BREN Stock: Barito Renewables Energy Profile, Business, Performance and Risks

BREN is the stock ticker for PT Barito Renewables Energy Tbk, a renewable energy company whose core business is geothermal power generation. It belongs to the Barito Pacific group controlled by tycoon Prajogo Pangestu, with its main asset being Star Energy Geothermal. As of October 19, 2026, BREN traded at Rp1,855 per share, right at its lowest point over the past 52 weeks.

BREN stock summary

As of October 19, 2026.

Barito Renewables' business

Barito Renewables Energy runs its geothermal power business through subsidiary Star Energy Geothermal. Parent company Barito Pacific acquired 66.67% of Star Energy Geothermal in June 2018, when it was described as Indonesia's largest geothermal power producer at the time. In 2022, the majority stake in Star Energy Geothermal was transferred from Barito Pacific to Barito Renewables Energy, making BREN the group's main vehicle in the renewable energy space.

Geothermal plants work by converting underground steam heat into electricity. The business model is known for being capital-intensive during construction, but operating costs tend to be more stable since they don't depend on fossil fuel price swings like coal or gas. Revenue is typically tied to long-term power purchase agreements with off-takers such as state utility PLN.

Barito Pacific itself, according to Indonesian Wikipedia, is a petrochemical and energy company operating mainly through two major subsidiaries: Chandra Asri Pacific on the petrochemical side and Barito Renewables Energy on the renewable energy side.

Brief history and IPO

The group's roots trace back to PT Bumi Raya Pura Mas Kalimantan, founded by Prajogo Pangestu in April 1979 as a timber company. It once held forest concession rights covering 5 million hectares and operated five factories producing processed wood products for export to Asia, Europe, and the Americas.

The company listed on the Indonesia Stock Exchange in 1993 under the name PT Barito Pacific Timber Tbk. The 1997 Asian financial crisis destabilized the plywood industry, prompting the company to halt plywood production and gradually pivot to other businesses. In 2007, it was renamed Barito Pacific and acquired 70% of Chandra Asri, then Indonesia's sole olefin producer. A year later it acquired Tri Polyta Indonesia, a polypropylene producer. In 2011, Chandra Asri was merged into Tri Polyta, which was then renamed Chandra Asri Petrochemical, with Thailand's SCG Chemicals taking a 30% stake.

The entry into renewable energy came in June 2018 through the acquisition of 66.67% of Star Energy Geothermal, cemented in 2022 when majority shares were transferred to Barito Renewables Energy as a standalone entity. The exact year BREN itself listed on the exchange is not found in the sources checked, though its public offering process has drawn OJK scrutiny. Readers who need the precise IPO date can check the official prospectus on idx.co.id.

Shareholders and management

The sources checked do not detail BREN's board of directors, commissioners, or the latest ownership percentages. What is available is an OJK finding that during BREN's IPO process, share orders were placed by disguising the identities of parties affiliated with the controlling shareholder. OJK Public Communications Director Sekar Putih Djarot explained that this practice resulted in share ownership becoming concentrated among certain groups and limited the number of shares in public circulation.

Structurally, BREN sits under Barito Pacific, controlled by Prajogo Pangestu. His net worth is estimated at US$13.4 billion, or roughly Rp227.8 trillion assuming an exchange rate of Rp17,000 per US dollar, based on Forbes data as of October 2026 cited by suara.com.

Recent financial performance

In a disclosure document related to the buyback submitted on October 19, 2026, BREN's management included proforma financial statements based on unaudited data as of June 30, 2026. Net profit for the period attributable to the parent entity's owners stood at USD87.146 million. Total assets reached USD4.043 billion, with total equity of USD944.987 million.

After accounting for the planned Rp1 trillion buyback, proforma total assets would fall to USD3.987 billion. Since these are proforma, unaudited figures and full-year financial statements are not available in the sources checked, readers wanting complete revenue and profit details by quarter should check official reports on idx.co.id.

Dividends

There is no information on BREN's dividend history or policy in the sources checked. Investors wanting to know whether and when BREN has paid dividends should refer to the company's annual reports or official disclosures on idx.co.id.

BREN stock price movement

At Rp1,855 on October 19, 2026, BREN sits right at the floor of its 52-week range of Rp1,855 to Rp10,725. The stock is currently at its lowest point over the past year, far below the peak reached during the same period.

Declines have occurred across every available timeframe: down 39.8% over the past month, 45.8% over three months, and 80.0% over the past year. Average daily trading volume over the past three months stood at 25.08 million shares, showing the stock remains actively traded despite the steep price decline.

Recent news and catalysts

Two major events shaped BREN's story in the same week of October 2026.

First, OJK imposed administrative fines totaling Rp2.1 trillion on Friday, October 16, 2026, related to alleged price manipulation and misleading information during the IPO process of DSSA, BREN, and CUAN shares, according to reports by suara.com and pantau.com. Of that total, DSSA was fined Rp1.5 trillion, BREN Rp500 billion, and CUAN Rp100 billion. OJK's Capital Market Supervision Executive Head Hasan Fawzi said at a press conference at the IDX building that the examination found violations in the public offering process for BREN and CUAN shares. The crackdown is part of enforcement against 61 stocks on OJK's High Shareholding Concentration (HSC) list, of which 31 have been examined and show potential indications of capital market criminal violations. OJK also noted that from January to October 2026, administrative sanctions had been handed down to 835 parties as part of broader capital market law enforcement.

Second, just days after the sanctions, BREN's management announced a share buyback plan worth up to Rp1 trillion, running from October 19 to December 31, 2026, according to disclosures cited by stockwatch.id and investor.id. The buyback funds come from the company's internal cash, with execution entrusted to PT BNI Sekuritas. Management did not set a daily purchase volume limit. In the disclosure, management stated: "According to the Company's analysis, the Buyback implementation will not have a material negative impact on the Company's operational performance and revenue because the Company has sufficient working capital and cash flow to fund the Buyback." CUAN, which was also named in the same IPO sanctions case, announced its own Rp500 billion buyback on the same day, citing provisions for significantly fluctuating market conditions under POJK 13/2023 juncto SOJK 112/2026.

Responding to the OJK and IDX decisions, BREN's management said it respects the decision and will comply with applicable regulations, affirming that operations at the company and its subsidiaries continue running normally without disruption.

What it means for investors

There are a few concrete things worth tracking from BREN's current position, not signals to act on, but reference points.

The Rp1,855 level now marks the floor of the 52-week range, while the ceiling sits at Rp10,725, a wide gap useful as a historical benchmark. The buyback window from October 19 to December 31, 2026 is also worth watching, since BNI Sekuritas will be actively buying BREN shares in the market during that period, which could affect daily trading volume. OJK's examination of 61 high-concentration stocks is also still unfinished, with only 31 reviewed so far, leaving room for further developments involving BREN or affiliated issuers.

On the fundamental side, the profit and asset figures currently in circulation are still proforma as of June 30, 2026, and unaudited. Fuller, official financial reports covering periods after June 2026 can be checked directly on idx.co.id once released. Since there is no dividend data in the sources checked, investors relying on dividend income need to wait for official company announcements before drawing any conclusions about payout policy.

Competitors on the IDX

• PGEO (Pertamina Geothermal Energy): also operates in geothermal power generation, but is controlled by state oil company Pertamina, unlike BREN which is privately held under the Prajogo Pangestu group.
• KEEN (Kencana Energi Lestari): a renewable energy company with a portfolio that includes hydropower plants, differing in core technology focus from BREN's geothermal base.
• POWR (Cikarang Listrindo): a private power producer with gas and coal-fired plants serving industrial estates, offering a comparison point in private power generation scale even though its energy source differs from BREN's.

Risks

• Price volatility: BREN shares have fallen 80% over the past year and now sit at their 52-week low of Rp1,855, reflecting heavy selling pressure and still-negative market sentiment.
• Regulatory and legal risk: OJK imposed a Rp500 billion fine on parties related to BREN's share allocation over findings of disguised identities among IPO order placers. BREN also remains on OJK's HSC examination list, raising the possibility of further scrutiny ahead.
• Ownership concentration and free float liquidity risk: OJK's findings indicate that disguised IPO order identities led to concentrated ownership among certain groups and limited publicly circulating shares, potentially affecting fair price formation and trading liquidity.
• Business concentration risk: BREN's revenue depends on a single business line, geothermal power generation through Star Energy Geothermal, making performance sensitive to field operating conditions and long-term power purchase agreements.
• Renewable energy sector characteristics: geothermal projects require large upfront investment and long timeframes to break even, so short-term cash flow could come under pressure from operational disruptions or project delays.
• Buyback effectiveness: BREN's own management linked the buyback plan to significantly fluctuating market conditions, suggesting selling pressure may not necessarily ease even with the Rp1 trillion repurchase program.

How to buy BREN shares

BREN shares trade in lot units, with 1 lot equal to 100 shares. At the last price of Rp1,855 per share on October 19, 2026, one lot of BREN is worth Rp185,500, excluding brokerage transaction fees.

To trade, investors need to open a securities account with a brokerage licensed by Indonesia's Financial Services Authority (OJK) and registered as an IDX member. Once the account is active and funded, BREN shares can be purchased through the broker's trading app during IDX trading hours.

FAQ

Does BREN regularly pay dividends?

There is no dividend history data for BREN in the sources we checked. Readers should check idx.co.id or the company's official disclosures for confirmation.

How much is one lot of BREN shares?

Based on the last price of Rp1,855 per share on October 19, 2026, one lot (100 shares) of BREN costs Rp185,500.

Is BREN part of the LQ45 or IDX30 index?

Not available in the sources we checked. Readers can verify the latest index constituents on the IDX website.

What's the difference between BREN and PGEO?

BREN sits under the Barito Pacific group controlled by Prajogo Pangestu, while PGEO (Pertamina Geothermal Energy) is a Pertamina subsidiary. Both operate in geothermal energy but differ in ownership, private versus state-owned.

Why has BREN's stock price dropped so sharply over the past year?

Yahoo Finance data shows BREN down 80% over one year through October 19, 2026. The decline coincides with an OJK fine of Rp500 billion over alleged IPO process violations, announced October 16, 2026.

What is BREN's Rp1 trillion share buyback about?

It's a planned share repurchase by BREN's management using up to Rp1 trillion from internal cash, running from October 19 to December 31, 2026 through PT BNI Sekuritas.

This article is for informational purposes only and is not a recommendation to buy or sell BREN shares.