[10.53, 23/4/2026] Mas Pandu PGE: PGE Holds Annual General Meeting of Shareholders, Reports Positive Performance and Appoints New Finance Director
Jakarta, April 21, 2026 – PT Pertamina Geothermal Energy Tbk (PGE) (IDX: PGEO) held its Annual General Meeting of Shareholders (AGM) for the 2025 fiscal year in Jakarta on Tuesday (April 21, 2026). At the meeting, shareholders approved the Company's Consolidated Financial Statements and ratified several strategic decisions, including the appointment of Fransetya Hutabarat as the new Finance Director. With the support of new leadership, PGE is optimistic that this positive momentum will accelerate growth and support Indonesia's clean energy transition.
Record Highest Production and Acceleration of Strategic Projects
In line with this optimism, the Company's operational performance throughout 2025 also demonstrated significant achievements. The year 2025 marked a historic milestone for PGE, with an all-time high of 5,095.48 gigawatt-hours (GWh), a 5.55 percent increase compared to 2024. This achievement was driven by the commercial operation of the Lumut Balai Geothermal Power Plant Unit 2 in June 2025, which increased PGE's installed capacity by 55 megawatts (MW) to 727 MW.
Beyond production, PGE also continued to strengthen the foundation for long-term growth through various strategic initiatives. The company began greenfield exploration of the Gunung Tiga Geothermal Power Plant in Lampung, with a potential capacity of 55 MW, established a partnership with PLN IP with the potential for additional capacity of up to 530 MW, and achieved success with four PGE projects included in the Bappenas Blue Book 2025–2029.
In addition, PGE also broke ground on the Ulubelu Green Hydrogen Pilot Project, initiated the development of a geothermal-based green data center, and launched the Flow2Max innovation in collaboration with Ecolab, which is part of its revenue diversification strategy through the Beyond Electricity approach.
President Director of PT Pertamina Geothermal Energy Tbk, Ahmad Yani, stated that 2025 will be a significant year for PGE. With various important projects successfully completed and initiated, the Company is optimistic that this will support the company's growth and the national agenda.
"As the largest geothermal company in Indonesia, PGE continues to accelerate growth through three main strategies: optimizing existing assets, expanding the business, and diversifying new revenue sources. Our achievements in 2025 are an important foundation in realizing our vision of becoming a world-leading geothermal producer, supporting the clean energy transition agenda, and enhancing national energy security," he said.
Solid Financial Fundamentals to Support Sustainable Investment
In addition to strong operational performance, PGE also posted solid financial performance throughout 2025. The company recorded revenue of US$432.73 million and net profit of US$137.67 million. EBITDA increased 1.94 percent year-on-year to US$330.35 million, with a margin of 76.34 percent, reflecting sound financial fundamentals and strengthening the Company's position to support future business expansion.
This positive financial performance reflects the success of PGE's sustainable business strategy. To achieve its capacity targets of 1 gigawatt (GW) by 2028 and 1.8 GW by 2034, the Company is currently making strategic investments, focusing on quick-win projects aimed at increasing installed capacity and geothermal production while sustainably strengthening its financial performance.
[10.54, 23/4/2026] Mas Pandu PGE: Strengthening the Leadership Structure to Accelerate Growth
In line with this transformation phase, the Company is also strengthening its leadership structure in finance. At the AGMS, PGE officially appointed Fransetya Hutabarat as Director of Finance, replacing Yurizki Rio.
Fransetya brings more than 25 years of experience in corporate finance across industries, ranging from pharmaceuticals and property to transportation and energy. Previously, he served as Director of Finance for the Refining & Petrochemical Sub-Holding at PT Kilang Pertamina Internasional. In that position, he successfully achieved investment-grade ratings from S&P Global Ratings and Fitch Ratings in 2024 and 2025, respectively. Fransetya has also served as finance director at several leading public companies.
Based on this experience, the Company is optimistic that Fransetya can maintain the continuity of the vision and strategy established and drive stronger business performance for PGE going forward.
The AGMS also approved amendments to the Company's Articles of Association, under which the Company will conduct business activities in data processing, computing infrastructure provision, hosting and related activities, as well as the rental and leasing of mining and excavation machinery and equipment to develop new revenue streams.
The following is the membership of the Board of Directors and Board of Commissioners of PT Pertamina Geothermal Energy Tbk:
Composition of Commissioners
President Commissioner: Gigih Udi Atmo
Independent Commissioner: Abdul Musawir Yahya
Independent Commissioner: Mohammad Firmansyah
Commissioner: John Anis
Commissioner: Abdulla Zayed
Composition of the Board of Directors
President Director: Ahmad Yani
Finance Director: Fransetya Hasudungan Hutabarat
Director of Exploration and Development: Edwil Suzandi
Director of Operations: Andi Joko Nugroho
Ahmad Yani expressed his appreciation for Yurizki Rio's dedication during his tenure in driving the Company's financial performance in line with the energy transition roadmap.
"We view the addition of Mr. Fransetya Hutabarat to the Company's Board of Directors as a positive momentum to drive improved business performance going forward. Moving forward, PGE will continue to drive business expansion while sustainably strengthening the Company's financial performance," he said.
