Indonesia Retailers: 2Q26F preview Quick Note

Research evidence excerpt

Indonesia Retailers: 2Q26F preview Quick Note

Nomura Securities Malaysia Sdn Bhd

7 July 2026Indonesia Retailers

EQUITY: RETAIL

2Q26F preview Research Analysts

Indonesia Research Team

Heng Siong Kong - NSMQuick Note hengsiong.kong@nomura.com

+603 2027 6894

2Q26F SSSG to soften, but remains on track with estimates

We expect 2Q26F same-store sales growth (SSSG) to soften sequentially from 1Q26 Onshore expert

across most retailers, primarily due to the normalization in April following the shift in the Jody Wijaya (jody.wijaya@verdhana.id)

Eid holiday timing vs. last year, as well as seasonally weaker post-Eid consumer

spending. Nevertheless, we expect 1H26F SSSG to remain broadly in line with Sandy Ham (sandy.ham@verdhana.id)

management guidance in the range of positive low-single digit to mid-single digit y-y (Fig.

Nayla Yasmin2), which should help companies maintain their profitability margins y-y, in our view. (nayla.yasmin@verdhana.id)

For Alfamart (AMRT IJ, Buy) and Alfamidi (MIDI IJ, Buy), we believe both the

Samuel Christiancompanies remain on track to achieve their full-year SSSG target of 4–5%. In addition,

(samuel.christian@verdhana.id)

manageable food inflation should provide further support to sales growth, particularly in

2H26F (refer to our report, RevisitingtheWalmartplaybook ). Theonshoreexperts,whoare

employedbyPTVerdhanaSekuritasMAP Active (MAPA IJ, Buy) should also continue to deliver solid performance, as our

Indonesia(“Verdhana”)andarenotchannel checks indicate that sports activewear retailers have been relatively more resilient

licensedoutsideIndonesia,have

than other retail segments. contributedtothecontentofthis

Meanwhile, we believe Mitra Adiperkasa (MAPI IJ, Buy) and Erajaya (ERAA IJ, Buy) reportunderapartnershipagreement