Pertamina Geothermal Energy's Net Profit Surges 40 Percent
PT Pertamina Geothermal Energy Tbk (PGE) recorded a net profit of US$43.9 million in the first quarter of 2026. This achievement represents a 40 percent increase compared to the same period last year, which stood at US$32.4 million.
“This growth is driven by the effectiveness of the sustainable business strategy implemented by the company. In addition, this achievement positions PGE in a solid financial position to continue growing sustainably,” said PGE’s Finance Director Fransetya Hutabarat in his statement in Jakarta on Monday, 4 May 2026.
Based on the financial report as of 31 March 2026, PGE recorded revenue of US$116.6 million, an increase of 14.8 percent year-on-year compared to US$101.5 million in the same period the previous year.
Overall, in that interim financial report, PGE recorded total company assets of US$3.06 billion, up 0.71 percent from 31 December 2025.
Cash and cash equivalents reached US$745.2 million, growing 3.72 percent compared to 31 December 2025.
In terms of equity, the company recorded an increase from US$2.04 billion in the first quarter of 2025 to US$2.09 billion in the first quarter of 2026. This increase indicates that PGE is in a healthy financial condition, with strong capabilities in meeting obligations and generating profits.
Meanwhile, the company’s liabilities decreased by 2.44 percent compared to 31 December 2025, to US$964.7 million. This decline has a positive impact on strengthening the capital structure and reducing the company’s financial risk.
PGE’s President Director Ahmad Yani emphasised that amid geopolitical tensions and the global energy crisis, energy transition must remain a priority. “These global conditions provide momentum for Indonesia to further optimise geothermal development. In line with that, as a world-leading geothermal producer, PGE continues to focus on long-term growth through three main strategies: optimisation of existing assets, business expansion, and diversification of new revenue sources,” said Ahmad.
“PGE’s solid performance in recent years provides a strong foundation for sustainable growth. Looking ahead, we aim to continue expanding and providing broader benefits to society,” he added.
Developments in the new renewable energy (EBT) sector also show an increasingly positive direction. This is reflected in PT PLN (Persero)’s Electricity Supply Business Plan (RUPTL) for 2025-2034, which targets a 76 percent EBT share. During that period, geothermal is targeted to contribute 5.2 gigawatts (GW) of capacity.
To support achieving that target, PGE aims for an installed capacity of 1 GW by 2028 and 1.8 GW by 2034.
Currently, the company manages 15 geothermal working areas with an installed capacity of 727 megawatts (MW), and significantly contributes to electricity supply in various regions.
By managing around 70 percent of the total national installed geothermal capacity, PGE becomes one of the key pillars in supporting the national electricity system while driving the transition to more environmentally friendly energy.
“In addition, PGE also recorded outstanding performance in sustainability aspects by achieving the highest ESG ranking in Indonesia, with a score of 7.1 from Sustainalytics. PGE is the only Indonesian company included in the Top 50 Global ESG Companies 2025 list,” he stated.