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3Q26 Top-line
3Q26 revenue declined 2.2% QoQ to IDR15.1tn (+7.4% YoY). Cellular revenue fell 3.9% QoQ to IDR12.3tn on fewer subscribers, partly offset by 6.6% QoQ growth in MIDI (Multimedia, Data Communication, Internet) to IDR2.5tn. 9M26 revenue grew 11.1% YoY to IDR45.8tn.
3Q26 Bottom-line
3Q26 net profit declined 78.2% QoQ and 51.1% YoY to IDR613bn; 2Q26 included IDR1.5tn one-off disposal gain. EBITDA fell 12.4% QoQ, weighed down by IDR510bn of new spectrum, FiberCo and one-off costs. Finance costs rose 27.2% QoQ on higher lease charges.
9M26 Operations
Blended ARPU (average revenue per user) rose 16.5% YoY to IDR46,000 in 9M26, offsetting 3.3% YoY decline in subscribers to 91.5mn after biometric SIM registration. 3Q26 data traffic grew 8.9% YoY. 5G now covers 75 cities with 19,402 base stations, up from 1,404 in 9M25.
Important Ratios
3Q26 EBITDA margin contracted 5.0pp QoQ to 42.7%. Management's underlying margin of 46.1% excludes spectrum and FiberCo costs that appear recurring; adjusting for one-offs alone, margin was 44.0%. Net gearing rose to 152% including leases (FY25: 126%).
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
The company offers a variety of financial services, including equity, debt and derivative securities brokerage services, research and portfolio management, asset management and capital market services, as well as a range of other investment solutions. Samuel Sekuritas Indonesia is also a leader in providing financial education and training, and has established itself as a leading provider of investor relations services.
The company has a strong research capability and is committed to providing its clients with up-to-date and reliable market analysis and recommendations. It also has a team of experienced and knowledgeable professionals who are dedicated to providing quality service to its clients. As a result, Samuel Sekuritas Indonesia has become a preferred partner for many investors in Indonesia.
In addition to its financial services, Samuel Sekuritas Indonesia also offers a range of other services, such as corporate finance and advisory services, mergers and acquisitions, and venture capital.
