TBS Energi (TOBA) Becomes First Green Transition Share Issued by IDX
JAKARTA. PT TBS Energi Utama Tbk (TOBA) has become the first company in Indonesia to receive the Green Equity Transition designation from the Indonesia Stock Exchange (IDX).
The category is granted to listed companies whose businesses are measurably moving towards a low-carbon economy, assessed through their revenue and investment allocations towards committed green activities.
The designation took effect on 28 August 2026, coinciding with the inaugural launch of the IDX Green Equity Designation involving three listed companies. TBS was the only company designated in the transition category.
“For us, this designation is not a finishing line, but rather another milestone in the transformation we are still undertaking. We appreciate the IDX’s initiative in introducing this designation, which gives investors a measurable and independently reviewed picture of how far our business has transitioned. This designation sets a standard we must maintain every year, and we hope it connects us with investors who are indeed looking for companies like ours,” said TOBA’s President Director and Chief Executive Officer, Dicky Yordan, in a release received by KONTAN on Monday (7/9/2026).
TOBA must demonstrate that more than half of its annual revenue, or more than half of its operating and capital expenditure, is in green or transition activities as defined under the Indonesian Sustainable Finance Taxonomy (TKBI). Each designation is evaluated annually by a recognised external review provider, and the IDX may amend or revoke it.
The designation was assessed based on TOBA’s audited annual financial statements for the 2025 financial year, when its sustainable infrastructure (non-coal) business still contributed 47% of consolidated revenue. It was this revenue mix that placed TBS in the transition category.
Meanwhile, IDX Business Development Director Iding Pardi said the IDX Green Equity Designation is an important milestone in building an Indonesian capital market that is increasingly transparent, credible, and sustainability-oriented.
“We appreciate the participation of the companies receiving this inaugural designation, including TBS, and their commitment to undergoing an independent review process from the outset. We hope this designation encourages more listed companies to strengthen their sustainability practices and provide more credible information to investors,” Iding explained.
In its Climate Transition Assessment, S&P Global Ratings stated that TOBA stands out among similar companies in Indonesia for the ambition of its position, citing the fastest target timeline for achieving carbon neutrality by 2030 and the shift of capital into non-coal activities.
Although the sustainable infrastructure business contributed less than half of consolidated revenue in the 2025 financial year, its share surged in the first half of 2026 to 66.5% of TOBA’s consolidated revenue, more than double coal’s contribution of 31.4%. This reversed the mix from a year earlier, which had still been dominated by coal.
TOBA’s waste management business contributed 61.2% of revenue and 92% of consolidated EBITDA. Revenue from the electric vehicle ecosystem also nearly tripled year on year.
As a result, TOBA recorded stellar performance throughout the first six months of 2026, with consolidated gross profit more than doubling to US$28.2 million.
Likewise, TOBA’s operating cash flow turned positive, reaching US$14.6 million in the first half of 2026. As a reminder, the company’s operating cash flow was previously negative at US$31.6 million in the first half of 2025.
Green equity share designations remain a continually evolving practice globally. Nasdaq introduced the first designation of this kind in the Nordic market in 2021.
The WFE published Green Equity Principles in 2023 as the first global framework for designating listed shares as green shares, which has since been adopted by several exchanges: B3 in Brazil in 2024, followed by the Philippine Stock Exchange, and now the IDX.
Currently, fewer than 20 listed companies worldwide hold such a designation, concentrated in the clean technology, utilities, and property sectors, placing TBS in a small group globally.
The IDX emphasised that the IDX Green Equity Designation is not a ranking, investment recommendation, or guarantee of a share’s financial performance, rate of return, or investment risk.