~IDR 5.8tn rights issue to improve balance sheet and bring in strategic investor. Based on BNBR’s latest disclosure of infor0mation regarding planned rights issue (6/3/2026) in mid-26, BNBR is expected to raise up to IDR 5.8tn (USD 333mn), of which 76% or IDR 4.4tn (USD 253mn) are to be allocated for debt repayment related to Cimanggis-Cibitung Tollways (CCT) acquisition, 19% (IDR 1.1tn) for repayment to Mayapada Bank and 5% (IDR 300bn) for the JTT rest area development. We see this corporate action as a positive catalyst for BNBR, lowering its net gearing ratio to 228% from 360% (figure 15) and improving its interest coverage to 0.7x from 0.5x. Additionally, we expect the upcoming rights issue to bring in a standby buyer, providing further support for BNBR’s future business expansion plans.

CCT to account for c.25% of 2026F top-line: BNBR’s new key growth driver. CCT’s IDR 3.6tn acquisition (26.18 km) in Nov-25 is expected to contribute approximately 25% (~IDR 900bn) towards BNBR’s 2026F revenue (2025: 10% of top-line), based on an estimated average daily traffic (ADT) of 43K and toll tariff range of IDR 48.5k–97.0k. As part of the JORR 2 network, CCT connects Soekarno-Hatta International Airport to Tanjung Priok Port, offering alternative route for travellers from South Tangerang, Depok, and Bogor to West Java. The Burangkeng interchange (figure 10) will be a key connector, linking CCT to sections 2 and 3 of JSMR’s Japek II South Toll Road, which are expected to begin commissioning in 1Q27. For CCT, this development is projected to boost 2027 traffic by approximately 8K ADT (~+8%), enhancing access between Jakarta’s eastern section and the Cipularang Toll Road. Further traffic growth anticipated from the JTT rest area project near CCT and Japek II, expected to open in Mar-27. On the profitability front, CCT’s high EBITDA margin at 15.6% (2025) may increase BNBR’s EBITDA margin going forward to ~11-12%.

VKTR: continued e-bus dominance & intensified e-trucks focus to raise margins. As an exclusive e-bus partner of BYD, PT VKTR Teknologi Mobilitas Tbk (VKTR) is set to remain a key contender in Indonesia, potentially winning c.80-100 units (~30% market share) from TransJakarta’s rising 2026 e-bus tender of 350 units (200 units 12m e-bus & 150 units 8m e-bus). This potential success is supported by its ability to meet the minimum local content (TKDN) requirement of 40%. In 2025, VKTR managed to secure 80 units from last year’s tender (~30% share), of which 50 were booked in 2025, while the remaining 30 buses in 1Q26. On e-trucks, demand is expected to rise gradually, driven mainly by the mining and agriculture sectors in line with Indonesia’s decarbonization agenda. Based on BNBR’s internal estimates, switching from ICE trucks to e-trucks could reduce fuel costs by around 20% over the medium term for commodity producers and heavy equipment operators, particularly given margin headwinds from government policies such as export tariffs, higher royalties, and tighter DMO requirements. From VKTR’s profitability standpoint, e-trucks also offer higher GPM of ~20%, compared to ~8% for e-buses, paving the way for future margin improvements.