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PT SARANA MENARA NUSANTARA TBK – TOWR www.ptsmn.co.id
investor.relations@ptsmn.co.id
Public Expose 1H-2026
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Investment Highlights
TOWR: Indonesia’s Premier Digital Infrastructure Platform
1. Market-Leading Scale 2. Resilience Business Model
One of Indonesia's largest Highly predictable cash flows
independent platforms with secured by non-cancellable, long-
~36,900 towers and ~182,600km term contracts exceeding Rp 100
fiber network as of 1H2026. trillion.
Key Strategic Takeaway
TOWR’s integrated tower and fiber network
3. Multi-used Infra Assets 4. Strong Capital Discipline platform, create end-to-end ecosystem that drive
Highly utilized infrastructure Investment-grade ratings, operational synergies and higher asset utilization
through a multi-use ecosystem resulting in highly competitive low through multiple utilization opportunities,
that creates multiple revenue cost of fund and Net Debt to delivering infrastructure efficiency, strong returns,
drivers. EBITDA ratio less than 4x. and a rare combination of defensive cash flows
and long-term growth. All of which provides a
sustainable shareholder value.
5. Sustainable Shareholder Value
Strong and sustainable cash generation fuels company growth, support
discipline leverage management and consistently delivers shareholder
returns through dividends and value creation.
TOWR / SARANA MENARA NUSANTARA 2 INVESTOR PRESENTATION
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TOWR Competitive Edge
Nationwide tower & fiber infrastructure platform creates substantial competitive advantages that are capital intensive
and hard to replicate by others
COMPETITIVE ADVANTAGE EMPIRICAL EVIDENCE STRATEGIC BENEFIT
Scale 36k+ Towers & 182k+ km Fiber Lower cost expansion platform across Indonesia
Revenue Visibility Rp100T+ Contracted Revenue Highly predictable, low-volatility cash flow
Multi-Use Infrastructure Multi use of tower and fiber network Multiple revenue opportunities from a shared
infrastructure-assets base
Capital Access Investment-Grade Credit Ratings Lower borrowing costs & financing flexibility
Tower + Fiber + VSAT + Managed Multiple, end-to-end ecosystem creating long-term growth
Ecosystem engines and open opportunities for adjacent businesses
Service
Continuous Growth Proven track record for organic Ability to capture future market opportunities and sustain long
and inorganic growth term growth
TOWR / SARANA MENARA NUSANTARA 3 INVESTOR PRESENTATION
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TOWR Group Ecosystem
Integrated digital infrastructure platform
A broad infrastructure footprint enables TOWR to leverage the same underlying tower and fiber optic assets across multiple
business lines, creating synergies between businesses, improving asset utilization and unlocking additional growth opportunities
beyond its core tower business.
TOWR’s Infrastructure Foundation
Tower - Fiber Optic - VSAT
MULTIPLE REVENUE DRIVERS
Tower and colocation
Fiber-to-the-Tower (FTTT)
Fiber-to-the Home (FTTH)
Connectivity Solutions
Adjacent business
TOWR / SARANA MENARA NUSANTARA 4 INVESTOR PRESENTATION
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TOWR’s Tower Business Model
Scalable infrastructure asset class, predictable revenue and long-term contracts
Built-To-Suit Model Colocation Expansion Tenants 10-Year Master Leases
• Tower construction initiated only • Multiple tenants can share a single • Client base exclusively comprises • Secured by 10-year non-cancellable
after securing an anchor tenant tower structure (colocation). telecom operators. master lease agreements (MLA).
commitment (built-to-suit).
• High creditworthiness with low • Highly visible, predicted cash flows
• Colocation Capex is significantly counterparty credit risk. for stable long-term yields.
• De-risked capital expenditure with
guaranteed return on investment lower than initial new tower build
costs. • Good relation with telecom • Built-in annual price escalation
upfront.
operator ensuring exceptionally clauses protecting against inflation.
• Drives high operating leverage and high tenant retention rates.
• Strategic macro site location tailored
directly to Telecom Operators’ expanding EBITDA margins per site.
network coverage needs.
TOWR / SARANA MENARA NUSANTARA 5 INVESTOR PRESENTATION
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TOWR’s Fiber Business Model
Core-multiplexing strategy: One single physical fiber cable multi-purposed across three revenue channels
Fiber-to-the-Tower
• Tailored to connect telco operator’s
equipment installed in Towers.
• 10 to 14-year non-cancellable lease
Multi-Use Fiber Cable contracts.
• Each single deployed cable
contains 12 to 48 fiber cores or Fiber-to-the-Home
more. • Wholesale model built-to-suit with telco
operators; 10 years non-cancellable lease
• Unlocks multi-segment contracts.
monetization from a single rollout.
• B-to-C model run by subsidiaries, targeting C-
• High operational leverage with D market and exclusive areas.
minimal incremental cost to
activate spare cores.
Connectivity Solution
• Delivers dedicated internet solutions to
corporate clients.
• 1 to 5 years auto-renewal lease contracts.
TOWR / SARANA MENARA NUSANTARA 6 INVESTOR PRESENTATION
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TOWR’s Tower Asset Portfolio
Market leading scale with healthy growth
TOWER EXPANSION ACTIVE TENANCY
Geographical Distribution
Asset placement aligns with major demographic centers
36,892 61,038 – 1.65x tenancy ratio
and network densification hubs. 1H-2025: 35,825 1H-2025: 58,158 – 1.62x tenancy ratio
YOY Growth +3.0% YOY Growth +5.0%
Java, Bali, NTT, NTB 21,638 Towers
Sumatera 8,373 Towers
Kalimantan 3,393 Towers
Sulawesi 2,952 Towers
Maluku & Papua 536 Towers
TOTAL NATIONWIDE FOOTPRINT
~36,900 Towers, 67% has been
connected with fiber network
2007 .. .. 2012 .. 2017 .. 2021 .. 2024 2025 1H2026
# Towers 781 8,482 14,854 28,698 35,400 36,247 36,892
# Tenancies 984 14,849 25,011 53,975 58,035 60,540 61,038
Tenancy Ratio 1.26x 1.75x 1.68x 1.88x 1.64x 1.67x 1.65x
TOWR / SARANA MENARA NUSANTARA 7 INVESTOR PRESENTATION
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TOWR’s Fiber Business
Comprehensive fiber network acts as foundational backbone to power FTTT, FTTH and Connectivity business
FTTT (FIBER-TO-THE-TOWER)
Fiber Network Footprint
Deployment of fiber optic network connection acts as 234,665 Km Generating Revenue 191% Utilization ratio 345 cities
the backbone foundation, concurrently used to serve 1H-2025: 219,955 Km Generating Revenue 1H-2025: 180% utilization 1H-2025: 337 cities
Fiber-to-the-Tower (FTTT), Fiber-to-the-Home (FTTH) ratio
YOY Growth +6.7% YOY +8 cities
and Connectivity service
Java Network 108,975 KM
FTTH (FIBER-TO-THE-HOME)
Sumatera Network 46,011 KM
1,857,328 Home Pass 376,461 / 20% 121 cities
Sulawesi Network 12,229 KM 1H-2025: 1,783,468 Home Pass Home Paid / penetration rate 1H-2025: 106 cities
1H-2025: 211,680 / 12%
Kalimantan Network 7,790 KM Home Paid / penetration rate
Bali & Nusa Tenggara 7,554 KM YOY Growth +4.1 % YOY Growth +77.8% YOY +15 cities
TOTAL NATIONWIDE FOOTPRINT
CONNECTIVITY SOLUTION
~182,600 Km fiber asset, supported by
almost 800 Point of Presence (POPs) and 28,153 Activations 8,878 Enterprise customers 347 cities
submarine cables connecting major islands 1H-2025: 18,906 Activations 1H-2025: 7,329 Enterprise customers. 1H-2025: 298 cities
in Indonesia YOY Growth +48.3% YOY Growth +21.1% YOY + 49 cities
TOWR / SARANA MENARA NUSANTARA 8 INVESTOR PRESENTATION
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TOWR’s Key Operational Business Lines
Strategic Synergy and Adjacent Business Flow
Project & Managed Services
System Integrator Tower
Automation & Monitoring System - - Built-to-Suit
Internet of Things (IOT) - - Colocation
Artificial Intelligence Fiber
Cloud Computing Solutions - - Fiber-to-the-Tower
Edge Data Center - - Fiber-to-the-Home
Energy Solution
Green Energy - Connectivity Solution
Power as A Service - - Fiber / wireless
Genset Solution - - Satellite
- M2M
Digital Financial Infrastructure $ Software as a Service
White Label ATM - - Vlepo, Keponet, Megalos, HRIS
Payment Gateway -
TOWR / SARANA MENARA NUSANTARA 9 INVESTOR PRESENTATION
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Our Opportunities
▪ Protelindo has an established Integrated Digital Infrastructure Platform
NET INCOME
REVENUE EBITDA
Attributable to Parent Company
New Spectrum Frequency, i.e 1.4 GHz, 700 MHz and 2.6 GHz
▪ Digital Infrastructure Master plan for Indonesia
▪ New Technology
▪ Quality of Internet in Indonesia – Room for expansion
▪ New Regulation, i.e Neutral Host
TOWR / SARANA MENARA NUSANTARA 10 INVESTOR PRESENTATION
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1H-2026 Performance
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Overall Performance
1H-2026 results demonstrate strong business fundamentals with Revenue increases by 12.7% and Net Income
increases by 12.4% YoY
NET INCOME
REVENUE EBITDA
Attributable to Parent Company
5,579
In Rp billion 7,206 In Rp billion In Rp billion 1,857
5,324
6,394 1,652
6,394 5,324 1,652
YOY Growth 12.7% YOY Growth 4.8% YOY Growth 12.4%
1H-2025 1H-2026 1H-2025 1H-2026 1H-2025 1H-2026
TOWR / SARANA MENARA NUSANTARA 10 INVESTOR PRESENTATION
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Revenue by Segment
Non-tower businesses are increasingly driving growth as the tower business remains resilient amid industry
consolidation
In Rp billion Tower revenue remained resilient despite industry
consolidation. Slight decrease in Tower revenue was brought
by the repricing of the tower lease with PT XLSmart Telecom
YOY Growth -3.3%
Sejahtera, Tbk. due to the merger of PT XL Axiata Tbk and PT
Smartfren Telecom Tbk. However, total contracted revenue has
increased as a result of contract terms reset and no churn on
YOY Growth 3.0% the number of tower leased as a result of this situation.
Revenue from all non-tower segments remain growing.
YOY Growth 2.0% Connectivity recorded the strongest growth supported by
increasing bandwidth demand by enterprise customers, while
FTTT and FTTH remained stable.
YOY Growth 33.8%
Revenue from adjacent businesses shows significant growth,
specifically due to the change of controlling status in PT Bach
YOY Growth >100%
Multi Global in early 2026 that enables SMN Group to
consolidate the company’s revenue.
YOY Growth 12.7%
TOWR / SARANA MENARA NUSANTARA 11 INVESTOR PRESENTATION
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Excellent Future Revenue Visibility
Contracted Revenue (Rp bn)
Contracted revenue nearly doubled from Rp52 trillion in
2020 to Rp100 trillion in 1H-2026, demonstrating TOWR's
ability to continuously extend and expand long-term
customer commitments. Such contracted revenue
represents future revenues secured under existing contracts
100.741 100.097 extending up to 2045.
About 74% of contracted revenue originates from the
74.481 75.043 tower segment, providing highly predictable recurring cash
68.563 flows. Non-tower contracted revenue of Rp 26.0 trillion
63.204
highlights the significant contribution of non tower segment
52.238 revenues as an additional growth engine beyond towers.
Current contracted revenue alone represents approximately
9.0 years of FY2025 revenue and approximately 2.2x of 1H-
2026 loan balance, providing exceptional earnings visibility
and downside protection.
2020 2021 2022 2023 2024 2025 1H-2026
TOWR / SARANA MENARA NUSANTARA 12 INVESTOR PRESENTATION
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Investment Grade Balance Sheet
Comfortable leverage supported by an investment-grade balance sheet, providing flexibility for sustainable growth
Low Financing Cost Comfortable Leverage Balance Rate Mix Currency Hedging
Ratio
5.55% 3.94x 47.5% : 52.5% 84.7% IDR loan
Fixed Rate Floating Rate 84.7% IDR loan 15.3% Non-IDR loan
Competitive borrowing terms Net Debt to LQA EBITDA ratio of
backed by investment-grade 3.94x.
credit standing (BBB- S&P and 47.5% Fixed vs 52.5% Floating Fully hedged non-IDR loan to
BBB/AAA Fitch Global/National). Prudent leverage supported providing rate protection (excl un- eliminate exchange rate risk
by IDR 44,1 Trillion Net com revolver loan)
High interest coverage ratio of Debt against IDR 100,1 Trillion
4.58x contracted revenue
TOWR / SARANA MENARA NUSANTARA 13 INVESTOR PRESENTATION
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Rating and Index Positioning
Combined investment grade credit profile with comprehensive inclusion across key Indonesian equity benchmark and
leading sustainability indices
Credit Ratings ESG Ratings & Scores
S&P Investment Fitch Global / MSCI ESG Sustainalytics S&P CSA
BBB- BBB / AAA
Grade National A 24.2 40
Average Tier Medium Risk Score / 100
Major Equity Market Indices ESG & Sustainability Indices
TOWR / SARANA MENARA NUSANTARA 14 INVESTORPRESENTATION
INVESTOR PRESENTATION
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Resilient Operating Cash Surplus Powers Growth and Returns
IDR 4.9 Tn operating cash surplus fully funds reinvestment, debt obligation and shareholder returns
1. MAINTAINING GROWTH IDR 2,691 bn 2. DEBT AND INTEREST IDR 1,549 bn 3. SHAREHOLDER RETURNS IDR 403 bn
Reinvested into core business to drive long term De-risk balance sheet through debt service and Discipline return to shareholders through dividen
growth. principal reduction distribution
Capex IDR 2,019 bn GL IDR 625 bn Net interest IDR 1,294 bn Dividend IDR 403 bn
Acquisition IDR 47 bn Net principal repayment IDR 255 bn
1 2 3
TOWR / SARANA MENARA NUSANTARA 17 INVESTOR PRESENTATION
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ESG Performance Based on Sustainability Report FY25 (cut off 31 Dec ’25)
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ESG Performance Based on Sustainability Report FY25 (cut off 31 Dec ’25)
Driving Sustainable Value Creation
Green Energy Business & Energy Management
Expand Group’s Green Deploy Solar Panel as
Energy Business through Energy Systems at certain off-
PT Iforte Energi Nusantara (IFEN). grid tower sites.
Green Energy Generated
from IEN Business Transition from Diesel Deploy Digitalization & IoT-
Generators to Lithium Battery enabled remote monitoring
Systems as backup power at tower e.g. smart-lock technologies.
6,658.72 sites.
MWh
Circular Materials & Waste Management
Develop Compact Tower Designs Promoting material reuse
to optimize material and land use. and recycle across Group
operations.
TOWARD
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INVESTOR PRESENTATION
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ESG Performance Based on Sustainability Report FY25 (cut off 31 Dec ’25)
CSR Contribution & Community Impact
Fund Realization CSR Initiatives Beneficiaries
4.30 ~14,000
IDR billion person
The Group's CSR initiatives focus on four key pillars
Education Nature Conservation Health Disaster Relief & Donations
ComInfra Investment Realization ProtelindoSky – Free Internet, powered by iForte
669.18 Fund Realization Beneficiaries Coverage
IDR million 14.15 7,478 61
IDR billion Home connect Cities
Focusing on local infrastructure and public facilities improvement around A free internet access initiative by the Group that expand digital inclusion by providing
the Group’s operational areas reliable connectivity to communities around tower business operational areas
TOWARD
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INVESTOR PRESENTATION
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ESG Performance Based on Sustainability Report FY25 (cut off 31 Dec ’25)
Cultural
SMN Group organizes the Pagelaran Sabang
Merauke (PSM) contributing to SDGs through Community & Volunteer Engagement
world-class performing arts and multi-
stakeholder collaboration. The program
incorporates The Audition PSM and the National
Dance Competition (NDC) to expand youth
101 >400
Volunteers involved Communities & schools
participation and talent development across (49 male, 52 female) involved
Indonesia.
Audience across 5 performances 33 >100
~28.000Domestic
~360International
Employees’ children
involved
Local MSMEs involved
Key Impacts
• Expanded youth participation through nationwide auditions (The Audition PSM & NDC) involving schools, universities,
and dance communities.
• Promoted diversity and inclusion, including participation of persons with disabilities and balanced gender representation.
• Strengthened local economic impact through the involvement of local MSMEs, volunteers and community partners.
TOWARD
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INVESTOR PRESENTATION
TOWR / SARANA MENARA NUSANTARA
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ESG Performance Based on Sustainability Report FY25 (cut off 31 Dec ’25)
Governance Excellence
101.10 - Leadership in Corporate Governance Disclosure Quality
ASEAN Asset Class
Recognized by the ASEAN Capital Markets Forum (ACMF) Enhanced stakeholder engagement through
updated materiality assessment.
Aligned sustainability reporting with GRI
Top 50 - Big Capitalization Public Listed Companies Standards and global ESG rating frameworks.
Recognized by Indonesian Institute for Corporate Directorship (IICD)
Obtained independent third-party assurance of
sustainability disclosures.
Gold Rank &
Special Commendation Continued expanding the reporting scope to
Awarded by National Center for Corporate Reporting (NCCR) reflect the Group’s consolidated operations.
Enhanced the voluntary and comprehensive
Sapphire Predicate - Highest Recognition disclosure of Scope 1, Scope 2, and Scope 3 GHG
Best Enterprise in Regulatory Compliance (PROSPER B) emissions.
Awarded by Indonesia Regulatory Compliance Awards 2026 (Hukumonline)
TOWARD
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INVESTOR PRESENTATION
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www.ptsmn.co.id THANK YOU investor.relations@ptsmn.co.id
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Disclaimer This presentation has been prepared by PT Sarana Menara Nusantara Tbk (“TOWR”) for informational and reference purposes only. It does not constitute investment, financial, legal, tax or other professional advice, nor should it be considered as an offer to sell, or a solicitation of an offer to buy, any securities of TOWR or any of its subsidiaries. Investors and potential investors should conduct their own independent assessment and consult with their own professional advisers before making any investment decision. This presentation may contain forward-looking statements relating to future events and expectations, including statements regarding the Company’s business strategies, growth opportunities, plans, objectives, targets, expectations and future financial performance. Such statements are based on current assumptions, expectations and projections and are subject to known and unknown risks, uncertainties and other factors, many of which are beyond control, that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are not guarantees of future performance and are based on assumptions regarding the Company’s current and future business strategies and the environment in which it operates. Actual results may differ materially from those anticipated or projected, and past performance is not indicative of future performance. Forward- looking statements speak only as of the date on which they are made, and TOWR does not undertake any obligation to update or revise such statements as a result of new information, future events or otherwise. TOWR makes no representation or warranty, express or implied, as to the accuracy, completeness or fairness of the information contained in this presentation. No reliance should be placed on such information, and the Company shall not be responsible or liable for any loss or damage arising from the use of, or reliance on, this presentation. TOWR / SARANA MENARA NUSANTARA INVESTOR PRESENTATION
Names mentioned 7 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT XLSmart Telecom YOY Growth
p.13
unresolved
org
PT Bach YOY Growth
p.13
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