Jakarta. Barito Renewables Energy posted a 29% increase in first-half profit as stronger geothermal operations and resilient wind power generation lifted earnings, keeping the renewable energy company on track to expand its generating capacity beyond 1 gigawatt this year.

The Indonesian renewable energy producer controlled by billionaire Prajogo Pangestu reported consolidated net profit of $106 million for the six months ended June 30, up from $82.1 million a year earlier, according to its financial statements released Thursday.

Revenue rose 11.5% to $334 million, driven by stable electricity generation from its geothermal assets and continued strong performance from its wind power business.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed 13.1% to $293 million, with the EBITDA margin improving to 87.6% from 86.3% a year earlier, underscoring the high profitability of the company's renewable power portfolio.

"We are pleased to deliver another strong set of results in the first half of 2026," Chief Executive Officer Hendra Soetjipto Tan said in a statement. "Our geothermal portfolio continues to provide stable and reliable electricity generation, while our wind assets have maintained solid operational performance."

The earnings growth follows the completion of a retrofit project at the Wayang Windu geothermal facility earlier this year, which boosted operational efficiency and expanded the company's installed geothermal capacity to 926 megawatts.

Barito Renewables also strengthened its balance sheet during the period, with its net debt-to-equity ratio improving to 1.73 times at the end of June from 1.87 times at the end of 2025.

The company plans to continue expanding its geothermal portfolio through the development of Salak Unit 7, Wayang Windu Unit 3, and the retrofit of Darajat Unit 3. Those projects are expected to lift total installed geothermal capacity to more than 1 GW by the end of 2026.

"Looking ahead, we remain focused on completing our expansion projects and strengthening our position as one of Indonesia's leading renewable energy companies," Hendra said.

Barito Renewables has become one of Indonesia's largest listed renewable energy companies, with geothermal assets serving as the backbone of its business. The company has benefited from growing demand for low-carbon electricity as Indonesia seeks to diversify its energy mix and reduce reliance on coal under its long-term energy transition strategy.

The expansion pipeline also positions the company to capitalize on rising investment in clean energy, with geothermal expected to play a key role in Indonesia's efforts to achieve net-zero emissions by 2060.

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