PT Perusahaan Gas Negara Tbk (PGAS) Q2 2026 earnings summary

Executive summary

• H1 2026 revenue was $2.005bn vs. $1.938bn; net income was $266.9m vs. $213.8m, and operating profit was $292.1m vs. $239.9m.

• Interim review conclusion was unmodified; auditors highlighted ongoing litigation, including the Gunvor dispute.

Financial highlights

• Gross profit reached $389.9m vs. $319.6m; cost of revenue was $1.615bn vs. $1.618bn.

• Finance costs fell to $28.6m from $33.8m, while finance income declined to $25.0m from $37.4m; net FX loss was $16.5m vs. $16.0m.

• Operating cash flow was $309.1m vs. $334.6m; cash and equivalents ended June at $1.127bn vs. $1.336bn at Dec. 31, 2025.

• Total assets were $5.861bn vs. $6.232bn at Dec. 31, 2025; net equity was $3.506bn vs. $3.608bn.

Outlook and guidance

• Customer gas-delivery commitments totaled 1,150 BBTUD, with stated selling-price range of $7.22–$16.33/MMBtu.

• A March 2026 PLN gas confirmation runs through Oct. 31, 2026, on an interruptible basis; stated prices range from $7.97 to $8.65/MMBtu, with no applicable volume commitment given gas availability.