Pakuwon Jati Tbk (PWON) Q3 2025 earnings summary

Executive summary

• 9M2025 revenue reached Rp5.12 trillion (US$306.8 million), up 6.9% year-over-year, driven by higher space rental, mall revenue, hotel, and real estate sales.

• EBITDA was Rp2.7 trillion (US$164.1 million) with a 54% margin, and net income margin stood at 44%.

• Recurring revenue accounted for 80% of total, reflecting a stable income base.

• Two new hotels opened in 2025, expanding managed rooms to 2,907 across 10 hotels and 2 serviced apartments.

• Cash and cash equivalents at period end were Rp7.01 trillion, with a strong net cash position.

Financial highlights

• Gross profit rose 4% to Rp2.8 trillion, with a gross margin of 55.5%.

• EBITDA increased 5% to Rp2.7 trillion, maintaining a margin above 53%.

• Net income for the period grew 21% to Rp2.28 trillion, with net income attributable to owners up 19%.

• Bonds payable reduced to Rp5.54 trillion after a partial repurchase of US$66.56 million in May 2025.

• Dividend payout of Rp626.07 billion approved in June 2025.

Outlook and guidance

• Focus on expanding recurring income portfolio and leveraging superblock developments for operational efficiency.

• Ongoing and future projects in Bekasi, Surabaya, Jakarta, Batam, Semarang, and IKN to drive growth.

• Disciplined land banking and opportunistic acquisitions to sustain long-term growth.

• Remaining performance obligations from real estate contracts total Rp841.65 billion, expected to be recognized within one year and beyond.