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Page 1
PT WINTERMAR OFFSHORE MARINE Tbk
Jl. Kebayoran Lama No 155
Jakarta 11560 Indonesia
Tel : 62 21 530 5201 / 2
Fax : 62 21 530 5203
www.wintermar.com
                                                                                                           NO. 115/NL/IV/2026
                                          NEWSLETTER # 115
                                             29 April 2026
                           RESULTS FOR FIRST QUARTER ENDING 31 MARCH 2026

Wintermar Records Attributable Net Profit                          Wintermar Mencatatkan Pertumbuhan Laba
Growth of 194%YOY to US$4.8million for                             Bersih yang Dapat Diatribusikan sebesar 194%
1Q2026 on 47.8% YOY Revenue Growth.                                YOY menjadi US$4,8 Juta pada Kuartal Pertama
                                                                   2026 dengan Pertumbuhan Pendapatan 47,8%
                                                                   YOY.
Owned Vessel Division                                              Divisi Kapal Milik
With more High Tier vessels in operation since December            Dengan bertambahnya kapal high-tier yang beroperasional sejak
2025, 1Q2026 recorded a 53.9% YOY increase in Owned                Desember 2025, Wintermar mencatat 53,9% YOY kenaikan
Vessel Revenue amounting to US$22.8million, resulting in           Pendapatan Divisi Kapal Milik sebesar US$22,8 juta pada 1Q2026,
Owned Vessel gross profit doubling to US$12.7million for           menghasilkan kenaikan dua kali lipat laba kotor Kapal Milik sebesar
1Q2026 on gross margins of 55.7% compared to 41.1% in              US$12,7 juta untuk 1Q2026, dengan margin kotor sebesar 55,7%
1Q2025.                                                            dibandingkan dengan 41,1% pada 1Q2025.

Chartering Division and Other Services                             Divisi Kapal Sewa dan Layanan Lainnya
Management continued to focus on marketing Owned                   Manajemen terus berfokus pada pemasaran Kapal Milik dan
Vessels and grow the Other services division where margins         mengembangkan divisi Layanan Lainnya yang memiliki margin lebih
higher, resulting in a fall in Gross profit from chartering to     tinggi, di mana hal ini mengakibatkan sedikit penurunan laba kotor
US$0.03million (-15%YOY) while Other Services contributed          dari divisi Kapal Sewa menjadi US$0,03 juta (-15%YOY).
gross profit of US$0.5million (+17%YOY) with gross margins         Sementara itu, pendapatan dari divisi Layanan Lainnya mencatat
of 34.1%.                                                          laba kotor sebesar US$0,5 juta (+17%YOY) dengan margin kotor
                                                                   34,1%.
Direct Expenses and Gross Profit                                   Biaya Langsung dan Laba Kotor
In line with the larger fleet of High Tier Vessels in operation,   Sejalan dengan meningkatnya tingkat armada high-tier yang
depreciation rose by 20.0% YOY to US$4.0million while              beroperasional, depresiasi meningkat sebesar 20,0% YOY menjadi
Crewing rose by 24.2% YOY to US$2.9million and                     US$4,0 juta, sementara biaya awak kapal meningkat 24,2% YOY
Operational costs grew 38.5% to US$1.1million for 1Q2026.          menjadi sebesar US$2,9 juta, sementara biaya operasional tumbuh
                                                                   38,5% menjadi US$1,1 juta untuk 1Q2026.

As more vessels were in operation compared to 1Q2025,              Walaupun kapal yang beroperasional lebih banyak dibandingkan
maintenance costs were lower by 1.8%YOY at                         dengan 1Q2025, biaya pemeliharaan menurun sebesar 1,8% YOY
US$1.7million. Fuel bunker was also lower at US$0.4million         menjadi US$1,7 juta. Biaya bahan bakar juga berkurang sebesar
as there were fewer idle vessels, and no significant               US$0,4 juta, seiring berkurangnya kapal yang belum beroperasi,
mobilization costs as compared to 1Q2025 where the                 serta tidak terdapat biaya mobilisasi yang signifikan dibandingkan
Company mobilised vessels for international contracts.             dengan 1Q2025, di mana Perusahaan memobilisasi kapal-kapal
                                                                   untuk kontrak internasional.

Total Gross Profit rose by 101.6%YOY to US$13.3million             Total Laba Kotor meningkat 101,6% YOY menjadi US$13,3 juta,
largely from a strong performance in the Owned Vessel              sebagian besar dihasilkan dari kinerja yang kuat dari Divisi Kapal
Division which enjoyed a utilization rate of 62% compared to       Milik, di mana tingkat utlisasi mencapai 62% dibandingkan dengan
55% in 1Q2025.                                                     55% pada 1Q2025.




                                                                                                                          Page | 1
Page 2
PT WINTERMAR OFFSHORE MARINE Tbk
Jl. Kebayoran Lama No 155
Jakarta 11560 Indonesia
Tel : 62 21 530 5201 / 2
Fax : 62 21 530 5203
www.wintermar.com
                                                                                                           NO. 115/NL/IV/2026
Indirect Expenses and Operating Profit                               Biaya Tidak Langsung dan Laba Operasional
Total Indirect Expenses rose by 14.6%YOY to US$2.8million,           Total Beban Tidak Langsung naik 14,6% YOY menjadi US$2,8
largely due to staff expenses which increased by 16.7%YOY            juta, sebagian besar disebabkan oleh biaya karyawan yang
to US$2.1million. This was because the timing of Hari Raya           meningkat 16,7% YOY menjadi US$2,1 juta. Hal ini disebabkan
bonuses and annual bonuses falling in the same quarter this          oleh pemberian Tunjangan Hari Raya dan bonus tahunan pada
year. Marketing costs rose by 33.2%YOY to US$0.2million,             kuartal yang sama tahun ini. Biaya pemasaran naik 33,2% YOY
reflecting more tendering activity, while professional fees          dan 46,3% YOY menjadi US$0,2 juta mencerminkan lebih
rose by 46.3%YOY to US$0.08million due to the upgrading of           banyaknya aktivitas tender yang diikuti Perusahaan, sementara
payroll software. Office utilities fell by 13.0%YOY.                 biaya profesional meningkat sebesar 46,3%YOY menjadi US$0,08
                                                                     juta dikarenakan terdapat upgrade atas perangkat lunak payroll.
                                                                     Biaya utilitas kantor menurun sebesar 13,0% YOY.

Operating Profit rose by 153.0%YOY to US$10.5million for             Laba Usaha meningkat 153,0% YOY menjadi US$10,5 juta pada
the first quarter.                                                   kuartal pertama ini.

Other Income, Expenses and Net Attributable Profit                  Pendapatan Lain, Beban Lain, dan Laba Bersih yang Dapat
                                                                    Diatribusikan
Interest expenses fell slightly by 1.2% to US$0.5million due        Beban bunga sedikit menurun sebesar 1,2% menjadi US$0,5 juta
to refinancing at lower interest rates while interest income fell   dikarenakan refinancing pinjaman dengan suku bunga yang lebih
by 14%YOY to US$0.2million due to decrease in time deposit          rendah, sementara pendapatan bunga berkurang sebesar 14%
interest rates. There were no vessel sales this quarter, but        YOY menjadi US$0,2 juta yang diakibatkan penurunan suku bunga
associated companies recorded a net loss of US$0.5million           deposito. Tidak terdapat penjualan kapal pada kuartal ini, namun
due to lower utilization of fleet. The Company recorded a           perusahaan asosiasi mencatat kerugian bersih sebesar US$0,5 juta
lower loss of Forex at US$0.15million compared to                   karena tingkat utilisasi armada yang lebih rendah. Perusahaan
US$0.36million in 1Q2025, as earnings are in US$.                   membukukan kerugian akibat selisih kurs yang lebih rendah, yaitu
                                                                    sebesar US$0,15 juta dibandingkan dengan US$0,36 juta pada
                                                                    1Q2025, dikarenakan pendapatan Perusahaan diterima dalam
                                                                    mata uang Dollar Amerika Serikat.

Total attributable Net Profit amounted to US$4.8million             Total Laba Bersih yang dapat diatribusikan sebesar US$4,8 juta
(+194%YOY) for 1Q2026, yielding an Earnings per share of            (+194%YOY) untuk 1Q2026, menghasilkan Laba per saham
Rp18.4 in 1Q2026 compared to Rp6.3 in 1Q2025.                       sebesar Rp18,4 pada 1Q2026 dibandingkan dengan Rp6,3 pada
                                                                    1Q2025.

As a result of these better operational conditions, EBITDA          Sebagai hasil dari membaiknya kondisi operasional tersebut,
rose by 92.2%YOY to US$14.6million in 1Q2026 compared               EBITDA meningkat sebesar 92,2% YOY, menjadi US$14,6 juta
to US$7.6million in 1Q2025.                                         pada 1Q2026 dari US$7,6 juta pada 1Q2025.


Industry Outlook                                                    Prospek Industri
The Iran war has continued into the second quarter of this          Perang Iran masih berlanjut hingga kuartal kedua tahun ini, dengan
year, with an uncertain ceasefire providing some relief at the      gencatan senjata yang masih belum pasti, namun sedikit
time of writing this newsletter. Oil prices have eased but          memberikan kelegaan pada saat penulisan newsletter ini. Harga
continue to be volatile and supply of Oil remains restricted        minyak telah menurun tetapi tetap berfluktuasi sementara pasokan
with the closure of the Strait of Hormuz. The high risks of         minyak masih terbatas dengan ditutupnya Selat Hormuz. Tingginya
relying on Middle Eastern oil has strengthened the resolve of       risiko ketergantungan pada minyak Timur Tengah semakin
governments across the world towards energy security.               mendorong pemerintah di seluruh dunia untuk memperkuat
Globally, there are up to US$40 billion worth of upstream           ketahanan energinya. Secara global, terdapat proyek-proyek hulu
projects slated for acceleration, including some in Indonesia.      senilai hingga US$40 miliar yang dijadwalkan untuk dipercepat,
                                                                    termasuk beberapa diantaranya berada di Indonesia.

                                                                                                                          Page | 2
Page 3
 PT WINTERMAR OFFSHORE MARINE Tbk
 Jl. Kebayoran Lama No 155
 Jakarta 11560 Indonesia
 Tel : 62 21 530 5201 / 2
 Fax : 62 21 530 5203
 www.wintermar.com
                                                                                                                                                          NO. 115/NL/IV/2026

                         Global Exploration and Production Capex is projected to rise, particularly in deep water areas




                                                                                                                Source: Fearnley Offshore Supply, January 2026

 Business Prospects                                                                             Prospek Bisnis
 With a strong market outlook for OSV demand, the Company                                       Dengan prospek pasar yang kuat untuk permintaan OSV,
 is making plans to grow the fleet through investing in new                                     Perusahaan berencana untuk mengembangkan armada melalui
 building as well as acquisitions. The Group’s eighth Platform                                  berinvestasi dalam pembangunan kapal-kapal baru maupun
 Supply Vessel that was purchased in end 2025 is currently                                      akuisisi. Platform Supply Vessel kedelapan grup Perusahaan yang
 undergoing repair and upgrading, and should be operational                                     dibeli pada akhir 2025, tengah menjalani perbaikan dan
 in mid 2H2026. At the present time, Wintermar’s vessels are                                    peningkatan, dan akan beroperasi pada pertengahan 2H2026. Saat
 still largely chartered on spot contracts but there are some                                   ini, armada Wintermar sebagian besar masih disewa dengan sistem
 longer term contracts in the bidding process for 2027.                                         kontrak spot, akan tetapi terdapat beberapa penawaran kontrak
 However, Associate Company Fast Offshore Supply Pte Ltd                                        jangka panjang untuk tahun 2027. Perusahaan Asosiasi
 in Singapore has won a long-term contract to build a fleet of                                  Perusahaan, Fast Offshore Supply Pte Ltd di Singapura telah
 Crew Transfer Vessel (CTV) in Singapore and Batam for                                          memenangkan kontrak jangka panjang untuk membangun armada
 delivery in 2027, which should start contributing earnings                                     Kapal Crew Transfer Vessel (CTV) baru di Singapura dan Batam
 when the vessels commence operations next year.                                                untuk pengiriman pada tahun 2027, dan akan menghasilkan laba
                                                                                                pada tahun depan waktu kapal mulai beroperasi.

 Total contracts on hand as at end March 2026 amount to                                         Total kontrak yang ada pada akhir Maret 2026 berjumlah US$47,8
 US$47.8million.                                                                                juta.



                                                                          Ms. Pek Swan Layanto, CFA
                                                                               Investor Relations
                                                                        PT Wintermar Offshore Marine Tbk
                                                    Tel (62-21) 530 5201 Ext 401 Email: investor_relations@wintermar.com
                                                                                            DISCLAIMER
Certain statements made in this publication involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. Certain statements relating
to business and operations of PT Wintermar Offshore Marine Tbk and Subsidiaries (the Company) are based on management’s expectations, estimates and projections. These statements
are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Certain statements are based upon assumptions as to future events
that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such statements. The Company makes no
commitment, and disclaims any duty, to update or revise any of these statements. This publication is for informational purposes only and is not intended as a solicitation or offering of
securities in any jurisdiction. The information contained in this publication is not intended to qualify, supplement or amend information disclosed under corporate and securities legislation of
any jurisdiction applicable to the Company and should not be relied upon for the purpose of making investment decisions concerning any securities of the Company.




                                                                                                                                                                              Page | 3
Page 4
PT WINTERMAR OFFSHORE MARINE Tbk
Jl. Kebayoran Lama No 155
Jakarta 11560 Indonesia
Tel : 62 21 530 5201 / 2
Fax : 62 21 530 5203
www.wintermar.com
                                                                                            NO. 115/NL/IV/2026
        SUMMARY PROFIT AND LOSS (YTD Mar-2026 vs YTD Mar-2025)
        PT WINTERMAR OFFSHORE MARINE TBK AND SUBSIDIARIES (in US$)

                                                                                       Q1 2025 vs Q1 2026
                          Description                  Q1 2026          Q1 2025
                                                                                       Change         %
        PROFIT AND LOSS
        Revenue
           Owned vessel                                  22,849,460      14,842,913    8,006,547       53.9%
           Chartering                                      381,715         914,369       (532,654)    -58.3%
           Others                                         1,504,536        981,291       523,245       53.3%
        Total Revenue                                   24,735,711       16,738,573    7,997,138       47.8%


        Direct expense
           Owned vessel                                 10,129,432        8,737,682    1,391,750       15.9%
           Charter                                         350,711         877,908       (527,197)    -60.1%
           Others                                          990,901         542,132       448,769       82.8%
        Total Direct expense                            11,471,044       10,157,722    1,313,322       12.9%
        Gross profit (loss)                             13,264,667        6,580,851    6,683,816      101.6%


        Gross profit (loss) - owned vessel              12,720,028        6,105,231    6,614,797      108.3%
        Gross profit (loss) - chartering                    31,004          36,461         (5,457)    -15.0%
        Gross profit (loss) - others                       513,635         439,159        74,476       17.0%


        Total Indirect expenses                          2,804,336        2,446,125      358,211       14.6%
        Operating profit (loss)                         10,460,331        4,134,726    6,325,605      153.0%
        Other income (expenses)
           Interest expenses                              (493,876)        (499,992)        6,116      -1.2%
           Interest income                                 217,673         253,025        (35,352)    -14.0%
           Equity in net earning of associates            (427,330)         (42,700)     (384,630)    900.8%
           Net - Gain (loss) on sale of fixed assets        15,994         216,366       (200,372)    -92.6%
           Forex gain (loss)                              (154,316)        (358,039)     203,723      -56.9%
           Others                                          (80,193)         (34,673)      (45,520)    131.3%
        Total Other income (expenses)                     (922,048)        (466,013)     (456,035)     97.9%
        Net income (loss) before tax                     9,538,283        3,668,713    5,869,570      160.0%
        Tax expenses
           Final income tax                               (391,410)        (271,819)     (119,591)     44.0%
           Non final income tax                           (182,310)        (237,995)      55,685      -23.4%
        Total tax benefit (expenses)                      (573,720)        (509,814)      (63,906)     12.5%
        Income before non controlling interest           8,964,563        3,158,899    5,805,664      183.8%
        Non controlling interest                          4,135,176       1,516,452    2,618,724      172.7%
        Attributable Net Profit                          4,829,387        1,642,447    3,186,940      194.0%
        EBITDA                                          14,560,126        7,577,144    6,982,982       92.2%
        Weighted Average EPS - USD Cents                         0.11          0.04          0.07     187.7%
        Weighted Average EPS - Equivalent to IDR             18.40             6.30         12.09     191.8%




                                                                                                            Page | 4
Page 5
PT WINTERMAR OFFSHORE MARINE Tbk
Jl. Kebayoran Lama No 155
Jakarta 11560 Indonesia
Tel : 62 21 530 5201 / 2
Fax : 62 21 530 5203
www.wintermar.com
                                                                                                  NO. 115/NL/IV/2026
          SUMMARY PROFIT AND LOSS (YTD Mar-2026 vs YTD Mar-2025)
          PT WINTERMAR OFFSHORE MARINE TBK AND SUBSIDIARIES (in US$)

                                                                                     Q1 2025 vs Q1 2026
                              Description           Q1 2026            Q1 2025
                                                                                     Change           %
          Direct expense
            Owned vessel                              10,129,432         8,737,682   1,391,750        15.9%
            Depreciation                               4,045,008         3,371,060     673,948        20.0%
            Crewing                                    2,924,310         2,354,152     570,158        24.2%
            Operations                                 1,083,818          782,480      301,338        38.5%
            Maintenance                                1,684,615         1,715,718      (31,103)      -1.8%
            Fuel Bunker                                  391,681          514,272      (122,591)     -23.8%
            Charter                                      350,711          877,908      (527,197)     -60.1%
            Others                                       990,901          542,132      448,769        82.8%
          Total Direct expense                        11,471,044        10,157,722   1,313,322        12.9%


          Indirect expenses
             Administration                               37,821           32,627         5,194       15.9%
             Depreciation office                          54,787           71,358       (16,571)     -23.2%
             Employee Benefits                           120,088          125,367        (5,279)      -4.2%
             Profesional fee                              80,724           55,177       25,547        46.3%
             Staff salary                              2,107,687         1,805,782     301,905        16.7%
             Staff training & recreation                  10,407           14,641        (4,234)     -28.9%
             Telecomunication                             10,591           13,554        (2,963)     -21.9%
             Marketing                                   226,288          169,908       56,380        33.2%
             Travelling                                   38,724           20,834       17,890        85.9%
             Donation                                      8,063           11,388        (3,325)     -29.2%
             Office utility                              109,156          125,489       (16,333)     -13.0%
          Total Indirect expenses                      2,804,336         2,446,125     358,211        14.6%




                                                                                                              Page | 5

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