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15 September 2026

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TOTL: Building AI Backbone – Not Rated

TOTL has completed over 50 MW of data-centre work since 2022 and has over 400 MW under construction, including Microsoft’s 200 MW JKT11 at GIIC Cikarang through Shimizu-Total JO. Backlog stands at IDR 6.65tn, 1.7x FY25 revenue, while data centres account for 34% of IDR 17.2tn tender pipeline. Net cash of around IDR 1.3tn and no interest-bearing debt support bonding capacity for multi-year hyperscale work. JO income reached IDR 101.6bn in 1H26, showing data-centre projects already visible in earnings before revenue. NOT RATED.

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