PT Pertamina Geothermal Energy Tbk (PGE) (IDX: PGEO) once again recorded solid performance through the third quarter of 2025. The company posted revenue of US$318.86 million, exceeding its previously set target of US$314.30 million. Revenue for this period increased 4.20% year-on-year (YoY), compared to US$306.02 million in the third quarter of 2024.
This positive achievement was supported by PGE's Lumut Balai Unit 2, with a capacity of 55 megawatts (MW), which began full operation last June. This revenue further reinforces the Company's optimism in driving the energy transition and energy self-sufficiency, the goals of the Indonesian government.
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
"This achievement is clear evidence of the Company's ability to strengthen operational performance while maintaining sustainable growth. These positive results motivate us to continue providing added value to shareholders and accelerating the national transition to clean energy," explained Yurizki Rio, Finance Director of PT Pertamina Geothermal Energy Tbk, in a statement in Jakarta, Tuesday (10/28/2025).
Meanwhile, the Company's total current assets increased from US$828.56 million to US$831.78 million compared to December 31, 2024. This increase reflects positive business growth and demonstrates the Company's increasingly solid financial position, aligned with its planned development direction.
Ahmad Yani, Director of Operations at PT Pertamina Geothermal Energy Tbk, revealed several key factors contributing to the stimulus. He stated that efforts were made to increase operational capacity through several strategic projects this year. The results have begun to yield tangible results. The operation of the Lumut Balai Unit 2 Project last June also contributed to the Company's year-on-year revenue growth.
"Going forward, we will continue to accelerate the development of other strategic projects to strengthen the national geothermal portfolio," said Ahmad Yani.
One Step Closer to the 1 GW Target
PT Pertamina Geothermal Energy Tbk President Director Julfi Hadi stated that PGE continues to push to achieve its target of 1 gigawatt (GW) of independently managed installed capacity within the next 2-3 years. He emphasized that achieving the 1 GW target is not the finish line, but rather the beginning of a longer journey toward energy self-sufficiency.
"Therefore, we continue to look ahead to achieve the 1.8 GW target by 2033 and develop geothermal potential to 3 GW," said Julfi.
As a pioneer in geothermal energy development in Indonesia with more than 40 years of experience, Julfi said, PGE currently manages an installed capacity of 727 MW across six operating areas. In addition to the Lumut Balai Unit 2 project, PGE is currently developing the 110 MW Hululais Unit 1 & 2 projects, co-generation projects with a total capacity of 230 MW, and exploration activities in the Gunung Tiga Geothermal Working Area (WKP), which was inaugurated by President Prabowo last June.
These efforts, Julfi said, are not solely focused on the Company's business growth but also reflect a commitment to providing tangible benefits to the community through the use of clean and sustainable geothermal energy. "This is the foundation for our implementation of our beyond electricity strategy by developing off-grid geothermal business opportunities," he said.
Beyond developing strategic geothermal projects, PGE is also building the foundation for a green hydrogen ecosystem in Indonesia. Last September, PGE confirmed this through the launch of the Ulubelu Green Hydrogen Pilot Project. Going forward, PGE's development roadmap also includes downstream initiatives for green ammonia and green methanol as part of a low-emission future energy solution.
