KEY HIGHLIGHTS
- 2Q26 revenue IDR 5,168 Bn, +15.5% YoY and +4.3% QoQ, taking 1H26 to IDR 10,123 Bn, up 15.1%. On a flat pace that is 47.7% of FY26 consensus and looks merely in line, but MAPA is second-half weighted: 1H25 was only 45.6% of FY25 revenue and 38.5% of FY25 net profit. Against its own seasonality every line is running ahead.
- 2Q26 operating profit IDR 595 Bn, +22.4% YoY, with operating margin up 0.6pp to 11.5%. Gross Margin actually slipped 0.4pp YoY and 1.5pp QoQ to 46.5%, the softest of three quarters, but operating leverage more than covered it: selling expense fell to 30.7% of revenue from 31.3% and G&A rose just 5.5% against 15.5% revenue growth.
- 2Q26 net profit IDR 394 Bn, +22.1% YoY, lifting 1H26 to IDR 864 Bn, up 30.5%, far ahead of the 8.0% FY26 growth consensus assumes. The -16.3% QoQ is optics: 1Q26 carried an 18.7% effective tax rate against 27.3% in 2Q26, and 2Q26 absorbed IDR 19 Bn of the IDR 24 Bn 1H26 FX loss. Consensus now implies 2H26 net profit down 6.0% YoY.
- The mix shift is in non-retail, where sales rose 22.1% YoY to IDR 320 Bn and segment result more than tripled to IDR 51 Bn, lifting its result margin to 15.8% from 6.2% while retail held at 11.2%. Indonesia grew 17.0% YoY against overseas at 10.8%, trimming the overseas mix to 23.8%. Capex is stepping up, with 1H26 at IDR 1,182 Bn, 45.6% above 1H25. Key watch: whether non-retail margin holds through 2H26, and whether gross margin stabilises after two quarters of slippage.
Regards, Aldiracita Research
