Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia (TLKM) investor relations material

Executive summary

• 9M26 revenue rose 3.5% YoY to Rp113.502tn; EBITDA grew 2.0% to Rp55.5tn, while parent-attributable profit fell 3.9% to Rp14.446tn.

• Normalized net income increased 3.9% to Rp16.5tn; investment valuation losses and higher depreciation, advisory and tax items weighed on reported earnings.

• FY26 guidance was maintained: revenue growth of 1–3%, EBITDA margin above 50% and C2R of 17–19%; 9M26 C2R was 13.8%, with higher growth CapEx planned for 2027–28.

Financial highlights

• Revenue increased to Rp113,502bn from Rp109,617bn; operating profit was Rp27,999bn versus Rp28,244bn, and EBITDA was Rp55.5tn, up 2.0%.

• EBITDA margin was 48.9%, down 73 bps YoY; higher O&M and G&A costs, receivables provisions and spectrum costs pressured margins.

• Parent-attributable profit was Rp14,446bn versus Rp15,031bn; basic EPS fell to Rp146.31 from Rp151.73.

• Operating cash flow was Rp48,008bn; investing cash outflows were Rp16,671bn, financing cash outflows Rp32,532bn, and September cash was Rp33,626bn.

• Finance costs fell to Rp3,461bn from Rp4,031bn, while income tax expense rose to Rp6,264bn from Rp5,651bn.

Outlook and guidance

• FY26 normalized revenue growth guidance remained 1–3%, with normalized EBITDA margin guidance above 50%.

• FY26 CapEx-to-revenue guidance remained 17–19%, versus 9M26 C2R of 13.8%; investment intensity is expected to rise in Q4.

• Q4 EBITDA margin is expected to benefit from Telkomsel seasonality; asset streamlining could provide further uplift if completed.

• Q4 ARPU and data yield are expected to benefit from holiday demand, market repair, the NARU campaign and stronger network monetization; 2027 outlook remains cautiously optimistic.

• 2027–28 CapEx is expected to rise for network modernization, data centers and subsea cables; business-as-usual C2R guidance remains 17–19%.