ID_TLKM: revenue accelerated to +6.4%, but the key is debt down 18.2 trillion IDR in the quarter

31 июля 2026 года ID_TLKM раскрыла результаты за второй квартал 2026 года: выручка выросла на 6,4% год к году, чистая прибыль — на 21,6%, а чистый долг сократился на 18 193,5 млрд IDR за квартал. Акция выглядит привлекательно: при P/E 14,96 и EV/EBITDA 3,64, дивидендной доходности 8,4% и нулевом чистом долге к EBITDA, модель портала оценивает апсайд в 0%.

Key takeaways

— Q2 2026 revenue grew 6.4% YoY — the fastest pace in five quarters

— EBITDA margin was nearly flat, but net profit jumped 21.6% on cost control

— Net debt fell 18.2 trillion IDR in the quarter to 26.3 trillion IDR

— Operating cash flow rose to 17.6 trillion IDR, but capex remains high

— Dividend yield of 8.4% is above market average, supporting the stock

Attractiveness

Key figures, IDR bn

Q2 2026 revenue grew 6.4% YoY — the fastest pace in five quarters

In Q2 2026, ID_TLKM's revenue reached 38,689 billion IDR, up 6.4% YoY. This is an acceleration after four quarters of decline: Q1 2025 -2.1%, Q2 2025 -4.0%, Q3 2025 -0.9%, Q4 2025 -1.7%. In Q1 2026, growth resumed (+1.5%), and in Q2 the pace doubled.

For H1 2026, revenue was 75,878 billion IDR versus 73,004 billion IDR a year earlier. The source document does not detail growth drivers, but the acceleration coincides with a recovery in telecom and rising demand for digital services.

EBITDA margin was nearly flat, but net profit jumped 21.6% on cost control

EBITDA in Q2 2026 grew 6.1% YoY to 18,808 billion IDR, with margin at 48.6% versus 48.8% a year earlier. Nearly stable margin amid accelerating revenue suggests operating costs grew in line with income.

Net profit for the quarter rose 21.6% to 6,279 billion IDR, and net margin expanded from 14.2% to 16.2%. The gap between EBITDA and profit growth is explained by lower personnel and interconnection costs: in H1 they fell 4.4% and 9.7% respectively, supporting the bottom line.

Net debt fell 18.2 trillion IDR in the quarter to 26.3 trillion IDR

At end-June 2026, ID_TLKM's net debt stood at 26,306 billion IDR, down 18,193.5 billion IDR from end-March (44,499.5 billion IDR, calculated). Over the last 12 months, debt fell by 23,478 billion IDR. Net debt to EBITDA for the last 12 months is 0.0.

The decline in debt came amid strong operating cash flow and, likely, proceeds from the sale of a subsidiary (the H1 report shows 855 billion IDR from disposals). The company also continued its share buyback program, spending 1,480 billion IDR in H1.

Operating cash flow rose to 17.6 trillion IDR, but capex remains high

In Q2 2026, operating cash flow was 17,572 billion IDR versus 15,797 billion IDR a year earlier. For H1, the figure rose to 34,862 billion IDR from 32,573 billion IDR. Quarterly capex was 5,488 billion IDR, below the average of the previous four quarters (6,415 billion IDR).

Free cash flow (OCF minus capex) for the quarter is roughly 12,084 billion IDR (calculated), covering dividend payments and buybacks. However, the company continues to invest in network and data centers, as seen in H1 capex of 11,368 billion IDR.

Dividend yield of 8.4% is above market average, supporting the stock

Over the last 12 months, ID_TLKM paid dividends yielding 8.4% at the current market cap of 261,239 billion IDR. This is significantly above the average market yield, making the stock attractive for income-oriented investors.

Payments are confirmed by the cash flow statement: in H1, the company paid 21,999 billion IDR in dividends to parent shareholders (in 2025, 21,047 billion IDR for the same period). With operating cash flow at current levels, dividends look sustainable.

Valuation on the latest reported figures

Bottom line

The Q2 2026 report shows revenue acceleration to +6.4% — the best result in five quarters, with stable EBITDA margin and significant net profit growth (+21.6%). The company continues to reduce debt: net debt fell to 26.3 trillion IDR, and the ratio to EBITDA is zero. Operating cash flow remains strong, but capex consumes a significant portion of FCF. At P/E 14.96, EV/EBITDA 3.64, and a dividend yield of 8.4%, the stock looks attractive, especially given zero debt. The portal's model estimates upside at 0%, indicating fair valuation. The key question is whether the company can sustain revenue growth and margins, and how sustainable cash flow will be to support dividends.