Telkom Indonesia stock: Core profit steadies as losses weigh

Published on 11/05/2026 at 15:24 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Telkom Indonesia stock faces a mixed third-quarter picture as investment losses weigh on earnings. Core profit remains resilient.

Mixed Signals From Telkom Indonesia

Investment losses weighed on reported third-quarter earnings while core profit remained resilient.
Subscriber losses and lower mobile ARPU kept pressure on Telkomsel's operating trend.
Fourth-quarter execution and capital spending remain central to the unchanged margin outlook.

TLK, US7156841063, Illustration mit AI erstellt.

Telkom Indonesia faces a mixed third-quarter picture after a November 1 analysis by Mirae Asset Sekuritas highlighted a resilient core business alongside sizeable investment losses.

Investment Losses Cloud Core Progress

Mirae Asset said third-quarter net profit reached IDR 3.8 trillion, but unrealized losses of IDR 1.3 trillion on GOTO and MDI's startup portfolio weighed on the result. Core profit was IDR 4.8 trillion, lifting nine-month core profit to IDR 15.5 trillion. EBITDA declined 1.4 percent year over year to IDR 18.0 trillion, with the margin falling to 47.9 percent as cash operating expenses rose and receivable impairment reached IDR 742 billion.

Mobile Trends Remain Mixed

Quarterly revenue came to IDR 37.6 trillion, up 2.8 percent year over year. Growth outside Telkomsel more than offset a 1.0 percent decline at the mobile unit, but Telkomsel lost 2.4 million subscribers sequentially to 151.1 million. Mobile ARPU eased 2.4 percent quarter over quarter to IDR 44,900, while IndiHome added 118,000 consumer subscribers and lifted ARPU to IDR 218,000.

Execution Sets The Next Test

Management kept its above-50-percent EBITDA margin target and expects seasonality, market repair and network monetization to support the fourth quarter. Mirae expects capital spending to rise toward the 17-to-19-percent capital-to-revenue target and reiterated a Buy rating with an IDR 3,400 target price for the Indonesian-listed shares.

The real-time quote of Telkom Indonesia stock was 9.85 euros on Lang & Schwarz at 15:13 CET on Thursday, November 5, 2026.