Elnusa Tbk (ELSA) Reports Strong 2025 Performance and Optimistic 2026 Outlook

PT Elnusa Tbk (ELSA), an Indonesian provider of oil and gas services, announced a net profit of IDR 192 billion in the fourth quarter of 2025, representing an 18% year-over-year increase. This result brought the full-year 2025 net profit to IDR 719 billion, a 1% increase year-over-year, with a stable net profit margin of approximately 5%. The company’s performance is being closely watched as the Indonesian government aims to increase oil production to 1 million barrels per day.

Financial Highlights for 2025

• Net Profit: IDR 719 billion (+1% YoY)
• Revenue: IDR 14.4 trillion (+8% YoY)
• Gross Profit: IDR 1.4 trillion (+9% YoY)
• Gross Profit Margin: Stable at 10%
• Core Profit (excluding one-off items): IDR 719 million (+11.5% YoY)

The modest growth in net profit was partially offset by a 14% year-over-year increase in operating expenses, driven by a 13% rise in salary burdens. A one-off gain of IDR 69 billion from dispute resolution with Bank Mega in 2024 also impacted the comparison. Excluding this one-time income, ELSA’s core profit grew by 11.5% year-over-year.

Segment Performance

The downstream segment (energy distribution and logistics) remained the largest revenue contributor, accounting for 60% of total revenue in 2025. The upstream segment contributed 28%, while oil and gas support services accounted for 11%.

• Downstream Segment: Revenue increased by 28% YoY to IDR 8.6 trillion, fueled by a 29% rise in fuel distribution volume. Yet, the gross profit margin for this segment decreased to 7.7% (compared to 9% in 2024).
• Upstream Segment: Revenue decreased by 18% YoY to IDR 4.1 trillion. Despite the revenue decline, the gross profit margin improved to 11.8% (compared to 8.9% in 2024). The upstream segment secured novel contracts worth IDR 2.9 trillion in the first nine months of 2025, increasing the contract backlog to IDR 9.9 trillion (compared to IDR 4.4 trillion in 2024).

Capital Expenditure and Future Outlook

Elnusa is shifting its capital expenditure (capex) composition towards the upstream segment. Capex allocated to the upstream segment is estimated to reach approximately 45% of total capex in 2025, a significant increase from 37% in 2024 and 27% in 2023. This reflects the company’s focus on expanding its upstream oil and gas services capacity, as asset utilization in this segment reached nearly 100% in 2024.

For 2026, Elnusa targets revenue growth of 10% YoY and net profit growth of 8-10% YoY. The company anticipates that increased exploration and development activities driven by the Indonesian government’s 1 million barrel per day production target will provide a positive catalyst for its upstream segment.

Key Takeaways

• Elnusa delivered solid financial performance in 2025, with moderate growth in net profit and revenue.
• The downstream segment continues to be the primary revenue driver, while the upstream segment shows promising growth potential.
• A strategic shift in capex towards the upstream segment positions Elnusa to capitalize on increased activity in the oil and gas sector.
• The company is optimistic about its prospects for 2026, targeting double-digit revenue and profit growth.

Recent Market Activity & Related News

As of March 5, 2026, Elnusa Tbk (ELSA) was trading at Rp 860.00 on the Indonesia Stock Exchange (IDX) Google Finance.

Other Indonesian Market News:

• PLN is securing coal supplies from 8 companies, including Adaro Mainstay Indonesia, Bumi Resources subsidiaries, and Indo Tambangraya Megah subsidiaries.
• Merdeka Copper Gold has signed a gold sales agreement with Aneka Tambang for 3 tons per year for two years.
• Hanjaya Mandala Sampoerna cigarette sales volume decreased by 1.8% YoY in 2025.
• Chandra Asri Pacific issued a force majeure notification due to feedstock supply disruptions through the Strait of Hormuz.
• Astra International board members purchased ASII shares.
• Bakrie & Brothers shareholders sold BNBR shares.
• Jasa Marga reported a net profit of IDR 931 million in Q4 2025, but full-year net profit decreased by 19.3% YoY.