Pakuwon Jati Tbk (PWON) Q2 2026 earnings summary

Executive summary

• 1H 2026 revenue was IDR 3.374T, broadly stable YoY; EBITDA rose 3% to IDR 1.875T and adjusted net income rose 7% to IDR 1.434T.

• Reported net profit was Rp 1.01T, down from Rp 1.14T in 1H 2025.

• Recurring income supplied 86% of revenue, with retail leasing and a diversified geographic portfolio supporting resilience.

Financial highlights

• Revenue was IDR 3.374T in 1H 2026 versus IDR 3.373T in 1H 2025.

• EBITDA rose 3% YoY to IDR 1.875T; adjusted net income rose 7% to IDR 1.434T.

• Reported net profit was Rp 1.01T versus Rp 1.14T; EPS was Rp 20.89 versus Rp 23.59.

• Gross profit was Rp 1.92T and gross margin was 56.9%.

• Recurring revenue contributed 86% of 1H 2026 revenue; development contributed 14%.

Outlook and guidance

• By 2035, retail leasing NLA is planned to grow 34% to 1,155K sqm, hotel rooms 76% to 5,128, and office leasing NLA 11% to 172K sqm.

• Excluding IKN, the overall development pipeline targets completion by 2034; retail and hotel pipeline timelines extend to 2031.

• Projects under construction total IDR 10.2T; future pipeline projects total IDR 7.0T.

• Remaining performance obligations of Rp 688bn are expected to be recognized in future periods; no significant changes in business strategy or capital structure are anticipated.