Analyst: Jeremy Mikael
PGEO started 2025 with a relatively stable performance, despite the few challenges. Electricity Production at 1H25 Rises Slightly +1.6% Y-Y to 2,416 GWh. The selling price of electricity is slightly down, while production costs have risen, so Core profit recorded USD78.5Mn (-7% Y-Y). Even so, Margin remains healthy in 59%, shows Pgeo is able to maintain performance while preparing for a major expansion forward. So what about the project and future expansion? Let's see the hottest info from Pgeo below:
🚀 Strategic Projects & MOUs
MoU with PLN & Danantantara Securing 530mw project, with 405mW already has a PPA, provide executor of execution and revenue certainty. The Co-Generation Binary Plant initiative is projected to increase 10–15% Capacity at a lower cost (USD3–3.5MN/MW vs. USD5–5.5MN/MW).
🔋 Business & Finance Expansion
Pgeo is exploring Green Hydrogen (Ulubelu 100kg/day, COD 2026E) and Green ammonia To open a new revenue stream. in Cash USD712Mn & Gearing 0.4x, PGEO has additional debt space USD1.2–1.3bn to fund Capex USD5–6BN until 2033, supported by internal cash flow & potential strategic partnership.
⚠️ Main risks: Project execution risk, changes in government policies, increased financing costs, and fluctuations in electricity and currency prices.
📝 Full pdf: BSPGEO0825
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Regards,
Investment Specialist
