PT Telkom Indonesia (Persero) Tbk (Telkom) reaffirms its commitment to accelerating the streamlining of its subsidiaries within the TelkomGroup. This initiative aligns with the state-owned enterprise (SOE) portfolio restructuring strategy championed by Danantara Asset Management (DAM) and the SOE Regulatory Body (BP BUMN). It also serves as a key component of Telkom’s transition from an "operating holding" to a "strategic holding" company, in line with the "TLKM 30" strategic initiative.
In accordance with shareholder aspirations regarding portfolio restructuring and optimization, Telkom is actively pursuing a streamlining program for 50 entities within the TelkomGroup. As of the first half of 2026, Telkom has successfully completed the streamlining of 24 of these entities. The restructuring process for the remaining 26 entities is currently underway, with the goal of completing as much as possible by the end of 2026, subject to the specific assessment stages and governance protocols applicable to each entity.
As one of the state-owned enterprises with the largest number of subsidiaries, Telkom is undertaking this portfolio restructuring to address various challenges—ranging from the complexity of managing diverse business lines and operational overlaps to the need for greater efficiency and the limitations some entities face in acting with the agility required to seize new opportunities and drive innovation.
Through this accelerated reorganization, Telkom is steering the formation of a more integrated business ecosystem based on a Holding Company–Operating Company (HoldCo–OpCo) model. This structure features a leaner organization, sharper focus for each OpCo on its core business, and stronger, sustainable performance and value creation.
Portfolio restructuring also creates opportunities to unlock business value that has not yet been fully realized. Currently, Telkom is streamlining its operations into four primary segments: B2C, B2B Infrastructure, B2B ICT, and International. This reorganization is designed to optimize the potential of each business segment, open doors for strategic partnerships, and drive greater value creation. This transformation toward a "Strategic Holding" model also supports Telkom’s objective of reaching a valuation exceeding IDR 550 trillion by 2030.
Telkom President Director Nanang Hendarno stated that the company’s commitment to accelerating this streamlining process is being realized through disciplined execution.
"We interpret the shareholders' directive as a mandate to move faster, without compromising prudence. Consequently, we are conducting a thorough evaluation of every entity—assessing its relevance to our core business, its contribution to the group’s overall value, and its future prospects. Our acceleration efforts are not merely about quantity; they are about ensuring a healthier TelkomGroup portfolio and focusing resources on our four core business segments, allowing each OpCo to operate with greater agility," said Nanang.
Furthermore, Nanang added that the streamlining program was designed from the outset to strengthen TelkomGroup’s fundamentals as a digital telco. Telkom possesses a diverse business portfolio, ranging from its core operations in the digital telecommunications sector to various supporting or adjacent businesses. In line with stakeholder expectations, the streamlining program supports enhanced profitability and sustainable value creation by divesting low-margin businesses, thereby increasing the consolidated EBITDA margin. Amidst the ongoing streamlining process—complemented by organizational restructuring and human resource realignment—Telkom successfully recorded positive performance in the first half of 2026 (1H26). This achievement reflects positive revenue growth alongside improved profitability in the second quarter of 2026, evidenced, among other things, by an EBITDA margin that has returned to above 50%.
Meanwhile, the Chairman of the Telkom Employees' Union (SEKAR Telkom), Nashri, expressed support for the streamlining measures taken by management to ensure the company’s business sustainability.
“SEKAR Telkom supports the streamlining initiative as a strategic move to strengthen Telkom’s competitiveness and business sustainability. We also appreciate the effective communication established between management and employees. Furthermore, SEKAR Telkom agrees that the implementation of this transformation must be well-planned, transparent, and fair, while remaining attentive to employee welfare, job security, and overall well-being. We believe that the success of the company’s transformation must go hand in hand with the creation of a conducive work environment and a better future for all employees,” concluded Nashri.
In its implementation, Telkom ensures that every decision regarding streamlining is made through established governance mechanisms and in compliance with applicable legal provisions. Each stage is carried out based on comprehensive assessments—including due diligence processes involving independent third parties—while upholding the principles of Good Corporate Governance (GCG) and the Business Judgment Rule (BJR).
Particularly for complex streamlining initiatives—such as those involving potential loss-cutting, write-offs, or legal issues—Telkom prioritizes prudence, accountability, and legal certainty throughout the decision-making process. In this regard, Telkom advocates for the expedited issuance of implementing regulations—following Government Regulation Number 38 of 2026 concerning the Management of State-Owned Enterprises—to strengthen the legal framework and facilitate the smooth execution of the TelkomGroup’s portfolio restructuring program.
Telkom also ensures coordination with relevant stakeholders and places a primary focus on human resources, guaranteeing that any adjustments are handled responsibly and on a voluntary basis, with full respect for the rights of affected employees.
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