TBS Energi Utama Receives Indonesia's First Transition Green Share Designation
PT TBS Energi Utama Tbk (TOBA) has become the first company in Indonesia to receive the Transition Green Share Designation from the Indonesia Stock Exchange (IDX). The designation took effect on 28 August 2026 at the inaugural launch of the IDX Green Equity Designation, which involved three listed companies, with TBS the only one in the transition category, as reported by Detik Finance.
The designation measures how a company’s business is moving towards a low-carbon economy through revenue and investment in committed green activities. In the 2025 financial year, TBS’s non-coal sustainable infrastructure business contributed 47% of consolidated revenue, placing the company in the transition category.
TBS Chief Executive Officer Dicky Yordan said the designation is an important milestone in the company’s transformation. “This designation is not the finish line, but another milestone in the transformation we are still undergoing. 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,” said Dicky.
The designation is based on five pillars of the World Federation of Exchanges’ Green Equity Principles, covering financial contribution, taxonomy alignment, governance, periodic assessment, and public information disclosure. The evaluation is conducted annually by a recognised external review provider, and the IDX may change or revoke the designation.
IDX Business Development Director Iding Pardi said the IDX Green Equity Designation is an important milestone towards building a more transparent and sustainability-oriented Indonesian capital market. “We appreciate the participation of the companies receiving this inaugural designation, including TBS, and their commitment to undergoing an independent review process,” said Iding.
A review by S&P Global Ratings assessed 92% of TBS’s capital expenditure commitments for 2025-2030 as green activities with no allocation for coal, far exceeding the IDX threshold. S&P said TBS stands out for its fastest carbon neutrality target of 2030 and its shift of capital to non-coal activities.
In the first half of 2026, TBS’s sustainable infrastructure business surged to 66.5% of consolidated revenue, more than double the coal contribution of 31.4%. Waste management contributed 61.2% of revenue and 92% of consolidated EBITDA. Revenue from the electric vehicle ecosystem nearly tripled year on year, consolidated gross profit doubled to US$28.2 million, and operating cash flow turned positive at US$14.6 million from negative US$31.6 million the previous year.
Green share designations are still developing globally, with Nasdaq starting in the Nordic markets in 2021, followed by other exchanges such as B3 Brasil and the Philippine Stock Exchange. Currently, fewer than 20 listed companies worldwide hold similar designations, mainly 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 rating, investment recommendation, or guarantee of a share’s financial performance.