JAKARTA &ndash; PT Pertamina Geothermal Energy Tbk (PGEO), Pertamina&rsquo;s geothermal energy arm, recorded a 14.2% year-on-year decline in net profit to USD 137.7 million by the end of 2025.
This came even as PGEO&rsquo;s revenue still grew 6.3% to USD 432.7 million over the same period, supported by sales to PT PLN (Persero) and its subsidiary, PT PLN Indonesia Power.
&ldquo;The situation was also supported by operational performance which recorded the highest production in the company&rsquo;s history, or an all-time high, with production rising 5.6% in 2025,&rdquo; PGEO finance director Yurizki Rio said in a statement received by IDNFinancials last week (8/3).
According to the company&rsquo;s financial report, sales growth was recorded across all PGEO operational working areas, particularly at the Lumut Balai site, which posted a 48.5% increase in revenue.
Despite solid operational performance and top-line growth, cost of revenue throughout 2025 surged 19.8% to USD 199.7 million. General expenses also increased 3.4% to USD 30.7 million.
Notably, two cost components that rose significantly within those expenses were wages and allowances, as well as labour and professional services.
These expanding costs weighed on margins, with the gross profit margin falling significantly from 59% to 53.8% in 2025, while the net profit margin declined from 39.4% to 31.8%.
At present, PGE manages 15 geothermal working areas with installed capacity of 1,932 megawatts (MW), consisting of 727 MW directly operated and managed by the company, and 1,205 MW managed under joint operation contracts.
According to Yurizki, PGEO is currently investing in &ldquo;quick win&rdquo; projects to increase the company&rsquo;s geothermal capacity and production.
&ldquo;In the long term, the company is targeting installed capacity of up to 3 gigawatts (GW), identified across the 15 geothermal working areas under its management,&rdquo; he added.
According to the company, several key projects to reach the target include the development of Lumut Balai Units 3 and 4 (2&times;55 MW), Hululais Units 1 and 2 (110 MW), as well as Lahendong Units 7 and 8 (2&times;20 MW) and a Binary Unit (10 MW).
PGEO is also developing several co-generation projects with a combined capacity of 230 MW. (ZH)

Cost of revenue swelled by December 2025, driven by a surge in wages and allowances.

PGEO net profit declines 14.2% despite record-high production

JAKARTA &ndash; Pemegang saham PT Pertamina Geothermal Energy Tbk (PGEO) telah menyetujui pengunduran diri Julfi Hadi dari posisi direktur utama, dan mengangkat Ahmad Yani sebagai penggantinya.
Pergantian anggota dewan direksi ini disepakati dalam Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) Perseroan yang digelar Selasa (20/1) hari ini.
&ldquo;Berbekal pengalaman panjang di industri panas bumi, khususnya di lingkungan Pertamina Group, kepemimpinan Bapak Ahmad Yani diyakini mampu menegaskan arah strategis PGE sebagai world leading geothermal producer,&rdquo; ujar Gigih Udi Atmo, Komisaris Utama PGEO, dalam siaran resminya.
Ahmad Yani memang bukan sosok baru di Perseroan. Ia telah menjabat sebagai Direktur Operasi PGEO sejak 2023 lalu, setelah berkarir lebih dari 20 tahun di perusahaan tersebut.
&ldquo;Melanjutkan tongkat estafet kepemimpinan, saya berkomitmen memperkuat peran panas bumi sebagai tulang punggung transisi energi nasional,&rdquo; tegas Ahmad Yani.
Sebagai catatan, posisi direktur operasi kemudian akan digantikan oleh Andi Joko Nugroho, yang sebelumnya bertugas sebagai VP Operation &amp; Engineering PGEO.
Dalam kesempatan yang sama, Gigih Udi Atmo juga menyempatkan diri untuk mengapresiasi kontribusi Julfi Hadi, yang telah memimpin PGEO sejak bulan Juni tahun 2023, sebelum akhirnya mengundurkan diri pada 25 November 2025.
Julfi Hadi diketahui memiliki pengalaman di berbagai proyek pengembangan geothermal di Indonesia, termasuk Wayang Windu Unit 2 dan Darajat Unit 3&mdash;yang dikerjakan bersama dengan PT Barito Renewables Energy Tbk (BREN).
&ldquo;Selama masa jabatannya, Bapak Julfi Hadi telah memberikan kontribusi yang signifikan dalam memperkuat fondasi bisnis Perseroan,&rdquo; tutup Gigih. (ZH)

Julfi Hadi mundur dari posisi direktur utama pada November 2025 lalu.