Unilever Indonesia: sale of ice cream business brings IDR 870bn gain, but operating business stagnates

30 июня 2026 года PT Unilever Indonesia Tbk раскрыла результаты за первое полугодие 2026 года. Выручка снизилась на 7,2% год к году до 16,9 трлн рупий, EBITDA упала на 99,9% до символических 2,9 млрд рупий, однако чистая прибыль выросла до 2,97 трлн рупий благодаря разовому доходу от продажи бизнеса замороженных продуктов в размере 870 млрд рупий. Наш вердикт: акции выглядят непривлекательно на текущей цене, поскольку операционная деятельность деградирует, а дивидендная доходность в 12% не компенсирует падение рентабельности.

Key takeaways

— Revenue fell 7.2% to IDR 16.9tn in H1 due to weak demand and business disposal

— EBITDA collapsed 99.9% to IDR 2.9bn due to one-off charges and impairments

— Net profit rose to IDR 2.97tn, but IDR 870bn is a one-off gain from ice cream sale

— Operating cash flow for H1 was only IDR 494bn versus IDR 1.8tn a year ago

— Capex rose 71% to IDR 534bn, but cash flow barely covers it

— Dividend for 2025 paid at IDR 4.33tn, exceeding operating cash flow

— Net debt is negative, but the company spent IDR 4.3tn on dividends, reducing cash

Attractiveness

Key figures, IDR bn

Revenue fell 7.2% to IDR 16.9tn in H1 due to weak demand and business disposal

For H1 2026, net revenue was IDR 16.9tn, down 7.2% from the same period last year. The decline accelerated from Q1's IDR 8.44tn, indicating continued demand pressure.

The company completed the sale of its ice cream business in H1, which also reduced consolidated revenue. Excluding this, the decline would have been less severe but still significant.

EBITDA collapsed 99.9% to IDR 2.9bn due to one-off charges and impairments

EBITDA for H1 was only IDR 2.9bn versus IDR 2.85tn a year earlier – a 99.9% collapse. This is due to one-off charges, including asset impairments and restructuring costs after the ice cream sale.

Operating profit also declined, but less dramatically: IDR 2.59tn versus IDR 2.54tn a year ago. The gap between EBITDA and operating profit is explained by depreciation and impairments, which were unusually high this half.

Net profit rose to IDR 2.97tn, but IDR 870bn is a one-off gain from ice cream sale

Net profit for H1 was IDR 2.97tn, up 37.8% from last year. However, this growth is driven by a one-off gain from the sale of discontinued operations: IDR 870bn from the sale, plus IDR 17.6bn operating profit from that business before disposal.

Excluding these one-offs, profit from continuing operations would have been IDR 2.08tn, only 10.2% higher than last year. Thus, earnings quality deteriorated: growth came not from operations but from the exit deal.

Operating cash flow for H1 was only IDR 494bn versus IDR 1.8tn a year ago

Operating cash flow for H1 2026 fell to IDR 494bn from IDR 1.81tn a year earlier. The main reason is a sharp increase in corporate income tax payments: IDR 1.72tn versus IDR 466bn last year, related to the tax on the business sale.

Even excluding tax payments, cash flow from operations declined from IDR 3.2tn to IDR 2.15tn, reflecting deteriorating trading conditions and higher working capital outflows.

Capex rose 71% to IDR 534bn, but cash flow barely covers it

Capital expenditures for H1 were IDR 534bn, up 71% from IDR 312bn a year ago. The company is increasing spending on modernization and automation, but with operating cash flow of IDR 494bn, these investments almost entirely consume generated cash.

Free cash flow (OCF minus capex) for H1 was negative: minus IDR 40bn. This means the company is not earning enough operating cash to fund its investments and is forced to spend accumulated cash.

Dividend for 2025 paid at IDR 4.33tn, exceeding operating cash flow

In H1 2026, the company paid dividends of IDR 4.33tn for 2025. This is 8.8 times the operating cash flow for the half (IDR 494bn) and 1.5 times the full-year 2025 figure (no dividends were paid in H1 2025).

The current trailing twelve-month dividend yield is 12% – higher than historical levels, but this reflects the falling share price, not sustainable payout growth. If current operating dynamics persist, maintaining dividends at the same level would require either cutting capex or increasing debt.

Net debt is negative, but the company spent IDR 4.3tn on dividends, reducing cash

At the end of H1, net debt was minus IDR 5.06tn – the company has more cash than debt. However, during the half, cash fell from IDR 5.71tn to IDR 1.74tn due to dividend payments and taxes on the business sale.

Over the trailing twelve months, net debt changed by +IDR 60bn (increasing), indicating a gradual deterioration in the balance sheet position. Nevertheless, the company retains a significant liquidity cushion to fund operations without external borrowing.

Valuation on the latest reported figures

Bottom line

Bottom line: H1 2026 shows Unilever Indonesia in a transformation phase: the ice cream sale brought a one-off gain of IDR 870bn, but operations are stagnating – revenue is falling, EBITDA is nearly wiped out, and free cash flow is negative. The company retains negative net debt but spends more on dividends than it generates operationally. Our verdict: shares are unattractive at the current price, as operating metrics deteriorate and the 12% dividend yield does not compensate for risks of further decline.