TBS Energy Accelerates Green Business Transformation in 2025
JAKARTA — PT TBS Energi Utama Tbk has announced its financial report for the financial year 2025, reflecting an important phase in the company’s transformation journey towards a more sustainable and internationally competitive green business. Throughout 2025, TBS comprehensively restructured its portfolio as part of a strategic repositioning initiative to strengthen its financial foundation and build a more resilient business structure.
This step was undertaken in a measured and proactive manner to strengthen the quality of the balance sheet and direct the company’s portfolio towards sectors with more stable revenue growth profiles and higher long-term valuation potential.
The year 2025 demonstrated TBS’s strong operational fundamentals. The company maintained positive adjusted EBITDA of $47.2 million and preserved a healthy cash position of $102.3 million, an increase of 15 per cent compared to 2024. This confirms that the company’s core business continues to generate genuine economic value whilst reflecting disciplined execution amid portfolio composition changes.
Another strategic milestone in 2025 was the completion of the acquisition of Sembcorp Environment, which now operates under the name Cora Environment. This acquisition instantly strengthened TBS’s position as one of the leading market share holders in waste management in Singapore, whilst enhancing the company’s asset capacity to support long-term revenue growth.
In 2025, TBS recorded $155.4 million in revenue contribution from waste management, which represents 41 per cent of the company’s total revenue. With an increasingly diversified business composition, exposure to global coal price volatility has been reduced in line with the company’s transformation direction.
The mining and coal trading segment recorded revenue of $194.6 million, equivalent to 51 per cent of the company’s total revenue, a significant decline compared to its 81 per cent contribution in the same period the previous year. This proportional decline reflects TBS’s strategic direction to gradually reduce coal exposure whilst accelerating the shift towards a more sustainable portfolio.