PT Lippo Karawaci Tbk (LPKR) Q2 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 reached IDR 4.12 trillion, up 35% year-over-year on a like-for-like basis, driven by strong real estate and resilient lifestyle and healthcare segments, but with headwinds in the hotel segment due to government budget cuts.

• Real estate contributed 84% of revenue, with lifestyle and healthcare providing diversification and stable cash flows.

• Marketing sales achieved IDR 2.5 trillion, representing 40% of the full-year target of IDR 6.25 trillion.

• Liquidity remains strong with a cash balance of IDR 6.5 trillion and significant reductions in financing costs.

• The group lost control over a major healthcare subsidiary, impacting consolidated results and segment reporting.

Financial highlights

• Real estate revenue surged 51% year-over-year to IDR 3.46 trillion, with EBITDA stable at IDR 526 billion (15% margin); overall revenue at IDR 4.1 trillion, up 35% year-over-year excluding Siloam deconsolidation.

• Underlying EBITDA increased by 36% to IDR 208 billion, while reported EBITDA was IDR 627 billion, down 13% due to margin compression in real estate.

• Net profit after tax (NPAT) was IDR 138 billion, significantly lower than last year due to one-off gains in 2024.

• Healthcare revenue grew 1.5% year-over-year to IDR 4.73 trillion, with EBITDA at IDR 1.31 trillion (27.8% margin).

• Net cash used in operating activities was IDR 894,322 million, compared to net cash provided of IDR 1,688,404 million in the previous year.

Outlook and guidance

• Management maintains the full-year marketing sales target of IDR 6.25 trillion, expecting improvement in the second half due to new launches and a lower BI rate.

• Siloam to expand with new hospital launch in East Java in 2H25.

• The group continues to focus on real estate development, lifestyle, and investment activities after deconsolidating the healthcare segment.