Esteemed Shareholders and Stakeholders,

Allow me to begin this report by expressing my gratitude to God Almighty, for it is through His grace and blessings that the Company has successfully closed 2025 with positive achievements. Amid various challenges, the Company remains committed to making the best possible contribution to the community, customers, and all stakeholders. This report has been prepared to inform you of the Company’s performance throughout 2025 and to lay a solid foundation for sustainable growth and value creation for all stakeholders.

Economic and Industry Conditions in 2025

As cited from Bank Indonesia’s Monetary Policy Review released in December 2025, short-term global economic conditions showed improvement, albeit with uncertainties that must continue to be closely monitored. Global economic growth in 2025 is projected to reach approximately 3.2%, driven by stronger economic performance in Japan and India supported by household consumption and fiscal stimulus policies. The growth outlook for the European region remains positive, underpinned by household consumption, investment, and favourable labour market conditions.

Meanwhile, the United States (US) economy in 2025 is expected to decelerate, affected by the temporary government shutdown and a weakening labour market. China’s economic outlook also continues to moderate due to persistently weak domestic demand. In global financial markets, the Federal Funds Rate (FFR) was reduced by 25 bps in December 2025, with a more limited scope for further easing going forward. Yields on 2-year US Treasury securities tended to increase, while 10-year yields remained elevated in line with the high level of US government debt. These developments sustained the strength of the US Dollar Index (DXY) and limited foreign capital inflows into emerging markets (EM).

On the other hand, Indonesia’s economic growth exhibited improvement and must continue to be strengthened to align with the economy’s potential capacity. Household consumption in the fourth quarter of 2025 increased, supported by Government social spending and stronger household confidence regarding income conditions and job availability. These developments contributed to stronger retail sales across various product categories. Investment, particularly non-construction investment, also improved in line with rising business confidence reflected in the expansionary trajectory of the Manufacturing Purchasing Managers’ Index (PMI).

Domestic demand must be further reinforced in view of export performance, which is expected to moderate following the conclusion of frontloading shipments to the US and declining exports of steel to China and crude palm oil (CPO) to India. Sectorally, key business sectors—including Manufacturing, Wholesale and Retail Trade, Transportation and Warehousing, as well as Accommodation and Food and Beverage Services—recorded positive performance.

Meanwhile, the Rupiah exchange rate remained under control, supported by Bank Indonesia’s stabilization measures and continued foreign capital inflows into domestic financial instruments. As of December 16, 2025, the Rupiah traded at Rp16,685 per US dollar, relatively stable compared to end-November 2025 levels. Exchange rate developments remained in line with movements in regional and Indonesia’s trading partner currencies, and even recorded appreciation against several advanced-economy currencies, excluding the US dollar. These developments were supported by Bank Indonesia’s stabilization actions through intervention in the Non-Deliverable Forward (NDF) market both offshore and onshore (DNDF), in the spot market, as well as secondary market purchases of Government Securities (SBN), alongside inflows into equities and SRBI instruments. In addition, increased foreign exchange supply from corporates, including higher conversion of export proceeds into Rupiah following the strengthening of the Natural Resource Export Proceeds (DHE SDA) policy, further contributed to maintaining Rupiah stability.

The Indonesian economy shows resilience and solid growth, supported by expansionary fiscal policies, government spending stimulus, and monetary stability from Bank Indonesia. Toll road infrastructure remains a key driver of connectivity, logistics efficiency, and economic zone development. As the industry leader with a market share of around 42%, Jasa Marga’s manages 1,736 km of concessions, including strategic sections in Java, Sumatra, and Sulawesi, and has completed important projects such as the Solo– Yogyakarta–NYIA Kulonprogo Toll Road. The development strategy focuses on operational efficiency, network integration, and revenue diversification through regional models and beyond toll-road initiatives, including Toll Corridor Development, modern TIP, as well as cooperation with Public Electric Vehicle Charging Stations (SPKLU) and fiber-optic networks. Traffic volume continues to grow, supported by economic recovery and public confidence, while toll rate adjustments are made in accordance with Minimum Service Standards (SPM) and user affordability. With a stable macroeconomic foundation and government policy support, Jasa Marga is committed to strengthening its position as the national toll road champion and to improving service quality, efficiency, and value creation for all stakeholders.

Strategy and Strategic Policies

The Company has established a strategy focused on business growth, innovation, sustainability, and service quality improvement to implement its new vision and mission. This strategy is detailed in the Company’s 2025-2029 Long- Term Plan, which is divided into three phases: a five-year short-term phase, a five- to ten-year medium-term phase, and a ten- to fifteen-year long-term phase. Each phase has objectives and initiatives designed to strengthen the Company’s business foundation while preparing for long- term growth opportunities.

In 2025, the Company implemented a short-term strategy focused on improving the performance of its existing portfolio and strengthening customer interactions. The Company emphasizes the use of technology to enable innovative toll road services that meet user needs. The Company is also improving the performance of its existing portfolio, exploring opportunities for expansion into broader markets, encouraging innovation through collaboration with stakeholders in the toll road ecosystem, expanding the implementation of electronic toll payment systems through cooperation with strategic partners, as well as setting targets and sustainable initiatives that support the achievement of national decarbonization targets.

The Company’s strategy is structured around nine key aspects: three business strategies directly related to core operations and six functional strategies that support operational efficiency and smoothness. The business strategies include optimizing the toll road concession portfolio through standardization of operational costs, asset preservation, and recycling underperforming assets; developing the toll road support services market by leveraging unique competitive advantages; and managing non-toll assets to increase revenue and strengthen the Company’s image.

On the other hand, the Company also implements six functional strategies covering innovation and customer experience, business development, strengthening technological infrastructure, efficient financial management, organizational and human resource development, as well as the application of environmental, social, and good governance principles. In innovation and customer experience, the Company develops products and services that are oriented towards user needs through effective innovation management and collaboration.

Meanwhile, the business development strategy emphasizes transitioning to a brownfield investment model and exploring opportunities in international markets. The technology strategy focuses on strengthening information technology capacity and infrastructure to support data-driven decision- making. The financial strategy is focused on cost efficiency, the use of alternative funding, and integrated management of the Company’s portfolio. The organizational and human resources strategy emphasizes organizational restructuring, employee competency development, and the establishment of shared services to support the achievement of business plans. The environmental, social, and governance strategy aims to increase the adoption of environmentally friendly initiatives in key operations and open up opportunities for sustainable funding.

The Company also implements five key policies as guidelines for operations and management decision-making. The business development policy ensures the completion of toll road sections currently under construction, the addition of strategic toll road ownership, the increase in existing asset value, and feasibility studies for potential projects. Prospective businesses are managed through PT Jasamarga Related Business, with a focus on developing modern and environmentally friendly rest areas, developing retail and entertainment services along toll road corridors, utilizing renewable energy, recycling waste, and building integrated toll corridors through synergy with stakeholders, including state-owned enterprises and other strategic partners.

The operational policy emphasizes improving toll road quality through technological innovation, data-driven operational efficiency, meeting minimum service standards, modernizing transaction systems with non-stop, non-contact schemes, using renewable energy, sustainable toll road preservation, and overload control. Financial policy emphasizes long- term financial stability, efficient management of operational investments and business development, and the application of usage-based amortization methods.

Organizational and human resource policies include organizational restructuring, competency development, adaptive workforce planning, leadership cadre recruitment, and the development of characterful and talented future leaders. The technology policy emphasizes accelerating digital transformation, modernizing information technology infrastructure, integrating back-office systems with toll road operations, centralizing procurement, standardizing specifications, as well as implementing information technology and data governance in accordance with company guidelines.

With these comprehensive strategies and policies, the Company affirms its commitment to driving sustainable growth, improving operational efficiency, strengthening service quality, and creating added value for all stakeholders, while supporting the development of toll road infrastructure as the backbone of connectivity and a driver of national economic growth.

Board of Directors’ Role in Formulating Strategies and Strategic Policies

The Board of Directors actively formulates the Company’s strategies and policies by taking into account market conditions and applicable regulations. This approach ensures that every strategy is relevant, flexible, and adaptable to changes in the business environment. In this way, the Company is not only able to face challenges but also take advantage of opportunities that arise in the market. The Board of Directors regularly reviews the Company’s performance and makes policy adjustments to ensure that operations remain efficient and responsive.

In addition to establishing general corporate strategies, the Board of Directors emphasizes strategic directions and policies for each business unit. This includes setting clear targets, developing measurable growth plans, and providing essential facilities — such as technology and infrastructure — that support the achievement of objectives. Human resources are a key focus, ensuring that all employees have the competencies and readiness to face challenges in the toll road industry. The Board of Directors also manages risk by implementing preventive measures and rapid responses to minimize operational disruptions.

The Board of Directors works closely with the Board of Commissioners to obtain constructive guidance and input. This collaboration ensures that every policy considers both internal and external perspectives. The Board of Directors is responsible for keeping the organization running effectively through clear policies and procedures, supported by a solid and comprehensive risk management system.

Board of Directors’ Processes to Ensure Strategy Implementation

The Board of Directors ensures that the Company’s 2025 strategy is implemented according to plan through a series of structured processes. First, the Board of Directors sets long-term strategic objectives as outlined in the 2025- 2029 Long-Term Corporate Plan (RJPP). The RJPP is then incorporated into the Company’s Work Plan and Budget (RKAP) and Key Performance Indicators (KPIs), which are clear, measurable, and aligned with the Company’s Vision and Mission. All of these targets are then translated into strategic initiative programs and work programs in each Work Unit and Subsidiary.

Based on the Company’s Vision of “Innovation towards the enhancement of sustainable value,” Jasa Marga has formulated several Missions that generally focus on business growth, innovation, sustainability, and excellent service. To realize this Vision and Mission, the strategic objectives to be achieved by the Company over the next five years through the 2025-2029 RJPP are to improve the performance of the existing portfolio and to better engage and understand customers.

Second, the Board of Directors conducts regular monitoring and evaluation processes through management reports, performance meetings, and special forums to review strategies. This evaluation covers KPI achievements, progress on strategic initiatives, and identifies obstacles and risks. Thus, any deviations or differences from the initial plan and its realization can be identified immediately, and follow-up directions can be given.

To ensure that all strategic initiatives run effectively and in line with the RJPP, the Board of Directors is supported by specialized units that serve as control centers for the implementation of strategic programs. These units perform the functions of a Program Management Office (PMO) responsible for coordinating, monitoring, and evaluating the implementation of strategic initiatives across all lines of the organization and subsidiaries. The Board of Directors periodically monitors achievements, obstacles, and implementation support needs through a routine reporting mechanism. The monitoring process is carried out in direct coordination with the relevant work units to ensure program implementation aligns with the Company’s strategic objectives.

In carrying out its role, the Board of Directors ensures that three main functions are consistently maintained: coordination, continuity, and effectiveness. Through its coordination function, the Board of Directors ensures that every strategic initiative is integrated across directorates and work units to avoid overlap and maintain the effectiveness of organizational communication. In terms of continuity, the Board of Directors maintains program implementation stability through continuous monitoring and systematic control mechanisms. Meanwhile, in terms of effectiveness, the Board of Directors optimizes the use of time, costs, and human resources to ensure strategic targets are met on time and on target.

The Board of Directors also implements a continuous improvement approach using the Plan–Do–Check–Act (PDCA) framework to ensure that each stage of implementation, evaluation, and follow-up is consistent and adaptive to change. In addition, the Board of Directors ensures that all strategy implementation is in line with policies, regulations, and Good Corporate Governance (GCG) principles. Internal supervision is carried out through strict monitoring of resource allocation, compliance with company policies, and the involvement of internal audit functions in assessing the effectiveness of strategy implementation.

Comparison between Achievement and Targets

One of the main indicators of the Company’s success is reflected in its 2025 performance compared to the targets set in the 2025 RKAP. Throughout the year, the Company delivered solid performance, with the majority of key indicators posting positive results. In the face of market dynamics and ever-changing economic conditions, the Board of Directors consistently ensured that every strategy and operational decision aligned with realistic, measurable, and value-oriented targets. These achievements reflect not only financial success, but also the Company’s effectiveness in implementing planned programs and strategic initiatives.

Through proactive measures, including service optimization and sustainable infrastructure development, the Company has successfully met the targets set out in the 2025 RKAP. Growth in traffic volume and increased toll revenue are important factors contributing to the stability and sustainability of the Company’s financial performance. In addition, the commitment to sustainability principles continues to be integrated into every business process, providing added value to stakeholders and supporting the achievement of overall targets.

The Company’s Key Performance, which reflects the performance of all members of the Board of Directors through five strategic perspectives, namely (i) Economic and Social Value for Indonesia, (ii) Business Model Innovation, (iii) Technological Leadership, (iv) Investment Enhancement, and (v) Talent Development. From this perspective, the total value of the 2025 corporate (President Director and other members of the Board of Directors) Key Performance Indicators (KPIs) was achieved at 105.07%, which is 5.07% above the target. This result confirms the Company’s commitment not only to pursuing financial performance but also to delivering added value to all stakeholders.

Achievement of the Five Strategic Perspectives of Company Performance Indicators in 2025

Taking into account internal and macro conditions, as well as future market projections, the Company has set business plan targets across several substantial components as benchmarks for assessing business performance. Management assesses that Jasa Marga has successfully navigated 2025 with good results. The Company’s success is evident from its performance throughout 2025 compared to the targets set in the 2025 Work Plan and Budget. In that year, the Company demonstrated strong performance, with key indicators achieving optimal results. In 2025, Jasa Marga planned to obtain several substantial components as benchmarks for assessing the Company’s performance. The comparison between the plan and the realization is as follows:

Given the dynamic market and economic conditions, the Board of Directors ensures that every strategy and policy implemented focuses on achieving realistic and measurable targets. The results achieved not only reflect the Company’s financial performance but also affirm its ability to manage and implement the strategic initiatives designed.

Challenges, Obstacles, and Solutions

As the Company strives to maintain solid performance throughout 2025, Jasa Marga continues to face various challenges, both external and internal. Global economic dynamics, delays in strategic projects, and the complexity of toll road asset management are factors that require comprehensive attention and handling. The Company views each of these challenges as an opportunity to strengthen operational resilience, improve governance, and accelerate its transformation into a sustainable integrated mobility company.

In general, the Company faces several challenges in carrying out its business activities and has taken measured steps to ensure operational continuity and achieve performance targets. One of the main obstacles is the adjustment of toll road tariffs, as well as changes to BPJT and DJBM’s field inspection mechanisms. The Company responds to these challenges by strengthening inter-agency coordination and ensuring that all administrative requirements are met, enabling the tariff adjustment process to run faster and on time.

In addition, several strategic construction projects have encountered obstacles, including complex land-acquisition issues. To overcome this, the Company has increased coordination with relevant ministries, the National Land Agency (BPN), and contractors to accelerate the resolution of issues and maintain project continuity in accordance with the work plan.

From an operational perspective, the Company also faces the risk of losses from external factors, such as accidents, natural disasters, and disruptions to security or infrastructure. The Company conducts a comprehensive evaluation of each incident, strengthens its internal control systems, and improves the effectiveness of operational risk management across all lines to minimize the impact on the Company’s performance.

Another challenge arises from technology and cybersecurity, where technical disruptions such as damage to cameras, converters, and Real Time Streaming Protocol (RTSP) systems affect the effectiveness of traffic monitoring and operational surveillance. In response, the Company strengthened its information technology infrastructure, improved preventive maintenance, and established a Security Operations Center and a Computer Security Incident Response Team (CSIRT) to ensure continuous preparedness to face potential cyber threats.

The Company also continues to strengthen its internal control and compliance systems, enhance the effectiveness of the implementation of the Anti-Bribery Management System (ABMS) and anti-fraud measures, and foster a culture of integrity across all levels of the organization. These efforts include improving employee competencies, digitalizing gratuity reporting, and integrating Jasa Marga’s Whistleblowing System (Jasa Marga Amanah) with the national reporting system (Aroma) integrated with the Corruption Eradication Commission (KPK), in order to ensure clean, transparent, and high-integrity governance.

Through these strategic steps, Jasa Marga is committed to maintaining performance stability, ensuring the sustainability of national strategic projects, and strengthening the foundation of transparent, adaptive, and highly competitive corporate governance.

Performance Assessment of Committees under the Board of Directors and Evaluation Basis

Jasa Marga’s Board of Directors has several committees under its authority, including: the Risk Management Committee, Information Technology Steering Committee, and Sustainability Committee (formerly TJSL Committee), which assist the Board in carrying out its duties. Based on the performance of the Risk Management Committee, the Information Technology Steering Committee, and the TJSL Committee in 2025, the Board assessed that the three Committees had performed their duties and responsibilities well and had provided several recommendations and suggestions to the Board regarding the implementation of risk management, IT development, and TJSL implementation in the Company.

Throughout 2025, the Board of Directors assessed that the three supporting committees performed their functions and responsibilities excellently. These committees executed their mandates effectively, demonstrating a steadfast commitment to strengthening risk management, accelerating technological transformation, and integrating sustainability principles into business operations.

In discharging their duties, each committee operated in accordance with established guidelines and procedures while providing strategic recommendations to the Board of Directors on material issues requiring specific attention. Through regularly convened meetings, the committees ensured continuous monitoring of the latest developments in risk, information technology, and Environmental, Social, and Governance (ESG) factors. Furthermore, they proactively adjusted policies and strategies to navigate an increasingly complex and dynamic business environment.

The Board of Directors periodically evaluates committee performance based on the prevailing policy framework to ensure alignment between work programmes, economic conditions, the Company’s strategic direction, and relevant regulatory requirements. These evaluations are conducted through a systematic and measurable mechanism, encompassing assessments of performance achievements, the effectiveness of meeting execution, and the quality of contributions to strategic decision-making. Through this approach, the Board ensures that all committees operate optimally, providing significant added value in supporting the Company’s short-term and long-term objectives.

Business Prospects

Heading into the 2026 fiscal year, Jasa Marga faces promising business prospects, supported by solid national economic growth, maintained macroeconomic stability, and the Government’s commitment to ongoing strategic infrastructure development. As the largest toll road operator in Indonesia, with a 42% market share of the national toll road network, the Company is well positioned to continue expanding its network, deepen service integration, and accelerate business transformation towards a global-scale infrastructure company.

In the industrial context, increased community mobility, the growth of new economic centers in various regions, and accelerated development in various areas, especially on the island of Java, have been the main catalysts for the expansion of the toll road network. This growth has opened up vast opportunities for Jasa Marga to selectively expand its concession portfolio and strengthen service integration on priority toll road sections. This positive trend is also reinforced by the increasing demand for reliable, efficient, and user-oriented toll road services.

Jasa Marga actively contributes to National Strategic Projects (PSN), including the Solo–Yogyakarta–NYIA Kulon Progo section, which further strengthens the Company’s position as the Government’s main partner in the development of an integrated toll road network.

On the other hand, expanding and strengthening its business portfolio has become an important agenda for Jasa Marga. The Company’s growth strategy focuses on optimising its concession portfolio and diversifying its business in prospective sectors. With a selective and commercially viable approach, the Company balances expansion with measurable financial capacity. Going forward, Jasa Marga projects a total of 1,736 km of concessions, with 1,373 km already operational by the end of 2026. The construction of priority sections and additional access will continue in the main Trans Java corridor, as well as new growth areas in Sumatra, Kalimantan, and Sulawesi, to improve connectivity and drive regional economic growth.

The toll road operation and maintenance business line through PT Jasamarga Tollroad Operator (JMTO) and PT Jasamarga Tollroad Maintenance (JMTM) continues to be strengthened through the application of smart technology, automation, and predictive maintenance systems. This approach maintains service quality while ensuring operational cost efficiency. Meanwhile, prospective business development through PT Jasamarga Related Business (JMRB) is aimed at maximizing the revenue potential of other businesses through the management of rest areas, advertising, Toll Corridor Development (TCD), and the provision of supporting infrastructure such as Public Electric Vehicle Charging Stations (SPKLU).

Digital transformation and operational innovation are also accelerated in line with the times. The Company is accelerating its digitalization agenda as the foundation for modern business management. The implementation of the Jasamarga Integrated Maintenance Management System (JIMMS), Jasamarga Integrated Digitalmap (JID), and the integration of SAP Analytics Cloud (SAC) form a data-driven decision-making ecosystem that improves operational efficiency, reporting accuracy, and field team responsibilities. Technologies such as Intelligent Transportation System (ITS), Electronic Toll Collection (ETC), and Traffic Information Center (TIC) also support improvements in safety, comfort, and ease of travel for road users.

This digital transformation also strengthens the role of the Jasa Marga Tollroad Command Center (JMTC) as an integrated national operational control center, supporting real-time service reliability and serving as the backbone for the implementation of smart transportation systems in Indonesia’s toll road network.

Management remains committed to continuing to prioritize strengthening the Company’s financial structure as the foundation for sustainable performance. Amid global macroeconomic dynamics and fluctuating interest rates, the Company implements a disciplined, measured financing strategy. Various initiatives, ranging from optimizing asset recycling programs, utilizing capital market funding opportunities, to implementing green financing instruments, are consistently carried out in line with Environmental, Social, and Governance (ESG) principles. Close collaboration with subsidiaries and strategic partners has also strengthened the Company’s cash position, maintained liquidity, and improved financing cost efficiency, enabling the Company to remain on a path of sound, sustainable growth.

The company also instills the principle of sustainability in all business activities, ranging from energy efficiency, emissions management, to the development of environmentally friendly rest areas with the use of renewable energy, waste and water management, as well as providing business space for local MSMEs to create balanced economic and social value for all stakeholders.

Based on the 2025-2029 RJPP themed “Improving Existing Portfolio Performance and Engaging and Understanding Customers Well,” Jasa Marga is committed to becoming an integrated mobility company. The Company focuses on optimizing the performance of its toll road portfolio and subsidiaries to strengthen profitability, encouraging digital service innovation for a better customer experience, developing sustainable infrastructure, including green toll roads, improving organizational capabilities and human resource competencies, and establishing strategic collaborations with national and global partners to accelerate long-term value creation and have a positive impact on the national economy.

Corporate Governance Implementation

Jasa Marga continues to strengthen its commitment to implementing the principles of Good Corporate Governance (GCG) comprehensively and consistently in all business activities. Throughout 2025, the Company actively ensures that all GCG principles are implemented through concrete, measurable steps. Each work unit conducts a Fraud Risk Assessment (FRA) integrated with a Bribery Risk Assessment (BRA), with direct assistance from the Legal & Compliance Group as the Anti-Bribery Compliance Function and Anti-Fraud Unit Function. The Company also expanded implementation of the Integrated Compliance Management System across its subsidiaries by preparing a Compliance Obligation List, conducting periodic self-assessments, and monitoring compliance with the obligations listed. To strengthen governance, Jasa Marga has operated a digital- based Regulatory Compliance System application that enables real-time compliance monitoring across all business entities.

On the other hand, in managing the Whistleblowing System (WBS) during 2025, the Company collaborated with an independent party, PT DC Solutions, as the manager of the WBS reporting channel. During 2025, there was still one report of alleged violations within the scope of the WBS that was still being followed up.

As a public company and state-owned enterprise, Jasa Marga is committed to implementing good corporate governance (GCG), the implementation of which is measured through GCG assessments and/or self-assessments based on parameters set out in POJK No. 21/POJK.04/2015, SEOJK No. 32/SEOJK.04/2015, and the Indonesian Corporate Governance Guidelines (PUGKI). In addition to referring to the TARIF principles (Transparency, Accountability, Responsibility, Independence, and Fairness), the implementation of GCG in the Company also refers to best practices, including Ethical Behaviour, Transparency, Accountability, and Sustainability (ETAK). This step affirms the Company’s commitment to maintaining high governance standards amid changes in national assessment policies.

As in previous years, in 2025 Jasa Marga once again conducted an ACGS assessment, which was based on publicly available information, including but not limited to the 2024 Annual Report and the Company’s website. Based on the ACGS assessment report carried out by the independent party, the Indonesian Institute for Corporate Directorship (IICD), the Total Corporate Governance Score (overall score) under the ACGS parameters for 2025 reached 103.46 with the Company earning the designation of “Leadership in Corporate Governance.”

The Company also implements Internal Control Over Financial Reporting (ICOFR) to ensure the reliability of consolidated financial statements and the effectiveness of internal controls. The ICOFR implementation refers to the COSO Internal Control Framework and the COBIT 2019 Framework and is in line with the provisions of Regulation of the Minister of State-Owned Enterprises No. PER-2/MBU/02/2023 concerning Guidelines for Corporate Governance and Significant Corporate Activities.

The ICOFR implementation process is carried out systematically through several main stages. In the planning stage, the scope is determined by determining materiality, determining significant financial statement disclosures and accounts, determining significant companies, determining significant business processes, and determining significant applications and Information Technology General Control (ITGC). Next, the work unit identifies risks and designs controls that are documented in the Business Process Model (BPM) and Risk Control Matrix (RCM). After the design is reviewed and validated, the implementation and continuous monitoring stages are carried out through Control Self Assessment (CSA) and updating of the BPM and RCM. At the evaluation stage, the third line in the ICOFR Function, in this case the IAU Group, conducts a Test of Design (TOD) and Test of Operating Effectiveness (TOE) to ensure the effectiveness of controls in the preparation of financial statements. Any deficiencies found are immediately followed up through a remediation process, and the final results are reported to management before external assurance is performed by external auditors.

With consistent implementation of GCG and strong internal controls, Jasa Marga ensures that corporate governance is transparent, accountable, and has integrity. This step not only strengthens public and regulatory confidence but also lays the foundation for achieving sustainable performance and creating added value for all stakeholders.

Changes in Board of Directors’ Composition

As part of the Company’s efforts to strengthen corporate governance and optimize the roles, functions, and duties of the Board of Directors, adjustments were made to the composition of the Board of Directors pursuant to the resolutions of the Annual General Meeting of Shareholders (AGMS) for the 2024 financial year and the Extraordinary General Meeting of Shareholders (EGMS) held on December 17, 2025. Accordingly, the composition of the Board of Directors at the end of the 2025 financial year was as follows:

Composition of the Board of Directors as of the End of the 2025 Financial Year

Name	Position	Basis of Initial Appointment
Rivan A. Purwantono	President Director	Decision of the Annual GMS for the 2024 Fiscal Year on May 7, 2025
Reza Febriano	Director of Business	Decision of the Extraordinary GMS on December 22, 2021
Yoga Tri Anggoro	Director of Human Capital and Transformation	Decision of the Annual GMS for the 2024 Fiscal Year on May 7, 2025
Pramitha Wulanjani	Director of Finance and Risk Management	Decision of the Extraordinary GMS on February 8, 2023
Fitri Wiyanti	Director of Operations	Decision of the Extraordinary GMS on December 17, 2025
Yaya Ruhiya	Director of Services	Decision of the Extraordinary GMS on December 17, 2025
Ari Respati	Director of Business Development	Decision of the Extraordinary GMS on December 17, 2025

The entire Board of Directors is committed to fulfilling this mandate by consistently prioritizing the principles of good corporate governance for the benefit of Shareholders and Other Stakeholders.

Appreciation

The year 2025 has been dynamic and challenging, but Jasa Marga has maintained solid, sustainable performance. The Board of Directors would like to express its highest appreciation to all Jasa Marga employees for their dedication, enthusiasm, and extraordinary commitment in delivering the best performance for the Company. We also extend our gratitude to the Board of Commissioners for their support, guidance, and constructive recommendations that have consistently strengthened corporate governance.

On behalf of the Company, the Board of Directors also extends its gratitude to shareholders, business partners, and toll road users for their trust and excellent cooperation. Support from all stakeholders is a crucial foundation in Jasa Marga’s journey toward becoming a sustainable integrated mobility company. With a spirit of innovation and collaboration, we are confident that Jasa Marga will continue to navigate challenges and seize every opportunity to achieve optimal performance growth.