Revenue Surpasses US$116.55 Million, PGE's Profit Rises 40% in Q1-2026

Jakarta, CNBC Indonesia - PT Pertamina Geothermal Energy Tbk (PGE) (PGEO) recorded positive performance in the first quarter of 2026, reflecting solid business resilience. Based on the financial report as of 31 March 2026, PGE booked revenue of US$116.555 million, up 14.8% year-on-year (YoY) from US$101.507 million in the same period the previous year.

PGE’s Chief Financial Officer, Fransetya Hutabarat, stated that during the period, PGE maintained healthy profitability and strong operational cash.

“Throughout Q1-2026, PGE recorded net profit of US$43.899 million. This figure increased 40% compared to the same period last year, which was US$31.352 million. This growth was driven by the effectiveness of the sustainable business strategies implemented by the Company. In addition, this achievement places PGE in a solid financial position to continue growing sustainably,” Fransetya said, quoted on Thursday (30/4/2026).

Furthermore, PGE booked net profit of US$43.899 million, up 40% YoY. Total assets stood at US$3.06 billion, an increase of 0.71% compared to 31 December 2025.

Meanwhile, cash and cash equivalents grew 3.72% to US$745.213 million compared to 31 December 2025.

In terms of equity, the Company recorded an increase from US$2.04 billion in Q1-2025 to US$2.09 billion in Q1-2026. This increase indicates that PGE is in a healthy financial condition, with strong capabilities to meet obligations and generate profit.

Meanwhile, the Company’s liabilities decreased 2.44% compared to 31 December 2025, to US$964.737 million. This decline has a positive impact on strengthening the capital structure and reducing the Company’s financial risk.

Geothermal: Key to Transition and National Energy Resilience

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.

“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,” he said.

“PGE’s solid performance in recent years provides a strong foundation for sustainable growth. Going forward, this achievement serves as capital for us to continue expanding and providing broader benefits to society,” Ahmad 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 EBT’s share to reach 76%.

During that period, geothermal is targeted to contribute capacity of 5.2 gigawatts (GW).

To support achieving those targets, PGE targets installed capacity of 1 GW by 2028 and 1.8 GW by 2034.

Currently, the Company manages 15 Geothermal Working Areas with installed capacity reaching 727 megawatts (MW), and significantly contributes to electricity supply in various regions. By managing around 70% of the total national installed geothermal capacity, PGE becomes one of the important pillars in supporting the national electricity system while driving the transition to more environmentally friendly energy.

In addition, PGE also recorded superior 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.