Pt Jasa Marga (persero) Tbk Class BIDX: JSMR

Jasa Marga Update 9M2025

· Issued by Pt Jasa Marga (persero) Tbk Class B
JSMR Update

Corporate Presentation

Oktober 2025


Company Profile






Company Profile


Jasa Marga's Overview and Main of Business

JSMR Key Information

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* IDR3,480 (USD0.211)

Market Cap* IDR25.3T (USD1.5B1)

Government of Indonesia: 70%

JSMR - 3 Line of Business

Shareholders

Total

Public: 30%

Employee 7,919 (as of 31st Dec 2024)

Business Lines

  • Toll Road Concession

  • Toll Road Operation

  • Prospective Business

    *Date as of 30th Sept 2025

    Company Credit Ratings

    idAA/Stable



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



    1) USD/IDR exchange rate of 16,680 USD based on Bank Indonesia middle rate as of 30th September 2025

    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

Ways to Acquire Toll Road Concession Agreement

  • High investment cost (USD 15-25 million/km)1;

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

  • Payback Period usually in 15-25 years;

  • Solid revenue stream.

Tender

Acquisition

Unsolicited

Initiator: JSMR



Initiator: PU/BPJT

  1. USD/IDR exchange rate of 16,680 USD based on Bank Indonesia middle rate as of 30th September 2025





    Toll Road Industry at a Glance

    Supportive Indonesian Toll Road Regulation, Maintaining Investment Climate Conduciveness



    Commercially Supportive Regulations

    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.



    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).



    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.

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 9M2025

Delivering Financial Performance Target

Total Revenue Total Expense

+4.2%

+4.8%

14.52

13.42

1.11

1.56

13.85 7.33 7.62

Cash & Non-Cash Expenses

+4.2%

7.62

Revenue Growth

The toll road revenue growth is primarily driven by tariff adjustments implemented in 2024 and 2025, the operations of Jogja-Solo (JMJ)

8.0%

92.0%

1.11

+5.3%

7.6%

92.4%

21.1%

78.9%

+5.6%

5.77

+3.8%

21.4%

5.99

1.63

78.6%

37.5%

62.5%

7.33

2.75

+2.9%

+4.6%

37.1%

4.79

2.83

62.9%

section 1.1 and 1.2A, and the reconsolidation of Gempol-Pandaan (JPT) after exercising the Dinfra buyback option scheme in December 2024.

Lead Factors of Expenses Spending

12.74

9M2024 9M2025

Toll Revenue Other Business Revenue

Cash & Non-Cash Portion

(in trillion IDR)

Non Cash ,

9M2024 9M2025

Toll & Other Operating Expenses SG&A Expenses

Cost Structure - Cash

Land & Building Tax 15%

Other Expenses

9M2024 9M2025

Cash Non Cash

Cost Structure - Non-Cash

Provision Overlay 21%

4.58

Jasa Marga successfully managed the growth of cash expenses to remain below its revenue growth, demonstrating Management commitment to maintaining a strong EBITDA margin.

  • Cash expenses -

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

    2. Increased in HR cost due to the

      2.83 ,

      37%

      9M2025

      Cash ,

      4.79 ,

      63%

      7%

      Operating & Maintenance Cost

      39%

      9M2025

      HR

      Cost 39%

      Amortization & Depreciation 79%

      9M2025

      adjustment of HR expense in 2025 and increased in healthcare expenses.

    3. Raised in land and building tax due to higher tariff in several JTT toll road sections.

    • Non-cash Expenses - Increased in amortization in JTT and JMJ, as JMJ began its operations in November 2024.







Financial Highlights 9M2025




Delivering Financial Performance Target



EBITDA

(in trillion IDR)

EBITDA Margin

Core Profit

(in trillion IDR)

+4.9%

9.28

9.73

66.95% 67.01%

3.30

2.73

+5.0%

2.60

0.70

2.73

9M2024 9M2025

9M2024 9M2025

9M2024 9M2025

Core Profit
PMK 72 effect

EBITDA

  • Lower cash expenses growth compared to the growth of revenue, resulting in the positive EBITDA growth performance in 9M2025.

    EBITDA Margin

  • The company successfully managed its EBITDA margin, with 4.8% revenue growth, while cash expenses increased by only 4.2%.

    Core Profit

  • Core profit improved by 5.02% mainly because the result of deleveraging at the parent level, affecting the reduction of interest expenses in 9M2025 by 14.21% YoY, potentially contributing to stronger financial performance and improved flexibility.