Top 30 Indonesian Public Companies in the Technology Industry Q3 2025 Snapshot

1) Overall: Top-30 tech companies Q3 2025 performance summary
The Indonesia SE Technology index continued to show a broad mix of outcomes in Q3 2025: established telecom and infrastructure names delivered steady revenue and healthy EBITDA, while digital platform and fintech names showed a mix of recovering profitability and still-patchy cash flow; smaller systems integrators and specialty tech firms generally reported modest but stable results. Market leadership remains split between large telco-infrastructure incumbents (e.g., PT Telkom Indonesia) and a cluster of listed digital platforms and software/infrastructure players (GoTo, Bukalapak, Metrodata, Link Net, DCI and others). The Investing.com components list provides the up-to-date roster of the index constituents used as the source for the top 30 universe for this article.
2) Q3 2025 earnings call / results summarized (top 10 Indonesian public technology companies)
Below are the Q3 2025 / 9M25 headline reported numbers (the exact item stated is shown), followed by a very short explanation of the result and what management highlighted in investor materials or press coverage.
Note: where companies report 9M (nine-month) results together with Q3 breakouts, I reference the published figure in the official interim financial statements or company press release for Q3/9M2025; citations follow each company item.
1. PT Telkom Indonesia Tbk (TLKM)
Headline (9M/ Q3 2025 as reported): consolidated revenue reported ~Rp109.6 trillion (9M25), EBITDA Rp54.4 trillion and net profit Rp15.78 trillion (reported for Q3/9M disclosures). Telkom highlighted continuing core fixed-broadband and enterprise demand and strong EBITDA margins.
Takeaway: Telkoms results reflect resilient core telco cash flows revenue scale remains dominant and profitability remains strong despite macro pressure.
2. PT Indosat Ooredoo Hutchison Tbk (ISAT)
Headline (Q3 2025 / 9M25 as reported): Q3 revenue growth reported (3.8% QoQ for Q3) and 9M revenue/EBITDA showing material improvement the investor memo and analyst notes show revenue in the IDR5056 trillion range for 9M/estimates and a materially higher normalized EBITDA (Indosat reported EBITDA growth and improved margins in investor materials). Management called out cellular, data and media segments as drivers and continued cost synergy gains.
Takeaway: Indosats Q3 showed margin recovery and continued revenue growth across mobile and data; cost synergies from previous corporate actions supported EBITDA improvement.
3. XL Axiata (XLSMART / EXCL)
Headline (Q3 2025): XL Axiata reported a strong Q3 with revenue cited around IDR ~11.5 trillion for the quarter (reporting double-digit YoY growth in many local write-ups) and management commentary emphasized ARPU improvement and operational execution. (Earnings call transcript & press coverage).
Takeaway: XLs Q3 was an execution quarter revenue growth and ARPU improvement were highlighted, though market reaction was mixed as investors priced future competition and capex.
4. PT GoTo Gojek Tokopedia Tbk (GOTO)
Headline (Q3 2025): GoTo reported its Q3 2025 results showing material improvement toward profitability: consolidated figures published show the group recorded an adjusted pre-tax profit for Q3 2025 (company press release), and IndoPremier reported a Q3 net loss of ~Rp775.6 billion a significant narrowing versus the large losses seen in prior periods. Management raised full-year guidance after the quarter.
Takeaway: GoTos Q3 was notable for the move toward adjusted pre-tax profit and a much smaller reported net loss compared with prior periods; management moved to raise guidance, signaling momentum in core marketplace, logistics and fintech segments.
5. PT Bukalapak.com Tbk (BUKA)
Headline (Q3 2025): Bukalapak reported revenue for Q3 2025 of ~Rp1.64 trillion and a net profit in the quarter of ~Rp2.9 trillion (reported in company filings and local market reporting a strong profit reversal vs prior year). Bukalapak highlighted gaming and investments as contributors during the quarter.
Takeaway: Bukalapak posted a strong profit swing in Q3 driven by non-operating investment gains alongside operational stability in key segments; management framed the result as evidence of diversification benefits.
6. PT Link Net Tbk (LINK)
Headline (Q3 2025): Link Nets interim financials show the group recorded a net loss for Q3 2025 of ~Rp1.03 trillion (IndoPremier reporting of the Q3 interim financial statement). The groups consolidated statement and limited-review filings are available on the company site.
Takeaway: Link Nets Q3 reflected continued pressure on profitability; management commentary and the filed statements indicate elevated financing and operating costs impacted bottom-line performance.
7. PT Metrodata Electronics Tbk (MTDL)
Headline (9M / Q3 2025): Metrodata reported 9M/ Q3 revenue of ~Rp18.8 trillion and net profit ~Rp469.6 billion for Q3/9M, a year-on-year rise (company filings and market reports). Management cited growth in digital solutions and logistics/warehouse expansion.
Takeaway: Metrodatas revenue growth (mid-single digits) and higher profit reflect continued demand for enterprise IT solutions and software/services expansion.
8. PT DCI Indonesia Tbk (DCII)
Headline (Q3 / 9M 2025): DCI reported robust growth to 9M revenue ~Rp1.92 trillion and net profit of ~Rp825 billion (reported as Rp824.98bn for 9M25), an ~83.5% YoY increase. Management attributed this to higher co-location revenues and strong operating leverage.
Takeaway: DCIs strong margin expansion and revenue growth underline healthy demand for data-center services and colocation in Indonesia.
9. PT M Cash Integrasi Tbk (MCAS)
Headline (Q3 2025): MCashs Q3 2025 disclosure shows a consolidated net loss for the quarter of ~Rp31.4 billion (company filings / market summary). Company financial reports are hosted on its IR page.
Takeaway: MCash remains in a modest loss position in Q3 as it scales its payment and merchant services businesses; management is focused on improving margins and scaling transaction volumes.
10. PT NFC Indonesia Tbk (NFCX)
Headline (Q3 2025): NFC Indonesia reported a small net loss in Q3 2025 the interim filing shows a Q3 net loss of approximately Rp4.6 billion (indicated in the companys Q3 disclosure).
Takeaway: NFCXs result signaled improving operating performance (smaller losses YoY), with management emphasizing revenue diversification and restructured cost bases.
3) Key trends & insights from Q3 2025 (technology sector in Indonesia)
Telco / infrastructure resilience: Large incumbent telcos and data-center players continued to generate predictable cash flow and healthy EBITDA margins in Q3, supporting overall sector stability. Telkoms consolidated 9M revenue/EBITDA shows that core fixed and enterprise services remain defensive.
Digital platforms moving toward profitability: Several large digital platforms reported materially smaller losses or even adjusted pre-tax profits (GoTos Q3 adjusted pre-tax profit is a key inflection). That shift was the quarters headline and prompted upward revisions to guidance for some groups.
Enterprise IT & data-center demand rising: Systems integrators and data-center companies (Metrodata, DCI) reported revenue growth and margin expansion as enterprise IT spending and colocation demand accelerated. This lifted profitability at mid-cap tech names.
Mixed outcomes for fintech & payments: Specialist fintech/payment network firms (e.g., M Cash, NFCX) continued to show uneven profitability while scaling transaction volumes; some reported small losses while focusing on growth investments and cost rationalization.
Investor focus on cash generation & guidance: Market reaction in Q3 centered on evidence of durable cash generation companies that demonstrated operating leverage, improved ARPU, or structural cost savings were rewarded and in some cases raised guidance. The EY IPO review and broader market commentary showed selective capital formation in 2025, favoring higher-quality, cash-generative stories.
4) Outlook for Q4 2025 and beyond
Consolidation of profitability among leaders: Expect telco incumbents and differentiated platform players to continue to consolidate market share while expanding high-margin enterprise services (cloud, data center, managed services). Companies like Telkom, Indosat and XL are likely to keep capital-intensive but high-return investments, supporting steady top-line and EBITDA.
Platform monetization to be the market driver: If digital platforms maintain the momentum seen in Q3 lower adjusted losses or adjusted profits we can expect more positive investor sentiment and potentially renewed M&A or capital markets activity for stronger platforms. GoTos guidance raise after Q3 2025 is an early indicator of this dynamic.
Enterprise IT & data center to keep growing: Demand for colocation and cybersecurity/managed services should drive further growth at specialist listed players (DCI, Metrodata). That trend will likely hold through 2026 as Indonesian corporates accelerate digital transformation.
Fintech/payments path to scale & break-even remains uneven: Payment and merchant platform companies will pursue volumes and product breadth, but investors will scrutinize cash conversion and sustainable unit economics before re-rating. Some listed fintechs may remain loss-making while reinvesting; others may need strategic restructuring or funding to reach scale.
Macro & capital markets risk: External factorsglobal macro volatility and local capital market appetitewill influence valuations and IPO/dealflow. The EY review noted a Q3 shift toward higher-quality IPO proceeds in 2025; similar selectivity may shape capital access for tech firms in Q4 and 2026.

5) Conclusion
Q3 2025 represented a meaningful pivot quarter for Indonesias listed technology universe: large telcos and infrastructure players delivered steady cash flows, systems integrators and data-center providers posted strong demand-led growth, and several digital platforms showed measurable progress toward profitability. The combined pattern is constructive for the sector: market participants are increasingly rewarding demonstrable cash generation and path-to-profit metrics. Looking into Q4 and 2026, expect selective capital flows toward cash-generative platforms and continued expansion in enterprise IT and data center services while fintech/payments names will be watched closely for durable unit economics.

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