A Peek at the Performance of 4 Prajogo Pangestu Issuers: Which One Shines Brightest?

Jakarta, CNBC Indonesia - The latest reports from four issuers owned by Prajogo Pangestu indicate that they have released their financial performances for the whole of 2025. The majority delivered impressive results, with profits rising significantly and one achieving a turnaround from losses to profits.

The four issuers include PT Barito Renewables Energy Tbk (BREN), PT Petrosea Tbk (PTRO), PT Chandra Asri Pacific Tbk (CDIA), and PT Trans Pacific Petrochemical Indotama Tbk (TPIA).

Here is a breakdown of each stock:

BREN

In 2025, BREN recorded a net profit of US$165 million, or approximately Rp2.8 trillion, up 6.5% year-on-year from US$155 million in 2024. This profit growth outpaced the relatively modest revenue increase.

For the year, BREN’s revenue was US$605 million, up 1.4% year-on-year, with EBITDA of US$518 million and a consistently high margin of 85.6%. The improved profitability was primarily driven by an 11.6% reduction in finance costs following the company’s optimisation of its debt structure.

Operationally, gross installed capacity increased to 910 MW, up 2.7% year-on-year, thanks to the completion of the Salak retrofit and contributions from the Salak Binary Unit.

Looking ahead, BREN targets geothermal capacity exceeding 1 GW by 2026, with the Salak Unit 7 and Wayang Windu Unit 3 projects scheduled to commence operations by the end of 2026. In the long term, the company aims for 1.9 GW of geothermal capacity by 2032.

PTRO

PTRO recorded a significant surge in performance throughout 2025, with net profit around US$34 million or Rp540 billion, jumping approximately 197% year-on-year. This increase was driven by growth in mining contractor services and strong contributions from EPC and offshore EPCI projects.

Throughout the year, PTRO successfully completed several offshore EPCI projects on target, which further strengthened the company’s operational performance. This performance marks a strong recovery phase for PTRO after previously facing margin pressures in prior years.

CDIA

CDIA posted highly significant profit growth in 2025, with net profit around Rp2 trillion, nearly tripling year-on-year. Meanwhile, the company’s revenue was recorded at around Rp2.4 trillion.

This growth was driven by contributions from the energy infrastructure, utilities, and industrial logistics businesses, which are key parts of the Barito Group’s industrial ecosystem. This performance indicates that CDIA is developing as a platform for industrial infrastructure and utilities that supports the group’s core businesses.

TPIA

The most dramatic improvement occurred at TPIA. After recording losses for three consecutive years, this petrochemical company successfully booked a net profit of around US$1.1 billion in 2025.

This recovery was driven by an improving global petrochemical industry cycle, operational efficiencies, and contributions from business expansions undertaken by the company in recent years. This performance marks a major turnaround for TPIA, restoring its position as one of the main profit engines in Prajogo Pangestu’s business ecosystem.