Adhi Karya (ADHI) Losses Swell to Rp 5.4 Trillion for the Full Year 2025
PT Adhi Karya (Persero) Tbk. (ADHI) recorded a loss attributable to the parent entity’s owners for the full year 2025 that swelled to Rp 5.4 trillion, compared to Rp 60.09 billion in 2024.
This loss entirely stemmed from the booking of non-operational expenses. These non-operational expenses resulted from three simultaneous recovery measures.
Management assessed that the fair value adjustment of the company’s assets aligned with the Danantara BUMN Karya recovery programme. This adjustment had a dominant impact on two property subsidiaries, namely Adhi Persada Properti and Adhi Commuter Properti.
Quoting its financial report submitted via disclosures to the Indonesia Stock Exchange (BEI), ADHI’s increased losses were due to a decline in operating revenue for 2025 from Rp 13.35 trillion to Rp 9.66 trillion.
The cost of goods sold also decreased from Rp 11.7 trillion to Rp 8.6 trillion. As a result, ADHI’s gross profit fell to Rp 1.04 trillion from Rp 1.62 trillion in 2024.
After deducting total operating expenses of Rp 870 billion, ADHI’s operating profit for 2025 amounted to Rp 17.4 billion.
The operating expenses comprised sales expenses at ADHI that dropped to Rp 10.6 billion, and general and administrative expenses that fell to Rp 869.3 billion.
Although ADHI recorded joint venture profits that decreased to Rp 466.5 billion, there was a loss from associates, reversing from a previous profit of Rp 2.3 billion to a loss of Rp 115.2 billion.
Subsequently, after deducting financial expenses of Rp 865.3 billion, other expenses that swelled to Rp 5.04 trillion, and final tax expenses that decreased to Rp 235.1 billion, the pre-tax loss became Rp 5.6 trillion, compared to a previous Rp 34.4 billion.
ADHI’s total assets for 2025 decreased to Rp 28.7 trillion from Rp 34.6 trillion in 2024.
As of 31 December 2025, ADHI recorded new contract acquisitions worth Rp 18.1 trillion. Based on business lines, the new contract acquisitions consisted of 91% engineering and construction, 5% manufacturing, 3% property and hospitality, and 1% investment and concessions.
Based on work types, 43% building works, 15% water resource infrastructure, 14% roads and bridges, and the remainder others.
Meanwhile, based on funding sources, 69% government, 23% SOEs, and the rest private.
ADHI’s total production for 2025 was valued at Rp 16.6 trillion, directly booked as non-JO operating revenue of Rp 9.7 trillion, with the remainder reflected in JO profit of Rp 462 billion.
The largest contribution to ADHI’s operating revenue came from infrastructure projects such as the Yogyakarta-Bawen Toll Road, Yogyakarta-Solo-Kulon Progo Toll Road, and the PUSRI III-B project.
Despite recording value adjustments, the company has several foundations for recovery. ADHI still holds receivables from several major projects, namely LRT Jabodebek and receivables from the Aceh-Sigli Toll project.
The realisation of these receivables is expected to directly impact the company’s cash inflows.
ADHI also has a project pipeline in various infrastructure segments and consistently focuses on downstreaming and green construction. The company serves as the contractor for downstreaming projects including PUSRI IIIB, Coal Handling ICB PTBA Development, and PLTMG Tobelo.
In addition, ADHI is involved in green construction projects, such as the environmental management development of FPLT in the Medan Industrial Area, which opens access to infrastructure projects prioritising sustainability aspects.
In 2026, construction market growth is projected to be driven by the Ministry of Public Works’ spending and capital expenditure of Danantara subsidiaries. Danantara, as the majority shareholder, continues to coordinate with the company within the framework of BUMN Karya recovery.