ISAT – Books IDR2.3 tn net profit in 1H25

ISAT – Books IDR2.3 tn net profit in 1H25 Indosat (ISAT) posted 1H25 revenue of IDR27.1 tn, down 3.1% yoy, mainly due to a 5.5% decline in data-revenue to IDR20.9 tn, following a 5.5% drop in total subscribers to 95.4mn. Despite a 3.6% yoy increase in data-traffic to 8,249PB, the 1H25 data-payload only reached 45.9% of our full-year forecast of 17,965PB. Operating profit fell 9.9% yoy to IDR5.2 tn, reflecting the revenue decline, despite a 16.8% drop in opex to IDR1.2 tn. EBITDA declined 4.2% yoy to IDR12.9 tn, with the margin slightly down to 47.4% from 47.9% in 1H24. On a qoq basis, 2Q25 revenue edged down 0.3% to IDR13.5 tn, due to the high-base in 1Q25 following festive seasonality. However, EBITDA rose 0.4% qoq to IDR6.4 tn, supported by a 1.0% decline in cash-costs to IDR7.1 tn from improved efficiency and scale. EBITDA margin expanded to 47.6% in 2Q25 from 47.2% in 1Q25. Net profit declined 14.6% yoy to IDR2.3 tn, while interest expenses fell 1.9% to IDR2.2 tn, bringing net margin down to 8.6% from 9.8% in 1H24. (Source : Company)