PT Pertamina Geothermal Energy Tbk (PGE) (IDX: PGEO) held its PGEO 2025 Public Expose in Jakarta on Monday (November 3, 2025). This event served as a platform for the Company to present its financial and operational performance through the end of September 2025, while also outlining its strategy to achieve its installed capacity target of 1 gigawatt (GW) in the next two to three years and 1.8 GW by 2033.
On this occasion, PT Pertamina Geothermal Energy Tbk's Finance Director, Yurizki Rio, explained that the Company successfully recorded revenue of US$318.86 million as of September 30, 2025. He stated, "This figure exceeds PGE's previous target of US$314.30 million. Revenue for this period also increased by 4.20 percent year-on-year (YoY) compared to the same period in 2024, which reached US$306.02 million. To date, the Company's performance remains healthy, with strong financial fundamentals."
Yurizki explained that, in general, based on the consolidated financial statements as of September 30, 2025, PGE recorded:
•? ?Revenue: US$318.86 million
•? ?Net Profit: US$104.26 million
•? ?EBITDA: US$248.97 million
•? ?Total Assets: US$2.96 billion
•? ?Cash and Cash Equivalents: US$628.12 million
The change in net profit as of September 30, 2025, was primarily influenced by increased finance costs following the implementation of new accounting rules (PSAK 223) and the development of geothermal projects. While awaiting the continuation of the Hululais Unit 1 & 2 (110 MW) geothermal power plant project, interest costs during construction (IDC) were temporarily recorded as finance expenses. Meanwhile, interest on the Lumut Balai Unit 2 Geothermal Power Plant project, previously included in construction costs, is now recorded as interest expense starting when the unit begins commercial operation in June 2025, which also drives a 9.61 percent increase in depreciation expense.
Finance costs increased year-on-year due to the reclassification of interest previously capitalized as IDC for Lumut Balai Unit 2 Geothermal Power Plant to interest expense after the unit begins commercial operation in June 2025. During the same period, depreciation expense increased 9.61 percent year-on-year due to the capitalization of Lumut Balai Unit 2 Geothermal Power Plant assets.
PT Pertamina Geothermal Energy Tbk President Director Julfi Hadi stated that this performance is in line with the Company's growth target. "PGE is currently focusing on expanding its geothermal portfolio through three pillars: power plant development, downstream industrialization, and product and solution development beyond electricity. We are realizing these efforts through the development of various strategic projects and the preparation of an integrated green hydrogen ecosystem with a beyond-electricity approach," he said.
Long-Term Focus
In line with Julfi's presentation, Yurizki Rio, Finance Director of PT Pertamina Geothermal Energy Tbk, emphasized that PGE's current focus is on long-term growth. PGE is investing in quick-win projects to increase installed capacity and geothermal production, which will ultimately strengthen the Company's long-term financial performance.
"We view this as part of our efforts to support PGE's growth in the coming years. In terms of performance, our EBITDA margin remains within a healthy range, despite a slight decline. This is a natural consequence of the initial transformation phase, where PGE needs to invest to expand its portfolio. At this stage, we are making initial investments, primarily in recruiting top talent, research and development activities, and exploration projects that align with the COD target. Therefore, spending in this phase is strategic and forms an important foundation for PGE's long-term growth," Yurizki emphasized.
Currently, PGE is developing 17 quick-win projects across various regions, including:
•? ?Ulubelu LP (10 MW): 2026
•? ?Hululais Units 1 & 2 (110 MW): 2028
•? ?Lahendong BU 1 (15 MW): 2027
•? ?Sungai Penuh Combined Cycle (10 MW): 2028
•? ?Ulubelu BU 1, 2, 3 (30 MW): 2027
•? ?Hululais EXT A (Bukit Daun) (60 MW): 2029, 2030
•? ?Kamojang LP (5 MW): 2028
•? ?Lahendong LP (15 MW): 2028
•? ?Lahendong Units 7, 8, BU 2 (50 MW) : 2028
•? ?Lumut Balai BU 1 (10 MW): 2028
•? ?Sibayak BU (5 MW): 2028
•? ?Hululais BU 1 (30 MW): 2029
•? ?Lumut Balai BU 2 (10 MW): 2029
•? ?Lumut Balai Unit 3 (55 MW): 2029
•? ?Hululais BU 2 (30 MW): 2030
•? ?Lahendong BU 3 (10 MW): 2030
•? ?Lumut Balai LP 1 & 2 (20 MW): 2031
Operational Performance Supports Company Growth
Edwil Suzandi, Director of Exploration and Development at PT Pertamina Geothermal Energy Tbk, revealed increased production in various regions. This increase includes the Kamojang area (1,326 gigawatt hours/GWh), Lahendong (643 GWh), Ulubelu (1,225 GWh), Lumut Balai (470 GWh), and Karaha (80 GWh). Overall, electricity production is predicted to reach 4,978 GWh by the end of the year, representing a 3.12 percent increase compared to the previous year. This achievement reflects the Company's stable and efficient operational performance.
Edwil Suzandi stated, "The additional 55 MW of capacity from the Lumut Balai Geothermal Power Plant Unit 2, which began full operation last June, has increased our independently managed installed capacity to 727 MW. This achievement further motivates us to continue growing, innovating, and providing sustainable green energy for the people of Indonesia."
Furthermore, PGE is also strengthening synergies with State-Owned Enterprises (SOEs) to accelerate the transition to clean energy. Last August, PGE partnered with PT PLN Indonesia Power (PLN IP) to accelerate geothermal development in 19 existing projects with a total capacity of 530 MW. This collaboration has the potential to add up to 1,130 MW of capacity, originating from both existing production areas and new prospective areas.
PGE currently holds the highest ESG rating in Indonesia, with a score of 7.1 from Sustainalytics. PGE is the only Indonesian company included in the Top 50 Global ESG Companies 2025 list.
