Pakuwon Jati Tbk (PWON) Q2 2025 earnings summary

Executive summary

• 1H2025 revenue reached Rp3.4tn (US$207.8m), up 3.4% year-over-year, driven by double-digit growth in recurring revenue streams and real estate sales.

• EBITDA for 1H2025 was Rp1.8tn (US$112.2m) with a robust margin of 54%, and net income margin stood at 43%.

• Net income for the period was Rp1.39tn, a 32.6% increase year-over-year.

• Major milestones included the inauguration of Park Shanghai and Food Festival, launch of Grand Cayman cluster, and new hotel and land acquisitions in Yogyakarta, Batam, and Semarang.

• Sustainability achievements included SBTI validation of emissions targets and recognition in Jakarta Water Hero 2025.

Financial highlights

• Revenue grew 3% year-over-year to Rp3,373bn, with recurring revenue up 10% and development revenue down 16%.

• Gross profit increased to Rp1,878bn with a margin of 55.7%.

• EBITDA rose 2% to Rp1,822bn, maintaining a margin above 54%.

• Adjusted net income grew 9% to Rp1,460bn, with net income attributable to owners up 6% to Rp1,207bn.

• Earnings per share increased 6% year-over-year to Rp23.59.

Outlook and guidance

• Strategy focuses on expanding recurring income, leveraging superblock developments, and disciplined land banking.

• Ongoing and future projects in Bekasi, Pakuwon City, Batam, Semarang, Surabaya, and IKN are expected to drive growth through 2031.

• Management expects continued growth in recurring income from malls, hotels, and service apartments.

• No significant changes in business strategy or capital structure are anticipated.