PT Lippo Karawaci Tbk

For 9M25, revenue was IDR 5.51 trillion, up 74% year on year, and EBITDA was about IDR 843 billion, up 4%. Management also said real estate marketing sales reached IDR 4 trillion, equal to 64% of the full-year IDR 6.25 trillion target. On a statutory basis, revenue was about IDR 6.5 trillion and EBITDA about IDR 997 billion; underlying NPAT was IDR 442 billion, up 8%, while reported NPAT was IDR 368 billion. Segment-wise, lifestyle revenue was IDR 994 billion, health care revenue was IDR 7.29 trillion with EBITDA of about IDR 2.08 trillion and a 29% margin, and hotel revenue declined 6% with EBITDA down 24%. Management did not give formal next-quarter or full-year financial guidance beyond saying it still aims to hit the IDR 6.25 trillion marketing sales target and expects continued quarterly improvement if no further external disruptions occur.

No CEO spoke on the call; the lead executive was CFO Fendi Santoso. His strategic message centered on a recovery in quarterly momentum across real estate, lifestyle, and health care, despite a still-soft Indonesian consumer backdrop. He emphasized a product mix that spans affordable housing and premium homes, plus continued investment in malls and hospital operations to support growth.

Fendi Santoso highlighted stronger liquidity and a cleaner balance sheet, saying the company paid about IDR 4.6 trillion of project-related costs in 9M25, kept liquidity strong, and reduced net interest expense to IDR 175 billion from IDR 765 billion last year through deleveraging. He said all U.S. dollar bonds were fully repaid, liabilities are now rupiah-denominated, FX risk has been removed, and net debt stood at about $2.75 trillion in September 2025 with an improved maturity profile. He also noted the BTN refinancing lowered funding cost by about 60 bps to BI rate plus 1.4%, or roughly 6.15%.

Analysts asked about MSU handovers, and management said most obligations for this year are done, with remaining units expected to be completed by end of month or early December; Fendi said roughly 4,500 to 4,600 units were handed over this year. A question on mall occupancy was answered with the latest third-quarter level of 71% for the hotels, while mall occupancy was reiterated at 84% for the first 9 months and 84.4% in the presentation. On the presales target, management said Q4 launches, including a new launch in Manado, should help drive sales, and the team still aims to reach the IDR 6.25 trillion marketing sales target.