PGE Records Net Profit of USD 43.9 Million in Q1 2026

The global situation presents an opportunity for Indonesia to further optimise geothermal development. Jakarta (ANTARA) - PT Pertamina Geothermal Energy Tbk (PGE) (stock code: PGEO) recorded a net profit of USD 43.9 million in the first quarter of 2026. This achievement represents a 40% increase compared to the same period last year, which stood at USD 32.4 million. “This growth is driven by the effectiveness of the sustainable business strategies implemented by the company. Additionally, this achievement positions PGE with a solid financial standing to continue growing sustainably,” said PGE’s Finance Director Fransetya Hutabarat in his statement in Jakarta on Monday. Based on the financial report as of 31 March 2026, PGE recorded revenue of USD 116.6 million, an increase of 14.8% year-on-year (yoy) compared to USD 101.5 million in the same period the previous year. Overall, in that interim financial report, PGE recorded total company assets reaching USD 3.06 billion, up 0.71% from 31 December 2025. Cash and cash equivalents reached USD 745.2 million, growing 3.72% from 31 December 2025. In terms of equity, the company recorded an increase from USD 2.04 billion in Q1 2025 to USD 2.09 billion in Q1 2026. This increase indicates that PGE is in a healthy financial condition, with strong capability to meet obligations and generate profits. Meanwhile, the company’s liabilities decreased by 2.44% from 31 December 2025, to USD 964.7 million. This decline has a positive impact on strengthening the capital structure and reducing the company’s financial risks. On the same occasion, PGE’s President Director Ahmad Yani emphasised that amid geopolitical tensions and the global energy crisis, energy transition must remain a priority. “The global situation presents an opportunity 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. Moving forward, we aim to continue expanding and delivering broader benefits to society,” he added. Developments in the new renewable energy (EBT) sector are also showing an increasingly positive direction. This is reflected in PT PLN (Persero)’s Electricity Supply Business Plan (RUPTL) for 2025-2034, which targets a 76% share for EBT. 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 makes a significant contribution to electricity supply in various regions. By managing around 70% of the total national installed geothermal capacity, PGE becomes one of the key pillars in supporting the national electricity system while promoting 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.