Group Overview Operation and Financial Review Financials Other Information Sustainability and Governance 155 Annual Report 2025 Notes to the financial statements For the financial year ended 31 December 2025 37. Capital management The primary objective of the Group’s capital management is to ensure that it maintains healthy capital ratios in order to support its business and maximise shareholder value. Certain subsidiary companies are required to comply with loan covenants imposed by their lenders, such as maintaining the level of existing share capital. This externally imposed requirement has been complied with by the relevant subsidiary companies for the financial years ended 31 December 2025 and 2024. Additionally, certain subsidiary companies in Indonesia are required by the Corporate Law to maintain a non-distributable reserve until it reaches 20% of the issued and paid share capital. This externally imposed capital requirements are subject to shareholders’ consideration at the annual general meeting of these subsidiary companies. The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the financial years ended 31 December 2025 and 2024. The Group monitors capital using gearing ratios, by dividing net loans and borrowings with total equity. The Group’s policy is to keep the gearing ratio within the range of gearing ratios of leading companies in similar industry in Indonesia in order to secure access to finance at a reasonable cost. Capital managed by the management includes equity attributable to the majority shareholders of the Company and non-controlling interests. Group 2025 2024 Rp million Rp million Non-current interest-bearing loans and borrowings 377,892 1,689,898 Current interest-bearing loans and borrowings 8,822,862 6,081,348 9,200,754 7,771,246 Less: Cash and cash equivalents (8,573,289) (5,945,500) Net debts 627,465 1,825,746 Total equity 28,452,507 25,862,748 Gearing ratio 2% 7%
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