TOBA's Profits Solid Thanks to Waste Management in Q1 2026

JAKARTA, KOMPAS.com - The performance in the first quarter of 2026 serves as an important indicator of the business transformation at PT TBS Energi Utama Tbk (TOBA). Amid the transition towards a more sustainable business portfolio, the waste management segment has emerged as the primary contributor, driving the solidity of the company’s profits. Analysts have praised the significant surge in revenue from the waste management segment, which increased up to 5.5 times compared to the same period the previous year. In fact, the waste management segment now accounts for around 93 per cent of TOBA’s total consolidated adjusted EBITDA, reflecting the high profitability of that business. Aditya Prayoga, an analyst at Phintraco Sekuritas, stated that this composition signals a change in TOBA’s business structure, increasingly oriented towards recurring income sources with a defensive character. “This composition confirms the shift in TOBA’s business structure towards recurring income sources with a defensive character. This provides revenue stability from what was previously heavily dependent on fluctuations in coal commodity prices,” Aditya said in a press statement on Thursday (7/5/2026). “Amid the current global uncertainties, investors appreciate companies with businesses that can serve as anchors to ensure revenue stability,” he added. Referring to TOBA’s Q1 2026 performance presentation, contributions from subsidiaries in the waste management segment across various regions have become the main driver of the company’s growth. The contribution from that segment reached 59.9 per cent of the company’s total revenue. The 100 per cent operational facility availability rate reflects the efficiency and reliability of the maintained operational system. Meanwhile, Asia Medical Enviro Services (AMES) has maintained its strategic position in Singapore’s medical waste management market. With a market share of around 45 per cent, AMES is one of the dominant players in a segment with high barriers to entry and strict regulatory standards.