MTEL — 2Q26 Results BROADLY IN-LINE, with operating income the miss, as depreciation outgrows a flat top line

August 4, 2026

KEY HIGHLIGHTS

  • Net profit IDR 566 Bn in 2Q26, -0.4% YoY but +3.9% QoQ, taking 1H26 to IDR 1.1 Tn: 50.4% of FY26F consensus and in-line, though 1H26 operating profit fell IDR 56 Bn while finance costs fell IDR 80 Bn.
  • 2Q26 revenue IDR 2.4 Tn, +2.7% YoY, on tower leasing up just 1.9%; towers rose 2.0% YoY to 40,563 and tenants 4.9% to 63,866, but tenancy ratio stayed flat QoQ at 1.57x.
  • 2Q26 operating profit -3.0% YoY, EBITDA margin -1.7pp to 83.2%: D&A grew 4.9% YoY against revenue up 2.7%, and 1H26 operating profit at 46.7% of FY26F is the one miss.
  • Our read: an asset-heavy grower whose earnings now lean on the balance sheet, not the towers. Growth is coming from new sites rather than colocation on existing ones, and management guides only to industry-level revenue growth for FY26. At 16.3x blended forward earnings against a two-year mean of 21.0x, MTEL trades below its -2SD of 16.9x. Key watch: whether tenancy ratio finally breaks above 1.57x.

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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Menara Tekno Lt. 9 Jl. Fachrudin No. 19 Jakarta Pusat 10250

Phone: (021)-39725678

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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).