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03 November 2026

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ICBP: Result Round Up 3Q26 | BUY with IDR8,000 TP

3Q26 Top-line

Revenue rose to a record IDR22.6tn in 3Q26 (+12.1% QoQ; +21.0% YoY), lifting 9M26 to IDR64.4tn (+14.5% YoY). Noodle segment sales rose 20.0% YoY to IDR16.9tn and dairy 30.7% YoY to IDR3.1tn, while overseas sales rose 23.8% YoY to IDR7.7tn, or 34.1% of the quarter.

3Q26 Bottom-line

Net profit rose to IDR2.5tn in 3Q26 (+118.2% QoQ; +56.7% YoY) as the FX loss on the USD2.75bn bonds eased to around IDR0.4tn from IDR2.4tn in 2Q26, with the rupiah ending 3Q26 at 17,998. Core profit rose 7.5% QoQ to IDR2.6tn (+13.9% YoY). 9M26 net profit fell 13.3% YoY to IDR6.2tn due to the IDR3.3tn financing FX loss.

3Q26 Segments

Noodle EBIT rose to IDR4.0tn in 3Q26 (+13.0% YoY), with margin recovering to 23.6% (2Q26: 21.7%; 3Q25: 25.0%). Dairy EBIT fell to IDR148bn (-22.9% YoY) despite sales up 30.7% YoY, and seasonings EBIT fell 25.5% QoQ to IDR113bn. Domestic sales rose to IDR14.9tn (+19.6% YoY) and Asia & Africa to IDR6.8tn (+23.6% YoY).

Important Ratios

GPM was 33.7% in 3Q26 (2Q26: 33.8%; 3Q25: 36.3%) on higher input costs. OPM improved to 19.4% (2Q26: 18.7%; 3Q25: 21.5%) and NPM to 10.9% (2Q26: 5.6%). Annualized 9M26 ROAE stood at 15.4% and net gearing at 24.9%.

 

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