PT Pelabuhan Indonesia (Persero)

Name: PT Pelabuhan Indonesia (Persero) financial statements and ratios
Creator: Annalist

Industrials, ports · Indonesia · SAK · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025, its statements approved by the board on 31 March 2026. Snapshot FY2025_f8fe5bc6.

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Overview

Revenue, fiscal year

+5.4% year on year

Operating profit, fiscal year

+18.6% year on year

Net income, fiscal year

+16.1% year on year

Diluted EPS, fiscal year

+16.1% year on year

Operating margin, fiscal year

+2.3pp year on year

Return on equity, fiscal year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 December 2025 was Rp36.73 trillion, 5.4% higher than in the previous fiscal year.
Newin FY2025 · first stated
Rule: Revenue against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 NewRevenue for the fiscal year ended 31 December 2025 was Rp36.73 trillion, 5.4% higher than in the previous fiscal year.Recorded from FY2025_f8fe5bc6 · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_f8fe5bc6 · data update
3. FY2024 NewRevenue for the fiscal year ended 31 December 2024 was Rp34.83 trillion.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was Rp4.16 trillion, 16.1% higher than in the previous fiscal year.
Newin FY2025 · first stated
Rule: Net income against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 NewNet income attributable to the company for fiscal 2025 was Rp4.16 trillion, 16.1% higher than in the previous fiscal year.Recorded from FY2025_f8fe5bc6 · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_f8fe5bc6 · data update
3. FY2024 NewNet income attributable to the company for fiscal 2024 was Rp3.58 trillion.Reconstructed · initial
The operating margin for fiscal 2025 was 20.3%, 2.3 percentage points higher than a year earlier.
Newin FY2025 · first stated
Rule: Operating margin against a year earlier · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 NewThe operating margin for fiscal 2025 was 20.3%, 2.3 percentage points higher than a year earlier.Recorded from FY2025_f8fe5bc6 · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_f8fe5bc6 · data update
3. FY2024 NewThe operating margin for fiscal 2024 was 18.0%.Reconstructed · initial
Return on equity for fiscal 2025 was 8.6%.
Newin FY2025 · first stated
Rule: Return on equity against a year earlier · Sources Annual report 2025-12
History of this finding, 1 record
1. FY2025 NewReturn on equity for fiscal 2025 was 8.6%.Recorded from FY2025_f8fe5bc6 · initial
Net debt was Rp27.87 trillion at 31 December 2025.
Weakenedin FY2025 · stated since FY2024
Rule: Net debt or net cash · Sources Annual report 2025-12
History of this finding, 2 records
1. FY2025 WeakenedNet debt was Rp27.87 trillion at 31 December 2025.Recorded from FY2025_f8fe5bc6 · data update
2. FY2024 NewNet debt was Rp30.70 trillion at 31 December 2024.Reconstructed · initial

Records before FY2025 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents1 document, latest Annual report for the year to 31 December 2025List

DownloadsExcel workbook · JSON

SnapshotFY2025_f8fe5bc6

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, rupiah

Operating Profit

By fiscal year, rupiah

Profit Attributable to Owners of the Parent

By fiscal year, rupiah

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Net Debt

Total debt less cash and short-term investments, at fiscal year end, rupiah

Diluted Earnings per Share

By fiscal year, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2025

Annual report for the year to 31 December 2025. Changes are against the previous report, and each figure shows its period.

0changes0thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

By Fiscal Year

Ratio	FY202431 Dec 2024	FY202531 Dec 2025
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt: borrowings + lease liabilities, or the lines that present them together; IFRS 16 puts every lease on the balance sheet
Operating cash flow to debtOperating cash flow after interest paid, as a share of debt with lease liabilities. A higher share means the debt could be repaid sooner from operating cash.Operating cash flow after interest paid / lease-adjusted debt; interest paid that the company classifies as financing activities is deducted
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202431 Dec 2024	FY202531 Dec 2025
Borrowings	Rp50.14tn	Rp42.63tn
Lease liabilities	Rp910bn	Rp806bn
Borrowings and lease liabilities presented as one line	Rp0	Rp0
Lease-adjusted debt	Rp51.05tn	Rp43.44tn

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

By Fiscal Year

Ratio	FY202431 Dec 2024	FY202531 Dec 2025
Debt due within 12 monthsBorrowings and lease liabilities due within the next 12 months, which the company must repay or refinance.Current borrowings + current lease liabilities, or the current line that presents them together

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −3.2% · FY2025

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 3.2% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Newin FY2025 · first stated
Rule: Cash backing of earnings · Sources Annual report 2025-12
History of this finding, 1 record
1. FY2025 NewOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 3.2% of average total assets.Recorded from FY2025_f8fe5bc6 · initial

By Fiscal Year

Ratio	FY202531 Dec 2025
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 2.37, Beneish −2.64 · FY2025

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2025 was 2.37, between the distress threshold of 1.10 and the safe threshold of 2.60.
Interpretation. By this model, the company is between the 2 groups of its original study: below 1.10 the profile resembles companies that went bankrupt, above 2.60 companies that did not. Large share buybacks lower book equity and so lower the score.
Confirmedin FY2025 · stated since FY20242.37 from 1.81 in FY2024
Rule: Altman Z'' zone · Sources Annual report 2025-12
History of this finding, 2 records
1. FY2025 ConfirmedThe Altman Z'' score for fiscal 2025 was 2.37, between the distress threshold of 1.10 and the safe threshold of 2.60.Recorded from FY2025_f8fe5bc6 · data update
2. FY2024 NewThe Altman Z'' score for fiscal 2024 was 1.81, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · initial
The Beneish M-score for fiscal 2025 was minus 2.64, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Newin FY2025 · first stated
Rule: Beneish M-score against its threshold · Sources Annual report 2025-12
History of this finding, 1 record
1. FY2025 NewThe Beneish M-score for fiscal 2025 was minus 2.64, below the model threshold of minus 1.78.Recorded from FY2025_f8fe5bc6 · initial

By Fiscal Year

Ratio	FY202431 Dec 2024	FY202531 Dec 2025
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	grey zone	grey zone
Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78	n/a	below threshold

Altman Z'' Score

fiscal 2025

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

2.37Grey zone, 1.10 to 2.60

Safe zone, above 2.60

The score of 2.37 is in the grey zone of the model, between 1.10 and 2.60. The largest part is retained earnings, at 1.14.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.020	6.560	0.133
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.351	3.260	1.145
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.059	6.720	0.398
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.665	1.050	0.699
Score			2.374

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Beneish M-score

fiscal 2025

A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.

−2.64Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 2.64 is below the model threshold of minus 1.78.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	0.910	0.920	0.837
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	1.000	0.528	0.528
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	1.043	0.404	0.421
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	1.054	0.892	0.941
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	1.000	0.115	0.115
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	1.000	−0.172	−0.172
Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model.	−0.032	4.679	−0.148
Leverage indexDebt against total assets, against a year earlier.	0.984	−0.327	−0.322
Score			−2.640

Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.

Source Documents

Documents of this snapshot, latest first. A report that states no date of publication carries the date on which its board approved the statements.

Document	Date	Id	SHA-256
Annual report for the year to 31 December 2025	31 Mar 2026, the date on which the board approved the statements	AR:pelindo-2025-12-31	199fa5b6fbfd

Checks

6363 checks, all passed

Statement arithmetic54 passedIn every annual report used, the lines of each statement add up to the totals printed under them, profit before tax less income tax gives the profit, the balance sheet balances, and the cash at the end of each year is the cash at its start with its change. A report that fails one is not used. Checked at error level.

Fiscal calendar3 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity2 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Earnings per share2 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	72
Confirmed by other figures	8.3%, 6 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	0.0%, 0 values
Values withheld	0
Restated figures tracked	0
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, PT Pelabuhan Indonesia (Persero), snapshot pelindo/FY2025_f8fe5bc6 (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_f8fe5bc6 · dataset SHA-256 f8fe5bc6be4986a0a839521352746a90665a57bfddf9b959e02a69dea999258e · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json