The Q1 results confirm the deteriorating earnings trend from FY2025, with net profit down sharply despite modest revenue growth. The elevated depreciation from accelerated asset lives and the unrealized investment loss are structural headwinds. Monitor the SEC/DOJ investigation outcomes and the upcoming June 8 AGM for the share buyback approval, but the fundamental trajectory remains negative.
Price Chart
Executive Summary
Telkom Indonesia reported Q1 2026 results via a 6-K filing, showing a 1.5% YoY revenue increase to Rp37.2 trillion but a 12.2% decline in net profit attributable to owners to Rp4.3 trillion, driven by a 3.8% rise in depreciation and a Rp309 billion unrealized loss on investments. The filing also discloses ongoing SEC and DOJ investigations related to revenue recognition and FCPA compliance, though management does not believe these will have a material adverse effect. The results continue the negative trend from FY2025, where revenue fell 2.2% and net profit dropped 17.1%.
Key Facts
- Q1 2026 revenue increased 1.5% YoY to Rp37,189 billion from Rp36,639 billion.
- Net profit attributable to owners of the parent company fell 21.7% YoY to Rp4,344 billion from Rp5,549 billion.
- Operating profit declined 12.2% YoY to Rp8,929 billion from Rp10,166 billion.
- Depreciation and amortization expenses rose 3.8% YoY to Rp8,698 billion from Rp8,377 billion.
- Unrealized loss on changes in fair value of investments was Rp309 billion vs a gain of Rp308 billion in Q1 2025.
- Basic EPS fell to Rp43.90 from Rp56.02 YoY.
- Ongoing SEC and DOJ investigations related to revenue recognition and FCPA compliance are disclosed.
- The company announced a new share buyback plan of up to Rp1,000 billion on May 1, 2026.
- Total debt decreased to Rp68,735 billion from Rp74,911 billion at year-end 2025.
- Net debt-to-equity ratio improved to 23.19% from 31.13%.
Financial Impact
Net profit attributable to owners declined by Rp1,205 billion (21.7%) YoY, with operating profit down Rp1,237 billion (12.2%). Depreciation increased by Rp321 billion (3.8%).
Risk Factors
- SEC and DOJ investigations could result in material penalties or operational restrictions.
- Continued margin compression from rising depreciation and operating costs.
- Potential further impairment of the GOTO investment and other venture holdings.
- Regulatory and tax disputes, including the Rp12.8 trillion tax assessment at Telkomsel.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001001807-26-000032 |
| Document: 0001001807-26-000032-index-headers.html | 0001001807-26-000032 |
| Document: 0001001807-26-000032-index.html | 0001001807-26-000032 |
| Document: 0001001807-26-000032.txt | 0001001807-26-000032 |
Filters
| 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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