20260309_MORA_Laporan Hasil Pemeringkatan_32051887_lamp1.pdf

                                                                                                                                      Ikhtisar Peringkat
                                                                                                                                             9 Maret 2026

Financial Highlights
 As of/for the year ended                                 Sep-2025             Dec-2024              Dec-2023        Dec-2022
                                                           (Audited)            (Audited)             (Audited)      (Audited)
 Total adjusted assets [IDR bn]                              14,409.0             14,639.5                14,890.0    14,908.9
 Total adjusted debt [IDR bn]                                 5,479.0               5,745.4                6,380.5     6,737.3
 Total adjusted equity [IDR bn]                               7,581.9               7,375.6                6,914.7     6,228.6
 Total sales [IDR bn]                                         2,808.0               3,978.2                4,306.3     4,647.7
 EBITDA [IDR bn]                                              1,339.9               1,828.2                2,238.4     2,199.1
 Net income after MI [IDR bn]                                    231.5                245.5                 564.2       579.5
 EBITDA margin [%]                                                 47.7                 46.0                  52.0        47.3
 Adjusted debt/EBITDA [X]                                          *3.1                   3.1                  2.9         3.1
 Adjusted debt/adjusted equity [X]                                  0.7                   0.8                  0.9         1.1
 FFO/adjusted debt [%]                                           *19.9                  17.3                  21.5        18.4
 EBITDA/IFCCI [X]                                                   3.3                   3.0                  3.3         2.8
 USD exchange rate [USD/IDR]                                   16,680               16,162                 15,416      15,731

FFO = EBITDA – IFCCI + Interest Income – Current Tax Expense
EBITDA = Operating Profit + Depreciation Expense + Amortization Expense
IFCCI = Gross Interest Expense + Other Financial Charges + Capitalized Interest; (FX Loss not included)
MI= Minority Interest                *annualized

The above ratios have been computed based on information from the company and published accounts. Where applicable, some items have
been reclassified according to PEFINDO’s definitions.




 DISCLAIMER
 Peringkat yang dimuat dalam laporan atau publikasi ini adalah pendapat PT Pemeringkat Efek Indonesia (PEFINDO) yang diberikan berdasarkan hasil
 pemeringkatan pada saat tanggal dibuatnya peringkat. Peringkat merupakan opini ke depan mengenai kemampuan pihak yang diperingkat dalam memenuhi
 kewajiban finansialnya secara penuh dan tepat waktu, berdasarkan asumsi yang dibuat saat pemberian peringkat. Peringkat bukan merupakan rekomendasi bagi
 pemodal untuk mengambil keputusan investasi (baik keputusan untuk membeli, menjual, atau menahan efek utang apapun yang diterbitkan berdasarkan atau
 berhubungan dengan peringkat atau keputusan investasi lainnya) dan/atau opini atas nilai kewajaran efek utang dan/atau nilai entitas yang diberikan peringkat
 oleh PEFINDO. Semua data dan informasi yang diperlukan dalam proses pemeringkatan diperoleh dari pihak yang meminta pemeringkatan yang dianggap dapat
 dipercaya keakuratan dan kebenarannya dan dari sumber lain yang dianggap dapat diandalkan. PEFINDO tidak melakukan audit, uji tuntas, atau verifikasi secara
 independen dari setiap informasi dan data yang diterima dan digunakan sebagai dasar dalam proses pemeringkatan. PEFINDO tidak bertanggung jawab atas
 kebenaran, kelengkapan, ketepatan waktu, dan keakuratan informasi dan data yang dimaksud. Keakuratan dan kebenaran informasi dan data menjadi tanggung
 jawab sepenuhnya dari pihak yang memberikan informasi dan data yang dimaksud. PEFINDO dan setiap anggota Direksi, Komisaris, Pemegang Saham, serta
 Karyawannya tidak bertanggung jawab kepada pihak manapun atas segala kerugian, biaya-biaya dan pengeluaran yang diderita atau timbul sebagai akibat
 penggunaan isi dan/atau informasi dalam laporan atau publikasi ini, baik secara langsung maupun tidak langsung. PEFINDO menerima imbalan untuk jasa
 pemeringkatan umumnya dari pihak yang meminta dilakukannya jasa pemeringkatan, dan PEFINDO sudah menginformasikan biaya pemeringkatan sebelum
 penetapan peringkat. PEFINDO memiliki komitmen dalam bentuk kebijakan dan prosedur untuk menjaga obyektivitas, integritas, dan independensi dalam proses
 pemeringkatan. PEFINDO juga memiliki code of conduct untuk menghindari benturan kepentingan dalam proses pemeringkatan. Peringkat bisa berubah di masa
 depan karena peristiwa yang belum diantisipasi sebelumnya pada saat peringkat diberikan pertama kali. PEFINDO berhak menarik peringkat jika data dan informasi
 yang diterima tidak memadai dan/atau perusahaan yang diperingkat tidak memenuhi kewajibannya kepada PEFINDO. Atas peringkat yang sudah mendapat
 persetujuan publikasi dari pihak yang diperingkat, PEFINDO berhak untuk mempublikasi peringkat dan analisisnya dalam laporan atau publikasi ini serta
 mempublikasikan hasil kaji ulang terhadap peringkat yang telah dipublikasikan, baik secara berkala maupun secara khusus dalam hal terdapat fakta material atau
 kejadian penting yang dapat mempengaruhi hasil pemeringkatan sebelumnya. Reproduksi isi publikasi ini, secara penuh atau sebagian, harus mendapat
 persetujuan tertulis dari PEFINDO. PEFINDO tidak bertanggung jawab atas publikasi yang dilakukan oleh pihak lain terkait peringkat yang diberikan oleh PEFINDO.


http://www.pefindo.com                                                                                                                                Maret 2026

                                                                                                            Rating Summary
                                                                                                                         March 9, 2026


                                             PT Mora Telematika Indonesia Tbk
Credit Ratings                                              PEFINDO has affirmed its idA+ rating with stable outlook to PT Mora Telematika
General Obligation (GO)                  idA+/Stable        Indonesia Tbk (Moratel). PEFINDO has also affirmed idA+(sy) for the Company’s Shelf
SR Sukuk Ijarah I                              idA+(sy)     Registered Sukuk Ijarah I and Shelf Registered Sukuk Ijarah II. The rating reflects
SR Sukuk Ijarah II                             idA+(sy)     Moratel’s strong market position, stable cash flow from the Palapa Ring West and East
                                                            packages, as well as a well-diversified customer and service base. However, the rating
                                                            remains constrained by intense competition in the fixed broadband industry and
Rating Period                                               regulatory risks associated with network expansion.
March 5, 2026 – March 1, 2027
                                                            The rating has incorporated Moratel’s plan to merge with PT Eka Mas Republik (EMR),
Published Rating History                                    which operates under the MyRepublic brand. Under the proposed transaction
DEC 2025                                 idA+/Stable
                                                            structure, the Company will remain the surviving entity, with completion targeted in
MAR 2025                                 idA+/Stable
                                                            the first half of 2026, subject to regulatory and shareholder approvals. In our view, the
MAR 2024                                 idA+/Stable
                                                            proposed transaction could potentially strengthen Moratel’s business profile by
MAR 2023                                 idA+/Stable
                                                            enhancing its business scale, expanding geographic coverage, and improving its
MAR 2022                                 idA+/Stable
                                                            strategic, operational, and technical capabilities. The merger may also provide
                                                            opportunities for broader financial and operational support within the enlarged group
                                                            structure. At the same time, the merger may also result in near-term changes in
                                                            financial metrics, mainly reflecting higher consolidated financial leverage.

                                                            The rating may be raised if the merger results in a material strengthening of Moratel’s
                                                            business and financial profiles on a sustained basis. Strong indication of support from
                                                            the new group, PT Dian Swastatika Sentosa Tbk (DSSA, idAA/Stable), may also trigger
                                                            a rating upgrade. Conversely, the rating may be lowered if Moratel’s revenue or
                                                            EBITDA materially underperforms expectations, or if its capital structure or cash flow
                                                            protection measures weaken.

                                                            Moratel is a telecommunications infrastructure and service provider. As of September
                                                            30, 2025, its shareholders consisted of PT Candrakarya Multikreasi (40.83%), PT Gema
                                                            Lintas Benua (30.17%), PT Smart Telecom (18.32%), and the public (10.68%).


Rating Definition
A syariah based financing instrument rated idA(sy)
indicates that the issuer’s capacity to meet its long-
term financial commitments under the syariah
financing contract, relative to other Indonesian issuers,
is strong. However, it is somewhat more susceptible
to adverse effects of changes in circumstances and
economic conditions than higher-rated instruments.
The plus (+) sign indicates that the rating is relatively
strong within its category.




 Contact Analysts:
 adib.yasa@pefindo.co.id
 ayuningtyas.nur@pefindo.co.id


   http://www.pefindo.com                                                                                                                 March 2026

                                                                                                                                        Rating Summary
                                                                                                                                            March 9, 2026

  Financial Highlights
    As of/for the year ended                                Sep-2025             Dec-2024              Dec-2023        Dec-2022
    Consolidated Figure                                      (Audited)            (Audited)             (Audited)      (Audited)
    Total adjusted assets [IDR bn]                             14,409.0             14,639.5                14,890.0    14,908.9
    Total adjusted debt [IDR bn]                                5,479.0               5,745.4                6,380.5     6,737.3
    Total adjusted equity [IDR bn]                              7,581.9               7,375.6                6,914.7     6,228.6
    Total sales [IDR bn]                                        2,808.0               3,978.2                4,306.3     4,647.7
    EBITDA [IDR bn]                                             1,339.9               1,828.2                2,238.4     2,199.1
    Net income after MI [IDR bn]                                   231.5                245.5                 564.2       579.5
    EBITDA margin [%]                                                47.7                 46.0                  52.0        47.3
    Adjusted debt/EBITDA [X]                                         *3.1                   3.1                  2.9         3.1
    Adjusted debt/adjusted equity [X]                                 0.7                   0.8                  0.9         1.1
    FFO/adjusted debt [%]                                          *19.9                  17.3                  21.5        18.4
    EBITDA/IFCCI [X]                                                  3.3                   3.0                  3.3         2.8
    USD exchange rate [USD/IDR]                                  16,680               16,162                 15,416      15,731

  FFO = EBITDA – IFCCI + Interest Income – Current Tax Expense
  EBITDA = Operating Profit + Depreciation Expense + Amortization Expense
  IFCCI = Gross Interest Expense + Other Financial Charges + Capitalized Interest; (FX Loss not included)
  MI= Minority Interest                *annualized

  The above ratios have been computed based on information from the Company and published accounts. Where applicable, some items have
  been reclassified according to PEFINDO’s definitions.




DISCLAIMER
The rating contained in this report or publication is the opinion of PT Pemeringkat Efek Indonesia (PEFINDO) given based on the rating result on the date the rating
was made. The rating is a forward-looking opinion regarding the rated party’s capability to meet its financial obligations fully and on time, based on assumptions
made at the time of rating. The rating is not a recommendation for investors to make investment decisions (whether the decision is to buy, sell, or hold any debt
securities based on or related to the rating or other investment decisions) and/or an opinion on the fairness value of debt securities and/or the value of the entity
assigned a rating by PEFINDO. All the data and information needed in the rating process are obtained from the party requesting the rating, which are considered
reliable in conveying the accuracy and correctness of the data and information, as well as from other sources deemed reliable. PEFINDO does not conduct audits,
due diligence, or independent verifications of every information and data received and used as basis in the rating process. PEFINDO does not take any responsibility
for the truth, completeness, timeliness, and accuracy of the information and data referred to. The accuracy and correctness of the information and data are fully the
responsibility of the parties providing them. PEFINDO and every of its member of the Board of Directors, Commissioners, Shareholders and Employees are not
responsible to any party for losses, costs and expenses suffered or that arise as a result of the use of the contents and/or information in this rating report or publication,
either directly or indirectly. PEFINDO generally receives fees for its rating services from parties who request the ratings, and PEFINDO discloses its rating fees prior to
the rating assignment. PEFINDO has a commitment in the form of policies and procedures to maintain objectivity, integrity, and independence in the rating process.
PEFINDO also has a “Code of Conduct” to avoid conflicts of interest in the rating process. Ratings may change in the future due to events that were not anticipated
at the time they were first assigned. PEFINDO has the right to withdraw ratings if the data and information received are determined to be inadequate and/or the rated
company does not fulfill its obligations to PEFINDO. For ratings that received approval for publication from the rated party, PEFINDO has the right to publish the
ratings and analysis in its reports or publication, and publish the results of the review of the published ratings, both periodically and specifically in case there are
material facts or important events that could affect the previous ratings. Reproduction of the contents of this publication, in full or in part, requires written approval
from PEFINDO. PEFINDO is not responsible for publications by other parties of contents related to the ratings given by PEFINDO.

http://www.pefindo.com                                                                                                                                          March 2026