JAKARTA - The toll road issuer, PT Jasa Marga (Persero) Tbk (JSMR), recorded stable and sustainable financial performance throughout 2025.
JSMR managed to record an increase in business income of 5.8 percent year on year or year on year (yoy) to Rp19.8 trillion.
The increase was driven by the main contribution from toll revenue of IDR 18.2 trillion and other business revenue of IDR 1.6 trillion.
In line with this, the company's EBITDA was recorded as increasing compared to the previous period to IDR 13.3 trillion.
Jasa Marga also managed to maintain the stability of the company's performance with a strong EBITDA Margin achievement of 67.0 percent.
Based on these positive notes, the company's core profit was recorded at a stable Rp3.7 trillion.
Jasa Marga President Director Rivan A Purwantono revealed that the stability of core profit was inseparable from the growth in business revenue and EBITDA as well as the company's success in reducing consolidated financial burden by 10.5 percent (yoy).
"Core profit and the company's performance throughout 2025 are stable, supported by business revenue and EBITDA growth as well as a decrease in consolidated financial expenses as a positive impact of the equity financing corporate action in PT Jasamarga Transjawa Tol (JTT) which was carried out in the fourth quarter of 2024," said Rivan in an official statement, Tuesday, March 3.
In 2024, JSMR partnered with strategic partners through the corporate equity financing of PT JTT, where the company remained the main controller with a 65 percent shareholding. This strategy has proven to strengthen the financial capacity and increase the company's funding flexibility.
"What has grown consistently is toll revenue, other business revenue and EBITDA. This shows that the company's business fundamentals remain stable and resilient," he said.
The positive effect of this step is reflected in the improvement of the solvency ratio in 2025, which is shown by an increase in the Interest Coverage Ratio (ICR) to 3.7 times.
On the other hand, the interest-bearing debt to total equity ratio (DER) is maintained at a very healthy level, namely 1.2 times.
This confirms the company's ability to maintain the covenant ratio in the midst of the need for business expansion and the operation of new toll roads.
The company is also still holding the market leader position in the toll road industry with a total length of toll roads in operation of 1,294 kilometers out of a total concession of 1,736 kilometers managed by the company.
The number represents 42 percent of the total toll roads operating throughout Indonesia.
In terms of operations, Jasa Marga noted that the total volume of transaction volume on toll roads increased by 0.35 percent year-on-year or reached 1.3 billion vehicles in 2025, with an average daily traffic (LHR) reaching 3.58 million vehicles.
In 2025, the company continued to build a number of toll road sections in the construction and land acquisition stages, including the Probolinggo-Banyuwangi Toll Road, the Yogyakarta-Bawen Toll Road, the Solo-Yogyakarta-YIA Kulon Progo Toll Road, the Jakarta-Cikampek II South Toll Road and the Patimban Access Toll Road.
With this achievement, Rivan is optimistic that the company's performance in 2026 will be better by carrying out a number of strategic initiatives, both in maintaining performance growth and in managing financial health.
The company's commitment to increasing revenue and EBITDA continues, including through the optimization of budget allocation, fulfillment of Minimum Service Standards (SPM) and adjustment of toll rates as planned.
"With a healthier financial structure, the financial burden decreases and the operational performance is solid, we are optimistic about continuing to maintain our market leader position in the national toll road industry which is able to create added value for shareholders and stakeholders," he added.
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