TBS Energi swings to 2025 loss on divestment hit, weaker revenue

By Ranuh Rafiani Putri

IDX-listed energy and waste management company PT TBS Energi Utama Tbk (IDX: TOBA) swung to a net loss in 2025 as lower revenue, higher operating expenses and a large non-cash loss from asset divestments weighed on performance, according to its latest audited financial statements.

The company posted revenue of $365.9 million in 2025, down from $385.8 million in 2024, mainly generated from coal sales and waste management services.

Coal mining and trading remained the largest contributor with $194.6 million, or 51% of total revenue, although its share declined sharply from 81% a year earlier as the company continued to rebalance its portfolio. Waste management contributed $155.4 million, accounting for 41% of total revenue, reflecting TBS’s ongoing shift toward lower-carbon businesses.

Cost of revenue rose to $336.2 million, narrowing gross profit to $29.7 million, compared with $76.6 million in 2024.

The group reported an operating loss of $45.0 million from continuing operations, reversing from an operating profit of $47.2 million a year earlier, mainly due to a sharp increase in general and administrative expenses, which jumped to $69.8 million from $39.3 million previously.

Read also: TBS Energi nine-month coal output falls 35% amid lower prices          

Profitability was further pressured by a $96.9 million loss on the divestment of subsidiaries, largely related to the sale of coal-fired power plant assets as part of the company’s transition strategy, as well as higher finance costs of $26.0 million.

As a result, TBS recorded a net loss of $161.9 million in 2025, compared with a net profit of $48.0 million in 2024, with loss attributable to owners of the parent reaching $161.2 million.

Despite the accounting loss, the company said its operational fundamentals remained resilient, reporting adjusted EBITDA of $47.2 million and a cash balance of $102.3 million, up 15% from the previous year.

The loss was largely driven by non-cash and non-recurring items, particularly the divestment of coal power assets as part of TBS’s strategic repositioning toward lower-carbon businesses including waste management, renewable energy and electric vehicles.

During the year, TBS also expanded its international footprint by completing the acquisition of Sembcorp Environment in Singapore, now renamed Cora Environment, strengthening its position in the city-state’s waste management market.

The portfolio shift reflects the company’s strategy to reduce exposure to coal price volatility while building long-term growth in green sectors.

Editing By Reiner Simanjuntak