MIDI — 2Q26 Results Flash; Beat on Every Profit Line as the Post-Lawson Margin Structure Holds, With Revenue the Only In-Line Item

July 28, 2026

KEY HIGHLIGHTS

  • Net profit IDR 220Bn, -17.0% QoQ and +10.1% YoY, taking 1H26 to IDR 486Bn: 53.6% of FY26F consensus and a beat, with operating profit (62.1%) and EBITDA (58.8%) further ahead; revenue is the only in-line line.
  • Revenue IDR 5.4Tn, +7.0% YoY, all of it outside Java, up 17.5% in 1H26, while Jabodetabek fell 1.2% to 35.5% of the total.
  • Gross margin 26.8%, +1.6pp YoY, recovering from a soft 1Q26; the half-year gain is only +0.4pp, but the beat is clean, delivered as the tax rate normalised, supporting earnings growth.
  • Our read: a good print, and consensus has not caught up with the Lawson-free base. FY26F operating profit consensus of IDR 1.00Tn sits below MIDI’s own ex-Lawson FY25 operating profit of IDR 1.03Tn, so the 62% first-half pace reads as stale estimates, not a one-off. At 9.8x forward P/E versus a 17.9x five-year mean and 14.1x -1SD, the de-rating has outrun the earnings. A second quarter of flat Jabodetabek with no margin offset would change our mind.

Regards, Aldiracita Research

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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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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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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).