Jakarta, April 29, 2025 – PT VKTR Teknologi Mobilitas Tbk (“VKTR”) has released its consolidated financial report for the first quarter of 2025 (1Q25). The report shows a 6% year-on-year (YoY) growth in net revenue, rising from IDR 205 billion in 1Q24 to IDR 218 billion in 1Q25, despite the continued sluggishness of the national automotive market. Meanwhile, net profit declined by 84% YoY from IDR 21 billion in 1Q24 to IDR 3.3 billion in 1Q25, primarily due to an increase in cost of goods sold and fluctuations in the USD exchange rate. Total assets grew 3% YoY to IDR 1,663 billion as of March 31, 2025, up from IDR 1,609 billion as of December 31, 2024, driven by the completion of VKTR’s Magelang plant, which is expected to strengthen electric vehicle production capacity. In line with this expansion, total liabilities rose by 11% YoY to IDR 502 billion from IDR 453 billion, due to increased debt to support the company's working capital.

According to Gaikindo data, amid a 5% YoY decline in the national automotive market, VKTR recorded a 10% YoY revenue growth in its spare parts manufacturing segment in 1Q25. However, a key challenge remains: the increase in sales was driven by a shift in demand toward lower-margin products, resulting in a higher cost of goods sold (COGS). On the electric vehicle sales front, VKTR continues to broaden its client and product portfolio through diversification strategies, as evidenced by the successful sale of electric forklifts to the private sector. In addition, VKTR is in the final stages of processing a purchase order (PO) for 80 electric buses with Perum DAMRI for use in Transjakarta operations. This follows a previous order of 72 electric buses, now operational—20 units operated by Sinarjaya and 52 by Mayasari Bakti. These efforts reflect VKTR’s commitment, alongside strategic partners, to expanding its contribution to public transport electrification and accelerating the adoption of low-emission vehicles in Indonesia.

As part of its sustainable industrialization strategy, VKTR has completed the construction of Indonesia’s first commercial electric vehicle assembly facility based on the Completely Knocked Down (CKD) system, located in Magelang, Central Java, in early 2025. The 12-meter electric buses assembled at this facility have obtained a Domestic Component Level (TKDN) certification of over 40%. This facility is designed to scale up CKD-based production, improve operational efficiency, and strengthen Indonesia’s role as a regional hub for electric vehicle manufacturing. With this facility now operational, VKTR is well-positioned to capture the growing demand for electric vehicles, in line with the accelerating transport electrification and Indonesia’s 2060 Net Zero Emissions target.

Since the beginning of the first quarter of 2025, VKTR has achieved the milestone of deploying 20 CKD electric buses operated by Sinarjaya for Transjakarta, with bodywork collaboration handled by Laksana. The local assembly and deployment of these buses mark a significant step for Indonesia as a player in the commercial electric vehicle sector. Moreover, in March, Transjakarta operator Mayasari Bakti successfully tested a new and longest route—Terminal Depok Baru to BKN. During the trial, VKTR’s electric bus exceeded expectations by covering 322 km in a single day, with 21% battery remaining, demonstrating outstanding efficiency and reliability.

Furthermore, VKTR’s electric buses have significantly contributed to carbon emissions reduction. According to company calculations, the 84 units currently in operation, averaging 210 km per day over a 36-month period, have saved around 9,200 tons of CO₂—equivalent to planting approximately 420,000 trees. Additionally, these electric buses have saved about 3.4 million liters of fossil fuel, supporting global efforts to reduce dependence on fossil fuels and combat climate change.

In 2025, the Company will continue focusing on sustainable growth strategies, with top priorities including boosting sales and marketing efforts to expand its share of the electric vehicle market in Indonesia. VKTR will also optimize its financial management to support operations of the larger CKD assembly facility and increase production capacity to meet rising demand as part of its ongoing commitment to sustainability.

“We believe strengthening the Company’s presence in Indonesia’s electric vehicle sector is not just a business move, but part of our commitment to delivering sustainable solutions. By remaining agile and responsive to change, we are ready to grow alongside an evolving market and pursue product diversification going forward,” said Gilarsi W. Setijono, President Director of VKTR.

About PT VKTR Teknologi Mobilitas Tbk

PT VKTR Teknologi Mobilitas Tbk. (VKTR – pronounced “Vektor”) is a pioneer in the electrification of the commercial vehicle segment in Indonesia. VKTR officially listed its shares on the Indonesia Stock Exchange on June 19, 2023, becoming the first commercial EV issuer in the country. VKTR is committed to accelerating sustainable mobility through manufacturing innovation and strategic partnerships with the world’s leading electric vehicle manufacturers.

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