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Public Expose 2Q 2025
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TOWR Investment Highlights
Premier digital infrastructure company in Indonesia
One of the largest independent
digital infrastructure companies in Maintained stable returns
Indonesia with 35,825 towers and a
total of ~170,000km fiber optic ROI 8.0% and ROE 17.5%
network*
Solid build-to-suit model for TOWR shares included in
towers and fiber with long-term LQ45, IDX80, Kompas100, SMinfra
18, Investor 33, IDX Vesta28, MBX
predictable cash flows MSCI Small Cap Index
ESG footprint: IDX ESGL , IDX
(a)
Investment grade ratings with S&P LQ45LCL, MSCI ESG Rating: A
and Fitch with stable outlook
(a) During the 2Q 2025
• Comprised of FTTT, FTTH, backbone, subsea cable. FTTT standalone 122,291 km fiber length with 1.80x utilization ratio
PT Sarana Menara Nusantara Tbk - 2025 2
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TOWR strategy supports ESG & sustainability goals
1. Capital Management 2. Low-risk business 3. ESG-conscious company
- Access to low-cost funding - Digital infrastructure business with - Very small carbon footprint
- Liquidity amounts to $ 945 mn 1 as of high demand difficult to replace. - 95% of internet traffic in Indonesia
30 June 2025 - Proven enforceability of long-term is wireless
irrevocable contracts - Towers and fiber are important to
- Investment grade ratings from top rating
agencies inline with global best practice
reduce digital gap
4. Attractive industry structure 5. Most unique in asset class 6. Efficient infrastructure
provider
- Industry consolidating, telecoms will - Attractively valued business with high
reduce to 3 operators in 2025 annual recurring FCF that funds capex, - EBITDA and AFFO 5-year CAGR
dividend, share buybacks of 10.5% and 9.1%, respectively,
- Opportunities for acquisitions still exist - TOWR has been a successful with 2025 ROE of 17.5%.
consolidator
with fragmented players
Going into the future
A. Best positioned to benefit B. Improve Indonesia internet C. Prepared for new
from growth in internet opportunities
1. Need for high internet speed and traffic
still growing strong supported by young 1. Proven successful track record in
1. Invest strong FCF and low cost of
population3 expanding product offering
capital.
2. Consolidation of MNOs should create 2. Strategy driven by evolving
2. Indonesia still in middle of 4G cycle
better business case for 5G customer needs
3. Telco business for tower cos to include 3. Towers per capita ratio of 1:2700 is 3. Fixed-mobile convergence & 5G
more SoW, asset types; inline with roughly 1/3 that of USA or China 4 represent another set of
Protelindo strategies. opportunities
1 includes committed or offered term sheets from financial institutions and cash in bank 2 USO is Universal Service Obligation. Government is mandating for nation-wide
telecommunication infrastructure spending to reduce digital gap 3 for 2020; adapted from industry sources. 4 source: Verdhana Sekuritas.
PT Sarana Menara Nusantara Tbk - 2025 3
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The Industry PT Sarana Menara Nusantara Tbk - 2025 4
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Tower and Fiber Business
Long-term Predictable Revenue with Upside
Long-term contracts* (10 years and can be longer),
PREDICTABLE REVENUE
non-cancellable and renewable
DEPENDENT TENANTS
Contract renewal likely due to high relocation cost and
significant network impact
UPSIDE FROM ADDITIONAL REVENUE
Incremental revenue from higher asset
utilisation (tower/fiber) or synergies' across
asset classes
HIGH BARRIERS TO ENTRY Significant investment needed, as well as economies of scale,
knowledge of government rules and local conditions
• Surging data demand creates need for more towers and fibers
FAST GROWING INDUSTRY • Current consumers behavior require reliable and high-speed
internet leading to increase in need of fiber
• Expecting better 5G business case after MNO consolidation
*ln general, lease price includes annual inflation escalator for opex portion
PT Sarana Menara Nusantara Tbk - 2025 5
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Update: Our Portfolio (Tower)
Jawa, Bali, NTT, NTB Sumatera Kalimantan Sulawesi Maluku & Papua
21,084 Tower 8,157Tower 3,307 Tower 2,748 Tower 529 Tower
Total Tower : 35,825
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Update: Our Portfolio (Revenue-generating Fiber)
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FTTT KM Generating SUMATERA JAVA BALI NUSRA KALIMANTAN SULAWESI
Revenue 58,754 KM 138,808 KM 7,383 KM 5,102 KM 9,908 KM
SUMATERA JAVA BALI NUSRA KALIMANTAN SULAWESI
FTTT KM Pole
33,798 KM 73,425 KM 4,190 KM 3,784 KM 7,093 KM
Total Length (Revenue Generating Fiber): (266,921 Km) Powered by Bing
• FTTT: 219,955 Km generating revenue; ~122,000 Km Pole with 1.8x utilization ratio © GeoNames, Mi crosoft, TomTom
• FTTH: 22,090 Km
• Backbone and Submarine: 24,876 Km
PT Sarana Menara Nusantara Tbk - 2025 7
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SMN 2Q2025 Performance PT Sarana Menara Nusantara Tbk - 2025 8
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Company Strategy: Build – Buy - Return
We will maintain our position as a leading telecom infrastructure company and
continue to deliver optimal value to our stakeholders.
• Invest in Built-to-suit towers and
colocation.
• Expand fiber optic network, in
BUILD particular connectivity business
including Fiber to the home
During 12 months ended 2Q 2025:
(FTTH).
➢ Added 4,323 towers.
• Continue with tower fiberization
(FTTT), to support rapid data traffic
➢ Added 27,622 kms revenue generating fiber.
growth.
BUY
➢ Added 4,497 activations.
• Employ liquid balance sheet to
support continued strategic
➢ Added 71,826 home connect and 571,842
acquisition and expansion.
home passes.
➢ Maintained investment grade rating with stable
Protect investment grade rating.
RETURN outlook.
➢ Distributed dividend of Rp 805 billion during 2025
PT Sarana Menara Nusantara Tbk - 2025 ➢ Added 35,251 kms revenue generating fiber. 9
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Diverse Product Portfolio
Currently we are the only independent infrastructure provider of scale that provides most
complete suite of services to Indonesia telecom market
TOWER Fiber to The Tower (FTTT) CONNECTIVITY
• Actively seeking opportunities to
• Total 35,825 towers and • FTTT increases the value
provide connectivity (with various
58,158 tenants as of 30 and utility of our network to offering using VSAT,
June 2025. Tenancy ratio Telcos. wireless/wireline, etc.) under B2B
1.62x. or B2G arrangements.
• ~219,900 kms revenue
• 53% of towers located in generating fiber by end of • Currently have 18,906 activations
Java and 47% ex-Java. June 2025. by the end of June 2025.
• MNOs have growing need • Network focus to support
for additional scope from surging data traffic. Fiber to the Home (FTTH)
TowerCos tower providers • FTTH assets reaches
such as managed service • Like tower model, non- ~1,783,400 home passes by the
and additional assets such cancellable, long-term end of June 2025.
as batteries contracts and opportunity
for higher utilization with • Currently have 207,723 home
other fiber solutions for connect with 11.6% penetration
customers. rate
There continued to be new Tower business offers a Strong growth potential given low
organic site opportunities for platform for sustained FTTT penetration and increased demand
coverage and capacity. growth. for integrated offerings.
PT Sarana Menara Nusantara Tbk - 2025 10
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Diversifying Business Base
Capex Spend 2016- June 2025
20,000 18,259
62,608 65,167 70,000
18,000
52,993 60,000
16,000
46,439 50,000
14,000 39,850
12,000 40,000
10,000 20,568
8,000 7,342 30,000
15,670
6,000 10,085 20,000
6,072
4,000 3,144 3,037 3,517
4,715 4,586 2,273
3,713 4,221 1,307 1,253 10,000
2,000 86 301 999 677 1,023
3,445
1,114 157
- -
2016 2017 2018 2019 2020 2021 2022 2023 2024 Jun-25
Capex Towers (Left Axis) Capex Non Towers (Left Axis) Cummulative Capex (Right Axis)
Tenancy and Utilization Ratio
1.83 1.88 1.81 1.86 1.84
1.66 1.68 1.62
1.73 1.70 1.78 1.64 1.62 1.80
1.55
1.25 1.25
1.16
2016 2017 2018 2019 2020 2021 2022 2023 2024 2Q25 Note: Tower tenancy ratio and Fiber
utilization ratio calculation does not
Tenancy Ratio FTTT Utilization Ratio include asset and operational
synergies between Towers, FTTT
and FTTH business
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Track Record of Consistent Growth …
70,000 252,000
60,000
202,000
50,000
152,000
40,000
30,000
102,000
20,000
52,000
10,000
- 2,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2Q25
# Towers (Left Axis) # Tenancies (Left Axis) FTTT Km Generating Revenue (Right Axis)
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2Q25
# Towers 781 3,312 4,415 5,072 6,427 8,482 9,766 11,595 12,237 14,562 14,854 17,437 19,319 21,381 28,698 29,794 30,558 35,400 35,825
# Tenancies 984 5,137 7,282 8,365 10,798 14,849 18,322 20,138 21,038 24,144 25,011 28,319 33,346 39,127 53,975 53,967 54,284 58,035 58,158
FTTT Km Generating
2,345 21,977 36,346 70,465 149,811182,256 217,507 219,955
Revenue
Number of Activations
5,612 7,041 7,503 9,283 10,572 12,672 16,898 18,906
under Connectivity
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and Strong Financial Performance
In Rp Bn
12,000
10,000
8,402 8,523 8,463
8,000 8,606
7,101
6,000
6,332
5,583 4,213 4,280
4,000 4,885 4,998 5,339 3,338
2,430
2,000 1,534
1,114
872
340 529
168
-
2016 2017 2018 2019 2020 2021 2022 2023 2024 2Q25 Ann
Revenue Tower Revenue Non Tower EBITDA AFFO*
2Q25
2017 2018 2019 2020 2021 2022 2023 2024 CAGR
Ann
Revenue Tower 4,998 5,339 5,583 6,332 7,101 8,606 8,402 8,523 8,463 6.8%
Revenue Non-Tower 340 529 872 1,114 1,534 2,430 3,338 4,213 4,280 37.3%
EBITDA 4,604 4,932 5,385 6,405 7,434 9,517 9,980 10,700 10,582 11.0%
AFFO* 3,213 3,348 3,776 4,774 5,525 6,210 6,375 6,703 6,646 9.5%
* AFFO = EBITDA – (Interest + Tax + Maintenance Capex)
PT Sarana Menara Nusantara Tbk - 2025 13
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Strong Investment Grade Balance Sheet
Leverage comfortably within investment grade range despite acquisitions and dividend.
Leverage Profile (Net Debt to LQA EBITDA)
4.43x 4.59x 4.65x
4.15x 4.31x
Net Debt to LQA
2.51x
EBITDA (x)
2020 2021 2022 2023 2024 2Q25
2Q25 Credit Matrix
Gross Debt Rp50,030bn
Interest Coverage Ratio 3.5x
Average Interest Rate (as of 30 June 2025) 6.2%
Corporate Credit Rating (S&P/Fitch National/Fitch Global) BBB-/ AAA/BBB
PT Sarana Menara Nusantara Tbk - 2025 14
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SMN 2Q2025 Summary of Financial Results PT Sarana Menara Nusantara Tbk - 2025 15
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Sarana Menara Nusantara (SMN) Group
Abridged consolidated statement of profit and loss.
(In RP Bn) 2020 2021 2022 2023 2024 2Q24 2Q25 yoy
Revenues 7,445.4 8,635.3 11,035.7 11,740.3 12,735.8 3,107.3 3,185.8 2.5%
Cost of revenues (415.2) (480.4) (607.8) (684.5) (898.6) (205.4) (255.3) 24.3%
Depreciation and amortization (1,644.0) (1,859.8) (2,306.7) (2,843.3) (3,097.7) (728.1) (763.5) 4.9%
Gross income 5,386.2 6,295.2 8,121.2 8,212.6 8,739.5 2,173.8 2,167.0 -0.3%
Operating expenses (625.3) (720.7) (911.3) (1,076.3) (1,137.1) (313.7) (285.1) 9.1%
Operating income 4,760.9 5,574.5 7,209.9 7,136.3 7,602.4 1,860.1 1,881.9 1.2%
Other income
Interest income 33.6 24.7 23.4 20.5 67.4 17.3 10.0 -42.1%
Finance charges (1,090.6) (1,262.0) (2,276.4) (2,768.5) (3,087.9) (733.9) (793.7) 8.1%
Finance charges (PSAK 73) (110.7) (108.3) (115.5) (89.5) (49.8) (3.8) (18.4)
Foreign exchange gains/(losses), net (182.8) 8.9 (92.8) - (40.7) (14.6) -64.0%
(Impairment expense)/reversal of
allowance for impairment 32.5 (13.5) (4.8) - #DIV/0!
Others, net (44.0) (173.3) (284.6) (195.0) (336.5) (25.8) (35.7) 38.1%
Other income / (expense), net (1,362.0) (1,523.5) (2,750.6) (3,032.5) (3,406.7) (786.9) (852.3) 8.3%
Profit before tax 3,398.9 4,051.0 4,459.3 4,103.8 4,195.7 1,073.2 1,029.5 -4.1%
Corporate income tax expense
Tax expense (691.6) (810.7) (930.4) (903.3) (978.9) (274.1) (245.1) -10.6%
Deferred tax expense 146.3 207.6 (32.4) 103.2 147.8 20.2 58.9 192.0%
Total corporate income tax expense (545.3) (603.1) (962.7) (800.2) (831.1) (253.9) (186.2) 26.7%
Net Income 2,836.0 3,427.4 3,442.0 3,253.1 3,335.4 807.7 849.2 5.1%
EBITDA 6,404.9 7,434.3 9,516.6 9,979.6 10,700.1 2,588.2 2,645.4 2.2%
YoY Revenue growth 15.4% 16.0% 27.8% 6.4% 8.5% 6.7% 2.5%
Gross margin 72.3% 72.9% 73.6% 70.0% 68.6% 70.0% 68.0%
EBITDA margin 86.0% 86.1% 86.2% 85.0% 84.0% 83.3% 83.0%
Net income margin 38.1% 39.7% 31.2% 27.7% 26.2% 26.0% 26.7%
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Sarana Menara Nusantara (SMN) Group
Abridged consolidated statement of financial position.
(In RP bn) 2020 2021 2022 2023 2024 2Q25
ASSETS
Current assets
Cash and cash equivalents 1,442.6 4,748.4 308.6 428.7 940.2 782.3
Restricted cash 4.9 2.0 0.0 0.1 0.5 0.5
Trade receivables 1,240.1 2,171.3 2,557.8 3,086.3 3,292.8 2,116.4
Other current asset 314.7 476.5 784.7 911.8 722.3 856.1
Total current assets 3,002.3 7,398.1 3,651.1 4,426.9 4,955.8 3,755.3
Total non-current assets 31,247.2 58,430.5 61,974.0 63,992.1 72,872.5 73,874.5
TOTAL ASSETS 34,249.6 65,828.7 65,625.1 68,418.9 77,828.4 77,629.8
LIABILITIES AND EQUITY
Current liabilities
Current portion of long-term loans 4,073.9 15,432.2 8,062.6 11,072.2 14,679.3 13,579.2
Current portion of long-term bonds 35.9 1,008.2 1,113.9 7,252.2 274.9 719.0
Leasing payable 281.3 353.3 387.0 265.3 245.7 235.1
Other current liabilities 2,834.1 5,086.6 4,882.5 5,709.3 4,924.4 5,575.6
Total current liabilities 7,225.2 21,880.3 14,446.1 24,299.0 20,124.2 20,108.9
Non-current liabilities
Long-term loans, net of current portion 11,926.3 23,535.5 29,261.6 24,825.8 35,264.9 34,920.3
Bonds payable 2,148.7 4,463.3 4,556.4 1,317.5 1,198.3 757.6
Leasing payable 1,730.7 2,192.3 1,590.6 180.1 673.1 569.8
Other non-current liabilities 1,034.6 1,695.3 1,338.1 1,284.9 1,398.7 1,369.1
Total non-current liabilities 16,840.3 31,886.4 36,746.7 27,608.3 38,534.9 37,616.8
Total liabilities 24,065.5 53,766.7 51,192.8 51,907.3 58,659.2 57,725.8
Equity
Common shares 530.7 530.7 530.7 527.8 531.5 519.0
Treasury Stock (786.9) (931.4) -931.4 -931.3 -738.7 -738.7
Share Based Payment - 23.9 64.9 92.3 103.7 103.7
Difference arising from transactions
resulting in changes in the equity of
subsidiary - (11.9) 38.4 0.0
Other comprehensive income 44.6 25.7 62.1 78.8 79.2 -45.6
Retained earnings / (accumulated deficit) 10,365.6 12,394.0 14,635.9 16,688.8 19,122.9 19,985.4
Non-controlling interests 30.0 31.0 31.8 55.3 70.6 80.3
Total equity 10,184.0 12,062.0 14,432.3 16,511.7 19,169.2 19,904.0
PT Sarana Menara Nusantara Tbk - 2025 17
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SMN Group
Abridged consolidated statement of cashflows (2Q25).
In Rp Billion
7,818
(3,469)
3,786
(1,503)
(536)
940 (1,663) 782
(805)
Collection* Interest Acquisition Remala Dividend
Cash Beginning Capex+Opex** Cash Surplus Operations Loan Proceed (Payment) Cash Ending
* Numbers included VAT
** Including ground lease
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Profit and Loss Movement 2Q2025
In Rp Billion
Revenue EBITDA
3,208.4 2,678.7
3,185.8
2,645.4
-22.7 (-0.7%) -33.3 (-1.2%)
3,107.3
2,588.2
+78.5 (2.5%) +57.1 (2.2%)
2Q24 1Q25 2Q25 2Q24 1Q25 2Q25
Net Income Attr to
Parent
+46.3 (5.8%)
807.7 802.9 849.2
+41.5 (5.1%)
2Q24 1Q25 2Q25
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Revenue Analysis – June 2024 vs June 2025
In Rp Billion
6,394
6,154
Jun-24 Jun-25
4,137 4,257
+3.9%
+2.9% +9.9% -6.4% +29.3%
994 1,093 779 730
243 314
Tower* FTTT Connectivity** FTTH Total
* Including managed services
** Including Digital Payment and solar panel
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Summary Operational Data - 2Q2024 vs 2Q2025
Towers Tenancy
58,158
35,825
54,326
31,502
#of Tenancy
#of Towers
+3,832 (7.1%)
+4,323 (13.7%)
2Q2024 2Q2025 2Q2024 2Q2025
FTTT Connectivity FTTH
18,906
207,723
14,409
219,955
135,897
#Home Connect
+71,826(52.9%)
#Activations
192,332 +4,497 (31.2%)
Kms
+27,622 (14.4%)
2Q2024 2Q2025 2Q2024 2Q2025 2Q2024 2Q2025
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Appendix PT Sarana Menara Nusantara Tbk - 2025 22
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Long Term Debt*: 61.2% floating, 38.8% fixed, avg. interest 6.2%
• Incremental borrowing of the Company has been done in Rupiah, or in some cases
where there are forex borrowing, financial hedges are then employed.
• USD debt maturing 2028 and 2029 are covered with financial hedges at Rupiah to USD
exchange of 15,000 and 15,000, respectively.
Maturity Profile
* USD loan hedged into IDR
in Rp Billion
1,279 1,406 7,744 12,110 2,810 2,149 3,714 1,623 5,577
15,000
13,500
USD 130mn*
12,000
10,500
9,000 744
JPY 14.0mn**
7,500
6,000
10,000 JPY 4.4mn**
4,500
14
7,000 USD 40mn*
3,000 USD 100.0mn*
279 441
3,714 4,000
1,500
2,300
1,000 965 1,500
-
H2 H1 H2 H1 H2 H1 H2 H1 H2
2025 2026 2027 2028 2029
IDR Loan USD Loan JPY Loan IDR Bond
• As of June 2025
• BI Middle rate as of June 2025: 1USD = IDR16,233 ; 1JPY = IDR112.68
PT Sarana Menara Nusantara Tbk - 2025 23
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This presentation material has been prepared solely for use in a presentation to be made by PT Sarana Menara Nusantara Tbk (the “Company”). This presentation material
and any information contained herein is highly confidential and may not be copied, reproduced, redistributed, transmitted or disclosed in whole or in part to any other person
in any manner. Any forwarding, reproduction or distribution of this presentation material in whatsoever form, in whole or in part, is unauthorized. Failure to comply with these
restrictions may constitute a violation of applicable securities laws. By attending this presentation, you are agreeing to be bound by the foregoing restriction and to maintain
absolute confidentiality regarding the information disclosed in these materials.
This presentation material or any oral information provided in connection with it has not been independently verified. The Company and its affiliates, directors, officers,
employees, agents and consultants make no representation, warranty or undertaking, whether express or implied, as to the accuracy or completeness of the content of this
presentation, and take no responsibility for any loss or damage suffered as a result of any omission, inadequacy or inaccuracy therein.
This presentation is not intended for potential investors and does not constitute a prospectus, offering circular or offering memorandum or constitute or form part of any offer
for sale or invitation, or solicitation of an offer, to subscribe for or purchase any securities (including under Law No. 8 of 1995 regarding the Capital Market) and neither this
presentation nor anything contained herein shall form the basis of or be relied on in connection with any contract or commitment or investment decision in relation to any
securities of the Company whatsoever in any jurisdiction. It is not the intention to provide, and you may not rely on this presentation as providing, a complete or
comprehensive analysis of the financial or trading positions or prospects of the Company. The information and opinions presented or contained in this presentation are
provided as at the date of this Presentation and are subject to verification, completion and change without notice and the accuracy of the information is not guaranteed.
This presentation contains certain forward-looking statements that relate to future events and expectations which are, by their nature, subject to significant risks and
uncertainties. All statements, other than statements of historical facts contained in this Presentation, on the respective future financial position, strategy, plans, goals, and
targets, future developments are forward-looking statements and typically contain words such as “expects” and “anticipates” and words of similar impact. None of the
projections, expectations, estimates or prospects in this Presentation should be construed as a forecast implying any indicative assurance or guarantee of future
performance, nor that the assumptions on which such projections, expectations, estimates or prospects have been prepared are complete or comprehensive.
This presentation also contains certain statistical data and analyses (the “Statistical Information”) which have been prepared in reliance upon information furnished by the
Company and/or other sources. Numerous assumptions were used in preparing the Statistical Information, which assumptions may or may not appear herein. As such, no
assurance can be given as to the Statistical Information’s accuracy, appropriateness or completeness in any particular context, nor as to whether the Statistical Information
and/or the assumptions upon which they are based reflect present market conditions or future market performance.
© 2025 PT Sarana Menara Nusantara Tbk
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