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27 Februari 2026 Paparan Publik (Public Expose) PT Matahari Department Store Tbk LPPF
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Ringkasan Eksekutif
MACROECONOMIC COMMENTARY
Laporan Laba Rugi • Permintaan konsumen melemah, tercermin dari menurunnya tingkat tabungan pribadi.
Penjualan FY25: IDR 11,1 Tn (-10,2%, SSSG -7,5% vs. LY), dengan • Kondisi pasar tenaga kerja melemah, ditandai meningkatnya proposrsi pekerja informal, lebih banyak
pekerja dengan gaji di bawah upah minimum , serta tingkat pengangguran muda tertinggi di
pelemahan di semua wilayah (Jawa: -8,0%; luar Jawa: -7,0%).
Asia Tenggara.
Margin Laba Kotor: 34,7% (vs. FY24: 34,6%), ditopang naiknya • Tekanan dari impor ilegal tetap berlanjut, terlihat dari kesenjangan ekspor–impor yang masih tinggi.
porsi merek eksklusif dan disiplin harga.
EBITDA: IDR 1,2 Tn (-16,9% vs. FY24 IDR 1,4 Tn), dengan INISIATIF STRATEGIS
penjualan turun, sebagian ditutup turunnya OPEX 6,6% vs. LY. Tonggak pencapaian utama prioritas 2025 telah terealisasi:
• Merchandise: Memperluas koleksi SUKO dan ZES. Menyegarkan berbagai private label utama dan
Laba Bersih: IDR 725 Mr (-12,4% vs. FY24: IDR 828 Mr), ditopang memperkenalkan merek-merek baru di bawah MU+KU untuk memperkuat relevansi serta daya tarik
turunnya beban bunga dan berkurangnya depresiasi, dan keseluruhan koleksi.
serta pembalikan provisi penutupan gerai (one-off). • Optimalisasi Jaringan Gerai: Menutup tujuh gerai berkinerja rendah. Membuka lima gerai mono-brand
SUKO dan dua gerai mono-brand ZES. Meluncurkan gerai multi-brand MU+KU yang berhasil menarik
segmen pelanggan baru sekaligus mempertahankan pelanggan MDS yang sudah ada.
Neraca
• Peningkatan Keekonomian: Mencapai efisiensi biaya struktural melalui inisiatif penghematan sewa,
Persediaan: IDR 1,0 Tn (vs. 2024: IDR 0,7 Tn), terutama optimalisasi tenaga kerja, dan konsolidasi pemasok.
disebabkan waktu Lebaran yang lebih awal dan investasi • Omnichannel: Mencatat pertumbuhan penjualan online yang didorong oleh peningkatan penetrasi
pada merek-merek baru. Shop&Talk, keterlibatan pelanggan yang lebih kuat, dan perluasan aktivitas livestreaming.
Prioritas 2026 termasuk:
Kas: IDR 448 Mr (vs. 2024: IDR 399 Mr), dengan fasilitas • Merchandise: Lebih memperluas koleksi SUKO dan ZES bersamaan dengan perluasan koleksi MU+KU.
pinjaman yang belum digunakan sebesar IDR 1,7 Tn. Meningkatkan kontribusi merek eksklusif dan mengurasi koleksi berbeda untuk pertumbuhan penjualan.
• Optimalisasi Jaringan Gerai: Mempercepat ekspansi gerai mono-brand SUKO dan ZES. Mengembangkan
konsep MU+KU di mal-mal strategis. Merenovasi gerai MDS terpilih untuk meningkatkan pengalaman
Arus Kas pelanggan dan menarik demografis muda.
Belanja Modal: Investasi berlanjut untuk pembukaan gerai • Peningkatan Profitabilitas: Meningkatkan alokasi ruang untuk merek eksklusif melalui peluncuran merek
baru, pemeliharaan gerai, dan peningkatan teknologi. secara selektif. Secara aktif mengelola produktivitas kategori melalui evaluasi ruang secara berkala untuk
meningkatkan GMROS.
Dividen: Usulan dividen sebesar IDR 250 per saham untuk • Omnichannel: Memperluas koleksi online dengan harga kompetitif. Menyelaraskan pemasaran offline dan
distribusi 2026. online untuk meningkatkan efektivitas iklan. Memanfaatkan media sosial dengan lebih optimal untuk
meningkatkan traffic dan konversi online.
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Tabungan Konsumen Menurun
Tingkat tabungan pribadi pada segmen pendapatan rendah dan tinggi mengalami penurunan.
Indeks Tabungan
110
101.1 101.2
101.5
98.8
92.0
94.9
90
83.6
82.1
70 72.4
Mar Jun Sep Des Mar Jun Sep Des
2024 2025
Rendah Menengah Tinggi
Sumber: Mandiri Institute
*Rendah: saldo tabungan rata-rata <IDR 1 juta per tahun; Menengah: saldo tabungan rata-rata IDR 1-10 juta per tahun; 3
Tinggi: saldo tabungan rata-rata >IDR 10 juta per tahun
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Persaingan dari Impor yang Tidak Dilaporkan dengan Benar
Kesenjangan signifikan pada data ekspor–impor menunjukkan adanya volume impor ilegal yang
besar.
Impor Ilegal
Jutaan USD
120 120
Impor Indonesia dari China Gap Exp CN-ID dan Imp ID-CN
Ekspor China ke Indonesia 100
61 80
41
9 31 30
36 35
60 44 37 34 60
28
17 26 37 39
30
19 25
21 17
22
25 40
64 29
53 54 54
45 47 49 50
42 44 40 42 44 20
37 35 38 38 36 37 36
33
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18
- -
Feb Apr Jun Agu Okt Des Feb Apr Jun Agu Okt Des
2024 2025
Sumber: Trade Map, Badan Pusat Statistik
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Ikhtisar Keuangan: Laporan Laba Rugi
Tantangan makroekonomi tercermin pada pelemahan profitabilitas.
Q4 FY
In IDR Bn
2025 2024 % Growth 2025 2024 % Growth
Gross Sales 2,541 2,828 -10.2% 11,052 12,307 -10.2%
SSSG % -7.8% -2.0% -7.5% -1.7%
Gross Profit* 879 974 -9.8% 3,830 4,253 -10.0%
Gross Margin % 34.6% 34.4% 34.7% 34.6%
OPEX (632) (663) -4.7% (2,668) (2,855) -6.6%
Personnel Expenses (195) (196) -0.7% (881) (953) -7.6%
Occupancy Expenses (346) (372) -7.1% (1,421) (1,511) -6.0%
Marketing Expenses (35.9) (35.1) 2.2% (140.2) (153.3) -8.5%
Others (56) (60) -7.2% (226) (238) -5.0%
EBITDA 247 311 -20.6% 1,162 1,398 -16.9%
EBITDA Margin % 9.7% 11.0% 10.5% 11.4%
Net Income (Loss) 124 200 -37.8% 725 828 -12.4%
Net Income Margin % 4.9% 7.1% 6.6% 6.7%
*Peningkatan merupakan hasil dari kontribusi DP yang lebih tinggi serta disiplin harga.
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Kinerja Penjualan berdasarkan Wilayah
Lemahnya kinerja terlihat secara konsisten di seluruh wilayah.
% Pertumbuhan Penjualan pada Gerai yang Sama (SSSG) YTD* Penjualan Kotor
berdasarkan
Wilayah (%)
Jabodetabek 20.8%
Luar Jawa Luar Jakarta 35.4%
Jawa
Luar Jawa 43.8%
-7.0% Total Penjualan 100.0%
Jabode- Jawa
tabek Luar Jakarta
-7.3% -8.4%
*%SSSG 4Q25: Jabodetabek -5,9%; Jawa luar Jakarta -11,0%; dan Luar Jawa -6.4%. 6
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Ikhtisar Keuangan: Neraca
Kas bersih sebesar IDR 448 Mr dengan Fasilitas Pinjaman Bank tersedia IDR 1,7 Tn.
ASET LIABILITAS DAN EKUITAS
Dalam Miliar Rp Dec-25 Dec-24 Dalam Miliar Rp Des-25 Des-24
Kas dan Bank 448 399 Pinjaman Bank* - -
Piutang Usaha 27 40 Utang Usaha CV 639 469
Persediaan 955 728 Utang Usaha DP 667 567
Aset Hak Guna 1,940 2,177 Kewajiban Sewa 2,570 2,843
Aset Lainnya 1,233 1,193 Liabilitas Lainnya 990 935
Aset Tetap 536 604 Ekuitas 273 326
Jumlah Aset 5,139 5,141 Jumlah Liabilitas & Ekuitas 5,139 5,141
* Fasilitas Pinjaman Bank tersedia IDR 1.7Tn.
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Ikhtisar Keuangan: Laporan Arus Kas
Kehati-hatian belanja modal dan pengeluaran modal lainnya sejalan kondisi ekonomi.
Q4 FY
In IDR Bn
2025 2024 % Growth 2025 2024 % Growth
Cash Flow from Operating Activities 847 716 18.2% 1,668 1,810 (7.9%)
Cash Flow from Investing Activities (36) (41) (12.3%) (137) (140) (2.1%)
Cash Flow from Financing Activities (484) (399) 21.3% (1,481) (1,779) (16.8%)
Share Repurchase - - 0.0% (62) (2) 4019.8%
Dividends - - 0.0% (668) (452) 47.9%
Other Cash Flow for Financing Activities (484) (399) 21.3% (750) (1,326) (43.4%)
Cash Increase (Decrease) 327 277 18.3% 49 (109) (145.5%)
Beginning Cash Balance 121 122 (1.0%) 399 508 (21.4%)
Ending Cash Balance 448 399 12.4% 448 399 12.4%
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Alokasi Modal
Usulan dividen seimbang dengan kebutuhan belanja modal yang diproyeksikan.
Rencana Belanja Modal
Pembukaan gerai baru
Peremajaan / renovasi gerai
Teknologi & pemeliharaan
Eksplorasi konsep baru
Dividen*
Mengusulkan dividen
IDR 250 per saham
*sesuai persetujuan RUPS Tahunan
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Inisiatif Utama
Perkembangan 2025 dan Prioritas 2026.
Optimalisasi Peningkatan Omnichannel
Merchandise Jaringan Gerai Keekonomian
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Merchandise
Diversifikasi dan memperbesar kesuksesan.
Perkembangan 2025 Prioritas 2026
• Meremajakan merek eksklusif • Mempertajam koleksi merek
serta meluncurkan merek-merek eksklusif dengan
baru di berbagai kategori utama. mengembangkan SKU unggulan
pada titik harga yang menarik,
merampingkan koleksi yang
• Memperluas SUKO ke sub- kurang optimal, serta
kategori baru untuk menjangkau meningkatkan kualitas dan
segmen konsumen yang lebih konsistensi produk.
luas.
• Melanjutkan inisiatif terstruktur
berbasis test-and-learn untuk
• Memperkuat kapabilitas
menyempurnakan
merchandising melalui struktur
product-market fit.
yang dipimpin oleh para spesialis
untuk mendorong pertumbuhan
merek eksklusif.
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Optimalisasi Jaringan Gerai
Meningkatkan produktivitas dan jangkauan merek.
Perkembangan 2025 Prioritas 2026
• Menutup tujuh gerai berkinerja rendah untuk • Memperluas MU+KU di mal-mal strategis dengan potensi
jaringan secara keseluruhan yang lebih sehat. traffic tinggi.
• Memajukan
Merchandisekonsep multi-brand MU+KU serta • Mempercepat ekspansi gerai mono-brand di catchment
memperluas format mono-brand (SUKO & ZES). area terpilih.
• Meningkatkan kinerja gerai melalui marketing • Merenovasi gerai Matahari terpilih untuk meningkatkan
playbook yang diperbarui. pengalaman berbelanja.
• Meningkatkan konsep test-and-learn untuk memperkuat
visibilitas dan awareness merek.
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Peningkatan Keekonomian
Mendorong efisiensi dan peningkatan bauran.
Perkembangan 2025 Prioritas 2026
• Mengurangi biaya operasional • Melakukan kajian
melalui optimalisasi sewa dan produktivitas ruang secara
tenaga kerja. komprehensif untuk
meningkatkan GMROS.
• Meningkatkan margin lewat
konsolidasi pemasok dan • Mengoptimalkan portofolio
rasionalisasi pemanfaatan merek konsinyasi.
ruang.
• Meningkatkan porsi merek
• Mengalihkan merek eksklusif ke eksklusif di gerai-gerai
struktur net pricing. terpilih untuk menjaga
ketahanan margin.
• Meningkatkan partisipasi
merek konsinyasi dalam
promosi di seluruh gerai.
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Omnichannel
Mengembangkan kanal digital dengan disiplin.
Perkembangan 2025 Prioritas 2026
• Shop&Talk tumbuh 64,7%, didorong • Mengurasi sub-kategori terfokus dengan
oleh interaksi langsung via WhatsApp harga kompetitif dibandingkan top sellers.
dan aktivitas livestreaming.
• Memastikan konsistensi penyajian produk
• Penjualan marketplace meningkat dan bahasa desain di kanal online.
melalui perluasan kehadiran kanal
dan penguatan integrasi operasional. • Mengalokasikan persediaan yang
memadai untuk menjaga siklus hidup
• Meningkatkan keterlibatan produk dan meningkatkan performa
pelanggan melalui pemasaran algoritma.
terintegrasi dan implementasi
teknologi back-end. • Integrasi lebih kuat antara pemasaran
offline dan online untuk meningkatkan
• Menguji coba traffic-counter ROAS dan efisiensi konversi.
analytics untuk meningkatkan
pengambilan keputusan berbasis
data.
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Penutup
Tantangan makro Perkembangan & Tantangan Inisiatif Strategis
o Permintaan konsumen tetap lemah di 2025 Pencapaian
tengah pertumbuhan pendapatan yang
o Merchandise: Memperluas koleksi SUKO dan ZES, menyegarkan merek eksklusif utama,
terbatas dan belum pulihnya tingkat
dan meluncurkan merek baru dalam MU+KU. Namun, waktu lead time yang panjang
tabungan.
masih membatasi kelincahan merek eksklusif.
Impact on performance o Optimalisasi Jaringan Gerai: Menutup tujuh gerai berkinerja rendah serta memperluas
o Penjualan FY25 -10,2% YoY menjadi IDR 11,1 konsep mono-brand dan multi-brand. Tantangan tetap ada dalam memperoleh lokasi
Tn, dengan SSSG -7,5% di seluruh wilayah. mal berkualitas tinggi yang kompetitif dan selektif.
o Gross margin stabil di 34,7%, mencerminkan o Peningkatan Keekonomian: Mencapai efisiensi biaya sewa, tenaga kerja, dan pemasok.
perbaikan mix dan disiplin harga. Namun, struktur sewa jangka panjang masih membatasi fleksibilitas biaya penuh.
o Omnichannel: Mencapai pertumbuhan Shop&Talk double-digit serta keterlibatan
o EBITDA turun 16,9% menjadi IDR 1,2 Tn,
pelanggan yang lebih kuat. Namun, kemampuan teknologi dan data masih menjadi
sebagian tertahan oleh efisiensi OPEX
area fokus utama.
sebesar 6,6%.
o Laba bersih mencapai IDR 725 Mr, didukung Prioritas 2026
oleh penurunan depresiasi, beban bunga, o Merchandise: Mempercepat penetrasi merek eksklusif dan pengembangan koleksi
dan pembalikan provisi (one-off). terkurasi.
o Optimalisasi Jaringan Gerai: Memperluas kehadiran SUKO, ZES, dan MU+KU di lokasi
Dividen strategis.
o Usulan dividen sebesar IDR 250/saham, o Peningkatan Keekonomian: Mendorong produktivitas ruang dan peningkatan GMROS.
untuk distribusi 2026 o Omnichannel: Memperkuat eksekusi omnichannel melalui disiplin koleksi dan integrasi
pemasaran offline–online yang lebih ketat.
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Contact us
PT Matahari Department Store Tbk
Menara Matahari 12th Floor,
Jl Boulevard Palem Raya No.7
Karawaci, Tangerang 15811, Indonesia
Phone: +6221 547 5228 | +62811 9610 1111
Email: ir@matahari.com
www.matahari.com
DISCLAIMER: This presentation has been prepared by PT Matahari Department Store Tbk (“LPPF” or “Company”) for
informational purposes. Neither this presentation nor any of its content may be reproduced, disclosed or used
without the prior written consent of the Company.
This presentation may contain forward looking statements which represent the Company’s present views on the
probable future events and financial plans. These views are based on current assumptions, are exposed to various
risks, and are subject to considerable changes at any time. The Company warrants no assurance that such outlook
will, in part or as a whole, eventually be materialized. Actual results may differ materially from those projected.
The information is current only as of its date and shall not, under any circumstances, create any implication that the
information contained therein is correct as of any time subsequent to the date thereof or that there has been no
change in the financial condition or affairs of LPPF since such date. This presentation may be updated from time to
time and there is no undertaking by LPPF to post any such amendments or supplements on this presentation.
The Company will not be responsible for any consequences resulting from the use of this presentation as well as the
reliance upon any opinion or statement contained herein or for any omission.
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Thank you
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27 February 2026 Public Expose PT Matahari Department Store Tbk LPPF (ENGLISH)
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Executive Summary
MACROECONOMIC COMMENTARY
• Softening consumer demand, as reflected in declining personal savings rates.
Income Statement
• Weakening labor market conditions, characterized by: higher proportion of informal workers, increased
FY25 Sales: IDR 11.1Tn (-10.2% and -7.5% SSSG vs. LY), share of employees earning below minimum wage, and the highest youth unemployment rate in
with broad-based weakness across regions (-8.0% SSSG in Java Southeast Asia.
and -7.0% SSSG outside Java). • Continued pressure from illegal imports, evidenced by a persistent export-import gap.
Gross Margin: 34.7% (vs. FY24: 34.6%), supported by a higher
private label mix and disciplined pricing. STRATEGIC INITIATIVES
Key milestones of 2025 priorities were achieved:
EBITDA: IDR 1.2Tn (-16.9% vs. FY24: IDR 1.4Tn) reflecting lower • Merchandise: Expanded SUKO and ZES assortments. Refreshed key private labels and introduced new
sales, partially offset by a 6.6% reduction in OPEX vs. LY. brands under MU+KU to strengthen overall assortment relevance and appeal.
Net Income: IDR 725Bn (-12.4% vs. FY24: IDR 828Bn) supported • Store Network Optimization: Closed seven underperforming stores. Opened five SUKO and two ZES mono-
stores. Launched MU+KU multi-brand stores, successfully attracting new customer segments while
by lower interest expenses, reduced depreciation, and one-off
maintaining strong retention among existing MDS customers.
reversal of stores closure provisions.
• Improved Economics: Secured structural cost efficiencies through rental savings, manpower optimization,
and supplier consolidation initiatives.
Balance Sheet
• Omnichannel: Delivered online sales growth driven by higher Shop&Talk penetration, stronger customer
Inventory: IDR 1.0Tn (vs. 2024: IDR 0.7Tn), primarily due to the engagement, and expanded livestreaming activities.
early Lebaran timing and investments in new brands.
2026 priorities include:
Cash: IDR 448Bn (vs. 2024: IDR 399Bn) with IDR 1.7Tn in unutilized • Merchandise: Further broaden SUKO and ZES assortments alongside expansion of the MU+KU collection.
credit facilities. Increase private label penetration and curate differentiated assortments to drive topline growth.
• Store Network Optimization: Accelerate expansion of SUKO and ZES mono-stores. Scale the MU+KU
Cash Flow concept in strategic malls. Renovate selected MDS stores to enhance customer experience and better
capture younger demographics.
Capital Expenditures: Continued investment in new store
• Improved Economics: Increase private label space allocation through selective brand introductions.
expansion, store maintenance, and technology upgrades. Actively manage category productivity through regular space reviews to improve GMROS.
Dividends: Proposed dividend of IDR 250/share for 2026 • Omnichannel: Expand online assortment with competitive pricing. Align offline and online marketing to
distribution. improve advertising effectiveness. Leverage social media more effectively to drive online traffic and
conversion.
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Consumer Savings Decline
Personal savings in both low- and high-income segments declined.
Savings Index
110
101.1 101.2
101.5
98.8
92.0
94.9
90
83.6
82.1
70 72.4
Mar Jun Sep Dec Mar Jun Sep Dec
2024 2025
Low Middle High
Source: Mandiri Institute
*Low: average savings balance of <IDR 1mn per year; Middle: average savings balance IDR 1-10mn per year; High: average savings balance of >IDR 10mn per year 20
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Competition from Improperly Declared Imports
Meaningful gap in exports/imports data suggest significant illicit imports.
Illegal Imports
Million USD
120 120
Import Indonesia from China Gap of Exp CN-ID and Imp ID-CN
Export China to Indonesia 100
61 80
41
9 31 30
36 35
60 44 37 34 60
28
17 26 37 39
30
19 25
21 17
22
25 40
64 29
53 54 54
45 47 49 50
42 44 40 42 44 20
37 35 38 38 36 37 36
33
26
18
- -
Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec
2024 2025
Source: Trade Map, Statistics Indonesia
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Financial Highlights: Income Statement
Macroeconomic challenges reflected in profitability decline.
Q4 FY
In IDR Bn
2025 2024 % Growth 2025 2024 % Growth
Gross Sales 2,541 2,828 -10.2% 11,052 12,307 -10.2%
SSSG % -7.8% -2.0% -7.5% -1.7%
Gross Profit* 879 974 -9.8% 3,830 4,253 -10.0%
Gross Margin % 34.6% 34.4% 34.7% 34.6%
OPEX (632) (663) -4.7% (2,668) (2,855) -6.6%
Personnel Expenses (195) (196) -0.7% (881) (953) -7.6%
Occupancy Expenses (346) (372) -7.1% (1,421) (1,511) -6.0%
Marketing Expenses (35.9) (35.1) 2.2% (140.2) (153.3) -8.5%
Others (56) (60) -7.2% (226) (238) -5.0%
EBITDA 247 311 -20.6% 1,162 1,398 -16.9%
EBITDA Margin % 9.7% 11.0% 10.5% 11.4%
Net Income (Loss) 124 200 -37.8% 725 828 -12.4%
Net Income Margin % 4.9% 7.1% 6.6% 6.7%
*Improvement a result of higher DP mix and greater pricing discipline.
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Geographic Sales Performance
Weakness observed consistently across regions.
% YTD Same-store Sales Growth (SSSG)* Gross Sales by
Region (%)
Greater Jakarta 20.8%
Java ex Jakarta 35.4%
Outside
Java Outside Java 43.8%
-7.0% Total Sales 100.0%
Greater Java
Jakarta ex Jakarta
-7.3% -8.4%
*%SSSG 4Q25: Greater Jakarta -5.9%; Java ex Jakarta -11.0%; and Outside Java -6.4%. 23
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Financial Highlights: Balance Sheet
Net cash at IDR 448Bn with unused Bank Loan Facility of IDR 1.7Tn.
ASSET LIABILITIES & EQUITY
In IDR Bn Dec-25 Dec-24 In IDR Bn Dec-25 Dec-24
Cash and Bank Balance 448 399 Bank Loan* - -
Trade Receivables 27 40 CV Trade Payables 639 469
Inventories 955 728 DP Trade Payables 667 567
Right-of-Use Assets 1,940 2,177 Lease Liabilities 2,570 2,843
Other Assets 1,233 1,193 Other Liabilities 990 935
Fixed Assets 536 604 Equity 273 326
Total Asset 5,139 5,141 Total Liabilities & Equity 5,139 5,141
* Unutilized facility at IDR 1.7Tn.
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Financial Highlights: Cash Flow Statement
Cautious capex spending and other capital outlay in light of economic condition.
Q4 FY
In IDR Bn
2025 2024 % Growth 2025 2024 % Growth
Cash Flow from Operating Activities 847 716 18.2% 1,668 1,810 (7.9%)
Cash Flow from Investing Activities (36) (41) (12.3%) (137) (140) (2.1%)
Cash Flow from Financing Activities (484) (399) 21.3% (1,481) (1,779) (16.8%)
Share Repurchase - - 0.0% (62) (2) 4019.8%
Dividends - - 0.0% (668) (452) 47.9%
Other Cash Flow for Financing Activities (484) (399) 21.3% (750) (1,326) (43.4%)
Cash Increase (Decrease) 327 277 18.3% 49 (109) (145.5%)
Beginning Cash Balance 121 122 (1.0%) 399 508 (21.4%)
Ending Cash Balance 448 399 12.4% 448 399 12.4%
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Capital Allocation
Proposed dividend balanced against projected capital expenditure needs.
Capex Plan
New store opening
Store refurbishment
Technology & maintenance
Exploring new concepts
Dividend*
Proposed IDR 250/share as
dividend payout
*subject to AGMS Approval
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Key Initiatives
2025 Updates and 2026 Priorities.
Store Network Improved Omnichannel
Merchandise Optimization Economics
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Merchandise
Diversifying and scaling successes.
2025 Progress 2026 Priorities
• Revamped private labels and • Sharpen private label collections
launched new brands across key by developing strong hero SKUs
categories. at compelling price points,
streamlining underperforming
• Expanded SUKO into new sub- assortments, and enhancing
categories to reach broader product quality and consistency.
consumer segments.
• Strengthened merchandising • Continue structured test-and-
capabilities with a specialist-led learn initiatives to refine product-
structure to drive private label market fit.
growth.
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Store Network Optimization
Improving productivity and brand reach.
2025 Progress 2026 Priorities
• Closed seven underperforming stores to enhance • Expand MU+KU in strategic malls with strong traffic
overall network health. potential.
Merchandise • Accelerate mono-brand expansion in selected
• Advanced MU+KU multi-brand concept and
catchments.
expanded mono-brand formats (SUKO & ZES).
• Renovate selected Matahari stores to elevate shopping
• Supported store performance uplift with a experience.
refreshed marketing playbook. • Increase ‘test-and-learn’ concept to strengthen brand
visibility and awareness.
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Improved Economics
Driving efficiency and mix enhancement.
2025 Progress 2026 Priorities
• Reduced operating costs • Conduct comprehensive
through rental and manpower space productivity reviews
optimization. to improve GMROS.
• Improved margin through
supplier consolidation and • Optimize consignment
space rationalization. brand portfolio.
• Transitioned private labels to
• Increase private label mix
net pricing structure.
in selected stores to support
margin resilience.
• Increased consignment brand
participation in store-wide
promotions.
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Omnichannel
Scaling digital with discipline.
2025 Progress 2026 Priorities
• Shop&Talk grew 64.7%, driven by • Curate focused subcategories with
direct WhatsApp engagement and competitive pricing versus top sellers.
livestreaming.
• Ensure consistent product presentation
• Marketplace sales expanded through and design language online.
scaled channel presence.
• Allocate sufficient inventory to sustain
• Improved customer engagement via product lifecycle and improve algorithm
integrated marketing and back-end performance.
technology rollout.
• Further integrate offline and online
• Piloted traffic-counter analytics to marketing to enhance ROAS and
enhance data-driven decisions. conversion efficiency.
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Closing Remarks
Macro challenges Progress and Challenges of Strategic Initiatives
o Consumer demand remains soft amid 2025 Milestones
constrained income growth and limited
o Merchandise: Expanded SUKO and ZES assortments, refreshed core private labels,
savings recovery.
and launched new brands within MU+KU. Long merchandising lead times continue
to limit private label agility.
Impact on performance o Store Network Optimization: Closed seven underperforming stores and expanded
o FY25 sales declined 10.2% YoY to IDR 11.1 Tn, with mono-brand and multi-brand concepts. Securing high-quality mall locations
SSSG of -7.5% across regions. remains competitive and selective.
o Gross margin remained stable at 34.7%, reflecting o Improved Economics: Achieved occupancy, manpower, and supplier cost
improved mix and pricing discipline. efficiencies. Long-term lease structures continue to constrain full cost flexibility.
o Omnichannel: Delivered double-digit Shop&Talk growth and stronger customer
o EBITDA declined 16.9% to IDR 1.2 Tn, partially
engagement. Technology and data capability gaps remain key areas of focus.
offset by 6.6% OPEX efficiencies.
o Net income stood at IDR 725 Bn, supported by 2026 Priorities
lower depreciation, interest expenses, and one- o Merchandise: Accelerate private label penetration and curated assortment
off provision reversals. development.
o Store Network Optimization: Expand SUKO, ZES, and MU+KU footprint in strategic
Dividends locations.
o Proposed dividend of IDR 250 per share for o Improved Economics: Drive space productivity and GMROS improvement.
2026 distribution. o Omnichannel: Strengthen omnichannel execution through assortment discipline
and tighter offline–online marketing integration.
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Contact us
PT Matahari Department Store Tbk
Menara Matahari 12th Floor,
Jl Boulevard Palem Raya No.7
Karawaci, Tangerang 15811, Indonesia
Phone: +6221 547 5228 | +62811 9610 1111
Email: ir@matahari.com
www.matahari.com
DISCLAIMER: This presentation has been prepared by PT Matahari Department Store Tbk (“LPPF” or “Company”) for
informational purposes. Neither this presentation nor any of its content may be reproduced, disclosed or used
without the prior written consent of the Company.
This presentation may contain forward looking statements which represent the Company’s present views on the
probable future events and financial plans. These views are based on current assumptions, are exposed to various
risks, and are subject to considerable changes at any time. The Company warrants no assurance that such outlook
will, in part or as a whole, eventually be materialized. Actual results may differ materially from those projected.
The information is current only as of its date and shall not, under any circumstances, create any implication that the
information contained therein is correct as of any time subsequent to the date thereof or that there has been no
change in the financial condition or affairs of LPPF since such date. This presentation may be updated from time to
time and there is no undertaking by LPPF to post any such amendments or supplements on this presentation.
The Company will not be responsible for any consequences resulting from the use of this presentation as well as the
reliance upon any opinion or statement contained herein or for any omission.
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Thank you
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