
exploration, construction development, housing and settlement sector financing, as well as capacity building and training for
PPPs in the housing and settlement sector.
• The Government has once again supported the Company in its efforts to increase the distribution of FLPP mortgages through
State Equity Participation (PMN). The government disbursed PMN funds amounted to Rp2.25 trillion to the Company. All of these
funds were combined with funds from the issuance of debt securities, and the total funds were used entirely to support the
FLPP mortgage program in meeting the target of FLPP mortgage financing subsidies for 157,500 housing units for LowIncome
Communities (MBR) in 2021.
• In 2021, the FLPP mortgage funds disbursement amounted to Rp24.19 trillion for 178,828 housing units, of which the PPDPP
portion (75%) amounted to Rp19.58 trillion, consisting of State Budget funds of Rp16.62 trillion and principal repayments of
Rp2.96 trillion, and the Company’s portion (25%) of Rp4.62 trillion.
• The House Financing Ecosystem Working Group (Pokja), chaired by the Directorate General of Infrastructure Financing,
Ministry of Public Works and Public Housing, chose the Company to serve as the House Financing Ecosystem Secretariat.
The Company plays the role in supporting the coordination of the administration of technical administrative and administrative
services provided by the House Financing Ecosystem Working Group. The Working Group serves as a forum for coordination
among housing stakeholders and housing finance providers. The House Financing Ecosystem Working Group’s Work Plan aims
to pave the way for the development of a concrete, efficient, and effective blueprint for housing policies in order to meet the
community’s need for affordable housing.
98
2022
• Pada tahun 2022 Perseroan memprioritaskan pengembangan beberapa kegiatan usaha baru, yaitu Kredit Modal Kerja
Konstruksi Perumahan dan Kredit Mikro Perumahan sesuai dengan perluasan mandat yang diberikan oleh Pemerintah.
• Perseroan juga melakukan penjajakan keterlibatan dalam pengembangan produk untuk KPR Rumah Usaha, KPR PPJB
Laporan Tahunan 2025 Annual Report
(Perjanjian Pengikatan Jual Beli), KPBU (Kerja sama Pemerintah dan Badan Usaha) Perumahan, serta penerbitan Covered Bond.
• Dalam rangka mendukung sektor Perumahan di Indonesia, Perseroan tetap konsisten dalam menjalankan beberapa penugasan
khusus dari Pemerintah berupa Program KPR Fasilitas Likuiditas Pembiayaan Perumahan (FLPP) yang bersinergi dengan
BP Tapera, Program Pembiayaan Homestay di destinasi wisata prioritas/daerah wisata berpotensi lainnya, serta Program
Peningkatan Kualitas Rumah di daerah Kumuh pada berbagai wilayah di Indonesia.
• In 2022, the Company prioritized the development of several new business activities, namely Housing Construction Working
Capital Loans and Housing Micro Loans in accordance with the expansion of the mandate given by the Government.
• The Company is also exploring involvement in product development for Business Home Mortgage, PPJB KPR (Mortgage
Selling and Purchase Binding Agreement), Housing PPP (Public Private Partnership), and Covered Bond issuance.
• In order to support the Housing sector in Indonesia, the Company remains consistent in performing several special
assignments from the Government in the form of the Mortgage Facility Liquidity Program (FLPP) in collaboration with BP
Tapera, the Homestay Financing Program in priority tourist destinations/ other potential tourist areas, and House Quality
Improvement Program in Slum areas in various regions in Indonesia.
2023
• Pada 2023, Perseroan memprioritaskan pengembangan beberapa kegiatan usaha baru, antara lain penjajakan keterlibatan
Perseroan dalam pengembangan produk untuk KPR Rumah Usaha, KPR PPJB (KPR Inden), KPR Sewa Beli, Reverse Mortgage,
serta kegiatan KPBU di bidang Perumahan. Selain itu Perseroan juga tetap melanjutkan pemasaran beberapa produk bisnis
serta program sesuai perluasan mandat.
• Perseroan dipilih menjadi Sekretariat Ekosistem Pembiayaan Perumahan oleh Pemerintah melalui Direktorat Jenderal Pembiayaan
Infrastruktur Pekerjaan Umum dan Pembiayaan Perumahan, Kementerian PUPR (DJPI), dan Direktorat Jenderal Kekayaan
Negara, Kementerian Keuangan (DJKN). Sekretariat menjadi pembuka jalan untuk terciptanya sebuah rencana kerja bersama
pengembangan sektor pembiayaan perumahan yang harmonis, efisien dan efektif.
Page 99
• Perseroan menerbitkan EBAS-SP perdana di Indonesia dengan seri EBAS-SP SMF-BRIS01 senilai Rp325 miliar. EBAS-SP tersebut
merupakan efek hasil proses transaksi sekuritisasi aset pembiayaan rumah milik Bank Syariah Indonesia.
• Perseroan menerbitkan obligasi dan sukuk berwawasan sosial berkelanjutan perdana di Indonesia yang terdiri dari Obligasi
Berwawasan Sosial Berkelanjutan I Tahap I Tahun 2023 sebesar Rp500 miliar dengan suku bunga 6,90% tenor 5 tahun, dan
Sukuk Musyarakah Berwawasan Sosial Berkelanjutan I Tahap I Tahun 2023 sebesar Rp200 miliar dengan imbal hasil 6,90%
tenor 5 tahun. Penerbitan ini merupakan bagian dari komitmen Perseroan sebagai SMV Kemenkeu dalam usaha mewujudkan
pendanaan kreatif, berkelanjutan dan memiliki impact dalam membangun negeri dan mengubah kehidupan masyarakat,
khususnya untuk meningkatkan awareness atas isu Environmental, Social, and Governance (ESG).
• In 2023, the Company prioritized the development of several new business activities, including exploring the Company’s
involvement in product development for Business Home KPR, PPJB KPR (Indent KPR), Hire Purchase KPR, Reverse Mortgage, as
well as PPP activities in the Housing sector. Apart from that, the Company also continues to market several business products
and programs in accordance with its expanded mandate.
• The Company was selected to be the House Financing Ecosystem Secretariat by the Government through the Directorate
General of Public Works Infrastructure Financing and Housing Financing, Ministry of Public Works and Housing (DJPI), and
the Directorate General of State Assets, Ministry of Finance (DJKN). The Secretariat opens the way for the creation of a joint
work plan for the development of the housing finance sector that is harmonious, efficient and effective.
• The Company issued the first RMBS-PC in Indonesia with the EBAS-SP SMF-BRIS01 series worth Rp325 billion. The RMBS PC
is an effect resulting from the securitization transaction process for home financing assets belonging to Bank Syariah Indonesia.
• The Company issued the first Shelf-Registered Social bonds and sukuk in Indonesia, consisting of Shelf-Registered Social Bonds
I Phase I Year 2023 amounting to Rp500 billion with an interest rate of 6.90% with a tenor of 5 years, and Shelf-Registered
Social Musyarakah Sukuk I Phase I Year 2023 amounting to Rp200 billion with a yield of 6.90% for a 5 year term. This publication
is part of the Company’s commitment as the Ministry of Finance’s SMV in its efforts to create creative, sustainable funding
that has an impact in developing the country and changing people’s lives, especially to increase awareness of Environmental,
Social and Governance (ESG) issues.
2024
• Pada tahun 2024, Perseroan memprioritaskan pengembangan beberapa kegiatan usaha, yaitu Pembiayaan Sewa Beli (Rent
To Own) Syariah, Kredit Modal Kerja Konstruksi Perumahan dan Kredit Mikro Perumahan sesuai dengan perluasan mandat
yang diberikan oleh Pemerintah
• Perseroan meluncurkan SMF Research Institute yang diresmikan oleh Sri Mulyani, Menteri Keuangan RI. Dengan hadirnya SMF
Research Institute, diharapkan dapat menjadi pusat pengembangan dan pengetahuan dibidang pasar pembiayaan perumahan
di Indonesia sehingga dapat menyediakan solusi berbasis data dan kebijakan yang mendukung pertumbuhan berkelanjutan
di sektor perumahan.
• Perseroan sebagai Sekretariat Ekosistem Perumahan secara aktif melakukan kajian dan memberikan masukan kebijakan untuk
meningkatkan pembiayaan perumahan, salah satunya melalui penyusunan policy paper yang merupakan hasil kolaborasi
SMF Research Institute bersama Kementerian PUPR, Kementerian Keuangan, Bappenas, dan Kemenko Perekonomian. Policy
Paper tersebut menghasilkan rekomendasi beberapa intervensi yang dapat dilakukan untuk meningkatkan sektor perumahan,
di antaranya seperti program perumahan yang tersegmentasi, pembiayaan bagi pekerja informal, Asset Recycling, serta
peningkatan peran Pemerintah Daerah.
• Perseroan juga turut mendukung Indonesia Green Affordable Housing Program (IGAHP) untuk penyediaan pembiayaan
perumahan hijau dan terjangkau bagi Masyarakat Berpenghasilan Rendah (MBR) dengan menyalurkan Dana Hibah dari Build
Change sebesar 50.000 USD untuk pilot project IGAHP bersama |BPR Nusamba Cepiring di Kendal, Jawa Tengah dan BPRS
Patriot Bekasi, Jawa Barat.
• Pada tahun 2024, Perseroan aktif menerbitkan Surat Utang sebesar Rp12,62 triliun melalui penerbitan Obligasi PUB VII Tahap 99
III sebesar Rp1,51 triliun, Sukuk Musyarakah PUB I Tahap II sebesar Rp529 miliar, Obligasi PUB VII Tahap IV sebesar Rp1,14
triliun, Obligasi Berwawasan Sosial PUB I Tahap II sebesar Rp1,5 triliun, Obligasi PUB VII Tahap V sebesar Rp1 triliun, Obligasi
Berwawasan Sosial PUB I Tahap III sebesar Rp2 triliun, Obligasi PUB VII Tahap VI sebesar Rp1,42 triliun, Sukuk Musyarakah PUB
I Tahap III sebesar Rp274 miliar, Obligasi PUB VII Tahap VII sebesar Rp2,04 triliun, dan Obligasi Berwawasan Sosial PUB I Tahap
PT Sarana Multigriya Finansial (Persero)
IV sebesar Rp1,20 triliun. Sampai dengan akhir tahun 2024, posisi (outstanding) surat utang Perseroan mencapai Rp27,62 triliun
dan pendanaan dari bank sebesar Rp1 triliun, angka tersebut berdasarkan data laporan keuangan periode 31 Desember 2024.
• In 2024, the Company prioritized the development of several business activities, including Sharia Rent-to Own Financing,
Housing Construction Working Capital Loan, and Micro Housing Loans, in accordance with the expanded mandate given by
the government.
• The Company launched the SMF Research Institute, inaugurated by Sri Mulyani, the Minister of Finance of the Republic of
Indonesia. The presence of SMF Research Institute is expected to serve as a center for development and knowledge in the
housing financing market in Indonesia, providing data-driven solutions and policies that support sustainable growth in the
housing sector
• As the Secretariat of the Housing Ecosystem, the Company actively conducted studies and provided policy recommendations
to enhance housing financing. One of its initiatives included the development of a policy paper, a collaborative effort between
SMF Research Institute and Ministry of Public Works and Housing (PUPR), Ministry of Finance, Bappenas, and Coordinating
Ministry for Economic Affairs. The policy paper presents recommendations for various interventions to strengthen the housing
sector, such as segmented housing programs, financing for informal workers, asset recycling, and increasing the role of local
governments.
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Profil Perusahaan
Company Profile
• The Company also supported the Indonesia Green Affordable Housing Program (IGAHP) to provide green and affordable housing
financing for low-income communities. As part of this effort, the Company disbursed a $50,000 grant from Build Change for
IGAHP pilot project in collaboration with BPR Nusamba Cepiring in Kendal, Central Java, and BPRS Patriot Bekasi in West Java.
• In 2024, the Company actively issued debt securities totaling Rp12.62 trillion through the issuance of Shelf-Registered Bonds
VII Phase III amounting to Rp1.51 trillion, Shelf-Registered Bonds I Phase II Musyarakah Sukuk amounting to Rp529 billion, Shelf-
Registered Bonds VII Phase IV amounting to Rp1.14 trillion, Shelf-Registered Social Bonds PUB I Phase II amounting to Rp1.5
trillion, Shelf-Registered Bonds VII Phase V amounting to Rp1 trillion, Shelf-Registered Social Bonds PUB I Phase III amounting
to Rp2 trillion, Shelf-Registered Bonds VII Phase VI amounting to Rp1.42 trillion, Shelf-Registered Musyarakah Sukuk I Phase
III amounting to Rp274 billion, Shelf-Registered Bonds VII Phase VII amounting to Rp2.04 trillion, and Shelf-Registered Social
Bonds PUB I Phase IV amounting to Rp1.20 trillion. At the end of 2024, the Company’s outstanding debt securities reached
Rp27.62 trillion, with Rp1 trillion in bank funding, based on the financial statements as of December 31, 2024.
2025
• Penetapan surat utang SMF sebagai underlying transaksi repo dengan Bank Indonesia menjadikan instrumen tersebut sebagai
instrumen korporasi pertama yang dapat digunakan sebagai underlying dalam transaksi repo dengan Bank Indonesia. Penetapan
ini diresmikan oleh Bank Indonesia pada 10 November 2025. Hal ini menunjukkan pengakuan otoritas moneter atas kualitas
aset SMF dan perannya dalam mendorong pertumbuhan ekonomi berkelanjutan.
• Perseroan kembali memperoleh Penyertaan Modal Negara (PMN) senilai Rp6.684 miliar untuk mendukung program Pemerintah
dalam penyediaan porsi pendanaan 25% KPR FLPP. Atas PMN yang diterima Perseroan untuk program FLPP tersebut, Perseroan
kemudian melakukan blended finance menggunakan surat utang. Melalui skema blended finance, Perseroan berperan dalam
menurunkan beban fiskal Pemerintah. Hal ini menunjukkan dukungan Perseroan dalam pemenuhan program Tiga Juta Rumah
Pemerintah.
100 • Pada tahun 2025, Perseroan aktif menerbitkan surat utang dan sukuk sebesar Rp4,99 triliun melalui penerbitan Obligasi PUB
VII Tahap VIII sebesar Rp704,93 miliar, Sukuk Musyarakah PUB I Tahap IV sebesar Rp362,81 miliar, Obligasi PUB VIII Tahap
I sebesar Rp1,58 triliun, Sukuk Musyarakah PUB II Tahap I sebesar Rp445 miliar, Obligasi Berwawasan Sosial PUB II Tahap I
sebesar Rp1,65 triliun, dan Sukuk Musyarakah Berwawasan Sosial PUB II Tahap I sebesar Rp250 miliar. Sampai dengan akhir
tahun 2025, posisi (outstanding) surat utang Perseroan mencapai Rp24,29 triliun dan pendanaan dari perbankan sebesar
Laporan Tahunan 2025 Annual Report
Rp5,44 triliun, angka tersebut berdasarkan data laporan keuangan periode 31 Desember 2025.
• Berlaku efektif terhitung sejak tanggal 10 April 2025, Perseroan memperoleh peringkat kredit dari S&P Global Ratings. Dengan
outlook stabil, Perseroan memperoleh peringkat kredit korporasi jangka panjang ‘BBB’ dan peringkat jangka pendek ditetapkan
pada level ‘A-2’, baik dalam mata uang asing maupun mata uang lokal. Rating ini setara dengan sovereign credit rating Indonesia.
• Peluncuran KPR Griya Nusantara yang merupakan inisiatif strategis Perseroan untuk mendorong pembiayaan perumahan yang lebih
inklusif dan berkelanjutan melalui kerja sama dengan lembaga keuangan penyalur KPR, baik dalam skema konvensional maupun
syariah. Inisiatif strategis ini untuk memberikan kemudahan dan keterjangkauan akses kepemilikan dan pembangunan hunian
bagi masyarakat berpenghasilan tanggung, baik dari segmen pekerja formal maupun informal, melalui mekanisme angsuran tetap
sepanjang tenor, serta memperkuat peran Perseroan dalam pengembangan pasar pembiayaan sekunder perumahan nasional.
• The designation of SMF bonds as underlying assets for repo transactions with Bank Indonesia makes them the first corporate
bonds eligible to be used as underlying assets in such transactions with Bank Indonesia. This designation was officially
announced by Bank Indonesia on November 10, 2025. This demonstrates the monetary authority’s recognition of the quality
of SMF’s assets and its role in promoting sustainable economic growth.
• The Company again received State Capital Participation (PMN) worth Rp6,684 billion to support the Government’s program
in providing 25% of FLPP mortgage financing. With the PMN received by the Company for the FLPP program, the Company
then conducted blended finance using debt securities. Through the blended finance scheme, the Company plays a role in
reducing the Government’s fiscal burden. This demonstrates the Company’s support in fulfilling the Government’s Three Million
Houses program.
• In 2025, the Company actively issued Debt Securities and Sukuk amounting to Rp4.99 trillion through the issuance of Shelf-
Registered Bonds VII Phase VIII amounting to Rp704.93 billion, Shelf-Registered Musyarakah Sukuk I Phase IV amounting to
Rp36.81 billion, Shelf-Registered Bonds VIII Phase I amounting to Rp1.58 trillion, Shelf-Registered Musyarakah Sukuk II Phase
I amounting to Rp445 billion, Shelf-Registered Social Bonds II Phase I amounting to Rp1.65 trillion, and Shelf-Registered Social
Musyarakah Sukuk II Phase I amounting to Rp250 billion. By the end of 2025, the Company’s outstanding debt position reached
Rp24.29 trillion and funding from banks amounted to Rp5.44 trillion, based on financial statement data for the period ending
December 31, 2025.
• Effective as of April 10, 2025, the Company obtained a credit rating from S&P Global Ratings. With a stable outlook, the Company
obtained a long-term corporate credit rating of ‘BBB’ and a short-term rating of ‘A-2’, both in foreign and local currencies. This
rating is equivalent to Indonesia’s sovereign credit rating.
• The launch of Griya Nusantara Mortgage, which is the Company’s strategic initiative to encourage more inclusive and sustainable
housing financing through cooperation with mortgage lending institutions, both in conventional and sharia schemes. This strategic
initiative aims to provide easy and affordable access to home ownership and development for low-income communities, both
from the formal and informal sectors, through a fixed installment mechanism throughout the tenor, as well as strengthening
the Company’s role in developing the national secondary housing financing market.
Page 101
RIWAYAT SINGKAT PERUSAHAAN
BRIEF HISTORY OF THE COMPANY
PT Sarana Multigriya Finansial (Persero), selanjutnya disebut PT Sarana Multigriya Finansial (Persero), hereinafter referred to
Perseroan, didirikan sebagai bagian dari upaya pemerintah as “the Company,” was established as part of the Indonesian
Republik Indonesia (RI) mendorong laju pembangunan government’s efforts to accelerate national development
nasional dengan menghadirkan lembaga pembiayaan by introducing a specialized secondary mortgage financing
sekunder khusus perumahan. Gagasan tersebut muncul dalam institution. This initiative aims to facilitate easier and more
rangka mewujudkan kepemilikan rumah yang lebih mudah affordable home ownership for Indonesian families. Since
dan terjangkau bagi keluarga Indonesia. Sejak tahun 1993, 1993, the Ministry of Finance of the Republic of Indonesia
Kementerian Keuangan RI mulai melakukan studi kelayakan has conducted intensive feasibility studies, followed by a long
secara intensif, yang dilanjutkan dengan proses evaluasi evaluation process and in-depth analysis. Subsequently, the
panjang dan kajian mendalam. Kementerian Keuangan RI Ministry of Finance issued Decree No. 132/KMK.014/1998,
kemudian menerbitkan Keputusan Menteri Keuangan RI Nomor which paved the way for the establishment of a secondary
132/KMK.014/1998 yang membuka peluang pendirian lembaga mortgage financing institution in Indonesia.
pembiayaan sekunder perumahan di Indonesia.
Pemerintah secara resmi mendirikan Perseroan pada 22 Juli The government officially established the Company on July
2005 dengan mengeluarkan Peraturan Pemerintah Republik 22, 2005, by issuing Government Regulation of the Republic
Indonesia Nomor 5/2005 tanggal 7 Februari 2005 tentang of Indonesia No. 5/2005, dated February 7, 2005, on State
Penyertaan Modal Negara Republik Indonesia serta Peraturan Equity Participation, as well as Presidential Regulation of the
Presiden Republik Indonesia Nomor 19/2005 tanggal 7 Februari Republic of Indonesia No. 19/2005, dated February 7, 2005, on
2005 tentang Pembiayaan Sekunder Perumahan. Perseroan Secondary Mortgage Financing. The Company was founded
berdiri berdasarkan Akta Nomor 59 tanggal 22 Juli 2005 yang based on Deed No. 59, dated July 22, 2005, drawn up before
dibuat di hadapan Imas Fatimah, Sarjana Hukum, Notaris yang Imas Fatimah, Bachelor of Law, a notary based in Jakarta. The
berlokasi di Jakarta. Pendirian tersebut kemudian mendapat establishment was subsequently approved by the Minister of
persetujuan Menteri Hukum dan Hak Asasi Manusia Republik Law and Human Rights of the Republic of Indonesia through
Indonesia dengan Keputusan Nomor C-20694.HT.01.01. Decree No. C-20694.HT.01.01.TH.2005, dated July 26, 2005,
TH.2005 tanggal 26 Juli 2005 yang telah diumumkan dalam and was officially published in the State Gazette of the Republic
Berita Negara Republik Indonesia tertanggal 30 Agustus 2005 of Indonesia on August 30, 2005, No. 69, Supplement No. 9263,
Nomor 69, Tambahan Nomor 9263, Berita Negara Republik as well as in the State Gazette of the Republic of Indonesia on
Indonesia tertanggal 3 Juli 2009 Nomor 53, Tambahan Nomor July 3, 2009, No. 53, Supplement No. 17294.
17294.
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PT Sarana Multigriya Finansial (Persero)
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Profil Perusahaan
Company Profile
Bisnis inti Perseroan mulai efektif berjalan pada tahun 2006 The Company’s core business became fully operational in
dengan menyalurkan pinjaman bagi sejumlah lembaga penyalur 2006, providing loans to various Public Housing Loan (KPR)
Kredit Perumahan Rakyat (KPR), antara lain kepada bank umum, lending institutions, including commercial banks, Islamic banks,
bank syariah, bank pembangunan daerah, serta perusahaan regional development banks, and finance companies. In 2008,
pembiayaan. Pada tahun 2008, terbit Peraturan Presiden the Government of Indonesia issued Presidential Regulation
Republik Indonesia Nomor 1/2008 sebagai perubahan atas No. 1/2008, amending Presidential Regulation No. 19/2005
Peraturan Presiden Nomor 19/2005 tentang Pembiayaan on Secondary Mortgage Financing. Based on this regulation,
Sekunder Perumahan. Atas dasar itu, Perseroan dapat the Company was authorized to provide loan facilities for a
menyalurkan fasilitas pinjaman paling lama 10 tahun terhitung maximum period of 10 years from the issuance of the regulation
sejak terbitnya peraturan tersebut sampai dengan tahun 2018 until 2018, with a maximum loan tenure of 15 years.
dengan jangka waktu pinjaman paling lama 15 tahun.
Pada 2009, Perseroan merealisasikan transaksi sekuritisasi In 2009, the Company realized its first securitization transaction
yang pertama dengan menerbitkan obligasi melalui penawaran by issuing bonds through a public offering of Residential
umum Efek Beragun Aset (EBA) yang dicatatkan di Bursa Mortgage-Backed Securities (RMBS) listed on Indonesia Stock
Efek Indonesia (BEI) senilai Rp300 miliar. Sampai dengan 31 Exchange (IDX) with a value of Rp300 billion. Until December
Desember 2024, Perseroan tercatat telah menerbitkan surat 31, 2024, the Company recorded a total of 67 debt security
utang sejumlah 67 kali penerbitan dengan jumlah Rp69.887 issuances amounting to Rp69,887 trillion, consisting of 54 bond/
miliar, terdiri dari 54 kali penerbitan obligasi/sukuk (penawaran sukuk issuances (public offerings) totaling Rp65,009 trillion, 12
umum) sebesar Rp65.009 miliar, 12 kali Medium Term Notes Medium-Term Notes (Limited Offering) amounting to Rp4,668
(Penawaran terbatas) sebesar Rp4.668 miliar (termasuk di trillion (including the issuance of SMF I Sukuk Mudharabah
dalamnya penerbitan Sukuk Mudharabah tetap SMF I melalui through a limited offering), and one issuance of Commercial
penawaran terbatas), dan satu kali penerbitan Surat Berharga Paper amounting to Rp120 billion.
komersial sebesar Rp120 miliar.
Pemerintah RI menerbitkan Peraturan Presiden (Perpres) Nomor The Government of Indonesia issued Presidential Regulation
101 Tahun 2016 tentang Perubahan Kedua atas Peraturan Presiden (Perpres) No. 101 of 2016, the second amendment to Presidential
Nomor 19 Tahun 2005 tentang Pembiayaan Sekunder Perumahan Regulation No. 19 of 2005 on Secondary Mortgage Financing,
guna memenuhi kebutuhan masyarakat atas ketersediaan to meet the growing public demand for affordable housing. With
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perumahan dengan harga terjangkau yang semakin tinggi. Dengan this regulation, the Company has a significant opportunity to
adanya keputusan tersebut, Perseroan memiliki peluang besar provide loans without a time limit, with a maximum loan facility
untuk menyalurkan pinjaman tanpa batasan waktu, yakni dengan tenure of 15 years.
jangka waktu fasilitas pinjaman paling lama 15 tahun.
Laporan Tahunan 2025 Annual Report
Perseroan memperkuat posisinya sebagai Badan Usaha Milik The Company strengthened its position as a State-Owned
Negara (BUMN) yang menjembatani kebutuhan perumahan Enterprise (BUMN) that bridges housing needs and financial
dan lembaga keuangan dengan melakukan softlaunching atas institutions by soft launching the Company Mortgage (KPR
produk KPR Perseroan pada 2017. Kemudian pada tahun 2018, SMF) product in 2017. Then, in 2018, the Company established
Perseroan membuka Unit Usaha Syariah (UUS) sebagai bagian Sharia Business Unit (SBU) as part of its expansion efforts, in
dari upaya ekspansi seiring dengan terus berkembangnya line with the continuous growth of the Islamic banking industry
industri perbankan syariah di Indonesia. in Indonesia.
Sesuai Peraturan Pemerintah Nomor 57 tahun 2020, Perseroan In accordance with Government Regulation No. 57 of 2020,
memiliki peran penting untuk membangun dan mengembangkan the Company plays a crucial role in building and developing
Pasar Pembiayaan Sekunder Perumahan (PPSP) dalam rangka the Secondary Mortgage Financing Market (PPSP) to enhance
meningkatkan kapasitas dan kesinambungan pembiayaan the capacity and sustainability of homeownership, occupancy,
kepemilikan, kepenghunian, serta ketersediaan perumahan and the availability of affordable housing and settlements
dan permukiman yang terjangkau oleh Masyarakat. Syarat for the public. The main requirement for a Company to build
utama agar PPSP dapat dibangun dan dikembangkan adalah and develop PPSP is the availability of a strong and efficient
tersedianya pasar pembiayaan primer perumahan yang kuat primary housing financing market that is not susceptible
dan efisien, serta tidak rentan terhadap gejolak ekonomi dan to economic and financial turmoil, and meets the following
keuangan. Selain itu, terdapat sejumlah syarat yang perlu minimum requirements:
diperhatikan sebagai berikut:
1. Adanya lembaga penyalur KPR yang mau menjual hak tagih 1. The availability of mortgage lenders wanting to sell its KPR
KPR-nya, seperti bank dan perusahaan pembiayaan; collection rights, such as banks and financing companies;
2. Adanya investor potensial yang mau berinvestasi dalam 2. Potential investors willing to invest in mortgage-based
efek berbasis KPR (dengan underlying hak tagih KPR) yang securities (with underlying mortgage claim rights) issued
diterbitkan dari transaksi sekuritisasi terutama Dana Pensiun from securitization transactions, especially Pension Funds
dan Perusahaan Asuransi; and Insurance Companies;
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3. Adanya regulasi yang mendukung terjadinya sekuritisasi 3. The existence of regulations that support efficient
yang efisien; securitization;
4. Ketersediaan portofolio KPR berkualitas yang memenuhi 4. The availability of a high-quality mortgage portfolio that
kriteria seleksi untuk menjadi aset dasar sehingga menjamin meets the selection criteria for basic assets to ensure the
terlaksananya transaksi sekuritisasi yang berkesinambungan implementation of sustainable securitization transactions
di kemudian hari. in the future.
PPSP akan terbentuk apabila transaksi terjadi berulang kali secara PPSP will be established if the transaction occurs repeatedly
berkesinambungan dengan volume yang semakin besar, dalam on an ongoing basis with greater volume and within a shorter
jangka waktu transaksi yang semakin pendek. Sebagai langkah transaction period. Identification of existing market conditions
awal dalam membangun PPSP, diperlukan identifikasi terhadap and the extent to which existing regulations can accommodate
kondisi pasar serta kemampuan peraturan yang ada dalam the optimal implementation of securitization transactions is
mengakomodasi pelaksanaan transaksi sekuritisasi secara optimal. needed as an initial step in building PPSP.
Seiring diterbitkannya Peraturan Presiden Nomor 100 Tahun In line with the issuance of Presidential Regulation No. 100 of 2020
2020 tentang Perubahan Ketiga atas Perpres Nomor 19 concerning the Third Amendment to Presidential Regulation No. 19
Tahun 2005 tentang Pembiayaan Sekunder Perumahan Serta of 2005 concerning Secondary Housing Financing and Government
Peraturan Pemerintah Nomor 57 Tahun 2020 tentang Perubahan Regulation No. 57 of 2020 concerning the Second Amendment to
Kedua atas Peraturan Pemerintah Nomor 5 Tahun 2005 tentang Government Regulation No. 5 of 2005 concerning the Participation
Penyertaan Modal Negara Republik Indonesia untuk Pendirian of Capital of the Republic of Indonesia for the Establishment of
Perusahaan Perseroan (Persero) di Bidang Pembiayaan a Limited Liability Company in the Field of Secondary Housing
Sekunder Perumahan, terdapat mandat baru yang semakin Financing, there is a new mandate that further expands the
memperluas peran dan kontribusi Perseroan bagi masyarakat role and contribution of the Company to the Indonesian people.
Indonesia. Peraturan tersebut diimplementasikan melalui These regulations are implemented through the provision of
pemberian dukungan pembiayaan, tidak hanya pembiayaan KPR financing support, not only for ready-to-occupy mortgages, but
siap huni, tetapi juga bagi KPBU Perumahan, Kredit Modal Kerja also for Public-Private Partnerships (KPBU) in Housing, Housing
Konstruksi Perumahan, KPR PPJB, Kredit Mikro Perumahan, Construction Working Capital Loans, PPJB Mortgages, Micro
KPR Rumah Usaha, KPR Sewa Beli, Reverse Mortgage, Housing Housing Loans, Business Housing Mortgages, Lease-to-Own
Finance Guarantee, Covered Bond, Securitization Guarantee, Mortgages, Reverse Mortgages, Housing Finance Guarantees,
Penugasan Khusus, dan Penyertaan Langsung. Lebih dari Covered Bonds, Securitization Guarantees, Special Assignments,
itu, Perseroan dapat melakukan kegiatan lain terkait sektor and Direct Participation. Furthermore, with Shareholders approval,
perumahan sesuai persetujuan dari Pemegang Saham. melalui the Company may engage in other activities related to the
berbagai realisasi program dan kegiatan yang dirancang dan housing sector. Through various realization of programs and
dilaksanakan secara berkesinambungan setiap tahunnya, activities designed annually and implemented continuously by
Perseroan berharap kontribusi dan manfaat yang diberikan the Company, the Company expects that the contributions and
kepada para pemangku kepentingan dapat terus ditingkatkan, benefits provided to the stakeholders can continue to increase,
khususnya dalam mendukung kepemilikan rumah yang layak especially in supporting decent and affordable home ownership
dan terjangkau bagi setiap keluarga Indonesia. for every Indonesian family.
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Pada 2021, guna mendukung percepatan Pemulihan Ekonomi In supporting the acceleration of National Economic Recovery
Nasional (PEN) di tengah situasi pandemi COVID-19, Perseroan (PEN), especially in the housing sector, in 2021, the Company
memperkuat peran sebagai Special Mission Vehicle (SMV) strengthened its role as Special Mission Vehicle (SMV) of
Kementerian Keuangan RI melalui sejumlah kegiatan antara lain the Ministry of Finance through business activities, such as
PT Sarana Multigriya Finansial (Persero)
optimalisasi penyaluran KPR FLPP, dukungan kepada sektor optimizing the distribution of FLPP mortgage, supporting the
supply sektor perumahan, pengembangan pembiayaan KPR housing sector supply, developing mortgage financing for
untuk masyarakat non-fixed income, dan pengembangan non-fixed income communities, and developing micro housing
pembiayaan mikro perumahan. Perseroan juga telah finance. To encourage PEN in the housing sector, the Company
merealisasikan amanat dari pemerintah untuk berperan sebagai also carried out the Government’s mandate as an Investment
Wakil Pelaksana Investasi kepada Perum Perumnas. Hal ini Implementer Representative to Perum Perumnas, which aimed
ditujukan untuk mendorong peningkatan kinerja melalui sinergi, to encourage the Company performance improvement through
transformasi, dan reposisi peran Perumnas dalam ekosistem synergy, transformation, and repositioning of Perumnas’ role
pembiayaan perumahan nasional. in the national housing financing ecosystem.
Melalui perluasan mandat, Perseroan terus memperkuat Through the expansion of its mandate, the Company has further
fungsi dan perannya dalam mendukung peningkatan kapasitas strengthened its function and role in supporting an increase
penyaluran pembiayaan perumahan yang berkesinambungan, baik in the capacity for sustainable housing financing distribution,
pada sisi supply maupun demand. Perseroan memprioritaskan both in terms of supply and demand. The Company prioritized
pengembangan beberapa kegiatan usaha baru pada 2023, antara the development of several new business activities in 2023,
lain penjajakan keterlibatan Perseroan dalam pengembangan including exploring the Company’s involvement in product
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Profil Perusahaan
Company Profile
produk untuk KPR Rumah Usaha, KPR PPJB (KPR Inden), KPR development for Business Home KPR, PPJB KPR (Indent KPR),
Sewa Beli, Reverse Mortgage, serta kegiatan KPBU di bidang Hire Purchase KPR, Reverse Mortgage, as well as PPP activities
Perumahan. Perseroan juga tetap melanjutkan pemasaran produk in the Housing sector. The Company also continues to market
Kredit Modal Kerja Konstruksi Perumahan dan Kredit Mikro Housing Construction Working Capital Credit and Housing
Perumahan yang sudah berjalan di tahun sebelumnya. Selain Micro Loan products that were running in the previous year.
itu dalam rangka mendukung sektor Perumahan di Indonesia, In addition to these activities, to support the Housing sector
Perseroan juga tetap menjalankan beberapa penugasan khusus in Indonesia, the Company also continued to conduct several
dari pemerintah yaitu berupa (1) Program KPR Fasilitas Likuiditas special assignments from the Government in the form of the
Pembiayaan Perumahan (FLPP) yang bekerja sama dengan BP Housing Finance Liquidity Facility (FLPP) Mortgage Program in
Tapera, (2) Program Pembiayaan Homestay bagi masyarakat collaboration with BP Tapera, the Homestay Financing Program
yang tinggal di sekitar daerah 10 destinasi wisata prioritas/ for people living around the 10 priority tourist destinations/
daerah wisata berpotensi lainnya, serta (3) Program Peningkatan other potential tourist areas, as well as The House Quality
Kualitas Rumah di Daerah Kumuh di seluruh wilayah Indonesia. Improvement Program in Slum Areas throughout Indonesia.
Pada awal 2023, Perseroan dipilih menjadi Sekretariat In early 2023, the Company was selected as the Housing
Ekosistem Pembiayaan Perumahan oleh Pemerintah Republik Financing Ecosystem Secretariat by the Government of the
Indonesia melalui Direktorat Jenderal Pembiayaan Infrastruktur Republic of Indonesia through the Directorate General of
Pekerjaan Umum dan Pembiayaan Perumahan, Kementerian Public Works Infrastructure Financing and Housing Financing,
PUPR (DJPI), dan Direktorat Jenderal Kekayaan Negara, Ministry of Public Works and Housing (DJPI), and the Directorate
Kementerian Keuangan (DJKN). Keberadaan Sekretariat General of State Assets, Ministry of Finance (DJKN). The House
Ekosistem Pembiayaan Perumahan membuka peluang bagi Financing Ecosystem Secretariat opens up opportunities to
percepatan pemenuhan rencana kerja bersama pengembangan accelerate the fulfillment of joint work plans for the development
sektor pembiayaan perumahan yang harmonis, efisien dan of a harmonious, efficient, and effective housing finance sector,
efektif, sesuai mandat Undang-Undang terkait penyediaan in accordance with the mandate of the law regarding providing
akses perumahan bagi seluruh rakyat Indonesia. access to housing for all Indonesian people.
Sebagai upaya mendukung terciptanya multiplier effect untuk In an effort to support the creation of a multiplier effect to
mendorong pertumbuhan sektor perumahan khususnya encourage growth in the housing sector, especially sharia
berbasis syariah, Perseroan berhasil menerbitkan Efek Beragun based, the Company successfully issued the first Sharia
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Aset Syariah berbentuk Surat Partisipasi (EBAS-SP) pertama Residential Mortgage-Backed Securities in the form of
di Indonesia dengan seri EBAS-SP SMF- BRIS01. EBAS-SP Participation Letters (Sharia RMBS-PC) in Indonesia with
ini merupakan efek hasil proses transaksi sekuritisasi aset the EBAS-SP SMFBRIS01. This RMBS-PC is the result of the
pembiayaan rumah senilai Rp325 miliar milik Bank Syariah securitization transaction process for home financing assets
Laporan Tahunan 2025 Annual Report
Indonesia. Penerbitan EBAS-SP perdana ini menjadi milestone worth Rp325 billion belonging to Bank Syariah Indonesia. The
positif serta alternatif baru produk investasi berbasis syariah issuance of this first Sharia RMBS-PC is a positive milestone
yang dapat mendorong terwujudnya market widening dan and a new alternative for sharia-based investment products
financial inclusive di pasar modal nasional. that can encourage the realization of market widening and
financial inclusive in the national capital market.
Perseroan mewujudkan komitmennya untuk menghadirkan The Company fulfills its commitment to creating a positive impact
dampak positif bagi pencapaian pembangunan berkelanjutan on sustainable development by supporting affordable and decent
dengan mendukung hadirnya pembiayaan rumah layak dan housing financing through the issuance of (1) Shelf-Registered
terjangkau melalui penerbitan (1) Obligasi Berwawasan Sosial Social Bonds I Phase I Year 2023 amounting to Rp500 billion and
Berkelanjutan I Tahap I Tahun 2023 sebesar Rp500 miliar dan Shelf-Registered Social Musyarakah Sukuk I Phase I, amounting
(2) Sukuk Musyarakah Berwawasan Sosial Berkelanjutan I to Rp200 billion. The issuance of shelf-registered social bonds
Tahap I Tahun 2023 sebesar Rp200 miliar. Penerbitan obligasi marks a new breakthrough in Indonesia’s capital market, as part
sosial berkelanjutan merupakan terobosan baru di pasar modal of the Company’s efforts to expand the market and diversify its
Indonesia, sebagai upaya Perseroan memperluas pasar dan product offerings, with a strong emphasis on ESG issues, in line
melakukan diversifikasi produk yang menekankan pada isu with the government’s mandate.
ESG sesuai amanat pemerintah.
Di tahun 2025, SMF menerima peringkat kredit dari S&P Global In 2025, SMF received a credit rating from S&P Global Ratings
Ratings yang berlaku efektif sejak 10 April 2025 dengan outlook effective as of April 10, 2025 with a stable outlook, in the form
stabil, berupa peringkat korporasi jangka panjang ‘BBB’ dan of a long-term corporate rating of ‘BBB’ and a short-term rating
jangka pendek ‘A-2’ dalam mata uang asing maupun lokal, of ‘A-2’ in foreign and local currencies, which is equivalent to
yang setara dengan sovereign credit rating Indonesia. Di sisi Indonesia's sovereign credit rating. On the other hand, on
lain, Pada tanggal 10 November 2025, Surat Utang SMF telah November 10, 2025, SMF's Debt Securities were designated
ditetapkan sebagai underlying transaksi REPO Bank Indonesia as the underlying transaction for Bank Indonesia's first REPO,
pertama yang diresmikan oleh Bank Indonesia. Hal ini menjadi which was officially announced by Bank Indonesia. This is a
pengakuan atas kualitas aset dan peran strategis SMF dalam recognition of the quality of SMF's assets and its strategic role
mendukung pertumbuhan ekonomi berkelanjutan. in supporting sustainable economic growth.
Page 105
LOGO PERUSAHAAN
COMPANY LOGO
Logo Perseroan saat ini diresmikan pada 22 Juli 2015, yang
sekaligus menandai semangat baru bagi Perusahaan untuk
terus tumbuh berkelanjutan dan memberikan nilai tambah
yang lebih luas khususnya melalui komitmen dan dukungan
Perusahaan kepada pemerintah Republik Indonesia dalam
membangun dan mengembangkan Pasar Pembiayaan
Sekunder Perumahan.
The current Company’s logo was officially inaugurated on July
22, 2015, which also marked a new spirit for the Company to
continue growing sustainably and providing greater added
value, particularly through the Company’s commitment and
support to the Government of the Republic of Indonesia in
building and developing the Secondary Mortgage Market.
MAKNA LOGO | MEANING OF LOGO
Gagasan Visual | Visual Ideas Elemen Visual | Visual Element Komposisi | Composition
Gagasan logogram SMF adalah abstraksi Terdiri dari tiga elemen visual menyimbolkan Posisi logogram yang mengarah ke
simbolik dari atap rumah dan kertas, core value SMF, yakni Sehat, Transparan, kanan atas, menciptakan impresi terbang
mengartikan, SMF adalah BUMN dan Bersih. memberi arti, SMF telah tinggal landas
penyedia dana bagi penyalur KPR dan Consisting of three visual elements which dan melesat cepat kemajuannya dalam
efek berbasis KPR bagi pasar modal. symbolize SMF core values, which are mencapai cita-citanya.
SMF logogram concept is an abstract form of Sound, Transparent, and Clean. The position of logogram leading to the
the roof of a house and the sheet of paper, upper right creates a flying impression,
symbolizing that SMF is a state-owned signifying that SMF has taken off and 105
enterprise that disburse funds for mortgage darted at a fast pace to reach its goals.
lenders and securities-based mortgage in
the capital market.
PT Sarana Multigriya Finansial (Persero)
Warna | Color
Biru | Blue
Memberi makna tentang profesionalisme, modernitas, dan
futuristik.
It gives a sense of professionalism, modernity, and futurism.
Ungu | Purple
Merupakan perpaduan antara warna merah dan biru
menciptakan kesan transparan yang mencerminkan bahwa
prinsip keterbukaan selalu dikedepankan dalam kebijakan,
rencana kerja dan anggaran, serta pelaksanaan kegiatan.
Tipografi | Typography
The mixture of red and blue creates a sense of transparency
Sebagai call name SMF menggunakan
that reflects the Company’s characteristic of being receptive
adaptasi font Gotham berstruktur bold dan
and firm in policymaking, work and budget planning, along with
capital, memberi impresi kokoh.
the implementation of activities.
As a call name, SMF adapted the font
Gotham that is structured in bold and capital,
Merah | Red
which gave a sturdy image.
Memberi makna tentang keberanian dan semangat untuk
mencapai kemajuan.
It defines courage and perseverance towards the Company’s
goals.
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Profil Perusahaan
Company Profile
VISI, MISI DAN BUDAYA PERUSAHAAN
VISION, MISSION, AND CORPORATE CULTURE
Perumusan Visi dan Misi mencerminkan
komitmen Perseroan untuk mendorong
kemajuan yang selaras dengan tujuan
jangka panjang serta berlandaskan nilai-
nilai budaya Perseroan. Adapun Visi dan
Misi tersebut ditinjau secara berkala dan
telah memperoleh persetujuan Direksi
dan Dewan Komisaris.
Visi
The establishment of the Vision and
Mission reflects the spirit of advancing
the Company in line with its long-term
objectives, inspired by the Company’s
Vision
cultural values. The Company’s Vision
and Mission are regularly reviewed and
approved by the Board of Directors and
the Board of Commissioners.
Menjadi salah satu entitas utama dalam ekosistem
pembiayaan perumahan yang mendukung
penyediaan, kepemilikan dan keterhunian rumah
yang layak dan terjangkau bagi seluruh keluarga
Indonesia.
To become one of the main entities in housing
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financing ecosystem that promotes the supply,
ownership, and occupancy of decent and affordable
housing for all Indonesian families.
Laporan Tahunan 2025 Annual Report
Misi
Mission
1. Melaksanakan peran sebagai Special Mission Vehicle Pemerintah dan
agent of development dalam pembiayaan perumahan.
2. Membangun dan mengembangkan pasar pembiayaan sekunder
perumahan secara berkelanjutan.
3. Menyediakan sumber pendanaan dalam pembiayaan dan kepemilikan
rumah.
4. Mendukung program Sustainable Development Goals Pemerintah.
5. Mengembangkan sinergi dengan stakeholder pembiayaan perumahan dan
memberikan pelayanan yang unggul dengan tata kelola yang baik.
1. Acting as the Government’s Special Mission Vehicle and Agent of
Development in housing financing.
2. Promoting and developing a sustainable secondary mortgage market.
3. Providing a source of funding for home financing and ownership.
4. Supporting the Government’s Sustainable Development Goals program.
5. Developing synergies with housing financing stakeholders and providing
superior services with good governance.
Page 107
Budaya Perusahaan
Corporate Culture
Integritas Sinergi Maju Terdepan Fokus
Integrity Synergy Moving Foward Focus
Kami menjalankan setiap Kami menjalin hubungan kerja Kami memotivasi diri untuk Kami melakukan yang terbaik
aktivitas dengan berpegang yang efektif, saling membantu, mencapai hasil terbaik, untuk memastikan tercapainya
pada peraturan dan etika bisnis. berbagi informasi dan memberi melampaui standar kinerja kebutuhan dan harapan
We conduct every activity by nilai tambah untuk mencapai dengan semangat tinggi. pemangku kepentingan.
adhering to business rules and tujuan Perusahaan. We motivate ourselves to We do our best to ensure
ethics. We establish effective working achieve the best results, stakeholder needs and
relationships, help each other, exceeding performance expectations are met.
• Jujur dan dapat dipercaya share information, and add value standards with high morale.
• Rasa kepemilikan dan to achieve Company goals. • Berorientasi pada proses
tanggung jawab terhadap • Berorientasi pada inovasi dan • Berfokus pada Solusi
Perseroan • Berkolaborasi untuk tujuan digitalisasi • Membangun hubungan
• Disiplin dalam pekerjaan Bersama • Inisiatif, agile, dan adaptif dengan pelanggan
• Bekerja dengan moral yang • Berkoordinasi untuk performa • Tangguh, kompeten, dan • Memberikan layanan yang
baik, beretika tinggi dan terbaik berprestasi Unggul
profesional • Peduli, saling menghargai • Pengembangan Berkelanjutan • Process-oriented
• Honest and trustworthy dan solutif dalam pemecahan • Innovation and digitalization • Focused on Solutions
• A sense of ownership and masalah oriented • Building relationships with
responsibility to the Company • Collaborate for a common • Initiative, agile, and adaptive customers
• Discipline in work goal • Resilient, competent, and • Deliver superior service
• Work with good morals, high • Coordinate for best accomplished
ethics, and professionalism performance • Continuous development
• Care, respect each other and
give solutions to problem
solving
Budaya Perusahaan PT Sarana Multigriya Finansial
(Persero) menjadi fondasi dalam memperkuat
integritas, mendorong praktik pembiayaan yang
bertanggung jawab, serta menegaskan peran
strategis SMF sebagai katalis pembiayaan perumahan
berkelanjutan. Nilai Integritas memastikan seluruh
inisiatif dijalankan secara akuntabel dan sejalan dengan
prinsip tata kelola yang baik; Sinergi memperkuat
107
kolaborasi lintas pemangku kepentingan dalam
mengembangkan skema pembiayaan berorientasi
keberlanjutan; Maju Terdepan mendorong inovasi
serta kepemimpinan SMF dalam pembiayaan yang
memperhatikan aspek lingkungan; sementara Fokus
PT Sarana Multigriya Finansial (Persero)
memastikan setiap langkah Perseroan memberikan
manfaat nyata bagi keberlanjutan sektor perumahan
dan perekonomian nasional.
The Corporate Culture of PT Sarana Multigriya Finansial
(Persero) serves as a foundation for strengthening
integrity, encouraging responsible financing practices,
and affirming SMF’s strategic role as a catalyst for
sustainable housing financing. Integrity ensures that
all initiatives are carried out accountably and in line
with good governance principles; Synergy strengthens
cross-stakeholder collaboration in developing
sustainability-oriented financing schemes; Moving
Forward, SMF drives innovation and strengthens its
leadership in environmentally responsible financing;
while Focus ensures that every step of the Company
provides tangible benefits for the sustainability of the
housing sector and the national economy.
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Profil Perusahaan
Company Profile
BIDANG USAHA
LINE OF BUSINESS
Kegiatan usaha SMF dilaksanakan secara konsisten sesuai The Company conducts its business activities in accordance
dengan maksud dan tujuan yang tercantum dalam Anggaran with its purpose and objectives as stipulated in the Company’s
Dasar Perseroan. Sesuai dengan maksud dan tujuannya, Articles of Association. Based on these objectives, the
Pemerintah mendirikan PT Sarana Multigriya Finansial (Persero) government established PT Sarana Multigriya Finansial
sebagai Badan Usaha Milik Negara dengan mandat strategis (Persero) as a State-Owned Enterprise to build and develop the
untuk membangun dan mengembangkan pasar pembiayaan Secondary Mortgage Market in order to enhance the capacity
sekunder perumahan, guna memperkuat kapasitas serta and sustainability of affordable housing finance for the public
menjamin kesinambungan pembiayaan perumahan yang
terjangkau bagi Masyarakat.
KEGIATAN USAHA BUSINESS ACTIVITIES
Kegiatan Perseroan dilaksanakan dalam bentuk penyediaan The Company’s activities are carried out in the form of
sumber pendanaan jangka menengah/panjang bagi penyalur providing medium/long-term funding sources for housing loan
kredit perumahan dengan memfasilitasi transaksi sekuritisasi providers by facilitating securitization transactions and loan
dan penyaluran pinjaman. Perseroan melakukan kegiatan usaha disbursement. The Company conducts its business activities
yang didasarkan prinsip konvensional dan/atau prinsip syariah based on conventional and/or sharia principles, as stipulated
sebagaimana ditetapkan dalam Anggaran Dasar. in the Articles of Association.
Kegiatan Usaha Berdasarkan Anggaran Dasar (AD)
Business Activities According to Articles of Association
108 • Membeli kumpulan aset keuangan dari kreditor asal, yang dapat dicatat dalam
laporan keuangan Perseroan hingga memenuhi kelayakan ekonomis untuk
disekuritisasi.
• Menerbitkan efek beragun aset berbentuk surat partisipasi.
• Menunjuk SPV untuk membeli aset keuangan dari kreditor asal dalam transaksi
Laporan Tahunan 2025 Annual Report
penerbitan efek beragun aset berbentuk surat utang.
• Melaksanakan penugasan Pemerintah di bidang pembiayaan primer
perumahan dan permukiman setelah memperoleh persetujuan dari Rapat
Kegiatan Usaha Utama AD Pasal 3 ayat (2)
Umum Pemegang Saham.
Main Business Activities of Articles of Association
• Purchasing financial assets from initial creditor that can be recorded in
Article 3 paragraph (2) the Company’s financial statements to meet the economic feasibility for
securitization.
• Issuing residential mortgage-backed securities in the form of participation
certificates.
• Appointing a Special Purpose Vehicle (SPV) to purchase financial assets from
the initial creditor and issue RMBS in the form of debt securities.
• Carrying out government assignment in primary housing and settlement
finance after obtaining the approval from the General Meeting of Shareholders.
Memberikan fasilitas pinjaman kepada lembaga keuangan yang memberikan kredit/
pembiayaan sektor pembiayaan perumahan dan/atau permukiman dalam rangka
keberlanjutan kepemilikan, kepenghunian, dan ketersediaan perumahan dan/atau
permukiman antara lain:
a. Pembiayaan pemilikan rumah
b. Pembiayaan pembangunan rumah di atas lahan milik sendiri;
Kegiatan Usaha Utama AD Pasal 3 ayat (2a)
c. Pembiayaan perbaikan/renovasi rumah;
Main Business Activities of Articles of Association
d. Pembiayaan pembangunan proyek perumahan dan/atau proyek rumah susun
Article 3 paragraph (2a) guna mendukung ketersediaan perumahan dan permukiman;
e. Pembiayaan mikro perumahan (micro housing finance);
f. Pembiayaan pelepasan rumah (reverse mortgage);
g. Pembiayaan rumah dengan skema sewa-beli; dan
h. Pembiayaan Kerja Sama Pemerintah dengan Badan Usaha (KPBU) di bidang
perumahan dan permukiman.
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Kegiatan Usaha Berdasarkan Anggaran Dasar (AD)
Business Activities According to Articles of Association
Providing loan facilities to financial institutions that provide lending/financing for
housing and/or settlement financing sector in the context of sustainable ownership,
occupancy, and availability of housing and/or settlements, among others:
a. Financing for home ownership;
b. Financing for house construction on own land;
c. Financing for house repairs/renovation;
d. Financing for housing and/or flats development project to support the
availability of housing and settlements;
e. Micro housing finance;
f. Reverse mortgage financing;
g. Rent-to-own housing finance; and
h. Financing for Public Private Partnership in housing and settlement sector.
• Menerbitkan Surat Utang, Surat Partisipasi, dan/atau sumber dana lainnya
sesuai dengan ketentuan peraturan perundang-undangan.
• Mengeluarkan jaminan dan dukungan kredit (credit enhancement).
• Melaksanakan fungsi sebagai Koordinator Global.
• Melaksanakan fungsi sebagai Penata Sekuritisasi.
• Melakukan penyertaan langsung pada badan usaha yang kegiatannya
mendukung keberlanjutan kepemilikan, kepenghunian dan ketersediaan
perumahan dan/atau permukiman sesuai dengan ketentuan peraturan
perundang-undangan termasuk juga badan usaha dalam bidang pemberian
fasilitas penjaminan sesuai dengan ketentuan peraturan perundang-undangan,
dengan terlebih dahulu mendapat persetujuan dari pemegang saham.
• Menempatkan dana dalam bentuk surat berharga negara, surat berharga yang
diterbitkan oleh Bank Indonesia, deposito dan/atau instrumen keuangan lainnya
yang ditetapkan oleh Menteri Keuangan.
Kegiatan Usaha Penunjang • Melakukan pembelian Efek Beragun Aset.
Supporting Business Activities • Issuing Debt Securities, Participation Certificates, and/or other sources of
funds in accordance with the provisions of laws and regulations.
• Issuing guarantee enhancement. and credit
• Performing the function as Global Coordinator.
• Performing the function as securitization administrator
• Performing direct investments in companies whose business activities support
the sustainability of ownership, occupancy, and of the availability housing
and/or settlements in accordance with the provisions of laws and regulations,
including business entities engaged in the provision of guarantee facilities in
accordance with the provisions of laws and regulations, with prior approval
from the shareholders.
• Placing funds in the form of government bonds (SUN), bonds issued by
Bank Indonesia, deposits and/or other financial instruments stipulated by the
Minister of Finance.
• Purchasing residential mortgage backed securities.
Sepanjang tahun 2025, Perseroan melaksanakan kegiatan The Company’s business activities throughout 2025 covered
usaha yang mencakup seluruh bidang usaha utama maupun all core and supporting business sectors as stated in the
pendukung sebagaimana diatur dalam Anggaran Dasar Company’s Articles of Association. In loan disbursement 109
Perseroan. Dalam menjalankan perannya sebagai lembaga activities, the Company initially disburses loans using bridging
pembiayaan, Perseroan mengelola penyaluran pinjaman secara funds, which are later replaced by funding sources from the
bertahap dengan memanfaatkan pendanaan sementara pada issuance of debt securities or loans, thereby achieving multiple
tahap awal, yang selanjutnya digantikan oleh sumber pendanaan loan distribution volumes. This approach allows the Company
PT Sarana Multigriya Finansial (Persero)
jangka menengah dan panjang, seperti penerbitan surat utang to expand its financing capacity so that support to related
atau fasilitas pinjaman. Pendekatan ini memungkinkan Perseroan sectors can be provided more optimally.
memperluas kapasitas pembiayaan sehingga dukungan kepada
sektor terkait dapat diberikan secara lebih optimal.
Selain itu, Perseroan turut berkontribusi dalam pengembangan
pasar pembiayaan perumahan melalui sekuritisasi tagihan Kredit In addition, the Company contributes to the development of
Pemilikan Rumah (KPR) menjadi Efek Beragun Aset (EBA). Dalam the housing finance market by securitization of mortgage
proses ini, Perseroan menjalankan berbagai peran strategis, receivables into Asset-Backed Securities (ABS). In this process,
mulai dari penggagas penerbitan hingga pendukung kualitas the Company plays various strategic roles, from initiating
kredit dan partisipasi sebagai investor, guna memastikan proses issuance to supporting credit quality and participating as an
sekuritisasi berjalan efektif dan berkelanjutan. investor, to ensure the securitization process is effective and
sustainable.
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Profil Perusahaan
Company Profile
PRODUK DAN JASA
PRODUCTS AND SERVICES
Melalui peran strategisnya, Perseroan berkontribusi dalam Through its strategic role, the Company plays a role in building
membangun dan mengembangkan pasar pembiayaan sekunder and developing the secondary mortgage market to enhance
perumahan guna meningkatkan kapasitas serta kesinambungan the capacity and sustainability of affordable housing finance by
pembiayaan perumahan yang terjangkau bagi Masyarakat, dengan channeling medium/long-term funds into the housing finance
menyalurkan dana jangka menengah dan panjang ke sektor sector. By accelerating fund flows and increasing transaction
pembiayaan perumahan. Percepatan aliran dana dengan volume volumes, a more efficient market mechanism will be established,
yang semakin besar diharapkan dapat membentuk mekanisme and the gradual distribution of these funds is expected to
pasar yang lebih efisien dan secara bertahap mendorong drive down mortgage interest rates. Additionally, by providing
penurunan tingkat suku bunga KPR. Selain itu, penyediaan dana medium/long-term funds to mortgage lenders, this financing
jangka menengah dan panjang bagi penyalur KPR bertujuan facility aims to address the issue of maturity mismatch in
untuk mengurangi kesenjangan jatuh tempo (maturity mismatch) mortgage financing. The Company offers a range of products
dalam pembiayaan KPR. Untuk mendukung pelaksanaan peran and services targeting consumers across various segments,
tersebut, Perseroan menawarkan berbagai produk dan jasa including both corporate and retail customers, including
yang menjangkau segmen korporasi maupun ritel, antara lain Securitization, Loan Disbursement, Issuance of Debt Securities,
Sekuritisasi, Penyaluran Pembiayaan, Penerbitan Surat Utang, Guarantee Programs, and Capacity Building Programs.
Program Penjaminan, serta Program Capacity Building.
SEKURITISASI SECURITIZATION
Sekuritisasi aset KPR merupakan alternatif pendanaan kreatif Mortgage asset securitization is an innovative funding
yang memungkinkan lembaga penyalur KPR memperoleh alternative that enables mortgage lenders to gain long-term
likuiditas jangka panjang untuk mendukung strategi ekspansi liquidity to support their credit expansion strategies while
110
kredit, sekaligus mengoptimalkan berbagai rasio keuangan optimizing several financial ratios related to liquidity, profitability,
yang berkaitan dengan likuiditas, profitabilitas, dan kecukupan and capital adequacy. Mortgage asset securitization is carried
modal. Mekanisme ini dilakukan melalui transformasi aset yang out by transforming illiquid assets through the purchase of
semula tidak likuid dengan cara pembelian aset keuangan financial assets from the Originator, which are then issued as
Laporan Tahunan 2025 Annual Report
dari Kreditur Asal, untuk selanjutnya diterbitkan menjadi Efek Residential Mortgage-Based Securities in the form of mortgage
Beragun Aset (EBA) berupa tagihan KPR yang bersifat likuid receivables that can be actively traded in the capital market.
dan dapat diperdagangkan di pasar modal.
Dalam pelaksanaan sekuritisasi, Perseroan menjalankan peran The Company plays a crucial role in facilitating securitization
komprehensif sebagai koordinator global, penata sekuritisasi, transactions as a global coordinator, securitization arranger,
pendukung kredit, penerbit Efek Beragun Aset berbentuk Surat credit enhancer, issuer of Residential Mortgage-Based
Partisipasi (EBA-SP), serta sebagai investor. Peran tersebut Securities-Participation Certificates (RMBS-PC), and investor.
diwujudkan melalui proses transformasi kumpulan tagihan KPR This process involves transforming illiquid assets (mortgage
yang tidak likuid menjadi instrumen investasi yang likuid berupa receivables collection) into liquid assets (Residential Mortgage
EBA, dengan tetap mewakili kepentingan investor, melakukan Based Securities/ RMBS), by representing investor interests,
pembelian aset keuangan dari Kreditur Asal, dan menerbitkan by purchasing financial assets from the Originator and issuing
EBA-SP dengan underlying asset berupa tagihan KPR. Residential Mortgage-Based Securities-Participation Certificates
(RMBS-PC) with mortgage receivables as the underlying assets.
Perseroan pertama kali melaksanakan sekuritisasi aset KPR Securitization was first carried out by the Company on BTN’s
pada tahun 2009 terhadap portofolio KPR milik Bank BTN. Pada mortgage loans in 2009. the Company also played roles as
tahap awal, Perseroan berperan sebagai Koordinator Global, Global Coordinator, Securitization Arranger, Credit Enhancer,
Penata Sekuritisasi, Pendukung Kredit, dan Investor sesuai and Investor in accordance with the provisions and mandate
dengan ketentuan dan mandat dalam Peraturan Presiden. stated in the Presidential Regulation. The Company had not yet
Perseroan belum bertindak sebagai penerbit EBA karena acted as an issuer due to the implementation provisions from the
ketentuan pelaksanaan dari Otoritas Pasar Modal berdasarkan Capital Market Authority, based on Presidential Regulation No.
Peraturan Presiden Nomor 19 Tahun 2005 dan Nomor 1 Tahun 19 of 2005 and No. 1 of 2008, which had not yet regulated such
2008 belum mengatur peran tersebut. Hingga tahun 2014, provisions. Until 2014, the Company adhered to the regulations
penerbitan EBA dilakukan melalui mekanisme Kontrak Investasi of Bapepam-LK (now OJK) in issuing RMBS, namely through
Kolektif (KIK) yang dibentuk antara manajer investasi dan bank the Collective Investment Contract (KIK) mechanism, which
kustodian sesuai dengan ketentuan Bapepam-LK (kini OJK). was formed between an investment manager and a custodian
in accordance with applicable regulations.
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Seiring dengan diterbitkannya Peraturan OJK Nomor 23/ After the issuance of OJK Regulation No. 23/POJK.04/2014
POJK.04/2014 tanggal 19 November 2014 tentang Penerbitan dated November 19, 2014, concerning the Issuance and
dan Pelaporan Efek Beragun Aset berbentuk Surat Partisipasi Reporting of Residential Mortgage-Based Securities-
(EBA-SP), Perseroan memperoleh kewenangan untuk bertindak Participation Certificates (RMBS PC), the Company was able
sebagai Penerbit EBA. Menindaklanjuti ketentuan tersebut, to carry out the role of RMBS Issuer. In relation to this new
Perseroan mencatatkan EBA-SP untuk pertama kalinya di role, the Company registered RMBS PC for the first time on the
Bursa Efek Indonesia pada tahun 2015, yang menegaskan Indonesia Stock Exchange (BEI) in 2015, making the Company’s
peran Perseroan yang lebih sentral, yaitu sebagai Penerbit status more central as both the Issuer and Guarantor of the
sekaligus Penjamin atas Efek Beragun Aset yang diterbitkan. issued Residential Mortgage-Based Securities. Furthermore, to
Selanjutnya, sebagai dukungan terhadap pengembangan dan support the development and expansion of the Islamic capital
pendalaman pasar modal syariah, OJK menerbitkan Peraturan market, the OJK issued OJK Regulation No. 20/POJK.04/2015
OJK Nomor 20/POJK.04/2015 tanggal 3 November 2015 dated November 3, 2015, concerning the Issuance and
Penerbitan dan Persyaratan Efek Beragun Aset Syariah, yang Requirements of Sharia-Compliant Residential Mortgage-Based
didalamnya termasuk mengatur terkait EBA Syariah berbentuk Securities (SC-RMBS), which includes regulations related to
Surat Partisipasi (EBAS-SP). Sharia-Compliant Residential Mortgage-Based Securities-
Participation Certificates (SC-RMBS PC).
Pada tahun 2018, Perseroan kembali melakukan pengembangan In 2018, the Company launched a new product, the Residential
produk melalui peluncuran EBA-SP Ritel. Inisiatif ini ditujukan Mortgage-Based Securities in the form of Participation
untuk memperluas basis investor EBA-SP dengan menyasar Certificates (RMBS-PC). This initiative aimed to expand the
investor individu, termasuk generasi milenial dan masyarakat number of RMBS-PC investors, targeting individual investors or
umum yang berminat berinvestasi. EBA-SP Ritel dinilai potential investors, including millennials and other members of
sebagai alternatif instrumen investasi pendapatan tetap yang the public interested in investing. The Retail RMBS-PC product
menawarkan kupon tetap, sebanding dengan obligasi, dengan is considered an alternative fixed-income investment instrument
tingkat keamanan yang baik serta likuiditas yang memadai, that offers fixed coupons, comparable to bonds, with a good
sehingga memberikan pilihan investasi dengan imbal hasil level of security and adequate liquidity, thus providing an
yang kompetitif. investment option with competitive returns.
Pada tahun yang sama, sebagai upaya melakukan transaksi In the same year, as an effort to conduct sharia securitization
sekuritisasi syariah, Perseroan mendukung proses diterbitkannya transactions, the Company supported the process of issuing
Fatwa No. 120-121/DSN-MUI/II/2018 tertanggal 22 Februari Fatwa No. 120-121 / DSN-MUI / II / 2018 dated February 22,
2018, sebagai peraturan pendukung kesesuaian dan/atau 2018, as a supporting regulation for the suitability and / or
kepatuhan syariah transaksi penerbitan EBAS-SP, dengan sharia compliance of EBAS-SP issuance transactions, with the
ketentuan utama yakni transaksi sekuritisasi aset syariah main provision that sharia asset securitization transactions can
hanya dapat dilakukan untuk Aset Syariah Berbentuk Bukan only be carried out for Sharia Assets in the Form of Non-Dain
Dain (ASBBD), dimana khusus aset yang terkait pembiayaan (ASBBD), specifically assets related to housing finance, namely
perumahan, yakni yang menggunakan akad Musyaraqah those using the Musyaraqah Mutanaqisah (MMQ) and Ijarah
Mutanaqisah (MMQ) dan Ijarah Muntahiya Bi’tamlik (IMBT). Muntahiya Bi'tamlik (IMBT) contracts. Following up on the
Tindak lanjut atas diterbitkannya Fatwa tersebut, Perseroan issuance of the Fatwa, the Company succeeded in becoming 111
berhasil menjadi pelopor penerbitan EBA Syariah pertama a pioneer in issuing the first Sharia EBA in Indonesia in 2023,
di Indonesia pada tahun 2023, dengan menggandeng Bank by collaborating with Bank Syariah Indonesia as the Original
Syariah Indonesia sebagai Pemberi Pembiayaan Asal yang Financing Provider who sold its housing finance assets with
menjual aset pembiayaan perumahannya dengan akad MMQ. the MMQ contract.
PT Sarana Multigriya Finansial (Persero)
Selanjutnya, berdasarkan Peraturan Presiden Nomor 100 Furthermore, based on Presidential Regulation Number 100 of
Tahun 2020, cakupan kegiatan sekuritisasi mengalami 2020, the scope of securitization activities has been expanded.
perluasan. Kegiatan sekuritisasi yang sebelumnya hanya dapat Securitization activities, which previously could only be carried
dilakukan melalui mekanisme jual putus atas aset keuangan out through an outright sale mechanism for financial assets
berupa piutang atau tagihan KPR siap huni, diperluas menjadi in the form of ready-for-occupancy mortgage receivables ,
mencakup aset keuangan yang diperoleh Kreditur Asal dari have been expanded to include financial assets obtained by
penyaluran pinjaman atau pembiayaan di sektor perumahan dan the Originator from the distribution of loans or financing in the
permukiman. Aset keuangan tersebut dapat berbentuk piutang housing and settlement sector. These financial assets can take
atau tagihan, hak atas penerimaan manfaat berupa arus kas the form of receivables or rights to receive benefits in the form
di masa mendatang, surat berharga yang merepresentasikan of future cash flows, securities representing rights to future
hak atas arus kas atau pendapatan di masa mendatang, serta cash flows or income, and other forms of financial assets in
bentuk aset keuangan lain sesuai dengan ketentuan peraturan accordance with applicable laws and regulations.
perundang-undangan yang berlaku.
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Profil Perusahaan
Company Profile
Skema Transaksi Sekuritisasi
Securitization Transaction Scheme
3
Akta Jual Beli
Deed of Sale and Penerbitan EBA-SP
Purchase Issuance of RMBS-PC
Kreditur Asal/Penyedia Jasa 4 5 Investor
Originator/Servicer Investors
Penerbit
Issuer
2
Perjanjian Penerbitan
7 Issuance Agreement EBA-SP 6
1
RMBS-PC
Portofolio Kredit/ Akta Cessie
Pembiayaan Perumahan Cessie Deed
Wali Amanat
Mortgage Portfolio Trustee
8
9
Bank Kustodian
Custodian Bank
Penerusan Dana Investasi Investment Funds Akta Cessie
Forwarding of Investment Funds Cessie Deed
112
Mekanisme Transaksi Sekuritisasi Securitization Transaction Mechanism
1. Berdasarkan kesepakatan dengan Kreditur Asal, Perseroan 1. According to the agreement with the Originator, the
bertindak untuk dan atas nama investor melakukan Company appoints Trustee and Custodian Bank which is
Laporan Tahunan 2025 Annual Report
penunjukan Wali Amanat dan Bank Kustodian yang terdaftar registered at the Financial Services Authority;
di OJK;
2. Wali Amanat menunjuk Penyedia Jasa untuk koleksi tagihan 2. Trustee appoints Servicer for mortgage receivables
Kredit/Pembiayaan Perumahan; collection;
3. Perseroan mengajukan pernyataan penawaran umum 3. The Company submits a proposal of public offering of
penerbitan EBA/EBA Syariah berbentuk Surat Partisipasi RMBS – Participation Certificate to the Financial Services
(EBA-SP/EBAS-SP) kepada OJK; Authority;
4. Perseroan membeli aset keuangan dari Kreditur Asal 4. The Company purchases financial assets from the Originator
untuk kepentingan pihak ketiga (Pasal 1317 KUHPer), on behalf of a third party (Article 1317 KUHPer), namely
yaitu para Investor yang diwakili oleh Wali Amanat, di Investors represented by the Trustee, whereby the financial
mana aset keuangan tersebut dititipkan di Kustodian untuk asset is kept in the Custodian Bank for administration
diadministrasikan; purposes;
5. Perseroan melakukan penerbitan EBA–SP/EBAS-SP dan 5. The Company issues Asset-Backed Securities in the form
menjualnya kepada investor melalui penawaran umum of Participation Certificates (EBA-SP/EBAS-SP), which
(khusus untuk EBA-SP Kelas A/Kelas Senior, sedangkan are offered to investors via public offerings. This primarily
Kelas B/Kelas Yunior/Subordinasi ditawarkan secara applies to Class A (Senior) certificates, while Class B (Junior/
terbatas dengan prioritas kepada Kreditur Asal). EBA- Subordinated) certificates are offered through limited
SP/EBAS-SP merupakan bukti kepemilikan bersama para placements, with right of first refusal granted to the Original
Investor secara proporsional atas aset keuangan (kumpulan Lender. These certificates represent the Investors’ proportional
piutang); collective ownership of a diversified pool of financial assets;
6. Investor melakukan pembayaran atas pembelian EBA-SP/ 6. Investors make payment on the purchasing of RMBS –
EBAS-SP kepada Kustodian untuk selanjutnya diteruskan Participation Certificate to the Custodian to be passed to
kepada Kreditur Asal atas instruksi dari Perseroan the Originator based on instruction from the Company (the
(Penerbitan EBA-SP sampai dengan pembayaran kepada Issuance of the Participation Certificate until payment to
Kreditur Asal dilakukan pada waktu yang bersamaan). the Originator is conducted simultaneously).
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Mekanisme Paska-Transaksi Sekuritisasi Post-Securitization Transaction Mechanism
1. Debitur Kredit/Pembiayaan Perumahan tetap melakukan 1. Mortgage debtors continue to make payment of principal
pembayaran angsuran pokok dan bunga kepada Kreditur and interest to the Originator that has been appointed as
Asal yang ditunjuk sebagai Penyedia Jasa; Servicer;
2. Penyedia Jasa meneruskan angsuran pokok dan bunga 2. The Servicer transfers the principal and interest installment
Kredit/Pembiayaan Perumahan kepada Kustodian secara of the mortgage to the Custodian periodically;
periodik;
3. Bank Kustodian melakukan Pembayaran Pokok dan 3. Custodian Bank pays the principal and interest installment to
Bunga kepada Investor EBA-SP/EBAS-SP secara periodik RMBS-PC/Sharia RMBS-PC Investors periodically according
berdasarkan instruksi Penerbit, dan diketahui Wali Amanat; to the Issuer's instructions, and acknowledged by the Trustee
4. Penerbit, Bank Kustodian/Wali Amanat melakukan pelaporan 4. Custodian/Trustee submits report in accordance with the
sesuai dengan ketentuan dan perjanjian yang disepakati; existing provisions and agreement;
5. Perseroan melakukan monitoring atas kinerja EBA-SP/ 5. The Company monitors the performance of RMBS-PC/
EBAS-SP serta fungsi dan tanggung jawab Bank Kustodian/ Sharia RMBS-PC as well as the functions and responsibilities
Wali Amanat. of the Custodian Bank/Trustee.
Dalam menjalankan kegiatan tersebut, Perseroan juga dapat In carrying out this activity, several matters need to be
berperan sebagai Investor. Sebelum melakukan investasi considered by the Company when investing in Residential
dalam bentuk EBA sebagai produk hasil dari Sekuritisasi Aset Mortgage-Backed Securities as a mortgage asset securitization,
KPR tersebut, terdapat beberapa hal yang menjadi dasar among others:
pertimbangan Perseroan, di antaranya:
1. EBA Kelas Senior/Kelas A memperoleh peringkat idAAA dari 1. Class A RMBS is rated idAAA by the Rating Agency
Lembaga Pemeringkat yang terdaftar di OJK. registered at the Financial Services Authority.
2. Fundamental yang kuat dan reputasi yang baik dari 2. Strong fundamentals and the good reputation of the
Kreditur Asal yang sangat berpengalaman di industri kredit Originator who is highly experienced in the mortgage
perumahan. industry.
3. Aset portofolio yang kuat dan memenuhi kriteria seleksi 3. Strong asset portfolio that meets the Company selection
Perseroan. criteria.
4. Struktur Dukungan Kredit yang solid: 4. A solid transaction structure:
a. EBA Kelas A memiliki subordinasi dalam bentuk EBA a. Class A RMBS has a subordinate in the form of Class
Kelas Yunior/Kelas B; B RMBS;
b. Pokok EBA Kelas B tidak akan mendapatkan pelunasan b. The Principal of Class B RMBS will not be repaid if the
apabila investor EBA Kelas A belum dibayarkan penuh investor of Class A RMBS has not paid in full;
haknya (baik pokok maupun bunga);
c. Dukungan kredit dalam bentuk dana cadangan yang c. Credit enhancement in the form of reserve fund
diberikan oleh Perseroan; provided by the Company;
d. Dana Transisi Penyedia Jasa dicadangkan di muka, d. Servicer Transition Funds are paid in advance if there
apabila terjadi penggantian Penyedia Jasa; is a substitution in service provider;
e. Adanya Dana Cadangan Tambahan atas inisiatif e. The availability of Additional Reserve Funds due to 113
Penerbit, sebagai proteksi tambahan kepada EBA the Issuer’s initiative as an additional protection to the
Kelas A. Class A RMBS.
Peran aktif Perseroan dalam mengakselerasi pertumbuhan The Company’s active role in accelerating the growth of
PT Sarana Multigriya Finansial (Persero)
ekosistem pembiayaan perumahan di Indonesia, dalam Indonesia’s housing finance ecosystem continues to be
rangka mendukung pemerintah menekan backlog pemenuhan strengthened in support of the government’s efforts to reduce
kebutuhan hunian bagi masyarakat Indonesia terus ditingkatkan. the housing backlog for Indonesian citizens. One of them was
Salah satunya diwujudkan dengan menerbitkan Efek Beragun realized through the issuance of Residential Mortgage-Based
Aset berbentuk Surat Partisipasi (EBA-SP) SMF-BTN08 pada Securities in the form of Participation Certificates (RMBS-PC)
tahun 2023. EBA-SP SMF-BTN08 merupakan efek hasil SMF-BTN08 in 2023. RMBS-PC of SMF-BTN08 is a security
transaksi sekuritisasi aset KPR senilai Rp600 miliar milik PT resulting from the securitization transaction of mortgage assets
Bank Tabungan Negara (Persero) Tbk, yang resmi dicatatkan worth Rp600 billion owned by PT Bank Tabungan Negara
di Bursa Efek Indonesia pada 26 September 2023. (Persero) Tbk, which was officially listed on the Indonesia
Stock Exchange on September 26, 2023.
Nasabah perorangan dapat membeli produk EBA-SP Ritel Individual customers can purchase the Company’s RMBS-PC
Perseroan, hanya dengan nilai minimal Rp100.000,- hingga Retail products with a minimum investment of Rp100,000 and
maksimal Rp50.000.000,-, melalui platform online trading PT a maximum of Rp50,000,000 through PT BNI Sekuritas’ online
BNI Sekuritas. Setelah transaksi berlangsung, investor akan trading platform. After the transaction, investors will receive
menerima pembayaran kupon bunga setiap 3 (tiga) bulan dan coupon interest payments every 3 (three) months, and the
produk EBA-SP Ritel dapat dijual kembali sewaktu-waktu saat RMBS-PC Retail product can be resold at any time if needed.
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Profil Perusahaan
Company Profile
diperlukan. Penyelesaian (settlement) transaksi pembelian The settlement period for purchasing or selling RMBS-PC
ataupun penjualan produk investasi EBASP Ritel adalah T+1. Retail investment products is T+1. This allows customers to
Hal ini membuat nasabah dapat segera melakukan perintah promptly request fund withdrawals from the sale proceeds
penarikan dana hasil penjualan sesudah jatuh tempo settlement once the settlement period has matured. The Company has
transaksi penjualan. Perseroan telah menawarkan 4 (empat) offered 4 (four) series of RMBS-PC Retail, providing investors
seri EBA-SP Ritel yang diharapkan opsi bagi investor untuk with more options to invest in RMBS-PC.
berinvestasi di EBA-SP semakin banyak.
PENYALURAN PEMBIAYAAN LOANS DISBURSEMENT
Penyaluran Pembiayaan memegang peran strategis dalam Loan disbursement plays a strategic role in encouraging
mendorong terbentuknya pasar primer yang kuat, yang the formation of a strong primary market, supported by the
ditopang oleh ketersediaan produk pembiayaan perumahan yang availability of quality housing finance products, thereby creating
berkualitas sehingga tercipta volume transaksi yang memadai sufficient transaction volume to ensure the sustainability
untuk menjamin keberlanjutan transaksi sekuritisasi. Transaksi of securitization transactions. Continuous securitization
sekuritisasi yang berjalan secara berkesinambungan diharapkan transactions are expected to form a more efficient market
dapat membentuk mekanisme pasar yang lebih efisien dan mechanism and gradually reduce housing financing interest
secara bertahap mendorong penurunan tingkat suku bunga rates. In conducting this role, the Company distributes financing
Pembiayaan Perumahan. Dalam menjalankan peran tersebut, by utilizing funds sourced from the issuance of debt securities.
Perseroan menyalurkan pembiayaan dengan memanfaatkan
dana yang bersumber dari hasil penerbitan surat utang.
Adapun layanan pembiayaan yang disediakan Perseroan The financing services offered by the Company include:
meliputi antara lain:
• Program Pembiayaan Komersial • Commercial Financing Program
• Program FLPP • FLPP/Housing Financing Liquidity Facility Program
Program Pembiayaan Komersial Commercial Financing Program
Sebagai bentuk dukungan terhadap ketersediaan likuiditas jangka As a form of support for medium-term liquidity availability, the
114
menengah, Perseroan menyediakan fasilitas pembiayaan berupa Company provides financing facilities in the form of medium-
pinjaman jangka menengah kepada mitra penyalur pembiayaan term loans to housing finance distribution partners through a
perumahan melalui mekanisme penggantian dana (refinancing) atas refinancing mechanism for financing portfolios or mortgages
portofolio pembiayaan atau kredit perumahan yang telah disalurkan that have been distributed by Financial Institutions.By utilizing
Laporan Tahunan 2025 Annual Report
oleh Lembaga Keuangan. Pemanfaatan fasilitas pembiayaan this financing product (stable funding), financing distributors
dengan sumber pendanaan yang stabil ini memungkinkan penyalur can mitigate the issue of Mismatch Funding and enhance their
pembiayaan untuk mengurangi risiko mismatch funding sekaligus capacity to distribute housing financing.
meningkatkan kapasitas penyaluran pembiayaan perumahan.
Dalam pelaksanaan penyaluran pembiayaan komersial, The Company’s financial institution partners in commercial loan
mitra Lembaga Keuangan SMF meliputi Bank Umum, Bank disbursement currently include Commercial Banks, Regional
Pembangunan Daerah (BPD), Bank Perkreditan Rakyat (BPR), Development Banks (BPD), Rural Banks (BPR), Multifinance
Multifinance, serta Lembaga Keuangan lainnya, baik yang Companies, and other Financial Institutions, operating both
beroperasi secara konvensional maupun berdasarkan prinsip conventionally and under Sharia principles.
syariah.
Skema Pembiayaan
Financing Scheme
1 2
Portofolio Pembiayaan Existing Refinancing
Existing Financing Portfolio
Non-Facility Line Non-Facility Line
i. Lembaga Keuangan memiliki portfolio produk pembiayaan i. Financial institutions must have an existing financing product
existing sesuai kriteria yang ditetapkan Perseroan portfolio that meets the criteria set by the Company
ii. Perseroan melakukan refinancing dengan agunan berupa ii. The Company provides refinancing with collateral in the form
Kumpulan tagihan pembiayaan yang disalurkan Lembaga of a pool of financing receivables disbursed by the financial
Keuangan institution.
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3
2 Refinancing
Penyaluran
Distribution 1
Facility Line
Portofolio Pembiayaan
Financing Portfolio
Uncommitted Facility Line Uncommitted Facility Line
i. Perseroan memberikan uncommitted facility line kepada i. The Company provides an uncommitted facility line to
Lembaga Keuangan financial institutions
ii. Lembaga Keuangan menyalurkan produk pembiayaan ii. Financial institutions disburse financing products according to
sesuai kriteria yang ditetapkan oleh Perseroan the criteria set by the Company
iii. Perseroan melakukan refinancing dengan agunan berupa iii. The Company conducts refinancing with collateral in the
kumpulan tagihan pembiayaan yang disalurkan Lembaga form of a collection of financing receivables disbursed by the
Keuangan financial institution
Produk dan Layanan Konvensional Conventional Products and Services
Divisi Pembiayaan SMF memfokuskan kegiatan usahanya The SMF Financing Division focuses its business activities
pada penyediaan produk pembiayaan konvensional serta on providing conventional financing products and developing
pengembangan produk yang selaras dengan Pembiayaan products that are in line with Housing Financing, to encourage
Perumahan, guna mendorong terciptanya sinergi semua pihak synergy among all parties in contributing, particularly in
dalam berkontribusi, khususnya dalam mendukung pembiayaan supporting home ownership financing and improving the
pemilikan rumah serta perbaikan peningkatan kelayakan rumah affordability of homes and housing. The services provided by
dan hunian yang terjangkau. Adapun layanan yang disediakan Conventional Financing to partners include:
Pembiayaan Konvensional kepada para mitra meliputi:
1. Pembiayaan Komersial 1. Commercial Financing
Pembiayaan yang disalurkan oleh PT Sarana Multigriya Financing channelled by PT Sarana Multigriya Finansial
Finansial (Persero) melalui Pembiayaan kepada lembaga (Persero) through Financing to distribution institutions
penyalur atas dasar underlying kumpulan tagihan based on the underlying collection of mortgage receivables
pembiayaan perumahan yang telah disalurkan oleh lembaga that have been distributed by distribution institutions to
penyalur kepada end-user. Skema pembiayaan ini dirancang end-users. This financing scheme is designed to support
untuk mendukung keberlanjutan likuiditas lembaga penyalur the sustainability of distributor liquidity and expand public
serta memperluas akses masyarakat terhadap pembiayaan access to decent and affordable housing financing.
perumahan yang layak dan terjangkau. 115
Adapun Kriteria underlying Pembiayaan Perumahan yang The underlying criteria for Housing Financing that is
dapat didukung oleh Pembiayaan Konvensional SMF adalah supported by SMF's Conventional Financing are as follows:
sebagai berikut:
PT Sarana Multigriya Finansial (Persero)
a. Kredit Pemilikan Rumah (KPR), Pembiayaan untuk a. Mortgages (KPR), financing for the purchase of landed
Pembelian Rumah Tapak maupun Rumah Susun, houses and apartments, including the construction of
termasuk Pembangunan Rumah di atas Lahan Milik houses on privately owned land, distributed by lending
Sendiri, yang disalurkan oleh lembaga penyalur. Produk institutions. This product includes:
ini mencakup:
i) KPR Siap Huni, yaitu pembiayaan untuk rumah yang i) Ready-to-occupy mortgages, which are financing
telah selesai dibangun dan siap ditempati; dan for houses that have been completed and are ready
for occupancy; and
ii) KPR Inden, yaitu pembiayaan untuk rumah yang ii) Indent Mortgages, which are financing for houses that
masih dalam tahap pembangunan sesuai dengan are still under construction in accordance with the
perjanjian antara konsumen dan pengembang. agreement between the consumer and the developer.
b. Kredit Modal Kerja Konstruksi Perumahan (KMK- KP), b. Housing Construction Working Capital Loans (KMK-KP),
Pembiayaan kepada pengembang (developer) untuk financing for developers to support the construction
mendukung pembangunan perumahan, baik rumah of housing, both landed houses and apartments,
tapak maupun rumah susun yang ditujukan untuk intended for government or commercial projects in
proyek pemerintah ataupun proyek komersial dalam order to maintain the continuity of housing supply for
rangka menjaga kesinambungan pasokan hunian bagi the community.
masyarakat.
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Profil Perusahaan
Company Profile
c. Kredit Multiguna Perumahan (KMG Perumahan), c. Multipurpose Housing Loans (KMG Perumahan), which
Pembiayaan konsumtif yang ditujukan kepada Pegawai is consumer financing intended for civil servants or
Negeri Sipil atau Pegawai Pemerintah/BUMN/BUMD government/state-owned enterprise/regional-owned
yang tujuan pembiayaan untuk pembelian rumah enterprise employees for the purpose of purchasing a
baru/ second, Take over non top-up, renovasi, dan new/second home, Take over non top-up, renovating
pembangunan rumah di atas lahan milik sendiri. a home, and building a home on their own land.
d. KPR Rumah Usaha, Pembiayaan Pemilikan dan Renovasi d. Business Home Mortgage, Financing for the Ownership
Rumah Toko/Rumah Kantor/Rumah Tapak yang and Renovation of Shop Houses/Office Houses/Landed
berfungsi sebagai tempat tinggal dan tempat usaha. Houses that function as places of residence and business.
e. Griya Nusantara bertujuan memberikan akses e. Griya Nusantara aims to provide access to decent and
kepemilikan hunian layak dan terjangkau bagi masyarakat affordable housing for low-income communities. This
berpenghasilan tanggung. Produk ini menawarkan suku product offers a fixed interest rate of 9.99% for the
bunga 9,99% fixed sepanjang tenor, dengan jangka entire term, with a maximum financing period of up
waktu pembiayaan hingga maksimal hingga 20 tahun, to 20 years, providing certainty and convenience for
sehingga memberikan kepastian dan kemudahan bagi end-users (consumers) in long-term financial planning.
end-user (konsumen) dalam perencanaan keuangan
jangka panjang.
f. Griya Tunas, Kredit Mikro Perumahan (KMP), Pembiayaan f. Griya Tunas, Micro Housing Loan (KMP), Financing
yang ditujukan untuk pembangunan atau perbaikan intended for the gradual construction or repair of
rumah secara bertahap (incremental housing), guna houses (incremental housing), to improve the quality
meningkatkan kualitas dan kelayakan hunian masyarakat. and suitability of community housing. This financing
Pembiayaan ini dapat mencakup antara lain pembelian can include, among other things, the purchase of land
kaveling tanah, pembuatan sertifikasi lahan, pemagaran, plots, land certification, fencing, building construction,
konstruksi bangunan, perbaikan rumah, perluasan rumah, house renovation, house extensions, and other activities
serta kegiatan lain sepanjang untuk kepentingan rumah. related to housing.
g. Griya Cita, Pembiayaan perumahan dengan skema sewa g. Griya Cita, Housing financing with a rent-to-own scheme
beli (rent to own) yang memberikan kesempatan bagi that provides an opportunity for the community to
masyarakat untuk menempati hunian terlebih dahulu occupy a residence first before gradually becoming the
sebelum secara bertahap beralih menjadi pemilik rumah, owner of the house, in accordance with the applicable
116
sesuai dengan ketentuan yang berlaku. provisions.
Produk dan Layanan Unit Usaha Syariah Products and Services of Sharia Business Unit
Unit Usaha Syariah (UUS) SMF memfokuskan kegiatan usahanya The Sharia Business Unit (SBU) will focus on providing services
Laporan Tahunan 2025 Annual Report
pada penyediaan produk pembiayaan serta pengembangan and developing products that comply with sharia principles,
produk yang selaras dengan prinsip syariah, guna mendorong aiming to create synergy among all stakeholders in contributing
terciptanya sinergi semua pihak dalam berkontribusi, khususnya to the nation by supporting affordable home financing. Below
dalam mendukung pembiayaan pemilikan rumah serta is a description of the end to-end services provided by SBU
perbaikan peningkatan kelayakan rumah dan hunian yang to its partners:
terjangkau. Adapun layanan yang disediakan UUS kepada
para mitra meliputi:
1. Pembiayaan Komersial 1. Commercial Financing
Pembiayaan yang disalurkan oleh PT Sarana Multigriya Financing disbursed by PT Sarana Multigriya Finansial
Finansial (Persero) melalui Unit Usaha Syariah (UUS) kepada (Persero) through its Sharia Business Unit (UUS) to
lembaga penyalur atas dasar underlying kumpulan tagihan distribution institutions is based on the underlying collection
pembiayaan perumahan yang telah disalurkan oleh lembaga of mortgage receivables that have been disbursed by
penyalur kepada end-user. Skema pembiayaan ini dirancang distribution institutions to end-users. This financing
untuk mendukung keberlanjutan likuiditas lembaga penyalur scheme is designed to support the liquidity sustainability
serta memperluas akses masyarakat terhadap pembiayaan of distribution institutions and expand public access
perumahan yang layak, terjangkau, dan sesuai dengan to adequate, affordable, and sharia-compliant housing
prinsip syariah. financing.
Adapun Kriteria underlying Pembiayaan Perumahan yang The underlying criteria for housing financing that can be
dapat didukung oleh pembiayaan UUS SMF adalah sebagai supported by UUS SMF financing are as follows:
berikut:
a. Pembiayaan Pembiayaan Pemilikan Rumah (PPR), a. Home Ownership Financing (PPR), financing for the
Pembiayaan untuk Pembelian Rumah Tapak maupun purchase of landed houses or flats, including the
Rumah Susun, termasuk Pembangunan Rumah di atas construction of houses on privately owned land,
Lahan Milik Sendiri, yang disalurkan oleh lembaga distributed by distribution institutions in accordance
penyalur sesuai prinsip syariah. Produk ini mencakup: with sharia principles. This product includes:
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i) PPR Siap Huni, yaitu pembiayaan untuk rumah yang i) Ready-to-Occupy PPR, which is financing for
telah selesai dibangun dan siap ditempati; dan houses that have been completed and are ready
for occupancy; and
ii) PPR Inden, yaitu pembiayaan untuk rumah yang ii) Indent PPR, which is financing for houses still under
masih dalam tahap pembangunan sesuai dengan construction in accordance with the agreement
perjanjian antara konsumen dan pengembang. between the consumer and the developer.
b. Pembiayaan Modal Kerja Konstruksi Perumahan (PMK- b. Housing Construction Working Capital Financing (PMK-
KP), Pembiayaan kepada pengembang (developer) KP): Financing provided to developers to support
untuk mendukung pembangunan perumahan, baik housing development, both landed houses and flats, for
rumah tapak maupun rumah susun yang ditujukan untuk government or commercial projects, in order to maintain
proyek pemerintah ataupun proyek komersial dalam a sustainable housing supply for the community.
rangka menjaga kesinambungan pasokan hunian bagi
masyarakat.
c. Pembiayaan Multiguna Perumahan (PMG Perumahan), c. Multipurpose Housing Financing (PMG Perumahan):
Pembiayaan konsumtif yang ditujukan kepada Pegawai Consumer financing aimed at Civil Servants or
Negeri Sipil atau Pegawai Pemerintah/BUMN/BUMD Government/State-Owned Enterprise/Regional-Owned
yang tujuan pembiayaan untuk pembelian rumah baru/ Enterprise employees, for the purchase of new/second-
second, take over, renovasi, dan pembangunan rumah hand homes, takeovers, renovations, and construction
di atas lahan milik sendiri. of homes on their own land.
d. KPR Rumah Usaha, Pembiayaan Pemilikan dan Renovasi d. Home Business Mortgage (KPR): Financing for the
Rumah Toko/Rumah Kantor/Rumah Tapak yang ownership and renovation of shophouses/offices/landed
berfungsi sebagai tempat tinggal dan tempat usaha. homes that serve as both residences and businesses.
e. Griya Nusantara bertujuan memberikan akses e. Griya Nusantara aims to provide access to decent
kepemilikan hunian layak dan terjangkau bagi masyarakat and affordable housing ownership for low-income
berpenghasilan tanggung. Produk ini menawarkan individuals. This product offers a fixed 9.99% margin
margin 9,99% fixed sepanjang tenor, dengan jangka throughout the term, with a maximum financing term of
waktu pembiayaan hingga maksimal 20 tahun, sehingga up to 20 years, providing certainty and convenience for
memberikan kepastian dan kemudahan bagi end-user end-users (consumers) in long-term financial planning.
(konsumen) dalam perencanaan keuangan jangka
panjang.
f. Griya Tunas, Pembiayaan Mikro Perumahan (PMP), f. Griya Tunas - Housing Microfinance (PMP), financing
Pembiayaan yang ditujukan untuk pembangunan aimed at the gradual construction or improvement of
atau perbaikan rumah secara bertahap (incremental homes (incremental housing), to improve the quality
housing), guna meningkatkan kualitas dan kelayakan and suitability of community housing. This financing can
hunian masyarakat. Pembiayaan ini dapat mencakup include, among other things, the purchase of land plots,
antara lain pembelian kaveling tanah, pembuatan land certification, fencing, building construction, home
sertifikasi lahan, pemagaran, konstruksi bangunan, improvements, house expansion, and other activities
perbaikan rumah, perluasan rumah, serta kegiatan lain for the benefit of the home.
sepanjang untuk kepentingan rumah. 117
g. Griya Cita, Pembiayaan perumahan dengan skema sewa g. Griya Cita, housing financing with a rent-to-own scheme
beli (rent to own) yang memberikan kesempatan bagi that provides the opportunity for people to occupy
masyarakat untuk menempati hunian terlebih dahulu a residence first before gradually transitioning to
sebelum secara bertahap beralih menjadi pemilik rumah, homeownership, in accordance with Sharia principles
PT Sarana Multigriya Finansial (Persero)
sesuai dengan prinsip syariah dan ketentuan yang berlaku. and applicable regulations.
Program FLPP FLPP Program
Penyaluran pinjaman KPR FLPP pada tahun 2025 mencerminkan The distribution of FLPP mortgage loans is a tangible contribution
komitmen SMF dalam mendukung pelaksanaan Program Tiga of the Company as a Special Mission Vehicle (SMV) of the Ministry
Juta Rumah yang dicanangkan Pemerintah pada tahun 2025, of Finance of the Republic of Indonesia in realizing the government’s
selaras dengan peran Perseroan sebagai Special Mission Vehicle Three Million Houses program in 2025, in line with the Company's
Kementerian Keuangan Republik Indonesia. Program KPR FLPP role as a Special Mission Vehicle of the Ministry of Finance of
merupakan Program Pemerintah berbentuk fasilitas likuiditas the Republic of Indonesia. The FLPP Mortgage Program is a
pembiayaan perumahan kepada Masyarakat Berpenghasilan Government Program in the form of a housing financing liquidity
Rendah (MBR) dengan suku bunga 5% dan tenor maksimal facility for Low-Income Communities (MBR) with an interest rate
20 tahun. Pembiayaan atas porsi 75% disediakan Pemerintah of 5% and a maximum tenor of 20 years. Financing for a 75%
melalui BP Tapera. PT SMF ditugaskan untuk mendukung portion is provided by the Government through BP Tapera. PT SMF
pemenuhan porsi pendanaan 25% melalui Penyertaan Modal is assigned to support the fulfillment of the 25% funding portion
Negara (PMN) untuk program FLPP. Atas PMN yang diterima through State Capital Participation (PMN) for the FLPP program.
PT SMF untuk program FLPP, kemudian dilakukan blended For the PMN received by PT SMF for the FLPP program, blended
finance menggunakan surat utang. Melalui skema tersebut PT finance is then carried out using debt securities. Through this
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Profil Perusahaan
Company Profile
SMF berperan dalam menurunkan beban fiskal Pemerintah. scheme, PT SMF plays a role in reducing the Government's fiscal
Dalam implementasinya, Perseroan menjalin kerja sama dengan burden. In its implementation, the Company collaborates with
berbagai mitra penyalur KPR, antara lain BTN, Bank Syariah various mortgage distribution partners, including BTN, National
Nasional, Bank BJB,Bank BJB Syariah, Bank Artha Graha ,Bank Sharia Bank, Bank BJB, Bank BJB Syariah, Bank Artha Graha,
BPD NTB Syariah, Bank DKI, Bank Papua, Bank Sumbar, Bank Bank BPD NTB Syariah, Bank DKI, Bank Papua, Bank Sumbar,
Sumsel Babel Syariah, Bank Jatim Syariah, Bank Sumut Syariah, Bank Sumsel Babel Syariah, Bank Jatim Syariah, Bank Sumut
BPD Kaltimtara, BPD Kalimantan Barat, Bank Sulselbar, Bank Syariah, BPD Kaltimtara, BPD West Kalimantan, Bank Sulselbar,
Sumbar Syariah, Bank Jateng Syariah ,Bank BRI Agro, Bank Bank Sumbar Syariah, Bank Jateng Syariah, Bank BRI Agro, Bank
Sulteng, Bank Sultra ,Bank NTT, Bank Kalteng, Bank Jateng. Sulteng, Bank Sultra, Bank NTT, Bank Kalteng, Bank Jateng.
PMN
Blended fund
75% dari total dana KPR Program
25% dari total 75% of total KPR Program funds
dana KPR
Program
Blended fund
25% of total KPR
Program funds
Dana
Penyalur KPR (Bank/BPD) Fund MBR
KPR Program FLPP
Mortgage Distributors
FLPP Program Mortgage
Bunga MBR 5%
(Bank/BPD) FLPP MBR interest 5%
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Leverage atas PMN
Leverage on PMN
Laporan Tahunan 2025 Annual Report
Pasar Modal
Capital Market
PENERBITAN SURAT UTANG ISSUANCE OF DEBT SECURITIES
Sejak tahun 2009, Perseroan secara konsisten memanfaatkan Since 2009, the Company has consistently utilized debt
penerbitan surat utang sebagai salah satu sumber pendanaan issuance as one of its main sources of funding in disbursing
utama dalam menyalurkan pinjaman kepada mitra penyalur loans to mortgage distribution partners and program
KPR maupun peserta program, guna mendukung pelaksanaan participants, supporting the implementation of the Company's
mandat Perseroan sebagai Special Mission Vehicle (SMV). mandate as a Special Mission Vehicle (SMV).
Sejak November 2025, surat utang SMF telah memenuhi Since November 2025, SMF debt securities have met the
persyaratan untuk dapat direpokan ke Bank Indonesia. Dari requirements to be eligible for repurchase agreements with
perspektif kualitas, instrumen surat utang yang diterbitkan Bank Indonesia. From a quality perspective, debt instruments
SMF, baik dalam bentuk obligasi maupun sukuk, dikategorikan issued by SMF, whether in the form of bonds or sukuk, are
sebagai High-Quality Liquid Asset (HQLA), yaitu aset berkualitas categorized as High-Quality Liquid Assets (HQLA)—that is,
tinggi yang memiliki tingkat likuiditas memadai bahkan dalam high-quality assets that maintain adequate liquidity even under
kondisi pasar yang tertekan. Dengan demikian, instrumen surat stressed market conditions. Thus, SMF debt instruments are
utang SMF diharapkan dapat menjadi katalis yang memperkuat expected to serve as a catalyst to strengthen liquidity, reduce
likuiditas, menekan biaya dana, serta berkontribusi dalam funding costs, and contribute to strengthening the housing
memperkuat rantai pendanaan sektor perumahan. sector’s funding chain.
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Dari segi investasi, instrumen surat utang SMF menawarkan From an investment perspective, SMF debt instruments offer
nilai tambah yang signifikan. Bagi Lembaga Jasa Keuangan significant added value. For Non-Bank Financial Institutions
Non-Bank (LJKNB), surat utang SMF dapat dimanfaatkan (LJKNB), SMF debt securities may be used to meet the minimum
untuk memenuhi ketentuan batas minimum penempatan placement requirements for Government Securities (SBN) as
pada Surat Berharga Negara (SBN) sebagaimana diatur stipulated in Financial Services Authority (OJK) Regulation
dalam Peraturan Otoritas Jasa Keuangan (OJK) Nomor 36/ Number 36/POJK.05/2016 concerning Amendments to OJK
POJK.05/2016 tentang Perubahan atas Peraturan OJK Nomor Regulation Number 1/POJK.05/2016 regarding Securities
1/POJK.05/2016 mengenai Investasi Surat Berharga bagi Investment for Non-Bank Financial Services Institutions. In
Lembaga Jasa Keuangan Non-Bank. Selain itu, surat utang addition, SMF debt securities are also recognized as instruments
SMF juga diakui sebagai instrumen pendukung pemenuhan supporting the fulfillment of the Macroprudential Inclusive
Rasio Pembiayaan Inklusif Makroprudensial (RPIM) sesuai Financing Ratio (RPIM) in accordance with Bank Indonesia Board
dengan Peraturan Anggota Dewan Gubernur Bank Indonesia of Governors Regulation Number 24/6/PADG/2022 concerning
Nomor 24/6/PADG/2022 tentang Peraturan Pelaksanaan the Implementation Regulations for the Macroprudential
Rasio Pembiayaan Inklusif Makroprudensial bagi Bank Umum Inclusive Financing Ratio for Conventional Commercial Banks,
Konvensional, Bank Umum Syariah, dan Unit Usaha Syariah. Sharia Commercial Banks, and Sharia Business Units.
Pendanaan yang bersumber dari penerbitan surat utang The funding sourced from the issuance of debt securities is
diperoleh melalui berbagai skema, baik penawaran umum obtained through public offerings (bonds and sukuk) or limited
berupa obligasi dan sukuk, maupun penawaran terbatas seperti offerings (Medium Term Notes/MTN), Commercial Securities
Medium Term Notes (MTN), Surat Berharga Komersial (SBK), (CP), and other debt securities, including medium/long-term
serta instrumen surat utang lainnya, termasuk pinjaman bank bank loans. With the availability of these various alternative
jangka menengah dan panjang. Ketersediaan beragam alternatif funding channels, the Company hopes that mortgage
pendanaan tersebut diharapkan dapat mendorong para distributors can gradually use medium/long-term funds sourced
penyalur KPR untuk dapat menawarkan produk KPR dengan from the capital market, allowing them to offer mortgages with
suku bunga tetap dalam jangka panjang. fixed interest rates over the long term.
Penerbitan surat utang tersebut mencerminkan komitmen The issuance of these debt securities reflects the Company’s
Perseroan dalam menyediakan likuiditas jangka menengah commitment to providing medium and long-term liquidity
dan panjang bagi pembiayaan KPR. Perseroan memperoleh for mortgage. The Company has obtained an ‘AAA’ rating
peringkat ‘AAA’, baik untuk peringkat korporasi maupun surat for both its corporate rating and the issued debt securities,
utang yang diterbitkan, yang merupakan peringkat tertinggi representing the highest rating assigned by Pefindo and Fitch
dari Pefindo dan Fitch Ratings Indonesia. Pada bulan April 2025, Ratings Indonesia. In April 2025, SMF officially achieved a
SMF resmi memperoleh peringkat ‘BBB/A-2’ dengan outlook ‘BBB/A-2’ rating with a stable outlook from S&P Global Ratings,
stable dari S&P Global Ratings, yang mencakup peringkat ‘BBB’ comprising a ‘BBB’ long-term rating and an ‘A-2’ short-term
untuk jangka panjang dan ‘A-2’ untuk jangka pendek. Peringkat rating. This rating is aligned with Indonesia’s sovereign rating.
ini sejajar dengan sovereign rating Indonesia. Peringkat The ratings affirm the Company’s strong capacity to meet its
tersebut menegaskan kemampuan Perseroan dalam memenuhi financial obligations, supported by a very strong capital profile
kewajiban keuangan, didukung oleh profil permodalan yang and high-quality assets. Furthermore, the ratings also reflect
sangat kuat serta kualitas aset yang prima. Selain itu, peringkat the very strong level of support from the Government of the 119
ini juga merefleksikan tingkat dukungan yang sangat kuat dari Republic of Indonesia.
Pemerintah Republik Indonesia.
PROGRAM PENJAMINAN GUARANTEE PROGRAM
PT Sarana Multigriya Finansial (Persero)
Dalam rangka memperkuat kepercayaan pasar dan To strengthen market confidence and enhance the investment
meningkatkan daya tarik instrumen pembiayaan perumahan, appeal of mortgage instruments, the Company implements
Perseroan menyelenggarakan program penjaminan atas Efek a guarantee program for Residential Mortgage Backed
Beragun Aset (EBA) pembiayaan perumahan serta surat utang Securities (RMBS) related to housing finance as well as issued
yang diterbitkan. Penjaminan terhadap EBA KPR maupun debt securities. Guarantees for both RMBS and such debt
surat berharga tersebut dilakukan dengan underlying berupa instruments are provided with underlying mortgage receivables,
tagihan KPR, sehingga memberikan perlindungan tambahan thereby offering additional protection for investors while
bagi investor sekaligus mendukung stabilitas dan keberlanjutan supporting the stability and sustainability of housing finance.
pembiayaan perumahan.
PROGRAM CAPACITY BUILDING CAPACITY BUILDING PROGRAM
Peran Perseroan dalam pengembangan pasar primer The Company’s role in developing a sound and sustainable
pembiayaan perumahan yang sehat dan berkelanjutan primary housing finance market is realized through the
diwujudkan melalui pelaksanaan program capacity building yang implementation of capacity-building programs comprising
mencakup kegiatan pelatihan serta pendampingan (advisory) training activities as well as advisory assistance for housing
kepada lembaga penyalur pembiayaan perumahan. Program
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Profil Perusahaan
Company Profile
ini diarahkan untuk meningkatkan kompetensi sumber daya financing distribution institutions. The program is aimed at
manusia lembaga penyalur, sekaligus memperkuat inklusi dan enhancing the human resource competencies of distribution
literasi keuangan, sehingga mampu mendukung kesiapan, institutions while strengthening financial inclusion and literacy,
keberlanjutan, dan pengembangan kegiatan bisnis pembiayaan thereby supporting the readiness, sustainability, and optimal
perumahan secara optimal. development of housing finance business activities.
Melalui kegiatan pelatihan dan pendampingan tersebut, Through these activities of training and assistance, the Company
Perseroan berupaya membantu lembaga penyalur dalam aims to improve the quality, quantity, and effectiveness of
meningkatkan kualitas, kuantitas, serta efektivitas proses bisnis the housing finance business processes being developed,
pembiayaan perumahan. Upaya ini dilakukan agar lembaga and it is intended so that the Lending Institutions that have
penyalur, baik yang telah maupun yang akan menjalankan already operated or intending to engage in the housing finance
bisnis pembiayaan perumahan, mampu menghasilkan produk business to create high-quality housing finance products
pembiayaan yang berkualitas, sesuai dengan ketentuan that comply with regulatory requirements, with the ultimate
regulator, serta pada akhirnya memperluas akses pembiayaan goal of increasing access to housing finance distribution for
perumahan bagi masyarakat di seluruh Indonesia. communities across Indonesia.
Dalam kegiatan pendampingan ( advisory ), Perseroan In its advisory activities, the Company assists partner
memberikan dukungan kepada lembaga penyalur mitra dalam lending institutions in preparing to operate their housing
mempersiapkan dan mengembangkan bisnis pembiayaan finance business by providing guidance and support in the
perumahan, antara lain melalui penyusunan dan penyesuaian development or adjustment of product infrastructure, such
infrastruktur produk berupa Standar Operasional Prosedur as the preparation of Standard Operating Procedures (SOPs)
(SOP). SOP tersebut menjadi acuan dalam penyaluran as a reference for distributing housing finance to the public.
pembiayaan perumahan, implementasi produk baru, maupun This includes the implementation of new products and/or the
peningkatan volume pembiayaan, sehingga kualitas pembiayaan enhancement of housing finance volume to ensure that the
yang disalurkan tetap terjaga dan sejalan dengan ketentuan quality of financing remains well-maintained and complies with
regulator. regulatory requirements.
Penyusunan SOP Kredit Pemilikan Rumah (KPR) dan Kredit The preparation of Standard Operating Procedures (SOPs) for
Modal Kerja Konstruksi Perumahan (KMK-KP), baik konvensional Mortgage and Housing Construction Working Capital Loans
120
maupun syariah, dilaksanakan melalui kerja sama dengan (KMK-KP), both conventional and sharia-based, is carried
berbagai pemangku kepentingan, antara lain Kementerian out through collaboration between the Company and various
PUPR, Asosiasi Bank Pembangunan Daerah (Asbanda), Dewan stakeholders, including the Ministry of Public works and
Syariah Nasional, dan Asbisindo, serta melibatkan Subject Housing, Asbanda, the National Sharia Board, and Asbisindo;
Laporan Tahunan 2025 Annual Report
Matter Expert dengan pengalaman lebih dari 30 tahun di industri and collaboration involving Subject Matter Experts with over 30
pembiayaan perumahan. Sejalan dengan perluasan mandat, years of experience in the housing finance industry. Currently,
Perseroan juga menyediakan SOP untuk produk pembiayaan the Company also provides SOPs for other housing finance
perumahan lainnya, seperti Mikro Perumahan, Kredit Multiguna products, such as Micro Housing, Multipurpose Housing Loans,
Perumahan, dan Sewa Beli (Rent to Own), baik untuk segmen and Rent-to-Own schemes, in both conventional and sharia
konvensional maupun syariah. segments.
Selain pendampingan infrastruktur dan produk, Perseroan Furthermore, the Company also provides regular training
secara berkelanjutan melaksanakan pembinaan sumber daya programs for the human resources of housing finance
manusia lembaga penyalur melalui kegiatan pelatihan yang institutions. These training sessions involve speakers/trainers
melibatkan narasumber atau pelatih dengan pengalaman with a minimum of 10 years of experience in the Housing Finance
minimal 10 tahun di industri pembiayaan perumahan. Sepanjang Industry. In 2025, the Company has implemented a capacity
tahun 2025, Perseroan telah merealisasikan program capacity building program through 13 training activities with the following
building melalui 13 kali kegiatan pelatihan dengan tema sebagai themes: Mortgage Product Development, Legal Aspects of
berikut Mortgage Produk Development, Aspek Legal Produk Home Ownership Credit Products, Home Financing Collateral
Kredit Pemilikan Rumah, Analisa Agunan Pembiayaan Rumah, Analysis, Risk Analysis and Monitoring of Housing Construction
Analisa Risiko dan Monitoring Kredit Modal Kerja Konstruksi Working Capital Credit, Housing Construction Working Capital
Perumahan, Pembiayaan Modal Kerja Konstruksi Perumahan, Financing, Basic Education for Property Assessment (PDP) 1,
Pendidikan Dasar Penilaian (PDP) 1 Properti, Ujian HER HER Exam Basic Education for Property Assessment (PDP) 1,
Pendidikan Dasar Penilaian (PDP) 1 Properti, Pembiayaan Home Ownership Financing, Multipurpose Housing Financing,
Pemilikan Rumah, Pembiayaan Multiguna Perumahan, Housing Micro Financing, Water and Clean Sanitation.
Pembiayaan Mikro Perumahan, Sanitasi Air dan Bersih.
Page 121
WILAYAH OPERASIONAL
AREAS OF OPERATION
Dalam pelaksanaan kegiatan usaha, Perseroan menjalin The Company, in conducting its business activities, collaborating
kemitraan dengan berbagai lembaga keuangan, termasuk with several conventional banks, Islamic banks, regional banks,
bank konvensional, bank syariah, bank pembangunan daerah, multifinance companies, and other financial institutions that
perusahaan multifinance, serta lembaga keuangan lainnya yang operate across various regions in Indonesia. As of December
memiliki jangkauan operasional di berbagai wilayah Indonesia. 31, 2025, the Company does not have any branch offices or
Sampai dengan 31 Desember 2025, Perseroan belum memiliki representative offices. Its business activities are generally
kantor cabang maupun kantor perwakilan, sehingga seluruh carried out at the the Company’s headquarters, located in
aktivitas usaha pada umumnya terpusat dan dijalankan melalui South Jakarta.
kantor pusat Perseroan yang berlokasi di Jakarta Selatan.
121
PT Sarana Multigriya Finansial (Persero)
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Profil Perusahaan
Company Profile
KEANGGOTAAN ASOSIASI
MEMBERSHIP IN ASSOCIATIONS
Dinamika era keterbukaan mendorong seluruh sektor industri The current era of transparency makes every industrial sector
bergerak semakin cepat dan kompleks, termasuk sektor move very dynamically, including the secondary housing
pembiayaan sekunder perumahan yang dihadapkan pada finance sector, which is full of challenges and various issues that
berbagai tantangan serta isu strategis yang memerlukan require comprehensive solutions involving many stakeholders.
penanganan komprehensif dengan melibatkan beragam Participation in both local and international associations relevant
pemangku kepentingan. Partisipasi Perseroan dalam to the Company’s line of business can be one of the efforts to
asosiasi, baik di tingkat nasional maupun internasional, yang continuously expand its business network, adapt, and grow
relevan dengan bidang usaha yang dijalankan merupakan in line with various developments to advance the housing
salah satu langkah strategis untuk memperluas jaringan financing sector in support of sustainable development. Thus,
usaha, meningkatkan kapasitas adaptasi, serta mendorong the Company can stay updated on the latest issues while
pertumbuhan yang berkelanjutan guna mendukung exchanging information and policies for mutual development
pengembangan sektor pembiayaan perumahan. Melalui and progress. As of December 2025, the Company’s has
keterlibatan tersebut, Perseroan memperoleh akses terhadap joined and actively participated in associations in the housing
perkembangan isu terkini sekaligus membuka ruang pertukaran f inancing sector as follows:
informasi dan kebijakan demi kemajuan bersama. Hingga
Desember 2025, Perseroan telah bergabung dan berperan
aktif dalam sejumlah asosiasi di bidang pembiayaan perumahan
sebagai berikut:
Nama Asosiasi/Organisasi Status Keanggotaan
Name of Association Membership Status
122
Nasional
National
Tidak ada -
None
Laporan Tahunan 2025 Annual Report
Internasional
International
Anggota
Member
The Association of Asian Secondary Mortgage Market Association
(ASMMA)
Anggota
Member
International Secondary Mortgage Market Association (ISMMA)
Anggota
Member
International Union for Housing Finance (IUHF)
Page 123
STRUKTUR DAN KOMPOSISI PEMEGANG SAHAM
STRUCTURE AND COMPOSITION OF SHAREHOLDERS
100%
KOMPOSISI PEMEGANG SAHAM COMPOSITION OF SHAREHOLDERS
Kepemilikan dan status Perseroan sepenuhnya berada di PT Sarana Multigriya Finansial (Persero) is a State-Owned
bawah Pemerintah Republik Indonesia melalui Kementerian Enterprise (SOE) under the supervision and guidance of the
Keuangan Republik Indonesia, yang menguasai 100% saham Ministry of Finance of the Republic of Indonesia. All shares of
PT Sarana Multigriya Finansial (Persero). Dalam menjalankan the Company (100%) are owned by the Government of the
operasionalnya, Perseroan berada di bawah pembinaan Republic of Indonesia through the Ministry of Finance of the
Kementerian Keuangan Republik Indonesia. Sepanjang tahun Republic of Indonesia. Throughout 2025, there was no change
2025, tidak terdapat perubahan dalam komposisi pemegang in the Company’s shareholders composition.
saham Perseroan.
Informasi Kepemilikan Saham Perseroan
Information on the Company’s Share Ownership
123
Kepemilikan Persentase
Ownership Percentage
Kepemilikan saham 5% atau lebih dari 5% adalah Pemerintah Republik Indonesia
Share ownership of 5% or more than 5% is held by the Government of the Republic of Indonesia 100% PT Sarana Multigriya Finansial (Persero)
Kepemilikan Saham Perseroan oleh Dewan Komisaris dan Direksi Nihil
Company Share Ownership by the Board of Commissioners and Board of Directors None
Kepemilikan Saham Perseroan oleh Masyarakat/Publik atau kepemilikan saham kurang dari 5% Nihil
Company Share Ownership by the Public/Community or share ownership of less than 5% None
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Profil Perusahaan
Company Profile
KEPEMILIKAN TIDAK LANGSUNG INDIRECT OWNERSHIP OF THE
ATAS SAHAM PERSEROAN OLEH COMPANY’S SHARES BY THE
DEWAN KOMISARIS DAN DIREKSI BOARD OF COMMISSIONERS
AND BOARD OF DIRECTORS
Sampai dengan 31 Desember 2025, Dewan Komisaris dan As of December 31, 2025, the Board of Commissioners and
Direksi tidak memiliki kepemilikan saham SMF, baik secara Board of Directors had no ownership of SMF shares, either
langsung maupun tidak langsung. directly or indirectly.
KLASIFIKASI KEPEMILIKAN CLASSIFICATION OF THE
SAHAM PERSEROAN COMPANY’S SHARE OWNERSHIP
Kepemilikan saham Perseroan seluruhnya dimiliki oleh institusi The Company’s share ownership under the local institutional
lokal, yaitu Kementerian Keuangan Republik Indonesia, classification is held by the Ministry of Finance of the Republic
dengan porsi kepemilikan sebesar 100% sebagai representasi of Indonesia, with a 100% ownership percentage, representing
kepemilikan oleh Pemerintah Republik Indonesia. Dengan the Company’s share ownership by the Government of the
demikian, Perseroan tidak memiliki pemegang saham dengan Republic of Indonesia. Therefore, there is no share ownership
klasifikasi institusi asing, individu lokal, maupun individu asing. under the classifications of foreign institutions, local individuals,
or foreign individuals.
PEMEGANG SAHAM UTAMA DAN MAJOR AND CONTROLLING
PENGENDALI PERSEROAN SHAREHOLDER OF THE COMPANY
124
Pemegang saham utama dan pengendali SMF sepenuhnya The major and controlling shareholder of the Company is the
adalah Pemerintah Republik Indonesia yang diwakili oleh Government of the Republic of Indonesia through the Ministry
Kementerian Keuangan Republik Indonesia sebagai pemegang of Finance of the Republic of Indonesia, which owns 100%
Laporan Tahunan 2025 Annual Report
seluruh (100%) saham Perseroan, sebagaimana tercermin dalam of the Company’s shares as illustrated in the scheme above.
struktur kepemilikan saham tersebut di atas.
Page 125
PENCATATAN SAHAM DAN EFEK LAINNYA
LISTING OF SHARES AND OTHER SECURITIES
PENCATATAN SAHAM LISTING OF SHARES
Hingga akhir tahun 2025, Perseroan tidak pernah melakukan As of the end of 2025, the Company has never issued shares
penerbitan saham kepada publik. Seluruh saham PT Sarana to the public. All shares of SMF (100%) are owned by the
Multigriya Finansial (Persero) sepenuhnya dimiliki oleh Government of the Republic of Indonesia. Therefore, there is
Pemerintah Republik Indonesia, sehingga tidak terdapat no information regarding the chronology of share listing and/
informasi mengenai kronologi pencatatan dan/atau penerbitan or issuance (including private placement).
saham, termasuk melalui mekanisme private placement.
Dalam rangka mendukung pendanaan kegiatan usaha, To support its business activities, the Company issues other
Perseroan memanfaatkan instrumen pendanaan alternatif securities in the form of bonds as one of its funding instruments.
berupa penerbitan surat utang. Sejak tahun 2009, Perseroan The Company has issued debt securities. Since 2009, the
telah menerbitkan berbagai instrumen surat utang, antara Company has issued various debt securities instruments,
lain obligasi, sukuk, medium term notes, dan surat berharga including bonds, sukuk, medium term notes, and commercial
komersial. Seluruh surat utang Perseroan, kecuali yang paper. All of the Company’s debt securities, except those issued
diterbitkan tanpa penawaran umum, dicatatkan dan without a public offering, are listed and traded on the Indonesia
diperdagangkan di Bursa Efek Indonesia. Selain instrumen surat Stock Exchange. Besides debt securities, the Company also
utang perseroan juga memiliki produk yang tercatat di pasar has products listed on the capital market in the form of asset-
modal berupa efek beragun aset berbentuk surat partisipasi backed securities in the form of participation certificates
(EBA-SP), serta EBA Syariah SP. (RMBS-PC), as well as Sharia RMBS-PC.
Sejak pertama kali menerbitkan surat utang, Perseroan Since first issuing debt securities, the Company has consistently
senantiasa memenuhi kewajiban pembayaran pokok dan met its obligations to pay interest and principal on its issued
bunga secara tepat waktu. Seluruh surat utang yang diterbitkan debt securities. All debt securities issued by the Company have
Perseroan juga telah memperoleh peringkat AAA dari lembaga received a AAA rating from rating agencies which reflects a
pemeringkat, yang mencerminkan tingkat kelayakan kredit very strong level of creditworthiness and market confidence
yang sangat kuat serta kepercayaan pasar terhadap kinerja in the Company’s performance and financial profile.
dan profil keuangan Perseroan.
PENCATATAN EFEK LAINNYA LISTING OF OTHER SECURITIES
Obligasi dan Sukuk Bonds and Sukuk 125
Nama Seri Jangka Tanggal Jatuh Kupon/ Jumlah Peringkat Keterangan
Efek Series Waktu Terbit Tempo Imbal Hasil Amount Rating Remarks
Security Tenor Issuance Maturity Coupon/
PT Sarana Multigriya Finansial (Persero)
Name Date Date Equivalent
Rate
2009
Obligasi Non-Seri 370 hari 10 Juli 15 Juli 10,125% Rp300.000.000.000,- AA Lunas
SMF 1 Non-series 370 days 2009 2010 Paid
Bonds SMF 1 July 10, July 15,
2009 2010
Obligasi Non-Seri 370 hari 29 3 Januari 9,50% Rp251.000.000.000,- AA Lunas
SMF 2 Non-series 370 days Desember 2011 Paid
Bonds SMF 2 2009 January 3,
December 2011
29, 2009
Sub Jumlah
Rp551.000.000.000,-
Sub Total
2010
Obligasi Seri A 2 tahun 8 Juli 2010 8 Juli 2012 9,25% Rp500.000.000.000,- AA Lunas
SMF 3 A Series 2 years July 8, July 8, Paid
Bonds SMF 3 2010 2012
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Profil Perusahaan
Company Profile
Nama Seri Jangka Tanggal Jatuh Kupon/ Jumlah Peringkat Keterangan
Efek Series Waktu Terbit Tempo Imbal Hasil Amount Rating Remarks
Security Tenor Issuance Maturity Coupon/
Name Date Date Equivalent
Rate
Obligasi Seri B 3 tahun 8 Juli 2010 8 Juli 2013 9,75% Rp227.000.000.000,- AA Lunas
SMF 3 B Series 3 years July 8, July 8, Paid
Bonds SMF 3 2010 2013
Sub Jumlah
Rp727.000.000.000,-
Sub Total
2011
Obligasi Seri A 370 hari 5 April 2011 9 April 8,40% Rp378.000.000.000,- AA Lunas
SMF 4 A Series 370 days April 5, 2012 Paid
Bonds SMF 4 2011 April 9,
2012
Obligasi Seri B 2 tahun 5 April 2011 5 April 8,80% Rp85.000.000.000,- AA Lunas
SMF 4 B Series 2 years April 5, 2013 Paid
Bonds SMF 4 2011 April 5,
2013
Obligasi PUB Seri A 370 hari 21 26 7,38% Rp160.000.000.000,- AA Lunas
I Tahap I A Series 370 days Desember Desember Paid
Shelf- 2011 2012
Registered December December
Bonds I 21, 2011 26, 2012
Phase I
Obligasi PUB Seri B 2 tahun 21 21 8,23% Rp80.000.000.000,- AA Lunas
I Tahap I B Series 2 years Desember Desember Paid
Shelf- 2011 2013
Registered December December
Bonds I 21, 2011 21, 2013
Phase I
Obligasi PUB Seri C 3 tahun 21 21 8,48% Rp510.000.000.000,- AA Lunas
I Tahap I C Series 3 years Desember Desember Paid
126
Shelf- 2011 2014
Registered December December
Bonds I 21, 2011 21, 2014
Phase I
Laporan Tahunan 2025 Annual Report
Sub Jumlah
Rp1.213.000.000.000,-
Sub Total
2012
Obligasi PUB Seri A 2 tahun 25 April 25 April 7,10% Rp255.000.000.000,- AA Lunas
I Tahap II A Series 2 years 2012 2014 Paid
Shelf- April 25, April 25,
Registered 2012 2014
Bonds I
Phase II
Obligasi PUB Seri B 3 tahun 25 April 25 April 7,35% Rp157.000.000.000,- AA Lunas
I Tahap II B Series 3 years 2012 2015 Paid
Shelf- April 25, April 25,
Registered 2012 2015
Bonds I
Phase II
Obligasi PUB Seri C 5 tahun 25 April 25 April 7,55% Rp838.000.000.000,- AA Lunas
I Tahap II C Series 5 years 2012 2017 Paid
Shelf- April 25, April 25,
Registered 2012 2017
Bonds I
Phase II
Obligasi PUB Seri A 3 tahun 27 27 7,30% Rp320.000.000.000,- AA Lunas
II Tahap I A Series 3 years Desember Desember Paid
Shelf- 2012 2015
Registered December December
Bonds II 27, 2012 27, 2015
Phase I
Page 127
Nama Seri Jangka Tanggal Jatuh Kupon/ Jumlah Peringkat Keterangan
Efek Series Waktu Terbit Tempo Imbal Hasil Amount Rating Remarks
Security Tenor Issuance Maturity Coupon/
Name Date Date Equivalent
Rate
Obligasi PUB Seri B 5 tahun 27 27 7,50% Rp255.000.000.000,- AA Lunas
II Tahap I B Series 5 years Desember Desember Paid
Shelf- 2012 2017
Registered December December
Bonds II 27, 2012 27, 2017
Phase I
Obligasi PUB Seri C 7 tahun 27 27 8,00% Rp175.000.000.000,- AA Lunas
II Tahap I C Series 7 years Desember Desember Paid
Shelf- 2012 2019
Registered December December
Bonds II 27, 2012 27, 2019
Phase I
Sub Jumlah
Rp2.000.000.000.000,-
Sub Total
2013
Obligasi PUB Seri A 370 hari 21 Maret 31 Maret 6,80% Rp160.000.000.000,- AA Lunas
II Tahap II A Series 370 days 2013 2014 Paid
Shelf- March 21, March 31,
Registered 2013 2014
Bonds II
Phase II
Obligasi PUB Seri B 3 tahun 21 Maret 21 Maret 7,30% Rp123.000.000.000,- AA Lunas
II Tahap II B Series 3 years 2013 2016 Paid
Shelf- March 21, March 21,
Registered 2013 2016
Bonds II
Phase II
Obligasi PUB Seri C 5 tahun 21 Maret 21 Maret 7,60% Rp736.000.000.000,- AA Lunas
II Tahap II C Series 5 years 2013 2018 Paid
Shelf- March 21, March 21,
Registered 2013 2018
Bonds II
Phase II
Obligasi PUB Seri D 7 tahun 21 Maret 21 Maret 7,80% Rp100.000.000.000,- AA Lunas
II Tahap II D Series 7 years 2013 2020 Paid
Shelf- March 21, March 21,
Registered 2013 2020
Bonds II
Phase II
Sub Jumlah
Rp1.119.000.000.000,- 127
Sub Total
2014
Obligasi PUB Seri A 370 hari 27 Maret 07 April 9,10% Rp60.000.000.000,- AA+ Lunas
II Tahap III A Series 370 days 2014 2015 Paid
PT Sarana Multigriya Finansial (Persero)
Shelf- March 27, April 7,
Registered 2014 2015
Bonds II
Phase III
Obligasi PUB Seri B 3 tahun 27 Maret 27 Maret 10,00% Rp237.000.000.000,- AA+ Lunas
II Tahap III B Series 3 years 2014 2017 Paid
Shelf- March 27, March 27,
Registered 2014 2017
Bonds II
Phase III
Obligasi PUB Non-Seri 370 hari 17 27 9,13% Rp500.000.000.000,- AA+ Lunas
II Tahap IV Non Series 370 days September September Paid
Shelf- 2014 2015
Registered September September
Bonds II 17, 2014 27, 2015
Phase IV
Page 128
Profil Perusahaan
Company Profile
Nama Seri Jangka Tanggal Jatuh Kupon/ Jumlah Peringkat Keterangan
Efek Series Waktu Terbit Tempo Imbal Hasil Amount Rating Remarks
Security Tenor Issuance Maturity Coupon/
Name Date Date Equivalent
Rate
Obligasi PUB Seri A 373 hari 16 29 9,60% Rp701.000.000.000,- AA+ Lunas
II Tahap V A Series 373 days Desember Desember Paid
Shelf- 2014 2015
Registered December December
Bonds II 16, 2014 29, 2015
Phase V
Obligasi PUB Seri B 3 tahun 16 16 10,00% Rp753.000.000.000,- AA+ Lunas
II Tahap V B Series 3 years Desember Desember Paid
Shelf- 2014 2017
Registered December December
Bonds II 16, 2014 16, 2017
Phase V
Sub Jumlah
Rp2.251.000.000.000,-
Sub Total
2015
Obligasi PUB Seri A 370 hari 07 Juli 17 Juli 8,60% Rp415.000.000.000,- AA+ Lunas
III Tahap I A Series 370 days 2015 2016 Paid
Shelf- July 7, 2015 July 17,
Registered 2016
Bonds III
Phase I
Obligasi PUB Seri B 3 tahun 07 Juli 07 Juli 9,25% Rp85.000.000.000,- AA+ Lunas
III Tahap I B Series 3 years 2015 2018 Paid
Shelf- July 7, 2015 July 7,
Registered 2018
Bonds III
Phase I
Obligasi PUB Non-Seri 370 hari 18 28 8,90% Rp472.000.000.000,- AA+ Lunas
128 III Tahap II Non-Series 370 days November November Paid
Shelf- 2015 2016
Registered November November
Bonds III 18, 2015 28, 2016
Phase II
Laporan Tahunan 2025 Annual Report
Obligasi PUB Non-Seri 370 hari 23 03 Januari 9,25% Rp600.000.000.000,- AA+ Lunas
III Tahap III Non-Series 370 days Desember 2017 Paid
Shelf- 2015 January 3,
Registered December 2017
Bonds III 23, 2015
Phase III
Sub Jumlah
Rp1.572.000.000.000,-
Sub Total
2016
Obligasi PUB Seri A 370 hari 11 Maret 21 Maret 8,60% Rp330.000.000.000,- AA+ Lunas
III Tahap IV A Series 370 days 2016 2017 Paid
Shelf- March 11, March 21,
Registered 2016 2017
Bonds III
Phase IV
Obligasi PUB Seri B 3 tahun 11 Maret 11 Maret 9,125% Rp300.000.000.000,- AA+ Lunas
III Tahap IV B Series 3 years 2016 2019 Paid
Shelf- March 11, March 11,
Registered 2016 2019
Bonds III
Phase IV
Obligasi PUB Seri A 370 hari 17 Juni 27 Juni 7,60% Rp488.000.000.000,- AA+ Lunas
III Tahap V A Series 370 days 2016 2017 Paid
Shelf- June 17, June 27,
Registered 2016 2017
Bonds III
Phase V
Page 129
Nama Seri Jangka Tanggal Jatuh Kupon/ Jumlah Peringkat Keterangan
Efek Series Waktu Terbit Tempo Imbal Hasil Amount Rating Remarks
Security Tenor Issuance Maturity Coupon/
Name Date Date Equivalent
Rate
Obligasi PUB Seri B 3 tahun 17 Juni 17 Juni 8,20% Rp457.000.000.000,- AA+ Lunas
III Tahap V B Series 3 years 2016 2019 Paid
Shelf- June 17, June 17,
Registered 2016 2019
Bonds III
Phase V
Obligasi PUB Non-Seri 5 tahun 27 27 8,60% Rp1.176.000.000.000,- AA+ Lunas
III Tahap VI Non-Series 5 years September September Paid
Shelf- 2016 2021
Registered September September
Bonds III 27, 2016 27, 2021
Phase VI
Sub Jumlah
Rp2.751.000.000.000,-
Sub Total
2017
Obligasi PUB Seri A 370 hari 02 Maret 12 Maret 7,50% Rp677.000.000.000,- AAA Lunas
III Tahap VII A Series 370 days 2017 2018 Paid
Shelf- March 2, March 12,
Registered 2017 2018
Bonds III
Phase VII
Obligasi PUB Seri B 3 tahun 02 Maret 02 Maret 8,40% Rp1.000.000.000.000,- AAA Lunas
III Tahap VII B Series 3 years 2017 2020 Paid
Shelf- March 2, March 2,
Registered 2017 2020
Bonds III
Phase VII
Obligasi PUB Seri A 370 hari 20 Juni 30 Juni 7,00% Rp696.500.000.000,- AAA Lunas
IV Tahap I A Series 370 days 2017 2018 Paid
Shelf- June 20, June 30,
Registered 2017 2018
Bonds IV
Phase I
Obligasi PUB Seri B 3 tahun 20 Juni 20 Juni 7,80% Rp303.500.000.000,- AAA Lunas
IV B Series 3 years 2017 2020 Paid
Tahap I June 20, June 20,
Shelf- 2017 2020
Registered
Bonds IV
Phase I
129
Obligasi PUB Seri A 370 hari 13 Oktober 23 6,25% Rp327.000.000.000,- AAA Lunas
IV A Series 370 days 2017 Oktober Paid
Tahap II October 13, 2018
Shelf- 2017 October
Registered 23, 2018
PT Sarana Multigriya Finansial (Persero)
Bonds IV
Phase II
Obligasi PUB Seri B 3 tahun 13 Oktober 13 7,25% Rp673.000.000.000,- AAA Lunas
IV B Series 3 years 2017 Oktober Paid
Tahap II October 13, 2020
Shelf- 2017 October
Registered 13, 2020
Bonds IV
Phase II
Sub Jumlah
Rp3.677.000.000.000,-
Sub Total
2018
Obligasi PUB Seri A 370 hari 20 Februari 02 Maret 6,00% Rp1.000.000.000.000,- AAA Lunas
IV Tahap III A Series 370 days 2018 2019 Paid
Shelf- February March 2,
Registered 20, 2018 2019
Bonds IV
Phase III
Page 130
Profil Perusahaan
Company Profile
Nama Seri Jangka Tanggal Jatuh Kupon/ Jumlah Peringkat Keterangan
Efek Series Waktu Terbit Tempo Imbal Hasil Amount Rating Remarks
Security Tenor Issuance Maturity Coupon/
Name Date Date Equivalent
Rate
Obligasi PUB Seri B 3 tahun 20 Februari 20 6,85% Rp800.000.000.000,- AAA Lunas
IV Tahap III B Series 3 years 2018 Februari Paid
Shelf- February 2021
Registered 20, 2018 February
Bonds IV 20, 2021
Phase III
Obligasi PUB Seri C 5 tahun 20 Februari 20 6,95% Rp200.000.000.000,- AAA Lunas
IV Tahap III C Series 5 years 2018 Februari Paid
Shelf- February 2023
Registered 20, 2018 February
Bonds IV 20, 2023
Phase III
Obligasi PUB Seri A 370 hari 18 Mei 28 Mei 6,05% Rp755.000.000.000,- AAA Lunas
IV Tahap IV A Series 370 days 2018 2019 Paid
Shelf- May 18, May 28,
Registered 2018 2019
Bonds IV
Phase IV
Obligasi PUB Seri B 3 tahun 18 Mei 18 Mei 6,95% Rp408.000.000.000,- AAA Lunas
IV Tahap IV B Series 3 years 2018 2021 Paid
Shelf- May 18, May 18,
Registered 2018 2021
Bonds IV
Phase IV
Obligasi PUB Seri A 370 hari 14 Agustus 24 7,50% Rp965.000.000.000,- AAA Lunas
IV Tahap V A Series 370 days 2018 Agustus Paid
Shelf- August 14, 2019
Registered 2018 August 24,
Bonds IV 2019
Phase V
130
Obligasi PUB Seri B 3 tahun 14 Agustus 14 8,00% Rp535.000.000.000,- AAA Lunas
IV Tahap V B Series 3 years 2018 Agustus Paid
Shelf- August 14, 2021
Registered 2018 August 14,
Laporan Tahunan 2025 Annual Report
Bonds IV 2021
Phase V
Obligasi PUB Seri A 370 hari 19 Oktober 29 8,25% Rp550.000.000.000,- AAA Lunas
IV Tahap VI A Series 370 days 2018 Oktober Paid
Shelf- October 19, 2019
Registered 2018 October
Bonds IV 29, 2019
Phase VI
Obligasi PUB Seri B 3 tahun 19 Oktober 19 8,70% Rp338.000.000.000,- AAA Lunas
IV Tahap VI B Series 3 years 2018 Oktober Paid
Shelf- October 19, 2021
Registered 2018 October
Bonds IV 19, 2021
Phase VI
Sub Jumlah
Rp5.551.000.000.000,-
Sub Total
2019
Obligasi PUB Seri A 370 hari 12 Februari 22 8,00% Rp677.000.000.000,- AAA Lunas
IV Tahap VII A Series 370 days 2019 Februari Paid
Shelf- February 2020
Registered 12, 2019 February
Bonds IV 22, 2020
Phase VII
Obligasi PUB Seri B 3 tahun 12 Februari 12 8,80% Rp748.500.000.000,- AAA Lunas
IV Tahap VII B Series 3 years 2019 Februari Paid
Shelf- February 2022
Registered 12, 2019 February
Bonds IV 12, 2022
Phase VII
Page 131
Nama Seri Jangka Tanggal Jatuh Kupon/ Jumlah Peringkat Keterangan
Efek Series Waktu Terbit Tempo Imbal Hasil Amount Rating Remarks
Security Tenor Issuance Maturity Coupon/
Name Date Date Equivalent
Rate
Obligasi PUB Seri C 5 tahun 12 Februari 12 9,25% Rp425.000.000.000,- AAA Lunas
IV Tahap VII C Series 5 years 2019 Februari Paid
Shelf- February 2024
Registered 12, 2019 February
Bonds IV 12, 2024
Phase VII
Obligasi PUB Seri A 370 hari 22 Maret 02 April 7,75% Rp522.000.000.000,- AAA Lunas
IV Tahap VIII A Series 370 days 2019 2020 Paid
Shelf- March 22, April 2,
Registered 2019 2020
Bonds IV
Phase VIII
Obligasi PUB Seri B 3 tahun 22 Maret 22 Maret 8,45% Rp1.989.000.000.000,- AAA Lunas
IV B Series 3 years 2019 2022 Paid
Tahap VIII March 22, March 22,
Shelf- 2019 2022
Registered
Bonds IV
Phase VIII
Obligasi Seri A 370 hari 04 Juli 14 Juli 7,50% Rp428.000.000.000,- AAA Lunas
PUB V A Series 370 days 2019 2020 Paid
Tahap I July 4, July 14,
Shelf- 2019 2020
Registered
Bonds V
Phase I
Obligasi Seri B 3 tahun 04 Juli 4 Juli 8,50% Rp640.000.000.000,- AAA Lunas
PUB V B Series 3 years 2019 2022 Paid
Tahap I July 4, July 4,
Shelf- 2019 2022
Registered
Bonds V
Phase I
Obligasi PUB Seri C 5 tahun 04 Juli 4 Juli 8,75% Rp932.000.000.000,- AAA Lunas
V Tahap I C Series 5 years 2019 2024 Paid
Shelf- July 4, July 4,
Registered 2019 2024
Bonds V
Phase I
Sukuk PUB I Non-Seri 370 hari 04 Juli 14 Juli 7,50% Rp100.000.000.000,- AAA (sy) Lunas
Tahap I Non-series 370 days 2019 2020 Paid
Shelf- July 4, July 14, 131
Registered 2019 2020
Sukuk I
Phase I
PT Sarana Multigriya Finansial (Persero)
Obligasi PUB Seri A 3 tahun 28 Agustus 28 7,80% Rp1.422.500.000.000,- AAA Lunas
V Tahap II A Series 3 years 2019 Agustus Paid
Shelf- August 28, 2022
Registered 2019 August 28,
Bonds V 2022
Phase II
Obligasi PUB Seri B 5 tahun 28 Agustus 28 8,10% Rp780.000.000.000,- AAA Lunas
V Tahap II B Series 5 years 2019 Agustus Paid
Shelf- August 28, 2024
Registered 2019 August 28,
Bonds V 2024
Phase II
Sub Jumlah
Rp8.664.000.000.000,-
Sub Total
Page 132
Profil Perusahaan
Company Profile
Nama Seri Jangka Tanggal Jatuh Kupon/ Jumlah Peringkat Keterangan
Efek Series Waktu Terbit Tempo Imbal Hasil Amount Rating Remarks
Security Tenor Issuance Maturity Coupon/
Name Date Date Equivalent
Rate
2020
Obligasi PUB Seri A 370 hari 18 Februari 28 6,00% Rp1.460.000.000.000,- AAA Lunas
V Tahap III A Series 370 days 2020 Februari Paid
Shelf- February 2021
Registered 18, 2020 February
Bonds V 28, 2021
Phase III
Obligasi PUB Seri B 5 tahun 18 Februari 18 7,50% Rp2.541.000.000.000,- AAA Lunas
V Tahap III B Series 5 years 2020 Februari Paid
Shelf- February 2025
Registered 18, 2020 February
Bonds V 18, 2025
Phase III
Obligasi PUB Seri A 370 hari 14 Juli 24 Juli 6,75% Rp1.686.000.000.000,- AAA Lunas
V Tahap IV A Series 370 days 2020 2021 Paid
Shelf- July 14, July 14,
Registered 2020 2021
Bonds V
Phase IV
Obligasi PUB Seri B 5 tahun 14 Juli 14 Juli 8,10% Rp424.000.000.000,- AAA Lunas
V Tahap IV B Series 5 years 2020 2025 Paid
Shelf- July 14, July 14,
Registered 2020 2025
Bonds V
Phase IV
Sukuk Non-Seri 370 hari 14 Juli 24 Juli 6,75% Rp346.000.000.000,- AAA (sy) Lunas
Mudharabah Non-series 370 days 2020 2021 Paid
PUB I Tahap July 14, July 24,
II 2020 2021
132 Shelf-
Registered
Mudharabah
Sukuk I
Phase II
Laporan Tahunan 2025 Annual Report
Sub Jumlah
Rp6.457.000.000.000,-
Sub Total
2021
Obligasi PUB Seri A 370 hari 10 Februari 20 4,75% Rp1.500.084.000.000,- AAA Lunas
V Tahap V A Series 370 days 2021 Februari Paid
Shelf- February 2022
Registered 10, 2021 February
Bonds V 10, 2022
Phase V
Obligasi PUB Seri B 3 tahun 10 Februari 10 5,75% Rp400.660.000.000,- AAA Lunas
V Tahap V B Series 3 years 2021 Februari Paid
Shelf- February 2024
Registered 10, 2021 February
Bonds V 10, 2024
Phase V
Sukuk Non-Seri 370 hari 10 Februari 20 4,75% Rp100.010.000.000,- AAA (sy) Lunas
Mudharabah Non-series 370 days 2021 Februari Paid
PUB I Tahap February 2022
III 10, 2021 February
Shelf- 10, 2022
Registered
Mudharabah
Sukuk I
Phase III
Obligasi PUB Seri A 3 tahun 8 Juli 2021 8 Juli 5,60% Rp200.000.000.000,- AAA Lunas
VI Tahap I A Series 3 years July 8, 2024 Paid
Shelf- 2021 July 8,
Registered 2024
Bonds VI
Phase I
Page 133
Nama Seri Jangka Tanggal Jatuh Kupon/ Jumlah Peringkat Keterangan
Efek Series Waktu Terbit Tempo Imbal Hasil Amount Rating Remarks
Security Tenor Issuance Maturity Coupon/
Name Date Date Equivalent
Rate
Obligasi PUB Seri B 5 tahun 8 Juli 2021 8 Juli 6,40% Rp1.000.000.000.000,- AAA Belum Lunas
VI Tahap I B Series 5 years July 8, 2026 Not Paid
Shelf- 2021 July 8,
Registered 2026
Bonds VI
Phase I
Sukuk Seri A 2 tahun 8 Juli 2021 8 Juli 5,15% Rp100.000.000.000,- AAA (sy) Lunas
Mudharabah A Series 2 years July 8, 2023 Paid
PUB II 2021 July 8,
Tahap I 2023
Shelf-
Registered
Mudharabah
Sukuk II
Phase I
Obligasi PUB Non-Seri 5 tahun 17 17 6,00% Rp2.800.000.000.000,- AAA Belum Lunas
VI Tahap II Non-series 5 years November November Not Paid
Shelf- 2021 2026
Registered November November
Bonds VI 17, 2021 17, 2026
Phase II
Sub Jumlah Rp6.100.754.000.000,-
Sub Total
2022
Obligasi PUB Non-Seri 5 tahun 21 21 6,95% Rp3.000.000.000.000,- AAA Belum Lunas
VI Tahap III Non-series 5 years September September Not Paid
Shelf- 2022 2027
Registered September September
Bonds VI 21, 2022 21, 2027
Phase III
Sub Jumlah
Rp3.000.000.000.000,-
Sub Total
2023
Obligasi PUB Non-Seri 5 tahun 22 Februari 22 6,85% Rp2.000.000.000.000,- AAA Belum Lunas
VI Tahap IV Non-series 5 years 2023 Februari Not Paid
Shelf- February 2028
Registered 22, 2023 February
Bonds VI 22, 2028
Phase IV
Obligasi PUB Seri A 370 hari 12 Juli 22 Juli 5,50% Rp398.000.000.000,- AAA Lunas 133
VII Tahap I A Series 370 days 2023 2024 Paid
Shelf- July 12, July 22,
Registered 2023 2024
Bonds VII
Phase I
PT Sarana Multigriya Finansial (Persero)
Obligasi PUB Seri B 3 tahun 12 Juli 12 Juli 5,95% Rp747.000.000.000,- AAA Belum Lunas
VII Tahap I B Series 3 years 2023 2026 Not Paid
Shelf- July 12, July 12,
Registered 2023 2026
Bonds VII
Phase I
Obligasi PUB Seri C 5 tahun 12 Juli 12 Juli 6,05% Rp65.000.000.000,- AAA Belum Lunas
VII Tahap I C Series 5 years 2023 2028 Not Paid
Shelf- July 12, July 12,
Registered 2023 2028
Bonds VII
Phase I
Sukuk Non-Seri 5 tahun 12 Juli 12 Juli 6,05% Rp170.500.000.000,- AAA (sy) Belum Lunas
Musyarakah Non-series 5 years 2023 2028 Not Paid
PUB I Tahap I July 12, July 12,
Shelf- 2023 2028
Registered
Musyarakah
Sukuk I
Phase I
Page 134
Profil Perusahaan
Company Profile
Nama Seri Jangka Tanggal Jatuh Kupon/ Jumlah Peringkat Keterangan
Efek Series Waktu Terbit Tempo Imbal Hasil Amount Rating Remarks
Security Tenor Issuance Maturity Coupon/
Name Date Date Equivalent
Rate
Obligasi PUB Seri A 370 hari 20 Oktober 30 6,185% Rp1.212.800.000.000,- AAA Lunas
VII Tahap II A Series 370 days 2023 Oktober Paid
Shelf- October 2024
Registered 20, 2023 October
Bonds VII 30, 2024
Phase II
Obligasi PUB Seri B 3 tahun 20 Oktober 20 6,325% Rp. 256.000.000.000,- AAA Belum Lunas
VII Tahap II B Series 3 years 2023 Oktober Not Paid
Shelf- October 2026
Registered 20, 2023 October
Bonds VII 20, 2026
Phase II
Obligasi PUB Seri C 5 tahun 20 Oktober 20 6,750% Rp1.300.000.000.000,- AAA Belum Lunas
VII Tahap II C Series 5 years 2023 Oktober Not Paid
Shelf- October 2028
Registered 20, 2023 October
Bonds VII 20, 2028
Phase II
Obligasi Non-Seri 5 tahun 22 22 6,90% Rp500.000.000.000,- AAA Belum Lunas
Sosial PUB I Non-series 5 years Desember Desember Not Paid
Tahap I 2023 2028
Shelf- December December
Registered 22, 2023 22, 2028
Social Bonds
I Phase I
Sukuk Non-Seri 5 tahun 22 22 6,90% Rp200.000.000.000,- AAA (sy) Belum Lunas
Musyarakah Non-series 5 years Desember Desember Not Paid
Sosial PUB I 2023 2028
Tahap I December December
Shelf- 22, 2023 22, 2028
134 Registered
Social
Musyarakah
Sukuk I
Phase I
Laporan Tahunan 2025 Annual Report
Sub Jumlah
Rp6.849.300.000.000,-
Sub Total
2024
Obligasi PUB Seri A 370 hari 6 Februari 16 6,39% Rp1.296.410.000.000 AAA Lunas
VII Tahap III A Series 370 days 2024 Februari Paid
Shelf- February 6, 2025
Registered 2024 February
Bonds VII 16, 2025
Phase III
Obligasi PUB Seri B 3 tahun 6 Februari 6 Februari 6,39% Rp212.000.000.000 AAA Belum Lunas
VII Tahap III B Series 3 years 2024 2027 Not Paid
Shelf- February 6, February
Registered 2024 6, 2027
Bonds VII
Phase III
Sukuk Non Seri 370 hari 6 Februari 16 6,39% Rp529.010.000.000 AAA (sy) Lunas
Musyarakah Non Series 370 days 2024 Februari Paid
PUB I Tahap February 6, 2025
II 2024 February
Shelf- 16, 2025
Registered
Musyarakah
Sukuk I
Phase II
Obligasi PUB Seri A 370 hari 27 Maret 7 April 6,40% Rp843.695.000.000 AAA Lunas
VII Tahap IV A Series 370 days 2024 2025 Paid
Shelf- March 27, April 7,
Registered 2024 2025
Bonds VII
Phase IV
Page 135
Nama Seri Jangka Tanggal Jatuh Kupon/ Jumlah Peringkat Keterangan
Efek Series Waktu Terbit Tempo Imbal Hasil Amount Rating Remarks
Security Tenor Issuance Maturity Coupon/
Name Date Date Equivalent
Rate
Obligasi PUB Seri B 3 tahun 27 Maret 27 Maret 6,55% Rp300.000.000.000 AAA Belum Lunas
VII Tahap IV B Series 3 years 2024 2027 Not Paid
Shelf- March 27, March 27,
Registered 2024 2027
Bonds VII
Phase IV
Obligasi Non-Seri 5 tahun 27 Maret 27 Maret 6,75% Rp1.500.000.000.000 AAA Belum Lunas
Sosial PUB I Non-series 5 years 2024 2029 Not Paid
Tahap II March 27, March 27,
Shelf- 2024 2029
Registered
Social Bonds
I Phase II
Obligasi PUB Seri A 370 hari 26 Juni 6 Juli 6,70% Rp815.500.000.000 AAA Lunas
VII Tahap V A Series 370 days 2024 2025 Paid
Shelf- June 26, July 6,
Registered 2024 2025
Bonds VII
Phase V
Obligasi PUB Seri B 3 tahun 26 Juni 26 Juni 6,80% Rp184.500.000.000 AAA Belum Lunas
VII Tahap V B Series 3 years 2024 2027 Not Paid
Shelf- June 26, June 26,
Registered 2024 2027
Bonds VII
Phase V
Obligasi Non-Seri 5 tahun 26 Juni 26 Juni 7,15% Rp2.000.000.000.000 AAA Belum Lunas
Sosial PUB I Non-series 5 years 2024 2029 Not Paid
Tahap III June 26, June 26,
Shelf- 2024 2029
Registered
Social Bonds
I Phase III
Obligasi PUB Seri A 370 hari 27 Agustus 7 6,70% Rp500.000.000.000 AAA Lunas
VII Tahap VI A Series 370 days 2024 September Paid
Shelf- August 27, 2025
Registered 2024 September
Bonds VII 7, 2025
Phase VI
Obligasi PUB Seri B 2 tahun 27 Agustus 27 6,75% Rp192.195.000.000 AAA Belum Lunas
VII Tahap VI B Series 2 years 2024 Agustus Not Paid
Shelf- August 27, 2026 135
Registered 2024 August 27,
Bonds VII 2026
Phase VI
Obligasi PUB Seri C 3 tahun 27 Agustus 27 6,80% Rp728.254.000.000 AAA Belum Lunas
PT Sarana Multigriya Finansial (Persero)
VII Tahap VI C Series 3 years 2024 Agustus Not Paid
Shelf- August 27, 2027
Registered 2024 August 27,
Bonds VII 2024
Phase VI
Sukuk Non-Seri 370 hari 27 Agustus 7 6,70% Rp274.000.000.000 AAA (sy) Lunas
Musyarakah Non-series 370 days 2024 September Paid
PUB I Tahap August 27, 2025
III 2024 September
Shelf- 7, 2025
Registered
Musyarakah
Sukuk I
Phase III
Obligasi PUB Seri A 370 hari 26 6 6,45% Rp1.093.400.000.000 AAA Lunas
VII Tahap VII A Series 370 days November Desember Paid
Shelf- 2024 2025
Registered November December
Bonds VII 26, 2024 6, 2025
Phase VII
Page 136
Profil Perusahaan
Company Profile
Nama Seri Jangka Tanggal Jatuh Kupon/ Jumlah Peringkat Keterangan
Efek Series Waktu Terbit Tempo Imbal Hasil Amount Rating Remarks
Security Tenor Issuance Maturity Coupon/
Name Date Date Equivalent
Rate
Obligasi PUB Seri B 2 tahun 26 26 6,50% Rp153.005.000.000 AAA Belum Lunas
VII Tahap VII B Series 2 years November November Not Paid
Shelf- 2024 2026
Registered November November
Bonds VII 26, 2024 26, 2026
Phase VII
Obligasi PUB Seri C 3 tahun 26 26 6,70% Rp794.005.000.000 AAA Belum Lunas
VII Tahap VII C Series 3 years November November Not Paid
Shelf- 2024 2027
Registered November November
Bonds VII 26, 2024 26, 2027
Phase VII
Obligasi Non-Seri 5 tahun 26 26 7,00% Rp1.200.000.000.000 AAA Belum Lunas
Sosial PUB I Non-series 5 years November November Not Paid
Tahap IV 2024 2029
Shelf- November November
Registered 26, 2024 26, 2029
Social Bonds
I Phase IV
Sub Jumlah
Rp12.615.974.000.000
Sub Total
2025
Obligasi PUB Seri A 370 hari 14 Februari 24 6,55% Rp453.670.000.000 AAA Belum Lunas
VII Tahap VIII A Series 370 days 2025 Februari Not Paid
Shelf- February 2026
Registered 14, 2025 February
Bonds VII 24, 2026
Phase VIII
136 Obligasi PUB Seri B 3 tahun 14 Februari 14 6,80% Rp251.255.000.000 AAA Belum Lunas
VII Tahap VIII B Series 3 years 2025 Februari Not Paid
Shelf- February 2028
Registered 14, 2025 February
Bonds VII 14, 2028
Phase VIII
Laporan Tahunan 2025 Annual Report
Sukuk Non-Seri 370 hari 14 Februari 24 6,55% Rp362.805.000.000 AAA (sy) Belum Lunas
Musyarakah Non-series 370 days 2025 Februari Not Paid
PUB I Tahap February 2026
IV 14, 2025 February
Shelf- 24, 2026
Registered
Musyarakah
Sukuk I
Phase IV
Obligasi PUB Seri A 370 hari 8 Juli 2025 18 Juli 6,25% Rp1.460.150.000.000 AAA Belum Lunas
VIII Tahap I A Series 370 days July 8, 2026 Not Paid
Shelf- 2025 July 18,
Registered 2026
Bonds VIII
Phase I
Obligasi PUB Seri B 3 tahun 8 Juli 2025 8 Juli 6,60% Rp115.500.000.000 AAA Belum Lunas
VIII Tahap I B Series 3 years July 8, 2028 Not Paid
Shelf- 2025 July 8,
Registered 2028
Bonds VIII
Phase I
Sukuk Non-Seri 370 hari 8 Juli 2025 18 Juli 6,25% Rp445.000.000.000 AAA (sy) Belum Lunas
Musyarakah Non-series 370 days July 8, 2026 Not Paid
PUB II 2025 July 18,
Tahap I 2026
Shelf-
Registered
Musyarakah
Sukuk II
Phase I
Page 137
Nama Seri Jangka Tanggal Jatuh Kupon/ Jumlah Peringkat Keterangan
Efek Series Waktu Terbit Tempo Imbal Hasil Amount Rating Remarks
Security Tenor Issuance Maturity Coupon/
Name Date Date Equivalent
Rate
Obligasi Non-Seri 5 tahun 8 Juli 2025 8 Juli 6,95% Rp1.650.000.000.000 AAA Belum Lunas
Sosial PUB II Non-series 5 years July 8, 2030 Not Paid
Tahap I 2025 July 8,
Shelf- 2030
Registered
Social Bonds
II Phase I
Sukuk Non-Seri 5 tahun 8 Juli 2025 8 Juli 6,95% Rp250.000.000.000 AAA (sy) Belum Lunas
Musyarakah Non-series 5 years July 8, 2030 Not Paid
Sosial PUB II 2025 July 8,
Tahap I 2030
Shelf-
Registered
Social
Musyarakah
Sukuk II
Phase I
Sub Jumlah
4.988.380.000.000
Sub Total
Jumlah
70.087.408.000.000
Total
Medium Term Notes (MTN)
Nama Seri Jangka Tanggal Jatuh Kupon/ Jumlah Peringkat Keterangan
Efek Series Waktu Terbit Tempo Imbal Amount Rating Remarks
Security Tenor Issuance Maturity Hasil
Name Date Date Coupon/
Equivalent
Rate
MTN SMF 1 Seri A 370 hari 16 April 21 April 8,75% Rp163.000.000.000,- AA Lunas
Medium A Series 370 days 2010 2011 Paid
Term Notes April 16, April 21,
SMF 1 2010 2011
MTN SMF 1 Seri B 2 tahun 16 April 16 April 9,25% Rp25.000.000.000,- AA Lunas
Medium B Series 2 years 2010 2012 Paid
Term Notes April 16, April 16,
SMF 1 2010 2012
MTN SMF 2 Non-Seri 365 hari 30 30 8,50% Rp200.000.000.000,- AA Lunas
137
Medium Non-series 365 days Desember Desember Paid
Term Notes 2010 2011
SMF 2 December December
30, 2010 30, 2011
MTN SMF Non-Seri 360 hari 17 Oktober 11 Oktober 8,20% Rp205.000.000.000,- F1+ Lunas
PT Sarana Multigriya Finansial (Persero)
3 Tahap I Non-series 360 days 2011 2012 Paid
Medium October 17, October
Term Notes 2011 11, 2012
SMF 3
Phase I
MTN SMF Non-Seri 360 hari 20 Oktober 14 8,20% Rp100.000.000.000,- F1+ Lunas
3 Tahap II Non-series 360 days 2011 Oktober Paid
Medium October 2012
Term Notes 20, 2011 October
SMF 3 Phase 14, 2012
II
MTN IV Non-Seri 6 Bulan 19 Oktober 18 April 6,50% Rp580.000.000.000,- AA Lunas
Medium Non-series 6 months 2012 2013 Paid
Term Notes October 19, April 18,
IV 2012 2013
MTN V Non-Seri 1 tahun 30 30 8,50% Rp500.000.000.000,- AA Lunas
Medium Non-series 1 year September September Paid
Term Notes 2013 2014
V September September
30, 2013 30, 2014
Page 138
Profil Perusahaan
Company Profile
Nama Seri Jangka Tanggal Jatuh Kupon/ Jumlah Peringkat Keterangan
Efek Series Waktu Terbit Tempo Imbal Amount Rating Remarks
Security Tenor Issuance Maturity Hasil
Name Date Date Coupon/
Equivalent
Rate
MTN VI Non-Seri 1 tahun 12 12 9,50% Rp520.000.000.000,- AA Lunas
Medium Non-series 1 year Desember Desember Paid
Term Notes 2013 2014
VI December December
12, 2013 12, 2014
MTN VII Non-Seri 1 tahun 12 Juni 12 Juni 9,00% Rp565.000.000.000,- AA+ Lunas
Medium Non-series 1 year 2014 2015 Paid
Term Notes June 12, June 12,
VII 2014 2015
MTN Sukuk Non-Seri 2 tahun 16 Juni 16 Juni 7,50% Rp500.000.000.000,- AAA (sy) Lunas
Mudharabah Non-series 2 years 2017 2019 Paid
1 June 16, June 16,
Medium 2017 2019
Term Notes
Mudharabah
Sukuk I
MTN VIII Non-Seri 2 tahun 12 Februari 12 8,45% Rp500.000.000.000,- AAA Lunas
Medium Non-series 2 years 2019 Februari Paid
Term Notes February 2021
VIII 12, 2019 February
12, 2021
MTN IX Non-Seri 370 hari 04 Agustus 14 6,50% Rp700.000.000.000,- AAA Lunas
Medium Non-series 370 days 2020 Agustus Paid
Term Notes August 4, 2021
IX 2020 August 14,
2021
MTN X Non-Seri 370 hari 25 05 5,25% Rp110.000.000.000,- AAA (sy) Lunas
138
Syariah Non-series 370 days November Desember Paid
Mudharabah 2020 2021
Medium November December
Term 25, 2020 5, 2021
Notes X
Mudharabah
Laporan Tahunan 2025 Annual Report
Sharia
Jumlah
Rp4.668.000.000.000,-
Total
Surat Berharga Komersial (SBK) Commercial Paper
Nama Seri Jangka Tanggal Jatuh Kupon Jumlah Peringkat Keterangan
Efek Series Waktu Terbit Tempo Coupon Amount Rating Remarks
Security Tenor Issuance Maturity
Name Date Date
SBK I SMF Non-Seri 1 tahun 21 20 7,00% Rp120.000.000.000,- A1+ Lunas
2019 Non series 1 year November November Paid
Commercial 2019 2020
Paper I SMF November November
2019 21, 2019 20, 2020
Jumlah
Rp120.000.000.000,-
Total
Page 139
Efek Beragun Aset (EBA) Residential Mortgage-Backed Securities (RMBS)
Nama Tanggal Penerbit Tranche Nominal Peringkat Kupon Tenor Rata-Rata Yield Jumlah
EBA Terbit Issuer (Rp- Rating Coupon (WAL)* Suku SUN Debitur
Name of Issuance miliar) Bunga Govern KPR
RMBS Date Nominal KPR ment Total
(Rp- Average Bonds Mortgage
billion) Mortgage Debtors
Interest
Rate
EBA 10 Februari KIK EBA Kelas A 100 AAA.id 13% 5 15% 12,08% 5.060
DSMF01 2009 Danareksa- Class A (Moody)
February BRI
10, 2009
EBA 10 Februari KIK EBA Kelas B 11 Unrated 15%
DSMF01 2009 Danareksa- Class B
February BRI
10, 2009
EBA 10 KIK EBA Kelas A 360 IdAAA 11% 5 15% 9,26% 15.114
DSMF02 November Danareksa- Class A (Pefindo)
2009 BRI
November
10, 2009
EBA 10 KIK EBA Kelas B 31 Unrated 15%
DSMF02 November Danareksa- Class B
2009 BRI
November
10, 2009
EBA D 27 KIK EBA Kelas A 688,5 IdAAA 9,25% 5 14,89% 7,03% 33.663
BTN01 Desember Danareksa- Class A (Pefindo)
2010 Bank
December Mandiri
27, 2010
EBA D 27 KIK EBA Kelas B 61,5 Unrated 14,89%
BTN01 Desember Danareksa- Class B
2010 Bank
December Mandiri
27, 2010
EBA D 16 KIK EBA Kelas A 645 IdAAA 8,75% 5 13,58% 5,47% 19.810
BTN02 November Danareksa- Class A (Pefindo)
2011 Bank
November Mandiri
16, 2011
139
EBA D 16 KIK EBA Kelas B 58 Unrated 13,58%
BTN02 November Danareksa- Class B
2011 Bank
November Mandiri
16, 2011
PT Sarana Multigriya Finansial (Persero)
EBA D 12 KIK EBA Kelas A 925 IdAAA 7,75% 5 11,91% 4,71% 25.842
BTN03 Desember Danareksa- Class A (Pefindo)
2012 Bank
December Mandiri
12, 2012
EBA D 12 KIK EBA Kelas B 75 Unrated 11,91%
BTN03 Desember Danareksa- Class B
2012 Bank
December Mandiri
12, 2012
EBA D 20 KIK EBA Kelas A1 403 IdAAA 8,90% 3 12,48% 7,81% 34.452
BTN04 Desember Danareksa- Class A1 (Pefindo)
2013 Bank
December Mandiri
20, 2013
Page 140
Profil Perusahaan
Company Profile
Nama Tanggal Penerbit Tranche Nominal Peringkat Kupon Tenor Rata-Rata Yield Jumlah
EBA Terbit Issuer (Rp- Rating Coupon (WAL)* Suku SUN Debitur
Name of Issuance miliar) Bunga Govern KPR
RMBS Date Nominal KPR ment Total
(Rp- Average Bonds Mortgage
billion) Mortgage Debtors
Interest
Rate
EBA D 20 KIK EBA Kelas A2 525 IdAAA 9,50% 5 12,48% 7,99%
BTN04 Desember Danareksa- Class A2 (Pefindo)
2013 Bank
Mandiri
December
20, 2013
EBA D 20 KIK EBA Kelas B 72 Unrated 12,48%
BTN04 Desember Danareksa- Class B
2013 Bank
December Mandiri
20, 2013
EBA D 2 KIK EBA Kelas A1 723,5 IdAAA 10,00% 2 14,19% 7,26% 33.173
BTN05 Desember Danareksa- Class A1 (Pefindo)
2014 Bank
December Mandiri
2, 2014
EBA D 2 KIK EBA Kelas A2 648 IdAAA 10,25% 5 14,19% 7,68%
BTN05 Desember Danareksa- Class A2 (Pefindo)
2014 Bank
December Mandiri
2, 2014
EBA D 2 KIK EBA Kelas B 129 Unrated 14,19%
BTN05 Desember Danareksa- Class B
2014 Bank
December Mandiri
2, 2014
140
EBA-SP 27 SMF Kelas A 181,6 IdAAA 8,60% 4 13,70% 8,57% 6.347
SMF BTN01 November Class A (Pefindo)
2015
November
27, 2015
Laporan Tahunan 2025 Annual Report
EBA-SP 27 SMF Kelas B 18,4 Unrated 13,70%
SMF BTN01 November Class B
2015
November
27, 2015
EBA-SP 25 SMF Kelas A1 103.5 IdAAA 8,60% 3 13,25% 6,61% 3.696
SMF BMRI01 Agustus Class A1 (Pefindo)
2016
August 25,
2016
EBA-SP 25 SMF Kelas A2 353 IdAAA 9,10% 5 13,25% 6,83%
SMF BMRI01 Agustus Class A2 (Pefindo)
2016
August 25,
2016
EBA-SP 25 SMF Kelas B 43,5 Unrated 13,25%
SMF BMRI01 Agustus Class B
2016
August 25,
2016
EBA-SP 31 Oktober SMF Kelas A1 400 IdAAA 8,15% 2 13,94% 6,58% 11.280
SMF BTN02 2016 Class A1 (Pefindo)
October
31, 2016
EBA-SP 31 Oktober SMF Kelas A2 513 IdAAA 8,75% 5 13,94% 6,99%
SMF BTN02 2016 Class A2 (Pefindo)
October
31, 2016
Page 141
Nama Tanggal Penerbit Tranche Nominal Peringkat Kupon Tenor Rata-Rata Yield Jumlah
EBA Terbit Issuer (Rp- Rating Coupon (WAL)* Suku SUN Debitur
Name of Issuance miliar) Bunga Govern KPR
RMBS Date Nominal KPR ment Total
(Rp- Average Bonds Mortgage
billion) Mortgage Debtors
Interest
Rate
EBA-SP 31 Oktober SMF Kelas B 87 Unrated 13,94%
SMF BTN02 2016 Class B
October
31, 2016
EBA-SP 28 April SMF Kelas A1 200 IdAAA 8,00% 2 13,64% 6,34% 11.237
SMF BTN03 2017 Class A1 (Pefindo)
April 28,
2017
EBA-SP 28 April SMF Kelas A2 713 IdAAA 8,40% 4 13,64% 6,73%
SMF BTN03 2017 Class A2 (Pefindo)
April 28,
2017
EBA-SP 28 April SMF Kelas B 87 Unrated 13,64%
SMF BTN03 2017 Class B
April 28,
2017
EBA-SP 28 SMF Kelas A1 700 IdAAA 7,00% 2 13,43% 5,33% 18.728
SMF BTN04 Februari Class A1 (Pefindo)
2018
February
28, 2018
EBA-SP 28 SMF Kelas A2 1.124 IdAAA 7,50% 5 13,43% 5,95%
SMF BTN04 Februari Class A2 (Pefindo)
2018
February
28, 2018
EBA-SP 28 SMF Kelas B 176 Unrated 13,50%
SMF BTN04 Februari Class B
2018
February
28, 2018
EBA-SP 27 SMF Kelas A1 574 IdAAA 8,50% 2 13,52% 6,29% 16.476
SMF BTN05 November Class A1 (Pefindo)
2019
November
27, 2019
141
EBA-SP 27 SMF Kelas A2 1.142 IdAAA 8,75% 5 13,52% 6,81%
SMF BTN05 November Class A2 (Pefindo)
2019
November
PT Sarana Multigriya Finansial (Persero)
27, 2019
EBA-SP 27 SMF Kelas M 24 IdAAA 10,40% 8,4 13,52% 7,61%
SMF BTN05 November Class M (Pefindo)
2019
November
27, 2019
EBA-SP 27 SMF Kelas B 260 Unrated 13,52%
SMF BTN05 November Class B
2019
November
27, 2019
EBA-SP 30 SMF Kelas A 576,7 IdAAA 6,50% 3 13,59% 4,82% 7.721
SMF BTN06 Desember Class A (Pefindo)
2020
December
30, 2020
Page 142
Profil Perusahaan
Company Profile
Nama Tanggal Penerbit Tranche Nominal Peringkat Kupon Tenor Rata-Rata Yield Jumlah
EBA Terbit Issuer (Rp- Rating Coupon (WAL)* Suku SUN Debitur
Name of Issuance miliar) Bunga Govern KPR
RMBS Date Nominal KPR ment Total
(Rp- Average Bonds Mortgage
billion) Mortgage Debtors
Interest
Rate
EBA-SP 30 SMF Kelas B 54,3 Unrated 13,59%
SMF BTN06 Desember Class B
2020
December
30, 2020
EBA-SP 23 SMF Kelas A 452,5 IdAAA 7,70% 3 13,54% 6,93% 6.188
SMF BTN07 Desember Class A (Pefindo)
2022
December
23, 2022
EBA-SP 23 SMF Kelas B 47,5 Unrated 13,54%
SMF BTN07 Desember Class B
2022
December
23, 2022
EBAS-SP 8 Juni SMF Kelas A 297,7 IdAAA 7,00% 4 11,61% 6,00% 1.604
SMF-BRIS01 2023 Class A (Pefindo)
EBAS-SP 8 Juni SMF Kelas B 27,3 Unrated 11,61%
SMF-BRIS01 2023 Class B
EBAS-SP 26 SMF Kelas A 544,8 IdAAA 6,65% 4 13,06% 6,30% 4.340
SMFBTN08 September Class A (Pefindo)
2023
September
142
26, 2023
EBAS-SP 26 SMF Kelas B 55,2 Unrated 13,06%
SMFBTN08 September Class B
Laporan Tahunan 2025 Annual Report
2023
September
26, 2023
* Weighted Average of Life
Page 143
STRUKTUR GRUP PERUSAHAAN,
ENTITAS ANAK, ENTITAS ASOSIASI DAN
PERUSAHAAN PATUNGAN
THE COMPANY’S GROUP STRUCTURE, SUBSIDIARIES,
ASSOCIATES, AND JOINT VENTURE
Hingga akhir tahun 2025, SMF tidak memiliki entitas anak The Company does not have any subsidiaries or associate
maupun entitas asosiasi. Kendati demikian, Perseroan entities until the end of 2025. However, the Company has made
melakukan penyertaan modal pada tiga perusahaan dalam equity investments in three companies within a single business
satu kelompok usaha (grup), yaitu PT Sejahtera Eka Graha group, namely PT Sejahtera Eka Graha (SEG), PT Sarana Kilap
(SEG), PT Sarana Kilap Mas, dan PT Taman Kuling Raya, dengan Mas, and PT Taman Kuling Raya, with share ownership in each
tingkat kepemilikan saham pada masing-masing perusahaan of these companies being less than 5%.
tersebut kurang dari 5%.
100%
96,53% 3,47%
PT Sejahtera Eka Graha (SEG)
0,07% 1,33%
PT Sarana Kilap Mas 99,93% 98,67% PT Taman Kuling Raya
143
KEPEMILIKAN PERSEROAN ATAS THE COMPANY’S OWNERSHIP OF
SAHAM PERUSAHAAN LAIN SHARES IN OTHER COMPANIES
PT Sarana Multigriya Finansial (Persero)
Pemegang Saham Lembar Saham Nominal (Rp) Persentase
Shareholders Shares Par Value (Rp) Percentage
PT Sejahtera Eka Graha (SEG)
Pemerintah Republik Indonesia 278.000 Rp278.000.000.000,- 96,53%
PT Sarana Multigriya Finansial 10.000 Rp10.000.000.000,- 3,47%
Jumlah
288.000 Rp288.000.000.000,- 100%
Total
PT Sarana Kilap Mas
PT Sejahtera Eka Graha (SEG) 43.470 Rp43.470.000.000 99,93%
PT Sarana Multigriya Finansial 30 Rp30.000.000,- 0,07%
Jumlah
43.500 Rp43.500.000.000,- 100%
Total
Page 144
Profil Perusahaan
Company Profile
Pemegang Saham Lembar Saham Nominal (Rp) Persentase
Shareholders Shares Par Value (Rp) Percentage
PT Taman Kuling Raya
PT Sejahtera Eka Graha (SEG) 7.400 Rp7.400.000.000,- 98,67%
PT Sarana Multigriya Finansial 100 Rp100.000.000,- 1,33%
Jumlah
7.500 Rp7.500.000.000,- 100%
Total
PT SEJAHTERA EKA GRAHA (SEG)
Bidang Usaha Properti
Line of Business Property
Tanggal Berdiri 11 Juli 1990
Date of Establishment July 11, 1990
Status Operasi Beroperasi
Operating Status Operating
Aset per 31 Desember 2024 Rp304.568 juta (Unaudited)
Assets as of December 31, 2024 Rp304,568 million (Unaudited)
Aset per 31 Desember 2025 Rp172.143 juta (Unaudited)
Assets as of December 31, 2025 Rp172,143 million (Unaudited)
Alamat Jl. Danau Bogor Raya No. 33, RT. 01/RW.07, Kp. Parung Jambu, Tanah Baru, Kec. Bogor Utara, Kota Bogor,
Address Jawa Barat 16154
Jl. Andau Bogor Raya No. 33, RT. 01/RW.07, Kp. Parung Jambu, Tanah Baru, Kec. Bogor Utara, Kota Bogor,
West Java 16154
PT SARANA KILAP MAS
Bidang Usaha Properti
Line of Business Property
144
Tanggal Berdiri 2 Juli 1990
Date of Establishment July 2, 1990
Status Operasi Beroperasi
Operating Status Operating
Laporan Tahunan 2025 Annual Report
Aset per 31 Desember 2024 Rp53.405 juta (Unaudited)
Assets as of December 31, 2024 Rp53,405 million (Unaudited)
Aset per 31 Desember 2025 Rp7.186 juta (Unaudited)
Assets as of December 31, 2025 Rp7,186 million (Unaudited)
Alamat Komplek Danau Bogor Raya Barangsiang, Bogor Timur, Bogor, Jawa Barat, Sukaraja, Kec. Sukaraja, Bogor,
Address Jawa Barat 16710.
Komplek Andau Bogor Raya Barangsiang, Bogor Timur, Bogor, Jawa Barat, Sukaraja, Kec. Sukaraja, Bogor,
West Java, 16710.
PT TAMAN KULING RAYA
Bidang Usaha Properti
Line of Business Property
Tanggal Berdiri 22 Maret 1984
Date of Establishment March 22, 1984
Status Operasi Beroperasi
Operating Status Operating
Aset per 31 Desember 2024 Rp72.433 juta (Unaudited)
Assets as of December 31, 2024 Rp72,433 million (Unaudited)
Aset per 31 Desember 2025 Rp40.994 juta (Unaudited)
Assets as of December 31, 2025 Rp40,994 million (Unaudited)
Alamat Komplek Danau Bogor Raya Barangsiang, Bogor Timur, Bogor, Jawa Barat, Sukaraja, Kec. Sukaraja, Bogor,
Address Jawa Barat 16710.
Komplek Andau Bogor Raya Barangsiang, Bogor Timur, Bogor, Jawa Barat, Sukaraja, Kec. Sukaraja, Bogor,
West Java, 16710.
Page 145
LEMBAGA DAN PROFESI PENUNJANG
SUPPORTING INSTITUTION AND PROFESSION
NOTARIS NOTARY
Nama
Notaris & PPAT Ir. Nanette Cahyanie Handari Adi Warsito, S.H.
Name
Alamat Jl. Panglima Polim V/11 Kebayoran Baru
Address Jakarta 12160
Periode Penugasan
2025
Assignment Period
Jasa yang Diberikan 1. Jasa Notaris dalam penerbitan Obligasi VII Tahap VIII 1. Notary Services in the Issuance of Bonds VII Phase
Provided Service(s) Tahun 2025 VIII Year 2025
2. Jasa Notaris dalam penerbitan Sukuk Musyarakah I 2. Notary Services in the Issuance of Musyarakah
Tahap IV Tahun 2025 Sukuk I Phase IV Year 2025
3. Jasa Notaris dalam penerbitan Obligasi VIII Tahap I 3. Notary Services in the Issuance of Bonds VIII Phase
Tahun 2025 I Year 2025
4. Jasa Notaris dalam penerbitan Sukuk Musyarakah II 4. Notary Services in the Issuance of Musyarakah
Tahap I Tahun 2025 Sukuk II Phase I Year 2025
5. Jasa Notaris dalam penerbitan Obligasi Berwawasan 5. Notary Services in the Issuance of Social Bonds II
Sosial II Tahap I Tahun 2025 Phase I Year 2025
6. Jasa Notaris dalam penerbitan Sukuk Musyarakah 6. Notary Services in the Issuance of Social
Berwawasan Sosial II Tahap I Tahun 2025 Musyarakah Sukuk II Phase I Year 2025
KAP PENJATAHAN PUBLIC ACCOUNTING FIRM
Nama 1. KAP Doli, Bambang, Sulistyanto, Dadang & Ali
Name 2. Kantor Akuntan Publik Irfan Waluyo & Rekan
Alamat 1. Jl. Taman Modern Blok R5 No. 8-8A Cakung, Jakarta 13960
Address 2. Jl. Garuda No. 14C, Cimanggis, Depok
Periode Penugasan
2025
Assignment Period
Jasa yang Diberikan 1. Jasa Audit Penjatahan dalam penerbitan Obligasi 1. Allotment Audit Services in the Issuance of Bonds
Provided Service(s) VII Tahap VIII Tahun 2025 dan Sukuk Musyarakah I VII Phase VII Year 2025 and Musyarakah Sukuk I
Tahap IV Tahun 2025 Phase IV Year 2025
2. Jasa Audit Penjatahan dalam penerbitan Obligasi 2. Allotment Audit Services in the Issuance of Bonds
145
VIII Tahap I Tahun 2025, Sukuk Musyarakah II Tahap VIII Phase I Year 2025, Musyarakah Sukuk II Phase
I Tahun 2025, Obligasi Berwawasan Sosial II Tahap I Year 2025, Social Bonds II Phase I Year 2025, and
I Tahun 2025 dan Sukuk Musyarakah Berwawasan Social Musyarakah Sukuk II Phase I Year 2025
Sosial II Tahap I Tahun 2025 PT Sarana Multigriya Finansial (Persero)
LEMBAGA PEMERINGKAT RATING AGENCY
Nama PT Pemeringkat Efek Indonesia
Name
Alamat Equity Tower 30th floor, Sudirman Central Business District Lot 9, Jl. Jenderal Sudirman Kav. 52-53, Jakarta 12190,
Address Indonesia
Periode Penugasan 2025
Assignment Period
Jasa yang Diberikan 1. Jasa Pemeringkat dalam penerbitan Obligasi VII 1. Rating Services in the Issuance of Bonds VII Phase
Provided Service(s) Tahap VIII Tahun 2025 dan Sukuk Musyarakah I VIII Year 2025 and Musyarakah Sukuk I Phase IV Year
Tahap IV Tahun 2025 2025
2. Jasa Pemeringkat dalam penerbitan Obligasi VIII 2. Rating Services in the Issuance of Bonds VIII Phase
Tahap I Tahun 2025, Sukuk Musyarakah II Tahap I I Year 2025, Musyarakah Sukuk II Phase I Year
Tahun 2025, Obligasi Berwawasan Sosial II Tahap 2025, Social Bonds II Phase I Year 2025 and Social
I Tahun 2025 dan Sukuk Musyarakah Berwawasan Musyarakah Sukuk II Phase I Year 2025
Sosial II Tahap I Tahun 2025
Page 146
Profil Perusahaan
Company Profile
WALI AMANAT TRUSTEE
Nama
PT Bank Mandiri (Persero) Tbk
Name
Alamat Jl. Jend. Gatot Subroto Kav. 36-38
Address Jakarta 12190
Periode Penugasan
2025
Assignment Period
Jasa yang Diberikan 1. Jasa Pemeringkat dalam penerbitan Obligasi VII 1. Rating Services in the Issuance of Bonds VII Phase
Provided Service(s) Tahap VIII Tahun 2025 dan Sukuk Musyarakah I VIII Year 2025 and Musyarakah Sukuk I Phase IV
Tahap IV Tahun 2025 Year 2025
2. Jasa Pemeringkat dalam penerbitan Obligasi VIII 2. Rating Services in the Issuance of Bonds VIII Phase
Tahap I Tahun 2025, Sukuk Musyarakah II Tahap I I Year 2025, Musyarakah Sukuk II Phase I Year
Tahun 2025, Obligasi Berwawasan Sosial II Tahap 2025, Social Bonds II Phase I Year 2025 and Social
I Tahun 2025 dan Sukuk Musyarakah Berwawasan Musyarakah Sukuk II Phase I Year 2025
Sosial II Tahap I Tahun 2025
KONSULTAN HUKUM LEGAL CONSULTANT
146
Nama
HKGM & Partners Law Firm
Name
Alamat Pondok Indah Plaza 3, Blok E/4 & E/5
Address Jl. TB. Simatupang
Jakarta 12310
Laporan Tahunan 2025 Annual Report
Periode Penugasan
2025
Assignment Period
Jasa yang Diberikan 1. Jasa Pemeringkat dalam penerbitan Obligasi VII 1. Rating Services in the Issuance of Bonds VII Phase
Provided Service(s) Tahap VIII Tahun 2025 dan Sukuk Musyarakah I VIII Year 2025 and Musyarakah Sukuk I Phase IV
Tahap IV Tahun 2025 Year 2025
2. Jasa Pemeringkat dalam penerbitan Obligasi VIII 2. Rating Services in the Issuance of Bonds VIII Phase
Tahap I Tahun 2025, Sukuk Musyarakah II Tahap I I Year 2025, Musyarakah Sukuk II Phase I Year
Tahun 2025, Obligasi Berwawasan Sosial II Tahap 2025, Social Bonds II Phase I Year 2025 and Social
I Tahun 2025 dan Sukuk Musyarakah Berwawasan Musyarakah Sukuk II Phase I Year 2025
Sosial II Tahap I Tahun 2025
Page 147
AKUNTAN PUBLIK DAN KANTOR
AKUNTAN PUBLIK
PUBLIC ACCOUNTANT AND PUBLIC ACCOUNTING FIRM
Nama Akuntan Publik (AP) Rindra Sulindro
Name of Public Accountant
Nama Kantor Akuntan Publik (KAP) Kantor Akuntan Publik (KAP) Purwanto, Susanti & Surja (A member firm of Ernst & Young Global Limited)
Name of Public Accounting Firm Purwanto, Susanti & Surja (A member firm of Ernst & Young Global Limited) Public Accounting Firm
Alamat Bursa Efek Indonesia, Tower II, Lantai 7, Jl. Jenderal Sudirman Kav. 52-53, Jakarta – 12190
Address Indonesia Stock Exchange, Tower II, 7th Floor, Jl. Jenderal Sudirman Kav. 52-53, Jakarta – 12190
Periode Penugasan AP Kedua
AP Assignment Period Second
Periode Penugasan KAP Keenam
KAP Assignment Period Sixth
Jasa Audit yang Diberikan • Audit umum atas laporan keuangan PT Sarana Multigriya Finance (Persero) untuk tahun yang
Provided Audit Service(s) berakhir pada tanggal 31 Desember 2025 sebesar Rp1.072.200.000
• Audit umum atas laporan keuangan Program TJSL PT Sarana Multigriya Finance (Persero) untuk
tahun yang berakhir pada tanggal 31 Desember 2025 sebesar Rp118.000.000
• Audit atas kepatuhan PT Sarana Multigriya Finance (Persero) terhadap hukum dan peraturan
perundang-undangan dan pengendalian intern untuk tahun yang berakhir pada tanggal 31 Desember
2025 sebesar Rp166.000.000
• Perikatan asurans atas laporan capaian kinerja untuk tahun yang berakhir pada tanggal 31 Desember
2025 sebesar Rp154.000.000
• General audit of the financial statements for the year ending on December 31, 2025, amounting to
Rp1,072,200,000
• General audit of the financial statements on the Social and Environmental Responsibility Program
(TJSL) for the year ending on December 31, 2025, amounting to Rp118,000,000
• Audit of compliance with laws and regulations and internal control for the year ending on December
31, 2025, amounting to Rp166,000,000
• Assurance engagement on performance achievement reports for the year ending on December 31,
2025, amounting to Rp154,000,000
Biaya Jasa Audit Rp1.737.372.000,- (termasuk PPN 11%)
Audit Service Fees Rp1,737,372,000(including VAT 11%)
Jasa Non-Audit yang Diberikan Tidak ada
Provided Non-Audit Service(s)
Biaya Jasa Non-Audit Nihil
Non-Audit Service Fees None 147
Pada tahun 2025, audit atas laporan keuangan SMF In 2025, the audit of the Company’s financial statements by
dilaksanakan oleh Kantor Akuntan Publik (KAP) sebanyak satu the Public Accounting Firm (KAP) was conducted once, at the
PT Sarana Multigriya Finansial (Persero)
kali, yaitu pada akhir tahun buku 2025. end of the 2025 fiscal year.
Page 148
Profil Perusahaan
Company Profile
STRUKTUR ORGANISASI
ORGANIZATIONAL STRUCTURE
Struktur Organisasi Perseroan tahun 2025 terakhir ditetapkan melalui Surat Keputusan Direksi Nomor S-443/SKD/DIR/SMF/
VII/2025 tanggal 9 Juli 2025 tentang Penyesuaian Struktur Organisasi PT Sarana Multigriya Finansial (Persero) Tahun 2025,
dengan susunan sebagai berikut:
Rapat Umum Pemegang Saham
General Meeting of Shareholders
Dewan Komisaris
Komite Pemantau Risiko Board of Commissioners
Risk Monitoring Committee
President Commissioner
Komite Audit Nufransa Wira Sakti
Dewan Pengawas Syariah Audit Committee Independent Commissioner
Sharia Supervisory Board Dedy Supriadi Priatna
Hasanudin Komite Nominasi & Remunerasi Commissioner
Nomination & Remuneration Committee Brahmantio Isdijoso
148
Direktur Utama
President Director
Direktur Bisnis Ananta Wiyogo
Business Director
Laporan Tahunan 2025 Annual Report
Heliantopo
Deputi Direktur Pembiayaan
dan Syariah
Deputy Director Financing Komite Pembiayaan Komite Pengembangan Produk
and Sharia Financing Committee Product Development Committee
Vacant
Unit Usaha Pembiayaan Structured Tresuri & Manajemen Riset Strategi &
Syariah Financing Product, Hubungan Kredit Ekonomi Pengembangan
Sharia Program Investor Kredit Economic Korporasi
Business Khusus dan Tresury & Management Research Strategic &
Unit Hukum Investor Corporate
Structured Relation Development
Eka Septiana Soraya Ramly Product, Martin
Special Daniel Aries
Program and Siyaranamual Ridwanshah
Legal
Bhobby Hilman Harya
Akbar Asyrofi Narendra
Page 149
The Company’s Organizational Structure for 2025 was last established based on the Board of Directors’ Decision No. S-443/
SKD/DIR/SMF/VII/2025 dated July 9, 2025, on the Adjustment of the Organizational Structure of PT Sarana Multigriya Finansial
(Persero) for 2025, with the following details:
Description
Director
Deputy Director
Division
Coordination Line
Supervision Line
Sekretaris Dewan Komisaris
Secretary of the Board of Commissioner
Adinugroho Dwiutomo
Direktur Keuangan & Manajemen Risiko
Finance & Risk Management Director
Bonai Subiakto
149
Komite Pengarah TI Komite Manajemen Aset & Liabilitas Komite Manajemen Risiko
Information Technology Steering Committee Asset & Liabilities Management Committee Risk Management Committee
PT Sarana Multigriya Finansial (Persero)
Sekretaris Satuan Manajemen Keuangan & Sumber Daya Teknologi Pengadaan &
Perusahaan Pengawasan Risiko & Penyelesaian Manusia Informasi Manajemen
Corporate Intern Kepatuhan Transaksi Human Capital Information Aset
Secretary Internal Auditor Risk Finance & Technology Procurement
Management Settlement & Aset
& Compliance Management
Primasari R. Wisnu Tribudi Heru Asad Febrina Sri Bintar Andhy
Setyaningrum Prihartono Setiawan Abrianta Awami Wahyuni Prabowo
Page 150
Profil Perusahaan
Company Profile
PROFIL DEWAN KOMISARIS
PROFILE OF THE BOARD OF COMMISSIONERS
Nufransa
Wira Sakti
Komisaris Utama
President Commissioner
Periode Jabatan: Periode Kedua (2022-2027)
Term of Office: 2nd Period (2022-2027)
Kewarganegaraan Warga Negara Indonesia
:
Citizenship Indonesian
150 Usia 56 tahun per 31 Desember 2025
:
Age 56 years old as of December 31, 2025
Domisili Jakarta
:
Domicile
Laporan Tahunan 2025 Annual Report
Dasar Hukum Pengangkatan • Keputusan Menteri Keuangan Republik Indonesia Nomor 239/KMK.06/2022, tanggal 31 Mei 2022
Legal Basis of Appointment • Keputusan Menteri Keuangan Republik Indonesia Nomor 302/KMK.06/2020, tanggal 26 Juni 2020
:
• Decree of the Minister of Finance of the Republic of Indonesia No. 239/KMK.06/2022, dated May 31, 2022
• Decree of the Minister of Finance of the Republic of Indonesia No. 302/KMK.06/2020, dated June 26, 2020
Riwayat Pendidikan • S3 - Niigata University, Graduate School of Modern Society & Culture, Jepang (2009)
Educational Background • S2 - Economics, Yokohama National University, Jepang (2002)
• S1 - Komputer, STMIK Gunadarma (1994)
: • Doctorate in Modern Society & Culture from Niigata University, Japan (2009)
• Master’s degree in Economics from Yokohama National University, Japan (2002)
• Bachelor’s degree in Computer Science from STMIK Gunadarma (1994)
Sertifikasi Sertifikasi Manajemen Risiko Perbankan Jenjang 7
:
Certification Banking Risk Management Certification Level 7
Pengalaman Kerja • Staf Ahli Menteri Keuangan Bidang Pengawasan Pajak Kementerian Keuangan (2020 – Sekarang)
Work Experience • Kepala Biro Komunikasi dan Layanan Informasi Kementerian Keuangan (2016-2017)
• Chief Change Management Officer I, CTO Kemenkeu (2014-2016)
• Kasubdit Manajemen Transformasi Direktorat Transformasi Proses Bisnis DJP (2012-2014)
• Kepala Seksi Direktorat Transformasi Teknologi Komunikasi dan Informasi DJP (2010-2012)
• Kepala Seksi di Direktorat Jenderal Pajak (2003)
• Expert Staff to the Minister of Finance for Tax Supervision, Ministry of Finance (2020 – Present)
:
• Head of the Bureau of Communication and Information Services, Ministry of Finance (2016-2017)
• Chief Change Management Officer I, CTO of the Ministry of Finance (2014-2016)
• Head of the Business Process Transformation Management Sub-Directorate, Directorate of Business
Process Transformation, Directorate General of Taxes (2012-2014)
• Head of Section, Directorate of Communication and Information Technology Transformation, Directorate
General of Taxes (2010-2012)
• Head of Section, Directorate General of Taxes (2003)
Rangkap Jabatan Di luar Perusahaan:
Concurrent Position • Kementerian Keuangan sebagai Staf Ahli Bidang Pengawasan Perpajakan
:
Outside the Company:
• The Ministry of Finance as Expert Staff for Tax Supervision.
Hubungan Afiliasi Tidak memiliki hubungan afiliasi dengan anggota Dewan Komisaris lainnya, anggota Direksi, maupun Pemegang
Affiliation Saham Utama dan Pengendali.
:
Has no affiliation with other members of the Board of Commissioners, members of the Board of Directors, or
the Major and Controlling Shareholders
Page 151
Dedy Supriadi Priatna
Komisaris Independen
Independent Commissioner
Periode Jabatan: Periode Kedua (2022-2027)
Term of Office: 2nd Period (2022-2027)
Kewarganegaraan Warga Negara Indonesia
:
Citizenship Indonesian
Usia 67 tahun per 31 Desember 2025
:
Age 67 years old as of December 31, 2025
Domisili Jakarta
:
Domicile
Dasar Hukum Pengangkatan • Keputusan Menteri Keuangan Republik Indonesia Nomor 239/KMK.06/2022, tanggal 31 Mei 2022
Legal Basis of Appointment • Keputusan Menteri Keuangan Republik Indonesia Nomor 370/KMK.06/2020, tanggal 11 Agustus 2020
• Decree of the Minister of Finance of the Republic of Indonesia No. 239/KMK.06/2022, dated May 31,
:
2022
• Decree of the Minister of Finance of the Republic of Indonesia No. 370/KMK.06/2020, dated August 11,
2020
Riwayat Pendidikan • S3 - Ekonomi Energi dari University of Wisconsin, Madison, Amerika Serikat, (1999)
Educational Background • S2 - Ekonomi Energi dari University of Wisconsin, Madison, Amerika Serikat, (1993)
• S1 - Teknik Elektro di Institut Teknologi Bandung, (1981)
:
• Doctorate of Energy Economics from the University of Wisconsin, Madison, United States (1999)
• Master’s degree of Energy Economics from the University of Wisconsin, Madison, United States (1993)
• Bachelor’s degree of Electrical Engineering from Institut Teknologi Bandung (1981)
Sertifikasi Sertifikasi Manajemen Risiko Perbankan Jenjang 6
:
Certification Banking Risk Management Certification Level 6
Pengalaman Kerja • Fungsional Perencana Utama pada Sekretariat Kementerian Perencanaan Pembangunan Nasional -
Work Experience Bappenas (2016-2018) 151
• Deputi Bidang Sarana dan Prasarana Bappenas, Kepala Pusat Pembinaan dan Diklat Perencana
Bappenas (2007-2015)
• Komisaris PT Asuransi Kredit Indonesia (Persero) (2013-2018)
• Komisaris PT INKA (Persero) (2007-2015)
• Dosen tetap Luar Biasa di Program Pasca Sarjana Ilmu Ekonomi Universitas Indonesia pada Jurusan
PT Sarana Multigriya Finansial (Persero)
Ekonomi Energi, Spesialisasi di Bidang Ekonomi Tenaga Listrik (2002-2013)
:
• Main Planning Functionality at the Secretariat of the Ministry of National Development Planning -
Bappenas (2016-2018)
• Deputy for Infrastructure and Facilities at Bappenas, Head of the Planning Training and Development
Center at Bappenas (2007-2015)
• Commissioner of PT Asuransi Kredit Indonesia (Persero) (2013-2018)
• Commissioner of PT INKA (Persero) (2007-2015)
• Extraordinary Permanent Lecturer in the Graduate Program of Economics at Universitas Indonesia,
specializing in Energy Economics, with a focus on Electricity Economics (2002-2013)
Rangkap Jabatan Di dalam Perusahaan dan Anak Perusahaan:
Concurrent Position • Tidak ada
Di luar Perusahaan:
• Tidak ada
:
In the Company or Subsidiaries:
• None
Outside the Company:
• None
Hubungan Afiliasi Tidak memiliki hubungan afiliasi dengan anggota Dewan Komisaris lainnya, anggota Direksi, maupun Pemegang
Affiliation Saham Utama dan Pengendali.
:
Has no affiliation with other members of the Board of Commissioners, members of the Board of Directors, or
the Major and Controlling Shareholders
Page 152
Profil Perusahaan
Company Profile
Brahmantio
Isdijoso
Komisaris
Commissioner
Periode Jabatan: Periode Pertama (2023-2027)
Term of Office: 1st Period (2023-2027)
Kewarganegaraan Warga Negara Indonesia
:
Citizenship Indonesian
Usia 61 tahun per 31 Desember 2025
:
152 Age 61 years old as of December 31, 2025
Domisili Jakarta
:
Domicile
Dasar Hukum Pengangkatan Keputusan Menteri Keuangan Republik Indonesia Nomor 217 Tahun 2023, tanggal 19 Juni 2023.
:
Legal Basis of Appointment
Laporan Tahunan 2025 Annual Report
Decree of the Minister of Finance of the Republic of Indonesia No. 217 of 2023, dated June 19, 2023.
Riwayat Pendidikan • S2 - Ekonomi Pertanian, Institut Pertanian Bogor (1990)
Educational Background • S1 - Ekonomi Pertanian, Institut Pertanian Bogor (1987)
:
• Master’s degree in Agricultural Economics from Institut Pertanian Bogor (1990)
• Bachelor’s degree in Agricultural Economics from Institut Pertanian Bogor (1987)
Sertifikasi Sertifikasi Manajemen Risiko Perbankan Jenjang 7
:
Certification Banking Risk Management Certification Level 7
Pengalaman Kerja • Direktur Pengelolaan Dukungan Pemerintah dan Pembiayaan Infrastruktur, DJPPR, Kementerian
Work Experience Keuangan (2019-2025)
• Komisaris PT Industri Kereta Api (INKA) (Persero) (2017-2022)
• Direktur Pengelolaan Risiko, DJPPR (2015-2019)
:
• Director of Government Support Management and Infrastructure Financing, DJPPR, Ministry of Finance
(2019–Present)
• Commissioner of PT Industri Kereta Api (INKA) (Persero) (2017–2022)
• Director of Risk Management, DJPPR (2015–2019)
Rangkap Jabatan Di dalam Perusahaan dan Anak Perusahaan:
Concurrent Position • Tidak ada
Di luar Perusahaan:
• Direktur Pengelolaan Dukungan Pemerintah dan Pembiayaan Infrastruktur, DJPPR
:
In the Company or Subsidiaries:
• None
Outside the Company:
• Director of Government Support Management and Infrastructure Financing, DJPPR
Hubungan Afiliasi Tidak memiliki hubungan afiliasi dengan anggota Dewan Komisaris lainnya, anggota Direksi, maupun Pemegang
Affiliation Saham Utama dan Pengendali.
:
Has no affiliation with other members of the Board of Commissioners, members of the Board of Directors, or
the Major and Controlling Shareholders
Page 153
PERNYATAAN INDEPENDENSI KOMISARIS
INDEPENDEN
STATEMENT OF INDEPENDENCE OF INDEPENDENT COMMISSIONERS
153
PT Sarana Multigriya Finansial (Persero)
SMF telah mematuhi ketentuan Peraturan OJK Nomor 33/ The Company has complied with the provisions of OJK
POJK.04/2014 yang menyebutkan bahwa, dalam hal Dewan Regulation No. 33/POJK.04/2014, which states that if the
Komisaris terdiri lebih dari 2 (dua) orang anggota Dewan Board of Commissioners consists of more than two (2)
Komisaris, jumlah Komisaris Independen wajib paling kurang members, at least 30% (thirty percent) of the total members
30% (tiga puluh persen) dari jumlah seluruh anggota Dewan must be Independent Commissioners. The Company’s Board
Komisaris. Adapun Dewan Komisaris Perseroan berjumlah of Commissioners consists of three (3) members, one of
3 (tiga) orang, dengan satu di antaranya menjabat sebagai whom is an Independent Commissioner. Mr. Dedy Supriadi
Komisaris Independen. Bapak Dedy Supriadi Priatna selaku Priatna. As the Company’s Independent Commissioner, he
Komisaris Independen Perseroan telah memenuhi seluruh has met all the requirements set forth in OJK Regulation No.
persyaratan sebagaimana diatur dalam Peraturan OJK Nomor 33/POJK.04/2014, particularly on the qualifications for an
33/POJK.04/2014, khususnya terkait kriteria independensi. Independent Commissioner. In this regard, he has also signed
Sebagai bentuk pemenuhan komitmen tersebut, yang the statement of independence and the Integrity Pact, with the
bersangkutan telah menandatangani Surat Pernyataan most recent signing conducted on February 3, 2025.
Independensi dan Pakta Integritas, terakhir pada tanggal 3
Februari 2025.
Page 154
Profil Perusahaan
Company Profile
PROFIL DEWAN PENGAWAS SYARIAH
PROFILE OF THE SHARIA SUPERVISORY BOARD
Prof. Dr. K.H.
Hasanudin, M.Ag
Ketua Dewan Pengawas Syariah
Chairman of Sharia Supervisory Board
Periode Jabatan: Periode Kedua (2023-2028)
Term of Office: 2nd Period (2023-2028)
154 Kewarganegaraan Warga Negara Indonesia
:
Citizenship Indonesian
Usia 64 tahun per 31 Desember 2025
:
Age 64 years old as of December 31, 2025
Domisili Tangerang Selatan
Laporan Tahunan 2025 Annual Report
:
Domicile South Tangerang
Dasar Hukum Pengangkatan Keputusan Menteri Keuangan Republik Indonesia Nomor 219, tanggal 27 Juni 2023.
:
Legal Basis of Appointment Decree of the Minister of Finance of the Republic of Indonesia No. 219 dated June 27, 2023.
Riwayat Pendidikan • S3 - Studi Pengkajian Islam (konsentrasi syariah), IAIN Syarif Hidayatullah, Jakarta (2008)
Educational Background • S2 - Studi Pengkajian Islam (konsentrasi syariah), IAIN Syarif Hidayatullah, Jakarta (1997)
• S1 - Fakultas Syariah, Institut Agama Islam Negeri IAIN (sekarang UIN) Syarif Hidayatullah, Jakarta
(1989)
• Diploma - Fakultas Syariah, Universitas Islam Tribhakti, Kediri, (1985)
:
• Doctorate degree in Islamic Studies (Sharia) from IAIN Syarif Hidayatullah, Jakarta (2008)
• Master’s degree in Islamic Studies (Sharia) from IAIN Syarif Hidayatullah, Jakarta (1997)
• Bachelor’s degree from Faculty of Sharia, Institut Agama Islam Negeri/IAIN (now UIN) Syarif Hidayatullah,
Jakarta (1989)
• Diploma from Faculty of Sharia, Universitas Islam Tribhakti, Kediri (1985)
Sertifikasi • Sertifikat Kompetensi Pengawas Syariah dari BNSP (30 Mei 2023, BNSP)
Certification • Izin Ahli Syariah Pasar Modal dari OJK (27 April 2021, OJK)
• Sertifikat Kompetensi Manajemen Risiko, Kualifikasi 4 Bidang Manajemen Risiko Perbankan dari BNSP
(26 Agustus 2024, BNSP)
:
• Sharia Supervisory Competency Certificate from BNSP (May 30, 2023, BNSP) ·
• Capital Market Sharia Expert Permit from FSA (April 27, 2021, FSA)
• Risk Management Competency Certificate, Qualification 4 in Banking Risk Management from BNSP
(Agustus 26, 2024, BNSP)
Page 155
Pengalaman Kerja • Wakil Ketua Komisi Fatwa Majelis Ulama Indonesia, sejak 2010 s.d. sekarang
Work Experience • Dosen pada Fakultas Syari’ah Institut Ilmu Al-Qur’an (IIQ) Jakarta, sejak 1992 s.d. sekarang (S1) dan
Program Pascasarjana (Magister) Institut Ilmu Al-Qur’an (IIQ) Jakarta, sejak 2010 s.d. sekarang (S2)
• Dosen pada Fakultas Syari’ah dan Hukum IAIN/UIN Syarif Hidayatullah Jakarta, sejak 1990 s.d. sekarang
(S1), dan 2012 s.d. sekarang (S2)
• Wakil Ketua Badan Pengurus DSN-MUI, 2025-2030
• Ketua Badan Pelaksana Harian (BPH) DSN-MUI, sejak 2020 s.d. 2025
• Dewan Pengawas Syariah pada Bank Syariah Indonesia, Unit Usaha Syariah Bank Danamon, dan TAFS
Syariah
• Instruktur pelatihan yang diselenggarakan oleh DSN-MUI dalam Bidang Perbankan Syariah, Asuransi
Syariah, Perusahaan Pembiayaan Syariah, Pasar Modal Syariah, dan Koperasi Syariah
: • Deputy Chair of the Fatwa Commission of the Indonesian Ulema Council, since 2010 to present
• Lecturer at the Sharia Faculty of the Al-Qur’an Institute (IIQ) Jakarta, since 1992 to present (Bachelor’s
Degree) and Postgraduate Program (Master’s Degree) at the Al-Qur’an Institute (IIQ) Jakarta, since 2010
to present (Master’s Degree)
• Lecturer at the Faculty of Sharia and Law, IAIN/UIN Syarif Hidayatullah Jakarta, since 1990 to present
(S1), and 2012 to present (S2)
• Deputy Chair of the DSN-MUI Management Board, 2025-2030
• Chair of the Executive Board (BPH) of DSN-MUI, from 2020 to 2025
• Sharia Supervisory Board at Bank Syariah Indonesia, Bank Danamon Sharia Business Unit, and TAFS
Syariah
• Trainer for courses organized by DSN-MUI in the fields of Sharia Banking, Sharia Insurance, Sharia
Financing Companies, Sharia Capital Markets, and Sharia Cooperatives
Rangkap Jabatan Di luar Perusahaan:
Concurrent Position • Anggota Eksternal Komite Pengembangan Keuangan Syariah (KPKS) OJK (2025-sekarang)
• Anggota DPS UUS Bank Danamon (2002-sekarang)
• Wakil Ketua Komisi Fatwa MUI (2010-sekarang)
• Anggota DPS PT Toyota Astra Finance Services (2014-sekarang)
• Wakil Ketua Badan Pengurus DSN-MUI, 2025-2030
• Ketua DPS Bank Syariah Indonesia (2021-sekarang)
:
Outside the Company:
• External Member of the OJK’s Sharia Finance Development Committee (KPKS) (2025–present)
• Member of DPS of UUS of Bank Danamon (2002–present) ·
• Deputy Head of Fatwa Commission of MUI (2010–present) ·
• Member of DPS of PT Toyota Astra Finance Services (2014–present)
• Chairman of Daily Executing Agency (BPH) of DSN-MUI (2020 present)
• Chairman of DPS of Bank Syariah Indonesia (2021–present)
Hubungan Afiliasi Tidak memiliki hubungan afiliasi dengan anggota Dewan Komisaris lainnya, anggota Direksi, maupun Pemegang
Affiliation Saham Utama dan Pengendali.
:
Has no affiliation with other members of the Board of Commissioners, members of the Board of Directors, or
the Major and Controlling Shareholders
155
PT Sarana Multigriya Finansial (Persero)
Page 156
Profil Perusahaan
Company Profile
PROFIL DIREKSI
PROFILE OF THE BOARD OF DIRECTORS
Ananta
Wiyogo
Direktur Utama
President Director
Periode Jabatan: Periode Kedua (2021-2026)
Term of Office: 2nd Period (2021-2026)
Kewarganegaraan Warga Negara Indonesia
:
Citizenship Indonesian
Usia 68 tahun per 31 Desember 2025
:
156 Age 68 years old as of December 31, 2025
Domisili
: Jakarta
Domicile
Dasar Hukum Pengangkatan • Keputusan Menteri Keuangan Republik Indonesia Nomor 290/KMK.06/2021, tanggal 22 Juli 2021
Legal Basis of Appointment
Laporan Tahunan 2025 Annual Report
• Keputusan Menteri Keuangan Republik Indonesia Nomor 639/KMK.06/2016, tanggal 26 Juli 2016
:
• Decree of Minister of Finance of the Republic of Indonesia No. 290/KMK.06/2021, dated July 22, 2021
• Decree of Minister of Finance of the Republic of Indonesia No. 639/KMK.06/2016, dated July 26, 2016
Riwayat Pendidikan • S2 - Bidang Keuangan, Bentley College, Walthan, MA, USA (1987)
Educational Background • S2 - Bidang Manajemen, Arthur D. Little Management Education Institute, Cambridge, USA (1984)
• S1 - Fakultas Perikanan, IPB Bogor (1981)
: • Master’s degree in Finance, Bentley College, Waltham, MA, USA (1987
• Master’s degree in Management, Arthur D. Little Management Education Institute, Cambridge, USA
(1984)
• Bachelor’s Degree from Faculty of Fisheries, IPB Bogor (1981)
Sertifikasi Sertifikasi Manajemen Risiko Perbankan Jenjang 7
:
Certification Banking Risk Management Certification Level 7
Pengalaman Kerja • Komisaris KSEI (2015-2017)
Work Experience • Direktur Utama PT BNI Securities (2013-2016)
• Direktur Utama PT Kustodian Sentral Efek Indonesia (KSEI) (2007-2013)
• Direktur Utama PT PEFINDO (2001-2007)
:
• Commissioner of KSEI (2015-2017)
• President Director of PT BNI Securities (2013-2016)
• President Director of PT Kustodian Sentral Efek Indonesia (KSEI) (2007-2013)
• President Director of PT PEFINDO (2001-2007)
Rangkap Jabatan Di dalam Perusahaan dan Anak Perusahaan:
Concurrent Position • Tidak ada
Di luar Perusahaan:
• Tidak ada
:
In the Company or Subsidiaries:
• None
Outside the Company:
• None
Hubungan Afiliasi Tidak memiliki hubungan afiliasi dengan anggota Dewan Komisaris lainnya, anggota Direksi, maupun Pemegang
Affiliation Saham Utama dan Pengendali.
:
Has no affiliation with other members of the Board of Commissioners, members of the Board of Directors, or
the Major and Controlling Shareholders
Page 157
Heliantopo
Direktur Bisnis
Director of Business
Periode Jabatan: Periode Kedua (2021-2026)
Term of Office: 2nd Period (2021-2026)
Kewarganegaraan Warga Negara Indonesia
:
Citizenship Indonesian
Usia 59 tahun per 31 Desember 2025
:
Age 59 years old as of December 31, 2025
Domisili
: Jakarta
Domicile
Dasar Hukum Pengangkatan • Keputusan Menteri Keuangan Republik Indonesia Nomor 290/KMK.06/2021, tanggal 22 Juli 2021
Legal Basis of Appointment • Keputusan Menteri Keuangan Republik Indonesia Nomor 639/KMK.06/2016, tanggal 26 Juli 2016
:
• Decree of the Minister of Finance of the Republic of Indonesia No. 290/KMK.06/2021, dated July 22, 2021
• Decree of the Minister of Finance of the Republic of Indonesia No. 639/KMK.06/2016, dated July 26, 2016
Riwayat Pendidikan • S2 - Akuntansi, Universitas Indonesia (2001)
Educational Background • Diploma IV, Sekolah Tinggi Akuntansi Negara (STAN) (1994)
:
• Diploma IV from Sekolah Tinggi Akuntansi Negara (STAN) (1994)
• Master’s degree in Accounting from Universitas Indonesia (2001)
Sertifikasi • Accountant Registered No.: D-13933
Certification • Chartered Accountant (CA) dari IAI
• Certified Professional Management Accountant (CPMA) dari IAMI
• Wakil Manajer Investasi (WMI) dari Bapepam
• Sertifikasi Manajemen Risiko Perbankan Jenjang 7 157
:
• Accountant Registered No.: D-13933
• Chartered Accountant (CA) from IAI
• Certified Professional Management Accountant (CPMA) from IAMI
• Investment Manager Representative (WMI) from Bapepam
• Banking Risk Management Certification Level 7
PT Sarana Multigriya Finansial (Persero)
Pengalaman Kerja • Kepala Divisi Riset & Pengembangan, PT Sarana Multigriya Finansial (Persero) (2012-2016)
Work Experience • General Manajer Keuangan, PT Humpuss Intermoda Transportasi Tbk (2010-2012)
• Sekretaris Perusahaan, PT Sarana Multigriya Finansial (Persero) (2005-2010)
:
• Head of Research & Development Division at PT Sarana Multigriya Finansial (Persero) (2012-2016)
• General Manager of Finance at PT Humpuss Intermoda Transportasi Tbk (2010-2012)
• Corporate Secretary at PT Sarana Multigriya Finansial (Persero) (2005-2010)
Rangkap Jabatan Di dalam Perusahaan dan Anak Perusahaan:
Concurrent Position • Tidak ada
Di luar Perusahaan:
• Tidak ada
:
In the Company or Subsidiaries:
• None
Outside the Company:
• None
Hubungan Afiliasi Tidak memiliki hubungan afiliasi dengan anggota Dewan Komisaris lainnya, anggota Direksi, maupun Pemegang
Affiliation Saham Utama dan Pengendali.
:
Has no affiliation with other members of the Board of Commissioners, members of the Board of Directors, or
the Major and Controlling Shareholders
Page 158
Profil Perusahaan
Company Profile
Bonai Subiakto
Direktur Keuangan & Manajemen Risiko
Director of Finance and Risk Management
Periode Jabatan: Periode Pertama (2022-
2027)
Term of Office: 1st Period (2022-2027)
Kewarganegaraan Warga Negara Indonesia
:
Citizenship Indonesian
Usia 61 tahun per 31 Desember 2025
:
Age 61 years old as of December 31, 2025
Domisili
: Jakarta
Domicile
Dasar Hukum Pengangkatan Keputusan Menteri Keuangan Republik Indonesia Nomor 284/KMK.06/2022 tanggal 27 Juli 2022
:
Legal Basis of Appointment Decree of the Minister of Finance of the Republic of Indonesia No. 284/KMK.06/2022 dated July 27, 2022
Riwayat Pendidikan S1 - Ekonomi, Jurusan Akuntansi Universitas Katolik Parahyangan Bandung (1990)
:
Educational Background Bachelor’s degree in Economics, Accounting Department from Universitas Katolik Parahyangan Bandung (1990)
158 Sertifikasi • Sertifikasi Manajemen Risiko Perbankan Jenjang 7
Certification : Banking Risk Management Certification Level 7
• Certified Governance, Risk, and Compliance For Executive (GRCE)
Pengalaman Kerja • Sekretaris Perusahaan PT Sarana Multigriya Finansial (Persero) (2017-2022)
Work Experience • Kepala Divisi Manajemen Kredit & Pengembangan Produk PT Sarana Multigriya Finansial (Persero) (2016)
Laporan Tahunan 2025 Annual Report
• Kepala Divisi Pembiayaan 2 & Pengembangan Produk PT Sarana Multigriya Finansial (Persero) (2016)
• Kepala Divisi Riset & Pengembangan PT Sarana Multigriya Finansial (Persero) (2013)
• Kepala Divisi Satuan Pengawas Intern PT Sarana Multigriya Finansial (Persero) (2012)
• Kepala Divisi Internal Audit PT Sarana Multigriya Finansial (Persero) (2010)
• Kepala Research dan Development PT Sarana Multigriya Finansial (Persero) (2009)
• Kepala Bagian Product Operation PT Sarana Multigriya Finansial (Persero) (2007)
• Kepala Bagian Marketing dan Product Development PT Sarana Multigriya Finansial (Persero) (2007)
• Assistant Manager Unit Bisnis – Credit Analyst PT Sarana Multigriya Finansial (Persero) (2006)
• Credit Analyst in Middle Commercial Banking Center PT Bank Mandiri (2004-2005)
• Deputy Senior Manager Divisi Audit BPPN (1999-2004)
• Funding & Lending Manager PT Bank Papan Sejahtera (1990-1999)
:
• Corporate Secretary of PT Sarana Multigriya Finansial (Persero) (2017-2022)
• Head of Credit Management & Product Development Division at PT Sarana Multigriya Finansial (Persero) (2016)
• Head of Financing 2 & Product Development Division at PT Sarana Multigriya Finansial (Persero) (2016)
• Head of Research & Development Division at PT Sarana Multigriya Finansial (Persero) (2013)
• Head of Internal Audit Unit at PT Sarana Multigriya Finansial (Persero) (2012)
• Head of Internal Audit Division at PT Sarana Multigriya Finansial (Persero) (2010)
• Head of Research and Development at PT Sarana Multigriya Finansial (Persero) (2009)
• Head of Product Operation Section at PT Sarana Multigriya Finansial (Persero) (2007)
• Head of Marketing and Product Development Section at PT Sarana Multigriya Finansial (Persero) (2007)
• Assistant Business Unit Manager – Credit Analyst at PT Sarana Multigriya Finansial (Persero) (2006)
• Credit Analyst in Middle Commercial Banking Center at PT Bank Mandiri (2004-2005)
• Deputy Senior Manager of Audit Division at BPPN (1999 2004)
• Funding & Lending Manager at PT Bank Papan Sejahtera (1990-1999)
Rangkap Jabatan Di dalam Perusahaan dan Anak Perusahaan:
Concurrent Position • Tidak ada
Di luar Perusahaan:
• Tidak ada
:
In the Company or Subsidiaries:
• None
Outside the Company:
• None
Hubungan Afiliasi Tidak memiliki hubungan afiliasi dengan anggota Dewan Komisaris lainnya, anggota Direksi, maupun Pemegang Saham
Affiliation Utama dan Pengendali.
:
Has no affiliation with other members of the Board of Commissioners, members of the Board of Directors, or
the Major and Controlling Shareholders
Page 159
INFORMASI PERUBAHAN KOMPOSISI
DEWAN KOMISARIS, DEWAN PENGAWAS
SYARIAH DAN DIREKSI
INFORMATION ON CHANGES IN THE COMPOSITION OF THE
BOARD OF COMMISSIONERS, SHARIA SUPERVISORY BOARD,
AND BOARD OF DIRECTORS
Selama tahun 2025, tidak terdapat perubahaan komposisi Throughout 2025, there were no changes in the composition
baik Dewan Komisaris, Dewan Pengawas Syariah, dan Direksi. of the Board of Commissioners, Sharia Supervisory Board, and
Namun demikian, berdasarkan Surat Keputusan Direksi No Board of Directors. However, based on the Board of Directors
S-837/SKD/DIR/SMF/XII/2024 tanggal 31 Desember 2024 yang Decree No. S-837/SKD/DIR/SMF/XII/2024 dated December 31,
berlaku sejak tanggal 2 Januari 2025, terdapat perubahan 2024, effective from January 2, 2025, there have been changes
nomenklatur Direksi sebagai berikut. in the nomenclature of the Board of Directors as follows.
Semula Menjadi
Before After
Direktur Sekuritisasi dan Pembiayaan Direktur Bisnis
Director of Securitization and Financing Director of Business
Direktur keuangan dan Operasional Direktur Keuangan & Manajemen Risiko
Director of Finance and Operations Director of Finance and Risk Management
159
PT Sarana Multigriya Finansial (Persero)
Page 160
Profil Perusahaan
Company Profile
PROFIL PEJABAT EKSEKUTIF
PROFILE OF EXECUTIVE OFFICERS
Aries
Ridwanshah
Kepala Divisi Strategi &
Pengembangan Korporasi
Head of the Strategy & Corporate Development Division
Kewarganegaraan Warga Negara Indonesia
:
160 Citizenship Indonesian
Usia 44 tahun per 31 Desember 2025
:
Age 44 years old as of December 31, 2025
Domisili
: Jakarta
Domicile
Laporan Tahunan 2025 Annual Report
Riwayat Pendidikan • S2 – Finance, PPM School of Management, tahun 2007
Educational Background • S1 - Manajemen, Sekolah Tinggi Ekonomi Keuangan Perbankan Indonesia (STEKPI), tahun 1999
: • Master’s degree in Finance, PPM School of Management in 2007
• Bachelor’s degree in Management (Finance), Sekolah Tinggi Ekonomi Keuangan dan Perbankan
Indonesia (STEKPI) graduated in 1999
Sertifikasi • Sertifikasi Manajemen Risiko Perbankan Jenjang 5 - Desember 2025
Certification • Professional Financial Modeler (PFM) - November 2023
• Qualified Risk Management Professional (QRMP) September 2023
• Certified Public Private Partnership Profesional (2021)
• Wakil Perantara Pedagang Efek (WPPE) (2015)
• Diploma Financial Planner Level 1,2 & 3 (2010)
• P1 - P2 Penilai Bisnis (2009)
:
• Level 5 Banking Risk Management Certification - December 2025
• Professional Financial Modeler (PFM) - November 2023
• Qualified Risk Management Professional (QRMP) - September 2023
• Certified Public-Private Partnership Professional (2021)
• Securities Dealer Representative (WPPE) (2015)
• Financial Planner Diploma Levels 1, 2 & 3 (2010)
• P1 - P2 Business Appraiser (2009)
Pengalaman Kerja • Vice President PT Sarana Multigriya Finansial (Persero) (2022-sekarang)
Work Experience • Assistant Vice President PT Sarana Multigriya Finansial (Persero) (2021-2022)
• Coordinator, PT Sarana Multigriya Finansial (Persero) (2017-2021)
• Manager, BNI Securities (2011-2017)
• Business Valuer, PT Asian Appraisal Indonesia (2008-2011)
:
• Vice President PT Sarana Multigriya Finansial (Persero) (2022-present)
• AVP at PT Sarana Multigriya Finansial (Persero) (2021-2022)
• Coordinator at PT Sarana Multigriya Finansial (Persero) (2017-2021)
• Manager at BNI Securities (2011-2017)
• Business Valuer at PT Asian Appraisal Indonesia (2008-2011)
Dasar Hukum Pengangkatan Menjabat sebagai Kepala Divisi Strategi & Pengembangan Korporasi berdasarkan Surat Keputusan Direksi
Legal Basis of Appointment No. S –032/DIR/SDM/SMF/I/2025 tanggal 02 Januari 2025
:
Serving as Head of the Strategy & Corporate Development Division based on the Board of Directors’ Decree
No. S–032/DIR/SDM/SMF/I/2025 dated January 2, 2025
Page 161
Tribudi
Setiawan
Kepala Divisi Manajemen Risiko & Kepatuhan
Head of the Risk Management & Compliance Division
Kewarganegaraan Warga Negara Indonesia
:
Citizenship Indonesian
Usia 38 tahun per 31 Desember 2025
:
Age 38 years old as of December 31, 2025
Domisili Kota Bekasi
:
Domicile Bekasi City
Riwayat Pendidikan • S2- Manajemen, Perbanas Institute, tahun 2024
Educational Background • S1 – Ekonomi, Universitas Negeri Tanjungpura, tahun 2009
:
• Master’s Degree in Management, Perbanas Institute in 2024
• Bachelor’s Degree in Economics, Universitas Tanjungpura in 2009
Sertifikasi • Sertifikasi Manajemen Risiko Level-6, LSP BSMR, Jakarta (2025)
Certification • Sertifikasi Certified Risk Management Professional (CRMP), LSP MR, Jakarta (2023)
• Certified Risk Management Professional (2022)
• Sertifikasi Certified Governance, Risk Management and Compliance Professional (CGRCP), LSP GRK,
Jakarta (2021)
• Sertifikasi ERMA, CRMS, Jakarta (2020)
:
• Level-6 Risk Management Certification, LSP BSMR, Jakarta (2025)
• Certified Risk Management Professional (CRMP) Certification, LSP MR, Jakarta (2023)
• Certified Risk Management Professional (2022)
• Certified Governance, Risk Management and Compliance Professional (CGRCP) Certification, LSP GRK,
Jakarta (2021)
161
• ERMA Certification, CRMS, Jakarta (2020)
Pengalaman Kerja • Kepala Divisi Manajemen Risiko & Kepatuhan, PT SMF, April 2023 - sekarang
Work Experience • Kepala Bagian Manajemen Risiko, PT SMF, (2021-2023)
• Business Risk Analyst PT SMF (Persero) (2020)
• Qualified Internal Auditor (2019)
PT Sarana Multigriya Finansial (Persero)
• Auditor Internal (2017-2019)
• Team Manager Auditor Internal PT Bank Permata (2015-2017)
• Quality Assurance PT Bank BTPN (2014-2015)
• Auditor Internal PT Bank Mega (2012-2014)
• Staf Akuntansi PT Bank Kalbar (2009-2011)
:
• Head of Risk Management & Compliance Division, PT SMF, April 2023 - present
• Head of Risk Management Section (2021-2023)
• Business Risk Analyst at PT Sarana Multigriya Finansial (Persero) (2020)
• Qualified Internal Auditor (2019)
• Internal Auditor (2017-2019)
• Team Manager, Internal Audit at PT Bank Permata (2015-2017)
• Quality Assurance at PT Bank BTPN (2014-2015)
• Internal Auditor at PT Bank Mega (2012-2014)
• Accounting Staff at PT Bank Kalbar (2009-2011)
Dasar Hukum Pengangkatan Menjabat sebagai Kepala Divisi Manajemen Risiko & Kepatuhan berdasarkan Surat Keputusan Direksi No.
Legal Basis of Appointment S-225/DIR/SDM/SMF/IV/2023 tanggal 11 April 2023
:
Serving as Head of the Risk Management & Compliance Division based on the Board of Directors’ Decree
No. S-225/DIR/SDM/SMF/IV/2023 dated April 11, 2023
Page 162
Profil Perusahaan
Company Profile
Harya Narendra
Kepala Divisi Manajemen Kredit
Head of the Credit Management Division
Kewarganegaraan Warga Negara Indonesia
:
Citizenship Indonesian
Usia 46 tahun per 31 Desember 2025
:
Age 46 years old as of December 31, 2025
Domisili
: Depok
Domicile
162 Riwayat Pendidikan S1 Akuntansi, Universitas Krisnadwipayana tahun 2017
:
Educational Background Bachelor’s degree in Accounting, Universitas Krisnadwipayana, in 2017
Sertifikasi • Sertifikasi Manajemen Risiko Perbankan Jenjang 5 - (2025)
Certification • CP3P Execution Level (2023)
• CP3P Preparation Level (2023)
Laporan Tahunan 2025 Annual Report
• Enterprise Risk Management Certified Professional (2023)
:
• Banking Risk Management Certification Level 5 - in (2025)
• CP3P Execution Level in (2023)
• CP3P Preparation Level in (2023)
• Enterprise Risk Management Certified Professional (2023)
Pengalaman Kerja • Kepala Divisi Manajemen Kredit, PT SMF, (2024 - sekarang)
Work Experience • Kepala Divisi Sekuritisasi & Program Khusus, PT SMF, (2021-2023)
• Kepala Divisi Pengembangan Bisnis PT SMF (Persero) (2019-2020)
• Kepala Divisi Manajemen Risiko & Kepatuhan PT SMF (Persero) (2018)
• Kepala Bagian Manajemen kredit & Pengembangan Produk PT SMF (Persero) (2017)
• Kepala Bagian Pembiayaan 2 dan Pengembangan Produk PT SMF (Persero) (2016)
• Kepala Bagian Divisi Sekuritisasi & Pembiayaan PT SMF (Persero) (2015-2016)
• Staf Divisi Sekuritisasi & Pembiayaan PT SMF (Persero) (2011-2015)
• Staf Divisi Marketing & Product Development PT SMF (Persero) (2008- 2011)
• Staf Divisi Akuntansi & Pelaporan PT SMF (Persero) (2005-2008)
• Staf Direktorat Perbankan dan Usaha Jasa Pembiayaan DJLK, Departemen Keuangan (2000-2005)
:
• Head of Credit Management Division, PT SMF (2024 – present)
• Head of Securitization & Special Programs Division, PT SMF (2021 – 2023)
• Head of Business Development Division at PT Sarana Multigriya Finansial (Persero) (2019-2021)
• Head of Risk Management & Compliance Division at PT Sarana Multigriya Finansial (Persero) (2018)
• Head of Credit Management & Product Development at PT Sarana Multigriya Finansial (Persero) (2017)
• Head of Financing 2 & Product Development at PT Sarana Multigriya Finansial (Persero) (2016)
• Head of Securitization & Financing Division at PT Sarana Multigriya Finansial (Persero) (2015-2016)
• Staff of Securitization & Financing Division at PT Sarana Multigriya Finansial (Persero) (2011-2015)
• Staff of Marketing & Product Development Division at PT Sarana Multigriya Finansial (Persero) (2008-2011)
• Staff of Accounting & Reporting Division at PT Sarana Multigriya Finansial (Persero) (2005-2008)
• Staff of Directorate of Banking and Financing Services, DJLK, Ministry of Finance (2000-2005)
Dasar Hukum Pengangkatan Menjabat sebagai Kepala Divisi Manajemen Kredit berdasarkan Surat Keputusan Direksi No. S –555/DIR/
Legal Basis of Appointment SDM/SMF/VIII/2024 tanggal 22 Agustus 2024
:
Serving as Head of the Credit Management Division based on the Board of Directors’ Decree No. S–555/DIR/
SDM/SMF/VIII/2024 dated August 22, 2024
Page 163
Primasari
Setyaningrum
Sekretaris Perusahaan
Corporate Secretary
Kewarganegaraan Warga Negara Indonesia
:
Citizenship Indonesian
Usia 37 tahun per 31 Desember 2025
:
Age 37 years old as of December 31, 2025
Domisili
: Jakarta
Domicile
Riwayat Pendidikan • S2 International Finance, Bournemouth University tahun 2014
Educational Background • S1 Akuntansi, Universitas Gadjah Mada tahun 2010
:
• Master’s degree in International Finance at Bournemouth University, in 2014
• Bachelor’s degree in Accounting at Universitas Gadjah Mada, in 2010
Sertifikasi • Sertifikasi Manajemen Risiko Perbankan Jenjang 5 - (2025)
Certification • Wakil Perantara Pedagang Efek (2020)
:
• Banking Risk Management Certification Level 5 - (2025)
• Broker Dealer Representative (2020)
Pengalaman Kerja • Sekretaris Perusahaan PT SMF (2022 - sekarang)
Work Experience • Kepala Bagian Divisi Sekuritisasi dan Program Khusus PT Sarana Multigriya Finansial (Persero) (2020-
2022)
• Staff Sekuritisasi dan Penugasan Khusus PT Sarana Multigriya Finansial (Persero) (2019-2020)
163
• Staff Sekuritisasi dan Pembelian KPR PT Sarana Multigriya Finansial (Persero) (2018-2019)
• Staff Pemasaran & Pengembangan Pasar PT Sarana Multigriya Finansial (Persero) (2017-2018)
• Staff Sekuritisasi dan Pembiayaan I PT Sarana Multigriya Finansial (Persero) (2016-2017)
• Relationship Manager Permata Bank (2010-2013)
:
• Corporate Secretary of PT SMF (2022 - present)
PT Sarana Multigriya Finansial (Persero)
• Head of Securitization and Special Programs Division at PT Sarana Multigriya Finansial (Persero) (2020-
2022)
• Staff of Securitization and Special Assignments at PT Sarana Multigriya Finansial (Persero) (2019-2020)
• Staff of Securitization and Mortgage Purchasing at PT Sarana Multigriya Finansial (Persero) (2018-2019)
• Staff of Marketing & Market Development at PT Sarana Multigriya Finansial (Persero) (2017-2018)
• Staff of Securitization and Financing I at PT Sarana Multigriya Finansial (Persero) (2016-2017)
• Relationship Manager at Permata Bank (2010-2013)
Dasar Hukum Pengangkatan Menjabat sebagai Sekretaris Perusahaan berdasarkan Surat Keputusan Direksi No. S-568/DIR/SDM/ SMF/
Legal Basis of Appointment IX/2022 tanggal 8 September 2022
:
Serving as Corporate Secretary based on the Board of Directors Decree No. S-568/DIR/SDM/SMF/IX/2022
dated September 8, 2022
Page 164
Profil Perusahaan
Company Profile
R. Wisnu Prihartono
Kepala Satuan Pengawasan Intern
Head of Internal Audit Unit
Kewarganegaraan Warga Negara Indonesia
:
Citizenship Indonesian
Usia 54 tahun per 31 Desember 2025
:
Age 54 years old as of December 31, 2025
Domisili
: Tangerang
Domicile
164 Riwayat Pendidikan • S2 Perencanaan Ekonomi dan Kebijakan Pembangunan, Universitas Indonesia tahun 2024
Educational Background • S1 Administrasi Bisnis Universitas Indonesia tahun 1997
: • Master of Economic Planning and Development Policy, Faculty of Economics and Business, Universitas
Indonesia in 2024
• Bachelor of Business Administration, Universitas Indonesia in 1997
Laporan Tahunan 2025 Annual Report
Sertifikasi • Indonesia Internal Audit Practitioner (IIAP), (2025)
Certification • Certified Internal Audit Executive (CIAE), (2024)
:
• Broker Dealer Representative (WPPE), (2020)
• Enterprise Risk Management Certified Professional (2018)
Pengalaman Kerja • Kepala Satuan Pengawasan Intern (2023 – sekarang)
Work Experience • Kepala Divisi Manajemen Risiko & Kepatuhan (2018-2023)
• Pgs. Kepala Divisi Teknologi Informasi (2021-2022)
• Kepala Divisi Riset & Perencanaan Strategis (2018)
• Kepala Bagian Transformasi & Pengembangan Usaha (2016-2017)
• Sharia Business Head – PT Bussan Auto Finance (2015-2016)
• New Business & Product Development Manager – PT Bussan Auto Finance (2012-2015)
• Branch Control Manager – PT Bussan Auto Finance (2009-2012)
• Structure Finance Manager – PT Bussan Auto Finance (2005-2009)
• Credit Administration Assistant Manager – PT Bussan Auto Finance (1999-2004)
• Management Trainee & Inventory Control Assistant Manager – PT Astra Sedaya Finance – ACC (1997-
1998)
:
• Head of Internal Audit Unit (2023- present)
• Head of Risk Management & Compliance Division (2018-2023)
• Acting Head of Information Technology Division (2021-2022)
• Head of Research & Strategic Planning Division (2018)
• Head of Transformation & Business Development (2016-2017)
• Sharia Business Head at PT Bussan Auto Finance (2015-2016)
• New Business & Product Development Manager at PT Bussan Auto Finance (2012-2015)
• Branch Control Manager at PT Bussan Auto Finance (2009-2012)
• Structured Finance Manager at PT Bussan Auto Finance (2005-2009)
• Credit Administration Assistant Manager at PT Bussan Auto Finance (1999-2004)
• Management Trainee & Inventory Control Assistant Manager at PT Astra Sedaya Finance – ACC (1997-
1998)
Dasar Hukum Pengangkatan Menjabat sebagai Kepala Satuan Pengawasan Intern berdasarkan Surat Keputusan Direksi No. S –227/DIR/
Legal Basis of Appointment SDM/SMF/IV/2023 tanggal 12 April 2023
:
Serving as Head of Internal Audit Unit based on Board of Directors Decree No. S –227/DIR/SDM/SMF/
IV/2023 dated April 12, 2023
Page 165
Asad Awami
Kepala Divisi Sumber Daya Manusia
Head of HR Division
Kewarganegaraan Warga Negara Indonesia
:
Citizenship Indonesian
Usia 50 tahun per 31 Desember 2025
:
Age 50 years old as of December 31, 2025
Domisili Kota Bekasi
:
Domicile Bekasi City
Riwayat Pendidikan • S2 – Manajemen Keuangan Korporasi, STIKUBANK tahun 2008
Educational Background • Diploma IV Akuntansi, Sekolah Tinggi Akuntansi Negara (STAN) tahun 2001
:
• Master’s degree in Management – Corporate Financial Management, Universitas STIKUBANK, in 2008
• Bachelor of Science in Accounting, State College of Accounting (STAN), in 2001
Sertifikasi • Sertifikasi Manajemen Risiko Perbankan Jenjang 5 - (2025)
Certification • Assessment Center Assessor Certification (ACAC) (2024)
• Qualified Risk Management Professional (QRMP) tahun (2023)
• Advanced Human Capital Accomplish (AHCA) tahun (2023)
• Certified Human Resources Professional (2021)
• Qualified Internal Auditor Managerial (2020)
• Certified Internal Auditor (2018)
:
• Banking Risk Management Certification Level 5 - (2025)
• Assessment Center Assessor Certification (ACAC) (2024) 165
• Qualified Risk Management Professional (QRMP) in (2023)
• Advanced Human Capital Accomplishment (AHCA) in (2023)
• Certified Human Resources Professional (2021)
• Qualified Internal Auditor Managerial (2020)
• Certified Internal Auditor (2018)
PT Sarana Multigriya Finansial (Persero)
Pengalaman Kerja • Kepala Divisi SDM, PT SMF, Maret 2023 - Sekarang
Work Experience • Kepala Sumber Daya Manusia dan Umum PT SMF (Persero) (2021-2023)
• Kepala Satuan Pengawasan Intern PT SMF (Persero) (2018-2021)
• Asst. Vice President – Satuan Pengawasan Intern PT SMF (Persero) (2017)
• Auditor BPKP (1996-2017)
:
• Head of Human Resources Division at PT Sarana Multigriya Finansial (Persero) – 2023 – Present
• Head of Human Resources and General Affairs at PT Sarana Multigriya Finansial (Persero) (2021-2022)
• Head of Internal Audit Unit at PT Sarana Multigriya Finansial (Persero) (2018-2021)
• Assistant Vice President – Internal Audit Unit at PT Sarana Multigriya Finansial(Persero) (2017)
• Auditor at BPKP (1996-2017)
Dasar Hukum Pengangkatan Menjabat sebagai Kepala Divisi SDM berdasarkan Surat Keputusan Direksi No. S –155/DIR/SDM/SMF/III/2023
Legal Basis of Appointment tanggal 8 Maret 2023
:
Serving as Head of HR Division based on Board of Directors Decree No. S –155/DIR/SDM/SMF/III/2023 dated
March 8, 2023
Page 166
Profil Perusahaan
Company Profile
Heru Abrianta
Kepala Divisi Keuangan &
Penyelesaian Transaksi
Head of Finance & Transaction Settlement Division
Kewarganegaraan Warga Negara Indonesia
:
Citizenship Indonesian
Usia 50 tahun per 31 Desember 2025
:
Age 50 years old as of December 31, 2025
Domisili
: Jakarta
Domicile
166 Riwayat Pendidikan • S2 Management Asset dan Penilaian Properti, Universitas Gadjah Mada tahun 2009
Educational Background • Diploma IV Akuntansi, Sekolah Tinggi Akuntansi Negara (STAN) tahun 2001
:
• Master’s degree in Asset Management and Property Valuation, Universitas Gadjah Mada, in 2009
• Diploma IV in Accounting, Sekolah Tinggi Akuntansi Negara, in 2001
Sertifikasi • Certified Management Accountant (CPMA) (2025)
Laporan Tahunan 2025 Annual Report
Certification • Sertifikasi Manajemen Risiko Perbankan Jenjang 5 - (2025)
• Qualified Risk Management Professional (QRMP) (2023)
• Pendidikan Dasar Penilaian (PDP) I Properti tahun (2023)
:
• Certified Management Accountant (CPMA) (2025)
• Banking Risk Management Certification Level 5 - (2025)
• Qualified Risk Management Professional (QRMP) (2023)
• Basic Property Valuation Education (PDP) I (2023)
Pengalaman Kerja • Kepala Divisi Keuangan & Penyelesaian Transaksi, PT SMF (2022-sekarang)
Work Experience • Kepala Satuan Pengawasan Intern PT SMF (Persero) (2021-2022)
• Auditor Madya Badan Pengawasan Keuangan dan Pembangunan (1995-2021)
:
• Head of Finance & Transaction Settlement Division, PT SMF (2022-present)
• Head of Internal Audit Unit at PT Sarana Multigriya Finansial (Persero) (2021-2022)
• Associate Auditor of the Financial and Development Supervisory Agency (BPKP) (1995-2021)
Dasar Hukum Pengangkatan Menjabat sebagai Kepala Divisi Keuangan & Penyelesaian Transaksi berdasarkan Surat Keputusan Direksi
Legal Basis of Appointment No. S -266 /DIR/SDM/ SMF/V/2022 tanggal 20 Mei 2022
:
Serving as Head of Finance & Transaction Settlement Division based on Board of Directors Decree No. S
-266 /DIR/SDM/ SMF/V/2022 dated May 20, 2022
Page 167
Hilman Asyrofi
Kepala Divisi Tresuri dan Hubungan Investor
Head of Treasury and Investor Relations Division
Kewarganegaraan Warga Negara Indonesia
:
Citizenship Indonesian
Usia 46 tahun per 31 Desember 2025
:
Age 46 years old as of December 31, 2025
Domisili Jakarta
:
Domicile
Riwayat Pendidikan • S1 Akuntansi, Universitas Indonesia tahun 2001
Educational Background • S2 Manajemen, Indonesia Banking School (STIE LPPI) tahun 2017
:
• Bachelor’s degree in Accounting, Universitas Indonesia, in 2001
• Master’s degree in Management, Indonesia Banking School (STIE LPPI), in 2017
Sertifikasi • Sertifikasi Manajemen Risiko Perbankan Jenjang 5 - (2025)
Certification • Treasury Dealer Syariah (2022)
• Broker Dealer Representative (2020)
• Treasury Advanced (2019)
:
• Banking Risk Management Certification Level 5 - (2025)
• Sharia Treasury Dealer (2022)
• Broker Dealer Representative (2020)
• Treasury Advanced (2019)
167
Pengalaman Kerja • Kepala Divisi Tresuri & Hubungan Investor, PT (2019 - sekarang)
Work Experience • Treasury Manager, PT Paragon Indonesia (2018-2019)
• Head of Sharia Treasury and ALCO, Bank Permata, Syaria Banking Group (2009-2017)
• Treasury Product Development & Structuring Team Leader, Bank Danamon Indonesia (2007-2009)
• Senior Manager in Treasury Product Development & Funding Department, PT Bank Mandiri (2004-2007)
PT Sarana Multigriya Finansial (Persero)
• Credit Analyst in Commercial Banking, PT Bank Mandiri (2003-2004)
• Officer Development Program, PT Bank Mandiri (2002-2003)
: • Head of Treasury & Investor Relations Division, PT SMF (2019 - present)
• Treasury Manager at PT Paragon Indonesia (2018-2019)
• Head of Sharia Treasury and ALCO at Bank Permata, Sharia Banking Group (2009-2017)
• Treasury Product Development & Structuring Team Leader at Bank Danamon Indonesia (2007-2009)
• Senior Manager in Treasury Product Development & Funding Department at PT Bank Mandiri (2004-
2007)
• Credit Analyst in Commercial Banking at PT Bank Mandiri (2003-2004)
• Officer Development Program at PT Bank Mandiri (2002-2003)
Dasar Hukum Pengangkatan Menjabat sebagai Kepala Divisi Tresuri & Hubungan Investor berdasarkan Surat Keputusan Direksi No.
Legal Basis of Appointment S-027/SKD/DIR/SMF/VII/2019 tanggal 22 Juli 2019
:
Serving as Head of Treasury & Investor Relations Division based on Board of Directors Decree No. S-027/
SKD/DIR/SMF/VII/2019 dated July 22, 2019
Page 168
Profil Perusahaan
Company Profile
Soraya Ramly
Kepala Divisi Pembiayaan
Head of Financing Division
Kewarganegaraan Warga Negara Indonesia
:
Citizenship Indonesian
Usia 43 tahun per 31 Desember 2025
:
Age 43 years old as of December 31, 2025
Domisili Tangerang Selatan
:
Domicile South Tangerang
168 Riwayat Pendidikan • S1 - Matematika, Institut Teknologi Bandung tahun 2004
:
Educational Background • S1 - Matematika, Institut Teknologi Bandung in 2004
Sertifikasi • Sertifikasi Manajemen Risiko Perbankan Jenjang 6 - (2025)
Certification • Qualified Risk Management Professional (QRMP) tahun (2023)
• Certified Public Private Partnership Professional (2021)
Laporan Tahunan 2025 Annual Report
• Pendidikan Dasar Penilaian (PDP) I Properti tahun (2021)
:
• Banking Risk Management Certification Level 6 - in (2025)
• Qualified Risk Management Professional (QRMP) in (2023)
• Certified Public Private Partnership Professional (2021)
• Basic Property Valuation Education (PDP) I in (2021)
Pengalaman Kerja • Kepala Divisi Pembiayaan, PT SMF (2025 - sekarang)
Work Experience • Kepala Divisi Sekuritisasi, KPBU & Program Khusus, PT SMF, (2024-2025)
• Kepala Divisi Manajemen Kredit, PT SMF, (2023-2024)
• Kepala Bagian Pembiayaan & Pembelian KPR PT SMF (Persero) (2020 - 2023)
• Senior Relationship Manager SME PT KEB Hana Indonesia (2019-2020)
• Senior Consumer Lending Specialist PT KEB Hana Indonesia (2016-2019)
• Branch Manager PT KEB Hana Indonesia (2015-2016)
• Area Sales Manager Consumer Lending PT Bank Artha Graha International (2014-2015)
• Business Manager Mortgage CIMB PT Bank CIMB Niaga (2011-2014)
:
• Head of Financing Division, PT SMF (2025 – present)
• Head of Securitization, PPP & Special Programs Division, PT SMF (2024-2025)
• Head of Credit Management Division, PT SMF, (2023-2024)
• Head of Mortgage Financing & Purchasing, PT SMF (Persero) (2020-2023)
• Senior Relationship Manager SME, PT KEB Hana Indonesia (2019-2020)
• Senior Consumer Lending Specialist, PT KEB Hana Indonesia (2016-2019)
• Branch Manager, PT KEB Hana Indonesia (2015-2016)
• Area Sales Manager Consumer Lending, PT Bank Artha Graha International (2014-2015)
• CIMB Mortgage Business Manager, PT Bank CIMB Niaga (2011-2014)
Dasar Hukum Pengangkatan Menjabat sebagai Kepala Divisi Pembiayaan berdasarkan Surat Keputusan Direksi No. S –076/DIR/SDM/
Legal Basis of Appointment SMF/I/2025 tanggal 20 Januari 2025
:
Served as Head of the Financing Division based on the Board of Directors’ Decree No. S –076/DIR/SDM/
SMF/I/2025 dated January 20, 2025
Page 169
Eka Septiana
Kepala Unit Usaha Syariah
Head of Sharia Business Unit
Kewarganegaraan Warga Negara Indonesia
:
Citizenship Indonesian
Usia 39 tahun per 31 Desember 2025
:
Age 39 years old as of December 31, 2025
Domisili
: Jakarta
Domicile
Riwayat Pendidikan • S2 – Hukum Ekonomi Islam, Universitas Indonesia tahun 2022
Educational Background • S2 – Kenotariatan, Universitas Pelita Harapan tahun 2017
• S1 – Hukum Ekonomi, Universitas Indonesia tahun 2008
:
• Master’s Degree in Islamic Economic Law, University of Indonesia, in 2022
• Master’s Degree in Notary Law, Pelita Harapan University, in 2017
• Bachelor’s Degree in Economic Law, University of Indonesia, in 2008
Sertifikasi • Sertifikasi Manajemen Risiko Perbankan Jenjang 6 - (2025)
Certification • Pendidikan Dasar Penilaian 1 (PDP 1) Properti (2021)
• Pendidikan Dasar Pasar Modal Syariah (2018)
• Sertifikasi Wakil perantara pedagang Efek - (2015)
• Sertifikasi Pendidikan Profesi Konsultan Hukum Pasar Modal - (2014)
:
• Level 6 Banking Risk Management Certification - (2025)
• Basic Property Valuation Education 1 (PDP 1) (2021) 169
• Basic Sharia Capital Market Education (2018)
• Securities Dealer Representative Certification - (2015)
• Capital Market Legal Consultant Professional Education Certification - (2014)
Pengalaman Kerja • Kepala Unit Usaha Syariah Januari (2025 - Sekarang)
PT Sarana Multigriya Finansial (Persero)
Work Experience • Kepala Bagian Komersil, Divisi Pembiayaan (2023 – 2025)
• Kepala Bagian Bank Umum & BPD, Divisi Pembiayaan (2022 – 2023)
• Staff Divisi Unit Usaha Syariah (2018-2022)
• Staff Divisi Pemasaran & Pengembangan Pasar (2017-2018)
• Staff Divisi Sekuritisasi & Pembiayaan (2012-2017)
• Staff Divisi Sekretaris Perusahaan (2008-2012)
:
• Head of Sharia Business Unit January (2025 - Present)
• Head of Commercial Section, Financing Division (2023 – 2025)
• Head of Commercial Bank & Regional Development Bank Section, Financing Division (2022 – 2023)
• Staff, Sharia Business Unit Division (2018-2022)
• Staff, Marketing & Market Development Division (2017-2018)
• Staff, Securitization & Financing Division (2012-2017)
• Staff, Corporate Secretary Division (2008-2012)
Dasar Hukum Pengangkatan Menjabat sebagai Kepala Unit Usaha Syariah berdasarkan Surat Keputusan Direksi No. S-010/DIR/SDM/
Legal Basis of Appointment SMF/I/2025 tanggal 10 Januari 2025.
:
Serving as Head of the Sharia Business Unit based on the Board of Directors’ Decree No. S-010/DIR/SDM/
SMF/I/2025 dated January 10, 2025.
Page 170
Profil Perusahaan
Company Profile
Febrina Sri Wahyuni
Kepala Divisi Teknologi dan Informasi
Head of Information Technology Division
Kewarganegaraan Warga Negara Indonesia
:
Citizenship Indonesian
Usia 45 tahun per 31 Desember 2025
:
Age 45 years old as of December 31, 2025
Domisili
: Jakarta
Domicile
170 Riwayat Pendidikan S1 - Sistem Informasi, Universitas Mercubuana tahun 2014
:
Educational Background Bachelor’s degree in Information Systems, Universitas Mercu Buana in 2014
Sertifikasi -
:
Certification
Laporan Tahunan 2025 Annual Report
Pengalaman Kerja • Kepala Divisi Teknologi Informasi, PT SMF (2022-sekarang)
Work Experience • IT Alliance Business Specialist, VP-Bank Bukopin (2021- 2022)
• Distribution Channel Development, VP-Bank Bukopin (2020-2021)
• Kepala Divisi Digital Banking & Electronic Channel, VP-Bank Bukopin (2018-2020)
• IT Application Development Manager, AVP-Bank Bukopin (2017-2018)
• IT Security Manager, AVP-Bank Bukopin 2017)
• IT Project Manager, AVP-Bank Bukopin (2017)
• IT Quality Management Manager, AVP-Bank Bukopin (2016-2017)
• IT Business Analyst Manager, AVP-Bank Bukopin (2014-2016)
• IT Project Controller-Bank Bukopin (2013-2014)
• IT Operation & Support-Bank Bukopin (2003-2013)
:
• Head of Information Technology Division, PT SMF (2022 - present)
• IT Alliance Business Specialist, VP at Bank Bukopin (2021-2022)
• Distribution Channel Development, VP at Bank Bukopin (2020-2021)
• Head of Digital Banking & Electronic Channel Division, VP at Bank Bukopin (2018-2020)
• IT Application Development Manager, AVP at Bank Bukopin (2017-2018)
• IT Security Manager, AVP at Bank Bukopin (2017)
• IT Project Manager, AVP at Bank Bukopin (2017)
• IT Quality Management Manager, AVP at Bank Bukopin (2016-2017)
• IT Business Analyst Manager, AVP at Bank Bukopin (2014-2016)
• IT Project Controller at Bank Bukopin (2013-2014)
• IT Operation & Support at Bank Bukopin (2003-2013)
Dasar Hukum Pengangkatan Menjabat sebagai Kepala Divisi Teknologi Informasi berdasarkan Surat Keputusan Direksi No. 179/SDM/SMF/
Legal Basis of Appointment IV/2022 tanggal 4 April 2022
:
Served as Head of Information Technology Division based on Board of Directors Decree No. 179/SDM/SMF/
IV/2022 dated April 4, 2022
Page 171
Martin Daniel
Siyaranamual
Kepala Divisi Riset Ekonomi
Head of the Economic Research Division
Kewarganegaraan Warga Negara Indonesia
:
Citizenship Indonesian
Usia 44 tahun per 31 Desember 2025
:
Age 44 years old as of December 31, 2025
Domisili
: Jakarta
Domicile
Riwayat Pendidikan • S3 - Economics, Universita Ca’ Foscari Venezia tahun 2014
Educational Background • S2 - Economics, Toulouse School Of Economics tahun 2007
• S1 - Ekonomi, Universitas Padjajaran tahun 2005
:
• Bachelor’s degree in Economics, Universitas Padjadjaran in 2005
• Master’s degree in Economics, Toulouse School of Economics in 2007
• Doctorate in Economics, Università Ca’ Foscari Venezia in 2014
Sertifikasi • Sertifikasi Manajemen Risiko Perbankan Jenjang 5 (2025)
:
Certification • Banking Risk Management Certification Level 5 (2025)
Pengalaman Kerja • Kepala Divisi Riset Ekonomi, PT SMF (2021 - sekarang)
Work Experience • Household Welfare Monitoring Specialist (2017-2021)
• National Revenue Policy Specialist Australia Indonesia Partnership for Economic Governance (AIPEG)
(2016-2017)
171
• Household Welfare Monitoring Specialist The National Team for the Acceleration of Poverty Reduction
(TNP2K) (2015-2016)
:
• Head of Economic Research Division, PT SMF (2021 – present)
• Household Welfare Monitoring Specialist (2017-2021)
• National Revenue Policy Specialist Australia Indonesia Partnership for Economic Governance (AIPEG)
PT Sarana Multigriya Finansial (Persero)
(2016 2017)
• Household Welfare Monitoring Specialist The National Team for the Acceleration of Poverty Reduction
(TNP2K) (2015-2016)
Dasar Hukum Pengangkatan Menjabat sebagai Kepala Divisi Riset Ekonomi berdasarkan Surat Keputusan Direksi No. S-260/DIR/SDM/
Legal Basis of Appointment SMF/VIII/2021 tanggal 2 Agustus 2021
:
Serving as Head of the Economic Research Division based on the Board of Directors’ Decree No. S-260/DIR/
SDM/SMF/VIII/2021 dated August 2, 2021
Page 172
Profil Perusahaan
Company Profile
Bintar Andhy
Prabowo
Kepala Divisi Pengadaan & Manajemen Aset
Head of the Procurement & Asset Management Division
Kewarganegaraan Warga Negara Indonesia
:
Citizenship Indonesian
Usia 36 tahun per 31 Desember 2025
:
Age 36 years old as of December 31, 2025
Domisili Tangerang Selatan
:
Domicile South Tangerang
Riwayat Pendidikan • S2 – Administrasi Bisnis, Universitas Gadjah Mada tahun 2019
Educational Background • S1 – Akuntansi, Universitas Brawijaya tahun 2011
172 :
• Bachelor’s degree in Accounting, Universitas Brawijaya in 2011
• Master’s degree in Business Administration, Universitas Gadjah Mada in 2019
Sertifikasi • Sertifikasi Manajemen Risiko Perbankan Jenjang 5 (2025)
Certification • Certified Contract Management Specialist (CCMS) (2024)
Laporan Tahunan 2025 Annual Report
• Certified Procurement Specialist (CPSP) (2024)
• Qualified Risk Management Professional (QRMP) (2023)
• Treasury Dealer Basic (2021)
• Wakil Perantara Perdagangan Efek (WPPE) (2020)
:
• Banking Risk Management Certification Level 5 (2025)
• Certified Contract Management Specialist (CCMS) (2024)
• Certified Procurement Specialist (CPSP) (2024)
• Qualified Risk Management Professional (QRMP) (2023)
• Treasury Dealer Basic (2021)
• Broker Dealer Representative (2020)
Pengalaman Kerja • Kepala Divisi Pengadaan & Manajemen Aset, PT SMF (Maret 2023 - sekarang)
Work Experience • Kepala Bagian Tresuri PT SMF (Persero) (2021-2023)
• Staff Tresuri PT SMF (Persero) (2014-2021)
• Senior Associate Ernst & Young (KAP Purwantono, Suherman & Surja) (2011- 2014)
:
• Head of Procurement & Asset Management Division, PT SMF (March 2023 - present
• Head of Treasury Division at PT Sarana Multigriya Finansial (Persero) (2021-2023)
• Treasury Staff at PT Sarana Multigriya Finansial (Persero) (2014-2021)
• Senior Associate at Ernst & Young (KAP Purwantono, Suherman & Surja) (2011-2014)
Dasar Hukum Pengangkatan Menjabat sebagai Kepala Divisi Pengadaan & Manajemen Aset berdasarkan Surat Keputusan Direksi No.
Legal Basis of Appointment S-182/DIR/SDM/SMF/III/2023 tanggal 29 Maret 2023
:
Serving as Head of Procurement & Asset Management Division based on Board of Directors Decree No.
S-182/DIR/SDM/SMF/III/2023 dated March 29, 2023
Page 173
Bhobby Akbar
Kepala Divisi Structured Product,
Program Khusus dan Hukum
Head of Structured Product, Special Program & Legal Division
Kewarganegaraan Warga Negara Indonesia
:
Citizenship Indonesian
Usia 35 tahun per 31 Desember 2025
:
Age 35 years old as of December 31, 2025
Domisili Kota Bekasi
:
Domicile Bekasi City
Riwayat Pendidikan • S2 - Hukum Bisnis, Universitas Pelita Harapan tahun 2022
Educational Background • S1 – Ilmu Hukum, Universitas Trisakti tahun 2012
:
• Bachelor’s degree in Business Law, Trisakti University in 2012
• Master’s degree in Law, Pelita Harapan University in 2022
Sertifikasi • Sertifikasi Manajemen Risiko Perbankan Jenjang 4 (2024)
Certification • Certified Data Protection Officer (2024)
• Certified Qualified Risk Management Analyst (QRMA) (2023)
• Certified Governance Risk & Compliance Professional (2022)
• Enterprise Risk Management Certified Professional (2020)
• Pendidikan Profesi Konsultan Hukum Pasar Modal Dasar 2 (2019)
• Pendidikan Profesi Konsultan Hukum Pasar Modal Dasar 1 (2018)
• Certified Professional Mediator (2016)
• Certified Lawyer (2016)
:
• Level 4 Banking Risk Management Certification (2024)
• Certified Data Protection Officer (2024)
• Certified Qualified Risk Management Analyst (QRMA) (2023) 173
• Certified Governance Risk & Compliance Professional (2022)
• Enterprise Risk Management Certified Professional (2020)
• Basic Capital Market Legal Consultant Professional Education 2 (2019)
• Basic Capital Market Legal Consultant Professional Education 1(2018)
• Certified Professional Mediator (2016)
PT Sarana Multigriya Finansial (Persero)
• Certified Lawyer (2016)
Pengalaman Kerja • Kepala Divisi Structured Product, Program Khusus & Hukum, PT Sarana Multigriya Finansial (Persero)
Work Experience Mei 2025 – sekarang
• Kepala Bagian Hukum, PT Sarana Multigriya Finansial (Persero) (2021 – 2025)
• Staf Legal, PT Sarana Multigriya Finansial (Persero) (2015 – 2020)
• Legal Officer, PT Asuransi Ekspor Indonesia (2014- 2015)
• Junior Lawyer, Pilipus Tarigan Law Office (2013 – 2014)
• Section Manager, PT Hero Supermarket (2012 – 2013)
:
• Head of Structured Product, Special Programs & Legal Division, PT Sarana Multigriya Finansial (Persero) May
2025 – present
• Head of Legal Affairs, PT Sarana Multigriya Finansial (Persero) (2021 – 2025)
• Legal Staff, PT Sarana Multigriya Finansial (Persero) (2015 – 2020)
• Legal Officer, PT Asuransi Ekspor Indonesia (2014- 2015)
• Junior Lawyer, Pilipus Tarigan Law Office (2013 – 2014)
• Section Manager, PT Hero Supermarket (2012 – 2013)
Dasar Hukum Pengangkatan Menjabat sebagai Kepala Divisi Structured Product, Program Khusus & Hukum berdasarkan Surat Keputusan
Legal Basis of Appointment Direksi No. S-351/DIR/SDM/SMF/V/2025 tanggal 16 Mei 2025
:
Served as Head of Structured Product, Special Program & Legal Division based on Director’s Decree No. S-351/
DIR/SDM/SMF/V/2025 dated May 16, 2025
Page 174
Profil Perusahaan
Company Profile
AKSES INFORMASI DAN DATA PERUSAHAAN
ACCESS TO COMPANY INFORMATION AND DATA
174
SMF berkomitmen untuk menjamin keterbukaan dan kemudahan SMF is committed to ensuring transparency and easy access
akses terhadap informasi serta data bagi seluruh pemangku to information and data for all stakeholders, particularly public
Laporan Tahunan 2025 Annual Report
kepentingan, khususnya informasi yang bersifat publik dan information and material Company information as required by
informasi material Perseroan sebagaimana dipersyaratkan applicable laws and regulations. This information is provided,
dalam ketentuan peraturan perundang-undangan yang among other things, through the Company’s official website at
berlaku. Penyediaan akses informasi tersebut antara lain https://www.smf-indonesia.co.id/. The information presented on
dilakukan melalui situs web resmi Perseroan di https://www. the Company’s website is compiled and disclosed in accordance
smf-indonesia.co.id/. Adapun informasi yang disajikan pada situs with OJK Regulation Number 8/POJK.04/2015, which includes
web Perseroan disusun dan diungkapkan dengan mengacu at least the following:
pada Peraturan OJK Nomor 8/POJK.04/2015, yang sekurang-
kurangnya mencakup hal-hal sebagai berikut:
1. Informasi umum; 1. General information;
2. Informasi bagi pemodal atau investor; 2. Information for investors;
3. Informasi tata kelola perusahaan; 3. Corporate governance information;
4. Informasi tanggung jawab sosial perusahaan. 4. Corporate social responsibility information.
Sebagai sarana komunikasi dan keterbukaan informasi, situs As a means of communication and information disclosure, the
web Perseroan disajikan dalam dua bahasa, yaitu bahasa Company’s website is available in two languages, Indonesian
Indonesia dan bahasa Inggris, serta diperbarui secara berkala. and English, and is updated regularly. In general, the website
Secara umum, situs web tersebut memuat berbagai informasi contains various information including the Company’s Profile,
yang mencakup Profil Perseroan, Layanan, Publikasi, Hubungan Services, Publications, Investor Relations, Housing Finance
Investor, Ekosistem Pembiayaan Perumahan, Keberlanjutan, Ecosystem, Sustainability, and the Company’s Address and
serta Alamat dan Saluran Komunikasi Perseroan. Communication Channels.
Page 175
INFORMASI
DALAM SITUS WEB
PERSEROAN Tentang Kami
INFORMATION ON THE About Us
COMPANY’S WEBSITE • Profil Perseroan • Company Profile
• Manajemen Perseroan • Company Management
• Komite-Komite • Committees
• Sertifikasi / • Certification /
Penghargaan Awarding
• Aksi Korporasi • Corporate Actions
• Tata Kelola Perusahaan • Good Corporate
yang Baik Governance (GCG)
Layanan •
•
Sekretaris Perusahaan
Hubungan Afiliasi
•
•
Corporate Secretary
Affiliation
Services
• Sekuritisasi • Securitization
• EBA Ritel • Retail Residential Mortgage-
Backed Securities (RMBS Retail)
• Unit Usaha Syariah • Sharia Business Unit
• Pembiayaan • Financing
• Penerbitan Surat Utang • Debt Securities Issuance Publikasi
• Peningkatan Kapasitas • Capacity Building
• Standardisasi Dokumen • Mortgage Document Publication
KPR Standardization
• Ekosistem • Housing Finance
Pembiayaan Ecosystem
Perumahan
• Berita & Kegiatan • News & Activity
• Biweekly Economic • Biweekly Economic and
and Market Update Market Update
• E-Magazine • E-Magazine
• Info Pengadaan • Procurement
Hubungan Investor Information
• Pengumuman Umum • General Announcement
Investor Relations
• Laporan Keuangan • Financial Statements
• Laporan Tahunan • Annual Reports
• Laporan Kinerja EBA SP • EBA SP Performance Reports
• Laporan Obligasi dan • Social Bond and Sukuk 175
Sukuk Berwawasan Report
Sosial
• Produk Investasi • Investment Products
• Info Dividen • Dividend Information SMF Research
• Informasi Penting & • Important Information &
Institute
PT Sarana Multigriya Finansial (Persero)
Presentasi Presentation
• Peringkat Korporasi • Corporate Rating
• Data makroekonomi • Macroeconomic and
dan perumahan housing data
• Naskah Kebijakan • Policy paper
Keberlanjutan
Sustainability
• Tentang Tanggung • About Environmental
Jawab Sosial Social Responsibility
Lingkungan
• Laporan • Sustainability Report
Keberlanjutan
Page 176
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
176
Laporan Tahunan 2025 Annual Report
Page 177
177
PT Sarana Multigriya Finansial (Persero)
ANALISIS DAN
PEMBAHASAN
MANAJEMEN
MANAGEMENT DISCUSSION
AND ANALYSIS
Page 178
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
TINJAUAN PEREKONOMIAN
GLOBAL DAN NASIONAL
GLOBAL AND NATIONAL ECONOMIC OVERVIEW
PERKEMBANGAN EKONOMI GLOBAL GLOBAL ECONOMIC DEVELOPMENT
Ekonomi global menunjukkan pertumbuhan yang moderat The global economy shows moderate growth but remains
namun tetap rentan terhadap guncangan eksternal. vulnerable to external shocks. Based on the analysis of the
Berdasarkan analisis International Monetary Fund (IMF) International Monetary Fund (IMF) through the World Economic
melalui World Economic Outlook (WEO) edisi Oktober 2025, Outlook (WEO) October 2025 edition, Global growth in 2025
pertumbuhan global pada 2025 diperkirakan melambat dari was projected to decelerate from 3.3% in 2024 to 3.2% in
3,3% pada tahun 2024 menjadi 3,2% pada tahun 2025 dan 2025 and 3.1% in 2026.
3,1% pada tahun 2026.
Laju tersebut mencerminkan normalisasi pasca-pandemi This rate reflects post-pandemic recovery alongside medium-
yang berlangsung bersamaan dengan tekanan struktural term structural pressures, such as global trade fragmentation,
jangka menengah, seperti fragmentasi perdagangan global, economic policy uncertainty, and demographic dynamics that
ketidakpastian kebijakan ekonomi, serta dinamika demografi limit the potential growth capacity of the global economy.
yang membatasi kapasitas pertumbuhan potensial ekonomi
dunia.
Tren Pertumbuhan Ekonomi Global (2021-2025)
Global Economic Growth Trends (2021-2025)
(disajikan dalam %)
(presented in %)
6 3,5 3,3 3,2 3,2
178
Laporan Tahunan 2025 Annual Report
2021 2022 2023 2024 2025
Sumber: IMF
Source: IMF
Dari sisi kawasan, kinerja ekonomi global menunjukkan From a regional perspective, global economic performance
divergensi yang semakin jelas. Negara-negara maju shows increasingly clear divergence. Advanced economies are
diproyeksikan mengalami pertumbuhan yang lebih rendah projected to experience lower growth and may stagnate, given
dan cenderung stagnan, seiring ketatnya kondisi keuangan tight financial conditions and limited policy stimulus space. In
dan terbatasnya ruang stimulus kebijakan. Sebaliknya, negara contrast, developing economies remain the main engine of
berkembang tetap menjadi motor utama pertumbuhan global, global growth, although their expansion is also moderating.
meskipun laju ekspansinya juga mengalami moderasi. Inflasi Global inflation is expected to decline gradually, with average
global diperkirakan menurun secara bertahap, dengan inflasi global inflation decreasing to around 4.2% in 2025 and 3.7%
rata-rata dunia turun menjadi sekitar 4,2% pada 2025 dan in 2026, reflecting easing price pressures following global
3,7% pada 2026, mencerminkan meredanya tekanan harga monetary tightening, although inflation disparities across
pasca-pengetatan moneter global, meskipun disparitas inflasi countries remain significant.
antarnegara masih cukup besar.
Sejalan dengan IMF, World Bank melalui Global Economic In line with the IMF’s outlook, the World Bank, in its January
Prospects edisi Januari 2026 memperkirakan pertumbuhan 2026 edition of Global Economic Prospects, projects that global
ekonomi global melambat tipis dari 2,7% pada 2025 menjadi economic growth will slow slightly from 2.7% in 2025 to 2.6% in
2,6% pada 2026. Hal ini terjadi karena di satu sisi terjadi 2026. This is because, although monetary policy in developed
Page 179
normalisasi kebijakan moneter di negara maju, akan tetapi di sisi countries is being normalized, global demand is weakening due lain terjadi pelemahan permintaan global akibat ketidakpastian to geopolitical uncertainty and the fragmentation of international geopolitik dan fragmentasi perdagangan internasional. trade. Economic growth in advanced economies is projected Pertumbuhan ekonomi negara maju diproyeksikan stagnan to remain subdued at around 1.7%, reflecting increasingly di kisaran 1,7%, menunjukkan semakin terbatasnya ruang limited room for recovery. In contrast, developing economies pemulihan. Sebaliknya, negara berkembang diperkirakan tetap are expected to maintain relatively stronger growth, although tumbuh relatif lebih tinggi, meskipun melambat dari 4,2% pada moderating from 4.2% in 2025 to 4.0% in 2026. 2025 menjadi 4,0% pada 2026. Di antara negara berkembang, India dan Vietnam menonjol Among developing countries, India and Vietnam stand out with dengan proyeksi pertumbuhan di atas 6%, didukung oleh projected growth above 6%, supported by strong investment kuatnya investasi dan ekspor manufaktur, sehingga menjadi and manufacturing exports, making them the main drivers of pendorong utama pertumbuhan di kawasan Asia. Sebaliknya, growth in the Asian region. In contrast, China is expected to Tiongkok diperkirakan terus mengalami perlambatan seiring continue to experience a slowdown amid domestic structural tantangan struktural domestik, khususnya di sektor properti challenges, particularly in the property sector and demographic dan dinamika demografi. Indonesia diproyeksikan tumbuh stabil dynamics. Indonesia is projected to grow steadily at around 5.0% di kisaran 5,0% pada 2025–2026, lebih tinggi dibandingkan in 2025–2026, higher than the global average and developing rata-rata global maupun negara berkembang, mencerminkan countries, reflecting the resilience of domestic demand and ketahanan permintaan domestik dan peran belanja pemerintah. the role of government spending. However, Indonesia’s growth Namun, laju pertumbuhan Indonesia masih relatif tertinggal rate still lags behind Vietnam and the Philippines, indicating dibandingkan Vietnam dan Filipina, yang mengindikasikan the need to strengthen productive investment and accelerate perlunya penguatan investasi produktif dan percepatan structural reforms to drive medium-term growth acceleration. reformasi struktural untuk mendorong akselerasi pertumbuhan jangka menengah. Secara regional, Asia tetap menjadi motor utama pertumbuhan Regionally, Asia remains the main engine of global growth, while global, sementara Uni Eropa diproyeksikan tumbuh lebih rendah the European Union is projected to grow at a slower pace due akibat kombinasi tantangan struktural dan lemahnya permintaan to a combination of structural challenges and weak domestic domestik. Di sisi lain, volume perdagangan global menunjukkan demand. On the other hand, global trade volumes show a pemulihan yang lambat, mencerminkan masih terbatasnya slow recovery, reflecting the still limited trade integration and integrasi perdagangan dan berlanjutnya fragmentasi ekonomi continued fragmentation of the global economy. global. Risiko terhadap prospek ekonomi global tetap condong ke Risks to the global economic outlook remain tilted to the sisi bawah (downside risks), termasuk kemungkinan eskalasi downside, including the potential escalation of protectionist kebijakan proteksionis, gangguan rantai pasok, ketidakpastian policies, supply chain disruptions, geopolitical tensions, and geopolitik, serta kerentanan fiskal di sejumlah negara. fiscal vulnerabilities in several countries. Such uncertainty Ketidakpastian ini berpotensi menekan konsumsi dan investasi could dampen consumption and investment if not addressed jika tidak dikelola dengan kebijakan makro yang kredibel dan through credible macroeconomic policies and strong 179 koordinasi multilateral yang kuat. Hal ini menjadi perhatian multilateral coordination. This poses a significant challenge utama pembuat kebijakan dalam menjaga stabilitas dan for policymakers in maintaining stability and strengthening perbaikan kepercayaan pasar. market confidence. PT Sarana Multigriya Finansial (Persero) Dalam menghadapi dinamika tersebut, penguatan bauran In facing these dynamics, strengthening an adaptive, credible, kebijakan yang adaptif, kredibel, dan berorientasi jangka and medium-term oriented policy mix is key to maintaining menengah menjadi kunci untuk menjaga kesinambungan the continuity of global economic growth. Structural reforms, pertumbuhan ekonomi global. Reformasi struktural, penguatan strengthened multilateral cooperation, and efforts to maintain kerja sama multilateral, serta upaya menjaga stabilitas financial system stability and trade openness are expected sistem keuangan dan keterbukaan perdagangan diharapkan to enhance economic resilience to various external shocks. dapat meningkatkan ketahanan ekonomi terhadap berbagai With appropriate and coordinated policy measures, the global guncangan eksternal. Dengan langkah kebijakan yang tepat economy also stands to maintain its momentum of inclusive dan terkoordinasi, perekonomian global juga memiliki ruang and sustainable growth amid a global landscape that remains untuk mempertahankan momentum pertumbuhan yang inklusif highly uncertain. dan berkelanjutan di tengah lanskap global yang masih penuh ketidakpastian. Sumber Rujukan: References: 1. IMF, World Economic Outlook, October 2025. 1. IMF, World Economic Outlook, October 2025. 2. World Bank, Global Economic Prospects, January 2026. 2. World Bank, Global Economic Prospects, January 2026.
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Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
PERKEMBANGAN EKONOMI INDONESIA INDONESIAN ECONOMIC DEVELOPMENT
Di tengah ketidakpastian ekonomi global yang masih tinggi, Amid high global economic uncertainty, Indonesia’s economy
perekonomian Indonesia menunjukkan kinerja yang tetap solid continues to show solid and resilient performance. Based on
dan resilien. Berdasarkan data Badan Pusat Statistik (BPS), pada data from the Statistics Indonesia (BPS), in the fourth quarter of
Triwulan IV-2025 ekonomi Indonesia tumbuh sebesar 5,39% 2025, Indonesia’s economy improved by 5.39% (yoy) compared
(yoy) dibandingkan Triwulan III-2025 yang tumbuh sebesar to the third quarter of 2025, which increased by 5.04% (yoy).
5,04% (yoy). Pertumbuhan tersebut terutama ditopang oleh This growth was mainly supported by the Transportation and
Lapangan Usaha Transportasi dan Pergudangan yang tumbuh Warehousing Business Sector, which has 8.98% increase in
8,98% dari sisi produksi, serta Pembentukan Modal Tetap terms of production. As for Gross Fixed Capital Formation
Bruto (PMTB) yang meningkat 6,12% dari sisi pengeluaran, (PMTB), it has increased by 6.12% in terms of expenditure,
mencerminkan penguatan aktivitas investasi khususnya pada reflecting the strengthening of investment activities, particularly
jenis aset bangunan dan infrastruktur pada akhir tahun. in building and infrastructure assets at the end of the year.
Secara keseluruhan, ekonomi Indonesia pada tahun 2025 Overall, Indonesia’s economy in 2025 improved by 5.11% (yoy),
tumbuh sebesar 5,11% (yoy), lebih tinggi dibandingkan capaian higher than the 2024 achievement of 5.03%. Growth occurred
tahun 2024 sebesar 5,03%. Pertumbuhan terjadi pada in almost all business fields, except for Mining and Quarrying,
hampir seluruh lapangan usaha, kecuali Pertambangan dan which contracted by 0.66%. The business sectors with the
Penggalian yang terkontraksi 0,66%. Lapangan usaha dengan highest growth included Other Services (9.93%), Corporate
pertumbuhan tertinggi meliputi Jasa Lainnya (9,93%), Jasa Services (9.10%), and Transportation and Warehousing (8.78%).
Perusahaan (9,10%), serta Transportasi dan Pergudangan Meanwhile, the main sectors with significant contributions to
(8,78%). Sementara itu, sektor-sektor utama dengan kontribusi the national GDP, namely Manufacturing and Wholesale and
besar terhadap PDB nasional, yaitu Industri Pengolahan serta Retail Trade, Repair of Motor Vehicles and Motorcycles, have
Perdagangan Besar dan Eceran, Reparasi Mobil dan Sepeda 5.30% and 5.49% increase, respectively, thus remaining the
Motor, masing-masing tumbuh 5,30% dan 5,49%, sehingga main drivers of national economic growth.
tetap menjadi penopang utama pertumbuhan ekonomi nasional.
Tren Pertumbuhan Ekonomi Indonesia (2021-2025)
180
Indonesian Economic Growth Trend (2021-2025)
(disajikan dalam %)
(presented in %)
3.70 5.31 5.05 5.03 5.11
Laporan Tahunan 2025 Annual Report
2021 2022 2023 2024 2025
Sumber: BPS
Source: Statistics Indonesia
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Kinerja tersebut tidak terlepas dari terjaganya stabilitas This performance was supported by the maintenance of
makroekonomi dan efektivitas bauran kebijakan yang macroeconomic stability and the effectiveness of the policy
diterapkan. Bank Indonesia secara konsisten mengoptimalkan mix implemented. Bank Indonesia has consistently optimized
sinergi kebijakan moneter, makroprudensial, dan sistem the synergy of monetary, macroprudential, and payment system
pembayaran untuk menjaga stabilitas sekaligus mendorong policies to maintain stability while promoting economic growth.
pertumbuhan ekonomi. Kebijakan suku bunga diarahkan untuk Interest rate policy is geared toward maintaining price stability
tetap mendukung stabilitas harga sehingga inflasi terjaga dalam to keep inflation within the target range. At the same time, the
kisaran sasaran. Di saat yang sama, penguatan kebijakan strengthening of accommodative macroprudential policies and
makroprudensial akomodatif serta percepatan digitalisasi the acceleration of payment system digitalization continue to
sistem pembayaran terus didorong guna meningkatkan be encouraged in order to improve financial intermediation and
intermediasi keuangan dan memperkuat permintaan domestik strengthen domestic demand as the main driver of growth.
sebagai penopang utama pertumbuhan.
Lebih lanjut, penguatan koordinasi kebijakan antara Bank Furthermore, strengthening policy coordination between
Indonesia dan Pemerintah menjadi faktor penting dalam Bank Indonesia and the Government is an important factor
menjaga ketahanan ekonomi nasional. Sinergi kebijakan fiskal in maintaining national economic resilience. The synergy
dan moneter diarahkan untuk mempercepat pemulihan sektor between fiscal and monetary policies is aimed at accelerating
riil, meningkatkan penyaluran kredit ke sektor produktif, serta the recovery of the real sector, increasing credit distribution to
menjaga stabilitas nilai tukar dan sistem keuangan. Upaya ini productive sectors, and maintaining exchange rate and financial
sejalan dengan strategi menjaga keseimbangan antara stabilitas system stability. These efforts are in line with the strategy of
dan pertumbuhan, sekaligus memperkuat transmisi kebijakan maintaining a balance between stability and growth, while
ke sektor riil agar dampaknya lebih merata dan berkelanjutan. strengthening policy transmission to the real sector so that
the impact is more equitable and sustainable.
Dari perspektif ke depan, prospek perekonomian Moving forward, Indonesia’s economic prospects remain
Indonesia tetap dipandang positif. Pertumbuhan ekonomi positive. Indonesia’s economic growth is projected to increase in
Indonesia diproyeksikan akan meningkat lebih tinggi pada 2026 2026 and 2027 compared to 2025, ranging from 4.9–5.7% and
dan 2027 dibandingkan 2025, masing-masing dalam rentang 5.1–5.9%, respectively. This is supported by strong domestic
4,9–5,7% dan 5,1–5,9%. Hal ini ditopang oleh kuatnya permintaan demand, increased public consumption, and continued
domestik, peningkatan konsumsi masyarakat, serta berlanjutnya investment. Although external pressures may still arise due
investasi. Meskipun tekanan eksternal masih berpotensi muncul to the global economic slowdown and international trade
seiring perlambatan ekonomi global dan dinamika perdagangan dynamics, solid economic fundamentals, controlled inflation,
internasional, fundamental ekonomi yang solid, inflasi yang and a healthy balance of payments provide an important
terkendali, serta neraca pembayaran yang sehat menjadi cushion in maintaining the confidence of businesses and
bantalan penting dalam menjaga kepercayaan pelaku usaha investors.
dan investor.
Secara keseluruhan, perekonomian Indonesia pada tahun 2025 Overall, Indonesia’s economy in 2025 shows resilience and
menunjukkan ketangguhan dan kemampuan adaptasi yang good adaptability amid global challenges. Henceforth, the 181
baik di tengah tantangan global. Ke depan, kesinambungan continuity of fiscal-monetary policy synergy, strengthening of
sinergi kebijakan fiskal–moneter, penguatan struktur ekonomi, economic structure, and acceleration of digital transformation
serta percepatan transformasi digital dan peningkatan and increased productivity in the real sector will be the
produktivitas sektor riil akan menjadi landasan utama dalam main foundations in maintaining inclusive, competitive, and
PT Sarana Multigriya Finansial (Persero)
menjaga pertumbuhan ekonomi yang inklusif, berdaya saing, sustainable economic growth.
dan berkelanjutan.
Sumber Rujukan: References:
1. Badan Pusat Statistik (BPS) Republik Indonesia, Berita Resmi Statistik (BRS): Pertumbuhan 1. Statistics Indonesia (BPS) of the Republic of Indonesia, Official Statistics Bulletin (BRS):
Ekonomi Indonesia Triwulan IV-2025, dirilis pada Februari 2026. Indonesia’s Economic Growth in the Fourth Quarter of 2025, released in February 2026.
Page 182
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
TINJAUAN INDUSTRI PERUMAHAN
HOUSING INDUSTRY OVERVIEW
Berdasarkan Survei Harga Properti Residensial (SHPR) Bank Based on Bank Indonesia’s Residential Property Price Survey
Indonesia, pasar perumahan primer 2025 berada pada fase (SHPR), the primary housing market in 2025 is in a phase of
pertumbuhan harga yang tertahan, mencerminkan proses restrained price growth, reflecting the process of adjusting
penyesuaian permintaan dan preferensi pembiayaan rumah household demand and financing preferences. Throughout
tangga. Sepanjang 2025, Indeks Harga Properti Residensial 2025, the total Residential Property Price Index (IHPR)
(IHPR) total bergerak menurun secara bertahap dan berada pada decreased gradually and was in the range of ±0.7–1.0% (yoy)
kisaran ±0,7–1,0% (yoy) di paruh akhir tahun. Level ini lebih rendah in the second half of the year. This level is lower than the
dibandingkan rata-rata 2024 yang masih ditopang pertumbuhan 2024 average, which was still supported by growth above
di atas ±1,4–1,6% (yoy), menandakan bahwa perlambatan harga ±1.4–1.6% (yoy), indicating that the slowdown in house prices in
rumah pada 2025 bersifat struktural dan berkelanjutan, bukan 2025 is structural and sustainable, rather than just a temporary
sekadar fluktuasi sementara. fluctuation.
Dibandingkan dengan Triwulan III 2025, pada Triwulan IV 2024, Compared to the third quarter of 2025, in the fourth quarter of
IHPR total masih berada di kisaran ±1,3–1,5% (yoy), sedangkan 2024. the total IHPR was still in the range of ±1.3–1.5% (yoy),
pada Triwulan IV 2025 turun mendekati ±0,8% (yoy). Perlambatan while in the fourth quarter of 2025, it declined to nearly ±0.8%
paling tajam terjadi pada rumah tipe kecil, yang pada Triwulan (yoy). The most significant slowdown occurred in small-type
IV 2024 masih tumbuh di atas ±1,8–2,0%, namun pada Triwulan houses, which in the fourth quarter of 2024 still recorded
IV 2025 turun mendekati ±0,7–0,8%. Kondisi ini mencerminkan growth above ±1.8–2.0%, but in the fourth quarter of 2025, it
melemahnya daya beli masyarakat, khususnya pemberi rumah declined to ±0.7–0.8%. This condition reflects the weakening
pertama (first-time buyers) yang mayoritas berada di segmen purchasing power of the people, especially first-time buyers,
Masyarakat Berpenghasilan Rendah (MBR). Meningkatnya the majority of whom are in the low-income community (MBR)
sensitivitas terhadap suku bunga KPR serta kehati-hatian rumah segment. Increased sensitivity to mortgage interest rates
tangga dalam mengambil keputusan pembelian menjadi faktor and household caution in making purchasing decisions are
182
penentu di segmen ini. determining factors in this segment.
Segmen rumah tipe sedang juga mengalami perlambatan yang The medium-sized house segment also experienced significant
cukup signifikan, dari kisaran ±1,5–1,6% (yoy) pada Triwulan IV slowdown, from around ±1.5–1.6% (yoy) in the fourth quarter
Laporan Tahunan 2025 Annual Report
2024 menjadi sekitar ±1,1–1,2% (yoy) pada Triwulan IV 2025. of 2024 to around ±1.1–1.2% (yoy) in the fourth quarter of
Sementara itu, rumah tipe besar mencatat pertumbuhan paling 2025. Meanwhile, large-sized homes recorded the lowest and
rendah dan relatif stabil, turun dari sekitar ±1,3–1,4% menjadi relatively stable growth, decreasing from around ±1.3–1.4% to
±0,6–0,7%. ±0.6–0.7%.
Pertumbuhan IHPR (% yoy)
IHPR Growth (% yoy)
3.50
3.00
2.50
2.00
1.50
1.00
0.50
0.00
Dec-23
Dec-20
Dec-24
Dec-22
Sep-23
Dec-25
Sep-20
Sep-24
Sep-22
Sep-25
Mar-23
Mar-20
Mar-24
Mar-22
Mar-25
Dec-19
Sep-19
Jun-23
Jun-20
Jun-24
Dec-21
Jun-22
Jun-25
Mar-19
Sep-21
Mar-21
Jun-19
Jun-21
IHPR: Tipe Sedang IHPR: Tipe Kecil
IHPR Total IHPR Total
Medium-Sized Type Small-Sized Type
Sumber: Bank Indonesia
Source: Bank Indonesia
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Pelemahan dinamika harga ini berjalan seiring dengan perlambatan This weakening in price dynamics is in line with the slowdown
pertumbuhan kredit perumahan perbankan. Setelah sempat in the growth of bank housing loans. After growing relatively
tumbuh relatif kuat sebesar 10,35% (yoy) pada awal tahun 2025, strongly by 10.35% (yoy) in early 2025, mortgage growth slowed
pertumbuhan KPR melambat menjadi sekitar 6,9–7,0% (yoy) pada to around 6.9–7.0% (yoy) in the fourth quarter of 2025. Although
kuartal keempat 2025. Meskipun likuiditas perbankan secara umum banking liquidity is generally sufficient and policy interest rates
cukup longgar dan suku bunga kebijakan telah disesuaikan, transmisi have been adjusted, the transmission of monetary easing to
pelonggaran moneter ke sektor pembiayaan perumahan belum the housing finance sector has not been optimal. This condition
berjalan optimal. Kondisi ini mengindikasikan bahwa perbankan indicates that banks still need alternative sources of low-cost
masih membutuhkan alternatif sumber pendanaan jangka panjang long-term funding in order to reduce the cost of funds so that
yang murah guna menekan Cost of Funds (biaya pendanaan) agar mortgage interest rates at the consumer level can be more
suku bunga KPR di tingkat konsumen dapat lebih terjangkau. affordable.
Sejalan dengan dinamika tersebut, rasio KPR terhadap total In line with these dynamics, the ratio of mortgages to total bank
kredit perbankan relatif stagnan dan sedikit menurun dari loans has been relatively stagnant and has declined slightly
9,20% pada akhir 2024 menjadi 9,14% pada akhir 2025. Hal ini from 9.20% at the end of 2024 to 9.14% at the end of 2025.
mengindikasikan bahwa laju ekspansi KPR semakin tertinggal This indicates that the pace of mortgage expansion is lagging
dibandingkan kredit non-perumahan. Pada saat yang sama, behind non-housing loans. In contrast, the mortgage NPL ratio
rasio kredit bermasalah (NPL) KPR meningkat bertahap hingga has gradually increased to 3.19%, reflecting pressure on asset
menyentuh level 3,19%, mencerminkan adanya tekanan pada quality in lending banks.
kualitas aset di perbankan penyalur.
Secara keseluruhan, dinamika ini menunjukkan bahwa pasar Overall, these dynamics show that the Indonesian housing
perumahan Indonesia masih berada dalam fase penyesuaian market is still in a cautious adjustment phase. However, for
yang penuh kehati-hatian. Namun demikian, bagi Perseroan, the Company, these industry challenges further emphasize
tantangan industri ini justru semakin mempertegas urgensi peran the urgency of SMF’s role as a Special Mission Vehicle (SMV).
SMF sebagai Special Mission Vehicle (SMV). Prospek pemulihan The prospects for the recovery of the national housing industry
industri perumahan nasional saat ini sangat bergantung pada currently depend heavily on strengthening access to structural
penguatan akses pembiayaan struktural, penurunan biaya dana, financing, reducing funding costs, and mitigating the risk of
serta mitigasi risiko kualitas aset perbankan. Melalui pendalaman banking asset quality. Through enhancing long-term funding
sumber pendanaan jangka panjang dan optimalisasi instrumen sources and optimizing secondary market instruments for
pasar sekunder pembiayaan perumahan (seperti sekuritisasi housing finance (such as asset securitization), the Company
aset), Perseroan hadir memberikan solusi likuiditas yang provides sustainable liquidity solutions for banks, ensuring
berkelanjutan bagi perbankan, guna memastikan masyarakat that the public continues to have access to affordable housing
tetap dapat mengakses pembiayaan perumahan yang terjangkau finance amid macroeconomic fluctuations.
di tengah fluktuasi ekonomi makro.
Rasio KPR Terhadap Total Kredit
Mortgage-to-Total Credit Ratio
(disajikan dalam %)
(presented in %)
183
10.00
9.50 9.20 9.14
9.00 PT Sarana Multigriya Finansial (Persero)
8.50
8.00
7.50
7.00
6.50
6.00
5.50
5.00
Jan-24
Feb-24
Mar-24
Mar-24
Mar-24
Mar-24
Mar-24
Mar-24
Mar-24
Mar-24
Mar-24
Mar-24
Jan-25
Feb-25
Mar-25
Mar-25
Mar-25
Mar-25
Mar-25
Mar-25
Mar-25
Mar-25
Mar-25
Sumber: CEIC | Source: CEIC
Sumber Rujukan: References:
1. Bank Indonesia (BI), Survei Harga Properti Residensial (SHPR) Triwulan IV 2025, dirilis 1. Bank Indonesia (BI), Residential Property Price Survey (SHPR) for the fourth quarter of
pada awal tahun 2026. 2025, released in early 2026.
2. Bank Indonesia (BI), Analisis Perkembangan Uang Beredar (M2) dan Statistik Ekonomi 2. Bank Indonesia (BI), Analysis of Money Supply (M2) Development and Indonesian
dan Keuangan Indonesia (SEKI), edisi November/Desember 2025. Economic and Financial Statistics (SEKI), November/December 2025 edition.
3. CEIC Data, Indonesia Macroeconomic and Financial Sector Database, diakses pada 3. CEIC Data, Indonesia Macroeconomic and Financial Sector Database, accessed in
awal 2026. early 2026.
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Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
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Laporan Tahunan 2025 Annual Report
Page 185
STRATEGI DAN PROGRAM STRATEGIS 2025
STRATEGY AND STRATEGIC PROGRAMS IN 2025
Strategi dan program strategis 2025 dituangkan dalam The 2025 strategy and strategic programs are outlined in the
Rencana Kerja dan Anggaran Perusahaan yang mengangkat Company’s Work Plan and Budget, which adopts the theme
tema “Penguatan Peran Perseroan sebagai Liquidity Provider “Strengthening the Company’s Role as a Liquidity Provider and
dan SMV Fiscal Tools di Sektor Perumahan”. Tema tersebut SMV Fiscal Tool in the Housing Sector.” This theme serves as
merupakan benang merah strategi Perseroan di sepanjang the overarching strategy for the Company throughout 2025,
tahun 2025 yang diarahkan dalam mendorong pembiayaan aimed at promoting sustainable housing sector financing
sektor perumahan yang berkelanjutan serta untuk meningkatkan and enhancing the Company’s role in the formulation and
peran perseroan dalam perumusan dan pelaksanaan kebijakan implementation of fiscal policies in the housing sector.
fiskal di sektor perumahan.
Strategi dan Program Strategis disusun berdasarkan mandat Strategies and Strategic Programs are developed based
dan ketentuan yang berlaku, selaras dengan Rencana Jangka on applicable mandates and regulations, aligned with the
Panjang Perusahaan (RJPP), kemudian dikembangkan Company’s Long-Term Plan (RJPP), and further refined
melalui pemetaan kondisi internal dan eksternal, termasuk through mapping internal and external conditions, including
perkembangan makroekonomi dan industri perumahan, agar macroeconomic developments and the housing industry, to
strategi dapat dituangkan menjadi program strategis yang ensure strategies are translated into measurable strategic
terukur. programs.
Strategi 2025 2025 Strategy
Strategi 2025 disusun untuk mencapai sasaran Perseroan The 2025 Strategy was formulated to achieve the Company’s
yang ditetapkan sebagaimana tercantum dalam RJPP 2022- objectives as stated in the 2022-2026 RJPP, namely to become
2026, yaitu menjadi salah satu entitas utama dalam ekosistem one of the main entities in the housing finance ecosystem that
pembiayaan perumahan yang mendukung penyediaan, supports the provision, ownership, and occupancy of decent
kepemilikan dan keterhunian rumah yang layak dan terjangkau and affordable housing for all Indonesian families.
bagi seluruh keluarga Indonesia.
Sesuai RJPP 2022-2026, strategi yang dijalankan Perseroan In accordance with the 2022-2026 RJPP, the Company’s
difokuskan pada (1) transformasi bisnis, (2) manajemen strategy focuses on (1) business transformation, (2) liquidity
likuiditas, (3) pertumbuhan usaha, dan (4) sinergi dengan management, (3) business growth, and (4) synergy with
pemangku kepentingan serta enabler & functional strategy stakeholders, as well as enabler & functional strategies that
yang berfokus pada (5) SDM & struktur organisasi, (6) teknologi focus on (5) human capital & organizational structure, (6) 185
dan informasi, (7) manajemen keuangan & akuntansi, serta (8) technology and information, (7) financial management &
tata kelola yang baik. accounting, and (8) good governance.
Kedelapan fokus strategi tersebut dituangkan dalam detail These eight strategic focuses are outlined in detail in the long-
PT Sarana Multigriya Finansial (Persero)
strategi jangka panjang yang terdiri dari: term strategy, which consists of:
1. Pengembangan kegiatan usaha yang sejalan dengan 1. Developing business activities in line with the expansion
perluasan mandat; of the mandate;
2. Menjaga likuiditas keberlangsungan usaha Perseroan, 2. Maintaining the liquidity of the Company’s business
perluasan akses terhadap sumber dana jangka panjang dan continuity, expanding access to long-term and inexpensive
murah serta peran Perseroan sebagai fiscal tools; sources of funds, and the Company’s role as a fiscal tool;
3. Meningkatkan sinergi dalam rangka pengembangan usaha 3. Enhancing synergy in the context of business development
dan membantu Pemerintah; and assisting the Government;
4. Melakukan penguatan SDM dan struktur organisasi untuk 4. Strengthening human capital and organizational structure to
meningkatkan sinergi dan mendukung kinerja Perseroan; improve synergy and support the Company’s performance;
5. Optimalisasi penggunaan IT dalam mendukung proses bisnis 5. Optimizing the use of IT to support the Company’s business
Perseroan; processes;
6. Menjaga efisiensi biaya dan anggaran perpajakan; 6. Maintaining cost efficiency and tax budgeting;
7. Monitoring ALMA serta pelaporan secara akurat; 7. Monitoring ALMA and accurate reporting;
8. Memperkuat penerapan manajemen risiko; 8. Strengthening the implementation of risk management;
9. Meningkatkan budaya risk awareness pada seluruh fungsi di 9. Enhancing a culture of risk awareness across all functions
Perseroan untuk mewujudkan penerapan tata kelola yang baik. within the Company to achieve good governance.
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Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
PROGRAM STRATEGIS 2025 STRATEGIC PROGRAM IN 2025
Program strategis yang menjadi fokus di tahun 2025, di Strategic programs that became the focus in 2025 include:
antaranya:
1. Mendorong pembiayaan perumahan melalui optimalisasi 1. Promoting housing financing through the optimization of
produk eksisting dan pembiayaan produk rumah hijau dan existing products and financing for green and sustainable
berkelanjutan. housing products.
2. Pendanaan kreatif yang mendukung pembangunan 2. Creative financing that supports sustainable development
berkelanjutan dengan mengoptimalkan sumber pendanaan by optimizing funding sources from grants (philanthropy),
dari jenis hibah (filantropi), surat utang baik yang bersifat conventional and thematic debt securities, and optimizing
konvensional maupun tematik dan optimalisasi ekuitas the Company’s equity.
yang dimiliki Perseroan.
3. Menjadi Instrumen bagi Pemerintah sebagai fiscal tools 3. Serving as an instrument for the government as a fiscal tool
dari Pemerintah melalui kegiatan sekretariat ekosistem through the activities of the housing financing ecosystem
pembiayaan perumahan, SMF Research Institute (SRI) secretariat, the SMF Research Institute (SRI), and synergies
maupun sinergi dengan Kementerian/Lembaga di daerah with the Ministry/Agency Coordination Forum in regions
terkait dengan sektor perumahan. related to the housing sector.
4. Mengelola perusahaan yang transparan dan akuntabel 4. Managing a transparent and accountable company
melalui Penguatan Peran SMF dalam mendorong sektor through strengthening SMF’s role in promoting the housing
perumahan, Pengembangan sistem dalam mendukung sector, developing systems to support the effectiveness
efektivitas bisnis dan kegiatan Operasional Perseroan, of the Company’s business and operational activities,
Penerapan GRC yang baik dan terukur, Pengembangan implementing good and measurable GRC, developing
metode penilaian kinerja projek berbasis OKR, Pengelolaan OKR-based project performance assessment methods,
anggaran yang efektif, efisien dan transparan serta managing budgets effectively, efficiently, and transparently,
Penguatan learning culture untuk mendukung knowledge and strengthening a learning culture to support knowledge
management dan kapabilitas SDM yang berkelanjutan. management and sustainable human capital capabilities.
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ASPEK PEMASARAN
MARKETING ASPECTS
STRATEGI PEMASARAN MARKETING STRATEGY
Pemasaran menjadi salah satu pilar strategis Perseroan dalam Marketing is one of the Company's strategic pillars in expanding
memperluas akses serta meningkatkan tingkat kesadaran access and increasing financial institutions' awareness of the
lembaga keuangan terhadap produk pendanaan yang disediakan. financing products provided. Through targeted marketing
Melalui aktivitas pemasaran yang terarah, Perseroan mampu activities, the Company is able to expand the reach of housing
memperluas jangkauan pembiayaan perumahan sekaligus financing while fostering a more comprehensive understanding
menumbuhkan pemahaman yang lebih komprehensif mengenai of the role and added value of the Company's products. This
peran dan nilai tambah produk Perseroan. Pendekatan ini juga approach also contributes to strengthening partnerships,
berkontribusi terhadap penguatan kemitraan, peningkatan increasing stakeholder trust, and creating a foundation for
kepercayaan para pemangku kepentingan, serta penciptaan sustainable business growth.
fondasi pertumbuhan usaha yang berkesinambungan.
Selaras dengan arah pengembangan bisnis tersebut, In line with this business development direction, throughout
sepanjang tahun 2025 Perseroan terus memaksimalkan 2025 the Company had continued to maximize its marketing
strategi pemasaran dengan fokus utama pada peningkatan strategy with a primary focus on increasing access to funding
akses pendanaan bagi lembaga keuangan. Fokus ini diarahkan for financial institutions. This focus is aimed at supporting
guna mendukung upaya perluasan keterjangkauan pembiayaan efforts to expand the affordability of housing finance for the
perumahan bagi masyarakat. Implementasi strategi dilakukan community. The strategy was implemented through various
melalui berbagai inisiatif yang dirancang secara terstruktur dan initiatives that are designed to be structured and sustainable,
berkelanjutan, sekaligus mempertegas kontribusi Perseroan while reinforcing the Company's contribution to strengthening
dalam memperkuat ekosistem pembiayaan perumahan the national housing finance ecosystem. The strategies
nasional. Adapun strategi yang diterapkan meliputi langkah- implemented include the following:
langkah sebagai berikut: 1. financing strengthening strategy includes several strategic
1. Strategi penguatan pembiayaan mencakup beberapa fokus focuses, namely:
strategi, yaitu: a. Expansion into the Commercial Bank, Regional
a. Ekspansi ke Segmen Bank Umum, Bank Pembangunan Development Bank, Multifinance, and other financial
Daerah, Multifinance dan lembaga keuangan lainnya institutions segments through mortgage products, Micro
melalui produk KPR, Kredit Mikro Perumahan, Kredit Housing Loans, Housing Construction Working Capital
Modal Kerja Konstruksi Perumahan, dan KMG beragun Loans, and payroll or pension-backed KMG (mortgage
payroll atau pensiunan dan Kredit Multiguna Perumahan loans) and Multipurpose Housing Loans secured by
Beragunan Aset Bergerak (kendaraan) dengan tujuan movable assets (vehicles) for the purpose of financing
pembiayaan yaitu untuk renovasi perumahan. housing renovations.
b. Melakukan analisis terhadap segmen calon mitra dengan b. Conduct an analysis of potential partner segments by 187
mengembangkan profil calon mitra yang telah ditetapkan, developing profiles for identified potential partners,
termasuk mengidentifikasi kebutuhan spesifik masing- including identifying the specific needs of each potential
masing calon mitra. Selain itu, dilakukan evaluasi secara partner. In addition, periodic evaluations are conducted
berkala terhadap tren kinerja keuangan calon mitra maupun of the financial performance trends of both potential and
PT Sarana Multigriya Finansial (Persero)
mitra eksisting guna memastikan strategi yang diterapkan existing partners to ensure that the strategies implemented
tetap relevan dan adaptif terhadap dinamika yang terjadi. remain relevant and adaptable to evolving market dynamics
c. Melakukan kerja sama dengan Divisi Riset Ekonomi dalam c. Collaborate with the Economic Research Division to
rangka pemantauan economic outlook serta perkembangan monitor the economic outlook and financial market
kondisi keuangan di pasar, termasuk capital market, guna conditions, including the capital market, in order to support
mendukung pengambilan keputusan yang berbasis data data-driven decision-making and comprehensive analysis.
dan analisis yang komprehensif.
d. Bekerja sama dengan divisi Manajemen Kredit dalam d. Collaborating with the Credit Management division in
sosialisasi produk pembiayaan perusahaan promoting corporate financing products
e. Meningkatkan brand awareness mengenai kegiatan e. Increasing brand awareness of the Company's business
usaha Perseroan di media sosial. activities on social media.
f. Melaksanakan kegiatan event marketing melalui f. Conducting event marketing activities by organizing and
penyelenggaraan maupun partisipasi dalam berbagai participating in various events that have the potential to
acara yang berpotensi meningkatkan prospek dan increase business prospects and opportunities, as well
peluang bisnis serta mengundang mitra bisnis untuk as inviting business partners to participate in internal
berpartisipasi dalam kegiatan atau event internal company activities or events.
perusahaan.
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Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
2. Pengembangan produk sekuritisasi yang mencakup 2. Securitization product development that includes several
beberapa strategi, di antaranya: strategies, such as:
a. Melakukan sosialisasi dan edukasi ke beberapa calon a. Conducting dissemination and education to several
mitra potensial. potential partners.
b. Melakukan pendekatan kepada mitra potensial dengan b. Approaching potential partners by considering their
mempertimbangkan kondisi finansial mitra, khususnya financial condition, particularly in relation to portfolio
berkaitan dengan ketersediaan portofolio, serta rasio availability and financial ratios that can be developed
Keuangan yang dapat dikembangkan melalui Transaksi through securitization transactions.
Sekuritisasi.
c. Melakukan Focus Group Discussion (FGD) dengan bank c. Conducting Focus Group Discussions (FGD) with
penyalur KPR. mortgage lenders.
d. Melakukan penandatanganan MoU dengan beberapa d. Signing MoUs with several mortgage lenders to explore
bank penyalur kredit perumahan dalam rangka non-true sale securitization cooperation.
penjajakan kerja sama sekuritisasi non-true sale.
3. Strategi penguatan pembiayaan syariah UUS SMF selama 3. The SMF Sharia Business Unit’s (UUS SMF) strategy for
tahun 2025 di antaranya: strengthening sharia financing during 2025 includes:
a. Penguatan kerja sama dengan lembaga keuangan a. Strengthening cooperation with sharia financial
syariah. institutions.
UUS SMF secara aktif melakukan pertemuan, penjajakan UUS SMF actively conducts meetings, explores
kerja sama, serta monitoring dengan berbagai bank cooperation opportunities, and monitors various Islamic
syariah, BPRS, dan multifinance syariah untuk banks, BPRS, and Islamic multifinance companies to
memperluas penyaluran pembiayaan perumahan expand the distribution of Islamic housing financing,
syariah, termasuk pembahasan potensi refinancing, including discussions on the potential for refinancing,
facility line, dan pengembangan produk pembiayaan. facility lines, and financing product development.
b. Pengembangan dan perluasan fasilitas pembiayaan b. Development and expansion of Islamic financing
syariah. facilities.
UUS SMF melakukan penandatanganan berbagai UUS SMF has signed various cooperation agreements,
perjanjian kerja sama seperti facility line, addendum such as facility lines and addenda to agreements, with
188
perjanjian, dengan akad pembiayaan Mudharabah Mudharabah Muqayyadah financing contracts, in order
Muqayyadah, guna optimalisasi pembiayaan kepada to optimize financing for partners in channeling Islamic
mitra dalam menyalurkan pembiayaan perumahan syariah. housing financing.
c. Pengembangan produk dan skema pembiayaan
Laporan Tahunan 2025 Annual Report
perumahan syariah. c. Development of Islamic housing financing products
UUS SMF turut mendorong inovasi produk pembiayaan and schemes.
seperti Griya Nusantara, pembiayaan mikro perumahan, UUS SMF also encourages innovation in financing
pembiayaan konstruksi, rent to own, serta eksplorasi products such as Griya Nusantara, micro housing
skema pembiayaan syariah lainnya sebagai alternatif financing, construction financing, rent to own,
instrumen pembiayaan dan diversifikasi pendanaan. and exploration of the Sharia financing scheme as
an alternative financing instrument and funding
d. Penguatan kolaborasi dengan pemangku kepentingan diversification.
industri. d. Strengthening collaboration with industry stakeholders.
UUS SMF berpartisipasi dalam berbagai forum, FGD, UUS SMF participates in various forums, focus group
seminar, dan diskusi dengan regulator, asosiasi, serta discussions, seminars, and discussions with regulators,
lembaga terkait untuk mendorong pengembangan associations, and related institutions to encourage the
ekosistem pembiayaan perumahan syariah dan development of the sharia housing financing ecosystem
memperkuat sinergi industri. and strengthen industry synergy.
e. Monitoring kinerja mitra dan optimalisasi penyaluran
pembiayaan. e. Monitoring partner performance and optimizing
UUS SMF secara berkala melakukan evaluasi dan financing distribution.
monitoring terhadap mitra pembiayaan, termasuk BPRS UUS SMF periodically evaluates and monitors financing
dan bank syariah, guna memastikan kualitas pembiayaan, partners, including BPRS and Islamic banks, to ensure
meningkatkan utilisasi fasilitas yang telah diberikan, serta financing quality, increase the utilization of facilities
mengidentifikasi potensi ekspansi pembiayaan baru. provided, and identify potential new financing expansion.
f. Penguatan dukungan terhadap program pembiayaan
perumahan nasional.
UUS SMF turut mendukung program pemerintah di f. Strengthening support for national housing financing
sektor perumahan melalui sinergi dengan berbagai programs.
lembaga seperti BP Tapera, Kementerian PKP, dan UUS SMF supports government programs in the housing
mitra industri dalam pengembangan program FLPP, sector through synergies with various institutions such
Page 189
pembiayaan mikro perumahan, dan program pembiayaan as BP Tapera, the Ministry of Housing and Settlement
rumah lainnya bagi masyarakat. Areas, and industry partners in the development of FLPP
programs, micro housing financing, and other housing
financing programs for the community.
PANGSA PASAR MARKET SHARE
SMF menempati posisi tersendiri di industri pembiayaan SMF occupies a unique position in the national housing finance
perumahan nasional. Peran tersebut dijalankan melalui industry. This role is carried out through the function of
fungsi pembiayaan sekunder perumahan dengan fokus secondary housing finance with a focus on providing liquidity to
pada penyediaan likuiditas bagi lembaga keuangan yang financial institutions that distribute housing loans. Through this
menyalurkan kredit perumahan. Melalui peran ini, Perseroan role, the Company contributes to maintaining the sustainability
berkontribusi dalam menjaga keberlanjutan penyaluran of housing finance distribution to the community.
pembiayaan perumahan kepada masyarakat.
Cakupan target pasar Perseroan meliputi Bank Umum, Bank The Company's target market coverage includes Commercial
Pembangunan Daerah (BPD), Perusahaan Pembiayaan, Bank Banks, Regional Development Banks (BPD), Financing
Perkreditan Rakyat (BPR), hingga berbagai lembaga keuangan Companies, Rural Credit Banks (BPR), and various other
lainnya. Didukung posisi tersebut, Perseroan menguasai pangsa financial institutions. Supported by this position, the Company
pasar secara eksklusif dengan capaian 100% di industri has an exclusive market share of 100% in the secondary
pembiayaan sekunder perumahan di Indonesia. Kondisi ini housing finance industry in Indonesia. This condition further
semakin menegaskan peran Perseroan dalam mendorong emphasizes the Company's role in promoting the sustainability
keberlanjutan serta pertumbuhan sektor perumahan nasional. and growth of the national housing sector. The following is a
Berikut disajikan uraian distribusi pangsa pasar berdasarkan description of market share distribution based on the products
produk yang dimiliki Perseroan: owned by the Company:
1. Pasar produk Sekuritisasi 1. Securitization Product Market
Aktivitas penyaluran sekuritisasi telah menjadi bagian Securitization activities have formed part of the Company’s
dari kegiatan usaha Perseroan sejak tahun 2009. Hingga business operations since 2009. As of 2025, the Company
tahun 2025, Perseroan telah merealisasikan 17 transaksi has executed 17 securitization transactions involving three
sekuritisasi yang melibatkan 3 Kreditur Asal, terdiri atas Originators, comprising 15 issuances with BTN and one
15 kali penerbitan dengan BTN, dan masing-masing satu issuance each with Bank Mandiri and Bank BSI. The issuance
kali penerbitan bersama dengan Bank Mandiri dan Bank of Sharia RMBS-PC SMF-BRIS01, a collaboration between
BSI. Adapun penerbitan EBA Syariah-SP SMF-BRIS01 yang the Company as Arranger and Bank BSI as Originator,
merupakan kerjasama antara Perseroan sebagai Arranger marked the first Sharia Asset-Backed Securities issuance
dan Bank BSI sebagai Kreditur Asal merupakan penerbitan in Indonesia. As of 2025, the Company’s cumulative
Efek Beragun Aset Syariah pertama di Indonesia. Total securitization disbursement amounted to Rp14.212 trillion.
penyaluran sekuritisasi yang telah disalurkan Perseroan
sampai dengan tahun 2025 adalah sebesar Rp14,212 triliun. 189
2. Pasar produk Pembiayaan 2. Financing Product Market
Data Statistik Perbankan Indonesia (SPI) yang dipublikasikan Indonesian Banking Statistics (SPI) published by the
Otoritas Jasa Keuangan (OJK) per November 2025 Financial Services Authority (OJK) as of November 2025
PT Sarana Multigriya Finansial (Persero)
mencatat outstanding Kredit Kepemilikan Rumah (KPR) recorded outstanding mortgage loans (KPR) reaching
mencapai Rp768,89 triliun, dengan pertumbuhan tahunan Rp768.89 trillion, with an annual growth of 6.94% (yoy). The
sebesar 6,94% (yoy). Struktur pangsa pasar KPR nasional national mortgage market share structure is still dominated
masih didominasi oleh Bank Himbara dengan porsi sebesar by Himbara Banks with a 60.83% share, followed by National
60,83%, diikuti oleh Bank Swasta Nasional sebesar 35,05%, Private Banks with 35.05%, Regional Development Banks
Bank Pembangunan Daerah (BPD) sebesar 4,09%, serta (BPD) with 4.09%, and Foreign Banks with 0.02%.
Bank Asing sebesar 0,02%.
Sejalan dengan kondisi tersebut, realisasi penyaluran In line with these conditions, the Company's financing
pembiayaan Perseroan pada segmen konvensional per disbursement in the conventional segment as of December
31 Desember 2025 tercatat sebesar Rp10,69 triliun. Capaian 31, 2025, was recorded at Rp10.69 trillion. This achievement
tersebut selanjutnya terdistribusi sebagai berikut: was further distributed as follows:
a. KPR Komersial dengan total pembiayaan Rp1,5 triliun a. Commercial mortgages with a total financing of Rp1.5
disalurkan kepada Bank Pembangunan Daerah. trillion were distributed to Regional Development Banks.
b. Kredit Mikro Perumahan memiliki total penyaluran b. Micro Housing Loans with a total disbursement of
Rp17,44 miliar, dengan porsi terbesar berasal dari Rp17.44 billion, with the largest portion coming from
Lembaga Keuangan Lainnya. Other Financial Institutions.
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Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
c. Kredit Multiguna Perumahan dengan total pembiayaan c. Multipurpose Housing Loans with a total financing
Rp9,17 triliun, yang sebagian besar disalurkan oleh Bank of Rp9.17 trillion, most of which was distributed
Umum (Rp500 miliar), Bank Pembangunan Daerah by Commercial Banks (Rp500 billion), Regional
(Rp8,57 triliun), dan Multifinance (Rp100 miliar). Development Banks (Rp8.57 trillion), and Multifinance
(Rp100 billion).
Apabila dibandingkan dengan total outstanding KPR
nasional yang mencapai Rp768,89 triliun, porsi pembiayaan When compared to the total outstanding national mortgage
yang disalurkan Perseroan pada segmen terkait masih relatif loans of Rp768.89 trillion, the portion of financing disbursed
kecil. Meski demikian, kontribusi Perseroan tetap memiliki by the Company in the relevant segment is still relatively
peran strategis dalam menjaga likuiditas perbankan serta small. However, the Company's contribution continues to
lembaga keuangan lainnya, khususnya melalui penyaluran play a strategic role in maintaining the liquidity of banks
pembiayaan ke segmen yang belum sepenuhnya terjangkau and other financial institutions, particularly through the
oleh perbankan konvensional. disbursement of financing to segments that are not yet
fully covered by conventional banks.
Peran tersebut tercermin dari pola distribusi pembiayaan This role is reflected in the Company's financing distribution
yang dilakukan Perseroan. Bank Umum masih menjadi pattern. Commercial banks remain the main contributors,
kontributor utama, selaras dengan struktur pasar KPR in line with the national mortgage market structure. At the
nasional. Pada saat yang sama, BPR, BPD, dan Perusahaan same time, rural banks, regional development banks, and
Pembiayaan turut memberikan kontribusi yang berarti, financing companies also make significant contributions,
khususnya pada segmen Kredit Multiguna Perumahan particularly in the Multipurpose Housing Loans and Micro
dan Kredit Mikro Perumahan, yang membutuhkan skema Housing Credit segments, which require more flexible
pembiayaan lebih fleksibel. financing schemes.
Dengan komposisi tersebut, Perseroan berperan dalam With this composition, the Company plays a role in
memperluas dan mendiversifikasi sumber pembiayaan expanding and diversifying housing financing sources
perumahan di luar skema KPR perbankan tradisional. Secara beyond traditional banking mortgage schemes. Overall,
keseluruhan, meskipun nilai pembiayaan Perseroan masih although the Company's financing value is still below the
berada di bawah total KPR nasional, kontribusinya dalam national mortgage total, its contribution in expanding access
190
memperluas akses pembiayaan perumahan terutama pada to housing financing, especially in the Micro Housing Loans
segmen Kredit Mikro Perumahan dan Kredit Multiguna and Multipurpose Housing Loans segments, is an important
Perumahan menjadi faktor penting dalam mendorong inklusi factor in promoting financial inclusion and supporting
keuangan serta mendukung pengembangan sektor properti sustainable property sector development.
Laporan Tahunan 2025 Annual Report
secara berkelanjutan.
3. Pasar Unit Usaha Syariah 3. Sharia Business Unit Market
Berdasarkan Statistik Perbankan Syariah yang dipublikasikan Based on Sharia Banking Statistics published by the
Otoritas Jasa Keuangan (OJK) per Juni 2025, outstanding Kredit Financial Services Authority (OJK) as of June 2025,
Kepemilikan Rumah (KPR) Syariah tercatat sebesar Rp150,1 triliun outstanding Sharia Mortgage Loans (KPR) were recorded
dengan tingkat pertumbuhan tahunan mencapai 7,25% (yoy). at Rp150.1 trillion with an annual growth rate of 7.25% (yoy).
Struktur pasar KPR Syariah nasional masih didominasi oleh Unit The national Sharia KPR market structure is still dominated
Usaha Syariah (UUS) dengan pangsa sebesar 58,31%, sementara by Sharia Business Units (UUS) with a 58.31% share, while
Bank Umum Syariah (BUS) menguasai porsi sebesar 41,69%. Sharia Commercial Banks (BUS) hold a 41.69% share.
Sejalan dengan perkembangan tersebut, realisasi In line with these developments, the Company's financing
penyaluran pembiayaan Perseroan pada segmen syariah disbursement in the Sharia segment reached Rp2.2 trillion by
hingga Desember 2025 mencapai Rp2,2 triliun. Capaian December 2025. This achievement reflects the Company's
ini mencerminkan kontribusi Perseroan dalam mendukung contribution in supporting the growth of Sharia-based
pertumbuhan pembiayaan perumahan berbasis syariah housing financing through various cooperation schemes
melalui berbagai skema kerja sama dengan lembaga with financial institutions. The distribution of financing in
keuangan. Adapun distribusi pembiayaan pada segmen the Sharia segment is outlined as follows:
syariah diuraikan sebagai berikut:
a. Penyaluran pembiayaan berdasarkan segmen : Unit a. Financing distribution by segment: BPDRp982 Billion
Usaha Syariah BPD Rp982 Miliar, Bank Umum Syariah Sharia Business Unit, Rp483 Billion Sharia Commercial
Rp483 Miliar, Multifinance Syariah 392 miliar, BPD Bank, Rp392 Billion Sharia Multifinance, Rp250 Billion
syariah Rp250 miliar, Lembaga keuangan lainnya Rp45,8 Sharia Regional Development Bank, Rp45.8 Billion Other
miliar Financial Institutions
b. Penyaluran Pembiayaan berdasarkan produk :PPR b. Financing distribution based on product: PPR 49.19%,
49,19%, PMG Perumahan 48,50%, Pembiayaan Mikro PMG Housing 48.50%, Micro Housing Financing 2.03%,
Perumahan 2,03%, Rent to Own (RTO) 0,04%, dan Griya Rent to Own (RTO) 0.04%, and Griya Nusantara 0.25%
Nusantara 0,25%
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TINJAUAN OPERASI PER SEGMEN USAHA
OPERATIONAL OVERVIEW BY BUSINESS SEGMENT
Laporan Keuangan SMF yang telah diaudit oleh Kantor Akuntan SMF's financial statements, which have been audited by the
Publik (KAP) Purwanto Susanti & Surja menyajikan informasi public accounting firm Purwanto Susanti & Surja, present
segmen operasi yang disusun berdasarkan laporan internal segment information compiled based on the Company's
Perseroan dan disampaikan kepada pengambil keputusan internal reports and submitted to operational decision makers,
operasional, sesuai dengan ketentuan PSAK Nomor 108 in accordance with the provisions of PSAK No. 108 concerning
tentang segmen operasi. Penyajian segmen operasi Perseroan operating segments. The presentation of the Company's
didasarkan pada jenis produk usaha yang terdiri dari: operating segments is based on the types of business products,
which consist of:
Segmen Operasi
Segment Operations
Pinjaman yang diberikan Sekuritisasi Penempatan
Loans Securitization Placement
Pinjaman yang Diberikan Loans
Perseroan memberikan pinjaman dana kepada lembaga The Company provides loans to housing finance institutions
penyalur pembiayaan perumahan dengan menggunakan ekuitas by first using equity and then issuing debt securities. There
terlebih dahulu untuk kemudian dilakukan penerbitan surat are three types of loan programs distributed by the Company’s
utang. Terdapat 3 jenis program pinjaman yang disalurkan Mortgage Credit Institution, namely the Refinancing Program,
oleh Perseroan, yaitu dalam bentuk Program Refinancing, the Housing Financing Liquidity Facility Program (FLPP), and
Program Fasilitas Likuiditas Pembiayaan Perumahan (FLPP) mortgage receivables assets. The funding sources used for
dan aset piutang KPR. Sumber pendanaan yang digunakan lending come from the issuance of bonds, sukuk, Medium
untuk pemberian pinjaman berasal dari penerbitan obligasi, Term Notes (MTN), commercial paper, bank loans, and part
sukuk, Medium Term Notes (MTN), surat berharga komersial, of the Company’s equity. 191
pinjaman perbankan, serta sebagian ekuitas Perseroan.
Sekuritisasi Securitization
Transaksi sekuritisasi merupakan salah satu lini usaha yang Securitization transactions are one of the business lines
PT Sarana Multigriya Finansial (Persero)
berasal dari mandat berdirinya Perseroan. Dalam transaksi ini, that originated from the Company’s founding mandate. In
Bank akan menjual aset piutang KPR untuk selanjutnya menjadi this transaction, the Bank will sell mortgage receivables to
Efek Beragun Aset – Surat Partisipasi (EBA-SP) yang dapat become tradable Residential Mortgage Backed Securities -
diperdagangkan di pasar modal, di mana Perseroan berperan Participation Certificate (RMBS-PC) on the capital market,
sebagai penata transaksi, penerbit, pendukung kredit dan where the Company acts as the transaction arranger, issuer,
apabila diperlukan dapat menjadi standby buyer. Dari transaksi credit enhancer, and, if necessary, standby buyer. From these
ini, Perseroan mendapatkan fee penata transaksi (arranger transactions, the Company earns transaction arranger fees,
fee), fee untuk pendukung kredit (credit enhancer fee), dan credit enhancer fees, and securitization issuance services.
jasa penerbitan sekuritisasi. Sampai dengan 2025, Perseroan As of 2025, the Company has facilitated 17 (seventeen)
telah memfasilitasi 17 (tujuh belas) transaksi sekuritisasi yang securitization transactions, including the issuance of Residential
meliputi penerbitan Efek Beragun Aset – Surat Partisipasi dan Mortgage Backed Securities – Participation Certificates and
Efek Beragun Aset Syariah – Surat Partisipasi. Sharia-Compliant Residential Mortgage Backed Securities –
Participation Certificates.
Page 192
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
Penempatan Placement
Kegiatan ini dilakukan Perseroan dengan menempatkan dana The Company conducts this activity by placing funds in banks in
di bank dalam bentuk deposito, baik konvensional maupun the form of deposits, both conventional and Sharia. In addition,
syariah. Selain itu, Perseroan juga melakukan kegiatan investasi the Company also conducts investment activities in the form of
dalam bentuk EBA-SP/EBAS-SP dan SBN. Pembahasan segmen RMBS-PC/Sharia RMBS-PC and Government Securities (SBN).
operasi pada laporan ini adalah berdasarkan segmen operasi The discussion of the operating segments in this report is
yang tersaji pada Laporan Keuangan Perseroan. based on the operating segments presented in the Company’s
Financial Statements.
Informasi mengenai kinerja masing-masing segmen bisnis Information regarding the performance of each business
disajikan dalam laporan internal manajemen dan direviu secara segment is presented in internal management reports and
berkala oleh Manajemen Perseroan. Manajemen menilai bahwa reviewed periodically by the Company’s Management.
informasi tersebut merupakan dasar yang paling relevan Management considers this information to be the most relevant
untuk mengevaluasi kinerja setiap segmen, termasuk dalam basis for evaluating the performance of each segment, including
melakukan perbandingan dengan entitas lain yang beroperasi when making comparisons with other entities operating in
dalam industri sejenis. similar industries.
SEGMEN PINJAMAN YANG DIBERIKAN: LOAN SEGMENT GRANTED:
PRODUKTIVITAS TERMASUK PROSES, PRODUCTIVITY INCLUDING PROCESS,
KAPASITAS, DAN PERKEMBANGANNYA CAPACITY, AND DEVELOPMENT
Segmen Pinjaman yang Diberikan Loans Segment
Segmen pinjaman yang diberikan dijalankan dengan mengacu The loans segment is operated in accordance with the
pada ketentuan Peraturan Presiden (Perpres) No. 100 Tahun provisions of Presidential Regulation (Perpres) No. 100 of 2020,
2020, di mana Perseroan menyalurkan pinjaman kepada whereby the Company channels loans to banks and/or other
bank dan/atau lembaga keuangan lainnya untuk selanjutnya financial institutions to be passed on to end customers in the
diteruskan kepada nasabah akhir dalam bentuk pembiayaan form of housing financing. The development of this segment is
perumahan. Pengembangan segmen ini diarahkan untuk aimed at expanding public access to affordable and sustainable
192
memperluas akses masyarakat terhadap pembiayaan housing financing.
perumahan yang terjangkau dan berkelanjutan.
Dalam mendukung penguatan segmen tersebut, Perseroan To strengthen this segment, the Company actively conducts
Laporan Tahunan 2025 Annual Report
secara aktif melakukan kegiatan edukasi serta pengembangan educational activities and capacity building for partner banks
kapasitas (capacity building) bagi bank dan lembaga keuangan and financial institutions to ensure that housing loans are
mitra, guna memastikan penyaluran kredit perumahan dilakukan disbursed with adequate quality standards. The provisions
dengan standar kualitas yang memadai. Ketentuan Perpres of Presidential Regulation No. 100 of 2020 and Government
No. 100 Tahun 2020 dan Peraturan Pemerintah (PP) No. 57 Regulation (PP) No. 57 of 2020 also provide flexibility for the
Tahun 2020 juga memberikan fleksibilitas bagi Perseroan untuk Company to develop financing activities outside of ready-
mengembangkan kegiatan pembiayaan di luar pembiayaan to-occupy housing financing, including through the KPBU
rumah siap huni, antara lain melalui skema KPBU Perumahan, Perumahan (Public-Private Partnership for Housing) scheme,
Kredit Konstruksi, KPR PPJB (KPR Inden), Kredit Mikro Construction Loans, PPJB Mortgage Loans (Sale and Purchase
Perumahan, KPR Rumah Usaha, KPR Sewa Beli, serta Reverse Binding Agreement–Based Mortgages), Micro Housing Loans,
Mortgage, termasuk kegiatan lain di sektor perumahan sesuai Business Home Mortgages, Lease-to-Own Mortgages, and
dengan persetujuan Pemegang Saham. Reverse Mortgages as well as other activities in the housing
sector in accordance with shareholder approval.
Sebagai Special Mission Vehicle (SMV) Pemerintah, As a Special Mission Vehicle (SMV) of the Government,
Perseroan memperoleh penugasan untuk berkontribusi the Company has been assigned to contribute to reducing
dalam pengurangan backlog perumahan di Indonesia. Salah the housing backlog in Indonesia. One of the forms of
satu bentuk pelaksanaannya dilakukan melalui penyediaan implementation is through the provision of matching funds
fasilitas dana pendamping bagi pembiayaan perumahan for housing financing through the Housing Financing Liquidity
Fasilitas Likuiditas Pembiayaan Perumahan (FLPP), dengan Facility (FLPP), with the Company playing a role in financing 25%
peran Perseroan dalam membiayai 25% porsi perbankan pada of the banking portion of FLPP Sejahtera mortgages through
penyaluran KPR Sejahtera FLPP melalui Bank Penyalur mitra the Government’s partner distributor bank, BP Tapera. This
Pemerintah, yaitu BP Tapera. Inisiatif ini merupakan wujud initiative is a tangible form of the Company’s support under
dukungan nyata Perseroan di bawah koordinasi Kementerian the coordination of the Ministry of Finance of the Republic of
Keuangan Republik Indonesia dalam mendukung Program Indonesia in supporting the One Million Houses Program that
Sejuta Rumah yang telah dilaksanakan Pemerintah sejak tahun has been implemented by the Government since 2015.
2015.
Page 193
Untuk menunjang keberlanjutan kegiatan usaha tersebut, To support the sustainability of these business activities, the
Perseroan menerbitkan berbagai instrumen pendanaan berupa Company issues various funding instruments in the form of
obligasi, sukuk, Medium Term Notes (MTN), surat berharga bonds, sukuk, Medium Term Notes (MTN), commercial paper,
komersial, serta fasilitas perbankan. Penyaluran dana kepada and banking facilities. The distribution of funds to partner
institusi mitra pembiayaan perumahan pada tahap awal juga housing financing institutions in the initial stage can also be
dapat dilakukan melalui skema bridging menggunakan ekuitas conducted through a bridging scheme using the Company’s
Perseroan, yang selanjutnya diikuti dengan penerbitan surat equity, which is then followed by the issuance of debt
utang atau sukuk. Penyaluran pinjaman ini bertujuan untuk securities or sukuk. The disbursement of these loans aims
meningkatkan volume pembiayaan perumahan yang berkualitas, to increase the volume of quality housing financing, thereby
sehingga tercipta skala pembiayaan yang memadai guna creating an adequate scale of financing to support sustainable
mendukung transaksi sekuritisasi secara berkelanjutan dan securitization transactions and encourage the formation of
mendorong terbentuknya mekanisme pasar yang berpotensi market mechanisms that have the potential to lower mortgage
menurunkan tingkat suku bunga KPR. interest rates.
Dari perspektif produktivitas operasional, kapasitas segmen From an operational productivity perspective, the capacity
pinjaman yang diberikan tercermin pada jumlah mitra penyalur, of the loan segment is reflected in the number of distribution
volume penyaluran pembiayaan, ragam produk pembiayaan, partners, the volume of financing distribution, the variety of
serta jumlah nasabah akhir yang memperoleh manfaat dari financing products, and the number of end customers who
pembiayaan yang difasilitasi Perseroan. Dengan demikian, benefit from the financing facilitated by the Company. Thus,
kinerja segmen ini tidak hanya diukur dari besarnya nilai the performance of this segment is not only measured by the
penyaluran, tetapi juga dari luasnya jangkauan kemitraan dan value of disbursements, but also by the breadth of partnerships
kemampuan Perseroan dalam menjaga kesinambungan aliran and the Company’s ability to maintain a continuous flow of
dana ke pasar pembiayaan primer perumahan. funds to the primary housing financing market.
Strategi Segmen Pinjaman yang Diberikan Loans Segment Strategy
Pada tahun 2025, strategi segmen pinjaman yang diberikan In 2025, SMF’s loans segment strategy focused on strengthening
SMF difokuskan pada penguatan sinergi dengan mitra penyalur synergies with distribution partners and optimizing the
serta optimalisasi keberlanjutan portofolio pembiayaan. sustainability of the financing portfolio. The Company is
Perseroan melakukan perluasan kerja sama untuk menjangkau expanding its cooperation to reach various segments of
berbagai segmen masyarakat dalam pembiayaan perumahan, society in housing financing, while encouraging regulatory
sekaligus mendorong keselarasan regulasi agar pendanaan alignment so that long-term funding is used for long-term
jangka panjang digunakan untuk pembiayaan jangka panjang, financing, including the application of a financing scheme with
termasuk penerapan skema pembiayaan dengan mekanisme a periodic interest rate review mechanism in accordance with
peninjauan suku bunga secara berkala sesuai kesepakatan agreements with financial institution partners. Targets are also
dengan mitra lembaga keuangan. Penetapan target juga set prudently, taking into account projections of economic and
dilakukan secara prudent dengan mempertimbangkan proyeksi industry conditions.
kondisi ekonomi dan industri.
193
Selain itu, Perseroan melaksanakan benchmarking atas skema In addition, the Company conducts benchmarking on financing
pembiayaan yang diterima mitra dari counterpart lain sebagai schemes received by partners from other counterparts as
dasar penyusunan strategi pemasaran dan eksplorasi sumber a basis for developing marketing strategies and exploring
pendanaan alternatif. Penyaluran pembiayaan diarahkan alternative funding sources. Financing distribution is directed
PT Sarana Multigriya Finansial (Persero)
kepada lembaga keuangan yang memiliki kinerja stabil dengan to financial institutions with stable performance and tenors of
tenor di atas satu tahun guna menjaga kualitas outstanding more than one year to maintain the quality of the outstanding
portfolio, disertai pengembangan produk yang adaptif terhadap portfolio, accompanied by the development of products that are
kebutuhan mitra untuk meningkatkan daya saing Perseroan. adaptive to the needs of partners to increase the Company’s
competitiveness.
Penerbitan Surat Utang Issuance of Debt Securities
Perseroan memperoleh pendanaan melalui penerbitan surat The Company obtains funding through the issuance of debt
utang berupa obligasi, sukuk, dan Medium Term Notes (MTN) securities in the form of bonds, sukuk, and Medium Term Notes
yang ditawarkan kepada investor, baik melalui penawaran umum (MTN) offered to investors, either through public offerings listed
yang dicatatkan di Bursa Efek Indonesia (BEI) maupun melalui on the Indonesia Stock Exchange (IDX) or through mechanisms
mekanisme tanpa penawaran umum. Dana yang dihimpun dari without public offerings. The funds raised from these issuances
penerbitan tersebut selanjutnya dimanfaatkan untuk penyaluran are then used to provide financing to financial institutions.
pembiayaan kepada lembaga keuangan.
Page 194
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
Penerbitan instrumen efek bersifat utang tersebut diharapkan The issuance of these debt securities is expected to encourage
dapat mendorong para penyalur pembiayaan terkait perumahan housing and settlement financing providers to gradually utilize
dan permukiman untuk secara bertahap memanfaatkan medium and long-term funding sourced from the capital market,
pendanaan jangka menengah dan panjang yang bersumber thereby enabling them to provide mortgage products and
dari pasar modal, sehingga mampu menyediakan produk KPR housing and settlement financing with fixed interest rates over
dan pembiayaan terkait perumahaan dan permukiman dengan a longer period of time.
tingkat bunga tetap dalam jangka waktu yang lebih panjang.
Berikut disajikan daftar surat utang yang diterbitkan sepanjang The following is a list of debt securities issued throughout 2025:
tahun 2025:
Tabel Surat Utang yang Diterbitkan Tahun 2025
Table of Debt Securities Issued in 2025
Kupon/
Imbal
Jangka
No. Nama Efek Seri Tanggal Terbit Jatuh Tempo Hasil Jumlah Peringkat
Waktu
No Security Name Series Issuance Date Maturity Date Coupon/ Amount Rating
Tenor
Equivalent
Rate
1 Obligasi PUB VII Tahap Seri A 370 Hari 14 Februari 2025 24 Februari 2026 6,55% Rp453.670.000.000 AAA
VIII A Series 370 days February 14, February 24,
Shelf-Registered 2025 2026
Bonds VII Phase VIII
2 Obligasi PUB VII Tahap Seri B 3 Tahun 14 Februari 2025 14 Februari 2028 6,80% Rp251.255.000.000 AAA
VIII B Series 3 years February 14, February 14,
Shelf-Registered 2025 2028
Bonds VII Phase VIII
3 Sukuk Musyarakah Non Seri 370 Hari 14 Februari 2025 24 Februari 2026 6,55% Rp362.805.000.000 AAA(sy)
PUB I Non- 370 days February 14, February 24,
Tahap IV Series 2025 2026
194
Shelf-Registered
Musyarakah Sukuk I
Phase IV
4 Obligasi PUB VIII Seri A 1 Tahun 8 Juli 2025 18 Juli 2026 6,25% Rp1.460.150.000.000 AAA
Laporan Tahunan 2025 Annual Report
Tahap I A Series 1 year July 8, 2025 July 18, 2026
Shelf-Registered
Bonds VIII Phase I
5 Obligasi PUB VIII Seri B 3 Tahun 8 Juli 2025 8 Juli 2028 6,60% Rp115.500.000.000 AAA
Tahap I B Series 3 years July 8, 2025 July 8, 2028
Shelf-Registered
Bonds VIII Phase I
6 Sukuk Musyarakah Non Seri 370 Hari 8 Juli 2025 18 Juli 2026 6,25% Rp445.000.000.000 AAA(sy)
PUB II Non- 370 days July 8, 2025 July 18, 2026
Tahap I Series
Shelf-Registered
Musyarakah Sukuk II
Phase I
7 Obligasi Sosial PUB II Non Seri 5 Tahun 8 Juli 2025 8 Juli 2030 6,95% Rp1.650.000.000.000 AAA
Tahap I Non- 5 years July 8, 2025 July 8, 2030
Shelf-Registered Social Series
Bonds II Phase I
8 Sukuk Musyarakah Non Seri 5 Tahun 8 Juli 2025 8 Juli 2030 6,95% Rp250.000.000.000 AAA(sy)
Sosial Non- 5 years July 8, 2025 July 8, 2030
PUB II Tahap I Series
Shelf-Registered Social
Musyarakah Sukuk II
Phase I
Page 195
Adapun Surat Utang yang telah jatuh tempo di sepanjang tahun The following are the bonds that have matured throughout
2025 adalah sebagai berikut: 2025:
Tabel Surat Utang yang Jatuh Tempo Tahun 2025
Table of Maturing Bonds in 2025
Kupon/
Tanggal
Jangka Imbal Hasil
No. Nama Efek Seri Terbit Jatuh Tempo Jumlah Peringkat
Waktu Coupon/
No Security Name Series Issuance Maturity Date Amount Rating
Tenor Equivalent
Date
Rate
1 Obligasi PUB V Seri B 5 Tahun 18 Februari 18 Februari 2025 7,50% Rp2.541.000.000.000 AAA
Tahap III B Series 5 years 2020 February 18, 2025
Shelf-Registered February 18,
Bonds V Phase III 2020
2 Obligasi PUB V Seri B 5 Tahun 14 Juli 2020 14 Juli 2025 8,10% Rp424.000.000.000 AAA
Tahap IV B Series 5 years July 14, 2020 July 14, 2025
Shelf-Registered
Bonds V Phase IV
3 Obligasi PUB VII Seri A 370 Hari 6 Februari 16 Februari 2025 6,39% Rp1.296.410.000.000 AAA
Tahap III A Series 370 days 2024 February 16, 2025
Shelf-Registered February 6,
Bonds VII Phase III 2024
4 Sukuk Musyarakah Non Seri 370 Hari 6 Februari 16 Februari 2025 6,39% Rp529.010.000.000 AAA(sy)
PUB I Non- 370 days 2024 February 16, 2025
Tahap II Series February 6,
Shelf-Registered 2024
Musyarakah Sukuk I
Phase II
5 Obligasi PUB VII Seri A 370 Hari 27 Maret 2024 7 April 2025 6,40% Rp843.695.000.000 AAA
Tahap IV A Series 370 days March 27, 2024 April 7, 2025
Shelf-Registered
Bonds VII Phase IV
6 Obligasi PUB VII Seri A 370 Hari 26 Juni 2024 6 Juli 2025 6,70% Rp815.500.000.000 AAA
Tahap V A Series 370 days June 26, 2024 July 6, 2025
Shelf-Registered
Bonds VII Phase V
7 Obligasi PUB VII Seri A 370 Hari 27 Agustus 7 September 2025 6,70% Rp500.000.000.000 AAA
Tahap VI A Series 370 days 2024 September 7, 2025
Shelf-Registered August 27,
Bonds VII Phase VI 2024
8 Sukuk Musyarakah Non Seri 370 Hari 27 Agustus 7 September 2025 6,70% Rp274.000.000.000 AAA(sy)
PUB I Non- 370 days 2024 September 7, 2025
Tahap III Series August 27,
Shelf-Registered 2024
Musyarakah Sukuk I 195
Phase III
9 Obligasi PUB VII Seri A 370 Hari 26 November 6 Desember 2025 6,45% Rp1.093.400.000.000 AAA
Tahap VII A Series 370 days 2024 December 6, 2025
Shelf-Registered November 26,
PT Sarana Multigriya Finansial (Persero)
Bonds VII Phase VII 2024
Perkembangan Segmen Pinjaman yang Diberikan Development of the Loan Segment
Perkembangan segmen ini di 2025 tercermin dari peningkatan The development of this segment in 2025 is reflected in an
kapasitas penyaluran, baik dari sisi nilai pembiayaan maupun increase in distribution capacity, both in terms of financing
penguatan jangkauan kemitraan. Hal ini terlihat dari komposisi value and strengthening of partnership coverage. This can be
penyaluran pada kredit komersial dan KPR FLPP, yang seen from the distribution composition of commercial loans
menunjukkan bahwa segmen pinjaman yang diberikan tetap and FLPP mortgages, which shows that the loan segment
menjadi pilar utama dalam mendukung aliran dana ke pasar remains a key pillar in supporting the flow of funds to the
pembiayaan primer perumahan. primary housing finance market.
Hingga akhir tahun 2025, realisasi pencairan pinjaman yang By the end of 2025, the Company’s recorded loan disbursements
dibukukan Perseroan pada segmen pinjaman yang diberikan in the loan segment will reach Rp20.88 trillion, an increase
tercatat sebesar Rp20,88 triliun, meningkat dibandingkan compared to the 2024 realization of Rp17.1 trillion. This amount
dengan realisasi tahun 2024 yang sebesar Rp17,1 triliun. Jumlah consists of commercial loans of Rp12.85 trillion and FLPP of
tersebut terdiri dari penyaluran pinjaman komersial sebesar Rp8.03 trillion.
Rp12,85 triliun dan FLPP sebesar Rp8,03 triliun.
Page 196
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
Uraian
Description
2025 2024
Penyaluran Kredit Komersial
Commercial Credit Distribution
Jumlah Mitra • 12 Unit Usaha Syariah BPD • 10 Unit Usaha Syariah BPD
Number of Partners • 6 Bank Umum Syariah • 4 Bank Umum Syariah
• 2 Multifinance Syariah • 2 Multifinance Syariah
• 2 BPD Syariah • 3 BPD Syariah
• 6 Lembaga keuangan syariah lainnya • 7 Lembaga Keuangan syariah Lainnya
• 12 Sharia Business Units of Regional • 10 Sharia Business Units of Regional
Development Banks (BPD) Development Banks (BPD)
• 6 Sharia Commercial Banks • 4 Sharia Commercial Banks
• 2 Sharia Multifinance Companies • 2 Sharia Multifinance Companies
• 2 Sharia Regional Development Banks • 3 Sharia Regional Development Banks
(BPD) (BPD)
• 6 Other Sharia Financial Institutions • 7 Other Sharia Financial Institutions
Jumlah Penyaluran Rp12.845.403.523 131 Rp12.400.526.222.312
Total Disbursement
Jumlah End Debitur 123.045 NoA 271.653 NoA
Number of End Debtors
Penyaluran Kredit KPR FLPP
FLPP Mortgage Loan Disbursement
Jumlah Mitra • 1 Bank Umum • 1 Bank Umum
Number of Partners • 1 Bank Umum Syariah • 6 BPD
• 5 BPD • 6 BPD Syariah
• 2 BPD Syariah • 1 Commercial Bank
• 3 Unit Usaha Syariah • 6 Regional Development Banks
• 1 Commercial Bank • 6 Sharia Regional
• 1 Sharia Commercial Bank • Development Banks
• 5 Regional Development Banks
• 2 Islamic Regional Development Banks
• 3 Sharia Business Units
196
Jumlah Penyaluran Rp8.030.688.554.835 Rp4.700.628.634.549
Total Disbursement
Jumlah End Debitur 194.612 NoA 115.784 NoA
Number of End Debtors
Laporan Tahunan 2025 Annual Report
Berdasarkan tabel di atas, kapasitas operasional segmen Based on the table above, the operational capacity of the loan
pinjaman yang diberikan pada tahun 2025 tercermin dari segment in 2025 is reflected in the involvement of various
keterlibatan berbagai jenis mitra penyalur, peningkatan volume types of distribution partners, an increase in the distribution
penyaluran pada program tertentu, serta besarnya jumlah volume for certain programs, and the large number of end
nasabah akhir yang dibiayai. Dari sisi perkembangan, segmen customers financed. In terms of development, this segment
ini menunjukkan penguatan terutama pada pembiayaan yang shows strengthening, particularly in financing related to
terkait dengan penugasan Pemerintah dan perluasan kerja sama government assignments and the expansion of cooperation
dengan mitra penyalur baru, yang memperbesar jangkauan with new distribution partners, which broadens the Company’s
Perseroan dalam mendukung pembiayaan perumahan nasional. reach in supporting national housing financing.
Kinerja Pembiayaan Konvensional Conventional Financing Performance
1. Melakukan penguatan komunikasi secara intensif dan 1. Strengthening intensive and continuous communication
berkelanjutan dengan mitra eksisting, khususnya Bank with existing partners, particularly Regional Development
Pembangunan Daerah, Bank Umum dan Multifinance, Banks, Commercial Banks, and Multifinance Companies,
melalui koordinasi rutin guna memantau realisasi through regular coordination to monitor financing realization,
pembiayaan, pipeline penyaluran, serta mengidentifikasi distribution pipelines, and identify opportunities and
peluang dan kendala dalam penyaluran pembiayaan obstacles in housing financing distribution.
perumahan.
2. Melaksanakan kunjungan kerja dan business meeting 2. Conducting working visits and business meetings with
dengan mitra strategis sebagai sarana untuk mempererat strategic partners as a means to strengthen cooperative
hubungan kerja sama, meningkatkan pemahaman terhadap relationships, improve understanding of partners’ needs and
kebutuhan dan rencana bisnis mitra, serta menyelaraskan business plans, and align financing disbursement targets
target dan strategi penyaluran pembiayaan. and strategies.
Page 197
3. Menyelenggarakan kegiatan BPD Gathering sebagai forum 3. Organizing BPD Gathering activities as a strategic approach
pendekatan strategis dengan Bank Pembangunan Daerah, forum with Regional Development Banks, focusing on
yang difokuskan pada penguatan sinergi, pembahasan strengthening synergies, discussing business prospects
prospek bisnis penyaluran pembiayaan perumahan, serta for housing financing distribution, and the potential for
potensi peningkatan volume dan perluasan kerja sama increasing the volume and expanding cooperation on
produk pembiayaan perumahan. housing financing products.
4. Meningkatkan dukungan teknis dan operasional kepada 4. Increasing technical and operational support to partners,
mitra, termasuk pendampingan proses pembiayaan, including assistance with the financing process, acceleration
percepatan koordinasi administrasi dan dokumentasi, serta of administrative and documentation coordination, and
penyampaian klarifikasi kebijakan secara proaktif guna proactive communication of policy clarifications to maintain
menjaga kelancaran penyaluran. smooth distribution.
5. Melakukan kerja sama peningkatan digitalisasi khususnya 5. Collaborating on digitalization, particularly through the
melalui implementasi sistem host to host FLPP, guna implementation of the FLPP host-to-host system, to support
mendukung integrasi proses penyaluran pembiayaan the integration of subsidized housing financing distribution
perumahan bersubsidi dengan mitra, meningkatkan efisiensi processes with partners, improve the efficiency and
dan akurasi pertukaran data, serta mempercepat proses accuracy of data exchange, and accelerate the financing
penyaluran pembiayaan. distribution process.
6. Melakukan penjajakan dan pengembangan kerja sama 6. Exploring and developing cooperation with new partners
dengan mitra baru, melalui sosialisasi produk pembiayaan through product socialization/dissemination and initial
dan komunikasi awal guna memperluas jaringan mitra dan communication to expand the partner network and support
mendukung peningkatan target penyaluran pembiayaan. the increase in financing distribution targets.
Rangkaian aktivitas tersebut menunjukkan bahwa This series of activities shows that the growth of the loan
perkembangan segmen pinjaman yang diberikan pada tahun segment in 2025 will not only be supported by an increase
2025 tidak hanya ditopang oleh peningkatan nilai penyaluran, in distribution value, but also by strengthening business
tetapi juga oleh penguatan proses bisnis, perluasan basis processes, expanding the partner base, improving the quality
mitra, peningkatan kualitas koordinasi operasional, serta of operational coordination, and utilizing digital systems to
pemanfaatan sistem digital untuk mendukung efisiensi support financing distribution efficiency.
penyaluran pembiayaan.
Tabel Mitra Pembiayaan Baru di Tahun 2025
Table of New Financing Partners in 2025
Nama Mitra Produk Pembiayaan Skema Pembiayaan
No.
Partner’s Name Financing Products Financing Scheme
1 BPD Bengkulu Kredit Multiguna Perumahan Refinancing
Multipurpose Housing Loans
2 BPD Papua Kredit Multiguna Perumahan Refinancing
Multipurpose Housing Loans
197
Sampai dengan 31 Desember 2025, realisasi penyaluran As of December 31, 2025, the realization of financing distribution
pembiayaan tercatat sebesar Rp10,69 triliun. Distribusi pembiayaan was recorded at Rp10.69 trillion. The distribution of conventional
konvensional masih didominasi oleh penyaluran KPR dan Kredit financing is still dominated by mortgage loans and Multipurpose
PT Sarana Multigriya Finansial (Persero)
Multiguna Perumahan kepada Bank Pembangunan Daerah. Housing Loans to Regional Development Banks.
Dominasi penyaluran tersebut menunjukkan bahwa Bank This dominance shows that Regional Development Banks
Pembangunan Daerah tetap menjadi mitra utama dalam remain the main partners in supporting the Company’s financing
mendukung kapasitas penyaluran pembiayaan Perseroan, distribution capacity, especially in meeting housing financing
terutama untuk menjangkau kebutuhan pembiayaan perumahan needs in various regions.
di berbagai daerah.
Page 198
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
Kinerja Unit Usaha Syariah Sharia Business Unit Performance
Sepanjang tahun 2025, Unit Usaha Syariah (UUS) Perseroan Throughout 2025, the Company’s Sharia Business Unit (UUS)
secara konsisten memperkuat peran sebagai mitra likuiditas consistently strengthened its role as a strategic liquidity partner
strategis dalam mendukung pertumbuhan pembiayaan in supporting the growth of sharia-based housing financing.
perumahan berbasis syariah. Upaya tersebut diwujudkan These efforts were realized through strengthening relationship
melalui penguatan relationship management dengan mitra management with partners and developing potential partners.
maupun pengembangan kepada mitra potensial. Adapun dalam In the context of business development, several activities were
rangka pengembangan bisnis melakukan beberapa aktivitas organized, such as conducting periodic business reviews,
seperti pelaksanaan business review berkala, optimalisasi optimizing the utilization of financing facilities, and developing
utilisasi fasilitas pembiayaan, serta pengembangan dan evaluasi and evaluating products in line with the liquidity needs and risk
produk yang selaras dengan kebutuhan likuiditas dan profil profiles of each partner. This approach not only maintains the
risiko masing-masing mitra. Pendekatan ini tidak hanya menjaga continuity of cooperation but also encourages an increase in
kesinambungan kerja sama, tetapi juga mendorong peningkatan transaction volume and strengthens partner loyalty.
volume transaksi dan memperkuat loyalitas mitra.
Secara paralel, UUS melakukan ekspansi kemitraan secara In parallel, UUS selectively expands its partnerships by
selektif dengan menjajaki dan merealisasikan kerja sama exploring and realizing collaborations with BUS/UUS, BPD
dengan BUS/UUS, BPD Syariah, serta lembaga keuangan Syariah, and other Islamic financial institutions, including Islamic
syariah lainnya, termasuk multifinance syariah dan BPRS. multifinance and BPRS. Product dissemination activities, initial
Kegiatan sosialisasi produk, pendampingan di awal, proses assistance, due diligence processes, and collaboration in
due diligence, serta kolaborasi dalam skema pembiayaan yang financing schemes that take market needs into account are
memperhatikan kebutuhan pasar menjadi bagian dari strategi part of the business development strategy. The impact of this
pengembangan bisnis. Dampak dari strategi ini tercermin pada strategy is reflected in the increase in the number of partners/
meningkatnya jumlah mitra/lembaga keuangan yang bekerja financial institutions collaborating with UUS SMF compared
sama dengan UUS SMF dibandingkan tahun sebelumnya, to the previous year, thereby expanding the distribution base
sehingga memperluas basis penyaluran sekaligus meningkatkan while prudently increasing portfolio diversification.
diversifikasi portofolio secara prudent.
198
Optimalisasi produk turut menjadi fokus sepanjang tahun Product optimization also became a focus throughout 2025,
2025, baik pada pembiayaan PPR maupun produk multiguna both for PPR financing and multipurpose housing products
perumahan dan segmen mikro perumahan. UUS secara aktif and the micro housing segment. UUS actively evaluates and
melakukan evaluasi dan penyesuaian struktur pembiayaan agar adjusts its financing structure to remain competitive and provide
Laporan Tahunan 2025 Annual Report
tetap kompetitif serta memberikan nilai tambah bagi mitra, added value to partners, without compromising the principles
tanpa mengesampingkan prinsip kehati-hatian dan kepatuhan of prudence and compliance with sharia principles. Intensified
terhadap prinsip syariah. Intensifikasi komunikasi dan forum communication and coordination forums with partners and
koordinasi dengan mitra serta pemangku kepentingan terkait relevant stakeholders also strengthen policy alignment and
juga memperkuat alignment kebijakan dan meningkatkan increase confidence in UUS’s role as a strategic liquidity partner.
kepercayaan terhadap peran UUS sebagai strategic liquidity
partner.
Melalui rangkaian strategi tersebut, selama tahun 2025 Through this series of strategies, during 2025, UUS’s financing
realisasi penyaluran pembiayaan UUS mencapai Rp4,6 triliun distribution reached Rp4.6 trillion consists of Rp2.1 trillion in
terdiri dari pembiayaan komersial sebesar Rp2,1 triliun dan commercial financing and Rp2.5 trillion in FLPP financing.
pembiayaan FLPP sebesar Rp2,5 triliun. Capaian ini tidak This achievement not only reflects the effectiveness of a
hanya mencerminkan efektivitas strategi pengembangan bisnis focused business development strategy and disciplined risk
yang terarah dan pengelolaan risiko yang disiplin, tetapi juga management, but also demonstrates the expanding network
menunjukkan semakin luasnya jaringan kemitraan UUS SMF of UUS SMF partnerships in supporting the strengthening
dalam mendukung penguatan dan keberlanjutan ekosistem and sustainability of the Islamic housing financing ecosystem
pembiayaan perumahan syariah di Indonesia. in Indonesia.
Page 199
Tabel Mitra Pembiayaan Baru UUS di Tahun 2025
Table of New UUS Financing Partners in 2025
Nama Mitra Produk Pembiayaan Skema Pembiayaan
No.
Partner’s Name Financing Products Financing Scheme
1 Bank Jatim Syariah PPR Siap Huni Facility Line
Ready Stock Mortgage Loan
2 Bank Kaltimtara Syariah PPR Griya Nusantara Facility Line
Griya Nusantara Mortgage Loan
3 CIMB Niaga Auto Finance Syariah Pembiayaan Multiguna Perumahan Facility Line
Multipurpose housing financing
4 Bank Sumsel Babel Syariah PPR FLPP Pembiayaan FLPP Porsi 25%
FLPP Financing (25% Share)
SEGMEN SEKURITISASI: PRODUKTIVITAS SECURITIZATION SEGMENT:
TERMASUK PROSES, KAPASITAS, PRODUCTIVITY INCLUDES PROCESS,
DAN PERKEMBANGANNYA CAPACITY, AND DEVELOPMENT
Perseroan memfasilitasi transaksi sekuritisasi KPR melalui The company facilitates mortgage securitization transactions
pengalihan aset yang bersifat tidak likuid berupa tagihan KPR, by transferring liquid assets in the form of mortgage receivables
menjadi aset likuid dalam bentuk Efek Beragun Aset (EBA). into liquid assets in the form of Residential Mortgage
Dalam mekanisme ini, SMF berperan sebagai perantara antara Backed Securities (RMBS). In this mechanism, SMF acts
kreditur asal dan investor dengan melakukan pembelian aset as an intermediary between the originator and investors
keuangan dari Kreditur Asal, kemudian menerbitkan Efek by purchasing financial assets from the Originator, then
Beragun Aset berbentuk Surat Partisipasi (EBA-SP) yang issuing residential mortgage-backed securities in the form of
didukung oleh tagihan KPR sebagai underlying asset. Participation Certificates (RMBS-PC) that are supported by
mortgage receivables as underlying assets.
Pada pelaksanaan transaksi sekuritisasi, Perseroan tidak In the implementation of securitization transactions, the
hanya menjalankan fungsi sebagai Penerbit dan Penata Company not only performs the functions of Issuer and
Sekuritisasi (Arranger), tetapi juga berperan sebagai penyedia Securitization Arranger, but also acts as a reserve account
dana cadangan (reserve account). Dana cadangan tersebut provider. The reserve account is prepared to maintain seamless
disiapkan untuk menjaga kelancaran pembayaran kepada payments to investors, particularly Class A investors, with an
investor, khususnya investor Kelas A, dengan besaran yang amount determined by the rating agency. The reserve account
telah ditetapkan oleh lembaga pemeringkat. Reserve account is used when the protection provided by the Subordinated Class
mulai digunakan apabila perlindungan yang berasal dari Kelas (Class B) is no longer sufficient to cover the Non-Performing
Subordinasi (Kelas B) tidak lagi mencukupi untuk menutup risiko Loan (NPL) risk on the underlying assets of RMBS-PC.
Non-Performing Loan (NPL) pada underlying asset EBA-SP.
Melalui fasilitasi transaksi sekuritisasi tersebut, Perseroan Through the facilitation of these securitization transactions, the 199
memperoleh pendapatan berupa fee sebagai Penata Company earned income in the form of fees as a Securitization
Sekuritisasi, fee sebagai Penerbit, serta fee atas penyediaan Arranger, fees as an Issuer, and fees for providing reserve
reserve account sebagai bagian dari skema dukungan kredit accounts as part of the credit support scheme for the issuance
terhadap penerbitan EBA-SP. Hingga akhir tahun 2025, of RMBS-PC. By the end of 2025, the Company had facilitated
PT Sarana Multigriya Finansial (Persero)
Perseroan telah memfasilitasi tujuh belas transaksi sekuritisasi seventeen securitization transactions, including the issuance
yang meliputi penerbitan Efek Beragun Aset – Surat Partisipasi of Asset-Backed Securities – Participation Certificates and
dan Efek Beragun Aset Syariah – Surat Partisipasi. Sharia Asset-Backed Securities – Participation Certificates.
Page 200
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
Skema Transaksi Sekuritisasi
Securitization Transaction Scheme
3
Akta Jual Beli
Deed of Sale and Penerbitan EBA-SP
Purchase Issuance of RMBS-PC
Kreditur Asal/Penyedia Jasa 4 5 Investor
Originator/Servicer Investors
Penerbit
Issuer
2
Perjanjian Penerbitan
7 Issuance Agreement EBA-SP 6
1
RMBS-PC
Portofolio Kredit/ Akta Cessie
Pembiayaan Perumahan Cessie Deed
Wali Amanat
Mortgage Portfolio Trustee
8
9
Bank Kustodian
Custodian Bank
Penerusan dana investasi Investment Funds Akta Cessie
Forwarding of Investment Funds Cessie Deed
200
Produktivitas dan kapasitas segmen sekuritisasi tercermin pada The productivity and capacity of the securitization segment
jumlah transaksi yang telah difasilitasi Perseroan, cakupan are reflected in the number of transactions facilitated by the
kerja sama dengan kreditur asal, kemampuan Perseroan dalam Company, the scope of cooperation with original creditors, the
menyusun struktur transaksi, serta penyediaan dukungan Company’s ability to structure transactions, and the provision
Laporan Tahunan 2025 Annual Report
kredit yang diperlukan untuk menjaga kelayakan instrumen of the necessary credit support to maintain the viability of
bagi investor. Dengan karakteristik tersebut, produktivitas instruments for investors. Given these characteristics, the
segmen sekuritisasi tidak semata diukur dari jumlah transaksi productivity of the securitization segment is not solely measured
yang ditutup pada tahun berjalan, tetapi juga dari kesiapan by the number of transactions closed in the current year, but
pipeline, kualitas struktur transaksi, dan keberlanjutan portofolio also by the readiness of the pipeline, the quality of transaction
sekuritisasi yang dikelola Perseroan. structures, and the sustainability of the securitization portfolio
managed by the Company.
Strategi Segmen Sekuritisasi Securitization Segment Strategy
Strategi segmen sekuritisasi sepanjang tahun 2025 difokuskan The securitization segment strategy throughout 2025 is focused
pada penguatan kolaborasi serta perluasan basis mitra secara on strengthening collaboration and expanding the partner base
berkelanjutan. Perseroan melaksanakan sosialisasi dan edukasi in a sustainable manner. The Company conducts outreach
kepada calon mitra potensial untuk meningkatkan pemahaman and education to potential partners to increase understanding
atas skema dan manfaat transaksi sekuritisasi, yang diiringi of the securitization transaction scheme and its benefits,
dengan pendekatan intensif melalui kajian atas kondisi accompanied by an intensive approach through a review
keuangan mitra, khususnya terkait ketersediaan portofolio of the partners’ financial conditions, particularly regarding
dan rasio keuangan yang berpotensi dioptimalkan. the availability of portfolios and financial ratios that have the
potential to be optimized.
Page 201
Selanjutnya, Perseroan menyelenggarakan Focus Group Furthermore, the Company held Focus Group Discussions
Discussion (FGD) bersama bank penyalur KPR sebagai (FGD) with mortgage lenders as a means of exploring needs
sarana pendalaman kebutuhan dan penyelarasan ekspektasi. and aligning expectations. These efforts were reinforced
Rangkaian upaya tersebut diperkuat melalui penandatanganan through the signing of a Memorandum of Understanding (MoU)
Nota Kesepahaman (MoU) dengan sejumlah bank penyalur with a number of mortgage lenders to explore non-true sale
kredit perumahan dalam rangka penjajakan kerja sama securitization cooperation.
sekuritisasi non-true sale.
Melalui strategi tersebut, perkembangan segmen sekuritisasi Through this strategy, the development of the securitization
pada tahun 2025 diarahkan tidak hanya untuk mempertahankan segment in 2025 is directed not only to maintain the Company’s
peran Perseroan dalam pasar sekuritisasi yang telah ada, tetapi role in the existing securitization market, but also to expand
juga untuk memperluas kemungkinan model transaksi yang the possibilities of transaction models that are more suited to
lebih sesuai dengan kebutuhan pendanaan mitra. Dengan the funding needs of partners. Thus, the focus of development
demikian, fokus pengembangan segmen ini mencakup in this segment includes the formation of a new transaction
pembentukan pipeline transaksi baru sekaligus penguatan pipeline as well as strengthening market readiness for more
kesiapan pasar terhadap instrumen sekuritisasi yang lebih diverse securitization instruments.
beragam.
Kinerja Segmen Sekuritisasi Securitization Segment Performance
Perkembangan segmen sekuritisasi ditandai oleh penguatan The development of the securitization segment is marked by
kesiapan transaksi, perluasan basis mitra, serta pendalaman strengthened transaction readiness, an expanded partner base,
model sekuritisasi yang lebih sesuai dengan kebutuhan and a more in-depth securitization model that is better suited to
pendanaan lembaga keuangan penyalur kredit perumahan. the funding needs of financial institutions that distribute housing
Dalam upaya mengembangkan skema sekuritisasi tanpa loans. In an effort to develop a securitization scheme that does
memenuhi prinsip jual putus (non-true sale), pada awal kuartal not meet the non-true sale principle, at the beginning of the
II tahun 2025, Perseroan melakukan penjajakan kerja sama second quarter of 2025, the Company explored cooperation by
melalui penandatanganan Memorandum of Understanding signing a Memorandum of Understanding (MOU) with several
(MOU) dengan menggandeng beberapa bank penyalur housing loan distribution banks. In addition, the Company also
kredit perumahan. Disamping itu, Perseroan juga melakukan conducted Focus Group Discussions (FGD) with securitization
Focus Group Discussion (FGD) dengan para stakeholders stakeholders in Indonesia to explore the potential of non-true
sekuritisasi di Indonesia, guna mendalami potensi sekuritisasi sale securitization. By the end of 2025, the Company will be
non-true sale. Hingga akhir tahun 2025, Perseroan berada in the process of assisting two banks that have signed MoUs
dalam tahap pendampingan persiapan transaksi sekuritisasi in preparing for non-true sale securitization transactions. This
non-true sale dengan dua bank yang telah menandatangani development indicates progress in the formation of a new
MoU. Perkembangan ini menunjukkan adanya kemajuan dalam transaction pipeline, even though there have been no new
pembentukan pipeline transaksi baru, meskipun pada tahun securitization transaction closings in the current year.
berjalan belum terdapat closing transaksi sekuritisasi baru.
201
Dengan demikian, perkembangan segmen sekuritisasi As such, developments in the securitization segment throughout
sepanjang tahun 2025 tidak hanya ditandai oleh upaya ekspansi 2025 will not only be marked by efforts to expand business
model bisnis, tetapi juga oleh penguatan kesiapan pasar dan models, but also by strengthening market readiness and
peningkatan fleksibilitas struktur pendanaan yang dapat increasing the flexibility of funding structures that can be
PT Sarana Multigriya Finansial (Persero)
difasilitasi Perseroan. Secara keseluruhan, segmen ini tetap facilitated by the Company. Overall, this segment remains
memiliki arti strategis dalam mendukung diversifikasi sumber strategically important in supporting the diversification of
pendanaan sektor pembiayaan perumahan di Indonesia. funding sources for the housing finance sector in Indonesia.
Page 202
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
SEGMEN PENEMPATAN: PRODUKTIVITAS PLACEMENT SEGMENT:
TERMASUK PROSES, KAPASITAS, PRODUCTIVITY INCLUDES PROCESS,
DAN PERKEMBANGANNYA CAPACITY, AND DEVELOPMENT
Penempatan dana Perseroan dilaksanakan dengan mengacu The Company’s fund placement complies with the provisions
pada ketentuan Peraturan Presiden No. 1 Tahun 2008 tentang of Presidential Regulation No. 1 of 2008 concerning Secondary
Pembiayaan Sekunder Perumahan sebagaimana terakhir Housing Financing as last amended by Presidential Regulation
diperbarui melalui Peraturan Presiden No. 100 Tahun 2020. No. 100 of 2020. Based on these provisions, the Company
Berdasarkan ketentuan tersebut, Perseroan diperkenankan is permitted to place funds in banks in the form of Debt
menempatkan dana pada perbankan dalam bentuk Surat Utang Securities issued by the Republic of Indonesia, certificates
yang diterbitkan Negara Republik Indonesia, sertifikat dan/ and/or instruments issued by Bank Indonesia, deposits, and
atau instrumen yang diterbitkan Bank Indonesia, deposito, make investments in Residential Mortgage Backed Securities
melakukan investasi pada instrumen Efek Beragun Aset (EBA) (RMBS) and other financial instruments determined by the
KPR dan instrumen keuangan lainnya yang ditetapkan oleh Minister of Finance.
Menteri Keuangan.
Selanjutnya, berdasarkan Keputusan Menteri Keuangan Republik Furthermore, based on the Decree of the Minister of Finance
Indonesia Nomor 431 Tahun 2023 tentang Penempatan Dana of the Republic of Indonesia Number 431 of 2023 concerning
pada Efek Bersifat Utang Korporasi dan/atau Sukuk Korporasi the Placement of Funds in Corporate Debt Securities and/
oleh Perusahaan Perseroan (Persero) PT Sarana Multigriya or Corporate Sukuk by the Company (Persero) PT Sarana
Finansial, Perseroan dapat melakukan penempatan dana pada Multigriya Finansial, the Company may place funds in Corporate
Efek Bersifat Utang Korporasi dan/atau Sukuk Korporasi sesuai Debt Securities and/or Corporate Sukuk in accordance with
dengan kriteria yang telah ditentukan. predetermined criteria.
Penempatan dana dalam bentuk Deposito Berjangka Funds are placed in the form of time deposits and demand
dan Deposito on Call dilakukan pada Bank BUMN, Bank deposits with state-owned banks, regional development banks,
Pembangunan Daerah, Bank Swasta Nasional, serta Bank national private banks, and rural banks, both conventional and
Perkreditan Rakyat, baik konvensional maupun syariah. sharia. The policy related to fund placement aims to obtain
202
Kebijakan terkait penempatan bertujuan untuk memperoleh optimal returns while still paying attention to the predetermined
imbal hasil yang optimal dengan tetap memperhatikan risk limits, as well as supporting the sustainability of SMF’s
batasan risiko yang telah ditetapkan, sekaligus mendukung business activities. In addition, investments in RMBS-PC and
keberlanjutan kegiatan usaha SMF. Di samping itu, investasi Government Securities are also made to maintain liquidity and
Laporan Tahunan 2025 Annual Report
pada EBA-SP dan Surat Berharga Negara juga dilakukan untuk increase the return on the investment portfolio.
menjaga likuiditas serta meningkatkan imbal hasil portofolio
investasi.
Sebagai bagian dari strategi pengelolaan aset dan likuiditas, As part of its asset and liquidity management strategy, the
Perseroan juga memiliki fasilitas transaksi repurchase Company also has repurchase agreement (REPO) facilities
agreement (REPO) dengan perbankan atas Surat Berharga with banks for its Government Securities (SBN). These facilities
Negara (SBN) yang dimiliki. Fasilitas ini memberikan fleksibilitas provide additional flexibility for the Company in maintaining
tambahan bagi Perseroan dalam menjaga kecukupan likuiditas, sufficient liquidity, particularly in anticipating short-term funding
khususnya untuk mengantisipasi kebutuhan pendanaan jangka needs without disrupting the continuity of its investment
pendek tanpa harus mengganggu kesinambungan portofolio portfolio.
investasi yang dimiliki.
Page 203
Strategi Segmen Penempatan Placement Segment Strategy
Segmen Penempatan SMF telah merancang strategi untuk The SMF Placement Segment has designed a strategy for
tahun 2025, di antaranya: 2025, including:
1. Melakukan penempatan pada deposito sesuai dengan limit 1. Making placements in deposits in accordance with
yang telah ditentukan. predetermined limits.
2. Melakukan penempatan pada EBA-SP dan/atau EBAS-SP. 2. Making placements in RMBS-PC and/or Sharia RMBS-PC.
3. Melakukan penempatan pada Surat Berharga yang 3. Placing funds in Government and/or Bank Indonesia
diterbitkan Pemerintah dan/atau Bank Indonesia sesuai securities in accordance with the provisions.
dengan ketentuan.
Melalui strategi tersebut, Perseroan menjaga agar penempatan Through this strategy, the Company ensures that fund
dana tidak hanya berfungsi sebagai sarana penyimpanan placement not only serves as a means of temporary liquidity
likuiditas sementara, tetapi juga sebagai instrumen storage, but also as a fund management instrument that
pengelolaan dana yang mendukung kesinambungan bisnis supports overall business continuity. Thus, the placement
secara keseluruhan. Dengan demikian, segmen penempatan segment has a strategic function in supporting financing
memiliki fungsi strategis dalam menopang kebutuhan likuiditas liquidity needs, meeting maturing obligations, and maintaining
pembiayaan, memenuhi kewajiban yang jatuh tempo, dan the Company’s room for maneuver in responding to financial
menjaga ruang gerak Perseroan dalam merespons dinamika market dynamics.
pasar keuangan.
Perkembangan Segmen Penempatan Placement Segment Development
Portofolio penempatan SMF tersusun atas kas di bank, The SMF placement portfolio consists of cash in banks, time
deposito berjangka, Surat Berharga Negara (SBN), dan Efek deposits, Government Securities (SBN), and Asset-Backed
Beragun Aset Surat Partisipasi (EBA-SP)/EBAS-SP. Sampai Securities Participation Certificates (RMBS-CP)/Sharia RMBS-
dengan akhir tahun 2025, total portofolio penempatan PC. By the end of 2025, the Company’s total placement
Perseroan tercatat sebesar Rp17,286 triliun, meningkat 23,27% portfolio was recorded at IDR 17.286 trillion, an increase of
dibandingkan dengan posisi akhir tahun 2024 sebesar Rp14,023 23.27% compared to the position at the end of 2024 of IDR
triliun. Peningkatan ini mencerminkan penguatan kapasitas 14.023 trillion. This increase reflects the strengthening of the
likuiditas Perseroan dalam mendukung kebutuhan penyaluran Company’s liquidity capacity in supporting financing distribution
pembiayaan serta pengelolaan kewajiban yang jatuh tempo. needs and managing maturing liabilities.
PENDAPATAN DAN PROFITABILITAS REVENUE AND PROFITABILITY
PER SEGMEN PER SEGMENT
Sejalan dengan segmen operasi SMF sebagaimana telah In line with the SMF operating segments as described above,
diuraikan sebelumnya, berikut disajikan informasi mengenai the following presents information on the profitability of each 203
profitabilitas masing-masing segmen operasi. Penyajian ini operating segment. This presentation provides an overview
memberikan gambaran mengenai kontribusi tiap segmen of each business segment’s contribution to the Company’s
usaha terhadap kinerja Perseroan pada tahun 2025, baik dari performance in 2025, both in terms of revenue and segment
pendapatan maupun laba segmen. profit.
PT Sarana Multigriya Finansial (Persero)
Page 204
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
Pendapatan dan Profitabilitas per Segmen Tahun 2025
Revenue and Profitability per Segment in 2025
(disajikan dalam jutaan Rupiah)
(presented in million Rupiah)
Pinjaman yang Tidak dapat
Uraian Sekuritisasi Penempatan Total
diberikan dialokasikan
Description Securitization Placement Total
Loans Unallocated
Pendapatan bunga 2.041.367 - 669.173 - 2.710.540
Interest income
Pendapatan syariah 343.313 - 39.272 - 382.585
Sharia income
Pendapatan sekuritisasi - 1.633 - - 1.633
Securitization income
Keuntungan (kerugian) yang - - (39) - (39)
belum direalisasi atas perubahan
nilai wajar aset keuangan yang
diklasifikasikan pada nilai wajar
melalui laba rugi
Unrealized gain from changes in fair
value of financial assets classified
as fair value through profit or loss
Keuntungan dari penjualan aset - - 67 - 67
keuangan yang diukur pada
nilai wajar melalui penghasilan
komprehensif lain
Gain on sale of financial assets
at fair value through other
comprehensive income
Pendapatan lain-lain – neto 903 - 3.465 3.456 7.824
Other income - net
Total Pendapatan 2.385.583 1.633 711.938 3.456 3.102.610
Total Income
204 Beban bunga (2.177.986) - - (154) (2.178.140)
Interest expense
Umum dan administrasi - - - (124.615) (124.615)
General and administrative
Laporan Tahunan 2025 Annual Report
Gaji dan tunjangan - - - (108.366) (108.366)
Salaries and benefits
Cadangan kerugian kerugian - - - 25.030 25.030
penurunan nilai
Allowance for impairment losses
Total Beban (2.177.986) - - (208.105) (2.386.091)
Total Expense
Laba sebelum Beban Pajak Final 207.597 1.633 711.938 (204.649) 716.519
dan Beban Pajak Penghasilan
Income before Final Tax Expense
and Income Tax Expense
Beban Pajak Final - - (127.634) - (127.634)
Final Tax Expense
Laba sebelum Beban Pajak 207.597 1.633 584.304 (204.649) 588.885
Penghasilan
Income before Income Tax Expense
Beban Pajak Penghasilan - - - (23.492) (23.492)
Income Tax Expense
Laba Bersih 207.597 1.633 584.304 (228.141) 565.393
Net Income
Page 205
Pendapatan dan Profitabilitas per Segmen Tahun 2024
Revenue and Profitability by Segment in 2024
(disajikan dalam jutaan Rupiah)
(presented in million Rupiah)
Pinjaman yang Tidak dapat
Uraian Sekuritisasi Penempatan Total
diberikan dialokasikan
Description Securitization Placement Total
Loans Unallocated
Pendapatan bunga 2.054.578 - 539.254 - 2.593.832
Interest income
Pendapatan syariah 256.515 - 8.027 - 264.542
Sharia income
Pendapatan sekuritisasi - 2.089 - 2.089
Securitization income
Keuntungan (kerugian) - - 3.136 - 3.136
yang belum direalisasi atas
perubahan nilai wajar aset
keuangan yang diklasifikasikan
pada nilai wajar melalui laba
rugi
Unrealized gain from changes
in fair value of financial assets
classified as fair value through
profit or loss
Keuntungan dari penjualan - - 262 - 262
aset keuangan yang diukur
pada nilai wajar melalui
penghasilan komprehensif lain
Gain on sale of financial assets
at fair value through other
comprehensive income
Pendapatan lain-lain – neto 866 - 1.654 2.736 5.256
Other income - net
Total Pendapatan 2.311.959 2.089 552.333 2.736 2.869.117
Total Income
Beban bunga (1.995.103) - - (193) (1.995.296)
Interest expense
Umum dan administrasi - - - (115.785) (115.785)
General and administrative
Gaji dan tunjangan - - - (95.003) (95.003)
Salaries and benefits
Cadangan kerugian kerugian - - - 4.279 4.279
penurunan nilai
Allowance for impairment 205
losses
Total Beban (1.995.103) - - (206.702) (2.201.805)
Total Expense
Laba sebelum Beban Pajak 316.856 2.089 552.333 (203.966) 667.312
PT Sarana Multigriya Finansial (Persero)
Final dan Beban Pajak
Penghasilan
Income before Final Tax
Expense and Income Tax
Expense
Beban Pajak Final - - (96.836) - (96.836)
Final Tax Expense
Laba sebelum Beban Pajak 316.856 2.089 455.497 (203.966) 570.476
Penghasilan
Income before Income Tax
Expense
Beban Pajak Penghasilan - - - (30.642) (30.642)
Income Tax Expense
Laba Bersih 316.856 2.089 455.497 (234.608) 539.834
Net Income
Page 206
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
Pada tahun buku 2025, kinerja per segmen usaha Perseroan In fiscal year 2025, the Company’s performance per business
menunjukkan dinamika yang dipengaruhi oleh volume aktivitas segment showed dynamics influenced by business activity
usaha, struktur pendanaan, dan kondisi pasar keuangan. volume, funding structure, and financial market conditions.
Tabel Pendapatan dan Profitabilitas per Segmen menyajikan The Revenue and Profitability per Segment table presents
perbandingan kinerja tahun berjalan terhadap tahun buku 2024, a comparison of current year performance against fiscal
baik dari sisi pendapatan segmen maupun profitabilitas segmen. year 2024, both in terms of segment revenue and segment
Secara keseluruhan, segmen dengan kontribusi pendapatan profitability. Overall, the segment with the largest revenue
terbesar adalah Pinjaman yang diberikan sebesar 76,89%. contribution was Loans at 76.89%.
Segmen Pinjaman yang Diberikan Loans Segment
Segmen Pinjaman yang Diberikan mencatatkan pendapatan Loans Segment recorded income of Rp2,385.58 billion, an
sebesar Rp2.385,58 miliar, meningkat 3,18% dibandingkan tahun increase of 3.18% compared to the previous year’s figure of
sebelumnya yang sebesar Rp2.311,96 miliar. Peningkatan ini Rp2,311.96 billion. This increase was mainly driven by the
terutama didorong oleh pertumbuhan outstanding KPR Program growth in outstanding FLPP Program mortgages, which
FLPP yang terus menunjukkan tren positif sejalan dengan continued to show a positive trend in line with the Company’s
dukungan Perseroan terhadap pembiayaan perumahan bagi support for housing financing for low-income communities.
masyarakat berpenghasilan rendah.
Segmen Sekuritisasi Securitization Segment
Segmen Sekuritisasi mencatat pendapatan Rp1,63 miliar, The Securitization segment recorded income of Rp1.63 billion,
menurun 21,83% dari tahun sebelumnya sebesar Rp2,09 a decrease of 21.83% from the previous year’s Rp2.09 billion.
miliar. Penurunan pendapatan segmen sekuritisasi terutama The decline in securitization segment income was mainly due
disebabkan penurunan efek berupa EBA yang bersifat amortize to a decrease in amortized RMBS securities and the absence
dan belum adanya sekuritisasi pada Tahun 2025. of securitization in 2025.
Segmen Penempatan Placement Segment
Segmen Penempatan menghasilkan pendapatan Rp711,94 The Placement Segment generated income of Rp711.94 billion,
miliar, meningkat 28,90% dari tahun sebelumnya sebesar an increase of 28.90% from the previous year’s Rp552.33
Rp552,33. Peningkatan pendapatan Segmen Penempatan billion. The increase in income from the Placement Segment
206
terutama disebabkan atas strategi alokasi penempatan dana was mainly due to the Company’s appropriate fund allocation
yang tepat oleh Perseroan. strategy.
Ke depan, Perseroan akan terus mengevaluasi performa tiap Going forward, the Company will continue to evaluate the
Laporan Tahunan 2025 Annual Report
segmen dengan menekankan pada produktivitas aset dan performance of each segment with an emphasis on asset
kualitas pendapatan, agar pertumbuhan bisnis tetap sejalan productivity and income quality, so that business growth
dengan mandat dan tujuan jangka panjang Perseroan. remains in line with the Company’s mandate and long-term
objectives.
Page 207
TINJAUAN KEUANGAN
FINANCIAL OVERVIEW
Analisis dan pembahasan kinerja keuangan yang disajikan dalam The analysis and discussion of financial performance presented
Laporan Tahunan ini disusun berdasarkan Laporan Keuangan in this Annual Report are based on the Financial Statements of
PT Sarana Multigriya Finansial (Persero) untuk tahun yang berakhir PT Sarana Multigriya Finansial (Persero) for the years ended
pada 31 Desember 2025 dan 2024, yang telah diaudit oleh Kantor December 31, 2025, and 2024, which have been audited by the
Akuntan Publik (KAP) Purwanto, Susanti & Surja dengan opini Public Accounting Firm (KAP) Purwanto, Susanti & Surja with an
“Wajar dalam semua hal yang material”. Laporan keuangan opinion “Fair” in All Material Respects. The financial statements
tersebut dilampirkan sebagai bagian yang tidak terpisahkan dari are attached as an integral part of this Annual Report.
Laporan Tahunan ini.
Penyusunan dan penyajian laporan keuangan dimaksud telah The preparation and presentation of the financial statements have
dilakukan sesuai dengan Standar Akuntansi Keuangan yang been conducted in accordance with the Financial Accounting
berlaku di Indonesia, termasuk Pernyataan dan Interpretasi yang Standards applicable in Indonesia, including Statements and
diterbitkan oleh Dewan Standar Akuntansi Keuangan Ikatan Interpretations issued by the Financial Accounting Standards
Akuntan Indonesia serta Dewan Standar Akuntansi Syariah Board of the Indonesian Institute of Accountants and the Sharia
Ikatan Akuntan Indonesia, serta mengacu ketentuan regulator Accounting Standards Board of the Indonesian Institute of
pasar modal, yaitu Peraturan No. VIII.G.7 tentang Penyajian dan Accountants, as well as referring to capital market regulator
Pengungkapan Laporan Keuangan Emiten atau Perusahaan Publik. provisions, namely Regulation No. VIII.G.7 on the Presentation and
Disclosure of Financial Statements of Issuers or Public Companies.
LAPORAN POSISI KEUANGAN STATEMENT OF FINANCIAL POSITION
Struktur posisi keuangan Perseroan pada tahun 2025 The Company’s financial position structure in 2025 shows
menunjukkan penguatan yang tercermin pada pertumbuhan strengthening reflected in asset growth, increased equity,
aset, peningkatan ekuitas, dan terjaganya kapasitas pendanaan and maintained funding capacity to support the Company’s
untuk mendukung kegiatan usaha Perseroan. Dalam laporan business activities. In the Company’s financial position report,
posisi keuangan Perseroan, aset tidak diklasifikasikan ke dalam assets are not classified into current and non-current assets
kelompok aset lancar dan aset tidak lancar sebagaimana lazim as is commonly applied to non-financial companies. Instead,
diterapkan pada perusahaan non-keuangan. Sebaliknya, assets are presented based on the characteristics and nature of
penyajian aset dilakukan berdasarkan karakteristik dan sifat financial instruments and accounts relevant to the Company’s
instrumen keuangan serta akun-akun yang relevan dengan business activities as a secondary housing finance entity.
kegiatan usaha Perseroan sebagai entitas pembiayaan sekunder Therefore, the discussion of assets in this report is presented
perumahan. Oleh karena itu, pembahasan aset dalam laporan based on the main types of assets as presented in the audited 207
ini disampaikan berdasarkan jenis aset utama sebagaimana financial statements.
tersaji dalam laporan keuangan audited.
PT Sarana Multigriya Finansial (Persero)
Tabel Ringkasan Laporan Posisi Keuangan
Table of Statement of Financial Position Summary
(disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
(presented in million Rupiah, unless stated otherwise)
Perubahan
Uraian Changes
Description
2025 2024
Persentase (%) Nominal
Percentage (%) Nominal
Total Aset 66.813.645 58.138.488 14,92% 8.675.157
Total Assets
Total Liabilitas 37.659.409 36.405.018 3,45% 1.254.391
Total Liabilities
Total Dana Syirkah 1.428.305 1.173.510 21,71% 254.795
Temporer
Total Temporary Syirkah
Funds
Total Ekuitas 27.725.931 20.559.960 34,85% 7.165.971
Total Equity
Page 208
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
Aset Assets
Pada tahun 2025, total aset Perseroan tercatat sebesar In 2025, the Company’s total assets were recorded at Rp66.81
Rp66,81 triliun, meningkat sebesar Rp8,68 triliun atau 14,92% trillion, an increase of Rp8.68 trillion or 14.92% compared to
dibandingkan dengan posisi tahun 2024 yang tercatat sebesar the 2024 position, which was recorded at Rp58.14 trillion. This
Rp58,14 triliun. Hal ini terutama disebabkan oleh kenaikan was mainly due to an increase in loans and cash equivalents.
pinjaman yang diberikan dan kas setara kas.
Tabel Aset
Asset Table
(disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
(presented in million Rupiah, unless otherwise stated)
Perubahan
Uraian Changes
Description
2025 2024
Persentase (%) Nominal
Percentage (%) Nominal
Kas dan Setara Kas - Neto 12.562.464 5.013.389 150,58% 7.549.075
Cash and cash equivalents
- net
Deposito Berjangka - Neto 2.869.696 7.451.276 -61,49% (4.581.580)
Time Deposits - Net
Efek-Efek - Neto 1.852.856 1.556.560 19,04% 296.296
Marketable Securities - Net
Pinjaman yang Diberikan 49.165.520 41.830.509 17,54% 7.335.011
- Neto
Loans - Net
Jaminan dan Pendukung 17.006 28.348 -40,01% (11.342)
Kredit
Credit Enhancement
Piutang Usaha – Neto 136.490 118.048 15,62% 18.442
208 Account Receivable - Net
Piutang Lain-Lain - Neto 35.959 1.926.405 -98,13% (1.890.446)
Other Receivables - Net
Beban Dibayar di Muka 20.946 14.378 45,68% 6.568
Laporan Tahunan 2025 Annual Report
Prepaid Expenses
Aset Tetap - Neto Fixed 121.852 132.190 -7,82% (10.338)
Fixed Assets - Net
Aset Hak Guna - Neto 1.268 1.068 18,73% 200
Fixed
Right-of-Use Assets- Net
Aset Tak Berwujud - Neto 9.264 4.581 102,23% 4.683
Intangible Assets - Net
Aset Pajak Tangguhan 6.357 33.347 -80,94% (26.990)
Deferred Tax Assets
Uang Muka dan Aset Lain 141 - N/A 141
Down Payment and Other
Assets
Investasi Saham 13.826 28.389 -51,30% (14.563)
Investment in shares
Total Aset 66.813.645 58.138.488 14,92% 8.675.157
Total Assets
Kas dan Setara Kas - Neto Cash and Cash Equivalents - Net
Kas dan setara kas Perseroan pada akhir Desember 2025 The Company’s cash and cash equivalents at the end of
tercatat sebesar Rp12,56 triliun, meningkat Rp7,55 triliun atau December 2025 were recorded at Rp12.56 trillion, an increase
150,58% dibandingkan dengan posisi akhir 2024 sebesar of Rp7.55 trillion or 150.58% compared to the position at the end
Rp5,01 triliun. Peningkatan tersebut terutama dipengaruhi oleh of 2024 of Rp5.01 trillion. This increase was mainly influenced
penguatan likuiditas Perseroan untuk mendukung kebutuhan by the strengthening of the Company’s liquidity to support
penyaluran pembiayaan. financing distribution needs.
Page 209
Deposito Berjangka - Neto Time Deposits - Net
Deposito Berjangka sampai dengan 31 Desember 2025 tercatat Time deposits until December 31, 2025, were recorded at
sebesar Rp2,87 triliun, menurun sebesar Rp4,58 triliun atau Rp2.87 trillion, a decrease of Rp4.58 trillion or 61.49% compared
61,49% bila dibandingkan posisi 31 Desember 2024 yang to the position on December 31, 2024, which reached Rp7.45
mencapai Rp7,45 triliun. Hal ini terutama disebabkan oleh trillion. This is mainly due to the strategy of placing funds for
strategi penempatan dana untuk likuiditas dalam rangka liquidity in order to support loan distribution.
mendukung penyaluran pinjaman.
Efek-Efek Marketable Securities
Pada tahun 2025, Perseroan mencatatkan Efek-Efek sebesar In 2025, the Company recorded Securities amounting to
Rp1,85 triliun, jumlah tersebut mengalami kenaikan sebesar Rp1.85 trillion, an increase of Rp296.30 billion or 19.04%
Rp296,30 miliar atau 19,04% dari tahun sebelumnya yang from the previous year’s Rp1.56 trillion. This increase was
sebesar Rp1,56 triliun. Kenaikan ini terutama dipengaruhi oleh mainly influenced by the purchase of Government Securities
pembelian Surat Utang Negara (SUN) selama tahun 2025, yang (SUN) during 2025, which strengthened the Company’s liquid
memperkuat portofolio instrumen likuid Perseroan. Peningkatan instrument portfolio. The increase in securities reflects the
efek-efek tersebut mencerminkan strategi Perseroan dalam Company’s strategy of maintaining liquidity while obtaining
menjaga likuiditas sekaligus memperoleh imbal hasil yang competitive returns from funds that have not been allocated
kompetitif dari dana yang belum dialokasikan ke pembiayaan. to financing.
Pinjaman yang Diberikan Loans
Pinjaman yang Diberikan tercatat sebesar Rp49,17 triliun, Loans were recorded at Rp49.17 trillion, an increase of Rp7.34
meningkat sebesar Rp7,34 triliun atau setara 17,54% bila trillion or 17.54% compared to 2024, which was recorded at
dibandingkan tahun 2024 yang tercatat sebesar Rp41,83 Rp41.83 trillion. This was due to the disbursement of new loans
triliun. Hal ini disebabkan oleh penyaluran pinjaman baru pada in 2025 amounting to Rp20.88 trillion, consisting of Rp12.85
tahun 2025 sebesar Rp20,88 triliun yang terdiri dari Rp12,85 trillion in commercial loans and Rp8.03 trillion in FLPP Program
triliun pinjaman komersial dan Rp8,03 triliun pinjaman KPR mortgage loans.The increase in loans granted confirms the
Program FLPP. Kenaikan pinjaman yang diberikan menegaskan role of loans as the Company’s main productive asset and
peran pinjaman sebagai aset produktif utama Perseroan serta demonstrates the growth of secondary housing financing
menunjukkan pertumbuhan aktivitas pembiayaan sekunder activities throughout 2025.
perumahan sepanjang tahun 2025.
Jaminan dan Pendukung Kredit Credit Enhancement
Hingga akhir 2025, Jaminan dan Pendukung Kredit SMF tercatat By the end of 2025, SMF Credit Enhancement were recorded at
sebesar Rp17,01 miliar, mengalami penurunan sebesar Rp11,34 Rp17.01 billion, a decrease of Rp11.34 billion or 40.01% compared
miliar atau 40,01% bila dibandingkan tahun sebelumnya to the previous year’s figure of Rp28.35 billion. This decline was
yang sebesar Rp28,35 miliar. Penurunan ini disebabkan due to a a decrease in principal effects in the form of RMBS
oleh penurunan pokok efek berupa EBA serta belum adanya and the absence of securitization in 2025.
sekuritisasi pada Tahun 2025.
209
Piutang Usaha Account Receivables
Piutang Usaha Perseroan pada tahun 2025 tercatat sebesar The Company’s trade receivable in 2025 were recorded at
Rp136,49 miliar, mengalami kenaikan sebesar Rp18,44 miliar Rp136.49 billion, an increase of Rp18.44 billion or 15.62%
atau 15,62% bila dibandingkan dengan posisi 31 Desember compared to the position on December 31, 2024, which was
PT Sarana Multigriya Finansial (Persero)
2024 yang tercatat sebesar Rp118,05 miliar. Peningkatan recorded at Rp118.05 billion. This increase was mainly due to
tersebut terutama disebabkan oleh meningkatnya outstanding an increase in outstanding loans. The increase in accounts
penyaluran pinjaman. Kenaikan piutang usaha ini selaras dengan receivable was in line with the growth in the Company’s
pertumbuhan aktivitas pembiayaan Perseroan. financing activities.
Piutang Lain-Lain Other Receivables
SMF per 31 Desember 2025 mencatatkan Piutang Lain-Lain As of December 31, 2025, SMF recorded Other Receivables
sebesar Rp35,99 miliar, mengalami penurunan sebesar Rp1,89 amounting to Rp35.99 billion, representing a decrease of Rp1.89
triliun atau 98,13% bila dibandingkan tahun sebelumnya yang trillion or 98.13% compared to the previous year’s balance of
tercatat sebesar Rp1,93 triliun. Penurunan ini disebabkan Rp1.93 trillion. This decrease was due to the reclassification of
adanya reklasifikasi atas pencatatan PMN 2024 sebesar Rp1,89 the 2024 PMN recording amounting to Rp1.89 trillion.
triliun.
Page 210
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
Beban Dibayar di Muka Prepaid Expenses
Pada tahun 2025, Perseroan mencatatkan Beban Dibayar In 2025, the Company recorded Prepaid Expenses of IDR
di Muka sebesar Rp20.95 miliar, jumlah tersebut mengalami 20.95 billion, an increase of IDR 6.57 billion or 45.68% from
kenaikan sebesar Rp6,57 miliar atau 45,68% dari tahun the previous year’s figure of IDR 14.38 billion. The main cause
sebelumnya yang tercatat sebesar Rp14,38 miliar. Penyebab of this increase was the addition of prepaid expenses for
utama kenaikan ini karena adanya penambahan beban dibayar employee benefits.
di muka atas benefit karyawan.
Aset Tetap Fixed Assets
Per 31 Desember 2025, Aset Tetap SMF tercatat sebesar As of December 31, 2025, SMF’s fixed assets were recorded
Rp121,85 miliar, mengalami penurunan 7,82% atau senilai at Rp121.85 billion, a decrease of 7.82% or Rp10.34 billion
Rp10,34 miliar bila dibandingkan dengan posisi 31 Desember compared to the position on December 31, 2024, which was
2024 yang tercatat sebesar Rp132,19 miliar. Penurunan ini recorded at Rp132.19 billion. This decrease was due to the
disebabkan penambahan nilai penyusutan aset seiring dengan addition of asset depreciation in line with the useful life of
umur manfaat aset. the assets.
Aset Hak Guna Right-of-Use Assets
Aset Hak Guna Perseroan tercatat sebesar Rp1,27 miliar, The Company’s right-of-use assets were recorded at Rp1.27
meningkat sebesar Rp1,07 miliar atau setara 18,73% bila billion, an increase of Rp1.07 billion or 18.73% compared to
dibandingkan tahun 2024 yang tercatat Rp1,07 miliar. Hal ini 2024, which was recorded at Rp1.07 billion. This was due
disebabkan oleh peningkatan harga sewa atas sebagian Aset to an increase in the rental price of some of the Company’s
Hak Guna Perseroan. right-of-use assets.
Aset Tak Berwujud Intangible Assets
Sampai dengan akhir tahun 2025, Aset Tak Berwujud tercatat By the end of 2025, Intangible Assets were recorded at Rp9.26
sebesar Rp9,26 miliar, mengalami kenaikan sebesar Rp4,68 billion, increased by Rp4.68 billion or 102.23% compared to the
miliar atau 102,23% bila dibandingkan dengan posisi akhir tahun position at the end of 2024, which was recorded at Rp4.58
2024 yang tercatat sebesar Rp4,58 miliar. Hal ini terutama billion. This was mainly due to the acquisition of several new
disebabkan oleh terdapat beberapa software baru untuk software programs to support the Company’s performance.
210
mendukung kinerja Perseroan.
Aset Pajak Tangguhan Deferred Tax Assets
Sepanjang tahun 2025, SMF mencatatkan Aset Pajak Tangguhan Throughout 2025, SMF recorded Deferred Tax Assets worth
Laporan Tahunan 2025 Annual Report
senilai Rp6,36 miliar, turun sebesar Rp26,99 miliar atau 80,94% Rp6.36 billion, a decrease of Rp26.99 billion or 80.94%
bila dibandingkan tahun sebelumnya yang mencapai Rp33,35 compared to the previous year, which reached Rp33.35 billion.
miliar. Penurunan ini terjadi karena adanya nilai manfaat pajak This decrease occurred due to the deferred tax benefit on
tangguhan atas CKPN yang digunakan. Allowance for Impairment Losses (CKPN) used.
Investasi Saham Investments in Share
Perseroan mencatatkan Investasi Saham senilai Rp13,83 miliar The Company recorded investments in share worth Rp13.83
di Desember 2025, turun 51,30% atau senilai Rp14,56 miliar bila billion in December 2025, down 51.30% or Rp14.56 billion
dibandingkan akhir Desember 2024 yang mencapai Rp28,39 compared to the end of December 2024, which reached
miliar. Hal ini terutama dipengaruhi oleh penurunan nilai wajar Rp28.39 billion. This was mainly influenced by the decline in
atas investasi Perseroan pada PT SEG. the fair value of the Company’s investment in PT SEG.
Liabilitas Liabilities
Secara keseluruhan, komposisi liabilitas Perseroan pada Overall, the Company’s asset composition in 2025 will still be
tahun 2025 masih didominasi oleh Surat Utang (obligasi dan dominated by loans granted as the main productive assets. This
sukuk) sebagai pendanaan utama dan pinjaman bank sebagai structure indicates that the Company’s asset growth remains in
diversifikasi sumber pendanaan. Struktur ini menunjukkan line with its main business focus, which is to support secondary
bahwa kenaikan liabilitas Perseroan tetap sejalan dengan fokus housing financing through the continuous distribution of funds,
utama kegiatan usaha, yaitu mendukung pembiayaan sekunder supported by adequate liquidity management and a portfolio
perumahan melalui penerbitan surat utang dengan suku bunga of assets that maintains its quality.
yang tetap terjaga.
Page 211
Penyajian liabilitas Perseroan dalam laporan posisi keuangan The presentation of the Company’s liabilities in the statement
disusun berdasarkan karakteristik dan jenis kewajiban, sesuai of financial position is based on the characteristics and types
dengan praktik pelaporan entitas pembiayaan. Oleh karena itu, of obligations, in accordance with the reporting practices
laporan posisi keuangan Perseroan tidak mengklasifikasikan of financing entities. Therefore, the Company’s statement
liabilitas secara langsung ke dalam kategori jangka pendek dan of financial position does not directly classify liabilities into
jangka panjang. Namun demikian, untuk memberikan gambaran short-term and long-term categories. However, to provide
yang lebih komprehensif mengenai struktur kewajiban a more comprehensive overview of the Company’s liability
Perseroan, analisis ini dilengkapi dengan informasi jatuh tempo structure, this analysis is supplemented with information on
kontraktual liabilitas berdasarkan catatan manajemen risiko the contractual maturity of liabilities based on risk management
pada laporan keuangan audited. notes in the audited financial statements.
Tabel Liabilitas
Table of Liabilities
(disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
(presented in million Rupiah, unless otherwise stated)
Perubahan
Uraian Change
Description
2025 2024
Persentase (%) Nominal
Percentage (%) Nominal
Beban yang Masih Harus 244.202 195.546 24,88% 48.656
Dibayar
Accrued expenses
Utang Pajak 4.498 5.214 -13,73% (716)
Tax payables
Utang Bank 14.485.331 9.719.479 49,03% 4.765.852
Bank loans
Efek-Efek yang Diterbitkan 22.846.188 26.424.780 -13,54% (3.578.592)
Securities issued
Utang Lain-Lain 27.685 16.893 63,88% 10.792
Other payables
Liabilitas Imbalan Kerja 51.505 43.106 19,48% 8.399
Employee benefit liabilities
Total Liabilitas 37.659.409 36.405.018 3,45% 1.254.391
Total Liabilities
Berdasarkan profil jatuh tempo kontraktual liabilitas pada 31 Based on the contractual maturity profile of liabilities as of
Desember 2025, liabilitas Perseroan yang jatuh tempo sampai December 31, 2025, the Company’s liabilities maturing within 12
dengan 12 bulan tercatat sebesar Rp22,07 triliun, sedangkan months amounted to Rp22.07 trillion, while liabilities maturing 211
liabilitas yang jatuh tempo lebih dari 1 tahun tercatat sebesar in more than 1 year amounted to Rp20.88 trillion. This profile
Rp20,88 triliun. Profil ini menunjukkan bahwa struktur kewajiban shows that the Company’s liability structure continues to be
Perseroan tetap didominasi oleh kewajiban jangka menengah dominated by medium-term liabilities arising from issued
yang berasal dari efek-efek yang diterbitkan, sementara securities, while short-term liabilities mainly arise from bank
PT Sarana Multigriya Finansial (Persero)
kewajiban jangka pendek terutama berasal dari utang bank, loans, accrued expenses, and a portion of debt securities that
beban yang masih harus dibayar, dan sebagian surat utang yang will mature within the next 12 months. This information is a
akan jatuh tempo dalam 12 bulan ke depan. Informasi tersebut contractual maturity profile based on undiscounted cash flows,
merupakan profil jatuh tempo kontraktual berdasarkan arus and is therefore presented as a supplement to the analysis of
kas tidak terdiskonto, sehingga disajikan sebagai pelengkap the Company’s liability structure.
analisis atas struktur liabilitas Perseroan.
Beban yang Masih Harus Dibayar Accrued Expenses
Hingga akhir 2025, Beban yang Masih Harus Dibayar SMF By the end of 2025, SMF’s outstanding liabilities were recorded
tercatat sebesar Rp244,20 miliar, mengalami kenaikan sebesar at Rp244.20 billion, an increase of Rp48.66 billion or 24.88%
Rp48,66 miliar atau 24,88% bila dibandingkan tahun sebelumnya compared to the previous year’s figure of Rp195.55 billion. This
yang sebesar Rp195,55 miliar. Kenaikan ini disebabkan oleh increase was due to an increase in the Company’s funding,
peningkatan pendanaan Perseroan terutama kenaikan utang particularly an increase in bank loan interest in line with an
bunga bank sejalan dengan kenaikan pinjaman bank. increase in bank loans.
Page 212
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
Utang Pajak Tax Payables
Utang Pajak Perseroan pada tahun 2025 tercatat sebesar The Company’s tax payables in 2025 were recorded at Rp4.50
Rp4,50 miliar, mengalami penurunan 13,73% atau senilai Rp0,72 billion, a decrease of 13.73% or Rp0.72 billion compared to the
miliar bila dibandingkan dengan tahun sebelumnya yang tercatat previous year, which was recorded at Rp5.21 billion. This was
sebesar Rp5,21 miliar. Hal ini terutama disebabkan karena mainly due to a decrease in unpaid tax liabilities.
penurunan kewajiban perpajakan yang belum terbayarkan.
Utang Bank Bank Loans
Per 31 Desember 2025, Perseroan mencatatkan Utang Bank As of December 31, 2025, the Company recorded Bank Loans
sebesar Rp14,49 triliun, meningkat Rp4,77 triliun atau 49,03% of Rp14.49 trillion, an increase of Rp4.77 trillion or 49.03%
dibandingkan posisi 31 Desember 2024 sebesar Rp9,72 triliun. compared to the position on December 31, 2024, which was
Peningkatan ini sejalan dengan strategi Perseroan dalam Rp9.72 trillion. This increase is in line with the Company’s
mengoptimalkan pemanfaatan fasilitas pendanaan perbankan strategy to optimize the use of banking facilities for liquidity
untuk kebutuhan likuiditas dalam mendukung penyaluran needs in supporting financing distribution throughout 2025.
pembiayaan sepanjang tahun 2025.
Efek-Efek yang Diterbitkan Securities Issued
Pada tahun 2025, Perseroan mencatatkan Efek-Efek yang In 2025, the Company recorded Securities Issued of Rp22.85
Diterbitkan sebesar Rp22,85 triliun, jumlah tersebut mengalami trillion, a decrease of Rp3.58 trillion or 13.54% from the previous
penurunan sebesar Rp3,58 triliun atau 13,54% dari tahun year’s figure of Rp26.42 trillion. This decrease is an adjustment
sebelumnya yang tercatat sebesar Rp26,42 triliun. Penurunan to the funding strategy in accordance with business needs in
ini sebagai penyesuaian strategi pendanaan sesuai kebutuhan the current year.
usaha pada tahun berjalan.
Utang Lain-Lain Other Payables
Per 31 Desember 2025, Utang Lain-Lain SMF tercatat sebesar As of December 31, 2025, SMF’s Other Payables were recorded
Rp27,69 miliar, mengalami kenaikan 63,88% atau senilai Rp10,79 at Rp27.69 billion, an increase of 63.88% or Rp10.79 billion
miliar bila dibandingkan dengan posisi 31 Desember 2024 yang compared to the position on December 31, 2024, which was
tercatat sebesar Rp16,89 miliar. Hal ini terutama disebabkan recorded at Rp16.89 billion. This was mainly due to an increase
212
oleh peningkatan beban operasional akhir tahun yang belum in year-end expenses as there were several projects that had
terbayarkan. not been paid for while awaiting finalization
Liabilitas Imbalan Kerja Employee Benefit Liabilities
Laporan Tahunan 2025 Annual Report
Sepanjang tahun 2025, SMF mencatatkan Liabilitas Imbalan Throughout 2025, SMF recorded Employee Benefit Liabilities
Kerja senilai Rp51,51 miliar, naik sebesar Rp8,40 miliar atau of Rp51.51 billion, an increase of Rp8.40 billion or 19.48%
19,48% bila dibandingkan tahun sebelumnya yang mencapai compared to the previous year, which reached Rp43.11 billion.
Rp43,11 miliar. Kenaikan ini terjadi karena terdapat peningkatan This increase occurred due to an increase in employee
kewajiban imbalan kerja karyawan sesuai dengan penambahan benefit liabilities in accordance with actuarial calculations.
benefit yang direncanakan untuk karyawan.
Dana Syirkah Temporer Temporary Syirkah Funds
Perseroan mencatatkan Dana Syirkah Temporer senilai The company recorded Temporary Syirkah Funds worth
Rp1,43 triliun per 31 Desember 2025, naik 21,71% atau bila Rp1.43 trillion as of December 31, 2025, an increase of 21.71%
dibandingkan akhir Desember 2024 yang mencapai Rp1,17 compared to the end of December 2024, which reached Rp1.17
triliun. Hal ini terutama dipengaruhi oleh peningkatan volume trillion. This was mainly influenced by an increase in the volume
penyaluran pembiayaan syariah tahun 2025. of sharia financing distribution in 2025.
Ekuitas Equity
SMF membukukan Ekuitas sebesar Rp27,73 triliun di tahun SMF recorded equity of Rp27.73 trillion in 2025. This represents
2025. Hal ini menunjukkan peningkatan sebesar Rp7,17 triliun an increase of Rp7.17 trillion or 34.85% compared to 2024, which
atau 34,85% bila dibandingkan tahun 2024 yang tercatat senilai was recorded at Rp20.56 trillion. This was due to additional
Rp20,56 triliun. Hal ini disebabkan adanya tambahan modal paid-up capital of Rp6.68 trillion received by the Company and
disetor sebesar Rp6,68 triliun yang diterima oleh Perseroan additional profits in the current year.
dan penambahan laba pada tahun berjalan.
Page 213
Kenaikan ekuitas ini menunjukkan penguatan struktur This increase in equity indicates the strengthening of the
permodalan Perseroan pada tahun 2025. Dibandingkan tahun Company’s capital structure in 2025. Compared to the previous
sebelumnya, peran ekuitas dalam menopang struktur keuangan year, the role of equity in supporting the financial structure has
menjadi semakin besar yang memperkuat kapasitas Perseroan become even greater, strengthening the Company’s capacity
dalam mendukung ekspansi usaha. to support business expansion.
Tabel Ekuitas
Table of Equity
(disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
(presented in million Rupiah, unless otherwise stated)
Perubahan
Uraian Changes
Description
2025 2024
Persentase (%) Nominal
Percentage (%) Nominal
Modal Saham 16.221.000 14.330.000 13,20% 1.891.000
Share capital
Uang Muka Setoran Modal 6.684.023 - N/A 6.684.023
Advance for future shares
subscription
Komponen Ekuitas Lainnya - 1.891.000 -100,00% (1.891.000)
Other equity component
Keuntungan (Kerugian) dari 22.164 (3.174) -798,30% 25.338
Perubahan Nilai Wajar Aset
Keuangan Diklasifikasikan
pada Nilai Wajar melalui
Penghasilan Komprehensif
Lain
Gain (Loss) from Changes
in Fair Value of Financial
Assets Classified as Fair
Value through Other
Comprehensive Income
Cadangan Kerugian 1.488 1.729 -13,94% (241)
Penurunan Nilai
Allowance for impairment
losses
Saldo laba
Retained earning
• Telah ditentukan 2.107.398 1.891.465 11,42% 215.933
Penggunaannya
• Appropriated
• Belum Ditentukan 2.689.858 2.448.940 9,84% 240.918 213
Penggunaannya
• Unappropriated
Total Ekuitas 27.725.931 20.559.960 34,85% 7.165.971
Total Equity
PT Sarana Multigriya Finansial (Persero)
Modal Saham Share Capital
Modal saham Perseroan pada akhir tahun 2025 tercatat The Company’s share capital at the end of 2025 was recorded
sebesar Rp16,22 triliun, meningkat 13,20% atau Rp1,89 triliun at IDR 16.22 trillion, an increase of 13.20% or IDR 1.89 trillion
dibandingkan tahun sebelumnya sebesar Rp14,33 triliun. compared to the previous year’s IDR 14.33 trillion. This increase
Kenaikan ini mencerminkan adanya penambahan modal saham reflects the addition of share capital during the current year,
pada tahun berjalan yang memperkuat basis permodalan which strengthens the Company’s capital base.
Perseroan.
Uang Muka Setoran Modal Advance for future share subscription
Pada tahun 2025, Perseroan mencatat uang muka setoran In 2025, the Company recorded advances for future share
modal sebesar Rp6,68 triliun. Pos ini merupakan penyajian subscription amounting to Rp6.68 trillion. This item is a
sementara atas penambahan modal yang diterima sampai temporary presentation of additional capital received until
dengan disahkanya oleh regulator sebagai tambahan modal it is approved by the regulator as additional paid-up capital.
disetor.
Page 214
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
Komponen Ekuitas Lainnya Other Equity Components
Komponen ekuitas lainnya yang pada tahun 2024 tercatat Other equity components, which amounted to Rp1.89 trillion in
sebesar Rp1,89 triliun tidak lagi tercatat pada tahun 2025. 2024, are no longer recorded in 2025. This change is related
Perubahan ini terkait dengan reklasifikasi atas setoran modal to the reclassification of capital deposits in 2024.
pada tahun 2024.
Penghasilan Komprehensif Lain Terkait Aset Keuangan Other Comprehensive Income Related to Financial
Assets
Penghasilan Komprehensif Lain Terkait Aset Keuangan Other Comprehensive Income Related to Financial Assets
yang diklasifikasikan pada nilai wajar melalui penghasilan classified at fair value through other comprehensive income was
komprehensif lain tercatat sebesar Rp23,65 miliar pada recorded at Rp23.65 billion in 2025, an improvement compared
tahun 2025, atau membaik dibandingkan posisi tahun 2024 to the 2024 position which recorded a loss of Rp1.4 billion.
yang mencatat kerugian sebesar Rp1,4 miliar. Perubahan This change indicates an increase in the fair value of certain
ini menunjukkan adanya peningkatan nilai wajar pada aset financial assets in the current year.
keuangan tertentu pada tahun berjalan.
Saldo Laba Retained Earnings
Saldo laba yang telah ditentukan penggunaannya pada tahun Retained earnings for 2025 were recorded at Rp2.11 trillion, an
2025 tercatat sebesar Rp2,11 triliun, meningkat sebesar increase of 11.42% or Rp215.93 billion compared to the previous
Rp215,93 miliar atau 11,42% dibandingkan tahun sebelumnya year’s figure of Rp1.89 trillion. Meanwhile, the unappropriated
sebesar Rp1,89 triliun. Sementara itu, saldo laba yang belum retained earnings was recorded at Rp2.69 trillion, an increase
ditentukan penggunaannya tercatat sebesar Rp2,69 triliun, of 9.84% or Rp240.92 billion compared to the 2024 position
meningkat Rp240,92 miliar atau 9,84% dibandingkan posisi of Rp2.45 trillion.
tahun 2024 sebesar Rp2,45 triliun.
Peningkatan pada kedua pos tersebut mencerminkan The increase in both items reflects that the current year’s
bahwa laba bersih tahun berjalan turut memperkuat struktur net profit has strengthened the Company’s equity structure,
ekuitas Perseroan, sekaligus memberikan tambahan while providing additional capital capacity to support the
kapasitas permodalan untuk mendukung keberlanjutan dan sustainability and development of business activities.
214
pengembangan kegiatan usaha.
LAPORAN LABA RUGI DAN STATEMENT OF PROFIT OR LOSS AND
Laporan Tahunan 2025 Annual Report
PENGHASILAN KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOMES
Tabel Laporan Laba Rugi dan Penghasilan Komprehensif Lain
Statement of Income and Other Comprehensive Income Table
(disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
(presented in million Rupiah, unless otherwise stated)
Perubahan
Uraian Changes
Description
2025 2024
Persentase (%) Nominal
Percentage (%) Nominal
Pendapatan 3.102.610 2.869.117 8,14% 233.493
Income
Beban (2.386.091) (2.201.805) 8,37% 184.286
Expenses
Laba sebelum Beban Pajak 716.519 667.312 7,37% 49.207
Final dan Beban Pajak
Penghasilan
Income before Final Tax
Expense and Income Tax
Expense
Beban Pajak Final (127.634) (96.836) 31,80% 30.798
Final Tax Expense
Page 215
Tabel Laporan Laba Rugi dan Penghasilan Komprehensif Lain
Statement of Income and Other Comprehensive Income Table
(disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
(presented in million Rupiah, unless otherwise stated)
Perubahan
Uraian Changes
Description
2025 2024
Persentase (%) Nominal
Percentage (%) Nominal
Laba sebelum Beban Pajak 588.885 570.476 3,23% 18.409
Penghasilan
Income before Income Tax
Expense
Beban Pajak Penghasilan (23.492) (30.642) -23,33% (7.150)
Income Tax Expense
Laba Bersih 565.393 539.834 4,73% 25.559
Net Income
Penghasilan (rugi) 24.509 (4.236) 678,59% 28.745
Komprehensif Lain, Neto
Setelah Pajak
Other Comprehensive
Income (losses), net of tax
Total Penghasilan 589.902 535.598 10,14% 54.304
Komprehensif Tahun
Berjalan
Total Comprehensive
Income for the Year
Laba per Saham
Earnings per Share
• Dasar (dalam nilai 36.854 38.737 -4,86% (1.883)
penuh)
• Basic (in full amount)
• Dilusian (dalam nilai 36.810 38.722 -4,94% (1.912)
penuh)
• Diluted (in full amount)
Pendapatan Income
Hingga akhir 2025, SMF membukukan pendapatan sebesar By the end of 2025, SMF recorded income of Rp3.10 trillion,
Rp3,10 triliun, mengalami kenaikan sebesar Rp233,49 miliar atau an increase of Rp233.49 billion or 8.14% compared to the
8,14% bila dibandingkan tahun sebelumnya yang sebesar Rp2,87 previous year’s Rp2.87 trillion. This increase was achieved
triliun. Kenaikan ini diperoleh dari peningkatan penyaluran through increased lending and optimized liquidity management.
pinjaman dan optimalisasi pengelolaan likuiditas. 215
Tabel Pendapatan
Table of Income PT Sarana Multigriya Finansial (Persero)
(disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
(presented in million Rupiah, unless stated otherwise)
Perubahan
Uraian Changes
Description
2025 2024
Persentase (%) Nominal
Percentage (%) Nominal
Pendapatan Bunga dan 3.093.125 2.858.374 8,21% 234.751
Pendapatan Syariah
Interest income and
sharia income
Pendapatan Sekuritisasi 1.633 2.089 -21,83% (456)
Securitization income
Page 216
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
Tabel Pendapatan
Table of Income
(disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
(presented in million Rupiah, unless stated otherwise)
Perubahan
Uraian Changes
Description
2025 2024
Persentase (%) Nominal
Percentage (%) Nominal
(Kerugian) Keuntungan (39) 3.136 -101,24% (3.175)
yang Belum Direalisasi
atas Perubahan Nilai Wajar
Aset Keuangan yang
Diklasifikasikan pada Nilai
Wajar Melalui Laba Rugi
Unrealized (loss) gain from
changes in fair value of
financial assets classified
at fair value through profit
or loss
Keuntungan dari Penjualan 67 262 -74,43% (195)
Aset Keuangan yang
Diukur pada Nilai Wajar
Melalui Penghasilan
Komprehensif Lain
Gain on sale of financial
assets at fair value through
other comprehensive
income
Pendapatan Lain-Lain - 7.824 5.256 48,86% 2.568
Neto
Other income - net
Total Pendapatan 3.102.610 2.869.117 8,14% 233.493
Total Income
216
Beban Expenses
Perseroan mencatatkan jumlah Beban pada tahun 31 Desember The Company recorded total expenses as of December 31,
2025 tercatat sebesar Rp2,38 triliun, mengalami kenaikan 2025, amounting to Rp2.38 trillion, an increase of Rp184.29
Laporan Tahunan 2025 Annual Report
senilai Rp184,29 miliar atau 8,37% bila dibandingkan dengan billion, or 8.37%, compared to the figure of Rp2.20 trillion as of
posisi 31 Desember 2024 yang tercatat sebesar Rp2,20 triliun. December 31, 2024. This was primarily due to higher interest
Hal ini terutama disebabkan oleh kenaikan biaya bunga sejalan expenses in line with the Company’s increased financing.
dengan peningkatan pendanaan Perseroan.
Tabel Beban
Table of Expenses
(disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
(presented in million Rupiah, unless stated otherwise)
Perubahan
Uraian Perubahan
Description
2025 2024
Persentase (%) Nominal
Persentase (%) Nominal
Beban Bunga (2.178.140) (1.995.296) 9,16% 182.844
Interest expenses
Umum dan Administrasi (124.615) (115.785) 7,63% 8.830
General and administrative
Gaji dan Tunjangan (108.366) (95.003) 14,07% 13.363
Salaries and benefits
Pembalikan Kerugian 25.030 4.279 484,95% 20.751
Penurunan Nilai
Reversal for impairment loss
Total Beban (2.386.091) (2.201.805) 8,37% 184.286
Total Expenses
Page 217
Beban Pajak Penghasilan Income Tax Expense
Sepanjang tahun 2025, SMF mencatatkan Beban Pajak Throughout 2025, SMF recorded Income Tax Expense of Rp2.46
Penghasilan senilai Rp2,46 miliar, turun sebesar Rp28,18 billion, a decrease of Rp28.18 billion or 91.97% compared to the
miliar atau 91,97% bila dibandingkan tahun sebelumnya previous year which reached Rp30.64 billion. This decrease
yang mencapai Rp30,64 miliar. Penurunan ini disebabkan was due to the use of uncollectible receivables reserves, which
penggunaan cadangan piutang tak tertagih yang kini boleh can now be deducted from gross income in accordance with
dikurangkan dari penghasilan bruto sesuai dengan ketentuan applicable tax regulations.
perpajakan yang berlaku.
Laba Bersih Net Income
SMF per 31 Desember 2025 membukukan Laba Bersih sebesar As of December 31, 2025, SMF recorded a net income of
Rp565,39 miliar, mengalami kenaikan sebesar Rp25,56 miliar Rp565.39 billion, an increase of Rp25.56 billion or 4.73%
atau 4,73% bila dibandingkan 31 Desember 2024 yang compared to December 31, 2024, which was recorded at
tercatat sebesar Rp539,83 miliar. Kenaikan ini mencerminkan Rp539.83 billion. This increase reflects SMF’s ability to maintain
kemampuan SMF dalam menjaga keseimbangan antara a balance between revenue growth and cost control, especially
pertumbuhan pendapatan dan pengendalian beban, khususnya amid rising funding costs.
di tengah kenaikan biaya pendanaan.
Secara keseluruhan, kinerja laba bersih perseroan menunjukkan Overall, the company’s net profit performance shows strong
resiliensi yang kuat dengan arah profitabilitas yang semakin resilience with an improving and sustainable profitability trend
membaik dan berkelanjutan.
Penghasilan Komprehensif Lain Other Comprehensive Income
Perseroan mencatatkan Penghasilan Komprehensif Lain senilai The Company recorded an Other Comprehensive Income of
Rp24,51 miliar di Desember 2025, naik 678,59% atau senilai Rp24.51 billion in December 2025, an increase of 678.59%
Rp28,75 miliar bila dibandingkan akhir Desember 2024 yang or Rp28.75 billion compared to the end of December 2024,
mencapai (Rp4,24 miliar). Hal ini terutama dipengaruhi oleh which reached (Rp4.24 billion). This was mainly influenced
peningkatan nilai wajar atas investasi Perseroan pada Surat by an increase in the fair value of the Company’s investment
Utang Negara (SUN). in Government Bonds (SUN).
Total Penghasilan Komprehensif Tahun Berjalan Total Comprehensive Income for the Year
Total Penghasilan Komprehensif Tahun Berjalan Perseroan The Company’s total comprehensive income for the current year
pada tahun 2025 tercatat sebesar Rp589,90 miliar, mengalami in 2025 was recorded at Rp589.90 billion, an increase of 10.14%
kenaikan 10,14% atau senilai Rp54,30 miliar bila dibandingkan or Rp54.30 billion compared to the previous year, which was
dengan tahun sebelumnya yang tercatat sebesar Rp535,60 recorded at Rp535.60 billion. This increase was mainly driven
miliar. Kenaikan ini terutama didorong oleh perbaikan nilai wajar by improvements in the fair value of financial assets measured
aset keuangan yang diukur melalui penghasilan komprehensif through other comprehensive income, which contributed to
lain, yang turut mendukung peningkatan total penghasilan the increase in the Company’s total comprehensive income.
komprehensif Perseroan. 217
Laba per Saham Earnings per Share
Pada tahun 2025, Laba per Saham Dasar Perseroan tercatat In 2025, the Company’s Basic Earnings per Share were
sebesar Rp36,85 miliar, menurun 4,86% bila dibandingkan recorded at Rp36.85 billion, a decrease of 4.86% compared
PT Sarana Multigriya Finansial (Persero)
dengan tahun 2024 yang tercatat sebesar Rp38,74 miliar. to 2024, which was recorded at Rp38.74 billion. Meanwhile,
Sementara itu, Laba per Saham Dilusian Perseroan tercatat the Company’s diluted earnings per share were recorded at
sebesar Rp36,81 miliar pada tahun 2025, yang menunjukkan Rp36.81 billion in 2025, a decrease of 4.94% compared to
penurunan sebesar 4,94% dibandingkan dengan tahun the previous year’s Rp38.72 billion. Although the Company
sebelumnya yaitu Rp38,72 miliar. Meskipun Perseroan recorded an increase in net profit in 2025, basic earnings per
mencatatkan peningkatan laba bersih pada tahun 2025, share decreased slightly compared to the previous year. This
laba per saham dasar sedikit menurun dibandingkan tahun decline was influenced by an increase in the weighted average
sebelumnya, penurunan ini dipengaruhi oleh peningkatan number of shares outstanding, which was greater than the
rata-rata tertimbang jumlah saham beredar yang lebih besar increase in profit.
dibandingkan peningkatan laba.
Page 218
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
ARUS KAS CASH FLOW
Kas dan setara kas Perseroan pada tahun 2025 tercatat sebesar The Company’s cash and cash equivalents in 2025 were
Rp12,56 triliun, meningkat 150,57% atau setara dengan Rp7,55 recorded at Rp12.56 trillion, an increase of 150.57% or equivalent
triliun bila dibandingkan dengan posisi tahun 2024 yang tercatat to Rp7.55 trillion when compared to the position in 2024, which
sebesar Rp5,01 triliun. Kenaikan tersebut terutama disebabkan was recorded at Rp5.01 trillion. This increase was mainly due
penerimaan setoran modal pada tahun 2025. to capital deposits received in 2025.
Tabel Arus Kas
Table of Cash Flows
(disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
(presented in million Rupiah, unless otherwise stated)
Perubahan
Uraian Perubahan
Descriptiom
2025 2024
Persentase (%) Nominal
Persentase (%) Nominal
Kas Neto Digunakan untuk (6.364.752) (4.888.833) 30,19% 1.475.919
Aktivitas Operasi
Net cash used in operating
activities
Kas Neto Diperoleh dari 4.017.637 (2.960.359) 235,71% 6.977.996
(digunakan untuk) Aktivitas
Investasi
Net cash provided by (used
in) investing activities
Kas Neto Diperoleh dari 9.896.035 9.974.971 -0,79% (78.936)
Aktivitas Pendanaan
Net cash provided by
financing activities
Kenaikan Kas dan 7.548.920 2.125.779 255,11% 5.423.141
218 Setara Kas
Increase in Cash and Cash
Equivalents
Saldo Kas dan Setara 5.013.708 2.887.929 73,61% 2.125.779
Kas - Awal
Laporan Tahunan 2025 Annual Report
Cash and Cash Equivalents
- Beginning
Saldo Kas dan Setara 12.562.628 5.013.708 150,57% 7.548.920
Kas - Akhir
Cash and Cash
Equivalents - Ending
Page 219
Arus Kas dari Aktivitas Operasi Cash Flow from Operating Activities
Pada tahun 2025, Perseroan mencatatkan Kas Neto Digunakan In 2025, the Company recorded Net Cash Used in Operating
untuk Aktivitas Operasi sebesar Rp6,36 triliun, mengalami Activities of Rp6.36 trillion, an increase of Rp1.48 trillion or
kenaikan sebesar Rp1,48 triliun atau 30,19% bila dibandingkan 30.19% compared to the previous year, which was recorded
tahun sebelumnya yang tercatat sebesar Rp4,89 triliun. at Rp4.89 trillion. This increase was mainly due to cash
Kenaikan ini terutama disebabkan oleh pengeluaran kas untuk expenditures for loan disbursements that were higher than
penyaluran pinjaman yang lebih besar dibandingkan tahun in the previous year.
sebelumnya.
Arus Kas dari Aktivitas Investasi Cash Flow from Investing Activities
Pada tahun 2025, Perseroan mencatatkan Kas Neto Diperoleh In 2025, the Company recorded Net Cash from Investing
dari Aktivitas Investasi sebesar Rp4,02 triliun, jumlah tersebut Activities of Rp4.02 trillion, an increase of Rp6.98 trillion
mengalami kenaikan sebesar Rp6,98 triliun atau 235,71% dari or 235.71% from the previous year, which was recorded at
tahun sebelumnya yang tercatat sebesar (Rp2,96 triliun). Rp2.96 trillion. This increase was mainly due to a decrease
Kenaikan ini terutama disebabkan penurunan penempatan in deposits.
pada deposito.
Arus Kas dari Aktivitas Pendanaan Cash Flow from Financing Activities
Pada tahun 2025, Perseroan mencatatkan Kas Neto Diperoleh In 2025, the Company recorded Net Cash from Financing
dari Aktivitas Pendanaan sebesar Rp9,90 triliun relatif stabil Activities of Rp9.90 trillion, which was relatively stable
dibandingkan tahun sebelumnya sebesar Rp9,97 triliun. compared to the previous year’s figure of Rp9.97 trillion.
219
PT Sarana Multigriya Finansial (Persero)
Page 220
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
RASIO KEUANGAN UTAMA
KEY FINANCIAL RATIOS
Sebagai bagian dari proses pemantauan dan pengelolaan As part of the performance monitoring and management
kinerja, Perseroan menggunakan sejumlah rasio keuangan process, the Company uses a number of key financial ratios
utama untuk menilai kondisi keuangan secara menyeluruh. to assess its overall financial condition. These ratios reflect
Rasio-rasio tersebut mencerminkan tingkat likuiditas, the Company’s liquidity, solvency, profitability, and operational
solvabilitas, profitabilitas, serta efisiensi operasional Perseroan, efficiency, thus serving as an important basis for performance
sehingga menjadi landasan yang penting dalam evaluasi evaluation, strategic decision-making, and future financial
kinerja, pengambilan keputusan strategis, dan penyusunan planning.
perencanaan keuangan ke depan.
Tabel Rasio Keuangan Utama
Table of Key Financial Ratios
Uraian Satuan
Description Satuan
2025 2024
Likuiditas
Liquidity
Rasio Kas % 62,52 29,91
Cash Ratio
Rasio Lancar % 151,67 153,84
Current Ratio
Solvabilitas
solvency
Rasio Liabilitas terhadap Ekuitas kali 1,69 2,30
220 Debt-to-Equity Ratio times
Rasio Liabilitas terhadap Aset kali 0,59 0,65
Debt-to-Asset Ratio times
Profitabilitas
Laporan Tahunan 2025 Annual Report
Profitability
Margin Keuntungan % 18,05 18,30
Profit Margin
Rasio Laba terhadap Ekuitas % 2,68 2,63
Return on Equity
Rasio Laba terhadap Aset % 0,85 0,93
Return on Assets
Kualitas Pinjaman/Piutang
Quality of Loans/Receivables
Non Performing Loan (NPL) - Gross % 0,0030 0,0037
Non Performing Loan (NPL) - Net % 0,00 0,00
Rasio Keuangan Lainnya
Other Financial Ratios
Penyaluran Dana terhadap Modal Disetor kali 8,73 8,43
Primary Market to Financing Capital Ratio times
Beban Operasional terhadap Pendapatan Operasional (BOPO) % 81,95 81,70
Operational Cost to Operating Income
BOPO Operasional tanpa Surat Utang % 7,19 6,93
Operational BOPO Excluding Debt Securities
Page 221
KEMAMPUAN MEMBAYAR UTANG DEBT SERVICE ABILITY
Perseroan melakukan penilaian atas kemampuan pemenuhan The Company assesses its ability to fulfill its debt obligations
kewajiban utang dengan memperhatikan kondisi likuiditas by considering its liquidity and solvency conditions. In relation
dan solvabilitas yang dimiliki. Terkait dengan obligasi yang to the bonds issued, the debt service capacity is reflected
diterbitkan, kapasitas pembayaran utang tercermin dari in the accuracy of interest payments and the bond ratings
ketepatan pembayaran bunga serta hasil pemeringkatan obtained. Meanwhile, the fulfillment of all obligations, both
obligasi yang diperoleh. Sementara itu, pemenuhan seluruh short-term and long-term, is reviewed through the use of
kewajiban, baik jangka pendek maupun jangka panjang, relevant financial ratios to ensure the Company’s financial
ditinjau melalui penggunaan rasio-rasio keuangan yang relevan stability and operational sustainability.
guna memastikan stabilitas keuangan dan keberlangsungan
operasional Perseroan secara berkelanjutan.
Rasio Kas Cash Ratio
Perseroan memanfaatkan rasio likuiditas sebagai indikator The Company utilizes liquidity ratios as indicators to assess its
untuk menilai kemampuan dalam memenuhi kewajiban ability to meet short-term obligations, one of which is through
jangka pendek, salah satunya melalui rasio kas. Rasio kas the cash ratio. The cash ratio reflects the ratio of cash and
merefleksikan perbandingan antara kas dan setara kas terhadap cash equivalents to short-term liabilities.
liabilitas jangka pendek.
Pada tahun 2025, Rasio Kas Perseroan tercatat sebesar 62,52%, In 2025, the Company’s Cash Ratio was recorded at 62.52%,
yang menunjukkan posisi lebih tinggi dibandingkan dengan which is higher than in 2024 at 29.91%. This increase was
tahun 2024 sebesar 29,91%. Kenaikan tersebut terutama mainly influenced by an increase in the Company’s cash and
dipengaruhi oleh peningkatan kas dan setara kas Perseroan, cash equivalents, which came from PMN receipts in 2025.
yang bersumber dari penerimaan PMN tahun 2025.
Rasio Lancar Current Ratio
Kemampuan Perseroan dalam memenuhi kewajiban jangka The Company’s ability to meet its short-term obligations is also
pendek turut dievaluasi melalui rasio lancar, yang mencerminkan evaluated through the current ratio, which reflects the ratio of
perbandingan antara aset lancar dan liabilitas jangka pendek. current assets to short-term liabilities.
Pada tahun 2025, Rasio Lancar Perseroan tercatat sebesar In 2025, the Company’s Current Ratio was recorded at 151.67%,
151,67%, relatif stabil dibandingkan tahun 2024 sebesar relatively stable compared to 2024 at 153.84%. This ratio
153,84%. Rasio ini mencerminkan bahwa aset lancar Perseroan reflects that the Company’s current assets are still at a sufficient
masih berada pada tingkat yang cukup untuk menutup level to settle short-term liabilities, so that the Company’s
kewajiban jangka pendek, sehingga likuiditas Perseroan tetap liquidity remains well maintained.
terjaga dengan baik.
Rasio Liabilitas terhadap Ekuitas Debt to Equity Ratio 221
Rasio Utang terhadap Ekuitas (Debt to Equity Ratio/DER) The Debt to Equity Ratio (DER) reflects the ratio between
mencerminkan perbandingan antara total liabilitas dan total total liabilities and total equity, which is used to assess the
ekuitas, yang digunakan untuk menilai tingkat leverage serta Company’s leverage and financial risk arising from the use
risiko finansial Perseroan yang timbul dari penggunaan utang of debt in its financing structure. This ratio also illustrates the
PT Sarana Multigriya Finansial (Persero)
dalam struktur pendanaannya. Rasio ini juga menggambarkan Company’s ability to fulfill all of its obligations.
kemampuan Perseroan dalam memenuhi seluruh kewajiban
yang dimiliki.
Pada tahun 2025, DER Perseroan tercatat sebesar 1,69 In 2025, the Company’s DER was recorded at 1.69 times, down
kali, menurun dibandingkan tahun 2024 sebesar 2,30 kali. from 2.30 times in 2024. This decline was mainly due to the
Penurunan tersebut terutama disebabkan oleh pertumbuhan Company’s equity growth being higher than its liabilities in 2025.
ekuitas Perseroan yang lebih tinggi dibandingkan dengan
liabilitas pada tahun 2025.
Page 222
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
Rasio Liabilitas terhadap Aset Liability to Asset Ratio
Rasio Liabilitas terhadap Aset atau Debt to Assets Ratio (DAR) The Debt to Assets Ratio (DAR) is used to measure the
digunakan untuk mengukur proporsi total liabilitas terhadap proportion of total liabilities to total assets of the Company,
total aset Perseroan, sehingga mencerminkan sejauh mana aset thereby reflecting the extent to which the Company’s assets
Perseroan dibiayai melalui utang. Rasio ini sekaligus menjadi are financed through debt. This ratio also serves as an indicator
indikator kemampuan Perseroan dalam memenuhi seluruh of the Company’s ability to fulfill all of its obligations.
kewajiban yang dimiliki.
Pada tahun 2025, DAR Perseroan tercatat sebesar 0,59 In 2025, the Company’s DAR was recorded at 0.59 times,
kali, menurun dibandingkan tahun 2024 sebesar 0,65 kali. decreasing compared to 0.65 times in 2024. This decrease
Penurunan tersebut terutama dipengaruhi oleh kenaikan aset was mainly influenced by an increase in assets in the form of
dalam bentuk penyaluran pinjaman dan kas setara kas. loan disbursements and cash equivalents.
TINGKAT KOLEKTIBILITAS PIUTANG RECEIVABLES COLLECTABILITY RATE
Kualitas kolektibilitas piutang dievaluasi melalui indikator Non- The collectability of receivables is evaluated through the Non-
Performing Loan (NPL) yang mencerminkan tingkat kesehatan Performing Loan (NPL) indicator, which reflects the health of
pinjaman yang diberikan. Tingkat NPL yang semakin rendah the loans granted. A lower NPL indicates a better quality of
menunjukkan kualitas portofolio pembiayaan yang semakin the financing portfolio.
baik.
Pada tahun 2025, NPL Gross Perseroan berada pada posisi In 2025, the Company’s Gross NPL was in a good position at
yang baik, yaitu sebesar 0,0030%, lebih rendah dibandingkan 0.0030%, lower than in 2024 at 0.0037%. Meanwhile, Net NPL
dengan tahun 2024 sebesar 0,0037%. Sementara NPL Net remained at 0.00%. This performance was mainly supported
tetap dipertahankan pada level 0,00%. Kinerja tersebut by the continued control of the non-performing loan portfolio,
terutama didukung oleh tetap terkendalinya portofolio amid an increase in the loan portfolio during the current year.
pembiayaan bermasalah, di tengah bertambahnya portofolio
atas pembiayaan pinjaman pada tahun berjalan.
222
KEMAMPUAN MENGHASILKAN LABA PROFITABILITY
Margin Keuntungan Profit Margin
Perseroan menilai tingkat margin keuntungan melalui The Company assesses its profit margin by comparing its profit
Laporan Tahunan 2025 Annual Report
perbandingan antara laba sebelum pajak dengan pendapatan before tax with its operating income. This indicator is used
operasional. Indikator ini digunakan untuk mengukur to measure the Company’s ability to generate profits from its
kemampuan Perseroan dalam menghasilkan laba dari kegiatan operating activities.
operasional yang dijalankan.
Pada tahun 2025, Margin Keuntungan Perseroan tercatat In 2025, the Company’s Profit Margin was recorded at 18.05%,
sebesar 18,05%, lebih rendah dibandingkan dengan tahun 2024 lower than in 2024 at 18.30%. This decline was mainly influenced
sebesar 18,30%. Penurunan tersebut terutama dipengaruhi by the increase in income, which was still higher than the
oleh peningkatan pendapatan yang masih lebih besar increase in the Company’s net income.
dibandingkan peningkatan laba bersih Perseroan.
Rasio Laba terhadap Ekuitas Return on Equity
Perseroan mengevaluasi kemampuan dalam menghasilkan laba The Company evaluates its ability to generate net profit on
bersih atas ekuitas yang ditanamkan melalui rasio imbal hasil invested equity through the return on equity (ROE) ratio.
ekuitas atau Return on Equity (ROE). Rasio ini mencerminkan This ratio reflects the Company’s effectiveness in managing
tingkat efektivitas Perseroan dalam mengelola modal pemegang shareholder capital to generate profits.
saham untuk menghasilkan keuntungan.
Pada tahun 2025, ROE Perseroan tercatat sebesar 2,68%, In 2025, the Company’s ROE was recorded at 2.68%, higher
lebih tinggi dibandingkan dengan tahun 2024 sebesar 2,63%. than in 2024 at 2.63%. This increase was mainly influenced
Kenaikan tersebut terutama dipengaruhi oleh pertumbuhan by higher net income growth compared to the proportional
laba bersih yang lebih tinggi dibandingkan dengan kenaikan increase in equity.
ekuitas secara proporsional.
Page 223
Rasio Laba terhadap Aset Return on Assets
Perseroan menilai efektivitas pengelolaan aset dalam The Company assesses the effectiveness of asset management
menghasilkan laba bersih melalui rasio imbal hasil aset atau in generating net profit through the return on assets ratio or
Return on Assets (ROA). Rasio ini mencerminkan kemampuan Return on Assets (ROA). This ratio reflects the Company’s ability
Perseroan dalam mengoptimalkan seluruh aset yang dimiliki to optimize all of its assets to create added value.
untuk menciptakan nilai tambah.
Pada tahun 2025, ROA Perseroan tercatat sebesar 0,85% , lebih In 2025, the Company’s ROA was recorded at 0.85%, lower
rendah dibandingkan tahun 2024 sebesar 0,93%. Penurunan than in 2024 at 0.93%. This decline was mainly influenced by
tersebut terutama dipengaruhi oleh kenaikan aset dalam bentuk an increase in assets in the form of loans and cash equivalents.
penyaluran pinjaman dan kas setara kas.
RASIO KEUANGAN LAINNYA OTHER FINANCIAL RATIOS
Penyaluran Dana terhadap Modal Disetor Primary Market to Financing Capital Ratio
Penyaluran Dana terhadap Modal Disetor atau Primary Market to Primary Market to Financing Capital Ratio is a ratio that
Financing Capital Ratio merupakan rasio yang menggambarkan describes the level of the Company’s cumulative funding to
tingkat penyaluran dana kumulatif Perseroan ke pasar primer the primary housing market through lending and securitization
perumahan melalui kegiatan pemberian pinjaman dan activities compared to the amount of paid-in capital. This ratio
sekuritisasi dibandingkan dengan jumlah modal disetor. Rasio ini reflects the effectiveness of the Company’s capital utilization
mencerminkan efektivitas pemanfaatan permodalan Perseroan in supporting housing sector financing.
dalam mendukung pembiayaan sektor perumahan.
Pada tahun 2025, rasio penyaluran dana terhadap modal disetor In 2025, the ratio of funds disbursed to the Company’s paid-
Perseroan tercatat sebesar 8,73 kali, lebih tinggi dibandingkan up capital was recorded at 8.73 times, higher than in 2024
tahun 2024 sebesar 8,43 kali. Hal tersebut terutama dipengaruhi at 8.43 times. This was mainly influenced by the Company’s
oleh pencapaian Perseroan dalam menyalurkan pinjaman yang achievement in disbursing loans during 2025 amounting to
diberikan selama tahun 2025 sebesar Rp20,9 triliun. Rp20.9 trillion.
Beban Operasional terhadap Pendapatan Operasional Operating Cost to Operating Income (BOPO)
(BOPO)
Rasio BOPO digunakan sebagai indikator efisiensi operasional The BOPO ratio is used as an indicator of the Company’s
Perseroan dengan membandingkan total beban operasional operational efficiency by comparing total operating cost to
terhadap pendapatan operasional yang dihasilkan. Rasio ini operating income generated. This ratio reflects the Company’s
mencerminkan kemampuan Perseroan dalam mengendalikan ability to control operating costs in order to support optimal
biaya operasional guna mendukung penciptaan pendapatan income generation, where a lower ratio indicates a higher
yang optimal, di mana rasio yang lebih rendah menunjukkan level of efficiency.
tingkat efisiensi yang lebih baik. 223
Pada tahun 2025, Rasio BOPO Perseroan tercatat In 2025, the Company’s BOPO ratio was recorded at 81.95%,
sebesar 81,95%, lebih tinggi dibandingkan tahun 2024 higher than in 2024 at 81.70%. This increase was mainly
sebesar 81,70%. Peningkatan tersebut terutama dipengaruhi influenced by higher interest costs on funds used in disbursing
PT Sarana Multigriya Finansial (Persero)
oleh kenaikan biaya bunga atas sumber dana yang digunakan loans.
dalam penyaluran pinjaman.
BOPO Operasional tanpa Surat Utang Operational BOPO excluding Debt Securities
BOPO Operasional merupakan indikator efisiensi yang Operational BOPO is an efficiency indicator that measures
mengukur beban operasional di luar beban bunga terhadap operational cost excluding interest expenses against operating
pendapatan operasional. Semakin kecil rasio ini, maka semakin income. The lower this ratio, the more effective the Company
efektif Perseroan dalam mengendalikan biaya operasional untuk is in controlling operational expenses to support income
mendukung kinerja pendapatan. performance.
Pada tahun 2025, Rasio BOPO Operasional tanpa In 2025, the Operational BOPO Ratio excluding the Company’s
Surat Utang Perseroan tercatat sebesar 7,19%, sedikit Debt Securities was recorded at 7.19%, a slight increase
meningkat dibandingkan tahun 2024 sebesar 6,93%. Hal ini compared to 6.93% in 2024. This shows that the Company is
menunjukan bahwa Perseroan dapat tetap menjaga efisiensi able to maintain its operational cost efficiency.
biaya operasionalnya.
Page 224
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
STRUKTUR MODAL
CAPITAL STRUCTURE
STRUKTUR MODAL CAPITAL STRUCTURE
Pada tahun 2025, struktur permodalan SMF tersusun atas In 2025, SMF’s capital structure consisted of liabilities of 56.36%,
liabilitas sebesar 56,36%, dana syirkah temporer sebesar 2,14%, temporary syirkah funds of 2.14%, and equity of 41.50%. This
dan ekuitas sebesar 41,50%. Komposisi tersebut relatif stabil composition was relatively stable compared to the previous
dibandingkan dengan tahun sebelumnya, dengan liabilitas year, with liabilities remaining the main contributor, followed
tetap menjadi kontributor utama, diikuti oleh ekuitas, dan dana by equity and temporary syirkah funds.
syirkah temporer.
Tabel Struktur Modal
Table of Capital Structure
(disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
(presented in million Rupiah, unless stated otherwise)
2025 2024
Uraian Perubahan
Description Nominal Komposisi (%) Nominal Komposisi (%) Changes
Nominal Composition (%) Nominal Composition (%)
Liabilitas 37.659.409 56,36% 36.405.018 62,62% 1.254.391
Liabilities
Dana Syirkah Temporer 1.428.305 2,14% 1.173.510 2,02% 254.795
Temporary Syirkah Funds
Ekuitas 27.725.931 41,50% 20.559.960 35,36% 7.165.971
224 Equity
Jumlah Liabilitas, Dana Syirkah 66.813.645 100,00% 58.138.488 100,00% 8.675.157
Temporer dan Ekuitas
Total Liabilities, Temporary
Syirkah Funds, and Equity
Laporan Tahunan 2025 Annual Report
Sejalan dengan struktur permodalan tersebut, tingkat likuiditas In line with this capital structure, the Company’s liquidity level
Perseroan pada tahun 2025 tetap berada pada level yang in 2025 remained at an adequate level. This is reflected in
memadai. Hal ini tercermin dari kemampuan Perseroan dalam the Company’s ability to meet its short-term obligations in a
memenuhi kewajiban jangka pendek secara tepat waktu timely manner and maintain sufficient current assets against
serta menjaga kecukupan aset lancar terhadap liabilitas current liabilities. The Company’s maintained liquidity position
lancar. Kondisi likuiditas Perseroan yang terjaga menunjukkan demonstrates the effectiveness of its cash flow management
efektivitas pengelolaan arus kas dan kebijakan manajemen and prudent financial risk management policies.
risiko keuangan yang diterapkan secara prudent.
KEBIJAKAN MANAJEMEN ATAS MANAGEMENT POLICY ON
STRUKTUR PERMODALAN CAPITAL STRUCTURE
Pengelolaan permodalan Perseroan diarahkan untuk menjaga The Company’s capital management is directed at maintaining
keberlangsungan usaha sehingga mampu memberikan imbal going concern to provide optimal returns to shareholders and
hasil yang optimal kepada pemegang saham serta manfaat sustainable benefits to other stakeholders. In addition, the
yang berkelanjutan bagi pemangku kepentingan lainnya. Selain Company strives to maintain an optimal capital structure in
itu, Perseroan berupaya mempertahankan struktur permodalan order to minimize the cost of capital.
yang optimal guna meminimalkan biaya modal (cost of capital).
Untuk menjaga maupun menyesuaikan struktur permodalan To maintain and adjust this capital structure, the Company
tersebut, Perseroan memiliki fleksibilitas dalam menentukan has the flexibility to determine policies related to dividend
kebijakan terkait pembagian dividen, pemberian imbal hasil distribution, returns to shareholders, and the issuance of new
kepada pemegang saham, maupun penerbitan saham baru shares to reduce loans. In line with industry practices, the
untuk mengurangi pinjaman. Sejalan dengan praktik yang Company monitors its capital level through a gearing ratio,
Page 225
berlaku di industri, Perseroan memantau tingkat permodalan which is calculated based on the ratio of liabilities, including
melalui gearing ratio, yang dihitung berdasarkan perbandingan bonds and medium-term debt, to total capital. Total capital
antara liabilitas termasuk obligasi dan surat utang jangka includes paid-in and fully paid-up capital as well as advance
menengah terhadap total modal. Total modal dimaksud capital contributions as presented in the statement of financial
mencakup modal ditempatkan dan disetor penuh serta setoran position.
modal yang diterima di muka sebagaimana disajikan dalam
laporan posisi keuangan.
DASAR PEMILIHAN KEBIJAKAN BASIS FOR SELECTING MANAGEMENT’S
MANAJEMEN ATAS STRUKTUR MODAL POLICY ON CAPITAL STRUCTURE
Perencanaan dan pengawasan kebutuhan permodalan The Company’s capital requirements are planned and monitored
Perseroan dilakukan secara berkala oleh manajemen melalui on a regular basis by management through ALCO Committee
rapat Komite ALCO, dengan didukung oleh analisis data yang meetings, supported by comprehensive and relevant data
komprehensif dan relevan. Berdasarkan hasil pembahasan analysis. Based on the results of these discussions, the
tersebut, Perseroan menetapkan kebijakan struktur modal Company establishes its capital structure policy by taking
dengan mempertimbangkan berbagai faktor, antara lain into account various factors, including economic projections,
proyeksi kondisi ekonomi, potensi pertumbuhan usaha, risk business growth potential, risk appetite, and established capital
appetite, serta target rasio permodalan yang telah ditetapkan. ratio targets.
Penetapan kebijakan struktur modal juga diarahkan untuk The determination of capital structure policy is also aimed at
menjaga kemampuan Perseroan dalam mempertahankan maintaining the Company’s ability to sustain its going concern,
kelangsungan usaha, sehingga tetap mampu memberikan imbal so that it remains capable of providing optimal returns to
hasil yang optimal kepada pemegang saham serta menciptakan shareholders and creating added value for all stakeholders.
nilai tambah bagi seluruh pemangku kepentingan. Selain itu, In addition, this policy is aimed at maintaining an optimal capital
kebijakan ini ditujukan untuk menjaga struktur permodalan yang structure in order to reduce capital costs efficiently.
optimal guna menekan biaya modal secara efisien.
Kepatuhan terhadap ketentuan peraturan perundang-undangan Compliance with laws and regulations is always a priority
senantiasa menjadi perhatian Perseroan. Mengacu pada for the Company. Referring to Financial Services Authority
Peraturan Otoritas Jasa Keuangan (POJK) No. 4/POJK.05/2018 Regulation (POJK) No. 4/POJK.05/2018 concerning Secondary
tentang Perusahaan Pembiayaan Sekunder Perumahan Housing Financing Companies as amended by POJK No. 12/
sebagaimana diubah dengan POJK No. 12/POJK.05/2022, POJK.05/2022, the capital ratio is calculated using a maximum
rasio permodalan dihitung menggunakan gearing ratio paling gearing ratio of 10 times. In 2025 and 2024, the Company has
tinggi sebesar 10 kali. Pada tahun 2025 dan 2024, Perseroan complied with these provisions.
telah memenuhi ketentuan tersebut.
225
PT Sarana Multigriya Finansial (Persero)
Page 226
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
IKATAN YANG MATERIAL
UNTUK INVESTASI BARANG MODAL
MATERIAL COMMITMENTS FOR CAPITAL GOODS INVESTMENTS
Pada tahun 2025, Perseroan tidak memiliki ikatan atau komitmen In 2025, the Company has no material obligations or
yang bersifat material terkait investasi barang modal. Oleh commitments related to capital expenditure. Therefore,
karena itu, tidak terdapat informasi yang disajikan mengenai no information is presented regarding the purpose of the
tujuan ikatan, sumber pendanaan yang direncanakan untuk obligations, the planned source of funding to meet these
memenuhi ikatan tersebut, maupun mata uang yang digunakan obligations, or the currency used as the denomination.
sebagai denominasi.
226
Laporan Tahunan 2025 Annual Report
Page 227
REALISASI INVESTASI BARANG MODAL
REALIZATION OF CAPITAL GOODS INVESTMENT
TUJUAN INVESTASI BARANG MODAL PURPOSE OF CAPITAL
GOODS INVESTMENT
Investasi barang modal SMF diarahkan untuk mendukung SMF’s capital goods investments are aimed at supporting
pencapaian tujuan strategis melalui peningkatan efisiensi the achievement of strategic objectives through increased
operasional dan produktivitas jangka panjang. Fokus operational efficiency and long-term productivity. The focus
investasi mencakup pemenuhan kebutuhan operasional guna of investment includes meeting operational needs to ensure
memastikan kelancaran proses kerja, sekaligus memperkuat smooth work processes, while strengthening administrative
fungsi administratif agar pengelolaan organisasi dapat berjalan functions so that organizational management can operate more
secara lebih efektif dan efisien. Melalui perencanaan dan effectively and efficiently. Through measured planning and
alokasi yang terukur, investasi barang modal diharapkan mampu allocation, capital goods investment is expected to optimize
mengoptimalkan kinerja Perseroan, memperkuat daya saing, the Company’s performance, strengthen competitiveness,
serta mendukung pencapaian sasaran jangka panjang yang and support the achievement of sustainable long-term goals.
berkelanjutan.
JENIS DAN NILAI REALISASI TYPES AND REALIZED VALUES OF
INVESTASI BARANG MODAL CAPITAL GOODS INVESTMENTS
Realisasi investasi barang modal SMF pada tahun 2025 tercatat The realization of SMF’s capital goods investment in 2025 was
sebesar Rp1,06 miliar, yang menunjukkan penurunan bila recorded at Rp1.06 billion, which shows a decrease compared
dibandingkan dengan realisasi pada tahun 2024 yang senilai to the realization in 2024, which was valued at Rp9.76 billion.
Rp9,76 miliar.
Tabel Jenis dan Nilai Realisasi Investasi Barang Modal
Table of Types and Realization Value of Capital Goods Investment
(disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
(presented in million Rupiah, unless stated otherwise)
Perubahan
Jenis Investasi Changes
Type of Investment
2025 2024
Persentase (%) Nominal
Percentage (%) Nominal
Komputer - 242 -100% (242) 227
Computers
Peralatan Kantor - 4.092 -100% (4.092)
Office Equipment PT Sarana Multigriya Finansial (Persero)
Aset dalam Penyelesaian 1.057 5.424 -80,51% (4.367)
Assets Under Construction
Jumlah 1.057 9.758 -89,17% (8.701)
Total
Page 228
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
INFORMASI DAN FAKTA MATERIAL YANG
TERJADI SETELAH TANGGAL LAPORAN
AKUNTAN
MATERIAL INFORMATION AND FACTS THAT OCCURRED AFTER
THE DATE OF ACCOUNTANT’S REPORT
Tidak terdapat informasi dan fakta material yang terjadi antara There is no material information or facts that occurred between
31 Desember 2025 sebagai akhir periode pelaporan sampai December 31, 2025, as the end of the reporting period, and
dengan tanggal laporan akuntan. the date of the accountant’s report.
INFORMASI PENINGKATAN ATAU PENURUNAN
YANG MATERIAL DARI PENJUALAN ATAU
PENDAPATAN
MATERIAL INCREASE OR DECREASE IN SALES OR REVENUE
Pada tahun buku 2025, pendapatan Perseroan mengalami In the 2025 fiscal year, the Company’s revenue increased by
peningkatan sebesar 8,14% (YoY). Perseroan menilai bahwa 8.14% (YoY). The Company considers that this increase is
peningkatan tersebut tidak bersifat material karena masih not material because it is still within the range of reasonable
berada dalam kisaran pertumbuhan usaha yang wajar serta business growth and comes from the main sources of revenue
berasal dari sumber pendapatan utama yang secara konsisten that consistently support the Company’s performance.
228
menopang kinerja Perseroan.
Laporan Tahunan 2025 Annual Report
DAMPAK PERUBAHAN HARGA
TERHADAP PENDAPATAN
IMPACT OF PRICE CHANGES ON REVENUE
Dalam konteks kegiatan usaha Perseroan, perubahan In the context of the Company’s business activities, price
harga tercermin pada tingkat suku bunga terkait penjualan, changes are reflected in the interest rates related to sales,
penempatan maupun pendanaan. Pada tahun buku 2025, placements, and funding. In the 2025 fiscal year, changes
perubahan pada ketiga aspek tersebut tidak berdampak in these three aspects did not have a material impact on the
material terhadap pendapatan Perseroan. Company’s revenue.
Page 229
PROSPEK USAHA
BUSINESS PROSPECTS
Prospek usaha Perseroan pada tahun 2026 diarahkan pada The Company’s business prospects for 2026 is focused on
penguatan kapasitas dan perluasan ruang lingkup bisnis guna strengthening capacity and expanding the scope of business
merespons kebutuhan pembiayaan perumahan yang terus to respond to growing housing financing needs. Development
berkembang. Pengembangan dilakukan secara bertahap will be carried out in stages through new business initiatives
melalui inisiatif kegiatan usaha baru yang telah dirumuskan that have been formulated in a structured manner, taking
secara terstruktur, dengan mempertimbangkan kesiapan into account organizational readiness, regulatory support,
organisasi, dukungan regulasi, serta potensi pasar. Pendekatan and market potential. This strategic approach is based on
strategis tersebut disusun berdasarkan kajian komprehensif a comprehensive study to ensure that each expansion step
agar setiap langkah ekspansi tetap selaras dengan mandat remains in line with the Company’s mandate and long-term
dan arah jangka panjang Perseroan. direction.
Pemetaaan strategi melalui Analisis Business Model Canvas Strategic mapping through Business Model Canvas (BMC)
(BMC) menjadi landasan dalam menentukan prioritas analysis serves as the basis for determining development
pengembangan. Hasil analisis tersebut menegaskan posisi priorities. The results of this analysis confirm the Company’s
Perseroan sebagai institusi dengan kapabilitas pengelolaan position as an institution with strong funding instrument
instrumen pendanaan yang kuat serta dukungan pemangku management capabilities and solid stakeholder support. These
kepentingan yang solid. Keunggulan ini memberikan ruang strengths provide opportunity for the Company to optimize
bagi Perseroan untuk mengoptimalkan peran dalam menjaga its role in maintaining the stability of housing sector funding
stabilitas pendanaan sektor perumahan sekaligus membuka while unlocking opportunities for developing more innovative
peluang pengembangan model bisnis yang lebih inovatif dan and adaptive business models.
adaptif.
Selaras dengan arah tersebut, fokus tahun 2026 ditujukan In line with this direction, the focus for 2026 is on optimizing
pada optimalisasi peran strategis Perseroan dalam the Company’s strategic role in building a resilient and
membangun sistem pembiayaan perumahan yang tangguh sustainable housing financing system. Added value is not only
dan berkelanjutan. Nilai tambah tidak hanya diwujudkan melalui realized through the provision of liquidity, but also through the
penyediaan likuiditas, tetapi juga melalui penguatan fungsi strengthening of advisory, research, and assistance functions
advisory, riset, dan pendampingan kepada mitra sebagai bagian to partners as part of improving the quality of the financing
dari peningkatan kualitas ekosistem pembiayaan. Pendekatan ecosystem. This approach is expected to strengthen the
ini diharapkan mampu memperkuat daya tahan sektor dalam sector’s resilience in the face of economic dynamics.
menghadapi dinamika ekonomi.
229
Dalam kerangka pengembangan korporasi, Perseroan akan Within the framework of corporate development, the Company
mengkaji lebih lanjut rencana pendirian anak usaha di bidang will further review plans to establish a subsidiary in the housing
perusahaan pembiayaan perumahan. Kajian awal telah finance sector. A preliminary review has been presented to the
disampaikan kepada Pemegang Saham dan akan ditindaklanjuti Shareholders and will be followed up with a detailed analysis
PT Sarana Multigriya Finansial (Persero)
dengan analisis lanjutan atas produk yang akan dikembangkan of the products to be developed by the subsidiary, including
oleh anak usah tersebut, termasuk penilaian potensi permintaan an assessment of potential market demand and business
pasar dan aspek kelayakan usaha. Selain itu, pengembangan feasibility. Additionally, the development of a Housing Finance
Housing Finance Guarantee melalui anak usaha juga menjadi Guarantee through a subsidiary is also one of the strategic
salah satu opsi strategis yang akan dijajaki untuk memperluas options to be explored to expand risk mitigation capacity and
kapasitas mitigasi risiko dan mendukung pertumbuhan sektor support the growth of the housing sector in a more integrated
perumahan secara lebih terintegrasi pada tahun 2026. manner by 2026.
Page 230
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
PERBANDINGAN ANTARA TARGET DAN
REALISASI SERTA PROYEKSI UNTUK 1 (SATU)
TAHUN KE DEPAN
COMPARISON BETWEEN TARGETS AND REALIZATION AS WELL
AS PROJECTIONS FOR THE NEXT 1 (ONE) YEAR
Penilaian pencapaian kinerja tahun 2025 dilakukan melalui The assessment of performance achievements in 2025 is
perbandingan antara realisasi dan target yang telah ditetapkan accomplished by comparing the realization and targets set in
dalam Rencana Kerja dan Anggaran Perusahaan (RKAP) the 2025 Company Work Plan and Budget (RKAP). Furthermore,
tahun 2025. Selanjutnya, Perseroan telah menetapkan target the Company has set measurable and structured performance
kinerja tahun 2026 secara terukur dan terstruktur dalam RKAP targets for 2026 in the 2026 RKAP, which includes various
tahun 2026, yang mencakup berbagai sasaran strategis guna strategic objectives to drive sustainable growth and improve
mendorong pertumbuhan yang berkelanjutan serta peningkatan the Company’s performance.
kinerja Perseroan.
P e r u m u s a n t a rg e t t e r s e b u t d i l a k u k a n d e n g a n These targets were formulated by considering a number of
mempertimbangkan sejumlah asumsi internal dan eksternal. internal and external assumptions. External assumptions
Adapun asumsi eksternal meliputi kondisi makroekonomi, include macroeconomic conditions, such as economic growth
antara lain proyeksi pertumbuhan ekonomi dan tingkat inflasi projections and inflation rates for 2026, global geopolitical
tahun 2026, dinamika geopolitik global, serta arah kebijakan dynamics, and fiscal and monetary policy directions set by the
fiskal dan moneter yang ditetapkan oleh The Fed dan Bank Fed and Bank Indonesia. In addition, reference interest rates,
Indonesia. Selain itu, faktor suku bunga acuan, imbal hasil, yields, and various other relevant indicators were also taken into
serta berbagai indikator relevan lainnya turut menjadi dasar consideration in setting the Company’s performance targets.
pertimbangan dalam penetapan target kinerja Perseroan.
230
Perbandingan antara Target dan Realisasi Pendapatan Comparison between Target and Realization of Revenue
dan Laba Tahun 2025 dan Proyeksi Tahun 2026 and Profit for 2025 and Projections for 2026
Perbandingan antara Target dan Realisasi Pendapatan dan Laba Tahun 2025 dan Proyeksi Tahun 2026
Laporan Tahunan 2025 Annual Report
Comparison between Target and Realization of Revenue and Profit for 2025 and Projections for 2026
(disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
(disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
Uraian Target RKAP 2025 Realisasi 2025 Pencapaian (%) Target RKAP 2026
Description 2025 RKAP Target 2025 Realization Achievement (%) 2026 RKAP Target
Pendapatan per Segmen Operasi
Revenue per Operating Segment
Pinjaman yang Diberikan 2.447.002 2.385.583 97,49% 2.742.366
Loans
Sekuritisasi 1.168 1.633 139,81% 7.929
Securitization
Penempatan 386.647 711.938 184,13% 523.428
Placement
Pendapatan 2.872.323 3.102.610 108,02% 3.279.926
Income
Laba Bersih 511.868 565.393 110,46% 568.445
Net Income
Page 231
PERBANDINGAN ANTARA TARGET DAN COMPARISON BETWEEN TARGET AND
REALISASI STRUKTUR MODAL TAHUN REALIZATION OF CAPITAL STRUCTURE
2025 DAN PROYEKSI TAHUN 2026 FOR 2025 AND PROJECTIONS FOR 2026
Perbandingan antara Target dan Realisasi Struktur Modal Tahun 2025 dan Proyeksi Tahun 2026
Comparison between Target and Realization of Capital Structure for 2025 and Projections for 2026
(disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
(presented in million Rupiah, unless stated otherwise)
Uraian Target RKAP 2025 Realisasi 2025 Pencapaian (%) Target RKAP 2026
Description 2025 RKAP Target 2025 Realization Achievement (%) 2026 RKAP Target
Liabilitas 31.705.462 37.659.409 118,78% 42.864.572
Liabilities
Dana Syirkah Temporer 1.542.880 1.428.305 92,57% 3.120.500
Temporary Syirkah Fund
Ekuitas 25.781.393 27.725.931 107,54% 27.322.808
Equity
Aset 59.029.735 66.813.645 113,19% 73.307.880
Assets
PENCAPAIAN DAN TARGET KE DEPAN ACHIEVEMENTS AND FUTURE
UNTUK KEBIJAKAN DIVIDEN TARGETS FOR DIVIDEND POLICY
Realisasi pembagian dividen untuk tahun buku 2024 yang The realization of dividend distribution for the 2024 fiscal
dilaksanakan pada tahun 2025 tercatat sebesar Rp107,97 miliar. year, which was conducted in 2025, is recorded at Rp107.97
Uraian lebih lanjut mengenai hal tersebut telah disampaikan billion. Further details regarding this matter are provided in the
pada Bab Kebijakan Dividen. Dividend Policy section.
Ke depan, proyeksi kebijakan dividen Perseroan akan ditetapkan Going forward, the Company’s dividend policy projections
berdasarkan keputusan Rapat Umum Pemegang Saham will be determined based on the resolutions of the General
(RUPS) dengan tetap memperhatikan ketentuan dan peraturan Meeting of Shareholders (GMS), while still taking into account
perundang-undangan yang berlaku. Adapun kebijakan tersebut the applicable laws and regulations. This policy is also aimed
juga diarahkan untuk menjaga keseimbangan antara distribusi at maintaining a balance between profit distribution to
keuntungan kepada pemegang saham dan kebutuhan untuk shareholders and the need to maintain liquidity and support
mempertahankan likuiditas serta mendukung pengembangan the company’s future development.
perusahaan di masa depan.
231
PT Sarana Multigriya Finansial (Persero)
Page 232
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
KEBIJAKAN DAN PEMBAGIAN DIVIDEN SELAMA 2
(DUA) TAHUN BUKU TERAKHIR
DIVIDEND POLICY AND DISTRIBUTION FOR
THE LAST 2 (TWO) FISCAL YEARS
KEBIJAKAN DIVIDEN DIVIDEND POLICY
Kebijakan dividen Perseroan mengacu pada Undang-Undang The Company’s dividend policy refers to Law No. 40 of 2007
No. 40 Tahun 2007 tentang Perseroan Terbatas, di mana on Limited Liability Companies, which requires a company to
perusahaan wajib menyisihkan jumlah tertentu dari laba bersih allocate a certain portion of its net income for each fiscal year
setiap tahun buku untuk cadangan apabila saldo laba positif to statutory reserves when it has a positive retained earnings
sampai cadangan tersebut mencapai paling sedikit 20% dari balance, until such reserves reach at least 20% of the issued
jumlah modal yang ditempatkan dan disetor. Pembagian dividen and paid-up capital. Dividend distribution is carried out in
dilaksanakan sesuai dengan keputusan Rapat Umum Pemegang accordance with the resolution of the General Meeting of
Saham (RUPS). Shareholders (GMS).
KRONOLOGIS PEMBAGIAN DIVIDEN CHRONOLOGY OF DIVIDEND
DISTRIBUTION
Kebijakan Dividen Tahun 2024 2024 Dividend Policy
Berdasarkan keputusan RUPS tahun buku 2024 tanggal 9 Mei Based on the resolution of the GMS for the 2024 fiscal year
2025, yang dinyatakan dalam Akta No. 01, Pemegang Saham dated May 9, 2025, as stated in Deed No. 01, the Shareholders
menyetujui untuk menggunakan laba bersih tahun 2024 sebagai agreed to use the 2024 net income as a dividend of Rp107.97
dividen sebesar Rp107,97 miliar. billion.
Kebijakan Dividen Tahun 2023 2023 Dividend Policy
232
Berdasarkan keputusan RUPS tahun buku 2023 tanggal 20 Based on the resolution of the 2023 fiscal year GMS on May
Mei 2024, yang dinyatakan dalam Akta No. 02, Pemegang 20, 2024, as stated in Deed No. 02, the Shareholders approved
Saham menyetujui untuk menggunakan laba bersih tahun 2023 the use of the 2023 net income as a dividend of Rp97.78 billion.
sebagai dividen sebesar Rp97,78 miliar.
Laporan Tahunan 2025 Annual Report
Tabel Kronologis Pembagian Dividen
Table of Chronology of Dividend Distribution
Uraian Tahun Buku 2024 Tahun Buku 2023
Description 2024 Fiscal Year 2023 Fiscal Year
Laba Bersih (Rp juta) 539.834 465.619
Net Income (Rp million)
Jumlah Dividen (Rp juta) 107.966 97.780
Dividend Amount (Rp million)
Rasio Pembagian Dividen (%) 20,00% 21,00%
Dividend Payout Ratio (%)
Jumlah Dividen per Saham (Rp penuh) 6.656 6.823
Dividend per Share (Rp full)
Tanggal Pengumuman 9 Mei 2025 20 Mei 2024
Announcement Date May 9, 2025 May 20, 2024
Tanggal Pembayaran 2 Juni 2025 3 Juni 2024
Payment Date June 2, 2025 June 3, 2024
Page 233
ASPEK PERPAJAKAN
TAX ASPECTS
KEBIJAKAN PERPAJAKAN TAX POLICY
Ketentuan perpajakan Perseroan dilaksanakan dengan The Company’s tax provisions are implemented with reference
mengacu pada Peraturan Presiden Republik Indonesia No. to Presidential Regulation of the Republic of Indonesia No. 1 of
1 Tahun 2008 tentang Perubahan atas Peraturan Presiden 2008 concerning Amendments to Presidential Regulation of the
Republik Indonesia No. 19 Tahun 2005 yang kemudian diubah Republic of Indonesia No. 19 of 2005, which was subsequently
dengan Peraturan Presiden Republik Indonesia No. 101 tahun amended by Presidential Regulation of the Republic of Indonesia
2020 tanggal 12 Oktober 2022 tentang Pembiayaan Sekunder No. 101 of 2020 dated October 12, 2022 concerning Secondary
Perumahan. Berdasarkan ketentuan tersebut, untuk tujuan Housing Financing. Based on these provisions, for tax purposes,
perpajakan, Perseroan memenuhi kriteria sebagai lembaga the Company meets the criteria as a financial institution in
keuangan sesuai dengan Undang-Undang Pajak Penghasilan accordance with Income Tax Law No. 36 of 2008 and Minister
No. 36 Tahun 2008 serta Peraturan Menteri Keuangan No. 251/ of Finance Regulation No. 251/PMK.03/2008 dated December
PMK.03/2008 tanggal 31 Desember 2008. Dengan demikian, 31, 2008. Thus, since the 2009 fiscal year, interest income on
sejak tahun fiskal 2009, pendapatan bunga atas penyaluran the Company’s loan disbursements has not been subject to
pinjaman Perseroan tidak dikenakan pemotongan Pajak Income Tax Article 23 withholding.
Penghasilan Pasal 23.
Sesuai dengan sistem perpajakan yang berlaku di Indonesia, In accordance with the taxation system applicable in Indonesia,
Perseroan menerapkan mekanisme self-assessment, yaitu the Company implements a self-assessment mechanism, which
menghitung, menetapkan, dan membayar sendiri jumlah pajak involves calculating, determining, and paying the amount of
terutang. Direktorat Jenderal Pajak (DJP) memiliki kewenangan tax payable. The Directorate General of Taxes (DGT) has the
untuk menetapkan atau melakukan koreksi atas liabilitas authority to determine or make corrections to tax liabilities
pajak dalam jangka waktu paling lama lima tahun sejak saat within a maximum period of five years from the date the tax
terutangnya pajak. became payable.
Lebih jauh, Perseroan turut memperhatikan perkembangan Furthermore, the Company also pays attention to developments
regulasi perpajakan, termasuk pengesahan Undang-Undang in tax regulations, including the enactment of the Taxation
(UU) Harmonisasi Peraturan Perpajakan (HPP). Dalam UU Harmonization Law (HPP). The HPP Law stipulates a corporate
HPP tersebut ditetapkan tarif PPH Badan sebesar 22% untuk income tax rate of 22% for the 2022 tax year and beyond. In
tahun pajak 2022 dan seterusnya. Sejalan dengan ketentuan line with those provisions, the Company has calculated its
dimaksud, Perseroan telah menghitung Pajak Penghasilan Corporate Income Tax for the years ending December 31, 2025
Badan untuk tahun yang berakhir pada 31 Desember 2025 dan and 2024 using a tax rate of 22%. 233
2024 dengan menggunakan tarif pajak sebesar 22%.
PT Sarana Multigriya Finansial (Persero)
Page 234
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
SETORAN PAJAK TAX PAYMENTS
Pada tahun 2025, total setoran pajak SMF tercatat sebesar In 2025, SMF’s total tax revenue amounted to Rp200.70 billion.
Rp200,70 miliar. Nilai tersebut menunjukkan peningkatan Rp5,31 This figure represents an increase of Rp5.31 billion, or 2.72%,
miliar atau 2,72% bila dibandingkan tahun 2024 yang sebesar compared to the 2024 figure of Rp195.39 billion.
Rp195,39 miliar.
Tabel Setoran Pajak
Table of Tax Payements
(disajikan dalam jutaan Rupiah, kecuali dinyatakan lain
(presented in million Rupiah, unless stated otherwise)
Perubahan
Jenis Investasi Changes
Type of Taxes
2025 2024
Persentase (%) Nominal
Percentage (%) Nominal
PPh Final 127.634 96.836 31,80% 30.798
Final Income Tax
PPh Pasal 21 13.998 12.393 12,95% 1.605
Income Tax Article 21
PPh Pasal 23, Pasal 22, 49.632 46.256 7,30% 3.376
Pasal 26 dan Pasal 4 ayat 2
Income Tax Articles 23, 22,
26 and Article 4
paragraph 2
PPh Pasal 25/Pasal 29 3.486 32.556 -89,29% (29.070)
Income Tax Article 25/
Article 29
PPN 5.949 7.350 -19,06% (1.401)
VAT
Jumlah 200.699 195.391 2,72% 5.308
Total
234
TINGKAT KEPATUHAN PERPAJAKAN TAX COMPLIANCE RATE
Laporan Tahunan 2025 Annual Report
Dalam rangka memastikan Kepatuhan terhadap Kewajiban In order to ensure compliance with tax obligations, SMF
Perpajakan, SMF senantiasa melaksanakan seluruh kewajiban consistently fulfills all tax obligations in an orderly manner
perpajakan secara tertib dan sesuai dengan ketentuan yang and in accordance with applicable regulations, both in terms of
berlaku, baik terkait pembayaran maupun pelaporan berbagai payment and reporting of various types of taxes. Besides tax
jenis pajak. Selain melakukan pemotongan pajak, SMF juga cuts, SMF also performs its role as a State-Owned Enterprise
menjalankan perannya sebagai Wajib Pungut (WAPU) BUMN Tax Collector (WAPU) that collects, deposits, and reports taxes
yang melakukan pemungutan, penyetoran, dan pelaporan pajak on transactions conducted with other parties, including vendors
atas transaksi yang dilakukan dengan pihak lain, termasuk and partners.
vendor dan rekanan.
Sepanjang tahun 2025, seluruh kewajiban perpajakan tersebut Throughout 2025, all tax obligations have been consistently
telah dipenuhi secara konsisten dan Perseroan tidak menerima fulfilled and the Company has not received any sanctions
sanksi dari regulator yang berkaitan dengan aspek perpajakan. from regulators related to taxation aspects. This practice
Praktik ini mencerminkan komitmen SMF dalam menerapkan reflects SMF’s commitment to implementing sound corporate
tata kelola perusahaan yang sehat sekaligus memberikan governance while providing sustainable and value-added fiscal
kontribusi fiskal yang berkelanjutan dan bernilai tambah bagi contributions to national development.
pembangunan nasional.
Selain itu, dalam kurun waktu tiga tahun terakhir, Perseroan tidak In addition, in the last three years, the Company has not
memperoleh putusan bersalah dari Pengadilan Pajak ataupun received any guilty verdicts from the Tax Court or the highest
lembaga peradilan perpajakan tertinggi terkait sengketa atau tax court regarding any tax disputes or issues.
permasalahan perpajakan apa pun.
Page 235
REALISASI PENGGUNAAN DANA
HASIL PENAWARAN UMUM
REALIZATION OF THE USE OF PROCEEDS FROM PUBLIC OFFERINGS
Sejak tahun 2009, Perseroan secara konsisten menerbitkan Since 2009, the Company has consistently issued debt
surat utang sebagai salah satu sumber pendanaan untuk securities as a source of funding to support the distribution
mendukung penyaluran pinjaman kepada mitra penyalur KPR/ of loans to mortgage distribution partners/participants, in line
peserta, sejalan dengan pelaksanaan peran Perseroan sebagai with the Company’s role as an SMV. The debt instruments
SMV. Adapun instrumen surat utang yang diterbitkan Perseroan issued by the Company have fulfilled the investment criteria
telah memenuhi kriteria investasi bagi Lembaga Jasa Keuangan for Non-Bank Financial Services Institutions as stipulated
Non-Bank sebagaimana diatur dalam Peraturan Otoritas Jasa in Financial Services Authority (OJK) Regulation No. 36/
Keuangan (OJK) No. 36/POJK.05/2016 tentang Perubahan atas POJK.05/2016 concerning Amendments to OJK Regulation
Peraturan OJK No. 1/POJK.05/2016 tentang Investasi Surat No. 1/POJK.05/2016 concerning Investment in Securities for
Berharga bagi Lembaga Jasa Keuangan Non-Bank. Non-Bank Financial Services Institutions.
Berikut ini adalah laporan realisasi penggunaan dana yang The following is a report on the realization of the use of proceed
berasal dari hasil penawaran umum surat utang Perseroan from the Company’s public offering of debt securities in 2025.
pada tahun 2025.
Hasil Penawaran Umum Realisasi Sisa Dana
Rencana
Results of Public Offering Penggunaan Hasil
Penggunaan
Tanggal sesuai Penawaran
Nama Penawaran sesuai
Terbit Hasil Prospektus Umum
No Umum Prospektus
Date of Jumlah Biaya Bersih Realization Remaining
Name of Public Offering Planned Use
Issuance Total Cost Net of Use Proceeds
According to
Proceeds According to from Public
Prospectus
Prospectus Offering
1 Obligasi Berkelanjutan 14 Februari Rp704,925 Rp1,067 Rp703,858 Rp703,858 Rp703,858 -
VII SMF Tahap VIII Tahun 2025 miliar miliar miliar miliar miliar
2025 February 14, Rp704.925 Rp1.067 Rp703.858 Rp703.858 Rp703.858
Shelf-Registered Bonds 2025 billion billion billion billion billion
VII SMF Phase VIII Year
2025
2 Sukuk Musyarakah 14 Februari Rp362,805 Rp576,152 Rp362,229 Rp362,229 Rp362,229 -
Berkelanjutan I SMF Tahap 2025 miliar juta miliar miliar miliar
IV Tahun 2025 February 14, Rp362.805 Rp576.152 Rp362.229 Rp362.229 Rp362.229
Shelf-Registered 2025 billion million billion billion billion
Musyarakah Sukuk I SMF
Phase IV Year 2025 235
3 Obligasi Berkelanjutan VIII 8 Juli 2025 Rp1,576 Rp2,419 Rp1,573 Rp1,573 triliun Rp1,573 triliun -
SMF Tahap I Tahun 2025 July 8, 2025 triliun miliar triliun Rp1.573 trillion Rp1.573 trillion
Shelf-Registered Bonds Rp1.576 Rp2.419 Rp1.573
VIII SMF Phase I Year trillion billion trillion
PT Sarana Multigriya Finansial (Persero)
2025
4 Sukuk Musyarakah 8 Juli 2025 Rp445 Rp744,592 Rp444,255 Rp444,255 Rp444,255 -
Berkelanjutan II SMF July 8, 2025 miliar juta miliar miliar miliar
Tahap I Tahun 2025 Rp445 Rp744.592 Rp444.255 Rp444.255 Rp444.255
Shelf-Registered billion million billion billion billion
Musyarakah Sukuk II SMF
Phase I Year 2025
5 Obligasi Berwawasan 8 Juli 2025 Rp1,65 Rp2,498 Rp1,648 Rp1,648 miliar Rp1,648 miliar -
Sosial Berkelanjutan II July 8, 2025 triliun miliar miliar Rp1.648 billion Rp1.648 billion
SMF Tahap I Tahun 2025 Rp1.65 Rp2.498 Rp1.648
Social Bonds II SMF Phase trillion billion billion
I Year 2025
6 Sukuk Musyarakah 8 Juli 2025 Rp250 Rp458,790 Rp249,541 Rp249,541 Rp249,541 -
Berwawasan Sosial July 8, 2025 miliar juta miliar miliar miliar
Berkelanjutan II SMF Rp250 Rp458.790 Rp249.541 Rp249.541 Rp249.541
Tahap I Tahun 2025 billion million billion billion billion
Shelf-Registered Social
Musyarakah Sukuk II SMF
Phase I Year 2025
Page 236
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
INFORMASI MATERIAL MENGENAI INVESTASI,
EKSPANSI, DIVESTASI, PENGGABUNGAN/
PELEBURAN USAHA, AKUISISI,
RESTRUKTURISASI UTANG/MODAL
MATERIAL INFORMATION ON INVESTMENT, EXPANSION, DIVESTMENT,
MERGER/CONSOLIDATION, ACQUISITION, DEBT/CAPITAL
RESTRUCTURING
Sepanjang tahun 2025, Perseroan tidak melakukan kegiatan Throughout 2025, the Company did not engage in any
investasi, ekspansi, divestasi, penggabungan atau peleburan investment, expansion, divestment, business merger or
usaha, akuisisi, maupun restrukturisasi utang dan/atau consolidation, acquisition, or debt and/or capital restructuring
permodalan. Dengan demikian, tidak terdapat informasi terkait activities. Therefore, there is no information related to such
kegiatan tersebut yang dapat disajikan dalam laporan ini. activities that can be presented in this report.
236
Laporan Tahunan 2025 Annual Report
Page 237
INFORMASI TRANSAKSI MATERIAL
YANG MENGANDUNG BENTURAN KEPENTINGAN
DAN/ATAU TRANSAKSI DENGAN PIHAK
AFILIASI/PIHAK BERELASI
INFORMATION ON MATERIAL TRANSACTIONS CONTAINING CONFLICT OF
INTEREST AND/OR TRANSACTIONS WITH AFFILIATED/RELATED PARTIES
TRANSAKSI YANG MENGANDUNG TRANSACTIONS INVOLVING
BENTURAN KEPENTINGAN CONFLICTS OF INTEREST
Pada tahun 2025, Perseroan tidak melakukan transaksi material In 2025, the Company did not conduct any material transactions
yang mengandung benturan kepentingan. Perseroan juga involving conflicts of interest. The Company also did not have
tidak memiliki transaksi afiliasi yang mengandung benturan any affiliated transactions involving conflicts of interest, nor
kepentingan, serta tidak terdapat transaksi benturan were there any conflict of interest transactions that required
kepentingan yang memerlukan persetujuan pemegang saham the approval of independent shareholders.
independen.
Adapun transaksi dengan pihak berelasi yang diungkapkan The transactions with related parties disclosed in this section
dalam bagian ini merupakan transaksi yang dilakukan dalam are transactions conducted in the course of the Company’s
rangka kegiatan usaha Perseroan secara rutin, berulang, dan/ routine, recurring, and/or ongoing business activities, and
atau berkelanjutan, sehingga tidak termasuk dalam kategori therefore do not fall under the category of conflict of interest
transaksi benturan kepentingan. transactions.
TRANSAKSI DENGAN PIHAK TRANSACTIONS WITH AFFILIATED/
AFILIASI/BERELASI RELATED PARTIES
Nama dan Sifat Hubungan Afiliasi/Berelasi Name and Nature of Affiliated/Related Party Relationship
Berikut adalah rincian sifat hubungan dengan pihak berelasi: The following is the summary of the nature of the relationship
with related parties:
Tabel Nama, Sifat Hubungan, dan Sifat Transaksi Pihak Berelasi
Table of Name and Nature of Affiliated/Related Party Relationship 237
Pihak Berelasi Sifat dari Hubungan Sifat dari Transaksi
Related Party Nature of Relationship Nature of transaction
Personel manajemen kunci Direksi dan Dewan Komisaris Remunerasi dan tunjangan lainnya
PT Sarana Multigriya Finansial (Persero)
Key management personnel Board of Directors and Board of Commissioners Remuneration and other allowances
Pemerintah Republik Pemegang saham Penempatan dana, efek-efek dan penerimaan
Government of the Republic Shareholder Fund placement, marketable securities, and
interest income
PT Bank Mandiri (Persero) Tbk Pengendalian melalui Pemerintah Republik Penempatan dana, penerimaan
Indonesia bunga,pendapatan lainnya, pembayaran
Control through the Government of the Republic bunga,jasa lainnya
of Indonesia Fund placement, interest income, other income,
interest expense, and other service
PT Bank Rakyat Indonesia (Persero) Tbk Pengendalian melalui Pemerintah Republik Penempatan dana, penerimaan
Indonesia bunga,pendapatan lainnya, pembayaran
Control through the Government of the Republic bunga,jasa lainnya
of Indonesia Fund placement, interest income, other income,
interest expense, and other service
PT Bank Tabungan Negara (Persero) Tbk Pengendalian melalui Pemerintah Republik Penempatan dana, pemberian pinjaman dan
Indonesia penerimaan bunga dan pendapatan
Control through the Government of the Republic Fund placement, loans and receipt of interest
of Indonesia and other income
Page 238
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
Tabel Nama, Sifat Hubungan, dan Sifat Transaksi Pihak Berelasi
Table of Name and Nature of Affiliated/Related Party Relationship
Pihak Berelasi Sifat dari Hubungan Sifat dari Transaksi
Related Party Nature of Relationship Nature of transaction
PT Bank Syariah Nasional (d/h PT Bank Pengendalian melalui Pemerintah Republik Penempatan dana, pemberian pinjaman dan
Tabungan Negara (Persero) Tbk - Unit Indonesia penerimaan bunga
Usaha Syariah Control through the Government of the Republic Fund placement, loans, and interest income
PT Bank Syariah Nasional (formerly PT Bank of Indonesia
Tabungan Negara (Persero) Tbk - Sharia
Business Unit)
PT Bank Negara Indonesia (Persero) Tbk Pengendalian melalui Pemerintah Republik Penempatan dana, penerimaan bunga,
Indonesia pendapatan lainnya, pembayaran bunga, jasa
Control through the Government of the Republic lainnya
of Indonesia Fund placement, interest income, other income,
interest expense, other services
PT Bank Syariah Indonesia Tbk Pengendalian melalui Pemerintah Republik Penempatan dana dan penerimaan bunga
Indonesia Fund placement and receipt of interest
Control through the Government of the Republic
of Indonesia
PT Bank Mandiri Taspen Pengendalian melalui Pemerintah Republik Penempatan dana dan penerimaan bunga
Indonesia Fund placement and receipt of interest
Control through the Government of the Republic
of Indonesia
PT Taspen (Persero) Pengendalian melalui Pemerintah Republik Efek-efek yang diterbitkan dan beban bunga
Indonesia Securities issued and interest expense
Control through the Government of the Republic
of Indonesia
PT Reasuransi Indonesia Utama (Persero) Pengendalian melalui Pemerintah Republik Efek-efek yang diterbitkan dan beban bunga
Indonesia Securities issued and interest expense
Control through the Government of the Republic
of Indonesia
PT Permodalan Nasional Madani (Persero) Pengendalian melalui Pemerintah Republik Pemberian pinjaman dan penerimaan bunga
Indonesia Fund placement and receipt of interest
238
Control through the Government of the Republic
of Indonesia
PT Bank Raya Indonesia Tbk Pengendalian melalui Pemerintah Republik Pemberian pinjaman dan penerimaan bunga
Indonesia Fund placement and receipt of interest
Laporan Tahunan 2025 Annual Report
Control through the Government of the Republic
of Indonesia
PT Mandiri Tunas Finance Pengendalian melalui Pemerintah Republik Pemberian pinjaman dan penerimaan bunga
Indonesia Fund placement and receipt of interest
Control through the Government of the Republic
of Indonesia
PT Mandiri Utama Finance Pengendalian melalui Pemerintah Republik Pemberian pinjaman dan penerimaan bunga
Indonesia Fund placement and receipt of interest
Control through the Government of the Republic
of Indonesia
PT BRI Multifinance Indonesia Pengendalian melalui Pemerintah Republik Pemberian pinjaman dan penerimaan bunga
Indonesia Fund placement and receipt of interest
Control through the Government of the Republic
of Indonesia
PT BRI Asuransi Indonesia Pengendalian melalui Pemerintah Republik Asuransi terhadap gedung dan kendaraan
Indonesia Fund placement and receipt of interest
Control through the Government of the Republic
of Indonesia
TANGGAL/PERIODE, TUJUAN, DATE/PERIOD, PURPOSE, AND
DAN OBJEK TRANSAKSI DENGAN OBJECT OF TRANSACTION WITH
PIHAK AFILIASI/BERELASI AFFILIATED/RELATED PARTIESS
Pelaksanaan kegiatan usaha Perseroan mencakup transaksi The Company’s business activities include certain transactions
tertentu dengan pihak berelasi yang dilakukan berdasarkan with related parties conducted based on terms and conditions
persyaratan dan ketentuan yang disepakati bersama oleh agreed upon by the parties concerned. These transactions with
para pihak terkait. Transaksi dengan pihak berelasi tersebut related parties were carried out throughout the 2025 fiscal
dilakukan sepanjang tahun buku 2025 dalam rangka mendukung year in order to support the Company’s business activities
kegiatan usaha Perseroan dan mencakup objek transaksi and included transactions such as fund placements, loans,
Page 239
berupa penempatan dana, pemberian pinjaman, penerbitan securities issuance, interest and sharia income, interest expense
efek, penerimaan pendapatan bunga dan pendapatan syariah, payments, service provision, insurance, and remuneration for
pembayaran beban bunga, penyediaan jasa, asuransi, serta key management personnel.
remunerasi personel manajemen kunci.
Persyaratan dan ketentuan mungkin tidak sama dengan The terms and conditions may not be the same as other
transaksi lain yang dilakukan dengan pihak ketiga. Adapun transactions conducted with third parties. Transactions with
transaksi dengan pihak berelasi tersebut merupakan bagian related parties are part of the Company’s business activities
dari aktivitas usaha Perseroan untuk menghasilkan pendapatan to generate income and are carried out routinely, repeatedly,
dan dilaksanakan secara rutin, berulang, dan/atau berkelanjutan and/or continuously in accordance with operational needs.
sesuai dengan kebutuhan operasional.
NILAI TRANSAKSI PIHAK VALUE OF TRANSACTIONS WITH
AFILIASI/BERELASI AFFILIATED/RELATED PARTIES
Realisasi transaksi antara Perseroan dengan pihak berelasi The realization of transactions between the Company and
pada 2025 dan 2024 adalah sebagai berikut: related parties in 2025 and 2024 is as follows:
Tabel Nilai Transaksi Pihak Berelasi
Table of Value of Transactions with Affiliated/Related Parties
(disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
(presented in million Rupiah, unless stated otherwise)
2025 2024
Uraian
Description Nominal Komposisi Nominal Komposisi
Nominal Composition Nominal Composition
Kas dan setara kas
Cash and cash equivalents
• Kas di bank 6.811.600 10,19% 17.268 0,03%
• Cash in banks
• Deposito < 3 bulan 1.650.000 2,47% 50.000 0,09%
• Time deposit < 3
months
Deposito berjangka - 0,00% 1.500.000 2,58%
Time deposits
Efek-efek 1.272.808 1,91% 669.937 1,15%
Marketable securities
Pinjaman yang diberikan 30.556.920 45,73% 28.492.224 49,01%
Loans 239
Piutang usaha
Account receivables
• Berbasis Bunga 89.470 0,13% 78.270 0,13%
PT Sarana Multigriya Finansial (Persero)
• Interest based trade
receivables
• Berbasis Imbalan - 0,00% 325 0,00%
• Fee based trade
receivables
Piutang lain-lain 2.877 0,00% 1.894.706 3,26%
Other receivables
Beban yang masih harus 29.290 0,08% 26.464 0,07%
dibayar
Accrued expenses
Utang Bank 1.450.000 3,85% 2.500.000 6,87%
Bank loan
Utang lain-lain 149 0,00% 148 0,00%
Other payables
Liabilitas imbalan kerja 9.934 0,02% 8.705 0,02%
jangka pendek
Short term employee
benefit liabilities
Page 240
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
Tabel Nilai Transaksi Pihak Berelasi
Table of Value of Transactions with Affiliated/Related Parties
(disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
(presented in million Rupiah, unless stated otherwise)
2025 2024
Uraian
Description Nominal Komposisi Nominal Komposisi
Nominal Composition Nominal Composition
Efek-efek yang diterbitkan 2.775.656 7,37% 2.800.823 7,70%
dan sukuk musyarakah
Securities issued and
musyarakah sukuk
Dana Syirkah Temporer 360.375 25,23% - 0,00%
Temporary Syirkah Funds
Pendapatan bunga
Interest income
• Pendapatan bunga 1.574.431 50,74% 1.627.565 56,73%
• Interest income
• Pendapatan syariah 210.132 6,77% 170.013 5,93%
• Sharia income
Pendapatan sekuritisasi - - - -
Securitization income
Pendapatan lain-lain - neto 1.345 0,04% 1.257 0,04%
Other income-net
Beban bunga 246.961 10,35% 301.884 13,71%
Interest expense
Kompensasi dan remunerasi personil manajemen kunci
Compensation and remuneration of key management personnel
• Direksi 20.892 19,29% 19.298 20,31%
• Board of Directors
240 • Dewan Komisaris 10.601 9,79% 9.957 10,48%
• Board of
Commissioners
* Persentase terhadap total aset, total liabilitas, total pendapatan, atau total beban, sesuai dengan akun yang bersangkutan
* Percentage of total assets, total liabilities, total income, or total expenses, according to the relevant account
Laporan Tahunan 2025 Annual Report
KEWAJARAN TRANSAKSI FAIRNESS OF TRANSACTIONS WITH
PIHAK AFILIASI/BERELASI AFFILIATED/RELATED PARTIES
Sepanjang tahun 2025, SMF melaksanakan seluruh transaksi Throughout 2025, SMF conducted all transactions at arm’s
secara wajar (arms length principle) sesuai dengan persyaratan length in accordance with normal commercial requirements.
komersial normal. Pelaksanaan transaksi tersebut didasarkan These transactions were based on the Company’s business
pada kebutuhan usaha Perseroan dan dilakukan tanpa needs and were conducted without any conflicts of interest.
adanya konflik kepentingan. Adapun transaksi signifikan yang Significant transactions involving related parties, whether
melibatkan pihak-pihak berelasi, baik yang dilakukan dengan conducted under the same terms and conditions as third parties
ketentuan dan persyaratan yang sama dengan pihak ketiga or under different terms and conditions, have been adequately
maupun yang berbeda, telah diungkapkan secara memadai disclosed in the consolidated financial statements in Note to
dalam laporan keuangan konsolidasian pada Catatan atas the Financial Statements No. 30.
Laporan Keuangan No. 30.
PEMENUHAN KETENTUAN COMPLIANCE WITH PROVISIONS
TERKAIT PENGUNGKAPAN RELATED TO DISCLOSURE OF
PIHAK AFILIASI/BERELASI AFFILIATED/RELATED PARTIES
Pelaksanaan transaksi Perseroan dengan pihak berelasi The Company’s transactions with related parties are in
dilakukan dengan mengacu pada ketentuan PSAK No. 224 accordance to the provisions of PSAK No. 224 concerning
tentang Pengungkapan Pihak-Pihak Berelasi serta Peraturan Disclosure of Related Parties and Bapepam and LK Regulation
Bapepam dan LK No. KEP-347/BL/2012 tanggal 25 Juni 2012 No. KEP-347/BL/2012 dated June 25, 2012 concerning the
tentang Penyajian dan Pengungkapan Laporan Keuangan Presentation and Disclosure of Financial Statements of Issuers
Emiten atau Perusahaan Publik. or Public Companies.
Page 241
PERNYATAAN DIREKSI TERHADAP MANAGEMENT’S STATEMENT ON THE
KEWAJARAN TRANSAKSI FAIRNESS OF TRANSACTIONS WITH
PIHAK AFILIASI/BERELASI AFFILIATED/RELATED PARTIES
Direksi menyatakan bahwa seluruh transaksi Perseroan dengan The Board of Directors declares that all transactions of the
pihak afiliasi pada tahun 2025 telah dilaksanakan melalui Company with affiliated parties in 2025 have been implemented
prosedur yang memadai dan sesuai dengan praktik bisnis through adequate procedures and in accordance with generally
yang berlaku umum (arm’s length principle). accepted business practices (arm’s length principle).
PERAN DEWAN KOMISARIS DAN/ ROLE OF THE BOARD OF COMMISSIONERS
ATAU KOMITE AUDIT DALAM AND/OR AUDIT COMMITTEE IN ENSURING
MEMASTIKAN KEWAJARAN TRANSAKSI THE FAIRNESS OF TRANSACTIONS
PIHAK AFILIASI/BERELASI WITH AFFILIATED/RELATED PARTIES
Berdasarkan ketentuan peraturan perundang-undangan dan In accordance to the provisions of laws and regulations and
Anggaran Dasar, Perseroan melalui Dewan Komisaris dan the Articles of Association, the Company, through the Board of
Komite Audit melakukan penelaahan secara berkelanjutan guna Commissioners and the Audit Committee, conducts ongoing
memastikan bahwa setiap transaksi material yang berpotensi reviews to ensure that every material transaction that has the
mengandung benturan kepentingan dan/atau transaksi dengan potential to contain conflicts of interest and/or transactions
pihak berelasi dilaksanakan sesuai dengan praktik bisnis yang with related parties is carried out in accordance with generally
berlaku umum serta memenuhi prinsip kewajaran transaksi accepted business practices and meets the arm’s length
(arm’s length principle). principle.
SANKSI BERKAITAN DENGAN SANCTIONS RELATED TO TRANSACTIONS
TRANSAKSI PIHAK AFILIASI/BERELASI WITH AFFILIATES/RELATED PARTIES
Dalam kurun waktu tiga tahun terakhir, Perseroan tidak In the last three years, the Company has not recorded any
mencatat adanya ketidakpatuhan terhadap ketentuan hukum, non-compliance with laws, regulations, or rules relating to
peraturan, maupun regulasi yang berkaitan dengan transaksi significant or material related party transactions.
pihak berelasi yang bersifat signifikan atau material.
241
PT Sarana Multigriya Finansial (Persero)
Page 242
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
PERUBAHAN PERATURAN
PERUNDANG-UNDANGAN TERHADAP
PERUSAHAAN PADA TAHUN BUKU TERAKHIR
CHANGES IN LAWS AND REGULATIONS AFFECTING
THE COMPANY IN THE LAST FISCAL YEAR
Komitmen Perseroan terhadap pemenuhan ketentuan peraturan The Company’s commitment to complying with laws and
perundang-undangan diwujudkan melalui pelaksanaan kajian regulations is manifested through the implementation of
dan pemantauan secara berkesinambungan atas setiap continuous reviews and monitoring of every new regulation
penerbitan regulasi baru maupun perubahan regulasi yang issued or amendment made to existing regulations by the
ditetapkan oleh otoritas berwenang. Pendekatan ini dilakukan competent authorities. This approach is taken to ensure that
untuk memastikan seluruh ketentuan yang relevan dapat all relevant provisions are implemented appropriately and
diimplementasikan secara tepat dan konsisten dalam kegiatan consistently in the Company’s operations.
operasional Perseroan.
Sepanjang tahun 2025, sejumlah regulasi baru mulai berlaku, Throughout 2025, a number of new regulations came into
sehingga terdapat penyesuaian terhadap beberapa peraturan effect, resulting in adjustments to several existing regulations.
yang telah ada sebelumnya. Adapun uraian mengenai ketentuan Details of these provisions are presented in the following table.
dimaksud disajikan dalam tabel berikut.
Tabel Peraturan Baru dan Perubahan Peraturan Perundang-undangan
Table of New Regulations and Amendments to Laws and Regulations
Nama Peraturan Dampak dan Tindak Lanjut oleh Perseroan
No
Regulation Name Impact and Follow-up by the Company
242 1 Undang-Undang Nomor 1 Tahun 2025 tentang Perubahan Ketiga Materi pengaturannya memuat mengenai pembentukan badan
atas Undang-Undang Nomor 19 Tahun 2003 Tentang Badan Usaha pengelola investasi dan pengelola operasional bagi Badan Usaha
Milik Negara Milik Negara.
Law Number 1 of 2025 concerning the Third Amendment to Law The regulatory material includes provisions on the establishment of
Number 19 of 2003 concerning State-Owned Enterprises investment management and operational management bodies for
state-owned enterprises.
Laporan Tahunan 2025 Annual Report
2 Undang-Undang Nomor 16 Tahun 2025 tentang Perubahan Keempat 1. Pengecualian pengelolaan di bawah BP BUMN dan Badan
atas Undang-Undang Nomor 19 Tahun 2003 Tentang Badan Usaha Pengelola bagi BUMN yang berperan sebagai alat fiskal;
Milik Negara 2. Tata cara penyertaan modal negara bagi BUMN.
Law Number 16 of 2025 concerning the Fourth Amendment to Law 1. Exceptions to management under SOE Regulatory Agency and
Number 19 of 2003 concerning State-Owned Enterprises the Management Agency for SOEs acting as fiscal instruments;
2. Procedures for state capital participation in SOEs.
3 Peraturan Pemerintah Nomor 43 Tahun 2025 tentang Pelaporan Pengaturan atas pelaporan keuangan bagi Lembaga Jasa Keuangan
Keuangan terintegrasi yang wajib didukung dengan pengendalian internal atas
Government Regulation Number 43 of 2025 concerning Financial laporan keuangan dan sistem informasi yang memadai.
Reporting Regulations on financial reporting for integrated Financial Services
Institutions must be supported by adequate internal controls over
financial statements and information systems.
4 Peraturan Pemerintah Nomor 38 Tahun 2025 tentang Pinjaman Mengatur kriteria pinjaman dari pemerintah kepada Badan Usaha
Pemerintah Pusat Milik Negara, Pemerintah Daerah, dan Badan Usaha Milik Daerah.
Government Regulation Number 38 of 2025 concerning Central Regulating the criteria for loans from the government to State-
Government Loans Owned Enterprises, Local Governments, and Regional-Owned
Enterprises.
5 Peraturan Pemerintah Nomor 54 Tahun 2025 tentang Penambahan Penambahan penyertaan modal negara kepada Perseroan
Penyertaan Modal Negara Republik Indonesia ke Dalam Modal dalam rangka pelaksanaan tugas pemerintah dalam program
Saham Perusahaan Perseroan (Persero) PT Sarana Multigriya Fasilitas Likuiditas Pembiayaan Perumahan (FLPP).
Finansial dalam Rangka Pelaksanaan Penugasan Increasing state equity participation in the Company in the context of
Government Regulation Number 54 of 2025 concerning the Addition implementing government tasks in the Housing Financing Liquidity
of Capital Participation of the Republic of Indonesia in the Share Facility (FLPP) program.
Capital of the Limited Liability Company (Persero) PT Sarana
Multigriya Finansial in the Context of Task Implementation
6 Peraturan Otoritas Jasa Keuangan Nomor 38 Tahun 2025 tentang Mengatur kewenangan OJK untuk melakukan gugatan kepada
Gugatan Oleh Otoritas Jasa Keuangan untuk Pelindungan Konsumen pelaku usaha jasa keuangan, demi perlindungan konsumen dan
di Sektor Jasa Keuangan masyarakat.
Financial Services Authority Regulation Number 38 of 2025 Regulating the OJK's authority to file lawsuits against financial
concerning Lawsuits by the Financial Services Authority for service providers for the protection of consumers and the public.
Consumer Protection in the Financial Services Sector
Page 243
Tabel Peraturan Baru dan Perubahan Peraturan Perundang-undangan
Table of New Regulations and Amendments to Laws and Regulations
Nama Peraturan Dampak dan Tindak Lanjut oleh Perseroan
No
Regulation Name Impact and Follow-up by the Company
7 Peraturan Otoritas Jasa Keuangan Nomor 39 tahun 2025 tentang Pengaturan mengenai penetapan bunga keterlambatan pembayaran
Tata Cara Penagihan Sanksi Administratif Berupa Denda di Sektor denda kepada OJK.
Jasa Keuangan Regulations regarding the determination of interest on late payment
Financial Services Authority Regulation Number 39 of 2025 penalties to the OJK.
concerning Procedures for Collecting Administrative Sanctions in the
Form of Fines in the Financial Services Sector
8 Peraturan Otoritas Jasa Keuangan Nomor 40 Tahun 2025 tentang Peraturan berisi mengenai pengaturan level penggunaan dana, tata
Penggunaan Dana Hasil Penawaran Umum cara laporan, serta penggunaan rekening penampungan.
Financial Services Authority Regulation Number 40 of 2025 Regulations containing provisions on the level of fund utilization,
concerning the Use of Funds from Public Offerings reporting procedures, and the use of escrow accounts.
9 Peraturan Otoritas Jasa Keuangan Nomor 42 Tahun 2025 tentang Mengatur mengenai kewajiban Lembaga Jasa Keuangan untuk
Integritas Pelaporan Keuangan Lembaga Pembiayaan Perusahaan menerapkan pengendalian internal atas laporan keuangan yang
Modal Ventura Lembaga Keuangan Mikro dan Lembaga Jasa bertujuan menciptakan laporan keuangan yang berintegritas.
Keuangan Lainnya Regulating the obligation of Financial Services Institutions to
Financial Services Authority Regulation Number 42 of 2025 implement internal controls over financial reporting with the aim of
concerning the Integrity of Financial Reporting by Venture Capital creating financial reports with integrity.
Financing Institutions, Microfinance Institutions, and Other Financial
Services Institutions
10 Peraturan Otoritas Jasa Keuangan Nomor 41 Tahun 2025 tentang Mengatur mengenai tentang publikasi atas penanganan pengaduan
Kantor Perwakilan Lembaga Pembiayaan Perusahaan Modal Ventura konsumen dan progres penyelesaiannya.
dan Lembaga Jasa Keuangan Lainnya Regulating the publication of consumer complaint handling and the
Financial Services Authority Regulation Number 41 of 2025 progress of its resolution.
concerning Representative Offices of Venture Capital Financing
Institutions and Other Financial Services Institutions
11 Surat Edaran Otoritas Jasa Keuangan Nomor 20/SEOJK.08/2025 Mengatur mengenai tentang publikasi atas penanganan pengaduan
Tentang Publikasi Penanganan Pengaduan dan Laporan Layanan konsumen dan progres penyelesaiannya.
Pengaduan Regulating the publication of consumer complaint handling and the
Services Authority Circular Letter Number 20/SEOJK.08/2025 progress of its resolution
concerning Publication of Complaint Handling and Complaint
Service Reports
12 Peraturan Anggota Dewan Komisioner Nomor 48 Tahun 2025 Mengatur mengenai teknis Penerapan Prinsip-Prinsip sebagaimana
tentang Penerapan Manajemen Risiko bagi Lembaga Pembiayaan, tertuang dalam POJK No. 42 Tahun 2024 tentang Penerapan
Perusahaan Modal Ventura, Lembaga Keuangan Mikro, dan Manajemen Risiko bagi Lembaga Pembiayaan Perusahaan Model
Lembaga Jasa Keuangan Lainnya Ventura, Lembaga Keuangan Mikro, dan Lembaga Jasa Keuangan
Regulation of the Board of Commissioners Number 48 of 2025 Lainnya.
concerning the Implementation of Risk Management for Financing Regulating the technical implementation of the principles as
Institutions, Venture Capital Companies, Microfinance Institutions, stipulated in POJK No. 42 of 2024 concerning the Implementation
and Other Financial Services Institutions of Risk Management for Venture Capital Financing Institutions,
Microfinance Institutions, and Other Financial Services Institutions.
243
PERUBAHAN KEBIJAKAN AKUNTANSI
YANG DITERAPKAN PERUSAHAAN
PT Sarana Multigriya Finansial (Persero)
PADA TAHUN BUKU TERAKHIR
CHANGES IN ACCOUNTING POLICIES APPLIED BY
THE COMPANY IN THE LAST FISCAL YEAR
Tidak terdapat perubahan kebijakan akuntansi pada tahun There were no changes in accounting policies for the 2025
buku 2025. Kebijakan akuntansi telah diterapkan secara fiscal year. Accounting policies have been applied consistently
konsisten untuk laporan keuangan yang berakhir pada tanggal for the financial statements ending December 31, 2025 and
31 Desember 2025 dan 2024, yang telah sesuai dengan Standar 2024, which are in accordance with Indonesian Financial
Akuntansi keuangan di Indonesia. Accounting Standards.
Page 244
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
INFORMASI KEUANGAN YANG
MENGANDUNG KEJADIAN YANG BERSIFAT
LUAR BIASA DAN JARANG TERJADI
FINANCIAL INFORMATION CONTAINING EXTRAORDINARY AND
UNUSUAL EVENTS
Tidak terdapat informasi keuangan yang mengandung kejadian There is no financial information containing extraordinary and
yang bersifat luar biasa dan jarang terjadi sepanjang tahun unusual events throughout 2025.
2025.
INFORMASI KELANGSUNGAN USAHA
INFORMATION ON GOING CONCERN
Berdasarkan kajian dan penelaahan yang dilakukan oleh Based on studies and reviews conducted by management,
manajemen, sepanjang tahun 2025 tidak terdapat indikasi throughout 2025, there were no indications of factors that
adanya faktor yang berpotensi menimbulkan dampak material could potentially have a material impact on the Company’s
terhadap kelangsungan usaha Perseroan. Kesimpulan tersebut going concern. This conclusion is supported by the prospect
didukung oleh prospek pertumbuhan industri yang tetap of continued favorable industry growth and stable business
kondusif serta peluang pengembangan usaha yang dinilai stabil. development opportunities.
Sejalan dengan arah strategi jangka panjang, Perseroan In line with its long-term strategy, the Company continues
terus mengintensifkan penguatan kapabilitas operasional, to intensify the strengthening of its operational capabilities,
mendorong inovasi berkelanjutan, serta memperluas kolaborasi encourage continuous innovation, and expand strategic
dan kemitraan strategis guna merespons dinamika dan collaborations and partnerships in order to respond to market
244
tantangan pasar. Dengan berlandaskan penerapan tata kelola dynamics and challenges. Based on the implementation of
perusahaan yang baik serta optimalisasi pemanfaatan teknologi, good corporate governance and the optimization of technology
Perseroan berkomitmen untuk menjaga pertumbuhan yang utilization, the Company is committed to maintaining sustainable
berkesinambungan sekaligus menciptakan nilai tambah yang growth while creating optimal added value for all stakeholders.
Laporan Tahunan 2025 Annual Report
optimal bagi seluruh pemangku kepentingan.
Analisis Posisi Perusahaan Analysis of the Company’s Position
Upaya menghadapi tantangan di masa mendatang, khususnya The Company is addressing future challenges, particularly
pada sektor Pembiayaan Perumahan, dilakukan Perseroan in the Housing Finance sector, by developing and expanding
melalui pengembangan dan perluasan kegiatan usaha yang its business activities in line with Government Regulation No.
selaras dengan ketentuan Peraturan Pemerintah No. 57 57 of 2020 and Presidential Regulation No. 100 of 2020. The
Tahun 2020 dan Peraturan Presiden No. 100 Tahun 2020. implementation of this expanded mandate is being carried out
Implementasi perluasan mandat tersebut dilaksanakan secara in a structured and gradual manner to ensure the Company’s
terstruktur dan bertahap guna memastikan keberlanjutan serta sustainability and operational readiness.
kesiapan operasional Perseroan.
Pengembangan kegiatan usaha tersebut didukung oleh The development of these business activities is supported by the
penerapan analisis SWOT sebagai dasar penetapan application of SWOT analysis as the basis for determining the
strategi yang akan dijalankan. Melalui pendekatan ini, faktor strategies to be implemented. Through this approach, internal
lingkungan internal (Internal Factor Evaluation/IFE) serta faktor environmental factors (Internal Factor Evaluation/IFE) and
lingkungan eksternal (External Factor Evaluation/EFE) dikaji external environmental factors (External Factor Evaluation/EFE)
dan dikelompokkan ke dalam (a) Kekuatan dan Kelemahan are assessed and grouped into (a) the Company’s Strengths and
Perseroan; dan (b) Peluang dan Ancaman Perseroan. Weaknesses; and (b) the Company’s Opportunities and Threats.
Page 245
Adapun hasil penghitungan skor IFE dan EFE selanjutnya The results of the IFE and EFE score calculations are then
dipetakan ke dalam grafik kuadran, yang menunjukkan bahwa mapped onto a quadrant graph, which shows that the
posisi Perseroan saat ini berada pada kuadran “Growth dan Company’s current position is in the “Growth and Diversification”
Diversification”, sebagaimana ditunjukkan pada gambar berikut. quadrant, as shown in the following figure.
OPPORTUNITIES
4,00
Stability Growth
Energy Strategy
Aggresive Stable
3,00 Maintenance Growth
2,00
1,00 Selective Rapid
Maintenance Growth
Present Score
(0,25, 0,05)
WEAKNESS STRENGTH
(1,00) Conglomorate
Turn
Diversification
Around
(2,00)
(3,00) Concentric
Niche Diversification
Survival Diversification
Strategy Strategy
(4,00)
(4,00) (3,00) (2,00) (1,00) 1,00 2,00 3,00 4,00
THREAT
Berdasarkan pemetaan tersebut, posisi Perseroan secara Based on this mapping, the Company’s position is predominantly
dominan berada pada kuadran Growth, khususnya pada in the Growth quadrant, particularly in the rapid growth
kategori rapid growth, serta sebagian lainnya pada category, with the remainder in the Diversification quadrant,
kuadran Diversification yaitu conglomerate diversification. namely conglomerate diversification. The Company’s position 245
Adapun keberadaan Perseroan pada kuadran rapid growth in the rapid growth quadrant reflects that it is currently in a
mencerminkan bahwa Perseroan tengah berada dalam fase phase of accelerated growth, characterized by the expansion
akselerasi pertumbuhan, yang ditandai dengan perluasan of its business mandate in line with its established development
mandat usaha selaras dengan arah dan strategi pengembangan direction and strategy.
PT Sarana Multigriya Finansial (Persero)
yang ditetapkan.
Sementara posisi Perseroan yang sebagian berada pada kuadran Meanwhile, the Company’s position, which is partly in the
Diversification menunjukkan adanya tantangan struktural, di Diversification quadrant, indicates structural challenges, where
mana pertumbuhan usaha masih memiliki ketergantungan business growth still has significant dependence on other
yang signifikan terhadap pihak lain. Untuk mengantisipasi dan parties. To anticipate and mitigate the risks of this dependence,
memitigasi risiko atas ketergantungan tersebut, Perseroan the Company implements a development strategy through
mengimplementasikan strategi pengembangan melalui business diversification. This step is carried out through:
diversifikasi usaha. Langkah ini dilakukan melalui:
• Pengembangan produk • Product development
• Aliansi strategis • Strategic alliances
• Pendirian anak usaha yang menunjang pengembangan • Establishment of subsidiaries that support business
usaha development
Page 246
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
246
Laporan Tahunan 2025 Annual Report
Page 247
RENCANA JANGKA PANJANG PERUSAHAAN
COMPANY LONG-TERM PLAN
Rencana Jangka Panjang Perusahaan (RJPP) merupakan The Company’s Long-Term Plan (RJPP) is a strategic planning
dokumen perencanaan strategis yang disusun Perseroan untuk document prepared by the Company to map out the direction
memetakan arah pengembangan perusahaan dalam kurun of the company’s development over a five-year period. This
waktu lima tahun. Dokumen ini memiliki peran strategis karena document plays a strategic role as it serves as the main
menjadi acuan utama dalam perumusan kebijakan, pengambilan reference in formulating policies, making strategic decisions,
keputusan strategis, serta pelaksanaan kegiatan operasional and implementing operational activities in a sustainable and
secara berkesinambungan dan terarah. Sejalan dengan hal focused manner. As a result, SMF has established an RJPP
tersebut, SMF telah menetapkan RJPP untuk periode 2022– for the 2022-2026 period as a foundation for optimizing
2026 sebagai landasan dalam mengoptimalkan kinerja dan performance and supporting the achievement of the company’s
mendukung pencapaian tujuan jangka panjang perusahaan. long-term goals.
Penugasan Khusus
Special Assignments
Pembiayaan Perumahan Pembiayaan
Housing Finance
(KPR Rumah Usaha dan KPR RPJB) Perumahan
Housing Finance Housing Finance Guarantee
(Business Home Loans and RPJB Home Loans)
(KPR Sewa Beli)
(Rental Purchase
Penambahan Anak Usaha
Mortgage)
Pembiayaan Addition of Subsidiaries
Perumahan
Housing Finance Covered Bond Securitization Guarantee Reverse Mortgage
(Kredit Mikro Perumahan
dan Kredit Konstruksi) KPBU Perumahan***
(Micro Housing Loans and Housing PPP***
Construction Loans)
2021 2022 2023 2024 2025 2026
Secara garis besar timeline rencana perluasan mandate In general, the timeline for the expansion of the Company’s
Perseroan adalah sebagai berikut: mandate is as follows:
1. Pada tahun 2022 Perseroan memprioritaskan 1. In 2022, the Company prioritized the development of
pengembangan beberapa kegiatan usaha baru yaitu kredit several new business activities, namely construction loans
konstruksi dan kredit mikro perumahan. Selain kegiatan and micro housing loans. In addition to its main activities 247
utama dan penugasan khusus, di tahun 2022 Perseroan and special assignments, in 2022 the Company also
juga akan menjajaki sumber dana lain, penambahan Anak explored other sources of funding, add subsidiaries, and
Perusahaan, serta penguatan struktur organisasi Perseroan strengthen the organizational structure of the Company
dalam rangka persiapan implementasi perluasan mandat in preparation for the implementation of the Company’s
PT Sarana Multigriya Finansial (Persero)
Perseroan. mandate expansion.
2. Perseroan akan mengoptimalkan karyawan internal untuk 2. The Company to optimize its internal employees to support
mendukung perluasan mandat, dengan memberikan the expansion of its mandate by providing competency
pembekalan kompetensi melalui kegiatan sertifikasi di training through certification activities in the capital market
bidang pasar modal dan manajemen risiko yang telah and risk management fields, which were conducted in
dilakukan pada tahun 2020-2021, akan dilanjutkan dengan 2020-2021, and to be extended to other fields in the
bidang lainnya pada tahun tahun berikut. following years.
3. Penambahan karyawan setiap tahun dijaga maksimal 10% 3. Annual employee growth will be capped at 10% of the
dari total karyawan tahun sebelumnya terhitung tahun previous year’s total headcount starting in 2023, taking into
2023, dengan mempertimbangkan kebutuhan organisasi. account the organization’s needs. As of 2026, there are no
Pada tahun 2026, tidak terdapat rencana perubahan plans to change the organizational structure; however, the
struktur organisasi, namun Pereroan lebih mengutamakan Company prioritizes enhancing employees’ competencies
peningkatan kompetensi dan kualitas kerja karyawan sesuai and work quality in line with developments in the housing
perkembangan pada sektor pembiayaan perumahan. finance sector.
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Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
PENERAPAN RENCANA JANGKA PANJANG IMPLEMENTATION OF THE COMPANY’S
PERUSAHAAN (RJPP) DI TAHUN 2025 LONG-TERM PLAN (RJPP) IN 2025
Pada tahun 2025 , Perseroan terus berupaya mendorong produk In 2025, the Company continued to push for the expansion of
perluasan mandat yang dimiliki untuk dapat difasilitasi di pasar its mandate to facilitate products in the primary market. As a
Primer. Sebagai Perusahaan sekunder pembiayaan perumahan, secondary housing finance company, the underlying portfolio
underlying portfolio yang difasilitasi seluruhnya bergantung facilitated is entirely dependent on the readiness and demand
dengan kesiapan dan permintaan dari Lembaga Penyalur yang of distribution institutions in the primary market.
berada di pasar primer
Perseroan telah menyusun beberapa kajian sebagai bentuk The Company has prepared several studies as part of its adaptive
respons Perseroan yang adaptif terhadap perkembangan dinamika response to developments in the Company’s business activities,
kegiatan usaha Perseroan salah satunya kajian awal Housing one of which is a preliminary study on Housing finance guarantee,
finance guarantee dan selanjutkan akan dilanjutkan dengan and will be followed by the preparation of a follow-up study after
penyusunan kajian lanjutan setelah mendapat persetujuan dari obtaining approval from shareholders.
pemegang saham.
Reverse Mortgage adalah fasilitas pinjaman yang diberikan melalui A reverse mortgage is a loan facility provided through financial
lembaga jasa keuangan kepada masyarakat usia lanjut atau yang service institutions to the elderly or those who have entered
sudah memasuki usia pensiun. Debitur nantinya akan memperoleh retirement age. Debtors will obtain loans by mortgaging their
pinjaman dengan mengagunkan rumah atau satuan rumah susun houses or apartment units. The collateral has been previously
yang dimiliki. Agunan tersebut sebelumnya telah dinilai oleh penilai assessed by an independent appraiser to determine the ceiling
independen untuk menentukan nilai plafon. Dana nantinya akan value. The funds will be paid periodically on a monthly basis until
dibayarkan secara berkala bulanan sampai dengan nasabah the customer (and their spouse) leaves the house or apartment
tersebut (dan pasangannya) meninggalkan rumah atau rumah unit so that the creditor can take over the mortgaged house or
susun tersebut sehingga kreditur dapat mengambil-alih rumah apartment unit. This product is expected to help improve the
atau satuan rumah susun yang diagunkan. Produk ini diharapkan welfare of the community by using houses or apartment units as
dapat membantu meningkatkan kesejahteraan masyarakat underlying assets to obtain financing. However, based on internal
dengan menjadikan rumah atau satuan rumah susun sebagai studies that have been conducted, reverse mortgages are not
248
underlying asset untuk memperoleh pembiayaan. Namun sesuai yet feasible on a large scale in the near future.
dengan kajian internal yang telah dilakukan, reverse mortgage
dirasa belum dapat dilakukan secara masif dalam waktu dekat.
Laporan Tahunan 2025 Annual Report
EVALUASI PENERAPAN RENCANA EVALUATION OF THE IMPLEMENTATION
JANGKA PANJANG PERUSAHAAN OF THE COMPANY’S LONG-TERM PLAN
(RJPP) DI TAHUN SEBELUMNYA (RJPP) IN THE PREVIOUS YEAR
Perseroan berupaya mendorong dan melakukan sosialisasi The Company encourages and disseminates information to
kepada Lembaga Penyalur untuk dapat meningkatkan volume Distributors to increase the distribution volume of housing finance
penyaluran produk Pembiayaan perumahan tersebut dan regulator products and to regulators to promote the necessary regulations
sebagai upaya dalam mendorong regulasi yang dibutuhkan dalam for housing finance distribution.
penyaluran pembiayaan perumahan.
Perseroan senantiasa melakukan berbagai upaya perbaikan The Company continuously improves and refines a number of
dan penyempurnaan terhadap sejumlah produk yang masih products that still face implementation challenges to ensure their
menghadapi tantangan dalam implementasinya, guna memastikan effectiveness and sustainability.
efektivitas dan keberlanjutan pelaksanaannya.
Selanjutnya Perseroan terus berupaya untuk melakukan penjajakan Furthermore, the Company continues to explore the possibility
untuk dilaksanakan pilot project terlebih dahulu dengan mencari of implementing a pilot project by seeking financial institutions
Lembaga keuangan yang dapat bekerja sama. Pelaksanaan that can collaborate. The implementation of this pilot project
pilot project ini akan sangat bergantung pada kesiapan lembaga will greatly depend on the readiness of financial institutions that
keuangan yang dapat menjadi mitra dalam menyalurkan can become partners in distributing these products to the target
produk tersebut kepada masyarakat sasaran. Sejalan dengan community. Aligned with these efforts, the Company will also
itu, Perseroan juga akan menyiapkan kerangka kebijakan dan prepare the necessary policy frameworks and internal procedures,
prosedur internal yang diperlukan, yang akan dikembangkan which will be developed in parallel with technical and regulatory
secara paralel dengan koordinasi teknis dan regulatori bersama coordination with partner financial institutions, to ensure the pilot
lembaga keuangan mitra, guna memastikan pilot project dapat project can be executed in a measurable, prudent manner, and
dijalankan secara terukur, prudent, dan sesuai prinsip tata kelola. in accordance with governance principles.
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PT Sarana Multigriya Finansial (Persero)
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Fungsi Penunjang Bisnis
Business Support Funtion
250
Laporan Tahunan 2025 Annual Report
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251
PT Sarana Multigriya Finansial (Persero)
FUNGSI
PENUNJANG BISNIS
BUSINESS SUPPORT FUNCTION
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Fungsi Penunjang Bisnis
Business Support Funtion
SUMBER DAYA MANUSIA
HUMAN CAPITAL
252
KEBIJAKAN MANAJEMEN MANAGEMENT POLICY ON HUMAN
ATAS PENGELOLAAN SDM CAPITAL MANAGEMENT
Laporan Tahunan 2025 Annual Report
Perseroan menerapkan tata kelola Sumber Daya Manusia The Company implements Human Capital (HC) governance that
(SDM) yang senantiasa mengacu dan patuh terhadap peraturan consistently adheres to and complies with applicable laws and
perundang-undangan yang berlaku, mulai dari Undang- regulations, including laws and government regulations (UU),
Undang (UU), Peraturan Pemerintah (PP), serta regulasi terkait government regulations (PP), and other relevant regulations. As
lainnya. Sebagai turunan dari regulasi tersebut, Manajemen a derivative of these regulations, the Company’s management
Perseroan telah menetapkan kerangka kebijakan internal has established a comprehensive internal policy framework to
yang komprehensif untuk menjamin kepastian hukum dan ensure legal certainty and transparency in HR management.
transparansi dalam pengelolaan SDM.
Adapun perangkat kebijakan internal yang berlaku pada tahun The following internal human capital management policies in
2025 meliputi, namun tidak terbatas pada: 2025 are, but not limited to:
1. Peraturan Perusahaan tahun 2025 - 2027; 1. Company Regulations 2025-2027;
2. Pedoman Pemberian Fasilitas Pinjaman Karyawan; 2. Guidelines for the Provision of Employee Loan Facilities;
3. Pedoman Manajemen Alih Daya; 3. Outsourcing Management Guidelines;
4. Pedoman Pengelolaan Karyawan Masuk dan Keluar 4. Employee Onboarding and Offboarding Guidelines
5. Pedoman Organisasi dan Tata Laksana; 5. Organizational and Governance Guidelines;
6. Pedoman Program Pelatihan dan Pengembangan Karyawan, 6. Guidelines for the Training and Development Program
Direksi, dan Dewan Komisaris for Employees, Board of Directors, and the Board of
Commissioners
7. Pedoman Penggajian, Tunjangan, Fasilitas, Manfaat 7. Guidelines for Salaries, Allowances, Facilities, and Benefits
Karyawan dan Direksi; for Employees and Board of Director;
8. Pedoman Sistem Kerja Flexible Working System; 8. Guidelines for the Flexible Working System;
9. Pedoman Investasi Efek Bagi Direksi, Dewan Komisaris 9. Guidelines for Securities Investment for Board of Directors,
Termasuk Organnya, Dewan Pengawas Syariah, serta the Board of Commissioners, including their Organs, the
Karyawan Perseroan; Sharia Supervisory Board, and the Company’s Employees;
Page 253
10. Pedoman Pemberian Penghargaan Bagi Karyawan dan 10. Guidelines for Rewards for Employees and Work Units;
Unit Kerja; 11. Guidelines for Performance Management;
11. Pedoman Manajemen Kinerja; 12. Guidelines for Talent Management;
12. Pedoman Manajemen Talenta; 13. Guidelines for Career Management;
13. Pedoman Manajemen Karir; 14. Guidelines for Employee Recruitment;
14. Pedoman Rekrutmen Karyawan; 15. Guidelines for Competency Management;
15. Pedoman Manajemen Kompetensi; 16. Guidelines for the Remuneration of Board of Directors, the
16. Pedoman Penghasilan Direksi, Dewan Komisaris, Dewan Board of Commissioners, the Sharia Supervisory Board,
Pengawas Syariah, dan Organ Pendukung Dewan Komisaris; and Supporting Organs of the Board of Commissioners;
17. Pedoman Cuti Bersama, Cuti Besar, Cuti Blok, dan Cuti di 17. Guidelines for Collective Leave, Grand Leave, Block Leave,
Luar Tanggungan; and Unpaid Leave;
18. Pedoman Pembayaran Bonus Karyawan; 18. Guidelines for Employee Bonus Payments;
19. Pedoman Pemagangan; 19. Guidelines for Internships;
20. Pedoman Pengembangan Komunitas Karyawan; 20. Guidelines for Employee Community Development;
21. Pedoman Kerja Lembur; 21. Guidelines for Overtime Work;
22. Pedoman Pensiun Karyawan; 22. Guidelines for Employee Retirement;
23. Pedoman Pengangkatan Calon Direksi dan Pemberhentian 23. Guidelines for the Appointment of Prospective Directors
Direksi; and the Dismissal of Directors;
24. Pedoman Budaya Perusahaan; 24. Guidelines for Corporate Culture;
25. Pedoman Perjalanan Dinas; 25. Guidelines for Business Travel;
26. Pedoman Analisis Jabatan dan Analisis Beban Kerja; 26. Guidelines for Job Analysis and Workload Analysis;
27. Pedoman Pelaksana Tugas, Pejabat Sementara, dan Pejabat 27. Guidelines for Acting, Temporary Officials, and Temporary
Pengganti Sementara; Substitute Officials;
28. Pedoman Employee Experience (EX) dan Employee 28. Guidelines for Employee Experience (EX) and Employee
Engagement (EE); Engagement (EE);
29. Pedoman Organizational Health Index; 29. Guidelines for the Organizational Health Index;
30. Pedoman Penghargaan Masa Bakti bagi Karyawan Pensiun 30. Guidelines for Long Service Awards for Retired and
dan Mengundurkan Diri; Resigning Employees;
31. Pedoman Fasilitas Kartu Kredit Korporasi. 31. Guidelines for Corporate Credit Card Facilities
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PT Sarana Multigriya Finansial (Persero)
Page 254
Fungsi Penunjang Bisnis
Business Support Funtion
STRUKTUR PENGELOLA SDM
HUMAN CAPITAL MANAGEMENT STRUCTURE
254
Pengelolaan dan pengembangan SDM di Perseroan berada The Company’s human capital management and development
di bawah tanggung jawab Divisi Sumber Daya Manusia (Divisi is carried out under the responsibility of the Human Capital
SDM). Kedudukan dan fungsi divisi ini ditetapkan berdasarkan Division (HC Division), which was established based on the
Surat Keputusan Direksi S-442/SKD/DIR/SMF/VII/2025 tanggal Board of Directors’ Decision S-442/SKD/DIR/SMF/VII/2025
Laporan Tahunan 2025 Annual Report
9 Juli 2025 perihal Perubahan Struktur Organisasi PT Sarana dated July 9, 2025 on the Adjustment to the Organizational
Multigriya Finansial (Persero) Tahun 2025. SK ini menjadi Structure of PT Sarana Multigriya Finansial (Persero) in 2025,
landasan penyesuaian fungsi dan kegiatan strategis yang which explains the functions and activities carried out by the
dijalankan oleh Divisi SDM. Human Capital (HC) Division.
Secara struktural, Divisi SDM berada di bawah supervisi Structurally, the HC Division is under the supervision of the
Direktur Keuangan dan Manajemen Risiko & Kepatuhan dan Finance and Risk Management and Compliance and oversees
membawahi 4 (empat) unit kerja yang memiliki fungsi spesifik four (4) units, some of which have functions related to human
terkait pengelolaan dan pengembangan talenta perusahaan. capital management and development.
Bagan Struktur Pengelola SDM SMF
SMF Human Resource Management Structure Chart
FINANCE & RISK
MANAGEMENT DIRECTOR
HUMAN CAPITAL
HUMAN CAPITAL LEARNING & TALENT HUMAN CAPITAL BUSINESS COMPENSATION
HC SERVICES KARYAWAN PENUGASAN
STRATEGIC DEVELOPMENT PARTNER AND BENEFIT
Page 255
Ruang lingkup pengelolaan SDM oleh Divisi SDM dilaksanakan The scope of HR management by the HR Division is carried
secara menyeluruh, dengan detail sebagai berikut: out comprehensively, with the following details:
WORKFORCE MANAGEMENT
Business Plan & HR Career & Talent
Strategy Management
Organization Design Manpower Planning
Employee & Industrial Performance
Recruitment & Selection Training & Development Exit Management
Relations Management
Competency Mgt
Organization Culture Compensation & Benefit
Job Analysis
Job Evaluation
ORGANIZATIONAL DEVELOPMENT
HR Information System
Ruang lingkup pengelolaan SDM tersebut mencakup aspek The scope of HR management encompasses planning,
perencanaan, rekrutmen, penempatan, pengembangan recruitment, placement, competency development, career
kompetensi, manajemen karier, pengelolaan kompensasi dan management, compensation and benefits management, and
manfaat, hingga program pensiun. retirement programs.
255
Seluruh praktik tersebut dijalankan selaras dengan upaya All of these practices are implemented in alignment with
penciptaan hubungan industrial yang harmonis dan sehat efforts to create harmonious and healthy industrial relations
sesuai dengan ketentuan ketenagakerjaan yang berlaku. in accordance with prevailing labor regulations. PT Sarana Multigriya Finansial (Persero)
KERANGKA DAN ROADMAP FRAMEWORK AND ROADMAP
PENGELOLAAN SDM FOR HC MANAGEMENT
Kebijakan strategis pengelolaan dan pengembangan SDM The strategic policy for human capital management and
di Perseroan mengacu pada Roadmap Human Capital development at the Company refers to the Human Capital
Management System (HCMS) sebagai berikut: Management System (HCMS) Roadmap as follows:
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Fungsi Penunjang Bisnis
Business Support Funtion
ROADMAP HUMAN CAPITAL - SMF towards Agile Organization
(Visi HC: menjadi mitra strategis bisnis untuk meningkatkan pertumbuhan organisasi dan kesejahteraan SDM)
(HC Vision: to become a strategic business partner to enhance organizational growth and human capital welfare)
HIGH DIGITAL FUTURE LEADER LEARNING AGILE
PERFORMANCE TRANSFORMATION READINESS CULTURE ORGANIZATION
ORGANIZATION
2022 2023 2024 2025 2026
• Performance • Digital Culture • Leadership • Optimization learning • Agile Organization
Management • Digital Mindset Development technology • Agile HC
• People Analytics • Process Automation Program • Final Implementation • Agile Culture
• Innovation Culture • Data Integration • Diversity, Equity & Corporate Training
• Talent Development • Optimizing Inclusion Program Blue Print
Program Knowledge • Employee Experience
• Flexible Working Management & Engagement
System
HUMAN CAPITAL INFORMATION SYSTEM
Secara umum, ruang lingkup pengelolaan SDM mencakup In general, the scope of human resource management covers
aspek perencanaan, rekrutmen, penempatan, pengembangan aspects of planning, recruitment, placement, competency
kompetensi, manajemen karier, pengelolaan kompensasi dan development, career management, compensation and benefits
manfaat, hingga program pensiun. management, and retirement programs.
256
Perseroan menargetkan pencapaian status Agile Organization The Company targets achieving Agile Organization status by
pada tahun 2026. Untuk mencapai tujuan tersebut, tahun 2026. To achieve this goal, 2025 will be a fundamental year
2025 menjadi tahun fundamental dalam menanamkan Budaya for instilling a Learning Culture throughout the organization.
Laporan Tahunan 2025 Annual Report
Pembelajaran (Learning Culture) di seluruh lapisan organisasi.
Perseroan meyakini bahwa organisasi yang agile hanya dapat The Company believes that an agile organization can only be
terbentuk dari individu-individu pembelajar yang didukung formed from individuals who are eager to learn, supported by
oleh ekosistem yang kondusif. Berlandaskan nilai-nilai utama a conducive ecosystem. Based on the core values of Integrity,
Integrity, Synergy, Moving Foward, dan Focus, serta didukung Synergy, Moving Foward, and Focus, and supported by a
oleh Human Capital Information System yang andal, strategi robust Human Capital Information System, the 2025 Human
Human Capital tahun 2025 difokuskan pada dua inisiatif besar: Capital strategy focuses on two major initiatives: optimizing
optimalisasi teknologi pembelajaran dan finalisasi cetak biru learning technology and finalizing a corporate training blueprint.
pelatihan korporat. Langkah ini merupakan investasi strategis This step represents a strategic investment to guarantee the
untuk memastikan kesiapan talenta SMF dalam menyongsong readiness of SMF’s talent to embrace a new era of a more
era baru organisasi yang lebih adaptif. adaptive organization.
PERENCANAAN SDM HUMAN CAPITAL PLANNING
Perseroan menempatkan manpower planning sebagai fondasi The Company conducts manpower planning as the first step
strategis dalam manajemen SDM. Penyusunan perencanaan in overall HC management within the Company. Furthermore,
kebutuhan SDM dilakukan secara berkala dan komprehensif, the Company conducts periodic HC planning, which includes
mencakup peninjauan (review) struktur organisasi agar a review of the organizational structure in conjunction with the
senantiasa selaras dengan Rencana Kerja dan Anggaran development of the Company’s Work Plan and Budget (RKAP)
Perusahaan (RKAP) serta Rencana Jangka Panjang Perusahaan and Long-Term Corporate Plan (RJPP).
(RJPP).
Dalam pelaksanaannya, perencanaan kebutuhan SDM Human capital planning involves all divisions within the
melibatkan partisipasi aktif seluruh divisi dalam struktur Company’s organizational structure. At this point, the HC
organisasi Perseroan. Divisi SDM berperan sebagai mitra Division serves as a facilitator, following up on the HC needs
Page 257
strategis dan fasilitator yang mengonsolidasikan kebutuhan of each division as a reference when conducting recruitment,
dari tiap-tiap divisi. Hasil konsolidasi ini kemudian menjadi which can be done internally or externally.
acuan utama dalam pelaksanaan strategi pemenuhan talenta,
baik melalui sumber internal maupun eksternal.
Seluruh proses perencanaan dan pemenuhan SDM ini dijalankan Every employee fulfillment process is designed to support the
sebagai wujud komitmen Perseroan terhadap praktik Tata Kelola Company’s compliance with Good Corporate Governance (GCG)
Perusahaan yang Baik (Good Corporate Governance/GCG). practices, through applying the principles of transparency,
Perseroan memastikan implementasi prinsip transparansi, accountability, responsibility, independence, fairness, and
akuntabilitas, responsibilitas, independensi, serta kewajaran equality in each stage.
dan kesetaraan dalam setiap tahapannya.
REKRUTMEN KARYAWAN EMPLOYEE RECRUITMENT
Proses rekrutmen merupakan langkah strategis untuk The recruitment process is an effort to ensure that the
memastikan ketersediaan talenta berkualitas yang memiliki Company’s human capital needs are met with qualified talent
kompetensi teknis serta perilaku yang selaras dengan nilai- who possess adequate technical competence and behave
nilai budaya Perseroan. Perseroan menjamin penerapan in accordance with the Company’s values. The Company
prinsip kesempatan kerja yang setara (Equal Employment guarantees the implementation of equal employment
Opportunity) bagi setiap pelamar. Proses seleksi dilakukan opportunity principles for all applicants. The selection process
secara objektif tanpa diskriminasi dalam bentuk apa pun, serta is conducted objectively without discrimination of any kind,
tidak membedakan latar belakang identitas yang mencakup and without regards on identity backgrounds including gender,
gender, suku, ras, etnis, maupun agama. ethnicity, race, or religion.
Metode pemenuhan kebutuhan SDM di Perseroan dilakukan The Company recruits through both internal and external
melalui dua sumber: channels.
1. Sumber Internal: Dilakukan melalui mekanisme rotasi, 1. Internal Sources: Conducted through rotation, transfer, or
mutasi, maupun promosi jabatan untuk mengoptimalkan promotion mechanisms to optimize existing talent.
talenta yang ada.
2. Sumber Eksternal: Dilakukan untuk merekrut tenaga kerja 2. External Sources: Conducted to recruit new employees,
baru, baik dari kalangan lulusan baru (fresh graduate) both fresh graduates and professionals. This process
maupun tenaga profesional (professional hire). Proses utilizes various channels, such as online media, talent
ini memanfaatkan berbagai saluran, seperti media daring scouting, and strategic partnerships with a number of
(online), pencarian bakat (talent scouting), serta kerja leading universities (job searching).
sama strategis dengan sejumlah universitas terkemuka
(job searching).
Sepanjang tahun 2025, sebagai respons atas kebutuhan Throughout 2025, in response to the growing needs of the
organisasi yang berkembang, Perseroan telah merealisasikan organization, the Company has realized the recruitment of as 257
rekrutmen sebanyak 3 (tiga) karyawan baru. many as 3 (three) new employees.
Tabel Rekrutmen Karyawan Baru
Table of New Employee Recruitment
PT Sarana Multigriya Finansial (Persero)
(disajikan dalam jumlah orang)
(presented in number of persons)
Uraian
Description
2025 2024
Jenis Kelamin:
Gender:
Laki-laki 1 5
Male
Perempuan 2 3
Female
Jumlah 3 8
Total
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Fungsi Penunjang Bisnis
Business Support Funtion
Uraian
Description
2025 2024
Usia
Age
20 – 30 tahun 2 4
20-30 years old
31 – 35 tahun 1 2
31-35 years old
36 – 40 tahun - 2
36-40 years old
41 – 45 tahun - -
41-45 years old
46 – 50 tahun - -
46-50 years old
51 – 55 tahun - -
51-55 years old
> 55 tahun - -
>55 years old
Jumlah 3 8
Total
Wilayah Operasi
Operational area
Jakarta 3 8
Jumlah 3 8
Total
258
TINGKAT TURNOVER KARYAWAN EMPLOYEE TURNOVER RATE
Tingkat turnover karyawan merupakan indikator utama yang The employee turnover rate is a key indicator reflecting the
mencerminkan dinamika pergerakan tenaga kerja yang dynamics of the workforce leaving the Company on their own
Laporan Tahunan 2025 Annual Report
meninggalkan Perseroan atas inisiatif pribadi (voluntary initiative (voluntary resignation). The Company monitors this
resignation). Perseroan memantau tingkat turnover ini secara turnover rate regularly as a measure of the effectiveness of
berkala sebagai salah satu tolak ukur efektivitas strategi retensi its retention strategy and the level of employee engagement
serta tingkat keterikatan karyawan (employee engagement) in the workplace.
terhadap lingkungan kerja.
Dalam melakukan perhitungan rasio ini, Perseroan menerapkan In calculating this ratio, the Company applies clear boundaries.
batasan yang jelas. Karyawan yang mengakhiri masa bakti Employees who end their service due to reaching normal
dikarenakan memasuki usia pensiun normal, meninggal dunia, retirement age, death, or the end of their agreed-upon
atau berakhirnya masa kontrak kerja yang telah disepakati employment contract (involuntary turnover) are not counted
(involuntary turnover), tidak diperhitungkan sebagai komponen as a component in determining the turnover rate. This approach
penentu tingkat turnover. Pendekatan ini dilakukan untuk is used to obtain an accurate picture of the level of satisfaction
mendapatkan gambaran yang akurat mengenai tingkat and loyalty of active employees.
kepuasan dan loyalitas karyawan aktif.
Sesuai dengan rumus tersebut, maka diperoleh tingkat turnover According to this formula, the employee turnover rate is
karyawan sebagaimana tabel berikut: obtained as shown in the following table:
Turnover Karyawan
Employee Turnover
(disajikan dalam jumlah orang)
(presented in number of persons)
Uraian
Description
2025 2024
Jumlah karyawan meninggalkan Perseroan (mengundurkan diri) 10 4
Number of employees leaving the Company (resigning)
Jumlah karyawan awal tahun 117 114
Number of employees at the beginning of the year
Page 259
Turnover Karyawan
Employee Turnover
(disajikan dalam jumlah orang)
(presented in number of persons)
Uraian
Description
2025 2024
Jumlah karyawan akhir tahun 110 117
Number of employees at the end of the year
Tingkat Turnover 8,81% 3,5%
Turnover Rate
PENEMPATAN KARYAWAN EMPLOYEE PLACEMENT
Pasca-proses rekrutmen, Perseroan menempatkan setiap Once the recruitment process is completed, the Company
karyawan baru pada posisi yang sesuai dengan kualifikasi dan assigns the new employees to the positions for which they
formasi yang dilamar. Sebelum efektif bekerja di unit kerjanya, apply. The placement process begins with familiarizing new
setiap karyawan baru diwajibkan mengikuti Program Orientasi employees with the Company’s culture and core values, as well
(Induksi). Program ini bertujuan untuk memberikan pembekalan as operational understanding that applies in the Company’s
mendalam mengenai budaya kerja, tata nilai (core values), serta environment.
pemahaman operasional yang berlaku di lingkungan Perseroan.
Lebih lanjut, Perseroan menerapkan kebijakan pengelolaan Furthermore, the Company implements a dynamic talent
talenta yang dinamis. Karyawan yang telah ditempatkan management policy. Employees who have been assigned
memiliki peluang untuk menjalani rotasi atau mutasi ke divisi may be reassigned to other divisions. This policy is to meet
lain. Kebijakan ini untuk memenuhi kebutuhan organisasi the needs of the organization and as a form of real support
maupun sebagai bentuk dukungan nyata Perseroan terhadap from the Company for career development and enrichment of
pengembangan karier dan pengayaan kompetensi karyawan. employee competencies.
KOMPOSISI KARYAWAN EMPLOYEE COMPOSITION
Per 31 Desember 2025, operasional Perseroan didukung oleh As of December 31, 2025, the Company operates with the
110 orang karyawan. Jumlah ini tercatat menurun dibandingkan support of 110 employees This was a decrease compared to
posisi per 31 Desember 2024 yang berjumlah 117 orang. December 31, 2024 whuch was 117 perople. The decrease was
Penurunan tersebut terutama disebabkan pergerakan karyawan primarily due to employee turnover, dominated by voluntary
yang didominasi oleh pengunduran diri atas keinginan sendiri resignations. The Company views this as part of normal
(voluntary resign). Perseroan memandang hal tersebut sebagai workforce dynamics and continues to ensure operational
bagian dari dinamika ketenagakerjaan yang wajar dan terus continuity through planned and sustainable human resource
memastikan keberlangsungan operasional melalui pengelolaan management. 259
sumber daya manusia yang terencana dan berkelanjutan.
Tabel Komposisi Karyawan Berdasarkan Jenis Kelamin
Table of Employee Composition by Gender
PT Sarana Multigriya Finansial (Persero)
(disajikan dalam jumlah orang)
(presented in number of persons)
Uraian
Description
2025 2024
Laki-laki 72 79
Male
Perempuan 38 38
Female
Jumlah 110 117
Total
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Fungsi Penunjang Bisnis
Business Support Funtion
Tabel Komposisi Karyawan Berdasarkan Status Kekaryawanan
Table of Employee Composition by Employment Status
(disajikan dalam jumlah orang)
(presented in number of persons)
Uraian
Description
2025 2024
Karyawan Tetap 106 114
Permanent Employee
Karyawan Tidak Tetap (Kontrak) 4 3
Non-permanent Employee (Contract Based)
Jumlah 110 117
Total
Tabel Komposisi Karyawan Berdasarkan Jenjang Pendidikan
Table of Employee Composition by Education
(disajikan dalam jumlah orang)
(presented in number of persons)
Uraian
Description
2025 2024
Doktoral (S3) 1 1
Doctor
Magister (S2) 38 40
Master
Sarjana (S1) 68 72
Bachelor’s Degree
Diploma (D3) 2 2
Diploma 3
SMA/Sederajat 1 2
High School/Equivalent
260 Jumlah 110 117
Total
Tabel Komposisi Karyawan Berdasarkan Usia
Laporan Tahunan 2025 Annual Report
Table of Employee Composition by Age
(disajikan dalam jumlah orang)
(presented in number of persons)
Uraian
Description
2025 2024
23 – 30 tahun 22 27
23-30 years old
31 – 35 tahun 39 44
31-35 years old
36 – 40 tahun 23 20
36-40 years old
41 – 45 tahun 13 17
41-45 years old
46 – 50 tahun 10 6
46-50 years old
51 – 55 tahun 3 3
51-55 years old
> 55 tahun - -
>55 years old
Jumlah 110 117
Total
Page 261
Tabel Komposisi Karyawan Berdasarkan Level Jabatan
Table of Employee Composition by Position
(disajikan dalam jumlah orang)
(presented in number of persons)
Uraian
Description
2025 2024
Senior Vice President 3 3
Vice President 12 11
Senior AVP 4 6
Assistant Vice President (AVP) 11 9
Senior Manager 14 15
Manager 29 24
Assistant Manager 31 42
Senior Associate & Associate 6 7
Jumlah 110 117
Total
PENGEMBANGAN KOMPETENSI COMPETENCY DEVELOPMENT
Pengembangan kompetensi karyawan merupakan investasi Employee competency development is a strategic investment
strategis untuk mendukung pencapaian visi, misi, dan sasaran to support the achievement of the organization’s vision,
kinerja organisasi. Program pendidikan dan pelatihan dijalankan mission, and performance objectives. Education and training
melalui siklus yang komprehensif, dimulai dari analisis programs are implemented through a comprehensive cycle,
kebutuhan (Training Need Analysis), perancangan strategi, starting from training needs analysis, strategy design, learning
eksekusi solusi pembelajaran (learning solution), hingga solution execution, to post-training effectiveness monitoring
pemantauan dan evaluasi efektivitas pasca-pelatihan. and evaluation.
Dalam pelaksanaannya, Perseroan menjunjung tinggi prinsip These processes are carried out to support the achievement
kesetaraan dengan memberikan kesempatan yang sama bagi of strategies and performance targets that are consistent with
seluruh karyawan untuk mengikuti program pengembangan the Company’s vision and mission. The Company offers equal
tanpa membedakan latar belakang gender, ras, maupun agama. opportunities for all employees to participate in education
Kendati demikian, prioritas keikutsertaan tetap diselaraskan and training programs, regardless of gender, race, or religion.
dengan peta kebutuhan kompetensi organisasi. Nonetheless, the employee education and training programs
are tailored to the Company’s needs.
Metode pengembangan kompetensi menerapkan pendekatan Education and training programs are delivered through online/ 261
blended learning yang mengacu pada model 70:20:10, yaitu: offline or blended learning, emphasizing the 70:20:10 method
1. 70% Experiential Learning : Pembelajaran berbasis 1. 70% Experiential Learning: Experience-based learning
pengalaman melalui penugasan proyek dan rotasi kerja; through project assignments and job rotations;
2. 20% Social Learning: Pembelajaran melalui interaksi sosial, 2. 20% Social Learning: Learning through social interactions,
PT Sarana Multigriya Finansial (Persero)
mentoring, dan coaching; mentoring, and coaching;
3. 10% Formal Learning: Pembelajaran terstruktur di dalam 3. 10% Formal Learning: Structured learning in the classroom
kelas maupun daring. or online.
Sepanjang tahun 2025, program-program unggulan yang Throughout 2025, the flagship programs implemented include:
dijalankan meliputi:
1. Sertifikasi BSMR/LSPP Jenjang 4 sd 7 untuk Direksi dan 1. BSMR/LSPP Certification Levels 4 to 7 for Directors and
Komisaris; Commissioners;
2. Sertifikasi BSMR Jenjang 5 dan 6 untuk Kepala Divisi dan 2. BSMR Certification Levels 5 and 6 for Division Heads and
Kepala Bagian; Section Heads;
3. Sertifikasi BSMR Jenjang 4 dan 5 untuk Staf; 3. BSMR Certification Levels 4 and 5 for Staff;
4. Sertifikasi Certified Data Analyst (CDA); 4. Certified Data Analyst (CDA) Certification;
5. Sertifikasi Certified Financial Modeling & Valuation Analyst 5. Certified Financial Modeling & Valuation Analyst (FMVA)
(FMVA); Certification;
6. Sertifikasi Certified Governance, Risk, and Compliance for 6. Certified Governance, Risk, and Compliance for Executives
Executive (GRCE); (GRCE) Certification;
7. Sertifikasi Certified IT Procurement Expert (CITPE); 7. Certified IT Procurement Expert (CITPE) Certification;
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Business Support Funtion
8. Sertifikasi Certified Management Accountant (CPMA); 8. Certified Management Accountant (CPMA) Certification;
9. Sertifikasi Certified Organizational Development Manager 9. Certified Organizational Development Manager (CODM)
(CODM); Certification;
10. Sertifikasi Certified Professional Management Accountant 10. Certified Professional Management Accountant (CPMA)
(CPMA); Certification;
11. Sertifikasi Certified Remuneration Manager; 11. Certified Remuneration Manager Certification;
12. Sertifikasi Chartered Accountant (CA) Level Professional 12. Chartered Accountant (CA) Professional and Advanced
dan Level Advance; Level Certification;
13. Sertifikasi Cisco Certified Design Associate (CCDA); 13. Cisco Certified Design Associate (CCDA) Certification;
14. Sertifikasi Manager Sumber Daya Manusia; 14. Human Resources Manager Certification;
15. Sertifikasi Pajak Brevet A&B; 15. Tax Brevet A&B Certification;
16. Sertifikasi Pembekalan Treasury Jenjang 5; 16. Treasury Briefing Certification Level 5;
17. Sertifikasi Pendidikan Profesi Konsultan Hukum Sektor 17. Basic Legal Consultant Professional Education Certification
Keuangan Dasar II; for the Basic Financial Sector II;
18. Sertifikasi Professional Financial Modeling (PFM); 18. Professional Financial Modeling (PFM) Certification;
19. Sertifikasi Professional Qualified Internal Auditor (PQIA); 19. Professional Qualified Internal Auditor (PQIA) Certification;
20. Sertifikasi Project Management Professional (PMP); 20. Project Management Professional (PMP) Certification;
21. Sertifikasi Qualified Internal Audit (QIA) Tingkat Lanjutan; 21. Advanced Qualified Internal Audit (QIA) Certification;
22. Sertifikasi Qualified Internal Audit (QIA) Tingkat Manajerial; 22. Managerial-Level Qualified Internal Audit (QIA) Certification;
23. Sertifikasi Qualified Internal Audit (QIA) Tingkat Manajerial 23. Managerial-Level Qualified Internal Audit (QIA) Certification
Khusus Kepala SPI; Specifically for Head of Internal Audit;
24. Sertifikasi Veeam Certified Engineer (VMCE). 24. Veeam Certified Engineer (VMCE) Certification.
REALISASI PROGRAM PENDIDIKAN REALIZATION OF EDUCATION
DAN PELATIHAN AND TRAINING PROGRAM
Realisasi pendidikan dan pelatihan pada tahun 2025 adalah The realization of education and training in 2025 will consist of
sebanyak 91 program, dengan peserta sebanyak 721 karyawan 91 programs, with 721 employees participating and a duration
dan durasi selama 10.464 jam pelatihan. Rincian program of 10,464 training hours. Details of the education and training
262
pendidikan dan pelatihan bagi karyawan Perseroan pada 2025 programs for the Company’s employees in 2025 are as follows:
adalah sebagai berikut:
Laporan Tahunan 2025 Annual Report
Rata-rata
Jumlah
Durasi (Jam)
Judul Pelatihan Metode Penyelenggara Peserta
No. Average
Title of Training Method Organizer Total
Duration
Participant
(Hours)
1 11th Indonesia HR Director Summit Offline Intipesan 9 1
2 AGLP: Leadership Excellence; Harnessing The Power of Offline SRW & Co. 45 2
Technology and Fine Arts
3 Ahli K3 Umum Online PT Dwidaya Putra Lembata 117 1
General Occupational Safety and Health Expert (Safety Consultant)
4 Analisa Kelayakan Lembaga Jasa Keuangan (Financial Offline PT Garda Multi Talenta 14 24
Institution)
Financial Institution Feasibility Analysis
5 Anti Pencucian Uang, Pencegahan Pendanaan Offline Pusdiklat APU PPT 9 23
Terorisme, dan Pencegahan Pendanaan Proliferasi Anti-Money Laundering and
Senjata Pemusnah Massal (APU, PPT, dan PPPSPM) Counter-Terrorism Financing
Anti-Money Laundering, Counter-Terrorism Financing, Training Center
and Counter-Proliferation Financing (AML, CTF, and
CPF)
6 Artificial Intelligence (AI) for Strategic Scenario Planning Offline BPPK Kementerian Keuangan RI 18 2
Financial Education and
Training Agency, Ministry of
Finance of the Republic of
Indonesia
7 Asset Liability Management (ALM) Offline PT Garda Multi Talenta 15 26
Page 263
Rata-rata
Jumlah
Durasi (Jam)
Judul Pelatihan Metode Penyelenggara Peserta
No. Average
Title of Training Method Organizer Total
Duration
Participant
(Hours)
8 Brevet C Online Ikatan Akuntan Indonesia 702 2
Indonesian Institute of
Accountants
9 BSMR Jenjang 4 Offline PT Garda Multi Talenta 15 9
BSMR Level 4
10 BSMR Jenjang 4 Offline PT Arfaidhams Secret 16 37
BSMR Level 4
11 BSMR Jenjang 5 Offline PT Arfaidhams Secret 17 26
BSMR Level 5
12 BSMR Jenjang 5 Offline PT Garda Multi Talenta 16 4
BSMR Level 5
13 BSMR Jenjang 6 Offline PT Garda Multi Talenta 13 9
BSMR Level 6
14 BSMR Jenjang 7 Offline PT Garda Multi Talenta 29 5
BSMR Level 7
15 Budgeting Offline PT Pustaka Binaman Pressindo 16 3
16 Business Intelligence (Data Analyst) Offline CV Loka Media 18 1
17 Business Model Innovation in the Age of AI Offline The Wharton School of 32 1
University of Pennsylvania
18 Certified Data Analyst (CDA) Offline PT Pustaka Binaman Pressindo 24 1
19 Certified Governance, Risk, and Compliance For Offline BPPK Kementerian Keuangan RI 8 1
Executive (GRCE) Financial Education and
Training Agency, Ministry of
Finance of the Republic of
Indonesia
20 Certified IT Procurement Expert (CITPE) Offline PT Sharing Vision Indonesia 27 1
21 Certified Organizational Development Manager (CODM) Online PT Pustaka Binaman Pressindo 225 1
22 Certified Professional Management Accountant (CPMA) Offline Institut Akuntan Manajemen 18 1
Indonesia (IAMI)
Indonesian Institute of
Management Accountants
23 Certified Professional Management Accountant (CPMA) Online PPA FEB UI 860 2
Accounting Profession 263
Education Program, Faculty
of Economics and Business,
Universitas Indonesia
24 Certified Remuneration Manager Offline PPM Manajemen 126 1
PT Sarana Multigriya Finansial (Persero)
PPM School of Management
25 Certified Risk Management (CRM) dan Refreshment Offline Ikatan Akuntan Indonesia 8 3
BSMR Jenjang 7 Indonesian Institute of
Certified Risk Management (CRM) dan Refreshment Accountants
BSMR Level 7
26 Chartered Accountant (CA) Level Professional dan Offline Ikatan Akuntan Indonesia 9 1
Level Advance Indonesian Institute of
Accountants
27 Cisco Certified Design Associate (CCDA) Offline PT Packet Systems Indonesia 14 4
28 Climate Change Offline PT Surveyor Indonesia 8 24
29 Effective Leadership Offline PPM Manajemen 18 1
PPM School of Management
30 Emisi Scope 3 Offline PT BATS International Group 7 18
Scope 3 emissions
31 Executive Coaching Program Online PT Cipta Adhi Potensia 1.216 9
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Business Support Funtion
Rata-rata
Jumlah
Durasi (Jam)
Judul Pelatihan Metode Penyelenggara Peserta
No. Average
Title of Training Method Organizer Total
Duration
Participant
(Hours)
32 Expansive Leadership Program Offline PT Mediatama Sinergi Emas 18 1
(MSE)
34 Finance for Non Finance for Professionals Offline Prasetya Mulya Executive 15 1
Learning Institute
35 First Line Leadership : Becoming Effective Leader Offline PT. Prasetiya Mulya ELI 23 1
36 Getting High Performance Using Office Of Strategy Offline PT OTI Transformasi Lintas 8 3
Management Internasional
37 Grafonomy dan Analisa Pemalsuan Dokumen Offline PT Businessfirst International 9 1
38 GRC Summit 2025 ; Resilience to Sustainability ; Offline CRMS 16 1
Leading Throuht GRC in The Post - Digital Era
39 Grofonomy dan Analisa Pemalsuan Dokumen Offline PT Businessfirst International 9 2
Grofonomy and Document Forgery Analysis
40 Hak Asasi Manusia Offline PT Surveyor Indonesia 8 23
Human Rights
41 HRD Masterclass Offline PT Aksara Juara Nusantara 18 1
42 IIA National Conference Offline Institute of Internal Audit 16 2
43 Implikasi Pajak Atas Nilai Wajar (Fair Value) Dalam Online Ikatan Akuntan Indonesia (IAI) 7 2
Laporan Keuangan Indonesian Institute of
Tax Implications of Fair Value in Financial Statements Accountants
44 Indonesia Internal Audit Practitioner (IIAP) Offline The Institute of Internal 136 1
Auditors (IIA) Indonesia
45 Infobank Institute HR Forum 2025 ; Meningkatkan Offline PT Infobank Institusi Keuangan 18 2
Kapasitas SDM di Industri Perbankan" Indonesia
264 Infobank Institute HR Forum 2025; Enhancing Human
Resource Capacity in the Banking Industry
46 Internal Control Over Financial Reporting Online Ikatan Akuntan Indonesia (IAI) 11 2
Indonesian Institute of
Accountants
Laporan Tahunan 2025 Annual Report
47 Konfrensi Auditor Internal Offline Yayasan Pendidikan Internal 21 2
Internal Auditor Conference Audit (YPIA)
Internal Audit Education
Foundation (YPIA)
48 Leadership Training for Result Offline Dale Carnegie Indonesia 27 1
49 LSPP Jenjang 4 Hybrid PT Garda Multi Talenta 51 3
LSPP Level 4 Certification
50 LSPP Jenjang 5 Hybrid PT Garda Multi Talenta 12 4
LSPP Level 5 Certification
51 Manager Sumber Daya Manusia Online PT Magnet Soulusi Integra 136 1
Human Resources Manager
52 Marketing Strategy & Product Development Offline Veronica Grasiaveni 16 29
53 Mental Health as a Core Competency Offline PT GML Performance 4 1
Consulting
54 Microsoft Power BI Offline PT Tharwa Trans Indoteknologi 16 2
55 Organization Diagnostic: Discovering the Areas in Your Offline PT OTI Transformasi Lintas 16 3
Organization to Increase Profitability International
56 Pajak Brevet A&B Offline Ikatan Akuntan Indonesia 1.240 1
Brevet A & B Tax Certification Indonesian Institute of
Accountants
Page 265
Rata-rata
Jumlah
Durasi (Jam)
Judul Pelatihan Metode Penyelenggara Peserta
No. Average
Title of Training Method Organizer Total
Duration
Participant
(Hours)
57 Pelantikan dan Penyumpahan Advokat Offline Dewan Pengacara Nasoinal 21 1
Inauguration and Oath-Taking Ceremony of Advocates National Advocates Council
58 Pelatihan Pajak Terapan Brevet A&B Terpadu Offline Ikatan Akuntan Indonesia 510 1
Integrated Applied Tax Training – Brevet A & B Indonesian Institute of
Accountants
59 Pelindungan Konsumen Sesuai POJK 22 Tahun 2023 Offline PT Infobank Institusi Keuangan 7 19
Consumer Protection in Accordance with POJK No. 22 Indonesia
of 2023
60 Pembekalan Treasury Jenjang 5 Offline Asosiasi Pasar Uang dan 15 3
Treasury Training – Level 5 Pasa Valuta Asing Indonesia
(APUVINDO)
Indonesian Money Market and
Foreign Exchange Association
(APUVINDO)
61 Pendidikan Profesi Konsultan Hukum Sektor Keuangan Offline Hukum Online bekerjasama 95 1
Dasar II dengan Himpunan Konsultan
Professional Education for Financial Sector Legal Hukum Sektor Keuangan
Consultants – Basic Level II Hukum Online in collaboration
with Association of Financial
Sector Legal Consultants
62 Presentasi Pro Offline Harli Ona Patra 9 5
Professional Presentation Training
63 Product Knowledge Offline Erica Soeroto 14 16
64 Professional Financial Modeling (PFM) Offline PT Rajawali Consulting 116 1
65 Professional Qualified Internal Auditor (PQIA) Offline Yayasan Pendidikan Internal 36 1
Audit (YPIA)
Internal Audit Education
Foundation (YPIA)
66 Professional Recognition Program for Qualified Internal Offline Yayasan Pendidikan Internal 18 1
Auditor (QIA) Audit
Internal Audit Education
Foundation (YPIA)
67 Program Pendidikan Pasar Modal Syariah (PPMS) Online TICMI 10 1
Sharia Capital Market Education Program (PPMS)
68 Project Management Professional (PMP) Offline PT Lifelong Learning 45 1
265
69 Qualified Internal Audit (QIA) Tingkat Lanjutan Offline Yayasan Pendidikan Internal 48 1
Advanced Qualified Internal Audit (QIA) Audit (YPIA)
Internal Audit Education
Foundation (YPIA) PT Sarana Multigriya Finansial (Persero)
70 Qualified Internal Audit (QIA) Tingkat Manajerial Offline Yayasan Pendidikan Internal 64 1
Managerial Qualified Internal Audit (QIA) Audit (YPIA)
Internal Audit Education
Foundation (YPIA)
71 Refreshment Treasury Jenjang 5 Online Association Cambiste Indonesia 8 1
Level 5 Refreshment Treasury (ACI)
72 Remunerasi Offline Setya Rahadi 7 2
Remuneration
73 SAK Bootcamp Offline Ikatan Akuntan Indonesia 32 1
Indonesian Institute of
Accountants
74 Secondment Cagamas Offline Cagamas Berhad 32 1
Secondment to Cagamas
75 Secondment Cagamas 10 - 11 Desember 2025 Online Cagamas Berhad 18 18
Secondment to Cagamas on December 10-11, 2025
76 Sharing Session Analisa Keungan Bersama Bank Offline PT Bank Manidiri Tbk 7 25
Mandiri
Financial Analysis Sharing Session with Bank Mandiri
Page 266
Fungsi Penunjang Bisnis
Business Support Funtion
Rata-rata
Jumlah
Durasi (Jam)
Judul Pelatihan Metode Penyelenggara Peserta
No. Average
Title of Training Method Organizer Total
Duration
Participant
(Hours)
77 Sistem Informasi Manajemen Risiko Sesuai POJK 42 Offline PT Arfaidhams Secret 16 21
2024
Risk Management Information System in Accordance
with POJK 42 2024
78 Sosialisasi Risk Culture; Anti Fraud Offline BPKP 3 43
Risk Culture Awareness; Anti-Fraud Financial and Development
Supervisory Agency
79 Strategi Menghadapi Tahun 2026 yang Challenging Offline PT Agra Bangun Bangsa 2 54
dengan Lebih Produktif
Strategies for Facing a Challenging 2026 More
Productively
80 Supervisory Leadership Offline PT Arga Bangun Bangsa 27 1
81 Sustainable Finance Forum; Banking on Change; A Offline Kadin Indonesia 3 1
Roadmap for a Climate-Aligned Future for Financial Indonesian Chamber of
Institutions Commerce and Industry
82 Talent Aquisition Training ; Atasi Bad Hiring Dengan Online PT Persona Analitika Asia 10 1
Strategi Rekrutmen Yang Tepat
Talent Acquisition Training: Overcome Bad Hiring with
the Right Recruitment Strategy
83 The 20th IRSA International Conference 2025 - Offline Perkumpulan Ilmu Regional 14 3
Localizing Smart Economy and Infrastructure for Indonesia
Inclusive Growth and Sustainability Indonesian Regional Science
Association
84 The 9th Asia Pacific HR Forum Offline Intipesan 18 1
85 Ujian Profesi Advokat, Pelantikan, & Penyumpahan Offline Dewan Pengacara Nasional 8 1
Advokat National Advocates Council
266 Bar Exam, Admission, and Oath of Advocates
86 Unlocking The Future; Penerapan AI & Transformasi Hybrid PT Bisa Artifisial Indonesia 4 99
Digital di Jasa Keuangan
Unlocking The Future; AI Implementation & Digital
Laporan Tahunan 2025 Annual Report
Transformation in Financial Services
87 Update Pelatihan PPh 21 Offline CV Esindo Multi Tata 18 1
Update on Income Tax Article 21 Training
88 Veeam Certified Engineer (VMCE) Offline PT Mitra Integrasi Informatika 28 4
89 Wakil Manager Investasi (WMI) Jenjang 5 Offline TICMI 4 1
Deputy Investment Manager (WMI) Level 5
90 Workshop Internal Control over Financial Reporting Offline Abdiansyah Prahasto 3 27
(ICOFR)
Workshop on Internal Control over Financial Reporting
(ICOFR)
91 Workshop Manajemen Kepatuhan Penerapan Program Offline Hukum Online 4 2
APU, PPT, dan PPPSPM dan Tanggung Jawab
Korporasi Jasa Keuangan
Workshop on Compliance Management for the
Implementation of APU, PPT, and PPPSPM Programs
and the Responsibilities of Financial Services
Corporations
Grand Total 10.464 721
Page 267
INVESTASI PROGRAM PENDIDIKAN INVESTMENT IN EDUCATION
DAN PELATIHAN AND TRAINING PROGRAMS
Pada tahun 2025, Perseroan merealisasikan investasi untuk In 2025, the Company will invest Rp5,258,135,034 or 3.91% of
menyelenggarakan program pendidikan dan pelatihan sebesar its total 2025 Labor Costs in education and training programs.
Rp5.258.135.034atau 3,91% dari total Biaya Tenaga Kerja tahun In 2024, this investment will amount to Rp3,858,957,265.
2025 dan pada tahun 2024 adalah sebesar Rp3.858.957.265.
Selanjutnya sesuai dengan RKAP 2026, rencana investasi Furthermore, in accordance with the 2026 RKAP, the investment
program pendidikan dan pelatihan untuk tahun 2026 adalah plan for education and training programs for 2026 according
sebesar Rp6.444.726.800 atau 4,56% dari Beban Personil to the RKAP is Rp6.444.726.800 or 4,56% from personnel
tahun 2026 berdasarkan analisis kebutuhan pelatihan yang expenses of 2026 based on the need analysis of training needs
sudah dilakukan. which have been conducted.
SISTEM MANAJEMEN KINERJA PERFORMANCE MANAGEMENT SYSTEM
Perseroan berkomitmen menciptakan budaya kerja berbasis The Company is committed to creating a high-performance
kinerja tinggi melalui penerapan Sistem Manajemen Kinerja work culture through the implementation of an integrated,
yang terintegrasi, objektif dan transparan dengan mengadopsi objective, and transparent Performance Management System,
kerja Balanced Scorecard (BSC). adopting the Balanced Scorecard (BSC) approach.
Setiap awal tahun, sasaran strategis Perseroan diturunkan At the beginning of each year, the Company’s strategic
secara berjenjang (cascading) mulai dari tingkat Direktorat, objectives are cascaded down from the Directorate, Division,
Divisi, Unit, hingga ke level Individu. Melalui pendekatan ini, Unit, and Individual levels. Through this approach, each
setiap karyawan memiliki pemahaman yang jelas mengenai employee has a clear understanding of how their specific
bagaimana peran spesifik mereka berkontribusi langsung role directly contributes to achieving the Company’s overall
terhadap pencapaian target besar Perseroan. Dalam targets. In its preparation, each Key Performance Indicator (KPI)
penyusunannya, setiap Indikator Kinerja Utama (IKU) wajib must meet the SMART-C (Specific, Measurable, Attainable,
memenuhi prinsip SMART-C (Specific, Measurable, Attainable, Relevant, Time-bound, and Continuously Improved) principles.
Relevant, Time-bound, dan Continuously Improved). Untuk To maintain relevance to fluctuating business dynamics, KPI
menjaga relevansi terhadap dinamika bisnis yang fluktuatif, realization is monitored and reviewed periodically as part of
realisasi IKU dipantau dan ditinjau secara berkala sebagai the target achievement risk mitigation process.
bagian dari proses mitigasi risiko pencapaian target.
1. Perspektif Mandat dan Keuangan 1. Mandate and Financial Perspective
Mengukur efektivitas Perseroan dalam menjalankan mandat Measuring the Company’s effectiveness in carrying out
Pemerintah (sebagai Special Mission Vehicle) sekaligus its government mandate (as a Special Mission Vehicle)
menjaga keberlanjutan finansial. Parameter utama meliputi while maintaining financial sustainability. Key parameters
volume penyaluran pinjaman KPR dan optimalisasi laba include mortgage loan disbursement volume and net profit
bersih. optimization. 267
2. Perspektif Pemangku Kepentingan (Stakeholder) 2. Stakeholder Perspective
Menitikberatkan pada tingkat kepuasan dan kepercayaan Focuses on stakeholder satisfaction and trust as the
para pemangku kepentingan sebagai pondasi reputasi foundation of a long-term reputation.
jangka panjang.
PT Sarana Multigriya Finansial (Persero)
3. Perspektif Proses Bisnis Internal 3. Internal Business Process Perspective
Berfokus pada keunggulan operasional melalui inovasi Focuses on operational excellence through product
produk, keandalan proses, dan efektivitas strategi innovation, process reliability, and effective marketing
pemasaran untuk menciptakan nilai tambah. strategies to create added value.
4. Perspektif Pembelajaran & Pertumbuhan 4. Learning & Growth Perspective
Sebagai fondasi pertumbuhan berkelanjutan, perspektif ini As a foundation for sustainable growth, this perspective
berfokus pada penguatan kapasitas Modal Insani (Human focuses on strengthening Human Capital capacity,
Capital), transformasi Teknologi Informasi, dan efisiensi Information Technology transformation, and organizational
organisasi. efficiency.
Untuk memastikan akuntabilitas, Perseroan melaksanakan To ensure accountability, the Company conducts periodic
penilaian kinerja secara periodik. Level Staf dievaluasi setiap performance assessments. Staff-level evaluations are quarterly,
triwulan, sementara level Manajerial (Kepala Bagian hingga while Managerial-level evaluations (from Head of Department
Kepala Divisi) dilakukan setiap semester. to Head of Division) are conducted semi-annually.
Page 268
Fungsi Penunjang Bisnis
Business Support Funtion
Sistem Manajemen Kinerja ini merupakan instrumen utama This Performance Management System is the primary
dalam pengambilan keputusan strategis sumber daya manusia. instrument for strategic human resource decision-making. As of
Per 31 Desember 2025, Perseroan telah menyelesaikan December 31, 2025, the Company had completed performance
penilaian kinerja terhadap 100% karyawan menggunakan assessments of 100% of its employees using the individual
metode IKU individual. Output dari penilaian ini menjadi basis KPI method. The output of these assessments serves as an
data yang akurat untuk: accurate database for:
1. Manajemen Kompensasi & Reward: Pemberian penghargaan 1. Compensation & Reward Management: Performance-based
berbasis performa (pay-for-performance). rewards (pay-for-performance).
2. Pengembangan Karier: Dasar pelaksanaan rotasi, promosi, 2. Career Development: The basis for implementing rotations,
dan pengisian posisi kunci. promotions, and filling key positions.
3. Talent Management: Identifikasi kader potensial (high talent) 3. Talent Management: Identification of high-potential talent
untuk suksesi kepemimpinan masa depan. for future leadership succession.
PENGELOLAAN KESELAMATAN OCCUPATIONAL SAFETY AND
DAN KESEHATAN KERJA HEALTH MANAGEMENT
Sebagai bentuk komitmen menciptakan lingkungan kerja As part of its commitment to creating a safe, healthy, and
yang aman, sehat, dan produktif, Perseroan secara konsisten productive work environment, the Company consistently
menerapkan prinsip-prinsip K3 di seluruh lini operasional. implements OSH principles across all lines of operation.
Sepanjang tahun, Perseroan berhasil mempertahankan kinerja Throughout the year, the Company successfully maintained
K3 dengan baik, tercermin dari tidaknya insiden kecelakaan good OHS performance, as reflected in the absence of work
kerja serta tidak tercatat adanya penyakit akibat kerja. Informasi accidents and work-related illnesses. Detailed information
terperinci terkait K3 disampaikan pada Laporan Keberlanjutan regarding OHS is presented in the SMF 2025 Sustainability
SMF 2025 yang menjadi satu kesatuan Laporan Tahunan ini. Report, which forms an integral part of this Annual Report.
MANAJEMEN TALENTA DAN TALENT MANAGEMENT AND
PENGEMBANGAN KARIER CAREER DEVELOPMENT
Pengembangan karier merupakan kelanjutan dari sistem Career development is a continuation of the performance
268
penilaian kinerja. Melalui sistem penilaian yang komprehensif, appraisal system. Through a comprehensive assessment
Perseroan tidak hanya mengukur hasil kerja, tetapi juga system, the Company not only measures work results but
memotivasi karyawan untuk terus meningkatkan kontribusi also motivates employees to continuously improve their
dan kompetensinya. contributions and competencies.
Laporan Tahunan 2025 Annual Report
Perencanaan Suksesi Succession Planning
Untuk menjamin keberlangsungan kepemimpinan organisasi, To manage the continuity of organizational leadership, the
Perseroan menjalankan program perencanaan suksesi Company implements a succession planning program through
melalui manajemen talenta yang terstruktur. Tujuannya adalah structured talent management. The goal is for the availability
memastikan ketersediaan dan kesiapan calon pemimpin masa and readiness of future leaders, particularly for key positions.
depan (future leaders), khususnya untuk posisi-posisi kunci
(key positions).
Proses manajemen talenta dimulai dengan identifikasi talenta The talent management process begins with talent identification
yang mencakup seluruh karyawan. Divisi SDM kemudian covering all employees. The HR Division then conducts talent
melakukan pemetaan talenta (talent mapping) menggunakan mapping using the 9-Box Grid method, which measures
metode 9-Box Grid, yang mengukur pegawai berdasarkan employees based on two main dimensions:
dua dimensi utama:
1. Kinerja (Performance), yaitu hasil pencapaian target kerja. 1. Performance, namely the achievement of work targets.
2. Potensi (Potential), yaitu kapabilitas untuk berkembang 2. Potential, namely the capability to develop and assume
dan memegang tanggung jawab lebih besar. greater responsibility.
Hasil pemetaan ini kemudian divalidasi melalui forum kalibrasi The results of this mapping are then validated through a
talenta (talent calibration) untuk menyelaraskan profil individu talent calibration forum to align individual profiles with the
dengan kebutuhan strategis organisasi. organization’s strategic needs.
Page 269
Mobilitas Jabatan dan Pengembangan Karier Job Mobility and Career Development
Perseroan memandang mobilitas jabatan sebagai instrumen The Company views job mobility as a strategic tool to ensure
strategis untuk memastikan penempatan figur yang tepat pada the placement of the right person in the right position (the right
posisi yang tepat (right man on the right place). Kebijakan person in the right place). The job transfer policy is implemented
mutasi jabatan dilaksanakan secara transparan dan akuntabel, transparently and accountably, and is classified into three
yang diklasifikasikan ke dalam tiga kategori utama: main categories:
1. Promosi: Merupakan bentuk apresiasi dan kepercayaan 1. Promotion: A form of organizational appreciation and trust in
organisasi berupa kenaikan jenjang jabatan bagi pegawai the form of a promotion to an employee who demonstrates
yang menunjukkan prestasi unggul, potensi kepemimpinan, superior performance, leadership potential, and meets the
dan telah memenuhi kualifikasi kompetensi yang required competency qualifications.
dipersyaratkan.
2. Rotasi: Dilakukan melalui perpindahan tugas pada level 2. Rotation: This involves transferring employees to the same
jabatan yang setara. Tujuannya adalah untuk memperluas job level. The goal is to broaden their experience (job
cakrawala pengalaman (job enrichment), memperkaya enrichment), enhance their skills (job enlargement), and
keterampilan (job enlargement), serta mencegah kejenuhan prevent organizational burnout to maintain productivity.
organisasi guna menjaga produktivitas.
3. Mutasi: Merupakan pemindahan karyawan dari satu posisi/ 3. Relocation: The relocation of an employee from one position/
unit kerja ke posisi/unit kerja lain di dalam perusahaan work unit to another position/work unit within the same
yang sama, tanpa mengakhiri hubungan kerja. Mutasi company, without terminating the employment relationship.
dilakukan sebagai bagian dari kebijakan manajemen Relocation is carried out as part of HR management policy to
SDM untuk menyesuaikan kebutuhan organisasi maupun adjust to organizational needs and employee development.
pengembangan karyawan.
Setiap keputusan mutasi diambil melalui proses pertimbangan Every job transfer decision is made through a comprehensive
yang komprehensif oleh Komite Karier, dengan menyelaraskan deliberation process by the Career Committee, aligning the
kebutuhan strategis organisasi, profil kompetensi individu, organization’s strategic needs, individual competency profiles,
serta kerangka besar rencana suksesi jangka panjang. Melalui and the overall framework of the long-term succession plan.
kebijakan ini, Perseroan berkomitmen untuk membangun Through this policy, the Company is committed to building a
organisasi yang dinamis, tangguh, dan berkelanjutan. Berikut dynamic, resilient, and sustainable organization. The following
adalah informasi mutasi jabatan di sepanjang tahun 2025: is information on job transfers throughout 2025:
Tabel Mutasi Jabatan Tahun 2025
Table of Transfer of Position in 2025 (persons)
(disajikan dalam jumlah orang)
(presented in number of persons)
Uraian Promosi Rotasi Mutasi
Description Promotion Rotation Relocation
Jenis Kelamin 269
Gender
Laki-laki 3 3 13
Male PT Sarana Multigriya Finansial (Persero)
Perempuan 5 2 9
Female
Jumlah 8 5 22
Total
Jenjang Jabatan
Position
Senior Vice President - - 1
Vice President 3 - 2
Sr. Assistant Vice President 1 - -
Assistant Vice President 3 - 1
Senior Manager 1 1 3
Page 270
Fungsi Penunjang Bisnis
Business Support Funtion
Tabel Mutasi Jabatan Tahun 2025
Table of Transfer of Position in 2025 (persons)
(disajikan dalam jumlah orang)
(presented in number of persons)
Uraian Promosi Rotasi Mutasi
Description Promotion Rotation Relocation
Manager - 3 6
Assistant Manager - 1 7
Senior Associate - - 2
Associate - - -
Jumlah 8 5 22
Total
REMUNERASI DAN PEMENUHAN
KESEJAHTERAAN REMUNERATION AND
FULFILLMENT OF WELFARE
Kesejahteraan karyawan merupakan salah satu prioritas
utama dalam strategi pengelolaan SDM. Kami berkomitmen Employee welfare is a top priority in our HR management
menyediakan paket remunerasi yang kompetitif, berlandaskan strategy. We are committed to providing competitive
prinsip keadilan internal (internal equity) dan daya saing remuneration packages, based on the principles of internal
eksternal (external competitiveness). equity and external competitiveness.
Perseroan senantiasa menjaga rasio kesenjangan (gap ratio)
gaji pada tingkat yang proporsional untuk memastikan keadilan The Company consistently maintains a proportional salary
bagi seluruh jenjang jabatan. Seluruh kebijakan remunerasi yang gap ratio to ensure fairness across all levels. All implemented
diterapkan telah mematuhi ketentuan perundang-undangan remuneration policies comply with applicable laws and
yang berlaku serta disesuaikan dengan kemampuan finansial regulations and are aligned with the Company’s financial
270
Perseroan. capabilities.
Komponen Remunerasi dan Manfaat
Perseroan menerapkan sistem remunerasi berbasis kinerja Remuneration and Benefits Components
Laporan Tahunan 2025 Annual Report
dan kompetensi dengan filosofi 3P (Pay for Person, Pay for The remuneration components that apply in the Company
Position, Pay for Performance), sebagai berikut: include Pay for Person, Pay for Position, and Pay for
1. Pay for Position Performance, with the following descriptions:
Remunerasi diberikan sesuai dengan tingkat posisi atau 1. Pay for Position
jabatan yang diduduki dalam Perseroan. Hal ini dikarenakan Remuneration is given according to the level of position or
semakin tinggi jabatan dalam Perseroan maka beban ranks held in the Company. The higher the position in the
pekerjaan dan tanggung jawab semakin besar. Perseroan Company, the greater the workload and responsibility. The
memiliki skema tunjangan jabatan yang diberikan Company has a position allowance scheme that is given
berdasarkan penugasannya dalam organisasi Perseroan. based on assignments in the Company’s organization.
Merupakan remunerasi berupa gaji pokok diberikan kepada This remuneration is in the form of basic salary given to
karyawan sebagai imbalan yang ditentukan dalam daftar employees as compensation determined in the employee
skala gaji karyawan. salary scale list.
2. Pay for Performance
Bentuk tunjangan yang diberikan berdasarkan tingkat 2. Pay for Performance
pencapaian kinerja atau pencapaian prestasi. Tunjangan The form of allowance given is based on the level of
ini berperan sebagai bentuk apresiasi sekaligus motivasi performance achievement. This allowance acts as a form
untuk mendorong kinerja yang lebih baik. of appreciation as well as motivation to encourage better
performance.
3. Pay for Person
Pemberian remunerasi disesuaikan dengan tingkat 3. Pay for Person
kompetensi atau kesesuaian kemampuan yang diperlukan Remuneration is adjusted to the level of competence or
Perseroan. abilities required by the Company.
Page 271
Rasio Kompensasi Total Tahunan Annual Total Compensation Ratio
Rasio kompensasi total tahunan Perseroan digunakan untuk The Company’s annual total compensation ratio is used
membandingkan gaji dan tunjangan yang diterima oleh senior to compare the salaries and benefits received by senior
manajemen yaitu Deputi Direktur dengan gaji tertinggi terhadap management, namely the Deputy Director with the highest
nilai tengah total kompensasi tahunan seluruh karyawan (tidak salary, to the median value of the total annual compensation
termasuk individu dengan bayaran tertinggi). Perseroan of all employees (excluding the highest-paid individuals). The
berkomitmen memastikan kompensasi diberikan secara Company is committed to providing compensation that is
proporsional dengan kinerja dan adil, mencerminkan kontribusi proportional to performance and fair, reflecting each employee’s
setiap karyawan terhadap pencapaian kinerja Perseroan. contribution to the Company’s performance.
Pada tahun 2025, perbandingan pendapatan tertinggi Deputi In 2025, the comparison between the highest income of the
Direktur dengan rata-rata pendapatan seluruh karyawan Deputy Director and the average income of all employees
menghasilkan rasio kompensasi total tahunan sebesar 4,38 : 1. resulted in a total annual compensation ratio of 4.38:1.
Fasilitas dan Tunjangan Kesejahteraan Welfare Facilities and Benefits
Selain remunerasi finansial, Perseroan menyediakan beragam In addition to financial remuneration, the Company provides
fasilitas dan tunjangan komprehensif untuk mendukung a variety of comprehensive facilities and benefits to support
kesejahteraan karyawan dan keluarganya. Fasilitas ini the well-being of employees and their families. These facilities
dikelompokkan ke dalam beberapa kategori utama: are grouped into several main categories:
1. Jaminan Kesehatan dan Sosial: 1. Health and Social Security:
a. Asuransi Kesehatan: Perlindungan rawat inap bagi a. Health Insurance: Inpatient coverage for employees
karyawan dan keluarga (pasangan dan hingga 3 orang and their families (spouse and up to three children),
anak) termasuk rawat lahir melalui kerja sama dengan including maternity care, through a partnership with a
penyedia asuransi pihak ketiga. third-party insurance provider.
b. Fasilitas Rawat Jalan: Mencakup penggantian biaya b. Outpatient Care: Covers reimbursement for general
pengobatan umum, perawatan gigi, serta alat bantu medical expenses, dental care, and vision and hearing
penglihatan (kacamata) dan pendengaran yang dikelola aids, managed through a digital platform in partnership
melalui platform digital melalui kerja sama dengan with a third-party insurance provider.
penyedia asuransi pihak ketiga.
c. Jaminan Sosial Nasional: Kepesertaan penuh dalam c. National Social Security: Full participation in BPJS
BPJS Kesehatan dan BPJS Ketenagakerjaan (JKK, JHT, Kesehatan (Healthcare and Social Security) and BPJS
JP, JKM, dan JKP) sesuai regulasi Pemerintah. Ketenagakerjaan (JKK, JHT, JP, JKM, and JKP) in
accordance with government regulations.
d. Dana Pensiun: Program persiapan hari tua melalui Dana d. Pension Fund: A retirement preparation program
Pensiun Lembaga Keuangan (DPLK) atau asuransi through the Financial Institution Pension Fund (DPLK)
pensiun dengan iuran bersama (perusahaan dan or pension insurance with joint contributions (company
karyawan). and employee).
e. Perlindungan Risiko: Asuransi Jiwa dan Asuransi e. Risk Protection: Life Insurance and Critical Illness
Penyakit Kritis (Critical Illness) untuk memitigasi risiko Insurance to mitigate unexpected risks. 271
tak terduga.
2. Tunjangan dan Bantuan Finansial: 2. Benefits and Financial Assistance:
a. Tunjangan Hari Raya (THR), Tunjangan Cuti Tahunan, a. Holiday Allowance (THR), Annual Leave Allowance, and
dan Tunjangan Cuti Besar. Grand Leave Allowance.
PT Sarana Multigriya Finansial (Persero)
b. Tunjangan Transportasi (berbasis kehadiran), Tunjangan b. Transportation Allowance (attendance-based),
Kinerja (berbasis kehadiran) dan Tunjangan Jabatan Performance Allowance (attendance-based), and
(bagi pejabat struktural). Position Allowance (for structural officials).
c. Tunjangan komunikasi bagi jabatan tertentu. c. Communication Allowance for certain positions.
d. Fasilitas Pinjaman Karyawan (KPR, KKB, dan Emergency d. Employee Loan Facilities (KPR, KKB, and Emergency
Loan) bagi karyawan tetap yang memenuhi syarat masa Loan) for permanent employees who meet length of
kerja dan kinerja. service and performance requirements.
3. Pengembangan Diri dan Gaya Hidup: 3. Personal Development and Lifestyle:
a. Beasiswa Pendidikan: Dukungan pembiayaan a. Education Scholarships: Financial support for further
pendidikan lanjutan (S2 dan S3) bagi talenta potensial education (Master’s and Doctoral degrees) for potential
dengan skema ikatan dinas. talents under a civil service scheme.
b. Pelatihan Kompetensi: Fasilitas pelatihan internal dan b. Competency Training: Internal and external training
eksternal untuk peningkatan skill. facilities for skill enhancement.
c. Fasilitas Kerja: Laptop, flexible working space, alat c. Work Perks: Laptops, flexible working space,
komunikasi (jabatan tertentu), kendaraan operasional communication devices (for certain positions),
dan Car Ownership Program bagi jabatan tertentu. operational vehicles, and a Car Ownership Program
for certain positions.
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d. Kesehatan & Kebugaran: Penyediaan makan siang, d. Health & Wellness: Lunch provided, exercise facilities/
fasilitas/ area olahraga, reimbursement biaya areas, gym membership reimbursement, regular Medical
membership gym, Medical Check-Up (MCU) berkala, Check-Ups (MCU), and vitamin/booster vaccinations.
serta penyediaan vitamin/vaksinasi booster.
e. Keseimbangan Kerja (Work-Life Balance): Dukungan e. Work-Life Balance: Support for employee hobby
bagi komunitas hobi karyawan (Employee Community). communities (Employee Community).
Penghargaan dan Sanksi Awards and Sanctions
Perseroan memberikan penghargaan sebagai bentuk apresiasi Rewards are given as a form of appreciation from the Company
atas kontribusi positif karyawan. Penghargaan diberikan to employees. There are several considerations or categories
berdasarkan kategori prestasi (pencapaian kinerja luar biasa), for this award, some of which are based on achievement, such
loyalitas pengabdian (Penghargaan Masa Kerja). as performance achievement, exemplary employees, loyalty
and service (Length of Service Award).
Sebagai upaya penegakan disiplin dan tata kelola perusahaan, As for punishment, the Company applies sanctions to employees
Perseroan menerapkan mekanisme sanksi yang tegas bagi who are proven to have violated Company Regulations, Standard
karyawan yang terbukti melanggar Peraturan Perusahaan, Operating Procedures (SOPs), and the Code of Conduct, aiming
Prosedur Operasional Standar (SOP), atau Kode Etik. to minimize the recurrence of similar violations.
Penerapan sanksi dilakukan secara berjenjang sesuai bobot Employees found guilty will be subject to sanctions according to
pelanggaran, mulai dari sanksi administratif (Surat Peringatan) the severity of the violation, which can range from administrative
hingga pengakhiran hubungan kerja (PHK). Sepanjang tahun sanctions to termination of employment. In 2025, there was
2025, tidak terdapat kasus pelanggaran disiplin. no disciplinary violation
Survei Sumber Daya Manusia Human Capital Survey
Dalam rangka pengelolaan SDM yang berkesinambungan, In the context of sustainable human resource management,
secara berkala Perseroan melakukan Survei Organization the Company periodically conducts an Organization Health
Health Index (OHI) Survei Keterikatan Karyawan, Survey Index (OHI) Survey, an Employee Engagement Survey, and
employee experience. an Employee Experience Survey.
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Organization Health Indeks Organization Health Index
Survei Organization Health Index (OHI) merupakan survei yang The Organization Health Index (OHI) survey is a survey aimed
ditujukan untuk mengukur tingkat kemampuan organisasi dalam at measuring the level of an organization’s ability to align,
Laporan Tahunan 2025 Annual Report
menyelaraskan, mengeksekusi, dan memperbaharui dirinya, execute, and renew itself, enabling sustainable performance in
sehingga dapat mempertahankan kinerja dalam jangka panjang. the long term. OHI is one of the Company’s Key Performance
OHI merupakan salah satu Indikator Kinerja Utama Perseroan Indicators for 2025. The OHI score in 2024 was 80.64 or at
Tahun 2025. Skor OHI pada tahun 2025 adalah sebesar 80,64 the “able” level, which is higher/lower than the target KPI of
atau berada pada tingkat “Able”, yaitu lebih tinggi dibandingkan 80 and at the same time higher than in 24 which was 80.49
target IKU sebesar 80 dan sekaligus lebih tinggi dibandingkan or at the “ABLE” level.
tahun 2024 sebesar 80,49 atau berada pada tingkat “ABLE”.
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Tingkat Keterikatan Karyawan Employee Engagement Level
Secara berkala, SMF melakukan Employee Engagement Survey Periodically, SMF conducts an Employee Engagement Survey
(EES) dengan tujuan untuk mengetahui sejauh mana keterikatan (EES) with the aim to determine the extent of employee
karyawan dengan Perseroan. EES telah dilaksanakan pada engagement with the Company. The EES was conducted in
tahun 2025 dengan memperoleh skor sebesar 77,67. 2023 with a score of 77.67%.
Survey Employee Experience Employee Experience Survey
Pada tahun 2025, Divisi Sumber Daya Manusia melaksanakan In 2025, the Human Resources Division conducted the
Survey Employee Experience (EX) sebagai bagian dari upaya Employee Experience (EX) Survey as part of the company’s
berkelanjutan perusahaan dalam mengukur dan meningkatkan ongoing efforts to measure and improve the quality of the
kualitas pengalaman karyawan. Survei ini bertujuan untuk employee experience. This survey aimed to assess employees’
menilai tingkat kesediaan karyawan dalam merekomendasikan willingness to recommend the company to others, as measured
perusahaan sebagai tempat bekerja kepada pihak lain, yang by the Employee Net Promoter Score (eNPS).
diukur melalui indikator Employee Net Promoter Score (eNPS).
Hasil survei menunjukkan bahwa perusahaan memperoleh skor The survey results showed that the company achieved an eNPS
eNPS sebesar 24, yang berada dalam kategori Good Zone. score of 24, which falls within the Good Zone. This achievement
Capaian ini mencerminkan tingkat keterikatan karyawan yang reflects a healthy level of employee engagement, with a position
tergolong sehat, dengan posisi pada kategori Cukup Terikat in the Moderately Engaged (Neutral) category, indicating that
(Netral), menunjukkan bahwa secara umum karyawan memiliki employees generally have a positive perception of the company,
persepsi positif terhadap perusahaan meskipun masih terdapat although there is still room for improvement towards stronger
ruang untuk peningkatan ke arah keterikatan yang lebih kuat. engagement.
Selain pengukuran eNPS, Divisi SDM juga melakukan penilaian In addition to the eNPS measurement, the Human Resources
secara deskriptif terhadap berbagai aspek pengalaman Division also conducted descriptive assessments of various
karyawan. Dari penilaian tersebut, diperoleh skor rata-rata aspects of the employee experience. These assessments
sebesar 82,6, yang mengindikasikan bahwa karyawan menilai yielded an average score of 82.6, indicating that employees
pengalaman bekerja di perusahaan secara positif. positively assess their work experience at the company.
Hasil Survey Employee Experience ini menjadi dasar penting The results of the Employee Experience Survey serve as an
bagi manajemen dalam merumuskan strategi pengelolaan important basis for management in formulating future human
sumber daya manusia ke depan, khususnya dalam memperkuat resource management strategies, particularly in strengthening
engagement, meningkatkan kualitas lingkungan kerja, serta engagement, improving the quality of the work environment,
memastikan keberlanjutan pengalaman karyawan yang selaras and ensuring the sustainability of employee experiences that
dengan nilai dan tujuan perusahaan. align with the company’s values and goals.
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PT Sarana Multigriya Finansial (Persero)
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Program Pensiun Pension Program
Sebagai wujud apresiasi atas dedikasi dan kontribusi karyawan, The Company grants employees the right to undergo a
Perseroan memberikan hak Masa Persiapan Pensiun (MPP) Retirement Preparation Period (MPP) before entering retirement.
bagi karyawan tetap yang telah mencapai usia 55 tahun (1 The MPP program is provided to permanent employees who
tahun menjelang usia pensiun normal). have reached the age of 55, which is 1 year before retirement
age.
Program MPP dilaksanakan secara komprehensif selama The MPP program is implemented comprehensively over
12 bulan dengan kurikulum pelatihan yang mencakup 12 months with a training curriculum that covers aspects of
aspek perencanaan keuangan, kewirausahaan, manajemen financial planning, entrepreneurship, health management, and
kesehatan, hingga kesiapan mental-spiritual. Tujuannya adalah mental-spiritual readiness. The goal is to equip employees
membekali karyawan dengan kesiapan yang matang untuk with the necessary skills to maintain a good quality of life in
mempertahankan kualitas hidup yang baik di masa pensiun. retirement.
Selain pembekalan pengetahuan, Perseroan juga menjamin In addition to providing knowledge, the Company also achieves
kesejahteraan finansial hari tua karyawan melalui dua skema the financial well-being of its employees in their retirement
utama: through two main schemes:
1. Dana Pensiun Lembaga Keuangan (DPLK): Perseroan 1. Financial Institution Pension Fund (DPLK): The Company
mengikutsertakan karyawan dalam program DPLK dengan enrolls employees in the DPLK program with a defined
skema iuran pasti (defined contribution). Komposisi iuran contribution scheme. The contribution composition is very
yang diterapkan sangat kompetitif, yaitu 7% ditanggung competitive, with 7% borne by the Company and 3% borne
oleh Perseroan dan 3% ditanggung oleh karyawan. by employees.
2. Jaminan Pensiun (JP): Kepatuhan terhadap regulasi nasional 2. Pension Guarantee (JP): Compliance with national
melalui kepesertaan dalam program Jaminan Pensiun yang regulations through participation in the Pension Guarantee
dikelola oleh BPJS Ketenagakerjaan. program managed by BPJS Ketenagakerjaan.
Hingga akhir tahun 2025, tidak terdapat karyawan yang By the end of 2025, there was no employee who proposed
mengajukan program Masa Persiapan Pensiun. pension preparation program.
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Hubungan Industrial Industrial Relations
Menciptakan hubungan industrial yang harmonis, dinamis, dan Maintaining strong and healthy industrial relations on an ongoing
berkeadilan merupakan prioritas Perseroan dalam membangun basis is essential for building a positive work environment,
iklim kerja yang kondusif. Hubungan industrial yang sehat supporting sustainable business operations, instilling employee
Laporan Tahunan 2025 Annual Report
diyakini sebagai kunci utama dalam meningkatkan produktivitas, pride, and enhancing the Company’s reputation externally.
daya saing, serta merupakan indikator nyata penerapan Tata Industrial relations play a key role in improving working
Kelola Perusahaan yang Baik (Good Corporate Governance). conditions, productivity, competitiveness, and overall employee
performance. Furthermore, good industrial relations reflect
the implementation of Good Corporate Governance (GCG)
principles within the Company.
Mengingat Perseroan saat ini tidak memiliki Serikat Pekerja, Given that the Company currently does not have a labor union,
landasan utama hubungan kerja diatur melalui Peraturan the primary basis of employment relations is regulated through
Perusahaan (PP). Dokumen ini ditinjau dan diperbarui secara Company Regulations (PP). This document is periodically
berkala sesuai dengan perkembangan regulasi ketenagakerjaan reviewed and updated in accordance with developments in
yang berlaku guna menjamin kepastian hukum dan perlindungan prevailing labor regulations to ensure legal certainty and protect
hak karyawan. employee rights.
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Sebagai wadah komunikasi formal antara Manajemen dan As a formal communication forum between Management and
Karyawan, Perseroan mengoptimalkan fungsi Lembaga Employees, the Company optimizes the function of the Bipartite
Kerja Sama (LKS) Bipartit. Forum ini berperan strategis dalam Cooperation Institution (LKS). This forum plays a strategic
membangun dialog konstruktif, menampung aspirasi, serta role in establishing constructive dialogue, accommodating
menyelesaikan isu-isu ketenagakerjaan melalui musyawarah aspirations, and resolving labor issues through deliberation
mufakat. and consensus.
Selain jalur formal, Manajemen Perseroan senantiasa In addition to formal channels, the Company’s Management
mengedepankan kebijakan pintu terbuka (open door policy) consistently prioritizes an open-door policy through various
melalui berbagai kegiatan rutin, seperti Town Hall Meeting atau routine activities, such as Town Hall Meetings and other
forum dialog lainnya. Mekanisme ini membuka ruang interaksi dialogue forums. This mechanism provides a space for
langsung bagi karyawan untuk menyampaikan ide, harapan, direct interaction for employees to convey ideas, hopes, and
maupun keluhan kepada Manajemen, sehingga tercipta complaints to Management, thereby fostering transparency
transparansi dan rasa saling percaya di lingkungan kerja. and mutual trust in the workplace.
Berikut realisasi kegiatan yang dilaksanakan dalam rangka The following are the activities implemented to build good
membangun hubungan industrial yang baik di sepanjang tahun industrial relations throughout 2025:
2025:
1. Pertemuan Rutin LKS Bipartit dalam membahas perubahan 1. Regular meetings of the Bipartite LKS to discuss changes to
kebijakan internal terkait Fasilitas dan Manfaat Karyawan; internal policies related to Employee Facilities and Benefits;
2. Pertemuan Rutin LKS Bipartit dalam membahas penyesuaian 2. Regular meetings of the Bipartite LKS to discuss adjustments
Peraturan Perusahaan tahun 2025 s.d. 2027; to Company Regulations for 2025 to 2027;
3. Per temuan Rutin dengan Mediator Suku Dinas 3. Regular meetings with the Mediator from the Manpower
Ketenagakerjaan terkait implementasi kebijakan Sumber Sub-Department regarding the implementation of Human
Daya Manusia di Perseroan. Resources policies within the Company.
RENCANA PENGELOLAAN 2026 HUMAN RESOURCES
SDM TAHUN 2026 MANAGEMENT PLAN
Untuk mencapai tujuan tersebut, Perseroan menetapkan arah To achieve these objectives, the Company has established the
kebijakan pengelolaan SDM sebagai berikut: following HR management policy directions:
1. Pengelolaan Organisasi berbasis proses Bisnis; 1. Business Process-Based Organizational Management;
2. Pengelolaan Talenta dan Keberlanjutan SDM 2. Talent Management and HR Sustainability
Perseroan memastikan pengelolaan SDM dilakukan secara The Company ensures sustainable HR management,
berkesinambungan, termasuk perencanaan kebutuhan SDM including HR needs planning and employee mobility
dan pengelolaan pergerakan karyawan; management;
3. Penguatan Index Kesehatan Organisasi dan Budaya 3. Strengthening the Organizational Health Index and Work
Kerja Culture
Menjaga dan meningkatkan skor OHI, nilai, budaya, dan tata Maintaining and improving the OHI score, values, culture, 275
kerja yang mendukung, profesionalisme, dan pencapaian and work procedures that support professionalism and
kinerja; performance achievement;
4. Peningkatan Keterikatan Karyawan 4. Improving Employee Engagement
Perseroan mendorong terciptanya hubungan kerja yang The Company encourages harmonious working
PT Sarana Multigriya Finansial (Persero)
harmonis melalui komunikasi internal yang efektif dan relationships through effective internal communication
kegiatan yang memperkuat rasa kebersamaan; and activities that strengthen a sense of community;
5. Pengembangan dan Kesejahteraan Karyawan 5. Employee Development and Welfare
Perseroan berupaya meningkatkan kapasitas dan The Company strives to improve employee capacity and
kesejahteraan karyawan melalui berbagai program well-being through various personal development and
pengembangan diri dan kesehatan. health programs.
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TEKNOLOGI INFORMASI
INFORMATION TECHNOLOGY
Merespons dinamika industri pembiayaan yang terus Responding to the ever-evolving dynamics of the financing
berkembang, Perseroan menempatkan Teknologi Informasi industry, the Company has positioned Information Technology
(TI) sebagai salah satu pilar penting dalam menjaga (IT) as a critical pillar in maintaining operational continuity.
keberlangsungan operasional. TI berperan strategis dalam IT plays a strategic role in providing reliable infrastructure to
menyediakan infrastruktur yang andal guna mendukung support the Company in carrying out its mandate as a Special
Perseroan menjalankan mandatnya sebagai Special Mission Mission Vehicle (SMV) efficiently and measurably.
Vehicle (SMV) secara efisien dan terukur.
Sepanjang tahun 2025, pengembangan TI difokuskan pada Throughout 2025, IT development was focused on the effort
upaya modernisasi sistem dan penguatan tata kelola. Langkah to modernize the system and strengthening governance. This
ini dilakukan untuk memastikan bahwa seluruh proses bisnis, step is taken to have all business processes, from financing
mulai dari penyaluran pembiayaan hingga pelaporan, dapat disbursement to reporting, done properly, securely, and adhere
berjalan dengan lancar, aman, dan mematuhi prinsip kehati- to prudent principles.
hatian.
KEBIJAKAN MANAJEMEN MANAGEMENT POLICY ON
ATAS PENGELOLAAN TI IT MANAGEMENT
Perseroan menetapkan kerangka kebijakan pengelolaan The Company has established an Information Technology
Teknologi Informasi sebagai acuan operasional maupun management policy framework as an operational and strategic
strategis, yaitu: reference, namely:
1. Kebijakan Perseroan Nomor 037/KEB/PED/SMF/XII/2023 1. Company Policy Number 037/KEB/PED/SMF/XII/2023 dated
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tanggal 31 Desember 2023 tentang Pedoman Tata Kelola December 31, 2023, concerning Guidelines for Information
dan Manajemen Risiko Teknologi Informasi. Technology Governance and Risk Management.
2. Kebijakan Perseroan Nomor 017/KEB/PED/SMF/VIII/2025 2. Company Policy Number 017/KEB/PED/SMF/VIII/2025 dated
tanggal 29 Agustus 2025 tentang Pedoman Pengelolaan August 29, 2025, concerning Guidelines for Information
Laporan Tahunan 2025 Annual Report
Keamanan Informasi. Security Management.
Kedua peraturan internal ini menjadi acuan utama dalam These two internal regulations serve as the primary reference
memastikan seluruh aktivitas TI berjalan sesuai standar, aman, for ensuring that all IT activities are carried out according to
dan terukur. standards, safely, and measurably.
STRUKTUR PENGELOLA TI IT MANAGEMENT STRUCTURE
Pengelolaan dan pengembangan Teknologi Informasi (TI) The management and development of Information Technology
di Perseroan dilaksanakan di bawah tanggung jawab Divisi (IT) at the Company is carried out under the responsibility of
Teknologi Informasi. Secara struktural, unit kerja ini berada di the Information Technology Division. Structurally, this work
bawah supervisi Direktur Keuangan dan Manajemen Risiko. unit is under the supervision of the Director of Finance and
Risk Management.
Penetapan struktur ini mengacu pada Surat Keputusan Direksi This is in accordance with the Board of Directors’ Decision
Nomor S-443/SKD/DIR/SMF/VII/2025 tanggal 9 Juli 2025 No. S-443/SKD/DIR/SMF/VII/2025, dated July 9, 2025 on
perihal Penyesuaian Struktur Organisasi PT Sarana Multigriya the Adjustment to the Organizational Structure of PT Sarana
Finansial (Persero). Multigriya Finansial (Persero).
Dalam menjalankan fungsinya, Kepala Divisi TI didukung oleh The Head of IT Division is responsible for 2 (two) sections and
2 (dua) Bagian dan 1 (satu) Fungsi Fungsional, dengan rincian 1 (one) functional functions, which consist of:
sebagai berikut:
1. Bagian Perencanaan & pengembangan yang terdiri dari 4 1. The Planning & Development Department consisting of 4
(empat) fungsi: (four) functions:
a. Perencanaan dan Koordinator Proyek; a. Project Planning and Coordinator;
b. Manager Proyek & Jaminan Kualitas; b. Project Manager & Project Quality Assurance;
c. Analis TI; c. IT Analyst;
d. Pengembang Sistem Aplikasi. d. Application System Developer.
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2. Bagian Infrastruktur & Keamanan TI yang terdiri dari 4 2. The IT Infrastructure & Security Division consists of 4 (four)
(empat) fungsi: functions:
a. Infrastruktur & Pusat Data; a. Infrastructure & Data Center;
b. Administrator Basis Data & Pengembangan Operasional; b. Database Administrator & Operational Development;
c. Jaringan & Operasional; c. Network & Operations;
d. Administrator Keamanan. d. Security Administrator.
3. Fungsi Strategi & Arsitektur TI. 3. IT Strategy & Architecture Function
Struktur Pengelola TI
IT Management Structure
Direktur Keuangan & Manajemen Risiko
Finance & Risk Management Director
Divisi Teknologi Informasi
Information Technology Division
Perencanaan & Pengembangan Infrastruktur dan Keamanan TI
Planning & Development IT Infrastructure & Security
Perencanaan dan Koordinator
Infrastruktur & Pusat Data Strategi & Arsitektur TI
Proyek
Infrastructure & Data Center IT Strategy & Architecture
Planning & Project Coordinator
Manager Proyek & Jaminan
Administrator Basis Data &
Kualitas
Pengembangan Operasional
Project Manager & Quality
Database Adm & Devops
Assurance
Analis TI Jaringan & Operasional
IT Analyst Network & Operation
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Pengembang Sistem Aplikasi Administrator Keamanan
System Application Developer Security Administrator
PT Sarana Multigriya Finansial (Persero)
KERANGKA DAN PETA IT DEVELOPMENT FRAMEWORK
JALAN (ROADMAP) TI AND ROADMAP
Komitmen Perseroan dalam menerapkan pengelolaan The Company’s commitment to implementing adaptive
dan pengembangan Teknologi Informasi (TI) yang adaptif Information Technology (IT) management and development is
diwujudkan melalui dukungan penuh terhadap digital demonstrated through its full support for digital transformation
transformation & business innovation. and business innovation.
Sebagai landasan strategis, Perseroan telah menyusun Rencana As a strategic foundation, the Company has developed an
Strategis Teknologi Informasi (Information Technology Strategic Information Technology Strategic Plan (ITSP), which serves as
Plan/ITSP) yang berfungsi sebagai pedoman arah dan tujuan a guideline for the direction and objectives of the Company’s
perjalanan TI Perseroan. IT journey.
ITSP ini diterjemahkan ke dalam Peta Jalan (Roadmap) This ITSP is translated into an IT Development Roadmap for
Pengembangan TI Periode 2023–2026, yang dirancang untuk the 2023–2026 period, designed to fulfill the development
memastikan pembangunan fondasi TI yang andal, efektif, of a reliable, effective, and scalable IT foundation to meet
dan terukur guna memenuhi kebutuhan bisnis yang semakin increasingly complex business needs. The implementation
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kompleks. Implementasi roadmap ini dijalankan selaras dengan of this roadmap is aligned with the Company’s 2022–2026
pencapaian Rencana Jangka Panjang Perusahaan (RJPP) Long-Term Plan (RJPP).
2022–2026.
Roadmap Pengembangan TI
IT Development Roadmap
PONDASI TEKNOLOGI & INFORMASI INTEGRASI & ANALYTIC
1. Pemutakhiran IT Governance 1. Dashboard Monitoring
2. Infrastruktur TI untuk Mitigasi 2. Analisa, Proyeksi dan Financial
Bencana Modeling
3. IT DRP (Disaster Mitigasi Plan) 3. Implementasi Data Warehouse
4. Peningkatan Keamanan TI 4. Addendum ITSP 2023-2026
5. Integration Tools 5. Pengukuran Tingkat Maturitas IT
6. Pengukuran Tingkat Maturitas TI
INTEGRATION & ANALYTICS
FOUNDATION OF INFORMATION & 1. Dashboard Monitoring
TECHNOLOGY 2. Analysis, Projection, and
1. IT Governance Update Financial Modelling
2. IT Infrastructure for Disaster 3. Data Warehouse Implementation
Mitigation 4. ITSP Addendum 2023-2026
3. IT DRP (Disaster Recovery Plan) 5. IT Maturity Level Measurement
4. IT Security Improvement
5. Tools Integration
6. IT Maturity Level Measurement
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2023 2024 2025 2026
Laporan Tahunan 2025 Annual Report
KEBERLANJUTAN TRANSFORMASI PENINGKATAN TRANSFORMASI
DIGITAL DIGITAL
1. Pengembangan Core Business 1. Implementasi IT Service
2. Pengembangan Core Support Management.
System 2. Peningkatan Transformasi Digital
3. Pengembangan Datawarehouse 3. Pemutakhiran Tata Kelola TI
4. Peningkatan Keamanan TI 4. Peningkatan Keamanan
5. Pengukuran Tingkat Maturitas TI 5. Peningkatan Infrastruktur
SUSTAINABILITY OF DIGITAL IMPROVEMENT OF DIGITAL
TRANSFORMATION TRANSFORMATION
1. Core Business Development 1. Implementation of IT Service
2. Core Support System Management.
Development 2. Enhancement of Digital
3. Datawarehouse Development Transformation.
4. IT Security Improvement 3. Update of IT Governance.
5. IT Maturity Level Measurement 4. Enhancement of Security.
5. Enhancement of Infrastructure.
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Fokus Pilar Pengembangan TI IT Development Pillars Focus
Untuk memastikan pencapaian target yang komprehensif, To achieve comprehensive targets, the Company’s IT
Roadmap Pengembangan TI Perseroan periode 2023–2026 Development Roadmap for the 2023–2026 period focuses
difokuskan pada 5 (lima) domain utama, yaitu: on five main domains:
1. IT Governance: Penguatan tata kelola TI yang sesuai standar 1. IT Governance: Strengthening IT governance in accordance
dan regulasi. with standards and regulations.
2. IT Security: Peningkatan keamanan informasi dan siber. 2. IT Security: Improving information and cybersecurity.
3. IT Development: Pengembangan aplikasi dan sistem solusi 3. IT Development: Developing business solution applications
bisnis. and systems.
4. IT Infrastructure: Modernisasi infrastruktur dan pusat data. 4. IT Infrastructure: Modernizing infrastructure and data
centers.
5. IT Operation: Memastikan keandalan operasional layanan TI. 5. IT Operation: Ensuring the operational reliability of IT
services.
Perseroan menyadari bahwa pengembangan TI adalah proses The Company recognizes that IT development is a continuous
yang berkelanjutan (continuous improvement). Oleh karena improvement process. Therefore, the implementation of this
itu, pelaksanaan roadmap ini dilakukan secara bertahap dan roadmap is carried out in stages and is reviewed periodically
ditinjau secara berkala agar tetap adaptif terhadap dinamika so that it remains adaptive to internal and external dynamics
internal maupun eksternal, serta selaras dengan rencana and aligns with the Company’s business development plan.
pengembangan usaha Perseroan. Komitmen ini juga diperkuat This commitment is also reinforced by regular updates to
dengan pemutakhiran Kebijakan Tata Kelola Teknologi Informasi the Information Technology Governance Policy to maintain
secara berkala untuk menjaga relevansi dan kepatuhan. relevance and compliance.
PROGRAM STRATEGIS TI TAHUN 2025 IT STRATEGIC PROGRAM IN 2025
Perseroan memahami peran penting Teknologi Informasi (TI) The Company recognizes the importance of Information
di dalam keseluruhan proses bisnis. Atas dasar tersebut, Divisi Technology (IT) in the overall business process. As such, the
Teknologi Informasi menetapkan dan melaksanakan program Information Technology Division develops and implements
kerja yang diselaraskan dengan perkembangan kebutuhan work programs that are in line with the evolving needs and
dan dinamika bisnis Perseroan. dynamics of the Company’s business.
Melalui keberadaan Divisi Teknologi Informasi, Perseroan Through the Information Technology Division, the Company
menerapkan sejumlah program strategis TI pada 2025 sebagai implemented a number of strategic IT programs in 2025, as
berikut: follows:
1. Meninjau dan mengevaluasi seluruh kebijakan Tata Kelola 1. Review and evaluate all IT Governance policies based on
TI berdasarkan Roadmap TI pada Fungsi IT Governance; the IT Roadmap in the IT Governance Function;
2. Menjalankan dan melakukan peninjauan terhadap Rencana 2. Implement and review the IT Strategic Plan or Long-Term
Strategis TI atau Rencana Jangka Panjang TI agar dapat IT Plan to align and direct them to support the achievement
diselaraskan dan diarahkan untuk mendukung pencapaian of the Company’s Work Plan; 279
Rencana Kerja Perseroan;
3. Melakukan simulasi pengelolaan keberlangsungan layanan 3. Conduct simulations of the Company’s business continuity
bisnis Perseroan dan penyusunan rencana pemulihan management and the development of disaster recovery
bencana; plans;
PT Sarana Multigriya Finansial (Persero)
4. Melakukan pengukuran tingkat kematangan penyelenggaraan 4. Measure the IT Maturity Level of the Company’s Information
Teknologi Informasi atau IT Maturity Level di Perseroan. Technology implementation.
MANAJEMEN RISIKO TI DAN MITIGASINYA IT RISK MANAGEMENT AND
THEIR MITIGATION
Seiring dengan meningkatnya peran TI dalam mendukung As IT plays an increasing role in supporting SMF’s operations
operasional dan pencapaian tujuan strategis SMF, Perseroan and achieving its strategic objectives, the Company recognizes
menyadari bahwa pengelolaan Risiko TI merupakan bagian that IT risk management is an integral part of implementing good
yang tidak terpisahkan dari penerapan manajemen risiko dan risk management and corporate governance. IT risks include
tata kelola perusahaan yang baik. Risiko TI mencakup antara information security risks, system availability, infrastructure
lain risiko keamanan informasi, ketersediaan sistem, keandalan reliability, and compliance risks with applicable regulations.
infrastruktur, serta risiko kepatuhan terhadap regulasi yang
berlaku.
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Fungsi Penunjang Bisnis
Business Support Funtion
SMF secara berkelanjutan melakukan identifikasi, pengukuran, SMF continuously identifies, measures, monitors, and controls
pemantauan, dan pengendalian Risiko TI guna memastikan IT risks to ensure that all IT systems and infrastructure are
bahwa seluruh sistem dan infrastruktur TI mampu mendukung capable of supporting business activities securely, reliably,
kegiatan bisnis secara aman, andal, dan berkesinambungan. and sustainably. IT risk mitigation efforts are implemented
Upaya mitigasi Risiko TI dilakukan melalui penguatan kebijakan through strengthening policies and procedures, enhancing
dan prosedur, peningkatan keamanan informasi, pengelolaan information security, managing capacity and system reliability,
kapasitas, dan keandalan sistem, serta pelaksanaan pengujian and conducting regular system testing and evaluation, including
dan evaluasi sistem secara berkala, termasuk pengelolaan incident management and a business continuity plan.
insiden dan rencana keberlanjutan bisnis (business continuity
plan).
Dalam rangka memastikan efektivitas pengelolaan Risiko TI, To ensure the effectiveness of IT risk management, the
Perseroan juga menerapkan mekanisme pengawasan yang Company also implements a structured oversight mechanism
terstruktur melalui fungsi pengendalian internal dan audit, serta through internal control and audit functions, and ensures
memastikan keselarasan antara strategi TI dengan strategi alignment between IT strategy and the Company’s business
bisnis Perseroan. Seluruh pendekatan tersebut dirancang untuk strategy. All of these approaches are designed to minimize
meminimalkan potensi gangguan operasional dan menjaga potential operational disruptions and maintain stakeholder trust.
kepercayaan pemangku kepentingan.
Pembahasan yang lebih komprehensif mengenai profil Risiko TI A more comprehensive discussion of the IT Risk profile and
beserta kerangka mitigasinya telah diuraikan secara terintegrasi its mitigation framework has been outlined in an integrated
dalam Bab Tata Kelola Perusahaan pada Laporan Tahunan ini, manner in the Corporate Governance Chapter of this Annual
sebagai bagian dari komitmen Perseroan dalam menerapkan Report, as part of the Company’s commitment to implementing
prinsip kehati-hatian, transparansi, dan akuntabilitas dalam the principles of prudence, transparency, and accountability
pengelolaan risiko. in risk management.
Penguatan Sistem Keamanan Siber Strengthening the Cyber Security System
Penguatan keamanan dunia maya (cyber security) dilakukan The Company strengthens cyber security through a series of
Perseroan melalui beberapa upaya, diantaranya adalah efforts, including improved infrastructure and IT management
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penguatan infrastruktur dan kebijakan terkait pengelolaan TI. policies. The Company’s information security management
Sistem manajemen keamanan informasi Perseroan terbagi system is divided into 3 (three) major areas: People, Process,
ke dalam 3 (tiga) area utama yaitu People, Process, dan and Technology
Technology.
Laporan Tahunan 2025 Annual Report
1. People 1. People
Perseroan telah melakukan Security Awareness untuk The Company conducts Security Awareness to foster
menumbuhkan kesadaran mengenai keamanan informasi awareness of information security in daily activities, which
dalam aktivitas sehari-hari yang akhirnya menjadi budaya has eventually become the Company’s culture. This is
(culture) Perseroan. Hal ini dilakukan melalui berbagai done through various media such as flyers, posters, the
media seperti flyer, poster, WhatsApp group Perseroan, Company’s WhatsApp group, and email.
serta email.
2. Process 2. Process
Menjalankan prosedur pengamanan informasi sesuai tata Implementing information security procedures in
kelola TI melalui penerapan proses, standar, dan kontrol accordance with IT governance through the implementation
keamanan yang dirancang untuk memastikan integritas, of security processes, standards, and controls designed
kerahasiaan, dan ketersediaan informasi dalam seluruh to ensure the integrity, confidentiality, and availability of
aktivitas operasional. information throughout all operational activities.
Perseroan memastikan bahwa setiap proses memiliki The Company ensures that each process has adequate
pengendalian yang memadai, termasuk pengelolaan akses, controls, including access management, change
pengawasan perubahan sistem (change management), management, and regular monitoring of potential threats
serta pemantauan berkala terhadap potensi ancaman and vulnerabilities. Furthermore, periodic evaluations are
dan kerentanan. Selain itu, evaluasi berkala dilakukan conducted to review the effectiveness of security controls
untuk meninjau efektivitas kontrol keamanan, sekaligus and ensure that all operational processes remain aligned
memastikan bahwa seluruh proses operasional tetap selaras with business needs, technological developments, and
dengan kebutuhan bisnis, perkembangan teknologi, serta potential future risks.
risiko yang mungkin timbul di masa mendatang.
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3. Technology 3. Technology
Perseroan menerapkan Endpoint Security untuk proteksi The Company implements Endpoint Security to protect
dari kemungkinan kerentanan pada perangkat endpoint, against potential vulnerabilities in endpoint devices,
diantaranya implementasi VPN (Virtual Private Network), including the implementation of VPN (Virtual Private
Network Access Control (NAC), antivirus. Selain itu, Network), Network Access Control (NAC), antivirus. In
Perseroan menerapkan konsep Network Security dengan addition, the Company implements the Network Security
melakukan pengamanan berlapis dan redundan agar concept by implementing layered and redundant security
jaringan internal semakin aman, yaitu implementasi Intrusion to make the internal network more secure, namely the
Prevention System (IPS), Web Application Firewall (WAF). implementation of Intrusion Prevention System (IPS),
Perseroan juga menerapkan Multi-Factor Authentication Web Application Firewall (WAF). The Company also
(MFA) sebagai mekanisme autentikasi berlapis untuk implements Multi-Factor Authentication (MFA) as a layered
memastikan bahwa akses ke sistem dan aplikasi internal authentication mechanism to ensure that access to internal
hanya dapat dilakukan oleh pengguna yang terverifikasi systems and applications can only be done by verified users
melalui lebih dari satu faktor keamanan. Perangkat through more than one security factor. Security devices
pengamanan ditempatkan di Data Center (DC) & Disaster are placed in the Data Center (DC) & Disaster Recovery
Recovery Center (DRC), untuk menjaga ketersediaan Center (DRC), to maintain the availability of secure services.
layanan yang aman.
Perseroan juga melakukan pengamanan pada sisi Infrastruktur, The Company also secures the infrastructure by maintaining
dengan melakukan pemeliharaan perangkat pengamanan IT infrastructure security devices with due regard to the
infrastruktur TI dengan memperhatikan masa kedaluwarsa expiration period (technology obsolescence) of the systems
(Technology Obsolescence) atas sistem yang digunakan. Selain used. In addition, security measurement and strengthening
itu, aktivitas pengukuran dan penguatan keamanan dilakukan activities are carried out periodically through Vulnerability
secara berkala melalui Vulnerability Assessment (VA), patching Assessment (VA), patching hardening, and Penetration Testing
hardening, dan Penetration Testing (Pentest). Lebih lanjut, (Pentest). Furthermore, in improving system security, the
dalam meningkatkan keamanan sistem, Perseroan menerapkan Company applies cybersecurity practices, measurements,
praktik, pengukuran dan penguatan keamanan siber berupa: and strengthening in the form of:
1. Vulnerability Assessment (VA); 1. Vulnerability Assessment (VA);
2. Patching hardening; 2. Patching hardening;
3. Penetration Testing (Pentest); 3. Penetration Testing (Pentest);
4. Security Awareness. 4. Security Awareness
IMPLEMENTASI DRP DAN IMPLEMENTATION OF DISASTER
KETERSEDIAAN DRC RECOVERY PLAN (DRP) AND AVAILABILITY
OF DISASTER RECOVERY CENTER (DRC)
Perseroan memandang bahwa DRP merupakan langkah The Company regards DRP as a strategic step for the Company
strategis Perseroan dalam rangka memastikan keberlangsungan to guarantee operational continuity in the event of disruptions
operasional ketika menghadapi gangguan atau bencana yang or disasters that may lead to losses. The stages to go through 281
dapat mengakibatkan kerugian. Adapun tahap yang akan in case of any disruptions are as follows:
dilakukan ketika terjadi gangguan adalah sebagai berikut:
1. Melakukan respons terhadap gangguan atau dampak 1. Responding to Information Technology-related disruptions
bencana terkait Teknologi Informasi serta melaporkan hasil or disaster impacts and reporting the results of the response
PT Sarana Multigriya Finansial (Persero)
respons kepada Kepala Divisi Tl; to the Head of IT Division;
2. Menilai dampak kerusakan dan estimasi biaya yang 2. Assessing the impact of damage and estimating the costs
diperlukan dalam kegiatan penanganan Bencana yang required in disaster management activities that impact the
berdampak pada kelangsungan layanan TI; continuity of IT services;
3. Menyampaikan rekomendasi tindakan yang perlu dilakukan 3. Submitting recommendations for action to the Head of IT
kepada Kepala Divisi Tl dan Koordinator Keberlangsungan Division and the Business Continuity Coordinator to declare
Bisnis untuk menyatakan status bencana yang berdampak the status of the disaster that impacts IT continuity;
pada kelangsungan Tl;
4. Menentukan strategi pemulihan bencana yang berdampak 4. Determining a disaster recovery strategy that impacts
pada kelangsungan layanan, dan melaksanakan pemulihan service continuity, and implementing disaster recovery
Bencana yang berdampak pada kelangsungan Tl. Strategi that impacts IT continuity. This IT recovery strategy is called
pemulihan Tl ini disebut dengan Disaster Recovery Plan the Disaster Recovery Plan (DRP);
(DRP);
5. Melakukan koordinasi dengan Tim Tanggap Darurat, dan 5. Coordinating with the Emergency Response Team and other
pihak eksternal lainnya terkait kegiatan proses penanganan external parties regarding disaster handling that impact IT
bencana yang berdampak pada kelangsungan layanan Tl; service continuity;
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Fungsi Penunjang Bisnis
Business Support Funtion
6. Melakukan koordinasi dan pengawasan proses penanganan 6. Coordinating and supervising the disaster handling process
bencana yang berdampak pada kelangsungan layanan that impacts the overall continuity of IT services together
Tl secara keseluruhan bersama dengan Kepala Divisi Tl; with the Head of IT Division;
7. Melakukan evaluasi dan tindak lanjut atas efektivitas proses 7. Evaluating and following-up on the effectiveness of IT
penanganan bencana Tl yang dijalankan sesuai skenario disaster handling process carried out according to DRP
DRP; scenario;
8. Melaporkan hasil evaluasi usaha penanganan bencana 8. Reporting the evaluation results of the DRP disaster handling
DRP yang berdampak pada kelangsungan layanan kepada efforts that impact service continuity to the Head of IT
Kepala Divisi Tl. Division
Ketersediaan DRC menjadi daya dukung terhadap keberhasilan Having DRC available becomes a supporting factor for the
Perseroan menerapkan DRP. Dalam hal ini, DRC merupakan Company’s success in implementing DRP. In this case, DRC
lokasi alternatif yang dirancang untuk memulihkan dan is at an alternative location designed to restore and run the
menjalankan sistem ketika lokasi utama tidak dapat dioperasikan system when the primary location cannot be operated due
akibat adanya gangguan. Perseroan telah memiliki 1 (satu) site to disruption. The Company has 1 (one) DC location site and
lokasi DC serta 1 (satu) site lokasi DRC. DC dan DRC Perseroan 1 (one) DRC location site. The Company’s DC and DRC are
dilengkapi dengan power cadangan, sistem penyimpanan data, equipped with backup power, data storage systems, and reliable
dan koneksi network atau jaringan yang andal. network connections
INVESTASI TI IT INVESTMENT
Perseroan mendorong optimalisasi peran TI antara lain The Company encourages the optimization of IT role, among
melalui praktik investasi yang ditujukan guna menjaga agar others, through investment practices aimed at ensuring that
pemanfaatan TI dapat memberikan dampak yang maksimal IT is used for its full potential in the Company’s business and
terhadap aktivitas bisnis dan operasional Perseroan. Investasi operations. Investment in IT utilization is made by expanding
terhadap pemanfaatan TI dilakukan dengan menambah hardware capacity and updating software. Furthermore,
kapasitas perangkat keras serta memperbarui perangkat lunak investment is made through programs to strengthen the
yang digunakan. Lebih dari itu, investasi dilakukan melalui Company’s IT Human Capital capacity.
program peningkatan kapasitas Sumber Daya Manusia bidang
282
TI Perseroan.
Seiring perkembangan kebutuhan terhadap dukungan TI, Along with the increasing demand for IT support, the Company
Perseroan secara terus-menerus melakukan pengembangan is constantly expanding IT capacity and capability through
Laporan Tahunan 2025 Annual Report
kapasitas dan kapabilitas TI, melalui investasi yang terukur. measurable investments. In 2024, the Company realized IT
Pada 2025, Perseroan merealisasikan investasi pada bidang investments totaling Rp21.3 billion which includes Application
TI mencapai Rp21,3 miliar yang mencakup Pengembangan System & Infrastructure Development and IT Governance
Sistem Aplikasi & Infrastruktur serta pengelolaan Tata Kelola management in accordance with the 2025 IT Work Program
TI sesuai dengan Program Kerja TI tahun 2025.
AUDIT TI IT AUDIT
Sebagai salah satu upaya untuk memastikan dukungan TI To make sure reliable IT support in the Company, the Company’s
yang andal di Perseroan, TI Perseroan secara rutin dan berkala IT is routinely and periodically become the object of internal
menjadi objek audit internal, melalui SPI, eksternal, KAP dan audits, through SPI, external, KAP and regulators. Further
regulator. Informasi lebih lanjut terkait dengan audit TI, akan information related to IT audits will be explained in the Corporate
dijelaskan pada Bab Tata Kelola Perusahaan, Sub Bab Satuan Governance Chapter, Sub-Chapter on Internal Audit Units.
Pengawasan Intern.
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RENCANA PENGEMBANGAN IT MANAGEMENT PLAN 2026
TI TAHUN 2026
Sesuai dengan Roadmap TI, pada tahun 2026, Divisi TI According to the IT Roadmap, in 2026, the Company’s IT
Perseroan telah menyusun rencana pengembangan TI untuk Division has compiled an IT development plan for 2026, with
2026 dengan inisiatif strategis yang akan dilakukan sebagai strategic initiatives to be applied as follows:
berikut:
1. Pemutakhiran Tata Kelola TI 1. IT Governance Update
2. IT Security Assessment (ITSA) 2. IT Security Assessment (ITSA)
3. DR Exercise 3. DR Exercise
4. Enhancement Core dan Support System 4. Core and Support System Enhancement
5. Peningkatan Keamanan 5. Enhanced Security
6. Implementasi ITSM Tools 6. Implementation of ITSM Tools
7. Pemutakhiran Infrastruktur, Jaringan, Operasional TI 7. Infrastructure, Network, Operational IT Updates
8. Penyusunan Rencana Strategis Teknologi Informasi (ITSP) 8. Preparation of the Information Technology Strategic Plan
periode 2027-2031 (ITSP) for the 2027-2031 period
9. Pengembangan Dashboard Management 9. Development of a Management Dashboard
10. Pengembangan Monitoring Security Operation Center 10. Development of Monitoring for the Security Operation
Center
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PT Sarana Multigriya Finansial (Persero)
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TATA KELOLA
PERUSAHAAN
CORPORATE GOVERNANCE
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Tata Kelola Perusahaan
Corporate Governance
PERNYATAAN PENERAPAN TATA KELOLA
PERUSAHAAN
STATEMENT OF CORPORATE GOVERNANCE IMPLEMENTATION
KOMITMEN PENERAPAN TATA COMMITMENT TO IMPLEMENTING
KELOLA PERUSAHAAN YANG BAIK GOOD CORPORATE GOVERNANCE
Perseroan senantiasa memperkuat komitmennya dalam The Company consistently strengthens its commitment to
mengimplementasikan dan menegakkan prinsip-prinsip Tata implementing and upholding the principles of Good Corporate
Kelola Perusahaan yang Baik (Good Corporate Governance/ Governance (GCG) in all of its daily business activities, as
GCG) di setiap kegiatan usaha Perseroan sehari-hari, sebagai a foundation for creating sustainable added value in both
landasan dalam menciptakan nilai tambah yang berkelanjutan the short and long term, in accordance with the Company’s
baik dalam jangka pendek maupun jangka panjang, serta objectives, vision, and mission, and creating added value for
sesuai dengan tujuan, visi, misi Perseroan dan menciptakan shareholders, the wider community, and all other stakeholders.
nilai tambah bagi pemegang saham, masyarakat secara luas,
dan seluruh pemangku kepentingan lainnya.
Penerapan tata kelola perusahaan yang baik merupakan salah The implementation of good corporate governance is an
satu indikator penting bagi pemegang saham untuk menilai important indicator for shareholders to assess the Company’s
kinerja Perseroan dan meyakini bahwa Perseroan telah dikelola performance and to ensure that the Company is well managed
dengan baik serta mampu untuk melindungi kepentingan and capable of protecting the interests of all shareholders. By
seluruh pemegang saham. Dengan implementasi prinsip GCG, implementing GCG principles, the Company is fully committed to
Perseroan berkomitmen penuh untuk terus meningkatkan continuously improving the implementation of good corporate
penerapan tata kelola perusahaan yang baik dalam rangka governance in order to understand the expectations of each
memahami harapan dari setiap pemegang saham. shareholder.
286
DASAR DAN PEDOMAN PENERAPAN BASIS AND GUIDELINES
TATA KELOLA PERUSAHAAN FOR IMPLEMENTING GOOD
CORPORATE GOVERNANCE
Laporan Tahunan 2025 Annual Report
Perseroan memiliki dasar kebijakan dalam pelaksanaan Tata The Company has a policy basis for implementing Good
Kelola Perusahaan yang Baik, mengacu kepada beberapa Corporate Governance, referring to several provisions and
ketentuan dan peraturan, yaitu antara lain: regulations, including:
1. Undang-Undang Nomor 40 Tahun 2007 tentang Perseroan 1. Law Number 40 of 2007 concerning Limited Liability
Terbatas tanggal 16 Agustus 2007; Companies dated August 16, 2007;
2. Peraturan Presiden Republik Indonesia Nomor 100 Tahun 2. Presidential Regulation of the Republic of Indonesia
2020 tentang Perubahan Ketiga atas Peraturan Presiden Number 100 of 2020 concerning the Third Amendment
Nomor 19 Tahun 2005 tentang Pembiayaan Sekunder to Presidential Regulation Number 19 of 2005 concerning
Perumahan; Secondary Housing Financing;
3. Peraturan Menteri Keuangan Republik Indonesia Nomor. 88/ 3. Regulation of the Minister of Finance of the Republic
PMK.06/2015 tentang Penerapan Tata Kelola Perusahaan of Indonesia Number 88/PMK.06/2015 concerning the
yang Baik pada Perusahaan Perseroan (Persero) di bawah Implementation of Good Corporate Governance in Limited
Pembinaan dan Pengawasan Menteri Keuangan; Liability Companies (Persero) under the Guidance and
Supervision of the Minister of Finance;
4. Peraturan OJK Nomor 31/POJK.04/2015 tentang 4. Financial Services Authority (OJK) Regulation Number 31/
Keterbukaan atas Informasi atau Fakta Material oleh Emiten POJK.04/2015 concerning Disclosure of Material Information
atau Perusahaan Publik; or Facts by Issuers or Public Companies;
5. Peraturan OJK Nomor 51/POJK.03/2017 tentang Penerapan 5. Financial Services Authority Regulation Number 51/
Keuangan Berkelanjutan bagi Lembaga Jasa Keuangan, POJK.03/2017 concerning the Implementation of
Emiten, dan Perusahaan Publik; Sustainable Finance for Financial Services Institutions,
Issuers, and Public Companies;
6. Peraturan Otoritas Jasa Keuangan Republik Indonesia 6. Financial Services Authority Regulation of the Republic of
Nomor 4/POJK.05/2018 Tentang Perusahaan Pembiayaan Indonesia Number 4/POJK.05/2018 concerning Secondary
Sekunder Perumahan sebagaimana telah diubah oleh Housing Financing Companies, as amended by Financial
Peraturan Otoritas Jasa Keuangan Republik Indonesia Services Authority Regulation of the Republic of Indonesia
Nomor 12/POJK.05/2022; Number 12/POJK.05/2022;
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7. Peraturan Otoritas Jasa Keuangan Republik Indonesia 7. Financial Services Authority Regulation of the Republic
Nomor 4/POJK.05/2021 Tentang Penerapan Manajemen of Indonesia Number 4/POJK.05/2021 concerning
Risiko Dalam Penggunaan Teknologi Informasi Oleh the Implementation of Risk Management in the Use of
Lembaga Jasa Keuangan Non-Bank; Information Technology by Non-Bank Financial Services
Institutions;
8. Keputusan Menteri Keuangan Nomor 505/KMK.06/2020 8. Minister of Finance Decree Number 505/KMK.06/2020
tanggal 9 November 2020 tentang Pedoman Penilaian dan dated November 9, 2020, concerning Guidelines for the
Evaluasi atas Penerapan Tata Kelola Perusahaan yang Baik Assessment and Evaluation of the Implementation of Good
(Good Corporate Governance) pada Perusahaan Perseroan Corporate Governance in Limited Liability Companies under
di bawah Pembinaan dan Pengawasan Menteri Keuangan; the Guidance and Supervision of the Minister of Finance;
9. Surat Edaran Otoritas Jasa Keuangan Nomor 16/ 9. Financial Services Authority Circular Letter Number 16/
SEOJK.04/2021 tentang Bentuk dan Isi Laporan Tahunan SEOJK.04/2021 concerning the Form and Content of Annual
Emiten atau Perusahaan Publik; Reports of Issuers or Public Companies;
10. Pedoman Umum Governansi Korporat Indonesia (PUGKI) 10. General Guidelines for Indonesian Corporate Governance
2021 oleh Komite Nasional Kebijakan Governansi (KNKG); (PUGKI) 2021 by the National Committee for Governance
Policy (KNKG);
11. Anggaran Dasar Perseroan; 11. The Company’s Articles of Association;
12. Kebijakan Umum Perseroan tentang Tata Kelola Perusahaan. 12. The Company’s General Policy on Corporate Governance.
PRINSIP TATA KELOLA PRINCIPLES OF GOOD
PERUSAHAAN YANG BAIK CORPORATE GOVERNANCE
Penerapan Tata Kelola Perusahaan yang Baik di lingkungan The implementation of Good Corporate Governance within the
Perseroan tercermin dalam Prinsip-prinsip yaitu: Company is reflected in the following Principles:
Prinsip GCG Penjelasan Penerapan di SMF
GCG Principles Explanation Implementation in SMF
Transparansi Keterbukaan dalam melaksanakan proses Dalam menjalankan prinsip transparansi, SMF senantiasa menyediakan
Transparency Pengambilan keputusan, dan keterbukaan informasi yang dapat diakses oleh seluruh pemangku kepentingan melalui
dalam mengungkapkan informasi material website/media yang diakui Perseroan seperti publikasi atas Laporan
dan relevan mengenai Perusahaan. Keuangan, Laporan Tahunan, Informasi lelang, Produk Perseroan dan hal
Transparency in implementing the decision- lainnya dalam pengungkapan informasi.
making process, and transparency in In implementing the principle of transparency, SMF always provides
disclosing material and relevant information information that can be accessed by all stakeholders through the
regarding the Company Company’s recognized website/media such as publications of Financial
Reports, Annual Reports, Auction Information, Company Products and
other matters in disclosing information.
Akuntabilitas Kejelasan fungsi pelaksanaan dan Perseroan melalui Manajemen memastikan bahwa setiap perubahan
Accountability pertanggungjawaban Organ sehingga Struktur Organisasi mengedepankan prinsip equal, dimana penempatan
pengelolaan Perusahaan terlaksana secara atas setiap Fungsi/Jabatan selaras dengan kebutuhan Perseroan dalam
efektif. menjalankan proses bisnis.
Clarity of the function of implementation The Company, through Management, ensures that every change in the 287
and accountability of Organs so that the Organizational Structure prioritizes the principle of equality, where the
management of the Company is carried out placement of each Function/Position is in line with the Company’s needs in
effectively. carrying out business processes.
Responsibilitas Kesesuaian di dalam pengelolaan Perseroan dalam menjalankan proses bisnisnya berdasarkan peraturan
PT Sarana Multigriya Finansial (Persero)
Responsibility Perusahaan terhadap peraturan perundang- yang diterbitkan oleh Regulator baik itu dari Pemerintah maupun Otoritas
undangan dan prinsip-prinsip korporasi yang Jasa Keuangan. Beberapa Peraturan terkait antara lain:
sehat. 1. Undang-Undang Nomor 40 Tahun 2007 tentang Perseroan Terbatas.
Conformity in the management of the 2. Peraturan Presiden Republik Indonesia Nomor 100 Tahun 2020
Company to laws and regulations and sound tentang Perubahan Ketiga atas Peraturan Presiden Nomor 19 Tahun
corporate principles. 2005 tentang Pembiayaan Sekunder Perumahan.
3. Peraturan OJK Nomor 4/POJK.05/2018 tentang Perusahaan
Pembiayaan Sekunder Perumahan sebagaimana telah diubah oleh
Peraturan Otoritas Jasa Keungan Nomor 12/POJK.05/2022.
The Company conducts its business processes based on regulations
issued by regulators, both the Government and the Financial Services
Authority. Some relevant regulations include:
1. Law Number 40 of 2007 concerning Limited Liability Companies.
2. Presidential Regulation of the Republic of Indonesia Number 100 of
2020 concerning the Third Amendment to Presidential Regulation
Number 19 of 2005 concerning Secondary Housing Financing.
3. Financial Services Authority Regulation Number 4/POJK.05/2018
concerning Secondary Housing Financing Companies, as amended by
Financial Services Authority Regulation Number 12/POJK.05/2022.
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Tata Kelola Perusahaan
Corporate Governance
Prinsip GCG Penjelasan Penerapan di SMF
GCG Principles Explanation Implementation in SMF
Independensi Keadaan di mana Perusahaan dikelola Setiap tahunnya Direksi, Dewan Komisaris, Dewan Pengawas Syariah
Independency secara profesional tanpa benturan beserta seluruh Karyawan Perseroan menandatangani Pakta Integritas
kepentingan dan pengaruh/tekanan dari sebagai ujud pelaksanan Tata Kelola Perusahaan Yang Baik serta
pihak manapun yang tidak sesuai dengan mencegah terjadinya fraud dan benturan kepentingan dilaksanakan
peraturan perundang-undangan dan prinsip- secara rutin setiap tahunnya. Melalui Divisi Manajemen Risiko & Kepatuhan
prinsip korporasi yang sehat. bersama dengan Satuan Pengawasan Intern dan Divisi Sumber Daya
A condition in which the Company is Manusia rutin menyelenggarakan kampanye Risk Culture kepada seluruh
managed professionally without conflict Karyawan Perseroan.
of interest nor influence/pressure from Every year, the Board of Directors, Board of Commissioners, Sharia
any parties that is not in accordance with Supervisory Board, and all Company employees sign an Integrity Pact as
laws and regulations and sound corporate a manifestation of the implementation of Good Corporate Governance
principles and to prevent fraud and conflicts of interest. The Risk Management &
Compliance Division, together with the Internal Audit Unit and the Human
Capital Division, regularly organizes a Risk Culture campaign for all
Company employees.
Kewajaran Keadilan dan kesetaraan di dalam Perseroan dalam menjamin setiap hak-hak pemangku kepentingan yang
Fairness memenuhi hak-hak pemangku kepentingan adil dan setara berdasarkan Peraturan OJK Nomor 22 Tahun 2023 tentang
(stakeholders) yang timbul berdasarkan Pelindungan Konsumen dan Masyarakat di Sektor Jasa Keuangan dan
perjanjian dan peraturan perundang- Keputusan Menteri Keuangan Republik Indonesia Nomor 475 Tahun 2023
undangan. tentang Pedoman Penanganan Benturan Kepentingan Di Lingkungan
Justice and equality in fulfilling stakeholders’ Kementerian Keuangan. Hal ini selanjutnya dilakukan penerapannya
rights arising from agreements and laws and dengan vendor pada Perjanjian Pengadaan Barang Jasa, dimana setiap
regulations. vendor wajib menandatangani Pakta Integritas untuk mencegah conflict of
interest.
The Company guarantees the fair and equal rights of all stakeholders
based on OJK Regulation Number 22 of 2023 concerning Consumer and
Community Protection in the Financial Services Sector and Decree of the
Minister of Finance of the Republic of Indonesia Number 475 of 2023
concerning Guidelines for Handling Conflicts of Interest within the Ministry
of Finance. This is further implemented with vendors in the Goods and
Services Procurement Agreement, where each vendor is required to sign
an Integrity Pact to prevent conflicts of interest.
Selain itu, penerapan GCG di lingkungan Perseroan juga telah Furthermore, the implementation of GCG within the Company
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tercermin dalam 4 (empat) pilar governansi berdasarkan is also reflected in the 4 (four) pillars of governance based on
PUGKI yaitu Perilaku Beretika, Akuntabilitas, Transparansi PUGKI, namely Ethical Conduct, Accountability, Transparency
dan Keberlanjutan; and Sustainability;
1. Perilaku Beretika: Dalam melaksanakan kegiatannya, 1. Ethical Behavior: In performing its activities, the Company
Laporan Tahunan 2025 Annual Report
Perseroan senantiasa mengedepankan kejujuran, always prioritizes honesty, treats all parties with respect,
memperlakukan semua pihak dengan hormat (respect), fulfills commitments, builds and maintains moral values
memenuhi komitmen, membangun serta menjaga nilai-nilai and trust consistently.
moral dan kepercayaan secara konsisten;
2. Akuntabilitas: mempertanggungjawabkan kinerjanya secara 2. Accountability: Accountable for its performance in a
transparan dan wajar; transparent and fair manner.
3. Transparansi: menyediakan informasi yang material dan 3. Transparency: Provide material and relevant information
relevan dengan cara yang mudah diakses dan dipahami in a way that is easily accessible and understood by
oleh pemangku kepentingan; stakeholders.
4. Keberlanjutan: senantiasa mematuhi peraturan 4. Sustainability: Always complies with laws and regulations
perundangundangan serta berkomitmen melaksanakan and is committed to carrying out responsibilities towards
tanggung jawab terhadap masyarakat dan lingkungan society and the environment in order to contribute to
agar berkontribusi pada pembangunan berkelanjutan sustainable development through cooperation with all
melalui kerjasama dengan semua pemangku kepentingan relevant stakeholders to improve their lives in a manner
terkait untuk meningkatkan kehidupan mereka dengan that is in line with business interests and the sustainable
cara yang selaras dengan kepentingan bisnis dan agenda development agenda
pembangunan berkelanjutan.
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STRUKTUR TATA KELOLA GOVERNANCE STRUCTURE
Struktur dan mekanisme Tata Kelola Perseroan disusun The structure and mechanism of Corporate Governance are
berdasarkan kebijakan umum Perseroan Nomor 002/KEB/ formulated based on the Company’s general policy Number
KU/SMF/VI/2024 tentang tata kelola Perusahaan. Struktur 002/KEB/KU/SMF/VI/2024 concerning corporate governance.
dan mekanisme tata kelola ditetapkan untuk memastikan The structure and mechanism of governance are established
penyelenggaraan Tata Kelola Perusahaan dapat berjalan efektif to ensure that the implementation of Corporate Governance
dengan pembagian peran, tugas dan tanggung jawab yang can run effectively with a clear division of roles, duties, and
jelas. Struktur Tata Kelola Perusahaan di Perseroan terdiri responsibilities. The Corporate Governance structure in the
dari Organ Utama dan Organ Pendukung Perusahaan. Berikut Company consists of the Main Organs and Supporting Organs
Struktur Tata Kelola Perseroan: of the Company. The following is the Corporate Governance
structure:
RUPS
GMS
Dewan Komisaris Direksi
Board of Commissioners Board of Directors
Komite di Bawah Direksi
Komite Audit Supporting Committees of
Audit Committee the Board of Directors
Komite Nominasi dan Remunerasi Hubungan Antar Organ Perseroan
Nomination and Inter-Organ Relations of the Company
Remuneration Committee
Komite Pemantau Risiko
Risk Monitoring Committee
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PT Sarana Multigriya Finansial (Persero)
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Tata Kelola Perusahaan
Corporate Governance
TUJUAN PENERAPAN GCG OBJECTIVES OF GCG IMPLEMENTATION
Bagi Perseroan, penerapan GCG tidak semata-mata merupakan For the Company, the implementation of GCG is not merely a
pemenuhan atas ketentuan peraturan perundang-undangan, matter of complying with statutory regulations, but also part
tetapi juga merupakan bagian dari strategi korporat untuk of the corporate strategy to create long-term value. GCG
menciptakan nilai jangka panjang. Penerapan GCG dirancang implementation is designed to support the achievement of
untuk mendukung tercapainya berbagai tujuan strategis the following strategic objectives:
sebagai berikut:
1. Melindungi kepentingan Pemegang Saham dan pihak-pihak 1. Protecting the interests of Shareholders and related parties
yang terkait dalam kegiatan pengelolaan perusahaan. Hal in the Company’s management activities. This is achieved
ini diwujudkan melalui pelaksanaan kegiatan usaha secara by conducting effective business activities of the public and
efektif publik maupun investor terhadap Perseroan terus investors towards the Company to continue to increase;
meningkat;
2. Meningkatkan kesadaran penuh seluruh organ Perseroan 2. Increasing the full awareness of all organs of the Company,
agar dalam membuat keputusan dan mengambil tindakan ensuring that in making decisions and taking any action,
apa pun selalu berlandaskan nilai-nilai moral yang tinggi they are always based on high moral values and compliance
dan kepatuhan terhadap peraturan perundang-undangan with applicable laws and regulations;
yang berlaku;
3. Mendorong pengelolaan BUMN yang profesional, 3. Encouraging professional management of SOE, empowering
pemberdayaan fungsi dan meningkatkan kemandirian functions, and increasing the independence of each organ
masing-masing organ Perseroan; of the Company;
4. Mendorong agar organ Perseroan memiliki kesadaran tinggi 4. Encouraging the Company’s organs to have a high
untuk melaksanakan tanggung jawab sosial BUMN terhadap awareness to carry out the social responsibility of SOE
stakeholders maupun lingkungan di sekitar BUMN; towards stakeholders and the environment around SOE;
5. Memaksimalkan nilai Perseroan dengan menjaga dan/ atau 5. Maximizing Company value by maintaining and/or improving
meningkatkan kualitas penerapan prinsip-prinsip GCG agar the implementation quality of GCG principles, ensuring
Perseroan senantiasa berdaya saing kuat, baik pada skala that the Company is always highly competitive, both on a
nasional maupun internasional; national and international scale;
6. Meningkatkan nilai Perseroan dengan terjalinnya kerja sama 6. Increasing Company value by establishing good cooperation
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yang baik antar organ Perseroan; among the Company’s organs;
7. Menumbuhkan kesadaran untuk menjalankan kegiatan 7. Raising awareness to carry out corporate social
tanggung jawab sosial perusahaan terhadap pemangku responsibility activities towards stakeholders including
kepentingan termasuk dalam menjaga kelestarian preserving the environment around the Company;
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lingkungan di sekitar Perseroan;
8. Meningkatkan kontribusi BUMN terhadap perekonomian 8. Increasing SOE’s contribution to the national economy.
nasional.
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RAPAT UMUM PEMEGANG SAHAM DAN
PEMEGANG SAHAM PERSEROAN
GENERAL MEETING OF SHAREHOLDERS AND
SHAREHOLDERS OF THE COMPANYPERSEROAN
Rapat Umum Pemegang Saham (RUPS) merupakan organ The General Meeting of Shareholders (GMS) is the main organ
utama dalam struktur tata kelola Perseroan yang menyediakan of the Company’s governance structure, serving as a forum for
platform bagi para Pemegang Saham untuk menjalankan hak Shareholders to exercise their rights and authority. The GMS,
dan kewenangan strategisnya. Sebagai otoritas tertinggi, as the highest organ, has rights and authorities not granted to
RUPS memegang mandat yang tidak dimiliki oleh Dewan the Board of Commissioners or the Board of Directors, subject
Komisaris maupun Direksi, dengan tetap mengacu pada to limitations imposed by laws, regulations, and the Company’s
ketentuan peraturan perundang-undangan serta Anggaran Articles of Association.
Dasar Perseroan.
Selain menjalankan fungsi pengambilan keputusan, RUPS juga Furthermore, the GMS serves as a communication forum for
menjadi forum komunikasi formal antara Pemegang Saham, shareholders and the Board of Commissioners and Board of
Dewan Komisaris, dan Direksi. Melalui penyelenggaraan rapat, Directors by organizing meetings. In this forum, shareholders
Pemegang Saham memperoleh laporan pertanggungjawaban receive accountability reports on the execution of duties and
atas pelaksanaan tugas dan kinerja Perseroan secara the Company’s performance results, ensuring accountability
menyeluruh. Mekanisme ini memastikan terselenggaranya and transparency in the Company’s management while
prinsip akuntabilitas dan transparansi dalam pengelolaan strengthening the quality of governance in a sustainable
perusahaan, sekaligus memperkuat kualitas tata kelola secara manner.
berkelanjutan.
JENIS RUPS TYPES OF GMS
Sejalan dengan Anggaran Dasar Perseroan serta ketentuan According to the Company’s Articles of Association and
peraturan perundang-undangan yang berlaku, Perseroan prevailing laws and regulations, the Company’s GMS is classified
menyelenggarakan dua jenis Rapat Umum Pemegang Saham into two types: Annual GMS and Extraordinary GMS.
(RUPS), yaitu RUPS Tahunan dan RUPS Luar Biasa.
RUPS Tahunan dilaksanakan untuk memperoleh persetujuan Annual GMS is held in conjunction with the approval of the
atas Rencana Kerja dan Anggaran Perseroan (RKAP) Company’s Work Plan and Budget (RKAP) and Annual Report.
serta Laporan Tahunan Perseroan. RUPS yang membahas The GMS for the Approval of the Company’s Work Plan and
persetujuan RKAP diselenggarakan paling lambat pada hari Budget is held no later than the 30th day of the first month 291
ketiga puluh bulan pertama setelah tahun buku baru dimulai. following the start of the fiscal year. The GMS on Approval of
Sementara itu, RUPS yang membahas persetujuan Laporan the Annual Report takes place no later than June, or six months
Tahunan dilaksanakan paling lambat pada bulan Juni atau after the fiscal year ends.
enam bulan setelah tahun buku berakhir.
PT Sarana Multigriya Finansial (Persero)
Sedangkan, RUPS Luar Biasa (RUPSLB) diselenggarakan di luar Extraordinary GMS (EGMS) is held outside of the schedule
jadwal yang ditetapkan dalam Anggaran Dasar, dapat diadakan specified in the Articles of Association and may be held at any
setiap saat, jika dianggap perlu oleh Direksi dan/atau Dewan time if deemed necessary by the Board of Directors, Board of
Komisaris dan/atau Pemegang Saham. Commissioners, and/or Shareholders.
Melalui penyelenggaraan RUPS tersebut, Perseroan memastikan By holding the GMS, the Company ensures that the strategic
proses pengambilan keputusan strategis berlangsung tepat decision-making process takes place in a timely manner and
waktu dan sesuai prinsip tata kelola yang baik. in accordance with the principles of good governance.
MEKANISME PELAKSANAAN RUPS MECHANISM OF CONVENING THE GMS
Dalam penyelenggaraan RUPST, Perseroan mengacu pada The Company’s AGMS is convened by referring to the
Undang-Undang Perseroan Terbatas dan Anggaran Dasar Limited Liability Company Law and the Company’s Articles
Perseroan. Pemanggilan RUPS dilakukan dengan surat tercatat of Association. The Notice to the GMS is sent via registered
dengan mencantumkan tanggal, waktu, tempat dan tata letter, stating the date, time, location, and the procedures of
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Tata Kelola Perusahaan
Corporate Governance
cara rapat disertai pemberitahuan bahwa bahan yang akan the meeting, as well as notification that the materials to be
dibicarakan dalam RUPS tersedia di kantor Perseroan sejak discussed in the GMS are available at the Company’s office
tanggal dilakukan pemanggilan RUPS sampai dengan tanggal from the date the GMS Notice is sent to the date the GMS is
RUPS diadakan. Jangka waktu pemanggilan RUPS dilakukan held. The GMS Notice must be sent 14 days before the GMS is
paling lambat 14 hari sebelum RUPS. Selain itu, RUPS harus held at the latest. Furthermore, the GMS must be documented
didokumentasikan dalam bentuk risalah RUPS yang memuat in the form of the GMS Minutes that include at least the time,
sekurang-kurangnya waktu, agenda, peserta, pendapat yang agenda, participants, opinions formed during the GMS, and
berkembang dalam RUPS dan keputusan RUPS. Risalah RUPS GMS resolutions. The GMS Minutes must be signed by the GMS
tersebut, wajib ditandatangani oleh ketua RUPS dan paling chairman and at least 1 (one) shareholder appointed from and
sedikit 1 (satu) Pemegang Saham yang ditunjuk dari dan oleh by GMS attendees. The signature is not required if the minutes
peserta RUPS. Tanda tangan tersebut tidak disyaratkan apabila of the GMS are drawn up by a notarial deed. Resolutions of the
risalah RUPS dibuat dengan Akta Notaris. Keputusan Rapat General Meeting of Shareholders are adopted by deliberation
Umum Pemegang Saham diambil dengan musyawarah untuk to reach consensus as stipulated in Article 22 paragraph 9 of
mufakat sebagaimana yang diatur dalam Selaras dengan the Company’s Articles of Association.
Anggaran Dasar Perseroan Pasal 22 ayat 9.
TATA TERTIB RUPS GMS CONDUCT
Sebagai langkah upaya dalam memastikan kelancaran, To ensure smoothness, create a conducive atmosphere, and
menciptakan suasana yang kondusif, dan mendukung support the effective and efficient discussion of each agenda
pembahasan setiap agenda secara efektif dan efisien dalam item during the GMS, the Company establishes the following
pelaksanaan RUPS, Perseroan menetapkan tata tertib yang conduct, which must be followed by all meeting participants:
wajib dipatuhi oleh seluruh peserta rapat sebagai berikut:
1. Rapat akan diselenggarakan dalam Bahasa Indonesia; 1. The meeting is held in Indonesian.
2. Peserta Rapat: 2. Meeting Participants:
a. Pemegang saham/Kuasa Pemegang Saham a. Shareholders/Shareholders’ Proxies
b. Direksi b. Board of Directors
c. Dewan Komisaris c. Board of Commissioners
d. Dewan Pengawas Syariah d. Sharia Supervisory Board
292
e. Para Pejabat dari Kementerian Keuangan pendamping e. Officials from the Ministry of Finance accompanying
Pemegang Saham Shareholders
f. Undangan f. Invitees
g. Notaris g. Notary
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3. Rapat dipimpin oleh pemegang saham atau kuasanya; 3. The meeting is chaired by the shareholder or proxy.
4. Dalam hal Pimpinan Rapat tidak dapat meneruskan 4. In the event that the chairperson of the meeting is unable
memimpin Rapat, Pimpinan Rapat dapat meminta seseorang to continue to chair the meeting, the chairperson of the
untuk memimpin Rapat berdasarkan kuasa dari Pimpinan meeting may request someone to chair the meeting based
Rapat; on the power of attorney from the chairperson of the
meeting.
5. Hanya pemegang saham yang mempunyai hak untuk 5. Only shareholders have the right to express opinions/
menyampaikan pendapat/pertanyaan dan memberikan questions and vote at the meeting.
suara dalam Rapat;
6. Undangan atas permintaan Pimpinan Rapat dapat 6. Invited guests, at the request of the chair of the meeting,
memberikan sumbangan pikiran, namun masukan hanya may offer their thoughts. However, these inputs are only
untuk bahan pertimbangan pemegang saham dan masukan for shareholders’ consideration and are not included in the
tersebut tidak dimuat dalam Risalah Rapat; minutes of the meeting.
7. Tanya Jawab: 7. Q&A:
a. Pimpinan Rapat selaku pemegang saham dapat a. The Chairman of the Meeting as a shareholder may ask
mengajukan pertanyaan atau menyatakan pendapat; questions or express opinions
b. Pimpinan Rapat dapat memberikan kesempatan kepada b. The Chairman of the Meeting may give Meeting Invitees
Undangan Rapat untuk mengajukan pertanyaan dan/ the opportunity to ask questions and/or express
atau menyatakan pendapat dan/atau usulan kepada opinions and/or suggestions to the Chairman of the
Pimpinan Rapat selaku pemegang saham; Meeting as a shareholder.
c. Pertanyaan-pertanyaan hanya yang berhubungan c. Questions are only related to the Meeting Agenda.
dengan Agenda Rapat.
8. Setiap pertanyaan dan/atau pendapat dalam rapat diajukan 8. Any questions and/or opinions in the Meeting shall be
secara lisan; raised orally.
9. Keputusan diambil berdasarkan musyawarah untuk mufakat; 9. Resolutions shall be adopted based on deliberation to
reach consensus.
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10. Demi ter tibnya rapat, peser ta rapat dimohon 10. For the sake of the Meeting’s order, Meeting participants
menandatangani daftar hadir; are requested to sign the attendance list.
11. Hal-hal yang belum diatur dalam Tata tertib ini akan 11. Matters not regulated in this Meeting Conduct shall be
ditentukan kemudian oleh Pimpinan Rapat. determined later by the Chairman of the Meeting
PELAKSANAAN RUPS IMPLEMENTATION OF THE
PERSEROAN TAHUN 2025 COMPANY’S GMS IN 2025
Pada tahun 2025, Perseroan telah menyelenggarakan RUPS In 2025, the Company held 2 (two) GMS, with details of 2 (two)
sebanyak 2 (dua) kali dengan rincian RUPS Tahunan sebanyak Annual GMS, with the following details:
2 (dua) kali , dengan rincian sebagai berikut: 1. Annual GMS Approval of the Annual Report including
1. RUPS Tahunan Persetujuan Laporan Tahunan termasuk Ratification of the Financial Report and the Supervisory
Pengesahan Laporan Keuangan serta Laporan Tugas Report of the Board of Commissioners and the Supervisory
Pengawasan Dewan Komisaris dan Laporan Tugas Report of the Sharia Supervisory Board for the 2024 Fiscal
Pengawasan Dewan Pengawas Syariah Tahun Buku 2024 Year held on May 9, 2025
yang diselenggarakan pada tanggal 9 Mei 2025
2. RUPS Tahunan dalam rangka Pembahasan dan Pengesahan 2. Annual GMS for the purpose of Discussion and Ratification
Rencana Kerja dan Anggaran Perusahaan (RKAP) Tahun of the 2026 Company Work Plan and Budget (RKAP) held
2026 yang diselenggarakan pada tanggal 2 Desember on December 2, 2025.
2025.
Informasi lebih lanjut mengenai penyelenggaraan RUPS Further information regarding the holding of the Annual General
Tahunan RKAP 2026 dan Persetujuan Laporan Tahunan Meeting of Shareholders (AGMS) for the 2026 RKAP and the
termasuk Pengesahan Laporan Keuangan serta Laporan Tugas approval of the Annual Report, including the ratification of the
Pengawasan Dewan Komisaris dan Laporan Tugas Pengawasan Financial Statements, the Supervisory Report of the Board
Dewan Pengawas Syariah Tahun Buku 2024 Perseroan di 2025 of Commissioners, and the Supervisory Report of the Sharia
adalah sebagai berikut: Supervisory Board for the Company’s 2024 Fiscal Year in 2025,
is as follows:
RUPS Tahunan: Pengesahan RKAP Tahun 2026
Annual General Meeting of Shareholders: Approval of the 2026 Work Plan and Budget (RKAP)
Undangan RUPS : 14 November 2025
GMS Invitees November 14, 2025
Tanggal Pelaksanaan RUPS : 2 Desember 2025
Implementation of the GMS December 2, 2025
Lokasi Pelaksanaan RUPS : Ruang Rapat Besar Direktorat Jenderal Kekayaan Negara, Gedung Syafrudin Prawiranegara
Location of the GMS II, Lt 10, Wing Utara, Jl. Lapangan Banteng Timur 2-4, Jakarta Pusat 10710
Main Meeting Room of the Directorate General of State Assets, Syafrudin Prawiranegara II 293
Building, 10th Floor, North Wing, Jl. Lapangan Banteng Timur 2-4, Central Jakarta 10710
Peserta Rapat : Pemegang Saham, Direksi, Dewan Komisaris, Dewan Pengawas Syariah
Meeting Attendees Shareholders Board of Commissioners, Sharia Supervisory Board, Board of Directors PT Sarana Multigriya Finansial (Persero)
Pihak Independen : Notaris
Independent Party Notary
Agenda Pembahasan dan Pengesahan : Keputusan
Rencana Kerja dan Anggaran Perseroan Menyetujui dan mengesahkan Rencana Kerja dan Anggaran Perusahaan Tahun 2026 yang
Tahun 2026 diajukan oleh Direksi, serta menyetujui dan mengesahkan Kontrak Kinerja Direksi, Dewan
Agenda: Komisaris, dan Dewan Pengawas Syariah Tahun 2026
Discussion and Ratification of the
Company’s Work Plan and Budget Realisasi Keputusan
for 2026 Keputusan langsung berlaku
Resolution
Approving and ratifying the 2026 Company Work Plan and Budget submitted by the Board
of Directors, and approving and ratifying the 2026 Performance Contracts for the Board of
Directors, Board of Commissioners, and Sharia Supervisory Board.
Implementation of the Resolution
The Resolution is effective immediately.
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Tata Kelola Perusahaan
Corporate Governance
RUPS Tahunan: Persetujuan Laporan Tahunan termasuk Annual GMS: Approval of the Annual Report including the
Pengesahan Laporan Keuangan serta Laporan Tugas Ratification of the Financial Statements and the Supervisory
Pengawasan Dewan Komisaris dan Dewan Pengawas Syariah Report of the Board of Commissioners and the Sharia
Perseroan Tahun Buku 2024 Supervisory Board of the Company for the 2024 Fiscal Year
Undangan RUPS : 24 April 2025
GMS Invitees April 24, 2025
Tanggal Pelaksanaan RUPS : 9 Mei 2025
Implementation of the GMS May 9, 2025
Lokasi Pelaksanaan RUPS : Ruang Rapat Besar Direktorat Jenderal Kekayaan Negara, Gedung Syafrudin Prawiranegara
Locationof the GMS II, Lt 10, Wing Utara, Jl. Lapangan Banteng Timur 2-4, Jakarta Pusat 10710
Main Meeting Room of the Directorate General of State Assets, Syafrudin Prawiranegara II
Building, 10th Floor, North Wing, Jl. Lapangan Banteng Timur 2-4, Central Jakarta 10710
Peserta Rapat : Pemegang Saham, Direksi, Dewan Komisaris, Dewan Pengawas Syariah
Meeting Attendees Shareholders, Board of Commissioners, Sharia Supervisory Board, Board of Directors
Pihak Independen : Notaris dan Kantor Akuntan Publik
Independent Party Notary and Public Accounting Firm
Agenda Persetujuan atas Laporan Tahunan : Keputusan
Perseroan Tahun Buku 2024 1. Menyetujui Laporan Tahunan Perseroan Tahun Buku 2024 termasuk
Agenda for Approval of the Company's a. Mengesahkan Laporan Keuangan Perseroan untuk Tahun Buku 2024 dan Laporan
Annual Report for the 2024 Fiscal Year Keuangan Program Tanggung Jawab Sosial dan Lingkungan (TJSL) Tahun Buku
2024 yang telah di audit oleh Kantor Akuntan Publik Purwantono, Sungkoro & Surja
dengan pendapat Wajar, Dalam Semua Hal yang Material.
b. Menyetujui Laporan Tugas Pengawasan Dewan Komisaris dan Laporan Tugas
Pengawasan Dewan Pengawas Syariah Tahun Buku 2024 Memberikan pelunasan
dan pembebasan sepenuhnya (acquit et de charge) kepada seluruh anggota
Direksi, Dewan Komisaris, dan Dewan Pengawas Syariah Perseroan atas tindakan
pengurusan dan pengawasan yang telah dijalankan selama Tahun Buku 2024,
sepanjang tindakan tersebut bukan merupakan tindakan pidana dan tercermin
dalam Laporan Tahunan termasuk Laporan Keuangan Perseroan
Realisasi Keputusan
294 Keputusan langsung berlaku
Resolutions
1. Approving the Company's Annual Report for the 2024 Fiscal Year, including
a. Ratifying the Company's Financial Statements for the 2024 Fiscal Year and the
Laporan Tahunan 2025 Annual Report
Financial Statements for the Social and Environmental Responsibility Program
(TJSL) for the 2024 Fiscal Year, audited by the Public Accounting Firm Purwantono,
Sungkoro & Surja with an opinion of "Fair in All Material Respects."
b. Approving the Supervisory Report of the Board of Commissioners and the
Supervisory Report of the Sharia Supervisory Board for the 2024 Fiscal Year.
Granting full release and discharge (acquit et de charge) to all members of the
Company's Board of Directors, Board of Commissioners, and Sharia Supervisory
Board for their management and supervisory actions carried out during the 2024
Fiscal Year, provided that such actions do not constitute criminal offenses and are
reflected in the Annual Report, including the Company's Financial Statements.
Realization of the Resolution
The Resolution is effective immediately.
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Agenda Penetapan Keputusan Penggunaan : Keputusan
Laba Bersih Perseroan Tahun Buku 2024 1. Menyetujui penggunaan laba bersih Tahun 2024 untuk dialokasikan sebagai
Agenda for Determining the Decision on the berikutcadangan modal sebesar Rp215.933.540.000,- (dua ratus lima belas miliar
Use of the Company's Net Profit for the 2024 sembilan ratus tiga puluh tiga juta lima ratus empat puluh ribu Rupiah).
Fiscal Year 2. dividen sebesar Rp107.966.770.000,- (seratus tujuh miliar sembilan ratus enam puluh
enam juta tujuh ratus tujuh puluh ribu Rupiah), dan
3. sisanya ditetapkan sebagai laba ditahan
Realisasi Keputusan
Perseroan telah melakukan pembayaran dividen tahun buku 2024 pada tanggal 2 Juni 2025
sebesar Rp107.966.770.000 (seratus tujuh miliar sembilan ratus enam puluh enam juta tujuh
ratus tujuh puluh ribu rupiah),
Resolution
1. Approving the use of 2024 net profit to be allocated as follows: capital reserves
amounting to Rp215,933,540,000 (two hundred and fifteen billion nine hundred and
thirty-three million five hundred and forty thousand Rupiah).
2. Dividends amounting to Rp107,966,770,000 (one hundred and seven billion nine
hundred and sixty-six million seven hundred and seventy thousand Rupiah), and
3. The remainder will be designated as retained earnings.
Realization of the Resolution
The Company paid dividends for the 2024 Fiscal Year on June 2, 2025, amounting to
Rp107,966,770,000 (one hundred and seven billion nine hundred and sixty-six million seven
hundred and seventy thousand Rupiah).
Agenda Penetapan Pembayaran Tantiem : Keputusan
Atas Kinerja Tahun 2024 Dan Penyesuaian Penetapan keputusan pembayaran tantiem atas kinerja Tahun 2024 dan penyesuaian gaji/
Gaji/Honorarium Dan Tunjangan/Fasilitas honorarium dan tunjangan/fasilitas Direksi dan Dewan Komisaris Perseroan untuk Tahun
Direksi Dan Dewan Komisaris Perseroan Buku 2025 akan ditetapkan secara terpisah melalui keputusan Pemegang Saham yang akan
Untuk Tahun Buku 2025 dilakukan secara sirkuler
Agenda for Determining Performance-Based
Bonuses for 2024 and Adjustments to Realisasi Keputusan
Salaries/Honoraria and Allowances/Facilities Pembayaran tantiem atas kinerja Tahun 2024 dan penyesuaian gaji/honorarium dan
tunjangan/fasilitas Direksi dan Dewan Komisaris Perseroan untuk Tahun Buku 2025 telah
for the Company’s Board of Directors and
ditetapkan dalam Keputusan Menteri Keuangan Nomor 262/MK/KN/2025 tanggal 16 Juli
Board of Commissioners for the 2025 Fiscal
2025.
Year
Resolution
The decision regarding the payment of bonuses based on performance in 2024 and
adjustments to the salaries/honorariums and allowances/facilities of the Company's Board
of Directors and Board of Commissioners for the 2025 Fiscal Year will be determined
separately through a Shareholders' Resolution, which will be carried out in a circular
manner.
Realization of the Resolution
The payment of bonuses based on performance in 2024 and adjustments to the salaries/
honorariums and allowances/facilities of the Company's Board of Directors and Board of
Commissioners for the 2025 Fiscal Year have been stipulated in Decree of the Minister of
Finance Number 262/MK/KN/2025 dated July 16, 2025.
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KEPUTUSAN, REALISASI DAN TINDAK RESOLUTIONS, REALIZATIONS,
LANJUT HASIL RUPS TAHUN SEBELUMNYA AND FOLLOW-UPS OF THE
PREVIOUS YEAR’S GMS PT Sarana Multigriya Finansial (Persero)
Seluruh Keputusan hasil RUPS Tahunan terkait Persetujuan The GMS regarding the Approval of the Annual Report and
Laporan Tahunan termasuk Pengesahan Laporan Keuangan Ratification of the Financial Statements and the Supervisory
serta Laporan Tugas Pengawasan Dewan Komisaris dan Dewan Task Report of the Board of Commissioners and the Sharia
Pengawas Syariah Perseroan Tahun Buku 2023, seluruhnya Supervisory Board of the Company for the 2023 Fiscal Year,
telah selesai ditindaklanjuti, hasilnya sebagai berikut: all of which have been followed up, with the results as follows:
Keputusan Tindak Lanjut
Resolutions Follow-ups
Penetapan penggunaan laba bersih Tahun 2024 untuk dividen sebesar Perseroan telah melakukan pembayaran dividen tahun buku 2024 pada
Rp107.966.770.000,- (seratus tujuh miliar sembilan ratus enam puluh tanggal 2 Juni 2025 sebesar Rp107.966.770.000 (seratus tujuh miliar
enam juta tujuh ratus tujuh puluh ribu Rupiah) sembilan ratus enam puluh enam juta tujuh ratus tujuh puluh ribu rupiah)
Determination of the use of 2024 net profit for dividends amounting to The Company paid dividends for the 2024 fiscal year on June 2, 2025,
Rp107,966,770,000 (one hundred seven billion nine hundred sixty six amounting to Rp107,966,770,000 (one hundred seven billion nine
million seven hundred seventy thousand Rupiah) hundred sixty-six million seven hundred seventy thousand rupiah)
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Tata Kelola Perusahaan
Corporate Governance
Keputusan Tindak Lanjut
Resolutions Follow-ups
Penetapan keputusan pembayaran tantiem atas kinerja Tahun 2024 dan Pembayaran tantiem atas kinerja Tahun 2024 dan penyesuaian gaji/
penyesuaian gaji/honorarium dan tunjangan/fasilitas Direksi dan Dewan honorarium dan tunjangan/fasilitas Direksi dan Dewan Komisaris
Komisaris Perseroan untuk Tahun Buku 2025 akan ditetapkan secara Perseroan untuk Tahun Buku 2025 telah ditetapkan dalam Keputusan
terpisah melalui keputusan Pemegang Saham yang akan dilakukan Menteri Keuangan Nomor 262/MK/KN/2025 tanggal 16 Juli 2025
secara sirkuler Payment of bonuses for performance in 2024 and adjustments to
The determination of performance bonuses for 2024, as well as salaries/honorariums and allowances/facilities for the Company’s
adjustments to the salaries/honoraria and allowances/facilities of the Directors and Board of Commissioners for the 2025 Fiscal Year have
Company’s Board of Directors and Board of Commissioners for the 2025 been stipulated in the Decree of the Minister of Finance Number 262/
Fiscal Year, will be resolved separately through a Shareholders’ Circular MK/KN/2025 dated July 16, 2025
Resolution
SHAREHOLDERS
PEMEGANG SAHAM
SMF is a State-Owned Enterprise (SOE) under the supervision
Perseroan merupakan Badan Usaha Milik Negara (BUMN) of the Minister of Finance. As such, the Government of
yang berada di bawah Pembinaan dan Pengawasan Menteri Indonesia is the sole owner of SMF (100%), represented by
Keuangan. Atas hal tersebut, saham SMF sepenuhnya (100%) the Ministry of Finance. Consequently, the Government of
dimiliki oleh Pemerintah RI, yang diwakili oleh Kementerian Indonesia, represented by the Ministry of Finance, is the
Keuangan RI. Dengan demikian, Pemegang Saham Utama dan Company’s Major and Controlling Shareholder. Additional
Pemegang Saham Pengendali Perseroan adalah Pemerintah information regarding SMF’s shareholders can be found in
RI yang diwakili oleh Kementerian Keuangan RI. Informasi the Company Profile chapter.
mengenai pemegang saham Perseroan juga dapat dilihat pada
bab Profil Perusahaan.
RIGHTS AND AUTHORITIES
HAK DAN WEWENANG PEMEGANG SAHAM OF SHAREHOLDERS
In accordance with the Company’s Articles of Association
Sesuai dengan ketentuan Anggaran Dasar Perseroan dan and prevailing laws and regulations, Shareholders are not
peraturan perundang-undangan yang berlaku, Pemegang permitted to interfere with the Company’s operational activities,
Saham tidak diperkenankan untuk mencampuri kegiatan which are the responsibility of the Board of Directors. However,
296
operasional Perseroan yang menjadi tanggung jawab Direksi. Shareholders still have rights that must be protected so that
Namun demikian, Pemegang Saham tetap memiliki hak yang Shareholders can exercise their rights in accordance with the
harus dilindungi agar Pemegang Saham dapat melaksanakan Articles of Association and applicable laws and regulations.
hak-haknya sesuai dengan Anggaran Dasar dan peraturan Shareholder rights include:
Laporan Tahunan 2025 Annual Report
perundangan yang berlaku. Hak Pemegang Saham diantaranya
yaitu: 1. Attend and vote at the GMS according to the number of
1. Menghadiri dan memberikan suara dalam RUPS sesuai shares owned;
jumlah saham yang dimiliki; 2. Obtain material information regarding the Company, in a
2. Memperoleh informasi material mengenai Perseroan, secara timely, measurable and regular manner;
tepat waktu, terukur, dan teratur; 3. Receive a share of the Company’s profits in the form of
3. Menerima pembagian dari keuntungan Perseroan dalam dividends and other profit sharing, in proportion to the
bentuk deviden dan pembagian keuntungan lainnya, number of shares owned;
sebanding dengan jumlah saham yang dimilikinya; 4. Obtain complete explanations and accurate information
4. Memperoleh penjelasan lengkap dan informasi yang akurat regarding the holding of the GMS;
berkenaan dengan penyelenggaraan RUPS; 5. Authorized to appoint and dismiss members of the Board
5. Berwenang untuk mengangkat dan memberhentikan of Commissioners, members of the Sharia Supervisory
anggota Dewan Komisaris, anggota Dewan Pengawas Board, and members of the Board of Directors.
Syariah, dan anggota Direksi.
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DIREKSI
BOARD OF DIRECTORS
Direksi merupakan organ yang melaksanakan pengurusan The Board of Directors is the organ in charge of managing
Perseroan, dalam rangka mencapai visi dan misi Perseroan, the Company in order to achieve the Company’s vision and
semata demi kepentingan terbaik Perseroan. Direksi mission solely in its best interests. The Board of Directors is
bertanggung jawab mewakili Perseroan, baik di dalam maupun responsible for representing the Company in and out of court,
di luar pengadilan, sesuai ketentuan Anggaran Dasar Perseroan in accordance with the provisions of the Company’s Articles
dan peraturan perundang-undangan yang berlaku. Dalam of Association, as well as applicable laws and regulations. In
melaksanakan tugasnya, Direksi bertanggung jawab kepada carrying out their duties, the Board of Directors is accountable
RUPS sebagai bentuk perwujudan akuntabilitas pengelolaan to the GMS for the Company’s management in accordance
Perseroan sesuai dengan prinsip-prinsip tata kelola Perseroan. with corporate governance principles.
KOMPOSISI DIREKSI COMPOSITION OF THE
BOARD OF DIRECTORS
Sepanjang tahun 2025, tidak terdapat perubahan komposisi In 2025, there were no changes in the composition or number
maupun jumlah Direksi Perseroan, sehingga komposisi Direksi of the Company’s Board of Directors, so the composition of
Perseroan masih berjumlah 3 (tiga) orang yang terdiri dari 1 the Company’s Board of Directors remains 3 (three) people,
(satu) Direktur Utama dan 2 (dua) anggota Direksi dengan consisting of 1 (one) President Director and 2 (two) members
komposisi sebagai berikut: of the Board of Directors with the following composition:
Komposisi Direksi Periode 1 Januari 2025 - 31 Desember 2025
Composition of the Board of Directors for January 1, 2025 - December 31, 2025
Nama Jabatan Dasar Pengangkatan Masa Jabatan
Name Position Legal Basis of Appointment Term of Office
Ananta Wiyogo Direktur Utama Akta Pengangkatan Nomor 11 tanggal 6 Agustus 2021 dan 5 tahun (2021-2026)
President Director Keputusan Menteri Keuangan Republik Indonesia Nomor 290/ 5 years (2021-2026)
KMK.06/2021 tanggal 22 Juli 2021
Deed of Appointment No. 11 dated August 6, 2021 and Decree of
the Minister of Finance of the Republic of Indonesia No. 290/KMK.
06/2021 dated July 22, 2021
Bonai Subiakto Direktur Keuangan dan Akta Pengangkatan Nomor 21 tanggal 11 Agustus 2022 dan 5 tahun (2022-2027)
Manajemen Risiko Keputusan Menteri Keuangan Republik Indonesia Nomor KMK No. 5 years (2022-2027)
Director of Finance and 284/KMK.06/2022, tanggal 27 Juli 2022
Risk Management Deed of Appointment No. 21 dated August 11, 2022 and Decree of
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the Minister of Finance of the Republic of Indonesia No. KMK No.
284/ KMK.06/2022, dated July 27, 2022
Heliantopo Direktur Bisnis Akta Pengangkatan Nomor 11 tanggal 6 Agustus 2021 dan 5 tahun (2021-2026)
Director of Business Keputusan Menteri Keuangan Republik Indonesia Nomor 290/ 5 years (2021-2026)
KMK.06/2021 tanggal 22 Juli 2021
PT Sarana Multigriya Finansial (Persero)
Deed of Appointment No. 11 dated August 6, 2021 and Decree of
the Minister of Finance of the Republic of Indonesia No. 290/KMK.
06/2021 dated July 22, 2021
Komposisi Direksi telah disusun sesuai dengan ketentuan The Board of Directors’ composition was determined in line with
yang diatur dalam Anggaran Dasar Perseroan serta peraturan the provisions outlined in the Company’s Articles of Association,
perundang-undangan yang berlaku. Hal ini mencakup kualifikasi, as well as applicable laws and regulations. This includes the
jumlah anggota, dan pembagian tugas serta tanggung jawab qualifications, number of members, and division of duties and
masing-masing anggota Direksi, guna memastikan efektivitas responsibilities of each member of the Board of Directors, all of
pengelolaan Perseroan dalam mencapai visi dan misi yang which are designed to ensure that the Company’s management
telah ditetapkan. is effective in achieving the vision and mission.
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Tata Kelola Perusahaan
Corporate Governance
MASA JABATAN DIREKSI TERM OF OFFICE OF THE
BOARD OF DIRECTORS
Sejalan dengan Pasal 11 Anggaran Dasar Perseroan, masa According to Article 11 of the Company’s Articles of Association,
jabatan Direksi adalah 5 (lima) tahun dan dapat diangkat the Board of Directors’ term of office is 5 (five) years, and
kembali sesuai keputusan RUPS untuk 1 (satu) kali periode may be reappointed by the GMS for 1 (one) additional term of
jabatan berikutnya. Jabatan anggota Direksi akan berakhir office. Members of the Board of Directors’ position will end if
apabila mengundurkan diri, tidak lagi memenuhi persyaratan, they resign, no longer meet the requirements, pass away, or
meninggal dunia, atau diberhentikan berdasarkan keputusan are dismissed by the GMS resolutions.
RUPS.
INDEPENDENSI DAN PERNYATAAN INDEPENDENCE AND STATEMENT
TIDAK MEMILIKI BENTURAN OF NO CONFLICT OF INTEREST OF
KEPENTINGAN DIREKSI THE BOARD OF DIRECTORS
Perseroan telah mengatur kebijakan terkait independensi The Board of Directors’ independence and conflict of interest
dan benturan kepentingan Direksi dalam kebijakan Umum policy is governed by the Company’s General Policy No. 002/
Perseroan No. 002/KEB/KU/SMF/VIII/2025 tentang Tata Kelola KEB/KU/SMF/VII/2025 on the Work Governance of the Board of
Kerja Dewan Komisaris, Dewan Pengawas Syariah dan Direksi Commissioners, the Sharia Supervisory Board, and the Board
(Board Manual) PT Sarana Multigriya Finansial (Persero). of Directors (Board Manual) of PT Sarana Multigriya Finansial
Sejalan dengan kebijakan tersebut, anggota Direksi dilarang (Persero). In accordance with this policy, members of the Board
melakukan tindakan yang mempunyai benturan kepentingan of Directors are prohibited from acting in a conflict of interest or
dan mengambil keuntungan pribadi dari pengambilan keputusan taking personal advantage of decision making and/or carrying
dan/atau pelaksanaan kegiatan Perseroan. Selain itu, Antara out the Company’s activities. Furthermore, members of the
anggota Direksi dengan anggota Dewan Komisaris tidak memiliki Board of Directors and the Board of Commissioners shall not
hubungan keluarga sampai derajat ketiga baik menurut garis have family relationships that extend up to the third degree,
lurus maupun garis ke samping, termasuk hubungan yang timbul either directly or indirectly, including relationships formed
karena perkawinan serta anggota Direksi tidak memangku through marriage, and members of the Board of Directors do
jabatan rangkap yang dapat mempengaruhi kemampuannya not hold concurrenty positions that may impair their ability to
298
bertindak secara independen. act independently.
Seluruh anggota Direksi yang menjabat di tahun 2025 telah All members of the Board of Directors who served in 2025
menyatakan independensinya dalam surat pernyataan tidak declared their independence in a no-conflict-of-interest
Laporan Tahunan 2025 Annual Report
memiliki benturan kepentingan yang ditandatangani pada awal statement signed at the start of their appointment and renewed
pengangkatan dan diperbarui setiap awal tahun. annually.
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PEDOMAN KERJA DIREKSI BOARD OF DIRECTORS WORK GUIDELINE
Direksi Perseroan memiliki pedoman kerja yang secara berkala The Company’s Board of Directors has a work manual that is
dievaluasi dan diperbarui. Pedoman kerja ini menjadi tata tertib periodically evaluated and updated. This work manual serves
kerja yang mengikat bagi setiap anggota Direksi sehingga as a binding work procedure for each member of the Board
Direksi dapat melaksanakan fungsi pengawasannya secara of Directors so that the Board of Directors can carry out its
efisien, efektif, transparan, independen, dan akuntabel. supervisory function efficiently, effectively, transparently,
Pedoman kerja Direksi Perseroan diatur dalam Kebijakan Umum independently, and accountably. The work manual for the 299
Perseroan Nomor 002/KEB/KU/SMF/VIII/2025 tentang Tata Company’s Board of Directors is regulated in the Company’s
Kelola Kerja Dewan Komisaris, Dewan Pengawas Syariah dan General Policy Number 002/KEB/KU/SMF/VIII/2025 concerning
Direksi (Board Manual). Ruang lingkup yang diatur dalam Board the Work Governance of the Board of Commissioners, the
Manual terkait dengan Direksi mencakup, antara lain: Sharia Supervisory Board, and the Board of Directors (Board
PT Sarana Multigriya Finansial (Persero)
Manual). The scope regulated in the Board Manual relating to
the Board of Directors includes:
1. Tugas dan Tanggung Jawab 1. Duties and Responsibilities
2. Kewenangan; 2. Authority;
3. Program Pengenalan dan/atau Induksi; 3. Introduction and/or Induction Program;
4. Program Pelatihan; 4. Training Program;
5. Cuti Direksi dan Berhalangan Sementara; 5. Board of Directors’ Leave and Temporary Absence;
6. Perjalanan Dinas Luar Negeri; 6. Overseas Business Trips;
7. Rapat; 7. Meetings;
8. Pengambilan Keputusan dan Dissenting Opinion; 8. Decision Making and Dissenting Opinion;
9. Batas Waktu Pengambilan Keputusan; 9. Decision Making Deadline;
10. Pemberian Kuasa dalam Pengambilan Keputusan; 10. Granting of Power of Attorney in Decision Making;
11. Penilaian Kinerja; 11. Performance Appraisal;
12. Remunerasi; 12. Remuneration;
13. Pembagian Tugas; 13. Division of Duties;
14. Pelaksana Tugas. 14. Execution of Duties
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Tata Kelola Perusahaan
Corporate Governance
Pedoman Kerja Direksi tersebut dapat diakses oleh publik The Board of Directors’ Board Manual can be accessed by the
melalui situs Website Perseroan. public through the Company’s website.
TUGAS DAN TANGGUNG JAWAB DIREKSI DUTIES AND RESPONSIBILITIES
OF THE BOARD OF DIRECTORS
Sejalan dengan Board Manual Perseroan, tugas dan tanggung In line with the Company’s Board Manual, the duties and
jawab Direksi Perseroan antara lain sebagai berikut: responsibilities of the Company’s Board of Directors include
the following:
1. Direksi bertugas menjalankan dan bertanggung jawab atas 1. The Board of Directors is tasked with operating and
pengurusan Perseroan untuk kepentingan Perseroan sesuai managing the Company for its benefit in accordance with
dengan maksud dan tujuan Perseroan yang ditetapkan the Company’s purposes and objectives as stated in the
dalam Anggaran Dasar; Articles of Association.
2. Direksi bertanggung jawab menyiapkan secara tepat 2. The Board of Directors is responsible for timely preparing
waktu perencanaan dan anggaran tahunan Perseroan, the Company’s annual planning and budget, as well as
termasuk rencana-rencana lainnya yang berhubungan other plans for the implementation of the Company’s
dengan pelaksanaan usaha dan kegiatan Perseroan dan business and activities, and submitting them to the Board
menyampaikannya kepada Dewan Komisaris dan Pemegang of Commissioners and Shareholders for approval.
Saham guna mendapatkan persetujuan;
3. Direksi bertugas: 3. The Board of Directors is tasked with:
a. Membuat daftar khusus kepemilikan saham, risalah a. Creating a special shareholder register, the GMS
RUPS, dan Risalah rapat Direksi (melalui sekretaris minutes, and minutes of the Board of Directors’ meetings
perusahaan selaku notulis dalam Rapat Direksi); (through the corporate secretary as the minute taker
in the Board of Directors’ meetings);
b. Membuat laporan tahunan dan dokumen keuangan b. Preparing annual reports and financial documents in
mengacu pada ketentuan peraturan perundang- accordance with the applicable laws and regulations;
undangan yang berlaku; dan and
c. Memelihara seluruh daftar, risalah, dan dokumen c. Maintaining all Company’s lists, minutes, and financial
keuangan Perseroan. documents.
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4. Direksi bertanggung jawab untuk memberikan laporan 4. The Board of Directors is responsible for providing periodic
berkala menurut cara dan waktu sesuai dengan ketentuan reports in accordance with applicable provisions, as well
yang berlaku serta laporan lainnya setiap kali diminta oleh as other reports as requested by shareholders;
Pemegang Saham;
Laporan Tahunan 2025 Annual Report
5. Direksi bertanggung jawab untuk menyiapkan susunan 5. The Board of Directors is in charge of developing the
organisasi Perseroan lengkap dengan rincian tugas dan Company’s organizational structure, including detailed
fungsinya; descriptions of its duties and functions.
6. Direksi bertanggung jawab untuk menyusun pedoman 6. The Board of Directors is in charge of developing the
etika dan perilaku Perseroan yang berlaku bagi Direksi, Company’s Code of ethics and conduct, which applies
anggota Dewan Komisaris, karyawan/pegawai, serta organ to the Board of Directors, members of the Board of
pendukung yang dimiliki Perseroan serta wajib dimuat Commissioners, employees, and supporting organs owned
dalam laman Perseroan; by the Company and must be published on the Company’s
website;
7. Direksi bertanggung jawab untuk mengatur ketentuan- 7. The Board of Directors is responsible for regulating the
ketentuan tentang kepegawaian Perseroan termasuk Company’s employment provisions, such as determining
penetapan gaji, pensiun atau jaminan hari tua dan salaries, pensions or retirement benefits, and other income
penghasilan lain bagi para pegawai Perseroan berdasarkan for its employees in accordance with laws and regulations
peraturan perundang-undangan dan keputusan RUPS; and GMS resolutions;
8. Direksi bertanggung jawab untuk mengangkat dan 8. The Board of Directors is responsible for appointing
memberhentikan karyawan/pegawai Perseroan and terminating employees in accordance with the
berdasarkan peraturan kepegawaian Perseroan dan Company’s employment regulations and applicable laws
peraturan perundang-undangan yang berlaku; and regulations;
9. Direksi bertanggung jawab untuk mengangkat seorang 9. The Board of Directors is responsible for appointing a
Sekretaris Perusahaan; Corporate Secretary;
10. Direksi bertanggung jawab memberikan keterangan 10. The Board of Directors is responsible for providing
hasil pemeriksaan atau hasil pelaksanaan tugas Satuan information on audit results or the implementation of Internal
Pengawasan Intern (SPI) atas permintaan tertulis Dewan Audit Unit’s (SPI) duties upon written request from the
Komisaris; Board of Commissioners;
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11. Dalam rangka mendukung efektivitas pelaksanaan tugas 11. To support the effective implementation of the duties and
dan tanggung jawab sebagaimana dimaksud dalam responsibilities outlined in this Policy, the Board of Directors
Kebijakan ini, Direksi dapat membentuk tim kerja, komite may establish a functional work team, committee, or task
atau gugus tugas fungsional; force;
12. Direksi wajib melaporkan gratifikasi dan dapat melalui tim 12. The Board of Directors is required to report gratuities, which
kerja, komite atau gugus tugas fungsional yang dibentuk can be done through a work team, committee, or functional
khusus terkait gratifikasi sesuai dengan Kebijakan Perseroan task force formed specifically for gratuities in accordance
tentang Pedoman Pengendalian Gratifikasi; with the Company’s Gratification Control Guidelines;
13. Direksi wajib menyampaikan Laporan Harta Kekayaan 13. The Board of Directors is required to submit the State
Penyelenggara Negara (LHKPN) dan dapat melalui tim kerja, Official Wealth Report (LHKPN), which can be done
komite atau gugus tugas fungsional yang dibentuk khusus through a work team, committee, or functional task force
terkait LHKPN sesuai dengan ketentuan yang berlaku; formed specifically for LHKPN in accordance with relevant
regulations;
14. Direksi merespon usulan peluang bisnis dari manajemen 14. The Board of Directors responds to business opportunity
di bawah Direksi/anggota Direksi/Dewan Komisaris melalui proposals from management under the Board of Directors/
rapat dan dapat dilakukan disposisi kepada unit kerja members of the Board of Directors/Board of Commissioners
terkait dalam pelaksanaan usulan peluang bisnis yang through meetings, which can then be forwarded to the
akan dilaksanakan. relevant work units for implementation.
PEMBAGIAN TUGAS MASING- DIVISION OF DUTIES OF EACH MEMBER
MASING ANGGOTA DIREKSI OF THE BOARD OF DIRECTORS
Dalam rangka mendukung pelaksanaan tugas dan tanggung To support the effective implementation of duties and
jawab secara efektif, Direksi Perseroan menetapkan pembagian responsibilities, the Board of Directors has determined the
tugas diantara anggota Direksi yang diatur dalam Kebijakan division of duties among the Board of Directors’ members
Umum Perseroan Nomor 002/KEB/KU/SMF/VIII/2025 tentang under General Policy of the Company Number 002/KEB/KU/
Tata Kelola Kerja Dewan Komisaris, Dewan Pengawas Syariah SMF/VIII/2025 concerning the Governance of the Board of
dan Direksi (Board Manual), yang merujuk kepada Surat Commissioners, the Sharia Supervisory Board, and the Board of
Keputusan Direksi Nomor S-443/SKD/DIR/SMF/VII/2025 Directors (Board Manual), which refers to the Board of Directors’
tanggal 9 Juli 2025 tentang Penyesuaian Struktur Organisasi Decree Number S-443/SKD/DIR/SMF/VII/2025 dated July
PT Sarana Multigriya Finansial (Persero) Tahun 2025, adalah 9, 2025, concerning the Adjustment of the Organizational
sebagai berikut: Structure of PT Sarana Multigriya Finansial (Persero) in 2025,
is as follows:
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PT Sarana Multigriya Finansial (Persero)
Page 302
Tata Kelola Perusahaan
Corporate Governance
Pembagian Tugas Masing - Masing Anggota Direksi
Division of Duties for Each Member of the Board of Directors
Nama Jabatan Tugas dan Tanggung Jawab
Name Position Duties and Reponsibilities
Ananta Wiyogo Direktur Utama 1. Satuan Pengawasan Intern
Menjalankan fungsi dan kegiatan yang meliputi pengawasan di lingkungan Perseroan
mengevaluasi dan memberikan saran perbaikan atas efektifitas tata kelola, pengelolaan
risiko, pengendalian internal, serta melakukan aktivitas pemberian keyakinan dan
konsultasi yang bersifat independen dan obyektif, untuk memberikan nilai tambah dan
memperbaiki operasional perusahaan. Melakukan pelaporan dan koordinasi dengan
Komite Audit, audit eksternal dan Regulator. Pelaksanaan fungsi-fungsi tersebut
dilakukan secara profesional dan melalui suatu pendekatan yang sistematis sehingga
mendukung pencapaian misi dan rencana stratejik Perseroan yang telah ditetapkan
dan disetujui Pemegang Saham.
2. Sekretariat Perusahaan
Menjalankan fungsi dan kegiatan yang meliputi komunikasi perusahaan dengan
pemangku kepentingan, layanan pengaduan dan perlindungan konsumen. Hubungan
kepemerintahan, pengelolaan arsip perusahaan, mengelola kesekretariatan Dewan
Komisaris dan Direksi termasuk penyelenggaraan rapat direksi, dewan komisari, RUPS,
bertanggung jawab atas pelaksanaan EBA Ritel, menjalankan fungsi untuk tanggung
jawab sosial dan lingkungan, menjalin dan mengelola hubungan sebagai penghubung
(liaison officer) dengan seluruh pemangku kepentingan Perseroan serta melaksanakan
keterbukaan informasi seperti branding, press conference, dan pengelolaan media
informasi Perseroan., melakukan koordinasi penyampaian pelaporan kepada pihak
eksternal. Pelaksanaan fungsi-fungsi tersebut dilakukan secara profesional dan
melalui suatu pendekatan yang sistematis sehingga mendukung pencapaian misi dan
rencana stratejik Perseroan yang telah ditetapkan dan disetujui Pemegang Saham.
3. Divisi Strategi dan Pengembangan Korporasi
Menjalankan fungsi dan kegiatan yang meliputi penyusunan rencana strategis tahunan
maupun jangka panjang, mengkaji potensi bisnis baru, mempersiapkan rencana
implementasi Environtmen Social and Governance (ESG) Perseroan, mengevaluasi
atas kinerja Perseroan secara berkala, serta mengelola investasi langsung Perseroan
pada entitas bisnis termasuk Pendirian Anak Usaha. Selain hal tersebut, fungsi lainnya
adalah mengelola PMO dalam melakukan monitoring dan evaluasi atas proyek prioritas
strategis Perseroan termasuk pembentukan Task Force/Squad, serta menjalin
hubungan Internasional dalam rangka menjaga dan menggali potensi kerjasama
dengan perusahaan sejenis maupun lembaga di luar negeri lainnya. Pelaksanaan
302 fungsi-fungsi tersebut dilakukan secara profesional dan melalui pendekatan yang
sistematis sehingga mendukung pencapaian misi dan rencana strategis Perseroan
yang telah ditetapkan dan disetujui oleh Pemegang Saham.
4. Divisi Riset Ekonomi
Bertugas menjalankan fungsi dan kegiatan yang meliputi pengumpulan data dan analisis
Laporan Tahunan 2025 Annual Report
data perkenomian makro dan mikro (economic outlook), melakukan kajian dan riset
ekosistem pembiayaan perumahan, membuat laporan rutin yang berkaitan dengan
perkembangan ekonomi global dalam kaitannya dengan pembiayaan perumahan dan
memberikan analisis risiko terhadap bisnis Perseroan serta secara proaktif merancang
dan mengajukan usulan pengembangan produk dan skemanya dalam memfasilitasi
pencapaian bisnis perusahaan (internal business advisory). Divisi Riset Ekonomi
melapor dan dikoordinir langsung oleh Direktur Utama. Pelaksanaan fungsi-fungsi
tersebut dilakukan secara profesional dan melalui suatu pendekatan yang sistematis
sehingga mendukung pencapaian misi dan rencana stratejik Perseroan yang telah
ditetapkan dan disetujui Pemegang Saham.
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Pembagian Tugas Masing - Masing Anggota Direksi
Division of Duties for Each Member of the Board of Directors
Nama Jabatan Tugas dan Tanggung Jawab
Name Position Duties and Reponsibilities
Ananta Wiyogo President Director 1. Internal Audit Unit
Performs functions and activities that include monitoring within the Company, evaluating
and providing recommendations for improvement on the effectiveness of governance,
risk management, internal control, as well as conducting independent and objective
assurance and consulting activities to add value and improve the Company’s operations.
Reports and coordinates with the Audit Committee, external auditors, and regulators.
These functions are carried out professionally and through a systematic approach
to support the achievement of the Company’s mission and strategic plans that have
been determined and approved by the Shareholders.
2. Corporate Secretariat
Performs functions and activities that include corporate communications with
stakeholders, complaint services, and consumer protection. Government relations,
company archive management, managing the secretariat of the Board of Commissioners
and Board of Directors, including organizing board of directors, board of commissioners,
and general meeting of shareholders meetings, responsible for implementing Retail
RMBS, performing social and environmental responsibility functions, establishing and
managing relationships as a liaison officer with all of the Company’s stakeholders,
and implementing information disclosure such as branding, press conferences, and
management of the Company’s information media, coordinating the submission of
reports to external parties. These functions are carried out professionally and through
a systematic approach that supports the achievement of the Company’s mission and
strategic plan that has been determined and approved by the Shareholders.
3. Corporate Strategy and Development Division
Performs functions and activities that include preparing annual and long-term strategic
plans, assessing new business potential, preparing the Company’s Environmental,
Social, and Governance (ESG) implementation plan, evaluating the Company’s
performance on a regular basis, and managing the Company’s direct investments
in business entities, including the establishment of subsidiaries. In addition, other
functions include managing the PMO in monitoring and evaluating the Company’s
strategic priority projects, including the formation of Task Forces/Squads, as well as
establishing international relations in order to maintain and explore potential cooperation
with similar companies and other institutions overseas. These functions are carried
out professionally and through a systematic approach to support the achievement of
the Company’s mission and strategic plans that have been determined and approved
by the Shareholders.
4. Economic Research Division
Responsible for performing functions and activities that include collecting and analyzing
macro and microeconomic data (economic outlook), conducting studies and research
on the housing finance ecosystem, preparing regular reports on global economic
developments in relation to housing finance, providing risk analysis on the Company’s
business, and proactively designing and submitting proposals for product and scheme
development to facilitate the achievement of the Company’s business (internal business
advisory). The Economic Research Division reports to and is coordinated directly by
the President Director. These functions are carried out professionally and through a
systematic approach that supports the achievement of the Company’s mission and
strategic plan as determined and approved by the Shareholders.
303
PT Sarana Multigriya Finansial (Persero)
Page 304
Tata Kelola Perusahaan
Corporate Governance
Pembagian Tugas Masing - Masing Anggota Direksi
Division of Duties for Each Member of the Board of Directors
Nama Jabatan Tugas dan Tanggung Jawab
Name Position Duties and Reponsibilities
Bonai Subiakto Direktur Keuangan dan 1. Divisi Keuangan dan Penyelesaian Transaksi
Manajemen Risiko Menjalankan fungsi dan kegiatan yang meliputi pengelolaan akuntansi dan pelaporan;
Director of Finance and melakukan pengelolaan data laporan keuangan; membuat proyeksi keuangan dalam
Risk Management rangka penyusunan Rencana Kerja dan Anggaran Perusahaan (RKAP); melakukan
pembayaran tagihan kepada pihak III; melakukan perhitungan, pembayaran dan pelaporan
Pajak Perseroan sesuai dengan ketentuan dan kebijakan Perseroan juga regulasi yang
berlaku; melakukan penyelesaian transaksi keuangan; Akuntansi manajemen menyediakan
laporan internal kepada manajemen. Pelaksanaan fungsi-fungsi tersebut dilakukan secara
profesional dan melalui suatu pendekatan yang sistematis sehingga mendukung pencapaian
misi dan rencana stratejik Perseroan yang telah ditetapkan dan disetujui Pemegang Saham.
2. Divisi Manajemen Risiko dan Kepatuhan
Bertugas menjalankan fungsi dan kegiatan di bidang manajemen risiko melalui implementasi
dan pengkinian Kebijakan dan Prosedur Manajemen Risiko agar selalu sesuai dengan
perkembangan dan kondisi Perseroan. Melakukan pengukuran profil risiko Perseroan
secara periodik dan secara aktif memberikan dukungan kepada seluruh unit kerja terkait
agar risiko Perseroan selalu dalam profil risiko yang aman. Melakukan analisis risiko bisnis
dan non bisnis Perseroan. Fungsi compliance memastikan bahwa aktivitas Perseroan
dilaksanakan patuh terhadap Undang-undang, Peraturan Pemerintah, Anggaran Dasar
Perseroan dan kebijakan dan ketentuan yang berlaku serta aturan lainnya. Pemastian
tersedianya kebijakan yang mendukung pelaksanaan dan penerapan Good Coporate
Governance (GCG) serta melakukan evaluasi pelaksanaannya. Fungsi Anti Pencucian
Uang Pencegahan Pendanaan Terorisme, dan Pencegahan Pendanaan Proliferasi Senjata
Pemusnah Massal (APU, PPT, dan PPPSPM) melakukan penilaian risiko Tindak Pidana
Pencucian Uang (TPPU), Tindak Pidana Pendanaan Terorisme (PPT), dan/atau Pendanaan
Proliferasi Senjata Pemusnah Massal (PPPSPM). Menyusun, melakukan pengkinian,
serta mengusulkan kebijakan dan prosedur penerapan program APU, PPT, dan PPPSPM.
Memastikan adanya sistem yang dapat mengidentifikasi, menganalisa, memantau dan
menyediakan laporan secara efektif, merekomendasikan kebutuhan pelatihan tentang
penerapan program APU, PPT, dan PPPSPM bagi pejabat dan/atau pegawai Perseroan.
Pelaksanaan fungsi-fungsi tersebut dilakukan secara profesional dan melalui suatu
pendekatan yang sistematis sehingga mendukung pencapaian misi dan rencana stratejik
Perseroan yang telah ditetapkan dan disetujui Pemegang Saham.
1. Finance and Transaction Settlement Division
304 Performs functions and activities that include accounting and reporting management;
manages financial report data; prepares financial projections for the preparation of the
company’s work plan and budget (RKAP); makes payments to third parties; calculates,
pays, and reports corporate taxes in accordance with the provisions and policies of the
Company as well as applicable regulations; settles financial transactions; Management
Laporan Tahunan 2025 Annual Report
accounting provides internal reports to management. These functions are performed
professionally and through a systematic approach that supports the achievement of
the Company’s mission and strategic plans that have been determined and approved
by the Shareholders.
2. Risk Management and Compliance Division
Responsible for performing functions and activities in the field of risk management through
the implementation and updating of Risk Management Policies and Procedures to keep
them in line with the Company’s developments and conditions. Periodically measures the
Company’s risk profile and actively provides support to all relevant work units to maintain
the Company’s risk profile at a safe level. Performs analysis of the Company’s business
and non-business risks. The compliance function ensures that the Company’s activities
are conducted in compliance with laws, government regulations, the Company’s Articles
of Association, applicable policies and provisions, and other regulations. Enforcing the
availability of policies that support the implementation and application of Good Corporate
Governance (GCG) and evaluating its implementation. Anti-Money Laundering, Counter-
Terrorism Financing, and Counter-Proliferation Financing Functions (AML, CFT, and CPF)
assesses the risks of Money Laundering (ML), Terrorist Financing (TF), and/or Proliferation
Financing of Weapons of Mass Destruction (CPF-WMD) crimes. Developing, updating,
and proposing policies and procedures for the implementation of AML, CFT, and CPF
programs. Ensuring the existence of a system that can effectively identify, analyze, monitor,
and provide reports, recommending training needs regarding the implementation of AML,
CFT, and CPF programs for officials and/or employees of the Company. These functions
are carried out professionally and through a systematic approach that supports the
achievement of the Company’s mission and strategic plan as determined and approved
by the Shareholders.
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Pembagian Tugas Masing - Masing Anggota Direksi
Division of Duties for Each Member of the Board of Directors
Nama Jabatan Tugas dan Tanggung Jawab
Name Position Duties and Reponsibilities
3. Divisi Sumber Daya Manusia
Sebagai mitra strategis bisnis yang berperan aktif dalam mendukung pencapaian
tujuan Perseroan melalui pengelolaan SDM yang selaras dengan visi, misi, dan tujuan
perusahaan. Melakukan pengelolaan dan pengembangan organisasi secara efisien,
seleksi dan rekrutmen talenta terbaik, pelatihan dan pengembangan kompetensi
karyawan guna mengembangkan potensi karier karyawan, serta memastikan lingkungan
kerja yang kondusif sehingga terjadinya peningkatan produktivitas. Membantu
organisasi mencapai target dengan mengelola kinerja individu dan tim melalui sistem
evaluasi, feedback, dan pengakuan yang efektif. Menyusun kebijakan kompensasi,
benefit, dan reward yang kompetitif untuk meningkatkan motivasi dan retensi karyawan.
Memfasilitasi pengembangan organisasi, manajemen perubahan, dan pembentukan
budaya kerja yang mendukung inovasi dan kolaborasi. Mengelola hubungan kerja
yang harmonis dan memastikan kepatuhan terhadap peraturan ketenagakerjaan.
Dalam pengelolan operasionalnya, SDM memanfaatkan teknologi HRIS. Pelaksanaan
fungsi-fungsi tersebut dilakukan secara profesional dan melalui suatu pendekatan
yang sistematis sehingga mendukung pencapaian misi dan rencana stratejik Perseroan
yang telah ditetapkan dan disetujui Pemegang Saham.
4. Divisi Teknologi Informasi
Bertanggung jawab menjalankan fungsinya dalam mengelola semua kegiatan yang
menggunakan sistem teknologi informasi di lingkungan Perseroan, meliputi semua
proses bisnis dan operasional, mengkordinasikan semua kegiatan Teknologi Informasi
yang meliputi Strategi, Tata Kelola, Arsitektur, Infrastruktur (Data Center dan Disaster
Recovery Center), Pengelolaan Konfigurasi Sistem dan Data Base Administrator,
Jaringan, Operasional, Perencanaan, Manajemen Proyek, Identifikasi dan Analisis
Sistem, Pengembangan Sistem, Standar Kualitas TI, Implementasi Sistem dan Keamanan
TI, untuk memastikan terakomodasinya keselarasan strategi bisnis, operasional dan
terlaksananya Tata Kelola TI yang baik, serta Pengelolaan dan Pelaksanaan Proyek
TI yang utama/prioritas dan kritikal, yang selaras dengan ITSP (IT Strategy Plan),
Strategi Bisnis dan Strategi Perseroan (RJPP). Memastikan kelancaran pelayanan
sesuai dengan Katalog Layanan TI & SLA. Membuat rencana dan program kerja serta
anggaran untuk pelaksanaan semua kegiatan TI. Pelaksanaan fungsi-fungsi tersebut
dilakukan secara profesional dan melalui suatu pendekatan yang sistematis sehingga
mendukung pencapaian visi, misi dan rencana stratejik Perseroan yang telah ditetapkan
dan disetujui Pemegang Saham.
5. Divisi Pengadaan dan Manajemen Aset
Bertanggung jawab merencanakan, melaksanakan, dan mengelola pengadaan barang
serta jasa secara profesional sesuai dengan kebijakan perusahaan. Dengan pendekatan
yang sistematis, divisi ini mendukung pencapaian misi dan strategi perusahaan
melalui berbagai tugas utama, seperti pengelolaan gedung, manajemen fasilitas,
dan proyek konstruksi. Selain itu, Divisi PMA juga menyediakan layanan pendukung
operasional, termasuk pengelolaan aset dan inventaris, dengan memperhatikan aspek
kesehatan, keselamatan, dan lingkungan kerja. Hal ini dilakukan melalui penerapan
Sistem Manajemen Kesehatan dan Keselamatan Kerja (SMK3), yang didukung oleh
tim terstruktur untuk memastikan kelancaran dan efisiensi operasional sesuai dengan
standar Perusahaan. Pelaksanaan fungsi-fungsi tersebut dilakukan secara profesional
dan melalui suatu pendekatan yang sistematis sehingga mendukung pencapaian visi,
misi dan rencana stratejik Perseroan yang telah ditetapkan dan disetujui Pemegang 305
Saham.
PT Sarana Multigriya Finansial (Persero)
Page 306
Tata Kelola Perusahaan
Corporate Governance
Pembagian Tugas Masing - Masing Anggota Direksi
Division of Duties for Each Member of the Board of Directors
Nama Jabatan Tugas dan Tanggung Jawab
Name Position Duties and Reponsibilities
3. Human Capital Division
As a strategic business partner that plays an active role in supporting the achievement
of the Company’s objectives through human capital management that is aligned with
the company’s vision, mission, and objectives. Conducting efficient organizational
management and development, selecting and recruiting the best talent, training
and developing employee competencies to develop employee career potential,
and achieving a conducive work environment to increase productivity. Assists the
organization in achieving its targets by managing individual and team performance
through effective evaluation, feedback, and recognition systems. Develops competitive
compensation, benefit, and reward policies to increase employee motivation and
retention. Facilitates organizational development, change management, and the
formation of a work culture that supports innovation and collaboration. Manages
harmonious working relationships and ensures compliance with labor regulations.
In its operational management, HC utilizes HRIS technology. These functions are
implemented professionally and through a systematic approach that supports the
achievement of the Company’s mission and strategic plan as determined and approved
by the Shareholders.
4. Information Technology Division
Responsible for managing all activities that use information technology systems
within the Company, including all business and operational processes, coordinating
all Information Technology activities, including Strategy, Governance, Architecture,
Infrastructure (Data Center and Disaster Recovery Center), System Configuration
Management and Database Administration, Networking, Operations, Planning, Project
Management, System Identification and Analysis, System Development, IT Quality
Standards, System Implementation and IT Security, to accomplish the accommodation
of business and operational strategy alignment and the implementation of good IT
Governance, as well as the Management and Implementation of major/priority and
critical IT Projects, in line with the ITSP (IT Strategy Plan), Business Strategy and
Company Strategy (RJPP). Ensuring seamless service in accordance with the IT
Service Catalog & SLA. Creating work plans and programs as well as budgets for the
implementation of all IT activities. These functions are executed professionally and
through a systematic approach that supports the achievement of the Company’s
vision, mission, and strategic plans that have been established and approved by the
306 Shareholders.
5. Procurement and Asset Management Division
Responsible for planning, implementing, and managing the procurement of goods
and services professionally in accordance with company policy. With a systematic
approach, this division supports the achievement of the company’s mission and strategy
Laporan Tahunan 2025 Annual Report
through various key tasks, such as building management, facility management, and
construction projects. Furthermore, the Procurement and Asset Management Division
also provides operational support services, including asset and inventory management,
with attention to health, safety, and the work environment. This is done through
the implementation of the Occupational Health and Safety Management System
(OHSMS), which is supported by a structured team to ensure seamless and efficient
operations in accordance with Company standards. These functions are carried out
professionally and through a systematic approach that supports the achievement of
the Company’s vision, mission, and strategic plans that have been established and
approved by the Shareholders.
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Pembagian Tugas Masing - Masing Anggota Direksi
Division of Duties for Each Member of the Board of Directors
Nama Jabatan Tugas dan Tanggung Jawab
Name Position Duties and Reponsibilities
Heliantopo Direktur Bisnis 1. Divisi Structured Product, Program Khusus dan Hukum
Director of Business Menjalankan fungsi dan kegiatan yang meliputi pemasaran produk/jasa sekuritisasi,
structuring transaksi, pelaksanaan kegiatan KPBU Perumahan, Program Khusus (di
antaranya PIP PEN Perumnas), serta Customer Relationship Management (CRM).
Pelaksanaan fungsi-fungsi tersebut dilakukan secara profesional dan melalui suatu
pendekatan yang sistematis sehingga mendukung pencapaian misi dan rencana
stratejik Perseroan yang telah ditetapkan dan disetujui Pemegang Saham. Selain itu
juga bertugas melaksanakan pengelolaan hukum bisnis Perusahaan, hukum korporasi
penyelesaian kredit bermasalah, yang berlaku secara profesional dan melalui suatu
pendekatan yang sistematis sehingga mendukung pencapaian misi dan rencana
stratejik Perseroan yang telah ditetapkan dan disetujui Pemegang Saham. Pelaksanaan
fungsi-fungsi tersebut dilakukan secara profesional dan melalui suatu pendekatan
yang sistematis sehingga mendukung pencapaian misi dan rencana stratejik Perseroan
yang telah ditetapkan dan disetujui Pemegang Saham.
2. Divisi Pembiayaan
Menjalankan fungsi marketing bisnis produk pembiayaan perumahan untuk mencapai
target Perseroan dengan menjalankan kegiatan yang meliputi pemasaran produk/
jasa pembiayaan perumahan termasuk KPR Program, analisis pasar pembiayaan
sekunder perumahan, membina serta meningkatkan hubungan kerja sama dengan
klien serta menjalin hubungan dengan klien potensial. Pelaksanaan fungsi-fungsi
tersebut dilakukan secara profesional dan melalui suatu pendekatan yang sistematis
sehingga mendukung pencapaian misi dan rencana stratejik Perseroan yang telah
ditetapkan dan disetujui Pemegang Saham.
3. Unit Usaha Syariah
Menjalankan fungsi dan kegiatan yang meliputi analisis pasar pembiayaan sekunder
perumahan dan konstruksi berbasis syariah untuk melihat perkembangan pasar dan
menangkap peluang yang muncul, melakukan dan mengelola pemasaran produk/jasa
pembiayaan Syariah; analisis pembiayaan; membina dan meningkatkan hubungan
kerja sama dengan existing klien potensial, klien dan stakeholder syariah; pemenuhan
aspek kesyariahan transaksi Perseroan; pengelolaan data dan pelaporan syariah
kepada Regulator; serta koordinasi dengan Dewan Pengawas Syariah. Pelaksanaan
fungsi-fungsi tersebut dilakukan secara profesional dan melalui suatu pendekatan
yang sistematis sehingga mendukung pencapaian misi dan rencana stratejik Perseroan
yang telah ditetapkan dan disetujui Pemegang Saham.
4. Divisi Tresuri dan Hubungan Investor
Menjalankan fungsi dan kegiatan yang meliputi perencanaan, pengembangan sumber
pendanaan baik jangka panjang maupun jangka pendek, pengelolaan likuiditas (ALMA),
optimalisasi penempatan dana, penerbitan surat utang termasuk sukuk, dan pendanaan
lainnya, serta menjalin hubungan dengan investor dan kreditur Perseroan baik existing
maupun potensial. Pelaksanaan fungsi-fungsi tersebut dilakukan secara profesional
dan melalui suatu pendekatan yang sistematis sehingga mendukung pencapaian misi
dan rencana stratejik Perseroan yang telah ditetapkan dan disetujui Pemegang Saham.
5. Divisi Manajemen Kredit
Menjalankan fungsi dan kegiatan meliput administrasi kredit berupa pengecekan
SLIK OJK, slicing daftar kumpulan tagihan, pembuatan jadwal angsuran, collateral
due dilligience, pengelolaan dokumen kredit, rekonsialisasi data FLPP, monitoring
laporan agunan dan aktivitas lain yang mendukung fungsi administrasi kredit dan 307
juga admintrasi non kredit meliputi pengelolaan dana EBA SP, pembayaran biaya
parties & pajak EBA SP, pelaporan IDX net/SPE OJK, rekonsiliasi bagi hasil Sukuk,
Rekonsiliasi rekening cadangan EBA SP dan Rekonsiliasi hasil koleksi aset KPR. Juga
bertugas melakukan monitoring dan evaluasi progress, implementasi produk segmen
korporat dan komersial. Serta mengelola pengembangan produk pembiayaan yang
PT Sarana Multigriya Finansial (Persero)
dibagi ke dalam segmen korporat (Bank Umum, BPD, & LKNB) serta segmen komersial
(BPR dan multi finance). Untuk fungsi training dan advisory, memastikan tersedianya
kurikulum program pelatihan dan pendampingan, pool of trainer bagi klien dan kegiatan
advisory sesuai dengan ketentuan yang berlaku. Pelaksanaan fungsi-fungsi tersebut
dilakukan secara profesional dan melalui suatu pendekatan yang sistematis sehingga
mendukung pencapaian misi dan rencana stratejik Perseroan yang telah ditetapkan
dan disetujui Pemegang Saham.
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Tata Kelola Perusahaan
Corporate Governance
Pembagian Tugas Masing - Masing Anggota Direksi
Division of Duties for Each Member of the Board of Directors
Nama Jabatan Tugas dan Tanggung Jawab
Name Position Duties and Reponsibilities
1. Structured Product, Special Programs, and Legal Division
Performs functions and activities that include marketing securitization products/
services, structuring transactions, implementing Housing PPP activities, Special
Programs (including PIP PEN Perumnas), and Customer Relationship Management
(CRM). These functions are conducted professionally and through a systematic
approach that supports the achievement of the Company’s mission and strategic plan
as determined and approved by the Shareholders. In addition, it is also responsible for
managing the Company’s business law, corporate law, and problem credit resolution,
which are applied professionally and through a systematic approach to support the
achievement of the Company’s mission and strategic plan as determined and approved
by the Shareholders. These functions are carried out professionally and through a
systematic approach that supports the achievement of the Company’s mission and
strategic plan as determined and approved by the Shareholders.
2. Financing Division
Carries out the marketing function for housing financing products to achieve the
Company’s targets by conducting activities that include marketing housing financing
products/services, including mortgage programs, analyzing the secondary housing
financing market, fostering and enhancing cooperative relationships with clients,
and establishing relationships with potential clients. These functions are performed
professionally and through a systematic approach to support the achievement of the
Company’s mission and strategic plan as determined and approved by the Shareholders.
3. Sharia Business Unit
Performs functions and activities that include analyzing the sharia-based secondary
housing and construction financing market to observe market developments and
capture emerging opportunities, conducting and managing the marketing of sharia
financing products/services; financing analysis; fostering and enhancing cooperative
relationships with existing potential clients, clients, and sharia stakeholders; fulfilling
the Sharia aspects of the Company’s transactions; managing Sharia data and reporting
to the Regulator; and coordinating with the Sharia Supervisory Board. These functions
are implemented professionally and through a systematic approach to support the
achievement of the Company’s mission and strategic plan as determined and approved
by the Shareholders.
4. Treasury and Investor Relations Division
308 Performs functions and activities that include planning, developing long-term and
short-term funding sources, managing liquidity (ALMA), optimizing fund placement,
issuing debt securities, including sukuk, and other funding, as well as establishing
relationships with existing and potential investors and creditors of the Company.
These functions are executed professionally and through a systematic approach to
Laporan Tahunan 2025 Annual Report
support the achievement of the Company’s mission and strategic plan as determined
and approved by the Shareholders.
5. Credit Management Division
Performs functions and activities covering credit administration in the form of OJK
SLIK checks, slicing of collection lists, creation of installment schedules, collateral due
diligence, credit document management, FLPP data reconciliation, collateral report
monitoring, and other activities that support credit administration functions as well as
non-credit administration, including RMBS-CP fund management, RMBS-CP party and
tax payment, IDX net/SPE FSA reporting, Sukuk profit sharing reconciliation, RMBS-CP
reserve account reconciliation, and mortgage asset collection reconciliation. They
are also tasked with monitoring and evaluating progress and the implementation of
corporate and commercial segment products. They also manage the development of
financing product,s divided into the corporate segment (Commercial Banks, Regional
Development Banks, and Non-Bank Financial Institutions) and the commercial segment
(Rural Banks and Multi-Finance Companies). For training and advisory functions, this
includes ensuring the availability of training and mentoring program curricula, a pool of
trainers for clients, and advisory activities in accordance with applicable regulations.
These functions are performed professionally and through a systematic approach to
support the achievement of the Company’s mission and strategic plan as determined
and approved by the Shareholders.
Page 309
KEPEMILIKAN SAHAM ANGGOTA DIREKSI SHARE OWNERSHIP OF BOARD
OF DIRECTORS’ MEMBERS
Anggota Direksi secara berkala melaporkan kepemilikan The Board of Directors’ members are required to regularly report
sahamnya baik atas nama pribadi maupun keluarga pada their personal and family share ownership in the Company and/
Perseroan dan/atau perusahaan lainnya untuk dicatat dalam or other companies to be recorded in the Special Register. The
Daftar Khusus. Kepemilikan saham Anggota Direksi yang share ownership of the Board of Directors’ members serving
menjabat sepanjang tahun 2025 adalah sebagai berikut: in 2025 is as follows:
Kepemilikan Saham Anggota Direksi beserta keluarga
Share Ownership of the Board of Directors’ Members and Their Families
Kepemilikan Saham Oleh Pribadi Pada Kepemilikan Saham Oleh Keluarga Pada
Nama Jabatan Share Ownership By Individuals In Share Ownership By Famillies In
Name Position Perseroan Perusahaan Lain Perseroan Perusahaan Lain
The Company Other Companies The Company Other Companies
Ananta Wiyogo Direktur Utama Tidak ada Tidak ada Tidak ada Tidak ada
President Director None None None None
Bonai Subiakto Direktur Keuangan Tidak ada Tidak ada Tidak ada Tidak ada
dan Manajemen None None None None
Risiko
Director of Finance
and Risk Management
Heliantopo Direktur Bisnis Tidak ada Tidak ada Tidak ada Tidak ada
Director of Business None None None None
RANGKAP JABATAN DIREKSI CONCURRENT POSITIONS OF
THE BOARD OF DIRECTORS
Pada tahun 2025, terdapat anggota Direksi yang merangkap In 2025, there were Board of Directors’ members who
jabatan sebagai Ketua dan Anggota Komite di bawah Direksi. concurrently served as Chairman and Member of the Committee
Namun demikian rangkap jabatan dimaksud masih sesuai under the Board of Directors. However, the aforementioned
dengan batasan rangkap jabatan sebagaimana diatur dalam concurrent positions are still within the limits of concurrent
Kebijakan Umum Perseroan tentang Tata Kelola Perusahaan, positions as stipulated in the Company’s General Policy on
Kebijakan Umum Perseroan Tata Kelola Kerja Dewan Komisaris, Corporate Governance and the Company’s General Policy
Dewan Pengawas Syariah, dan Direksi (Board Manual) yang on Work Governance of the Board of Commissioners, the
menyatakan Anggota Direksi dapat merangkap jabatan sebagai: Sharia Supervisory Board, and the Board of Directors (Board
Manual), which state that the Board of Directors’ members
may concurrently serve as:
1. Anggota Direksi paling banyak pada 1 (satu) Emiten atau 1. Members of the Board of Directors at most in 1 (one) other 309
Perusahaan Publik lain; Issuer or Public Company;
2. Anggota Dewan Komisaris paling banyak pada 3 (tiga) 2. Members of the Board of Commissioners at most in 3
Emiten atau Perusahaan Publik lain; dan/atau (three) other Issuers or Public Companies; and/or
3. Anggota komite paling banyak pada 5 (lima) komite di 3. Committee members at most in 5 (five) committees in the
PT Sarana Multigriya Finansial (Persero)
Emiten atau Perusahaan Publik yang bersangkutan juga Issuer or Public Company where the concerned members
menjabat sebagai anggota Direksi atau anggota Dewan also serve as members of the Board of Directors or
Komisaris. members of the Board of Commissioners.
Berikut adalah daftar jabatan yang dirangkap oleh Direksi SMF The following is a list of concurrent positions held by SMF
per 31 Desember 2025: Board of Directors as of December 31, 2025:
Jabatan di Perusahaan
Nama Direksi
Jabatan di Perseroan Lain/Lembaga Lain
Name of the Board of
Position in the Company Positions in Other Companies/Other
Directors
Institutions
Ananta Wiyogo Direktur Utama Tidak ada
Ketua Komite Manajemen Risiko None
President Director
Chairman of Risk Management Committee
Page 310
Tata Kelola Perusahaan
Corporate Governance
Jabatan di Perusahaan
Nama Direksi
Jabatan di Perseroan Lain/Lembaga Lain
Name of the Board of
Position in the Company Positions in Other Companies/Other
Directors
Institutions
Bonai Subiakto • Direktur Keuangan dan Manajemen Risiko Tidak ada
• Ketua Komite Pengarah Teknologi Informasi None
• Ketua Komite Good Corporate Governance
• Director of Finance and Risk Management
• Chairman of the Information Technology Steering Committe
• Chairman of the Good Corporate Governance Committee
Heliantopo Direktur Bisnis Tidak ada
Director of Business None
PELAKSANAAN TUGAS DIREKSI IMPLEMENTATION OF THE BOARD
OF DIRECTORS’ DUTIES
Selama tahun 2025, Direksi melaksanakan berbagai kegiatan Throughout 2025, the Board of Directors carried out various
sesuai dengan tugas dan tanggung jawab Direksi dengan activities in accordance with the Board of Directors’ duties and
yang diatur dalam Board Manual Perusahaan, Rencana Jangka responsibilities, which are regulated in the Company’s Board
Panjang Perusahaan (RJPP) dan secara tahunan dituangkan Manual, the Company’s Long-Term Plan (RJPP), and annually
dalam bentuk Rencana Kerja dan Anggaran Perusahaan (RKAP) set out in the form of the Company’s Work Plan and Budget
serta Key Performance Indicators (KPI) sebagai berikut: (RKAP) and Key Performance Indicators (KPI) as follows:
Rapat Direksi Board of Directors’ Meeting
Kebijakan rapat Direksi diatur dalam Board Manual Perusahaan. The Board of Directors’ meeting policy is outlined in the
Sejalan dengan kebijakan tersebut rapat Direksi dilakukan Company’s Board Manual. In accordance with this policy, the
minimal 1 (satu) kali dalam setiap bulan baik rapat internal Board of Directors’ meeting is held at least once a month,
maupun rapat gabungan (Direksi bersama Dewan Komisaris) both internally and jointly (Board of Directors and Board of
dengan agenda pembahasan yang berkaitan dengan Perseroan. Commissioners), discussing Company-related agendas.
310
Semua keputusan dalam rapat Direksi diambil dengan All decisions in the Board of Directors’ meetings are made by
musyawarah mufakat, namun dalam hal musyawarah tidak consensus. However, if consensus is not reached, decisions
tercapai, maka keputusan harus diambil dengan pemungutan must be made by voting with more than half (one-half) of
suara berdasarkan suara setuju lebih dari ½ (satu per dua) the valid votes cast and expressed at the Board of Directors’
Laporan Tahunan 2025 Annual Report
bagian dari jumlah suara yang sah dan diutarakan dalam Rapat Meeting.
Direksi tersebut.
Frekuensi dan Tingkat Kehadiran Direksi Dalam Rapat Meeting Frequency and Attendance Rate of the Board of
2025 Directors in 2025
Pada tahun 2025, Direksi telah menyelenggarakan rapat Internal In 2025, the Board of Directors held 12 internal meetings and
sebanyak 12 kali dan Rapat Direksi bersama Dewan Komisaris 14 joint meetings with the Board of Commissioners, with the
sebanyak 14 kali dengan tingkat kehadiran Direksi dalam rapat following Board of Directors’ attendance rate:
sebagai berikut:
Kehadiran Direksi dalam Rapat
Kehadiran Direksi dalam Rapat Internal Gabungan (Direksi dan Dewan
Direksi Komisaris)
Board of Directors’ Attendance in Board Board of Directors’ Attendance in Joint
of Directors’ Internal Meetings Meetings (Board of Commissioners and
Nama Jabatan Board of Directors)
Name Position
Jumlah Jumlah
Jumlah Tingkat Jumlah Tingkat
Rapat Rapat
Kehadiran Kehadiran Kehadiran Kehadiran
Number Number
Total Attendance Total Attendance
of of
Attendance Rate Attendance Rate
Meetings Meetings
Ananta Wiyogo Direktur Utama 12 12 100% 14 13 93%
President Director
Bonai Subiakto Direktur Keuangan dan 12 12 100% 14 14 100%
Manajemen Risiko
Director of Finance and
Risk Management
Page 311
Kehadiran Direksi dalam Rapat
Kehadiran Direksi dalam Rapat Internal Gabungan (Direksi dan Dewan
Direksi Komisaris)
Board of Directors’ Attendance in Board Board of Directors’ Attendance in Joint
of Directors’ Internal Meetings Meetings (Board of Commissioners and
Nama Jabatan Board of Directors)
Name Position
Jumlah Jumlah
Jumlah Tingkat Jumlah Tingkat
Rapat Rapat
Kehadiran Kehadiran Kehadiran Kehadiran
Number Number
Total Attendance Total Attendance
of of
Attendance Rate Attendance Rate
Meetings Meetings
Heliantopo Direktur Bisnis 12 12 100% 14 13 93%
Director of Business
Rata-Rata Tingkat Kehadiran Direksi 100% 95%
Average Attendance Rate of the Board of Directors
Frekuensi dan Tingkat Kehadiran Direksi dalam RUPS Frequency and Attendance Rate of the Board of Directors
Tahun 2025 in the 2025 GMS
Pada tahun 2025, Direksi menghadiri RUPS sebanyak 2 kali In 2025, the Board of Director attended 2 GMS with the
dengan agenda dan tingkat kehadiran sebagai berikut: following Board of Directors’ attendance rate:
Tingkat Kehadiran
Tanggal Attendance Rate
No Agenda
Date Ananta Bonai
Heliantopo
Wiyogo Subiakto
1 9 Mei 2025 Rapat Umum Pemegang Saham Tahunan √ √ √
May 9, 2025 dalam rangka Persetujuan Laporan Tahunan
termasuk Pengesahan Laporan Keuangan
serta Laporan Tugas Pengawasan Dewan
Komisaris dan Dewan Pengawas Syariah PT
Sarana Multigriya Finansial (Persero) Tahun
Buku 2024
Annual General Meeting of Shareholders for
the Approval of the Annual Report including
the Ratification of the Financial Report
and the Supervisory Duties Report of the
Board of Commissioners and the Sharia
Supervisory Board of PT Sarana Multigriya
Finansial (Persero) for the 2024 Fiscal Year
2 2 Desember 2025 Rapat Umum Pemegang Saham Tahunan √ √ √
December 2, 2025 Pembahasan dan Pengesahan Rencana
Kerja dan Anggaran Perusahaan Tahun 2026
Annual General Meeting of Shareholders:
Discussion and Ratification of the Company’s 311
2026 Work Plan and Budget
Keterangan:
√: Hadir
X: Tidak Hadir
PT Sarana Multigriya Finansial (Persero)
Note:
√: Present
X: Not Present
Pelaksanaan Rapat Internal Direksi Tahun 2025 Implementation of the Board of Directors’ Internal Meeting
in 2025
Tanggal Rapat
Agenda
Meeting Date
20 Januari 2025 1. Pembahasan Kinerja Perseroan sampai dengan bulan Desember 2024
January 20, 2025 2. Pembahasan Laporan Tindak Lanjut Rapat Dewan Komisaris
1. Discussion of the Company’s Performance Through December 2024
2. Discussion of the Follow-up Report of the Board of Commissioners Meeting
22 Februari 2025 1. Pembahasan Kinerja Perseroan sampai dengan bulan Januari 2025
February 22, 2025 2. Pembahasan Laporan Tindak Lanjut Rapat Dewan Komisaris
1. Discussion of the Company’s Performance Through January 2025
2. Discussion of the Follow-up Report of the Board of Commissioners Meeting
Page 312
Tata Kelola Perusahaan
Corporate Governance
Tanggal Rapat
Agenda
Meeting Date
19 Maret 2025 1. Pembahasan Kinerja Perseroan sampai dengan bulan Februari 2025
March 19, 2025 2. Pembahasan Laporan Tindak Lanjut Rapat Dewan Komisaris
1. Discussion of the Company’s Performance Through February 2025
2. Discussion of the Follow-up Report of the Board of Commissioners Meeting
21 April 2025 1. Pembahasan Kinerja Perseroan sampai dengan bulan Maret 2025
April 21, 2025 2. Pembahasan Laporan Tindak Lanjut Rapat Dewan Komisaris
1. Discussion of the Company’s Performance Through March 2025
2. Discussion of the Follow-up Report of the Board of Commissioners Meeting
21 Mei 2025 1. Pembahasan Kinerja Perseroan sampai dengan bulan April 2025
May 21, 2025 2. Pembahasan Laporan Tindak Lanjut Rapat Dewan Komisaris
1. Discussion of the Company’s Performance Through April 2025
2. Discussion of the Follow-up Report of the Board of Commissioners Meeting
23 Juni 2025 1. Pembahasan Kinerja Perseroan sampai dengan bulan Mei 2025
June 23, 2025 2. Pembahasan Laporan Tindak Lanjut Rapat Dewan Komisaris
1. Discussion of the Company’s Performance Through May 2025
2. Discussion of the Follow-up Report of the Board of Commissioners Meeting
21 Juli 2025 1. Pembahasan Kinerja Perseroan sampai dengan bulan Juni 2025
July 21, 2025 2. Pembahasan Laporan Tindak Lanjut Rapat Dewan Komisaris
1. Discussion of the Company’s Performance Through June 2025
2. Discussion of the Follow-up Report of the Board of Commissioners Meeting
25 Agustus 2025 1. Pembahasan Kinerja Perseroan sampai dengan bulan Juli 2025
August 25, 2025 2. Pembahasan Laporan Tindak Lanjut Rapat Dewan Komisaris
1. Discussion of the Company’s Performance Through July 2025
2. Discussion of the Follow-up Report of the Board of Commissioners Meeting
23 September 2025 1. Pembahasan Kinerja Perseroan sampai dengan bulan Agustus 2025
September 23, 2025 2. Pembahasan Laporan Tindak Lanjut Rapat Dewan Komisaris
1. Discussion of the Company’s Performance Through August 2025
2. Discussion of the Follow-up Report of the Board of Commissioners Meeting
24 Oktober 2025 1. Pembahasan Kinerja Perseroan sampai dengan bulan September 2025
October 24, 2025 2. Pembahasan Laporan Tindak Lanjut Rapat Dewan Komisaris
1. Discussion of the Company’s Performance Through September 2025
312 2. Discussion of the Follow-up Report of the Board of Commissioners Meeting
25 Oktober 2025 1. Pembahasan Kinerja Perseroan sampai dengan bulan Oktober 2025
October 25, 2025 2. Pembahasan Laporan Tindak Lanjut Rapat Dewan Komisaris
1. Discussion of the Company’s Performance Through October 2025
2. Discussion of the Follow-up Report of the Board of Commissioners Meeting
Laporan Tahunan 2025 Annual Report
18 Desember 2025 1. Pembahasan Kinerja Perseroan sampai dengan bulan November 2025
December 18, 2025 2. Pembahasan Laporan Tindak Lanjut Rapat Dewan Komisaris
1. Discussion of the Company’s Performance Through November 2025
2. Discussion of the Follow-up Report of the Board of Commissioners Meeting
Pelaksanaan Rapat Gabungan Direksi Bersama Dewan Implementation of the Joint Meeting of Board of Directors
Komisaris Tahun 2025 and Board of Commissioners in 2025
Dijelaskan lebih lanjut pada Bab Tata Kelola Perusahaan Sub his is further explained in the Corporate Governance Chapter,
Bab Dewan Komisaris pada bagian rapat Dewan Komisaris under the Sub-Chapter of the Board of Commissioners in the
dalam Laporan Tahunan ini. Board of Commissioners’ meeting section of this Annual Report.
Rencana Rapat Direksi 2026 Board of Directors’ Meeting Plan for 2026
Direksi menetapkan rencana jadwal rapat sebelum tahun The Board of Directors has compiled a meeting schedule plan
anggaran berjalan sebagai wujud komitmen terhadap before the current fiscal year as part of its commitment to
perencanaan yang strategis, terstruktur, dan efektif. strategic and effective planning. This step aims to optimize
Penyusunan jadwal ini berperan penting dalam memperkuat coordination, supervision, and decision making that is timelier
koordinasi, meningkatkan efektivitas pengawasan, serta and more directed towards achieving the Company’s goals. The
memastikan proses pengambilan keputusan berlangsung lebih 2026 Board of Directors’ Meeting Plan has been determined
tepat waktu dan terarah untuk mendukung pencapaian sasaran through the Company’s 2026 Budget Work Plan.
Perseroan. Rencana Rapat Direksi Tahun 2026 telah ditetapkan
dan diintegrasikan dalam RKAP Tahun 2026.
Keputusan Direksi Board of Directors’ Decree
Pada 2025, dalam pelaksanaan tugas dan tanggung jawabnya, In 2025, in carrying out its duties and responsibilities, the
Direksi SMF telah membuat sejumlah keputusan yang SMF Board of Directors has made a number of decisions/
dituangkan dalam Surat Keputusan Direksi dengan rincian decree as outlined in the Board of Directors’ Decree with the
sebagai berikut: following details:
Page 313
1. Surat Keputusan Direksi Nomor 001/SKD/DIR/I/202 tanggal 1. Board of Directors’ Decree Number 001/SKD/DIR/I/202
13 Januari 2025 perihal Pendelegasian Wewenang Proses dated January 13, 2025 concerning Delegation of Authority
Bisnis Sumber Daya Manusia for Human Capital Business Processes
2. Surat Keputusan Direksi Nomor 002/SKD/DIR/I/2025 tanggal 2. Board of Directors’ Decree Number 002/SKD/DIR/I/2025
20 Januari 2025 perihal Implementasi Car Ownership dated January 20, 2025 concerning the Implementation
Program PT Sarana Multigriya Finansial (Persero) of the Car Ownership Program of PT Sarana Multigriya
Finansial (Persero)
3. Surat Keputusan Direksi Nomor 003/SKD/DIR/II/2025 3. Board of Directors’ Decree Number 003/SKD/DIR/II/2025
tanggal 4 Februari 2025 perihal Komite Manajemen Risiko dated February 4, 2025 concerning the Risk Management
Committee
4. Surat Keputusan Direksi Nomor 004/SKD/DIR/III/2025 4. Board of Directors’ Decree Number 004/SKD/DIR/III/2025
tanggal 3 Maret 25 perihal Komite Manjemen Aset Liabilitas dated March 3, 2025 concerning the Asset Liability
Management Committee
5. Surat Keputusan Direksi Nomor 005/SKD/DIR/III/2025 5. Board of Directors’ Decree Number 005/SKD/DIR/III/2025
tanggal 5 Maret 2025 perihal Komite Pengarah Teknologi dated March 5, 2025 concerning the Information Technology
Informasi (TI) (IT) Steering Committee
6. Surat Keputusan Direksi Nomor 006/SKD/DIR/III/2025 6. Board of Directors’ Decree Number 006/SKD/DIR/III/2025
tanggal 12 Maret 2025 perihal Tim Pengajuan Penugasan dated March 12, 2025 concerning the Special Assignment
Khusus kepada PT Sarana Multigriya Finansial (Persero) Submission Team to PT Sarana Multigriya Finansial (Persero)
7. Surat Keputusan Direksi Nomor 007/SKD/DIR/III/2025 7. Board of Directors’ Decree Number 007/SKD/DIR/III/2025
tanggal 13 Maret 2025 perihal Fasilitas Kesehatan PT dated March 13, 2025 concerning Health Facilities of PT
Sarana Multigriya Finansial (Persero) Sarana Multigriya Finansial (Persero)
8. Surat Keputusan Direksi Nomor 008/SKD/DIR/III/2025 8. Board of Directors’ Decree Number 008/SKD/DIR/III/2025
tanggal 13 Maret 2025 perihal Fasilitas Perjalanan Dinas dated March 13, 2025 concerning Official Travel Facilities
PT Sarana Multigriya Finansial (Persero) of PT Sarana Multigriya Finansial (Persero)
9. Surat Keputusan Direksi Nomor 009/SKD/DIR/III/2025 9. Board of Directors’ Decree Number 009/SKD/DIR/III/2025
tanggal 13 Maret 2025 perihal Tunjangan, Fasilitas, dan dated March 13, 2025 concerning Allowances, Facilities, and
Manfaat Bagi Karyawan PT Sarana Multigriya Finansial Benefits for Employees of PT Sarana Multigriya Finansial
(Persero) (Persero)
10. Surat Keputusan Direksi Nomor 010/SKD/DIR/III/2025 10. Board of Directors’ Decree Number 010/SKD/DIR/III/2025
tanggal 13 Maret 2025 perihal Penetapan Tim Pelaksana dated March 13, 2025 concerning the Determination of the
Fasilitas Pengembangan Proyek KPBU IKN Sektor Implementation Team for the Development Facilities for the
Perumahan Batch 2 (Kedua) IKN PPP Project in the Housing Sector Batch 2 (Second)
11. Surat Keputusan Direksi Nomor 011/SKD/DIR/III/2025 11. Board of Directors’ Decree Number 011/SKD/DIR/III/2025
tanggal 24 Maret 2025 perihal Tim Penghapusan dan dated March 24, 2025 concerning the Fixed Assets and
Penjualan Aset Tetap dan Barang Operasional Operational Goods Disposal and Sale Team
12. Surat Keputusan Direksi Nomor 012/SKD/DIR/III/2025 perihal 12. Board of Directors’ Decree Number 012/SKD/DIR/III/2025
24 Maret 2025 perihal Penetapan Struktur Organisasi Tim concerning March 24, 2025 concerning the Determination
Tanggung Jawab Sosial dan Lingkungan (TJSL) Perseroan of the Organizational Structure of the Company’s Social 313
and Environmental Responsibility (TJSL) Team
13. Surat Keputusan Direksi Nomor 013/SKD/DIR/ 13. Board of Directors’ Decree Number 013/SKD/
IV/2025 tanggal 15 April 2025 perihal Pendelegasian DIR/IV/2025 dated April 15, 2025 concerning
Wewenang ( Delegation of Authority ) pada Proses D e l e g a t i o n o f A u t h o r i t y i n t h e P ro c e s s o f
PT Sarana Multigriya Finansial (Persero)
Penggunaan Anggaran dan Pembayaran Transaksi Budget Use and Payment of Operational and Business
Operasional dan Bisnis Transactions
14. Surat Keputusan Direksi Nomor 014/SKD/DIR/IV/2025 14. Board of Directors’ Decree Number 014/SKD/DIR/IV/2025
tanggal 24 April 2025 perihal Penyesuaian Struktur Gaji dated April 24, 2025 concerning Adjustment of Salary
Structure
15. Surat Keputusan Direksi Nomor 015/SKD/DIR/IV/2025 15. Board of Directors’ Decree Number 015/SKD/DIR/IV/2025
tanggal 24 April 2025 perihal Pembayaran Rapel Gaji dated April 24, 2025 concerning Payment of Salary Arrears
16. Surat Keputusan Direksi Nomor 016/SKD/DIR/IV/2025 16. Board of Directors’ Decree Number 016/SKD/DIR/IV/2025
tanggal 30 April 2025 perihal Pejabat Berwenang Memutus, dated April 30, 2025 concerning Officials Authorized to
Pendelegasian Wewenang Memutus (Delegation of Decide, Delegation of Authority & Assessment Team in the
Authority) & Tim Penilai Dalam Proses Pengadaan Barang/ Company’s Goods/Services Procurement Process
Jasa Perseroan
17. Surat Keputusan Direksi Nomor 017/SKD/DIR/V/2025 17. Board of Directors’ Decree Number 017/SKD/DIR/V/2025
tanggal 8 Mei 2025 perihal Pembayaran Bonus Tahun dated May 8, 2025 concerning Bonus Payment for the
Buku 2024 2024 Fiscal Year
Page 314
Tata Kelola Perusahaan
Corporate Governance
18. Surat Keputusan Direksi Nomor 018/SKD/DIR/V/2025 tanggal 18. Board of Directors’ Decree Number 018/SKD/DIR/V/2025
16 Mei 2025 perihal Tim Academic Paper Penjaminan dated May 16, 2025 concerning the Academic Paper Team
Pemerintah Kepada PT Sarana Multigriya Finansial (Persero) for Government Guarantee to PT Sarana Multigriya Finansial
(Persero)
19. Surat Keputusan Direksi Nomor 019/SKD/DIR/V/2025 19. Board of Directors’ Decree Number 019/SKD/DIR/V/2025
tanggal 23 Mei 2025 perihal Tim Penilai Arsip, Person In dated May 23, 2025 concerning the Archives Assessment
Charge (PIC) Document Management System (DMS), dan Team, Person In Charge (PIC) Document Management
Aplikasi Perkantoran Elektronik (E-Office). System (DMS), and Electronic Office Applications (E-Office).
20. Surat Keputusan Direksi Nomor 020/SKD/DIR/VI/2025 20. Board of Directors’ Decree Number 020/SKD/DIR/VI/2025
tanggal 20 Juni 2025 perihal Tim Pengajuan Penugasan dated June 20, 2025 concerning the Special Assignment
Khusus kepada PT Sarana Multigriya Finansial (Persero) Submission Team to PT Sarana Multigriya Finansial (Persero)
21. Surat Keputusan Direksi Nomor 021/SKD/DIR/VI/2025 21. Board of Directors’ Decree Number 021/SKD/DIR/VI/2025
tanggal 24 Juni 2025 perihal Penetapan Tim Duta dated June 24, 2025 concerning the Establishment of the
Transformasi Transformation Ambassador Team
22. Surat Keputusan Direksi Nomor 022/SKD/DIR/VI/2025 22. Board of Directors’ Decree Number 022/SKD/DIR/VI/2025
tanggal 24 Juni 2025 perihal Pejabat Pembiayaan dated June 24, 2025 concerning Financing Officers
23. Surat Keputusan Direksi Nomor 023/SKD/DIR/VI/2025 23. Board of Directors’ Decree Number 023/SKD/DIR/VI/2025
tanggal 24 Juni 2025 perihal Pendelegasian Wewenang dated June 24, 2025 concerning Delegation of Authority
pada Proses Pembiayaan in the Financing Process
24. Surat Keputusan Direksi Nomor S-442/SKD/DIR/SMF/VII/2025 24. Board of Directors’ Decree Number S-442/SKD/DIR/SMF/
tanggal 9 Juli 2025 perihal Penyesuaian Struktur Organisasi VII/2025 dated July 9, 2025 concerning Adjustments to the
PT Sarana Multigriya Finansial (Persero) Tahun 2025 Organizational Structure of PT Sarana Multigriya Finansial
(Persero) in 2025
25. Surat Keputusan Direksi Nomor S-443/SKD/DIR/SMF/ 25. Board of Directors’ Decree Number S-443/SKD/DIR/SMF/
VII/2025 tanggal 9 Juli 2025 perihal Penyesuaian Struktur VII/2025 dated July 9, 2025 concerning Adjustments to the
Organisasi PT Sarana Multigriya Finansial (Persero) Tahun Organizational Structure of PT Sarana Multigriya Finansial
2025 (Persero) in 2025
26. Surat Keputusan Direksi Nomor 024/SKD/DIR/VII/2025 26. Board of Directors’ Decree Number 024/SKD/DIR/VII/2025
tanggal 24 Juli 2025 perihal Tim Pengembangan Skema dated July 24, 2025 concerning the Housing Asset
314
Sekuritisasi Aset Perumahan Securitization Scheme Development Team
27. Surat Keputusan Direksi Nomor 025/SKD/DIR/VII/2025 27. Board of Directors’ Decree Number 025/SKD/DIR/VII/2025
tanggal 24 Juli 2025 perihal Tim Pengembangan Produk dated July 24, 2025 concerning the Rent To Own Product
Rent To Own Development Team
Laporan Tahunan 2025 Annual Report
28. Surat Keputusan Direksi Nomor 026/SKD/DIR/VIII/2025 28. Board of Directors’ Decree Number 026/SKD/DIR/VIII/2025
tanggal 7 Agustus 2025 perihal Pembentukan Tim Fasilitasi dated August 7, 2025 concerning the Establishment of the
Pengembangan Proyek (FPP) KPBU IKN Sektor Perumahan Project Development Facilitation Team (FPP) for the IKN
Batch 1 & 2 Housing Sector KPBU Batch 1 & 2
29. Surat Keputusan Direksi Nomor 027/SKD/DIR/VIII/2025 29. Board of Directors’ Decree Number 027/SKD/DIR/VIII/2025
tanggal 11 Agustus 2025 perihal Tim Struktur Produk dated August 11, 2025 concerning the Housing Rental
Pembiayaan Ekosistem Sewa Hunian Ecosystem Financing Product Structure Team
30. Surat Keputusan Direksi Nomor 028/SKD/DIR/IX/2025 30. Board of Directors’ Decree Number 028/SKD/DIR/IX/2025
tanggal 25 September 2025 perihal Tim Risk Control Self dated September 25, 2025 concerning the Risk Control
Assessment Self Assessment Team
31. Surat Keputusan Direksi Nomor 029/SKD/DIR/SMF/X/2025 31. Board of Directors’ Decree Number 029/SKD/DIR/
tanggal 7 Oktober 2025 perihal Tim Penilai Arsip, Person In SMF/X/2025 dated October 7, 2025 concerning the
Charge (PIC) Document Management System (DMS), dan Archives Assessment Team, Person In Charge (PIC)
Aplikasi Perkantoran Elektronik (E-Office). Document Management System (DMS), and Electronic
Office Applications (E-Office).
32. Surat Keputusan Direksi Nomor 030/SKD/DIR/SMF/X/2025 32. Board of Directors’ Decree Number 030/SKD/DIR/
tanggal 24 Oktober 2025 perihal Tim Pelaksana Operator SMF/X/2025 dated October 24, 2025 concerning the
Investasi Pemerintah. Government Investment Operator Implementation Team.
33. Surat Keputusan Direksi Nomor 031/SKD/DIR/SMF/X/2025 33. Board of Directors’ Decree Number 031/SKD/DIR/
tanggal 30 Oktober 2025 perihal Standarisasi Perangkat SMF/X/2025 dated October 30, 2025 concerning
Kerja Karyawan Standardization of Employee Work Equipment
34. Surat Keputusan Direksi Nomor 032/SKD/DIR/SMF/ 34. Board of Directors’ Decree Number 032/SKD/DIR/
XII/2025 tanggal 8 Desember 2025 perihal Penetapan SMF/XII/2025 dated December 8, 2025 concerning the
Tim Penyusunan Annual Report dan Sustainability Report Determination of the 2025 Annual Report and Sustainability
Tahun 2025. Report Preparation Team .
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Keputusan atau Kewenangan Direksi yang Memerlukan Decisions or Authorities of the Board of Directors
Persetujuan RUPS Setelah Mendapatkan Tanggapan that Require GMS Approval After Obtaining a Written
Tertulis dari Dewan Komisaris Response from the Board of Commissioners
Direksi hanya dapat melakukan perbuatan-perbuatan setelah The Board of Directors can only take actions after receiving a
mendapat tanggapan tertulis dari Dewan Komisaris dan written response from the Board of Commissioners and written
persetujuan tertulis RUPS untuk tindakan-tindakan sebagai approval from the GMS for the following actions:
berikut:
1. Mengagunkan aktiva tetap untuk penarikan kredit jangka 1. pledging fixed assets for medium/long-term credit
menengah/panjang; withdrawal;
2. Melakukan penyertaan modal pada perseroan lain; 2. making capital investments in other companies,
3. Mendirikan anak perusahaan dan/atau perusahaan 3. establishing subsidiaries and/or joint ventures,
patungan;
4. Melepaskan penyertaan modal pada anak perusahaan dan/ 4. disposing of capital investments in subsidiaries and/or
atau perusahaan patungan; joint ventures;
5. Melakukan penggabungan, peleburan, pengambilalihan, 5. merging, consolidating, acquiring, spinning off, and
pemisahan, dan pembubaran anak perusahaan dan/atau dissolving subsidiaries and/or joint ventures.
perusahaan patungan;
6. Mengikat Perseroan sebagai penjamin (borg atau avalist); 6. binding the Company as a guarantor (borg or avalist).
7. Mengadakan kerja sama operasi dan perjanjian kerja sama 7. entering into operational cooperation and other cooperation
lainnya dengan nilai atau jangka waktu melebihi penetapan agreements with a value or term exceeding the resolution
Rapat Umum Pemegang Saham; of the General Meeting of Shareholders,
8. Menghapus tagih piutang macet yang telah dihapusbukukan; 8. writing off bad debts that have been written off,
9. Melakukan penghapusan terhadap aktiva tetap yang 9. writing off fixed assets caused by:
disebabkan oleh
a. Pelaksanaan ketentuan peraturan perundang-undangan a. the implementation of laws and regulations and/or court
dan/atau putusan pengadilan yang telah berkekuatan decisions that have become legally binding; and/or
hukum tetap; dan/atau
b. Pemindahtanganan aktiva tetap berupa tanah dan/atau b. the transfer of fixed assets in the form of land and/or
bangunan melalui tukar menukar, ganti rugi, atau cara buildings through exchanges, compensation, or means
lain selain penjualan, tukar menukar, ganti rugi serta other than sales, exchanges, compensation, and capital
penyertaan modal, sesuai dengan ketentuan peraturan participation, in accordance with laws and regulations.
perundang-undangan.
10. Melakukan tindakan lain yang belum ditetapkan dalam 10. performing other actions that have not been stipulated in
Rencana Kerja dan Anggaran Perusahaan. the Company’s Work Plan and Budget.
Sepanjang tahun 2025, tidak ada keputusan atau kewenangan Throughout 2025, no decision or authority of the Board of
Direksi yang memerlukan persetujuan RUPS setelah Directors required GMS approval after receiving a written
mendapatkan tanggapan tertulis dari Dewan Komisaris sesuai response from the Board of Commissioners in accordance
Anggaran Dasar Perusahaan. with the Company’s Articles of Association. 315
Program Pengembangan Kompetensi Direksi Board of Directors’ Competency Development Program
Kebijakan mengenai pengembangan kompetensi Direksi telah The policy regarding the development of the Board of Directors’
tertuang secara komprehensif dalam Board Manual Perseroan. competencies is comprehensively outlined in the Company’s
PT Sarana Multigriya Finansial (Persero)
Seluruh anggota Direksi didorong untuk mengikuti berbagai Board Manual. All members of the Board of Directors are
program pelatihan dan pengembangan sebagai bagian dari encouraged to participate in various training and development
upaya berkelanjutan dalam memperkuat kapabilitas, sehingga programs as part of ongoing efforts to strengthen their
efektivitas pelaksanaan fungsi dan tanggung jawab Direksi capabilities, thereby continuously improving the effectiveness
dapat terus ditingkatkan. of the Board of Directors’ functions and responsibilities.
Sejalan dengan ketentuan dalam Board Manual, Perseroan In line with the provisions of the Board Manual, the Company
menyediakan beragam metode pelatihan, baik melalui sesi tatap provides a variety of training methods, both through face-
muka maupun platform daring yang kredibel dan terintegrasi. to-face sessions and through credible and integrated
Program pelatihan tersebut mencakup seminar, workshop, online platforms. These training programs include seminars,
lokakarya, serta pendidikan dan pelatihan (diklat) yang relevan workshops, and education and training (diklat) relevant to the
dengan kebutuhan pengembangan kompetensi Direksi. Board of Directors’ competency development needs.
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Tata Kelola Perusahaan
Corporate Governance
Sepanjang tahun 2025, Direksi telah melaksanakan program Throughout 2025, the Board of Directors implemented the
pelatihan/pengembangan kompetensi, sebagai berikut: following training/competency development programs:
Nama Jabatan Judul Pelatihan Tanggal Penyelenggara
Name Position Training Title Date Organizers
Ananta Wiyogo Direktur Utama Konfrensi Auditor Internal 2 Februari 2025 Yayasan Pendidikan Internal
President Director Internal Auditor Conference February 2, 2025 Audit (YPIA)
Internal Audit Education
Foundation (YPIA)
BSMR Jenjang 4 17 Maret 2025 PT Garda Multi Talenta
BSMR Level 4 March 17, 2025
Business Model Innovation in the Age of AI 9 Mei 2025 The Wharton School of
May 9, 2025 University of Pennsylvania
BSMR Jenjang 5 23 Juni 2025 PT Garda Multi Talenta
BSMR Level 5 June 23, 2025
BSMR Jenjang 6 16 Juli 2025 PT Garda Multi Talenta
BSMR Level 6 July 16, 2025
BSMR Jenjang 7 28 Agustus 2025 PT Garda Multi Talenta
BSMR Level 7 August 28, 2025
Bonai Subiakto Direktur Keuangan 11th Indonesia HR Director Summit 20 Februari 2025 Intipesan
dan Manajemen February 20, 2025
Risiko
Director of Certified Governance, Risk, and Compliance 20 Februari 2025 BPPK Kementerian Keuangan
Finance and Risk For Executive (GRCE) February 20, 2025 RI
Management BPPK Ministry of Finance of
the Republic of Indonesia
AGLP: Leadership Excellence; Harnessing The 19 Mei 2025 SRW & Co.
Power of Technology and Fine Arts May 19, 2025
GRC Summit 2025 ; Resilience to Sustainability 21 Agustus 2025 CRMS
; Leading Throuht GRC in The Post - Digital August 21, 2025
Era
316
The 9th Asia Pacific HR Forum 27 Agustus 2025 Intipesan
August 27, 2025
Workshop Internal Control over Financial 15 Desember 2025 Abdiansyah Prahasto
Reporting (ICOFR) December 15, 2025
Laporan Tahunan 2025 Annual Report
Heliantopo Direktur Bisnis AGLP: Leadership Excellence; Harnessing The 19 Mei 2025 SRW & Co.
Director of Business Power of Technology and Fine Arts May 19, 2025
SAK Bootcamp 18 November 2025 Ikatan Akuntan Indonesia
November 18, 2025 Indonesian Institute of
Accountants
Program Pengenalan Direksi Baru Orientation Program for New Members of the Board
of Directors
Kebijakan terkait program pengenalan Direksi diatur dalam The Board of Directors’ orientation program policy is outlined
Board Manual. Sejalan dengan kebijakan program pengenalan in the Board Manual, which regulates that newly appointed
Direksi yang diatur dalam Board Manual Perseroan, Anggota members of the Board of Directors must participate in an
Direksi yang baru diangkat untuk pertama kali wajib menjalani orientation and/or induction program about the Company,
program pengenalan dan/atau induksi mengenai Perseroan as coordinated by the Corporate Secretary. The Company’s
yang dikoordinasikan oleh Sekretaris Perusahaan. Program orientation program may take the form of presentations, face-
pengenalan Perseroan dapat berupa presentasi, pertemuan to-face meetings via online media, studies and/or written
tatap muka melalui media online, kajian dan/atau dokumen documents, site visits, or other programs deemed appropriate
tertulis, kunjungan ke lokasi atau program lain yang dianggap to hold the orientation program. The orientation program
sesuai dengan kebutuhan program pengenalan yang material includes at least:
dilaksanakan. Materi program pengenalan paling sedikit
meliputi:
Page 317
1. Pelaksanaan prinsip-prinsip GCG, Code of Conduct, dan 1. Implementation of GCG principles, Code of Conduct, and
pemberantasan korupsi; eradication of corruption;
2. Gambaran mengenai Perseroan berkaitan dengan 2. Overview of the Company regarding objectives, nature
tujuan, sifat dan lingkup pekerjaan, kinerja keuangan and scope of work, financial and operational performance,
dan operasional, strategi, rencana usaha jangka pendek strategy, short- and long-term business plans, competitive
dan panjang, posisi kompetitif, risiko, isu-isu hukum, dan position, risks, legal issues, and other strategic matters;
masalah-masalah strategis lainnya;
3. Keterangan berkaitan dengan kewenangan yang 3. Information relating to delegated authority, internal audit,
didelegasikan, audit internal audit eksternal, sistem dan external audit, internal control system and guidelines
pedoman pengendalian internal termasuk komite audit; dan including the audit committee; and
4. Keterangan mengenai tugas dan tanggung jawab Direksi 4. Information regarding the the Board of Directors’ duties
serta hal-hal yang tidak diperbolehkan. and responsibilities and matters that are not permitted.
Pada tahun 2025, tidak terdapat program pengenalan bagi In 2025, there was no orientation program held for the Board of
Direksi, karena tidak ada pergantian atau pengangkatan Direksi Directors due to no change or appointment of a new member
baru. of the Board of Directors.
317
PT Sarana Multigriya Finansial (Persero)
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Tata Kelola Perusahaan
Corporate Governance
DEWAN KOMISARIS
BOARD OF COMMISSIONERS
Dewan Komisaris merupakan organ tata kelola utama yang The Board of Commissioners is the main governance organ,
memegang peran strategis dalam memastikan kegiatan playing a strategic role in ensuring that the Company’s business
usaha Perseroan berjalan sesuai arah yang telah ditetapkan. activities proceed according to established guidelines. In
Dalam menjalankan fungsi pengawasan, Dewan Komisaris performing its supervisory function, the Board of Commissioners
bertugas memberikan arahan dan nasihat kepada Direksi terkait is tasked with providing direction and advice to the Board
pengelolaan Perseroan, dengan senantiasa berlandaskan of Directors regarding the Company’s management, always
pada ketentuan perundang-undangan yang berlaku, prinsip based on prevailing laws and regulations, the principles of
tata kelola perusahaan yang baik, serta kepentingan terbaik good corporate governance, and the best interests of the
Perseroan dan para pemangku kepentingan. Company and its stakeholders.
Melalui pelaksanaan fungsi pengawasan yang efektif, Dewan Through effective implementation of its supervisory function,
Komisaris diharapkan mampu menjaga keberlangsungan the Board of Commissioners is expected to maintain the
usaha Perseroan sekaligus mendorong terciptanya nilai jangka Company’s business continuity while encouraging the
panjang. Upaya ini menjadi bagian integral dari komitmen creation of long-term value. This effort is an integral part of
Perseroan dalam mendukung pertumbuhan yang inklusif dan the Company’s commitment to supporting inclusive growth
pembangunan berkelanjutan. and sustainable development.
KOMPOSISI DEWAN KOMISARIS COMPOSITION OF THE BOARD
OF COMMISSIONERS
Sepanjang tahun 2025, tidak terdapat perubahan komposisi The Board of Commissioners’ composition and number
maupun jumlah anggota Dewan Komisaris, sehingga komposisi of members remained unchanged in 2025. The Board of
318
Dewan Komisaris Perseroan masih berjumlah 3 (tiga) orang Commissioners’ composition remained 3 (three) people,
yang terdiri dari 1 orang Komisaris Utama, 1 orang Komisaris consisting of 1 President Commissioner, 1 Independent
Independen, dan 1 orang Komisaris dengan komposisi sebagai Commissioner and 1 Commissioner, with the following
berikut: composition:
Laporan Tahunan 2025 Annual Report
Komposisi Dewan Komisaris Periode 1 Januari 2025 - 31 Desember 2025
Composition of the Board of Commissioners for January 1, 2025 - December 31, 2025
Nama Jabatan Dasar Pengangkatan Masa Jabatan
Name Position Legal Basis of Appointment Term of Office
Nufransa Wira Sakti Komisaris Utama Akta Pengangkatan Nomor 24 tanggal 14 Juni 2022 dan 2022-2027
President Commissioner Keputusan Menteri Keuangan Nomor 239/KMK.06/2022
tanggal 31 Mei 2022
Deed of Appointment Number 24 dated June 14, 2022 and
the Decree of the Minister of Finance No. 239/KMK.06/2022
dated May 31, 2022
Brahmantio Isdijoso Komisaris Akta Pengangkatan Nomor 05 tanggal 17 Juli 2023 dan 2023-2027
Commissioner Keputusan Menteri Keuangan No. 217 Tahun 2023 tanggal 19
Juni 2023
Deed of Appointment Number 05 dated July 17, 2023 and
the Decree of the Minister of Finance No. 217 of 2023 dated
June 19, 2023
Dedy Supriadi Komisaris Independen Akta Pengangkatan Nomor 24 tanggal 14 Juni 2022 dan 2022-2027
Priatna Independent Commissioner Keputusan Menteri Keuangan Nomor 239/KMK.06/2022
tanggal 31 Mei 2022
Deed of Appointment Number 24 dated June 14, 2022 and
the Decree of the Minister of Finance No. 239/KMK.06/2022
dated May 31, 2022
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MASA JABATAN DEWAN KOMISARIS BOARD OF COMMISSIONERS’
TERM OF OFFICE
Sesuai Anggaran Dasar Perseroan, periode jabatan masing- According to the Company’s Articles of Association, each
masing komisaris adalah 5 (lima) tahun dan dapat diangkat commissioner’s term of office is 5 (five) years, and can be
kembali sesuai keputusan RUPS untuk 1 (satu) kali periode reappointed by the GMS resolution for 1 (one) additional term.
jabatan berikutnya. Dewan Komisaris diangkat oleh RUPS. The GMS appoints the Board of Commissioners. A position
Jabatan anggota Dewan Komisaris akan berakhir apabila of the Board of Commissioners’ members will expire if they
mengundurkan diri, tidak lagi memenuhi persyaratan, meninggal resign, no longer meet the requirements, pass away, or are
dunia, atau diberhentikan berdasarkan keputusan RUPS. dismissed due to a GMS resolution.
KOMISARIS INDEPENDEN INDEPENDENT COMMISSIONER
Komisaris Independen merupakan anggota Dewan Komisaris An Independent Commissioner is a member of the Board of
yang tidak terafiliasi dengan Direksi, anggota Dewan Komisaris Commissioners who is unaffiliated with the Board of Directors,
lainnya dan pemegang saham pengendali, serta bebas other members of the Board of Commissioners, or controlling
dari hubungan bisnis atau hubungan lainnya yang dapat shareholders, and who has no business or other relationships
mempengaruhi kemampuannya untuk bertindak independen that may impair the ability to act independently or solely in the
atau bertindak semata-mata untuk kepentingan Perseroan. interests of the Company.
Jumlah Komisaris Independen Number of Independent Commissioners
Berdasarkan ketentuan PMK No. 197 /PMK.06/2019 tentang In accordance with the Minister of Finance Regulation No. 197/
Tata Cara Pengangkatan dan Pemberhentian Anggota Dewan PMK.06/2019 on the Procedures for Appointment and Dismissal
Komisaris Perusahaan Perseroan (Persero) Di Bawah Pembinaan of the Board of Commissioners’ Members of Companies
dan Pengawasan Menteri Keuangan pasal 3 dan 4 “Jumlah (Persero) Under the Guidance and Supervision of the Minister
Komisaris Independen paling sedikit 20% (dua puluh persen) of Finance, articles 3 and 4 “The number of Independent
dari jumlah anggota Dewan Komisaris, Komisaris independen Commissioners is at least 20% (twenty percent) of the total
diwajibkan keberadaannya bagi Persero yang menerbitkan efek number of Board of Commissioners’ members, existence of
di bursa efek”, oleh karenanya Perseroan SMF telah menetapkan independent commissioners is mandatory for companies
1 orang Komisaris Independen berdasarkan Keputusan Menteri that issue securities on the stock exchange”. Therefore, SMF
Keuangan Nomor: 239/ KMK.06/2022 tanggal 31 Mei 2022 has appointed 1 Independent Commissioner based on the
yang dijabat oleh Sdr. Dedy Supriadi Priatna. Dengan demikian, Minister of Finance’s Decree No. 239/KMK.06/2022, dated
SMF telah memenuhi ketentuan PMK No. 197 /PMK.06/2019. May 31, 2022, which is Mr. Dedy Supriadi Priatna. Thus, SMF
has complied with the provisions of the Minister of Finance
Regulation No. 197/ PMK.06/2019.
Pernyataan Tentang Komisaris Independen Statement on Independent Commissioners
Komisaris Independen Perseroan telah memenuhi kriteria aspek The Company’s Independent Commissioners have met the
independensi sebagaimana yang dapat dijelaskan pada tabel independence criteria, as described in the table below outlining 319
independensi Dewan Komisaris Independen sebagai berikut. the independence of the Independent Commissioners.
Komisaris Independen
Kriteria Independensi Independent Commissioner
PT Sarana Multigriya Finansial (Persero)
Independence Criteria
Dedy Supriadi Priatna
Tidak mempunyai saham baik langsung maupun tidak langsung pada Perseroan √
Has no direct or indirect shareholding in the Company
Tidak mempunyai hubungan afiliasi dengan anggota Dewan Komisaris, anggota Direksi, atau pemegang √
saham utama Perseroan
Has no affiliations with members of the Board of Commissioners, members of the Board of Directors, or
major shareholders of the Company
Tidak mempunyai hubungan usaha baik langsung maupun tidak langsung yang berkaitan dengan kegiatan √
usaha Perseroan
Has no direct or indirect business relationships related to the Company’s business activities
Pernyataan independensinya Dewan Komisaris dinyatakan The Board of Commissioners’ statement of independence is
surat pernyataan tidak memiliki benturan kepentingan yang stated in a declaration of no conflict of interest, which is signed
ditandatangani pada awal pengangkatan dan diperbarui setiap at the start of the appointment and renewed at the beginning
awal tahun. Berikut pernyataan independensi Sdr. Dedy Supriadi of each year. The following is Mr. Dedy Supriadi Priatna’s
Priatna sebagai Komisaris Independen Perseroan tahun 2025. declaration of independence as the Company’s Independent
Commissioner in 2025.
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Tata Kelola Perusahaan
Corporate Governance
Hingga akhir tahun 2025, tidak ada Komisaris Independen yang Until the end of 2025, no Independent Commissioner served
telah menjabat lebih dari 2 (dua) periode. Hal ini menunjukkan more than 2 (two) terms. This demonstrates the Company’s
komitmen Perseroan dalam menjaga independensi dan commitment to maintaining independence and compliance
kepatuhan terhadap prinsip-prinsip Tata Kelola Perusahaan with Good Corporate Governance principles. All Independent
320
yang Baik. Seluruh Komisaris Independen menjalankan tugas Commissioners conduct their duties and responsibilities with
dan tanggung jawabnya dengan objektivitas dan integritas high objectivity and integrity, and without influence from any
tinggi, serta tanpa adanya pengaruh dari pihak manapun, demi party, in the best interests of the Company and Shareholders.
kepentingan terbaik Perseroan dan Pemegang Saham.
Laporan Tahunan 2025 Annual Report
Independensi Dewan Komisaris Independence of the Board of Commissioners
Seluruh anggota Dewan Komisaris yang menjabat di tahun 2025 All members of the Board of Commissioners serving in 2025
telah menyatakan independensinya dalam surat pernyataan already declared their independence in a no-conflict-of interest
tidak memiliki benturan kepentingan yang ditandatangani pada statement signed at the start of their appointment and renewed
awal pengangkatan dan diperbaharui setiap awal tahun. annually.
Anggota Dewan Komisaris juga berkewajiban untuk melapor Members of the Board of Commissioners are also required to
apabila terjadi perubahan status yang mempengaruhi report any changes in status that may affect their independence,
independensinya termasuk apabila terdapat rangkap jabatan such as concurrent positions and changes in personal or family
maupun adanya perubahan kepemilikan saham baik pribadi share ownership in the Company and/or other entities.
maupun keluarga di Perseroan dan/atau Perusahaan lain.
Sepanjang tahun 2025, tidak terdapat situasi dengan potensi Throughout 2025, there were no situations in which members
benturan kepentingan yang dihadapi oleh anggota Dewan of the Board of Commissioners faced potential conflicts of
Komisaris dalam pengambilan keputusan. interest while making decisions.
PEDOMAN KERJA DEWAN KOMISARIS BOARD OF COMMISSIONERS’
WORK GUIDELINES
Dewan Komisaris telah memiliki pedoman kerja sebagaimana The Board of Commissioners has established working guidelines
yang diatur dalam Kebijakan Umum Perseroan Nomor 002/KEB/ as stipulated in the Company’s General Policy Number 002/
KU/SMF/VIII/2025 tentang Tata Kelola Kerja Dewan Komisaris, KEB/KU/SMF/VIII/2025 concerning the Governance of the
Dewan Pengawas Syariah dan Direksi (Board Manual) tertanggal Board of Commissioners, Sharia Supervisory Board, and Board
6 Agustus 2025 dimana pengaturan terkait Dewan Komisaris of Directors (Board Manual) dated August 6, 2025 in which
sebagai berikut: the provisions relating to the Board of Commissioners are as
1. Tugas dan Tanggung Jawab; follows:
1. Duties and Responsibilities;
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2. Kewenangan; 2. Authority;
3. Pertanggung Jawaban; 3. Accountability;
4. Program Pengenalan dan/Induksi; 4. Orientation and/or Induction Program;
5. Program Pelatihan; 5. Training Program;
6. Cuti dan Berhalangan Sementara; 6. Leave and Temporary Absence;
7. Pengambilan Keputusan; 7. Decision Making;
8. Rapat Dewan Komisaris; 8. Board of Commissioners’ Meetings;
9. Organ Pendukung; 9. Supporting Organs;
10. Pemberian Arahan; 10. Providing Directions;
11. Aktivitas Pengawasan; 11. Supervisory Activities;
12. Penilaian Kinerja Dewan Komisaris; 12. Performance Assessment of the Board of Commissioners;
13. Remunerasi Dewan Komisaris; 13. Remuneration of the Board of Commissioners;
14. Pembagian Tugas Dewan Komisaris; 14. Division of Duties of the Board of Commissioners;
15. Penunjukan Kantor Akuntan Publik; 15. Appointment of a Public Accounting Firm;
16. Prosedur Pengusulan RKAP; 16. Procedure for Proposing the Company’s Work Plan and
Budget;
17. Prosedur Pengusulan RJPP; 17. Procedure for Proposing the Company’s Long-Term Plan;
18. Pemberhentian Sementara Direksi. 18. Temporary Dismissal of the Board of Directors.
Kebijakan Umum Perseroan tentang Tata Kelola Kerja Dewan The Company’s General Policy on the Governance of the Board
Komisaris, Dewan Pengawas Syariah dan Direksi (Board Manual) of Commissioners, Sharia Supervisory Board, and Board of
dapat diakses oleh publik melalui situs Website Perseroan. Directors (Board Manual) is accessible to the public through
the Company’s website.
TUGAS DAN TANGGUNG JAWAB DUTIES AND RESPONSIBILITIES OF
DEWAN KOMISARIS THE BOARD OF COMMISSIONERS
Sesuai Anggaran Dasar dan Board Manual, Dewan Komisaris According to the Articles of Association and Board Manual,
Perseroan memiliki tugas dan tanggung jawab dengan the Company’s Board of Commissioners has duties and
penjelasan sebagai berikut: responsibilities as explained below:
1. Dewan Komisaris menerapkan Tata Kelola Perusahaan 1. The Board of Commissioners implements Good Corporate
yang Baik sesuai dengan wewenang dan tanggung jawab Governance in accordance with the authority and
Dewan Komisaris. responsibilities of the Board of Commissioners.
2. Pernyataan dan komitmen penerapan Tata Kelola 2. The statement and commitment to implementing Good
Perusahaan Yang Baik, dilakukan dengan penandatanganan Corporate Governance is carried out by signing an
Pakta Integritas untuk mematuhi segala ketentuan dan Integrity Pact to comply with all laws and regulations
peraturan perundang-undangan berkaitan dengan relating to the authority and responsibilities of the Board
wewenang dan tanggung jawab Dewan Komisaris. of Commissioners.
3. Dewan Komisaris memastikan terselenggaranya penerapan 3. The Board of Commissioners ensures the implementation 321
Tata Kelola Perusahaan Yang Baik sesuai prinsip-prinsip of Good Corporate Governance in accordance with the
Tata Kelola Perusahaan yang baik di setiap kegiatan usaha principles of Good Corporate Governance in every business
Perseroan pada seluruh tingkatan dan jenjang organisasi. activity of the Company at all levels and ranks of the
organization.
PT Sarana Multigriya Finansial (Persero)
4. Dewan Komisaris melaksanakan pengawasan terhadap 4. The Board of Commissioners supervises the duties and
tugas dan tanggung jawab Direksi, serta memberikan responsibilities of the Board of Directors and provides
nasihat kepada Direksi. advice to the Board of Directors.
5. Dalam melakukan pengawasan terhadap Perseroan, Dewan 5. In supervising the Company, the Board of Commissioners
Komisaris memiliki rencana kerja dalam memberikan arahan, has a work plan for providing direction, monitoring, and
memantau, dan mengevaluasi pelaksanaan kebijakan dasar evaluating the implementation of basic and strategic
dan strategis. policies.
6. Dewan Komisaris memberikan arahan tentang hal-hal 6. The Board of Commissioners provides direction on
penting mengenai perubahan lingkungan bisnis yang important matters regarding changes in the business
diperkirakan akan berdampak pada Perseroan secara tepat environment that are expected to have an impact on the
waktu dan efisien. Company in a timely and efficient manner.
7. Dewan Komisaris memastikan bahwa Direksi telah 7. The Board of Commissioners ensures that the Board
menindaklanjuti temuan audit dan rekomendasi dari of Directors has followed up on audit findings and
auditor internal, auditor eksternal, hasil pengawasan Dewan recommendations from internal auditors, external auditors,
Komisaris dan/atau hasil pemeriksaan tertentu oleh lembaga the supervision results by the Board of Commissioners and/
pemeriksa lainnya. or results of certain audit by other examining agencies.
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Tata Kelola Perusahaan
Corporate Governance
8. Dewan Komisaris melaporkan pelaksanaan tugas dan 8. The Board of Commissioners reports the implementation of
tanggung jawab kepada RUPS secara triwulanan dan/atau duties and responsibilities to the GMS on a quarterly basis
sewaktu-waktu apabila diminta oleh RUPS. and/or at any time if requested by the GMS.
9. Dewan Komisaris memastikan bahwa dalam Laporan 9. The Board of Commissioners ensures that the Company’s
Tahunan Persero telah memuat informasi mengenai Annual Report contains information regarding the identity,
identitas, pekerjaan-pekerjaan utamanya, jabatan anggota main work, positions of the Board of Commissioners’
Dewan Komisaris di perusahaan lain, termasuk rapat-rapat members in other companies, including meetings held in
yang dilakukan dalam satu tahun buku (rapat internal one fiscal year (internal meetings and joint meetings with
maupun rapat gabungan dengan Direksi), serta honorarium, the Board of Directors), as well as honorariums, facilities,
fasilitas, dan/atau tunjangan lain yang diterima dari Persero. and/or other benefits received from the Company.
10. Dewan Komisaris harus memiliki pedoman dan tata tertib 10. The Board of Commissioners must have guidelines and
kerja yang bersifat mengikat bagi setiap anggota Dewan work regulations that are binding for each member of the
Komisaris, yang sekurang-kurangnya memuat: Board of Commissioners, which at least contain:
a. Pengaturan etika kerja; a. Work ethics regulations;
b. Waktu kerja; b. Working time;
c. Pengaturan rapat. c. Meeting settings.
11. Pengaturan etika kerja paling kurang memuat: 11. Work ethics regulations must at least include:
a. Kewajiban menjunjung tinggi peraturan perundang- a. Obligation to uphold laws and regulations;
undangan;
b. Penyelenggaran tugas dan fungsi Perseroan dengan b. Carrying out the Company’s duties and functions by
memenuhi prinsip-prinsip akuntabilitas publik; fulfilling the principles of public accountability;
c. Kewajiban memiliki integritas yang tinggi, mengutamakan c. The obligation to have high integrity, prioritize honesty,
kejujuran, dan tidak dipengaruhi oleh pertimbangan and not be influenced by considerations of personal,
keuntungan pribadi, keluarga atau kelompok tertentu family or certain group gain in carrying out one’s duties;
dalam melaksanakan tugasnya;
d. Kewajiban berlandaskan pada itikad baik dalam d. Obligations are based on good faith in carrying out
menjalankan tugas; duties;
e. Hubungan anggota Dewan Komisaris dengan pihak- e. The relationship between members of the Board of
pihak lain yang berkepentingan; dan Commissioners and other interested parties; and
322
f. Hubungan sesama anggota Dewan Komisaris f. Relationships between members of the Board of
Commissioners
12. Dewan Komisaris memberikan pendapat dan saran kepada 12. The Board of Commissioners provides opinions and
RUPS mengenai laporan berkala dan laporan-Iaporan suggestions to the GMS regarding periodic reports and
Laporan Tahunan 2025 Annual Report
lainnya dari Direksi. other reports from the Board of Directors.
13. Dewan Komisaris melaksanakan kepentingan Perseroan 13. The Board of Commissioners implements the Company’s
dengan memperhatikan kepentingan para Pemegang interests by considering the interests of the Shareholders
Saham dan bertanggung jawab kepada Perseroan yang and is responsible to the Company, which in this case is
dalam hal ini diwakili oleh Rapat Umum Pemegang Saham; represented by the General Meeting of Shareholders;
14. Dewan Komisaris meneliti dan menelaah laporan Tahunan 14. The Board of Commissioners examines and reviews the
yang disiapkan Direksi serta menandatangani laporan Annual Report prepared by the Board of Directors and
tahunan tersebut; signs the Annual Report;
15. Dewan Komisaris memberikan pendapat dan saran kepada 15. The Board of Commissioners provides opinions and
Rapat Umum Pemegang Saham mengenai rencana kerja suggestions to the General Meeting of Shareholders
dan anggaran tahunan Perseroan yang diusulkan Direksi. regarding the Company’s annual work plan and budget
proposed by the Board of Directors.
a. Rancangan Jangka Panjang Perseroan (RJPP) a. Company Long-Term Plan (RJPP)
i) Dewan Komisaris menerima, mengkaji, dan i) The Board of Commissioners receives, reviews and
memberikan pendapat atas usulan RJPP yang provides opinions on the proposed RJPP which is
merupakan rencana strategis Perseroan yang the Company’s strategic plan containing the targets
memuat sasaran dan tujuan yang hendak dicapai and objectives to be achieved within a period of 5
dalam jangka waktu 5 (lima) tahun antara lain: (five) years, including:
• Evaluasi pelaksanaan RJPP sebelumnya; • Evaluation of the implementation of the previous
RJPP;
• Posisi Perseroan saat ini; • The Company’s current position;
• Asumsi-asumsi yang dipakai dalam penyusunan • Assumptions used in the preparation of the
RJPP; o. 1) a) i. II. Dan RJPP; o. 1) a) i. II. And
• Penetapan misi, sasaran, strategi, kebijakan, • Determination of missions, targets, strategies,
dan program kerja jangka Panjang. policies and long-term work programs.
Page 323
b. Dewan Komisaris bersama Direksi mengusulkan RJPP b. The Board of Commissioners together with the Board of
untuk disetujui Rapat Umum Pemegang Saham. Directors propose the RJPP for approval at the General
Meeting of Shareholders.
i) Rencana Kerja dan Anggaran Perseroan (RKAP) i) Company Work Plan and Budget (RKAP)
• Dewan Komisaris menerima, mengkaji, dan • The Board of Commissioners receives, reviews
memberikan pendapat atas usulan RKAP yang and provides opinions on the proposed RKAP
memuat sekurang-kurangnya: which contains at least:
» Misi, sasaran usaha, strategi usaha, » Mission, business objectives, business
kebijakan Perseroan dan program kerja/ strategies, company policies and work
kegiatan; programs/activities;
» Anggaran Perseroan yang dirinci atas setiap » The Company’s budget is detailed for each
anggaran program kerja/kegiatan; work program/activity budget;
» Proyeksi keuangan Perseroan dan anak » Financial projections of the Company and
perusahaan; dan its subsidiaries; and
» Hal-hal lain yang memerlukan keputusan » Other matters requiring a decision from the
Dewan Komisaris. Board of Commissioners.
• Dewan Komisaris dan Direksi menyetujui RKAP • The Board of Commissioners and Directors
untuk diusulkan kepada Rapat Umum Pemegang approve the RKAP to be proposed to the General
Saham, selambat-lambatnya 60 (enam puluh) Meeting of Shareholders, no later than 60 (sixty)
hari sebelum dimulainya tahun buku baru. days before the start of the new Fiscal Year.
16. Dewan Komisaris melakukan pengawasan dalam 16. The Board of Commissioners supervises the implementation
pelaksanaan sistem pengendalian intern dan manajemen of the Company’s internal control and risk management
risiko Perseroan. system.
17. Dewan Komisaris melakukan pengawasan dan pemberian 17. The Board of Commissioners supervises and advises on the
nasihat berkaitan dengan pelayanan, mutu, dan teknologi Company’s services, quality, and information technology.
informasi Perseroan.
18. Dewan Komisaris melakukan pengawasan dan pemberian 18. The Board of Commissioners supervises and advises on
nasihat terhadap pengelolaan sumber daya manusia, terkait human capital management, including succession, career
suksesi, manajemen karier, sistem dan prosedur promosi, management, promotion system and procedure, transfer,
mutasi dan demosi pada Perseroan. and demotion at the Company.
19. Dewan Komisaris melakukan pengawasan dan pemberian 19. The Board of Commissioners supervises and advises
nasihat terhadap kegiatan akuntansi dan penyusunan on accounting activities and the preparation of financial
laporan keuangan, kegiatan pengadaan barang dan jasa, statements, goods and services procurement activities,
sistem mutu dan pelayanan Perseroan. and the Company’s quality and service systems.
20. Dewan Komisaris melakukan pengawasan dan pemberian 20. The Board of Commissioners supervises and advises on
nasihat terhadap kepatuhan Perseroan dalam menjalankan the Company’s compliance with laws and regulations.
peraturan perundang-undangan.
21. Dewan Komisaris membuat kebijakan mengenai proses 21. The Board of Commissioners makes policies regarding the
penunjukan calon auditor eksternal dan/atau penunjukan process of appointing prospective external auditors and/ 323
kembali auditor eksternal. or reappointing external auditors.
22. Dewan Komisaris melakukan penunjukan langsung atau 22. The Board of Commissioners makes direct appointments
penyerahan wewenang pengadaan Konsultan Penilai or delegates the authority to procure GCG Independent
Independen GCG kepada Perseroan. Appraisal Consultants to the Company.
PT Sarana Multigriya Finansial (Persero)
23. Dewan Komisaris mengawasi pelaksanaan rencana kerja dan 23. The Board of Commissioners oversees the implementation
anggaran Perseroan serta menyampaikan hasil penilaian of the Company’s work plan and budget and submits the
serta pendapatnya kepada Rapat Umum Pemegang Saham. assessment results and its opinion to the General Meeting
of Shareholders.
24. Dewan Komisaris mengawasi pencapaian kinerja masing- 24. The Board of Commissioners oversees the performance
masing Direksi serta menyampaikan hasil penilaiannya achievements of each member of the Board of Directors and
kepada Rapat Umum Pemegang Saham secara berkala, submits the assessment results to the General Meeting of
yaitu semesteran dan tahunan. Shareholders periodically, on a semi-annual and annual basis.
25. Dewan Komisaris membuat kebijakan dan prosedur terkait 25. The Board of Commissioners makes policies and procedures
pelaporan kepada RUPS/Pemegang saham apabila terjadi related to reporting to the GMS/Shareholders if there are
gejala penurunan kinerja perusahaan. signs of a decline in the Company’s performance.
26. Dewan Komisaris mengikuti perkembangan kegiatan 26. The Board of Commissioners follows the Company’s
Perseroan, dalam hal terjadi gejala penurunan kinerja development. In the event of signs of the Company’s
Perseroan, Dewan Komisaris harus segera melaporkan performance decline, the Board of Commissioners must
kepada RUPS, dengan disertai usulan mengenai langkah immediately report to the GMS, along with a proposal on
perbaikan yang harus ditempuh. improvement measures that must be taken.
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Tata Kelola Perusahaan
Corporate Governance
27. Dewan Komisaris memberikan saran kepada Direksi untuk 27. The Board of Commissioners provides advice to the Board
memperbaiki permasalahan penurunan kinerja perusahaan, of Directors to improve the problem of declining Company
yang disampaikan dalam rapat gabungan dan/atau secara performance, submitted in a joint meeting and/or in writing
tertulis kepada Direksi. to the Board of Directors.
28. Dewan Komisaris menyeleksi bakal calon anggota 28. The Board of Commissioners selects prospective candidates
Direksi yang berasal dari internal Perseroan berdasarkan for members of the Board of Directors from within the
rekomendasi kriteria dari Komite Nominasi dan Remunerasi, Company based on the criteria recommendations from the
dan mengusulkannya kepada Direktorat Jenderal Kekayaan Nomination and Remuneration Committee, and proposes
Negara disertai hasil penilaian dari lembaga profesional. them to the Directorate General of State Assets along with
the results of assessments from professional institutions.
29. Dewan Komisaris melakukan pengawasan dan tindak lanjut 29. The Board of Commissioners supervises and follows up
atas laporan pelanggaran yang terjadi. on reports of violations that occur.
30. Dewan Komisaris melakukan pengawasan dan pemberian 30. The Board of Commissioners supervises and provides
nasihat berkaitan pelaksanaan kesehatan dan keselamatan advice regarding the implementation of occupational health
kerja. and safety.
31. Dewan Komisaris melakukan tugas-tugas pengawasan 31. The Board of Commissioners carries out other supervisory
lainnya yang ditentukan oleh Rapat Umum Pemegang duties as determined by the General Meeting of
Saham. Shareholders.
32. Dewan Komisaris melaporkan kepada Menteri selaku RUPS 32. The Board of Commissioners reports to the Minister as the
setiap perkembangan pelaksanaan mandat yang diberikan GMS on every development in the implementation of the
kepada Perseroan. mandate given to the Company.
33. Dewan Komisaris wajib melaporkan kepada Persero 33. The Board of Commissioners is obliged to report to the
mengenai sahamnya dan/atau keluarganya pada Persero Company regarding its shares and/or those of its family
tersebut dan/ atau Persero lain in the Company and/or other Companies.
34. Dewan Komisaris wajib membuat risalah rapat Dewan 34. The Board of Commissioners is obliged to prepare minutes
Komisaris dan menyimpan salinannya. of the Board of Commissioners’ meetings and keep copies
thereof.
PEMBAGIAN TUGAS MASING-MASING DIVISION OF DUTIES OF EACH MEMBER
324
ANGGOTA DEWAN KOMISARIS OF THE BOARD OF COMMISSIONERS
Dewan Komisaris telah menetapkan pembagian tugas masing- The Board of Commissioners has established the division of
masing anggota Dewan Komisaris sebagaimana yang ditetapkan responsibilities for each member of the Board of Commissioners,
Laporan Tahunan 2025 Annual Report
dalam Kebijakan Umum Perseroan Nomor 002/KEB/KU/SMF/ as stipulated in the Company’s General Policy Number 002/KEB/
VIII/2025 tentang Tata Kelola Kerja Dewan Komisaris, Dewan KU/SMF/VIII/2025 concerning the Work Governance of the Board of
Pengawas Syariah dan Direksi (Board Manual) Tata Kelola Commissioners, Sharia Supervisory Board, and Board of Directors
Kerja Dewan Komisaris, Dewan Pengawas Syariah dan Direksi (Board Manual) Work Governance of the Board of Commissioners,
(Board Manual). Berikut Pembagian tugas dan tanggung jawab Sharia Supervisory Board, and Board of Directors (Board Manual).
masing-masing anggota Dewan Komisaris Perseroan: The following is the division of duties and responsibilities of each
member of the Company’s Board of Commissioners:
Pembagian Tugas Pengawasan Masing - Masing Anggota Dewan Komisaris
Division of Supervisory Duties of the Board of Commissioners
Nama Jabatan Tugas dan Tanggung Jawab
Name Position Supervisory Duties
Nufransa Wira Sakti Komisaris Utama 1. Melaksanakan fungsi pengawasan atas direktorat utama yang dikoordinir oleh
President Commissioner Direktur Utama.
2. Melaksanakan fungsi pengawasan pelaksanaan tugas perseroan di bidang
manajemen risiko.
3. Melaksanakan fungsi pengawasan atas pemenuhan regulatory compliance
(kepatuhan atas peraturan perundang-undangan).
4. Melaksanakan fungsi dan pengawasan atas pelaksanaan GCG, penerapan
Undang-Undang Nomor 31 Tahun 1999 tentang Pemberantasan Tindak Pidana
Korupsi sebagaimana telah diubah dengan Undang-Undang Nomor 20 Tahun
2001 tanggal 21 November 2001 dan Peraturan Pemerintah Nomor 53 tahun 2010
berkaitan dengan tindak pidana korupsi.
1. Performing the function of supervising the main directorates coordinated by the
President Director.
2. Performing the function of supervising the implementation of the Company’s duties
in risk management
3. Performing the function of supervising regulatory compliance
4. Performing the function and supervision of GCG implementation, the application of
Law No. 31 of 1999 on Eradication of Criminal Acts of Corruption, as amended by
Law No. 20 of 2001 dated November 21, 2001, and Government Regulation No. 53
of 2010 relating to criminal acts of corruption
Page 325
Pembagian Tugas Pengawasan Masing - Masing Anggota Dewan Komisaris
Division of Supervisory Duties of the Board of Commissioners
Nama Jabatan Tugas dan Tanggung Jawab
Name Position Supervisory Duties
Brahmantio Isdijoso Komisaris 1. Melaksanakan fungsi pengawasan atas pelaksanaan tugas perseroan di bidang
Commissioner manajemen risiko dan teknologi informasi, termasuk melaksanakan fungsi
pengawasan pada kebijakan dan pemberian saran teknologi informasi atas laporan
yang disampaikan oleh Direksi.
2. Melaksanakan fungsi pengawasan atas pelaksanaan pemenuhan regulatory
compliance (kepatuhan atas peraturan perundang-undangan).
3. Melaksanaan fungsi pengawasan dan pemberian saran pada kebijakan pengadaan
barang dan jasa atas laporan Direksi.
4. Melaksanakan fungsi pengawasan atas penerapan kebijakan kesehatan dan
keselamatan kerja.
5. Melaksanakan fungsi, tanggung jawab dan kewenangan sebagai Ketua Komite
Pemantau Risiko.
1. Performing the function of supervising the implementation of the Company’s duties
in the fields of risk management and information technology, including carrying out
supervisory functions over policies and providing information technology advice on
reports submitted by the Board of Directors.
2. Performing the function of supervising the implementation of regulatory
compliance.
3. Performing the function of supervising and providing advice on the procurement of
goods based on Board of Directors’ report.
4. Carry out supervisory functions over the implementation of occupational health
and safety policies.
5. Carry out the functions, responsibilities and authorities as Chairman of the Risk
Monitoring Committee.
Dedy Supriadi Komisaris 1. Bertindak sebagai Komisaris Independen sesuai prasyarat yang ditetapkan dalam
Priatna Independen ketentuan Peraturan Otoritas Jasa Keungan Nomor 55/POJK.04/2015 Tentang
Independent Commissioner Pembentukan dan Pedoman Pelaksanaan Kerja Komite Audit
2. Melaksanakan fungsi pengawasan pelaksanaan tugas perseroan di bidang
keuangan dan administrasi.
3. Melaksanakan fungsi pengawasan atas pelaksanaan tugas pengembangan sumber
daya manusia dan strategi pembinaan suksesi manajemen.
4. Melaksanakan fungsi dan koordinasi pengusulan nominasi & remunerasi bagi
Dewan Komisaris serta Direksi.
5. Melaksanakan fungsi, tanggung jawab dan kewenangan sebagai Ketua Komite
Audit dan Ketua Komite Nominasi dan Remunerasi.
1. Act as an Independent Commissioner in accordance with the prerequisites
stipulated in the provisions of Financial Services Authority Regulation Number 55/
POJK.04/2015 concerning the Formation and Guidelines for Implementing the Work
of the Audit Committee
2. Performing the function of supervising the implementation of the Company’s duties
in the financial and administrative fields
3. Performing the function of supervising the implementation of human capital
development duties and management succession strategies
4. Performing the function and coordination of proposing nominations and
remuneration for the Board of Commissioners and Board of Directors.
5. Performing the functions, responsibilities, and authorities as the Chairman of Audit 325
Committee and the Chairman of Nomination and Remuneration Committee.
JENIS KEPUTUSAN YANG MEMERLUKAN TYPES OF DECISIONS REQUIRING BOARD
PERSETUJUAN DEWAN KOMISARIS OF COMMISSIONERS’ APPROVAL
PT Sarana Multigriya Finansial (Persero)
Jenis keputusan yang memerlukan Persetujuan Dewan The types of decisions requiring the Board of Commissioners’
Komisaris sebagaimana yang diatur dalam Tata Kelola Kerja approval, as outlined in the Work Governance of Board of
Dewan Komisaris, Dewan Pengawas Syariah dan Direksi (Board Commissioners, Sharia Supervisory Board, and Board of
Manual) adalah sebagai berikut: Directors (Board Manual) are as follows:
1. Pengusulan Rencana Jangka Panjang Perseroan sebelum 1. Proposal of the Company’s Long-Term Plan before
disampaikan kepada Pemegang Saham; submission to the Shareholders;
2. Pengusulan Rencana Kerja Anggaran Perseroan sebelum 2. Proposal of the Company’s Work Plan and Budget before
disampaikan kepada Pemegang Saham; submission to the Shareholders;
3. Persetujuan Dewan Komisaris atas usulan Direksi dalam 3. Board of Commissioners’ Approval on Board of Directors’
pengurusan Perseroan; proposal on the management of the Company;
4. Tanggapan Dewan Komisaris atas tindakan Direksi yang 4. Board of Commissioners’ Response to the Board of
perlu mendapat persetujuan Rapat Umum Pemegang Directors’ actions that require approval from the General
saham. Meeting of Shareholders.
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Tata Kelola Perusahaan
Corporate Governance
KEPEMILIKAN SAHAM ANGGOTA SHARE OWNERSHIP OF THE BOARD
DEWAN KOMISARIS OF COMMISSIONERS’ MEMBERS
Anggota Dewan Komisaris secara berkala melaporkan Periodically, the Board of Commissioners’ members submit
kepemilikan sahamnya baik atas nama pribadi maupun keluarga their share ownership in the Company and/or other companies,
pada Perseroan dan/atau perusahaan lainnya untuk dicatat both personally and that of their families, to be recorded in
dalam Daftar Khusus. Kepemilikan saham Anggota Dewan the Special Register. The share ownership of the Board of
Komisaris yang menjabat sepanjang tahun 2025 adalah sebagai Commissioners’ Members serving throughout 2025 is as
berikut: follows:
Kepemilikan Saham Anggota Dewan Komisaris beserta keluarga
Share Ownership of the Board of Commissioners’ Members and Their Families
Kepemilikan Saham Oleh Pribadi Pada Kepemilikan Saham Oleh Keluarga Pada
Nama Jabatan Individual Share Ownership In Family Share Ownership In
Name Position Perseroan Perusahaan Lain Perseroan Perusahaan Lain
The Company Other Companies The Company Other Companies
Nufransa Wira Sakti Komisaris Utama Tidak ada Tidak ada Tidak ada Tidak ada
President None None None None
Commissioner
Brahmantio Isdijoso Komisaris Tidak ada Tidak ada Tidak ada Tidak ada
Commissioner None None None None
Dedy Supriadi Komisaris Tidak ada Tidak ada Tidak ada Tidak ada
Priatna Independen None None None None
Independent
Commissioner
RANGKAP JABATAN DEWAN KOMISARIS CONCURRENT POSITION OF THE
BOARD OF COMMISSIONER
326
Pada tahun 2025, terdapat anggota Dewan Komisaris yang In 2025, there were members of the Board of Commissioners
merangkap jabatan sebagai Ketua dan Anggota Komite di who concurrently served as Chairpersons and Members of
bawah Dewan Komisaris. Namun demikian rangkap jabatan Committees under the Board of Commissioners. However,
dimaksud masih sesuai dengan batasan rangkap jabatan these concurrent positions are still in line with the concurrent
Laporan Tahunan 2025 Annual Report
sebagaimana diatur dalam PMK N0.88/PMK.06/2015 Bab VII position limitation set forth in the Minister of Finance Regulation
Pasal 45-48 bahwa Dewan Komisaris dapat menjadi Ketua No. 88/PMK.06/2015 Chapter VII Articles 45-48, which allows
dan Anggota Komite. Selain itu, rangkap jabatan juga Dewan the Board of Commissioners to serve as both the Chairpersons
Komisaris diatur dalam PMK No.197/PMK.06/2019 tentang and Members of the Committee. Furthermore, the Minister of
Tata Cara Pengangkatan dan Pemberhentian Anggota Dewan Finance Regulation No. 197/PMK.06/2019 on the Procedures
Komisaris yang menyatakan Anggota Dewan Komisaris dilarang: for Appointment and Dismissal of the Board of Commissioners’
Members also regulates the Board of Commissioners’
concurrent positions. Members of the Board of Commissioners
are prohibited from:
1. Merangkap jabatan sebagai Anggota Direksi pada BUMN; 1. Concurrently serving as a member of the Board of Directors
at a state-owned enterprise;
2. Menduduki jabatan yang berdasarkan peraturan 2. Holding a position that, based on laws and regulations, is
perundang-undangan dilarang untuk dirangkap dengan prohibited from being held concurrently with the position
jabatan Anggota Dewan Komisaris; dan/ atau of a member of the Board of Commissioners; and/or
3. Menduduki jabatan yang dapat menimbulkan benturan 3. Holding a position that may give rise to a conflict of interest
kepentingan dengan Persero yang bersangkutan. with the relevant Company
Berikut adalah daftar jabatan yang dirangkap oleh Dewan The following is a list of positions held concurrently by the
Komisaris per 31 Desember 2025: Board of Commissioners as of December 31, 2025:
Jabatan di Perusahaan
Nama Jabatan di Perseroan Lain/Lembaga Lain
Name Position in the Company Positions in Other Companies/Other
Institutions
Nufransa Wira Sakti • Komisaris Utama Kementerian Keuangan sebagai Staf Ahli Bidang
• Anggota Komite Nominasi dan Remunerasi Pengawasan Perpajakan
• President Commissioner Ministry of Finance as Expert Staff in Tax
• Member of the Nomination and Remuneration Committee Supervision
Page 327
Jabatan di Perusahaan
Nama Jabatan di Perseroan Lain/Lembaga Lain
Name Position in the Company Positions in Other Companies/Other
Institutions
Brahmantio Isdijoso • Komisaris Tidak ada
• Ketua Komite Pemantau Risiko None
• Commissioner
• Chairman of the Risk Monitoring Committee
Dedy Supriadi • Komisaris Independen Tidak ada
Priatna • Ketua Komite Audit None
• Ketua Komite Nominasi dan Remunerasi
• Independent Commissioner
• Chairman of the Audit Committee
• Chairman of the Nomination and Remuneration
Committee
PELAKSANAAN TUGAS IMPLEMENTATION OF THE BOARD
DEWAN KOMISARIS OF COMMISSIONERS’ DUTIES
Selama tahun 2025, Dewan Komisaris melaksanakan berbagai In 2025, the Board of Commissioners performed the following
kegiatan sesuai dengan tugas dan tanggung jawab Dewan activities in accordance with the Board of Commissioners’
Komisaris sesuai dengan yang diatur dalam Board Manual duties and responsibilities as outlined in the Company’s Board
Perseroan dan program kerja Dewan Komisaris sebagai berikut: Manual:
Rapat Dewan Komisaris Board of Commissioners’ Meetings
Kebijakan mengenai pelaksanaan rapat Dewan Komisaris telah The Board of Commissioners’ meeting policy is outlined in
diatur secara jelas dalam Board Manual Perseroan. Mengacu the Board Manual. In line with the meeting policy, the Board
pada ketentuan tersebut, Dewan Komisaris menyelenggarakan of Commissioners’ Meeting is held on a regular basis, at least
rapat secara berkala sedikitnya satu kali setiap bulan, atau once a month, or any time as the President Commissioner
sewaktu-waktu apabila diperlukan atas pertimbangan Komisaris deems it necessary, at the proposal of at least one-third of
Utama. Rapat juga dapat diselenggarakan atas usulan minimal the Board of Commissioners, or at the written request of the
sepertiga anggota Dewan Komisaris atau berdasarkan Shareholders stating the issues to be discussed.
permintaan tertulis dari Pemegang Saham yang mencantumkan
agenda pembahasan.
Selain rapat internal, anggota Dewan Komisaris juga dapat In addition to internal meetings, members of the Board of
menghadiri Rapat Konsultasi yang diselenggarakan oleh Direksi. Commissioners may also attend Consultation Meetings
Forum ini merupakan rapat Direksi yang melibatkan Dewan organized by the Board of Directors. These forums involve
Komisaris untuk membahas berbagai aspek operasional dan the Board of Commissioners to discuss various aspects of the
pengelolaan keuangan Perseroan, sehingga memastikan proses Company’s operations and financial management, ensuring
pengawasan dan koordinasi berjalan secara efektif. effective oversight and coordination. 327
Seluruh keputusan dalam rapat Dewan Komisaris diambil melalui All decisions at Board of Commissioners meetings are made
mekanisme musyawarah untuk mufakat. Apabila mufakat tidak through deliberation to reach consensus. If consensus cannot
tercapai, keputusan akan ditetapkan melalui pemungutan suara be reached, decisions will be made by voting with the approval
PT Sarana Multigriya Finansial (Persero)
dengan persetujuan lebih dari setengah jumlah suara sah yang of more than half of the valid votes cast at the meeting.
hadir dalam rapat.
Frekuensi dan Tingkat Kehadiran Dewan Komisaris Dalam Frequency and Attendance Rate of the Board of
Rapat 2025 Commissioners’ Meetings in 2025
Pada tahun 2025, Dewan Komisaris telah menyelenggarakan In 2025, the Board of Commissioners held 4 internal meetings
rapat Internal sebanyak 4 kali dan Rapat Gabungan (Dewan and 14 joint meetings (Board of Commissioners and Board of
Komisaris bersama Direksi) sebanyak 14 kali dengan tingkat Directors) with the following attendance rates for Board of
kehadiran Dewan Komisaris dalam rapat sebagai berikut: Commissioners meetings:
Page 328
Tata Kelola Perusahaan
Corporate Governance
Kehadiran Dewan Komisaris dalam Rapat
Kehadiran Dewan Komisaris dalam Rapat
Gabungan (Dewan Komisaris dan Direksi)
Internal Dewan Komisaris
Board of Commissioners’ Attendance in
Board of Commissioners’ Attendance in the
Joint Meetings (Board of Commissioners
Nama Jabatan Board of Commissioners’ Internal Meetings
and Board of Directors)
Name Position
Jumlah Jumlah Tingkat Jumlah Jumlah Tingkat
Rapat Kehadiran Kehadiran Rapat Kehadiran Kehadiran
Number of Total Attendance Number of Total Attendance
Meetings Attendance Rate Meetings Attendance Rate
Nufransa Wira Komisaris Utama 4 3 75% 14 14 100%
Sakti President
Commissioner
Brahmantio Komisaris 4 4 100% 14 14 100%
Isdijoso Commissioner
Dedy Supriadi Komisaris 4 4 100% 14 14 100%
Priatna Independen
Independent
Commissioner
Rata-Rata Tingkat Kehadiran Dewan Komisaris 92% 100%
Average Attendance Rate of the Board of Commissioners
Frekuensi dan Tingkat Kehadiran Dewan Komisaris dalam Frequency and Attendance of the Board of Commissioners
RUPS Tahun 2025 in the 2025 GMS
Pada tahun 2025, Dewan Komisaris menghadiri RUPS sebanyak In 2025, the Board of Commissioners attended the GMS twice
2 kali dengan agenda dan tingkat kehadiran sebagai berikut: with the following agenda and attendance levels:
Tingkat Kehadiran
Tanggal Attendance Rate
No Agenda
Date Nufransa Wira Brahmantio Dedy Supriadi
Sakti Isdijoso Priatna
328
1 9 Mei 2025 Rapat Umum Pemegang Saham Tahunan X* √ √
May 9, 2025 dalam rangka Persetujuan Laporan Tahunan
termasuk Pengesahan Laporan Keuangan
serta Laporan Tugas Pengawasan Dewan
Laporan Tahunan 2025 Annual Report
Komisaris dan Dewan Pengawas Syariah PT
Sarana Multigriya Finansial (Persero) Tahun
Buku 2024
Annual General Meeting of Shareholders for
the Approval of the Annual Report including
the Ratification of the Financial Report
and the Supervisory Duties Report of the
Board of Commissioners and the Sharia
Supervisory Board of PT Sarana Multigriya
Finansial (Persero) for the 2024 Fiscal Year
2 2 Desember 2025 Rapat Umum Pemegang Saham Tahunan √ √ √
December 2, 2025 Pembahasan dan Pengesahan Rencana
Kerja dan Anggaran Perusahaan Tahun 2026
Annual General Meeting of Shareholders:
Discussion and Ratification of the
Company’s 2026 Work Plan and Budget
Keterangan:
√: Hadir
X: Tidak Hadir
*) Tidak hadir pada RUPS berdasarkan surat kuasa 001/SK/DK-SMF/V/2025
Note:
√: Present
X: Absent
*) Not present at the GMS based on power of attorney 001/SK/DK-SMF/V/2025
Page 329
Pelaksanaan Rapat Internal Dewan Komisaris Tahun 2025 Implementation of the Board of Commissioners’ Internal
Meetings in 2025
Tanggal Undangan Rapat
Agenda
Meeting Invitation Date
11 Februari 2025 1. Evaluasi Capaian Kinerja Dewan Komisaris 2024 dan Target Kinerja Dewan Komisaris
February 11, 2025 2025.
2. Persiapan Asesmen GCG Tahun 2024.
3. Rencana Kerja Dewan Komisaris 2025.
4. Pembahasan Isu Strategis.
1. Evaluation of the Board of Commissioners’ Performance Achievements in 2024 and the Board of
Commissioners’ Performance Targets
in 2025.
2. Preparation for the 2024 GCG Assessment.
3. Board of Commissioners Work Plan 2025
4. Discussion of Strategic Issues
16 April 2025 1. Tindak Lanjut Pemeriksaan OJK 2024
April 16, 2025 2. Hasil Pemeriksaan OJK 2025 potensi sanksi
3. Rekomendasi dan Saran
1. Follow-up to the 2024 OJK Audit
2. OJK 2025 Audit Results: Potential Sanctions
3. Recommendations and Suggestions
23 April 2025 1. Tindak Lanjut Hasil Pemeriksaan OJK 2025
April 23, 2025 2. Tanggapan Dewan Komisaris atas Laporan Tahunan Tahun Buku 2024
3. Capaian Kinerja Dewan Komisaris sampai dengan Triwulan I 2025
4. Reviu Penyusunan Peraturan Internal Perseroan.
1. Follow-up to the 2025 OJK Audit Results
2. Board of Commissioners’ Response to the 2024 Annual Report
3. Board of Commissioners Performance Achievements up to the First Quarter of 2025
4. Review of the Preparation of the Company’s Internal Regulations.
29 Oktober 2025 1. Evaluasi Kinerja Dekom TW II dan TW III
October 29, 2025 2. Pembahasan AoI GCG Tahun 2024
3. Pembahasan RKA Dekom 2026
1. Evaluation of Board of Commissioners Performance in Q2 and Q3
2. 2024 GCG AoI Discussion
3. Discussion of the 2026 Work Plan & Budget of the Board of Commissioners
Pelaksanaan Rapat Gabungan Dewan Komisaris Bersama Implementation of the Joint Meeting of the Board of
Direksi Tahun 2025 Commissioners and Board of Directors in 2025
Tanggal Undangan Rapat
Agenda
Meeting Invitation Date
23 Januari 2025 1. Pembahasan Kinerja Perseroan sampai dengan bulan Desember 2024.
January 23, 2025 2. Pembahasan Tindak Lanjut Pokok-Pokok Hasil Rapat Dewan Komisaris bulan Desember
2024.
329
1. Discussion of the Company's Performance until December 2024.
2. Discussion of Follow-up to the Main Results of the Board of Commissioners Meeting in December 2024.
26 Februari 2025 1. Pembahasan Kinerja Perseroan sampai dengan bulan Januari 2025.
February 26, 2025 2. Pembahasan Tindak Lanjut Pokok-Pokok Hasil Rapat Dewan Komisaris bulan Januari
2025.
PT Sarana Multigriya Finansial (Persero)
3. Penyampaian update kondisi ekonomi global dan pengaruhnya terhadap bisnis PT SMF.
1. Discussion of the Company's Performance until January 2025.
2. Discussion of Follow-up to the Main Results of the Board of Commissioners Meeting in January
2025.
3. Delivering updates on global economic conditions and their impact on PT SMF's business.
25 Maret 2025 1. Pembahasan Kinerja Perseroan sampai dengan bulan Februari 2025.
March 25, 2025 2. Pembahasan Tindak Lanjut Pokok-Pokok Hasil Rapat Dewan Komisaris bulan Februari
2025.
3. Penyampaian hasil Kajian Housing Guarantee.
1. Discussion of the Company's Performance until February 2025.
2. Discussion of Follow-up to the Main Results of the Board of Commissioners Meeting in February
2025.
3. Submission of Housing Guarantee Study results.
10 April 2025 1. Pembahasan Peran PT SMF (Persero) dalam Program 3 Juta Rumah.
April 10, 2025 1. Discussion of the Role of PT SMF (Persero) in the 3 Million Homes Program
Page 330
Tata Kelola Perusahaan
Corporate Governance
Tanggal Undangan Rapat
Agenda
Meeting Invitation Date
25 April 2025 1. Pembahasan Kinerja Perseroan sampai dengan bulan Maret 2025.
April 25, 2025 2. Pembahasan Tindak Lanjut Pokok-Pokok Hasil Rapat Dewan Komisaris bulan Maret
2025.
1. Discussion of the Company's Performance until March 2025.
2. Discussion of Follow-up to the Main Results of the Board of Commissioners Meeting in March
2025.
26 Mei 2025 1. Pembahasan Kinerja Perseroan sampai dengan bulan April 2025.
May 26, 2025 2. Pembahasan Tindak Lanjut Pokok-Pokok Hasil Rapat Dewan Komisaris bulan April 2025.
1. Discussion of the Company's Performance until April 2025.
2. Discussion of Follow-up to the Main Results of the Board of Commissioners Meeting in April 2025.
20 Juni 2025 1. Pembahasan Potensi Perubahan Rencana Kerja dan Anggaran Perusahaan PT SMF
June 20, 2025 (Persero) Tahun 2025.
1. Discussion of Potential Changes to the Work Plan and Budget of PT SMF
(Persero) Company for 2025.
25 Juni 2025 1. Pembahasan Kinerja Perseroan sampai dengan bulan Mei 2025.
June 25, 2025 2. Pembahasan Tindak Lanjut Pokok-Pokok Hasil Rapat Dewan Komisaris bulan Mei 2025.
3. Sosialisasi GCG dan Kode Etik Perseroan.
1. Discussion of the Company's Performance until May 2025 .
2. Discussion of Follow-up on the Main Results of the Board of Commissioners Meeting in May 2025 .
3. Dissemination of GCG and the Company's Code of Conduct
28 Juli 2025 1. Pembahasan Kinerja Perseroan sampai dengan bulan Juni 2025.
July 28, 2025 2. Pembahasan Tindak Lanjut Pokok-Pokok Hasil Rapat Dewan Komisaris bulan Juni 2025.
1. Discussion of the Company's Performance until June 2025.
2. Discussion of Follow-up to the Main Results of the Board of Commissioners Meeting in June 2025.
27 Agustus 2025 1. Pembahasan Kinerja Perseroan sampai dengan bulan Juli 2025.
August 27, 2025 2. Pembahasan Tindak Lanjut Pokok-Pokok Hasil Rapat Dewan Komisaris bulan Juli 2025.
1. Discussion of the Company's Performance until July 2025.
2. Discussion of Follow-up to the Main Results of the Board of Commissioners Meeting in July 2025.
26 September 2025 1. Pembahasan Kinerja Perseroan sampai dengan bulan Agustus 2025.
September 26, 2025 2. Pembahasan Tindak Lanjut Pokok-Pokok Hasil Rapat Dewan Komisaris bulan Agustus
2025
3. Pembahasan Pengajuan PT SMF (Persero) sebagai Operator Investasi Pemerintah dalam
330 Penyaluran KPR FLPP.
4. Pembahasan Rencana Pemberian Pinjaman Subordinasi kepada Bank BTN.
1. Discussion of the Company's Performance until August 2025 .
2. Discussion of Follow-Up on the Main Results of the August
2025 Board of Commissioners Meeting
Laporan Tahunan 2025 Annual Report
3. Discussion of the Submission of PT SMF (Persero) as a Government Investment Operator in
the Distribution of FLPP Mortgage.
4. Discussion of the Plan to Provide Subordinated Loans to Bank BTN.
29 Oktober 2025 1. Pembahasan Kinerja Perseroan sampai dengan bulan September 2025.
October 29, 2025 2. Pembahasan Tindak Lanjut Pokok-Pokok Hasil Rapat Dewan Komisaris bulan September
2025.
1. Discussion of the Company's Performance until September 2025.
2. Discussion of Follow-up to the Main Results of the Board of Commissioners Meeting in September
2025.
28 November 2025 1. Pembahasan Kinerja Perseroan sampai dengan bulan Oktober 2025.
November 28, 2025 2. Pembahasan Tindak Lanjut Pokok-Pokok Hasil Rapat Dewan Komisaris bulan Oktober
2025.
1. Discussion of the Company's Performance until October 2025.
2. Discussion of Follow-up to the Main Results of the Board of Commissioners Meeting in October 2025.
20 Desember 2025 1. Pembahasan Kinerja Perseroan sampai dengan bulan November 2025.
December 20, 2025 2. Pembahasan Tindak Lanjut Pokok-Pokok Hasil Rapat Dewan Komisaris bulan November
2025.
1. Discussion of the Company's Performance until November 2025.
2. Discussion of Follow-up to the Main Results of the Board of Commissioners Meeting in November 2025.
Persetujuan dan Rekomendasi Dewan Komisaris Approval and Recommendation of the Board of
Commissioners
Dewan Komisaris memiliki wewenang memberikan persetujuan The Board of Commissioners has the authority of providing
dan rekomendasi kepada Direksi atas kegiatan pengelolaan approval and recommendations to the Board of Directors
Perseroan sesuai dengan ketentuan Anggaran Dasar dan regarding the Company’s management activities in line with
ketentuan internal lainnya. Sepanjang tahun 2025, Dewan the provisions of the Articles of Association and other internal
Komisaris telah memberikan persetujuan dan rekomendasi provisions. Throughout 2025, the Board of Commissioners
yang mencakup hal-hal sebagai berikut: has provided approval and recommendations covering the
following matters:
Page 331
1. S-001/DK/SMF/I/2025 Perihal Persetujuan Kontrak Kinerja 1. S-001/DK/SMF/I/2025 Concerning Approval of the 2025
Direksi Tahun 2025 Board of Directors’ Performance Contract
2. S-007/DK/SMF/II/2025 Perihal Persetujuan Penyesuaian 2. S-007/DK/SMF/II/2025 Concerning Approval of Adjustments
Buku RKAP 2025 Setelah RUPS to the 2025 RKAP Books After the GMS
3. S-013/DK/SMF/IV/2025 Perihal Tanggapan atas Kajian 3. S-013/DK/SMF/IV/2025 Concerning Responses to the
Housing Guarantee Housing Guarantee Study
4. S-028/DK/SMF/V/2025 Perihal Tanggapan atas 4. S-028/DK/SMF/V/2025 Concerning Responses to the
Pengangkatan/ Promosi Pejabat Setingkat BOD-1 PT. SMF Appointment/Promotion of BOD-1 Level Officials at PT.
(Persero) SMF (Persero)
5. S-041/DK/SMF/IX/2025 Perihal Telaah Dewan Komisaris 5. S-041/DK/SMF/IX/2025 Concerning the Review of the
atas Pedoman Nomor 014/KEB/PED/SMF/VIII/2025 tentang Board of Commissioners on Guideline Number 014/KEB/
Pelindungan Pemangku Kepentingan PED/SMF/VIII/2025 concerning Stakeholder Protection
6. S-046/DK/SMF/X/2025 Perihal Tanggapan Dewan Komisaris 6. S-046/DK/SMF/X/2025 Concerning the Board of
atas Kebijakan Umum tentang Strategi Anti Fraud Commissioners’ Response to the General Policy on Anti-
Fraud Strategy
7. S-048/DK/SMF/X/2025 Perihal Tanggapan Awal Dewan 7. S-048/DK/SMF/X/2025 Concerning the Initial Response of
Komisaris atas Rancangan RKAP 2026 dan Permintaan the Board of Commissioners to the Draft 2026 RKAP and
Pemaparan oleh Direksi the Request for Presentation by the Board of Directors
8. S-049/DK/SMF/X/2025 Perihal Tanggapan atas 8. S-049/DK/SMF/X/2025 Concerning Response to Request
Permohonan Telaah Kebijakan Perseroan Nomor 017/ for Review of Company Policy Number 017/KEB/PED/SMF/
KEB/PED/SMF/VIII/2025 tentang Pedoman Pengelolaan VIII/2025 concerning Guidelines for Information Security
Keamanan Informasi dan Kebijakan Perseroan Nomor 018/ Management and Company Policy Number 018/KEB/PED/
KEB/PED/SMF/VIII/2025 tentang Pedoman Pengadaan SMF/VIII/2025 concerning Guidelines for Procurement of
Barang Jasa Goods and Services
9. S-047/DK/SMF/X/2025 Perihal Tanggapan atas Permohonan 9. S-047/DK/SMF/X/2025 Concerning Response to the
Persetujuan Kegiatan Usaha Lain – Penyaluran Pinjaman Application for Approval of Other Business Activities –
Subordinasi PT Sarana Multigriya Finansial (Persero) Distribution of Subordinated Loans of PT Sarana Multigriya
Finansial (Persero)
10. S-050/DK/SMF/X/2025 Perihal Tanggapan/Persetujuan 10. S-050/DK/SMF/X/2025 Concerning the Response/Approval
Dewan Komisaris atas Rekomendasi Penunjukan Penilai of the Board of Commissioners on the Recommendation
Independen GCG Tahun Buku 2025 for the Appointment of an Independent GCG Assessor for
the 2025 Fiscal Year
11. S-056A/DK/SMF/XI/2025 Perihal Tanggapan atas 11. S-056A/DK/SMF/XI/2025 Concerning Response to the
Permohonan Telaah atas Laporan Hasil Audit Internal Request for Review of the Company’s Internal Audit Report
Perseroan oleh SPI tahun 2025 by SPI in 2025
12. S-058/DK/SMF/XI/2025 Perihal Persetujuan Usulan 12. S-058/DK/SMF/XI/2025 Concerning Approval of the
Rencana Bisnis PT SMF (Persero) Tahun 2026 Proposed Business Plan of PT SMF (Persero) for 2026
13. S-059/DK/SMF/XI/2025 Perihal Persetujuan atas Rencana 13. S-059/DK/SMF/XI/2025 Concerning Approval of the
Aksi Keuangan Berkelanjutan (RAKB) PT Sarana Multigriya Sustainable Financial Action Plan (RAKB) of PT Sarana 331
Finansial (Persero) Tahun 2026 Multigriya Finansial (Persero) for 2026
14. S-061/DK/SMF/XII/2025 Perihal Tanggapan atas atas 14. S-061/DK/SMF/XII/2025 Concerning Response to the
Permohonan Rekomendasi terkait Persetujuan Pengaturan Request for Recommendations regarding the Approval of
Hapus Buku Write-Off Arrangements
PT Sarana Multigriya Finansial (Persero)
Program Pengembangan Kompetensi Dewan Komisaris Competency Development Program for the Board of
Commissioners
Kebijakan program pengembangan kompetensi Dewan The Board of Commissioners’ competency development
Komisaris diatur dalam Board Manual. Dewan Komisaris program policy is outlined in the Board Manual. The Board
melaksanakan program pelatihan/pengembangan kompetensi of Commissioners holds competency training/development
dalam rangka meningkatkan kompetensi anggota Dewan programs to improve its members’ competencies in response
Komisaris sesuai kebutuhan yang dapat bermanfaat dalam to needs, which can help improve the effectiveness of the
meningkatkan efektivitas fungsi Dewan Komisaris. Board of Commissioners’ functions.
Sejalan dengan kebijakan pelatihan Dewan Komisaris yang In line with the Board of Commissioners’ training policy, as
diatur dalam Board Manual Perseroan, Pelatihan Dewan outlined in the Company’s Board Manual, training can be
Komisaris dapat dilakukan melalui tatap muka dan melalui media provided both face-to-face and via legitimate and integrated
online yang sah dan terintegrasi. Bentuk program pelatihan online media. Seminars, workshops, and training courses are
antara lain namun tidak terbatas pada seminar, workshop, some of the training programs offered.
lokakarya dan diklat.
Page 332
Tata Kelola Perusahaan
Corporate Governance
Selama tahun 2025, Dewan Komisaris telah melaksanakan Throughout 2025, the Board of Commissioners conducted
program pelatihan/pengembangan kompetensi, sebagai berikut: the following competency training/ development programs:
Nama Jabatan Pelatihan Penyelenggara
No.
Name Position Training Organizer
1 Nufransa Wira Komisaris Utama Sertifikasi Manajemen Risiko Perbankan 4 LembagaSertifikasi Profesional Perbankan
Sakti President Banking Risk Management Certification 4 (LSPP)
Commissioner Banking Professional Certification Institute
(LSPP)
Sertifikasi Manajemen Risiko Perbankan 5 LembagaSertifikasi Profesional Perbankan
Banking Risk Management Certification 5 (LSPP)
Banking Professional Certification Institute
(LSPP)
Sertifikasi Manajemen Risiko Perbankan 6 Badan Sertifikasi Manajemen Risiko (BSMR)
Banking Risk Management Certification 6 Risk Management Certification Body (BSMR)
Sertifikasi Manajemen Risiko Perbankan 7 Badan Sertifikasi Manajemen Risiko (BSMR)
Banking Risk Management Certification 7 Risk Management Certification Body (BSMR)
2 Brahmantio Komisaris Sertifikasi Manajemen Risiko Perbankan 4 LembagaSertifikasi Profesional Perbankan
Isdijoso Commissioner Banking Risk Management Certification 4 (LSPP)
Banking Professional Certification Institute
(LSPP)
Sertifikasi Manajemen Risiko Perbankan 5 LembagaSertifikasi Profesional Perbankan
Banking Risk Management Certification 5 (LSPP)
Banking Professional Certification Institute
(LSPP)
Sertifikasi Manajemen Risiko Perbankan 6 Badan Sertifikasi Manajemen Risiko (BSMR)
Banking Risk Management Certification 6 Risk Management Certification Body (BSMR)
Sertifikasi Manajemen Risiko Perbankan 7 Badan Sertifikasi Manajemen Risiko (BSMR)
Banking Risk Management Certification 7 Risk Management Certification Body (BSMR)
3 Dedy Supriadi Komisaris Sertifikasi Manajemen Risiko Perbankan 4 LembagaSertifikasi Profesional Perbankan
Priatna Independen Banking Risk Management Certification 4 (LSPP)
332
Independent Banking Professional Certification Institute
Commissioner (LSPP)
Sertifikasi Manajemen Risiko Perbankan 5 LembagaSertifikasi Profesional Perbankan
Banking Risk Management Certification 5 (LSPP)
Laporan Tahunan 2025 Annual Report
Banking Professional Certification Institute
(LSPP)
Sertifikasi Manajemen Risiko Perbankan 6 Badan Sertifikasi Manajemen Risiko (BSMR)
Banking Risk Management Certification 6 Risk Management Certification Body (BSMR)
Sertifikasi Manajemen Risiko Perbankan 7 Badan Sertifikasi Manajemen Risiko (BSMR)
Banking Risk Management Certification 7 Risk Management Certification Body (BSMR)
Program Pengenalan Dewan Komisaris Baru Orientation Program for New Board of Commissioners
Kebijakan program pengenalan Dewan Komisaris diatur dalam The Board of Commissioners’ orientation program policy
Board Manual. Sejalan dengan kebijakan program pengenalan is outlined in the Board Manual which regulates that newly
Dewan Komisaris yang diatur dalam Board Manual Perseroan, appointed members of the Board of Commissioners must
Anggota Dewan Komisaris yang baru diangkat untuk pertama participate in an orientation and/or induction program about
kali wajib menjalani program pengenalan dan/atau induksi the Company, as coordinated by the Corporate Secretary.
mengenai Perseroan yang dikoordinasikan oleh Sekretaris The Company’s orientation program may take the form of
Perusahaan. Program pengenalan Perseroan dapat berupa presentations, face-to-face meetings via online media, studies
presentasi, pertemuan tatap muka melalui media online, and/or written documents, site visits, or other programs
kajian dan/atau dokumen tertulis, kunjungan ke lokasi atau deemed appropriate to the needs of the introduction program.
program lain yang dianggap sesuai dengan kebutuhan program The introduction program material includes at least:
pengenalan yang dilaksanakan. Materi program pengenalan
paling sedikit meliputi:
1. Pelaksanaan prinsip-prinsip GCG, Code of Conduct dan 1. Implementation of GCG principles, Code of Conduct, and
pemberantasan korupsi. eradication of corruption.
2. Gambaran mengenai Perseroan berkaitan dengan tujuan, 2. Overview of the Company relating to the objectives,
sifat dan lingkup kegiatan, kinerja keuangan dan operasi, nature and scope of activities, financial and operational
strategi, rencana usaha jangka pendek dan jangka panjang, performance, strategies, short-term and long-term business
posisi kompetitif, risiko dan berbagai masalah strategis plans, competitive position, risks and various other strategic
lainnya. issues.
Page 333
3. Keterangan berkaitan dengan kewenangan yang 3. Information relating to delegated authority, internal and
didelegasikan, audit internal dan audit eksternal, sistem external audits, internal control system and policies,
dan kebijakan pengendalian internal, termasuk Komite Audit. including the Audit Committee.
4. Keterangan mengenai tugas dan tanggung jawab Direksi 4. Information regarding the duties and responsibilities of the
dan Dewan Komisaris. Board of Directors and Board of Commissioners.
5. Keterangan mengenai fungsi, tugas dan tanggung jawab 5. Information regarding the functions, duties, and
dilakukan oleh Direksi. responsibilities carried out by the Board of Directors.
Pada tahun 2025, tidak terdapat program pengenalan In 2025, there was no orientation program held for the Board
bagi Dewan Komisaris, karena tidak ada pergantian atau of Commissioners, as there was no change or appointment of
pengangkatan Dewan Komisaris baru. a new Board of Commissioners.
Penilaian Kinerja Dewan Komisaris Performance Assessment of the Board of Commissioners
Kebijakan Penilaian Kinerja Dewan Komisaris diatur dalam Board The Board of Commissioners’ Performance Assessment Policy
Manual Perseroan. Sejalan dengan Kebijakan tersebut, ukuran is outlined in the Company’s Board Manual. In line with this
evaluasi kinerja Dewan Komisaris dan Individu Anggota Dewan Policy, the Board of Commissioners proposes its individually
Komisaris diajukan oleh Dewan Komisaris untuk ditetapkan and jointly performance evaluation measures to be resolved
dalam RUPS. at the GMS.
Pihak, Prosedur dan Kriteria Penilaian Kinerja Dewan Parties, Procedures, and Criteria for Performance
Komisaris Assessment of the Board of Directors
Penilaian kinerja Dewan Komisaris dilakukan secara self- The Board of Commissioners’ performance assessment is
assessment oleh Dewan Komisaris untuk disampaikan kepada carried out by self-assessment, to be submitted to the
Pemegang Saham sebagai bahan evaluasi dan pertimbangan Shareholders as material for evaluation and consideration in
dalam persetujuan Laporan Tugas Pengawasan Dewan approving the Board of Commissioners’ Supervisory Report,
Komisaris, guna memastikan akuntabilitas serta efektivitas to ensure accountability and effectiveness of the supervisory
pelaksanaan fungsi pengawasan dalam Perseroan. Evaluasi function in the Company. The Board of Commissioners’
kinerja Dewan Komisaris dilakukan secara berkala yaitu setiap performance evaluation is held periodically, every year, by
tahun dengan menggunakan kriteria penilaian sebagai berikut: using the following assessment criteria:
1. Pencapaian atas Key Performance Indicator (KPI) 2025 1. Achievement of the 2025 Key Performance Indicators (KPI),
baik kolegial maupun individu; both collegial and individual
2. Pencapaian assessment penerapan GCG pada aspek 2. Achievement of GCG assessment in the Board of
Dewan Komisaris. Commissioners’ aspects
Kriteria Penilaian Kinerja Dewan Komisaris berdasarkan Performance Assessment Criteria for the Board of
Pencapaian KPI Kolegial dan Individual Commissioners Based on the Achievement of Collegial
and Individual KPIs
Penilaian kinerja Dewan Komisaris didasarkan pada pencapaian The Board of Commissioners’ performance assessment is
Key Performance Indicators (KPI) baik secara kolegial maupun based on the achievement of Key Performance Indicators 333
individual. Aspek-aspek yang menjadi kriteria dalam penilaian (KPIs), both collectively and individually. The aspects of
tersebut mencakup: assessment criteria are as follows:
PT Sarana Multigriya Finansial (Persero)
Target Nilai
Pencapaian
Dokumen Pendukung
Kategori Indikator Kinerja Tahunan Persentase
Indikator Kinerja Utama
Kinerja Kode Utama Bobot Realisasi (Akumulasi)* Realisasi**
No Supporting Documents
Performance Code Main Performance Weight Satuan Nilai Realization Annual Realization
for Key Performance
Categories Indicators Unit Score Achievement Percentage
Indicators
Score
(Accumulated)*
Pelaksanaan monitoring
dan evaluasi kinerja
operasional, keuangan
dan pelaksanaan mandat Risalah rapat Dewan
Perseroan secara rutin Komisaris selama tahun
Implementation of x (kali) 2025
M1.1 12,00% 12 19 120,00% 14,40%
routine monitoring and x(times) Minutes of the Board of
evaluation of operational Commissioners meeting
performance, finance, during the year 2025
and the implementation
of the Company's
mandate
Page 334
Tata Kelola Perusahaan
Corporate Governance
Target Nilai
Pencapaian
Dokumen Pendukung
Kategori Indikator Kinerja Tahunan Persentase
Indikator Kinerja Utama
Kinerja Kode Utama Bobot Realisasi (Akumulasi)* Realisasi**
No Supporting Documents
Performance Code Main Performance Weight Satuan Nilai Realization Annual Realization
for Key Performance
Categories Indicators Unit Score Achievement Percentage
Indicators
Score
(Accumulated)*
Persentase pemberian Surat tanggapan atau respon
tanggapan (response) atas permohonan persetujuan
atas permohonan atau rekomendasi dari Direksi
persetujuan yang disampaikan dengan
rekomendasi dari Direksi jangka waktu paling lambat 7
yang tepat waktu (tujuh) hari kerja
M1.2 9,00% % 90,00 81,82 90,00% 8,10%
Percentage of A letter of response to a
responses given to request for approval or
requests for approval/ recommendation from the
recommendation from Board of Directors submitted
the Board of Directors in within a maximum period of 7
a timely manner (seven) working days
Laporan tindak lanjut Dewan
Komisaris bulanan selama
Persentase arahan
Januari- Desember 2025
Dewan
yang dipaparkan dalam
Komisaris yang
Rapat Dewan Komisaris dan
ditindaklanjuti oleh
Direksi
M1.3 Direksi 9,00% % 100,00 94,00 94,00% 8,46%
Monthly follow-up report of
Percentage of Board
the Board of Commissioners
of Commissioners'
for January-December 2025
directives followed up by
presented in the Board
the Board of Directors
of Commissioners and
Directors Meeting
Laporan Hasil Asesmen
penerapan Good Corporate
Governance tahun 2025
dari Badan Pengawasan
Penerapan Good Keuangan dan Pembangunan
Corporate Governance tanggal 9 Maret 2026 dengan
(”GCG”) yang efektif nilai 90,63
Nilai
M2.1 The implementation 9,00% 89,00 90,63 101,48% 9,13% Assessment Report on the
Score
of effective Good Implementation of Good
Corporate Governance Corporate Governance for
Perspektif ("GCG") the year 2025 from the
Pengawasan Financial and Development
(Bobot 60%) Supervisory Agency dated
A.
Supervision March 9, 2026 with a score
334 Perspective of 90.63
(Weight 60%)
Risalah rapat gabungan
Komisaris dan Direksi
selama tahun 2025,
Penelitian dan laporan telaahan Dewan
Laporan Tahunan 2025 Annual Report
penelaahan atas Komisaris atas laporan
Laporan Berkala dan triwulanan Direksi selama
Laporan Tahunan tahun 2025 dan laporan
yang disiapkan Direksi tahunan 2024 beserta surat
serta menandatangani penyampaiannya kepada
Laporan pemegang Saham
M2.2 9,00% % 90,00 100,00 100,00% 9,00%
Tahunan Minutes of the joint
Research and review meeting of the Board
of the Periodic Reports of Commissioners and
and Annual Reports Directors in 2025, the Board
prepared by the Board of Commissioners' review
of Directors and signing report on the Directors'
the Annual Report quarterly reports in 2025,
and the 2024 annual report
along with the cover letter to
the shareholders
Pelaksanaan joint program
SMV dengan PT Sarana
Multi Infrastruktur (Persero)
dan pencairan pada 6 lokasi
RTLH di Sangkrah, Bolaang,
Pengawasan atas
Gresik, Langsa, Wajo, dan
pelaksanaan TJSL yang
Hulu Sungai Selatan
efektif x (kali)
M2.3 6,00% 5 7 100,00% 6,00% Implementation of the
Supervision of the x(times)
SMV joint program with PT
effective implementation
Sarana Multi Infrastruktur
of TJSL
(Persero) and disbursement
at 6 RTLH locations in
Sangkrah, Bolaang, Gresik,
Langsa, Wajo, and Hulu
Sungai Selatan
Page 335
Target Nilai
Pencapaian
Dokumen Pendukung
Kategori Indikator Kinerja Tahunan Persentase
Indikator Kinerja Utama
Kinerja Kode Utama Bobot Realisasi (Akumulasi)* Realisasi**
No Supporting Documents
Performance Code Main Performance Weight Satuan Nilai Realization Annual Realization
for Key Performance
Categories Indicators Unit Score Achievement Percentage
Indicators
Score
(Accumulated)*
Laporan Kepesertaan
Pelatihan Dewan Komisaris
Jumlah pelatihan atau
SMF disampaikan kepada
seminar yang diikuti oleh
Menteri Keuangan pada 19
Dewan Komisaris
x (kali) Desember 2025
M3.1 The number of trainings 6,00% 3 11 120,00% 7,20%
x(times) The Report on SMF Board
or seminars attended
of Commissioners Training
by the Board of
Participation submitted to
Commissioners
the Minister of Finance on
December 19, 2025
60,00% 62,29%
Surat Tanggapan Dewan
Komisaris atas Usulan RKAP
Penyampaian RKA Tahun 2026 No. S-052/DK/
Tahunan Dewan SMF/X/2025 tanggal 30
Komisaris x (kali) Oktober 2025
R1.1 6,00% 1 1 100,00% 6,00%
Presentation of the x(times) Response Letter from the
Annual RKA of the Board Board of Commissioners on
of Commissioners the 2026 RKAP Proposal
No. S-052/DK/SMF/X/2025
dated October 30, 2025
Surat No. S-052/DK/
SMF/X/2025 tanggal 30
Penyampaian hasil Oktober 2025 perihal
penelaahan dan penyampaian hasil
persetujuan atas RKAP penelaahan Dewan
dan/atau RJPP beserta Komisaris atas usulan RKAP
perubahannya x (kali) Tahun 2025
R1.2 8,00% 1 1 100,00% 8,00%
Presentation of the x(times) Letter No. S-052/DK/
review results and SMF/X/2025 dated October
approval of the RKAP 30, 2025 regarding the
and/or RJPP along with submission of the Board
its amendments of Commissioners' review
results on the proposed
2025 RKAP
Penyampaian laporan
pelaksanaan tugas dan Laporan Pelaksanaan Tugas
tanggung jawab Dewan Dewan Komisaris Triwulan I
Komisaris (triwulanan) sampai dengan Triwulan 4
Submission of reports x (kali) Tahun 2025
R2.1 6,00% 4 4 120,00% 7,20%
on the implementation x(times) Implementation Report of
Perspektif of duties and the Board of Commissioners
Pelaporan responsibilities of the from Quarter I to Quarter IV
(Bobot 40%) Board of Commissioners of 2025
B.
Reporting (quarterly)
Perspective
(Weight 40%) Penyampaian laporan
Laporan Pelaksanaan Tugas
pelaksanaan capaian
Dewan Komisaris Triwulan I
kinerja Dewan Komisaris
sampai dengan
(triwulanan)
Triwulan 4 Tahun 2025
Presentation of
x (kali) Report on the
R2.2 the performance 6,00% 4 4 120,00% 7,20%
x(times) Implementation of the
achievement
Duties of the Board of
335
implementation
Commissioners from the
report of the Board
First Quarter to the Fourth
of Commissioners
Quarter of 2025
(quarterly)
Laporan Pelaksanaan
PT Sarana Multigriya Finansial (Persero)
Pengawasan atas
Pelaksanaan RKAP, Tindak
Penyampaian laporan
Lanjut Arahan Pemegang
pengawasan atas
Saham, serta Capaian IKU
pelaksanaan RKAP,
Perusahaan dan Dewan
tindak lanjut arahan
Komisaris PT Sarana
Pemegang Saham, dan
Multigriya Finansial
capaian IKU Perusahaan
(Persero)
(semesteran)
Semester I-II Tahun 2025
Submission of x (kali)
R2.3 6.00% 2 2 120,00% 7,20% Report on the
supervision reports on x(times)
Implementation of
the implementation of
Supervision of RKAP
the RKAP, follow-up
Implementation, Follow-Up
on the directives of
on Shareholder Directions,
Shareholders, and the
as well as the Achievement
achievement of the
of Company and the Board
Company's KPI (semi-
of Commissioners’ KPI of PT
annual)
Sarana Multigriya Finansial
(Persero) for Semesters I-II
of 2025
Page 336
Tata Kelola Perusahaan
Corporate Governance
Target Nilai
Pencapaian
Dokumen Pendukung
Kategori Indikator Kinerja Tahunan Persentase
Indikator Kinerja Utama
Kinerja Kode Utama Bobot Realisasi (Akumulasi)* Realisasi**
No Supporting Documents
Performance Code Main Performance Weight Satuan Nilai Realization Annual Realization
for Key Performance
Categories Indicators Unit Score Achievement Percentage
Indicators
Score
(Accumulated)*
Surat No. S-018/DK/SMF/
IV/2025 tanggal 23 April
2025 tentang Rekomendasi
Dewan Komisaris PT SMF
(Persero) atas Laporan
Tahunan Perseroan Tahun
Buku 2024 dan Laporan
Penyampaian Laporan Tahunan
Tahunan yang efektif Perseroan Tahun Buku 2024
dan berkualitas x (kali) Letter No. S-018/DK/
R2.4 8,00% 1 1 100,00% 8,00%
Effective and quality x(times) SMF/IV/2025 dated April
Annual Report 23, 2025, regarding the
Presentation Recommendation of the
Board of Commissioners of
PT SMF (Persero) on the
Company's Annual Report
for the 2024 Fiscal Year
and the Company's Annual
Report for the 2024 Fiscal
Year
40,00% 43,60%
100,00% 105,89%
Kriteria Penilaian Kinerja Dewan Komisaris berdasarkan Performance Assessment Criteria for the Board
Pencapaian Assessment Penerapan GCG of Commissioners based on Achievement of GCG
Assessment
Penilaian kinerja Dewan Komisaris Perseroan melalui assessment The Board of Commissioners’ performance assessment through
GCG tahun 2025 menggunakan standar Kementerian Keuangan the 2025 GCG assessment uses the standards based on the
Nomor 505/KMK.06/2020 tanggal 9 November 2020 tentang Ministry of Finance No. 505/KMK.06/2020 dated November
Pedoman Penilaian dan Evaluasi atas Penerapan Tata Kelola 9, 2020 on Guidelines for Assessment and Evaluation of the
Perusahaan yang Baik (Good Corporate Governance). Kriteria Implementation of Good Corporate Governance. The criteria
336
yang menjadi penilaian Dewan Komisaris pada assessment used for assessing the Board of Commissioners’ performance
GCG sebagai berikut: through the GCG assessment are as follows:
1. Dewan Komisaris mengikuti program pelatihan/pembelajaran 1. The Board of Commissioners continuously participates in
secara berkelanjutan. training/learning programs.
Laporan Tahunan 2025 Annual Report
2. Dewan Komisaris melakukan pembagian tugas, wewenang, 2. The Board of Commissioners clearly divides the duties,
dan tanggung jawab secara jelas, serta menetapkan faktor- authorities, and responsibilities, as well as determines
faktor yang dibutuhkan untuk mendukung pelaksanaan the factors required to support the implementation of the
tugas Dewan Komisaris. Board of Commissioners’ duties.
3. Dewan Komisaris memberikan persetujuan atas rancangan 3. The Board of Commissioners approves the draft of Long-
RJP atau Perubahan RJP dan rancangan RKAP atau Term Plan or changes to Long-Term Plan and the draft of
Perubahan RKAP yang disampaikan oleh Direksi. Work Plan and Budget or changes to Work Plan and Budget
submitted by the Board of Directors.
4. Dewan Komisaris memberikan arahan terhadap Direksi atas 4. The Board of Commissioners provides direction to the
implementasi rencana dan kebijakan perusahaan. Board of Directors on the implementation of the Company’s
plans and policies.
5. Dewan Komisaris melaksanakan pengawasan terhadap 5. The Board of Commissioners supervises the Board of
Direksi atas implementasi rencana dan kebijakan Directors on the implementation of the Company’s plans
perusahaan. and policies.
6. Dewan Komisaris melakukan pengawasan terhadap 6. The Board of Commissioners supervises the implementation
pelaksanaan kebijakan pengelolaan anak perusahaan/ of management policies of subsidiaries/associate
perusahaan asosiasi. companies.
7. Dewan Komisaris berperan dalam pencalonan bakal calon 7. The Board of Commissioners plays a role in nominating
anggota Direksi, menilai kinerja Direksi (individu dan prospective Board of Directors’ members, assessing Board
kolegial) dan mengusulkan tantiem/insentif kinerja Direksi of Directors’ performance (individually and collectively),
dan Dewan Komisaris sesuai ketentuan yang berlaku dan proposing bonus/performance incentive for the Board of
mempertimbangkan kinerja Direksi dan Dewan Komisaris. Directors and Board of Commissioners in line with applicable
regulations, and considering the performance of Board of
Directors and Board of Commissioners.
8. Dewan Komisaris melakukan tindakan terhadap potensi 8. The Board of Commissioners acts against potential conflicts
benturan kepentingan yang menyangkut dirinya. of interest involving itself.
Page 337
9. Dewan Komisaris memantau dan memastikan bahwa praktik 9. The Board of Commissioners monitors and ensures that
tata kelola perusahaan yang baik telah diterapkan secara good corporate governance practices have been applied
efektif dan berkelanjutan. effectively and sustainably.
10. Dewan Komisaris menyelenggarakan rapat Dewan Komisaris 10. The Board of Commissioners organizes effective Board
yang efektif dan menghadiri rapat Dewan Komisaris sesuai of Commissioners’ meetings and attends Board of
dengan ketentuan peraturan perundang-undangan. Commissioners’ meetings in accordance with laws and
regulations.
11. Dewan Komisaris membentuk Sekretariat Dewan Komisaris 11. The Board of Commissioners establishes a Board of
untuk mendukung tugas dan operasional Dewan Komisaris. Commissioners’ Secretariat to support the Board of
Commissioners’ duties and operations.
12. Dewan Komisaris memiliki Komite Dewan Komisaris yang 12. The Board of Commissioners has an effective Board of
efektif. Commissioners’ Committee.
Hasil Penilaian Kinerja Dewan Komisaris Board of Commissioners’ Performance Assessment
Results
Skor Pencapaian KPI Kolegial Dewan 105,89% dari target 100%
Komisaris 105.89% of 100% target
KPI Achievement Score of the Board of
Commissioners, Collegially
Skor GCG Aspek Dewan Komisaris 93,65% dengan klasifikasi Sangat Baik. Skor tersebut mengalami peningkatan dari tahun
GCG score for Board of Commissioners’ aspects sebelumnya yaitu 92,52%
93.65%, classified as “Very Good.” This score represents an increase from the previous
year’s 92.52%
Capaian kinerja Dewan Komisaris tahun 2025 telah diaudit oleh The Board of Commissioners’ performance achievements for 2025
KAP Purwanto, Susanti dan Surja hal ini telah sejalan dengan have been audited by Public Accounting Firm (KAP) Purwanto,
PMK Nomor 106/PMK.06/2017 pasal 17 ayat 6 Laporan Capaian Susanti and Surja , in accordance with Minister of Finance
Kinerja 1 (satu) tahun wajib diaudit oleh Kantor Akuntan Publik. Regulation (PMK) Number 106/PMK.06/2017 article 17 paragraph
6, which states that the 1 (one) year Performance Achievement
Report must be audited by a Public Accounting Firm.
Penilaian Kinerja Direksi oleh Dewan Komisaris Board of Directors’ Performance Assessment by the
Board of Commissioners
Kebijakan Penilaian Kinerja Direksi diatur dalam Board Manual The Board of Directors’ Performance Assessment Policy is
Perseroan. Sejalan dengan kebijakan tersebut salah satu tugas outlined in the Company’s Board Manual. In line with this policy,
dan tanggung Jawab Dewan Komisaris adalah melakukan one of the Board of Commissioners’ duties and responsibilities
penilaian terhadap Kinerja Direksi. is to assess the Board of Directors’ performance.
Pihak, Prosedur dan Kriteria Penilaian Kinerja Direksi Parties, Procedures, and Criteria for Assessing the Board 337
of Directors’ Performance
Pihak yang melakukan penilaian kinerja Direksi adalah The Board of Directors’ performance is assessed by the
Dewan Komisaris dengan dibantu oleh Komite Nominasi dan Board of Commissioners, assisted by the Nomination and
Remunerasi. Evaluasi kinerja Direksi dilakukan secara berkala Remuneration Committee. The Board of Directors’ performance
PT Sarana Multigriya Finansial (Persero)
yaitu setiap tahun dengan berdasarkan pada kriteria penilaian is evaluated regularly every year, by using the following criteria:
sebagai berikut :
1. Pencapaian atas Key Performance Indicator (KPI) 2025 1. Achieving the 2025 Key Performance Indicators (KPI),
baik kolegial maupun individu; collegially and individually, as follows:
2. Pencapaian assessment penerapan GCG pada aspek 2. Achieving GCG implementation assessment on Board of
Direksi. Directors’ aspects
Kriteria Penilaian Kinerja Direksi berdasarkan Pencapaian Board of Directors’ Performance Assessment Criteria
KPI Kolegial dan Individual Based on Collegial and Individual KPI Achievement
Penilaian kinerja Direksi didasarkan pada pencapaian Key The Board of Commissioners’ performance assessment is
Performance Indicators (KPI) baik secara kolegial maupun based on the achievement of Key Performance Indicators (KPI),
individual. Aspek-aspek yang menjadi kriteria dalam penilaian both collegially and individually. The aspects of assessment
tersebut mencakup: criteria are as follows:
Page 338
Tata Kelola Perusahaan
Corporate Governance
Kolegial Collegial
Indikator
Pencapaian
Kinerja Utama Jenis
s.d. Des
Kategori Sasaran Key Konsolidasi Realisasi/ Nilai Persentase
2025
Performansi Kode Strategis Kode Performance Bobot Satuan Target Periode Target Pencapaian Realisasi
No Achievement
Performance Code Strategic Code Indicators Weight Unit 2025 Period Realization/ Achievement Realization
until
Categories Objectives Consolidation Target Score Percentage
December
(IKU) Types
205
(KPI)
Primary Market
x (kali) Take Last
F1.1 Financing to 5,50% 8,28 8,73 105,43% 105,43% 5,80%
x(times) Known Value
Capital Ratio
Penyaluran
aliran dana ke
pasar primer Miliar
perumahan Rp
Peningkatan F1.2 5,50% 12.234 Sum 12.779 104,45% 104,45% 5,74%
Channeling of Rp
Peran fund flows to billion
Perseroan the primary
sebagai housing market
Liquidity
Provider Persentase
dalam atas proses
mendukung kegiatan
Sektor sekuritisasi
Pembiayaan F1.3 Percentage 4,00% % 100 Sum 110 110,00% 110,00% 4,40%
F1
Perumahan of the
Enhancing the securitization
Company's process
Role as a activities
Liquidity
Provider in Pemenuhan
Supporting pendanaan
the Housing Perseroan
Finance untuk
Sector kebutuhan
Penyaluran 50,00%
Take Last
F1.4 Pinjaman 5,50% % ≤x≤ 62,97 115,00% 115,00% 6,33%
Known Value
Fulfillment of 54,99%
the Company's
funding
for Loan
Disbursement
338 needs
Sinergi dengan
instrumen
APBN melalui
Perpektif Penyaluran
Mandat & Miliar
KPR FLPP
Laporan Tahunan 2025 Annual Report
Keuangan Rp
A. F2.1 Synergy with 5,50% 7.789 Sum 8.031 103,11% 103,11% 5,67%
Mandate Rp
State Budget
& Financial billion
instruments
Perspective through
FLPP KPR
Distribution
Target
Penyaluran
Unit Rumah
Baru KPR FLPP Unit
Target Rumah
F2.2 5,50% 181.800 Sum 194.612 107,05% 107,05% 5,89%
Distribution Housing
of New units
Penggunaan Housing Units
Penyertaan with FLPP
Modal Mortgage
Negara Pada
Perseroan Monitoring
F2 yang Optimum dan Evaluasi
The Use of Pelaksanaan
State Capital Program KPR
Participation FLPP
Jumlah
in Companies Monitoring
F2.3 5,50% Total 4,00 Sum 6 150,00% 120,00% 6,60%
Optimally and Evaluation
Amount
of the
Implementation
of the FLPP
Mortgage
Program
Penyaluran
Pembiayaan
Mikro
Perumahan
dan Produk
Miliar
KPR Griya
Rp
F2.4 Nusantara 4,50% 600 Sum 66 11,06% 11,06% 0,50%
Rp
Distribution of
billion
Micro Housing
Financing and
KPR Griya
Nusantara
Products
Page 339
Indikator
Pencapaian
Kinerja Utama Jenis
s.d. Des
Kategori Sasaran Key Konsolidasi Realisasi/ Nilai Persentase
2025
Performansi Kode Strategis Kode Performance Bobot Satuan Target Periode Target Pencapaian Realisasi
No Achievement
Performance Code Strategic Code Indicators Weight Unit 2025 Period Realization/ Achievement Realization
until
Categories Objectives Consolidation Target Score Percentage
December
(IKU) Types
205
(KPI)
Nominal Total Miliar
Pendapatan Rp
F3.1 5,50% 2.872,29 sum 3.103 108,02% 108,02% 5,94%
Total Revenue Rp
Nominal billion
Biaya
Mencapai Operasional
Kinerja Pendapatan
Keuangan Operasional
yang Optimum (BOPO) Tanpa
F3
Achieving Surat Utang/
Optimal Operasional
Take Last
Financial F3.2 Operational 5,00% % 8,99 7,19 120,00% 120,00% 6,00%
Known Value
Performance Costs
Operational
Revenue
(BOPO)
Without Debt/
Operational
Letter
52,00% 52,87%
Persentase
Optimalisasi
dampak
Peran
ekonomi atas
Perseroan
Penyaluran
kepada
Pembiayaan
Pemangku
Perumahan x (kali) Take Last
C1 Kepentingan C1.1 5,00% 15,60 15,06 96,52% 96,52% 4,83%
Percentage x(times) Known Value
Optimization
of economic
of the
impact on
Company's
Housing
Role to
Financing
Stakeholders
Distribution
Optimalisasi
Kegiatan
Peningkatan Ekosistem
Peran Pembiayaan
Perseroan Perumahan
C2.1 4,50% % 100,00 Sum 120 120,00% 120,00% 5,40%
sebagai Optimization
Fiscal Tools of Housing
Pemerintah Financing
dalam sektor Ecosystem
perumahan Activities
C2
Enhancement
of the Peran SRI
Company's dalam
Role as a mendukung
Government sektor Jumlah
Fiscal Tool in C2.2 Perumahan 4,50% Total 20 Sum 31 155,00% 120,00% 5,40%
Perspektif the housing The Role of SRI Amount
Stakeholder sector in Supporting
B.
Stakeholder the Housing
Perspective Sector
339
Optimalisasi
Sinergi BUMN/
Lembaga
Sinergi dengan
Kementerian
Lembaga/
Keuangan
Kementerian/
Optimization
PT Sarana Multigriya Finansial (Persero)
SMV
C3 of Synergy C3.1 4,50% % 100 Sum 120 120,00% 120,00% 5,40%
Synergy with
between
Institutions/
State-Owned
Ministries/
Enterprises/
SMV
Ministry
of Finance
Agencies
Persentase
Realisasi
Memperkuat Kegiatan
kemitraan kolaborasi
dengan dengan
instansi Instansi
internasional Internasional
C4 C4.1 4,50% % 100 Sum 135 135,00% 120,00% 5,40%
Strengthening Percentage
partnerships of Activity
with Realization in
international Collaboration
agencies with
International
Agencies
23,00% 26,43%
Page 340
Tata Kelola Perusahaan
Corporate Governance
Indikator
Pencapaian
Kinerja Utama Jenis
s.d. Des
Kategori Sasaran Key Konsolidasi Realisasi/ Nilai Persentase
2025
Performansi Kode Strategis Kode Performance Bobot Satuan Target Periode Target Pencapaian Realisasi
No Achievement
Performance Code Strategic Code Indicators Weight Unit 2025 Period Realization/ Achievement Realization
until
Categories Objectives Consolidation Target Score Percentage
December
(IKU) Types
205
(KPI)
C. Perspektif I1 Pemenuhan I1.1 Persentase 5,00% % 100 Sum 110 110,00% 110,00% 5,50%
Proses Bisnis Ketentuan Pencapaian
Internal Regulasi Penerapan
Internal (Tata Kelola Tata Kelola
Business Perusahaan) Perusahaan
Process Compliance yang baik
Perspective with Percentage of
Regulatory Achievement in
Requirements Implementing
(Corporate Good
Governance) Corporate
Governance
I2 Mengukur I2.1 Persentase 5,00% % 100 Sum 120 120,00% 120,00% 6,00%
Maturitas Pencapaian
Manajemen dan Tindak
Risiko Lanjut Area of
Measuring Improvement
Risk hasil ERM
Management maturity level
Maturity Achievement
Percentage
and Follow-
Up of Area of
Improvement
results of ERM
maturity level
I3 Mengukur I3.1 Persentase 5,00% % 100 Sum 120 120,00% 120,00% 6,00%
Tingkat Pencapaian
maturitas IT dan Tindak
di Lingkungan Lanjut Area of
Perseroan Improvement
Measuring hasil IT
the Level of maturity level
IT Maturity in Percentage of
the Company Achievement
Environment and Follow-Up
of Areas of
Improvement
340 from IT
Maturity Level
results
I4 Mengukur I4.1 Skor OHI 5,00% Skor 80 Take Last 80,64 100,80% 100,80% 5,04%
kesehatan OHI Score Known Value
Organisasi
Laporan Tahunan 2025 Annual Report
Perseroan
Measuring the
health of the
Company's
Organization
20,00% 22,54%
D. Perspektif L1 Pengembangan L1.1 Persentase 5,00% % 100 Sum 141,67 141,67% 120,00% 6,00%
Pembelajaran Sistem pemenuhan
& Informasi kebutuhan
Pertumbuhan Manajemen sistem
Learning (SIM) aplikasi dan
& Growth Management infrastructure
Perspective Information TI
System (MIS) Percentage of
Development fulfillment of
IT application
systems and
infrastructure
needs
5,00% 6,00%
100,00% 107,84%
Page 341
Direktur Utama President Director
Indikator
Pencapaian
Kinerja Utama Jenis
s.d. Des
Kategori Sasaran Key Konsolidasi Realisasi/ Nilai Persentase
2025
Performansi Kode Strategis Kode Performance Bobot Satuan Target Periode Target Pencapaian Realisasi
No Achievement
Performance Code Strategic Code Indicators Weight Unit 2025 Period Realization/ Achievement Realization
until
Categories Objectives Consolidation Target Score Percentage
December
(IKU) Types
205
(KPI)
A. Perpektif F1 Peningkatan F1.1 Primary Market 5,50% x (kali) 8,28 Take Last 8,73 105,43% 105,43% 5,80%
Mandat & Peran Financing to x(times) Known Value
Keuangan Perseroan Capital Ratio
Mandate sebagai
& Financial Liquidity F1.2 Penyaluran aliran 5,50% Miliar 12.234 Sum 12.779 104,45% 104,45% 5,74%
Perspective Provider dalam dana ke pasar Rp
mendukung primer perumahan Rp
Sektor Channeling of billion
Pembiayaan fund flows to the
Perumahan primary housing
Enhancing the market
Company's
Role as a F1.3 Persentase atas 3,00% % 100 Sum 110 110,00% 110,00% 3,30%
Liquidity proses kegiatan
Provider in sekuritisasi
Supporting Percentage of
the Housing the securitization
Finance Sector process activities
F1.4 Pemenuhan 5,50% % 50,00% Take Last 62,97 115,00% 115,00% 6,33%
pendanaan ≤x≤ Known Value
Perseroan untuk 54,99%
kebutuhan
Penyaluran
Pinjaman
Fulfillment of
the Company's
funding for Loan
Disbursement
needs
F2 Penggunaan F2.1 Sinergi dengan 5,50% Miliar 7.789 Sum 8.031 103,11% 103,11% 5,67%
Penyertaan instrumen Rp
Modal APBN melalui Rp
Negara Pada Penyaluran KPR billion
Perseroan FLPP
yang Optimum Synergy with
The Use of State Budget
State Equity instruments
Participation in through FLPP
the Company Mortgage
Optimally Distribution
F2.2 Target Penyaluran 5,50% Unit 181.800 Sum 194.612 107,05% 107,05% 5,89%
Unit Rumah Baru Rumah
KPR FLPP Housing
Target Distribution units
of New Housing
Units with FLPP
Mortgage
F2.3 Monitoring 5,50% Jumlah 4,00 Sum 6 150,00% 120,00% 6,60%
341
dan Evaluasi Total
Pelaksanaan Amount
Program KPR
FLPP
Monitoring and
Evaluation of the
PT Sarana Multigriya Finansial (Persero)
Implementation
of the FLPP
Mortgage
Program
F2.4 Melakukan 3,50% x (kali) 0,70 sd Take Last 0,25 90,00% 90,00% 3,15%
Leveraging x(times) 0,85 Known Value
atas PMN
yang diterima
Perseroan untuk
kegiatan FLPP
Carrying out
leveraging on
PMN received by
the Company for
FLPP activities
F2.5 Penyaluran 4,00% Miliar 600 Sum 66 11,06% 11,06% 0,44%
Pembiayaan Rp
Mikro Perumahan Rp
dan Produk KPR billion
Griya Nusantara
Distribution of
Micro Housing
Financing and
KPR Griya
Nusantara
Products
Page 342
Tata Kelola Perusahaan
Corporate Governance
Indikator
Pencapaian
Kinerja Utama Jenis
s.d. Des
Kategori Sasaran Key Konsolidasi Realisasi/ Nilai Persentase
2025
Performansi Kode Strategis Kode Performance Bobot Satuan Target Periode Target Pencapaian Realisasi
No Achievement
Performance Code Strategic Code Indicators Weight Unit 2025 Period Realization/ Achievement Realization
until
Categories Objectives Consolidation Target Score Percentage
December
(IKU) Types
205
(KPI)
F3 Mencapai F3.1 Nominal Total 5,50% Miliar 2.872,29 Sum 3.103 108,02% 108,02% 5,94%
Kinerja Pendapatan Rp
Keuangan Total Revenue Rp
yang Optimum Nominal billion
Achieving
Optimal F3.2 Biaya 5,00% % 8,99 Take Last 7,19 120,00% 120,00% 6,00%
Financial Operasional Known Value
Performance Pendapatan
Operasional
(BOPO) Tanpa
Surat Utang/
Operasional
Operational
Costs
Operational
Revenue (BOPO)
Without Debt/
Operational
Letter
54,00% 54,86%
B Perspektif C2 Peningkatan C2.1 Optimalisasi 4,00% % 100,00 Sum 120 120,00% 120,00% 4,80%
Stakeholder Peran Kegiatan
Stakeholder Perseroan Ekosistem
Perspective sebagai Pembiayaan
Fiscal Tools Perumahan
Pemerintah Optimization
dalam sektor of Housing
perumahan Financing
Enhancing the Ecosystem
Company's Activities
Role as a
Government C2.2 Peran SRI dalam 4,00% Jumlah 20 Sum 31 155,00% 120,00% 4,80%
Fiscal Tool in mendukung Total
the housing sektor Amountl
sector Perumahan
The Role of SRI
in Supporting the
Housing Sector
342
C3 Optimalisasi C3.1 Sinergi dengan 3,00% % 100 Sum 120 120,00% 120,00% 3,60%
Sinergi BUMN/ Lembaga/
Lembaga Kementerian/
Kementerian SMV
Keuangan Synergy with
Optimization Institutions/
Laporan Tahunan 2025 Annual Report
of Synergy Ministries/SMV
between
State-Owned
Enterprises/
Ministry
of Finance
Agencies
C4 Memperkuat C4.1 Persentase 4,00% % 100 Sum 135 135,00% 120,00% 4,80%
kemitraan Realisasi
dengan Kegiatan
instansi kolaborasi
internasional dengan Instansi
Strengthening Internasional
partnerships Percentage
with of Activity
international Realization in
agencies Collaboration
with International
Agencies
C4 Peningkatan C4.1 Skor Kepuasan 5,00% Skor 80 sd Take Last 87 120,00% 120,00% 6,00%
Pelayanan Stakeholder Score 83 Known Value
Pada (Debitur,
Stakeholder Regulator, dan
Improvement Pemegang
of Services for Saham)
Stakeholders Stakeholder
Satisfaction
Score (Debtors,
Regulators, and
Shareholders)
20,00% 24,00%
Page 343
Indikator
Pencapaian
Kinerja Utama Jenis
s.d. Des
Kategori Sasaran Key Konsolidasi Realisasi/ Nilai Persentase
2025
Performansi Kode Strategis Kode Performance Bobot Satuan Target Periode Target Pencapaian Realisasi
No Achievement
Performance Code Strategic Code Indicators Weight Unit 2025 Period Realization/ Achievement Realization
until
Categories Objectives Consolidation Target Score Percentage
December
(IKU) Types
205
(KPI)
C. Perspektif I1 Pemenuhan I1.1 Persentase 5,00% % 100 Sum 110 110,00% 110,00% 5,50%
Proses Bisnis Ketentuan Pencapaian
Internal Regulasi Penerapan
Internal (Tata Kelola Tata Kelola
Business Perusahaan) Perusahaan yang
Process Compliance baik
Perspective with Percentage of
Regulatory Achievement in
Requirements Implementing
(Corporate Good Corporate
Governance) Governance
I2 Mengukur I2.1 Persentase 5,00% % 100 Sum 120 120,00% 120,00% 6,00%
Maturitas Pencapaian
Manajemen dan Tindak
Risiko Lanjut Area of
Measuring Improvement
Risk hasil ERM
Management maturity level
Maturity Achievement
Percentage
and Follow-
Up of Area of
Improvement
results from ERM
maturity level
I3 Mengukur I3.1 Persentase 5,00% % 100 Sum 120 120,00% 120,00% 6,00%
Tingkat Pencapaian
maturitas IT dan Tindak
di Lingkungan Lanjut Area of
Perseroan Improvement
Measuring hasil IT maturity
the Level of level
IT Maturity in Percentage of
the Company Achievement
Environment and Follow-Up
of Areas of
Improvement
from IT Maturity
Level results
I4 Mengukur I4.1 Skor OHI 5,00% Skor 80 Take Last 80,64 100,80% 100,80% 5,04%
kesehatan OHI Score Score Known Value
Organisasi
Perseroan
Measuring the
health of the
Company's
Organization
20,00% 22,54%
343
PT Sarana Multigriya Finansial (Persero)
Page 344
Tata Kelola Perusahaan
Corporate Governance
Indikator
Pencapaian
Kinerja Utama Jenis
s.d. Des
Kategori Sasaran Key Konsolidasi Realisasi/ Nilai Persentase
2025
Performansi Kode Strategis Kode Performance Bobot Satuan Target Periode Target Pencapaian Realisasi
No Achievement
Performance Code Strategic Code Indicators Weight Unit 2025 Period Realization/ Achievement Realization
until
Categories Objectives Consolidation Target Score Percentage
December
(IKU) Types
205
(KPI)
D Perspektif L1 Penerapan L1.1 Persentase 3,00% % 100 Sum 142 141,67% 120,00% 3,60%
Pembelajaran Implementasi Capaian
& ESG dalam Kesiapan
Pertumbuhan mendukung Perseroan dalam
Learning kegiatan Implementasi
& Growth usaha ESG
Perspective Perseroan Percentage of
yang the Company's
berkelanjutan Readiness
The Achievement
Implementation in ESG
of ESG in Implementation
supporting the
Company's
sustainable
business
activities
L2 Menjaga L2.1 Kajian Model 3,00% Jumlah 2 Sum 4 200,00% 120,00% 3,60%
pertumbuhan Bisnis Perseroan Total
kegiatan Study of the Amount
usaha Company's
Perseroan Business Model
yang adaptif
terhadap
perkembangan
pasar
Maintaining
the growth
of the
Company's
business
activities that
are adaptive
to market
developments
6,00% 7,20%
100,00% 108,60%
344
Direktur Keuangan dan Manajemen Risiko Director of Finance and Risk Management
Indikator
Laporan Tahunan 2025 Annual Report
Pencapaian
Kinerja Utama Jenis
s.d. Des
Kategori Sasaran Key Konsolidasi Realisasi/ Nilai Persentase
2025
Performansi Kode Strategis Kode Performance Bobot Satuan Target Periode Target Pencapaian Realisasi
No Achievement
Performance Code Strategic Code Indicators Weight Unit 2025 Period Realization/ Achievement Realization
until
Categories Objectives Consolidation Target Score Percentage
December
(IKU) Types
205
(KPI)
Primary
Market x (kali) Take Last
F1.1 5,50% 8,28 8,73 105,43% 105,43% 5,80%
Financing to x(times) Known Value
Capital Ratio
Penyaluran
aliran dana ke
pasar primer
Miliar
perumahan
Rp
F1.2 Channeling of 5,50% 12.234 Sum 12.779 104,45% 104,45% 5,74%
Rp
fund flows to
billion
the primary
Peningkatan
housing
Peran Perseroan
market
sebagai Liquidity
Provider dalam
Persentase
mendukung
Perpektif atas proses
Sektor
Mandat & kegiatan
Pembiayaan
Keuangan sekuritisasi
A. F1 Perumahan
Mandate F1.3 Percentage 3,00% % 100 Sum 110 110,00% 110,00% 3,30%
Enhancing the
& Financial of the
Company's Role
Perspective securitization
as a Liquidity
process
Provider in
activities
Supporting the
Housing Finance Pemenuhan
Sector pendanaan
Perseroan
untuk
kebutuhan
Penyaluran 50,00%
Take Last
F1.4 Pinjaman 5,50% % ≤x≤ 62,97 115,00% 115,00% 6,33%
Known Value
Fulfillment of 54,99%
the Company's
funding
for Loan
Disbursement
needs
Page 345
Indikator
Pencapaian
Kinerja Utama Jenis
s.d. Des
Kategori Sasaran Key Konsolidasi Realisasi/ Nilai Persentase
2025
Performansi Kode Strategis Kode Performance Bobot Satuan Target Periode Target Pencapaian Realisasi
No Achievement
Performance Code Strategic Code Indicators Weight Unit 2025 Period Realization/ Achievement Realization
until
Categories Objectives Consolidation Target Score Percentage
December
(IKU) Types
205
(KPI)
Sinergi dengan
instrumen
APBN melalui
Penyaluran
Miliar
KPR FLPP
Rp
F2.1 Synergy with 5,50% 7.789 Sum 8.031 103,11% 103,11% 5,67%
Rp
State Budget
billion
instruments
through FLPP
Mortgage
Distribution
Target
Penyaluran
Unit Rumah
Baru KPR
Unit
FLPP
Rumah
F2.2 Target 5,50% 181.800 Sum 194.612 107,05% 107,05% 5,89%
Housing
Distribution
Units
of New
Housing Units
with FLPP
Mortgage
Monitoring
dan Evaluasi
Pelaksanaan
Penggunaan Program KPR
Penyertaan FLPP
Jumlah
Modal Negara Monitoring
F2.3 5,50% Total 4,00 Sum 6 150,00% 120,00% 6,60%
Pada Perseroan and Evaluation
Amount
yang Optimum of the
F2
The Use of Implementation
State Capital of the FLPP
Participation in Mortgage
the Company Program
Optimally
Melakukan
Leveraging
atas PMN
yang diterima
Perseroan
untuk kegiatan
x (kali) 0,70 sd Take Last
F2.4 FLPP 3,50% 0,25 90,00% 90,00% 3,15%
x(times) 0,85 Known Value
Carrying out
leveraging on
PMN received
by the
Company for
FLPP activities
Penyaluran
Pembiayaan
Mikro
Perumahan
dan Produk
Miliar
KPR Griya
F2.5 Nusantara 4,00%
Rp
600 Sum 66 11,06% 11,06% 0,44% 345
Rp
Distribution of
billion
Micro Housing
Financing and
KPR Griya
Nusantara
Products
PT Sarana Multigriya Finansial (Persero)
Nominal Total Miliar
Pendapatan Rp
F3.1 5,50% 2.872,29 Sum 3.103 108,02% 108,02% 5,94%
Total Revenue Rp
Nominal billion
Biaya
Mencapai Operasional
Kinerja Pendapatan
Keuangan yang Operasional
Optimum (BOPO) Tanpa
F3
Achieving Surat Utang/
Optimal Operasional
Take Last
Financial F3.2 Operational 5,00% % 8,99 7,19 120,00% 120,00% 6,00%
Known Value
Performance Costs
Operational
Revenue
(BOPO)
Without Debt/
Operational
Letter
54,00% 54,86%
Page 346
Tata Kelola Perusahaan
Corporate Governance
Indikator
Pencapaian
Kinerja Utama Jenis
s.d. Des
Kategori Sasaran Key Konsolidasi Realisasi/ Nilai Persentase
2025
Performansi Kode Strategis Kode Performance Bobot Satuan Target Periode Target Pencapaian Realisasi
No Achievement
Performance Code Strategic Code Indicators Weight Unit 2025 Period Realization/ Achievement Realization
until
Categories Objectives Consolidation Target Score Percentage
December
(IKU) Types
205
(KPI)
Optimalisasi
Kegiatan
Ekosistem
Pembiayaan
Peningkatan Perumahan
C1.1 4,00% % 100,00 Sum 120 120,00% 120,00% 4,80%
Peran Perseroan Optimization
sebagai of Housing
Fiscal Tools Financing
Pemerintah Ecosystem
dalam sektor Activities
C1 perumahan
Enhancing the Peran SRI
Company's dalam
Role as a mendukung
Government sektor
Jumlah
Fiscal Tool in the Perumahan
C1.2 4,00% Total 20 Sum 31 155,00% 120,00% 4,80%
housing sector The Role
Amount
of SRI in
Supporting
the Housing
Sector
Optimalisasi
Perspektif Sinergi BUMN/
Stakeholder Lembaga
B Sinergi dengan
Stakeholder Kementerian
Lembaga/
Perspective Keuangan
Kementerian/
Optimization
SMV
C2 of Synergy C2.1 4,00% % 100 Sum 120 120,00% 120,00% 4,80%
Synergy with
between
Institutions/
State-Owned
Ministries/
Enterprises/
SMV
Ministry
of Finance
Agencies
Persentase
Realisasi
Kegiatan
Memperkuat
kolaborasi
kemitraan
dengan
346 dengan instansi
Instansi
internasional
Internasional
C3 Strengthening C3.1 4,00% % 100 Sum 135 135,00% 120,00% 4,80%
Percentage
partnerships
of Activity
with
Realization in
international
Collaboration
agencies
Laporan Tahunan 2025 Annual Report
with
International
Agencies
16,00% 19,20%
Persentase
Pemenuhan Pencapaian
Ketentuan Penerapan
Regulasi Tata Kelola
(Tata Kelola Perusahaan
Perusahaan) yang baik
I1 I1.1 5,00% % 100 Sum 110 110,00% 110,00% 5,50%
Compliance Percentage of
with Regulatory Achievement in
Requirements Implementing
(Corporate Good
Governance) Corporate
Perspektif
Governance
Proses Bisnis
Internal
Persentase
C. Internal
Pencapaian
Business
dan Tindak
Process
Lanjut Area of
Perspective
Mengukur Improvement
Maturitas hasil ERM
Manajemen maturity level
I2 Risiko I2.1 Achievement 5,00% % 100 Sum 120 120,00% 120,00% 6,00%
Measuring Risk Percentage
Management and Follow-
Maturity Up of Area of
Improvement
results from
ERM maturity
level
Page 347
Indikator
Pencapaian
Kinerja Utama Jenis
s.d. Des
Kategori Sasaran Key Konsolidasi Realisasi/ Nilai Persentase
2025
Performansi Kode Strategis Kode Performance Bobot Satuan Target Periode Target Pencapaian Realisasi
No Achievement
Performance Code Strategic Code Indicators Weight Unit 2025 Period Realization/ Achievement Realization
until
Categories Objectives Consolidation Target Score Percentage
December
(IKU) Types
205
(KPI)
Persentase
Pencapaian
dan Tindak
Mengukur
Lanjut Area of
Tingkat
Improvement
maturitas IT
hasil IT
di Lingkungan
maturity level
Perseroan
I3 I3.1 Percentage of 5,00% % 100 Sum 120 120,00% 120,00% 6,00%
Measuring
Achievement
the Level of
and Follow-Up
IT Maturity in
of Areas of
the Company
Improvement
Environment
from IT
Maturity Level
results
Mengukur
kesehatan
Organisasi
Perseroan Skor OHI Skor Take Last
I4 I4.1 5,00% 80 80,64 100,80% 100,80% 5,04%
Measuring the OHI Score Score Known Value
health of the
Company's
Organization
Persentase
nilai TKDN
dalam proses
pengadaan
Mendukung
barang/
Pengunaan
jasa Perseroan
Komponen
The Take Last
I5 Dalam Negeri I5.1 4,00% % 40 68 169,18% 120,00% 4,80%
percentage of Known Value
Supporting the
TKDN value in
Use of Domestic
the Company's
Components
goods/
services
procurement
process
24,00% 27,34%
Persentase
pemenuhan
kebutuhan
Pengembangan
sistem
Sistem Informasi
aplikasi dan
Manajemen
infrastructure
(SIM)
L1 L1.1 TI 3,00% % 100 Sum 142 141,67% 120,00% 3,60%
Management
Percentage of
Information
fulfillment of
System (MIS)
IT application
Development
systems and
infrastructure
Perspektif
needs
Pembelajaran
&
Penerapan
D Pertumbuhan
Implementasi Persentase 347
Learning
ESG dalam Capaian
& Growth
mendukung Kesiapan
Perspective
kegiatan usaha Perseroan
Perseroan yang dalam
berkelanjutan Implementasi
L2 The L2.1 ESG 3,00% % 100 Sum 120 120,00% 120,00% 3,60%
PT Sarana Multigriya Finansial (Persero)
Implementation Percentage of
of ESG in the Company's
supporting the Readiness
Company's Achievement
sustainable in ESG
business Implementation
activities
6,00% 7,20%
100,00% 108,60%
Page 348
Tata Kelola Perusahaan
Corporate Governance
Direktur Bisnis Director of Business
Indikator
Pencapaian
Kinerja Utama Jenis
s.d. Des
Kategori Sasaran Key Konsolidasi Realisasi/ Nilai Persentase
2025
Performansi Kode Strategis Kode Performance Bobot Satuan Target Periode Target Pencapaian Realisasi
No Achievement
Performance Code Strategic Code Indicators Weight Unit 2025 Period Realization/ Achievement Realization
until
Categories Objectives Consolidation Target Score Percentage
December
(IKU) Types
205
(KPI)
Primary Market
x (kali) Take Last
F1.1 Financing to 5,50% 8,28 8,73 105,43% 105,43% 5,80%
x(times) Known Value
Capital Ratio
Penyaluran
aliran dana ke
pasar primer Miliar
perumahan Rp
F1.2 5,50% 12.234 Sum 12.779 104,45% 104,45% 5,74%
Channeling of Rp
fund flows to billion
Peningkatan the primary
Peran housing market
Perseroan
sebagai Persentase
Liquidity atas proses
Provider dalam kegiatan
mendukung sekuritisasi
Sektor F1.3 Percentage 3,00% % 100 Sum 110 110,00% 110,00% 3,30%
Pembiayaan of the
F1
Perumahan securitization
Enhancing the process
Company's activities
Role as a
Liquidity
Provider in
Pemenuhan
Supporting
pendanaan
the Housing
Perseroan
Finance Sector
untuk
kebutuhan
Penyaluran 50,00%
Take Last
F1.4 Pinjaman 5,50% % ≤x≤ 62,97 115,00% 115,00% 6,33%
Known Value
Fulfillment of 54,99%
the Company's
funding
for Loan
348 Disbursement
needs
Sinergi dengan
Perpektif instrumen
Mandat & APBN melalui
Laporan Tahunan 2025 Annual Report
Keuangan Penyaluran KPR
A. Miliar
Mandate FLPP
Rp
& Financial F2.1 Synergy with 5,50% 7.789 Sum 8.031 103,11% 103,11% 5,67%
Rp
Perspective State Budget
billion
instruments
through FLPP
Mortgage
Distribution
Target
Penyaluran Unit
Rumah Baru
Unit
KPR FLPP
Rumah
F2.2 Target 5,50% 181.800 Sum 194.612 107,05% 107,05% 5,89%
Housing
Distribution of
units
New Housing
Penggunaan
Units with FLPP
Penyertaan
Mortgage
Modal
Negara Pada
Monitoring
Perseroan
dan Evaluasi
F2 yang Optimum
Pelaksanaan
The Use of
Program KPR
State Capital
FLPP
Participation in Jumlah
Monitoring
the Company F2.3 5,50% Total 4,00 Sum 6 150,00% 120,00% 6,60%
and Evaluation
Optimally Amount
of the
Implementation
of the FLPP
Mortgage
Program
Melakukan
Leveraging
atas PMN
yang diterima
Perseroan
untuk kegiatan
x (kali) 0,70 sd Take Last
F2.4 FLPP 3,50% 0,25 90,00% 90,00% 3,15%
x(times) 0,85 Known Value
Carrying out
leveraging
on PMN
received by the
Company for
FLPP activities
Page 349
Indikator
Pencapaian
Kinerja Utama Jenis
s.d. Des
Kategori Sasaran Key Konsolidasi Realisasi/ Nilai Persentase
2025
Performansi Kode Strategis Kode Performance Bobot Satuan Target Periode Target Pencapaian Realisasi
No Achievement
Performance Code Strategic Code Indicators Weight Unit 2025 Period Realization/ Achievement Realization
until
Categories Objectives Consolidation Target Score Percentage
December
(IKU) Types
205
(KPI)
Penyaluran
Pembiayaan
Mikro
Perumahan
dan Produk
Miliar
KPR Griya
Rp
F2.5 Nusantara 4,00% 600 Sum 66,34 11,06% 11,06% 0,44%
Rp
Distribution of
billion
Micro Housing
Financing and
KPR Griya
Nusantara
Products
Nominal Total Miliar
Pendapatan Rp
F3.1 5,50% 2.872,29 sum 3.103 108,02% 108,02% 5,94%
Total Revenue Rp
Nominal billion
Mencapai
Biaya
Kinerja
Operasional
Keuangan
Pendapatan
yang Optimum
F3 Operasional
Achieving
(BOPO) Tanpa
Optimal
Surat Utang/
Financial
Operasional
Performance Take Last
F3.2 Operational 5,00% % 8,99 7,19 120,00% 120,00% 6,00%
Known Value
Costs
Operational
Revenue
(BOPO)
Without Debt/
Operational
Letter
Rata-rata
spread suku
bunga surat
utang terhadap
suku bunga
Take Last
F3.3 acuan 5,00% bps 100,00 15 666,67% 120,00% 6,00%
Known Value
Average bond
interest rate
spread over
the benchmark
interest rate
59,00% 60,86%
Persentase
Optimalisasi
dampak
Peran
ekonomi atas
Perseroan
penyaluran
kepada
Pembiayaan
Pemangku
Perseroan x (kali) Take Last
C1 Kepentingan C1.1 4,50% 15,60 15,06 96,52% 96,52% 4,34%
Percentage x(times) Known Value
Optimization 349
of economic
of the
impact on the
Company's
Company's
Role to
Financing
Stakeholders
distribution
Optimalisasi
PT Sarana Multigriya Finansial (Persero)
Kegiatan
Perspektif
Ekosistem
Stakeholder Peningkatan
B. Pembiayaan
Stakeholder Peran
Perumahan
Perspective Perseroan C2.1 4,00% % 100,00 Sum 120 120,00% 120,00% 4,80%
Optimization
sebagai
of Housing
Fiscal Tools
Financing
Pemerintah
Ecosystem
dalam sektor
Activities
C2 perumahan
Enhancing the
Peran SRI
Company's
dalam
Role as a
mendukung
Government
sektor Jumlah
Fiscal Tool in
C2.2 Perumahan 4,00% Total 20 Sum 31 155,00% 120,00% 4,80%
the housing
The Role of SRI amount
sector
in Supporting
the Housing
Sector
Page 350
Tata Kelola Perusahaan
Corporate Governance
Indikator
Pencapaian
Kinerja Utama Jenis
s.d. Des
Kategori Sasaran Key Konsolidasi Realisasi/ Nilai Persentase
2025
Performansi Kode Strategis Kode Performance Bobot Satuan Target Periode Target Pencapaian Realisasi
No Achievement
Performance Code Strategic Code Indicators Weight Unit 2025 Period Realization/ Achievement Realization
until
Categories Objectives Consolidation Target Score Percentage
December
(IKU) Types
205
(KPI)
Persentase
Realisasi
Memperkuat
Kegiatan
kemitraan
kolaborasi
dengan
dengan Instansi
instansi
Internasional
internasional
C4 C4.1 Percentage 4,00% % 100 Sum 135 135,00% 120,00% 4,80%
Strengthening
of Activity
partnerships
Realization in
with
Collaboration
international
with
agencies
International
Agencies
16,50% 18,74%
Persentase
Pemenuhan
Pencapaian
Ketentuan
Penerapan
Regulasi
Tata Kelola
(Tata Kelola
Perusahaan
Perusahaan)
yang baik
I1 Compliance I1.1 5,00% % 100 Sum 110 110,00% 110,00% 5,50%
Percentage of
with
Achievement in
Regulatory
Implementing
Requirements
Good
(Corporate
Corporate
Governance)
Governance
Persentase
Pencapaian
dan Tindak
Lanjut Area of
Mengukur
Improvement
Maturitas
hasil ERM
Manajemen
maturity level
Risiko
I2 I2.1 Achievement 5,00% % 100 Sum 120 120,00% 120,00% 6,00%
Measuring
Percentage
Risk
Perspektif and Follow-
Management
Proses Bisnis Up of Area of
Maturity
Internal Improvement
350 results from
C. ERM maturity
Internal level
Business
Process Persentase
Perspective Pencapaian
Laporan Tahunan 2025 Annual Report
dan Tindak
Mengukur Lanjut Area of
Tingkat Improvement
maturitas IT hasil IT maturity
di Lingkungan level
I3 Perseroan I3.1 Percentage of 5,00% % 100 Sum 120 120,00% 120,00% 6,00%
the Level of Achievement
IT Maturity in and Follow-Up
the Company of Areas of
Environment Improvement
from IT
Maturity Level
results
Mengukur
kesehatan
Organisasi
Perseroan Skor OHI Take Last
I4 I4.1 5,00% Skor 80 80,64 100,80% 100,80% 5,04%
Measuring the OHI Score Known Value
health of the
Company's
Organization
20,00% 22,54%
Menjaga
pertumbuhan
kegiatan
usaha
Perseroan
Perspektif yang adaptif
Kajian
Pembelajaran terhadap
Model Bisnis
& perkembangan
Perseroan
D Pertumbuhan L2 pasar L2.1 4,50% Jumlah 2 Sum 4 200,00% 120,00% 5,40%
Study of the
Learning Maintaining
Company's
& Growth the growth of
Business Model
Perspective the Company's
business
activities that
are adaptive
to market
developments
4,50% 5,40%
100,00% 107,54%
Page 351
Kriteria Penilaian Kinerja Direksi berdasarkan Pencapaian Board of Directors’ Performance Assessment Criteria
Assessment Penerapan GCG Based on GCG Assessment Achievement
Penilaian kinerja Direksi Perseroan melalui assessment GCG The performance assessment of the Company’s Board of
tahun 2025 menggunakan Standar Kementerian Keuangan No. Directors through the 2025 GCG assessment uses Ministry
505/KMK.06/2020 tanggal 9 November 2020 tentang Pedoman of Finance Standard No. 505/KMK.06/2020 dated November 9,
Penilaian dan Evaluasi atas Penerapan Tata Kelola Perusahaan 2020, concerning Guidelines for the Assessment and Evaluation
yang Baik (Good Corporate Governance). Kriteria yang menjadi of the Implementation of Good Corporate Governance. The
penilaian Direksi pada assessment GCG sebagai berikut: criteria for assessing the Board of Directors in the GCG
assessment are as follows:
1. Direksi melaksanakan program pelatihan/pembelajaran 1. The Board of Directors conducts training/ learning programs
secara berkelanjutan. on an ongoing basis.
2. Direksi melakukan pembagian tugas, wewenang, dan 2. The Board of Directors clearly divides its duties, authorities,
tanggung jawab secara jelas. and responsibilities.
3. Direksi menyusun perencanaan perusahaan 3. The Board of Directors develops the Company plans.
4. Direksi berperan dalam pemenuhan target kinerja 4. The Board of Directors plays a role in achieving the
perusahaan. Company’s performance targets.
5. Direksi melaksanakan pengendalian operasional dan 5. The Board of Directors carries out operational and financial
keuangan terhadap implementasi rencana dan kebijakan controls over the implementation of the Company’s plans
perusahaan. and policies.
6. Direksi melaksanakan pengurusan perusahaan sesuai 6. The Board of Directors manages the Company in accordance
dengan ketentuan peraturan perundang-undangan dan with laws and regulations and articles of association.
anggaran dasar.
7. Direksi melakukan hubungan yang bernilai tambah bagi 7. The Board of Directors establishes relationships that add
perusahaan dan stakeholders. value for the Company and stakeholders.
8. Direksi memonitor dan mengelola potensi benturan 8. The Board of Directors monitors and manages potential
kepentingan anggota Direksi dan manajemen di bawah conflicts of interest between the Board of Directors’
Direksi. members and management under the Board of Directors.
9. Direksi memastikan perusahaan melaksanakan keterbukaan 9. The Board of Directors ensures that the Company
informasi dan komunikasi sesuai ketentuan peraturan implements information disclosure and communication
perundang-undangan dan penyampaian informasi kepada in line with laws and regulations and the timely delivery
Dewan Komisaris dan Pemegang Saham tepat waktu. of information to the Board of Commissioners and
Shareholders.
10. Direksi menyelenggarakan rapat Direksi dan menghadiri 10. The Board of Directors organizes Board of Directors’
rapat Dewan Komisaris sesuai dengan ketentuan peraturan meetings and attend Board of Commissioners’ meetings
perundang-undangan. in accordance with laws and regulations.
11. Direksi menyelenggarakan pengawasan internal. 11. The Board of Directors organizes internal supervision.
12. Direksi menyelenggarakan fungsi kesekretariatan 12. The Board of Directors organizes the corporate secretarial
perusahaan. function. 351
13. Direksi menyelenggarakan RUPS Tahunan dan RUPS lainnya 13. The Board of Directors organizes the Annual GMS and other
sesuai ketentuan peraturan perundang-undangan. GMS in accordance with laws and regulations.
Hasil Penilaian Kinerja Direksi Board of Directors’ Performance Assessment Results
PT Sarana Multigriya Finansial (Persero)
Skor Pencapaian KPI 107,84% dari target 100%
Kolegial Direksi 107.84% from a target of 100%
KPI Achievement Score
of the Board of Directors,
Collegially
Skor Pencapaian KPI Nama Target KPI Tingkat Pencapaian KPI
Masing-Masing Name KPI Target KPI Achievement Level
Direksi
Ananta Wiyogo Direktur Utama 108,60%
KPI Achievement Score for
President Director
Each Member of the Board
of Directors Bonai Subiakto Direktur Keuangan dan 108,60%
Manajemen Risiko
Director of Finance and Risk
Management
Heliantopo Direktur Bisnis 107,54%
Director of Business
Skor GCG Aspek Direksi 92,94% dengan klasifikasi Sangat Baik. Skor tersebut mengalami penurunan dari tahun sebelumnya yaitu 93,67%
GCG Score of the Board of 92.94%, classified as “Very Good.” This score represents a decrease from the previous year’s 93.67%
Directors’ Aspects
Page 352
Tata Kelola Perusahaan
Corporate Governance
The 2025 Board of Directors’ performance achievements have
Capaian kinerja Direksi tahun 2025 telah diaudit oleh KAP been audited by Public Accounting Firm Purwanto, Susanti dan
Purwanto, Susanti dan Surja. hal ini telah sejalan dengan PMK Surja. This is in line with the Minister of Finance Regulation
Nomor 106/PMK.06/2017 pasal 17 ayat 6 Laporan Capaian No. 106/PMK.06/2017 article 17 paragraph 6, stating that the
Kinerja 1 (satu) tahun wajib diaudit oleh Kantor Akuntan Publik. Performance Achievement Report for 1 (one) year must be
audited by a Public Accounting Firm.
Penilaian Kinerja Komite–Komite di Bawah Dewan Performance Assessment of Committees under the
Komisaris Board of Commissioners
Hingga akhir Desember 2025, terdapat 3 (tiga) komite di bawah Until December 2025, there were 3 (three) committees under
Dewan Komisaris sebagai berikut: the Board of Commissioners:
1. Komite Audit 1. Audit Committee
2. Komite Pemantau Risiko; dan 2. Risk Monitoring Committee; and
3. Komite Nominasi dan Remunerasi. 3. Nomination and Remuneration Committee.
Prosedur dan Kriteria Penilaian Kinerja Komite di bawah Procedures and Criteria for Performance Assessment
Dewan Komisaris of Committees under the Board of Commissioners
Penilaian kinerja komite yang berada di bawah Dewan Komisaris The performance assessment of committees under the Board
dilakukan secara berkala, yaitu setiap tahun, Dewan Komisaris of Commissioners is conducted regularly, every year. The
melakukan penilaian kinerja masing-masing organ pendukung Board of Commissioners assesses the performance of each
berdasarkan kriteria atau indikator penilaian berupa pencapaian supporting organ based on assessment criteria or indicators
tujuan dan target komite. Selain itu, Dewan Komisaris juga in the form of achieving the committee’s goals and targets.
mempertimbangkan kriteria penilaian lainnya, sebagai berikut: The Board of Commissioners also considers other assessment
criteria, as follows:
1. Tingkat kehadiran; 1. Attendance rate;
2. Dukungan mereka terhadap implementasi Tata Kelola 2. Their support for the implementation of Corporate
Perusahaan; Governance;
3. Efisiensi dan efektivitas kegiatan pelaporan; dan 3. Efficiency and effectiveness of reporting activities; and
4. Kepatuhan pada peraturan yang berlaku. 4. Compliance with prevailing regulations.
352
Hasil Penilaian Kinerja Komite di bawah Dewan Komisaris Performance Assessment Results of Committee under
the Board of Commissioners
Secara umum Dewan Komisaris menilai, masing-masing Komite In general, the Board of Commissioners assesses that each
Laporan Tahunan 2025 Annual Report
di bawah Dewan Komisaris telah melaksanakan tugas dan Committee under the Board of Commissioners has optimally
tanggung jawab sesuai dengan fungsinya masing-masing carried out its duties and responsibilities in line with its
secara optimal. Lebih dari itu, masing-masing organ telah respective functions. Moreover, each organ has provided
memberikan masukan dan rekomendasi strategis yang kepada strategic input and recommendations to the Board of
Dewan Komisaris sehingga pelaksanaan tugas dan tanggung Commissioners, ensuring effective and efficient implementation
jawab Dewan Komisaris juga berjalan efektif dan efisien of the Board of Commissioners’ duties and responsibilities
sepanjang tahun ini. throughout this year.
Penilaian Kinerja Komite di bawah Direksi Performance Assessment of Committees under the
Board of Directors
Untuk memperkuat kinerja SMF dalam menghadapi dinamika To enhance SMF’s performance in responding to business
bisnis, Direksi membentuk sejumlah komite di bawahnya. dynamics, the Board of Directors has established a number
Pembentukan komite ini bertujuan dalam mempercepat of committees under its authority. The establishment of these
pengambilan keputusan yang efektif sekaligus mengoptimalkan committees aims to accelerate effective decision-making while
pelaksanaan pengelolaan perusahaan. Perseroan memiliki 5 optimizing the implementation of corporate governance. The
(lima) Komite Direksi, yaitu: Company has 5 (Five) Committees under the Board of Directors,
namely:
1. Komite Manajemen Aset Liabilitas; 1. Asset Liability Management Committee;
2. Komite Pembiayaan; 2. Financing Committee;
3. Komite Pengarah Teknologi Informasi; 3. Information Technology Steering Committee;
4. Komite Pengembangan Produk; 4. Product Development Committee;
5. Komite Manajemen Risiko. 5. Risk Management Committee.
Direksi SMF secara berkelanjutan memperkuat sinergi serta The SMF Board of Directors continuously strengthens synergies
melakukan evaluasi atas peran dan kinerja seluruh komite and evaluates the roles and performance of all committees
di bawah Direksi guna memastikan pengelolaan Perseroan under the Board of Directors to ensure that the Company is
berjalan secara optimal dan efisien. Melalui evaluasi tersebut, managed optimally and efficiently. Through this evaluation, the
Page 353
Direksi dapat menilai kondisi dan kinerja masing-masing Board of Directors can assess the condition and performance
komite sekaligus memberikan masukan yang diperlukan untuk of each committee while providing the necessary input for
peningkatan dan pengembangan kinerja ke depan. future performance improvement and development.
Sepanjang tahun buku 2025, Direksi menilai bahwa seluruh Throughout the 2025 fiscal year, the Board of Directors
komite telah melaksanakan peran dan tanggung jawabnya assessed that all committees had effectively conducted their
secara efektif, mendukung pelaksanaan tugas Direksi, serta roles and responsibilities, supported the implementation of the
berkontribusi terhadap pencapaian target Perseroan. Komite- Board of Directors’ duties, and contributed to the achievement
komite secara aktif menyampaikan rekomendasi dan saran yang of the Company’s targets. The committees actively conveyed
konstruktif, dengan tingkat partisipasi anggota yang optimal constructive recommendations and suggestions, with
dalam setiap rapat dan kegiatan sesuai tanggung jawabnya. optimal member participation in every meeting and activity
in accordance with their responsibilities.
Prosedur Penilaian Kinerja Komite di Bawah Direksi Procedures for Assessing the Performance of Committees
under the Board of Directors
Dalam rangka penilaian kinerja komite di bawah Direksi, Direksi In order to assess the performance of committees under the
melakukan evaluasi kinerja secara berkala yang dilakukan untuk Board of Directors, the Board of Directors conducts periodic
memastikan komite pendukung menjalankan perannya secara performance evaluations to ensure that the supporting
optimal. Penilaian difokuskan pada pencapaian tujuan dan committees perform their roles optimally. The assessment
target yang telah ditetapkan, tingkat kehadiran dan partisipasi focuses on the achievement of predetermined objectives and
dalam rapat komite, kontribusi terhadap penguatan penerapan targets, the level of attendance and participation in committee
Tata Kelola Perusahaan yang Baik, efektivitas dan efisiensi meetings, contributions to reinforcing the implementation of
pelaporan, serta kepatuhan terhadap seluruh ketentuan Good Corporate Governance, the effectiveness and efficiency
peraturan perundang-undangan yang berlaku. of reporting, and compliance with all applicable laws and
regulations.
Kriteria Penilaian Kinerja Komite di Bawah Direksi Performance Assessment Criteria for Committees under
the Board of Directors
Direksi memastikan efektivitas organ pendukung melalui The Board of Directors acknowledges the effectiveness of
proses evaluasi kinerja yang terstruktur dan berbasis kinerja supporting organs through a structured and performance-
dengan menerapkan mekanisme self-assessment untuk based performance evaluation process by implementing a
menilai pelaksanaan penugasan yang telah ditetapkan, tingkat self-assessment mechanism to assess the implementation
keterlibatan dan ketepatan penyelesaian tugas, serta kontribusi of assigned tasks, the level of involvement and accuracy in
terhadap pencapaian target Perseroan. Hasil penilaian completing tasks, and contributions to the achievement of
tersebut merupakan sala satu dasar penguatan tata kelola the Company’s targets. The results of this assessment are
dan peningkatan kinerja berkelanjutan, dengan mengacu pada: one of the bases for strengthening governance and improving
sustainable performance, with reference to:
1. Keaktifan pelaksanaan tugas sesuai penugasan yang 1. Active implementation of tasks in accordance with the
diberikan assigned duties 353
2. Tingkat kehadiran dalam rapat-rapat 2. Level of attendance at meetings
3. Penyampaian laporan maupun rekomendasi kepada Direksi 3. Submission of reports and recommendations to the Board
pada rapat-rapat komite dalam mendukung pengelolaan of Directors at committee meetings in support of the
Perseroan. Company’s management.
PT Sarana Multigriya Finansial (Persero)
Hasil Penilaian Kinerja Komite di Bawah Direksi Results of Performance Assessment of Committees under
the Board of Directors
Secara umum, Direksi menilai, masing-masing organ pendukung In general, the Board of Directors assessed that each supporting
Direksi telah melakukan fungsi secara baik. Masing-masing organ of the Board of Directors had performed its functions
organ telah melaksanakan agenda kegiatan sesuai tugas dan properly. Each organ had executed its agenda of activities
tanggung jawab, serta menyelenggarakan sejumlah rapat kerja in accordance with its duties and responsibilities and held a
sesuai ketentuan yang berlaku. Pelaksanaan tugas dan rapat number of working meetings in accordance with applicable
dijelaskan pada masing-masing bab komite dibawah Direksi regulations. The execution of tasks and meetings is described
dalam Laporan Tahunan ini. in each chapter on the committees under the Board of Directors
in this Annual Report.
Page 354
Tata Kelola Perusahaan
Corporate Governance
354
Laporan Tahunan 2025 Annual Report
Page 355
NOMINASI DAN REMUNERASI
DEWAN KOMISARIS DAN DIREKSI
NOMINATION AND REMUNERATION OF THE BOARD OF
COMMISSIONERS AND THE BOARD OF DIRECTORS
Pengangkatan, pemberhentian, dan penetapan besaran The appointment, dismissal, and stipulation of the remuneration
remunerasi Dewan Komisaris dan Direksi merupakan hak amount of the Board of Commissioners and Board of Directors
pemegang saham yang diputuskan melalui mekanisme Rapat is the shareholders right, resolved by the General Meeting of
Umum Pemegang Saham (RUPS). Keputusan tersebut diambil Shareholders (GMS) mechanism. The resolution is adopted
dengan mempertimbangkan rekomendasi dari Komite Nominasi by considering recommendations from the Nomination
dan Remunerasi yang disampaikan oleh Dewan Komisaris. and Remuneration Committee submitted by the Board of
Commissioners.
NOMINASI DIREKSI DAN NOMINATION OF THE BOARD
DEWAN KOMISARIS OF DIRECTORS AND BOARD
OF COMMISSIONERS
Proses nominasi Direksi dan Dewan Komisaris Perseroan The nomination process for the Company’s Board of Directors
dilaksanakan melalui tahapan yang terstruktur, mulai dari and Board of Commissioners is conducted through a structured
penjaringan, evaluasi, hingga penetapan kandidat untuk process, starting from recruitment and evaluation to the
masing-masing posisi. Mekanisme ini memastikan bahwa appointment of candidates for each position. This mechanism
setiap calon yang diusulkan telah melalui penilaian yang ensures that each proposed candidate has undergone a
komprehensif dan memenuhi standar kompetensi yang comprehensive assessment and meets established competency
ditetapkan. Sebagai bagian dari penerapan fungsi nominasi standards. As part of the implementation of the nomination
pada tingkat manajerial tertinggi, Perseroan juga menjalankan function at the highest managerial level, the Company also
program suksesi Direksi yang dirancang untuk mempersiapkan implements a Board of Directors succession program designed
regenerasi kepemimpinan secara berkesinambungan. Inisiatif to prepare for continuous leadership regeneration. This initiative
ini bertujuan menjaga stabilitas operasional dan keberlanjutan aims to maintain operational stability and the sustainability of
kinerja jangka panjang Perseroan. the Company’s long-term performance.
Selain itu, Perseroan menerapkan perencanaan suksesi bagi In addition, the Company implements succession planning for
anggota Direksi dan Dewan Komisaris sesuai dengan ketentuan members of the Board of Directors and Board of Commissioners
peraturan perundang-undangan serta Anggaran Dasar. Seluruh in accordance with the provisions of applicable laws and
kebijakan terkait suksesi maupun nominasi disusun dengan regulations, as well as the Articles of Association. The 355
mengacu pada beberapa peraturan, yaitu: succession or nomination policy for the Board of Directors
and Board of Commissioners refers to several regulations,
as follows:
1. Undang-Undang Nomor 40 Tahun 2007 tentang Perseroan 1. Law No. 40 of 2007 on Limited Liability Companies;
PT Sarana Multigriya Finansial (Persero)
Terbatas;
2. PMK No.197/PMK.06/2019 tentang Tata Cara Pengangkatan 2. Minister of Finance Regulation No. 197/PMK.06/2019 on
dan Pemberhentian Anggota Dewan Komisaris; the Procedures for Appointment and Dismissal of Board
of Commissioners’ Members;
3. PMK No.78/PMK.06/2015 tentang Tata Cara Pengangkatan 3. Minister of Finance Regulation No. 78/PMK.06/2015 on
dan Pemberhentian Anggota Direksi; the Procedures for Appointment and Dismissal of Board
of Directors’ Members;
4. Anggaran Dasar Perseroan. 4. The Company Articles of Association.
5. Kebijakan Internal Perseroan terkait Pedoman Pengangkatan 5. The Company’s Internal Policy regarding Guidelines for the
Calon Direksi dan Pemberhentian Direksi. Appointment of Candidates for Directors and the Dismissal
of Directors.
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Tata Kelola Perusahaan
Corporate Governance
MEKANISME NOMINASI DEWAN MECHANISM FOR NOMINATING
KOMISARIS DAN DIREKSI THE BOARD OF COMMISSIONERS
AND BOARD OF DIRECTORS
Perseroan merupakan BUMN yang seluruh sahamnya dimiliki The Company is a state-owned enterprise whose shares are fully
oleh Kementerian Keuangan Republik Indonesia. Oleh sebab owned by the Ministry of Finance of the Republic of Indonesia.
itu, Kementerian Keuangan Republik Indonesia selaku RUPS Therefore, the Ministry of Finance of the Republic of Indonesia,
memiliki kewenangan untuk melakukan pengangkatan dan in its capacity as the General Meeting of Shareholders, holds
pemberhentian anggota Dewan Komisaris. Pengangkatan dan the authority to appoint and dismiss members of the Board of
pemberhentian anggota Dewan Komisaris Direksi dilaksanakan Commissioners. The appointment and dismissal of members of
berdasarkan pada prinsip-prinsip profesionalisme dan tata the Board of Commissioners and Board of Directors is carried
kelola perusahaan yang baik sesuai dengan persyaratan out based on the principles of professionalism and good
anggota Dewan Komisaris dan Direksi. corporate governance in accordance with the requirements
for members of the Board of Commissioners and Board of
Directors
Persyaratan Anggota Dewan Komisaris Board of Commissioners Membership Requirements
Persyaratan menjadi anggota Dewan Komisaris terdiri atas The requirements for becoming Board of Commissioners’
syarat umum, syarat khusus dan Syarat Lain. members are divided into three categories: general
requirements, specific requirements, and other requirements.
Syarat Umum General Requirements
Syarat umum menjadi anggota Dewan Komisaris yaitu orang The general requirement to become a member of the Board
perseorangan yang cakap melakukan perbuatan hukum, kecuali of Commissioners is that the individual can perform legal acts,
dalam waktu 5 (lima) tahun sebelum pengangkatan pernah: unless within 5 (five) years prior to the appointment, they
have been:
1. Dinyatakan pailit; 1. Declared bankrupt;
2. Menjadi anggota Direksi Komisaris/Dewan Pengawas, 2. A member of the Board of Directors, Commissioners/
bersalah menyebabkan suatu atau Dewan yang dinyatakan Supervisory Board who is found guilty of causing a Board
356
BUMN dan/ atau perusahaan dinyatakan pailit; atau or State-Owned Enterprise and/or company declared
bankrupt; or
3. Dihukum karena melakukan tindak pidana yang merugikan 3. Convicted of a crime detrimental to state finances and/or
keuangan negara dan/ atau yang berkaitan dengan sektor related to the financial sector.
Laporan Tahunan 2025 Annual Report
keuangan.
Syarat Khusus Specific Requirements
Syarat khusus menjadi anggota Dewan Komisaris, yaitu: The specific requirements for becoming a member of the Board
of Commissioners are:
1. Sehat jasmani dan rohani; 1. Physically and spiritually healthy;
2. Memiliki integritas dan moral yang baik; 2. Having integrity and good morals;
3. Memiliki kemauan yang kuat dan dedikasi yang tinggi; 3. Having strong will and high dedication;
4. Memahami masalah-masalah manajemen Persero yang 4. Understanding the management issues of the Company
berkaitan dengan salah satu fungsi manajemen; related to one of the management functions;
5. Memiliki pengetahuan yang memadai di bidang usaha 5. Possessing adequate knowledge in the Company line of
Persero; dan business; and
6. Dapat menyediakan waktu yang cukup untuk menjalankan 6. Able to provide enough time to carry out the duties.
tugasnya.
Syarat Lain Other Requirements
Syarat lain menjadi anggota Dewan Komisaris, yaitu: Other requirements to become a member of the Board of
Commissioners are:
1. Bukan anggota partai politik, pengurus partai politik, 1. Not a member of a political party, political party official,
anggota legislatif dan/ atau tidak sedang mencalonkan legislative member and/or not currently running for election
diri sebagai calon anggota legislatif; as a legislative candidate;
2. Bukan kepala wakil kepala daerah dan/ atau tidak sedang 2. Not the head or deputy head of a regional government
mencalonkan diri sebagai calon kepala wakil kepala daerah; and/or not currently running for election as a candidate for
head or deputy head of a regional government;
3. Telah tidak menjabat sebagai anggota Direksi Persero yang 3. Not serving as a member of the Board of Directors of the
bersangkutan, paling kurang 1 (satu) tahun; relevant company for at least 1 (one) year;
Page 357
4. Tidak sedang menduduki jabatan yang berdasarkan 4. Not currently holding a position that, based on laws and
peraturan perundang-undangan dilarang untuk dirangkap regulations, cannot be held concurrently with a position as
dengan jabatan anggota Dewan Komisaris, kecuali a member of the Board of Commissioners, unless signing
menandatangani surat pernyataan bersedia mengundurkan a statement of willingness to resign from that position if
diri dari jabatan tersebut jika terpilih sebagai anggota Dewan elected as a member of the Board of Commissioners; or
Komisaris; atau
5. Tidak menjabat sebagai Anggota Dewan Komisaris pada 5. Not serving as a member of the Board of Commissioners
Persero yang bersangkutan selama 2 (dua) masa jabatan at the relevant company for 2 (two) consecutive terms.
berturut-turut.
Persyaratan Anggota Direksi Requirements for Board of Directors’ Members
Persyaratan menjadi anggota Direksi terdiri atas syarat umum, The requirements to become a member of the Board of Directors
syarat khusus dan Syarat Lain. consist of general requirements, specific requirements, and
other requirements.
Syarat Umum General Requirements
Persyaratan umum anggota Direksi yaitu orang perseorangan The general requirements for members of the Board of Directors
yang cakap melakukan perbuatan hukum, kecuali dalam waktu are that they are natural persons capable of performing legal
5 (lima) tahun sebelum pengangkatan pernah: acts, unless within 5 (five) years prior to their appointment,
they have been:
1. Dinyatakan pailit; 1. Declared bankrupt;
2. Menjadi anggota Direksi atau anggota Dewan Komisaris 2. A member of the Board of Directors or a member of the
yang dinyatakan bersalah menyebabkan suatu BUMN dan/ Board of Commissioners who is found guilty of causing a
atau perusahaan dinyatakan pailit; atau SOE and/or company to be declared bankrupt; or
3. Dihukum karena melakukan tindak pidana yang merugikan 3. Convicted for committing a crime that is detrimental to state
keuangan negara dan/atau yang berkaitan dengan sektor f inances and/or related to the financial sector
keuangan.
Syarat Khusus Specific Requirements
Persyaratan khusus anggota Direksi, yaitu memiliki: Board of Directors’ members must meet the following specific
requirements:
1. kesehatan jasmani dan rohani; 1. Physical and spiritual health;
2. Integritas dan moral; 2. Integrity and morals;
3. Keahlian; 3. Expertise;
4. Kepemimpinan; 4. Leadership;
5. Pengalaman; dan 5. Experience; and
6. Kemauan yang kuat dan dedikasi yang tinggi. 6. Strong will and high dedication
Syarat Lain Other Requirements 357
1. Bukan pengurus partai politik, anggota legislatif dan/ atau 1. Not a political party official, legislative member and/or not
tidak sedang mencalonkan diri sebagai calon anggota currently running for legislative office;
legislatif;
2. Bukan kepala/wakil kepala daerah dan/ atau tidak sedang 2. Not a regional head/deputy head and/or not currently
PT Sarana Multigriya Finansial (Persero)
mencalonkan diri sebagai calon kepala/wakil kepala daerah; running as a candidate for regional head/deputy head;
3. Tidak sedang menjabat sebagai pejabat pada instansi/ 3. Not currently serving as an official at a central and/or
lembaga pemerintah pusat dan/ atau daerah, Anggota regional government agency/institution, member of the
Dewan Komisaris / Pengawas pada BUMN, anggota Direksi Board of Commissioners/Supervisory Board at an SOE,
pada BUMN dan/ atau Perusahaan, kecuali menandatangani member of the Board of Directors at an SOE and/or
surat pernyataan bersedia mengundurkan diri dari jabatan Company, unless signing a statement letter willing to resign
tersebut jika terpilih sebagai anggota Direksi Persero; from this position if elected as a member of the Company’s
Board of Directors;
4. Tidak sedang menduduki jabatan yang berdasarkan 4. Not currently holding a position that, based on laws and
peraturan perundang-undangan dilarang untuk dirangkap regulations, is prohibited from being held concurrently
dengan jabatan anggota Direksi, kecuali menandatangani with the position of a member of the Board of Directors,
surat pernyataan bersedia mengundurkan diri dari jabatan unless signing a statement of willingness to resign from the
tersebut jika terpilih sebagai anggota Direksi; atau position if elected as a member of the Board of Directors; or
5. Tidak menjabat sebagai Anggota Direksi pada Persero 5. Not serving as a Member of the Board of Directors at the
yang bersangkutan selama 2 (dua) periode berturut-turut. relevant Company for 2 (two) consecutive terms.
Page 358
Tata Kelola Perusahaan
Corporate Governance
Untuk calon anggota Dewan Komisaris dan Direksi yang Candidates for members of the Board of Commissioners and
memenuhi ketentuan tersebut kemudian akan dibahas Board of Directors who meet these criteria will be considered
oleh Komite Nominasi dan Remunerasi. Setelah dilakukan by the Nomination and Remuneration Committee. Following
pembahasan, usulan tersebut kemudian disampaikan kepada discussion, the proposal is submitted to the Board of
Dewan Komisaris untuk kemudian diajukan kepada RUPS untuk Commissioners, who then submit it to the GMS for ratification.
disahkan.
Proses nominasi anggota Dewan Komisaris dan Direksi The procedure for nominating members of the Board of
Perseroan adalah sebagai berikut: Commissioners and Board of Directors is as follows:
Usulan Pembahasan Pengajuan Persetujuan
Proposal Discussion Submission Approval
Pemegang Saham
Pengendali
Controlling Shareholder
Komite Nominasi &
Remunerasi Dewan Komisaris RUPS
Nomination & Remuneration Board of Commissioners GMS
Committee
Sumber Lain
Other Sources
358
Selama tahun 2025, tidak terdapat pengangkatan atau In 2025, there were no appointments or dismissals of members
pemberhentian anggota Dewan Komisaris maupun Direksi. of the Board of Commissioners or Board of Directors. Thus,
Oleh karena itu, tidak ada informasi terkait penggunaan jasa there is no information on the use of professional services
profesional oleh Perusahaan dalam mencari kandidat Direksi by the Company in searching for candidates for the Board of
Laporan Tahunan 2025 Annual Report
atau Dewan Komisaris. Directors or Board of Commissioners.
REMUNERASI DEWAN REMUNERATION OF THE BOARD
KOMISARIS DAN DIREKSI OF COMMISSIONERS AND
BOARD OF DIRECTORS
Ketentuan remunerasi Direksi dan Dewan Komisaris Perseroan The remuneration provisions for the Board of Directors and
mengacu pada berbagai kebijakan yaitu, diantaranya: Board of Commissioners refer to various policies, among others:
1. Undang-Undang Nomor 40 Tahun 2007 tentang Perseroan 1. Law No. 40 of 2007 on Limited Liability Companies;
Terbatas;
2. PMK No.200/PMK.06/2018 tentang Pedoman Penetapan 2. Minister of Finance Regulation No. 200/PMK.06/2018 on
Penghasilan Direksi dan Dewan Komisaris; Guidelines for Determining Remuneration of the Board of
Directors and Board of Commissioners in
3. Anggaran Dasar Perseroan; 3. Company’s Articles of Association
4. Keputusan Menteri Keuangan Nomor 262/MK/KN/2025 4. Minister of Finance Decree No. KMK-262/MK/KN/2025
tanggal 16 Juli 2025 tentang Persetujuan Pembayaran dated July 16, 2025 on the Approval for Bonuses Payments
Tantiem Tahun Buku 2024 dan Penetapan Gaji Direksi, for the 2024 Fiscal Year and the Stipulation of Salaries
Honorarium Dewan Komisaris, Tunjangan, dan Fasilitas for the Board of Directors, Honorariums for the Board of
yang Diberikan Kepada Direksi dan Dewan Komisaris Untuk Commissioners, Allowances, and Facilities Given to the
Tahun Buku 2025. Board of Directors and Board of Commissioners for the
2025 Fiscal Year.
Page 359
Prosedur Remunerasi Dewan Komisaris dan Direksi Remuneration Procedure for the Board of Commissioners
and Board of Directors
Besaran remunerasi Dewan Komisaris dan Direksi ditetapkan The remuneration amount for the Board of Commissioners and
oleh Pemegang Saham melalui mekanisme RUPS memperhatikan Board of Directors is resolved by the Shareholders through
ketentuan Anggaran Dasar dan peraturan perundang-undangan. the GMS mechanism, by considering the provisions of the
Dewan Komisaris akan meminta persetujuan dari Pemegang Articles of Association and laws and regulations. The Board
Saham dalam Rapat Umum Pemegang Saham. of Commissioners will seek approval from Shareholders at the
General Meeting of Shareholders.
Indikator Penetapan Remunerasi Dewan Komisaris Dan Indicators for Determining the Remuneration of the
Direksi Board of Commissioners and Board of Directors
Penetapan Honorarium dan/atau gaji, Tunjangan dan Fasilitas Honorarium and/or salary, Allowances, and Facilities of a
yang bersifat tetap untuk Dewan Komisaris dan Direksi permanent nature for the Board of Commissioners and Board of
dilakukan dengan mempertimbangkan faktor-faktor berikut: Directors are determined by considering the following factors:
1. Skala usaha; 1. Business scale;
2. Kompleksitas usaha; 2. Business complexity;
3. Tingkat inflasi; 3. Inflation rate;
4. Kondisi dan kemampuan keuangan Perseroan; 4. Company’s financial condition and capabilities;
5. Faktor-faktor lain yang relevan, termasuk tingkat 5. Other relevant factors, including the level of income
penghasilan yang berlaku umum dalam industri sejenis; generally prevailing in similar industries;
6. Tidak boleh bertentangan dengan peraturan perundang- 6. Must not be contrary to laws and regulations.
undangan.
Dalam proses perhitungan Honorarium, Perseroan In calculating the Honorarium, the Company considers several
mempertimbangkan sejumlah faktor kunci sebagaimana telah key factors as described above. If the calculation based on
diuraikan sebelumnya. Apabila perhitungan atas dasar faktor- these factors results in an honorarium value that is lower than
faktor tersebut menghasilkan nilai honorarium yang lebih rendah the previous year, the Company stipulates that the applicable
dibandingkan tahun sebelumnya, maka Perseroan menetapkan honorarium shall be at least equivalent to the previous year’s
bahwa honorarium yang berlaku adalah sekurang-kurangnya honorarium.
setara dengan honorarium tahun sebelumnya.
Sementara itu, penetapan penghasilan yang bersifat variabel, On the other hand, variable income, including bonuses and
termasuk tantiem dan insentif kinerja (merit rating), dilakukan performance incentives (merit rating), is determined by
dengan mengacu pada tingkat pencapaian kinerja berdasarkan referring to the level of performance achieved based on
KPI, kondisi keuangan Perseroan, serta faktor-faktor relevan KPIs, the Company’s financial condition, and other relevant
lainnya. Pertimbangan ini juga mencakup kesetaraan tingkat factors. This consideration also includes equality of income
penghasilan yang berlaku di industri sejenis, guna memastikan levels prevailing in similar industries, to ensure a competitive,
struktur remunerasi yang kompetitif, adil, dan selaras dengan fair, and aligned remuneration structure commensurate with
kontribusi kinerja. performance contributions. 359
Struktur Remunerasi Dewan Komisaris dan Direksi Remuneration Structure of the Board of Commissioners
and Board of Directors
Sebagaimana ditetapkan dalam Peraturan Menteri Keuangan As stipulated in the Minister of Finance Regulation No. 200/
PT Sarana Multigriya Finansial (Persero)
Republik Indonesia Nomor 200/PMK.06/2018 Tentang PMK.06/2018 on Guidelines for Determining Remuneration
Pedoman Penetapan Penghasilan Direksi dan Dewan Komisaris of the Board of Directors and Board of Commissioners of
Perusahaan Perseroan (Persero) di Bawah Pembinaan dan Companies (Persero) under the Guidance and Supervision
Pengawasan Menteri Keuangan Pasal 5 dan Keputusan Menteri of the Minister of Finance Article 5 and Minister of Finance
Keuangan Nomor 262 /MK/KN/2025 tentang Persetujuan Decree No. KMK 262 /MK/KN/2025 on the Approval of Bonuses
Pembayaran Tantiem Tahun Buku 2024 dan Penetapan Gaji Payments for the 2024 Fiscal Year and the Stipulation of
Direksi, Honorarium Dewan Komisaris, Tunjangan, dan Fasilitas Salaries for the Board of Directors, Honorarium for the Board of
yang Diberikan Kepada Direksi dan Dewan Komisaris. Untuk Commissioners, Allowances, and Facilities Given to the Board of
Tahun Buku 2025 struktur Remunerasi Dewan Komisaris dan Directors and Board of Commissioners for the 2025 Fiscal Year,
Direksi adalah sebagai berikut: the Remuneration structure for the Board of Commissioners
and Board of Directors is as follows:
Page 360
Tata Kelola Perusahaan
Corporate Governance
Jenis Penghasilan Direksi Dewan Komisaris
Type of Income Board of Directors Board of Commissioners
Jangka Pendek
Short Term
Gaji dan/atau Honorarium Direktur Utama sebesar 100% Komisaris Utama 40% dari gaji Direktur Utama
Salary and/or Honorarium Direksi 90% dari gaji Direktur Utama Komisaris 90% dari honorarium Komisaris Utama
President Director 100% President Commissioner receives 40% of the
Board of Directors receives 90% of the President President Director’s salary
Director’s salary Commissioners receive 90% of the President
Commissioner’s honorarium
Tunjangan Hari Raya Diberikan sebesar 1 (satu) kali gaji Diberikan sebesar 1 (satu) kali honorarium
Religious Holiday Allowance Given in the amount of 1 (one) time salary Given in the amount of 1 (one) time honorarium
Tunjangan Perumahan Diberikan dalam hal Direksi tidak mendapatkan -
Housing Allowance fasilitas rumah dinas.
Given if the Board of Directors does not receive a
company residence.
Tunjangan Transportasi - Diberikan sebesar 20% dari honorarium
Transportation Allowance Given at 20% of the honorarium
Tunjangan Purna-Jabatan Diberikan selama menjabat premi asuransi 25% dari Diberikan selama menjabat premi asuransi 25% dari
Post-Employment Allowance gaji dalam satu tahun honorarium dalam satu tahun
Given during term of office, insurance premium of Given during term of office, insurance premium of
25% of salary in one year 25% of honorarium in one year
Tunjangan Cuti Tahunan Anggota Direksi berhak mendapatkan cuti tahunan -
Annual Leave Allowance sebanyak 12 hari Kerja tanpa diberikan tunjangan cuti
tahunan minimal masa kerja 12 bulan berturut-turut.
Members of the Board of Directors are entitled
to 12 working days of annual leave without being
given an annual leave allowance for a minimum of 12
consecutive months of service.
Fasilitas Kesehatan Rawat Jalan dan Obat, Rawat Inap dan Obat, dan 1 x setahun untuk medical check up di dalam negeri.
Health Facilities Diberikan dalam bentuk asuransi kesehatan dan atau penggantian biaya pengobatan bagi Direksi beserta
seorang Istri/suami dan maksimal 3 (tiga) orang anak yang tidak atau belum pernah menikah, tidak
mempunyai penghasilan sendiri, dan atau belum berusia 21 tahun.
360 Outpatient and Medication, Inpatient and Medication, and one annual medical check-up in the country. Given
in the form of health insurance and/or reimbursement of medical expenses for the Board of Directors, a wife/
husband, and a maximum of 3 (three) children who are not or have never been married, have no source of
income, and/or are under the age of 21.
Bantuan Hukum Diberikan dalam bentuk pembiayaan jasa pengacara/Konsultan hukum atau asuransi Bantuan Hukum dalam
Laporan Tahunan 2025 Annual Report
Legal Assistance hal terjadi tindakan atau perbuatan untuk dan atas nama jabatannya yang berkaitan dengan maksud dan
tujuan serta kegiatan usaha Persero
Given in the form of financing for the services of a lawyer/legal consultant or legal insurance in the event
of actions or deeds for and on behalf of the position relating to the purposes and objectives and business
activities of the Company.
Kendaraan Dinas Mobil dengan Kapasitas mesin paling tinggi 2500 -
Official Vehicles cc. Fasilitas kendaraan termasuk di dalamnya biaya
pemeliharaan dan operasional, diberikan dengan
memperhatikan Keuangan Persero.
Cars with an engine capacity of 2500 cc or less.
Vehicle facilities, including maintenance and
operational costs, are provided with due regard to
the Company’s f inancial condition.
Tantiem Penetapan tantiem diberikan dalam bentuk tunai dengan mempertimbangkan faktor kinerja, kenaikan laba
Bonuses Perseroan dan kemampuan Perseroan. Berdasarkan keputusan RUPS
Bonuses is given in cash by considering the performance factor, the increase in the Company’s profit, and the
Company’s ability. Given by the GMS resolution.
Jangka Panjang
Long-term
Remunerasi/Kompensasi Pada tahun 2025, SMF belum menerapkan skema Pada tahun 2025, SMF belum menerapkan skema
Remuneration/Compensation Remunerasi/Kompensasi kepada Direksi Perseroan Remunerasi/Kompensasi kepada Dewan Komisaris
dalam jangka panjang. Perseroan dalam jangka panjang.
In 2025, SMF had not established a long-term In 2025, SMF had not established a long-term
remuneration/ compensation scheme for the remuneration/ compensation scheme for the
Company’s Board of Directors. Company’s Board of Commissioners.
Page 361
Besaran Remunerasi Dewan Komisaris dan Direksi Remuneration Amount for the Board of Commissioners
and Board of Directors
Honorarium / Tunjangan & Tunjangan Hari
Nama Jabatan Gaji Fasilitas Raya Tantiem
No
Name Position Honorarium/ Allowances & Religious Holiday Bonuses
Salary Facilities allowance
1 Nufransa Wira Sakti Komisaris Utama v v v v
President commissioner
2 Brahmantio Isdijoso Komisaris v v v v
Commissioner
3 Dedy Supriadi Komisaris v v v v
Priatna Independen
Independent Commissioner
4 Ananta Wiyogo Direktur Utama v v v v
President Director
5 Bonai Subiakto Direktur Keuangan dan v v v v
Manajemen Risiko
Director of Finance and Risk
Management
6 Heliantopo Direktur Bisnis v v v v
Director of Business
Keterangan:
V= ada
X= tidak ada
Note:
V = yes
X= no
Berdasarkan struktur komponen di atas, Sejalan dengan Based on the component structure above, in line with the
Keputusan Menteri Keuangan Nomor KMK-262/MK/KN/2025 Decree of the Minister of Finance Number KMK-262/MK/
tentang Persetujuan Pembayaran Tantiem Tahun Buku 2024 KN/2025 concerning Approval of Bonuses Payment for the
dan Penetapan Gaji Direksi, Honorarium Dewan Komisaris, 2024 Fiscal Year and Determination of Directors’ Salaries, Board
Tunjangan, dan Fasilitas yang Diberikan Kepada Direksi of Commissioners’ Honorariums, Allowances, and Facilities
dan Dewan Komisaris Untuk Tahun Buku 2025, besaran Provided to Directors and Board of Commissioners for the 2025
remunerasi yang diterima Dewan Komisaris dan Direksi pada Fiscal Year, the amount of remuneration received by the Board
tahun 2025 masing-masing sebesar Rp6.831.654.240 dan of Commissioners and Directors in 2025 is Rp6,831,654,240
Rp14.440.987.200,- and Rp14,440,987,200,- respectively.
Bonus Kinerja, Non Kinerja dan Opsi Saham Dewan Performance Bonus, Non-Performance Bonus, and Stock
Komisaris dan Direksi Options for the Board of Commissioners and Board of
Directors 361
Bonus kinerja dan bonus non kinerja telah diungkap pada tabel The performance and non-performance bonuses are detailed
Jumlah Remunerasi Dewan Komisaris dan Direksi Tahun Buku in the table of Remuneration Amount for the Board of
2025. Adapun untuk opsi saham, selama tahun 2025, Anggota Commissioners and Board of Directors for the 2025 Fiscal Year.
Dewan Komisaris dan Direksi tidak memiliki opsi untuk membeli Regarding stock options, in 2025, the Board of Commissioners
PT Sarana Multigriya Finansial (Persero)
saham (shares option) terhadap saham Perseroan. and Board of Directors did not have the option to purchase
stock options against the Company’s shares.
Kompensasi Jangka Panjang Berbasis Kinerja Performance-Based Long-Term Compensation
Sepanjang tahun 2025, belum terdapat kebijakan terkait Throughout 2025, there was no policy on performance-based
kompensasi atau insentif jangka panjang berbasis kinerja long-term compensation or incentives of the Company for its
kepada manajemen dan/atau karyawan yang dimiliki oleh management and/or employees, in the form of management
Perseroan, antara lain berupa program kepemilikan saham stock ownership program (MSOP) and/or employee stock
oleh manajemen (management stock ownership program/ ownership program (ESOP). Therefore, there is no information
MSOP) dan/atau program kepemilikan saham oleh karyawan on the number of ESOP/MSOP shares and its realizations,
(employee stock ownership program/ESOP. Sehingga tidak ada the execution period, requirements for management and/
informasi terkait jumlah saham ESOP/MSOP dan realisasinya, or employees to be eligible, the execution price, or the
jangka waktu pelaksanaan, persyaratan manajemen dan/atau determination of execution price.
karyawan yang berhak serta harga pelaksanaan atau penentuan
harga pelaksanaan.
Page 362
Tata Kelola Perusahaan
Corporate Governance
KEBIJAKAN KEBERAGAMAN KOMPOSISI DEWAN
KOMISARIS DAN DIREKSI
KEBIJAKAN KEBERAGAMAN KOMPOSISI DEWAN KOMISARIS DAN
DIREKSI
Keberagaman dalam komposisi Dewan Komisaris dan Diversity in the composition of the Boards of Commissioners
Direksi merupakan pilar penting dalam penerapan tata kelola and Board of Directors constitutes an important pillar of good
perusahaan yang baik. Perseroan meyakini bahwa keberagaman corporate governance. This diversity fosters a leadership
tidak hanya mendorong terciptanya lingkungan kepemimpinan environment that is more inclusive, innovative, and adaptive
yang inklusif dan inovatif, tetapi juga meningkatkan kemampuan to the increasingly complex business dynamics. As a result, the
organisasi dalam merespons dinamika bisnis yang semakin Company consistently upholds the principle of diversity when
kompleks. Oleh sebab itu, Perseroan secara konsisten deciding on the composition of its Board of Commissioners and
memerhatikan prinsip keberagaman dalam proses penetapan Board of Directors. Diversity in leadership encompasses many
komposisi Dewan Komisaris dan Direksi. Aspek keberagaman factors, such as professional background, expertise, experience,
tersebut mencakup latar belakang profesional, keahlian, age, and strategic perspective. This diverse composition aims
pengalaman, rentang usia, serta perspektif strategis yang to enrich decision-making, improve supervision effectiveness,
berbeda. Kombinasi yang berimbang ini diharapkan dapat and reflect the needs and interests of all stakeholders in
memperkaya proses pengambilan keputusan, memperkuat Company policies that reflect stakeholders’ various interests.
efektivitas fungsi pengawasan, dan memastikan kebijakan
perusahaan mencerminkan kebutuhan dan kepentingan seluruh
pemangku kepentingan.
Penerapan keberagaman dalam kepemimpinan memberikan Diversity has a positive impact on enhancing the Company’s
dampak positif yang signifikan, antara lain peningkatan daya competitiveness, strengthening innovation, and better risk
saing, penguatan kapabilitas inovasi, serta pengelolaan risiko management from various perspectives. Furthermore, diversity
yang lebih komprehensif melalui pemanfaatan berbagai sudut is also a crucial foundation for creating sustainable long-term
362
pandang. Selain itu, keberagaman juga menjadi fondasi penting value for the Company, its employees, the wider community,
dalam menciptakan nilai jangka panjang yang berkelanjutan bagi and its shareholders.
Perseroan, karyawan, masyarakat luas dan pemegang saham.
Laporan Tahunan 2025 Annual Report
Keberagaman pada komposisi anggota Dewan Komisaris dan The following table shows the diversity of the composition of
Direksi Perseroan dapat dilihat dalam tabel sebagai berikut: SMF’s Board of Commissioners and Board of Directors
Nama Usia Pendidikan Keahlian
Name Age Education Expertise
Direksi
Board of Directors
Ananta Wiyogo 68 tahun • S1 Perikanan Manajemen, Keuangan, Pembiayaan, Riset dan
(Direktur Utama) 68 years old • S2 Manajemen Pengembangan, Audit, Marketing, Operasi dan Bisnis,
(President Director) • S2 Keuangan Leadership, Negotiation, Manajemen Risiko
• Bachelor’s Degree in Management, Finance, Financing, Research and
Fisheries Development, Audit, Marketing, Operations and Business,
• Master’s Degree in Leadership, Negotiation, Risk Management
Management
• Master’s Degree in Finance
Bonai Subiakto (Direktur 61 tahun S1 Ekonomi Keuangan, Manajemen Risiko, Komunikasi, Akuntansi,
Keuangan dan Manajemen 61 years old Bachelor’s Degree in Economics Leadership, Negotiation
Risiko) Leadership, Negotiation Finance, Risk Management,
(Director of Finance and Risk Communication, Accounting, Leadership, Negotiation
Management)
Heliantopo (Direktur Bisnis) 59 tahun • Diploma IV Akuntansi Keuangan, Komunikasi dan Investasi, Audit, Manajemen
(Director of Business) 59 years old • S2 akuntansi Risiko, Akuntansi, Leadership, Negotiation
• Diploma IV in Accounting Finance, Communication and Investment, Audit, Risk
• Master’s Degree in Management, Accounting, Leadership, Negotiation
Accounting
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Nama Usia Pendidikan Keahlian
Name Age Education Expertise
Dewan Komisaris
Board Commissioners
Nufransa Wira Sakti 56 tahun • S1 - Komputer, Komputer, Komunikasi, Ekonomi, Sosial & Budaya, Pajak
(Komisaris Utama) 56 years old • S2 - Ekonomi dan Bisnis
(President Commissioner) • S3 - Society & Culture Computer, Communication, Economics, Social & Culture,
• Bachelor’s Degree in Tax and Business
Computer Science,
• Master’s Degree in
Economics,
• Doctoral Degree in Society
& Culture
Brahmantio Isdijoso (Komisaris) 61 tahun • S1 Ekonomi Pertanian Keuangan dan Ekonomi, Risiko
(Commissioner) 61 years old • S2 Ekonomi Pertanian Finance and Economics, Risk
• Bachelor’s Degree in
Agricultural Economics
• Master’s Degree in
Agricultural Economics
Dedy Supriadi Priatna 67 tahun • S1 - Teknik Elektro Keuangan, Ekonomi, Teknik Elektro dan SDM
(Komisaris Independen) 67 years old • S2 - Ekonomi Energi Finance, Economics, Electrical Engineering, and Human
(Independent Commissioner) • S3 - Ekonomi Energi Capital
• Bachelor’s Degree in
Electrical Engineering
• Master’s Degree in Energy
Economics
• Doctoral Degree in Energy
Economics
Profil lengkap masing-masing Dewan Komisaris dan Direksi The complete profiles of the Board of Commissioners and
dapat dilihat di pada masing – masing sub bab Profil Dewan Board of Directors are available in the sub-chapter of Board
Komisaris dan Profil Direksi dalam Laporan Tahunan ini. of Commissioners Profile and Board of Directors Profile of this
Annual Report.
363
PT Sarana Multigriya Finansial (Persero)
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Tata Kelola Perusahaan
Corporate Governance
ORGAN PENDUKUNG DEWAN KOMISARIS
SUPPORTING ORGANS OF THE BOARD OF COMMISSIONERS
Hingga akhir Desember 2025, Organ Pendukung Dewan Until December 2025, the Supporting Organs of SMF Board
Komisaris SMF terdiri dari: of Commissioners consisted of:
1. Sekretaris Dewan Komisaris; 1. Secretary to the Board of Commissioners;
2. Komite Audit; 2. Audit Committee;
3. Komite Pemantau Risiko; dan 3. Risk Monitoring Committee; and
4. Komite Nominasi dan Remunerasi. 4. Nomination and Remuneration Committee.
Organ pendukung Dewan Komisaris tersebut telah sesuai The supporting organs of the Board of Commissioners are in line
dengan PMK No.88/PMK.06/2025 tentang Penerapan Tata with the Regulation of Minister of Finance No. 88/ PMK.06/2025
Kelola Perusahaan yang Baik Pada Perusahaan Perseroan on the Implementation of Good Corporate Governance in
Pasal 28 serta berdasarkan Kebijakan Umum Perseroan Nomor Companies Article 28, and in accordance to the Company’s
002/KEB/KU/SMF/VIII/2025 tentang Tata Kelola Kerja Dewan General Policy Number 002/KEB/KU/SMF/VIII/2025 on the Work
Komisaris, Dewan Pengawas Syariah dan Direksi (Board Manual) Governance of the Board of Commissioners, Sharia Supervisory
Ketentuan Dewan Komisaris No. 9 tentang Organ Pendukung. Board, and Board of Directors (Board Manual), and Provision
of the Board of Commissioners No. 9 on Supporting Organs.
SEKRETARIS DEWAN KOMISARIS SECRETARY OF THE BOARD
OF COMMISSIONERS
Sekretaris Dewan Komisaris merupakan organ pendukung The Secretary of the Board of Commissioners is a supporting
Dewan Komisaris yang memiliki fungsi dalam menyelenggarakan organ of the Board of Commissioners responsible for organizing
kegiatan administrasi dan kesekretariatan, khususnya terkait administrative and secretarial activities, particularly those related to
364
kegiatan Dewan Komisaris. Sekretaris Dewan Komisaris berasal the Board of Commissioners’ activities. The Secretary of the Board
dari eksternal Perseroan serta bertanggung jawab langsung of Commissioners is appointed from outside the Company and
kepada Dewan Komisaris. Sekretaris Dewan Komisaris diangkat reports directly to the Board of Commissioners. The Secretary of the
dan diberhentikan oleh Dewan Komisaris berdasarkan Surat Board of Commissioners is appointed and dismissed by the Board
Laporan Tahunan 2025 Annual Report
Keputusan Dewan Komisaris. of Commissioners pursuant to a Board of Commissioners’ Decree.
Pedoman Kerja Sekretaris Dewan Komisaris Work Guidelines of the Secretary of the Board of
Commissioners
Pedoman kerja Sekretaris Dewan Komisaris disusun dengan The work guidelines for the Secretary to the Board of
berlandaskan ketentuan yang tertuang dalam Board Manual Commissioners are based on the provisions contained in
Perseroan. Dokumen tersebut menjadi acuan utama dalam the Company’s Board Manual. This document serves as the
memastikan pelaksanaan tugas dan fungsi Sekretaris Dewan primary reference for ensuring that the Secretary to the
Komisaris berjalan secara konsisten, terstruktur, dan selaras Board of Commissioners’ duties and functions are carried out
dengan prinsip tata kelola perusahaan yang baik. consistently, structured, and in accordance with the principles
of good corporate governance.
Ketentuan Masa Jabatan Sekretaris Dewan Komisaris Terms of Office of the Secretary of the Board of
Commissioners
Sejalan dengan Board Manual Perseroan, masa Jabatan In accordance with the Company’s Board Manual , the term
Sekretaris Dewan Komisaris paling lama 3 (tiga) tahun, dan of office of the Secretary to the Board of Commissioners is
dapat diangkat kembali untuk 2 (dua) tahun berikutnya. a maximum of 3 (three) years, and may be reappointed for
Akumulasi masa jabatan Sekretaris Dewan Komisaris ditetapkan another 2 (two) years. The cumulative term of office of the
paling lama 5 (lima) tahun. Secretary to the Board of Commissioners is set at a maximum
of 5 (five) years.
Profil Sekretaris Dewan Komisaris Profile of the Secretary of the Board of Commissioners
Pada tahun 2025, terdapat pergantian Sekretaris Dewan In 2025, there was a change Secretary of the Board of
Komisaris SMF yang sebelumnya dijabat oleh Adinugroho Commissioners of SMF who was previously held by Adinugroho
Dwi Utomo digantikan oleh Sri Yuwono Hari Sarjito yang resmi Dwi Utomo, was succeeded by Sri Yuwono Hari Sarjito, who has
menjabat per 24 Desember 2025, dengan profil sebagai berikut: officially served as of December 24, 2025, with the following
profile:
Page 365
Sri Yuwono Hari Sarjito
Sekretaris Dewan Komisaris
Warga Negara Indonesia, usia 50 tahun per 31 Desember 2025, berdomisili di Tangerang Selatan, Banten, Indonesia
Secretary of the Board of Commissioners
Indonesian citizen, 50 years old as of December 31, 2025, domiciled in South Tangerang , Banten , Indonesia
Dasar Hukum Pengangkatan Legal Basis for Appointment
KEP-006/DEKOM/2025. Decree-006/DEKOM/2025.
Riwayat Pendidikan Educational Background
• Master of Economic Development, Magister Ekonomika • Master of Economic Development, Gadjah Mada University,
Pembangunan, Universitas Gajah Mada, Yogyakarta (2009) Yogyakarta (2009)
• Diploma IV, Sekolah Tinggi Akuntasi Negara, Jakarta (2001) • Diploma IV, State Accounting College, Jakarta (2001)
Pengalaman Kerja Work Experience
• Kementerian Keuangan Republik Indonesia (1996-sekarang). • Ministry of Finance of the Republic of Indonesia (1996-present).
• Sekretaris Dewan Komisaris PT Sarana Multi Infrastruktur (Persero) • Secretary of the Board of Commissioners of PT Sarana Multi
(2020-2025) Infrastruktur (Persero) (2020-2025)
• Anggota Komite Manajemen Risiko dan GCG, Perum Lembaga • Member of the Risk Management and GCG Committee, Perum
Penyelenggara Navigasi Penerbangan Indonesia (Ainav Indonesia) Lembaga Penyelenggara Navigasi Penerbangan Indonesia (Ainav
(2019-2024) Indonesia) (2019-2024)
• Anggota Komite Audit PT Sarana Mutigriya Finansial (Persero) • Member of the Audit Committee of PT Sarana Mutigriya Finansial
(2015) (Persero) (2015)
Tugas Tanggung Jawab Sekretaris Dewan Komisaris Duties and Responsibilities of the Secretary of the Board
of Commissioners
Tugas dan tanggung jawab Sekretaris Dewan Komisaris secara The duties and responsibilities of the Secretary of the Board
umum meliputi: of Commissioners in general include:
1. Menyusun Program/agenda tahunan/triwulanan kegiatan 1. Preparing annual/quarterly programs/agenda for the
Dewan Komisaris; activities of the Board of Commissioners;
2. Memberi dukungan kepada Dewan Komisaris guna 2. Providing support to the Board of Commissioners to
memperlancar tugas-tugas Dewan Komisaris dalam facilitate the duties of the Board of Commissioners in
melaksanakan fungsinya; carrying out its functions;
3. Mempersiapkan dan menyelenggarakan rapat Dewan 3. Preparing and organizing meetings of the Board of
Komisaris dan rapat/pertemuan antara Dewan Komisaris Commissioners and meetings between the Board of
dengan Pemegang Saham, Direksi maupun pihak-pihak Commissioners and Shareholders, Directors and other
terkait (stakeholders) lainnya, termasuk bahan rapat related parties (stakeholders), including meeting materials
(briefing sheet) Dewan Komisaris; (briefing sheets) of the Board of Commissioners;
4. Menyiapkan dan mengkoordinasikan agenda rapat dengan 4. Preparing and coordinating meeting agendas with the
pihak-pihak yang hadir dalam rapat.; parties present at the meeting.;
5. Menyiapkan dan mengirimkan undangan rapat kepada 5. Preparing and sending meeting invitations to parties invited
pihak-pihak yang diundang untuk menghadiri rapat; to attend the meeting;
6. Melakukan konfirmasi mengenai waktu, tempat, kehadiran, 6. Confirming the time, place, attendance and other matters
serta hal-hal lain yang dipandang perlu; deemed necessary; 365
7. Membuat risalah rapat atas rapat-rapat rutin maupun non 7. Making minutes of meetings for routine and non-routine
rutin; meetings;
8. Menjalankan tugas-tugas administrasi dan kesekretariatan; 8. Performing administrative and secretarial tasks;
9. Menyediakan data/informasi; 9. Providing data/information;
PT Sarana Multigriya Finansial (Persero)
10. Melaksanakan dan mengkoordinasikan kegiatan tata 10. Implementing and coordinating correspondence
persuratan; management activities;
11. Bertanggung jawab terhadap pembuatan, administrasi dan 11. Responsible for the preparation, administration and storage
penyimpanan risalah rapat; of meeting minutes;
12. Melakukan koordinasi dengan Sekretaris Perusahaan guna 12. Coordinating with the Corporate Secretary to prepare a
menyiapkan konsep tanggapan Laporan Tahunan; draft response to the Annual Report;
13. Menyiapkan konsep Laporan Tahunan, Laporan Pelaksanaan 13. Preparing the concept of the Annual Report, the Board
Dewan Komisaris, Laporan Pencapaian Indikator Kinerja of Commissioners’ Implementation Report, the Key
Utama (IKU); Performance Indicators (KPI) Achievement Report;
14. Menyiapkan usulan Rencana Kerja dan Anggaran Dewan 14. Preparing the proposed Work Plan and Budget for the
Komisaris; Board of Commissioners;
15. Pengaturan lebih lanjut terkait fungsi, tugas, tanggung 15. Further regulating the functions, duties, responsibilities and
jawab dan wewenang Sekretaris Dewan Komisaris. authority of the Secretary of the Board of Commissioners.
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Tata Kelola Perusahaan
Corporate Governance
Pelaksanaan Tugas Sekretaris Dewan Komisaris Duties of the Secretary of the Board of Commissioners
Sepanjang tahun 2025, Sekretaris Dewan Komisaris Throughout 2025, the Secretary to the Board of Commissioners
menjalankan peran dan tanggung jawabnya secara konsisten consistently carried out his/her roles and responsibilities
dalam mendukung efektivitas pelaksanaan tugas Dewan to support the effective implementation of the Board of
Komisaris, khususnya dalam aspek kesekretariatan, koordinasi, Commissioners’ duties, particularly in secretarial aspects,
serta komunikasi dengan Direksi dan pemangku kepentingan coordination, and communication with the Board of Directors
terkait. Pelaksanaan tugas tersebut ditujukan untuk memastikan and relevant stakeholders. The implementation of these duties
kelancaran fungsi pengawasan Dewan Komisaris serta is aimed at ensuring the smooth implementation of the Board
terjaganya prinsip Tata Kelola Perusahaan yang Baik. of Commissioners’ supervisory function and upholding the
principles of Good Corporate Governance.
Dalam menjalankan perannya, Sekretaris Dewan Komisaris In carrying out his/her role, the Secretary to the Board of
membantu Dewan Komisaris dalam pengelolaan administrasi Commissioners assists the Board of Commissioners in
dan penyediaan dukungan teknis yang diperlukan guna administrative management and provides the necessary
menunjang pengambilan keputusan strategis. Ruang lingkup technical support to support strategic decision-making The
pelaksanaan tugas Sekretaris Dewan Komisaris selama tahun scope of duties of the Secretary of the Board of Commissioners
2025 secara umum meliputi proses administrasi surat menyurat during 2025 generally includes the orderly and systematic
Dewan Komisaris secara tertib dan sistematis, sehingga seluruh administration of the Board of Commissioners’ correspondence,
korespondensi yang berkaitan dengan pelaksanaan tugas so that all correspondence related to the implementation of
pengawasan dapat terdokumentasi dengan baik dan mudah supervisory duties is properly documented and easily traceable.
ditelusuri. Selain itu, Sekretaris Dewan Komisaris menyiapkan In addition, the Secretary to the Board of Commissioners
bahan dan materi pembahasan untuk rapat Dewan Komisaris prepares materials and discussion materials for Board of
serta rapat gabungan Dewan Komisaris dan Direksi, guna Commissioners meetings and joint meetings of the Board of
memastikan rapat dapat berjalan efektif dan terarah. Commissioners and the Board of Directors, ensuring that the
meetings run effectively and on target.
Dalam mendukung akuntabilitas dan transparansi, Sekretaris In supporting accountability and transparency, the Secretary of
Dewan Komisaris juga bertanggung jawab dalam menyiapkan the Board of Commissioners is also responsible for preparing
risalah rapat Dewan Komisaris dan rapat gabungan Dewan minutes of Board of Commissioners meetings and joint meetings
366
Komisaris dan Direksi, serta memastikan hasil rapat of the Board of Commissioners and the Board of Directors, as
terdokumentasi secara akurat sebagai dasar tindak lanjut well as ensuring that the results of the meetings are accurately
manajemen. documented as a basis for management follow-up.
Laporan Tahunan 2025 Annual Report
Sepanjang tahun pelaporan, Sekretaris Dewan Komisaris turut Throughout the reporting year, the Secretary of the Board
menyiapkan dan mengumpulkan bahan yang digunakan sebagai of Commissioners participated in preparing and collecting
tanggapan tertulis Dewan Komisaris kepada Pemegang Saham materials used as written responses from the Board of
atas kinerja Perusahaan tahun buku 2025, termasuk tanggapan Commissioners to Shareholders regarding the Company’s
atas usulan Rencana Kerja dan Anggaran Perusahaan (RKAP) performance for the 2025 Fiscal Year, including responses to
tahun 2025. Selain itu, Sekretaris Dewan Komisaris menyusun the proposed 2025 Company Work Plan and Budget (RKAP).
laporan tanggapan Dewan Komisaris kepada Pemegang In addition, the Secretary of the Board of Commissioners
Saham mengenai realisasi kinerja triwulanan Perusahaan prepared a response report from the Board of Commissioners
sebagai bagian dari pelaksanaan fungsi pengawasan yang to Shareholders regarding the realization of the Company’s
berkelanjutan. quarterly performance as part of the implementation of the
ongoing supervisory function.
Sebagai penghubung antara Dewan Komisaris dan Direksi, As a liaison between the Board of Commissioners and the Board
Sekretaris Dewan Komisaris menyampaikan pendapat, of Directors, the Secretary to the Board of Commissioners
arahan, serta saran Dewan Komisaris kepada Direksi sebagai conveys the Board’s opinions, directions, and suggestions to
tindak lanjut atas laporan hasil monitoring dan evaluasi yang the Board of Directors as a follow-up to the monitoring and
dilakukan oleh Komite Dewan Komisaris. Peran ini dijalankan evaluation reports conducted by the Board of Commissioners
untuk memastikan rekomendasi Dewan Komisaris dapat Committee. This role is conducted to ensure that the Board
diimplementasikan secara efektif oleh manajemen. of Commissioners’ recommendations can be effectively
implemented by management.
Sekretaris Dewan Komisaris juga menyiapkan dan menyusun The Secretary to the Board of Commissioners also prepares
bahan laporan pelaksanaan tugas serta Indikator Kinerja and compiles quarterly reports on the implementation of
Utama (IKU) triwulanan Dewan Komisaris kepada Pemegang duties and Key Performance Indicators (KPI) for the Board of
Saham, termasuk bahan laporan penilaian kinerja Direksi Commissioners to shareholders, including reports on individual
secara individual. Selain itu, Sekretaris Dewan Komisaris performance assessments of the Board of Directors. In addition,
Page 367
menyiapkan bahan pendapat tertulis Dewan Komisaris atas the Secretary to the Board of Commissioners prepares written
berbagai permohonan Direksi yang berkaitan dengan kegiatan opinions from the Board of Commissioners on various requests
Perusahaan, sesuai dengan ketentuan yang berlaku. from the Board of Directors relating to the Company’s activities,
in accordance with applicable regulations.
Dalam rangka mendukung peningkatan kapasitas Dewan To support the capacity building of the Board of Commissioners,
Komisaris, Sekretaris Dewan Komisaris mengumpulkan informasi the Secretary to the Board of Commissioners gathers
serta mempersiapkan pelaksanaan program pengembangan information and prepares for the implementation of the
Dewan Komisaris, termasuk kegiatan yang mendukung citra Board of Commissioners development program, including
dan reputasi Perusahaan. Sekretaris Dewan Komisaris juga activities that support the Company’s image and reputation.
berperan dalam mengumpulkan informasi dan dokumentasi The Secretary to the Board of Commissioners also plays a
yang diperlukan untuk pelaksanaan assessment Tata Kelola role in gathering information and documentation necessary
Perusahaan yang Baik (GCG), khususnya pada aspek Dewan for the implementation of Good Corporate Governance
Komisaris. (GCG) assessments, particularly regarding the Board of
Commissioners.
Selain itu, Sekretaris Dewan Komisaris menyiapkan dan In addition, the Secretary of the Board of Commissioners
mengumpulkan bahan untuk penyusunan Rencana Kerja dan prepares and collects materials for the preparation of the
Anggaran (RKA) Dewan Komisaris tahun 2026, sebagai bagian Board of Commissioners’ Work Plan and Budget (RKA) for 2026,
dari proses perencanaan yang terstruktur dan akuntabel. as part of a structured and accountable planning process.
Sebagai bentuk komitmen terhadap peningkatan kualitas As a form of commitment to improving the quality of
kinerja, Sekretaris Dewan Komisaris secara berkelanjutan performance, the Secretary of the Board of Commissioners
meningkatkan kompetensi melalui keikutsertaan dalam continuously improves his/her competency through participation
berbagai pelatihan, workshop, dan seminar yang relevan, in various relevant training, workshops, and seminars, to ensure
guna memastikan pelaksanaan tugas senantiasa selaras that the implementation of his/her duties is always in line with
dengan perkembangan regulasi dan praktik terbaik tata kelola regulatory developments and best practices of corporate
perusahaan. governance.
Penilaian kinerja oleh Dewan Komisaris Performance assessment by the Board of Commissioners
Penilaian terhadap kinerja Sekretaris Dewan Komisaris The performance assessment of the Secretary to the Board
dilakukan secara langsung oleh Dewan Komisaris. Proses ini of Commissioners is conducted directly by the Board of
dirancang untuk memastikan bahwa kinerja Sekretaris sesuai Commissioners. This process is designed to ensure that the
dengan tugas dan tanggung jawab utama yang diemban. Secretary’s performance aligns with their primary duties and
Sepanjang 2025, Dewan Komisaris Perseroan telah menilai responsibilities. Throughout 2025, the Company’s Board of
kinerja Sekretaris Dewan Komisaris telah dijalankan dengan Commissioners assessed the Secretary’s performance as
baik dalam rangka mendukung kegiatan Dewan Komisaris adequate, effectively supporting the Board’s activities.
secara efektif.
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KOMITE AUDIT AUDIT COMMITTEE
Komite Audit merupakan organ Dewan Komisaris yang berfungsi The Audit Committee is an organ of the Board of Commissioners
membantu Dewan Komisaris dalam menjalankan tugas dan that functions to assist the Board of Commissioners in carrying
PT Sarana Multigriya Finansial (Persero)
fungsi pengawasan. Lingkup pengawasan Komite Audit out its supervisory duties and functions. The scope of
meliputi hal-hal yang terkait dengan informasi keuangan, sistem supervision of the Audit Committee includes matters related to
pengendalian intern, efektivitas pemeriksaan oleh Auditor financial information, internal control systems, the effectiveness
Eksternal dan lnternal, serta kepatuhan terhadap peraturan of audits by External and Internal Auditors, and compliance with
perundang-undangan yang berlaku. Perseroan membentuk applicable laws and regulations. The Company established the
Komite Audit sejak tahun 2017 berdasarkan Surat Keputusan Audit Committee in 2017 based on the Decree of the Board of
Dewan Komisaris Nomor 01/KEP/Dekom/2017 tentang Commissioners Number 01/KEP/Dekom/2017 concerning the
Pengangkatan Anggota Komite Audit PT Sarana Multigriya Appointment of Members of the Audit Committee of PT Sarana
Finansial (Persero) tanggal 9 Juni 2017. Multigriya Finansial (Persero) dated June 9, 2017.
Pembentukan Komite Audit Perseroan mengacu pada PMK The establishment of the Company’s Audit Committee refers
No.88/PMK.06/2015 tentang Penerapan Tata Kelola Perusahaan to Ministry of Finance Regulation (PMK) No. 88/PMK.06/2015
yang Baik Pada Perusahaan Perseroan Perseroan (Persero) concerning the Implementation of Good Corporate Governance
di Bawah Pembinaan dan Pengawasan Menteri Keuangan. in Limited Liability Companies (Persero) under the Guidance
and Supervision of the Minister of Finance.
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Tata Kelola Perusahaan
Corporate Governance
Pedoman Kerja Komite Audit Audit Committee Work Guidelines
Pedoman atau piagam Komite Audit Perseroan diatur dalam The Company’s Audit Committee guidelines or charter are
Pakta Komite Audit yang disahkan oleh Dewan Komisaris regulated in the Audit Committee Pact ratified by the Board
tanggal 6 Oktober 2022. Ruang lingkup yang diatur dalam of Commissioners on October 6, 2022. The scope regulated
pedoman tersebut mencakup, antara lain: in these guidelines includes, among others:
1. Ketentuan Umum yang mencakup, antara lain: Kualifikasi 1. General Provisions which include, among others: Audit
Komite Audit, Kode Etik dan Pemutakhiran Dokumen Committee Qualifications, Code of Conduct and Document
Updates
2. Tata Kelola yang mencakup antara lain: Struktur Komite 2. Governance includes, among other things: Audit Committee
Audit, Hubungan Kerja Komite Audit, Masa Tugas dan Structure, Audit Committee Working Relationship, Term of
Remunerasi Office and Remuneration
3. Tugas Tanggung Jawab dan Wewenang 3. Duties, Responsibilities and Authorities
4. Aktivitas Pengawasan terhadap Pelaporan Keuangan, 4. Supervisory Activities on Financial Reporting, Audit Process,
Proses Audit, Implementasi corporate governance. Implementation of Corporate Governance.
5. Pedoman Rapat, Pelaporan dan Evaluasi Kinerja 5. Meeting Guidelines, Reporting and Performance Evaluation
Pedoman/Pakta Komite Audit senantiasa diperbarui secara Guidelines /Pact are regularly updated to ensure they remain
berkala agar senantiasa selaras dengan perkembangan bisnis aligned with the Company’s business developments and
Perseroan dan peraturan perundang-undangan yang berlaku. applicable laws and regulations. The Audit Committee Pact is
Pakta Komite Audit telah termuat di dalam situs web Perseroan. available on the Company’s website.
Kriteria Komite Audit Audit Committee Criteria
Kriteria pengangkatan anggota Komite Audit berdasarkan The criteria for appointing members of the Audit Committee
Peraturan Otoritas Jasa Keuangan Nomor 55/POJK.04/2015 based on Financial Services Authority Regulation Number 55/
tentang Pembentukan dan Pedoman Pelaksanaan Kerja Komite POJK.04/2015 concerning the Formation and Guidelines for
Audit adalah sebagai berikut: Implementing the Work of the Audit Committee are as follows:
1. Wajib memiliki integritas yang tinggi, kemampuan, 1. Must have high integrity, ability, knowledge, experience
pengetahuan, pengalaman sesuai dengan bidang in accordance with his/her field of work, and be able to
pekerjaannya, serta mampu berkomunikasi dengan communicate well; must understand financial reports,
368
baik;wajib memahami laporan keuangan, bisnis perusahaan company business, especially those related to services
khususnya yang terkait dengan layanan jasa atau kegiatan or business activities of Issuers or Public Companies, audit
usaha Emiten atau Perusahaan Publik, proses audit, processes, risk management, and laws and regulations
manajemen risiko, dan peraturan perundang-undangan di in the Capital Market sector and other related laws and
Laporan Tahunan 2025 Annual Report
bidang Pasar Modal serta peraturan perundang-undangan regulations; must comply with the Audit Committee Code
terkait lainnya;wajib mematuhi kode etik Komite Audit yang of Conduct established by the Issuer or Public Company;
ditetapkan oleh Emiten atau Perusahaan Publik;bersedia be willing to continuously improve competence through
meningkatkan kompetensi secara terus menerus melalui education and training; must have at least 1 (one) member
pendidikan dan pelatihan;wajib memiliki paling sedikit 1 with an educational background and expertise in the field
(satu) anggota yang berlatar belakang pendidikan dan of accounting and finance;
keahlian di bidang akuntansi dan keuangan;
2. Bukan merupakan orang dalam Kantor Akuntan Publik, 2. Not be a person in a Public Accounting Firm, Legal
Kantor Konsultan Hukum, Kantor Jasa Penilai Publik atau Consultant Firm, Public Appraisal Services Firm or other
pihak lain yang memberi jasa asurans, jasa non-asurans, party that provides assurance services, non-assurance
jasa penilai dan/atau jasa konsultasi lain kepada Emiten services, appraisal services and/or other consulting
atau Perusahaan Publik yang bersangkutan dalam waktu services to the Issuer or Public Company in question within
6 (enam) bulan terakhir; the last 6 (six) months;
3. Bukan merupakan orang yang bekerja atau mempunyai 3. Not be a person who works or has the authority and
wewenang dan tanggung jawab untuk merencanakan, responsibility to plan, lead, control or supervise the activities
memimpin, mengendalikan, atau mengawasi kegiatan of the Issuer or Public Company in the last 6 (six) months,
Emiten atau Perusahaan Publik tersebut dalam waktu 6 except for Independent Commissioners;
(enam) bulan terakhir, kecuali Komisaris Independen;
4. Tidak mempunyai saham langsung maupun tidak langsung 4. Does not have direct or indirect shares in the Issuer or
pada Emiten atau Perusahaan Publik; Public Company;
5. Dalam hal anggota Komite Audit memperoleh saham 5. In the event that an Audit Committee member acquires
Emiten atau Perusahaan Publik baik langsung maupun tidak shares in an Issuer or Public Company either directly or
langsung akibat suatu peristiwa hukum, saham tersebut indirectly as a result of a legal event, the shares must be
wajib dialihkan kepada pihak lain dalam jangka waktu paling transferred to another party within a maximum period of
lama 6 (enam) bulan setelah diperolehnya saham tersebut; 6 (six) months after the shares were acquired;
Page 369
6. Tidak mempunyai hubungan Afiliasi dengan anggota Dewan 6. Does not have an affiliated relationship with members
Komisaris, anggota Direksi, atau Pemegang Saham Utama of the Board of Commissioners, members of the Board
Emiten atau Perusahaan Publik; dan of Directors, or Major Shareholders of Issuers or Public
Companies; and
7. Tidak mempunyai hubungan usaha baik langsung maupun 7. Not have any direct or indirect business relationship related
tidak langsung yang berkaitan dengan kegiatan usaha to the business activities of the Issuer or Public Company.
Emiten atau Perusahaan Publik.
Ketentuan Masa Jabatan Komite Audit Terms of Office of the Audit Committee
Sejalan dengan Board Manual Perseroan dan Pakta Komite In line with the Company’s Board Manual and the Audit
Audit, masa jabatan Komite Audit ditetapkan paling lama 3 Committee Pact, the term of office of the Audit Committee is
(tiga) tahun, dan dapat diangkat kembali untuk 2 (dua) tahun set at a maximum of 3 (three) years, and can be reappointed for
berikutnya, dengan tidak mengurangi hak Dewan Komisaris the next 2 (two) years, without reducing the right of the Board
untuk memberhentikan sewaktu- waktu. Akumulasi masa of Commissioners to dismiss at any time. The accumulated
jabatan Komite Audit ditetapkan paling lama 5 (lima) tahun. term of office of the Audit Committee is set at a maximum of
Masa tugas anggota Komite Audit tidak boleh lebih lama dari 5 (five) years. The term of office of Audit Committee members
masa jabatan Dewan Komisaris sebagaimana diatur dalam may not be longer than the term of office of the Board of
Anggaran Dasar dan dapat dipilih kembali hanya satu periode Commissioners as stipulated in the Articles of Association and
berikutnya. can be re-elected only for one subsequent period.
Komposisi Komite Audit Audit Committee Composition
Selama tahun 2025, terdapat perubahan jumlah, komposisi dan Throughout 2025, there were changes in the number,
susunan Komite Audit, sebagaimana tersaji pada kronologis composition and structure of the Audit Committee, as presented
perubahan sebagaimana berikut ini: in the chronology of changes as follows:
Jabatan
Nama di Komite Audit Keterangan
Name Position in the Audit Remarks
Committee
Nursevianto Tahier Anggota Berhenti menjabat per 25 Mei 2025
Member No longer serving since May 25, 2025
Airvian Trisakti Anggota Resmi menjabat per 25 Mei 2025
Member Officially in office as of May 25, 2025
Handoko Tomo Anggota Berhenti menjabat per 23 Desember 2025
Member No longer serving since December 23, 2025
Gostav Adam Anggota Resmi menjabat 23 Desember 2025
Member Officially in office as of December 23, 2025
Dengan demikian, komposisi Komite Audit Perseroan hingga Thus, the composition of the Company’s Audit Committee as 369
per 31 Desember 2025, sebagia berikut: of December 31, 2025, is as follows
Jabatan Jabatan
Nama di Dewan Komisaris di Komite Audit Keahlian Masa Jabatan
PT Sarana Multigriya Finansial (Persero)
Name Position in the Board of Position in the Audit Expertise Term of Office
Commissioners Committee
Dedy Supriadi Priatna Komisaris Independen Ketua Keuangan, Ekonomi, Teknik Sesuai Masa Jabatan
Independent Commissioner Chairman Elektro, SDM Komisaris
Finance, Economics, Following the term of
Electrical Engineering, and office as the Board of
Human Capital Commissioners
Airvian Trisakti Tidak Ada Anggota Akuntansi, Audit 2025-2028
None Member Accounting, and Auditing
Gostav Adam Tidak Ada Anggota Akuntansi, Audit 2025-2028
None Member Accounting, and Auditing
Page 370
Tata Kelola Perusahaan
Corporate Governance
Profil Komite Audit Profile of Audit Committee Members
Dedy Supriadi Priatna
Ketua Komite Audit
Chairman of the Audit Committee
Dedy Supriadi Priatna merupakan anggota Dewan Komisaris Perseroan, profil lengkap beliau telah dimuat pada Bab Profil Perusahaan di
pembahasan sub judul Profil Dewan Komisaris di Laporan Tahunan ini
Dedy Supriadi Priatna is a member of the Company’s Board of Commissioners, his complete profile has been included in the Company Profile
Chapter in the Profile of the Board of Commissioners sub-chapter in this Annual Report.
Airvian Trisakti
Anggota Komite Audit
Warga Negara Indonesia, usia 60 tahun per 31 Desember 2025, berdomisili di Jakarta
Member of the Audit Committee
Indonesian citizen, 60 years old as of December 31, 2025, domiciled in Jakarta
Dasar Hukum Pengangkatan Legal Basis for Appointment
Surat Keputusan Dewan Komisaris No.001/KEP/DEKOM/2025 Decree of the Board of Commissioners No. 001/KEP/DEKOM/2025
Periode Jabatan Office Period
Pertama First
Masa Jabatan Term of Office
2025-2028 2025-2028
Riwayat Pendidikan Educational Background
• Master of Science in Finance, University of Colorado Denver, USA, • Master of Science in Finance, University of Colorado Denver, USA,
(1999) (1999)
• Diploma IV/Akuntansi , Sekolah Tinggi Akuntansi Negara (STAN) • Diploma IV/Accounting, State Accountancy College (STAN) Jakarta,
Jakarta, (1993) (1993)
• Diploma III/Akuntansi, Sekolah Tinggi Akuntansi Negara (STAN) • Diploma III/Accounting, State Accountancy College (STAN) Jakarta,
Jakarta, (1987) (1987)
Pengalaman Kerja Work Experience
• Anggota Komite Audit pada PT Sarana Multigriya Financial, • Member of the Audit Committee at PT Sarana Multigriya
370
(2025-sekarang) (2025-present)
• Aparat Sipil Negara pada Inspektorat Jenderal Kementerian • State Civil Apparatus at the Inspectorate General of the Finance,
Keuangan, (1986-2025) (1986-2025)
Rangkap Jabatan Concurrent Position
Laporan Tahunan 2025 Annual Report
Tidak Ada None
Hubungan Afiliasi Affiliation
Tidak memiliki hubungan afiliasi dengan anggota Dewan Komisaris, Has no affiliation with members of the Board of Commissioners, Board
Direksi namun memiliki hubungan afiliasi dengan Pemegang Saham of Directors However has affiliation with Major & Controlling Shareholder
Utama Pengendali Perusahaan of the Company
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Gostav Adam
Anggota Komite Audit
Warga Negara Indonesia, usia 41 tahun per 31 Desember 2025, berdomisili di Bekasi
Member of the Audit Committee
Indonesian citizen, age 41 years as of December 31, 2025, domiciled in Bekasi
Dasar Hukum Pengangkatan Legal Basis for Appointment
Surat Keputusan Dewan Komisaris No.005 /KEP/DEKOM/2025 Decree of the Board of Commissioners No. 005 /KEP/DEKOM/2025
Periode Jabatan Office Period
Pertama First
Masa Jabatan Length of service
2025-2028 2025-2028
Riwayat Pendidikan Educational background
• Magister Akuntansi, Universitas Indonesia, (2017) • Master of Accounting, University of Indonesia, (2017)
• Sarjana Akuntansi, STIE Muhammadiyah Jakarta, (2010) • Bachelor of Accounting, Muhammadiyah College of Economics,
Jakarta, (2010)
• Diploma III Akuntansi, Sekolah Tinggi Akuntansi Negara (STAN), • Diploma III in Accounting, State College of Accountancy (STAN),
(2005) (2005)
Pengalaman Kerja Work Experience
• Auditor Madya Inspektorat Jenderal Kementerian Keuangan, Periode • Senior Auditor of the Inspectorate General of the Ministry of
2025 –sekarang Finance, 2025–present period
• Auditor Muda Inspektorat Jenderal Kementerian Keuangan, Periode • Junior Auditor of the Inspectorate General of the Ministry of
2018 –2025. Finance, Period 2018 – 2025.
Rangkap Jabatan Concurrent Position
• Auditor Madya Inspektorat Jenderal Kementerian Keuangan Senior Auditor of the Inspectorate General of the Ministry of Finance
Hubungan Afiliasi Affiliation
Tidak memiliki hubungan afiliasi dengan anggota Dewan Komisaris, Has no affiliation with members of the Board of Commissioners, Board
Direksi namun memiliki hubungan afiliasi dengan Pemegang Saham of Directors but has affiliation with Major & Controlling Shareholder of
Utama Pengendali Perusahaan the Company
Sertifikasi Profesi Komite Audit Audit Committee Professional Certification
PT SMF berupaya untuk memastikan seluruh anggota Komite PT SMF strives to ensure that all members of the Audit
Audit memiliki kualifikasi dan kompetensi yang memadai Committee possess adequate qualifications and competencies
dalam mendukung pelaksanaan fungsi dan tugasnya. Sebagai to support the implementation of their functions and duties.
perwujudan hal tersebut, berikut adalah sertifikasi profesi yang To demonstrate this, the following professional certifications
dimiliki anggota komite: are held by committee members:
Jabatan di Komite
Nama Sertifikasi yang dimiliki Dikeluarkan oleh
Position in the
Name Certifications owned Issued by
committee
Dedy Supriadi Priatna Ketua Sertifikasi Manajemen Risiko Perbankan 4 Lembaga Sertifikasi Profesional Perbankan 371
Chairman Banking Risk Management Certification 4 (LSPP)
Banking Professional Certification Institute
(LSPP)
Sertifikasi Manajemen Risiko Perbankan 5 Lembaga Sertifikasi Profesional Perbankan
PT Sarana Multigriya Finansial (Persero)
Banking Risk Management Certification 5 (LSPP)
Banking Professional Certification Institute
(LSPP)
Sertifikasi Manajemen Risiko Perbankan 6 Badan Sertifikasi Manajemen Risiko (BSMR)
Banking Risk Management Certification 6 Risk Management Certification Body (BSMR)
Sertifikasi Manajemen Risiko Perbankan 7 Badan Sertifikasi Manajemen Risiko (BSMR)
Banking Risk Management Certification 7 Risk Management Certification Body (BSMR)
Airvian Trisakti Anggota Chartered Accountant (CA) Ikatan Akuntan Indonesia (IAI)
Member Indonesian Institute of Accountants (IAI)
Auditor Intern Pemerintah Asosiasi Auditor Intern Pemerintah Indonesia
Government Internal Auditors (AAIPI)
Association of Indonesian Government
Internal Auditors (AAIPI)\
Gostav Adam Anggota Certified GRC Professional (CGRCP) LSP GRC
Member
Certified Fraud Risk Management BPKP
Professional (FRMP)
Page 372
Tata Kelola Perusahaan
Corporate Governance
Independensi Komite Audit Independence of the Audit Committee
Kriteria Pemenuhan aspek independensi dari masing-masing The criteria for meeting the independence aspect of each
anggota Komite Audit Perseroan dapat dilihat pada tabel member of the Company’s Audit Committee are shown in the
sebagai berikut: following table:
Kriteria Independensi Dedy Supriadi
Airvian Trisakti Gostav Adam
Independency Sriteria Priatna
Tidak mempunyai saham baik langsung maupun tidak langsung di v v v
Perseroan.
Does not own any direct or indirect shares in the company.
Bukan orang yang mempunyai wewenang dan tanggung jawab untuk v v v
merencanakan, memimpin, dan/atau mengendalikan Perseroan dalam
waktu enam bulan terakhir.
Not a person who has the authority and responsibility to plan, lead,
and/or control the Company in the last six months.
Tidak memiliki hubungan keluarga sedarah dengan anggota Direksi v v v
dan anggota Dewan Komisaris sampai derajat kedua, baik menurut
garis lurus maupun ke samping atau hubungan semenda.
Not having a family relationship by blood with members of the Board
of Directors and members of the Board of Commissioners up to
the second degree, either according to a straight or side line or a
collateral relationship.
Tidak mempunyai hubungan usaha langsung dan tidak langsung yang v v v
berkaitan dengan kegiatan usaha Perseroan; dan
Has no direct and indirect business relationships related to the
Company’s business activities; and
Tidak memiliki hubungan keuangan dengan Dewan Komisaris dan v v v
Direksi
Has no financial relationship with the Board of Commissioners and
Board of Directors
Keterangan:
√ : Ya
X : Tidak
372 Note:
√ : Yes
X : No
Laporan Tahunan 2025 Annual Report
Tugas dan Tanggung Jawab Komite Audit Duties and Responsibilities of the Audit Committe
Sejalan dengan Pedoman Komite Audit yang diatur dalam In accordance with the Audit Committee Guidelines outlined in
Pakta Komite Audit, Tugas dan tanggung jawab Komite Audit the Audit Committee Pact, the Audit Committee’s duties and
adalah sebagai berikut: responsibilities are as follows:
1. Melakukan penelaahan atas laporan keuangan yang akan 1. Reviewing the financial statements that the Company will
dikeluarkan Perusahaan kepada publik dan/atau pihak issue to the public and/or the authorities, including financial
otoritas antara lain laporan keuangan, proyeksi, dan laporan statements, projections, and other reports related to the
lainnya terkait dengan informasi keuangan Perusahaan; Company’s financial information;
2. Melakukan penelaahan atas ketaatan terhadap peraturan 2. Reviewing compliance with laws and regulations relating
perundang-undangan yang berhubungan dengan kegiatan to the Company’s activities;
Perusahaan;
3. Memberikan pendapat independen dalam hal terjadi 3. Providing an independent opinion in the event of a
perbedaan pendapat antara manajemen dengan Akuntan dissenting opinion between management and the Public
Publik; Accountant;
4. Memberikan rekomendasi kepada Dewan Komisaris 4. Providing recommendations to the Board of Commissioners
mengenai penunjukan Akuntan yang didasarkan pada on the appointment of an Accountant based on
independensi, ruang lingkup penugasan dan fee; independence, assignment scope, and fee;
5. Melakukan penelaahan atas pelaksanaan pemeriksaan oleh 5. Reviewing the implementation of audits by internal auditors
auditor internal dan mengawasi pelaksanaan tindak lanjut and overseeing the implementation of follow-up by the
oleh Direksi atas temuan auditor internal; Board of Directors on internal auditor findings;
6. Melakukan penelaahan terhadap aktivitas pelaksanaan 6. Reviewing the risk management activities carried out by the
manajemen risiko yang dilakukan oleh Direksi, jika Board of Directors, in case of the Company does not have a
Perusahaan tidak memiliki fungsi pemantau risiko di bawah risk monitoring function under the Board of Commissioners;
Dewan Komisaris;
Page 373
7. Menelaah pengaduan yang berkaitan dengan proses 7. Reviewing complaints relating to the Company’s accounting
akuntansi dan pelaporan keuangan Perseroan; and financial reporting processes;
8. Menelaah dan memberikan saran kepada Dewan Komisaris 8. Reviewing and advising the Board of Commissioners on
terkait dengan adanya potensi benturan kepentingan potential conflicts of interest of the Company;
Perusahaan;
9. Menjaga kerahasiaan dokumen, data dan informasi 9. Maintaining the confidentiality of the Company’s documents,
Perusahaan; dan data, and information; and
10. Menjalankan fungsi pengawasan (oversight) terhadap 10. Performing an oversight function over financial reporting,
pelaporan keuangan, proses auditing, dan implementasi auditing process, and implementation of corporate
corporate governance. governance.
Rapat Komite Audit Audit Committee’s Meeting
Kebijakan Rapat Komite Audit diatur dalam Pedoman/Pakta The Audit Committee’s Meeting Policy is governed by the Audit
Komite Audit. Sejalan dengan kebijakan tersebut, Komite Committee Guidelines/Pact. In line with this policy, the Audit
Audit dapat mengadakan rapat secara berkala paling kurang Committee may meet at least once (1) every 3 (three) months,
1 (satu) kali dalam 3 (tiga) bulan serta rapat dapat dilaksanakan either offline or online via electronic means agreed upon by
secara luring atau daring dengan menggunakan elektronik yang the meeting participants.
disepakati oleh peserta rapat.
Untuk mengambil keputusan, rapat Komite Audit harus To make decisions, Audit Committee’s meetings require a
memenuhi kuorum, yaitu paling sedikit 2/3 (dua per tiga) dari quorum of at least 2/3 (two-thirds) of all Audit Committee
seluruh anggota Komite Audit. Apabila keputusan rapat tidak members. If a meeting decision cannot be made through
dapat diambil berdasarkan musyawarah mufakat, maka dapat deliberation and consensus, voting can be used. The decision
dilakukan voting. Keputusan rapat Komite Audit melalui voting made at the Audit Committee meeting through voting is
dianggap sah apabila disetujui oleh paling sedikit 2/3 (dua considered valid if it is approved by at least 2/3 (two-thirds)
per tiga) jumlah anggota yang hadir. Apabila keputusan tidak of the members present. If a decision cannot be reached
dapat diambil melalui voting, maka keputusan ditetapkan oleh through voting, the Chairman of Audit Committee makes the
Ketua Komite Audit. final decision.
Sepanjang tahun 2025, Komite Audit telah melaksanakan rapat Throughout 2025, the Audit Committee held 4 meetings with
sebanyak 4 kali dengan tingkat kehadiran Komite Audit sebagai the following attendance rates:
berikut:
Frekuensi Rapat Internal dan Tingkat Kehadiran Anggota Komite Audit Tahun 2025
Internal Meeting Frequency and Attendance Rate of Audit Committee’s Members in 2025
Nama dan Jabatan Frekuensi Rapat Jumlah wajib Kehadiran Tingkat Kehadiran
Name and Position Meeting Frequency Total Mandatory Attendance Attendance Rate
Dedy Supriadi Priatna 4 4 100%
373
Nursevianto Tahier* 1 1 100%
Handoko Tomo** 4 4 100%
Airvian Trisakti*** 3 3 100% PT Sarana Multigriya Finansial (Persero)
Gostav Adam **** - - -
*) Berhenti menjabat per 25 Mei 2025
**) Berhenti menjabat per 23 Desember 2025
***) Resmi menjabat per 25 Mei 2025
****) Resmi menjabat 23 Desember 2025
*) No longer serving since May 25, 2025
**) No longer serving since December 23, 2025
***) Officially in office as of May 25, 2025
****) Officially in office December 23, 2025
Page 374
Tata Kelola Perusahaan
Corporate Governance
Agenda Rapat Komite Audit Tahun 2025
Audit Committee Meeting Agenda in 2025
Tanggal Undangan Rapat Agenda
22 Mei 2025 1. Pemaparan Rencana Kerja Pengawasan Tahunan 2025
May 22, 2025 2. Pembahasan Temuan Audit External
1. Presentation of the 2025 Annual Supervisory Work Plan
2. Discussion of External Audit Findings
22 Juli 2025 1. Realisasi RKPT 2025
July 22, 2025 2. Pemaparan Dashboard Monitoring Tindak Lanjut Audit
1. Realization of RKPT 2025
2. Audit Follow-up Monitoring Dashboard Presentation
8 Agustus 2025 1. Pembahasan Audit Itjen Kemenkeu
August 8, 2025 2. Pembahasan ICoFR
1. Discussion of the Audit of the Inspectorate General of the Ministry of Finance
2. ICoFR Discussion
7 November 2025 1. Laporan Progress Audit Internal
November 7, 2025 2. Pemutakhiran Piagam Audit Internal dan Pakta Komite Audit sesuai GIAS 2025 dan GCG 2024
3. Tindak Lanjut Audit Eksternal
4. Kegiatan Assesmen SPI
1. Internal Audit Progress Report
2. Update of the Internal Audit Charter and Audit Committee Pact in accordance with GIAS 2025 and
GCG 2024
3. External Audit Follow-up
4. SPI Assessment Activities
Program Pengembangan Kompetensi Komite Audit Audit Committee’s Competency Development Program
Komite Audit terus berupaya meningkatkan pemahaman serta The Audit Committee is constantly working to improve its
keterampilan yang dimiliki guna menunjang pelaksanaan understanding and skills to better support the Company’s
tugasnya di Perseroan. Oleh sebab itu, Komite Audit rutin operations. As a result, the Audit Committee actively
untuk mengikuti program pengembangan kompetensi. participates in competency development programs. The Audit
Pengembangan Kompetensi Komite Audit sepanjang tahun Committee’s Competency Development for 2025 is as follows:
2025 adalah sebagai berikut:
374
Nama dan Jabatan Jenis Pendidikan dan Pelatihan Materi Pendidikan dan Pelatihan
Name and Position Types of Education and Training Education and Training Materials
Laporan Tahunan 2025 Annual Report
Dedy Supriadi Priatna Dedy Supriadi Priatna merupakan anggota Dewan Komisaris Independen Perseroan, uraian terkait
(Ketua Komite Audit) pengembangan kompetensi beliau telah dimuat pada Bab Tata Kelola Perusahaan di pembahasan
(Chairman of Audit Committee) sub judul Program Pengembangan Kompetensi Dewan Komisaris di Laporan Tahunan ini
Dedy Supriadi Priatna is a member of the Company’s Independent Board of Commissioners, a
description of his competency development has been included in the Corporate Governance
Chapter in the discussion of the sub-title of the Board of Commissioners’ Competency
Development Program in this Annual Report
Airvian Trisakti Airvian Trisakti dan Gostav Adam tidak melakukan kegiatan pelatihan dan pengembangan
(Anggota Komite Audit) kompetensi melalui agenda Perusahaan. Kegiatan pelatihan dan pengembangan kompetensi
(Member of Audit Committee) dilakukan secara mandiri sesuai dengan skill dan bidang industri terkait.
Gostav Adam Airvian Trisakti and Gostav Adam did not participate in competency training and development
(Anggota Komite Audit) activities through the Company’s agenda. Competency training and development activities were
(Member of Audit Committee) performed independently in accordance with their respective skills and related industry.
Pelaksanaan Tugas Komite Audit Implementation of Audit Committee’s Duties
Pada tahun 2025, Komite Audit telah melaksanakan tugas dan In 2025, the Audit Committee carried out its duties and
tanggung jawabnya berdasarkan rencana program kerja tahun responsibilities in accordance with the 2025 work program
2025 dengan mengacu pada Pedoman Kerja Komite Audit, plan, by referring to the Audit Committee’s Work Guidelines,
berikut di antaranya : namely:
1. Evaluasi Laporan Keuangan (Audit) Perseroan Tahun Buku 1. Evaluation of the Company’s Financial Statement (Audit)
2024. for the Fiscal Year 2024.
2. Evaluasi Laporan Triwulan Konsolidasi Manajemen 2. Evaluation of the 2025 Company’s Consolidated Quarterly
Perseroan Tahun 2025. Management Report .
3. Evaluasi usulan RKAP Perseroan tahun 2025. 3. Evaluation of the proposed RKAP for the Year 2025.
4. Evaluasi usulan RKPT Audit Internal Tahun 2025. 4. Evaluation of the proposed Internal Audit RKPT for the
Year 2025.
Page 375
5. Monitoring dan evaluasi atas pelaksanaan RKPT Audit 5. Monitoring and evaluation on the implementation of the
Internal Tahun 2025. 2025 Internal Audit RKPT.
6. Monitoring tindak lanjut hasil audit yang dilakukan oleh 6. Follow up Monitoring on audit results conducted by Internal
Audit Internal Tahun Buku 2025. Audit for the Fiscal Year 2025.
7. Evaluasi pelaksanaan Internal Audit Charter (Jika 7. Evaluation of the implementation of the Internal Audit
diperlukan). Charter (if required).
8. Melakukan proses pengusulan/penunjukan calon auditor 8. Carrying out the proposal/appointment process of
eksternal (KAP) untuk pelaksanaan audit tahun buku 2025. prospective external auditors (KAP) for implementation
of annual audit of Fiscal Year 2025.
9. Monitoring audit atas laporan keuangan tahun buku 2024 9. Audit monitoring of financial statement of Fiscal Year 2024
yang dilaksanakan oleh auditor eksternal. conducted by external auditors.
10. Pembahasan laporan hasil audit atas laporan keuangan 10. Discussion of the audit report on the Company’s financial
Perseroan tahun buku 2024 yang dilaksanakan oleh auditor statements for the 2024 fiscal year conducted by external
eksternal. auditors.
11. Evaluasi tindak lanjut hasil audit atas laporan keuangan 11. Follow-up evaluation on audit results on the company’s
Perseroan tahun buku 2024 yang dilaksanakan oleh auditor financial statement for the fiscal year 2024, conducted
eksternal. by external auditors.
12. Evaluasi terhadap sistem pengendalian internal perusahaan. 12. Evaluation of the Company’s internal control system.
13. Monitoring dan evaluasi terhadap sistem dan teknologi 13. Monitoring and evaluation of the Company’s IT and system.
informasi Perseroan.
14. Menelaah dan memberi rekomendasi terhadap pelaksanaan 14. Review and give recommendations for the implementation
tugas auditor eksternal dan internal. duties of external and internal auditors.
15. Evaluasi terhadap informasi strategis yang dikeluarkan 15. Evaluation of strategic information issued by the Company.
Perseroan.
16. Memberi pendapat independen dalam hal terjadi perbedaan 16. Give independent opinion when there are disagreement
pendapat antara manajemen dan Akuntan atas jasa yang between management and the Accountant regarding the
diberikannya. services provided.
17. Memberi rekomendasi kepada Dewan Komisaris mengenai 17. Advising the Board of Commissioners about appointment
penunjukan Akuntan yang didasarkan pada independensi, of Accountants based on independence, scope of
ruang lingkup penugasan, dan fee. assignments, and fees.
18. Menelaah pelaksanaan pemeriksaan oleh auditor internal 18. Review audit implementation by internal auditors and
dan mengawasi pelaksanaan tindak lanjut oleh Direksi atas supervise follow up implementation by the Board of
temuan auditor internal. Directors on internal auditor findings.
19. Menelaah pengaduan yang berkaitan dengan proses 19. Review complaintsrelated to with accounting and reporting
akuntansi dan pelaporan keuangan Perseroan. processes of Company finances.
20. Menyelenggarakan rapat internal Komite Audit sekurang- 20. Organize Internal Audit Committee meetings at least 4
kurangnya 4 kali dalam satu tahun. times in one year.
21. Menyusun laporan kegiatan Komite Audit setiap triwulan dan 21. Compiling a report on Audit Committee activities every
tahunan, dan menyampaikannya kepada Dewan Komisaris. quarterly and annually, and submit them to the Board of 375
Commissioners.
22. Menyusun program kerja Komite Audit tahun 2025. 22. Prepare Audit Committee work program 2025.
23. Meningkatkan kompetensi melalui pelatihan/workshop/ 23. Increase competence through training /workshop/seminar.
seminar.
PT Sarana Multigriya Finansial (Persero)
24. Melakukan self assessment kinerja Komite Audit pada 24. Conduct self-assessment of the Audit Committee’s
laporan kegiatan komite audit. performance in the audit committee activity report.
25. Melaksanakan tugas lainnya dari Dewan Komisaris. 25. Carry out other tasks from the Board of Commissioners.
Evaluasi Kinerja Komite Audit Audit Committee’s Performance Evaluation
Hasil evaluasi kinerja Komite Audit menunjukkan bahwa Komite The Audit Committee’s performance evaluation results show
telah menjalankan tugasnya secara efektif dan sesuai dengan that the Committee performed its duties effectively and in
pedoman yang berlaku. Komite Audit memberikan kontribusi accordance with prevailing guidelines. The Audit Committee
yang signifikan dalam memastikan kepatuhan terhadap plays an important role in ensuring regulatory compliance,
peraturan, transparansi laporan keuangan, dan penguatan transparency of financial statements, and strengthening
tata kelola perusahaan. corporate governance.
Page 376
Tata Kelola Perusahaan
Corporate Governance
KOMITE PEMANTAU RISIKO RISK MONITORING COMMITTEE
Komite Pemantau Risiko merupakan organ di bawah Dewan The Risk Monitoring Committee is an organ of the Board of
Komisaris yang bertujuan untuk membantu Dewan Komisaris Commissioners that is responsible for assisting the Board of
dalam melaksanakan fungsi pengawasan (oversight) terhadap Commissioners in carrying out the oversight function of risk
penerapan manajemen risiko di lingkungan Perseroan, untuk management implementation within the Company, identifying
teridentifikasinya risiko-risiko signifikan bagi Perseroan, serta significant risks to the Company, and ensuring the development
untuk memastikan terbangunnya budaya risiko di lingkungan of a risk culture within the Company. SMF Risk Monitoring
Perseroan. Komite Pemantau Risiko SMF dibentuk sejak tahun Committee was established in 2017, pursuant to the Board
2017 berdasarkan Surat Keputusan Dewan Komisaris Nomor of Commissioners’ Decree No. 05/KEP/DEKOM/2017 on the
05/KEP/DEKOM/2017 tentang Pengesahan Komite Pemantau Ratification of the Risk Monitoring Committee.
Risiko.
Pedoman Kerja Komite Pemantau Risiko Risk Monitoring Committee Working Guidelines
Pedoman atau piagam Komite Pemantau Risiko diatur dalam The guidelines or charter of the Risk Monitoring Committee
Pakta Komite Pemantau Risiko yang disahkan oleh Dewan are regulated in the Risk Monitoring Committee Pact ratified
Komisaris tanggal 29 September 2022. Ruang lingkup yang by the Board of Commissioners on September 29, 2022. The
diatur dalam pedoman tersebut mencakup, antara lain: scope regulated in these guidelines includes, among others:
1. Ketentuan Umum yang mencakup, antara lain: Kualifikasi 1. General Provisions which includes: Qualifications of the Risk
Komite Pemantau Risiko, Kode Etik dan Pemutakhiran Monitoring Committee, Code of Conduct and Document
Dokumen; Updates;
2. Tata Kelola yang mencakup antara lain: Struktur Komite 2. Governance which includes: among other things: Risk
Pemantau Risiko, Hubungan Kerja Komite Pemantau Risiko, Monitoring Committee Structure, Risk Monitoring Committee
Masa Tugas dan Remunerasi; Working Relationship, Term of Office and Remuneration;
3. Tugas Tanggung Jawab dan Wewenang; 3. Duties, Responsibilities and Authorities;
4. Pedoman Rapat, Pelaporan dan Evaluasi Kinerja. 4. Guidelines for Meetings, Reporting and Performance
Evaluation.
Pedoman/Pakta Komite Pemantau Risiko senantiasa diperbarui The Risk Monitoring Committee Guidelines/Pact are regularly
376
secara berkala agar senantiasa selaras dengan perkembangan updated to maintain alignment with the company’s business
bisnis perusahaan dan peraturan perundangundangan yang developments and applicable laws and regulations. The Risk
berlaku. Pakta Komite Pemantau Risiko telah termuat di dalam Monitoring Committee Pact is available on the Company’s
situs web Perseroan. website.
Laporan Tahunan 2025 Annual Report
Kriteria Komite Pemantau Risiko Risk Monitoring Committee Criteria
Kriteria pengangkatan anggota Komite Pemantau Risiko adalah The criteria for appointing members of the Risk Monitoring
sebagai berikut: Committee are as follows:
1. Wajib memiliki integritas yang tinggi, akhlak dan moral yang 1. Must have high integrity, good morals and character,
baik, kemampuan,pengetahuan, pengalaman yang adequate skills, knowledge, experience in accordance with
memadai sesuai dengan bidang pekerjaanya, serta the field of work, and have good communication skills.
mampu berkomunikasi dengan baik
2. Memiliki pengetahuan yang cukup untuk membaca 2. Have sufficient knowledge to readand understand
dan memahami laporan keuangan dan laporan terkait financial reports and statement related to monitoring the
pemantauan pelaksanaan kebijakan manajemen risiko implementation of the Company’s risk management policies.
Perseroan
3. Memiliki pengetahuan yang cukup untuk membaca 3. Have sufficient knowledge to read and understand
dan memahami laporan keuangan dan laporan terkait financial statements and reports related to monitoring the
pemantauan pelaksanaan kebijakan manajemen risiko implementation of the Company’s risk management policies.
Perseroan.
4. Wajib mematuhi kode etik Komite Pemantau Risiko yang 4. Must comply with the Risk Monitoring Committee code of
ditetapkan oleh Perseroan. conduct established by the Company.
5. Bersedia meningkatkan kompetensi secara terus menerus 5. Willing to continuously improve competencies through
melalui pendidikan dan pelatihan. education and training.
Page 377
6. Tidak mempunyai saham langsung maupun tidak langsung 6. Does not have shares directly or indirectly in the Company.
pada Perseroan.
7. Dalam hal anggota Komite Pemantau Risiko memperoleh 7. In the event that a member of the Risk Monitoring
saham Perseroan baik langsung maupun tidak langsung Committee acquires shares in the Company either directly
akibat suatu peristiwa hukum, maka saham tersebut wajib or indirectly as a result of a legal event, the shares must
dialihkan kepada pihak lain dalam jangka waktu paling lama be transferred to another party within a maximum period
6 (enam) bulan setelah diperolehnya saham tersebut. of 6 (six) months after the shares were acquired.
8. Tidak mempunyai hubungan Afiliasi dengan anggota Dewan 8. Does not have any affiliated relationship with members
Komisaris dan anggota Direksi. of the Board of Commissioners and members of
the Board of Directors.
9. Selalu menjaga sikap independen (independent in appearance 9. A l w a y s m a i n t a i n a n i n d e p e n d e n t a t t i t u d e
dan independent in fact) serta bebas dari kepentingan (independent in appearance and independent in fact)
(conflict interest) dalam segala hal yang berkaitan dengan and be free from conflict of interest in all matters relating to
kegiatan Perusahaan. the Company’s activities.
10. Anggota Direksi dilarang menjadi anggota Komite Pemantau 10. Members of the Board of Directors are prohibited from
Risiko. becoming members of the Risk Monitoring Committee.
Ketentuan Masa Jabatan Komite Pemantau Risiko Terms of Office of the Risk Monitoring Committee
Sejalan dengan Board Manual Perseroan dan Pakta Komite In line with the Company’s Board Manual and the Risk Monitoring
Pemantau Risiko, masa jabatan anggota Komite Pemantau Committee Pact, the term of office of members of the Risk
Risiko di luar Dewan Komisaris ditetapkan paling lama 3 Monitoring Committee outside the Board of Commissioners is
(tiga) tahun, dan dapat diangkat kembali untuk 2 (dua) tahun set at a maximum of 3 (three) years, and can be reappointed
berikutnya, dengan tidak mengurangi hak Dewan Komisaris for another 2 (two) years, without prejudice to the right of
untuk memberhentikan sewaktu-waktu. Akumulasi masa the Board of Commissioners to dismiss at any time. The
jabatan anggota Komite Pemantau Risiko di luar Dewan accumulated term of office of members of the Risk Monitoring
Komisaris ditetapkan paling lama 5 (lima) tahun. Masa tugas Committee outside the Board of Commissioners is set at a
anggota Komite Pemantau Risiko tidak boleh lebih lama dari maximum of 5 (five) years. The term of office of members of
masa jabatan Dewan Komisaris sebagaimana diatur dalam the Risk Monitoring Committee may not be longer than the
Anggaran Dasar dan dapat dipilih kembali hanya untuk satu term of office of the Board of Commissioners as stipulated in
periode berikutnya. the Articles of Association and can be re-elected only for one
subsequent period.
Komposisi Komite Pemantau Risiko Composition of the Risk Monitoring Committee
Selama tahun 2025, terdapat perubahan jumlah, komposisi In 2025, there were changes in the number, composition and
dan susunan Komite Pemantau Risiko, sebagaimana tersaji structure of the Risk Monitoring Committee, as presented in
pada kronologis perubahan sebagaimana berikut ini. the chronology of changes as follows.
Jabatan di
Nama Komite Pemantau Risiko Keterangan 377
Name Position in the Risk Monitoring Remarks
Committee
Untung Supardi Anggota Berhenti menjabat per 1 Juli 2025
Member No longer serving since July 1, 2025
PT Sarana Multigriya Finansial (Persero)
Mikha Candra Anggota Resmi menjabat per 1 Juli 2025
Member Officially in office as of July 1, 2025
Page 378
Tata Kelola Perusahaan
Corporate Governance
Berikut komposisi Komite Pemantau Risiko Perseroan hingga The following is the composition of the Company’s Risk
per 31 Desember 2025: Monitoring Committee as of December 31, 2025:
Jabatan
Jabatan
di Komite Pemantau
Nama di Dewan Komisaris Keahlian Masa Jabatan
Risiko
Name Position in Board of Expertise Term of Office
Position in the Risk
Commissioners
Monitoring Committee
Brahmantio Isdijoso Komisaris Ketua Komite Pemantau Keuangan dan Ekonomi, Mengikuti KMK
Commissioner Risiko Risiko Pengangkatan Dewan
Chairman of the Risk Finance and Economics, Komisaris
Monitoring Committee Risk Following the Decree
of the Minister of
Finance concerning the
Appointment as the Board
of Commissioners
Doddy Kristianto Tidak Ada Anggota Akuntansi dan Ekonomi 2024-2027
Member Accounting and Economics
Mikha Candra Tidak Ada Anggota Akuntansi dan Ekonomi 2025-2028
Member Accounting and Economics
Profil Komite Pemantau Risiko Profile of Risk Monitoring Committee Member
Brahmantio Isdijoso
Ketua Komite Pemantau Risiko
Chairman of the Risk Monitoring Committee
Brahmantio Isdijoso merupakan anggota Dewan Komisaris Perseroan, profil lengkap beliau telah dimuat pada Bab Profil Perusahaan di pembahasan
sub judul Profil Dewan Komisaris di Laporan Tahunan ini
Brahmantio Isdijoso is a member of the Company’s Board of Commissioners, his complete profile has been included in the Company Profile Chapter
in the Profile of the Board of Commissioners sub-chapter in this Annual Report.
378
Doddy Kristianto
Anggota Komite Pemantau Risiko
Warga Negara Indonesia, usia 41 tahun per 31 Desember 2025, berdomisili di Tangerang Selatan
Member of the Risk Monitoring Committee
Indonesian citizen, 41 years old as of December 31, 2025, domiciled in South Tangerang
Laporan Tahunan 2025 Annual Report
Dasar Hukum Pengangkatan Legal Basis for Appointment
Surat Keputusan Dewan Komisaris No. 001/ KEP/DEKOM/2024 tanggal 1 Decree of the Board of Commissioners No. 001/ KEP/DEKOM/2024
Mei 2024 dated May 1, 2024
Periode Jabatan Office Period
Periode ke- 1 1st Period
Masa Jabatan Term of Office
2024-2027 2024-2027
Riwayat Pendidikan Educational Background
• Master, Ilmu Ekonomi, Universitas Indonesia (2020) • Master’s Degree, Economics, University of Indonesia (2020)
• Master, Ekonomi Terapan, University of Adelaide (2019) • Master’s Degree, Applied Economics, University of Adelaide (2019)
• Diploma IV, Akuntansi, STAN (2012) • Diploma IV, Accounting, STAN (2012)
• Diploma III, Pengurusan Piutang Lelang, STAN (2006) • Diploma III, Auction Receivables Management , STAN (2006)
Pengalaman Kerja Work Experience
• Kepala Seksi Kekayaan Negara dipisahkan IB, Direktorat Kekayaan • Head of Section for Separated State Assets IB, Directorate of
Negara Dipisahkan, DJKN (2022) Separated State Assets, DJKN (2022)
• Kepala Subbagian KPKNL Biak Papua, Papua Barat dan Maluku, • Head Sub-division of Office of State Assets Services and Auctions
DJKN (2021) (KPKNL), Biak, Papua, West Papua and Maluku, Directorate General
of State Assets (DJKN) (2021)
Rangkap Jabatan
Tidak Ada Concurrent Position
None
Hubungan Afiliasi
Tidak memiliki hubungan afiliasi dengan anggota Dewan Komisaris, Affiliation
Direksi namun memiliki hubungan afiliasi dengan Pemegang Saham Has no affiliation with members of the Board of Commissioners, Board
Utama Pengendali Perusahaan of Directors but has affiliation with Major Controlling Shareholder of the
Company
Page 379
Mikha Chandra
Anggota Komite Pemantau Risiko
Warga Negara Indonesia, usia 46 tahun per 31 Desember 2025, berdomisili di Depok-Jawa Barat
Member of the Risk Monitoring Committee
Indonesian citizen, 46 years old as of December 31, 2025, domiciled in Depok, West Java
Dasar Hukum Pengangkatan Legal Basis for Appointment
Surat Keputusan Dewan Komisaris No. 003/KEP/DEKOM/2025 Decree of the Board of Commissioners No. 003/KEP/DEKOM/2025
Periode Jabatan Office Period
Pertama First
Masa Jabatan Term of Office
2025-2028 2025-2028
Riwayat Pendidikan Educational Background
• Master of Arts in International Development Studies Takushoku • Master of Arts in International Development Studies Takushoku
University, Tokyo, Japan (2010-2011) University, Tokyo, Japan (2010-2011)
• Master of Economic Development Gadjah Mada Universiy, • Master of Economic Development, Gadjah Mada University,
Yogyakarta, Indonesia (2009-2010) Yogyakarta, Indonesia (2009-2010)
• Sarjana Ekonomi Universitar Mercu Buana, Jakarta, Indonesia • Bachelor of Economics, University of Mercu Buana, Jakarta,
(2002-2004) Indonesia (2002-2004)
• D III Akuntansi Sekolah Tinggi Akuntansi Negara, Jakarta, Indonesia • Diploma III in Accounting, State College of Accountancy, Jakarta,
(1997-2000) Indonesia (1997-2000)
Pengalaman Kerja Work Experience
• Kepala Bidang Dukungan Analisis Program Menteri dan Wakil • Head of Program Analysis Support for Ministers and Deputy
Menteri Pusat Analisis dan Harmonisasi Kebijakan, Kementerian Ministers, Center for Policy Analysis and Harmonization, Ministry of
Keuangan (2025 – Sekarang) Finance (2025 – Present)
• Pejabat Pembuat Komitmen DOWM Pusat Analisis dan Hamonisasi • Commitment Making Officer (PPK) at DOWM, Center for Policy
Kebijakan, Kementerian Keuangan (2025 – Sekarang) Analysis and Harmonization, Ministry of Finance (2025 – Present)
• Kepala Bagian Tata Usaha dan Pengelolaan Data Pusat Analisis dan • Head of Administration and Data Management, Center for Policy
Harmonisasi Kebijakan (2023-2025) Analysis and Harmonization (2023-2025)
Rangkap Jabatan Concurrent Position
• Kepala Bidang Dukungan Analisis Program Menteri dan Wakil • Head of Program Analysis Support for Ministers and Deputy
Menteri Pusat Analisis dan Harmonisasi Kebijakan, Kementerian Ministers, Center for Policy Analysis and Harmonization, Ministry of
Keuangan Finance (2025 – Present)
• Pejabat Pembuat Komitmen DOWM Pusat Analisis dan Hamonisasi • Commitment Making Officer (PPK) at DOWM, Center for Policy
Kebijakan, Kementerian Keuangan Analysis and Harmonization, Ministry of Finance (2025 – Present)
Hubungan Afiliasi Affiliation
Tidak memiliki hubungan afiliasi dengan anggota Dewan Komisaris, Has no affiliation with members of the Board of Commissioners, Board
Direksi namun memiliki hubungan afiliasi dengan Pemegang Saham of Directors, but has affiliation with Major and Controlling Shareholder of
Utama Pengendali Perusahaan the Company
Sertifikasi Profesi Pemantau Risiko Risk Monitoring Professional Certification
PT SMF berupaya untuk memastikan seluruh anggota Komite PT SMF strives to ensure that all members of the Risk Monitoring
Pemantau Risiko memiliki kualifikasi dan kompetensi yang Committee have adequate qualifications and competencies to
memadai dalam mendukung pelaksanaan fungsi dan tugasnya. support the implementation of their functions and duties. This 379
Sebagai perwujudan hal tersebut, berikut adalah sertifikasi is reflected in the following professional certifications are held
profesi yang dimiliki anggota komite: by committee members:
PT Sarana Multigriya Finansial (Persero)
Jabatan di Komite
Nama Sertifikasi yang dimiliki Dikeluarkan oleh
Position in the
Name Certifications owned Issued by
committee
Brahmantio Isdijoso Ketua Sertifikasi Manajemen Risiko LembagaSertifikasi Profesional Perbankan (LSPP)
Chairman Perbankan 4 Banking Professional Certification Institute (LSPP)
Banking Risk Management
Certification 4
Sertifikasi Manajemen Risiko LembagaSertifikasi Profesional Perbankan (LSPP)
Perbankan 5 Banking Professional Certification Institute (LSPP)
Banking Risk Management
Certification 5
Sertifikasi Manajemen Risiko Badan Sertifikasi Manajemen Risiko (BSMR)
Perbankan 6 Risk Management Certification Body (BSMR)
Banking Risk Management
Certification 6
Sertifikasi Manajemen Risiko Badan Sertifikasi Manajemen Risiko (BSMR)
Perbankan 7 Risk Management Certification Body (BSMR)
Banking Risk Management
Certification 7
Page 380
Tata Kelola Perusahaan
Corporate Governance
Jabatan di Komite
Nama Sertifikasi yang dimiliki Dikeluarkan oleh
Position in the
Name Certifications owned Issued by
committee
Doddy Kristianto Anggota Sertifikasi Manajemen Risiko Badan Sertifikasi Manajemen Risiko (BSMR)
Member Perbankan 4 Risk Management Certification Body (BSMR)
Banking Risk Management
Certification 4
Mikha Candra Anggota - -
Member
Independensi Komite Pemantau Risiko Independence of the Risk Monitoring Committee
Kriteria Pemenuhan aspek independensi dari masing-masing The criteria for fulfilling the independence aspects of each
anggota Komite Pemantau Risiko Perseroan dapat dilihat pada member of the Company’s Risk Monitoring Committee is
tabel sebagai berikut: summarized in the following table:
Kriteria Independensi Brahmantio
Doddy Kristianto Mikha Candra
Independency Criteria Isdijoso
Tidak memiliki hubungan keuangan dengan Dewan Komisaris dan Direksi v v v
Has no financial relationship with the Board of Commissioners and Board of
Directors
Tidak memiliki hubungan kepengurusan di perusahaan, anak perusahaan, v v v
maupun perusahaan afiliasi
Has no management relationship in the company, subsidiary, or affiliated
company
Tidak memiliki hubungan kepemilikan saham di perusahaan v v v
Has no shareholding relationship in the company
Tidak memiliki hubungan keluarga dengan Dewan Komisaris, Direksi, dan/ v v v
atau sesama anggota Komite Pemantau Risiko
Has no family relationship with the Board of Commissioners, Board of
Directors, and/or fellow members of the Risk Monitoring Committee
380
Tidak menjabat sebagai pengurus partai politik, pejabat dan pemerintah v v v
Not serving as a political party administrator, official, or government official
Keterangan:
√ : Ya
Laporan Tahunan 2025 Annual Report
X : Tidak
Note:
√ : Yes
X : No
Tugas dan Tanggung Jawab Komite Pemantau Risiko Duties and Responsibilities of the Risk Monitoring
Committee
1. Evaluasi tentang kesesuaian antara kebijakan manajemen 1. Evaluating the suitability between the Company’s risk
risiko Perseroan dan kebijakan manajemen risiko terintegrasi management policy and the risk management policy
dengan pelaksanaan kebijakan tersebut. integrated with the implementation of such policy.
2. Melakukan pemantauan dan evaluasi atas pelaksanaan 2. Monitoring and evaluating the implementation of risk
kebijakan manajemen risiko dan kebijakan manajemen management policy and the risk management policy
risiko dan Satuan Kerja Manajemen Risiko yang terintegrasi. integrated with the Risk Management Work Unit.
3. Melakukan reviu atas kinerja manajemen risiko terintegrasi, 3. Reviewing the performance of integrated risk management,
yaitu terhadap laporan profil risiko dan laporan lainnya which is the risk profile report and other reports related
terkait dengan pengelolaan risiko. to risk management.
4. Memberikan pendapat independen dalam hal terjadi 4. Providing independent opinions in the event of dissenting
perbedaan pendapat antara manajemen terkait potensi opinion among management regarding potential risks.
risiko.
5. Menelaah dan memberikan saran kepada Dewan Komisaris 5. Reviewing and providing advice to the Board of
terkait dengan adanya potensi benturan kepentingan. Commissioners regarding potential conflicts of interest.
6. Menjaga kerahasiaan dokumen, data dan informasi 6. Maintaining the confidentiality of the Company’s documents,
Perseroan. data, and information.
7. Memantau kecukupan proses identifikasi pengukuran, 7. Monitoring the adequacy of risk management identification,
pemantauan, pengendalian dan system informasi measurement, monitoring, control, and information system
manajemen risiko. processes.
Page 381
8. Melakukan evaluasi kepatuhan Perseroan terhadap 8. Evaluating the Company’s compliance with the Articles
Anggaran Dasar, peraturan Otoritas Pengawas dan Pasar of Association, the regulations of the Capital Market’s
Modal, serta peraturan perundangan lainnya yang terkait Supervisory Authority, as well as other laws and regulations
dengan manajemen risiko. related to risk management.
9. Menyusun pedoman dan tata tertib kerja komite (Pakta) 9. Preparing committee guidelines and work conduct (Pact)
dan melakukan reviu sesuai kebutuhan paling sedikit 2 and conducting reviews as required at least once every
(dua) tahun sekali. two years.
10. Menjalankan fungsi pengawasan (oversight) yang meliputi 10. Performing an oversight function that includes risk profile
pelaporan profil risiko, laporan tingkat kesehatan Perseroan reporting, the Company’s sound level reports, and other
dan laporan lainnya terkait dengan pengelolaan risiko. reports related to risk management.
11. Melaksanakan tugas dan tanggung jawab lain yang 11. Carrying out other duties and responsibilities assigned by
diberikan oleh Dewan Komisaris dari waktu ke waktu. the Board of Commissioners from time to time.
12. Anggota Komite bertugas dan bertanggung jawab 12. Committee members have duties and responsibilities
diantaranya untuk pelaksanaan rapat. including conducting meetings.
Rapat Komite Pemantau Risiko Risk Monitoring Committee’s Meeting
Kebijakan Rapat Komite Pemantau Risiko diatur dalam Pedoman/ The Risk Monitoring Committee’s Meeting Policy is outlined
Pakta Komite Pemantau Risiko. Sejalan dengan kebijakan in the Risk Monitoring Committee’s Guidelines/Pact. In line
tersebut, Komite Pemantau Risiko mengadakan rapat secara with this policy, the Risk Monitoring Committee holds regular
berkala paling kurang satu kali dalam 3 (tiga) bulan. meetings at least once every 3 (three) months.
Untuk mengambil keputusan, rapat Komite Pemantau Risiko To make decisions, the Risk Monitoring Committee’s meetings
harus memenuhi kuorum, yaitu paling sedikit 2/3 (dua per tiga) must meet the quorum of at least 2/3 (two-thirds) of all Risk
dari seluruh anggota Komite Pemantau Risiko. Ketua maupun Monitoring Committee’s members. The chairman and members
anggota Komite Pemantau Risiko diberi hak menyampaikan of the Risk Monitoring Committee have the same right to
pendapat dan hak suara yang sama. Keputusan rapat Komite express opinions and vote. The Risk Monitoring Committee’s
Pemantau Risiko dianggap sah apabila disetujui lebih dari 2/3 meeting decision is considered valid if it is approved by more
(dua per tiga) jumlah anggota yang hadir. Apabila keputusan than 2/3 (two-thirds) of those present. If voting is not an option,
tidak dapat diambil melalui voting, maka keputusan ditetapkan the Chairman of Risk Monitoring Committee makes the decision.
oleh Ketua Komite Pemantau Risiko.
Sepanjang tahun 2025, Komite Pemantau Risiko telah In 2025, the Risk Monitoring Committee held 12 meetings with
melaksanakan rapat sebanyak 12 kali dengan tingkat kehadiran the following attendance rate:
Komite Pemantau Risiko sebagai berikut:
Frekuensi Rapat Internal dan Tingkat Kehadiran Anggota Komite Pemantau Risiko Tahun 2025
Internal Meeting Frequency and Attendance Rate of Risk Monitoring Committee’s Members in 2025
Jumlah wajib Kehadiran
Nama dan Jabatan Frekuensi Rapat Tingkat Kehadiran
Number of mandatory 381
Name and Position Meeting Frequency Attendance Rate
Attendance
Brahmantio Isdijoso 12 12 100%
Doddy Kristianto 12 12 100%
PT Sarana Multigriya Finansial (Persero)
Untung Supardi* 6 6 100%
Mikha Chandra** 6 6 100%
*) Berhenti menjabat per 1 Juli 2025
*) Resmi menjabat per 1 Juli 2025
*) No longer serving since July 1, 2025
*) Officially in office as of July 1, 2025
Agenda Rapat Komite Pemantau Risiko Tahun 2025
Risk Monitoring Committee Meeting Agenda in 2025
Tanggal Undangan Rapat
Agenda
Meeting Invitation Date
14 Januari 2025 • Perhitungan Proyeksi Keuangan atas Keterlibatan pada Program Perumahaan yang baru.
January 14, 2025 • Profil Risiko Utama dan SKHORFK
• Financial Projection Calculation for Involvement in the New Housing Program.
• Key Risk Profile and Decree on the Results of the Comprehensive Financial Risk Assessment (SKHORFK)
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Tata Kelola Perusahaan
Corporate Governance
Agenda Rapat Komite Pemantau Risiko Tahun 2025
Risk Monitoring Committee Meeting Agenda in 2025
Tanggal Undangan Rapat
Agenda
Meeting Invitation Date
23 Januari 2025 • Rapat Koordinasi Komite Pemantau Risiko dengan Divisi Manajemen Risiko & Kepatuhan, Divisi Keuangan
January 23, 2025 & Penyelesaian Transaksi, Divisi Strategi & Pengembangan Korporasi, Unit Usaha Syariah, Divisi Tresuri &
Hubungan Investor, dan Divisi Pembiayaan.
• Pembahasan utama terkait skenario dalam penyediaan 3 (tiga) juta rumah.
• Coordination Meeting of the Risk Monitoring Committee with the Risk Management & Compliance
Division, Finance & Transaction Settlement Division, Strategy & Corporate Development Division, Sharia
Business Unit, Treasury & Investor Relations Division, and Financing Division.
• Main discussion regarding scenarios for the provision of 3 (three) million homes.
13 Februari 2025 • Rapat Koordinasi Komite Pemantau Risiko dengan Divisi Manajemen Risiko & Kepatuhan
February 13, 2025 • Pembahasan terkait POJK 42 Tahun 2024 dan POJK 43 Tahun 2024, Usulan Perubahan Pedoman
Manajemen Risiko, dan Profil Risiko.
• Risk Monitoring Committee Coordination Meeting with the Risk Management & Compliance Division
• Discussion regarding POJK 42 of 2024 and POJK 43 of 2024, Proposed Changes to Risk Management
Guidelines, and Risk Profile.
24 Maret 2025 • Rapat Koordinasi Komite Pemantau Risiko dengan Divisi Manajemen Risiko & Kepatuhan.
March 24, 2025 • Pembahasan utama terkait Risk Appetite dan Risk Tolerance 2025 dan POJK 42 Tahun 2024 terkait Gap
Analysis.
• Risk Monitoring Committee Coordination Meeting with the Risk Management & Compliance Division.
• Main discussion on Risk Appetite and Risk Tolerance 2025 and POJK 42 of 2024 related to Gap Analysis.
16 April 2025 • Rapat Koordinasi Komite Pemantau Risiko dengan Divisi Manajemen Risiko & Kepatuhan dan Divisi Riset
April 16, 2025 Ekonomi.
• Pembahasan utama terkait Identifikasi Risiko Pelaksanaan FLPP, Profil Risiko, Proyeksi Risiko dan
Dampak Perang Tarif AS-China terhadap Pendanaan Perseroan.
• Risk Monitoring Committee Coordination Meeting with the Risk Management & Compliance Division.
• Main discussion on Risk Appetite and Risk Tolerance 2025 and POJK 42 of 2024 related to Gap Analysis.
Program Pengembangan Kompetensi Komite Pemantau Competency Development Program for the Risk
Risiko Monitoring Committee
Komite Pemantau Risiko terus berupaya meningkatkan The Risk Monitoring Committee is constantly working to
382
pemahaman serta keterampilan yang dimiliki guna menunjang improve its understanding and skills to better support the
pelaksanaan tugasnya di Perusahaan. Oleh karena itu, Komite Company’s operations. As such, the Risk Monitoring Committee
Pemantau Risiko rutin untuk mengikuti program pengembangan actively participates in competency development programs.
kompetensi. Pengembangan Kompetensi Komite Pemantau The Risk Monitoring Committee’s Competency Development
Laporan Tahunan 2025 Annual Report
Risiko sepanjang tahun 2025 adalah sebagai berikut: activities for 2025 were as follows.
Nama dan Jabatan Jenis Pendidikan dan Pelatihan Materi Pendidikan dan Pelatihan
Name and Position Types of Education and Training Training and Education Materials
Brahmantio Isdijoso Brahmantio Isdijoso merupakan anggota Dewan Komisaris Independen Perseroan, uraian
(Ketua Komite) terkait pengembangan kompetensi beliau telah dimuat pada Bab Tata Kelola Perusahaan di
(Chairman of the Committee) pembahasan sub judul Program Pengembangan Kompetensi Dewan Komisaris di Laporan
Tahunan ini
Brahmantio Isdijoso is a member of the Company’s Independent Board of Commissioners. A
description of his competency development has been included in the Corporate Governance
Chapter under the sub-chapter of the Board of Commissioners’ Competency Development
Program in this Annual Report.
Doddy Kristiantoro Sertifikasi Manajemen Risiko Perbankan 4 dari Badan
(Anggota Komite) Certification Sertifikasi Manajemen Risiko (BSMR)
(Member of the Committee) Banking Risk Management 4 from the Risk
Management Certification Agency (BSMR)
Mikha Chandra Mikha Chandra tidak melakukan kegiatan pelatihan dan pengembangan kompetensi melalui
(Anggota Komite) agenda Perusahaan. Kegiatan pelatihan dan pengembangan kompetensi dilakukan secara
(Member of the Committee) mandiri sesuai dengan skill dan bidang industri terkait.
Mikha Chandra did not conduct competency training and development activities through
the Company’s agenda. Competency training and development activities were conducted
independently in accordance with the relevant skills and industry.
Pelaksanaan Tugas Komite Pemantau Risiko Implementation of the Risk Monitoring Committee’s
Duties
Pada tahun 2025, Komite Pemantau Risiko telah melaksanakan In 2025, the Risk Monitoring Committee performed its duties
tugas dan tanggung jawabnya berdasarkan rencana program and responsibilities in accordance with the 2025 work program
kerja tahun 2025 dengan mengacu pada Pedoman Kerja Komite plan by referring to the Risk Monitoring Committee Work
Pemantau Risiko, berikut di antaranya : Guidelines, such as:
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1. Melakukan evaluasi atas kesesuaian kebijakan manajemen 1. Evaluating the suitability of risk management policy and
risiko dengan pelaksanaannya. its implementation
2. Mengawasi dan mengevaluasi pada pelaksanaan tugas 2. Supervising and evaluating the implementation of risk
manajemen risiko. management duties
3. Melakukan penilaian mengenai situasi yang diperkirakan 3. Assessing situations that might endanger the Company’s
dapat membahayakan kelangsungan perseroan. continuity
4. Menyiapkan rancangan feed back atas hasil pemantauan 4. Preparing a feedback plan on the risk management
manajemen risiko kepada Dewan Komisaris. monitoring results to the Board of Commissioners.
5. Melakukan pembahasan dengan Dewan Komisaris dan 5. Discussing with the Board of Commissioners and providing
memberikan saran mengenai perbaikan dalam mengelola advice on improvements in risk management.
risiko.
6. Melaksanakan penugasan khusus dari Dewan Komisaris 6. Performing special assignments from the Board of
dalam satu waktu tertentu. Commissioners at a given time.
7. Menelaah atas informasi keuangan yang akan dikeluarkan 7. Reviewing the financial information that the Company will
Perseroan kepada publik dan/atau pihak otoritas antara lain issue to the public and/or the authorities, including financial
laporan keuangan, proyeksi, dan laporan lainnya terkait statements, projections, and other reports related to the
dengan informasi keuangan Perseroan. Company’s financial information.
8. Menelaah ketaatan terhadap peraturan perundang- 8. Reviewing compliance with laws and regulations relating
undangan yang berhubungan dengan kegiatan Perseroan. to the Company’s activities.
9. Menelaah terhadap aktivitas pelaksanaan manajemen risiko 9. Reviewing the risk management activities carried out by
yang dilakukan oleh Direksi,. the Board of Directors.
10. Menelaah dan memberikan saran kepada Dewan Komisaris 10. Reviewing and providing advice to the Board of
terkait dengan adanya potensi benturan kepentingan Commissioners regarding potential conflicts of interest
Perseroan. in the Company.
11. Menyelenggaran rapat Komite Pemantau Risiko sekurang- 11. Organizing meeting of the Risk Monitoring Committee at
kurangnya 4 kali dalam satu tahun. least 4 times in one year.
12. Menyusun laporan kegiatan Komite Pemantau Risiko setiap 12. Compiling a report activity of the Risk Monitoring Committee
triwulan dan tahunan, dan menyampaikannya kepada every quarterly and annually, and submit them to the Board
Dewan Komisaris. of Commissioners.
13. Menyusun program kerja Komite Pemantau Risiko tahun 13. Preparing a work program of the Risk Monitoring Committee
2025. 2025.
14. Meningkatkan kompetensi melalui pelatihan/workshop/ 14. Increasing competence through training /workshop/seminar.
seminar.
15. Melakukan self assessment kinerja Komite Pemantau Risiko 15. Conducting self-assessment of Risk Monitoring Committee’s
pada laporan kegiatan komite pemantau risiko. performance in the risk monitoring committee activity
report.
16. Melaksanakan tugas lainnya dari Dewan Komisaris. 16. Carrying out other duties from the Board of Commissioners.
383
Evaluasi Kinerja Komite Pemantau Risiko Performance Evaluation of the Risk Monitoring
Committee
Hasil evaluasi kinerja Komite Pemantau Risiko menunjukkan The Risk Monitoring Committee’s performance evaluation
bahwa komite telah menjalankan tugasnya secara efektif dan results show that the committee performed its duties effectively
PT Sarana Multigriya Finansial (Persero)
sesuai dengan pedoman yang berlaku. Komite Pemantau Risiko and in line with applicable guidelines. The Risk Monitoring
memberikan kontribusi yang signifikan dalam memastikan Committee contributes significantly to regulatory compliance,
kepatuhan terhadap peraturan, transparansi laporan keuangan, financial reporting transparency, and corporate governance
dan penguatan tata kelola perusahaan. strengthening.
KOMITE NOMINASI DAN REMUNERASI NOMINATION AND REMUNERATION
COMMITTEE
Komite Nominasi dan Remunerasi merupakan organ yang The Nomination and Remuneration Committee is an organ
dibentuk oleh dan bertanggung jawab kepada Dewan Komisaris formed by and responsible to the Board of Commissioners
yang bertujuan untuk membantu melaksanakan fungsi dan tugas that aims to assist in performing the Board of Commissioners’
Dewan Komisaris terkait Nominasi dan Remunerasi terhadap functions and duties related to the Nomination and Remuneration
anggota Direksi dan anggota Dewan Komisaris, serta membantu of Board of Directors’ members and Board of Commissioners’
mengawasi pengelolaan sumber daya manusia Perseroan members, as well as assisting in overseeing the Company’s
sesuai dengan kewenangannya berdasarkan Anggaran Dasar Human Capital management in line with its authority based on
Perseroan, dan peraturan perundang-undangan yang berlaku. the Company’s Articles of Association and applicable laws and
Page 384
Tata Kelola Perusahaan
Corporate Governance
Pembentukan Komite Nominasi dan Remunerasi Perseroan regulations. The Nomination and Remuneration Committee is
mengacu pada PMK No.88/PMK.06/2025 tentang Penerapan established by referring to Article 47 of the Minister of Finance
Tata Kelola Perusahaan yang Baik Pada Perusahaan Perseroan Regulation No. 88/PMK.06/2025 on the Implementation of
Pasal 47. Good Corporate Governance in Companies.
Pedoman Kerja Komite Nominasi dan Remunerasi Nomination and Remuneration Committee Work
Guidelines
Dalam praktiknya, Komite Nominasi dan Remunerasi memiliki In practice, the Nomination and Remuneration Committee
pedoman kerja dalam bentuk Pakta Komite Nominasi dan has working guidelines in the form of the Nomination and
Remunerasi yang ditetapkan oleh Dewan Komisaris pada Remuneration Committee Pact established by the Board of
tanggal 22 November 2021. Ruang lingkup yang diatur dalam Commissioners on November 22, 2021. The scope regulated
pedoman tersebut mencakup, antara lain: in these guidelines includes:
1. Ketentuan Umum yang mencakup, antara lain: Kualifikasi 1. General Provisions which include: Qualifications of the
Komite Nominasi dan Remunerasi, Kode Etik dan Nomination and Remuneration Committee, Code of Conduct
Pemutakhiran Dokumen; and Document Updates;
2. Tata Kelola yang mencakup antara lain: Struktur Komite 2. Governance which includes: Nomination and Remuneration
Nominasi dan Remunerasi, Hubungan Kerja Komite Nominasi Committee Structure, Nomination and Remuneration
dan Remunerasi, Masa Tugas dan Remunerasi; Committee Working Relationship, Term of Office and
Remuneration;
3. Tugas Tanggung Jawab dan Wewenang; 3. Duties, Responsibilities and Authorities;
4. Pedoman Rapat, Pelaporan dan Evaluasi Kinerja; 4. Guidelines for Meetings, Reporting and Performance
Evaluation;
5. Pedoman Nominasi, Remunerasi dan Pengawasan 5. Guidelines for Nomination, Remuneration and Supervision
Pengelolaan Sumber Daya Manusia. of Human Capital Management.
Piagam Komite Nominasi dan Remunerasi dikaji secara berkala The Nomination and Remuneration Committee Charter is
dan apabila dipandang perlu dapat dilakukan pemutakhiran reviewed periodically and, if deemed necessary, can be
guna memastikan kesesuaian muatannya dengan dinamika updated to ensure its contents are in line with organizational
organisasi, peraturan perundang-undangan yang berlaku dan dynamics, applicable laws and best practices.
384
best practices.
Kriteria Komite Nominasi dan Remunerasi Nomination and Remuneration Committee Criteria
Kriteria pengangkatan anggota Komite Nominasi dan The criteria for appointing members of the Nomination and
Laporan Tahunan 2025 Annual Report
Remunerasi adalah sebagai berikut: Remuneration Committee are as follows:
1. Wajib memiliki integritas yang tinggi, akhlak dan moral 1. Must have high integrity, good character and morals,
yang bak, kemampuan, pengetahuan, pengalaman yang adequate skills, knowledge, and experience in accordance
memadai sesuai dengan bidang pekerjaannya, serta mampu with the field of work, as well as good communication
berkomunikasi dengan baik. skills.
2. Mempunyai pengetahuan dan pemahaman yang memadai 2. Have adequate knowledge and understanding in terms of:
dalam hal:
a. Ketentuan dan peraturan perundang-undangan a. Applicable provisions and laws and regulations related
yang berlaku terkait nominasi dan atau remunerasi to company nomination and/or remuneration in the
perusahaan di bidang. field.
b. Konsep manajemen sumber daya manusia secara b. Comprehensive human capital management concepts
komprehensif dan memiliki pengetahuan mengenai and have knowledge regarding the provisions of the
ketentuan sistem nominasi dan atau au remunerasi. nomination and/or remuneration system.
3. Bersikap independen yaitu mampu melaksanakan tugas 3. Be independent, namely being able to carry out tasks
secara profesional tanpa benturan kepentingan dan professionally without conflict of interest and the influence
pengaruh tekanan dari pihak manapun yang tidak sesuai of pressure from any party that is not in accordance with
dengan peraturan perundang-undangan yang berlaku dan applicable laws and regulations and healthy corporate
prinsip-prinsip korporasi yang sehat principles.
4. Wajib mematuhi kode etik yang ditetapkan oleh Perseroan. 4. Must comply with the Code of Conduct established by
the Company.
5. Bersedia meningkatkan kompetensinya secara terus 5. Willing to continuously improve their competence through
menerus melalui Pendidikan dan pelatihan education and training
6. Tidak mempunyai saham langsung maupun tidak langsung 6. Does not have shares directly or indirectly in the
pada Perseroan. Company.
Page 385
7. Dalam hal anggota Komite Nominasi dan Remunerasi 7. In the event that a member of the Nomination and
memperoleh saham Perseroan baik langsung maupun Remuneration Committee obtains shares in the Company
tidak langsung akibat suatu peristiwa hukum, maka either directly or indirectly as a result of a legal event,
saham tersebut wajib dialihkan kepada pihak lain the shares must be transferred to another party within
dalam jangka waktu paling lama 6 (enam) bulan setelah a maximum period of 6 (six) months after the shares
diperolehnya saham tersebut. were obtained.
8. Tidak mempunyai hubungan afiliasi dengan anggota Dewan 8. Has no affiliated relationship with members of the Board
Komisaris dan anggota Direksi. of Commissioners and members of the Board of Directors.
9. Selalu menjaga sikap independent ( independent in 9. Always maintain an independent attitude (independent
appereance dan independent in fact) serta bebas dari in appearance and independent in fact) and be free
kepentingan (conflict interest) dalam segala hal yang from conflict of interest in all matters relating to
berkaitan dengan kegiatan Perseroan. the Company’s activities.
10. Anggota Direksi dilarang menjadi anggota Komite Nominasi 10. Members of the Board of Directors are prohibited from
dan Remunerasi. becoming members of the Nomination and Remuneration
Committee.
Ketentuan Masa Jabatan Komite Nominasi dan Terms of Office of the Nomination and Remuneration
Remunerasi Committee
Sejalan dengan Board Manual Perseroan dan Pakta Komite In line with the Company’s Board Manual and the Nomination and
Nominasi dan Remunerasi, masa jabatan anggota Komite Remuneration Committee Pact, the term of office of members of
Nominasi dan Remunerasi di luar Dewan Komisaris dan Tenaga the Nomination and Remuneration Committee outside the Board of
Ahli Komite Nominasi dan Remunerasi ditetapkan paling lama Commissioners and Experts of the Nomination and Remuneration
3 (tiga) tahun, dan dapat diangkat kembali untuk 2 (dua) tahun Committee is set at a maximum of 3 (three) years, and can be
berikutnya. Akumulasi masa jabatan anggota Komite Nominasi reappointed for the next 2 (two) years. The accumulated term of
dan Remunerasi di luar Dewan Komisaris dan Tenaga Ahli office of members of the Nomination and Remuneration Committee
Komite Nominasi dan Remunerasi ditetapkan paling lama outside the Board of Commissioners and Experts of the Nomination
5 (lima) tahun. Masa tugas anggota Komite Nominasi dan and Remuneration Committee is set at a maximum of 5 (five) years.
Remunerasi tidak boleh lebih lama dari masa jabatan Dewan The term of office of members of the Nomination and Remuneration
Komisaris sebagaimana diatur dalam anggaran dasar dan Committee may not be longer than the term of office of the Board of
dapat dipilih kembali hanya untuk satu periode berikutnya. Commissioners as stipulated in the articles of association and can
Masa jabatan anggota dan tenaga ahli Komite Nominasi dan be re-appointed only for one subsequent period. The term of office
Remunerasi tidak lebih lama dari masa jabatan anggota Dewan of members and experts of the Nomination and Remuneration
Komisaris. Committee shall not be longer than the term of office of members
of the Board of Commissioners.
Komposisi Komite Nominasi dan Remunerasi Composition of the Nomination and Remuneration
Committee
Selama tahun 2025, terdapat perubahan jumlah, komposisi In 2025, there were changes in the Nomination and Remuneration
dan susunan Komite Nominasi dan Remunerasi, sebagaimana Committee’s composition and number of members as seen in 385
tersaji pada kronologis perubahan sebagaimana berikut ini. the table of the Nomination and Remuneration Committee’s
Composition:
PT Sarana Multigriya Finansial (Persero)
Jabatan
di Komite Nominasi dan
Nama Remunerasi Keterangan
Name Remunerasi Remarks
Positions in the Nomination and
Remuneration Committee
Anang Rohmawan Tenaga Ahli Berhenti menjabat per 1 Juli 2025
Expert No longer serving since July 1, 2025
Dodi Purnomo Sidi Tenaga Ahli Resmi menjabat per 1 Juli 2025
Expert Officially in office as of July 1, 2025
Berikut komposisi Komite Nominasi dan Remunerasi Perseroan The following is the composition of the Company’s Nomination
hingga per 31 Desember 2025: and Remuneration Committee as of December 31, 2025:
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Tata Kelola Perusahaan
Corporate Governance
Jabatan
di Komite Nominasi dan
Jabatan
Remunerasi
Nama di Dewan Komisaris Keahlian Masa Jabatan
Positions in the
Name Position in the Board of Expertise Term of Office
Nomination and
Commissioners
Remuneration
Committee
Dedy Supriadi Priatna Komisaris Independen Ketua Keuangan dan Ekonomi Mengikuti KMK
Independent Commissioner Chairman Finance and Economic Pengangkatan Dewan
Komisaris
Dewan Komisaris
Following the Decree
of the Minister of
Finance concerning the
Appointment as the Board
of Commissioners
Nufransa Wira Sakti Komisaris Utama Anggota Komputer, Ekonomi, Sosial Mengikuti KMK
President Commissioner Member & Budaya, Pajak, Bisnis Pengangkatan Dewan
Computer, economy, Komisaris
Social & Culture, Tax and Dewan Komisaris
Business Following the Decree
of the Minister of
Finance concerning the
Appointment as the Board
of Commissioners
Asad Awami Tidak Ada Ex-Oficio SDM, Manajemen Risiko, Mengikuti Masa Jabatan
None Ex-Oficio Audit sebagai Kepala Divisi SDM
Human Capital, Risk Following the Term of
Management, Audit Office as Head of HC
Division
Dodi Purnomo Sidi Tidak Ada Tenaga Ahli Organisasi, SDM 2025-2028
None Expert Organization, Human
Capital
Profil Komite Nominasi dan Remunerasi Profile of Nomination and Remuneration Committee
386
Member
Dedy Supriadi Priatna
Ketua Komite Nominasi dan Remunerasi
Laporan Tahunan 2025 Annual Report
Chairman of Nomination and Remuneration Committee
Dedy Supriadi Priatna merupakan anggota Dewan Komisaris Perseroan, profil lengkap beliau telah dimuat pada Bab Profil Perusahaan di
pembahasan sub judul Profil Dewan Komisaris di Laporan Tahunan ini
Dedy Supriadi Priatna is a member of the Company’s Board of Commissioners, his complete profile has been included in the Company Profile
Chapter in the Profile of the Board of Commissioners sub-chapter in this Annual Report.
Nufransa Wira Sakti
Anggota Komite Nominasi dan Remunerasi
Member of Nomination and Remuneration Committee
Nufransa Wira Sakti merupakan anggota Dewan Komisaris Perseroan, profil lengkap beliau telah dimuat pada Bab Profil Perusahaan di pembahasan
sub judul Profil Dewan Komisaris di Laporan Tahunan ini
Nufransa Wira Sakti is a member of the Company’s Board of Commissioners, his complete profile has been included in the Company Profile Chapter
in the Profile of the Board of Commissioners sub-chapter in this Annual Report.
Asad Awami
Anggota Komite Nominasi dan Remunerasi
Member of Nomination and Remuneration Committee
Profil dapat dilihat pada bab Profil Perusahaan subbab Profil Pejabat Eksekutif dalam Laporan Tahunan Ini
Profile is available in Company Profile chapter, Profile of Executive Officers sub-chapter in this Annual Report
Page 387
Dodi Purnomo Sidi
Tenaga Ahli Komite Nominasi dan Remunerasi
Warga Negara Indonesia, usia 49 tahun per 31 Desember 2025, berdomisili di Depok
Expert of Nomination and Remuneration Committee
Indonesian citizen, 49 years old as of December 31, 2025, domiciled in Depok
Dasar Hukum Pengangkatan Legal Basis for Appointment
Surat Keputusan Dewan Komisaris No.002/KEP/DEKOM/2025 Decree of the Board of Commissioners No. 002/KEP/DEKOM/2025
Periode Jabatan Office Period
Pertama First
Masa Jabatan Term of Office
2025 – 2028 2025 – 2028
Riwayat Pendidikan Educational Background
S1 Universitas Jenderal Soedirman – Administrasi Negara 2000 Bachelor’s Degree from University of Jendral Soedirman – State
Administration 2000
Pengalaman Kerja Work Experience
• • Kepala Bagian Analisis dan Evaluasi Jabatan pada Biro Organta, • Head of Analysis and Position Evaluation Section at the Organization
Kementerian Keuangan (2022 – sekarang) and Administration Bureau, Ministry of Finance (2022 – present)
• Kepala Bagian Organisasi dan Jabatan Fungsional pada Biro • Head of Organization and Functional Position Section at the
Organta, Kementerian Keuangan (2020 – 2022) Organization and Administration Bureau, Ministry of Finance (2020
– 2022)
• Kepala Bagian Ketatalaksanaan pada Biro Organta, Kementerian • Head of Administration Section at the Organization and
Keuangan (2019 – 2020) Administration Bureau, Ministry of Finance (2019 – 2020)
Rangkap Jabatan Concurrent Position
Kepala Bagian Analisis dan Evaluasi Jabatan pada Biro Organta, Head of Analysis and Evaluation Section Position Evaluation Section at
Kementerian Keuangan the Organization and Administration Bureau, Ministry of Finance
Hubungan Afiliasi Affiliations
Tidak memiliki hubungan afiliasi dengan anggota Dewan Komisaris, Has no connection affiliate with members of the Board of
Direksi namun memiliki hubungan Commissioners, Board of Directors but has affiliation with Major &
afiliasi dengan Pemegang Saham Utama Pengendali Perusahaan Controlling Shareholders of the Company
Sertifikasi Profesi Nominasi dan Remunerasi Professional Certification of the Nomination and
Remuneration Committee
PT SMF berupaya untuk memastikan seluruh anggota Komite PT SMF strives to ensure that all members of the Nomination and
Nominasi dan Remunerasi memiliki kualifikasi dan kompetensi Remuneration Committee have the appropriate qualifications
yang memadai dalam mendukung pelaksanaan fungsi dan and competencies to support the performance of their functions
tugasnya. Sebagai perwujudan hal tersebut, berikut adalah and duties. As a manifestation of this, the following are the
sertifikasi profesi yang dimiliki anggota komite: professional certifications held by committee members:
Nama Jabatan di Komite Sertifikasi yang dimiliki Dikeluarkan oleh
Name Position in the committee Certifications owned Issued by 387
Dedy Supriadi Priatna Ketua Sertifikasi Manajemen Risiko Perbankan 4 LembagaSertifikasi Profesional
Chairman Banking Risk Management Certification 4 Perbankan (LSPP)
Banking Professional Certification
Institute (LSPP)
PT Sarana Multigriya Finansial (Persero)
Sertifikasi Manajemen Risiko Perbankan 5 LembagaSertifikasi Profesional
Banking Risk Management Certification 5 Perbankan (LSPP)
Banking Professional Certification
Institute (LSPP)
Sertifikasi Manajemen Risiko Perbankan 6 Badan Sertifikasi Manajemen Risiko
Banking Risk Management Certification 6 (BSMR)
Risk Management Certification Body
(BSMR)
Sertifikasi Manajemen Risiko Perbankan 7 Badan Sertifikasi Manajemen Risiko
Banking Risk Management Certification 7 (BSMR)
Risk Management Certification Body
(BSMR)
Page 388
Tata Kelola Perusahaan
Corporate Governance
Nama Jabatan di Komite Sertifikasi yang dimiliki Dikeluarkan oleh
Name Position in the committee Certifications owned Issued by
Nufransa Wira Sakti Anggota Sertifikasi Manajemen Risiko Perbankan LembagaSertifikasi Profesional
Member 4 Perbankan (LSPP)
Banking Risk Management Certification 4 Banking Professional Certification
Institute (LSPP)
Sertifikasi Manajemen Risiko Perbankan LembagaSertifikasi Profesional
5 Perbankan (LSPP)
Banking Risk Management Certification 5 Banking Professional Certification
Institute (LSPP)
Sertifikasi Manajemen Risiko Perbankan Badan Sertifikasi Manajemen Risiko
6 (BSMR)
Banking Risk Management Certification 6 Risk Management Certification Body
(BSMR)
Sertifikasi Manajemen Risiko Perbankan Badan Sertifikasi Manajemen Risiko
7 (BSMR)
Banking Risk Management Certification 7 Risk Management Certification Body
(BSMR)
Asad Awami Ex-Oficio Sertifikasi Manajemen Risiko Perbankan LembagaSertifikasi Profesional
4 Perbankan (LSPP)
Banking Risk Management Certification 4 Banking Professional Certification
Institute (LSPP)
Sertifikasi Manajemen Risiko Perbankan LembagaSertifikasi Profesional
5 Perbankan (LSPP)
Banking Risk Management Certification 5 Banking Professional Certification
Institute (LSPP)
Dodi Purnomo Sidi Tenaga Ahli Organizational Development Certification Oranye Development Company
People Management Program Oranye Development Company
Certification
Certified Associate Project Management Project Management Institute
388
Independensi Komite Nominasi dan Remunerasi Independence of the Nomination and Remuneration
Committee
Komite Nominasi dan Remunerasi bersifat independen dalam The Nomination and Remuneration Committee is independent
pelaksanaan tugasnya semata-mata untuk kepentingan in performing its duties, acting solely in the interests of the
Laporan Tahunan 2025 Annual Report
Perusahaan, terlepas dari pengaruh berbagai pihak yang Company, regardless of the influence of various parties
memiliki kepentingan yang dapat berbenturan dengan whose interests may conflict with those of the Company. The
kepentingan Perusahaan. Anggota Komite Nominasi dan Nomination and Remuneration Committee’s members meet
Remunerasi telah memenuhi kriteria independensi sebagai the following independence criteria:
berikut:
Kriteria Independensi Dedy Supriadi Nufransa Wira Dodi Purnomo
Asad Awami
Independence Criteria Priatna Sakti Sidi
Tidak memiliki hubungan keuangan dengan Dewan Komisaris dan v v v v
Direksi
Has no financial relationship with the Board of Commissioners and
Board of Directors
Tidak memiliki hubungan kepengurusan di perusahaan, anak v v v v
perusahaan, maupun perusahaan afiliasi
Has no management relationship in the company, subsidiary, or
affiliated company
Tidak memiliki hubungan kepemilikan saham di perusahaan v v v v
Has no shareholding relationship in the company
Tidak memiliki hubungan keluarga dengan Dewan Komisaris, Direksi, v v v v
dan/atau sesama anggota Komite Nominasi dan Remunerasi
Has no family relationship with the Board of Commissioners,
Board of Directors, and/or other members of the Nomination and
Remuneration Committee
Keterangan:
√ : Ya
X : Tidak
Note:
√ : Yes
X : No
Page 389
Tugas dan Tanggung Jawab Komite Nominasi dan Duties and Responsibilities of the Nomination and
Remunerasi Remuneration Committee
Selaras dengan Pedoman Komite Nominasi dan Remunerasi In line with the Nomination and Remuneration Committee
yang diatur dalam Pakta Komite Nominasi dan Remunerasi, Guidelines as stipulated in the Nomination and Remuneration
Komite Nominasi dan Remunerasi bertugas dan bertanggung Committee Pact, the Nomination and Remuneration Committee
jawab untuk membentuk Dewan Komisaris dalam melaksanakan has duties and responsibilities for assisting the Board of
tugas pengawasan dan pemberian nasihat kepada Direksi Commissioners in performing supervision duties and providing
dengan memberikan pendapat berupa saran dan rekomendasi advice to the Board of Directors by providing opinions in the
berkenaan namun tidak terbatas pada: form of suggestions and recommendations regarding, but
not limited to:
1. Menyusun konsep dan analisis yang berhubungan dengan 1. Developing concepts and analysis related to the functions
fungsi Komite Nominasi dan Remunerasi PT Sarana of the Nomination and Remuneration Committee of PT
Multigriya Finansial (Persero). Sarana Multigriya Finansial (Persero).
2. Memberikan rekomendasi kepada Dewan Komisaris terkait 2. Providing recommendations to the Board of Commissioners
kebijakan, kriteria, dan kualifikasi yang dibutuhkan dalam regarding the policies, criteria, and qualifications required in
proses nominasi yang sesuai dengan rencana strategis the nomination process in accordance with the Company’s
perusahaan dan kebijakan evaluasi kinerja bagi anggota strategic plan and performance evaluation policy for
Direksi dan atau anggota Dewan Komisaris. members of the Board of Directors and/or members of
the Board of Commissioners.
3. Menyusun dan memberikan rekomendasi mengenai 3. Preparing and providing recommendations regarding the
sistem serta prosedur pemilihan dan/atau penggantian system and procedures for the selection and/or replacement
anggota Dewan Komisaris dan anggota direksi kepada of members of the Board of Commissioners and members of
Dewan Komisaris untuk disampaikan kepada Rapat Umum the Board of Directors to the Board of Commissioners to be
Pemegang Saham (RUPS). submitted to the General Meeting of Shareholders (GMS).
4. Memberikan rekomendasi kepada Dewan Komisaris terkait 4. Providing recommendations to the Board of Commissioners
jumlah dan komposisi anggota Dewan Komisaris dan atau regarding the number and composition of members of the
anggota Direksi. Board of Commissioners and/or members of the Board of
Directors.
5. Memberikan usulan calon yang memenuhi syarat sebagai 5. Providing proposals for candidates who qualify as members
anggota Direksi dan atau anggota Dewan Komisaris kepada of the Board of Directors and/or members of the Board
Dewan Komisaris untuk disampaikan kepada RUPS dan/ of Commissioners to the Board of Commissioners to be
atau regulator. submitted to the GMS and/or regulators.
6. Memberikan rekomendasi kepada Dewan Komisaris 6. Giving recommendations to the Board of Commissioners
mengenai program pengembangan kemampuan anggota regarding the competency development program for
direksi dan/atau anggota Dewan Komisaris. members of the Board of Directors and/or the Board of
Commissioners.
7. Membantu Dewan Komisaris melakukan penilaian kinerja 7. Assisting the Board of Commissioners in assessing the
anggota direksi dan/atau anggota Dewan Komisaris performance of Board of Directors’ members and/or
berdasarkan tolak ukur yang telah disusun sebagai bahan Board of Commissioners’ members based on benchmarks 389
evaluasi. compiled as evaluation material.
8. Membantu Dewan Komisaris memperoleh dan/atau 8. Assisting the Board of Commissioners in obtaining and/ or
menganalisa data bakal calon anggota Direksi dari talent analyzing data on prospective members of the Board of
pool pejabat satu tingkat di bawah Direksi. Directors from the talent pool of officials one level below
PT Sarana Multigriya Finansial (Persero)
the Board of Directors.
9. Memiliki database dan talent pool calon anggota Direksi 9. Having a database and talent pool of prospective members
dan calon anggota Dewan Komisaris. of the Board of Directors and prospective members of the
Board of Commissioners.
10. Melakukan evaluasi terhadap kebijakan remunerasi dan 10. Evaluating the remuneration policy and provide
memberikan rekomendasi kepada Dewan Komisaris recommendations to the Board of Commissioners regarding:
mengenai:
a. Kebijakan remunerasi, struktur remunerasi, besaran atas a. Remuneration policy, remuneration structure,
remunerasi bagi Dewan Komisaris dan direksi untuk remuneration amount for the Board of Commissioners
disampaikan kepada RUPS; and Board of Directors to be submitted to the GMS.
b. Penilaian kinerja dengan kesesuaian remunerasi yang b. Performance assessment with the suitability of
diterima masing-masing anggota direksi dan atau remuneration received by each member of Board of
anggota Dewan Komisaris. Directors and/or member of the Board of Commissioners.
11. Ketua Komite bertugas dan bertanggung jawab dalam 11. The Committee Chairman has duties and responsibilities
mengkoordinasikan pelaksanaan rapat komite dan for coordinating the committee’s meetings and proposing
mengusulkan agenda serta materi rapat. meeting agendas and materials.
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Tata Kelola Perusahaan
Corporate Governance
12. Anggota Komite bertugas dan bertanggung jawab dalam: 12. Committee members have duties and responsibilities for:
a. Menyelenggarakan rapat secara teratur; a. Organizing meetings regularly;
b. Mempelajari materi rapat terlebih dahulu; b. Studying the meeting materials in advance;
c. Menghadiri rapat; c. Attending meetings;
d. Memberikan kontribusi dan berperan aktif; d. Contributing and playing an active role;
e. Membuat risalah rapat sekretaris; e. Taking the minutes of the secretary’s meeting.
f. Membantu Dewan Komisaris melakukan pengawasan f. Assisting the Board of Commissioners in overseeing the
pengelolaan sumber daya manusia perseroan sesuai Company’s Human Capital management in accordance
dengan kewenangannya. with its authority.
Rapat Komite Nominasi dan Remunerasi Nomination and Remuneration Committee’s Meeting
Kebijakan rapat Komite Nominasi dan Remunerasi diatur dalam The Nomination and Remuneration Committee’s Meeting Policy
Pedoman/Pakta Komite Nominasi dan Remunerasi. Sejalan is outlined in the Nomination and Remuneration Committee
dengan pedoman tersebut, Rapat Komite Nominasi dan Guidelines/Pact. In accordance with these guidelines, the
Remunerasi diselenggarakan sesuai kebutuhan dan penugasan Nomination and Remuneration Committee’s meetings are held
atau secara berkala paling kurang empat kali dalam 1 (satu) as needed and assigned, or at least four times per year.
tahun.
Keputusan rapat Komite Nominasi dan Remunerasi dilakukan The Nomination and Remuneration Committee’s meeting
berdasarkan musyawarah mufakat. Dalam hal keputusan decisions are made through deliberation and consensus. If
berdasarkan musyawarah mufakat tidak tercapai, pengambilan a consensus-based decision cannot be reached, a majority
keputusan dilakukan berdasarkan suara terbanyak. Jika vote is used to make the decision. If an equal number of votes
dalam pengambilan keputusan yang dilakukan dengan cara is cast in a vote, the decision supported by the Chairman of
pemungutan suara terjadi suara yang sama banyaknya, maka the Nomination and Remuneration Committee shall prevail.
keputusan yang didukung oleh Ketua Komite Nominasi dan
Remunerasi yang diambil.
Sepanjang tahun 2025, Komite Nominasi dan Remunerasi telah Throughout 2025, the Nomination and Remuneration
melaksanakan rapat sebanyak 4 (empat) kali dengan tingkat Committee held 4 (four) meetings with the attendance rate
390
kehadiran Komite Nominasi dan Remunerasi sebagai berikut: of the Nomination and Remuneration Committee as follows:
Frekuensi Rapat Internal dan Tingkat Kehadiran Anggota Komite Nominasi dan Remunerasi Tahun 2025
Internal Meeting Frequency and Attendance Rate of Nomination and Remuneration Committee’s Members in 2025
Laporan Tahunan 2025 Annual Report
Nama dan Jabatan Frekuensi Rapat Jumlah Kehadiran Tingkat Kehadiran
Name and Position Meeting Frequency Number of Attendance Attendance Rate
Dedy Supriadi Priatna 4 4 100%
(Ketua Komite)
(Chairman of the Committee)
Nufransa Wira Sakti 4 4 100%
(Anggota Komite)
(Member of the committee)
Asad Awami 4 4 100 %
(Ex-eficio)
Dodi Purnomo Sidi* 2 2 100%
(Tenaga Ahli)
(Expert)
Anang Rohmawan** 2 2 100%
(Tenaga Ahli)
(Expert)
*) Resmi Menjabat Per 1 Juli 2025
*) Berhenti Menjabat Per 1 Juli 2025
*) Officially appointed as of July 1, 2025
*) Resigned as of July 1, 2025
Page 391
Agenda Rapat Internal Komite Nominasi dan Remunerasi Tahun Agenda for the 2025 Nomination and Remuneration Committee
2025 Internal Meeting
Tanggal Undangan Rapat
Agenda
Meeting Invitation Date
12 Februari 2025 Sosialisasi Peraturan Otoritas Jasa Keuangan No. 43 Tahun 2024 Tentang Pengembangan Kualitsa
February 12, 2025 Sumber Daya Manusia Lembaga Pembiayaan, Perusahaan Modal Ventura, Lembaga Keuangan Mikro dan
Lembaga Jasa Keuangan Lainnya.
Dissemination of Financial Services Authority Regulation No. 43 of 2024 concerning the Development of
Human Capital Quality in Financing Institutions, Venture Capital Companies, Microfinance Institutions, and
Other Financial Services Institutions.
25 April 2025 Usulan Remunerasi Eksekutif
April 25, 2025 Executive Remuneration Proposals
31 Juli 2025 Penjaringan Pool of talent Bakal Calon Direksi pada BUMN/Lembaga di bawah Pembinaan dan
July 31, 2025 Pengawasan Kementerian Keuangan.
Screening of the Pool of Talent for Prospective Directors at State-Owned Enterprises/Institutions under
the Guidance and Supervision of the Ministry of Finance.
27 November 2025 • Penjelasan proses Administrasi Rekrutmen dan Evaluasi Posisi BOD-1
November 27, 2025 • Rencana Suksesi untuk Posisi Direksi
• Evaluasi Kebijakan Mutasi dan Promosi di Lingkungan Perusahaan
• Explanation of the BOD-1 Position Recruitment and Evaluation Administration Process
• Success Plan for Director Positions
• Evaluation of Transfer and Promotion Policies within the Company
Program Pengembangan Kompetensi Komite Nominasi Competency Development Program for Nomination and
dan Remunerasi Remuneration Committee
Komite Nominasi dan Remunerasi terus berupaya meningkatkan The Nomination and Remuneration Committee is constantly
pemahaman serta keterampilan yang dimiliki guna menunjang working to improve its understanding and skills to better
pelaksanaan tugasnya di Perusahaan. Oleh karena itu, Komite support the Company’s operations. Thus, the Nomination and
Nominasi dan Remunerasi rutin untuk mengikuti program Remuneration Committee regularly participates in competency
pengembangan kompetensi untuk Komite Nominasi dan development programs for its members. The competency
Remunerasi. Pengembangan Kompetensi Komite Nominasi development activities of the Nomination and Remuneration
dan Remunerasi sepanjang tahun 2025 adalah sebagai berikut: Committee throughout 2025 were as follows:
Nama dan Jabatan Jenis Pendidikan dan Pelatihan Materi Pendidikan dan Pelatihan
Name and Position Types of Education and Training Training and Education Materials
Dedy Supriadi Priatna Dewan Komisaris Perseroan, uraian terkait pengembangan kompetensi beliau telah dimuat pada
(Ketua Komite) Bab Tata Kelola Perusahaan di pembahasan sub judul Program Pengembangan Kompetensi
(Chairman of the committee) Dewan Komisaris di Laporan Tahunan ini
Nufransa Wira Sakti The Company’s Board of Commissioners, a description of his competency development has
(Anggota Komite) been included in the Corporate Governance Chapter under the sub-chapter of the Board of
Commissioners’ Competency Development Program in this Annual Report. 391
(Member of the committee)
Asad Awami Assessment Center Assessor Certification Manajemen Risiko
(Ex-eficio) BSMR jenjang IV Risk Management
Assessment Center Assessor Certification
BSMR Level 4
PT Sarana Multigriya Finansial (Persero)
Assessment Center Assessor Certification Manajemen Risiko
BSMR jenjang V Risk Management
Assessment Center Assessor Certification
BSMR Level 5
Dodi Purnomo Sidi* Business Process Reengineering Program, PT Pendekatan terstruktur untuk merancang ulang
(Tenaga Ahli) Maidoni Mandiri Sejahtera alur kerja agar selaras dengan tujuan strategis
(Expert) A structured approach to redesigning workflows
to align with strategic objectives.
Design Organizational Structure Program, Pengembangan Organisasi
Quantum Quality International Organizational Development
Job Evaluation Program, HayGroup Evaluasi Jabatan
Job Evaluation
Page 392
Tata Kelola Perusahaan
Corporate Governance
Pelaksanaan Tugas Komite Nominasi dan Remunerasi Implementation of the Nomination and Remuneration
Committee’s Duties
Pada tahun 2025, Komite Nominasi dan Remunerasi telah In 2025, the Nomination and Remuneration Committee has
melaksanakan tugas dan tanggung jawabnya berdasarkan conducted its duties and responsibilities based on the 2025
rencana program kerja tahun 2025 dengan mengacu pada work program plan with reference to the Nomination and
Pedoman Kerja Komite Nominasi dan Remunerasi, berikut di Remuneration Committee Work Guidelines, as follows:
antaranya :
1. Menyusun komposisi dan proses nominasi Anggota Direksi 1. Preparing the composition and nomination process for Board
dan/atau Anggota Dewan Komisaris. of Directors’ members and/or Board of Commissioners’
members.
2. Menyusun kebijakan dan kriteria yang dibutuhkan dalam 2. Drafting policies and criteria required in the nomination
proses nominasi calon anggota Direksi dan/atau anggota process for prospective members of the Board of Directors
Dewan Komisaris. and/or the Board of Commissioners.
3. Mereview program dan rekomendasi pengembangan 3. Reviewing the programs and recommendations for
kemampuan Anggota Direksi dan/atau Anggota Dewan competency development of members of Board of Directors
Komisaris and/or Board of Commissioners.
4. Memberikan rekomendasi untuk kelompok management 4. Providing recommendations for management groups
atau talent pool bakal calon Direksi dari dalam internal or talent pools of prospective members of the Board of
Perseroan. Directors from within the Company.
5. Menelaah dan mengusulkan calon yang memenuhi syarat 5. Reviewing and proposing candidates who qualify as
sebagai Anggota Direksi dan/atau Anggota Dewan Komisaris Members of the Board of Directors and/or Members of
kepada Dewan Komisaris untuk disampaikan kepada RUPS. the Board of Commissioners to the Board of Commissioners
to be submitted to the GMS.
6. Membantu Dewan Komisaris menilai kinerja anggota Direksi 6. Assisting the Board of Commissioners in assessing the
dan/atau anggota Dewan Komisaris berdasarkan tolak ukur performance of Board of Directors’ members and/or Board
yang telah disusun sebagai bahan evaluasi. of Commissioners’ members based on the benchmarks
compiled as evaluation material.
7. Membantu Dewan Komisaris melakukan penilaian kinerja 7. Assisting the Board of Commissioners in conducting
dengan kesesuaian remunerasi yang diterima masing- performance assessments with the suitability of
392
masing anggota Direksi dan/atau anggota Dewan Komisaris. remuneration received by each member of the Board of
Directors and/or the Board of Commissioners.
8. Memberikan rekomendasi kepada Dewan Komisaris 8. Advising to the Board of Commissioners on the policy
mengenai struktur kebijakan dan/atau besaran remunerasi structure and/or remuneration amount which includes
Laporan Tahunan 2025 Annual Report
yang mencakup gaji, honorarium, insentif dan/atau salaries, honorariums, incentives, and/or benefits which
tunjangan yang bersifat tetap dan/atau variabel. are fixed and/or variable in nature.
9. Melakukan telaah dan mengusulkan remunerasi Direksi, 9. Reviewing and proposing the remuneration of the Board
Dewan Komisaris, dan Organ Dewan Komisaris. of Directors, Board of Commissioners, and Organs of the
Board of Commissioners.
10. Menelaah struktur, kebijakan, dan/atau besaran remunerasi 10. Reviewing the remuneration structure, policy, and/or
memperhatikan remunerasi yang berlaku pada industri amount, by considering the remuneration applicable in
sesuai dengan kegiatan usaha sejenis atau skala usaha the industry in accordance with similar business activities
dari perseroan. or the Company’s scale of business.
11. Melakukan evaluasi atas struktur, kebijakan dan/atau 11. Evaluating the remuneration structure, policy, and/or
besaran remunerasi. amount.
12. Menyelenggaran rapat internal Komite Nominasi dan 12. Organizing internal meetings of the Nomination and
Remunerasi sekurang-kurangnya 4 kali dalam satu tahun. Remuneration Committee at least 4 times a year.
13. Menyusun laporan kegiatan Komite Nominasi dan 13. Preparing quarterly and annual activity reports of the
Remunerasi setiap triwulan dan tahunan, dan Nomination and Remuneration Committee and submitting
menyampaikannya kepada Dewan Komisaris. them to the Board of Commissioners.
14. Menyusun program kerja Komite Nominasi dan Remunerasi 14. Preparing the 2025 work program for the Nomination and
tahun 2025. Remuneration Committee.
15. Meningkatkan kompetensi melalui pelatihan/workshop/ 15. Improving competence through training/workshops/
seminar seminars
16. Melakukan self assessment kinerja Komite Nominasi dan 16. Conducting a self-assessment of Nomination and
Remunerasi pada laporan kegiatan Komite Nominasi dan Remuneration Committee’s performance in the Nomination
Remunerasi. and Remuneration Committee’s activity report.
17. Melaksanakan tugas lainnya dari Dewan Komisaris. 17. Performing other duties from the Board of Commissioners.
Page 393
Evaluasi Kinerja Komite Nominasi dan Remunerasi Performance Evaluation of the Nomination and
Remuneration Committee
Hasil evaluasi kinerja Komite Nominasi dan Remunerasi The Nomination and Remuneration Committee’s performance
menunjukkan bahwa Komite telah menjalankan tugasnya evaluation results show that the Committee performed
secara efektif dan sesuai dengan pedoman yang berlaku. its duties effectively and in accordance with prevailing
Komite Nominasi dan Remunerasi memberikan kontribusi yang guidelines. The Nomination and Remuneration Committee
signifikan dalam memastikan kepatuhan terhadap peraturan, contributes significantly in ensuring regulatory compliance,
transparansi laporan keuangan, dan penguatan tata kelola f inancial reporting transparency, and corporate governance
perusahaan. strengthening
KOMITE LAIN OTHER COMMITTEES
Sejalan dengan Peraturan Menteri Keuangan Nomor 88/ In line with Minister of Finance Regulation No. 88/PMK.06/2015
PMK.06/2015 terkait Tata Kelola Perusahaan, saat ini Perseroan concerning Corporate Governance, the Company currently
memiliki 3 komite pendukung kinerja Dewan Komisaris yaitu has three committees supporting the performance of the
Komite Audit, Komite Remunerasi dan Nominasi, serta Komite Board of Commissioners, namely the Audit Committee, the
Pemantau Risiko, sebagaimana dijelaskan dalam bab Tata Remuneration and Nomination Committee, and the Risk
Kelola Perusahaan pada sub bab organ pendukung Dewan Monitoring Committee, as explained in the chapter on Corporate
Komisaris. Selain ketiga komite tersebut, Perseroan tidak Governance in the sub-chapter on supporting organs of the
memiliki komite lainnya. Board of Commissioners. Apart from these three committees,
the Company does not have any other committees.
393
PT Sarana Multigriya Finansial (Persero)
Page 394
Tata Kelola Perusahaan
Corporate Governance
KOMITE DI BAWAH DIREKSI
COMMITTEES UNDER THE BOARD OF DIRECTORS
Hingga akhir tahun 2025, Perseroan memiliki 5 (lima) Komite Until the end of 2025, SMF had 5 (five) Committees under the
Direksi, yaitu: Board of Directors:
1. Komite Manajemen Aset Liabilitas; 1. Asset Liability Management Committee;
2. Komite Pembiayaan; 2. Credit Committee;
3. Komite Pengarah Teknologi Informasi; 3. Information Technology Steering Committee;
4. Komite Pengembangan Produk. 4. Product Development Committee.
5. Komite Manajemen Risiko 5. Risk Mangement Committee
Pembentukan komite-komite Direksi di Perseroan dilakukan The establishment of Board of Directors’ committees at SMF
berdasarkan kebutuhan internal sebagai perusahaan yang depends upon internal requirements. As a company adhering to
menerapkan prinsip-prinsip Tata Kelola Perusahaan yang the principles of Good Corporate Governance, SMF establishes
Baik, Perseroan membentuk komite-komite tersebut guna these committees to ensure that the Company’s management
memastikan pengelolaan perusahaan yang transparan, is transparent, accountable, responsible, independent, and
akuntabel, bertanggung jawab, independen, dan wajar. Hal fair. This is consistent with the best practices of corporate
ini sejalan dengan praktek terbaik (best practices) dalam governance, even though it is not explicitly regulated by the
tata kelola perusahaan, meskipun tidak diatur secara spesifik laws and regulations that apply to the Company.
dalam peraturan perundang-undangan yang berlaku untuk
Perusahaan.
KOMITE MANAJEMEN ASET LIABILITAS ASSET AND LIABILITY COMMITTEE (ALCO)
Guna meningkatkan efektivitas pengelolaan aset dan liabilitas To improve the effectiveness of asset and liability management
serta manajemen risiko keuangan, Direksi SMF membentuk and financial risk management, SMF Board of Directors
394
Asset and Liability Committee (ALCO). Komite ini berperan established the Asset and Liability Committee (ALCO). This
dalam menetapkan strategi pengelolaan aset dan liabilitas yang committee plays a role in determining asset and liability
selaras dengan tujuan Perseroan, memastikan keseimbangan management strategies in line with the Company’s objectives,
likuiditas, serta mengelola risiko secara optimal. ensuring liquidity balance, and optimally managing market risk.
Laporan Tahunan 2025 Annual Report
Pembentukan Komite ALCO berdasarkan pada Surat Keputusan ALCO Committee was established based on the Board of
Direksi Nomor 004/SKD/DIR/III/2025 tentang Komite Manajemen Directors’ Decree No. 004/SKD/DIR/III/2025 on the the Asset
Aset Liabilitas. and Liability Committee.
Pedoman Komite ALCO ALCO Committee Guidelines
Dalam menjalankan tugas dan tanggung jawabnya yang In managing its duties and responsibilities related to planning,
berkaitan dengan perencanaan, pelaksanaan, evaluasi dan implementation, evaluation and reporting, the ALCO Committee
pelaporan, Komite ALCO berpedoman pada Surat Keputusan is guided by the Directors’ Decree Number 004/SKD/DIR/
Direksi Nomor 004/SKD/DIR/III/2025. III/2025.
Struktur Keanggotaan Komite Manajemen Aset Liabilitas Membership Structure of ALCO Committee
Sejalan dengan Surat Keputusan Direksi Nomor 004/SKD/DIR/ In accordance with Board of Directors Decree Number 004/
III/2025 tentang Komite Manajemen Aset Liabilitas, Komite SKD/DIR/III/2025 concerning the Asset Liability Management
ALCO beranggotakan 10 (sepuluh) orang dan diketuai oleh Committee, the ALCO Committee consists of 10 (ten) members
Kepala Divisi Tresuri dan Hubungan Investor. Komite ALCO and is chaired by the Head of the Treasury and Investor
dapat diganti dan/atau disesuaikan apabila terjadi perubahan Relations Division. The ALCO Committee may be replaced
struktur organisasi dan/atau diperlukan. and/or adjusted in the event of changes to the organizational
structure and/or as necessary.
Berikut Struktur Keanggotaan Komite ALCO berdasarkan Surat The ALCO Committee’s Structure, based on the Board of
Keputusan Direksi No. 004/SKD/DIR/III/2025 tanggal 3 Maret Directors’ Decree No. 004/SKD/DIR/III/2025, dated March 3,
2025 dengan susunan sebagai berikut: 2025, is as follows:
Page 395
Kedudukan di Komite Jabatan di SMF
Position in the Committee Position in SMF
Ketua Kepala Divisi Tresuri dan Hubungan Investor
Chairman Head of Treasury and Investor Relations Division
Sekretaris Kepala Divisi Riset Ekonomi
Secretary Head of Economic Research Division
Anggota • Deputi Direktur Pembiayaan dan Syariah • Deputy Director of Financing and Sharia
Member • Sekretaris Perusahaan • Corporate Secretary
• Kepala Divisi Strategi dan Pengembangan • Head of Corporate Strategy and Development
Korporasi Division
• Kepala Divisi Keuangan dan Penyelesaian • Head of Finance and Transaction Settlement
Transaksi Division
• Kepala Divisi Manajemen Risiko dan Kepatuhan • Head of Risk Management and Compliance
Division
• Kepala Divisi Pembiayaan • Head of Financing Division
• Kepala Unit Usaha Syariah • Head of Sharia Business Unit
• Kepala Divisi Structured Product, Program • Head of the Structured Product, Special
Khusus, dan hukum Programs, and Legal Division
Profil Anggota Komite ALCO Profile of ALCO Committee’s Members
Anggota Komite ALCO Perseroan terdiri dari Deputi Direktur The ALCO Committee’s members are the Head of SMF Divisions.
dan Kepala Divisi Perseroan, sehingga profil anggota Komite Therefore, the profile of ALCO Committee’s members is available
ALCO dapat dilihat pada Bab Profil Perusahaan dalam sub bab in the Executive Officer Profile sub-chapter of the Company
Profil Pejabat Eksekutif dalam Laporan Tahunan ini. Profile Chapter in this Annual Report.
Independensi Komite ALCO Independence of the ALCO Committee
Perseroan memastikan bahwa masing-masing anggota Komite SMF ensures that each member of ALCO Committee works
ALCO bekerja secara independen, tanpa benturan kepentingan independently, without any conflict of interest in the process
dalam proses pembahasan serta pemberian rekomendasi of discussing and providing recommendations to the Board
kepada Direksi. of Directors.
Tugas dan Tanggung Jawab Komite ALCO Duties and Responsibilities of the ALCO Committee
Mengacu pada Surat Keputusan Direksi Nomor 004/SKD/ Referring to the Board of Directors’ Decree No. 004/SKD/DIR/
DIR/III/2025, tugas dan tanggung jawab Komite ALCO adalah III/2025, ALCO Committee’s duties and responsibilities are as
sebagai berikut: follows: 395
1. Membahas pengembangan pedoman kerja dan penetapan 1. Discussing the development of work guidelines and the
strategi serta kebijakan Asset Liability Management (ALMA). determination of Asset Liability Management (ALMA)
strategies and policies.
2. Membahas secara berkala posisi likuiditas Perseroan. 2. Periodically discussing the Company’s liquidity position.
PT Sarana Multigriya Finansial (Persero)
3. Mengevaluasi realisasi anggaran sesuai rencana kerja 3. Evaluating budget realization according to the Company’s
Perseroan guna mengkaji dampak keputusan Komite work plan to assess the impact of previous Committee
sebelumnya terhadap tujuan Perseroan. decisions on the Company’s objectives.
4. Melakukan evaluasi dan merekomendasikan harga 4. Evaluating and recommending pricing of loan interest rates
(pricing) suku bunga pinjaman, suku bunga dana untuk and fund interest rates to optimize investment returns,
mengoptimalkan hasil penanaman dana, meminimalkan minimize fund costs, and maintain the Company’s balance
biaya dana, dan memelihara struktur neraca Perseroan sheet structure to align with ALMA strategy.
agar sesuai dengan strategi ALMA.
5. Membahas perkembangan dan proyeksi kondisi ekonomi, 5. Discussing developments and projections of economic
serta aspek yang mempengaruhinya untuk mengarahkan conditions, as well as the aspects that influence them to
kebijakan yang akan ditetapkan. direct the policies that will be determined.
6. Merekomendasikan rambu-rambu/batasan dan petunjuk 6. Recommending guidelines/limitations and instructions for
pengelolaan serta pengendalian risiko yang berdampak risk management and control that have an impact on:
pada:
• Risiko likuiditas (liquidity management). • Liquidity risk (liquidity management).
• Risiko pasar seperti risiko suku bunga (interest rate • Market risk such as interest rate risk (interest rate
management). management).
Page 396
Tata Kelola Perusahaan
Corporate Governance
• Risiko portofolio (earning & investment). • Portfolio risk (earning & investment)
7. Menyampaikan informasi kepada Direksi mengenai setiap 7. Conveying information to the Board of Directors regarding
perkembangan ketentuan dan peraturan terkait yang any developments of related provisions and regulations
mempengaruhi strategi dan kebijakan ALMA. that affect ALMA’s strategy and policies.
Pelaksanaan Kegiatan Komite ALCO Implementation of ALCO Committee’s Activities
Kegiatan Komite ALCO selama tahun 2025 yaitu: ALCO Committee’s activities in 2025 were as follows:
1. Melakukan rapat komite ALCO yang mengacu pada Organizing meetings ALCO committee’s meeting policy refers
Kebijakan Perseroan Nomor 025/KEB/PED/SMF/XI/2024 to the Company Policy No. 025/KEB/PED/SMF/XI/2024, issued
tentang Pedoman Manajemen Aset dan Liabilitas (ALMA) on November 13, 2024, on Asset and Liability Management
tanggal 13 November 2024. Sejalan dengan kebijakan Guidelines (ALMA). ALCO Committee’s meeting is conducted
tersebut, Rapat Komite ALCO dilakukan sekurang-kurangnya at least once a month in accordance with this policy. In 2025,
1 (satu) kali dalam 1 (satu) bulan. Sepanjang tahun 2025, ALCO Committee organized 12 meetings, as shown in the
Komite ALCO telah mengadakan sebanyak 12 kali rapat following table:
sebagaimana yang dapat dilihat pada tabel sebagai berikut:
Tanggal Rapat Agenda Rapat Direksi Yang Menghadiri Rapat
No.
Meeting Date Meeting Agenda Board of Director attending the meetings
1 16 Januari 2025 Market Update; Rekomendasi Cost of Fund Pembiayaan; Sdr.Heliantopo, dan Sdr. Bonai Subiakto
January 16, 2025 Pembahasan Likuiditas Perseroan; Pembahasan mengenai aset Mr. Heliantopo, and Mr. Bonai Subiakto
dan liabilitas Perseroan
Market Update; Financing Cost of Fund Recommendations;
Discussion of the Company's Liquidity; Discussion of the
Company's assets and liabilities
2 26 Februari 2025 Market Update; Rekomendasi Cost of Fund Pembiayaan; Sdr. Ananta Wiyogo, Sdr. Heliantopo, dan Sdr.
February 26, 2025 Pembahasan Likuiditas Perseroan; Pembahasan mengenai aset Bonai Subiakto
dan liabilitas Perseroan Mr. Ananta Wiyogo, Mr. Heliantopo, and Mr.
Market Update; Financing Cost of Fund Recommendations; Bonai Subiakto
Discussion of the Company's Liquidity; Discussion of the
Company's assets and liabilities
396 3 25 Maret 2025 Market Update; Rekomendasi Cost of Fund Pembiayaan; Sdr. Ananta Wiyogo, Sdr. Heliantopo, dan Sdr.
March 25, 2025 Pembahasan Likuiditas Perseroan; Pembahasan mengenai aset Bonai Subiakto
dan liabilitas Perseroan Mr. Ananta Wiyogo, Mr. Heliantopo,
Market Update; Financing Cost of Fund Recommendations; and Mr. Bonai Subiakto
Discussion of the Company's Liquidity; Discussion of the
Company's assets and liabilities
Laporan Tahunan 2025 Annual Report
4 25 April 2025 Market Update; Rekomendasi Cost of Fund Pembiayaan; Sdr. Heliantopo, dan Sdr. Bonai Subiakto
April 25, 2025 Pembahasan Likuiditas Perseroan; Pembahasan mengenai aset Mr. Heliantopo, and Mr. Bonai Subiakto
dan liabilitas Perseroan
Market Update; Financing Cost of Fund Recommendations;
Discussion of the Company's Liquidity; Discussion of the
Company's assets and liabilities
5 16 Mei 2025 Market Update; Rekomendasi Cost of Fund Pembiayaan; Sdr. Ananta Wiyogo, Sdr. Heliantopo, dan Sdr.
May 16, 2025 Pembahasan Likuiditas Perseroan; Pembahasan mengenai aset Bonai Subiakto
dan liabilitas Perseroan Mr. Ananta Wiyogo, Mr. Heliantopo, and Mr.
Market Update; Financing Cost of Fund Recommendations; Bonai Subiakto
Discussion of the Company's Liquidity; Discussion of the
Company's assets and liabilities
6 23 Juni 2025 Market Update; Rekomendasi Cost of Fund Pembiayaan; Sdr. Ananta Wiyogo, Sdr. Heliantopo, dan Sdr.
June 23, 2025 Pembahasan Likuiditas Perseroan; Pembahasan mengenai aset Bonai Subiakto
dan liabilitas Perseroan Mr. Ananta Wiyogo, Mr. Heliantopo, and Mr.
Market Update; Financing Cost of Fund Recommendations; Bonai Subiakto
Discussion of the Company's Liquidity; Discussion of the
Company's assets and liabilities
7 21 Juli 2025 Market Update; Rekomendasi Cost of Fund Pembiayaan; Sdr. Heliantopo, dan Sdr. Bonai Subiakto
July 21, 2025 Pembahasan Likuiditas Perseroan; Pembahasan mengenai aset Mr. Heliantopo, and Mr. Bonai Subiakto
dan liabilitas Perseroan
Market Update; Financing Cost of Fund Recommendations;
Discussion of the Company's Liquidity; Discussion of the
Company's assets and liabilities
8 25 Agustus 2025 Market Update; Rekomendasi Cost of Fund Pembiayaan; Sdr. Heliantopo, dan Sdr. Bonai Subiakto
August 25, 2025 Pembahasan Likuiditas Perseroan; Pembahasan mengenai aset Mr. Heliantopo, and Mr. Bonai Subiakto
dan liabilitas Perseroan
Market Update; Financing Cost of Fund Recommendations;
Discussion of the Company's Liquidity; Discussion of the
Company's assets and liabilities
Page 397
Tanggal Rapat Agenda Rapat Direksi Yang Menghadiri Rapat
No.
Meeting Date Meeting Agenda Board of Director attending the meetings
9 22 September 2025 Market Update; Rekomendasi Cost of Fund Pembiayaan; Sdr. Ananta Wiyogo, Sdr. Heliantopo, dan Sdr.
September 22, 2025 Pembahasan Likuiditas Perseroan; Pembahasan mengenai aset Bonai Subiakto
dan liabilitas Perseroan Mr. Ananta Wiyogo, Mr. Heliantopo, and Mr.
Market Update; Financing Cost of Fund Recommendations; Bonai Subiakto
Discussion of the Company's Liquidity; Discussion of the
Company's assets and liabilities
10 23 Oktober 2025 Market Update; Rekomendasi Cost of Fund Pembiayaan; Sdr. Ananta Wiyogo, Sdr. Heliantopo, dan Sdr.
October 23, 2025 Pembahasan Likuiditas Perseroan; Pembahasan mengenai aset Bonai Subiakto
dan liabilitas Perseroan Mr. Ananta Wiyogo, Mr. Heliantopo, and Mr.
Market Update; Financing Cost of Fund Recommendations; Bonai Subiakto
Discussion of the Company's Liquidity; Discussion of the
Company's assets and liabilities
11 26 November 2025 Market Update; Rekomendasi Cost of Fund Pembiayaan; Sdr. Heliantopo, dan Sdr. Bonai Subiakto
November 26, 2025 Pembahasan Likuiditas Perseroan; Pembahasan mengenai aset Mr. Heliantopo, and Mr. Bonai Subiakto
dan liabilitas Perseroan
Market Update; Financing Cost of Fund Recommendations;
Discussion of the Company's Liquidity; Discussion of the
Company's assets and liabilities
12 18 Desember 2025 Market Update; Rekomendasi Cost of Fund Pembiayaan; Sdr. Heliantopo, dan Sdr. Bonai Subiakto
December 18, 2025 Pembahasan Likuiditas Perseroan; Pembahasan mengenai aset Mr. Heliantopo, and Mr. Bonai Subiakto
dan liabilitas Perseroan
Market Update; Financing Cost of Fund Recommendations;
Discussion of the Company's Liquidity; Discussion of the
Company's assets and liabilities
KOMITE PEMBIAYAAN FINANCING COMMITTEE
Direksi membentuk Komite Pembiayaan dalam rangka The Board of Directors established a Financing Committee in
memberikan rekomendasi kepada Direksi tentang pengambilan order to provide recommendations to the Board of Directors
keputusan penyaluran pembiayaan yang dilakukan Perusahaan. regarding the decision-making of financing distribution by the
Pembentukan Komite Pembiayaantelah ditetapkan dalam Surat Company. The establishment of the Financing Committee has
Keputusan No.022/SKD/DIR/VI/2025 tanggal 24 Juni 2025 been stipulated in Decree No. 022/SKD/DIR/VI/2025 dated
perihal Pejabat Pembiayaan sebagai pembaharuan dari Surat June 24, 2025 concerning Financing Officers as an update
Keputusan Direksi Nomor 009/SKD/DIR/V/2023 tanggal 4 Mei of the Decree of the Board of Directors Number 009/SKD/
2023 perihal Perubahan Struktur Komite Pembiayaan. DIR/V/2023 dated May 4, 2023 concerning Changes to the
Financing Committee Structure.
Ketentuan Komite Pembiayaan Financing Committee Guidelines
Dalam menjalankan tugas dan tanggung jawabnya, seluruh In carrying out their duties and responsibilities, all members
anggota Komite Pembiayaan pada pelaksanaanya mengacu of the Financing Committee refer to the Board of Directors’
Surat Keputusan Direksi Nomor 022/SKD/DIR/VI/2025 tanggal Decree Number 022/SKD/DIR/VI/2025 dated June 24, 2025, 397
24 Juni 2025 tentang Pejabat Pembiayaan. concerning Financing Officers.
Struktur Keanggotaan Komite Pembiayaan Membership Structure of the Financing Committee
Komite Pembiayaan minimal harus beranggotakan 6 (enam) The Financing Committee must consist of at least 6 (six)
PT Sarana Multigriya Finansial (Persero)
orang dan diketuai oleh Kepala. Masa jabatan keanggotaan members and be chaired by the Head. The term of office
Komite Pembiayaan tidak diatur, tetapi d dapat diganti dan/ of the Financing Committee members is not regulated, but
atau disesuaikan apabila terjadi perubahan struktur organisasi can be changed and/or adjusted if there is a change in the
dan/atau apabila diperlukan. organizational structure and/or if necessary.
Berikut Struktur keanggotaan Komite Pembiayaan berdasarkan The following is the membership structure of the Financing
Surat Keputusan Direksi Nomor 022/SKD/DIR/VI/2025 tanggal Committee based on Board of Directors Decree Number 022/
24 Juni 2025 dengan susunan keanggotaan sebagai berikut: SKD/DIR/VI/2025 dated June 24, 2025, with the following
membership composition:
Page 398
Tata Kelola Perusahaan
Corporate Governance
Kedudukan di Komite Jabatan di SMF
Position in the Committee Position in SMF
Ketua Kepala Divisi Tresuri dan Hubungan Investor
Chairman Head of Treasury and Investor Relations Division
Sekretaris • Kepala Divisi Pembiayaan
Secretary • Kepala Unit Usaha Syariah
• Head of Financing Division
• Head of Sharia Business Unit
Anggota • Kepala Divisi Manajemen Kredit
Member • Kepala Divisi Manajemen Risiko dan Kepatuhan
• Kepala Divisi Structured Product dan Program Khusus
• Head of Credit Management Division
• Head of Risk Management and Compliance Division
• Head of Structured Product and Special Program Division
Profil Anggota Komite Pembiayaan Financing Committee Member Profile
Anggota Komite Pembiayaan Perseroan terdiri dari Kepala The members of the Company’s Financing Committee consist
Divisi Perseroan, sehingga profil anggota Komite Pembiayaan of the Heads of the Company’s Divisions, so that the profiles of
dapat dilihat pada Bab Profil Perusahaan dalam sub bab Profil the Financing Committee members can be seen in the Company
Pejabat Eksekutif dalam Laporan Tahunan ini. Profile Chapter in the Executive Officer Profile sub-chapter in
this Annual Report.
Independensi Komite Pembiayaan Independence of the Financing Committee
Perseroan memastikan bahwa masing-masing anggota Komite The Company ensures that each member of the Financing
Pembiayaan bekerja secara independen, tanpa benturan Committee works independently, without any conflict of interest
kepentingan dalam proses pembahasan serta pemberian in the discussion process and in providing recommendations
rekomendasi kepada Direksi. to the Board of Directors.
Tugas dan Tanggung Jawab Komite Pembiayaan Duties and Responsibilities of the Financing Committee
Mengacu pada Surat Keputusan No.022/SKD/DIR/VI/2025 Referring to Decree No.022/SKD/DIR/VI/2025 dated June
tanggal 24 Juni 2025, tugas dan tanggung jawab Komite 24, 2025, the duties and responsibilities of the Financing
398
Pembiayaan adalah sebagai berikut: Committee are as follows:
1. Menindaklanjuti setiap permohonan pembiayaan yang 1. Follow up on every financing application submitted in
diajukan sesuai ketentuan yang berlaku. accordance with applicable provisions.
2. Menganalisis dan mengevaluasi kelayakan dan kebenaran 2. Analyze and evaluate the feasibility and validity of each
Laporan Tahunan 2025 Annual Report
setiap permohonan pembiayaan yang diajukan. financing application submitted.
3. Memberikan rekomendasi kepada Deputi Direktur 3. Provide recommendations to the Deputy Director of
Pembiayaan dan Syariah berdasarkan hasil analisis dan Financing and Sharia based on the results of analysis and
evaluasi setiap permohonan pembiayaan yang diajukan. evaluation of each financing application submitted.
4. Sekretaris Komite Pembiayaan bertugas menyusun 4. The Secretary of the Financing Committee is responsible
notulensi dan menatausahakan seluruh rapat Komite for compiling minutes and administering all Financing
Pembiayaan dengan pembagian, untuk pembiayaan Committee meetings, with the division for conventional
konvensional disusun oleh Kepala Divisi Pembiayaan, financing being prepared by the Head of the Financing
sedangkan pembiayaan syariah disusun oleh Kepala Unit Division, while for sharia financing it is prepared by the
Usaha Syariah. Head of the Sharia Business Unit.
Pelaksanaan Kegiatan Komite Pembiayaan Implementation of Financing Committee Activities
Kegiatan Komite Pembiayaan selama tahun 2025 yaitu: The Financing Committee’s activities during 2025 including:
Bulan Usulan Komite
No
Month Commitee Proposal
Konvensional
Conventional
1 Januari Usulan Pembiayaan Refinancing Bank Mandiri Taspen
January Proposal for Bank Mandiri Taspen Refinancing Financing
2 Februari Usulan perubahan klausul financial covenant pada draft pks bipartit FLPP 2025
February Proposed changes to the financial covenant clause in the draft bipartite agreement for FLPP 2025
3 Februari Usulan Uncommitted Facility Line
February Proposal for an Uncommitted Facility Line
Page 399
Bulan Usulan Komite
No
Month Commitee Proposal
4 Februari Addendum Perubahan Rate dan Tenor Bank Papua
February Addendum on Rate and Tenor Changes
5 Maret Addendum Perubahan Rate, Tenor dan Periode Switching Bank Maluku & Maluku Utara
March Addendum on Changes to Rates, Tenors, and Switching Periods for Bank Maluku & Maluku Utara
6 Maret Prepayment apabila KUB melebihi batas waktu
February Prepayment if KUB exceeds the time limit
7 Mei Addendum Perubahan Rate, Tenor dan Periode Switching
May Addendum on Changes to Rates, Tenors, and Switching Periods
8 Mei Addendum Facility Line penambahan produk Grinus Bank Nagari
May Addendum Facility Line for the addition of Grinus Bank Nagari products
9 Mei Addendum Availability Period Pembiayaan CIMB Niaga Auto Finance
May Addendum Availability Period for CIMB Niaga Auto Finance Financing
10 Mei Usulan Uncommitted Facility Line PT Permodalan Nasional Madani
May Proposal for an Uncommitted Facility Line from PT Permodalan Nasional Madani
11 Mei Usulan Pembiayaan Refinancing Bank Mandiri Taspen
May Proposal for Bank Mandiri Taspen Refinancing Financing
12 Mei Addendum Availability Period Pembiayaan
May Addendum Availability Period Financing
13 Juni Addendum Facility Line penambahan produk Grinus Bank Pembangunan Daerah Sumatera Utara
June Addendum Facility Line for the addition of Grinus products from the North Sumatra Regional Development Bank
14 Juni Addendum Perjanjian Bank Sulut GO
June Addendum to the North Sulawesi Bank GO Agreement
15 Juni Usulan Pembiayaan Refinancing Bank Papua
June Proposal for Refinancing Bank Papua
16 Juni Usulan Pembiayaan Facility Line CIMB Niaga Auto Finance
June Funding Proposal for CIMB Niaga Auto Finance Facility Line
17 Juli Addendum Perjanjian Pembiayaan Bank Maluku & Maluku Utara
July Addendum to the Financing Agreement of Bank Maluku & North Maluku
18 Juli Addendum Perjanjian Pembiayaan PT Permodalan Nasional Madani
July Addendum to the PT Permodalan Nasional Madani Financing Agreement
19 Juli Usulan Pembiayaan Refinancing Bank Pembangunan Daerah Bengkulu
July Proposal for Refinancing of Bengkulu Regional Development Bank
20 Juli Permohonan Rekomendasi Pencairan Pembiayaan PT PNM
July Request for a Recommendation for the Disbursement of Funding for PT PNM
21 Agustus Permohonan Rekomendasi Atas Rencana Merger BPR Eka Bumi Artha
August Request for a Recommendation Regarding the Proposed Merger of BPR Eka Bumi Artha
22 September Addendum Facility Line penambahan produk Grinus Bank Pembangunan Daerah Sumatera Utara 399
September Addendum on Facility Line additions to Grinus products
23 September Usulan Pembiayaan Subordinasi kepada Bank BTN
September Proposal for Subordinated Financing to Bank BTN
24 Oktober Perpanjangan tenor Pembiayaan BPR Bank Kota Bogor
PT Sarana Multigriya Finansial (Persero)
October Extension of the Term of BPR Bank Kota Bogor Financing
25 Oktober Addendum Perjanjian Pembiayaan Multi Finance
October Addendum to the Multi Finance Financing Agreement
26 November Usulan Pembiayaan Facility Line Bank Pembangunan Daerah Sulselbar
November Proposal for Financing Facility Line from South Sulawesi Regional Development Bank
27 November Usulan Pembiayaan Facility Line Bank Pembangunan Daerah Kalsel
November Proposal for Financing Facility Line for South Kalimantan Regional Development Bank
28 Desember Addendum Facility Line Bank Nagari
December Bank Nagari Addendum Facility Line
29 Desember Pembiayaan Frontloading Bank Sulut GO
December Frontloading Financing for Bank Sulut GO
30 Desember Pembiayaan Frontloading Bank Kalbar
December Frontloading Financing by Bank Kalbar
Page 400
Tata Kelola Perusahaan
Corporate Governance
Bulan Usulan Komite
No
Month Commitee Proposal
31 Desember Addendum Facility Line Bank Pembangunan Daerah Sumatera Utara
December Addendum to the Facility Line of the North Sumatra Regional Development Bank
Unit Usaha Syariah
Sharia Business Unit
1 Januari Penyesuaian Penegasan dan Klausul FL ke-2 Bank Sumut Syariah
January Adjustment of Affirmation and Clause FL-2 of Bank Sumut Syariah
2 Februari Kerja sama FLPP antara SMF dengan Bank Pelaksana (eksisting dan baru)
February FLPP cooperation between SMF and Executing Banks (existing and new)
3 Februari Addendum UFL SMF - Bank Jatim Syariah
February Addendum on Uncommitted Financing Line (UFL) Agreement between SMF - Bank Jatim Syariah
4 Maret Kerja sama UFL dengan Bank Kaltimtara Syariah
March UFL’s collaboration with Bank Kaltimtara Syariah
5 Maret Addendum Penambahan Underlying Produk dalam UFL Bank Sumut Syariah
March Addendum to the Uncommitted Financing Line (UFL) Agreement with Bank Sumut Syariah concerning the
Addition of Underlying Products
6 Maret Kerja sama UFL dengan Bank Danamon Syariah
March Execution of an Uncommitted Financing Line (UFL) Agreement with Bank Danamon Syariah
7 April Review Rate Mitra BPRS
April BPRS Partner Review Rate
8 April Addendum Penambahan Underlying Produk dalam UFL Bank Jateng Syariah
April Addendum to the Uncommitted Financing Line (UFL) Agreement with Bank Jateng Syariah concerning the
Addition of Underlying Products
9 Mei Pembiayaan Facility Line PNM Syariah
May PNM Syariah Facility Line Financing
10 Mei Proposal Pencairan Pembiayaan FL Batch 2 kepada Bank Muamalat
May Proposal for Disbursement of FL Batch 2 Financing to Bank Muamalat
11 Mei Perpanjangan Jangka Waktu FL Bank NTB Syariah
400 May Extension of Financing Line (FL) Term for Bank NTB Syariah
12 Mei Kerja sama UFL dengan Bank DKI Syariah
May Execution of an Uncommitted Financing Line (UFL) Agreement with Bank DKI Syariah
13 Mei Penyaluran Pembiayaan Mikro Sanitasi dan Air Bersih kepada BPRS HIK Parahyangan
Laporan Tahunan 2025 Annual Report
May Disbursement of Micro Financing for Sanitation and Clean Water to BPRS HIK Parahyangan
14 Mei Kerja sama UFL dengan PNM Syariah
May Execution of an Uncommitted Financing Line (UFL) Agreement with PNM Syariah
15 Juni Addendum UFL SMF - Bank Maybank Syariah
June Addendum to the Uncommitted Financing Line (UFL) Agreement between SMF - Bank Maybank Syariah
16 Juni Kerja sama UFL dengan CNAF Syariah dan Konvensional
June Execution of an Uncommitted Financing Line (UFL) Agreement with CNAF Syariah and Conventional
17 September Perpanjangan Uncommitted Facility Line Bank Nagari Syariah
September Extension of Bank Nagari Syariah’s Uncommitted Facility Line
18 Oktober Pengecualian Izin Mendirikan Bangunan (IMB) pada CDD Bank Jateng Syariah
October Exemption from Building Construction Permit (IMB) at CDD Bank Jateng Syariah
19 November Addendum Perjanjian Facility Line - Bank Jateng Syariah
November Addendum to the Facility Line Agreement - Bank Jateng Syariah
20 November Pencairan Grinus Bank Kaltimtara Syariah
November Grinus Bank Kaltimtara Syariah Liquidation
21 Desember Pembiayaan Facility Line Bank BJB Syariah
December Bank BJB Syariah Facility Line Financing
22 Desember Pembiayaan Refinancing Bank BTN Syariah
December BTN Syariah Bank Refinancing Financing
23 Desember Pembiayaan Refinancing Bank Syariah Nasional
December Refinancing Financing for National Sharia Banks
Page 401
KOMITE PENGARAH INFORMATION TECHNOLOGY
TEKNOLOGI INFORMASI STEERING COMMITTEE
Direksi membentuk Komite Pengarah Teknologi Informasi yang To improve the Company’s performance by implementing
bertanggung jawab melakukan pengelolaan Teknologi Informasi business process and corporate governance based on
(TI) yang secara sistematis dan terorganisir. Pembentukan information technology (IT), the Board of Directors established
Komite ini dilakukan sebagai langkah upaya dalam meningkatkan an Information Technology Steering Committee, which is in
kinerja Perusahaan melalui pelaksanaan proses bisnis dan tata charge of managing IT in a systematic and organized manner.
kelola perusahaan berbasis teknologi informasi.
Komite Pengarah Teknologi Informasi adalah sebuah komite yang The Information Technology Steering Committee is a committee
dibentuk oleh Direksi dengan tujuan untuk membantu Direksi established by the Board of Directors to assist in overseeing
dalam melakukan pengawasan penyelenggaraan teknologi the implementation of the Company’s information technology.
informasi Perseroan. Komite Pengarah Teknologi Informasi The Information Technology Steering Committee is responsible
bertugas memberikan rekomendasi serta membantu Direksi for making recommendations and assisting the Board of
dan Komisaris dalam memantau kegiatan penyelenggaraan Directors and Commissioners in monitoring IT infrastructure
dan kesiapan infrastruktur TI. administration and readiness.
Pembentukan Komite Pengarah TI telah ditetapkan dalam Surat The IT Steering Committee was established under Decree No.
Keputusan No. 005/SKD/ DIR/III/2025 tanggal 5 Maret 2025 005/SKD/DIR/III/2025, dated March 5, 2025, on the Company’s
perihal Komite Pengarah Teknologi Informasi (TI) Perseroan. Information Technology Steering Committee’s.
Pedoman Komite Pengarah TI IT Steering Committee’s Work Guidelines
Dalam menjalankan tugas dan tanggung jawabnya, seluruh In conducting their duties and responsibilities, all members of
anggota Komite Pengarah TI Perseroan mengacu pada the Company’s IT Steering Committee refer to Company Policy
Kebijakan Perseroan Nomor 037/KEB/PED/SMF/XII/2023 No. 037/KEB/PED/SMF/XII/2023 on Information Technology
tentang Pedoman Tata Kelola dan Manajemen Risiko Teknologi Governance and Risk Management Guidelines and refer to the
Informasi serta mengacu pada dalam Surat Keputusan Direksi Board of Directors’ Decree No. 005/SKD/DIR/III/2025 dated
Nomor 005/SKD/DIR/III/2025 tanggal 5 Maret 2025 perihal March 5, 2025, on Changes to the Structure of the Company’s
Perubahan Struktur Keanggotaan Komite Pengarah Teknologi Information Technology (IT) Steering Committee.
Informasi (TI) Perusahaan.
Struktur Keanggotaan Komite Pengarah TI Membership Structure of the IT Steering Committee
Komite Pengarah TI dipimpin oleh seorang Ketua Komite yang The IT Steering Committee is chaired by the Company’s
merupakan Direktur Perseroan. Anggota Komite Pengarah TI Director. Other members of the IT Steering Committee include
lainnya merupakan Kepala Divisi yang menjabat di Perseroan, the Company’s Division Heads, Section Heads, and Functional
Kepala Bagian dan Staf Fungsional di bawah Divisi Teknologi Staff from the Information Technology Division.
Informasi.
401
Berikut Struktur keanggotaan Komite Pengarah TI berdasarkan The IT Steering Committee’s structure, based on the Board of
Surat Keputusan Direksi Nomor 005/SKD/DIR/III/2025 perihal Directors’ Decree No. 005/SKD/DIR/III/2025 on Changes to the
Perubahan Struktur Keanggotaan Komite Pengarah Teknologi Structure of the Company’s Information Technology Steering
Informasi Perseroan, dengan susunan keanggotaan sebagai Committee, is as follows
PT Sarana Multigriya Finansial (Persero)
berikut:
Kedudukan di Komite Jabatan di SMF
Position in the Committee Position in SMF
Ketua Komite TI Direktur Keuangan dan Manajemen Risiko
Chairman of the IT Committee Director of Finance and Risk Management
Anggota Penyelenggara TI Kepala Divisi Teknologi Informasi
IT Organizing Member Head of Information Technology Division
Anggota Penyelenggara TI Staff Fungsional Divisi Teknologi Informasi
IT Organizing Member Functional Staff of Information Technology Division
Anggota Pengguna TI Sekretaris Perusahaan
IT User Member Corporate Secretary
Anggota Pengguna TI Kepala Divisi Structured Product dan Program Khusus
IT User Member Head of Structured Product and Special Program Division
Anggota Pengguna TI Kepala Divisi Pembiayaan
IT User Member Head of the Financing Division
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Tata Kelola Perusahaan
Corporate Governance
Kedudukan di Komite Jabatan di SMF
Position in the Committee Position in SMF
Anggota Pengguna TI Kepala Divisi Tresuri dan Hubungan Investor
IT User Member Head of Treasury and Investor Relations Division
Anggota Pengguna TI Kepala Divisi Keuangan dan Penyelesaian Transaksi
IT User Member Head of Finance and Transaction Settlement Division
Anggota Pengguna TI Kepala Divisi Manajemen Risiko dan Kepatuhan
IT User Member Head of Risk Management and Compliance Division
Anggota Pengguna TI Kepala Divisi Strategi dan Pengembangan Korporasi
IT User Member Head of Corporate Strategy and Development Division
Anggota Pengguna TI Kepala Divisi Riset Ekonomi
IT User Member Head of Economic Research Division
Anggota Pengguna TI Kepala Unit Usaha Syariah
IT User Member Head of the Sharia Business Unit
Anggota Pengguna TI Kepala Divisi Sumber Daya Manusia
IT User Member Head of Human Capital Division
Anggota Pengguna TI Kepala Satuan Pengawasan Intern
IT User Member Head of Internal Audit Unit
Anggota Pengguna TI Kepala Divisi Pengadaan dan Manajemen Aset
IT User Member Head of Procurement and Asset Management Division
Anggota Pengguna TI Kepala Divisi Manajemen Kredit
IT User Member Head of Credit Management Division
Anggota Pengguna TI Kepala Divisi Teknologi Informasi
IT User Member Head of Information Technology Division
Profil Anggota Komite Pengarah TI Profile of IT Steering Committee’s Members
Komite Pengarah TI terdiri dari Direktur Keuangan dan The IT Steering Committee is chaired by the Director of Finance
Manajemen Risiko sebagai Ketua Komite, dan Kepala Divisi and Risk Management, and the Head of SMF Division serves
Perseroan sebagai Anggota Komite Pengarah TI sehingga profil as IT Steering Committee member. The profiles of IT Steering
402
anggota Komite Pengarah TI dan Kepala Divisi SMF dapat dilihat Committee members and Head of SMF Division can be found
pada Bab Profil Perusahaan dalam sub bab Profil Direksi dan in the Company Profile Chapter, the Board of Directors Profile
sub bab Profil Pejabat Eksekutif dalam Laporan Tahunan ini. sub-chapter, and the Executive Officer Profile sub-chapter of
this Annual Report.
Laporan Tahunan 2025 Annual Report
Independensi Komite Pengarah TI Independence of the IT Steering Committee
Perseroan senantiasa memastikan bahwa masing-masing SMF ensures that each member of the IT Steering Committee
anggota Komite Pengarah TI bekerja secara independen, works independently and without conflict of interest while
tanpa benturan kepentingan dalam proses pembahasan serta discussing and recommending to the Board of Directors.
pemberian rekomendasi kepada Direksi.
Tugas dan Tanggung Jawab Komite Pengarah TI Duties and Responsibilities of the IT Steering Committee
Mengacu pada Surat Keputusan Direksi Nomor 005/SKD/DIR/ Referring to the Board of Directors’ Decree No. 005/SKD/DIR/
III/2025 tanggal 5 Maret 2025, tugas dan tanggung jawab III/2025 dated March 5, 2025, the duties and responsibilities
Komite Pengarah TI adalah sebagai berikut: of the IT Steering Committee are as follows:
1. Tugas dan tanggung jawab Komite TI, sebagai berikut: 1. The duties and responsibilities of the IT Committee are
as follows:
a. Merekomendasikan Rencana Strategis Teknologi a. Recommending an Information Technology Strategic
Informasi berdasarkan Rencana Jangka Panjang Plan based on the Company’s Long-Term Plan to the
Perusahaan kepada Direksi; Board of Directors;
b. Menetapkan rencana kerja, anggaran dan prioritas b. Establishing an annual Information Technology work
kegiatan tahunan Teknologi Informasi berdasarkan plan, budget, and activity priorities based on input from
masukan dari Anggota Komite TI; IT Committee Members;
c. Mengkoordinasikan dan memonitor pelaksanaan c. Coordinating and monitoring the implementation
kegiatan Teknologi Informasi yang membutuhkan of Information Technology activities that require
keterlibatan unit lain dalam Perusahaan; involvement of other units within the Company;
d. Menetapkan dan melaksanakan upaya penyelesaian d. Establishing and implementing efforts to resolve various
berbagai masalah terkait Teknologi Informasi, yang Information Technology-related issues, which cannot
tidak dapat diselesaikan oleh fungsi Teknologi Informasi, be resolved by the Information Technology function, in
secara efektif, efisien dan tepat waktu; an effective, efficient, and timely manner;
e. Menetapkan dan melaksanakan langkah-langkah e. Establishing and implementing measures to mitigate
Page 403
dalam rangka mitigasi risiko atas investasi Teknologi the risk of investing in information technology in order
Informasi agar dapat tercapainya tujuan kegiatan usaha to achieve the Company’s business objectives;
Perusahaan;
f. Memastikan kesesuaian penyelenggaraan dan f. Ensuring that information technology is implemented
pemanfaatan Teknologi Informasi dengan kebutuhan and utilized in accordance with the needs of the
sistem informasi manajemen dan kebutuhan kegiatan management information system and the Company’s
Perusahaan; dan activities; and
g. Melakukan pemantauan atas kinerja Teknologi Informasi g. Monitoring information technology performance and
dan upaya peningkatannya. efforts to improve it.
2. Ketua Komite TI 2. Head of the IT Committee
a. Melakukan pembinaan atas pelaksanaan tugas Komite a. Providing guidance on the implementation of the IT
TI; Committee’s duties;
b. Memberikan arahan terhadap pelaksanaan tugas Komite b. Giving direction on the implementation of IT Committee’s
TI; dan duties; and
c. Menyampaikan laporan pelaksanaan tugas Komite TI c. Submitting a report on the implementation of IT
kepada Direksi Committee’s duties to the Board of Directors
3. Anggota Penyelenggara TI 3. IT Organizing Members
a. Pengelolaan administrasi rapat Komite TI, termasuk a. Managing the administration of IT Committee’s
namun tidak terbatas pada pembuatan dan dokumentasi meetings, including but not limited to the preparation
Risalah Rapat Komite TI; and documentation of IT Committee’s Meeting Minutes;
b. Menyusun Rencana Strategis Teknologi Informasi yang b. Preparing an Information Technology Strategic Plan in
searah dengan Rencana Strategis Kegiatan Perusahaan; line with the Company’s Strategic Plan;
c. Menyusun Rencana Kerja dan Anggaran Tahunan c. Preparing an Information Technology Annual Work Plan
Teknologi Informasi yang searah dengan Rencana and Budget in line with the IT Strategic Plan;
Strategis TI;
d. Menyusun kebijakan dan prosedur Teknologi Informasi d. Preparing key Information Technology policies and
yang utama seperti kebijakan pengamanan Teknologi procedures such as Information Technology security
Informasi dan manajemen risiko terkait penggunaan policies and risk management related to the use of
Teknologi Informasi di Perusahaan; dan Information Technology in the Company; and
e. Melakukan tindakan-tindakan dan/atau langkah-langkah e. Taking the necessary actions and/or steps related to
yang diperlukan terkait dengan pelaksanaan kegiatan the implementation of Information Technology activities.
Teknologi Informasi.
4. Anggota Pengguna TI 4. IT User Members
a. Memberikan data/informasi dan rekomendasi yang a. Providing necessar y data/information and
diperlukan dan turut serta dalam perumusan Rencana recommendations and participating in the formulation
Strategis Teknologi Informasi, Kebijakan dan Prosedur of Information Technology Strategic Plan, Information
Teknologi Informasi; dan Technology Policies and Procedures; and
b. Mengusulkan pengembangan Teknologi Informasi b. Proposing Information Technology development related 403
terkait dengan lingkup aktivitas Anggota Pengguna TI. to the scope of IT User Member activities.
Pelaksanaan Kegiatan Komite Pengarah TI Implementation of IT Steering Committee’s Activities
Pelaksanaan Rapat Komite Pengarah TI dilakukan minimum The IT Steering Committee Meeting is held at least once in 1
PT Sarana Multigriya Finansial (Persero)
1 (satu) kali dalam 1 (satu) semester berdasarkan kebijakan (one) semester based on Company policy Number 007/KEB/
Perseroan Nomor 007/KEB/PED/SMF/VI/2025 tentang pedoman PED/SMF/VI/2025 concerning guidelines for the implementation
pelaksanaan Rapat Komite di bawah Direksi. Divisi Teknologi of Committee Meetings under the Board of Directors. The
Informasi akan melaksanakan kembali Rapat Komite Pengarah Information Technology Division will re-hold the IT Steering
TI Apabila terdapat kebutuhan perubahan / penyesuaian proyek Committee Meeting if there is a need for changes/adjustments
pengembangan Sistem Aplikasi, Infrastruktur dan Tata Kelola to the IT Application System, Infrastructure and Governance
TI dalam tahun berjalan. development projects in the current year.
Pengambilan keputusan rapat berdasarkan musyawarah untuk Meeting decisions are made through deliberation to reach
mufakat dari Anggota Komite Pengarah TI yang berasal dari consensus among IT Steering Committee members based on
rekomendasi yang disampaikan dalam Paparan Divisi Teknologi recommendations submitted in the Information Technology
Informasi, kemudian dituangkan dalam Notulen Rapat Komite Division Presentation, which are then recorded in the IT Steering
Pengarah TI dan akan disetujui oleh Ketua Komite Pengarah TI. Committee Meeting Minutes and approved by the IT Steering
Committee Chairman.
Sepanjang tahun 2025, Komite Pengarah TI telah mengadakan The IT Steering Committee held two meetings in 2025, as
sebanyak 2 kali rapat sebagaimana yang dapat dilihat pada shown in the table below:
tabel sebagai berikut:
Page 404
Tata Kelola Perusahaan
Corporate Governance
Tanggal Rapat Agenda Rapat Peserta Rapat
No
Meeting Date Meeting Agenda Meeting Participants
1. 26 Maret 2025 Pembahasan Rencana Kerja Prioritas Tahun 2025 Ketua dan Anggota Pengarah TI
March 26, 2025 Discussion of Priority Work Plan for 2025 Chairman and Member of the IT Steering Committee
2. 29 Desember 2025 Pelaporan kegiatan tahun 2025 dan Pembahasan Ketua dan Anggota Pengarah TI
December 29, 2025 Rencana strategis TI tahun 2026 Chairman and Member of the IT Steering Committee
Reporting of 2025 activities and Discussion of
2026 IT Strategic Plan
Kegiatan Komite Pengarah TI selama tahun 2025 yaitu: The IT Steering Committee’s activities during 2025 are as follow:
1. Melakukan kegiatan rapat komite pada tanggal 26 Maret 1. Conducting committee meeting activities on March 26,
2025 dalam rangka pembahasan rencana kerja Prioritas 2025 in order to discuss the 2025 Priority Information
teknologi informasi tahun 2025. Technology Work Plan.
2. Melakukan kegiatan rapat komite pada tanggal 29 2. Conducting committee meeting activities on December 29,
Desember 2025 dalam rangka penyampaian pelaporan 2025 in order to submit reports on activities for 2025 and
kegiatan tahun 2025 dan pembahasan rencana strategis discuss strategic plans and priorities for 2026.
dan prioritas untuk tahun 2026.
KOMITE PENGEMBANGAN PRODUK PRODUCT DEVELOPMENT COMMITTEE
Komite Pengembangan Produk dibentuk dengan tugas The Product Development Committee was established with
khusus untuk membahas usulan rencana pengembangan the specific task of discussing proposed product development
produk dan membahas usulan strategi pengembangan produk plans and discussing proposed product development strategies
(konvensional maupun syariah) sesuai dengan kebutuhan bisnis (conventional and sharia) in accordance with the Company’s
Perseroan untuk merekomendasikannya kepada Direksi. business needs to recommend them to the Board of Directors.
Pembentukan Komite Pengembangan Produk Perseroan The establishment of the Company’s Product Development
mengacu pada Surat Keputusan Direksi Nomor 008/SKD/DIR/ Committee refers to the Board of Directors’ Decree Number 008/
404
VI/2024 tanggal 21 Juni 2024 Perihal Perubahan Anggota SKD/DIR/VI/2024 dated June 21, 2024, regarding Changes to the
Komite Pengembangan Produk Perseroan. Members of the Company’s Product Development Committee.
Pedoman Komite Pengembangan Produk Product Development Committee’s Work Guidelines
Laporan Tahunan 2025 Annual Report
Dalam menjalankan tugas dan tanggung jawabnya, seluruh In performing their duties and responsibilities, all members
anggota Komite Pengembangan Produk mengacu pada of the Product Development Committee refer to the Product
Pedoman Kerja Komite Pengembangan Produk sebagaimana Development Committee’s Work Guidelines as stipulated in
telah ditetapkan dalam Pedoman Pengembangan Produk No. Product Development Guidelines No. 025/KEB/PED/SMF/
025/KEB/PED/SMF/VII/2021 dan Surat Keputusan Direksi Nomor VII/2021 and the Board of Directors’ Decree No. 008/SKD/DIR/
008/SKD/DIR/VI/2024 tanggal 21 Juni 2024 Perihal Perubahan VI/2024 dated June 21, 2024 on Changes to the Structure of
Struktur Anggota Komite Pengembangan Produk Perseroan. the Company’s Product Development Committee.
Struktur Keanggotaan Komite Pengembangan Produk Membership Structure of the Product Development
Committee
Keanggotaan Komite Pengembangan Produk dipimpin oleh The Product Development Committee is led by a Chairman
seorang Ketua yang merupakan Kepala Divisi. Berikut Struktur who also serves as Division Head. The Product Development
keanggotaan Komite Pengembangan Produk berdasarkan Committee’s structure, as per the Board of Directors’ Decree
Surat Keputusan Direksi Nomor 008/SKD/DIR/VI/2024 tanggal Number 008/SKD/DIR/VI/2024 dated June 21, 2024, is as
21 Juni 2024 dengan susunan keanggotaan sebagai berikut: follows:
Kedudukan di Komite Jabatan di SMF
Position in the Committee Position in SMF
Ketua Kepala Divisi Manajemen Kredit
Chairman Head of Credit Management Division
Sekretaris Kepala Bagian Pengembangan Pasar dan Produk
Secretary Head of Market and Product Development
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Kedudukan di Komite Jabatan di SMF
Position in the Committee Position in SMF
Pengusul • Kepala Divisi Sekuritisasi, KPBU, dan Program Khusus; atau
Proposer • Kepala Divisi Pembiayaan Korporat dan Komersial
• Kepala Unit Usaha Syariah
• Kepala Divisi Tresuri dan Hubungan Investor
• Head of Securitization, Public-Private Partnerships, and Special Programs Division; or
• Head of Corporate and Commercial Financing Division
• Head of Sharia Business Unit
• Head of Treasury and Investor Relations Division
Anggota • Kepala Divisi Manajemen Risiko dan Kepatuhan
Member • Kepala Divisi Strategi dan Pengembangan Korporasi
• Kepala Divisi Keuangan dan Penyelesaian Transaksi
• Kepala Divisi Teknologi Informasi
• Head of Risk Management and Compliance Division
• Head of Strategy and Corporate Development Division
• Head of Finance and Transaction Settlement Division
• Head of Information Technology Division
Profil Anggota Komite Pengembangan Produk Profile of Product Development Committee’s Members
Anggota Komite Pengembangan Produk terdiri dari Kepala Divisi The Heads of SMF Divisions are members of the Product
Perseroan, sehingga profil anggota Komite Pengembangan Development Committee. The profile of the Product
Produk dapat dilihat pada Bab Profil Perusahaan dalam sub Development Committee’s members is available in the Executive
bab Profil Pejabat Eksekutif dalam Laporan Tahunan ini. Officer Profile sub-chapter of the Company Profile Chapter in
this Annual Report.
Independensi Komite Pengembangan Produk Independence of the Product Development Committee
Perseroan memastikan bahwa masing-masing anggota The Company guarantees that each member of the Product
Komite Pengembangan Produk bekerja secara independen, Development Committee operates independently, free from any
tanpa benturan kepentingan dalam proses pembahasan serta conflict of interest, in the context of making recommendations
pemberian rekomendasi kepada Direksi. and discussing them with the Board of Directors.
Tugas dan Tanggung Jawab Komite Pengembangan Duties and Responsibilities of the Product Development
Produk Committee
Mengacu pada Surat Keputusan Direksi Nomor 008/SKD/DIR/ Referring to the Board of Directors’ Decree Number 008/SKD/
VI/2024 tanggal 21 Juni 2024, tugas dan tanggung jawab DIR/VI/2024 dated June 21, 2024, the duties and responsibilities
Komite Pengembangan Produk adalah sebagai berikut: of the Product Development Committee are as follows:
1. Ketua Komite 1. Committee Chairman
a. Tugas pokok Ketua Komite adalah sebagai penanggung a. The main task of the Committee Chairman is to be
jawab atas kegiatan pelaksanaan Komite. responsible for the implementation of the Committee’s
activities.
b. Fungsi Ketua Komite adalah sebagai moderator dalam b. The function of the Committee Chairman is as a 405
pelaksanaan pengambilan Keputusan Komite. moderator in implementing Committee Decision-making.
c. Kewenangan Ketua Komite adalah memiliki hak suara c. The authority of the Committee Chairman is to have
dalam bentuk rekomendasi Komite berikut dengan the right to vote in the form of recommendations of the
catatan atas rekomendasinya. Committee along with notes on the recommendations.
PT Sarana Multigriya Finansial (Persero)
2. Sekretaris Komite 2. Committee Secretary
a. Tugas pokok Sekretaris Komite adalah sebagai a. The main task of the Committee Secretary is to be
penanggung jawab dalam hal teknis pelaksanaan responsible for the technical implementation of the
Komite. Committee.
b. Fungsi Sekretaris Komite adalah melakukan persiapan b. The function of the Committee Secretary is to prepare
atas rencana pelaksanaan Komite dalam bentuk the Committee’s implementation plan in the form of
memo usulan kepada Komite berserta dokumen yang a proposal memo to the Committee along with the
mendasarinya. underlying documents.
c. Kewenangan Sekretaris Komite adalah sebagai penata c. The authority of the Committee Secretary is to
administrasi atas pelaksanaan kegiatan Komite termasuk administer the implementation of Committee
membuat notulensi hasil pelaksanaan komite dan activities, including making minutes of the results of
memo persetujuan kepada Direksi berdasarkan hasil the Committee’s implementation and approval memos
rekomendasi dari Komite, namun tidak memiliki hak to the Board of Directors based on recommendations
suara dalam rapat Komite. from the Committee, but does not have voting rights
in Committee meetings.
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Tata Kelola Perusahaan
Corporate Governance
3. Pengusul 3. Proposer
a. Tugas pokok Pengusul adalah mengajukan usulan atas a. The main task of the Proposer is to submit proposals
rencana pengembangan produk dan memberikan saran for product development plans and provide suggestions
atau masukan kepada Komite sebagai dasar bagi Komite or input to the Committee as a basis for the Committee
untuk memberikan rekomendasi. to provide recommendations.
b. Fungsi Pengusul adalah menyiapkan materi atas usulan b. The function of the Proposer is to prepare material
yang akan disampaikan pada saat pelaksanaan Komite for the proposals that will be submitted during the
dan menindaklanjuti catatan atas rekomendasi yang Committee’s implementation and to follow up on notes
diberikan oleh Komite yang dilakukan Bersama-sama on recommendations provided by the Committee which
dengan Sekretaris Komite. are carried out together with the Committee Secretary.
c. Kewenangan Pengusul adalah memberikan saran atau c. The authority of the proposer is to provide suggestions
masukan kepada Komite namun tidak memiliki hak suara or input to the Committee but does not have voting
dalam komite rights in the committee.
4. Anggota Komite 4. Committee Members
a. Tugas pokok Anggota Komite adalah melakukan a. The main task of the Committee Members is to
pembahasan atas usulan yang disampaikan pada discuss proposals submitted during the Committee’s
pelaksanaan Komite serta memberikan rekomendasi implementation and provide recommendations which
yang akan diajukan kepada Direksi oleh Sekretaris will be submitted to the Board of Directors by the
Komite. Committee Secretary.
b. Fungsi Anggota Komite adalah memberikan pertanyaan, b. The function of Committee Members is to provide
pendapat, masukan, dan/atau catatan atas usulan questions, opinions, input, and/or notes on product
pengembangan produk sesuai dengan kebutuhan bisnis development proposals in accordance with business
dengan tetap menerapkan mitigasi risiko. needs while still implementing risk mitigation.
c. Kewenangan Anggota Komite adalah memiliki hak suara c. The authority of Committee Members is to have voting
dalam bentuk rekomendasi atas usulan yang diajukan. rights in the form of recommendations on the proposals
submitted.
Pelaksanaan Kegiatan Komite Pengembangan Produk Implementation of Product Development Committee’s
Activities
406
Pelaksanaan kegiatan Komite Pengembangan Produk The implementation of the Product Development Committee’s
tergambarkan dalam pelaksanaan kegiatan rapat Komite. activities is reflected in the implementation of the Committee’s
Kebijakan rapat komite Pengembangan Produk mengacu meeting activities. The Product Development Committee
pada Keputusan Direksi Nomor 008/SKD/DIR/VI/2024 tanggal meeting policy refers to the Board of Directors’ Decree Number
Laporan Tahunan 2025 Annual Report
21 Juni 2024 Perihal Perubahan Struktur Anggota Komite 008/SKD/DIR/VI/2024 dated June 21, 2024 on Changes to the
Pengembangan Produk Perseroan. Structure of the Company’s Product Development Committee
Members.
Dalam hal pengambilan keputusan pada rapat Komite The decision-making mechanism at the Product Development
Pengembangan Produk maka mengacu pada Surat Keputusan Committee’s meeting refers to the Board of Directors’ Decree
Direksi Nomor 008/SKD/DIR/VI/2024 tanggal 21 Juni 2024 Perihal Number 008/SKD/DIR/VI/2024 dated June 21, 2024 Concerning
Komite Pengembangan Produk Perseroan diantaranya yaitu: the Company’s Product Development Committee, including:
1. Kepala Divisi Manajemen Kredit 1. Head of Credit Management Division
2. Kepala Divisi Manajemen Risiko dan Kepatuhan 2. Head of Risk Management and Compliance Division
3. Kepala Divisi Perencanaan Strategis dan Manajemen 3. Head of Strategic Planning and Change Management
Perubahan Division
4. Kepala Divisi Keuangan dan Penyelesaian Transaksi 4. Head of Finance and Transaction Settlement Division
5. Kepala Divisi Teknologi Informasi 5. Head of Information Technology Division
Sepanjang tahun 2025, Komite Pengembangan Produk telah Throughout 2025, the Product Development Committee held
mengadakan pembahasan atas usulan sebanyak 3 (tiga) kali discussions on proposals in 3 (three) meetings, as can be seen
rapat sebagaimana yang dapat dilihat pada tabel sebagai in the following table:
berikut:
Page 407
Memo Pengajuan Pelaksanaan Pembahasan Rekomendasi
No
Memo of the Proposal Implementation Discussion Recommendation
1. Memo NO M-0025/РТА- Sirkuler Usulan Rekomendasi Merekomendasikan penyesuaian untuk mengecualikan
МK/SMF/IV/2025 Circular Usulan Penyesuaian kewajiban pengikatan dalam Manual Produk Griya Nusantara
manual produk KPR Griya untuk Produk Mitra Platinum. Hal ini diperlukan sebelum
Nusantara pada saat harmonisasi pengaturan Manual Produk Mitra
Proposal for Platinum dengan Manual Produk Griya Nusantara.
Recommendations for It is recommended that adjustments be made to exclude
Proposed Adjustments binding obligations in the Griya Nusantara Product Manual
to the Griya Nusantara for Platinum Partner Products. This is necessary prior to
Mortgage Product Manual harmonizing the Platinum Partner Product Manual with the
Griya Nusantara Product Manual.
2. M-0036/PTA-MK/ Sirkuler Usualan Permohonan Merekomendasikan penambahan underlying KPR Grinus,
SMF/V/2025 Circular Rekomendasi atas Usulan penyesuaian tenor minimal 1 tahun dan maks 5 tahun untuk
Penyesuaian Manual facility line/refinancing dan maksimal 20 tahun jika underlying
Produk Mitra Platinum merupakan KPR Griya Nusantara, Suku Bunga sesuai Asset
dimana salah satu & Liability Committee (ALCO) ditambah dengan margin,
penyesuaiannya sebagai perbaikan narasi dalam hal trigger event dan pengaturan
tindak lanjut OJK dokumen serta laporan Kualitas Underlying KPR Grinus.
Proposal for It is recommended that Grinus mortgage loans be added
Recommendations on as underlying assets, with a minimum tenor of 1 year and
Proposed Adjustments a maximum of 5 years for facility lines/refinancing, and
to the Platinum Partner a maximum of 20 years if the underlying asset is a Griya
Product Manual, one of Nusantara mortgage loan. Interest rates shall be in accordance
which is a follow-up to with the Asset & Liability Committee (ALCO) plus a margin.
the OJK Improvements shall be made to the narrative regarding trigger
events and the arrangement of documents and reports on the
quality of Grinus mortgage loan underlying assets.
3. M-0047/PTA-MK/SMF/ Tatap Muka Usulan Permohonan Merekomendasikan bahwa infrastruktur menjadi Pedoman
VII/2025 Face to Face Rekomendasi Pedoman Pembiayaan Subordinasi
Penyaluran Pembiayaan It is recommended that infrastructure become the
Subordinasi Subordinated Financing Guidelines
Proposal for
Recommendation
on Guidelines for
Subordinated Financing
Distribution
Melaksanakan Pengembangan Kompetensi Implementing Competency Development
Anggota Komite Pengembangan Produk dalam rangka Members of the Product Development Committee, in the
pengembangan kompetensinya, dilaksanakan melekat pada context of competency development, are assigned to human
kegiatan pengembangan SDM pada Perseroan sesuai dengan capital development activities in the Company in accordance
kebutuhan dari fungsi dan peran masing-masing. with the needs of their respective functions and roles.
KOMITE MANAJEMEN RISIKO RISK MANAGEMENT COMMITTEE
407
Komite Manajemen Risiko dibentuk dengan tugas khusus untuk The Risk Management Committee was formed with the specific
melakukan reviu dan evaluasi atas kebijakan serta penerapan task of reviewing and evaluating risk management policies and
manajemen risiko, menilai tingkat maturitas dan limit risiko, serta implementation, assessing maturity levels and risk limits, and
memberikan rekomendasi kepada Direksi terkait perbaikan, providing recommendations to the Board of Directors regarding
PT Sarana Multigriya Finansial (Persero)
pengembangan, dan keputusan bisnis maupun operasional improvements, developments, and business and operational
yang menyimpang dari ketentuan internal, serta menjamin decisions that deviate from internal regulations, as well as
dalam tata kelola perusahaan yang baik dalam penerapan ensuring good corporate governance in the professional and
fungsi manajemen risiko secara profesional dan efektif. effective implementation of risk management functions.
Pembentukan Komite Manajemen Risiko Perseroan mengacu The establishment of the Company’s Risk Management
pada Surat Keputusan Direksi Nomor 003/SKD/DIR/II/2025 Committee refers to the Decree of the Board of Directors
Perihal Penetapan Komite Manajemen Risiko. Number 003/SKD/DIR/II/2025 concerning the Establishment
of the Risk Management Committee.
Pedoman Komite Manajemen Risiko Risk Management Committee Guidelines
Dalam menjalankan tugas dan tanggung jawabnya, seluruh In managing their duties and responsibilities, all members of
anggota Komite Manajemen Risiko mengacu pada Pedoman the Risk Management Committee refer to the Risk Management
Kerja Komite Manajemen Risiko sebagaimana telah ditetapkan Committee Work Guidelines as stipulated in the Company’s
dalam Kebijakan Umum Perseroan tentang Manajemen Risiko General Policy on Risk Management Number 001/KEB/KU/SMF/
Nomor 001/KEB/KU/SMF/VI/2025 serta Kebijakan Perseroan VI/2025 as well as the Company’s Policy on Risk Management
Page 408
Tata Kelola Perusahaan
Corporate Governance
tentang Pedoman Manajemen Risiko Nomor 015/KEB/PED/SMF/ Guidelines Number 015/KEB/PED/SMF/VIII/2025 and the Board
VIII/2025 dan Surat Keputusan Direksi Nomor 003/SKD/DIR/ of Directors’ Decree Number 003/SKD/DIR/II/2025 Concerning
II/2025 Perihal Penetapan Komite Manajemen Risiko. the Establishment of the Risk Management Committee.
Struktur Keanggotaan Komite Manajemen Risiko Risk Management Committee Membership Structure
Keanggotaan Komite Manajemen Risiko dipimpin oleh The Risk Management Committee is led by a Chairman who is
seorang Ketua yang merupakan Kepala Divisi. Berikut Struktur also the Division Head. The following is the Risk Management
keanggotaan Komite Manajemen Risiko berdasarkan Surat Committee membership structure based on Board of Directors
Keputusan Direksi Nomor 003/SKD/DIR/II/2025 tanggal 04 Decree Number 003/SKD/DIR/II/2025 dated February 4, 2025,
Februari 2025 dengan susunan keanggotaan sebagai berikut: with the following membership composition:
Kedudukan di Komite Jabatan di SMF
Position in the Committee Position in SMF
Ketua Direktur Utama
Chairman President Director
Wakil Ketua Direktur Keuangan dan Manajemen Risiko
Deputy Chairpsrson Director of Finance and Risk Management
Direktur Bisnis
Director of Business
Sekretaris Kepala Divisi Manajemen Risiko & Kepatuhan
Secretary Head of Risk Management & Compliance Division
Anggota Deputi Direktur Pembiayaan & Syariah
Member Deputy Director of Financing & Sharia
Sekretaris Perusahaan
Corporate Secretary
Kepala Divisi Structured Product & Program Khusus
Head of Structured Product & Special Program Division
Kepala Divisi Pembiayaan
408
Head of the Financing Division
Kepala Unit Usaha Syariah
Head of the Sharia Business Unit
Kepala Divisi Tresuri & Hubungan Investor
Laporan Tahunan 2025 Annual Report
Head of Treasury & Investor Relations Division
Kepala Divisi Pengadaan & Manajemen Aset
Head of Procurement & Asset Management Division
Kepala Divisi Keuangan & Penyelesaian Transaksi
Head of Finance & Transaction Settlement Division
Kepala Satuan Pengawasan Intern
Head of Internal Audit Unit
Kepala Divisi Strategi & Pengembangan Korporasi
Head of Corporate Strategy & Development Division
Kepala Divisi Teknologi Informasi
Head of Information Technology Division
Kepala Divisi Manajemen Kredit
Head of Credit Management Division
Kepala Divisi Riset Ekonomi
Head of Economic Research Division
Kepala Divisi Sumber Daya Manusia
Head of Human Capital Division
Profil Anggota Komite Manajemen Risiko Risk Management Committee Member Profile
Anggota Komite Manajemen Risiko terdiri dari Deputi Direktur The members of the Risk Management Committee consist of
Pembiayaan & Syariah serta seluruh Kepala Divisi Perseroan, the Deputy Director of Financing & Sharia and all Heads of the
sehingga profil anggota Komite Manajemen Risiko dapat dilihat Company’s Divisions , so that the profiles of the members of
pada Bab Profil Perusahaan dalam sub bab Profil Pejabat the Risk Management Committee can be seen in the Company
Eksekutif dalam Laporan Tahunan ini. Profile Chapter in the Executive Officer Profile sub-chapter in
this Annual Report.
Page 409
Independensi Komite Manajemen Risiko Independence of the Risk Management Committee
Perseroan memastikan bahwa masing-masing anggota Komite The Company ensures that each member of the Risk
Manajemen Risiko bekerja secara independen, tanpa benturan Management Committee works independently, without any
kepentingan dalam proses pembahasan serta pemberian conflict of interest in the discussion process and in providing
rekomendasi kepada Direksi. recommendations to the Board of Directors.
Tugas dan Tanggung Jawab Komite Manajemen Risiko Duties and Responsibilities of the Risk Management
Committee
Mengacu pada Surat Keputusan Direksi Nomor 003/SKD/DIR/ Referring to the Board of Directors’ Decree Number 003/
II/2025 tanggal 04 Februari 2025, tugas dan tanggung jawab SKD/DIR/II/2025 dated February 4, 2025, the duties and
Komite Manajemen Risiko adalah sebagai berikut: responsibilities of the Risk Management Committee are as
follows:
1. Melakukan reviu atas usulan perubahan dan penerapan 1. Conducting a review of proposed changes and
Kebijakan Umum Manajemen Risiko yang berlaku beserta implementation of the applicable General Risk Management
peraturan pelaksananya, termasuk strategi, rencana kerja, Policy and its implementing regulations, including strategies,
pengembangan, dan implementasinya. work plans, development and implementation.
2. Melakukan evaluasi atas proses penerapan Kebijakan 2. Conducting evaluations of the implementation process of
Umum Manajemen Risiko yang berlaku beserta peraturan the applicable General Risk Management Policy and its
pelaksananya di Unit Kerja Perseroan secara berkala implementing regulations in the Company’s Work Units
maupun insidentil. periodically and incidentally.
3. Memberikan rekomendasi kepada Direksi tentang perbaikan, 3. Providing recommendations to the Board of Directors
penyempurnaan, dan pengembangan konsep, metode serta regarding improvements, refinements and development
perangkat yang digunakan dalam penerapan Kebijakan of concepts, methods and tools used in implementing the
Manajemen Risiko. Risk Management Policy.
4. Memberikan evaluasi dan rekomendasi terkait maturitas 4. Providing evaluation and recommendations regarding Risk
Manajemen Risiko. Management maturity.
5. Memberikan rekomendasi atas usulan Limit Risiko. 5. Providing recommendations on proposed Risk Limits.
6. Dalam hal diperlukan, Komite Manajemen Risiko dapat 6. If necessary, the Risk Management Committee may provide
memberikan pendapat, masukan, usulan, dan/atau opinions, input, proposals, and/or recommendations to
rekomendasi kepada Direksi atas rencana keputusan the Board of Directors regarding planned business and
bisnis dan operasional yang menyimpang dari ketentuan operational decisions that deviate from internal regulations.
internal. Khusus bagi penyimpangan kegiatan bisnis dan/ For deviations from certain business and/or operational
atau operasional tertentu yang telah diatur dalam ketentuan activities regulated by other regulations, no opinions,
lain, maka tidak diperlukan pendapat, masukan, usulan, input, proposals, and/or recommendations from the Risk
dan/atau rekomendasi dari Komite Manajemen Risiko. Management Committee are required.
Pelaksanaan Kegiatan Komite Manajemen Risiko Risk Management Committee Activities
Sesuai dengan tugas dan tanggung jawab sebagaimana In accordance with the duties and responsibilities as stated
tertuang dalam Surat Keputusan Direksi, sepanjang tahun in the Board of Directors’ Decree, throughout 2025, the Risk 409
2025, Komite Manajemen Risiko telah mengadakan sebanyak Management Committee has held 1 (one) meeting as shown
1 (satu) kali rapat sebagaimana yang dapat dilihat pada tabel in the following table:
sebagai berikut: PT Sarana Multigriya Finansial (Persero)
Tanggal Rapat Agenda Rapat Peserta Rapat
No
Meeting Date Meeting Agenda Meeting Participants
1. Senin, 29 Desember 2025 1. Hasil Evaluasi Konsultan terkait Penerapan Direktur Utama, Direktur Keuangan &
Monday, December 29, 2025 Manajemen Risiko Manajemen Risiko, dan Direktur Bisnis
2. Figur Risiko Komposit dengan Pembobotan Baru
3. Pengembangan Pengelolaan Risiko Tahun 2026 Seluruh Kepala Divisi
1. Consultant Evaluation Results regarding Risk
Management Implementation President Director, Director of Finance
2. Composite Risk Figure with New Weighting & Risk Management, and Business
3. Risk Management Development in 2026 Director
All Division Heads
Melaksanakan Pengembangan Kompetensi Implementing Competency Development
Anggota Komite Manajemen Risiko dalam rangka In order to develop their competencies, the members of the Risk
pengembangan kompetensinya, dilaksanakan melekat pada Management Committee are done in an integrated manner in
kegiatan pengembangan SDM pada Perseroan sesuai dengan the Company’s HC development activities in accordance with
kebutuhan dari fungsi dan peran masing-masing. the needs of their respective functions and roles.
Page 410
Tata Kelola Perusahaan
Corporate Governance
SEKRETARIS PERUSAHAAN
CORPORATE SECRETARY
Sekretaris Perusahaan merupakan bagian dari organ yang The Corporate Secretary is part of the organ that supports the
mendukung Direksi dalam skema tata kelola Perusahaan yang Board of Directors in the Corporate governance scheme, which
memiliki peran sentral dalam memastikan tersedianya informasi has a central role in ensuring the availability of information for
untuk berbagai pihak pemangku kepentingan. various stakeholders.
Sekretaris Perusahaan Perseroan menjalankan aktivitas The Company’s Corporate Secretary manages communication
komunikasi yang meliputi pengendalian dan keterbukaan activities which include control and disclosure of information,
informasi, berdasarkan ketentuan dan peraturan perundang- based on statutory provisions and regulations, and the
undangan, dan kebijakan Perseroan yang mengatur segala hal Company’s policies which regulate all matters concerning the
tentang Sekretaris Perusahaan. Corporate Secretary.
KEDUDUKAN DAN STRUKTUR ORGAN POSITION AND STRUCTURE OF THE
SEKRETARIAT PERUSAHAAN CORPORATE SECRETARIAT ORGAN
Sekretariat Perusahaan berkedudukan langsung dibawah The Corporate Secretariat is directly under the President
Direktur Utama, sehingga bertanggung jawab langsung Director and is therefore directly responsible to the President
kepada Direktur Utama. Sekretaris Perusahaan diangkat dan Director. The Corporate Secretary is appointed and dismissed
diberhentikan oleh Direktur Utama berdasarkan mekanisme by the President Director based on the Company’s internal
internal Perusahaan dengan persetujuan Dewan Komisaris mechanisms with the approval of the Board of Commissioners
sesuai dengan ketentuan peraturan perundangundangan serta in accordance with applicable laws and regulations and Human
kebijakan sumber daya manusia terkait dengan promosi dan Capital policies related to promotions and transfers within the
mutasi yang berlaku di lingkungan Perusahaan. Company.
410
Sejalan dengan Surat Keputusan Direksi nomor S-443/SKD/DIR/ In line with the Decree of the Board of Directors number S-443/
VII/2025 tentang Penyesuaian Struktur Organisasi Perusahaan SKD/DIR/VII/2025 concerning Adjustments to the Company’s
tanggal 9 Juli 2025, Sekretaris Perusahaan membawahi 2 Organizational Structure dated July 9, 2025, the Corporate
(dua) bagian dan 4 (empat) fungsi yaitu Bagian Komunikasi Secretary is in charge of 2 (two) sections and 4 (four) functions,
Laporan Tahunan 2025 Annual Report
Perusahaan, Bagian TJSL dan Pengembangan Komunitas, namely the Corporate Communications Section, the TJSL and
Fungsi EBA Ritel , Fungsi Executive Assistant, Fungsi Sekretaris Community Development Section, the Retail RMBS Function,
Direksi, dan Fungsi Protokoler, Pengelolaan Arsip & Pelaporan the Executive Assistant Function, the Director’s Secretary
sebagaimana yang dapat pada gambar Struktur Organ Function, and the Protocol, Archives & Reporting Management
Sekretariat Perusahaan sebagai berikut: Function as explained in the following image of the Corporate
Secretariat Organ Structure:
Page 411
Struktur Organ Sekretariat Perusahaan
Organizational Structure of the Corporate Secretariat
Direktur Utama
President Director
Sekretariat Perusahaan
Corporate Secretary
Komunikasi Perusahaan dan Hub TJSL & Pengembangan Komunitas
Pemangku Kepentingan Social and Enviromental Responsibilty &
Corporate Communication & Stakeholder Relation Community Development
Hub. Stakeholder & Pelaporan Pengembangan Komunitas (TJSL) EBA Ritel
Stakeholder Relation & Reporting Community Development EBA Retail
Manajemen Brand dan Aset Digital
TPRK & Homestay Executive Assistant
Brand & Digital Aset Management
Komunikasi Korporasi Manajemen Stakeholder Internal Sekretaris Direksi
Corporate Communication Internal Stakeholder Management Secretary of Board Directors
Protokoler, Pengelolaan Arsip & Pelaporan
Protocol, Corporate Archive
Management & Reporting
PROFIL SEKRETARIS PERUSAHAAN PROFILE OF THE CORPORATE SECRETARY
Selama tahun 2025, tidak terdapat pergantian Sekretaris In 2025, there was no change in the Corporate Secretary.
Perusahaan, sehingga Sekretaris Perusahaan hingga saat ini To date, the Corporate Secretary is held by Ms. Primasari
dijabat oleh Primasari Setyaningrum. Setyaningrum.
PRIMASARI SETYANINGRUM
411
Sekretaris Perusahaan | Corporate Secretary
Warga Negara Indonesia, usia 37 tahun per 31 Desember 2025, berdomisili di Jakarta
Indonesian citizen, 37 years old as of December 31, 2025, domiciled in Jakarta, Indonesia.
Dasar Hukum Pengangkatan Legal Basis for Appointment
PT Sarana Multigriya Finansial (Persero)
Surat Keputusan Direksi Nomor S-805/DIR/SDM/ SMF/XII/2022 Director’s Decree Number S-805/DIR/SDM/SMF/XII/2022
Masa Jabatan Term of Office
2022-sekarang 2022-present
Riwayat Pendidikan Educational Background
• S2 International Finance, Bournemouth University (2014) • Master’s Degree in International Finance, Bournemouth University (2014)
• S1 Akuntansi, Universitas Gadjah Mada (2010) • Bachelor’s Degree in Accounting, Gadjah Mada University (2010)
Pengalaman Kerja Work Experience
• Kepala Divisi Sekretariat Perusahaan (2022-sekarang) • Head of Corporate Secretariat Division (2022-present)
• Kepala Bagian Divisi Sekuritisasi dan Program Khusus (2020-2022) • Head of Securitization and Special Programs Division (2020-2022)
• Staff Sekuritisasi dan Penugasan Khusus (2019-2020) • Securitization and Special Assignment Staff (2019-2020)
• Staff Sekuritisasi dan Pembelian KPR (2018-2019) • Securitization and Mortgage Purchase Staff (2018-2019)
• Staff Pemasaran & Pengembangan Pasar (2017-2018) • Marketing & Market Development Staff (2017-2018)
• Staff Sekuritisasi dan Pembiayaan I (Januari 2016-2017) • Securitization and Financing Staff I (January 2016-2017)
• Relationship Manager Permata Bank (Juni 2010-September 2013) • Relationship Manager Permata Bank (June 2010-September 2013)
Rangkap Jabatan Concurrent Position
Tidak ada None
Hubungan Afiliasi Affiliations
Tidak memiliki hubungan afiliasi dengan anggota Dewan Komisaris, Has no affiliation with members of the Board of Commissioners,
Direksi dan Pemegang Saham Pengendali Directors, and Controlling Shareholders
Page 412
Tata Kelola Perusahaan
Corporate Governance
PEDOMAN KERJA SEKRETARIS CORPORATE SECRETARY’S
PERUSAHAAN WORK GUIDELINES
Dalam menjalankan tugas dan tanggung jawabnya, Sekretaris In conductingits duties and responsibilities, the Corporate
Perusahaan berpedoman pada Kebijakan Umum Perseroan Secretary refers to the Company’s General Policy No. 002/KEB/
Nomor 002/KEB/KU/SMF/VI/2024 tentang Tata Kelola KU/SMF/VI/2024 on Corporate Governance and refers to the
Perusahaan serta mengacu pada tugas dan tanggung jawab duties and responsibilities stipulated in the Board of Directors’
yang ditetapkan dalam Surat Keputusan Direksi terkait Decree on the appointment of the Corporate Secretary.
pengangkatan Sekretaris Perusahaan.
TUGAS DAN TANGGUNG JAWAB DUTIES AND RESPONSIBILITIES OF
SEKRETARIS PERUSAHAAN THE CORPORATE SECRETARY
Sejalan dengan kebijakan umum Perseroan Nomor 002/KEB/ In line with the Company’s general policy No. 002/KEB/KU/SMF/
KU/SMF/VI/2024 tentang Tata Kelola Perusahaan dan Surat VI/2024 on Corporate Governance and the Board of Directors’
Keputusan Direksi terkait pengangkatan Sekretaris Perusahaan, Decree on the appointment of the Corporate Secretary, the
tugas dan tanggung jawab Sekretaris Perusahaan adalah duties and responsibilities of the Corporate Secretary are as
sebagai berikut: follows:
1. Penyelenggaraan pengenalan Dewan Komisaris dan/atau 1. Organizing the introduction of the Board of Commissioners
Direksi; and/or Board of Directors
2. Memastikan bahwa perusahaan mematuhi peraturan 2. Ensuring that the Company complies with regulations on
tentang persyaratan keterbukaan sejalan dengan penerapan disclosure requirements in line with the implementation of
prinsip-prinsip tata kelola perusahaan yang baik; good corporate governance principles,
3. Memberikan informasi yang dibutuhkan oleh Direksi dan 3. Providing information needed by the Board of Directors
Dewan Komisaris secara berkala dan/atau sewaktu-waktu and Board of Commissioners periodically and/or at any
apabila diminta; time if requested,
4. Sebagai penghubung (liaison officer); 4. Acting as a liaison officer,
5. Menatausahakan dan menyimpan dokumen Persero, antara 5. Administering and storing Company documents, among
lain Daftar Pemegang Saham, Daftar Khusus, serta risalah others, Shareholders Register, Special Register, and
412
rapat Direksi, rapat Dewan Komisaris, dan RUPS. minutes of meetings of the Board of Directors, Board of
Commissioners, and GMS.
PROGRAM PENGEMBANGAN KOMPETENSI COMPETENCY DEVELOPMENT PROGRAM
Laporan Tahunan 2025 Annual Report
SEKRETARIS PERUSAHAAN FOR CORPORATE SECRETARY
Perseroan mengikutsertakan Sekretaris Perusahaan dalam The Corporate Secretary participates in the competency
program pengembangan kompetensi. Kegiatan ini dilakukan development programs held by the Company to increase the
Perusahaan dalam rangka mendorong kinerja pelaksanaan performance of the Corporate Secretary function. Throughout
fungsi Sekretaris Perusahaan. Sepanjang tahun 2025, Program 2025, the competency development programs followed by the
pengembangan kompetensi yang diikuti oleh Fungsi Sekretaris Corporate Secretary Function were as follows:
Perusahaan adalah sebagai berikut:
Judul Pelatihan
No
Title of Training
1. Unlocking The Future; Penerapan AI & Transformasi Digital di Jasa Keuangan
Unlocking The Future; Application of AI & Digital Transformation in Financial Services
2. Anti Pencucian Uang, Pencegahan Pendanaan Terorisme, dan Pencegahan Pendanaan Proliferasi Senjata Pemusnah Massal
(APU, PPT, dan PPPSPM)
Anti-Money Laundering, Counter-Terrorism Financing, and Counter-Proliferation Financing (AML, CTF, and CPF)
3. Reschedule Ujian BSMR Jenjang 5
Reschedule BSMR Level 5 Exam
4. Finance for Non Finance for Professionals
5. Hak Asasi Manusia
Human Rights
6. Climate Change
7. Asset Liability Management (ALM)
8. Pelindungan Konsumen Sesuai POJK 22 Tahun 2023
Consumer Protection in accordance with POJK 22 of 2023
Page 413
Judul Pelatihan
No
Title of Training
9. Emisi Scope 3
Scope 3 Emissions
10. Workshop Internal Control over Financial Reporting (ICOFR)
Workshop on Internal Control over Financial Reporting (ICOFR)
11. BSMR Jenjang 5
BSMR Level 5
12. BSMR Jenjang 6
BSMR Level 6
13. BSMR Jenjang 4
BSMR Level 4
14. Sosialisasi Risk Culture; Anti Fraud
Dissemination of Risk Culture; Anti-Fraud
PELAKSANAAN TUGAS IMPLEMENTATION OF CORPORATE
SEKRETARIS PERUSAHAAN SECRETARY’S DUTIES
Sepanjang tahun 2025, Sekretaris Perusahaan menjalankan Throughout 2025, the Corporate Secretary performed a
peran strategis sebagai penghubung antara Perseroan strategic role as a liaison between the Company and the
dengan Direksi, Dewan Komisaris, regulator, serta pemangku Board of Directors, Board of Commissioners, regulators, and
kepentingan lainnya, sekaligus memastikan penerapan prinsip other stakeholders, while ensuring the implementation of the
keterbukaan informasi, kepatuhan regulasi, dan tata kelola principles of information transparency, regulatory compliance,
perusahaan yang baik. and good corporate governance.
Dalam mendukung penguatan komunikasi korporasi, fungsi To support the strengthening of corporate communications,
komunikasi perusahaan berperan aktif dalam pengelolaan kanal the corporate communications function plays an active role
informasi resmi Perseroan, termasuk website dan media sosial. in managing the Company’s official information channels,
Kinerja komunikasi digital menunjukkan peningkatan yang including the website and social media. Digital communications
signifikan, tercermin dari pertumbuhan trafik website, jangkauan performance has shown significant improvement, reflected in
media sosial, serta peningkatan jumlah pengikut. Aktivitas the growth of website traffic, social media coverage, and the
hubungan media turut memperkuat eksposur positif Perseroan increase in the number of followers. Media relations activities
melalui rilis siaran pers, advertorial, serta pelaksanaan media have also strengthened the Company’s positive exposure
gathering, yang secara keseluruhan menghasilkan ratusan through press releases, advertorials, and media gatherings,
publikasi dengan sentimen dominan positif. Sejalan dengan which have collectively generated hundreds of publications
capaian tersebut, Perseroan juga memperoleh berbagai with predominantly positive sentiment. In line with these
penghargaan nasional yang mencerminkan pengakuan atas achievements, the Company has also received various national
kinerja, tata kelola, inovasi, dan komitmen keberlanjutan. awards reflecting recognition of its performance, governance,
innovation, and sustainability commitment. 413
Pada aspek hubungan pemangku kepentingan dan kepatuhan, In terms of stakeholder relations and compliance, the Corporate
Sekretaris Perusahaan memastikan seluruh kewajiban Secretary ensures that all reporting obligations to the Financial
pelaporan kepada Otoritas Jasa Keuangan dan pemegang Services Authority and shareholders are submitted in a timely
PT Sarana Multigriya Finansial (Persero)
saham disampaikan secara tepat waktu dan sesuai ketentuan, manner and in accordance with regulations, including periodic
termasuk laporan berkala, laporan pengawasan Dewan reports, Board of Commissioners supervisory reports, and
Komisaris, serta rencana dan laporan terkait literasi dan inklusi plans and reports related to financial literacy and inclusion. This
keuangan. Hal ini mencerminkan komitmen Perseroan dalam reflects the Company’s commitment to maintaining regulatory
menjaga kepatuhan terhadap regulasi serta transparansi compliance and transparency with stakeholders.
kepada pemangku kepentingan.
Fungsi kesekretariatan Direksi dan Dewan Komisaris juga The secretarial function of the Board of Directors and Board of
turut mendukung efektivitas pengambilan keputusan melalui Commissioners also supports the effectiveness of decision-
pengelolaan korespondensi, penyelenggaraan rapat Direksi dan making through managing correspondence, holding meetings
Dewan Komisaris, serta pengelolaan administrasi persuratan of the Board of Directors and Board of Commissioners, and
yang berjalan secara tertib dan akuntabel. Sepanjang periode managing administrative correspondence in an orderly and
pelaporan, Sekretaris Perusahaan juga berperan aktif dalam accountable manner. Throughout the reporting period, the
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Tata Kelola Perusahaan
Corporate Governance
mendukung agenda strategis Direksi melalui fungsi Executive Corporate Secretary also played an active role in supporting the
Assistant, termasuk koordinasi rapat, penyiapan materi, serta strategic agenda of the Board of Directors through the function
pemantauan tindak lanjut atas berbagai penugasan strategis of Executive Assistant , including coordinating meetings,
Perseroan. preparing materials, and monitoring the follow-up of various
strategic assignments of the Company.
Dalam bidang Tanggung Jawab Sosial dan Lingkungan (TJSL) In the areas of Social and Environmental Responsibility (TJSL)
serta pengembangan komunitas, Sekretaris Perusahaan and community development, the Corporate Secretary
mengoordinasikan pelaksanaan berbagai program sosial, coordinates the implementation of various social programs,
kemitraan, peningkatan kualitas hunian di kawasan kumuh, partnerships, housing improvements in slum areas, and
serta pemberdayaan komunitas dan UMKM di berbagai daerah. empowerment of communities and MSMEs in various regions.
Program-program tersebut selaras dengan mandat Perseroan These programs align with the Company’s mandate to support
dalam mendukung pembangunan sosial dan ekonomi yang sustainable social and economic development, particularly in
berkelanjutan, khususnya di sektor perumahan dan pembiayaan the housing and inclusive financing sectors.
inklusif.
Pengelolaan arsip dan dokumentasi perusahaan juga terus The company’s archive and documentation management is also
diperkuat melalui penerapan Jadwal Retensi Arsip (JRA) dan continuously strengthened through the implementation of the
pengembangan Document Management System (DMS), Archive Retention Schedule (JRA) and the development of the
guna meningkatkan disiplin pengelolaan dokumen, efisiensi Document Management System (DMS), in order to improve
operasional, serta mitigasi risiko kepatuhan di seluruh unit kerja. document management discipline, operational efficiency, and
compliance risk mitigation across all work units.
Selain itu, fungsi EBA Ritel secara konsisten menjalankan Furthermore, the Retail RMBS function consistently carries
kegiatan literasi dan sosialisasi investasi melalui kanal digital out investment literacy and outreach activities through digital
dan kegiatan tatap muka. Intensifikasi komunikasi dan program channels and face-to-face activities. The intensification of
promosi yang dijalankan di sepanjang tahun 2025 berdampak communication and promotional programs implemented
positif terhadap peningkatan jumlah investor EBA Ritel, throughout 2025 has had a positive impact on increasing the
sekaligus memperkuat peran Perseroan dalam memperluas number of Retail RMBS investors, while also strengthening
414
akses masyarakat terhadap instrumen investasi yang aman the Company’s role in expanding public access to safe and
dan berkelanjutan. sustainable investment instruments.
Secara keseluruhan, pelaksanaan tugas Sekretaris Perusahaan Overall, the Corporate Secretary’s duties in 2025 were effective
Laporan Tahunan 2025 Annual Report
di tahun 2025 berjalan efektif dan selaras dengan arah strategis and aligned with the Company’s strategic direction. Through
Perseroan. Melalui penguatan komunikasi, kepatuhan, tata strengthening communication, compliance, governance, and
kelola, serta kontribusi sosial, Sekretaris Perusahaan terus social contribution, the Corporate Secretary continued to
mendukung pencapaian visi dan misi Perseroan serta support the achievement of the Company’s vision and mission
peningkatan kepercayaan pemangku kepentingan. and enhance stakeholder trust.
EVALUASI KINERJA SEKRETARIS CORPORATE SECRETARY
PERUSAHAAN PERFORMANCE EVALUATION
Secara berkala, Sekretaris Perusahaan dievaluasi oleh Direksi Periodically, the Corporate Secretary is evaluated by the
untuk memastikan kualitas pelaksanaan fungsinya, berdasarkan Board of Directors to ensure the quality of the implementation
kriteria yang tercantum dalam Key Performance Indicator (KPI) of his/her functions, based on the criteria listed in the Key
sebagai berikut: Performance Indicator (KPI) as follows:
1. Monitoring dan Evaluasi Pelaksanaan Program KPR FLPP 1. Monitoring and Evaluation of FLPP Mortgage Program
Implementation
2. Optimalisasi Kegiatan Ekosistem Pembiayaan Perumahan 2. Optimization of the Housing Financing Ecosystem
3. Peningkatan Peran SMF Research Institute (SRI) dalam 3. Enhancing the Role of the SMF Research Institute (SRI) in
mendukung sektor Perumahan Supporting the Housing Sector
4. Jumlah kegiatan sinergi dengan lembaga/kementerian/SMV 4. Number of Synergy Activities with Institutions/Ministries/
SMV
5. Peningkatan Skor Kepuasan Stakeholder (Debitur, Regulator, 5. Improvement of Stakeholder Satisfaction Scores (Debtors,
dan Pemegang Saham) Regulators, and Shareholders)
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6. Optimalisasi Kinerja Keuangna Perseroan dalam Biaya 6. Optimization of the Company’s Financial Performance in
Operasional Penadapatan Operasional (BOPO) tanpa Surat Operating Expenses (BOPO) without Debt/Operating Letters
Utang/Operasional
7. Pemenuhan pelaporan kepada OJK dan Kementerian/ 7. Fulfillment of reporting requirements to OJK and Ministries/
Lembaga Institutions
8. Pelaksanaan program Inisiatif Strategis dan TJSL Sosial 8. Implementation of Strategic Initiatives and TJSL Social
Perseoran Programs
9. Dukungan pencapaian penerapan tata kelola perusahaan 9. Support for the achievement of good corporate governance
yang baik
10. Presentase peningkatan investor EBA Ritel Peningkatan 10. Percentage increase in RMBS Retail investors Improvement
citra perseroan of the company’s image
Realisasi KPI Sekretaris Perusahaan tahun 2025 telah mencapai The realization of the Corporate Secretary’s KPI in 2025 has
target sebesar 112,37% dari target 100%. reached the target of 112.37% of the target of 100%.
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PT Sarana Multigriya Finansial (Persero)
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Tata Kelola Perusahaan
Corporate Governance
UNIT AUDIT INTERNAL
INTERNAL AUDIT UNIT
Satuan Pengawasan Intern (SPI) menjalankan Fungsi audit The Internal Audit Unit (SPI) is in charge of performing the
intern yang bertugas untuk memberikan rekomendasi dan internal audit function, which entails providing independent
pelaporan yang independen dan objektif melalui kegiatan and objective recommendations and reports based on a
pengawasan yang komprehensif terhadap seluruh aktivitas comprehensive examination of all the Company’s activities
dan operasi perusahaan di mana pada pelaksanaannya. Seluruh and operations. All members of the Company’s SPI play a role
anggota SPI Perseroan berperan di dalam proses audit internal, in the internal audit process, which is an activity of providing
yang merupakan kegiatan pemberian keyakinan (assurance), assurance , advisory and strategic insight that is independent
pemberian advisory dan wawasan strategis (insight) bersifat and objective based on risk to provide added value to the
independen dan objektif berdasarkan risiko untuk memberi Company.
nilai tambah Perseroan.
VISI VISION
Menjadi mitra kerja strategis (strategic partner ) yang To become a trusted, independent, objective, professional
Terpercaya, Independen, Obyektif, Profesional, dan katalis strategic partner and the main catalyst in strengthening
utama dalam memperkuat tata kelola, manajemen risiko, governance, risk management, and internal control to support
dan pengendalian internal guna mendukung keberlanjutan the sustainability of a healthy and competitive secondary
ekosistem pembiayaan sekunder perumahan yang sehat dan housing financing ecosystem.
kompetitif.
MISI MSSION
416
1. Meningkatkan dan melindungi nilai perusahaan melalui 1. Enhancing and protecting the Company’s value through
pelaksanaan kegiatan assurance, pemberian advice dan providing assurance, advice and objective insights based
wawasan yang objektif berdasarkan risiko; on risk;
2. Meningkatkan efektivitas tata kelola perusahaan, 2. Improving the effectiveness of corporate governance, risk
Laporan Tahunan 2025 Annual Report
manajemen risiko, dan pengendalian internal; management, and internal control;
3. Mendorong terciptanya koordinasi yang intensif di antara 3. Encouraging intensive coordination among the Company’s
pemangku kepentingan pengawasan internal perusahaan. internal supervisory stakeholders
TUJUAN OBJECTIVE
Memberikan kontribusi kepada manajemen melalui kegiatan Contributing to management through independent and
assurance dan consulting yang bersifat independen dan objective assurance and consulting activities, with the aim of
objektif, dengan tujuan untuk meningkatkan nilai tambah dan increasing added value and improving Company operations.
memperbaiki operasional perusahaan.
PIAGAM AUDIT SATUAN AUDIT CHARTER OF INTERNAL AUDIT UNIT
PENGAWASAN INTERN
SPI Perseroan telah memiliki Piagam SPI (Internal Audit Charter) SMF’s Internal Audit Unit (SPI) has an Internal Audit Charter
yang ditetapkan oleh Dewan Komisaris pada tanggal 20 established by the Board of Commissioners on November 20,
November 2024. Piagam Audit SPI ini sebagai pedoman bagi 2024. The Internal Audit Charter serves as a guideline for the
SPI dalam menjalankan acuan dalam melaksanakan tugas dan Internal Audit Unit in carrying out its duties and responsibilities.
tanggung jawab SPI. Ruang lingkung yang diatur dalam Piagam The scope of the Internal Audit Charter include the following
Audit Internal tersebut mencakup, antara lain sebagai berikut: matters:
1. Pendahuluan; 1. Introduction;
2. Tujuan dan Misi; 2. Objectives and Mission;
3. 10 Prinsip Pokok Audit Internal (Core Principles); 3. 10 Core Principles of Internal Audit;
4. Organisasi; 4. Organization;
5. Fungsi dan Ruang Lingkup Pekerjaan; 5. Functions and Scope of Work;
6. Wewenang, Tugas dan Tanggung Jawab; 6. Authority, Duties and Responsibilities;
7. Kode Etik; 7. Code of Conduct;
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8. Pola Hubungan; 8. Relationship Patterns;
9. Standar Profesi Audit; 9. Audit Professional Standards;
10. Program Asuransi dan Peningkatan Kualitas; 10. Insurance and Quality Improvement Program;
11. Penutup. 11. Closing.
Untuk memastikan kesesuaian dengan perkembangan regulasi, To ensure compliance with regulatory developments,
standar profesional, serta kebutuhan bisnis yang dinamis, professional standards, and dynamic business needs, the
Piagam SPI secara berkala dilakukan pembaruan. Pembaruan ini Internal Audit Charter is periodically updated, aiming to
bertujuan untuk memperkuat fungsi pengawasan, meningkatkan strengthen the supervisory function, increase transparency, and
transparansi, serta mendukung tata kelola perusahaan yang support more effective and sustainable corporate governance.
lebih efektif dan berkelanjutan.
TUGAS DAN TANGGUNG JAWAB DUTIES AND RESPONSIBILITIES
SATUAN PENGAWASAN INTERN OF THE INTERNAL AUDIT UNIT
Sejalan dengan Piagam Audit Internal, tugas dan tanggung In accordance with the Internal Audit Charter, the duties and
jawab Satuan Pengawasan Intern antara lain sebagai berikut: responsibilities of the Internal Audit Unit (SPI) are as follows:
1. Menyusun dan melaksanakan Rencana Kerja Pemeriksaan 1. Conducting the Annual Audit Work Plan (RKPT) of the
Tahunan (RKPT) Satuan Pengawasan Intern; Internal Audit Unit;
2. Melakukan reviu dan penyesuaian terhadap RKPT setiap 2. Reviewing and adjusting the RKPT quarterly to respond
triwulanan untuk merespon perubahan atas bisnis Perseroan, to changes in the Company’s business, risks, operations,
risiko, operasi, program, sistem, dan pengendalian; programs, systems, and controls;
3. Melakukan evaluasi dan memperbaiki efektivitas 3. Evaluating and improving the effectiveness of internal
pengendalian intern, manajemen risiko dan proses tata control, risk management, and corporate governance
kelola perusahaan secara independen dan objektif melalui processes independently and objectively through assurance
kegiatan assurance dan consulting; and consulting activities;
4. Melakukan pemeriksaan dan penilaian atas operasional di 4. Conducting audits and assessments of operations in
bidang keuangan, akuntansi, bisnis, sumber daya manusia, finance, accounting, business, human capital, general
umum, pemasaran, teknologi Informasi, dan kegiatan affairs, marketing, information technology, and other
lainnya; activities;
5. Memberikan saran perbaikan dan informasi yang objektif 5. Providing suggestions for improvement and objective
melalui kegiatan assurance dan consulting pada semua information through assurance and consulting activities
tingkat manajemen; at all levels of management;
6. Membuat laporan hasil audit dan menyampaikan laporan 6. Preparing audit reports and submitting them to the
tersebut kepada Direktur Utama dan Dewan Komisaris President Director and Board of Commissioners through
melalui Komite Audit; the Audit Committee;
7. Melakukan monitoring pelaksanaan tindak lanjut 7. Monitoring t he implementation of follow-up
rekomendasi atas hasil audit, evaluasi, reviu, assessment recommendations on the results of audits, evaluations,
auditor internal dan auditor eksternal; reviews, and assessments of internal and external auditors; 417
8. Bekerja sama dengan Komite Audit; 8. Cooperating with the Audit Committee;
9. Menyusun program untuk mengevaluasi mutu kegiatan 9. Developing a program to evaluate the quality of internal
audit internal yang dilakukannya; audit activities;
10. Melakukan pemeriksaan khusus apabila diperlukan; 10. Conducting special audit if necessary;
PT Sarana Multigriya Finansial (Persero)
11. Melakukan peningkatan dan pengembangan kompetensi 11. Improving and developing the competence of internal
auditor internal dan manajemen pengawasan internal; auditors and internal supervisory management;
12. Melakukan tugas lainnya dari Direksi sepanjang tidak 12. Performing other duties of the Board of Directors as long
bertentangan dengan prinsip independensi audit internal; as they do not conflict with the principle of internal audit’s
independency;
13. Menjaga kerahasiaan informasi dan/atau data BUMN terkait 13. Maintaining the confidentiality of SOE information and/or
dengan pelaksanaan tugas dan tanggung jawab audit intern, data related to the implementation of internal audit duties
kecuali diperbolehkan berdasarkan ketentuan peraturan and responsibilities, unless permitted by the provisions of
perundang-undangan dan/atau putusan pengadilan. laws and regulations and/or court decisions.
14. Menjaga informasi rahasia yang diperoleh sewaktu menjabat 14. Maintaining confidential information obtained while serving
sesuai dengan ketentuan peraturan perundang-undangan. in position, in accordance with the laws and regulations.
15. Memastikan dalam hal terdapat penggunaan jasa pihak 15. Ensuring that in the event of using external services for
eksternal untuk aktivitas pengawasan intern: internal control activities:
a. Terselenggaranya transfer pengetahuan antara pihak a. Organizing transfer of knowledge between external
eksternal kepada anggota SPI mengingat penggunaan parties and Internal Audit Unit members, given that
jasa ahli pihak ekstern bersifat sementara; the use of external experts is temporary;
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Tata Kelola Perusahaan
Corporate Governance
b. Pengguna jasa pihak eksternal tidak mempengaruhi b. External service users do not affect the independency
independensi dan objektivitas fungsi SPI; and objectivity of the Internal Audit Unit function;
c. Pihak eksternal mematuhi piagam audit intern yang ada. c. External parties comply with the existing internal audit
charter.
STRUKTUR ORGANISASI DAN KEDUDUKAN ORGANIZATIONAL STRUCTURE AND
SATUAN PENGAWASAN INTERN POSITION OF THE INTERNAL AUDIT UNIT
Satuan Pengawasan Intern memiliki kedudukan di dalam The Internal Audit Unit has a position within the Company’s
struktur organisasi Perseroan sebagai unit kerja fungsional organizational structure as a functional work unit under
yang berada di bawah Direktur Utama. Meski demikian, seluruh the President Director. However, all SPI personnel of the
personil SPI Perseroan wajib berkoordinasi dengan komite audit Company are required to coordinate with the audit committee
dalam menjalankan tugas-tugasnya sebagaimana tercantum in performing their duties as stated in the Internal Auditor
dalam Struktur organisasi SPI berdasarkan Surat Keputusan organizational structure based on the Decree of the Board of
Direksi Nomor S-443/SKD/DIR/SMF/VII/2025 perihal Struktur Directors Number S-443/SKD/DIR/SMF/VII/2025 concerning
Organisasi PT Sarana Multigriya Finansial (Persero) Tahun the Organizational Structure of PT Sarana Multigriya Finansial
2025, yang dijelaskan melalui bagan struktur organisasi berikut: (Persero) in 2025, which is explained through the following
organizational structure chart:
Direktur Utama
President Director
Satuan Pengawasan Intern
Internal Auditor
418
Quality Assurance & Improvement
Auditor
Management
Laporan Tahunan 2025 Annual Report
PEMBENTUKAN SATUAN ESTABLISHMENT OF
PENGAWASAN INTERN INTERNAL AUDIT UNIT
Satuan Pengawasan Intern (SPI) dipimpin oleh Seorang kepala The Internal Audit Unit (SPI) is led by a Head of Internal Audit
Satuan Pengawasan Intern yang diangkat dan diberhentikan Unit who is appointed and dismissed by the President Director
oleh Direktur Utama atas persetujuan Dewan Komisaris, serta with the approval of the Board of Commissioners, and reports
dilaporkan kepada regulator sesuai dengan ketentuan yang to regulators in accordance with applicable regulations. The SPI
berlaku. SPI bertanggung jawab langsung kepada Direktur is directly responsible to the President Director and indirectly
Utama dan bertanggung jawab secara tidak langsung kepada responsible to the Board of Commissioners through the Audit
Dewan Komisaris melalui Komite Audit. Committee.
Selama tahun 2025 tidak terdapat perubahan pimpinan SPI In 2025 there was no change in the leadership of SPI, which
yaitu dijabat oleh Sdr. R. Wisnu Prihartono sejak tahun 2023. was held by Mr. R. Wisnu Prihartono since 2023.
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R. Wisnu Prihartono
Kepala Divisi Satuan Pengawasan Intern | Head of Internal Audit Unit Division
Warga Negara Indonesia, usia 54 tahun per 31 Desember 2025, berdomisili di Jakarta
Indonesian citizen, 54 years old as of December 31, 2025, domiciled in Jakarta
Dasar Hukum Pengangkatan Legal Basis for Appointment
Surat Keputusan S-227/DIR/SDM/SMF/IV/2023 tanggal 11 April 2023 Decree S-227/DIR/SDM/SMF/IV/2023 dated April 11, 2023
Masa Jabatan Term of Office
2023 - sekarang 2023 - present
Riwayat Pendidikan Educational Background
• S1 Administrasi Bisnis Universitas Indonesia (1997) • Bachelor of Business Administration, University of Indonesia (1997)
• S2 Magister Perencanaan Ekonomi dan Kebijakan Pembangunan • Master of Economic Planning and Development Policy (MPKP),
(MPKP), FEB Universitas Indonesia (2024) Faculty of Economics, University of Indonesia (2024)
Sertifikasi Certification
• Certified Internal Audit Executive (CIAE) • Certified Internal Audit Executive (CIAE)
• Certified Fraud Examiner (CFE) • Certified Fraud Examiner (CFE)
• ERM Fundamental (ISO 31000) • ERM Fundamentals (ISO 31000)
• Internal Auditor Quality Management System (ISO9001:2015) • Internal Auditor Quality Management System (ISO9001:2015)
• Certified GRC Professional (CGRCP) • Certified GRC Professional (CGRCP)
• Sertifikasi Manajemen Risiko (BSMR Level 1,2,3) • Risk Management Certification (BSMR Level 1,2,3)
• Sistem Manajemen Anti Penyuapan (SMAP) (ISO 37001:2016) • Anti-Bribery Management System (ABMS) (ISO 37001:2016)
• Business Continuity Management System (ISO 22301:2019) • Business Continuity Management System (ISO 22301:2019)
Pengalaman Kerja Work Experience
• Kepala Divisi Manajemen Risiko & Kepatuhan (2018- 2023) • Head of Risk Management & Compliance Division (2018-2023)
• Pgs. Kepala Divisi Teknologi Informasi (2021-2022) • Acting Head of Information Technology Division (2021-2022)
• Kepala Divisi Riset & Perencanaan Strategis (2018) • Head of Research & Strategic Planning Division (2018)
• Kepala Bagian Transformasi & Pengembangan Usaha (2016-2017) • Head of Business Transformation & Development (2016-2017)
• Sharia Business Head – PT Bussan Auto Finance (2015-2016) • Sharia Business Head – PT Bussan Auto Finance (2015-2016)
• New Business & Product Development Manager – PT Bussan Auto • New Business & Product Development Manager – PT Bussan Auto
Finance (2012-2015) Finance (2012-2015)
• Branch Control Manager – PT Bussan Auto Finance (2009-2012) • Branch Control Manager – PT Bussan Auto Finance (2009-2012)
• Structure Finance Manager – PT Bussan Auto Finance (2005-2009) • Structure Finance Manager – PT Bussan Auto Finance (2005-2009)
• Credit Administration Assistant Manager – PT Bussan Auto Finance • Credit Administration Assistant Manager – PT Bussan Auto Finance
(1999-2004) (1999-2004)
• Management Trainee & Inventory Control Assistant Manager – PT • Management Trainee & Inventory Control Assistant Manager – PT
Astra Sedaya Finance – ACC (1997- 1998) Astra Sedaya Finance – ACC (1997- 1998)
Rangkap Jabatan Concurrent Position
Tidak ada None
Hubungan Afiliasi Affiliation
Tidak memiliki hubungan afiliasi dengan anggota Dewan Komisaris, Has no affiliation with members of the Board of Commissioners, Board of
Direksi dan Pemegang Saham Pengendali Directors and Controlling Shareholders
PROGRAM PENGEMBANGAN INTERNAL AUDIT UNIT’S
SATUAN PENGAWASAN INTERN DEVELOPMENT PROGRAM 419
Kebijakan pelatihan SPI diatur dalam Piagam SPI, sejalan dengan The Internal Audit Unit’s training policy is governed by the
kebijakan tersebut, Program pendidikan dan pelatihan SPI Internal Audit Unit Charter. In accordance with this policy,
dilaksanakan secara rutin melalui kegiatan pelatihan, berupa the Internal Audit Unit’s education and training program is
PT Sarana Multigriya Finansial (Persero)
seminar, workshop, maupun kegiatan pelatihan lainnya. done on a regular basis through training activities such as
Pelatihan kompetensi SPI dilakukan dalam rangka meningkatkan seminars, workshops, and other activities. Internal Audit Unit’s
kinerja fungsi SPI dan menghadirkan peningkatan kualitas competency training is provided to improve the performance
kemampuan auditor, guna menunjang pelaksanaan tugas dan of the Internal Audit Unit function and the quality of auditor’s
tanggung jawab SPI. capabilities, thereby, assisting in the implementation of the
Internal Audit Unit’s duties and responsibilities.
Berikut pelatihan yang diikuti oleh Kepala dan Auditor SPI The Head and Internal Auditors of the Company’s Internal Audit
Perseroan selama tahun 2025: Unit attended the following training in 2025
Nama Jabatan Pelatihan
Name Position Training
R. Wisnu Prihartono Kepala Satuan Pengawasan • Indonesia Internal Audit Practitioner (IIAP) Training
Intern • COBIT 2019 Refreshment
Head of Internal Audit Unit • ERM Maturity Refreshment
• Indonesia Internal Audit Practitioner (IIAP) Training
• COBIT 2019 Refreshment
• ERM Maturity Refreshment
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Tata Kelola Perusahaan
Corporate Governance
Nama Jabatan Pelatihan
Name Position Training
Ahmad Zamahsyari QAIM • Qualified Internal Auditor (QIA) Tingkat Manajerial
Hardiansyah • Pelatihan Investigasi bersama KPK/Joint Investigation Training with the Corruption
Eradication Committee
• Aset Liabilities Mangement (ALMA)
• COBIT 2019 Refreshment
• ERM Maturity Refreshment
• Pelatihan Carbon & Climate Change/Carbon & Climate Change Training
• Qualified Internal Auditor (QIA) Managerial Level
• Joint Investigation Training with the Corruption Eradication Committee
• Asset Liabilities Management (ALMA)
• COBIT 2019 Refreshment
• ERM Maturity Refreshment
• Carbon & Climate Change Training
M. Adi Prasetyo Auditor • Professional Qualified Internal Audit (PQIA)
• BSMR Jenjang 5/ BSMR Level 5
• Basic Human Right Training
• Perlindungan Konsumen/Consumer Protection
• Professional Qualified Internal Audit (PQIA)
• BSMR Level 5
• Basic Human Rights Training
• Consumer Protection
Haikal Qinthara Auditor • BSMR Jenjang 4/ BSMR Level 4
• Qualified Internal Auditor Tingkat Lanjutan/Qualified Internal Auditor Advanced Level
• Aset Liabilities Mangement (ALMA)
• ESG Training: Emision Scope 3
• Organization Diagnostic
• Institute of Internal Audit (IIA) Conference 2025
• Konferensi Auditor Internal 2025/Internal Auditor Conference 2025
• BSMR Level 4
• Qualified Internal Auditor Advanced Level
• Asset Liabilities Management (ALMA)
• ESG Training: Scope 3 Emissions
• Organization Diagnostic
• Institute of Internal Audit (IIA) Conference 2025
• Internal Auditor Conference 2025
420
KUALIFIKASI/SERTIFIKASI PROFESI INTERNAL AUDIT UNIT PROFESSIONAL
SATUAN PENGAWASAN INTERN QUALIFICATION/CERTIFICATION
Laporan Tahunan 2025 Annual Report
Perseroan senantiasa memastikan kecukupan jumlah auditor The Company always ensures that there are sufficient SPI
SPI sesuai dengan analisis beban kerja berdasarkan program auditors based on a workload analysis of the SPI work program
kerja SPI yang dikaitkan dengan jumlah audit yang akan in relation to the number of audits to be conducted.
dilaksanakan.
SPI Perseroan telah dilengkapi dengan auditor yang sebagian The Company’s Internal Audit Unit (SPI) is staffed with auditors,
besar telah memiliki sertifikasi profesi auditor baik di Tingkat most of whom hold professional auditor certifications at the
Dasar, Tingkat Lanjutan, maupun Qualified Internal Auditor. Basic, Advanced, and Qualified Internal Auditor levels. The
Formasi pada SPI sampai dengan akhir tahun 2025 berjumlah SPI have 4 (four) employees with the following qualifications
4 pegawai dengan kualifikasi sebagai berikut: by the end of 2025:
Posisi/Jabatan Uraian
No
Position Description
1. Kepala Satuan Pengawasan Intern Indonesia Internal Audit Practitioner (IIAP)
Head of Internal Audit Unit
2. Quality Assurance Improvement Qualified Internal Auditor (QIA) Tingkat Manajerial
Management
3. Auditor BSMR Jenjang 5
Professional Qualified Internal Audit (PQIA)
4. Auditor BSMR Jenjang 4
Qualified Internal Auditor (QIA) Tingkat Lanjutan
Chartered Accountant (CA)
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PELAKSANAAN KEGIATAN SATUAN IMPLEMENTATION OF INTERNAL
PENGAWASAN INTERN AUDIT UNIT’S ACTIVITIES
Selama tahun 2025, SPI telah melakukan berbagai tugas Throughout 2025, the Internal Audit Unit completed a variety
sebagaimana yang tertuang pada Rencana Kerja Pemeriksaan of duties outlined in the Internal Annual Audit Work Plan, as
Tahunan (RKPT) SPI dan tugas dan tanggung jawab yang diatur well as the duties and responsibilities outlined in the Internal
dalam Piagam SPI. Kegiatan tersebut diantaranya: Audit Unit Charter. These activities,are:
1. Audit Proses Penyaluran Pembiayaan. 1. Audit of the Financing Distribution Process.
2. Audit Divisi Teknologi Informasi. 2. Information Technology Division Audit.
3. Audit Pelaksanaan Sistem Layanan Informasi Keuangan 3. Audit of the Implementation of the Debtor’s Financial
(SLIK) Debitur. Information Services System (SLIK).
4. Audit Pembiayaan FLPP. 4. FLPP Financing Audit.
5. Review Sistem Informasi Rekam Jejak Pelaku di Sektor 5. Review of the Financial Services Sector Track Record
Jasa Keuangan (SIPELAKU). Information System (SIPELAKU).
FREKUENSI RAPAT BERSAMA DIREKSI DAN FREQUENCY OF MEETINGS WITH THE
DEWAN KOMISARIS ATAU KOMITE AUDIT BOARD OF DIRECTORS AND BOARD OF
COMMISSIONERS OR AUDIT COMMITTEE
Pada tahun 2025, SPI menyelenggarakan rapat dengan Direksi In 2025, the Internal Audit Unit held 3 (three) meetings with
sebanyak 3 (tiga) kali dan rapat dengan Komisaris sebanyak 2 the Board of Directors and 2 (two) meetings with the Board of
(dua) kali, serta rapat dengan Komite Audit sebanyak 4 (empat) Commissioners, and 4 (four) meetings with Audit Committee
kali dengan tingkat kehadiran sebagai berikut: with the following attendance rates:
Kehadiran SPI Dalam Rapat Dewan Komisaris/Komite Audit dan Direksi Tahun 2025
SPI’s Attendance at the 2025 Board of Commissioners/Audit Committee and Board of Directors Meeting
Rapat Jumlah Rapat Kehadiran
Meetings Number of Meetings Attendance
Direksi 3 (Tiga) 3 (Tiga)
Board of Director 3 (Three) 3 (Three)
Dewan Komisaris 2 (Dua) 2 (Dua)
Board of Commissioners 2 (two) 2 (two)
Komite Audit 4 (Empat) 4 (Empat)
Audit Committee 4 (four) 4 (four)
Temuan dan Tindak Lanjut Findings and Follow-up 421
Tindak lanjut atas rekomendasi hasil audit internal tahun 2025 Follow-up on the recommendations from the 2025 internal
adalah sebagai berikut: audit results are as follows:
PT Sarana Multigriya Finansial (Persero)
Masih Belum Proses Reviu
Jumlah Rekomendasi
Judul LHA Proses Selesai Auditor Selesai
Number of
Title of Audit Report In Not In Auditor Review Completed
Recommendations
Process Complete Process
Audit Proses Penyaluran Pembiayaan 46 6 - - 40
Audit of the Financing Distribution Process
Audit Divisi Teknologi Informasi 19 5 - - 14
Information Technology Division Audit
Audit Pelaksanaan Sistem Layanan Informasi 15 5 2 - 8
Keuangan (SLIK) Debitur
Audit of the Implementation of the Debtor's
Financial Information Services System (SLIK)
Audit Pembiayaan FLPP 22 20 - - 2
FLPP Financing Audit
Review Sistem Informasi Rekam Jejak - - - - -
Pelaku di Sektor Jasa Keuangan (SIPELAKU)
Review of the Financial Services Sector
Track Record Information System
(SIPELAKU)
Page 422
Tata Kelola Perusahaan
Corporate Governance
EVALUASI KINERJA SATUAN PERFORMANCE EVALUATION OF
PENGAWASAN INTERN THE INTERNAL AUDIT UNIT
Kebijakan evaluasi kinerja SPI diatur dalam Piagam SPI. Evaluasi The Internal Audit Unit’s performance evaluation policy is
kinerja SPI dilakukan oleh Direksi dengan berdasarkan pada regulated in the Internal Audit Unit Charter. The Internal Audit
indikator/kriteria penilaian yang tercantum pada KPI Unit SPI Unit’s performance is evaluated by the Board of Directors based
dan pelaksanaan tugas dan tanggung jawab SPI. on the assessment indicators/ criteria listed in the Internal
Audit Unit’s KPI and the implementation of Internal Audit Unit’s
duties and responsibilities.
Berikut adalah indikator/kriteria yang menjadi penilaian SPI The indicators/criteria for the Internal Audit Unit’s assessment
tahun 2025: in 2025 were as follows:
Indikator Kinerja Utama (IKU)
No
Key Performance Indicators (KPIs)
1. Biaya Operasional Pendapatan Operasional (BOPO) Tanpa Surat Operating Expenses Operating Income (BOPO) Without Debt
Utang/Operasional Securities/Operating Securities
2. Survey kepuasan kinerja internal audit dari stakeholder internal Internal audit performance satisfaction survey from internal
(BOD/BOC) stakeholders (Board of Directors/Board of Commissioners)
3. Persentase temuan audit internal yang sama dengan temuan audit Percentage of internal audit findings that are the same as external
eksternal audit findings
4. Kolaborasi joint audit/sharing knowledge/workshop dengan Collaboration on joint audits/knowledge sharing/workshops with
lembaga/kementerian/SMV institutions/ministries/SMV
5. Persentase pencapaian penerapan tata kelola perusahaan yang Percentage of achievement of implementation of good corporate
baik governance
6. Persentase pencapaian dan tindak lanjut Area of Improvement Percentage of achievement and follow-up of Areas of Improvement
hasil ERM maturity level results from ERM maturity level
7. Persentase pencapaian dan tindak lanjut Area of Improvement Percentage of achievement and follow-up of Areas of Improvement
hasil IT maturity level results of IT maturity level
422
8. Persentase duungan kegiatan pengukuran Kesehatan Organisasi Percentage of support for the Company's Organizational Health
Perseroan tahun 2025 measurement activities in 2025
9. % Realisasi pelaksanaan program Audit sesuai RKPT dilaksanakan % of implementation realization of the Audit program according to the
secara tepat waktu RKPT was carried out on time
Laporan Tahunan 2025 Annual Report
10. % Pemenuhan tindak lanjut temuan audit % of compliance with audit findings follow-up
11. % Pemenuhan Data/tanggapan notisi/dokumen pendukung lainnya % of compliance with data/notification responses/other supporting
dari Divisi documents from the Division
12. % Pencapaian pemenuhan waktu respon whistle blowing system % of whistle blowing system response time
13. Keterlibatan SPI dalam pengembangan bisnis Perseroan SPI's involvement in the Company's business development
14. Pemenuhan kompetensi mandatory dan sertifikasi keahlian Fulfillment of mandatory competencies and expertise certification
Realisasi pencapaian KPI SPI tahun 2025 mencapai sebesar The realization of the SPI KPI achievement in 2025 reached
104% dari target yang ditetapkan sebelumnya 100%. 104% of the previously set target of 100%.
Page 423
SISTEM PENGENDALIAN INTERNAL
INTERNAL CONTROL SYSTEM
Perseroan meyakini, pengendalian internal yang efektif berperan The Company believes that effective internal control plays an
penting dalam memastikan tercapainya tujuan perusahaan important role in achieving corporate objectives and creating
serta penciptaan nilai yang berkelanjutan. Dengan sistem sustainable value. With a robust internal control system, the
pengendalian internal yang kuat, perusahaan dapat memiliki Company can have confidence and integrity in all of its data and
keyakinan dan integritas terhadap seluruh data dan informasi information, while supporting the establishment of appropriate
yang dimiliki, sekaligus mendukung penetapan sasaran dan objectives and strategies to drive sustainable growth.
strategi yang tepat guna mendorong pertumbuhan yang
berkelanjutan.
Perseroan menerapkan sistem pengendalian internal secara The Company operates a comprehensive internal control
komprehensif melalui kebijakan dan prosedur yang dijalankan system through policies and procedures carried out by the
oleh Dewan Komisaris, Direksi, serta seluruh karyawan. Board of Commissioners, Board of Directors, and all employees.
Pendekatan ini bertujuan untuk memastikan bahwa sistem This approach aims to ensure that the internal control system
pengendalian internal diterapkan secara optimal di seluruh is optimally applied at all organizational levels and across SMF’s
tingkatan organisasi dan lini bisnis Perseroan, sehingga business lines, thereby, promoting better corporate governance.
mendukung tata kelola perusahaan yang lebih baik.
PENGENDALIAN DAN FINANCIAL CONTROL AND MONITORING
PEMONITORAN KEUANGAN
Mekanisme pengendalian keuangan Perseroan diterapkan SMF’s financial control mechanism is strictly applied to its
secara ketat terhadap pelaksanaan aktivitas operasional, operations, such as separation of functions, duties, and
antara lain dengan diberlakukannya pemisahan fungsi, tugas, responsibilities for financial transactions, company bookkeeping,
dan tanggung jawab terkait transaksi keuangan, pembukuan and asset documentation.
perusahaan, ataupun dokumentasi aset.
PENGENDALIAN DAN PEMONITORAN OPERATIONAL CONTROL AND
OPERASIONAL SERTA PEMENUHAN MONITORING AND COMPLIANCE
TERHADAP KETENTUAN WITH LAWS AND REGULATIONS
PERUNDANG-UNDANGAN
Pada sisi operasional, Perseroan melakukan update On the operational side, the Company regularly updates all
secara berkala terhadap seluruh kebijakan, prosedur, policies, procedures, operational systems, and accounting 423
sistem operasional, serta standar akuntansi sebagai upaya standards to gain a comprehensive understanding of actual
memperoleh gambaran menyeluruh atas kegiatan operasional operational activities. This is implemented in accordance with
aktual. Hal tersebut diterapkan selaras dengan keseluruhan the Company’s overall internal control system, as part of a
sistem pengendalian internal yang diterapkan di Perseroan, continuous process of developing an organizational control
PT Sarana Multigriya Finansial (Persero)
melalui proses terus-menerus dalam membangun sistem kontrol system that includes all available resources.
organisasi dengan melibatkan seluruh sumber daya yang ada.
KESESUAIAN SISTEM PENGENDALIAN CONFORMITY OF THE INTERNAL
INTERN DENGAN COSO (INTERNAL CONTROL SYSTEM WITH COSO
CONTROL FRAMEWORK) (INTERNAL CONTROL FRAMEWORK)
Pengendalian intern atas aktivitas operasional, pelaporan Internal control over operational activities, financial reporting,
Keuangan, dan pemenuhan perundang-undangan diterapkan and compliance with laws and regulations are carried out using
dengan mengacu pada acuan internasional COSO (Committee the international COSO (Committee of Sponsoring Organizations
of Sponsoring Organizations of The Treadway Commissions), of The Treadway Commissions) framework, which includes the
yang mencakup 5 (lima) komponen pengendalian sebagai following five control components:
berikut:
1. Lingkungan pengendalian; 1. Control environment;
2. Penilaian risiko; 2. Risk assessment;
3. Aktivitas pengendalian; 3. Control activities;
4. Informasi dan komunikasi; 4. Information and communication;
5. Monitoring. 5. Monitoring.
Page 424
Tata Kelola Perusahaan
Corporate Governance
Dengan menerapkan prinsip-prinsip COSO, penerapan sistem By applying COSO principles, SMF’s internal control system
pengendalian intern SMF dirancang untuk membuat reasonable is designed to provide reasonable assurance on the following
assurance mengenai hal-hal berikut: matters:
1. Efektivitas dan efisiensi operasi; 1. Effectiveness and efficiency of operations;
2. Keandalan pelaporan keuangan; dan 2. Reliability of financial reporting; and
3. Kepatuhan terhadap hukum dan peraturan yang berlaku 3. Compliance with applicable laws and regulations
Unsur Pengendalian
Kesesuaian dengan COSO
Intern
Compliance with COSO
Internal Control Elements
Lingkungan pengendalian 1. Organisasi menunjukkan komitmen terhadap 1. The organization demonstrates a commitment to
Control environment integritas dan nilai-nilai etika. integrity and ethical values.
2. Dewan Komisaris menunjukkan independensinya 2. The Board of Commissioners demonstrates its
dari manajemen dan melaksanakan pengawasan independence from management and supervision
atas pengembangan dan kinerja pengendalian over the development and performance of internal
internal controls.
3. Dengan pengawasan Dewan Komisaris, manajemen 3. With the supervision of the Board of Commissioners,
menetapkan struktur, bentuk pelaporan, management establishes the structure, reporting
kewenangan dan tanggung jawab yang diperlukan forms, authority and responsibility necessary to
untuk mencapai tujuan achieve the objectives.
4. Organisasi menetapkan komitmen dalam menarik, 4. The organization establishes a commitment to
mengembangkan, dan mempertahankan individu attracting, developing, and retaining competent
yang kompeten individuals.
5. Organisasi mengharuskan setiap individu yang 5. The organization requires every individual to be
bertanggung jawab dalam pengendalian intern responsible for internal control in order to achieve
dalam rangka pencapaian tujuan objectives.
Penilaian risiko 1. Organisasi menentukan tujuan yang spesifik 1. The organization defines specific objectives to
Risk Assessment sehingga memungkinkan untuk dilakukan identifikasi enable the identification and risk assessment
dan penilaian risiko yang terkait dengan tujuan associated with the objectives.
2. Organisasi mengidentifikasi risiko yang terkait 2. The organization identifies risks associated with
dengan pencapaian tujuan di seluruh entitas dan achieving objectives across the entity and analyzes
menganalisis risiko untuk menjadi dasar bagaimana the risks to form the basis for how the risks will be
risiko akan diperlakukan treated.
3. Organisasi mempertimbangkan potensi kecurangan 3. Organizations consider the potential for fraud in risk
424 (fraud) dalam penilaian risiko assessments.
4. Organisasi mengenali dan menilai perubahan yang 4. The organization recognizes and assesses changes
dapat berdampak signifikan terhadap pengendalian that could significantly impact internal control.
internal
Aktivitas pengendalian 1. Organisasi memilih dan membangun aktivitas 1. The organization selects and builds control activities
Laporan Tahunan 2025 Annual Report
Control Activities pengendalian yang mendukung upaya mitigasi risiko that support risk mitigation efforts in order to
dalam rangka pencapaian tujuan sehingga berada achieve objectives so that they are at an acceptable
pada level yang dapat diterima level.
2. Organisasi memilih dan membangun kegiatan 2. Organization select and develop general control ”
“general control” terhadap penggunaan teknologi activities for the use of technology to support the
untuk mendukung pencapaian tujuan achievement of objectives.
3. Organisasi menerapkan kegiatan pengendalian 3. The organization implements control activities
sesuai kebijakan yang menetapkan; apa yang in accordance with policies that establish what
diharapkan dan prosedur yang harus dilaksanakan is expected and the procedures that must be
terkait kebijakan tersebut implemented in relation to those policies.
Informasi dan komunikasi 1. Organisasi memperoleh atau menghasilkan 1. The organization obtains or produces and uses
Information and dan menggunakan informasi yang relevan dan relevant and quality information to support the
Communication berkualitas untuk mendukung berfungsinya seluruh functioning of all internal control components.
komponen internal control
2. Organisasi mengkomunikasikan informasi secara 2. The organization communicates information
internal, termasuk tujuan dan tanggung jawab internally, including the objectives and
terhadap internal control yang penting untuk responsibilities for internal control that are important
mendukung berfungsinya seluruh komponen internal to support the functioning of all internal control
control components.
3. Organisasi berkomunikasi dengan pihak eksternal 3. The organization communicates with external
mengenai berbagai hal yang berkaitan dengan parties regarding various matters relating to things
hal-hal yang dapat mempengaruhi fungsi seluruh that can affect the function of all internal control
komponen internal control components.
Monitoring 1. Organisasi memilih, membangun dan melakukan 1. The organization selects, builds and conducts
review berkelanjutan (ongoing review) dan penilaian ongoing reviews and separate/independent
terpisah (separate/independent evaluation) untuk evaluations to obtain assurance that all internal
memperoleh keyakinan seluruh komponen internal control components are functioning properly.
control telah berjalan dengan baik
2. Organisasi mengevaluasi dan mengkomunikasikan 2. The organization evaluates and communicates
kelemahan pengendalian internal secara tepat internal control weaknesses in a timely manner
waktu kepada pihak-pihak yang bertanggung jawab to those responsible for taking corrective
melakukan tindakan korektif, termasuk direksi action, including the Board of Directors (senior
(senior management) dan Dewan Komisaris, sesuai management) and the Board
kebutuhan
Page 425
REVIEW ATAS PELAKSANAAN SISTEM REVIEW OF THE IMPLEMENTATION OF
PENGENDALIAN INTERN PADA 2025 INTERNAL CONTROL SYSTEM IN 2025
Penilaian atas pelaksanaan Sistem Pengendalian Internal telah A comprehensive assessment of the implementation of the
dilakukan secara komprehensif dengan responden seluruh Internal Control System was conducted with all employees and
karyawan dan direksi Perseroan. Metode pelaksanaan penilaian Directors of the Company as respondents. The assessment
menggunakan metode yang lazim digunakan yaitu penilaian method used was the commonly used method, namely
kecukupan dokumentasi terkait pengendalian internal, survei assessment of the adequacy of documentation related
persepsi kepada seluruh karyawan, observasi, wawancara, to internal control, perception surveys of all employees,
dan FGD. Sesuai Laporan Assessment Efektivitas Internal observation, interviews, and focus group discussions. According
Control Tahun 2025 PT Sarana Multigriya Finansial (Persero), to the Assessment of Internal Control Effectiveness Report for
menunjukkan skor 84,85 atau dalam kategori “Efektif”. 2025 of PT Sarana Multigriya Finansial (Persero) shows a score
of 84.85, which falls into the “Effective” category.
Penilaian efektivitas pengendalian internal yang telah dilakukan The assessment of internal control effectiveness was based
tersebut merupakan kombinasi dari hasil pencapaian 5 (lima) on a combination of achievement results of 5 (five) elements
elemen yang membentuk dan menjadi bagian dari pengendalian that constitute and are part of internal control. This is in line
internal. Hal tersebut sesuai dengan kerangka pengendalian with the internal control framework developed by COSO and
internal sebagaimana dirumuskan oleh COSO serta sesuai the Company’s internal policies. The achievement results of
dengan kebijakan internal Perseroan. Hasil pencapaian kelima the five elements that support the conclusion of SMF’s 2025
elemen yang mendukung kesimpulan pengendalian internal internal control are as follows:
Perseroan 2025 adalah sebagai berikut:
Informasi dan
Lingkungan
Penilaian Risiko Aktivitas Pengendalian Komunikasi Pemantauan
Pengendalian
Risk assessment Control activities Information and Monitoring
Control Environment
communication
88,72 80,72 83,60 87,43 83,76
PERNYATAAN DIREKSI DAN/ATAU STATEMENT OF THE BOARD OF
DEWAN KOMISARIS ATAS KECUKUPAN DIRECTORS AND/OR BOARD OF
SISTEM PENGENDALIAN INTERN COMMISSIONERS ON THE ADEQUACY
OF INTERNAL CONTROL SYSTEM
Direksi dan Dewan Komisaris menilai bahwa sistem The Board of Directors and Board of Commissioners view
pengendalian intern PT Sarana Multigriya Finansial (Persero) that the internal control system of PT Sarana Multigriya
telah memadai dan berjalan secara efektif dalam mendukung Finansial (Persero) is adequate and effective in promoting good
tata kelola perusahaan yang baik. Penilaian ini didasarkan pada corporate governance. This assessment is based on the 2025
Laporan Self Assessment Efektivitas Internal Control Tahun Self Assessment Report on Effectiveness of Internal Control 425
2025 dengan pencapaian skor 84,85 atau dalam kategori “ obtained a score of 84.85 placing it under “Effective” category.
Efektif”.
Hasil ini mencerminkan bahwa mekanisme pengendalian yang This result demonstrates that the implemented control
PT Sarana Multigriya Finansial (Persero)
diterapkan telah berfungsi dengan baik dalam mengidentifikasi, mechanism was effective in identifying, managing, and
mengelola, dan memitigasi risiko yang dihadapi perusahaan. mitigating the Company’s risks. The Board of Directors and
Direksi dan Dewan Komisaris akan terus memastikan bahwa Board of Commissioners will continue to strengthen and
sistem pengendalian intern tetap diperkuat dan ditingkatkan improve the internal control system to help the Company
guna mendukung pencapaian tujuan strategis perusahaan achieve its strategic goals in a sustainable manner.
secara berkelanjutan.
Page 426
Tata Kelola Perusahaan
Corporate Governance
MANAJEMEN RISIKO
RISK MANAGEMENT
Perseroan menerapkan kerangka manajemen risiko yang The Company implements an integrated risk management
terintegrasi guna mengidentifikasi serta mengelola berbagai framework to identify and manage various opportunities and
peluang dan potensi risiko yang dapat memengaruhi potential risks that could impact the Company’s business
keberlangsungan dan kegiatan usaha Perusahaan. Pelaksanaan continuity and operations. Risk management implementation
manajemen risiko dikoordinasikan oleh Divisi Manajemen Risiko is coordinated by the Risk Management & Compliance
& Kepatuhan, yang bertanggung jawab langsung kepada Division, which reports directly to the Director in charge of
Direktur yang membawahi fungsi Manajemen Risiko dan Risk Management and Compliance.
Kepatuhan.
Dalam penerapannya, Perseroan menanamkan kesadaran In its implementation, the Company instills risk awareness in
risiko kepada seluruh karyawan agar secara proaktif mengelola all employees so that they can proactively manage the risks
risiko yang melekat pada setiap aktivitas kerja, sebagai bagian inherent in every work activity, as part of efforts to achieve
dari upaya pencapaian tujuan Perseroan serta penciptaan the Company’s goals and create sustainable added value for
nilai tambah yang berkelanjutan bagi seluruh pemangku all stakeholders, both in the short and long term.
kepentingan, baik dalam jangka pendek maupun jangka
panjang.
Perseroan secara berkala melakukan penelaahan menyeluruh The Company periodically conducts a comprehensive review
terhadap seluruh risiko yang dihadapi untuk mengidentifikasi of all risks faced to identify key risks aligned with its risk
risiko-risiko utama yang selaras dengan risk appetite Perseroan. appetite. This process forms the basis for developing a risk
Proses ini menjadi dasar dalam penyusunan profil risiko yang profile aligned with the Company’s annual targets. This risk
mengacu pada sasaran tahunan Perseroan. Profil risiko tersebut profile is then comprehensively reviewed by the Board of
426
selanjutnya dikaji secara komprehensif oleh Direksi selaku risk Directors, as the primary risk owner, and communicated to
owner utama dan dikomunikasikan kepada Dewan Komisaris the Board of Commissioners as part of the implementation of
sebagai bagian dari penerapan tata kelola perusahaan yang good corporate governance.
baik.
Laporan Tahunan 2025 Annual Report
KEBIJAKAN MANAJEMEN RISIKO RISK MANAGEMENT POLICY
Manajemen risiko Perusahaan telah dilengkapi dengan The Company’s risk management has been enhanced with a
perangkat kebijakan yang mengacu pada standar ISO policy instrument based on the ISO 31000:2018 standard (Risk
31000:2018 (Risk management - Guidelines). Perangkat management - Guidelines). The Company’s Risk Management
Kebijakan Manajemen Risiko Perusahaan antara lain Kebijakan Policy Instrument contains the Company’s General Policy on
Umum Perseroan tentang Manajemen Risiko, Kebijakan Risk Management, the Company’s Policy on Risk Management
Perseroan tentang Pedoman Manajemen Risiko, Kebijakan Guidelines, the Company’s Policy on Early Warning Guidelines
Perseroan tentang Pedoman Peringatan Dini atas Eksposur, for Exposure, the Company’s Policy on Counterparty Limit
Kebijakan Perseroan tentang Pedoman Counterparty Limit, Guidelines, the Company’s Policy on Internal Rating Guidelines,
Kebijakan Perseroan tentang Pedoman Pemeringkatan and the Company’s Policy on Business Continuity Management
Internal dan Kebijakan Perseroan tentang Pedoman Sistem System Guidelines, as well as technical instructions that are
Manajemen Keberlangsungan Usaha beserta petunjuk teknis derivatives of each guideline; SMF periodically reviews and, if
yang merupakan turunan dari masing-masing pedoman; deemed necessary, updates the Company’s Risk Management
Perseroan secara berkala meninjau dan apabila dipandang perlu Policy instruments in accordance with applicable regulations.
melakukan pemutakhiran atas perangkat Kebijakan Manajemen
Risiko Perusahaan sesuai peraturan yang berlaku.
STRUKTUR ORGANISASI DIVISI ORGANIZATIONAL STRUCTURE OF
MANAJEMEN RISIKO THE RISK MANAGEMENT DIVISION
Fungsi pelaksanaan Manajemen Risiko Perseroan dijalankan The Risk Management function is carried out by the Risk
oleh Divisi Manajemen Risiko dan Kepatuhan. Berikut adalah Management and Compliance Division, of which the Structure is
Struktur Divisi Manajemen Risiko dan Kepatuhan berdasarkan regulated based on the Board of Directors’ Decree No. S-443/
Surat Keputusan Direksi No. S-443/SKD/DIR/SMF/VII/2025 SKD/DIR/SMF/VII/2025 on Adjustments to the Organizational
perihal Penyesuaian Struktur Organisasi Tahun 2025. Structure in 2025, as follows
Page 427
Struktur Organisasi Divisi Manajemen Risiko dan Kepatuhan
Direktur Keuangan & Manajemen Risiko
Finance & Risk Management Director
Divisi Manajemen Risiko dan Kepatuhan
Risk Management and Compliance Division
Manajemen Risiko
Risk Management
Kepatuhan
Enterprise Risk Management
Compliance
Manajemen Risiko Operasional
Operational Risk Management
Manajemen Risiko Bisnis
Business Risk Management
GCG & Kebijakan Internal
GCG & Internal Policy
Divisi Manajemen Risiko dan Kepatuhan dipimpin oleh The Risk Management and Compliance Division is headed by
seorang kepala Divisi yang dijabat oleh Sdr. Tribudi Setiawan a Division Head, Mr. Tribudi Setiawan, based on the Board of
berdasarkan Surat Keputusan Direksi nomor S-225/DIR/SDM/ Directors’ Decree No. S-225/DIR/SDM/SMF/IV/2023 dated
SMF/IV/2023 tanggal 11 April 2023. April 11, 2023.
TUGAS DAN TANGGUNG JAWAB DIVISI DUTIES AND RESPONSIBILITIES
MANAJEMEN RISIKO DAN KEPATUHAN OF THE RISK MANAGEMENT AND
COMPLIANCE DIVISION
1. Melaksanakan dan menjalankan fungsi koordinasi kegiatan 1. Implementing and conducting the overall coordination 427
manajemen risiko secara menyeluruh. function of risk management activities.
2. Melakukan koordinasi dalam implementasi kebijakan dan 2. Coordinating the implementation of risk management
prosedur manajemen risiko. policies and procedures.
3. Melakukan proses identifikasi, analisis dan evaluasi risiko. 3. Having the process of risk identification, analysis, and
PT Sarana Multigriya Finansial (Persero)
evaluation.
4. Melakukan pengusulan kebijakan baru terkait pengelolaan 4. Proposing new policies related to risk management and
manajemen risiko dan kepatuhan. compliance.
5. Melaksanakan pengkinian dokumen Kebijakan dan Prosedur 5. Updating the Risk Management Policy and Procedure
Manajemen Risiko agar selalu sesuai dengan perkembangan documents to always be in line with the Company’s
dan kondisi Perseroan. developments and conditions.
6. Melaksanakan pemantauan, review, dan pengukuran profil 6. Periodically monitoring, reviewing, and measuring the
risiko Perseroan secara periodik. Company’s risk profile.
7. Memfasilitasi proses penyusunan risk appetite dan risk 7. Facilitating the process of preparing the Company’s risk
tolerance Perseroan oleh Direksi serta pada proses appetite and risk tolerance by the Board of Directors as
pelaksanaan reviu periodik atas kesesuaian risk appetite well as the process of conducting periodic reviews of the
dan risk tolerance. suitability of risk appetite and risk tolerance.
8. Secara aktif memberikan dukungan kepada seluruh unit 8. Actively providing support to all related work units so that
kerja terkait agar risiko Perseroan selalu dalam profil risiko the Company’s risk is always within the targeted risk profile.
yang ditargetkan.
9. Memberikan informasi terkini, berkala dan tepat waktu 9. Providing up-to-date, regular, and timely information
mengenai kondisi risiko Perseroan secara individual jenis regarding the Company’s risk conditions individually by
risiko dan agregat. type of risk and in aggregate.
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Tata Kelola Perusahaan
Corporate Governance
10. Memberikan rekomendasi atas permohonan yang 10. Providing recommendations on requests related to
berkaitan dengan risiko terkait aktivitas tertentu/baru yang risks associated with certain/new activities that require
membutuhkan evaluasi dan rekomendasi, apabila diminta. evaluation and recommendations, if requested.
11. Memberikan opini kepada Direksi terkait dengan keputusan 11. Providing opinions to the Board of Directors regarding
bisnis yang akan menyimpang dari kebijakan dan prosedur business decisions that will deviate from existing policies
yang sudah ada, apabila diminta. and procedures, if requested.
12. Memantau pelaksanaan strategi manajemen risiko yang 12. Monitoring the implementation of risk management strategy
telah disusun Direksi. formulated by the Board of Directors
JUMLAH PEGAWAI DAN SERTIFIKASI NUMBER OF EMPLOYEES AND
SDM DIVISI MANAJEMEN CERTIFICATIONS OF HUMAN
RISIKO DAN KEPATUHAN CAPITAL IN THE RISK MANAGEMENT
AND COMPLIANCE DIVISION
Hingga akhir tahun 2025, jumlah SDM Divisi Manajemen Risiko By the end of 2025, the Risk Management and Compliance
dan Kepatuhan adalah sebanyak 11 orang, dengan komposisi Division had a total of 11 employees, consisting of 10 permanent
10 pegawai tetap. Divisi ini didukung oleh tenaga profesional employees. This division is supported by professionals who
yang memiliki keahlian dan kompetensi di bidang manajemen have expertise and competence in risk management, with the
risiko, dengan sertifikasi profesi sebagai berikut: following professional certifications:
Sertifikasi Profesi Manajemen Risiko SDM Divisi Manajemen Risiko dan Kepatuhan per 31 Desember 2025
Risk Management Professional Certification of the HC of Risk Management and Compliance Division as of December 31, 2025
Jenis Sertifikasi Profesi Jumlah
Type of Professional Certification Total
BSMR Jenjang 5 7 Orang
Level 5 Risk Management Certification Agency (BSMR) 7 people
BSMR Jenjang 6 1 Orang
Level 6 Risk Management Certification Agency (BSMR) 1 person
428 Pelatihan dan Sertifikasi KPBU CP3P Level Foundation 1 Orang
CP3P Foundation Level KPBU Training and Certification 1 person
Qualified Risk Management Analyst (QRMA) 6 Orang
6 people
Laporan Tahunan 2025 Annual Report
Renewal ERMA Certification 1 Orang
1 person
Re-Sertifikasi BSMR Jenjang 5 1 Orang
Level 5 Risk Management Certification Agency (BSMR) recertification 1 person
KERANGKA KERJA MANAJEMEN RISIKO RISK MANAGEMENT FRAMEWORK
Kerangka kerja manajemen risiko Perseroan merujuk pada The Company’s risk management framework is based on the
Standar Manajemen Risiko ISO 31000:2018, sebagai standar ISO 31000:2018 Risk Management Standard, which is deemed
acuan yang dinilai tepat dan sesuai dengan Perseroan. Standar suitable and consistent with the Company’s procedures. This
ini telah diadopsi ke dalam Standar Nasional Indonesia, menjadi standard has been incorporated into the Indonesian National
SNI ISO 31000. Selain itu, kerangka kerja Manajemen Risiko Standard, which is now known as SNI ISO 31000. In addition,
Perseroan juga berdasarkan Peraturan Otoritas Jasa Keuangan the Company’s Risk Management framework is also based
Nomor 42 tahun 2024 tentang Penerapan Manajemen Risiko on Financial Services Authority Regulation No. 42 of 2024
bagi Lembaga Pembiayaan, Perusahaan Modal Ventura, concerning the Implementation of Risk Management for
Lembaga Keuangan Mikro, dan Lembaga Jasa Keuangan Financing Institutions, Venture Capital Companies, Microfinance
Lainnya. Institutions, and Other Financial Services Institutions.
Page 429
Gambar Kerangka Manajemen Risiko Perseroan
Diagram of the Company’s Risk Management Framework
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Con vemen gra
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Stru prehen
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Bes ormat
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inf
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Prinsip
Principles
Risk management process
Integration Scope, context, criteria
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MONITORING AND REVIEW
COMMUNICATION AND
Risk identification
CONSULTATION
Improvement
Leadership and Design Risk analysis
commitment
Risk evaluation
Risk treatment
Evaluation
Implementation RECORDING AND REPORTING
429
Kerangka Kerja Proses
Framework Process
TATA KELOLA MANAJEMEN RISIKO RISK MANAGEMENT GOVERNANCE
PT Sarana Multigriya Finansial (Persero)
Sebagai bentuk mandat dan komitmen dalam penerapan As a form of mandate and commitment to the Risk Management
Manajemen Risiko Perseroan, Perseroan menerapkan tata implementation, the Company applies risk management
kelola manajemen risiko yang melibatkan seluruh tingkatan governance at all levels of the organization, in accordance
organisasi sesuai dengan kedudukan, fungsi, dan kewenangan with the respective positions, functions, and authorities.
masing-masing.
Tata kelola manajemen risiko di Perseroan mengadopsi The risk management governance in the Company adopts the
Model Tiga Garis (Three Lines Model), yang menggambarkan Three Lines Model, which describes the cooperative relationship
hubungan kerja sama dan komunikasi antara Dewan Komisaris, and communication among the Board of Commissioners,
Komite, Direksi, Audit Internal, fungsi Manajemen Risiko dan Committee, Board of Directors, Internal Audit, Risk Management
para Pemilik Risiko (Risk Owners) di setiap divisi. Berikut adalah function and Risk Owners in each division. The following is
struktur tata kelola manajemen risiko di Perseroan: the risk management governance structure in the Company:
Page 430
Tata Kelola Perusahaan
Corporate Governance
Organ Pengurus
Management Organt
1. Dewan Komisaris
2. Direktur Utama dan Direksi Lainnya
1. Board of Commissioners
2. President Director and other Directors
Penyedia Asuransi Eksternal
External Assurance Provider
Audit Internal
Manajemen
Internal Audit
Management
Lini Pertama Lini Kedua Satuan Pengawasan Intern
First Line Second Line Internal Auditor
Divisi Manajemen
Pemilik Risiko Risiko & Kepatuhan
Risk Owner Risk Management &
Complliance Division
Lini pertama (first line) memiliki peran yang secara langsung The first line plays a direct role in providing products and
selaras dengan pemberian produk dan jasa kepada konsumen, services to customers, as well as supporting functions within
termasuk fungsi-fungsi pendukung di Perseroan. the Company.
Lini kedua (second line) berperan dalam memberikan bantuan The second line provides assistance by monitoring, advising,
yang mencakup pemantauan, pemberian advis, bimbingan, guiding, testing, analyzing, and reporting to the first line on
pengujian, analisis, dan pelaporan terhadap lini pertama terkait risk management issues.
dengan pengelolaan risiko.
430
Lini ketiga (third line) berperan dalam memberikan asurans dan The third line is responsible for providing independent
advis yang independen dan objektif mengenai kecukupan dan and objective assurance and advice on the adequacy and
efektivitas tata kelola dan manajemen risiko. effectiveness of governance and risk management.
Laporan Tahunan 2025 Annual Report
Penyedia asurans eksternal berperan dalam memberikan External assurance providers assist in offering additional
asurans tambahan untuk: assurance for:
1. Memenuhi ekspektasi ketentuan legislatif dan peraturan 1. Meeting the expectations of legislative and regulatory
dalam rangka melindungi kepentingan pemangku provisions in order to protect the interests of stakeholders;
kepentingan;
2. Memenuhi permintaan manajemen dan organ pengurus 2. Fulfilling the requests of management and governing bodies
untuk melengkapi sumber asurans internal. to supplement internal insurance sources.
Berikut adalah pembagian tugas pengawasan dan pengelolaan The following is the division of risk management supervision
manajemen risiko di lingkungan Perseroan. and management duties within the Company:
Pengelola Tugas & Tanggung Jawab
Manager Duties and Responsibilities
Dewan Komisaris • Menyetujui dan mengevaluasi kebijakan manajemen • Approve and evaluate risk management policies.
Board of Commissioners risiko.
• Melakukan pengawasan atas pelaksanaan • Supervise the implementation of risk management
manajemen risiko yang dilakukan oleh Direksi. carried out by the Board of Directors.
• Melakukan evaluasi secara periodik pelaksanaan • Conducting periodic evaluations of the
manajemen risiko yang dilakukan oleh Direksi. implementation of risk management carried out by
the Board of Directors.
• Memberikan arahan, masukan dan rekomendasi atas • Provide direction, input and recommendations on
proses manajemen risiko yang dilakukan oleh Direksi. the risk management process carried out by the
Board of Directors.
• Mengevaluasi dan memutuskan permohonan Direksi • Evaluate and decide on Board of Directors' requests
yang berkaitan dengan transaksi dan limit Risiko yang related to transactions and risk limits that require
memerlukan persetujuan Dewan Komisaris. the approval of the Board of Commissioners.
• Memberikan masukan arah pengembangan • Provide input on the direction of the Company's risk
infrastruktur manajemen risiko Perseroan. management infrastructure development.
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Pengelola Tugas & Tanggung Jawab
Manager Duties and Responsibilities
Komite Pemantau Risiko • Membantu Dewan Komisaris dalam menjalankan • Assist the Board of Commissioners in conducting
Risk Monitoring Committee tugas pengawasan dan pemberian nasihat kepada its supervisory duties and providing advice to the
Direksi dengan memberikan pendapat berupa Board of Directors by providing opinions in the form
saran dan rekomendasi, dengan rincian tugas dan of suggestions and recommendations, with details
tanggung jawab sebagai berikut: of duties and responsibilities as follows:
• Menelaah atas informasi keuangan yang akan • Reviewing the financial information that the
dikeluarkan Perseroan kepada publik dan/atau pihak Company will release to the public and/or
otoritas antara lain laporan keuangan, proyeksi, dan authorities, including financial reports, projections
laporan lainnya terkait dengan informasi keuangan and other reports related to the Company's financial
Perseroan; information;
• Menelaah ketaatan terhadap peraturan perundang- • Reviewing compliance with laws and regulations
undangan yang berhubungan dengan kegiatan relating to the Company's activities;
Perseroan;
• Menelaah terhadap aktivitas pelaksanaan manajemen • Reviewing the risk management implementation
risiko yang dilakukan oleh Direksi, jika Perseroan activities carried out by the Board of Directors, if the
tidak memiliki fungsi Pemantau Risiko di bawah Company does not have a Risk Monitoring function
Dewan Komisaris; under the Board of Commissioners;
• Menelaah dan memberikan saran kepada Dewan • Reviewing and providing advice to the Board of
Komisaris terkait dengan adanya potensi benturan Commissioners regarding potential conflicts of
kepentingan Perseroan; interest within the Company;
• Menjaga kerahasiaan dokumen, data, dan informasi • Maintain the confidentiality of Company documents,
Perseroan; data and information;
• Mengevaluasi kebijakan manajemen risiko yang • Evaluate risk management policies implemented
dilakukan melalui mekanisme pembahasan mengenai through discussion mechanisms regarding the latest
metodologi pengendalian risiko terkini dan kepastian risk control methodologies and certainty in business
dalam aktivitas bisnis & operasional; dan & operational activities; and
• Mengevaluasi kesesuaian antara pelaksanaan • Evaluate the suitability between risk management
manajemen risiko dengan kebijakan manajemen implementation and risk management policies.
risiko.
Dewan Pengawas Syariah • Mengevaluasi kebijakan Manajemen Risiko yang • Evaluate Risk Management policies related to
Sharia Supervisory Board terkait dengan pemenuhan Prinsip Syariah. compliance with Sharia Principles.
• Melakukan evaluasi secara periodik pelaksanaan • Conducting periodic evaluations of the
manajemen risiko yang terkait dengan pemenuhan implementation of risk management related to the
prinsip syariah yang dilakukan oleh Direksi. fulfillment of sharia principles carried out by the
Board of Directors.
Direksi • Menetapkan kebijakan, strategi, dan obyektif • Establish risk management policies, strategies and
Board of Director pengelolaan risiko. objectives.
• Memberikan persetujuan atas perubahan kebijakan, • Provide approval for changes to policies, risk
infrastruktur manajemen risiko, metode perhitungan/ management infrastructure, risk calculation/
manajemen risiko yang akan diterapkan, penetapan management methods to be implemented, setting
limit risiko dan penetapan alokasi modal untuk risk limits and determining capital allocation to cover
menutupi risiko. risks.
• Melakukan supervisi dan memastikan pelaksanaan • Supervise and ensure the implementation of
proses manajemen risiko sesuai kebijakan yang risk management processes in accordance with
berlaku. applicable policies.
• Memastikan pelaksanaan proses kaji ulang dan reviu • Ensure the implementation of periodic review and
periodik atas kebijakan manajemen risiko, register review processes for risk management policies, risk
risiko dan limit risiko. registers and risk limits. 431
• Menetapkan risk appetite dan risk tolerance • Determine the Company's risk appetite and risk
Perseroan dan melakukan reviu periodik atas tolerance and conduct periodic reviews of the
kesesuaian risk appetite dan risk tolerance. suitability of the risk appetite. and risk tolerance.
• Menyampaikan laporan pertanggungjawaban secara • Submit periodic accountability reports to the Board
periodik kepada Dewan Komisaris dan Dewan of Commissioners and the Sharia Supervisory
PT Sarana Multigriya Finansial (Persero)
Pengawas Syariah. Board.
• Mengadakan pertemuan pada pihak terkait di • Hold meetings with relevant parties in the Company
Perseroan untuk melakukan pembahasan mendesak. to conduct urgent discussions.
• Memastikan fungsi manajemen risiko telah beroperasi • Ensure that the risk management function operates
secara independen. independently.
• Mengembangkan budaya Manajemen Risiko pada • Develop a Risk Management culture at all levels of
seluruh jenjang organisasi. the organization.
• Memastikan peningkatan kompetensi sumber daya • Ensure the improvement of human capital
manusia yang terkait dengan Manajemen Risiko. competencies related to Risk Management.
Page 432
Tata Kelola Perusahaan
Corporate Governance
Pengelola Tugas & Tanggung Jawab
Manager Duties and Responsibilities
Divisi Manajemen Risiko dan • Melaksanakan dan menjalankan fungsi koordinasi • Implement and carry out the coordination function
Kepatuhan kegiatan manajemen risiko secara menyeluruh. of risk management activities as a whole.
Risk Management and • Melakukan koordinasi dalam implementasi kebijakan • Coordinate the implementation of risk management
Compliance Division dan prosedur manajemen risiko. policies and procedures.
• Melakukan proses identifikasi, analisis dan evaluasi • Conduct risk identification, analysis and evaluation
risiko. processes.
• Melakukan pengusulan kebijakan baru terkait • Propose new policies related to risk management
pengelolaan manajemen risiko dan kepatuhan. and compliance.
• Melaksanakan pengkinian dokumen Kebijakan dan • Carry out updates to the Risk Management Policy
Prosedur Manajemen Risiko agar selalu sesuai and Procedure documents to ensure they are
dengan perkembangan dan kondisi Perseroan. always in line with the Company's developments
and conditions.
• Melaksanakan pemantauan, review, dan pengukuran • Carry out periodic monitoring, review and
profil risiko Perseroan secara periodik. measurement of the Company's risk profile.
• Memfasilitasi proses penyusunan risk appetite dan • Facilitate the process of preparing the Company's
risk tolerance Perseroan oleh Direksi serta pada risk appetite and risk tolerance by the Board of
proses Directors as well as in the process
• pelaksanaan reviu periodik atas kesesuaian risk • implementation of periodic reviews of the suitability
appetite dan risk tolerance. of risk appetite and risk tolerance.
• Secara aktif memberikan dukungan kepada seluruh • Actively provide support to all related work units
unit kerja terkait agar risiko Perseroan selalu dalam so that the Company's risks are always within the
profil risiko yang ditargetkan. targeted risk profile.
• Memberikan informasi terkini, berkala dan tepat • Provide up-to-date, regular and timely information
waktu mengenai kondisi risiko Perseroan secara regarding the Company's risk conditions, both
individual jenis risiko dan agregat. individual and aggregate risk types.
• Memberikan rekomendasi atas permohonan yang • Provide recommendations on applications related
berkaitan dengan risiko terkait aktivitas tertentu/ to risks associated with specific/new activities
baru yang membutuhkan evaluasi dan rekomendasi, that require evaluation and recommendations, if
apabila diminta. requested.
• Memberikan opini kepada Direksi terkait dengan • Provide opinions to the Board of Directors regarding
keputusan bisnis yang akan menyimpang dari business decisions that would deviate from existing
kebijakan dan prosedur yang sudah ada, apabila policies and procedures, if requested.
diminta.
• Memantau pelaksanaan strategi manajemen risiko • Monitor the implementation of risk management
yang telah disusun Direksi. strategies that have been prepared by the Board of
Directors.
432
Satuan Pengawas • Memberikan asurans atas penerapan manajemen • Provide assurance on the implementation of risk
Internal risiko dengan melakukan evaluasi atas efektivitas management by evaluating the effectiveness of risk
Internal Audit Unit pelaksanaan manajemen risiko sesuai dengan management implementation in accordance with
peraturan perundangundangan dan kebijakan laws and regulations and Company policies.
Perseroan.
Laporan Tahunan 2025 Annual Report
• Melakukan penilaian maturitas atas penerapan • Conduct maturity assessments of the
Manajemen Risiko di Perseroan secara berkala, yaitu implementation of Risk Management in the
minimal setahun sekali. Company periodically, namely at least once a year.
• Berperan sebagai mitra strategis (strategic • Act as a strategic partner for the Board of
partner) bagi Direksi dan Dewan Komisaris untuk Directors and Board of Commissioners to
meningkatkan penerapan Manajemen Risiko di improve the implementation of Risk Management
Perseroan dengan bekerja sama dengan Divisi in the Company by collaborating with the
Manajemen Risiko dan Kepatuhan dalam melakukan Risk Management and Compliance Division in
pelatihan atau menjadi fasilitator dalam pelaksanaan conducting training or becoming a facilitator in the
agenda manajemen risiko. implementation of the risk management agenda.
• Memberikan advis kepada Divisi Manajemen Risiko • Provide advice to the Risk Management and
dan Kepatuhan dari sudut pandang Internal Audit Compliance Division from an Internal Audit
atas pelaksanaan manajemen risiko di Perseroan. perspective on the implementation of risk
management in the Company.
Tim Risk Control Self • Melakukan evaluasi pada ruang lingkup • Conduct an evaluation of the scope of risk event
Assessment pengungkapan kejadian risiko yang termasuk disclosure including risk causes, risk grouping, and
Risk Control Self penyebab risiko, pengelompokan risiko, dan penilaian risk assessment.
Assessment Team risiko.
• Melakukan evaluasi pada ruang lingkup kecukupan • Conduct an evaluation of the scope of control
pengendalian. adequacy.
• Melakukan evaluasi atas risk register yang telah • Conduct an evaluation of the risk register that has
disusun dan mungkin dapat berdampak pada been prepared and may have an impact on changes
perubahan nilai inheren dan nilai residu. in inherent value and residual value.
• Menggambarkan profil risiko Perseroan yang lebih • Describe a more accurate risk profile of the
akurat terhadap profil risiko strategis, kepatuhan, Company regarding strategic, compliance, legal,
hukum, operasional, reputasi, dan finansial. operational, reputational and financial risk profiles.
• Memberikan usulan rekomendasi perbaikan dan • Provide recommendations for improvements and
monitoring terhadap tindak lanjut yang disepakati monitoring of follow-up actions agreed upon by the
oleh Tim Risk Control Self Assessment dan Risk Risk Control Self Assessment Team and Risk Officer.
Officer.
• Mempertanggungjawabkan hasil proses pengerjaan • Accountable for the results of the work process to
kepada Direksi. the Board of Directors.
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Pengelola Tugas & Tanggung Jawab
Manager Duties and Responsibilities
Risk Owner • Melakukan identifikasi awal risiko yang dihadapi • Conduct initial identification of the risks faced and
dan rencana mitigasi ataupun perlakukan risiko mitigation plans or risk treatment based on self-
berdasarkan self assessment. assessment .
• Dapat berkoordinasi dengan Divisi Manajemen Risiko • Can coordinate with the Risk Management and
dan Kepatuhan untuk melakukan penaksiran risiko. Compliance Division to conduct risk assessments.
• Melaksanakan pemantauan aktivitas yang • Carry out periodic monitoring of activities that
mengandung risiko secara periodik. contain risks.
• Melakukan pelaporan atas proses manajemen risiko • Report on the risk management process that has
yang telah dilaksanakan beserta hasil dari mitigasi been implemented along with the results of the
yang diterapkan. mitigation implemented.
STRATEGI PENGELOLAAN RISIKO RISK MANAGEMENT STRATEGIES
Manajemen risiko Perseroan diimplementasikan melalui tahapan SMF’s risk management is implemented through systematic
sistematis sesuai standar best practice yang berlaku. Tahapan stages in accordance with applicable best practice standards.
tersebut terdiri atas (1) perencanaan manajemen risiko, (2) These stages consist of (1) risk management planning, (2)
awareness risiko, (3) implementasi manajemen risiko, (4) risk awareness, (3) risk management implementation, (4) risk
pengendalian manajemen risiko, serta (5) pelaporan dan control, and (5) reporting and disclosure.
disclosure.
Perencanaan Implementasi Pelaporan dan
manajemen risiko Pengendalian
Awareness risiko manajemen risiko Disclosure
Risk management risiko
Risk awareness Risk management Reporting and
Planning Risk control
implementation Disclosure
Perencanaan manajemen risiko: Tahap perencanaan manajemen Risk management planning: The risk management planning
risiko mencakup penetapan konteks risiko dan penyusunan stage includes determining the risk context and formulating
kebijakan dan prosedur manajemen risiko yang sesuai dengan risk management policies and procedures in accordance with
kebutuhan Perseroan. the Company’s needs.
1. Awareness risiko: Merupakan bagian dari proses 1. Risk awareness: This is part of the change management
manajemen perubahan yang meliputi peluncuran, sosialisasi process which includes launching, disseminating, and
dan pelatihan terkait dengan konsep manajemen risiko training related to the concept of risk management which
yang pada akhirnya dapat mendorong tumbuhnya budaya can ultimately encourage the growth of a risk-conscious
peduli risiko. culture. 433
2. Implementasi manajemen risiko: Langkah awal pada 2. Risk management implementation: The first step at
tahap ini adalah dengan melakukan sosialisasi kepada this stage is to disseminate information to all levels, then
seluruh jajaran, kemudian melakukan kegiatan identifikasi, carry out activities to identify, measure, and monitor the
pengukuran dan monitoring risiko Perseroan sesuai dengan Company’s risks in accordance with established policies.
PT Sarana Multigriya Finansial (Persero)
kebijakan yang telah ditetapkan.
3. Pengendalian risiko: Melakukan kajian, menentukan jenis 3. Risk control: Conducting studies, determining the type
dan bentuk perlakuan terhadap risiko yang diperlukan and form of treatment for the necessary risks that includes
mencakup kegiatan evaluasi atas pengelolaan risiko yang evaluating the risk management that has been carried
telah dilakukan, termasuk proses monitoring dan review out, including the process of monitoring and reviewing all
atas semua aspek dari proses manajemen risiko. aspects of the risk management process.
4. Pelaporan dan Disclosure risiko: Tahapan ini merupakan 4. Risk reporting and disclosure: This stage is a form of
wujud implementasi prinsip transparansi dan akuntabilitas implementation of the principles of transparency and
pengelolaan risiko yang telah dilakukan oleh SMF kepada accountability of risk management that has been carried
pihak internal maupun eksternal. out by SMF to internal and external parties.
Page 434
Tata Kelola Perusahaan
Corporate Governance
PENETAPAN NILAI ACUAN DETERMINATION OF REFERENCE VALUE
PERHITUNGAN PROFIL RISIKO FOR RISK PROFILE CALCULATION
Risk Appetite dan Risk Tolerance Tahun 2025 Risk Appetite and Risk Tolerance in 2025
1. Penetapan selera risiko atau risk appetite statement 1. The establishment of a risk appetite statement is important,
bertujuan membantu seluruh insan Perseroan dalam as its purpose is to assist all personnel of the Company in
mengambil keputusan, menerima suatu risiko dengan making decisions, accepting certain risks comfortably at the
nyaman dalam tataran operasional serta mengidentifikasi operational level, as well as identifying risks to achieve the
risiko untuk mencapai tujuan Perseroan. Terkait erat Company’s objectives. Closely related to the risk appetite
dengan risk appetite statement adalah risk tolerance atau statement is risk tolerance, which refers to the performance
toleransi risiko, yang merupakan variasi kinerja yang dapat variation that can be tolerated. Therefore, it can illustrate
ditoleransi, sehingga dapat digambarkan berbagai hasil the range of acceptable outcomes in relation to the efforts
yang dapat diterima terkait dengan upaya pencapaian to achieve business objectives within the risk appetite
tujuan bisnis dalam risk appetite statement, selain itu juga statement, while also providing an approach tomeasure
menyediakan pendekatan untuk mengukur apakah risiko whether the risks to achieving strategic objectives are
terhadap pencapaian strategi dalam tujuan bisnis dapat acceptable or not.
diterima atau tidak.
2. Risk appetite statement merupakan pernyataan atas 2. The risk appetite statement is a declaration of the entity’s
selera dan toleransi entitas yang menggambarkan tingkat appetite and tolerance that reflects the level of risk appetite
selera risiko dan toleransi yang dapat diterima oleh entitas and tolerance that can be accepted by the entity to achieve
dalam rangka mencapai tujuan Perseroan. Risk appetite the Company’s objectives. Risk appetite is determined by
ditentukan oleh Direksi dimana akan mencerminkan tujuan the Board of Directors, which will reflect the objectives
dan strategi yang akan diimplementasikan oleh Perseroan. and strategies to be implemented by the Company. The
Proses penyusunan risk appetite tersebut difasilitasi oleh preparation process of the risk appetite is facilitated by the
Divisi Manajemen Risiko dan Kepatuhan (MRK). Risk Management and Compliance Division (MRK).
3. Risk Appetite Statement dan Risk Tolerance sebagai bahan 3. Risk Appetite Statement and Risk Tolerance as necessary
yang diperlukan dalam penilaian Risk Maturitas. materials in the Risk Maturity assessment.
4. Sesuai dengan POJK Nomor 42 Tahun 2024 perihal 4. In accordance with POJK No. 42 of 2024 on the
Penerapan Manajemen Risiko di Perseroan disebutkan Implementation of Risk Management in the Company, it is
434
bahwa Penetapan Limit Risiko wajib mencakup: stated that the Determination of Risk Limits must include:
a. Limit Secara Keseluruhan, yaitu batas risiko yang dapat a. Overall Limit, namely the risk threshold that can be
ditoleransi oleh Perseroan atas seluruh risiko. tolerated by the Company for all types of risks
b. Limit Per Jenis Risiko, yaitu batas risiko yang dapat b. Limit per Type of Risk, namely the risk threshold that can
Laporan Tahunan 2025 Annual Report
ditoleransi oleh Perseroan untuk setiap jenis risiko; dan be tolerated by the Company for each type of risk; and
c. Limit per aktivitas fungsional dan transaksi tertentu c. Limit per functional activity and specific transactions
yang memiliki eksposur risiko, yaitu batas risiko yang that have risk exposure, namely the risk threshold that
dapat ditoleransi oleh Perseroan untuk setiap aktivitas can be tolerated by the Company for each functional
fungsional. activity.
5. Sesuai dengan arahan Pemegang Saham dalam melakukan 5. In accordance with the direction of the Shareholders, the
penilaian profil manajemen risiko turut memuat terkait risk management profile assessment also includes matters
dengan Risk Appetite Statement dan Risk Tolerance. related to the Risk Appetite Statement and Risk Tolerance.
6. Risk Appetite Statement dan Risk Tolerance mengatur untuk 6. The Risk Appetite Statement and Risk Tolerance govern
Risiko Kredit, Risiko Pasar, Risiko Likuiditas, Risiko Stratejik, Credit Risk, Market Risk, Liquidity Risk, Strategic Risk,
Risiko Kepatuhan, Risiko Hukum, Risiko Operasional, dan Compliance Risk, Legal Risk, Operational Risk, and
Risiko Reputasi yang ditetapkan dalam Petunjuk Teknis Reputational Risk as stipulated in the Technical Guidelines
Tata Cara Penyusunan Risk Appetite dan Risk Tolerance. for the Preparation of Risk Appetite and Risk Tolerance.
7. Adapun langkah-langkah penyusunan Risk Appetite 7. The steps taken in the preparation of the Risk Appetite
Statement yang telah dijalankan adalah sebagai berikut: Statement are as follows:
a. Memastikan hubungan (korelasi) antar visi – misi a. Ensuring the correlation between the vision – mission
dengan tujuan strategis jangka panjang (RJPP), Rencana and the long-term strategic objectives (RJPP), the
Kerja dan Anggaran Perusahaan (RKAP), dan Balance Company’s Work Plan and Budget (RKAP), and the
Scorecard (BSC); Balanced Scorecard (BSC);
b. Melakukan identifikasi area risiko yang perlu ditetapkan b. Identifying risk areas that need to be included in the
pada risk appetite statement untuk setiap jenis risiko risk appetite statement for each type of risk present
yang terdapat pada Perseroan; in the Company;
c. Mengidentifikasi parameter pengukuran (metric) yang c. Identifying measurement parameters (metrics) that
mampu mendukung atau menghambat pencapaian can support or hinder the achievement of strategic
tujuan strategis; objectives;
Page 435
d. Menetapkan risk appetite yang memiliki landasan, d. Establishing a risk appetite that is grounded, clear,
jelas, terukur, dan dapat diobservasi atas parameter measurable, and observable based on the determined
pengukuran (metric) yang ditentukan. measurement parameters (metrics).
8. Adapun langkah-langkah penyusunan Risk Tolerance yang 8. The steps taken in the preparation of the Risk Tolerance
telah dijalankan adalah sebagai berikut: are as follows:
a. Dari tingkat risk appetite yang telah ditetapkan, a. Based on the previously established risk appetite
Perseroan menetapkan batas toleransi risiko (risk level, the Company determines the Company’s risk
tolerance) Perseroan yang adalah potensi kerugian tolerance limit, which is the potential loss and/or
dan/atau penurunan nilai maksimal yang dapat diserap maximum decrease in value that can be absorbed by
oleh Perseroan dalam mencapai strategi dan tujuan the Company in achieving its strategy and business
bisnis Perseroan, yang dapat ditetapkan dalam bentuk objectives. This can be set in the form of deviation
nilai deviasi atau batas maksimal dan/atau minimal dari values or the maximum and/or minimum limits of the
tingkat risk appetite; risk appetite level;
b. Risk tolerance ditetapkan berdasarkan arahan Direksi, b. Risk tolerance is determined based on the directives
selain itu juga menggunakan pendekatan historis dan of the Board of Directors, and also uses historical and
pendekatan regulasi; regulatory approaches;
c. Mempertimbangkan faktor-faktor seperti kecukupan c. Considering factors such as capital adequacy, operating
modal, laba usaha, kinerja Perseroan di masa lalu dalam profit, and the Company’s past performance in
menetapkan toleransi risiko; determining risk tolerance;
d. Berdasarkan hasil analisis kondisi eksternal dan internal d. Based on the results of the analysis of the Company’s
Perseroan serta diskusi dengan Direksi & Komisaris, dan external and internal conditions as well as discussions
seluruh Kepala Divisi Perseroan dalam penentuan risk with the Board of Directors & Board of Commissioners,
appetite dan risk tolerance Perseroan disusun dengan and all Division Heads of the Company, the determination
menggunakan pendekatan konservatif, sehingga of the Company’s risk appetite and risk tolerance is
batasan untuk risk appetite inheren pada masing- prepared using a conservative approach, so that the
masing tipologi di tingkat sedang rendah (kecuali inherent risk appetite limits for each typology are at
tipologi risiko hukum memiliki risk appetite rendah) dan a low level and the inherent risk tolerance for each
risk tolerance inheren pada masing-masing tipologi di typology is at a moderate level.
tingkat sedang (kecuali tipologi risiko hukum memiliki
risk tolerance sedang rendah).
9. Risk Appetite dan Risk Tolerance yang telah ditentukan, 9. Based on the determined Risk Appetite and Risk Tolerance,
kemudian ditetapkan toleransi simpangan yang dapat the Company then establishes acceptable deviation
diterima oleh Perseroan terkait dengan upaya pencapaian tolerances related to efforts in achieving business
tujuan bisnis dalam selera Risiko dalam bentuk penggaris objectives within the Risk Appetite in the form of a risk ruler.
risiko. Tingkat risiko diterjemahkan dalam limit dimana jika The risk level is translated into limits, which, if exceeded,
terlampaui, maka memerlukan eskalasi segera dan tindakan require immediate escalation and corrective actions. The
korektif. Adapun penggaris risiko yang ditetapkan dengan implementation at SMF. The risk ruler established based
didasarkan Risk Appetite dan Risk Tolerance ini terdiri atas on this Risk Appetite and Risk Tolerance consists of Impact
penggaris dampak dan penggaris kemungkinan. ruler and Likelihood of risk occurrence ruler 435
10. Risk Appetite dan Risk Tolerance yang telah ditentukan 10. The determined Risk Appetite and Risk Tolerance are
juga diimplementasikan dalam pelaporan profil risiko, yaitu also implemented in risk profile reporting, which is the
lanskap risiko organisasi yang mencerminkan sifat dan organizational risk landscape reflecting the nature and scale
skala paparan risiko yang dikumpulkan di dalam dan di of risk exposures collected within and across each relevant
PT Sarana Multigriya Finansial (Persero)
setiap kategori risiko yang relevan. Implementasi dalam risk category. The implementation in the Company’s risk
pelaporan profil risiko Perseroan dalam bentuk: profile reporting is in the form of:
a. Laporan Profil Risiko Bulanan a. Monthly Risk Profile Report
b. Laporan Profil Risiko Triwulanan b. Quarterly Risk Profile Report
c. Laporan Profil Risiko Tahunan c. Annual Risk Profile Report
11. Risk Appetite dan Risk Tolerance beserta parameter 11. Risk Appetite and Risk Tolerance along with their
pengukurannya (metric) dievaluasi secara berkala oleh measurement parameters (metrics) are evaluated
Divisi Manajemen Risiko dan Kepatuhan (MRK). periodically by the Risk Management and Compliance
Division (MRK).
PROFIL DAN PETA RISIKO RISK PROFILE AND MAP
Perseroan mengelola 8 Risiko bedasarkan POJK Nomor 42 The Company manages eight risks based on POJK No. 42 of
tahun 2024, yaitu risiko kredit, risiko pasar, risiko likuiditas, risiko 2024, namely credit risk, market risk, liquidity risk, strategic risk,
stratejik, risiko kepatuhan, risiko hukum, risiko operasional, dan compliance risk, legal risk, operational risk, and reputational
risiko reputasi. Penentuan risiko utama Perseroan dilakukan risk. The Company’s key risks are determined based on its
berdasarkan pada sasaran, faktor internal dan eksternal serta objectives, internal and external factors, and focus, which have
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Tata Kelola Perusahaan
Corporate Governance
fokus Perusahaan yang telah diselaraskan dengan Rencana been aligned with the Company’s 2025 Long-Term Plan. The
Jangka Panjang Perusahaan tahun 2025. Peringkat Risiko Company’s risk ratings are divided into five categories: low,
Perseroan ditetapkan dalam lima peringkat yaitu, rendah, medium-low, medium, medium-high, and high.
sedang rendah, sedang, sedang tinggi, dan tinggi.
Berikut adalah tabel perhitungan komposit/agregat tingkat Profil The following is a table of composite/aggregate calculations
Risiko Perseroan secara keseluruhan pada Desember 2025: of the Company’s overall Risk Profile level in December 2025:
Risiko Peringkat Risiko Peringkat Risiko Komposit
No.
Risks Risk Level Final Risk Percentage
1. Kredit Rendah
Credit Low
2. Pasar Sedang Rendah
Market Low to moderate
3. Likuiditas Sedang Rendah
Liquidity Low to moderate
4. Stratejik Sedang Rendah
Strategic Low to moderate Sedang Rendah
5. Kepatuhan Sedang Rendah Low to moderate
Compliance Low to moderate
6. Hukum Rendah
Legal Low
7. Operasional Sedang
Operational Moderate
8. Reputasi Sedang Rendah
Reputation Low to moderate
RISIKO YANG DIHADAPI PERSEROAN RISKS FACED BY THE COMPANY
436
DAN MITIGASI RISIKO AND RISK MITIGATION
Perseroan melakukan pengelolaan terhadap risiko-risiko The Company manages risks classified into eight categories:
yang diklasifikasikan menjadi 8 (delapan) risiko yaitu Kredit, credit, market, liquidity, strategic, compliance, legal, operational,
Laporan Tahunan 2025 Annual Report
Pasar, Likuiditas, Stratejik, kepatuhan, hukum, operasional, and reputational risks, covering overall/combined risks. The
dan reputasi untuk risiko keseluruhan/gabungan. Pada tahun implementation of risk management in 2025 is as follows:
2025 implementasi manajemen risiko adalah sebagai berikut:
Klasifikasi/Tipologi Risiko Implementasi Mitigasi Risiko
Risk Classification/Typology Implementation Risk Mitigation
Risiko Kredit Bekerjasama dengan calon debitur/ 1. Menetapkan kriteria debitur (Lembaga Jasa Keuangan) yang
Risiko yang timbul karena adanya debitur yang memiliki profil tingkat dapat bekerjasama dengan Perseroan;
gagal bayar debitur atas kewajiban risiko yang terukur berdasarkan Jenis 2. Menjaga konsentrasi penyaluran pembiayaan tidak kurang
dalam pembayaran bunga maupun Lembaga Jasa keuangan, Kinerja dari 70% pada Bank Umum/Bank Pembangunan Daerah baik
pokok Keuangan, dan Rating Internal/ konvensional maupun syariah;
Credit Risk Eksternal yang menyebabkan tingkat 3. Menjaga konsentrasi penyaluran pembiayaan tidak kurang
The risk that arises due to the risiko kredit pada tahun 2025 masih dari 70% pada Lembaga Jasa Keuangan yang memiliki rating
debtor's failure to pay interest and berada pada level aman yaitu level internal AAA sampai dengan A-;
principal obligations. rendah. 4. Melakukan monitoring dan evaluasi atas kinerja debitur
Collaborating with prospective (Lembaga Jasa Keuangan) secara berkala.
debtors/debtors who have a 1. Determine the criteria for debtors (Financial Services
measurable risk level profile based Institutions) who can collaborate with the Company;
on the Type of Financial Services 2. Maintaining the concentration of financing distribution of no
Institution, Financial Performance, and less than 70% in Commercial Banks/Regional Development
Internal/External Rating which causes Banks, both conventional and sharia;
the credit risk level in 2025 to still be 3. Maintaining a concentration of financing distribution of no
at a safe level, namely a low level. less than 70% in Financial Services Institutions that have an
internal rating of AAA to A-;
4. Conduct periodic monitoring and evaluation of debtor
(Financial Services Institution) performance.
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Klasifikasi/Tipologi Risiko Implementasi Mitigasi Risiko
Risk Classification/Typology Implementation Risk Mitigation
Risiko Pasar Pada tahun 2025 tingkat risiko pasar 1. Melakukan evaluasi harga bunga (repricing) secara
Risiko yang timbul karena terjadi masih terjaga di level sedang rendah triwulanan dan transparan diukur nilai pasarnya (mark-to-
perubahan pada kondisi pasar, atas eksposur Efek Beragun Aset market) sesuai dengan harga pasar;
termasuk di antaranya: risiko dan Surat Utang Negara yang dimiliki 2. Melakukan early warning dengan mengukur sensitivitas
perubahan harga, risiko suku bunga, Perseroan. pendapatan bunga bersih atas pergerakan suku bunga.
risiko nilai tukar, risiko komoditas, dan In 2025 , the market risk level was 1. Do evaluation interest prices (repricing) on a quarterly basis
risiko ekuitas maintained at a moderately low level and transparent, measured mark-to-market according to with
Market Risk for the Company's exposure to Asset- market price;
Risks that arise due to changes Backed Securities and Government 2. Conduct early warning by measure sensitivity net interest
in market conditions, including: Bonds. income on movement interest rate.
price change risk, interest rate risk,
exchange rate risk, commodity risk,
and equity risk.
Risiko Likuiditas Sepanjang tahun 2025, Perseroan 1. Menetapkan penyediaan likuiditas minimum;
Risiko yang dapat timbul sewaktu- dapat menjaga tingkat likuiditasnya 2. Melakukan pengelolaan asset liability management dengan
waktu akibat ketidakmampuan melalui penyiapan sumber likuiditas memperhatikan jangka waktu sehingga matching antara
Perseroan dalam memenuhi kewajiban eksternal seperti Kredit Jangka pendanaan dan pembiayaan;
yang sudah jatuh tempo Pendek dan penerbitan obligasi. 3. Menjaga current ratio tidak kurang dari ketentuan regulasi;
Liquidity Risk Adapun tingkat risiko likuiditas 4. Memiliki ketersediaan line fasilitas pembiayaan dari Lembaga
Risks that may arise at any time due Perseroan pada tahun 2025 masih Jasa Keuangan lainnya sebagai sumber pendanaan
to the Company's inability to fulfill berada pada level aman yaitu level Perseroan yang dapat ditarik sebagaimana kebutuhan.
obligations that have fallen due sedang rendah 1. Set minimum liquidity requirements;
Throughout 2025, the Company 2. Conduct asset liability management by considering the time
maintained its liquidity levels by period so that funding and financing are matched;
preparing external liquidity sources 3. Maintain a current ratio that meets regulatory requirements;
such as short-term loans and bond 4. Has the availability of financing facilities from other Financial
issuance. The Company's liquidity risk Services Institutions as a source of funding for the Company
level in 2025 remains at a safe level, that can be withdrawn as needed.
at medium to low.
Risiko SKHOR Risiko lain yang dihadapi Perseroan Perseroan telah melakukan mitigasi untuk menjaga profil risiko
Mencakup risiko Stratejik, risiko sampai dengan akhir tahun 2025 SKHOR pada tingkat yang baik, seperti melakukan meliputi :
Kepatuhan, risiko Hukum, risiko belum melewati risk appetite kecuali 1. Penguatan kompetensi dan refreshment risk owner dalam
Operasional, dan risiko Reputasi. risiko operasional yang berada di hal melakukan identifikasi risiko pada unit/fungsi masing-
SKHOR Risk level sedang. Meski demikian, risiko masing melalui risk register yang dilakukan secara triwulanan
Including Strategic risk, Compliance operasional masih belum melewati risk sehingga mendukung pengendalian dan mitigasi risiko
risk, Legal risk, Operational risk, and tolerance. SKHOR yang relevan mengikuti kondisi terbaru Perseroan;
Reputation risk. Other risks facing the Company until 2. Pengembangan sistem teknologi informasi dalam mendukung
the end of 2025 have not exceeded proses operasional untuk meminimalisir human error;
its risk appetite, except for operational 3. Melakukan standarisasi dokumen hukum dengan mengacu
risks, which are at a moderate level. kepada ketentuan peraturan perundangan yang berlaku,
Thus, the risk operational still not yet serta memperhatikan kepentingan aspek yuridis.
exceed risk tolerance. The Company has carried out mitigation to maintain SKHOR's risk
profile at a good level, includes:
1. Strengthening the competency and refreshment of risk
owners in terms of identifying risks in their respective units/
functions through a risk register conducted quarterly so as
to support the control and mitigation of relevant SKHOR risks
following the latest conditions of the Company; 437
2. Development information technology system in support
operational processes for minimize human error;
3. Conduct standardization of legal document by referring to
provisions of prevailing regulation, as well as considering the
interest of juridical aspect.
PT Sarana Multigriya Finansial (Persero)
PELAKSANAAN KEGIATAN DIVISI IMPLEMENTATION OF RISK MANAGEMENT
MANAJEMEN RISIKO DAN KEPATUHAN AND COMPLIANCE DIVISION ACTIVITIES
Selama tahun 2025, Divisi Manajemen Risiko telah melaksanakan Throughout 2025, the Risk Management Division implemented
berbagai kegiatan sesuai dengan tugas dan tanggung jawab various activities in accordance with the duties and
yang diatur dalam job description Manajemen Risiko serta responsibilities stipulated in the Risk Management job
Program Kerja Divisi Manajemen Risiko yang telah ditetapkan. description and the established Risk Management Division
Berikut adalah kegiatan Divisi Manajemen Risiko dan Kepatuhan Work Program. The following are the activities of the Risk
selama tahun 2025: Management and Compliance Division during 2025:
1. Program Strategis Divisi Manajemen Risiko Tahun 2025: 1. Strategic Program of Risk Management Division in 2025:
a. Kajian roadmap ES-GRC dan SDGs. a. Study of the ES-GRC and SDGs roadmap.
b. Melaksanakan sosialisasi Risk Culture terhadap seluruh b. Implemented Risk Culture dissemination to all Company
karyawan Perseroan employees
c. Melaksanakan pemenuhan Area of Improvement (AoI) c. Implemented the fulfillment of Areas of Improvement
dari hasil penilaian ERM Maturity Level tahun 2024. (AoI) from the results of the 2024 ERM Maturity Level
assessment.
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Tata Kelola Perusahaan
Corporate Governance
d. Melaksanakan pengukuran shadow scoring ERM d. 2025 ERM Maturity Level shadow scoring measurements
Maturity Level tahun 2025.
e. Melaksanakan pengukuran Good Corporate Governance e. Implemented Good Corporate Governance (GCG)
(GCG) tahun 2025. measurements in 2025.
f. Melaksanakan Kajian jenis perjanjian Perseroan. f. Conducting a review of the types of company
agreements.
g. Melakukan evaluasi atas penerapan manajemen risiko. g. Conducted an evaluation for risk management
implementation.
2. Kegiatan Divisi Manajemen Risiko selama Tahun 2025: 2. Risk Management Division Activities in 2025:
a. Melakukan pengawasan early warning system (EWS) a. Conducted early warning system (EWS) monitoring
b. Melakukan penyusunan profil risiko dan proyeksi risiko b. Conducted risk profile preparation and risk projections
c. Melakukan stress test risiko utama c. Conducted stress tests of key risks
d. Melakukan analisa atas transaksi penyaluran pinjaman d. Conducted analysis of the Company’s loan disbursement
Perseroan transactions
e. Melakukan pemutakhiran kebijakan kepatuhan sesuai e. Updated compliance policies according to existing
regulasi yang ada regulations
f. Melakukan review atas Kebijakan dan Prosedur yang f. Conducted a review of existing Policies and Procedures
sudah ada
g. Melakukan analisa kepatuhan operasional terhadap g. Conducted operational compliance analysis towards
regulasi yang berlaku prevailing regulations
h. Melakukan monitoring pemenuhan kepatuhan h. Conducted compliance monitoring
i. Melakukan analisa Risiko atas adanya usulan rencana i. Conducted a risk analysis of the proposed business plan
Bisnis
j. Melakukan analisa Risiko atas adanya usulan j. Conducted risk analysis on proposed development/
penyusunan/perubahan fitur Produk changes to product features
k. Menyusun kebijakan dan prosedur baru berdasarkan k. Developed new policies and procedures upon request
permintaan ataupun sesuai kebutuhan or as needed
l. Melakukan analisa dampak atas adanya perubahan l. Performed an impact analysis of regulatory changes
438
regulasi terhadap Bisnis Perseroan on the Company’s business
m. Melakukan sosialisasi budaya risiko dengan tema anti- m. Conducted risk awareness campaigns with an anti-
fraud. fraud theme.
Laporan Tahunan 2025 Annual Report
EVALUASI EFEKTIVITAS EVALUATION OF RISK MANAGEMENT
MANAJEMEN RISIKO EFFECTIVENESS
Perusahaan secara berkala melakukan evaluasi atas kinerja The Company periodically evaluates its risk management
pengelolaan risiko untuk dapat melihat kecukupan sistem performance to determine the adequacy of its existing risk
manajemen risiko yang telah dijalankan. Evaluasi dilakukan management system. The evaluation is conducted using the
dengan metode Self-Assessment Enterprise Risk Management Enterprise Risk Management Maturity Level Self-Assessment
Maturity Level. method.
Tujuan dari evaluasi tersebut adalah untuk mendeskripsikan dan The purpose of the evaluation is to describe and provide an
memberikan penilaian atas efektivitas penerapan manajemen objective assessment of the effectiveness of the company’s
risiko perseroan secara objektif menggunakan kerangka risk management implementation using the RMM assessment
penilaian RMM dari RIMS yang disesuaikan menjadi penilaian framework from RIMS which has been adapted to become an
tingkat maturitas Perseroan. assessment of the Company’s maturity level.
Pencapaian maturitasyang didapatkan dari penilaian The maturity achievement obtained from the assessment
tersebutdiperoleh hasil nilai maturitas 630,00 dan berada pada resulted in a maturity score of 630.00 and was at Level 3
Level 3 (repeatable)merupakan pencapaian dari 7 (tujuh) atribut (repeatable), representing the achievement of 7 (seven)
atau dimensi maturitas manajemen risiko.Pencapaian maturitas attributes or dimensions of risk management maturity. The
di masing-masing atribut untuk tahun 2025 dan dibandingkan maturity achievement for each attribute for 2025, compared
dengan pencapaian tahun 2024 berikut ini: with the achievement in 2024, is as follows:
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Tetap/Naik/
Nilai Maturitas Nilai Maturitas
Tingkat Tingkat Turun
Atribut 2025 2024
No Maturitas Maturitas Stable/
Attribute Maturity Value Maturity Value
Maturity Level Maturity Level Progress/
in 2025 in 2024
Regress
1 Pendekatan Berbasis ERM 610 Repeatable 618 Repeatable Tetap
ERM-based Approach Stable
2 Pengungkapan Risiko 613 Repeatable 562 Repeatable Tetap
Risk Disclosure Stable
3 Manajemen Proses ERM 650 Managed 713 Managed Tetap
ERM Process Management Stable
4 Pengelolaan Selera Risiko 642 Managed 671 Managed Tetap
Risk Appetite Management Stable
5 Keahlian Dalam Mencari Akar Masalah 642 Managed 579 Repeatable Naik
Skill in finding the root of the problem Progress
6 Ketahanan dan Keberlanjutan Bisnis 617 Repeatable 550 Repeatable Tetap
Business Sustainability and Resilience Stable
7 Manajemen Kinerja 640 Repeatable 670 Managed Turun
Performance Management Regress
Dengan tingkat maturitas ini menunjukkan secara umum This maturity level generally indicates that SMF risk management
Pengelolaan risiko SMF senantiasa sesuai dengan dan telah remains consistent with and integrated into most processes
terintegrasi pada sebagian besar proses dan kegiatan. and activities. Those responsible and managing risks have
Penanggung jawab dan pengelola risiko juga telah dapat also been able to identify and capitalize on opportunities that
mengidentifikasi dan memanfaatkan peluang-peluang yang contribute to the achievement of objectives. The company
kemudian berkontribusi pada pencapaian tujuan. Secara has partially implemented continuous process improvement.
parsial perseroan telah menerapkan peningkatan proses yang
berkelanjutan.
Berdasarkan laporan penilaian tingkat maturitas manajemen Based on the risk management maturity assessment report
risiko periode tahun 2024 terdapat sejumlah area of for the 2024 period, several areas of improvement and their
improvement berikut dengan rekomendasinya. Bersamaan recommendations were identified. For the 2025 maturity
dengan penilaian tingkat maturitas tahun 2025, Penilai assessment, the Independent Assessor assessed the fulfillment
Independen melakukan penilaian atas pemenuhanrekomendasi of the recommendations from the 2024 maturity assessment.
hasil penilaian maturitas tahun 2024. Penilaian pelaksanaan The implementation of the recommendations from the 2024
rekomendasi hasil penilaian tahun 2024 telah mencapai 96%. assessment has reached 96%. Details of monitoring the
Detail pemantauan pelaksanaan tindak lanjut rekomendasi implementation of the follow-up recommendations from the
hasil penilaian maturitas tahun 2024 berikut ini: 2024 maturity assessment are as follows:
Atribut Status Pemenuhan Tindak Lanjut Bobot 439
No
Attribute Follow-up Fulfillment Status Weight
1 Pendekatan Berbasis ERM Terpenuhi 100% 45%
ERM-based Approach Fulfilled 100% PT Sarana Multigriya Finansial (Persero)
2 Pengungkapan Risiko Terpenuhi 100% 15%
Risk Disclosure Fulfilled 100%
3 Pengungkapan Akar Masalah Terpenuhi 100% 20%
Disclosure of the Root Causes Fulfilled 100%
4 Ketahanan dan Keberlanjutan Bisnis Terpenuhi 80% 16%
Business Sustainability and Resilience Fulfilled 80%
Rata-rata tertimbang 96%
Weighted Average
Rekomendasi yang menjadi area of improvement sehubungan The recommendations that are areas of improvement in relation
dengan penilaian tahun 2025 adalah sebagai berikut. to the 2025 assessment are as follows.
Rekomendasi Prioritas1 Priority 1 Recommendation
1. Divisi MRK dengan sepengetahuan Direksi melakukan 1. The Risk Management and Compliance Division, with the
sosialisasi kembali dengan para penanggung jawab unit knowledge of the Board of Directors, carried out further
kerja dan risk officer berkaitan dengan konsistensi atas hal: dissemination with the the person in charge of the work
unit and risk officer regarding consistency regarding:
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Tata Kelola Perusahaan
Corporate Governance
a. Penyusunan rencana strategis a. Preparation of strategic plans
b. Penyusunan profil risiko atas rencana melaksanakan b. Preparation of a risk profile for plans to implement large-
kegiatan/produk atau program berskala besar scale activities/products or programs
c. Mengikutsertakan penilaian atas kompetensi c. Inclusion of risk management competency assessment
penanganan risiko dalam setiap penilaian kinerja staf in every staff performance evaluations in their work units
dalam unit kerjanya
d. Dalam pemantauan juga mengidentifikasi peluang yang d. Identification of opportunities that can accelerate goal
dapat mengakselerasi pencapaian tujuan achievement during monitoring
e. Kembali meningkatkan pemahaman mengenai e. Reinforce understanding of the relationship between
keterkaitan antara upaya pencapaian tujuan, identifikasi achievement efforts objectives, identification of
potensi permasalahan dan rencana penanganannya potential problems and plans for to address them
f. Memperkuat justifikasi penetapan pengalokasian f. Strengthening the justification for determining optimal
sumber daya telah optimal dalam upaya pencapaian resource allocation in efforts to achieve goals
tujuan
g. Meningkatkan pemahaman kembali bahwa kinerja satu g. Reinforce understanding that the performance of a
unit kerja sedikit banyaknya akan berdampak pada work unit will impact the performance of other work
kinerja unit kerja lainnya units to a greater or lesser extent
h. Penerapan manajemen risiko dalam setiap pengelolaan h. Apply risk management in every activity management
kegiatan pada unit kerja masing-masing in each work unit
i. Melakukan evaluasi yang memadai pada saat menyusun i. Conduct adequate evaluation when preparing
penjelasan atas deviasi antara target yang direncanakan explanations for deviations. Between planned targets
dengan kinerja yang dihasilkan and the actual performance
2. Divisi MRK agar memberikan perhatian pada penyampaian 2. Risk Management and Compliance Division to pay attention
informasi dari seluruh unit kerja atas: to the delivery of information from all work units on:
a. Penyampaian profil risiko yang terkait unit kerja atau a. Submission of risk profiles related to each work unit or
proses bisnis masing-masing business process
b. Penyampaian profil risiko agar senantiasa mengikuti b. Submission of risk profiles must always follow the
pedoman penyusunan profil risiko yang telah ditetapkan guidelines for compiling profiles. risks that have been
Perseroan determined by the company
440
c. Dalam hal penyampaian risiko agar menegaskan kembali c. In terms of risk reporting, it is important to reaffirm
tingkat signifikansi dari potensi permasalahan yang the level of significance of the potential problems that
akan dihadapi will be faced
d. Meningkatkan identifikasi keterkaitan antara tujuan yang d. Improve the identification of the relationship between
Laporan Tahunan 2025 Annual Report
telah ditetapkan dalam jangka pendek dengan tujuan the objectives that have been set in short term with
jangka panjang atau strategis sehingga memberikan long term or strategic goals so as to provide assurance
keyakinan kesesuaiannya of its suitability
e. Meningkatkan kualitas dalam proses identifikasi e. Improve the quality of in the process of identifying the
penyebab mendasar dari suatu potensi permasalahan root cause of a potential problems
Rekomendasi Prioritas 2 Priority Recommendation 2
Kepala Divisi dan jajaran MRK melakukan pemantauan kepada The Head of Division and the Risk Management and Compliance
para penanggung jawab risiko berikut risk officer masing- Division staff monitor the persons responsible for risk and their
masing berkaitan dengan: respective risk officers in relation to:
1. Proses pengelolaan risiko secara kualitas meningkat, 1. The risk management process is of increasing quality,
terstruktur, dan konsisten serta terintegrasi structured and consistent as well integrated
2. Penetapan prioritas risiko didasari oleh analisis yang 2. Determination of risk priorities is based on adequate
memadai baik kualitatif maupun kuantitatif analysis, both qualitative and quantitative.
3. Pengelolaan risiko makin membudaya dan menjadi bagian 3. Risk management is becoming more and more cultural and
tidak terpisahkan dalam pengelolaan unit kerja dan juga is becoming an inseparable part of management of work
pada korporasi units and also in corporations
4. Pemahaman para pengelola risiko atas selera dan manfaat 4. Risk managers’ understanding of risk appetite and benefits
risiko semakin meningkat is increasing
5. Meningkatkan kualitas pengungkapan akar masalah dari 5. Improve the quality of disclosure of the root cause of an
suatu insiden atau kejadian yang merugikan incident orharmful event
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PERNYATAAN ATAS KECUKUPAN STATEMENT ON THE ADEQUACY OF
SISTEM MANAJEMEN RISIKO THE RISK MANAGEMENT SYSTEM
Perseroan melalui Organ Dewan Komisaris sebagai Pengawas The Company, through the Board of Commissioners as
Perseroan telah melakukan review terkait kecukupan the Company’s Supervisory Body, has conducted a review
infrastruktur, prosedur dan mekanisme pelaksanaan manajemen regarding the adequacy of infrastructure, procedures and
risiko dan menyatakan bahwa penerapan manajemen risiko mechanisms for implementing risk management and stated
Perseroan telah berjalan dengan baik, dengan keberadaan that the implementation of the Company’s risk management
infrastruktur, prosedur dan mekanisme yang memadai. has been properly operated, with the existence of adequate
infrastructure, procedures and mechanisms.
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PT Sarana Multigriya Finansial (Persero)
Page 442
Tata Kelola Perusahaan
Corporate Governance
PERKARA HUKUM
LEGAL CASES
Sebagai wujud komitmen Perseroan dalam menjaga reputasi dan As a manifestation of the Company’s commitment to maintaining
keberlanjutan usaha, seluruh kegiatan operasional dijalankan its reputation and business sustainability, all operational
berdasarkan prinsip kepatuhan terhadap ketentuan hukum activities are carried out based on the principle of compliance
serta peraturan perundang-undangan yang berlaku. Perseroan with applicable laws and regulations. The Company consistently
secara konsisten menerapkan manajemen risiko hukum yang implements effective legal risk management to identify, mitigate,
efektif guna mengidentifikasi, memitigasi, dan mengendalikan and control potential legal risks that may impact business
potensi risiko hukum yang dapat memengaruhi kegiatan usaha. activities. Through the implementation of good governance and
Melalui penerapan tata kelola yang baik dan kepatuhan yang continuous compliance with all regulations, the Company has
berkelanjutan terhadap seluruh regulasi, Perseroan berhasil succeeded in maintaining integrity, credibility, and stakeholder
menjaga integritas, kredibilitas, serta kepercayaan para trust, as reflected in the following two-year disclosure table:
pemangku kepentingan, sebagaimana tercermin dalam tabel
pengungkapan dua tahun berikut ini:
2025 2024
Permasalahan Hukum
Legal Cases Perdata Pidana Perdata Pidana
Civil Criminal Civil Criminal
Selesai dan telah mempunyai kekuatan Nihil Nihil Nihil Nihil
hukum tetap None None None None
Settled and has fixed legal power
Dalam proses penyelesaian Nihil Nihil Nihil Nihil
In the settlement process None None None None
442 Jumlah Nihil Nihil Nihil Nihil
Total None None None None
1. Sengketa Perdata 1. Civil Lawsuit
Laporan Tahunan 2025 Annual Report
Pihak yang berperkara Pokok Perkara Risiko Perkara Status Perkara
No
Litigant(s) Merits of the Case Case Risks Case Status
1 Tidak ada Tidak ada Tidak ada Tidak ada
None None None None
2. Sengketa Pidana 2. Criminal Lawsuit
Pihak yang berperkara Pokok Perkara Risiko Perkara Status Perkara
No
Litigant(s) Merits of the Case Case Risks Case Status
1 Tidak ada Tidak ada Tidak ada Tidak ada
None None None None
PERKARA HUKUM ANAK PERUSAHAAN LEGAL CASES IN SUBSIDIARIES
Per 31 Desember 2025, SMF tidak memiliki entitas anak maupun As of December 31, 2025, SMF did not have any subsidiaries
entitas asosiasi lainnya. Dengan demikian, informasi terkait hal or other associated entities. Therefore, information related to
tersebut tidak relevan untuk disampaikan. this matter is not relevant to disclose.
PERKARA HUKUM LAINNYA OTHER LEGAL CASES
Dalam tiga tahun terakhir hingga 31 Desember 2025, Perseroan In the three years ending December 31, 2025, the Company has
tidak terlibat dalam permasalahan hukum terkait ketidakpatuhan not been involved in any legal case related to non-compliance
terhadap hukum, aturan, dan peraturan, termasuk transaksi with laws, rules, or regulations, including significant or material
Page 443
pihak berelasi yang signifikan atau material. Selain itu, tidak related party transactions. Furthermore, there have been no
terdapat keputusan bersalah dari pengadilan pajak terkait guilty verdicts from the tax courts related to tax matters. The
masalah perpajakan. Perseroan juga tidak menghadapi Company has also not faced any legal violations related to
pelanggaran hukum dalam aspek ketenagakerjaan, employment, consumer protection, bankruptcy, commercial
perlindungan konsumen, kepailitan, komersial, persaingan matters, business competition, or the environment.
usaha, maupun lingkungan.
Informasi Tentang Sanksi Administratif Perseroan dan Information Regarding Administrative Sanctions Against
Anak Perusahaan the Company and Its Subsidiaries
Sanksi administratif merupakan sanksi yang dikenakan atas Administrative sanctions are sanctions imposed for
pelanggaran administrasi atau ketentuan perundang-undangan administrative violations or violations of administrative laws
yang bersifat administratif. Selama tahun 2025, terdapat sanksi and regulations. During 2025, administrative sanctions were
administratif yang dikenakan kepada Perseroan, sebagai imposed on the Company, as follows:
berikut:
1. Teguran tertulis pertama dari Otoritas Jasa Keuangan (OJK) 1. First written warning from the Financial Services Authority
yang berakhir dengan sendirinya atas temuan kesalahan (OJK), which expired automatically, for errors found in the
pada Laporan Bulanan PT Sarana Multigriya Finansial December 2024 Monthly Report of PT Sarana Multigriya
(Persero) periode Desember 2024. Perseroan dianggap Finansial (Persero). The Company was deemed to have
menyampaikan laporan bulanan secara tidak benar dan submitted an incorrect monthly report and violated Article
telah melanggar Pasal 2 ayat (1) POJK 3/2013. 2 paragraph (1) of POJK 3/2013.
2. Peringatan tertulis dari Otoritas Jasa Keuangan (OJK) yang 2. A written warning from the Financial Services Authority
berakhir dengan sendirinya atas kesalahan penyampaian (OJK) that expires automatically due to errors in the
dokumen pendukung, PT Sarana Multigriya Finansial submission of supporting documents, PT Sarana Multigriya
(Persero) tidak memenuhi Pasal 11 ayat (2) POJK 49/2024. Finansial (Persero) did not comply with Article 11 paragraph
(2) of POJK 49/2024.
Selain itu, tidak terdapat sanksi anggota Dewan Komisaris, In addition, there were no sanctions imposed on members
anggota Direksi, maupun entitas anak oleh regulator, termasuk of the Board of Commissioners, members of the Board of
OJK dan Kementerian Keuangan (PMK). Directors, or subsidiaries by regulators, including the OJK and
the Ministry of Finance (PMK).
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PT Sarana Multigriya Finansial (Persero)
Page 444
Tata Kelola Perusahaan
Corporate Governance
KODE ETIK PERUSAHAAN
COMPANY CODE OF ETHICS
Perseroan telah memiliki dan menerapkan Pedoman Kode The Company has established and implemented a Corporate
Etik Perusahaan yang disusun berdasarkan Kebijakan Umum Code of Conduct Guideline, which is based on Company
Perseroan Nomor 042/KEB/KU/SMF/XI/2022 tentang Penerapan General Policy Number 042/KEB/KU/SMF/XI/2022 concerning
Nilai, Etika, dan Pedoman Perilaku PT Sarana Multigriya Finansial the Implementation of Values, Ethics, and Code of Conduct of
(Persero). Pedoman ini menjadi landasan bagi seluruh insan PT Sarana Multigriya Finansial (Persero). This guideline serves
Perseroan dalam menjunjung tinggi nilai-nilai integritas, as a foundation for all Company personnel in upholding the
profesionalisme, serta perilaku etis dalam setiap aktivitas usaha. values of integrity, professionalism, and ethical behavior in all
business activities.
Seiring dengan dinamika bisnis serta perkembangan lingkungan In line with business dynamics and environmental and social
dan sosial, Perseroan secara berkala melakukan evaluasi atas developments, the Company periodically evaluates the
Standar Etika Perusahaan. Pemutakhiran kebijakan dilakukan Company’s Standards of Ethics. Policy updates are carried
apabila diperlukan guna memastikan pedoman tersebut out when necessary to ensure that these guidelines remain
senantiasa relevan, selaras, dan efektif. Setiap insan SMF relevant, aligned, and effective. Every SMF employee and
dan Stakeholders dapat mengakses Kode Etik Perusahaan Stakeholders can access the Company’s Code of Conduct
melalui website Perseroan: https://www.smf-indonesia.co.id/ through the Company’s website: https://www.smf-indonesia.
kebijakan pada Menu “Tentang Kami → Kebijakan → Kebijakan co.id/policy under the “About Us → Policy → General Policy
Umum Etika, Nilai dan Pedoman Perilaku”. on Ethics, Values, and Code of Conduct” menu.
NILAI-NILAI SEBAGAI VALUES AS CORPORATE CULTURE
BUDAYA PERUSAHAAN
444
Tata nilai Perusahaan bukan sekadar pedoman kerja, tetapi The Company’s values are not merely work guidelines, but are
merupakan inti dari budaya Perseroan yang membentuk the core of the Company’s culture that shapes the Company’s
identitas, karakter, dan cara Perseroan beroperasi dalam identity, character, and how it operates in achieving its vision.
mencapai visi Perseroan. Nilai-nilai ini menjadi landasan These values serve as the foundation for decision-making,
Laporan Tahunan 2025 Annual Report
dalam pengambilan keputusan, interaksi antar karyawan, interactions between employees, and other stakeholders. The
dan pemangku kepentingan lainnya. Tata Nilai Perusahaan Company’s Values are set out in the Company’s General Policy
ditetapkan dalam Kebijakan Umum Perseroan No.042/KEB/ No. 042/KEB/KU/SMF/XI/2022 concerning the Implementation
KU/SMF/XI/2022 tentang Penerapan Nilai Etika dan Pedoman of Ethical Values and Code of Conduct. The SMF Values consist
Perilaku. Tata Nilai SMF terdiri dari Integritas, Sinergi, Maju of Integrity, Synergy, Forward-Looking, and Applied Focus,
Terdepan dan Fokus Terdapan yang selanjutnya di sebut hereinafter referred to as “I-SMF.”
“I-SMF”.
Tata Nilai I-SMF
I-SMF Values
Nilai Utama Definisi
Main Values Definition
Integritas Seluruh aktivitas pekerjaan dilakukan dengan berpegang pada peraturan dan etika bisnis
Integrity All work activities are organized in accordance with business regulations and ethics
Sinergi Seluruh fungsi Perseroan menjalin hubungan kerja yang efektif, saling membantu, berbagi informasi dan memberi nilai
Synergy tambah untuk mencapai tujuan perusahaan
All Company functions establish effective working relationships, assist each other, share information and provide added
value to achieve company goals
Maju Terdepan Seluruh fungsi Perseroan memotivasi diri untuk mencapai hasil terbaik, melampaui standar kinerja dengan semangat tinggi
Moving Forward All Company functions motivate themselves to achieve the best results, exceeding performance standards with high
enthusiasm
Fokus Seluruh fungsi Perseroan melakukan yang terbaik dalam memastikan tercapainya kebutuhan dan harapan pemangku
Focus kepentingan
All Company functions do their best to ensure that the needs and expectations of stakeholders are fullfiled
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POKOK MUATAN KODE ETIK PERUSAHAAN SUBJECT MATTER OF THE
COMPANY’S CODE OF CONDUCT
Kode etik Perusahaan dirumuskan dengan jelas dan The Company’s code of conduct is clearly and comprehensively
komprehensif yang mencakup nilai-nilai, prinsip-prinsip, dan formulated to include the values, principles, and behavior
perilaku yang diharapkan dari setiap Insan Perusahaan. Kode expected from every Company’s personnel. The Company’s
etik sebagaimana diatur dalam Standar Etika Perusahaan (Code Code of Conduct fundamentally contains provisions regarding
of Conduct) secara fundamental memuat ketentuan mengenai ethical standards of behavior and business ethics in building
standar etika perilaku dan etika bisnis dalam membangun relationships with stakeholders including employees, customers,
hubungan dengan para pemangku kepentingan mencakup partners, competitors, work partners, government, and society.
karyawan, konsumen, rekanan, kompetitor, mitra kerja, The scope of the contents regulated in the Company’s Code
pemerintah, dan masyarakat. Penjelasan mengenai cakupan of Conduct is as follows:
muatan yang diatur dalam Standar Etika Perusahaan adalah
sebagai berikut:
Pokok Muatan Standar Etik Perusahaan
Subject Matter of Company’s Ethics Standard
Cakupan Muatan Penjelasan
Scope of Contents Explanation
Latar Belakang Menjelaskan latar belakang keberadaan dan pemberlakuan kode etik Perseroan.
Background Explains the background to the existence and implementation of the Company's Code of Conduct.
Ketentuan Umum Menjelaskan ketentuan umum berkenaan dengan pemberlakuan kode etik Perseroan.
General Provisions Explains the general provisions regarding the implementation of the Company's Code of Conduct.
Ruang Lingkup Memuat ruang lingkup pemberlakuan kode etik Perseroan.
Scope Contains the scope of application of the Company's Code of Conduct.
Tujuan Menjelaskan tujuan keberadaan dan pemberlakuan kode etik Perseroan.
Purpose Explains the purpose of the existence and implementation of the Company's Code of Conduct.
Dasar Hukum Memaparkan dasar hukum sebagai landasan penerapan kode etik Perseroan.
Legal Basis Explains the legal basis as a basis for implementing the Company's Code of Conduct.
Penerapan Nilai-Nilai Memuat penjelasan terkait penerapan nilai-nilai yang terkandung di dalam kode etik Perseroan.
Implementation of Values Contains an explanation regarding the application of the values contained in the Company's Code of
Conduct.
Tanggung Jawab & Kewenangan Menjelaskan tanggung jawab dan kewenangan organ, sebagai dukungan bagi penerapan kode etik
Responsibilities and Authorities Perseroan.
Explains the responsibilities and authorities of organs, as support for the implementation of the Company's
Code of Conduct.
Etika Usaha Perseroan Memaparkan standar etika yang berlaku terhadap interaksi berkenaan dengan aktivitas usaha Perseroan.
Company’s Business Ethics Describes the ethical standards that apply to interactions regarding the Company's business activities.
Etika dan Perilaku Personil Perseroan Memaparkan etika dan perilaku yang berlaku pada interaksi dengan pemangku kepentingan bagi personil 445
Ethics and Conduct of Company Perseroan.
Personnel Describes the ethics and behavior that apply to interactions with stakeholders for Company personnel.
Pengawasan dan Penegakan Etika Menjelaskan ketentuan terkait mekanisme pengawasan dan penegakan kode etik di lingkungan Perseroan.
Ethics Supervision and Enforcement Explains the provisions related to the monitoring and enforcement mechanisms for the Code of Conduct
within the Company.
PT Sarana Multigriya Finansial (Persero)
Perilaku Usaha Perseroan Memaparkan standar perilaku yang berlaku pada interaksi antara insan Perseroan dengan pemangku
Standards of Conduct kepentingan.
Describes the standards of conduct that apply to interactions between Company personnel and
stakeholders.
Penegakan Etika dan Perilaku Menjelaskan prosedur penegakan etika dan perilaku yang berlaku di lingkungan Perseroan.
Perusahaan Explains the procedures for enforcing ethics and behavior that apply within the Company's environment.
Enforcement of ethics and conduct
Penutup. Memuat narasi penutup.
Closing Contains closing narrative.
SOSIALISASI KODE ETIK DISSEMINATION OF THE
CODE OF CONDUCT
Informasi dan pengetahuan akan kode etik dalam Perseroan The Basic Employee Training for newly hired employees
telah dijadikan salah satu materi dalam Pelatihan Dasar includes information and knowledge of the Company’s code
Karyawan bagi karyawan yang baru bergabung. Selain itu, of conduct. Furthermore, all levels of management, Board of
seluruh tingkatan manajemen, Direksi dan pejabat struktural Directors, and structural officials in their respective work units
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Tata Kelola Perusahaan
Corporate Governance
di unit kerja masing-masing juga diwajibkan untuk memberikan must provide a comprehensive understanding of the principles
pemahaman yang mendalam mengenai pokok-pokok Kode of the Company’s Code of Conduct to all their subordinates.
Etik Perseroan kepada seluruh staf yang berada di bawahnya.
Perseroan juga melakukan upaya penyebarluasan informasi The Company also makes efforts to disseminate information
terkait kode etik dengan berbagai cara antara lain: related to the code of conduct in various ways, among others:
1. Website Perseroan; 1. Company website;
2. E-mail administrator yang disampaikan kepada seluruh 2. Administrator e-mail sent to all Company employees;
karyawan Perseroan;
3. Standing banner, flyer dan media-media advertising lain 3. Standing banner, flyer, and other advertising media placed
yang ditempatkan di area kantor Perseroan; in the Company’s office area;
4. Melalui aplikasi Knowledge Management System; 4. Knowledge Management System application;
5. Membagikan Buku Pedoman Kode Etik, baik kepada 5. Distributing the Code of Conduct Manual handbook, to
karyawan yang baru bergabung di Perseroan ataupun yang employees who have just joined the Company and to those
telah lama bekerja; who have been working for a long time.
6. Penandatanganan pernyataan kepatuhan terhadap 6. Annual Signing of a statement of compliance with the Code
Kode Etik setiap tahun oleh Dewan Komisaris, Direksi, of Conduct every year by the Board of Commissioners,
Dewan Komisaris, Organ Dewan Komisaris dan seluruh Board of Directors, Board of Commissioners’ Organs
Karyawan Perseroan. Pada tahun 2025, Seluruh Direksi, and all Company Employees. By 2025, all members of
Dewan Komisaris, Organ Dewan Komisaris dan seluruh Board of Directors, Board of Commissioners, Board of
Karyawan Perseroan telah melakukan penandatanganan Commissioners’ Organs and all Company Employees already
surat pernyataan kepatuhan terhadap Pedoman Perilaku signed a statement of compliance with the Code of Conduct
dan Etika Bisnis. and Business Ethics.
PERNYATAAN KODE ETIK BERLAKU CODE OF CONDUCT STATEMENT
BAGI SELURUH LEVEL ORGANISASI APPLICABLE TO ALL LEVELS
OF THE ORGANIZATION
Pemberlakuan Kode Etik dan Pedoman Perilaku merupakan wujud SMF’s adherence to legal provisions and the most stringent
446
kepatuhan Perseroan terhadap ketentuan hukum dan standar ethical standards in its business environment is demonstrated
etika tertinggi pada lingkungan bisnis Perseroan. Kode Etik dan through the implementation of the Code of Conduct, which
Pedoman Perilaku berlaku bagi seluruh insan Perseroan, yaitu is applicable to all SMF personnel, including the Board of
Dewan Komisaris, Direksi, dan seluruh Karyawan. Perseroan Commissioners, Board of Directors, and all Employees. The
Laporan Tahunan 2025 Annual Report
memastikan seluruh insan Perseroan mempunyai kesadaran Company ensures that all SMF personnel are aware to conduct
untuk menjalankan nilai etika secara baik. ethical values properly.
PERNYATAAN KEPATUHAN STATEMENT OF COMPLIANCE
TERHADAP KODE ETIK WITH THE CODE OF CONDUCT
Dalam rangka menumbuhkan dan memperkuat budaya To foster and strengthen a culture of compliance across
kepatuhan di seluruh lini organisasi, Perseroan secara konsisten the organization, the Company consistently enforces the
menegakkan penerapan Kode Etik Perusahaan. Komitmen Company’s Code of Conduct. This commitment is demonstrated
tersebut diwujudkan melalui penandatanganan Pernyataan through the signing of a Statement of Compliance with the
Kepatuhan terhadap Kode Etik oleh seluruh Insan Perseroan, Code of Conduct by all Company Personnel, using an official
menggunakan formulir resmi yang telah disediakan oleh form provided by the Company. Through this mechanism, the
Perseroan. Melalui mekanisme ini, Perseroan memastikan Company ensures that each individual understands, accepts,
bahwa setiap individu memahami, menerima, dan berkomitmen and is committed to upholding the applicable ethical values
untuk menjalankan nilai-nilai etika serta standar perilaku yang and standards of conduct in carrying out their duties and
berlaku dalam pelaksanaan tugas dan tanggung jawabnya. responsibilities.
PENEGAKAN DAN ENFORCEMENT AND IMPLEMENTATION
IMPLEMENTASI KODE ETIK OF THE CODE OF CONDUCT
Pedoman Kode Etik didesain untuk memastikan bahwa personil The Code of Conduct guidelines are intended to ensure that
Perseroan selalu berperilaku sama di dalam Perseroan dan saat the Company’s personnel behave consistently both within and
berurusan di luar Perseroan. Penanggung jawab penegakan outside the Company. The Personnel Committee is in charge of
dan penerapan Kode Etik Perusahaan adalah Komite Personalia enforcing and implementing the Company’s Code of Conduct,
yang terdiri dari Pimpinan Unit Kerja: Sumber Daya Manusia which consists of the Heads of Work Units: Human Capital and
(SDM), Satuan Pengawasan Internal (SPI), Manajemen Risiko General Affairs (SDM), Internal Supervision Unit (SPI), Risk
dan Kepatuhan. Management and Compliance.
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Perusahaan mendorong setiap pegawai untuk berperan aktif The Company encourages all employees to take an active
dan wajib melaporkan apabila terdapat indikasi tindakan yang role and to report any indications that could be classified as
dapat dikategorikan sebagai pelanggaran terhadap Standar violations of the Company’s ethical standards.
Etika Perusahaan.
Berikut prosedur penanganan atas pelaporan pelanggaran The procedure for dealing with the Company’s code of conduct
kode etik Perusahaan: violation report is as follows:
1. Apabila terjadi pelanggaran, setiap Personil Perseroan 1. In the event of a violation, every Company’s employee
berhak mengajukan laporan secara lisan atau tertulis kepada has the right to submit a verbal or written report to the
atasan langsung Personil Perseroan yang bersangkutan immediate supervisor, which will then be resolved in
untuk diselesaikan sesuai dengan ketentuan yang berlaku. accordance with applicable regulations.
2. Apabila upaya sebagaimana dimaksud pada butir 1 diatas 2. If the effort referred to in point 1 above has not been
belum mencapai penyelesaian, Personil Perseroan yang resolved, such Company’s employee may file a written
bersangkutan dapat meneruskan keluhannya secara tertulis complaint to a one-level higher official, in this case the
kepada pejabat setingkat lebih tinggi dalam hal ini atasan superior of the direct superior of such Company’s employee,
dari atasan langsung Personil Perseroan yang bersangkutan to be resolved in accordance with applicable regulations
untuk diselesaikan sesuai dengan ketentuan yang berlaku (in the case of the official at a higher level than the direct
(dalam hal pejabat setingkat lebih tinggi dari atasan superior being the Director, the reporting must be submitted
langsung adalah Direktur, maka penyampaian pelaporan to the HC & General Division (HC Section)).
disampaikan kepada Divisi SDM).
3. Apabila upaya sebagaimana dimaksud pada butir 2 diatas 3. If the efforts as referred to in point 2 above have not
belum mencapai penyelesaian (atasan dari atasan langsung reached a resolution (the superior of the direct superior is
bukan Direktur), Personil Perseroan yang bersangkutan not the Director), such Company’s employee can forward
dapat meneruskan keluhannya atau keberatan Personil the complaint or objection in writing to the Head of Human
Perseroan tersebut secara tertulis kepada Kepala Divisi Capital & General Division for resolution.
Sumber Daya Manusia & Umum untuk diselesaikan.
4. Berkaitan dengan penyelesaian permasalahan etika (yang 4. Regarding resolution of ethical issues (which are included
termasuk ke dalam ketentuan tanggung jawab Komite in the provisions of Personnel Committee’s responsibilities
Personalia sesuai dengan SKD ataupun indikasi pelanggaran in line with SKD or indications of serious violations), the
berat) Komite Personalia berkewajiban untuk melakukan Personnel Committee must take the following steps:
langkah-langkah sebagai berikut:
a. melakukan proses investigasi dengan mengedepankan a. conducting investigation by prioritizing the principles of
asas keadilan, praduga tidak bersalah serta kerahasiaan; justice, presumption of innocence, and confidentiality;
b. menjaga kerahasiaan jati diri Pelapor selama proses b. maintaining confidentiality of the Whistleblower’s
investigasi berlangsung; identity during the investigation process; c
c. menentukan tindakan disipliner yang akan diberikan c. determining the disciplinary action to be taken if it
apabila terbukti secara benar dan sah bahwa telah is proven correctly and legally that there has been a
terjadi pelanggaran atas Kebijakan ini; violation of this Policy;
d. melakukan analisis terhadap permasalahan yang terjadi d. conducting an analysis of the problems that have arisen 447
untuk mengidentifikasi kelemahan sistem pengendalian to identify weaknesses in the control system that has
yang sudah diterapkan dan potensi-potensi perbaikan been implemented and potential improvements that
yang dapat dilakukan; can be made;
e. memberikan saran kepada Direksi terkait tindakan yang e. providing advice to the Board of Directors regarding
PT Sarana Multigriya Finansial (Persero)
perlu diambil berdasarkan langkah-langkah tindakan actions that need to be taken based on problem-solving
penyelesaian permasalahan yang telah dilakukan oleh measures that have been carried out by HC Division or
Divisi SDM atau Komite Personalia; Personnel Committee;
f. memberikan saran dan rekomendasi kepada pihak-pihak f. providing advice and recommendations to relevant
terkait untuk segera melaksanakan tindakan-tindakan parties to immediately implement the necessary
perbaikan yang diperlukan. corrective actions.
5. Komite Personalia memberikan rekomendasi kepada 5. The Personnel Committee provides recommendations to the
Direksi untuk keputusan yang perlu diambil tentang Board of Directors on decisions regarding ethics violations
pelanggaran Etika dan Sanksi sesuai dengan Kebijakan and sanctions in accordance with this policy. Parties found
ini. Pihak-pihak yang dinyatakan melanggar diperkenankan to be in violation may request a reconsideration of the
untuk mengajukan pertimbangan kembali atas keputusan decision regarding violations and sanctions (submission
tentang pelanggaran dan sanksi. (Memberikan usulan dan of proposals and written explanations to the Board of
penjelasan tertulis ke Direksi). Directors).
Page 448
Tata Kelola Perusahaan
Corporate Governance
JENIS SANKSI PELANGGARAN KODE ETIK TYPES OF SANCTIONS FOR VIOLATIONS
OF THE CODE OF CONDUCT
Penetapan sanksi bagi pelanggaran kode etik bersifat tegas Sanctions for violations of the code of conduct are severe
tanpa memandang bulu kepada siapapun yang terbukti and indiscriminate against anyone found to have violated the
melakukan pelanggaran terhadap Kode Etik Perseroan. Company’s code of conduct. Sanctions are determined based
Adapun, penetapan sanksi tersebut ditentukan berdasarkan on the materiality degree of fault, nature, and frequency of
derajat materialitas atas tingkat kesalahan, sifat, dan frekuensi the violation. However, the procedure for imposing sanctions
terjadinya pelanggaran. Meski demikian, prosedur pemberian still refers to the provisions of the Code of Conduct, Articles
sanksi tetap mengacu pada ketentuan Kode Etik, Anggaran of Association, Company Regulations, and applicable laws
Dasar, Peraturan Perusahaan dan perundangundangan yang and regulations.
berlaku.
Dalam pemberian sanksi terhadap pegawai SMF yang Sanctions for SMF employees who violate the Code of Conduct
melakukan pelanggaran Kode Etik, terdapat jenis pembagian include a First Warning Letter, a Second Warning Letter, a Third
sanksi berupa: Surat Peringatan Pertama, Surat Peringatan Warning Letter, and/or a First and Final Warning Letter.
Kedua, Surat Peringatan Ketiga, dan atau Surat Peringatan
Pertama dan Terakhir.
JUMLAH PELANGGARAN KODE ETIK NUMBER OF CODE OF CONDUCT
DAN SANKSI YANG DIBERIKAN VIOLATIONS AND SANCTIONS IMPOSED
Setiap tahunnya Perseroan selalu mengevaluasi dan memonitor Every year, the Company evaluates and monitors violations
terhadap pelanggaran Pedoman Standar Etika Perseroan. of the Company’s Ethical Standards Guidelines. The following
Berikut daftar pengenaan sanksi atas pelanggar Standar Etika is a list of sanctions imposed on violators of the Company’s
Perseroan: Ethical Standards:
Sanksi
No
Sanctions
2025 2024
448
1 Peringatan 1 Nihil Nihil
1st Warning Letter None None
2 Peringatan 2 Nihil Nihil
2nd Warning Letter None None
Laporan Tahunan 2025 Annual Report
3 Peringatan 3 Nihil Nihil
3rd Warning Letter None None
4 Pemutusan Hubungan Kerja (PHK) Nihil Nihil
Laid off None None
EVALUASI IMPLEMENTASI EVALUATION OF THE IMPLEMENTATION
KODE ETIK PERUSAHAAN OF THE COMPANY’S CODE OF CONDUCT
Perseroan secara berkala mengevaluasi isi dan efektivitas The Company regularly evaluates the content and effectiveness
penerapan Kode Etik Perusahaan, termasuk proses sosialisasi of its Code of Conduct, including the dissemination and
dan pembaruan yang telah dilakukan. Evaluasi ini bertujuan renewal processes. This evaluation aims to ensure and
untuk memastikan dan mengoptimalkan pemahaman pegawai optimize employee understanding of the Company’s Code of
serta menjaga relevansi Kode Etik Perusahaan dengan kondisi Conduct, as well as to maintain its relevance to internal and
internal dan eksternal, termasuk perangkat pendukung lainnya. external conditions, through the use of other supporting tools.
Selain itu, langkah ini juga dilakukan untuk meningkatkan Furthermore, this step also aims to improve the quality of the
kualitas penerapan dan penegakan Kode Etik guna mendukung Code of Conduct’s implementation and enforcement to support
penciptaan nilai yang berkelanjutan. sustainable value creation.
Page 449
KEBIJAKAN PEMBERIAN KOMPENSASI JANGKA
PANJANG KEPADA MANAJEMEN DAN/ATAU
KARYAWAN
POLICY ON GRANTING LONG-TERM COMPENSATION
TO MANAGEMENT AND/OR EMPLOYEES
Sampai dengan akhir tahun 2025, Perseroan bukan merupakan Until the end of 2025, the Company was not a public
Perusahaan terbuka dan tidak terdapat kepemilikan saham company, and members of the Board of Directors and Board
Perseroan oleh anggota Direksi dan anggota Dewan Komisaris. of Commissioners had no share ownership in the Company.
Sehingga tidak terdapat kebijakan mengenai pengungkapan Therefore, there was no policy governing the disclosure of
informasi kepemilikan saham anggota Direksi dan anggota information regarding the share ownership of members of the
Dewan Komisaris paling lambat 3 (tiga) hari kerja setelah Board of Directors and members of the Board of Commissioners
terjadinya kepemilikan atau setiap perubahan kepemilikan no later than 3 (three) working days following the occurrence
atas saham Perseroan dan pelaksanaan atas kebijakan of ownership or any change in ownership of the Company’s
dimaksud. Namun demikian, anggota Direksi dan anggota shares and the implementation of such policy. However, the
Dewan Komisaris secara berkala setiap tahun membuat Daftar Articles of Association require the Board of Directors and the
Khusus terkait kepemilikan saham pribadi dan keluarga sesuai Board of Commissioners to annually compile a Special Register
dengan ketentuan anggaran Dasar. listing all personal and family share ownership.
Selain itu, tidak terdapat program kepemilikan saham oleh Furthermore, there was no Employee Stock Option Program
karyawan atau Employee Stock Option Program (ESOP) maupun (ESOP) or Management Stock Option Program (MSOP). Thus,
manajemen atau Management Stock Option Program (MSOP). there is no information available regarding the number of ESOP/
Dengan demikian, tidak ada informasi mengenai jumlah saham MSOP shares, their realization value, exercise price, term, and
ESOP/MSOP dan nilai realisasinya, harga exercise, jangka the requirements for employees and/or management who are
waktu, persyaratan karyawan dan/atau manajemen yang berhak eligible for the program.
atas program tersebut.
449
PT Sarana Multigriya Finansial (Persero)
Page 450
Tata Kelola Perusahaan
Corporate Governance
SISTEM PELAPORAN PELANGGARAN
WHISTLEBLOWING SYSTEM
Perseroan telah mengimplementasikan Sistem Pelaporan The Company has implemented a Whistleblowing System (WBS)
Pelanggaran (Whistleblowing System/WBS) sebagai sarana as a means to encourage the active participation of employees
yang mendorong partisipasi aktif pegawai maupun pihak and external parties in submitting complaints regarding alleged
eksternal dalam menyampaikan pengaduan atas dugaan violations committed by Company personnel. This system is
pelanggaran yang dilakukan oleh Insan Perseroan. Sistem designed as part of the Company’s commitment to upholding
ini dirancang sebagai bagian dari komitmen Perseroan the principles of transparency, integrity, and accountability. In
dalam menjunjung tinggi prinsip transparansi, integritas, dan its implementation, the WBS serves as a medium for internal
akuntabilitas. Dalam pelaksanaannya, WBS berfungsi sebagai and external stakeholders to report indications of violations
media bagi para pemangku kepentingan internal dan eksternal responsibly, supported by accountable evidence and based
untuk melaporkan indikasi pelanggaran secara bertanggung on good faith to safeguard the interests and sustainability of
jawab, didukung oleh bukti yang dapat dipertanggungjawabkan the Company.
serta dilandasi itikad baik demi menjaga kepentingan dan
keberlangsungan Perseroan.
KEBIJAKAN WBS WBS POLICY
Sebagai langkah upaya untuk meningkatkan transparansi dan In an effort to improve transparency and accountability in
akuntabilitas dalam tata kelola perusahaan, Direksi menetapkan corporate governance, the Board of Directors established a
Pedoman WBS di lingkungan perusahaan melalui Kebijakan Whistleblowing System (WBS) Guideline within the Company
Perseroan Nomor: 002/KEB/PED/SMF/I/2023 tentang Pedoman under Company Policies No. 002/KEB/PED/ SMF/I/2023 on
Pelaporan Pelanggaran Whistleblowing System PT Sarana the Whistleblowing System Guidelines of PT Sarana Multigriya
Multigriya Finansial. Kebijakan WBS lebih lengkapnya dapat Finansial. The WBS policy can be viewed in detail on the
450
dilihat pada website Perseroan https://www.smf-indonesia. Company’s website at https://www.smf-indonesia.co.id/sistem-
co.id/sistem-pelaporan-pelanggaran. pelaporan-pelanggaran
SOSIALISASI WBS DISSEMINATION OF WBS
Laporan Tahunan 2025 Annual Report
Dalam rangka memperkuat implementasi WBS, Perseroan juga To strengthen WBS implementation, the Company also conducts
melakukan sosialisasi kepada pemangku kepentingan, baik dissemination to stakeholders, both internal and external. In
internal maupun eksternal. Pada tahun 2025, Sosialisasi WBS 2025, the WBS was disseminated to SMF stakeholders through
dilakukan kepada stakeholders Perseroan melalui Townhall a Townhall, attended by all employees on February 11, 2025.
yang diikuti seluruh karyawan dan Direksi pada tanggal 11
Februari 2025
LINGKUP PELAPORAN WBS WBS REPORTING SCOPE
Sebagaimana diatur dalam Kebijakan WBS Perseroan, berikut As stated in the Company’s WBS Policy, the following types
ini adalah jenis dugaan pelanggaran yang dapat dilaporkan of suspected violations can be reported through WBS, among
melalui WBS, antara lain: others:
1. Korupsi, Kolusi, Nepotisme (KKN); 1. Corruption, Collusion, Nepotism (KKN); 2
2. Kecurangan; 2. Fraud;
3. Ketidakjujuran; 3. Dishonesty;
4. Gratifikasi; 4. Gratification;
5. Pelanggaran atas Pedoman dan/atau Kebijakan internal 5. Violation of the Company’s internal Guidelines and/or
Perseroan; Policies;
6. Penyimpangan Etika Bisnis & Etika Kerja; 6. Deviations from Business Ethics & Work Ethics;
7. Pelanggaran ketentuan hukum dan dan/atau peraturan 7. Violation of legal provisions and/or other laws and
perundang-undangan lainnya baik yang bersifat perdata regulations, both civil and administrative;
maupun administratif;
8. Mempublikasikan rahasia perusahaan dan/atau perbuatan 8. Disclosure of Company secrets and/or other actions that
lainnya yang dapat merugikan Perseroan di kemudian hari. may harm the Company in the future.
Page 451
PENGELOLA WBS WBS MANAGEMENT TEAM
Sejalan dengan Pedoman Pelaporan Pelanggaran In line with the Whistleblowing System Guidelines, the WBS
(Whistleblowing System), Pengelola WBS terdiri dari Kepala Management Team consists of the Head of Internal Audit
SPI dan Auditor SPI. Tugas dan tanggung jawab Tim Pengelola Unit and the Internal Audit Unit Auditors. The duties and
WBS dalam penerapan WBS, meliputi: responsibilities of the WBS Management Team in implementing
the WBS include:
1. Menerima pelaporan pelanggaran. 1. Receiving reports of violations.
2. Menyeleksi laporan pelanggaran untuk diproses lebih lanjut 2. Selecting reports of violations for further processing by
oleh Penanggung Jawab Pelaporan. the Assigning Reporting Officers.
3. Mengusulkan pembentukan tim Investigasi Pelaporan 3. Proposing the formation of a Violation Reporting
Pelanggaran kepada Penanggung Jawab Pelaporan Investigation team to the Reporting Officer as stipulated
sebagaimana diatur pada angka 2. in point 2.
4. Melakukan perlindungan terhadap identitas Pelapor 4. Protecting the Whistleblower’s identity, especially in terms
terutama pada aspek kerahasiaan dan jaminan keamanan of confidentiality and security guarantees.
Pelapor.
5. Melaksanakan administrasi dan laporan atas kegiatan yang 5. Conducting administration and reports on WBS-related
terkait WBS, termasuk laporan posisi tindak lanjut laporan activities, including regular (quarterly) reports on the status
pengaduan secara berkala (triwulanan) kepada direksi. of follow-up to complaints to the Board of Directors
HIERARKI TERLAPOR HIERARCHY OF THE REPORTED PARTY
Selain itu, Penanggung jawab pelaporan WBS juga ditentukan The person in charge of WBS reporting is also determined
berdasarkan hierarki Terlapor, yaitu: based on the hierarchy of the reported party:
1. Apabila Pihak Terlapor melibatkan oknum Karyawan 1. If the Reported Party involves unscrupulous employees
(termasuk oknum Pengelola WBS) yang memerlukan (including unscrupulous WBS Management Team) that
investigasi lebih lanjut, maka penanggung jawab pelaporan require further investigation, the person in charge of
adalah Direksi; reporting is the Board of Directors;
2. Apabila Pihak Terlapor melibatkan oknum Direksi dan 2. If the Reported Party involves unscrupulous members of
memerlukan investigasi lebih lanjut, maka penanggung the Board of Directors and requires further investigation,
jawab pelaporan adalah Dewan Komisaris; the Board of Commissioners is responsible for reporting;
3. Apabila Pihak Terlapor melibatkan oknum Dewan Komisaris 3. If the Reported Party involves unscrupulous members of the
dan memerlukan investigasi lebih lanjut, maka penanggung Board of Commissioners and requires further investigation,
jawab pelaporan adalah Pemegang Saham; the Shareholder is responsible for reporting.
4. Apabila Pihak Terlapor melibatkan oknum pengelola WBS 4. If the Reported Party involves unscrupulous members of
maka pelaporan pelanggaran ditujukan kepada Komite WBS Management Team, the violation report is directed
Audit, serta Penanggung Jawab pelaporan adalah Dewan to the Audit Committee and the Board of Commissioners
Komisaris; dan is responsible for the report.
5. Apabila Pihak Terlapor melibatkan beberapa pihak di luar 5. If the Reported Party involves several parties outside the 451
ketentuan di atas, maka penanggung jawab pelaporan above provisions, the person responsible for the report will
adalah hierarki tertinggi dari pihak-pihak tersebut. be the highest hierarchy of these parties.
MEDIA PELAPORAN PELANGGARAN VIOLATION REPORTING MEDIA
PT Sarana Multigriya Finansial (Persero)
Penyampaian pelaporan pelanggaran melalui Media WBS dapat Violation reports can be submitted to the WBS via:
melalui:
1. Surat Elektronik (E-mail) 1. Electronic Mail (E-mail) Send an electronic mail addressed
Menyampaikan surat elektronik yang ditujukan kepada to the WBS Management Team at Email: wbs[at]smf-
Pengelola WBS dengan alamat Email: wbs[at]smf-indonesia. indonesia.co.id.
co.id.
2. Website WBS PT Sarana Multigriya Finansial Website WBS 2. WBS PT Sarana Multigriya Finansial Website WBS PT Sarana
PT Sarana Multigriya Finansial (Persero) dengan tautan Multigriya Finansial (Persero) website with page links: wbs.
laman: wbs.smf-indonesia.co.id. smf indonesia.co.id.
PERLINDUNGAN TERHADAP PELAPOR PROTECTION FOR WHISTLEBLOWERS
Perseroan berkewajiban untuk melindungi Pelapor dengan The Company is required to protect the whistleblower by
menerapkan Imunitas Administratif & Asas Non-repudiasi applying Administrative Immunity and Non-repudiation Principle
kepada Pelapor pada saat proses serta pasca investigasi during and after the investigation. Whistleblower’s protection
berlangsung. Perlindungan pelapor dimaksudkan untuk is intended to encourage individuals to report violations.
Page 452
Tata Kelola Perusahaan
Corporate Governance
mendorong keberanian melaporkan Pelanggaran. Perseroan The Company guarantees the confidentiality of the reported
memberikan jaminan kerahasiaan identitas terlapor sampai person’s identity until the status changes to examinee. If
berubah pada status terperiksa. Apabila diperlukan dan diminta necessary and requested by the Whistleblower, the WBS
oleh Pelapor, Pengelola WBS wajib memberikan bantuan kepada Management Team must provide administrative assistance
Pelapor berupa bantuan administrasi untuk dapat meminta so that the Whistleblower can seek assistance from the Witness
bantuan kepada Lembaga Perlindungan Saksi dan Korban and Victim Protection Institute (LPSK) under Law No. 13 of
(LPSK) sesuai dengan Undang-Undang Nomor 13 tahun 2006. 2006.
Di samping itu, Perseroan juga memberikan Imunitas The Company also provides Administrative Immunity to the
Administratif kepada pelapor. Imunitas Administratif merupakan Whistleblower. Administrative Immunity is a protection that is
perlindungan yang menjadi tanggung jawab oleh Penanggung the responsibility of the Reporting Officer to the Whistleblower.
Jawab Laporan kepada Pelapor. Status perlindungan Imunitas The protection status of Administrative Immunity and Non
Administratif dan Asas Non-repudiasi akan dicabut dan tidak repudiation Principle will be revoked and will not apply if there
berlaku apabila terdapat indikasi bahwa Pelapor memberikan is an indication that the Whistleblower has provided a false or
laporan palsu atau fitnah. Perseroan juga akan memberikan slanderous report. The Company will also express gratitude to
apresiasi kepada pelapor. Perseroan dapat memberikan the whistleblower. The Company may reward the whistleblower
penghargaan kepada pelapor atas laporan pelanggaran yang for reporting a proven violation. The rewards are given in
dapat dibuktikan. Penghargaan yang diberikan sesuai dengan accordance with the Board of Directors’ Policy.
Kebijakan Direksi Perseroan.
452
Laporan Tahunan 2025 Annual Report
Page 453
Mekanisme Penyampaian dan Penanganan Pelaporan Pelanggaran
Mechanism for Reporting and Handling Violations
Pelapor mengajukan laporan Pengelola WBS menerima dan Penetapan kelengkapan alat bukti
pelanggaran melalui media WBS menganalisa laporan pelanggaran Determination of Completeness
Whistleblower Submits a Violation WBS Manager Receives and of Evidence
Report through the WBS media Analyzes the Violation Report
Kurang Lengkap Lengkap
If Incomplete Complete
Petugas menghubungi
pelapor jika alat bukti tidak
lengkap untuk melengkapi
alat bukti
Officer Contacts the
Whistleblower if the evidence
is incomplete to complete the
evidence
Pelapor tidak bisa
Pelapor melengkapi
melengkapi alat bukti
alat bukti
Whistleblower Cannot
Completing Evidence
complete the evidence
Lengkap
Dokumentasi laporan dan Complete
hentikan investigasi
Document the Report and
Stop the Investigation
Penunjukkan tim investigasi (jika diperlukan)
Appointment of Investigation Team (if needed)
Pelaksanaan investigasi (wawancara & analisis dokumen)
Investigation (interview & document analysis)
Penyusunan laporan hasil investigasi
Investigation Report Preparation
Alat bukti lengkap, lanjut investigasi
Evidence Complete, Investigation Continues
Tidak Terbukti Terbukti
Unproven Proven
453
Selesai Laporan diarsipkan Berikan sanksi sesuai
Done Report Archived ketentuan
Apply Sanctions as Stipulated PT Sarana Multigriya Finansial (Persero)
Penjelasan: Explanation:
Pelaporan atas dugaan pelanggaran yang terkait dengan insan Reporting of alleged violations related to Company personnel is
Perseroan disampaikan dengan ketentuan sebagai berikut: submitted under the following conditions:
1. Pelapor melakukan pelaporan pelanggaran melalui Media 1. The Whistleblower reports violations through the
komunikasi yang telah ditetapkan oleh Perseroan, yaitu Media communication media determined by the Company, namely
Komunikasi Elektronik melalui website maupun email yang Electronic Communication Media through published websites
telah dipublikasikan beserta dengan Alat Bukti terkait dengan or emails, along with Evidence related to the reported alleged
dugaan pelanggaran yang dilaporkan. violation.
2. Pengelola WBS menerima laporan dugaan pelanggaran untuk 2. The WBS Management Team receives reports of alleged
kemudian dianalisa lebih lanjut. violations for further analysis.
3. Pengelola WBS melakukan penetapan putusan kelengkapan 3. The WBS Management Team determines the decision on the
alat bukti sebagai dasar pembentukan Laporan Masuk WBS. completeness of evidence as the basis for the formation of
the WBS Entry Report.
4. Apabila Alat Bukti dinilai kurang lengkap, Petugas WBS 4. If the evidence is deemed incomplete, the WBS Officer will
menghubungi pelapor untuk meminta pemenuhan kekurangan contact the Whistleblower to request that the evidence be
Alat Bukti. provided.
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Tata Kelola Perusahaan
Corporate Governance
5. Apabila Pelapor tidak dapat melakukan pemenuhan 5. If the Whistleblower is unable to provide the evidence, the
kekurangan Alat Bukti, maka proses investigasi dihentikan investigation process is stopped and the WBS Management
dan Pengelola WBS mengadministrasikan pelaporan melalui Team administers the report through the WBS Entry Report
Laporan Masuk WBS yang nantinya akan didokumentasikan which will later be documented in the WBS Report Archive.
di dalam Arsip Laporan WBS.
6. Apabila Pelapor dapat memenuhi kekurangan Alat Bukti, 6. If the Whistleblower can fulfill the lack of Evidence, the WBS
Pengelola WBS melakukan analisa kembali atas pemenuhan Management Team will re-analyze the fulfillment of the lack
kekurangan Alat Bukti yang disampaikan Pelapor sebagai of Evidence submitted by the Whistleblower as the basis for
dasar pembentukan Laporan Masuk WBS. forming the WBS Entry Report.
7. Apabila diperlukan Penanggung Jawab Pelaporan dapat 7. If necessary, the Reporting Officer can appoint an Investigation
melakukan penunjukan Tim Investigasi sesuai dengan Team according to the competence and experience in the
kompetensi serta pengalaman bidang pelanggaran yang field of the violation that occurred.
terjadi.
8. Proses investigasi dapat berlangsung melalui wawancara 8. The investigation process can take place through interviews
dengan pelapor ataupun investigasi Dokumen yang berkaitan with the Whistleblower or investigation of documents relating
dengan pelanggaran. to the violation.
9. Penanggung Jawab Pelaporan/Tim Investigasi melakukan 9. The Reporting Officer/Investigation Team prepares an
penyusunan Laporan Hasil Investigasi berdasarkan investigasi Investigation Report based on the investigation conducted.
yang dilakukan.
10. Penanggung Jawab Pelaporan memberikan putusan 10. The Reporting Officer makes a decision based on the
berdasarkan Laporan Hasil Investigasi. Investigation Report.
11. Apabila pelaporan pelanggaran tidak terbukti terjadi, 11. If the reported violation is not proven to have occurred, the
Penanggung Jawab Pelaporan memberikan Laporan Hasil Reporting Officer provides the Investigation Report along
Investigasi beserta catatan atas putusan pelanggaran kepada with notes on the violation decision to the WBS Management
Pengelola WBS untuk kepentingan administrasi di dalam Arsip Team for administrative purposes in the WBS Report Archive.
Laporan WBS.
12. Apabila pelaporan pelanggaran terbukti terjadi, Penanggung 12. If the reported violation is proven to have occurred, the
Jawab Pelaporan memberikan sanksi berdasarkan ketentuan Reporting Officer imposes sanctions based on the applicable
yang berlaku di Perseroan maupun secara umum. provisions in the Company and in general.
454
13. Pengelola WBS melakukan dokumentasi laporan di dalam 13. The WBS Management Team documents the report in the
Arsip Laporan WBS. WBS Report Archive
JUMLAH PENGADUAN DAN NUMBER OF COMPLAINTS AND
Laporan Tahunan 2025 Annual Report
TINDAK LANJUT PELAPORAN REPORTING FOLLOW-UPS
Sepanjang tahun 2025, pengaduan yang masuk melalui saluran Throughout 2025, there were 21 (twenty one) complaints received
WBS berjumlah 21 (dua puluh satu) pengaduan. Pengaduan yang through the WBS channel. Based on the verification results,
masuk ke tahap tindak lanjut berdasarkan hasil verifikasi sebanyak 2 (two) violation report had been forwarded for follow-up. The
2 (dua) laporan pelanggaran. Penanganan pelaporan yang masuk handling of reports that entered the follow-up stage is as follows:
ke tahap tindak lanjut adalah sebagai berikut:
Penanganan Pelaporan Tahap Tindak Lanjut
Handling of Reporting in the Follow-up Stage
Pengaduan yang Sah dan
Kategori Pelapor Jumlah Laporan yang
Ditindaklanjuti Status Tindak Lanjut
No. Whistleblower Diterima
Legitimate Complaints and Follow-up Status
Category Number of Reports Received
Follow-Up
1 Perorangan 21 2 Telah Ditindaklanjuti
Individual Has been followed up
EVALUASI PELAKSANAAN WBS EVALUATION OF WBS IMPLEMENTATION
Tim Pengelola WBS secara berkala menyusun laporan penerapan The WBS Management Team periodically prepares reports on WBS
WBS di lingkungan Perusahaan. Laporan berkala penerapan implementation within the Company. These periodic reports are
WBS disampaikan kepada Direksi sebagai bahan monitoring submitted to the President Director and the Board of Commissioners
dan evaluasi dan bentuk akuntabilitas penerapan WBS yang as monitoring and evaluation materials and accountability for WBS
mencakup hasil penerimaan laporan pelanggaran dan tindak implementation, which includes the results of receiving violation
lanjut dari pelaporan tersebut serta pelaksanaan rencana kerja reports and follow-up actions from these reports, as well as the
dan program sosialisasi WBS oleh Tim Pengelola WBS. implementation of WBS work plan and dissemination program by
the WBS Management Team.
Page 455
KOMITMEN TERHADAP LAYANAN KONSUMEN
COMMITMENT TO CUSTOMER SERVICE
KOMITMEN TERHADAP PRODUK/ COMMITMENT TO PRODUCTS/
JASA SERTA KONSUMEN SERVICES AND CONSUMERS
Bagi Perseroan meningkatkan kepercayaan dan kepuasan For the Company, increasing customer trust and satisfaction is
konsumen merupakan kunci penting, hal tersebut agar usaha key to the continued success of its business. Accordingly, the
yang dijalankan mampu untuk terus bertahan. Sejalan dengan itu, Company is committed to continuously improving its services and
Perseroan berkomitmen untuk terus meningkatkan layanan dan innovating its products in line with the times and customer desires.
melakukan inovasi produk agar sesuai dengan perkembangan These efforts have proven to be successful, as the Company
zaman, sekaligus sejalan dengan keinginan konsumen. Upaya continues to grow and thrive to this day.
yang dilakukan tersebut terbukti membawa hasil, yakni Perseroan
tetap tumbuh dan berkembang hingga saat ini.
Komitmen Perseroan untuk memberikan layanan yang terbaik dan The Company’s commitment to providing the best and most
bermanfaat bagi setiap pemangku kepentingan atau konsumen beneficial services to every stakeholder or customer is
diwujudkan melalui sikap dan respons yang profesionalisme accomplished through the professionalism of the Company
dari Perseroan dan segenap jajaran dalam melayani konsumen. and its entire staff in serving customers. The Company also
Perseroan juga menjamin kualitas pelayanan kepada setiap guarantees the quality of service to every consumer by being
konsumen dengan sigap, responsif dan terpercaya. reliable, responsive, and trustworthy.
PENGENDALIAN KUALITAS PRODUK/JASA PRODUCT/SERVICE QUALITY CONTROL
Dalam menjalankan kegiatan usahanya, Perseroan selalu In its business activities, the Company always prioritizes product
mengutamakan kualitas produk atau layanan dan kepuasan or service quality and consumer satisfaction. The Company is
konsumen. Perseroan berkomitmen untuk meningkatkan dan committed to improving and maintaining the quality of products
menjaga kualitas produk dan jasa yang bersinggungan langsung and services that directly interact with consumers through ease
dengan konsumen melalui kemudahan dalam menemukan lokasi, of location, responsiveness of service personnel, and the level
kesigapan petugas dalam pelayanan, hingga tingkat keinformatifan of information provided in the programs offered.
program yang ditawarkan.
Perseroan menempatkan konsumen sebagai mitra bisnis yang The Company regards consumers as business partners who will
akan membantu pencapaian kinerja usaha. Kebijakan yang help achieve business performance. The policies implemented
dijalankan Perseroan menjamin hubungan kerja sama secara by the Company ensure a sustainable cooperative relationship 455
berkelanjutan dengan konsumen yang dilakukan secara transparan with consumers, carried out transparently and professionally to
dan profesional dalam rangka memenuhi kepuasan konsumen fulfill consumer satisfaction by continuously improving product
dengan terus meningkatkan kulitas produk dan layanan. and service quality. PT Sarana Multigriya Finansial (Persero)
KEJELASAN INFORMASI PRODUK CLARITY OF PRODUCT INFORMATION
Perseroan menyediakan berbagai informasi material yang The Company provides a variety of necessary material information
diperlukan secara transparan dan terbuka, akurat dan tepat waktu, in a transparent and accessible, accurately and in a timely manner,
sebagai dasar pengambilan keputusan bagi konsumen untuk as a basis for consumers to make decisions on using the Company’s
menggunakan produk atau jasa Perseroan. Kegiatan komunikasi products or services. Marketing communication activities are also
pemasaran juga menjadi salah satu upaya untuk melindungi hak one of the efforts to protect the rights of consumers, to obtain
konsumen untuk memperoleh informasi yang akurat, jelas, dan accurate, clear, and reliable information. The Company realizes
dapat dipercaya. Perseroan menyadari, komunikasi yang berjalan that effective communication in line with services that meet
secara efektif dan selaras dengan layanan yang sesuai dengan customer expectations can create customer loyalty and long-term
harapan konsumen, dapat menciptakan loyalitas konsumen business relationships. The Company provides various adequate
dan hubungan bisnis jangka panjang. Perseroan menyediakan means of communication so that the quality of products and
berbagai sarana komunikasi yang memadai, agar kualitas produk services can always satisfy the expectations of consumers, one
dan layanan senantiasa dapat memenuhi harapan konsumen of which is through the Company’s website.
salah satunya melalui website Perseroan.
Page 456
Tata Kelola Perusahaan
Corporate Governance
PENGELOLAAN PENGADUAN MANAGEMENT OF COMPLAINTS
TERHADAP PRODUK/JASA REGARDING PRODUCTS/SERVICES
SMF senantiasa terus berinovasi untuk meningkatkan kualitas SMF continues to innovate to improve the quality of its products
produk dan layanannya. Terkait hal tersebut jika konsumen and services. In this regard, if customers have questions about
mempunyai pertanyaan mengenai produk dan layanan SMF, SMF’s products and services, or wish to convey information,
atau berkeinginan menyampaikan informasi, baik kritik, saran, whether criticism, suggestions, experiences, or complaints for
pengalaman, ataupun keluhan untuk evaluasi kinerja Perseroan, the evaluation of the Company’s performance, they can contact
bisa menghubungi SMF melalui: SMF through:
Kantor SMF: SMF Office:
Grha SMF, Jalan Panglima Polim I No.1 Kebayoran Baru Jakarta Grha SMF, Jalan Panglima Polim I No.1 Kebayoran Baru, South
Selatan 12160 Jakarta 12160
Layanan telepon SMF:+ 62 21 2700400 SMF telephone service: + 62 21 2700400
E-mail Pengaduan SMF: stakeholder.care[at]smf-indonesia.co.id SMF complaint email: stakeholder.care[at]smf-indonesia.co.id
Penanganan pengaduan dapat juga disampaikan Konsumen Complaints can also be submitted by consumers through the
melalui Lembaga Alternatif Penyelesaian Sengketa (LAPS Alternative Dispute Resolution Institution (LAPS SJK) in accordance
SJK) sesuai Peraturan Otoritas Jasa Keuangan (OJK) Nomor with Financial Services Authority (OJK) Regulation Number 61/
61/POJK.07/2020 tentang Lembaga Alternatif Penyelesaian POJK.07/2020 concerning the Alternative Dispute Resolution
Sengketa Sektor Jasa Keuangan (LAPS SJK) dengan kondisi: Institution for the Financial Services Sector (LAPS SJK) under
the following conditions:
Pengaduan terlebih dahulu diupayakan penyelesaiannya melalui Complaints must first be resolved through the IDR (Internal Dispute
mekanisme IDR (Internal Dispute Resolution), yaitu musyawarah Resolution) mechanism, namely deliberation to reach consensus/
untuk mufakat/ negosiasi langsung antara Konsumen dan PUJK; direct negotiation between the Consumer and PUJK; and the
dan Sengketa tersebut tidak sedang diperiksa dan/atau tidak dispute is not currently being examined and/or has not been
telah diputus oleh instansi (yang berwenang) lainnya. resolved by other (authorized) agencies.
456
Selain kondisi di atas, LAPS SJK dapat menangani sengketa In addition to the above conditions, LAPS SJK may handle other
lain yang mendapat persetujuan dari OJK. LAPS SJK sekurang- disputes that have been approved by OJK. LAPS SJK shall at least
kurangnya menyediakan layanan Mediasi dan Arbitrase dan provide Mediation and Arbitration services and shall comply with
wajib untuk memenuhi prinsip independen, adil, efektif dan the principles of independence, fairness, effectiveness, efficiency,
Laporan Tahunan 2025 Annual Report
efisien, serta mudah diakses. and accessibility.
Setiap pengaduan atau keluhan yang disampaikan konsumen Every complaint or grievance submitted by customers and the
dan masyarakat, selanjutnya akan ditindaklanjuti Perseroan. public will be followed up on by the Company. Until the end of
Hingga akhir tahun 2025, Perseroan tidak mendapatkan keluhan 2025, the Company has not received any material complaints,
yang bersifat material sebagaimana tabel berikut ini: as shown in the following table:
Status Penyelesaian
Jenis Produk dan/atau Jumlah Completion Status
Layanan Jasa Keuangan Kategori Permasalahan Pengaduan Pengaduan
No. Dalam
Types of Financial Category of Issues Number of Selesai Sengketa
Products and/or Services Complaints Proses
Resolved Dispute
In Process
Complaints
1 Penyaluran Pinjaman dan/ Denda/ penalti - - - -
atau Penyaluran Pembiayaan Fines/penalties
kepada Lembaga Penyalur
KPR Biaya administrasi/provisi/ transaksi - - - -
Distribution of Loans and/ Administrative/provision/transaction fees
or Financing to Mortgage Jumlah tagihan - - - -
Lender Total bill
Permasalahan agunan/Jaminan - - - -
Collateral/security issues
Fraud, penipuan, kecurangan oleh pegawai - - - -
dan/atau pihak Lain
Fraud, deception, and cheating by
employees and/or other parties
Lainnya - - - -
Others
Page 457
SURVEI KEPUASAN KONSUMEN CUSTOMER SATISFACTION SURVEY
Perseroan terus berupaya meningkatkan kualitas layanan The Company continues to improve service quality by measuring
dengan mengukur tingkat kepuasan para pemangku stakeholder satisfaction with its products and services. One
kepentingan terhadap produk dan layanan yang diberikan. approach is through stakeholder satisfaction surveys, which aim
Salah satu pendekatan yang diterapkan adalah melalui survei to understand acceptance and understanding of products and
kepuasan stakeholder yang bertujuan memahami penerimaan assess stakeholder satisfaction (Customer Satisfaction Index/CSI).
dan pemahaman terhadap produk serta menilai tingkat
kepuasan stakeholders (Customer Satisfaction Index/CSI).
Pada tahun 2025, Perseroan melaksanakan survei tersebut In 2025, the Company conducted the survey with the involvement
dengan melibatkan konsultan independen, yang berlangsung of independent consultants, which took place from December 8,
dari tanggal 8 Desember 2025-6 Februari 2026. Survei ini 2025 to February 6, 2026. This survey combined quantitative and
mengombinasikan metode kuantitatif dan kualitatif serta qualitative methods and involved 60 respondents from various
melibatkan 60 responden dari berbagai pihak, termasuk parties, including service users, shareholders, regulators, sharia
pengguna layanan, pemegang saham, regulator, instansi agencies, event participants, vendors, Village-Owned Enterprises
syariah, peserta event, vendor, BUMDes, BKM/LKM, dan media. (BUMDes)Community Self-Reliance Institutions (BKM/LKM), and
Hasil survei memperoleh nilai sebesar 87,01 dari target skor 80. the media. The survey results obtained a score of 87.01 out of a
Temuan dan tindak lanjut dari survei ini memberikan wawasan target score of 80. The findings and follow-up from this survey
penting mengenai persepsi stakeholders terhadap produk provided important insights into stakeholders’ perceptions of the
dan layanan Perseroan, yang selanjutnya dapat digunakan Company’s products and services, which could then be used
sebagai dasar perbaikan dan pengembangan layanan di masa as a basis for improving and developing services in the future.
mendatang.
KEBIJAKAN ANTI KORUPSI
ANTI-CORRUPTION POLICY
Perseroan berkomitmen penuh untuk mendukung upaya The Company is fully committed to supporting the government’s
pemberantasan korupsi yang dilaksanakan oleh pemerintah. efforts to eradicate corruption. The Company believes that
Perseroan meyakini bahwa praktik korupsi merupakan corrupt practices are illegal and not only violate the principles
pelanggaran hukum yang tidak hanya bertentangan dengan of good corporate governance, but also have the potential to
prinsip tata kelola perusahaan yang baik, tetapi juga berpotensi significantly impact the sustainability of its operations. Such
menimbulkan dampak signifikan terhadap keberlangsungan risks could result in material and non-material losses, as well 457
operasional usaha. Risiko tersebut dapat berujung pada as damage the Company’s reputation in the future.
kerugian, baik yang bersifat material maupun nonmaterial,
serta dapat merusak reputasi Perseroan di masa mendatang. PT Sarana Multigriya Finansial (Persero)
Perseroan berkomitmen penuh untuk mendukung upaya The Company is fully committed to supporting the Government’s
Pemerintah dalam pemberantasan korupsi. Perseroan efforts to eradicate corruption. The Company realizes that
menyadari bahwa praktik korupsi merupakan tindakan ilegal corrupt practices are illegal acts that can have a negative impact
yang dapat berdampak negatif terhadap operasional bisnis on business operations and cause material and non-material
serta menimbulkan kerugian material maupun nonmaterial bagi losses for the Company in the future. Therefore, the Company
Perseroan di masa mendatang. Oleh karena itu, Perseroan telah has established the following anti-corruption policies:
menetapkan kebijakan anti-korupsi sebagai berikut:
1. Kebijakan Umum Penerapan Strategi Anti Fraud 1. General Policy on the Implementation of Anti-Fraud
Strategies
Kebijakan ini tertuang dalam Kebijakan Umum Perseroan This policy is outlined in the Company’s General Policy
Nomor 003/KEB/KU/SM/IX/2025 tentang Penerapan Fraud Number 003/KEB/KU/SM/IX/2025 concerning the
Control System, yang menjadi dasar dalam pengendalian Implementation of the Fraud Control System, which forms
praktik fraud pada seluruh proses bisnis di PT Sarana the basis for controlling fraud practices in all business
Multigriya Finansial. Satuan Pengawasan Intern bertanggung processes at PT Sarana Multigriya Finansial. The Internal
jawab atas penerapan strategi anti-fraud, yang langsung Audit Unit is responsible for implementing anti-fraud
melapor kepada Direktur Utama dan Dewan Komisaris. strategies, reporting directly to the President Director
Selama tahun 2025, tidak terdapat penyimpangan atau and Board of Commissioners. During 2025, there were no
kecurangan internal. internal irregularities or fraud.
Page 458
Tata Kelola Perusahaan
Corporate Governance
2. Pedoman Pengendalian Gratifikasi 2. Gratuity Control Guidelines
Perseroan telah menetapkan Pedoman Pengendalian The Company has established Gratuity Control Guidelines
Gratifikasi melalui Nomor 027/KEB/PED/SMF/VIII/2021 through Number 027/KEB/PED/SMF/VIII/2021, issued on
yang diterbitkan pada 2 Agustus 2021. Pedoman ini August 2, 2021. These guidelines aim to raise awareness
bertujuan untuk menumbuhkan kesadaran seluruh jajaran among all levels of management regarding the importance
manajemen mengenai pentingnya pengendalian gratifikasi of controlling gratuities and taking a firm stance against
dan pengambilan sikap tegas terhadap tindakan tersebut. such actions. These guidelines refer to applicable laws and
Pedoman ini mengacu pada ketentuan perundang-undangan regulations, such as Law Number 31 of 1999, amended
yang berlaku, seperti Undang-Undang Nomor 31 Tahun by Law Number 20 of 2001 concerning Eradication of
1999 yang diubah dengan Undang-Undang Nomor 20 Corruption, and Law Number 30 of 2002 concerning the
Tahun 2001 tentang Pemberantasan Tindak Pidana Korupsi, Corruption Eradication Commission. The Gratuity Control
serta Undang-Undang Nomor 30 Tahun 2002 tentang Policy can be accessed on the Company’s official website
Komisi Pemberantasan Tindak Pidana Korupsi. Kebijakan at https://www.smf-indonesia.co.id/kebijakan.
Pengendalian Gratifikasi lebih lanjut dapat diakses melalui
website resmi Perseroan di https://www.smf-indonesia.
co.id/kebijakan.
3. Pedoman Penerapan Strategi Anti-Fraud dan Pengelolaan 3. Guidelines for Implementing Anti-Fraud Strategies and
Rekam Jejak Pelaku Melalui Sistem Informasi di Sektor Managing Perpetrator Records Through Information
Jasa Keuangan Systems in the Financial Services Sector
Perseroan menerbitkan Pedoman Penerapan Strategi Anti- The Company issued Guidelines for Implementing Anti-
Fraud dan Pengelolaan Rekam Jejak Pelaku Melalui Sistem Fraud Strategies and Managing Perpetrator Records
Informasi di Sektor Jasa Keuangan dengan Nomor 027/ Through Information Systems in the Financial Services
KEB/PED/SMF/X/2025, yang diterbitkan pada 28 Oktober Sector with Number 027/KEB/PED/SMF/X/2025, published
2025. Pedoman ini mengatur kebijakan, tanggung jawab dan on October 28, 2025. These guidelines regulate policies,
langkah strategis dalam mencegah, mendeteksi, menyelidiki, responsibilities, and strategic measures in preventing,
serta menindaklanjuti setiap bentuk kecurangan (fraud) detecting, investigating, and following up on any form of
yang berpotensi menimbulkan kerugian bagi Perseroan, fraud that could potentially cause losses to the Company,
konsumen maupun pihak lain. consumers, or other parties.
4. Surat Keputusan Direksi terkait Pelaporan LHKPN. 4. Board of Directors’ Decree regarding LHKPN Reporting.
458
Berdasarkan Surat Keputusan Direksi Nomor S-036/ Based on the Board of Directors’ Decision No. S-036/SKD/
SKD/DIR/SMF/I/2019 tentang kewajiban menyampaikan DIR/SMF/I/2019 regarding the obligation to submit asset
laporan harta kekayaan, Perseroan memiliki Tim LHKPN disclosure reports, the Company has an LHKPN Team
yang melaksanakan pengawasan atas Pelaporan LHKPN responsible for overseeing the submission of LHKPN reports
Laporan Tahunan 2025 Annual Report
di Perseroan. within the Company.
KEBIJAKAN PENGENDALIAN GRATIFIKASI GENERAL POLICY OF
GRATIFICATION CONTROL
Kebijakan anti fraud tertuang dalam Kebijakan Umum Perseroan The anti-fraud policy is contained in the Company’s General
Nomor 024/KEB/KU/SMF/VII/2021 tentang Penerapan Fraud Policy No. 024/KEB/KU/SMF/VII/2021 on the Implementation
Control System yang merupakan dasar dan/atau rujukan dalam of Fraud Control System, which is the basis and/or reference
menerapkan proses pengendalian Fraud yang terjadi pada in implementing the fraud control process that occurs in all
seluruh proses bisnis yang dilaksanakan di PT Sarana Multigriya business processes carried out at PT Sarana Multigriya Finansial
Finansial (Persero). (Persero).
Fungsi yang bertugas menangani penerapan strategi anti fraud The function in charge of handling the implementation of anti
adalah Satuan Pengawasan Intern yang bertanggung jawab fraud strategies is the Internal Audit Unit, which reports to the
kepada Direktur Utama serta memiliki hubungan komunikasi President Director and has a direct reporting communication
pelaporan secara langsung kepada Dewan Komisaris. with the Board of Commissioners.
Selama tahun 2025 tidak terdapat penyimpangan/kecurangan Throughout 2025, there were no internal irregularities/frauds.
intern.
PEDOMAN PENGENDALIAN GRATIFIKASI GRATIFICATION CONTROL GUIDELINES
Perseroan telah menetapkan Pedoman Pengendalian Gratifikasi The Company has established the Gratification Control
Nomor 027/KEB/PED/SMF/VIII/2021 tanggal 2 Agustus 2021 Guidelines No. 027/KEB/PED/SMF/VIII/2021 on August 2,
sebagai salah satu upaya untuk menumbuhkan kesadaran 2021, in an effort to raise awareness among all levels of the
kepada seluruh jajaran manajemen Perseroan tentang Company’s management on the importance of control and
pentingnya pengendalian dan pengambilan sikap yang tegas taking a firm stance on gratification.
terhadap gratifikasi.
Page 459
Pedoman Pengendalian Gratifikasi yang disusun Perseroan The Gratification Control Guidelines compiled by the Company
telah mengacu pada ketentuan perundang-undangan yang refer to applicable laws and regulations, including Law No. 31
berlaku, antara lain Undang-Undang Nomor 31 Tahun 1999 of 1999 as amended by Law No. 20 of 2001 on Eradication of
sebagaimana telah diubah dengan Undang-Undang Nomor Corruption and Law -Law Number 30 of 2002 concerning the
20 Tahun 2001 tentang Pemberantasan Tindak Pidana Korupsi Corruption Eradication Commission.
dan Undang-Undang Nomor 30 Tahun 2002 tentang Komisi
Pemberantasan Tindak Pidana Korupsi.
Kebijakan Pengendalian gratifikasi dapat dilihat lebih lanjut pada The Gratification Control Policy is available in detail on the
website Perseroan https://www.smf-indonesia.co.id/kebijakan. Company’s website at https://www.smf-indonesia.co.id/
kebijakan.
SOSIALISASI LARANGAN GRATIFIKASI DISSEMINATION OF THE
PROHIBITION OF GRATIFICATION
Penyebarluasan informasi terkait gratifikasi berjalan seiring The dissemination of information regarding gratification
dengan penyebarluasan akan informasi kode etik Perseroan, coincides with the dissemination of information regarding the
bertujuan agar tercipta iklim kerja yang sehat dan profesional Company’s code of conduct, with the goal of creating a healthy
berlandaskan pada prinsip-prinsip GCG. Salah satu upaya and professional work environment based on GCG principles.
yang dilakukan Perseroan untuk mewujudkan hal tersebut The Company’s efforts to achieve this include disseminating
adalah dengan menyebarluaskan dan mensosialisasikan and distributing the Gratification Guidelines on a regular basis
Pedoman Gratifikasi baik melalui sosialisasi secara berkala to internal and external parties, signing the Integrity Pact, the
kepada internal maupun eksternal Perseroan, penandatanganan Code of Conduct Manual handbook, and installing informative
Pakta Integritas, Buku Pedoman Kode Etik, hingga pemasangan banners in every office area.
banner yang informatif di setiap area kantor.
UNIT PENGENDALIAN GRATIFIKASI GRATIFICATION CONTROL UNIT
Perseroan telah membentuk sebuah kelompok kerja yang The Company has formed an ad hoc working group, which
dibentuk secara ad hoc dan dimutakhirkan berdasarkan Surat was updated in accordance with Board of Directors’ Decree
Keputusan Direksi Nomor 017/SKD/DIR/X/2024 tanggal 11 No. 017/SKD/DIR/X/2024, dated October 11, 2024. This work
Oktober 2024 Keanggotaan unit kerja ini terdiri dari berbagai unit consists of various functions, namely the Head, who is the
fungsi yaitu Ketua merupakan Kepala Satuan Pengawasan Head of Internal Audit Unit, the Secretary who is the Head of
Intern, Sekretaris merupakan Kepala Divisi Sumber Daya Human Capital Division, and four members from the functions
Manusia, dan 4 anggota dari fungsi Kepala Bagian Manajemen of Head of Risk Management, Compliance Staff, Internal Control
Risiko, Staff Kepatuhan, Staff Satuan Pengawasan Intern, dan Unit Staff, and Human Capital Staff, with a period of services
Staf Sumber Daya Manusia dengan masa kerja mulai dari Surat starting from the Board of Directors’ Decree stipulated until
Keputusan Direksi tersebut ditetapkan sampai diubah atau amended or revoked and not valid based on the Board of
dicabut dan tidak berlaku berdasarkan Keputusan Direksi. Directors’ Decree. 459
Berikut ini adalah tugas dan tanggung jawab utama yang wajib The Gratification Control Unit’s main duties and responsibilities
dijalankan oleh Unit Pengendalian Gratifikasi: are as follows:
1. Menyusun dan mengevaluasi kegiatan dalam upaya 1. Organizing and evaluating activities in an effort to carry out
PT Sarana Multigriya Finansial (Persero)
melakukan pencegahan, pengendalian, serta tindak lanjut prevention, control, and follow-up related to the Company’s
terkait dengan tindakan pengendalian gratifikasi yang gratification control measures;
dilakukan Perseroan;
2. Mengembangkan dan/atau menyempurnakan sistem dan 2. Developing and/or refining the system and mechanism for
mekanisme pelaporan gratifikasi di lingkungan Perseroan; reporting gratification within the Company;
3. Menerima laporan terkait tindakan gratifikasi yang diterima 3. Receiving reports regarding gratification received by the
oleh Jajaran Perseroan; Company’s management;
4. Melakukan review atas pelaporan gratifikasi; 4. Reviewing the gratification reporting;
5. Mengambil tindakan yang diperlukan dalam hal melakukan 5. Taking the necessary actions in terms of collecting data
pengumpulan data terkait dengan laporan gratifikasi yang related to reports of gratification received;
diterima;
6. Melakukan pelaporan gratifikasi kepada KPK sesuai dengan 6. Reporting gratification to the Corruption Eradication
Petunjuk Teknis dan ketentuan yang berlaku; Commission (KPK) in accordance with Technical Instructions
and applicable regulations;
7. Menyampaikan laporan gratifikasi secara semesteran 7. Submitting a semi-annual gratification report to the Board
kepada Direksi; of Directors;
Page 460
Tata Kelola Perusahaan
Corporate Governance
8. Memberikan rekomendasi atas langkah Perseroan dalam 8. Providing recommendations on the Company’s steps in
memberikan rewarding kepada Counterparty. rewarding the Counterparty.
9. Melakukan pelaksanaan proses administrasi sesuai dengan 9. Carrying out the administrative process in accordance with
ketentuan kearsipan Perseroan; the Company’s archiving provisions;
10. Melakukan tindakan yang diperlukan termasuk namun 10. Taking the necessary actions including but not limited
tidak terbatas pada pembuatan rekening dalam rangka to opening an account in order to hold money/goods for
melakukan penampungan atas uang/barang atas tindakan gratification received by Company Personnel;
gratifikasi yang diterima oleh Personil Perseroan;
11. Secara aktif melakukan sosialisasi dan edukasi kepada 11. Actively disseminating and educating the Company’s ranks
Jajaran Perseroan terkait dengan pengendalian gratifikasi regarding gratification control in the Company;
di Perseroan;
12. Memberikan rekomendasi kepada Direksi atas sanksi yang 12. Providing recommendations to the Board of Directors on
akan diberikan kepada penerima Gratifikasi sesuai dengan sanctions to be imposed on recipients of gratification in
ketentuan yang berlaku; accordance with applicable regulations;
13. Melakukan pemetaan titik rawan (risk profiling) praktik 13. Conducting risk profiling of gratification practices in the
gratifikasi di wilayah kerja; work area;
14. Melakukan mitigasi risiko atas hasil pemetaan/identifikasi 14. Mitigating risks based on the results of mapping/identifying
titik rawan di wilayah kerja. risk points in the work area.
JUMLAH LAPORAN GRATIFIKASI NUMBER OF GRATIFICATION
DAN TINDAK LANJUTNYA REPORTS AND FOLLOW-UPS
Hingga akhir tahun 2025, Unit Pengelola Gratifikasi menerima Until the end of 2025, the Gratification Control Unit received 4
4 laporan. Atas 4 pelaporan tersebut, keseluruhan pelaporan (four) reports. Of the 4 (four) reports, all have been followed up
sudah ditindaklanjuti dan dilaporkan dalam website Perseroan and reported on the Company’s website and declared closed.
serta dinyatakan closed.
Jenis Gratifikasi Jumlah Status Tindak Lanjut
Type of Gratification Total Follow up Status
460
Souvenir 1 Ditolak
Souvenir Rejected
Makanan 3 Disalurkan kepada lembaga sosial
Food Distributed to Social Institution
Laporan Tahunan 2025 Annual Report
Total 4
Page 461
LAPORAN HARTA KEKAYAAN
PENYELENGGARA NEGARA
STATE OFFICIALS WEALTH REPORT
Laporan Harta Kekayaan Penyelenggara Negara (LHKPN) The State Officials Wealth Report (LHKPN) is an important
merupakan salah satu instrumen penting dalam pencegahan instrument in the prevention of corruption, collusion, and
Korupsi, Kolusi, Dan Nepotisme (KKN), oleh karena itu Perseroan nepotism (KKN). Therefore, the Company has policies/
memiliki kebijakan/prosedur tentang pengelolaan kepatuhan procedures on compliance management and Submission of
dan Penyampaian LHKPN sebagaimana diatur dalam Surat LHKPN as stipulated in the Board of Directors’ Decree No.
Keputusan Direksi Nomor S-036/SKD/DIR/SMF/I/2019 tentang S-036/SKD/DIR/SMF/I/2019 on the obligation to submit a wealth
kewajiban menyampaikan laporan harta kekayaan, yang report, which was ratified on January 16, 2019.
disahkan pada 16 Januari 2019.
DISSEMINATION OF THE STATE
SOSIALISASI LHKPN OFFICIALS WEALTH REPORT (LHKPN)
Pada tahun 2025, Divisi SDM Perseroan telah memberikan In 2025, SMF’s HC Division conducted dissemination and
sosialisasi dan bimbingan teknis tentang LHKPN kepada provided technical guidance on LHKPN to all Mandatory
seluruh Wajib Lapor di Perseroan dengan narasumber Reporters in the Company with the first corruption eradication
Analis pemberantasan tindak korupsi pertama dari Komisi analyst from the Corruption Eradication Commission as the
Pemberantasan Korupsi. speaker.
UNIT PENGELOLA LHKPN THE STATE OFFICIALS WEALTH REPORT
(LHKPN) MANAGEMENT UNIT
Pelaporan LHKPN melalui e-LHKPN akan dibantu oleh Unit LHKPN reporting via the e-LHKPN system will be facilitated
Pengelola LHKPN yang bertugas melakukan koordinasi by the LHKPN Management Unit, which is responsible for
dengan KPK dalam monitoring dan evaluasi kepatuhan LHKPN. coordinating with the Corruption Eradication Commission
Penetapan Admin Instansi dan Unit Kerja Pengelola LHKPN (KPK) in monitoring and evaluating LHKPN compliance. The
adalah sebagai berikut: designation of the Institutional Admin and LHKPN Management
Work Unit is as follows:
1. Fungsi yang membawahi Kepatuhan sebagai Admin Instansi; 1. The function that oversees Compliance as the Institutional
Admin;
2. Fungsi yang membawahi Sumber Daya Manusia sebagai 2. The function that oversees Human Capital as the Work Unit
Admin Unit Kerja. Adapun nama karyawan yang ditetapkan Admin. The names of employees appointed as Institutional
menjadi Admin Instansi dan Admin Unit Kerja Unit Pengelola Admin and Work Unit Admin of LHKPN Management Unit
LHKPN akan dituangkan dalam Surat Tugas. shall be stated in an Assignment Letter. 461
PT Sarana Multigriya Finansial (Persero)
Page 462
Tata Kelola Perusahaan
Corporate Governance
PENGADAAN BARANG DAN JASA
PROCUREMENT OF GOODS AND SERVICES
Pelaksanaan pengadaan barang dan jasa dilingkungan Perseroan The procurement of goods and services within the Company is
dilakukan dengan mengacu kepada Kebijakan Pengadaan conducted in accordance with Procurement Policy Number 018/
Barang dan Jasa Nomor 018/KEB/PED/SMF/VIII/2025 tanggal KEB/PED/SMF/VIII/2025 dated August 29, 2025, concerning the
29 Agustus 2025 tentang Pedoman Pengadaan Barang dan Guidelines for the Procurement of Goods and Services of PT
Jasa PT Sarana Multigriya Finansial (Persero). Ruang lingkup Sarana Multigriya Finansial (Persero). The scope of procurement
pengadaan yang diatur dalam Pedoman ini yaitu sebagai regulated in these Guidelines is as follows:
berikut:
1. Seluruh aktivitas pengadaan dengan menggunakan 1. All procurement activities using the Company’s budget;
anggaran Perseroan;
2. Pengadaan dalam rangka pelaksanaan penugasan pihak 2. Procurement in the context of carrying out assignments
lain yang menggunakan anggaran pemerintah atau pihak from other parties that use government budgets or other
lain yang dibuktikan dengan peraturan perundangundangan parties as evidenced by laws and regulations or government
atau keputusan pemerintah ataupun perjanjian. decisions or agreements.
Kebijakan pengadaan barang dan jasa Perseroan telah SMF’s goods and services procurement policy is published on
terpublikasi dalam website Perseroan https://www.smf- the Company’s website at https://www.smf-indonesia.co.id/
indonesia.co.id/kebijakan. kebijakan
FUNGSI PELAKSANA PENGADAAN FUNCTION OF IMPLEMENTING
BARANG DAN JASA PROCUREMENT OF GOODS AND SERVICES
Menurut fungsinya, Pelaksana pengadaan barang dan jasa According to its function, the procurement officer for goods
462
dilingkungan Perseroan yaitu sebagai pihak yang memiliki and services within the Company is the party authorized to
kewenangan dalam melakukan proses pengadaan barang carry out the procurement process for goods and services,
dan jasa mulai dari proses perencanaan sampai dengan from the planning stage to the issuance of work orders.
diterbitkannya surat perintah kerja.
Laporan Tahunan 2025 Annual Report
Pelaksanaan pengadaan barang dan jasa di lingkungan The procurement of goods and services within the Company
Perseroan dilakukan berdasarkan metode pengadaan yang is carried out based on established procurement methods,
ditetapkan, antara lain: pengadaan langsung, penunjukan including: direct procurement, direct appointment, direct
langsung, pemilihan langsung, dan pelelangan terbuka. Untuk selection, and open auction. For direct procurement methods,
metode pengadaan langsung, pelaksana pengadaan adalah the procurement is carried out by the User Division. In addition
Divisi Pengguna. Selain pengadaan langsung, pelaksana to direct procurement, the procurement is carried out by the
pengadaannya adalah Bagian Pengadaan di bawah koordinasi Procurement Section under the coordination of the Procurement
Divisi Pengadaan & Manajemen Aset serta Tim Penilai, & Asset Management Division and the Assessment Team, as
sebagaimana diatur dalam Surat Keputusan Direksi (SKD) stipulated in the Board of Directors’ Decree (SKD) Number
Nomor 016/SKD/DIR/IV/2025 tanggal 30 April 2025 tentang 016/SKD/DIR/IV/2025 dated April 30, 2025, concerning the
Delegation of Authority (DOA) Proses Pengadaan Barang & Delegation of Authority (DOA) for the Goods & Services
Jasa. Procurement Process.
PELAKSANAAN PENGADAAN OFFICER OF GOODS AND
BARANG DAN JASA SERVICES PROCUREMENT
Dalam pelaksanaan pengadaan barang dan jasa, Perseroan In the procurement of goods and services, the Company
senantiasa menjalin kerja sama dengan pemasok lokal maupun consistently collaborates with both local and non-local
non lokal. Pemasok lokal merupakan pemasok nasional yang suppliers. Local suppliers are national suppliers domiciled in
berdomisili di Indonesia, sedangkan pemasok non lokal Indonesia, while non-local suppliers are international suppliers
merupakan pemasok internasional yang berdomisili di luar domiciled abroad. Procurement from both types of suppliers
negeri. Pelaksanaan pengadaan kepada kedua jenis pemasok is carried out while adhering to the procurement principles
tersebut dilakukan dengan tetap memperhatikan prinsip-prinsip applicable within the Company.
pengadaan yang berlaku di lingkungan Perseroan.
Page 463
Perseroan menerapkan perlakuan yang sama bagi seluruh The Company applies equal treatment to all prospective
calon penyedia barang dan jasa serta tidak memberikan suppliers of goods and services and does not provide benefits
keuntungan kepada pihak tertentu dengan cara dan/atau to certain parties in any way and/or for any reason, by ensuring
alasan apa pun, dengan memastikan proses seleksi pemasok that the supplier selection process is carried out based on clear,
dilakukan berdasarkan persyaratan yang jelas, terukur, dan measurable and accountable requirements, and all provisions
dapat dipertanggungjawabkan, serta seluruh ketentuan and information related to the procurement of goods and
dan informasi terkait pengadaan barang dan jasa, termasuk services, including technical and administrative requirements,
persyaratan teknis dan administrasi, tata cara evaluasi, hasil evaluation procedures, evaluation results and determination
evaluasi, dan penetapan calon penyedia, disampaikan secara of prospective suppliers, are conveyed openly to interested
terbuka kepada peserta yang berminat dan pada prinsipnya participants and in principle can be accessed by the general
dapat diakses oleh masyarakat luas sesuai ketentuan yang public in accordance with applicable provisions.
berlaku.
Selama tahun 2025, Perseroan melakukan kerjasama dengan In 2025, the Company collaborated with 153 suppliers, of which
sebanyak 153 pemasok, dimana sebanyak 152 pemasok 152 suppliers were local suppliers (99% of the total suppliers)
merupakan pemasok lokal (99% dari total pemasok) dengan with a contract value with local suppliers of Rp56,997 million
nilai kontrak dengan pemasok lokal sebesar Rp56.997 juta (98 (98% of the total contract value) and 1 non-local supplier (1%
% dari total nilai kontrak) dan 1 pemasok non lokal (1% dari total of the total suppliers) with a contract value with non-local
pemasok) dengan nilai kontrak dengan pemasok non lokal suppliers of Rp1,072 million (2% of the total contract value).
sebesar Rp1.072 juta (2% dari total nilai kontrak).
Sebagai wujud kepatuhan pada KMK No. 505/KMK.06/2020 As a form of compliance with the Decree of the Minister of
Tentang Pedoman Penilaian dan Evaluasi Atas Penerapan Tata Finance No. 505/KMK.06/2020 Concerning Guidelines for
Kelola Perusahaan Yang Baik Pada Perusahaan Perseroan Assessment and Evaluation of the Implementation of Good
(Persero) Di Bawah Pembinaan Dan Pengawasan Menteri Corporate Governance in Limited Liability Companies (Persero)
Keuangan, Perseroan secara berkala melakukan assessment Under the Guidance and Supervision of the Minister of Finance,
pemasok berdasarkan Quality, Cost, Delivery, Service. Pada the Company periodically conducts supplier assessments
Tahun 2025, Perseroan secara rutin melakukan assessment based on Quality, Cost, Delivery, Service . In 2025, the Company
Pemasok yang dilakukan oleh Pelaksana Pengadaan dan routinely conducts Supplier assessments conducted by
Pengguna. Penilaian tersebut dilakukan kepada Pemasok Procurement Officer and Users. The assessment is carried
yang sudah menyelesaikan seluruh pekerjaannya. Pemasok out on Suppliers who have completed all their work. Suppliers
yang dinyatakan lulus yaitu Pemasok yang memiliki nilai atau who are declared to have passed are Suppliers who have a
passing grade dengan skor minimal 3 atau grade C. Adapun value or passing grade with a minimum score of 3 or grade C.
hasil yang didapatkan selama penilaian Pemasok selama tahun The results obtained during the Supplier assessment during
2025 ini yaitu rata-rata memiliki nilai skor 4.20 atau grade B. 2025 are an average score of 4.20 or grade B.
Informasi lebih lanjut terkait pelaksanaan pengadaan barang/ Further information regarding the implementation of goods/
jasa dijelaskan pada buku terpisah yaitu Sustainability Report services procurement is explained in a separate book, namely 463
tahun 2025. the 2025 Sustainability Report.
PT Sarana Multigriya Finansial (Persero)
Page 464
Tata Kelola Perusahaan
Corporate Governance
KEBIJAKAN TERKAIT INSIDER TRADING
INSIDER TRADING RELATED POLICIES
Sampai dengan akhir tahun 2025, Perseroan bukan merupakan Until the end of 2025, the Company was not a public company
Perusahaan Terbuka serta hampir seluruh sahamnya dimiliki and almost all of its shares were owned by the Government
oleh Pemerintah Indonesia melalui Kementerian Keuangan. of Indonesia through the Ministry of Finance. Thus, there is
Sehingga tidak terdapat kebijakan internal untuk mencegah no policy established to prevent insider trading that contains
terjadinya insider trading yang memuat aturan yang jelas explicit guidelines regarding trading of corporate shares by
mengenai perdagangan apa pun dalam saham korporasi yang Directors, Commissioners, and insiders, thereby, ensuring
dilakukan oleh Direktur, Dewan Komisaris dan orang dalam that no one can directly or indirectly benefit from information
untuk memastikan bahwa siapapun tidak boleh mendapatkan that is not/not yet available in the market, and that no insider
keuntungan secara langsung atau tidak langsung dari informasi trading has ever happened in the past three years that involves
yang tidak/belum tersedia di pasar, dan tidak terdapat Directors/Commissioners, management, or employees.
perdagangan orang dalam yang melibatkan Direksi/Komisaris,
manajemen dan karyawan dalam 3 (tiga) tahun terakhir.
464
Laporan Tahunan 2025 Annual Report
Page 465
TATA KELOLA UNIT USAHA SYARIAH (UUS)
GOVERNANCE OF SHARIA BUSINESS UNITS (UUS)
DASAR HUKUM DAN KEBIJAKAN LEGAL BASIS AND POLICY
PENERAPAN TATA KELOLA SYARIAH FOR THE IMPLEMENTATION OF
SHARIA GOVERNANCE
Ketentuan mengenai pengelolaan UUS Perseroan mengacu Provisions regarding the management of the Company’s UUS
pada berbagai aturan sebagai berikut: refer to various regulations as follows:
1. Peraturan Presiden Republik Indonesia Nomor 100 Tahun 1. Presidential Regulation of the Republic of Indonesia
2020 Tentang Perubahan Ketiga Atas Peraturan Presiden Number 100 of 2020 concerning the Third Amendment
Nomor 19 Tahun 2005 Tentang Pembiayaan Sekunder to Presidential Regulation Number 19 of 2005 concerning
Perumahan Secondary Housing Financing
2. Peraturan Otoritas Jasa Keuangan Nomor 15/POJK.04/2015 2. Financial Services Authority Regulation Number 15/
tentang Penerapan Prinsip Syariah di Pasar Modal POJK.04/2015 concerning the Implementation of Sharia
Principles in the Capital Market
3. Peraturan Otoritas Jasa Keuangan (POJK) Nomor 20/ 3. Financial Services Authority Regulation (POJK) Number 20/
POJK.04/2015 Tentang Penerbitan Dan Persyaratan Efek POJK.04/2015 Concerning the Issuance and Requirements
Beragun Aset Syariah for Sharia Asset-Backed Securities
4. Peraturan Otoritas Jasa Keuangan (POJK) Nomor 20/ 4. Financial Services Authority Regulation (POJK) Number 20/
POJK.04/2017 Tahun 2017 Tentang Perubahan Atas POJK.04/2017 of 2017 concerning Amendments to Financial
Peraturan Otoritas Jasa Keuangan Nomor 23/POJK.04/2014 Services Authority Regulation Number 23/POJK.04/2014
Tentang Pedoman Penerbitan Dan Pelaporan Efek Beragun concerning Guidelines for Issuance and Reporting of Asset-
Aset Berbentuk Surat Partisipasi Dalam Rangka Pembiayaan Backed Securities in the Form of Participation Letters in
Sekunder Perumahan the Context of Secondary Housing Financing
5. Peraturan Otoritas Jasa Keuangan Nomor 3/POJK.04/2018 5. Financial Services Authority Regulation Number 3/
Tentang Perubahan Atas Peraturan Otoritas Jasa Keuangan POJK.04/2018 Concerning Amendments to Financial
Nomor 18/POJK.04/2015 tentang Penerbitan Dan Services Authority Regulation Number 18/POJK.04/2015
Persyaratan Sukuk concerning the Issuance and Requirements of Sukuk
6. Peraturan Otoritas Jasa Keuangan (POJK) Nomor 5/ 6. Financial Services Authority Regulation (POJK) Number 5/
POJK.04/2021 Tentang Ahli Syariah Pasar Modal POJK.04/2021 concerning Capital Market Sharia Experts
7. Fatwa Dewan Syariah Nasional – Majelis Ulama Indonesia 7. Fatwa of the National Sharia Council – Indonesian Ulema
(DSN-MUI) yang menjadi dasar penerapan prinsip syariah Council (DSN-MUI) which is the basis for the application of
atas produk dan kegiatan usaha UUS sharia principles to UUS products and business activities
8. Anggaran Dasar Perusahaan 8. Company’s articles of association 465
9. Kebijakan Perseroan Nomor 004/KEB/PED/SMF/V/2024 9. Company Policy Number 004/KEB/PED/SMF/V/2024
tentang Pedoman Bisnis Syariah. concerning Sharia Business Guidelines.
VISI DAN MISI UNIT USAHA SYARIAH VISION AND MISSION OF THE
PT Sarana Multigriya Finansial (Persero)
SHARIA BUSINESS UNIT
Sejalan dengan komitmen dalam mendukung inklusi keuangan In keeping with its commitment to promoting sharia financial
syariah dan memperluas pembiayaan perumahan di segmen inclusion and expanding housing financing in the sharia financial
lembaga keuangan syariah, Unit Usaha Syariah Perseroan institution segment, SMF’s Sharia Business Unit has a vision
memiliki visi dan misi yang menjadi landasan dalam pengelolaan and mission that guide its management and development.
dan pengembangannya.
VISI VISION
Menjadi entitas pembiayaan perumahan syariah yang berperan To become a sharia housing finance entity that plays a strategic
strategis dalam ekosistem pembiayaan perumahan nasional, role in the national housing finance ecosystem, to support the
guna mendukung penyediaan, kepemilikan, dan keterhunian provision, ownership, and occupancy of decent and affordable
rumah yang layak dan terjangkau bagi seluruh keluarga homes for all Indonesian families in accordance with sharia
Indonesia sesuai dengan prinsip syariah. principles.
Page 466
Tata Kelola Perusahaan
Corporate Governance
MISI MISSIONS
1. Melaksanakan peran sebagai special mission vehicle 1. Performing the role as a special mission vehicle of the
Pemerintah dalam pengembangan pembiayaan sekunder Government in developing secondary financing for sharia-
perumahan berbasis syariah. based housing.
2. Membangun dan mengembangkan pasar pembiayaan 2. Building and developing a sustainable, inclusive and
sekunder perumahan syariah yang berkelanjutan, inklusif, competitive secondary sharia housing financing market.
dan berdaya saing.
3. Menyediakan sumber pendanaan syariah jangka panjang 3. Providing a reliable source of long-term Islamic funding
yang andal untuk mendukung pembiayaan penyediaan dan to support financing for home provision and ownership.
kepemilikan rumah.
4. Mendukung pencapaian Program Tujuan Pembangunan 4. Supporting the achievement of the Government’s
Pemerintah di bidang perumahan melalui skema pembiayaan Development Goals Program in the housing sector through
syariah yang prudent dan akuntabel. a prudent and accountable sharia financing scheme.
5. Mengembangkan sinergi yang berkelanjutan dengan 5. Developing sustainable synergies with stakeholders in
pemangku kepentingan ekosistem perumahan syariah serta the sharia housing ecosystem and providing superior
memberikan pelayanan yang unggul dengan penerapan services by implementing good corporate governance
tata kelola perusahaan yang baik dan kepatuhan terhadap and compliance with sharia principles.
prinsip syariah.
DEWAN PENGAWAS SYARIAH SHARIA SUPERVISORY BOARD
Dewan Pengawas Syariah (DPS) merupakan badan independen The Sharia Supervisory Board (DPS) is an independent body
yang direkomendasikan Dewan Syariah Nasional - Majelis recommended by the National Sharia Council - Indonesian
Ulama Indonesia (DSN-MUI) yang berada di Lembaga Keuangan Ulema Council (DSN-MUI) under the Sharia Financial Institution
Syariah (LKS). Keberadaan DPS adalah sebagai pengawas, (LKS). The DPS is in place to supervise, advise, and give
penasihat, pemberi saran kepada Direksi dan pimpinan Unit recommendations to the Board of Directors and leaders of the
Usaha Syariah Perseroan mengenai hal yang terkait kegiatan Company’s Sharia Business Unit on matters pertaining to the
operasional Perseroan berdasarkan aspek syariah dengan Company’s operational activities based on sharia aspects while
memperhatikan ketentuan Otoritas Jasa Keuangan (OJK) dan adhering to the provisions of the Financial Services Authority
466
fatwa DSN-MUI. (OJK) and DSN-MUI fatwas.
Hingga akhir Desember 2025, DPS Perseroan terdiri dari 1 orang Until the end of December 2025, the Company’s DPS consisted
yaitu Sdr. Hasanudin sebagai Ketua Dewan Pengawas Syariah. of one person, Mr. Hasanudin, as the Head of Sharia Supervisory
Laporan Tahunan 2025 Annual Report
Board.
Page 467
Profil Dewan Pengawas Syariah Profile of the Sharia Supervisory Board
Prof. Dr. K.H. Hasanudin, M.Ag
Ketua Dewan Pengawas Syariah
Head of Sharia Supervisory Board
Periode Jabatan: Peiode Kedua (2023-2028)
Term of Office: 2nd Period (2023-2028)
Kewarganegaraan : Warga Negara Indonesia Indonesian citizens
Citizenship
Usia : 64 tahun per 31 Desember 2025 64 years as of December 31, 2025
Age
Domisili : Tangerang Selatan South Tangerang
Domicile
Dasar Hukum : Keputusan Menteri Keuangan Republik Indonesia Nomor 219, Decree of the Minister of Finance of the Republic of
Pengangkatan tanggal 27 Juni 2023. Indonesia Number 219, dated June 27, 2023.
Legal Basis of
Appointment
Riwayat Pendidikan : • Diploma - Fakultas Syariah, Universitas Islam Tribhakti, • Diploma - Faculty of Sharia, Tribhakti Islamic University,
Educational Kediri, (1985) Kediri, (1985)
Background • S1 - Fakultas Syariah, Institut Agama Islam Negeri IAIN • Bachelor’s Degree - Faculty of Sharia, State Islamic
(sekarang UIN) Syarif Hidayatullah, Jakarta (1989) Institute IAIN (now UIN) Syarif Hidayatullah, Jakarta
(1989)
• S2 - Studi Pengkajian Islam (konsentrasi syariah), IAIN • Master’s Degree - Islamic Studies (concentration in
Syarif Hidayatullah, Jakarta (1997) Sharia), IAIN Syarif Hidayatullah, Jakarta (1997)
• S3 - Studi Pengkajian Islam (konsentrasi syariah), IAIN • Doctorate - Islamic Studies (concentration in Sharia),
Syarif Hidayatullah, Jakarta (2008) IAIN Syarif Hidayatullah, Jakarta (2008)
Sertifikasi : • Sertifikat Kompetensi Pengawas Syariah dari BNSP, • Sharia Supervisor Competency Certificate from BNSP,
Certification (2023) (2023)
• Izin Ahli Syariah Pasar Modal dari OJK,(2021) • Capital Market Sharia Expert License from OJK, (2021)
• Sertifikat Kompetensi Manajemen Risiko, Kualifikasi 6 • Risk Management Competency Certificate, Qualification
Bidang Manajemen Risiko Perbankan dari BNSP, (2025) in 6 Fields of Banking Risk Management from BNSP,
(2025)
Pengalaman Kerja : • Dosen pada Fakultas Syari’ah dan Hukum IAIN/UIN • Lecturer at the Faculty of Sharia and Law, IAIN/UIN
Work Experience Syarif Hidayatullah Jakarta, sejak 1990 s.d. sekarang Syarif Hidayatullah Jakarta, from 1990 to present (S1),
(S1), dan 2012 s.d. sekarang (S2) and 2012 to present (S2)
• Dosen pada Fakultas Syari’ah Institut Ilmu Al-Qur’an • Lecturer at the Faculty of Sharia, Institute of Al-Qur'an
(IIQ) Jakarta, sejak 1992 s.d. sekarang (S1) dan Program Science (IIQ) Jakarta, since 1992 until present (S1) and
Pascasarjana (Magister)Institut Ilmu Al-Qur’an (IIQ) Postgraduate Program (Masters) Institute of Al-Qur'an
Jakarta, sejak 2010 s.d. sekarang (S2) Science (IIQ) Jakarta, since 2010 until present (S2)
• Wakil Ketua Komisi Fatwa Majelis Ulama Indonesia, sejak • Deputy Chairman of the Fatwa Commission of the
2010 s.d. sekarang Indonesian Ulema Council, since 2010 until present
• Ketua Badan Pelaksana Harian (BPH) DSN-MUI, sejak • Chairman of the Daily Executive Board (BPH) of the
2020 s.d. 2025 DSN-MUI, from 2020 to 2025
• Wakil Ketua Badan Pengurus DSN-MUI, 2025-2030 • Deputy Chairman of the DSN-MUI Management Board, 467
2025-2030
• Anggota Dewan Pengawas Syari’ah pada Bank Syariah • Member of the Sharia Supervisory Board at Bank
Indonesia, Unit Usaha Syariah Bank Danamon, dan TAFS Syariah Indonesia, Bank Danamon's Sharia Business
Syariah Unit, and TAFS Syariah
• Instruktur pelatihan yang diselenggarakan oleh DSN- • Training instructors organized by DSN-MUI in the fields
PT Sarana Multigriya Finansial (Persero)
MUI dalam Bidang Perbankan Syariah, Asuransi Syariah, of Islamic Banking, Islamic Insurance, Islamic Financing
Perusahaan Pembiayaan Syariah, Pasar Modal Syar Companies, Islamic Capital Markets, and Islamic
Cooperatives
Rangkap Jabatan : • Anggota Eksternal Komite Pengembangan Keuangan • External Member of the OJK’s Sharia Finance
Concurrent Position Syariah (KPKS) OJK (2025-sekarang) Development Committee (KPKS) (2025–present)
• Anggota DPS UUS Bank Danamon (2002-sekarang) • Member of DPS UUS Bank Danamon (2002-present)
• Wakil Ketua Komisi Fatwa MUI (2010-sekarang) • Deputy Chairman of the MUI Fatwa Commission
(2010-present)
• Anggota DPS PT Toyota Astra Finance Services • DPS Member of PT Toyota Astra Finance Services
(2014-sekarang) (2014-present)
• Ketua Badan Pelaksana Harian (BPH) DSN-MUI • Chairman of the Daily Executive Board (BPH) of the
(2020-2025) DSN-MUI (2020-2025)
• Ketua DPS Bank Syariah Indonesia (2021-sekarang) • Chairman of the DPS of Bank Syariah Indonesia
(2021-present)
Hubungan Afiliasi : Tidak memiliki hubungan afiliasi dengan anggota Dewan Has no affiliation with other members of the Board of
Affiliation Komisaris lainnya, anggota Direksi, maupun Pemegang Commissioners, members of the Board of Directors, or Major
Saham Utama dan Pengendali. and Controlling Shareholders.
Page 468
Tata Kelola Perusahaan
Corporate Governance
Tugas dan Tanggung Jawab Dewan Pengawas Syariah Duties and Responsibilities of the
Sharia Supervisory Board
Sebagaimana Pasal 23 C ayat (1) pada Anggaran Dasar As in Article 23 C paragraph (1) of the Company’s Articles of
Perseroan, uraian tugas, wewenang dan tanggung jawab Dewan Association, the duties, authorities, and responsibilities of the
Pengawas Syariah adalah sebagai berikut: Sharia Supervisory Board are as follows:
1. Memberikan nasihat dan saran kepada Direksi dan Dewan 1. Providing advice and suggestions to the Board of Directors
Komisaris mengenai hal-hal yang berkaitan dengan Prinsip and Board of Commissioners regarding matters relating to
Syariah dalam pelaksanaan kegiatan usaha Perseroan; Sharia Principles in the implementation of the Company’s
business activities;
2. Mengawasi pemenuhan penerapan Prinsip Syariah dalam 2. Supervising the fulfillment of the implementation of Sharia
kegiatan usaha Perseroan; Principles in the Company’s business activities;
3. Melakukan penelaahan secara berkala atas penerapan 3. Conducting periodic reviews of the implementation of Sharia
Prinsip Syariah kegiatan usaha Perseroan; Principles in the Company’s business activities;
4. Menjaga kerahasiaan dokumen,data dan informasi 4. Maintaining the confidentiality of company documents,
perusahaan yang diawasi dan diberi nasihat; data and information that are supervised and advised;
5. Meminta data dan informasi kepada perusahaan dalam 5. Requesting data and information from the Company in
rangka pengawasan pelaksanaan penerapan Prinsip Syariah the context of supervising the implementation of Sharia
dalam kegiatan usaha Perseroan; Principles in the Company’s business activities;
6. Mendampingi Perseroan atau mewakili Perseroan dalam 6. Accompanying the Company or representing the Company
berdiskusi dengan Dewan Syariah Nasional-Majelis Ulama in discussions with the National Sharia Council-Indonesian
Indonesia; dan Ulema Council; and
7. Memberikan pernyataan kesesuaian syariah terhadap 7. Providing a statement of sharia compliance with the Sharia
Prinsip Syariah atas produk atau jasa syariah Perseroan. Principles for the Company’s sharia products or services.
Pelaksanaan Kegiatan Tugas dan Tanggung Jawab Implementation of Activities, Duties, and Responsibilities
Dewan Pengawas Syariah of the Sharia Supervisory Board
Selama tahun 2025, DPS telah melakukan serangkaian kegiatan Throughout 2025, the Sharia Supervisory Board organized the
sebagai berikut: following series of activities:
468
1. Pelaksanaan Rapat Dewan Pengawas Syariah 1. Implementation of Sharia Supervisory Board Meetings
Kebijakan rapat Dewan Pengawas Syariah Perseroan diatur The Company’s Sharia Supervisory Board meeting policy
dalam Akta Perubahan AD PT SMF Pasal 23D ayat 3, sejalan is regulated in the Deed of Amendment to the Articles of
dengan kebijakan rapat tersebut DPS melaksanakan rapat Association of PT SMF Article 23D paragraph 3, in line with
Laporan Tahunan 2025 Annual Report
secara rutin 1 (satu) kali dalam sebulan atau sebanyak 12 the meeting policy, the DPS holds regular meetings 1 (one)
kali selama tahun 2025 yang dihadiri oleh Direktur Bisnis, time a month or 12 times during 2025 which are attended
Kepala Divisi Unit Usaha Syariah dan Tim UUS SMF by the Business Director, Head of the Sharia Business Unit
Division and the SMF UUS Team.
2. Pemberian Opini dan Pernyataan Keseusian Syariah 2. Providing Opinions and Statements of Sharia Compliance
Sepanjang Tahun 2025, DPS telah memberikan 4 (empat) Throughout 2025, DPS has issued 4 (four) Sharia
Pernyataan Kesesuaian Syariah dan 1 (satu) Opini Syariah, Compliance Statements and 1 (one) Sharia Opinion, as
sebagai berikut: follows:
a. Pernyataan Kesesuaian Syariah No.001/DPSSMF/I/2025 a. Sharia Compliance Statement No. 001/DPSSMF/I/2025
tentang Sukuk Musyarakah Berkelanjutan I Sarana concerning Sarana Multigriya Finansial Phase IV Shelf-
Multigriya Finansial Tahap IV Tahun 2025; Registered Musyarakah Sukuk I 2025;
b. Pernyataan Kesesuaian Syariah No.002/DPSSMF/ b. Sharia Compliance Statement No. 002/DPSSMF/III/2025
III/2025 tentang Sukuk Musyarakah Berkelanjutan II concerning Sarana Multigriya Finansial Phase I Shelf-
Sarana Multigriya Finansial Tahap I Tahun 2025; Registered Musyarakah Sukuk II 2025;
c. Pernyataan Kesesuaian Syariah No.003/DPSSMF/ c. Sharia Compliance Statement No. 003/DPSSMF/
III/2025 tentang Sukuk Musyarakah Berwawasan Sosial III/2025 concerning the Shelf- Registered Social
Berkelanjutan II Sarana Multigriya Finansial Tahap I Musyarakah Sukuk II Sarana Multigriya Finansial
Tahun 2025; Phase I 2025;
d. Pernyataan Kesesuaian Syariah No.004/DPSSMF/ d. Sharia Compliance Statement No. 004/DPSSMF/VI/2025
VI/2025 tentang Akad Mudharabah Muqayyadah dan concerning Mudharabah Muqayyadah Contract and
Akad Mudharabah; Mudharabah Contract;
e. Opini Syariah atas penerapan Akad Mudharabah e. Sharia Opinion on the Implementation of Mudharabah
Muqayyadah dan Akad Mudharabah. Muqayyadah Contract and Mudharabah Contract.
Page 469
3. Penerapan Tata Kelola Perusahaan yang Baik 3. Implementation of Good Corporate Governance
DPS berkomitmen untuk menerapkan prinsip Tata Kelola The DPS is committed to implementing the principles
Perusahaan yang Baik sebagaimana diatur dalam Kebijakan of Good Corporate Governance as stipulated in the
Umum Perseroan Nomor 002/KEB/KU/SMF/VI/2024 Company’s General Policy Number 002/KEB/KU/SMF/
dan tentang Tata Kelola Kerja Dewan Komisaris, Dewan VI/2024 and concerning the Work Governance of the Board
Pengawas Syariah, dan Direksi (Board Manual). Komitmen of Commissioners, the Sharia Supervisory Board, and the
tersebut diwujudkan melalui kepatuhan terhadap fatwa Board of Directors (Board Manual). This commitment is
DSN-MUI, pelaksanaan tugas secara amanah, profesional, demonstrated through compliance with DSN-MUI fatwas,
penuh kehati-hatian, serta menjaga kerahasiaan dokumen, carrying out duties in a trustworthy, professional, and
data, dan informasi Perseroan. prudent manner, and maintaining the confidentiality of
Company documents, data, and information.
4. Keterlibatan dalam Pengembangan Produk dan Kebijakan 4. Involvement in Product Development and Strategic
Strategis Policy
DPS memberikan pertimbangan dan arahan terkait aspek The Sharia Supervisory Board (SPS) provided
syariah dalam pembahasan pengembangan produk serta considerations and guidance regarding sharia aspects in
perluasan mandat Perseroan, antara lain terkait skema Rent product development discussions and the expansion of
to Own (Sewa Beli) dan Reversed Mortgage. Selain itu, DPS the Company’s mandate, including the Rent-to-Own and
juga memberikan arahan dan persetujuan atas penyesuaian Reverse Mortgage schemes. Furthermore, the SPS also
Rencana Kerja dan Anggaran Perseroan (RKAP) PT SMF provided guidance and approval for adjustments to PT
Tahun 2026 pada tanggal 3 Desember 2025. SMF’s 2026 Work Plan and Budget (RKAP) on December
3, 2025.
5. Partisipasi dalam Kegiatan Penguatan Ekosistem dan 5. Participation in Ecosystem Strengthening and Capacity
Peningkatan Kapasitas Building Activities
Sepanjang Tahun 2025, DPS turut berperan aktif dalam Throughout 2025, DPS played an active role in various
berbagai kegiatan penguatan ekosistem keuangan syariah activities to strengthen the Islamic financial ecosystem
dan peningkatan kapasitas, antara lain: and increase capacity, including:
a. Memberikan arahan dalam kegiatan FGD Inovasi Produk a. Providing direction in FGD activities on Product
dan Pencatatan Transaksi Syariah; Innovation and Sharia Transaction Recording;
b. Memberikan arahan dalam kegiatan FGD Peningkatan b. Providing direction in the FGD activities on Increasing
Inklusi Keuangan Syariah bekerja sama dengan Komite Sharia Financial Inclusion in collaboration with the
Nasional Ekonomi dan Keuangan Syariah (KNEKS) National Committee for Sharia Economics and Finance
dengan tema “Membedik Peluang Bisnis Multifinance (KNEKS) with the theme “Educating Sharia Multifinance
Syariah dalam Program 3 Juta Rumah” pada 27 Agustus Business Opportunities in the 3 Million Homes Program”
2025; on August 27, 2025;
c. Memberikan arahan atas keikutsertaan Perseroan dalam c. Provide direction on the Company’s participation in
kegiatan Indonesia Sharia Economic Festival (ISEF) the 2025 Indonesia Sharia Economic Festival (ISEF)
2025 yang diselenggarakan oleh Bank Indonesia pada activities organized by Bank Indonesia on October 10,
10 Oktober 2025; 2025;
d. Mengikuti kegiatan Workshop Pra-Ijtima’ Sanawi (Annual d. Participating in the Pre-Ijtima’ Sanawi (Annual Meeting) 469
Meeting) DPS X Tahun 2025 dan Ijtima’ Sanawi (Annual Workshop of DPS X in 2025 and Ijtima’ Sanawi (Annual
Meeting) DPS XXI Tahun 2025 yang diselenggarakan Meeting) of DPS XXI in 2025 organized by DSN-MUI on
oleh DSN-MUI pada 24–27 September 2025. September 24-27, 2025. PT Sarana Multigriya Finansial (Persero)
Remunerasi Dewan Pengawas Syariah Remuneration of the Sharia Supervisory Board
Besaran remunerasi bagi Dewan Pengawasan Syariah Perseroan The remuneration amount for the Company’s Sharia Supervisory
ditetapkan berdasarkan Keputusan Menteri Keuangan Nomor Board is stipulated based on the Minister of Finance Decree No.
172/KM.6/2023 tanggal 21 Agustus 2023 yang ditindaklanjuti 172/KM. 6/2023 dated August 21, 2023, which was followed up
berdasarkan keputusan Dewan Komisaris Nomor KEP-010/KEP/ based on the Board of Commissioners’ Decree No. KEP-010/
DEKOM/2023 tentang Penghasilan Anggota Dewan Pengawas KEP/DEKOM/2023 on the Remuneration of Members of the
Syariah PT Sarana Multigriya Finansial (Persero) tanggal 20 Sharia Supervisory Board of PT Sarana Multigriya Finansial
September 2023. Remunerasi terdiri dari Honorarium dan (Persero) dated September 20, 2023. Remuneration consists
Tunjangan Hari Raya (THR). of Honorarium and Religious Holiday Allowance (THR).
Page 470
Tata Kelola Perusahaan
Corporate Governance
DIREKTUR BISNIS DIRECTOR OF BUSINESS
SMF telah menunjuk Direktur Bisnis sebagai penanggung jawab SMF has appointed a Business Director to be responsible for
kegiatan Unit Usaha Syariah (UUS). Direktur Sekuritisasi & the activities of the Sharia Business Unit (UUS). The Director
Pembiayaan dijabat oleh Sdr. Heliantopo. Profil beliau sebagai of Securitization & Financing is held by Mr. Heliantopo. His
Direktur Sekuritisasi & Pembiayaan, termasuk dasar hukum profile as Director of Securitization & Financing, including the
pengangkatan, periode jabatan/penugasan, riwayat pendidikan, legal basis for his appointment, term of office/assignment,
serta informasi lainnya, dapat dilihat pada Bab Profil Perusahaan, educational background, and other information, can be found
Subbab Profil Direksi dalam Laporan Tahunan ini. in the Company Profile Chapter, Board of Directors Profile
Sub-chapter in this Annual Report.
UNIT USAHA SYARIAH SHARIA BUSINESS UNIT
Berikut struktur organisasi UUS berdasarkan No.S-443/SKD/ The following is the organizational structure of Sharia Business
DIR/SMF/VII/2025 tanggal 9 Juli 2025 tentang Penyesuaian Unit based on No.S-443/SKD/DIR/SMF/VII/2025 dated July
Struktur Organisasi PT Sarana Multigriya Finansial (Persero) 9, 2025, concerning the Adjustment of the Organizational
Tahun 2025: Structure of PT Sarana Multigriya Finansial (Persero) in 2025:
Dewan Pengawas Syariah
Sharia Supervisory Board
Direktur Bisnis
Business Director
Deputi Direktur Pembiayaan
470 dan Syariah
Deputy Director Financing and
Sharia
Laporan Tahunan 2025 Annual Report
Unit Usaha Syariah
Sharia Business Unit
Kepala Bagian Pembiayaan Syariah
Sharia Department Head
Business Manager
Unit Usaha Syariah Perusahaan dipimpin oleh Kepala UUS The Company’s Sharia Business Unit is led by the Head of
yang secara struktural bertanggung jawab dan melapor the Sharia Business Unit, who is structurally responsible
kepada Direktur Sekuritisasi dan Pembiayaan. Di samping itu, and reports to the Director of Securitization and Financing.
berdasarkan keputusan RUPS tanggal 04 Juli 2018, Perseroan Furthermore, based on the resolution of the GMS on July 4,
menetapkan bahwa dalam pelaksanaan tugas dan tanggung 2018, the Company stipulated that in carrying out its duties and
jawabnya, Koordinator UUS juga wajib berkoordinasi dengan responsibilities, the Sharia Business Unit Coordinator is also
Dewan Pengawas Syariah Perseroan. required to coordinate with the Company’s Sharia Supervisory
Board.
Page 471
Profil Kepala Unit Usaha Syariah Profile of the Head of Sharia Business Unit
Eka Septiana
Kepala Unit Usaha Syariah
Head of Sharia Business Unit
Profil lengkap Eka Septiana dapat dilihat di sub bab Profil Pejabat Eksekutif pada Bab Profil Perusahaan di Laporan Tahunan ini
Eka Septiana’s complete profile can be found in the Executive Profiles sub-chapter of the Company Profile chapter
in this Annual Report.
TUGAS DAN TANGGUNG JAWAB UUS DUTIES AND RESPONSIBILITIES
OF SHARIA BUSINESS UNIT
Sejalan dengan Surat Keputusan Direksi Nomor S-443/SKD/ In accordance with Board of Directors Decree Number
DIR/SMF/VII/2025 tanggal 9 Juli 2025 tentang Penyesuaian S-443/SKD/DIR/SMF/VII/2025 dated July 9, 2025 concerning
Struktur Organisasi PT Sarana Multigriya Finansial (Persero) Adjustments to the Organizational Structure of PT Sarana
Tahun 2025 Perihal Penyesuaian Struktur Organisasi PT Sarana Multigriya Finansial (Persero) in 2025 Regarding Adjustments to
Multigriya Finansial (Persero) Tahun 2025, tugas dan tanggung the Organizational Structure of PT Sarana Multigriya Finansial
jawab Unit Usaha Syariah adalah sebagai berikut: (Persero) in 2025, the duties and responsibilities of the Sharia
Business Unit are as follows:
1. Menjalankan fungsi dan kegiatan yang meliputi analisis 1. Performing functions and activities that include analyzing
pasar pembiayaan sekunder perumahan dan konstruksi the secondary housing and construction financing market
berbasis syariah untuk melihat perkembangan pasar based on Sharia principles to observe market developments
dan menangkap peluang yang muncul, melakukan dan and capture emerging opportunities, conducting and
mengelola pemasaran produk/jasa pembiayaan Syariah; managing the marketing of Sharia financing products/
services;
2. Analisis pembiayaan; 2. Financing analysis;
3. Membina dan meningkatkan hubungan kerjasama dengan 3. Fostering and enhancing cooperative relationships
existing klien potensial, klien dan stakeholder syariah; with existing and potential clients, sharia clients and
pemenuhan aspek kesyariahan transaksi Perseroan; stakeholders; fulfilling the sharia aspects of the Company’s
transactions;
4. Pengelolaan data dan pelaporan Syariah kepada Regulator; 4. Sharia data management and reporting to regulators;
5. Serta koordinasi dengan Dewan Pengawas Syariah. 5. As well as coordination with the Sharia Supervisory Board.
Pelaksanaan fungsi-fungsi tersebut dilakukan secara profesional These functions are carried out professionally and in a
dan melalui suatu pendekatan yang sistematis sehingga systematic manner to support the achievement of the
mendukung pencapaian misi dan rencana stratejik Perseroan Company’s mission and strategic plan, which have been
yang telah ditetapkan dan disetujui Pemegang Saham. determined and approved by shareholders.
471
LAPORAN PELAKSANAAN KEGIATAN REPORT ON THE IMPLEMENTATION OF
UNIT USAHA SYARIAH SHARIA BUSINESS UNIT’S ACTIVITIES
Selama tahun 2025, Unit Usaha Syariah (UUS) telah Throughout 2025, UUS performed a series of efforts and work
PT Sarana Multigriya Finansial (Persero)
melaksanakan berbagai program kerja strategis untuk programs to support the achievements of the Company’s
mendukung pencapaian tujuan Perusahaan sebagaimana business. The activities by UUS comply with the Company’s
ditetapkan dalam Rencana Jangka Panjang Perusahaan (RJPP), objectives set out in the Company’s Long-Term Plan (RJPP)
serta dituangkan secara tahunan dalam Rencana Kerja dan and annually stated in the form of the Company’s Work Plan
Anggaran Perusahaan (RKAP) dan indikator kinerja utama and Budget (RKAP) and Key Performance Indicators (KPI).
(Key Performance Indicators/KPI).
Kegiatan-kegiatan tersebut diarahkan untuk memperluas kerja These activities are aimed at expanding Sharia financing
sama pembiayaan syariah, meningkatkan akses masyarakat cooperation, increasing public access to Sharia-based housing
terhadap pembiayaan perumahan berbasis syariah, memperkuat financing, strengthening institutional relationships, and ensuring
hubungan kelembagaan, serta memastikan seluruh aktivitas that all activities are carried out in accordance with Sharia
berjalan sesuai prinsip Syariah dan tata kelola perusahaan principles and good corporate governance
yang baik:
Page 472
Tata Kelola Perusahaan
Corporate Governance
Berikut laporan pelaksanaan kegiatan UUS selama tahun 2025: The following is a report on the implementation of UUS activities
in 2025:
1. Pelaksanaan Program Kemitraan & Kolaborasi Industri. 1. Implementation of Industrial Partnership & Collaboration
Programs.
a. Workshop & Capacity Building Syariah a. Sharia Workshop & Capacity Building
UUS melaksanakan kegiatan peningkatan kapasitas UUS carries out internal and external capacity building
internal dan eksternal terkait implementasi akad syariah, activities related to the implementation of sharia
mitigasi risiko, dan produk pembiayaan perumahan contracts, risk mitigation, and housing financing
berdasarkan prinsip syariah. products based on sharia principles.
b. Stakeholder Engagement b. Stakeholder Engagement
Perseroan menyelenggarakan forum dialog dengan The Company held a dialogue forum with regulators,
regulator, perbankan syariah, lembaga pembiayaan Islamic banking, Islamic financing institutions, and other
syariah, serta pemangku kepentingan strategis lainnya strategic stakeholders to strengthen a shared vision in
guna memperkuat visi bersama dalam pengembangan developing national Islamic housing financing.
pembiayaan perumahan syariah nasional.
2. Penandatanganan Akad/Perjanjian Pembiayaan (Komersial 2. Signing of Financing Agreement (Commercial and FLPP)
dan FLPP)
Sepanjang 2025, UUS secara aktif memperluas jaringan Throughout 2025, UUS actively expanded its partnership
kemitraan dan memperkuat saluran pembiayaan melalui network and strengthen its financing channels by signing
penandatanganan berbagai akad pembiayaan komersial, various commercial financing agreements, financing
perjanjian kerja sama penyaluran pembiayaan, serta akad disbursement cooperation agreements, and tripartite and
tripartit dan bipartit untuk program KPR Subsidi FLPP. bipartite agreements for the FLPP Subsidized Mortgage
Kegiatan ini bertujuan memastikan ketersediaan sumber Program. These activities aim to ensure the availability
pembiayaan syariah yang berkelanjutan dan inklusif untuk of sustainable and inclusive sharia-compliant financing
masyarakat. sources for the community.
3. Kerja Sama Produk Pembiayaan KPR Syariah Komersial 3. Griya Nusantara Commercial Sharia Mortgage Financing
Griya Nusantara Product Collaboration
UUS menandatangani perjanjian kerja sama pembiayaan UUS signed a cooperation agreement for Griya Nusantara
KPR Syariah Griya Nusantara dengan mitra berikut: Sharia KPR financing with the following partners:
472
a. Bank BJB Syariah a. Bank BJB Syariah
b. Bank Jateng Syariah b. Bank Jateng Syariah
c. Bank Kaltimtara Syariah c. Bank Kaltimtara Syariah
d. Bank Sumut Syariah d. Bank Sumut Syariah
Laporan Tahunan 2025 Annual Report
e. Bank Nagari Syariah e. Bank Nagari Syariah
Kolaborasi ini memperluas jangkauan pembiayaan syariah This collaboration expands the reach of sharia financing
untuk masyarakat regional, khususnya segmen MBR non- to regional communities, particularly the non-subsidized
subsidi dan segmen pekerja informal. MBR segment and the informal worker segment.
4. Penyaluran Dana Hibah & Pilot Project Pembiayaan 4. Distribution of Grant Funds & Housing Financing Pilot Project
Perumahan Signing of a cooperation agreement for the distribution of
Penandatanganan akad kerja sama penyaluran dana hibah grant funds for housing financing in the IGAHP pilot project
untuk pembiayaan perumahan dalam pilot project IGAHP with BPRS Patriot Bekasi.
bersama BPRS Patriot Bekasi.
5. Kerja Sama Pembiayaan Mikro Air Bersih & Sanitasi 5. Clean Water & Sanitation Microfinance Cooperation
Penandatanganan Memorandum of Outstanding bersama Signing of Memorandum of Outstanding with Water.org
Water.org dan BPRS HIK Parahyangan untuk pembiayaan and BPRS HIK Parahyangan for sharia microfinance in the
mikro syariah di sektor air bersih dan sanitasi. clean water and sanitation sector.
6. Literasi, Forum, dan Kegiatan Strategis Syariah 6. Sharia Literacy, Forums, and Strategic Activities
a. Sharia Talks 2025 a. Sharia Talks 2025
Perseroan menggelar acara Sharia Talks bertema The Company held a Sharia Talks event with the theme
“Kolaborasi untuk Penyediaan Sumber Dana Pembiayaan “Collaboration to Provide Housing Financing Funding
Perumahan dengan Prinsip Syariah” guna memperkuat Sources with Sharia Principles” to strengthen the
wawasan pelaku industri dan membuka peluang sinergi insight of industry players and open up new synergy
baru. opportunities.
b. BPD Gathering dengan tema “Kolaborasi SMF BPD, b. BPD Gathering with the theme “BPD SMF Collaboration,
Satu Langkah, Dua Sinergi, Tiga Juta Rumah” pada One Step, Two Synergies, Three Million Homes” in
bulan Januai 2025. January 2025.
c. Kegiatan FGD Inovasi Produk dan Pencatatan Transaksi c. FGD Activities on Product Innovation and Sharia
Syariah; Transaction Recording;
Page 473
d. Kegiatan FGD Peningkatan Inklusi Keuangan Syariah d. FGD activity on Increasing Sharia Financial Inclusion in
bekerja sama dengan Komite Nasional Ekonomi dan collaboration with the National Committee for Sharia
Keuangan Syariah (KNEKS) dengan tema “Membedik Economics and Finance (KNEKS) with the theme “Educating
Peluang Bisnis Multifinance Syariah dalam Program 3 Sharia Multifinance Business Opportunities in the 3 Million
Juta Rumah” pada 27 Agustus 2025; Homes Program” on August 27, 2025;
e. Berpartisiaspi dalam kegiatan Indonesia Sharia e. Participate in the 2025 Indonesia Sharia Economic
Economic Festival (ISEF) 2025 yang diselenggarakan Festival (ISEF) activities organized by Bank Indonesia
oleh Bank Indonesia pada 10 Oktober 2025; on October 10, 2025;
f. Kegiatan Indonesia Islamic Finance Summit (IIFS) f. The 2025 Indonesia Islamic Finance Summit (IIFS) and
2025 dan Sarasehan PVML Syariah dari Otoritas Jasa the PVML Syariah Workshop from the Financial Services
Keuangan (OJK) pada 3-4 November 2025; Authority (OJK) on November 3-4, 2025;
Selain dalam kegiatan penyaluran pembiayaan, Divisi UUS In addition to financing distribution activities, the UUS Division
juga berkoordinasi dengan Dewan Pengawas Syariah dalam also coordinates with the Sharia Supervisory Board in terms of
hal konsultasi kepatuhan syariah atas kegiatan Perseroan dan sharia compliance consultations on the Company’s activities and
penerbitan opini syariah terkait transaksi sukuk dan transaksi the issuance of sharia opinions related to sukuk transactions
pembiayaan RTO Syariah. and Sharia RTO financing transactions.
Pelaksanaan Prinsip Syariah Dalam Kegiatan Implementation of Sharia Principles in Fundraising and
Penghimpunan Dana dan Penyaluran Dana serta Distribution of Activities and Services
Pelayanan Jasa
Berdasarkan Laporan Hasil Pengawasan Dewan Pengawas Based on the 2025 Sharia Supervisory Board (DPS) Supervision
Syariah tahun 2025, DPS UUS Perseroan menyatakan bahwa Report, the Company’s Sharia Business Unit Supervisory Board
secara umum aktivitas penghimpunan dana, penyaluran dana states that in general the activities of fundraising, distribution
dalam bentuk Pembiayaan dan pelayanan jasa UUS Perseroan of funds in the form of financing and services of the Company’s
telah sesuai dengan fatwa DSN-MUI dan peraturan yang Sharia Business Unit are in accordance with DSN-MUI fatwa
berlaku. and applicable regulations.
Transparansi Kondisi Keuangan dan Non Keuangan Transparency of Financial and Non-Financial Conditions
UUS Perseroan telah menyampaikan informasi keuangan dan The Company’s Sharia Business Unit has submitted financial
non keuangan kepada publik secara tepat waktu, lengkap, dan and non-financial information to the public in a timely, complete,
akurat melalui surat kabar investor daily. Laporan Keuangan and accurate manner through the investor daily newspaper.
Publikasi Semester 1 tahun 2025 dipublikasikan pada tanggal Financial Statements for the 1st Semester of 2025 were
16 Juli 2025 dan Semester 2 tanggal 27 Februari 2026. published on July 16, 2025, and the 2nd Semester on February
27, 2026.
Permasalahan Hukum Unit Usaha Syariah Legal Issues of Sharia Business Units
Selama tahun 2025, tidak ada kasus hukum yang dihadapi UUS. In 2025, there were no legal cases faced by the Sharia Business
Unit. 473
PENILAIAN KINERJA UNIT USAHA SYARIAH SHARIA BUSINESS UNIT’S
PERFORMANCE ASSESSMENT PT Sarana Multigriya Finansial (Persero)
Perseroan secara konsisten menjaga dan mengevaluasi kualitas The Company consistently maintains and evaluates the quality
fungsi Unit Usaha Syariah (UUS) melalui pemantauan berkala of the Sharia Business Unit (UUS) through regular monitoring
yang mengacu pada Key Performance Indicator (KPI) serta based on Key Performance Indicators (KPIs) and reports on the
laporan pelaksanaan tugas UUS. Evaluasi tersebut mencakup implementation of its duties. These evaluations cover aspects
aspek pertumbuhan pembiayaan, pencapaian target RKAP, of financing growth, achievement of RKAP targets, portfolio
kualitas portofolio, serta kepatuhan terhadap prinsip syariah. quality, and compliance with sharia principles.
Sepanjang tahun 2025, kinerja penyaluran pembiayaan Unit Throughout 2025, the Sharia Business Unit’s financing
Usaha Syariah menunjukkan capaian yang positif dan berada disbursement performance demonstrated positive results
dalam koridor target yang ditetapkan. Pada segmen pembiayaan and was within the established target corridor. In the
komersial, realisasi penyaluran pembiayaan tercatat sebesar commercial financing segment, financing disbursement reached
Rp2.152.960.580.788 dengan jumlah nasabah (NoA) sebanyak Rp2,152,960,580,788 with a total number of customers (NoA)
52.075. of 52,075.
Page 474
Tata Kelola Perusahaan
Corporate Governance
Sementara itu, pada segmen pembiayaan FLPP, realisasi On the other hand, in the FLPP financing segment, financing
penyaluran pembiayaan mencapai Rp2.544.462.590.549 disbursement reached Rp2,544,462,590,549 with 62,186 NoA,
dengan 62.186 NoA, yang berarti melampaui target tahun 2025 exceeding the 2025 target of Rp1.8 trillion. This achievement
sebesar Rp1,8 triliun. Capaian ini mencerminkan peran aktif reflects UUS’s active role in supporting housing financing
UUS dalam mendukung program pembiayaan perumahan bagi programs for low-income communities and the Company’s
masyarakat berpenghasilan rendah serta komitmen Perseroan commitment to supporting government policies in the housing
dalam mendukung kebijakan Pemerintah di sektor perumahan. sector.
Berdasarkan capaian tersebut, kinerja penyaluran pembiayaan Based on these achievements, the performance of the Sharia
Unit Usaha Syariah tahun 2025 dinilai telah mencapai target Business Unit’s financing distribution in 2025 is considered to
yang ditetapkan dalam RKAP, serta memberikan kontribusi have achieved the targets set in the RKAP, and provided a real
nyata terhadap keberlanjutan bisnis Perseroan dan penguatan contribution to the sustainability of the Company’s business and
ekosistem pembiayaan perumahan syariah nasional. strengthening the national sharia housing financing ecosystem.
Kebijakan tentang Pemenuhan Hak-Hak Investor Policy on Fulfillment of Investors Rights
Sebagai Perusahaan Pembiayaan Sekunder Perumahan, As a Secondary Housing Finance Company, the Company plays
Perseroan berperan dalam mendukung likuiditas dan a role in supporting the liquidity and sustainability of housing
keberlanjutan pembiayaan perumahan di Indonesia. Salah satu finance in Indonesia. One of its funding sources comes from
sumber pendanaannya berasal dari penerbitan surat berharga Sharia Securities such as Sukuk offered to investors.
syariah, seperti Sukuk yang ditawarkan kepada investor.
Sebagai penerbit sukuk, Perseroan memiliki kewajiban untuk As the Sukuk issuer, the Company is obligated to fulfill Investors
memenuhi hak-hak Investor sesuai dengan perjanjian dan rights in accordance with the agreements and provisions
ketentuan yang berlaku dalam penerbitan surat berharga applicable to the issuance of the Sharia Securities. Investor
syariah, Hak-hak Investor meliputi: rights include:
1. Hak atas Pembayaran Tepat Waktu – Investor berhak 1. Right to Timely Payment – Creditors are entitled to receive
menerima pembayaran pokok dan bunga (kupon) Sukuk payments of principal and interest (coupons) on Sukuk
sesuai dengan jadwal yang telah ditentukan. Perseroan according to a predetermined schedule. The Company is
berkomitmen untuk memenuhi kewajiban ini dengan committed to fulfilling this obligation by maintaining financial
474
menjaga kesehatan keuangan dan pengelolaan arus kas health and sound cash flow management.
yang baik.
2. Hak atas Transparansi Informasi – Perseroan wajib memberikan 2. Right to Transparency of Information – The Company
informasi terkait kinerja keuangan, laporan tahunan, dan is obliged to provide information regarding financial
Laporan Tahunan 2025 Annual Report
laporan realisasi pembayaran surat berharga syariah kepada performance, annual reports, and reports on the realization
Investor guna memastikan transparansi dalam pengelolaan of Sharia Securities to Investor to ensure transparency in the
dana yang diperoleh dari penerbitan Sukuk. management of funds obtained from the issuance of Sukuk.
Perseroan memiliki prinsip perlindungan kepada investor yakni The Company has a principle of protection for Sharia Securities
surat berharga syariah dalam melakukan aktivitas investasi investors in carrying out investment activities in investment
pada instrumen investasi yang diterbitkan Perseroan. instruments issued by the Company.
1. Memberikan informasi yang dibutuhkan oleh investor 1. Providing information needed by investors and potential
maupun calon investor untuk mendukung keputusan investors to support investment decisions.
investasi.
2. Metode pemasaran produk investasi yang diterbitkan oleh 2. The marketing method for investment products published
Perseroan melalui media massa, website Perseroan maupun by the Company is through mass media, the Company’s
media komunikasi lainnya. website and other communication media.
3. Prinsip dalam penyusunan perjanjian terkait produk dan/ 3. The principles in preparing agreements related to products
atau layanan adalah sebagai berikut. and/or services are as follows.
a. Dalam menyusun perjanjian produk dan/atau layanan, a. In preparing product and/or service agreements, the
Perseroan dilarang menyalahgunakan keadaan calon Company is prohibited from abusing the circumstances
Konsumen dan/atau Konsumen. of prospective Consumers and/or Consumers.
b. Perseroan wajib memberikan waktu yang cukup kepada b. The Company is obliged to provide sufficient time to
calon Konsumen untuk memahami klausula perjanjian prospective Consumers to understand the clauses of
yang disampaikan, sekurang-kurangnya 3 (tiga) hari the agreement submitted, at least 3 (three) working
kerja sejak tanggal pengiriman draft perjanjian kepada days from the date of sending the draft agreement
Konsumen atau sesuai dengan waktu yang dibutuhkan to the Consumer or according to the time required by
oleh konsumen. the Consumer.
c. Perseroan wajib melakukan konfirmasi pemahaman c. The Company is required to confirm the prospective
calon Konsumen atas klausula perjanjian sebelum calon Consumer’s understanding of the agreement’s clauses
Konsumen menandatangani perjanjian. Konfirmasi before signing the agreement. This confirmation is
Page 475
dilakukan dengan memberikan pertanyaan mengenai conducted by asking questions regarding the prospective
pemahaman calon Konsumen atas klausula perjanjian Consumer’s understanding of the agreement’s clauses,
meliputi rincian biaya, manfaat, risiko serta hak dan including details of costs, benefits, risks, and rights and
kewajiban, dan wajib dituangkan dalam dokumen atau obligations. This must be documented or otherwise
media lain yang dapat digunakan sebagai alat bukti. used as evidence.
d. Dalam hal transaksi pasar modal, klausula perjanjian d. In capital market transactions, the agreement clauses
diungkapkan melalui Prospektus/Memorandum are disclosed in a Prospectus/Information Memorandum,
Informasi, yang disampaikan kepada Konsumen. Untuk which is submitted to Consumers. For review, at least
dipelajari, sekurang-kurangnya 3 (tiga) hari kerja sejak 3 (three) business days from the date the Prospectus/
tanggal pengungkapan Prospektus/Memorandum Information Memorandum is disclosed to Consumers.
Informasi kepada Konsumen.
e. Dalam hal transaksi dengan kreditur, klausula perjanjian e. In the case of transactions with creditors, the agreement
diungkapkan melalui draft perjanjian kepada Konsumen, clauses are disclosed through a draft agreement to the
yang disampaikan kepada Konsumen untuk dipelajari, Consumer, which is submitted to the Consumer for
sekurang-kurangnya 3 (tiga) hari kerja sejak tanggal review, at least 3 (three) working days from the date the
pengiriman draft perjanjian kepada Konsumen atau draft agreement is sent to the Consumer or according
sesuai dengan waktu yang dibutuhkan oleh konsumen. to the time required by the Consumer.
f. Kegiatan meminta konfirmasi pemahaman calon f. The activity of requesting confirmation of a prospective
Konsumen wajib dilakukan oleh lembaga/profesi Consumer’s understanding must be carried out by
penunjang yang menerbitkan formulir pembelian the supporting institution/professional issuing the
efek. Bukti konfirmasi pemahaman Konsumen wajib securities purchase form. Evidence of confirmation
disampaikan kepada Perseroan, paling lambat 3 (tiga) of the Consumer’s understanding must be submitted
hari kerja setelah tanggal efektif penerimaan dana. to the Company no later than 3 (three) business days
after the effective date of receipt of funds.
4. Prinsip pemberian layanan atas penggunaan produk dan/ 4. The principles of providing services for the use of products
atau layanan adalah sebagai berikut. and/or services are as follows.
a. Kesetaraan akses kepada setiap konsumen. a. Equal access to every consumer.
b. Perlindungan data dan/atau informasi konsumen. b. Protection of consumer data and/or information.
c. Keterbukaan dan transparansi atas informasi produk, c. Openness and transparency regarding product
dan juga terkait dengan penanganan serta penyelesaian information, as well as regarding the handling and
jika ada pengaduan yang disampaikan konsumen. resolution of complaints submitted by consumers.
Terhadap investor Efek Beragun Aset (EBA), Perseroan memiliki For Residential Mortgage-Backed Securities (RMBS) investors,
prinsip perlindungan bagi investor dalam melakukan aktivitas the Company has the following principles of investor protection
investasi sebagai berikut. in carrying out investment activities.
1. Desain produk memperhatikan prinsip kehati-hatian. Dimana 1. The product design takes into account the principle of
struktur EBA yang diterbitkan, dalam situasi cateris paribus, prudence. The issued RMBS structure, all other things
mampu memberikan payment waterfall yang memenuhi being equal, is capable of providing a payment waterfall
seluruh kewajiban EBA-SP/EBAS-SP. that meets all RMBS-PC/Sharia RMBS-PC obligations. 475
2. Metode pemasaran produk dan/atau layanan yang terbuka 2. An open and transparent method of marketing products
dan transparan. and/or services.
3. Prinsip dalam penyusunan perjanjian terkait produk dan/ 3. The principles in preparing agreements related to products
atau layanan adalah sebagai berikut. and/or services are as follows.
PT Sarana Multigriya Finansial (Persero)
a. Dalam menyusun perjanjian produk dan/atau layanan, a. In preparing product and/or service agreements, the
Perseroan dilarang menyalahgunakan keadaan calon Company is prohibited from abusing the conditions of
lembaga/profesi penunjang dan/atau lembaga/profesi prospective supporting institutions/professions and/or
penunjang. supporting institutions/professions.
b. Perseroan wajib memberikan waktu yang cukup b. The Company is obliged to provide sufficient time
kepada calon lembaga/profesi penunjang untuk to prospective supporting institutions/professions to
memahami klausula perjanjian yang disampaikan, understand the clauses of the agreement submitted, at
sekurangkurangnya 3 (tiga) hari kerja sejak tanggal least 3 (three) working days from the date of sending
pengiriman draft perjanjian kepada lembaga/profesi the draft agreement to the supporting institutions/
penunjang. professions.
c. Perseroan wajib melakukan konfirmasi pemahaman c. The Company is required to confirm the prospective
calon lembaga/profesi penunjang atas klausula supporting institution/professional’s understanding
perjanjian sebelum calon lembaga/profesi penunjang of the agreement clauses before the prospective
menandatangani perjanjian. Konfirmasi dilakukan dengan supporting institution/professional signs the agreement.
memberikan pertanyaan mengenai pemahaman calon This confirmation is conducted by asking questions
Page 476
Tata Kelola Perusahaan
Corporate Governance
lembaga/profesi penunjang atas klausula perjanjian regarding the prospective supporting institution/
meliputi rincian biaya, manfaat, risiko serta hak dan professional’s understanding of the agreement clauses,
kewajiban, dan wajib dituangkan dalam dokumen atau including details of costs, benefits, risks, and rights and
media lain yang dapat digunakan sebagai alat bukti. obligations. This must be stated in a document or other
media that can be used as evidence.
d. Dalam hal transaksi pasar modal, klausula perjanjian d. In the case of capital market transactions, the agreement
diungkapkan melalui Prospektus/Memorandum clauses are disclosed through a Prospectus/Information
Informasi, yang disampaikan kepada para pemodal Memorandum, which is submitted to investors for
untuk dipelajari, sekurang-kurangnya 1 (satu) hari kerja study, at least 1 (one) working day from the date of
sejak tanggal pengungkapan Prospektus/Memorandum disclosure of the Prospectus/Information Memorandum
Informasi kepada para pemodal. to investors.
e. Kegiatan meminta konfirmasi pemahaman calon e. The activity of requesting confirmation of prospective
para pemodal wajib dilakukan oleh lembaga/profesi investors’ understanding must be carried out by the
penunjang yang menerbitkan formulir pembelian efek. supporting institution/professional issuing the securities
Bukti konfirmasi pemahaman para pemodal wajib purchase form. Proof of confirmation of investors’
disampaikan kepada Perseroan, paling lambat 3 (tiga) understanding must be submitted to the Company no
hari kerja setelah tanggal efektif penerimaan dana. later than 3 (three) business days after the effective
date of receipt of funds.
4. Prinsip pemberian layanan atas penggunaan produk dan/ 4. Principles of providing services for the use of responsive
atau layanan responsif dan berbasis data: and data-based products and/or services:
a. Kesetaraan akses kepada pemangku kepentingan a. Equality of access for stakeholders to data and/or
terhadap data dan/atau informasi terkait keterbukaan. information related to transparency.
b. Perlindungan data dan/atau informasi para pemangku b. Protection of data and/or information of stakeholders.
kepentingan.
c. Keterbukaan dan transparansi atas informasi produk, c. Openness and transparency regarding product
dan juga terkait dengan penanganan serta penyelesaian information, as well as regarding the handling and
jika ada pengaduan yang disampaikan para pemangku resolution of complaints submitted by stakeholders.
kepentingan.
476
Pengaturan terkait Kebijakan tentang Pemenuhan Hak-Hak Regulations related to the Policy on Fulfillment of Creditor Rights
Kreditur diatur dalam Kebijakan Perseroan tentang Pedoman are set out in the Company’s Policy on Stakeholder Protection
Perlindungan Pemangku Kepentingan. Kebijakan ini digunakan Guidelines. This policy serves as a guideline for granting loans
sebagai pedoman dalam melakukan pinjaman kepada kreditur. to creditors. The Company will ensure that creditor rights are
Laporan Tahunan 2025 Annual Report
Perseroan akan memastikan terpenuhinya hak-hak kreditur fulfilled to maintain their trust in the Company.
untuk menjaga kepercayaan kreditur terhadap Perseroan.
Page 477
PENERAPAN ATAS KEPATUHAN PADA PEDOMAN
TATA KELOLA PERUSAHAAN
IMPLEMENTATION OF COMPLIANCE WITH GOOD CORPORATE
GOVERNANCE GUIDELINES
Sebagai perusahaan yang berkomitmen terhadap prinsip- As a company dedicated to the principles of Good Corporate
prinsip Tata Kelola Perusahaan yang Baik, Perseroan secara Governance, the Company consistently applies governance
konsisten menerapkan standar tata kelola dalam setiap aspek standards to all aspects of its operations. The objective of GCG’s
operasionalnya. Penerapan GCG bertujuan untuk meningkatkan implementation is to enhance the management of the Company
transparansi, akuntabilitas, tanggung jawab, independensi, by fostering transparency, accountability, responsibility,
serta kewajaran dalam pengelolaan perusahaan, guna independency, and fairness, thereby, generating long-term
menciptakan nilai jangka panjang bagi seluruh pemangku value for all stakeholders.
kepentingan.
Dalam upaya memastikan implementasi GCG yang optimal, In an effort to guarantee optimal GCG implementation,
Perseroan secara berkala melakukan penilaian penerapan GCG. the Company periodically conducts GCG implementation
Penilaian ini dilakukan untuk mengukur efektivitas penerapan assessment to measure the effectiveness of governance
tata kelola serta mengidentifikasi aspek yang perlu ditingkatkan implementation and to identify areas for improvements in
guna memperkuat sistem pengelolaan perusahaan. Selain itu, order to strengthen the organization’s management system.
pelaksanaan penilaian penerapan GCG juga merupakan salah Additionally, the Company is required to assess its GCG
satu kewajiban yang harus dilakukan Perseroan, sesuai dengan implementation in line with Article 72 of the Minister of Finance
pasal 72 Peraturan Menteri Keuangan Nomor 88/PMK.06/2015 Regulation No. 88/PMK.06/2015 on the Implementation of Good
tentang Penerapan Tata Kelola Perusahaan yang Baik pada Corporate Governance in Limited Liability Companies (Persero)
Perusahaan Perseroan (Persero) di bawah Pembinaan dan under the Guidance and Supervision of the Minister of Finance.
Pengawasan Menteri Keuangan, Perseroan harus melakukan This requires the Company to measure the implementation of
pengukuran terhadap penerapan Tata Kelola Perusahaan Yang Good Corporate Governance.
Baik.
Sesuai dengan ketentuan tersebut, pengukuran penerapan tata In accordance with these provisions, good corporate governance
kelola perusahaan yang baik dapat dilaksanakan dalam bentuk: implementation can be measure in the following ways:
1. Penilaian, yaitu program untuk mengidentifikasi pelaksanaan 1. Assessment, a program to identify and annually measured
Tata Kelola Perusahaan Yang Baik di Persero melalui the implementation of Good Corporate Governance in
pengukuran pelaksanaan dan penerapan Tata Kelola Limited Liability Company; and
Perusahaan Yang Baik di Persero yang dilaksanakan secara
berkala setiap 1 (satu) tahun; dan 477
2. Evaluasi, yaitu program untuk mendeskripsikan tindak 2. Evaluation, a program to describe the follow-up to the
lanjut pelaksanaan dan penerapan Tata Kelola Perusahaan implementation of Good Corporate Governance in Limited
Yang Baik di Persero yang dilakukan pada tahun berikutnya Liability Company, carried out in the following year after
setelah penilaian, yang meliputi evaluasi terhadap hasil the assessment, which includes an evaluation of the
PT Sarana Multigriya Finansial (Persero)
penilaian dan tindak lanjut atas rekomendasi perbaikan. assessment results and follow-up to recommendations
for improvement.
PENILAIAN IMPLEMENTASI GCG ASSESSMENT OF GCG IMPLEMENTATION
Pada posisi akhir 2025, Perseroan kembali melakukan At the end of 2025, the Company evaluated the implementation
pengukuran penerapan tata kelola perusahaan yang baik untuk of good corporate governance for the 2025 implementation
periode penerapan 2025 yang dilakukan pada 12 Januari 2026 period, which was conducted from January 12, 2026 to
sampai dengan 27 Februari 2026. February 27, 2026.
Pihak yang Melaksanakan Penilaian GCG Party Conducting the GCG Assessment
Penilaian penerapan GCG Perseroan, Perseroan bekerjasama In the assessment of the Company’s GCG implementation, the
dengan Badan Pengawasan Keuangan dan Pembangunan Company collaborates with the Financial and Development
(BPKP) sebagai penilai independen GCG untuk Tahun Buku Supervisory Agency (BPKP) as an independent GCG assessor
2025 sesuai dengan: for the 2025 Fiscal Year in accordance with:
Page 478
Tata Kelola Perusahaan
Corporate Governance
1. Peraturan Menteri Keuangan Nomor 88/PMK.06/2015 1. Regulation of the Minister of Finance No. 88/PMK.06/2015
tanggal 28 April 2015 tentang Penerapan Tata Kelola dated April 28, 2015, concerning the Implementation of
Perusahaan yang Baik pada Perusahaan Perseroan Good Corporate Governance in State-Owned Enterprises
(Persero) di Bawah Pembinaan dan Pengawasan Menteri (Persero) Under the Guidance and Supervision of the
Keuangan; Minister of Finance;
2. Keputusan Menteri Keuangan Nomor 505/KMK.06/2020 2. Decision of the Minister of Finance No. 505/KMK.06/2020
tanggal 9 November 2020 tentang Pedoman Penilaian dan dated November 9, 2020, regarding Guidelines for the
Evaluasi atas Penerapan Tata Kelola Perusahaan yang Baik Assessment and Evaluation of the Implementation of
pada Perusahaan Perseroan (Persero) di Bawah Pembinaan Good Corporate Governance in State-Owned Enterprises
dan Pengawasan Menteri Keuangan; (Persero) Under the Guidance and Supervision of the
Minister of Finance;
3. Surat Direktur Utama PT Sarana Multigriya Finansial 3. Letter from the President Director of PT Sarana Multigriya
(Persero) Nomor S-2695/DIR/SMF/X/2025 tanggal 24 Finansial (Persero) No. S-2695/DIR/SMF/X/2025 dated
Oktober 2025 perihal Penyampaian Permohonan sebagai October 24, 2025 regarding the Submission of an
Penilai Independen GCG Tahun Buku 2025 PT Sarana Application to Serve as an Independent GCG Assessor
Multigriya Finansial (Persero); for the 2025 Fiscal Year of PT Sarana Multigriya Finansial
(Persero);
4. Surat Deputi Bidang Akuntan Negara BPKP Nomor 4. Letter from the Deputy for State Accountants at the State
PE.05.02/S-5/D5/03/2026 tanggal 6 Januari 2026 Hal Audit Agency (BPKP) No. PE.05.02/S-5/D5/03/2026
Asesmen Penerapan GCG pada PT Sarana Multigriya dated January 6, 2026, regarding the Assessment of the
Finansial (Persero) Tahun Buku 2025; dan Implementation of GCG at PT Sarana Multigriya Finansial
(Persero) for the 2025 Fiscal Year; and
5. Surat Tugas Direktur Pengawasan Badan Usaha Jasa 5. Assignment Letter from the Director of Supervision of
Keuangan dan Manufaktur Nomor PE.05.02/ST-3/ Financial Services and Manufacturing Enterprises No.
D503/1/2026 tanggal 8 Januari 2026. PE.05.02/ST-3/D503/1/2026 dated January 8, 2026.
Kriteria yang Digunakan Penilaian GCG Criteria Used in GCG Assessment
Metode pengukuran penerapan GCG di lingkungan Perseroan The method to measure GCG implementation within the
mengacu pada Keputusan Menteri Keuangan Nomor 505/ Company refers to the Minister of Finance Decree No. 505/
478
KMK.06/2020 tanggal 9 November 2020 tentang Pedoman KMK.06/2020 dated November 9, 2020 on Guidelines for
Penilaian dan Evaluasi atas Penerapan Tata Kelola Perusahaan Assessment and Evaluation of the Implementation of Good
yang Baik pada Perusahaan Perseroan di bawah Pembinaan Corporate Governance in Companies under the Guidance and
dan Pengawasan Menteri Keuangan. Supervision of the Minister of Finance.
Laporan Tahunan 2025 Annual Report
Hasil Penilaian Assessment Results
Hasil penilaian GCG tahun buku 2025 menunjukan adanya The results of the 2025 CG assessment show an increase
peningkatan skor dibandingkan tahun sebelumnya. Skor in the score compared to the previous year. The Company’s
Perseroan tahun 2025 mencapai 90,63% meningkat score for 2025 reached 90.63%, up from 89.72% in 2024. The
dibandingkan tahun 2024 sebesar 89,72%. Berikut perbandingan following is a comparison of CG scores by assessment aspect
pencapaian skor GCG berdasarkan aspek penilaian dalam dua over the past two years.
tahun terakhir.
Page 479
Tabel Hasil Assessment GCG 2024 dan 2025
Table of GCG Assessment Results in 2024 and 2025
2024 2025
Klasifikasi Klasifikasi
Kualitas Kualitas
Aspek Pengujian/Indikator/ Penerapan Penerapan
Parameter Testing Bobot Capaian GCG Capaian GCG
Testing Aspect/Indicator/ Weight Achieve % Classifica Achieve % Classifica
Parameter ment tion of ment tion of
GCG Imple GCG Imple
mentation mentation
Quality Quality
Komitmen terhadap Penerapan Tata 7,00 6,841 97,74% Sangat Baik 6,854 97,92% Sangat Baik
Kelola Perusahaan yang Baik Secara Very Good Very Good
Berkelanjutan
Commitment to the Implementation
of Good Corporate Governance on an
Ongoing Basis
Pemegang Saham dan RUPS 9,00 8,625 95,83% Sangat Baik 8,712 96,80% Sangat Baik
Shareholders and GMS Very Good Very Good
Dewan Komisaris 35,00 32,335 92.39% Sangat Baik 32,777 93,65% Sangat Baik
Board of Commissioners Very Good Very Good
Direksi 35,00 32,498 92.85% Sangat Baik 32,529 92,94% Sangat Baik
Board of Director Very Good Very Good
Pengungkapan Informasi dan 9,00 8,169 90.77% Sangat Baik 8,512 94,58% Sangat Baik
Transparansi Very Good Very Good
Information Disclosure and
Transparency
Aspek Lainnya 5,00 1,250 25.00% Sangat Baik 1,250 25,00% Sangat Baik
Other Aspects Very Good Very Good
Total Skor 100,00 89,719 89,72% Sangat Baik 90,633 90,63% Sangat Baik
Total Score Very Good Very Good
Penilaian atas penerapan prinsip GCG tersebut menghasilkan The assessment of GCG principles’ implementation yielded
temuan-temuan yang menjadi rekomendasi untuk findings that served as recommendations for future GCG
penyempurnaan praktik GCG ke depannya. Berikut adalah practice improvement. The recommendations for 2025 are listed
rekomendasi di tahun 2025 serta tindak lanjut rekomendasi below, as well as a follow-up to the 2024 recommendations,
tahun 2024 yang dilaksanakan di tahun 2025. which were implemented in 2025.
Rekomendasi Hasil Assessment GCG Perusahaan Periode Recommendations for the Company’s GCG Assessment
Tahun 2025 Results for the Period of 2025 479
Aspek Rekomendasi
Aspects Recommendations PT Sarana Multigriya Finansial (Persero)
Komitmen Terhadap Penerapan Tata 1. Menandatangani Pedoman Tata Kelola yang Baik sesuai dengan ketentuan dalam Keputusan Menteri
Kelola Perusahaan Yang Baik Secara Keuangan Nomor 505/KMK.06/2020.
Berkelanjutan 2. Mengevaluasi metode sosialisasi dan merancang program peningkatan pemahaman (refreshment
Commitment to the Implementation program) yang lebih interaktif dan berkesinambungan terkait pedoman tata kelola dan kode etik
of Good Corporate Governance perusahaan, disertai pre-test dan post-test untuk mengukur efektivitas pemahaman.
sustainably 3. Melakukan percepatan pengembangan dan pemutakhiran Sistem Unit Pengendali Gratifikasi (UPG)
dengan menindaklanjuti usulan SPI, khususnya terkait pengembangan dashboard monitoring, menu
aplikasi pelaporan, dan integrasi Single Sign-On (SSO).
1. Sign the Good Governance Guidelines in accordance with the provisions of Minister of Finance
Decree No. 505/KMK.06/2020.
2. Evaluate the dissemination methods and design a more interactive and sustainable awareness-
building program (refresher program) regarding corporate governance guidelines and the code of
conduct, accompanied by pre-tests and post-tests to measure the effectiveness of understanding.
3. Accelerate the development and updating of the Gratification Control Unit (UPG) System by
following up on Internal Audit Unit proposals, particularly regarding the development of a monitoring
dashboard, reporting application menus, and the integration of Single Sign-On (SSO).
Pemegang Saham dan RUPS/Pemilik Menyusun kajian/analisis atas amanat/arahan Presiden pada Pidato Presiden Republik Indonesia
Modal untuk menghapus tantiem Dewan Komisaris dan relevansinya dengan BUMN alat fiskal di lingkungan
Shareholders and GMS Kementerian Keuangan.
Conduct a study/analysis of the President’s directives in the President of the Republic of Indonesia’s
speech regarding the elimination of bonuses for the Board of Commissioners and their relevance to
state-owned enterprises (SOEs) serving as fiscal instruments within the Ministry of Finance.
Page 480
Tata Kelola Perusahaan
Corporate Governance
Aspek Rekomendasi
Aspects Recommendations
Dewan Komisaris 1. Mencantumkan secara detail program kerja Dewan Komisaris (RKAT) dalam RKAP dalam satu
Board of Commissioners segmen tersendiri.
2. Melakukan telaah dan memberikan arahan kepada Direksi atas pelaksanaan kebijakan akuntansi dan
penyusunan laporan keuangan.
3. Melakukan telaah dan memberikan arahan kepada Direksi atas Manajemen fungsi SPI.
4. Membuat pakta integritas secara khusus dalam setiap usulan tindakan Direksi yang harus
mendapatkan rekomendasi dari Dewan Komisaris dan Persetujuan RUPS.
5. Memutakhirkan atau melakukan telaah atas keselarasan piagam untuk setiap Komite Dewan
Komisaris dengan kondisi terkini.
1. Include a detailed description of the Board of Commissioners’ work program (RKAT) in the Annual
Business Plan (RKAP) in a separate section.
2. Review and provide guidance to the Board of Directors regarding the implementation of accounting
policies and the preparation of financial statements.
3. Review and provide guidance to the Board of Directors regarding the management of the internal
audit unit function.
4. Establish a specific integrity pact for each proposed action by the Board of Directors that requires
a recommendation from the Board of Commissioners and approval by the General Meeting of
Shareholders.
5. Update or review the alignment of the charters for each Board of Commissioners Committee with
current conditions.
Direksi 1. Memastikan Survey Kepuasan telah selesai dilaksanakan sebelum penilaian GCG berikutnya.
Board of Director 2. Pemberian pemahaman pada vendor tentang standar pelayanan minimal dan kompensasi yang bisa
mereka dapatkan jika tidak terpenuhi.
1. Ensure that the satisfaction survey has been completed before the next GCG assessment.
2. Educate vendors on minimum service standards and the penalties they may face if these standards
are not met.
Pengungkapan Informasi dan Harmonisasi antara Petunjuk Teknis Nomor 046/KEB/PT/SMF/XI/2022 dengan Pedoman Pengelolaan
Transparansi Situs Web (V:01 T:12-2014) beserta pedoman induk terkait lainnya untuk mengeliminasi tumpang tindih
Information Disclosure and pengaturan (overlapping) dan menetapkan satu rujukan hierarki kebijakan yang jelas dan konsisten bagi
Transparency pelaksana.
Conduct a review and harmonization of Technical Guideline No. 046/KEB/PT/SMF/XI/2022 with the
Website Management Guidelines (V:01 T:12-2014) and other relevant master guidelines to eliminate
regulatory overlap and establish a clear and consistent hierarchical policy framework for policy
implementers.
480
Tindak Lanjut Rekomendasi Hasil Penilaian GCG Follow-up on the GCG Assessment Recommendations
Rekomendasi dari Area of Improvement (AoI) hasil penilaian The recommendations from the Area of Improvement (AoI)
tahun 2024 telah dilaksanakan pada tahun 2025 dan secara from the 2024 assessment were implemented in 2025, and a
Laporan Tahunan 2025 Annual Report
berkelanjutan dilakukan proses monitoring atas tindak lanjut monitoring process for follow-up on the completion of the AoI
penyelesaian AoI hingga saat ini. Perseroan melakukan has been ongoing until present. The Company monitors the
monitoring atas tindak lanjut rekomendasi tersebut sebagai follow-up on these recommendations in order to improve GCG
upaya perbaikan pelaksanaan GCG di lingkungan Perusahaan. implementation throughout the Company. The follow-up to the
Tindak lanjut rekomendasi atas hasil penilaian tahun 2024 recommendations from the 2024 assessment is as follows:
adalah sebagai berikut:
Rekomendasi Tindak Lanjut
No
Recommendations Follow up
ASPEK 1 : . Komitmen Terhadap Penerapan Tata Kelola Perusahaan Yang Baik Secara Berkelanjutan
ASPECT 1: Commitment to the Sustainable Implementation of Good Corporate Governance
1. Kebijakan Umum terkait Tata Kelola Perusahaan yang Baik sudah Perbaikan atas rancangan penyusunan Kebijakan Umum
disetujui namun belum ditandatangani Dewan Komisaris dimana dituangkan dalam Pedoman Penyusunan dan
General policies related to good corporate governance have been Pengaturan Kebijakan Internal terkait Konteks terhadap Lembar
approved but have not yet been signed by the Board of Commissioners Komitmen
Revisions to the General Policy draft as outlined in the
Guidelines for the Formulation and Regulation of Internal
Policies related to the Context of the Commitment Sheet.
2. Kebijakan dan panduan tambahan lebih jauh tentang berbagai praktik Melakukan sosialisasi kepada Dekom dan organ terkait materi
yang terdapat dalam pedoman tata kelola perusahaan yang baik dan dalam Kebijakan Umum Kode Etik, dan Tata Kelola
pedoman kode etik yang sudah dimutakhirkan belum dikomunikasikan Conducting dissemination to the Board of Commissioners and
dan disosialisasikan kembali kepada Dewan Komisaris dan organ. related organs regarding the material in the General Policy on
Additional policies and guidelines regarding various practices Code of Conduct and Governance
contained in the updated corporate governance guidelines and code of
conduct have not yet been conveyed and disseminated to the Board of
Commissioners and organs.
ASPEK 2 : Pemegang Saham dan RUPS/Pemilik Modal
ASPECT 2: Shareholders and GMS/Capital Owners
Page 481
Rekomendasi Tindak Lanjut
No
Recommendations Follow up
1. Pemegang saham/RUPS belum mengatur mengenai jabatan lainnya Pemenuhan menggunakan Surat yang dikeluarkan oleh
secara rinci yang menimbulkan benturan kepentingan bagi direksi Kementerian Keuangan melalui Direkrotat Jenderal Kekayaan
Shareholders/GMS have not regulated in detail other positions that Negara (DJKN) kepada Special Mission Vehicle (SMV) tentang
cause conflicts of interest for Board of Directors Penyampaian Daftar Potensi Rangkap Jabatan Lainnya bagi
Direksi dan Dewan Komisaris yang dapat menimbulkan
benturan kepentingan.
Compliance is ensured by using a letter issued by the Ministry
of Finance through the Directorate General of State Assets
(DJKN) to the Special Mission Vehicle (SMV) regarding the
Submission of a List of Other Potential Positions for Directors
and the Board of Commissioners that may cause conflicts of
interest.
2. Pemegang saham/RUPS belum mengatur mengenai jabatan lainnya Pemenuhan menggunakan Surat yang dikeluarkan oleh
secara rinci yang menimbulkan benturan kepentingan bagi dewan Kementerian Keuangan melalui Direkrotat Jenderal Kekayaan
komisaris Negara (DJKN) kepada Special Mission Vehicle (SMV) tentang
Shareholders/GMS have not regulated other positions in detail that Penyampaian Daftar Potensi Rangkap Jabatan Lainnya bagi
could cause conflicts of interest for the Board of Commissioners Direksi dan Dewan Komisaris yang dapat menimbulkan
benturan kepentingan
Compliance with the letter issued by the Ministry of Finance
through the Directorate General of State Assets (DJKN) to the
Special Mission Vehicle (SMV) regarding the Submission of
a List of Potential Other Positions for Board of Directors and
Board of Commissioners that may cause conflicts of interest
3. Pemegang saham/RUPS belum memberikan persetujuan/keputusan Pemenuhan menggunakan persetujuan yang dilakukan oleh
atas usulan direksi. Pemegang Saham/RUPS terkait dengan Usulan Write Off
Shareholders/GMS have not yet given their approval/decision on the (Penghapusan Buku)
Board of Directors' proposal. Compliance with the approval given by the Shareholders/GMS
regarding the Write Off Proposal
4. AoI yang dihasilkan dari assessment atas pelaksanaan tata kelola Penyelesaian atas seluruh Area of Improvement (AoI) GCG
perusahaan yang baik belum ditindaklanjuti seluruhnya. pada Aspek 2 Pemegang Saham/RUPS/Pemilik Modal.
The Areas of Improvement (AoI) resulting from the assessment of Resolution of all Areas of Improvement (AoI) in GCG in Aspect 2
the implementation of good corporate governance has not been fully Shareholders/GMS/Capital Owners.
followed up.
ASPEK 3 : Dewan Komisaris
ASPECT 3: Board of Commissioners
1. PT SMF belum memiliki mekanisme/kebijakan terkait dengan Pemenuhan dengan perbaikan Kebijakan Umum Board Manual
pengomunikasian keputusan Dewan Komisaris kepada Direksi terkait pengkomunikasian keputusan Dewan Komisaris.
sebagaimana diatur dalam Board Manual Compliance with improvements to the General Policy of
PT SMF does not yet have a mechanism/policy related to the Board Manual regarding the communication of Board of
communicating Board of Commissioners' decisions to the Board of Commissioners' decisions.
Directors as stipulated in the Board Manual.
2. RKAT belum termuat dalam RKAP Tahun 2024 Pemenuhan dengan RKAP Tahun 2025 memuat mengenai
The RKAT has not been included in the 2024 RKAP. RKAT.
Compliance with the 2025 RKAP, which includes the RKAT.
3. Dekom belum melakukan telaah atas kesesuaian visi dan misi Pemenuhan dilakukan dengan hasil telaah oleh Dewan 481
perusahaan dengan perubahan lingkungan bisnis yang ada Komisaris dengan materi tentang kesesuaian visi dan misi
The Board of Commissioners has not reviewed the alignment of terhadap lingkungan bisnis
the company's vision and mission with changes in the business Compliance with the results of the review by the Board of
environment Commissioners with material on internal control at the activity
and operational levels, as well as the ICoFR review conducted
PT Sarana Multigriya Finansial (Persero)
by the Internal Audit Unit.
4. • Dewan Komisaris belum melakukan telaah atas pengendalian Pemenuhan dengan hasil telaah oleh Dewan Komisaris dengan
internal pada level aktivitas atau operasional; materi tentang pengendalian internal pada level aktivitas dan
• Dewan Komisaris belum melakukan telaah atas pelaksanaan ICOFR operasional, serta telaah ICoFR yang dilakukan oleh Satuan
• The Board of Commissioners has not conducted a review of Pengawasan Intern.
internal control at the activity or operational level. Compliance with the results of the review by the Board of
• The Board of Commissioners has not reviewed the implementation Commissioners with material on internal control at the activity
of ICoFR and operational levels, as well as the ICoFR review conducted
by the Internal Audit Unit.
5. Dewan Komisaris belum memberikan arahan terkait dengan kebijakan Pemenuhan dengan hasil telaah oleh Dewan Komisaris atas
Sistem Teknologi Informasi Pedoman Pengelolaan Keamanan Informasi.
The Board of Commissioners has not provided guidance regarding the Compliance with the results of the review by the Board of
Information Technology System policy Commissioners on the Information Security Management
Guidelines.
6. Dewan Komisaris belum melakukan telaah dan memberikan arahan Pemenuhan dengan hasil telaah oleh Dewan Komisaris atas
atas rencana mutasi satu level jabatan di bawah Direksi rencana promosi dan mutasi 1 level dibawah Direksi.
The Board of Commissioners has not reviewed and provided guidance Compliance with the results of the review by the Board of
on the plan for transfers one level below the Board of Directors Commissioners on the promotion and employee transfer plan
one level below the Board of Directors.
Page 482
Tata Kelola Perusahaan
Corporate Governance
Rekomendasi Tindak Lanjut
No
Recommendations Follow up
7. Dekom belum melakukan telaah terhadap kepuasan pelayanan beserta Pemenuhan dengan hasil telaah oleh Dewan Komisaris atas
pelaksanaannya, serta belum ada arahan yang disampaikan kepada Pedoman Pelindungan Pemangku Kepentingan serta arahan
Direksi. kepada Direksi yang termuat dalam Risalah Rapat Direksi –
The Board of Commissioners has not reviewed service satisfaction and Dewan Komisaris.
its implementation, and no directives have been issued to the Board of Compliance with the results of the review by the Board of
Directors. Commissioners on the Stakeholder Protection Guidelines and
directives to the Board of Directors as contained in the Minutes
of the Board of Directors - Board of Commissioners Meeting.
8. RKAT belum memuat anggaran biaya kebutuhan auditor eksternal. Pemenuhan dengan dokumen RKA Dewan Komisaris Tahun
The Annual Work Plan and Budget (RKAT) does not include the budget 2025 dan diuraikan mengenai Anggaran Kebutuhan Auditor
for external auditor fees. Eksternal.
Compliance with the Board of Commissioners' Work Plan and
Budget document for 2025 and an explanation of the External
Auditor Budget.
9. 1. Dewan Komisaris belum melakukan telaah atas: Pemenuhan dengan telaah oleh Dewan Komisaris dan risalah
a. kelengkapan atribut temuan dan kualitas rekomendasi hasil rapat atas:
audit internal • Kelengkapan audit temuan dan Kualitas Audit Satuan
b. Manajemen fungsi SPI Pengawasan Intern
• Arahan kepada Direksi atas peningkatan efektifitas Satuan
2. Belum terdapat arahan yang disampaikan ke Direksi atas Pengawasan Intern
peningkatan efektivitas audit internal dan audit eksternal Compliance with the review by the Board of Commissioners
and the minutes of the meeting on:
1. The Board of Commissioners has not reviewed: • Completeness of audit findings and quality of internal audit
a. the completeness of audit findings and the quality of • Directives to the Board of Directors on improving the
recommendations from internal audits effectiveness of the Internal Audit Unit
b. Management of the Internal Audit Unit (SPI) function
2. There has been no guidance provided to the Board of Directors on
improving the effectiveness of internal and external audits
482
Laporan Tahunan 2025 Annual Report
Page 483
Rekomendasi Tindak Lanjut
No
Recommendations Follow up
10. Dewan Komisaris telah mengevaluasi pencapaian kinerja Dewan Pemenuhan dengan dokumen hasil evaluasi kinerja Dewan
Komisaris secara kolektif kolegial dan dituangkan dalam risalah rapat Komisaris dengan korelasinya terhadap seluruh IKU Dewan
Dewan Komisaris, namun belum seluruh unsur kinerja pada IKU antara Komisaris yang termuat dalam risalah rapat.
lain: Compliance with documents proving the delivery of meeting
• Pelaksanaan Rapat Rutin Dewan Komisaris materials to the Board of Commissioners.
• Persentase pemberian tanggapan (response) atas permohonan
persetujuan/rekomendasi dari Direksi yang tepat waktu
• Persentase arahan Dewan Komisaris yang ditindaklanjuti oleh
Direksi
• Skor Assesmen GCG
• Penelitian dan penelaahan atas laporan berkala dan laporan
tahunan yang disiapkan Direksi serta menandatangani laporan
tahunan
• Jumlah pelatihan atau seminar yang diikuti oleh Dewan Komisaris
• Penyampaian Rencana Kerja dan Anggaran (RKA) Tahunan Dewan
Komisaris
• Penyampaian hasil Penelaahan dan persetujuan atas RKAP dan/
atau RJPP beserta perubahannya
• Penyampaian laporan pelaksanaan tugas dan tanggung jawab
Dewan Komisaris (triwulanan)
• Penyampaian laporan capaian kinerja Dewan Komisaris
(triwulanan)
• Penyampaian laporan pengawasan atas pelaksanaan RKAP, tindak
lanjut Arahan Pemegang Saham dan capaian IKU Perusahaan
(semesteran)
The Board of Commissioners has evaluated the performance
achievements of the Board of Commissioners collectively and
collegially and documented them in the minutes of the Board of
Commissioners’ meeting; however, not all performance elements in the
Key Performance Indicators (KPIs) have been included, including:
• Implementation of regular Board of Commissioners’ meetings
• Percentage of timely responses to requests for approval/
recommendations from the Board of Directors
• Percentage of the Board of Commissioners’ directives that have
been followed up by the Board of Directors
• GCG assessment score
• Review and examination of periodic reports and the annual report
prepared by the Board of Directors, as well as signing of the
annual report
• Number of trainings or seminars attended by the Board of
Commissioners
• Submission of the Board of Commissioners’ Annual Work Plan and
Budget (RKA)
• Submission of the results of the review and approval of the
Company’s Annual Work Plan and Budget (RKAP) and/or RJPP,
including any amendments thereto
• Submission of reports on the implementation of the duties and
responsibilities of the Board of Commissioners (quarterly)
• Submission of reports on the performance achievements of the 483
Board of Commissioners (quarterly)
• Submission of supervisory reports on the implementation of the
RKAP, follow-up on Shareholder directives, and the achievement
of the Company’s KPIs (semi-annually)
PT Sarana Multigriya Finansial (Persero)
11. Agenda rapat yang akan dibahas belum tertuang dalam rencana kerja Pemenuhan dengan dokumen berupa Rencana Kerja Anggaran
pengawasan Dekom. Dewan Komisaris Tahun 2025.
The meeting agenda to be discussed has not been included in the Compliance with documents in the form of the Board of
Board of Commisisoner’s supervision work plan Commissioners' 2025 Budget Work Plan.
12. Terdapat undangan berikut bahan rapat yang disampaikan kurang dari Pemenuhan dengan dokumen pembuktian pengiriman bahan
5 (lima) hari. rapat kepada Dewan Komisaris.
Invitations and meeting materials were delivered less than 5 (five) days Compliance with documents proving the delivery of meeting
in advance. materials to the Board of Commissioners.
13. Risalah rapat komite belum memuat tempat pelaksanaan dan masih Pemenuhan dengan dokumen risalah Rapat Komite dibawah
terdapat risalah rapat yang tidak ditandatangani oleh Komite dan Dewan Komisaris yang telah dilakukan perbaikan pada format
anggota komite yang hadir. risalahnya.
The committee meeting minutes do not yet include the location of Compliance with the minutes of the Committee Meeting under
the meeting, and there are still minutes of the meeting that have not of the Board of Commissioners, which has been revised in
been signed by the Committee and the committee members who were terms of format.
present.
Page 484
Tata Kelola Perusahaan
Corporate Governance
Rekomendasi Tindak Lanjut
No
Recommendations Follow up
14. Laporan Komite (Komite Audit, KNR, dan KPR) belum menyajikan Pemenuhan dengan dokumen berupa Laporan Komite,
perbandingan realisasi kegiatan dengan program kerja tahunan. disajikan materi pembahasan atas perbandingan realisasi
The Committee Reports (Audit Committee, Nomination & Remuneration terhadap program kerja Komite dibawah Dewan Komisaris.
Committee, and Risk Monitoring Committee) have not presented Compliance with documents in the form of Committee Reports,
a comparison of the realization of activities with the annual work presenting discussion material on the comparison of realization
program. with the work program of the Committee under the Board of
Commissioners.
ASPEK 4 : Direksi
ASPECT 4: Board of Directors
1. • Tidak terdapat dokumentasi pembahasan rencana promosi dan/ Pemenuhan dokumen berupa usulan dari Direksi kepada
atau mutasi jabatan BOD-1 di Tahun 2024 yang disampaikan ke Dekom dalam hal terdapat mutasi dan promosi 1 level dibawah
Dewan Komisaris. Direksi.
• Kurangnya tingkat pemahaman karyawan atas kebijakan SDM Compliance with documents in the form of proposals from
terkait promosi dan mutasi. the Board of Directors to the Board of Commissioners in the
• There is no documentation of discussions regarding the promotion event of transfers and promotion one level below the Board of
and/or transfer plans for BOD-1 in 2024 that has been submitted Directors.
to the Board of Commissioners.
• There is a lack of employee understanding of HC policies related
to promotions and transfers.
2. Pada Kebijakan Perseroan Nomor 022/KEB/PED/SMF/IX/2023 Pemenuhan dokumen berupa pemutakhiran Pedoman
tentang Pedoman Perlindungan Pemangku Kepentingan, perusahaan Pelindungan Pemangku Kepentingan terkait penyesuaian atas
berkomitmen memberikan kompensasi yang pantas kepada Pemangku bentuk kompensasi.
kepentingan yang mengalami ketidaknyamanan atau kerugian akibat The fulfillment of documents in the form of updating the
masalah yang mereka alami, namun demikian perusahaan belum Stakeholder Protection Guidelines related to adjustments to
mendefiniskan bentuk kompensasi yang pantas dalam hal SPM dan the form of compensation.
mutu tidak terpenuhi.
Under Company Policy Number 022/KEB/PED/SMF/IX/2023 on the
Stakeholder Protection Guidelines, the Company is committed to
providing appropriate compensation to stakeholders who experience
inconvenience or losses due to issues they encounter. However, the
Company has not yet defined the form of such compensation in cases
where the Service Level Standards (SPM) and quality requirements are
not fulfilled.
484 3. Berdasarkan hasil hasil audit internal SPI SMF Nomor LHA/005/SPI/ Atas LHA SPI mengenai Pengadaan Barang Jasa telah
SMF/XII/2024 tanggal 24 Desember 2024 tentang Proses Pengadaan ditindaklanjuti oleh Divisi Pengadaan dan Manajemen
dan Pembangunan SMF4, Perusahaan belum menggunakan e-proc Aset, dimana penggunaan sistem e-proc telah digunakan
secara optimal pada Proses Pengadaan barang dan jasa. sepenuhnya oleh user dalam proses pengadaan yang
Based on the Internal Audit Report of the SMF Internal Audit Unit (SPI) berlangsung.
Laporan Tahunan 2025 Annual Report
No. LHA/005/SPI/SMF/XII/2024 dated December 24, 2024 regarding Regarding the SPI LHA on Goods and Services Procurement,
the SMF4 Procurement and Development Process, the Company has the Procurement and Asset Management Division has followed
not yet optimally utilized the e-procurement system in the procurement up, where the e-proc system has been fully utilized by users in
of goods and services. the ongoing procurement process.
4. Perusahaan belum melakukan: Pemenuhan dokumen yang digunakan adalah
• Evaluasi/penilaian atas efektivitas pengendalian internal pada • Telaah oleh Dewan Komisaris atas Laporan Hasil Audit
tingkat operasional/aktivitas. (LHA) yang dilakukan SPI pada tingkat aktiviitas.
• Penilaian atas efektivitas struktur pengendalian internal dan • Penilaian atas efektivitas struktur pengendalian internal /
prosedur pelaporan keuangan pada akhir tahun buku perusahaan ICoFR wajib dilakukan oleh Satuan Pengawasan Intern.
(Internal Control over Financial Reporting/ICoFR) The documents used are
The Company has not yet conducted: • Review by the Board of Commissioners of the Audit Report
• An evaluation/assessment of the effectiveness of internal controls (LHA) conducted by SPI at the activity level.
at the operational/activity level. • Assessment of the effectiveness of the internal control
• Assessment of the effectiveness of the internal control structure structure/ICoFR must be conducted by the Internal Audit
and financial reporting procedures at the end of the company's Unit.
fiscal year (Internal Control over Financial Reporting/ICoFR).
5. E-proc belum dimanfaatkan secara optimal di tahun 2024 Atas LHA SPI mengenai Pengadaan Barang Jasa telah
E-procurement has not been optimally utilized in 2024 ditindaklanjuti oleh Divisi Pengadaan dan Manajemen
Aset, dimana penggunaan sistem e-proc telah digunakan
sepenuhnya oleh user dalam proses pengadaan yang
berlangsung.
The SPI Internal Audit Report (LHA) on the procurement of
goods and services has been followed up by the Procurement
and Asset Management Division, and the e-procurement
system is now fully utilized by users in the ongoing
procurement process.
Page 485
Rekomendasi Tindak Lanjut
No
Recommendations Follow up
6. Perusahaan belum memiliki kebijakan mengenai metode penilaian Pemenuhan dokumen dengan disusunnya Kebijakan
untuk mengukur kepuasan karyawan dan melaksanakan survei baru terkait dengan Perusahaan melaksanakan survei
kepuasan karyawan. kepuasan guna mengukur kepuasan karyawan, dipenuhi
The Company does not yet have a policy on assessment methods to dengan Pedoman Employee Experience (EX) dan Employee
measure employee satisfaction and conduct employee satisfaction Engagement (EE).
surveys. Compliance has been fulfilled through the issuance of a new
policy on the implementation of employee satisfaction surveys,
as stipulated in the Employee Experience (EX) and Employee
Engagement (EE) Guidelines.
7. Perusahaan belum menetapkan Penyelenggaraan rapat Direksi dalam Pemenuhan dokumen berupa muatan materi pada RKAP Tahun
RKAP. 2025 terkait dengan penyelenggaraan Rapat Direksi.
The Company has not yet determined the holding of Board of Directors Compliance has been fulfilled through the inclusion of
meetings in the Annual Work Plan and Budget (RKAP). provisions regarding the implementation of Board of Directors’
meetings in the 2025 RKAP.
ASPEK 5 : Pengungkapan Informasi dan Transparansi
ASPECT 5: Disclosure of Information and Transparency
1. Laporan tahunan belum memuat informasi berapa periode audit Pemenuhan dokumen berupa Laporan Tahunan untuk
akuntan publik dan kantor akuntan publik telah mengaudit. Tahun Buku 2024 telah ditambahkan muatan materi terkait
The annual report does not include information on the number of periode audit akuntan publik dan kantor akuntan publik telah
periods audited by public accountants and public accounting firms. mengaudit.
The fulfillment of documents in the form of the Annual Report
for the 2024 Fiscal Year has been supplemented with material
content related to the period of audit by public accountants
and public accounting firms.
2. Perusahaan belum masuk nominasi ARA Pemenuhan dokumen berupa bukti pendaftaran ARA tahun
The Company has not been nominated for ARA. berjalan.
Fulfillment of documents in the form of proof of ARA
registration for the current year.
MONITORING TERHADAP MONITORING OF GCG ASSESSMENT
REKOMENDASI PENILAIAN GCG RECOMMENDATIONS
Perseroan melakukan monitoring terhadap pemenuhan The Company monitored compliance with the GCG assessment
rekomendasi penilaian GCG Tahun Buku 2024, dengan hasil recommendations for the 2024 Fiscal Year, with the following
sebagai berikut: results:
Aspek Jumlah AoI Pemenuhan AoI
Outstanding
Aspect Total AoI Fulfillment of AoI
Komitmen Terhadap Penerapan Tata Kelola Perusahaan Yang Baik Secara 2 2 0
Berkelanjutan
Commitment to the Implementation of Good Corporate Governance in a
485
Sustainable Manner
Pemegang Saham dan RUPS 4 2 2
Shareholders and the General Meeting of Shareholders
Dewan Komisaris 14 13 1
PT Sarana Multigriya Finansial (Persero)
Board of Commissioners
Direksi 7 6 1
Board of Directors
Pengungkapan Informasi dan Transparansi 2 2 0
Information Disclosure and Transparency
Aspek Lainnya 0 0 0
Other Aspects
Page 486
Tata Kelola Perusahaan
Corporate Governance
Area of Improvement (AoI) GCG Tahun Buku 2024 yang belum There are four (4) areas of improvement (AoI) in GCG for the
terpenuhi sebanyak 4 (empat) AoI sebagai berikut: 2024 fiscal year that have not yet been fulfilled, as follows:
Aspek Parameter Kondisi / Rekomendasi
No. Parameter Condition/Recommendation
Aspect
1. Pemegang Saham dan RUPS 29 Pemegang saham/RUPS belum memberikan persetujuan/keputusan atas usulan Direksi.
Shareholders and the Shareholders/GMS have not yet given their approval/decision on the directors' proposal.
General Meeting of
Shareholders
2. Pemegang Saham dan RUPS 38 AoI yang dihasilkan dari assessment atas pelaksanaan tata kelola perusahaan yang baik
Shareholders and the belum ditindaklanjuti seluruhnya.
General Meeting of The AoI resulting from the assessment of the implementation of good corporate
Shareholders governance has not been completely followed up.
3. Dewan Komisaris 51 1. Dewan Komisaris belum melakukan telaah atas pengendalian internal pada level
Board of Commissioners aktivitas atau operasional;
2. Dewan Komisaris belum melakukan telaah atas pelaksanaan ICOFR
1. The Board of Commissioners has not reviewed internal controls at the activity or
operational level;
2. The Board of Commissioners has not reviewed the implementation of ICOFR
4. Direksi 107 Perusahaan belum melakukan:
Board of Directors 1. Evaluasi/penilaian atas efektivitas pengendalian internal pada tingkat operasional/
aktivitas.
2. Penilaian atas efektivitas struktur pengendalian internal dan prosedur pelaporan
keuangan pada akhir tahun buku perusahaan (Internal Control over Financial
Reporting/ICoFR)
The Company has not conducted:
1. An evaluation/assessment of the effectiveness of internal controls at the operational/
activity level.
2. An assessment of the effectiveness of the internal control structure and financial
reporting procedures at the end of the company's fiscal year (Internal Control over
Financial Reporting/ICoFR).
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Tanggung Jawab Sosial dan Lingkungan
Social and Environmental Responsibility
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489
PT Sarana Multigriya Finansial (Persero)
TANGGUNG JAWAB
SOSIAL PERUSAHAAN
SOCIAL AND ENVIRONMENTAL RESPONSIBILITY
Page 490
Tanggung Jawab Sosial dan Lingkungan
Social and Environmental Responsibility
TATA KELOLA TANGGUNG JAWAB SOSIAL
PERUSAHAAN
SOCIAL AND ENVIRONMENTAL RESPONSIBILITY GOVERNANCE
Sebagai Badan Usaha Milik Negara yang berperan sebagai As a State-Owned Enterprise serving as a special mission vehicle
special mission vehicle di sektor pembiayaan perumahan, PT in the housing finance sector, PT Sarana Multigriya Finansial
Sarana Multigriya Finansial (Persero) memiliki peran strategis (Persero) plays a strategic role in supporting sustainable
dalam mendukung pembangunan berkelanjutan, khususnya development, particularly by expanding access to inclusive and
melalui perluasan akses pembiayaan perumahan yang inklusif sustainable housing finance in Indonesia. In line with this mandate,
dan berkelanjutan di Indonesia. Sejalan dengan mandat the implementation of the Social and Environmental Responsibility
tersebut, pelaksanaan Program Tanggung Jawab Sosial dan (TJSL) Program is part of the Company’s commitment to making
Lingkungan (TJSL) menjadi bagian dari komitmen Perseroan a tangible contribution to the economic, social, environmental,
untuk memberikan kontribusi nyata pada aspek ekonomi, sosial, legal, and corporate governance aspects, in order to support the
lingkungan, serta hukum dan tata kelola perusahaan, guna strengthening of the national housing ecosystem.
mendukung penguatan ekosistem perumahan nasional.
Dalam merealisasikan komitmen tersebut, Perseroan menyusun To realize this commitment, the Company develops and
dan melaksanakan program TJSL dengan mengacu pada empat implements the TJSL Social and Environmental Responsibility
pilar utama Tujuan Pembangunan Berkelanjutan (TPB), yaitu: program by referring to the four main pillars of the Sustainable
Development Goals (SDGs), namely:
1. Sosial 1. Social
Tercapainya pemenuhan hak dasar manusia yang Achieving the fulfillment of basic human rights of a fair and
berkualitas secara adil dan setara untuk meningkatkan equal quality to improve the welfare of all people.
kesejahteraan bagi seluruh masyarakat.
2. Lingkungan 2. Environmental
Pengelolaan sumber daya alam dan lingkungan yang Sustainable management of natural resources and the
490
berkelanjutan sebagai penyangga seluruh kehidupan. environment as a support for all life.
3. Ekonomi 3. Economy
Tercapainya pertumbuhan ekonomi berkualitas melalui Achieving quality economic growth through sustainable job
keberlanjutan peluang kerja dan usaha, inovasi, industri and business opportunities, innovation, inclusive industry,
Laporan Tahunan 2025 Annual Report
inklusif, infrastruktur memadai, energi bersih yang adequate infrastructure, affordable clean energy, and
terjangkau, dan didukung kemitraan. supported partnerships.
4. Hukum dan Tata Kelola 4. Law and Governance
Terwujudnya kepastian hukum dan tata kelola yang efektif, Achieving legal certainty and effective, transparent,
transparan, akuntabel, dan partisipatif untuk menciptakan accountable, and participatory governance to create
stabilitas keamanan dan mencapai negara berdasarkan security stability and achieve a state based on the rule
hukum. of law.
Keseluruhan komitmen tersebut merupakan wujud penerapan This overall commitment is a manifestation of the implementation
Tata Kelola Keberlanjutan ( Sustainability Governance ), of Sustainability Governance, which includes policies and
yang mencakup kebijakan dan praktik untuk memastikan practices to integrate sustainability principles into all aspects
terintegrasinya prinsip keberlanjutan dalam seluruh aspek of the Company’s operations and decision-making processes.
operasional serta proses pengambilan keputusan Perseroan. Through this approach, the Company not only focuses on
Melalui pendekatan ini, Perseroan tidak hanya berfokus pada optimizing financial performance, but also on creating broader
optimalisasi kinerja keuangan, tetapi juga pada penciptaan value for social and environmental aspects, by prioritizing the
nilai yang lebih luas bagi aspek sosial dan lingkungan, dengan principles of Environmental, Social, and Governance (ESG) as
mengedepankan prinsip Environmental, Social, and Governance the foundation for all stakeholders.
(ESG) sebagai fondasi bagi seluruh pemangku kepentingan.
Sejalan dengan kerangka Tata Kelola Keberlanjutan tersebut, In line with this Sustainability Governance framework, the Company
Perseroan memastikan keterpaduan dan fokus pelaksanaan ensures the integration and focus of its Social and Environmental
TJSL melalui pengelompokan seluruh inisiatif ke dalam tiga Responsibility implementation by grouping all initiatives into three
pilar utama, yaitu SMF-Care, SMF-Smart, dan SMF-Green. main pillars: SMF-Care, SMF-Smart, and SMF-Green. These three
Ketiga pilar ini menjadi kerangka strategis pelaksanaan pillars form the strategic framework for the Company’s Social
TJSL Perseroan dalam mewujudkan nilai berkelanjutan bagi and Environmental Responsibility implementation in realizing
masyarakat dan lingkungan, sekaligus memastikan bahwa sustainable value for society and the environment, while ensuring
setiap program dijalankan secara terarah dan selaras dengan that each program is implemented in a focused manner and in
tujuan keberlanjutan Perseroan. line with the Company’s sustainability goals.
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Pilar Program TJSL SMF
Pillars of the SMF TJSL Program
PEOPLE, PLANET, PROFIT
SMF-CARE SMF-SMART SMF-GREEN
Komitmen Perseroan Komitmen Perseroan dalam Komitmen Perseroan dalam
terhadap berbagai isu sosial- pengembangan kapasitas menjaga lingkungan hidup (planet)
kemasyarakatan, mencakup manusia (people), mencakup agar tetap layak huni, khususnya
berkenaan dengan bencana, berkenaan dengan pelatihan yang bagi generasi mendatang.
perbaikan infrastruktur, dan mendukung serta bantuan sarana The Company’s commitment
bantuan sosial lainnya. dan prasarana yang terkait di to preserving the environment
The Company’s commitment to dalamnya. (planet) is to ensure it remains
various social and community The Company’s commitment livable, especially for future
issues includes matters related to the development of human generations.
to disasters, infrastructure capacity (people) includes
improvements, and other social relevant training as well as
assistance. support for related facilities and
infrastructure.
Dalam implementasinya, setiap tahun Perseroan menyusun In its implementation, the Company annually prepares
program-program TJSL secara komprehensif yang dituangkan comprehensive Social and Environmental Responsibility
dalam Rencana Kerja dan Anggaran Tanggung Jawab Sosial dan programs outlined in the Social and Environmental Responsibility
Lingkungan (RKA TJSL) untuk memperoleh persetujuan Rapat Work Plan and Budget (RKA TJSL) for approval at the General
Umum Pemegang Saham (RUPS). Perseroan meyakini bahwa Meeting of Shareholders (GMS). The Company believes that 491
pelaksanaan TJSL yang terencana dan berkesinambungan the planned and sustainable implementation of Social and
akan memperkuat hubungan yang harmonis antara Perseroan Environmental Responsibility will strengthen harmonious
dan para pemangku kepentingan, khususnya komunitas dan relationships between the Company and its stakeholders,
masyarakat sekitar. particularly the surrounding communities and society.
PT Sarana Multigriya Finansial (Persero)
Selanjutnya, dalam proses perumusan program TJSL, Perseroan Furthermore, in the process of formulating Social and
senantiasa melibatkan berbagai pemangku kepentingan, Environmental Responsibility programs, the Company
termasuk komunitas dan masyarakat, guna memastikan consistently involves various stakeholders, including
bahwa program yang dijalankan benar-benar relevan dan communities and society, to ensure that the programs are truly
sesuai dengan kebutuhan di lapangan. Seluruh program TJSL relevant and aligned with needs. All Social and Environmental
tersebut kemudian diimplementasikan oleh Tim TJSL dengan Responsibility programs are then implemented by the Social
dukungan anggaran khusus yang telah dialokasikan dalam pos and Environmental Responsibility Team with the support
CSR TJSL, sehingga pelaksanaannya dapat berjalan secara of a dedicated budget allocated within the CSR Social
efektif, berkesinambungan, dan memberikan dampak yang and Environmental Responsibility post, ensuring effective,
nyata. sustainable implementation and tangible impact.
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Tanggung Jawab Sosial dan Lingkungan
Social and Environmental Responsibility
PRINSIP DAN LANDASAN HUKUM TJSL DI
PERUSAHAAN
PRINCIPLES AND LEGAL BASIS FOR SOCIAL AND ENVIRONMENTAL
RESPONSIBILITY IN COMPANIES
Melalui pelaksanaan program yang sistematis dan bertanggung Through systematic and responsible program implementation,
jawab, TJSL diharapkan dapat memberikan dampak yang TJSL Social and Environmental Responsibility is expected to
berkesinambungan sekaligus mendukung pencapaian Tujuan have a sustainable impact while supporting the achievement of
Pembangunan Berkelanjutan. Dalam hal ini, Perseroan the Sustainable Development Goals. In this regard, the Company
berpedoman pada standar ISO 26000, yang mencakup 10 adheres to the ISO 26000 standard, which encompasses 10
(sepuluh) prinsip dan 7 (tujuh) aspek utama, sebagai berikut: (ten) principles and 7 (seven) main aspects, as follows:
Prinsip CSR/TJSL CSR/ TJSL Social and Environmental Responsibility
Principles
1. Terintegrasi; 1. Integrated;
2. Terarah; 2. Targeted;
3. Terukur Dampaknya; 3. Measurable Impact;
4. Akuntabel; 4. Accountable;
5. Transparan; 5. Transparent;
6. Berperilaku etis; 6. Behaving ethically;
7. Menghargai kepentingan pemangku kepentingan; 7. Respecting stakeholder interests;
8. Menghargai peraturan perundangan yang berlaku; 8. Respecting applicable laws and regulations;
9. Menghargai norma bisnis internasional; 9. Respecting international business norms;
10. Menghargai hak asasi manusia. 10. Respecting human rights.
492
Aspek utama CSR/TJSL: Main aspects of CSR/ TJSL Social and Environmental
Responsibility:
1. Organizational Governance (Tata Kelola Organisasi); 1. Organizational Governance;
Laporan Tahunan 2025 Annual Report
2. Human Rights (Hak Asasi Manusia); 2. Human Rights;
3. Labour Practices (Praktik Ketenagakerjaan) 3. Labor Practices;
4. The Environment (Lingkungan); 4. The Environment;
5. Fair Operating Practices (Praktik Operasi yang Adil); 5. Fair Operating Practices;
6. Consumer Issues (Isu-isu terkait Konsumen); 6. Consumer Issues;
7. Community Involvement and Development (Pelibatan dan 7. Community Involvement and Development.
Pengembangan Masyarakat).
Di sisi lain, pelaksanaan Program TJSL Perseroan juga Furthermore, the Company’s TJSL Social and Environmental
dilaksanakan dengan berpedoman pada landasan hukum Responsibility Program is also implemented based on the
berikut: following legal framework:
1. Surat Keputusan Direksi No. 012/SKD/DIR/III/2025 tanggal 1. Board of Directors Decree No. 012/SKD/DIR/III/2025
24 Maret 2025 perihal Penetapan Struktur Organisasi Tim dated March 24, 2025, concerning the Establishment of
Tanggung Jawab Sosial dan Lingkungan (TJSL) Perseroan; the Organizational Structure of the Company’s Social and
Environmental Responsibility (TJSL) Team;
2. Kebijakan Umum Perseroan Nomor 002/KEB/KU/SMF/ 2. Company General Policy No. 002/KEB/KU/SMF/VI/2024
VI/2024 tentang Tata Kelola Perusahaan; concerning Corporate Governance;
3. Kebijakan Perseroan Nomor 030/KEB/PED/SMF/XII/2024 3. Company Policy No. 030/KEB/PED/SMF/XII/2024 concerning
tentang Pedoman Tanggung Jawab Sosial dan Lingkungan. Guidelines for Social and Environmental Responsibility.
Page 493
Sementara itu, ketentuan Umum yang juga menjadi acuan Meanwhile, the following general provisions are also used as
sebagai berikut; references:
1. Undang-Undang Republik Indonesia No. 40 Tahun 2007 1. Law of the Republic of Indonesia No. 40 of 2007 concerning
tentang Perseroan Terbatas; Limited Liability Companies;
2. Undang-Undang Republik Indonesia No. 19 Tahun 2003 2. Law of the Republic of Indonesia No. 19 of 2003 concerning
tentang BUMN; State-Owned Enterprises;
3. Peraturan Presiden Nomor 11/2022 tentang Pelaksanaan 3. Presidential Regulation Number 11/2022 concerning the
Pencapaian Tujuan Pembangunan Berkelanjutan Implementation of Sustainable Development Goals
4. Peraturan Menteri Keuangan Republik Indonesia Nomor 88/ 4. Regulation of the Minister of Finance of the Republic
PMK.06/2015 tentang Penerapan Tata Kelola Perusahaan of Indonesia Number 88/PMK.06/2015 concerning the
yang Baik pada Perusahaan Perseroan (Persero) di Bawah Implementation of Good Corporate Governance in Limited
Pembinaan dan Pengawasan Menteri Keuangan; Liability Companies (Persero) Under the Guidance and
Supervision of the Minister of Finance;
5. Keputusan Menteri Keuangan Republik Indonesia Nomor 5. Decree of the Minister of Finance of the Republic of
505/KMK.06/2020 tentang Pedoman Penilaian dan Evaluasi Indonesia Number 505/KMK.06/2020 concerning Guidelines
Atas Penerapan Tata Kelola Perusahaan yang Baik pada for the Assessment and Evaluation of the Implementation of
Perusahaan Perseroan (Persero) di Bawah Pembinaan dan Good Corporate Governance in Limited Liability Companies
Pengawasan Menteri Keuangan. (Persero) Under the Guidance and Supervision of the
Minister of Finance;
6. Peraturan Menteri Keuangan Republik Indonesia Nomor 6. Regulation of the Minister of Finance of the Republic of
176 Tahun 2023 tentang Tanggung Jawab Sosial dan Indonesia Number 176 of 2023 concerning Social and
Lingkungan Perusahaan Perseroan (Persero) di Bawah Environmental Responsibility of Limited Liability Companies
Pembinaan dan Pengawasan Menteri Keuangan; (Persero) Under the Guidance and Supervision of the
Minister of Finance;
7. Peraturan Otoritas Jasa Keuangan Nomor 51/POJK.03/2017 7. Regulation of the Financial Services Authority Number
tentang Penerapan Keuangan Berkelanjutan bagi Lembaga 51/POJK.03/2017 concerning the Implementation of
Jasa Keuangan, Emiten, dan Perusahaan Publik. Sustainable Finance for Financial Services Institutions,
Issuers, and Public Companies.
8. ISO 26000 Panduan Tanggung Jawab Sosial 8. ISO 26000 Social Responsibility Guidelines 493
PT Sarana Multigriya Finansial (Persero)
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Tanggung Jawab Sosial dan Lingkungan
Social and Environmental Responsibility
STRUKTUR ORGANISASI TANGGUNG JAWAB
SOSIAL PERUSAHAAN
SOCIAL AND ENVIRONMENTAL RESPONSIBILITY ORGANIZATIONAL
STRUCTURE
Sebagai wujud komitmen Perseroan dalam menerapkan tata As a manifestation of the Company’s commitment to
kelola keberlanjutan, pengelolaan Tanggung Jawab Sosial dan implementing sustainable governance, the management of
Lingkungan (TJSL) telah ditetapkan sebagai bagian yang tidak Social and Environmental Responsibility (TJSL) has been
terpisahkan dari kerangka Tata Kelola Keberlanjutan. Ketetapan established as an integral part of the Sustainability Governance
tersebut dituangkan dalam Surat Keputusan Direksi Nomor : framework. This determination is outlined in Board of Directors
012/SKD/DIR/III/2025 tanggal 24 Maret 2025 , yang sekaligus Decree Number 012/SKD/DIR/III/2025 dated March 24,
mengatur struktur organisasi serta susunan personel pengelola 2025, which also regulates the organizational structure and
Program TJSL Perseroan sebagai berikut: personnel managing the Company’s Social and Environmental
Responsibility Program as follows:
Direktur Keuangan & Operasional*
Finance & Operation Direct*
Pembina dan Pengarah
Advisors and Supervisors
Kepala Divisi Sekretariat Perusahaan
Head of Corporate Secretary Division
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Ketua TJSL
Head of TJSL
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Kepala Bagian CA & Comdev
Head of CA & Community Development Section
Koordinator TJSL
TJSL Coordinator
Program Pembiayaan Bidang Peningkatan Administrasi Keuangan
Kualitas Rumah di Daerah
Homestay TJSL Bidang Sosial Community Development & TJSL
Kumuh
Homestay Financing Social Sector TJSL Community Development Finance & TJSL
Slum Area Housing Quality
Program Improvement Division Administration
* Perubahan Nomenklatur dari Direktur Keuangan & Operasional menjadi Direktur Keuangan dan Manajemen Risiko efektif per 9 Juli 2025
*The change in nomenclature from Director of Finance & Operations to Director of Finance and Risk Management is effective as of July 9, 2025
Page 495
VISI DAN MISI KEUANGAN BERKELANJUTAN
PERSEROAN
THE COMPANY'S SUSTAINABLE FINANCE VISION AND MISSION
Perseroan senantiasa memperkuat perannya dalam penyediaan The Company consistently strengthens its role in providing
pembiayaan jangka menengah dan panjang untuk mendukung medium- and long-term financing to support the availability
ketersediaan hunian yang layak dan terjangkau bagi masyarakat of decent and affordable housing for the Indonesian people.
Indonesia. Komitmen tersebut sejalan dengan penerapan prinsip This commitment aligns with the implementation of Sustainable
Keuangan Berkelanjutan, yang tercermin dalam Visi dan Misi Finance principles, as reflected in the Company’s Vision and
Perseroan yang telah diselaraskan dengan arah kebijakan Mission, which are aligned with the direction of sustainable
pembangunan berkelanjutan. Visi dan Misi tersebut dijabarkan development policies. The Vision and Mission are outlined as
sebagai berikut: follows:
Visi dalam Implementasi Keuangan Berkelanjutan
Vision in the Implementation of Sustainable Finance
“Menjadi salah satu entitas utama dalam ekosistem pembiayaan perumahan yang mendukung
penyediaan, kepemilikan, dan keterhunian rumah yang layak dan terjangkau bagi seluruh keluarga
Indonesia.”
“To become one of the key entities in the housing finance ecosystem that supports the provision,
ownership, and habitability of decent and affordable housing for all Indonesian families.”
Misi dalam Implementasi Keuangan Berkelanjutan
Mission in the Implementation of Sustainable Finance
1. Melaksanakan peran sebagai Special Mission 1. Acting as the Government’s Special Mission Vehicle
Vehicle Pemerintah dan agent of development dalam and agent of development in housing finance;
pembiayaan perumahan;
2. Membangun dan mengembangkan Pasar 2. Building and developing the Secondary Mortgage
Pembiayaan Sekunder Perumahan secara Market in a sustainable manner;
berkelanjutan; 495
3. Menyediakan sumber pendanaan dalam pembiayaan 3. Providing funding sources for housing provision and
penyediaan dan kepemilikan rumah; ownership financing;
4. Mendukung Program Sustainable Development Goals 4. Supporting the Government’s Sustainable
Pemerintah; dan Development Goals (SDGs) Program; and
5. Mengembangkan sinergi dengan stakeholder 5. Creating synergy with housing finance stakeholders
PT Sarana Multigriya Finansial (Persero)
pembiayaan perumahan dan memberikan pelayanan and delivering excellent services
yang unggul dengan tata kelola yang baik.
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Tanggung Jawab Sosial dan Lingkungan
Social and Environmental Responsibility
REALISASI DANA DAN PROGRAM KEGIATAN TJSL
2025
REALIZATION OF FUNDS AND 2025 ACTIVITY PROGRAMS
Perseroan merencanakan Program TJSL dengan The Company plans its Social and Environmental Responsibility
mengedepankan pendekatan yang berbasis pada program by prioritizing an approach based on mapping the
pemetaan kebutuhan serta potensi masyarakat di sekitar needs and potential of communities surrounding its operational
wilayah operasional, sekaligus diselaraskan dengan tujuan areas, while simultaneously aligning it with sustainable
pembangunan berkelanjutan. Pendekatan ini memastikan development goals. This approach ensures that each initiative
bahwa setiap inisiatif TJSL dirancang secara relevan, tepat is designed to be relevant, well-targeted, and able to address
sasaran, dan mampu menjawab isu-isu sosial, ekonomi, serta emerging social, economic, and environmental issues.
lingkungan yang berkembang.
Sejalan dengan pendekatan tersebut, proses perencanaan In line with this approach, the program planning process begins
program diawali dengan identifikasi isu-isu sosial, ekonomi, dan with identifying relevant social, economic, and environmental
lingkungan yang relevan di setiap lokasi operasional. Identifikasi issues at each operational location. This identification serves as
ini menjadi dasar dalam merumuskan program yang tidak hanya the basis for formulating programs that are not only responsive
bersifat responsif terhadap kebutuhan masyarakat, tetapi to community needs but also have strategic value in supporting
juga memiliki nilai strategis dalam mendukung pencapaian the achievement of the Sustainable Development Goals (SDGs).
Sustainable Development Goals (SDGs).
Dalam rangka memastikan efektivitas dan keberlanjutan To guarantee the effectiveness and sustainability of program
pelaksanaan program, Perseroan secara aktif melibatkan implementation, the Company actively involves various
berbagai pemangku kepentingan, termasuk pemerintah, stakeholders, including the government, local communities,
masyarakat setempat, serta mitra strategis lainnya. Kolaborasi and other strategic partners. This collaboration is implemented
ini dilakukan untuk memastikan bahwa program TJSL yang so that the Social and Environmental Responsibility programs
496
dilaksanakan mampu memberikan dampak positif yang nyata, implemented are able to provide a tangible, sustainable positive
berkelanjutan, serta sejalan dengan kebijakan dan prioritas impact that is in line with development policies and priorities
pembangunan di tingkat nasional maupun daerah. at the national and regional levels.
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REALISASI PROGRAM TANGGUNG IMPLEMENTATION OF STATE-
JAWAB SOSIAL DAN LINGKUNGAN BUMN OWNED ENTERPRISES’ SOCIAL AND
MENURUT PILAR UTAMA TANGGUNG ENVIRONMENTAL RESPONSIBILITY
JAWAB SOSIAL DAN LINGKUNGAN PROGRAMS BY MAIN PILLARS OF SOCIAL
AND ENVIRONMENTAL RESPONSIBILITY
Total Realisasi Penyaluran Dana Penerima Manfaat Program Penerima Manfaat
Program TJSL Peningkatan RTLH di Daerah Peningkatan kapasitas Desa
Total realization of Social and Kumuh Binaan di lokasi Homestay
Environmental Responsibility Beneficiaries of RTLH improvement in Total Realisasi Penyaluran Dana
Program Fund Distribution Slum Area Program Program TJSL
Rp
6 3
11,67 lokasi І Locations lokasi І Location
miliar І billion
Pada tahun 2025, Perseroan melaksanakan berbagai program In 2025, the Company implemented various Social and
TJSL yang mendukung pencapaian SDGs meliputi Program Environmental Responsibility programs to support the
Peningkatan Kapasitas Homestay pada Mitra Binaan, Program achievement of the SDGs, including the Homestay Capacity
Peningkatan Kualitas Rumah di Daerah Kumuh, serta program Building Program for Fostered Partners, the Housing Quality
sosial yang dijalankan melalui pilar SMF-Care, SMF-Smart, dan Improvement Program in Slum Areas, and social programs
SMF-Green. Program-program yang dilaksanakan Perseroan implemented through the SMF-Care, SMF-Smart, and SMF-
sepanjang tahun 2025 adalah sebagai berikut: Green pillars. The programs implemented by the Company
throughout 2025 are as follows:
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Program Peningkatan Kapasitas Homestay pada Mitra Homestay Capacity Building Program for Fostered
Binaan Partners
Program Peningkatan Kapasitas Homestay pada Mitra Binaan The Homestay Capacity Building Program for the Company’s
Perseroan merupakan kelanjutan dari Program Pembiayaan Fostered Partners is a continuation of the Homestay
Homestay yang telah berjalan sejak 2019. Program ini Financing Program, which has been running since 2019. This
bertujuan memaksimalkan pengembangan pariwisata di program aims to maximize tourism development in leading
destinasi unggulan yang telah didukung Perseroan, sekaligus destinations supported by the Company, while empowering
memberdayakan masyarakat setempat agar memperoleh local communities to obtain optimal economic benefits from
manfaat ekonomi yang optimal dari pertumbuhan sektor the growth of the tourism sector in their areas.
pariwisata di wilayahnya.
Sebelumnya, program pembiayaan homestay dijalankan Previously, the homestay financing program was implemented
bekerja sama dengan Badan Usaha Milik Desa (BUMDes) in collaboration with Village-Owned Enterprises (BUMDes)
melalui Perjanjian Kerja Sama (PKS) untuk mengatur berbagai through a Cooperation Agreement (PKS) to regulate various
aspek, termasuk penilaian kelayakan, penyaluran pinjaman, aspects, including feasibility assessments, loan disbursement,
dan kegiatan operasional lainnya. Dalam perkembangannya, and other operational activities. As a result, in 2024, the
pada tahun 2024, Perseroan memutuskan untuk memfokuskan Company decided to focus the program on capacity building
program pada peningkatan kapasitas di lokasi homestay. at homestay locations.
Dalam pelaksanaannya, Program Peningkatan Kapasitas In its implementation, the Homestay Capacity Improvement
Homestay melibatkan kerja sama dengan berbagai pihak antara Program involves collaboration with various parties, including
lain Kementerian Pariwisata dan Ekonomi Kreatif melalui Asisten the Ministry of Tourism and Creative Economy through the
Deputi Bidang Industri dan Investasi, BUMDes, Pokdarwis Assistant Deputy for Industry and Investment, Village-Owned
(Kelompok Sadar Wisata), serta masyarakat setempat. Enterprises (BUMDes), Tourism Awareness Groups (Pokdarwis),
and the local community.
Per 31 Desember 2025, Perseroan telah menyalurkan dana As of December 31, 2025, the Company had disbursed
Program Peningkatan Kapasitas Homestay sebesar Rp105,92 Rp105.92 million. in funds for the Homestay Capacity
juta. Dana tersebut digunakan untuk mendukung peningkatan Improvement Program. These funds were used to support
kapasitas di 3 (tiga) lokasi desa wisata prioritas, dengan rincian capacity improvement at 3 (three) priority tourist villages,
realisasi sebagai berikut: with the following details:
Realisasi Program Peningkatan Kapasitas dan Perbaikan Homestay pada Mitra Binaan Tahun 2025*
Realization of the Capacity Building and Homestay Improvement Program for Partner Institutions in 2025*
Nama Desa Wisata Lembaga Penyalur Realisasi Biaya (Rp) Penerima Manfaat
Name of Tourist Village Distributing Institution Cost Realization (Rp) Beneficiaries
Pagerharjo Kulonprogo BUMDes Pagerharjo 45 juta Peternak Kambing Desa Pagerharjo
45 million Goat Breeders in Pagerharjo Village
497
Desa Sukajaya, Sumedang Bumdes Simpati Wargi 35,09 juta Bantuan perbaikan homestay
35.09 million Homestay repair assistance
Hilisimaetano, Nias BUMDes Batu Ofulo 25,83 juta Bantuan perbaikan homestay
25.83 million Homestay repair assistance PT Sarana Multigriya Finansial (Persero)
*) Angka didapat dari anggaran sebesar Rp3.880.000.000 di pindahbukukan ke anggaran TPRK (1.380.000.000) dan Sosial (2.500.000.000)
*) Angka didapat dari anggaran sebesar Rp3.880.000.000 di pindahbukukan ke anggaran TPRK (1.380.000.000) dan Sosial (2.500.000.000)
Peningkatan Kualitas Rumah di Daerah Kumuh Improving the Quality of Housing in Slum Areas
Perseroan melaksanakan Program Peningkatan Kualitas Rumah The Company implements the Housing Quality Improvement
di Daerah Kumuh dengan melibatkan penyalur dalam berbagai Program in Slum Areas by involving distributors in various
tahapan kegiatan, termasuk penilaian kelayakan, penyaluran stages of the program, including feasibility assessments, aid
bantuan, dan operasional program. Sesuai regulasi terbaru distribution, and program operations. In accordance with the
tahun 2022, fokus program adalah bantuan dan/atau kegiatan latest 2022 regulations, the program focuses on assistance
lain yang mendukung peningkatan kualitas rumah di daerah and/or other activities that support improving the quality of
kumuh, dengan penyalur bertugas memastikan kelancaran housing in slum areas, with distributors responsible for ensuring
seluruh proses. Dana disalurkan kepada penyalur sebagai the smooth running of the entire process. Funds are disbursed
pelaksana pembangunan rumah, berdasarkan Perjanjian Kerja to distributors, who implement the housing construction, based
Sama (PKS) yang mengikat seluruh pihak terkait. on a Cooperation Agreement (PKS) binding all relevant parties.
Page 498
Tanggung Jawab Sosial dan Lingkungan
Social and Environmental Responsibility
Supaya program tepat sasaran, Program RTLH Perseroan To achieve the program’s effectiveness, the Company’s RTLH
mengacu pada kriteria kekumuhan yang ditetapkan oleh Program adheres to the slum criteria established by the Ministry
Kementerian PUPR melalui Permen PUPR No. 14 PRT/M/2018 of Public Works and Public Housing (PUPR) through Ministerial
tentang Pencegahan dan Peningkatan Kualitas terhadap Regulation No. 14 PRT/M/2018 concerning the Prevention
Perumahan dan Permukiman Kumuh, yang mencakup tujuh and Quality Improvement of Housing and Slum Settlements,
kriteria. Dalam pelaksanaan program, Perseroan hanya which includes seven criteria. In implementing the program, the
mempertimbangkan satu aspek yang relevan dengan kegiatan Company only considers one aspect relevant to its operational
operasionalnya yaitu Aspek No. 1: Kondisi Bangunan. activities: Aspect No. 1: Building Condition.
Seluruh kriteria tersebut secara ringkas diuraikan pada tabel All of these criteria are summarized in the following table:
berikut:
Daerah Kumuh RTLH Penerima Manfaat BKM
Slum Areas Substandard Housing Beneficiaries Self-Reliance Agency
• Masuk dalam SK Kumuh Walikota • RTLH benar-benar memang • Masyarakat penerima manfaat • Termasuk BKM
• Termasuk dalam Skala Kawasan yang membutuhkan perbaikan menerima untuk rumahnya dalam kategori
menjadi Sasaran Pengembangan • Tanah tempat RTLH masuk dalam program sehat
Kawasan Permukiman (PKP) Direktorat berstatus legal • Siap bekerja sama dengan BKM • BKM is classified
Jendral Cipta Karya (DJCK) • The substandard housing dan Faskel KOTAKU (Kota Tanpa as healthy
• Included in the Mayor’s Slum Decree really needs repairs. Kumuh)
• Included in the Area Scale Targeted for • The land where the • Beneficiary communities receive
Residential Area Development (PKP) substandard housing is their homes included in the
by the Directorate General of Human located has legal status. program.
Settlements (DJCK) • Ready to collaborate with the
BKM and Faskel KOTAKU (City
Without Slums)
Dalam pelaksanaannya, Program RTLH melibatkan berbagai In its implementation, the RTLH Program involves various
pemangku kepentingan dengan peran dan tanggung jawab stakeholders with different roles and responsibilities according
yang berbeda sesuai dengan kewenangan masing-masing. to their respective authorities. The Company acts as the initiator
Perseroan berperan sebagai pemrakarsa dan penyedia and funding provider, focusing on designing the program to
pendanaan dengan fokus pada perancangan program agar align with the Company’s objectives and provide optimal
498
selaras dengan tujuan Perseroan serta memberikan manfaat benefits to beneficiaries and the surrounding environment.
optimal bagi penerima manfaat dan lingkungan sekitarnya.
Pada tahun 2025, Perseroan merealisasikan Program RTLH di In 2025, the Company implemented the RTLH Program in six
Laporan Tahunan 2025 Annual Report
6 (enam) lokasi yang tersebar di berbagai wilayah Indonesia. locations across Indonesia. Total funds disbursed reached
Total dana yang disalurkan mencapai Rp9,370 miliar atau Rp9.370 billion, or 93.7% of the total Rp10 billion budget. This
sebesar 93,7% dari total anggaran Rp10 miliar. Realisasi realization represents an increase compared to 2024, which
tersebut mengalami peningkatan dibandingkan tahun 2024, was recorded at Rp6.57 billion, or 93.92% of the total Rp7
yang tercatat sebesar Rp6,57 miliar atau 93,92% dari total billion budget.
anggaran Rp7 miliar.
Realisasi Pembangunan RLH Tahun 2025
Realization of RLH Development in 2025
Lokasi Rincian
Location Total Detail
Anggaran
Provinsi Rumah Bangun
Program No Kelurahan/ (Rp)
Kota/Kabupaten Province Total Baru Renovasi
Desa Budget (Rp)
City/Regency house New Renovation
District/Village
building
RLH 1 Matondoi Selatan Bolaang Mongondow Sulawesi 1.357.000.000 20 20 -
South Matondoi Selatan Utara
South Bolaang Mongondow North
Sulawesi
2 Pulopancikan Gresik Jawa Timur 1.282.993.000 35 - 35
East Java
3 Tempe Wajo Sulawesi 1.325.000.000 24 24 -
Selatan
South
Sulawesi
4 Sidorejo Kota Langsa Angroe Aceh 1.225.000.000 18 8 10
Darussalam
Page 499
Realisasi Pembangunan RLH Tahun 2025
Realization of RLH Development in 2025
Lokasi Rincian
Location Total Detail
Anggaran
Provinsi Rumah Bangun
Program No Kelurahan/ (Rp)
Kota/Kabupaten Province Total Baru Renovasi
Desa Budget (Rp)
City/Regency house New Renovation
District/Village
building
5 Sungai Raya Kab Hulu Sungai Selatan Kalimantan 1.190.320.000 20 20 -
Selatan South Hulu Sungai Regency Selatan
South Sungai South
Raya Kalimantan
Joint Program 6 Sangkrah Surakarta Jawa Tengah 2.990.000.000 37 37 -
SMV Central Java
SMV Joint
Program
Total 9.370.313.000 154 109 45
Program Bantuan Sosial Social Assistance Programs
Selain program peningkatan kapasitas homestay dan In addition to the homestay capacity building and slum housing
Peningkatan Kualitas Rumah di Daerah Kumuh, sepanjang tahun quality improvement programs, throughout the reporting year,
pelaporan, Perseroan juga melaksanakan berbagai program the Company also implemented various social programs under
sosial yang berada dalam pilar SMF-Care, SMF-Smart, dan the SMF-Care, SMF-Smart, and SMF-Green pillars. Overall, the
SMF-Green. Secara keseluruhan, Perseroan merealisasikan Company implemented 63 (sixty-three) activities with total
sebanyak 63 (enam puluh tiga) kegiatan dengan total dana disbursement of Rp2.310 billion.
yang disalurkan mencapai Rp2,310miliar.
Total Penyaluran Dana Program
Total Program Fund Distribution
SMF-Care*) SMF-Smart SMF-Green
Rp1.317.535.300 Rp780.892.200 Rp211.818.566
*)termasuk SMF Culture sebesar Rp50.000.000
*) including SMF Culture in the amount of Rp 50.000.000
Adapun rincian kegiatan terkait pilar SMF-Care, SMF-Smart, The Detail of activities related to SMF-Care, SMF-Smart, dan
dan SMF-Green adalah sebagai berikut : SMF-Green are:
SMF-Care
No.
Jenis Kegiatan Nama Program Realisasi 499
Type of Activities Program Name Realization
1 Promosi Kesehatan Pelaksanaan Donor Darah dan Pemeriksaan Kesehatan Sinergi Dengan PMI Jakarta Selatan 40.000.000
Health Promotion dan Mitra - Tahap I
Implementation of Blood Donation and Medical Check-ups in Synergy with the South Jakarta
PT Sarana Multigriya Finansial (Persero)
PMI and Partners - Phase I
2 Sosial Kemasyarakatan Bantuan Pengadaan Bibit Ternak Babi bagi Masyarakat di Kabupaten Nabire, Provinsi Papua 15.000.000
Social Community Tengah
Pig Seed Procurement Assistance for Communities in Nabire Regency, Central Papua Province
3 Sosial Kemasyarakatan Bantuan Penggantian Karpet Masjid Al Amanah GKN Medan 15.000.000
Social Community Assistance for the replacement of the Al Amanah Mosque Carpet at GKN Medan
4 Sosial Kemasyarakatan Bantuan paket sembako Ramadhan Probolinggo 45.000.000
Social Community Probolinggo Ramadan basic food package assistance
5 Sosial Kemasyarakatan Bantuan Pembangunan Perluasan Mushola Al Muhajirin Cakung 20.000.000
Social Community Assistance for the Construction of the Expansion of the Al Muhajirin Cakung Prayer Room
6 Sosial Kemasyarakatan Program SMF Care Bantuan untuk Lansia dan Kegiatan Pesantren Kilat Anak Yatim Yayasan 10.000.000
Social Community Generasi Peduli Indonesia di Kota Bekasi
SMF Care Program Assistance for the Elderly and Activities of the Generasi Peduli Indonesia
Foundation's Orphanage Flash Islamic Boarding School in Bekasi City
7 Sosial Kemasyarakatan Pembangunan Masjid Ummuh Cendrawasih Tanggerang 15.000.000
Social Community Construction of the Ummuh Cendrawasih Mosque in Tangerang
Page 500
Tanggung Jawab Sosial dan Lingkungan
Social and Environmental Responsibility
No.
Jenis Kegiatan Nama Program Realisasi
Type of Activities Program Name Realization
8 Sosial Kemasyarakatan Bantuan Kebencanaan Banjir untuk Masyarakat Kabupaten Purwakarta 35.000.000
Social Community Flood Disaster Assistance for the Community of Purwakarta Regency
9 Sosial Kemasyarakatan Bantuan operasional untuk UMKM mintra binaan TJSL SMF untuk mengikuti Dhawa Fest 2025 20.000.000
Social Community Operational assistance for SME partners under TJSL SMF to participate in Dhawa Fest 2025
10 Sosial Kemasyarakatan SMF Berbagi Senyum dengan Memberdayakan UMKM Setempat 37.200.000
Social Community SMF Shares Smiles by Empowering Local MSMEs
11 Sosial Kemasyarakatan Bantuan Kegiatan Ramadhan 1446 H Masjid Al Amin Kementerian Keuangan 25.000.000
Social Community Assistance for Ramadhan 1446 H Activities at Al Amin Mosque, Ministry of Finance
12 Sosial Kemasyarakatan Bantuan Karpet Masjid Nurul Amal di Cianjur 10.000.000
Social Community Assistance for Nurul Amal Mosque Carpets in Cianjur
13 Sosial Kemasyarakatan Bantuan Pembangunan Fasilitas Sanitasi Masyarakat Masjid Nurul Qolbi Kampung Cihaliwung 20.000.000
Social Community Bandung
Assistance for the Construction of Community Sanitation Facilities for the Nurul Qolbi Mosque,
Cihaliwung Village, Bandung
14 Pendidikan & Pelatihan Bantuan Sarana Prasarana Masjid Al Mukaromah Jasinga 10.000.000
Education & Training Assistance for Infrastructure of Al Mukaromah Jasinga Mosque
15 Sosial Kemasyarakatan Bantuan pelatihan Kolam Biofox, Rejomulyo Semarang 22.000.000
Social Community Biofox Pool training assistance, Rejomulyo Semarang
16 Sosial Kemasyarakatan Partisipasi Penyaluran Hewan Kurban di Lingkungan 51.600.000
Social Community Kantor Pusat Kemenkeu Tahun 1446 H
Participation in the Distribution of Sacrificial Animals at the Ministry of Finance Headquarters
in 1446 H
17 Sosial Kemasyarakatan Program Bantuan Hewan Qurban Idul Adha 40.000.000
Social Community Eid al-Adha Sacrificial Animal Assistance Program
18 Sosial Kemasyarakatan Pelaksanaan Donor Darah dan Pemeriksaan Kesehatan Sinergi Dengan PMI Jakarta Selatan 40.000.000
Social Community dan Mitra - Tahap II
Implementation of Blood Donation and Medical Check-ups in Synergy with the South Jakarta
PMI and Partners - Phase II
500 19 Sosial Kemasyarakatan Bantuan Hewan Qurban Idul Adha di kemen PKP 37.424.500
Social Community Eid al-Adha Sacrificial Animal Assistance at the Ministry of PKP
20 Sosial Kemasyarakatan Partisipasi Kegiatan Sosial untuk Korban Kebakaran Jakarta Utara 20.000.000
Social Community Participation in Social Activities for North Jakarta Fire Victims
Laporan Tahunan 2025 Annual Report
21 Sosial Kemasyarakatan Pembangunan Gedung Belajar Santri Pon Pes Miftahul Ulum Hilaliyah Cirebon 40.000.000
Social Community Construction of the Student Learning Building for the Miftahul Ulum Hilaliyah Islamic Boarding
School in Cirebon
22 Sosial Kemasyarakatan Bantuan Pengembangan Seni dan Budaya di Sekolah Seni Tubaba, Lampung` 50.000.000
Social Community Assistance for Arts and Culture Development Program at Tubaba Arts School, Lampung
23 Sosial Kemasyarakatan Pembuatan Sanitasi Berbasis Masyarakat di Kelurahan Kalibata, Jakarta Selatan 31.725.000
Social Community Community-Based Sanitation Development in Kalibata Subdistrict, South Jakarta
24 Sosial Kemasyarakatan Bantuan Pipanisasi Toren Asrama Politeknik Pertanian dan Peternakan Mapena di Tuban 40.000.000
Social Community Assistance for Piping Towers at the Mapena Agricultural and Animal Husbandry Polytechnic
Dormitory in Tuban
25 Sosial Kemasyarakatan Usulan Bantuan Edukasi dan Pemeriksaan Kesehatan Gigi dalam Rangka Memperingati HUT RI 17.500.000
Social Community Ke 80 Yayasan Inspirasi Anak Bangsa
Proposal for Assistance for the Dental Health Education and Examination Agenda in
Commemoration of the 80th Anniversary of the Republic of Indonesia, Inspirasi Anak Bangsa
Foundation
26 Promosi Kesehatan Pelaksanaan Donor Darah dan Pemeriksaan Kesehatan Sinergi Dengan PMI Jakarta Selatan 40.000.000
Health Promotion dan Mitra - Tahap III
Implementation of Blood Donation and Medical Check-ups in Synergy with the South Jakarta
PMI and Partners - Phase III
27 Sosial Kemasyarakatan Dukungan Kegiatan Vokasi SLB Negeri Kabupaten Karawang 25.000.000
Support for Vocational Activities at the Karawang Regency State Special Needs School
28 Sosial Kemasyarakatan Bantuan Bulan dana PMI 2025 15.000.000
Assistance Indonesian Red Cross Fundraising Month 2025
29 Sosial Kemasyarakatan Kontribusi dan Dukungan Pembuatan Replika Rumah Adat dan Konservasi Tanaman Cokelat di 50.000.000
Social Community Desa Cikondang Kabupaten Bandung
Contribution and Support for the Creation of Replicas of Traditional Houses and Conservation
of Cocoa Plants in Cikondang Village, Bandung Regency
30 Sosial Kemasyarakatan Dukungan Pemenuhan Gizi dan Nutrisi Masyarakat 41.547.800
Social Community Support for Community Nutrition and Nutrition Fulfillment
Page 501
No.
Jenis Kegiatan Nama Program Realisasi
Type of Activities Program Name Realization
31 Sosial Kemasyarakatan Dukungan Layanan Pendidikan Penyandang Disabilitas Fisik bersama Yayasan Pembinaan 20.000.000
Social Community Anak Cacat (YPAC)
Support for Educational Services for Persons with Physical Disabilities with the Foundation for
the Development of Disabled Children (YPAC)
32 Sosial Kemasyarakatan Pencairan Bantuan Perbaikan Homestay Desa Sukajaya, Sumedang An Yuda 35.085.800
Social Community Disbursement of Assistance for Homestay Repairs in Sukajaya Village, Sumedang An Yuda
33 Sosial Kemasyarakatan Bantuan Sosial Banjir bandang dan Longsor Pulau Sumatra bersama BLU dan SMV dalam 100.000.000
Social Community program Kemenkeu Peduli
Social Assistance for Flash Floods and Landslides on Sumatra Island with BLU and SMV in the
Ministry of Finance Care program
34 Sosial Kemasyarakatan Bantuan Sosial Banjir bandang dan Longsor Pulau Sumatra bersama Human Initiativ di lokasi 45.000.000
Social Community wilayah TPRK Langsa
Social Assistance for Flash Floods and Landslides on Sumatra Island with the Human Initiative
at the Langsa TPRK area
35 Sosial Kemasyarakatan Bantuan Dukungan Kegiatan Sosial Natal 2025 di Flores Timur 50.000.000
Social Community Assistance to Support Christmas Social Activities 2025 in East Flores
36 Sosial Kemasyarakatan Dukungan Kegiatan Sosial Pembagian Sembako bersama Yayasan Bandung Cinta Damai 50.000.000
Social Community (BCDF)
Support for Social Activities in the Distribution of Basic Food Packages with the Bandung
Cinta Damai Foundation (BCDF)
37 Sosial Kemasyarakatan Bantuan Sosial Banjir bandang dan Longsor Pulau Sumatra bersama Tapera 100.000.000
Social Community Social Assistance for Flash Floods and Landslides on Sumatra Island with Tapera
38 Sosial Kemasyarakatan Bantuan Penguatan Sarana Pertolongan Pertama kolaborasi PMI Kota Jakarta Selatan 30.000.000
Social Community Assistance for Strengthening First Aid Facilities in Collaboration with the South Jakarta PMI
39 Sosial Kemasyarakatan Bantuan Dukungan Kegiatan Sosial Natal 2025 di Larantuka 50.000.000
Social Community 2025 Christmas Social Activity Support Assistance in Larantuka
Jumlah 1.267.535.300
Total
SMF-Smart
No.
Jenis Kegiatan Nama Program Realisasi
Type of Activities Program Name Realization
1 Pendidikan & Pelatihan Beasiswa periode I tahun 2025 untuk anak karyawan Outsource Perseroan 105.900.000
Education & Training Scholarship period I in 2025 for children of the Company's Outsourced employees
2 Pendidikan & Pelatihan Seminar Literasi Keuangan: Membangun Kesadaran Literasi Keuangan Bagi 45.000.000
Education & Training Generasi Muda Kota Depok
Financial Literacy Seminar: Building Financial Literacy Awareness for the Young
Generation of Depok City
501
3 Pendidikan & Pelatihan Pelatihan UKM : “Manajemen Keuangan Bisnis dan Strategi Halal Branding untuk 45.000.000
Education & Training Akselerasi UKM Daerah” Oku Timur
SME Training: "Business Financial Management and Halal Branding Strategy for
Regional SME Acceleration" East Oku PT Sarana Multigriya Finansial (Persero)
4 Pendidikan & Pelatihan SMF-Smart Agenda Sekolah Alam Indonesia Program Young Explorer Kepulauan 5.000.000
Education & Training Riau
SMF-Smart Agenda Indonesian Nature School Young Explorer Program Riau
Islands
5 Pendidikan & Pelatihan SMF-Smart dan Partisipasi Perseroan Sebagai Narasumber pada Sosialisasi dan 40.000.000
Education & Training Edukasi Peran dan Fungsi SMF dalam Pembiayaan Perumahan Home Syariah Bagi
Pelaku UMKM
SMF-Smart and the Company's Participation as a Resource Person in the
Disssemination and Education of the Role and Function of SMF in Home Sharia
Housing Financing for MSMEs
6 Pendidikan & Pelatihan Bantuan SMF-Smart Agenda Lomba Essay Islami oleh DPP HEBITREN Indonesia 45.000.000
Education & Training Bondowoso
SMF-Smart Islamic Essay Competition Agenda Assistance by DPP HEBITREN
Indonesia Bondowoso
7 Pendidikan & Pelatihan Beasiswa periode II tahun 2025 untuk anak karyawan Outsource Perseroan 105.900.000
Education & Training Scholarship period II in 2025 for children of the Company's Outsourced employees
Page 502
Tanggung Jawab Sosial dan Lingkungan
Social and Environmental Responsibility
No.
Jenis Kegiatan Nama Program Realisasi
Type of Activities Program Name Realization
8 Pendidikan & Pelatihan Bantuan Support Operasional Anak-Anak Disabilitas Mengikuti Event Leopin Cup 10.000.000
Education & Training Jepang 2025
Operational Support Assistance for Children with Disabilities Participating in the
2025 Leopin Cup Japan Event
9 Pendidikan & Pelatihan Pembangunan dan Renovasi Ruang Kelas YPI Al Ikhlas Astanajapura 15.000.000
Education & Training Construction and Renovation of YPI Al Ikhlas Astanajapura Classrooms
10 Sosial Kemasyarakatan Dukungan Program Ketahanan Pangan dan Pemberdayaan Masyarakat Desa 45.000.000
Social Community Wisata Pagerharjo, Kulon Progo bersama PT SMI (Persero) dan LPEI
Support for the Food Security and Community Empowerment Program in
Pagerharjo Tourism Village, Kulon Progo with PT SMI (Persero) and LPEI
11 Pendidikan & Pelatihan Dukungan di Kegiatan Kemenkeu Mengajar 10 (KM10) Tahun 2025 50.000.000
Education & Training Support for the Ministry of Finance Teaching 10 (KM10) Program in 2025
12 Pendidikan & Pelatihan Dukungan renovasi dan sarana ruang pintar Purwokerto Kolaborasi dengan PNM 30.000.000
Education & Training Support for renovation and facilities for Purwokerto's smart space in collaboration
with PNM
13 Pendidikan & Pelatihan Dukungan pelatihan membatik bagi warga binaan program homestay desa 25.830.000
Education & Training Hiisimaetane, Nias
Support for batik training for residents of the Hiisimaetane village homestay
program, Nias
14 Pendidikan & Pelatihan Dukungan kegiatan hari disabilitas Internasional 2025 20.000.000
Education & Training Support for International Day of Disability 2025 activities
15 Pendidikan & Pelatihan Dukungan layanan pendidikan rumah belajar sabilulungan Bandung 20.000.000
Education & Training Support for educational services at Sabilulungan Bandung's home learning center
16 Pendidikan & Pelatihan Dukungan Pelaksanaan Desa Ekosistem Keuangan Inklusi (EKI) di Desa 50.000.000
Education & Training Panembangan Banyumas
Support for the Implementation of the Inclusive Financial Ecosystem (EKI) Village in
Panembangan Village, Banyumas
17 Pendidikan & Pelatihan Kolaborasi dengan Geodipa Patuha dalam Program "Geothermal Direct Use For 75.000.000
Education & Training welfare
502 Collaboration with Geodipa Patuha in the "Geothermal Direct Use For Welfare"
Program
18 Pendidikan & Pelatihan SMF-Care Berkolaborasi dengan DJPb Kanwil Maluku, Pemberian Bantuan Laptop 3.262.200
Education & Training Bekas untuk Sarana Belajar Siswa SMA Siwalima Ambon
Laporan Tahunan 2025 Annual Report
The SMF-Care in collaboration with the Maluku Regional Office of the Directorate
General of Taxes (DGT), providing used laptops as learning resources for Siwalima
High School students in Ambon.
19 Pendidikan & Pelatihan Dukungan Kolaborasi Corporate Shared Value (CSV) TJSL Perseroan dengan PT 35.000.000
Education & Training PNM kepada Debitur SMF Home
Corporate Shared Value (CSV) Collaborative Support The Company's Corporate
Social Responsibility (TJSL) with PT PNM for SMF Debtors Home
20 Pendidikan & Pelatihan Partisipasi Kegiatan Ajang Prestasi Generasi Qur’ani Indonesia (APRESIASI) 10.000.000
Education & Training bersama SDTQ Jabal Rahmah Cireundeu
Participation in the Indonesian Qur'anic Generation Achievement Event
(APRESIASI) with SDTQ Jabal Rahmah Cireundeu
Jumlah Rp780.892.200
Total
SMF-Green
No.
Jenis Kegiatan Nama Program Realisasi
Type of Activities Program Name Realization
1 Sosial Kemasyarakatan Pengelolaan Sampah dan Perbaikan Sanitasi di Desa Nagrak, Kab. Bandung (DAS 105.878.367
Social Community Citarum) tahap 1
Waste Management and Sanitation Improvement in Nagrak Village, Bandung Regency
(Citarum Watershed) Phase 1
2 Sosial Kemasyarakatan Penanaman Pohon Kolaborasi dengan PT SMI (Persero) di Desa Cihawuk 50.000.000
Social Community Tree Planting Collaboration with PT SMI (Persero) in Cihawuk Village
Page 503
No.
Jenis Kegiatan Nama Program Realisasi
Type of Activities Program Name Realization
3 Sosial Kemasyarakatan SMF Green Bhakti Sosial di Kepulauan Seribu Kolaborasi Bersama DJKN Kanwil DKI 30.000.000
Social Community Jakarta
SMF Green Community Service in the Seribu Islands in Collaboration with the DJKN
Regional Office of DKI Jakarta
4 Sosial Kemasyarakatan Pengelolaan Sampah dan Perbaikan Sanitasi di Desa Nagrak, Kab. Bandung (DAS 25.940.199
Social Community Citarum) tahap 2
Waste Management and Sanitation Improvement in Nagrak Village, Bandung Regency
(Citarum Watershed) Phase 2
Jumlah Rp211.818.566
Total
PROGRAM CREATING SHARE VALUE PERSEROAN
THE COMPANY'S CREATING SHARE VALUE PROGRAM
Perseroan meyakini dengan menerapkan pilar dan prinsip- The Company believes that by implementing the pillars and
prinsip TJSL BUMN, serta melaksanakan program-program principles of the SOE Social and Environmental Responsibility
TJSL yang direncanakan sesuai dengan peraturan yang (TJSL) and implementing planned Social and Environmental
berlaku dapat tercipta harmonisasi yang baik antara Perseroan Responsibility programs in accordance with applicable
dengan seluruh pemangku kepentingan, sehingga dapat regulations, good harmony can be created between the
menjamin keberlangsungan usaha dalam jangka panjang Company and all stakeholders, thereby ensuring long-term
sekaligus berkontribusi bagi tercapainya Tujuan Pembangunan business sustainability while contributing to the achievement
Berkelanjutan (TPB). Program TJSL saat ini bukan lagi of the Sustainable Development Goals (SDGs). Current TJSL
Corporate Social Responsibility (CSR) yang bersifat charity programs are no longer simply charitable or philanthropic
atau philanthropy tapi harus memiliki nilai tambah atau Creating Corporate Social Responsibility (CSR) programs, but must
Shared Value (CSV). CSV merupakan kegiatan TJSL yang also have added value, or Creating Shared Value (CSV). CSV
memberikan nilai tambah bagi penerima dan berkelanjutan is a Social and Environmental Responsibility activity that
serta memberikan benefit kepada Perseroan yang mengacu provides added value to recipients and is sustainable and
pada Pilar dan Fokus TJSL. Sebagaimana ditetapkan dalam provides benefits to the Company, aligned with the Social and
RKA TJSL Tahun 2025, realisasi pelaksanaan program Creating Environmental Responsibility Pillars and Focus. As stipulated 503
Shared Value (CSV) hingga 31 Desember 2025 tercatat sebesar in the 2025 Corporate Social and Environmental Responsibility
Rp35.000.000,- atau mencapai 1,40%% dari target yang telah (TJSL) Work Plan (RKA), the realization of the Creating Shared
ditetapkan dalam RKA TJSL 2025, realisasi pelaksanaan Value (CSV) program as of December 31, 2025, was recorded at
program Creating Shared Value (CSV) hingga 31 Desember Rp35,000,000, or 1.40% of the target set in the 2025 Corporate
PT Sarana Multigriya Finansial (Persero)
2025 tercatat sebesar Rp35.000.000,- atau mencapai 1,40%% Social Responsibility (RKA), which was Rp2,500,000,000.
dari target yang telah ditetapkan dalam RKA TJSL 2025, yaitu
sebesar Rp2.500.000.000,-
Pilot project program Creating Share Value yang diinisiasi The Creating Shared Value pilot project, initiated in 2025,
pada tahun 2025 menunjukkan fondasi yang kuat untuk demonstrates a strong foundation for further development.
pengembangan lebih lanjut. Ke depan, pada tahun 2026 Going forward, this program is planned to be expanded to
program ini direncanakan untuk diperluas ke sejumlah several strategic locations in 2026 to strengthen the integration
lokasi strategis guna memperkuat integrasi kegiatan TJSL of Social and Environmental Responsibility activities with the
dengan bisnis inti Perseroan, sehingga mampu menciptakan Company’s core business, thereby creating sustainable added
nilai tambah yang berkelanjutan bagi perusahaan dan para value for the company and its stakeholders.
pemangku kepentingan.
Page 504
Tanggung Jawab Sosial dan Lingkungan
Social and Environmental Responsibility
PENDANAAN USAHA MIKRO & USAHA KECIL
(PUMK)
MICRO & SMALL BUSINESS FUNDING (PUMK)
Perseroan senantiasa berupaya untuk terus melaksanakan The Company continuously strives to implement the Micro
Program Pendanaan Usaha Mikro dan Usaha Kecil (PUMK), and Small Business Funding Program (PUMK), as a form of
hal itu dilakukan sebagai bentuk kontribusi Perseroan dalam the Company’s contribution to supporting the Government’s
mendukung Pemerintah untuk mewujudkan pembangunan efforts to achieve sustainable development. The PUMK
berkelanjutan. Program PUMK merupakan bentuk dari kegiatan program is a form of TJSL (Corporate Social and Environmental
TJSL yang lebih mengarah kepada peningkatan kualitas hidup Responsibility) activity that focuses on improving the quality
masyarakat sekitar dengan pembinaan usaha mikro dan of life of local communities by fostering micro and small
usaha kecil yang dibentuk bersama masyarakat. Pelaksanaan businesses established in collaboration with the community.
program PUMK ini bertujuan untuk memberikan kemudahan The PUMK program aims to provide easier access to capital
akses permodalan bagi usaha mikro dan usaha kecil sekaligus for micro and small businesses while also providing guidance
melakukan pembinaan dalam rangka meningkatkan kemampuan to improve the capabilities of MSEs to become more resilient
UMK agar lebih tangguh dan mandiri. and independent.
Dalam melaksanakan program PUMK, PT SMF telah To implement the PUMK program, PT SMF has allocated funds
mengalokasikan dana yang bersumber dari anggaran TJSL from the Company’s Social and Environmental Responsibility
Perseroan Di tahun 2025, Perseroan telah menyalurkan dana budget. In 2025, the Company distributed Rp542,915,800 in
PUMK sebesar Rp542.915.800,- yang disalurkan ke 14 (empat PUMK funds to 14 (fourteen) partners across various regions,
belas) mitra binaan di berbagai wilayah meliputi provinsi Jawa including the provinces of West Java, South Sumatra, East
Barat, Sumatera Selatan, Jawa Timur, DIY, Jawa Tengah dan Java, Yogyakarta Special Region, Central Java, and North
Sumatera Utara. Per 31 Desember 2025, mitra binaan PT SMF Sumatra. As of December 31, 2025, PT SMF had approximately
tercatat berjumlah sekitar 25 (dua puluh lima) mitra binaan 25 (twenty-five) partners across Indonesia.
yang tersebar di berbagai lokasi di Indonesia.
504
Laporan Tahunan 2025 Annual Report
Page 505
PENGHARGAAN TERKAIT TJSL
SOCIAL AND ENVIRONMENTAL RESPONSIBILITY -RELATED AWARDS
Hingga 31 Desember 2025, pelaksanaan Program TJSL As of December 31, 2025, the Company’s TJSL Social and
Perseroan menunjukkan komitmen yang kuat dan konsisten, Environmental Responsibility program demonstrated a
yang memperoleh pengakuan serta apresiasi dari berbagai strong and consistent commitment, garnering recognition
pihak. Hal tersebut tercermin dari sejumlah penghargaan and appreciation from various parties. This is reflected in the
yang diraih Perseroan atas inisiatif dan capaian program TJSL, number of awards the Company has received for its TJSL
dengan rincian sebagai berikut: program initiatives and achievements, as detailed below:
Tanggal Penerimaan Pihak yang Memberikan
Nama Penghargaan
Penghargaan Penghargaan
Name of Awards
Date of Awarding Awarded by
TOP CSR Awards 2025 # Star 4 11 Juni 2025 Top Business
Bonai Subiakto as TOP Leader on CSR Commitment 2025 June 11, 2025
TOP CSR Awards 2025 #4 Star
Bonai Subiakto as TOP Leader on CSR Commitment 2025
The Best Indonesia CSR-SDG-ESG 2025 26 Oktober 2025 Economic Review
Kategori BUMN Keuangan predikat Platinum Award – 5 Star, Bonai October 26, 2025
Subiakto as The Best Commitment Director for CSR-SDG-ESG 2025
dengan predikat Platinum Award – 5 Star
The Best Indonesia CSR-SDG-ESG 2025
State-Owned Enterprises Finance Category: Platinum Award – 5 Stars;
Bonai Subiakto as The Best Commitment Director for CSR-SDG-ESG 2025
with Platinum Award – 5 Stars
505
PT Sarana Multigriya Finansial (Persero)
Page 506
Laporan Keuangan Audit
Audited Financial Statements
506
Laporan Tahunan 2025 Annual Report
Page 507
507
PT Sarana Multigriya Finansial (Persero)
LAPORAN
KEUANGAN AUDIT
AUDITED FINANCIAL STATEMENTS
Page 508
Laporan Keuangan Audit
Audited Financial Statements
PT Sarana Mult igriya Finansial (Persero)
Laporan keuangan tanggal 31 Desember 2025
dan untuk tahun yang berakhir pada tanggal tersebut
beserta laporan auditor independen/
Financial statements as of December 31, 2025
and for the year then ended
with independent auditor’s report
508
Laporan Tahunan 2025 Annual Report
Page 509
The original financial statements included herein are in
the Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
LAPORAN KEUANGAN FINANCIAL STATEMENTS
TANGGAL 31 DESEMBER 2025 AS OF DECEMBER 31, 2025
DAN UNTUK TAHUN YANG BERAKHIR AND FOR THE YEAR
PADA TANGGALTERSEBUT THEN ENDED
Daftar Isi Table of Contents
Halaman/
Pages
Surat Pernyataan Direksi Statement of Directors
Laporan Auditor Independen Independent Auditor’s Report
Laporan Posisi Keuangan ................................................ 1-2 ................................... Statement of Financial Position
Laporan Laba Rugi dan Penghasilan Statement of Profit or Loss and Other
Komprehensif Lain...................................................... 3-4 ........................................ Comprehensive Income
Laporan Perubahan Ekuitas ............................................ 5 .................................. Statement of Changes in Equity
Laporan Arus Kas ............................................................ 6-7 .............................................Statement of Cash Flows
Catatan Atas Laporan Keuangan ..................................... 8-145 ............................... Notes to the Financial Statements
************************
509
PT Sarana Multigriya Finansial (Persero)
Page 510
Laporan Keuangan Audit
Audited Financial Statements
510
Laporan Tahunan 2025 Annual Report
Page 511
The original report included herein is in the Indonesian
language.
Laporan Audit or Independen Independent Audit or’s Report
Laporan No. 00074/ 2.1505/ AU.1/ 09/ 1865- Report No. 00074/ 2.1505/ AU.1/ 09/ 1865-
2/ 1/ II/ 2026 2/ 1/ II/ 2026
Pemegang Saham, Dewan Komisaris, dan The Shareholder and t he Boards of
Direksi Commissioners and Direct ors
PT Sarana Mult igriya Finansial (Perser o) PT Sarana Mult igriya Finansial (Persero)
Opini Opinion
Kami telah mengaudit laporan keuangan We have audited the accompanying financial
PT Sarana Multigriya Finansial (Persero) statements of PT Sarana Multigriya Finansial
(“ Perusahaan” ) terlampir, yang terdiri dari laporan (Persero) (the “ Company” ), which comprise the
posisi keuangan tanggal 31 Desember 2025, serta statement of financial position as of December 31,
laporan laba rugi dan penghasilan komprehensif 2025, and the statement of profit or loss and other
lain, laporan perubahan ekuitas, dan laporan arus comprehensive income, statement of changes in
kas untuk tahun yang berakhir pada tanggal equity, and statement of cash flows for the year
tersebut, serta catatan atas laporan keuangan, then ended, and notes to the financial statements,
termasuk informasi kebijakan akuntansi material. including material accounting policy information.
Menurut opini kami, laporan keuangan terlampir In our opinion, the accompanying financial
menyajikan secara wajar, dalam semua hal yang statements present fairly, in all material respects,
material, posisi keuangan Perusahaan tanggal the financial position of the Company as of
31 Desember 2025, serta kinerja keuangan dan December 31, 2025, and its financial performance
arus kasnya untuk tahun yang berakhir pada and cash flows for the year then ended, in
tanggal tersebut, sesuai dengan Standar Akuntansi accordance with Indonesian Financial Accounting
Keuangan di Indonesia. Standards.
511
Basis opini Basis for opinion
Kami melaksanakan audit kami berdasarkan We conducted our audit in accordance with
Standar Audit yang ditetapkan oleh Institut Standards on Auditing est ablished by the PT Sarana Multigriya Finansial (Persero)
Akuntan Publik Indonesia (“ IAPI” ). Tanggung jawab Indonesian Institute of Certified Public
kami menurut standar tersebut diuraikan lebih Accountants (“ IICPA” ). Our responsibilities under
lanjut dalam paragraf Tanggung Jawab Auditor those standards are furt her described in the
terhadap Audit atas Laporan Keuangan pada Auditor’s Responsibilities for the Audit of the
laporan kami. Kami independen terhadap Financial Statements paragraph of our report.
Perusahaan berdasarkan ketentuan etika yang We are independent of the Company in
relevan dalam audit kami at as laporan keuangan di accordance with the ethical requirements
Indonesia, dan kami telah memenuhi tanggung relevant to our audit of the financial statements
jawab etika lainnya berdasarkan ketentuan in Indonesia, and we have fulfilled our other
tersebut. Kami yakin bahwa bukti audit yang telah ethical responsibilities in accordance with such
kami peroleh adalah cukup dan tepat untuk requirements. We believe that the audit evidence
menyediakan suatu basis bagi opini kami. we have obtained is sufficient and appropriate to
provide a basis for our opinion.
KAP Purwanto Susanti dan Surja i
Registered Public Accountants KMK No. 69/ MK/ SK/ 2025
A member firm of Ernst & Young Global Limited
Page 512
Laporan Keuangan Audit
Audited Financial Statements
The original report included herein is in the Indonesian
language.
Laporan Audit or Independen (lanjut an) Independent Audit or’s Report (cont inued)
Laporan No. 00074/ 2.1505/ AU.1/ 09/ 1865- Report No. 00074/ 2.1505/ AU.1/ 09/ 1865-
2/ 1/ II/ 2026 (lanjutan) 2/ 1/ II/ 2026 (continued)
Hal audit ut ama Key audit mat t ers
Hal audit utama adalah hal-hal yang, menurut Key audit matters are those matters that, in our
pertimbangan profesional kami, merupakan hal professional judgment, were of most significance
yang paling signifikan dalam audit kami atas in our audit of the financial statements of the
laporan keuangan periode kini. Hal audit utama current period. Such key audit matters were
tersebut disampaikan dalam konteks audit kami addressed in the context of our audit of the
atas laporan keuangan secara keseluruhan, dan financial statements taken as a whole, and in
dalam merumuskan opini kami atas laporan forming our opinion thereon, and we do not
keuangan terkait, dan kami tidak menyatakan provide a separate opinion on such key audit
suatu opini terpisah atas hal audit utama tersebut. matters. For the key audit matter below, our
Untuk hal audit utama di bawah ini, penjelasan kami description of how our audit addressed such key
tentang bagaimana audit kami merespons hal audit matter is provided in such context.
tersebut disampaikan dalam konteks tersebut.
Kami telah memenuhi tanggung jawab yang We have fulfilled the responsibilities described in
512
diuraikan dalam paragraf Tanggung Jawab Auditor the Auditor’s Responsibilities for the Audit of the
terhadap Audit atas Laporan Keuangan pada Financial Statements paragraph of our report,
laporan kami, termasuk sehubungan dengan hal including in relation to the key audit matter
audit utama yang dikomunikasikan di bawah ini. communicated below. Accordingly, our audit
Laporan Tahunan 2025 Annual Report
Oleh karena itu, audit kami mencakup pelaksanaan included the performance of procedures designed
prosedur yang didesain unt uk merespons penilaian to respond to our assessment of the risks of
kami atas risiko kesalahan penyajian material material misst atement of the accompanying
dalam laporan keuangan terlampir. Hasil prosedur financial statements. The results of our audit
audit kami, termasuk prosedur yang dilakukan procedures, including the procedures performed
untuk merespons hal audit utama di bawah ini, to address the key audit matter below, provide
menyediakan basis bagi opini kami atas laporan the basis for our opinion on the accompanying
keuangan terlampir. financial statements.
ii
A member firm of Ernst & Young Global Limited
Page 513
The original report included herein is in the Indonesian
language.
Laporan Audit or Independen (lanjut an) Independent Audit or’s Report (cont inued)
Laporan No. 00074/ 2.1505/ AU.1/ 09/ 1865- Report No. 00074/ 2.1505/ AU.1/ 09/ 1865-
2/ 1/ II/ 2026 (lanjutan) 2/ 1/ II/ 2026 (continued)
Hal audit ut ama (lanjut an) Key audit mat t ers (cont inued)
Cadangan kerugian penurunan nilai atas pinjaman Allowance for impairment losses on loans
yang diberikan
Penjelasan atas hal audit utama: Description of the key audit matter:
Seperti yang dijelaskan dalam Catatan 8 atas As described in Note 8 to the accompanying
laporan keuangan terlampir, pada tanggal financial statements, as of December 31, 2025,
31 Desember 2025, cadangan kerugian penurunan the balance of allowance for impairment losses on
nilai atas pinjaman yang diberikan adalah sebesar loans was Rp68,335 million. Refer to accounting
Rp68.335 juta. Lihat kebijakan akuntansi policies for allowance for impairment losses on
untuk cadangan kerugian penurunan nilai atas loans as disclosed in Note 2c, use of significant
pinjaman yang diberikan yang diungkapkan accounting estimates and judgements in Note 3,
dalam Catatan 2c, penggunaan estimasi dan and the disclosures of allowance for impairment
pertimbangan akuntansi yang signifikan dalam losses on loans in Note 8 to the accompanying
Catatan 3, dan pengungkapan cadangan kerugian financial statements. We focused on this area
penurunan nilai atas pinjaman yang diberikan because the balances of loans and its allowance
dalam Catatan 8 atas laporan keuangan terlampir. for impairment losses are significant to the
Kami berfokus pada area ini karena saldo pinjaman accompanying financial statements.
yang diberikan dan cadangan kerugian penuruan
nilainya adalah signifikan terhadap laporan
keuangan terlampir.
Selain itu, penentuan cadangan kerugian In addition, determination of allowance for
penurunan nilai memerlukan pertimbangan dan impairment losses requires judgement and is
513
memiliki ketidakpastian estimasi yang mencakup subject to estimation uncertainty which includes
penentuan model untuk menghitung cadangan determining the model to calculate allowance
kerugian penurunan nilai, identifikasi eksposur for impairment losses, identification of credit
kredit yang mengalami penurunan kualitas kredit exposures with significant deterioration in credit PT Sarana Multigriya Finansial (Persero)
yang signifikan, dan penentuan asumsi yang quality, and determining assumptions used in the
digunakan dalam model perhitungan cadangan allowance for impairment losses calculation
kerugian penurunan nilai (untuk eksposur yang models (for exposures assessed on an individual
dinilai secara individu atau kolektif), termasuk or collective basis), which incorporate forward-
faktor-faktor ekonomi makro berorientasi masa looking macroeconomics factors.
depan.
iii
A member firm of Ernst & Young Global Limited
Page 514
Laporan Keuangan Audit
Audited Financial Statements
The original report included herein is in the Indonesian
language.
Laporan Audit or Independen (lanjut an) Independent Audit or’s Report (cont inued)
Laporan No. 00074/ 2.1505/ AU.1/ 09/ 1865- Report No. 00074/ 2.1505/ AU.1/ 09/ 1865-
2/ 1/ II/ 2026 (lanjutan) 2/ 1/ II/ 2026 (continued)
Hal audit ut ama (lanjut an) Key audit mat t ers (cont inued)
Cadangan kerugian penurunan nilai atas pinjaman Allowance for impairment losses on loans
yang diberikan (lanjutan) (continued)
Respons audit: Audit response:
Kami menguji pengendalian utama atas pemberian, We tested the key controls over the origination,
penilaian kualitas kredit internal secara regular, regular internal credit quality assessments, and
serta pencatatan dan pembayaran kembali recording and repayments of the loans.
pinjaman yang diberikan. Kami memeroleh We obtained understanding and assessed
pemahaman dan menilai metodologi pengukuran impairment measurement methodologies,
penurunan nilai, melakukan validasi model performed validation of allowance for impairment
pencadangan kerugian penurunan nilai, data losses models, inputs, basis, and assumptions
masukan, dasar, dan asumsi yang digunakan oleh used by the Company in calculating the allowance
Perusahaan dalam menghitung cadangan kerugian for impairment losses, and tested the
514 penurunan nilai, serta menguji tiga tahapan classification into three-stage credit quality of
kualitas kredit atas portofolio pinjaman yang loan portfolios in accordance with staging criteria
diberikan sesuai dengan kriteria tingkatan (staging) developed by the Company for loans.
yang disusun oleh Perusahaan untuk pinjaman We assessed reasonableness of forward-looking
yang diberikan. Kami menilai kewajaran atas adjustments, macroeconomic factor analysis,
Laporan Tahunan 2025 Annual Report
penyesuaian berorientasi masa depan, analisis and probability-weighted multiple scenarios for
faktor ekonomi makro, dan beberapa skenario loans. We tested loans to evaluate the timely
probabilitas tertimbang untuk pinjaman yang identification by the Company of exposures
diberikan. Kami menguji pinjaman yang diberikan with significant deterioration in credit quality
untuk mengevaluasi identifikasi eksposur yang or exposures which have been impaired and
mengalami penurunan kualitas kredit yang assessed the Company’s assumptions on the
signifikan atau yang telah mengalami penurunan expected future cash flows. We checked the
nilai secara tepat waktu oleh Perusahaan dan accuracy of the calculation of the allowance for
menilai asumsi Perusahaan atas arus kas masa impairment losses amount by recalculating the
depan yang akan diterima. Kami memeriksa collective and individual impairment assessment
keakurasian perhitungan jumlah cadangan for the entire portfolio and assessed whether the
kerugian penurunan nilai dengan melakukan financial statement disclosures are adequately
perhitungan ulang atas keseluruhan portofolio and appropriately reflecting the Company’s
yang penurunan nilainya dinilai secara kolektif dan exposures to credit risk. We involved our auditor’s
individual. Kami menilai apakah pengungkapan internal experts to assist us in the performance of
dalam laporan keuangan cukup dan secara the above procedures where their specific
memadai mencerminkan eksposur Perusahaan expertise was required.
terhadap risiko kredit. Kami melibatkan pakar
auditor internal kami untuk membantu kami dalam
melakukan prosedur-prosedur di atas ketika
keahlian spesifik mereka diperlukan.
iv
A member firm of Ernst & Young Global Limited
Page 515
The original report included herein is in the Indonesian
language.
Laporan Audit or Independen (lanjut an) Independent Audit or’s Report (cont inued)
Laporan No. 00074/ 2.1505/ AU.1/ 09/ 1865- Report No. 00074/ 2.1505/ AU.1/ 09/ 1865-
2/ 1/ II/ 2026 (lanjutan) 2/ 1/ II/ 2026 (continued)
Informasi lain Ot her informat ion
Manajemen bertanggung jawab atas informasi lain. Management is responsible for the other
Informasi lain terdiri dari informasi yang tercantum information. Other information comprises the
dalam Laporan Tahunan 2025 (“ Laporan information included in the 2025 Annual
Tahunan” ) selain laporan keuangan terlampir dan Report (the “ Annual Report” ) other than the
laporan auditor independen kami. Laporan accompanying financial statements and our
Tahunan diharapkan akan tersedia bagi kami independent auditor’s report thereon. The Annual
setelah tanggal laporan auditor independen ini. Report is expected to be made available to us
after the date of this independent auditor’s
report.
Opini kami atas laporan keuangan terlampir tidak Our opinion on the accompanying financial
mencakup Laporan Tahunan, dan oleh karena itu, statements does not cover the Annual Report,
kami tidak menyatakan bentuk keyakinan apapun and accordingly, we do not express any form of
atas Laporan Tahunan tersebut. assurance on the Annual Report.
Sehubungan dengan audit kami atas laporan In connection with our audit of the accompanying
keuangan terlampir, tanggung jawab kami adalah financial statement s, our responsibility is to read
untuk membaca Laporan Tahunan ketika tersedia the Annual Report when it becomes available and,
dan, dalam melaksanakannya, mempertimbangkan in doing so, consider whether the Annual Report
apakah Laporan Tahunan mengandung is materially inconsistent with the accompanying
ketidakkonsistensian material dengan laporan financial statements or our knowledge obtained in
keuangan terlampir atau pemahaman yang kami the audit, or otherwise appears to be materially
peroleh selama audit, atau mengandung kesalahan misstated.
penyajian material.
Ketika kami membaca Laporan Tahunan, jika kami When we read the Annual Report, if we conclude 515
menyimpulkan bahwa terdapat suatu kesalahan that there is a material misstatement therein,
penyajian material di dalamnya, kami diharuskan we are required to communicate the matter
untuk mengomunikasikan hal tersebut kepada to those charged with governance and take
pihak yang bertanggung jawab atas tata kelola dan appropriate actions based on the applicable laws
PT Sarana Multigriya Finansial (Persero)
melakukan tindakan yang tepat berdasarkan and regulations.
peraturan perundang-undangan yang berlaku.
Tanggung jawab manajemen dan pihak yang Responsibilit ies of management and t hose
bert anggung jawab at as t at a kelola t erhadap charged wit h governance for t he financial
laporan keuangan st at ement s
Manajemen bertanggung jawab atas penyusunan Management is responsible for the preparation
dan penyajian wajar laporan keuangan tersebut and fair presentation of the financial statements
sesuai dengan Standar Akuntansi Keuangan in accordance with Indonesian Financial
di Indonesia, dan atas pengendalian internal Accounting Standards, and for such internal
yang dianggap perlu oleh manajemen untuk control as management determines is necessary
memungkinkan penyusunan laporan keuangan to enable the preparation of financial statements
yang bebas dari kesalahan penyajian material, baik that are free from material misstatement,
yang disebabkan oleh kecurangan maupun whether due to fraud or error.
kesalahan.
v
A member firm of Ernst & Young Global Limited
Page 516
Laporan Keuangan Audit
Audited Financial Statements
The original report included herein is in the Indonesian
language.
Laporan Audit or Independen (lanjut an) Independent Audit or’s Report (cont inued)
Laporan No. 00074/ 2.1505/ AU.1/ 09/ 1865- Report No. 00074/ 2.1505/ AU.1/ 09/ 1865-
2/ 1/ II/ 2026 (lanjutan) 2/ 1/ II/ 2026 (continued)
Tanggung jawab manajemen dan pihak yang Responsibilit ies of management and t hose
bert anggung jawab at as t at a kelola t erhadap charged wit h governance for t he financial
laporan keuangan (lanjut an) st at ement s (cont inued)
Dalam penyusunan laporan keuangan, manajemen In preparing the financial statements,
bertanggung jawab untuk menilai kemampuan management is responsible for assessing the
Perusahaan dalam mempertahankan kelangsungan Company’s ability to continue as a going concern,
usahanya, mengungkapkan, sesuai dengan disclosing, as applicable, matters related to going
kondisinya, hal-hal yang berkaitan dengan concern, and using the going concern basis of
kelangsungan usaha, dan menggunakan basis accounting, unless management either intends to
akuntansi kelangsungan usaha, kecuali manajemen liquidate the Company or to cease its operations,
memiliki intensi untuk melikuidasi Perusahaan atau or has no realistic alternative but to do so.
menghentikan operasi, atau tidak memiliki
alternatif yang realistis selain melaksanakannya.
Pihak yang bertanggung jawab atas tata kelola Those charged with governance are responsible
516 bertanggung jawab unt uk mengawasi proses for overseeing the Company’s financial reporting
pelaporan keuangan Perusahaan. process.
Tanggung jawab audit or t erhadap audit at as Audit or’s responsibilit ies for t he audit of t he
laporan keuangan financial st at ement s
Laporan Tahunan 2025 Annual Report
Tujuan kami adalah untuk memeroleh keyakinan Our object ives are to obtain reasonable
memadai tentang apakah laporan keuangan secara assurance about whether the financial
keseluruhan bebas dari kesalahan penyajian statements t aken as a whole are free from
material, baik yang disebabkan oleh kecurangan material misstatement, whether due to fraud or
maupun kesalahan, dan untuk menerbitkan laporan error, and to issue an independent auditor’s
auditor independen yang mencakup opini kami. report that includes our opinion. Reasonable
Keyakinan memadai merupakan suatu tingkat assurance is a high level of assurance, but is not
keyakinan tinggi, namun bukan merupakan suatu a guarantee that an audit conducted in
jaminan bahwa audit yang dilaksanakan accordance with Standards on Auditing
berdasarkan Standar Audit yang ditetapkan oleh established by the IICPA will always detect
IAPI akan selalu mendeteksi kesalahan penyajian a material misst atement when it exists.
material ketika hal tersebut ada. Kesalahan Misstatements can arise from fraud or error and
penyajian dapat disebabkan oleh kecurangan are considered material if, individually or in the
maupun kesalahan dan dianggap material jika, baik aggregate, t hey could reasonably be expected t o
secara individual maupun agregat, dapat influence the economic decisions of users taken
diekspektasikan secara wajar akan memengaruhi on the basis of these financial statements.
keputusan ekonomi yang diambil oleh pengguna
berdasarkan laporan keuangan tersebut.
vi
A member firm of Ernst & Young Global Limited
Page 517
The original report included herein is in the Indonesian
language.
Laporan Audit or Independen (lanjut an) Independent Audit or’s Report (cont inued)
Laporan No. 00074/ 2.1505/ AU.1/ 09/ 1865- Report No. 00074/ 2.1505/ AU.1/ 09/ 1865-
2/ 1/ II/ 2026 (lanjutan) 2/ 1/ II/ 2026 (continued)
Tanggung jawab audit or t erhadap audit at as Audit or’s responsibilit ies for t he audit of t he
laporan keuangan (lanjut an) financial st at ement s (cont inued)
Sebagai bagian dari suatu audit berdasarkan As part of an audit in accordance with Standards
Standar Audit yang ditetapkan oleh IAPI, on Auditing established by the IICPA, we exercise
kami menerapkan pertimbangan profesional dan professional judgment and maintain professional
mempertahankan skeptisisme profesional selama skepticism throughout the audit. We also:
audit. Kami juga:
Mengidentifikasi dan menilai risiko kesalahan Ident ify and assess the risks of material
penyajian material dalam laporan keuangan, misstatement of the financial statement s,
baik yang disebabkan oleh kecurangan maupun whether due to fraud or error, design and
kesalahan, mendesain dan melaksanakan perform audit procedures responsive to such
prosedur audit yang responsif terhadap risiko risks, and obtain audit evidence that is
tersebut, serta memeroleh bukti audit yang sufficient and appropriate to provide a basis
cukup dan tepat untuk menyediakan basis for our opinion. The risk of not detecting
bagi opini kami. Risiko tidak terdeteksinya a material misstatement resulting from fraud
kesalahan penyajian material yang disebabkan is higher than for one resulting from error,
oleh kecurangan lebih tinggi daripada yang as fraud may involve collusion, forgery,
disebabkan oleh kesalahan, karena kecurangan intentional omissions, misrepresentations, or
dapat melibatkan kolusi, pemalsuan, override of internal control.
penghilangan secara sengaja, pernyataan
salah, atau pengabaian atas pengendalian
internal.
Memeroleh suatu pemahaman tentang Obtain an understanding of internal control
pengendalian internal yang relevan dengan relevant to the audit in order to design audit
517
audit untuk mendesain prosedur audit yang procedures that are appropriate in the
tepat sesuai dengan kondisinya, tetapi circumstances, but not for the purpose of
bukan untuk tujuan menyatakan opini expressing an opinion on t he effectiveness of
atas keefektivitasan pengendalian internal the Company’s internal control.
PT Sarana Multigriya Finansial (Persero)
Perusahaan.
Mengevaluasi ketepatan kebijakan akuntansi Evaluate the appropriateness of accounting
yang digunakan serta kewajaran estimasi policies used and the reasonableness of
akuntansi dan pengungkapan terkait yang accounting estimates and related disclosures
dibuat oleh manajemen. made by management.
vii
A member firm of Ernst & Young Global Limited
Page 518
Laporan Keuangan Audit
Audited Financial Statements
The original report included herein is in the Indonesian
language.
Laporan Audit or Independen (lanjut an) Independent Audit or’s Report (cont inued)
Laporan No. 00074/ 2.1505/ AU.1/ 09/ 1865- Report No. 00074/ 2.1505/ AU.1/ 09/ 1865-
2/ 1/ II/ 2026 (lanjutan) 2/ 1/ II/ 2026 (continued)
Tanggung jawab audit or t erhadap audit at as Audit or’s responsibilit ies for t he audit of t he
laporan keuangan (lanjut an) financial st at ement s (cont inued)
Sebagai bagian dari suatu audit berdasarkan As part of an audit in accordance with Standards
Standar Audit yang ditetapkan oleh IAPI, kami on Auditing established by the IICPA, we exercise
menerapkan pertimbangan profesional dan professional judgment and maintain professional
mempertahankan skeptisisme profesional selama skepticism throughout the audit. We also:
audit. Kami juga: (lanjutan) (continued)
Menyimpulkan ketepatan penggunaan basis Conclude on the appropriateness of
akuntansi kelangsungan usaha oleh management's use of the going concern basis
manajemen dan, berdasarkan bukti audit yang of accounting and, based on the audit
diperoleh, apakah terdapat suatu evidence obtained, whether a material
ketidakpastian material yang terkait uncertainty exists related to events or
518
dengan peristiwa atau kondisi yang dapat conditions that may cast significant doubt on
menyebabkan keraguan signifikan atas the Company's ability to continue as a going
kemampuan Perusahaan untuk concern. If we conclude that a material
mempertahankan kelangsungan usahanya. uncertainty exists, we are required to draw
Ketika kami menyimpulkan bahwa terdapat attention in our independent auditor’s report
Laporan Tahunan 2025 Annual Report
suatu ketidakpastian material, kami diharuskan to the related disclosures in the financial
untuk menarik perhatian dalam laporan auditor statements or, if such disclosures are
independen kami ke pengungkapan terkait inadequate, to modify our opinion. Our
dalam laporan keuangan atau, jika conclusion is based on the audit evidence
pengungkapan tersebut tidak memadai, obtained up to the date of our independent
memodifikasi opini kami. Kesimpulan kami auditor’s report. However, future events or
didasarkan pada bukti audit yang diperoleh conditions may cause the Company to cease
hingga tanggal laporan auditor independen to continue as a going concern.
kami. Namun, peristiwa atau kondisi masa
depan dapat menyebabkan Perusahaan tidak
dapat mempertahankan kelangsungan
usahanya.
Mengevaluasi penyajian, struktur, dan isi Evaluate the overall presentation, structure,
laporan keuangan secara keseluruhan, and content of the financial statements,
termasuk pengungkapannya, dan apakah including the disclosures, and whether the
laporan keuangan mencerminkan transaksi dan financial statements represent the underlying
peristiwa yang mendasarinya dengan suatu transactions and events in a manner that
cara yang mencapai penyajian wajar. achieves fair present ation.
Kami mengomunikasikan kepada pihak yang We communicate with those charged with
bertanggung jawab atas tata kelola mengenai, governance regarding, among other matters, the
antara lain, ruang lingkup dan saat yang planned scope and timing of the audit and
direncanakan atas audit, serta temuan audit significant audit findings, including any
signifikan, termasuk setiap defisiensi signifikan significant deficiencies in internal control that we
dalam pengendalian internal yang teridentifikasi identify during our audit.
oleh kami selama audit.
viii
A member firm of Ernst & Young Global Limited
Page 519
519
PT Sarana Multigriya Finansial (Persero)
A member firm of Ernst & Young Global Limited
Page 520
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
LAPORAN POSISI KEUANGAN STATEMENT OF FINANCIAL POSITION
Tanggal 31 Desember 2025 As of December 31, 2025
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
31 Desember/ Catatan/ 31 Desember/
December 31, 2025 Notes December 31, 2024
ASET ASSETS
Kas dan setara kas 2c,2d,2e, Cash and cash equivalents
Kas 28 2u,4,30 119 Cash on hands
Kas di bank dan setara kas Cash in bank and cash equivalent
Pihak ketiga 4.101.000 4.946.321 Third parties
Pihak berelasi 8.461.600 67.268 Related parties
Cadangan kerugian penurunan nilai (164) (319) Allowance for impairment losses
Deposito berjangka 2c,2e,2u,5,30 Time deposits
Pihak ketiga 2.870.000 5.953.000 Third parties
Pihak berelasi - 1.500.000 Related parties
Cadangan kerugian penurunan nilai (304) (1.724) Allowance for impairment losses
Efek-efek 2c,2i,2u,6,30 Marketable securities
Pihak ketiga 580.132 886.758 Third parties
Pihak berelasi 1.272.808 669.937 Related party
Cadangan kerugian penurunan nilai (84) (135) Allowance for impairment losses
Pinjaman yang diberikan 2c,2f,2u,8,30 Loans
Pihak ketiga 18.676.935 13.429.783 Third parties
Pihak berelasi 30.556.920 28.492.224 Related parties
Cadangan kerugian penurunan nilai (68.335) (91.498) Allowance for impairment losses
Jaminan dan pendukung kredit 17.006 2c,2h,9 28.348 Credit enhancement
Piutang usaha 2c,2g,10,30 Account receivables
Berbasis bunga Interest based
Pihak ketiga 46.913 39.308 Third parties
Pihak berelasi 89.470 78.270 Related parties
Berbasis imbalan Fee based
Pihak ketiga 107 145 Third parties
Pihak berelasi - 325 Related parties
520
Piutang lain-lain 2c,2g,11,30 Other receivables
Pihak ketiga 33.082 31.699 Third parties
Pihak berelasi 2.877 1.894.706 Related parties
Beban dibayar dimuka 20.946 12 14.378 Prepaid expenses
Aset tetap - neto 121.852 2j,13 132.190 Fixed assets - net
Laporan Tahunan 2025 Annual Report
Aset hak guna - neto 1.268 2p,14 1.068 Right-of-use assets - net
Aset tak berwujud - neto 9.264 2k,15 4.581 Intangible assets - net
Aset pajak tangguhan 6.357 2l,18c 33.347 Deferred tax assets
Investasi saham 13.826 7 28.389 Investment in shares
Aset lain-lain 141 - Other assets
TOTAL ASET 66.813.645 58.138.488 TOTAL ASSETS
Catatan atas laporan keuangan terlampir merupakan The accompanying notes to the financial statements form an
bagian integral dari laporan keuangan. integral part of these financial statements.
1
Page 521
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
LAPORAN POSISI KEUANGAN (lanjutan) STATEMENT OF FINANCIAL POSITION (continued)
Tanggal 31 Desember 2025 As of December 31, 2025
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
31 Desember/ Catatan/ 31 Desember/
December 31, 2025 Notes December 31, 2024
LIABILITAS, DANA SYIRKAH LIABILITIES, TEMPORARY
TEMPORER, DAN EKUITAS SYIRKAH FUND, AND EQUITY
LIABILITAS LIABILITIES
Beban yang masih harus dibayar 2c,2u,16,30 Accrued expenses
Pihak ketiga 214.912 169.082 Third parties
Pihak berelasi 29.290 26.464 Related parties
Utang pajak 2l,18a Tax payables
Pajak penghasilan badan 2.823 3.665 Corporate income tax
Pajak lainnya 1.675 1.549 Other taxes
Utang bank 2c,2u,20,30 Bank loans
Pihak ketiga 13.035.331 7.219.479 Third parties
Pihak berelasi 1.450.000 2.500.000 Related parties
Efek-efek yang diterbitkan 2c,2n,2u,21,30 Securities issued
Pihak ketiga 20.070.532 23.623.957 Third parties
Pihak berelasi 2.775.656 2.800.823 Related parties
Utang lain-lain 2c,2u,17,30 Other payables
Pihak ketiga 27.536 16.745 Third parties
Pihak berelasi 149 148 Related parties
Liabilitas imbalan kerja 51.505 2m,19 43.106 Employee benefit liabilities
TOTAL LIABILITAS 37.659.409 36.405.018 TOTAL LIABILITIES
DANA SYIRKAH TEMPORER TEMPORARY SYIRKAH FUND
Sukuk Sukuk
Pihak ketiga 1.067.930 2c,2n,2o,21 1.173.510 Third parties
Pihak berelasi 360.375 - Related parties
TOTAL DANA TOTAL TEMPORARY
SYIRKAH TEMPORER 1.428.305 1.173.510 SYIRKAH FUND
EKUITAS EQUITY
Modal saham - modal dasar, Share capital - authorized,
27.000.000 lembar - ditempatkan 27,000,000 shares -
dan disetor penuh 16.221.000 issued and fully paid
lembar (2024: 14.330.000 lembar), 16,221,000 shares
dengan nilai nominal (2024: 14,330,000 shares)
Rp1.000.000 (nilai penuh) par value of Rp1,000,000
per lembar saham 16.221.000 22a 14.330.000 (full amount) per share
Advance for future shares 521
Uang muka setoran modal 6.684.023 22a - subscription
Komponen ekuitas lainnya - 22d 1.891.000 Other equity component
Keuntungan (kerugian) dari perubahan Gain (loss) from changes
nilai wajar aset keuangan in fair value of financial assets
diklasifikasikan pada nilai wajar classified as fair value
PT Sarana Multigriya Finansial (Persero)
melalui penghasilan through other
komprehensif lain 22.164 (3.174) comprehensive income
Cadangan kerugian penurunan nilai Allowance for impairment losses
aset keuangan yang diklasifikasikan of financial assets classified
pada nilai wajar melalui penghasilan as fair value through other
komprehensif lain 1.488 6,8 1.729 comprehensive income
Saldo laba Retained earning
Telah ditentukan penggunaannya 2.107.398 22c 1.891.465 Appropriated
Belum ditentukan penggunaannya 2.689.858 22c 2.448.940 Unappropriated
TOTAL EKUITAS 27.725.931 20.559.960 TOTAL EQUITY
TOTAL LIABILITAS, TOTAL LIABILITIES,
DANA SYIRKAH TEMPORARY SYIRKAH
TEMPORER, DAN EKUITAS 66.813.645 58.138.488 FUND, AND EQUITY
Catatan atas laporan keuangan terlampir merupakan The accompanying notes to the financial statements form an
bagian integral dari laporan keuangan. integral part of these financial statements.
2
Page 522
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
LAPORAN LABA RUGI DAN PENGHASILAN STATEMENT OF PROFIT OR LOSS AND OTHER
KOMPREHENSIF LAIN COMPREHENSIVE INCOME
Untuk Tahun yang Berakhir pada Tanggal For the Year Ended
31 Desember 2025 December 31, 2025
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
Tahun yang Berakhir pada Tanggal 31 Desember/
Year Ended December 31,
Catatan/
2025 Notes 2024
PENDAPATAN INCOME
Pendapatan bunga dan Interest income and
pendapatan syariah 3.093.125 2q,23,30 2.858.374 sharia income
Pendapatan sekuritisasi 1.633 2r,24 2.089 Securitization income
(Kerugian) keuntungan yang belum Unrealized (loss) gain
direalisasi atas perubahan nilai from changes in fair
wajar aset keuangan yang value of financial
diklasifikasikan pada nilai assets classified as fair
wajar melalui laba rugi (39) 2c 3.136 value through profit or loss
Keuntungan dari penjualan aset
keuangan yang diukur pada Gain on sale of financial assets
nilai wajar melalui penghasilan at fair value through other
komprehensif lain 67 2c 262 comprehensive income
Pendapatan lain-lain - neto 7.824 2r,25 5.256 Other income - net
TOTAL PENDAPATAN 3.102.610 2.869.117 TOTAL INCOME
BEBAN EXPENSES
Beban bunga (2.178.140) 2o,26,30 (1.995.296) Interest expense
Umum dan administrasi (124.615) 2q,28,30 (115.785) General and administrative
Gaji dan tunjangan (108.366) 2r,27,30 (95.003) Salaries and benefits
522 Pembalikan kerugian Reversal for impairment
penurunan nilai 25.030 4.279 losses
TOTAL BEBAN (2.386.091) (2.201.805) TOTAL EXPENSES
LABA SEBELUM BEBAN PAJAK INCOME BEFORE FINAL TAX
Laporan Tahunan 2025 Annual Report
FINAL DAN BEBAN EXPENSE AND INCOME
PAJAK PENGHASILAN 716.519 667.312 TAX EXPENSE
Beban pajak final (127.634) 2l (96.836) Final tax expense
LABA SEBELUM BEBAN INCOME BEFORE INCOME
PAJAK PENGHASILAN 588.885 570.476 TAX EXPENSE
BEBAN PAJAK PENGHASILAN (23.492) 2l,18b (30.642) INCOME TAX EXPENSE
LABA BERSIH 565.393 539.834 NET INCOME
PENGHASILAN OTHER COMPREHENSIVE
KOMPREHENSIF LAIN INCOME
Pos-pos yang tidak akan Items that will not
direklasifikasi ke laba rugi be reclassified to profit or loss
Pengukuran kembali liabilitas Remeasurement of
imbalan kerja (739) 2m,19 347 employee benefit liabilities
Perubahan nilai wajar Changes in fair value of financial
aset keuangan yang diukur assets classified
pada nilai wajar melalui as fair value through
penghasilan komprehensif lain (14.563) 7 (230) other comprehensive income
Pajak penghasilan terkait 3.366 2l,18c (26) Related income tax
(11.936) 91
Catatan atas laporan keuangan terlampir merupakan The accompanying notes to the financial statements form an
bagian integral dari laporan keuangan. integral part of these financial statements.
3
Page 523
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
LAPORAN LABA RUGI DAN PENGHASILAN STATEMENT OF PROFIT OR LOSS AND OTHER
KOMPREHENSIF LAIN (lanjutan) COMPREHENSIVE INCOME (continued)
Untuk Tahun yang Berakhir pada Tanggal For the Year Ended
31 Desember 2025 December 31, 2025
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
Tahun yang Berakhir pada Tanggal 31 Desember/
Year Ended December 31,
Catatan/
2025 Notes 2024
PENGHASILAN OTHER COMPREHENSIVE
KOMPREHENSIF LAIN (lanjutan) INCOME (continued)
Pos-pos yang akan Items that will be reclassified to
direklasifikasi ke laba rugi profit or loss
Perubahan cadangan kerugian Changes in allowance for
penurunan nilai aset keuangan impairment losses of
yang diklasifikasikan pada financial assets classified as
nilai wajar melalui penghasilan fair value through
komprehensif lain (241) 128 other comprehensive income
Perubahan nilai wajar aset Changes in fair value of
keuangan yang diklasifikasikan pada financial assets classified
nilai wajar melalui penghasilan as fair value through
komprehensif lain 47.036 (5.713) other comprehensive income
Pajak penghasilan terkait (10.350) 2l,18c 1.258 Related income tax
36.445 (4.327)
Penghasilan (rugi) komprehensif Other comprehensive income
lain, neto setelah pajak 24.509 (4.236) (losses), net of tax
TOTAL PENGHASILAN TOTAL
KOMPREHENSIF TAHUN COMPREHENSIVE
BERJALAN 589.902 535.598 INCOME FOR THE YEAR
LABA PER SAHAM 2s,29 EARNING PER SHARE
DASAR (dalam nilai penuh) 36.854 38.737 BASIC (in full amount)
DILUSIAN (dalam nilai penuh) 36.810 38.722 DILUTED (in full amount)
523
PT Sarana Multigriya Finansial (Persero)
Catatan atas laporan keuangan terlampir merupakan The accompanying notes to the financial statements form an
bagian integral dari laporan keuangan. integral part of these financial statements.
4
Page 524
The original financial statements included herein are in the Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
LAPORAN PERUBAHAN EKUITAS STATEMENT OF CHANGES IN EQUITY
Untuk Tahun yang Berakhir pada Tanggal For the Year Ended
31 Desember 2025 December 31, 2025
(Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
Keuntungan (kerugian)
Cadangan dari perubahan nilai wajar
kerugian penurunan aset keuangan yang
nilai aset keuangan yang diklasifikasikan pada
diklasifikasikan pada nilai nilai wajar melalui
wajar melalui penghasilan penghasilan
komprehensif lain/ komprehensif lain/ Saldo Laba/Retained Earnings*)
Modal saham Allowance for impairment Gain (loss) from changes
ditempatkan dan Uang muka Komponen losses of financial in fair value of financial
disetor penuh/ setoran modal/ ekuitas lainnya/ assets classified as fair assets classified as fair Telah ditentukan Belum ditentukan
Catatan/ Issued and Advance for future Other equity value through other value through other penggunaannya/ penggunaannya/ Total ekuitas/
Notes fully paid capital shares subscription component comprehensive income comprehensive income Appropriated Unappropriated Total equity
Saldo tanggal 31 Desember 2023 12.800.000 1.530.000 - 1.601 1.460 1.707.545 2.190.536 18.231.142 Balance as of December 31, 2023
Penerbitan saham baru 22a 1.530.000 (1.530.000) - - - - - - Issuance of new shares
Komponen ekuitas lainnya 22d - - 1.891.000 - - - - 1.891.000 Other equity components
Pembagian dividen 22b - - - - - - (97.780) (97.780 ) Distribution of dividend
Perubahan cadangan kerugian penurunan nilai - - - 128 - - - 128 Changes in allowance for impairment losses
Penambahan modal cadangan 22c - - - - - 183.920 (183.920) - Appropriation for capital reserves
Kerugian yang belum direalisasi Unrealized losses from
atas perubahan nilai wajar aset keuangan changes in fair value of financial assets
yang diklasifikasikan pada nilai wajar melalui classified as fair value through
penghasilan komprehensif lain - neto other comprehensive income -
setelah pajak - - - - (4.634) - - (4.634 ) net of tax
Pengukuran kembali atas liabilitas imbalan kerja - Remeasurement of employee benefit -
neto setelah pajak - - - - - - 270 270 net of tax
Laba bersih untuk tahun yang berakhir pada Net income for the year ended
tanggal 31 Desember 2024 - - - - - - 539.834 539.834 December 31, 2024
Saldo tanggal 31 Desember 2024 14.330.000 - 1.891.000 1.729 (3.174) 1.891.465 2.448.940 20.559.960 Balance as of December 31, 2024
Penerbitan saham baru 22a 1.891.000 - (1.891.000) - - - - - Issuance of new shares
Uang muka setoran modal 22a - 6.684.023 - - - - - 6.684.023 Capital paid-up in advances
Pembagian dividen 22b - - - - - - (107.966) (107.966) Distribution of dividend
Perubahan cadangan kerugian penurunan nilai - - - (241) - - - (241) Changes in allowance for impairment losses
Penambahan modal cadangan 22c - - - - - 215.933 (215.933) - Appropriation for capital reserves
Keuntungan yang belum direalisasi Unrealized gain from
atas perubahan nilai wajar aset keuangan changes in fair value of financial assets
yang diklasifikasikan pada nilai wajar melalui classified as fair value through
penghasilan komprehensif lain - neto other comprehensive income -
setelah pajak - - - - 25.338 - - 25.338 net of tax
Pengukuran kembali atas liabilitas imbalan kerja - Remeasurement of employee benefit -
neto setelah pajak - - - - - - (576) (576) net of tax
Laba bersih untuk tahun yang berakhir pada Net income for the year ended
tanggal 31 Desember 2025 - - - - - - 565.393 565.393 December 31, 2025
Saldo tanggal 31 Desember 2025 16.221.000 6.684.023 - 1.488 22.164 2.107.398 2.689.858 27.725.931 Balance as of December 31, 2025
Audited Financial Statements
*) Saldo laba termasuk keuntungan/(kerugian) aktuarial - neto setelah pajak *) Retained earnings include actuarial gain/(loss) - net of tax
Laporan Keuangan Audit
Catatan atas laporan keuangan terlampir merupakan bagian integral dari laporan keuangan. The accompanying notes to the financial statements form an integral part of these financial statements.
5
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Laporan Tahunan 2025 Annual Report
Page 525
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
LAPORAN ARUS KAS STATEMENT OF CASH FLOWS
Untuk Tahun yang Berakhir pada Tanggal For the Year Ended
31 Desember 2025 December 31, 2025
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
Tahun yang Berakhir pada Tanggal 31 Desember/
Year Ended December 31,
Catatan/
2025 Notes 2024
ARUS KAS DARI AKTIVITAS CASH FLOWS FROM OPERATING
OPERASI ACTIVITIES
Penerimaan kas dari: Cash received from:
Pendapatan bunga dari Interest income from
pinjaman yang diberikan dan loans and
pendapatan syariah 2.375.298 2.309.246 sharia income
Pendapatan bunga dari Interest income
deposito berjangka 589.968 398.628 from time deposit
Interest income from
Pendapatan bunga dari residential mortgage
efek beragun aset (EBA) 59.552 88.386 backed securities (RMBS)
Pendapatan bunga dari Interest income from government
surat utang negara (SUN) 47.225 34.511 debenture debt (SUN)
Pendapatan bunga dari Interest income from Bank
Sekuritas Rupiah Indonesia Rupiah
Bank Indonesia (SRBI) - 5.992 Securities (SRBI)
Penerimaan angsuran pinjaman Payment received from
yang diberikan 13.564.100 11.364.959 loan installment
Payment received from
Penerimaan cicilan pokok EBA 302.687 384.249 principal installment of RMBS
Pelepasan EBA 11.152 14.551 Divestment of RMBS
Repayment of credit
Penerimaan dana pendukung kredit 14.643 18.995 enhancement fund
Payment received
Penerimaan dari hasil lainnya 5.418 8.001 from other income
Penerimaan angsuran pinjaman Payment received from
karyawan 7.155 5.194 employees loan installment
Pengeluaran kas untuk: Cash disbursement for:
Penyaluran pinjaman yang diberikan (20.876.092) (17.201.565) Disbursement of loans
Penyaluran pinjaman karyawan (3.240) (8.835) Disbursement of employee loan
Interest expenses from
Bunga efek-efek yang diterbitkan (1.584.903) (1.540.660) securities issued
Investasi pada EBA (5.534) (7.066) Investment in RMBS 525
Bunga utang bank (534.617) (432.252) Interest expenses from bank loan
Interest expenses from
Bunga liabilitas sewa (154) (193) lease liabilities
Umum, administrasi dan lainnya (105.030) (110.689) General, administrative and others
Gaji dan tunjangan (100.544) (88.339) Salaries and benefits
PT Sarana Multigriya Finansial (Persero)
Pajak penghasilan lainnya (127.508) (98.168) Other income tax
Pajak penghasilan badan (4.328) (33.778) Corporate income tax
Kas neto digunakan Net cash used in
untuk aktivitas operasi (6.364.752) (4.888.833) operating activities
ARUS KAS DARI AKTIVITAS CASH FLOWS FROM INVESTING
INVESTASI ACTIVITIES
Investasi pada SUN (558.612) (190.465) Investment in SUN
Penerimaan investasi pada SUN Investment receipts in
yang telah jatuh tempo - 23.560 matured SUN
Penarikan deposito berjangka 18.246.014 17.263.750 Withdrawal in time deposits
Penempatan pada Placement in
deposito berjangka (13.663.014) (20.045.750) time deposits
Penambahan aset dalam Addition of assets under
pembangunan - aset tetap (1.057) (5.424) construction - fixed assets
Catatan atas laporan keuangan terlampir merupakan The accompanying notes to the financial statements form an
bagian integral dari laporan keuangan. integral part of these financial statements.
6
Page 526
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
LAPORAN ARUS KAS (lanjutan) STATEMENT OF CASH FLOWS (continued)
Untuk Tahun yang Berakhir pada Tanggal For the Year Ended
31 Desember 2025 December 31, 2025
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
Tahun yang Berakhir pada Tanggal 31 Desember/
Year Ended December 31,
Catatan/
2025 Notes 2024
ARUS KAS DARI AKTIVITAS CASH FLOWS FROM INVESTING
INVESTASI (lanjutan) ACTIVITIES (continued)
Pembelian aset tetap - 14 (4.334) Acquisition of fixed assets
Penambahan aset dalam Addition of assets under
pembangunan - aset tak berwujud - 15 (1.696) construction - intangible assets
Pembelian aset tak berwujud (5.694) 15 - Acquisition of intangible asset
Kas neto diperoleh dari
(digunakan untuk) aktivitas Net cash provided by
investasi 4.017.637 (2.960.359) (used in) investing activities
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS PENDANAAN FINANCING ACTIVITIES
Penerimaan dari utang bank 17.940.000 10.732.000 Proceeds from bank loan
Penerimaan dari hasil penerbitan Proceeds from
efek-efek yang diterbitkan 3.930.575 11.812.964 issuance of securities issued
Penerimaan uang muka Advance receipt for future
setoran modal 8.575.023 22a - shares subscriptions
Penerimaan dari hasil penerbitan Proceeds from issuance of
sukuk musyarakah 1.057.805 803.010 musyarakah sukuk
Pembayaran pokok utang bank (13.173.333) (8.907.000) Principal payment of bank loan
526 Pembayaran pokok Principal payment
efek-efek yang diterbitkan (7.514.005) (4.348.460) of securities issued
Pembayaran pokok Principal payment of
sukuk (803.010) - sukuk
Pembayaran dividen tunai (107.966) 22b (97.780) Payment of cash dividend
Laporan Tahunan 2025 Annual Report
Pembayaran emisi Payment of issuance cost
efek-efek yang diterbitkan (5.791) (15.296) of securities issued
Pembayaran sewa (3.263) (4.467) Payment of leases
Kas neto diperoleh dari Net cash provided by
aktivitas pendanaan 9.896.035 9.974.971 financing activities
KENAIKAN INCREASE IN CASH
KAS DAN SETARA KAS 7.548.920 2.125.779 AND CASH EQUIVALENTS
SALDO KAS CASH AND CASH
DAN SETARA KAS - AWAL 5.013.708 4 2.887.929 EQUIVALENTS - BEGINNING
SALDO KAS CASH AND CASH
DAN SETARA KAS - AKHIR 12.562.628 4 5.013.708 EQUIVALENTS - ENDING
Catatan atas laporan keuangan terlampir merupakan The accompanying notes to the financial statements form an
bagian integral dari laporan keuangan. integral part of these financial statements.
7
Page 527
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM 1. GENERAL
a. Pendirian dan Informasi Umum a. Establishment and General Information
PT Sarana Multigriya Finansial (Persero) PT Sarana Multigriya Finansial (Persero) (the
(“Perseroan”) didirikan berdasarkan Peraturan “Company”) was established in accordance with
Pemerintah Republik Indonesia No. 5 tahun 2005 the Government of the Republic of Indonesia
tanggal 7 Februari 2005 tentang Penyertaan Regulation No. 5 year 2005 dated February 7,
Modal Negara Republik Indonesia untuk 2005, regarding the Investment by the Republic
Pendirian Perseroan (Persero) di Bidang of Indonesia to establish a State Owned
Pembiayaan Sekunder Perumahan, Company in Secondary Mortgage Financing
sebagaimana terakhir diubah berdasarkan which was amended based on the Government
Pemerintah Republik Indonesia No. 57 tahun of the Republic of Indonesia No. 57 year 2020
2020 tanggal 8 Oktober 2020 dan Peraturan October 8, 2020 and President of the Republic of
Presiden Republik Indonesia No. 19 tahun 2005 Indonesia Regulation No. 19 year 2005 dated
tanggal 7 Februari 2005 tentang Pembiayaan February 7, 2005, regarding the Secondary
Sekunder Perumahan sebagaimana terakhir Mortgage Financing which was then amended by
diubah berdasarkan Peraturan Presiden President of the Republic of Indonesia
Republik Indonesia No. 100 tahun 2020 tanggal Regulation No. 100 year 2020 dated October 8,
8 Oktober 2020. 2020.
Pendirian Perseroan dilakukan pada tanggal The Company was established on July 22, 2005
22 Juli 2005 dengan Anggaran Dasar No. 59 with Articles of Association No. 59 made by
yang dibuat oleh Notaris Imas Fatimah, S.H. Akta Notary Imas Fatimah, S.H. This deed was
Pendirian ini telah disahkan oleh Menteri Hukum approved by the Minister of Law and Human
dan Hak Asasi Manusia Republik Indonesia Rights of the Republic of Indonesia
No. C-20694.HT.01.01.TH.2005 tanggal 26 Juli No. C-20694.HT.01.01.TH.2005 dated July 26,
2005 dan telah diumumkan dalam Berita Negara 2005 and was published in Supplement No. 9263
Republik Indonesia No. 69, Tambahan No. 9263 to the State Gazette of the Republic of Indonesia
tanggal 30 Agustus 2005. Akta No. 59 tersebut No. 69 dated August 30, 2005. This deed No. 59
diubah dengan Akta No. 114 tanggal 13 Agustus was amended by Deed No. 114 dated August 13,
2008 dibuat dihadapan Sutjipto, S.H., Notaris di 2008 made by Sutjipto, S.H., Notary in Jakarta,
Jakarta, yang telah memperoleh persetujuan dari and obtained the approval from the Minister of
Menteri Hukum dan Hak Asasi Manusia Republik Law and Human Rights of the Republic of
Indonesia berdasarkan Surat Keputusan Indonesia by virtue of Decree No. AHU-
No. AHU-94053.AH.01.02 Tahun 2008 tanggal 94053.AH.01.02 Year 2008 dated December 5,
5 Desember 2008. 2008.
527
Perseroan mulai melakukan kegiatan The Company started its financing activities
berdasarkan prinsip syariah pada tanggal based on the sharia principles on July 10, 2018,
10 Juli 2018, berdasarkan izin unit usaha syariah based on the license of sharia business unit No.
No. KEP-73/NB.223/2018 yang diterbitkan oleh KEP-73/NB.223/2018 issued by Financial
Otoritas Jasa Keuangan (“OJK”) tanggal 10 Juli Services Authority (“OJK”) dated July 10, 2018
PT Sarana Multigriya Finansial (Persero)
2018 tentang pemberian izin pembukaan unit regarding approval in conducting sharia business
usaha syariah perusahaan pembiayaan unit on secondary mortgage financing activities.
sekunder perumahan.
Anggaran Dasar Perseroan telah beberapa kali The Company’s Articles of Association have
mengalami perubahan, terakhir dituangkan been amended several times, the latest change
dalam akta Pernyataan Keputusan Tanpa Rapat was recorded in Shareholder’s Circular
Perusahaan PT Sarana Multigriya Finansial Resolution of PT Sarana Multigriya Finansial
(Persero) No. 27 tanggal 25 Maret 2025. Akta (Persero) No. 27 dated March 25, 2025. The
Perubahan ini telah diterima serta dicatat oleh amendment of Articles of Association was
Kementerian Hukum Republik Indonesia accepted and recorded by the Ministry of Law of
berdasarkan surat No. AHU-AH.01.03-0091170 the Republic of Indonesia through letter
tanggal 25 Maret 2025. No. AHU-AH.01.03-0091170 dated March 25,
2025.
8
Page 528
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
a. Pendirian dan Informasi Umum (lanjutan) a. Establishment and General Information
(continued)
Berdasarkan Anggaran Dasar Perseroan Based on The Company’s Articles of Association,
tersebut, maksud dan tujuan Perseroan adalah the purposes and objectives of the Company are
untuk membangun dan mengembangkan pasar to establish and develop secondary mortgage
pembiayaan sekunder perumahan dalam rangka financing market in order to increase the capacity
meningkatkan kapasitas dan kesinambungan and sustainability of mortgage financing,
pembiayaan kepemilikan, kepenghunian dan ownership, occupancy and availability of housing
ketersediaan perumahan dan pemukiman yang and residentials which is affordable by public and
terjangkau oleh masyarakat dan melaksanakan to perform primary housing finance and
pembiayaan primer perumahan dan pemukiman residential in accordance to government
berdasarkan penugasan pemerintah. assignment.
Untuk mencapai maksud dan tujuan tersebut In order to achieve its purposes and objectives
diatas, Perseroan dapat melakukan kegiatan as mentioned above, the Company can perform
usaha sebagai berikut: the following operational activities:
a. Membeli kumpulan aset keuangan dari a. Purchase financial assets from mortgages
kreditor asal, yang dapat dicatat dalam institution, that is suitable for record in the
laporan keuangan Perseroan hingga Company’s financial statements until it
memenuhi kelayakan ekonomis untuk reaches the economic value required for
528 disekuritisasi; securitization;
b. Menerbitkan efek beragun aset berbentuk b. Issue residential mortgage backed securites
surat partisipasi; as Participation Certificate;
c. Menunjuk Entitas Bertujuan Khusus (EBK) c. Appoint a Special Purpose Vehicle (SPV) to
untuk membeli aset keuangan dari kreditor purchase financial assets from the initial
Laporan Tahunan 2025 Annual Report
asal dalam transaksi penerbitan efek beragun creditor and issue RMBS in the form of bond
aset berbentuk surat utang dan; and;
d. Melaksanakan penugasan Pemerintah d. Engage in Government assignment as
sebagaimana dimaksud dalam Pasal 3 ayat appointed in Article 3 (1) b, after receiving
(1) huruf b, setelah memperoleh persetujuan the approval from Shareholder’s General
dari Rapat Umum Pemegang Saham. Meeting.
Dalam rangka mendorong pengembangan pasar In accordance to the purpose of supporting the
pembiayaan sekunder perumahan secara secondary mortgage financing, the Company:
berkelanjutan, Perseroan:
a. Memberikan fasilitas pinjaman kepada a. Providing loan facilities to financial
lembaga keuangan yang memberikan institutions that provide credit/financing for
kredit/pembiayaan sektor pembiayaan the housing and/or residences to ensure the
perumahan dan/atau permukiman dalam sustainability of ownership, occupancy, and
rangka keberlanjutan kepemilikan, availability of housing and/or residences,
kepenghunian, dan ketersediaan including: financing for home ownership,
perumahan dan/atau permukiman antara financing for building houses on private land,
lain: pembiayaan pemilikan rumah, financing for home repairs/renovations,
pembiayaan pembangunan rumah di atas financing for the construction of housing
lahan milik sendiri, pembiayaan projects and/or apartment projects to
perbaikan/renovasi rumah, pembiayaan support the availability of housing and
pembangunan proyek perumahan dan/atau residences, micro housing finance, reverse
proyek rumah susun guna mendukung mortgage, financing for houses with a lease-
ketersediaan perumahan dan permukiman, purchase scheme, financing for Public
pembiayaan mikro perumahan (micro Private Partnership (KPBU) in the housing
housing finance), pembiayaan pelepasan and residences.
rumah (reverse mortgage), pembiayaan
rumah dengan skema sewa-beli,
pembiayaan Kerjasama Pemerintah dengan
Badan Usaha (KPBU) dibidang perumahan
dan permukiman;
9
Page 529
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
a. Pendirian dan Informasi Umum (lanjutan) a. Establishment and General Information
(continued)
Dalam rangka mendorong pengembangan pasar In accordance to the purpose of supporting the
pembiayaan sekunder perumahan secara secondary mortgage financing, the Company:
berkelanjutan, Perseroan: (lanjutan) (continued)
b. Meningkatkan kapasitas pihak-pihak yang b. Growing the capacity of entities involved to
terlibat dalam penyelenggaraan pembiayaan the process of providing mortgages and;
perumahan dan/atau pemukiman, dan;
c. Melakukan kegiatan lain di bidang c. Performing other financing activities with the
pembiayaan perumahan dan/atau approval from shareholder.
pemukiman sepanjang telah mendapat
persetujuan pemegang saham.
Selain kegiatan usaha tersebut di atas, Apart from the above business activities, the
Perseroan dapat pula melakukan kegiatan Company can also perform the following
berdasarkan prinsip konvensional dan/atau activities according to the conventional and/or
prinsip syariah sebagai berikut: sharia principles:
a. Menerbitkan Surat Utang, Surat Partisipasi, a. Issuing Bond, Participation Certificate and/or
dan/atau sumber dana lainnya sesuai other source of fund in accordance to the
dengan ketentuan perundang-undangan; legislation applied;
b. Mengeluarkan jaminan dan dukungan kredit b. Providing credit enhancement;
(Credit Enhancement);
c. Melaksanakan fungsi sebagai Koordinator c. Performing the role of Global Coordinator;
Global;
d. Melaksanakan fungsi sebagai Penata d. Performing as Securitization Arranger;
Sekuritisasi;
e. Melakukan penyertaan langsung pada e. Direct investment to institutions whose
badan usaha yang kegiatannya mendukung activities support the sustainability of
keberlanjutan kepemilikan, kepenghunian ownership, occupancy and availability of
dan ketersediaan perumahan dan/atau housing and/or settlements in accordance
permukiman sesuai dengan ketentuan with the provisions of laws and regulations,
peraturan perundang-undangan termasuk including business entities in the field of 529
juga melakukan penyertaan modal pada providing guarantee facilities in accordance
badan usaha dalam bidang pemberian with the provisions of laws and regulations,
fasilitas penjaminan sesuai dengan by first obtaining approval from
ketentuan peraturan perundang-undangan, shareholders;
PT Sarana Multigriya Finansial (Persero)
dengan terlebih dahulu mendapat
persetujuan dari pemegang saham.
f. Menempatkan dana dalam bentuk surat f. Fund placement in the form of Government
berharga negara, surat berharga yang bond, bond issued by Bank Indonesia,
diterbitkan oleh Bank Indonesia, deposito deposits and/or other financial instruments
dan/atau instrumen keuangan lainnya yang determined by the Ministry of Finance and;
ditetapkan oleh Menteri Keuangan dan;
g. Melakukan pembelian Efek Beragun Aset. g. Purchase Residential Mortgage Backed
Securites.
10
Page 530
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
a. Pendirian dan Informasi Umum (lanjutan) a. Establishment and General Information
(continued)
Dalam rangka membangun dan In establishing and developing secondary
mengembangkan pasar sekunder perumahan, mortgage market, the Company can provide
Perseroan dapat memberikan fasilitas pinjaman loan facilities for the housing finance sector
kepada bank dan/atau lembaga keuangan and/or residences in the context of housing
lainnya yang memberikan kredit/pembiayaan ownership, occupancy, and housing availability
sektor pembiayaan perumahan dan/atau and/or residencesto banks and/or other financial
permukiman dalam rangka keberlanjutan institutions which funded from its equity
kepemilikan, kepenghunian, dan ketersediaan (bridging) which are then subsequently
perumahan dan/atau permukiman. Pemberian replenished by funds from the issuance of bonds
fasilitas pinjaman tersebut menggunakan dana and/or other financial instruments in accordance
dari ekuitas terlebih dahulu (bridging) untuk to the legislation.
kemudian digantikan dengan dana dari
penerbitan instrumen surat utang dan/atau
sumber dana lainnya sesuai peraturan
perundang-undangan.
Perseroan mulai melakukan kegiatan secara The Company started its commercial activities in
komersial pada bulan Oktober 2005. October 2005.
530
Perseroan berkantor di Grha SMF, Jl. Panglima The Company is domiciled at Grha SMF,
Polim I No. 1 Kebayoran Baru, Jakarta 12160. Jl. Panglima Polim I No. 1 Kebayoran Baru,
Jakarta 12160.
Laporan Tahunan 2025 Annual Report
Entitas induk dan entitas induk terakhir The parent entity and the ultimate parent entity of
Perseroan adalah Pemerintah Republik the Company is the Government of the Republic
Indonesia. Indonesia.
b. Penawaran umum obligasi dan sukuk b. Bonds and sukuk public offering
Dalam beberapa tahun terakhir, Perseroan telah During the last several years, the Company has
beberapa kali menerbitkan efek utang yang issued debt securities to the public through the
ditawarkan kepada masyarakat melalui pasar Indonesian capital market.
modal di Indonesia.
Sampai dengan 31 Desember 2025, obligasi Until December 31, 2025, the Company’s bonds
yang telah diterbitkan oleh Perseroan adalah issued are as follows:
sebagai berikut:
Pernyataan Total pokok
terbit/ obligasi/The Tanggal jatuh Tingkat
Instrumen/ Registration nominal value Jangka waktu/ tempo/ bunga/ Wali Amanat/
Instrument issuance of bonds Tenor Maturity date Interest rate Trustee
Obligasi SMF 1/Bonds SMF 1 15 Juli/ 300.000
July 15, 2009 Non-Seri/Non- 370 hari/days 15 Juli/ 10,125% PT Bank Permata Tbk
Series July 15, 2010
Obligasi SMF 2/Bonds SMF 2 29 Desember/ 251.000 PT Bank Permata Tbk
December 29, 2009 Non-Seri/Non- 370 hari/days 3 Januari/ 9,50%
Series January 3, 2011
MTN SMF 1/ Medium Term 16 April/ 188.000 PT Bank Rakyat Indonesia (Persero) Tbk
Notes SMF 1 April 16, 2010 Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
163.000 370 hari/days 21 April/ 8,75%
April 21, 2011
Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
25.000 2 tahun/years 16 April/ 9,25%
April 16, 2012
Obligasi SMF 3/Bonds SMF 3 8 Juli/ 727.000 PT Bank Rakyat Indonesia (Persero) Tbk
July 8, 2010 Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
500.000 2 tahun/years 8 Juli/ 9,25%
July 8, 2012
Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
227.000 3 tahun/years 8 Juli/ 9,75%
July 8, 2013
11
Page 531
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
b. Penawaran umum obligasi dan sukuk b. Bonds and sukuk public offering (continued)
(lanjutan)
Sampai dengan 31 Desember 2025, obligasi Until December 31, 2025, the Company’s bonds
yang telah diterbitkan oleh Perseroan adalah issued are as follows: (continued)
sebagai berikut: (lanjutan)
Pernyataan Total pokok
terbit/ obligasi/The Tanggal jatuh Tingkat
Instrumen/ Registration nominal value Jangka waktu/ tempo/ bunga/ Wali Amanat/
Instrument issuance of bonds Tenor Maturity date Interest rate Trustee
MTN SMF 2/ Medium Term 30 Desember/ 200.000 365 hari/days 30 Desember/ Tidak ada wali amanat/No trustee
Notes SMF 2 December 30, 2010 December 30, 2011 8,50%
Obligasi SMF 4/Bonds SMF 4 5 April/ 463.000 PT Bank Rakyat Indonesia (Persero) Tbk
April 5, 2011 Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
378.000 370 hari/days 9 April/ 8,40%
April 9, 2012
Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
85.000 2 tahun/years 8 Juli/ 8,80%
July 8, 2013
MTN SMF 3 - Tahap I/ Medium Term 17 Oktober/ 205.000 360 hari/days 11 Oktober/ 8,20% Tidak ada wali amanat/No trustee
Notes SMF 3 - Tranche I October 17, 2011 October 11, 2012
MTN SMF 3 - Tahap II/ Medium Term 20 Oktober/ 100.000 360 hari/days 14 Oktober/ 8,20% Tidak ada wali amanat/No trustee
Notes SMF 3 - Tranche II October 17, 2011 October 14, 2012
Obligasi Berkelanjutan I Sarana Multigriya 21 Desember/ 750.000 PT Bank Rakyat Indonesia (Persero) Tbk
Finansial Tahap I Tahun 2011 December 21, 2011 Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
Berjamin Aset Piutang KPR dengan 160.000 370 hari/days 21 Desember/ 7,38%
Tingkat Bunga Tetap/Shelf-registered December 21, 2012
Bonds Sarana Multigriya Finansial I
phase I Year 2011 with Mortgage Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
Receivables Asset as Collateral with 80.000 2 tahun/years 21 Desember/ 8,23%
Fixed Interest Rate December 21, 2013
(Surat Pernyataan Efektif dari OJK
No. S-13454/BL/2011 Seri/Series C: Seri/Series C: Seri/Series C: Seri/Series C:
Tanggal 15 Desember 2011/ 510.000 3 tahun/years 21 Desember/ 8,48%
OJK effective statement letter December 21, 2014
No. S-13454/BL/2011
date December 15, 2011)
Obligasi Berkelanjutan I Sarana Multigriya 25 April/ 1.250.000 PT Bank Rakyat Indonesia (Persero) Tbk
Finansial Tahap II Tahun 2012 April 25, 2012 Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
Berjamin Aset Piutang KPR dengan 255.000 2 tahun/years 25 April/ 7,10%
Tingkat Bunga Tetap/Shelf-registered April 25, 2014
Bonds Sarana Multigriya Finansial I
phase II Year 2012 with Mortgage Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
Receivables Asset as Collateral with 157.000 3 tahun/years 25 April/ 7,35%
Fixed Interest Rate April 25, 2015
(Surat Pernyataan Efektif dari OJK
No. S-13454/BL/2011 Seri/Series C: Seri/Series C: Seri/Series C: Seri/Series C:
Tanggal 15 Desember 2011/ 838.000 5 tahun/years 25 April/ 7,55%
OJK effective statement letter April 25, 2017
No. S-13454/BL/2011
date December 15, 2011)
MTN IV/ Medium Term Notes IV 19 Oktober/ 580.000 6 bulan/months 18 April/ 6,50% Tidak ada wali amanat/No trustee
October 19, 2012 April 18, 2013
Obligasi Berkelanjutan II Sarana Multigriya 27 Desember/ 750.000 PT Bank Rakyat Indonesia (Persero)Tbk 531
Finansial Tahap I Tahun 2012 dengan December 27, Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
Tingkat Bunga Tetap/Shelf-registered 2012 320.000 3 tahun/years 27 Desember/ 7,30%
Bonds Sarana Multigriya Finansial II December 27,
phase I Year 2012 with Fixed Interest Rate 2015
(Surat Pernyataan Efektif dari OJK
No. S-14452/BL/2012 Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
Tanggal 18 Desember 2012/ 255.000 5 tahun/years 27 Desember/ 7,50%
OJK effective statement letter December 27,
PT Sarana Multigriya Finansial (Persero)
No. S-4452/BL/2012 2017
date December 18, 2012)
Seri/Series C: Seri/Series C: Seri/Series C: Seri/Series C:
175.000 7 tahun/years 27 Desember/ 8,00%
December 27,
2019
Obligasi Berkelanjutan II Sarana Multigriya 21 Maret/ 1.119.000 PT Bank Rakyat Indonesia (Persero) Tbk
Finansial Tahap II Tahun 2013 dengan March 21, 2013 Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
Tingkat Bunga Tetap /Shelf-registered 160.000 370 hari/days 31 Maret/ 6,80%
Bonds Sarana Multigriya Finansial II March 31, 2014
phase II Year 2013 with Fixed Interest Rate
Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
123.000 3 tahun/years 21 Maret/ 7,30%
March 21, 2016
Seri/Series C: Seri/Series C: Seri/Series C: Seri/Series C:
736.000 5 tahun/years 21 Maret/ 7,60%
March 21, 2018
Seri/Series D: Seri/Series D: Seri/Series D: Seri/Series D:
100.000 7 tahun/years 21 Maret/ 7,80%
MTN V/Medium Term Notes V 30 September/ 500.000 1 tahun/year 30 September/ 8,50% Tidak ada wali amanat/No trustee
September 30, 2013 September 30,
2014
MTN VI/Medium Term Notes VI 12 Desember/ 520.000 1 tahun/year 12 Desember/ 9,50% Tidak ada wali amanat/No trustee
December 12, 2013 December 12,
2014
Obligasi Berkelanjutan II Sarana Multigriya 27 Maret/ 297.000 PT Bank Rakyat Indonesia (Persero) Tbk
Finansial Tahap III Tahun 2014 dengan March 27, 2014 Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
Tingkat Bunga Tetap/Shelf-registered 60.000 370 hari/days 7 April/ 9,10%
Bonds Sarana Multigriya Finansial II April 7, 2015
phase III Year 2014 with Fixed Interest Rate
Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
237.000 3 tahun/years 27 Maret/ 10,00%
March 27, 2017
MTN VII/Medium Term Notes VII 12 Juni/ 565.000 1 tahun/year 12 Juni/ 9,00% Tidak ada wali amanat/No trustee
June 12, 2014 June 12, 2014
12
Page 532
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
b. Penawaran umum obligasi dan sukuk b. Bonds and sukuk public offering (continued)
(lanjutan)
Sampai dengan 31 Desember 2025, obligasi Until December 31, 2025, the Company’s bonds
yang telah diterbitkan oleh Perseroan adalah issued are as follows: (continued)
sebagai berikut: (lanjutan)
Pernyataan Total pokok
terbit/ obligasi/The Tanggal jatuh Tingkat
Instrumen/ Registration nominal value Jangka waktu/ tempo/ bunga/ Wali Amanat/
Instrument issuance of bonds Tenor Maturity date Interest rate Trustee
Obligasi Berkelanjutan II Sarana Multigriya 17 September/ 500.000 370 hari/days 27 September/: 9,13% PT Bank Rakyat Indonesia (Persero) Tbk
Finansial Tahap IV Tahun 2014 dengan September 17, 2014 September 27,
Tingkat Bunga Tetap/Shelf-registered 2015
Bonds Sarana Multigriya Finansial II
phase IV Year 2014 with Fixed Interest Rate
Obligasi Berkelanjutan II Sarana Multigriya 16 Desember/ 1.454.000 PT Bank Rakyat Indonesia (Persero) Tbk
Finansial Tahap V Tahun 2014 dengan December 16, 2014 Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
Tingkat Bunga Tetap/Shelf-registered 701.000 373 hari/days 29 Desember/ 9,60%
Bonds Sarana Multigriya Finansial II December 29,
phase V Year 2014 with Fixed Interest Rate 2015
Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
753.000 3 tahun/years 16 Desember/ 10,00%
December 16,
2017
Obligasi Berkelanjutan III Sarana Multigriya 7 Juli/ 500.000 PT Bank Mandiri (Persero) Tbk
Finansial Tahap I Tahun 2015 dengan July 7, 2015 Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
Tingkat Bunga Tetap/Shelf-registered 415.000 370 hari/days 17 Juli/ 8,60%
Bonds Sarana Multigriya Finansial III July 17, 2016
phase I Year 2015 with Fixed Interest Rate
(Surat Pernyataan Efektif dari OJK Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
No. S-294/D.04/2015 tanggal 30 Juni 2015/ 85.000 3 tahun/years 7 Juli/ 9,25%
OJK effective statement letter July 7, 2018
No. S-294/D.04/2015 date June 30, 2015)
532 Obligasi Berkelanjutan III Sarana Multigriya
Finansial Tahap II Tahun 2015 dengan
18 November/
November 18, 2015
472.000 370 hari/days 28 November/
November 28, 2016
8,90% PT Bank Mandiri (Persero) Tbk
Tingkat Bunga Tetap/Shelf-registered
Bonds Sarana Multigriya Finansial III
phase II Year 2015
Obligasi Berkelanjutan III Sarana Multigriya 23 Desember/ 600.000 370 hari/days 3 Januari/ 9,25% PT Bank Mandiri (Persero) Tbk
Finansial Tahap III Tahun 2015 dengan December 23, 2015 January 3, 2017
Tingkat Bunga Tetap/Shelf-registered
Bonds Sarana Multigriya Finansial III
Laporan Tahunan 2025 Annual Report
phase III Year 2015
Obligasi Berkelanjutan III Sarana Multigriya 11 Maret/ 630.000 PT Bank Mandiri (Persero) Tbk
Finansial Tahap IV Tahun 2016 dengan March 11, 2016 Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
Tingkat Bunga Tetap /Shelf-registered 330.000 370 hari/days 21 Maret/ 8,60%
Bonds Sarana Multigriya Finansial III March 21, 2017
phase IV Year 2016 with Fixed Interest Rate
Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
300.000 3 tahun/years 11 Maret/ 9,13%
March 11, 2019
Obligasi Berkelanjutan III Sarana Multigriya 17 Juni/ 945.000 PT Bank Mandiri (Persero) Tbk
Finansial Tahap V Tahun 2016 dengan June 17, 2016 Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
Tingkat Bunga Tetap/Shelf-registered 488.000 370 hari/days 27 Juni/ 7,60%
Bonds Sarana Multigriya Finansial III June 27, 2017
phase V Year 2016 with Fixed Interest Rate
Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
457.000 3 tahun/years 17 Juni/ 8,20%
June 17, 2019
Obligasi Berkelanjutan III Sarana Multigriya 27 September/ 1.176.000 5 tahun/years 27 September / 8,60% PT Bank Mandiri (Persero) Tbk
Finansial Tahap VI Tahun 2016 dengan September 27, September 27,
Tingkat Bunga Tetap/Shelf-registered 2016 2021
Bonds Sarana Multigriya Finansial III
phase VI Year 2016 with Fixed Interest Rate
Obligasi Berkelanjutan III Sarana Multigriya 2 Maret/ 1.677.000 PT Bank Mandiri (Persero) Tbk
Finansial Tahap VII Tahun 2017 dengan March 2, 2017 Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
Tingkat Bunga Tetap/Shelf-registered 677.000 370 hari/days 12 Maret/ 7,50%
Bonds Sarana Multigriya Finansial III phase VII March 12, 2018
Year 2017 with Fixed Interest Rate
Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
1.000.000 3 tahun/years 2 Maret/ 8,40%
March 2, 2020
Obligasi Berkelanjutan IV Sarana Multigriya 20 Juni/ 1.000.000 PT Bank Mandiri (Persero) Tbk
Finansial Tahap I Tahun 2017 dengan June 20, 2017 Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
Tingkat Bunga Tetap/Shelf-registered 696.500 370 hari/days 30 Juni/June 30, 7,00%
Bonds Sarana Multigriya Finansial IV phase I 2018
Year 2017 with Fixed Interest Rate
(Surat Pernyataan Efektif dari OJK Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
No. S-804/D.04/2017 tanggal 14 Juni 2017/ 303.500 3 tahun/years 20 Juni/ 7,80%
OJK effective statement letter June 20, 2020
No. S-804/D.04/2017date June 14, 2017)
Obligasi Berkelanjutan IV Sarana Multigriya 13 Oktober/ 1.000.000 PT Bank Mandiri (Persero) Tbk
Finansial Tahap II Tahun 2017 dengan October 13, Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
Tingkat Bunga Tetap/Shelf-registered 2017 327.000 370 hari/days 23 Oktober/ 6,25%
Bonds Sarana Multigriya Finansial IV phase II October 23, 2018
Year 2017 with Fixed Interest Rate
Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
673.000 3 tahun/years 13 Oktober/ 7,25%
October 13, 2020
13
Page 533
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
b. Penawaran umum obligasi dan sukuk b. Bonds and sukuk public offering (continued)
(lanjutan)
Sampai dengan 31 Desember 2025, obligasi Until December 31, 2025, the Company’s bonds
yang telah diterbitkan oleh Perseroan adalah issued are as follows: (continued)
sebagai berikut: (lanjutan)
Pernyataan Total pokok
terbit/ obligasi/The Tanggal jatuh Tingkat
Instrumen/ Registration nominal value Jangka waktu/ tempo/ bunga/ Wali Amanat/
Instrument issuance of bonds Tenor Maturity date Interest rate Trustee
Obligasi Berkelanjutan IV Sarana Multigriya 20 Februari/ 2.000.000 PT Bank Mandiri (Persero) Tbk
Finansial Tahap III Tahun 2018 dengan February 20, Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
Tingkat Bunga Tetap/Shelf-registered 2018 1.000.000 370 hari/days 2 Maret/ 6,00%
Bonds Sarana Multigriya Finansial IV phase III March 2, 2019
Year 2018 with Fixed Interest Rate
Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
800.000 3 tahun/years 20 Februari/ 6,85%
February 20,
2021
Seri/Series C: Seri/Series C: Seri/Series C: Seri/Series C:
200.000 5 tahun/years 20 Februari/ 6,95%
February 20, 2023
Obligasi Berkelanjutan IV Sarana Multigriya 18 Mei/ 1.163.000 PT Bank Mandiri (Persero) Tbk
Finansial Tahap IV Tahun 2018 dengan May 18, 2018 Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
Tingkat Bunga Tetap/Shelf-registered 755.000 370 hari/days 28 Mei/May 28, 6,05%
Bonds Sarana Multigriya Finansial IV phase IV 2019
Year 2018 with Fixed Interest Rate
Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
408.000 3 tahun/years 18 Mei/May 18, 6,95%
2021
Obligasi Berkelanjutan IV Sarana Multigriya 14 Agustus/ 1.500.000 PT Bank Mandiri (Persero) Tbk
Finansial Tahap V Tahun 2018 dengan August 14, Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
Tingkat Bunga Tetap/Shelf-registered 2018 965.000 370 hari/days 24 Agustus/ 7,50%
Bonds Sarana Multigriya Finansial IV phase V August 24, 2019
Year 2018 with Fixed Interest Rate
Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
535.000 3 tahun/years 14 Agustus/ 8,00%
August 14,
2021
Obligasi Berkelanjutan IV Sarana Multigriya 19 Oktober/ 888.000 PT Bank Mandiri (Persero) Tbk
Finansial Tahap VI Tahun 2018 dengan October 19, 2018 Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
Tingkat Bunga Tetap/Shelf-registered 550.000 370 hari/days 29 Oktober/ 8,25%
Bonds Sarana Multigriya Finansial IV phase VI October 29,
Year 2018 with Fixed Interest Rate 2019
Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
338.000 3 tahun/years 19 Oktober/ 8,70%
October 19,
2021
Obligasi Berkelanjutan IV Sarana Multigriya 12 Februari/ 1.850.500 PT Bank Rakyat Indonesia (Persero) Tbk
Finansial Tahap VII Tahun 2019 dengan February 12, 2019 Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
Tingkat Bunga Tetap/Shelf-registered 677.000 370 hari/days 22 Februari/ 8,00%
Bonds Sarana Multigriya Finansial IV phase VII February 22,
Year 2019 with Fixed Interest Rate 2020
Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
748.500 3 tahun/years 12 Februari/
February 12,
8,80%
533
2022
Seri/Series C: Seri/Series C: Seri/Series C: Seri/Series C:
425.000 5 tahun/years 12 Februari/ 9,25%
February 12,
2024
MTN VIII/Medium Term Notes VIII 12 Februari/ 500.000 2 tahun/years 12 Februari/ 8,45% Tidak ada wali amanat/No trustee
February 12, 2019 February 12, 2021
PT Sarana Multigriya Finansial (Persero)
Obligasi Berkelanjutan IV Sarana Multigriya 22 Maret/ 2.511.000 PT Bank Mandiri (Persero) Tbk
Finansial Tahap VIII Tahun 2019 dengan March 22, 2019 Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
Tingkat Bunga Tetap/Shelf-registered 522.000 370 hari/days 2 April/ 7,75%
Bonds Sarana Multigriya Finansial IV phase VIII April 2, 2020
Year 2019 with Fixed Interest Rate
Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
1.989.000 3 tahun/years 22 Maret/ 8,45%
March 22, 2022
Obligasi Berkelanjutan V Sarana Multigriya 4 Juli/ 2.000.000 PT Bank Mandiri (Persero) Tbk
Finansial Tahap I Tahun 2019 dengan July 4, 2019 Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
Tingkat Bunga Tetap/Shelf-registered 428.000 370 hari/days 14 Juli/ 7,50%
Bonds Sarana Multigriya Finansial V phase I July 14, 2020
Year 2019 with Fixed Interest Rate
(Surat Pernyataan Efektif dari OJK Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
No. S-89/D.04/2019 tanggal 25 Juni 2019/ 640.000 3 tahun/years 4 Juli/ 8,50%
OJK effective statement letter July 4, 2022
No. S-89/D.04/2019 date June 25, 2019)
Seri/Series C: Seri/Series C: Seri/Series C: Seri/Series C:
932.000 5 tahun/years 4 Juli/ 8,75%
July 4, 2024
Obligasi Berkelanjutan V Sarana Multigriya 28 Agustus/ 2.202.500 PT Bank Rakyat Indonesia (Persero) Tbk
Finansial Tahap II Tahun 2019 dengan August 28, 2019 Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
Tingkat Bunga Tetap/Shelf-registered 1.422.500 3 tahun/years 28 Agustus/ 7,80%
Bonds Sarana Multigriya Finansial V phase II August 28, 2022
Year 2019 with Fixed Interest Rate
Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
780.000 5 tahun/years 28 Agustus/ 8,10%
August 28, 2024
14
Page 534
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
b. Penawaran umum obligasi dan sukuk b. Bonds and sukuk public offering (continued)
(lanjutan)
Sampai dengan 31 Desember 2025, obligasi Until December 31, 2025, the Company’s bonds
yang telah diterbitkan oleh Perseroan adalah issued are as follows: (continued)
sebagai berikut: (lanjutan)
Pernyataan Total pokok
terbit/ obligasi/The Tanggal jatuh Tingkat
Instrumen/ Registration nominal value Jangka waktu/ tempo/ bunga/ Wali Amanat/
Instrument issuance of bonds Tenor Maturity date Interest rate Trustee
Obligasi Berkelanjutan V Sarana Multigriya 18 Februari/ 4.001.000 PT Bank Mandiri (Persero) Tbk
Finansial Tahap III Tahun 2020 dengan February 18, 2020 Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
Tingkat Bunga Tetap/Shelf-registered 1.460.000 370 hari/days 28 Februari/ 6,00%
Bonds Sarana Multigriya Finansial V phase III February 28, 2021
Year 2020 with Fixed Interest Rate Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
2.541.000 5 tahun/years 18 Feburari/ 7,50%
February 18, 2025
Obligasi Berkelanjutan V Sarana Multigriya 14 Juli/ 2.110.000 PT Bank Mandiri (Persero) Tbk
Finansial Tahap IV Tahun 2020 dengan July 14, 2020 Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
Tingkat Bunga Tetap/Shelf-registered 1.686.000 370 hari/days 24 Juli/ 6,75%
Bonds Sarana Multigriya Finansial V phase IV July 24, 2021
Year 2020 with Fixed Interest Rate Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
424.000 5 tahun/years 14 Juli/ 8,10%
July 14, 2025
MTN IX /Medium Term Notes IX 4 Agustus/ 700.000 370 hari/days 14 Agustus/ 6,50% PT Bank Mandiri (Persero) Tbk
August 4, 2020 August 14, 2021
Obligasi Berkelanjutan V Sarana Multigriya 10 Februari/ 1.900.744 PT Bank Mandiri (Persero) Tbk
Finansial Tahap V Tahun 2021 dengan February 10, 2021 Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
Tingkat Bunga Tetap/Shelf-registered 1.500.084 370 hari/days 20 Februari/ 4,75%
Bonds Sarana Multigriya Finansial V phase V February 20, 2022
Year 2021 with Fixed Interest Rate Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
400.660 3 tahun/years 10 Februari/ 5,75%
February 10, 2024
534 Obligasi Berkelanjutan VI Sarana Multigriya 8 Juli/ 1.200.000 PT Bank Mandiri (Persero) Tbk
Finansial Tahap I Tahun 2021/ July 8, 2021 Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
Shelf-registered Bonds Sarana Multigriya 200.000 3 tahun/years 8 Juli/ 5,60%
Finansial VI phase I Year 2021 July 8, 2024
(Surat Pernyataan Efektif dari OJK Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
No. S-101/D.04/2021 tanggal 30 Juni 2021/ 1.000.000 5 tahun/years 8 Juli/ 6,40%
OJK effective statement letter July 8, 2026
No. S-101/D.04/2021 date June 30, 2021)
Laporan Tahunan 2025 Annual Report
Obligasi Berkelanjutan VI Sarana Multigriya 17 November/ 2.800.000 5 tahun/years 17 November/ 6,00% PT Bank Mandiri (Persero) Tbk
Finansial Tahap II Tahun 2021/ November 17, 2021 November 17, 2026
Shelf-registered Bonds
Sarana Multigriya Finansial VI phase II
Year 2021
Obligasi Berkelanjutan VI Sarana Multigriya 21 September/ 3.000.000 5 tahun/years 21 September/ 6,95% PT Bank Mandiri (Persero) Tbk
Tahap III Tahun 2022/ September 21, 2022 September 21, 2027
Shelf-registered Bonds Sarana Multigriya
Finansial VI phase III Year 2022
Obligasi Berkelanjutan VI Sarana Multigriya 22 Februari/ 2.000.000 5 tahun/years 22 Februari/ 6,85% PT Bank Rakyat Indonesia (Persero) Tbk
Tahap IV Tahun 2023/Shelf-registered February 22, 2023 February 22, 2028
Bonds Sarana Multigriya Finansial
VI phase IV Year 2023
Obligasi Berkelanjutan VII Sarana Multigriya 12 Juli/ 1.210.000 PT Bank Mandiri (Persero) Tbk
Finansial Tahap I Tahun 2023/ July 12, 2023 Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
Shelf-registered Bonds 398.000 370 hari/days 22 Juli/ 5,50%
Sarana Multigriya Finansial VII phase I July 22, 2024
Year 2023
(Surat Pernyataan Efektif dari OJK Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
No. S-167/D.04/2023 tanggal 27 Juni 2023/ 747.000 3 tahun/years 12 Juli/ 5,95%
OJK effective statement letter
No. S-167/D.04/2023 date June 27, 2023) July 12, 2026
Seri/Series C: Seri/Series C: Seri/Series C: Seri/Series C:
65.000 5 tahun/years 12 Juli/ 6,05%
July 12, 2028
Obligasi Berkelanjutan VII Sarana Multigriya 20 Oktober/ 2.768.800 PT Bank Rakyat Indonesia (Persero) Tbk
Finansial Tahap II Tahun 2023/ October 20, 2023 Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
Shelf-registered Bonds Sarana Multigriya 1.212.800 370 hari/days 30 Oktober/ 6,185%
Finansial VII phase II Year 2023 October 30, 2024
Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
256.000 3 tahun/years 20 Oktober/ 6,325%
October 20, 2026
Seri/Series C: Seri/Series C: Seri/Series C: Seri/Series C:
1.300.000 5 tahun/years 20 Oktober/ 6,750%
October 20, 2028
Obligasi Berwawasan Sosial Berkelanjutan 22 Desember/ 500.000 5 tahun/years 22 Desember/ 6,90% PT Bank Mandiri (Persero) Tbk
I Sarana Multigriya Finansial Tahap I December 22, 2023 December 22, 2028
Tahun 2023/Shelf-registered Social Bonds
Sarana Multigriya Finansial I phase I Year 2023
(Surat Pernyataan Efektif dari OJK
No. S-366/D.04/2023 tanggal 14 Desember
2023/OJK effective statement letter
No. S-366/D.04/2023 date December 14, 2023)
Obligasi Berkelanjutan 6 Februari/ 1.508.410 PT Bank Mandiri (Persero) Tbk
VII Sarana Multigriya Finansial Tahap III February 6, 2024 Seri/Series A: Seri/Series A 16 Februari/ 6,39%
Tahun 2024/Shelf-registered Bonds 1.296.410 370 hari/days February 16, 2025
Sarana Multigriya Finansial VII phase III Seri/Series B: Seri/Series B 6 Februari/ 6,39%
Year 2024 212.000 3 tahun/years February 6, 2027
Obligasi Berkelanjutan 27 Maret/ 1.143.695 PT Bank Mandiri (Persero) Tbk
VII Sarana Multigriya Finansial Tahap IV March 27, 2024 Seri/Series A: Seri/Series A 7 April/ 6,40%
Tahun 2024/ Shelf-registered 843.695 370 hari/days April 7, 2025
Sarana Multigriya Finansial VII phase IV Seri/Series B: Seri/Series B 27 Maret/ 6,55%
Year 2024 300.000 3 tahun/years March 27, 2027
Obligasi Berwawasan Sosial Berkelanjutan 27 Maret/ 1.500.000 5 tahun/years 27 Maret/ 6,75% PT Bank Mandiri (Persero) Tbk
I Sarana Multigriya Finansial Tahap II March 27, 2024 March 27, 2029
Tahun 2024/Shelf-registered Social Bonds
Sarana Multigriya Finansial I phase II
Year 2024
15
Page 535
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
b. Penawaran umum obligasi dan sukuk b. Bonds and sukuk public offering (continued)
(lanjutan)
Sampai dengan 31 Desember 2025, obligasi Until December 31, 2025, the Company’s bonds
yang telah diterbitkan oleh Perseroan adalah issued are as follows: (continued)
sebagai berikut: (lanjutan)
Pernyataan Total pokok
terbit/ obligasi/The Tanggal jatuh Tingkat
Instrumen/ Registration nominal value Jangka waktu/ tempo/ bunga/ Wali Amanat/
Instrument issuance of bonds Tenor Maturity date Interest rate Trustee
Obligasi Berkelanjutan 26 Juni/ 1.000.000 PT Bank Mandiri (Persero) Tbk
VII Sarana Multigriya Finansial Tahap V June 26, 2024 Seri/Series A: Seri/Series A 6 Juli/ 6,70%
Tahun 2024/ 815.500 370 hari/days July 6, 2025
Shelf-registered Bonds Seri/Series B: Seri/Series B 26 Juni/ 6,80%
Sarana Multigriya Finansial VII phase V 184.500 3 tahun/years June 26, 2027
Year 2024
Obligasi Berwawasan Sosial Berkelanjutan 26 Juni/ 2.000.000 5 tahun/years 26 Juni/ 7,15% PT Bank Mandiri (Persero) Tbk
I Sarana Multigriya Finansial Tahap III June 26, 2024 June 26, 2029
Tahun 2024/
Shelf-registered Social Bonds
Sarana Multigriya Finansial I phase III
Year 2024
Obligasi Berkelanjutan 27 Agustus/ 1.420.449 7 September/ 6,70% PT Bank Mandiri (Persero) Tbk
VII Sarana Multigriya Finansial Tahap VI August 27, 2024 Seri/Series A: Seri/Series A September 7, 2025
Tahun 2024/ 500.000 370 hari/days
Shelf-registered Bonds Seri/Series B: Seri/Series B 27 Agustus/ 6,75%
Sarana Multigriya Finansial VII phase VI 192.195 2 tahun/years August 27, 2026
Year 2024 Seri/Series C: Seri/Series C:
728.254 3 tahun/years 27 Agustus/ 6,80%
August 27, 2027
Obligasi Berkelanjutan 26 November/ 2.040.410 6 Desember/ 6,45% PT Bank Mandiri (Persero) Tbk
VII Sarana Multigriya Finansial Tahap VII November 26, 2024 Seri/Series A: Seri/Series A: December 6, 2025
Tahun 2024/ 1.093.400 370 hari/days
Shelf-registered Bonds Seri/Series B: Seri/Series B: 26 November/ 6,50%
Sarana Multigriya Finansial VII phase VII 153.005 2 tahun/years November 26, 2026
Year 2024 Seri/Series C: Seri/Series C:
794.005 3 tahun/years 26 November/ 6,70%
November 26, 2027
Obligasi Berkelanjutan VII Sarana Multigriya 12 Juli/ 1.210.000 PT Bank Mandiri (Persero) Tbk
Finansial Tahap I Tahun 2023/ July 12, 2023 Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
Shelf-registered Bonds 398.000 370 hari/days 22 Juli/ 5,50%
Sarana Multigriya Finansial VII phase I July 22, 2024
Year 2023
(Surat Pernyataan Efektif dari OJK Seri/Series B: Seri/Series B: Seri/Series B: Seri/Series B:
No. S-167/D.04/2023 tanggal 27 Juni 2023/ 747.000 3 tahun/years 12 Juli/ 5,95%
OJK effective statement letter July 12, 2026
No. S-167/D.04/2023 date June 27, 2023)
Seri/Series C: Seri/Series C: Seri/Series C: Seri/Series C:
65.000 5 tahun/years 12 Juli/ 6,05%
July 12, 2028
Obligasi Berkelanjutan VII Sarana Multigriya
Finansial Tahap II Tahun 2023/
20 Oktober/
October 20, 2023
2.768.800
Seri/Series A: Seri/Series A: Seri/Series A: Seri/Series A:
PT Bank Rakyat Indonesia (Persero) Tbk
535
Shelf-registered Bonds 1.212.800 370 hari/days 30 Oktober/ 6,19%
Sarana Multigriya Finansial VII phase II October 30, 2024
Year 2023
Obligasi Berwawasan Sosial Berkelanjutan 26 November/ 1.200.000 5 tahun/years 26 November/ 7,00% PT Bank Mandiri (Persero) Tbk
I Sarana Multigriya Finansial Tahap IV November 26, 2024 November 26, 2029
Tahun 2024/
Shelf-registered Social Bonds
PT Sarana Multigriya Finansial (Persero)
Sarana Multigriya Finansial I phase IV
Year 2024
Obligasi Berkelanjutan 14 Februari/ 704.925 24 Februari/ 6,55% PT Bank Mandiri (Persero) Tbk
VII Sarana Multigriya Finansial Tahap VIII February 14, 2025 Seri/Series A: Seri/Series A: February 24, 2026
Tahun 2025/ 453.670 370 hari/days
Shelf-Registered Bonds Seri/Series B: Seri/Series B: 14 Februari/ 6,80%
Sarana Multigriya Finansial VII phase VIII 251.255 3 tahun/years February 14, 2028
Year 2025
Obligasi Berkelanjutan 8 Juli/ 1.575.650 18 Juli/ 6,25% PT Bank Mandiri (Persero) Tbk
VIII Sarana Multigriya Finansial Tahap I July 8, 2025 Seri/Series A: Seri/Series A: July 18, 2026
Tahun 2025/ 1.460.150 370 hari/days
Shelf-registered Bonds Seri/Series B: Seri/Series B: 8 Juli/ 6,60%
Sarana Multigriya Finansial VIII phase I 115.500 3 tahun/years July 8, 2028
Year 2025
Obligasi Berwawasan Sosial Berkelanjutan 8 Juli/ 1.650.000 5 tahun/years 8 Juli/ 6,95% PT Bank Mandiri (Persero) Tbk
II Sarana Multigriya Finansial Tahap I July 8, 2025 July 8, 2030
Tahun 2025/
Shelf-registered Social Bonds
Sarana Multigriya Finansial II phase I
Seluruh obligasi yang ada di tabel di atas (kecuali All bonds in the tables above (except the
Obligasi Berkelanjutan I Sarana Multigriya Continuing Bonds Sarana Multigriya Finansial I
Finansial Tahap II Tahun 2012 Berjamin Aset Phase II Year 2012 with Mortgage Receivables
Piutang KPR dengan Tingkat Bunga Tetap) Asset as Collateral with Fixed Interest Rate) were
digunakan untuk menggantikan sebagian dana used to replace a portion of the equity funds that
ekuitas yang telah disalurkan sebagai pinjaman have been disbursed as loans to mortgage
kepada penyalur KPR (refinancing aset produktif) institutions (refinancing earning assets) or as
atau sebagai modal usaha. working capital.
16
Page 536
Laporan Keuangan Audit
Audited Financial Statements The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
b. Penawaran umum obligasi dan sukuk b. Bonds and sukuk public offering (continued)
(lanjutan)
Sesuai dengan perjanjian perwaliamanatan According to the trustee bonds agreement, the
obligasi, Perseroan harus menjaga rasio lancar, Company has to maintain current ratio at the
minimal sebesar 1:1, serta rasio aset produktif minimum of 1:1 and the productive assets to debt
dengan utang paling rendah sebesar 0,8:1. ratio at the minimum of 0.8:1. Moreover, during
Selain itu, selama pokok obligasi belum dilunasi, the time that the bond principals are still
Perseroan tidak diperkenankan, antara lain outstanding, the Company is not allowed to,
melakukan penggabungan usaha kecuali among others, perform merger, unless
dilakukan pada bidang usaha yang sama dan performed in the same line of business and
melakukan peminjaman utang baru kecuali utang obtain new loans, except those loans which are
baru tersebut untuk kegiatan usaha sehari-hari for the Company’s daily operation.
Perseroan.
Sehubungan dengan penerbitan obligasi In connection with the bond issuance, the
tersebut, Perseroan memperoleh peringkat Company obtained a rating of “idAAA” from
“idAAA” dari PT Pemeringkat Efek Indonesia PT Pemeringkat Efek Indonesia (Pefindo) on
(Pefindo) masing-masing pada tanggal each bond issuance date.
penerbitan obligasi.
Sampai dengan 31 Desember 2025, sukuk yang Until December 31, 2025, the Company’s sukuk
telah diterbitkan oleh Perseroan adalah sebagai issued is as follows:
berikut:
536 Pernyataan
terbit/
Total pokok
sukuk/The Tanggal jatuh
Tingkat
bagi hasil/
Instrumen/ Registration nominal value Jangka waktu/ tempo/ Profit Wali Amanat
Instrument issuance of sukuk Tenor Maturity date sharing rate Trustee
MTN Sukuk Mudharabah I SMF Tahun 2017/ 16 Juni/ 500.000 2 tahun/years 16 Juni/ 7,50% Tidak ada wali amanat/No trustee
MTN Mudharabah Sukuk I SMF Year 2017 June 16, 2017 June 16, 2019
Laporan Tahunan 2025 Annual Report
Sukuk Mudharabah PUB I Tahap I/ 4 Juli/ 100.000 370 hari/days 14 Juli/ 7,50% PT Bank Mandiri (Persero) Tbk
Shelf-Registered Mudharabah Sukuk July 4, 2019 July 14, 2020
I Phase I
Sukuk Mudharabah PUB I Tahap II/ 14 Juli/ 346.000 370 hari/days 24 Juli/ 6,75% PT Bank Mandiri (Persero) Tbk
Shelf-Registered Mudharabah Sukuk July 14, 2020 July 24, 2022
I Phase II
MTN Syariah Mudharabah X SMF Tahun 2020/ 25 November/ 110.000 370 hari/days 5 Desember/ 5,25% PT Bank Mandiri (Persero) Tbk
MTN Mudharabah Sukuk I SMF Year 2020 November 25, 2020 December 5, 2021
Sukuk Mudharabah PUB I Tahap III/ 10 Februari/ 100.010 370 hari/days 20 Februari/ 4,75% PT Bank Mandiri (Persero) Tbk
Shelf-Registered Mudharabah Sukuk February 10, 2021 February 20, 2022
I Phase III
Sukuk Mudharabah PUB II Tahap I/ 8 Juli/ 100.000 2 tahun/years 8 Juli/ 5,15% PT Bank Mandiri (Persero) Tbk
Shelf-Registered Mudharabah Sukuk II Phase I July 8, 2021 July 8, 2023
Sukuk Musyarakah PUB I Tahap I/ 12 Juli/ 170.500 5 tahun/years 12 Juli/ 6,05% PT Bank Mandiri (Persero) Tbk
Shelf-Registered Musyarakah Sukuk I Phase I July 12, 2023 July 12, 2028
Sukuk Musyarakah Berwawasan Sosial
Sarana Multigriya Finansial Berkelanjutan I 22 Desember/ 200.000 5 tahun/years 22 Desember/ 6,90% PT Bank Mandiri (Persero) Tbk
Tahap I/ Shelf-Registered Musyarakah December 22, 2023 December 22, 2028
Social Sukuk The Continuing I Phase I
Sukuk Musyarakah Berkelanjutan I
Sarana Multigriya Finansial Tahap II/ 6 Februari/ 529.010 370 hari/days 16 Februari/ 6,39% PT Bank Mandiri (Persero) Tbk
Shelf-Registered Musyarakah Sukuk I February 6, 2024 February 16, 2025
Sarana Multigriya Finansial Phase II
Sukuk Musyarakah Berkelanjutan I Sarana 27 Agustus/ 274.000 370 hari/days 7 September/ 6,70% PT Bank Mandiri (Persero) Tbk
Multigriya Finansial Tahap III/ August 27, 2024 September 7, 2025
Shelf-Registered Musyarakah Sukuk I
Sarana Multigriya Finansial Phase III
Sukuk Musyarakah Berkelanjutan I Sarana/ 14 Februari/ 362.805 370 Hari/days 24 Februari/ 6,55% PT Bank Mandiri (Persero) Tbk
Multigriya Finansial Tahap IV/ February 14, 2025 February 24, 2026
Shelf-Registered Musyarakah Sukuk I
Sarana Multigriya Finansial Phase IV
Sukuk Musyarakah Berkelanjutan II Sarana 8 Juli/ 445.000 370 Hari/days 18 Juli/ 6,25% PT Bank Mandiri (Persero) Tbk
Multigriya Finansial Tahap I/ July 8, 2025 July 18, 2026
Shelf-Registered Musyarakah Sukuk
II Sarana Multigriya Finansial Phase I
Sukuk Musyarakah Berwawasan Sosial
Berkelanjutan II Sarana Multgriya 8 Juli/ 250.000 5 Tahun/years 8 Juli/ 6,95% PT Bank Mandiri (Persero) Tbk
Finansial Tahap I/Shelf-Registered July 8, 2025 July 8, 2030
Social Musyarakah Sukuk II
Sarana Multigriya Finansial Phase I
Sehubungan dengan penerbitan sukuk tersebut, In connection with the sukuk, the Company
Perseroan memperoleh peringkat “idAAA(sy)” obtained a rating of “idAAA(sy)” from
dari PT Pemeringkat Efek Indonesia (Pefindo) PT Pemeringkat Efek Indonesia (Pefindo) on
masing-masing pada tanggal penerbitan sukuk. each sukuk issuance date.
17
Page 537
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
c. Dewan Komisaris, Direksi, Komite Audit, c. Board of Commissioners, Board of Directors,
Sekretaris Perusahaan, Satuan Pengawasan Audit Committee, Corporate Secretary,
Intern, Dewan Pengawas Syariah dan Internal Audit, Sharia Supervisory Board and
Karyawan Employees
Dewan Komisaris Board of Commissioners
Susunan Dewan Komisaris Perseroan pada The composition of the Board of Commissioners
tanggal-tanggal 31 Desember 2025 dan 2024 of the Company as of December 31, 2025 and
adalah sebagai berikut: 2024 are as follows:
2025 2024
Dewan Komisaris Board of Commissioners
Komisaris Utama Nufransa Wira Sakti Nufransa Wira Sakti President Commissioner
Komisaris Brahmantio Isdijoso Brahmantio Isdijoso Commissioner
Komisaris Independen Dedy Supriadi Priatna Dedy Supriadi Priatna Independent Commissioner
Direksi Directors
Susunan Direksi Perseroan pada tanggal- The composition of the Directors of the Company
tanggal 31 Desember 2025 dan 2024 adalah as of December 31, 2025 and 2024 are as
sebagai berikut: follows:
2025 2024
Direksi Directors
Direktur Utama Ananta Wiyogo Ananta Wiyogo President Director
Direktur Keuangan dan Finance and Risk
Manajemen Risiko* Bonai Subiakto Bonai Subiakto Management Director*
Direktur Bisnis* Heliantopo Heliantopo Business Director*
*) efektif pergantian nama jabatan sejak tanggal 2 Januari 2025 *) effective change of job title as of January 2, 2025, based on Decision
berdasarkan Surat Keputusan Dewan Komisaris No. Letter of Board of Commissioners No. S-837/SKD/DIR/SMF/XII/2024
S-837/SKD/DIR/SMF/XII/2024 dari Direktur Keuangan dan Operasional Year 2024 from Finance and Operations Director becomes Finance and
menjadi Direktur Keuangan dan Manajemen Risiko dan Direktur Risk Management Director and Securitization and Financing Director
Sekuritisasi dan Pembiayaan menjadi Direktur Bisnis. becomes the Business Director.
Komite Audit Audit Committee
Susunan Komite Audit Perseroan pada tanggal- The composition of the Company’s Audit
tanggal 31 Desember 2025 dan 2024 adalah Committee as of December 31, 2025 and 2024
sebagai berikut: are as follows:
537
2025 2024
Komite Audit Audit Committee
Ketua merangkap anggota Dedy Supriadi Priatna Dedy Supriadi Priatna Chairman and Member
Anggota Airvian Trisakti* Nursevianto Tahier Member
Anggota Gostav Adam* Handoko Tomo Member
PT Sarana Multigriya Finansial (Persero)
*) efektif perubahan anggota sejak tanggal 23 Desember 2025 berdasarkan *) effective change of member as of December 23, 2025, based on Decision
Surat Keputusan Dewan Komisaris No. 005/KEP/DEKOM/2025 Tahun Letter of Board of Commissioners No. 005/KEP/DEKOM/2025 Year 2025.
2025.
Sekretaris Perusahaan Corporate Secretary
Berdasarkan Surat SDM No. S-568/DIR/SDM/ Based on the Decision Letter of the Company’s
SMF/IX/2022 tanggal 8 September 2022, Direksi HRD No. S-568/DIR/SDM/ SMF/IX/2022 dated
mengangkat Primasari Setyaningrum sebagai September 8, 2022, the Directors appointed
sekretaris perusahaan. Primasari Setyaningrum as corporate secretary.
Penggantian ini telah dilaporkan ke Otoritas Jasa The replacement had been reported to Financial
Keuangan (“OJK”) melalui surat No. S-0006/ Services Authority (“OJK”) through the letter
DIR/SMF/IX/2022 tanggal 13 September 2022. No. S-0006/DIR/SMF/IX/2022 dated September
13, 2022.
Sekretaris Perusahaan pada tanggal-tanggal The Corporate Secretary as of December 31,
31 Desember 2025 dan 2024 adalah Primasari 2025 and 2024 is Primasari Setyaningrum.
Setyaningrum.
18
Page 538
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
c. Dewan Komisaris, Direksi, Komite Audit, c. Board of Commissioners, Board of Directors,
Sekretaris Perusahaan, Satuan Pengawasan Audit Committee, Corporate Secretary,
Intern, Dewan Pengawas Syariah dan Internal Audit, Sharia Supervisory Board and
Karyawan (lanjutan) Employees (continued)
Sekretaris Perusahaan (lanjutan) Corporate Secretary (continued)
Adapun tugas utama Sekretaris Perusahaan The main responsibility of Corporate Secretary is
adalah membantu Direksi dalam menangani to help the Directors in conducting activities
kegiatan-kegiatan yang berhubungan dengan related with stakeholders; social relationship;
pemangku kepentingan; menangani fungsi providing informations related with his
kegiatan kehumasan Perseroan; memberikan responsibility to the Board of Directors regularly
informasi yang berkaitan dengan pelaksanaan and to the Board of Commissioners if required.
tugasnya kepada Direksi secara berkala dan
kepada Dewan Komisaris apabila diminta.
Satuan Pengawas Intern Internal Audit
Berdasarkan Surat S-0553/DIR/SMF/IV/2023, Based on the Letter No. S-0553/DIR/SMF/
tanggal 11 April 2023, Perseroan mengangkat IV/2023, dated April 11, 2023, the Company
R. Wisnu Prihartono sebagai Kepala Satuan appoints R. Wisnu Prihartono as Head of Internal
Pengawasan Intern. Pada tanggal-tanggal Audit. As of December 31, 2025 and 2024, Head
538
31 Desember 2025 dan 2024, Kepala Satuan of Internal Audit is R. Wisnu Prihartono.
Pengawasan Intern adalah R. Wisnu Prihartono.
Satuan Pengawasan Intern bertugas mengawasi Internal Audit Unit supervises and evaluates the
dan mengevaluasi pelaksanaan pengendalian implementation of internal control systems, risk
Laporan Tahunan 2025 Annual Report
internal, sistem manajemen risiko serta praktik management and good corporate governance
tata kelola perusahaan. Satuan Pengawasan practices. Internal Audit Unit also conducted audit
Intern juga melakukan pemeriksaan (audit) dan and assessment of the effectiveness and
penilaian terhadap efektivitas dan efisiensi efficiency of the Company’s activities and monitor
aktivitas Perseroan hingga monitoring atas the implementation of the follow-up of audit
pelaksanaan tindak lanjut temuan audit. findings.
Dewan Pengawas Syariah (“DPS”) Sharia Supervisory Board (“DPS”)
Berdasarkan Surat Keputusan Menteri Based on decree of the Minister of Finance of the
Keuangan Republik Indonesia No. 219 tanggal Republic of Indonesia No. 219 dated June 27,
27 Juni 2023 dan akta No. 11 tanggal 27 Juli 2023 and the deed No. 11 dated July 27, 2023
2023 yang dibuat oleh Notaris Vita Cahyojati made by Notary Vita Cahyojati S.H., M.Hum., the
S.H., M.Hum., pemegang saham Perseroan Company’s shareholder decided to reappoint
telah memutuskan untuk mengangkat kembali Hasanudin as the Sharia Supervisory Board
Hasanudin sebagai Dewan Pengawas Syariah (DPS) of the Company.
Perseroan.
Personel manajemen kunci Perseroan terdiri dari The Company’s key management consists of
Komisaris dan Direksi. Commissioners and Directors.
Pada tanggal-tanggal 31 Desember 2025 dan As of December 31, 2025 and 2024, the
2024, Perseroan mempekerjakan masing- Company employs 105 and 117 permanent
masing 105 dan 117 karyawan tetap (tidak employees, respectively (unaudited).
diaudit).
19
Page 539
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL POLICIES INFORMATION
a. Pernyataan kepatuhan dan dasar a. Statement of compliance and the financial
penyusunan laporan keuangan statements preparation basis
Laporan keuangan telah disusun dan disajikan The financial statements have been prepared
sesuai dengan Standar Akuntansi Keuangan di and presented in accordance with Indonesian
Indonesia yang mencakup Pernyataan dan Financial Accounting Standards which comprise
Interpretasi yang diterbitkan oleh Dewan Standar the statements and interpretations issued by the
Akuntansi Keuangan Ikatan Akuntan Indonesia Board of Financial Accounting Standards of the
dan Dewan Standar Akuntansi Syariah Ikatan Indonesian Institute of Accountants and the
Akuntan Indonesia serta peraturan regulator Board of Sharia Accounting Standards of the
pasar modal yaitu Peraturan No. VIII.G.7 tentang Indonesian Institute of Accountants and
“Penyajian dan Pengungkapan Laporan Financial Service Authority (“OJK”) regulation
Keuangan Emiten atau Perusahaan Publik”. No. VIII.G.7 regarding “Financial Statements
Presentation and Disclosure of the Issuer or
Public Company”.
Laporan keuangan disusun berdasarkan nilai The financial statements have been prepared
perolehan, kecuali untuk aset keuangan under the historical cost basis, except for fair
diklasifikasikan sebagai aset keuangan diukur value through profit or loss and through other
pada nilai wajar melalui laba rugi dan comprehensive income financial assets which
penghasilan komprehensif lain, yang diakui are measured at fair value. The financial
berdasarkan nilai wajar. Laporan keuangan statements have been prepared under the
disusun dengan basis akrual, kecuali laporan accrual basis, except for the statement of cash
arus kas. flows.
Laporan arus kas disusun menggunakan metode The statements of cash flows have been
langsung dan arus kas dikelompokkan atas dasar prepared based on the direct method by
kegiatan operasi, investasi dan pendanaan. classifying cash flows on the basis of operating,
Untuk tujuan laporan arus kas, kas dan setara investing and financing activities. For the
kas mencakup kas, kas di bank dan deposito purpose of the statements of cash flows, cash
berjangka dengan jangka waktu jatuh tempo and cash equivalents include cash on hand, cash
3 bulan atau kurang sejak penempatan, yang in bank and time deposit with maturities of less
tidak dibatasi penggunaannya dan tidak than 3 months from the initial placement, which
539
digunakan sebagai jaminan atas pinjaman. are not restricted and pledged as collateral for
any borrowings.
Seluruh angka dalam laporan keuangan ini All figures in the financial statements are rounded
dibulatkan dan disajikan dalam jutaan Rupiah and stated to the nearest millions of Rupiah
PT Sarana Multigriya Finansial (Persero)
(“Rp”) yang terdekat, kecuali dinyatakan lain. (“Rp”), unless otherwise specified.
Penyusunan laporan keuangan sesuai dengan The preparation of financial statements in
Standar Akuntansi Keuangan di Indonesia conformity with Indonesian Financial Accounting
mengharuskan penggunaan estimasi dan Standards requires the use of certain critical
asumsi. Hal tersebut juga mengharuskan accounting estimates and asumptions. It also
manajemen untuk membuat pertimbangan dalam requires management to exercise its judgement
proses penerapan kebijakan akuntansi in the process of applying the Company’s
Perseroan. Area yang kompleks atau accounting policies. The areas involving a higher
memerlukan tingkat pertimbangan yang lebih degree of judgement or complexity, or areas
tinggi atau area dimana asumsi dan estimasi where assumptions and estimates are significant
dapat berdampak signifikan terhadap laporan to the financial statements are disclosed in
keuangan diungkapkan di Catatan 3. Note 3.
20
Page 540
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL (lanjutan) POLICIES INFORMATION (continued)
b. Perubahan pada pernyataan standar b. Changes to the statements of financial
akuntansi keuangan dan interpretasi standar accounting standards and interpretations of
akuntansi keuangan financial accounting standards
Kebijakan akuntansi telah diterapkan secara The accounting policies are applied consistently
konsisten untuk laporan keuangan untuk tahun in the financial statements for years ended
yang berakhir pada tanggal-tanggal December 31, 2025 and 2024, which conform to
31 Desember 2025 dan 2024, yang telah sesuai the Indonesian Financial Accounting Standards.
dengan Standar Akuntansi Keuangan di
Indonesia.
Efektif 1 Januari 2025, Perseroan menerapkan Effective on January 1, 2025, the Company has
Pernyataan Standar Akuntansi Keuangan applied revised Statements of Financial
(“PSAK”) revisi yang relevan untuk Perseroan, Accounting Standards (“SFAS”) which are
sebagai berikut: relevant to the Company, as follows:
Amandemen PSAK No. 221: Kekurangan Amendment of SFAS No. 221: Lack of
Ketertukaran Exchangeability
Amandemen tersebut mengharuskan The amendments require disclosure of
540 pengungkapan informasi yang memungkinkan information that enables users of financial
pengguna laporan keuangan memahami dampak statements to understand the impact of
mata uang yang tidak dapat dipertukarkan a currency not being exchangeable into the other
dengan mata uang lain yang memengaruhi, atau currency affects, or is expected to affect, the
diperkirakan akan memengaruhi, kinerja entity’s financial performance, financial position
Laporan Tahunan 2025 Annual Report
keuangan, posisi keuangan, dan arus kas entitas. and cash flows.
Penerapan dari amandemen standar akuntansi The implementation of the above amended
keuangan tersebut tidak menimbulkan standard of financial accounting did not result in
perubahan substansial terhadap kebijakan substansial changes to Company’s accounting
akuntansi Perseroan dan tidak berdampak policies and had no material effect on the
signifikan terhadap jumlah yang dilaporkan pada amounts reported for the current or prior periods.
periode berjalan atau periode sebelumnya.
c. Instrumen keuangan c. Financial instruments
A. Aset Keuangan A. Financial assets
Dalam menentukan klasifikasi dan In determining the classification and
pengukuran aset keuangan, Perseroan measurement of financial assets, the
mengacu pada PSAK No. 109, yang Company refers to SFAS No. 109, which
menjelaskan dasar pengklasifikasian aset explain classification basis of financial
keuangan sebagai berikut: assets as follows:
1. Karakteristik arus kas kontraktual dari 1. Characteristics of contractual cash
suatu aset keuangan yang diuji dengan flows of a financial asset are tested
menggunakan uji SPPI; using SPPI test;
2. Model bisnis entitas dalam mengelola 2. Entity business model in managing
aset keuangan yang diuji dengan uji financial assets are tested using
model bisnis. business model test.
Terdapat tiga klasifikasi pengukuran aset There are three measurement
keuangan: biaya perolehan diamortisasi, classifications for financial assets: amortized
diukur pada nilai wajar melalui laba rugi cost, fair value through profit or loss
(FVTPL), dan diukur pada nilai wajar melalui (FVTPL), and fair value through other
penghasilan komprehensif lain (FVTOCI). comprehensive income (FVTOCI).
21
Page 541
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
A. Aset Keuangan (lanjutan) A. Financial assets (continued)
Aset keuangan diklasifikasikan menjadi Financial assets are classified into these
kategori tersebut di atas berdasarkan model categories based on the business model
bisnis dimana aset keuangan tersebut within which they are held, and their
dimiliki, dan karakteristik arus kas contractual cash flow characteristics. The
kontraktualnya. Model bisnis merefleksikan business model reflects how groups of
bagaimana kelompok aset keuangan financial assets are managed to achieve a
dikelola untuk mencapai tujuan bisnis particular business objective.
tertentu.
(i) Pengujian SPPI dan model bisnis (i) SPPI Testing and business model
PSAK No. 109 menyatakan bahwa SFAS No. 109 states that an entity
entitas mengklasifikasikan aset classifies a financial asset based on the
keuangan berdasarkan kriteria criteria for contractual cash flow
karakteristik arus kas kontraktual, yaitu characteristics, namely whether the
apakah persyaratan kontraktual dari contractual terms of the financial asset
aset keuangan yang pada tanggal which at a certain date increases cash
tertentu meningkatkan arus kas yang flow solely from payment of principal
semata dari pembayaran pokok dan and interest or not. To answer this
bunga atau tidak. Untuk menjawab question, the test carried out in SFAS
pertanyaan tersebut, pengujian yang No. 109 is called the Solely Payment of
dilakukan dalam PSAK No. 109 Principal and Interest (SPPI) testing.
dinamakan Solely Payment of Principal
and Interest (SPPI) testing atau
Pengujian SPPI.
Tes SPPI berbentuk kuesioner yang The SPPI test takes the form of a
bertujuan untuk menentukan apakah questionnaire which aims to determine
suatu instrumen hanya membayar whether an instrument pays only the
jumlah bunga dan pokok, dan arus kas amount of interest and principal, and
konsisten dengan pengaturan pinjaman cash flow is consistent with basic loan
541
dasar. Hasil dari tes SPPI adalah untuk arrangements. The result of the SPPI
menentukan apakah produk telah lulus test is to determine whether the product
atau gagal tes (pass/fail). has passed or failed the test (pass/fail).
Model bisnis ditentukan pada level yang The business model is defined at a level PT Sarana Multigriya Finansial (Persero)
mencerminkan bagaimana kelompok that reflects how groups of financial
aset keuangan dikelola bersama-sama assets are managed together to achieve
untuk mencapai tujuan bisnis tertentu. specific business objectives. The
Penilaian model bisnis dilakukan business model assessment is carried
dengan mempertimbangkan, tetapi out by considering, but not limited to, the
tidak terbatas pada, hal-hal berikut: following:
bagaimana kinerja dari model how the performance of the
bisnis dan aset keuangan yang business model and financial
dimiliki dalam model bisnis assets held in the business model
dievaluasi dan dilaporkan kepada are evaluated and reported to key
personel manajemen kunci management personnel of the
Perseroan; Company;
apakah risiko yang mempengaruhi what are the risks that affect the
kinerja dari model bisnis (termasuk performance of the business model
aset keuangan yang dimiliki oleh (including financial assets owned
model bisnis) dan khususnya by the business model) and
bagaimana cara aset keuangan specifically how those financial
tersebut dikelola; dan assets are managed; and
22
Page 542
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
A. Aset Keuangan (lanjutan) A. Financial assets (continued)
(i) Pengujian SPPI dan model bisnis (i) SPPI Testing and business model
(lanjutan) (continued)
Model bisnis ditentukan pada level yang The business model is defined at a level
mencerminkan bagaimana kelompok that reflects how groups of financial
aset keuangan dikelola bersama-sama assets are managed together to achieve
untuk mencapai tujuan bisnis tertentu. specific business objectives. The
Penilaian model bisnis dilakukan business model assessment is carried
dengan mempertimbangkan, tetapi out by considering, but not limited to, the
tidak terbatas pada, hal-hal berikut following (continued):
(lanjutan):
bagaimana penilaian kinerja how the manager of the financial
pengelola aset keuangan (sebagai asset is evaluated (for example,
contoh, apakah penilaian kinerja whether the assessment of
berdasarkan nilai wajar dari aset performance is based on the fair
yang dikelola atau arus kas value of the assets managed or the
kontraktual yang diperoleh). contractual cash flows obtained).
542
Setelah melalui tahapan tes SPPI dan After going through the SPPI Test and
Business Model Test, akan dilakukan Business Model Test stages, a final
penentuan akhir yang mengklasifikasi determination will be made which
aset keuangan menjadi: classifies the financial assets into:
Laporan Tahunan 2025 Annual Report
Biaya perolehan diamortisasi; Amortized cost;
Nilai wajar melalui penghasilan Fair value through other
komprehensif lain; comprehensive income (FVTOCI);
Nilai wajar melalui laba rugi. Fair value through profit and loss
(FVTPL).
Aset keuangan diukur pada biaya Financial assets are measured at
perolehan diamortisasi jika memenuhi amortized cost if the following
kondisi sebagai berikut: conditions are met:
aset keuangan dikelola dalam financial assets are managed in a
model bisnis yang bertujuan untuk business model that aims to hold
memiliki aset keuangan dalam financial assets in order to
rangka mendapatkan arus kas generate contractual cash flows
kontraktual (hold to collect); dan (hold to collect); and
persyaratan kontraktual dari aset the contractual terms of the
keuangan tersebut memberikan financial asset provide rights at a
hak pada tanggal tertentu atas arus specific date to cash flows derived
kas yang diperoleh semata dari solely from the principal and
pembayaran pokok dan bunga dari interest payments on the
jumlah pokok terutang. outstanding amount.
23
Page 543
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
A. Aset Keuangan (lanjutan) A. Financial assets (continued)
(i) Pengujian SPPI dan model bisnis (i) SPPI Testing and business model
(lanjutan) (continued)
Aset keuangan diukur pada nilai wajar Financial assets are measured at fair
melalui penghasilan komprehensif lain value through other comprehensive
jika memenuhi kondisi sebagai berikut: income if the following conditions are
met:
aset keuangan dikelola dalam financial assets are managed in a
model bisnis yang bertujuan untuk business model that aims to collect
mendapatkan arus kas kontraktual contractual cash flows and sell
dan menjual aset keuangan; dan financial assets (hold to collect and
sell); and
persyaratan kontraktual dari aset the contractual terms of the
keuangan tersebut memberikan financial asset provide rights at a
hak pada tanggal tertentu atas arus specific date to cash flows derived
kas yang diperoleh semata dari solely from the principal and
pembayaran pokok dan bunga dari interest payments on the
jumlah pokok terutang. outstanding amount.
Aset keuangan lainnya yang tidak Other financial assets that do not qualify
memenuhi persyaratan untuk for the classification as measured at
diklasifikasikan sebagai diukur pada amortized cost or fair value through
biaya perolehan diamortisasi atau nilai other comprehensive income are
wajar melalui penghasilan classified as measured at fair value
komprehensif lain, diklasifikasikan through profit or loss.
sebagai diukur pada nilai wajar melalui
laba rugi.
Efek-Efek Marketable securities
Setelah pengakuan awal, efek-efek After initial recognition, securities held 543
yang diukur pada biaya perolehan at amortized cost is amortized using the
diamortisasi akan diamortisasi dengan effective interest rate. While securities
menggunakan suku bunga efektif. held at FVTOCI are subsequently
Sementara, efek-efek yang diukur carried at fair value with all unrealized
menggunakan FVTOCI akan diukur gains and losses arising from changes
PT Sarana Multigriya Finansial (Persero)
pada nilai wajar dimana keuntungan in fair value recognized in other
dan kerugian yang belum direalisasi comprehensive income and
atas perubahan nilai wajar diakui accumulated in separate component of
sebagai penghasilan komprehensif lain equity. On derecognition, the
dan diakumulasikan pada komponen cumulative fair value gains or losses,
terpisah di ekuitas. Pada saat net of cumulative expected credit losses
penghentian pengakuan, akumulasi will be transferred to profit or loss.
keuntungan, atau kerugian nilai wajar, Securities classified as fair value
neto setelah akumulasi cadangan through profit or loss are measured at
kerugian kredit ekspektasian akan fair value, whereby unrealized gains or
ditransfer ke laba rugi. Efek-efek yang losses arising from changes in fair value
diklasifikasikan pada nilai wajar melalui recognized in profit or loss.
laba rugi diukur pada nilai wajar dimana
keuntungan dan kerugian yang belum
direalisasi atas perubahan nilai wajar
diakui di laba rugi.
24
Page 544
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
A. Aset Keuangan (lanjutan) A. Financial assets (continued)
(i) Pengujian SPPI dan model bisnis (i) SPPI Testing and business model
(lanjutan) (continued)
Pinjaman yang diberikan Loans
Setelah pengakuan awal, pinjaman Subsequent to initial recognition, loans
yang diberikan (kecuali untuk Kredit (excluding Residential Mortgage Loan)
Pemilikan Rumah) diukur pada biaya are measured at amortized cost.
perolehan diamortisasi. Biaya Amortized cost is recognized using the
perolehan diamortisasi diukur effective interest rate method.
menggunakan metode suku bunga
efektif.
Aset Kredit Pemilikan Rumah Residential Mortgage Loans
Aset Kredit Pemilikan Rumah diukur Residential Mortgage Loans are
pada FVTOCI sebelum disekuritisasi. measured at FVTOCI prior to
securitization.
544 Investasi saham Investments in shares
Investasi saham diukur pada nilai wajar Investments in shares are measured at
melalui penghasilan komprehensif lain, fair value through other comprehensive
dimana keuntungan dan kerugian yang income, where all unrealized gains and
belum direalisasi atas perubahan nilai losses arising form changes in fair value
Laporan Tahunan 2025 Annual Report
wajar akan diakui sebagai penghasilan recognized in other comprehensive
komprehensif lain dan diakumulasikan income and accumulated in separate
pada komponen terpisah pada ekuitas component of equity and will not be
dan tidak akan direklasifikasi ke laba reclassified to profit or loss.
rugi.
Jaminan dan pendukung kredit Credit enhancement
Jaminan dan pendukung kedit diukur Credit enhancement is measured at fair
pada nilai wajar melalui laba rugi. value through profit or loss.
(ii) Pengakuan (ii) Recognition
Perseroan menggunakan akuntansi The Company uses accounting
tanggal transaksi untuk kontrak regular transaction date for regular contracts
ketika mencatat transaksi aset when recording financial assets
keuangan. transactions.
(iii) Cadangan kerugian penurunan nilai dari (iii) Allowance for impairment of financial
aset keuangan assets
Kerugian kredit ekspektasian atau Expected Credit Losses (ECL) are
Expected Credit Losses (ECL) diakui recognized for all financial debt
untuk seluruh instrumen utang instruments, loan commitments and
keuangan, komitmen pinjaman dan financial guarantees that are classified
jaminan keuangan yang diklasifikasikan as hold to collect/hold to collect and sell
sebagai hold to collect/hold to collect and have cash flows that are solely
and sell dan memiliki arus kas SPPI. payments of principal and interest.
Kerugian kredit ekspektasian tidak Expected credit losses are not
diakui untuk instrumen ekuitas yang recognized for equity instruments
ditetapkan sebagai FVTOCI. designated at FVTOCI.
25
Page 545
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
A. Aset Keuangan (lanjutan) A. Financial assets (continued)
(iii) Cadangan kerugian penurunan nilai (iii) Allowance for impairment of financial
dari aset keuangan (lanjutan) assets (continued)
Perseroan menentukan penurunan nilai The Company determines the
aset keuangan secara kolektif untuk impairment of financial assets
aset keuangan yang memiliki risiko collectively for financial assets that have
kredit yang serupa dan secara a similar credit risk and individually for
individual untuk aset keuangan yang financial assets that have a greater
memiliki risiko kredit yang lebih besar. credit risk.
Sesuai dengan kebijakan akuntansi In accordance with the accounting
yang diterapkan oleh Perseroan, dalam policies implemented by the Company,
menentukan peningkatan risiko in determining a significant increase in
signifikan, Perseroan menggunakan risk, the Company uses a combination
kombinasi indikator jumlah hari of indicators for the number of days in
tunggakan dan pemeringkatan internal arrears and the annual internal rating.
tahunan. Perseroan menggunakan The Company uses a combination of
kombinasi kriteria kuantitatif praduga quantitative criteria with the
jumlah hari tunggakan 90 hari dan presumption of 90 days in arrears and
pemeringkatan internal CCC dan D the CCC and D internal ratings as the
sebagai kriteria gagal bayar. criteria for default.
Pengakuan dan perhitungan kerugian The recognition and calculation of
kredit ekspektasian penurunan nilai dari expected impairment credit losses of
aset keuangan telah dimodifikasi financial assets have been modified
dengan penggunaan informasi forward using forward looking information. For
looking. Untuk aset keuangan yang financial assets that are assessed
dinilai secara kolektif, Perseroan collectively, the Company refers to the
mengacu kepada kerangka perhitungan generally accepted calculation
yang berlaku umum pada institusi dan framework for financial institutions and
545
lembaga keuangan dengan teknik institutions with an estimation technique
estimasi kemungkinan gagal bayar for the probability of default using
menggunakan data proyeksi faktor Indonesian macro economic factor
ekonomi makro Indonesia dan projection data and considers three
mempertimbangkan tiga skenario future economic scenarios from the
PT Sarana Multigriya Finansial (Persero)
ekonomi masa depan dari informasi information that can be observed by the
yang dapat diobservasi oleh Perseroan. Company.
Untuk aset keuangan yang dinilai For financial assets that are assessed
secara individual, Perseroan individually, the Company uses a
menggunakan pendekatan proyeksi contractual cash flow projection
arus kas kontraktual yang approach that is discounted from three
didiskontokan dari tiga skenario future economic scenarios from
ekonomi masa depan dari informasi information that can be observed by the
yang dapat diobservasi oleh Perseroan. Company.
26
Page 546
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
A. Aset Keuangan (lanjutan) A. Financial assets (continued)
(iii) Cadangan kerugian penurunan nilai (iii) Allowance for impairment of financial
dari aset keuangan (lanjutan) assets (continued)
Ketika suatu aset keuangan tidak When financial assets are uncollectible,
tertagih, aset keuangan tersebut it is written off against the related
dihapus buku dengan menjurnal balik allowance for financial assets
cadangan kerugian penurunan nilai. impairment. Such financial assets are
Aset keuangan tersebut dapat dihapus written off after all the necessary
buku setelah semua prosedur yang procedures have been completed and
diperlukan telah dilakukan dan jumlah the amount of the loss has been
kerugian telah ditentukan. Beban determined. Impairment charges
penurunan nilai yang terkait dengan relating to financial assets are classified
aset keuangan diklasifikasikan ke into “Allowance for impairment losses”.
dalam “Cadangan kerugian penurunan
nilai”.
Jika pada periode berikutnya jumlah If in a subsequent period the amount of
546
kerugian penurunan nilai berkurang dan the impairment loss decreases and the
pengurangan tersebut dapat dikaitkan decrease can be related objectively to
secara obyektif pada peristiwa yang an event occurring after the impairment
terjadi setelah penurunan nilai diakui was recognized (such as an
(seperti meningkatnya peringkat aset improvement in the debtor’s financial
Laporan Tahunan 2025 Annual Report
keuangan debitur), maka kerugian assets rating), the previously
penurunan nilai yang sebelumnya recognized impairment loss is reversed
diakui harus dipulihkan, dengan by adjusting the allowance account. The
menyesuaikan akun cadangan. Jumlah reversal of impairment amount is
pemulihan aset keuangan diakui pada recognized in the statement of profit or
laporan laba rugi. loss.
Perseroan menggunakan matriks The Company uses models that utilize
probability of default (PD), loss given the probability of default (PD), loss
default (LGD), dan exposure at default given default (LGD), and exposure at
(EAD), yang didiskontokan default (EAD) metrics, discounted using
menggunakan suku bunga efektif. the effective interest rate.
- Perseroan menggunakan - The Company uses Pefindo's PD
benchmarking PD dari Pefindo. benchmarking. To convert the
Untuk mengkonversi default rate default rate value on Pefindo's
pada Pefindo’s Corporate and Corporate and Corporate Debt
Corporate Debt Securities Default Securities Default Study, the
Study, dilakukan pemetaan internal Company conducted an internal
rating yang dimiliki Perseroan mapping of the Company's ratings
terhadap rating yang dikeluarkan against the ratings issued by
oleh Pefindo. Pefindo.
27
Page 547
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
A. Aset Keuangan (lanjutan) A. Financial assets (continued)
(iii) Cadangan kerugian penurunan nilai (iii) Allowance for impairment of financial
dari aset keuangan (lanjutan) assets (continued)
- LGD adalah besarnya tingkat - LGD is the amount of loss caused
kerugian yang diakibatkan oleh by the debtor's failure to meet
kegagalan debitur dalam obligations. According to Basel IV,
memenuhi kewajiban. Menurut the LGD for the unsecured portion
Basel IV, LGD untuk unsecured is 45% and the LGD for the secured
portion adalah 45% dan secured portion is 25%. The Company
portion sebesar 25%. Perseroan chooses the LGD value by
memilih nilai LGD menggunakan benchmarking it against Basel i.e.
benchmarking pada Basel yaitu the unsecured portion for
unsecured portion untuk calculating expected credit losses.
perhitungan kerugian kredit
ekspektasian.
- EAD adalah estimasi besarnya - EAD is an estimate of the amount
eksposur kredit pada saat of credit exposure at the time of
terjadinya default. Nilai EAD yang default. The EAD value used by the
digunakan oleh Perseroan adalah Company is the outstanding value
nilai outstanding pokok dan bunga of principal and accrued interest in
akrual pada periode tertentu a certain period as exposure at the
sebagai eksposur pada saat time the impairment calculation is
perhitungan penurunan nilai carried out. Exposures that are
dilakukan. Eksposur yang used are only those that are
digunakan hanya yang sudah already on the balance sheet (on-
berada pada saldo neraca (on- balance sheet) because the
balance sheet) karena Perseroan Company does not have trade
tidak memiliki instrumen trade finance instruments and unused 547
finance dan unused facility. facilities.
Untuk aset keuangan lainnya, For other financial assets, the Company
Perseroan mengakomodasi accommodates forward-looking
penyesuaian forward-looking adjustment based on the Vasicek
PT Sarana Multigriya Finansial (Persero)
berdasarkan model Vasicek. Variabel model. Variable Gross Domestic
Produk Domestik Bruto (“GDP”) Product (“GDP”) is used as one of the
digunakan sebagai salah satu faktor common systematic factors in the
sistematis umum di dalam model Vasicek model.
Vasicek.
Sesuai dengan siaran pers dari Ikatan In accordance to press conference of
Akuntan Indonesia pada tanggal Indonesian Institute of Accountants on
10 Januari 2018, khusus untuk January 10, 2018, specific for Sharia
transaksi berbasis Syariah, pengukuran based transaction, impairment losses
penurunan nilai dari kelompok aset from group financial assets does not
keuangan masih belum mengadopsi adopt SFAS No. 109.
PSAK No. 109.
28
Page 548
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
B. Liabilitas keuangan dan dana syirkah B. Financial liabilities and temporary
temporer syirkah fund
Perseroan mengklasifikasikan liabilitas The Company classified its financial
keuangan dalam kategori liabilitas keuangan liabilities in the category of financial liabilities
yang diukur dengan biaya perolehan measured at amortized cost. The Company
diamortisasi. Perseroan tidak memiliki does not have financial liabilities at fair value
liabilitas keuangan yang diukur pada nilai through profit or loss.
wajar melalui laba rugi.
(i) Liabilitas keuangan yang diukur dengan (i) Financial liabilities measured at
biaya perolehan diamortisasi amortized cost
Pada saat pengakuan awal, liabilitas Financial liabilities measured at
keuangan yang diukur dengan biaya amortized cost are initially recognized at
perolehan diamortisasi diukur pada nilai fair value minus transactions cost (if
wajar dikurangi biaya transaksi (jika any).
ada).
548 Setelah pengakuan awal, Perseroan After initial recognition, the Company
mengukur seluruh liabilitas keuangan measures all financial liabilities
yang diukur dengan biaya perolehan measured at amortized cost using
diamortisasi dengan menggunakan effective interest rates method.
metode suku bunga efektif. Amortisasi Effective interest rate amortization is
Laporan Tahunan 2025 Annual Report
suku bunga efektif diakui sebagai recognized as “interest expenses”.
“beban bunga”.
(ii) Dana syirkah temporer (ii) Temporary syirkah fund
Perseroan mengklasifikasikan dana The Company classifies temporary
syirkah temporer dalam kategori dana syirkah funds in the category of
syirkah temporer. Dana syirkah temporary syirkah funds. Temporary
temporer adalah dana yang diterima syirkah funds are funds received by the
oleh Perseroan. Perseroan mempunyai Company. The Company has the right
hak untuk mengelola dan to manage and invest funds, either in
menginvestasikan dana, baik sesuai accordance with the Company's policy
dengan kebijakan Perseroan atau or the restriction policy of the owner of
kebijakan pembatasan dari pemilik the funds, with profits distributed
dana, dengan keuntungan dibagikan according to the agreement.
sesuai dengan kesepakatan.
Hubungan antara Perseroan dan The relationship between the Company
pemilik dana syirkah temporer and the owner of temporary syirkah
merupakan hubungan kemitraan funds is a partnership relationship
berdasarkan akad Musyarakah dan based on Musyarakah and Mudharabah
Mudharabah muqayyadah. muqayyadah.
Musyarakah adalah akad kerjasama Musyarakah is a cooperation
antara dua pihak atau lebih untuk suatu agreement between two or more parties
usaha tertentu, dimana masing-masing for a particular business, where each
pihak memberikan kontribusi dana party contributes funds provided that
dengan ketentuan bahwa keuntungan profits are divided based on the
dibagi berdasarkan kesepakatan agreement while losses are based on
sedangkan kerugian berdasarkan porsi the portion of fund contributions in the
kontribusi dana berupa kas maupun form of cash and non-cash assets
aset non-kas yang diperkenankan oleh allowed by Sharia.
Syariah.
29
Page 549
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
B. Liabilitas keuangan dan dana syirkah B. Financial liabilities and temporary
temporer (lanjutan) syirkah fund (continued)
(ii) Dana syirkah temporer (lanjutan) (ii) Temporary syirkah fund (continued)
Mudharabah muqayyadah adalah Mudharabah muqayyadah is
Mudharabah dimana pemilik dana Mudharabah where the owner of the
memberikan batasan kepada pengelola fund provides restrictions to the fund
dana, antara lain mengenai tempat, manager, among others concerning the
cara dan/atau obyek investasi. place, manner and/or investment
object.
Dana syirkah temporer tidak dapat Temporary syirkah funds can not be
digolongkan sebagai liabilitas. Hal ini classified as liabilities. This is because
karena Perseroan tidak mempunyai the Company has no obligation, in the
liabilitas, ketika mengalami kerugian, event of loss, to refund the initial amount
untuk mengembalikan jumlah dana of funds from the owner of the fund
awal dari pemilik dana kecuali akibat except due to the negligence or default
kelalaian atau wanprestasi Perseroan. of the Company. Temporary syirkah
Dana syirkah temporer tidak dapat funds can not be classified as equity
digolongkan sebagai ekuitas karena because they have maturity and
mempunyai jatuh tempo dan waktu ownership time and do not have the
kepemilikan serta tidak mempunyai hak same ownership rights as shareholder
kepemilikan yang sama dengan such as voting rights and rights to
pemegang saham seperti hak voting realization of profits derived from
dan hak atas realisasi keuntungan yang current assets and non-investment
berasal dari aset lancar dan aset non- assets.
investasi.
Pemilik dana syirkah temporer The owner of the temporary syirkah
memperoleh bagian atas keuntungan fund obtains the share of the profit
sesuai kesepakatan dan menerima according to the agreement and
549
kerugian berdasarkan jumlah dana dari receives the loss based on the amount
masing-masing pihak. Pembagian hasil of funds from each party. Syirkah
dana syirkah temporer dapat dilakukan temporary fund distribution can be done
dengan konsep bagi hasil atau bagi with profit sharing concept.
untung.
PT Sarana Multigriya Finansial (Persero)
C. Nilai wajar dari instrumen keuangan C. Fair value of financial instruments
Nilai wajar adalah harga yang akan diterima Fair value is the price that would be received
untuk menjual suatu aset atau harga yang to sell an asset or paid to transfer a liability
akan dibayar untuk mengalihkan suatu in an orderly transaction between market
liabilitas dalam transaksi teratur (orderly participants at the measurement date in the
transaction) antara pelaku (participants) principal market or, in its absence, the most
pada tanggal pengukuran di pasar utama advantageous market to which the Company
(principal market) atau, jika tidak terdapat has access at that date. The fair value of a
pasar utama, di pasar yang paling liability reflects its non-performance risk.
menguntungkan dimana Perseroan memiliki
akses pada tanggal tersebut. Nilai wajar
liabilitas mencerminkan risiko
wanprestasinya.
30
Page 550
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
C. Nilai wajar dari instrumen keuangan C. Fair value of financial instruments
(lanjutan) (continued)
Jika tersedia, Perseroan mengukur nilai wajar When available, the Company measures the
instrumen keuangan dengan menggunakan fair value of a financial instrument using the
harga kuotasian di pasar aktif untuk quoted price in an active market for that
instrumen tersebut. instrument.
Nilai wajar untuk instrumen keuangan yang The fair value of financial instruments traded
diperdagangkan di pasar aktif ditentukan in active markets is determined based on
berdasarkan nilai pasar yang berlaku pada quoted market prices at the statement of
tanggal laporan posisi keuangan financial position date using a price that is
menggunakan harga yang dipublikasikan routinely published and coming from reliable
secara rutin dan berasal dari sumber yang sources.
terpercaya.
Instrumen keuangan dianggap memiliki A financial instrument is regarded as quoted
kuotasi di pasar aktif jika harga kuotasi in an active market if quoted prices are
tersedia sewaktu-waktu dan dapat diperoleh readily and regularly available from an
secara rutin dari bursa, pedagang efek exchange, dealer, broker, industry group,
550 (dealer), perantara efek (broker), kelompok pricing service or regulatory agency, and
industri, badan pengawas (pricing service or those prices represent actual and regularly
regulatory agency), dan harga tersebut occurring market transactions on an arm’s
mencerminkan transaksi pasar yang aktual length basis. If the above criteria are not
dan rutin dalam suatu transaksi yang wajar. met, the market is regarded as being
Jika kriteria di atas tidak terpenuhi, maka
Laporan Tahunan 2025 Annual Report
inactive. Indications that a market is inactive
pasar aktif dinyatakan tidak tersedia. Indikasi- are when there is a wide bid-offer spread or
indikasi dari pasar tidak aktif adalah terdapat significant increase in the bid-offer spread
selisih yang besar antara harga penawaran and there are few recent transactions.
dan permintaan atau kenaikan signifikan
dalam selisih harga penawaran dan
permintaan dan hanya terdapat beberapa
transaksi terkini.
Untuk instrumen keuangan yang tidak For financial instruments with no quoted
mempunyai harga pasar, estimasi atas nilai market price, a reasonable estimate of the
wajar ditetapkan dengan mengacu pada nilai fair value is determined by reference to the
wajar instrumen lain yang substansinya sama current market value of another instrument
atau dihitung berdasarkan arus kas yang which substantially have the same
diharapkan terhadap aset bersih yang characteristic or calculated based on the
mendasari instrumen keuangan tersebut. expected cash flows of the underlying net
asset base of the financial instrument.
Pada tanggal-tanggal 31 Desember 2025 dan As of December 31, 2025 and 2024, the
2024, instrumen keuangan Perseroan yang Company’s financial instruments, which
dinilai dengan nilai wajar adalah EBA, recorded at fair value are RMBS, credit
Jaminan dan Pendukung Kredit, Aset Kredit enhancement, Residential Mortgage Loans
Pemilikan Rumah dan investasi saham. and investment in shares.
31
Page 551
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
C. Nilai wajar dari instrumen keuangan C. Fair value of financial instruments
(lanjutan) (continued)
Nilai wajar EBA ditentukan berdasarkan nilai The fair value of RMBS is determined based
pasar yang berlaku pada tanggal laporan on quoted market prices at the statements of
posisi keuangan yang diperoleh dari Penilai financial position date, obtained from
Harga Efek Indonesia. Metode perhitungan Indonesian Bond Pricing Agency. The
yang digunakan untuk memperoleh nilai calculation used to obtain the fair value was
wajar tersebut adalah dengan by discounting the projected cash flows from
mendiskontokan proyeksi arus kas dari EBA RMBS after considering the projection of
setelah memperhitungkan proyeksi principal repayment, interest payment and
pengembalian pokok normal, pembayaran principal installment with yield SUN curve
bunga dan pokok angsuran dengan kurva adjusted with RMBS risk premium.
yield SUN yang disesuaikan dengan risiko
premium EBA.
Nilai wajar jaminan dan pendukung kredit The fair value of credit enhancement is
ditentukan berdasarkan proyeksi arus kas determined by discounting the projected
yang didiskontokan dengan kurva yield SUN cash flows with yields SUN curve adjusted
yang disesuaikan dengan risiko premium with RMBS risk premium.
EBA.
Nilai wajar Aset Kredit Pemilikan Rumah The fair value of Residential Mortgage
ditentukan berdasarkan proyeksi arus kas Loans is determined by discounting the
yang didiskontokan dengan tingkat bunga projected cash flows with yields SUN curve
KPR terakhir yang disesuaikan dengan adjusted with latest KPR interest rate
perubahan tingkat bunga Bank Indonesia. adjusted with changes in Bank Indonesia
interest rate.
Nilai wajar investasi saham diestimasi The fair value is estimated using adjusted
dengan menggunakan metode nilai buku book value method and discounted cash
disesuaikan dan metode diskonto arus kas. flow method.
551
D. Penghentian pengakuan D. Derecognition
Penghentian pengakuan aset keuangan Financial assets are derecognized when the
dilakukan ketika hak kontraktual atas arus contractual rights to receive the cash flows
kas yang berasal dari aset keuangan from these assets have ceased to exist or
PT Sarana Multigriya Finansial (Persero)
tersebut berakhir atau ketika aset keuangan the assets have been transferred and
tersebut telah ditransfer dan secara substantially all the risks and rewards of
substansial seluruh risiko dan manfaat atas ownership of the assets are also transferred
kepemilikan aset tersebut telah ditransfer (if substantially all risks and rewards are not
(jika secara substansial seluruh risiko dan transferred, the Company performs an
manfaat tidak ditransfer, maka Perseroan assessment to ensure that continuing
melakukan evaluasi untuk memastikan involvement on the retained powers of
keterlibatan berkelanjutan atas kendali yang control does not prevent derecognition).
masih dimiliki tidak mencegah penghentian Financial liabilities are derecognized when
pengakuan). Liabilitas keuangan dihentikan they have been redeemed or otherwise
pengakuannya ketika liabilitas telah extinguished.
dilepaskan atau dibatalkan atau
kedaluwarsa.
32
Page 552
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
E. Klasifikasi instrumen keuangan E. Classification of financial instruments
Perseroan mengklasifikasikan instrumen The Company classifies the financial
keuangan ke dalam klasifikasi tertentu yang instruments into classification that reflects
mencerminkan sifat dari informasi dan the nature of information and take into
mempertimbangkan karakteristik dari account the characteristic of those financial
instrumen keuangan tersebut. Klasifikasi ini instruments. The classification can be seen
dapat dilihat pada tabel berikut: in the table below:
Kategori yang didefinisikan
Golongan (ditentukan oleh Perseroan)/
oleh PSAK No. 109/
Classes (as determined by the Company)
Category as defined by SFAS No. 109
Kas dan setara kas/Cash and cash equivalents
Deposito berjangka/Time deposits
Pinjaman yang diberikan/Loans
Efek-efek - Surat Utang Negara (SUN) dan Efek
Biaya perolehan
Beragunan Aset (EBA) Kelas A/Marketable securities
diamortisasi/Amortized Cost
- Government Debenture Debt (SUN) and Residential
Mortgage Backed Securities (RMBS) Class A
552 Piutang usaha/Account receivables
Piutang lain-lain/Other receivables
Efek-efek Beragun Aset (EBA) kelas M/Marketable
Aset keuangan yang diukur Securities - Residential Mortgage Backed Securities
pada nilai wajar melalui laba (RMBS) Class M
Laporan Tahunan 2025 Annual Report
rugi/Financial assets at fair Efek-efek Beragun Aset (EBA) kelas B/Marketable
value through profit or loss Securities - Residential Mortgage Backed Securities
Aset keuangan/ (FVTPL) (RMBS) Class B
Financial assets Jaminan dan pendukung kredit/Credit enhancement
Aset keuangan yang diukur Efek-efek Beragun Aset (EBA) Ritel kelas A/
pada nilai wajar melalui Marketable Securities - Residential Mortgage
penghasilan komprehensif Backed Securities (RMBS) Retail class A
lain/Financial assets at fair Aset KPR/Residential Mortgage Loan
value through other Investasi saham/Investment in shares
comprehensive income
(FVTOCI) Surat Utang Negara (SUN)/Government Bonds
Beban yang masih harus dibayar/Accrued
Liabilitas keuangan yang Expenses
diukur pada biaya Efek-efek yang diterbitkan/Securities issued
perolehan diamortisasi/
Financial liabilities at Utang bank/Bank loan
amortized cost
Utang lain-lain/Other payables
33
Page 553
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
F. Reklasifikasi aset keuangan F. Reclassification of financial instruments
Perseroan mereklasifikasi aset keuangan The Company reclassifies financial assets if
jika dan hanya jika, model bisnis untuk and only if, the business model for managing
pengelolaan aset keuangan berubah. financial assets changes.
Reklasifikasi aset keuangan dari klasifikasi Reclassifications of financial assets from
biaya perolehan yang diamortisasi ke amortized cost classifications to fair value
klasifikasi nilai wajar melalui laba rugi dicatat through profit or loss are recorded at fair
sebesar nilai wajarnya. Selisih antara nilai value. The difference between the recorded
tercatat dengan nilai wajar diakui pada laba value and fair value is recognized in
rugi. statement of profit or loss.
Reklasifikasi aset keuangan dari klasifikasi Reclassifications of financial assets from
biaya perolehan yang diamortisasi ke amortized cost classifications to fair value
klasifikasi nilai wajar melalui penghasilan through other comprehensive are recorded
komprehensif lain dicatat sebesar nilai at their fair values. The difference between
wajarnya. Selisih antara nilai tercatat the recorded value and fair value is
dengan nilai wajar diakui pada ekuitas. recognized in equity.
Reklasifikasi aset keuangan dari klasifikasi Reclassification of financial assets from fair
nilai wajar melalui penghasilan value classification through other
komprehensif lain ke klasifikasi nilai wajar comprehensive income to fair value through
melalui laba rugi dicatat pada nilai wajar. profit or loss is recorded at fair value.
Keuntungan atau kerugian yang belum Unrealized gains or losses are reclassified to
direalisasi direklasifikasi ke laba rugi. profit or loss.
Reklasifikasi aset keuangan dari klasifikasi Reclassification of financial assets from fair
nilai wajar melalui penghasilan value through other comprehensive income
komprehensif lain (FVTOCI) ke klasifikasi (FVTOCI) to the amortized cost is recorded
biaya perolehan yang diamortisasi dicatat at carrying value. Unrealized gains or losses
pada nilai tercatat. Keuntungan atau is removed from equity and adjusted against 553
kerugian yang belum direalisasi dihapus dari the fair value.
ekuitas dan disesuaikan terhadap nilai
wajar.
Reklasifikasi aset keuangan dari klasifikasi Reclassifications on financial assets from
PT Sarana Multigriya Finansial (Persero)
nilai wajar melalui laba rugi (FVTPL) ke fair value through profit or loss (FVTPL) to
klasifikasi nilai wajar melalui penghasilan fair value through other comprehensive
komprehensif lain (FVTOCI) dicatat pada income (FVTOCI) are recorded at fair value.
nilai wajar.
Reklasifikasi aset keuangan dari klasifikasi Reclassification of financial assets from fair
nilai wajar melalui laba rugi (FVTPL) ke value through profit or loss (FVTPL) to
klasifikasi biaya perolehan yang diamortisasi amortized cost is recorded at fair value.
dicatat pada nilai wajar.
34
Page 554
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
G. Saling hapus instrumen keuangan G. Offsetting financial instruments
Aset keuangan dan liabilitas keuangan Financial assets and liabilities are offset and
disalinghapuskan dan jumlah netonya the net amount is reported in the statement
dilaporkan pada laporan posisi keuangan of financial position when there is a legally
ketika terdapat hak yang berkekuatan enforceable right to offset the recognized
hukum untuk melakukan saling hapus atas amounts and there is an intention to settle
jumlah yang telah diakui tersebut dan on a net basis, or realize the asset and settle
adanya niat untuk menyelesaikan secara the liability simultaneously.
neto, atau untuk merealisasikan aset dan
menyelesaikan liabilitas secara bersamaan.
Hak saling hapus tidak kontinjen atas The legally enforceable right must not be
peristiwa di masa depan dan dapat contingent on future events and must be
dipaksakan secara hukum dalam situasi enforceable in the normal course of
bisnis yang normal dan dalam peristiwa business and in the event of default,
gagal bayar, atau peristiwa kepailitan atau insolvency or bankruptcy of the Company or
kebangkrutan Perseroan atau pihak lawan. counterparty.
554
d. Penjabaran mata uang asing d. Foreign currency translation
Mata uang pelaporan Reporting currency
Laporan keuangan dijabarkan dalam mata uang The financial statements are presented in Rupiah,
Laporan Tahunan 2025 Annual Report
Rupiah, yang merupakan mata uang fungsional which is the functional currency of the Company.
Perseroan.
Transaksi dan saldo Transactions and balances
Transaksi dalam mata uang selain Rupiah dicatat Transactions in currencies other than Rupiah are
berdasarkan kurs yang berlaku pada tanggal recorded at the prevailing rates of exchange in
transaksi. effect on the date of the transactions.
Pada tanggal laporan posisi keuangan, seluruh As of the statements of financial position dates,
aset dan kewajiban moneter dalam mata uang all foreign currency monetary assets and
asing dijabarkan ke dalam mata uang Rupiah liabilities are translated into Rupiah at the
dengan menggunakan kurs yang berlaku pada exchange rates prevailing at that date.
tanggal laporan posisi keuangan.
Keuntungan dan kerugian selisih kurs yang Exchange gains and losses arising on
timbul dari transaksi dalam mata uang asing dan transactions in foreign currencies and on the
penjabaran aset dan liabilitas moneter dalam translation of foreign currency monetary assets
mata uang asing diakui pada laporan laba rugi. and liabilities are recognized in the statement of
profit or loss.
Pada tanggal-tanggal 31 Desember 2025 dan As of December 31, 2025 and 2024, the
2024, kurs nilai tukar yang digunakan adalah exchange rates used are the Bank Indonesia
kurs tengah Bank Indonesia sebagai berikut middle rates as follows (in full amount):
(dalam nilai penuh):
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
1 Dolar Amerika Serikat 16.782 16.162 1 United States Dollar
35
Page 555
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL (lanjutan) POLICIES INFORMATION (continued)
e. Kas dan setara kas dan deposito berjangka e. Cash and cash equivalents and time deposits
Kas dan setara kas terdiri dari saldo kas dan kas Cash and cash equivalents consist of cash on
di bank, deposito berjangka yang jatuh tempo hand and cash in banks, time deposits with
dalam waktu tiga bulan atau kurang, yang tidak maturities of three months or less, which are not
dibatasi penggunaannya dan tidak digunakan restricted and pledged as collateral for any
sebagai jaminan atas pinjaman. borrowings.
Deposito berjangka dicatat sebesar nilai nominal. Time deposit is stated at nominal amounts. Time
Deposito berjangka dengan jatuh tempo lebih deposit with maturity of more than 3 (three)
dari 3 (tiga) bulan sejak penempatan months from the initial placements are classified
diklasifikasikan sebagai biaya perolehan as amortized cost.
diamortisasi.
Lihat Catatan 2c untuk kebijakan akuntansi. Refer to Note 2c for the accounting policy.
f. Pinjaman yang diberikan f. Loans
(i) Konvensional (i) Conventional
Pinjaman yang diberikan (kecuali untuk Loans (excluding Residential Mortgage
Kredit Pemilikan Rumah dengan klasifikasi Loan classified as FVTOCI) are classified as
FVTOCI) diklasifikasikan sebagai biaya amortized cost. Refer to Note 2c for the
perolehan diamortisasi. Lihat Catatan 2c accounting policy of financial assets.
untuk kebijakan akuntansi atas aset
keuangan.
Termasuk dalam pinjaman yang diberikan Included in loans are loans with pledge with
adalah pinjaman dengan jaminan berupa mortgage receivables from mortgage lender.
tagihan KPR yang dimiliki oleh lembaga The Company has the right of the mortgage
penyalur KPR. Perseroan memiliki hak atas receivables from mortgage lender.
tagihan KPR.
(ii) Syariah (ii) Sharia 555
Pembiayaan dengan skema bagi hasil dapat Financing with profit sharing scheme can be
dilakukan dengan akad Mudharabah. Akad in the form of Mudharabah. Mudharabah
Mudharabah dalam pembiayaan adalah agreement is a co-operation agreement for a
PT Sarana Multigriya Finansial (Persero)
akad kerja sama suatu usaha antara pihak specific project between first party
pertama (Perseroan) yang menyediakan (Company) as owner of fund and second
seluruh modal dan pihak kedua (Debitur) party (Debtor) as fund manager whereas the
yang bertindak selaku pengelola dana profit sharing will be shared in accordance
dengan membagi keuntungan usaha sesuai with percentage as stated in the agreement,
dengan persentase tertentu yang disepakati meanwhile losses will be borne by first party
dalam akad, sedangkan kerugian except if the second party does negligence,
ditanggung sepenuhnya oleh pihak pertama misconduct or violate the agreement.
kecuali jika pihak kedua melakukan
kesalahan yang disengaja, lalai atau
menyalahi perjanjian.
Pembiayaan dengan akad Mudharabah Financing in the form of Mudharabah is
dinyatakan sebesar saldo pembiayaan stated at the outstanding financing balance
dikurangi dengan penyisihan kerugian. less allowance for impairment losses.
36
Page 556
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL (lanjutan) POLICIES INFORMATION (continued)
f. Pinjaman yang diberikan (lanjutan) f. Loans (continued)
(ii) Syariah (lanjutan) (ii) Sharia (continued)
Apabila pembiayaan Mudharabah In the event that a portion of Mudharabah
mengalami penurunan nilai akibat hilang, financing is impaired prior to the start up of
rusak atau faktor lain sebelum dimulainya operations due to damage or any other
usaha karena adanya kerusakan atau sebab reason, without course to negligence or error
lainnya tanpa adanya kelalaian atau on the part of the fund manager, the loss
kesalahan pihak pengelola dana, rugi shall reduce the Mudharabah financing
tersebut mengurangi saldo pembiayaan balance and shall be recognized as a loss
Mudharabah dan diakui sebagai kerugian borne by the Company. In the event that a
Perseroan. Apabila pembiayaan portion of financing is lost, impaired, or
Mudharabah mengalami penurunan nilai damaged after the commencement of
akibat hilang, rusak, atau faktor lain setelah operations for reasons unrelated to
dimulainya usaha tanpa adanya kelalaian negligence or error by the fund manager, the
atau kesalahan pengelola dana, kerugian loss shall be distributed between parties
penurunan nilai tersebut diperhitungkan upon the determination of profit or profit
pada saat bagi hasil. Kerugian pembiayaan sharing between the Company and the fund
Mudharabah akibat kelalaian atau manager. Loss on financing for reasons
kesalahan pengelola dana dibebankan pada related to negligence or error by the fund
pengelola dana dan tidak mengurangi manager shall be charged to the fund
556
pembiayaan Mudharabah. manager and shall not reduce the
Mudharabah financing balance.
g. Piutang usaha dan piutang lain-lain g. Account receivables and other receivables
Laporan Tahunan 2025 Annual Report
Piutang usaha merupakan jumlah bunga yang Account receivables consist of interest
terutang atas pinjaman yang diberikan, receivables from loan, placement on time
penempatan deposito berjangka, investasi pada deposits, investment on RMBS and government
EBA dan obligasi pemerintah. Termasuk dalam debenture debt. Included in account receivables
piutang usaha adalah piutang dari pihak ketiga is amount due from counterparty relating to
atas pendapatan jasa sekuritisasi, pendidikan, income from securitization services, education
dan jasa lainnya yang diberikan oleh Perseroan. and other services provided by the Company.
Termasuk dalam piutang lain-lain adalah saldo Included in other receivables is employee loan
pinjaman kepada karyawan Perseroan. balance to employee of the Company.
h. Jaminan dan pendukung kredit h. Credit enhancement
Jaminan dan pendukung kredit diklasifikasikan Credit enhancements are classified as fair value
sebagai nilai wajar melalui laba rugi. Lihat through profit or loss. Refer to Note 2c for the
Catatan 2c untuk kebijakan akuntansi atas aset accounting policy of financial assets.
keuangan.
i. Efek-efek i. Marketable securities
Efek-efek diklasifikasikan sebagai aset Marketable securities are classified as financial
keuangan pada biaya perolehan diamortisasi, assets at amortized cost, financial assets at fair
aset keuangan yang diukur pada nilai wajar value through profit or loss (FVTPL), financial
melalui laba rugi, aset keuangan yang diukur assets at fair value through other comprehensive
pada nilai wajar melalui penghasilan income (FVTOCI). Refer to Note 2c for the
komprehensif lain. Lihat Catatan 2c untuk accounting policy of financial assets.
kebijakan akuntansi atas aset keuangan.
37
Page 557
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL (lanjutan) POLICIES INFORMATION (continued)
j. Aset tetap j. Fixed assets
Aset tetap dinyatakan sebesar nilai perolehan Fixed assets are stated at cost less accumulated
setelah dikurangi dengan akumulasi penyusutan. depreciation. Acquisition cost covers expenditure
Harga perolehan mencakup semua pengeluaran that is directly attributable to the acquisition of the
yang terkait secara langsung dengan perolehan assets. Fixed assets, except land, are
aset tetap. Aset tetap, kecuali tanah, disusutkan depreciated when ready to used on a straight-line
ketika aset tersebut siap digunakan dengan method over their estimated useful lifes as
menggunakan metode garis lurus berdasarkan follows:
taksiran masa manfaat aset tetap tersebut
sebagai berikut:
Tahun/Years
Bangunan 20 Buildings
Komputer 3 Computers
Peralatan kantor 3 Office equipment
Perlengkapan kantor 3 Furniture and fixtures
Kendaraan bermotor 5 Vehicles
Tanah tidak disusutkan. Land is not depreciated.
Nilai sisa, masa manfaat dan metode penyusutan The residual value, useful lives and depreciation
aset tetap ditelaah dan disesuaikan pada setiap method of fixed assets are reviewed and
akhir periode pelaporan, jika dianggap perlu. adjusted at the end of each reporting period, if
considered necessary.
Biaya pemeliharaan dan perbaikan dibebankan The cost of repairs and maintenance are charged
pada laba rugi pada saat terjadinya; renovasi dan to profit or loss as incurred; significant renovation
penambahan dalam jumlah material yang and refurbishment which extend the useful lives
memperpanjang masa manfaat atau memberi or improve the economic value in the future in the
manfaat ekonomis di masa datang dalam bentuk form of increase in capacity or standard of
peningkatan kemampuan atau peningkatan performance are capitalized to the related fixed
standar kinerja dikapitalisasi ke aset tetap yang assets and depreciated.
bersangkutan dan disusutkan.
Apabila nilai tercatat aset tetap lebih besar dari When the carrying amount of an asset is greater
nilai yang dapat diperoleh kembali, nilai tercatat than its estimated recoverable amount, it is 557
aset diturunkan menjadi sebesar nilai yang dapat written down immediately to its recoverable
diperoleh kembali yang ditentukan berdasarkan amount, which is determined based on the higher
nilai tertinggi antara nilai wajar dikurangi biaya of fair value less cost to sell or value in use.
untuk menjual dan nilai pakai.
PT Sarana Multigriya Finansial (Persero)
Aset dalam pembangunan dinyatakan sebesar Assets under construction is stated at cost. Total
biaya perolehan. Jumlah biaya perolehan akan historical cost will be transferred to the respective
dipindahkan ke masing-masing aset tetap yang fixed asset account when completed and ready
bersangkutan pada saat selesai dan siap for use.
digunakan.
Jumlah tercatat aset tetap akan dihentikan Fixed assets are derecognized upon disposal or
pengakuannya pada saat dilepaskan atau ketika when no future economic benefits are expected
tidak terdapat lagi manfaat ekonomi masa depan from their use or disposal. Any gain or loss arising
yang diharapkan dari penggunaan atau from derecognition of the asset (calculated as the
pelepasannya. Keuntungan atau kerugian yang difference between the net disposal proceeds
timbul dari penghentian pengakuan aset tetap and the carrying amount of the asset) is included
(dihitung sebagai selisih antara jumlah neto hasil in the statement of profit or loss in the year the
pelepasan dan jumlah tercatat dari aset tetap) asset is derecognized.
dimasukkan ke dalam laba rugi pada tahun
berjalan ketika aset tetap tersebut dihentikan
pengakuannya.
38
Page 558
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL (lanjutan) POLICIES INFORMATION (continued)
k. Aset tak berwujud k. Intangible assets
Aset tak berwujud diakui sebesar harga Intangible assets are recognized at acquisition
perolehan dan selanjutnya dicatat sebesar harga cost and subsequently carried at cost less
perolehan dikurangi akumulasi amortisasi. accumulated amortization.
Biaya yang terkait dengan pemeliharaan Costs associated with maintaining software
program piranti lunak diakui sebagai beban pada programs are recognized as expense as
saat terjadinya. Biaya pengembangan yang incurred. Development costs that are directly
dapat secara langsung diatribusikan kepada attributable to the design and testing of
piranti lunak yang dapat diidentifikasi dan unik identifiable and unique software products
yang dikendalikan oleh Perseroan diakui sebagai controlled by the Company are recognized as
aset tak berwujud. intangible assets.
Biaya pengembangan piranti lunak diakui Software development costs recognized as
sebagai aset yang diamortisasi selama estimasi assets are amortized over their estimated useful
masa manfaat dengan menggunakan metode lives calculated using the straight-line method.
garis lurus.
Aset tak berwujud memiliki masa manfaat yang Intangible assets have finite useful lives and are
terbatas dan diamortisasi selama estimasi masa amortized over their estimated useful lives of 5
558 manfaat yaitu 5 tahun. years.
Aset tak berwujud dihentikan pengakuannya saat Intangible assets shall be derecognized on
aset tersebut dilepas atau ketika tidak lagi disposal or when no future economic benefits are
terdapat manfaat masa depan yang diharapkan expected from their use and disposal.
Laporan Tahunan 2025 Annual Report
dari penggunaannya dan pelepasan yang
dilakukan sesudahnya.
Keuntungan atau kerugian yang timbul dari Any gain or loss arising from derecognition of
penghentian pengakuan aset tak berwujud intangible asset (calculated as the difference
(dihitung sebagai selisih antara jumlah neto hasil between the net disposal proceeds and the
pelepasan dan jumlah tercatat dari aset tak carrying amount of the asset) is included in the
berwujud) dimasukkan ke dalam laporan laba statement of profit or loss in the year the asset is
rugi pada tahun berjalan ketika aset tak berwujud derecognized.
tersebut dihentikan pengakuannya.
l. Perpajakan l. Taxation
Beban pajak terdiri dari pajak kini dan pajak The tax expense comprises current and deferred
tangguhan. Pajak diakui pada laba rugi, kecuali tax. Tax is recognized in the profit or loss, except
jika pajak tersebut terkait dengan transaksi atau to the extent that it relates to items recognized in
kejadian yang diakui dalam penghasilan other comprehensive income or directly in equity.
komprehensif lain atau langsung diakui ke In this case, the tax is also recognized in other
ekuitas. Dalam hal ini, pajak tersebut masing- comprehensive income or directly in equity,
masing diakui dalam penghasilan komprehensif respectively.
lain atau ekuitas.
39
Page 559
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL (lanjutan) POLICIES INFORMATION (continued)
l. Perpajakan (lanjutan) l. Taxation (continued)
Beban pajak kini dihitung berdasarkan peraturan The current income tax charge is calculated on
perpajakan yang berlaku atau yang secara the basis of the tax laws enacted or substantively
substantif berlaku pada akhir periode pelaporan, enacted at the end of the reporting period in the
di negara dimana Perseroan beroperasi dan country where the Company operates and
menghasilkan pendapatan kena pajak. generates taxable income. Management
Manajemen secara periodik mengevaluasi posisi periodically evaluates positions taken in tax
yang dilaporkan di Surat Pemberitahuan returns with respect to situations in which
Tahunan (“SPT”) sehubungan dengan situasi applicable tax regulation is subject to
dimana aturan pajak yang berlaku membutuhkan interpretation. It establishes provisions where
interpretasi. Jika perlu, manajemen menentukan appropriate on the basis of amounts expected to
provisi berdasarkan jumlah yang diharapkan be paid to the tax authorities.
akan dibayar kepada otoritas pajak.
Pajak penghasilan tangguhan diakui Deferred income tax is provided in full, using the
sepenuhnya, dengan menggunakan metode liability method, on temporary differences which
liabilitas untuk semua perbedaan temporer yang arise from the difference between the tax bases
berasal dari selisih antara dasar pengenaan of assets and liabilities and their carrying
pajak aset dan liabilitas dengan nilai tercatatnya amounts in the financial statements.
pada laporan keuangan.
Pajak penghasilan tangguhan diukur dengan Deferred income tax is determined using tax
menggunakan tarif pajak yang sudah rates (and laws) that have been enacted or
diberlakukan atau secara substantif berlaku pada substantially enacted by the end of the reporting
akhir periode pelaporan dan diekspektasi akan period and are expected to apply when the
digunakan ketika aset pajak tangguhan yang related deferred income tax asset is realized or
berhubungan direalisasi atau liabilitas pajak the deferred income tax liability is settled.
tangguhan diselesaikan.
Aset pajak tangguhan diakui hanya jika Deferred tax assets are recognized only if it is
kemungkinan jumlah penghasilan kena pajak di probable that future taxable amounts will be
masa depan akan memadai untuk dikompensasi available to utilize those temporary differences
dengan perbedaan temporer yang masih dapat and losses. 559
dimanfaatkan.
Aset dan liabilitas pajak tangguhan dapat saling Deferred tax assets and liabilities are offset when
hapus apabila terdapat hak yang berkekuatan there is a legally enforceable right to offset
hukum untuk melakukan saling hapus antara current tax assets and liabilities and when the
PT Sarana Multigriya Finansial (Persero)
aset pajak kini dengan liabilitas pajak kini dan deferred tax balances relate to the same taxation
apabila aset dan liabilitas pajak penghasilan authority and intends to settle on a net basis.
tangguhan dikenakan oleh otoritas perpajakan
yang sama dan adanya niat untuk melakukan
penyelesaian saldo-saldo tersebut secara neto.
Pajak final Final tax
Peraturan perpajakan di Indonesia mengatur Tax regulation in Indonesia determined that
beberapa jenis penghasilan dikenakan pajak certain taxable income is subject to final tax. Final
yang bersifat final. Pajak final yang dikenakan tax applied to the gross value of transactions is
atas nilai bruto transaksi tetap dikenakan applied even when the parties carrying the
walaupun atas transaksi tersebut pelaku transaction incur losses.
transaksi mengalami kerugian.
Mengacu pada PSAK No. 212, “Pajak Referring to SFAS No. 212, “Income Taxes” as
Penghasilan”, pajak final tidak termasuk dalam mentioned above, final tax is no longer governed.
ruang lingkupnya. Perseroan menyajikan beban The Company presents the final tax arising from
pajak final sehubungan dengan pendapatan interest income from current accounts, time
bunga dari rekening giro, deposito berjangka dan deposits and RMBS in separate line item.
EBA sebagai pos tersendiri.
40
Page 560
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL (lanjutan) POLICIES INFORMATION (continued)
m. Liabilitas imbalan kerja m. Employee benefit liabilities
(a) Imbalan kerja jangka pendek (a) Short term employee’s benefit
Imbalan kerja jangka pendek diakui pada Short-term employee’s benefits are
saat terutang kepada karyawan recognized when they are owed to the
berdasarkan metode akrual. employees based on an accrual method.
Perseroan mencatat tantiem dan bonus The Company records tantiem and bonus by
dengan menggunakan basis akrual dan using accrual basis and charging in current
membebankannya dalam laporan laba rugi year’s statement of profit or loss.
tahun berjalan.
(b) Imbalan pasca-kerja dan imbalan jangka (b) Post-employment benefits and long-term
panjang employee benefit
Perseroan harus menyediakan program The Company is required to provide a
imbalan pensiun dengan jumlah imbalan minimum amount of pension benefits in
minimal tertentu sesuai dengan Peraturan accordance with Company Regulation, Job
Perusahaan, Undang-Undang Cipta Kerja Creation Law No. 6 Year 2023 and
560 No. 6 Tahun 2023 dan Peraturan Government Regulation No. 35 Year 2021.
Pemerintah No. 35 Tahun 2021. Karena Since the Job Creation Law No. 6 Year 2023
Undang-Undang Cipta Kerja No. 6 Tahun and Government Regulation No. 35 Year
2023 dan Peraturan Pemerintah No. 35 2021 sets the formula for determining the
Tahun 2021 menentukan rumus tertentu minimum amount of benefits, in substance,
Laporan Tahunan 2025 Annual Report
untuk menghitung jumlah minimal imbalan pension plans under Law represent defined
pensiun, pada dasarnya, program pensiun benefit plans.
berdasarkan UU adalah program imbalan
pasti.
Program pensiun imbalan pasti adalah A defined benefit plan is a pension plan
program pensiun yang menetapkan jumlah program where the pension amount to be
imbalan pensiun yang akan diterima oleh received by employees at the time of
karyawan pada saat pensiun, biasanya retirement will depend on some factors such
berdasarkan beberapa faktor seperti usia, as age, years of service or compensation.
masa kerja atau kompensasi.
Liabilitas imbalan pasti yang diakui di The liability recognized in the statements of
laporan posisi keuangan adalah nilai kini financial position in respect of defined
liabilitas imbalan pasti pada tanggal laporan pension benefit plan is the present value of
posisi keuangan dikurangi nilai wajar aset the defined benefit obligation at the
program. Nilai kini liabilitas imbalan pasti statements of financial position date less the
dihitung setiap tahun oleh aktuaris fair value of the plan assets. The present
independen menggunakan metode value of defined benefit obligation is
projected unit credit. calculated annually by independent
actuaries using the projected unit credit
method.
Nilai kini liabilitas imbalan pasti ditentukan The present value of the defined benefit
dengan mendiskontokan estimasi arus kas obligation is determined by discounting the
keluar masa depan dengan menggunakan estimated future cash outflows using interest
tingkat bunga obligasi pemerintah (dengan rates of government debenture debt
pertimbangan saat ini tidak ada pasar aktif (considering currently there is no deep
untuk obligasi korporasi berkualitas tinggi) market for high-quality corporate bonds) that
dalam mata uang yang sama dengan mata are denominated in the currency in which the
uang imbalan yang akan dibayarkan dan benefit will be paid and that have the terms
waktu jatuh tempo yang kurang lebih sama to maturity approximating the terms of the
dengan waktu jatuh tempo imbalan yang related pension liability.
bersangkutan.
41
Page 561
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL (lanjutan) POLICIES INFORMATION (continued)
m. Liabilitas imbalan kerja (lanjutan) m. Employee benefit liabilities (continued)
(b) Imbalan pasca-kerja dan imbalan jangka (b) Post-employment benefits and long-term
panjang (lanjutan) employee benefit (continued)
Pengukuran kembali liabilitas imbalan kerja Remeasurement of employee benefit
yang timbul dari penyesuaian dan liabilities arising from experience
perubahan dalam asumsi-asumsi aktuarial adjustments and changes in actuarial
langsung diakui seluruhnya melalui assumptions are directly recognized in other
penghasilan komprehensif lain. Akumulasi comprehensive income. Accumulated
pengukuran kembali dilaporkan di ekuitas. remeasurement is reported in equity.
Biaya jasa lalu diakui segera dalam laporan Past service costs are recognized as
laba rugi pada tanggal yang lebih awal expense in profit or loss at the earlier of the
antara: ketika amandemen atau kurtailmen following dates: when the plan is amended
terjadi dan ketika entitas mengakui biaya or curtailment occurred and when the entity
restrukturisasi terkait atau pesangon. recognizes related restructuring cost or
termination benefits.
Mulai tahun 2025, Perseroan memberikan Starting 2025, the Company also provides
tambahan imbalan dan tunjangan untuk additional benefit and allowance for
karyawan yang pensiun dan telah employees who retired and have worked for
menyelesaikan masa kerja selama 10 tahun 10 years or above. The Company also
atau lebih. Perseroan juga memberikan provides umroh benefit for employees who
imbalan umroh untuk karyawan yang retired and have worked for 15 years or
pensiun dan telah menyelesaikan masa above. For such benefits, SFAS No. 219
kerja selama 15 tahun atau lebih. Untuk requires an accounting treatment similar to
manfaat tersebut, PSAK No. 219 that for defined benefit plans (as described
mengharuskan perlakuan akuntansi yang in the previous paragraph), except that the
hampir sama dengan akuntansi untuk actuarial gain and losses should all be
program masa manfaat pasti (sebagaimana recognized immediately in the current year’s
disajikan pada paragraf sebelumnya), profit or loss.
kecuali bahwa semua keuntungan dan
kerugian aktuarial yang timbul harus diakui 561
sekaligus ke laba rugi tahun berjalan.
Pada tahun 2024, Perseroan memberikan In 2024, the Company provided for long
penghargaan masa kerja untuk karyawan service awards for employee whose work
yang telah menyelesaikan masa kerja periods reach 5 years or above. For such
PT Sarana Multigriya Finansial (Persero)
selama 5 tahun atau lebih. Untuk manfaat benefits, SFAS No. 219 requires an
tersebut, PSAK No. 219 mengharuskan accounting treatment similar to that for
perlakuan akuntansi yang hampir sama defined benefit plans (as described in the
dengan akuntansi untuk program masa previous paragraph), except that the
manfaat pasti (sebagaimana disajikan pada actuarial gain and losses should all be
paragraf sebelumnya), kecuali bahwa recognized immediately in the current year’s
semua keuntungan dan kerugian aktuarial profit or loss. In 2025, this long service
yang timbul harus diakui sekaligus ke laba awards has been discontinued and replaced
rugi tahun berjalan. Pada tahun 2025, by other benefits.
penghargaan masa kerja ini telah dihentikan
dan digantikan dengan imbalan lainnya.
n. Efek-efek yang diterbitkan n. Securities issued
Efek-efek yang diterbitkan diklasifikasikan Securities issued are classified as financial
sebagai liabilitas keuangan yang diukur dengan liabilities at amortized cost. Incremental cost
biaya perolehan diamortisasi. Biaya tambahan directly attributable to the issuance of securities
yang dapat diatribusikan secara langsung is deducted from the amount of securities issued.
dengan penerbitan efek-efek dikurangkan dari Refer to Note 2c for accounting policy of financial
jumlah efek-efek yang diterbitkan. Lihat Catatan liabilities at amortized cost.
2c untuk kebijakan akuntansi atas liabilitas
keuangan yang diukur dengan biaya perolehan
diamortisasi.
42
Page 562
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL (lanjutan) POLICIES INFORMATION (continued)
o. Sukuk Musyarakah dan Mudharabah o. Musyarakah and Mudharabah Sukuk
Efek-efek yang diterbitkan jika diklasifikasikan Securities issued when classified as temporary
sebagai dana syirkah temporer, seperti sukuk for syirkah funds, such as Musyarakah and
Musyarakah dan Mudharabah, maka biaya Mudharabah sukuk, the additional cost cannot be
tambahan tidak dapat diatribusikan secara directly attributable to the issuance of securities,
langsung dalam penerbitan efek-efek sehingga therefore, it is not deducted from the amount of
tidak dikurangkan dari jumlah efek-efek yang securities issued.
diterbitkan.
Biaya transaksi diakui secara terpisah dari sukuk Transaction fees are recognized separately from
Musyarakah dan Mudharabah. Biaya transaksi Musyarakah and Mudharabah sukuk.
diamortisasi secara garis lurus selama jangka Transaction fees are amortized on a straight-line
waktu sukuk Musyarakah dan Mudharabah. basis over the terms of the Musyarakah and
Sukuk Mudharabah disajikan sebagai dana Mudharabah sukuk. Mudharabah Sukuk is
syirkah temporer. Biaya transaksi untuk presented as temporary syirkah fund.
penerbitan sukuk Musyarakah dan Mudharabah Transaction fees for the issuance of Musyarakah
disajikan dalam aset sebagai beban tangguhan, and Mudharabah sukuk are presented in the
bukan sebagai pos lawan dari sukuk Musyarakah asset as deferred expense, not as a counter
dan Mudharabah. against the Musyarakah and Mudharabah sukuk.
562 p. Sewa p. Lease
Perseroan menilai apakah sebuah kontrak The Company assesses whether a contract is or
mengandung sewa, pada tanggal insepsi contains a lease, at the inception of the contract.
kontrak. Perseroan mengakui aset hak-guna dan The Company recognizes a right-of-use asset
Laporan Tahunan 2025 Annual Report
liabilitas sewa terkait sehubungan dengan and a corresponding lease liability with respect to
seluruh kesepakatan sewa di mana Perseroan all lease arrangements in which it is the lessee,
merupakan penyewa, kecuali untuk sewa jangka except for short-term leases (defined as leases
pendek (yang didefinisikan sebagai sewa yang with a lease term of 12 months or less) and
memiliki masa sewa 12 bulan atau kurang) dan leases of low value assets. For these leases, the
sewa yang aset pendasarnya bernilai rendah. Company recognizes the lease payments as an
Untuk sewa-sewa tersebut, Perseroan mengakui operating expense on a straight-line basis over
pembayaran sewa sebagai beban operasi the term of the lease unless another systematic
secara garis lurus selama masa sewa kecuali basis is more representative of the time pattern
dasar sistematis lainnya lebih in which economic benefits from the leased
merepresentasikan pola konsumsi manfaat assets are consumed.
penyewa dari aset sewa.
Aset hak-guna Right-of-use assets
Perseroan mengakui aset hak guna untuk sewa The Company recognizes right-of-use assets for
yang memenuhi kriteria PSAK No. 116, “Sewa” lease that meet the criteria of SFAS No. 116,
yaitu: “Leases” which are:
Terdapat aset identifikasian; There are identified assets;
Perseroan secara substansial menikmati The Company obtain substantially the
manfaat ekonomis dari penggunaan aset economic benefits of using the identified
identifikasian; dan assets; and
Perseroan memiliki hak untuk The Company has the right to control the
mengendalikan aset identifikasian identified assets.
dimaksud.
Aset hak-guna terdiri dari pengukuran awal atas The right-of-use assets comprise the initial
liabilitas sewa, pembayaran sewa yang dilakukan measurements of the corresponding lease
pada saat atau sebelum permulaan sewa dan liability, lease payments made at or before the
biaya langsung awal. Aset hak-guna selanjutnya commencement day and any initial direct costs.
diukur sebesar biaya dikurangi akumulasi They are subsequently measured at cost less
penyusutan dan kerugian penurunan nilai. accumulated depreciation and impairment
losses.
43
Page 563
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL (lanjutan) POLICIES INFORMATION (continued)
p. Sewa (lanjutan) p. Lease (continued)
Aset hak-guna disusutkan selama periode yang Right-of-use assets are depreciated over the
lebih singkat antara masa sewa dan masa shorter period of lease term and useful life of the
manfaat aset pendasar. Jika sewa mengalihkan underlying assets. If a lease transfers ownership
kepemilikan aset pendasar atau jika biaya of the underlying assets or the cost of the right-
perolehan aset hak-guna merefleksikan of-use assets reflects that of the Company
Perseroan akan mengeksekusi opsi beli, aset expects to exercise a purchase option, the
hak-guna disusutkan selama masa manfaat aset related right-of-use asset is depreciated over the
pendasar. Penyusutan dimulai pada tanggal useful life of the underlying assets. The
permulaan sewa. depreciation starts at the commencement date of
the lease.
Liabilitas sewa Lease liabilities
Liabilitas sewa awalnya diukur pada nilai kini The lease liability is initially measured at the
pembayaran sewa masa depan yang belum present value of the lease payments that are not
dibayarkan pada tanggal permulaan, yang paid at the commencement date, discounted by
didiskontokan menggunakan suku bunga implisit using the rate implicit in the lease. If this rate
dalam sewa. Jika suku bunga ini tidak dapat cannot be readily determined, the Company uses
ditentukan, Perseroan menggunakan suku the incremental borrowing rate.
bunga pinjaman inkremental.
Pembayaran sewa yang diperhitungkan dalam Lease payments included in the measurement of
pengukuran liabilitas sewa terdiri atas: the lease liability comprise:
Pembayaran tetap (termasuk pembayaran Fixed lease payments (including
tetap secara-substansi), dikurangai insentif insubstance fixed payments), less any lease
sewa; incentives;
Pembayaran sewa variabel yang Variable lease payments that depend on an
bergantung pada indeks atau suku bunga index or rate, initially measured using the
yang pada awalnya diukur dengan index or rate at the commencement date;
menggunakan indeks atau suku bunga pada
tanggal permulaan; 563
Jumlah yang diperkirakan akan dibayarkan The amount expected to be payable by the
oleh penyewa dalam jaminan nilai residual; lessee under residual value guarantees;
Harga eksekusi opsi beli jika penyewa cukup The exercise price of purchase options, if the
pasti untuk mengeksekusi opsi tersebut; dan lessee is reasonably certain to exercise the
PT Sarana Multigriya Finansial (Persero)
options; and
Pembayaran penalti karena penghentian Payments of penalties for terminating the
sewa, jika masa sewa merefleksikan lease, if the lease term reflects the exercise
penyewa mengeksekusi opsi untuk of an option to terminate the lease.
menghentikan sewa.
Liabilitas sewa diukur dengan meningkatkan The lease liability is subsequently measured by
jumlah tercatat untuk merefleksikan bunga atas increasing the carrying amount to reflect the
liabilitas sewa (menggunakan metode suku interest on the lease liability (using the effective
bunga efektif) dan dengan mengurangi jumlah interest method) and by reducing the carrying
tercatat untuk merefleksikan sewa yang telah amount to reflect the lease payments made.
dibayar.
44
Page 564
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL (lanjutan) POLICIES INFORMATION (continued)
q. Pendapatan bunga dan beban bunga q. Interest income and interest expense
(i) Konvensional (i) Conventional
Pendapatan dan beban bunga untuk semua Interest income and expense for all interest
instrumen keuangan dengan interest bearing financial instruments are recognized
bearing dicatat dalam “pendapatan bunga” within “interest income” and “interest
dan “beban bunga” di dalam laporan laba expense” in the statement of profit or loss
rugi menggunakan metode suku bunga using the effective interest method.
efektif.
Metode suku bunga efektif adalah metode The effective interest method is a method of
yang digunakan untuk menghitung biaya calculating the amortized cost of a financial
perolehan diamortisasi dari aset keuangan asset or a financial liability and of allocating
atau liabilitas keuangan dan metode untuk the interest income or interest expense over
mengalokasikan pendapatan bunga atau the relevant period. The effective interest
beban bunga selama periode yang relevan. rate is the rate that exactly discounts
Suku bunga efektif adalah suku bunga yang estimated future cash payments or receipts
secara tepat mendiskontokan estimasi through the expected life of the financial
pembayaran atau penerimaan kas di masa instrument or, when appropriate, a shorter
564
datang selama perkiraan umur dari period to the net carrying amount of the
instrumen keuangan, atau jika lebih tepat, financial asset or financial liability.
digunakan periode yang lebih singkat untuk
memperoleh nilai tercatat bersih dari aset
keuangan atau liabilitas keuangan.
Laporan Tahunan 2025 Annual Report
Pada saat menghitung suku bunga efektif, When calculating the effective interest rate,
Perseroan mengestimasi arus kas dengan the Company estimates cash flows
mempertimbangkan seluruh persyaratan considering all contractual terms of the
kontraktual dalam instrumen keuangan financial instrument but does not consider
tersebut, namun tidak mempertimbangkan future credit losses.
kerugian kredit di masa datang.
Perhitungan ini mencakup seluruh provisi, The calculation includes all fees,
komisi, dan bentuk lain yang diterima oleh commissions and other fees received by
para pihak dalam kontrak yang merupakan parties to the contract that are an integral
bagian tak terpisahkan dari suku bunga part of the effective interest rate, transaction
efektif, biaya transaksi, dan seluruh premi costs and all other premiums or discounts.
atau diskon lainnya.
Provisi dan komisi yang berkaitan langsung Fees and commissions directly related to
dengan kegiatan pemberian pinjaman yang lending activities are recognized as a
diberikan diakui sebagai bagian/ part/(deduction) of lending cost and will be
(pengurang) dari biaya perolehan pinjaman recognized as interest income by amortizing
yang diberikan dan akan diakui sebagai the carrying value of loan with effective
pendapatan bunga dengan cara interest rate method.
diamortisasi berdasarkan metode suku
bunga efektif.
(ii) Syariah (ii) Sharia
Pendapatan bagi hasil pembiayaan Mudharabah income is recognized when
Mudharabah diakui pada saat diterima atau cash is received or in a period where the
dalam periode terjadinya hak bagi hasil right of sharing profit (nisbah) is due based
sesuai porsi bagi hasil (nisbah) yang on agreed portion.
disepakati.
45
Page 565
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL (lanjutan) POLICIES INFORMATION (continued)
q. Pendapatan bunga dan beban bunga q. Interest income and interest expense
(lanjutan) (continued)
(ii) Syariah (lanjutan) (ii) Sharia (continued)
Kerugian yang terjadi dalam suatu periode Losses incurred in period before the
sebelum akad Mudharabah berakhir diakui Mudharabah agreement ended are
sebagai kerugian dan dibentuk penyisihan recognized as losses and allowance for
kerugian investasi. Pada saat akad investment losses. As Mudharabah
Mudharabah berakhir, selisih antara agreement ended, the difference between
pembiayaan Mudharabah setelah dikurangi Mudharabah financing less allowance for
penyisihan kerugian investasi dan investment losses and return of Mudharabah
pengembalian pembiayaan Mudharabah financing is recognized as gain or losses.
diakui sebagai keuntungan atau kerugian.
Pendapatan bagi hasil pembiayaan Mudharabah income is recognized when
Mudharabah diakui pada saat diterima atau cash is received or in a period where the
dalam periode terjadinya hak bagi hasil right of sharing profit (nisbah) is due based
sesuai porsi bagi hasil (nisbah) yang on agreed portion.
disepakati.
Kerugian yang terjadi dalam suatu periode Losses incurred in period before the
sebelum akad Mudharabah berakhir diakui Mudharabah agreement ended are
sebagai kerugian dan dibentuk penyisihan recognized as losses and allowance for
kerugian investasi. Pada saat akad investment losses. As Mudharabah
Mudharabah berakhir, selisih antara agreement ended, the difference between
pembiayaan Mudharabah setelah dikurangi Mudharabah financing less allowance for
penyisihan kerugian investasi dan investment losses and return of Mudharabah
pengembalian pembiayaan Mudharabah financing is recognized as gain or losses.
diakui sebagai keuntungan atau kerugian.
r. Pendapatan dan beban operasional lainnya r. Other operating income and expenses
Pendapatan lain-lain terdiri dari pendapatan atas Other operating income includes fee income from 565
jasa koordinator global sekuritisasi, pendukung global coordinator securitization, credit
kredit, jasa pendidikan pelatihan dan pendapatan enhancer, training education services fee and
penata sekuritisasi. securitization arranger fee.
Kewajiban pelaksanaan dipenuhi dari waktu ke Performance obligations satisfied over time
PT Sarana Multigriya Finansial (Persero)
waktu termasuk komisi pendukung kredit, include fee from credit enhancement, where the
dimana pelanggan secara bersamaan menerima customer simultaneously receives and
dan menggunakan manfaat yang diberikan oleh consumes the benefits provided by the
Perseroan ketika melaksanakan kewajibannya. Company’s performance as the Company
performs.
Pendapatan jasa yang diberikan ketika Services income provided where the Company’’s
pelaksanaan kewajiban yang dilakukan performance obligations are satisfied at a point in
Perseroan telah dipenuhi pada suatu waktu time are recognized once control of the services
diakui ketika kendali atas jasa tersebut dialihkan is transferred to the customer. This is typically on
kepada pelanggan. Hal ini biasanya merupakan completion of the underlying transaction or
penyelesaian atas transaksi yang mendasari service or, for fees or components of fees that are
atau jasa atau komisi atau komponen dari komisi linked to a certain performance, after fulfilling the
yang berkaitan atas suatu pelaksanaan setelah corresponding performance criteria. These
menyelesaikan kriteria pelaksanaan yang terkait. include fees for education and training services
Hal tersebut termasuk jasa pendidikan dan and securitization arranger. The Company has a
pelatihan dan penataan sekuritisasi. Perseroan single performance obligation with respect to
memiliki satu kewajiban pelaksanaan atas jasa- these services, which is to successfully complete
jasa tersebut untuk berhasil diselesaikan sesuai the transaction specified in the contract.
dengan yang diatur didalam kontrak.
46
Page 566
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL (lanjutan) POLICIES INFORMATION (continued)
r. Pendapatan dan beban operasional lainnya r. Other operating income and expenses
(lanjutan) (continued)
Beban umum dan administrasi merupakan beban General and administrative expenses represent
yang timbul sehubungan dengan aktivitas kantor expenses which relate to the Company’s office
dan operasional Perseroan. Gaji dan tunjangan activities and operational activities. Salaries and
meliputi beban berupa gaji karyawan, bonus, benefits include expenses related to salaries for
lembur, tunjangan dan pelatihan. employees, bonuses, overtime, allowances and
training.
Seluruh penghasilan dan beban yang terjadi All of these income and expenses are recorded
dibebankan pada laporan laba rugi pada saat in the statement of profit or loss when incurred.
terjadinya.
Pendapatan di masa yang akan datang yang Income received for credit enhancement is
diterima atas jaminan dan pendukung kredit recognized each year when incurred.
diakui setiap tahun pada saat terjadinya.
s. Laba per saham s. Earnings per share
Laba bersih per saham dasar dihitung dengan Basic earnings per share are computed by
566
membagi laba bersih dengan rata-rata dividing net profit with the weighted average
tertimbang jumlah saham biasa yang beredar number of ordinary shares outstanding during the
pada tahun yang bersangkutan. year.
Laba per saham dilusian dihitung dengan Diluted earning per share is calculated by
Laporan Tahunan 2025 Annual Report
menyesuaikan jumlah rata-rata tertimbang adjusting weighted average number of ordinary
saham biasa yang beredar dengan dampak dari shares outstanding to assume convertion of all
semua efek berpotensi saham biasa yang dilutif dilutive potential ordinary shares owned by the
yang dimiliki Perseroan, yaitu asumsi penerbitan Company, which is assumed as shares issuance
saham dari uang muka setoran modal. from advance for future shares subscription.
t. Informasi segmen operasi t. Operating segment information
Segmen operasi adalah suatu komponen dari An operating segment is a component of an
entitas: entity:
i. yang terlibat dalam aktivitas bisnis yang i. that engages in business activities from
memperoleh pendapatan dan menimbulkan which it may earn revenues and incur
beban (termasuk pendapatan dan beban expenses (including revenues and expenses
yang terkait dengan transaksi dengan relating to transactions with other
komponen lain dari entitas yang sama); components of the same entity);
ii. hasil operasinya dikaji ulang secara berkala ii. whose operating results are reviewed
oleh kepala operasional Perseroan untuk regularly by the Company’s chief operating
pembuatan keputusan tentang sumber daya decision maker to make decisions about
yang dialokasikan pada segmen tersebut resources to be allocated to the segment
dan menilai kinerjanya; dan and assess its performance; and
iii. tersedia informasi keuangan yang dapat iii. for which discrete financial information is
dipisahkan. available.
Perseroan menyajikan segmen operasi The Company presents operating segment
berdasarkan laporan internal Perseroan yang based on the Company’s internal reporting to the
disajikan kepada pengambil keputusan chief operating decision maker in accordance
operasional sesuai PSAK No. 108. Pengambil with SFAS No. 108. The Company’s chief
keputusan operasional Perseroan adalah operating decision-maker is the Board of
Direksi. Directors.
47
Page 567
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL (lanjutan) POLICIES INFORMATION (continued)
t. Informasi segmen operasi (lanjutan) t. Operating segment information (continued)
Segmen operasi adalah suatu komponen dari An operating segment is a component of an
entitas: (lanjutan) entity: (continued)
Segmen operasi Perseroan disajikan The Company discloses the operating segment
berdasarkan produk usaha yang terdiri dari based on business products that consist of loans,
pinjaman yang diberikan, sekuritisasi, securitization, placement and unallocated. All of
penempatan dana dan tidak dapat dialokasikan. the Company’s operational activities are held in
Seluruh kegiatan operasional Perseroan DKI Jakarta region.
dilakukan di wilayah DKI Jakarta.
u. Transaksi dengan pihak-pihak berelasi u. Transactions with related parties
Perseroan melakukan transaksi dengan pihak The Company has transactions with related
berelasi. Sesuai dengan PSAK No. 224 tentang parties. In accordance with SFAS No. 224
“Pengungkapan Pihak-pihak Berelasi”, yang regarding “Related Party Disclosure”, the
dimaksud dengan pihak yang berelasi adalah meaning of a related party is a person or entity
orang atau entitas yang berelasi dengan entitas that is related to a reporting entity as follows:
pelapor sebagai berikut:
a. Orang atau anggota keluarga terdekatnya a. A person or a close member of that person’s
berelasi dengan entitas pelapor jika orang family is related to a reporting entity if that
tersebut: person:
i. memiliki pengendalian atau i. has control or joint control over the
pengendalian bersama terhadap entitas reporting entity;
pelapor;
ii. memiliki pengaruh signifikan terhadap ii. has significant influence over the
entitas pelapor; atau reporting entity; or
iii. personal manajemen kunci entitas iii. is member of the key management
pelapor atau entitas induk pelapor. personnel of the reporting entity or a
parent of the reporting entity.
567
b. Suatu entitas berelasi dengan entitas b. An entity is related to the reporting entity if
pelapor jika memenuhi hal-hal sebagai any of the following conditions apply:
berikut:
i. entitas dan entitas pelapor adalah i. the entity and the reporting entity are
anggota dari kelompok usaha yang members of the same group (which
PT Sarana Multigriya Finansial (Persero)
sama (artinya entitas induk, entitas means that each parent, subsidiary and
anak dan entitas anak berikutnya terkait fellow subsidiary is related to the
dengan entitas lain); others);
ii. suatu entitas adalah entitas asosiasi ii. one entity is an associate or joint
atau ventura bersama bagi entitas lain venture of the other entity (or an
(atau entitas asosiasi atau ventura associate or joint venture of a member
bersama yang merupakan anggota of a group of which the other entity is a
suatu kelompok usaha, dimana entitas member);
lain tersebut adalah anggotanya);
iii. kedua entitas tersebut adalah ventura iii. both entities are joint ventures of the
bersama dari pihak ketiga yang sama; same third party;
iv. entitas tersebut adalah suatu program iv. the entity is a post-employment benefit
imbalan pasca kerja untuk imbalan kerja plan for the benefit of employees of
dari suatu entitas pelapor atau entitas either the reporting entity or an entity
yang terkait dengan entitas pelapor; related to the reporting entity;
48
Page 568
Laporan Keuangan Audit
Audited Financial Statements The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN 2. SUMMARY OF MATERIAL ACCOUNTING
AKUNTANSI MATERIAL (lanjutan) POLICIES INFORMATION (continued)
u. Transaksi dengan pihak-pihak berelasi u. Transactions with related parties (continued)
(lanjutan)
Perseroan melakukan transaksi dengan pihak The Company has transactions with related
berelasi. Sesuai dengan PSAK No. 224 tentang parties. In accordance with SFAS No. 224
“Pengungkapan Pihak-pihak Berelasi”, yang regarding “Related Party Disclosure”, the
dimaksud dengan pihak yang berelasi adalah meaning of a related party is a person or
orang atau entitas yang berelasi dengan entitas entity that is related to a reporting entity as
pelapor sebagai berikut: (lanjutan) follows: (continued)
b. Suatu entitas berelasi dengan entitas b. An entity is related to the reporting entity if
pelapor jika memenuhi hal-hal sebagai any of the following conditions apply:
berikut: (lanjutan) (continued)
v. entitas yang dikendalikan atau v. the entity controlled or is jointly
dikendalikan bersama oleh orang yang controlled by a person identified in (a);
diidentifikasi dalam butir (a);
vi. orang yang diidentifikasi, dalam butir (a) vi. a person identified in (a) (i) has
(i) memiliki pengaruh signifikan significant influence over the entity or is
terhadap entitas atau anggota a member of the key management
manajemen kunci entitas (atau entitas personnel of the entity (or of a parent of
induk dari entitas); dan the entity); and
vii. entitas yang dikendalikan, dikendalikan vii. the entity is controlled, jointly controlled
568
bersama atau dipengaruhi secara or significantly influenced by the
signifikan oleh Pemerintah yaitu Menteri government, i.e Minister of Finance,
Keuangan yang merupakan pemegang who is the shareholder of the entity.
saham entitas.
Laporan Tahunan 2025 Annual Report
Jenis transaksi dan saldo dengan pihak berelasi, The nature of transactions and balances of
diungkapkan dalam catatan atas laporan accounts with related parties are disclosed in the
keuangan. note to the financial statements.
v. Dividen v. Dividends
Pembagian dividen kepada pemegang saham Dividend distribution to the shareholder is
diakui sebagai liabilitas dalam laporan keuangan recognized as a liability in the financial
pada periode ketika dividen tersebut disetujui statements in the period in which the dividends
oleh pemegang saham. are approved by the shareholder.
3. PERTIMBANGAN, ESTIMASI DAN ASUMSI YANG 3. SIGNIFICANT ACCOUNTING JUDGMENTS,
SIGNIFIKAN ESTIMATES AND ASSUMPTIONS
Beberapa estimasi, pertimbangan dan asumsi dibuat Certain estimates, judgements and assumptions
dalam rangka penyusunan laporan keuangan made in the preparation of the financial statement
dimana dibutuhkan pertimbangan manajemen dalam often require management judgement in determining
menentukan metodologi yang tepat untuk penilaian the appropriate methodology for valuation of assets
aset dan liabilitas. and liabilities.
Manajemen membuat estimasi, pertimbangan dan Management makes estimates, judgements and
asumsi yang berimplikasi pada pelaporan nilai aset assumptions that affect the reported amounts of
dan liabilitas atas tahun keuangan satu tahun assets and liabilities within the next financial year. All
kedepan. Semua estimasi dan asumsi yang estimates and assumptions required in conformity
diharuskan oleh PSAK adalah estimasi terbaik yang with SFAS are best estimates undertaken in
didasarkan standar yang berlaku. Estimasi dan accordance with the applicable standard. Estimates
pertimbangan dievaluasi secara terus menerus dan and judgements are evaluated on a continuous basis
berdasarkan pengalaman masa lalu dan faktor-faktor and are based on past experience and other factors,
lain termasuk harapan atas kejadian yang akan including expectations with regard to future events.
datang.
49
Page 569
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
3. PERTIMBANGAN, Estimasi DAN ASUMSI YANG 3. SIGNIFICANT ACCOUNTING JUDGMENTS,
SIGNIFIKAN (lanjutan) ESTIMATES AND ASSUMPTIONS (continued)
Walaupun estimasi dan asumsi ini dibuat Although these estimates and assumptions are
berdasarkan pengetahuan terbaik manajemen atas based on management’s best knowledge of current
kejadian dan tindakan saat ini, hasil yang timbul events and activities, actual result may differ from
mungkin berbeda dengan estimasi dan asumsi those estimates and assumption.
semula.
Pengungkapan ini melengkapi pengungkapan pada These disclosures complement the note of financial
manajemen risiko keuangan (Catatan 32). risk management (Note 32).
Pertimbangan Utama dalam Penerapan Kebijakan Critical Judgments in Applying Accounting Policies
Akuntansi
Di bawah ini adalah pertimbangan utama, selain dari Below are the critical judgments, apart from those
estimasi, dimana direksi telah membuat suatu proses involving estimations, that the directors have made in
penerapan kebijakan akuntansi Perseroan dan the process of applying the Company’s accounting
memiliki pengaruh paling signifikan terhadap jumlah policies and that have the most significant effect on
yang diakui dalam laporan keuangan. the amounts recognized in the financial statements.
Usaha yang berkelanjutan Going concern
Manajemen Perseroan telah melakukan penilaian The Company’s management has made an
atas kemampuan Perseroan untuk melanjutkan assessment of the Company’s ability to continue as
kelangsungan usahanya dan berkeyakinan bahwa a going concern and believes that the Company has
Perseroan memiliki sumber daya untuk melanjutkan the resources to continue its business for the
usahanya di masa mendatang. Selain itu, foreseeable future. Furthermore, the management
manajemen tidak mengetahui adanya ketidakpastian was not aware of any material uncertainties that may
material yang dapat menimbulkan keraguan yang cast significant doubt to the Company’s ability to
signifikan terhadap kemampuan Perseroan untuk continue as a going concern. Therefore, the financial
melanjutkan usahanya. Oleh karena itu, laporan statements have been prepared on a going concern
keuangan telah disusun atas dasar usaha yang basis.
berkelanjutan.
Klasifikasi aset dan liabilitas keuangan Classification of the financial assets and liabilities
Perseroan menetapkan klasifikasi atas aset dan The Company determines the classification of certain
liabilitas tertentu sebagai aset keuangan dan liabilitas assets and liabilities as financial assets and financial 569
keuangan dengan mempertimbangkan bila definisi liabilities by judging if they meet the definition set
yang ditetapkan PSAK No. 109 dipenuhi. Dengan forth in SFAS No. 109. Accordingly, the financial
demikian, aset keuangan dan liabilitas keuangan assets and financial liabilities are accounted for in
diakui sesuai dengan kebijakan akuntansi seperti accordance with the accounting policies as disclosed
PT Sarana Multigriya Finansial (Persero)
yang diungkapkan pada Catatan 2. in Note 2.
Sumber utama ketidakpastian estimasi Key sources of estimation uncertainty
i. Menentukan nilai wajar instrumen keuangan i. Determining fair values of financial instruments
Dalam menentukan nilai wajar EBA dan jaminan In determining the fair value for RMBS and credit
dan pendukung kredit, Perseroan menggunakan enhancement and credit enhancement, the
nilai pasar yang diperoleh dari Penilai Harga Efek Company uses quoted market prices obtained
Indonesia, teknik penilaian seperti yang from Indonesian Bond Pricing Agency, and the
dijelaskan dalam Catatan 2c. Penentuan nilai valuation techniques as described in Note 2c.
pasar ini membutuhkan beberapa pertimbangan Determination of this market price requires
tergantung pada likuiditas, konsentrasi, faktor varying degrees of judgement depending on
ketidakpastian pasar, asumsi harga, dan risiko liquidity, concentration, uncertainty of market
lainnya. Perubahan atas asumsi-asumsi tersebut factors, pricing assumptions and other risks
akan mempengaruhi nilai pasar atas instrumen affecting the specific instrument. Any changes in
tersebut. these assumptions will impact to the fair value of
these instruments.
50
Page 570
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
3. PERTIMBANGAN, Estimasi DAN ASUMSI YANG 3. SIGNIFICANT ACCOUNTING JUDGMENTS,
SIGNIFIKAN (lanjutan) ESTIMATES AND ASSUMPTIONS (continued)
Sumber utama ketidakpastian estimasi (lanjutan) Key sources of estimation uncertainty
(continued)
i. Menentukan nilai wajar instrumen keuangan i. Determining fair values of financial instruments
(lanjutan) (continued)
Dalam menentukan nilai wajar atas investasi In determining the fair value for equity
saham yang dicatat sebagai FVTOCI dimana investments designated as FVTOCI when there
tidak terdapat harga pasar yang bisa diobservasi, is no observable market price, the Company uses
Perseroan menggunakan metode penilaian valuation method to calculate its fair value. The
dalam perhitungan nilai wajar tersebut. Nilai fair value requires varying degrees of judgement
wajar yang dihasilkan membutuhkan tingkat depending on accuracy of financial statements,
pertimbangan yang bervariasi tergantung pada uncertainty of market factors, pricing
akurasi dari laporan keuangan, ketidakpastian assumptions and other risks affecting the specific
faktor pasar, asumsi harga dan risiko-risiko investment.
lainnya yang dapat mempengaruhi nilai investasi
tersebut.
ii. Rugi penurunan nilai aset keuangan ii. Impairment loss on financial assets
Pengukuran kerugian penurunan nilai The measurement of impairment losses under
berdasarkan PSAK No. 109 atas aset keuangan SFAS No. 109 on financial assets in scope
yang relevan memerlukan pertimbangan, requires judgement, in particular, the estimation
khususnya, estimasi atas jumlah dan waktu dari of the amount and timing of future cash flows and
570 arus kas di masa depan dan penilaian atas the assessment of a significant increase in credit
peningkatan signifikan pada risiko kredit. risk. These estimates are driven by a number of
Estimasi ini ditentukan oleh sejumlah faktor, factors, changes in which can result in different
dimana perubahan faktor-faktor tersebut dapat level of allowances. Some accounting judgement
mengakibatkan tingkat pencadangan yang and estimates related to expected credit loss
Laporan Tahunan 2025 Annual Report
berbeda. Beberapa pertimbangan dan estimasi calculated are credit grading model, criteria for
akuntansi terkait dengan perhitungan kerugian assessing if there has been a significant increase
kredit ekspektasian adalah model credit grading, in credit risk, and development of expected credit
kriteria untuk menentukan apakah terdapat losses models, including the choice of inputs.
kenaikan signifikan pada risiko kredit,
pengembangan dan model kerugian kredit
ekspektasian, termasuk pilihan atas input yang
digunakan.
iii. Imbalan kerja karyawan iii. Employee benefits
Nilai kini atas imbalan kerja karyawan tergantung The present value of the employee benefit
dari banyaknya faktor yang dipertimbangkan oleh obligations depends on a number of factors that
aktuari berdasarkan beberapa asumsi. are determined on an actuarial basis using a
Perubahan atas asumsi-asumsi tersebut akan number of assumptions. Any changes in these
mempengaruhi nilai tercatat atas imbalan kerja assumptions will impact the carrying amount of
karyawan. employee benefit obligations.
Asumsi yang digunakan dalam menentukan The assumptions used in determining the net
biaya/(pendapatan) untuk imbalan kerja expense/(income) for employee’s benefit include
karyawan antara lain tingkat diskonto, tingkat the discount rate, salary increment rate, normal
kenaikan gaji di masa datang, usia pensiun pension age, mortality rate and others. The
normal, tingkat mortalita, dan lain-lain. Perseroan Company determines the appropriate discount
menentukan tingkat diskonto yang tepat pada rate at the end of each reporting period. This is
setiap akhir periode pelaporan. Ini merupakan the interest rate that should be used to determine
tingkat suku bunga yang harus digunakan untuk the present value of estimated future cash
menentukan nilai kini atas arus kas keluar masa outflows expected to be required to settle the
depan yang diestimasi dan akan digunakan employee’s benefit obligations. In determining
untuk membayar imbalan kerja karyawan. Dalam the appropriate discount rate, the Company
menentukan tingkat diskonto yang tepat, considers the interest rates of government
Perseroan mempertimbangkan tingkat suku debenture debts that have terms to maturity
bunga obligasi pemerintah yang mempunyai approximating the terms of the related
jangka waktu yang menyerupai jangka waktu employee’s benefit liability.
imbalan kerja karyawan.
51
Page 571
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
3. PERTIMBANGAN, ESTIMASI DAN ASUMSI YANG 3. SIGNIFICANT ACCOUNTING JUDGMENTS,
SIGNIFIKAN (lanjutan) ESTIMATES AND ASSUMPTIONS (continued)
Sumber utama ketidakpastian estimasi (lanjutan) Key sources of estimation uncertainty
(continued)
iii. Imbalan kerja karyawan (lanjutan) iii. Employee benefits (continued)
Tingkat kenaikan gaji per tahun didasarkan pada Annual salary increment rate is determined
informasi historis atas tingkat kenaikan gaji based on historical information of previous salary
sebelumnya, tingkat inflasi dan masa kerja. increment rate, inflation rate and length of
service.
Asumsi tingkat mortalita didasarkan pada tabel Mortality rate assumption is based on the latest
mortalita terbaru yang dihitung dengan mortality table which is calculated using the
menggunakan metode aktuaria yang diterima generally accepted actuarial method.
secara umum.
Perubahan pada asumsi-asumsi tersebut di atas Changes in the assumptions above on the
pada tahun-tahun berikutnya mungkin dapat following years may require adjustments to the
menyebabkan penyesuaian terhadap jumlah carrying amount of the employment benefit
tercatat kewajiban imbalan kerja dan beban liabilities and the employment benefit expenses.
imbalan kerja.
iv. Pajak penghasilan dan pajak tangguhan iv. Income tax and deferred taxes
Perseroan dapat membentuk provisi perpajakan The Company may provide for tax provision
berdasarkan estimasi atas kemungkinan adanya based on estimates of the possibility of additional
tambahan beban pajak. Jika hasil akhir dari taxes expense. Where the final tax outcome of
perpajakan ini berbeda dengan jumlah yang these matters is different from the amounts that
dicatat semula, maka perbedaan tersebut akan were initially recorded, such differences will be
disesuaikan pada laporan laba rugi pada saat adjusted in the statement of profit or loss when
surat ketetapan pajak diterima atau jika an assessment is received or if appealed against,
mengajukan keberatan, pada saat keputusan when the appeal has been decided.
atas keberatan tersebut telah ditetapkan.
Aset dan liabilitas pajak tangguhan diakui atas Deferred tax assets and liabilities are recognized 571
konsekuensi pajak periode mendatang yang for the future tax consequences attributable to
timbul dari perbedaan jumlah tercatat aset dan differences between the financial statements
liabilitas menurut laporan keuangan dengan carrying amounts of assets and liabilities and
dasar pengenaan pajak. Liabilitas pajak their respective tax bases. Deferred tax liabilities
PT Sarana Multigriya Finansial (Persero)
tangguhan diakui untuk semua perbedaan are recognized for all taxable temporary
temporer kena pajak dan aset pajak tangguhan differences and deferred tax assets are
diakui untuk perbedaan temporer yang boleh recognized for deductible temporary differences
dikurangkan, sepanjang besar kemungkinan to the extent that it is probable that taxable
dapat dimanfaatkan untuk mengurangi laba kena income will be available in future periods against
pajak pada masa datang. which the deductible temporary differences can
be utilized.
Pajak tangguhan diukur dengan menggunakan Deferred tax is calculated at the tax rates that
tarif pajak yang berlaku atau secara substansial have been enacted or substantively enacted at
telah berlaku pada tanggal pelaporan. Pajak the reporting date. Deferred tax is charged or
tangguhan dibebankan atau dikreditkan dalam credited immediately in profit or loss, except
laba rugi, kecuali pajak tangguhan yang when it relates to items charged or credited
dibebankan atau dikreditkan langsung ke directly to equity, in which case the deferred tax
ekuitas. is also charged or credited directly to equity.
52
Page 572
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
4. KAS DAN SETARA KAS 4. CASH AND CASH EQUIVALENTS
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Kas Cash on Hand
Rupiah 28 119 Rupiah
Kas di Bank Cash in Banks
Pihak ketiga Third parties
Rupiah Rupiah
PT Bank SMBC Indonesia Tbk 3.668 1.167 PT Bank SMBC Indonesia Tbk
PT Bank Danamon Indonesia Tbk 2.635 634 PT Bank Danamon Indonesia Tbk
PT Bank Pan Indonesia Tbk 2.450 - PT Bank Pan Indonesia Tbk
PT Bank Muamalat Indonesia Tbk 2.392 1.981 PT Bank Muamalat Indonesia Tbk
PT Bank ICBC Indonesia 1.999 719 PT Bank ICBC Indonesia
PT BTPN Syariah Tbk 1.723 1.951 PT BTPN Syariah Tbk
PT Bank Central Asia Tbk 1.423 1.266 PT Bank Central Asia Tbk
PT Bank Maybank Indonesia Tbk 1.097 534 PT Bank Maybank Indonesia Tbk
PT Bank China Construction PT Bank China Construction
Bank Indonesia Tbk 881 216 Bank Indonesia Tbk
PT Bank Jakarta - PT Bank Jakarta -
Unit Usaha Syariah Sharia Business Unit
(d/h PT Bank DKI - (previously PT Bank DKI -
Unit Usaha Syariah) 468 213 Sharia Business Unit)
PT Bank CTBC Indonesia 329 1.868 PT Bank CTBC Indonesia
572 PT Bank Permata Tbk - PT Bank Permata Tbk
Unit Usaha Syariah 277 1.500 - Sharia Business Unit
PT Bank UOB Indonesia 266 4.759 PT Bank UOB Indonesia
PT Bank HSBC Indonesia 150 - PT Bank HSBC Indonesia
PT Bank CIMB Niaga Tbk 100 - PT Bank CIMB Niaga Tbk
Lainnya (masing-masing Others (each below
Laporan Tahunan 2025 Annual Report
dibawah Rp100) 142 413 Rp100)
20.000 17.221
Pihak berelasi Related parties
Rupiah Rupiah
PT Bank Mandiri (Persero) Tbk 6.797.050 7.198 PT Bank Mandiri (Persero) Tbk
PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk 7.786 5.220 (Persero) Tbk
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk 3.096 2.320 (Persero) Tbk
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk 1.753 112 (Persero) Tbk
PT Bank Syariah Indonesia Tbk 1.563 2.067 PT Bank Syariah Indonesia Tbk
PT Bank Syariah Nasional (d/h PT Bank Syariah Nasional (previously
PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk - Unit Usaha Syariah) 352 351 - Sharia Business Unit)
6.811.600 17.268
6.831.600 34.489
Deposito Berjangka < 3 bulan Time Deposits < 3 months
Pihak ketiga Third parties
Rupiah Rupiah
PT Bank Jakarta - PT Bank Jakarta -
Unit Usaha Syariah Sharia Business Unit
(d/h PT Bank DKI - (previously PT Bank DKI -
Unit Usaha Syariah) 1.405.000 50.000 Sharia Business Unit)
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Kalimantan Barat 1.200.000 800.000 Kalimantan Barat
PT Bank Sulawesi Utara Gorontalo 350.000 500.000 PT Bank Sulawesi Utara Gorontalo
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Sumatera Barat 300.000 300.000 Sumatera Barat
53
Page 573
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
4. KAS DAN SETARA KAS (lanjutan) 4. CASH AND CASH EQUIVALENTS (continued)
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Kas di Bank (lanjutan) Cash in Banks (continued)
Deposito Berjangka < 3 bulan (lanjutan) Time Deposits < 3 months (continued)
Pihak ketiga (lanjutan) Third parties (continued)
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Sulawesi Selatan dan Sulawesi Sulawesi Selatan dan Sulawesi
Barat - Unit Usaha Syariah 250.000 - Barat - Sharia Business Unit
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Jawa Tengah - Jawa Tengah -
Unit Usaha Syariah 100.000 232.600 Sharia Business Unit
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Sumatera Utara - Sumatera Utara -
Unit Usaha Syariah 100.000 326.500 Sharia Business Unit
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Jambi 100.000 50.000 Jambi
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Jawa Barat dan Banten – Jawa Barat dan Banten -
Unit Usaha Syariah 100.000 - Sharia Business Unit
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Sumatera Selatan dan Sumatera Selatan
Bangka Belitung 100.000 - dan Bangka Belitung
PT Bank Mega Tbk PT Bank Mega Tbk
- Unit Usaha Syariah 76.000 - - Sharia Business Unit
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Sulawesi Tengah - 650.000 Sulawesi Tengah
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Jawa Timur - Jawa Timur -
Unit Usaha Syariah - 500.000 Sharia Business Unit
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Nusa Tenggara Barat - Nusa Tenggara Barat -
Unit Usaha Syariah - 375.000 Sharia Business Unit
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Sulawesi Selatan dan Sulawesi Selatan dan
Sulawesi Barat - 335.000 Sulawesi Barat
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Maluku dan Maluku Utara - 240.000 Maluku dan Maluku Utara
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah 573
Sumatera Barat - Sumatera Barat -
Unit Usaha Syariah - 200.000 Sharia Business Unit
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Kalimantan Barat Kalimantan Barat
Unit Usaha Syariah - 200.000 Sharia Business Unit
PT Sarana Multigriya Finansial (Persero)
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Sumatera Utara - 55.000 Sumatera Utara
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Daerah Istimewa Yogyakarta - 50.000 Daerah Istimewa Yogyakarta
Lainnya (masing-masing dibawah Others (each below
Rp50.000) - 65.000 Rp50,000)
4.081.000 4.929.100
10.912.600 4.963.589
Pihak berelasi Related parties
Rupiah Rupiah
PT Bank Syariah Nasional PT Bank Syariah Nasional (previously
(d/h PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk - Unit (Persero) Tbk - Sharia
Usaha Syariah) 1.650.000 - Business Unit)
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk - 50.000 (Persero) Tbk
1.650.000 50.000
12.562.600 5.013.589
54
Page 574
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
4. KAS DAN SETARA KAS (lanjutan) 4. CASH AND CASH EQUIVALENTS (continued)
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Deposito Berjangka < 3 bulan Time Deposits < 3 months
(lanjutan) (continued)
Dikurangi: Less:
Cadangan kerugian penurunan nilai (164) (319) Allowance for impairment losses
12.562.436 5.013.270
Suku bunga untuk deposito berjangka berkisar Interest rates for time deposits ranged from 2.10% -
antara 2,10% - 7,50% pada tanggal 31 Desember 7.50% as of December 31, 2025 (2024: 6.75% -
2025 (2024: 6,75% - 7,25%). 7.25%).
Bagi hasil untuk deposito berjangka syariah berkisar Profit sharing for time deposits sharia
antara 6,75% - 7,00% pada tanggal 31 Desember ranged from 6.75% - 7.00% as of December 31, 2025
2025 (2024: 6,75% - 7,00%). (2024: 6.75% - 7.00%).
Pada tanggal-tanggal 31 Desember 2025 dan 2024, As of December 31, 2025 and 2024, there are no
tidak terdapat saldo kas dan setara kas yang dibatasi cash and cash equivalents that are restricted for use
penggunaannya atau dijaminkan. or pledged as collateral.
Manajemen berpendapat bahwa cadangan kerugian Management believes that the allowance for
penurunan nilai telah memadai. impairment losses is adequate.
574
Lihat Catatan 30 untuk rincian saldo dan transaksi Refer to Note 30 for details of related parties
pihak berelasi. balances and transactions.
Mutasi nilai tercatat kas dan setara kas: Movement of carrying amount of cash and cash
Laporan Tahunan 2025 Annual Report
equivalents:
31 Desember/December 31, 2025
Tingkat 1/ Tingkat 2/ Tingkat 3/ Syariah*/ Jumlah/
Stage 1 Stage 2 Stage 3 Sharia* Total
Saldo awal - nilai tercatat 3.119.189 - - 1.894.400 5.013.589 Carrying amount - beginning balance
Pengukuran kembali bersih Remeasurement of the net
nilai tercatat 109.008 - - 1.336 110.344 carrying value
Aset keuangan yang Financial assets
diterbitkan atau dibeli 9.086.717 - - 3.331.050 12.417.767 issued or purchased
Aset keuangan yang Financial assets that are
dihentikan pengakuannya (3.093.000) - - (1.886.100) (4.979.100) derecognized
Total penambahan Total addition
tahun berjalan 6.102.725 - - 1.446.286 7.549.011 for the current year
Saldo akhir - nilai tercatat 9.221.914 - - 3.340.686 12.562.600 Carrying amount - ending balance
*) Tidak menerapkan PSAK No. 109/Does not implement SFAS No. 109
31 Desember/December 31, 2024
Tingkat 1/ Tingkat 2/ Tingkat 3/ Syariah*/ Jumlah/
Stage 1 Stage 2 Stage 3 Sharia* Total
Saldo awal - nilai tercatat 2.756.120 131.609 2.887.729 Carrying amount - beginning balance
Pengukuran kembali bersih Remeasurement of the net
nilai tercatat 13.286 - - 564 13.850 carrying value
Aset keuangan yang Financial assets
diterbitkan atau dibeli 1.804.383 - - 1.788.589 3.592.972 issued or purchased
Aset keuangan yang Financial assets that are
dihentikan pengakuannya (1.454.600) - - (26.362) (1.480.962) derecognized
Total penambahan Total addition
tahun berjalan 363.069 - - 1.762.791 2.125.860 for the current year
Saldo akhir - nilai tercatat 3.119.189 - - 1.894.400 5.013.589 Carrying amount - ending balance
*) Tidak menerapkan PSAK No. 109/Does not implement SFAS No. 109
55
Page 575
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
4. KAS DAN SETARA KAS (lanjutan) 4. CASH AND CASH EQUIVALENTS (continued)
Mutasi cadangan kerugian penurunan nilai kas dan Movement of allowance of impairment losses for
setara kas: cash and cash equivalents:
31 Desember/December 31, 2025
Tingkat 1/ Tingkat 2/ Tingkat 3/ Syariah*/ Jumlah/
Stage 1 Stage 2 Stage 3 Sharia* Total
Saldo awal 319 - - - 319 Beginning balance
Aset keuangan yang Financial assets
diterbitkan atau dibeli 72 - - - 72 issued or purchased
Aset keuangan yang Financial assets that are
dihentikan pengakuannya (227) - - - (227) derecognized
Total pengurangan Total deduction
tahun berjalan (155) - - - (155) for the current year
Saldo akhir 164 - - - 164 Ending balance
*) Tidak menerapkan PSAK No. 109/Does not implement SFAS No. 109
31 Desember/December 31, 2024
Tingkat 1/ Tingkat 2/ Tingkat 3/ Syariah*/ Jumlah/
Stage 1 Stage 2 Stage 3 Sharia* Total
Saldo awal 136 - - - 136 Beginning balance
Aset keuangan yang Financial assets
diterbitkan atau dibeli 245 - - - 245 issued or purchased
Aset keuangan yang Financial assets that are
dihentikan pengakuannya (62) - - - (62) derecognized
Total penambahan Total addition
tahun berjalan 183 - - - 183 for the current year
Saldo akhir 319 - - - 319 Ending balance
*) Tidak menerapkan PSAK No. 109/Does not implement SFAS No. 109
5. DEPOSITO BERJANGKA 5. TIME DEPOSITS
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pihak ketiga Third parties
Rupiah Rupiah
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Sumatera Utara - Unit Usaha Sumatera Utara -
575
Syariah 511.000 333.000 Sharia Business Unit
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Jawa Tengah - Unit Usaha Syariah 484.000 250.000 Jawa Tengah - Sharia Business Unit
PT Bank Woori Saudara PT Bank Woori Saudara
Indonesia 1906 Tbk 469.500 250.000 Indonesia 1906 Tbk
PT Bank Sulawesi Utara Gorontalo 350.000 154.000 PT Bank Sulawesi Utara Gorontalo
PT Sarana Multigriya Finansial (Persero)
PT Bank Jakarta - PT Bank Jakarta -
Unit Usaha Syariah Sharia Business Unit
(d/h PT Bank DKI - (previously PT Bank DKI -
Unit Usaha Syariah) 250.000 450.000 Sharia Business Unit)
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Sumatera Barat 235.000 - Sumatera Barat
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Jawa Tengah 158.500 - Jawa Tengah
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Sumatera Barat - Unit Usaha Syariah 140.000 - Sumatera Barat - Sharia Business Unit
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Bengkulu 118.000 - Bengkulu
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Nusa Tenggara Barat Nusa Tenggara Barat
Unit Usaha Syariah 100.000 - Sharia Business Unit
PT Bank Danamon Indonesia Tbk - PT Bank Danamon Indonesia Tbk -
Unit Usaha Syariah 50.000 - Sharia Business Unit
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Jawa Barat dan Banten Tbk - 1.500.000 Jawa Barat dan Banten Tbk
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Papua - 1.000.000 Papua
56
Page 576
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
5. DEPOSITO BERJANGKA (lanjutan) 5. TIME DEPOSITS (continued)
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pihak ketiga Third parties
Rupiah Rupiah
PT Bank Pembangunan Daerah Jambi - 500.000 PT Bank Pembangunan Daerah Jambi
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Sulawesi Selatan dan Sulawesi Selatan dan
Sulawesi Barat - 500.000 Sulawesi Barat
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Kalimantan Tengah - 400.000 Kalimantan Tengah
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Jawa Barat dan Banten Syariah - 300.000 Jawa Barat dan Banten Syariah
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Sumatera Utara - 250.000 Sumatera Utara
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Maluku dan Maluku Utara - 60.000 Maluku dan Maluku Utara
Lainnya (masing-masing dibawah Others (each below
Rp50.000) 4.000 6.000 Rp50,000)
2.870.000 5.953.000
Pihak berelasi Related parties
Rupiah Rupiah
576 PT Bank Mandiri Taspen - 1.500.000 PT Bank Mandiri Taspen
2.870.000 7.453.000
Dikurangi: Less:
Cadangan kerugian penurunan nilai (304) (1.724) Allowance for impairment losses
Laporan Tahunan 2025 Annual Report
2.869.696 7.451.276
Suku bunga untuk deposito berjangka berkisar Interest rates for time deposits ranged from
antara 5,00% - 7,82% pada tanggal 31 Desember 5.00% - 7.82% as of December 31, 2025 (2024:
2025 (2024: 6,74% - 7,82%). 6.74% - 7.82%).
Nisbah untuk deposito berjangka syariah berkisar Profit sharing for time deposits sharia ranged from
6,25% - 7,00% pada tanggal 31 Desember 2025. from 6.25% - 7.00% as of December 31, 2025.
Pada tanggal-tanggal 31 Desember 2025 dan 2024, As of December 31, 2025 and 2024, there are no
tidak terdapat deposito berjangka yang dibatasi time deposits that are restricted for use or pledged as
penggunaannya atau dijaminkan. collateral.
Manajemen berpendapat bahwa cadangan kerugian Management believes that the allowance for
penurunan nilai telah memadai. impairment losses is adequate.
Lihat Catatan 30 untuk rincian saldo dan transaksi Refer to Note 30 for details of related parties
pihak berelasi. balances and transactions.
Mutasi nilai tercatat deposito berjangka: Movement of carrying amount of time deposits:
31 Desember/December 31, 2025
Tingkat 1/ Tingkat 2/ Tingkat 3/ Syariah*/ Jumlah/
Stage 1 Stage 2 Stage 3 Sharia* Total
Saldo awal - nilai tercatat 5.844.000 - - 1.609.000 7.453.000 Carrying amount - beginning balance
Aset keuangan yang Financial assets
diterbitkan atau dibeli 12.961.014 - - 702.000 13.663.014 issued or purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (17.744.014) - - (502.000) (18.246.014) that are derecognized
Total pengurangan Total deduction
tahun berjalan (4.783.000) - - 200.000 (4.583.000) for the current year
Saldo akhir - nilai tercatat 1.061.000 - - 1.809.000 2.870.000 Carrying amount - ending balance
*) Tidak menerapkan PSAK No. 109/Does not implement SFAS No. 109
57
Page 577
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
5. DEPOSITO BERJANGKA (lanjutan) 5. TIME DEPOSITS (continued)
Mutasi nilai tercatat deposito berjangka: (lanjutan) Movement of carrying amount of time deposits:
(continued)
31 Desember/December 31, 2024
Tingkat 1/ Tingkat 2/ Tingkat 3/ Syariah*/ Jumlah/
Stage 1 Stage 2 Stage 3 Sharia* Total
Saldo awal - nilai tercatat 3.060.000 - - 1.611.000 4.671.000 Carrying amount - beginning balance
Aset keuangan yang Financial assets
diterbitkan atau dibeli 20.039.750 - - 6.000 20.045.750 issued or purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (17.255.750) - - (8.000) (17.263.750) that are derecognized
Total penambahan Total addition
tahun berjalan 2.784.000 - - (2.000) 2.782.000 for the current year
Saldo akhir - nilai tercatat 5.844.000 - - 1.609.000 7.453.000 Carrying amount - ending balance
*) Tidak menerapkan PSAK No. 109/Does not implement SFAS No. 109
Mutasi cadangan kerugian penurunan nilai deposito Movement of allowance of impairment losses for
berjangka: time deposits:
31 Desember/December 31, 2025
Tingkat 1/ Tingkat 2/ Tingkat 3/ Syariah*/ Jumlah/
Stage 1 Stage 2 Stage 3 Sharia* Total
Saldo awal 1.724 - - - 1.724 Beginning balance
Aset keuangan yang Financial assets
diterbitkan atau dibeli 275 - - - 275 issued or purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (1.695) - - - (1.695) that are derecognized
Total pengurangan Total deduction
tahun berjalan (1.420) - - - (1.420) for the current year
Saldo akhir 304 - - - 304 Ending balance
*) Tidak menerapkan PSAK No. 109/Does not implement SFAS No. 109
31 Desember/December 31, 2024
Tingkat 1/ Tingkat 2/ Tingkat 3/ Syariah*/ Jumlah/
Stage 1 Stage 2 Stage 3 Sharia* Total
Saldo awal 339 - - - 339 Beginning balance
Aset keuangan yang Financial assets 577
diterbitkan atau dibeli 1.572 - - - 1.572 issued or purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (187) - - - (187) that are derecognized
Total pengurangan Total deduction
tahun berjalan 1.385 - - - 1.385 for the current year
PT Sarana Multigriya Finansial (Persero)
Saldo akhir 1.724 - - - 1.724 Ending balance
*) Tidak menerapkan PSAK No. 109/Does not implement SFAS No. 109
6. EFEK-EFEK 6. MARKETABLE SECURITIES
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pihak ketiga Third parties
Biaya perolehan diamortisasi Amortized cost
Efek Beragun Aset (EBA) - Residential Mortgage Backed
kelas A 436.799 695.733 Securities (RMBS) - class A
Nilai wajar melalui penghasilan Fair value through other
komprehensif lain (FVTOCI) comprehensive income (FVTOCI)
Efek Beragun Aset (EBA) - Residential Mortgage Backed
kelas A 114.409 152.590 Securities (RMBS) - class A
Nilai wajar melalui laba rugi (FVTPL) Fair value through profit or loss (FVTPL)
Efek Beragun Aset (EBA) - Residential Mortgage Backed
kelas M 24.705 24.434 Securities (RMBS) - class M
Efek Beragun Aset (EBA) - Residential Mortgage Backed
kelas B 4.219 14.001 Securities (RMBS) - class B
580.132 886.758
58
Page 578
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
6. EFEK-EFEK (lanjutan) 6. MARKETABLE SECURITIES (continued)
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pihak berelasi Related party
Biaya perolehan diamortisasi Amortized cost
Surat Utang Negara (SUN) Government Debenture Debt (SUN)
SUN FR0087 120.714 120.714 SUN FR0087
SUN FR0078 96.619 96.619 SUN FR0078
SUN FR0088 78.564 78.564 SUN FR0088
SUN FR0091 30.857 30.857 SUN FR0091
SUN FR0037 10.000 10.000 SUN FR0037
336.754 336.754
Nilai wajar melalui penghasilan Fair value through other
komprehensif lain (FVTOCI) comprehensive income (FVTOCI)
Surat Utang Negara (SUN) Government Debenture Debt (SUN)
SUN FR0107 321.634 - SUN FR0107
SUN FR0103 298.164 115.655 SUN FR0103
SUN FR0091 153.769 144.626 SUN FR0091
SUN PBS004 49.997 47.000 SUN PBS004
SUN PBS038 48.459 - SUN PBS038
SUN PBS034 37.092 - SUN PBS034
SUN FR0101 26.164 24.887 SUN FR0101
578
Ditambah: 935.279 332.168 Add:
Premi yang belum diamortisasi 775 1.015 Unamortized premium
Dikurangi: Less:
Cadangan kerugian penurunan nilai (84) (135) Allowance for imparment losses
Laporan Tahunan 2025 Annual Report
1.852.856 1.556.560
Informasi mengenai EBA dan peringkat yang Information relating to RMBS and rating as
dilaporkan oleh PT Pemeringkat Efek Indonesia reported by PT Pemeringkat efek Indonesia as of
pada tanggal-tanggal 31 Desember 2025 dan 2024 December 31, 2025 and 2024 are as follows:
adalah sebagai berikut:
31 Desember/December 31, 2025
Tingkat bunga Jadwal pembayaran
Nilai nominal/ Nilai tercatat/ per tahun/ pokok dan bunga/
EBA/ Peringkat/ Nominal value Carrying amount Interest rate Payment schedule of Jatuh tempo/
RMBS Rating (Rp) (Rp) per annum principal and interest Maturity date
Biaya perolehan diamortisasi/
Amortized cost
EBASMFBTN5 A2 idAAA 223.141 223.141 8,75% 3 bulan/3 months 7 Mei/May 7, 2032
EBASMFBTN6 A2 idAAA 26.608 26.608 6,50% 3 bulan/3 months 7 Juli/July 7, 2032
7 Januari/
EBASMFBTN7 A2 idAAA 61.032 61.032 7,70% 3 bulan/3 months January 7, 2034
7 Agustus/
EBASMFBTN8 A2 idAAA 126.018 126.018 6,65% 3 bulan/3 months August 7, 2035
436.799 436.799
59
Page 579
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
6. EFEK-EFEK (lanjutan) 6. MARKETABLE SECURITIES (continued)
Informasi mengenai EBA dan peringkat yang Information relating to RMBS and rating as
dilaporkan oleh PT Pemeringkat Efek Indonesia reported by PT Pemeringkat efek Indonesia as of
pada tanggal-tanggal 31 Desember 2025 dan 2024 December 31, 2025 and 2024 are as follows:
adalah sebagai berikut: (lanjutan) (continued)
31 Desember/December 31, 2025
Tingkat bunga Jadwal pembayaran
Nilai nominal/ Nilai tercatat/ per tahun/ pokok dan bunga/
EBA/ Peringkat/ Nominal value Carrying amount Interest rate Payment schedule of Jatuh tempo/
RMBS Rating (Rp) (Rp) per annum principal and interest Maturity date
Nilai wajar melalui penghasilan
komprehensif lain/
Fair value through
other comprehensive
EBASMFBTN6 A2 idAAA 2.854 2.872 6,50% 3 bulan/3 months 7 Juli/July 7, 2032
7 Januari/
EBASMFBTN7 A2 idAAA 217 222 7,70% 3 bulan/3 months January 7, 2034
30 Oktober/
EBASMFBRIS1 A idAAA(sy) 1.370 1.398 7,00% 3 bulan/3 months October 30, 2041
7 Agustus/
EBASMFBTN8 A2 idAAA 108.678 109.917 6,65% 3 bulan/3 months August 7, 2035
113.119 114.409
Nilai wajar melalui laba rugi/
Fair value through profit
or loss (FVTPL)
EBASMFBTN5 M idAA- 24.000 24.705 10,40% 3 bulan/3 months 7 Mei/May 7, 2032
27 Oktober/
SMF-BMRI B 6.145 4.219 -*) 3 bulan/3 months October 27, 2029
30.145 28.924
31 Desember/December 31, 2024
Tingkat bunga Jadwal pembayaran
Nilai nominal/ Nilai tercatat/ per tahun/ pokok dan bunga/
EBA/ Peringkat/ Nominal value Carrying amount Interest rate Payment schedule of Jatuh tempo/
RMBS Rating (Rp) (Rp) per annum principal and interest Maturity date
Biaya perolehan diamortisasi/ 579
Amortized cost
EBASMFBTN3 A2 idAAA 6.041 6.041 8,40% 3 bulan/3 months 7 Juli/July 7, 2029
EBASMFBTN4 A2 idAAA 18.712 18.712 7,50% 3 bulan/3 months 7 Mei/May 7, 2029
EBASMFBTN5 A2 idAAA 367.154 367.154 8,75% 3 bulan/3 months 7 Mei/May 7, 2032
PT Sarana Multigriya Finansial (Persero)
EBASMFBTN6 A2 idAAA 49.255 49.255 6,50% 3 bulan/3 months 7 Juli/July 7, 2032
7 Januari/
EBASMFBTN7 A2 idAAA 91.908 91.908 7,70% 3 bulan/3 months January 7, 2034
7 Agustus/
EBASMFBTN8 A2 idAAA 162.663 162.663 6,65% 3 bulan/3 months August 7, 2035
695.733 695.733
*) Efek yang pembayarannya subordinasi terhadap EBA-SP Kelas A dan *) Marketable securities which payment is subordinated to EBA-SP Class A
dibayar setelah EBA-SP Kelas A dibayar penuh pada tiap tanggal and paid after EBA-SP Class A fully paid at each payment date.
pembayaran.
60
Page 580
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
6. EFEK-EFEK (lanjutan) 6. MARKETABLE SECURITIES (continued)
Informasi mengenai EBA dan peringkat yang Information relating to RMBS and rating as
dilaporkan oleh PT Pemeringkat Efek Indonesia reported by PT Pemeringkat efek Indonesia as of
pada tanggal-tanggal 31 Desember 2025 dan 2024 December 31, 2025 and 2024 are as follows:
adalah sebagai berikut: (lanjutan) (continued)
31 Desember/December 31, 2024
Tingkat bunga Jadwal pembayaran
Nilai nominal/ Nilai tercatat/ per tahun/ pokok dan bunga/
EBA/ Peringkat/ Nominal value Carrying amount Interest rate Payment schedule of Jatuh tempo/
RMBS Rating (Rp) (Rp) per annum principal and interest Maturity date
Nilai wajar melalui penghasilan
komprehensif lain/
Fair value through
other comprehensive
income (FVTOCI)
EBASMFBTN6 A2 idAAA 6.860 6.816 6,50% 3 bulan/3 months 7 Juli/July 7, 2032
7 Januari/
EBASMFBTN7 A2 idAAA 2.401 2.415 7,70% 3 bulan/3 months January 7, 2034
30 Oktober/
EBASMFBRIS1 A idAAA(sy) 5.839 5.810 7,00% 3 bulan/3 months October 30, 2041
7 Agustus/
EBASMFBTN8 A2 idAAA 139.682 137.549 6,65% 3 bulan/3 months August 7, 2035
154.782 152.590
Nilai wajar melalui laba rugi/
580 Fair value through profit
or loss (FVTPL)
EBASMFBTN5 M idA 24.000 24.434 10,40% 3 bulan/3 months 7 Mei/May 7, 2032
27 Oktober/
SMF-BMRI B -*) 3 bulan/3 months October 27, 2029
13.853 14.001
Laporan Tahunan 2025 Annual Report
37.853 38.435
*) Efek yang pembayarannya subordinasi terhadap EBA-SP Kelas A dan *) Marketable securities which payment is subordinated to EBA-SP Class A
dibayar setelah EBA-SP Kelas A dibayar penuh pada tiap tanggal and paid after EBA-SP Class A fully paid at each payment date.
pembayaran.
SUN yang diterbitkan oleh Pemerintah Republik SUN issued by the Government of the Republic of
Indonesia terdiri dari seri FR0037, FR0078, FR0087, Indonesia consists of FR0037, FR0078, FR0087,
FR0088, FR0091, FR0101, FR0103, FR0107, FR0088, FR0091, FR0101, FR0103, FR0107,
PBS004, PBS034, dan PBS038 dengan tingkat PBS004, PBS034, and PBS038 series which bear
bunga tetap masing-masing sebesar 12,00%, 8,25%, fixed interest rates of 12.00%, 8.25%, 6.50%, 6.25%,
6,50%, 6,25%, 6,375%, 6,875%, 6,75%, 7,125%, 6.375%, 6.875%, 6.75%, 7.125%, 6.10%, 6.50%,
6,10%, 6,50%, dan 6,875% per tahun dan akan jatuh and 6.875% p.a. respectively, and will be due on
tempo masing masing pada tanggal 15 September September 15, 2026, May 15, 2029, February 15,
2026, 15 Mei 2029, 15 Februari 2031, 15 Juni 2036, 2031, June 15, 2036, April 15, 2032, April 15, 2029,
15 April 2032, 15 April 2029, 15 Juli 2035, 15 Agustus July 15, 2035, August 15, 2045, February 15, 3037,
2045, 15 February 3037, 15 Juni 3039, dan 15 June 15, 3039 and December 15, 2049, respectively.
Desember 2049. Bunga atas SUN ini akan diterima Interest of the SUN will be received every 6 months.
setiap 6 bulan sekali.
Manajemen berpendapat bahwa cadangan kerugian Management believes that the allowance for
penurunan nilai telah memadai. impairment losses is adequate.
Lihat Catatan 30 untuk rincian saldo dan transaksi Refer to Note 30 for details of related parties
pihak berelasi. balances and transactions.
61
Page 581
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
6. EFEK-EFEK (lanjutan) 6. MARKETABLE SECURITIES (continued)
Mutasi nilai tercatat efek-efek diklasifikasikan Movement of carrying amount of marketable
sebagai biaya perolehan diamortisasi: securities classified as amortized cost:
31 Desember/December 31, 2025
Tingkat 1/ Tingkat 2/ Tingkat 3/ Syariah*/ Jumlah/
Stage 1 Stage 2 Stage 3 Sharia* Total
Saldo awal - nilai tercatat 1.033.502 - - - 1.033.502 Carrying amount - beginning balance
Pengukuran kembali bersih Remeasurement of the net
nilai tercatat (240) - - - (240) carrying value
Aset keuangan yang Financial assets
dihentikan pengakuannya that are derecognized
(termasuk penerimaan kembali) (258.934) - - - (258.934) (including repayment receipt)
Total pengurangan Total deduction
tahun berjalan (259.174) - - - (259.174) for the current year
Saldo akhir - nilai tercatat 774.328 - - - 774.328 Carrying amount - ending balance
*) Tidak menerapkan PSAK No. 109/Does not implement SFAS No. 109
31 Desember/December 31, 2024
Tingkat 1/ Tingkat 2/ Tingkat 3/ Syariah*/ Jumlah/
Stage 1 Stage 2 Stage 3 Sharia* Total
Saldo awal - nilai tercatat 1.391.872 - - - 1.391.872 Carrying amount - beginning balance
Pengukuran kembali bersih Remeasurement of the net
nilai tercatat (256) - - - (256) carrying value
Aset keuangan yang Financial assets
dihentikan pengakuannya that are derecognized
(termasuk penerimaan kembali) (358.114) - - - (358.114) (including repayment receipt)
Total pengurangan Total deduction
tahun berjalan (358.370) - - - (358.370) for the current year
Saldo akhir - nilai tercatat 1.033.502 - - - 1.033.502 Carrying amount - ending balance
*) Tidak menerapkan PSAK No. 109/Does not implement SFAS No. 109
Mutasi nilai tercatat efek-efek diklasifikasikan Movement of carrying amount of marketable
sebagai nilai wajar melalui penghasilan securities classified as fair value through other
komprehensif lain: comprehensive income:
581
31 Desember/December 31, 2025
Tingkat 1/ Tingkat 2/ Tingkat 3/ Syariah*/ Jumlah/
Stage 1 Stage 2 Stage 3 Sharia* Total
Saldo awal 426.999 - - 57.759 484.758 Beginning balance
PT Sarana Multigriya Finansial (Persero)
Pengukuran kembali bersih Remeasurement of the net
nilai tercatat 43.024 - - 4.957 47.981 carrying value
Aset keuangan yang Financial assets
diterbitkan atau dibeli 479.161 - - 84.984 564.145 issued or purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya that are derecognized
(termasuk penerimaan kembali) (41.384) - - (5.812) (47.196) (including repayment receipt)
Total penambahan Total addition
tahun berjalan 480.801 - - 84.129 564.930 for the current year
Saldo akhir 907.800 - - 141.888 1.049.688 Ending balance
*) Tidak menerapkan PSAK No. 109/Does not implement SFAS No. 109
62
Page 582
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
6. EFEK-EFEK (lanjutan) 6. MARKETABLE SECURITIES (continued)
Mutasi nilai tercatat efek-efek diklasifikasikan Movement of carrying amount of marketable
sebagai nilai wajar melalui penghasilan securities classified as fair value through other
komprehensif lain: (lanjutan) comprehensive income: (continued)
31 Desember/December 31, 2024
Tingkat 1/ Tingkat 2/ Tingkat 3/ Syariah*/ Jumlah/
Stage 1 Stage 2 Stage 3 Sharia* Total
Saldo awal 330.984 - - 21.475 352.459 Beginning balance
Pengukuran kembali bersih Remeasurement of the net
nilai tercatat (6.268) - - 114 (6.154) carrying value
Aset keuangan yang Financial assets
diterbitkan atau dibeli 151.165 - - 46.887 198.052 issued or purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya that are derecognized
(termasuk penerimaan kembali) (48.882) - - (10.717) (59.599) (including repayment receipt)
Total penambahan Total addition
tahun berjalan 96.015 - - 36.284 132.299 for the current year
Saldo akhir 426.999 - - 57.759 484.758 Ending balance
*) Tidak menerapkan PSAK No. 109/Does not implement SFAS No. 109
Mutasi cadangan kerugian penurunan nilai efek-efek Movement of allowance of impairment losses for
yang diklasifikasikan sebagai biaya perolehan marketable securities classified as amortized cost:
diamortisasi:
31 Desember/December 31, 2025
582
Tingkat 1/ Tingkat 2/ Tingkat 3/ Syariah*/ Jumlah/
Stage 1 Stage 2 Stage 3 Sharia* Total
Saldo awal 135 - - - 135 Beginning balance
Pengukuran kembali bersih Remeasurement of the net
penyisihan kerugian (51) - - - (51) allowances for losses
Laporan Tahunan 2025 Annual Report
Total pengurangan Total deduction
tahun berjalan (51) - - - (51) for the current year
Saldo akhir 84 - - - 84 Ending balance
*) Tidak menerapkan PSAK No. 109/Does not implement SFAS No. 109
31 Desember/December 31, 2024
Tingkat 1/ Tingkat 2/ Tingkat 3/ Syariah*/ Jumlah/
Stage 1 Stage 2 Stage 3 Sharia* Total
Saldo awal 9 - - - 9 Beginning balance
Pengukuran kembali bersih Remeasurement of the net
penyisihan kerugian 126 - - - 126 allowances for losses
Total penambahan Total addition
tahun berjalan 126 - - - 126 for the current year
Saldo akhir 135 - - - 135 Ending balance
*) Tidak menerapkan PSAK No. 109/Does not implement SFAS No. 109
Mutasi cadangan kerugian penurunan nilai efek-efek Movement of allowance of impairment losses for
yang diklasifikasikan sebagai nilai wajar melalui marketable securities classified as fair value through
penghasilan komprehensif lain: other comprehensive income:
31 Desember/December 31, 2025
Tingkat 1/ Tingkat 2/ Tingkat 3/ Syariah*/ Jumlah/
Stage 1 Stage 2 Stage 3 Sharia* Total
Saldo awal 30 - - - 30 Beginning balance
Aset keuangan yang Financial assets
dihentikan pengakuannya (7) - - - (7) that are derecognized
Total pengurangan Total deduction
tahun berjalan (7) - - - (7) for the current year
Saldo akhir 23 - - - 23 Ending balance
*) Tidak menerapkan PSAK No. 109/Does not implement SFAS No. 109
63
Page 583
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
6. EFEK-EFEK (lanjutan) 6. MARKETABLE SECURITIES (continued)
Mutasi cadangan kerugian penurunan nilai efek-efek Movement of allowance of impairment losses for
yang diklasifikasikan sebagai nilai wajar melalui marketable securities classified as fair value through
penghasilan komprehensif lain: (lanjutan) other comprehensive income: (continued)
31 Desember/December 31, 2024
Tingkat 1/ Tingkat 2/ Tingkat 3/ Syariah*/ Jumlah/
Stage 1 Stage 2 Stage 3 Sharia* Total
Saldo awal 2 - - - 2 Beginning balance
Aset keuangan yang Financial assets
diterbitkan atau dibeli 29 - - - 29 issued or purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (1) - - - (1) that are derecognized
Total penambahan Total addition
tahun berjalan 28 - - - 28 for the current year
Saldo akhir 30 - - - 30 Ending balance
*) Tidak menerapkan PSAK No. 109/Does not implement SFAS No. 109
7. INVESTASI SAHAM 7. INVESTMENT IN SHARES
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
PT Sejahtera Eka Graha 12.341 24.778 PT Sejahtera Eka Graha
PT Taman Kuling Raya 1.483 2.593 PT Taman Kuling Raya
PT Sarana Kilap Mas 2 1.018 PT Sarana Kilap Mas
13.826 28.389
PT Sejahtera Eka Graha PT Sejahtera Eka Graha
Pada tanggal 3 Desember 2020, Perseroan On December 3, 2020, the Company entered into a
melakukan Perjanjian Jual Beli dengan Tn. Lauw Sale and Purchase Agreement with Mr. Lauw Ping
Ping untuk pembelian sebanyak 10.000 lembar for the purchase of 10,000 shares or equivalent to
583
saham atau setara 3,47% kepemilikan saham di 3.47% ownership of PT Sejahtera Eka Graha at
PT Sejahtera Eka Graha dengan harga sebesar Rp1,000,000 (full amount) per share. Total purchase
Rp1.000.000 (nilai penuh) per lembar. Perseroan price was amounting to Rp25,415.
membeli dengan total harga sebesar Rp25.415. PT Sarana Multigriya Finansial (Persero)
PT Taman Kuling Raya PT Taman Kuling Raya
Pada tanggal 3 Desember 2020, Perseroan On December 3, 2020, the Company entered into a
melakukan Perjanjian Jual Beli dengan Tn. Lauw Sale and Purchase Agreement with Mr. Lauw Ping
Ping untuk pembelian sebanyak 100 lembar saham for the purchase of 100 shares or equivalent to 1.33%
atau setara 1,33% kepemilikan saham di ownership of PT Taman Kuling Raya at Rp1,000,000
PT Taman Kuling Raya dengan harga sebesar (full amount) per share. Total purchase price was
Rp1.000.000 (nilai penuh) per lembar. Perseroan amounting to Rp4,330.
membeli dengan total harga sebesar Rp4.330.
PT Sarana Kilap Mas PT Sarana Kilap Mas
Pada tanggal 3 Desember 2020, Perseroan On December 3, 2020, the Company entered into a
melakukan Perjanjian Jual Beli dengan Tn. Lauw Sale and Purchase Agreement with Mr. Lauw Ping
Ping untuk pembelian sebanyak 30 lembar saham for the purchase of 30 shares or equivalent to 1% but
atau setara 1% tetapi di 2025 menjadi 0,07% in 2025 became 0,07% ownership of PT Sarana Kilap
kepemilikan saham di PT Sarana Kilap Mas dengan Mas at Rp1,000,000 (full amount) per share. Total
harga sebesar Rp1.000.000 (nilai penuh) per lembar. purchase price is amounting to Rp255.
Perseroan membeli dengan total harga sebesar
Rp255.
64
Page 584
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
7. INVESTASI SAHAM (lanjutan) 7. INVESTMENT IN SHARES (continued)
Pada tanggal 31 Desember 2025, Perseroan As of December 31, 2025, the Company calculated
menghitung nilai wajar dari investasi saham di the fair value of the equity investment in PT Sejahtera
PT Sejahtera Eka Graha, PT Taman Kuling Raya, Eka Graha, PT Taman Kuling Raya, and PT Sarana
dan PT Sarana Kilap Mas berdasarkan penilaian Kilap Mas based on valuation prepared by the
yang dilakukan oleh Perseroan dan menetapkan nilai Company and designated the fair value of those
wajar dari masing-masing investasi pada tanggal investment in shares Rp12,341, Rp1,483, and Rp2
31 Desember 2025 adalah sebesar Rp12.341, (2024: Rp24,778, Rp2,593, and Rp1,018) which
Rp1.483, dan Rp2 (2024: Rp24.778, Rp2.593, dan resulted in the Company booking an unrealized loss
Rp1.018) sehingga Perseroan membukukan from changes in fair value of Rp12,437, Rp1,110, and
kerugian yang belum terealisasi dari perubahan nilai Rp1,016 in the current year.
wajar sebesar Rp12.437, Rp1.110, dan Rp1.016
pada tahun berjalan.
Berikut adalah metode dan asumsi utama yang The following method and key assumptions are used
digunakan dalam penilaian pada tanggal in the valuation as of December 31, 2025 and 2024:
31 Desember 2025 dan 2024:
Entitas/Entity Metode/Method Asumsi utama/Key assumptions
PT Sejahtera Eka Graha Metode arus kas didiskonto/ Estimasi pendapatan lain per bulan/Estimated other
Discounted cash flow method income per month
Tingkat diskonto/discount rate: 7,36% (2024: 8,78%)
Discount for lack of control: 30% (2024: 30%)
Discount for lack of marketability: 30% (2024: 30%)
584 PT Taman Kuling Raya Metode nilai buku disesuaikan/ Discount for lack of control: 30% (2024: 30%)
Adjusted book value method Discount for lack of marketability: 30% (2024: 30%)
PT Sarana Kilap Mas Metode nilai buku disesuaikan/ Discount for lack of control: 30% (2024: 30%)
Adjusted book value method Discount for lack of marketability: 30% (2024: 30%)
8. PINJAMAN YANG DIBERIKAN 8. LOANS
Laporan Tahunan 2025 Annual Report
a. Berdasarkan debitur a. By debtors
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pihak ketiga Third parties
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Jawa Barat dan Banten Tbk 2.630.395 1.047.767 Jawa Barat dan Banten Tbk
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Papua 1.569.504 75.985 Papua
PT Bank Woori Saudara PT Bank Woori Saudara
Indonesia 1906 Tbk 1.550.000 1.550.000 Indonesia 1906 Tbk
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Sulawesi Selatan dan Barat 1.530.214 1.281.966 Sulawesi Selatan dan Barat
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Sumatera Utara 1.500.000 750.000 Sumatera Utara
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Sulawesi Tengah 1.134.596 808.736 Sulawesi Tengah
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Sulawesi Utara Gorontalo 1.100.000 1.500.000 Sulawesi Utara Gorontalo
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Jambi 850.000 399.894 Jambi
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Jawa Barat dan Banten - Unit Jawa Barat dan Banten - Sharia
Usaha Syariah 830.949 554.104 Business unit
PT Bank Maybank Indonesia 600.000 600.000 PT Bank Maybank Indonesia
PT Bank Jakarta - PT Bank Jakarta -
Unit Usaha Syariah Sharia Business Unit
(d/h PT Bank DKI - (previously PT Bank DKI -
Unit Usaha Syariah) 500.000 500.000 Sharia Business Unit)
PT Bank Bengkulu 500.000 - PT Bank Bengkulu
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Kalimantan Barat 436.715 140.860 Kalimantan Barat
65
Page 585
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
8. PINJAMAN YANG DIBERIKAN (lanjutan) 8. LOANS (continued)
a. Berdasarkan debitur (lanjutan) a. By debtors (continued)
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pihak ketiga (lanjutan) Third parties (continued)
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Nusa Tenggara Barat - Unit Nusa Tenggara Barat - Sharia
Usaha Syariah 428.442 219.737 Business Unit
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Kalimantan Tengah 400.678 500.733 Kalimantan Tengah
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Sumatera Utara Sumatera Utara
- Unit Usaha Syariah 379.879 290.507 - Sharia Business Unit
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Nagari 367.045 55.852 Nagari
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Maluku dan Maluku Utara 300.000 - Maluku dan Maluku Utara
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Nusa Tenggara Timur 252.277 252.466 Nusa Tenggara Timur
PT Bank Artha Graha Internasional Tbk 203.006 223.775 PT Bank Artha Graha Internasional Tbk
PT CIMB Niaga Auto Finance 166.667 329.167 PT CIMB Niaga Auto Finance
PT CIMB Niaga Auto Finance - PT CIMB Niaga Auto Finance -
Unit Usaha Syariah 163.333 - Sharia Business Unit
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Jawa Tengah - Unit Usaha Syariah 158.994 9.944 Jawa Tengah - Sharia Business Unit
PT Bank Pembangunan Daerah Jambi PT Bank Pembangunan Daerah Jambi
- Unit Usaha Syariah 150.000 150.000 - Sharia Business Unit
PT Mega Finance Tbk 147.231 263.816 PT Mega Finance Tbk
PT Bank Sahabat Sampoerna 128.086 350.000 PT Bank Sahabat Sampoerna
PT Bank Jakarta (d/h PT Bank DKI) 73.094 22.250 PT Bank Jakarta (previously PT Bank DKI)
PT Bank Pembangunan Rakyat Hasamitra 64.254 69.953 PT Bank Pembangunan Rakyat Hasamitra
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Sumatera Selatan dan Bangka Sumatera Selatan dan Bangka
Belitung - Unit Usaha Syariah 62.421 - Belitung - Sharia Business Unit
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Jawa Timur - Unit Usaha Syariah 56.434 61.311 Jawa Timur - Sharia Business Unit
PT Bank Pembangunan Rakyat PT Bank Pembangunan Rakyat
Modern Express Ambon 53.857 90.608 Modern Express Ambon
Lainnya (masing-masing Others 585
Dibawah Rp50.000) 388.864 1.330.352 (each below Rp50,000)
18.676.935 13.429.783
Pihak berelasi Related parties
PT Bank Tabungan Negara PT Bank Tabungan Negara
PT Sarana Multigriya Finansial (Persero)
(Persero) Tbk 22.940.870 20.638.776 (Persero) Tbk
PT Bank Syariah Nasional (d/h PT Bank Syariah Nasional (previously
PT Bank Tabungan Negara (Persero) PT Bank Tabungan Negara (Persero)
Tbk - Unit Usaha Syariah) 6.310.286 4.213.446 Tbk - Sharia Business Unit)
PT Mandiri Tunas Finance 791.017 1.563.818 PT Mandiri Tunas Finance
PT Mandiri Utama Finance 382.405 758.776 PT Mandiri Utama Finance
PT BRI Multifinance Indonesia 73.028 60.694 PT BRI Multifinance Indonesia
PT Permodalan Nasional Madani PT Permodalan Nasional Madani
- Unit Usaha Syariah 32.955 162.685 - Sharia Business Unit
PT Permodalan Nasional Madani 13.802 80.407 PT Permodalan Nasional Madani
PT Bank Mandiri Taspen - 1.000.000 PT Bank Mandiri Taspen
Lainnya (masing-masing Others
dibawah Rp50.000) 12.557 13.622 (each below Rp50,000)
30.556.920 28.492.224
49.233.855 41.922.007
Dikurangi: Less:
Cadangan kerugian penurunan nilai (68.335) (91.498) Allowance for impairment losses
49.165.520 41.830.509
66
Page 586
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
8. PINJAMAN YANG DIBERIKAN (lanjutan) 8. LOANS (continued)
b. Berdasarkan sisa jangka waktu b. By remaining period
Rincian pinjaman yang disalurkan pada tanggal- Loan details for loans which had been disbursed
tanggal 31 Desember 2025 dan 2024 as of December 31, 2025 and 2024 based on
berdasarkan jangka waktu jatuh tempo adalah maturity date are as follows:
sebagai berikut:
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pihak ketiga Third parties
<1 tahun 11.063.634 6.044.743 <1 year
1-3 tahun 5.786.664 5.679.411 1-3 years
3-5 tahun 381.407 396.881 3-5 years
>5 tahun 1.445.230 1.308.748 >5 years
18.676.935 13.429.783
Pihak berelasi Related parties
<1 tahun 4.112.402 5.492.671 <1 year
1-3 tahun 3.540.652 5.270.185 1-3 years
3-5 tahun 3.553.964 2.663.644 3-5 years
>5 tahun 19.349.902 15.065.724 >5 years
30.556.920 28.492.224
586 49.233.855 41.922.007
Dikurangi: Less:
Cadangan kerugian penurunan nilai (68.335) (91.498) Allowance for impairment losses
49.165.520 41.830.509
Laporan Tahunan 2025 Annual Report
Jangka waktu pinjaman adalah antara The terms of the loans are from 1 to 20 years.
1 sampai dengan 20 tahun.
c. Informasi pokok lainnya c. Other significant information
i. Termasuk pinjaman yang diberikan adalah: i. Loan includes:
- Pada tanggal 31 Desember 2025, - As of December 31, 2025, included in
termasuk dalam pinjaman yang diberikan loans are financing under sharia
adalah pembiayaan yang menggunakan principle amounting to Rp9,210,114
akad syariah sebesar Rp9.210.114 (2024: Rp7,040,050).
(2024: Rp7.040.050).
- Pada tanggal 31 Desember 2025, - As of December 31, 2025, included in
termasuk dalam pinjaman yang diberikan loans are Mortgage Facility Liquidity
adalah Fasilitas Likuiditas Pembiayaan (“FLPP”) amounting to Rp30,101,150,
Perumahan (“FLPP”) sebesar (2024: Rp23,429,670) with interest rate
Rp30.101.150 (2024: Rp23.429.670) of 4.45% p.a. (2024: 4.45%) which
dengan suku bunga 4,45% per tahun represents support to reduce the
(2024: 4,45%) yang merupakan bentuk Government’s fiscal obligation in the
dukungan penurunan beban fiskal form of providing liquidity to the lenders
Pemerintah dalam bentuk penyediaan of mortgage loans that participated in
likuiditas bagi penyaluran KPR yang the program.
mengikuti program.
67
Page 587
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
8. PINJAMAN YANG DIBERIKAN (lanjutan) 8. LOANS (continued)
c. Informasi pokok lainnya (lanjutan) c. Other significant information (continued)
i. Termasuk pinjaman yang diberikan adalah: i. Loan includes: (continued)
(lanjutan)
- Pada tanggal 31 Desember 2025, - As of December 31, 2025, loans include
termasuk dalam pinjaman yang diberikan residential mortgage loan asset (“KPR“)
adalah Aset Kredit Pemilikan Rumah of Rp3,910 (2024: Rp5,696) from the
(“KPR“) sebesar Rp3.910 (2024: purchase, transfer and submission of a
Rp5.696) yang diperoleh dari pembelian, KPR Receivable Collection before
pengalihan, serta penyerahan Kumpulan securitization. Residential mortgage
Tagihan KPR sebelum di sekuritisasi. loan asset (“KPR“) under sharia
Aset Kredit Pemilikan Rumah (“KPR“) principle amounting to Rp2,445 (2024:
yang menggunakan akad syariah Rp3,997). Interest rate and profit
sebesar Rp2.445 (2024: Rp3.997). Suku sharing of KPR asset ranged from
bunga dan nisbah bagi hasil Aset KPR 11.00% - 14.00% (2024: 11.00% -
yang diberikan berkisar antara 11,00% - 14.00%) and 13.25% (2024: 13.25%)
14,00% (2024: 11,00% - 14,00%) dan p.a. The Company classified
13,25% (2024: 13,25%) per tahun. Residential mortgage loan asset
Perseroan mengklasifikasikan Aset (“KPR“) as financial assets measured to
Kredit Pemilikan Rumah (“KPR“) sebagai fair value through other comprehensive
aset keuangan diukur pada nilai wajar income (FVTOCI).
melalui penghasilan komprehensif lain
(FVTOCI).
- Pada tanggal 31 Desember 2025, - As of December 31, 2025, included in
termasuk dalam pinjaman yang diberikan loans are subordinated loans which are
adalah pinjaman subordinasi sebesar amounting to Rp1,500,000 (2024:
Rp1.500.000 (2024: Rp1.500.000). Suku Rp1,500,000). Interest rate of the
bunga pinjaman subordinasi adalah subordinated loans is 7.65% p.a. (2024:
7,65% per tahun (2024: 7,65%). 7.65%).
ii. Selain pinjaman FLPP, Aset KPR dan ii. Other than the FLPP, KPR asset and
pinjaman subordinasi di atas, suku bunga subordinated loans above, the loans bear an
rata-rata atas pinjaman yang diberikan per average interest rate of 6.89% as of
31 Desember 2025 adalah 6,89% (2024: December 31, 2025 (2024: 6.83%). 587
6,83%).
iii. Pinjaman refinancing dijamin dengan iii. The refinancing loans are secured by
tagihan KPR dengan klasifikasi lancar, mortgage receivables (KPR) that classified
termasuk hak agunan yang melekat atas as current, including the right on inherent
PT Sarana Multigriya Finansial (Persero)
tagihan tersebut dimana Perseroan collateral for such receivables whereas the
menerima jaminan yang dipasang hak Company received mortgages receivables
fidusia berupa piutang KPR berdasarkan from debtors by deed of sale and purchase
akta jual beli tagihan, kecuali pinjaman of receivables, except for loans with
dengan underlying KPR Program underlying KPR of government program,
pemerintah seperti FLPP. such as FLPP.
iv. Pada tanggal-tanggal 31 Desember 2025 iv. As at December 31, 2025 and 2024, there
dan 2024, tidak ada pinjaman Perseroan are no Company’s loans which are pledged
yang digunakan sebagai jaminan minimum as the minimum collateral for bank loan and
atas utang bank dan efek-efek yang securities issued as disclosed in Note 20 and
diterbitkan seperti dijelaskan pada Catatan 21.
20 dan 21.
v. Perseroan menghitung cadangan kerugian v. The Company provides allowance for
penurunan nilai secara individual dan impairment losses based on individual and
kolektif. collective assesment.
68
Page 588
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
8. PINJAMAN YANG DIBERIKAN (lanjutan) 8. LOANS (continued)
c. Informasi pokok lainnya (lanjutan) c. Other significant information (continued)
vi. Manajemen berpendapat bahwa cadangan vi. Management believes that the allowance for
kerugian penurunan nilai telah memadai. impairment losses is adequate. Refer to Note
Lihat Catatan 30 untuk rincian saldo pihak 30 for details of related parties balances.
berelasi.
Mutasi nilai tercatat pinjaman yang diberikan Movement of carrying amounts for loans
yang diklasifikasikan sebagai biaya perolehan classified as amortized cost:
diamortisasi:
31 Desember/December 31, 2025
Tingkat 1/ Tingkat 2/ Tingkat 3/ Syariah*/ Jumlah/
Stage 1 Stage 2 Stage 3 Sharia* Total
Saldo awal - nilai tercatat 34.873.831 6.426 - 7.036.054 41.916.311 Carrying amount - beginning balance
Transfer dari kerugian Transfer from 12 months
kredit ekspektasian expected credit loss
12 bulan (stage 1) (78.738) 78.738 - - - (stage 1)
Total saldo awal 34.795.093 85.164 - 7.036.054 41.916.311 Total beginning balance
Aset keuangan yang Financial assets
diterbitkan atau dibeli 16.178.669 - - 4.697.423 20.876.092 issued or purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (10.981.547) (55.103) - (2.525.808) (13.562.458) that are derecognized
Total penambahan Total addition
(pengurangan) (deduction)
tahun berjalan 5.197.122 (55.103) - 2.171.615 7.313.634 for the current year
588
Saldo akhir - nilai tercatat 39.992.215 30.061 - 9.207.669 49.229.945 Carrying amount - ending balance
*) Tidak menerapkan PSAK No. 109/Do not implement SFAS No. 109
31 Desember/December 31, 2024
Laporan Tahunan 2025 Annual Report
Tingkat 1/ Tingkat 2/ Tingkat 3/ Syariah*/ Jumlah/
Stage 1 Stage 2 Stage 3 Sharia* Total
Saldo awal - nilai tercatat 30.823.977 877 - 5.253.416 36.078.270 Carrying amount - beginning balance
Transfer dari kerugian Transfer from 12 months
kredit ekspektasian expected credit loss
12 bulan (stage 1) (12.486) 12.486 - - - (stage 1)
Total saldo awal 30.811.491 13.363 - 5.253.416 36.078.270 Total beginning balance
Aset keuangan yang Financial assets
diterbitkan atau dibeli 13.676.336 - - 3.525.229 17.201.565 issued or purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (9.613.996) (6.937) - (1.742.591) (11.363.524) that are derecognized
Total penambahan Total addition
(pengurangan) (deduction)
tahun berjalan 4.062.340 (6.937) - 1.782.638 5.838.041 for the current year
Saldo akhir - nilai tercatat 34.873.831 6.426 - 7.036.054 41.916.311 Carrying amount - ending balance
*) Tidak menerapkan PSAK No. 109/Do not implement SFAS No. 109
Mutasi nilai tercatat pinjaman yang diberikan Movement of carrying amounts for loans
yang diklasifikasikan sebagai nilai wajar melalui classified as fair value through other
penghasilan komprehensif lain: comprehensive income:
31 Desember/December 31, 2025
Tingkat 1/ Tingkat 2/ Tingkat 3/ Syariah*/ Jumlah/
Stage 1 Stage 2 Stage 3 Sharia* Total
Saldo awal - nilai tercatat - - 1.699 3.997 5.696 Carrying amount - beginning balance
Pengukuran kembali bersih Remeasurement of the net
nilai tercatat - - - - - carrying value
Aset keuangan yang Financial assets
dihentikan pengakuannya - - (234) (1.552) (1.786) that are derecognized
Total penambahan Total additional
(pengurangan) (deduction)
tahun berjalan - - (234) (1.552) (1.786) for the current year
Saldo akhir - nilai tercatat - - 1.465 2.445 3.910 Carrying amount - ending balance
*) Tidak menerapkan PSAK No. 109/Do not implement SFAS No. 109
69
Page 589
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
8. PINJAMAN YANG DIBERIKAN (lanjutan) 8. LOANS (continued)
c. Informasi pokok lainnya (lanjutan) c. Other significant information (continued)
Mutasi nilai tercatat pinjaman yang diberikan Movement of carrying amounts for loans
yang diklasifikasikan sebagai nilai wajar melalui classified as fair value through other
penghasilan komprehensif lain: comprehensive income:
31 Desember/December 31, 2025
Tingkat 1/ Tingkat 2/ Tingkat 3/ Syariah*/ Jumlah/
Stage 1 Stage 2 Stage 3 Sharia* Total
Saldo awal - nilai tercatat - - 1.699 3.997 5.696 Carrying amount - beginning balance
Pengukuran kembali bersih Remeasurement of the net
nilai tercatat - - - - - carrying value
Aset keuangan yang Financial assets
dihentikan pengakuannya - - (234) (1.552) (1.786) that are derecognized
Total penambahan Total addition
(pengurangan) (deduction)
tahun berjalan - - (234) (1.552) (1.786) for the current year
Saldo akhir - nilai tercatat - - 1.465 2.445 3.910 Carrying amount - ending balance
*) Tidak menerapkan PSAK No. 109/Do not implement SFAS No. 109
31 Desember/December 31, 2024
Tingkat 1/ Tingkat 2/ Tingkat 3/ Syariah*/ Jumlah/
Stage 1 Stage 2 Stage 3 Sharia* Total
Saldo awal - nilai tercatat - - 1.599 5.090 6.689 Carrying amount - beginning balance
Pengukuran kembali bersih Remeasurement of the net
nilai tercatat - - 384 58 442 carrying value
Aset keuangan yang Financial assets
dihentikan pengakuannya - - (284) (1.151) (1.435) that are derecognized
Total penambahan Total addition
(pengurangan) (deduction)
tahun berjalan - - 100 (1.093) (993) for the current year
Saldo akhir - nilai tercatat - - 1.699 3.997 5.696 Carrying amount - ending balance
*) Tidak menerapkan PSAK No. 109/Does not implement SFAS No. 109
Mutasi cadangan kerugian penurunan nilai Movement of allowance of impairment losses for
pinjaman yang diberikan diklasifikasikan sebagai loans classified as amortized cost:
biaya perolehan diamortisasi: 589
31 Desember/December 31, 2025
Tingkat 1/ Tingkat 2/ Tingkat 3/ Syariah*/ Jumlah/
Stage 1 Stage 2 Stage 3 Sharia* Total
PT Sarana Multigriya Finansial (Persero)
Saldo awal 91.053 445 - - 91.498 Beginning balance
Transfer dari kerugian Transfer from 12 months
kredit ekspektasian expected credit loss
12 bulan (stage 1) (682) 682 - - - (stage 1)
Total saldo awal 90.371 1.127 ` - - 91.498 Total beginning balance
Pengukuran kembali bersih Remeasurement of the net
penyisihan kerugian (21.248) 605 - - (20.643) allowances for losses
Aset keuangan yang Financial assets
diterbitkan atau dibeli 1.133 - - - 1.133 issued or purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (3.208) (445) - - (3.653) that are derecognized
Total pengurangan Total deduction
tahun berjalan (23.323) 160 - - (23.163) for the current year
Saldo akhir 67.048 1.287 - - 68.335 Ending balance
*) Tidak menerapkan PSAK No. 109/Does not implement SFAS No. 109
70
Page 590
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
8. PINJAMAN YANG DIBERIKAN (lanjutan) 8. LOANS (continued)
c. Informasi pokok lainnya (lanjutan) c. Other significant information (continued)
Mutasi cadangan kerugian penurunan nilai Movement of allowance of impairment losses for
pinjaman yang diberikan diklasifikasikan sebagai loans classified as amortized cost: (continued)
biaya perolehan diamortisasi: (lanjutan)
31 Desember/December 31, 2024
Tingkat 1/ Tingkat 2/ Tingkat 3/ Syariah*/ Jumlah/
Stage 1 Stage 2 Stage 3 Sharia* Total
Saldo awal 97.391 208 - - 97.599 Beginning balance
Transfer dari kerugian Transfer from 12 months
kredit ekspektasian expected credit loss
12 bulan (stage 1) (176) 176 - - - (stage 1)
Total saldo awal 97.215 384 - - 97.599 Total beginning balance
Pengukuran kembali bersih Remeasurement of the net
penyisihan kerugian 15.888 268 - - 16.156 allowances for losses
Aset keuangan yang Financial assets
diterbitkan atau dibeli 4.167 - - - 4.167 issued or purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (26.217) (207) - - (26.424) that are derecognized
Total pengurangan Total deduction
tahun berjalan (6.162) 61 - - (6.101) for the current year
Saldo akhir 91.053 445 - - 91.498 Ending balance
590
*) Tidak menerapkan PSAK No. 109/Does not implement SFAS No. 109
Mutasi cadangan kerugian penurunan nilai Movement of allowance of impairment losses for
pinjaman yang diberikan diklasifikasikan sebagai loans classified as fair value through other
nilai wajar melalui penghasilan komprehensif comprehensive income:
Laporan Tahunan 2025 Annual Report
lain:
31 Desember/December 31, 2025
Tingkat 1/ Tingkat 2/ Tingkat 3/ Syariah*/ Jumlah/
Stage 1 Stage 2 Stage 3 Sharia* Total
Saldo awal - - 1.699 - 1.699 Beginning balances
Pengukuran kembali bersih Remeasurement of the net
penyisihan kerugian - - (234) - (234) allowances for losses
Total pengurangan Total deduction
tahun berjalan - - (234) - (234) for the current year
Saldo akhir - - 1.465 - 1.465 Ending balance
*) Tidak menerapkan PSAK No. 109/Does not implement SFAS No. 109
31 Desember/December 31, 2024
Tingkat 1/ Tingkat 2/ Tingkat 3/ Syariah*/ Jumlah/
Stage 1 Stage 2 Stage 3 Sharia* Total
Saldo awal - - 1.599 - 1.599 Beginning balances
Pengukuran kembali bersih Remeasurement of the net
penyisihan kerugian - - 100 - 100 allowances for losses
Total penambahan Total addition
tahun berjalan - - 100 - 100 for the current year
Saldo akhir - - 1.699 - 1.699 Ending balance
*) Tidak menerapkan PSAK No. 109/Does not implement SFAS No. 109
9. JAMINAN DAN PENDUKUNG KREDIT 9. CREDIT ENHANCEMENT
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pendukung kredit 17.006 28.348 Reserve account
71
Page 591
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
9. JAMINAN DAN PENDUKUNG KREDIT (lanjutan) 9. CREDIT ENHANCEMENT (continued)
Akun pendukung kredit merupakan saldo dana Balance of reserve account represents the
Perseroan yang ditempatkan di bank kustodian untuk Company’s fund placed in custodian bank for the
pelaksanaan penjaminan transaksi sekuritisasi purpose of credit enhancement of Collective
dengan skema Kontrak Investasi Kolektif (KIK) EBA Investment Contract (KIK) RMBS and RMBS SP
dan EBA SP (Surat Partisipasi). Penempatan ini (Participation Letter) securitization scheme
diatur dalam beberapa perjanjian, antara Perseroan transaction. The placement is ruled in agreements
dengan PT Bank Rakyat Indonesia (Persero) Tbk between the Company and PT Bank Rakyat
dan PT Bank Mandiri (Persero) Tbk. Indonesia (Persero) Tbk and PT Bank Mandiri
(Persero) Tbk.
10. PIUTANG USAHA 10. ACCOUNT RECEIVABLES
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Piutang berbasis bunga Interest based receivables
Pihak ketiga Third parties
Piutang bunga dari pinjaman Interest receivables
yang diberikan 37.839 26.687 from loans
Piutang bunga dari penempatan Interest receivables from
deposito berjangka 8.422 11.403 placement in time deposits
Piutang bunga EBA 618 1.155 Interest receivables from RMBS
Piutang bunga dari jaminan Interest receivables from
dan pendukung kredit 34 63 credit enhancement
46.913 39.308
Pihak berelasi Related parties
Piutang bunga dari pinjaman Interest receivables
yang diberikan 63.628 65.398 from loans
Piutang bunga SUN 23.672 11.208 Interest receivables from SUN
Piutang bunga dari penempatan Interest receivables from
deposito berjangka 2.170 1.664 placement in time deposits
89.470 78.270
136.383 117.578
Piutang berbasis imbalan Fee based receivables 591
Pihak ketiga Third parties
Piutang pendapatan penerbitan EBA 17 48 RMBS issuance fee receivables
Lain-lain 90 97 Others
107 145
PT Sarana Multigriya Finansial (Persero)
Pihak berelasi Related parties
Piutang Proyek KPBU - 325 KPBU project receivables
107 470
Piutang berbasis bunga merupakan pendapatan Interest based receivables represent interest
bunga yang masih akan diterima atas pinjaman yang receivables from loans, time deposits, SUN, RMBS,
diberikan, deposito berjangka, SUN, EBA dan and credit enhancement.
pendukung kredit.
Piutang berbasis imbalan merupakan pendapatan Fee based receivables represent fee receivables
atas jasa pendidikan, pelatihan serta jasa from providing education, training services,
koordinator, penata sekuritisasi, dan proyek Kerja securitization coordinator arranger, and Public
sama Pemerintah Badan Usaha (KPBU). Private Partnership (KPBU) project.
Pada tanggal-tanggal 31 Desember 2025 dan 2024, As of December 31, 2025 and 2024, remaining
sisa umur jatuh tempo piutang usaha adalah kurang maturity of account receivables is less than 1 month.
dari 1 bulan.
72
Page 592
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
10. PIUTANG USAHA (lanjutan) 10. ACCOUNT RECEIVABLES (continued)
Pada tanggal-tanggal 31 Desember 2025 dan 2024, As of December 31, 2025 and 2024, remaining
sisa umur jatuh tempo piutang usaha adalah kurang maturity of account receivables is less than 1 month.
dari 1 bulan.
Manajemen berpendapat cadangan kerugian Management believes that the allowance for
penurunan nilai atas piutang usaha tidak diperlukan impairment losses of account receivables is not
karena manajemen berkeyakinan semua piutang needed as management believes all account
usaha dapat tertagih. receivables are collectible.
Lihat Catatan 30 untuk rincian saldo dan transaksi Refer to Note 30 for details of related parties
pihak berelasi. balances and transactions.
11. PIUTANG LAIN-LAIN 11. OTHER RECEIVABLES
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pihak ketiga Third parties
Piutang karyawan 26.497 28.224 Employee loan
Lain-lain 6.585 3.475 Others
33.082 31.699
Pihak berelasi Related parties
Setoran modal yang Capital deposit
592 akan diterima (Catatan 22d) - 1.891.000 to be received (Note 22d)
Piutang direksi dan komisaris 897 3.085 Directors and commissioners loan
Lain-lain 1.980 621 Others
2.877 1.894.706
Laporan Tahunan 2025 Annual Report
35.959 1.926.405
Jangka waktu pinjaman kepada komisaris, direksi Loan tenor to commissioners, directors and
dan karyawan adalah 1-20 tahun dengan suku bunga employees is 1-20 years, with interest rate at 3% p.a.
sebesar 3% per tahun. Pembayaran angsuran pokok Installment payment of principal and interest of loans
dan bunga untuk pinjaman kepada komisaris, direksi, to commissioners, directors and employees are
dan karyawan dilakukan dengan cara pemotongan deducted from monthly salary/honorarium.
atas gaji/honor tiap bulannya.
Manajemen berpendapat cadangan kerugian Management believes that the allowance for
penurunan nilai atas piutang lain-lain tidak diperlukan impairment losses of other receivables is not needed
karena manajemen berkeyakinan semua piutang as management believes all other receivables are
lain-lain dapat tertagih. collectible.
Lain-lain dari pihak ketiga terutama terdiri dari Others from third party mainly consist of receivable
piutang dari perusahaan asuransi terkait dengan from insurance company related to critical illness
asuransi penyakit kritis dan lain-lain dari pihak insurance dan others from related party mainly
berelasi terutama terdiri dari piutang dari Program consists of receivable from the Company’s Social
Tanggung Jawab Sosial dan Lingkungan Perseroan and Environmental Responsibilty Program related to
terkait penggantian biaya-biaya yang telah reimbursement of expenses previously paid by the
dibayarkan terlebih dahulu oleh Perseroan. Company.
Lihat Catatan 30 untuk rincian saldo dan transaksi Refer to Note 30 for details of related parties
pihak berelasi. balances and transactions.
73
Page 593
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
12. BEBAN DIBAYAR DIMUKA 12. PREPAID EXPENSES
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Tunjangan karyawan 7.078 1.774 Employee benefits
Asuransi 5.593 4.861 Insurance
Pemeliharaan dan perbaikan 4.752 6.007 Maintenance and repairment
Biaya dibayar dimuka obligasi 1.537 1.286 Prepaid expenses of bonds
Lain-lain 1.986 450 Others
20.946 14.378
Biaya dibayar dimuka obligasi merupakan biaya Prepaid expenses of bonds represent unamortized of
transaksi atas penerbitan Sukuk Musyarakah yang transaction costs related to the issuance of
belum diamortisasi. Musyarakah Sukuk.
Lain-lain terutama terdiri dari uang muka atas Others mainly consist of advance for employees’
pengobatan rawat jalan karyawan. outpatient medical treatment.
13. ASET TETAP 13. FIXED ASSETS
31 Desember/December 31, 2025
Saldo awal/
Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Saldo akhir/
balance Additions Deductions Reclassification Ending balance
Aset tetap kepemilikan
langsung: Direct owned fixed assets:
Nilai perolehan Acquisition cost
Tanah 85.477 - - - 85.477 Land
Bangunan 55.888 - - 821 56.709 Building
Komputer 1.013 - - - 1.013 Computers
Peralatan kantor 23.750 - - 806 24.556 Office equipment
Kendaraan bermotor 3.653 - - - 3.653 Vehicles
169.781 - - 1.627 171.408
Aset dalam pembangunan 1.734 1.057 - (1.627) 1.164 Assets under construction
171.515 1.057 - - 172.572
Akumulasi penyusutan Accumulated depreciation
Bangunan (24.026) (4.638) - - (28.664) Building
Komputer (562) (265) - - (827) Computers
Peralatan kantor (11.854) (6.009) - - (17.863) Office equipment
Kendaraan bermotor (2.883) (483) - - (3.366) Vehicles
(39.325) (11.395) - - (50.720) 593
Nilai buku bersih 132.190 121.852 Net book value
31 Desember/December 31, 2024
Saldo awal/
PT Sarana Multigriya Finansial (Persero)
Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Saldo akhir/
balance Additions Deductions Reclassification Ending balance
Aset tetap kepemilikan
langsung: Direct owned fixed assets:
Nilai perolehan Acquisition cost
Tanah 57.741 - - 27.736 85.477 Land
Bangunan 49.693 - - 6.195 55.888 Building
Komputer 771 242 - - 1.013 Computers
Peralatan kantor 16.694 4.092 - 2.964 23.750 Office equipment
Kendaraan bermotor 3.653 - - - 3.653 Vehicles
128.552 4.334 - 36.895 169.781
Aset dalam pembangunan 33.205 5.424 - (36.895) 1.734 Assets under construction
161.757 9.758 - - 171.515
Akumulasi penyusutan Accumulated depreciation
Bangunan (19.870) (4.156) - - (24.026) Building
Komputer (337) (225) - - (562) Computers
Peralatan kantor (7.270) (4.584) - - (11.854) Office equipment
Kendaraan bermotor (2.152) (731) - - (2.883) Vehicles
(29.629) (9.696) - - (39.325)
Nilai buku bersih 132.128 132.190 Net book value
74
Page 594
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
13. ASET TETAP (lanjutan) 13. FIXED ASSETS (continued)
Pada tanggal 31 Desember 2025, jumlah tercatat As of December 31, 2025, the gross amount of fixed
bruto dari aset tetap yang telah disusutkan penuh assets which have been fully depreciated and still
dan masih digunakan adalah sebesar Rp10.007 being used amounting to Rp10,007 (2024: Rp4,872).
(2024: Rp4.872)
Pada tanggal 31 Desember 2025 dan 2024, aset As of December 31, 2025 and 2024, assets under
dalam pembangunan adalah sebagai berikut: constructions are as follows:
31 Desember/December 31, 2025
Estimasi tahun Kisaran persentase
penyelesaian/ penyelesaian/
Jumlah/ Estimated year Range percentage
Amount of completion of completion
Aset dalam pembangunan 1.164 2026 40 - 60 % Assets under constructions
31 Desember/December 31, 2024
Estimasi tahun Kisaran persentase
penyelesaian/ penyelesaian/
Jumlah/ Estimated year Range percentage
Amount of completion of completion
Aset dalam pembangunan 1.734 2025 - 2026 10 - 90 % Assets under constructions
594
Aset dalam pembangunan yang dimiliki Perseroan Assets under constructions which owned by the
pada tanggal 31 Desember 2025 berupa bangunan Company as of December 31, 2025 consist of
sebesar Rp1.164 (2024: berupa bangunan dan building amounting Rp1,164, respectively (2024:
peralatan kantor masing-masing sebesar Rp968 dan building and office equipment amounting to Rp968
Laporan Tahunan 2025 Annual Report
Rp766). and Rp766, respectively).
Pada tanggal 31 Desember 2025 dan 2024, aset As of December 31, 2025 and 2024, fixed
tetap, kecuali tanah, telah diasuransikan kepada assets, except land, are insured with
PT BRI Asuransi Indonesia terhadap kemungkinan PT BRI Asuransi Indonesia for potential losses with
terjadinya kerugian dengan nilai pertanggungan a total coverage amounting to Rp100,665 and
masing-masing sejumlah Rp100.665 dan Rp100,700.
Rp100.700.
Manajemen berkeyakinan bahwa tidak terdapat Management is of the opinion that there is no
indikasi adanya penurunan nilai aset tetap pada impairment in the value of fixed assets as of
tanggal-tanggal 31 Desember 2025 dan 2024. December 31, 2025 and 2024.
14. ASET HAK GUNA 14. RIGHT-OF-USE ASSETS
Perseroan menyewa beberapa aset termasuk mesin The Company leases several assets including
fotokopi, kendaraan, ruang penyimpanan, dan photocopy machine, vehicle, storage space and
collocation data center. Rata-rata masa sewa adalah collocation data center. The average lease term is
2 tahun. 2 years.
Nilai tercatat untuk aset hak guna adalah sebagai The carrying amount of right-of-use assets are as
berikut: follows:
75
Page 595
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
14. ASET HAK GUNA (lanjutan) 14. RIGHT-OF-USE ASSETS (continued)
31 Desember/December 31, 2025
Saldo awal/ Saldo akhir/
Beginning Penambahan/ Pengurangan/ Ending
balance Additions Deductions balance
Harga perolehan Costs
Kendaraan 7.965 1.306 - 9.271 Vehicles
Mesin fotokopi 1.659 473 - 2.132 Photocopy machine
Lain-lain 2.710 1.621 - 4.331 Others
12.334 3.400 -
- 15.734
Akumulasi penyusutan Accumulated depreciation
Kendaraan (7.965) (1.306) - (9.271) Vehicles
Mesin fotokopi (1.580) (473) - (2.053) Photocopy machine
Lain-lain (1.721) (1.421) - (3.142) Others
(11.266) (3.200) - (14.466)
Nilai buku bersih 1.068 1.268 Net book value
31 Desember/December 31, 2024
Saldo awal/ Saldo akhir/
Beginning Penambahan/ Pengurangan/ Ending
balance Additions Deductions balance
Harga perolehan Costs
Kendaraan 5.175 2.790 - 7.965 Vehicles
Mesin fotokopi 1.186 473 - 1.659 Photocopy machine
Lain-lain 4.344 1.385 (3.019) 2.710 Others
10.705 4.648 (3.019) 12.334
Akumulasi penyusutan Accumulated depreciation
Kendaraan (5.175) (2.790) - (7.965) Vehicles
Mesin fotokopi (1.107) (473) - (1.580) Photocopy machine
Lain-lain (3.540) (1.200) 3.019 (1.721) Others
(9.822) (4.463) 3.019 (11.266)
Nilai buku bersih 883 1.068 Net book value
595
Di bawah ini adalah jumlah tercatat liabilitas sewa Set out below is the carrying amounts of lease
(termasuk dalam “Utang lain-lain” pada Catatan 17) liabilities (included under “Other payables” in Note
dan mutasi selama tahun berjalan: 17) and the movement during the current year: PT Sarana Multigriya Finansial (Persero)
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Saldo awal 1.082 901 Beginning balance
Penambahan 3.400 4.648 Addition
Pembayaran selama tahun berjalan (3.417) (4.660) Payment during the year
Beban bunga 154 193 Interest expense
Saldo akhir 1.219 1.082 Ending Balance
76
Page 596
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
15. ASET TAK BERWUJUD 15. INTANGIBLE ASSETS
31 Desember/December 31, 2025
Saldo awal/
Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Saldo akhir/
balance Additions Deductions Reclassification Ending balance
Nilai perolehan Acquisition cost
Logo 122 - - - 122 Logo
Piranti lunak 22.717 - - 5.168 27.885 Software
22.839 - - 5.168 28.007
Aset dalam pembangunan 3.648 5.694 - (5.168) 4.174 Assets under construction
26.487 5.694 - - 32.181
Akumulasi amortisasi Accumulated amortization
Logo (122) - - - (122) Logo
Piranti lunak (21.784) (1.011) - - (22.795) Software
(21.906) (1.011) - - (22.917)
Nilai buku bersih 4.581 9.264 Net book value
31 Desember/December 31, 2024
Saldo awal/
Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Saldo akhir/
balance Additions Deductions Reclassification Ending balance
Nilai perolehan Acquisition cost
Logo 122 - - - 122 Logo
Piranti lunak 22.717 - - - 22.717 Software
22.839 - - - 22.839
Aset dalam pembangunan 1.952 1.696 - - 3.648 Assets under construction
596
24.791 1.696 - - 26.487
Akumulasi amortisasi Accumulated amortization
Logo (122) - - - (122) Logo
Piranti lunak (21.279) (505) --
- (21.784) Software
(21.401) (505) - - (21.906)
Laporan Tahunan 2025 Annual Report
Nilai buku bersih 3.390 4.581 Net book value
Pada tanggal 31 Desember 2025, jumlah tercatat As of December 31, 2025, the gross amount of
bruto dari aset tak berwujud yang telah disusutkan intangible assets which have been fully depreciated
penuh dan masih digunakan adalah sebesar and still being used amounting to Rp19,653 (2024:
Rp19.653 (2024: Rp14.732). Rp14,732).
31 Desember/December 31, 2025
Estimasi tahun Kisaran persentase
penyelesaian/ penyelesaian/
Estimated year Range percentage
Jumlah/Amount of completion of completion
Aset dalam pembangunan 4.174 2026 - 2027 30 - 80% Assets under constructions
31 Desember/December 31, 2024
Estimasi tahun Kisaran persentase
penyelesaian/ penyelesaian/
Estimated year Range percentage
Jumlah/Amount of completion of completion
Aset dalam pembangunan 3.648 2025 - 2026 30 - 80% Assets under constructions
Manajemen berkeyakinan bahwa tidak terdapat Management is of the opinion that there is no
indikasi adanya penurunan nilai aset tak berwujud impairment in the value of intangible assets as of
pada tanggal-tanggal 31 Desember 2025 dan 2024. December 31, 2025 and 2024.
77
Page 597
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
16. BEBAN YANG MASIH HARUS DIBAYAR 16. ACCRUED EXPENSES
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pihak ketiga Third parties
Bunga efek-efek yang diterbitkan Interest from securities issued and
dan bagi hasil sukuk 153.166 152.042 sukuk profit sharing
Bunga utang bank 61.746 17.040 Bank loan interest
214.912 169.082
Pihak berelasi Related parties
Bunga efek-efek yang diterbitkan Interest from securities issued and
dan bagi hasil sukuk 27.501 20.373 sukuk profit sharing
Bunga utang bank 1.755 6.061 Bank loan interest
Kustodian 34 30 Custodian
29.290 26.464
244.202 195.546
Lihat Catatan 30 untuk rincian saldo dan transaksi Refer to Note 30 for details of related parties
pihak berelasi. balances and transactions.
17. UTANG LAIN-LAIN 17. OTHER PAYABLES
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pihak ketiga Third parties
Jasa 7.943 4.735 Services
Pemeliharaan perangkat lunak
dan gedung 1.745 1.375 Software and building maintenance
Outsourcing 1.934 1.192 Outsourcing
Liabilitas sewa 1.219 1.082 Lease liabilities
Lain-lain 14.695 8.361 Others
27.536 16.745
Pihak berelasi Related parties
Lain-lain 149 148 Others 597
27.685 16.893
Utang jasa terutama terdiri dari biaya konsultan, Services payable mainly consist of consultant,
auditor dan notaris.
PT Sarana Multigriya Finansial (Persero)
auditor and notary fees.
Liabilitas sewa merupakan liabilitas kepada pihak Lease liabilities represents liabilities to third parties
ketiga atas aset hak guna berupa kendaraan, mesin for right-of-use assets such as vehicle, photocopy
fotokopi, ruang penyimpanan dan collocation data machine, storage space and collocation data center
center dengan rata-rata masa sewa adalah 2 tahun with average lease term is 2 years and can be
dan dapat diperpanjang secara otomatis. extended automatically.
Beban bunga liabilitas sewa untuk tahun yang Interest expense from lease liabilities for the year
berakhir pada tanggal 31 Desember 2025 dan 2024 ended December 31, 2025 and 2024 amounting to
masing-masing adalah sebesar Rp154 dan Rp193 Rp154 and Rp193 (Note 26), respectively.
(Catatan 26).
Lain-lain kepada pihak ketiga terutama terdiri dari Others to third party mainly consists of bond
utang biaya penerbitan obligasi dan sekuritisasi, issuance and securitization costs payable, employee
utang kesejahteraan karyawan, utang sewa jangka welfare expense, short-term leases payable and
pendek dan utang biaya sponsorship dan lain-lain sponsorship expense payable and others to related
kepada pihak berelasi mencakup biaya imbalan party consists of fee for service provider related to
penyedia jasa Aset KPR BTN dan BMI. residential mortgage loan (KPR Asset) of BTN.
78
Page 598
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
17. UTANG LAIN-LAIN (lanjutan) 17. OTHER PAYABLES (continued)
Lihat Catatan 30 untuk rincian saldo dan transaksi Refer to Note 30 for details of related parties
pihak berelasi. balances and transactions.
Pada tanggal-tanggal 31 Desember 2025 dan 2024, As of December 31, 2025 and 2024, other payables
utang lain-lain tidak dikenakan bunga baik untuk is not subject to interest either for related parties or
pihak berelasi maupun untuk pihak ketiga. for third parties.
18. PERPAJAKAN 18. TAXATION
a. Utang pajak a. Taxes payable
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pajak penghasilan badan Corporate income tax
Pasal 25/29 2.823 3.665 article 25/29
Pajak lainnya Other taxes
Pasal 21 694 345 Article 21
Pasal 22 15 32 Article 22
Pasal 23 122 186 Article 23
Pasal 4 ayat (2) 18 7 Article 4 (2)
Pajak Pertambahan Nilai - neto 826 979 Value Added Tax - net
598
1.675 1.549
4.498 5.214
b. Pajak penghasilan badan b. Corporate income tax
Laporan Tahunan 2025 Annual Report
Tahun yang Berakhir pada Tanggal
31 Desember/
Year Ended December 31,
2025 2024
Pajak Kini Current Tax
Penyesuaian atas pembetulan Adjustment on prior
SPT tahun sebelumnya 116 - year SPT revision
Tahun ini 3.370 32.556 Current year
Beban/(manfaat) pajak tangguhan 20.006 (1.914) Deferred tax expense/(benefit)
23.492 30.642
Rekonsiliasi antara beban pajak penghasilan The reconciliation between income tax expense
dengan hasil perkalian laba akuntansi sebelum and the theoretical tax amount on the Company’s
pajak penghasilan dan tarif pajak yang berlaku income before income tax are as follows:
adalah sebagai berikut:
Tahun yang Berakhir pada Tanggal
31 Desember/
Year Ended December 31,
2025 2024
Laba sebelum beban Income before income
pajak penghasilan 588.885 570.476 tax expense
Pajak dihitung pada
tarif pajak yang berlaku 129.555 125.505 Tax calculated at current tax rates
Perbedaan permanen (123.121) (94.863) Permanent differences
Penyesuaian atas aset Adjustment of deferred
pajak tangguhan 16.942 - tax assets
Penyesuaian atas pembetulan Adjustment on prior
SPT tahun-tahun sebelumnya 116 - years SPT revision
Beban pajak penghasilan 23.492 30.642 Income tax expense
79
Page 599
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
18. PERPAJAKAN (lanjutan) 18. TAXATION (continued)
b. Pajak penghasilan badan (lanjutan) b. Corporate income tax (continued)
Rekonsiliasi antara beban pajak penghasilan The reconciliation between income tax expense
dengan hasil perkalian laba akuntansi sebelum and the theoretical tax amount on the Company’s
pajak penghasilan dan tarif pajak yang berlaku income before income tax are as follows:
adalah sebagai berikut: (lanjutan) (continued)
Tahun yang Berakhir pada Tanggal
31 Desember/
Year Ended December 31,
2025 2024
Laba sebelum beban Income before
pajak penghasilan 588.885 570.476 income tax expense
Beda tetap: Permanent differences:
Beban hubungan masyarakat
dan rapat 3.911 4.077 Public relation and meeting expense
Beban jasa kustodian 357 483 Custody service expense
Pendapatan bunga yang
dikenakan pajak final (711.183) (545.974) Interest income subject to final tax
Beban pajak final 127.634 96.836 Final tax expense
Lain-lain 19.639 13.383 Others
(559.642) (431.195)
Beda temporer: Temporary differences:
Liabilitas imbalan pasca Post-employment benefit and
kerja dan jangka panjang lain 4.291 177 other long-term benefit liabilities
Penyusutan aset tetap dan Fixed assets depreciation
amortisasi aset tidak berwujud 1.835 291 and intangible asset amortization
Penyisihan bonus dan tantiem 1.685 5.883 Provision for bonus and tantiem
Akrual beban personalia 1.684 603 Personnel accrued expense
Cadangan kerugian penurunan nilai (23.422) 1.746 Allowance for impairment losses
(13.927) 8.700
599
Taksiran penghasilan kena pajak 15.316 147.981 Estimated taxable income
Estimasi beban pajak penghasilan 3.370 32.556 Estimated income tax expense
Pajak penghasilan dibayar dimuka (547) (28.891) Prepaid of income taxes
Utang pajak penghasilan 2.823 3.665 Income tax payable
PT Sarana Multigriya Finansial (Persero)
Taksiran penghasilan kena pajak hasil Estimated taxable income from the reconciliation
rekonsiliasi akan digunakan sebagai dasar untuk will be used as basis for preparing annual tax
menyiapkan Surat Pemberitahuan Pajak (SPT) return (SPT) for the year ended December 31,
untuk tahun yang berakhir pada tanggal 2025.
31 Desember 2025.
Laba kena pajak hasil rekonsiliasi menjadi dasar Taxable income from the reconciliation will be
dalam pengisian SPT Tahunan Perseroan Tahun used as the basis for preparing Annual Tax
2025. Return 2025.
Perhitungan pajak penghasilan badan untuk The calculations of income tax for the year ended
tahun yang berakhir tanggal 31 Desember 2024 December 31, 2024 conform to the Company’s
adalah sesuai dengan SPT Tahunan Perseroan. Annual Tax Return.
80
Page 600
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
18. PERPAJAKAN (lanjutan) 18. TAXATION (continued)
b. Pajak penghasilan badan (lanjutan) b. Corporate income tax (continued)
Pada tanggal 16 Oktober 2025, Perseroan telah On October 16, 2025, the Company signed
menandatangani Berita Acara Pelaksanaan the Minutes of Implementation of the Request for
Permintaan Penjelasan atas Data dan/atau Explanation of Data and/or Information Number:
Keterangan Nomor: BA80/P2DK/KPP.190407/ BA-80/P2DK/KPP.190407/2025 for the 2022
2025 untuk Tahun Buku 2022 dengan tambahan Fiscal Year with an additional PPh 29 tax payable
utang pajak PPh 29 sebesar Rp116. Perseroan of Rp116. The Company has made payments
sudah melakukan pembayaran dan melaporkan and submitted the revision on the Company’s
pembetulan SPT Tahunan Perseroan untuk Annual Tax Return for 2022 on November 10,
tahun fiskal 2022 pada tanggal 10 November 2025.
2025.
c. Aset pajak tangguhan c. Deferred tax assets
Pengaruh pajak atas perbedaan temporer yang The tax effects on significant temporary
signifikan antara pelaporan komersial dan pajak differences between commercial reporting and
adalah sebagai berikut: tax purposes are as follows:
31 Desember/December 31, 2025
Dibebankan/
(dikreditkan) ke
penghasilan
600 Dibebankan/ komprehensif
(dikreditkan) ke lain/Charged/
laporan laba rugi/ (credited) to
31 Desember/ Charged/ other 31 Desember/
December 31, (credited) comprehensive December 31,
2024 to profit or loss income 2025
Laporan Tahunan 2025 Annual Report
Penyisihan bonus Provision for bonus
dan tantiem 5.996 371 - 6.367 and tantiem
Liabilitas imbalan pasca Post employment benefits and
kerja dan jangka panjang lain 2.322 944 162 3.428 other long term benefit liabilities
Akrual beban personalia 1.165 370 - 1.535 Personnel accrued expense
Selisih nilai buku aset tetap Differences in net book
dan aset tidak berwujud value of fixed assets and
antara dasar pengenaan intangible asset between
pajak dan akuntansi 652 404 - 1.056 tax and accounting bases
Selisih cadangan kerugian Difference of allowance
penurunan nilai antara for impairment losses between
fiskal dan komersial 22.315 (22.095) - 220 fiscal and commercial
Kerugian yang belum Unrealized loss on
direalisasi atas EBA yang RMBS other long term
diklasifikasikan sebagai FVTOCI 482 - (766) (284) benefit liabilities
Keuntungan yang belum
direalisasi atas SUN yang Unrealized gain on SUN
diklasifikasikan sebagai FVTOCI 13 - (9.574) (9.561) classified as FVTOCI
Kerugian yang
belum direalisasi atas Aset Unrealized loss
KPR yang diklasifikasikan on KPR Assets
sebagai FVTOCI 48 - (10) 38 classified as FVTOCI
Kerugian yang
belum direalisasi atas Unrealized loss on
investasi saham yang share investment
diklasifikasikan sebagai FVTOCI 354 - 3.204 3.558 classified as FVTOCI
Aset pajak tangguhan - neto 33.347 (20.006) (6.984) 6.357 Deffered tax assets - net
81
Page 601
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
18. PERPAJAKAN (lanjutan) 18. TAXATION (continued)
c. Aset pajak tangguhan (lanjutan) c. Deferred tax assets (continued)
Pengaruh pajak atas perbedaan temporer yang The tax effects on significant temporary
signifikan antara pelaporan komersial dan pajak differences between commercial reporting and
adalah sebagai berikut: (lanjutan) tax purposes are as follows: (continued)
31 Desember/December 31, 2024
Dibebankan/
(dikreditkan) ke
penghasilan
Dibebankan/ komprehensif
(dikreditkan) ke lain/Charged/
laporan laba rugi/ (credited) to
31 Desember/ Charged/ other 31 Desember/
December 31, (credited) comprehensive December 31,
2023 to profit or loss income 2024
Penyisihan bonus Provision for bonus
dan tantiem 4.702 1.294 - 5.996 and tantiem
Liabilitas imbalan pasca Post employment benefits and
kerja dan jangka panjang lain 2.360 39 (77) 2.322 other long term benefit liabilities
Akrual beban personalia 1.032 133 - 1.165 Personnel accrued expense
Selisih nilai buku aset tetap Differences in net book
dan aset tidak berwujud value of fixed assets and
antara dasar pengenaan intangible asset between
pajak dan akuntansi 588 64 - 652 tax and accounting bases
Selisih cadangan kerugian Difference of allowance
penurunan nilai antara for impairment losses between
fiskal dan komersial 21.931 384 - 22.315 fiscal and commercial
Kerugian yang belum Unrealized loss on
direalisasi atas EBA yang RMBS other long term
diklasifikasikan sebagai FVTOCI 859 - (377) 482 benefit liabilities
Keuntungan yang belum
direalisasi atas SUN yang Unrealized gain on SUN
diklasifikasikan sebagai FVTOCI (1.719) - 1.732 13 classified as FVTOCI
Kerugian yang
belum direalisasi atas Aset Unrealized loss
KPR yang diklasifikasikan on KPR Assets
sebagai FVTOCI 145 - (97) 48 classified as FVTOCI
Kerugian yang
belum direalisasi atas Unrealized loss on
investasi saham yang share investment
diklasifikasikan sebagai FVTOCI 303 - 51 354 classified as FVTOCI
Aset pajak tangguhan - neto 30.201 1.914 1.232 33.347 Deffered tax assets - net
Manajemen berkeyakinan bahwa nilai aset pajak The Management believes that the deferred tax 601
tangguhan di atas dapat dipulihkan. asset balances above can be recovered.
Sesuai dengan ketentuan peralihan dalam Based on the transitional provisions in the
Peraturan Menteri Keuangan Republik Indonesia Regulation of the Minister of Finance of the
Nomor 74 Tahun 2024, Perseroan telah Republic of Indonesia Number 74 of 2024, the
PT Sarana Multigriya Finansial (Persero)
melaksanakan perhitungan nilai tercatat Company has calculated the carrying value of the
cadangan piutang tak tertagih untuk awal tahun allowance for doubtful accounts for the beginning
fiskal 2024 dengan selisih lebih sebesar of the fiscal year 2024, and the excess of
Rp98.729. Pada tahun 2025, Perseroan Rp98,729. In 2025, the Company decided to
memutuskan untuk menggunakan selisih lebih utilize an excess amount of Rp21,720 during the
sebesar Rp21.720 pada tahun fiskal 2025 dan 2025 fiscal year, while the remaining amount of
sisanya sebesar Rp77.009 tidak dimanfaatkan Rp77,009 was not utilized by the Company.
oleh Perseroan. Terkait dengan hal tersebut, Accordingly, the portion of deferred tax assets
aset pajak tangguhan yang tidak dimanfaatkan that is utilized by the Company amounting to
Perseroan adalah sebesar Rp16.942. Rp16,942.
82
Page 602
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
18. PERPAJAKAN (lanjutan) 18. TAXATION (continued)
d. Administrasi d. Administration
Sesuai dengan Peraturan Presiden Republik In accordance with President of the Republic of
Indonesia No. 1 Tahun 2008 tentang Perubahan Indonesia Regulation No. 1 year 2008 which
atas Peraturan Presiden Republik Indonesia amended the President of the Republic of
No. 19 Tahun 2005 yang kemudian diubah Indonesia Regulation No. 19 year 2005, last
dengan Peraturan Presiden Republik Indonesia amendment by President of the Republic of
No. 100 tahun 2020 tanggal 12 Oktober 2022 Indonesia Regulation No. 100 year 2020 dated
tentang Pembiayaan Sekunder Perumahan, untuk October 12, 2022 regarding the Secondary
tujuan perpajakan, Perseroan memenuhi kriteria Mortgage Financing, for taxation purposes, the
sebagai lembaga keuangan sesuai dengan Company meets the criteria of financial institution
Undang-Undang Pajak Penghasilan No. 36 tahun according to Income Tax Law No. 36 year 2008
2008 dan Peraturan Menteri Keuangan and Minister of Finance Regulation No.
No. 251/PMK.03/2008 tanggal 31 Desember 251/PMK.03/2008 dated December 31, 2008,
2008, sehingga mulai tahun fiskal 2009, atas therefore starting from fiscal year 2009, there is
pendapatan bunga penyaluran pinjaman tidak no withholding tax article 23 on interest income
dipotong pajak penghasilan pasal 23. from loans.
Berdasarkan Undang-Undang Perpajakan yang Under the taxation laws of Indonesia, the Company
berlaku di Indonesia, Perseroan menghitung, submits tax returns on the basis of self
menetapkan dan membayar sendiri besarnya assessment. The Directorate General of Taxes
jumlah pajak yang terutang. Direktur Jenderal (“DJP”) may assess or amend taxes within five
Pajak (“DJP”) dapat menetapkan atau mengubah years since the time the tax becomes due.
602 liabilitas pajak dalam batas waktu lima tahun sejak
saat terutangnya pajak.
Pada tanggal 7 Oktober 2021, Pemerintah On October 7, 2021, the Government of the
Republik Indonesia mengesahkan Undang- Republic of Indonesia ratified the Harmonization
Laporan Tahunan 2025 Annual Report
Undang (UU) Harmonisasi Peraturan Perpajakan of Tax Regulations (HPP) Law. In the HPP Law,
(HPP). Dalam UU HPP tersebut ditetapkan tarif the corporate income tax rate is set at 22% for
PPH Badan sebesar 22% untuk tahun pajak 2022 the fiscal year 2022 and beyond. In accordance
dan seterusnya. Sesuai dengan Peraturan with the Regulation, the Company has calculated
tersebut, Perseroan telah menghitung pajak its corporate income tax for the years ended
penghasilan badan untuk tahun yang berakhir December 31, 2025 and 2024 using the tax rate of
pada tanggal 31 Desember 2025 dan 2024 22%.
menggunakan tarif pajak 22%.
Aset dan liabilitas pajak tangguhan pada tanggal Deferred tax assets and liabilities as at December
31 Desember 2025 dan 2024 juga telah dihitung 31, 2025 and 2024 have also been calculated
dengan menggunakan tarif pajak 22% yang using the tax rates 22% which are expected to be
diekspektasikan akan berlaku di periode dimana applicable in the period in which the deferred tax
aset pajak tangguhan akan direalisasi atau assets will be realized or deferred tax liabilities will
liabilitas pajak tangguhan akan diselesaikan. be settled.
19. LIABILITAS IMBALAN KERJA 19. EMPLOYEE BENEFIT LIABILITIES
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Liabilitas imbalan kerja jangka pendek 35.917 32.548 Short-term employee benefit liabilities
Liabilitas imbalan pasca Post-employment benefit and
kerja dan jangka panjang lain 15.588 10.558 other long-term benefit liabilities
51.505 43.106
Liabilitas imbalan kerja jangka pendek terdiri dari Short-term employee benefit liabilities are consisting
penyisihan bonus, tunjangan cuti karyawan dan of bonus provision, employee leave allowances and
tunjangan THR dan imbalan jangka pendek lainnya. THR allowance and other short term benefit.
83
Page 603
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
19. LIABILITAS IMBALAN KERJA (lanjutan) 19. EMPLOYEE BENEFIT LIABILITIES (continued)
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Tunjangan cuti, THR, Leave,THR allowances,
dan imbalan kerja and other short-
jangka pendek lainnya term benefit
Pihak ketiga Third parties
Karyawan 6.193 4.512 Employees
Pihak berelasi Related parties
Personil manajemen Key management
kunci 784 781 personnel
Penyisihan bonus Provision for bonus
Pihak ketiga Third parties
Karyawan 20.390 19.308 Employees
Pihak berelasi Related parties
Personil manajemen Key management
kunci (tantiem) 8.550 7.947 personnel (tantiem)
35.917 32.548
Lihat Catatan 30 untuk rincian saldo dan transaksi Refer to Note 30 for details of related parties
pihak-pihak berelasi. balances and transactions.
Liabilitas imbalan pasca kerja dan jangka Post-employment benefit and other long-term
panjang lainnya benefit liabilities
Perseroan memberikan imbalan kerja untuk The Company provides employee benefit to its
karyawan yang telah mencapai usia pensiunnya employees who reach the retirement age of 56
yaitu 56 tahun, sesuai dengan Undang-Undang years in accordance with Law No. 6 Year 2023 and
Nomor 6 Tahun 2023 dan Peraturan Pemerintah Government Regulation No. 35 Year 2021 and
No. 35 Tahun 2021 dan Kepala Dinas Tenaga Kerja Decision of the Head of Department of Manpower
dan Transmigrasi Provinsi DKI Jakarta tentang and Transmigration of DKI Jakarta Province
pengesahan peraturan Perseroan No. 1201/PP/L/X/ concerning the ratification of the Company’s
SS/2025 tanggal 20 Oktober 2025. regulation No. 1201/PP/L/X/SS/2025 dated
October 20, 2025.
603
Semenjak tahun 2012, Perseroan telah mengambil Starting in 2012, the Company has decided to
kebijakan untuk memberikan kontribusi sebesar contribute 7.00% of the employees’ basic salary to
7,00% dari gaji pokok karyawan setiap bulannya ke Dana Pensiun Lembaga Keuangan (DPLK) every
Dana Pensiun Lembaga Keuangan (DPLK). month. The contribution is fully paid by the Company.
PT Sarana Multigriya Finansial (Persero)
Kontribusi tersebut sepenuhnya dibiayai oleh The accumulated DPLK balance will be used to offset
Perseroan. Akumulasi saldo DPLK dapat digunakan normal retirement benefit under Labor Law.
untuk membiayai imbalan pensiun normal sesuai
UUTK.
Pada tanggal 31 Desember 2025 dan 2024, As of December 31, 2025 and 2024, the accumulated
akumulasi saldo DPLK atas program iuran pasti balance of the DPLK for the defined contribution plan
adalah masing-masing sebesar Rp6.729 dan amounting to Rp6,729 and Rp5,751, respectively.
Rp5.751. Komposisi portofolio investasi yaitu pada The composition of the investment portfolio is
instrumen pasar uang sebesar 0%-40% dan 0%-40% in money market instruments and 60%-
instrumen pendapatan tetap 60%-100%. 100% fixed income instruments.
Mulai tahun 2025, Perseroan juga memberikan Starting 2025, the Company also provides umrah
imbalan berupa umroh untuk karyawan yang pensiun benefit for employees who pension at Company and
di Perseroan dan telah memiliki masa kerja lebih dari have already worked for more than 15 (fifteen) years,
15 (lima belas) tahun, dan pasangannya. Imbalan and his/her spouse. Travel benefit with similar price
perjalanan sebesar biaya umroh diberikan kepada of umroh will be given for non-muslim employees.
karyawan yang tidak beragama islam.
84
Page 604
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
19. LIABILITAS IMBALAN KERJA (lanjutan) 19. EMPLOYEE BENEFIT LIABILITIES (continued)
Liabilitas imbalan pasca kerja dan jangka Post-employment benefit and other long-term
panjang lainnya (lanjutan) benefit liabilities (continued)
Imbalan tambahan berupa imbalan penghargaan Additional benefit in the form of service award
masa bakti, tunjangan kesehatan, serta bantuan benefit, health allowance, educational assistance is
pendidikan juga diberikan untuk karyawan yang also given for employees who pension at Company
pensiun di Perseroan dan telah memiliki masa kerja and have already worked for more than 10 (ten)
lebih dari 10 (sepuluh) tahun. years.
Perseroan juga memberikan cuti besar sebanyak The Company also provides long service leave for
2 (dua) bulan kepada karyawan yang telah memiliki 2 (two) months to employees who have reached 6
masa kerja 6 (enam) tahun dan berlaku kelipatan. (six) consecutive years of service period. This long
Cuti besar ini dapat diambil pada tahun ke tujuh dan service leave can be taken on the seventh and eighth
ke delapan. year.
Di tahun 2024, Perseroan memberikan imbalan- In 2024, the Company provides long-term benefits in
imbalan jangka panjang berupa emas 5 gram kepada the form of 5 gram of gold for employees who have
karyawan yang telah memiliki masa kerja 5 (lima) reached 5 (five) consecutive years of service and
tahun dan setiap kelipatan 5 (lima) tahun hingga further for every 5 (five) years of service period up to
tahun ke 25. Imbalan pemberian emas ini sudah tidak 25th year. This gold benefit is no longer exist in 2025.
berlaku lagi di tahun 2025.
604
Tabel berikut menyajikan ringkasan komponen The following table presents a summary of employee
beban imbalan kerja karyawan yang dicatat di benefit components expense recognized in profit or
laporan laba rugi dan diakui dalam laporan posisi loss and the amount recognized in the statement of
keuangan untuk liabilitas imbalan pasca kerja financial position for post-employment benefit
karyawan, sesuai perhitungan yang dilakukan oleh liabilities, as calculated by Actuarial Consulting Firm
Laporan Tahunan 2025 Annual Report
Kantor Konsultan Aktuaria Steven & Mourits, aktuaris Steven & Mourits, an independent actuary using the
independen menggunakan metode ‘‘Projected Unit ‘‘Projected Unit Method’’ in its report dated February
Method’’ dalam laporannya tertanggal 20 Februari 20, 2026 and February 10, 2025.
2026 dan 10 Februari 2025.
a. Beban imbalan pasca kerja karyawan dan jangka a. Employee benefit and other long-term benefit
panjang lainnya untuk tahun yang berakhir pada expense for the years ended December 31, 2025
tanggal-tanggal 31 Desember 2025 dan 2024: and 2024 are as follows:
Tahun yang berakhir pada tanggal 31 Desember 2025/
Year ended December 31, 2025
Imbalan jangka karyawan
Imbalan pasca kerja/ panjang lainnya/ kontrak/Contract
Post-employment Other long-term employee
Beneft benefit benefit Total
Beban jasa kini 2.700 729 - 3.429 Current service cost
Beban jasa lalu 3.696 (1.125) - 2.571 Past service cost
Biaya bunga 277 263 - 540 Interest cost
6.673 (133) - 6.540
Tahun yang berakhir pada tanggal 31 Desember 2024/
Year ended December 31, 2024
Imbalan jangka karyawan
Imbalan pasca kerja/ panjang lainnya/ kontrak/Contract
Post-employment Other long-term employee
Beneft benefit benefit Total
Beban jasa kini 861 1.852 - 2.713 Current service cost
Beban jasa lalu 4 (1.278) - (1.274) Past service cost
Biaya bunga 247 358 - 605 Interest cost
1.112 932 - 2.044
85
Page 605
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
19. LIABILITAS IMBALAN KERJA (lanjutan) 19. EMPLOYEE BENEFIT LIABILITIES (continued)
Liabilitas imbalan pasca kerja dan jangka Post-employment benefit and other long-term
panjang lainnya (lanjutan) benefit liabilities (continued)
b. Mutasi nilai kini kewajiban untuk tahun yang b. The movement in the present value of obligation
berakhir pada tanggal-tanggal 31 Desember for the years ended December 31, 2025 and 2024
2025 dan 2024: is as follows:
31 Desember 2025/December 31, 2025
Imbalan jangka Karyawan
Imbalan pasca kerja/ panjang lainnya/ kontrak/Contract
Post-employment Other long-term employee
Beneft benefit benefit Total
Present value of
Nilai kewajiban kini 3.979 6.579 - 10.558 obligation
Beban jasa kini 2.700 729 - 3.429 Current service cost
Beban jasa lalu 3.696 (1.125) - 2.571 Past service cost
Biaya bunga 277 263 - 540 Interest cost
Pembayaran imbalan
kerja (1.915) (334) - (2.249) Benefit payment
Keuntungan aktuarial 739 - - 739 Actuarial gain
9.476 6.112 - 15.588
31 Desember 2024/December 31, 2024
Imbalan jangka Karyawan
Imbalan pasca kerja/ panjang lainnya/ kontrak/Contract
Post-employment Other long-term employee
Beneft benefit benefit Total
Present value of
Nilai kewajiban kini 3.712 7.017 - 10.729 obligation
Beban jasa kini 861 1.852 - 2.713 Current service cost
Beban jasa lalu 4 (1.278) - (1.274) Past service cost
Biaya bunga 247 358 - 605 Interest cost
Pembayaran imbalan
kerja (498) (1.370) - (1.868) Benefit payment
Keuntungan aktuarial (347) - - (347) Actuarial gain 605
3.979 6.579 --
10.558
c. Asumsi dasar yang digunakan dalam c. The principal assumptions used in determining
menentukan kewajiban imbalan kerja karyawan the employee benefit and other long-term benefit
PT Sarana Multigriya Finansial (Persero)
dan jangka panjang lainnya untuk tahun yang liabilities for the years ended December 31, 2025
berakhir pada tanggal-tanggal 31 Desember and 2024:
2025 dan 2024:
2025 2024
Asumsi ekonomi: Economic assumptions:
Tingkat diskonto 6,45% 7,10% Discount rate
Tingkat kenaikan gaji 7,00% 7,00% Salary increase rate
Tingkat kenaikan harga emas - 8,00% Rate of increase in gold price
Asumsi harga umroh Rp37,4 - Umrah price assumption
Asumsi tingkat kenaikan Rate of increase in umrah
harga umroh 5,00% - price assumption
Asumsi lainnya: Other assumptions:
Tingkat kematian 100% TMI IV 100% TMI IV Mortality rate
Tingkat cacat 5% TMI IV 5% TMI IV Disability rate
Tingkat
pengunduran diri 10% per tahun hingga usia 25 tahun 10% per tahun hingga usia 25 tahun Resignation rate
dan menurun secara linier hingga 1% dan menurun secara linier sampai
pada usia ke 45 tahun dengan 1% pada usia 45 tahun
dan setelahnya/10% per annum until dan setelahnya/10% per annum until
25 years old and decreased linearly 25 years old and decreased linearly
to 1% at 45 years old and afterwards to 1% at 45 years old and afterwards
Umur pensiun normal 56 tahun/years old 56 tahun/years old Normal retirement age
86
Page 606
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
19. LIABILITAS IMBALAN KERJA (lanjutan) 19. EMPLOYEE BENEFIT LIABILITIES (continued)
Liabilitas imbalan pasca kerja dan jangka Post-employment benefit and other long-term
panjang lainnya (lanjutan) benefit liabilities (continued)
d. Jatuh tempo dari liabilitas imbalan pasti yang d. Expected maturity analysis of undiscounted
tidak terdiskonto pada tanggal-tanggal defined benefits obligation as of December 31,
31 Desember 2025 dan 2024: 2025 and 2024:
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
1 tahun 644 821 1 year
>1-5 tahun 5.491 5.835 >1-5 years
>5-10 tahun 17.035 11.106 >5-10 years
>10 tahun 78.122 55.428 >10 years
Rata-rata durasi tertimbang liabilitas imbalan The weighted average duration of the defined
pasti di akhir periode pelaporan untuk tanggal benefits plan liabilities at the end of the reporting
31 Desember 2025 adalah 12,25 tahun dan period for the Company as of December 31, 2025
11,83 tahun. and 2024 is 12.25 years and 11.83 years.
Tabel berikut menunjukkan sensitivitas atas The following table demonstrates the sensitivity
kemungkinan perubahan suku bunga pasar, to a reasonably possible change in market
606
dengan variabel lain dianggap tetap, terhadap interest rates, with all other variables held
liabilitas imbalan pasca kerja karyawan: constant, of the post-employment benefit
liabilities:
31 Desember/ 31 Desember/
Laporan Tahunan 2025 Annual Report
December 31, December 31,
2025 2024
Kenaikan tingkat diskonto 1% (854) (330) Increase in discount rate by 1%
Penurunan tingkat diskonto 1% 979 373 Decrease in discount rate by 1%
Kenaikan tingkat gaji 1% 1.588 878 Increase in salary increase rate by 1%
Penurunan tingkat kenaikan gaji 1% (1.508) (721) Decrease in salary increase rate by 1%
Tabel berikut menunjukkan sensitivitas atas The following table demonstrates the sensitivity
kemungkinan perubahan tingkat diskonto dan to a reasonably possible change in discount rate
tingkat gaji dengan variabel lain dianggap tetap and salary rate with all other variables held
terhadap nilai kini liabilitas imbalan jangka constant of the present value of other long-term
panjang lainnya: benefits liabilities:
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Kenaikan tingkat diskonto 1% (421) (401) Increase in discount rate by 1%
Penurunan tingkat diskonto 1% 478 450 Decrease in discount rate by 1%
Kenaikan tingkat gaji 1% 501 477 Increase in salary increase rate by 1%
Penurunan tingkat kenaikan gaji 1% (449) (433) Decrease in salary increase rate by 1%
20. UTANG BANK 20. BANK LOANS
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pihak ketiga Third parties
PT Bank Permata Tbk 2.575.000 2.720.000 PT Bank Permata Tbk
PT Bank UOB Indonesia 1.750.000 750.000 PT Bank UOB Indonesia
PT Bank Central Asia Tbk 1.000.000 500.000 PT Bank Central Asia Tbk
PT Bank HSBC Indonesia Tbk 1.000.000 - PT Bank HSBC Indonesia Tbk
PT Bank SMBC Indonesia Tbk 1.000.000 500.000 PT Bank SMBC Indonesia Tbk
PT Bank Maybank Indonesia Tbk 1.000.000 500.000 PT Bank Maybank Indonesia Tbk
PT Bank CIMB Niaga Tbk 1.000.000 - PT. Bank CIMB Niaga Tbk
87
Page 607
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
20. UTANG BANK (lanjutan) 20. BANK LOANS (continued)
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pihak ketiga (lanjutan) Third parties (continued)
PT Bank Danamon Indonesia Tbk 750.000 500.000 PT Bank Danamon Indonesia Tbk
PT Bank Victoria International Tbk 700.000 500.000 PT Bank Victoria International Tbk
PT Bank China Construction PT Bank China Construction
Bank Indonesia Tbk 600.000 600.000 Bank Indonesia Tbk
PT Bank Maspion Indonesia Tbk 500.000 - PT Bank Maspion Indonesia Tbk
PT Bank ICBC Indonesia 400.000 400.000 PT Bank ICBC Indonesia
PT Bank Pan Indonesia Tbk 261.667 - PT Bank Pan Indonesia Tbk
PT Bank BTPN Syariah Tbk 200.000 100.000 PT Bank BTPN Syariah Tbk
PT Bank DBS Indonesia 200.000 - PT Bank DBS Indonesia
PT Bank CTBC Indonesia 100.000 150.000 PT Bank CTBC Indonesia
Dikurangi: Less:
Biaya transaksi Unamortized
yang belum diamortisasi (1.336) (521) transaction costs
13.035.331 7.219.479
Pihak berelasi Related parties
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk 1.450.000 - (Persero) Tbk
PT Bank Mandiri (Persero) Tbk - 2.500.000 PT Bank Mandiri (Persero) Tbk
1.450.000 2.500.000
14.485.331 9.719.479
PT Bank Negara Indonesia (Persero) Tbk PT Bank Negara Indonesia (Persero) Tbk
Berdasarkan Perjanjian Modal Kerja No. 2 tanggal Based on the Loan Facility Agreement No. 2 dated
15 Mei 2025, PT Bank Negara Indonesia (Persero) May 15, 2025, PT Bank Negara Indonesia (Persero)
Tbk memberikan fasilitas kredit modal kerja dengan Tbk agreed to provide a long-term financing facility
jumlah maksimum dana yang disediakan sebesar with maximum available fund amounting to
Rp1.450.000 dan jatuh tempo pada 14 Mei 2029. Rp1,450,000 and which will mature on May 14,
2029. 607
Pada tanggal 31 Desember 2025, Perseroan As of December 31, 2025, the Company has long-
memiliki saldo atas fasilitas kredit jangka panjang term loan balance facilities amounting to
sebesar Rp1.000.000 dan Rp450.000 dengan suku Rp1,000,000 and Rp450,000 with interest rate of
bunga sebesar 6,20% per tahun yang akan jatuh 6.20% p.a. which will mature on May 28, 2026 and
PT Sarana Multigriya Finansial (Persero)
tempo masing-masing pada tanggal 28 Mei 2026 June 30, 2026, respectively.
dan 30 Juni 2026.
Tidak ada jaminan untuk fasilitas-fasilitas The fund borrowings are unsecured for all bank
pembiayaan yang diberikan. financing facilities.
Dalam perjanjian pembiayaan PT Bank Negara Under PT Bank Negara Indonesia (Persero) Tbk
Indonesia (Persero) Tbk, Perseroan diwajibkan loan agreements, the Company is obliged to fulfill
memenuhi beberapa persyaratan keuangan. certain financial covenant.
Persyaratan keuangan yang harus dipatuhi The financial covenant that must be fulfilled by the
Perseroan adalah pemenuhan gearing ratio sebesar Company are the maximum debt to equity ratio of 7
maksimal 7 kali dan menjaga current ratio minimal times and to keep current asset ratio at minimum of
1,10 (satu koma satu) kali. balance 1.10 (one point one) times.
88
Page 608
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
20. UTANG BANK (lanjutan) 20. BANK LOANS (continued)
PT Bank Mandiri (Persero) Tbk PT Bank Mandiri (Persero) Tbk
Berdasarkan Akta Perjanjian Kredit No. 23 tanggal Based on the Credit Agreement Deed No. 23 dated
31 Oktober 2017, PT Bank Mandiri (Persero) Tbk October 31, 2017, PT Bank Mandiri (Persero) Tbk
setuju memberikan fasilitas kredit jangka pendek agreed to provide a short-term loan facility with
dengan jumlah maksimum dana yang disediakan maximum available fund amounting to Rp500,000.
sebesar Rp500.000.
Perjanjian Kredit untuk fasilitas kredit jangka pendek The Agreement for the short-term loan facility has
ini telah mengalami beberapa kali perubahan, been changed several times, the last change of the
perubahan terakhir atas fasilitas adalah berdasarkan facility based on in the Loan Agreement dated
Perjanjian Kredit tanggal 31 Oktober 2025 dengan October 31, 2025 with maximum available fund
jumlah maksimum dana yang disediakan sebesar amounting to Rp2,500,000 which will mature on
Rp2.500.000 dengan jatuh tempo pada tanggal October 30, 2026.
30 Oktober 2026.
Pada tanggal 31 Desember 2024, Perseroan As of December 31, 2024, the Company has
memiliki saldo atas fasilitas-fasilitas kredit jangka short-term loan balance facilities amounting to
pendek masing-masing sebesar Rp800.000 dengan Rp800,000 with an interest rate of 6.80% p.a. and
suku bunga 6,80% per tahun dan Rp1.700.000 Rp1,700,000 with an interest rate of 6.85% p.a. which
dengan suku bunga 6,85% per tahun yang masing- matured on February 21, 2025 and March 14, 2025,
608 masing telah jatuh tempo pada tanggal 21 Februari respectively.
2025 dan 14 Maret 2025.
Tidak ada jaminan untuk fasilitas-fasilitas pinjaman The fund borrowings are unsecured for all bank loan
yang diberikan. facilities.
Laporan Tahunan 2025 Annual Report
Dalam perjanjian pinjaman PT Bank Mandiri Under PT Bank Mandiri (Persero) Tbk loan
(Persero) Tbk, Perseroan diwajibkan memenuhi agreements, the Company is obliged to fulfill certain
beberapa persyaratan keuangan dan persyaratan financial covenants and negative covenants.
negatif (negative covenants).
Persyaratan keuangan yang harus dipatuhi The financial covenants that must be fulfilled by the
Perseroan di antaranya adalah pemenuhan gearing Company, among others is to meet the maximum
ratio sebesar maksimal 7 kali. gearing ratio of 7 times.
Persyaratan negatif mencakup, Perseroan The negative covenants included, the Company shall
memberitahukan secara tertulis kepada PT Bank notify PT Bank Mandiri (Persero) Tbk in writing no
Mandiri (Persero) Tbk selambat-lambatnya 30 (hari) later than 30 (days) calender after the occurrence of
kalender setelah terjadi hal-hal sebagai berikut: the following events:
- Pembagian dividen; - Distribution of dividends;
- Pembayaran atas penerimaan negara bukan - Payment of non-tax state revenue to the
pajak ke Pemerintah; Government;
- Perubahan susunan pengurus; - Changes in the composition of the
management;
- Mengadakan penyertaan baru dalam - Holding new investments in other companies
perusahaan-perusahaan lain dan/atau turut and/or co-financing other companies outside of
membiayai perusahaan-perusahaan lain di luar the Company's operational activities, unless the
kegiatan operasional Perseroan, kecuali new investments and financing have been
penyertaan baru dan pembiayaan tersebut approved in the latest and still valid Corporate
sudah disetujui di dalam Rencana Kerja Work Plan and Budget; and
Anggaran Perusahaan yang terbaru dan masih
berlaku; dan
- Mengadakan investasi baru (Corporate Action) - Conducting new investment (Corporate Action)
kecuali Corporate Action tersebut sudah unless the Corporate Action has been approved
disetujui di dalam Rencana Kerja Anggaran in the latest and still valid Corporate Work Plan
Perusahaan yang terbaru dan masih berlaku and Budget.
89
Page 609
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
20. UTANG BANK (lanjutan) 20. BANK LOANS (continued)
PT Bank Permata Tbk PT Bank Permata Tbk
Berdasarkan Akta Perjanjian Kredit No. 15 tanggal Based on the Loan Agreement Deed No. 15 dated
23 September 2019, Perseroan telah memperoleh September 23, 2019, the Company obtained a short-
fasilitas kredit jangka pendek dari PT Bank Permata term loan facility from PT Bank Permata Tbk with
Tbk dengan jumlah maksimum dana yang maximum available fund amounting to Rp500,000.
disediakan sebesar Rp500.000.
Perjanjian Kredit untuk fasilitas kredit jangka pendek The Agreement for the short-term loan facility has
ini telah mengalami beberapa kali perubahan, been changed several times, the last change of the
perubahan terakhir atas fasilitas adalah berdasarkan facility based on in the Loan Agreement dated
Perjanjian Kredit tanggal 2 Desember 2024 dengan December 2, 2024 with maximum available fund
jumlah maksimum dana yang disediakan sebesar amounting to Rp1,000,000.
Rp1.000.000.
Perseroan juga memperoleh fasilitas-fasilitas kredit The Company also has the following long-term loan
jangka panjang sebagai berikut: facilities:
- Akta Perjanjian Kredit atas fasilitas term loan - Loan Agreement Deed No. 2 for term loan
No. 2 tanggal 27 Maret 2023 dengan jumlah facility dated March 27, 2023 with available
dana yang disediakan sebesar Rp1.150.000; fund amounting to Rp1,150,000;
- Adendum Perjanjian Pemberian Fasilitas - Addendum to the banking facility agreement
Perbankan No. 1 tanggal 5 Juni 2025 atas No. 1 dated June 5, 2025 for revolving loan
fasilitas revolving loan dengan jumlah dana facility with available fund amounting to
yang disediakan sebesar Rp1.800.000; dan Rp1,800,000; and
- Akta Perjanjian Kredit No. 2 atas Fasilitas - Loan Agreement Deed No. 2 for Money Market
Money market tanggal 2 Desember 2024. Facility dated December 2, 2024. This facility
Fasilitas ini telah mengalami beberapa kali has been changed several times, the last
perubahan, perubahan terakhir atas fasilitas ini change of the facility based on Addendum of
adalah berdasarkan Addendum Perjanjian Loan Agreement for Money Market Facility No.
Kredit No. 2517/MM/ADD/IX/2025/CG7 tanggal 2517/MM/ADD/IX/2025/CG7 dated August 15,
15 Agustus 2025 dengan jumlah dana yang 2025 with available fund amounting to
disediakan sebesar Rp1.000.000. Rp1,000,000.
Pada tanggal 31 Desember 2025, Perseroan As of December 31, 2025, the Company has loan 609
memiliki saldo atas fasilitas kredit sebagai berikut: credit balance facilities as follows:
- Saldo atas fasilitas jangka panjang sebesar - Term loan balance facility amounting to
Rp500.000 dengan suku bunga 6,60% per Rp500,000 with an interest rate of 6.60% p.a.
tahun, yang akan jatuh tempo pada tanggal which will mature on March 31, 2026.
31 Maret 2026.
PT Sarana Multigriya Finansial (Persero)
- Saldo atas fasilitas revolving loan sebesar - Revolving loan balance facility amounting to
Rp1.475.000 dengan suku bunga 6,52% per Rp1,475,000 with an interest rate of 6.52% p.a.
tahun, yang akan jatuh tempo pada tanggal which will mature on June 26, 2026.
26 Juni 2026.
- Saldo atas fasilitas kredit jangka pendek - Short-term loan balance facility amounting to
sebesar Rp600.000 dengan suku bunga 4,98% Rp600,000 with an interest rate of 4.98% p.a.
per tahun yang akan jatuh tempo pada tanggal which will mature on March 2, 2026.
2 Maret 2026.
Pada tanggal 31 Desember 2024, Perseroan As of December 31, 2024, the Company has loan
memiliki saldo atas fasilitas-fasilitas kredit sebagai credit balance facilities as follows:
berikut:
- Saldo atas fasilitas term loan sebesar - Term loan balance facility amounting to
Rp320.000 dengan suku bunga 7,50% per Rp320,000 with an interest rate of 7.50% p.a.
tahun yang jatuh tempo pada tanggal which matured on March 31, 2025;
31 Maret 2025;
- Saldo atas fasilitas term loan sebesar - Term loan balance facility amounting to
Rp700.000 dengan suku bunga 5,97% per Rp700,000 with an interest rate of 5.97% p.a.
tahun yang jatuh tempo pada tanggal which matured on September 19, 2025;
19 September 2025;
90
Page 610
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
20. UTANG BANK (lanjutan) 20. BANK LOANS (continued)
PT Bank Permata Tbk (lanjutan) PT Bank Permata Tbk (continued)
Pada tanggal 31 Desember 2024, Perseroan As of December 31, 2024, the Company has loan
memiliki saldo atas fasilitas-fasilitas kredit sebagai credit balance facilities as follows: (continued)
berikut: (lanjutan)
- Saldo atas fasilitas-fasilitas term loan masing- - Term loan balance facilities amounting to
masing sebesar Rp200.000 dengan suku Rp200,000 with an interest rate of 6.45% p.a.
bunga 6,45% per tahun dan Rp500.000 dengan and Rp500,000 with an interest rate of 6.60%
suku bunga 6,60% per tahun, yang akan jatuh p.a. which will mature on March 30, 2025 and
tempo pada tanggal 30 Maret 2025 dan March 31, 2026, respectively; and
31 Maret 2026; dan
- Saldo atas fasilitas kredit jangka pendek - short-term loan balance facility amounting to
sebesar Rp1.000.000 dengan suku bunga Rp1,000,000 with an interest rate of 6.20% p.a.
6,20% per tahun yang jatuh tempo pada which matured on March 6, 2025.
tanggal 6 Maret 2025.
Tidak ada jaminan untuk fasilitas-fasilitas pinjaman The fund borrowings are unsecured for all bank
yang diberikan. loan facilities.
Dalam perjanjian pinjaman PT Bank Permata Tbk, Under PT Bank Permata Tbk loan agreement, the
Perseroan diwajibkan memenuhi persyaratan Company is obliged to fulfill financial covenant to
610
keuangan di mana Perseroan harus menjaga rasio keep current ratio at minimum of 1:1, the productive
lancar minimum 1:1, rasio aktiva produktif dengan assets to debt ratio at minimum of 0.8:1 and
utang paling rendah sebesar 0,8:1, serta persyaratan negative covenants, i.e share ownership of the
negatif (negative covenants), yaitu kepemilikan Republic of Indonesia at not less than 51%.
saham Negara Republik Indonesia tidak kurang dari
Laporan Tahunan 2025 Annual Report
51%.
PT Bank UOB Indonesia PT Bank UOB Indonesia
Berdasarkan Akta Perjanjian Kredit No. 38 tanggal Based on the Loan Agreement Deed No. 38 dated
10 Desember 2020, PT Bank UOB Indonesia setuju December 10, 2020, PT Bank UOB Indonesia
memberikan fasilitas kredit jangka pendek dengan agreed to provide a short-term loan facility with
jumlah maksimum dana yang disediakan sebesar maximum available fund amounting to Rp550,000.
Rp550.000.
Perjanjian Kredit untuk fasilitas kredit jangka pendek The Agreement for the short-term loan facility has
ini telah mengalami beberapa kali perpanjangan, been extended several times, the latest extension
perpanjangan terakhir atas fasilitas adalah of the facility based on the Loan Agreement dated
berdasarkan perubahan terhadap Perjanjian Kredit December 23, 2025 which will mature on
tanggal 23 Desember 2025 yang akan jatuh tempo December 10, 2026, with maximum available fund
pada tanggal 10 Desember 2026, dengan jumlah amounting to Rp2,000,000.
maksimum dana yang disediakan sebesar
Rp2.000.000.
Pada tanggal 31 Desember 2025, Perseroan As of December 31, 2025, the Company has a
memiliki saldo atas fasilitas kredit jangka pendek short-term loan balance facilities amounting to
sebesar Rp750.000 dengan suku bunga sebesar Rp750,000 with an interest rate of 4.85% p.a.
4,85% yang jatuh tempo pada tanggal 18 Februari which will mature on February 18, 2026 and
2026 dan Rp1.000.000 dengan suku bunga 5,00% Rp1,000,000 with an interest rate of 5.00% p.a.
per tahun yang akan jatuh tempo pada tanggal 27 which will mature on February 27, 2026. Facility
Februari 2026. Fasilitas kredit sebesar Rp750.000 amounting to Rp750,000 has been repaid by the
telah dilunasi Perseroan pada tanggal jatuh tempo. Company on maturity date.
Tidak ada jaminan untuk fasilitas pinjaman yang The fund borrowings are unsecured for all bank
diberikan. loan facilities.
91
Page 611
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
20. UTANG BANK (lanjutan) 20. BANK LOANS (continued)
PT Bank UOB Indonesia (lanjutan) PT Bank UOB Indonesia (continued)
Dalam perjanjian pinjaman PT Bank UOB Indonesia, Under PT Bank UOB Indonesia loan agreements,
Perseroan diwajibkan memenuhi beberapa the Company is obliged to fulfil certain financial
persyaratan keuangan dan persyaratan negatif covenants and negative covenants.
(negative covenants).
Persyaratan keuangan yang harus dipatuhi The financial covenants that must be obliged by the
Perseroan di antaranya adalah pemenuhan debt to Company is to fulfill debt to consolidated net worth of
consolidated net worth maksimal 7 kali. Persyaratan a maximum of 7 times. Negative covenants include,
negatif mencakup, Perseroan tidak akan, tanpa the Company will not, without the prior written
persetujuan tertulis terlebih dahulu dari PT Bank approval of PT Bank UOB Indonesia, transfer,
UOB Indonesia mengalihkan, menjaminkan, dan pledge, and lease the Company's assets, except in
menyewakan harta kekayaan Perseroan, kecuali the context of carrying out daily business activities
dalam rangka menjalankan kegiatan usaha sehari- based on articles of association and applicable laws
hari berdasarkan anggaran dasar dan peraturan and regulations.
perundang-undangan yang berlaku.
PT Bank Central Asia Tbk PT Bank Central Asia Tbk
Berdasarkan Perjanjian Kredit No. 57 tanggal Based on the Loan Agreement No. 57 dated
20 September 2018, PT Bank Central Asia Tbk September 20, 2018, PT Bank Central Asia Tbk
setuju memberikan fasilitas kredit jangka pendek agreed to provide a short-term loan facility with
dengan jumlah maksimum dana yang disediakan maximum available fund amounting to Rp500,000.
sebesar Rp500.000. Tanggal jatuh tempo fasilitas The loan’s maturity date is 1 (one) year from the
pinjaman tersebut adalah 1 (satu) tahun sejak signing date of loan agreement.
tanggal penandatanganan perjanjian kredit.
Perjanjian Kredit ini telah mengalami beberapa kali The Agreement for the loan facility has been
perpanjangan, terakhir perpanjangan fasilitas extended several times, the latest extension of the
berdasarkan surat No. 40865/GBK/2025 tanggal facility based on letter No. 40865/GBK/2025 dated
17 Desember 2025, yang akan jatuh tempo sampai December 17, 2025, which will mature on March 20,
dengan tanggal 20 Maret 2026 dengan jumlah 2026 with maximum available fund amounting to
maksimum dana yang disediakan sebesar Rp500,000. 611
Rp500.000.
Berdasarkan Akta Perjanjian Kredit No.56 tanggal Based on the Loan Agreement Deed No.56 dated
17 Maret 2025, Perseroan juga memperoleh fasilitas March 17, 2025, The Company also has long term
PT Sarana Multigriya Finansial (Persero)
jangka panjang dengan jumlah maksimal sebesar facility with a maximum funding amount of
Rp1.000.000. Rp1,000,000.
Pada tanggal 31 Desember 2025, Perseroan As of December 31, 2025, the Company has a loan
memiliki saldo atas fasilitas jangka panjang sebesar balance facility amounting to Rp1,000,000 with
Rp1.000.000 dengan suku bunga 7% per tahun yang interest rate of 7% p.a. which will mature on April 30,
akan jatuh tempo pada 30 April 2027. 2027.
Pada tanggal 31 Desember 2024, Perseroan As of December 31, 2024, the Company has a short-
memiliki saldo atas fasilitas kredit jangka pendek term loan balance facility amounting to Rp500,000
sebesar Rp500.000 dengan suku bunga 6,80% per with an interest rate of 6.80% p.a. which matured on
tahun yang jatuh tempo pada tanggal January 20, 2025. This facility has been repaid by
20 Januari 2025. Fasilitas ini telah dilunasi oleh the Company on maturity date.
Perseroan pada tanggal jatuh tempo.
Tidak ada jaminan untuk fasilitas-fasilitas pinjaman The fund borrowings are unsecured for all bank
yang diberikan. loans facilities.
92
Page 612
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
20. UTANG BANK (lanjutan) 20. BANK LOANS (continued)
PT Bank Central Asia Tbk (lanjutan) PT Bank Central Asia Tbk (continued)
Dalam perjanjian pinjaman PT Bank Central Asia Under PT Bank Central Asia Tbk loan agreements,
Tbk, Perseroan diwajibkan memenuhi beberapa the Company is obliged to fulfill certain financial
persyaratan keuangan dan persyaratan negatif covenant and negative covenants.
(negative covenants).
Persyaratan keuangan yang harus dipatuhi The financial covenants that must be fulfilled by the
Perseroan di antaranya adalah pemenuhan gearing Company, among others is to fulfill the maximum
ratio sebesar maksimal 8 kali. gearing ratio of 8 times.
Persyaratan negatif mencakup, Perseroan tidak Negative covenants include, the Company will not,
akan, tanpa persetujuan tertulis terlebih dahulu dari without prior written approval from PT Bank Central
PT Bank Central Asia Tbk mengikatkan diri sebagai Asia Tbk bind itself as a guarantor in any form and
penanggung/penjamin dalam bentuk dan dengan with any name, except in the context of carrying out
nama apa pun, kecuali dalam rangka pelaksanaan daily business activities based on applicable laws
kegiatan usaha sehari-hari berdasarkan peraturan and regulations, and/or pledge the Company's
perundang-undangan yang berlaku, dan/atau assets to other parties and the Company must
mengagunkan harta kekayaan Perseroan kepada maintain 100% ownership of the government of the
pihak lain dan Perseroan harus mempertahankan Republic of Indonesia in the Company directly or
kepemilikan pemerintah Republik Indonesia pada indirectly.
Perseroan secara langsung maupun tidak langsung
612 sebesar 100%.
PT Bank HSBC Indonesia PT Bank HSBC Indonesia
Berdasarkan Perjanjian Pemberian Fasilitas Based on Corporate Facility Agreement No. JAK/
Laporan Tahunan 2025 Annual Report
Perbankan Korporasi No. JAK/213335/U/01048368 213335/U/01048368 dated December 12, 2025, PT
tanggal 12 Desember 2025, PT Bank HSBC Bank HSBC Indonesia agreed to provide facility
Indonesia setuju memberikan fasilitas kredit dengan loan with maximum available fund amounting to
jumlah maksimum dana yang disediakan sebesar Rp1,000,000.
Rp1.000.000.
Pada tanggal 31 Desember 2025, Perseroan As of December 31, 2025, the Company has loan
memiliki saldo atas fasilitas kredit sebesar balance facilities amounting to Rp1,000,000 with
Rp1.000.000 dengan suku bunga 4,80% per tahun interest rate of 4.80% p.a. which will mature on
yang akan jatuh tempo pada tanggal 17 Juni 2026. June 17, 2026.
Tidak ada jaminan untuk fasilitas-fasilitas The fund borrowings are unsecured for all bank
pembiayaan yang diberikan. financing facilities.
Dalam perjanjian pembiayaan PT Bank HSBC Under PT Bank HSBC Indonesia loan agreements,
Indonesia, Perseroan diwajibkan memenuhi the Company is obliged to fulfill certain financial
beberapa persyaratan keuangan. covenant.
Persyaratan keuangan yang harus dipatuhi The financial covenants that must be fulfilled by the
Perseroan adalah pemenuhan gearing ratio sebesar Company is to fulfill the maximum gearing ratio of 7
maksimal 7 kali dan aset lancar minimal sebesar times and current ratio at minimum 110%.
110%.
PT Bank SMBC Indonesia Tbk PT Bank SMBC Indonesia Tbk
Berdasarkan Akta Perjanjian Kredit No. Based on the Loan Agreement Deed No.
BTPN/NS/0272 tanggal 29 Agustus 2024, PT Bank BTPN/NS/0272 dated August 29, 2024, PT Bank
SMBC Indonesia Tbk setuju memberikan fasilitas SMBC Indonesia agreed to provide a money market
kredit jangka pendek dengan jumlah maksimum line loan facility with maximum available fund
dana yang disediakan sebesar Rp500.000. amounting to Rp500,000.
93
Page 613
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
20. UTANG BANK (lanjutan) 20. BANK LOANS (continued)
PT Bank SMBC Indonesia Tbk (lanjutan) PT Bank SMBC Indonesia Tbk (continued)
Perjanjian Kredit ini telah mengalami beberapa kali The Agreement for the loan facility has been
perpanjangan, terakhir perpanjangan fasilitas extended several times, the latest extension of the
berdasarkan Perjanjian Kredit tanggal 8 Mei 2025 facility based on the Loan Agreement dated May 8,
yang akan jatuh tempo pada tanggal 29 Mei 2026 2025 which will mature on May 29, 2026 with
dengan jumlah maksimum dana yang disediakan maximum available fund amounting to Rp1,000,000.
sebesar Rp1.000.000.
Pada tanggal 31 Desember 2025, Perseroan As of December 31, 2025, the Company has a loan
memiliki saldo atas fasilitas kredit sebesar balance facility amounting to Rp1,000,000 with an
Rp1.000.000 dengan suku bunga 5,05% per tahun interest rate of 5.05% p.a. which will mature on
yang akan jatuh tempo pada tanggal 26 Januari January 26, 2026 and have been extended until
2026 dan telah diperpanjang sampai dengan tanggal March 25, 2026.
25 Maret 2026.
Pada tanggal 31 Desember 2024, Perseroan As of December 31, 2024, the Company has a loan
memiliki saldo atas fasilitas-fasilitas kredit sebesar balance facilities amounting to Rp400,000 and
Rp400.000 dan Rp100.000 dengan suku bunga Rp100,000 with an interest rate of 6.25% p.a. which
6,25% per tahun yang akan jatuh tempo pada will mature on January 3, 2025 and January 24, 2025
tanggal 3 Januari 2025 dan 24 Januari 2025 dan and have been extended with an interest rate of
telah diperpanjang dengan suku bunga 6,35% per 6.35% p.a. which will mature on July 10, 2025 and
tahun masing-masing dengan jatuh tempo pada June 26, 2025, respectively. These facilities have
tanggal 10 Juli 2025 dan 26 Juni 2025. Fasilitas ini been repaid by the Company on maturity date.
telah dilunasi oleh Perseroan pada saat jatuh tempo.
Tidak ada jaminan untuk fasilitas-fasilitas pinjaman The fund borrowings are unsecured for all bank loans
yang diberikan. facilities.
Dalam perjanjian pinjaman PT Bank SMBC Under PT Bank SMBC Indonesia Tbk loan
Indonesia Tbk, Perseroan diwajibkan memenuhi agreements, the Company is obliged to fulfill certain
beberapa persyaratan keuangan. financial covenant.
Persyaratan keuangan yang harus dipatuhi The financial covenants that must be fulfilled by the
Perseroan adalah pemenuhan debt to equity ratio Company is to fulfill the maximum debt to equity ratio
sebesar maksimal 7 kali, aset lancar minimal 613
of 7 times, current asset ratio are not less than 1.1
sebesar 1,1 kali dan mempertahankan kepemilikan times and the Company must maintain ownership of
saham pemerintah Republik Indonesia pada the government of the Republic of Indonesia in the
Perseroan secara langsung maupun tidak langsung Company directly or indirectly at not less than 51%.
tidak kurang dari 51%.
PT Sarana Multigriya Finansial (Persero)
PT Bank Maybank Indonesia PT Bank Maybank Indonesia
Berdasarkan Akta Perjanjian Kredit No. 31, 32 dan Based on the Loan Agreement Deed No. 31, 32 and
33 tanggal 28 Mei 2024, PT Bank Maybank 33 dated May 28, 2024, PT Bank Maybank Indonesia
Indonesia setuju memberikan fasilitas kredit jangka agreed to provide a money market line loan facility
pendek dengan jumlah maksimum dana yang with maximum available fund amounting to
disediakan sebesar Rp1.000.000. Rp1,000,000.
Perjanjian Kredit ini telah mengalami beberapa kali The Agreement for the loan facility has been
perpanjangan, terakhir perpanjangan fasilitas extended several times, the latest extension of the
berdasarkan Perjanjian Kredit No. 486A/PrbPK/CDU facility based on the Loan Agreement
1/2025 yang akan jatuh tempo pada tanggal 28 Mei No. 486A/PrbPK/CDU 1/2025 which will mature on
2026 dengan jumlah maksimum dana yang May 28, 2026 with maximum available fund
disediakan sebesar Rp1.000.000. amounting to Rp1,000,000.
94
Page 614
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
20. UTANG BANK (lanjutan) 20. BANK LOANS (continued)
PT Bank Maybank Indonesia (lanjutan) PT Bank Maybank Indonesia (continued)
Pada tanggal 31 Desember 2025, Perseroan As of December 31, 2025, the Company has short-
memiliki saldo atas fasilitas jangka pendek sebesar term loan balance facility amounting to Rp1,000,000
Rp1.000.000 dengan suku bunga 5,35% per tahun with interest rate of 5.35% p.a. which matured on
yang jatuh tempo pada tanggal 13 Januari 2026. January 13, 2026. This facility has been repaid by the
Fasilitas ini telah dilunasi oleh Perseroan pada Company on maturity date.
tanggal jatuh tempo.
Pada tanggal 31 Desember 2024, Perseroan As of December 31, 2024, the Company has short-
memiliki saldo atas fasilitas jangka pendek sebesar term loan balance facility amounting to Rp500,000
Rp500.000 dengan suku bunga 6,55% per tahun with interest rate of 6.55% p.a. which will mature on
yang akan jatuh tempo pada tanggal 28 Januari January 28, 2025. This facility has been repaid by the
2025. Fasilitas ini telah dilunasi oleh Perseroan pada Company on maturity date.
tanggal jatuh tempo.
Tidak ada jaminan untuk fasilitas-fasilitas pinjaman The fund borrowings are unsecured for all bank loan
yang diberikan. facilities.
Dalam perjanjian pinjaman PT Bank Maybank Under PT Bank Maybank Indonesia Tbk loan
Indonesia Tbk, Perseroan diwajibkan memenuhi agreements, the Company is obliged to fulfill certain
beberapa persyaratan keuangan. financial covenant.
614
Persyaratan keuangan yang harus dipatuhi The financial covenants that must be fulfilled by the
Perseroan adalah pemenuhan debt to equity ratio Company is to fulfill the maximum debt to equity ratio
sebesar maksimal 7 kali, aset lancar minimal of 7 times, current asset ratio minimum 100% and
sebesar 100% dan mempertahankan kepemilikan maintaining the share ownership of the Republic of
Laporan Tahunan 2025 Annual Report
saham Negara Republik Indonesia tidak kurang dari Indonesia at not less than 51%.
51%.
PT Bank CIMB Niaga Tbk PT Bank CIMB Niaga Tbk
Berdasarkan Perjanjian Pemberian Fasilitas Kredit Based on Loan Facility Agreement No. 115 dated
No. 115 tanggal 29 Desember 2025, PT Bank CIMB December 29, 2025, PT Bank CIMB Niaga Tbk
Niaga Tbk setuju memberikan fasilitas kredit dengan agreed to provide facility loan with maximum
jumlah maksimum dana yang disediakan sebesar available fund amounting to Rp1,000,000.
Rp1.000.000.
Pada tanggal 31 Desember 2025, Perseroan As of December 31, 2025, the Company has loan
memiliki saldo atas fasilitas kredit sebesar balance facilities amounting to Rp1,000,000 with
Rp1.000.000 dengan suku bunga 5,00% per tahun interest rate of 5.00% p.a. which matured on January
yang jatuh tempo pada tanggal 30 Januari 2026 dan 30, 2026 and have been extended with an interest
telah diperpanjang dengan suku bunga 4,95% rate of 4.95% p.a. until February 27, 2026.
sampai dengan tanggal 27 Februari 2026.
Tidak ada jaminan untuk fasilitas-fasilitas The fund borrowings are unsecured for all bank
pembiayaan yang diberikan. financing facilities.
Dalam perjanjian pembiayaan PT Bank CIMB Niaga Under PT Bank CIMB Niaga Tbk loan agreements,
Tbk, Perseroan diwajibkan memenuhi beberapa the Company is obliged to fulfill certain financial
persyaratan keuangan. covenant.
Persyaratan keuangan yang harus dipatuhi The financial covenants that must be fulfilled by the
Perseroan adalah pemenuhan debt to equity rasio Company is to fulfill the maximum gearing ratio of 7
sebesar maksimum 7 kali dan current ratio minimum times and current ratio at minimum of balance 1.10
1,10 kali. times.
95
Page 615
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
20. UTANG BANK (lanjutan) 20. BANK LOANS (continued)
PT Bank Danamon Indonesia Tbk PT Bank Danamon Indonesia Tbk
Berdasarkan Akta Perjanjian Kredit No. 88 tanggal Based on the Loan Agreement Deed No. 88 dated
26 Agustus 2020, Perseroan telah memperoleh August 26, 2020, the Company obtained a short-
fasilitas kredit jangka pendek dan jangka panjang term and long-term loan facility from PT Bank
dari PT Bank Danamon Indonesia Tbk dengan Danamon Indonesia Tbk with maximum available
jumlah maksimum dana yang disediakan sebesar fund amounting to Rp500,000.
Rp500.000.
Perjanjian Kredit untuk fasilitas kredit ini telah The Agreement for the loan facility has been
mengalami beberapa kali perpanjangan, terakhir extended several times, the latest extension of the
perpanjangan fasilitas kredit jangka pendek dan short-term and long-term loan facility based on letter
fasilitas jangka panjang berdasarkan surat No. No. 424/PP/EB/1225 dated December 30, 2025,
424/PP/EB/1225 tanggal 30 Desember 2025 yang which will mature on August 26, 2026 with maximum
masing-masing akan jatuh tempo sampai dengan available fund amounting to Rp500,000 and on
tanggal 26 Agustus 2026 dengan jumlah maksimum August 26, 2029 with maximum available fund
dana yang disediakan sebesar Rp500.000 dan amounting to Rp1,000,000, respectively.
tanggal 26 Agustus 2029 dengan jumlah maksimum
dana yang disediakan sebesar Rp1.000.000.
Pada tanggal 31 Desember 2025, Perseroan As of December 31, 2025, the company has
memiliki saldo atas fasilitas kredit jangka panjang long-term loan balance facilities amounting to
sebesar Rp750.000 dengan suku bunga 6,95% per Rp750,000 with interest rate 6.95% p.a. which will
tahun yang akan jatuh tempo pada tanggal 2 Maret mature on March 2, 2026.
2026.
Pada tanggal 31 Desember 2024, Perseroan As of December 31, 2024, the Company has a short-
memiliki saldo atas fasilitas kredit jangka pendek term loan balance facility amounting to Rp500,000
sebesar Rp500.000 dengan suku bunga 6,50% per with interest rate of 6.50% p.a. which matured on
tahun yang jatuh tempo pada tanggal January 20, 2025. This facility has been repaid by
20 Januari 2025. Fasilitas ini telah dilunasi oleh the Company on maturity date.
Perseroan pada tanggal jatuh tempo.
Dalam perjanjian pinjaman PT Bank Danamon Under PT Bank Danamon Indonesia Tbk loan
Indonesia Tbk, Perseroan diwajibkan memenuhi agreements, the Company is obliged to fulfill 615
persyaratan keuangan di mana Perseroan harus financial covenant to maintain gearing ratio at not
mempertahankan gearing ratio tidak lebih dari 8 kali. more than 8 times.
PT Bank Victoria International Tbk PT Bank Victoria International Tbk
PT Sarana Multigriya Finansial (Persero)
Berdasarkan Akta Perjanjian Kredit No. 09 tanggal Based on the Loan Agreement Deed No. 09 dated
14 November 2019, PT Bank Victoria International November 14, 2019, PT Bank Victoria International
Tbk setuju memberikan fasilitas kredit jangka Tbk agreed to provide a short-term money market
pendek money market line dengan jumlah line loan facility with maximum available fund
maksimum dana yang disediakan sebesar amounting to Rp400,000.
Rp400.000.
Perjanjian Kredit ini telah mengalami beberapa kali The Agreement for the loan facility has been
perpanjangan, terakhir perpanjangan fasilitas extended several times, the latest extension of the
berdasarkan Perjanjian Kredit tanggal 14 November facility based on the Loan Agreement dated
2025 yang akan jatuh tempo pada tanggal November 14, 2025 which will mature on
14 November 2026 dengan jumlah maksimum dana November 14, 2026 with maximum available fund
yang disediakan sebesar Rp700.000. amounting to Rp700,000.
96
Page 616
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
20. UTANG BANK (lanjutan) 20. BANK LOANS (continued)
PT Bank Victoria International Tbk (lanjutan) PT Bank Victoria International Tbk (continued)
Pada tanggal 31 Desember 2025, Perseroan As of December 31, 2025, the Company has short-
memiliki saldo atas fasilitas kredit jangka pendek term loan balance facilities amounting to Rp500,000
sebesar Rp500.000 dengan suku bunga 4,85% yang with an interest rate of 4.85% p.a. which matured on
jatuh tempo pada tanggal 23 Januari 2026 dan telah January 23, 2026 and has been repaid by the
dilunasi oleh Perseroan pada tanggal jatuh tempo Company on maturity date and loan facility
dan fasilitas sebesar Rp200.000 dengan suku bunga amounting to Rp200,000 with an interest rate of
4,95% per tahun yang jatuh tempo pada tanggal 30 4.95% p.a. which matured on January 30, 2026 and
Januari 2026 dan telah diperpanjang sampai dengan has been extended until March 2, 2026.
tanggal 2 Maret 2026.
Pada tanggal 31 Desember 2024, Perseroan As of December 31, 2024, the Company has short-
memiliki saldo atas fasilitas kredit jangka pendek term loan balance facility amounting to Rp500,000
sebesar Rp500.000 dengan suku bunga 6,45% per with an interest rate of 6.45% p.a. which matured on
tahun yang jatuh tempo pada tanggal August 26, 2025. Short-term loan facility has been
26 Agustus 2025. Fasilitas kredit jangka pendek ini repaid by the Company on maturity date.
telah dilunasi oleh Perseroan pada tanggal jatuh
tempo.
Tidak ada jaminan untuk fasilitas pinjaman yang The fund borrowings are unsecured for all bank loan
616
diberikan. facilities.
Dalam perjanjian pinjaman PT Bank Victoria Under PT Bank Victoria International Tbk loan
International Tbk, Perseroan diwajibkan memenuhi agreements, the Company is obliged to fulfill certain
beberapa persyaratan negatif (negative covenants). negative covenants.
Laporan Tahunan 2025 Annual Report
Persyaratan negatif di antaranya mencakup Negative covenants include, the Company will not,
Perseroan tidak akan, tanpa persetujuan tertulis without prior written approval from PT Bank Victoria
terlebih dahulu dari PT Bank Victoria International International Tbk, bind itself as a guarantor/insurer to
Tbk mengikat diri sebagai penjamin/penanggung other parties, except to carry out the Company's
terhadap pihak lain, kecuali untuk menjalankan business.
usaha Perseroan.
PT Bank China Construction Bank Indonesia Tbk PT Bank China Construction Bank Indonesia Tbk
Berdasarkan Akta Perjanjian Kredit No. 56 tanggal Based on the Loan Agreement Deed No. 56 dated
27 Juni 2024, PT Bank China Construction Indonesia June 27, 2024, PT Bank China Construction
Tbk setuju memberikan fasilitas kredit jangka Indonesia Tbk agreed to provide a long-term loan
panjang dengan jumlah maksimum dana yang maximum available fund amounting to Rp600,000
disediakan sebesar Rp600.000 dan akan jatuh and which will mature on June 1, 2029.
tempo pada tanggal 1 Juni 2029.
Pada tanggal 31 Desember 2025 dan 2024, As of December 31, 2025 and 2024, the Company
Perseroan memiliki saldo atas fasilitas kredit sebesar has a loan balance facility amounting to Rp600,000
Rp600.000 dengan suku bunga 6,75% per tahun with interest rate of 6.75% p.a. which will mature on
yang akan jatuh tempo pada tanggal 28 Juni 2027. June 28, 2027.
Tidak ada jaminan untuk fasilitas-fasilitas pinjaman The fund borrowings are unsecured for all bank loans
yang diberikan. facilities.
Dalam perjanjian pinjaman PT Bank China Under PT Bank China Construction Bank Indonesia
Construction Bank Indonesia Tbk, Perseroan Tbk loan agreements, the Company is obliged to fulfill
diwajibkan memenuhi beberapa persyaratan certain financial covenant.
keuangan.
97
Page 617
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
20. UTANG BANK (lanjutan) 20. BANK LOANS (continued)
PT Bank China Construction Bank Indonesia Tbk PT Bank China Construction Bank Indonesia
(lanjutan) Tbk (continued)
Persyaratan keuangan yang harus dipatuhi The financial covenants that must be fulfilled by the
Perseroan diantaranya adalah pemenuhan gearing Company is to fulfill the gearing ratio of 7 times and
ratio maksimal 7 kali dan rasio aset produktif a minimum ratio of productive assets to interest-
terhadap utang berbunga minimum 1 kali. bearing debt of 1 time.
PT Bank Maspion Indonesia Tbk PT Bank Maspion Indonesia Tbk
Berdasarkan Perjanjian Pemberian Fasilitas Kredit Based on the Loan Facility Agreement No. 53
No. 53 tanggal 18 Desember 2025, PT Bank dated December 18, 2025, PT Bank Maspion
Maspion Indonesia Tbk setuju memberikan fasilitas Indonesia Tbk agreed to provide facility loan with
kredit dengan jumlah maksimum dana yang maximum available fund amounting to Rp500,000.
disediakan sebesar Rp500.000.
Pada tanggal 31 Desember 2025, Perseroan As of December 31, 2025, the Company has loan
memiliki saldo atas fasilitas kredit sebesar balance facilities amounting to Rp500,000 with
Rp500.000 dengan suku bunga 4,80% per tahun interest rate of 4.80% p.a. which will mature on
yang akan jatuh tempo pada tanggal 23 Januari January 23, 2027.
2027.
Tidak ada jaminan untuk fasilitas-fasilitas The fund borrowings are unsecured for all bank
pembiayaan yang diberikan. financing facilities.
Dalam perjanjian pembiayaan PT Bank Maspion Under PT Bank Maspion Indonesia Tbk loan
Indonesia Tbk, Perseroan diwajibkan memenuhi agreements, the Company is obliged to fulfill
beberapa persyaratan keuangan. certain financial covenant.
Persyaratan keuangan yang harus dipatuhi The financial covenants that must be fulfilled by the
Perseroan adalah pemenuhan gearing ratio sebesar Company is to fulfill the maximum gearing ratio of
maksimal 10 kali dan aset lancar minimal sebesar 10 times and current ratio at minimum of balance
1,1 kali. 1.1 times.
617
PT Bank ICBC Indonesia PT Bank ICBC Indonesia
Berdasarkan Akta Perjanjian Kredit No. 43 tanggal Based on the Loan Agreement Deed No. 43 dated
5 Desember 2019, PT Bank ICBC Indonesia setuju December 5, 2019, PT Bank ICBC Indonesia
PT Sarana Multigriya Finansial (Persero)
memberikan fasilitas kredit jangka panjang dengan agreed to provide a long-term loan facility with
jumlah maksimum dana yang disediakan sebesar maximum available fund amounting to Rp200,000.
Rp200.000.
Based on the Loan Agreement Deed No. 16 dated
Berdasarkan Akta Perjanjian Kredit No.16 tanggal September 27, 2025, The Company also has short
27 September 2025, Perseroan juga memperoleh term facility with a maximum funding amount of
fasilitas jangka pendek dengan jumlah maksimum Rp225,000.
dana disediakan sebesar Rp225.000.
Perjanjian Kredit tersebut telah diperpanjang The Agreement for loan facility has been extended
berdasarkan perubahan terhadap perjanjian kredit based on in the Loan Agreement No. 43 dated
No. 43 tanggal 18 Desember 2025 yang akan jatuh December 18, 2025 which will mature on
tempo pada tanggal 5 Desember 2026, dengan December 5, 2026, with maximum available fund
jumlah maksimum dana yang disediakan sebesar amounting to Rp225,000.
Rp225.000.
98
Page 618
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
20. UTANG BANK (lanjutan) 20. BANK LOANS (continued)
PT Bank ICBC Indonesia (lanjutan) PT Bank ICBC Indonesia (continued)
Pada tanggal 31 Desember 2025, Perseroan As of December 31, 2025, the Company has long-
memiliki saldo atas fasilitas kredit jangka Panjang term loan balance facility amounting to Rp175,000
sebesar Rp175.000 dengan suku bunga 6,70% per with an interest rate of 6.70% p.a. which will
tahun yang akan jatuh tempo pada 11 Oktober 2027 mature on October 11, 2027 and short-term loan
dan fasilitas kredit jangka pendek sebesar facility amounting to Rp225,000 with an interest
Rp225.000 dengan suku bunga 5,25% per tahun rate of 5.25% p.a. which matured on January 13,
yang jatuh tempo pada 13 Januari 2026. Fasilitas 2026. Short-term loan facility has been repaid by
kredit jangka pendek ini telah dilunasi oleh the Company on maturity date.
Perseroan pada tanggal jatuh tempo.
Pada tanggal 31 Desember 2024, Perseroan As of December 31, 2024, the Company has long-
memiliki saldo atas fasilitas-fasilitas kredit jangka term loan balance facilities amounting to
panjang masing-masing sebesar Rp200.000 dengan Rp200,000 with interest rate of 6.25% p.a.,
suku bunga 6,25% per tahun, Rp175.000 dengan Rp175,000 with an interest rate of 6.70% p.a. and
suku bunga 6,70% per tahun dan Rp25.000 dengan Rp25,000 with an interest rate of 6.25% p.a. which
suku bunga 6,25% per tahun yang jatuh tempo pada matured on August 30, 2025, October 11, 2027
tanggal 30 Agustus 2025, 11 Oktober 2027 dan 10 and December 10, 2025, respectively. The
Desember 2025. Saldo fasilitas-fasilitas Rp200.000 balance of facilities amounting to Rp200,000 and
dan Rp25.000 telah dilunasi oleh Perseroan pada Rp25,000 has been repaid by the Company on
618 tanggal jatuh tempo. maturity date.
Tidak ada jaminan untuk fasilitas-fasilitas pinjaman The fund borrowings are unsecured for all bank
yang diberikan. loans facilities.
Laporan Tahunan 2025 Annual Report
Dalam perjanjian pinjaman PT Bank ICBC Under PT Bank ICBC Indonesia loan agreements,
Indonesia, Perseroan diwajibkan memenuhi the Company is obliged to fulfill certain financial
beberapa persyaratan keuangan dan persyaratan covenant and negative covenants.
negatif (negative covenants).
Persyaratan keuangan yang harus dipatuhi The financial covenants that must be fulfilled by the
Perseroan di antaranya adalah Perseroan harus Company, among others is that the Company is
menjaga rasio total pendapatan dibagi total obliged to fulfill financial covenant to keep ratio
pengeluaran lebih dari 1 kali, dan rasio utang total income divided by total expenses at more
terhadap modal tidak lebih dari 8 kali. than 1 time, and gearing ratio at not more than 8
times.
Persyaratan negatif mencakup, Perseroan tidak The negative covenants include, that the Company
akan, tanpa persetujuan tertulis terlebih dahulu dari shall not, without prior written consent of PT Bank
PT Bank ICBC Indonesia melakukan antara lain: ICBC Indonesia conduct the following:
- Memberikan pinjaman atau memberikan - Provide loans or provide guarantees to other
jaminan kepada pihak lain kecuali dalam parties except in the context of the Company's
rangka kegiatan usaha Perseroan; business activities;
- Perubahan jenis dan kegiatan bisnis; - Changes in types and business activities;
- Konsolidasi, merger, akuisisi atau investasi - Consolidation, merger, acquisition or new
baru atau penempatan ekuitas pada usaha investment or placement of equity in other
lain; dan businesses; and
- Pelepasan aset substansial (aset yang dapat - Disposal of substantial assets (assets that
mempengaruhi kegiatan usaha Perseroan) can affect the Company's business activities)
yang diperlukan untuk melakukan kegiatan needed to carry out the Company's business
usaha Perseroan. activities.
99
Page 619
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
20. UTANG BANK (lanjutan) 20. BANK LOANS (continued)
PT Bank Pan Indonesia Tbk PT Bank Pan Indonesia Tbk
Berdasarkan Perjanjian Kredit No. 2 tanggal 6 Maret Based on the Loan Facilty Agreement No. 2 dated
2025, PT Bank Pan Indonesia Tbk memberikan March 6, 2025, PT Bank Pan Indonesia Tbk
fasilitas jangka panjang dengan jumlah maksimum agreed to provide a long-term financing facility with
dana yang disediakan sebesar Rp2.000.000 dan maximum available fund amounting to
jatuh tempo pada 6 Maret 2026. Rp2,000,000 and which will mature on March 6,
2026.
Pada tanggal 31 Desember 2025, Perseroan As of December 31, 2025, the Company has long-
memiliki saldo atas fasilitas-fasilitas kredit jangka term loan balance facilities amounting to
panjang masing-masing sebesar Rp220.000 dan Rp220,000 and Rp41,667 with interest rate of
Rp41.667 dengan tingkat suku bunga sebesar 6.40% p.a. and 6.75% p.a. which will mature on
6,40% dan 6,75% per tahun yang akan jatuh tempo June 26, 2026 and June 26, 2028, respectively.
pada tanggal 26 Juni 2026 dan 26 Juni 2028.
Tidak ada jaminan untuk fasilitas-fasilitas The fund borrowings are unsecured for all bank
pembiayaan yang diberikan. financing facilities.
Dalam perjanjian pembiayaan PT Bank Pan Under PT Bank Pan Indonesia Tbk loan
Indonesia Tbk, Perseroan diwajibkan memenuhi agreements, the Company is obliged to fulfill
beberapa persyaratan keuangan. certain financial covenant.
Persyaratan keuangan yang harus dipatuhi The financial covenants that must be fulfilled by
Perseroan adalah pemenuhan gearing ratio sebesar the Company is to fulfill the maximum debt to
maksimal 7 kali dan menjaga NPL Net dibawah 5% equity ratio of 7 times and to keep NPL Net under
(lima persen). 5% (five percent).
PT Bank BTPN Syariah Tbk PT Bank BTPN Syariah Tbk
Berdasarkan Perjanjian Pemberian Fasilitas Based on the Financing Facilty Agreement No.
Pembiayaan No. 034/PPF-CSGC/X/2024 tanggal 034/PPF-CSGC/X/2024 dated October 14, 2024,
14 Oktober 2024, PT Bank BTPN Syariah Tbk PT Bank BTPN Syariah Tbk agreed to provide a
setuju memberikan fasilitas pembiayaan jangka short-term financing facility with maximum 619
pendek dengan jumlah maksimum dana yang available fund amounting to Rp100,000.
disediakan sebesar Rp100.000.
Perjanjian Kredit untuk fasilitas pembiayaan jangka The Agreement for the short-term financing facility
PT Sarana Multigriya Finansial (Persero)
pendek ini telah mengalami beberapa kali has been extended several times, the latest
perpanjangan, terakhir perpanjangan fasilitas extension of the facility based on the financing
berdasarkan perubahan terhadap Perjanjian Agreement No. 024/ADD-CSGC/VI/2025 dated
Pembiayaan No. 024/ADD-CSGC/VI/2025 tanggal June 18, 2025 which will mature on June 18,
18 Juni 2025 yang akan jatuh tempo pada tanggal 2026, with maximum available fund amounting to
18 Juni 2026, dengan jumlah maksimum dana yang Rp200,000.
disediakan sebesar Rp200.000.
Pada tanggal 31 Desember 2025, Perseroan As of December 31, 2025, the Company has
memiliki saldo atas fasilitas pembiayaan jangka short-term financing balance facilities amounting
pendek sebesar Rp200.000 dengan imbal hasil to Rp200,000 with an equivalent return of 4.90%
ekuivalen 4,90% per tahun yang akan jatuh tempo p.a. which will mature on March 17, 2026.
pada tanggal 17 Maret 2026.
Pada tanggal 31 Desember 2024, Perseroan As of December 31, 2024, the Company has
memiliki saldo atas fasilitas pembiayaan jangka short-term financing balance facilities amounting
pendek sebesar Rp100.000 dengan imbal hasil to Rp100,000 with an equivalent return of 6.25%
ekuivalen 6,25% per tahun yang jatuh tempo pada p.a. which matured on April 28, 2025 and have
tanggal 28 April 2025 dan diperpanjang sampai been extended until August 28, 2025. This facility
dengan tanggal 28 Agustus 2025. Fasilitas ini telah have been repaid by the Company on maturity
dilunasi oleh Perseroan pada tanggal jatuh tempo. date.
100
Page 620
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
20. UTANG BANK (lanjutan) 20. BANK LOANS (continued)
PT Bank BTPN Syariah Tbk PT Bank BTPN Syariah Tbk
Tidak ada jaminan untuk fasilitas-fasilitas The fund borrowings are unsecured for all bank
pembiayaan yang diberikan. financing facilities.
Dalam perjanjian pembiayaan PT Bank BTPN Under PT Bank BTPN Syariah Tbk loan
Syariah Tbk, Perseroan diwajibkan memenuhi agreements, the Company is obliged to fulfill certain
beberapa persyaratan keuangan. financial covenant.
Persyaratan keuangan yang harus dipatuhi The financial covenants that must be fulfilled by the
Perseroan adalah pemenuhan debt to equity ratio Company is to fulfill the maximum debt to equity
sebesar maksimal 7 kali, aset lancar minimal ratio of 7 times, current asset ratio at minimum of
sebesar 1,1 kali dan total pinjaman syariah yang balance 1.1 times and the total sharia loans, sharia
diberikan, deposito atau investasi syariah lebih deposits or investments are greater than the
besar dari pada nilai outstanding pembiayaan outstanding value of sharia financing and sukuk.
syariah dan sukuk.
PT Bank DBS Indonesia PT Bank DBS Indonesia
Berdasarkan Perjanjian Pemberian Fasilitas Kredit Based on Loan Facility Agreement No. 275/PFP-
No. 275/PFP-DBSI/X/1-2/2025 tanggal 27 Oktober DBSI/X/1-2/2025 dated October 27, 2025, PT Bank
620
2025, PT Bank DBS Indonesia setuju memberikan DBS Indonesia agreed to provide facility loan with
fasilitas kredit dengan jumlah maksimum dana yang maximum available fund amounting to Rp500,000.
disediakan sebesar Rp500.000.
Pada tanggal 31 Desember 2025, Perseroan As of December 31, 2025, the Company has loan
Laporan Tahunan 2025 Annual Report
memiliki saldo atas fasilitas kredit sebesar balance facilities amounting to Rp200,000 with
Rp200.000 dengan suku bunga 5,20% per tahun interest rate of 5.20% p.a. which matured on
yang jatuh tempo pada tanggal 29 Januari 2026 dan January 29, 2026 and has been extended with an
telah diperpanjang dengan suku bunga 4,95% per interest rate of 4.95% p.a. until February 27, 2026.
tahun sampai dengan tanggal
27 Februari 2026.
Tidak ada jaminan untuk fasilitas-fasilitas The fund borrowings are unsecured for all bank
pembiayaan yang diberikan. financing facilities.
Dalam perjanjian pembiayaan PT Bank DBS Under PT Bank DBS Indonesia loan agreements,
Indonesia, Perseroan diwajibkan memenuhi the Company is obliged to fulfill certain financial
beberapa persyaratan keuangan. covenant.
Persyaratan keuangan yang harus dipatuhi The financial covenants that must be fulfilled by the
Perseroan Adalah pemenuhan gearing ratio Company is to fulfill the maximum gearing ratio of 7
sebesar maksimal maksimum 7 kali, menjaga rasio times; keep gross NPL ratio at maximum of 5% (five
NPL Gross maksimum 5% (lima persen) dan percent) and negative covenants, i.e share
persyaratan negatif (negative covenants), yaitu ownership of the Republic of Indonesia at not less
kepemilikan saham Negara Republik Indonesia than 51%.
tidak kurang dari 51%.
PT Bank CTBC Indonesia PT Bank CTBC Indonesia
Berdasarkan Akta Perjanjian Kredit No. 39 tanggal Based on the Loan Agreement Deed No. 39 dated
21 Februari 2023, PT Bank CTBC Indonesia setuju February 21, 2023, PT Bank CTBC Indonesia
memberikan fasilitas kredit jangka pendek dengan agreed to provide a money market line loan facility
jumlah maksimum dana yang disediakan sebesar with maximum available fund amounting to
Rp300.000 dan jatuh tempo pada 21 Februari 2024. Rp300,000 and which matured on February 21,
2024.
101
Page 621
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
20. UTANG BANK (lanjutan) 20. BANK LOANS (continued)
PT Bank CTBC Indonesia (lanjutan) PT Bank CTBC Indonesia (continued)
Perjanjian Kredit untuk fasilitas kredit jangka pendek The Agreement for the short-term loan facility has
ini telah mengalami beberapa kali perpanjangan, been extended several times, the latest extention of
terakhir perpanjangan fasilitas berdasarkan the facility based on the Loan Agreement No. 143/
perubahan terhadap Perjanjian Kredit No. ADD/IV/2025 dated April 16, 2025 which matured
143/ADD/IV/2025 tanggal 16 April 2025 yang jatuh on February 21, 2026. The agreement was
tempo pada tanggal 21 Februari 2026. Perjanjian extended through the Temporary Extension Letter
tersebut diperpanjang melalui Surat Perpanjangan of the Credit Facility Agreement No.
Sementara Perjanjian Fasilitas Kredit No. 063/SPK/ 063/SPK/II/2026 dated 20 February 2026, which
II/2026 tanggal 20 Februari 2026 yang akan jatuh will mature on 21 May 2026 with maximum
tempo pada tanggal 21 Mei 2026 dengan jumlah available fund amounting to Rp500,000.
maksimum dana yang disediakan sebesar
Rp500.000.
Pada tanggal 31 Desember 2025, Perseroan As of December 31, 2025, the Company has short-
memiliki saldo atas fasilitas kredit jangka pendek term loan balance facilities amounting to
sebesar Rp100.000 dengan suku bunga 4,95% per Rp100,000 with interest rate of 4.95% p.a. which
tahun yang jatuh tempo pada tanggal matured on February 9, 2026 and has been
9 Februari 2026 dan telah diperpanjang sampai extended until March 9, 2026.
tanggal 9 Maret 2026.
Pada tanggal 31 Desember 2024, Perseroan As of December 31, 2024, the Company has short-
memiliki saldo atas fasilitas-fasilitas kredit jangka term loan balance facilities amounting to
pendek masing-masing sebesar Rp100.000 dan Rp100,000 and Rp50,000 with interest rate of
Rp50.000 dengan suku bunga 6,25% per tahun 6.25% p.a. which matured on April 25, 2025 and
yang jatuh tempo pada tanggal 25 April 2025 dan 29 April 29, 2025, respectively.
April 2025.
Tidak ada jaminan untuk fasilitas-fasilitas pinjaman The fund borrowings are unsecured for all bank
yang diberikan. loans facilities.
Dalam perjanjian pinjaman PT Bank CTBC Under PT Bank CTBC Indonesia loan agreements,
Indonesia, Perseroan diwajibkan memenuhi the Company is obliged to fulfill certain financial 621
beberapa persyaratan keuangan dan persyaratan covenant and negative covenants.
negatif (negative covenants).
Persyaratan keuangan yang harus dipatuhi The financial covenants that must be fulfilled by the
PT Sarana Multigriya Finansial (Persero)
Perseroan adalah pemenuhan debt to equity ratio Company is to fulfill the maximum debt to equity
sebesar maksimal 8 kali. serta persyaratan negatif ratio of 8 times and negative covenants, i.e share
(negative covenants), yaitu kepemilikan saham ownership of the Republic of Indonesia at not less
Negara Republik Indonesia tidak kurang dari 51%. than 51%.
PT Bank Rakyat Indonesia (Persero) Tbk PT Bank Rakyat Indonesia (Persero) Tbk
Berdasarkan Perjanjian Fasilitas Pinjaman Jangka Based on Short-term Loan Facility Agreement
Pendek No. 13 tanggal 26 April 2018 PT Bank No. 13 dated April 26, 2025, PT Bank Rakyat
Rakyat Indonesia (Persero) Tbk setuju memberikan Indonesia (Persero) Tbk agreed to provide short-
fasilitas kredit dengan jumlah dana maksimum yang term loan facility with maximum available fund
disediakan sebesar Rp100.000. amounting to Rp100,000.
Perjanjian Kredit ini telah mengalami beberapa kali The Agreement has been changed several times,
perubahan, perubahan terakhir atas fasilitas adalah the last change of the facility is based on the Loan
berdasarkan perjanjian No. 15 tanggal 30 Juni 2025, Agreement No. 15 dated June 30, 2025 whereby
PT Bank Rakyat Indonesia (Persero) Tbk setuju PT Bank Rakyat Indonesia (Persero) Tbk agreed to
memberikan fasilitas kredit dengan jumlah provide loan facility with maximum available fund
maksimum dana yang disediakan sebesar amounting to Rp500,000.
Rp500.000.
102
Page 622
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
20. UTANG BANK (lanjutan) 20. BANK LOANS (continued)
PT Bank Rakyat Indonesia (Persero) Tbk PT Bank Rakyat Indonesia (Persero) Tbk
(lanjutan) (continued)
Tidak ada jaminan untuk fasilitas-fasilitas The fund borrowings are unsecured for all bank
pembiayaan yang diberikan. financing facilities.
Dalam perjanjian pembiayaan PT Bank Rakyat Under PT Bank Rakyat Indonesia (Persero) Tbk loan
Indonesia (Persero) Tbk, Perseroan diwajibkan agreements, the Company is obliged to fulfill certain
memenuhi beberapa persyaratan keuangan. financial covenant.
Pada tanggal-tanggal 31 Desember 2025 dan 2024, For the years ended December 31, 2025 and 2024,
Perseroan telah memenuhi seluruh persyaratan the Company had complied with all the requirements
yang disebutkan dalam seluruh perjanjian utang mentioned in the all bank loan agreements including
bank termasuk pemenuhan atas rasio-rasio the financial ratios requirement and other covenant.
keuangan dan pembatasan lainnya.
21. EFEK-EFEK YANG DITERBITKAN DAN SUKUK 21. SECURITIES ISSUED AND SUKUK
a. Efek-efek yang diterbitkan a. Securities issued
Efek-efek yang diterbitkan pada tanggal-tanggal Securities issued as of December 31, 2025 and
31 Desember 2025 dan 2024 terdiri dari: 2024 consist of:
622 31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pihak ketiga Third parties
Obligasi 20.070.532 23.623.957 Bonds
Laporan Tahunan 2025 Annual Report
Pihak berelasi Related parties
Obligasi 2.775.656 2.800.823 Bonds
22.846.188 26.424.780
Obligasi Bonds
Obligasi yang diterbitkan pada tanggal-tanggal Obligation issued as of December 31, 2025 and
31 Desember 2025 dan 2024 terdiri dari: 2024 consist of:
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Nilai Nominal: Nominal Value:
Obligasi Berkelanjutan V Tahap III Shelf-Registered Bonds V Phase III
Seri B - 2.541.000 Series B
Obligasi Berkelanjutan V Tahap IV Shelf-Registered Bonds V Phase IV
Seri B - 424.000 Series B
Obligasi Berkelanjutan VI Tahap I Shelf-Registered Bonds VI Phase I
Seri B 1.000.000 1.000.000 Series B
Obligasi Berkelanjutan VI Tahap II 2.800.000 2.800.000 Shelf-Registered Bonds VI Phase II
Obligasi Berkelanjutan VI Tahap III 3.000.000 3.000.000 Shelf-Registered Bonds VI Phase III
Obligasi Berkelanjutan VI Tahap IV 2.000.000 2.000.000 Shelf-Registered Bonds VI Phase IV
Obligasi Berkelanjutan VII Tahap I Shelf-Registered Bonds VII Phase I
Seri B 747.000 747.000 Series B
Seri C 65.000 65.000 Series C
Obligasi Berkelanjutan VII Tahap II Shelf-Registered Bonds VII Phase II
Seri B 256.000 256.000 Series B
Seri C 1.300.000 1.300.000 Series C
103
Page 623
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
21. EFEK-EFEK YANG DITERBITKAN DAN SUKUK 21. SECURITIES ISSUED AND SUKUK (continued)
(lanjutan)
a. Efek-efek yang diterbitkan (lanjutan) a. Securities issued (continued)
Obligasi (lanjutan) Bonds (continued)
Obligasi yang diterbitkan pada tanggal-tanggal Obligation issued as of December 31, 2025 and
31 Desember 2025 dan 2024 terdiri dari: 2024 consist of: (continued)
(lanjutan)
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Nilai Nominal: (lanjutan) Nominal Value: (continued)
Obligasi Berwawasan Sosial Shelf-Registered Social Bonds I
Berkelanjutan I Tahap I 500.000 500.000 Phase I
Obligasi Berkelanjutan VII Tahap III Shelf-Registered Bonds VII Phase III
Seri A - 1.296.410 Series A
Seri B 212.000 212.000 Series B
Obligasi Berkelanjutan VII Tahap IV Shelf-Registered Bonds VII Phase IV
Seri A - 843.695 Series A
Seri B 300.000 300.000 Series B
Obligasi Berwawasan Sosial Shelf-Registered Social Bonds I
Berkelanjutan I Tahap II 1.500.000 1.500.000 Phase II
Obligasi Berkelanjutan VII Tahap V Shelf-Registered Bonds VII Phase V
Seri A - 815.500 Series A
Seri B 184.500 184.500 Series B
Obligasi Berwawasan Sosial Shelf-Registered Social Bonds I
Berkelanjutan I Tahap III 2.000.000 2.000.000 Phase III
Obligasi Berkelanjutan VII Tahap VI Shelf-Registered Bonds VII Phase VI
Seri A - 500.000 Series A
Seri B 192.195 192.195 Series B
Seri C 728.254 728.254 Series C
Obligasi Berkelanjutan VII Tahap VII Shelf-Registered Bonds VII Phase VII
Seri A - 1.093.400 Series A
Seri B 153.005 153.005 Series B
Seri C 794.005 794.005 Series C
Obligasi Berwawasan Sosial Shelf-Registered Social Bonds I
Berkelanjutan I Tahap IV 1.200.000 1.200.000 Phase IV
Obligasi Berkelanjutan VII Tahap VIII Shelf-Registered Bonds VII Phase VIII 623
Seri A 453.670 - Series A
Seri B 251.255 - Series B
Obligasi Berkelanjutan VIII Tahap I Shelf-Registered Bonds VIII Phase I
Seri A 1.460.150 - Series A
Seri B 115.500 - Series B
PT Sarana Multigriya Finansial (Persero)
Obligasi Berwawasan Sosial Shelf-Registered Social Bonds II
Berkelanjutan II Tahap I 1.650.000 - Phase I
22.862.534 26.445.964
Dikurangi: Less:
Beban emisi obligasi Unamortized bonds
yang belum diamortisasi (16.346) (21.184) issuance costs
22.846.188 26.424.780
104
Page 624
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
21. EFEK-EFEK YANG DITERBITKAN DAN SUKUK 21. SECURITIES ISSUED AND SUKUK (continued)
(lanjutan)
a. Efek-efek yang diterbitkan (lanjutan) a. Securities issued (continued)
Obligasi (lanjutan) Bonds (continued)
Rincian obligasi pada tanggal-tanggal Bonds details as of December 31, 2025 and 2024
31 Desember 2025 dan 2024 berdasarkan pihak based on third party and related party are as
ketiga dan pihak berelasi adalah sebagai berikut: follows:
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pihak ketiga 20.084.834 23.642.964 Third parties
Dikurangi: Less:
Beban emisi obligasi Unamortized bonds
yang belum diamortisasi (14.302) (19.007) issuance costs
20.070.532 23.623.957
Pihak berelasi Related parties
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk 1.742.700 1.798.000 (Persero) Tbk
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk 450.000 500.000 (Persero) Tbk
624 PT Taspen (Persero) 380.000 280.000 PT Taspen (Persero)
PT Penjaminan Infrastruktur PT Penjaminan Infrastruktur
Indonesia (Persero) 100.000 130.000 Indonesia (Persero)
PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk 50.000 50.000 (Persero) Tbk
Laporan Tahunan 2025 Annual Report
PT Reasuransi Indonesia PT Reasuransi Indonesia
Utama (Persero) 45.000 45.000 Utama (Persero)
PT Bank Mandiri (Persero) Tbk 10.000 - PT Bank Mandiri (Persero) Tbk
Dikurangi: Less:
Beban emisi obligasi Unamortized bonds
yang belum diamortisasi (2.044) (2.177) issuance costs
2.775.656 2.800.823
22.846.188 26.424.780
Lihat Catatan 1b untuk informasi jatuh tempo, Refer to Note 1b for details of bonds’ maturity
tenor, dan suku bunga obligasi. date, tenor and interest rate.
Selain itu, selama pokok obligasi belum dilunasi, Moreover, during the time that the bond
Perseroan tidak diperkenankan, antara lain principals are still outstanding, the Company is
melakukan penggabungan usaha kecuali not allowed to, among others, perform merger,
dilakukan pada bidang usaha yang sama dan unless performed in the same line of business
melakukan peminjaman utang baru kecuali utang and obtain new loans, except those loans which
baru tersebut untuk kegiatan usaha sehari-hari are for the Company’s daily operation.
Peseroan.
Untuk tahun yang berakhir pada tanggal-tanggal For the years ended December 31, 2025 and
31 Desember 2025 dan 2024, Perseroan telah 2024, the Company had paid the bonds principal
melakukan pembayaran pokok dan bunga and interest on schedule as stated in the trustee
obligasi sesuai dengan jatuh tempo yang telah agreements and complied with all the
ditetapkan dalam perjanjian perwaliamanatan requirements mentioned in the trustee
dan telah memenuhi seluruh persyaratan yang agreements.
disebutkan dalam perjanjian perwaliamanatan.
105
Page 625
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
21. EFEK-EFEK YANG DITERBITKAN DAN SUKUK 21. SECURITIES ISSUED AND SUKUK (continued)
(lanjutan)
a. Efek-efek yang diterbitkan (lanjutan) a. Securities issued (continued)
Obligasi (lanjutan) Bonds (continued)
Pada tanggal-tanggal 31 Desember 2025 dan As of December 31, 2025 and 2024, all of the
2024, seluruh obligasi Perseroan mendapat Company's bonds are rated idAAA by
peringkat idAAA dari PT Pemeringkat Efek PT Pemeringkat Efek Indonesia (Pefindo).
Indonesia (Pefindo).
Beban bunga atas utang obligasi untuk tahun The interest expenses of bonds payable for the
yang berakhir pada tanggal 31 Desember 2025 year ended December 31, 2025 amounted to
sebesar Rp1.603.783 (2024: Rp1.551.047). Rp1,603,783 (2024: Rp1,551,047).
Rata-rata tertimbang suku bunga efektif per The weighted average effective interest rate per
tahun atas utang obligasi selama tahun 2025 annum on bonds payable for the year 2025 was
adalah 6,61% (2024: 6,68%). 6.61% (2024: 6.68%).
b. Sukuk Musyarakah b. Sukuk Musyarakah
Sukuk musyarakah yang diterbitkan pada Musyarakah sukuk issued as of December 31,
tanggal-tanggal 31 Desember 2025 dan 2024 2025 and 2024 consist of:
terdiri dari:
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Sukuk Musyarakah Berkelanjutan I Shelf-Registered Musyarakah Sukuk I
Tahap I Tahun 2023 170.500 170.500 Phase I Year 2023
Sukuk Musyarakah Berwawasan Sosial Shelf-Registered Social Musyarakah Sukuk I
Berkelanjutan I Tahap I Tahun 2023 200.000 200.000 Phase I Year 2023
Sukuk Musyarakah Berkelanjutan I Shelf-Registered Musyarakah Sukuk I
Tahap II Tahun 2024 - 529.010 Phase II Year 2024
Sukuk Musyarakah Berkelanjutan I Shelf-Registered Musyarakah Sukuk I
Tahap III Tahun 2024 - 274.000 Phase III Year 2024
Sukuk Musyarakah Berkelanjutan I Shelf-Registered Musyarakah Sukuk I
Tahap IV Tahun 2025 362.805 - Phase IV Year 2025 625
Sukuk Musyarakah Berkelanjutan II Shelf-Registered Musyarakah Sukuk II
Tahap I Tahun 2025 445.000 - Phase I Year 2025
Sukuk Musyarakah Berwawasan Sosial Shelf-Registered Social Musyarakah Sukuk
Berkelanjutan II Tahap I Tahun 2025 250.000 - II Phase I Year 2025 PT Sarana Multigriya Finansial (Persero)
1.428.305 1.173.510
Rincian sukuk musyarakah pada tanggal-tanggal Musyarakah sukuk details as of December 31,
31 Desember 2025 dan 2024 berdasarkan pihak 2025 and 2024 based on third party and related
ketiga dan pihak berelasi adalah sebagai berikut: party are as follows:
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pihak ketiga 1.067.930 1.173.510 Third parties
Pihak Berelasi Related parties
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk 213.375 - (Persero) Tbk
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk 147.000 - (Persero) Tbk
360.375 -
1.428.305 1.173.510
106
Page 626
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
21. EFEK-EFEK YANG DITERBITKAN DAN SUKUK 21. SECURITIES ISSUED AND SUKUK (continued)
(lanjutan)
b. Sukuk Musyarakah (lanjutan) b. Sukuk Musyarakah (continued)
Sesuai dengan Akta Perjanjian Penerbitan dan According to the issuance and trustee's
Penunjukkan Wali Amanat Sukuk Musyarakah appointment of Musyarakah Sukuk I Phase I
Berkelanjutan I Tahap I Tahun 2023, Sukuk Year 2023, Musyarakah Social Sukuk I Phase I
Musyarakah Berwawasan Sosial Berkelanjutan I Year 2023, Musyarakah Sukuk I Phase II Year
Tahap I Tahun 2023, Sukuk Musyarakah 2024, Musyarakah Sukuk I Phase III Year 2024,
Berkelanjutan I Tahap II Tahun 2024, Sukuk Musyarakah Sukuk I Phase IV Year 2025,
Musyarakah I Tahap III Tahun 2024, Sukuk Musyarakah Sukuk II Phase I Year 2025, and
Musyarakah Berkelanjutan I Tahap IV Tahun Musyarakah Social Sukuk II Phase I Year 2025
2025, Sukuk Musyarakah Berkelanjutan II Tahap agreement, the Company has to maintain
I Tahun 2025, dan Sukuk Musyarakah Sosial current ratio at the minimum of 1:1 and the
Berkelanjutan II Tahap I Tahun 2025 Perseroan productive assets to debt ratio at the minimum
harus menjaga rasio lancar 1:1, serta rasio aset of 0.8:1. Moreover, during the time that the
produktif dengan utang paling rendah sebesar sukuk Musyarakah principals are still
0,8:1. Selain itu, selama pokok sukuk outstanding, the Company is not allowed to,
Musyarakah belum dilunasi, Perseroan tidak among others, perform merger unless
diperkenankan, antara lain melakukan performed on the same line of business, and
penggabungan usaha kecuali dilakukan pada obtain new loans, except that loans which are
bidang usaha yang sama, dan melakukan for the Company's daily operation.
peminjaman utang baru kecuali utang baru
tersebut untuk kegiatan usaha sehari-hari
626 Perseroan.
Pendapatan bagi hasil sukuk Musyarakah Profit sharing for sukuk Musyarakah is calculated
dihitung berdasarkan perkalian antara nisbah by multiplication of profit sharing ratio and
bagi hasil dengan pendapatan seluruh portofolio revenue from all sharia financing portfolio with
Laporan Tahunan 2025 Annual Report
pembiayaan syariah berbasis bagi hasil dalam profit sharing basis in Rupiah owned by the
mata uang Rupiah yang dimiliki Perseroan. Company.
Perseroan telah melakukan pembayaran bagi The Company has paid the profit sharing on
hasil sesuai dengan jatuh tempo yang telah schedule as stated in the issuance and trustee's
ditetapkan dalam perjanjian penerbitan dan appointment of sukuk agreement and complied
penunjukkan agen pemantau sukuk dan telah with all the requirements mentioned in that
memenuhi seluruh persyaratan yang disebutkan agreement.
dalam perjanjian tersebut.
Bagi hasil atas sukuk pada tahun 2025 dan 2024 The profit sharing for sukuk in 2025 and 2024 are
adalah masing-masing sebesar Rp83.311 dan Rp83,311 and Rp60,993, respectively.
Rp60.993.
22. MODAL SAHAM, SALDO LABA DAN KOMPONEN 22. SHARE CAPITAL, RETAINED EARNING AND
EKUITAS LAINNYA OTHER EQUITY COMPONENT
a. Modal saham a. Share capital
31 Desember/
December 31, 2025
Total Persentase
saham/ kepemilikan/
Number of Percentage
Nama pemegang saham shares of ownership Total/Amount Name of shareholder
Pemerintah Republik The Government of the Republic
Indonesia 16.221.000 100,00% 16.221.000 of Indonesia
16.221.000 100,00% 16.221.000
107
Page 627
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
22. MODAL SAHAM, SALDO LABA DAN KOMPONEN 22. SHARE CAPITAL, RETAINED EARNING AND
EKUITAS LAINNYA (lanjutan) OTHER EQUITY COMPONENT (continued)
a. Modal saham (lanjutan) a. Share capital (continued)
31 Desember/
December 31, 2024
Total Persentase
saham/ kepemilikan/
Number of Percentage
Nama pemegang saham shares of ownership Total/Amount Name of shareholder
Pemerintah Republik The Government of the Republic
Indonesia 14.330.000 100,00% 14.330.000 of Indonesia
14.330.000 100,00% 14.330.000
Perseroan dimiliki sepenuhnya oleh Pemerintah The Company is solely owned by the
Republik Indonesia. Untuk tahun yang berakhir Government of the Republic of Indonesia. For the
pada tanggal 31 Desember 2025 dan 2024, year ended December 31, 2025 and 2024 the
Perseroan memiliki modal dasar sebesar Company has authorized capital of
Rp27.000.000 yang terdiri dari 27.000.000 Rp27,000,000 consisting of 27,000,000 shares
lembar saham (dalam nilai penuh) dengan nilai (in full amount) with par value of Rp1,000,000 per
nominal Rp1.000.000 per saham (dalam nilai share (in full amount) and issued and fully paid
penuh) dan modal ditempatkan dan disetor share capital amounting to Rp16,221,000 and
adalah masing-masing sebesar Rp16.221.000 Rp14,330,000.
dan Rp14.330.000.
Pada tanggal 31 Desember 2025, Pemerintah As of December 31, 2025, the Government of the
Republik Indonesia melakukan penambahan Republic of Indonesia carried out an additional
modal saham sebesar Rp6.684.022.705.000 capital injection amounting to
(dalam nilai penuh) berdasarkan Peraturan Rp6,684,022,705,000 (in full amount) based on
Pemerintah Republik Indonesia No. 54 Tahun Government Regulation of the Republic of
2025 tentang Penambahan Penyertaan Modal Indonesia No. 54 Year 2025 regarding Additional
Negara Republik Indonesia ke dalam Modal Injection of Capital by the Republic of Indonesia
Saham Perusahaan Perseroan (Persero) into the share capital of PT Sarana Multigriya
PT Sarana Multigriya Finansial Dalam Rangka Finansial (Persero) in relation with the
Pelaksanaan Penugasan yang dicatat sebagai implementation of its assigned mandate which
uang muka setoran modal pada laporan posisi recorded as an advance for future shares 627
keuangan. subcription on the statement of financial position.
b. Penggunaan laba bersih b. Appropriation of net income PT Sarana Multigriya Finansial (Persero)
Berdasarkan penetapan Rapat Umum Based on PT Sarana Multigriya Finansial
Pemegang Saham (RUPS) Tahunan PT Sarana (Persero)’s General meeting of the Shareholder
Multigriya Finansial (Persero) tentang regarding the ratification of the financial
pengesahan laporan keuangan tahun buku 2024 statements for year 2024 dated May 9, 2025,
tanggal 9 Mei 2025, yang dinyatakan dalam akta which was notarized under deed No. 01, the
No. 01, pemegang saham menyetujui untuk shareholder approved the 2024 appropriation of
menggunakan laba bersih tahun 2024 sebagai net income as dividend amounting to Rp107,966.
dividen sebesar Rp107.966.
Berdasarkan penetapan Rapat Umum Based on PT Sarana Multigriya Finansial
Pemegang Saham (RUPS) Tahunan PT Sarana (Persero)’s General meeting of the Shareholder
Multigriya Finansial (Persero) tentang regarding the ratification of the financial
pengesahan laporan keuangan tahun buku 2023 statements for year 2023 dated May 20, 2024,
tanggal 20 Mei 2024, yang dinyatakan dalam which was notarized under deed No. 02, the
akta No. 02, pemegang saham menyetujui untuk shareholder approved the 2023 appropriation of
menggunakan laba bersih tahun 2023 sebagai net income as dividend amounting to Rp97,780.
dividen sebesar Rp97.780.
108
Page 628
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
22. MODAL SAHAM, SALDO LABA DAN KOMPONEN 22. SHARE CAPITAL, RETAINED EARNING AND
EKUITAS LAINNYA (lanjutan) OTHER EQUITY COMPONENT (continued)
c. Saldo laba c. Retained earnings
Rincian saldo laba yang telah ditentukan The details of appropriated retained earnings as
penggunaannya pada tanggal-tanggal of December 31, 2025 dan 2024 are as follow:
31 Desember 2025 dan 2024 sebagai berikut:
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Saldo awal 1.891.465 1.707.545 Beginning balance
Penambahan modal cadangan 215.933 183.920 Appropriation for capital reserves
Saldo akhir 2.107.398 1.891.465 Ending balance
Rincian saldo laba yang belum ditentukan The details of unappropriated retained earnings
penggunaannya pada tanggal-tanggal as of December 31, 2025 dan 2024 are as follow:
31 Desember 2025 dan 2024 sebagai berikut:
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Saldo awal 2.448.940 2.190.536 Beginning balance
628 Pembagian dividen (107.966) (97.780) Distribution of dividend
Penambahan modal cadangan (215.933) (183.920) Appropriation for capital reserves
Pengukuran kembali atas liabilitas Remeasurement of employee
imbalan kerja - neto setelah pajak (576) 270 benefit liabilities - net of tax
Laba bersih 565.393 539.834 Net income
Laporan Tahunan 2025 Annual Report
Saldo akhir 2.689.858 2.448.940 Ending balance
Berdasarkan Rapat Umum Pemegang Saham Based on PT Sarana Multigriya Finansial
(RUPS) Tahunan PT Sarana Multigriya Finansial (Persero)’s General meeting of the Shareholder
(Persero) tentang pengesahan laporan regarding the ratification of the financial
keuangan tahun buku 2024 tanggal 9 Mei 2025, statements for year 2024 dated May 9, 2025,
yang dinyatakan dalam akta No. 01, pemegang which was notarized under deed No. 01, the
saham menyetujui untuk menggunakan laba shareholder approved the 2024 appropriation of
bersih tahun 2024 sebagai penambahan modal net income as appropriation for capital reserves
cadangan sebesar Rp215.933. amounting to Rp215,933.
Berdasarkan Rapat Umum Pemegang Saham Based on PT Sarana Multigriya Finansial
(RUPS) Tahunan PT Sarana Multigriya Finansial (Persero)’s General meeting of the Shareholder
(Persero) tentang pengesahan laporan regarding the ratification of the financial
keuangan tahun buku 2023 tanggal 20 Mei 2024, statements for year 2023 dated May 20, 2024,
yang dinyatakan dalam akta No. 02, pemegang which was notarized under deed No. 02, the
saham menyetujui untuk menggunakan laba shareholder approved the 2023 appropriation of
bersih tahun 2023 sebagai penambahan modal net income as appropriation for capital reserves
cadangan sebesar Rp183.920. amounting to Rp183,920.
109
Page 629
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
22. MODAL SAHAM, SALDO LABA DAN KOMPONEN 22. SHARE CAPITAL, RETAINED EARNING AND
EKUITAS LAINNYA (lanjutan) OTHER EQUITY COMPONENT (continued)
d. Komponen ekuitas lainnya d. Other equity component
Pada tanggal 31 Desember 2024, Pemerintah On December 31, 2024, the Government of the
Republik Indonesia melakukan penambahan Republic of Indonesia conducted an additional
modal saham sebesar Rp1.891.000 berdasarkan share capital in the amount of Rp1,891,000
Peraturan Pemerintah Republik Indonesia based on the Regulation of Government of the
Nomor 48 Tahun 2024 tentang Penambahan Republic Indonesia Number 48 of 2024
Penyertaan Modal Negara Republik Indonesia ke concerning the Additional Injection of Capital by
dalam Modal Saham Perusahaan Perseroan the Republic of Indonesia into the share capital of
PT Sarana Multigriya Finansial (Persero). Pada PT Sarana Multigriya Finansial (Persero). As of
tanggal 31 Desember 2024, Perseroan telah December 31, 2024, the Company has recorded
mencatat Penambahan Penyertaan Modal the Additional Capital Injection in other
tersebut sebagai piutang lain-lain - setoran modal receivables - capital deposit to be received and
yang akan diterima dan komponen ekuitas lain other equity component on the statement of
pada laporan posisi keuangan. Dana penyertaan financial position. The fund for capital injection
modal tersebut telah diterima oleh Perseroan has been received by the Company on January
pada tanggal 2 Januari 2025. 2, 2025.
Penambahan modal saham tersebut dituangkan The addition of share capital is stated in the Deed
dalam Akta Pernyataan Keputusan Rapat Umum of Statement of Decision of the General Meeting
Pemegang Saham No. 27 tanggal 25 Maret of Shareholders No. 27 dated March 25, 2025,
2025, yang dibuat dihadapan Notaris Vita which was executed before a Notary Vita
Cahyojati, S.H., M.Hum., di Jakarta, dan telah Cahyojati, S.H., M.Hum., and has been received
memperoleh persetujuan Menteri Hukum and recorded by the Minister of Law of the
Republik Indonesia berdasarkan surat Nomor Republic of Indonesia based on letter No. AHU-
AHU-AH.01.03-0091170 tanggal 25 Maret 2025. AH.01.03-0091170 dated March 25, 2025. The
Penambahan modal tersebut telah mendapatkan addition of share capital has been approved by
persetujuan dari Otoritas Jasa Keuangan (”OJK”) Financial Services Authority (“OJK”) based on
melalui surat No. S-498/PL.021/2025 tanggal letter No. S-498/PL.021/2025 dated June 19,
19 Juni 2025. Sejak tanggal 19 Juni 2025, 2025. Since June 19, 2025, the additional
Penyertaan Modal Negara tersebut telah dicatat injection of capital has been recorded as share
sebagai modal disetor. capital.
23. PENDAPATAN BUNGA DAN PENDAPATAN 23. INTEREST INCOME AND SHARIA INCOME 629
SYARIAH
Tahun yang Berakhir pada Tanggal
31 Desember/
Year Ended December 31, PT Sarana Multigriya Finansial (Persero)
2025 2024
Pendapatan bunga Interest income
Pihak ketiga Third parties
Pinjaman yang diberikan 652.634 574.091 Loans
Deposito berjangka 423.156 302.575 Time deposits
Residential mortgage backed
Efek beragun aset (EBA) 58.810 86.966 securities (RMBS)
Penempatan dana pendukung kredit 1.509 2.635 Placement on credit enhancement
1.136.109 966.267
Pihak berelasi Related parties
Pinjaman yang diberikan 1.388.733 1.480.487 Loans
Deposito berjangka 125.270 101.306 Time deposits
Surat Utang Negara (SUN) 60.428 39.780 Government debenture debt (SUN)
Sekuritas Rupiah Bank Indonesia
Bank Indonesia (SRBI) - 5.992 Rupiah Securities (SRBI)
1.574.431 1.627.565
2.710.540 2.593.832
110
Page 630
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
23. PENDAPATAN BUNGA DAN PENDAPATAN 23. INTEREST INCOME AND SHARIA INCOME
SYARIAH
Tahun yang Berakhir pada Tanggal
31 Desember/
Year Ended December 31,
2025 2024
Pendapatan syariah Sharia income
Pihak ketiga Third parties
Pinjaman yang diberikan 136.187 86.972 Loans
Deposito berjangka 36.061 6.849 Time deposits
Residential mortgage backed
Efek beragun aset (EBA) 205 708 securities (RMBS)
172.453 94.529
Pihak berelasi Related parties
Pinjaman yang diberikan 207.126 170.013 Loans
Deposito berjangka 3.006 - Time deposits
210.132 170.013
382.585 264.542
Total 3.093.125 2.858.374 Total
Untuk tahun yang berakhir pada tanggal For the year ended December 31, 2025, there are
630 31 Desember 2025, terdapat pendapatan bunga dari interest income from 1 (one) external customer
1 (satu) konsumen eksternal yang mencapai 10% amounting to 10% or more of the Company’s total
atau lebih dari total pendapatan bunga Perseroan interest income i.e from PT Bank Tabungan Negara
yaitu dari PT Bank Tabungan Negara (Persero) Tbk (Persero) Tbk amounting to Rp1,207,261 (2024:
sebesar Rp1.207.261 (2024: Rp1.292.169). Rp1,292,169).
Laporan Tahunan 2025 Annual Report
Untuk tahun yang berakhir pada tanggal For the year ended December 31, 2025, net profit
31 Desember 2025, pendapatan bersih bagi hasil sharing mudharabah from third parties, including
mudharabah pihak ketiga, termasuk beban bagi hasil profit sharing of temporary syirkah fund amounting to
dana syirkah temporer sebesar Rp83.311 yang Rp83,311 which presented as deduction of sharia
disajikan sebagai pengurang pendapatan syariah income (2024: Rp60,993).
(2024: Rp60.993).
Lihat Catatan 30 untuk rincian saldo dan transaksi Refer to Note 30 for details of related parties
pihak-pihak berelasi. balances and transactions.
24. PENDAPATAN SEKURITISASI 24. SECURITIZATION INCOME
Tahun yang Berakhir pada Tanggal
31 Desember/
Year Ended December 31,
2025 2024
Komisi pendukung kredit 1.633 2.089 Fee from credit enhancement
1.633 2.089
111
Page 631
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
25. PENDAPATAN LAIN-LAIN - NETO 25. OTHER INCOME - NET
Tahun yang Berakhir pada Tanggal
31 Desember/
Year Ended December 31,
2025 2024
Pihak ketiga Third parties
Pendapatan bunga dari kas di bank 3.465 1.654 Interest income from cash in bank
Bunga pinjaman karyawan dan direksi 903 866 Employees and directors loan interest
Lain-lain 2.111 1.479 Others
6.479 3.999
Pihak berelasi Related parties
Pendapatan atas penugasan Revenue from KPBU
proyek KPBU 1.345 1.257 project assignments
7.824 5.256
Lain-lain terutama terdiri dari pendapatan Others mainly consist of income from
pelaksanaan investasi program Pemulihan Ekonomi implementation of investments of the national
Nasional (PEN). economic recovery program (PEN).
26. BEBAN BUNGA 26. INTEREST EXPENSE
Tahun yang Berakhir pada Tanggal
31 Desember/
Year Ended December 31,
2025 2024
Beban bunga efek-efek Interest expenses
yang diterbitkan 1.603.783 1.551.047 from securities issued
Beban bunga utang bank 574.203 444.056 Interest expense from bank loans
Beban bunga liabilitas sewa 154 193 Interest expense from lease liabilities
2.178.140 1.995.296
631
Lihat Catatan 30 untuk rincian saldo dan transaksi Refer to Note 30 for details of related parties
pihak-pihak berelasi. balances and transactions.
27. GAJI DAN TUNJANGAN 27. SALARIES AND BENEFITS PT Sarana Multigriya Finansial (Persero)
Tahun yang Berakhir pada Tanggal
31 Desember/
Year Ended December 31,
2025 2024
Tunjangan 45.443 38.646 Benefits
Gaji dan honorarium 34.032 30.847 Salaries and honorarium
Penyisihan bonus dan tantiem 22.351 23.466 Provision for bonus and tantiem
Liabilitas imbalan kerja (Catatan 19) 6.540 2.044 Employee benefit liabilities (Note 19)
108.366 95.003
Gaji dan tunjangan karyawan termasuk kompensasi Salaries and employees benefits include
yang diterima Dewan Komisaris dan Direksi compensation received by the Company’s Boards of
Perseroan (Catatan 30). Commissioners and Directors (Note 30).
112
Page 632
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
28. BEBAN UMUM DAN ADMINISTRASI 28. GENERAL AND ADMINISTRATIVE EXPENSES
Tahun yang Berakhir pada Tanggal
31 Desember/
Year Ended December 31,
2025 2024
Jasa profesional 17.262 13.360 Professional fees
Transportasi dan akomodasi 13.600 12.580 Transportation and accommodation
Iklan, informasi dan hubungan masyarakat 13.424 13.631 Advertising, information and public relation
Jasa outsourcing 13.201 12.973 Outsourcing service
Penyusutan aset tetap (Catatan 13) 11.395 9.696 Depreciation of fixed assets (Note 13)
Pendidikan dan pelatihan 10.546 10.990 Education and training
Biaya tahunan obligasi dan sukuk 7.739 7.874 Annual fee of bonds and sukuk
Jasa teknologi informasi 7.596 6.953 Information technology services
Alokasi dana untuk Tanggung Jawab Sosial Allocation for Social and Environment
dan Lingkungan 7.000 6.820 Responsibility
Asuransi 4.991 5.092 Insurance
Penyusutan aset hak guna (Catatan 14) 3.200 4.463 Depreciation of right-of-use assets (Note 14)
Sewa 2.656 1.830 Rent
Perlengkapan kantor dan percetakan 2.612 2.690 Office equipment and printing
Pemeliharaan dan perbaikan 2.176 1.769 Repairs and maintenance
Pungutan Otoritas Jasa Keuangan 1.588 1.319 The Financial Services Authority’s levy
Amortisasi aset tak berwujud (Catatan 15) 1.011 505 Amortization of intangible assets (Note 15)
Utilitas 863 625 Utilities
Lain-lain 3.755 2.615 Others
124.615 115.785
632
Lain-lain terutama terdiri dari jasa Kustodian Sentral Others mainly consist of Indonesia Central
Efek Indonesia, beban pajak lainnya, beban jasa Securities Depository service fees, other tax
asesmen dan kompetensi pegawai, beban expenses, assessment and employee
Laporan Tahunan 2025 Annual Report
administrasi bank, dan beban komunikasi. competencies service expenses, bank
administrative expenses and communication
expenses.
29.LABA BERSIH PER SAHAM 29. EARNINGS PER SHARE
Rata-rata tertimbang Laba bersih
jumlah saham dasar/ per saham
Weighted average (nilai penuh)/
number of Earning per
Laba bersih/ ordinary shares shares
Net income outstanding (full amount)
2025 2025
Laba per saham dasar 565.393 15.341.250 36.854 Basic earnings per share
Ditambah: Add:
Asumsi penerbitan saham Assumed shares
dari komponen ekuitas issuance from other equity
lainnya - 18.312 - component
Laba per saham dilusian 565.393 15.359.562 36.810 Diluted earning per share
2024 2024
Laba per saham dasar 539.834 13.935.973 38.737 Basic earnings per share
Ditambah: Add:
Asumsi penerbitan saham Assumed shares
dari komponen ekuitas issuance from other equity
lainnya - 5.181 - component
Laba per saham dilusian 539.834 13.941.154 38.722 Diluted earning per share
113
Page 633
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. TRANSAKSI PIHAK-PIHAK BERELASI 30. TRANSACTION WITH RELATED PARTIES
Dalam menjalankan kegiatan usahanya, Perseroan In the normal course of business, the Company
melakukan transaksi-transaksi tertentu dengan pihak entered into certain transactions with related parties
berelasi dengan persyaratan dan ketentuan yang based on terms and conditions agreed by the parties,
disetujui oleh kedua belah pihak, dimana persyaratan which may not be the same as those made with third
dan ketentuan tersebut mungkin tidak sama dengan parties.
transaksi lain yang dilakukan dengan pihak ketiga.
Berikut adalah rincian sifat hubungan dengan pihak The nature of relationship with related parties are
berelasi: summarized as follows:
Pihak berelasi/ Sifat dari hubungan/ Sifat dari transaksi/
Related parties Nature of relationship Nature of transaction
Personel manajemen kunci/ Direksi dan Dewan Komisaris/ Remunerasi dan tunjangan lainnya/
Key management The Board of Directors and Remuneration and all other allowances
personnel The Board of Commissioners
Pemerintah Republik Pemegang saham/Shareholder Penempatan dana, efek-efek dan penerimaan
Indonesia/The Government bunga/Fund placement, marketable securities
of the Republic Indonesia and interest income
PT Bank Mandiri (Persero) Tbk Pengendalian melalui Pemerintah Penempatan dana, penerimaan bunga,
Republik Indonesia/ pendapatan lainnya, pembayaran bunga,
Control through the Government of the jasa lainnya/Fund placement,
Republic of Indonesia interest income, other income,
interest expense, and other service
PT Bank Rakyat Indonesia Pengendalian melalui Pemerintah Penempatan dana, penerimaan bunga,
(Persero) Tbk Republik Indonesia/ pendapatan lainnya, pembayaran bunga,
Control through the Government of the jasa lainnya/Fund placement,
Republic of Indonesia interest income, other income,
interest expense, and other service
PT Bank Tabungan Negara Pengendalian melalui Pemerintah Penempatan dana, pemberian pinjaman dan
(Persero) Tbk Republik Indonesia/ penerimaan bunga dan pendapatan
Control through the Government of the lainnya/Fund placement, loans and receipt
Republic of Indonesia of interest and other income
PT Bank Syariah Nasional (d/h Pengendalian melalui Pemerintah Penempatan dana, pemberian pinjaman dan
PT Bank Tabungan Negara Republik Indonesia/ penerimaan bunga/Fund placements, loans
(Persero) Tbk - Unit Usaha Control through the Government of the and interest income
Syariah/ Sharia business unit) Republic of Indonesia 633
PT Bank Negara Indonesia Pengendalian melalui Pemerintah Penempatan dana, penerimaan bunga,
(Persero) Tbk Republik Indonesia/ pendapatan lainnya, pembayaran bunga,
Control through the Government of the jasa lainnya/Fund placement,
Republic of Indonesia interest income, other income,
interest expense, and other service
PT Sarana Multigriya Finansial (Persero)
PT Bank Syariah Indonesia Tbk Pengendalian melalui Pemerintah Penempatan dana dan penerimaan bunga/
Republik Indonesia/ Fund placements and receipt of interest
Control through the Government of the
Republic of Indonesia
PT Bank Mandiri Taspen Pengendalian melalui Pemerintah Penempatan dana dan penerimaan
Republik Indonesia/ bunga/Fund placements and receipt
Control through the Government of the of interest
Republic of Indonesia
PT Taspen (Persero) Pengendalian melalui Pemerintah Efek-efek yang diterbitkan dan beban bunga/
Republik Indonesia/ Securities issued and interest expense
Control through the Government of the
Republic of Indonesia
PT Reasuransi Indonesia Pengendalian melalui Pemerintah Efek-efek yang diterbitkan dan beban bunga/
Utama (Persero) Republik Indonesia/ Securities issued and interest expense
Control through the Government of the
Republic of Indonesia
114
Page 634
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. TRANSAKSI PIHAK-PIHAK BERELASI (lanjutan) 30. TRANSACTION WITH RELATED PARTIES
(continued)
Berikut adalah rincian sifat hubungan dengan pihak The nature of relationship with related parties are
berelasi: (lanjutan) summarized as follows: (continued)
Pihak berelasi/ Sifat dari hubungan/ Sifat dari transaksi/
Related parties Nature of relationship Nature of transaction
PT Permodalan Nasional Pengendalian melalui Pemerintah Pemberian pinjaman dan penerimaan bunga/
Madani (Persero) Republik Indonesia/ Fund placement and receipt of interest
Control through the Government of the
Republic of Indonesia
PT Bank Raya Indonesia Tbk Pengendalian melalui Pemerintah Pemberian pinjaman dan penerimaan bunga/
Republik Indonesia/ Fund placement and receipt of interest
Control through the Government of the
Republic of Indonesia
PT Mandiri Tunas Finance Pengendalian melalui Pemerintah Pemberian pinjaman dan penerimaan bunga/
Republik Indonesia/ Fund placement and receipt of interest
Control through the Government of the
Republic of Indonesia
PT Mandiri Utama Finance Pengendalian melalui Pemerintah Pemberian pinjaman dan penerimaan bunga/
Republik Indonesia/ Fund placement and receipt of interest
Control through the Government of the
Republic of Indonesia
PT BRI Multifinance Indonesia Pengendalian melalui Pemerintah Pemberian pinjaman dan penerimaan bunga/
634 Republik Indonesia/ Fund placement and receipt of interest
Control through the Government of the
Republic of Indonesia
PT BRI Asuransi Indonesia Pengendalian melalui Pemerintah Asuransi terhadap gedung dan
Republik Indonesia/ kendaraan/Insurance for building and
Laporan Tahunan 2025 Annual Report
Control through the Government of the vehicle
Republic of Indonesia
a. Kas dan Setara Kas a. Cash and cash equivalents
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pengendalian melalui Pemerintah Control through the Government
Republik Indonesia of the Republic of Indonesia
Kas di bank Cash in banks
Rupiah Rupiah
PT Bank Mandiri (Persero) Tbk 6.797.050 7.198 PT Bank Mandiri (Persero) Tbk
PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk 7.786 5.220 (Persero) Tbk
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk 3.096 2.320 (Persero) Tbk
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk 1.753 112 (Persero) Tbk
PT Bank Syariah Indonesia Tbk 1.563 2.067 PT Bank Syariah Indonesia Tbk
PT Bank Syariah Nasional (d/h PT Bank Syariah Nasional
PT Bank Tabungan Negara Tbk (previously PT Bank Tabungan
- Unit Usaha Syariah) 352 351 Negara - Sharia Business Unit)
6.811.600 17.268
Persentase terhadap total aset 10,19% 0,03% Percentage to total assets
115
Page 635
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. TRANSAKSI PIHAK-PIHAK BERELASI (lanjutan) 30. TRANSACTION WITH RELATED PARTIES
(continued)
a. Kas dan Setara Kas (lanjutan) a. Cash and cash equivalents (continued)
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pengendalian melalui Pemerintah Control through the Government
Republik Indonesia (lanjutan) of the Republic of Indonesia (continued)
Deposito < 3 bulan Time deposit < 3 months
Rupiah Rupiah
PT Bank Syariah Nasional (d/h PT Bank Syariah Nasional (previously
PT Bank Tabungan Negara Bank Tabungan Negara
(Persero) Tbk Unit (Persero) Tbk Sharia
Usaha Syariah) 1.650.000 - Business Unit)
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk - 50.000 (Persero) Tbk
1.650.000 50.000
1.650.000 50.000
Persentase terhadap total aset 2,47% 0,09% Percentage to total assets
b. Deposito berjangka b. Time deposits
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pengendalian melalui Pemerintah Control through the Government
Republik Indonesia of the Republic of Indonesia
Rupiah Rupiah
PT Bank Mandiri Taspen - 1.500.000 PT Bank Mandiri Taspen
- 1.500.000
Persentase terhadap total aset 0,00% 2,58% Percentage to total assets
635
c. Efek-efek c. Marketable securities
31 Desember/ 31 Desember/
December 31, December 31,
PT Sarana Multigriya Finansial (Persero)
2025 2024
The Government of the
Pemerintah Republik Indonesia 1.272.808 669.937 Republic of Indonesia
Persentase terhadap total aset 1,91% 1,15% Percentage to total assets
116
Page 636
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. TRANSAKSI PIHAK-PIHAK BERELASI (lanjutan) 30. TRANSACTION WITH RELATED PARTIES
(continued)
d. Pinjaman yang diberikan d. Loans
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pengendalian melalui Pemerintah Control through the Government
Republik Indonesia of the Republic of Indonesia
PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk 22.940.870 20.638.776 (Persero) Tbk
PT Bank Syariah Nasional (d/h PT Bank Syariah Nasional (previously
PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk - Unit (Persero) Tbk - Sharia
Usaha Syariah) 6.310.286 4.213.446 Business Unit)
PT Mandiri Tunas Finance 791.017 1.563.818 PT Mandiri Tunas Finance
PT Mandiri Utama Finance 382.405 758.776 PT Mandiri Utama Finance
PT Permodalan Nasional PT Permodalan Nasional
Madani - Unit Usaha Madani - Sharia
Syariah 32.955 162.685 Business Unit
PT Permodalan Nasional Madani 13.802 80.407 PT Permodalan Nasional Madani
PT BRI Multifinance Indonesia 73.028 60.694 PT BRI Multifinance Indonesia
PT Bank Mandiri Taspen - 1.000.000 PT Bank Mandiri Taspen
Lainnya (masing-masing
636 dibawah Rp50.000) 12.557 13.622 Others (each below Rp50,000)
30.556.920 28.492.224
Persentase terhadap total aset 45,73% 49,01% Percentage to total assets
Laporan Tahunan 2025 Annual Report
e. Piutang usaha e. Account receivables
Piutang usaha berbasis bunga Interest based account receivables
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pengendalian melalui Pemerintah Control through the Government
Republik Indonesia of the Republic of Indonesia
Piutang bunga pinjaman
yang diberikan Loans interest receivables
PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk 49.025 48.937 (Persero) Tbk
PT Bank Syariah Nasional (d/h PT Bank Syariah Nasional (previously
PT Bank Tabungan Negara) PT Bank Tabungan Negara
(Persero) Tbk - Unit (Persero) Tbk Sharia
Usaha Syariah) 12.104 10.206 Business Unit)
PT Mandiri Tunas Finance 1.358 2.211 PT Mandiri Tunas Finance
PT Mandiri Taspen - 1.917 PT Mandiri Taspen
PT Mandiri Utama Finance 822 1.485 PT Mandiri Utama Finance
Lainnya (masing-masing
di bawah Rp500) 319 642 Others (each below Rp500)
63.628 65.398
117
Page 637
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. TRANSAKSI PIHAK-PIHAK BERELASI (lanjutan) 30. TRANSACTION WITH RELATED PARTIES
(continued)
e. Piutang usaha (lanjutan) e. Account receivables (continued)
Piutang usaha berbasis bunga (lanjutan) Interest based account receivables (continued)
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pengendalian melalui Pemerintah Control through the Government
Republik Indonesia of the Republic of Indonesia
Piutang bunga efek-efek Interest from marketable securities
The Government
Pemerintah Republik Indonesia 23.672 11.208 of the Republic of Indonesia
Piutang bunga dari penempatan Interest receivables from
deposito berjangka placement in time deposit
PT Bank Syariah Nasional (d/h PT Bank Syariah Nasional (previously
PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk - Unit 2.170 - (Persero) Tbk - Sharia
Usaha Syariah) Business Unit)
PT Bank Mandiri Taspen - 1.604 PT Bank Mandiri Taspen
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk - 60 (Persero) Tbk
2.170 1.664
89.470 78.270
Persentase terhadap total aset 0,13% 0,13% Percentage to total assets
Piutang usaha berbasis imbalan Fee based account receivables
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pengendalian melalui Pemerintah Control through the Government 637
Republik Indonesia of the Republic of Indonesia
Penugasan proyek KPBU - 325 KPBU project assignment
Persentase terhadap total aset 0,00% 0,00% Percentage to total assets PT Sarana Multigriya Finansial (Persero)
f. Piutang lain-lain f. Other receivables
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pengendalian melalui Pemerintah Control through the Government
Republik Indonesia of the Republic of Indonesia
The Government of the
Pemerintah Republik Indonesia - 1.891.000 Republic of Indonesia
Manajemen kunci Key management
Direksi dan komisaris 897 3.085 Directors and commissioners
Lain-lain 1.980 621 Others
2.877 1.894.706
Persentase terhadap total aset 0,00% 3,26% Percentage to total assets
118
Page 638
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. TRANSAKSI PIHAK-PIHAK BERELASI (lanjutan) 30. TRANSACTION WITH RELATED PARTIES
(continued)
f. Piutang lain-lain (lanjutan) f. Other receivables (continued)
Suku bunga atas pinjaman yang diberikan Interest rate charged on loan to key management
kepada personil manajemen kunci adalah personnel is 3% with term of between 1 until 20
sebesar 3% dengan jangka waktu pinjaman years. Such loan is granted without any specific
antara 1 sampai dengan 20 tahun. Pinjaman collateral.
tersebut diberikan tanpa adanya jaminan
tertentu.
g. Beban yang masih harus dibayar g. Accrued expenses
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pengendalian melalui Pemerintah Control through the Government
Republik Indonesia of the Republic of Indonesia
Bunga efek-efek yang diterbitkan Interest from securities issued
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk 13.202 11.733 (Persero) Tbk
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk 3.379 4.234 (Persero) Tbk
638 PT Taspen (Persero) 5.278 2.279 PT Taspen (Persero)
PT Penjamin Infrastruktur PT Penjamin Infrastruktur
Indonesia (Persero) 1.073 1.335 Indonesia (Persero)
PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk 544 543 (Persero) Tbk
PT Reasuransi Indonesia PT Reasuransi Indonesia
Laporan Tahunan 2025 Annual Report
Utama (Persero) 249 249 Utama (Persero)
PT Bank Mandiri (Persero) Tbk 72 - PT Bank Mandiri (Persero) Tbk
23.797 20.373
Bagi hasil sukuk Sukuk profit sharing
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk 2.024 - (Persero) Tbk
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk 1.680 - (Persero) Tbk
3.704 -
Bunga utang bank Bank loan interest
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk 1.755 - (Persero) Tbk
PT Bank Mandiri (Persero) Tbk - 6.061 PT Bank Mandiri (Persero) Tbk
1.755 6.061
Kustodian Custody
PT Bank Mandiri (Persero) Tbk 34 30 PT Bank Mandiri (Persero) Tbk
34 30
29.290 26.464
Persentase terhadap total liabilitas 0,08% 0,07% Percentage to total liabilities
119
Page 639
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. TRANSAKSI PIHAK-PIHAK BERELASI (lanjutan) 30. TRANSACTION WITH RELATED PARTIES
(continued)
h. Utang bank h. Bank loan
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pengendalian melalui Pemerintah Control through the Government
Republik Indonesia of the Republic of Indonesia
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk 1.450.000 - (Persero) Tbk
PT Bank Mandiri (Persero) Tbk - 2.500.000 PT Bank Mandiri (Persero) Tbk
1.450.000 2.500.000
Persentase terhadap total liabilitas 3,85% 6,87% Percentage to total liabilities
i. Utang lain-lain i. Other payables
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pengendalian melalui Pemerintah Control through the Government
Republik Indonesia of the Republic of Indonesia
PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk 149 148 (Persero) Tbk
149 148
Persentase terhadap total liabilitas 0,00% 0,00% Percentage to total liabilities
j. Liabilitas imbalan kerja jangka pendek j. Short-term employee benefit liabilities
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Manajemen kunci Key management
639
Direksi dan komisaris Directors and commissioners
Tantiem 8.550 7.947 Tantiem
THR 784 781 THR allowance
9.334 8.728 PT Sarana Multigriya Finansial (Persero)
Persentase terhadap total liabilitas 0,02% 0,02% Percentage to total liabilities
k. Efek-efek yang diterbitkan dan sukuk k. Securities issued and musyarakah sukuk
musyarakah
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pengendalian melalui Pemerintah Control through the Government
Republik Indonesia of the Republic of Indonesia
Obligasi Bonds
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk 1.742.700 1.798.000 (Persero) Tbk
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk 450.000 500.000 (Persero) Tbk
PT Taspen (Persero) 380.000 280.000 PT Taspen (Persero)
PT Penjamin Infrastruktur PT Penjamin Infrastruktur
Indonesia (Persero) 100.000 130.000 Indonesia (Persero)
PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk 50.000 50.000 (Persero) Tbk
120
Page 640
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. TRANSAKSI PIHAK-PIHAK BERELASI (lanjutan) 30. TRANSACTION WITH RELATED PARTIES
(continued)
k. Efek-efek yang diterbitkan dan sukuk k. Securities issued and musyarakah sukuk
musyarakah (lanjutan) (continued)
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pengendalian melalui Pemerintah Control through the Government
Republik Indonesia (lanjutan) of the Republic of Indonesia (continued)
Obligasi (lanjutan) Bonds (continued)
PT Reasuransi Indonesia PT Reasuransi Indonesia
Utama (Persero) 45.000 45.000 Utama (Persero)
PT Bank Mandiri (Persero) Tbk 10.000 - PT Bank Mandiri (Persero) Tbk
2.777.700 2.803.000
Dikurangi: Less:
Beban emisi obligasi
yang belum diamortisasi (2.044) (2.177) Unamortized bonds issuance costs
2.775.656 2.800.823
Persentase terhadap total liabilitas 7,37% 7,70% Percentage to total liabilities
Pengendalian melalui Pemerintah Control through the Government
640 Republik Indonesia of the Republic of Indonesia
Dana syirkah temporer Temporary syirkah fund
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk 213.375 - (Persero) Tbk
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk 147.000 - (Persero) Tbk
Laporan Tahunan 2025 Annual Report
360.375 -
Persentase terhadap dana Percentage to total temporary
syirkah temporer 25,23% - syirkah fund
l. Pendapatan bunga l. Interest income
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pendapatan bunga -
pinjaman yang diberikan Interest Income - loan
Pengendalian melalui Pemerintah Control through the Government
Republik Indonesia of the Republic of Indonesia
PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk 1.207.261 1.292.169 (Persero) Tbk
PT Mandiri Tunas Finance 85.710 88.330 PT Mandiri Tunas Finance
PT Bank Mandiri Taspen Tbk 45.425 51.558 PT Bank Mandiri Taspen Tbk
PT Mandiri Utama Finance 42.360 39.148 PT Mandiri Utama Finance
PT Permodalan Nasional PT Permodalan Nasional
Madani 2.391 4.419 Madani
PT BRI Multifinance Indonesia 5.004 4.235 PT BRI Multifinance Indonesia
PT Bank Raya Indonesia Tbk 582 628 PT Bank Raya Indonesia Tbk
1.388.733 1.480.487
Pendapatan bunga - Interest Income -
efek-efek marketable securities
Pemegang saham 60.428 45.772 Shareholder
60.428 45.772
121
Page 641
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. TRANSAKSI PIHAK-PIHAK BERELASI (lanjutan) 30. TRANSACTION WITH RELATED PARTIES
(continued)
l. Pendapatan bunga (lanjutan) l. Interest income (continued)
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pendapatan bunga - Interest Income -
deposito berjangka time deposits
PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk 23.987 46.764 (Persero) Tbk
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk 65.211 35.270 (Persero) Tbk
PT Bank Mandiri Taspen 34.493 17.593 PT Bank Mandiri Taspen
PT Bank Mandiri (Persero) Tbk 931 1.679 PT Bank Mandiri (Persero) Tbk
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk 648 - (Persero) Tbk
125.270 101.306
1.574.431 1.627.565
Persentase terhadap total
pendapatan 50,74% 56,73% Percentage to total income
Pendapatan syariah - pinjaman Income from sharia - loan
yang diberikan
Pengendalian melalui Pemerintah Control through the Government
Republik Indonesia of the Republic of Indonesia
PT Bank Syariah Nasional (d/h PT Bank Syariah Nasional (previously
PT Bank Tabungan Negara PT Bank Tabungan Negara
- Unit Usaha Syariah) 201.865 162.259 - Sharia Business Unit)
PT Permodalan Nasional PT Permodalan Nasional
Madani - Unit Madani - Sharia
Usaha Syariah 5.261 7.754 Business Unit
207.126 170.013
Pendapatan syariah - Income from sharia -
deposito berjangka time deposits
Pengendalian melalui Pemerintah Control through the Government 641
Republik Indonesia of the Republic of Indonesia
PT Bank Syariah Nasional (d/h PT Bank Syariah Nasional (previously
PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk (Persero) Tbk
- Unit Usaha Syariah) 3.006 - - Sharia Business Unit
PT Sarana Multigriya Finansial (Persero)
3.006 -
\
210.132 170.013
Persentase terhadap total
pendapatan 6,77% 5,93% Percentage to total income
m. Pendapatan lain-lain - neto m. Other income - net
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pengendalian melalui Pemerintah Control through the Government
Republik Indonesia of the Republic of Indonesia
The Government of the Republic
Pemerintah Republik Indonesia 1.345 1.257 of Indonesia
Persentase terhadap total
pendapatan 0,04% 0,04% Percentage to total income
122
Page 642
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. TRANSAKSI PIHAK-PIHAK BERELASI (lanjutan) 30. TRANSACTION WITH RELATED PARTIES
(continued)
n. Beban bunga n. Interest expense
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Pengendalian melalui Pemerintah Control through the Government
Republik Indonesia of the Republic of Indonesia
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk 105.863 99.695 (Persero) Tbk
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk 60.292 33.345 (Persero) Tbk
PT Taspen (Persero) 15.562 15.529 PT Taspen (Persero)
PT Penjamin Infrastruktur PT Penjamin Infrastruktur
Indonesia (Persero) 6.565 8.815 Indonesia (Persero)
PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk 3.100 3.100 (Persero) Tbk
PT Reasuransi Indonesia PT Reasuransi Indonesia
Utama (Persero) 3.097 3.097 Utama (Persero)
PT Bank Mandiri (Persero) Tbk 52.482 138.303 PT Bank Mandiri (Persero) Tbk
246.961 301.884
Persentase terhadap total beban 10,35% 13,71% Percentage to total expense
642
o. Kompensasi dan remunerasi personil o. Compensation and remuneration of key
manajemen kunci management personnel
Laporan Tahunan 2025 Annual Report
Beban kompensasi untuk manajemen kunci atas The compensation expense to key management
jasa kepegawaian adalah sebagai berikut: for employee services is shown below:
31 Desember/December 31, 2025
Direksi/ Dewan Komisaris/
Board of Directors Board of Commissioners
% a) Rp % a) Rp
Gaji 8,03 8.697 4,19 4.537 Salaries
Bonus/Tantiem 5,25 5.686 2,64 2.864 Bonus/Tantiem
Tunjangan hari raya (THR) 0,66 710 0,35 375 Yearly allowance (THR)
Imbalan kerja lain 5,35 5.799 2,61 2.825 Other employment benefit
19,29 20.892 9,79 10.601
a) % dari total beban gaji dan tunjangan a) % of total salaries and benefits expense
31 Desember/December 31, 2024
Direksi/ Dewan Komisaris/
Board of Directors Board of Commissioners
% a) Rp % a) Rp
Gaji 8,63 8.195 4,44 4.218 Salaries
Bonus/Tantiem 5,84 5.552 2,52 2.395 Bonus/Tantiem
Tunjangan hari raya (THR) 0,63 601 0,43 409 Yearly allowance (THR)
Imbalan kerja lain 5,21 4.950 3,09 2.935 Other employment benefit
20,31 19.298 10,48 9.957
a) % dari total beban gaji dan tunjangan a) % of total salaries and benefits expense
123
Page 643
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
31. SEGMEN OPERASI 31. OPERATING SEGMENT
Segmen operasi dilaporkan sesuai dengan laporan Operating segments are reported in accordance with
internal yang disiapkan untuk Direksi yang the internal reporting that is provided to the Board of
bertanggung jawab untuk mengalokasikan sumber Directors, which is responsible for allocating
daya ke segmen pelaporan dan melakukan penilaian resources to the reportable segments and assessing
atas kinerjanya. their performance.
Pinjaman yang diberikan Loan
Perseroan memberikan pinjaman dana kepada The Company provides loans for mortgage
lembaga penyalur KPR dengan menggunakan channeling institutions by using the equity prior to the
ekuitas terlebih dahulu untuk kemudian dilakukan issuance of debt securities. There are 3 types of loan
penerbitan surat utang. Terdapat 3 jenis program programs that are distributed by the Company, which
pinjaman yang disalurkan oleh Perseroan, yaitu are the Refinancing Program, Mortgage Repo (Term
dalam bentuk Program Refinancing, Program Repo Purchase Program), Mortgage Facility Liquidity
KPR (Term Purchase Program), Program Fasilitas Program (“FLPP”), and Residential Mortgage Loan
Likuiditas Pembiayaan Perumahan (“FLPP”) dan receivables. Source of funds used to provide loans
aset piutang KPR. Sumber pendanaan yang came from issuing bonds, commercial paper and
digunakan untuk pemberian pinjaman berasal dari issued and fully paid capital. Bonds are included in
penerbitan obligasi, surat berharga komersial dan this segment.
modal ditempatkan dan disetor penuh. Obligasi
termasuk di dalam segmen ini.
Sekuritisasi Securitization
Segmen ini terkait dengan kegiatan Perseroan dalam This segment involves the Company’s activities to
memfasilitasi penjualan aset piutang KPR lembaga facilitate trading transaction of counterparty’s
penyalur KPR yang ditransformasi terlebih dahulu residential mortgage loan receivables that are first
menjadi efek pasar modal kepada investor, transformed into capital market securities,
pendapatan penata sekuritisasi termasuk transaksi securitization income which include credit
pendukung kredit - reserve account, jasa penerbitan enhancement - reserve account, securitization
sekuritisasi dan servicer transition fund. issuance fee and servicer transition fund.
Penempatan Placement
Kegiatan ini dilakukan Perseroan dengan The Company is placing funds in the banks in the 643
menempatkan dana di bank dalam bentuk deposito, form of deposits, which includes time deposits,
baik deposito berjangka, deposito on call maupun deposits on call, ≤ 3 months time deposits, and > 3
deposito ≤ 3 bulan dan deposito > 3 bulan. Selain itu, months time deposits. The Company also conducts
Perseroan juga melakukan kegiatan investasi dalam investment activities in the form of RMBS and
bentuk EBA dan SUN. Government Debenture Debt.
PT Sarana Multigriya Finansial (Persero)
Informasi mengenai hasil dari masing-masing bisnis Information regarding the results of each reportable
segmen dilaporkan dalam laporan internal segment is included in the internal management
manajemen yang direviu oleh Manajemen reports that are reviewed by the Company's
Perseroan. Manajemen berkeyakinan bahwa Management. Management believes that such
informasi tersebut paling relevan dalam information is the most relevant in evaluating the
mengevaluasi hasil segmen tersebut relatif terhadap results of those segments relative to other entities
entitas lain yang beroperasi dalam industri tersebut. that operate within these industries.
124
Page 644
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
31. SEGMEN OPERASI (lanjutan) 31. OPERATING SEGMENT (continued)
Perseroan memiliki 3 (tiga) pelaporan segmen, yaitu The Company has 3 (three) reportable segments,
berdasarkan produk usaha, sebagaimana disajikan which is in accordance with its business products, as
dalam tabel di bawah ini: set out in the table below:
Tahun yang berakhir pada tanggal 31 Desember/
Year ended December 31, 2025
Pinjaman yang Tidak dapat
diberikan/ Sekuritisasi/ Penempatan/ dialokasikan/ Total/
Loans Securitization Placement Unallocated Total
STATEMENT OF
LAPORAN LABA RUGI PROFIT OR LOSS
PENDAPATAN INCOME
Pendapatan bunga 2.041.367 - 669.173 - 2.710.540 Interest income
Pendapatan syariah 343.313 - 39.272 - 382.585 Sharia income
Pendapatan sekuritisasi - 1.633 - - 1.633 Securitization income
Kerugian yang belum Unrealized loss
direalisasi atas from changes
perubahan nilai wajar in fair value of
aset keuangan yang financial assets
diklasifikasikan classified as
pada nilai wajar fair value through
melalui laba rugi - - (39) - (39) profit or loss
Keuntungan dari Gain on sale
penjualan aset keuangan of financial assets at
yang diukur pada nilai fair value through
wajar melalui penghasilan other comprehensive
komprehensif lain - - 67 - 67 income
644
Pendapatan lain-lain - neto 903 - 3.465 3.456 7.824 Other income-net
Total pendapatan 2.385.583 1.633 711.938 3.456 3.102.610 Total income
BEBAN EXPENSES
Beban bunga (2.177.986) - - (154) (2.178.140) Interest expenses
Umum dan administrasi - - - (124.615) (124.615) General and administrative
Laporan Tahunan 2025 Annual Report
Gaji dan tunjangan - - - (108.366) (108.366) Salaries and benefits
Cadangan kerugian
penurunan nilai - - - 25.030 25.030 Allowance for impairment losses
Total beban (2.177.986) - - (208.105) (2.386.091) Total expense
LABA SEBELUM BEBAN INCOME BEFORE
PAJAK FINAL DAN BEBAN FINAL TAX EXPENSES AND
PAJAK PENGHASILAN 207.597 1.633 711.938 (204.649) 716.519 INCOME TAX EXPENSE
BEBAN PAJAK FINAL - - (127.634) - (127.634) FINAL TAX EXPENSE
LABA SEBELUM BEBAN INCOME BEFORE
PAJAK PENGHASILAN 207.597 1.633 584.304 (204.649) 588.885 INCOME TAX EXPENSE
BEBAN PAJAK INCOME TAX
PENGHASILAN EXPENSE
Kini - - - (3.486) (3.486) Current
Tangguhan - - - (20.006) (20.006) Deferred
LABA BERSIH 207.597 1.633 584.304 (228.141) 565.393 NET INCOME
LAPORAN POSISI STATEMENT OF FINANCIAL
KEUANGAN POSITION
TOTAL ASET 49.233.855 17.006 17.299.394 263.390 66.813.645 TOTAL ASSETS
TOTAL LIABILITAS 37.331.519 - - 327.890 37.659.409 TOTAL LIABILITIES
TOTAL DANA SYIRKAH - TOTAL TEMPORARY
TEMPORER 1.428.305 - - - 1.428.305 SYIRKAH FUND
125
Page 645
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
31. SEGMEN OPERASI (lanjutan) 31. OPERATING SEGMENT (continued)
Perseroan memiliki 3 (tiga) pelaporan segmen, yaitu The Company has 3 (three) reportable segments,
berdasarkan produk usaha, sebagaimana disajikan which is in accordance with its business products, as
dalam tabel di bawah ini: (lanjutan) set out in the table below: (continued)
Tahun yang berakhir pada tanggal 31 Desember/
Year ended December 31, 2024
Pinjaman yang Tidak dapat
diberikan/ Sekuritisasi/ Penempatan/ dialokasikan/ Total/
Loans Securitization Placement Unallocated Total
STATEMENT OF
LAPORAN LABA RUGI PROFIT OR LOSS
PENDAPATAN INCOME
Pendapatan bunga 2.054.578 - 539.254 - 2.593.832 Interest income
Pendapatan syariah 256.515 - 8.027 - 264.542 Sharia income
Pendapatan sekuritisasi - 2.089 - - 2.089 Securitization income
Keuntungan yang belum Unrealized gain
direalisasi atas from changes
perubahan nilai wajar in fair value of
aset keuangan yang financial assets
diklasifikasikan classified as
pada nilai wajar fair value through
melalui laba rugi - - 3.136 - 3.136 profit or loss
Keuntungan dari Gain on sale
penjualan aset keuangan of financial assets at
yang diukur pada nilai fair value through
wajar melalui penghasilan other comprehensive
komprehensif lain - - 262 - 262 income
Pendapatan lain-lain - neto 866 - 1.654 2.736 5.256 Other income-net
Total pendapatan 2.311.959 2.089 552.333 2.736 2.869.117 Total income
BEBAN EXPENSES
Beban bunga (1.995.103) - - (193) (1.995.296) Interest expenses
Umum dan administrasi - - - (115.785) (115.785) General and administrative
Gaji dan tunjangan - - - (95.003) (95.003) Salaries and benefits
Cadangan kerugian
penurunan nilai - - - 4.279 4.279 Allowance for impairment losses
Total beban (1.995.103) - - (206.702) (2.201.805) Total expense
LABA SEBELUM BEBAN INCOME BEFORE
PAJAK FINAL DAN BEBAN FINAL TAX EXPENSES AND
PAJAK PENGHASILAN 316.856 2.089 552.333 (203.966) 667.312 INCOME TAX EXPENSE
BEBAN PAJAK FINAL - - (96.836) - (96.836) FINAL TAX EXPENSE
LABA SEBELUM BEBAN INCOME BEFORE 645
PAJAK PENGHASILAN 316.856 2.089 455.497 (203.966) 570.476 INCOME TAX EXPENSE
BEBAN PAJAK INCOME TAX
PENGHASILAN EXPENSE
Kini - - - (32.556) (32.556) Current
Tangguhan - - - 1.914 1.914 Deferred
PT Sarana Multigriya Finansial (Persero)
- - - (30.642) (30.642)
LABA BERSIH 316.856 2.089 455.497 (234.608) 539.834 NET INCOME
LAPORAN POSISI STATEMENT OF FINANCIAL
KEUANGAN POSITION
TOTAL ASET 41.830.509 28.348 14.046.406 2.233.225 58.138.488 TOTAL ASSETS
TOTAL LIABILITAS 36.144.259 - - 260.759 36.405.018 TOTAL LIABILITIES
TOTAL DANA SYIRKAH - TOTAL TEMPORARY
TEMPORER 1.173.510 - - 1.173.510 SYIRKAH FUND
126
Page 646
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
32. MANAJEMEN RISIKO 32. RISK MANAGEMENT
Sebagai lembaga keuangan yang mengembangkan As a financial institution that has the Government’s
tugas dari Pemerintah untuk membangun dan duty to promote and develop the secondary
mengembangkan pasar pembiayaan sekunder mortgage market, the Company implements its risk
perumahan, Perseroan mengimplementasikan management with Enterprise Risk Management
manajemen risiko dalam operasional organisasinya (ERM) approach to support its operations. Risk
dengan pendekatan Enterprise Risk Management management concept has been implemented since
(ERM). Konsep pengelolaan risiko yang mulai early 2010, started to be developed in 2009 by
diaplikasikan secara formal sejak awal tahun 2010, combining the best concept that can be implemented
mulai dikembangkan sejak 2009 dengan meramu referring to the COSO 2017 approach on Enterprise
konsep-konsep terbaik yang dapat Risk Management - Integrated Framework and also
diimplementasikan mengacu pada pendekatan ISO 31000:2018 Enterprise Risk Management, and
COSO 2017 tentang Enterprise Risk Management - OJK Regulation Number 42 of 2024 concerning the
Integrated Framework dan juga ISO 31000:2018 Implementation of Risk Management for Financing
Enterprise Risk Management, serta POJK Nomor 42 Institutions, Venture Capital Companies,
Tahun 2024 tentang Penerapan Manajemen Risiko Microfinance Institutions, and Other Financial
bagi Lembaga Pembiayaan, Perusahaan Modal Service Institutions.
Ventura, Lembaga Keuangan Mikro, dan Lembaga
Jasa Keuangan Lainnya.
Struktur dan tata kelola manajemen risiko Risk management governance and structure
Dalam pengelolaan risiko, Manajemen didukung oleh The governance of risk management is supported by
646 tiga organ utama yaitu Divisi Manajemen Risiko three main organs which are Risk Management
(MRK), Komite Manajemen Risiko dan Komite Division (MRK), Risk Management Committee and
Pemantau Risiko. MRK bertanggungjawab untuk Risk Monitoring Committee. RM is responsible for
melakukan identifikasi, pengukuran, dan identifying, measuring and monitoring risks on a
pemantauan risiko secara rutin. regular basis.
Laporan Tahunan 2025 Annual Report
Berdasarkan aktivitas tersebut MRK melakukan Based on these activities, RM performs
pengukuran dan pelaporan secara rutin tentang measurements and regular reporting on the
kondisi profil risiko Perseroan, mengusulkan Company's risk profile, proposed policies and
perubahan-perubahan kebijakan, prosedur procedure changes and the proposed risk mitigation
pengelolaan risiko yang dibutuhkan, dan usulan to be implemented. RM monitoring results and
mitigasi yang sebaiknya dilaksanakan. Hasil proposals become inputs for Risk Management
pemantauan dan usulan-usulan yang disusun oleh Committee and Risk Monitoring Comitte to develop
MRK menjadi masukan bagi Komite Manajemen recommendations for required anticipation and
Risiko dan Komite Pemantau Risiko untuk menyusun mitigation. Risk Management and Compliance
rekomendasi antisipasi dan mitigasi yang dibutuhkan Division (MRK) submits recommendations to the
oleh Komisaris dan Direksi. Selanjutnya Divisi Board of Directors for approval of follow-up that must
Manajemen Risiko dan Kepatuhan (MRK) be taken in accordance with the related matter.
menyampaikan rekomendasi kepada Direksi untuk
mendapatkan persetujuan atas tindak lanjut yang
harus ditempuh Perseroan sesuai dengan pokok
bahasan yang ada.
Perseroan membagi pengelolaan risiko menjadi The Company have divided risk management into 8
sebanyak 8 (delapan) tipologi risiko, di antaranya: (eight) risk typologies, including:
1. Risiko Pasar 1. Market Risk
2. Risiko Kredit 2. Credit Risk
3. Risiko Likuiditas 3. Liquidity Risk
4. Risiko Strategis 4. Strategic Risk
5. Risiko Kepatuhan 5. Compliance Risk
6. Risiko Hukum 6. Legal Risk
7. Risiko Operasional 7. Operational Risk
8. Risiko Reputasi 8. Reputation Risk
127
Page 647
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
32. MANAJEMEN RISIKO (lanjutan) 32. RISK MANAGEMENT (continued)
Struktur dan tata kelola manajemen risiko Risk management governance and structure
(lanjutan) (continued)
Karena cukup beragamnya jenis risiko yang harus Because of the diverse types of risks that the
dihadapi Perseroan, Perseroan mengidentifikasi Company must face, the Company identifies the
risiko utama yang sejalan dengan bisnis Perseroan main risks that align with its business and need to be
yang perlu mendapatkan prioritas lebih yaitu (1) risiko given higher priority, namely: (1) credit risk, (2)
kredit, (2) risiko pasar, dan (3) risiko likuiditas. market risk, and (3) liquidity risk.
Risiko kredit Credit risk
Risiko kredit yang dihadapi Perseroan terutama Credit risk faced by the Company mainly arises from
berasal dari pinjaman yang diberikan dan dari loans and investment in the form of deposits, RMBS
penempatan dana dalam bentuk deposito, EBA serta and residential mortgage loan. In this case,
pembelian aset KPR. Dalam hal ini, penempatan placement in government debenture debt (long-term
dalam surat utang negara (investasi jangka panjang) investment) is considered as financial instrument
dikategorikan sebagai instrumen keuangan dengan with low risk. The Company also implements a
risiko rendah. Perseroan juga menerapkan kebijakan prudent policy to place its cash in the form of current
kehati-hatian untuk menempatkan dana kas dalam accounts and time deposits in selected, national
bentuk giro dan deposito berjangka pada institusi scale financial institutions. Consistent with this, credit
keuangan terpilih dan berskala nasional. Dana enhancement is also placed in Collective Investment
pendukung kredit juga ditempatkan pada rekening Contract RMBS (“KIK EBA”) and RMBS Participation
Kontrak Investasi Kolektif EBA (“KIK EBA”) EBA dan Certificate (“EBA SP”) accounts in selected financial
EBA SP pada institusi keuangan terpilih. institution.
Risiko kredit sehubungan dengan jaminan dan Credit risk related to credit enhancement is subject to
pendukung kredit tergantung pada aset dasar EBA. underlying RMBS. At the reporting date,
Pada tanggal pelaporan, Manajemen berkeyakinan Management is of the view that credit risk on those
bahwa aset dasar tersebut memiliki risiko kredit underlying RMBS is low. Apart from this, the
rendah. Selain itu, Perseroan juga memiliki risiko Company is also exposed to credit risk relating to its
kredit sehubungan dengan perannya sebagai role as a standby buyer for the issuance of RMBS.
penjamin pembelian dalam transaksi penerbitan
EBA.
647
Pengelolaan risiko kredit terutama diarahkan untuk Credit risk management is mainly directed to
menjaga keseimbangan antara perluasan maintain a balance between expansion of the lending
penyaluran pembiayaan dan penempatan dana yang and placement of funds by maintaining a good credit
sehat dengan mempertahankan kualitas portofolio portfolio quality. Credit risk management is
kredit yang tetap baik. Pengelolaan risiko kredit conducted to avoid/reduce the potential losses that
PT Sarana Multigriya Finansial (Persero)
dilakukan untuk menghindari/mengurangi potensi may occur due to defaulted repayment of principal
kerugian yang dapat terjadi akibat ketidaklancaran and/or interest of placement/lending.
pembayaran kembali pokok dan/atau bunga
penempatan/pembiayaan.
Mekanisme mitigasi risiko pinjaman yang diberikan Loan risk mitigation mechanisms is managed by
dilakukan melalui proses analisis pendahuluan yang conducting an in-depth credit analysis, determining
mendalam, penentuan peringkat risiko kredit the credit risk rating over counterparties, which has
counterparty minimum investment grade dan limit minimum investment grade level, and plede with
pemberian kredit adanya jaminan berupa piutang mortgage financing and slums which is subject to
Pembiayaan Perumahan dan Permukiman yang fiduciary commitments with a guarantee ratio with
dilakukan pengikatan fidusia dengan rasio jaminan receivable a certain amount of collateral value
ditetapkan sebesar nominal tertentu dari nilai (except for those refinancing on government
pembiayaan (kecuali untuk refinancing atas KPR mortgage program that does not require advance
program pemerintah yang tidak dilakukan pengikatan engagement) in the form of mortgage receivables,
jaminan di awal), sehingga dalam pelaksanaannya resulting to a relatively lower execution risk.
risiko relatif lebih rendah.
128
Page 648
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
32. MANAJEMEN RISIKO (lanjutan) 32. RISK MANAGEMENT (continued)
Struktur dan tata kelola manajemen risiko Risk management governance and structure
(lanjutan) (continued)
Risiko kredit (lanjutan) Credit risk (continued)
a) Eksposur maksimum risiko kredit tanpa a) Maximum exposure to credit risk without taking
memperhitungkan agunan. into account collaterals.
Tabel berikut menggambarkan maksimum The following table summarises the Company’s
eksposur risiko kredit tanpa memperhitungkan maximum exposure to credit risk without taking
agunan: into account collaterals:
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Kas dan setara kas 12.562.628 5.013.708 Cash and cash equivalents
Deposito berjangka 2.870.000 7.453.000 Time deposits
Efek-efek 1.852.940 1.556.695 Marketable securities
Pinjaman yang diberikan Loan
Refinancing 19.128.553 18.485.804 Refinancing
FLPP 30.101.150 23.429.670 FLPP
Term Purchase Program 242 837 Term Purchase Program
Aset Kredit Pemilikan Rumah 3.910 5.696 Residential Mortgage Loan
648
Piutang usaha Account receivables
Berbasis bunga 136.383 117.578 Interest based
Berbasis imbalan 107 470 Fee based
Piutang lain-lain 35.959 1.926.405 Other receivables
Jaminan dan
Laporan Tahunan 2025 Annual Report
pendukung kredit 17.006 28.348 Credit enhancement
66.708.878 58.018.211
b) Konsentrasi risiko b) Risk concentration
Tabel berikut menggambarkan maksimum The following table outlines the Company’s
eksposur risiko kredit Perseroan tanpa maximum exposure to credit risk without
memperhitungkan agunan dan pendukung kredit considering collateral and other credit
lainnya sesuai dengan konsentrasi risiko kredit: enhancement based on credit risk concentration:
31 Desember/December 31, 2025
Lembaga
keuangan
bukan bank/ Perusahaan
Non-bank Lainnya/
Pemerintah/ Bank/ financial Other Perorangan/ Total/
Government Bank instutions companies Individuals Total
Kas dan setara kas - 12.562.628 - - - 12.562.628 Cash and cash equivalents
Deposito berjangka - 2.870.000 - - - 2.870.000 Time deposits
Efek-efek 1.272.808 - - 580.132 - 1.852.940 Marketable securities
Pinjaman yang diberikan Loan
Refinancing - 17.328.704 1.799.849 - - 19.128.553 Refinancing
FLPP - 30.101.150 - - - 30.101.150 FLPP
Term Purchase Program - - 242 - - 242 Term Purchase Program
Aset Kredit Pemilikan Rumah - - - - 3.910 3.910 Residential Mortgage Loan
Piutang usaha Account receivables
Berbasis bunga 23.672 108.488 3.572 651 - 136.383 Interest based
Berbasis imbalan - - - 107 - 107 Fee based
Piutang lain-lain 1.902 - - 6.663 27.394 35.959 Other receivables
Jaminan dan Credit
pendukung kredit - - - 17.006 - 17.006 enhancement
1.298.382 62.970.970 1.803.663 604.559 31.304 66.708.878
129
Page 649
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
32. MANAJEMEN RISIKO (lanjutan) 32. RISK MANAGEMENT (continued)
Struktur dan tata kelola manajemen risiko Risk management governance and structure
(lanjutan) (continued)
Risiko kredit (lanjutan) Credit risk (continued)
b) Konsentrasi risiko (lanjutan) b) Risk concentration (continued)
Tabel berikut menggambarkan maksimum The following table outlines the Company’s
eksposur risiko kredit Perseroan tanpa maximum exposure to credit risk without
memperhitungkan agunan dan pendukung kredit considering collateral and other credit
lainnya sesuai dengan konsentrasi risiko kredit: enhancement based on credit risk concentration:
(lanjutan) (continued)
31 Desember/December 31, 2024
Lembaga
keuangan
bukan bank/ Perusahaan
Non-bank Lainnya/
Pemerintah/ Bank/ financial Other Perorangan/ Total/
Government Bank instutions companies Individuals Total
Kas dan setara kas - 5.013.708 - - - 5.013.708 Cash and cash equivalents
Deposito berjangka - 7.453.000 - - - 7.453.000 Time deposits
Efek-efek 669.937 - - 886.758 - 1.556.695 Marketable securities
Pinjaman yang diberikan Loan
Refinancing - 14.586.068 3.899.736 - - 18.485.804 Refinancing
FLPP - 23.429.670 - - - 23.429.670 FLPP
Term Purchase Program - - 837 - - 837 Term Purchase Program
Aset Kredit Pemilikan Rumah - - - - 5.696 5.696 Residential Mortgage Loan
Piutang usaha Account receivables
Berbasis bunga 11.208 99.767 5.386 1.217 - 117.578 Interest based
Berbasis imbalan 325 - - 145 - 470 Fee based
Piutang lain-lain 1.891.000 - - 4.096 31.309 1.926.405 Other receivables
Jaminan dan Credit
pendukung kredit - - - 28.348 - 28.348 enhancement
2.572.470 50.582.213 3.905.959 920.564 37.005 58.018.211
c) Kualitas kredit c) Credit quality
Pada tanggal-tanggal 31 Desember 2025 dan As of December 31, 2025 and 2024, credit quality
2024, kualitas kredit atas aset keuangan terbagi of financial assets are divided as follows:
atas:
649
31 Desember/December 31, 2025
Belum Telah jatuh
jatuh tempo tempo namun
atau tidak tidak
mengalami mengalami
penurunan nilai/ penurunan nilai/ Mengalami
PT Sarana Multigriya Finansial (Persero)
Neither Past due penurunan
past due nor but not nilai/ Total/
impaired impaired Impaired Total
Kas dan setara kas 12.562.628 - - 12.562.628 Cash and cash equivalents
Deposito berjangka 2.870.000 - - 2.870.000 Time deposits
Efek-efek 1.852.940 - - 1.852.940 Marketable securities
Pinjaman yang diberikan Loan
Refinancing 19.098.493 30.060 - 19.128.553 Refinancing
FLPP 30.101.150 - - 30.101.150 FLPP
Term Purchase Program 242 - - 242 Term Purchase Program
Aset Kredit Pemilikan Rumah 1.731 452 1.727 3.910 Residential Mortgage Loan
Piutang usaha Account receivables
Berbasis bunga 136.383 - - 136.383 Interest based
Berbasis imbalan 107 - - 107 Fee based
Piutang lain-lain 35.959 - - 35.959 Other receivables
Jaminan dan
pendukung kredit 17.006 - - 17.006 Credit enhancement
66.676.639 30.512 1.727 66.708.878
130
Page 650
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
32. MANAJEMEN RISIKO (lanjutan) 32. RISK MANAGEMENT (continued)
Struktur dan tata kelola manajemen risiko Risk management governance and structure
(lanjutan) (continued)
Risiko kredit (lanjutan) Credit risk (continued)
c) Kualitas kredit (lanjutan) c) Credit quality (continued)
Pada tanggal-tanggal 31 Desember 2025 dan As of December 31, 2025 and 2024, credit quality
2024 kualitas kredit atas aset keuangan terbagi of financial assets are divided as follows:
atas: (lanjutan) (continued)
31 Desember/December 31, 2024
Belum Telah jatuh
jatuh tempo tempo namun
atau tidak tidak
mengalami mengalami
penurunan nilai/ penurunan nilai/ Mengalami
Neither Past due penurunan
past due nor but not nilai/ Total/
impaired impaired Impaired Total
Kas dan setara kas 5.013.708 - - 5.013.708 Cash and cash equivalents
Deposito berjangka 7.453.000 - - 7.453.000 Time deposits
Efek-efek 1.556.695 - - 1.556.695 Marketable securities
Pinjaman yang diberikan Loan
Refinancing 18.479.378 6.426 - 18.485.804 Refinancing
FLPP 23.429.670 - - 23.429.670 FLPP
650 Term Purchase Program 837 - - 837 Term Purchase Program
Aset Kredit Pemilikan Rumah 3.509 129 2.058 5.696 Residential Mortgage Loan
Piutang usaha Account receivables
Berbasis bunga 117.578 - - 117.578 Interest based
Berbasis imbalan 470 - - 470 Fee based
Piutang lain-lain 1.926.405 - - 1.926.405 Other receivables
Jaminan dan
Laporan Tahunan 2025 Annual Report
pendukung kredit 28.348 - 28.348 Credit enhancement
58.009.598 6.555 2.058 58.018.211
Pada tanggal-tanggal 31 Desember 2025 dan The credit quality of loans that are neither past
2024 rincian kualitas pinjaman yang diberikan due nor impaired enhancement for the years
yang belum jatuh tempo atau tidak mengalami ended December 31, 2025 and 2024 can be
penurunan nilai berdasarkan pemeringkatan assessed by reference to the internal rating
internal sebagai berikut: system as follows:
31 Desember/December 31, 2025
Peringkat internal/Internal rating
AAA AA A BBB < BBB Total
Pinjaman yang
diberikan Loan
Refinancing - 7.192.034 11.136.381 761.069 9.009 19.098.493 Refinancing
FLPP - 29.010.740 759.554 330.856 - 30.101.150 FLPP
Term Purchase Program - - - 242 - 242 Term Purchase Program
Aset Kredit
Pemilikan Rumah - - - 1.731 - 1.731 Residential Mortgage Loan
- 36.202.774 11.895.935 1.093.898 9.009 49.201.616
31 Desember/December 31, 2024
Peringkat internal/Internal rating
AAA AA A BBB < BBB Total
Pinjaman yang
diberikan Loan
Refinancing - 6.153.354 11.155.679 1.156.400 13.945 18.479.378 Refinancing
FLPP - 1.132.061 21.953.914 343.695 - 23.429.670 FLPP
Term Purchase Program - - - 837 - 837 Term Purchase Program
Aset Kredit
Pemilikan Rumah - - - 3.509 - 3.509 Residential Mortgage Loan
- 7.285.415 33.109.593 1.504.441 13.945 41.913.394
131
Page 651
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
32. MANAJEMEN RISIKO (lanjutan) 32. RISK MANAGEMENT (continued)
Struktur dan tata kelola manajemen risiko Risk management governance and structure
(lanjutan) (continued)
Risiko kredit (lanjutan) Credit risk (continued)
c) Kualitas kredit (lanjutan) c) Credit quality (continued)
Penjelasan pembagian kualitas kredit yang The explaination of the loans quality that are
diberikan yang belum jatuh tempo atau tidak neither past due nor impaired is explained as
mengalami penurunan nilai adalah: follows:
AAA - peringkat ini merupakan peringkat AAA - this is the highest rating, ability to pay
tertinggi, kemampuan untuk membayar interest and principal is very strong.
bunga dan pokok adalah sangat kuat.
AA - counterparty yang mendapat peringkat AA - counterparty which is rated as high
merupakan kelompok high grade. Memiliki grade group. It has very strong capacity to
kemampuan sangat kuat untuk membayar pay interest and principal back.
bunga dan pokok kembali.
A - counterparty memiliki kapasitas utang A - counterparty has strong debt capacity to
yang kuat untuk membayar bunga dan pay interest and repay principal, although
membayar kembali pokoknya, meskipun more susceptible to the adverse effects of
lebih mudah terkena pengaruh merugikan changes in economic conditions.
dari perubahan kondisi ekonomi.
BBB - counterparty dianggap memiliki BBB - counterparty is considered to have
kapasitas memadai untuk membayar bunga adequate capacity to pay interest and
dan pokoknya. Kondisi ekonomi uang principal. Adverse economic conditions or
merugikan atau keadaan yang berubah akan changing circumstances more likely to
lebih besar kemungkinannya melemahkan weaken the capacity to pay the interest and
kapasitas membayar bunga dan membayar repay the principal for debt in this category.
kembali pokoknya untuk pinjaman dalam
kategori ini.
< BBB - pinjaman kategori ini dianggap < BBB - this rating of loans is considered
spekulatif dalam hal kapasitas membayar speculative in terms of capacity to pay
bunga dan membayar kembali pokoknya interest and repay principal in accordance
sesuai dengan perjanjian. Kategori ini juga with the agreements. It is also often called 651
sering dinamakan peringkat non-investment. non-investment ranking.
Gejolak Geo-politik, ketidakpastian perang Geopolitical volatility, trade war uncertainty, tariff
PT Sarana Multigriya Finansial (Persero)
dagang, penetapan kebijakan tarif serta tren policy decisions, and the downward trend in
penurunan suku bunga yang telah memicu interest rates, which have triggered uncertainty in
ketidakpastian kondisi ekonomi global global economic conditions, causing caution in
menyebabkan kehati-hatian dalam mengelola managing and mitigating credit risk at the
dan memitigasi risiko kredit di Perseroan. Company.
Saat ini Perseroan telah melakukan beberapa The Company has currently implemented the
inisiatif berikut untuk meningkatkan manajemen following initiatives to improve credit risk
risiko kredit: management:
Rutin melakukan rerating internal untuk Regularly conducting internal re-ratings for
counterparty Perseroan: Rating internal the Company's counterparties: Internal
merupakan salah satu tools yang digunakan ratings are one of the tools used by the
Perseroan untuk melakukan assessment Company to assess counterparties.
atas counterparty.
132
Page 652
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
32. MANAJEMEN RISIKO (lanjutan) 32. RISK MANAGEMENT (continued)
Struktur dan tata kelola manajemen risiko Risk management governance and structure
(lanjutan) (continued)
Risiko kredit (lanjutan) Credit risk (continued)
c) Kualitas kredit (lanjutan) c) Credit quality (continued)
Saat ini Perseroan telah melakukan beberapa The Company has currently implemented the
inisiatif berikut untuk meningkatkan manajemen following initiatives to improve credit risk
risiko kredit: (lanjutan) management: (continued)
Manajemen risiko kredit yang proaktif: Proactive credit risk management: The
Perseroan melakukan pemantauan kondisi Company monitors counterparty conditions
counterparty melalui early warning system through an early warning system to identify
untuk mengidentifikasi potensi kerugian potential losses due to credit risk so that
akibat risiko kredit sehingga dapat dilakukan mitigation strategies can be implemented.
strategi mitigasi. Selain itu, Perseroan telah Furthermore, the Company has developed
memiliki risk acceptance criteria yang lebih more comprehensive risk acceptance
komprehensif atas counterparty yang akan criteria for counterparties with whom it
melakukan kerja sama dengan Perseroan. intends to collaborate.
Melakukan stress test atas risiko kredit Conducting stress tests on credit risk based
652 berdasarkan identifikasi terhadap eksposur on identification of the Company's largest
risiko kredit Perseroan yang paling besar, credit risk exposure, namely the loan
yaitu portofolio penyaluran pinjaman. disbursement portfolio.
Pelaksanaan Manajemen Risiko Digital Implementation of the Digital Risk
roadmap: Perseroan telah memiliki otomasi Management Roadmap: The Company has
Laporan Tahunan 2025 Annual Report
system untuk database customer an automated system for its customer
(counterparty) database, which is used for
(counterparty) Perseroan yang digunakan
the loan disbursement business process,
untuk proses kegiatan bisnis penyaluran
from initiation to repayment, which promotes
pinjaman mulai dari inisiasi hingga good governance in business operations.
pelunasan yang mendorong tata kelola
dalam pelaksanaan bisnis.
Perseroan juga telah memiliki tools dalam The Company also has tools for
pelaksanaan aktivitas pengukuran risiko implementing credit risk measurement
kredit dengan dukungan sistem Teknologi activities, supported by an Information
Informasi. Technology system.
Risiko pasar Market risk
Risiko pasar merupakan potensi kerugian yang Market risk is the potential loss arising from
timbul dari pergerakan variabel pasar dari portofolio movements of market variables to the Company’s
yang dimiliki Perseroan. Secara umum, portofolio portfolio. In general, the Company's portfolios which
Perseroan yang terekspos risiko pasar adalah are exposed to market risk are included in trading
portofolio yang termasuk di dalam trading book book in which the value of mark-to-market prices will
dimana nilai mark-to-market harga akan directly influence profit or loss of the Company.
berpengaruh langsung terhadap laba rugi Perseroan.
Termasuk dalam risiko pasar adalah risiko Included in market risk is the risk of price changes of
perubahan harga instrumen keuangan akibat financial instruments due to changes in interest
perubahan tingkat bunga. rates.
Risiko tingkat bunga timbul atas portofolio instrumen Interest rate risk arises from portfolio of financial
keuangan yang terpengaruh oleh pergerakan tingkat instruments that is affected by market rate
bunga pasar, terutama deposito berjangka, Surat movement, primarily consisting of time deposits,
Utang Negara (SUN), EBA, pinjaman yang diberikan Government Bond, RMBS, loans and securities
dan efek-efek yang diterbitkan. issued.
133
Page 653
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
32. MANAJEMEN RISIKO (lanjutan) 32. RISK MANAGEMENT (continued)
Risiko tingkat bunga Interest rate risk
Perseroan memitigasi risiko tingkat bunga dengan Interest rate risk mitigation is done by managing
melakukan pengelolaan aset liabilitas secara efektif. asset liability effectively. The Company sets a
Perseroan mengatur besarnya maksimum eksposur maximum exposure of lending portfolio, the
portofolio penyaluran pembiayaan, maksimum maximum amount of borrowing from capital markets
besarnya akses dana ke pasar modal dan jangka and time period that gives the best rates for lending
waktu yang memberikan tingkat bunga terbaik untuk disbursement. All interest bearing assets and
penyaluran. Selain itu, seluruh aset dan liabilitas liabilities are set at fixed rate except for cash and
yang dikenakan bunga, memiliki bunga tetap, kecuali cash equivalent. Therefore, it does not have a
kas dan setara kas. Sehingga, dampaknya tidak significant impact to the Company’s financial
signifikan terhadap laporan keuangan Perseroan. statements.
Perseroan secara berkelanjutan mengadopsi The Company continuously adopts a prudent
pendekatan kehati-hatian dalam mengelola aset approach in managing the Company’s interest
yang dikenakan bunga dan berkeyakinan bahwa earning assets and is in the opinion that the impact
dampak pergerakan suku bunga pada rata-rata of interest rate movement in the average rate of
tingkat pengembalian adalah tidak signifikan. Tingkat return is not significant. The level of market risk faced
risiko pasar yang dihadapi Perseroan dijaga pada by the Company is maintained at a level that does not
level yang tidak membahayakan kondisi keuangan harm the Company's financial condition.
Perseroan.
Tabel berikut merupakan suku bunga rata-rata untuk The following table shows the average interest rates
aset dan liabilitas keuangan utama pada tanggal- for the key financial assets and liabilities outstanding
tanggal 31 Desember 2025 dan 2024: as of December 31, 2025 and 2024:
Bunga efektif atau Bunga ekuivalen/
Effective rate or Equivalent rate
Instrumen Keuangan 2025 2024 Financial Instrument
Aset keuangan Financial assets
Deposito berjangka 5,76% 6,96% Time deposits
Residential mortgage
Efek beragun aset (EBA) 7,93% 6,99% backed securities (RMBS) 653
Pinjaman yang diberikan 7,07% 6,83% Loan
Surat Utang Negara (SUN) 6,86% 7,39% Government debenture debt (SUN)
Liabilitas keuangan Financial liabilities
Utang bank 5,67% 6,47% Bank loans
Obligasi 6,61% 6,68% Bonds
PT Sarana Multigriya Finansial (Persero)
Dana syirkah temporer Temporary syirkah fund
Sukuk musyarakah 6,54% 6,51% Musyarakah sukuk
Risiko likuiditas Liquidity risk
Risiko likuiditas merupakan potensi kerugian apabila Liquidity risk is the potential loss that arising when the
Perseroan tidak dapat memenuhi kebutuhan arus Company does not have sufficient financial
kas untuk memenuhi kewajiban yang jatuh tempo. resources to discharge its matured liabilities. Fund
Penghimpunan dana dari pasar modal dan raising from capital market activity and lending to the
penyaluran ke sektor pembiayaan perumahan housing finance sector require sound cash flows
membutuhkan pengaturan dan perencanaan arus planning. Scheduling the issuance of debt paper to
kas yang baik. Penjadwalan penerbitan surat utang capital markets is important because the movement
ke pasar modal menjadi penting mengingat in market rates may cause the raised funds to be too
pergerakan suku bunga di pasar dapat expensive for the disbursement of lending.
menyebabkan dana yang dihimpun menjadi terlalu
mahal bagi penyaluran pembiayaan.
134
Page 654
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
32. MANAJEMEN RISIKO (lanjutan) 32. RISK MANAGEMENT (continued)
Risiko likuiditas (lanjutan) Liquidity risk (continued)
Untuk mengelola risiko tersebut, Perseroan menjaga To manage these risks, the Company maintains the
tersedianya posisi likuiditas di dalam laporan posisi availability of liquidity position in the statement of
keuangan Perseroan untuk kebutuhan penyaluran financial position of the Company for distribution of
pembiayaan ataupun surat utang yang akan jatuh lending or maturity of debt securities. Funds raised
tempo. Ekuitas Perseroan disiapkan sebagai from equity is allocated as a bridging fund for loans
bridging fund (dana talangan) sebelum dana dari prior to obtaining funds from the capital markets.
pasar modal terhimpun dari penerbitan surat utang, Therefore once it is utilised, it will be immediately
sehingga setelah disalurkan sedapat mungkin replaced with capital market funds from the debt
segera digantikan dengan dana pasar modal. issuance.
Tabel jatuh tempo berikut ini menyajikan informasi The maturity tables below provide information about
mengenai perkiraan jatuh tempo dari liabilitas dan estimated maturities from liabilities and temporary
dana syirkah temporer sesuai kontrak menjadi arus syirkah fund based on contractual undiscounted cash
kas yang tidak terdiskonto pada tanggal-tanggal flows of financial liabilities as of December 31, 2025
31 Desember 2025 dan 2024: and 2024:
31 Desember/December 31, 2025
Kurang dari Lebih dari
Sesuai 1 bulan/ 1-3 >3-12 >1-5 5 tahun/
Total/ permintaan/ Less than bulan/ bulan/ tahun/ More than
654 Total On demand 1 month months months years 5 years
Liabilitas Liabilities
Efek-efek yang
diterbitkan 26.208.242 - 105.564 709.009 7.606.436 17.787.233 - Securities issued
Utang bank 14.880.544 - 6.689.901 1.596.324 4.218.432 2.375.887 - Bank loan
Beban yang masih
Laporan Tahunan 2025 Annual Report
harus dibayar 244.202 - 72.558 171.644 - - - Accrued expense
Utang lain-lain 27.685 27.685 - - - - - Other payable
41.360.673 27.685 6.868.023 2.476.977 11.824.868 20.163.120 -
Dana syirkah temporer Temporary syirkah fund
Sukuk musyarakah 1.587.386 - 11.970 372.196 485.318 717.902 - Musyarakah sukuk
42.948.059 27.685 6.879.993 2.849.173 12.310.186 20.881.022 -
135
Page 655
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
32. MANAJEMEN RISIKO (lanjutan) 32. RISK MANAGEMENT (continued)
Risiko likuiditas (lanjutan) Liquidity risk (continued)
Tabel jatuh tempo berikut ini menyajikan informasi The maturity tables below provide information about
mengenai perkiraan jatuh tempo dari liabilitas dan estimated maturities from liabilities and temporary
dana syirkah temporer sesuai kontrak menjadi arus syirkah fund based on contractual undiscounted cash
kas yang tidak terdiskonto pada tanggal-tanggal flows of financial liabilities as of December 31, 2025
31 Desember 2025 dan 2024: (lanjutan) and 2024: (continued)
31 Desember/December 31, 2024
Kurang dari Lebih dari
Sesuai 1 bulan/ 1-3 >3-12 >1-5 5 tahun/
Total/ permintaan/ Less than bulan/ bulan/ tahun/ More than
Total On demand 1 month months months years 5 years
Liabilitas Liabilities
Efek-efek yang
diterbitkan 30.606.232 - 62.667 4.209.638 4.693.215 21.640.712 - Securities issued
Utang bank 10.035.416 - 2.946.246 4.599.136 1.121.315 1.368.719 - Bank loan
Beban yang masih
harus dibayar 195.546 - 42.133 153.413 - - - Accrued expense
Utang lain-lain 16.893 16.893 - - - - - Other payable
40.854.087 16.893 3.051.046 8.962.187 5.814.530 23.009.431 -
Dana syirkah temporer Temporary syirkah fund
Sukuk musyarakah 1.289.612 - 2.579 545.500 301.266 440.267 - Musyarakah sukuk
42.143.699 16.893 3.053.625 9.507.687 6.115.796 23.449.698 -
Profil jatuh tempo dari aset keuangan (tanpa The maturities profile of financial assets (without
memperhitungkan cadangan kerugian penurunan considering the allowance for impairment losses) and
nilai) dan liabilitas keuangan berdasarkan sisa umur financial liabilities based on remaining maturity as of
jatuh tempo per tanggal 31 Desember 2025 dan 2024 December 31, 2025 and 2024 are as follows:
adalah sebagai berikut:
31 Desember/December 31, 2025
Kurang dari Lebih dari
Sesuai 1 bulan/ 1-3 >3-12 >1-5 5 tahun/
Total/ permintaan/ Less than bulan/ bulan/ tahun/ More than
Total On demand 1 month months months years 5 years
Aset keuangan Financial assets
Kas dan setara kas 12.562.628 147.605 11.015.023 1.400.000 - - - Cash and cash equivalent
Deposito berjangka 2.870.000 - 1.393.500 1.050.000 426.500 - - Time deposits 655
Efek-efek 1.852.940 - - - 9.979 127.604 1.715.357 Marketable securities
Pinjaman yang diberikan Loan
Refinancing 19.128.553 - 1.236.727 1.699.176 10.444.312 5.732.836 15.502 Refinancing
FLPP 30.101.150 - 123.114 410.315 1.261.648 7.526.455 20.779.618 FLPP
Term Purchase Program 242 - 5 14 44 179 - Term Purchase Program
Kredit Pemilikan Rumah 3.910 - 177 59 428 3.234 12 Residential Mortgage Loan
Piutang usaha Account receivable
PT Sarana Multigriya Finansial (Persero)
Berbasis bunga 136.383 - 136.383 - - - - Interest based
Berbasis imbalan 107 - 107 - - - - Fee based
Piutang lain-lain 35.959 35.959 - - - - - Other receivable
Jaminan dan
pendukung kredit 17.006 - 44 5.605 6.047 5.310 - Credit enhancement
66.708.878 183.564 13.905.080 4.565.169 12.148.958 13.395.618 22.510.489
Liabilitas keuangan Financial Liabilities
Efek-efek yang
diterbitkan 22.862.534 - - 453.670 6.608.350 15.800.514 - Securities issued
Utang bank 14.486.667 - 6.575.000 1.450.000 4.146.217 2.315.450 - Bank loan
Beban yang masih
harus dibayar 244.202 - 72.558 171.644 - - - Accrued expense
Utang lain-lain 27.685 26.464 174 310 737 - - Other payable
37.621.088 26.464 6.647.732 2.075.624 10.755.304 18.115.964 -
Dana syirkah temporer Temporary syirkah fund
Sukuk musyarakah 1.428.305 - - 362.805 445.000 620.500 - Musyarakah sukuk
39.049.393 26.464 6.647.732 2.438.429 11.200.304 18.736.464 -
Neto 27.659.485 157.100 7.257.348 2.126.740 948.654 (5.340.846) 22.510.489 Net
136
Page 656
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
32. MANAJEMEN RISIKO (lanjutan) 32. RISK MANAGEMENT (continued)
Risiko likuiditas (lanjutan) Liquidity risk (continued)
Profil jatuh tempo dari aset keuangan (tanpa The maturities profile of financial assets (without
memperhitungkan cadangan kerugian penurunan considering the allowance for impairment losses) and
nilai) dan liabilitas keuangan berdasarkan sisa umur financial liabilities based on remaining maturity as of
jatuh tempo per tanggal 31 Desember 2025 dan 2024 December 31, 2025 and 2024 are as follows:
adalah sebagai berikut: (lanjutan) (continued)
31 Desember/December 31, 2024
Kurang dari Lebih dari
Sesuai 1 bulan/ 1-3 >3-12 >1-5 5 tahun/
Total/ permintaan/ Less than bulan/ bulan/ tahun/ More than
Total On demand 1 month months months years 5 years
Aset keuangan Financial assets
Kas dan setara kas 5.013.708 34.608 3.231.600 1.747.500 - - - Cash and cash equivalent
Deposito berjangka 7.453.000 - 463.000 2.162.000 4.828.000 - - Time deposits
Efek-efek 1.556.695 - 8.849 17.698 79.642 570.967 879.539 Marketable securities
Pinjaman yang diberikan Loan
Refinancing 18.485.804 - 3.144.199 2.548.905 4.478.782 8.304.033 9.885 Refinancing
FLPP 23.429.670 - 101.758 309.858 952.841 5.701.712 16.363.501 FLPP
Term Purchase Program 837 - 17 543 40 237 - Term Purchase Program
Kredit Pemilikan Rumah 5.696 - 248 6 217 4.137 1.088 Residential Mortgage Loan
Piutang usaha Account receivable
Berbasis bunga 117.578 - 117.578 - - - - Interest based
Berbasis imbalan 470 - 470 - - - - Fee based
Piutang lain-lain 1.926.405 621 1.891.000 - - 5.527 29.257 Other receivable
Jaminan dan
pendukung kredit 28.348 - 422 2.002 8.913 16.346 665 Credit enhancement
656 58.018.211 35.229 8.959.141 6.788.512 10.348.435 14.602.959 17.283.935
Liabilitas keuangan Financial Liabilities
Efek-efek yang
diterbitkan 26.445.964 - - 3.837.410 3.676.595 18.931.959 - Securities issued
Utang bank 9.720.000 - 2.900.000 4.520.000 1.025.000 1.275.000 - Bank loan
Beban yang masih
harus dibayar 195.546 - 42.133 153.413 - - -
Laporan Tahunan 2025 Annual Report
Accrued expense
Utang lain-lain 16.893 16.893 - - - - - Other payable
36.378.403 16.893 2.942.133 8.510.823 4.701.595 20.206.959 -
Dana syirkah temporer Temporary syirkah fund
Sukuk musyarakah 1.173.510 - - 529.010 274.000 370.500 - Musyarakah sukuk
37.551.913 16.893 2.942.133 9.039.833 4.975.595 20.577.459 -
Neto 20.466.298 18.336 6.017.008 (2.251.321) 5.372.840 (5.974.500) 17.283.935 Net
Risiko mata uang asing Currency risk
Risiko mata uang asing timbul ketika transaksi Currency risk arises when future commercial
komersial masa depan atau aset dan liabilitas yang transactions or recognized assets and liabilities are
diakui didenominasikan dalam mata uang yang denominated in a currency that is not the Company’s
bukan mata uang fungsional. functional currency.
Pada tanggal-tanggal 31 Desember 2025 dan 2024, As of December 31, 2025 and 2024, the Company
Perseroan tidak memiliki aset keuangan dan liabilitas does not have balance of financial assets and
keuangan dalam mata uang asing. liabilities on foreign currency.
33. MANAJEMEN RISIKO PERMODALAN 33. CAPITAL RISK MANAGEMENT
Tujuan Perseroan dalam mengelola permodalannya The Company’s objectives when managing capital
adalah menjaga kelangsungan usaha Perseroan are to safeguard the Company’s ability to continue as
untuk dapat memberikan hasil kepada pemegang a going concern in order to provide returns for the
saham dan manfaat kepada pemangku kepentingan shareholder and benefits for other stakeholders and
lainnya, dan memelihara optimalisasi struktur to maintain an optimal capital structure to reduce the
permodalan untuk mengurangi biaya modal (cost of cost of capital.
capital).
137
Page 657
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
33. MANAJEMEN RISIKO PERMODALAN (lanjutan) 33. CAPITAL RISK MANAGEMENT (continued)
Dalam rangka memelihara atau menyesuaikan In order to maintain or adjust the capital structure, the
struktur permodalan, Perseroan dapat Company may adjust the amount of dividends paid to
menyesuaikan jumlah dividen yang dibayarkan the shareholder, return capital to the shareholder or
kepada pemegang saham, imbalan hasil modal issue new shares to reduce debt.
kepada pemegang saham atau menerbitkan saham
baru untuk mengurangi pinjaman.
Konsisten dengan pelaku industri lainnya, Perseroan Consistent with others in the industry, the Company
memonitor permodalan berdasarkan gearing ratio. monitors capital on the basis of the gearing ratio. This
Rasio ini dihitung dari liabilitas (termasuk obligasi dan ratio is calculated as debt (including bonds and
surat utang jangka menengah) dibagi dengan total medium term notes) divided by total capital. Total
modal. Total modal sesuai dengan modal disetor dan capital is equal to issued and fully paid in capital, and
ditempatkan penuh, serta setoran modal diterima di capital paid-up in advances, as stated in the
muka, yang tercantum dalam laporan posisi statement of financial position.
keuangan.
34. NILAI WAJAR ASET KEUANGAN DAN 34. FAIR VALUE OF FINANCIAL ASSET AND
KEWAJIBAN KEUANGAN FINANCIAL LIABILITY
PSAK No. 113, “Pengukuran nilai wajar” SFAS No. 113, “Fair value measurement” requires
mensyaratkan pengungkapan atas pengukuran nilai disclosure of fair value measurements by level of the
wajar dengan tingkat hirarki nilai wajar sebagai following fair value measurement hierarchy:
berikut:
a. Tingkat 1 a. Level 1
Harga kuotasian (tidak disesuaikan) dalam pasar Quoted prices (unadjusted) in active markets for
aktif untuk aset atau liabilitas yang identik; identical assets or liabilities;
b. Tingkat 2 b. Level 2
Input selain harga kuotasian yang termasuk Inputs other than quoted prices included within
dalam Tingkat 1 yang dapat diobservasi untuk Level 1 that are observable for the assets or
aset atau liabilitas, baik secara langsung liabilities, either directly (i.e as prices) or indirectly
(misalnya harga) maupun tidak langsung (i.e derived from prices); and
657
(misalnya derivasi harga); dan
c. Tingkat 3 c. Level 3
Input untuk aset atau liabilitas yang bukan Inputs for the assets or liabilities that are not
PT Sarana Multigriya Finansial (Persero)
berdasarkan data pasar yang dapat diobservasi based on observable market data (unobservable
(input yang tidak dapat diobservasi). inputs).
138
Page 658
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
34. NILAI WAJAR ASET KEUANGAN DAN 34. FAIR VALUE OF FINANCIAL ASSET AND
KEWAJIBAN KEUANGAN (lanjutan) FINANCIAL LIABILITY (continued)
PSAK No. 113, “Pengukuran nilai wajar” SFAS No. 113, “Fair value measurement” requires
mensyaratkan pengungkapan atas pengukuran nilai disclosure of fair value measurements by level of the
wajar dengan tingkat hirarki nilai wajar sebagai following fair value measurement hierarchy:
berikut: (lanjutan) (continued)
Aset dan liabilitas keuangan yang diukur pada nilai Financial assets and liabilities measured at fair
wajar menggunakan hirarki nilai wajar pada tanggal- value use the following fair value hierarchy as of
tanggal 31 Desember 2025 dan 2024 sebagai December 31, 2025 and 2024:
berikut:
31 Desember/December 31, 2025
Nilai
tercatat/
Carrying Tingkat 1/ Tingkat 2/ Tingkat 3/ Nilai wajar/
value Level 1 Level 2 Level 3 Fair value
Aset yang diukur pada Assets measured at
nilai wajar fair value
Nilai wajar melalui Fair value through
penghasilan other comprehensive
komprehensif lain income
Efek-efek - EBA 114.409 - 114.409 - 114.409 Marketable securities - RMBS
Efek-efek - SUN 935.279 - 935.279 - 935.279 Marketable securities - SUN
Investasi saham 13.826 - - 13.826 13.826 Investment in shares
Kredit Pemilikan Rumah 3.910 - 3.910 - 3.910 Residential Mortgage Loan
658
Nilai wajar melalui Fair value through
laba rugi profit or loss
Efek-efek - EBA 28.924 - 28.924 - 28.924 Marketable securities - RMBS
Jaminan dan pendukung kredit 17.006 - 17.006 - 17.006 Credit enhancement
Aset yang nilai wajarnya Assets for which fair value
Laporan Tahunan 2025 Annual Report
diungkapkan are disclosed
Biaya perolehan diamortisasi Amortized cost
Efek-efek - EBA 436.799 - 445.200 - 445.200 Marketable securities - RMBS
Efek-efek - SUN 336.754 - 351.199 - 351.199 Marketable securities - SUN
1.886.907 - 1.895.927 13.826 1.909.753
Liabilitas yang nilai wajarnya Liability for which fair value
diungkapkan are disclosed
Biaya perolehan diamortisasi Amortized cost
Efek-efek yang diterbitkan 22.846.188 23.335.824 - - 23.335.824 Securities issued
Sukuk musyarakah 1.428.305 1.428.305 - - 1.428.305 Musyarakah sukuk
24.274.493 24.764.129 - - 24.764.129
31 Desember/December 31, 2024
Nilai
tercatat/
Carrying Tingkat 1/ Tingkat 2/ Tingkat 3/ Nilai wajar/
value Level 1 Level 2 Level 3 Fair value
Aset yang diukur pada Assets measured at
nilai wajar fair value
Nilai wajar melalui Fair value through
penghasilan other comprehensive
komprehensif lain income
Efek-efek - EBA 152.590 - 152.590 - 152.590 Marketable securities - RMBS
Efek-efek - SUN 332.168 - 332.168 - 332.168 Marketable securities - SUN
Investasi saham 28.389 - - 28.389 28.389 Investment in shares
Kredit Pemilikan Rumah 5.696 - 5.696 - 5.696 Residential Mortgage Loan
Nilai wajar melalui Fair value through
laba rugi profit or loss
Efek-efek - EBA 38.435 - 38.435 - 38.435 Marketable securities - RMBS
Jaminan dan pendukung kredit 28.348 - 28.348 - 28.348 Credit enhancement
Aset yang nilai wajarnya Assets for which fair value
diungkapkan are disclosed
Biaya perolehan diamortisasi Amortized cost
Efek-efek - EBA 695.733 - 700.189 - 700.189 Marketable securities - RMBS
Efek-efek - SUN 336.754 - 333.236 - 333.236 Marketable securities - SUN
1.618.113 - 1.590.662 28.389 1.619.051
139
Page 659
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
34. NILAI WAJAR ASET KEUANGAN DAN 34. FAIR VALUE OF FINANCIAL ASSET AND
KEWAJIBAN KEUANGAN (lanjutan) FINANCIAL LIABILITY (continued)
Aset dan liabilitas keuangan yang diukur pada nilai Financial assets and liabilities measured at fair
wajar menggunakan hirarki nilai wajar pada tanggal- value use the following fair value hierarchy as of
tanggal 31 Desember 2025 dan 2024 sebagai December 31, 2025 and 2024: (continued)
berikut: (lanjutan)
31 Desember/December 31, 2024
Nilai
tercatat/
Carrying Tingkat 1/ Tingkat 2/ Tingkat 3/ Nilai wajar/
value Level 1 Level 2 Level 3 Fair value
Liabilitas yang nilai wajarnya Liability for which fair value
diungkapkan are disclosed
Biaya perolehan diamortisasi Amortized cost
Efek-efek yang diterbitkan 26.424.780 26.210.234 - - 26.210.234 Securities issued
Sukuk musyarakah 1.173.510 1.173.510 - - 1.173.510 Musyarakah sukuk
27.598.290 27.383.744 - - 27.383.744
Nilai wajar EBA ditentukan berdasarkan harga pasar The fair value of RMBS is determined based on
kuotasian yang berlaku pada tanggal laporan posisi quoted market prices at the statements of financial
keuangan yang diperoleh dari Penilai Harga Efek position date, obtained from Indonesian Bond
Indonesia. Metode perhitungan yang digunakan Pricing Agency. The calculation used to obtain the
untuk memperoleh nilai wajar tersebut adalah fair value was by discounting the projected cash
dengan mendiskontokan proyeksi arus kas dari EBA flows from RMBS after considering the projected
setelah memperhitungkan proyeksi pengembalian principal repayment, interest payment and principal
pokok normal, pembayaran bunga dan pokok installment with yield SUN curve adjusted with
angsuran dengan kurva yield SUN yang disesuaikan RMBS risk premium. During the years presented,
dengan risiko premium EBA. Selama tahun-tahun there is no transfer between levels of the fair value
yang disajikan, tidak terdapat perpindahan antar hierarchy.
hirarki nilai wajar.
Metode penentuan nilai wajar yang digunakan The method used for fair value determination is as
adalah sebagai berikut: follows:
659
- Kas dan setara kas, deposito berjangka, piutang - Cash and cash equivalent, time deposit,
usaha dan jaminan pendukung kredit, account receivables and credit enhancement,
disebabkan jatuh temponya dibawah satu tahun, since the maturity is below one year, the
nilai tercatatnya merupakan perkiraan yang layak carrying value is a reasonable approximation of
PT Sarana Multigriya Finansial (Persero)
atas nilai wajarnya (level 2 - hirarki nilai wajar). fair value (level 2 - fair value hierarchy).
- Pinjaman yang diberikan dan piutang lain-lain - Generally, loan and other receivable consists of
secara umum terdiri dari pinjaman yang diberikan loan with fixed interest rate. Loans are stated at
dengan suku bunga tetap. Pinjaman yang amortized cost. The estimated fair value of
diberikan dinyatakan berdasarkan amortized loans and other receivables represent the
cost. Nilai wajar dari pinjaman yang diberikan discounted amount of estimated future cash
dan piutang lain-lain menunjukkan nilai diskonto flows expected to be received by the Company
dari perkiraan arus kas masa depan yang using the current market rates (level 2 - fair
diharapkan akan diterima oleh Perseroan value hierarchy).
dengan menggunakan suku bunga pasar saat ini
(level 2 - hirarki nilai wajar).
- Efek-efek diestimasi menggunakan nilai kuotasi - Marketable securities are estimated by using
pasar terakhir dan jika informasi ini tidak tersedia, the last quoted market price and if this
nilai wajar diestimasi dengan menggunakan information is not available, the fair value is
harga pasar kuotasi efek yang memiliki estimated using quoted market prices for
karakteristik kredit, jatuh tempo dan yield yang securities with similar credit, maturity and yield
serupa, atau dinilai dengan menggunakan characteristics or using internal valuation model
metode penilaian internal (level 2 - hirarki nilai (level 2 - fair value hierarchy).
wajar).
140
Page 660
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
34. NILAI WAJAR ASET KEUANGAN DAN 34. FAIR VALUE OF FINANCIAL ASSET AND
KEWAJIBAN KEUANGAN (lanjutan) FINANCIAL LIABILITY (continued)
Metode penentuan nilai wajar yang digunakan The method used for fair value determination is as
adalah sebagai berikut: (lanjutan) follows: (continued)
- Nilai wajar investasi saham diestimasi dengan - The fair value of investment in shares is
menggunakan metode nilai buku disesuaikan estimated using adjusted book value method
dan metode diskonto arus kas (level 3 - hirarki and discounted cash flow (level 3 - fair value
nilai wajar). hierarchy).
- Beban yang masih harus dibayar, utang bank, - Accrued expenses, bank loan and other
dan utang lain-lain disebabkan jatuh temponya payables, since the maturity is below one year,
dibawah satu tahun, nilai tercatat merupakan the carrying value is a reasonable
perkiraan yang layak atas nilai wajarnya (level 2 approximation of fair value (level 2 - fair value
- hirarki nilai wajar). hierarchy).
- Efek-efek diterbitkan diestimasi menggunakan - Securities issued are estimated by using the last
nilai kuotasi pasar terakhir (level 1 - hirarki nilai quoted market price (level 1 - fair value
wajar). hierarchy).
Tidak terdapat perpindahan antar tingkat hirarki nilai There is no transfer beween levels of the fair value
wajar. hierarchy.
35. NILAI TERCATAT INSTRUMEN KEUANGAN 35. THE CARRYING AMOUNT OF FINANCIAL
INSTRUMENTS
660
Berikut ini adalah nilai tercatat instrumen keuangan The carrying amount of the Company’s financial
Perseroan berdasarkan klasifikasi instrumen instruments by classification of financial instruments
keuangan pada tanggal-tanggal 31 Desember 2025 as of December 31, 2025 and 2024 are as follows:
dan 2024:
Laporan Tahunan 2025 Annual Report
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
ASET KEUANGAN FINANCIAL ASSETS
Aset keuangan pada biaya Financial assets at
perolehan diamortisasi amortized cost
Kas dan setara kas 12.562.628 5.013.708 Cash and cash equivalents
Deposito berjangka 2.870.000 7.453.000 Time deposits
Pinjaman yang diberikan 49.229.945 41.916.311 Loans
Efek-efek 774.328 1.033.502 Marketable securities
Piutang usaha Account receivables
Berbasis bunga 136.383 117.578 Interest based
Berbasis imbalan 107 470 Fee based
Piutang lain-lain 35.959 1.926.405 Other receivables
Nilai tercatat 65.609.350 57.460.974 Carrying amount
Aset keuangan yang diukur Financial assets at
pada nilai wajar melalui fair value through
penghasilan laba rugi profit or loss
Efek-efek 28.924 38.435 Marketable securities
Jaminan dan pendukung kredit 17.006 28.348 Credit enhancement
Nilai tercatat 45.930 66.783 Carrying amount
Aset keuangan yang diukur Financial assets at
pada nilai wajar melalui fair value through
penghasilan komprehensif lain other comprehensive income
Efek-efek 1.049.688 484.758 Marketable securities
Pinjaman yang diberikan 3.910 5.696 Loans
Investasi saham 13.826 28.389 Investment in shares
Nilai tercatat 1.067.424 518.843 Carrying amount
Total aset keuangan 66.722.704 58.046.600 Total financial assets
141
Page 661
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
35. NILAI TERCATAT INSTRUMEN KEUANGAN 35. THE CARRYING AMOUNT OF FINANCIAL
(lanjutan) INSTRUMENTS (continued)
Berikut ini adalah nilai tercatat instrumen keuangan The carrying amount of the Company’s financial
Perseroan berdasarkan klasifikasi instrumen instruments by classification of financial instruments
keuangan pada tanggal-tanggal 31 Desember 2025 as of December 31, 2025 and 2024 are as follows:
dan 2024: (lanjutan) (continued)
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
LIABILITAS KEUANGAN FINANCIAL LIABILITIES
DAN DANA SYIRKAH AND TEMPORARY
TEMPORER SYIRKAH FUND
Liabilitas keuangan yang Financial
diukur pada biaya liabilities at
perolehan diamortisasi amortized cost
Utang bank 14.485.331 9.719.479 Bank loan
Bunga yang masih harus dibayar 63.501 23.101 Accrued interest
Nilai tercatat 14.548.832 9.742.580 Carrying amount
Efek-efek yang diterbitkan 22.846.188 26.424.780 Securities issued
Bunga dan bagi hasil yang Accrued interest and profit
masih harus dibayar 180.667 172.415 sharing
Nilai tercatat 23.026.855 26.597.195 Carrying amount
Kustodian 34 30 Custodian
Nilai tercatat 34 30 Carrying amount
Utang lain-lain 27.685 16.893 Other payable
Nilai tercatat 27.685 16.893 Carrying amount
Total liabilitas keuangan 37.603.406 36.356.698 Total financial liabilities
Dana syirkah Temporary syirkah
temporer fund
Sukuk musyarakah 1.428.305 1.173.510 Musyarakah sukuk
661
Total dana syirkah temporer 1.428.305 1.173.510 Total temporary syirkah fund
Total liabilitas keuangan Total financial liabilites
dan dana syirkah temporer 39.031.711 37.530.208 and temporary syirkah fund
PT Sarana Multigriya Finansial (Persero)
36. TAMBAHAN INFORMASI ARUS KAS 36. SUPPLEMENTARY CASH FLOW INFORMATION
Rekonsiliasi dari aktivitas pendanaan adalah sebagai Non-cash financing activities are as follows:
berikut:
Tahun yang berakhir pada tanggal 31 Desember/
Year ended December 31, 2025
Perubahan non kas/
Non-cash changes
Pergerakan
Beban transaksi
dan lainnya/
Saldo awal/ Arus kas Arus kas Changes in
Beginning masuk/Cash keluar/Cash transaction cost Saldo akhir/
balance inflows outflows and others Ending balance
Rekonsiliasi liabilitas yang Reconciliation of liabilities arising
timbul dari aktivitas from financing
pendanaan activities
Utang bank 9.719.479 17.940.000 (13.173.333) (815) 14.485.331 Bank loan
Efek-efek yang diterbitkan 26.424.780 3.930.575 (7.514.005) 4.838 22.846.188 Securities issued
Sukuk musyarakah 1.173.510 1.057.805 (803.010) - 1.428.305 Musyarakah sukuk
Liabilitas sewa 1.082 - (3.417) 3.554 1.219 Lease liabilities
Utang Neto 37.318.851 22.928.380 (21.493.765) 7.577 38.761.043 Net Debt
142
Page 662
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. TAMBAHAN INFORMASI ARUS KAS (lanjutan) 36. SUPPLEMENTARY CASH FLOW INFORMATION
(continued)
Rekonsiliasi dari aktivitas pendanaan adalah sebagai Non-cash financing activities are as follows:
berikut: (lanjutan) (continued)
Tahun yang berakhir pada tanggal 31 Desember/
Year ended December 31, 2024
Perubahan non kas/
Non-cash changes
Pergerakan
Beban transaksi
dan lainnya/
Saldo awal/ Arus kas Arus kas Changes in
Beginning masuk/Cash keluar/Cash transaction cost Saldo akhir/
balance inflows outflows and others Ending balance
Rekonsiliasi liabilitas yang Reconciliation of liabilities arising
timbul dari aktivitas from financing
pendanaan activities
Utang bank 7.893.207 10.732.000 (8.907.000) 1.272 9.719.479 Bank loan
Efek-efek yang diterbitkan 18.965.164 11.812.964 (4.348.460) (4.888) 26.424.780 Securities issued
Sukuk musyarakah 370.500 803.010 - - 1.173.510 Musyarakah sukuk
Liabilitas sewa 901 - (4.660) 4.841 1.082 Lease liabilities
Utang Neto 27.229.772 23.347.974 (13.260.120) 1.225 37.318.851 Net Debt
37. SALING HAPUS 37. OFFSETTING
662
Pada tanggal-tanggal 31 Desember 2025 dan 2024, As of December 31, 2025 and 2024, there is no
tidak terdapat aset dan liabilitas keuangan yang financial assets and liabilities that are subject to
saling hapus pada laporan posisi keuangan. offsetting in the statements of financial position.
Laporan Tahunan 2025 Annual Report
38. STANDAR AKUNTANSI BARU YANG TELAH 38. ACCOUNTING STANDARDS ISSUED BUT NOT
DISAHKAN NAMUN BELUM BERLAKU EFEKTIF YET EFFECTIVE
Standar akuntansi dan interpretasi yang telah The standards and interpretations that are issued by
disahkan oleh Dewan Standar Akuntansi Keuangan, the Board of Financial Accounting Standards, but not
tetapi belum berlaku efektif untuk laporan keuangan yet effective for current period financial statements
periode berjalan diungkapkan di bawah ini. are disclosed below. The Company intends to adopt
Perseroan bermaksud untuk menerapkan standar these standards, if applicable, when they become
tersebut, jika dipandang relevan, saat telah menjadi effective.
efektif.
Mulai efektif pada atau setelah tanggal 1 Januari Effective beginning on or after January 1, 2026
2026
Amandemen PSAK No. 109: Instrumen Keuangan Amendment to SFAS No. 109: Financial
dan PSAK No. 107: Instrumen Keuangan Instruments and SFAS No. 107: Financial
Pengungkapan tentang Klasifikasi dan Pengukuran Instruments: Disclosures about the Classification
Instrumen Keuangan and Measurement of Financial Instruments
Amendemen ini menambahkan dan mengklarifikasi These amendments add and clarify provision in
ketentuan dalam PSAK No. 109 terkait penghentian SFAS No. 109 regarding derecognition of financial
pengakuan liabilitas keuangan, serta mengklarifikasi liabilities, as well as clarify the assessment of cash
penilaian karakteristik arus kas untuk aset keuangan flow characteristics for financial assets with ESG-
dengan fitur ESG-linked, aset keuangan dengan fitur linked features, financial assets with non-recourse
non-recourse, dan instrumen yang terikat secara features, and contractually bound instruments such
kontraktual seperti tranche. Amendemen ini juga as tranches. The amendments also revise the
mengubah ketentuan dalam PSAK No. 107 terkait provision in SFAS No. 107 regarding the disclosure
persyaratan pengungkapan investasi pada requirements for investments in equity instruments
instrumen ekuitas yang diukur pada nilai wajar measured at fair value through other comprehensive
melalui penghasilan komprehensif lain dan income and add provision related to financial
menambah ketentuan terkait instrumen keuangan instruments with contractual terms that alter the
dengan persyaratan kontraktual yang mengubah timing or amount of contractual cash flows.
waktu atau jumlah arus kas kontraktual.
143
Page 663
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
38. STANDAR AKUNTANSI BARU YANG TELAH 38. ACCOUNTING STANDARDS ISSUED BUT NOT
DISAHKAN NAMUN BELUM BERLAKU EFEKTIF YET EFFECTIVE (continued)
(lanjutan)
Mulai efektif pada atau setelah tanggal 1 Januari Effective beginning on or after January 1, 2027
2027
PSAK No. 413, “Penurunan Nilai” SFAS No. 413, “Impairment”
Standar ini mengatur tentang penurunan nilai atas These standards regulates the impairment of Sharia
aset keuangan syariah dan pembentukan provisi financial assets and the establishment of provisions
kafalah penjaminan risiko kredit. Standar ini for kafalah (guarantee) on credit risk. These
diterapkan pada aset keuangan syariah berupa hak standard is applied to Sharia financial assets in the
tagih yang jumlah dan waktu penerimaannya form of receivables whose amount and timing of
ditentukan dalam akad. Standar ini berlaku efektif receipt are determined in the contract. The standard
untuk periode pelaporan tahunan yang dimulai pada is effective for annual reporting periods beginning on
atau setelah 1 Januari 2027 secara retrospektif or after January 1, 2027 retrospectively with early
dengan penerapan dini diperkenankan. adoption permitted.
Pada saat penerbitan laporan keuangan, Perseroan At the authorization date of the financial statements,
masih mempelajari dampak yang mungkin timbul the Company is still assessing the potential impact
dari penerapan standar ini serta pengaruhnya pada of the adoption of this standard and their effect on
laporan keuangan. the financial statements.
PSAK No. 118, “Penyajian dan Pengungkapan SFAS No. 118, “Presentation and Disclosure in
dalam dalam Laporan Keuangan” Financial Statements”
PSAK ini akan menggantikan PSAK 201 “Penyajian This SFAS will replace SFAS 201 “Presentation in
Laporan Keuangan” yang menyebabkan perubahan Financial Statements” resulting in changes to the
pada struktur penyajian laporan laba rugi dimana presentation structure of the income statement,
mensyaratkan penyajian subtotal laba/(rugi) operasi, requiring the presentation of subtotal profit/(loss)
laba/(rugi) sebelum pendanaan dan pajak from operations, profit/(loss) before financing and
penghasilan, serta laba/(rugi). Selanjutnya, income tax, as well as profit/(loss). Moreover, income
penghasilan dan beban untuk diklasifikasikan ke and expenses to be classified into operating,
dalam kategori operasi, investasi, dan pendanaan, investing and financing categories, as well as income 663
serta pajak penghasilan dan operasi yang tax and discontinued operations. In addition, this
dihentikan. Selain itu, PSAK ini juga mengatur SFAS also regulates the disclosure of management-
mengenai pengungkapan ukuran kinerja tetapan defined performance measures (MPMs) with the aim
manajemen (UKTM) dengan tujuan of communicating management's views on the
mengomunikasikan pandangan manajemen atas overall financial performance of the company.
PT Sarana Multigriya Finansial (Persero)
aspek kinerja keuangan perusahaan secara
keseluruhan.
39. INFORMASI TAMBAHAN YANG TIDAK 39. ADDITIONAL INFORMATION THAT IS NOT
DIPERSYARATKAN OLEH STANDAR REQUIRED BY INDONESIAN FINANCIAL
AKUNTANSI KEUANGAN DI INDONESIA ACCOUNTING STANDARD
Informasi berikut merupakan informasi tambahan The following information is additional information
yang bukan merupakan informasi yang that is not required by Indonesian Financial
dipersyaratkan oleh Standar Akuntansi Keuangan di Accounting Standard:
Indonesia.
Kualitas pinjaman yang diberikan Loan quality
Rincian pinjaman pada tanggal-tanggal Loan details as of December 31, 2025 and 2024
31 Desember 2025 dan 2024 berdasarkan kualitas based loan quality are as follows:
pinjaman adalah sebagai berikut:
144
Page 664
Laporan Keuangan Audit
Audited Financial Statements
The original financial statements included herein are in the
Indonesian language.
PT SARANA MULTIGRIYA FINANSIAL (PERSERO) PT SARANA MULTIGRIYA FINANSIAL (PERSERO)
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of December 31, 2025
Tahun yang Berakhir pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Indonesian Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
39. INFORMASI TAMBAHAN YANG TIDAK 39. ADDITIONAL INFORMATION THAT IS NOT
DIPERSYARATKAN OLEH STANDAR REQUIRED BY INDONESIAN FINANCIAL
AKUNTANSI KEUANGAN DI INDONESIA ACCOUNTING STANDARD (continued)
(lanjutan)
Kualitas pinjaman yang diberikan (lanjutan) Loan quality (continued)
Rincian pinjaman pada tanggal-tanggal Loan details as of December 31, 2025 and 2024
31 Desember 2025 dan 2024 berdasarkan kualitas based loan quality are as follows: (continued)
pinjaman adalah sebagai berikut: (lanjutan)
31 Desember/ 31 Desember/
December 31, December 31,
2025 2024
Konvensional Conventional
Lancar 40.022.519 34.880.533 Current
Dalam perhatian khusus 16 - Special mention
Macet 1.206 1.423 Loss
40.023.741 34.881.956
Syariah Sharia
Lancar 9.209.400 7.039.563 Current
Dalam perhatian khusus 452 129 Special mention
Diragukan - 277 Doubtful
Macet 262 82 Loss
664
9.210.114 7.040.051
49.233.855 41.922.007
Cadangan kerugian penurunan nilai (68.335) (91.498) Allowance for impairment losses
Laporan Tahunan 2025 Annual Report
49.165.520 41.830.509
Sebagai informasi tambahan, sampai dengan posisi For additional information, as of the end of December
akhir Desember 2025 posisi gearing ratio Perseroan 2025, the Company's gearing ratio was 1.69x, thus
sebesar 1,69x sehingga tidak melebihi sebagaimana not exceeding the Financial Services Authority
Peraturan Otoritas Jasa Keuangan Regulation No. 4/POJK.05/2018 concerning
No. 4/POJK.05/2018 tentang Perusahaan Secondary Housing Financing Companies, which
Pembiayaan Sekunder Perumahan, rasio stipulates that the capital ratio is calculated using a
permodalan dihitung menggunakan gearing ratio maximum gearing ratio of 10x.
paling tinggi 10x.
Pada tanggal-tanggal 31 Desember 2025 dan 2024, As of December 31, 2025 and 2024, the Company
Perseroan telah memenuhi Peraturan Otoritas Jasa has complied with the Financial Services Authority
Keuangan tersebut. Regulation.
40. PENYELESAIAN DAN PERSETUJUAN ATAS 40. COMPLETION AND APPROVAL OF THE
LAPORAN KEUANGAN FINANCIAL STATEMENTS
Manajemen Perseroan bertanggung jawab terhadap The Company’s management is responsible for the
penyusunan dan penyajian wajar laporan keuangan preparation and fair presentation of these financial
ini sesuai dengan Standar Akuntansi Keuangan di statements in accordance with Indonesian Financial
Indonesia, yang diselesaikan dan diotorisasi untuk Accounting Standards, which were completed and
diterbitkan oleh Direksi Perseroan pada tanggal authorized for issuance by the Board of Directors of
26 Februari 2026. the Company on February 26, 2026.
145
Page 665
665
PT Sarana Multigriya Finansial (Persero)
Page 666
Laporan Keuangan Audit
Audited Financial Statements
2025
Laporan Tahunan
Annual Report
666
Laporan Tahunan 2025 Annual Report
Kantor Pusat:
Jl. Panglima Polim I No 1 Melawai
Kebayoran Baru
Jakarta 12160
Telepon : 021 - 2700400
Faksimili : 021 – 2701400
E-mail : corsec[at]smf-indonesia.co.id
Names mentioned 95 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Kementerian Keuangan
p.6 ×3
unresolved
org
Ministry of Finance’s Special Mission Vehicle
p.6
unresolved
org
Government of the Republic of Indonesia
p.7 ×3
unresolved
person
Akuntan Publik Dan Kantor Akuntan Publik
· Komisaris
p.10
unresolved
org
PT Sarana
p.10 ×2
unresolved
person
Independensi
· Komisaris Independen
p.10 ×2
unresolved
person
Organ Pendukung
· Komisaris
p.12
unresolved
org
Tata Kelola Unit Usaha Syariah
· Corporate Secretary
p.12
unresolved
org
PT Sarana Multigriya
p.13 ×9
unresolved
org
PT SaranaFinansial Multigriya (Persero)
p.13
unresolved
org
Bank Syariah
p.22
unresolved
org
Bank Daerah Syariah
p.22
unresolved
org
Milik Negara
p.24
unresolved
org
Ministry of Finance
p.27 ×10
unresolved
org
Bank Award
p.28
unresolved
person
Heliantopo
· Director
p.29
unresolved
org
Bank Papua
p.31
unresolved
org
Bank DKI Syariah
p.31 ×3
unresolved
org
Yayasan Inspirasi Anak Bangsa. Kegiatan
p.31
unresolved
org
Bank BJB Syariah.
p.32 ×2
unresolved
org
PT Sarana Mortgage.
p.32
unresolved
org
Financial Commuter Properti Tbk
p.32
unresolved
org
PT Adhi Persada Properti
p.32
unresolved
org
Kementerian Perumahan
p.33
unresolved
org
Ministry of Housing
p.33
unresolved
org
PT BPD Sulawesi Finansial (Persero)
p.33
unresolved
org
Indonesia Tbk
p.33
unresolved
org
PT Sarana Multigriya Facility Line Agreement
p.33
unresolved
org
PT BPD Sulawesi
p.33
unresolved
org
Siber Sandi
p.34
unresolved
org
Menteri Keuangan RI
p.34
unresolved
org
Minister of Program. Cyber and Crypto Agency
p.34
unresolved
org
Sri Information Technology Security Assessment
p.34
unresolved
org
Kementerian Keuangan Pembangunan Rumah
p.34
unresolved
org
Menteri PKP.
p.34
unresolved
org
Minister of Housing and Settlement Areas.
p.34
unresolved
org
PT Sarana Multigriya Understanding
p.35
unresolved
org
PT Sarana Finansial (Persero)
p.35
unresolved
org
Home Mortgage Finance Corporation
p.35
unresolved
org
Home Mortgage Pembangunan Daerah Kalimantan Tengah Finance Corporation
p.35
unresolved
org
Bank Indonesia
p.35 ×2
unresolved
org
Bank Indonesia Dalam Mendukung Kantor Wilayah Direktorat Jenderal
p.35
unresolved
org
Direktorat Jenderal Kekayaan
p.35
unresolved
org
Bank Indonesia’s Strategic
p.35
unresolved
org
Directorate General of State Assets
p.35
unresolved
org
Bank Kalimantan SMF
p.36
unresolved
org
Bank Kalimantan Barat.
p.36
unresolved
org
Bank SulutGo.
p.36
unresolved
person
Keterlibatan
· Komisaris
p.50
unresolved
person
Menutup
· Komisaris
p.56
unresolved
org
Menteri Keuangan
p.71
unresolved
org
Minister of Finance Decree
p.71
unresolved
org
Menteri Keuangan. Hingga
p.71
unresolved
org
Minister of Finance. As
p.71
unresolved
org
Minister of State-Owned Enterprises
p.80
unresolved
org
PT Pemeringkat Efek Indonesia
p.97
unresolved
org
Bank BTN Syariah
p.97
unresolved
org
Bank Muamalat Indonesia
p.97
unresolved
org
Bank BRI Agro
p.97
unresolved
org
Bank Nagari
p.97
unresolved
org
Bank Nagari Syariah.
p.97
unresolved
org
PT Sejahtera Eka Graha
p.97
unresolved
org
PT Penjaminan Infrastruktur Indonesia (Persero)
p.97
unresolved
org
Kementerian PUPR.
p.97
unresolved
org
Kementerian Keuangan Republik Indonesia. Sepanjang
p.123
unresolved
org
Kementerian Keuangan Republik Indonesia
p.124 ×2
unresolved
person
Ananta Wiyogo
· Direktur Bisnis
p.148
unresolved
person
Deputi
· Direktur
p.148
unresolved
org
Menteri Keuangan Republik Indonesia
p.150 ×5
unresolved
org
Minister of Finance
p.150 ×6
unresolved
org
Menteri Keuangan Bidang Pengawasan Pajak Kementerian Keuangan
p.150
unresolved
org
Direktorat Jenderal Pajak
p.150
unresolved
org
Directorate General of Taxes
p.150 ×2
unresolved
org
Kementerian Perencanaan Pembangunan Nasional
p.151
unresolved
org
PT Asuransi Kredit Indonesia (Persero)
p.151 ×2
unresolved
org
PT INKA (Persero)
p.151 ×2
unresolved
org
Ministry of National Development Planning
p.151
unresolved
org
Kementerian Work Experience
p.152
unresolved
org
PT Industri Kereta Api
p.152 ×2
unresolved
person
Adapun
· Komisaris
p.153
unresolved
person
Dedy Supriadi
p.153
unresolved
org
Pengurus DSN-MUI
p.155 ×2
unresolved
org
Pelaksana Harian
p.155
unresolved
org
Koperasi Syariah
p.155
unresolved
org
Bank Danamon Sharia Business
p.155
unresolved
org
PT Toyota Astra Finance Services
p.155 ×2
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