Issuer Flash: PT Pertamina (Persero)

Report date: 2026-08-26 Event date: 2025-12-31 Event title: FY2025 Audited Results and Annual Report Update

1. Flash Conclusion

Pertamina's FY2025 audited consolidated financial statements, 2025 Annual Report and FY2025 earnings-call material provide a more constructive parent-level financial picture than was available in the prior coverage. Revenue declined to USD70.89bn from USD75.33bn in FY2024, but management-presented EBITDA increased to USD11.43bn from USD10.79bn and profit attributable to owners increased to USD3.35bn from USD3.13bn. Audited operating cash flow rose to USD9.28bn from USD6.58bn, cash was USD14.61bn and interest-bearing debt was broadly flat at USD22.98bn.

The main credit-positive read-through is stronger operating cash generation without a visible year-on-year increase in reported interest-bearing debt. However, the USD6.61bn investment figure is reported capital-goods investment in the Annual Report / earnings-call material, not a cash-capex measure independently reconciled to audited CFO. The resulting USD2.67bn CFO-less-reported-investment difference is an indicative cross-source calculation, not company-defined free cash flow. The disclosure therefore modestly strengthens the financial-flexibility evidence, but does not resolve compensation collection, debt maturity, covenant or individual-bond protection questions.

Event date is the FY2025 period end. The audited statements carry an audit-report date of 15 April 2026, but an independently confirmed general-public release date for the materials was not obtained. The period end and audit-report date must not be read as the public disclosure date.

2. FY2025 Financial Disclosure

The audited consolidated statement set supplies the financial-statement figures for assets, liabilities, cash, interest-bearing debt and CFO, with FY2024 comparatives. The Annual Report and earnings-call material supply management-presented revenue, EBITDA, attributable profit and reported capital-goods investment. Pertamina's FY2025 total assets were USD91.63bn and liabilities were USD47.02bn, implying calculated residual equity of about USD44.61bn. This is a sizeable consolidated balance-sheet base, although accounting equity does not itself establish cash availability at the parent or recovery for a particular note.

All table metrics are for the FY2025 year ended 31 December 2025. That period-end date is the Event date used in this flash because the independent general-public release dates of the source documents are unconfirmed; it is not a public disclosure date.

The combination of higher EBITDA and CFO despite lower revenue is credit-supportive, but it should not be extrapolated without looking at the drivers in the next period. The reviewed materials do not provide a fully extracted segment cash-flow bridge, compensation-collection days, complete maturity profile, short-term debt coverage or a reconciled cash-capex and dividend calculation. In a policy-linked energy issuer, those details matter because a change in receivables or regulated-product reimbursement can weaken liquidity before it changes headline profit.

3. Credit Read-Through

For the issuer, the FY2025 result reduces immediate concern that reported investment was funded by a sharp increase in interest-bearing debt. It also provides evidence that the group had substantial cash and positive operating cash generation at year end. This supports, but does not replace, the broader credit case based on Pertamina's strategically important domestic energy role, integrated franchise and government-policy relationship.

Government policy remains both support and constraint. Pertamina's role in supply, distribution, imports and refining creates a strong incentive for the state to maintain operating continuity, but no explicit government guarantee has been confirmed for the relevant debt. The probability, channel, timing and legal form of extraordinary support remain unconfirmed. Fuel compensation and its cash-collection timetable remain more useful early-warning indicators than a general assumption of state backing.

The official credit-ratings webpage displays Moody's Baa2 / Negative, S&P BBB / Stable and Fitch BBB / Negative. This issuer-displayed snapshot is investment grade, but the page says “updated per: December 2025” and does not supply original action dates or full agency rationales. It is therefore not treated as proof of a newly confirmed rating action. Investors should obtain current primary rating materials before relying on the outlooks or individual-security ratings.

The Annual Report also identifies post-reporting developments including board changes, the Danantara holding change, downstream reorganisation, tax disputes, a disclosed investigation concerning crude-oil governance allegations and US dollar bond redemptions. These are facts disclosed by the Annual Report; their corporate, debt and creditor consequences are unconfirmed. In particular, the holding change does not itself demonstrate a guarantee, debt transfer, revised creditor ranking or change in individual note protections.

4. Points to Look at Next

The next financial review should reconcile audited CFO with cash capex, dividends, compensation receivables, short-term borrowings and year-end cash. This will show whether the FY2025 financial flexibility is durable or whether a policy-related working-capital burden is building below EBITDA. Segment-level upstream, refining and commercial cash performance is also needed to judge whether higher consolidated EBITDA is being sustained by broad operating improvement or is offset by capital-intensive downstream support.

For bondholders, the outstanding questions are the detailed maturity profile, committed facilities, currency and hedge profile, offering memoranda, negative-pledge and cross-default provisions, change-of-control language, ranking and any express guarantee. The relevant current agency releases and the implementation of Danantara-related governance and capital-allocation arrangements should be monitored alongside Indonesia sovereign conditions and compensation cash settlement.

5. Sources

• PT Pertamina (Persero), FY2025 audited consolidated financial statements. Audit report dated 2026-04-15; FY2025 period end 2025-12-31, which is the flash Event date and not a public disclosure date. General-public release date independently unconfirmed.
  https://www.pertamina.com/file/files/2026/06/pertamina-financial-report-2025-audited-2.pdf
• PT Pertamina (Persero), 2025 Annual Report. General-public release date independently unconfirmed.
  https://www.pertamina.com/file/files/2026/08/full-ar-pertamina-2025-0805.pdf
• PT Pertamina (Persero), FY2025 Earnings Call. General-public release date independently unconfirmed.
  https://www.pertamina.com/file/files/2026/07/earnings-call-full-year-2025-2.pdf
• PT Pertamina (Persero), Credit Ratings webpage. Used only as issuer-displayed rating snapshot, subject to its “updated per: December 2025” footnote.
  https://www.pertamina.com/credit-ratings

Unverified / pending

• General-public release dates for the FY2025 materials; current original parent rating actions and full agency rationales.
• Compensation receivables and collection days; cash-capex, dividend and working-capital reconciliation; debt maturity, short-term debt, facilities, currency and hedge detail.
• Individual note terms, including guarantees, negative pledge, cross-default, change-of-control, ranking and events of default.
• Segment-level FY2025 cash flow, refinery economics, upstream reserve replacement, and the creditor implications of governance or capital-allocation changes.