Bakrie’s Pivot: From Mining Roots to a Green Tech Renaissance

JAKARTA, Investortrust.id — The Bakrie Group, once the quintessential face of Indonesia’s old-guard commodity titans, is orchestrating a high-stakes reinvention. A massive business refocusing and transformation initiative led by PT Bakrie & Brothers Tbk (BNBR) is yielding impressive results, characterized by a "cinderella" financial performance and a dramatic resurgence on the Indonesia Stock Exchange (BEI).

BNBR reported a leap in net profit to Rp 502.74 billion ($32.1 million) for the 2025 fiscal year, up from Rp 336.04 billion ($21.4 million) the previous year. This bottom-line growth translated immediately to the trading floor. On Friday, Feb. 27, 2026, BNBR shares surged 32.92% to Rp 214, capping a week where the stock led the "top gainers" list with a 76.86% weekly climb. The rally follows the stock’s exit from the Full Call Auction (FCA) "special monitoring" board—a regulatory purgatory for volatile or distressed securities.

The resurgence of the Bakrie empire signals a broader shift in the Indonesian corporate landscape, where legacy conglomerates are racing to decouple their fortunes from fossil fuels. For decades, the Bakrie name was synonymous with coal and offshore oil. Now, the group is betting that its survival—and future growth—depends on becoming the primary architect of Indonesia’s green and digital infrastructure. As the archipelago seeks to hit net-zero emissions by 2060, Bakrie’s pivot from "black" to "green" energy serves as a bellwether for whether Southeast Asia’s industrial giants can truly adapt to a decarbonized global economy.

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Improving the Balance Sheet

Anindya Novyan Bakrie, CEO of BNBR, attributed the profit spike to strategic accounting maneuvers and savvy acquisitions. The gains were bolstered by a Rp 422.37 billion ($27 million) revaluation of equity interests and a "bargain purchase" gain of Rp 320.12 billion ($20.4 million).

"The 'bad dream' that once haunted BNBR has passed," Anindya said, referencing the company’s history of heavy debt and negative equity. The firm’s revenue hit Rp 3.74 trillion ($239 million) in 2025, driven by its manufacturing arm, Bakrie Metal Industries, and its high-profile electric vehicle (EV) subsidiary, VKTR Teknologi Mobilitas.

The centerpiece of this year's strategy is a massive Rp 6.5 trillion ($415 million) rights issue, approved during an extraordinary general meeting of shareholders on Feb. 27. The proceeds are earmarked for the 100% acquisition of PT Cimanggis Cibitung Tollways (CCT). This 16-mile (26.184 km) artery is a critical bypass in the congested Jabodetabek (Jakarta-Bogor-Depok-Tangerang-Bekasi) metropolitan area.

From Asphalt to Electrons

While toll roads provide steady cash flow, the group’s "dream" lies in the electrons flowing through the nation’s grid. VKTR, the group's EV unit, has already secured a foothold by supplying electric buses to TransJakarta, the capital’s rapid transit system. With a production facility in Magelang, Central Java, capable of churning out 3,000 units annually, Bakrie is positioning itself as the localized alternative to imported Chinese or European fleets.

"When the Bakrie Group reaches its centenary in 2042, our goal is for 75% of our business to be sustainable," Anindya noted. This involves a radical flip from their current 75% reliance on coal and gas.

The group is also eyeing the digital frontier. BNBR is scouting locations in Jakarta for data centers, leveraging their existing power plants to provide the massive electricity loads required by AI and cloud computing. "The two pillars of a data center are land and power," Anindya said. "We have the power; now we are seeking strategic partners who bring the technical expertise."

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Modernizing the Skyline

The transformation extends even to the way Indonesia builds. Through PT Modula Sustainability Indonesia, a joint venture with Denmark’s COBOD International—which counts GE and Holcim among its stakeholders—Bakrie is introducing 3D construction printing (3DCP) to the region. The goal is to deploy 3D-printing robots to build residential housing more efficiently and with a smaller carbon footprint.

Market analysts remain cautiously optimistic. The group’s history of volatility remains a talking point in Jakarta’s financial circles, but the recent debt settlements—including a Rp 13 trillion ($830 million) repayment in late 2023—suggest a new era of fiscal discipline.

"If Bakrie & Brothers doesn't change, the dream won't happen," Anindya said. "I’m doing this because it’s profitable."