First Green Transition Stock: A Look at TOBA's Profile and Latest Performance
PT TBS Energi Utama Tbk (TOBA) has drawn the capital market’s attention after being designated the first company in Indonesia to receive the Green Transition Stock designation from the Indonesia Stock Exchange (IDX).
According to the IDX website, the designation took effect on 28 August 2026, coinciding with the launch of the IDX Green Equity Designation.
TOBA was the only listed company included in the transition category at the launch.
The company has a strong history in the coal business, but in recent years it has gradually shifted capital and expansion towards low-carbon businesses.
TBS currently develops three core businesses linked to sustainable transformation: waste management, renewable energy and the electric vehicle ecosystem, whilst reducing its reliance on coal.
The Green Equity Transition designation is granted through the IDX Green Equity Designation framework. The transition category is intended for listed companies whose businesses are measurably moving towards a low-carbon economy.
In its assessment, the IDX considers, among other things, financial contribution, alignment with the taxonomy, governance, periodic reviews and information disclosure.
The designation also involves an independent review process, giving investors a more measurable picture of the company’s transformation progress.
TOBA shares have weakened over the past week, down Rp575 per share or 5.74% (as of the first trading session on Tuesday, 8 September 2026).
So what is the profile of this listed company? Here is an overview of TOBA’s profile and its latest performance.
PT TBS Energi Utama Tbk (TOBA) is currently undergoing a transformation from a coal-based company into a sustainable infrastructure company.
The company develops three main business pillars: waste management, renewable energy and electric vehicles, whilst managing its remaining coal business during the transition period.
- Waste Management
Waste management is one of TOBA’s core businesses and is currently the largest contributor to the company’s revenue.
The business covers medical waste, hazardous waste and domestic waste management in Indonesia and Singapore. TOBA runs this through several entities, including Asia Medical Enviro Services (AMES) and PT ARAH Environmental Indonesia.
In the first quarter of 2026, the waste management business contributed around 60% of consolidated revenue and 93% of TOBA’s adjusted EBITDA. Its revenue reached US$51.9 million, up 447.69% compared to the same period last year.
- Renewable Energy
The second pillar is renewable energy. TOBA is developing a clean power generation portfolio, including solar, wind and mini-hydro power.
The company is also developing floating solar power plant projects and other renewable energy ventures. This business forms part of TOBA’s strategy to increase the contribution of low-carbon energy whilst reducing dependence on fossil fuel businesses.
TOBA has also entered the electric mobility sector through Electrum, a company established to build a two-wheeled electric vehicle ecosystem.
The business covers the development and production of electric motorcycles as well as supporting infrastructure such as the battery ecosystem. Electrum is part of TOBA’s strategy to capture opportunities from the growth of electric vehicles in Indonesia.
- Coal as a Transition Business
Although the company’s focus has shifted to sustainable businesses, TOBA still holds a coal business as part of its transition portfolio.
The company says it is managing its remaining coal operations responsibly during the transformation process. Coal is therefore best viewed as a legacy business that will be gradually reduced, with its capital and cash flows directed towards developing green businesses.
TOBA’s 2026 Performance
Summarising IDX data, TOBA recorded a net loss of Rp337.9 billion in the first six months of 2026, an improvement from a net loss of Rp1.88 trillion in the same period of 2025.
This equates to a net loss per share of Rp40.62. In terms of financial performance, TOBA’s revenue in 6M26 reached Rp2.97 trillion, up 6.4% year on year from Rp2.80 trillion in 6M25.
Gross profit was Rp485.4 billion, up 115% from Rp225.8 billion, whilst EBITDA fell 85.5% to Rp34.3 billion from Rp235.9 billion previously.
Compared with the previous quarter, revenue rose 104.6% from Rp1.45 trillion to Rp2.97 trillion, gross profit increased 177.5% from Rp174.9 billion to Rp485.4 billion, and EBITDA grew 81.5% from Rp18.9 billion to Rp34.3 billion.
The net loss also widened on a quarterly basis by 121.3%, from Rp152.7 billion to Rp337.9 billion.
That concludes the profile of TOBA, which has been included in the Green Equity Transition category.