PGEO's Net Profit Surges 40 Percent in First Quarter of 2026

JAKARTA – PT Pertamina Geothermal Energy Tbk (PGE) recorded positive performance in the first quarter of 2026, booking a net profit of US$43.9 million. This figure represents a 40 percent increase compared to the same period last year, which stood at US$32.4 million.

PGE’s Finance Director Fransetya Hutabarat stated that the profit growth was supported by the effectiveness of the company’s sustainable business strategies.

“This growth is driven by the effectiveness of the sustainable business strategies implemented by the company. In addition, this achievement positions PGE with a solid financial standing to continue growing sustainably,” Fransetya said in his statement in Jakarta on Monday (4/5/2026).

Positive performance is also reflected in the financial balance sheet position. The company’s total assets were recorded at US$3.06 billion, up 0.71 percent from the end of 2025. Meanwhile, cash and cash equivalents reached US$745.2 million, or a 3.72 percent growth.

On the capital side, PGE’s equity increased from US$2.04 billion in the first quarter of 2025 to US$2.09 billion in the first quarter of 2026. On the other hand, the company’s liabilities decreased by 2.44 percent to US$964.7 million compared to the end-of-year position last year.

PGE President Director Ahmad Yani emphasised that amid global dynamics such as geopolitical tensions and energy crises, the development of new renewable energy remains 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.

He added that the solid performance in recent years serves as a foundation for sustainable expansion ahead.

In line with these targets, PGE aims for an installed capacity of 1 GW by 2028 and an increase to 1.8 GW by 2034.

Currently, PGE manages 15 geothermal working areas with an installed capacity of 727 megawatts (MW). The company also controls around 70 percent of the national total geothermal capacity, making it one of the main pillars in the national electricity system.

On the sustainability side, PGE recorded outstanding ESG performance with a score of 7.1 from Sustainalytics. The company is the only Indonesian firm to enter the Top 50 Global ESG Companies 2025 list.