Top 30 Indonesian Telecommunication Public Companies Q3 2025 Revenue & Performance

1) Overall companies performance (Q3 2025 snapshot)
PT Telekomunikasi Indonesia Tbk (TLKM) incumbent telecom operator.
PT Indosat Ooredoo Hutchison Tbk (ISAT) national mobile & broadband operator.
PT XLSmart Telecom Sejahtera Tbk (EXCL) mobile operator (XL/Axis).
PT Smartfren Telecom Tbk (FREN) mobile operator (historical/public legacy).
PT First Media Tbk (KBLV) broadband & cable service provider.
PT Link Net Tbk (LINK) broadband ISP.
PT Bali Towerindo Sentra Tbk (BALI) tower infrastructure.
PT Bakrie Telecom Tbk (BTEL) telecom & wireless services.
PT Centratama Telekomunikasi Indonesia Tbk (CENT) telecom support services.
PT Gihon Telekomunikasi Indonesia Tbk (GHON) telecom services & investment.
PT Visi Telekomunikasi Indonesia Infrastruktur Tbk (GOLD) telecom infrastructure.
PT Inti Bangun Sejahtera Tbk (IBST) telecom & ancillary network services.
PT LCK Global Kedaton Tbk (LCKM) telecommunication services.
PT Solusi Tunas Pratama Tbk (SUPR) related connectivity services.
PT Mora Telematika Indonesia Tbk (MORA) ISP/fiber infrastructure.
PT Ketrosden Triasmitra Tbk (KETR) telecom services.
PT Protech Mitra Perkasa Tbk (OASA) managed telecom services.
PT Tower Bersama Infrastructure Tbk (TBIG) tower/infrastructure provider.
PT Sarana Menara Nusantara Tbk (TOWR) tower/infrastructure firm.
PT Dayamitra Telekomunikasi Tbk (MTEL) tower & colocation services.
PT Sinergi Inti Andalan Prima Tbk (INET) network roaming / backbone services.
PT Indoritel Makmur Internasional Tbk (DNET) telecom-related services according to market cap listings.
PT DCI Indonesia Tbk (DCII) data center & cloud infrastructure.
PT Mora Networks International Tbk fiber/networks extension.
PT Metrodata Electronics Tbk (including Telco solutions) network systems / enterprise connectivity.
PT Sigma Cipta Caraka Tbk (telecom IT solutions for carriers) infrastructure & systems solutions.
PT Star Infrastructure Tbk (fiber / network investment arm) telecom infrastructure.
PT Telkomsigma Tbk IT & network services arm of Telkom group.
PT Centrin Online Tbk digital communications & networks.
PT CloudX Asia Tbk digital cloud & unified communications.
2) Revenue results of major public companies in Indonesia summarized (per company)
1. PT Telekomunikasi Indonesia Tbk (TLKM) Revenue (9M 2025): Rp 109.6 trillion (approx USD 7.3 b) Q3 stabilized with QoQ growth. EBITDA: Rp 54.4 trillion. Net Profit: Rp 15.8 trillion (USD ≈ 1.05 b). Core growth driven by data payload increase + broadband segments; mobile ARPU pressured but data demand strong.
2. PT Indosat Ooredoo Hutchison Tbk (ISAT) Q3 shows QoQ revenue growth (~3.8%) and improved EBITDA margins; 9M revenue estimated at ~Rp 50.56 trillion (~USD 3 b). Management cited cost synergies and cellular/data demand.
3. PT XLSmart Telecom Sejahtera Tbk (EXCL) Q3 revenue ~Rp 11.5 trillion (~USD 0.77 b), YoY up ~38%. EBITDA ~Rp 5.4 trillion (~USD 0,32 b); ARPU improvement and broader 4G/5G footprint noted. Mixed market stock response despite strong fundamentals
4. PT Tower Bersama Infrastructure Tbk (TBIG) Tower player with strong recurring rental revenues; latest related industry commentary notes dividend and capex plans. Profit earlier reported ~Rp 1.42 trillion (~USD 0,084 b) in H1 2025.
5. PT Sarana Menara Nusantara Tbk (TOWR) Rights issue and expansion initiatives targeted for enhanced colocation capacity and long-term rental contracts. Steady organic growth; actual Q3 figures pending public disclosure.
6. PT Dayamitra Telekomunikasi Tbk (MTEL) Revenue growth ~0.4% sequentially driven by tower and colocation additions. Focus on supporting mobile network expansion.
7. PT Bali Towerindo Sentra Tbk (BALI) Mid-tier tower firm with steady rental load factors, Continued build-out in regional markets.
8. PT Link Net Tbk (LINK) Broadband/ISP segment.
9. PT First Media Tbk (KBLV) Consumer broadband and media connectivity.
10. PT Jasnita Telekomindo Tbk (JAST) Specialist equipment and telecom services provider.
3) Key trends & insights from Q3 2025
Data-Led Growth Dominates
Data usage and broadband services continued to be the primary revenue driver for major telcos, with strong mobile and fixed-broadband demand.
ARPU Pressure & Cost Optimization
While subscriber bases held steady, average revenue per user (ARPU) faced pressure, prompting telcos to emphasize value-added digital services and cost synergies.
Infrastructure Rental Resilience
Tower and colocation firms benefited from consistent organic growth as operators expanded 4G/5G footprints requiring more passive infrastructure.
Market Consolidation
Merger of XL Axiata and Smartfren into XLSmart reshaped operator competition and expanded subscriber and spectrum assets.
Capex for Next-Gen Networks
Telecom leaders emphasized continued capital expenditure on fiber, data centers, and 5G infrastructure, reflecting long-term digital demand.
Tech & Digital Services Expansion
Operators are increasingly investing in cloud, cybersecurity, IoT, and enterprise digital solutions to diversify beyond core voice/data
4) Outlook for Q4 2025 and beyond
Digital Infrastructure Investment to Continue
Expect fiber roll-outs, 5G densification, and data center growth in 2026, supporting Indonesias rising digital ecosystem.
Shift Toward Sustainable Cash Flows
Operators will likely focus more on EBITDA margin improvement and disciplined capex, balancing shareholder returns with long-term infrastructure spend.
Regulatory & Competitive Dynamics
Indonesias digital market evolution (e.g., spectrum policy adjustments) could influence competitive pricing and new entrant dynamics.
Enterprise & B2B Growth
Increased demand for enterprise connectivity, cloud, and managed services offers a promising growth frontier beyond retail consumer revenue.
M&A and Strategic Partnerships
Potential deals in fiber, edge computing, or international roaming partnerships may accelerate market consolidation.
5) Conclusion
The Q3 2025 performance of Indonesias telecommunications industry underscores a resilient core anchored by Telkom Indonesia with solid profitability, growth in data services, and stronger network infrastructure demand. Mid-tier operator consolidation (e.g., XLSmart) and expanding tower/infrastructure assets highlight a sector in structural evolution. While traditional voice revenues decline, data, fixed broadband, and enterprise digital services are becoming the new revenue engine, supported by strategic capex and a competitive regulatory environment. Smaller and regional players present long-term growth opportunities but may lag in scale versus incumbents. Overall, Q3 2025 demonstrates telecommunications in Indonesia remains a strategic economic pillar with stable fundamentals and promising long-term digital expansion prospects.

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