Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia (TLKM) Q4 2025 earnings summary

Executive summary

• FY25 consolidated revenue declined 2.2% YoY to Rp 146.7tn, with sequential recovery in 4Q25 driven by mobile business momentum and ARPU improvement from digital services.

• EBITDA for FY25 was Rp 72.2tn, down 3.7% YoY, with a margin of 49.2%. Net income dropped 20.5% YoY to Rp 17.8tn, mainly due to depreciation adjustments and investment losses.

• Consolidated financial statements for the year ended December 31, 2025, audited by EY, present fairly in all material respects in accordance with Indonesian Financial Accounting Standards.

• Management asserts responsibility for the accuracy, completeness, and internal controls of the financial statements.

• Transformation initiatives included segment-led reporting, asset spin-offs, and a HoldCo-OpCo model to enhance transparency and value creation.

Financial highlights

• FY25 consolidated revenue: Rp 146.7tn (▼2.2% YoY); 4Q25 revenue: Rp 37.1tn (▲1.4% QoQ).

• EBITDA: Rp 72.2tn (▼3.7% YoY); EBITDA margin: 49.2%. Normalized EBITDA: Rp 73.1tn (▼4.0% YoY).

• Net income: Rp 17.8tn (▼20.5% YoY); normalized net income: Rp 22.7tn (▼6.0% YoY).

• Operating profit was Rp34,648 billion, down from Rp41,453 billion year-over-year.

• Total assets as of December 31, 2025, were Rp287,759 billion; total equity attributable to owners was Rp130,685 billion.

Outlook and guidance

• FY26 guidance: normalized revenue growth of 1–3%, normalized EBITDA margin >50%, and capex-to-revenue ratio of 17–19%.

• Management expects most unsatisfied contract obligations as of December 31, 2025, to be recognized as revenue in the next reporting periods.