KEY HIGHLIGHTS
- 2Q26 revenue IDR 8,530 Bn, +7.5% YoY but -9.2% QoQ, leaving 1H26 up only 0.7% at IDR 17,922 Bn. That is 43.5% of FY26 consensus against a 46.0% share in 1H25, so revenue is running behind even MYOR’s own second-half skew. The split is stark: packaged food grew 20.3% YoY in the quarter while packaged beverages fell 9.5%, taking beverages down 8.4% across the half.
- Gross margin rose 4.5pp YoY to 24.8%, as cost of goods sold fell 5.1% in 1H26 on flat revenue. Operating leverage did not follow through: selling expense rose 36.9% YoY and G&A 66.6% in the quarter, so operating profit gained only 14.6% to IDR 792 Bn and the operating margin improved just 0.6pp to 9.3%.
- 2Q26 net profit IDR 764 Bn, +60.1% YoY, but most of it sits below the operating line. Profit before tax rose 65.0% against operating profit at 14.6%. Of the IDR 398 Bn PBT increase, roughly IDR 262 Bn came from a foreign exchange swing, an IDR 252 Bn gain this quarter against a small loss a year earlier, and a further IDR 56 Bn from interest expense falling 40.7%. Strip those and the underlying improvement is far more modest.
- Consensus now needs a much stronger second half: FY26 estimates imply 2H26 revenue up 11.4% YoY against the 0.7% delivered in 1H26, while implying 2H26 net profit down 2.2% because the first half already carried so much of the year. Capex stayed disciplined at IDR 295 Bn, flat YoY, and depreciation fell 2.6%. Key watch: whether beverages stops shrinking, and whether the input cost relief behind the 4.5pp gross margin gain persists.
Regards, Aldiracita Research
