Company statement Statement on the Bloomberg News article

Jakarta, 03 November 2026 - PT Barito Renewables Energy Tbk ("Barito Renewables" or "the Company") is aware of the Bloomberg News article "Wash Trades and 5,000% Gains: Inside Indonesia's MSCI Hustle," published on 2 November 2026, which refers to the Company in several passages. 

The Company firmly rejects two claims the article makes about trading in its shares, as set out below.

1. On the article's account of the Company's share price after its IPO
In its section on the Company's October 2023 IPO, the article says the shares rose nearly 1,000% within weeks of listing. Citing two people familiar with the matter, it says the rally was "in large part" driven by brokers at PT Henan Putihrai Sekuritas working to boost trading volume and fuel talk of MSCI inclusion.

The Company firmly rejects this claim. The Company did not instruct, engage or pay any securities firm to inflate the trading volume or price of its shares, and was not party to any campaign to do so.

The claim rests on two unnamed sources, and the article presents no evidence to support it. The same article also reports that Henan has denied acting illegally to push up the Company's shares.

2. On the reference to "Pangestu's brokers"
In a later passage on the MSCI inclusion of another listed company, the article reports some foreign investors as saying they had faced a similar share squeeze with Barito Renewables, but that "Pangestu's brokers" had kept it from becoming extreme.

The Company rejects any suggestion that securities firms acted on its behalf or at its direction. The Company does not direct the trading activities of any securities firm in its shares, including PT Henan Putihrai Sekuritas.

The phrase "Pangestu's brokers" is a characterisation by unnamed investors. The article does not say which brokers it means, and presents no evidence that any broker acted on instructions from the Company.

This characterization creates a misleading impression of an association or arrangement between the Company, its controlling shareholder and external brokers.

Share price movements occur within the market's trading mechanisms and are influenced by various factors, including investor demand, market liquidity and prevailing market conditions. These broader market dynamics are important considerations in understanding price movements in Indonesia's capital market.

The Company's position

The Company supports the capital market reforms led by the Financial Services Authority (OJK) and the Indonesia Stock Exchange to foster a strong, competitive and sustainable investment climate as a foundation for Indonesia's economic growth.

The Company also reiterates that its operations continue as normal. Its geothermal power plants at Salak, Darajat and Wayang Windu, and its wind farm in Sidrap, South Sulawesi, continue to supply electricity to the national grid under long-term contracts. 

In end of October 2026, the Company completed the retrofit of Darajat Unit 3, raising its installed geothermal capacity to 935.55 MW, from 886 MW at the time of its IPO in 2023. The Company remains on course to reach 1 GW of installed geothermal capacity by the end of 2026.