Indonesia H1 2026 earnings: banks out-earn everyone, coal turns up

Indonesian coverage has closed the half-year ended 30 June 2026. We went through 17 issuers with a comparable base. Median revenue growth was 8% and net profit growth 19%, which puts Indonesia second on profit among the markets we cover internationally, behind Australia.

- Banks out-earn everything else by a wide margin: Bank Central Asia keeps 70% of revenue as net profit, Mandiri 50%, Rakyat 39%.

- Commodities turned: Vale Indonesia grew profit 59-fold, Bukit Asam tripled it, Aneka Tambang added 47%.

- Coal rose here while it collapsed in Australia: Bukit Asam up 217% against Yancoal down 90%.

- Consumer names are losing margin on rising revenue: Indofood CBP saw net margin contract by 6 percentage points.

- Bank Negara Indonesia is the only name deteriorating on all three measures at once: revenue down 20%, profit down 50%, margin down 19 points.

Consumer

Charoen Pokphand Indonesia - revenue 39418 bn rupiah (+19%), EBITDA 5420 (+57%), net profit 3708 (+95%). Net margin 9%, +4pp; 4.6x ebitda; net debt 0.4x.

Unilever Indonesia - revenue 16900 bn rupiah (-7%), EBITDA 5490 (+65%), net profit 2970 (+38%). Net margin 18%, +6pp; 5.5x ebitda; net cash.

Astra International - revenue 157913 bn rupiah (-3%), EBITDA 25426 (-25%), net profit 13344 (-14%). Net margin 8%, -1pp; 6.2x ebitda; net debt 2.5x.

Indofood Sukses Makmur - revenue 65526 bn rupiah (+10%), EBITDA 15420 (+12%), net profit 4724 (-19%). Net margin 7%, -3pp; 4.6x ebitda; net debt 2.4x.

Indofood CBP Sukses Makmur - revenue 41863 bn rupiah (+11%), EBITDA 10124 (+8%), net profit 3703 (-33%). Net margin 9%, -6pp; 6.8x ebitda; net debt 2.1x.

Banks and finance

Bank Mandiri - revenue 30293 bn rupiah (-9%), net profit 15028 (+34%). Net margin 50%, +16pp; 7.0x earnings.

Bank Rakyat Indonesia - revenue 80530 bn rupiah (+10%), net profit 31183 (+19%). Net margin 39%, +3pp; 8.7x earnings.

Bank Central Asia - revenue 42513 bn rupiah (-0%), net profit 29534 (+2%). Net margin 70%, +1pp; 13.9x earnings.

Bank Negara Indonesia - revenue 15657 bn rupiah (-20%), net profit 5095 (-50%). Net margin 32%, -19pp; 7.2x earnings.

Metals and mining

Vale Indonesia - revenue 290 mn dollars (+32%), EBITDA 89.9 (+140%), net profit 60.8 (59x). Net margin 21%, +20pp; 10.3x ebitda; net cash.

Bukit Asam - revenue 22028 bn rupiah (+8%), EBITDA 3719 (+97%), net profit 2643 (+217%). Net margin 12%, +8pp; 3.9x ebitda; net cash.

Aneka Tambang - revenue 62714 bn rupiah (+6%), EBITDA 8981 (+33%), net profit 6913 (+47%). Net margin 11%, +3pp; 6.4x ebitda; net cash.

Technology and telecom

GoTo Gojek Tokopedia - revenue 5653 bn rupiah (+31%), EBITDA 403 (+289%), net profit 350 (+182%). Net margin 6%, +3pp; 30.6x ebitda; net cash.

Telkom Indonesia - revenue 38689 bn rupiah (+6%), EBITDA 18808 (+6%), net profit 6279 (+22%). Net margin 16%, +2pp; 3.5x ebitda; net cash.

Healthcare and pharma

Mitra Keluarga Karyasehat - revenue 2769 bn rupiah (+8%), EBITDA 1053 (+8%), net profit 684 (+7%). Net margin 25%; 11.2x ebitda; net cash.

Kalbe Farma - revenue 19479 bn rupiah (+14%), EBITDA 2944 (-1%), net profit 1919 (-3%). Net margin 10%, -2pp; 6.3x ebitda; net cash.

Chemicals and materials

Semen Indonesia - revenue 17650 bn rupiah (+13%), EBITDA 1920 (+10%), net profit 228 (6x). Net margin 1%, +1pp; 4.2x ebitda; net debt 1.7x.

What looks interesting

Bank Mandiri trades at 7.0x earnings with a 19.8% return on equity and net margin up almost 16 points. Disclosure: we hold a position in this name.

Telkom Indonesia trades at 3.5x EBITDA with a net cash position and a 16% net margin.

Bukit Asam trades at 3.9x EBITDA with net cash; its net margin widened by 8 points.

Where there is nothing to look at yet

GoTo Gojek Tokopedia trades at 30.6x EBITDA while return on equity is still negative.

Bank Central Asia has the best margin on the market, but at 13.9x earnings and 2% profit growth there is no cushion in the valuation.

Indofood and Indofood CBP are not interesting until margins turn.