Business Diversification Bolsters Performance at Dian Swastatika Sentosa (DSSA)

PT Dian Swastatika Sentosa Tbk (DSSA) held its Annual General Meeting of Shareholders (RUPST) on Tuesday (9/6/2026), where the Board of Directors presented the operational and financial performance for the 2025 fiscal year and the long-term business strategy direction focused on the green transition and strengthening the digital ecosystem. The normalisation of global coal prices did impact consolidated revenue, which adjusted by 7.5% to US$2.79 billion in 2025. However, DSSA was able to prove its resilience through aggressive growth in non-mining sectors. This is reflected in the contribution from the digital infrastructure and technology segment, which surged from 4.8% in 2024 to 7.6% of total revenue in 2025. Significant growth occurred in the digital infrastructure and technology sector, which booked a 47% year-on-year revenue increase, in line with network expansion that generated a 64.1% yoy leap in homepasses to 10.5 million and a 102.9% yoy rise in subscribers to 1.9 million. Positive growth was also shown by other non-mining business pillars, which maintained stable sales volume performance while providing a solid contribution to DSSA’s consolidated revenue. Up to early 2026, DSSA has realised a number of major transformative steps, including the implementation of sustainable principles in upstream mining, where PT Borneo Indobara launched Indonesia’s largest mining equipment electrification programme. This green initiative has mobilised 176 electric and hybrid vehicle units up to May 2026 as part of the strategic roadmap towards achieving net zero emissions in the 2028–2029 period. The commitment to new and renewable energy is also strengthened through the inauguration of an integrated solar cell and module manufacturing plant with a capacity of 1 gigawatt per year in Kendal, as well as a strategic partnership with PT FirstGen Geothermal Indonesia, a subsidiary of the Philippines’ First Gen Corporation, expanding the company’s geothermal portfolio with an initial potential capacity of up to 440 megawatts across six strategic locations in Indonesia. In the digital infrastructure and technology pillar, a major leap was marked by the strategic merger between PT Eka Mas Republik (MyRepublic) and PT Mora Telematika Indonesia Tbk (MORA) into PT Ekamas Mora Republik Tbk (MoraRepublic), which became legally effective on 22 April 2026. Complementing the digital ecosystem, DSSA also partnered with KIRA SG One Pte. Ltd., which is currently accelerating the construction of the Metro Data Center of international standard in Jakarta’s CBD area. The data centre has an IT Load capacity of 18 MW and is targeted to be ready for operation in the fourth quarter of 2026. DSSA President Director Krisnan Cahya stated that the company’s current focus is accelerating operational digitalisation to strengthen and optimise production performance across all lines, while simultaneously accelerating investment in new and renewable energy sectors and bolstering digital and technology infrastructure to drive more progressive growth. To support the expansion, DSSA actively implements optimal and measured capital management to ensure all strategic investment plans can be realised sustainably. Senior Market Analyst at Mirae Asset Sekuritas, Nafan Aji Gusta, said one factor supporting DSSA’s prospects this year is its aggressive business diversification strategy. DSSA is no longer solely dependent on the coal business but is beginning to increase the revenue contribution from the digital infrastructure and renewable energy sectors. Both sectors are quite attractive, given Indonesia’s increasing need for digital connectivity and the increasingly urgent global decarbonisation agenda. Nevertheless, Nafan noted that the digital infrastructure and renewable energy segments are capital intensive, making project execution capability key and synergy across business ecosystems important. Despite promising long-term prospects, investors still need to be aware of the risk of rising benchmark interest rates for DSSA, as the company’s capital-intensive diversification expansion may require external funding, potentially increasing the interest and capital costs it bears.