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3Q26 Top-line
3Q26 revenue reached IDR 489bn (+27.3% QoQ, +38.3% YoY), taking 9M26 to IDR 1,233bn (+47.3% YoY), driven by property sales of about IDR 1,034bn in 9M26 (+59.4% YoY). Recurring hotel, theme park and city-management income was IDR 199bn in 9M26 (+5.7% YoY), or 16.1% of revenue (9M25: 22.5%).
3Q26 Bottom-line
3Q26 net profit fell to IDR 36.6bn (-33.6% QoQ, -36.1% YoY) as general and administrative costs rose to IDR 58bn (+94.5% YoY) and finance cost to IDR 79bn (+25.2% YoY). Operating profit was IDR 144bn (+26.1% QoQ, -2.5% YoY) on gross profit of IDR 216bn (+10.0% QoQ, +15.6% YoY). 9M26 net profit rose to IDR 126.5bn (+75.8% YoY).
9M26 Cash & Leverage
9M26 operating cash outflow reached IDR 992bn (9M25: inflow of IDR 202bn), as net other outflows reached IDR 712bn (9M25: IDR 111bn), contractor payments tripled YoY to IDR 644bn and customer receipts fell to IDR 632bn (-20.7% YoY). Net debt rose to IDR 2,420bn (+94.0% YTD), lifting net gearing to 15.0% (Dec-25: 7.8%).
Important Ratios
3Q26 gross margin fell to 44.1% (-6.9pp QoQ, -8.7pp YoY) and operating margin to 29.5% (-0.3pp QoQ, -12.3pp YoY). Annualised 9M26 return on average equity was 1.1% (9M25: 0.7%) against 5.8% on trailing 12-month earnings, because 4Q25 booked 91% of FY25 net profit, led by the Dec 2025 land sale to Genting Group.
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