PT Perusahaan Gas Negara Tbk (PGAS) investor relations material

Executive summary

• Consolidated revenues reached USD 3.98 billion for 2025, up 4.9% year-over-year, mainly from gas trading, sales, and transmission, with LNG trading and oil sales as additional contributors.

• Net profit attributable to owners was USD 215.4 million, down 36.5% from 2024, impacted by higher impairment losses, lower gross margin, and increased LNG costs.

• EBITDA stood at USD 971 million, reflecting financial stability, with a strong cash position and cash and equivalents at USD 1.34 billion as of year-end 2025.

• Customer base expanded to 830,391, with increased small business and household connections, despite lower gas sales volume due to supply-demand imbalance and LNG price sensitivity.

Financial highlights

• Revenues grew 4.9% year-over-year to USD 3.98 billion, but net profit declined 36.5% to USD 215.4 million due to higher gas costs, asset impairment, and lower margins.

• EBITDA margin was 24.4%, with EBITDA/interest expense ratio at 17.44x and debt-to-equity at 30.5%.

• Gross profit was USD 698.3 million, down 7.8% year-over-year, with gross margin at 17.6%.

• Cash and cash equivalents at year-end were USD 1.34 billion, with total assets of USD 6.23 billion and total equity of USD 3.61 billion.

• Capital expenditures reached USD 282 million, focused on LNG, pipeline, and upstream projects.

Outlook and guidance

• Strategic focus on strengthening core gas businesses, expanding city gas networks, and developing low-carbon and green energy projects.

• Management expects continued growth in gas demand from industrial and power sectors, with ongoing expansion in LNG trading and infrastructure.

• The group is monitoring regulatory changes on gas pricing and expects stable operations despite market volatility.

• Ongoing and future projects include major oil transportation, gas pipeline, city gas, LNG hub revitalization, and biomethane initiatives, with commissioning targets through 2028.