Indosat (ISAT.JK): 2Q26 Beats: Faster Growth, but Higher Capex

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Indosat (ISAT.JK): 2Q26 Beats: Faster Growth, but Higher Capex

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28 Jul 2026 06:50:10 ET │ 14 pages

Indosat (ISAT.JK)

2Q26 Beats: Faster Growth, but Higher Capex

CITI'S TAKE

Buy Indosat delivered a slight beat vs Bloomberg consensus across all key

metrics in 2Q26, with revenues rising +14.% YoY, EBITDA +14.% YoY and Short-Term View: Upside, expires 15-AUG-26

normalized NPAT up +23% YoY. The quality of the result was underpinned Price (27 Jul 26 16:00) Rp1,915

by ARPU expansion (+17% YoY to Rp46k) on a stable 93.4mn subscriber Target price Rp2,325↓

base, with EBITDA margins at 47.7%. Management upgraded FY26 from Rp2,500

revenue and EBITDA guidance to "close to double digit" growth while Expected share price

capex was materially raised to Rp23tn from Rp13tn (ex-GPU capex of a 21.4% return

further ~Rp10tn) reflecting the accelerated 5G and AI Neocloud Expected dividend yield 6.5%

investment cycle which had seen a further acceleration in secured

Expected total return 28.0% contracts, doubling from 1Q26 levels. We revise our estimates down to

Market Cap Rp61,760,303M reflect new spectrum and capex costs to reflect spectrum and capex costs

(Ref: Fig 1). TP trimmed to Rp2,325 (from Rp2,500). We keep our buy on US$3,430M

the name.

Revenue momentum sustained, ARPU carries the print — Group 2Q26 revenues Arthur PinedaAC

rose +14% YoY/+1% QoQ, tracking slightly ahead of Bloomberg consensus estimates +65-6657-1174

even with seasonal Ramadan benefits booked in 1Q26. The YoY improvement was arthur.pineda@citi.com

driven primarily by continued mobile ARPU expansion, with blended ARPU rising

+17% YoY/+2% QoQ toRp46k as pricing repair continues to compound across the Luis Hilado

subscriber base following the industry-wide prepaid pricing revisions in 1H26. +65-6657-1170