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PUBLIC EXPOSE September 10, 2026
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PUBLIC EXPOSE • GG Profile • Management • Premium Quality Products • Corporate Sustainability • Cigarette Industry & GG Volume Development • Company Financials • Impact of Excise Duty Increases • Outlook
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GG PROFILE
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B OA R D O F D I R EC TO R S There have been
no changes to the
Board of Directors
President Director since 2022
SUSILO WONOWIDJOJO
Vice President Director
INDRA GUNAWAN WONOWIDJOJO
Director Director Director Director Director Director Director
ISTATA SONY
HERU HERRY ANDIK HAMDHANY SLAMET
TASWIN SASONO
BUDIMAN SUSIANTO WAHYUDI HALIM BUDIONO
SIDDHARTA RAHMADI
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B OA R D O F C O M M I S S I O N E RS A new Commissioner
appointed.
President Commissioner
JUNI SETIAWATI WONOWIDJOJO
Commissioner Independent Commissioner Independent Commissioner Independent Commissioner
ADHI WIBHAWA FRANK WILLEM GOTAMA HANLIM
WONOWIDJOJO VAN GELDER HENGDRATSONATA SUPRIANTO
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P R E M I U M Q UA L I T Y Comprehensive coverage – P RO D UC TS new variants in the SKT segment.
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C O R P O R AT E S U STA I N A B I LI T Y
Corporate Social Responsibility, Company Health & Safety
/ Environmental Responsibility
President Commissioner
J U•N IOngoing
SETIAW programmes:
ATI WONOW social
I D J Oneeds,
JO education, beliefs, greening
• Health, Safety & Environment (HSE) standards maintained (SMK3)
• Electricity / water usage reduced / progress continues on energy
management
• Constant air quality and waste management monitoring
• BLUE PROPER rating from Ministry of Environment & Forestry
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CIGARETTE INDUSTRY & GG VOLUME DEVELOPMENT
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I N D U ST RY SA L E S VO LU M E BY S EG M E N T
( S O U R C E : N I E L S E N C U R R E N T M A R K E T D ATA )
Full year 2023 to 2025
258.5 bn
3.7% increase 244.3 bn Jan-Jun 2025 and 2026
5.5% decline 223.7 bn
SPM & SPT 4.6%
4.4% 8.4% decline
4.4%
25.5% 4.3%
SKM LT 23.1%
22.5%
112.8 bn
7.9% decline
105.1 bn
6.8% decline
SKM HT 42.8% 41.4% 40.4%
4.6% 4.4%
22.5% 4.3%
22.7%
25.5% 41.0% 39.5%
SKT & SKL 27.1% 31.1% 32.9%
32.1% 33.4%
2023 2024 42.8% 2025
27.1% Jan-Jun 2025 Jan-Jun 2026
Notes: Figures may not foot due to rounding 9
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INDUSTRY SALES VOLUME: Change Jan-Jun 2026 vs Jan-Jun 2025
(SOURCE: NIELSEN CURRENT MARKET DATA)
Downtrading to cigarettes not complying with excise duty
regulations which severely undercut legal producer prices. Buying
Overall Decline 6.8%
power (middle-lower income level) has not improved with higher
cost of living.
SKT at lower excise duty, relatively less impacted but also in
SKT & SKL Decline 2.9% decline from switching to cigarettes not complying with excise
duty regulations.
SKM HT Decline 10.3% SKM as the largest segment has borne the largest loss of
volume to cigarettes not complying with excise duty
SKM LT Decline 6.0% regulations.
SPM which represents just 4.3% of the total market, also
SPM & SPT Decline 7.2%
impacted.
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G G VO LU M E D E V E LOP M E N T
Sales mix by volume:
53.1 bn
13.5% decline
Full year 2024 and 2025
46.7 bn Jan-Jun 2025 and 2026
SKM LT 0.3 0.6%
12.2% decline
0.2 0.5%
SKM HT 23.7 bn
44.7 84.1% 14.9% decline 20.5 bn
39.6 84.9% 13.6% decline
0.1 0.6%
0.0 0.3%
20.1 85.0%
17.4 85.2%
SKT & SKL 8.1 15.3% 6.8 14.6%
3.4 14.4% 3.0 14.5%
2024 2025 Jan-Jun 2025 Jan-Jun 2026
Notes: Figures may not foot due to rounding 11
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COMPANY FINANCIALS
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G U DA N G G A R A M P E R F O R M A N C E H I G HL I G H T S
( U N A U D I T E D ) 6 M O N T H S D ATA
Income Statement highlights & Jan - Jun
Margin Analysis (Rp billions Comments
unless otherwise stated) 2025 2026
Down
President 7.2% primarily due to 13.6% decline in sales volume which is in
Commissioner
Sales Revenue 44,369 41,177
line with overall decline in industry volume.
JUNI SETIAWATI WONOWIDJOJO
Cost of Revenue (40,581) (35,192) Down 13.3% in line with lower sales volume.
Gross Profit 3,788 5,986
Improvement resulting from sales price increases.
Gross Margin (%) 8.5% 14.5%
Operating Expenses (Selling, Down 33.8%, with reductions in marketing
(3,419) (2,262)
General & Administrative) and employee compensation expenses.
Interest Expense (219) (5) Borrowing level has been reduced.
Profit 120 2,976 The gain in profit driven by a combination of sales price increases, lower
Profit Margin (%) 0.3% 7.2% operating and finance expenses compared to same period in 2025.
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I N C O M E STAT E M E N T: K E Y C O M P O N E N TS
ALL SHOWN AS % OF REVENUE
Revenue 98.7 tr
89.4 tr
Cost of Revenue –
73.6 74.6%
Excise Duty 64.8 72.5%
44.4 tr
41.2 tr
32.9 74.1% 68.7%
28.3
Cost of Revenue -
15.6 15.9% 15.6 17.4%
Others
7.7 17.3% 6.9 16.7%
Operating Expenses 7.7 7.8% 6.6 7.4% 7.7% 5.5%
3.4 1.0 0.3% 2.3
Profit 1.0 1.0% 1.6 1.7% 3.0 7.2%
2024 2025 Jan-Jun 2025 Jan-Jun 2026
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FINANCIAL POSITION: Audited Year End 2025
ASSETS (Unaudited) 30 June 2025 and 2026
Rp billion Year End 2025 30 June 2025 30 June 2026 YOY 30 June
2025/2026 (Δ%)
President Commissioner
Cash 3,613 3,970 8,720 119.7%
JUNI SETIAWATI WONOWIDJOJO
Receivables 1,923 1,670 1,770 6.0%
Inventories 33,389 37,034 31,763 (14.2%)
Other Current Assets 513 567 643 13.4%
Total Current Assets 39,438 43,241 42,896 (0.8%)
Fixed & Other Non-Current Assets 35,813 35,560 34,891 (4.6%)
Total Assets 75,252 79,801 77,787 (2.5%)
Notes: Figures may not foot due to rounding 15
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FINANCIAL POSITION: Audited Year End 2025
LIABILITIES & EQUITY (Unaudited) 30 June 2025 and 2026
Rp billion Year End 2025 30 June 2025 30 June 2026 YOY 30 June
2025/2026 (Δ%)
Short Term Bank Loans 762
President Commissioner 5,205 - (100.0%)
JUNI SETIAWATI WONOWIDJOJO
Payables (including taxes) 1,211 633 1,120 77.0%
Excise Duty, VAT & Cigarette Tax Payables 7,862 8,844 8,315 (6.0%)
Other Liabilities 2,846 4,044 4,345 7.4%
Total Liabilities 12,681 18,726 13,779 (26.4%)
Shareholders Equity incl. Retained Earnings 62,571 61,075 64,008 4.8%
Total Liabilities & Shareholders’ Equity 75,252 79,801 77,787 (2.5%)
Total Liabilities/Equity 20.3% 30.7% 21.5%
Notes: Figures may not foot due to rounding 16
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IMPACT OF EXCISE DUTY INCREASES
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E XC I S E D U T Y D I F F E R E N T I A L S : between SKM & SKT
Excise duty (Tier 1 producers) for SKM have risen from a difference of 1.9 times to 2.9 times
higher than SKT - during a period of depressed buying power.
Excise Duty, VAT & Cigarette Tax per 12 stick pack in Rp.
18,935 19,071 19,071
16,976
15,267
13,274
11,624
9,221 9,221
6,250 6,623 6,837 6,837
5,466 5,466 5,903
4,893 4,893
2018 2019 2020 2021 2022 2023 2024 2025 2026
Source: Company Annual Reports SKM SKT 18
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E XC I S E D U T Y I N C R EA S ES a n d D O W N T R A D I N G
• Large excise duty increases (between 2020 – 2024) – especially excise duty on SKM
Tier 1 producers – has coincided with an extended period of depressed buying
power.
• Consumers – particularly those with middle-lower incomes continue to downtrade
to cheaper cigarettes such as SKT as well as cigarettes that do not comply with
excise duty regulations.
• The consequences:
• Tier 1 producers – the largest contributor of excise duty payments – are
particularly impacted with significant sales volume decline and loss of
profitability.
• Government excise revenue targets: 2023, 2024 and 2025 not achieved.
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OUTLOOK
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O U T LOO K
1. The continued availability of cheaper cigarettes (cigarettes that do not comply
with excise duty regulations) will continue to disrupt the sales of legal producers
and erode Government excise revenues.
2. We encourage and endorse all efforts to eradicate the sale/availability of
cigarettes that do not comply with excise duty regulations.
3. Economic growth prospects remain uncertain, given imported inflation,
geopolitical tensions and widening fiscal deficits to GDP.
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PUBLIC EXPOSE September 10, 2026
Names mentioned 3 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Ministry of Environment & Forestry
p.7
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