ARTICLE

TLKM – 1H25 net profit reaches IDR11.0 tn TLKM’s revenue edged down 0.7% qoq to IDR36.4 tn in 2Q25, driven by a 2.3% qoq decline in Telkomsel’s revenue to IDR26.6 tn. This brought 1H25 revenue to IDR73.0 tn, down 3.0% yoy. Telkomsel’s revenue dropped 5.8% yoy to IDR53.8 tn in 1H25, pressured by a 0.9% yoy decline in subscribers and an 8.8% decrease in IndiHome B2C ARPU. Data-payload surged 20.1% yoy to 11,716PB, exceeding our forecast by 1.5%. Although cash-costs declined 1.4% yoy to IDR36.9 tn, EBITDA margin narrowed by 84.4bps to 49.5% (1H24: 50.3%), dragged by a 1.5% increase in O&M costs to IDR19.8 tn and an 18.3% rise in interconnection expenses to IDR4.2 tn. In 2Q25, interest expenses rose 1.1% qoq to IDR1.3 tn, weighing on net profit, which declined 11.1% qoq to IDR5.2 tn. For 1H25, net profit fell 6.7% yoy to IDR11.0 tn. (Source: Company)