PT Pertamina (Persero)

1H 2021 Unaudited Result

Jakarta, August 2021

CONFIDENTIAL AND PROPRIETARY. Any use of this material without specific permission
of PT Pertamina is strictly prohibited. Should not be reproduced or redistributed to any
other person.

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Disclaimer
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 1 Operational & Financial Updates

2 Business Restructuring

3 ESG Implementation
Presentation
Outline
4 Responding Pandemic

5 Recognitions

3
1 Operational & Financial Updates

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Operational Highlights
-4% Highlights
Production
884 850 • Despite of the increase of fuel sales by the end of the period, the demand for oil &
Oil & Gas
gas have not fully recover to the pre-Covid level.
MBOEPD
• Upstream production decreased by approximately 4% due to the declining of
-7% resource, facility maintenance and COVID-19 outbreak.
Lifting • Similar condition happened to lifting which was lower 7% than the previous period.
723 672
Oil & Gas • Electricity production from geothermal slightly decreased as a result because of
MBOEPD maintenance that took place on several sites.
-0,3%
• Sales volume increased by 3% from higher demand.
Geothermal • Capex budget realization was higher compared to similar period last year.
2.280 2.273
GWh

+3% Monthly Sales Volume (Million KL)

Sales
39 41
Volume -5% +4%
Eq. MKL 7,6 7,2 7,5 7,2 7,4 7,5
6,9 6,8 6,7
+2%
Capital 1,64 1,68
Expenditure
USD Bn Avg 2019 Avg 2020 Avg 6M Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21
Q2 2020 Q2 2021
2021

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Positive Result, as a result of improve activities..

USD Billion Q2 2020 Q2 2021 ∆ % Highlights

Revenues 20.48 25.09 4.61 23% 1. The revenue was higher by 23%, while we maintained
COGS by 21%
COGS 15.40 18.60 3.20 21%
Upstream Production & Lifting Cost 2.43 2.48 0.04 2% 2. Gross margin and EBITDA margin were stronger
compared to Q2-2020
Exploration Cost 0.08 0.06 (0.02) -23%
3. The Q2 result not yet includes the reimbursement from
Other Operation Activities Cost 0.96 1.40 0.43 45% selling price disparity estimated USD 739 million
Gross Profit 1.61 2.55 0.94 59% (subject to be approved by Ministry of Finance), which
potentially would support a higher result.
Sales & Marketing Expenses 0.64 0.52 (0.12) -19%
General & Administration Expenses 0.53 0.71 0.19 35%
Operating Profit 0.44 1.32 0.88 199% Q2 2020 Q2 2021 ∆
Other Income/(Expenses) (0.30) (0.30) (0.01) -3% Gross Margin - % 8% 10%
Gain/(loss) on foreign exchange (0.21) (0.07) 0.14 66% Profit Margin - % -4% 1%
Taxes 0.70 0.76 0.06 9% EBITDA Margin - % 13% 13%
Net Income/(Loss) (0.77) 0.18 0.95 124% Forex Rate (USD1= IDR) 14,173 14,298 1%
EBITDA 2.71 3.31 0.60 22% Avg ICP (USD/Bbl) 40 62 57%

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Financial Position Remain Robust…
USD Billion

Assets FY 2020 Q2 2021 % Liability & Equity FY 2020 Q2 2021 %

Cash 9.94 11.39 15% Short-term Loans 0.13 1.02 658%
Restrict. Cash & Short Term Inv. 0.39 0.35 -12% Trade Payables 3.76 3.67 -2%
Account Receivables 3.54 4.34 22% Other Payables 5.55 6.72 21%
Government Receivables1 4.54 4.87 7% Long-term Loan1 3.52 3.40 -3%
Other Receivables 1.08 0.86 -20% Bond Payables 15.01 16.47 10%
Inventories 4.89 6.01 23% Employee Benefits Liabilities 2.07 2.13 3%
Long Term Investment 2.66 2.65 0%
Other Non-current Payables 7.86 7.65 -3%
Fixed Assets 14.46 14.72 2%
Total Liabilities 37.89 41.06 8%
Oil & Gas Assets 19.55 19.40 -1%
Other Assets1 8.09 7.68 -5%
Total Equity 31.25 31.21 -0.1%
Total Assets 69.14 72.27 5%

Ratio FY 2020 Q2 2021 % Highlights

Debt to Equity Ratio 62.08% 69.15% 11% Highlights
EBITDA/Interest 8.51 7.35 -14%
1. The cash position was stronger compared to the end of
Net Debt/Net Worth 0.30 0.33 8%
the year 2020.
Fund From Operation (FFO)/Debt 28.50% 26.63% -7%
2. Financial ratios are all in good shape.
Retained Cash Flow (RCF)/Net Debt 57.19% 51.84% -9%

1. Include current and non current portion

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Operating Cash Flow was Strong, Resulted in a Better
Cash Balance …

USD Billion Q2 2020 Q2 2021 % Highlights

Highlights
Cash Flows from (for) Operating 0.91 1.15 26%
Activities
1. Cash flow from operating activities
Cash Flows from (for) Investing Activities (1.69) (1.68) 1% was higher, supported by steady
cash received from customers and
Cash Flows from (for) Financing Activities 3.07 2.09 -32%
government
Net Cash Flow 2.28 1.56 -32%

Effect of Exchange Rate (0.05) (0.10) -125% 2. Cash flow for investing activities
was mainly for investment in
Beginning Balance of the year 6.76 9.94 47%
upstream & shipping sectors
Cash at Period End 8.99 11.39 27%

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Strategic Actions to Mitigate the Pressure in 2021

The cost leadership program Active hedging management to

across the Group such as COGS mitigate foreign exchange risk and
efficiency and optimization in improves cash flow performance
storage & distribution channel

Optimize load factor in shipping

Increase oil and gas to increase revenue and cost
production and lifting efficiency
following the high prices

Increase gas trade and

transportation
Maximize the production of refinery
products that have export
opportunities Centralize procurement to
achieve cost saving

Optimize Pertamina Loyalty and

Discount Program to increase Capex prioritization
revenue

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2 Business Restructuring

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Business Restructuring of PT Pertamina (Persero) Group
Restructuring will lead Pertamina Group to be more agile, leaner, solid and creating more value

The Role of Holding

1. Define strategy & policy guidance. Impacts
2. Integrate portfolio and business
synergies throughout 1. Elevate operational
Pertamina group. excellence
3. Accelerate the development of
new businesses. 2. More focus on each
segment process

The Role of Sub-Holding 3. Efficiency through:

• Centralized procurement
1. Encourage a more focused
operational excellence through the • Resource sharing
development of business scale.
2. Accelerate the development of 4. Flexibility in business
venture and capability in existing and strategy & financing
new businesses.
3. Increase the capability and flexibility
for partnership and funding.

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3 ESG Implementation

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Top 10 ESG Material Topics & Initiatives 2021
Topics Key Initiatives 2021 Ambition / Long-term Target
Addressing climate • Continue to execute low carbon & NRE projects
Environmental

change • Continue emission reduction initiatives: low carbon heat, energy efficiency, flare gas utilization, etc. 30% emission reduction in 2030, exceed National
• Scope 1, 2, and 3 emission baselining & forecasting until 2030 Determined Contribution target of 29% absolute
Reducing environmental • Development of Net Zero Emission strategy emission reduction
footprint • Study to explore CO2 Monetization options

Protecting biodiversity • Continue preservation of biodiversity (through “Kampung Iklim” Program, etc.) Net positive impact on biodiversity

• Implement 12 life-saving rules, HSSE SUPREME

• Zero accidents
Health and safety • COVID-19 Handling to external and internal (vaccination, modular hospital, oxygen support, etc.)
• Zero Fatalities
• NOA (Number of Accident), TRIR (Total Recordable Incident Rate) as boundary KPIs for 2021
• Improvement of tank safe operation: alarm & fire protection, overflow protection, operators, etc.
Prevention of major Zero loss of primary containment / no leaks across
• Process safety & asset integrity management system, standardized reporting for PSE 1, 2, 3, dan 4
accidents operations, No major accidents
• Assessment of fire & explosion protection readiness, oil spill response readiness
• Leadership program all across employee level
• Targeted approach towards development and
Social

• Digital platform to provide comprehensive training program

Employee recruiting, training
• Learning Hours as individual employees KPI
development & retention • Aim for below 5% employee turnover
• Ensuring remuneration above regional minimum wage & Pension Fund management
• Training all employees by 2025
• Women leadership (female constitutes 33% of executive board & 16% of management)
• Initiating CCUS Pilot Project in Gundih & Sukowati Field • % spend on low-carbon research and innovations
Innovation and research • Research in the low-carbon field (CO2 to PCC, bio-crude, Bioethanol Gen 2, etc.) • # of new innovations to improve efficiency/new
• Research in more efficient catalyst low-carbon R&D
Community engagement • Continue Community Involvement & Development (CID) programs Improved welfare and wellbeing in surrounding
and impact • Optimize SME partners through assistance and funding communities, access to energy nationwide
• Improvement of cyber security policy • Zero cyber attacks
Governance

Cyber security
• establishment of Cyber Security Steering Committee • Clear reporting on major attacks
• Establishment of Sustainability Committee
• Zero tolerance Fraud and Corruption
Corporate Ethics • Anti-bribery management system, Whistle Blowing System, compliance with regulation
• Zero incidents unethical conduct of business
• Mandatory wealth reporting to Corruption Eradication Commission (KPK) for Pertamina’s management

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4 Responding Pandemic

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How we responds the pandemic
In response to the recent outbreak, Pertamina prioritizes the safety of its employee, while maintaining the operations and the distributions of energy in Indonesia.
Furthermore, Pertamina supporting the Government to deal with the situations by deploying vaccination programs, distributing medical supplies, and providing
health facilities.

Internal Policy
Corporate Contribution (For Employee & Family)

Providing Covid-19 Hospital Work from Home

RS Modular Simprug, RS Modular Tanjung Implementing work from home and WFO
Duren, RSPJ, RS Haji Jakarta & Lampung flexibility for certain works

Vaccine Acceleration
Facilitating vaccine for public Acceleration of COVID-19 Vaccination for
employee & family

Iso Tank trucking fleet

Digital collaboration and network support
Transporting O2 for public needs using
Enhance digital utilization to run operational
company’s fleet
Plasma Donor
Health Call Center
Pertamina Cares Covid-19 Program Apheresis
Providing health call center for employee
Machine Assistance for PMI 2 units and 224
and family
apheresis plasma bag kits
Small Enterprise Accompaniment Daily Health Monitoring
Encourage small medium enterprises to recover Providing health call center for employee
their business which hit by pandemic and family

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5 Recognitions

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Recognitions..
Several recognitions that we achieved this year, to reflect our solid performances and sustainability efforts

International Domestic

Fortune Global 500 14TH Corporate Asia Sustainability Asia Sustainability Corporate Emission
#287 Register Reporting Reporting Rating Reporting Rating Award 2021
Awards 2021 Berita Satu
Pertamina is ranked 287 Pertamina is the only Bronze Award Asia’s Best • Pertamina Group • Pertamina Group
in the Fortune Global Indonesian company SDG Reporting in 6th received 6 awards, received 6 awards
500 list and represents listed in the award. Asia Sustainability include Platinum Rank • Green Elite for
the only Indonesian • Top 5: Best Credibility Reporting Awards (ASRA) as the highest award Emission Reduction for
company in the list -through- Assurance for PGN SOEs non Bank
• Top 8: Best ESG Report • Pertamina and several • Gold Plus for Emission
subsidiaries achieved Calculation
Gold and Bronze Transparency for SOEs
Rank Awards non Bank
Thank You

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