KEY HIGHLIGHTS
- 2Q26 revenue IDR 11.9 Tn, +15.5% YoY, though -3.5% QoQ against a Lebaran-boosted 1Q26, taking 1H26 to IDR 24.2 Tn, up 23.4%. That is 51.4% of FY26 consensus, and against MAPI’s own second-half skew, where 1H25 was only 45.5% of FY25 revenue and 43.1% of FY25 net profit, all four lines are running well ahead of pace.
- 2Q26 net profit IDR 587 Bn, +20.2% YoY, ahead of the 12.5% operating profit gain, lifting 1H26 to IDR 1,216 Bn, up 26.5% and 50.0% of FY26 consensus against a 43.1% share in 1H25. The gap between profit and operating growth sits below the line: an IDR 53 Bn FX gain against IDR 15 Bn, IDR 63 Bn of interest income, and IDR 46 Bn from associates.
- Gross margin held at 41.1% in 2Q26, down just 0.2pp YoY, but 1H26 at 40.4% is 2.2pp below 1H25 because 1Q26 printed 39.7% against 44.0%. Cost discipline covered part of it, with selling expense down to 27.4% of 1H26 revenue from 29.0% and G&A to 4.6% from 5.2%, leaving the 1H26 operating margin flat YoY at 8.4%.
- The portfolio is splitting three ways. Retail segment result rose 19.3% YoY to IDR 988 Bn on a 9.7% margin, department stores fell 42.1% to IDR 43 Bn on only 3.5% sales growth, and cafe and restaurant stayed lossmaking at negative IDR 37 Bn with the 1H26 loss widening to IDR 100 Bn. Capex is running hard at IDR 2,396 Bn in 1H26, 39.0% above 1H25. Key watch: whether the cafe arm moves toward breakeven and whether department store margin stabilises in 2H26.
Regards, Aldiracita Research
