ICBP — 2Q26 Results BEAT, as overseas growth lifts core earnings

August 3, 2026

KEY HIGHLIGHTS

  • 2Q26 reported net profit fell 58.8% YoY to IDR 1.2 Tn, but core profit rose 6.8% to IDR 2.5 Tn. 1H26 core profit reached 58.9% of FY26F consensus, a Beat.
  • 2Q26 revenue grew 15.7% YoY to IDR 20.1 Tn and 1H26 reached 53.1% of consensus. Overseas sales rose 30.9% YoY, versus domestic growth of 8.7%.
  • 2Q26 gross margin expanded 0.3pp YoY to 33.8% but declined 1.0pp QoQ. 1H26 operating income and estimated EBITDA both Beat consensus.
  • Our read: the core print is stronger than reported earnings indicate, as the net-profit weakness came from unrealised financing FX losses. At 8.2x BF P/E, ICBP is below its 5-year -1SD. Key watch: whether overseas momentum offsets input-cost pressure and protects core margins in 3Q26.

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

©Copyright 2024, PT Aldiracita Sekuritas Indonesia

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Anindita Cintasya

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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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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.

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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).