Reported Earnings • May 24
First quarter 2026 earnings released: EPS: Rp2.00 (vs Rp8.77 in 1Q 2025) First quarter 2026 results: EPS: Rp2.00 (down from Rp8.77 in 1Q 2025). Revenue: Rp277.6b (flat on 1Q 2025). Net income: Rp2.22b (down 74% from 1Q 2025). Profit margin: 0.8% (down from 3.1% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to Rp790, the stock trades at a trailing P/E ratio of 61.6x. Average trailing P/E is 28x in the Packaging industry in Indonesia. Total loss to shareholders of 28% over the past three years. New Risk • Apr 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 87% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.3x net interest cover). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (Rp626.6b market cap, or US$37.0m). Announcement • Apr 02
PT Berlina Tbk, Annual General Meeting, May 08, 2026 PT Berlina Tbk, Annual General Meeting, May 08, 2026. Reported Earnings • Mar 29
Full year 2025 earnings released: EPS: Rp13.00 (vs Rp21.06 loss in FY 2024) Full year 2025 results: EPS: Rp13.00 (up from Rp21.06 loss in FY 2024). Revenue: Rp1.04t (flat on FY 2024). Net income: Rp12.6b (up Rp33.2b from FY 2024). Profit margin: 1.2% (up from net loss in FY 2024). Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 04
Third quarter 2025 earnings released: EPS: Rp0.15 (vs Rp4.05 loss in 3Q 2024) Third quarter 2025 results: EPS: Rp0.15 (up from Rp4.05 loss in 3Q 2024). Revenue: Rp272.1b (up 3.4% from 3Q 2024). Net income: Rp142.9m (up Rp4.11b from 3Q 2024). Profit margin: 0.1% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • May 12
PT Berlina Tbk, Annual General Meeting, Jun 18, 2025 PT Berlina Tbk, Annual General Meeting, Jun 18, 2025. New Risk • Nov 06
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -Rp48b This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Less than 1 year of cash runway based on current free cash flow (-Rp48b). Market cap is less than US$100m (Rp636.4b market cap, or US$40.7m). Reported Earnings • Nov 02
Third quarter 2024 earnings released: Rp3.86 loss per share (vs Rp27.80 loss in 3Q 2023) Third quarter 2024 results: Rp3.86 loss per share (improved from Rp27.80 loss in 3Q 2023). Revenue: Rp263.2b (up 4.1% from 3Q 2023). Net loss: Rp3.97b (loss narrowed 85% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 02
Second quarter 2024 earnings released: Rp8.77 loss per share (vs Rp21.39 loss in 2Q 2023) Second quarter 2024 results: Rp8.77 loss per share (improved from Rp21.39 loss in 2Q 2023). Revenue: Rp240.3b (up 4.4% from 2Q 2023). Net loss: Rp8.89b (loss narrowed 58% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Announcement • May 22
PT Berlina Tbk, Annual General Meeting, Jun 26, 2024 PT Berlina Tbk, Annual General Meeting, Jun 26, 2024. Reported Earnings • May 05
First quarter 2024 earnings released: Rp8.00 loss per share (vs Rp12.23 loss in 1Q 2023) First quarter 2024 results: Rp8.00 loss per share (improved from Rp12.23 loss in 1Q 2023). Revenue: Rp268.9b (flat on 1Q 2023). Net loss: Rp8.05b (loss narrowed 33% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 02
Full year 2023 earnings released: Rp85.00 loss per share (vs Rp137 loss in FY 2022) Full year 2023 results: Rp85.00 loss per share (improved from Rp137 loss in FY 2022). Revenue: Rp1.00t (down 5.0% from FY 2022). Net loss: Rp83.5b (loss narrowed 38% from FY 2022). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Feb 01
PT Berlina Tbk Ordinary Shares to be Deleted from OTC Equity PT Berlina Tbk Ordinary Shares will be deleted from OTC Equity effective January 31, 2024, due to inactive security. Reported Earnings • Nov 03
Third quarter 2023 earnings released: Rp27.23 loss per share (vs Rp29.47 loss in 3Q 2022) Third quarter 2023 results: Rp27.23 loss per share (improved from Rp29.47 loss in 3Q 2022). Revenue: Rp252.9b (down 1.7% from 3Q 2022). Net loss: Rp27.2b (loss narrowed 5.7% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 04
Second quarter 2023 earnings released: Rp21.88 loss per share (vs Rp26.54 loss in 2Q 2022) Second quarter 2023 results: Rp21.88 loss per share (improved from Rp26.54 loss in 2Q 2022). Revenue: Rp230.1b (down 14% from 2Q 2022). Net loss: Rp20.9b (loss narrowed 19% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 4% per year. Reported Earnings • Jun 05
Third quarter 2021 earnings released: Rp22.97 loss per share (vs Rp37.56 loss in 3Q 2020) Third quarter 2021 results: Rp22.97 loss per share (up from Rp37.56 loss in 3Q 2020). Revenue: Rp253.6b (down 2.0% from 3Q 2020). Net loss: Rp22.5b (loss narrowed 39% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Nov 06
Second quarter 2021 earnings released: Rp7.56 loss per share (vs Rp16.19 loss in 2Q 2020) The company reported a decent second quarter result with reduced losses and improved control over expenses, although revenues were weaker. Second quarter 2021 results: Revenue: Rp245.7b (down 11% from 2Q 2020). Net loss: Rp7.49b (loss narrowed 53% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Jun 19
Third quarter 2020 earnings released: Rp37.56 loss per share (vs Rp31.34 loss in 3Q 2019) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2020 results: Revenue: Rp258.9b (down 20% from 3Q 2019). Net loss: Rp36.8b (loss widened 20% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 7% per year. Is New 90 Day High Low • Jan 14
New 90-day low: Rp1,030 The company is down 2.0% from its price of Rp1,050 on 16 October 2020. The Indonesian market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is up 16% over the same period. Is New 90 Day High Low • Dec 28
New 90-day high: Rp1,175 The company is up 20% from its price of Rp980 on 30 September 2020. The Indonesian market is up 24% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Packaging industry, which is up 12% over the same period. Reported Earnings • Dec 03
Third quarter 2020 earnings released: Rp36.95 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: Rp258.9b (down 20% from 3Q 2019). Net loss: Rp36.8b (loss widened 20% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has remained flat. Is New 90 Day High Low • Oct 24
New 90-day high: Rp1,170 The company is up 26% from its price of Rp930 on 24 July 2020. The Indonesian market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is down 6.0% over the same period. Is New 90 Day High Low • Oct 05
New 90-day high: Rp1,085 The company is up 9.0% from its price of Rp1,000 on 06 July 2020. The Indonesian market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is down 4.0% over the same period.