TLKM (Consolidated) — 1H26 Results IN-LINE; 2Q mobile-led rebound

August 4, 2026

KEY HIGHLIGHTS

  • 1H26 revenue +3.9% YoY to IDR 75.9Tn (51% of FY26F, on pace); 2Q26 rebounded +4.0% QoQ to IDR 38.7Tn led by mobile, with Data/Internet & IT +11.2% YoY to IDR 48.2Tn offsetting legacy declines (IndiHome -3.4%, interconnection -10.4%, SMS/voice -29%).
  • 2Q26 EBITDA +11.8% QoQ to IDR 19.7Tn (50.9% margin); operating profit +25.5% QoQ, as the 1Q restructuring drag faded and cost discipline held (interconnect -9.7%, employee -4.4%). 1H26 EBITDA +3.4% YoY to IDR 37.3Tn, margin stable ~49%.
  • 2Q26 net profit +44.6% QoQ / +27.5% YoY to IDR 6.3Tn, but 1H26 PATMI only +1.4% YoY to IDR 10.6Tn on the soft 1Q and a higher Telkomsel minority share (NCI +14% YoY). Mobile ARPU IDR 46.0k (+9% YoY).
  • Our read: a clean in-line 1H with an encouraging, mobile-led 2Q rebound. Quality-led monetization is working (ARPU up, base pruned to 153.5mn); durability hinges on ARPU holding and FBB calibration. At ~4.1x EV/EBITDA vs a 5.0x 5-year mean, valuation is undemanding. Key watch: whether 2H ARPU gains stick and the group restructuring (Telkom Enterprise/InfraCo) delivers.

Regards, Aldiracita Research

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PT Aldiracita Sekuritas Indonesia

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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Christian Kurniawan is a seasoned finance professional with over 15 years of experience in accounting, financial management, and capital markets. Prior to joining Aldiracita, Christian built his career at Moore Stephens Consulting, progressing from Junior to Associate Manager. During this time, he was actively involved in financial due diligence, valuation, and advisory services across various industries, strengthening his expertise in financial analysis and corporate transactions.

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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).