PT Perusahaan Gas Negara Tbk (PGAS) Q2 2025 earnings summary

Executive summary

• Consolidated revenue for 6M 2025 increased 5.4% year-over-year to USD 1.94 billion, mainly from gas trading, regasification services, and oil transportation.

• Net profit declined to USD 144.4 million, impacted by higher gas costs, forex losses from JPY appreciation, and increased provisions.

• EBITDA reached USD 463 million, down 20% year-over-year.

• Gross profit margin fell to 16.5% from 22.1% year-over-year due to higher costs and impairment provisions.

• Interim financial statements received an unqualified review conclusion from the independent auditor.

Financial highlights

• Total assets stood at USD 6.42 billion as of June 30, 2025.

• Total equity was USD 3.47 billion, with total liabilities at USD 2.952 billion.

• CAPEX for the period was USD 94 million, with 67% allocated to downstream and other segments.

• Operating cash flow was USD 334.6 million, down from USD 410.1 million year-over-year.

• Dividend payout for 2024 was USD 271.5 million, or IDR 182.08 per share.

Outlook and guidance

• Management expects continued margin pressure from regulatory gas price caps and LNG contract challenges.

• Onerous contract provision for long-term LNG sales to Gunvor recognized at USD 72.0 million.

• GDP growth in 2Q 2025 reached 5.12% YoY, but risks include declining auto sales, manufacturing layoffs, and fragile consumption.

• Persistent global trade tensions and tariff pressures pose ongoing risks to external demand and investment.

• Strategic focus remains on optimizing gas trading, expanding infrastructure, and managing regulatory risks.