PT Barito Pacific Tbk

Name: PT Barito Pacific Tbk financial statements and ratios
Creator: Annalist

BRPT · IDX · Materials, petrochemicals and energy · Indonesia · SAK · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025, its statements approved by the board on 30 March 2026. Snapshot FY2025_6cbd2629.

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Overview

Revenue, fiscal year

+220% year on year

Profit before tax, fiscal year

+589% year on year

Net income, fiscal year

+767% year on year

Diluted EPS, fiscal year

n/a

Pre-tax margin, fiscal year

+11.3pp year on year

Return on equity, fiscal year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 December 2025 was US$7.6 billion, 219.7% higher than in the previous fiscal year.
Newin FY2025 · first stated
Rule: Revenue against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 NewRevenue for the fiscal year ended 31 December 2025 was US$7.6 billion, 219.7% higher than in the previous fiscal year.Recorded from FY2025_080b8748 · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_080b8748 · data update
3. FY2024 NewRevenue for the fiscal year ended 31 December 2024 was US$2.4 billion.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was US$490 million, 767.2% higher than in the previous fiscal year.
Newin FY2025 · first stated
Rule: Net income against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 NewNet income attributable to the company for fiscal 2025 was US$490 million, 767.2% higher than in the previous fiscal year.Recorded from FY2025_080b8748 · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_080b8748 · data update
3. FY2024 NewNet income attributable to the company for fiscal 2024 was US$56 million.Reconstructed · initial
Return on equity for fiscal 2025 was 24.7%.
Newin FY2025 · first stated
Rule: Return on equity against a year earlier · Sources Annual report 2025-12
History of this finding, 1 record
1. FY2025 NewReturn on equity for fiscal 2025 was 24.7%.Recorded from FY2025_080b8748 · initial
Purchases of property, plant and equipment exceeded operating cash flow by US$568 million in fiscal 2025.
Interpretation. The company spent more on capital expenditure than its operating cash flow, and paid the difference from cash, borrowing or asset sales.
Confirmedin FY2025 · stated since FY2024
Rule: Free cash flow · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedPurchases of property, plant and equipment exceeded operating cash flow by US$568 million in fiscal 2025.Recorded from FY2025_6cbd2629 · wording
2. FY2025 ConfirmedPurchases of property, plant and equipment exceeded operating cash flow by US$568 million in fiscal 2025.Recorded from FY2025_080b8748 · data update
3. FY2024 NewPurchases of property, plant and equipment exceeded operating cash flow by US$593 million in fiscal 2024.Reconstructed · initial
Net debt was US$5.1 billion at 31 December 2025.
Confirmedin FY2025 · stated since FY2024
Rule: Net debt or net cash · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedNet debt was US$5.1 billion at 31 December 2025.Recorded from FY2025_6cbd2629 · correction
2. FY2025 StrengthenedNet debt was US$4.9 billion at 31 December 2025.Recorded from FY2025_080b8748 · data update
3. FY2024 NewNet debt was US$2.8 billion at 31 December 2024.Reconstructed · initial

Records before FY2025 are reconstructed from the latest snapshot. Ledger: findings.json. Correction of 28 October 2026: Annalist left out the current portion of the long-term bank loans of Barito Pacific, which its statements print below the heading of the long-term liabilities due within one year, and did not capture its depreciation and amortisation. Current debt at 31 December 2025 was US$0.64 billion against US$0.89 billion. Records 4, 5, 12, 13 and 15 cite figures that the correction changed. Records 16 to 21 state the corrected findings, among them lease-adjusted debt of 3.5 times adjusted EBITDA for fiscal 2025; record 16 is reconstructed from the corrected snapshot.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents1 document, latest Annual report for the year to 31 December 2025List

DownloadsExcel workbook · JSON

SnapshotFY2025_6cbd2629

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, US dollars

Profit Before Tax

By fiscal year, US dollars

Profit Attributable to Owners of the Parent

By fiscal year, US dollars

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by fiscal year, US dollars

Net Debt

Total debt less cash and short-term investments, at fiscal year end, US dollars

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2025

Annual report for the year to 31 December 2025. Changes are against the previous report, and each figure shows its period.

0changes4thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 4

ConfirmedFree Cash Flow
Purchases of property, plant and equipment exceeded operating cash flow by US$568 million in fiscal 2025.
Interpretation. The company spent more on capital expenditure than its operating cash flow, and paid the difference from cash, borrowing or asset sales.
NewDebt Against the S&P Benchmark Bands
Lease-adjusted debt was 3.5 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 21.6% of that debt. Both ratios are within the significant band of the S&P standard volatility table.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the significant band is number 4 of 6, and a higher number means more debt against earnings.
NewCash Backing of Earnings
Net income attributable to the company for fiscal 2025 exceeded operating cash flow by an amount equal to 1.3% of average total assets.
Interpretation. Part of the profit has not come in as cash yet: net income was larger than operating cash flow. Profit made of accounting entries tends to repeat less than profit backed by cash (Sloan, 1996).
ConfirmedBeneish M-score Against Its Threshold
The Beneish M-score for fiscal 2025 was minus 0.72, above the model threshold of minus 1.78.
Interpretation. The accounts show the patterns that Beneish (1999) found in companies that manipulated their earnings. Fast sales growth alone can push the score above minus 1.78.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsSignificant bandDebt to EBITDA 3.46x, FFO to debt 21.6% · FY2025

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt was 3.5 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 21.6% of that debt. Both ratios are within the significant band of the S&P standard volatility table.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the significant band is number 4 of 6, and a higher number means more debt against earnings.
Newin FY2025 · first stated
Rule: Debt against the S&P benchmark bands · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 NewLease-adjusted debt was 3.5 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 21.6% of that debt. Both ratios are within the significant band of the S&P standard volatility table.Recorded from FY2025_6cbd2629 · correction
2. FY2025 RetiredThe finding changed to the significant band.Recorded from FY2025_6cbd2629 · correction
3. FY2024 NewLease-adjusted debt was 5.9 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 6.6% of that debt. Both ratios are within the highly leveraged band of the S&P standard volatility table.Reconstructed · initial

Position in the S&P Standard Volatility Table, Fiscal 2025

S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.

Debt equals 3.5 years of adjusted EBITDA; a year of funds from operations equals 21.6% of it.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	below 1.5x	1.5x to 2x	2x to 3x	3.46x3x to 4x	4x to 5x	5x and above
FFO to debt	60% and above	45% to 60%	30% to 45%	21.6%20% to 30%	12% to 20%	below 12%

By Fiscal Year

Ratio	FY202431 Dec 2024	FY202531 Dec 2025
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt: borrowings + lease liabilities, or the lines that present them together; IFRS 16 puts every lease on the balance sheet
Adjusted EBITDAOperating profit before depreciation, amortisation, the impairment reported with them and pay in shares: the earnings that credit analysts set against debt.EBIT + depreciation and amortisation, with the impairment that the company reports together with them, + share-based payments; depreciation includes that of right-of-use assets, so no lease cost is added
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - cash taxes; cash interest includes the interest on lease liabilities
Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA	highly leveraged	significant
FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt	highly leveraged	significant
Net debt to adjusted EBITDADebt to EBITDA after cash and short-term investments are set against the debt.(Lease-adjusted debt - cash - short-term investments) / adjusted EBITDA
Operating cash flow to debtOperating cash flow after interest paid, as a share of debt with lease liabilities. A higher share means the debt could be repaid sooner from operating cash.Operating cash flow after interest paid / lease-adjusted debt; interest paid that the company classifies as financing activities is deducted
Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Operating cash flow after interest paid - capital expenditure) / lease-adjusted debt
Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Operating cash flow after interest paid - capital expenditure - dividends - purchases of own shares) / lease-adjusted debt
Retained cash flow to net debtFunds from operations left after dividends, as a share of debt net of cash.(FFO - dividends) / (lease-adjusted debt - cash - short-term investments)
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest) / cash interest; cash interest includes the interest on lease liabilities
EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / finance costs, which include the interest on lease liabilities
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202431 Dec 2024	FY202531 Dec 2025
Borrowings	$4.6bn	$7.7bn
Lease liabilities	$14.5m	$422m
Borrowings and lease liabilities presented as one line	$0	$0
Lease-adjusted debt	$4.6bn	$8.1bn
EBIT	$582m	$2.0bn
Depreciation and amortisation, with the impairment reported with them	$209m	$309m
Share-based payments	$0	$0
Adjusted EBITDA	$791m	$2.3bn
Cash interest	−$315m	−$414m
Cash taxes	−$167m	−$176m
Funds from operations	$309m	$1.8bn

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesLiquidity cover 1.84x, Debt due within 12 months $928m · FY2025

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash, short-term investments and operating cash flow for fiscal 2025 equalled 1.8 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow pay for the debt due in the next 12 months, capital expenditure and dividends, without new borrowing. Undrawn credit lines are not counted.
Weakenedin FY2025 · stated since FY20241.84x from 1.76x in FY2024
Rule: Liquidity cover · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 WeakenedCash, short-term investments and operating cash flow for fiscal 2025 equalled 1.8 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2025_6cbd2629 · correction
2. FY2025 StrengthenedCash, short-term investments and operating cash flow for fiscal 2025 equalled 2.1 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2025_080b8748 · data update
3. FY2024 NewCash, short-term investments and operating cash flow for fiscal 2024 equalled 1.8 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Fiscal 2025

Sources	Amount
Cash and short-term investments	$3.0bn
Operating cash flow	$310m
Sources	$3.3bn

Uses	Amount
Debt due within 12 months	$928m
Capital expenditure	$877m
Dividends paid	$0
Uses	$1.8bn

Liquidity cover 1.84x

By Fiscal Year

Ratio	FY202431 Dec 2024	FY202531 Dec 2025
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included
Debt due within 12 monthsBorrowings and lease liabilities due within the next 12 months, which the company must repay or refinance.Current borrowings + current lease liabilities, or the current line that presents them together

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityEarnings above cash flowCash-flow accruals 1.3% · FY2025

Accruals and the cash backing of reported earnings.

Net income attributable to the company for fiscal 2025 exceeded operating cash flow by an amount equal to 1.3% of average total assets.
Interpretation. Part of the profit has not come in as cash yet: net income was larger than operating cash flow. Profit made of accounting entries tends to repeat less than profit backed by cash (Sloan, 1996).
Newin FY2025 · first stated
Rule: Cash backing of earnings · Sources Annual report 2025-12
History of this finding, 1 record
1. FY2025 NewNet income attributable to the company for fiscal 2025 exceeded operating cash flow by an amount equal to 1.3% of average total assets.Recorded from FY2025_080b8748 · initial

By Fiscal Year

Ratio	FY202431 Dec 2024	FY202531 Dec 2025
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets	n/a
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)	n/a
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)	n/a
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresBeneish above thresholdBeneish −0.72

Published distress and misstatement models, with their original coefficients and thresholds.

The Beneish M-score for fiscal 2025 was minus 0.72, above the model threshold of minus 1.78.
Interpretation. The accounts show the patterns that Beneish (1999) found in companies that manipulated their earnings. Fast sales growth alone can push the score above minus 1.78.
Confirmedin FY2025 · first stated
Rule: Beneish M-score against its threshold · Sources Annual report 2025-12
History of this finding, 2 records
1. FY2025 ConfirmedThe Beneish M-score for fiscal 2025 was minus 0.72, above the model threshold of minus 1.78.Recorded from FY2025_6cbd2629 · correction
2. FY2025 NewThe Beneish M-score for fiscal 2025 was minus 0.73, above the model threshold of minus 1.78.Recorded from FY2025_080b8748 · initial

By Fiscal Year

Ratio	FY202531 Dec 2025
Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78	above threshold

Beneish M-score

fiscal 2025

A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.

Below the threshold, −1.78 and below

−0.72Above the threshold, above −1.78

The score of minus 0.72 is above the model threshold of minus 1.78. Of the 8 measures, sales growth raises the score most. The score is a screen; a conclusion requires a review of the accounts.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	0.750	0.920	0.690
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	1.000	0.528	0.528
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	0.933	0.404	0.377
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	3.197	0.892	2.852
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	1.090	0.115	0.125
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	0.800	−0.172	−0.138
Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model.	0.010	4.679	0.049
Leverage indexDebt against total assets, against a year earlier.	1.101	−0.327	−0.360
Score			−0.717

Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.

Source Documents

Documents of this snapshot, latest first. A report that states no date of publication carries the date on which its board approved the statements.

Document	Date	Id	SHA-256
Annual report for the year to 31 December 2025	30 Mar 2026, the date on which the board approved the statements	AR:barito-pacific-2025-12-31	33b061eae611

Checks

7070 checks, all passed

Statement arithmetic60 passedIn every annual report used, the lines of each statement add up to the totals printed under them, profit before tax less income tax gives the profit, the balance sheet balances, and the cash at the end of each year is the cash at its start with its change. A report that fails one is not used. Checked at error level.

Statements and notes1 passedWhere the statement of cash flows gives no depreciation and amortisation, the amount comes from the statement of profit or loss, a note on expenses by nature or the note on segments. Where the report gives it twice, both amounts agree; an amount that the report gives twice in disagreement is withheld. Where the report gives none of these, the amount is the sum of the charges that the notes on each class of assets state, used only where the notes on costs give the same sum and every class of assets on the balance sheet has its charge. Checked at warning level.

Fiscal calendar3 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity2 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Earnings per share2 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	70
Confirmed by other figures	10.0%, 7 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	0.0%, 0 values
Values withheld	0
Restated figures tracked	0
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, PT Barito Pacific Tbk, snapshot barito-pacific/FY2025_6cbd2629 (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_6cbd2629 · dataset SHA-256 6cbd262965c88a17af3c532f1f3111c83cb0aed9c14e6494d4d59db4ec373e55 · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json