Indonesia Telecoms: Spectrum auctions results Quick Note

Research evidence excerpt

Indonesia Telecoms: Spectrum auctions results Quick Note

Nomura Securities Malaysia Sdn Bhd

13 July 2026Indonesia Telecoms

EQUITY: TELECOMS

Spectrum auctions results Research Analysts

Indonesia Research Team

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

+603 2027 6894Indonesia’s Ministry of Communication and Digital (Komdigi) has completed the price-

bidding and frequency-block selection stages of the 2026 auction for 700MHz and 2.6GHz Onshore expert

spectrum earmarked for mobile network operations. Price bidding was conducted on 7

July 2026, with block selection following on 8-10 July. Based on theofficialannouncement Erwin Wijaya (erwin.wijaya@verdhana.id)

, the three listed operators under our coverage — XLSmart Telecom Sejahtera (EXCL IJ, Theonshoreexperts,whoare

Neutral), Telkomsel (TSEL, unlisted; majority-owned by TLKM IJ, Buy) and Indosat (ISAT employedbyPTVerdhanaSekuritas

IJ, Buy) — have each secured allocations across both bands, with aggregate industry Indonesia(“Verdhana”)andarenot

commitments of approximately IDR3.36tn in upfront bid value (refer to Fig.1 and Fig.2 licensedoutsideIndonesia,have

for the breakdown). contributedtothecontentofthis

reportunderapartnershipagreementWe view the outcome as broadly consistent with each operator's known strategic priorities:

betweenNomuraandVerdhana.EXCL paid up for low-band coverage spectrum, TSEL consolidated its position in mid-

band capacity spectrum, and ISAT bid most conservatively across both the bands.

Importantly, the results remain provisional — participants retain the right to file a formal

objection through the e-Auction system no later than Tuesday, 14 July 2026, after which

Komdigi's selection team will submit its recommendation to the Minister for formal