PT Telkom Indonesia (Persero) Tbk

Latest Results (21.07.2026):

PT Telkom Indonesia (Persero) Tbk — 1Q26: Consolidated results show modest revenue growth and stronger cash generation as the company advances its TLKM30 transformation (fiber spin-off, HoldCo→OpCo move and governance reset). Reported 1Q26 revenue was about Rp37.2tn, with underlying (normalized) net income of ~Rp5.1tn after non-cash and one-off adjustments; Telkom continues to prioritize infra monetization, capex discipline and shareholder returns while implementing accounting and structural changes tied to the Infranexia fiber spin‑off.

Consolidated financial snapshot

1Q26 consolidated revenue: Rp37.2tn (+1.5% YoY). EBITDA ~Rp18.0tn (EBITDA margin ~48%). Reported net income Rp4.3tn; normalized net income Rp5.1tn (adjusted for non‑cash depreciation and mark‑to‑market items).

Normalization / one‑off adjustments

Normalized net income adds back a non‑cash depreciation adjustment of Rp498bn (accounting policy change on network/drop‑cable useful life) and removes ~Rp309bn mark‑to‑market impact mostly related to the GoTo investment, among other tax/minority adjustments. Company says these adjustments are non‑cash and do not affect operating cash flow.

Telkomsel (B2C) performance

Telkomsel standalone: revenue ~Rp27.6tn (+1.3% YoY), EBITDA ~Rp13.1tn (margin ~47.6%, improved YoY), mobile ARPU recovered to Rp45.1k (+6.4% YoY). Mobile data/traffic growth and ARPU improvement were key drivers despite seasonal 1Q normalization.

Segment trends

By external revenue: B2C Rp27.0tn, B2B Infra Rp2.35tn, B2B ICT Rp3.09tn, International Rp2.80tn, Others/Ancillary Rp1.92tn. Highlights: Data/Internet & IT services grew strongly (+13.9% YoY within B2C); legacy voice/SMS fell sharply (‑44.1% YoY); IndiHome (FBB) revenue down ~4.3% YoY; B2B Infra up ~6.8% YoY (FTTT expansion); B2B ICT down ~17.6% YoY as restructuring/selection of contracts continues; Others up ~34.5% YoY (digital ecosystem expansion, e‑payment/gaming).

Cash flow and balance‑sheet metrics

Trailing‑12M FCFF rose ~15.5% YoY to Rp43.3tn, supported by OCF (TTM ~Rp64.4tn, +2.9% YoY), lower cash capex (1Q26 capex ~Rp24.9tn, ‑14.7% YoY) and sharply reduced net borrowing (net borrowings ~Rp145bn vs Rp4.2tn prior). FCFE (equity cash flow) ~Rp39.6tn (TTM, +5.4% YoY).

TLKM30 transformation & infra monetization

Phase‑1 fiber asset spin‑off into Infranexia completed in 1Q26 (transferred >50% of selected fiber assets; asset value transferred ~Rp35.8tn). Company plans Phase‑2 (expected by 3Q26) and continued investor engagement for data center and other infra monetization to move toward a strategic HoldCo model.

Accounting, governance and operational reset

Telkom applied retrospective/ prospective accounting policy changes for network asset useful lives (notably drop cable shortened), filed 6‑K disclosures addressing legacy matters, created legal & compliance roles, and says legacy issues were fully provisioned; management frames this as part of a governance reset to improve transparency and asset valuation.

Capital management & shareholder returns

Share buyback program budgeted at Rp3tn (validity period May‑2025–May‑2026); accumulated buyback as of 31 Mar 2026: 195m shares. FY24 payout ratio noted at ~89% historically; management continues to prioritize TSR via infra monetization, buybacks and dividends.