Annual Reports
PT Saratoga Investama Sedaya Tbk's annual reports contain management's most considered account of the business. These are the sections, passages and visual pages worth opening in the originals preserved in Sources.
PT Saratoga Investama Sedaya Tbk — FY2025 Annual Report — FY2025
The latest full account of a holding company whose reported profit is almost entirely the mark-to-market of ten investee stakes. · Open the full document →
Saratoga in Brief — p. 12 · Read the full section →
Defines the business in management's own terms: an active investment company that invests, grows and monetizes minority stakes.
Who Saratoga is, then the three activities it labels Invest, Grow and Monetize.
PT Saratoga Investama Sedaya Tbk. (IDX Code: SRTG) is a leading active investment company in Indonesia with nearly 3 (three) decades of investment experience since its establishment in 1997. Saratoga has built a strong track record across multiple economic cycles, supported by a disciplined and long-term investment approach. […] With a passion for excellence, we actively approach investment opportunities early on where significant value can be added. […] We actively support our investment, leverage our expertise in investment management, sector knowledge, and wideranging access to debt and equity capital markets, locally and internationally. […] We actively manage our investments and provide our investee companies with a broad range of capital market and strategic placement opportunities.
p. 12 · Read in context →
Report of the Board of Directors — p. 23 · Read the full section →
Management's own framing of 2025: where capital was rotated, and the NAV outcome it produced.
Portfolio Highlights — p. 29 · Read the full section →
The asset-by-asset walk — the only place the unlisted holdings, which have no market price, are described at all.
The ADRO/AADI separation that split the largest holding into two listed lines.
In late 2024, ADRO completed its strategic repositioning to focus on mineral processing and renewable energy. Following the separation of its thermal coal subsidiary, PT Adaro Andalan Indonesia Tbk. (AADI), the Company managed its portfolios to concentrate all resources on its metallurgical coal and minerals business operated through PT Alamtri Minerals Indonesia Tbk. (ADMR).
p. 30 · Read in context →
The Digital Realty 50:50 joint venture, the year's main unlisted development.
In March 2025, BDIA reached a significant strategic milestone with the formation of a 50:50 joint venture with Digital Realty, the world’s largest global provider of cloud- and carrier-neutral data center, colocation, and interconnection solutions. […] Through Digital Realty Bersama, the joint venture owns and operates a connected data center campus in Jakarta, consisting of multiple strategically located facilities.
p. 33 · Read in context →
Review of Operations — p. 54 · Read the full section →
States plainly that income is dividends plus fair-value change, then attributes the 180% swing in net gain to two share prices.
The income model, and the TBIG/MDKA re-rating behind the IDR4,140 billion net gain.
Saratoga’s income is principally derived from dividend receipts, realized gains on investment disposals, and changes in the fair value of investments. […] In 2025, Saratoga recorded a net gain IDR4,140 billion from investments in shares and other securities, a significant improvement compared to 2024, when the Company recorded a gain of IDR1,478 billion. This turnaround was primarily attributable to the increase in the share price of PT Tower Bersama Infrastructure Tbk. and PT Merdeka Copper Gold Tbk.
p. 54 · Read in context →
Investments in Shares and Other Equity Securities — p. 57 · Read the full section →
The portfolio at carrying value, holding by holding — the balance sheet a holdco is actually judged on.
Ability to Service Debt — p. 59 · Read the full section →
How a company with no operating revenue funds itself: dividends, divestments and interest, against a 0.8% loan-to-value.
Borrowings more than halved to IDR1,450 billion; LTV down to 0.8% from 3.0%.
As of 31 December 2025, the Company’s total borrowings declined to IDR1,450 billion, compared with IDR3,214 billion as of 31 December 2024, primarily due to the repayment of bank loans. […] As of 31 December 2025, the Company’s loan-to-value (LTV) ratio declined to 0.8% compared to 3.0% in 2024.
p. 59 · Read in context →
Risk Profile — p. 101 · Read the full section →
Two risks specific to this structure: it inherits every industry its investees operate in, and it depends on its founders.
Inherited industry risk across investees, and dependency on founders and key executives.
The Company has investee companies operating across various industries, including the natural resources, infrastructure, and consumer sectors. Each of these industries is subject to its own inherent risks, which may affect the operational performance and financial results of the investee companies and, in turn, the Company's investment outcomes. […] The Company may be exposed to risks arising from its reliance on founders and key executives, as the loss of their services could affect leadership continuity, strategic direction and business performance.
p. 101 · Read in context →
f. Principles of consolidation — p. 130 · Read the full section →
The accounting policy that defines the business model: as an investment entity Saratoga does not consolidate investees, it fair-values them.
Investment-entity status under PSAK 110: controlled entities, associates and JVs all carried at FVTPL.
The Company is a qualifying investment entity stipulated in PSAK 110, “Consolidated Financial Statements”, and accordingly investments in controlled entities - as well as investments in associates and joint ventures are measured at fair value through profit or loss (FVTPL) in accordance with PSAK 109 with the exception of subsidiaries that are considered an extension of the Company’s investing activities (i.e. a subsidiary that is non investment entity (in accordance with PSAK 110) which only provides investment management services to the Company). […] As a result, the Company only consolidates subsidiaries that are non-investment entities (in accordance with PSAK 110) which provide investment management services to the Company (see Note 1e for the list of consolidated subsidiaries).
p. 130 · Read in context →
Valuation of Level 2 and 3 Investments Carried at Fair Value — p. 167 · Read the full section →
The auditor's key audit matter: 55% of assets are valued by judgment rather than by an observable price.
IDR34.5 trillion of Level 2 and 3 investments, 55.26% of consolidated assets, valued on unobservable inputs.
As at 31 December 2025, the Group's investing activities result in various Level 2 and 3 (including investments measured at cost) investments in shares and other securities totaling IDR 34,543,686 million, representing 55.26% of the total consolidated assets. Out of those in Level 2, a total of IDR 25,485,721 million are investments in entities that hold a direct ownership in publicly traded shares. […] Unlike investments in publicly traded equities whose prices are readily observable and therefore more easily independently corroborated, the valuation of these Level 2 and 3 investments is inherently subjective, often involves the use of inputs that are unobservable
p. 167 · Read in context →
PT Saratoga Investama Sedaya Tbk — FY2021 Annual Report — FY2021
Included for one reason: this is the year the segment definitions were replaced wholesale, and the report shows the bridge. · Open the full document →
17. Segment Information — p. 146 · Read the full section →
Sector segments (natural resources, infrastructure, consumer) were retired here for lifecycle buckets, with 2020 restated to match.
The three replacement segments — Blue Chip, Digital Technology, Growth Focused — as first defined.
The Company categories the segment information into 3 (three) main sectors which are the investment target of the Company.
These segments are determined based on the following considerations: […] 1. Blue Chip Companies
Companies included in this category are companies that have a national reputation, both in terms of quality, ability and reliability to operate profitably in various economic situations with good or bad conditions, usually listed as part of LQ45 on the Indonesia Stock Exchange.
2. Digital Technology Companies
Companies defined here are companies that place an emphasis on digitizing business processes and services through sophisticated information technology and systems.
3. Growth Focused Companies
Companies that included in this category are companies that are still in the process of developing both in terms of income, as well as increasing the number of workers so that they can become bigger in the future.
p. 146 · Read in context →
More annual reports
PT Saratoga Investama Sedaya Tbk — FY2024 Annual Report — FY2024 · 167 pages · The base year for every 2025 comparison, and the year borrowings peaked at IDR3.2 trillion and LTV at 3.0%. · Open →
PT Saratoga Investama Sedaya Tbk — FY2023 Annual Report — FY2023 · 157 pages · The loss year: an IDR10.2 trillion mark-to-market loss shows what the same model does when investee prices fall. · Open →
PT Saratoga Investama Sedaya Tbk — FY2022 Annual Report — FY2022 · 162 pages · The commodity-peak year on the other side of 2023, useful for reading the portfolio through a full cycle. · Open →