PEFINDO has affirmed its idAA+ rating with stable outlook to PT Elnusa Tbk

(May 22, 2026)--The rating reflects Elnusa’s strong synergy with the Pertamina Group, solid presence in the oil and gas services sector, and very strong financial profile. However, the rating remains constrained by its exposure to global crude oil price dynamics and risks associated with the ongoing energy transition.

The rating may be raised if Elnusa significantly strengthens its business position, supported by significant growth in revenue and EBITDA, while maintaining a prudent capital structure and solid cash flow protection measures on a sustained basis.

However, the rating may be lowered if Elnusa finances its expansion with significantly higher-than-projected debt without being compensated for by stronger business performance or if we view a significant service fee reduction, resulting in lower EBITDA and cash flow generation. The rating could also be under pressure if there are signs of diminishing support from the Group.

Established in 1969, Elnusa is engaged in integrated upstream oil and gas services, upstream oil and gas support services, as well as logistics and distribution services related to the downstream oil and gas sector. As of March 31, 2026, PT Pertamina Hulu Energi (PHE) held a majority stake of 51.1% in the Company, with the public owning the remaining 48.9%. (ends)