The earnings decline and elevated investment losses are negative, but the key risk is the unresolved tax dispute at Telkomsel (Rp14,455 billion) and the SEC/DOJ investigations. Monitor the Telkomsel appeal outcome and any developments in the U.S. investigations, which could lead to material penalties or operational restrictions.
Price Chart
Executive Summary
Telkom Indonesia reported 9M 2026 revenue of Rp113,502 billion, up 3.5% from Rp109,617 billion in 9M 2025, driven by growth in cellular data and internet (Rp56,575 billion vs Rp52,111 billion). However, net profit attributable to owners declined 3.9% to Rp14,446 billion from Rp15,031 billion, impacted by a Rp1,663 billion unrealized loss on investments (vs Rp360 billion in 9M 2025) and higher general & administrative expenses (Rp5,961 billion vs Rp5,003 billion). Operating profit slipped to Rp27,999 billion from Rp28,244 billion. The filing also discloses ongoing SEC and DOJ investigations and a material tax dispute at Telkomsel.
Key Financial Metrics
Key Facts
- 9M 2026 revenue Rp113,502 billion, up 3.5% YoY from Rp109,617 billion
- Net profit attributable to owners Rp14,446 billion, down 3.9% YoY from Rp15,031 billion
- Operating profit Rp27,999 billion vs Rp28,244 billion in 9M 2025
- Unrealized loss on investments Rp1,663 billion vs Rp360 billion in 9M 2025
- General & administrative expenses rose to Rp5,961 billion from Rp5,003 billion
- EPS Rp146.31 vs Rp151.73 in 9M 2025
- Ongoing SEC and DOJ investigations related to revenue recognition and FCPA compliance
- Telkomsel received tax assessment notices totaling Rp14,455 billion for 2023 fiscal year; objection fully rejected, appeal planned
- Share buyback of Rp1,749 billion executed during the period
- Cash dividend of Rp21,999 billion paid in July 2026
Financial Impact
Net profit decline of 3.9% YoY, driven by Rp1,663 billion unrealized investment loss and higher G&A expenses; ongoing SEC/DOJ investigations and a Rp14,455 billion tax dispute at Telkomsel create material uncertainty
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| B2C | $81.6T | +3.5% |
| B2B Infra | $7.1T | +5.5% |
| B2B ICT | $11.2T | +3.1% |
| International | $8.9T | +5.8% |
| Others | $4.8T | -1.1% |
Risk Factors
- Telkomsel tax dispute of Rp14,455 billion (objection rejected, appeal pending) could result in material cash outflow
- Ongoing SEC and DOJ investigations may lead to fines, penalties, or operational changes
- Unrealized investment losses (Rp1,663 billion) reflect volatility in startup portfolio, particularly GOTO and MDI investments
- Revenue growth of 3.5% is below inflation and may indicate market share pressure or pricing headwinds
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001001807-26-000076 |
| Document: 0001001807-26-000076-index-headers.html | 0001001807-26-000076 |
| Document: 0001001807-26-000076-index.html | 0001001807-26-000076 |
| Document: 0001001807-26-000076.txt | 0001001807-26-000076 |
| Earnings Context (Synthetic; results releases only) | 0001001807-26-000076 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 2d ago | 6-K | $11.16 | awaiting T+20 | awaiting T+20 | $11.17 (−0.09%) |
Oct 30, 2026 2d ago | 3 | $11.22 | awaiting T+20 | awaiting T+20 | $11.17 (−0.45%) |
Oct 22, 2026 10d ago | 6-K | $12.21 | awaiting T+20 | awaiting T+20 | $11.17 (−8.52%) |
Oct 2, 2026 4w ago | 6-K | $12.55 $11.17 | ▼ −11.00% | ▼ −9.19% | $11.17 (−11.00%) |
Oct 2, 2026 4w ago | 6-K | $12.55 $11.17 | ▼ −11.00% | ▼ −9.19% | $11.17 (−11.00%) |
Oct 2, 2026 4w ago | 6-K | $12.55 $11.17 | ▼ −11.00% | ▼ −9.19% | $11.17 (−11.00%) |
Sep 18, 2026 6w ago | 6-K | $14.17 $11.03 | ▼ −22.16% | ▼ −22.36% | $11.17 (−21.17%) |
Aug 7, 2026 12w ago | 6-K | $15.10 $14.85 | ▼ −1.66% | ▼ −1.26% | $11.17 (−26.03%) |
Aug 7, 2026 12w ago | 6-K | $15.10 $14.85 | ▼ −1.66% | ▼ −1.26% | $11.17 (−26.03%) |
Jul 1, 2026 17w ago | 6-K | $13.73 $14.37 | ▲ +4.66% | ▲ +6.85% | $11.17 (−18.65%) |
US Market Status
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