Indonesia’s sovereign wealth fund, Indonesia Investment Authority (INA), booked a sharp increase in profit in 2025, driven by stronger investment income, foreign exchange gains, and higher dividend receipts, according to the fund’s audited financial statement reviewed by DealStreetAsia.
The state investment vehicle posted net profit of 7.45 trillion rupiah ($423.9 million) for the year ended Dec. 31, 2025, up 37.3% from 5.42 trillion rupiah ($308.3 million) a year earlier.
Revenue rose 44.6% year-on-year to 8.45 trillion rupiah ($480.8 million), while profit before tax climbed by 52.8% to 7.52 trillion rupiah ($427.9 million).
The increase came despite higher investment and operating expenses. INA recorded investment expenses of 130.9 billion rupiah in 2025, up by 28.8% in the previous year, while operating expenses widened to 669.3 billion rupiah from 641.2 billion rupiah.
The sovereign fund also booked foreign exchange gains of 93.3 billion rupiah, nearly triple the 31.8 billion rupiah recorded in 2024, while finance costs declined to 230.3 billion rupiah from 280.3 billion rupiah.
Despite the stronger earnings, INA continued to face pressure from unrealised valuation losses on its investment portfolio.
The fund recorded 6.79 trillion rupiah in other comprehensive losses in 2025, mainly from unrealised losses related to changes in the fair value of financial assets. While still substantial, the figure improved from 11.6 trillion rupiah in unrealised losses recorded a year earlier.
As a result, INA reported total comprehensive income of 675.5 billion rupiah in 2025, reversing from a comprehensive loss of 6.18 trillion rupiah in 2024.
The unrealised losses mainly stemmed from fluctuations in the market value of equity holdings categorised as “other financial assets”, which declined to 58.2 trillion rupiah at the end of 2025 from 64.9 trillion rupiah a year earlier.
INA’s total assets stood broadly flat at 110.99 trillion rupiah as of end-2025, while liabilities fell to 2.77 trillion rupiah from 3.27 trillion rupiah. Equity rose modestly to 108.22 trillion rupiah.
During 2025, INA also continued developing strategic partnerships across infrastructure, downstream mining, and hybrid financing. INA and its co-investors disbursed 15.7 trillion rupiah ($982 million), of which around 67% came from INA.
The investments were directed across INA’s priority sectors, including infrastructure, transportation and logistics, green energy and energy transition, digitalisation and digital infrastructure, healthcare services, and advanced materials.
The sovereign fund partnered with France-based Eramet and Danantara Indonesia to explore investments in Indonesia’s nickel downstream sector, while separately deepening collaboration with global investors, including Ares Management and the Development Bank of Japan, on hybrid capital solutions.
INA also continued deploying hybrid capital solutions, which it has increasingly positioned as a flexible financing approach to complement long-duration infrastructure investments and diversify returns.
The steady growth of INA’s investment portfolio was reflected in its assets under management (AUM), which reached 146.2 trillion by the end of 2025.
Meanwhile, Danantara Indonesia has yet to publish its 2025 financial statements despite having operated for more than a year.
In a corporate statement published on May 12, Danantara said its reporting obligations are governed by Law No. 1 of 2025, as amended by Law No. 16 of 2025, along with its implementing regulations.
The state investment agency said that as a “sui generis” institution—a special entity established directly by law and operating outside the conventional government structure—it remains accountable to state auditors and supervisory bodies.
“Danantara Indonesia is also responsible for submitting an annual accountability report to the President and the Supervisory Board,” the agency said on its website.
