JAKARTA - PT TBS Energi Utama Tbk (TBS) today announced its financial performance for a six-month period ending on June 30, 2025. This year is an important moment for TBS in accelerating the transformation of its business portfolio in a more sustainable and long-term impact.
In the midst of the weakening coal market conditions and the strategic divestment of conventional assets, FFB continues to record real progress in its transitional agenda. The company has been actively included in the three new business lines of waste management, renewable energy, and electric vehicles. These three pillars are the main foundations in building a more resilient, carbon-low, and future-oriented business.
In this semester, consolidated revenue was recorded at 172.2 million US dollars, a decrease compared to the same period the previous year of 248.7 million US dollars. This decline was mainly due to a decrease in sales volume of the coal mining segment from 1.7 million tons to 0.7 million tons, as well as a decrease in the average selling price from 83 US dollars per tonne to 52.9 US dollars per tonne.
The trend of price decline is in line with the movement of the global coal price index which has continued to slope since last year. Meanwhile, the decline in sales volume occurred due to the weakening demand for coal globally and the Company's decision to adjust sales strategies in order to wait for a more profitable price momentum.
The coal mining and trading business segment recorded revenues of US$91.6 million or contributed 53 percent to the Company's total revenue, down from 82 percent in the same period the previous year. This decline reflects FFB's commitment to reducing dependence on the coal sector and accelerating the transition to a greener and more sustainable business portfolio.
The company has gradually built a portfolio transition foundation to greener and more sustainable sectors, such as waste management, renewable energy, and electric vehicles, which tend not to be influenced by coal price dynamics.
In the first half of 2025, the Company recorded a net loss of 115.3 million US dollars. This figure is mostly due to non-even loss records from the divestment of two subsidiaries of the steam power plant, namely PT Minahasa Cahaya Lestari (MCL) and PT Gorontalo Listrik Perdana (GLP) which were completed in March and May 2025.
The non-even loss from this divestment was recorded at US$96.9 million. The loss did not have an impact on the Company's cash flow, in fact resulting in additional fresh funds in the form of income into the FFB cash amounting to US$123.6 million. This strengthens the Company's operational fundamental conditions which are maintained in the midst of the transition period.
The sale of the two PLTU units contributed significantly to the reduction in the Company's carbon emissions, which amounted to 1.4 million tons equivalent to CO2 (tCO2e) equivalent to an emission reduction of 86 percent in a year. Calculations were carried out based on the Greenhouse Gas Protocol methodology and the Company's 2024 emission data were reviewed through the limited assurance process by EY Indonesia. This achievement is an important milestone in accelerating the TBS transition towards carbon-neutral targets by 2030.
Meanwhile, the new pillar of FFB in the waste management business began to show a significant positive contribution. This business unit posted revenue of 59.6 million US dollars with EBITDA reaching USD 10 million by the end of June 2025.
Thus, the EBITDA margin was achieved by 17 percent, reflecting higher efficiency and profitability potential than the TBS coal line. This achievement is the initial signal of the success of the FFB transformation direction and strengthens the position of this sector as one of the drivers of sustainable growth in the future.
Sembcorp Environment Pte. Ltd. acquisition in March and then Sembcorp Environmental Facility Pte. Ltd. in May 2025, also expanded FFB capabilities in the regional-scale waste treatment sector.
"We see the waste management business as a key element in the transformation of FFB going forward. Apart from having strong growth potential, this sector makes a real contribution to the environment and the quality of life of the community. With the capabilities and scale we have today, we believe this business will be one of the main driving forces for long-term growth in FFB," said Juli Oktarina, Director of FFB, in a written statement, Wednesday, July 30.
As part of the renewable energy portfolio expansion, TBS is also developing two strategic projects that reflect the Company's commitment to the clean energy transition. The Tembesian Floating PLTS in Batam, with an installed capacity of 46 MWp, is one of the largest floating PLTS projects in Indonesia developed with PLN Nusantara Power. This project has achieved financial closing and is targeted to achieve commercial operations (COD) in the second half of 2026.
Meanwhile, through its association entity, PT Adimitra Energi Hidro (AEH), TBS also operates PLTMH Sumber Jaya with a capacity of 6 MW which has officially been operating commercially since January 22, 2025. Both projects emphasize TBS' concrete steps in supporting the national energy mix and the development of low-carbon energy infrastructure in Indonesia.
In the electric vehicle ecosystem sector, Electrum continues to accelerate Indonesia's transition to sustainable electric mobility. As of July 20, 2025, Electrum recorded significant progress in encouraging the adoption of electric vehicles in Indonesia. The number of electric motorcycle units (E2W) that have operated has reached 5,406 units, an increase of 87 percent compared to the same period the previous year.
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Infrastructure growth is also very rapid, with the number of battery exchange stations (BSS) surging 150 percent to 320 points from the previous 128 points. Currently, more than 21,000 battery exchanges occur every day, reflecting the high user confidence and involvement in the Electrum ecosystem.
Not only has an impact on operational aspects, but Electrum also provides real added value for driver-partners. The partner's daily income average increased by 25% thanks to the operational cost efficiency of using electric motors. On the environmental side, this initiative has contributed to reducing carbon emissions by more than 20 tons of CO2 per day, confirming Electrum's role in supporting national sustainability targets.
Juli also said that this year is an important milestone in the transformation of FFB towards a more sustainable business.
"We are in a strategic phase to reposition our portfolio and focus on developing businesses that not only have long-term growth potential, but also contribute positively to the environment and society," July concluded optimistically.
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