Pertamina Geothermal Energy, ID1000186505

PGE reports 15.48 percent growth: Pertamina Geothermal Energy stock is 34.65 percent below high

Published on 10/09/2026 at 12:15 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Profit reached USD 79.60 million in first half 2026, up 15.48 percent. Pertamina Geothermal Energy stock cost IDR 990 on October 9, 2026 after IDR 995.

Key points in brief

Pertamina Geothermal Energy reported USD 79.60 million in net income for the first half of 2026, up 15.48 percent year over year.
Production reached 3,222 GWh by July 31, 2026, a 12.70 percent increase and a company record.
PGEO last stood at IDR 990.00 on the Indonesia Stock Exchange on October 9, 2026, 34.65 percent below its IDR 1,515.00 yearly high.
The company is advancing Lumut Balai and Gunung Tiga projects, with key testing and power purchase milestones due in October and the fourth quarter of 2026.

Pertamina Geothermal Energy, ID1000186505, Illustration mit AI erstellt.

Pertamina Geothermal Energy (ID1000186505) reported USD 79.60 million in net income for the first half of 2026, up 15.48 percent from the same period a year earlier. ANTARA reported on October 5, 2026 that revenue reached USD 235.00 million, an increase of 14.70 percent from USD 204.90 million in the first half of 2025. The earnings update gives the stock a measurable operating backdrop, while project delivery remains the next test.

Profit growth meets record production

Production reached 3,222 GWh by July 31, 2026, up 12.70 percent from 2,859 GWh a year earlier and the company's highest recorded output. The full-year production target is 5,255 GWh, compared with 5,095 GWh in 2025, according to ANTARA.

Operational reliability also improved in the first half of 2026. The consolidated capacity factor rose to 90.62 percent from 87.78 percent, while the availability factor reached 99.51 percent from 99.13 percent, according to the same October 5 report.

Three milestones shaped the year

On July 31, 2026, PGE had produced 3,222 GWh; on September 17, 2026, it began drilling the second Lumut Balai Unit 3 well; and on October 5, 2026, it reported USD 79.60 million in first-half net income. The drilling milestone is documented by Pasardana, while the production and earnings figures were reported by ANTARA.

What dates shape the expansion?

The next stated milestones are the GTG-B1 production-well test in October 2026 and power purchase agreement signing for the 230 MW co-generation projects in the fourth quarter of 2026. The Lumut Balai Unit 3 and 4 projects each have 55 MW of planned capacity, while commercial operation is targeted for 2030 and 2032, respectively, according to Kontan.

Execution remains the investor variable

Kiwoom Sekuritas Indonesia analyst Kevin Yudha Pratama told Kontan on October 7, 2026 that project delays, reservoir conditions, drilling results and development costs are key risks. He also noted that installed capacity could rise from 727 MW in 2026 to 1,027 MW in 2029 if the project roadmap stays on schedule.

Return on equity was 6.64 percent in fiscal 2025, compared with 7.99 percent in fiscal 2024, according to Eulerpool. That comparison places the first-half profit increase alongside a lower annual profitability ratio.

Stock stays below its yearly high

On the Indonesia Stock Exchange, Pertamina Geothermal Energy was last at IDR 990.00 on October 9, 2026 at 4:10 p.m. WIB, down 0.50 percent from the IDR 995.00 prior close. The IDR 770.00 to IDR 1,515.00 52-week range puts the price 34.65 percent below its high, while market capitalization stood at IDR 41.5 trillion.

Market context: Latest market reports.