Top 30 Indonesian Infrastructure Public Companies Q3 2025 Revenue & Performance

Snapshot of the sector in Q3 2025: the infrastructure sector showed a mixed Q3 a handful of larger toll / asset owners (e.g., Jasa Marga) continued to post positive operating income, while many construction heavyweights (Waskita, Wijaya Karya, Adhi, PTPP) reported sharply compressed profits or losses YTD as project slowdowns, working-capital pressures and financing costs weighed on margins and triggered higher provisions in some balance sheets.
Section 2 - Earnings / Q3-2025 results: Top 10 Infrastructure public companies (summarized, with key numbers)
1) PT Jasa Marga Tbk (JSMR) - Toll operator
• Reported: Net profit ~ Rp 2.728,6 billion (≈ Rp 2.729 trillion) to Sep-30-2025 (9M/kuartal III figure reported).
• USD equivalent: ≈ USD 163.5 million (Rp 2,728,600,000,000 ÷ 16,690).
• Jasa Marga's revenue and EBITDA remained resilient thanks to toll traffic and corporate actions improving roadside assets; net profit was down YoY but still positive.
2) PT Waskita Karya (WSKT) - Major construction group (state-owned)
• Reported: Net loss ~ Rp 3,170 billion (≈ Rp 3.17 trillion) to Sep-30-2025 (9M/kuartal III).
• USD equivalent: ≈ USD 189.9 million (loss).
• Waskita's loss widened YTD, reflecting weak construction revenue and continued balance-sheet/working-capital pressures.
3) PT Wijaya Karya Tbk (WIKA) - Construction & engineering (state-owned)
• Reported: Net loss ~ Rp 3,210 billion (≈ Rp 3.21 trillion) to Sep-30-2025 (9M/kuartal III).
• USD equivalent: ≈ USD 192.3 million (loss).
• WIKA reversed to a sizeable loss YoY, hit by lower topline and certain financing / sukuk effects disclosed in the report.
4) PT Adhi Karya Tbk (ADHI) - Construction (state-owned)
• Reported: Net profit ~ Rp 4.42 billion (≈ Rp 4.4 billion) to Sep-30-2025 (9M).
• USD equivalent: ≈ USD 263.6 thousand.
• ADHI's profit plunged sharply YoY (reported ~-93% decline) as revenue fell significantly; the company flagged slower project recognition and lower project flows.
5) PT PP (Persero) Tbk (PTPP) - Construction & investment (state-owned)
• Reported: Net profit ~ Rp 5.55 billion (≈ Rp 5.6 billion) to Sep-30-2025 (9M).
• USD equivalent: ≈ USD 332.5 thousand.
• PTPP's 9M/3Q results show a sharp decline in profits YoY (nearly 98% fall) as revenue contracted and project activity slowed.
6) PT Nusa Raya Cipta Tbk (NRCA) - Contractor / construction group
• Reported: Net profit ~ Rp 156.3 billion to Sep-30-2025 (9M).
• USD equivalent: ≈ USD 9.36 million.
• NRCA reported higher profitability YoY, supported by contract wins and project execution; company filings (9M statements) provide further detail (cash, receivables, backlog).
7) PT Total Bangun Persada Tbk (TOTL) Contractor / construction group
Reported: Net profit ~ Rp 295.3 billion to Sep-30-2025 (9M).
USD equivalent: ≈ USD 17.69 million.
• TOTL's revenue and gross profit improved YoY (noted contribution from data-center & construction projects), lifting net profit.
8) PT Surya Semesta Internusa Tbk (SSIA) - property & constructions (infrastructure adjacent)
• Reported: Net profit (9M) ~ Rp 6.5 billion to Sep-30-2025, but quarterly Q3 net improved to ~ Rp 38.8 billion (QoQ jump).
• USD equivalent (9M): ≈ USD 0.39 million; (Q3 ≈ USD 2.33 million using the same rate for Q3 spike).
• SSIA's 9M profit was down sharply YoY but the Q3 quarter showed a recovery on higher construction & property operational recovery (qoq jump).
9) PT Nusantara Infrastructure Tbk (META) toll & infrastructure asset manager
Reported: Net profit ~ Rp 76.4 billion to Sep-30-2025 (9M).
USD equivalent: ≈ USD 4.58 million.
• META reported a small decline YoY in 9M net profit but continues to operate with steady cashflows from its toll/utility assets.
10) PT Indonesia Kendaraan Terminal Tbk (IPCC) - automotive terminal / logistics (Pelindo ecosystem)
• Reported: Net profit ~ Rp 190.3 billion to Sep-30-2025 (9M).
• USD equivalent: ≈ USD 11.40 million.
• IPCC posted revenue growth and stronger margins YTD, contributing to a healthy 9M result relative to its peers.
(Honourable mentions / other Q3 performers) - several other infrastructure-adjacent names showed notable Q3/9M results: PP Presisi (PPRE) reported ~Rp 194-195 billion YTD net profit (≈ USD 11.66 million). Many smaller contractors (NRCA, TOTL, PPRE) reported positive operating profitability while larger state-owned contractors faced the most pressure.
Section 3 Key trends & insights from Q3 2025 (what the Q3 numbers reveal)
Divergence between asset owners and constructors. Toll operators and infrastructure asset managers (e.g., Jasa Marga, IPCC, META) generally delivered positive operating cashflows and posted profits, while many large construction contractors (WSKT, WIKA, ADHI, PTPP) experienced earnings compression or posted losses over the 9M period. This split reflects sticky underlying traffic/revenue for operating assets vs. project-supply / bidding and working-capital stress in construction.
Revenue recognition / project slowdowns biting contractors. Several large contractors reported materially lower revenues YTD (Adhi: ~-38% revenue decline; PTPP and WSKT also reported sharply lower recognized revenue), which translated quickly into falling gross profits and minimal or negative bottom lines evidence of a temporarily weaker project pipeline or slower progress billing in 1H/2H 2025.
Working capital and financing costs are headline risks. For a number of names (Waskita, Wijaya Karya), financing costs, provisions and/or sukuk/obligation timing impacted net results in Q3, highlighting refinancing and liquidity as key risk vectors for the sector going forward.
Small/mid contractors & niche service providers showing resilience. Firms focused on specialized execution (PP Presisi), property + construction mix (Total Bangun Persada, Nusa Raya), or niche logistics (IPCC) posted positive results, implying selective opportunities within the sector where margins and backlog visibility remain solid.
Quarterly volatility matters aggregated 9M figures sometimes mask a Q3 turnaround (SSIA: weak 1H but strong Q3 sequential improvement). Investors should therefore monitor quarterly releases and backlog updates rather than only YTD aggregated metrics.
Section 4 Outlook for Q4 2025 and beyond
Watch the order-book and S&P (sovereign / domestic policy) signals. Government capex timing and infrastructure-related budget execution will be the main determinant of new contract flows for construction contractors. If project disbursements accelerate into Q4 and early 2026, contractors revenue recognition should improve (but with potential lag). If budget execution stays soft, pressure on big contractors could continue. (Company filings & market commentary flagged slower recognition as a near-term headwind.)
Refinancing & liquidity management will separate winners from laggards. Companies with cleaner balance sheets (lower short-term debt, available cash or access to bond markets) will be better positioned to handle slower collections and delayed progress billings. Market watchers should prioritize cash position, short-term maturities and covenant headroom disclosed in company filings.
Asset owners will remain a defensive play. Toll and terminal operators with volume recovery or stable tariffs (Jasa Marga, IPCC, META) are likely to sustain positive cashflow generation, supporting dividends and bond servicing; they could attract yield-seeking investors if risk appetite is low.
Selective consolidation and M&A chatter likely. With stressed balance sheets among some state-owned contractors and private players, expect continued consolidation talk, asset-transfers (e.g., equity financing in toll subsidiaries) or divestures to shore up balance sheets as markets saw in earlier corporate actions during 2024-25. Keep an eye on company announcements and IDX filings.
Sectoral recovery depends on both macro & execution. A commodity-driven or export boom that frees fiscal room, plus improved macro funding conditions (lower global rates or stable USD/IDR), would help projects resume. Conversely, prolonged macro tightening / weak government capex execution would extend downside risk into 2026.
Section 5 - Conclusion
Q3/9M-2025 showed a clear bifurcation inside Indonesia's infrastructure public universe: operating asset owners (toll operators, terminals, selected infrastructure asset managers) largely sustained revenues and posted positive results, while many large contractors endured a painful period of revenue recognition slowdowns and higher costs that pushed some into losses. The key stories going into Q4-2025 and 2026 will be (1) government budget execution and project awarding, (2) contractor liquidity/refinancing outcomes, and (3) whether traffic & operational volumes in asset owners continue to recover. For investors, the short-term strategy is to separate operationally cash-generative infrastructure assets from project-execution risk in contractors and to trace each company's reported backlog, debt maturity schedule and cash position shown in the Q3 filings cited above.

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