Q2 2026 Dayamitra Telekomunikasi PT Earnings Call

August 5, 2026

Speaker #1: You are. This meeting is being recorded.

Speaker #2: Recording in progress.

Speaker #3: Okay. Good afternoon, ladies and gentlemen. Thank you for joining us today. And welcome to Mitratel's first half, 2026 earnings call. And on behalf of PT Daya Mitra Telekomunikasi TBK, or Mitratel, I would like to warmly welcome to all our investors and analysts, shareholders, and also the members of the investment community to our first half, 2026 earnings call.

Alif Bajara: Okay. Good afternoon, ladies and gentlemen. Thank you for joining us today, and welcome to Mitratel's H1 2026 Earnings Call. On behalf of PT Dayamitra Telekomunikasi Tbk, or Mitratel, I would like to warmly welcome to all our investors, analysts, shareholders, and also the members of the investment community to our H1 2026 Earnings Call. Allow me to reintroduce myself. My name is Alif Bajara, the vice president of investor relations at Mitratel, and I will be your moderator for today's session. First of all, we sincerely appreciate your time, participation, and continued confidence in Mitratel, and we value your ongoing support as we continue to strengthen our position as Indonesia's leading digital infrastructure company while advancing our transformation towards becoming a next-generation tower company supported by our resilient business fundamentals and sustainable long-term growth.

Alif Bajara: Okay. Good afternoon, ladies and gentlemen. Thank you for joining us today, and welcome to Mitratel's H1 2026 Earnings Call. On behalf of PT Dayamitra Telekomunikasi Tbk, or Mitratel, I would like to warmly welcome to all our investors, analysts, shareholders, and also the members of the investment community to our H1 2026 Earnings Call. Allow me to reintroduce myself. My name is Alif Bajara, the Vice President of Investor Relations at Mitratel, and I will be your moderator for today's session. First of all, we sincerely appreciate your time, participation, and continued confidence in Mitratel, and we value your ongoing support as we continue to strengthen our position as Indonesia's leading digital infrastructure company while advancing our transformation towards becoming a next-generation tower company supported by our resilient business fundamentals and sustainable long-term growth.

Speaker #3: Allow me to reintroduce myself. My name is Arif Bajara, Vice President of Investor Relations at Mitratel, and I will be your moderator for today's session.

Speaker #3: First of all, we sincerely appreciate your time, participation, and continued confidence in Mitratel. We value your ongoing support as we continue to strengthen our position as Indonesia's leading digital infrastructure company, while advancing our transformation toward becoming a next-generation tower company, supported by our resilient business fundamentals and sustainable long-term growth.

Speaker #3: And before we begin, please take note that today's discussion may contain forward-looking statements. These statements are based on current expectations and assumptions, and are subject to risks and uncertainties that may cause actual results to differ materially from those anticipated.

Alif Bajara: Before we begin, please take note that today's discussion may contain forward-looking statements. These statements are based on our current expectation and assumption and are subject to risks and uncertainties that may cause actual results to differ materially from those anticipated. Joining us today in the H1 2026 Earnings Call are our honored board of directors, Pak Theodorus Ardi Hartoko as our chief executive officer. Good afternoon, Pak Teddy.

Speaker #3: And joining us today in the first half, 2026 earnings call, are our honored Board of Directors, Pak Theodorus Aryatoko, as our Chief Executive Officer.

Speaker #3: Good afternoon, Pak Teddy.

Speaker #4: Good afternoon.

Theodorus Ardi Hartoko: Good afternoon.

Speaker #3: Ibu Nurhayati Candrasuci, as our Chief Investment Officer. Good afternoon, Bu Candra.

Alif Bajara: Ibu Noorhayati Candrasuci as our Chief Investment Officer. Good afternoon, Bu Candra-Sutji.

Speaker #5: Good afternoon.

Noorhayati Candrasuci: Good afternoon.

Speaker #3: Bapak Ian Sigit Kurniawan, as Chief Financial and Risk Management Officer of Mitratel. Good afternoon, Pak Ian. Pak Fandi Wijaya, as Chief Asset Management Officer of Mitratel.

Alif Bajara: Bapak Iyan Sigit Kurniawan as Chief Financial and Risk Management Officer of Mitratel. Good afternoon, Pak Iyan. Pak Fandi Wijaya as Chief Asset Management Officer of Mitratel. Good afternoon, Pak Fandi.

Speaker #3: Good afternoon, Pak Fandi.

Speaker #4: Good afternoon.

Speaker #3: Bapak Agus Winarno, as our Chief Business Officer of Mitratel. Good afternoon, Pak Agus.

Fandi Wijaya: Good afternoon.

Alif Bajara: Bapak Agus Winarno as our Chief Business Officer of Mitratel. Good afternoon, Pak Awin.

Speaker #6: Good afternoon.

Noorhayati Candrasuci: Good afternoon.

Agus Winarno: Good afternoon.

Speaker #3: And Ibu Hastini Bagyo Esuti, as our Chief Operations Officer. Good afternoon, Bu Naning.

Alif Bajara: Ibu Hastining Bagyo Astuti as our Chief Operating Officer. Good afternoon, Bu Nani.

Speaker #5: Good afternoon.

Noorhayati Candrasuci: Good afternoon.

Hastining Bagyo Astuti: Good afternoon.

Speaker #3: Yeah. We are delighted to have the full Board of Directors joining us and our today's first half, 2026 earnings call session. And today's session will begin with the opening remarks by our CEO, Bapak Theodorus Aryatoko, and we'll be followed by a presentation covering Mitratel's operational achievement, financial performance, strategic initiatives, and business outlook for the first half of 2026, which will be delivered by Ibu Candrasuci as our CIO.

Alif Bajara: Yeah, we are delighted to have the full board of directors joining us in our today's H1 2026 earnings call session. Today's session will begin with the opening remarks by our CEO, Bapak Theodorus Ardi Hartoko, will be followed by a presentation covering Mitratel's operational achievement, financial performance, strategic initiative, and business outlook for the H1 2026, which will be delivered by Ibu Candrasuci as our CIO, will be followed by Q&A sessions with the board of directors. Without any further ado, it is my pleasure to invite Bapak Theodorus Ardi Hartoko as the CEO of Mitratel to deliver the opening remarks for today's session. Pak Teddy, please, Pak, the screen and time is yours.

Speaker #3: We will then follow with a Q&A session with the Board of Directors. Without any further ado, it is my pleasure to invite Bapak Theodorus Aryatoko, CEO of Mitratel, to deliver the opening remarks for today's session.

Speaker #3: Pak Teddy, please. Pak, the screen and time are yours.

Speaker #4: Thank you, Arif. Good afternoon, ladies and gentlemen. To our shareholders, investors, analysts, and everyone joining us today, thank you for your continued trust and support.

Theodorus Ardi Hartoko: Thank you, Alif. Good afternoon, ladies and gentlemen, to our shareholders, investors, and analysts, and everyone joining us today. Thank you for your continued trust and support. We appreciate the opportunity to share Mitratel's performance and strategic outlook for the H1 2026. H1 this year marked another important phase for Indonesia's telecommunication industry. Following industry consolidation, accelerating data consumption, recent spectrum allocation, and growing digital connectivity demand are laying the foundation for the next investment cycle. These structural trends reinforce our confidence that digital infrastructure will remain one of Indonesia's most attractive long-term investment opportunities. Against this backdrop, Mitratel once again delivered resilient performance.

Speaker #4: We appreciate the opportunity to share Mitratel's performance and strategic outlook for the first half of 2026. The first half of this year marked another important phase for Indonesia's telecommunications industry.

Speaker #4: Following industry consolidation, accelerating data consumption, recent spectrum allocation, and growing digital connectivity demand are laying the foundation for the next investment cycle. These structural trends reinforce our confidence that digital infrastructure will remain one of Indonesia's most attractive long-term investment opportunities.

Speaker #4: Against this backdrop, Mitratel once again delivered resilient performance. Our tower leasing business continued to generate stable and recurring cash flow through long-term partnerships with leading mobile network operators, while our fiber optic business continued to gain momentum as operators modernize.

Theodorus Ardi Hartoko: Our tower leasing business continued to generate stable and recurring cash flow through long-term partnerships with leading mobile network operators, while our fiber optic business continued to gain momentum as operators accelerate network modernization, Fiber to the Tower deployment, and prepare for broader 5G and fixed wireless access expansion. Our nationwide footprint remains a key competitive advantage. With 59% of our towers located outside Java and network expansion remains stronger and nearly 80% of new co-locations delivered in this region during the H1 2026, Mitratel is well-positioned to support operators in expanding coverage and accelerating Indonesia's digital connectivity. As the largest independent tower co in Southeast Asia and Indonesia, we continue transforming into the next-gen tower company by expanding beyond towers into integrated digital infrastructure through fiber optic and Power as a Service.

Speaker #4: Fiber-to-the-tower deployment is progressing to prepare for broader 5G and fixed wireless access expansion. Our nationwide footprint remains a key competitive advantage, with 59% of our towers located outside Java. Network expansion remains strong, with nearly 80% of new colocations delivered in this region during the first half of 2026.

Speaker #4: Mitratel is well positioned to support operators in expanding coverage and accelerating Indonesia's digital connectivity. As a leading independent tower company in Southeast Asia and Indonesia, we continue transforming into a next-generation tower company by expanding beyond towers into integrated digital infrastructure through fiber optic and power services.

Speaker #4: Supported by a resilient business model, disciplined capital allocation, and a strong balance sheet, we are well positioned to capture long-term growth driven by 5G, AI-ready networks, and Indonesia's expanding digital economy.

Theodorus Ardi Hartoko: Supported by a resilient business model, disciplined capital allocation, and a strong balance sheet, we are well-positioned to capture long-term growth driven by 5G, AI-ready networks, and Indonesia's expanding digital economy. At Mitratel, we believe connectivity is the foundation of economic growth, digital inclusion, and national progress. We remain committed to expanding nationwide connectivity while creating sustainable long-term value for our shareholders and all stakeholders. With that, I will now hand over to our management team to present Mitratel financial and operational performance of the H1 2026. Thank you.

Speaker #4: At Mitratel, we believe connectivity is the foundation of economic growth, digital inclusion, and national progress. We remain committed to expanding nationwide connectivity while creating sustainable, long-term value for our shareholders and all stakeholders.

Speaker #4: With that, I will now hand over to our management team to present Mitratel's financial and operational performance for the first half of 2026.

Speaker #4: Thank you.

Speaker #3: Thank you very much, Pak Teddy, for the very insightful and powerful opening remarks for today's session. Now, we will continue with the corporate presentation covering Mitratel's operational, financial, and strategic performance during the first half of 2026, which will be delivered by Ibu Nurhayati Candrasuci, our Chief Investment Officer.

Alif Bajara: Thank you very much, Pak Teddy, for the very insightful and powerful opening remarks for today's session, Pak. Now, we will continue with the corporate presentation covering Mitratel's operational, financial, and strategic performance during H1 2026, which will be delivered by Ibu Noorhayati Candrasuci, our Chief Investment Officer. Without further ado, it is my pleasure to invite Ibu Candrasuci to give today's presentation. Ibu Candra, please, the screen and time is yours.

Speaker #3: So without further ado, it is my pleasure to invite Ibu Candrasuci to give today's presentation. Ibu Candra, please—the screen and time are yours.

Speaker #5: Thank you, Arif. Please. Okay. Let me begin by highlighting the five significant highlights for Mitratel that show the strong position of Mitratel as Indonesia's leading digital infrastructure company.

Noorhayati Candrasuci: Thank you, Alif. Please. Okay. Let me begin by highlighting the five significant highlights for Mitratel that show the strong position, Mitratel as the Indonesian leading digital infrastructure company. First, Mitratel now have more than 40,000 towers across Indonesia. Now Mitratel is the largest independent tower company in Southeast Asia. What differentiates us is not only the scale but also the strategic footprint with nearly 60% of our sites located outside Java, where mobile network expansion will continue to accelerate outside Java. The position of Mitratel is also key enabler to support Indonesian initiative for nationwide digital connectivity, will include Internet Rakyat initiative, and also using fixed wireless access deployment. Number two, you see that we still have a strong market leadership, with 47% tower wallet share rollout in H1 2026.

Speaker #5: So first, Mitratel now has more than 40,000 towers across Indonesia. And now, Mitratel is the largest independent tower company in Southeast Asia. What differentiates us is not only the scale, but also the strategic footprint.

Speaker #5: With nearly 60% of our sites located outside Java, where mobile network expansion will continue to accelerate, the position of Mitratel is also a key enabler to support nationwide digital connectivity. This will include the Internet Rakyat initiative and also using fixed wireless access deployment.

Speaker #5: Number two, you see that we still have a strong market leadership with 47% tower wallet share rolled out in the first semester of 2026. More importantly, 79% of the new colocations were deployed outside Java, demonstrating that our nationwide presence continues to capture the strongest growth opportunities.

Noorhayati Candrasuci: More importantly, 79% of the new co-location were deployed outside Java, demonstrating that our nationwide presence continues to capture the strongest growth opportunities. This reinforce our ability to grow organically while we still maximizing returns from our existing infrastructure. Number three, we are moving forward with the transformation from the basic tower company to the nextGen tower company through the expansion on the beyond tower services into the higher value digital infrastructure services. The new growth engine will include Fiber to the Tower, Power as a Service that enable to provide integrated infrastructure solution for mobile network operators. This transformation will create a new revenue stream and strengthen customer relationship and also enhance our long-term shareholder value. We can highlight in here that fiber becoming a new key growth driver for Mitratel for now. Number four, continuing on that, fiber is continue as one of our fastest growing businesses.

Speaker #5: This reinforces our ability to grow organically while we are still maximizing returns from our existing infrastructure. Number three, we are moving forward with the transformation from a basic tower company to a next-gen tower company through the expansion of the beyond tower services into higher-value digital infrastructure services.

Speaker #5: The new growth engine will include fiber to the tower, power as a service, that enable us to provide integrated infrastructure solutions for mobile network operators.

Speaker #5: This also transform this transformation will create a new revenue stream. And strengthen customer relationship and also enhance our long-term shareholder value. And we can highlight in here that fiber becoming a new key growth driver for Mitratel for now.

Speaker #5: Number four, fiber continuing on that, fiber is continue as one of our fastest growing businesses. And we accelerate the FTTT or fiber to the tower deployment to support increasing network densification across Indonesia.

Noorhayati Candrasuci: We accelerate the FTTT or Fiber to the Tower deployment to support increasing network densification across Indonesia. In H1 2026, our fiber revenue grew by 7.7% year on year, and our wallet share reached 54%. This demonstrates our success in cross-selling fiber to existing tower customers and expanding our role in the digital infrastructure ecosystem. Number five, we can see here that Mitratel's greatest strength is our resilience. Despite ongoing consolidation among mobile network operators, Mitratel continues to deliver consistent earning growth and maintain one of the strongest balances in the industry. We have a diversified portfolio and disciplined capital allocation, also nationwide footprint, and we will reduce our exposure and consolidation related risk. This is resiliency, give us confidence to deliver sustainable long-term value regardless the market cycle. Please continue for the next slide.

Speaker #5: In the first half of 2026, our fiber revenue grew by 7.7% year-on-year, and wallet share reached 54%. This demonstrates our success in cross-selling fiber to existing tower customers and expanding our role in the digital infrastructure ecosystem.

Speaker #5: Number five, we can see here that Mitratel's greatest strength is our resilience, despite ongoing consolidation among mobile network operators. Mitratel continues to deliver consistent earnings growth and maintain one of the strongest balance sheets in the industry.

Speaker #5: We have a diversified portfolio and disciplined capital allocation, as well as a nationwide footprint. We will reduce our exposure and consolidation-related risk.

Speaker #5: So this resilience gives us confidence to deliver sustainable, long-term value regardless of the market cycle. Please continue to the next slide. You can see here that meanwhile, the telecommunication industry continues to evolve rapidly.

Noorhayati Candrasuci: You can see here that, meanwhile, the telecommunication industry continues to evolve rapidly. Many changes as a challenge. Mitratel, we see this as opportunities to create sustainable growth. You see here that we have a proven growth track record. Since 2021, Mitratel has expanded portfolio from 20,000 tower to more than 40,000 tower in H1 2026. It reflects the CAGR of 8% growth on the tower. The growth is driven by balanced combination between the organic expansion through the new build-to-suit and co-location, as well as the non-organic acquisition. More importantly, every acquisition that have been integrated successfully into the tower business, strengthening both our market position and our financial performance. You can see here that the scale also translates directly to the market leadership.

Speaker #5: Many, many see things changing as a challenge. At Mitratel, we see this as an opportunity to create sustainable growth. You see here that we have a proven growth record since 2021.

Speaker #5: Mitratel has expanded its portfolio from 20,000 towers to more than 40,000 towers in the first half of 2026. So, it reflects a CAGR of 8% growth on the towers.

Speaker #5: And the growth is driven by a balanced combination between organic expansion through new build-to-suit and colocation, as well as non-organic acquisition.

Speaker #5: And more importantly, every acquisition that's been integrated successfully into the tower business, strengthening both our market position and our financial performance. And you can see here that the scale also translates directly to the market leadership.

Speaker #5: As mobile operators continue expanding and upgrading their networks, Mitratel consistently captures the largest share of new deployments. We can see here that we hold 47% of Indonesia's tower rollout market.

Noorhayati Candrasuci: As the mobile network operator continue expanding and upgrading their network, Mitratel consistently capture the largest share on the new deployment. We can see here that we hold 47% of Indonesia tower rollout market, and also 54% of fiber rollout. This make Mitratel as the preferred infrastructure partner for virtually all major mobile network operator. This leadership reflect our nationwide footprint, operational excellence, and trusted long-term partnership. You can see here also the improvement on the asset productivity. Growth is not only about the adding new asset, but also maximizing the value of the existing asset. Tenancy ratio is steadily improved from 1.51 in 2021, to 1.57 in H1 2026. Higher tenancy means better operating leverage, stronger margins, greater returns without requiring proportionally capital investment. Our disciplined approach enable us to deliver sustainable profitability while maintaining efficient capital allocation. Fiber is our next growth engine.

Speaker #5: And also 54% of fiber rollout. This makes Mitratel the preferred infrastructure partner for virtually all major mobile network operators. This leadership reflects our nationwide footprint, operational excellence, and trusted long-term partnerships.

Speaker #5: And you can see here also the improvement in asset productivity. Growth is not only about adding new assets, but also maximizing the value of existing assets.

Speaker #5: Tenancy ratio has steadily improved from 1.51 in 2021 to 1.57 in the first half of 2026. Higher tenancy means better operating leverage, stronger margins, and greater returns without requiring proportional capital investment.

Speaker #5: Our disciplined approach enables us to deliver sustainable profitability while maintaining efficient capital allocation. Fiber is our next growth engine, so you can see it here continue to emerge as one of the strongest growth areas.

Noorhayati Candrasuci: You can see here, continue to emerge as one of the strongest growth. We have expanded our fiber network significantly, while improving also the utilization year after year of the fiber. The fiber billable kilometer have grown at 46% CAGR since 2022. It reflects strong demand from mobile network operator as the network capacity requirement continues to increase. Combining tower and fiber, Mitratel provides an integrated digital infrastructure platform that's able to support the next generation of connectivity. It really reflects that Mitratel growth is not only scalable, but increasingly efficient and can be monetized efficiently. Next, please. Mitratel nationwide infrastructure is not only our greatest competitive advantage, but also the foundation to support Indonesia digital future.

Speaker #5: We have expanded our fiber network significantly while also improving the utilization year after year of the fiber. The fiber belabel kilometer has grown at a 46% CAGR since 2022.

Speaker #5: So it reflects strong demand from mobile operators as network capacity requirements continue to increase. And by combining towers and fiber, Mitratel provides an integrated digital infrastructure platform that is able to support the next generation of connectivity.

Speaker #5: So it's really a reflection that Mitratel's growth is not only scalable, but increasingly efficient and can be monetized efficiently. Next, please. We can see here that Mitratel's nationwide infrastructure is not only our greatest competitive advantage, but also the foundation to support Indonesia's digital future.

Speaker #5: As of the first half of 2026, we operate more than 40,000 towers and serve more than 63,000 tenants. We also manage over 59,000 kilometers of fiber optic infrastructure across the country.

Noorhayati Candrasuci: As the H1 2026, we operate more than 40,000 towers and serve more than 63,000 tenants, and also manage over 59,000 kilometer of fiber optic infrastructure across the country. This extensive footprint enables us to support growing connectivity needs of mobile network operators, as well as communities throughout Indonesia. We can say that Mitratel is well-positioned in Indonesia next phase of digital growth, and our footprint is strategically aligned with where future demand will come from. Indonesia has continued to accelerate its digital transformation nationwide, with some initiatives, including expanding broadband access, increasing 4G coverage, preparing for the broader 5G deployment. At the same time, mobile network operator also investing in network expansion, capacity upgrades, and fiberization to accommodate rapidly growing of the data consumption. Mitratel has a unique position to support these long-term investment plans through our nationwide tower and fiber infrastructure.

Speaker #5: So, this extensive footprint enables us to support the growing connectivity needs of mobile network operators as well as communities throughout Indonesia. So, we can say that Mitratel is well positioned in Indonesia's next phase of digital growth, and our footprint is strategically aligned with where future demand will come from.

Speaker #5: Indonesia continues to accelerate its digital transformation nationwide with some initiatives, including expanding broadband access, increasing 4G and broader 5G deployment. At the same time, mobile network operators are also investing in network expansion, capacity upgrades, and fiberization.

Speaker #5: To accommodate the rapidly growing data consumption, Mitratel has a unique position to support these long-term investment plans through our nationwide tower and fiber infrastructure.

Speaker #5: You can see the map here beyond Java. The next wave of the network expansion is increasingly taking place outside Java. Today, 59% of our towers are located in ex-Java regions, where operators continue expanding coverage and improving service quality outside Java.

Noorhayati Candrasuci: You can see the map here beyond Java. The next wave of the network expansion is increasingly taking place outside Java. Today, 59% of our towers located ex-Java regions, where operators continue expanding coverage and improving service quality outside Java. During H1 2026, 79% of our new co-location were deployed outside Java. It's reflecting the direction of MNO rollout and the government commitment to delivering equitable digital connectivity across the nation. This also allows Mitratel to capture future growth while supporting Indonesian vision of the inclusive digital development. If you see the map also, from Sumatra to Papua, our infrastructure supports customers in expanding network coverage, capacity, and accelerating fiber deployment. Broad geographic will reach enable operators to roll out their network more efficiently while optimizing capital expenditure through infrastructure sharing. We are ready for that.

Speaker #5: During the first half of 2026, 79% of our new colocation was deployed outside Java. So it's reflecting the direction of MNO rollout and the government commitment to delivering equitable digital connectivity across the nation.

Speaker #5: So, this also allows Mitratel to capture future growth while supporting Indonesia's vision of inclusive digital development. If you see the map, from Sumatera to Papua, our infrastructure supports customers in expanding network coverage and capacity, as well as accelerating fiber deployment.

Speaker #5: And broad geographic reach will enable operators to roll out their networks more efficiently while optimizing capital expenditure through infrastructure sharing.

Speaker #5: So we are ready for that. As operators continue executing their long-term network investment plan, Mitratel will remain well positioned to capture new tower leasing, colocation, and also the fiber opportunity.

Noorhayati Candrasuci: As operators continue executing their long-term network investment plan, Mitratel will remain well-positioned to capture new tower leasing, co-location, and also the fiber opportunity. As network demand grows, we continue to improve the productivity also in the existing assets. Tenancy ratio is now growing to 1.57 times, while fiber billable ratio improved to 1.26 times. We can continue to the next slide. This slide will show you the solid performance on the financials. Our financial results continue to demonstrate the resiliency and also the quality of the earnings. We can see here that H1 2026, the revenue increased by 2.1% year-on-year. EBITDA and net income also recorded positive growth. More importantly, we maintain the EBITDA margin at the level of 82.9% and also the net profit margin at the level of 23.7%.

Speaker #5: As network demand grows, we continue to improve the productivity also in the existing assets. Tenancy ratio is now growing to 1.57 times, while fiber belabel ratio improved to 1.26 times.

Speaker #5: We can continue to the next slide. This slide will show you the solid performance on the financials. Our financial results continue to demonstrate the resiliency and also the quality of the earnings.

Speaker #5: And we can see here that in the first half of 2026, revenue increased by 2.1% year on year. EBITDA and income also recorded positive growth.

Speaker #5: And more importantly, we maintain the EBITDA margin at the level of 82.9% and also the net profit margin at the level of 23.7%. This ratio is among the highest in the regional tower co industry.

Noorhayati Candrasuci: This ratio is among the highest in the regional tower co industry. This result highlights the strength that our recurring business model, efficient cost management, and the increasing asset utilization is what we did to bring the strong result. Behind these numbers, the continued investment by mobile network operator will show the growth in the operational performance at H1 2026. During H1, we added more than 300 new towers and also more than 4,000 kilometers of billable fiber. This also adds more than 700 new tenants. This addition directly supports our customers as they continue to expand the network coverage, increasing capacity, accelerating fiber to meet the rising data demand. As operators prepare for broader 5G deployment, fixed wireless access expansion, and continued 4G densification, Mitratel remains as the preferred infrastructure partner for them.

Speaker #5: This result highlights the strength of our recurring business model, efficient cost management, and the increasing asset utilization. That is what we did to bring the strong result.

Speaker #5: Behind these numbers, we continue the continued investment by mobile network operators will show the growth in the operational performance in the first half of 2026.

Speaker #5: During the first half, we added more than 300 new towers, and also more than 4,000 kilometers of Belabel fiber. And this also added more than 700 new tenants.

Speaker #5: This addition directly supports our customers as they continue to expand coverage, increase capacity, and accelerate fiber deployment to meet the rising data demand. As operators prepare for broader 5G deployment, fixed wireless access expansion, and continued 4G densification, Mitratel remains the preferred infrastructure partner for them.

Speaker #5: Our operational growth is closely aligned with the Indonesia long-term digital connectivity roadmap, and the government continues to prioritize equitable digital access across the archipelago. Mitratel's nationwide footprint enables us to support this initiative efficiently through the infrastructure sharing scenario.

Noorhayati Candrasuci: Our operational growth is closely aligned with the Indonesia Long Term Digital Connectivity Roadmap, the government continues to prioritize equitable digital access across the archipelago. Mitratel's nationwide footprint enables us to support this initiative efficiently through the infrastructure sharing scenario, allowing operators to expand faster with lower capital intensity. As demand for mobile broadband, enterprise connectivity, and also the AI workloads are growing, we believe that infrastructure sharing will become even more critical in the future. If we can see here the performance of each portfolio. In highlight, we have the steady growth in the tower lease business and fiber optic as the next growth engine gives us the most exciting growth story in the fiber business. In H1 2026, tower lease revenue reached IDR 3.8 trillion. The contribution is more than 81% of the total revenue, and the growth at the level of 0.9%.

Speaker #5: Allowing operator to expand faster with lower capital intensity. As demand for mobile broadband enterprise connectivity and also the AI workloads going and we believe that in infrastructure sharing will be will become even more even more critical in the future.

Speaker #5: If we can see here the performance of each portfolio in in highlight we we we have the steady growth in the tower list business and fiber optic as the next growth engine give give us the most exciting growth story in the fiber business.

Speaker #5: In the first half of 2026, tower lease revenue reached 3.8 trillion. The contribution is more than 81% of the total revenue, and the growth is at the level of 0.9%.

Speaker #5: This is a reflection of the highly recurring nature of the long-term lease contract and also the maturity of the Indonesia tower market. But more importantly, the business continues to generate predictable cash flows and industry-leading profitability with the long-term contract.

Noorhayati Candrasuci: This is as a reflection of the highly recurring nature of the long-term lease contract and also the maturity of the Indonesia tower market. More importantly, the business continues to generate predictable cash flows and industry-leading profitability with long-term contracts. The fiber revenue grew 7.7% year on year, and the contribution is more than 6% of the revenue. This also can see that the growth is significantly outpacing our overall revenue growth. For H1 2026, the fiber revenue is more than IDR 300 billion. This momentum is driven by continued Fiber to the Tower expansion from the Mobile Network Operator. Beyond this tower, fiber also will create opportunities to support enterprise connectivity, AI infrastructure, and the future digital services. The third portfolio is the tower-related business, continue as a complement to our core leasing business.

Speaker #5: The fiber revenue grow 7.7 year on year 7.7% year on year and the contribution is 6% more than 6% of the the revenue. And this is also can see that the the growth is significantly outpacing our overall revenue growth.

Speaker #5: For the first half 2026, the the fiber revenue is more than 300 billion. This momentum is driven by continued fiber to the tower expansion from the mobile network operator and also beyond beyond this beyond this tower fiber also will create opportunities to support enterprise connectivity AI infrastructure and the future digital services.

Speaker #5: The third portfolio is the tower related business. Continue as a complement to our core listing business. The revenue increase by 14.6% and this is reflecting the healthy demand for the higher value infrastructure services.

Noorhayati Candrasuci: The revenue increased by 14.6%, and this is reflecting the healthy demand for the higher value infrastructure services. We remain disciplined in focusing the opportunity that generate reasonable margin while enhancing the value proposition for our customer in this portfolio. The last portfolio is reseller business. The strategy remain the same, that we will do this. We naturally phase out to move to the tower own portfolio for improving the margin. You can see here the driving growth supported by discipline cost management. The operational efficiency is one of our key strategy in maintaining the high profitability. You can see the planning, Operation and Maintenance expense declined significantly by 7.5% year on year to IDR 200 billion. This is driven by efficiency initiative, including the adoption of technology in operation and optimization of the economy of scale.

Speaker #5: We remain disciplined in focusing on opportunities that generate reasonable margins, while enhancing the value proposition for our customers in this portfolio. And the last portfolio is the reseller business.

Speaker #5: The strategy remain the same. That we will do this with naturally face out to to move move to the tower own portfolio for for improving the the margin.

Speaker #5: As you can see here, the driving growth is supported by disciplined cost management. Operational efficiency is one of our key strategies. In maintaining high profitability, you can see that planning, operation, and maintenance expenses declined significantly by 7.5% year-on-year to 200 billion, and this is driven by efficiency initiatives, including the adoption of technology in operations and optimization of the economy of scale.

Speaker #5: In the construction and project management expense, the post grows by 33% year on year. This is in line with the higher activity in the tower-related business segment and the expansion of the one-time project-based expenses.

Noorhayati Candrasuci: In the construction and project management expenses cost, it grows by 33% year on year. This is in line with the higher activity in the tower-related business segment and the expansion of the one-time project-based expenses. G&A expenses increased by 6.9%, mainly driven by multimedia expenses related to the digital program licensing entering to the advanced implementation phase, in line with the company transformation strategy through technology-driven operational and business enhancement. Employee compensation expenses increased by 4.5% year on year due to adjustment to the remuneration policy, aligned with the achievement of the company performance indicator. Other operating expense declined mainly due to lower provision of trade receivable compared to the same period last year, driven by higher trade receivable in H1 2026 as part of the company effort to maintain portfolio quality and strengthen credit risk management.

Speaker #5: G&A expenses increased by 6.9%, mainly driven by multimedia expenses related to the digital program licensing and turning to the advanced implementation phase, in line with the company transformation strategy through technology-driven operational and business enhancement.

Speaker #5: Employee compensation expenses increased by 4.5% year-on-year due to adjustments to the remuneration policy, aligned with the achievement of the company performance indicator.

Speaker #5: Other operating expense declined 6%, mainly due to a lower provision for trade receivables compared to the same period last year, driven by higher trade receivables in the first half of 2026. This is part of the company's effort to maintain portfolio quality and strengthen credit risk management.

Speaker #5: Depreciation increased by 5.8% year on year, driven by the addition of telecommunication tower assets and fiber optic networks during the first half of 2026. Amortization grew by 3.9% year on year, primarily due to the addition of land lease contracts associated with the tower expansion.

Noorhayati Candrasuci: Depreciation increased by 5.8% year on year, driven by the addition of telecommunication tower asset and fiber optic networks during H1 2026. Amortization grew by 3.9% year on year, primarily due to the addition of land lease contract associated with the tower expansion. We can move to next slide. We are backed by high quality customer, secured by long-term revenue backlog. 90% coming from Indonesia largest MNO. Our customer base is among the strongest in the industry. You can see here that 90% is from three main big mobile network operators. These are longstanding strategic relationships that we built over many years of the consistent execution and service quality. These operators continue investing to expand coverage and increase network capacity and also preparing for broader 5G deployment. In this case, Mitratel remains one of their preferred infrastructure partner.

Speaker #5: We can move to the next slide. Yeah. We are supported by high-quality customers, secured by long-term revenue backlog. So, 90% is coming from Indonesia's largest MNO.

Speaker #5: Our customer base is among the strongest in the industry. You can see here that 90% comes from three main big mobile network operators.

Speaker #5: And these are longstanding strategic relationships that we have built over many years of consistent execution and service quality. And these operators continue investing to expand coverage and increase network capacity, and also preparing for broader 5G deployment.

Speaker #5: And in this case, Mitratel remains one of their preferred infrastructure partners. This is also important because we have visibility of our future cash flow, showing strong revenue visibility—68% of our contracts expire in more than four years.

Noorhayati Candrasuci: This also is important that we have a visibility of our future cash flow. Show you the strong revenue visibility. 68% of our contracts expired more than 4 years. We have a long tenancy expired schedule. Long-term contracts will reduce earning volatility, enhance cash flow predictability, and support disciplined capital allocation. This contractual profile gives us confidence in sustaining stable financial performance through the different market cycles that we face now. We also are supported by strong customer fundamentals that translated into sustainable business growth. Since 2021, our revenue has grown at 11% CAGR, consistently outperforming the industry growth rate. This performance reflects not only the market expansion, but also our disciplined execution, high asset utilization, and our ability to capture new opportunities from the existing customer. Our strong customer relationship is reflected also in the market leadership.

Speaker #5: So we have a long tenancy expense schedule. Long-term contracts will reduce earnings volatility, enhance cash flow predictability, and support disciplined capital allocation. This contractual profile gives us confidence in sustaining stable financial performance through the different market cycles that we face now.

Speaker #5: We are also supported by strong customer fundamentals that translated into sustainable business growth. Since 2021, our revenue has grown at 11% CAGR—11% CAGR—consistently outperforming the industry growth rate. This performance reflects not only the market expansion, but also our disciplined execution, high asset utilization, and our ability to capture new opportunities from existing customers.

Speaker #5: Our strong customer relationship is also reflected in our market leadership. During the first half of 2026, Mitratel was able to capture approximately 45% of total MNO rollout activities, and this is the highest share in the market.

Noorhayati Candrasuci: During H1 2026, Mitratel was able to capture approximately 45% of total MNO rollout activities. This is the highest share in the market. This demonstrated the trust of the customer to Mitratel to do the deployment on their nationwide footprint. Execution on the capability and integrated tower plus fiber solution becomes our strength. Next. Mitratel's financial strength also enabled it to continue expansion through efficient leverage and recurring free cash flow. We have a strong balance sheet and good recurring cash flow. Mobile Network Operators continue investing in network expansion. Indonesia accelerate its digital connectivity roadmap. In this case, with the strong balance sheet, Mitratel will have a well-position to grow without compromising the financial stability. Our leverage remains among the healthiest in the industry. The net debt to EBITDA is at only 2.1x, significantly below both industry average and our banking covenant.

Speaker #5: This demonstrates the trust of the customer in Mitratel to do the deployment on their nationwide footprint. Execution on the capability and integrated tower plus fiber solution becomes our strength.

Speaker #5: Next, Mitratel's financial strength also enabled us to continue expansion through efficient leverage and recurring free cash flow. We have a strong balance sheet and good recurring cash flow.

Speaker #5: Mobile network operator continue investing investing in network expansion and Indonesia accelerate its digital connectivity roadmap and in this case with the strong balance sheet Mitratel will have a well position to grow with without compromising the financial stability.

Speaker #5: Our leverage remains among the healthiest in the industry. The net debt to EBITDA, at only 2.1 times, is significantly below both the industry average and our banking covenant.

Speaker #5: We also maintain debt to equity ratio at the level of 0.5 times this provides substantially a substantial capacity to fund future investment. This selective and prudent capital structure give us the flexibility to pursue the organic expansion strategic acquisition as well as the new digital infrastructure opportunities whenever they arise.

Noorhayati Candrasuci: We also maintain debt to equity ratio at the level of 0.5x. This provides a substantial capacity to fund future investment. This selective and prudent capital structure gives us the flexibility to pursue the organic expansion, strategic acquisition, as well as the new digital infrastructure opportunities whenever they arise. We also have quality, strong recurring cash flow, the quality of our cash generation, growing at 11% CAGR since 2021. This is supported by long-term tower lease contracts, increasing fiber utilization, and disciplined capital expenditure. Financial flexibility will create a strategic advantage with the strong liquidity give us significant flexibility to pursue the next opportunity of investment. We will continue to strengthen our cash position and maintain prudent leverage.

Speaker #5: We also have the quality strong recurring cash flow—the quality of our cash generation growing at 11% CAGR since 2021. This is supported by long-term tower lease contracts, increasing fiber utilization, and disciplined capital expenditure.

Speaker #5: Financial flexibility will create strategic advantage, with strong liquidity giving us significant flexibility to pursue the next opportunity for investment. We will continue this to strengthen our cash position and maintain prudent leverage.

Speaker #5: And then we can respond quickly to the new opportunities that arise from the mobile network operators’ continued network expansion and densification, the fiber-to-the-tower deployment, broader 5G rollout, and also supporting Indonesia’s long-term digital infrastructure and connectivity roadmap.

Noorhayati Candrasuci: We can respond quickly to the new opportunities that are arising from the Mobile Network Operators' continue network expansion and densification, the Fiber to the Tower deployment, broader 5G rollout, and also supporting Indonesia's long-term digital infrastructure and connectivity roadmap. Through the organic investment and also the selective acquisition or the non-organic investment, we have the financial capacity to support those both strategy. We also maintain a very disciplined financial strategy. We have efficient debt profile and currently interest rates average Mitratel at the level of 5.61%. This is the lowest in industry as a result from our strong cash flow and disciplined financial strategy. All of the borrowing denominated in Indonesian rupiah, we eliminate the foreign exchange risk. We continue to benefit from the investment grade PEFINDO rating of idAAA, reflecting our strong credit profile.

Speaker #5: Although through the organic investment and also the selective acquisition, or the non-organic investment, we have the financial capacity to support both strategies.

Speaker #5: We also have a very disciplined financial strategy. We have an efficient debt profile and currently interest rates average at Mitratel at the level of 5.61%. This is the lowest in the industry as a result of our strong cash flow and disciplined financial strategy.

Speaker #5: And all of the borrowing is denominated in Indonesian rupiah, so we eliminate the foreign exchange risk. We continue to benefit from the investment-grade PEFINDO rating of IDAAA.

Speaker #5: This reflects our strong credit profile, and also, the average debt maturity profile is 5.6 years, providing long-term funding stability with no significant refinancing pressure in the near term.

Noorhayati Candrasuci: Also the debt maturity profile average is 5.6 years, providing a long-term funding stability with no significant refinancing pressure in the near term. We can continue, yeah. This is to give you a glance on the potential growth with the allocation of the new frequency 700 MHz and 2.6 GHz spectrum to the mobile operator. Those three main mobile operator give the allocation of 700 MHz and 2.6 GHz spectrum. Mobile Network Operator will be expected to accelerate the investment to expand the coverage, to increase the network capacity, and also to do the network modernization to have the 5G ready in the future. For Mitratel, this creates significant opportunities actually across our tower, fiber, and also the power infrastructure business. By this allocation of the new spectrum, operator focus will shift, not only expanding the coverage, but also delivering the superior network capacity, and also best customer experience.

Speaker #5: We can continue. Yeah. This is to give you a glance at the potential growth with the allocation of the new frequency: 700 MHz and 2.6 GHz spectrum to the mobile operator.

Speaker #5: The three main mobile operators, given the allocation of 700 MHz and 2.6 GHz spectrum, mobile network operators will be expected to accelerate the investment to expand the coverage, to increase the network capacity, and also to do the network modification to have the 5G ready in the future.

Speaker #5: For Mitratel this creates a significant opportunities actually across our tower fiber and also the power infrastructure business. By this allocation of the new new spectrum operator will operator focus will shift not only expanding the coverage but also delivering the superior network capacity and also best customer experience.

Speaker #5: In this characteristic 700 MHz provide excellent propagation and enabling operator to expand to extend the coverage and improve the indoor penetration and also the connect the underserved area more efficient.

Noorhayati Candrasuci: In this characteristic, 700 MHz provide excellent propagation and enabling operator to expand, to extend the coverage, improve the indoor penetration, and also connect the underserved area more efficiently. There are more than 500 villages across Indonesia that have a potential to serve in the coverage expansion. Meanwhile, the 2.6 GHz significantly increase network capacity, allowing operators to accommodate a growing mobile data traffic, and also to enterprise application, fixed wireless access, and also prepare for the future 5G services. This spectrum band provide the foundation for the next generation of the Indonesia digital infrastructure in the future. What does this mean for Mitratel, the impact on the Mitratel business? There are three main opportunities that we can get from this recent development on the new frequency allocation. First, more tower demand.

Speaker #5: There are more than 500 villages across Indonesia that have the potential to serve in the coverage expansion. Meanwhile, the 2.6 GHz band significantly increases network capacity, allowing operators to accommodate growing mobile data traffic and also to support enterprise applications, fixed access, and to prepare for future 5G services.

Speaker #5: This spectrum band provides the foundation for the next generation of Indonesia's digital infrastructure in the future. So, what does this mean for Mitratel and the impact on the Mitratel business?

Speaker #5: There are three main opportunities that we can get from this recent development on the new frequency allocation. First, more tower demand. Additional coverage will require new build-to-suit sites, and especially in the suburban and underserved regions. As I mentioned before, there are more than 500 villages across Indonesia.

Noorhayati Candrasuci: Additional coverage will require a new build-to-suit site, and especially the suburban and underserved region, as I mentioned before, is more than 500 villages across Indonesia. Higher traffic in existing urban area will drive more co-location and also the need for the network densification. This create opportunities for Mitratel to get the additional recurring leasing opportunities on the tower. Second, greater fiber deployment. The higher capacity network requires significantly stronger backhaul infrastructure. As operator deploy more radio and upgrade existing site, Fiber to the Tower become essential to support the expansion. In this case, Mitratel has a strong position to help them to accelerate the fiber network expansion. Third is the higher power demand. Since the more radios must have more equipment or additional equipment that support on the 5G deployment will require greater and more reliable power capacity.

Speaker #5: And higher traffic in existing urban areas will drive more collocation and also the need for network densification. And this will create opportunities for Mitratel to get additional recurring leasing opportunities on the towers.

Speaker #5: Second, greater fiber deployment. The higher capacity network requires significantly stronger backhaul infrastructure. As operators deploy more radios and upgrade existing sites, fiber to the tower becomes essential to support the expansion.

Speaker #5: So in this case, Mitratel has a strong position to help them to accelerate the fiber network expansion. Third is the higher power demand.

Speaker #5: Since the more radios, massima, more equipment or additional equipment that support, support on the 5G deployment will require greater and more reliable power capacity.

Speaker #5: So, Mitratel will have the opportunity to expand the power-as-a-service portfolio, providing integrated energy solutions that improve network reliability while reducing operational complexity for our customers, in this case, mobile operators.

Noorhayati Candrasuci: Mitratel will have opportunity to expand the Power as a Service portfolio, providing integrated energy solution that improve network reliability while reducing operational complexity for our customer, in this case, mobile operator. This investment cycle is fully aligned with, again, the Indonesia long-term digital connectivity agenda. The government aim to strengthen nationwide broadband connectivity to improve service quality, accelerate digital inclusion, and also prepare the country for the next generation digital technologies. Mobile Network Operator also will be expected to increase the investment in the network modernization, fiberization, capacity expansion to support this government initiative for strengthening the nationwide broadband connectivity. Again, Mitratel have a unique position to support this long-term transformation. Next. Looking ahead, while we remain mindful on the macroeconomic uncertainties, we believe that long-term fundamentals of Indonesia digital infrastructure sector remain very attractive.

Speaker #5: This investment cycle is fully aligned with, again, the Indonesia long-term digital connectivity agenda. So, the government aims to strengthen nationwide broadband connectivity to improve service quality, accelerate digital inclusion, and also prepare the country for the next generation—next generation digital technologies.

Speaker #5: And mobile network operator also expected to increase the investment in the network modernization vibration capacity expansion to support this government initiative for for the for strengthening the nationwide broadband connectivity again Mitratel is have a unique position to support this long-term transformation.

Speaker #5: Next, looking ahead, while we remain mindful of the macroeconomic uncertainties, we believe that the long-term fundamentals of Indonesia's digital infrastructure sector remain very attractive.

Speaker #5: Our 2026 guidance reflects both market realities and our confidence in Mitratel's execution capabilities. In the industry outlook, we can see here that the Indonesian tower co industry is entering the next phase of growth.

Noorhayati Candrasuci: Our 2026 guidance reflects both market realities and our confidence in Mitratel's execution capabilities. In the industry outlook, we can see here that Indonesian tower co-industry is entering the next phase of growth, beyond traditional tower leasing towards what you call integrated digital infrastructure. That includes leveraging all the tower ecosystem, fiber, and the power. Tower industry revenue growth is projected by 1.2%. While industry growth is expected to remain moderate in the 1.2%, we believe the structural demand will continue to be supported by increasing mobile data consumption and ongoing investment by mobile network operator. Number 2, we also see there are key growth drivers. Several structural trends will continue to drive infrastructure demand over the coming years. First, the post-consolidation phase among the mobile network operators is shifting from the integration phase to the investment cycle.

Speaker #5: Beyond traditional tower leasing, toward what is so-called integrated digital infrastructure. That includes leveraging all the tower ecosystem, fiber, and power. Tower industry revenue growth is projected by 1.2%.

Speaker #5: While industry growth is expected to remain moderate at 1.2%, we believe the structural demand will continue to be supported by increasing mobile data consumption and ongoing investment by mobile network operators.

Speaker #5: Number two, we also see there are key growth drivers. Several structural trends will continue to drive infrastructure demand over the coming years.

Speaker #5: First, the post-consolidation phase among the mobile network operators is shifting from the integration phase to the investment cycle. Following the recent new spectrum allocation on 700 MHz and 2.6 GHz, operators will be expected to accelerate network expansion.

Noorhayati Candrasuci: Following the recent new spectrum allocation on 700 MHz and 2.6 GHz, operators will be expected to accelerate network expansion and increase capacity, modernize their networks, and also prepare for 5G deployment. This creates new opportunities for us. Second, Indonesia continues advancing its digital connectivity roadmap with the initiative of the Internet Rakyat or IRA and broader broadband expansion for digital inclusion across the archipelago. This initiative will require extensive tower, fiber, and power infrastructure, where Mitratel is well-positioned in this situation. Last, technology adoption continues to accelerate. The AI-driven networks, edge computing, IoT, green infrastructure, and more efficient network architecture will require increasingly sophisticated digital infrastructure. This supports our strategy of transforming Mitratel into the next-generation digital infrastructure company beyond traditional tower leasing. Supported by these industry tailwinds, we have established a disciplined and confident guidance for 2026.

Speaker #5: And increase the capacity modernize the network and also prepare for 5G deployment. This is create the new opportunities for us. Second Indonesia continues advance advancing its digital connectivity roadmap with the initiative of the internet rakyat or IRA and broader broadband expansion and for digital inclusion across the archipelago and this initiative will require extensive tower fiber and power infrastructure where Mitratel have a well position in this situation.

Speaker #5: And last is that technology adoption continues to accelerate. The AI-driven networks, edge computing, IoT, green infrastructure, and more efficient network architecture will require increasingly sophisticated digital infrastructure.

Speaker #5: This supports our strategy of transforming Mitratel into the next-generation digital infrastructure company, beyond traditional tower leasing. Supported by these industry tailwinds, we have established disciplined and confident guidance for 2026.

Speaker #5: We expect revenue and EBITDA growth broadly in line with industry growth, while continuing to maintain one of the strongest profitability profiles in the sector.

Noorhayati Candrasuci: We expect revenue and EBITDA growth broadly in line with industry growth while continuing to maintain one of the strongest profitability profiles in the sector. Second, we plan to invest approximately IDR 2.9 trillion in capital expenditure, focused primarily on organic tower expansion and fiber deployment. In operation, we target the addition of approximately 2,500 new organic tenants and around 9,000 kilometers of new billable fiber to further strengthen our recurring revenue base. In addition, we continue to explore fixed wireless access infrastructure opportunities, leveraging our nationwide portfolio to support operators as they expand affordable broadband services. We are confident based on fundamentals, and this is not an assumption. Mitratel has the largest independent tower footprint in Indonesia and Southeast Asia, maintains long-term relationships with all major mobile network operators, continues to capture the highest share of new rollouts in both towers and fiber.

Speaker #5: Second, we plan to invest approximately 2.9 trillion in capital expenditure, focusing primarily on organic tower expansion and fiber deployment. In operations, we target the addition of approximately 2,500 new organic tenants and around 9,000 kilometers of new bilateral fiber to further strengthen our recurring revenue base.

Speaker #5: In addition, we continue to explore fixed wireless access infrastructure opportunities, leveraging our nationwide portfolio to support operators as they expand affordable broadband services.

Speaker #5: So, we are confident based on fundamentals, and this is not an assumption. Mitratel has the largest independent tower footprint in Indonesia and Southeast Asia, maintains long-term relationships with all major mobile network operators, continues to capture the highest share of new rollouts in both towers and fiber, and provides ample financial flexibility to support future expansion. Most importantly, Mitratel's strategy is fully aligned with both our customers' long-term network investment plans and Indonesia's digital connectivity agenda.

Noorhayati Candrasuci: Balance sheet provides ample financial flexibility to support future expansion, and most importantly, Mitratel's strategy is fully aligned with both our customers' long-term network investment plans and Indonesia's digital connectivity agenda. That's all for our presentation for today's earnings call for the H1 2026 of Mitratel. I will now hand it over to the moderator.

Speaker #5: So this is all for our presentation for today's opening call for the first half of 2026 of Mitratel. I will now hand it over to the moderator. Thank you very much, Ibu Chandra, for the very comprehensive book and very insightful presentation.

Alif Bajara: Thank you very much, Ibu Chandra, for the very comprehensive and insightful presentation. We will now proceed to the Q&A session. Of course, to ensure that everyone has the opportunity to participate and due to time limitations, we will organize the session into maybe 1 or 2 rounds with 3 questions in each round. For the first one, you may use the raise hand feature in the Zoom meeting room or ask a question directly in the chat box. For the first session, I think there are already 2 participants who raised their hands. Maybe the first one, Ranjan from JP Morgan. Please unmute yourself, Ranjan.

Speaker #5: So, we will now proceed to the sessions, and of course, to ensure that everyone has the opportunity to participate, and due to the time limitation, we will organize the session into maybe one or two rounds.

Speaker #5: With three questions in each round. So for the first one, you may use the 'raise hand' feature in the Zoom meeting room, or ask a question directly in the chat box.

Speaker #5: And for the first session, I think there are only two participants who have raised their hands. Maybe the first one, Ranjan from JPMorgan.

Speaker #5: Please unmute yourself, Ranjan. Hi, good evening management, and thank you for the presentation. I just have one question. How should we think about the orders and tower builds for the industry and for Mitratel?

[Company Representative] (JPMorgan): Hi. Good evening, management, and thank you for the presentation. I just have 1 question. How should we think about the orders and tower builds for the industry and for Mitratel following the award of the new spectrum for 5G and along with that fixed wireless access? Thank you.

[Analyst] (JPMorgan): Hi. Good evening, management, and thank you for the presentation. I just have 1 question. How should we think about the orders and tower builds for the industry and for Mitratel following the award of the new spectrum for 5G and along with that fixed wireless access? Thank you.

Speaker #5: Following the award of the new spectrum for 5G, and along with that, fixed wireless access. Thank you. All right. Thank you very much, Sanjan.

Alif Bajara: All right. Thank you very much, Ranjan. For the second question, maybe Tarun. You may unmute yourself, Tarun.

Speaker #5: And for the second question, maybe Tarun. You may unmute yourself, Tarun. Thank you for taking my question. So my question is on the rental.

Tarun: Yeah. Thank you for taking my question. My question is on the rentals. We have seen the rentals coming closer to 10. If I remember correctly, in previous calls you've mentioned that the rentals will be around IDR 11 million per tower, per tenant. Can you help us understand that? Connected to that, when you renew, what is the average tower rate? For example, the 17% renewal towers, what will be the rate there? For the new towers, new tenants, what is the rate? That is my first question. Secondly, you mentioned that there is a IDR 58 billion one-off cost. Could you help us understand what that cost is? In addition to that, are there any other run-offs, either in revenue or in costs? Those are my questions. Thank you.

[Analyst] (CBRE): Yeah. Thank you for taking my question. My question is on the rentals. We have seen the rentals coming closer to 10. If I remember correctly, in previous calls you've mentioned that the rentals will be around IDR 11 million per tower, per tenant. Can you help us understand that? Connected to that, when you renew, what is the average tower rate? For example, the 17% renewal towers, what will be the rate there? For the new towers, new tenants, what is the rate? That is my first question. Secondly, you mentioned that there is a IDR 58 billion one-off cost. Could you help us understand what that cost is? In addition to that, are there any other run-offs, either in revenue or in costs? Those are my questions. Thank you.

Speaker #5: So we have seen the rentals coming closer to 10. If I remember correctly, in previous calls you mentioned that the rentals will be around 11 million per tower per tenant.

Speaker #5: So, can you help us understand what, and connected to that, when you renew, what is the average tower rate? For example, the 17% renewal towers—what will be the rate there?

Speaker #5: And for the new towers, what new tenants, what is the rate? So that is my first question. Secondly, you mentioned that there is a 58 billion cost.

Speaker #5: One is cost. Could you help us understand what that cost is? And in addition to that, are there any other run-offs either in revenue or in cost?

Speaker #5: Those are my questions. Thank you. Okay, thank you, Tarun. Just to confirm, for the second one, do you mean regarding the project and the construction cost?

Alif Bajara: Okay. Thank you, Tarun. Just to confirm the second one, do you mean regarding the project and construction cost, Tarun?

Tarun: Yes. In addition to that, if there are any other run-offs in revenue or costs.

[Analyst] (CBRE): Yes. In addition to that, if there are any other run-offs in revenue or costs.

Speaker #5: Yes. And in addition to that, if there are any other run-offs in revenue or cost. Okay. All right. Thank you, Tarun. And for the third one, I think it's still open for any participant who wants to ask directly. Please raise your hand, or maybe you can ask the question in the chat box.

Alif Bajara: Okay. All right. Thank you, Tarun. For the third one, I think still open for any participant who wants to ask directly. Please raise your hand or maybe you can ask the question to the chat box. Okay. If there is no one else, we have received the question from Aurelia, Indo Premier. The first one is, what is your outlook for tenancy growth and tenant additions in second semester 2026? The second question is, how do you expect the revenue contribution between the tower and non-tower business to evolve this year and over the next two years? I think that's all the three questions for this round. Okay. I think the first one, maybe, Bu Candra, maybe you would like to answer from Ranjan, from the JP Morgan, first, Bu.

Speaker #5: Okay. If there is no one else, we have received a question from Aurelia at Indo Premier. The first one is: What is your outlook for tenancy growth and net tenant additions in the second semester of 2026? And the second question is: How do you expect the revenue contribution between the tower and non-tower business to evolve this year and over the next two years?

Speaker #5: I think that's all the three questions for this round. Okay, so I think for the first one, maybe Bu Chandra, maybe you would like to answer from Ranjan from J.P. Morgan, the first book.

Speaker #5: Yeah. Okay. Thank you. I'll leave thank you Ranjan for from GP Morgan your question is regarding the the tower build for 5G and fixed wireless access right we the new order link to the fixed wireless wireless access we anticipate the increase the order volume particularly for for the rural coverage and the 5G 5G deployment.

Noorhayati Candrasuci: Yeah. Okay.

Alif Bajara: Please.

Noorhayati Candrasuci: Thank you, Alif. Thank you, Ranjan, from JPMorgan. Your question is regarding the tower built for 5G and fixed wireless access, right? The new order link to the fixed wireless access, we anticipate to increase the order volume, particularly for the rural coverage and the 5G deployment. We have already secured new order for FWA. While deployment regarding to the new spectrum is expected to materialize in H2 2026. We're still discussing with the mobile operator on the plan of the use of the new spectrum. But for the fixed wireless access, we already secured the order for 2026.

Speaker #5: We have already secured your order for FWA FA FWA, while deployment regarding the new spectrum is expected to materialize in the second half of 2026.

Speaker #5: So we still discussing with the mobile operator on the plan of of the use of the new spectrum. But for for the F fixed wireless assess we already secure the the order the for for the 2026.

Speaker #5: Yeah. Maybe, Ranjan, is there any follow-up question to the answer from Bu Chandra? It's okay. Thank you. Thank you so much, Ranjan. And maybe for the second one, maybe you would like to answer the question from Aurelia, Indo Premier.

Alif Bajara: Maybe Ranjan, is there any follow-up questions to the answer from Bu Candra?

Tarun: It's okay. Thank you.

[Analyst] (JPMorgan): It's okay. Thank you.

Alif Bajara: Thank you so much, Ranjan. Maybe for the second one, maybe you would like to answer the question from Aurelia, Indo Premier. Please, Bu Candra.

Speaker #5: Please Bu Chandra. Oh really? Yeah. Thank you Aurelia. From Indo Premier right your question is about the tenancy growth outlook so we project the tenancy ratio in the 2026 with the the increased collocation is around 2500 units the tenancy ratio is approximately is 1.59 times so this your first question right and the number two is the revenue contribution between tower and non-tower the non-tower revenue share will be around 7% so the the the driver is the managed service and and one-time charge project business and we will continue to select to do the selective approach on the this business and only only take the the the most profitable work.

Noorhayati Candrasuci: Thank you, Aurelia from Indo Premier. Your question is about the tenancy growth outlook. We project the tenancy ratio in 2026, with the increased co-location is around 2,500 units. The tenancy ratio approximately is 1.59 times. This is your first question, right? Number two is the revenue contribution between tower and non-tower. The non-tower revenue share will be around 7%. The driver is the managed services and one-time charge project business. We will continue to do the selective approach on this business, and only take the most profitable work.

Speaker #5: All right. Thank you so much, Bu Chandra. Aurel, if you have any follow-up questions to Bu Chandra's answer, please unmute yourself, Aurel.

Alif Bajara: All right. Thank you so much, Bu Candra. Mbak Aurel, if you have any follow-up question to the answer from Bu Candra, please unmute yourself, Mbak Aurel.

Speaker #5: My follow-up question is maybe how should we look on the non-tower revenue going into the next two years book. Okay. We we manage to take the work the work on the prudent manner to to to manage the stability of the EBITDA margin.

[Analyst] (Indo Premier): My follow-up question is maybe how should we look on the non-tower revenue going into the next two years, Bu? Okay. We've managed to take the work on the prudent manner to manage the stability of the EBITDA margin. We still manage the contribution is less than 10%. Okay. Thank you, Bu.

Speaker #5: So, we still manage—the contribution is less than 10%. Okay, thank you. Okay, thank you very much, Bu Chandra and Barel.

Alif Bajara: Okay, thank you very much, Bu Candra and Mbak Aurel. Maybe for the last question, Bu, on this earnings session, maybe from Tarun, from CBRE. Maybe you would like to answer, Bu Candra. Please, Bu.

Speaker #5: Maybe for the last question, Bu, on to on this afternoon's session—maybe from Tarun from CPK. Maybe you would like to answer, Bu Chandra. Please, Bu.

Speaker #5: Thank you, Tarun. There are four 4,500 sites that are pending renewal this year, and it may affect the rate of average revenue per tower.

Noorhayati Candrasuci: Thank you, Tarun. There are 4,500 sites on pending renewal this year. It may affect the rate of average revenue per tower. Current accumulated average revenue per tower is around IDR 11.2 million. Your second question is about the cost on the construction and project management. Actually, the tower O&M cost has been delivered by our subsidiary. This is contributed by our subsidiary before the merger, so the tower O&M cost is reflected from the subsidiary before the merger. After the merger, this cost will be normalized in the O&M cost. At the amount of IDR 58 billion.

Speaker #5: But the current cumulative average revenue per tower is around 11.2 million. And your second question is about the cost of construction and project management.

Speaker #5: Actually the the tower ONM cost has been delivered by our subsidiary bef this is this is contributed by the our subsidiary before the the the merger.

Speaker #5: So, the tower O&M cost is reflected from the subsidiary before the merger. After the merger, this cost will be normalized in the O&M cost.

Speaker #5: So the amount is about 50–58 billion. Thank you, Bu Chandra. Tarun, do you have any follow-up questions to that? Yeah. So you mentioned the average cost is 11.2, but if we divide the tower rental, say for the last four quarters, by the average rent of tenants for the last four quarters, we get a number which is closer to around 10.4 to 10.3.

Alif Bajara: Thank you, Bu Candra. Tarun, do you have any follow-up question to that?

Tarun: Yeah. You mentioned the average cost is IDR 11.2, but if we divide the tower rental, say, for the last four quarters and by the average of tenants in the last four quarters, we get a number which is closer to around IDR 10.4 to 10.3. How are you saying that it is IDR 11.2? Are we missing something or there are discounts involved? Could you please elaborate? Thank you.

[Analyst] (CBRE): Yeah. You mentioned the average cost is IDR 11.2, but if we divide the tower rental, say, for the last four quarters and by the average of tenants in the last four quarters, we get a number which is closer to around IDR 10.4 to 10.3. How are you saying that it is IDR 11.2? Are we missing something or there are discounts involved? Could you please elaborate? Thank you.

Speaker #5: So how do we—how are you saying that it is 11.2? Are we missing something, or are there discounts involved? Could you please elaborate?

Speaker #5: Thank you. This 11.2 million includes everything on the tower choice, cumulated across all the portfolio—tower, fiber, and power. So this counts as 11.2.

Noorhayati Candrasuci: This IDR 11.2 million includes everything on the tower. It's cumulated all the portfolio tower, fiber, and power. This is counted to IDR 11.2.

Speaker #5: Okay. So you are including and if you exclude the the fiber business what would be the average for the at least for the new rentals what what would that be?

Tarun: Okay. You are including. If you exclude the fiber business, what would be the average, at least for the new rentals, what would that be?

[Analyst] (CBRE): Okay. You are including. If you exclude the fiber business, what would be the average, at least for the new rentals, what would that be?

Noorhayati Candrasuci: The new rental tower only is around 10.4.

Speaker #5: The the the new rental the new rental tower only is around 10.4. Okay. Thank you. Okay. Thank you very much Bu Chandra and also Tarun.

Tarun: Okay. Thank you.

[Analyst] (CBRE): Okay. Thank you.

Alif Bajara: Okay. Thank you very much, Bu Candra, and also Tarun. Maybe, I think, yeah, that concludes our Q&A session for this afternoon.

Speaker #5: Maybe, I think, yeah, that concludes our Q&A session for this afternoon. For any additional questions, or any questions that may not have been addressed during the session, can I just ask a supplementary question?

Tarun: Can I just ask a supplementary question?

[Analyst] (CBRE): Can I just ask a supplementary question?

Speaker #5: Okay. Yeah. So has has this come down from the past this 10.4 number? Sorry. Can you versus say last year what was this rental was this below 10.4 or like higher than 10.4 and if that is the case do you see the future rentals coming down?

Alif Bajara: Okay.

Tarun: Yeah.

[Analyst] (CBRE): Yeah.

Alif Bajara: Go ahead, Tarun.

Tarun: Has this come down from the past, this 10.4 number?

[Analyst] (CBRE): Has this come down from the past, this 10.4 number?

Alif Bajara: Sorry, can you repeat again?

Tarun: Versus, say, last year, what was this rental? Was this below 10.4 or higher than 10.4? If that is the case, do you see the future rentals coming down?

[Analyst] (CBRE): Versus, say, last year, what was this rental? Was this below 10.4 or higher than 10.4? If that is the case, do you see the future rentals coming down?

Speaker #5: Last year, it's around 10.6. So we should expect like a 3 to 4% decrease every year in the rentals, more or less like that.

Noorhayati Candrasuci: Last year it's around 10.6.

Tarun: Should we expect a 3% to 4% decrease every year in the rentals?

[Analyst] (CBRE): Should we expect a 3% to 4% decrease every year in the rentals?

Noorhayati Candrasuci: More or less like that.

Tarun: Okay. Thank you.

[Analyst] (CBRE): Okay. Thank you.

Speaker #5: Okay. Thank you. Thank you. Yeah. Yeah. Yeah. Just to add on that maybe Tarun to summarize that actually the lease rate from the last year to this year I think is quite stable and as as mentioned by Bu Chandra we also try to improve the average revenue per tower by completing the integrated portfolio in our tower not only by offering the tower service but also do to the fiber and also the power service to increase our average revenue per tower.

Alif Bajara: Yeah. Just to add on that, maybe, Tarun, to summarize that actually the lease rate from last year to this year I think is quite stable. As mentioned by Bu Candra, we also try to improve the average revenue per tower by completing the integrated portfolio in our tower, not only by offering tower service, but also to the fiber and also the Power as a Service to increase our average revenue per tower. This will be our focus going forward to increase the revenue per tower.

Speaker #5: So this will be our focus going forward to increase the revenue per tower. And yeah. Yeah. Yeah. Just so this is largely because the rates are coming down in the industry or are you have you need to do you need to give any discounts or anything?

Tarun: Yeah.

[Analyst] (CBRE): Yeah.

Alif Bajara: Yeah.

Tarun: Yeah. This is largely because the rates are coming down in the industry, or do you need to give any discounts or anything? Is it generally the rates are coming down for the industry?

[Analyst] (CBRE): Yeah. This is largely because the rates are coming down in the industry, or do you need to give any discounts or anything? Is it generally the rates are coming down for the industry?

Speaker #5: So, is it generally that the rates are coming down for the industry? Yeah. We believe that the decrease is actually, this is general for the whole industry.

Alif Bajara: Yeah.

Noorhayati Candrasuci: We believe that the decrease, actually, this is general all industry. That is why we manage stability on the 10.4 level and we increase the IRPT using the leveraging the asset with the new portfolio. In the future, the minimum will at the level of 10. We stabilize this, that is why we need to improve the IRPT with the new portfolio.

Speaker #5: So we that's why we we manage stability on the 10 10.4 level and we increase the RPT using the the the leveraging the the asset with the new portfolio and in the future the the minimum minimum will will at the level of 10 we stabilize this so that's why we we need to improve the RPT with the new portfolio.

Speaker #5: Thank you. Thank you. Okay, thank you very much, Tarun and Bu Chandra. So, I think that's all. That concludes our Q&A session for today.

Tarun: Thank you.

[Analyst] (CBRE): Thank you.

Alif Bajara: Okay. Thank you very much, Tarun and Bu Candra. I think that's all. That concludes our Q&A session for today. Again, any additional question or if there are any question that may not have been addressed during the session, feel free because our investor relations team will be very happy to follow up with you directly after this earning call session. Thank you all participants in this Q&A session for the very engaging discussion and thoughtful questions. Ladies and gentlemen, we have now concluded our session on today's H1 2026 earnings call of PT Dayamitra Telekomunikasi Tbk or Mitratel. Thank you once again for your participation, for your valuable time, and continued support for Mitratel.

Speaker #5: And again any additional question or is there any question that may not have been addressed during the session feel free because our investor relations team will be very happy to follow up with you directly after this on call session.

Speaker #5: And thank you to all participants in this Q&A session for the very engaging discussion and thoughtful questions. So, ladies and gentlemen, we have now concluded our session on today's first half 2026 call of PT Dayamitra Telekomunikasi Tbk, or Mitratel.

Speaker #5: Thank you once again for your participation, your valuable time, and continued support for Mitratel. We hope today's session has provided a clear overview of Mitratel's operational performance, strategic priorities, and business outlook moving forward, including our transformation journey toward becoming a next-generation tower company through the development of an integrated digital infrastructure ecosystem beyond tower service.

Alif Bajara: We hope today's session has provided a clear overview of Mitratel's operational performance, strategic priorities, and business outlook moving forward, including our transformation journey toward becoming a next generation tower company through the development of integrated digital infrastructure ecosystem beyond tower services. Including fiber optic, Power as a Service, and managed services to deliver sustainable long-term values for all shareholders and stakeholders. Should you have any further question, please feel free to reach out to me or our investor relations team. Kindly note that the recording and transcript of today's earning call session will be made available and shared to you shortly. Again, on behalf of Mitratel, thank you very much for your continued trust and interest in Mitratel, and we look forward to staying connected with all of you going forwards. Thank you, good afternoon, and have a great day.

Speaker #5: Including fiber optic, power-as-a-service, and managed services to deliver sustainable, long-term value for all shareholders and stakeholders. Should you have any further questions, please feel free to reach out to me or our investor relations team. Kindly note that the recording and transcript of today's earnings call session will be made available and shared with you shortly.

Speaker #5: Again, on behalf of Mitratel, thank you very much for your continued trust and interest in Mitratel, and we look forward to staying connected with all of you going forward.

Noorhayati Candrasuci: Thank you.

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Q2 2026 Dayamitra Telekomunikasi PT Earnings Call

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