Jasa Marga Update FY2025

JSMR Update

Corporate Presentation

March 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 (USD1.5B1)

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 and Jasa Marga Shelf Registration Bonds III Phase I Year 2024

  
  
  

  1) USD/IDR exchange rate of 16,865 USD based on Bank Indonesia middle rate as of 31st December 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

Tender

Initiator: PU/BPJT

Acquisition

Unsolicited

Initiator: JSMR

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.

1) USD/IDR exchange rate of 16,865 USD based on Bank Indonesia middle rate as of 31st December 2025

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 FY2025

Delivering Financial Performance Target

+7.5%

Total Revenue Total Expense

+5.8%

18.73

8.4%

8.1%

+9.7%

91.9%

+5.4%

91.6%

17.22

18.15

1.51

1.66

19.81

Cash & Non-Cash Expenses

+7.5%

+8.5%

6.12

+6.8%

6.54

61.9%

62.3%

9.83 10.56

Revenue Growth

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

1.1 and 1.2A, and the reconsolidation of Gempol-Pandaan (JPT) after exercising the Dinfra

9.83

10.56

23.7%

+6.3%

23.5%

76.3%

+7.8%

76.5%

7.50

8.08

2.33

2.48

37.7%

38.1%

buyback option scheme in December 2024. In Q4 2025, traffic also showed a recovery, increasing by 4% compared to Q3 2025.

2024 2025

Toll Revenue Other Business Revenue

2024 2025

Toll & Other Operating Expenses SG&A Expenses

2024 2025

Cash Non Cash

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

(in trillion IDR)

Non

Cash, 4.03,

38%

Other

Expenses 9%

Land &

Building Tax 11%

HR

Cost 41%

Provision

Overlay

21%

Cash,

6.54,

62%

Operating &

Maintenance Cost 39%

Amortization

& Depreciation 79%

FY2025

FY2025

FY2025

1. Increased in operation and maintenance cost due to the fulfillment of service level standard for the toll road tariff adjustment requirement in 2025, but the tariff adjustment slightly delayed to early 2026.

2. Increased in HR cost due to the adjustment of HR expense in 2025 .

Non-cash expenses - increased due to higher amortization in several toll roads such as JMJ as its operations commenced in November 2024, JORR2 due to adjustments in traffic projections alongside with the traffic growth, and Jakarta-Cikampek as well as JORR toll roads due to the accelerated reconstruction.

Financial Highlights FY2025

Delivering Financial Performance Target

EBITDA

(in trillion IDR)

EBITDA Margin

Core Profit

(in trillion IDR)

+5.2%

12.6 13.3

67.3% 67.0%

4.5

3.7

2024 2025

2024 2025

2024 2025

Core Profit Non-Cash Gain 1)

EBITDA

• Higher EBITDA in nominal supported by revenue growth from newly operational toll

EBITDA Margin

Core Profit

▪

▪

road and implementation of tariff

adjustment.

EBITDA margin slightly softened due to higher

operation and maintenance expenses related to fulfillment of minimum service level standards for tariff adjustments, as well as expenses from operating new toll roads. Meanwhile, revenue and traffic are still in the ramp-up phase for the new toll road. As a result, revenue growth outpaced EBITDA growth during the period.

Core profit remained stable amid the operation of new

toll roads, with new toll road connectivity expected to potentially drive stronger financial performance in the future.

1) Non-cash gain from PMK 72 and buyback Dinfra of PT JPT (Gempol-Pandaan).

Financial Highlights FY2025

Balancing Financial Performance to Preserve Company's Sustainability

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.

• Improved two covenants (DER & ICR) performance, showing better result in FY2025 after the equity financing transaction from PT Jasamarga Transjawa Tol has done.

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

1.10x

1.20x

Historical Ratio

2024 2025

Interest Coverage Ratio

3.68

3.13

(x)

Min 1.1x

3.27

2.83

1.66

1.85

2.49 2.42

1.64 1.70

2.76

2.23 1.99 1.79

3.13

1.10

3.68

5.65

10.30

8.03

7.17

6.24

5.58

5.89

5.14

1.20

2024 2025

2018 2019 2020 2021 2022 2023 2024 2025

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





Preserve Financing Cost

Capability to Manage Cost of Debt for Achieving Profitability

WACD Growth

Fixed Rate & Floating Rate Composition

6.67% 6.70% 6.71% 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%

6.25% 6.25% 6.25% 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% 5.33% 5.33% 5.33%

5.13%

5.25%

5.00%

4.83%

4.64%

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%

WACD JSMR

BI7DRR1)

The Fed Funds Rate

JM Group

63%

55%

55% 53%

68%

94%

37%

45%

45% 47%

32%

13%

2019

6%

2020

2021 2022 2023 2024 2025

Fixed Rate Floating Rate

JM Consolidated

54%

49%

93%

80%

75%

66%

46%

51%

16%

2019

7%

20%

25%

34%

2020 2021 2022 2023 2024 2025

Fixed Rate Floating Rate

Cost of Debt

December 2022

6.51%

December 2023

6.69%

December 2024

6.77%

December 2025

6.73%

1) Bank of Indonesia 7Days Repo Rate

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 49.04% in FY2024 to 50.19% in FY2025.

(in billion IDR)

20,312 21,144

18,158

16,843

14,002

49.81%

50.96%

10,351

10,532

11,927 53.12%

54.15%

9,121

9,645

57.07%

59.41%

7,991

7,086

50.19%

46.88%

8,513

49.04%

9,961

10,612

40.59%

4,842

42.93%

6,010

45.85% 7,722

2020 2021 2022 2023 2024 2025

New Toll Road Mature Toll Road

In FY2025, toll revenue at the parent level (mature toll roads) increased by 1.75% compared to FY2024 (YoY), while toll revenue at subsidiaries & joint ventures level (new toll roads) increased by 6.53% (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

Capacity vs Utilization

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

Average Volume/Capacity Ratio (VCR) as of December 2025 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

0.97

0.90

0.81

0.82

0.70

0.72

0.64

0.63

0.66

0.62

0.66

0.55

0.55

0.44

0.42

0.47

0.36

0.41

0.32

0.34

0.37

0.34

0.33

0.23

0.24

0.14

0.17

0.17

0.18

0.19

0.06

0.04

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-Banyuwangi1171.50 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 FY2025 was IDR 13.13 trillion.

     
     
     

   • Estimated maximum toll road investment capex annually:

± IDR 12 trillion.

• Estimated toll road operational capex annually:

± IDR 1-2 trillion.

17

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 February 2026)

Tariff Adjustment Realization in 2024 and 2025

Realization of Toll Road's Tariff Adjustment and Its Percentage

Tariff Adjustment Plan in 2026

Toll Road Tariffs Adjustment Pipeline