DEWA IJ — 2Q26 Results MIXED; as headline earnings flattered by unrealised mark-to-market gain while revenue lags consensus

August 10, 2026

KEY HIGHLIGHTS

  • Net profit IDR 262 Bn in 2Q26, +182.1% QoQ, +120.6% YoY, 1H26 at 69.6% of FY26F. But it carries an IDR 229 Bn unrealised fair-value gain (IDR 186 Bn after tax); ex that, net profit was IDR 76 Bn, -18.3% QoQ, 1H26 33.1%.
  • 2Q26 revenue IDR 1.7 Tn, +8.7% YoY, all related-party: KPC +22.3%, Arutmin -4.1%. 1H26 43.7% of FY26F, a top-line miss.
  • 2Q26 gross margin 20.7%, +4.4pp YoY on internalisation (subcontractor cost -52.6% YoY), but G&A +89.7% YoY held operating margin at 13.1%; finance cost doubled to IDR 137 Bn on an IDR 46 Bn penalty.
  • Our read: a low-quality print; the beat is accounting, the miss is operating. Consensus FY26F net income was already cut to IDR 509 Bn from IDR 788 Bn, yet 1H26 is below even that ex the gain. DEWA also breached the 1.0x modified current ratio covenant on its IDR 4.5 Tn syndicated loan, waived 30 July. Key watch: first Sebuku revenue and whether the ratio recovers without a further waiver.

Regards, Aldiracita Research

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Phone: 021-39705858

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Phone: (021)-39725678

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Anindita Cintasya is an experienced finance and investment professional specializing in debt capital markets. With a Bachelor’s degree in Business Administration from Universitas Indonesia (2007), she has built a strong career in investment banking, holding key roles at PT Aldiracita Sekuritas Indonesia, CIMB Niaga Sekuritas, and CGS-CIMB Sekuritas Indonesia. She holds multiple certifications, including a Risk Management Competency Certification and WPPE license, demonstrating her expertise in capital market regulations. Currently serving as VP Debt Capital Market – Investment Banking Associate at PT Aldiracita Sekuritas Indonesia, she has a proven track record of managing and coordinating debt issuance processes.

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