PT Telkom Indonesia (Persero) Tbk

Latest Results (01.02.2026):

PT Telkom Indonesia (Persero) Tbk — 3Q25 / 9M25: Consolidated results show resilience amid soft macro conditions. 9M25 revenue was Rp109.6 trillion (down YoY), with data/Internet & IT services moderating but showing quarterly stabilization in 3Q25. Telkomsel delivered noticeable QoQ recovery in 3Q25 driven by yield improvements. The company is pushing structural moves (fiber spin‑off to TIF, strategic holding shift), maintaining disciplined capex and capital management while guiding for flat to low‑single‑digit revenue and ~50% EBITDA margin for full‑year 2025.

Top‑line and trends (9M25)

Consolidated 9M25 revenue: Rp109.6 tn (≈ -2.3% YoY). Data, Internet & IT Services fell ~4.6% YoY to Rp64.8 tn but showed QoQ recovery in 3Q25 following product simplification and yield measures. Legacy voice/SMS and some fixed services continued to contract.

Telkomsel 3Q25 operational and profit recovery

Telkomsel (stand‑alone) delivered QoQ improvements in 3Q25: total revenue up 3.4% QoQ to Rp27,530 bn; EBITDA up 6.2% QoQ to Rp12,468 bn; net income up 11.5% QoQ to Rp4,710 bn. Mobile base remained ~157.6 mn; ARPU and data yield showed solid improvement while subscriber growth was muted.

Profitability and normalized earnings

9M25 EBITDA (consolidated) remained a strong contributor to results (company highlights recovery signs). Normalized net income (adjusted for mark‑to‑market and one‑offs) was cited around Rp16.7 tn for the period, with normalized earnings down YoY (company reported a ~10% YoY decline on normalized basis).

IndiHome and consumer dynamics

IndiHome revenue for 9M25 increased slightly to Rp19.7 tn (+0.5% YoY) but showed QoQ softness in 3Q25. IndiHome ARPU declined ~9.4% YoY to ~Rp216,700 as customers shifted toward internet‑only packages and away from bundled IPTV/voice.

Costs, capex and cash‑flow focus

Operating expenses were tightly managed in 9M25 (personnel costs lower partly from earlier retirement programs; some G&A provisioning increased in 3Q25). Capex remained focused on connectivity and platforms (data centers, cloud); company guidance for FY25 capex‑to‑revenue is c.17–19%.

Balance sheet and leverage

Leverage remains conservative: net‑debt/EBITDA around 0.4x (9M25) and debt‑to‑equity in the mid‑40s percent range per company metrics, indicating capacity for strategic investment and capital actions.

Strategic actions & shareholder returns

Key corporate developments: >50% of selected fiber assets were transferred to TIF following the 20 Oct 2025 conditional spin‑off (full transfer expected in 2H26); Telkom is transitioning toward a strategic holding structure. Shareholder measures include a share buyback program (IDR 3 tn budget) and continued ordinary dividend policy (previous payout ratio ~89%).

2025 guidance

Revised FY25 guidance: revenue flat to slight contraction (low single digit), EBITDA margin around c.50%, and capex‑to‑revenue guidance c.17–19%.