PGN Maintains Solid Performance in Pertamina's First Quarter This Year
PT Perusahaan Gas Negara (Persero) Tbk (PGN), Pertamina’s gas subholding, recorded solid financial performance in the first quarter of 2026. PGN booked a net profit attributable to the parent entity’s owners of US$90.4 million, marking growth of approximately 46% year-on-year (YoY). This profit growth was primarily supported by a roughly 12% YoY increase in gross profit, in line with a 7% decline in cost of goods sold (US$54 million), as well as improvements in finance costs and foreign exchange differences.
Throughout January to March 2026, PGN recorded revenues of US$929.6 million and EBITDA of US$240.6 million. Revenue performance continued to be supported by the strong core businesses of gas trading and natural gas infrastructure, amid operational dynamics, including the absence of LNG sales in the international trading segment during this period.
This reflects the company’s ability to maintain profitability through operational efficiency, financial discipline, and a balanced business portfolio.
From an operational perspective, natural gas distribution volume was recorded at 777 BBTUD, with transmission volume reaching 1,539 MMSCFD. Gas distribution management was carried out optimally, with a primary focus on ensuring continuity of supply to customers amid macroeconomic and global conditions.
PGN’s infrastructure reliability remained at 99.9%, supporting services to more than 825,000 customers across Indonesia, comprising 822,561 households, 2,842 small customers, and 3,310 industrial and commercial customers.
PGN’s Finance Director, Catur Dermawan, stated that the company’s business model, based on a domestic ecosystem, serves as the main foundation in maintaining the company’s performance stability.
“Our primary focus at PGN is to ensure reliable energy services to customers through integrated infrastructure management and gas distribution. This approach is key to maintaining operational stability amid supply dynamics and domestic energy needs,” said Catur.
PGN maintains supply flexibility through measured utilisation of LNG as part of distribution system management. LNG is used as a complementary supply to ensure service continuity, particularly in areas experiencing supply dynamics.
Regasification service volume was recorded at 115 BBTUD through the Lampung FSRU, 148 BBTUD through the Arun LNG facility, and 292 BBTUD through the West Java FSRU. All these facilities are managed integrally to maintain the reliability of the national natural gas distribution system.
Amid global dynamics, including exchange rate movements and energy prices, PGN continues to apply prudent liquidity management through cash optimisation and efficient financing strategies. In Q1 2026, PGN reduced finance costs to US$13.7 million and maintained key financial ratios at healthy levels, including EBITDA to interest expense at 20.75x and debt-to-equity ratio at 29%.
Additionally, PGN recorded positive operating cash flow of US$86.9 million, reflecting operational resilience and the company’s ability to maintain financial strength to support operations and future business development.
The company’s performance is also supported by a balanced business portfolio. In conditions of global energy price volatility, contributions from the upstream segment serve as one of the supports in maintaining overall performance stability.
“The domestic-based business model and balanced portfolio enable PGN to maintain stable performance amid global energy dynamics,” added Catur.
Looking ahead, PGN will continue to strengthen infrastructure reliability and supply flexibility through pipeline network enhancements and development of beyond-pipeline services such as LNG and CNG. The company is also continuing the development of household gas networks (jargas) to expand access to cleaner and more affordable energy.
PGN is also promoting the role of natural gas as a transition energy in supporting net zero emission targets, in line with national energy policy.
“PGN will continue to balance service reliability, operational efficiency, and prudence in financial management to support national energy resilience,” Catur concluded.