Jasa Marga Update 1Q2026

JSMR Update

Corporate Presentation

May 2026

Company Profile





Company Profile

Jasa Marga's Overview and Main of Business

JSMR Key Information

JSMR - 3 Line of Business

Toll Road Concession

Business Line

36

Toll Road Concessions

13 Mature Toll Roads

23 New Toll Roads

±1,736 km

Operations

Business Line

Provide operation services for

±1,481 km

of toll road in Indonesia

Provide maintenance services

for

±1,160 km

of toll road in Indonesia

Prospective

Business Line

Managing 27 rest area

Building management,

advertising and renting out land along toll road corridors

Developing Transit Oriented Development (TOD) / Toll Corridor Development (TCD)

Ticker Indonesian Stock Exchange:

JSMR

IPO Date 12 Nov 2007

Share Price* IDR3,410 (USD0.21)

Market Cap* IDR24.8T (USD1.4B1)

Government of Indonesia: 70%

Shareholders

Total

Public: 30%

Employee 7,833 (as of 31st Dec 2025)

Business Lines

• Toll Road Concession

• Toll Road Operation

• Prospective Business

  *Date as of 31st Dec 2025

  Company Credit Ratings
  
  

  idAA/Stable

  
  
  

  For PT Jasa Marga (Persero) Tbk and Jasa Marga Shelf Registration Bonds II Phase I Year 2020, Jasa Marga Shelf Registration Bonds III Phase I Year 2024, Jasa Marga Shelf Registration Bonds III Phase II Year 2025, and Jasa Marga Shelf Registration Bonds III Phase III Year 2026

  1) USD/IDR exchange rate of 17,141 USD based on Bank Indonesia middle rate as of 16th April 2026

  Company Toll Road Network

  JSMR's Toll Road Concession Business Portfolio Spreads Across Indonesia

  Jasa Marga has 36 toll road concessions covering 1,736 km and operates 1,294 km of toll roads. Jasa Marga's business spans across Indonesia, where most

  of the toll roads are already connected, creating a positive impact on connectivity. Additionally, majority of the toll roads are located on Java Island.

  (in kilometer)

  East Kalimantan

  • Balikpapan-Samarinda : 97.3

    North Sulawesi

  • Manado-Bitung : 39.8

North Sumatera

• Belmera : 42.7

• Medan-Kualanamu-Tebing Tinggi : 61.7

  Greater Jakarta

  • Jakarta-Tangerang : 33.0

  • Prof. Dr. Ir. Soedijatmo : 14.3

  • Cengkareng-Batuceper-Kunciran : 14.2

  • Kunciran-Serpong : 11.2

  • Serpong-Cinere : 10.2

  • Jakarta Inner Ring Road: 23.4

  • Jakarta Outer Ring Road (JORR) E1, E2, E3, and

    W25 : 28.3

  • JORR W2 Utara : 7.7

  • Ulujami-Pondok Aren : 5.6

    Central Java

• Batang-Semarang : 74.9

• Semarang Seksi ABC : 24.8

  East Java

  Bali

  • Nusa Dua-Ngurah Rai-Benoa : 9.7

    JSMR Toll Road Length by Region

    Outside

    : Fully Operated

    : Partially Operated

    : In Land Acquisition and Construction

    Java 15%

    • Jagorawi : 59.0

    • Bogor Ring Road : 13.3

    • Jakarta-Cikampek II Selatan : 62.0

    • Jakarta-Cikampek : 83.0

    • Jalan Layang MBZ : 38.0

      West Java

    • Cikampek-Padalarang : 58.5

    • Padalarang-Cileunyi : 64.4

    • Palimanan-Kanci : 26.3

    • Akses Patimban : 37.1

    • Semarang-Solo : 72.6

    • Solo-Ngawi : 91.1

    • Ngawi-Kertosono-Kediri : 114.9

    • Yogyakarta-Bawen : 75.8

    • Yogyakarta-Solo : 96.6

• Surabaya-Mojokerto : 36.3

• Surabaya-Gempol : 49.0

• Gempol-Pasuruan : 34.1

• Gempol-Pandaan : 13.6

• Pandaan-Malang : 38.5

• Probolinggo-Banyuwangi : 175.9

Legend

Greater

Jakarta 23%

Java Exclude Greater Jakarta

62%

Industry Overview





Toll Road Industry at a Glance

Long-term Investment Business Characteristic with Solid Revenue Stream

Toll Road Concession Business Characteristics Source of Funding for Toll Road Projects

New Investment Source of Funding

30%

Equity Injection from Shareholders

financing will use credit facility

• For brownfield project, financing scheme can be switch from credit facility to capital market / refinancing

project

greenfield

• For

70%

External Financing

Tender

Initiator: PU/BPJT

Acquisition

Unsolicited

Initiator: JSMR

Ways to Acquire Toll Road Concession Agreement

• High investment cost (USD 14-23 million/km)1;

• Negative cash flow at beginning period (the first 5-10 years);

• Payback Period usually in 15-25 years;

• Solid revenue stream.

1) USD/IDR exchange rate of 17,141 USD based on Bank Indonesia middle rate as of 16th April 2026

Toll Road Industry at a Glance

Supportive Indonesian Toll Road Regulation, Maintaining Investment Climate Conduciveness

Commercially Supportive Regulations

Land Acquisition

• The Government is responsible for land acquisition process. For land acquisition fund, it is borne by the government except for unsolicited projects.

• Investors may provide bridge financing for accelerated land acquisition, with subsequent reimbursement by the government.

Funding Scheme Support

To ensure a project has an attractive rate of

return, the Government provides support through the ViabiliGtyovGearnpmFeunnt dSiunpgpo(VrtGF) scheme, where a portion of the construction costs is borne by the Government through the State Budget (APBN).

Concession Model

• Long-term, 35 to 50 year, depends on characteristic of each project, investment cost, and location.

• JSMR toll road projects are financially feasible projects, with expected project IRR ranging between 12-13%.

• The realization of traffic projections needs to be mitigated by investors due to political, social, and economic policies.

Tariff Increase

• As stipulated in the Law No 2/2022, toll road tariff shall be increased every two years in reference to regional inflation.

• To be entitled for regular tariff adjustment, toll road project should meet the Minimum Service Standards.

Service Level Standard

Minimum Service Standard of toll road

operations is stipulated by the Law and will be monitored10e0v%erCyassihxlemssonTtrhasnsbayctthioenToll Road Regulatory Agency of the Ministry of Public Works.

100% Electronic Payment

• Regulation mandated cashless transaction in toll road

• This enGsouvreernmaecnct uSruapcpyort of toll revenue collected, more efficient processing time leading to lower congestion, and security against revenue fraud/cash theft.

Performance Highlight



Financial Highlights 1Q2026

Delivering Financial Performance Target

+10.2%

Total Revenue Total Expense

Revenue Growth

+10.2%

Cash & Non-Cash Expenses

+10.4%

5.10

0.40

7.8%

6.9%

4.62

0.32

+24.4%

+9.4%

93.1%

4.71

92.2%

4.30

2.49

20.5%

21.2%

+6.7%

78.8%

79.5%

+11.1%

1.96

2.18

0.53

0.56

2.74

36.8%

2.74

36.9%

The toll road revenue growth is primarily driven by tariff adjustments implemented in 2025 and 1Q2026, as well as the operations of Jogja-Solo (JMJ) section 1.1 and 1.2A which recorded revenue growth of 86% YoY.

1Q2025 1Q2026

(in trillion IDR)

Land & Building

Tax 15%

Non Other

Cash , Expenses

1.01 , 5%

37%

Cash ,

1.73 ,

63%

HR Cost

41%

Provision

Overlay 23%

Operating &

Maintenance Cost 39%

Amortization &

Depreciation

77%

1Q2026

1Q2026

1Q2026

Toll Revenue Other Business Revenue

+6.8%

0.91

1.01

2.49

+8.5%

1Q2025 1Q2026

Toll & Other Operating Expenses SG&A Expenses

63.2%

1Q2025 1Q2026

Cash Non Cash

63.1%

Cash expenses - There's an increase in cash expanses due to:

1. Increased in operation and maintenance cost due to the fulfillment of service level standard for the toll road tariff adjustment requirement in 2026.

2. Land and building tax increased primarily driven by higher tax accrual at the Parent level.

Non-cash expenses - increased due to:

1. Higher amortization in several toll roads, in line with the increase of traffic volumes especially in Transjava toll roads, adjustments in traffic projections In Kunciran-Cengkareng toll roads and the commencement of operations of the Jogja-Solo Toll Road Section 1.2A in August 2025.

   
   
   

2. The increase in overlay expenses was driven by the fulfillment service level standard, particularly on the Jakarta-Cikampek toll road.

Financial Highlights 1Q2026

Delivering Financial Performance Target

0.93

-16.5%

EBITDA

(in trillion IDR)

EBITDA Margin

Net Income

(in trillion IDR)

+10.7%

3.38

65.99% 66.13%

3.05

0.77

1Q2025 1Q2026

1Q2025 1Q2026

1Q2025 1Q2026

EBITDA

• Strong EBITDA growth supported by higher traffic volumes, implementation of tariff adjustments, and lower cash expense growth compared to the growth of revenue.

  EBITDA Margin

• The company successfully managed its EBITDA margin, with 10.4% revenue growth, while cash expense increased by 6.8%.

  Net Income

• Net income slightly softened due to higher tax expenses in subsidiaries level following the recognition of profits. In addition, financial expenses increased in line with the commencement of operations of Jogja-Solo Toll Road.

  
  
  Financial Highlights 1Q2026

  Balancing Financial Performance to Preserve Company's Sustainability

  Covenant Ratio

Interest Bearing Debt to Total Equity

Max. 5x

(x)

Financial Ratios

• Thrive to manage the financial health required by the creditors while doing business expansion

  simultaneously.

• JSMR has maintained strong covenant ratio amid business expansion and supported by consistently growing EBITDA.

Historical Ratio

1.20 1.18

10.30

FY2025 1Q2026

Interest Coverage Ratio

(x)

8.03

5.89

7.17

5.65 5.57

5.14

3.68 3.79

3.86 3.79

2.49 2.42

1.64 1.70

2.23

3.13

2.76

1.99 1.79

1.10

1.20

1.18

Min 1.1x

2020 2021 2022 2023 2024 2025 1Q2026 1)

ICR (Interest Coverage Ratio) Interest Bearing Debt to Equity IBD to EBITDA

1Q2025 1Q2026

1) EBITDA Annualized

Preserve Financing Cost

Capability to Manage Cost of Debt for Achieving Profitability

WACD Growth

Fixed Rate & Floating Rate Composition

6.70% 6.72% 6.72% 6.75% 6.75% 6.77% 6.77% 6.77% 6.79% 6.77% 6.77% 6.75% 6.77% 6.77% 6.79% 6.74% 6.74% 6.73% 6.74% 6.73% 6.74%

6.25% 6.25%

6.00% 6.00% 6.00% 6.00%

5.75% 5.75% 5.75% 5.75%

5.50% 5.50%

5.33% 5.33%

5.13%

5.25%

5.00%

4.83%

4.64%

4.75% 4.75% 4.75% 4.75% 4.75% 4.75% 4.75%

4.48%

4.33% 4.33% 4.33% 4.33% 4.33% 4.33% 4.33% 4.33% 4.22%

4.09%

3.88%

3.72% 3.64% 3.64% 3.64%

WACD JSMR

BI7DRR 1)

The Fed Funds Rate

JM Group 3)

2020 2021 2022 2023 2024 2025 2026 2)

Fixed Rate Floating Rate

JM Consolidated

54%

49%

93%

80%

75%

66% 64%

46%

51%

36%

7%

2020

20%

25%

34%

2021 2022 2023 2024 2025 2026 2)

Fixed Rate Floating Rate

Cost of Debt

December 2023

6.69%

December 2024

6.77%

December 2025

6.73%

March 2026

6.74%

1) Bank of Indonesia 7Days Repo Rate | 2) Based on March 31, 2026 position | 3) Including the deconsolidated subsidiaries

Company Development Strategies & Operational Highlights





Toll Revenue: Mature Toll Roads vs New Toll Roads

Expecting Higher Revenue Contribution from Our Toll Road Projects

Toll revenue contribution to total revenue from the new toll roads (which are operated by subsidiaries & joint ventures) increased from time to time as the impact of the addition of new toll roads operation. The revenue contribution from the new toll roads increased from 49.39% in 1Q2025 to 53.05% in 1Q2026.

(in billion IDR)

59.41%

40.59%

11,927

57.07%

42.93%

14,002

54.15%

45.85%

16,843

53.12%

46.88%

18,158

50.96%

49.04%

20,312 21,144

+9.38%

5,004

5,474

50.61%

46.95%

49.39%

53.05%

1Q2025 1Q2026

New Toll Road Mature Toll Road

49.81%

50.19%

2020 2021 2022 2023 2024 2025

New Toll Road Mature Toll Road

In 1Q2026, toll revenue at the parent level (mature toll roads) increased by 1.47% compared to 1Q2025 (YoY), while toll revenue at subsidiaries & joint ventures level (new toll roads) increased by 17.49% (YoY).

Historical Toll Road Segment Traffic Volume

Company's opportunity to grow from new toll roads expansion

Historical Segment Traffic Volume

The extensive deployment of new toll roads since 2019, including the linkage of the Trans-Java Toll, has emerged as a catalyst for boosting traffic volume through improved

connectivity. Despite the downturn prompted by COVID-19, Jasa Marga swiftly rebounded in 2021, aligning with the heightened mobility of the population.

Vehicles/day

100,000

90,000

80,000

70,000

60,000

50,000

40,000

30,000

20,000

10,000

-

Mature Toll Road Metropolitan - New Toll Road Transjava - New Toll Road Nusantara - New Toll Road

*) Based on January-March 2026 Toll Road Segment Traffic Volume Realization

Traffic and Revenue Performance During Lebaran Festive Season

Company's Performance During Lebaran Festive Season

Traffic Volume

Traffic transaction volume during the Lebaran Festive 2026 increased by 4.07% compared to last year, indicating improved mobility across Indonesia during the festive season.

Toll Revenue

Toll revenue during the Lebaran 2026 festive period increased by 7.50% compared to last year, driven by longer travel distances during the holiday season compared to normal conditions.

*) Lebaran Period (D-10 to D+10) *) Lebaran Period (D-10 to D+10)

+3.97%

+2.84%

+13.25%

+7.26%

+4.83%

+20.26%

METROPOLITAN TRANS JAWA NUSANTARA

METROPOLITAN TRANS JAWA NUSANTARA

Lebaran 2025 Lebaran 2026 Lebaran 2025 Lebaran 2026

Traffic volume grew by 1.64% year-on-year up to March 2026, reflecting stronger mobility trends. While both Q1 2025 and Q1 2026 included major holidays such as Chinese New Year, the 2026 period also includes Lebaran return traffic, which was not captured in the previous year.

Capacity vs Utilization

Ensuring optimal utilization of toll roads so the traffic volume can grow optimally

Average Volume/Capacity Ratio (VCR) as of March 2026 and Number of Lanes

Volume/Capacity Ratio (VCR) is a key parameter used to measure toll road utilization and determine the timing for expanding the toll road. When a toll road's VCR reaches 0.8 or higher, lane additions or expansion of the surrounding toll road network will be considered to optimize traffic flow. In the development of new toll roads, we also consider connectivity with existing toll road networks to ensure optimal traffic growth.

4 4 4 3 4 2 3 3 3 2 2 3 3 2 3 3 3 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Number of Lanes

0.83

0.81

0.74

0.80

0.64

0.67

0.63

0.66

0.62

0.66

0.55

0.44

0.42

0.36

0.41

0.47

0.33

0.34

0.37

0.34

0.33

0.35

0.20

0.23

0.24

0.17

0.17

0.19

0.07

0.04

0.97

Toll Road Development Focus

Company's Key Priorities in Developing New Toll Roads

New Projects to be Completed : 5 Projects

New Projects to be Completed : 5 Projects

5

1

2

4

3

Legend

Toll road in operation owned by JSMR

Toll road in operation owned by other toll road companies

Toll road under construction owned by JSMR

Toll road under construction owned by other toll road companies

1. Jakarta-Cikampek II South 62.00 km

2. Jogja-Bawen 75.82 km

3. Jogja-Solo 96.57 km

4. Probolinggo-Banyuwangi1 171.50 km

   
   
   

5. Akses Patimban 37.05 km

   • More selective in acquiring new toll roads by selecting only projects located in Java which connected to existing toll road.

   • Creating bigger toll road network and improve connectivity in JSMR existing portfolio.

   • Building and operating new toll roads in stages to match JSMR investment with

     JSMR financial capabilities.

   • Cash capex (investment & operational) realization in 1Q2026 was

     
     
     

     IDR 2.4 trillion.

   • Estimated maximum toll road investment capex annually:

± IDR 12 trillion.

• Estimated toll road operational capex annually:

± IDR 2-3 trillion.

1) According to JSMR proposal to the Indonesian Toll Road Authority/Badan Pengatur Jalan Tol, for Probolinggo-Banyuwangi Section, first phase construction will be for Gending-Besuki Section for a total length of 49.68 km.

The New Toll Road Operation Pipeline in 2025-2027

Expecting the operation of new toll roads which connected to Transjava toll road

BUJT Section 14.11 2Q 2027

5.0

(as of April 2026)

Tariff Adjustment Realization in 2024 and 2025

Realization of Toll Road's Tariff Adjustment and Its Percentage