The 20-F confirms a deteriorating earnings trend with declining revenue, falling profits, and rising depreciation. The ongoing SEC/DOJ investigations add legal overhang. Monitor for any settlement or enforcement action, and watch for Q1 2026 results to see if the H2 2025 ARPU improvement sustains. The partial spin-off of wholesale fiber to TIF may unlock value but execution risk remains.
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Executive Summary
Telkom Indonesia filed its FY2025 20-F annual report, confirming a 2.2% decline in revenue to Rp146.7 trillion and a 17.1% drop in net profit attributable to owners to Rp17.8 trillion. The results were negatively impacted by a significant increase in depreciation and amortization expenses (up 10.3% to Rp37.7 trillion) due to changes in asset useful lives and accelerated depreciation, as well as a Rp242 million unrealized loss on investments. The filing also discloses ongoing SEC and DOJ investigations related to revenue recognition and FCPA compliance, though management does not currently believe these will have a material adverse effect.
Key Facts
- Revenue declined 2.2% YoY to Rp146.7 trillion ($8.8B) in FY2025
- Net profit attributable to owners fell 17.1% to Rp17.8 trillion ($1.07B)
- Depreciation and amortization expense increased 10.3% to Rp37.7 trillion ($2.26B)
- Cellular telephone revenue dropped 29.7% to Rp4.4 trillion ($264M)
- Cellular data and internet revenue decreased 1.9% to Rp71.3 trillion ($4.28B)
- Allowance for expected credit losses on trade receivables increased 62% to Rp1.47 trillion ($88M)
- SEC and DOJ investigations into revenue recognition and FCPA compliance remain ongoing
- IndiHome B2C subscribers grew 7.4% to 10.3 million, but ARPU declined
- Cellular subscribers decreased by 3.3 million to 156.1 million
- Voluntary change in accounting policy for drop cable assets reduced prior-period profits
Financial Impact
Revenue decline of Rp3.2B ($193M) and net profit decline of Rp4.9B ($294M) vs prior year
Risk Factors
- SEC/DOJ investigations could result in fines, penalties, or operational restrictions
- Continued decline in legacy cellular revenue and ARPU pressure
- Rising depreciation from network investments compressing margins
- Increased credit losses from deteriorating customer financial health
- Regulatory uncertainty from evolving SOE governance under BPI Danantara
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001104659-26-062051 |
| Document: tmb-20251231xex1d1.htm | 0001104659-26-062051 |
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| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | 6-K | $12.21 | awaiting T+20 | — | $11.76 (−3.69%) |
Oct 2, 2026 25d ago | 6-K | $12.55 | awaiting T+20 | — | $11.76 (−6.29%) |
Oct 2, 2026 25d ago | 6-K | $12.55 | awaiting T+20 | — | $11.76 (−6.29%) |
Oct 2, 2026 25d ago | 6-K | $12.55 | awaiting T+20 | — | $11.76 (−6.29%) |
Sep 18, 2026 5w ago | 6-K | $14.17 $11.03 | ▼ −22.16% | ▼ −22.36% | $11.76 (−17.01%) |
Aug 7, 2026 11w ago | 6-K | $15.10 $14.85 | ▼ −1.66% | ▼ −1.26% | $11.76 (−22.12%) |
Aug 7, 2026 11w ago | 6-K | $15.10 $14.85 | ▼ −1.66% | ▼ −1.26% | $11.76 (−22.12%) |
Jul 1, 2026 16w ago | 6-K | $13.73 $14.37 | ▲ +4.66% | ▲ +6.85% | $11.76 (−14.35%) |
Jun 18, 2026 18w ago | 6-K | $14.88 $14.27 | ▼ −4.10% | ▼ −4.63% | $11.76 (−20.97%) |
Jun 10, 2026 19w ago | 6-K | $15.33 $14.06 | ▼ −8.28% | ▼ −11.91% | $11.76 (−23.29%) |
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