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Enduring Commitments, Unlocking Value 2025 SUSTAINABILITY REPORT
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About our theme
Enduring Commitments, Unlocking Value
At Indika Energy, our sustainability journey is guided by Environmental, social, and governance priorities
enduring commitments—long-term goals to diversify are not separate aspirations, but integral to how we
our portfolio, reduce environmental impact, and measure performance and evaluate decisions. We track
strengthen social and governance performance across progress rigorously and review outcomes transparently,
the Group. These commitments shape how we operate recognizing that operating across diverse sectors
today while preparing for the future, with sustainability requires adaptability and continuous learning.
considerations integrated into our asset management,
people development, and investment decisions. Above all, this theme reflects a shared commitment
across the Group. Our journey is defined not only by
Delivering on these ambitions requires consistency, what we aspire to achieve, but by how we execute with
discipline, and resilience. “Enduring Commitments” integrity. By maintaining clarity of direction and focusing
reflects our determination to stay the course: managing on consistent delivery, we continue to translate our
current operations responsibly while advancing commitments into measurable value—building a resilient
steadily toward transformation, even when the path foundation for long-term growth.
presents challenges. “Unlocking Value” captures how
our strategic vision is becoming a tangible reality. By
adhering to rigorous ESG standards, we are focused on
operationalizing our transition—expanding our renewable
energy footprint, building our electric vehicle capabilities,
and progressing our gold mining project into reality.
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Contents page
Letter from Our President Director Chapter 3 - Social Sustainability and
Community Impact
2025 Key Highlights Our social approach
Executing the transition with discipline Empowering our people
Our sustainability journey Safety performance and culture
Energizing Indonesia: Supporting community
well-being
Chapter 1 - Understanding Indika Energy
Respecting human rights
and Our Transition Journey
Indigenous heritage and local partnerships
Our evolving transition journey
Navigating challenges, seizing opportunities
Chapter 4 - Governance: Ensuring Integrity
Our approach to climate-related risk
and Accountability
Our Sustainability Report - transparency,
accountability and impact Our governance approach
Managing our sustainability journey with
purpose
Chapter 2 - Environmental Stewardship:
Respecting and Preserving Nature
Additional Information
Our approach to respecting nature
BOC and BOD statement
GHG inventory, energy use and emissions
management Assurance statement
Land use, reclamation, biodiversity and Glossary
ecosystem protection
Framework mapping
Water stewardship
Contact us
Waste management and circularity
Air quality management
Materials and circular economy
Supplier environmental management
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Letter from Our President Director
The past year has seen Indika Energy continue to move This disciplined approach continues to guide our
forward with purpose on our sustainability journey, progress toward clear milestones. We remain focused
delivering our commitments and creating long-term on our goal of generating at least 50% of revenue from
value. Our purpose of energizing Indonesia has gained non-coal businesses by 2028, and we continue to work
momentum, supported by a clear strategic direction toward our long-standing commitment to achieve net-
and the steady growth of businesses that align strongly zero emissions by 2050. These goals are not abstract
with the future energy landscape. In 2025, this progress aspirations. They inform how we allocate capital, how
became more visible across the Group — the result of we assess risk, and how we make decisions across the
consistent decisions, disciplined execution, and the Group. They also provide a consistent reference point as
collective effort of our teams working toward our mid- we navigate changing market conditions, technological
and long-term targets and a more sustainable portfolio. developments and policy environments.
As Indonesia’s investment company with diversified
business portfolio, we continue to operate in an
environment that demands balance. Indonesia needs
This is what energizing Indonesia
reliable energy today, even as the global energy system means to us: meeting present
evolves. At the same time, expectations around
needs while helping to build the
environmental responsibility, social impact and long-
term resilience continue to rise. Our task has been capabilities — human, economic and
to manage these realities together, without losing environmental — that will support
sight of where we are headed. This is what energizing
Indonesia means to us: meeting present needs while
the nation’s future.
helping to build the capabilities — human, economic and
environmental — that will support the nation’s future. In 2025, we revisited and refined the alignment between
our business strategy and sustainability journey, marking
That perspective guides how we manage our an important mid-term point to review our progress
transition. We approach it through the three closely toward the 2030 targets and ensure continued alignment
connected strategies of Divestment, Diversification with the evolving composition of our business portfolio
and Decarbonization. We continue to streamline and the changing energy landscape.
our portfolio by reducing exposure to high-emission
activities that diverge from our long-term direction. Across the Group, more milestones were recorded.
At the same time, we are actively growing businesses The Awak Mas gold project moved closer to entering
in cleaner energy, electric mobility, environmental its production phase, placing it on the threshold of
services and other future-fit sectors that can contribute becoming a meaningful new non-coal revenue stream
to sustainable growth. In parallel, we are working and an important contributor to portfolio diversification.
to reduce the emissions intensity of our operations, This project represents more than a single asset —
particularly in areas that are harder to abate, through it reflects years of thoughtful preparation and our
targeted decarbonization initiatives and operational confidence in building value beyond our legacy business.
improvements. Together, these actions allow us to
move forward in a way that is deliberate, measured and
resilient.
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Our sustainability journey is not
only about assets and portfolios
— it is about livelihoods,
opportunities and shared
progress.
During the year, we also continued to expand our electric The year 2025 marked particular significance for Indika
vehicle initiatives. ALVA advanced two-wheeler electric Energy. Five years earlier, we began articulating mid-term
mobility with the rollout of new models geared toward targets within our long-term pathway toward net-zero
customers in Southeast Asia’s largest motorcycle emissions by 2050, as part of our broader sustainability
market, while KALISTA strengthened its offering of journey. While we recognize that further progress
EV fleet solutions, supporting the adoption of cleaner remains necessary, our ability to meet and in several
transportation across different use cases. In addition, areas exceed, our 2025 ESG targets demonstrates
INVI supported Kideco’s EV trial in mining operations that this commitment is translating into measurable
as part of the Group’s decarbonization and efficiency outcomes. This ambition is rooted in our purpose of
efforts, serving as a distributor of commercial electric Energizing Indonesia for a Sustainable Future, creating
vehicles, while providing integrated solutions across lasting value and meaningful impact for Indonesia.
vehicle supply, charging infrastructure, and after-sales
services. Alongside continued progress in renewable Equally important is how this transformation is
energy, environmental and carbon-related businesses, experienced by people. Our sustainability journey is not
these developments demonstrate steady execution and only about assets and portfolios — it is about livelihoods,
growing depth in our diversification efforts. opportunities and shared progress. In 2025, Indika
Energy completed its three-year ecosystem restoration
We advanced decarbonization efforts across our initiative through the Mangrove in Action Program
energy and logistics operations in parallel. By improving (IMPACT). The program rehabilitated 250 hectares of
efficiency, optimizing fuel use and strengthening coastal mangroves in Paser, East Kalimantan, with more
operational practices, we continued to reduce emissions than 324,200 trees planted. At maturity, these restored
intensity while maintaining reliability and performance. mangroves are expected to sequester approximately
These actions enabled continued reductions in 2,500 tCO2eq per year, or over 25,000 tCO2eq over ten
emissions intensity while maintaining reliability and years, while supporting biodiversity, enhancing coastal
performance. In 2025, scope 1 and 2 GHG emissions resilience, and strengthening livelihoods for surrounding
were reduced to 839 ktCO2eq, representing a 30.29% communities. Together, these outcomes demonstrate
reduction from the baseline and exceeding the 2025 how environmental and social priorities can reinforce
target of 25%. These efforts reflect our responsibility one another, delivering benefits that extend beyond
to manage the environmental footprint of our existing Indika Energy’s operational boundaries.
operations responsibly, even as we build the businesses
that will define the next phase of Indika Energy’s growth.
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The path ahead will continue to present challenges — from market volatility
to technological uncertainty — but it will also offer opportunities to build
resilience, deepen capability and create lasting value.
Across the Group, we also continued to invest in our This Sustainability Report sets out where Indika Energy
people. We strengthened workforce development, stands today. It reflects steady progress, growing
expanded opportunities for learning and reskilling, capability, and a sustainability journey that is being
and promoted inclusion and gender diversity across actively managed rather than passively awaited. It also
our businesses. As roles continue to evolve amid reflects our recognition that this journey is ongoing. The
structural change, preparing our people remains central path ahead will continue to present challenges — from
to managing the transition responsibly. In 2025, we market volatility to technological uncertainty — but it
strengthened workforce and leadership capabilities will also offer opportunities to build resilience, deepen
across Indika Energy subsidiaries through the Future capability and create lasting value.
Leaders Development Program, complemented by
expanded learning and inclusion initiatives. We also As we look forward, we do so with confidence and focus.
maintained a strong focus on health, safety, and well- Supported by our people and guided by a clear sense
being, recognizing that safe and respectful workplaces of purpose, we remain committed to managing our
are fundamental to sustainable performance. transition responsibly and transparently. By continuing
to energize Indonesia — through reliable energy,
Strong governance underpins all of this work. empowered people and resilient ecosystems — we
During the year, we continued to reinforce oversight, believe Indika Energy can continue to play a constructive
clarify responsibilities, and integrate sustainability role in the nation’s development while building a
considerations into decision-making at every level. stronger, more sustainable business for the long term.
We strengthened supply chain oversight, enhanced
transparency in our disclosures, and ensured that We are on this journey for good, and we are glad you are
environmental and social risks receive the same a part of it.
level of attention as financial performance. These
governance foundations allow us to manage complexity
with discipline and maintain trust with employees, Sincerely,
communities, investors and other stakeholders.
Azis Armand
President Director and Group CEO
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2025 Key highlights
Indika Energy’s sustainability journey is increasingly In response, Indika Energy continues to expand
visible in how our targets, action and outcomes intersect beyond traditional energy into a broader range of
across the business. Our long-term commitments future-fit businesses. The portfolio now includes
provide the direction, while our progress in 2025 reflects growing exposure to renewable energy, electric vehicle
how those ambitions are being translated into execution. ecosystems, sustainable metals and minerals, and
Our ESG performance continues to move in step with our technology-enabled solutions that support efficiency and
financial resilience and portfolio evolution, supported by innovation. These areas complement existing operations
disciplined capital allocation and a growing emphasis on while opening new pathways for long-term growth.
future-fit businesses. The indicators and initiatives below
offer a view of how this approach is shaping outcomes, Progress in these non-legacy fields throughout 2025
from operational improvements and emissions reflects this direction. We embarked and deepened
reductions to diversification and nature-based solutions, key initiatives spanning renewable energy, solar
while strengthening the foundations for long-term value photovoltaic development, electric mobility solutions,
creation. and nature-based and carbon-related projects that
support emissions reduction and ecosystem restoration.
Executing the transition with In parallel, we continue to advance broader our metals
discipline and minerals portfolio, recognizing the growing global
need for a secure, responsible, and holistic supply of
critical raw materials that underpin battery technologies,
At Indika Energy, we began executing our sustainability
electrification, and energy transition. Together, they
pivot in 2018, and today we stand at an important
contribute to a more balanced revenue mix and a lower-
point in our transition. While our legacy business of
emissions trajectory over time.
coal remains a key part of the portfolio, the Group
has steadily shifted toward a more diversified and
lower-carbon growth profile. This evolution reflects Through Diversification, Divestment and
deliberate choices made over time — balancing present Decarbonization, Indika Energy continues to strengthen
responsibilities with long-term direction — and has long-term resilience. This approach supports effective
begun to reshape where value is created across the risk management, enhances competitiveness, and
business. underpins value creation for stakeholders as the
transition advances.
The transition matters because the operating context is
changing. Ensuring energy security remains essential,
particularly in supporting Indonesia’s economic
development. At the same time, competitiveness
increasingly depends on resilience: the ability to adapt
to shifting markets, evolving technologies, and rising
expectations around sustainability. Climate resilience
is equally central, requiring practical steps to reduce
environmental impact while contributing to Indonesia’s
net-zero ambitions.
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Figure 1. Our journey towards Net Zero
2010
Setting the standard for ESG transparency
Launched our first GRI-based Sustainability Report, marking our
commitment to transparency and accountability. It is now published
annually, communicating our ongoing dedication to sustainable progress.
2018
Beginning diversification into low-carbon sectors
Indika Energy began diversifying its business portfolio by exploring
low-carbon sectors, aligning its growth strategy with the company’s
long-term vision of sustainability and energy transition.
2020
Establishing the ESG foundation
Laid the foundation for ESG excellence, aligning our strategy with Indika
Energy’s purpose and Net Zero 2050 ambition.
2021
Setting commitments and strengthening disclosure
We enhanced our sustainability transparency by setting clear ESG targets, adopting B30
biodiesel, and forming a Sustainability Committee to drive Group-wide progress. We also
joined global initiatives — the United Nations Global Compact (UNGC), IBCSD, and the
WEF Stakeholder Capitalism Metrics, and became the first Indonesian member of the
Powering Past Coal Alliance, reaffirming our commitment to a just energy transition.
2022
Expanding clean energy practices
We strengthened our operational sustainability by installing a solar PV system at
Kideco to reduce diesel use and by deploying electric buses for cleaner, more
efficient transportation. Indika Energy also expanded solar PV adoption across its
operations, reinforcing our commitment to renewable energy.
2023
Strengthening and expanding ESG initiatives
We revisited and strengthened our ESG foundation by aligning targets with new
portfolios, adopting global standards, and launching our net-zero roadmap. The full
adoption of B30 biodiesel marked a key step in reducing emissions. In 2023, we also
introduced two flagship sustainability program — CANTING Berkelanjutan, which
focuses on eradicating stunting and improving community health and nutrition, and
IMPACT (Indika Energy Mangrove Program in Action), which supports mangrove
restoration and climate resilience.
2024
Advancing sustainability through digitalization
A new digital platform now tracks sustainability performance across Indika Energy,
boosting accountability and results. By 2024, we achieved a 24% reduction in scope
1 and 2 GHG emissions — keeping us firmly on track for our 2025 and 2030 targets.
2025
Driving low-carbon innovation
In 2025, Indika Energy launched electric vehicle (EV) trials within its mining operations
to reduce carbon emissions and advance its low-carbon business model. We also
began transitioning to B40 biofuel, reinforcing our commitment to cleaner energy and
operational decarbonization. As a result of these initiatives, we successfully reduced
emissions by 30.29% in 2025, exceeding our established target of 25%.
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Our sustainability journey
Indika Energy’s transition is guided by clear long-term Taken together, these indicators show a business
objectives and near-term execution. Our commitments managing multiple horizons at once: delivering results
toward 50% non-coal revenue by 2028 and net zero by in the near term, reducing risk exposure in the medium
2050 reflect how the Group is sequencing change — term, and building the foundations for sustainable
aligning ambition with operational reality and capital growth over the long term. The initiatives highlighted
discipline. These milestones provide direction, while below illustrate how this approach translates into action
allowing flexibility to respond to evolving market across operations and the wider portfolio, from reducing
conditions, technological developments and policy emissions intensity and improving energy efficiency,
pathways. to integrating renewable power and scaling up nature-
based solutions.
Our performance in 2025 illustrates how this transition
is taking shape in practice. Our progress against Each initiative reflects a practical response to the
ESG targets highlights areas where systems have sustainability journey, grounded in operational testing,
been strengthened, performance has improved and measurable outcomes, and lessons that can inform
governance has matured. Our financial results, in broader application across the Group. As the journey
parallel, demonstrate continued resilience as our unfolds, these efforts demonstrate how at Indika Energy
portfolio evolves, supported by diversification, cost we continue to advance our objectives with purpose,
discipline, and targeted investments in future-fit linking performance, sustainability and long-term value
businesses. creation.
KALISTA has deployed more than 95 EV fleet unites across
Indonesia in 2025, contributing to the advancement of the country’s
EV ecosystem and sustainable transportation.
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ESG ambitions in 2025 and targets for 2030
Our long-term ESG commitments toward 2030 reflect Indika Energy’s ambition to embed sustainability across the
business, with clear targets guiding responsible growth and value creation.
Figure 2. ESG targets supporting Indika Energy’s transition strategy
ENVIRONMENTAL
Scope 1 and 2 GHG 25% 33%
emissions Reduce scope 1 and 2 GHG Reduce scope 1 and 2 GHG
(Relative to 2020 baseline) emissions by 25% in 2025 emissions by 33% in 2030
50% 55%
Reduce scope 1 and 2 GHG Reduce scope 1 and 2 GHG
emissions intensity per revenue by emissions intensity per revenue by
50% in 2025 55% in 2030
10% 25%
Reduce scope 1 and 2 GHG Reduce scope 1 and 2 GHG
emissions intensity per ton coal emissions intensity per ton coal
production by 10% in 2025 production by 25% in 2030
Energy management 30% 35%
Increase % renewable energy share Increase % renewable energy share
in the energy consumption mix to in the energy consumption mix to
30% by 2025 35% by 2030
Water management 30% 32%
(Relative to 2020 baseline)
Reduce water withdrawal intensity Reduce water withdrawal intensity
per revenue by 30% by 2025 per revenue by 32% by 2030
Waste management 40% 45%
Divert 40% of waste from landfill by Divert 45% of waste from landfill by
2025 2030
Land and biodiversity 20%
(Relative to 2020 baseline)
Increase land reclamation area by
20% by 2025
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SO C IA L
Local communities 1%
1% EBIT spent on community
development every year
Health and safety Zero
Zero fatalities every year for
employees and contractors
Diversity and inclusion 20% 25%
20% women in workforce by 25% women in workforce by
2025 2030
15% 20%
15% women in senior 20% women in senior
management by 2025 management by 2030
GO V E R NA NC E
Business ethics 80% 100%
80% of employees attend code of 100% of employees to attend code
business conduct training by 2025 of business conduct training by 2030
100% 100%
100% of board members to attend 100% of board members to attend
code of business conduct training code of business conduct training
by 2025 by 2030
Corporate governance 30%
30% (by weight) of board & senior
management evaluation KPIs tied to
ESG topics by 2025
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Net zero transition roadmap: scope 1 and 2 GHG emissions progress
Progress on our net zero journey is reflected through updated milestones and pathways to reduce scope 1 and 2 GHG
emissions, aligned with our broader transition strategy.
Figure 3. Indika Energy’s scope 1 and 2 GHG emissions decarbonization roadmap toward net zero
SCOPE 1&2 GHG EMISSIONS PROJECTIONS
in kt CO2eq
1,203
2025 Target
903 ktCO2eq 2030 Target
806 ktCO2eq
2050 Ambition
Net Zero Emissions
2020 2021 2022 2023 2024 2025 2030
25% 33%
from 2020 baseline from 2020 baseline By 2050, we expect to be
Building foundation Strengthening practices Accelerating growth
net-zero
Supporting energy transition Operational decarbonization We cater the nation’s strategic necessities
• Investing in low-carbon economy • Digitalization to improve efficiency to enable sustainable development while
• Divesting coal-related assets and emissions control taking care for the environment and
• Electrification of vehicles and making positive difference to the society
Partnering to reduce the carbon equipment
footprint across our value chains • Deployment of solar PV and battery
• Exercise scope 3 GHG emissions storage to reduce diesel and grid
• Developing carbon reduction reliance
program with contractors • Increased use of B40 biodiesel as a
near-term emissions reduction lever
• Technology and innovation to scale
low-carbon operations
• Enhanced scope 3 GHG emissions
measurement
• Land reclamation and ecosystem
restoration with validated carbon
sequestration
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Our 2025 performance dashboard
We are committed to managing our responsibilities toward our people, society, and the environment, while aligning
our activities with relevant international standards and best practices. To support this, we regularly monitor our
performance across key operational and sustainability indicators, including newly onboarded businesses that have
been integrated into this monitoring framework.
Through ongoing monitoring, we identify issues and improvement areas early, enabling timely and effective
responses. This strengthens operational resilience and supports a culture of accountability and continuous
improvement. Our performance dashboard integrates data, tracks progress, and provides visibility on targets,
supporting informed decision-making and keeping us on track toward our Net Zero Emissions 2050 target.
Our performance trends indicate continued progress across key ESG areas. As an illustration, our absolute scope
1 and 2 GHG emissions continue to reduced year-on-year, with an 8.27% reduction in 2025, while the share of
renewable energy increased to 38.04%. Positive developments are also reflected in our social metrics, including
gradual improvements in inclusivity, as seen in the growing female workforce composition. Below is an overview of
our ESG performance in 2025, along with a three-year trend to illustrate our progress
Figure 4. Our 2025 ESG performance dashboard shows year-on-year progress
ENVIRONMENTAL
SCOPE 1 AND 2 GHG EMISSIONS (TonCO2eq) SCOPE 1 AND 2 GHG EMISSIONS INTENSITY SCOPE 1 AND 2 GHG EMISSIONS
PER REVENUE (TonCO2eq/USD million revenue) INTENSITY PER TON COAL PRODUCTION
(TonCO2eq/ton coal production)
1,030,009
413
914,520 0.031
838,908 374 0.029
338 0.027
2023 2024 2025 2023 2024 2025 2023 2024 2025
We recorded 838,908 tCO2eq, While improving overall emissions In 2025, we produced 30.5 million tons of coal, with
performance amid coal price volatility,
8.27% an 8.27% reduction from last year
scope 1 and 2 GHG emissions.
10.51% emissions intensity increased by 3.58% scope 1 and 2 GHG emissions intensity per ton
decreasing to 0.027 tCO2eq/ton coal production. (down
3.58% year-on-year).
10.51% from last year.
ENERGY CONSUMPTION (Gigajoule) RENEWABLE ENERGY SHARE (%) NON-HAZARDOUS WASTE DIVERTED (%)
14,794,645 38.04 73.01
13,715,656 34.02 58.74
12,952,340 33.37 46.30
2023 2024 2025 2023 2024 2025 2023 2024 2025
In 2025, total energy consumption In 2025, renewable energy share In 2025, waste diversion increased to 73.01%,
decreased by 5.58% year-on-year to increased to 38.04%, up from 34.02%
5.58% 12,952,340 GJ, driven by the transition 38.04% in 2024, reflecting continued progress 24.29% up 24.29% year-on-year, driven by stronger
implementation of recovery initiatives and 3R
(reduce, reuse, recycle) programs.
to B40 and increased use of solar PV. in clean energy integration.
WATER WITHDRAWAL (ML) WATER WITHDRAWAL INTENSITY WATER WITHDRAWAL INTENSITY
(ML/USD million revenue) (ML/ton coal production)
2,829.71
0.930 0.077
2,029.77 0.830
1,535.97 0.756 0.046
0.042
2023 2024 2025 2023 2024 2025 2023 2024 2025
In 2025, water withdrawal decreased by 24.33% In 2025, water withdrawal intensity In 2025, water withdrawal intensity
decreased by 8.84% year-on-year to 0.756 decreased by 9.27% year-on-year to 0.042
24.33% year-on-year to 1,535.97 ML, driven by
closed-loop systems, water reuse, rainwater 8.84% ML/USD million revenue, reflecting improved 9.27% ML/ton of coal production, reflecting
harvesting, and improved operational controls.
water efficiency across operations. improved water efficiency in operations.
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LAND RECLAMATION
(Hectare)
5,879.42
5,384.24
5,234.98
2023 2024 2025
In 2025, land reclamation reached 5,384.24
5,384.24 hectares, including the impact of ongoing land
re-disturbance and rehabilitation activities,
particularly within Kideco’s operational areas.
SOCIAL
COMMUNITY INVESTMENT SPENDING COMMUNITY DEVELOPMENT
(% of EBIT) (Lives impacted)
3.83 400,533
2.97 394,165
1.45 255,136
2023 2024 2025 2023 2024 2025
In 2025, community investment spending increased In 2025, community development programs
3.83% to 3.83% of EBIT, with total social investment of IDR
7.31 billion, reflecting expanded programs and a 255,136 reached 255,136 beneficiaries, reflecting
continued efforts to deliver targeted and
stronger commitment to social impact. impactful social initiatives.
EMPLOYEE FATALITIES AT MANAGED CONTRACTOR FATALITIES AT MANAGED
OPERATIONS (Lives) OPERATIONS (Lives)
2 2
1
0 0 0
2023 2024 2025 2023 2024 2025
In 2025, we recorded two contractor fatalities at
In 2025, employee LTIR was 0.00 and TRIR was managed operations. We are saddened by these
0 fatalities 0.27, reflecting continued focus on safety
performance across operations.
2 fatalities incidents and remain committed to strengthening
our efforts to prevent work-related fatalities
across our business.
WOMEN IN WORKFORCE WOMEN IN SENIOR MANAGEMENT
(%) (%)
20.30 16.08
20.19
11.68
18.75 11.19
2023 2024 2025 2023 2024 2025
In 2025, women represented 20.30% of our In 2025, women represented 16.08% of senior
20.30% workforce, equivalent to 874 out of a total of
4,306 employees, reflecting continued progress 16.08% management, reflecting continued progress in
leadership diversity.
in gender diversity.
GOVERNANCE
NUMBER OF EMPLOYEES ATTEND COBC NUMBER OF BOARD MEMBERS ATTEND BOARD AND SENIOR MANAGEMENT
TRAINING (%) COBC TRAINING (%) ESG KPI
3,864 106
3,728
In 2025, the implementation of sustainability KPIs
2,070 86 88 continues to be progressively strengthened across
all business lines and has been carried out at Indika
2023 2024 2025 2023 2024 2025 Energy as well as other key entities such as Kideco
and Tripatra.
In 2025, 86.58% of employees attended COBC In 2025, 100% of Board members attended
86.58% training, reflecting continued efforts to
strengthen business ethics and compliance 100% COBC training, demonstrating full commitment
to upholding business ethics and governance
across the organization. standards.
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Delivering on our commitments: 2025 ESG performance against targets
Our year-on-year monitoring provides a clearer view of our current position along the net-zero journey, reinforcing the
importance of clear targets, transparent tracking, and consistent execution in driving industrial decarbonization. In
2025, our mid-term milestone year, Indika Energy demonstrated encouraging progress in translating sustainability
commitments into measurable outcomes, aligned with our long-term pathway toward net-zero emissions by 2050.
While further progress remains essential, our ability to meet—and in several areas exceed—our 2025 ESG targets
reflects positive momentum. This journey is guided by our purpose of Energizing Indonesia for a Sustainable Future,
as we continue to create lasting value and meaningful impact.
Anchored to a 2020 baseline, we have set clear decarbonization targets, including a 25% reduction in scope 1 and 2
GHG emissions by 2025 and 33% by 2030. By 2025, we achieved a 30.29% reduction, exceeding our mid-term target
and indicating that our decarbonization pathway is progressing as planned. Environmental performance was also
supported by a renewable energy share of 38.04% and a waste diversion rate of 73.01%, both above target.
Social impact remains an important part of our transition. In 2025, 3.83% of EBIT was allocated to community
development programs, while women’s representation reached 20.30% in the workforce and 16.08% at senior
management level, slightly above target. Overall, these results suggest steady progress in strengthening ESG
performance while continuing to advance our broader sustainability journey.
ESG TARGET 2025 PROGRESS
Scope 1 and 2 GHG emissions
In 2025, we recorded scope 1 GH G emissions of 8 27 .7 9
25%
Reduce scope 1 and 2 GHG
30.29%
relative to 2020
ktC O 2eq and scope 2 GH G emissions of 1 1 .1 1 ktC O 2eq ,
reflecting our continued progress in managing emissions.
This performance was supported by ongoing initiatives
emissions by 25% in 2025 and baseline to enhance energy efficiency, optimize fuel consumption,
by 33% in 2030, relative to 2020 transition to B40, expand the use of solar PV, and
baseline. progressively integrate lower-carbon power sources across
our business units. In the same year, we also initiated an EV
trial within the Kideco mining fleet as part of our efforts to
explore low-emission operational alternatives.
Scope 1 and 2 GHG emissions intensity
50%
Reduce scope 1 and 2 GHG
47.84%
relative to 2020
emissions intensity per revenue baseline
In 2025, we produced 30.51 million tons of coal and
by 50% in 2025 and by 55% in
generated USD 2,030.90 million in revenue, while improving
2030, relative to 2020 baseline.
emissions performance amid coal price volatility. We
achieved a GHG emissions intensity per revenue of
47.84%, progressing toward our 50% reduction target, and
recorded a 16.67% reduction in emissions intensity per
10%
ton of coal production from the 2020 baseline, exceeding
16.67% our 10% target. This was driven by operational efficiency
improvements, optimized fuel use including B40 adoption,
Reduce scope 1 and 2 GHG relative to 2020 integration of lower-carbon energy such as solar PV, and
emissions intensity per ton coal baseline enhanced digital monitoring that enabled timely corrective
production by 10% in 2025 and actions.
by 25% in 2030, relative to 2020
baseline.
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ESG TARGET 2025 PROGRESS
Energy management
In 2025, total energy consumption reached 12,952,340.60
30%
Increase % renewable energy
38.04%
GJ, with 927,355.14 GJ from renewable sources, resulting
in a renewable energy share of 38.04%, exceeding our 30%
target. This progress was supported by the integration of
share in the energy consumption renewable energy initiatives, including solar PV and B40, and
mix to 30% by 2025 and to 35% was further strengthened by energy efficiency improvements
by 2030 and enhanced energy sourcing strategies, enabling a higher
contribution of renewables within the overall energy mix.
Water management
A 30% reduction target in water withdrawal intensity was
65.15%
30%
Reduce water withdrawal
relative to 2020
baseline
set, with an actual reduction of 65.15% achieved, alongside
a decrease in total water withdrawal to 1,535.97 ML. This
performance was driven by increased use of closed-loop
intensity per revenue by 30% systems, water reuse, rainwater harvesting, and strengthened
by 2025 and by 32% by 2030, operational controls through calibrated flow meters and
relative to 2020 baseline. regular monitoring. These efforts have reduced reliance on
freshwater sources and supported operational resilience,
particularly in areas with higher water stress.
Waste management
In 2025, we recorded 5,961.19 tons of non-hazardous
40%
Divert 40% of non-hazardous
73.01%
waste, of which 4,352.19 tons were diverted from final
disposal, representing a diversion rate of 73.01% and
significantly exceeding the 40% target. This reflects the
waste from landfill by 2025 and effective implementation of our circular economy approach,
45% by 2030 prioritizing waste recovery and reuse where feasible. This
performance was supported by improved waste segregation,
expanded recycling initiatives, and stronger operational
controls, increasing diversion rates and reducing waste sent
to disposal.
Land and biodiversity
Land reclamation progress reached 18.80% in 2025, slightly
20%
Increase land reclamation area
18.80%
below the 20% target. Cumulatively, reclamation areas
reached 5,384.24 hectares, contributed by Kideco and Mekko
operations. This achievement reflects the impact of ongoing
by 20% by 2025 land disturbance and rehabilitation activities, particularly
within Kideco’s operational areas, which have affected
the total reclamation area completed, while continuing to
support overall reclamation progress.
Enduring Commitments, Unlocking Value 19
Page 20
ESG TARGET 2025 PROGRESS
Local communities
In 2025, community development spending reached
1%
1% EBIT spent on community
3.83%
3.83% of EBIT, significantly exceeding our 1% target, with
total investment of IDR 71.35 billion benefiting more than
255,100 individuals. This achievement reflects our strong
development every year commitment to delivering meaningful social impact,
supported by the expansion of programs in education, health,
and economic empowerment, as well as strengthened
stakeholder engagement to ensure initiatives are well-
targeted and responsive to local needs.
Health and safety
0
Zero fatalities every year for
0 In 2025, Indika Energy recorded an employee LTIR of 0.00
and TRIR of 0.27, while contractor LTIR was 194.99 and TRIR
employees
was 0.03. During the year, two contractor fatalities occurred
at different operational sites, which we deeply regret. Our
priority has been to support the affected families and ensure
0
Zero fatalities every year for
2
follow-up actions across all areas to strengthen safety
measures and prevent recurrence.
contractors
Diversity and inclusion
20%
20% women in workforce by
20.30%
In 2025, female workforce representation reached 20.30%
out of a total of 4,306 employees, slightly exceeding the
20% target, while women in senior management reached
2025 and 25% by 2030 16.08%, surpassing the 15% target. This reflects steady
progress in advancing gender diversity and inclusion across
the organization, supported by inclusive hiring practices,
15%
leadership development, and equal opportunity policies.
While progress at the workforce level is encouraging,
16.08% continued focus on talent development and succession
15% women in senior planning remains important to further strengthen female
management by 2025 and 20% representation in senior leadership toward the 2030 targets.
by 2030
20 2025 Sustainability Report
Page 21
ESG TARGET 2025 PROGRESS
Business ethics
80%
80% of employees attend the
86.58%
code of business conduct In 2025, 86.58% of employees completed the Code of
(COBC) training by 2025 and Business Conduct (COBC) training, exceeding the 80%
100% by 2030 target, while 100% of Board members attended the training
as required. This strong performance reflects the our
commitment to upholding high standards of business ethics
100%
and integrity, supported by effective training programs
and governance practices. Continued efforts will focus on
100.00% expanding participation to achieve full employee coverage in
100% of board members attend line with the 2030 target.
code of business conduct
(COBC) training by 2025 and
2030
Corporate governance
By 2025, 30% (by weight) of Board and senior management
30%
30% (by weight) of board &
KPIs continue to be linked to ESG topics, reflecting stronger
integration of sustainability into performance management.
These KPIs have been progressively implemented across
senior management evaluation business lines, including Indika Energy, Kideco, and Tripatra,
KPIs tied to ESG topics by 2025 demonstrating closer alignment between leadership
accountability and sustainability priorities.
Enduring Commitments, Unlocking Value 21
Page 22
2025 Financial performance highlights
Our 2025 financial highlights reflect the company’s performance and resilience, supporting our ability to deliver on our
strategic and sustainability priorities. Amid a challenging market environment, Indika Energy Group delivered a net
profit of USD 6.03 million in 2025, underscoring the resilience of our diversified portfolio.
This performance provided the capacity to continue investing in sustainability initiatives and innovation that support
long-term value creation. Guided by our purpose of Energizing Indonesia for a Sustainable Future, we remain
committed to integrating financial strength with responsible practices, demonstrating that sustainability and financial
performance can progress together (GRI 201-1).
Figure 5. Our 2025 financial performance highlights
REVENUE (USD million) OPERATING COST (GENERAL AND ADMIN GROSS PROFIT (USD MILLION)
EXPENSE) (USD million)
3,026.84 239.78 551.98 332.69 270.30
2,446.68 174.60
2,030.90 155.89
2023 2024 2025 2023 2024 2025 2023 2024 2025
16.99% Revenue decreased by 16.99%
compared to the previous year.
Operating costs decreased by 10.72%
10.72% compared to the previous year. 18.75% Gross profit decreased by 18.75%
compared to the previous year.
ADJUSTED EBITDA (USD million) NET PROFIT (USD MILLION)
395.13 119.68
285.27
210.31 10.08 6.03
2023 2024 2025 2023 2024 2025
18.57% Adjusted EBITDA reduced by 18.57%
compared to the previous year. 40.21% Net profit decreased by 40.21%
compared to the previous year.
22 2025 Sustainability Report
Page 23
Page 24
Key strategic initiatives and impact Economic value generated and distributed
delivered The energy and integrated solutions provided by Indika
Energy Group contribute to powering economic growth
Throughout the year, strategic initiatives were actively and improving the quality of life for communities across
executed across the business, translating priorities into Indonesia. In 2025, Indika Energy Group recorded a net
measurable actions and delivering tangible value for the profit of USD 6.03 million, reflecting strong operational
company, communities, and the environment. performance and business resilience. The economic
value generated during the year was responsibly
At Indika Energy Group, the energy we produce distributed among key stakeholders, including
underpins Indonesia’s economic development and employees, suppliers, governments, and communities,
supports the well-being of communities across our in alignment with Indonesia’s national development
areas of operation. By supplying energy to industries priorities (GRI 201-1).
and households, we contribute to national growth while
creating tangible social and economic value at the local During the reporting period, the Group contributed
level. Our impact is delivered through employment, USD 400.56 million in taxes and royalties, supporting
local procurement, fiscal contributions, and targeted public financing and infrastructure development.
community programs across the value chain. We focus These contributions comprised employee income
on strengthening self-reliant, resilient, and diversified tax, corporate income tax, value-added tax, royalties,
local economies, ensuring communities remain adaptive alongside accurate and timely regulatory reporting and
and prosperous as market dynamics and industry compliance (GRI 207-1, 207-4).
landscapes continue to evolve.
Figure 6. Economic value generated
Description Unit 2023 2024 2025
Direct economic value generated
Revenue USD million 3,026.84 2,446.68 2,030.90
Other revenue USD million 13.90 0.00 4.86
Investment income USD million 20.20 18.80 26.62
Net income from associates and joint ventures USD million 22.88 15.46 12.55
Total economic value distributed 3,083.81 2,480.94 2,074.93
Economic value generated
Cost of revenue USD million (2,474.86) (2,113.99) (1,760.60)
Selling, general, and administrative expenses (incl.
USD million (239.78) (174.60) (155.89)
salaries, wages, and employee benefits)
Financial expenses USD million (85.55) (91.17) (69.22)
Tax expenses USD million (94.94) (61.62) (60.79)
Dividend payments USD million (73.25) (30.00) (5.04)
Other expenses USD million 0.00 (6.32) 0.00
Total economic value distributed (2,968.39) (2,477.69) (2,051.53)
Total economic value retained 111.37 3.25 23.40
24 2025 Sustainability Report
Page 25
Indika Energy Group complies with all applicable laws
and regulations related to taxation as part of our
commitment to supporting state financing and national
development. The Group does not receive direct financial
Fleet Electrification Trial
assistance from the Government (GRI 201-4).
In 2025, Kideco initiated an electric vehicle (EV) trial
Indirect economic impacts within its mining operations as part of the Group’s
broader decarbonization and efficiency efforts. The
Employment - Employment generation remains a
trial focused on evaluating the technical feasibility,
cornerstone of our indirect economic impact. In
operational performance and emissions reduction
2025, we directly and indirectly employed 4,306
potential of electrifying selected mine fleet activities,
individuals, with 44.77% of our workforce sourced
where diesel use has traditionally been a significant
locally. Through collaboration with local governments,
source of emissions (GRI 302-1, 305-1, 3-3).
educational institutions, and community stakeholders,
we implemented skills development programs,
apprenticeships, and educational initiatives. These The initiative was designed as a practical assessment
programs address workforce capability gaps, enhance rather than a full-scale deployment. By testing EV
employability, stimulate local tax revenues, and support performance under real-world operating conditions,
upward social and economic mobility (GRI 202-2, 404-2). Kideco sought to better understand factors such as
energy demand, charging requirements, operational
Local procurement - We prioritize local procurement to reliability and integration with existing systems. This
strengthen regional economies, improve supply chain approach allowed the company to identify both
efficiency, and create sustainable livelihoods. Where opportunities and constraints associated with fleet
capacity gaps exist, we provide business development electrification in a mining context (GRI 302-1, 3-3).
support, including training and mentorship, to help local
suppliers improve operational standards, meet ESG
requirements, and remain competitive. This approach Early findings from the trial indicate that electric vehicles
enhances supplier resilience while aligning with national can contribute to meaningful reductions in diesel
and regional economic development objectives (GRI consumption and associated emissions, particularly
204-1). in specific use cases such as worker transport and
support functions. The trial also highlighted infrastructure
Community development - Our community development considerations, including charging logistics and power
initiatives are designed to foster self-sufficiency and availability, which are critical to scaling electrification
long-term prosperity. In 2025, we invested more than efforts effectively (GRI 305-1, 302-1, 3-3).
IDR 71.35 billion in programs focused on education,
healthcare access, environmental conservation, and
Beyond emissions reduction, the initiative supports
livelihood development. These initiatives also promote
broader operational efficiency objectives by providing
financial independence through skills enhancement and
insights into maintenance requirements, life-cycle costs,
the creation of new local economic opportunities (GRI
and potential productivity impacts. These learnings will
203-2).
inform future decisions on fleet composition, investment
planning and the role of electrification within Kideco’s
Infrastructure development - Operating in remote and longer-term decarbonization pathway (GRI 302-4, 3-3).
underserved areas enables Indika Energy to deliver
socio-economic value through targeted infrastructure
investments that support community development
and access to essential services. In 2025, through
subsidiaries including Kideco and Masmindo, the Group
implemented infrastructure initiatives focused on clean
water access, transportation connectivity, education
facilities, and public utilities, benefiting communities
surrounding operational areas (GRI 203-1).
Enduring Commitments, Unlocking Value 25
Page 26
Biofuel Boost
We continued advancing our fuel transition
program in 2025 by shifting from B35—a diesel
blend containing 35% palm oil-derived biofuel—to
B40 across our operations. This move aligns with These initiatives were primarily delivered as non-
Indonesia’s national biofuel roadmap and reflects commercial community investments funded through
the Indika Energy Group’s commitment to reducing Corporate Social Responsibility (CSR) programs and
the carbon intensity of existing operations through implemented in collaboration with local governments
practical, scalable measures (GRI 302-1, 305-1, and communities. Contributions included direct financial
3-3). investment, in-kind support, and technical assistance
aimed at addressing local development priorities rather
The transition to B40 increased the proportion than generating commercial returns, with community
of renewable content in fuel use, contributing development programs benefiting more than 255,100
directly to lower greenhouse gas emissions people in 2025.
without requiring major changes to equipment or
operating practices. Careful testing and monitoring In addition, Indika Energy supported the development
were conducted to ensure fuel compatibility, of electric vehicle charging infrastructure through
performance stability and operational reliability commercial investment, contributing to Indonesia’s low-
throughout the transition (GRI 302-1, 305-1, 3-3). carbon mobility ecosystem and advancing future-ready
transportation systems (GRI 203-2).
Implementing B40 across mining operations
required coordination across procurement,
logistics and site-level teams to ensure consistent Market contribution - Through our subsidiary, Kideco
supply and adherence to quality standards. Jaya Agung, we played a key role in strengthening
Ongoing monitoring of engine performance and Indonesia’s energy security by producing 30.51
maintenance indicators helped confirm that the million metric tons of coal in 2025. We exceeded the
higher biodiesel blend could be adopted without government-mandated 25% Domestic Market Obligation
compromising operational efficiency (GRI 302-1, (DMO), allocating 41.00% of total coal production to
3-3). the domestic market. In parallel, exports to markets
including China, South Korea, and Japan reinforced our
With regulators expected to mandate ever-higher position as a reliable energy supplier, contributing to
blends of biofuel, this initiative demonstrates regional energy stability (GRI 2-6, 201-2).
how incremental fuel shifts can deliver near-term
emissions reductions in hard-to-abate sectors Looking ahead, Indika Energy Group remains
such as mining. While not a standalone solution, committed to creating shared value by balancing
the adoption of B40 — or even higher grades of economic performance with environmental and social
biofuel — plays an important role in reducing the responsibility. As we accelerate our transition toward
Group’s emissions footprint during the transition renewable energy, scale innovative solutions such as
period, complementing longer-term measures electric mobility, and strengthen community resilience,
such as electrification and renewable energy we aim to play an active role in Indonesia’s sustainable
integration (GRI 305-1, 3-3). development journey. By investing in people, local
economies, and future-oriented infrastructure, we seek
to deliver lasting positive impacts for our stakeholders
today while building a more inclusive and sustainable
future for generations to come (GRI 3-3).
37,700+
tCO2eq
GHG emissions reduction
from B40 adoption in
2025
26 2025 Sustainability Report
Page 27
Powered by the Sun
Throughout 2025, Indika Energy continued expanding the use
of solar photovoltaic (PV) systems across selected assets as
part of our effort to integrate renewable energy into day-to-day
operations. These installations help reduce reliance on fossil-
based electricity, lower emissions from purchased power, and
improve overall energy efficiency (GRI 302-1, 302-4, 305-2, 3-3).
Our solar PV deployment has focused on locations where on-site
generation is technically feasible and commercially viable, taking
into account operational needs, available infrastructure and local
grid conditions. By integrating solar power into existing energy
systems, we aim to supplement conventional electricity supply
4,306 individuals employed while maintaining reliability and operational continuity (GRI 302-
1, 302-4, 3-3).
Directly and indirectly across our operations
The expansion of solar PV also supports learning at scale. Each
installation provides operational data on generation performance,
44.77% local workforce system integration and maintenance requirements, helping refine
future deployment strategies. These insights contribute to more
Strengthening local employment and regional
informed decisions about renewable energy investments across
economies
our portfolio (GRI 302-4, 3-3).
Over time, on-site solar generation is expected to play a growing
role in reducing scope 2 GHG emissions and supporting the
IDR 71.35 billion+ invested
Group’s longer-term decarbonization objectives. While solar
In education, healthcare access, environmental PV represents one component of a broader energy transition
conservation, and livelihood development strategy, its continued integration demonstrates how renewable
energy can be embedded incrementally into operational
environments (GRI 305-2, 3-3).
255,100+ lives impacted
Through our community development programs
across our areas of operation
41.00% of coal production
Allocated to the domestic market through
Kideco, supporting Indonesia’s energy security
75.8MW
Installed solar PV capacity
across Indonesia as of
2025
Enduring Commitments, Unlocking Value 27
Page 28
Capturing Carbon and
Restoring Mangroves
In 2025, we strengthened our carbon
sequestration efforts through a combination of
sustainable forestry activities under Indika Nature
and the completion of the Group’s Mangrove
in Action program (IMPACT). Together, these
initiatives reflect Indika Energy’s commitment
to nature-based solutions that deliver climate,
biodiversity and community benefits (GRI 3-3,
305-5).
Indika Nature’s forestry projects focus on long-
term ecosystem restoration and sustainable land
management, supporting carbon sequestration
while protecting biodiversity and enhancing
ecosystem resilience. These projects emphasize
forest conservation, regeneration and responsible
stewardship as core elements of climate
mitigation (GRI 304-1, 304-2, 305-5).
Complementing this work, the IMPACT mangrove
restoration program expanded and concluded
activities during the year, restoring coastal
mangrove ecosystems that play a critical role
in carbon storage, shoreline protection and
habitat preservation for a rich variety of rare and
threatened wildlife. Mangrove restoration also
supports coastal communities by strengthening
natural defenses and sustaining livelihoods linked
to healthy marine environments (GRI 304-3, 203-
2).
Together, these initiatives contribute to a
more balanced climate strategy by addressing
emissions through both reduction and
removal pathways. They also demonstrate
how environmental action can deliver co-
benefits that extend beyond carbon outcomes,
reinforcing Indika Energy’s approach to integrating
sustainability into long-term value creation (GRI
305-5, 3-3).
Learn more about the journey of our
flagship program, IMPACT, through
790,000+
the following link:
https://www.indikaenergy.co.id/esg/
impactreport
tCO2eq
Estimated potential for annual carbon absorption from
Indika Nature’s Telaga Mas Kalimantan (TMK) project,
currently undergoing verification under Verra standards.
28 2025 Sustainability Report
Page 29
Indika Energy Mangrove Program in Action (IMPACT) has planted over 324,000 mangrove
seedlings across 250 hectares of land. The program has the potential to sequester more
than 2,500 tCO2eq of carbon per year, or 25,000 tCO2eq over 10 years.
Enduring Commitments, Unlocking Value 29
Page 30
30 2025 Sustainability Report
Page 31
Understanding Indika Energy
and Our Transition Journey
Indika Energy operates in an evolving energy system shaped by
decarbonization, technology, and Indonesia’s development goals. We balance
meeting today’s energy needs with building resilient, lower-emissions
businesses for the future. Through continuous reassessment of risks and
opportunities, we adapt our operations and investments to support long-term
value creation.
Our evolving transition journey
Navigating challenges, seizing opportunities
Our approach to climate-related risk
Our Sustainability Report: Transparency, accountability and
impact
MSCI ESG Ratings Sustainalytics ESG Risk CDP Climate Change and
Indika Energy improved its MSCI
Rating Water Security Disclosure
ESG Rating to ‘A’, upgraded from Indika Energy maintained Indika Energy received a ‘D’ score
‘BBB’, positioning the Company transparency in its ESG risk for Climate Change and ‘B-’ for
among the highest-rated Indonesian management performance through Water Security in its disclosure to
diversified metals and mining its assessment by Sustainalytics, CDP, marking an important step
companies. This recognition receiving an ESG Risk Rating score in strengthening the Company’s
reflects Indika Energy’s continued of 40.5. This places the Company sustainability journey. As its
progress in integrating sustainable in the 8th percentile within the second year participating in CDP
and responsible business diversified metals and mining reporting, this reflects Indika
practices across its operations, sub-industry, reflecting continued Energy’s continued commitment to
supporting long-term value efforts to strengthen ESG risk enhancing transparency, improving
creation while delivering positive management practices and enhance environmental performance, and
economic, environmental, and resilience across operations. The advancing responsible climate and
social contributions to employees, assessment provides important water management practices.
communities, and broader insights that support Indika Energy’s
stakeholders. ongoing commitment to improving
sustainability performance and
managing material environmental,
social, and governance risks in a
structured and accountable manner.
Enduring Commitments, Unlocking Value 31
Page 32
Our evolving transition journey
Indika Energy is a key player in an energy system that is
Company name PT Indika Energy Tbk. (Indika
changing in response to global decarbonization efforts,
Energy) (GRI 2-1)
technological advances, and Indonesia’s long-term
development goals. Our sustainability journey reflects
how we are adapting to these changes while maintaining Date of 19 October 2000
focus on long-term value creation. establishment
Line of business Indika Energy is a leading
We continue to manage a portfolio that meets today’s diversified investment company
energy needs, while building businesses that support in Indonesia, with a portfolio
resilience and lower emissions intensity over time. As spanning Energy, Logistics
global and national energy pathways evolve, we regularly and Infrastructure, Metals and
reassess priorities, balance risks and opportunities, and Minerals, Renewable Energy,
adjust our approach where needed. This adaptability Electric Vehicles, Technology and
underpins how we manage our operations, investments Digital, and Health sector.
and engagement with stakeholders as the transition
progresses. Head office Graha Mitra, 3rd Floor, Jl. Jend.
Gatot Subroto Kav. 21, Jakarta
About Indika Energy 12930, Indonesia
Guided by our purpose, vision, mission, and values, Shareholders 37.79% PT Indika Inti Investindo
Indika Energy approaches this transition with a composition as
commitment to sustainable growth and responsible of 31 December 28.08% PT Teladan Resources
energy development. These principles shape how 2025
0.34% Board of Commissioners
we make decisions across the Group, informing and Board of Director
our approach to portfolio management, operational
discipline and stakeholder engagement. They also 33.79% Public
reinforce our responsibility to deliver positive outcomes
not only for the business, but for the communities and
environments connected to our activities.
32 2025 Sustainability Report
Page 33
Our purpose - Energizing Indonesia for a Our business model (GRI 2-6, 2-7, 203-2,
Sustainable Future (GRI 2-23) 413-1)
We exist to power Indonesia’s growth responsibly— We create value by responsibly managing a resilient,
balancing economic progress with environmental long-term portfolio of assets in high-potential
stewardship and social value—so today’s energy choices commodities. Growth is driven by operational excellence,
create lasting benefits for future generations. resource discovery and development, strategic
acquisitions, and disciplined capital allocation. Beyond
financial performance, our business model integrates
Our strategic commitment (GRI 2-23, 3-3, a strong social value approach—positioning Indika
201-1, 305-5) Energy as a trusted partner that delivers shared benefits
As we accelerate our transition, we are committed to for communities, partners, and society, while enabling
reshaping our portfolio for long-term resilience. By sustainable and inclusive growth.
2028, at least 50% of our revenue will be generated from
non-coal businesses, reflecting our shift toward a more
diversified and future-ready energy mix. In parallel, we
Our core values (GRI 2-23, 205-2, 404-2,
are pursuing our ambition to achieve net-zero emissions
405-1, 413-1)
by 2050 or sooner, in line with global climate goals. Our values are the foundation of our sustainability
commitment, guiding how we operate and the impact we
create:
Our strategy (GRI 3-3, 201-1, 302-1, 305-1)
Our transition is guided by three integrated strategic » Unity in Diversity - We celebrate diversity as a
pillars: strength, fostering collaboration and inclusivity to
unite different perspectives toward a shared vision.
» Divestment - Reducing reliance on coal by
progressively reallocating capital toward renewable » Integrity- We act with honesty and uphold the
energy and sustainable ventures, ensuring disciplined highest ethical standards, building trust across every
and responsible capital deployment. relationship and decision.
» Diversification - Expanding non-coal revenue streams » Teamwork - We cultivate partnerships based on trust
across renewable energy, electric vehicles, and green and shared purpose, prioritizing collective success
infrastructure to strengthen resilience and unlock over individual gain.
new growth opportunities.
» Agility - We embrace resilience, adaptability, and
» Decarbonization - Actively reducing emissions an entrepreneurial mindset to respond decisively to
across our operations and value chain through change and opportunity.
energy efficiency, cleaner technologies, and low-
carbon solutions—supporting our journey toward » Achievement - We focus on measurable outcomes,
carbon neutrality. driving meaningful progress for the company, our
stakeholders, and society.
» Social Responsibility - We are committed to
environmental stewardship, community development,
and creating social values that extend beyond
business boundaries.
Enduring Commitments, Unlocking Value 33
Page 34
By living these values and embedding sustainability into Managing risks and capturing opportunities
every strategic decision, Indika Energy is committed Within this context, Indika Energy actively identifies
to building a sustainable, just, and resilient future for and manages both physical and transition-related risks
generations to come. while positioning its portfolio to capture emerging
opportunities (GRI 201-2, GRI 2-23). Risk assessment
Our transition story and mitigation are integrated across operations and
investment decisions, supporting resilience amid
evolving market and regulatory conditions. As the
Over the years, Indika Energy has pursued a purposeful
portfolio diversifies beyond coal toward lower-carbon
transition toward a more diversified and lower-carbon
assets, the Group reduces long-term exposure while
future (GRI 2-22). During this time, our strategy has
unlocking growth opportunities in renewable energy,
evolved in response to global climate momentum,
electric vehicle ecosystems, sustainable fuels, and
changing investor expectations, and Indonesia’s
carbon markets.
national net-zero roadmap (GRI 201-2). Our strategic
shift reflects both the external context in which we
operate and an internal commitment to strengthening Translating global commitments into local action
long-term resilience. Rather than a single turning point, Global sustainability frameworks provide strategic
the transition has been shaped through successive direction, while local conditions shape implementation.
phases of learning, adaptation, and execution, laying the Indika Energy aligns international climate commitments
foundation for the progress described throughout this with Indonesia’s net-zero pathway, translating them into
report. actionable local initiatives (GRI 2-22, GRI 305-1, 305-
2). This approach ensures that global aspirations are
effectively delivered on the ground, creating measurable
Global energy transition trends
impact for communities, stakeholders, and the
The global energy system continues to undergo rapid
environment.
transformation, driven by decarbonization targets,
technological innovation, and evolving policy frameworks
(GRI 305-5). The accelerating adoption of renewable
energy, increased electrification, and the development of
sustainable fuels are reshaping how energy is produced,
distributed, and consumed, redefining the competitive
landscape for energy companies.
34 2025 Sustainability Report
Page 35
Natura Aromatik Nusantara integrates regenerative agriculture and
community empowerment as part of Indika Energy’s transition toward a more
sustainable portfolio.
Enduring Commitments, Unlocking Value 35
Page 36
30
26 7
4
5
13 14
10
25
1
15
29 6 9
18 8
5 27
11
2 17 20 24
19
16 21
28
22
1 Kideco Jaya Agung, East Kalimantan 9 Cirebon Electric Power and Cirebon Energi
Prasarana, West Java
2 Tripatra, West Java
10 Interport Fuel Tank Terminal, East Kalimantan
3 Tripatra, West Papua
11 Interport, West Java
4 Tripatra, Riau
12 Masmindo Dwi Area, South Sulawesi
5 Tripatra, Bontang, East Kalimantan
13 Mekko Metal Mining, West Kalimantan
6 Tripatra, Indramayu, West Java
14 Indika Nature Jaya Bumi Paser, East Kalimantan
7 Tripatra, Balikpapan, East Kalimantan
15 Indika Nature Telaga Mas Kalimantan, East
8 Tripatra, Marunda, Bekasi Kalimantan
36 2025 Sustainability Report
Page 37
Navigating challenges, seizing opportunities
Indika Energy operates a diverse and integrated portfolio of businesses that reflects both the complexities and
opportunities of today’s evolving energy landscape (GRI 2-6). As global and national priorities increasingly shift
toward sustainability, our operational footprint is strategically positioned to manage transition-related risks while
capturing opportunities across the energy value chain (GRI 3-3).
With an operational presence spanning multiple regions across Indonesia, Indika Energy’s businesses are
interconnected through shared commitments to responsible growth, environmental stewardship, and long-term value
creation. This nationwide footprint underscores our focus on sustainability and inclusive development, ensuring our
operations contribute positively to local communities while supporting resilient and sustainable economic growth
(GRI 2-6, 203-2, 413-1).
Figure 7. Indika Energy operations and activities
23
3
12
16 Indika Nature Natura Aromatik Nusantara, 23 EMITS, North Maluku
Central Java
24 EMITS, East Java
17 ALVA Manufacturing Facilities, West Java
25 EMITS, East Kalimantan
18 ALVA Experience Centre, Jakarta
26 EMITS, Riau
19 ALVA Experience Centre Bandung, West Java
27 EMITS, West Java
20 ALVA Experience Centre Semarang, Central Java
28 EMITS, Bali
21 ALVA Experience Centre Surabaya, East Java
29 KALISTA, Jakarta
22 ALVA Experience Centre Denpasar, Bali
30 KALISTA, Medan
Enduring Commitments, Unlocking Value 37
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Energy PT Tripatra Engineers and Constructors
(Tripatra)
Our Energy pillar supports Indonesia’s energy security by Tripatra is an engineering, procurement, and
delivering reliable supply while progressively improving construction (EPC) company providing integrated
efficiency and reducing emissions intensity across core project solutions, including operations and maintenance
operations (GRI 2-6, 302-1, 305-1, 3-3). services, for the oil, gas, and power sectors. With
strong technical expertise and proven project execution
capabilities, Tripatra supports the development,
PT Kideco Jaya Agung (Kideco) reliability, and efficiency of critical energy infrastructure.
Established in 1982, PT Kideco Jaya Agung has grown
into one of Indonesia’s leading coal mining companies. In response to evolving energy needs, Tripatra
Operating primarily at the Paser mine in East Kalimantan, continues to expand its capabilities in green energy
Kideco produces high-quality coal that supplies both and lower-carbon projects, embedding sustainability
domestic demand and international markets across considerations into its services while maintaining high
Asia. standards of safety, quality, and operational excellence.
Kideco integrates responsible mining practices through
continuous land rehabilitation, sustainability initiatives,
and the gradual adoption of electric vehicle (EV) fleets to
reduce emissions and enhance operational efficiency. In
2025, coal production reached 30.51 million metric tons,
reinforcing Kideco’s role in supporting energy security
while advancing more sustainable mining operations.
PT Indika Indonesia Resources (IIR)
PT Indika Indonesia Resources leverages Indonesia’s
natural resource potential to meet growing energy
demand in both domestic and international markets. The
company is actively engaged in global trading of coal
and a range of commodities, including palm kernel shells
used as biomass energy feedstock, as well as selected
mineral products.
Alongside strengthening competitiveness and
product quality, IIR remains committed to long-term
sustainability and environmental responsibility. All
products are managed in accordance with applicable
quality standards and certification requirements,
ensuring alignment with evolving market and customer
expectations.
38 2025 Sustainability Report
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Logistics and Infrastructure pillars Metals and Minerals pillars
This pillar enables efficient, safe, and resilient movement Our Metals and Minerals pillar supports Indonesia’s
of energy and goods, strengthening supply chains and industrialization and the global energy transition by
supporting national infrastructure development (GRI 2-6, responsibly developing mineral resources essential
203-1, 203-2, 3-3). for infrastructure and clean energy technologies. We
apply strong environmental stewardship, occupational
safety, and community engagement practices across the
PT Interport Mandiri Utama (Interport) project lifecycle to manage risks and create long-term
Interport operates an integrated logistics and port shared value (GRI 2-6, 3-3, 403-2, 304-1, 413-1).
management network supporting the mining, energy,
and industrial sectors. Its services include logistics
management, port operations, bulk handling, fuel
PT Masmindo Dwi Area (Masmindo)
storage, and regional goods transportation, enabling the Masmindo is engaged in gold and associated mineral
efficient and reliable movement of resources. mining activities within a Contract of Work (CoW)
area approved by the Government of the Republic of
Through these capabilities, Interport enhances supply Indonesia. The project is strategically located in the
chain efficiency and resilience while contributing to Latimojong, Luwu, South Sulawesi, and represents a key
national infrastructure development. By prioritizing asset in Indika Energy’s diversified portfolio.
operational excellence, safety, and reliability, Interport
strengthens Indika Energy’s ability to support Indonesia’s During 2025, the company advanced facility
energy and industrial ecosystem. development and construction in preparation for
first gold production targeted in early 2027. Key
developments include the processing plant, tailings
storage facility (TSF), accommodation camp, and
supporting infrastructure such as public access
roads and power supply. Masmindo has successfully
completed land acquisition across 1,434 hectares, nearly
the full operational footprint area required for the project.
To ensure responsible and sustainable project
development, Masmindo has implemented an
Integrated Environmental Management Plan that guides
environmental and social risk identification, assessment,
and mitigation. The Company also maintains ongoing
engagement with local communities and other
stakeholders to promote transparency, manage impacts,
and support inclusive socio-economic development
throughout the project lifecycle.
Enduring Commitments, Unlocking Value 39
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PT Mekko Metal Mining (Mekko)
Mekko operates in Indonesia’s bauxite sector, As of 2025, EMITS is developing more than 75.8 MW
extracting and processing bauxite to supply raw of solar capacity for C&I clients across Java, Bali,
materials for aluminum production. The company Sumatera, Kalimantan, and Sulawesi. EMITS has
emphasizes responsible operations by prioritizing also been awarded a project by PLN under the De-
environmental protection, including water conservation, Dieselization IPP Programme (East Cluster) to develop
land rehabilitation, and active engagement with 102 MWp of solar power and 252 MWh of BESS in
local communities. Operating within a 5,050-hectare Eastern Indonesia.
concession area, Mekko adheres to strict environmental
standards to help safeguard surrounding ecosystems
while contributing to the sustainable development of PT Indika Multi Properti (Indika Nature)
Indonesia’s mineral resources. Indika Nature advances nature-based solutions that
promote environmental conservation and sustainable
Renewable Energy development in partnership with local communities.
Managing more than 135,000 hectares through a
Our Renewable Energy pillar accelerates the transition regenerative approach, it focuses on ecosystem
to low-carbon energy through solar, energy storage, and restoration, biodiversity enhancement, soil health
nature-based solutions that support decarbonization, improvement, and responsible forest management.
biodiversity protection, and community resilience (GRI Through environmental services and carbon programs,
302-1, 305-2, 305-5, 304-1, 3-3). and community-based climate initiatives, Indika Nature’s
efforts have the potential to remove an average of
more than 790,000 tCO2eq annually, reinforcing its
PT Empat Mitra Indika Tenaga Surya role in biodiversity protection and sustainable land
(EMITS) stewardship.
EMITS is advancing renewable energy development
in Indonesia, with a strong focus on solar power and Within its midstream operations, Indika Nature through
Battery Energy Storage System (BESS) solutions. The Natura Aromatik Nusantara (Natura) delivers high-quality
company delivers integrated solar energy systems native ingredients to the global Flavor & Fragrance
for industrial and commercial customers as well as industry. By introducing fair pricing at source, providing
Independent Power Producers (IPP), supporting reliable production support to farmers, and strengthening ethical
and low-carbon energy use. and transparent supply chains through digitalization,
40 2025 Sustainability Report
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Natura enhances local livelihoods while ensuring To date, more than 95 electric vehicles have been
product integrity. As production capacity expanded at deployed nationwide. By integrating advanced
its Solo facility, Natura strengthened its environmental technology, charging infrastructure, and a customer-
performance through in-house waste management, centric approach, KALISTA enables cost-effective EV
reforestation initiatives, and the transition from diesel to adoption while supporting Indonesia’s low-carbon
B40 biodiesel and cleaner CNG boilers in 2025. These mobility transition.
efforts further solidified its sustainability commitment,
as reflected in its Bronze Sustainability Rating from
EcoVadis. PT Energi Makmur Buana (INVI)
INVI was established as part of Indika Energy’s strategy
Electric Vehicles to support the acceleration of Indonesia’s electric
mobility transition. As a distributor of four-wheel
and above commercial electric vehicles—including
Through electric mobility solutions, we support
buses and trucks—INVI provides integrated solutions
Indonesia’s clean transportation transition by reducing
encompassing vehicle supply, charging infrastructure,
emissions, advancing EV ecosystems, and enabling
and comprehensive after-sales services.
scalable adoption across public and commercial sectors
(GRI 302-1, 305-1, 305-2, 3-3).
PT Ilectra Motor Group (ALVA)
ALVA promotes sustainable mobility through
innovative electric two-wheeler solutions, supporting
the acceleration of EV adoption in Indonesia. The
company has established Experience Centers in major
cities, including Jakarta, Bali, Bandung, Surabaya, and
Semarang, and its EV models comply with local content
requirements.
With more than 10,000 users, ALVA has obtained ISO
9001 and ISO 14001 certifications and continues to
expand its ecosystem through new model launches, the
rollout of Boost Charge Stations, and partnerships with
KALISTA and INVI to strengthen charging infrastructure.
PT Kalista Nusa Armada (KALISTA)
KALISTA is a sustainability-driven electric mobility
solutions provider delivering electric buses and
commercial EV fleet solutions across Indonesia.
As a subsidiary of Indika Energy, KALISTA supports
businesses and public transport operators in reducing
emissions through reliable electric transportation.
Enduring Commitments, Unlocking Value 41
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With a focus on urban transportation and the mining
sector, INVI facilitates a smooth transition from
Health Business
conventional to electric vehicles through tailored
Our Health pillar strengthens social resilience by
product offerings, reliable technical support, spare parts
expanding access to essential healthcare services and
availability, dedicated service facilities, and the operation
medical equipment, particularly in under-served and
of strategically located charging stations as a Charging
remote communities (GRI 203-2, 413-1, 3-3).
Point Operator (CPO).
Technology and Digital PT Genomik Solidaritas Indonesia (GSI)
GSI is a growing healthcare provider in Indonesia,
This pillar drives operational excellence and innovation specializing in laboratory and clinical services with
by leveraging digital platforms, data, and advanced a strong focus on advancing preventive healthcare
technologies to enhance efficiency, transparency, and through genomics. As an early mover in genomic testing,
sustainability across our businesses (GRI 2-6, 302-4, GSI has earned Green Lab certification and operates one
418-1, 3-3). of the largest in-house genomics laboratory facilities
in the country. The Company adheres to both national
and international standards, including ISO 9001 (Quality
PT Xapiens Teknologi Indonesia
Management System), ISO 35001 (Biorisk Management),
(Xapiens)
accreditation from the Ministry of Health, and PJK3
Xapiens is an information and communication certification, reflecting its commitment to quality, safety,
technology (ICT) company delivering solutions across and responsible operations.
artificial intelligence, digital platforms, cybersecurity,
cloud services, ERP, and data analytics. With more Driven by innovation and a commitment to better
than a decade of experience, Xapiens supports digital health outcomes, GSI offers a range of services, from
transformation and operational efficiency through advanced genomic testing—such as Non-Invasive
technology-driven solutions and advisory services. Prenatal Test (NIPT), lifestyle genomics, nutrigenomics,
pharmacogenomics, cancer genomics, and gut
The company has secured an AI-based radio technology microbiome analysis—to integrated clinical services,
project scheduled for completion in 2025 and is actively including medical check-ups (MCU), vaccination,
supporting multiple initiatives across the Indika Energy acupuncture, specialist consultations, laboratory
Group, including fleet management systems, RFID-based services, and health education programs.
coal supply chain solutions, IoT dashboards, and digital
platforms for renewable and nature-based businesses.
42 2025 Sustainability Report
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Our approach
decarbonization initiatives (GRI 204-1, 305-4). The
expansion of solar power through EMITS presents
to climate-related
opportunities to integrate renewable energy across our
operations, although technical compatibility with existing
risk
infrastructure particularly at contractor-managed sites,
must be carefully assessed and managed (GRI 302-1,
302-4).
Indika Energy operates in a dynamic environment
shaped by Indonesia’s energy sector and broader Further challenges include the phased rollout of higher-
global market trends. Our operations are exposed to grade B50 biodiesel across business units (GRI 305-5)
multiple risk factors, from physical and environmental and navigating Indonesia’s relatively low carbon offset
to regulatory and market challenges. By embedding a prices compared to international markets (GRI 201-
robust risk management framework across all portfolios, 2). The availability of clear regulations and credible
we aim to safeguard our business, create long-term standards for carbon offsets will significantly influence
value, and drive sustainable growth. the pace at which Indika Energy can achieve its net-zero
ambition, particularly under pathways aligned with the
Paris Agreement (GRI 305-5).
Understanding our key challenges
ahead Risk assessment studies
Meeting our medium- and long-term sustainability
Indika Energy is advancing comprehensive assessments
objectives presents practical and operational challenges
of physical climate-related risks to progressively identify,
(GRI 3-3). These include scaling the business and
evaluate, and quantify potential future impacts on site
expanding our non-coal portfolio, increasing production
operations, productivity, and operating costs across our
to meet market demand while simultaneously reducing
operated assets (GRI 3-3, 201-2). These assessments
emissions, and operating in remote mining areas that
form part of our broader approach to integrating climate-
require higher energy input and specialized equipment
related risks into enterprise risk management and
(GRI 2-6, 302-1, 305-1).
strategic planning (GRI 2-12, 2-13).
Several operational sites continue to rely on diesel
The initial phase focuses on assets currently in
generators, particularly in remote or temporary locations
production, evaluating how acute and chronic climate
with limited grid access (GRI 302-1). Electrification of
hazards may affect operational continuity, asset
heavy equipment offers the potential to lower emissions
integrity, and infrastructure resilience (GRI 201-2). The
and operating costs, while creating synergies between
analysis prioritizes scenarios with the most material
subsidiaries such as INVI and KALISTA (GRI 305-1,
potential impacts, including those aligned with the
305-5). However, electric mining vehicles remain in
world’s current greenhouse gas emissions trajectory.
early stages of development, with ongoing challenges
In selected cases—such as heightened heavy rainfall
related to battery life, durability, and readiness for large-
risks affecting mining and minerals operations, low-
scale deployment. To manage these risks, we prioritize
case scenarios are also assessed where they may pose
technology reliability and actively collaborate with
significant operational or safety implications (GRI 3-3,
equipment manufacturers to accelerate innovation and
403-2). These ongoing studies will continue to inform
build confidence in operational performance (GRI 3-3).
and strengthen our long-term risk management, climate
adaptation planning, and operational response measures
Operations managed by Tripatra and Interport face (GRI 201-2, 3-3).
additional constraints, including remote access, security
requirements, and infrastructure limitations. Addressing
these challenges requires close coordination with
contractors and partners to progressively advance
Enduring Commitments, Unlocking Value 43
Page 44
Value chain
We are assessing how physical climate-related risks Figure 8. Our approach to climate-related risk
may affect our upstream and downstream value chain by
leveraging climate data to estimate potential operational Understanding key challenges
downtime under both average and extreme scenarios We must balance portfolio diversification,
(GRI 201-2, 3-3). This includes preliminary reviews of production growth, and emission reduction
compound risks, where multiple climate events may
while managing the higher energy and
interact and amplify disruptions across suppliers,
equipment needs of remote operations.
logistics, and customer interfaces (GRI 201-2).
Risk assessment studies
Using climate datasets and future projections
Key opportunities emerging from this work include across multiple scenarios and time horizons.
strengthening business continuity planning to address
critical supplier and location dependencies (GRI 2-12,
2-13), as well as enhancing supplier engagement Impacts on safety, productivity, and
value-at-risk
by integrating climate resilience considerations into
procurement and supplier management processes
We model how physical climate risks affect
safety and productivity and integrate scenario
(GRI 204-1, 308-1, 414-1). During the reporting period, results in financial planning to estimate impacts
Indika Energy did not identify any significant negative
and value-at-risk.
social impacts within its supply chain through supplier
Strengthening governance and monitoring
assessments, monitoring activities, or grievance
mechanisms. The Company continues to implement
Enhance governance and monitoring to ensure
climate-risk insights are regularly updated and
supplier screening and evaluation processes that inform key decisions.
consider social and labor practices, including
occupational health and safety, human rights (414-2). Integration into planning and risk management
Embedding physical climate-risk considerations
into business planning, enterprise risk
Insights from these assessments are systematically management, and capital-allocation decisions.
incorporated into our annual enterprise risk evaluations
to determine the need for additional mitigation measures
and internal controls, ensuring that climate-related risks
are effectively managed across the value chain (GRI
2-25, 3-3).
44 2025 Sustainability Report
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Our management of climate-related risk
At Indika Energy, we manage risks strategically and proactively as part of our commitment to creating long-term,
sustainable value (GRI 2-22, 3-3). Our forward-looking investments in renewable energy, solar solutions, electric
vehicles, logistics, and digital technologies strengthen our resilience to sector-specific risks while enabling us to
capture emerging opportunities for growth and innovation (GRI 201-2, 203-1).
Our Risk Management System, led by the Risk Management Unit, supports the Board of Directors in identifying,
assessing, and managing material risks, fostering a strong culture of risk awareness and embedding best practices
across the organization (GRI 2-12, 2-13, 2-14). Guided by an Enterprise Risk Management (ERM) framework, the
process spans the full risk cycle—identification, analysis, mitigation, and monitoring—to ensure a consistent,
structured, and proactive approach to both strategic and operational risks (GRI 2-25, 3-3).
This framework is underpinned by leading international standards, including World Economic Forum Stakeholder
Capitalism Metrics (WEF SCM), and ISO 31000, and Global Reporting Initiative (GRI) standards (GRI 2-23, 2-24).
Together, these frameworks reinforce transparent, accountable, and forward-looking governance over financial and
non-financial risks, strengthening Indika Energy’s resilience amid a rapidly evolving business and energy transition
landscape (GRI 2-29, 3-3).
Figure 9. Indika Energy’s climate-related risk assessment
Scope
Assesses risks across subsidiaries and holding levels, including those linked to new business expansion
and strategic initiatives, to understand how climate and market dynamics influence operations and
long-term strategy.
Physical risks (acute) Physical risks (chronic) Transition risks
Sudden and severe climate events can Gradual, long-term climatic Risks impacting core business operations
cause immediate operational disruptions changes—characterized by incremental and strategic decisions due to shifts in
and damage to critical infrastructure. temperature rise, rainfall variability, and market dynamics, technology, and the
Field-based, asset-heavy sustained water scarcity—undermine low-carbon transition.
operations—such as Kideco (mining), operational sustainability, extend asset
Tripatra (EPC), Indika Nature (forestry), and maintenance needs, and constrain critical Key transition risks:
Mekko Mining (bauxite)—are increasingly resources. • Carbon pricing and regulatory
exposed to these acute weather-related requirements increasing costs for
hazards. Examples: emissions-intensive operations
• Water scarcity disrupts cooling, dust • Market shifts away from coal
Examples: suppression, and processing in impacting revenue outlook and
• Landslides and extreme rainfall mining and energy operations financing conditions
halting mining and hauling activities • Rising temperatures increases stress • Technology maturity risks related to
• Flooding damaging roads, conveyors, on machinery, workforce safety, and solar PV, energy storage, hydrogen,
ports, and plantation access routes energy use SAF, and biomass optimization
• Storms affecting electricity supply, • Variability in rainfall affecting wood • Reputational risks tied to investor
remote work sites, and logistics density, seedling survival, and forest expectations, stakeholder scrutiny,
health and ESG ratings
Implications:
Short-term production interruptions, Implications: Implications:
increased OPEX for emergency repairs, Longer-term CAPEX requirements, Strategic need to accelerate
and delays in supply chain flows. adaptation investments, and changes in decarbonization, diversify revenue
land-use planning and plantation cycles. streams, strengthen disclosure, and invest
in resilient technologies.
Application and focus
Implemented across Indika Energy’s holding and subsidiaries.
Decarbonization initiatives: Solar PV utilization, biodiesel implementation (currently utilizing B40,
while exploring opportunities for the adoption of B50), electric vehicle (EV) fleets,
energy efficiency and management systems.
Scenario analysis
Evaluated under multiple scenarios, including baseline and transition pathways to measure potential
impacts, adaptation capacity, and business readiness.
Outcome
This structured assessment strengthens Indika Energy’s ability to remain resilient, adaptable, and
strategically positioned to thrive in a low-carbon and sustainable future.
Enduring Commitments, Unlocking Value 45
Page 46
Indika Energy climate-related risk matrix
As we advance our sustainability journey, we recognize that transition-related factors—including evolving climate
policies, carbon pricing mechanisms, and the global shift toward a low-carbon economy—play a significant role in
shaping our strategic decisions and long-term opportunities (GRI 201-2, 305-5, 3-3). We view these transition risks
not only as challenges, but also as catalysts for resilience, innovation, and continuous improvement, driving us to
strengthen our business model in a changing energy landscape (GRI 2-22).
To navigate these dynamics, we proactively align with emerging low-carbon regulations, improve energy efficiency
across our operations, and systematically integrate climate considerations into strategic planning and capital
allocation decisions (GRI 302-4, 201-2, 2-23). This disciplined approach supports our ability to remain adaptive,
competitive, and future-ready, while progressing toward our long-term decarbonization and transition objectives (GRI
3-3).
Indika Energy applies a structured climate and transition risk assessment across the holding company and all
subsidiaries, recognizing that physical climate risks, regulatory developments, and shifting market expectations
collectively influence operational performance and long-term value creation (GRI 2-25, 3-3). These assessments
inform our risk management processes, investment decisions, and transition planning, ensuring alignment between
sustainability commitments and enterprise-wide risk governance (GRI 2-12, 2-13).
Figure 10. Climate-related risk assessment and mitigation measures
Potential financial
Risk Description of risk and Business unit Time Mitigation /
and operational
Category impact exposed horizon adaptation measures
impacts
Physical Intense rainfall Kideco, Short- Operational We strengthen our
acute Heavy rainfall disrupts Masmindo, medium delays, reduced resilience to acute
mining and forestry Mekko, Indika productivity, higher weather events
operations, reduces Nature road maintenance through early
visibility, affects haul costs, slower warning and rainfall
road conditions, and logistics flow, and monitoring systems,
slows production increased accident improved drainage
activities. risk. and water diversion
infrastructure, and
clear emergency
response procedures
that ensure quick
action and site safety
during extreme
conditions.
Physical Flooding Kideco, Short- Temporary We strengthen flood
acute Floodwaters damage Masmindo, medium shutdowns, resilience by installing
equipment, inundate Mekko, Indika equipment bunds, barriers, and
pits or work areas, and Nature, ALVA damage, pumps, applying
restrict access to sites recovery costs, climate-resilient
and transportation transportation design to key facilities,
routes. delays, supply and maintaining
chain disruptions, contingency and
contract delivery redundancy plans to
risks. keep logistics running
during extreme
weather.
46 2025 Sustainability Report
Page 47
Potential financial
Risk Description of risk and Business unit Time Mitigation /
and operational
Category impact exposed horizon adaptation measures
impacts
Physical Landslides Kideco, Short- High safety We enhance
acute Slope failures threaten Masmindo, medium incidents, major safety through
worker safety, damage Mekko, Indika operational slope stabilization,
assets, and halt mining Nature stoppages, costly geotechnical
activities, especially in remediation, monitoring, and
overburden areas. reputational enforcing exclusion
implications if zones during high-risk
community areas periods.
are affected.
Physical Storms and strong Kideco, Short- Production We reduce wind-
acute winds Masmindo, medium loss, increased related risks by using
Severe storms disrupt Mekko, Indika downtime, weather alert systems,
outdoor operations, Nature, ALVA structural repair activating shutdown
damage infrastructure, costs, reduced protocols during
and affect workers’ asset life, and extreme wind events,
safety and equipment potential injury and reinforcing critical
stability. risks. assets to prevent
damage and ensure
operational safety.
Physical Water scarcity Kideco, Medium– Reduced output, We strengthen
chronic affecting industrial Masmindo, Long higher operating water resilience by
processes Limited water Mekko, Indika costs, production expanding water
availability reducing Nature delays, regulatory recycling and
processing capacity, compliance risks. efficiency systems,
cooling efficiency, and exploring alternative
operational continuity. water sources, and
implementing drought
contingency plans
to maintain stable
operations during
scarcity.
Physical Rising temperatures Kideco, Medium– Increased We mitigate heat-
chronic stressing equipment Tripatra, Long equipment related risks by
and workforce Interport, failure, higher upgrading heat-
Increased ambient Masmindo, maintenance resistant equipment,
temperatures Mekko costs, lower enhancing cooling
accelerating equipment productivity. systems across
wear and reducing operations, and
worker productivity. implementing
workforce heat-stress
protocols to safeguard
health and maintain
productivity.
Enduring Commitments, Unlocking Value 47
Page 48
Potential financial
Risk Description of risk and Business unit Time Mitigation /
and operational
Category impact exposed horizon adaptation measures
impacts
Physical Heatwaves affecting Kideco, Short– Reduced workforce We protect workforce
chronic workforce health Tripatra, Medium availability, higher wellbeing during
Extreme temperatures Interport, health and safety extreme heat by
raising risks of heat Masmindo, risks, productivity enforcing mandatory
stress and reduced Mekko loss. rest cycles, providing
labor capacity. shaded rest areas and
hydration stations,
and adjusting work
shifts to reduce
exposure during peak
temperatures.
Physical Drought and water Kideco, Medium– Lower biomass We strengthen drought
chronic scarcity Masmindo, Long growth rates, resilience through
Extended dry periods Mekko, Indika disrupted water conservation
lowering water supply Nature operations, higher plans, the use of
for operations and water procurement drought-tolerant
forestry growth cycles. costs. species, and improved
irrigation efficiency
across operational
areas.
Physical Sea-level rise affecting Interport Long Shipping delays, Through combined
chronic ports higher logistics infrastructure
Rising sea levels and costs, increased upgrades and nature-
storm surges disrupting infrastructure based solutions,
port operations and downtime. we strengthen
export logistics. port resilience by
reinforcing key assets,
elevating vulnerable
structures, and
preparing alternative
logistics plans to
ensure continuity
under sea-level rise.
Transition – Declining global coal Indika Energy Medium– Revenue decline, Our transition strategy
market demand Holding, Long reduced market includes maintaining
Lower coal sales and Kideco, IIR share, asset our commitment
revenues, impacting devaluation, to no new coal
profitability and long- weaker long-term mine development,
term asset viability cashflows. accelerating
diversification into
EVs, renewable
energy, and nature-
based solutions,
and continuously
strengthening non-
coal revenue streams
to support long-term
resilience.
48 2025 Sustainability Report
Page 49
Potential financial
Risk Description of risk and Business unit Time Mitigation /
and operational
Category impact exposed horizon adaptation measures
impacts
Transition – Market price volatility Indika Energy, Short– Unpredictable We strengthen market
market Earnings and cash- Kideco, IIR Medium revenue, lower resilience through
flow uncertainty due to margins, long-term offtake
fluctuating commodity renegotiated diversification, the use
prices. contracts, and of hedging strategies,
earnings volatility. and regular stress
testing embedded in
our planning cycles to
manage demand and
price volatility.
Transition – Financing constraints Indika Energy, Medium– Restricted We enhance our
market for carbon-intensive Kideco Long financing access, resilience by
assets higher cost of strengthening
Higher costs or limited capital, negative ESG performance,
access to capital for valuations from deepening
coal and high-emission banks and engagement with
projects. investors. sustainable finance
partners, and
progressively shifting
our portfolio toward
low-carbon assets.
Transition Carbon pricing, Indika Energy, Short– Higher operating We strengthen our
– policy & emissions reporting, Kideco, Indika Medium costs, compliance GHG accounting
regulatory and net-zero Nature penalties, pressure systems, apply an
compliance on margins, internal carbon price
Higher operational costs accelerated need to guide decision-
and possible regulatory for decarbonization making, and advance
implications if targets CAPEX. decarbonization
are not fully met. through B40 biodiesel
adoption and energy-
efficiency programs.
Transition Scope 3 GHG emissions Indika Energy Medium Rising compliance We enhanced value-
– policy & disclosure Group workload, exposure chain data systems,
regulatory Exposure to reputational of carbon liability, including supplier
and compliance risks and increased engagement, and
from upstream and audit burden. exercised our scope 3
downstream emissions. GHG emissions.
Transition Shifts in EV incentives KALISTA, Short– Reduced We monitored and
– policy & or local-content rules INVI, ALVA medium EV market enhanced our Policy,
regulatory Market adoption competitiveness, as well as an agile
delays or reduced higher compliance market strategy
competitiveness for EV costs, and shifting combined with our
solutions. demand. expertise and local
content optimization.
Enduring Commitments, Unlocking Value 49
Page 50
Potential financial
Risk Description of risk and Business unit Time Mitigation /
and operational
Category impact exposed horizon adaptation measures
impacts
Transition New data retention & Indika Energy Short– Slower payment We developed
– policy & reporting mandates Group medium cycles, higher platform to ensure
regulatory Increased administrative admin costs, accuracy in our digital
burden and risk of non- system upgrade compliance tools
compliance needs. and data governance
enhancement.
Transition – Rapid tech evolution in KALISTA, Short–long Stranded We drive innovation
technology EVs, batteries, solar PV INVI, ALVA, technology risk, through technology
Risk of obsolescence EMITS high upgrade pilots, strategic
or underinvestment in CAPEX, lower ROI, R&D partnerships,
emerging technologies. mismatched R&D and modular
and commercial tech adoption, all
demand. guided by a strong
innovative governance
framework to ensure
scalable, high-impact
solutions.
Legal risks Legal disputes over Indika Energy Medium Higher legal Indika Energy
climate-related clauses Group costs, contract reinforces legal
Financial liabilities, terminations, oversight through
project delays, and project delays. strengthened contract
reputational harm. reviews, climate-
clause compliance,
and enhanced
governance.
Reputational Scrutiny of climate Indika Energy Short–long Investor Indika Energy
risks commitments, carbon Group confidence promotes
credit integrity, loss, ESG rating transparency through
accusations of downgrades, enhanced disclosures,
greenwashing reduced ability alignment with
Loss of stakeholder to attract talent global frameworks,
trust, regulatory or partnerships, transparent net-
penalties, and negative license-to-operate zero reporting,
brand impact. challenges. strong carbon
project integrity, and
active community
engagement.
Indika Energy has identified climate-related risks and opportunities and conducted preliminary assessments (GRI
3-3). While these analyses currently support internal risk management and strategic planning processes, quantified
financial impacts have not yet been publicly disclosed, as methodologies, assumptions, and data inputs continue
to be refined to ensure accuracy and reliability. Strengthening climate-related financial modelling and disclosure
capability remains an ongoing priority as the Group advances its alignment with evolving climate-related reporting
practices (GRI 201-2).
50 2025 Sustainability Report
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Risk controls and adaptation
measures
We have established a comprehensive set of controls
to manage extreme weather–related risks across our
operations, with safety as the primary priority (GRI
403-1, 403-2, 403-7). These controls include the use
of weather-monitoring and early-warning systems,
clear preparedness protocols, site-specific emergency
management plans, and trained response personnel
to ensure effective and timely action during extreme
weather events (GRI 2-25).
To minimize the risk of equipment failure and operational
disruption, we operate in accordance with industry best
practices, supported by robust inspection and preventive
maintenance programs and the availability of critical
spare parts aligned with our risk appetite (GRI 2-24, 3-3).
In addition, contingency planning is embedded into our
operational risk management processes, strengthening
organizational resilience and continuity under extreme
climate conditions (GRI 201-2, 2-25).
Advancing our climate risk
approach
As our understanding of physical climate-related risks
continues to deepen, our risk quantification studies will
progressively evolve to enhance the way we identify,
assess, manage, and monitor climate risks across our
operated assets (GRI 3-3, 201-2). The insights generated
from these studies will be used to update our enterprise
risk profile, strengthen risk management activities, and
inform corporate planning and strategic decision-making
(GRI 2-24, 2-25).
Upon completion, the findings will support the
identification of new or enhanced controls and
adaptation measures, ensuring our operations remain
resilient under changing climate conditions (GRI 201-2,
3-3). In addition, the results will guide the evaluation
of both the financial implications and social value
of potential adaptation investments, reinforcing our
commitment to long-term, sustainable value creation for
the business and the communities in which we operate
(GRI 201-1, 413-1).
Enduring Commitments, Unlocking Value 51
Page 52
Our Sustainability
» PT Kideco Jaya Agung (Kideco)
» PT Indika Indonesia Resources (IIR)
Report: » PT Tripatra Engineering and PT Tripatra Engineers
and Constructors (Tripatra)
Transparency, » PT Interport Mandiri Utama (Interport)
PT Masmindo Dwi Area (Masmindo)
accountability and
»
» PT Mekko Metal Mining (Mekko)
impact »
»
PT Indika Multi Properti (Indika Nature)
PT Ilectra Motor Group (ALVA)
» PT Kalista Nusa Armada (KALISTA)
Indika Energy’s Sustainability Report provides a
comprehensive view of how we integrate environmental, » PT Energi Makmur Buana (INVI)
social and governance (ESG) principles across our » PT Xapiens Teknologi Indonesia (Xapiens)
operation s and business strategies. It reflects our
commitment to transparency, accountability and value
Reporting period and standards
creation for all stakeholders. This report demonstrates Unless otherwise stated, the disclosures in this
how Indika Energy translates global climate Sustainability Report cover the period from 1 January
commitments into local action while driving sustainable to 31 December 2025. Where relevant, comparative
growth and long-term resilience for the Group and the information from 2024 has been included to enhance
communities we serve. clarity and provide context on performance trends.
Indika Energy Group is committed to publishing its
Sustainability Report on an annual basis (GRI 2-3, 2-4).
About this report and our data boundaries
At Indika Energy Group, we believe that long-term
business resilience is built not only on financial
Reporting frameworks and commitments
performance, but also on the positive and enduring This Sustainability Report has been prepared in
value we create for the environment, society, and accordance with POJK No. 51/POJK.03/2017, the Global
good governance. These Environmental, Social, and Reporting Initiative (GRI) Standards 2021 (GRI 1), and
Governance (ESG) priorities underpin our sustainability the Core Metrics of the World Economic Forum (WEF)
journey and guide how we manage our operations and Stakeholder Capitalism Metrics. The report also aligns
strategic decisions. This Sustainability Report presents with the United Nations Sustainable Development Goals
a transparent and comprehensive account of our ESG (SDGs) and the Ten Principles of the United Nations
commitments, actions, and performance during the year Global Compact (UNGC) (GRI 2-23, 2-24).
(GRI 2-3, 2-29).
Indika Energy Group is a signatory to the UN Global
The content of this report focuses on ESG topics that are Compact, and this report outlines our continued
most material to Indika Energy Group. These topics were commitment to embedding its principles across our
identified through a structured materiality assessment governance, environmental stewardship, labor practices,
involving engagement with internal management and human rights, and anti-corruption efforts (GRI 2-23).
key external stakeholders. This process enables us to Since 2022, we have progressively incorporated the WEF
prioritize impacts, risks, and opportunities that are most Stakeholder Capitalism Metrics into our ESG disclosures,
significant to our business and stakeholders, ensuring reinforcing our commitment to transparency,
our sustainability strategy remains relevant and forward- accountability, and consistent sustainability
looking (GRI 3-1, 3-2). performance measurement. (GRI 2-24).
Unless otherwise stated, the financial and non-
financial information disclosed in this report—covering
External assurance
environmental, social, and governance aspects—reflects To enhance the credibility and reliability of our
the performance of subsidiaries in which Indika Energy disclosures, this Sustainability Report has been
Group holds more than 50% ownership and exercises independently assured by SGS Indonesia for
management control (GRI 2-2, 2-6). These entities compliance with the GRI Standards. Details on the
include:
52 2025 Sustainability Report
Page 53
scope, methodology, and conclusions of the assurance Our sustainability journey is anchored in a clear purpose,
engagement are provided in the Independent Assurance shared values, and alignment with globally recognized
Report on page xx (GRI 2-5). standards. We align our practices with international
frameworks such as the Global Reporting Initiative
Our sustainability approach (GRI) Standards, the International Council on Mining
and Metals (ICMM) Performance Expectations, and
Towards Sustainable Mining. These frameworks support
At Indika Energy Group, sustainability is integral to
consistency, accountability, and comparability across
how we operate and make decisions. We recognize
our operations through structured self-assessments
that responsible resource management and effective
and, where applicable, third-party verification, reinforcing
management of environmental and social impacts
ethical conduct, transparency, and continuous
are essential to long-term business resilience.
improvement (GRI 2-23, 2-24).
As stakeholder expectations continue to evolve,
sustainability performance has become a key measure
of credibility, trust, and value creation (GRI 2-22, 2-29).
Figure 11. Indika Energy sustainability framework
OUR PURPOSE
Energizing Indonesia for a sustainable future
OUR VISION OUR MISSION
Highly trusted, innovative and enduring business partner — To develop Indonesia in a sustainable way
for sustainable value creation — To be a robust diversified investment company
— To empower our people and actively develop next generation leaders
— To be socially responsible, embracing diversity and acting with integrity
— To create exceptional value for all our stakeholders
UNITY IN DIVERSITY INTEGRITY TEAMWORK OUR VALUES AGILITY ACHIEVEMENT SOCIAL RESPONSIBILITY
CORPORATE STRATEGY
Investment in the non-coal sector Decarbonization in the company’s operational activities Divestment of high carbon portfolio
MATERIAL TOPICS
Internal and external materiality assessment process to identify material topics
Material topics are the focus of our sustainability strategy review and reporting
2025 & 2030 ESG TARGETS
ENVIRONMENT SOCIAL GOVERNANCE
SCOPE 1 AND 2 EMISSIONS LOCAL COMMUNITIES BUSINESS ETHICS
(Relative to 2020 baseline)
25% 33% 1% 80% 100%
Reduce scope 1 and 2 Reduce scope 1 and 2 1% EBIT spent on community 80% of employees 100% of employees to
GHG emissions by GHG emissions by development every year attend code of attend code of
25% in 2025 33% in 2030 business conduct business conduct
training by 2025 training by 2030
HEALTH AND SAFETY
50% 55%
Reduce scope 1 and 2 Reduce scope 1 and 2 100% 100%
GHG emissions GHG emissions Zero 100% of board 100% of board
intensity per revenue intensity per revenue Zero fatalities every year for members to attend members to attend
by 50% in 2025 by 55% in 2030 employees and contractors code of business code of business
conduct training by conduct training by
10% 25% 2025 2030
Reduce scope 1 and 2 Reduce scope 1 and 2
DIVERSITY AND INCLUSION CORPORATE GOVERNANCE
GHG emissions GHG emissions
intensity per ton coal intensity per ton coal
production by 10% in production by 25% in 20% 25% 30%
2025 2030 20% women in 25% women in 30% (by weight) of
workforce by 2025 workforce by 2030 board & senior
ENERGY MANAGEMENT management
15% 20% evaluation KPIs tied to
30% 35% ESG topics by 2025
Increase % RE share in Increase % RE share in 15% women in senior 20% women in senior
the energy the energy management by 2025 management by 2030
consumption mix to consumption mix to
30% by 2025 35% by 2030
WATER MANAGEMENT
(Relative to 2020 baseline)
30% 32%
Reduce water Reduce water
withdrawal intensity withdrawal intensity
per revenue by 30% by per revenue by 32% by
2025 2030
WASTE MANAGEMENT
40% 45%
Divert 40% of waste Divert 45% of waste
from landfill by 2025 from landfill by 2030
LAND AND BIODIVERSITY
(Relative to 2020 baseline)
20%
Increase land
reclamation area by
20% by 2025
COMPLIANCE SUSTAINABILITY COMMITTEE
Policies, Standards, Procedures, Guidelines Has oversight and ultimate responsibility.
Metrics, Reporting and Assurance It receives regular updates of how our business is performing
across all our operations, sustainability related material risk areas.
Enduring Commitments, Unlocking Value 53
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Sustainability oversight is provided by a dedicated At the Board level, climate and sustainability
Sustainability Committee that guides and monitors considerations are integrated into strategic discussions
performance across health and safety, environmental and investment decisions. The Board of Directors
management, community development, and human reviews the energy transition strategy, assesses
rights. The Committee ensures alignment of policies, climate-related risks and opportunities, and monitors
procedures, and the Code of Conduct with the Group’s progress against key targets. Major capital expenditures,
values and performance expectations, while regular acquisitions, and divestments are evaluated to ensure
evaluations and gap analyses support progress toward alignment with transition objectives and long-term value
our 2028 and 2050 targets (GRI 2-25, 3-3). creation (GRI 2-12, 2-13, 201-2).
Strong governance underpins how Indika Energy Accountability is reinforced through the integration
manages its energy transition and broader sustainability of Environmental, Social, and Governance (ESG) Key
agenda. Building on our corporate governance structure, Performance Indicators (KPIs) into performance
we have strengthened oversight mechanisms to embed evaluations for the Board and senior management, with
sustainability and transition considerations into day-to- approximately 30% of assessments linked to ESG topics
day decision-making across the Group (GRI 2-9, 2-12). by 2025. Remuneration policies further support delivery
by linking incentives to emissions reduction, operational
improvements, and the expansion of low-carbon
businesses (GRI 2-19, 2-20).
Figure 12. Indika Energy sustainability governance
Maintaining a robust governance structure is Board of Commissioners (BoC)
essential for ensuring Indika Energy remains
focused on its Sustainability goals and the Board of Holds the ultimate responsibility for strategic oversight of the entire
effective implementation of its Transition Plan. Commissioners (BoC) Indika Energy Group's sustainability performance. Crucially, the BoC
The Board of Commissioners (BoC) and provides the final approval for the Transition Plan, cementing it as
Management (led by the Board of Directors) play an official, long-term strategic directive for the company. The
Sustainability Committee acts as the designated oversight body for
a critical role in integrating sustainable practices
sustainability, performing this duty on behalf of the BoC. The
into our core business strategy, ultimately driving Sustainability Committee is responsible for detailed monitoring and
long-term value creation. This structure is Sustainability review. Specifically, the Committee monitors quarterly progress
reinforced by the establishment of the dedicated Committee against the sustainability targets and milestones outlined within the
Sustainability Committee since 2021, which Transition Plan, ensuring accountability and adherence to the
provides crucial independent oversight of our strategic mandate.
performance against these objectives.
Management
President Plays a key role in providing organizational guidance on material
Director sustainability topics. Management establishes the internal
governance processes for regular reporting, which is essential for
transparency, accountability, and proactive action. The Board of
Directors reviews, develops, and officially recommends the
Transition Plan to the BoC for final strategic approval. The Head of
Sustainability leads the execution of the Group’s sustainability
Head of strategy. This role is responsible for directing the implementation
Sustainability of the Transition Plan across the organization and providing regular,
detailed reports on performance, risks, and progress directly to the
Board of Directors and the Sustainability Committee.
Subsidiary Sustainability
Subsidiary The sustainability function is primarily driven by the Subsidiary
Sustainability Sustainability Teams. These teams manage and coordinate the
implementation of the ESG strategy and programs at the local level.
Each team reports locally to the respective President Director of the
subsidiary for operational alignment and execution. For deeper
governance, Sustainability Committees have also been established
in a few major subsidiaries to further embed the strategy, including
the actions required by the Transition Plan, directly into core
business operations.
54 2025 Sustainability Report
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The Sustainability Committee receives quarterly updates We also engage regularly with business units to
on progress toward long-term sustainability and net-zero support the development and implementation of their
commitments, enabling cross-functional coordination, sustainability strategies, ensuring alignment with Indika
identification of emerging risks, and alignment of Energy Group’s net-zero ambition. Through continuous
priorities across business units. This structure reinforces monitoring, engagement, and performance review, we
sustainability as a shared leadership responsibility (GRI remain accountable and focused on delivering our long-
2-25, 3-3). term sustainability objectives (GRI 2-25, 3-3).
As our transition advances, climate governance Stakeholder engagement
continues to evolve in line with global best practices.
The transition performance component of our incentive Successfully navigating the energy transition requires
framework emphasizes initiatives that contribute deep collaboration across the value chain. At Indika
directly to emissions reduction and progress toward Energy, we actively engage with local and global partners
net zero, assessed against greenhouse gas reduction to de-risk and enable our transition initiatives—ranging
targets, renewable energy deployment by 2030, and the from the deployment of B40 fuels and electric trucks
development of low-carbon businesses (GRI 3-3, 305-1, to the installation of solar PV systems, grid integration,
305-2). and the exploration of carbon offset solutions. These
partnerships help us overcome operational and
At the core of our governance approach is a infrastructure challenges while accelerating the adoption
commitment to integrity, discipline, and long-term value of lower-carbon technologies across our businesses
creation. Our Transition Plan forms the environmental (GRI 2-29, 302-1, 305-2).
pillar of our ESG strategy, embedding climate action into
corporate decision-making and translating ambition into Collaboration plays a critical role in strengthening
measurable outcomes toward 2030 and beyond (GRI infrastructure readiness, securing financing, and
3-3). improving resource efficiency. By working closely
with government bodies, industry peers, and financial
Policy commitments institutions, we mobilize capital, enhance technical
capabilities, and build more resilient supply chains. This
As we advance our low-carbon transition, Indika collective approach reduces operational inefficiencies
Energy Group continues to strengthen its governance and positions the Group for long-term value creation
framework and operational standards. Key policies, amid an evolving energy landscape (GRI 2-6, 2-29, 201-
particularly those related to human rights have been 2).
updated to align with international best practices and
evolving stakeholder expectations (GRI 2-23, 412-1).
Transparent and continuous engagement with regulators
remains essential to our transition efforts. Constructive
In parallel, we are renewing Standard Operating dialogue supports access to concessional and blended
Procedures (SOPs across business units to integrate financing for renewable energy and electrification
sustainability principles, enhance efficiency, and projects, while also enabling joint solutions to grid
reinforce ethical conduct. These updates support constraints and resource optimization. Through these
operational readiness, risk management, and a just and engagements, we ensure alignment between policy
equitable transition toward a low-carbon economy (GRI developments, operational needs, and sustainability
2-24, 3-3). objectives (GRI 2-29).
Tracking progress In line with the AA1000 Stakeholder Engagement
Standard, we systematically identify and prioritize
Progress on sustainability is monitored quarterly through stakeholders across five key dimensions (GRI 2-29):
Sustainability Committee meetings and structured gap
analyses across environmental, social, and governance
» Dependency: Parties that rely directly or indirectly on
dimensions. This enables consistent tracking toward our
our operations
2028 and 2050 targets (GRI 3-3).
» Responsibility: Stakeholders to whom we have legal,
commercial, or ethical obligations
Enduring Commitments, Unlocking Value 55
Page 56
» Tension: Groups requiring focused attention due to To further strengthen our transition pathway, we actively
social, environmental, or economic concerns participate in the Powering Past Coal Alliance (PPCA),
supporting global efforts to phase out unabated coal
» Influence: Stakeholders that shape our strategies, power, and are members of the Indonesia Business
policies, or decision-making Council for Sustainable Development (IBCSD). These
platforms enable collaboration at both national and
» Diverse perspectives: Voices that challenge
international levels, ensuring our sustainability actions
assumptions and inspire innovation
deliver measurable, credible, and lasting impact (GRI 2-6,
2-28).
Indika Energy Group is firmly committed to advancing
the United Nations Sustainable Development Goals
Through these partnerships and engagements, we
(SDGs) as a framework for inclusive and sustainable
cultivate a network of shared expertise, trust, and
growth. As a signatory to the United Nations Global
resources, transforming collaboration into tangible
Compact (UNGC), we uphold its Ten Principles on
progress toward a resilient, low-carbon future (GRI 2-29,
human rights, labor, environment, and anti-corruption,
3-3).
embedding them across our strategy, governance, and
operations. Through Kideco, we are also members
of the International Council on Mining and Metals
(ICMM), reinforcing our commitment to responsible and
sustainable mining practices [GRI 2-23, 2-24]
56 2025 Sustainability Report
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Figure 13. Understanding our stakeholders and how we engage
Stakeholder Why they matter Key interests How we engage Communication frequency
Drive revenue, Product quality, Regular engagement by
product positioning, pricing, regulatory commodity and geography, Ad hoc meetings, quarterly
Customers
and sustainability compliance, industry associations, updates, annual report
performance sustainability metrics collaborative initiatives
Health & safety,
Core to operational wellbeing, Town halls, regular internal
Internal communications,
performance, development, updates, annual
Employees town halls, leadership
culture, and inclusion,
engagement, surveys report
innovation sustainability
performance
Tax, permits, labor,
Shape regulatory, Direct engagement Regular and ad hoc
environmental
Governments fiscal, and operating at all levels; industry meetings, disclosures,
compliance,
environment associations annual report
community impacts
Cultural heritage,
Rights holders and human rights, Consultation, agreements,
Indigenous Regular forums, ad hoc
key community environmental community forums, social
Peoples meetings
stakeholders impacts, local investment
opportunities
Enable alignment HSE, sustainability
Industry Peers Committee participation, Ad hoc engagement, annual
with standards and performance,
& Associations joint initiatives, advocacy report
best practices workforce capability
Provide access to Financial returns, ESG Analyst briefings,
Investment Regular meetings, quarterly
capital and long- performance, risk disclosures, ESG
Community updates, annual report
term value management benchmarks
Support Workers’ rights,
Direct dialogue respecting Regular forums, ad hoc
Labor Unions constructive safety, remuneration,
freedom of association meetings
industrial relations working conditions
Social license to Environmental & Community consultation,
Local Regular forums, ad hoc
operate and project social impacts, jobs, participation, social
Communities meetings
continuity local suppliers programs
Corporate
Shape public Media briefings, releases,
performance, Quarterly updates, press
Media perception and interviews, digital
sustainability releases, annual report
transparency platforms
initiatives
Provide
Human rights,
NGOs & Civil independent Group and asset-level Ad hoc engagement, annual
environmental
Society oversight and engagement, partnerships report
impacts, governance
feedback
Long-term value
Financial
creation and AGMs, investor meetings, Quarterly updates, annual
Shareholders performance, ESG,
governance disclosures report
governance
accountability
Ethical conduct,
Amplify social and
Society governance, Boards, committees, joint Regular forums, annual
environmental
Partners sustainability programs report
impact
outcomes
Enable operational
Procurement Supplier lifecycle
continuity and Ad hoc engagement,
Suppliers standards, payments, engagement, risk-based
responsible value supplier forms
HSE, ethics assessments
chains
Enduring Commitments, Unlocking Value 57
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Defining our material sustainability Assessment process
topics » Desk research - We reviewed our existing material
topics and evaluated the inclusion of new topics
Each year, Indika Energy Group conducts a sustainability and sub-topics by analyzing stakeholder priorities,
materiality assessment to identify Environmental, emerging sustainability issues, and materiality
Social, and Governance (ESG) topics that have the most assessments conducted by industry peers. This
significant impacts on our business, stakeholders, and helped ensure continued relevance and alignment
value chain. This assessment is conducted in alignment with evolving ESG expectations.
with the GRI Standards, ensuring a structured and
consistent approach to identifying, prioritizing, and » Stakeholder engagement - We engaged a broad
managing material topics. The outcomes of this process range of internal and external stakeholders, including
form the foundation of our sustainability strategy and government representatives, investors, banks,
guide the scope and content of our Sustainability Report insurance providers, media, customers, industry
(GRI 3-1, 3-2). associations, non-governmental organizations
(NGOs), and employee representatives. These
Our materiality assessment evaluates both positive and engagements provided valuable insights into
negative impacts, drawing on a broad range of internal stakeholder concerns, expectations, and emerging
and external inputs. These include the Group’s enterprise risks and opportunities.
risk profile, social value framework, insights from the
Annual General Meeting of Shareholders (AGMS), » Final review and scoring - The Sustainability team
applicable industry standards, sustainability regulations, consolidated and scored the inputs, which were then
investor expectations, and media coverage related to reviewed by the Sustainability Committee. Where
our operations. We also assess impacts arising not only appropriate, the finalized list of material topics was
from our direct operations but across our value chain, shared with participating stakeholders. We are in
including supplier and business partner relationships the process of aligning our strategy, targets, and
(GRI 3-1, 2-29). communications with the updated material topics to
ensure effective integration across the Group.
Oversight of the materiality assessment rests with the
Sustainability Committee, which reviews the material » Validation – We validated the assessment results
sustainability topics on an annual basis. Through through a review with senior management to ensure
ongoing engagement with internal management alignment with the Company’s strategic direction
and external stakeholders, we assess the relative (GRI 2-14).
significance of ESG topics and identify emerging issues
that may influence our long-term strategy. In 2024,
we reaffirmed the relevance of our existing material
topics and refined their prioritization to reflect evolving
stakeholder expectations and business dynamics (GRI
3-2, 3-3).
58 2025 Sustainability Report
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Figure 14. Our most material ESG topics, identified through stakeholder engagement and impact
assessment
HIGH
• GHG emissions High importance
• Energy consumption
• Diversity, equity, and
• Occupational health and Low/medium importance
inclusion
safety
• Land use and biodiversity
IMPORTANCE TO STAKEHOLDERS
• Market presence
• Innovation and • Waste management
• Water and effluent
technological advancement • Corporate governance
• Community development
• Human rights and fair • Ethics and compliance
treatment
• Tax governance • Labor practices and • Economic performance
employee well-being and business resilience
• Rights of indigenous
people
LOW IMPACT ON THE BUSINESS HIGH
Figure 15. Material sustainability topics shaping our pathway to net-zero journey
GRI
Pillar Topic Description SDGs Strategic focus
Standards
Energy consumption across fuel,
electricity, heating, cooling, and
Driving the
steam, including measurement
transition to net
GHG Emissions and management of greenhouse
302, 305 7, 13 zero through
and Energy gas (GHG) emissions, fugitive
innovation and
emissions, and other significant air
climate action
emissions such as ODS, NOx, and
SOx.
Management of water withdrawal, Environmental
Healthy Water and consumption, and discharge stewardship—
303 6, 7
environment Effluents associated with operational respecting and
activities. preserving nature
Environmental and human health Environmental
Waste impacts of operational waste, stewardship—
306 12, 13
Management including handling, treatment, and respecting and
disposal management. preserving nature
Minimizing land disturbance and Environmental
Land Use and protecting ecosystems, species, stewardship—
304 13, 15
Biodiversity and genetic diversity to ensure respecting and
long-term environmental resilience. preserving nature
Safe, Recruitment, retention, working Social impact—
401, 402,
inclusive, and conditions, training, career empowering
Employment 404, 406, 1, 8, 10
future-ready development, employee relations, communities and
407
workforce and freedom of association. powering lives
Enduring Commitments, Unlocking Value 59
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GRI
Pillar Topic Description SDGs Strategic focus
Standards
Diversity, Promoting workforce diversity, Social impact—
Inclusion, eliminating discrimination, ensuring empowering
405 5, 8, 10
and Equal equal opportunity, and supporting communities and
Opportunity fair remuneration. powering lives
Providing safe and healthy working Social impact—
Occupational
conditions, preventing physical empowering
Health and 403 3, 8
and mental harm, and promoting communities and
Safety
employee wellbeing. powering lives
Economic, social, cultural, and
Social impact—
Thriving and environmental impacts on local
1, 4, 10, empowering
empowered Community communities, including human 413, 414
11 communities and
communities rights, livelihoods, health, and
powering lives
social development.
Economic value generated and Advancing
Economic distributed, climate-related financial 201, 203, 1, 8, 9, economic growth
Performance implications, and indirect economic 207 12 and sustainable
impacts supporting resilience. communities
Governance framework ensuring
Corporate
ethical conduct, transparency, 206, 408, Governance—
Governance,
accountability, anti-corruption, 409, 410, 5, 8, 12, ensuring
Governance Ethics, and
human rights, grievance 411, 415, 16 integrity and
Business
mechanisms, responsible practices, 416 accountability
Conduct
and regulatory compliance.
Information restatement Restatement of our water discharge
performance
Where restatements of previously reported information During the reporting period, Indika Energy restated its
are required, we disclose them transparently and 2023 and 2024 water discharge data by total dissolved
explain the nature and rationale for the changes. This solids (TDS) category to improve reporting accuracy.
approach ensures the accuracy, consistency, and Previously, water discharge from ALVA was classified
comparability of data across reporting periods, and under the category of other water with TDS levels
supports stakeholders’ understanding of performance exceeding 1,000 mg/L.
trends over time. Any restatements are made to reflect
improvements in data quality, methodology, scope, or
Following enhancements in data calculation, monitoring,
the availability of more reliable information.
and validation methodologies at ALVA, 1.91 ML in 2023
and 3.09 ML in 2024 were reclassified as freshwater
discharge, as measured TDS levels were confirmed to be
below 1,000 mg/L. This restatement reflects the Group’s
ongoing efforts to improve data consistency, reliability,
and overall environmental data management practices.
60 2025 Sustainability Report
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Figure 16. Restatement of water discharge by total dissolved solids category
Description Unit 2023 % 2024 % 2025
Freshwater (<= 1,000 mg/L TDS) ML 212,515.68 3.35% 219,631.35 -1.12% 217,177.45
Other water (> 1,000 mg/L TDS) ML 292.89 -100% 0.00 100% 1.72
Total water consumption ML 212,808.57 3.21% 219,631.35 -1.12% 217,179.17
Across the Indika Energy Group, sustainability is integrated into how we plan, operate, and govern the business,
supported by clear oversight, established processes, and transparent reporting. Our focus is on applying these
disciplines consistently, while continuing to refine our approach as the portfolio evolves. Environmental performance
is a core consideration in operational management and longer-term planning, shaping how resources are used, risks
are managed, and outcomes are measured across our activities. This foundation provides the context for a closer
look at how environmental matters are addressed in practice, including emissions, resource management, and other
key aspects of our environmental performance.
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62 2025 Sustainability Report
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Environmental Stewardship:
Caring for Nature, Securing
the Future
Environmental considerations are integrated across Indika Energy’s operations,
including the management of energy, emissions, land, water, and biodiversity. As
the business evolves, in 2025 we remained focused on achieving our medium-
term targets through disciplined execution and continuous performance
monitoring. At the same time, we continued to strengthen our systems to support
long-term goals, including our roadmap toward net-zero carbon emissions..
Our approach to respecting nature
GHG inventory, energy use and emissions management
Land use, reclamation, biodiversity and ecosystem protection
Water stewardship
Waste management and circularity
Air quality management
Materials and circular economy
Supplier environmental management
Enduring Commitments, Unlocking Value 63
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Our approach to respecting nature Indika Energy’s environmental approach focuses on managing impacts responsibly across the full life cycle of operations, while supporting the Group’s longer-term transition toward a lower-emissions portfolio (GRI 3-3). We prioritize disciplined environmental management in key areas including emissions (GRI 305), energy use (GRI 302), land stewardship and biodiversity (GRI 304), and water management (GRI 303), supported by clear standards, robust monitoring systems, and continuous improvement at the operational level. Our environmental disclosures are aligned with the GRI 2021 Standards to ensure consistency, comparability, and transparency (GRI 1, GRI 2-1). This alignment structures how environmental risks, impacts, and performance are identified, managed, and reported across the Group (GRI 2-23, GRI 2-24, GRI 3-1), providing stakeholders with a clear and reliable view of our environmental management practices. Environmental performance is guided by defined short- and medium-term targets through 2025, alongside our long-term ambition to achieve net-zero emissions by 2050 (GRI 3-2, GRI 305-5). These targets inform operational priorities, investment decisions, and performance tracking (GRI 2-6, GRI 2-12), ensuring that near-term actions consistently support longer-term decarbonization and resilience objectives. 64 2025 Sustainability Report
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GHG inventory, energy use and Progress toward the Group’s 2025 emissions
targets reflects the combined impact of operational
emissions management improvements, fuel transitions, and decarbonization
initiatives. As of the end of 2025, emissions
Indika Energy Group is committed to advancing a low- performance stands at 30.29% above the targeted
carbon future while continuing to support Indonesia’s level. While progress varies across assets and business
energy needs. Our strategy focuses on decarbonizing lines, emissions management remains a key focus as
operations, expanding low- and carbon-free power the Group continues to advance toward its long-term
solutions, and progressing toward our long-term ambition of achieving net-zero emissions by 2050 (GRI
ambition of achieving net-zero emissions by 2050 (GRI 305-5).
2-22, 2-23, 305-1, 305-2). The year 2025 represents a
key mid-term milestone in our ESG journey, serving
Figure 17. Scope 1 and 2 GHG emissions
as a reference point to assess progress across
(TonCO2eq)
environmental, social, and governance priorities,
including emissions management (GRI 3-3).
2025 838,908
As internal and external conditions evolved, we
ecalibrated selected pathways and timelines to
2024 914,520
strengthen execution credibility while maintaining
our long-term ambition. This disciplined approach
supports alignment between strategy, risk management,
2023 1,030,009
performance monitoring, and long-term value creation
for stakeholders (GRI 2-22, 2-23).
To deliver on these commitments, Indika Energy
Figure 18. Scope 1 and 2 GHG emissions intensity
applies a structured and scalable decarbonization
per ton coal production
framework anchored on five key levers: electrification,
(TonCO2eq/ ton coal production)
renewable energy sourcing, energy efficiency, transport
decarbonization, and the selective use of carbon offsets.
These levers are deployed in a targeted manner across 2025 0.027
business lines, prioritizing areas where they can deliver
the greatest emissions reductions while maintaining
operational resilience and measurable performance 2024 0.029
outcomes (GRI 302-1, 302-4, 305-5).
2023 0.031
Emissions reduction progress
In 2025, Indika Energy recorded a year-on-year reduction
in scope 1 and 2 GHG greenhouse gas emissions,
reflecting ongoing improvements in operational Figure 19. Energy consumption
efficiency, energy management, and changes in portfolio (Gigajoule)
composition. Total scope 1 GHG emissions amounted to
827.79 ktCO2eq, while scope 2 GHG emissions totaled 2025 4,927,355 8,024,985
11.11 ktCO2eq. These outcomes were supported by
initiatives to enhance energy efficiency, optimize fuel
use, and gradually integrate lower-carbon power sources 2024 4,666,246 9,051,022
across business units (GRI 305-1, 305-2).
2023 4,937,289 9,857,355
Renewable energy Non-renewable energy
Enduring Commitments, Unlocking Value 65
Page 66
Figure 20. Renewable energy portion supported by monitoring and evaluation mechanisms
(%) to assess performance improvements and inform
future replication and scale-up. Site-level case studies
demonstrate how targeted operational adjustments can
generate measurable energy savings while maintaining
productivity and safety standards (GRI 302-4, 302-1).
Renewable energy mix 38.04% Renewable and low-carbon energy
61.96% in 2025
deployment
Indika Energy continues to expand its renewable and
low-carbon energy footprint, with solar power as a
core focus. In 2021, the Group launched Empat Mitra
Indika Tenaga Surya (EMITS) in partnership with
Non-renewable energy Renewable energy India’s Fourth Partner Energy Ltd., and as of 2025,
EMITS has expanded its installed solar PV capacity to
75.80 MW, with projects operating across Java, Bali,
Sumatra, Kalimantan, Sulawesi, and Maluku. (GRI 302-
1, 302-4). Looking ahead, EMITS expansion is aimed
to supports Indonesia’s national target of renewable
34.02% energy accounting for 23% of the total energy mix
Renewable energy mix
and contributes to improving the affordability and
65.98% in 2024
accessibility of clean energy. For Indika Energy, EMITS
also supports portfolio diversification and progress
toward the Group’s target of achieving 50% non-coal
revenue by 2028, while contributing to longer-term
emissions reduction efforts (GRI 302-4, 305-5).
Non-renewable energy Renewable energy
Accelerating decarbonization across our
portfolio
Energy efficiency and operational To manage emissions associated with portfolio
improvements and operational changes, Indika Energy implements
Across mining and logistics operations, Indika Energy emissions-reduction measures across its business
continued to implement operational efficiency measures pillars. These measures support responsible emissions
aimed at reducing energy consumption and associated management while maintaining operational continuity
emissions. These initiatives included optimizing haul and alignment with Indonesia’s net-zero emissions
road gradients to improve fuel efficiency in material pathway (GRI 305-1, 305-2, 305-5).
transport, adopting noise mitigation technologies
for heavy-duty equipment to support more efficient Emissions-reduction efforts focus on a combination of
operation including upgrading LED lighting to reduce operational and technological measures. These include
electricity use. Collectively, these measures delivered the progressive adoption of higher biodiesel blends (up
incremental improvements in operational performance to B40), selective electrification of mining and transport
while supporting the Group’s broader decarbonization equipment, deployment of solar photovoltaic systems
objectives (GRI 302-4, 305-1). and battery storage across operational sites, logistics
facilities and offices, and energy-efficiency initiatives
In parallel, energy-saving programs were implemented through process optimization and improved fleet
across selected operations to systematically utilization. Emissions are measured using standardized
identify and address inefficiencies in equipment use, methodologies, with performance monitored at the
processes, and infrastructure. These programs are operational level to support continuous improvement
and inform future decarbonization initiatives (GRI 302-1,
302-4, 305-5).
66 2025 Sustainability Report
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Powering Low-Carbon Mobility Across Indonesia
through Fleet Electrification
Indonesia’s shift to electric mobility is moving from pilots to platforms — and our businesses are helping drive
that momentum where the economics already make sense. Through ALVA, KALISTA, and INVI, we are contributing
to the broader decarbonization of transport by offering integrated electric mobility solutions for consumers,
businesses, and public operators.
ALVA leads in two-wheelers for everyday riders, KALISTA anchors the operator side with electric buses and long-
term maintenance contracts, while INVI provides the backbone — vehicles, charging systems, and after-sales
support — that keeps those fleets on the road. Together, they create a pathway for cities, logistics corridors, and
mines to move from one-off purchases to recurring adoption at scale.
In the public transportation sector, KALISTA electric buses have been deployed in Medan and Jakarta as part of
an initial learning phase to assess vehicle performance
and charging under real operating conditions. A total
From electric buses in our cities
of 60 buses in Medan and 26 in Jakarta are currently
in operation, reflecting an implementation model with to electric trucks in our mines, we
strong replication potential through the integration of are scaling electric mobility where
vehicles, charging infrastructure, and services—allowing
operators to focus more on route and operational
it delivers measurable emissions
management. KALISTA is also preparing to expand fleet reductions.
deployment in other cities.
Beyond urban transport, Indika Energy, through INVI, is extending fleet electrification into industrial and
mining applications. At Kideco’s operations—where mobile combustion from the mining fleet accounts for
approximately 72% of total emissions—the Group has initiated electric dump truck trials to address one of the
most emissions-intensive segments of its operations. These trials are designed to assess technical feasibility
and operational performance, with early targets indicating potential emissions reductions of more than 20%
per unit compared to conventional diesel equipment. This initiative complements broader electrification efforts
across mine-site trucks and heavy vehicles, supporting the transition away from diesel where operational
conditions allow. The trial also marks an initial step toward the commercialization of INVI’s electrification
solutions, positioning the business to provide scalable decarbonization solutions for the mining sector.
Upstream, INVI integrates and distributes commercial EVs and charging systems. The team sources models
suited to both city and heavy-duty routes, maintains Original Equipment Manufacturer (OEM) channels across
China and Korea, and structures after-sales support so revenue grows with kilometers driven. Where KALISTA
operates fleets, INVI earns through per-kilometer maintenance; where fleets are sold, such as in Surabaya,
INVI sustains value through parts and service contracts — ensuring continuity beyond tenders. This structure
allows us to expand simultaneously into mining and logistics, matching vehicles to demanding duty cycles and
deploying depot charging that prevents diesel lock-in during early transition phases.
As our electric mobility platforms scale, emissions reductions increase accordingly. Fully utilized electric
bus fleets in Medan and Jakarta are expected to reduce emissions by approximately 6.50 ktCO2eq per year.
Electrification of mine-site trucks and heavy vehicles provides additional reductions, with pilot results indicating
potential savings of up to 6 ktCO2eq annually. Between 2026 and 2030, combined emissions reductions from
EV initiatives are projected to reach around 42.50 ktCO2eq, representing approximately 5.50% of the Group’s
total scope 1 and 2 GHG emissions over the period.
Taken together, KALISTA’s operator model and INVI’s integrator backbone show how we scale electric mobility
where it matters most — along bus corridors, warehouse clusters, and mine roads — delivering measurable
carbon reductions while building a profitable and enduring ecosystem for Indonesia’s transport electrification.
“We highly appreciate Indika Energy Group commitment to bringing electric public transport to Medan.
The e-bus fleet has reduced carbon emissions, improved air quality, and provided modern, sustainable
services—aligned with our city’s green vision and national decarbonization agenda” Iswar Lubis, Head of
Medan Transportation Agency (2019 – 2025).
“Amazing low-bed bus. As a person with disabilities, it makes boarding so much easier.” Putu
Sumartana, passenger.
Enduring Commitments, Unlocking Value 67
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Lighting the Path to a Lower-Carbon Energy System
Indika Energy continues to advance the use of cleaner electricity across its operations by integrating low-
carbon and carbon-free energy sources in a practical manner, tailored to the characteristics of each site
and aligned with operational needs. Recognizing the diversity of infrastructure and energy availability across
Indonesia, we adopt a flexible approach to electricity procurement—combining grid-based renewable energy
sources—to progressively reduce emissions from purchased electricity without compromising performance.
This approach is reflected across various operational contexts within the Group. At Masmindo’s Awak Mas
gold project, electricity is supplied from the Telo Bellopa grid, which is powered by a mini-hydropower plant,
supporting emissions reduction in operational activities. Indika Nature, through Natura, utilizes Renewable
Energy Certificates (REC) to support increased use of renewable energy in its operations.
At Kideco, EMITS demonstrates the potential for direct integration of renewable energy into mining operations
through a hybrid captive power system. Through this collaboration, EMITS and Kideco have developed and
operate a solar power system at the site, combining solar PV, battery storage, and diesel generators as backup
only when required. This system supports the optimization of solar energy use during daytime operations while
opening opportunities for replication across other mining sites. Overall, this initiative illustrates how tailored
solutions can support emissions reduction efforts while enhancing energy resilience and responding to local
conditions.
To expand these efforts beyond operational sites, EMITS
has developed and installed various solar power platforms
across Java, Bali, Sumatra, Kalimantan, Sulawesi, and Our energy transition is being
Maluku, with a total installed capacity of approximately advanced progressively, from
75.80 MW. EMITS operates through an integrated end-to-
end model—covering financing, engineering, construction,
operational-level initiatives to
operations, and energy management—while incorporating the broader deployment of clean
battery storage and microgrid solutions to support electricity solutions, supporting
supply reliability and improve energy cost efficiency for
customers. both operational resilience and
Indonesia’s evolving energy mix.
Looking ahead, EMITS is expected to play a strategic
role in supporting diesel reduction (de-dieselization) in
Indonesia, particularly in remote and underserved areas. In collaboration with InfraCo Asia and PLN, EMITS is
preparing to implement hybrid solar and battery systems across 46 remote power plant locations in Sulawesi,
Maluku, and Nusa Tenggara. Under a long-term build-own-operate scheme, the program is designed to deliver
approximately 102 MWp of solar capacity and 252 MWh of battery storage, strengthening power reliability while
reducing dependence on fossil fuels and supporting sustained emissions reduction.
68 2025 Sustainability Report
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Biofuels and Fuel Efficiency: Delivering Immediate
Emissions Reductions
We continued to expand the use of biofuels across our operations as a practical measure to reduce the carbon
intensity of existing activities. Building on the earlier adoption of B30 and B35 biodiesel blends, Indika Energy
transitioned to B40 biodiesel in 2025, increasing the share of renewable fuel used in daily operational activities
across selected assets.
The shift to a higher biodiesel blend enables measurable
emissions reductions without requiring significant
changes to equipment, infrastructure, or operating
practices. This makes biofuels a particularly effective Biofuels are not a standalone
solution for energy-intensive activities such as mining,
logistics, and heavy transport, where alternatives to solution, but higher biodiesel
liquid fuels remain limited in the near term. In parallel, blends provide a practical bridge
the use of B40 supports Indonesia’s national energy
transition agenda by strengthening domestic biofuel
toward lower-carbon operations
supply chains and reducing reliance on imported fossil while longer-term alternatives
fuels. While biofuels are not a standalone solution, continue to develop.
the progressive adoption of higher blends provides a
scalable and immediately deployable pathway to reduce
emissions while complementary technologies continue
to develop.
Alongside fuel switching, Indika Energy is strengthening fuel efficiency and energy governance across its
logistics operations. At the Tanah Merah Coal Terminal (TMCT), Interport launched a targeted fuel efficiency
program for tugboat and barge operations to address inefficiencies that had previously driven higher emissions,
elevated costs, and energy waste. The program focuses on optimizing sailing time, improving vessel availability,
conducting regular barge inspections, and strengthening crew and documentation management to improve
overall fuel discipline.
A key improvement was the shift from a uniform fuel allocation of 3,300 liters per trip—previously applied
regardless of vessel capacity—to a data-driven approach. Sea trials were conducted to determine actual fuel
requirements based on tugboat horsepower, supported by independent validation from Sucofindo. Based on
these results, differentiated fuel standards of 2,100–2,800 liters per trip were introduced, alongside revised
crew incentives that reward fuel efficiency.
The outcomes demonstrate the value of combining
operational discipline with data-based decision-
By combining higher biodiesel making. Fuel consumption at TMCT decreased by
27.30%, resulting in emissions reductions of
blends with disciplined fuel approximately 6,359 tCO2e, alongside lower operating
efficiency programs, we costs and reduced risk of fuel misuse. Beyond the
are delivering immediate immediate environmental and financial benefits, the
initiative strengthened energy governance and
emissions reductions established a replicable model for sustainable marine
while strengthening energy logistics across the Group.
governance across our most Together, the expanded use of biofuels and targeted
fuel-intensive operations. fuel efficiency programs reflect Indika Energy’s
commitment to delivering near-term emissions
reductions through practical, measurable actions—
while continuing to advance toward longer-term
decarbonization goals.
Enduring Commitments, Unlocking Value 69
Page 70
Responsible and limited use of carbon Digitalization and process optimization
offsets
Indika Energy continues to strengthen the use of digital
Carbon offsets are applied as a complementary measure tools across the Group to enhance the monitoring,
within Indika Energy’s emissions reduction strategy management and optimization of operational
and are used only to address residual emissions that performance. Through data analytics, automation and
remain after all feasible operational abatement actions integrated digital systems, we improve real-time visibility
have been implemented. This approach reinforces over energy consumption, fuel use and emissions at
our commitment to prioritizing emissions reduction the site level, enabling stronger operational control and
at source, while recognizing the role of high-integrity more consistent performance management. These
offsets in supporting longer-term net-zero ambitions systems support informed day-to-day decision-making,
(GRI 3-3, 305-5). help identify inefficiencies, and enable timely corrective
actions, contributing to improved energy efficiency and
Where offsets are used, we intend to prioritize emissions management over time (GRI 302-1, 302-4,
forestry-based carbon credits generated from our own 305-1, 305-5).
verified estates, including Indika Nature’s Telaga Mas
Kalimantan landscape. We are currently undertaking In 2025, we advanced this approach by transitioning
verification through Verra, ensuring that each credit Group subsidiaries to a centralized ESG digital platform.
meets strict international and national standards. The platform is designed to standardize methodologies,
This approach strengthens compliance, enhances calculation approaches and data definitions across
control over credit quality, and ensures transparency the Group, strengthening data accuracy, consistency
and traceability, fully aligning with rigorous verification and audit readiness. It also enables structured data
requirements and actual issuance volumes (GRI 305-5). collection, dashboard-based performance monitoring,
and clearer tracking of progress against ESG targets.
Offsets will be retired progressively and in line with By improving data governance and transparency, the
verified production, ensuring their use remains platform supports more reliable emissions reporting and
proportionate, credible, and consistent with the Group’s strengthens the foundation for ongoing performance
overall decarbonization pathway. While offsets play a improvement and longer-term emissions reduction
supporting role, they do not substitute for structural initiatives (GRI 2-5, 302-1, 305-1, 305-2, 305-5).
emissions reductions across operations (GRI 305-5).
Indika Nature’s initiatives support biodiversity protection
Through this balanced approach, Indika Energy and sustainable land stewardship, with the potential to
integrates operational abatement with responsible remove over 790,000 tCO2eq annually.
offset use to support credible progress toward net-
zero emissions. By combining disciplined execution,
innovation, and nature-based solutions, we aim to deliver
sustainable growth, create long-term stakeholder value,
and contribute meaningfully to Indonesia’s climate and
energy transition goals (GRI 2-22, 2-23).
70 2025 Sustainability Report
Page 71
Our 2025 Greenhouse Gas (GHG) emissions and energy performance
Figure 21. GHG emissions (GRI 305-1, 305-2, 305-4, 305-5)
Description Unit 2023 % 2024 % 2025
Scope 1 GHG
tCO2eq 1,023,433.00 -11.40% 906,799.57 -8.71% 827,795.63
emissions
Scope 2 GHG
tCO2eq 6,576.00 11.95% 7,720.23 43.95% 11,113.04
emissions
Total scope 1 and 2
tCO2eq 1,030,009.00 -11.25% 914,519.80 -8.27% 838,907.79
GHG emissions
tCO2eq 977,853.00 -10.38% 876,375.63 -10.17% 787,259.63
million-
Production-based ton coal 31.61 -2.79% 30.73 -0.72% 30.51
intensity (coal mining production
companies only)
tCO2eq /
ton coal 0.031 -8.00% 0.029 -3.58% 0.027
production
tCO2eq 1,030,009.00 -11.25% 914,519.80 -8.27% 838,907.79
USD million
Revenue-based 3,049.00 -19.73% 2,446.68 -17.37% 2,021.63
revenue
intensity (all
subsidiaries) tCO2eq /
USD million 338.00 10.51% 373.78 11.02% 414.97
production
Note:
• Gases included in the calculation: CO2, CH4, N2O. GWP rates used for calculating scope 1 and 2 GHG emissions are based on
the Intergovernmental Panel on Climate Change (IPCC) Fifth Assessment Report (AR5): CO2 = 1, CH4 = 28, N2O = 265. (GRI
305-1, 305-2)
• 2025 figures of scope 1 and 2 GHG emissions data include Kideco, Indika Indonesia Resources, Tripatra, Interport, Masmindo,
Mekko, Indika Nature, Ilectra Motor Group, Xapiens, and Indika Energy Holding, with the inclusion of additional subsidiaries in
2025, namely KALISTA and INVI.
• 2023 production-based intensity parameters are calculated based on Kideco and Indika Indonesia Resources data, whereas
2024 and 2025 is based on Kideco only.
• Indika Energy uses operational control to consolidate emissions data. Indika Energy consolidates the data from these
subsidiaries quarterly through the use of an internal ESG Dashboard (GRI 305-1).
• The following scope 1 GHG emissions factors were derived from DEFRA Greenhouse gas reporting, with conversion factors as
below: (GRI 305-1):
• 100% mineral diesel: 0.00256 tCO2eq per liter
• B30: 0.00191 tCO2eq per liter
• B35: 0.00179 tCO2eq per liter
• B40: 0.00166 tCO2eq per liter
• CNG: 0.05311 tCO2eq per mmbtu
• LNG: 0.0000029 tCO2eq per kilogram
• Refrigerant R-410A: 1.924 tCO2eq per kg
• Refrigerant R-134A: 1.300 tCO2eq per kg
• Refrigerant R-32: 0.677 tCO2eq per kg
• Scope 2 GHG emissions factors are derived from the Indonesian Ministry of Energy and Mineral Resources: https://jdih.esdm.
go.id/index.php/web/result/2183/detail. Emission factors were selected based on the grid each operational site is connected to
(e.g., Jamali, Mahakam, Barito, etc.) (GRI 305-2)
Enduring Commitments, Unlocking Value 71
Page 72
Figure 22. Energy consumption by activity source (GRI 302-1)
Energy Source Unit 2023 % 2024 % 2025
Renewable energy consumption
Solar Photovoltaic GJ 907.39 67.32% 1,518.27 29.50% 1,966.17
Biofuel GJ 4,936,382.10 -5.55% 4,662,586.14 5.62% 4,924,522.84
Electricity on-grid GJ 0.00 100.00% 2,142.08 -59.52% 867.13
Total renewable energy
GJ 4,937,289.49 -5.49% 4,666,246.49 5.60% 4,927,355.14
consumption
Non-renewable energy consumption
Diesel fuel and petrol GJ 9,833,354.00 -8.26% 9,020,706.62 -11.54% 7,979,764.40
Other fuel (e.g., CNG
GJ 0.00 0.00% 0.00 0.00% 4,912.39
and LPG)
Electricity on-grid GJ 24,001.00 26.31% 30,315.48 32.96% 40,307.81
Total non-renewable
GJ 9,857,355.00 -8.18% 9,051,022.09 -11.34% 8,024,984.60
energy consumption
Total energy
GJ 14,794,644.49 -7.28% 13,717,268.58 -5.58% 12,952,340.60
consumption
GJ 13,892,929.00 -5.79% 13,088,000.62 -7.67% 12,084,578.34
million
Production-based
ton coal 31.61 -2.79% 30.73 -0.72% 30.51
intensity (coal mining
production
companies only)
GJ/ton coal
0.44 -3.09% 0.43 -6.99% 0.40
production
GJ 14,794,645.00 -7.28% 13,717,268.58 -5.58% 12,952,339.74
USD million
Revenue-based 3,049.00 -19.73% 2,446.68 -17.37% 2,021.63
revenue
intensity (all
subsidiaries) GJ/USD
million 4,852.00 15.55% 5,606.48 14.28% 6,406.87
revenue
Note:
• 2025 figures include Kideco, Indika Indonesia Resources, Tripatra, Interport, Masmindo, Mekko, Indika Nature, Ilectra Motor
Group, Xapiens, and Indika Energy Holding, with the inclusion of additional subsidiaries in 2025, namely KALISTA and INVI.
• 2023 production-based intensity parameters are calculated based on Kideco and Indika Indonesia Resources data, whereas
2024 and 2025 is based on Kideco only.
• Indika Energy has not calculated energy usage outside the company or reductions in energy requirements of sold products and
services because of the complexity of data and lack of access to data that are not under the company’s control. control (GRI
302-2, 302-5).]
• The following conversion factors were derived from DEFRA Greenhouse gas reporting, with conversion factors as below (GRI
302-1):
• Electricity consumption: 0.0036 GJ per kWh
• Fuel consumption:
• 100% mineral diesel: 0.0357 GJ per liter
• B40: 0.0351 GJ per liter
• B30: 0.0353 GJ per liter
• CNG: 1,0551 GJ per mmbtu
• B35: 0.0352 GJ per liter
• LNG: 0.00461 GJ per kilogram
72 2025 Sustainability Report
Page 73
Indika Energy continues to strengthen biodiversity risk
Land use, reclamation, biodiversity screening and community impact assessments to
and ecosystem protection support responsible operations and ensure alignment
with national regulations and international sustainability
At Indika Energy Group, biodiversity protection is an standards.
integral part of our responsible operations, particularly
for activities located in or near sensitive and critical
habitats. We take a precautionary and risk-based Land management and reclamation
approach to understanding our interactions with nature, programs
supported by a structured framework that enables the We work to limit land disturbance and progressively
identification, assessment, and management of potential improve land conditions affected by our operations. We
biodiversity impacts throughout the project life cycle. treat land reclamation as an essential part of the mining
Through early environmental assessments, mitigation life cycle, supporting the recovery of natural functions
planning, and ongoing monitoring, we aim to minimize and habitats once operational activity has ended (GRI
adverse impacts while supporting the long-term 3-3, 304-2).
resilience of ecosystems in areas where we operate (GRI
304-1, 304-2).
We plan and execute reclamation projects annually, in
line with the Ministry of Energy and Mineral Resources
Indika Energy Group recognizes that certain operational (ESDM) regulations. In 2025, reclamation activities
areas may geographically overlap with or be located were carried out across our mining assets, Kideco
in proximity to environmentally sensitive or protected and Mekko, based on approved reclamation plans and
landscapes. Operations such as Kideco, Indika Nature, internal environmental management standards. We also
and Masmindo are situated within regions that interface contributed to provincial restoration funds, reflecting
with conservation or protected areas. However, based on both our regulatory compliance and our ongoing
environmental and social impact assessments, ongoing commitment to land rehabilitation and ecosystem
monitoring, and regulatory compliance processes, no restoration which remain integral to our environmental
operations were identified as having significant actual management approach (GRI 304-2, 411-1).
or potential negative impacts on biodiversity or local
communities during the reporting period (GRI 304-2, GRI
As of December 31, 2025, cumulative land reclamation
413-2).
reached 18.80%, nearing our 2025 target of a
20% increase. This progress is largely due to land
Environmental and social impact assessments, redistribution in our Kideco operations, where mined or
biodiversity management plans, and community disturbed areas are carefully reshaped and prepared
engagement mechanisms are implemented across these for rehabilitation. These efforts are carried out with
operations to identify, prevent, and mitigate potential full commitment to restoring ecosystems, replanting
risks. Continuous monitoring indicates that operational native vegetation, and creating conditions that support
activities remain within approved environmental biodiversity recovery, demonstrating our dedication to
thresholds and mitigation measures are effectively environmental excellence.
implemented to minimize disturbance to surrounding
ecosystems and communities.
Our reclamation efforts focus on restoring land
functionality, improving soil stability, re-establishing
For other subsidiaries, including Interport, ALVA, native vegetation and supporting sustainable post-
KALISTA, INVI, XAPIENS, activities are generally located mining land use. Over time, these measures contribute
within industrial or non-sensitive operational zones to improved environmental quality and reduced long-
and do not directly intersect with protected or high term land-use risk (GRI 304-2).
biodiversity value areas. Nevertheless, environmental
and social risk management practices are consistently
In the long term, Kideco has developed Mine Closure
applied across all business units to ensure that potential
Plans to guide responsible management throughout the
impacts on local communities and ecosystems are
full mining life cycle in Paser Regency, East Kalimantan
proactively managed (GRI 3-3, GRI 304-2, GRI 413-1).
province. These plans support progressive rehabilitation,
address long-term environmental risks and provide a
framework for land use beyond mine operations. The
Enduring Commitments, Unlocking Value 73
Page 74
plans are communicated openly to stakeholders to In addition, Mount Jondang, located near Kideco’s
support transparency and alignment with regulatory and operational area, has been internally designated as a
community expectations (GRI 3-3, 413-1). biodiversity conservation area. The area functions as an
ecological buffer zone that supports habitat connectivity
Indika Energy Group recognizes that extractive and and ecosystem stability around mining operations.
energy-related operations have the potential to impact Conservation initiatives implemented at these locations
natural ecosystems if not properly managed. Mining and include habitat protection, biodiversity monitoring, and
land-based activities may affect biodiversity through progressive land rehabilitation to maintain ecological
land disturbance, habitat modification, and changes to integrity.
ecosystem functions within operational areas. These
activities can potentially influence flora and fauna These conservation efforts are implemented in
habitats, soil stability, water quality, and surrounding alignment with Indonesia’s Nature Conservation Law
environmental conditions. (2024) and applicable regulations issued by the Ministry
of Environment and Forestry, supporting responsible
Land clearing and operational development may operational practices while safeguarding areas of high
contribute to vegetation loss and increased exposure of biodiversity value (GRI 304-1).
soil surfaces, which can elevate risks of erosion and land
degradation if mitigation measures are not effectively Prior to the start of mining activities, we carried out
implemented. In addition, operational by-products and biodiversity impact assessments to identify potential
waste materials require careful management to prevent risks and define mitigation measures aimed at
potential contamination of soil and water resources. protecting the rich native flora and fauna of this part
Changes to land use and hydrological patterns may also of Borneo. We work with local communities to support
influence local ecosystem balance and surrounding biodiversity enrichment through the cultivation of native
communities. tree species in on-site nurseries, which are then planted
to establish forest corridors that reconnect fragmented
To address these potential impacts, Indika Energy habitats and support wildlife movement (GRI 304-2,
Group implements environmental impact assessments, 413-1).
biodiversity management plans, progressive
reclamation practices, and responsible waste and water Since 2011, we have carried out annual biodiversity
management across its operations. These measures observations in the Roto Samurangau area, with
are designed to avoid, minimize, and rehabilitate additional biodiversity monitoring in the Tandarayan
environmental disturbance while supporting ecosystem Arboretum, a 105-hectare multifunctional conservation
recovery and long-term environmental resilience (GRI area that includes both natural forest and post-mining
304-2). reclamation zones (GRI 304-2).
Kideco has also established a 734-hectare wildlife
Biodiversity conservation initiatives and
corridor to maintain ecological connectivity, reduce
protected area management in Kideco
habitat fragmentation and support species survival and
Kideco manages and protects areas with high genetic diversity. Kideco’s flora and fauna inventories
biodiversity value within and surrounding its cover a wide range of species, from trees, herbs, lianas
operational footprint in East Kalimantan. These include and epiphytes, to mammals, birds, reptiles, amphibians
ecosystems adjacent to the Adang Bay Nature Reserve, and insects. For these surveys, we work closely with
a legally protected conservation area recognized for experts from Ecology and Conservation for Tropical
its mangrove, coastal forest, and lowland tropical Studies (ECOSITROP), supporting a science-based
ecosystems that support diverse flora and fauna approach to biodiversity conservation (GRI 304-1, 304-2).
species.
74 2025 Sustainability Report
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Embedding biodiversity into Indika Ecosystem restoration projects and
Nature’s regenerative land and forest outcomes
management Indika Energy undertakes ecosystem restoration as part
Indika Nature pioneers a regenerative, landscape-based of a structured approach to managing environmental
approach to biodiversity conservation, focusing on impacts and supporting long-term environmental
protecting and restoring ecosystems while supporting sustainability. Our restoration activities are guided by
long-term environmental value. Our activities span the mitigation hierarchy — avoid, minimize, restore,
environmental services, sustainable forestry and with carbon offsets applied as a final measure where
agroforestry, with an emphasis on maintaining appropriate — to reduce residual impacts and support
ecological integrity across managed landscapes while net-positive biodiversity outcomes (GRI 3-3, 304-1, 304-2,
engaging local communities every step of the way. 304-3).
As of 2025, Indika Nature manages more than The key principles guiding the Group’s nature-positive
135,000 hectares of land, anchored by the Telaga approach include:
Mas Kalimantan (TMK) project. TMK is designed to
protect forest cover, enable natural regeneration and » Avoiding harm: Prioritizing measures that prevent
reduce pressure on surrounding ecosystems, while also deforestation, habitat loss and pollution before those
supporting carbon sequestration as a co-benefit. impacts occur (GRI 304-1, 304-2).
We ensure biodiversity considerations are integrated » Restoring and regenerating: Rehabilitating degraded
into our land management practices, including habitat areas, restoring natural habitats and strengthening
protection, ecosystem restoration and monitoring of ecosystem resilience following operational activities
ecological conditions. By maintaining intact forests (GRI 304-3).
and supporting landscape connectivity, Indika Nature
contributes to species conservation, ecosystem » Enhancing biodiversity: Protecting threatened
resilience and long-term environmental stability, species and ecosystems and integrating biodiversity
alongside our climate-related objectives. considerations into our planning and operational
decisions (GRI 304-4).
Ecosystem-based biodiversity
management at the Awak Mas Gold » Collaborating for impact: Working with governments,
Project local communities and conservation partners to
support effective and context-specific restoration
Masmindo integrates biodiversity considerations into the
efforts (GRI 413-1).
development of the Awak Mas gold project through an
ecosystem-based management approach. Although the
Ecosystem restoration plays an important role in
project is located in a non-forest area, our environmental
managing long-term environmental risk and improving
planning is designed to balance mineral development
post-operational land and biodiversity outcomes. Indika
with the protection of surrounding ecological functions
Energy continues to strengthen its restoration approach
(GRI 304-1).
through ongoing refinement of planning, implementation,
and monitoring processes. Our restoration initiatives are
We identify biodiversity risks through environmental
designed to respond to site-specific conditions, evolving
assessments conducted prior to and during project
environmental risks and emerging best practices,
development, allowing us to incorporate mitigation
with the aim of supporting functional, self-sustaining
measures into our operational planning. Our ongoing
ecosystems over time (GRI 3-3, 304-3).
monitoring supports early identification of potential
impacts on local flora and fauna (GRI 304-2). Masmindo
also engages with local communities to promote
environmental stewardship and awareness, reinforcing
responsible resource development while supporting
long-term biodiversity protection in the project area (GRI
413-1).
Enduring Commitments, Unlocking Value 75
Page 76
Kideco Care: Restoring Ecosystems Beyond
Mining
The Kideco Care Program, implemented under Kideco’s Biodiversity Management Plan, represents a long-
term commitment to restoring ecosystems affected by mining activities and strengthening biodiversity
outcomes beyond the operational life of the mine. The program integrates progressive reclamation,
habitat restoration, wildlife corridor development, and science-based monitoring, delivered in close
collaboration with government agencies, conservation partners, and local communities.
In 2025, Kideco Care delivered strong results across its defined objectives. Reclamation and revegetation
activities recorded 117.87 hectares restored—supported by ongoing maintenance in Roto Samurangau and
Susubang Uko. Biodiversity indicators also showed positive trends, including the growth of Owa Kalawat
(gibbon) colonies from one in 2020 to three in 2025, reflecting improved habitat quality and connectivity.
To support sustainable reforestation, Kideco operates on-site nurseries with a total annual capacity of 1.2
million seedlings. In 2025, 397,632 seedlings of native species were produced to support reclamation and
enrichment planting. Complementing these efforts, the 105.66 hectares Tandarayan Arboretum continued
to evolve as a multifunctional “living laboratory,” integrating natural forest areas and reclaimed land for
conservation research, education, and community engagement.
Biodiversity monitoring is conducted through a structured, science-based approach, combining field
surveys, camera traps, and expert assessments. In 2025, monitoring recorded a diverse range of species,
including 134 tree species, 110 herbs and lianas, 53 mammals, 159 birds, 54 reptiles and amphibians,
and 689 insect species. Wildlife corridors planted with food and multifunctional species were further
strengthened to support key fauna and reduce habitat fragmentation.
Beyond on-site restoration, Kideco Care emphasizes education, collaboration, and shared stewardship.
Through the Green Initiative, schools and community groups participate in conservation workshops and
field visits, fostering awareness of reclamation and biodiversity protection. The program also supports
PROKLIM foster villages, working with local governments and communities to implement climate
adaptation and environmental action plans. Institutional collaboration with BKSDA, DLH, ESDM, and
the Ministry of Environment and Forestry ensures alignment with national conservation priorities and
transparent, joint monitoring.
Through Kideco Care, biodiversity restoration is embedded as an integral part of responsible mining—
delivering measurable ecological outcomes today while building resilient ecosystems for the future.
Kideco Care reflects our
commitment to restore
ecosystems beyond mining—
where reclamation, science,
and community partnership
come together to rebuild
biodiversity and create lasting
environmental values.
76 2025 Sustainability Report
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Indika Energy
Mangrove Program in
Action (IMPACT)
Along the coastline of Paser Regency, East
Kalimantan, mangrove forests play a vital
role far beyond their roots–protecting
shorelines from abrasion, storing carbon, and
sustaining biodiversity and coastal livelihoods.
Recognizing the urgency to restore these
critical ecosystems and strengthen climate
resilience, Indika Energy launched the Indika
Energy Mangrove Program in Action (IMPACT)
in 2023 as part of the Company’s long-term
commitment to sustainability. Designed as
an ecological investment with lasting impact,
IMPACT aimed to rehabilitate degraded
mangrove areas while empowering local
communities to safeguard and manage their
coastal environment.
Over three years of implementation, IMPACT
successfully achieved its rehabilitation target
of 250 hectares, with a total of 324,200
mangrove seedlings planted. The program
showed consistent progress, starting with 35
hectares (46,600 seedlings) in 2023, expanding
to 115 hectares (141,100 seedlings) in 2024, and
completing with the remaining 100 hectares
(136,500 seedlings) in 2025. IMPACT benefited
nine villages in Paser Regency: Tajur, Baijaya,
Riwang, Langgai, Seniung Jaya, Sulliran Baru,
Laburan, Sungai Langir, and Lori.
Through adaptive planting strategies using
species such as Rhizophora mucronata and
Avicennia, the program supported ecosystem
recovery and biodiversity restoration, while
also strengthening coastal fishery resources
such as shrimp, crabs, and shellfish. IMPACT
also helped protect endemic wildlife, including
proboscis monkeys, long-tailed macaques,
horseshoe crabs, and various bird species.
IMPACT is not just about Beyond its environmental impact, the program
planting mangroves – it is about strengthened community capacity to manage
mangrove ecosystems independently, helping
rebuilding coastal resilience and ensure the long-term sustainability of benefits
leaving behind a living legacy for both nature and local livelihoods.
that will protect Paser’s shoreline Indika Energy officially concluded the program
for generations. on 12 November 2025 in Tajur Village, attended
by Company leadership and the Paser Regency
government, marking the completion of a key
sustainability initiative with lasting impact.
Enduring Commitments, Unlocking Value 77
Page 78
Our 2025 land use, reclamation and biodiversity performance
Figure 23. Land reclamation overview (GRI 304-2)
2023 2024 2025
Description Unit
Realization Cumulative Realization Cumulative Realization Cumulative
Kideco Hectares 79.97 5,130.03 174.00 5,223.34 117.87 5,341.21
Mekko Hectares 6.00 6.00 5.64 11.64 31.39 43.03
MUTU Hectares 138.03 743.39 0.00 0.00 0.00 0.00
(divested in
2023)
Total Hectares 224.00 5,879.42 179.64 5,234.98 149.26 5,384.24
Note:
• In 2024 and 2025, Kideco carried out land redisturbance activities within its operational areas. Through this process, previously
mined areas are progressively prepared to support rehabilitation stages, which in turn contributes to the overall reclamation
achievements of the Indika Energy Group.
Figure 24. IUCN Red List species in areas managed by Indika Energy Group (GRI 304-2, 304-4)
Level of extinction risk 2023 2024 2025
Critically endangered 17 17 4
Endangered 41 42 11
Vulnerable 93 101 24
Near threatened 91 98 37
Least concerned 242 637 348
Figure 25. Fauna biodiversity performance by species (GRI 304-2)
Description 2023 2024 2025
Mammal 49 53 53
Avifauna 138 159 177
Herpetofauna 44 54 54
Insects 429 689 728
Note:
• The data presented reflects contributions from Kideco and Indika Nature, while Masmindo, which is currently in the development
phase, continues to develop its data identification and baseline assessment processes.
78 2025 Sustainability Report
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Figure 26. List of protected fauna recorded at Kideco reclamation area
Status based on
Local name Scientific name
P106 IUCN 2023 2024 2025
Bekantan kahau Nasalis larvatus Protected Endangered √ √ √
Beruang madu Helarctos malayanus Protected Vulnerable √ √ √
Kijang muntjak Muntiacus muntjak Protected Least concerned √ √ √
Kucing kuwuk Prionailurus bengalensis Protected Least concerned √ √
Lutung kelabu Trachypithecus cristatus Protected Near threatened √ √
Lutung merah Presbytis rubicunda Protected Least concerned √ √ √
Owa kalawat Hylobates muelleri Protected Endangered √ √ √
Pelanduk napu Tragulus napu Protected Least concerned √ √ √
Rusa sambar Rusa unicolor Protected Vulnerable √ √ √
Trenggiling peusing Manis javanica Protected Critically √ √
endangered
Baza jerdon Aviceda jerdoni Protected Least concerned √ √ √
Elang berontok Spizaetus cirrhatus Protected Least concerned √ √ √
Elang bondol Haliastur Indus Protected Least concerned √ √ √
Elang hitam Ictinaetus malayensis Protected Least concerned √ √ √
Elang tikus Elanus caeruleus Protected Least concerned √ √
Elang-alap jambul Accipiter trivirgatus Protected Least concerned √
Elang-ikan kecil Ichthyophaga humilis Protected Near threatened √
Kangkareng hitam Anthracoceros malayanus Protected Vulnerable √ √ √
Kangkareng perut-putih Anthracoceros albirostris Protected Least concerned √ √ √
Rangkong badak Buceros rhinoceros Protected Vulnerable √ √ √
Takur ampis Calorhamphus fuliginosus Protected Least concerned √
Takur tenggeret Psilopogon australis Protected Near threatened √
Takur topi-emas Megalaima henricii Protected Near threatened √ √
Cabak kota Caprimulgus affinis Protected Endangered √ √ √
Cica-daun besar Chloropsis sonnerati Protected Near threatened √ √ √
Cica-daun kecil Chloropsis cyanopogon Protected Vulnerable √
Sempur-hujan sungai Cymbirhynchus Protected Least concerned √ √
macrorhynchos
Layang-layang batu Hirundo tahitica Protected Near threatened √ √
Bentet kelabu Lanius schach Protected Least concerned √ √ √
Takur warna-warni Psilopogon mystacophanos Protected Near threatened √ √
Burung-madu sriganti Cinnyris jugularis Protected Least concerned √ √ √
Paok hijau Pitta sordida Protected Least concerned √ √ √
Kipasan belang Rhipidura javanica Protected Least concerned √ √ √
Kerak kerbau Acridotheres javanicus Protected Least concerned √ √ √
Luntur putri Harpactes orrhophaeus Protected Vulnerable √ √
Buaya Crocodylus porosus Protected Least concerned √ √
Enduring Commitments, Unlocking Value 79
Page 80
Water stewardship Figure 27. Water withdrawal intensity (GRI 303-5)
(ML/USD million revenue)
Water stewardship is an integral part of Indika Energy’s
sustainability journey and reflects our responsibility to 2025 0.756
manage water as a shared and increasingly constrained
resource (GRI 303-1). Across the Group, we apply a
structured water management approach that combines
systematic monitoring of water withdrawal, consumption 2024 0.830
and discharge, risk-based planning, and site-level
efficiency measures to minimize impacts on local water
systems while supporting operational resilience (GRI
2023 0.930
303-3, 303-4, 303-5).
Our approach recognizes the diversity of operating
contexts, including sites located in areas of higher water
stress, and prioritizes responsible water use, protection Water usage, efficiency, and reduction
of water quality and collaboration with stakeholders initiatives
where water resources are shared or externally managed
(GRI 303-1, 303-2). By embedding water considerations Indika Energy systematically monitors water withdrawal,
into operational decision-making and long-term planning, consumption and discharge across all our operational
Indika Energy aims to strengthen environmental sites using calibrated flow meters. Water-related data
performance, reduce water-related risks and contribute from all subsidiaries is consolidated and reported
to Indonesia’s broader water security and sustainability quarterly to the Sustainability Committee, enabling
objectives (GRI 3-3). oversight of performance, evaluation of ongoing
initiatives and progress tracking against the Group’s
2025 and 2030 water withdrawal intensity targets. These
Water stewardship performance in 2025 quarterly performance assessments support water-use
efficiency, strengthen accountability at site level, and
In 2025, this approach delivered measurable results.
help ensure compliance with internal standards and
The Group exceeded its 2025 target of a 30% reduction
regulatory requirements (GRI 303-3, 303-4, 303-5).
in water withdrawal intensity, achieving a 64.99%
reduction in 2025, alongside a year-on-year decrease
in total water withdrawal of approximately 1,535.97 We also carry out environmental assessments every
ML. Performance improvements were driven by the six months to protect surface water, groundwater and
expanded use of closed-circuit water systems, increased marine ecosystems. These are conducted by accredited
reuse of process water, rainwater harvesting, and personnel in accordance with Indonesian National
tighter operational controls supported by calibrated Standards (SNI) and focus on effluent quality and
flow meters and quarterly performance reviews. These potential environmental impacts to ensure discharged
measures reduced dependence on freshwater sources, water meets applicable requirements (GRI 303-2, 303-4).
strengthened operational resilience, and mitigated
exposure to water-related risks, particularly in higher- Our water efficiency initiatives include the use of
stress areas (GRI 303-3, 303-4, 303-5). closed-circuit systems at the Kideco and Mekko
mining sites, where water used for vehicle cleaning and
Progress in 2025 reinforces the effectiveness of our ore processing is recaptured and reused. Additional
water stewardship framework and provides a stronger measures include rainwater harvesting and greywater
foundation for advancing toward the Group’s 2030 water reuse to reduce reliance on freshwater sources, as well
efficiency targets. Continuous monitoring, periodic as the use of fog cannons and calibrated sprinklers
risk assessments, and ongoing engagement with site for dust control to limit unnecessary water loss while
management and external water providers will remain maintaining operational effectiveness (GRI 303-3, 303-5).
central to sustaining performance improvements and
managing long-term water-related risks (GRI 3-3, 303-1,
303-5).
80 2025 Sustainability Report
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Figure 28. Water and effluents performance (GRI Figure 30. Water withdrawal and recycling (GRI
303-3, 303-4, 303-5) 303-3)
(ML)
Water withdrawal (ML)
24.33% 2025: 1,535.97 2025 1,535.97 1,393.26
2024: 2,029.77
2023: 2,829.71
2024 2,029.77 1,644.14
Water consumption (ML)
20.46% 2025: 2,925.68
2023 2,829.71 1,952.00
2024: 3,678.11
Water withdrawal Water recycling
2023: 2,819.00
Water discharge (ML)
1.12% 2025: 217,179.18 Monitoring and management of water risk
2024: 219,631.35 areas
Indika Energy conducts external water risk assessments
2023: 212,812.00
to understand site-level exposure to water-related risks
across its operations. Based on the WRI Aqueduct Water
Risk Atlas, two operational sites — Interport’s Babelan
Figure 29. Water withdrawal by sources (GRI 303-
facility and ALVA’s Cikarang plant — are located in areas
3)
classified as having high water stress (GRI 303-1).
(%)
1.24% 6.04% In 2025, water intake at these sites totaled 2.07 ML
for ALVA Cikarang and 0.44 ML for Interport Babelan,
1.08%
highlighting the need for continued water efficiency and
stewardship efforts in high-risk areas.
0.00%
At these locations, water supply is sourced from external
91.63% parties, such as clients or industrial estate providers,
which limits the Group’s direct control over withdrawal
volumes. In response, we place increased emphasis on
water-efficiency and conservation measures at the site
level to help manage potential environmental impacts
and reduce water-related risk exposure (GRI 303-3, 303-
Surface water Ground water Seawater 5).
Produced water Third party water
Enduring Commitments, Unlocking Value 81
Page 82
Figure 31. Water stress withdrawal (GRI 303-1)
Description Unit 2023 % 2024 % 2025
ALVA Cikarang ML 3.09 -10.68% 2.76 -25.00% 2.07
Interport Babelan ML 0.82 -37.64% 0.51 -13.57% 0.44
Total water withdrawal at water ML 3.91 -16.31% 3.27 -23.22% 2.51
stress area
Water withdrawal in water stress area (ML)
0.44 Stakeholder engagement in water
2025
2.07 conservation
Building on our water monitoring, reporting and site-level
risk awareness, Indika Energy engages with relevant
0.51
2024 stakeholders to promote responsible water use across
2.76 our operations, particularly in areas experiencing higher
levels of water stress. Engagement with employees
0.82 and site management focuses on reinforcing efficient
2023 3.09 water-use practices, operational discipline and alignment
with internal water management procedures (GRI 303-1,
Interport Babelan ALVA Cikarang 303-5).
Where water supply and infrastructure are managed
by external parties, we maintain regular coordination
with suppliers, clients and industrial estate operators
to support responsible water consumption, compliance
with applicable water management requirements, and
alignment with local regulations and shared-resource
considerations (GRI 2-29, 303-3).
82 2025 Sustainability Report
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Our 2025 water stewardship performance
Figure 32. Water withdrawal performance (GRI 303-3)
Water withdrawal by source Unit 2023 % 2024 % 2025
Surface water ML 2,464.44 -38.80% 1,557.58 -9.64% 1,407.43
Ground water ML 18.39 2,216.51% 426.01 -96.10% 16.61
Seawater ML 314.28 -94.04% 18.72 2.13% 19.12
Produced water ML 0.00 0.00% 0.00 0.00% 0.00
Third party water ML 32.60 -15.74% 27.47 237.89% 92.81
Total water withdrawal ML 2,829.71 -28.27% 2,029.77 -24.33% 1,535.97
Freshwater (<= 1,000 mg/L TDS) ML 2,490.60 -20.25% 2,011.05 -24.57% 1,516.85
Other water (> 1,000 mg/L TDS) ML 339.11 -94.04% 18.72 2.13% 19.12
Water withdrawal intensity Million 31.60 -2.74% 30.73 -0.74% 30.51
ton coal
production
ML/ 0.08 -40.32% 0.05 -9.26% 0.04
ton coal
production
USD million 3,049.00 -19.73% 2,446.68 -17.37% 2,021.63
revenue
ML/USD 0.93 -10.82% 0.83 -8.42% 0.76
million
revenue
Note:
• 2023 to 2025 figures include Kideco, Tripatra, Interport, Indika Indonesia Resources, Ilectra Motor Group, Xapiens, Masmindo,
Mekko, Indika Nature, and Indika Energy Holding, with the inclusion of additional subsidiaries in 2025, namely KALISTA and INVI.
Enduring Commitments, Unlocking Value 83
Page 84
Figure 33. Water consumption performance (GRI 303-5)
Description Unit 2023 % 2024 % 2025
Freshwater (<= 1,000 mg/L TDS) ML 2,488.32 -19.54% 2,015.25 45.18% 2,925.68
Other water (> 1,000 mg/L TDS) ML 330.72 -94.04% 18.72 -100.00% 0.00
Total water consumption ML 2,819.04 -27.85% 2,033.97 43.84% 2,925.68
Note:
• 2023 to 2025 figures include Kideco, Tripatra, Interport, Indika Indonesia Resources, Ilectra Motor Group, Xapiens, Masmindo,
Mekko, Indika Nature, and Indika Energy Holding, with the inclusion of additional subsidiaries in 2025, namely KALISTA and INVI.
Figure 34. Water discharge performance (GRI 303-4)
Description Unit 2023 % 2024 % 2025
Surface water ML 212,512.66 3.34% 219,602.41 -1.12% 217,162.73
Ground water ML 3.02 718.54% 24.72 -48.46% 12.74
Seawater ML 294.38 -99.50% 1.46 17.73% 1.72
Third party water ML 1.63 69.02% 2.76 -27.82% 1.99
Freshwater (<= 1,000 mg/L TDS) ML 212,515.68 3.35% 219,627.12 -1.12% 217,177.46
Other water (> 1,000 mg/L TDS) ML 296.01 -98.57% 4.22 -59.24 1.72
Total water consumption ML 212,811.69 3.20% 219,631.34 -1.12% 217,179.18
Note:
• 2023 to 2025 figures include Kideco, Tripatra, Interport, Indika Indonesia Resources, Ilectra Motor Group, Xapiens, Masmindo,
Mekko, Indika Nature, and Indika Energy Holding, with the inclusion of additional subsidiaries in 2025, namely KALISTA and INVI.
84 2025 Sustainability Report
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Waste management and circularity To support consistent implementation, the Group
works with third-party service providers to deliver
training for front-line personnel, focusing on proper
Indika Energy manages waste as an integral part of its
waste segregation, handling procedures and practical
environmental stewardship and operational excellence
recycling practices. A similar approach is applied across
agenda. Our approach is guided by the waste hierarchy
subsidiaries, including Tripatra and Indika Nature, with
— reduce, reuse, recycle, recover and dispose — with a
segregation at source, monitoring of waste streams and
primary focus on minimizing waste generation at source
recycling practices aligned with Group standards and
and improving resource efficiency across the Group’s
site-level environmental management systems (GRI 306-
operations (GRI 306-1, 306-2). Waste management
2, 306-3).
practices are embedded within site-level environmental
management systems and aligned with applicable
At selected operations, Interport and Kideco operate
regulations, internal standards and risk-management
dedicated waste management facilities located near
processes.
their sites. These facilities support on-site processing,
including recycling and composting, helping reduce
Across our operations, we implement waste segregation,
reliance on landfill disposal and promote circular
responsible handling and the use of licensed third-party
resource use across operations (GRI 306-4, 306-5).
operators for the transport, treatment and disposal
of waste (GRI 306-3). Hazardous and non-hazardous
waste streams are managed separately to reduce Circular waste management and resource
environmental risk and ensure regulatory compliance. recovery
Where feasible, we increase material recovery and
Indika Energy’s waste management approach is aligned
recycling, including the reuse of packaging, scrap metals
with the Group’s sustainability journey and commitment
and other operational by-products, to reduce the volume
to responsible resource use across the full operational
of waste sent to final disposal (GRI 306-4, 306-5).
life cycle. We apply a structured waste management
hierarchy that prioritizes waste prevention, segregation
As part of Indika Energy’s sustainability journey, at source, recycling and recovery, with disposal used
waste management supports broader objectives only as a last resort (GRI 306-1, 306-2).
on emissions reduction, circular resource use and
operational resilience. Waste performance is monitored
In 2025, Indika Energy continued to strengthen the
at the site level and consolidated at the Group level to
implementation of circular waste practices across our
track trends, identify improvement opportunities and
operations through collaboration with Waste4Change, a
support continuous improvement. Through disciplined
leading waste management service provider. Waste is
execution and progressive enhancement of systems and
segregated at source into recyclable, compostable and
practices, we aim to reduce waste-related impacts while
residual streams to support appropriate downstream
supporting long-term value creation for stakeholders
processing and maximize material recovery (GRI 306-2,
(GRI 306-2, 3-3).
306-3).
Waste reduction and recycling programs Recyclable materials are repurposed into value-
added products, while organic waste is treated
Indika Energy applies a structured waste monitoring
through composting and black soldier fly (BSF) larvae
system across its operations, implemented in
processing, supporting nutrient recovery and sustainable
collaboration with licensed third-party service providers
waste treatment (GRI 306-4). Residual waste that cannot
(GRI 306-1, 306-2). Waste generation, segregation
be recycled or composted is processed into refuse-
and handling are tracked through monthly reporting,
derived fuel (RDF), contributing to energy recovery and
providing visibility into waste volumes, recycling rates
reducing reliance on landfill disposal (GRI 306-4, 306-5).
and reduction efforts. This systematic monitoring
supports compliance strengthens operational control
and helps identify opportunities for continuous
improvement in waste management practices (GRI 306-
3, 306-4).
Enduring Commitments, Unlocking Value 85
Page 86
Dedicated waste facilities at operation sites also Figure 35. Waste reused and recycled (GRI 306-2)
support on-site processing, recycling and composting, (Tons)
strengthening circular resource use and operational
efficiency. As a result of these efforts, total waste sent
to landfill declined in 2025, while the proportion of 2025 5,023.55
waste diverted through recycling and recovery increased
compared to the previous year (GRI 306-5). Ongoing
monitoring through monthly reporting and performance
reviews supports continuous improvement, strengthens 2024 4,099.23
accountability at site level, and provides a reliable
foundation for tracking progress against longer-term
waste reduction and circular economy objectives.
2023 5,238.00
Hazardous and non-hazardous waste
management Figure 36. Waste generated
(%)
A portion of the waste generated across Indika Energy’s
operations is classified as hazardous and managed in
accordance with applicable regulatory requirements.
Hazardous waste is stored at licensed Temporary
40.67%
Storage Facilities (TPS) prior to treatment or disposal,
with controls in place to ensure proper classification,
handling and traceability (GRI 306-2, 306-3). 59.33% Waste generated
in 2025
Consistent with our circular economic approach, we
prioritize recovery and reuse of hazardous waste where
technically and operationally feasible. Certain waste
streams, such as used lubricating oil, are reused as
a partial substitute for diesel in ammonium nitrate Hazardous Non-hazardous
fuel oil (ANFO), extending resource life while reducing
reliance on emissions-intensive fuels (GRI 306-4). In
2025, approximately 73.01% of eligible non-hazardous 45.58%
waste streams were managed through reuse or recovery
pathways, contributing to reduced disposal volumes.
54.42% Waste generated
We also extend the useful life of vehicle tires through in 2024
retreading and regrooving programs, reducing material
consumption and waste generation. End-of-life tires are
further repurposed for secondary applications, including
road markings and structural components in reclamation
areas, supporting safe operations and post-mining land
restoration (GRI 306-4, 306-5).
Together, these practices demonstrate how hazardous
waste management is integrated into Indika Energy’s
broader sustainability journey — shifting from disposal-
focused handling toward resource efficiency, waste
diversion and circular use of materials, while maintaining
strict compliance and environmental safeguards.
86 2025 Sustainability Report
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Figure 37. Waste diverted Spill prevention and environmental risk
(%) management
As part of our broader environmental risk management
approach, Indika Energy recognizes the potential
43.07%
environmental risks associated with spills and maintains
robust prevention, preparedness and response controls
across operations. These include standard operating
Waste diverted
56.93% procedures, trained response teams, and site-level
from disposal in 2025
monitoring to prevent incidents and ensure rapid
containment, clean-up and remediation in line with
applicable regulatory requirements (GRI 3-3, 306-3).
During the reporting period, no spill incidents were
Hazardous Non-hazardous recorded. Our operations are equipped to respond
promptly, with mitigation measures in place to limit
environmental impact and restore affected areas in
55.59% accordance with regulatory standards (GRI 306-3).
Continuous improvement of spill prevention, emergency
preparedness, and response capabilities remains a
44.41% Waste diverted priority to ensure environmental risks are effectively
from disposal in 2024 managed and operational resilience is maintained (GRI
3-3, 306-3).
Enduring Commitments, Unlocking Value 87
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Our 2025 waste management performance Figure 38. Waste generated (GRI 306-3) Description Unit 2023 % 2024 % 2025 Hazardous waste tons 4,323.56 7.09% 4,630.16 -11.73% 4,087.01 Non-hazardous waste tons 11,955.50 -53.75% 5,528.88 7.82% 5,961.19 Total waste generated tons 16,279.07 -37.59% 10,159.04 -1.09% 10,048.20 Figure 39. Hazardous waste by management method (GRI 306-4, 306-5) Description Unit 2023 % 2024 % 2025 Reused tons 3.60 -100.00% 0.00 0.00% 0.00 Recycled tons 514.23 111.10% 1,085.52 -22.64% 839.78 Composted tons 0.00 0.00% 0.00 0.00% 0.00 Brought to a third party licensed tons 3,327.39 -10.45% 2,979.65 -17.69% 2,452.44 to reuse/recycle Total waste diverted from tons 3,845.22 5.72% 4,065.17 -19.01% 3,292.22 disposal Incinerated (with energy tons 0.00 100.00% 0.05 -100.00% 0.00 recovery) Incinerated (without energy tons 67.93 -10.08% 61.08 -66.97% 20.18 recovery) Landfilled tons 0.00 100.00% 0.53 -100.00% 0.00 Brought to a third party licensed tons 410.41 22.64% 503.33 53.90% 774.62 to dispose waste Total waste brought to disposal tons 478.34 18.12% 564.99 40.67% 794.79 88 2025 Sustainability Report
Page 89
Figure 40. Non-hazardous waste by management method (GRI 306-4, 306-5)
Description Unit 2023 % 2024 % 2025
Reused tons 0.00 0.00% 0.00 100.00% 4.77
Recycled tons 4,720.11 -36.15% 3,013.71 38.67% 4,179.00
Composted tons 741.53 0.00% 164.99 -14.33% 141.36
Brought to a third party licensed tons 73.03 -5.45% 69.05 -60.81% 27.06
to reuse/recycle
Total waste diverted from tons 5,534.67 -41.32% 3,247.75 34.01% 4,352.19
disposal
Incinerated (with energy tons 0.00 0.00% 55.40 -100.00% 0.00
recovery)
Incinerated (without energy tons 0.00 0.00% 0.00 100.00% 0.81
recovery)
Landfilled tons 5,296.53 0.00% 2,163.31 -29.48% 1,525.63
Brought to a third party licensed tons 1,124.30 -94.45% 62.42 32.26% 82.56
to dispose waste
Total waste brought to disposal tons 6,420.83 -64.47% 2,281.13 -29.46% 1,609.00
Note:
• 2023 to 2025 figures include Kideco, Tripatra, Interport, Indika Indonesia Resources, Ilectra Motor Group, Xapiens, Masmindo,
Mekko, Indika Nature, and Indika Energy Holding, with the inclusion of additional subsidiaries in 2025, namely KALISTA and INVI.
• Waste that is brought to a third party (both licensed to reuse/recycle and licensed to dispose) indicates that it is diverted or
directed to disposal offsite, while waste that is included in other categories indicates that it is diverted or directed to disposal
onsite.
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Air quality management Compliance with local and international
air quality standards
Managing air quality is an integral part of Indika Compliance with air quality standards remains a
Energy’s broader environmental stewardship and core requirement across our operations. At Kideco,
decarbonization journey. Across our operations, we emissions testing for stationary sources is conducted
apply a preventive and control-based approach to by accredited external laboratories, supported by
manage air emissions, focusing on reducing dust, continuous monitoring systems to track performance
particulate matter and other pollutants associated against regulatory thresholds. These practices ensure
with mining, logistics and industrial activities. Our compliance with government-stipulated air quality
mitigation measures are designed to meet applicable standards, including requirements under the 2021
regulatory requirements and industry standards, while Ministry of Environment and Forestry regulation, while
progressively strengthening air quality management reinforcing transparency and accountability in air
through improved operating practices and the adoption emissions management (GRI 305-7).
of cleaner technologies (GRI 3-3).
Through this integrated approach—combining
Dust, particulate, and pollutant reduction operational controls, cleaner energy solutions, and
programs robust monitoring—Indika Energy continues to
strengthen air quality management in line with its
Operational controls to reduce dust, particulate matter sustainability journey, supporting healthier environments
and pollutant emissions include the use of water for surrounding communities while enabling responsible
spraying systems, fog cannons, covered transport, speed and resilient operations.
management, and equipment maintenance programs.
These measures are complemented by continuous Environmental performance is an integral part of our
monitoring and periodic assessments to ensure broader operating environment. The choices we make
effectiveness and support timely corrective action where around emissions, land use, water management and
required (GRI 305-7). waste handling shape our day-to-day conditions at
operational sites and influence how we interact with
As part of our longer-term emissions reduction strategy, surrounding communities. These interactions bring
we also pursue initiatives that deliver co-benefits for environmental considerations into close connection with
air quality. These include the expansion of electric workforce well-being, community relationships,
vehicle infrastructure, early exploration of hydrogen- and broader social outcomes.
based solutions where feasible, and continued efforts As we continue
to reduce reliance on conventional diesel. Increased to manage our
adoption of higher biodiesel blends and the integration environmental
of solar power into our operational energy mix not only responsibilities,
contribute to lower greenhouse gas emissions but also Indika Energy
help reduce associated air pollutants such as carbon remains
monoxide (CO), nitrogen oxides (NOx), sulfur oxides committed
(SOx) and particulate matter (GRI 305-7). to giving equal
attention to the people
touched by our operations
and the ways in which the
transition is experienced
on the ground.
90 2025 Sustainability Report
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Our 2025 air quality performance
Figure 41. Significant air emissions (GRI 305)
Description Unit 2023 % 2024 % 2025
NOx tons 689.79 1.11% 697.45 -18.54% 568.11
SOx tons 2.23 127.72% 5.08 78.82% 9.08
Persistent organic pollutants tons 0.00 100.00% 0.11 -100.00% 0.00
Volatile organic compounds tons 0.00 100.00% 0.28 -100.00% 0.00
Hazardous Air Pollutants (HAP) tons 0.00 100.00% 0.03 -24.66% 0.022
Particulate Matter (PM) tons 13.00 -34.04% 8.58 31.20% 11.25
Other standard categories of air emissions tons 94.30 -9.28% 85.55 -1.54% 84.23
identified in relevant regulations
Note:
• The formula used to calculate exhaust gas emissions is
concentration (mg/Nm3) x debit (m3/second) x number Materials and circular economy
of operational hours (hours/ year) x 0.0036 (seconds/
hour). Calculations are done based on emissions testing
conducted in the laboratory. Indika Energy recognizes that responsible management
• Both the concentration and debit data are obtained from of materials is critical to reducing environmental
emissions test results done by the laboratory. impacts and supporting a sustainable future. Across our
• Other categories of air emissions, e.g. Persistent Organic diverse operations including coal, electric vehicles (EV),
Pollutants (POP), Volatile Organic Compounds (VOC), etc., essential oils (Natura Aromatik), and other industrial
are not calculated yet, because they are not included in the activities, we track the use of both renewable and non-
requirements of the Ministerial Regulation.
renewable materials to improve efficiency, reduce waste,
and promote circularity.
Our approach focuses on monitoring materials used by
weight or volume (GRI 301-1), incorporating recycled
inputs wherever feasible (GRI 301-2), and exploring
reclamation of products and packaging to close material
loops (GRI 301-3).
By systematically managing material consumption
and integrating circular economy principles, we aim to
minimize our environmental footprint, support resource
efficiency, and strengthen sustainable practices across
all business lines.
Enduring Commitments, Unlocking Value 91
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Materials used by weight or volume (GRI
301-1)
During the reporting period, Indika Energy utilized a
combination of renewable and non-renewable materials
across its operations. Key materials include coal,
metals, fuels, plant-based raw materials for essential
oils, and operational packaging. Material consumption
is systematically tracked to support resource efficiency,
operational planning, and sustainability reporting.
Renewable / Non-
Business segment Material type Notes
renewable
EV two-wheelers Steel, aluminum, plastics, Non-renewable Vehicle manufacturing and
batteries components
Essential oils Plant raw materials, carrier Renewable Sustainable sourcing for
oils essential oil production
Beyond (logistics, Wood, metals, packaging Renewable and non- Operational packaging and
packaging, renewable infrastructure
infrastructure)
Recycled input materials (GRI 301-2)
Indika Energy incorporates recycled materials wherever Supplier environmental
feasible to promote circularity across its operations. management
Examples include recycled metals in construction,
recycled plastics in EV production, and recycled Indika Energy integrates environmental considerations
glass in essential oil packaging. Efforts are ongoing into its supplier selection process to ensure that
to systematically increase the use of recycled inputs procurement practices support sustainability
across all business segments, supporting operational objectives. During the reporting period, new suppliers
efficiency, reducing environmental impact, and from key entities were assessed using environmental
advancing the Group’s commitment to sustainable criteria, including compliance with applicable laws
resource management. and regulations, implementation of environmental
management systems, and alignment with the
Reclaimed products and packaging (GRI Group’s sustainability policies, with plans to expand
301-3) this assessment to all entities in the future. This
screening process helps to mitigate environmental
The Group is also actively exploring the reclamation of risks, encourages responsible sourcing, and promotes
products and packaging to close material loops. Current collaboration with suppliers that share Indika Energy’s
initiatives focus on operational waste streams, including commitment to environmental stewardship (GRI 308-1).
recovery of mining residues, recycling of operational
equipment, EV battery take-back programs, and essential
The Group actively monitors its supply chain to identify
oil container recovery. While large-scale reclamation
and address potential negative environmental impacts.
programs are still under development, these efforts
During the reporting period, suppliers found to have
reflect Indika Energy’s commitment to circular economy
environmental non-compliance or performance gaps
principles and sustainable management of materials
were engaged through corrective action plans, which
across all business lines (GRI 301-3).
included training, process improvements, and follow-
up assessments. These measures aim to reduce
environmental risks, improve supplier performance,
and ensure adherence to Indika Energy’s environmental
standards across all procurement activities (GRI 308-2).
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We strengthen sustainable sourcing through responsible procurement,
with subsidiaries like Indika Nature supporting nursery development, product
innovation, and community partnerships to promote long-term sustainability
and environmental protection.
Enduring Commitments, Unlocking Value 93
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94 2025 Sustainability Report
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Social Sustainability
and Community Impact
Indika Energy’s long-term sustainability depends not only on portfolio
transformation, but also on how we support people through that change.
Across the Group, we advance social sustainability by strengthening work-
force capabilities, upholding fair employment and human rights, prioritizing
health and safety, and maintaining meaningful engagement with commu-
nities around our operations. In 2025, our focus remained on safeguarding
well-being, promoting inclusion, and fostering constructive partnerships
where we operate.
Our social approach
Empowering our people
Safety performance and culture
Energizing Indonesia: Supporting community well-being
Respecting human rights
Indigenous heritage and local partnerships
Enduring Commitments, Unlocking Value 95
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Our social approach
Indika Energy’s long-term sustainability depends not In 2025, our efforts continued to strengthen employee
only on how we transform our portfolio, but also on how capabilities, reinforce workplace safety, and maintain
we support people and communities throughout that open engagement with stakeholders. We recognize that
journey. As our business evolves, we remain committed meaningful progress requires consistency, collaboration,
to ensuring that the transition is responsible, inclusive, and ongoing learning (GRI 3-3, 413-1).
and considerate of those who are part of it (GRI 3-3).
Our policies and disclosures align with relevant global
Our social approach focuses on preparing our workforce and national frameworks, including applicable laws,
for change while maintaining safe, fair, and respectful regulations, and recognized sustainability standards.
working environments. We continue to invest in This alignment helps ensure transparency, strengthen
employee development and capability building (GRI accountability, and support continuous improvement
404-1, 404-2), uphold fair employment practices (GRI across the Group.
401-1), and strengthen occupational health and safety
systems (GRI 403-1, 403-2, 403-9). Respect for human Through defined social priorities and targets, we remain
rights across our operations and value chain remains focused on preparing employees for evolving roles (GRI
fundamental (GRI 409-1), alongside our commitment to 404-2), promoting safe and inclusive workplaces (GRI
inclusion and equal opportunity (GRI 406-1). 403-9, 406-1), and working alongside communities so
that our transition contributes to shared and sustainable
Beyond our internal workforce, we seek to contribute progress (GRI 413-1).
positively to the communities where we operate.
Through responsible business practices, partnerships,
and social initiatives, we aim to support local
development, encourage participation, and create
long-term value (GRI 413-1). Our focus is on building
constructive relationships and fostering programs that
can contribute to sustainable outcomes over time.
96 2025 Sustainability Report
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We are committed to building a workplace that
Empowering our people values differences and upholds equal opportunity
across all operations (GRI 405-1). Through our
At Indika Energy Group, we recognize that our people Human Capital initiatives, we cultivate a positive and
are the foundation of our performance and long-term conducive work environment where employees are
resilience (GRI 3-3). As we advance our transition toward empowered to contribute meaningfully and develop
a lower-carbon future, human capital development their full potential. In line with our values of Integrity
remains central to our sustainability strategy. We are and Social Responsibility, we also provide accessible
committed to nurturing a skilled, engaged, and future- and confidential grievance mechanisms that enable
ready workforce—one that is equipped to respond employees to raise concerns, report violations, and
to the evolving demands of the energy sector while address workplace issues without fear of retaliation (GRI
contributing meaningfully to our net-zero ambitions (GRI 2-25).
404-1, 404-2).
Our employment policies are developed in alignment
As the energy landscape continues to shift, effective with internationally recognized standards, including the
human capital management is essential to delivering a International Labour Organization (ILO), and reflect our
fair and inclusive transition (GRI 3-3). We believe that commitment to fundamental labor rights such as non-
preparing our people for change—through reskilling, discrimination, freedom of association, and fair working
upskilling, inclusive leadership, and meaningful conditions (GRI 2-30, 407-1, 408-1, 409-1). Policies
engagement—is key to building workforce resilience (GRI are regularly communicated through internal channels
404-1, 404-2). By investing in employee development, and our official website to ensure understanding and
well-being, and equal opportunity (GRI 401-2, 405-1), we consistent application across the Group (GRI 2-23).
seek to ensure that the transition to a more sustainable
energy future is not only environmentally responsible,
For further details related our Human Capital policy
but also socially equitable and opportunity-driven for all
please visit https://www.indikaenergy.co.id/governance/
(GRI 413-1).
humancapitalpolicy
Indika Energy takes a comprehensive and structured
Through this holistic and values-driven approach, Indika
approach to employment management, fostering an
Energy ensures that its employment practices not
inclusive, equitable, and supportive work environment
only comply with national and international standards
(GRI 3-3). Our employment policies prioritize employee
but also reinforce a strong cultural foundation—one
welfare, professional development, diversity, and fair
that strengthens organizational resilience, supports
treatment, in alignment with the Company’s long-
employee well-being, and advances sustainable long-
term sustainability strategy (GRI 2-23). At the heart
term growth.
of this approach are our corporate values—Unity in
Diversity, Integrity, Teamwork, Agility, Achievement,
and Social Responsibility (UnITAAS) which serve as the Training, reskilling, and upskilling
foundational compass guiding how we lead, collaborate, programs to prepare employees for
and make decisions across the Group. evolving roles
Indika Energy invests in continuous learning to ensure
These values shape our leadership behaviors, influence
employees are equipped to adapt as the business
how we engage with one another, and provide a
transitions and new capabilities are required across the
consistent ethical foundation for our employment
portfolio. We strengthen workforce readiness through
practices. By embedding UnITAAS into our Human
targeted training, reskilling, and upskilling programs
Capital framework, we ensure that talent acquisition,
designed to prepare employees for evolving roles as the
performance management, talent development,
business transitions. Through technical development,
and workplace engagement are anchored in shared
leadership programs, and cross-functional learning
principles that promote respect, accountability, and
opportunities, we equip our people with the capabilities
continuous growth (GRI 404-2).
required across emerging sectors and new operational
models, supporting continuous learning and career
growth (GRI 404-1, 404-2) while advancing a just and
inclusive transition (GRI 3-3).
Enduring Commitments, Unlocking Value 97
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From Values to Behavior:
Embedding UniTAAS Across Indika Energy
At Indika Energy Group, our values are intended to To ensure sustained implementation, we appointed
guide how we work and interact every day. Unity in values champions in every division to monitor
Diversity, Integrity, Teamwork, Agility, Achievement, and guide activities aligned with UnITAAS. These
and Social Responsibility (UnITAAS) represent our champions played a pivotal role in translating
shared foundation. We recognize that defining these principles into action—facilitating discussions,
values is an important starting point but bringing integrating values into team objectives, and
them to life requires continuous effort. To support reinforcing expected behaviors in daily decision-
more meaningful implementation, we have worked to making. Following the program rollout, we conducted
make our values more tangible by clarifying the key a reassessment to measure progress and identify
behaviors that reflect their true meaning and how areas for continued improvement, embedding
they can be practiced in daily activities. This marks accountability into our cultural transformation.
an important step in our ongoing journey—from
understanding our values to living them consistently
across the organization.
Values only create impact when
In 2025, we adopted a more structured approach by they are lived consistently, when
assessing our organizational positioning and gathering
employee perceptions across the Group. Through
every decision, collaboration, and
surveys, dialogue sessions, and internal reflections, action reflects who we are and
we evaluated how well UnITAAS was understood and what we stand for.
practiced at both corporate and directorate levels.
The assessment enabled us to identify specific
value aspects that required strengthening within Looking ahead, we are preparing another series
each division. Based on these insights, we developed of continuous programs to further instill UnITAAS
targeted programs at two levels: corporate-wide behaviors across the organization. We recognize that
initiatives for all employees and directorate-specific shaping culture is not a one-time initiative but an
programs tailored to each operational context. Active ongoing commitment. Embedding values requires
participation was encouraged across the organization, continuous reinforcement, leadership example,
reinforcing that living our values is a shared and collective participation. Through sustained
responsibility. engagement and measurable implementation,
Indika Energy Group remains committed to ensuring
that UnITAAS becomes not just a framework,
but the behavioral foundation that supports our
transformation and long-term sustainability journey.
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Mandatory training Learning Management System (LMS)
Core training programs across Indika Energy cover A Group-wide Learning Management System supports
key areas including the Code of Conduct and Business continuous learning through online and offline programs.
Ethics, anti-bribery and anti-corruption policies, as well Training covers a broad range of competencies,
as health, safety, and environmental (HSE) practices. including leadership, project management, financial
These programs establish a common baseline of literacy, cybersecurity, strategic and business acumen
knowledge and reinforce responsible business conduct capability, communication, personal mastery, resilience,
across the Group (GRI 2-17, GRI 205-2, GRI 403-5). and technical skills, supporting career development and
organizational effectiveness (GRI 404-1, 404-2).
In 2025, we continued to refine a more efficient
approach to workforce development through internal
Career development initiatives and
training and knowledge-sharing sessions. This approach
succession planning
helped broaden the reach and overall impact of training,
reflected in the increase in participants and total Career development and succession planning are used
training hours, which exceeded 116,000 hours during to build internal capability, support continuity, and
the year. At the same time, Indika Energy continued to prepare employees for future leadership and specialist
develop a balanced approach to capability building while roles across the Group (GRI 3-3, 404-2).
encouraging wider employee participation (GRI 404-1,
404-2).
Retirement program (201-3)
Indika Energy is committed to supporting the well-being
Executive training program of its employees throughout their careers and into
A dedicated executive training programs were conducted retirement. The normal retirement age within the Group
for Group leaders and newly appointed subsidiary is generally between 55 and 56 years, in accordance with
directors, covering topics such as corporate actions, applicable regulations and company policies.
legal and trade practices, governance, business
opportunity development, and investment strategy. As part of this commitment, we provide a pension
In addition, refresher workshops were organized for program for eligible employees who reach retirement
Group executives to help enhance understanding age. The program is implemented according to BPJS
of the roles and functions of committees under the Ketenagakerjaan regulations, with contributions shared
Board of Commissioners, principles of good corporate between employees and the Company in line with
governance, legal fundamentals for Commissioners, prevailing requirements. Through this scheme, we seek
and corporate risk management. These programs to support employees’ long-term financial security and
are designed to support the ongoing development of provide a stable foundation for life after active service
leadership capabilities and to help inform decision- (GRI 201-3).
making as the business portfolio continues to evolve.
In addition to financial retirement benefits, Indika
External learning opportunities Energy facilitates pre-retirement training programs for
employees approaching retirement age. These programs
Employees are encouraged to participate in external are designed to enhance financial planning awareness,
learning, including industry conferences, expert- personal readiness, and post-employment transition
led webinars, and specialized training related to planning, helping employees prepare for the next stage
sustainability and business transformation, supporting of their lives with confidence.
exposure to emerging practices and perspectives (GRI
404-1, 404-2).
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Indika Energy Future Leaders Development Program:
Nurturing the Next Generation of Leaders to a Just
and Inclusive Transition
At Indika Energy Group, sustainability is not only about Business Performance Improvement (BPI): Learning
transforming our portfolio, but also about ensuring by doing
that our people grow alongside that transformation.
As we advance our energy transition journey, we Central to FLDP was the Business Performance
recognize that long-term success depends on leaders Improvement (BPI) initiative, which accounted for 70%
who can guide change responsibly, inclusively, and of the overall evaluation. Participants were divided
with empathy. The Future Leaders Development into cross-functional groups and assigned strategic
Program (FLDP) reflects this commitment to building project topics across seven subsidiaries.
leadership capacity for a just and inclusive transition.
Each group was supported by an internal coach,
The journey began with the 2024 Future Leaders reinforcing mentorship and practical guidance.
Gathering, where potential leaders across Indika The process involved problem identification and
Energy Group were identified and formally announced. analysis, development of strategic proposals, formal
This marked the starting point of a structured one- proposal presentations to leadership. This structure
year development program designed to prepare high- emphasized measurable business impact, cross-
potential talents for broader strategic responsibilities. functional collaboration, and real-world problem-
solving—capabilities essential for leading in a dynamic
transition environment.
Our transition will only succeed Preparing for strategic leadership
if our people grow with it. More than a leadership program, FLDP is part of
Indika Energy Group’s broader effort to ensure that
Developing inclusive, adaptable the energy transition creates shared opportunity.
leaders is central to that journey. By equipping talents to lead across functions,
businesses, and operational contexts, we strengthen
internal capability, enhance workforce mobility, and
Following a rigorous selection process conducted build organizational resilience.
together with CEOs across all business lines—ensuring
broad representation and equal opportunity—64
selected talents embarked on the FLDP 2025 journey.
On 16 December 2025 at INDY Bintaro Office Park, A just transition is not only about
these participants completed an intensive year of
leadership development.
shifting energy sources—it is
about preparing our people to
The 2025 program combined in-class learning,
strategic application, and real-world exposure. Core lead responsibly through change.
modules covered business mastery, innovation,
people and management, company visits and industry
Looking ahead, the Group is preparing further
benchmarking.
development pathways for 2026 participants,
Each module required individual assignments including advanced post-FLDP modules designed to
to ensure practical application of the concepts deepen strategic capability and strengthen the talent
learned. Participants also presented case analyses pool for critical business roles. FLDP is designed to
to strengthen strategic thinking and communication prepare future leaders who are capable of managing
skills. A key highlight was the benchmarking visit to PT and executing strategic business initiatives, leading
Paragon Technology & Innovation, where participants transformation across subsidiaries, and contributing
engaged in dialogue sessions and Q&A discussions meaningfully to Indika Energy Group’s long-term
exploring innovation management and organizational sustainability agenda.
culture. The visit provided valuable insights into how
With the completion of FLDP 2025, Indika Energy
strong culture and innovation ecosystems support
Group reinforces its commitment to building a strong
long-term business growth.
leadership pipeline—one that supports long-term
sustainability, strengthens organizational resilience,
and advances a just and inclusive transition for our
people and stakeholders
100 2025 Sustainability Report
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Sustainability Forum:
Enhancing ESG Practices
Through Shared Learning
To strengthen shared understanding and consistent
implementation of ESG priorities, Indika Energy
regularly convenes Sustainability Workshops attended
by members of our sustainability teams from across
Indonesia. Bringing together representatives from
multiple business units and operational sites, these
forums serve as a collaborative platform to align
perspectives, exchange practical insights, and deepen
technical understanding of the Group’s sustainability
commitments (GRI 2-24, 3-3).
Rather than a one-way knowledge session, the
workshops are designed as open discussions where
teams share real implementation experiences, what
works, what challenges arise, and how improvements
can be made. From regulatory updates and reporting
practices to community engagement strategies and
risk management approaches, participants learn
directly from one another’s field experiences. This
peer-to-peer exchange strengthens internal capacity
(GRI 404-2) and promotes greater consistency in
applying sustainability principles across diverse
operational contexts.
The sessions also reinforce how each sustainability
function contributes to broader Group targets,
ensuring that policy commitments are embedded
not only in documentation but also in day-to-
day practice (GRI 2-23). By connecting teams
across regions, the workshops foster collaboration,
accountability, and continuous improvement.
When we learn from one another,
sustainability moves from policy
to practice—creating consistent
impact across every site.
Over time, these gatherings have evolved into more
than coordination meetings—they have become a
learning community. Through shared dialogue and
collective problem-solving, our sustainability teams
continue to build a stronger, more unified approach to
delivering long-term impact across Indonesia.
Enduring Commitments, Unlocking Value 101
Page 102
Building Capability for Centre now supports leadership development and
soft skills enhancement, equipping employees with
Tomorrow: Kideco’s adaptability, collaboration skills, and strategic mindset
Integrated Learning needed in a changing energy landscape (GRI 404-1,
404-2). This integrated approach reflects Kideco’s
Ecosystem understanding that capability building must evolve
alongside business transformation.
Kideco’s commitment to operational excellence and
long-term sustainability is anchored in continuous
Learning is not an event — it is a
workforce development. Through the TERBAIK Centre continuous journey that prepares
(Training and Education for Better Achievement in our people to grow with the
Kideco), the company has built a structured platform
to strengthen employee competencies and support business.
evolving business needs (GRI 404-1, 404-2).
Initially established to enhance technical capabilities Complementing the TERBAIK Centre, the Kideco
among operators and mechanics, the TERBAIK Centre Academy was introduced as a dedicated space
provides hands-on, practical learning experiences for continuous learning and knowledge exchange.
through advanced simulators, machine replicas, Equipped with a library, computer stations, and
dedicated practice zones, and classroom facilities. presentation facilities, the Academy encourages
These training programs not only improve operational internal sharing sessions and cross-functional
efficiency and productivity but also reinforce safety dialogue. By engaging past training participants
standards and risk awareness across site (GRI 403-1, as peer facilitators, Kideco fosters a culture where
403-9). Facilitated by experienced internal trainers learning is shared, practical, and embedded in daily
and external experts, the programs are designed to operations (GRI 404-2).
ensure that employees remain competent, confident,
Together, the TERBAIK Centre and Kideco Academy
and aligned with industry best practices.
form a cohesive learning ecosystem that strengthens
Recognizing that sustainable performance requires technical proficiency, leadership capacity, and
more than technical expertise alone, Kideco expanded organizational resilience. These initiatives demonstrate
the Centre’s purpose into a more comprehensive Kideco’s commitment to investing in its people—
learning hub. In addition to technical training, the ensuring employees are well-prepared to adapt, grow,
and contribute meaningfully to the company’s long-
term sustainability journey (GRI 3-3, 404-1).
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INDY Club: Strengthening Connection, Well-Being,
and Engagement
At Indika Energy, we recognize that long-term To further promote holistic health, Indika Energy
business resilience is built on the well-being, organizes regular Health Talk sessions led by medical
connection, and empowerment of our people. We and wellness professionals. Covering topics such
therefore continue to cultivate a positive and inclusive as stress management, nutrition, mental resilience,
work environment that supports both personal and disease prevention, and ergonomics, these sessions
professional growth, while encouraging transparency, equip employees with practical tools to maintain
health, and open communication across all levels of physical and psychological well-being (GRI 403-3,
the organization (GRI 3-3). 403-6).
INDY Club serves as a vibrant platform for employees We also encourage open dialogue through Breakfast
to connect beyond their day-to-day responsibilities. and Dialogue forums—informal discussions where
Through sports activities, wellness initiatives, creative employees engage directly with the Board of
workshops, and religious gatherings, the club fosters Directors and the Human Capital team. These
teamwork, mutual respect, and a strong sense sessions provide space for questions, feedback,
of belonging across the Group. These initiatives and constructive exchange, strengthening trust
contribute to a supportive and engaged workplace and supporting transparent communication during
culture, reinforcing employee benefits and well-being organizational developments (GRI 2-29, 402-1).
programs (GRI 401-2, 403-6).
In addition, employees have access to regular medical
checkups, medical and psychological support through
in-house and partner healthcare professionals,
Valued and heard, we build not including regular health check-ups and mental health
only a stronger culture, but a consultations. By ensuring access to comprehensive
well-being support, Indika Energy reinforces its
more resilient future. belief that a healthy, heard, and valued workforce is
fundamental to sustainable performance (GRI 401-2,
403-6).
Through INDY Club and related initiatives, we continue
to nurture a workplace where employees feel
connected, supported, and empowered to grow—both
individually and collectively.
Enduring Commitments, Unlocking Value 103
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DEI (Diversity, Equity, and Inclusion) Zero tolerance for harassment
Indika Energy enforces a zero-tolerance approach
Promoting representation and inclusion to harassment across all operations, with the aim
of ensuring a safe, respectful, and inclusive working
Indika Energy seeks to increase representation across environment for employees, business partners, and other
all levels of the organization, particularly in traditionally stakeholders (GRI 3-3, 406-1). This commitment applies
male-dominated sectors, by strengthening women’s regardless of role, location, or employment status.
participation in leadership and technical roles (GRI
3-3, 405-1). Our approach includes expanding into Clear expectations regarding respectful behavior are
business areas that offer more inclusive employment outlined in the Group Code of Conduct (GRI 2-23),
opportunities and ensuring equal access to career supported by regular awareness and training programs
advancement based on merit and capability (GRI 405-2, that help employees recognize different forms of
406-1). harassment and understand available reporting channels
(GRI 404-1, 406-1).
We also promote local hiring to support economic
inclusion and skills development in communities Reporting and resolution mechanisms are designed to
surrounding our operations (GRI 413-1). In 2025, local be accessible and confidential, with protections in place
hiring accounted for 44.77% of our total workforce, to prevent retaliation (GRI 2-26). Through consistent
reflecting our commitment to generating shared value enforcement, awareness-building, and monitoring of
and strengthening community participation in our growth reported cases (GRI 406-1), the Group works to foster a
(GRI 202-2). workplace culture where individuals feel safe to speak
up and are supported in carrying out their roles with
Equal opportunity confidence and dignity.
Indika Energy applies merit-based recruitment,
development, and advancement practices to ensure Fair pay and benefits
fair access to opportunities, regardless of gender, Indika Energy applies fair and equitable compensation
background, or personal characteristics (GRI 3-3, practices that support employee well-being, financial
405-1, 406-1). This commitment supports a diverse security, and long-term retention (GRI 3-3). The
workforce that brings varied perspectives, strengthens Group ensures that its lowest level of compensation
decision-making, and enhances long-term organizational exceeds applicable local minimum wage requirements,
performance (GRI 405-1). contributing to a fair standard of living across all
operations (GRI 202-1).
Women represent 20.30% of the Group’s total workforce
and 16.08% of senior management positions as of the Compensation and benefits are determined based
end of 2025, reflecting ongoing progress toward more on role requirements, performance, and merit, and
balanced representation (GRI 405-1). Through inclusive are implemented consistently without discrimination
policies, leadership development initiatives and equitable based on gender, age, ethnicity, or other personal
workplace practices (GRI 405-2), Indika Energy continues characteristics (GRI 405-2, 406-1).
to strengthen gender diversity and foster an enabling
environment that supports women’s participation and
Beyond base pay, employees receive a comprehensive
advancement across the Group (GRI 406-1).
benefits package designed to support their well-being
and financial security (GRI 401-2). Depending on
employment status, benefits may include social security
coverage through BPJS Health and Employment, health
insurance, life insurance, meal and transportation
allowances, communication allowances, paid annual
leave, religious holiday allowances (THR), parental leave,
special religious leave (cuti ibadah), and long-service
leave for employees who have completed reaching five
years of service.
104 2025 Sustainability Report
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Benefit entitlements vary by employment category. Local hiring and community development
Permanent employees receive the full benefits package.
Temporary employees receive similar benefits, excluding Indika Energy prioritizes local hiring as a way to
life insurance coverage. Part-time employees are entitled strengthen economic participation and build shared
to remuneration and BPJS coverage in accordance value in areas where the Group operates. By employing
with applicable regulations. For outsourced personnel, local workers and engaging local suppliers where
compensation is provided in line with prevailing labor feasible, we contribute to household incomes, skills
regulations, while other employment benefits are development, and broader economic activity at the
administered by the respective service providers under regional level. In 2025, local hires accounted for 44.77%
contractual arrangements. of the Group’s total workforce, reflecting our continued
focus on building local capacity alongside operational
needs.
Through this structured benefits framework, Indika
Energy seeks to ensure fair and consistent treatment
across its workforce while complying with applicable Community development initiatives focus on education,
regulations and supporting employee well-being. sustainable livelihoods, and empowerment programs
tailored to local needs. These initiatives are designed
through engagement with communities and local
Disability inclusion in the workplace stakeholders, with the aim of strengthening self-reliance
rather than creating dependency. Programs span skills
Indika Energy is committed to creating a workplace
training, support for small enterprises, and community-
where employees of all abilities can contribute
based economic activities aligned with local contexts.
meaningfully and develop their potential (GRI 3-3). The
Group supports the inclusion of people with disabilities
by providing equal access to employment opportunities We also support youth engagement and skill-building
and career development (GRI 401-1, 404-2), as well as through education-related initiatives and training
appropriate workplace accommodations to ensure a opportunities that prepare young people for employment,
safe and supportive working environment (GRI 403-3). entrepreneurship, and participation in emerging sectors.
These efforts reflect a long-term approach to community
development, linking human capital growth with local
This approach goes beyond regulatory compliance,
economic resilience.
reflecting a broader effort to cultivate a culture grounded
in respect, non-discrimination, and belonging (GRI
406-1). At Kideco, for example, an employee with Our 2025 employee demographics
disabilities plays an active role in day-to-day operations,
demonstrating how inclusive practices strengthen As of 31 December 2025, Indika Energy Group employed
teamwork and organizational performance while 4,306 individuals across its operations, supported by
advancing equal opportunity principles (GRI 405-1). 2,668 outsourced personnel to maintain operational
flexibility. Our workforce reflects a diverse mix of gender,
age groups, nationalities, and educational backgrounds,
Ongoing initiatives include improving workplace
strengthening organizational capability and broadening
accessibility, deploying assistive technologies, and
perspectives across the Group (GRI 405-1).
delivering targeted training programs (GRI 404-2),
alongside disability awareness and sensitivity training
for employees (GRI 404-1). By embedding disability Throughout the year, we remained committed to
inclusion into its values and sustainability priorities, managing employee transitions responsibly through
Indika Energy reinforces its commitment to social career development opportunities, internal mobility, and
equity, diversity and equal opportunity (GRI 405-1, structured organizational adjustments. These efforts
406-1), enabling all employees to participate fully in the form part of our broader commitment to supporting
organization’s success. long-term employee well-being, professional growth, and
financial stability, reinforcing our aspiration to build a
resilient, sustainable, and people-centered organization.
Enduring Commitments, Unlocking Value 105
Page 106
Figure 42. Indika Energy Group employee demographics
Number of employees
Gender (GRI 405-1)
2023 2024 2025
Male 2,908 3,085 3,432
Female 671 780 874
Number of employees
Age group (GRI 405-1)
2023 2024 2025
<30 years old 1,083 1,184 1,237
30-50 years old 2,084 2,256 2,565
>50 years old 412 425 504
Number of employees
Educational background (GRI 405-1)
2023 2024 2025
Doctorate 4 9 11
Master’s degree 257 287 320
Bachelor’s degree 2,012 2,271 2,469
Associate degree 314 375 400
Elementary to high school 992 923 1,106
Number of employees
Nationality (GRI 405-1)
2023 2024 2025
Indonesian 3,555 3,846 4,286
Bulgarian 1 1 1
Filipino 1 1 1
Indian 5 4 4
South Korean 5 3 3
Trinidad and Tobago 1 1 0
American 2 2 1
Australian 3 3 1
Singaporean 4 4 4
New Zealander 1 0 0
Canadian 1 0 1
Japanese 0 0 2
Dutch 0 0 1
Chinese 0 0 1
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Figure 43. Women representation in Indika Energy Group in 2025 (GRI 405)
Number of
Description %
employees
Overall employee
Male 3,432 79.70%
Female 874 20.30%
Senior management
Male 167 83.92%
Female 32 16.08%
Figure 44. Indika Energy Group employees by employment type in 2025 (GRI 2-7)
Description Permanent Temporary / contract workers
Male 1,947 1,485
Female 592 282
• Note: It is not possible to categorize employees by work region as they may be assigned to projects in several locations.
Figure 45. Workers not directly employed by Indika Energy Group (GRI 2-8)
Workers who are not employees (GRI 2-8) 2024 2025
Outsourced staff 1,847 2,668
• Note: Due to the flexibility of assignments across various project locations, employees are not categorized by work location.
Figure 46. Diversity of governance bodies (GRI 405-1)
2025
Description
Number of employees %
By gender
Male 3,432 79.70%
Female 874 20.30%
By age group
<30 years old 1,237 28.73%
30-50 years old 2,565 59.57%
>50 years old 504 11.70%
Enduring Commitments, Unlocking Value 107
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Figure 47. Number of new hires (GRI 401-1)
Number of new hires (GRI 401-1) 2025
By gender
Male 640
Female 167
By age group
<30 years old 319
30-50 years old 372
>50 years old 116
• Note: Due to the flexibility of assignments across various project locations, employees are not categorized by work location.
Figure 48. Number of employees turnover (GRI 401-1)
Description 2025
By gender
Male 929
Female 311
By age group
<30 years old 483
30-50 years old 634
>50 years old 123
• Note: Due to the flexibility of assignments across various project locations, employees are not categorized by work location.
Figure 49. Types of employee turnover (GRI 401-1)
Description 2023 2024 2025
Voluntary 1.71% 0.83% 2.32%
Involuntary 2.75% 3.62% 12.49%
Total 4.46% 4.45% 14.82%
Figure 50. Parental leave entitlement, utilization, and return-to-work rate by gender (GRI 401-3)
Description (GRI 401-3) Male Female
Total number of employees entitled to parental leave 2,157 320
Total number of employees that took parental leave 144 31
Return to work rate 97.92% 74.19%
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Figure 51. Training parameters (GRI 404-1, 404-3)
By gender By level
Description Unit Total
BOC, BOD, Manager
Male Female
Executive below
Total hours of training Hours 95,709 20,338 2,941 113,106 116,047
Average hours of training Hours 27.89 23.27 16.52 27.40 26.95
per employee
Percentage of employees % 100% 100% 100% 100% 100%
receiving performance
and career development
reviews
Masmindo collaborates with local coffee farmers to enhance coffee
productivity and quality while supporting sustainable livelihoods and
community development.
Enduring Commitments, Unlocking Value 109
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INDY Women in Action: When Women Inspire Change
As the opening event of Indika Energy’s 25th The event concluded with a reflective session led
anniversary celebration, INDY Women in Action by psychologist Pritta Tyas on “Finding Harmony in
brought together more than 300 women from across a Fast-Paced World.” Through practical mindfulness
the Group in a shared space designed to strengthen techniques and mental well-being strategies,
diversity, equity, and inclusion. Held in conjunction participants were encouraged to maintain balance
with Kartini Day on 21 April at INDY Bintaro Office amid professional responsibilities and personal
Park, South Tangerang, the event underscored the commitments, recognizing that sustainable
Company’s commitment to fostering an inclusive performance begins with emotional resilience
workplace—where women are supported with equal
opportunities, empowered to grow, and encouraged to .
contribute fully to organizational progress.
Advancing diversity and inclusion
More than a symbolic celebration, INDY Women in
Action served as a meaningful platform where women
is not just about representation
could exchange experiences, broaden perspectives, it is about unlocking the full
and strengthen their personal and professional potential of every woman to lead
capabilities. The forum recognized the dual roles many
women balance—both as professionals and as pillars and create lasting impact.
of their families, while celebrating their resilience,
leadership, and contributions across the organization.
The strong engagement and enthusiasm from
The highlight of the event was a panel discussion participants demonstrated the importance of creating
titled “Women Driving Change Through Purpose and inclusive spaces where women can connect, learn,
Innovation.” The session featured Retno Marsudi, and grow together. INDY Women in Action was not
Minister of Foreign Affairs of Indonesia (2014–2024) merely a ceremonial gathering, it marked a concrete
and Retina Rosabai, Director and Group Chief Financial step in strengthening an inclusive workplace culture
Officer of Indika Energy. Drawing from the legacy where women are empowered to lead, innovate, and
of Raden Ajeng Kartini, Retno Marsudi reminded contribute meaningfully to Indika Energy’s long-term
participants that educating women means shaping sustainability journey.
future generations. She highlighted the need for
The spirit of solidarity and inspiration fostered
adequate support systems that empower working
through this event is expected to resonate well
women to perform their roles optimally. Echoing
beyond the celebration, encouraging women across
this perspective, Retina Rosabai encouraged Indika
the Group to continue driving positive change
Energy’s women to step forward boldly, embrace
wherever they are.
leadership opportunities, and continuously develop
themselves to drive innovation and impact.
The second session focused on financial
empowerment, delivered by financial planner Prita
Ghozie through a presentation titled “Building
Financial Confidence, Independence and Investment.”
Participants gained practical guidance on managing
household finances, building emergency funds,
and selecting appropriate investment strategies.
The session reinforced that financial literacy and
independence are essential foundations for long-term
stability and informed decision-making.
110 2025 Sustainability Report
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Enduring Commitments, Unlocking Value 111
Page 112
At KALISTA, the KALISTA Digital Dashboard supports
Safety performance and culture real-time monitoring of electric vehicle fleet operations,
including vehicle location, battery performance, and
Occupational health and safety metrics charging status. The system also includes driver
behavior monitoring, fatigue detection, and collision
Indika Energy monitors occupational health and safety
alerts to support safer operations while tracking energy
performance for both employees and contractors across
use and emissions.
the Group using a consistent set of key indicators that
provide a comprehensive view of incident occurrence,
Indika Energy also deploys digital safety tools such as
severity, and exposure (GRI 3-3, 403-9). These indicators
HAZOB for hazard reporting, BBS for behavior-based
include fatalities, lost-time injuries, recordable injuries
safety monitoring, PTO for tracking safety certifications,
and high-consequence incidents, together with total
and SHEPRO for operational risk management. Through
manhours worked, forming the basis for evaluating
this integrated approach, the Group continues to
overall safety performance across operations (GRI 403-
strengthen a proactive safety culture and improve OHS
9).
performance across its operations.
To ensure consistency and comparability, we track
Implementation of the system is supported by strong
standardized safety rates, including the Lost Time
leadership oversight, active employee participation, and
Injury Rate (LTIR) and Total Recordable Injury Rate
regular monitoring and evaluation processes to ensure
(TRIR), in line with our occupational health and safety
consistent application across entities and alignment
management system (GRI 403-1, 403-2). These metrics
with prevailing national regulations and relevant industry
are reviewed regularly to identify trends, assess risks,
certifications. Through this integrated approach,
and inform targeted corrective and preventive actions
Indika Energy continues to foster a proactive safety
(GRI 403-7). This structured and data-driven approach
culture while enhancing occupational health and safety
supports continuous improvement and reinforces
performance throughout the Group (GRI 403-1).
the Group’s commitment to protecting employees,
contractors, and all parties involved in its activities.
Safety culture initiatives and employee
In addition to regulatory compliance, several subsidiaries engagement in safety programs
have voluntarily adopted internationally recognized
Beyond measurement, Indika Energy places strong
occupational health and safety standards, including
emphasis on building a safety culture that prioritizes
OHSAS 18001:2007 and ISO 45001:2018, to strengthen
awareness, responsibility and shared ownership (GRI
risk management, operational safety practices, and
3-3, 403-1). Safety programs are designed to actively
continuous improvement across the Group. The
involve employees and contractors through regular
Occupational Health and Safety (OHS) management
training, site-level engagement and clear communication
system encompasses hazard identification and risk
of safety expectations (GRI 403-5, 403-8).
assessment, operational controls, safety training
and competency development, contractor safety
management, incident reporting and investigation, as Safety training serves as a primary mechanism to embed
well as emergency preparedness and response. this culture across our diverse business operations.
All employees and contractors in the operational sites
are required to complete mandatory safety induction
To further strengthen workplace safety, Indika Energy
prior to commencing work. This induction introduces
leverages Industry 4.0 technologies for real-time
core occupational health and safety principles, hazard
monitoring and risk management. At Kideco, the
identification and reporting procedures, emergency
Nembayung platform enables employees to identify and
response protocols, and individual rights and
report potential hazards, supporting proactive safety
responsibilities in maintaining a safe work environment.
management. At Interport, the INSTINCT (Interport HSE
Information and Communication Technology) system
provides real-time safety monitoring and enables faster
response to potential risks.
112 2025 Sustainability Report
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Safety Starts with Me:
Strengthening Our
Culture of Care
At Indika Energy, safety is more than a system, it is
a shared responsibility embedded in how we think,
decide, and act every day. Across our operations, we
continue to reinforce a proactive safety culture where
every individual is empowered to identify risks, speak
up, and intervene before incidents occur.
Throughout the year, safety initiatives focused
not only on compliance with procedures, but on
strengthening awareness and behavioral ownership.
Through regular toolbox meetings, leadership safety
walks, refresher training, and open reporting channels,
employees and contractors are encouraged to
actively participate in hazard identification and risk
mitigation. These efforts are supported by structured
occupational health and safety management systems
(GRI 403-1) and continuous improvement processes
following incident investigations (GRI 403-2).
Safety is not only about rules and
procedures, it is about protecting
one another, every day, without
exception.
A key emphasis has been building a “care culture”—
where safety is viewed not as an obligation, but as
a commitment to protect colleagues, families, and
communities. Worker engagement and consultation
mechanisms (GRI 403-4) ensure that feedback from
the field informs procedural updates and preventive
actions. Lessons learned are shared across sites to
strengthen consistency and reduce recurrence risks.
While challenges remain in complex operational
environments, our commitment is clear: every incident
is preventable, and every voice matters. By reinforcing
leadership accountability, strengthening controls, and
encouraging open communication, we continue to
advance toward our long-term goal of zero serious
incidents (GRI 403-9).
Through collective vigilance and shared responsibility,
safety becomes not just a performance metric—but a
value that guides how we operate.
Enduring Commitments, Unlocking Value 113
Page 114
Following induction, employees participate in periodic In 2025, we recorded a Lost-Time Injury Rate (LTIR)
refresher training and role-based programs tailored to of 0.00 and a Total Recordable Incident Rate (TRIR)
their respective operational risk profiles. Depending of 0.27 for employees. For contractors, the LTIR was
on the nature of activities, this may include training 194.99 and the TRIR was 0.03. During the year, Indika
on safe work practices, risk assessment processes, Energy also experienced two contractor fatalities
use of personal protective equipment (PPE), permit- at separate operational sites. These incidents were
to-work systems, and emergency preparedness. For deeply regrettable and were treated with the utmost
higher-risk roles, additional competency-based training seriousness. Our immediate priority was to provide
and certification requirements are implemented to support to the affected families through direct
ensure appropriate technical capability and regulatory engagement, assistance, and ongoing care, while
compliance. The training is delivered through a ensuring that appropriate follow-up actions were
combination of classroom sessions, on-site briefings, undertaken across the relevant operations.
and practical simulations (GRI 403-5).
The incidents were related to operational activities
At the site level, training and awareness efforts are involving water-pump operations and maintenance work
complemented by periodic OHS forums and discussion at height. Following the events, the Company suspended
sessions that provide a platform for employees and the relevant activities and conducted comprehensive
contractors to share experiences, discuss operational safety stand-down sessions to reinforce hazard
safety challenges, review incident learnings, and awareness and strengthen risk control measures across
exchange practical solutions. These forums encourage operations. Notifications were also submitted to relevant
open dialogue and reinforce collective accountability for stakeholders, including local manpower authorities
workplace safety within each operational area. and clients, in accordance with applicable regulatory
requirements.
In addition, various awareness-raising programs are
conducted to reinforce key safety messages and Investigations were conducted internally in coordination
promote safe behaviors in daily operations. These with the respective clients, and we supported official
may include safety campaigns, thematic safety days, reviews carried out by local authorities. Comprehensive
regular safety communications, visual reminders in the investigation reports were prepared, including root cause
workplace, and other engagement activities designed findings and action closure plans.
to keep safety at the forefront of employees’ and
contractors’ responsibilities. Based on the investigation outcomes, corrective and
preventive measures were implemented, including:
Collectively, these training, discussion, and awareness
initiatives are designed to strengthen hazard » Review and restructuring of OHS standard operating
identification and risk assessment capabilities, procedures and administrative controls
encourage early reporting of unsafe conditions and near
misses, and reinforce safe behaviors in daily operations » Re-socialization and reinforcement of safety
(GRI 403-2, 403-9). By promoting open communication procedures across operational teams
and consistent engagement across all levels of the » Technical assessment of equipment and operational
organization, we strive to embed safety into how work systems
is planned, executed, and continuously improved across
» Deployment of qualified and competent technical
our diverse operating environments (GRI 403-7).
personnel for high-risk activities
» Strengthening our contractors and employees’ safety
Progress toward zero-incident goals oversight and supervisory accountability
Indika Energy’s long-term objective is to achieve zero
» Safety awareness campaigns and communication of
serious incidents across all our operations. Progress
lessons learned across sites
toward this goal is supported through continuous
monitoring, strengthened controls and learning from » Evaluation and clarification of roles and
incidents to prevent recurrence. While the operating responsibilities for safety accountability
context varies across sites, maintaining a strong safety In parallel, we have conducted a broader review to
culture, supported by clear systems and leadership identify categories of high-risk operational activities
commitment, remains central to protecting people and across our sites, including work at height, equipment
sustaining safe operations over time (GRI 3-3, 403-1, and mechanical operations, and other tasks with
403-7) elevated risk exposure. Enhanced controls, strengthened
supervision, and reinforced competency requirements
have been applied to these identified high-risk activities,
with lessons learned integrated into ongoing risk
management and control improvement processes.
114 2025 Sustainability Report
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Indika Energy remains committed to strengthening its provides comprehensive healthcare services, including
occupational health and safety management system and general medical consultations, dental care, maternal and
ensuring robust preventive controls for all individuals child health services, laboratory examinations, pharmacy
working under its operational control (GRI 403-2, 403-4). services, and emergency care (IGD), serving employees
and their families.
Work-related illness (GRI 403-10)
Accredited with Paripurna status, Klinik Pratama Kideco
During the reporting period, Indika Energy recorded upholds high standards of healthcare quality and
zero cases of work-related ill health among employees patient safety. Beyond supporting workforce health, the
and contractors. The Group continues to implement clinic also contributes to the well-being of surrounding
preventive occupational health programs, regular communities.
medical monitoring, and risk control measures to
minimize potential exposure to workplace health In addition, Kideco has launched a Mental Health
hazards and maintain a safe and healthy working Program aimed at supporting the psychological well-
environment. being of employees and their families. The program
provides access to professional psychological
Strengthening this commitment, the Company’s counseling services, with licensed psychologists
subsidiary, Kideco, operates an onsite healthcare facility, available for in-person consultations at the Kideco Clinic
Klinik Pratama Kideco, to ensure timely and accessible on a weekly basis, offering a dedicated platform for
medical services. The clinic operates 24 hours a day and employees to manage and maintain their mental health.
Figure 52. Health and safety performance (GRI 403-9, 403-10)
TOTAL
Description
2023 2024 2025
For employees
Number of fatalities 0 1 0
Number of lost time injuries 0 6,001 0
Number of recordable injuries 2 12 2
Number of high consequence injuries 0 0 0
Number of hours worked 30,603,127 9,507,340 7,347,323
Lost Time Injury Rate 0.00 631.20 0.00
Total Recordable Injury Rate 0.01 0.25 0.27
For contractors
Number of fatalities 2 0 2
Number of lost time injuries 12,188 1 12,001
Number of recordable injuries 8 24 2
Number of high consequence injuries 2 0 1
Number of hours worked 58,606,276 56,559,444 61,546,507
Lost Time Injury Rate 41.59 0.02 194.99
Total Recordable Injury Rate 0.03 0.08 0.03
Enduring Commitments, Unlocking Value 115
Page 116
Energizing Indonesia: Supporting Education (GRI 413-1)
community well-being Indika Energy Group supports education initiatives aimed
at strengthening human capital and expanding access
Our engagement with communities goes beyond our to quality learning opportunities within communities
operational presence. We recognize that our activities surrounding our operations. Through scholarships,
take place within communities, and we are committed to capacity-building programs, and collaboration with
contributing positively to the regions where we operate. educational institutions, the Group seeks to enhance
During the reporting year, 78.6% of our operational sites skills development, improve learning outcomes, and
were covered by structured community engagement, prepare future generations to participate in sustainable
impact assessments, and development programs. economic growth.
The remaining operations are administrative or non-
operational in nature and have limited direct interaction During the reporting year, Indika Energy Group
with surrounding communities (GRI 413-1). implemented education programs across its operations
to promote inclusive learning and capacity development
For us, sustainable development is not only about for students, educators, and communities, with a strong
providing energy solutions, but also about supporting focus on expanding access to education through
resilience, expanding opportunities, and contributing scholarship initiatives. These included the Indika Energy
to improved well-being. By listening to and engaging Cerdaskan Anak Bangsa program for employees’ and
with local stakeholders, we seek to align our activities frontliners’ children, as well as the Tripatra Cerdaskan
with community priorities, ensuring that our growth is Anak Bangsa Scholarship, which benefited more than
thoughtful and inclusive (GRI 203-1, 413-1). 500 students. Indika Energy also partnered with the
Karya Salemba Empat (KSE) Foundation, providing three-
Managing social impact is an integral component of year educational funding to support underprivileged
Indika Energy Group’s responsible business approach university students in pursuing higher education.
and long-term sustainability strategy. The Group
conducts regular social impact assessments to School and youth development initiatives were further
identify potential risks and opportunities arising from strengthened through Tripatra’s Engineering for
its operations, supported by continuous stakeholder Teenagers, and Interport’s teacher capacity-building,
engagement and structured evaluation processes. These Green School Program, and 3R education training.
mechanisms enable us to proactively mitigate potential INVI complemented these efforts through the INVI
adverse impacts while enhancing positive socio- Goes to School EV Library Bus, promoting literacy and
economic contributions to surrounding communities. sustainable technology awareness among students.
Based on assessments conducted during the
reporting year, no operations were identified as having The Group also promotes inclusive and community-
significant actual or potential negative impacts on local based education. Kideco implemented Kideco DREAMS
communities (GRI 413-2). (Kideco Cares for Difable Communities), supporting
children with special needs and their caregivers in Paser
Building on these insights, Indika Energy implements Regency, benefiting more than 600 individuals, while
a structured Social Impact Framework that focuses Indika Nature delivered training on patchouli cultivation
on creating sustainable and inclusive development and post-harvest processing to farmers in Pemalang
outcomes in areas where we operate. Our community and Purbalingga to strengthen community skills and
investment initiatives are organized around three sustainable livelihoods.
interconnected pillars—education, health, and
community empowerment—which collectively aim to Health (GRI 203-2, 413-1, 413-2)
strengthen human capital, improve quality of life, and
foster local economic resilience. Through partnerships Indika Energy Group contributes to improving
with local stakeholders, governments, and community community health and well-being by supporting
organizations, these programs are designed to generate preventive healthcare programs, access to basic health
lasting benefits and support shared value creation services, and nutrition initiatives that address local
aligned with regional development priorities (GRI 203-2, health priorities. These efforts aim to enhance public
413-1). awareness, strengthen community health capacity, and
promote long-term social resilience and quality of life.
116 2025 Sustainability Report
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In 2025, Indika Energy has created positive social impact for more than
255,100 people in communities surrounding its operational areas by improving
access to healthcare, education, community development programs, and
infrastructure.
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Aligned with our flagship program on stunting reduction, Supporting this approach, Indika Nature, through its
Kideco implemented the CANTING (Cegah dan Tangani Natura Aromatik Nusantara (Natura), introduced a
Stunting) initiative across 15 villages in Paser, East regenerative cultivation model in Karangjengkol Village,
Kalimantan. The program delivers integrated support, Purbalingga, aimed at strengthening environmental
including assistance for high-risk pregnancies and sustainability, social inclusion, and transparent
postnatal care, medical outreach services, community governance across the value chain. Beyond meeting
health cadres’ capacity building, supplementary production objectives, the initiative focuses on improving
nutrition provision, and family-based maternal and child supply chain structures and farmer livelihoods, with
health education through Kelas SIAGA. Through these participating farmers recording average income levels
efforts, more than 700 community members benefited, approximately 62% above the local minimum wage,
contributing to improved maternal and child health contributing to improved household financial security
outcomes in surrounding operational areas. and long-term economic confidence.
Reinforcing these initiatives, Interport supported During the reporting year, Kideco implemented the One
community health improvement through its Stunting Contractor One PROKLIM Village initiative, a collaborative
Family Assistance Program, which strengthened local program involving operational contractors to enhance
healthcare capacity through posyandu cadre training, village resilience. The program supports community
early childhood stunting prevention education, and development across food and water security, public
nutrition support for pregnant mothers. health, waste management, increased green cover, as
well as climate adaptation and mitigation efforts, while
Complementing the Group’s collective efforts, Tripatra strengthening local institutional capacity in managing
implemented the Cegah Stunting Program, delivering drought and flood risks.
nutrition education and preventive health interventions
aimed at reducing stunting risks and promoting healthier Tripatra contributed through the UMKM Masa Depan:
community development in its operational areas. Berdampak, Berkelanjutan Program, supporting micro,
small, and medium enterprises (MSMEs) through
Aligned with Indika Energy’s commitment to improving business capacity development and the promotion of
public health, Masmindo expanded access to essential sustainable entrepreneurship practices. Complementing
healthcare services by providing medical services and these efforts, Interport supported coastal livelihoods
doctor outreach visits to more than 1,300 beneficiaries through boat engine assistance for fishermen along
across 12 villages in Latimojong, South Sulawesi. the Balikpapan coast to help improve productivity and
These efforts addressed 52 identified stunting cases income generation, alongside implementation of the
and contributed to a significant reduction in stunting Climate Village Program, including disaster mitigation
prevalence, decreasing from 19% to 7%. Additionally, training to strengthen community preparedness and
Masmindo piloted the nutritious lunch program in two climate resilience.
schools within its operational ring area, benefiting
more than 160 students and supporting improved child In the Latimojong area, Masmindo further advanced
nutrition outcomes. local economic empowerment by supporting 45 farmers
in Toklajuk Village through the provision of 2,000 Arabica
Komasti coffee seedlings, covering approximately 1.2
Community empowerment (GRI 413-1) hectares of plantation area to promote sustainable
Indika Energy Group promotes community agricultural livelihoods. Masmindo also facilitated the
empowerment by supporting sustainable livelihoods, establishment of three community cooperatives—Sarre
local entrepreneurship, and inclusive economic Seia Sekata, Sipakatuo, and Hasil Tani—comprising
participation within communities surrounding its 73 members across three villages, providing inclusive
operations. Through skills development, support for platforms for community-based economic activities.
micro and small enterprises, and community-based These initiatives were complemented by support for
resilience programs, the Group seeks to strengthen the Climate Village Program through the formation of
local economic capacity while enabling communities to community working groups in Toklajuk and Boneposi
enhance self-reliance and achieve long-term inclusive Villages, strengthening local capacity in climate action
growth. implementation and long-term community resilience.
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Infrastructure development (GRI 203-2, Complementing these initiatives, Indika Energy Group
413-1) also supported Indonesia’s transition toward sustainable
mobility through the development of electric vehicle
Beyond community development programs, Indika charging infrastructure, reinforcing its commitment
Energy Group’s presence in remote operational areas to future-ready infrastructure and low-carbon
enables the creation of lasting socio-economic value transportation systems.
through strategic infrastructure development. In 2025,
the Group advanced access to essential infrastructure,
During the reporting year, Indika Energy Group
including clean water systems, community and
implemented various infrastructure development
education facilities, and public utilities, contributing to
initiatives aimed at supporting community welfare
improved living standards, enhanced economic activity,
and improving access to essential services in
and strengthening long-term community resilience (GRI
surrounding operational areas. These initiatives included
203-2).
improvements in clean water access, education
infrastructure, community facilities, and public utilities
Interport contributed to improving basic service to address local development needs and enhance
accessibility through the construction of a community community resilience (GRI 203-1).
water tower, strengthening local water distribution
and reliability. The company also revitalized the Paser
Mayang Village Mosque, located within a local market
area. The installation of an external canopy expanded
the mosque’s capacity and improved the functionality of
255,100+ lives impacted
Through our community development programs
shared public spaces, supporting community interaction across our areas of operation
and social activities.
In parallel, Masmindo implemented integrated
infrastructure initiatives across Latimojong, South IDR 71.35 billion+ invested
Sulawesi to address fundamental community needs. In education, healthcare access, environmental
The revitalization of clean water facilities in Ranteballa conservation, and livelihood development
Village expanded access to safe water for more than
100 households, four public facilities, and five places of
worship, contributing to the achievement of SDG targets
on clean water and sanitation through collaboration with 85+ UMKM empowered
local governments, communities, and strategic partners. Supporting inclusive local economic growth
Infrastructure improvements to the Jingkar Latimojong across our operational footprint
road enhanced connectivity and mobility across seven
surrounding villages, supporting economic access and
service delivery. In addition, Masmindo also renovated
the elementary school infrastructure in Salubulo created 1,900+
a safer and more conducive learning environment, Local employees hired
strengthening access to quality education for local
students.
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122 2025 Sustainability Report
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INDIKA NATURE
From Patchouli to Prosperity – Strengthening
Livelihoods within the Community in Purbalingga
Indonesia produces approximately 90% of the
world’s patchouli oil supply, contributing up to USD
150 million in annual exports. Beyond its economic “Having a job makes me happy, it
value, patchouli represents cultural heritage and a
significant opportunity to uplift rural communities.
also helps my financial condition,”
Recognizing this potential, Indika Nature—through Rusmeni Sakim, a local farmer in
its Natura Aromatik Nusantara (Natura) initiative— Karangjengkol.
launched a regenerative cultivation model in
Karangjengkol Village, Purbalingga, designed to
strengthen environmental sustainability, social inclusion, and transparent governance across the value chain.
Launched in January 2025, the Sustainable Patchouli Cultivation Program transforms previously idle land
into productive plantations while restoring Central Java’s legacy as a patchouli-producing region. Guided by
the SMART framework, the program integrates cultivation, empowerment, and traceability into one cohesive
ecosystem. It targets the development of 10 hectares of core plantations and 26.80 hectares managed by 70
partner farmers, with a production goal of 1,500 kilograms of patchouli oil by the end of 2025.
Beyond production targets, the initiative prioritizes structural improvements within the supply chain. Natura
provides working capital, two on-site distillation units, technical training, and standardized operating procedures
(SOPs), addressing long-standing challenges such as price volatility, land degradation, and dependence on
middlemen. Guaranteed purchase agreements and fair pricing mechanisms provide stability, while a fully
traceable supply chain ensures transparency and accountability from farm to finished product.
The program has delivered measurable social and economic
impact. Farmer participation has grown from 15 to 70
“We want this cooperation individuals—a 367% increase—with women now actively
engaged in cultivation and processing activities. Average
to last, with stable prices, farmer income has reached IDR 45.40 million per hectare
so that it brings benefits annually, approximately 62% above the local minimum wage,
to everyone,” Erno and enhancing household financial security and long-term
confidence. Environmental performance is also embedded in
Darpin, local farmers in the model: 100% of harvests are traceable, 50% of distillation
Karangjengkol. waste is reused as fuel and compost through circular
practices, and previously idle land has been revitalized for
productive use.
What differentiates this initiative is its integrated and future-ready approach. Every harvest is traceable and
documented, strengthening trust across the value chain. Beyond advisory support, Natura equips farmers with
capital, technology, and technical expertise to ensure consistent, high-quality yields. The program actively
promotes inclusivity by engaging women and youth, while safeguarding farmers through purchase contracts
and direct buyer partnerships. At the same time, it secures a sustainable and reliable supply of high-quality
patchouli oil for Natura’s production—creating shared value through higher margins, income stability, and
resilient rural livelihoods.
Through this regenerative model, Natura demonstrates that sustainable agriculture can deliver measurable
economic returns while restoring ecosystems and empowering communities—positioning patchouli cultivation
as a future-ready livelihood and a model for sustainable rural development.
Enduring Commitments, Unlocking Value 123
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Meanwhile, in Tanah Grogot, stunting prevention
efforts focused on community engagement and
maternal nutrition support. In July 2025, Janju Village
hosted a stunting evaluation and planning discussion
involving local stakeholders to review ongoing
INTERPORT initiatives and identify areas for improvement. Insights
from this dialogue will guide revisions to Interport’s
stunting-related programs next year, ensuring
Nurturing Healthy that future interventions are better aligned with
Beginnings: Preventing
community needs.
Stunting Through Early The following day, additional protein nutrition support
was provided to 10 pregnant women in Janju Village
Action to strengthen maternal health and reduce stunting
risks. This direct assistance complements longer-term
planning efforts, combining immediate support with
sustainable program development.
Supporting healthy growth from the earliest stages
of life is an important part of our community Through education, collaboration, and targeted
engagement efforts. Through targeted stunting nutritional support, these initiatives aim to help
prevention initiatives in Balikpapan and Tanah families build stronger foundations for healthier
Grogot, we aim to strengthen awareness, improve generations.
maternal nutrition, and contribute to long-term child
development outcomes.
In Balikpapan, the Canting Book (Calon Pengantin
Cegah Stunting) program was launched to equip
prospective couples with essential knowledge before Preventing stunting begins long
starting a family. The educational materials cover before birth—through informed
nutrition, pregnancy care, newborn health, and early
childhood development. In collaboration with BKKBN
parents, healthy mothers, and
Balikpapan, 550 copies of the Canting Book were communities that work together.
distributed to 550 couples, helping raise awareness
of the importance of early prevention and informed
parenting.
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MASMINDO
Destana Ulusalu: Building
Resilience from Risk to including evacuation planning, first aid training, and
emergency response coordination. More than 100
Readiness households participated in three structured training
sessions and evacuation simulations, culminating
Located in Ulusalu Village, Luwu Regency—where in the establishment of one formal village disaster
39.70% of the area is highly prone to landslides and preparedness team.
floods—communities face recurring disaster risks,
What differentiates Destana Ulusalu is its integrated
including isolation caused by blocked road access.
approach. Beyond disaster readiness, the program
Recognizing this vulnerability, Masmindo initiated
promotes greenhouse-based farming as a safer and
the Disaster Resilient Village (Destana) program in
more sustainable livelihood alternative. By reducing
collaboration with Universitas Cokroaminoto Palopo
cultivation on steep slopes, the initiative addresses
(UNCP), Palang Merah Indonesia (PMI) Luwu, and
root causes of landslide risk while enhancing
Badan Penanggulangan Bencana Daerah (BPBD). The
household income stability. A greenhouse pilot was
initiative underscores a key principle: strengthening
launched, with early indications of improved yields
community capacity is as vital as building physical
and reduced environmental pressure.
infrastructure.
Monitoring and evaluation are conducted semesterly
True resilience is built not in coordination with UNCP, MDA’s Emergency
Response Team (ERT), and village authorities to ensure
only through infrastructure, continuous improvement. Designed for scalability, the
but through empowered Destana model is structured for replication across
communities capable of other villages in the Latimojong area, reinforcing long-
term regional resilience.
protecting their own future.
Through Destana Ulusalu, MDA demonstrates that
disaster risk reduction, livelihood security, and
Before the program, Ulusalu had no formal disaster environmental stewardship can—and must—advance
preparedness team, no structured evacuation together. By shifting from external aid dependency
procedures, and continued reliance on unsafe hillside toward community-led resilience, the program
farming practices that heightened environmental strengthens both safety and sustainability for the
and safety risks. Through Destana, residents were future.
equipped with essential disaster management skills,
Enduring Commitments, Unlocking Value 125
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limited exposure of young students to engineering
concepts at an early age. To help address this
challenge, EFT introduces students to engineering
principles through interactive seminars, group
discussions, and practical experiments.
The EFT 2025 program, held on 19 July at Tripatra’s
TRIPATRA Head Office to commemorate National Children’s
Day, engaged 50 junior high school students from
Greater Jakarta. Delivered in collaboration with Indika
Engineering for Teenagers: Foundation and Persatuan Insinyur Indonesia (PII),
Inspiring Future
the program combined technical exploration with
mentorship from practicing engineers. Students
Engineers for Sustainable designed and built a wind-turbine-powered house
model while managing a simulated budget to
Indonesia purchase materials—integrating renewable energy
concepts with financial literacy, efficiency, and cost
Education is a core pillar of sustainability at Tripatra, analysis. Post-program surveys indicated that more
grounded in the belief that equal access to quality than 70% of participants demonstrated improved
learning is essential to preparing the next generation knowledge and increased interest in engineering
fields.
By introducing engineering early, The program tracks progress through measurable
indicators, including participant numbers, percentage
we open pathways for young increases in knowledge and interest, and completion
minds to imagine, design, and of practical projects. Beyond raising awareness, EFT
build a more sustainable future. strengthens industry–community collaboration,
enhances youth technical literacy, and contributes to
long-term human capital development aligned with
for national development. Since 2019, the Company Tripatra’s sustainability strategy.
has implemented the Engineering for Teenagers (EFT)
program to spark junior high school students’ interest What differentiates EFT is its ability to make
in engineering and renewable energy through hands- engineering both accessible and aspirational. By
on, experiential learning. combining structured experimentation, creativity,
teamwork, and real-world mentorship, the program
Indonesia continues to face a significant engineer gap, allows students to see engineering not only as a
with only 2,671 engineers per one million people—far technical discipline, but as a meaningful pathway to
below regional peers such as Vietnam (9,000) and contribute to Indonesia’s sustainable development.
South Korea (25,000). One contributing factor is the
.
126 2025 Sustainability Report
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The program demonstrates measurable behavioral
and capacity outcomes. Post-program assessments
show that 95% of youth participants improved their
critical thinking skills, while 84% enhanced their
socio-emotional competencies. More than 70% of
participants became active peace agents within
INDIKA FOUNDATION their communities, translating knowledge into action.
The program’s Net Promoter Score of 9.5 out of 10
reflects strong participant satisfaction and trust.
Impact Grant Program: Importantly, the SROI of 1:4.49 indicates that every 1
Empowering Youth to Rupiah invested generates 4.49 Rupiah in social value,
underscoring both effectiveness and accountability.
Build Positive Peace
Indika Foundation strengthens Indonesia’s future by When young people are equipped
empowering youth through a collaborative ecosystem
designed to build positive peace. Through the
with skills, trust, and opportunity,
Impact Grant Program, 50 youth-led civil society they become catalysts
organizations across the country receive structured for positive peace in their
training, mentoring, and funding to grow professionally,
expand their networks, and create meaningful communities.
spaces for youth participation. Now running for
seven consecutive years, the program has reached What differentiates the Impact Grant Program is
thousands of beneficiaries and demonstrated strong its integrated and non-transactional approach. The
social value. journey begins with an intensive bootcamp focused
on program design, organizational management, and
peacebuilding methodologies. This is followed by
“We are grateful for the ongoing mentoring that provides technical guidance
collaboration with Indika and leadership development tailored to each
Foundation, which gave us organization’s context. Participants then implement
mini-projects and real community actions with
valuable learning. Through the financial and technical support, ensuring that learning
Problem Tree and LogFrame translates into measurable outcomes.
approach, we were able to design The program operates under a gotong royong model,
more systematic proposals and emphasizing long-term partnership rather than short-
term funding. By fostering collaboration, mutual trust,
impact-based activities, while and sustained engagement, Indika Foundation builds
also adapting to hybrid training institutional resilience among youth-led organizations
without losing quality,” Cerita while nurturing a generation of young peacebuilders
capable of driving inclusive and constructive changes.
Perubahan (Story of Change).
Through this ecosystem-based approach, the
Implemented over 15 months, the program is designed Impact Grant Program not only strengthens youth
using a clear and measurable framework. It aims to organizations but also advances Indonesia’s social
strengthen 50 civil society organizations so they can cohesion—demonstrating that sustainable impact
empower more than 6,000 young people through begins with empowered young leaders.
peace education, critical thinking, and socio-
emotional literacy. From the initial cohort, 19 high-
performing organizations advance to full program
implementation, scaling their reach and impact
nationwide.
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Stakeholder engagement remains central to the
Respecting human rights Company’s human rights approach. Indika Energy
actively engages with local communities, government
Indika Energy recognizes that respect for human rights institutions, civil society organizations, and other
is fundamental to responsible and sustainable business stakeholders to promote transparent, inclusive, and
operations. Human rights considerations therefore form responsible business practices. We also work closely
an integral pillar of the Group’s sustainability strategy, with suppliers and contractors to ensure alignment
reflecting our belief that long-term business success with human rights standards, including the protection
must be achieved alongside the protection and respect of workers’ rights, safe and healthy working conditions,
of individual rights across our operations and value freedom of association, and strict prohibitions against
chain. forced labor, child labor, human trafficking, and
discrimination (GRI 2-23, 3-3, 406, 413).
Indika Energy’s commitment is formalized through its
Human Rights Policy, which is aligned with the United Indika Energy is committed to conducting operations in
Nations Global Compact (UNGC) principles in Human a manner that avoids conflict and respects community
Rights and supported by internationally recognized rights, including access to natural resources, livelihood
frameworks, including the Universal Declaration of sustainability, and a healthy environment. We also seek
Human Rights, and the ILO Declaration on Fundamental to ensure that its supply chain operates responsibly
Principles and Rights at Work. and remains free from involvement in human rights
violations. Indika Energy’s Human Rights Policy is
The Group is committed to respecting the rights of publicly accessible through the Company’s official
all individuals affected by its activities, particularly website https://www.indikaenergy.co.id/governance/
vulnerable and potentially impacted groups, including gcg-updates/.
local and Indigenous communities, women, children,
persons with disabilities, and minority groups. Principles To support accountability, we maintain an accessible
of equality, inclusion, and non-discrimination are whistleblowing system and a grievance mechanism,
embedded across employee relations, community which allows employees, contractors and external
engagement, and business partnerships. stakeholders to raise concerns safely and confidentially.
These channels are designed to be transparent, fair, and
To operationalize this commitment, Indika Energy responsive, ensuring that grievances can be reported
implements a comprehensive human rights without fear of retaliation or intimidation.
management approach across its businesses, which
includes: We monitor, assess and address all reported cases
through clearly established processes. Where we
» Human rights due diligence — Ongoing processes identify issues, we recommend corrective actions
to identify, assess, prevent, and mitigate potential and remediation measures, and implement them as
human rights risks associated with operational appropriate, with oversight to ensure follow-up and
activities and business relationships. continuous improvement. This framework supports trust,
accountability, and responsible business conduct across
» Grievance mechanisms — Accessible and the Group.
confidential reporting channels available to
employees, contractors, communities, and external
stakeholders to raise concerns related to human Whistleblowing system
rights or business conduct. Indika Energy maintains a formal whistleblowing
system that serves as a grievance mechanism for all
» Training and awareness programs — Capacity- stakeholders, including employees, contractors, and
building initiatives aimed at strengthening external parties. The system is accessible 24/7 through
employee and contractor understanding of human multiple channels—mail, email, fax, telephone, and a
rights principles, ethical conduct, and responsible dedicated website—available in both Indonesian and
workplace practices. English to ensure broad accessibility and inclusivity (GRI
2-25, 2-26).
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130 2025 Sustainability Report
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In addition to formal reporting channels, we also Collective bargaining agreements and
consider inputs received through other platforms, freedom of association
including legacy media, social media, and public
communication channels. All concerns are handled with Indika Energy recognizes and respects employees’ right
professionalism, confidentiality, and impartiality, and to freedom of association and collective bargaining. We
we make every reasonable effort to assess and resolve believe that open dialogue and constructive engagement
issues brought to our attention in a fair and timely contribute to a stronger and more inclusive organization.
manner (GRI 2-25, 2-26).
Employees and their representatives are involved in the
development and review of Company policies that affect
Grievance handling working conditions and employee welfare. The Company
Indika Energy has established formal mechanisms communicates significant policy changes – particularly
for employees to seek advice and raise work-related those related to employee welfare, merit systems, or
concerns, as stipulated in the Collective Labor future business plans – at least one month prior to
Agreement (CLA), Chapter VII on Industrial Relations— implementation. Communication is conducted through
Article 133 concerning Employee Complaints and internal channels such as email, town hall meetings,
Article 134 regarding the Settlement of Employee coordination forums, and other structured engagement
Complaints. Employees may submit grievances directly platforms, in accordance with prevailing Company
to their immediate supervisors, who are responsible regulations and collective labor agreements (GRI 402-1).
for facilitating timely resolution at the operational and
structural levels. As part of this commitment, employees have the
right to form and join labor unions as a channel for
To ensure accessibility, transparency, and confidentiality communication with management. Labor unions within
in grievance handling, the Company has also the Indika Energy Group include Serikat Pekerja Seluruh
implemented dedicated systems to manage employee Indonesia (SPSI), Serikat Buruh Sejahtera Indonesia
grievances, feedback, and complaints across its (SBSI), Serikat Independen Serikat Pekerja Paser (SPP),
operations. For instance, Kideco operates LAKO and Serikat Pekerja Batubara (SP BARA). These unions
(Layanan Aspirasi dan Keluhan Olo), an integrated provide structured platforms for employees to express
platform within its Human Capital and Supporting aspirations and contribute to the development of
System (HCSS), which enables employees to submit positive industrial relations.
concerns, track resolution progress, and ensure proper
follow-up. These mechanisms support a speak-up Freedom of association is protected under Indonesian
culture and reinforce the Company’s commitment to fair, labor laws and aligned with relevant International
respectful, and responsible workplace practices. Labour Organization (ILO) conventions. Currently,
collective bargaining agreements are in place at Kideco,
If a resolution cannot be reached, employees have the covering 88.89% of its employees. At the Group level,
right to escalate the matter to their respective labor such agreements are not yet implemented across all
unions for bipartite discussion. Should the issue remain subsidiaries.
unresolved, it may proceed with a tripartite settlement
mechanism in accordance with prevailing employment Consistent with these principles, the Company
laws and regulations (GRI 2-25, 2-26). conducted a risk assessment covering its operations
and key subsidiaries to identify potential risks related to
These mechanisms incorporate stakeholder input, workers’ rights to freedom of association and collective
including employee representatives, to continuously bargaining. Based on the assessment, no operations
improve grievance procedures and ensure they remain were identified as posing a significant risk. The Company
transparent, fair, and accessible (GRI 2-25, 2-26, 412-1). continues to monitor and strengthen its industrial
relations practices as part of its ongoing commitment to
responsible labor standards (GRI 2-30, 407-1).
Enduring Commitments, Unlocking Value 131
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Child labor and forced or compulsory compliance, workforce profiles, and contractor
labor management practices to ensure adequate safeguards
are in place. Based on the assessments conducted, no
Indika Energy recognizes that the protection of significant risks related to child labor or forced labor
fundamental labor rights is essential to responsible were identified (GRI 408-1, 409-1).
business conduct. The Company strictly prohibits all
forms of child labor and forced or compulsory labor
Figure 53. Incidents related to discrimination (GRI
across its operations and upholds the principles set
406-1)
forth in relevant International Labour Organization (ILO)
conventions concerning minimum age, the elimination of
Description 2023 2024 2025
the worst forms of child labor, and the abolition of forced
labor. Compliance with applicable national regulations, Incidents reviewed by the 0 4 0
including Employment Law No. 13 of 2003 Article 68 and organization
other relevant labor laws, forms the foundation of this
approach. Remediation plans being 0 4 0
implemented
Across the organization, these standards are embedded Remediation plans have 0 0 0
in internal policies, recruitment and employment been implemented and
results reviewed
practices, and contractor oversight processes to ensure
through routine internal
that all workers meet minimum age requirements and
management review
are employed voluntarily, without coercion, intimidation, processes
or threat.
Incident no longer subject 0 0 0
to action
Risk assessments are conducted periodically to
evaluate potential exposure to child labor and forced Total number of incidents 0 4 0
or compulsory labor within the Company’s operations
and value chain. The assessments review regulatory
132 2025 Sustainability Report
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The training is aligned with internationally recognized
standards, including the UN Guiding Principles on
KIDECO Business and Human Rights and relevant International
Labour Organization (ILO) conventions, as well as
applicable national regulations. This ensures that
Protecting with security practices reflect not only operational
Respect: Human Rights discipline but also strong ethical accountability.
in Action Importantly, the program reinforces that security
is not about control — it is about protection with
integrity. Personnel are encouraged to exercise sound
At Kideco, security personnel are often the first judgment, empathy, and professionalism, particularly
point of contact at our operational sites. They when engaging with employees, contractors, and
safeguard our people, assets, and operations. surrounding communities.
Yet their responsibility extends beyond physical
protection — it includes upholding human
dignity in every interaction. Respect for human rights is not
Recognizing this critical role, Kideco only a compliance requirement,
strengthened its Human Rights Training program
but also a responsibility
specifically for security personnel. The program
goes beyond regulatory compliance, reinforcing embedded in how we operate,
that safety and respect must always go hand in engage, and grow.
hand.
Through classroom sessions and interactive
discussions, including real-case studies and The training also strengthens awareness of Kideco’s
scenario-based simulations, participants grievance and whistleblowing mechanisms, ensuring
explore key principles such as non- that employees and stakeholders have safe and
discrimination, proportional use of force, accessible channels to raise concerns without
responsible community engagement, fear of retaliation. Participants are reminded that
prevention of harassment and forced labor, safeguarding human rights is a shared responsibility
freedom of association, and effective grievance that requires vigilance, consistency, and courage.
handling and escalation protocols. The
sessions emphasize practical application, By embedding human rights awareness into daily
helping security teams identify and manage security operations, Kideco builds trust, mitigates
potential human rights risks within operational risk, and reinforces a workplace culture where safety,
contexts, contractor oversight, and community fairness, and respect are inseparable — because
interactions. protecting our operations also means protecting
people’s rights.
Enduring Commitments, Unlocking Value 133
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Indigenous heritage and local
partnerships
Indika Energy recognizes the importance of respecting Social performance depends on consistent practice
Indigenous communities, cultural heritage and traditional over time. Building skills, maintaining safe workplaces,
ways of life in areas where the Group operates. We supporting livelihoods and respecting rights require clear
acknowledge the principle of free, prior and informed responsibilities and sustained attention across diverse
consent (FPIC) as a foundational element in any operating environments. As the business evolves,
business activity that may affect Indigenous Peoples, these considerations remain central to how we manage
and we seek to ensure that engagement takes place change and maintain trust with employees, communities
transparently, respectfully and in good faith. and other stakeholders. Applying social commitments
consistently, responding to concerns, and tracking
Our approach aligns with international standards, outcomes relies on defined roles, effective oversight, and
including the United Nations Declaration on the Rights decision-making structures that support accountability
of Indigenous Peoples (UNDRIP) and International across the Group.
Labor Organization (ILO) Convention 169, as well as
relevant national regulations. These frameworks guide Figure 54. Number of unionized employees (GRI
how we identify potential impacts, engage with affected 2-30)
communities, and integrate cultural considerations into
operational planning and decision-making. Gender 2024 2025
Collaboration with local communities is central to this Male 340 324
approach. At Kideco, we conducted a screening study to Female 30 34
better understand the presence, distribution and cultural
systems of Indigenous Paser communities within our
operational area. The study, carried out in collaboration Figure 55. Incidents related to indigenous people
with researchers from Mulawarman University, covered (GRI 411-1)
19 villages across seven sub-districts in Paser Regency
and adhered to a 2017 law on cultural advancement. Description 2023 2024 2025
The findings indicated that six villages had a significant
Indigenous Paser presence (more than 75%), while Incidents reviewed by the 0 0 0
organization
others showed more limited representation (10% or
less). These insights will help support more informed Remediation plans being 0 0 0
engagement and culturally sensitive program designs implemented
going forward. Remediation plans 0 0 0
have been implemented
In 2025, as in previous years, we recorded no violations and results reviewed
of Indigenous rights across Indika Energy’s operational through routine internal
sites. This reflects the ongoing application of internal management review
safeguards, engagement processes and monitoring processes
practices aimed at preventing adverse impacts. Incident no longer subject 0 0 0
to action
Where appropriate, Indika Energy also pursues benefit- Total number of incidents 0 0 0
sharing and co-development programs that align with
community priorities and support long-term social and
economic outcomes. These initiatives are designed
collaboratively, with the aim of strengthening local
capacity, preserving cultural heritage, and ensuring that
communities can participate meaningfully in, and benefit
from, activities taking place in their regions.
134 2025 Sustainability Report
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Enduring Commitments, Unlocking Value 135
Page 136
136 2025 Sustainability Report
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Governance: Ensuring Integrity
and Accountability
At Indika Energy, sustainability guides how we create long-term value. Through
strong governance and a clear strategic direction, we thoughtfully integrate
environmental, social, and economic considerations into our decisions. Our
journey reflects a balanced transition, supporting energy security, advancing
decarbonization, and contributing positively to communities and future generations.
Our governance approach
Managing our sustainability journey with purpose
Enduring Commitments, Unlocking Value 137
Page 138
Effective governance provides a structure that allows Board oversight of sustainability
strategy, performance and accountability to move
together (GRI 2-9). At Indika Energy, our governance Strong Board oversight underpins how Indika Energy
frameworks define how responsibilities are assigned, manages sustainability and transition-related priorities
how decisions are made, and how oversight is exercised across the Group (GRI 2-12). The Board plays a central
across the Group (GRI 2-12, 2-13). These structures role in guiding sustainability strategy, monitoring ESG
support the integration of sustainability considerations performance, and approving key initiatives that shape
into corporate planning, risk management and long-term direction (GRI 2-13, 2-14). Through regular
operational execution, ensuring that environmental review and engagement, sustainability considerations
and social priorities are addressed with the same rigor are integrated into strategic decisions alongside
as financial performance (GRI 3-3, 201-2). Clear roles financial and operational priorities (GRI 2-9, 3-3).
at the Board and management levels, supported by
dedicated committees and established processes,
General Meeting of Shareholders (GMS)
enable consistent oversight as the business navigates
transition-related complexity and long-term change (GRI The General Meeting of Shareholders (GMS) serves
2-14). as the highest decision-making body within the Indika
Energy Group (GRI 2-9). It establishes the company’s
governance structure through the appointment of
Our governance approach members to the Board of Commissioners, the Board of
Directors and supporting committees (GRI 2-10).
Indika Energy’s governance framework provides the
structure through which sustainability and transition
In 2025, the Annual General Meeting of Shareholders
objectives are translated into decisions, oversight and
was held on May 5, providing a forum to review
accountability across the Group (GRI 2-9, 2-12). Clear
performance, approve resolutions and address matters
roles, defined responsibilities and established processes
related to the Group’s business and operations (GRI
guide how strategy is set, risks are managed and
2-16). Indika Energy applies a two-tier governance
performance is monitored, ensuring that environmental
structure, with the Board of Commissioners acting
and social considerations are addressed alongside
as the Supervisory Board and the Board of Directors
financial and operational priorities (GRI 2-13, 3-3).
as the Executive Board (GRI 2-9). Both Boards hold
responsibility for decisions on sustainability matters
Governance plays a central role in supporting the covering economic, environmental, social and
energy transition by enabling informed decision- governance aspects, including the review and approval
making, disciplined capital allocation, and consistent of sustainability disclosures (GRI 2-12, 2-14).
implementation across a diversified portfolio. Oversight
at the Board and management levels helps ensure that
transition-related risks and opportunities are identified Board of Commissioners
early, assessed rigorously and managed in line with the
The Board of Commissioners is responsible for
Group’s long-term objectives (GRI 2-14, 201-2).
supervising the policies and management activities
carried out by the Board of Directors, ensuring that
The Group’s governance practices are aligned with operations are conducted in accordance with applicable
relevant global standards and reporting frameworks, regulations and sound governance principles (GRI 2-9,
including the GRI Standards (GRI 1), UN Global Compact 2-13). As the Company’s highest governance body,
principles (GRI 2-23), and WEF Stakeholder Capitalism the Board of Commissioners oversees management
Metrics. These frameworks inform how sustainability performance and strategic direction. The Board is
is embedded into governance structures, disclosures, chaired by the President Commissioner, who leads
and performance monitoring, supporting transparency, its supervisory and advisory functions. In fulfilling
comparability, and accountability as the business its responsibilities, the Board also provides strategic
continues to evolve (GRI 2-2, 2-3). guidance and independent oversight to support
sustainable performance and long-term value creation
(GRI 2-11, 2-12).
138 2025 Sustainability Report
Page 139
To safeguard governance integrity, Indika Energy its vision and mission (GRI 102-18, 102-25). The Board
applies rigorous eligibility and compliance standards of Directors, supported by the Corporate Secretary and
in appointing commissioners, including independence other committees, is responsible for the company’s
requirements for Independent Commissioners (GRI operational execution (GRI 102-22).
2-10, 2-15). Beyond formal criteria, commissioners are
expected to demonstrate leadership capability, relevant This governance structure ensures operational
expertise, and a strong commitment to the Group’s effectiveness and efficiency while protecting the
values and governance principles (GRI 2-23). interests of stakeholders. It is designed to prevent
personal or third-party interests from influencing board
decisions, maintaining independence and integrity (GRI
Sustainability Committee
102-23, 102-24). In cases where a potential conflict of
Established in 2021, the Sustainability Committee interest arises between the company’s interests and the
supports the Board in overseeing environmental, social, personal interests of a Board member, approval must
and governance matters across the Group (GRI 2-9, be obtained from the General Meeting of Shareholders
2-12). The Committee plays a key role in strengthening (GMS), following Good Corporate Governance (GCG)
transparency, consistency, and accountability in principles to safeguard the company’s credibility and
sustainability-related decision-making (GRI 2-14). On a public trust.
quarterly basis, the President Director and Sustainability
Committee participate in sustainability discussions, To uphold professionalism and objectivity, members of
providing a platform to review progress, share the Board of Commissioners and the Board of Directors
experiences, and discuss priorities for the next phase of are prohibited from holding concurrent positions that
the Group’s sustainability journey (GRI 2-13, 2-17). may create direct or indirect conflicts of interest. Each
board member is expected to demonstrate a strong
commitment to avoiding conflicts of interest and to
Board of Directors
uphold business ethics and integrity in all decisions
The Board of Directors is responsible for managing and policies. By clearly separating supervisory and
the company in line with its strategic objectives and management functions within the two-tier system, Indika
Articles of Association (GRI 2-13). Acting on behalf of Energy ensures that both the Board of Commissioners
the company in legal and business matters, the Board and the Board of Directors operate as the highest
is accountable to the General Meeting of Shareholders governance bodies, maintaining accountability,
and ensures that operations adhere to good corporate transparency, and stakeholder confidence (GRI 102-18,
governance practices (GRI 2-9). 102-22, 102-23).
Eligibility requirements for Directors are applied
consistently throughout their tenure, covering financial
Independence
integrity, responsible leadership, legal compliance, and As of December 31, 2025, the Board of Commissioners
regulatory obligations (GRI 2-15). These requirements comprised a President Commissioner, a Vice President
reinforce ethical leadership, transparency and Commissioner, two Commissioner, and two Independent
accountability at the executive level, ensuring Directors Commissioners, with tenures ranging from one to five
maintain a track record free of misconduct or regulatory years (GRI 2-9). The Independent Commissioners meet
violations (GRI 2-23). all independence requirements, including the absence
of affiliations with management, auditors or major
shareholders (GRI 2-10).
Chair of the highest governance body and
conflict of interest
In accordance with Indonesian Company Law No. 40 of
2007, as amended, Indika Energy implements a two-tier
board system consisting of the Board of Commissioners
and the Board of Directors. The Board of Commissioners
collectively oversees the performance of the Board
of Directors, provides strategic direction, and ensures
that the company operates in line with good corporate
governance principles to support the achievement of
Enduring Commitments, Unlocking Value 139
Page 140
Corporate Structure
100% 100% 100%
50%
PT Indika Energy
PT Indika Inti Corpindo PT Tripatra Multi Energi Infrastructure (Indonesia)
(Indonesia) (Indonesia)
PT Indika Tenaga Baru
50% (Indonesia) » Trading, Development and
Services
» Investment and General Trading » General Trading
» Consultation Management
51% 100%
40% 2% PT Tripatra Engineering 98%
PT Kideco Jaya Agung 51%
(Indonesia) PT Interport Mandiri Utama
(Indonesia)
PT Empat Mitra Indika
» Consultation Services for Tenaga Surya (Indonesia) » Management Services and
» Exploration, Development, Construction, Industry and Trading
Mining and Marketing of Coal Infrastructure
» Consultation Service
100%
6% 100%
49% 10% 90%
PT Interport Multi
PT Indika Indonesia 94% PT Tripatra Bioenergi
PT Indika Empat Niaga (Indonesia)
Resources (Indonesia) Angkasa (Indonesia) PT Sumber Multi Energi
Mitra Sumbawa
Penajam (Indonesia)
(Indonesia)
» Organic Basic Chemical » Transportation Management
» Mining and Trading Industry Services, Trading and Other
» General Trading » Management Consultant Services
100%
90% 100%
PT Tripatra Engineers 100% 10%
Indika Capital and Constructors
Investments Pte.Ltd. 49% 51% PT Indika Empat
(Indonesia) PT Indika Empat Mitra PT Mitra Baruna Nusantara
(Singapore) Mitra Timor
Surya (Indonesia) (Indonesia)
(Indonesia)
» Provision of Consultancy
» Coal and Mineral Trading and Services, Construction
General Trading Activities Business and Trading » General Trading » Management Consultant » Stevedoring
100%
60% 100% 100%
46% PT Interport
PT Empat Mitra Sarana Baruna
Indika Energy Trading PT Sea Bridge Shipping PT Empat Mitra (Indonesia)
Indika Mentari
Pte.Ltd. (Indonesia) Indika Cahaya (Indonesia)
(Indonesia)
(Singapore)
» Port Management
» Domestic Goods Shipment » General Trading » General Trading
» Trading
100%
90% 100% 100% 100%
100% PT Interport
Dirandra Syandana
10% Tripatra (Singapore) PT Indika Multi Indika Power (Indonesia)
PT Indika Energy Trading PT Indika Infrastruktur
(Indonesia) Pte.Ltd. Energi Internasional Investments Pte.Ltd
Investindo (Indonesia)
(Singapore) (Indonesia) (Singapore) » Sea transportation
» Trading » Investment » General Trading » Investment » Investment 100%
PT Interport
100% 25%
99,99% Mandiri Abadi (Indonesia)
PT Prasarana 5% PT Cirebon 15%
Indika Capital Pte. Ltd. Tripatra Investments
Energi Indonesia Electric Power (Indonesia) » Transportation Management
(Singapore) Limited (B.V.I) Services
(Indonesia)
» Coal-fired Power Plant
» Investment » General Trading
» Marketing & Investment
PT Kariangau Gapura
Terminal Energi (Indonesia)
100% 100%
100%
5% PT Cirebon 15%
PT Prasarana » Specific Port Management
PT Kuala Pelabuhan Power Services (Indonesia)
Indika Capital Resources 5% Indonesia Energi Cirebon (Indonesia)
Limited (B.V.I) (Indonesia)
» Operations and Maintenance PT Jatim Gapura
» General Trading of Electrical Equipment and
» Financing » Port Operations Terminal Energi (Indonesia)
Facilities
100%
25%
» Specific Port Management
PT Cirebon Energi
Prasarana (Indonesia)
PT Pahala
Globalindo Energi
100% (Indonesia)
» Coal-fired Power Plant
» Fuel Trading
Catatan: *100% saham perseroan terbatas (PT) Indonesia yang dimiliki oleh 2 pemegang saham yang keduanya adalah PT Indika Energy Tbk. dan atau anak perusahaannya.
140 2025 Sustainability Report
Page 141
PT Indika Energy Tbk.
(Indonesia)
100.0% 100% 100% 100% 100%
PT Indika Multi Properti PT Solusi Mobilitas Indonesia PT Indika Medika Nusantara PT Indy Properti Indonesia
PT Indika Mineral (Indonesia) (Indonesia) (Indonesia) (Indonesia)
Investindo (Indonesia)
» Construction, Real Estate and » Motor Industry, General Trading » Medical and Pharmaceutical » Development, Service and
Trading and Services Industry Trading
» Investment
100% 99% 100%
68,61% 100%
PT Mitra Motor Group PT Genomik Solidaritas
Indika Energy
Nusantara PT Jaya Bumi Paser (Indonesia) Indonesia (Indonesia)
Capital Pte. Ltd.
Resources Ltd. (Australia) (Indonesia) (Singapore)
» Vehicle Industry, General
» Genomic Sequencing Tests,
Trading and Services
» Investment » Forest concessionaries Laboratory Activities and » Financing
General Clinical Services
100%
100%
75% 60%
50% Indika Energy Capital III
Pte.Ltd.
100%
PT Interport Reksa Bumi Salu Siwa Pty. Ltd. PT Diva Perdana Pesona PT Foxconn Indika Motor PT Bioneer (Singapore)
(Indonesia) (Australia) (Indonesia) (Indonesia) Indika Group (Indonesia)
» Financing
» 4 Wheels Vehicle » Medical and Pharmaceutical
» Investment » Forest Concessionaries Distributor
» Hazardous waste Manufacturing 100%
management
75% 100% Indika Energy Capital IV
96% 100%
Pte.Ltd.
PT Bioneer Indika (Singapore)
100% PT Elang Mas Andalan 25% PT Masmindo PT Telaga Mas Kalimantan PT Energi Makmur Buana Diagnostik (Indonesia)
(Indonesia) Dwi Area (Indonesia) (Indonesia) (Indonesia)
» Financing
» Medical and Pharmaceutical
Distributor 100%
» Loading/Unloading Services » Gold Mining » Forest Concessionaries » 4 Wheels Vehicle Distribution
PT Indika Digital Teknologi
100% (Indonesia)
100% 100% 100%
30% PT Laras Ekosistem Organik PT Kalista Nusa Armada
PT Rockgeo PT Industri
PT Mitra Samudra (Indonesia) » Digital Technology Services
Energi Nusantara (Indonesia) Baterai Nusantara
Indonesia (Indonesia)
(Indonesia) (Indonesia)
100%
» Management Consultation and » EV Rental, Trading and
Wholesale Trading Battery Swapping Station
» Investment » Mineral Ore Trading » EV Battery Manufacture
PT Xapiens Teknologi
Indonesia (Indonesia)
0,65%
100% 100% 100%
» Digital Technology Services
100% 99,35%
PT Indika Logistic & PT Perkasa PT Manufaktur PT Kalista Rotom Orbita
Support Services Investama Mineral PT Natura Aromatik Teknologi Baterai (Indonesia) 100% 90%
10.0%
(Indonesia) (Indonesia) Nusantara (Indonesia) (Indonesia)
» Electric Motorcycle Rental PT Zebra Cross Teknologi
» Port Operation » Mineral Ore Trading » EV Battery Manufacture and Trading (Indonesia)
» Essential Oil Industry
100%
100% » Digital Technology Services
100% 100% PT Kalista Nayara
Dayautama (Indonesia)
PT Interport Sarana PT Ilectra Motor Group 100%
PT Mekko Metal Mining (Indonesia)
Infrastruktur Indonesia
(Indonesia)
(Indonesia) » EV Electricity Sales and Indika Ventures Pte.Ltd.
Electric Supply Installations
» Motor Industry, General (Singapore)
» Specific Port Management » Bauxite Mining Trading and Services
100%
» Digital Technology Services
25%
100% 30% PT Kalista Soter
65% 100% Hastia (Indonesia) 22,5%
PT Batu Ampar PT Perkasa Alumina PT Electra Mobilitas
Container Terminal Indonesia Indonesia (Indonesia) PT Narada Sahara Kencana
» EV Business Rental and Trade
(Indonesia) (Indonesia) (Indonesia)
» Port Operation » Smelter
» Motorcycle Manufacturing 100%
» Digital Technology Services
PT Kalista Biru
Nusantara (Indonesia)
100%
51% PT Interport PT Electra Distribusi
Patimban Agung » EV Business Rental and Trade
Indonesia (Indonesia)
(Indonesia)
» Port Operation » Wholesale Trade Motorcycles
100%
54,8% PT Cotrans Asia PT Electra Auto Indonesia
(Indonesia) (Indonesia)
» Coal Transportation and
Transhipment Service » Dealership Motorcycles
Enduring Commitments, Unlocking Value 141
Page 142
Organizational Structure
Board of Directors
President Director and Group CEO
Azis Armand
Internal Audit
Einstein Erlangga
Director and Group Chief Financial Director and Group Chief of Corporate
Officer Services & External Relations
CEO of subsidiaries
Retina Rosabai Johanes Ispurnawan
Head of Finance and Head of Human
Accounting Capital & Services
Johanes
Lista Kusnadi
Ispurnawan (Act)
Head of Corporate
Head of Legal
Finance
Nicky Kurniawan Muthia Soebagjo
Investor Relations
as coordinating function
Raihan Noer
to align the synergy
142 2025 Sustainability Report
Page 143
Head of CEO Office,
Corporate Communications,
and Sustainability
Ricky Fernando
Corporate Secretary
Adi Pramono
Director and Group Chief Investment Director and Group Chief Portfolio
Officer Officer
Deddy Sudarijanto Kamen Palatov
Head of Business Chief Risk & Group Strategy & Group Information
Development Compliance Officer New Venture Technology
Sreecharan
Alif Sasetyo Lucas Djunaidi Prabaharan Gopalan
Nagarkal V.
Head of Corporate
Planning & Portfolio
Management
Wilona Tantra (Act)
Enduring Commitments, Unlocking Value 143
Page 144
Delegation of roles Competency development of the highest
The Board of Commissioners delegates supervisory
governance body
responsibilities based on expertise and experience, with We recognize that strong governance is essential for
Commissioners serving as chairs or vice chairs of key sustainable business practices. To ensure our leadership
committees: remains well-equipped to drive sustainability initiatives,
we provide ongoing development opportunities for the
» Audit, Risk, and Compliance Committee: Eko Putro Board of Directors and the Board of Commissioners (GRI
Sandjojo 2-17).
» Project and Investment Committee: Farid Harianto Throughout 2025 all members of the Board of
and Eko Putro Sandjojo Commissioners participated in the BOC and BOD
Leadership Program as part of their competency
» Nomination and Remuneration Committee: Farid development. Additionally, several members of
Harianto, Agus Lasmono, and Nurcahya Basuki the Board of Directors attended short courses on
sustainability-related issues. Beyond formal training, we
actively engage our leadership in sustainability-focused
» Sustainability Committee: Farid Harianto and Eko
programs, discussions, and industry conferences,
Putro Sandjojo
fostering continuous learning and alignment with global
best practices.
Integration of sustainability
considerations into corporate decision- Figure 56. BOC and BOD short term benefits
making
2023 2024 2025
Sustainability considerations are embedded into
corporate decision-making through ESG-linked key Short term 1,863,524 1,304,660 1,658,052
performance indicators (KPIs), which are established benefit of
annually at the Group level as part of the strategic the board of
planning cycle (GRI 2-13, 2-19). Progress against commissioner
these KPIs is monitored through quarterly business (in USD)
reviews and reported directly to the Group CEO. The
Short term 6,369,380 4,629,463 2,647,482
Sustainability function coordinates ESG policies and benefit of
strategy across material topics, reviews performance the board of
regularly, and provides recommendations to strengthen directors (in
implementation across operations (GRI 3-3). USD)
Total 8,232,904 5,934,123 4,305,534
Environmental and social risks are also integrated
into the Group Risk Management Framework, which
is aligned with ISO 31000 on Risk Management. This
Remuneration policies
framework ensures that transition, environmental and
social risks are identified, assessed and managed with
the same discipline as other material business risks Indika Energy Group’s remuneration framework is
(GRI 2-12, 201-2). Responsibility for implementing risk designed to attract and retain top talent while ensuring
management measures rests with business leaders, alignment with business goals and industry standards.
supported by centralized oversight. Pursuant to POJK 34, the Nomination and Remuneration
Committee is responsible for structuring, formulating
policies, and determining remuneration for members of
Performance evaluation of the Board of Directors
the Board of Directors (GRI 2-19, 2-20).
incorporates sustainability-related considerations
through KPIs determined by the Board of Commissioners
(GRI 2-18, 2-19). These include achievement of targets
in the Work Plan Budget, contributions to business
performance, involvement in assigned initiatives,
commitment to the Group’s interests, and compliance
with laws, regulations, and internal policies (GRI 2-23).
144 2025 Sustainability Report
Page 145
The Board of Directors’ remuneration package Communication of critical concerns
may include salaries, honorariums, incentives, and
allowances, both fixed and variable. When determining Indika Energy Group fosters a culture of open
remuneration, factors considered include industry communication across all levels. Regular meetings
benchmarks and prevailing practices in similar sectors, involving the Board of Commissioners, Board of
the duties, responsibilities, and authority of each Board Directors, and various committees ensure that critical
member in relation to company performance, individual issues are addressed in a timely manner.
and collective target performance, and a balanced
approach between fixed and variable components of In times of crisis, we activate a cross-functional
benefits. response team led by senior leadership with decision-
making authority. This team develops a comprehensive
For the Board of Commissioners, remuneration strategy to assess primary and secondary risks,
structure, policy, and amounts are determined annually covering planning, intelligence gathering, stakeholder
by the Nomination and Remuneration Committee. management, technical or operational resolutions,
Similarly, remuneration is evaluated considering industry recovery efforts, investigations, and governance (GRI
standards, individual roles, and contributions toward 2-16).
company goals (GRI 2-20).
Throughout 2025, we proactively addressed three
reports received through our Whistleblowing System,
Conflicts of interest (GRI 2-15) related to ethical concerns and compliance matters.
Indika Energy Group upholds strict standards to prevent Each report was promptly reviewed, and appropriate
conflicts of interest, whether real or perceived, ensuring actions were taken in line with the Company’s
that personal interests never interfere with company regulatory framework and ethical guidelines. By
decisions. All members of the Board of Directors and conducting thorough investigations and implementing
Board of Commissioners are required to separate necessary resolutions, we reinforce our commitment to
personal and corporate interests, avoiding situations transparency, accountability, and good governance. Our
that could create or appear to create conflicts. robust reporting system continues to play a vital role in
upholding ethical standards and fostering a culture of
integrity across the organization.
In 2025, there were no reported familial or financial
relationships between members of the Board of
Commissioners, Board of Directors, or major/controlling Transition governance structure
shareholders that could influence decision-making. The
Group is managed professionally, free from any conflict Indika Energy’s transition governance structure
of interest or external influence, and in full compliance is designed to provide clear oversight, defined
with applicable laws, regulations, and ethical business accountability and coordinated execution as the
principles. Group manages climate-related risks and advances
its sustainability objectives (GRI 2-9, 2-12). Dedicated
Our Code of Business Conduct explicitly addresses governance bodies ensure that transition considerations
conflicts of interest, reinforcing the responsibility are embedded into strategic planning, risk management,
of shareholders, the Board of Commissioners, and and operational decision-making across the organization
the Board of Directors to respect each other’s roles (GRI 2-13, 3-3).
and authority. Across all levels, from leadership to
employees, we emphasize independent decision-making
and ethical governance.
Dedicated committees and mandates
To strengthen oversight of energy transition and
climate-related matters, Indika Energy has established
specialized committees, including the Risk Committee
and Sustainability Committee (GRI 2-9). Each committee
operates under a clearly defined mandate approved
by the Board, setting out its responsibilities, scope of
authority and reporting lines (GRI 2-12). This structure
supports focused oversight while ensuring alignment
with overall corporate governance (GRI 2-14).
Enduring Commitments, Unlocking Value 145
Page 146
Roles and responsibilities Cross-functional coordination and
Oversight of the energy transition and sustainability
accountability
performance is shared across Board and management Effective governance also depends on coordination
levels, with distinct roles that reinforce accountability beyond formal committees. Indika Energy has
(GRI 2-9, 2-12). established cross-functional working groups involving
key functions such as risk management, legal, finance,
» The Board of Commissioners (BoC) holds ultimate sustainability, and corporate planning (GRI 2-9, 2-13).
responsibility for strategic oversight of the Group’s These groups support integrated decision-making and
sustainability performance. This includes providing help translate transition priorities into consistent action
final approval of Indika Energy’s Transition Plan across business units.
and ensuring that long-term climate and transition
considerations are addressed at the highest level of Through these coordination mechanisms, climate
governance (GRI 2-14). and sustainability considerations are embedded in
investment decisions, capital allocation, and operational
» The Board of Directors (BoD) is responsible for planning (GRI 2-12, 2-23). This approach aligns
supervising the development and implementation sustainability objectives with core business processes,
of the Group’s energy transition strategy, climate supporting disciplined execution as the Group advances
action plans and decarbonization initiatives. The its transition agenda (GRI 3-3).
Board reviews and refines the Transition Plan
before formally recommending it to the Board of Ethical business conduct and
Commissioners for approval, ensuring that strategic compliance
intent is translated into executable plans (GRI 2-13).
Strong ethical standards are fundamental to how
» The Audit, Risk, and Compliance Committee Indika Energy operates, manages risk, and maintains
oversees the identification, assessment, and stakeholder trust (GRI 2-23). Clear policies, consistent
management of climate-related risks and enforcement, and active oversight guide ethical behavior
opportunities, including both transition and physical across the Group, ensuring integrity, transparency, and
risks. It plays a central role in integrating climate compliance are embedded in day-to-day decision-making
considerations into the enterprise risk management and long-term strategy (GRI 2-24, 2-26).
(ERM) framework and strategic planning processes,
and in reviewing mitigation measures to ensure
alignment with the Group’s risk appetite (GRI 2-12, Anti-bribery and corruption
201-2).
Indika Energy enforces a zero-tolerance policy toward
bribery and corruption across all operations (GRI
» The Sustainability Committee focuses on monitoring 2-23, 205-3). This commitment is supported by a
sustainability and climate-related performance comprehensive Anti-Bribery Management System
across the Group. This includes tracking progress (ABMS) implemented Group-wide to ensure compliance
against GHG emissions reduction targets and with applicable laws, regulations, and international best
transition milestones, as well as reviewing the practices (GRI 2-24).
alignment of policies and operational practices
with climate commitments and evolving regulatory
The effectiveness of the ABMS is reinforced through
requirements (GRI 2-12, 305-5).
annual Bribery Risk Assessments (BRAs) conducted
across the Indika Energy Group and its subsidiaries (GRI
205-1). These assessments identify potential exposures,
evaluate the strength of existing controls, and inform
mitigation measures. Findings are reported to the Board
of Directors and the Anti-Bribery Compliance Function,
ensuring risks are addressed at the appropriate level of
oversight (GRI 2-12, 2-14).
146 2025 Sustainability Report
Page 147
In 2025, Indika Energy renewed its ISO 37001:2016
certification, reaffirming alignment with global anti-
corruption standards. During the year, no bribery-related
risks or corruption incidents were reported, and all
matters were managed in accordance with established
procedures, reinforcing accountability and transparency
(GRI 205-3).
Whistleblowing system
Indika Energy has operated a whistleblowing system Reports are managed by the Ethics Committee, which
since 2013, providing a confidential channel for assesses each case and determines whether further
employees, suppliers, customers, and other third parties investigation is required (GRI 2-26). Where appropriate,
to report suspected violations or non-compliance (GRI investigations are conducted and recommendations
2-25, 2-26). The system is accessible through multiple prepared, with quarterly updates provided to the Board
platforms — including email, mail, telephone, fax, of Directors, Board of Commissioners, and relevant
and a dedicated website — and has been available in committees through the Corporate Secretary and Legal
both Indonesian and English since 2021 to enhance Department (GRI 2-14). This structured process supports
accessibility and protection for reporters. timely resolution, transparency, and consistent oversight.
Figure 57. Indika Energy risk assessment and communications related to anti-corruption in 2025 (GRI
205-1, 205-2)
Description Number %
Operations assessed for risks related to corruption 11 78.57%
Governance bodies that have been communicated to 92 100%
and trained on anti-corruption policies and procedures
Employees who have been communicated to 4,306 100.00%
on anti-corruption policies and procedures
Employees trained in anti-corruption 3,728 86.58%
Note:
• Data on the number of employees and governance bodies receiving communication or training on anti-corruption policies and
procedures is not broken down by employee category and region due to unavailability of data and the inability to categorize
some employees by region as they work in different locations.
Figure 58. Incidents related to corruption in Indika Energy (GRI 205-3)
DESCRIPTION 2023 2024 2025
Incidents of corruption 0 1 0
Incidents in which employees were dismissed for 0 0 0
corruption
Incidents of business partners’ contracts being terminated 0 0 0
due to violations related to corruption
Public legal cases brought against the 0 0 0
company or its employees
Enduring Commitments, Unlocking Value 147
Page 148
Figure 59. Whistleblowing reports and incidents of
non-compliance in Indika Energy (GRI 2-27, 205-3, Anti-competitive behavior
2-16) During the reporting period, Indika Energy and its
subsidiaries recorded no legal actions pending or
DESCRIPTION 2023 2024 2025 completed related to anti-competitive behavior, anti-trust
violations, or monopoly practices. The Group upholds
Whistleblowing reports 2 1 7 fair competition principles through the implementation
received of its Code of Conduct, business ethics standards, and
Instances of non- 0 0 1 compliance frameworks applicable across all business
compliance with laws and operations.
regulations
Fines for non-compliance 0 0 0 These measures are supported by internal controls,
with laws and regulations employee awareness initiatives, and monitoring
mechanisms designed to prevent anti-competitive
Monetary value of fines 0 0 0
conduct and ensure alignment with applicable laws
for non-compliance with
laws and regulations (in and regulations. The Company remains committed to
USD) maintaining ethical business practices and safeguarding
market integrity across its value chain (GRI 206-1).
Promoting regulatory compliance
Indika Energy promotes regulatory compliance by Training and monitoring
embedding ethical standards into organizational Training and monitoring play a key role in reinforcing
practices and business relationships (GRI 2-23, 2-24). All ethical behavior and regulatory compliance (GRI
new employees are required to complete training on the 2-26, 205-2). Indika Energy provides ongoing training
Code of Business Conduct and formally acknowledge programs to strengthen understanding of the Code of
their commitment to uphold these standards (GRI 205- Business Conduct and related compliance requirements
2). Similar expectations apply to business partners, across the organization.
vendors, and subcontractors, who are required to sign an
Integrity Pact as part of the Group’s efforts to manage
These programs are periodically reviewed and
compliance and corruption risks across the value chain
updated to ensure continued relevance and alignment
(GRI 2-6, 205-3).
with evolving regulations. Monitoring mechanisms
complement training by strengthening oversight,
During 2025, awareness of the Code of Business identifying gaps, and supporting continuous
Conduct, the Anti-Bribery Management System (ABMS), improvement in ethical and compliance practices (GRI
and the whistleblowing program was strengthened 2-27).
through internal communications, digital platforms,
visual materials, surveys, and refresher training
sessions (GRI 2-25, 2-26). These initiatives helped
ensure that employees remained informed about ethical
expectations and reporting mechanisms.
Regular risk assessments are conducted to evaluate
the effectiveness of anti-corruption controls and
identify opportunities for improvement (GRI 205-1).
Going forward, we plan to enhance transparency by
expanding disclosures on anti-corruption training and
communications, including more detailed breakdowns
by employee category, governance body, and geography
(GRI 205-2).
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Strategic pillars of the transition
Indika Energy’s sustainability journey is guided by a set To support disciplined and responsible decision-
of strategic pillars that connect ambition with execution. making, we apply ESG screening and risk assessment
These pillars provide clarity on priorities, discipline in mechanisms across key processes, including capital
decision-making, and transparency in how progress is expenditure planning, portfolio optimization, and
measured and communicated as the Group advances its strategic investment and divestment decisions, ensuring
sustainability and transition objectives. that sustainability considerations are embedded
alongside financial and operational priorities (GRI 2-23,
2-24).
Policy and target-setting
Clear policies and measurable targets form the We allocate capital to projects and initiatives that are
foundation of Indika Energy’s sustainability approach consistent with Indika Energy’s transition strategy,
(GRI 2-23, 2-24). The Group establishes sustainability sustainability commitments and defined risk appetite.
policies and Standard Operating Procedures (SOPs) By embedding ESG considerations into investment
that articulate commitments, guiding principles, and the processes, the Group strengthens resilience, improves
management of ESG and climate-related impacts across risk management, and supports responsible long-term
operations (GRI 3-3). growth. Ongoing monitoring helps ensure that deployed
capital continues to align with ESG objectives and
These policies provide a consistent framework delivers the intended outcomes (GRI 3-3).
for operational decision-making and are aligned
with the Group’s long-term strategy and transition
ambitions. SOPs translate policy into practice through
Transparency, Reporting and Assurance
structured implementation guidance across business Transparency and credible disclosure are essential to
units, supporting the establishment of measurable maintaining stakeholder trust and tracking progress over
sustainability and climate-related targets, including GHG time (GRI 2-1, 2-2). Indika Energy’s ESG and transition
emissions and other key ESG indicators (GRI 302, 305). strategy, as well as its performance, are reflected in
external assessments such as Sustainalytics and CDP,
Policies, SOPs, and targets are reviewed periodically with results reviewed regularly to identify areas for
to reflect regulatory developments, stakeholder improvement and strengthen accountability (GRI 2-5).
expectations, and evolving business conditions (GRI
2-29). Progress against targets is regularly monitored The Group aligns its disclosures with recognized
and reported to management and Board-level oversight global and national frameworks, including the GRI
bodies, reinforcing accountability and alignment with Standards (GRI 1), TCFD, the Transition Plan Taskforce
strategic priorities (GRI 2-12, 2-14). Detailed information (TPT), Indonesia’s OJK Regulation No. 51/2017
related to our policies can be found at https://www. (POJK 51/2017), and ISO 37001:2016 for anti-bribery
indikaenergy.co.id/governance/gcg-updates/ management (GRI 2-23, 205-1). Looking ahead, our
reporting practices will continue to evolve to incorporate
emerging standards, including IFRS S1 and S2, ensuring
Capital allocation discipline and ESG continued relevance, comparability, and credibility in
integration climate-related and sustainability disclosures.
ESG and climate considerations are integrated into
capital allocation, investment evaluation and resource
planning processes across the Group (GRI 2-12, 2-13).
We assess investment decisions not only on expected
financial returns, but also on environmental, social and
governance risks and opportunities, including transition
and climate-related physical risks (GRI 201-2, 3-3).
150 2025 Sustainability Report
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At Tripatra, sustainability is no treated as an add-on ethics, and transparency – placing sustainability
to procurement – it is embedded at the core of how alongside financial and technical capabilities in
we build partnerships and create long-term value. procurement decisions. Through this process, we
Recognizing that our impact extends beyond our identified key environmental impacts across our
direct operations, we have transformed procurement operations and partnerships, including carbon
into a strategic lever for positive economic, emissions from logistics and heavy equipment, as well
environment and social change. By integrating ESG as potential soil contamination risks. These insights
principles into sourcing decisions, we strengthen enable more targeted mitigation actions and open
supplier relationships, reduce risk exposure, space for collaboration, capacity-building, and shared
encourage innovation, and promote ethical business improvement.
practices across value chain.
Our commitment translated into Our supply chain is more than a network
concrete action. We embedded
a mandatory ESG questionnaire
of vendors, it is a shared commitment to
into our e-procurement system, integrity, innovation, and long-term value
making sustainability performance a creation.
prerequisite for vendor registration. By
the end of the year, more than 71 new
supplier partners ranging from small local vendors Supported by dedicated governance, cross-functional
formally adopted our Supplier Ethical Policy. These expertise, and targeted investment in ESG tools
milestones marked an important step in aligning our and supplier development, Tripatra’s sustainable
supply chain with our broader ESG and transition procurement initiative reflects a simple belief: when
strategy, including efforts to better understand and sustainability is embedded in how we choose and
manage scope 3 GHG emissions. work with our partners, we do more than manage risk
— we build a resilient, transparent supply chain that
The ESG questionnaire goes beyond compliance. It delivers measurable impact and long-term value for
evaluates suppliers across energy efficiency, waste all.
management, labor rights, diversity and inclusion,
Enduring Commitments, Unlocking Value 151
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Managing our sustainability journey
with purpose
Indika Energy’s sustainability journey is guided by long- Our progress is reflected not only in the milestones
term goals and shaped through day-to-day practical we reach, but in how we address challenges along the
decisions across the business (GRI 2-12, 2-13). way. Balancing near-term performance with long-term
Environmental, social and governance considerations readiness requires careful prioritization and ongoing
increasingly sit alongside operational, financial and dialogue across the Group and beyond (GRI 2-29). It also
strategic priorities — not as separate commitments, depends on collaboration — with employees who bring
but as part of how the Group operates and plans for the these priorities into daily practice, with communities
future (GRI 2-23, 2-24). connected to our operations, and with partners who
support delivery across the value chain (GRI 2-30, 413-1).
Environmental performance influences how we manage
our assets, utilize our resources, and develop pathways Looking ahead, our sustainability journey will continue
toward lower emissions (GRI 3-3, 302, 303, 305). to demand resilience and focus. As external conditions
Social sustainability shapes how people experience change and new risks and opportunities emerge, we
the transition, from workforce readiness and safety remain confident in the clarity around our direction (GRI
to community relationships and shared development 2-22). The investments we make, the capabilities we
outcomes (GRI 403, 404, 413). Governance provides the develop and the governance structures we put in place
structure that connects these dimensions, setting clear provide the Group with a strong foundation for the years
responsibilities, strengthening oversight, and supporting ahead.
consistent execution over time (GRI 2-9, 2-14, 2-17).
This report reflects where Indika Energy stands at this
This journey requires constant learning and adaptation. point in our journey — what has been established, what
Operating across diverse geographies and sectors is being actively managed, and what remains a work in
means working with different conditions, expectations progress. With defined goals, strengthened oversight,
and constraints. Market dynamics evolve, technologies and a continued commitment to transparency (GRI 2-1,
mature, and policies continue to develop. Rather than 2-2, 2-3), we will continue to move forward with purpose,
relying on a single pathway, our approach has focused keeping long-term objectives in view while responding
on building the systems, capabilities and governance thoughtfully to the realities of a changing world.
needed to navigate change with intent and flexibility (GRI
3-1, 3-2). Having already defined our ambition, we are
now managing its delivery — turning commitments into
plans, plans into action, and action into outcomes (GRI
3-3).
152 2025 Sustainability Report
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Additional Information
BOC BOD statement
We, as the Board of Commissioners and Board of Directors of Indika Energy, have evaluated the contents of the 2025
Sustainability Report and state that the report covers all sustainability aspects that are relevant to Indika Energy. We
are responsible for the accuracy of the contents of this Sustainability Report, including financial statements and other
related information.
Jakarta, April 2026
Agus Lasmono Azis Armand
President Commissioner President Director
Wishnu Wardhana Deddy Sudarijanto
Vice President Commissioner Director
Nurcahya Basuki Retina Rosabai
Commissioner Director
M. Arsjad Rasjid P.M. Johanes Ispurnawan
Commissioner Director
Farid Harianto Kamen Kamenov Palatov
Independent Commissioner Director
Eko Putro Sandjojo
Independent Commissioner
Enduring Commitments, Unlocking Value 153
Page 154
ASSURANCE STATEMENT
SGS INDONESIA’S REPORT ON SUSTAINABILITY ACTIVITIES IN THE
PT INDIKA ENERGY Tbk SUSTAINABILITY REPORT FOR 2025
NATURE OF THE ASSURANCE/VERIFICATION
PT. SGS Indonesia was commissioned by PT Indika Energy Tbk to conduct an independent assurance of the
Sustainability Report 2025 period 01 January - 31 December 2025
INTENDED USERS OF THIS ASSURANCE STATEMENT
This Assurance Statement is provided with the intention of informing all PT Indika Energy Tbk’s stakeholders.
RESPONSIBILITIES
The information in the Report and its presentation is the responsibility of the directors or governing body and the
management of PT Indika Energy Tbk. SGS has not been involved in the preparation of any of the material
included in the Report.
Our responsibility is to express an opinion on the text, data, graphs and statements within the scope of assurance
based upon sufficient and appropriate objective evidence.
ASSURANCE STANDARDS, TYPE AND LEVEL OF ASSURANCE
The assurance of this report has been conducted according to the AA1000 Assurance Standard (AA1000AS v3),
a standard used globally to provide assurance on sustainability-related information across organizations of all
types, including the evaluation of nature and extent to which an organization adheres to the Accountability
Principles (AA1000AP,2018).
Assurance has been conducted at a moderate level of scrutiny and type 2
SCOPE OF ASSURANCE
The scope of the assurance included evaluation of quality, accuracy and reliability of specified performance
information as detailed below and evaluation of adherence to the following reporting criteria:
• AA1000 Accountability Principles (2018)
• Global Reporting Initiative Sustainability Reporting Standards 2021 (In Accordance with)
SPECIFIED PERFORMANCE INFORMATION AND DISCLOSURES INCLUDED IN SCOPE
• Energy Consumption
• Greenhouse Gases Emission scope 1 and scope 2
• Occupational Health and Safety
• Land use and Biodiversity
• Water and Effluent
• Community Development
• Diversity, Equity, and Inclusion
• Waste Management
• Corporate Governance
• Ethics and Compliance
SAGP2003 Issue 1 Effective Date: 01/01/2025
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ASSURANCE METHODOLOGY The assurance comprised a combination of pre-assurance research and interviews with relevant accountable managers and employees at the Head Office of PT Indika Energy Tbk’s in Jakarta via remote, sampling for 2 (two) subsidiaries, site PT Kideco Tbk in Kalimantan Timur via remote and PT Interport Mandiri Utama in Jakarta and Kalimantan Timur via remote. PT Indika Energy Tbk’s Sustainability Report 2025 covers PT Indika Energy Tbk’s, Subsidiaries, Joint Ventures, and Associated Companies. LIMITATIONS Financial data drawn directly from independently audited financial accounts has not been checked back to source as part of this assurance process. INDEPENDENCE AND COMPETENCE The SGS Group of companies is the world leader in inspection, testing and verification, operating in more than 140 countries and providing services including management systems and service certification; quality, environmental, social and ethical auditing and training; environmental, social and sustainability report assurance. SGS affirm our independence from PT Indika Energy Tbk , being free from bias and conflicts of interest with the organization, its subsidiaries and stakeholders. The assurance team was assembled based on their knowledge, experience and qualifications for this assignment, Environmental Management System (EMS) Lead Auditor, Quality Management System (QMS) Lead Auditor, Occupational Health and Safety Management System (OHSMS) Lead Auditor, and the Associate Certified Sustainability Assurance Practitioner (ACSAP). FINDINGS AND CONCLUSIONS ASSURANCE OPINION On the basis of the methodology described and the assurance work performed, we are satisfied that the specified performance information included in the scope of assurance is accurate, reliable, has been fairly stated and has been prepared, in all material respects, in accordance with the AA1000 Accountability Principles (2018) and Global Reporting Initiative Sustainability Reporting Standards 2021 (In Accordance with). We believe that the organization has chosen an appropriate level of assurance for this stage in their reporting. ADHERENCE TO AA1000 ACCOUNTABILITY PRINCIPLES (2018) INCLUSIVITY PT Indika Energy Tbk has demonstrated a good commitment to stakeholder inclusivity and stakeholder engagement. A variety of engagement efforts such as survey and communication to employees, customers, investors, suppliers, sustainability experts, and other stakeholders are implemented to underpin the organization's understanding of stakeholder concerns. MATERIALITY PT Indika Energy Tbk has established effective processes for determining issues that are material to the business. Formal review has identified stakeholders and those issues that are material to each group of stakeholders, and the report addresses these at an appropriate level to reflect their importance and priority to these stakeholders. High Importance material topics are Energy Consumption, Greenhouse Gases Emission scope 1 and scope 2, Occupational Health and Safety, Land use and Biodiversity, Water and Effluent, Community Development, Diversity, Equity, and Inclusion, Waste Management, Corporate Governance, Ethics and Compliance. RESPONSIVENESS PT Indika Energy Tbk’s has responded to stakeholder’s issues that affect to its sustainability performance and is released through decisions, actions and performance, as well as communication with stakeholders. SAGP2003 Issue 1 Effective Date: 01/01/2025
Page 156
IMPACT
PT Indika Energy Tbk has demonstrated a process on identify and represented impacts that encompass a range
of environmental, social and governance topics from wide range of sources, such as activities, policies, programs,
decisions and products and services, as well as any related performance. Measurement and evaluation of its
impacts related to material topic were in place at target setting with combination of qualitative and quantitative
measurements.
QUALITY AND RELIABILITY OF SPECIFIED PERFORMANCE INFORMATION
• The Occupational Health and Safety Management System and Environmental Management System
have been implemented and are being effectively maintained.
• PT Indika Energy Tbk has developed an internal platform to collect Environmental, Social, and
Governance (ESG) data from its subsidiaries, ensuring the reliability and accuracy of ESG information.
ADHERENCE TO GLOBAL REPORTING INITIATIVE SUSTAINABILITY REPORTING STANDARDS (2021)
In our opinion, the PT Indika Energy Tbk’s Sustainability Report 2025 is presented in accordance with the Global
Reporting Initiative Sustainability Reporting Standards 2021 for the period from 01 January 2025 to 31 December
2025 and fulfills all the required content and quality criteria.
Foundation
In our opinion, the content and quality of the report adhere to the GRI Reporting Principles of Accuracy, Balance,
Clarity, Comparability, Completeness, Sustainability context, Timeliness and Verifiability.
General Disclosures
All the General disclosures required for reporting in accordance with the Global Reporting Initiative Sustainability
Reporting Standards 2021
Material Topics
PT Indika Energy Tbk disclose material topics that represent an organization’s most significant impacts on the
economy, environment, and people, in accordance with Global Reporting Initiative Sustainability Reporting
Standards 2021.
Signed:
For and on behalf of SGS Indonesia
Waras Putri Andrianti
Waras Putri Andrianti
Business Assurance Director
Jakarta, Indonesia
16 March 2026
WWW.SGS.COM
SAGP2003 Issue 1 Effective Date: 01/01/2025
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Glossary
Abbreviations
IIR Indika Indonesia Resources, Indika Energy’s
ALVA The two-wheeler electric motorcycle brand subsidiary engaged in coal or other
of Ilectra Motor Group. In this document, commodities trading
ALVA and Ilectra Motor Group are mentioned IMG Ilectra Motor Group, Indika Energy’s 2W
interchangeably EV holding company responsible for ALVA
manufacturing, distribution, and dealership
BESS Battery Energy Storage System
IMP Indika Multi Properti (Indika Nature),
CAPEX Capital Expenditure a subsidiary of Indika Energy focusing
CC(U)S Carbon Capture, (Utilization) and Storage - on nature-based solutions grounded in
A set of technologies designed to capture regenerative approaches
carbon dioxide (CO₂) emissions from sources Interport Interport Mandiri Utama, Indika Energy’s
for either reuse or storage to prevent them subsidiary providing logistics management
from entering the atmosphere and port services
CIL Carbon-in-leach (gold processing method) IPCC Intergovernmental Panel on Climate Change
tCO2eq Tons of Carbon Dioxide equivalent IPP Independent Power Producer
EBITDA Earnings Before Interest, Taxes, Depreciation, IPY INDY Properti Indonesia, Indika Energy’s
and Amortization subsidiary focusing on building management
EMB Energi Makmur Buana, Indika Energy’s IUPK Izin Usaha Pertambangan Khusus (Special
subsidiary in electric vehicles. INVI sales Mining Business License): License held by
operations are part of this subsidiary Kideco as a continuation of its earlier Coal
EMITS Empat Mitra Indika Tenaga Surya: A Joint Contract of Work
Venture between Indika Energy and Fourth INVI Energi Makmur Buana’s brand, dedicated to
Partner Energy Singapore focused on enabling EV deployments, offering electric
developing renewable energy buses and mining fleet solutions through
EMS Energy Management System electric trucks, supported by essential
infrastructure such as charging stations
EPC Engineering, Procurement, and Construction
JETP Just Energy Transition Partnership
E&C Engineering and Construction
JV Joint Venture: A business arrangement
ENDC Enhanced Nationally Determined Contribution in which two or more parties pool their
ESG Environmental, Social, and Governance resources to accomplish a specific task
EV Electric Vehicle Kideco Kideco Jaya Agung: Indika Energy’s coal
mining subsidiary
FaaS Fleet-as-a-Service: A business model operated
by KALISTA that separates fleet ownership KALISTA Kalista Nusa Armada, a subsidiary of Indika
and maintenance from the fleet operator Energy specializing in electric vehicles (EVs)
with four wheels or more
FEED Front End Engineering Design
KEN Kebijakan Energi Nasional (National Energy
FID Final Investment Decision Policy)
Group Indika Energy and its subsidiaries KLHK Kementerian Lingkungan Hidup dan
GED Tripatra Green Energy Development Kehutanan (Ministry of Environment and
Forestry)
ICE Internal Combustion Engine
KPI Key Performance Indicator
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ktCO2eq Thousand tons of carbon dioxide equivalent
LNG Liquefied Natural Gas
Masmindo Masmindo Dwi Area, Indika Energy’s gold
mining entity in Luwu, South Sulawesi
Mekko Mekko Metal Mining, Indika Energy’s
subsidiary involved in bauxite mining
MMG Mitra Motor Group
MUTU Multi Tambangjaya Utama: A former coal
mining subsidiary of Indika Energy, divested in
2023
NDC Nationally Determined Contribution
NEK Nilai Ekonomi Karbon (Economic Value of
Carbon)
NZE Net-Zero Emissions: The state where
greenhouse gas emissions are balanced by
their removal from the atmosphere
OPEX Operational Expenditure
PLN Perusahaan Listrik Negara, Indonesia’s state-
owned electricity company responsible for
power generation, transmission, distribution,
and retail
POJK Peraturan Otoritas Jasa Keuangan (Financial
Services Authority Regulation)
PPA Power Purchase Agreement
REC Renewable Energy Certificates: Market-
based instruments certifying that electricity
was generated from renewable sources and
purchased from PLN
SPKLU Stasiun Pengisian Kendaraan Listrik Umum
(Public Electric Vehicle Charging Station):
Publicly accessible stations for charging EVs
TCFD Task Force on Climate-related Financial
Disclosures
Tripatra Indika Energy’s subsidiary providing EPC
services, including Tripatra Multi Energi,
Tripatra Engineering, and Tripatra Engineers &
Constructors
Xapiens Xapiens Teknologi Indonesia, Indika Energy’s
subsidiary focused on IT services and digital
solutions
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Terms
Annual total compensation
Collective bargaining
compensation provided over the course of a year for
all negotiations that take place between one or more
anti-competitive behavior action of the organization or
employers or employers’ organizations, on the one hand,
employees that can result in collusion with potential
and one or more workers’ organizations (e.g. trade
competitors, with the purpose of limiting the effects of
unions), on the other, for determining working conditions
market competition.
and terms of employment or for regulating relations
between employers and workers.
Area protected
area that is protected from any harm during operational
Community development program
activities, and where the environment remains in its
Plan that details actions to minimize, mitigate, or
original state with a healthy and functioning ecosystem
compensate for adverse social and/or economic
area restored area that was used during or affected by
impacts, and/ or to identify opportunities or actions to
operational activities, and where remediation measures
enhance positive impacts of a project on the community.
have either restored the environment to its original state,
or to a state where it has a healthy and functioning
ecosystem.
Conflict of interest
situation where an individual is confronted with choosing
between the requirements of their function in the
Baseline
organization and their other personal or professional
starting point used for comparisons basic salary fixed,
interests or responsibilities.
minimum amount paid to an employee for performing
his or her duties benefit direct benefit provided in the
form of financial contributions, care paid for by the
Effluent
organization, or the reimbursement of expenses borne
Treated or untreated wastewater that is discharged.
by the employee business partner entity with which
the organization has some form of direct and formal
engagement for the purpose of meeting its business Employee
objectives. Individual who is in an employment relationship with the
organization according to national law or practice.
Carbon scope 1 and 2 GHG emissions intensity
The carbon scope 1 and 2 GHG emissions intensity is ESG
calculated as a ratio of scope 1 and 2 location-based Environmental, social and governance.
emissions of Indika Energy-operated industrial assets
owned at the end of the reporting year, divided by
their coal production (in tons) and by revenue (in USD Freedom of association
million). Further synonyms of these metrics used in this Right of employers and workers to form, to join and to
report include emissions intensity and greenhouse gas run their own organizations without prior authorization
emissions intensity. or interference by the state or any other entity.
CO2eq (Carbon dioxide equivalent) GHG (Greenhouse gas)
is the universal unit of measurement for the global Gases that contribute to global warming, including CO2,
warming potential (GWP) of greenhouse gases (GHG), CH4, N2O, HFCs, PFCs, and SF6. These are reported in
where one unit of CO2eq is the GWP for one unit of CO2eq unless stated otherwise. The Greenhouse Gas
carbon dioxide. This unit allows us to discuss the Protocol separates GHG emissions into different scopes
equivalence of different GHGs in terms of their GWP. depending on source.
More commonly measured in metric tons of CO2eq, or
tonCO2eq.
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GRI LTIR
The Global Reporting Initiative (GRI) is an international The lost time injury rate (LTIR) is the total number of LTIs
independent standards organization that develops recorded per 200,000 hours worked.
and disseminates voluntary sustainability reporting
frameworks.
Occupational disease
Any chronic ailment or illness that occurs because
Grievance process of work or occupational activity; these are typically
A formal grievance process/mechanism for local identified as being more prevalent in a given body of
community members or other stakeholders to use to workers than in the general population, or in other worker
register any concerns about real or perceived actions populations. An occupational disease is different from
by nearby operations, with the objective of resolving an occupational injury.
problems before they escalate.
Paris Agreement
Hazardous An agreement within the United Nations Framework
Dangerous, as defined by national legislation. Convention on Climate Change, dealing with GHG
emissions mitigation, adaptation, and finance, signed in
2016.
Hours worked
Total hours worked by employees and contractors at
our industrial sites, including overtime but excluding PPCA
any scheduled or unscheduled absence (eg holidays or Powering Past Coal Alliance
sickness) during the reporting year.
PV
ILO Photovoltaic
The International Labor Organization (ILO) is a United
Nations agency for the promotion of social justice and
internationally recognized human and labor rights. Scope 1 GHG emissions
Greenhouse gas emissions from owned or controlled
sources (i.e. direct emissions), including emissions from
ILO Declaration combustion in owned or controlled boilers, furnaces and
In 1988, the ILO adopted the Declaration on Fundamental vehicles/vessels and coal seam emissions. We measure
Principles and Rights at Work, with the core categories our scope 1 GHG emissions in tonCO2eq.
of collective bargaining, discrimination, forced labor and
child labor.
Scope 2 GHG emissions
This approach applies to GHG emissions from
IPCC contractual arrangements; we apply supplier-specific
The United Nations Intergovernmental Panel on emission factors when relevant and available, but where
Climate Change (IPCC) assesses scientific, technical they are not, the country’s residual or grid emission
and socioeconomic information on the risk of factor is applied. We measure our scope 2 GHG
human induced climate change. The United Nations emissions in tonCO2eq.
Environment Program and the World Meteorological
Organization established the IPCC.
Scope 3 GHG emissions
Indirect greenhouse gas emissions (not included in
LTIs scope 2) that occur in our value chain, including both
Lost time injuries (LTIs) are recorded when an employee upstream and downstream emissions. We are currently
or contractor is unable to work following an incident. exploring ways to calculate scope 3 GHG emissions.
We record lost days as beginning on the first rostered
day that the worker is absent after the day of the injury.
The day of the injury is not included. LTIs do not include SDG
restricted work injuries (RWIs) and fatalities. Sustainable Development Goals
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United Nations Global Compact (UNGC)
The UNGC is a voluntary initiative based on CEO
commitments to implement universal sustainability
principles and to take steps to support the UN
Sustainable Development Goals. United Nations Guiding
Principles the United Nations Guiding Principles on
Business and Human Rights are a set of guidelines for
states and companies to prevent, address and remedy
human rights abuses committed in business operations.
Universal Declaration of Human Rights
The Universal Declaration of Human Rights is a common
standard for all peoples and all nations that sets out
fundamental human rights to be universally protected.
Voluntary Principles
The Voluntary Principles on Security and Human Rights
(Voluntary Principles) Initiative is a multi-stakeholder
initiative involving governments, companies and NGOs,
which promotes a set of principles for oil, gas and
mining companies to guide them in providing security for
their operations in a manner that respects human rights.
Water discharge
Total amount of effluents, used water, and unused water
released to surface water, groundwater, seawater, or a
third party, for which the organization has no further use,
over the course of the reporting period.
Water withdrawal
Total amount of water drawn into the boundaries of the
reporting organization from all sources for any use over
the course of the reporting period. Includes surface
water, groundwater, seawater, and water imported from
third parties.
Workforce
References to our workforce include both employees
and contractors.
Enduring Commitments, Unlocking Value 161
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Framework mapping
Global Reporting Initiative (GRI) Content Index
Statement of use PT Indika Energy Tbk. has reported the information in accordance with the GRI Standards
2021, as cited in this GRI content index for the period 1 January 2025 to 31 December 2025
GRI 1 used GRI 1: Foundation 2021
Requirement 9: Notify GRI
REASON FOR
GRI STANDARD DISCLOSURE PAGE FUTURE ACTION
OMMISSION
GRI 2: General 2-1 Organizational details 32
Disclosures 2021
2-2 Entities included in the 36
organization’s sustainability
reporting
2-3 Reporting period, frequency 52
and contact point
2-4 Restatements of information 60
2-5 External assurance 154
2-6 Activities, value chain and 26, 33, 37,
other business relationships 42, 55, 148
2-7 Employees 97, 106
2-8 Workers who are not 107
employees
2-9 Governance structure and 138
composition
2-10 Nomination and selection of 138, 139
the highest governance body
2-11 Chair of the highest 138
governance body
2-12 Role of the highest 138, 139
governance body in overseeing
the management of impacts
2-13 Delegation of responsibility 138, 139,
for managing impacts 144
2-14 Role of the highest 145, 146
governance body in sustainability
reporting
162 2025 Sustainability Report
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REASON FOR
GRI STANDARD DISCLOSURE PAGE FUTURE ACTION
OMMISSION
2-15 Conflicts of interest 139
2-16 Communication of critical 145
concerns
2-17 Collective knowledge of the 99, 144
highest governance body
2-18 Evaluation of the 144
performance of the highest
governance body
2-19 Remuneration policies 54, 144
2-20 Process to determine 145
remuneration
2-21 Annual total compensation Confidentiality Disclosure
ratio constraints approach will
be reviewed
periodically in line
with compliance
requirement
2-22 Statement on sustainable 34, 45, 53,
development strategy 65, 152
2-23 Policy commitments 33, 45, 152
2-24 Embedding policy 51, 55
commitments
2-25 Processes to remediate 97, 128,
negative impacts 131, 147
2-26 Mechanisms for seeking 104, 147
advice and raising concerns
2-27 Compliance with laws and 148
regulations
2-28 Membership associations 31
2-29 Approach to stakeholder 45, 55
engagement
2-30 Collective bargaining 134
agreements
GRI 3: Material Topics 3-1 Process to determine 52, 58
2021 material topics
3-2 List of material topics 59
3-3 Management of material 64, 95, 137
topics
GRI 201: Economic 201-1 Direct economic value 24
Performance 2016 generated and distributed
201-2 Financial implications and 34, 43, 150
other risks and opportunities due
to climate change
201-3 Defined benefit plan 99
obligations and other retirement
plans
201-4 Financial assistance 25
received from government
Enduring Commitments, Unlocking Value 163
Page 164
REASON FOR
GRI STANDARD DISCLOSURE PAGE FUTURE ACTION
OMMISSION
GRI 202: Market 202-1 Ratios of standard entry 104
Presence 2016 level wage by gender compared
to local minimum wage
202-2 Proportion of senior 104
management hired from the local
community
GRI 203: Indirect 203-1 Infrastructure investments 120
Economic Impacts and services supported
2016
203-2 Significant indirect 25, 42, 116,
economic impacts 120
GRI 204: Procurement 204-1 Proportion of spending on 25
Practices 2016 local suppliers
GRI 205: Anti- 205-1 Operations assessed for 146
corruption 2016 risks related to corruption
205-2 Communication and 148
training about anti-corruption
policies and procedures
205-3 Confirmed incidents of 147
corruption and actions taken
GRI 206: Anti- 206-1 Legal actions for anti- 148
competitive Behavior competitive behavior, anti-trust,
2016 and monopoly practices
GRI 207: Tax 2019 207-1 Approach to tax Confidentiality Tax transparency
constraints approach will be
reviewed for future
disclosure
207-2 Tax governance, control, Confidentiality Strengthened tax
and risk management constraints risk management
processes to
support future
disclosure
207-3 Stakeholder engagement 45, 55
and management of concerns
related to tax
207-4 Country-by-country Not applicable The topic will
reporting continue to be
reviewed through
periodic materiality
assessments
GRI 301: Materials 301-1 Materials used by weight 91
2016 or volume
301-2 Recycled input materials 91
used
301-3 Reclaimed products and 91
their packaging materials
GRI 302: Energy 2016 302-1 Energy consumption within 16, 66, 72
the organization
302-2 Energy consumption 16, 66, 72
outside of the organization
302-3 Energy intensity 72
164 2025 Sustainability Report
Page 165
REASON FOR
GRI STANDARD DISCLOSURE PAGE FUTURE ACTION
OMMISSION
302-4 Reduction of energy 66
consumption
302-5 Reductions in energy 66
requirements of products and
services
GRI 303: Water and 303-1 Interactions with water as 80
Effluents 2018 a shared resource
303-2 Management of water 80
discharge-related impacts
303-3 Water withdrawal 16, 80, 83
303-4 Water discharge 83
303-5 Water consumption 83
GRI 304: Biodiversity 304-1 Operational sites owned, 73
2016 leased, managed in, or adjacent
to, protected areas and areas of
high biodiversity value outside
protected areas
304-2 Significant impacts of 73
activities, products and services
on biodiversity
304-3 Habitats protected or 74
restored
304-4 IUCN Red List species and 79
national conservation list species
with habitats in areas affected by
operations
GRI 305: Emissions 305-1 Direct (scope 1) GHG 16, 65
2016 emissions
305-2 Energy indirect (scope 2) 16, 65
GHG emissions
305-3 Other indirect (scope 3) 65
GHG emissions
305-4 GHG emissions intensity 16, 65
305-5 Reduction of GHG 65
emissions
305-6 Emissions of ozone- 90
depleting substances (ODS)
305-7 Nitrogen oxides (NOx), 90
sulfur oxides (SOx), and other
significant air emissions
GRI 306: Waste 2020 306-1 Waste generation and 85
significant waste-related impacts
306-2 Management of significant 85
waste-related impacts
306-3 Waste generated 88
306-4 Waste diverted from 16, 88
disposal
306-5 Waste directed to disposal 88
Enduring Commitments, Unlocking Value 165
Page 166
REASON FOR
GRI STANDARD DISCLOSURE PAGE FUTURE ACTION
OMMISSION
GRI 308: Supplier 308-1 New suppliers that were 92
Environmental screened using environmental
Assessment 2016 criteria
308-2 Negative environmental 92
impacts in the supply chain and
actions taken
GRI 401: Employment 401-1 New employee hires and 108
2016 employee turnover
401-2 Benefits provided to full- 104
time employees that are not
provided to temporary or part-
time employees
401-3 Parental leave 104, 108
GRI 402: Labor/ 402-1 Minimum notice periods 131
Management regarding operational changes
Relations 2016
GRI 403: Occupational 403-1 Occupational health and 112
Health and Safety safety management system
2018
403-2 Hazard identification, 112
risk assessment, and incident
investigation
403-3 Occupational health 112
services
403-4 Worker participation, 114
consultation, and communication
on occupational health and
safety
403-5 Worker training on 112
occupational health and safety
403-6 Promotion of worker health 114
403-7 Prevention and mitigation 114
of occupational health and
safety impacts directly linked by
business relationships
403-8 Workers covered by an 112
occupational health and safety
management system
403-9 Work-related injuries 115
403-10 Work-related ill health 115
GRI 404: Training and 404-1 Average hours of training 109
Education 2016 per year per employee
404-2 Programs for upgrading 99
employee skills and transition
assistance programs
404-3 Percentage of employees 109
receiving regular performance
and career development reviews
166 2025 Sustainability Report
Page 167
REASON FOR
GRI STANDARD DISCLOSURE PAGE FUTURE ACTION
OMMISSION
GRI 405: Diversity and 405-1 Diversity of governance 104
Equal Opportunity bodies and employees
2016
405-2 Ratio of basic salary and 104
remuneration of women to men
GRI 406: Non- 406-1 Incidents of discrimination 104
discrimination 2016 and corrective actions taken
GRI 407: Freedom 407-1 Operations and suppliers 131
of Association and in which the right to freedom
Collective Bargaining of association and collective
2016 bargaining may be at risk
GRI 408: Child Labor 408-1 Operations and suppliers 132
2016 at significant risk for incidents of
child labor
GRI 409: Forced or 409-1 Operations and suppliers 132
Compulsory Labor at significant risk for incidents of
2016 forced or compulsory labor
GRI 410: Security 410-1 Security personnel trained 128
Practices 2016 in human rights policies or
procedures
GRI 411: Rights of 411-1 Incidents of violations 134
Indigenous Peoples involving rights of indigenous
2016 peoples
GRI 413: Local 413-1 Operations with local 116
Communities 2016 community engagement, impact
assessments, and development
programs
413-2 Operations with significant 116
actual and potential negative
impacts on local communities
GRI 414: Supplier 414-1 New suppliers that were 128
Social Assessment screened using social criteria
2016
414-2 Negative social impacts 128
in the supply chain and actions
taken
GRI 415: Public Policy 415-1 Political contributions 25
2016
GRI 416: Customer 416-1 Assessment of the health Not material The topic will
Health and Safety and safety impacts of product be reviewed
2016 and service categories periodically
during materiality
assessments.
416-2 Incidents of non- Not material The topic will
compliance concerning the be reviewed
health and safety impacts of periodically
products and services during materiality
assessments.
GRI 417: Marketing 417-1 Requirements for product Not material The topic will
and Labeling 2016 and service information and be reviewed
labeling periodically
during materiality
assessments.
Enduring Commitments, Unlocking Value 167
Page 168
REASON FOR
GRI STANDARD DISCLOSURE PAGE FUTURE ACTION
OMMISSION
417-2 Incidents of non- Not material The topic will
compliance concerning product be reviewed
and service information and periodically
labeling during materiality
assessments.
417-3 Incidents of non- Not material The topic will
compliance concerning be reviewed
marketing communications periodically
during materiality
assessments.
GRI 418: Customer 418-1 Substantiated complaints Not material The topic will
Privacy 2016 concerning breaches of be reviewed
customer privacy and losses of periodically
customer data during materiality
assessments.
POJK Reference Index
Index
Disclosure Page
number
Sustainability strategy
A.1 Sustainability strategy explanation 15
Sustainability aspect performance overview
B.1 Economic aspect 24
B.1.a The quantity of sold production or service 26
B.1.b Income or sales 22
B.1.c Net profit or loss 22
B.1.d Eco-friendly product 27
B.1.e Involving local parties related to the sustainable finance business process 55
B.2 Environmental aspect 65
B.2.a Energy usage 66
B.2.b Result of the emission reduction 65
B.2.c Waste and effluent reduction 80
B.2.d Biodiversity conservation 73
B.3. Social performance overview which describes the positive and negative 116
impacts of implementing sustainable finance for society and the environment
Company profile
C.1 Vision, mission, and values of sustainability 33
C.2 Company’s address 32
168 2025 Sustainability Report
Page 169
Index
Disclosure Page
number
C.3 Company’s scale 32
C.3.a Total assets or asset capitalization and total liabilities Explain further in
Annual Report
C.3.b Number of employees by gender, position, age, education, and status 107
C.3.c Percentage of share ownership 140
C.3.d Operational area 36
C.4 Products, service, and running business activities 38
C.5 Membership in the association 31
C.6 Significant changes in issues and public companies Explain further in
Annual Report
Explanation of the Board of Directors
D.1.a Policies to respond to challenges in fulfilling the sustainability strategy 148
D.1.b Sustainable finance implementation 54
D.1.c Target achievement strategy 15
Sustainability governance
E.1 Responsible for implementing sustainable finance 55
E.2 Competency development related to sustainable finance 109
E.3 Risk assessment of the implementation of sustainable finance 34
E.4 Stakeholders’ relations 45, 55
E.5 Problems with the implementation of sustainable finance Not applicable
Sustainability performance
F.1 Sustainability culture activities 134
Financial performance
F.2 Comparison of targets and performance of production, portfolio, financing, 22
income and profit and loss
F.3 Comparison of portfolio targets and performance, financing targets, or 22
investments in projects in line with sustainable finance
General aspect
F.4 Environmental costs 16, 65
Material aspect
F.5 Environmentally friendly materials used 91
Energy aspect
F.6 Amount and intensity of energy used 16, 66
F.7 Efforts and achievements of energy efficiency and use of renewable energy 66
Water aspect
F.8 Water usage 83
Biodiversity aspect
F.9 Impacts of operational areas located near or within conservation area 73
F.10 Efforts to conserve biodiversity 73
Enduring Commitments, Unlocking Value 169
Page 170
Index
Disclosure Page
number
Emission aspect
F.11 Amount and intensity of emissions generated by type 71
F.12 Efforts and achievements of emission reduction made 65
Waste and effluent aspect
F.13 Amount of waste and effluent generated by type 88-89
F.14 Waste and effluent management mechanism 85
F.15 Occurring spills (if any) 87
Complaint about aspects related to the environment
F.16 Number and material of environmental complaints received and resolved 64
Social performance
F.17 Commitment to providing services on equal products and/or services to 25
consumers
Employment aspect
F.18 Equal employment opportunity 104
F.19 Child labor and forced labor 132
F.20 Regional minimum wage 104
F.21 Decent and safe work environment 104
F.22 Employee capability training and development 99
Employee capability training and development
F.23 Impact of operations on surrounding communities 116
F.24 Community complaints 116
F.25 Environmental Social Responsibility Activities 116
Responsibility for sustainable product/service development
F.26 Innovation and development of sustainable financial products/services Not applicable
F.27 Products/services evaluated for customer safety 25
F.28 Product/service impact 25
F.29 Number of product recalls Not applicable
F.30 Customer satisfaction survey on sustainable financial products and/or 55
services
Others
G.1 Written verification from independent party (if any) 154
G.2 Feedback form 174
G.3 Responses to feedback on the previous year’s sustainability report 174
G.4 List of disclosures according to Financial Services Authority regulation number 170
51/POJK.03/2017 concerning Implementation of sustainable finance for
financial services institutions, issuers, and public companies
170 2025 Sustainability Report
Page 171
Sustainable Development Goals (SDGs)
Index
Business theme Relevant SDGs GRI standards Page
Economic growth & SDG 8 – Decent work GRI 201-1 Economic performance 24, 108, 109,
employment and economic growth GRI 401 Employment 131
GRI 402 Labor/management relations
GRI 404 Training & education
Ethical business SDG 16 – Peace, GRI 2-23 Governance & ethics 33, 45, 152
conduct & justice, and strong
GRI 205 Anti-corruption
governance institutions
Occupational SDG 3 – Good health GRI 403 Occupational health & safety 112
health & safety and well-being
Climate strategy SDG 13 – Climate GRI 305 Emissions 65
& emissions action
reduction
Air quality & SDG 11 – Sustainable GRI 305-6 Air emissions 90
emission controls cities and
GRI 305-7 Other emissions
communities
Energy transition & SDG 7 – Affordable GRI 302 Energy 66
renewable energy and clean energy
Water & SDG 6 – Clean water GRI 303 Water & Effluents 80
wastewater and sanitation
management
Waste & circular SDG 12 – Responsible GRI 306 Waste 85
economy consumption and
production
Biodiversity & land SDG 15 – Life on land GRI 304 Biodiversity 73
use management
Community SDG 1 – No poverty GRI 203-1 Indirect economic impacts 25, 116
development & SDG 4 – Quality GRI 413-1 Local communities
social impact education
Human rights & SDG 5 – Gender GRI 2-30 Collective bargaining 99, 132, 144
labor practices equality SDG 10 –
GRI 407-1 Freedom of association
Reduced inequalities
GRI 408-1 Child labor
GRI 409-1 Forced labor
Indigenous & SDG 10 – Reduced GRI 411 Indigenous rights 116, 134
local community inequalities
GRI 413 Community engagement
engagement SDG 15 – Life on land
Supply chain SDG 12 – Responsible GRI 204 Procurement practices 92
sustainability consumption and
GRI 308-1 Supplier environmental
production
assessment
GRI 414-1 Supplier social assessment
Enduring Commitments, Unlocking Value 171
Page 172
World Economic Forum Stakeholder
Capitalism Metric (WEF SCM) Index
Theme Core metric Page
Governance
Governing Purpose Setting purpose 33
Quality of Governing Body Governance body composition 138
Stakeholder Engagement Material issues impacting stakeholders 55
Ethical Behavior Anti-corruption 146
Protected ethics advice and reporting 146
mechanisms
Risk and Opportunity Oversight Integrating risk and opportunity into business 34
process
Planet
Climate Change Greenhouse Gas emissions 65
TCFD implementation 150
Nature Loss Land use and ecological sensitivity 73
Freshwater Availability Water consumption and withdrawal in water- 80
stressed areas
People
Dignity and Equality Diversity and inclusion 105
Pay equality 104
Wage level 104
Risk for incidents of child, forced or compulsory 132
labor
Health and Wellbeing Health and safety 112
Skills for the Future Training provided 99
Prosperity
Employment and wealth generation Absolute number and rate of employment 106
Economic contribution 24
Financial investment contribution 24
Innovation in better products and Total R&D expenses Not yet disclosed
services
Community and social vitality Total tax paid 24
172 2025 Sustainability Report
Page 173
United Nations of Global Compact (UNGC)
Index
Theme Principle Page
Human Rights 1. Businesses should support and respect the protection of 128
internationally proclaimed human rights
2. Businesses should make sure that they are not complicit in human 128
rights abuses.
Labor 3. Businesses should uphold the freedom of association and the 131
effective recognition of the right to collective bargaining
4. Businesses should uphold the elimination of all forms of forced and 132
compulsory labor
5. Businesses should uphold the effective abolition of child labor 132
6. Businesses should uphold the elimination of discrimination in 104
respect of employment and occupation
Environment 7. Businesses should support a precautionary approach to 65-92
environmental challenges
8. Businesses should undertake initiatives to promote greater 65-92
environmental responsibility
9. Businesses should encourage the development and diffusion of 65-92
environmentally technologies
Anti-corruption 10. Businesses should work against corruption in all of its forms, 146
including extortion and bribery
Enduring Commitments, Unlocking Value 173
Page 174
Stakeholder
feedback form
Thank you for taking the time to read Indika Energy’s
Sustainability Report 2025.
c. The report provides balanced disclosure, including
As we continue our transition journey, your perspectives progress and challenges.
are important in helping us strengthen our strategy, ☐ Strongly agree
enhance transparency, and improve the relevance of our ☐ Agree
disclosures. We welcome your feedback.
☐ Disagree
1. Which stakeholder group best represents you? ☐ Strongly disagree
☐ Investor / Shareholder
☐ Employee
3. Relevance and material topics
☐ Customer
Which sections did you find most relevant for you?
☐ Supplier / Business partner
☐ Energy transition strategy
☐ Government / Regulator
☐ Climate and environmental performance
☐ Community Representative
☐ Social impact and community development
☐ NGO / Civil society
☐ Health and safety
☐ Academic / Researcher
☐ Governance and risk management
☐ Media
☐ Ethics and compliance
☐ Other: ___________
☐ Supply chain and responsible business
Country / Region (optional): ___________
Are there topics you would like us to further strengthen in
future reports?
2. Your overall impression ______________________________________________________
_________________
a. How would you rate this Sustainability Report
______________________________________________________
overall?
_________________
☐ Excellent
______________________________________________________
☐ Good _________________
☐ Satisfactory
☐ Needs improvement
4. Looking ahead
From your perspective, which areas should Indika Energy
b. The report clearly explains Indika Energy’s prioritize in the coming years?
sustainability and transition priorities. ☐ Decarbonization and GHG emissions reduction
☐ Strongly agree ☐ Renewable and diversified energy development
☐ Agree ☐ Water and resource efficiency
☐ Disagree ☐ Land use, reclamation and biodiversity
☐ Strongly disagree ☐ People development and safety
☐ Community development
☐ Governance and transparency
☐ Other: ___________
174 2025 Sustainability Report
Page 175
5. Format and accessibility
The report is clear, structured, and easy to navigate.
☐ Strongly agree
☐ Agree
☐ Disagree
☐ Strongly disagree
Preferred format for future reporting:
☐ Full printed report
☐ Digital / interactive web version
6. Additional comments
We welcome any further suggestions or reflections:
______________________________________________________
_________________
______________________________________________________
_________________
______________________________________________________
_________________
Contact
Name:
Organization:
Email:
☐ I am open to further dialogue regarding sustainability
matters.
We appreciate your time and perspective. Your feedback
supports Indika Energy’s ongoing commitment to
transparency, accountability, and responsible transition as
we work toward long-term sustainable value creation.
Enduring Commitments, Unlocking Value 175
Page 176
Contact us
Our Sustainability Report 2025 forms an integral part of Indika Energy’s annual Environmental, Social, and Governance
(ESG) communications (GRI 2-3). The Report complements our Annual Report 2025 and outlines how we manage the
most material sustainability risks and opportunities identified during the reporting year (GRI 3).
In addition to this Report, we communicate our ESG performance through various corporate publications and provide
regular updates on initiatives and progress via our website and official social media platforms. As a signatory to the
United Nations Global Compact (UNGC), we have also published our annual Communication on Progress (CoP) since
2022, reaffirming our commitment to responsible business practices and the Ten Principles of the UNGC.
PT Indika Energy Tbk.
Graha Mitra, 3rd Floor
Jl. Jend. Gatot Subroto Kav. 21
Jakarta 12930, Indonesia
sustainability@indikaenergy.co.id
www.indikaenergy.co.id
indika.energy
176 2025 Sustainability Report
Page 177
Page 178
Names mentioned 31 people and organisations named in the text · linked when the evidence is strong
unresolved
person
Chapter
· President Director
p.4 ×2
unresolved
org
PT Indika Inti Investindo Indika Energy
p.32
unresolved
org
PT Tripatra Engineers
p.38 ×2
unresolved
org
PT Kideco Jaya Agung
p.38 ×3
unresolved
org
PT Indika Indonesia Resources
p.38 ×3
unresolved
org
PT Interport Mandiri Utama
p.39 ×2
unresolved
org
PT Masmindo Dwi Area
p.39 ×2
unresolved
org
PT Mekko Metal Mining
p.40 ×2
unresolved
org
PT Indika Multi Properti
p.40 ×2
unresolved
org
PT Empat Mitra Indika Tenaga Surya
p.40
unresolved
org
PT Energi Makmur Buana
p.41 ×2
unresolved
org
PT Ilectra Motor Group
p.41 ×2
unresolved
org
PT Kalista Nusa Armada
p.41 ×2
unresolved
org
PT Genomik Solidaritas Indonesia
p.42
unresolved
org
PT Xapiens Teknologi Indonesia Management System
p.42
unresolved
org
Ministry of Health
p.42
unresolved
org
PT Tripatra Engineering
p.52
unresolved
org
PT Xapiens Teknologi Indonesia
p.52
unresolved
—
Procurement
p.57
unresolved
—
HSE, ethics
p.57
unresolved
—
Enduring Commitments, Unlocking
p.57
unresolved
org
India’s Fourth Partner Energy Ltd.
p.66
unresolved
org
Ministry of Energy and Mineral Resources
p.71
unresolved
org
Ministry of Energy and Mineral Resources Indika Energy Group
p.73
unresolved
org
Ministry of Environment and Forestry
p.76 ×2
unresolved
org
Minister of Foreign Affairs of Indonesia
p.110
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