PT Pertamina Geothermal Energy Records Production Milestone and Plans US$1.09 Billion Investment for 215 MW Green Electricity Expansion

PT Pertamina Geothermal Energy Tbk (PGE) (IDX: PGEO) held its 2025 Full Year Results Earnings Call in Jakarta on Tuesday, 10 March 2026. The company presented its financial and operational performance throughout 2025 and outlined its strategic direction, including accelerated implementation of various geothermal development projects through strategic project expansion, co-generation portfolio development, and diversification beyond electricity generation.

Financial Performance

PT Pertamina Geothermal Energy’s Chief Financial Officer, Yurizki Rio, reported that the company achieved revenues of US$432.73 million throughout 2025. “This achievement demonstrates PGE’s continued healthy performance, reflecting the company’s strong financial fundamentals. This is evident from PGE’s EBITDA, which increased by 1.94 per cent year-on-year to US$330.35 million with a margin of 76.34 per cent. Through this improvement, PGE reaffirms its position as one of the world’s geothermal energy producers with the highest profitability levels,” Yurizki stated.

According to the consolidated financial report as at 31 December 2025, PGE reported: revenues of US$432.73 million; net profit of US$137.67 million; EBITDA of US$330.35 million; total assets of US$3.03 billion; and cash and cash equivalents of US$718.50 million.

Yurizki emphasised that overall, the company’s performance remained solid with healthy profitability levels. “Although there is a limited decline in EBITDA margin, this is a consequence of the transformation phase to expand the business portfolio. To support this, PGE is currently making strategic investments in talent, research and development, and exploration projects that support commercial operation dates whilst serving as a foundation for the company’s long-term growth,” he noted.

The company is focusing on long-term growth through investment in various quick-win projects aimed at increasing installed capacity and geothermal production. This initiative is expected to drive business expansion whilst strengthening the company’s financial performance sustainably.

Record Production Performance

PGE’s performance was also driven by operational excellence, recording the highest production in its history during 2025. Throughout the year, PGE achieved total production of 5,095 gigawatt hours (GWh), an increase of 5.55 per cent compared to 2024, which recorded 4,827 GWh.

This achievement was supported by higher load factors and additional installed capacity of 55 megawatts (MW) from the Lumut Balai Unit 2 geothermal power plant, which commenced commercial operations in June 2025. With this addition, the company’s installed capacity increased to 727 MW from the previous 672 MW. Going forward, PGE will continue optimising existing assets, driving expansion and business growth, and developing various future revenue streams, according to PT Pertamina Geothermal Energy’s Operations Director, Andi Joko Nugroho.

Production increases were recorded across several of the company’s operating regions. “Production contributions came from Kamojang, projected at 1,806 GWh; Ulubelu, 1,617 GWh; Lahendong, 849 GWh; Lumut Balai, 714 GWh; and Karaha, 109 GWh. This achievement was supported by consistently high system reliability, with generating station availability of 98.93 per cent, capacity factor of 86.58 per cent, and very low outage rates of 0.41 per cent. Going forward, the company will continue increasing production through operational optimisation and increasingly reliable and efficient generating facility management,” Nugroho added.

Future Outlook and Strategic Investments

PT Pertamina Geothermal Energy’s President Director Ahmad Yani stated, “Going forward, PGE will consolidate its steps to become a world-leading geothermal producer. Beyond excelling in installed capacity, PGE is also striving to be recognised as a global centre of excellence in geothermal energy. Through various initiatives and innovations consistently implemented, PGE is confident it can set another production record in 2026. The company projects electricity production of approximately 5,255 GWh, representing annual growth of around 3.14 per cent. This target is supported by ongoing efforts to improve operational performance whilst optimising the capacity of generating facilities under the company’s management.”

PT Pertamina Geothermal Energy’s Director of Exploration and Development, Edwil Suzandi, announced that four PGE projects were included in the 2025–2029 Blue Book published by the Ministry of National Development Planning (PPN/Bappenas): Lumut Balai Unit 3, Lumut Balai Unit 4, Gunung Tiga/Ulubelu Extension I, and Lahendong Units 7–8 & Binary.

Total investment value for these four projects exceeds US$1.09 billion. “Implementation of these projects is projected to add 215 MW of low-emission generating capacity, scheduled to operate in phases from 2029 to 2032. This further demonstrates the company’s commitment to developing the 3 gigawatt geothermal potential it possesses,” Suzandi concluded.