“The Directors optimized resources for sustainable growth.”
Honorable Shareholders and Stakeholders,
On behalf of the The Board of Directors (the Directors) of PT Intiland Development Tbk, I present the 2025 Annual Report with positive results. These achievements reflect the commitment, hard work, and spirit of the management and all employees.
Throughout 2025, we closely observed the dynamics of the national property sector as it navigated a series of challenges and opportunities. Management and all employees have worked diligently to capitalize on every opportunity and create the best solutions to maintain operational performance and sustainable business growth.
THE STRATEGIC POLICIES OF THE COMPANY
The Directors established strategic policy directions focused on business growth, stability, and financial strengthening by leveraging economic stability and development within the national property sector. The primary strategy for 2025 is centered on bolstering sales performance, improving the capital structure, and enhancing the efficiency of ongoing project developments. We also took several critical steps to foster a healthier financial structure by reducing debt burdens and divesting non-core assets to provide the Company with greater financial flexibility for future expansion.
From an operational perspective, we have more strategically targeted the residential and industrial estate sectors as the main growth drivers in 2025. The residential development projects are focused on ongoing developments in strategic areas such as Jakarta, Tangerang, and Surabaya. In the industrial estate development segment, we continue to rely on two key projects—Batang Industrial Park (BIP) and Ngoro Industrial Park (NIP)—as well as the Aeropolis Techno Park warehouse complex as the backbone of our sales and revenues. Land sales at Batang Industrial Park (BIP), located in Batang Regency, Central Java, made a significant contribution to the Company’s sales performance and financial results in 2025.
Maintaining healthy financial condition was also a key achievement throughout 2025. The Company demonstrated its commitment to reducing liabilities and debt burdens. The total debt decreased by 25% yoy to Rp 3,081.3 billion in 2025, compared to Rp 4,109.0 billion in 2024. The trend was in line with the deleveraging strategy. The Company has also fully paid for the Sustainable Sukuk Ijarah I Intiland Development Tranche II Year 2022 amounting to Rp250 billion on August 25, 2025, and the Sustainable Sukuk Ijarah I Intiland Development Tranche III Year 2022 Series B amounting to Rp125 billion on December 2, 2025.
Through a combination of disciplined debt management policies, targeted project development, and focused and aggressive sales strategies, the Company is now in a more optimistic position to welcome 2026 with significantly stronger business strength and competitiveness.
THE ROLE OF THE DIRECTORS IN FORMULATING STRATEGIC POLICIES
The Directors plays an active role in carrying out its duties, responsibilities, and authorities by adhering to the Company’s vision, mission, and long-term objectives. The formulation of strategies is undertaken through regular as well as incidental meetings with the Board of Commissioners and relevant parties to ensure that the policies adopted are aligned with the Company’s short-term and long-term interests.
In making strategic decisions, the Directors consistently adheres to the principles of good corporate governance and regulatory compliance. Seeking advice and consultation from the Board of Commissioners forms an integral part of the internal control mechanism implemented to manage risks and safeguard the Company’s reputation.
THE PROCESS IMPLEMENTED BY THE DIRECTORS IN STRATEGY EXECUTION
The Directors formulates and incorporate all corporate strategies and priorities into the Annual Strategic Work Plan. The implementation of these strategies is carried out through periodic monitoring and measurement of performance achievements as well as risk aspects. The analysis of gaps between targets and actual realization serves as a critical basis for decision-making and the determination of strategic solutions.
In 2025, the Directors effectively executed strategies through internal coordination, oversight, and corrective measures were necessary. We also conducted a series of meetings and discussions with external parties as anticipatory steps and risk mitigation against changes in economic, political, or regulatory conditions. In general, the Directors is of the view that the implementation of 2025 strategic policies proceeded effectively and in accordance with the plan.
2025 PERFORMANCE ACHIEVEMENTS
In the Company’s perspective, the national property sector continued to face significant challenges in 2025. Weakening purchasing power, coupled with low consumer interest and property investment, remained the primary constraints for the Company, particularly regarding the sales of vertical residential products.
Amid these challenges and conditions, the Company’s sales performance remains relatively stable in 2025. The Company recorded marketing sales of Rp1.61 trillion, representing 80.4% of the target of Rp2 trillion. This achievement represents a slight decrease compared to the Rp1.64 trillion realized in 2024. Fundamentally, the shortfall in the annual sales target was largely driven by demand volatility, particularly in the mixed-use and high-rise segments. Sales in this segment remained low, contributing Rp138.7 billion, a figure that reflects the continued weak market absorption of vertical residential.
The Company’s decision to maintain a conservative stance also determined sales performance. We have decided to postpone the launch of several new projects. As a risk mitigation measure and optimizing working capital, the Company consistently prioritized the accelerated sale of inventory units across ongoing projects. This strategic focus aimed to strengthen liquidity and ensure more efficient asset management while building a more robust business fundamental to navigate future property market cycles and dynamics.
We are grateful that the decision to bolster industrial land sales proved to be a precise and effective strategy. This segment recorded a marketing sales contribution of Rp638.2 billion, significantly exceeding the initial target of Rp401.2 billion and marking a 12.6% increase compared to 2024. This growth was driven by contributions from Batang Industrial Park (BIP) in Batang, Central Java; Ngoro Industrial Park (NIP) in Mojokerto, East Java; and the Aeropolis warehouse complex in Tangerang.
The Company’s strategy to shift its sales focus to the residential sector has also delivered positive results. This condition has been further supported by the Government’s decision to extend the period of the Value Added Tax incentive borne by the Government (VAT DTP) until the end of 2025. This tax stimulus has made it easier for the public to own homes and has effectively helped boost sales, particularly for ready-to-occupy housing units.
The landed residential segment recorded marketing sales of Rp830.8 billion in 2025, a 5.5% decrease compared to 2024. Residential projects in Jakarta and Tangerang contributed Rp368.7 billion, while projects in Surabaya contributed Rp462.1 billion.
The Company prudently managed to maintain its financial performance and recorded fairly positive achievements. Based on the Company’s audited financial statements as of December 31, 2025, revenue amounted to Rp2.46 trillion, representing 97.2% of the target of Rp2.53 trillion. This figure declined by 3.6% compared to IDR 2.55 trillion in 2024. Development income derived from property unit sales contributed Rp1.51 trillion, or 61.5% of the total, reflecting a decrease of 9.3% compared to 2024. The remainder came from recurring income generated from investment properties, amounting to Rp947.68 billion or 38.5% of the total, which increased by 7.2% compared to 2024.
The largest contributor to revenue came from the investment property segment at 38.5%, followed by the landed residential and industrial estate segments, which contributed 31.8% and 20.7% of the total, respectively. Meanwhile, the mixed-use and high-rise development segment contributed 9%. Revenue from investment properties was generated from office leasing, golf courses and sports facilities, as well as property management services.
We observed that profitability performance in 2025 remained under pressure. Gross profit and operating profit were recorded at Rp960.49 billion and Rp672.24 billion, respectively, representing an increase compared to 2024. Amid these challenges, the Company managed to record profit for the year attributable to owners of the parent Company amounting to Rp64.26 billion, or 110.8% of the target of Rp58 billion. Compared to the 2024 achievement of Rp174.77 billion, the Company’s profit performance in 2025 declined of 63.2%.
The Directors strives to maintain financial stability while continuing to drive performance growth in 2025. The Company successfully maintained key financial ratios, such as gross profit margin, operating margin, net profit margin, and Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). Improvements in these ratios reflect efficiency in managing the cost of goods sold and operating expenses, mirroring more fundamental profitability growth and improved operating cash flow. Another achievement was the successful reduction of operating expenses through process optimization and cost control across all business lines.
ECONOMIC AND PROPERTY SECTOR DEVELOPMENTS
We observe that domestic economic stability significantly influences the dynamics of the property sector. Throughout 2025, the Indonesian economy demonstrated resilient performance amidst global economic and security uncertainties.
According to reports from the Statistics Indonesia (BPS), Indonesia’s economic growth in 2025 remained consistently maintained at around 5.11%, underscoring the effectiveness of fiscal and monetary policies in sustaining the recovery momentum. The resilience of the domestic economy was also supported by well-controlled inflation, with the annual inflation rate maintained at around 2.92%. In addition, the realization of foreign direct investment (FDI) inflows into Indonesia throughout 2025 reached Rp900.9 trillion, remaining relatively stable compared to the previous year. The success in maintaining these macroeconomic indicators at positive levels provides a strong foundation for Indonesia in facing the challenges of 2026.
This landscape serves as a magnet for global investors, instilling confidence to continue investing in Indonesia. With strong domestic consumption and controlled inflation, Indonesia is regarded as having the resilience to mitigate external shocks. Precise policy navigation and maintained macroeconomic stability throughout 2025 have become crucial foundation for Indonesia’s future competitive.
We express our appreciation for the Government’s success in maintaining economic stability amid global uncertainties. Strong economic fundamentals have become a key factor in supporting the resilience of the domestic property industry. Although the property sector is generally still in a consolidation phase, several segments continue to experience growth. The resilience of the property sector has also been supported by government policy interventions through various pro-market measures. One of these is the extension of the 100% Government-Borne Value Added Tax incentive (VAT DTP), which remains in effect until the end of 2025. This stimulus has had a positive impact in sustaining consumer purchasing interest, particularly in the residential property segment.
The Company noted that property market trends throughout 2025 showed a dominance of landed house sales over apartments or condominiums. Based on Bank Indonesia data, the distribution of property credit to the banking sector continues to show a positive trend. As of November 2025, property credit grew by 7.4% year-on-year, reaching Rp1,513.5 trillion. Specifically, the FLPP (Housing Financing Liquidity Facility) subsidized mortgages set a record high, with approximately 278,868 units valued at Rp34.6 trillion. Despite challenges from rising construction costs, the stability of the property sector in 2025 is a vital aspect of future growth projections. This sector is expected to serve as a primary engine for national economic growth alongside other basic industrial sectors.
We remain confident that the property industry will gradually improve and demonstrate resilience against market changes and dynamics. While growth trends may not yet occur across all segments, the Company expects conditions to improve alongside increasing purchasing power and public interest in property. Security stability and more fundamental economic growth provide confidence in the positive long-term prospects of the property sector.
THE COMPANY’S BUSINESS DEVELOPMENT
The year 2025 marked a pivotal phase in the Company’s business development. Amidst the ongoing challenges within the property sector, the Company prioritized strengthening its future competitiveness. These efforts were not limited to sales and operational performance but also extended to bolstering the financial structure, enhancing profitability, and laying a new foundation for long-term business sustainability.
The Company recorded several key milestones that significantly impacted operations and overall business performance. The process of adapting to prevailing conditions and challenges sparked various breakthroughs and innovative measures. The Company continues to strive for greater efficiency in its business processes, strengthen marketing strategies, and manage priorities to maintain growth momentum and business stability.
Regarding project development, the Company remains focused on its existing portfolio across the residential, mixed-use & high-rise, and industrial segments as primary sales drivers, alongside investment properties as sources of recurring income. The residential development segment continued to be the focal point of growth in 2025. Currently, the Company is developing 17 residential projects across strategic locations, including Jakarta, Tangerang, and Surabaya. A notable achievement in 2025 was the launch of Regatta Residence, a new nautical-themed residential project spanning 4.9 hectares as part of the Regatta integrated development in Pluit, North Jakarta. In February 2025, the Company also launched the Alba cluster, the latest development within the Graha Famili residential estate in Surabaya. Meanwhile, other residential projects saw the launch of new, more modern housing types tailored to current market demands.
To strengthen its recurring income streams, the Company, through PT Intiwhiz International, inaugurated the opening of Grand Whiz Hotel Praxis Surabaya. This four-star hotel complements the development of Praxis as an integrated superblock located in the heart of Surabaya’s Central Business District (CBD). Featuring 267 rooms, the hotel is equipped with comprehensive facilities. The Company also expanded its service portfolio by launching Keep Storage, a self-storage solution that integrates digital technology with accessibility, guaranteed security, and space efficiency, located in the Annexe building of Intiland Tower Jakarta.
Through its subsidiary, PT Intiland Alfa Rendita, the Company collaborated with ION Network to establish a joint venture company specializing in Data Center services. The formation of this joint venture is part of a strategy to optimize existing property assets and explore opportunities within the rapidly growing data center industry.
To boost sales, the Company launched two major promotional programs throughout 2025. The first was the “Hot Summer Sale,” which ran from June to August 2025, followed by “Fantastic Deals,” held from October to December 2025. Both programs offered a wide selection of property products—including landed houses, apartments, offices, SOHOs, and warehouses—alongside special purchasing incentives. These programs were well-received and garnered significant appreciation from the public.
Amidst the challenging property market conditions, implementing the principle of prudence in every policy has become a vital step in risk management. The Company has adopted a conservative approach toward expansion and investment in new project developments. Resources are deployed with extreme caution to ensure that every strategic policy is executed effectively to achieve long-term growth targets.
The performance of Intiland’s shares on the stock exchange was quite dynamic, though it experienced a decline toward the end of 2025. At the opening of the year’s trading session, shares coded DILD were traded at Rp162 per share. At the closing session on December 31, 2025, DILD closed at Rp137 per share. DILD shares reached a peak price of Rp171 per share on January 6, 2025, and hit a low of Rp110 per share on July 4, 2025.
In 2025, the Company remained committed to maintaining a sound financial structure to ensure the availability of funds for operational activities and future business development. All financial policies were implemented based on prudent principles, with careful consideration of associated risks. One of the key achievements during the year was the improvement in several critical financial ratios, including solvency, capital structure, and profitability indicators.
In terms of Human Resources (HR), quality enhancement remained a top priority in 2025. We recognize that HR development plays a crucial role in the Company’s sustainability and future. Investment in HR is realized through various development programs, including training, values internalization, welfare improvement, and transparent, challenging career paths. Throughout 2025, the Company organized and participated in 343 training activities, totaling 9,011 learning hours. These programs included technical training, competency enhancement, knowledge management, workshops, sharing sessions, employee engagement initiatives, and innovation competitions.
The innovation competition is held annually. In 2025, the competition was participated in by 62 innovation projects, resulting in 10 best innovations in the areas of marketing, business processes, procurement, building management, and information technology–based services. This event serves as a platform for all employees to foster a spirit of change and continuous improvement. Every employee has the opportunity to develop creative ideas and concepts to improve business processes and maximize work effectiveness.
IMPLEMENTATION OF CORPORATE GOVERNANCE
We believe that achieving sustainable business growth requires a strong commitment to Good Corporate Governance (GCG). The implementation of GCG is an integral part of our commitment to enhancing corporate and shareholder value, as well as supporting long-term growth strategies. Governance has become an important aspect for all corporate organs in alignment with the Corporate Governance Guidelines issued by the Financial Services Authority.
The implementation of GCG throughout 2025 reaffirmed the Company’s strong commitment to making governance principles the foundation of business sustainability. The Company consistently integrates the values of transparency, accountability, and adherence to business ethics in order to maintain the trust of stakeholders, ranging from shareholders to the broader community. This focus demonstrates that GCG is not merely regarded as an administrative obligation, but rather as a strategic asset to safeguard the Company’s reputation and credibility in the long term.
At Intiland, the implementation of GCG receives full synergy and support from all governance bodies. The Board of Commissioners plays an active role in providing oversight and strategic advice to the Directors. Through periodic evaluations conducted throughout 2025, the Company ensures that internal control systems and risk management are functioning adequately. This achievement reflects the presence of a sound checks and balances mechanism. Every strategic decision and work plan is carefully evaluated to mitigate potential risks that could adversely affect the Company.
As a tangible manifestation of the Company’s transparency and long-term responsibility, we have published the 2025 Sustainability Report. Carrying the theme “Sustainable Resilience,” this report reinforces the Company’s commitment to move forward by positioning governance aspects as part of its sustainability vision. Through the strengthening of this sustainable management system, the Company not only aims to meet compliance standards, but also strives to enhance competitiveness and foster harmonious relationships with all stakeholders.
In 2025, the Company once again reaffirmed that the implementation of Corporate Social and Environmental Responsibility (CSR) represents a long-term investment that is integrated with its sustainable business strategy. The primary focus is directed toward the implementation of community empowerment programs in areas surrounding the operational sites of the Company’s projects. By targeting these strategic areas, we aim to create economic independence and improve the quality of life of local communities, which in turn will establish a more stable and conducive business ecosystem for the Company’s future growth.
The implementation of CSR also reflects the Company’s moral responsibility for the social and environmental impacts arising from its operational activities. Through an approach based on empowerment and conservation, we seek to ensure that the presence of our projects provides tangible added value to the surrounding environment. This commitment reinforces the paradigm that financial success must go hand in hand with social well-being, thereby creating a harmonious and mutually beneficial relationship between the Company and its stakeholders over the long term.
CHANGES IN THE COMPOSITION OF THE BOARD OF COMMISSIONERS AND THE DIRECTORS
In 2025, there were changes in the composition of the Company’s Board of Commissioners and the Directors, which were approved at the Annual General Meeting of Shareholders (AGMS) held on May 28, 2025. These changes were made in line with the expiration of the term of office of all members of the Company’s Board of Commissioners and the Directors. Based on the resolution of the AGMS, the composition of the Board of Commissioners consists of Dr. Sofyan A. Djalil as President Commissioner and Independent Commissioner, Mr. Sinarto Dharmawan as Vice President Commissioner, Mr. Friso Palilingan as Independent Commissioner, and Mr. Alexander S. Rusli as Independent Commissioner.
The new composition of the Company’s Directors consists of Mr. Archied Noto Pradono as President Director, Mr. Utama Gondokusumo as Vice President Director, Ms. Novita Anggriani as Director, and Mr. Simon Joseph Wirawan as Director. The composition of the Board of Commissioners and the Directors became effective as determined by the Annual AGMS for the next five-year period, which will end in 2030.
The Directors extends its gratitude and appreciation to Mr. Thio Gwan Po Micky, Ms. Ping Handayani Hanli, Mr. Jahja Asikin, Mr. Suhendro Prabowo, Mr. Perry Yoranouw, and Mr. Permadi Indra Yoga for their contributions, dedication, and services to Intiland during their tenure as members of the Company’s Board of Commissioners and the Directors in the previous period.
All members of the Directors possess diverse competencies, experience, expertise, and educational backgrounds that complement and support one another. This diversity of educational backgrounds, expertise, and experience greatly assists the Board of Directors in carrying out its functions, duties, responsibilities, and authority in leading and managing the Company.
CORPORATE AWARDS
We are proud and grateful for the appreciation, recognition, and awards received by the Company throughout 2025. The Company extends its sincere thanks to all parties who have provided recognition and appreciation for the property developments and services delivered by Intiland over the years.
In 2025, the Company received three prestigious awards. The Company received the Best Stock Award 2025 in the mid-market capitalization category in the property & real estate sector. This award event was organized by Investortrust and InfoVesta on February 25, 2025. The founder of Intiland, the late Mr. Hendro Santoso Gondokusumo, also received The Legacy trophy from Indonesia Property Watch at the Golden Property Awards 2025. This award was presented in recognition of his contributions to advancing Indonesia’s property industry. In addition, one of the Company’s flagship properties, South Quarter integrated office complex, received the Best Greenship Commitment award at the Greenship Awards 2025 organized by the Green Building Council Indonesia.
All these achievements and awards serve as encouragement and motivation for the entire Intiland family to continue delivering innovation and the best property services at all times.
CHALLENGES FACED BY THE COMPANY
Amid the evolving dynamics of the economic landscape, investment climate, and the national property sector, the Company acknowledges that several challenges persisted throughout 2025. The property market has yet to demonstrate strong growth momentum, particularly within the vertical residential segment. Consumer purchasing and investment interest remained relatively subdued, despite the Government’s providing various incentives aimed at facilitating property ownership.
These conditions have presented challenges for many property developers in Indonesia, including the Company. As part of its risk mitigation efforts, the Company adopted a prudent and measured approach in launching new projects. Consequently, sales performance was largely supported by the existing inventory within ongoing developments.
In response to these conditions and challenges, the Company implemented a range of strategic initiatives to maintain business resilience and performance. In addition to refocusing sales efforts on property segments with stronger growth potential, the Company also undertook various marketing initiatives, introduced new product offerings within active projects, and optimized its portfolio through the divestment of non-core assets. These initiatives contributed to sustaining operational stability and overall business performance.
OUTLOOK ON BUSINESS PROSPECTS
We believe that the property industry plays an important role in societal development. Although the market remains relatively selective, the property sector continues to serve as a key driver of economic activity, a major source of employment, and a provider of primary needs, particularly amid the still high housing backlog in 2025. This outlook strengthens the Company’s confidence in its future business prospects. The Government’s optimism regarding prospects is reflected in the economic growth target of 5.4%, with inflation expected to remain under control at around 2.5%.
Government policies and programs aimed at accelerating the property industry will play an important role in shaping future business prospects. The three-million-housing program and the extension of the VAT incentive borne by the Government (VAT DTP) are expected to stimulate property demand, particularly in the residential segment. In 2026, the Government allocated Rp58 trillion in the State Budget (APBN) to support the three-million-housing program through the Ministry of Housing and Settlement Areas.
We anticipate that the property sector will continue to focus on resilience, adaptation within the middle-to-lower market segments, the adoption of green building principles, and digital transformation, including the utilization of artificial intelligence. Amid market dynamics, the Company remains confident in its capacity and resources to sustain long-term performance growth. Through its four development segments—residential estates, mixed-use and high-rise developments, industrial estates, and investment properties—the Company retains the flexibility to prioritize sales strategies and revenue streams during periods of market volatility.
To support sustainable growth, the Company continues to emphasize four strategic priorities: organic growth, acquisition opportunities, strategic partnerships, and disciplined capital and investment management. Strengthening sales from ongoing projects, increasing recurring income contributions, enhancing property asset value, and advancing the development of new industrial estate projects will remain among the Company’s key focus areas.
With its strong track record, capabilities, resources, and diversified portfolio, the Company remains confident in its ability to sustain growth and continue creating long-term value.
APPRECIATION
On behalf of the Directors, I would like to express our sincere appreciation to our shareholders, investors, business partners, and customers for their continued trust and support. We also extend our gratitude to the Board of Commissioners and the Supporting Committees for their guidance and oversight in strengthening good corporate governance and sustainable growth.
I would also like to acknowledge the dedication, commitment, and contributions of the management team and all employees, whose collective efforts enabled the Company to navigate 2025 with resilience and to be better prepared for the challenges and opportunities ahead. In line with the theme of the 2025 Annual Report, Intiland is well-positioned to enter 2026 with renewed optimism and to further strengthen its competitiveness in achieving sustainable growth.
Archied Noto Pradono
President Director