ELSA – 2Q26 Results MIXED, as earnings boosted by lower-margin distribution business and forex gain

July 28, 2026

KEY HIGHLIGHTS

  • Net profit IDR 245 Bn, +29.3% QoQ and +63.6% YoY, taking 1H26 to IDR 435 Bn: 50.6% of FY26F consensus and in-line, with EBITDA ahead of pace and operating income behind.
  • Revenue IDR 4.0 Tn, +22.6% YoY, driven entirely by energy distribution and logistics, up 36.6% YoY and now 64.8% of the group, while upstream services fell 10.7% across the half.
  • EBITDA IDR 439 Bn, +26.6% YoY, 53.1% of FY26F, but gross margin narrowed 1.3pp to 9.2% on mix, and roughly 60% of the half-year pre-tax gain sat below the operating line, on lower finance costs and an IDR 34 Bn foreign exchange gain.
  • Our read: a good print of lower quality than the headline, but consensus looks stale. FY26F EBITDA sits just 2.3% above FY25 actual while 1H26 is already +16.2%, and at 5.3x blended forward P/E ELSA trades on its five-year mean of 5.3x. We would change our mind if 2H26 upstream revenue fails to recover.

Regards, Aldiracita Research

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PT Aldiracita Sekuritas Indonesia

Menara Tekno Lt. 9 Jl. Fachrudin No. 19 Jakarta Pusat 10250

Phone: 021-39705858

Customer Service (WhatsApp): +6288801010088

Email: [email protected]

Subsidiaries :
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8 Temasek Boulevard, #04 – 01, Suntec Tower Three, Singapore 038988

PT Surya Timur Alam Raya Asset Management

Menara Tekno Lt. 9 Jl. Fachrudin No. 19 Jakarta Pusat 10250

Phone: (021)-39725678

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Anindita Cintasya

Director of Investment Banking

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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Mario Martin
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Mindo Leona
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Schedule a consultation with our Fixed Income Sales

Mindo Leona Christina Pardede

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Mindo Leona Christina earned her Bachelor’s degree in Public Relations from Institut Ilmu Sosial dan Politik Jakarta in 2000. She joined Aldira in 2021 as Vice President of Fixed Income Sales and has been serving as President Director since 2025. With over 20 years of experience in Indonesia’s capital market, she specializes in Fixed Income. She also holds a capital market license as a Broker-Dealer Representative.

Livius Nurtanio

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Livius graduated from University of Toronto in 1995. He joined PT. Aldiracita Sekuritas Indonesia as Vice President Director from 4 October 2023. Livius has more than 20+ years of experience in Investment Banking both in Securities, Private Equity and Investment Banks in Indonesia, and overseas such as New York, Hongkong, Singapore as a Research Analyst, Head of Fixed Income, Financial Advisor, Senior Associate, Executive and Managing Director. He holds a capital market license for Broker-Dealer Representative and Underwriter Representative from OJK.

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Christian Kurniawan is a seasoned finance professional with over 15 years of experience in accounting, financial management, and capital markets. Prior to joining Aldiracita, Christian built his career at Moore Stephens Consulting, progressing from Junior to Associate Manager. During this time, he was actively involved in financial due diligence, valuation, and advisory services across various industries, strengthening his expertise in financial analysis and corporate transactions.

Christian holds a Bachelor’s degree in Accounting from Universitas Katolik Atma Jaya and is a certified Wakil Perantara Pedagang Efek (WPPE). He has also completed professional programs in taxation and leadership, reflecting his commitment to continuous professional development.

B Hari Mantoro

Independent Commissioner

Hari received his degree from the Faculty of Economics, University of Indonesia in 1988. He became the Independent Commissioner of PT Aldiracita Sekuritas Indonesia on 24 March 24 2023. He began his work in the financial industry in 1976 at a foreign bank in Jakarta and later worked for a security company in the capital market. Having worked in the financial market for over 30+ years, Hari has held positions as a President Director, Directors and Senior Manager. He is currently an competency assessor for Lembaga Sertifikasi Profesi Pasar Modal Indonesia (LSPPMI).