Prajogo Pangestu’s Barito Renewables Hits $165 Million Profit as Geothermal Assets Scale

JAKARTA, Investortrust.id — PT Barito Renewables Energy Tbk, the geothermal powerhouse controlled by Indonesian tycoon Prajogo Pangestu, delivered a robust set of 2025 financial results on Friday. The company, trading under the ticker BREN, reported a consolidated net profit of $165 million, up 6.5% year-on-year, as it reaps the rewards of operational discipline and a steady expansion of its steam-driven portfolio.

Revenue for the year climbed 1.4% to $605 million, compared to $597 million in 2024. This growth was largely carried by the company’s geothermal units, particularly the Binary Salak plant, which helped offset more turbulent conditions in the firm’s wind energy segment.

The performance highlights a pivotal moment for Indonesia’s energy sector. As the archipelago seeks to decouple its economic growth from coal, BREN has emerged as a bellwether for the viability of large-scale renewable investments. By focusing on geothermal—a "baseload" renewable that provides steady power unlike the intermittent nature of solar or wind—BREN is positioning itself as an indispensable partner to the state utility, PLN, amid tightening national emissions standards.

Efficiency in the Steam Fields

The company’s EBITDA reached $518 million, yielding an EBITDA margin of 85.6%. Management characterized the result as a testament to sustained operational efficiency. This high-margin profile allowed the firm to weather broader economic headwinds while simultaneously lowering its funding costs.

Hendra Soetjipto Tan, CEO of Barito Renewables, noted that the core geothermal portfolio remains the bedrock of the company’s financial health. "Our success in completing the Salak retrofit project and the growing contribution from the Binary Salak unit have fortified our capacity," Mr. Tan said. "Geothermal assets continue to be our primary performance driver."

The Race to One Gigawatt

Operationally, 2025 was a year of incremental gains that are beginning to compound. The Salak retrofit project, completed in the third quarter of 2025, added 7.7 megawatts (MW) of capacity, exceeding initial projections. This brought BREN’s total controlled gross geothermal capacity to 910 MW by year-end—an increase of 24 MW.

The company also looks to the future with its Hamiding prospect, where two exploration wells completed in December 2025 confirmed a resource potential of approximately 55 to 60 MW. This discovery is a core component of a broader strategy to scale the business rapidly.

Deleveraging the Balance Sheet

BREN’s expansion is not just limited to the fields. The company successfully completed a retrofit at Wayang Windu in the first quarter of 2026, with Salak Unit 7 and Wayang Windu Unit 3 slated for commercial operation by the end of this year.

"With these projects coming online, our geothermal capacity is projected to surpass 1 gigawatt (1,000 MW)," management stated. Crossing the gigawatt threshold would cement BREN’s status as a top-tier player in the regional renewable energy market.

Financially, the firm is leaning into a leaner structure. Total assets stood at $3.87 billion as of December 31, 2025, while total liabilities decreased to $2.98 billion. This brought the company's debt-to-equity ratio down to 2.36x, suggesting that the capital-intensive phase of its recent expansions is beginning to give way to a more sustainable balance sheet.