TBS Reports Solid Q1 2026 Performance: 20.5 Percent Consolidated Revenue Growth with Positive Operating Cash Flow

JAKARTA - PT TBS Energi Utama (TOBA) today submitted a performance report for the first quarter (Q1) 2026 period, which showed positive developments after the transformation phase of the portfolio to the green business sector through acquisitions and divestments in 2025 without sacrificing financial and operational performance. The Company's current focus is to strengthen operational stability in the waste management, renewable energy, and electric vehicle ecosystem business lines.

During this period, the Company managed to record a significant acceleration in consolidated revenue growth. Key financial indicators showed solid performance with a 20.5 percent increase in consolidated revenue and a 46.7 percent increase in consolidated gross profit compared to the same period last year.

The improved operational efficiency is reflected in the position of operating cash flow, which was previously negative US$2.9 million in 2025 to positive US$9.9 million in 2026. Overall, the total current period loss was reduced by more than 83 percent year-on-year from US$58.9 million to US$9.5 million due to the non-repetition of losses from the divestment of the coal plant entity last year.

Responding to this achievement, Juli Oktarina, Director of TBS, expressed optimism. The results achieved in the first quarter are a validation of the accuracy of the company's transformation direction.

"The major acquisition and divestment steps in 2025 are a form of re-arrangement of a planned and crucial strategic portfolio for the future of the Company. This transition phase will temporarily impact our profits, but this transition is necessary as a foundation for TBS to become a sustainable business platform with high margins, which is ready to provide long-term added value for shareholders," he said. , in a written statement, Thursday, April 29.

The waste management business line is now the company's main contributor, contributing 60 percent of total consolidated revenue and 93 percent of total EBITDA, driven by a significant 447.69 percent or 5.5-fold increase in segment revenue growth, from 9.4 million dollars to 51.9 million dollars. The waste management business shows resilience in all economic situations.

Regardless of market fluctuations and global uncertainties, this segment has proven to be able to provide stable and recurring revenue streams, with very high profitability levels.

Operational developments in this segment include:

● Cora Environment (Singapore): Serving more than 470,000 customers with an operational facility availability rate of 100 percent. ● Asia Medical Enviro Services (AMES): Maintaining its position in the Singapore medical waste management market with a market share of around 45 percent. ● ARAH Environmental (Indonesia): Serving more than 5,000 customers in various sectors spread across 15 provinces.

In the renewable energy segment, the PLTM (Mini Hydro) with a capacity of 6MW has been fully operational and contributed revenue of 3.2 million US dollars. Meanwhile, the floating PV project with a capacity of 46MWp has reached the development progress with a target of operational completion in the fourth quarter of 2026.

The electric vehicle segment through Electrum also showed a strong upward trend, where revenue from sales and rentals grew almost 2.5 times to 137.82 percent from 1.3 million US dollars to 3.2 million US dollars. This value growth is supported by significant operational expansion, as seen by the number of electric motor units in operation increasing from 5,100 units in March 2025 to 9,082 units in March 2026.

To serve the growing needs of users, Electrum has also strengthened its supporting infrastructure by providing 426 units of battery exchange stations (Battery Swapping Stations) and experienced an increase of 37 percent compared to 310 units last year.

In the coal segment, TBS prioritizes efficiency by reducing cash operating costs by 5.8 percent to 42.5 dollars per ton. This optimization step has proven effective in maintaining business resilience in the midst of market price fluctuations, so that the gross profit margin of mining remains stable at 15.8 percent in the first quarter.

"This achievement in Q1 2026 is part of TBS' roadmap to become a more sustainable company. With a cash position of US$103.3 million and disciplined working capital management, the Company has sufficient liquidity capacity to support its growth plan and carbon neutrality target in 2030," he concluded.