KEY HIGHLIGHTS
- 2Q26 revenue IDR 2,711 Bn, +50.8% YoY, taking 1H26 to IDR 5,494 Bn, up 34.6% and 53.3% of FY26 consensus. Read the rate with the base in mind: 1H25 revenue fell 8.2% against 1H24, so this is recovery off a depressed comparator rather than a step change in run-rate. Beverages, 99.5% of gross segment sales, grew 49.8% YoY in the quarter; foods stays immaterial at IDR 15 Bn.
- 2Q26 operating profit IDR 696 Bn, +131.8% YoY, with operating margin at 25.7% from 16.7%. Gross margin contributed 2.8pp, but the bigger move sits below it: selling expense fell 12.2% YoY in absolute terms to IDR 201 Bn even as revenue rose 50.8%, taking the selling expense ratio to 7.4% from 12.7%. G&A held flat at 3.4% of sales.
- 2Q26 net profit IDR 553 Bn, +131.4% YoY, lifting 1H26 to IDR 1,049 Bn, up 73.7% and 64.2% of FY26 consensus against a 44.6% share in 1H25. Quality is clean: no disposal gains of scale, effective tax rate 20.4% against 21.3%, minorities only IDR 13 Bn. Beverages segment result margin reached 23.0% from 13.5%.
- Treat the consensus comparison with care. The Bloomberg set for ULTJ carries one estimate for revenue, operating income and EBITDA and two for net income, so a beat here is not a market-wide surprise. Consensus of IDR 10,316 Bn revenue implies 2H26 of IDR 4,822 Bn, only 2.9% above 2H25 and 12.2% below the 1H26 level, meaning the estimate has not caught up with the half just reported. Key watch: whether the selling expense cut holds, because a 5.3pp reduction in trade and advertising support is the kind of saving that reappears as lost volume two or three quarters later.
Regards, Aldiracita Research
