Indonesia Telcos: Fixed Broadband: Growing industry, rising headwinds for incumbents

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Indonesia Telcos: Fixed Broadband: Growing industry, rising headwinds for incumbents

J P M O R G A N Asia Pacific Equity Research

27 July 2026

Indonesia Telcos

Fixed Broadband: Growing industry, rising headwinds

for incumbents

Fixed broadband customer growth has remained strong as reductions in tariffs and ASEAN TMT

ACnetwork expansion have increased adoption. However, investments by challenger Ranjan Sharma, CFA

operators is resulting in a redistribution of market share and ARPU deflation. (65) 6882-1303

TLKM’s IndiHome market share has compressed by ~12pp in 3yrs while B2C ranjan.x.sharma@jpmorgan.com

ARPU declined ~18% over 2022–25. IndiHome’s revenues have declined since J.P. Morgan Securities Singapore Private Limited

4Q24. Amid challenging competition and a more expensive network roll out going Steven Suntoso

forward, we expect the trend of consolidation and asset restructuring to sustain. In (622-1) 5291 8090

steven.suntoso@jpmorgan.com

our view, revenue headwinds are likely to persist for incumbent fixed broadband PT J.P. Morgan Sekuritas Indonesia

providers. We remain cautious on TLKM (N) and EXCL (UW) - IndiHome

Sigrid Qiu

contributes ~18% to TLKM’s group revenues. We are OW on ISAT. (65) 6882-1454

sigrid.qiu@jpmorgan.com

• Incumbents face market share and ARPU pressure. Incumbent fixed J.P. Morgan Securities Singapore Private Limited

broadband providers have been losing market share to newer entrants which Ankur Rudra, CFA

are offering attractive pricing and better network quality, while also scaling up (65) 6801-3237

their network. IndiHome remains the market leader in the industry, but its share ankur.rudra@jpmorgan.com

has declined from >75% in 2022 to 63% in 2025 as competitors scale up. EXCL J.P. Morgan Securities Singapore Private Limited