PT Telkom Indonesia (Persero) Tbk (Telkom) announced its first-quarter financial performance in 2026, recording progressive growth across several business segments. Amidst macroeconomic uncertainty, this achievement reflects the company's consistency in implementing operational discipline while accelerating the execution of its TLKM 30 transformation strategy.
Starting the first three months of 2026, Telkom posted consolidated revenue of IDR 37.2 trillion, a 1.5% year-on-year (YoY) growth. EBITDA was recorded at IDR 18.0 trillion, with an EBITDA margin of 48.3%. The company also recorded a net profit of IDR 4.3 trillion, with a net profit margin of 11.7%.
Meanwhile, normalized net profit was IDR 5.1 trillion, with a normalized net profit margin of 13.8%. The contraction in net profit was primarily due to the continued impact of accelerated depreciation and the business normalization process during the transformation phase. However, this pressure was transitional and non-cash, while fundamentally, operational performance remained sound. The company's operating cash flow also grew 3.1% year-on-year to Rp17.3 trillion, driven by the implementation of the TOTEX efficiency program and improved collection discipline.
Telkom President Director Dian Siswarini said, "This year, Telkom will be even more aggressive in accelerating the execution of the TLKM 30 strategy to create optimal value and ensure the company's continued solidity going forward. The performance in the first quarter of 2026 is a good start and motivation for the TelkomGroup to continue making gradual improvements to deliver the best achievements and contributions to the company, customers, society, and the country."
Driving Sustainable Growth Amidst B2C Market Improvements
In the B2C segment (Mobile and Fixed Broadband), Telkomsel posted consolidated revenue of Rp 27.6 trillion, a 1.3% year-on-year growth, driven by digital business revenue. Data payload also increased 2.3% year-on-year, supported by the company's efforts to strengthen network quality and expansion through disciplined and sustainable investments. The strategy of implementing pricing discipline, product simplification, and delivering a better customer experience successfully drove ARPU growth to Rp 45,100, a 6.4% year-on-year increase. This reflects increasingly healthy market improvement initiatives and a more stable and rational industry environment. Telkomsel will continue to focus on maintaining ARPU through increasing customer productivity and innovating digital lifestyle services that align with evolving consumer needs.
Dian added, "From a market perspective, the telecommunications industry remains promising because connectivity and the internet have now become primary needs for society. In recent years, we have seen the demand for internet services continue to grow and show no signs of declining. We are optimistic about sustainably strengthening the mobile and fixed broadband ecosystem while prioritizing a good customer experience."
Transformation Momentum Drives Growth in the B2B Infrastructure Segment
The B2B Infrastructure segment demonstrated positive performance with revenue of IDR 2.4 trillion, a 6.8% growth compared to the same period last year. This growth was supported by the continued expansion of its Fiber-to-the-Tower (FTTT) business. In the telecommunications tower and FTTT business, led by Mitratel, the company posted revenue of IDR 2.3 trillion, a 1.4% year-on-year growth. Tower Leasing and Tower-Related Business remained key contributors to revenue stability. Thanks to effective cost management and strong business fundamentals, Mitratel managed to maintain a stable EBITDA margin of 82.7%.
In an effort to remain the market leader in telecommunications towers in Southeast Asia, Mitratel also strengthened its portfolio strategy in fiber optic assets. During the first quarter, Mitratel expanded 1,080 km of fiber optic, bringing its total ownership to 58,279 km. This sustainable expansion strategy has successfully driven significant FTTT business growth while strengthening Mitratel's capabilities as an integrated Next-Gen Tower Company.
In the data center business, revenue is generated from data center and colocation data center facilities owned by the NeutraDC Group, as well as the NeuCentrIX edge data center facility, which is currently under Telkom's operational control.
Data centers are a digital platform with increasing demand as digital industry players expand. Recognizing this potential, the consolidation initiative will be a strategic step to enable NeutraDC to more focusedly manage all data center assets. This approach will open up opportunities for service expansion, asset monetization, and business growth through collaboration with strategic partners.
In the Wholesale & International Service unit, revenue was recorded at IDR 2.8 trillion, with interconnection services growing 18.9% quarter-on-quarter due to increased international wholesale voice business activity.
Furthermore, in the B2B ICT segment, the company recorded revenue of IDR 3.1 trillion. Amidst the ongoing restructuring process in this segment, business activity has tended to slow down due to a more disciplined and selective approach in exploring new partnerships. While this may result in a short-term slowdown, the restructuring is part of the company's efforts to drive healthier margins, eliminate overlapping product offerings, and strengthen its competitive position in the market in the long term.
Transformation Execution Progresses According to Plan and Strategic Priorities
The positive performance of Telkom's B2C and B2B Infrastructure segments during this period is inseparable from the successful transformation and accelerated execution of the TLKM 30 strategy. Capital expenditure realization reached IDR 4.9 trillion, or 13.2% of revenue. Ninety-nine percent was allocated for infrastructure development in the core B2C, B2B Infrastructure, and International segments, with the remainder for the disciplined development of digital platforms. Operational efficiencies continue to be created through streamlining initiatives and structuring of the HoldCo-OpCo-based business portfolio, including divestments, mergers, and liquidation of non-core entities.
One of the ongoing streamlining initiatives is the divestment of AdMedika Group to strategic investors, with the divestment process targeted for completion by the end of the first semester of 2026. This divestment is expected to open up growth and innovation opportunities for AdMedika Group and provide improved service quality for the Indonesian public and the region.
In terms of unlocking value, Telkom is also in the preparation phase for the second phase of the separation of its wholesale fiber connectivity business and assets to InfraNexia, which is targeted for completion in the third quarter of this year.
This process also considers the evaluation of initiative priorities to ensure optimal implementation. Overall, the separation process is proceeding according to plan and is part of Telkom's strategy to promote more agile and efficient fiber asset management and to open up broader business opportunities going forward.
This initiative aligns with Telkom's transformation focus on driving growth through monetizing assets and infrastructure in external markets. By strengthening the B2B segment, particularly InfraNexia, which is projected to be a new growth driver, TelkomGroup can open up opportunities to increase external revenue while strengthening the company's business fundamentals. Currently, the fiber business's contribution remains around 15% and is targeted to increase to around 25% as infrastructure utilization is optimized, asset transfers are completed, and operations resume.
Telkom is also strengthening its B2B ICT and International businesses to capture the potential needs of the industry, which continue to grow amidst the rapid adoption of AI-based technology. Going forward, this step is expected to create a more balanced revenue mix between TelkomGroup's B2C and B2B segments. "2026 will be a period full of opportunities and challenges for TelkomGroup. Therefore, we will continue to accelerate the execution of our TLKM 30 transformation strategy while prioritizing the principles of operational discipline to strengthen business sustainability, provide increasingly inclusive services, and build a digital ecosystem capable of creating a broader impact," concluded Dian.
Post a Comment