Indonesia FMCG: 2Q26 result review and 2H26 expectations Quick Note

Research evidence excerpt

Indonesia FMCG: 2Q26 result review and 2H26 expectations Quick Note

Nomura Securities Malaysia Sdn Bhd

3 August 2026Indonesia FMCG

EQUITY: CONSUMER RELATED

2Q26 result review and 2H26F expectations Research Analysts

Indonesia Research Team

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

+603 2027 6894

2Q26: Strong set of results

We conclude that overall, 2Q26 FMCG firms’ earnings results were strong, in line with our Onshore expert

previous forecast (read: 2Q26Fresultpreview). Improving y-y core profit was generally Sandy Ham (sandy.ham@verdhana.id),

driven by revenue expansion, thanks to stronger government expenditure, especially

toward free meal + village cooperative + agriculture/food security programs. Most of the Samuel Christian

money disbursement from those programs flows to lower-tier cities, which translates into (samuel.christian@verdhana.id),

increasing FMCG consumption as well. In terms of categories, dairy-related firms Jody Wijaya (jody.wijaya@verdhana.id),

continued to outperform; Ultrajaya (ULTJ IJ, Buy), Cimory (CMRY IJ, Buy), Mulia Boga and

Raya (KEJU IJ, Buy), and Indofood CBP (ICBP IJ, Buy) are the main beneficiaries of free

meal kitchens spending. We note that the dairy-related segment in our coverage recorded Nayla Yasmin

an average of +56% revenue growth y-y in 2Q, much higher than average FMCG growth (nayla.yasmin@verdhana.id),

of +14%. Stronger dairy-related sales volume growth buffered the hike in raw material Theonshoreexperts,whoare

costs, translating to double-digit EBIT growth. employedbyPTVerdhanaSekuritas

Meanwhile, the increasing money supply in grassroots can also trigger a recovery in out- Indonesia(“Verdhana”)andarenot

of-home products consumption. For example, beverages firms such as Sariguna licensedoutsideIndonesia,have