Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk

TelkomGroup reported full-year 2024 revenue of IDR 150 trillion, up 0.5% year on year. EBITDA was IDR 75 trillion, down 3.3% year on year; normalized EBITDA was IDR 76.2 trillion, down 1.8% year on year, with a normalized EBITDA margin of 15.8%. Operating net income was IDR 24.1 trillion, down 4.1% year on year after adjusting for early retirement, mark-to-market investment effects, and asset unlocking. CapEx in 2024 was IDR 24.5 trillion, or 16.3% of revenue, and net debt to EBITDA was 0.6x. For 2025, management guided TelkomGroup revenue to low single-digit growth, EBITDA margin at 50% to 52%, and CapEx-to-sales at 17% to 19%.

Budi Wijaya framed 2024 as a difficult but manageable year, citing macro softness, increased competition, and volatility, but said TelkomGroup still delivered steady revenue and a stable mobile customer base. He emphasized industry repair, disciplined pricing, and the opportunity from low Indonesian data and broadband penetration. Strategically, he highlighted completion of one-billing integration, a 57% convergence ratio, group procurement savings, B2B digital infrastructure growth, and the planned data center partner selection and InfraCo commercialization.

Heri Supriadi focused on the numbers: revenue up 0.5% to IDR 150 trillion, EBITDA down 3.3% to IDR 75 trillion, normalized EBITDA down 1.8% to IDR 76.2 trillion, and operating net income down 4.1% to IDR 24.1 trillion. He explained the EBITDA pressure mainly by the early retirement program, higher personnel expense, and other operating costs, while noting CapEx of IDR 24.5 trillion was lower because of delayed data center spending, better technology choices, and more efficient procurement. He also said net debt to EBITDA remained healthy at 0.6x and indicated the company expects to propose a higher dividend this year than last year’s 80% payout ratio.

Analysts focused on mobile ARPU sustainability, FMC rollout, CapEx intensity, dividend policy, sales and marketing spend, O&M, and the 1.4 GHz spectrum auction. Management said billing integration is complete, FMC bundling is being expanded, and Telkomsel is targeting up to 1 million net adds in 2025; they also said Q2 onward should show more visible starter-pack and renewal improvements as old inventories clear. On costs, management said lower CapEx is being driven by more efficient technology, topology, and group procurement, and that OpEx should stay broadly in line with revenue growth, while on spectrum they said they are open to opportunities but cautious on total cost structures and competitiveness.