PT Chandra Asri Pacific Tbk : Earnings Call FY2025 Transcript

About this update from Pt Chandra Asri Pacific Tbk

Sarah Soraya Slide 1: Good afternoon, everyone, and thank you for joining Chandra Asri Group's FY2025 Earnings Call. I am Sarah from Investor Relations, and I will be your host for today's session. Today marks an important milestone as we reflect on a year in which Chandra Asri Group progressed from transformational growth to delivering enduring strength. FY2025 was not simply a year of expansion for us - it was the year in which the Group crystallised a new identity as a diversified regional energy, chemicals, and infrastructure player with a strengthened operating base across Indonesia and now, Singapore . Slide 2: Before we begin, kindly be reminded that today's presentation may contain forward-looking statements based on our current expectations and assumptions. And thus, involve risks and uncertainties that may cause actual results to differ materially . Slide 3: Now, before we proceed, allow me to introduce today's speakers. Joining us today are Pak Andre Khor, CFO of Chandra Asri Group, Ibu Alexandra Sukanegara and Pak Philippe Pangestu from Investor Relations team. Now, let me walk you through today's agenda. We'll begin with Pak Andre, who will walk you through our FY2025 achievements and financial performance. Alexa will then cover our key initiatives in Indonesia, followed by Philippe on our Singapore developments and shared services platform. Pak Andre will then return to close with our outlook and key growth drivers going forward. We will then open the floor for a Q&A session, before concluding the call. You're welcome to share your questions through the Q&A box at any time, and we'll address them during the designated Q&A session. Without further ado, I would like to hand over the floor to Pak Andre to walk us through the Group's FY2025 highlights. Over to you, Pak Andre Andre Khor Slide 4: Thanks, Sarah, and good afternoon everyone. FY2025 was a really transformational year for us - not just in terms of growth, but in how we're shaping a more resilient and diversified platform. From a financial standpoint, we delivered USD 1.4 billion in profitability, with a balance sheet retaining over USD 3 billion in liquidity. That gives us a lot of flexibility - both to navigate near-term volatility while maintaining capital discipline, with very successful fundraising exercises executed across the public, private equity and debt capital markets, which outlines a clear reflection of continued investor confidence in Chandra Asri's credit profile and long-term strategy. On the growth side, in Indonesia, we're seeing strong momentum across our key projects. Our world-scale caustic soda plant is now more than 50% completed and it will play an important role in supporting import substitution, while further strengthening Chandra Asri's downstream integration and margins over time. At the same time, our built-in B1-MTBE expansion - where we remain the only domestic producer - puts us in a structurally strong position, both from product mix perspective and margin resilience across the portfolio. Thirdly, the very well subscribed Initial Public Offering of Chandra Daya Investasi, our infrastructure vehicle, was also a key milestone for us - not just in terms of unlocking value, but also to serve as a dedicated platform to scale our infrastructure business and expand across Southeast Asia, bringing in more stable and recurring income streams into Chandra Asri Group. In Singapore, we've made very strong progress. It was a big year and a big step for usus to expand to a regional footprint and to build a much more diversified platform. Chandra Asri is now a business that has well and strong exposure across refining a more broad and complete chemicals portfolio, and the retail side through the Esso network to provide us with a fully integrated value chain that we're building. And importantly, this marks a shift for us - Chandra Asri is no longer just a local Indonesian petrochemical player, but increasingly a regional integrated energy, chemicals, and infrastructure platform, in line with our vision. And that's important, because the level of integration doesn't just add scale - it strengthens our earnings quality and improves resilience going forward. At the same time, as the business scales rapidly, we're equally focused on strengthening our internal foundations and building out our shared services platform to drive efficiency and keep our cost base disciplined. And just as importantly, as we continue to expand, sustainability remains firmly at the core of how we operate. It's encouraging to see continued recognition on the sustainability front, as we see this to be an integral part of delivering long-term value. So overall, we're coming out of 2025 with a stronger, more diversified, and more resilient platform - and a clearer path to sustainable growth and returns . Slide 5: This slide really shows the platform that we have built - the new house of Chandra Asri -across energy, chemicals, and infrastructure, and how it all comes together in a much more integrated way with shared services supporting the foundations, bringing together finance, HR, procurement, customer operations and IT into a single integrated operating hub. The integration and scale complete the value chain in a way that Chandra Asri did not have before, and it gives us flexibility to strengthen our resilience as we navigate the volatile world today. Slide 6: And you can see that clearly coming through the numbers. We delivered close to 300% revenue growth year-on-year and the uplift was driven by our energy segment - benefiting from the contribution of the acquisition of the Aster refinery, following the completion of the April 2025 acquisition of the Shell Singapore Energy and Chemicals Park. Our chemicals pillar also contributed through the Aster cracker and downstream chemicals complex. And more importantly, we're now seeing a structural shift in Chandra Asri's earnings mix and a real translation into financial performance. Energy has become a meaningful contributor, supported by strong refining margins. Chemicals pillar remains the core base, with spreads beginning to stabilise. And infrastructure continues to provide stable, recurring income, supported by the expansion of our logistics and green energy businesses. So this is not just growth - it's a rebalancing of our portfolio to be more agile and resilient. And in this particular environment, that diversification has really come true and really mattered. It has given us flexibility also help us navigate through the volatility to be able to expect record operating profits. In Quarter 1 2026 ultimately, the collective outcome of the team translates into better earnings quality with improved margin resilience and clear visibility of cash flows going forward . Slide 7: We also saw a significant step-up in profitability - with net profit reaching USD 1.4 billion, compared to a loss last year, and after 3 years of consecutive losses. EBITDA increased materially to USD 1.7 billion, reflecting a strong rejuvenated business, and from a financial perspective, this translates into a meaningful improvement in margins and overall earnings quality. Structurally, what you're seeing is a business that is no longer as dependent on a single product or a single cycle - with a broader footprint in energy, chemicals, and infrastructure across Singapore and Indonesia, providing a broader, stronger buffer . Slide 8: Let's now pivot to our balance sheet. Following the Group's transformation and growth, we would like to highlight how our financial position remains strong and well-positioned for growth. We saw a significant expansion in total assets, up more than 100% year-on-year, mainly driven by the consolidation of our Singapore assets. Retained earnings grew by 150%, driven by strong profitability and supported by bargain purchase gains from the acquisition, which were directly immediately value accretive to the balance sheet. Shareholders' equity grew by close to 60%, reflecting earnings accretion and a stronger capital base. Our liquidity position remains very robust, with a liquidity pool nearly doubling to around USD 3.9 billion. So overall, this is not just growth in scale - it reflects a stronger balance sheet, with higher equity, solid earnings retention, and ample liquidity to support future growth. Now I will pass it to Alexa, over to you to walk us through our Indonesia strategic expansion . Alexandra Sukanegara Slide 9: Thank you, Pak Andre. Now, let me walk through our growth platform in Indonesia. As we continue to invest and expand, these are the 3 key milestones. First, our Caustic Soda and Ethylene Dichloride (CA-EDC) project, one our milestone projects, and is also considered as national strategic projects. Its construction has reached more than 50% completion as of now, and we have also secured USD 200 million strategic investment from both Danantara and INA - the Indonesian sovereign wealth funds. And this reinforces strong execution and partnership momentum. Secondly, B1-MTBE expansion, we increased its capacity by about 25% to cater the rising demand in Indonesia. And this is also to enhance supply reliability and reduce import dependency. The unit is now fully operating. Third, in our infrastructure business, we are building an integrated platform across logistics, ports and storage, and renewable energy, supported by a diversified capital strategy to drive more stable, recurring returns. Therefore, all these initiatives would strengthen our domestic platform and position us to capture long-term, structural growth in Indonesia . Slide 10: On this slide, we deep dive into our CA-EDC project. This project represents a landmark investment in Indonesia's downstream industry, supporting our national agenda as well, which is to strengthen domestic chemical supply chain. With construction is now over 50% completion as major processing units take shape across the Cilegon site. This demonstrates solid execution progress. In terms of impact, the project will deliver meaningful economic value - reducing imports by around USD 300 million annually from caustic soda alone, while also unlocking approximately USD 307 million in export value from EDC once it's up and running. And then with a strong government's support, as we are also recognised as a national strategic project, this project is expected to create over 3,250 jobs while supporting Indonesia's broader industrial growth targets. From a funding perspective, the total project investment, as I mentioned in the earlier slide, is approximately USD 800 million, that will include USD 200 million strategic joint investment from Danantara and INA, and this has further validated the project's importance and long-term value. Overall, this project strengthens Indonesia's self-sufficiency, enhances export capability, and reinforces our position in the downstream chemical value chain . Slide 11: On this slide, I would like to highlight some key milestones underpinning the CA-EDC project. Starting at the beginning with the partnership in 2023, we have secured leading global technology providers, including Asahi Kasei for chlor-alkali technology and a leading US licensor for vinyl chloride technology. This has ensured best-in-class operational capability at our plant. And then, moving on, we signed a long-term salt supply agreement with BCI Minerals, an Australian company in July 2024, and this would strengthen our feedstock reliability. From a regulatory standpoint, this project has been designated as a National Strategic Project by the Indonesian government, and with that, all the key permits, including environmental permits, license, AMDAL, were successfully obtained as well in 2025. In February 2026, we have signed a Conditional Share Subscription Agreement with Danantara and INA for a USD 200 million strategic investment, reinforcing strong institutional backing from Indonesia In terms of execution, our construction is now over 50% completed, and this has proven that we are keeping us on track for the targeted start-up still in early 2027 as planned. Overall, we have de-risked the project across technology, feedstock, regulatory, and funding - positioning CA-EDC project for timely delivery and long-term value creation. On the next slide after this, let us take a look on the ground live progress on our CA-EDC projects. We are going to show a video highlight for the latest construction as of March 2026. This is our latest. Please enjoy. Slide 12: Thank you - so building on that progress, so now allow me to talk through our B1-MTBE plant expansion. We have increased its capacity by about 25% with an investment of around USD 16 million. The main objective is to strengthen domestic supply of key petrochemical products, reduce import dependency on MTBE, an essential octane booster for gasoline, and support both domestic and export markets, while further reinforcing our downstream value chain. Execution has been very well. The project has been successfully completed and is now in operation. From returns perspective, this expansion project is expected to contribute approximately USD 2 million of EBITDA annually, providing a quick and capital-efficient uplift to our earnings. Overall, this is a very high-return project, low-capex debottlenecking initiative that enhances reliability, supports market demand, and delivers incremental profitability Slide 13: Moving on to our infrastructure platform, PT Chandra Daya Investasi Tbk, or CDI, we successfully completed the IPO in July 2025. We raised about IDR 2.4 trillion or more than USD 140 million to accelerate the expansion of our infrastructure platform businesses across ports, storage, and logistics. In 2025, we have allocated around IDR 634 billion or around USD 37 million towards vessel purchases, and IDR 572 billion or equivalent to USD 34 million towards the development of storage tanks, ethylene pipelines, and supporting infrastructure. The remaining proceeds of around IDR 1 trillion will be deployed for additional vessel acquisitions, as well as the continued development of storage tanks, ethylene pipelines, and supporting infrastructure. The remaining proceeds of around IDR 1 trillion, which is around USD 59 million, will be deployed for additional vessels acquisitions, as well as continued developments for storage tanks, ethylene pipeline, and supporting infrastructures. Overall, this IPO has strengthened our capital structures, accelerate growth in infrastructure, and supports the development of more stable, recurring income streams for the Group. This, I believe, has positioned CDI as our key growth engine, complementing our energy and chemicals business with resilient, infrastructure-driven earnings . Slide 14: On the next slide, as Pak Andre has mentioned earlier that the full year of 2025 has been indeed a transformational year for our infrastructure platform, with strong execution across acquisitions and expansions. Back in Q1 in 2025, we have entered the logistics space, initiated our cold storage business and in Q2, we strengthened our strategic partnerships with additional capital injection from CAP and EGCO, a Thai electric company. During the same period, we commenced operations for two ethylene gas carriers to enhance petrochemical supply chain integration and regional maritime logistics capabilities. We have added 4.7 MWp of solar capacity in Cilegon as well, bringing total capacity to 11 MWp and reducing carbon emissions by nearly 10,000 tons annually. In Q3, we successfully listed CDIA on the Indonesia Stock Exchange and in Q4, we advanced in scale - increasing our stake in shipping business, launched a chemical vessel called Novah, and expanded our logistics footprint through warehouse and land acquisitions, as well as progressing the development of our bitumen tank facility. Overall, these initiatives significantly expand our infrastructure capabilities and reinforce our strategy to build a more integrated, resilient, and recurring income platform, for our Group. Slide 15: Moving on logistics, we are scaling our platform to expand customer reach across Southeast Asia region. For maritime logistics, we are on track to grow our fleet from 7 vessels in mid-2025 to 14 by end-2025, and further to 15 vessels in 2026. This supports broader route expansion and diversification of our customer base across the region. In parallel, our land logistics capabilities are also scaling up - with fleet expansion from 162 units from beginning of 2025 to 212 units by the year-end, strengthening our inter-island transport, warehousing, and export-import service offerings. Overall, this integrated logistics build-out enables us to better serve internal demand while capturing third-party growth opportunities, positioning logistics as a key driver of recurring revenue going forward . Slide 16: As we scale, our approach to infrastructure remains disciplined and phased. Cilegon remains our core hub, with a fully integrated backbone across power, water, ports, storage, and logistics - giving us a clear advantage in supporting near-term growth, including CA-EDC, Solar PV expansion, and the development of KIK Area III as Krakatau Industrialism. At the same time, we're not limiting ourselves to the core hub. We're already extending this integrated model beyond Cilegon - for example, through our water platform in Gresik and This is not just expansion - it's about scaling a proven model. And that's what allows us to drive efficiency, strengthen resilience, and stay disciplined in delivering long-term value. With that, I'll hand it over to Philippe , who will walk you through our progress on the Singapore strategic expansion, as well as updates on our shared services platform and sustainability initiatives, including our collaboration with Chandra Asri's partners. Phillipe Pangestu Slide 17: Thank you so much, Alexa. Thanks for the update of Chandra Asri Alkali, CDI, and the rest of the updates in Indonesia. It really seems like we have had a landmark year in Indonesia. But good news to everyone here - not only have we had a landmark year in Indonesia, we have also had a landmark year in Singapore. So over here, I would like to highlight three of our biggest acquisitions that we managed to achieve last year. Firstly, through our partnership with Glencore, we have successfully integrated the Singapore Energy and Chemicals Park. This is one of Singapore's largest strategic national assets, adding 237 KBD of refining capacity and over 3 MTPA of chemical production capacity to our portfolio. Building on that, we have also expanded our downstream chemicals portfolio with the acquisition of Chevron Phillips Singapore Chemicals, adding 400 KTA of HDPE capacity, 40% of which will support Indonesia's domestic supply gap. And to cap the year off, we also acquired around 60 Esso-branded retail fuel stations in Singapore, giving us direct exposure across the full energy value chain. Together, these 3 acquisitions cement Chandra Asri as the leading integrated energy and chemicals platform across Singapore and the wider Southeast Asian region. Next slide, please. Slide 18: Now, let me walk you through a deep dive of each of these acquisitions in more detail. Starting with Aster, the acquisition of Shell Energy and Chemicals Park, now known as Aster Chemicals and Energy or Aster for short, was completed on April 1 st , 2025 in partnership with Glencore. This brought a world-class integrated platform and also a strategic national asset to Singapore into the group, comprising of 237 thousand barrels per day of refining capacity, a 1.1 million tonne per annum ethylene cracker, and a 2.4 million tonne per annum downstream chemical complex. And on top of that, we have also over 60 hectares of freehold land as part of the asset. Aster has significantly enhanced our production scale, strengthened our positioning in strategic and energy chemicals markets, and also set the stage for real operational synergies and margin improvement going forward. Next slide please. Slide 19: Then following the acquisition, we further built on this by securing a landmark $1 billion sustainably linked loan, which was arranged and underwritten by DBS and OCBC. This facility funds the rejuvenation of our Aster Island assets, with participation from 11 banks reflecting strong confidence in our long-term strategy and sustainable commitments. We're also proud that this transaction received multiple accolades, including Finance Asia's best M&A deal for the acquisition of Aster itself, the best CFO for Pak Andre over here (Pak Andre's great stewardship throughout the whole process), the 2025 "highly commended syndicated loan" deal for the best sustainability linked loan, as well as the asset AAA award for sustainable finance. This recognition really validates both our execution and the significance of this acquisition for the group. Next slide please. Slide 20: Beyond the acquisition and loan, Aster has also an extensive growth pathway that balances both organic expansion, asset rejuvenation, and green initiatives to enhance our long-term competitiveness in the region. Key projects here include a $125 million investment in a single-boy mooring system that enables direct tanker to refinery crude oil transfers, the acquisition and refurbishment of the previously Sumitomo-owned condensate splitter unit, adding 70 thousand barrels per day of refining capacity by 2026, the expansion of our C2 export facility (increasing our C2 capacity) enabling us to open up potential synergies between Aster and our other assets in the region, and then a planned $150 million hydrogen-ready gas turbine integration targeting commercial operation by 2029. In Addition to all of this, on the sustainability front we are partnering with Aether fuels to pilot their innovation in converting refinery off-gas into a sustainable aviation fuel and scaling solar energy across Bukom and Jurong. These projects reinforce our commitment to lower carbon operations while building a more efficient and energy secure asset base. Next slide, please. Slide 21: Now, let's move on to the second asset acquisition of the Chevron Philips Singapore chemicals plant last year, which completed on August 1st, 2025. With this acquisition, we can produce an additional 400 kilotons per annum of HDPE capacity across the two different plants. 40% of these volumes are dedicated to Indonesia, strengthening the nation's polymer supply chain. At the group level, it delivers meaningful synergies, higher utilization rates, energy savings, and tighter feedstock to sales integration, reinforcing our competitive positioning across regional polymer markets and expanding our downstream footprint. Next slide, please. Slide 22: And then finally, we ended the year with a bang. Chandra Asri also acquired the Esso-branded retail fuel station network in Singapore. This is approximately 60 stations, establishing the group as a significant downstream retail energy player in the region. We also secured a partnership with Cold Storage to introduce refreshed in-station convenience concepts featuring curated essentials, fresh foods, and ready to eat offerings alongside ancillary services such as delivery lockers, ATMs, loyalty programs, and car wash facilities. Additionally, on top of all this, selected stations are also being equipped with EV charging infrastructure, positioning the network to support Singapore's decarbonization transition. Next slide. Slide 23: Those are our three major acquisitions that we acquired last year. Now I want to highlight that 2025 was also a foundational year for strengthening how we operate across the group. We established PT Chandra Asri Central Solusi, or CASS for short, as the integrated shared services backbone supporting our energy, chemicals, and infrastructure businesses. We opened our office in January 2026 with a plan to recruit more than 200 employees in Indonesia by the end of 2028. CASS centralizes critical functions such as finance, procurement, customer operations, HR, and IT, driving efficiency, standardizing processes, and elevating services across the group. Most importantly, as we continue to grow through acquisitions, CASS serves as a ready-made integration engine, allowing us to onboard new assets faster, realize synergies earlier, and maintain operational discipline at scale. It is a key enabler of our M&A strategy going forward. All those three assets that we mentioned before - the Esso branded fuel stations, Aster itself, as well as the Chevron Philips asset, are all going to be supported and underpinned by CASS to generate synergies. Next slide, please. Slide 24: So now let me briefly touch upon sustainability. As we scale the business, sustainability remains fully embedded in how we operate, not as a separate initiative, but as a part of how we drive long-term value. This is reflected in our ratings. We continue to receive solid recognition from leading global ESG rating agencies, including CDP, MSCI, Sustainalytics, and S&P Global, with improvements across several key metrics. At the same time, we continue to receive strong external validation through various awards and recognitions, particularly in areas such as energy efficiency, circular economy, and broader sustainability practices. Overall, this reinforces that our growth is not only about scale and profitability, but also about building a more responsible and sustainable business. Next slide, please. Slide 25: Lastly, I would also like to shine the spotlight on some of our partners for whom this level of scaling would not have been possible without. Today, we are privileged to be able to work alongside some of the world's leading institutions. The breadth and quality of our partner ecosystem reflects the confidence that the world-class institutions place in Chandra Asri's strategy, execution capability, and long-term trajectory. I'd also like to mention that recently; we've added a few new partners to our program. Sarah Soraya This slide reflects the strength of our ecosystem - with a diverse set of global and regional partners across the value chain. First, with Aether Fuels, one of our new additions to the partner of Chandra Asri Group. So we are entering the sustainable fuels space, particularly waste-to-liquid fuels, opening up new growth avenues aligned with the energy transition focus of our Group. Second one, we have partnership with Biofront-Tukr. With Biofront-Tukr, we are strengthening our capabilities in renewable fuels and Sustainable Aviation Fuel feedstocks. This partnership will support our longer-term decarbonisation strategy. And third, the most recent one is our partnership with Indonesian's sovereign wealth fund -Danantara and INA. For this we are reinforcing the development of our CA-EDC project and the partnership will strengthen the execution while also aligning with the national priorities. So overall, these partnerships are very targeted and also aim to strengthening our positions across energy transition, feedstock security, and long-term growth. With that, let me hand it back to Pak Andre. Andre Khor Slide 26: Thank you Sarah, I think let us talk a bit about the hot issue. I walk you through the implications of the potential disruption in the Strait of Hormuz due to the ongoing Middle East crisis and how this is impacting our businesses. For perspective, the Strait of Hormuz is one of the world's most important energy chokepoints, with around 20% of global petroleum liquids trade passing through it. Any disruption here has immediate global consequences. From a regional perspective, Asia is the most exposed, with roughly 80% of oil and petroleum products flowing through the Strait heading toward Asian markets-including China, India, Japan, South Korea, and ASEAN. Hence, our regional supply security has become particularly vulnerable. We also see significant impacts on shipping, including ships rerouting or delays, causing higher freight costs and a sharp increase in market and insurance premiums. Moreover, Gulf production could decline by more than 10 million barrels per day, due to the ongoing attacks and destruction of infrastructure, tightening global supply further. As a result, oil prices, as you all have seen, hike up significantly. Brent prices are north of US$110 per barrel on as we speak, with a strong upward trend still foreseen. Beyond crude, oil product markets are also extremely tight at the moment, especially for key feedstocks such as diesel, jet fuel, gasoline, naphtha, and LPG. For the chemical industry, the implications are: (i) higher feedstock costs (ii) increased scarcity of feedstock like naphtha and LPG (iii) and ultimately, margin pressure across the value chains. In short, Asia is the most impacted by this Middle Eastern crisis, given Asia's heavy reliance on Gulf crude and products. And this reinforces the importance of diversification, supply security, and disciplined financial management as we navigate this volatility from a position of strength with strategic national assets in Indonesia and Singapore to serve ASEAN . Slide 27: On this slide, wis a highlight of how the disruption is impacting refining and petrochemical markets. Firstly, on the refining side, margins have expanded very strongly. Gasoline, jet, and especially gasoil spreads are unprecedented and have increased significantly. These have been largely driven by tight crude supply and strong distillate demand to fulfill the needs of aviation industry as well as transportation fuels. This has resulted in multi-year highs, and in record operating performance that we have never seen to date. Secondly, on the petrochemical side, the trend reverses as C2-naphtha spread, and it has narrowed on the back of higher feedstock costs and narrower chemical product spreads. However, as people commence restocking, we have seen actually petrochemical spreads actively turning around and improving. So overall, our refinery is gangbusters. Petrochemicals are under pressure, but the strong infrastructure base that we have built alongside the retail business have further uplifted and smoothed our value curve to reinforce the importance of portfolio - a diversification and to balance our results to navigate through the cycle . Slide 28: Overall, with the strong energy pillar, we believe in a strong earnings momentum, benefiting from the integrated chemicals and refinery asset. We expect very strong refining margins in Q1, moving into Q2. And with the agility, commerciality and focus of Chandra Asri and Glencore as shareholders in Aster, we have been able to navigate the situation well to date alongside our teams to provide for earnings update. On the chemicals pillar, businesses remain challenging with narrower global spreads amidst feedstock market volatility and tightening supply of sources. However, we believe that this pressure on the margin will be alleviated moving forward. Lastly on the infrastructure and retail pillar, we continue to see stable recurring cash flows, revenues the markets as well as long-term contracts and continuous growing demand from industrial expansion. Therefore, to summarise, the margin upside from stronger refining margins and extremely solid chemicals complex that we continue to run stably will more than offset the stable infrastructure sector has helped to offset cyclical softness and pressure of the overall cycle. Looking ahead, key growth catalysts are also coming through from the condensate splitter unit and logistics expansion plans that we have planned for 2026 -- from the commencement and the fixing of the single buoy mooring in our asset -- that will allow for more competitive sourcing and diversified very large group carriers that is coming to our asset. We also see the Caustic Soda and Ethylene dichloride coming on stream in 2027, and a SAF facility starting up in the future. This will all collectively provide strong monetization incentive to further strengthen our business performance moving forward . Slide 29: With that sharing of Outlook, let me now reinforce our path forward, towards a disciplined and integrated growth of the Group of Chandra Asri, that is anchored on integration, resilience and sustainability. We are extremely part of the team and the work that we have pulled through together for a clear and disciplined growth strategy execution anchored on integration and resilience. At the Core, we continue to leverage our integrated platforms across the energy, chemicals, and infrastructure business pillars and this will strengthen our value creation across the Group. We will continue driving synergies by improving cost efficiency and enhancing margin stability through the broadened portfolio. But at the same time, we remain focused on being resilient through operational and financial discipline, safe and reliable operations, high asset reliability, and maintaining a rock-solid balance sheet through prudent capital allocation. We continue to keep our eyes open for expansion opportunities, whether it is through programmatic M&A or high value capex with a focus on strategic and value accretive investments while maintaining high discipline in ensuring robust return threshold and balance sheet strength. And lastly, we are also advancing our Green Transition, turning sustainability in value through energy efficiency, circular and low-carbon solutions implementation across our operations, whilst remaining aligned to our long-term sustainability commitments. Overall, we are well-positioned to navigate volatilities, with a stronger, more integrated, and future-ready Chandra Asri platform. Thank you very much. With that, I end my presentation here and we will be happy to take any questions from the floor. Slide 30: Thank you Pak Andre, thank you Alexa, also thank you Philippe, for the presentation. We will now open the floor for Q&A session. For participants who would like to ask a question, kindly submit your question via the Q&A box.

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