Non-Coal Businesses Drive 66.5% of TBS Energi's H1 2026 Revenue

PT TBS Energi Utama Tbk (TBS) has significantly transformed its revenue structure in the first half of 2026, with non-coal businesses now accounting for the majority of its income. These ventures, primarily focused on waste management and the electric vehicle ecosystem, contributed 66.5% to the company's consolidated revenue, a notable increase from the previous year when coal was the dominant revenue source.

This strategic shift reflects TBS's commitment to becoming a sustainable infrastructure business. Juli Oktarina, TBS's Director and Chief Financial Officer, stated that the non-coal sector is now twice as large as the coal business and is the primary cash generator. She emphasized that the second quarter's performance validates the company's transition strategy, indicating it is on the right path.

Despite fully exiting the coal-fired power generation business and reducing coal trading by two-thirds, TBS achieved a consolidated revenue of $173 million in H1 2026, demonstrating stability. The company's gross profit saw a more substantial improvement, more than doubling to $28.2 million from $13.9 million in the prior year, driven by a reduction in the cost of revenue. This resulted in a gross margin increase to 16.3% from 8.1% year-on-year.

Further financial improvements include a 23.7% increase in consolidated EBITDA and a 3.6% decrease in total assets, indicating enhanced profitability from a smaller asset base. Operating cash flow also turned positive, shifting from a negative $31.6 million to a positive $14.6 million. As of June 30, 2026, TBS held $94.7 million in cash, with short-term bank debt and total short-term liabilities decreasing by 30.9% and 13.5% respectively.

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Last year coal was still our main revenue contributor. Today our non-coal business is twice as big, and this business generates cash. This is the transition we promised, and the second quarter shows we are on the right track to transform into a sustainable infrastructure business.