TBS Energi Utama Announces 2025 Performance: Complete the Transition to the Low Carbon Sector and Strengthen International Expansion

JAKARTA - PT TBS Energi Utama Tbk (TOBA) today announced its financial statements for the 2025 financial year, reflecting an important phase in the Company's transformation journey towards a more sustainable and internationally competitive green business.

Throughout 2025, TBS reorganized its portfolio comprehensively as part of a "strategic repositioning" step to strengthen its financial foundation and build a more resilient business structure. This step is taken in a measured and proactive manner to strengthen the quality of the balance sheet and direct the Company's portfolio to sectors with a more stable revenue growth profile and higher valuation potential in the long term.

The year 2025 recorded TBS's operational fundamentals showing strong resilience. The Company still recorded a positive Adjusted EBITDA of US$ 47.2 million, maintaining a healthy cash balance position of US$ 102.3 million - an increase of 15 percent compared to 2024. This confirms that the Company's core business continues to generate real economic value, reflecting the discipline of execution in the midst of changes in portfolio composition.

Another strategic milestone in 2025 is the completion of the acquisition of Sembcorp Environment, which now operates under the name Cora Environment. This acquisition instantly strengthens TBS' position as one of the market share leaders in waste management in Singapore, while increasing the Company's asset capacity to support long-term revenue growth.

In 2025, TBS recorded US$155.4 million in revenue contribution from waste management, which was 41 percent of the Company's total revenue. With the increasingly diversified business composition, exposure to global coal price volatility is also decreasing, in line with the Company's transformation direction.

The coal mining and trading segment recorded revenue of 194.6 million US dollars, equivalent to 51 percent of the Company's total revenue, down significantly from the 81 percent contribution in the same period last year. This decrease in proportion reflects TBS' strategic direction to gradually reduce exposure to coal while accelerating the shift towards a more sustainable portfolio.

Despite facing the challenges of the coal commodity market, the Company managed to record a positive Adjusted EBITDA of US$ 47.2 million, which shows that the financial performance is still running solid. The Company also recorded a net loss of US$ 162 million which was caused by the decline in world coal prices throughout 2025 and non-cash and non-recurring losses arising from the impact of the divestment of the Steam Power Plant (PLTU) assets of US$ 97 million as part of the Company's transformation to the low-carbon sector.

TBS considers that the realization of accounting losses at this stage is part of a one-time transition process that is necessary to unlock the potential for higher quality long-term cash flows and assets that can generate more sustainable revenue. 2025 is an important milestone in TBS's transformation journey.

TBS Director Juli Oktarina stated that after strategic repositioning on the business foundation in 2025, her party is enthusiastic about welcoming 2026 and the following years.

"The decision to make structural adjustments was made considering the long-term interests, in order to accelerate growth in the Company's three future business pillars - waste management, renewable energy, and electric vehicles - which are essential services with strong growth potential in Indonesia and abroad," he explained. , in a written statement, Tuesday, March 10.

This strategic move becomes increasingly relevant amid the escalation of geopolitical tensions that have begun to exert great pressure on the global energy market. TBS views business diversification as the key to resilience and risk mitigation in the face of global energy market volatility.

Regarding the above conditions, Juli said, TOBA's current business strategy provides flexibility for the Company to continue to grow, where the waste management sector, renewable energy, and electric vehicles are actually crucial opportunities for national energy resilience.

"Through innovations such as the rent-to-own scheme in the Electrum electric motorcycle ecosystem, TBS not only mitigates the impact of fluctuations in oil prices on informal sector workers, but also strengthens the foundation of green business to ensure long-term economic sustainability," he explained.

With solid fundamentals, positive Adjusted EBITDA, and a clearer regional strategy direction, Juli is optimistic that this step will create sustainable added value for all stakeholders.

This optimism is strengthened by the progress of the TBS2030 roadmap which continues to show progress. The company has managed to reduce carbon emissions through the divestment of two PLTU units which previously represented around 86 percent of the portfolio's emissions, or around 1.4 million tons of CO₂ per year based on the 2024 emission profile.

In November 2025, the Company has also launched a Climate Transition Plan (CTP), a more comprehensive guide on the decarbonization of operations and the company's portfolio. This achievement brings the Company closer to its carbon neutral target in 2030 in the vision Towards a Better Society.