KEY HIGHLIGHTS
- 1H26 lands at 46% of FY26F on all four metrics, a miss: revenue 46.9%, operating income 46.2%, EBITDA 46.5%, net profit 46.0%, every one below the 47% in-line floor.
- 2Q26 revenue IDR 1,412 Bn, +9.4% YoY and +4.1% QoQ, outpatient led at +14.7% YoY against inpatient +6.9%, lifting the outpatient share of sales to 33.1% from 31.6%. Drugs and medical supplies grew fastest at +14.2% and now carry 48.3% of revenue.
- 2Q26 gross margin 53.7%, -1.4pp YoY, on mix rather than price, as the drugs line outgrew the top line and depreciation inside cost of revenue rose 18.1%. Operating expenses rose only 3.6%, so 2Q26 operating profit IDR 453 Bn, +9.4% YoY, with operating margin flat at 32.1%.
- 2Q26 net profit IDR 358 Bn, +9.0% YoY, and EBITDA IDR 551 Bn, +10.6% YoY at a 39.0% margin, the best of the three quarters shown, with no one-offs and the effective tax rate easing to 20.3%. Underneath, Jakarta and West Java lifted 1H26 EBIT 13.2% while Central and East Java fell 6.2%, and gross capex ran 49.3% above 1H25. Key watch: whether 2H26 delivers the revenue +11.8% and net profit +10.9% consensus now requires, against 8.0% and 6.9% in 1H26.
Regards, Aldiracita Research
