TBS Records 20.5% Revenue Growth in First Quarter of 2026

PT TBS Energi Utama has released its first quarter (Q1) 2026 performance report, showing positive developments following the portfolio transformation phase towards green business sectors through acquisitions and divestments in 2025, without compromising financial and operational performance. The company’s current focus is on strengthening operational stability in its waste management, renewable energy, and electric vehicle ecosystem business lines. In this period, the company achieved significant acceleration in consolidated revenue growth. Key financial indicators demonstrate solid performance, with consolidated revenue increasing by 20.5% and consolidated gross profit by 46.7% compared to the same period last year. Improving operational efficiency is evident from the operational cash flow position, which was previously negative $2.9 million in 2025, turning positive at $9.9 million in 2026. Overall, the total current period loss was reduced by more than 83% year-on-year from $58.9 million to $9.5 million, due to the non-recurrence of losses from the divestment of the PLTU entity last year. Responding to these achievements, TBS Director Juli Oktarina expressed her optimism. “The results we achieved in the first quarter are a validation of the correctness of the company’s transformation direction. The major acquisitions and divestments in 2025 represent a planned and crucial strategic portfolio restructuring for the company’s future. This transition phase will have a temporary impact on our profits, but it is necessary as a foundation for TBS to become a sustainable business platform with high margins, ready to deliver long-term value added for shareholders,” she stated in a statement on Thursday (30/4/2026). The waste management business line is now the company’s main contributor, accounting for 60% of total consolidated revenue and 93% of total adjusted EBITDA, driven by a significant revenue growth in the segment of 447.69% or 5.5 times, from $9.4 million to $51.9 million. The waste management business demonstrates resilience in all economic situations. Regardless of market fluctuations or global uncertainties, this segment has proven capable of providing stable and recurring revenue streams, with very high profitability levels. Operational developments in this segment include: - Cora Environment (Singapore): Serving more than 470,000 customers with 100% operational facility availability. - Asia Medical Enviro Services (AMES): Maintaining its position in Singapore’s medical waste management market with about 45% market share. - ARAH Environmental (Indonesia): Serving more than 5,000 customers across various sectors in 15 provinces.