The significant decline in revenue and earnings, combined with elevated depreciation charges and ongoing regulatory investigations, creates a negative near-term outlook. Traders should monitor the resolution of the SEC/DOJ investigations and the impact of the Infraco spin-off on future financials. The announced share buyback may provide some support, but it does not offset the fundamental deterioration.
Price Chart
Executive Summary
Telkom Indonesia filed its FY2025 audited financial statements, reporting 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 10.1% to Rp37.6 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
- FY2025 revenue declined 2.2% YoY to Rp146,742 billion from Rp149,967 billion.
- FY2025 net profit attributable to owners fell 20.5% YoY to Rp17,814 billion from Rp22,403 billion.
- Operating profit decreased 16.4% to Rp34,648 billion from Rp41,453 billion.
- Depreciation and amortization expenses increased 10.1% to Rp37,649 billion from Rp34,181 billion.
- The company recorded an unrealized loss of Rp242 billion on changes in fair value of investments vs a gain of Rp188 billion in 2024.
- Basic EPS dropped to Rp179.83 from Rp226.15 (as restated).
- The company is under investigation by the SEC and DOJ for revenue recognition and FCPA compliance; management does not expect a material adverse effect on the FY2025 financials.
- A voluntary change in accounting policy for drop cable assets resulted in a retrospective restatement, reducing prior year retained earnings by Rp8,286 billion as of Jan 1, 2024.
- Telkomsel received tax assessments for FY2023 totaling Rp14,467 billion (including penalties), which it is objecting to.
- The company announced a share buyback plan on May 1, 2026, with a maximum amount of Rp1,000 billion, to be executed over 12 months starting June 9, 2026.
Financial Impact
Revenue declined by Rp3,225 billion (2.2%) and net profit attributable to owners declined by Rp4,589 billion (20.5%) YoY. Depreciation increased by Rp3,468 billion (10.1%).
Risk Factors
- Ongoing SEC and DOJ investigations could lead to material penalties or reputational damage.
- Elevated depreciation from accelerated asset write-downs and useful life changes will continue to pressure earnings.
- Telkomsel's large tax dispute (Rp14.4 trillion) poses a significant contingent liability.
- Continued revenue decline in the core B2C segment (cellular data, IndiHome, voice) indicates structural headwinds.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001001807-26-000026 |
| Document: 0001001807-26-000026-index-headers.html | 0001001807-26-000026 |
| Document: 0001001807-26-000026-index.html | 0001001807-26-000026 |
| Document: 0001001807-26-000026.txt | 0001001807-26-000026 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | 6-K | $12.21 | awaiting T+20 | — | $11.72 (−4.01%) |
Oct 2, 2026 25d ago | 6-K | $12.55 | awaiting T+20 | — | $11.72 (−6.61%) |
Oct 2, 2026 25d ago | 6-K | $12.55 | awaiting T+20 | — | $11.72 (−6.61%) |
Oct 2, 2026 25d ago | 6-K | $12.55 | awaiting T+20 | — | $11.72 (−6.61%) |
Sep 18, 2026 5w ago | 6-K | $14.17 $11.03 | ▼ −22.16% | ▼ −22.36% | $11.72 (−17.29%) |
Aug 7, 2026 11w ago | 6-K | $15.10 $14.85 | ▼ −1.66% | ▼ −1.26% | $11.72 (−22.38%) |
Aug 7, 2026 11w ago | 6-K | $15.10 $14.85 | ▼ −1.66% | ▼ −1.26% | $11.72 (−22.38%) |
Jul 1, 2026 16w ago | 6-K | $13.73 $14.37 | ▲ +4.66% | ▲ +6.85% | $11.72 (−14.64%) |
Jun 18, 2026 18w ago | 6-K | $14.88 $14.27 | ▼ −4.10% | ▼ −4.63% | $11.72 (−21.24%) |
Jun 10, 2026 19w ago | 6-K | $15.33 $14.06 | ▼ −8.28% | ▼ −11.91% | $11.72 (−23.55%) |
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