PT Perusahaan Gas Negara Tbk (PGAS) investor relations material

Executive summary

• Revenue for Q1/3M 2026 was USD 929.6 million, with net profit rising to USD 121.8 million year-over-year, driven by lower cost of revenues and higher gross profit.

• EBITDA for the period was USD 240 million, reflecting strong operational performance and financial resilience.

• Customer base expanded in small business and household segments, with increased throughput via optimized FSRU and pipeline utilization.

• Oil & gas lifting volumes declined due to natural reservoir depletion.

• The group maintained strong liquidity with cash and cash equivalents at USD 1.36 billion as of March 31, 2026.

Financial highlights

• Revenue for Q1/3M 2026 was USD 929.6 million, up from USD 826 million in 3M 2025.

• Net profit increased to USD 121.8 million from USD 62 million year-over-year.

• EBITDA margin improved to 26% from 21% in the prior year, with gross margin at 17.0% versus 14.5% in Q1 2025.

• Total assets stood at USD 6.20 billion, with cash and cash equivalents at USD 1.36 billion as of March 31, 2026.

• Debt-to-equity ratio improved to 29% from 34% year-over-year.

Outlook and guidance

• FY 2026 targets include gas trading volume of 877 BBTUD and gas transmission of 1,620 MMSCFD.

• Capex plan for 2026 is USD 353 million, with 88% allocated to organic investments and 12% to inorganic investments.

• Strategic focus on expanding city gas networks, LNG infrastructure, and biomethane projects to support growth and energy transition.

• Management is monitoring market volatility, regulatory changes, and operational risks, aiming to maintain profitability and liquidity.

• The group is assessing the impact of new accounting standards effective in 2026 and 2027, with no significant impact expected.