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LK Konsolidasian Telkom Tahun 2025 Audited_Eng.pdf
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Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk. and its subsidiaries Consolidated financial statements as of December 31, 2025 and for the year then ended with independent auditor’s report
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PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2025 AND FOR THE YEAR THEN ENDED
WITH INDEPENDENT AUDITOR’S REPORT
TABLE OF CONTENTS
Page
Statement of the Directors
Independent Auditor’s Report
Consolidated Statements of Financial Position 1
Consolidated Statements of Profit or Loss and Other Comprehensive Income 2
Consolidated Statements of Changes in Equity 3-4
Consolidated Statements of Cash Flows 5
Notes to the Consolidated Financial Statements 6-121
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Statement of the Board of Directors
regarding the Board of Director’s Responsibility for
Consolidated Financial Statements
as of December 31, 2025 and for the year ended
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk and its Subsidiaries
On behalf of the Board of Directors, we the undersigned:
1. Name : Dian Siswarini
Business address : Jl. Japati No.1 Bandung 40133
Address : Jl. Tebet Utara II C/18 RT 004 RW 001
Kelurahan Tebet Timur, Kecamatan Tebet, Jakarta Selatan
Phone : (022) 452 7101
Position : President Director
2. Name : Arthur Angelo Syailendra
Business address : Jl. Japati No.1 Bandung 40133
Address : Jl. Jenderal Sudirman Kav. 59 RT 004 RW 003
Kelurahan Senayan Kecamatan Kebayoran Baru, Jakarta Selatan
Phone : (022) 452 7201/ (021) 520 9824
Position : Director of Finance and Risk Management
hereby state as follows:
1. We are responsible for the preparation and presentation of the consolidated financial statements of
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (the “Company”) and its subsidiaries
as of December 31, 2025 and for the year ended.
2. The Company and its subsidiaries’ consolidated financial statements as of December 31, 2025 and for
the year ended have been prepared and presented in accordance with Indonesian Financial Accounting
Standards.
3. All information has been fully and correctly disclosed in the Company and its subsidiaries’ consolidated
financial statements.
4. The Company and its subsidiaries’ consolidated financial statements do not contain false material
information or facts, nor do they omit any material information or facts.
5. We are responsible for the Company and its subsidiaries’ internal control system.
This statement is considered to be true and correct.
Jakarta, May 11, 2026
for and behalf of
PT Telkom Indonesia (Persero) Tbk.
Dian Siswarini Arthur Angelo Syailendra
President Director Director of Finance and Risk Management
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Independent Auditor’s Report Report No. 01320/2.1505/AU.1/06/0687-4/1/V/2026 The Shareholders and the Boards of Commissioners and Directors Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk. Opinion We have audited the accompanying consolidated financial statements of Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk. (the “Company”) and its subsidiaries (collectively referred to as the “Group”), which comprise the consolidated statement of financial position as of December 31, 2025, and the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity, and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including material accounting policy information. In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position as of December 31, 2025, and its consolidated financial performance and cash flows for the year then ended, in accordance with Indonesian Financial Accounting Standards. Basis for opinion We conducted our audit in accordance with Standards on Auditing established by the Indonesian Institute of Certified Public Accountants (“IICPA”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements paragraph of our report. We are independent of the Group in accordance with the ethical requirements relevant to our audit of the consolidated financial statements in Indonesia, and we have fulfilled our other ethical responsibilities in accordance with such requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. Such key audit matters were addressed in the context of our audit of the consolidated financial statements taken as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on such key audit matters. For the key audit matter below, our description of how our audit addressed such key audit matter is provided in such context. KAP Purwanto Susanti dan Surja i Registered Public Accountants KMK No. 69/MK/SK/2025 A member firm of Ernst & Young Global Limited
Page 5
Independent Auditor’s Report (continued)
Report No. 01320/2.1505/AU.1/06/0687-4/1/V/2026 (continued)
Key audit matters (continued)
We have fulfilled the responsibilities described in the Auditor’s Responsibilities for the Audit of
the Consolidated Financial Statements paragraph of our report, including in relation to the key
audit matter communicated below. Accordingly, our audit included the performance of
procedures designed to respond to our assessment of the risks of material misstatement of the
accompanying consolidated financial statements. The results of our audit procedures, including
the procedures performed to address the key audit matter below, provide the basis for our
opinion on the accompanying consolidated financial statements.
Evaluation of telecommunication infrastructure estimated useful lives
Description of the key audit matter:
As of December 31, 2025, the balance of consolidated telecommunication infrastructures
amounted to Rp144,713 billion which represents 50% of total consolidated assets. As discussed
in Notes 2.z.ii.(b) and 11 to the accompanying consolidated financial statements, the Group
reviews the estimated useful lives of its property and equipment, including telecommunication
infrastructures, at least annually and such estimates are updated if expectations differ from
previous estimates due to changes in expectation of physical wear and tear, technical, or
commercial obsolescence, and legal or other limitations on the continuing use of the property
and equipment.
Auditing the Group's estimated useful lives of telecommunication infrastructures is complex and
requires significant judgment because the determination of the estimated useful lives considers
a number of factors, including strategic business plans, expected future technological
developments, and market behavior.
Audit response:
We obtained an understanding, and evaluated the design and tested the operating
effectiveness, of internal controls over the Group’s process of estimating the useful lives of its
telecommunication infrastructures. This includes, among others, testing of management’s
review control on checking the completeness and accuracy of the assets classification data and
assessing the appropriateness of the judgments regarding the most relevant data to be
considered in determining its useful lives. We also tested management’s control on
benchmarking analysis, including the selection criteria, on the estimated useful lives of
telecommunication infrastructures.
To test whether the estimated useful lives of telecommunication infrastructures used by
management was reasonable, our audit procedures included, among others, obtaining an
understanding of management’s strategy related to asset replacements and assessed the
reasonableness of assumptions by considering external sources, such as telecommunication
technology growth, changes in market demand, and current economic and regulatory trends.
We assessed whether the benchmarking analysis on the estimated useful lives of
telecommunication infrastructures used by management was complete and consistent with the
selection criteria through comparison with sample portfolio of public companies within the
telecommunication industry.
ii
A member firm of Ernst & Young Global Limited
Page 6
Independent Auditor’s Report (continued)
Report No. 01320/2.1505/AU.1/06/0687-4/1/V/2026 (continued)
Emphasis of matter
We draw attention to Note 2.z.iii to the accompanying financial statements, which describes the
change in accounting policy on property and equipment and its retrospective application. Our
opinion is not modified in respect of this matter.
Other information
Management is responsible for the other information. Other information comprises the
information included in the 2025 Annual Report (“The Annual Report”) other than the
accompanying consolidated financial statements and our independent auditor’s report thereon.
The Annual Report is expected to be made available to us after the date of this independent
auditor’s report.
Our opinion on the accompanying consolidated financial statements does not cover the Annual
Report, and accordingly, we do not express any form of assurance on the Annual Report.
In connection with our audit of the accompanying consolidated financial statements, our
responsibility is to read the Annual Report when it becomes available and, in doing so, consider
whether the Annual Report is materially inconsistent with the accompanying consolidated
financial statements or our knowledge obtained in the audit, or otherwise appears to be
materially misstated.
When we read the Annual Report, if we conclude that there is a material misstatement therein,
we are required to communicate the matter to those charged with governance and take
appropriate actions based on the applicable laws and regulations.
Responsibilities of management and those charged with governance for the consolidated
financial statements
Management is responsible for the preparation and fair presentation of the consolidated
financial statements in accordance with Indonesian Financial Accounting Standards, and for
such internal control as management determines is necessary to enable the preparation of
consolidated financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing
the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to
going concern, and using the going concern basis of accounting, unless management either
intends to liquidate the Group or to cease its operations, or has no realistic alternative but to
do so.
Those charged with governance are responsible for overseeing the Group’s financial reporting
process.
iii
A member firm of Ernst & Young Global Limited
Page 7
Independent Auditor’s Report (continued)
Report No. 01320/2.1505/AU.1/06/0687-4/1/V/2026 (continued)
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements taken as a whole are free from material misstatement, whether due to fraud or
error, and to issue an independent auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with Standards on Auditing established by the IICPA will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these consolidated financial statements.
As part of an audit in accordance with Standards on Auditing established by the IICPA, we
exercise professional judgment and maintain professional skepticism throughout the audit. We
also:
Identify and assess the risks of material misstatement of the consolidated financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to such risks, and obtain audit evidence that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Group’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Group's ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our independent auditor’s report to the related disclosures in
the consolidated financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusion is based on the audit evidence obtained up to the date of our
independent auditor’s report. However, future events or conditions may cause the Group to
cease to continue as a going concern.
Evaluate the overall presentation, structure, and content of the consolidated financial
statements, including the disclosures, and whether the consolidated financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.
iv
A member firm of Ernst & Young Global Limited
Page 8
Independent Auditor's Report (continued)
Report No. 01320/2.1505/AU.1/06/0687-4/1/V/2026 (continued)
Auditor's responsibilities for the audit of the consolidated financial statements (continued)
As part of an audit in accordance with Standards on Auditing established by the IICPA, we
exercise professional judgment and maintain professional skepticism throughout the audit. We
also: (continued)
Obtain sufficient appropriate audit evidence regarding the financial information of the
entities or business activities within the Group to express an opinion on the consolidated
financial statements. We are responsible for the direction, supervision, and performance of
the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the consolidated financial statements of
the current period and are therefore the key audit matters. We describe such key audit matters
in our independent auditor's report unless laws or regulations preclude public disclosure about
such key audit matters or when, in extremely rare circumstances, we determine that a key audit
matter should not be communicated in our independent auditor's report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits
of such communication.
KAP rwanto Susanti dan Surja
Agung P rwa o
Public Ac unta t Registration No.: AP. 0687
May 11, 20
A member firm of Ernst & Young Global Limited
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of December 31, 2025
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
As restated (Note 2z)
Notes 2025 2024 January 1, 2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents 3,32,37 34,228 33,905 29,007
Other current financial assets 4,32,37 1,420 1,285 1,661
Trade receivables - net allowance for expected
credit losses
Related parties 5,32,37 2,040 2,350 1,918
Third parties 5,37 9,183 9,843 8,749
Contract assets 6,32 2,290 2,449 2,704
Inventories 7 901 1,096 997
Contract costs 9 932 1,134 653
Claim for tax refund and prepaid taxes 27 1,979 2,844 1,928
Assets held for sale 1e 751 - -
Other current assets 8,32 8,042 8,174 7,996
Total Current Assets 61,766 63,080 55,613
NON-CURRENT ASSETS
Contract assets 6,32 109 129 26
Long-term investments 10,37 7,387 8,335 8,162
Contract costs 9 1,370 1,596 1,568
Property and equipment 11,32,35a 165,453 170,335 172,063
Right-of-use assets 12a 27,961 26,910 22,584
Intangible assets 14 9,237 9,442 8,731
Deferred tax assets 27f 6,603 5,354 5,822
Other non-current assets 13,27,32 7,873 6,208 5,433
Total Non-current Assets 225,993 228,309 224,389
TOTAL ASSETS 287,759 291,389 280,002
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade payables
Related parties 15,32,37 571 626 585
Third parties 15,37 15,613 14,710 18,023
Contract liabilities 17a,32 7,970 7,738 6,848
Other payables 37 648 454 441
Taxes payable 27c 2,025 3,293 4,525
Accrued expenses 16,32,37 14,867 14,192 13,079
Customer deposits 32 1,523 2,872 2,566
Short-term bank loans 18,32,37 6,929 11,525 9,650
Current maturities of long-term loans 19,32,37 17,746 15,866 10,276
Current maturities of lease liabilities 12a,37 5,590 5,491 5,575
Liabilities directly associated
with the assets held for sale 1e 466 - -
Total Current Liabilities 73,948 76,767 71,568
NON-CURRENT LIABILITIES
Deferred tax liabilities 27f 1,233 992 841
Contract liabilities 17b,32 2,851 2,484 2,591
Long service award provisions 31 1,308 1,192 1,153
Pension benefits and other post-employment
benefits obligations 30 12,996 11,540 11,414
Long-term loans 19,32,37 26,099 25,518 27,773
Lease liabilities 12a,37 18,547 18,468 14,850
Other non-current liabilities 240 224 290
Total Non-current Liabilities 63,274 60,418 58,912
TOTAL LIABILITIES 137,222 137,185 130,480
EQUITY
Capital stock 21 4,953 4,953 4,953
Additional paid-in capital 2,310 2,310 2,711
Treasury stock 1c (30) - -
Other equity 22 10,259 9,898 9,639
Retained earnings
Appropriated 29 15,337 15,337 15,337
Unappropriated 97,856 101,310 96,064
Net equity attributable to:
Owners of the parent company 130,685 133,808 128,704
Non-controlling interests 20 19,852 20,396 20,818
TOTAL EQUITY 150,537 154,204 149,522
TOTAL LIABILITIES AND EQUITY 287,759 291,389 280,002
The accompanying notes form an integral part of these consolidated financial statements.
1
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the Year Ended December 31, 2025
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
As restated
(Note 2z)
Notes 2025 2024
REVENUES 23,33 146,742 149,967
COST AND EXPENSES
Operation, maintenance, and telecommunication
service expenses 25,32 (41,234) (41,202)
Depreciation and amortization expenses 11,12a,14 (37,649) (34,181)
Personnel expenses 24 (16,362) (16,807)
Interconnection expenses 32 (7,018) (6,880)
General and administrative expenses 26,32 (6,601) (6,225)
Marketing expenses 32 (3,287) (3,824)
Unrealized gain (loss) on changes in fair value of investments 10 (242) 188
Other income - net 119 281
Gain on foreign exchange - net 180 136
OPERATING PROFIT 34,648 41,453
Finance income - net 32 1,661 1,367
Finance cost 32 (5,206) (5,208)
Share of profit (loss) of long-term investment in associates (1) 3
PROFIT BEFORE INCOME TAX 31,102 37,615
INCOME TAX (EXPENSE) BENEFIT 27d
Current (7,605) (7,635)
Deferred 961 (483)
(6,644) (8,118)
PROFIT FOR THE YEAR 24,458 29,497
OTHER COMPREHENSIVE INCOME
Other comprehensive income to be reclassified to
profit or loss in subsequent periods:
Foreign currency translation 22 360 258
Changes in fair value of investments 1 1
Share of other comprehensive income of
long-term investment in associates 1 1
Other comprehensive income not to be reclassified to
profit or loss in subsequent periods:
Defined benefit actuarial gain (loss) - net 30 (236) 635
Other comprehensive income - net 126 895
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 24,584 30,392
Profit for the year attributable to:
Owners of the parent company 17,814 22,403
Non-controlling interests 20 6,644 7,094
24,458 29,497
Total comprehensive income for the year attributable to:
Owners of the parent company 17,954 23,188
Non-controlling interests 6,630 7,204
24,584 30,392
BASIC EARNINGS PER SHARE
(in full amount) 28
Profit per share 179.83 226.15
Profit per ADS (100 Series B shares per ADS) 17,982.85 22,615.08
The accompanying notes form an integral part of these consolidated financial statements.
2
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Year Ended December 31, 2025
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
Attributable to owners of the parent company
Retained earnings
Additional Non-
Capital paid-in controlling
Description Notes stock capital Treasury stock Other equity Appropriated Unappropriated Net interests Total equity
Balance, January 1, 2025 (as restated, Note 2z) 4,953 2,310 - 9,898 15,337 101,310 133,808 20,396 154,204
Additional capital contributions from
non-controlling interests of subsidiary 1e - - - - - - - 270 270
Changes in non-controlling interest - - - - - - - (6) (6)
Cash dividend 29 - - - - - (21,047) (21,047) (7,359) (28,406)
Treasury stock 1c - - (30) - - - (30) (79) (109)
Profit for the year 20 - - - - - 17,814 17,814 6,644 24,458
Other comprehensive income (loss) - net - - - 361 - (221) 140 (14) 126
Balance, December 31, 2025 4,953 2,310 (30) 10,259 15,337 97,856 130,685 19,852 150,537
The accompanying notes form an integral part of these consolidated financial statements.
3
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Year Ended December 31, 2025
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
Attributable to owners of the parent company
Retained earnings
Additional Non-
paid-in controlling
Description Notes Capital stock capital Other equity Appropriated Unappropriated Net interests Total equity
Balance, December 31, 2023 (as previously stated) 4,953 2,711 9,639 15,337 103,104 135,744 20,818 156,562
Adjustment: restated - - - - (7,040) (7,040) - (7,040)
Balance, January 1, 2024 (as restated, Note 2z) 4,953 2,711 9,639 15,337 96,064 128,704 20,818 149,522
Difference in value of restructuring transactions of
entities under common control 1e - (401) - - - (401) (158) (559)
Additional capital contributions from non-controlling interests
of subsidiary 1e - - - - - - 322 322
Changes in non-controlling interests - - - - - - 13 13
Cash dividend 29 - - - - (17,683) (17,683) (7,099) (24,782)
Repurchase of non-controlling interests shares 1e - - - - - - (704) (704)
Profit for the year 20 - - - - 22,403 22,403 7,094 29,497
Other comprehensive income - net - - 259 - 526 785 110 895
Balance, December 31, 2024 (as restated, Note 2z) 4,953 2,310 9,898 15,337 101,310 133,808 20,396 154,204
The accompanying notes form an integral part of these consolidated financial statements.
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For The Year Ended December 31, 2025
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
Notes 2025 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from customers and other operators 146,002 148,415
Cash receipts from interests 1,670 1,366
Cash receipts from tax refund 1,322 1,144
Cash payments for expenses (51,455) (51,273)
Cash payments to employees (13,319) (16,364)
Cash payments for corporate and final income taxes (10,438) (11,528)
Cash payments for finance costs (5,230) (5,295)
Cash payments for short-term and low-value lease assets 12a (4,654) (3,693)
Cash payments for value added taxes - net (1,076) (1,691)
Cash receipts from others - net 1,020 519
Net cash provided by operating activities 63,842 61,600
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from the disposal of long-term investments in
financial instrument 10 728 -
Proceeds from insurance claims 11 151 143
Proceeds from sale of property and equipment 11 78 717
Purchase of property and equipment 11,39 (22,871) (26,005)
Purchase of intangible assets 14,39 (2,897) (3,658)
Payment for advance and other assets (1,117) (330)
(Placement in) proceeds from other current financial assets - net (141) 339
Addition of long-term investment in financial instrument (26) (30)
Dividend received from associated company - 3
Business acquisition - net of cash acquired - (635)
Net cash used in investing activities (26,095) (29,456)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from loans and other borrowings 18,19 69,895 52,653
Proceeds from issuance of new shares of subsidiaries 270 322
Repayments of loans and other borrowings 18,19 (72,037) (47,607)
Cash dividend paid to the Company's stockholders 29 (21,047) (17,683)
Cash dividend paid to the non-controlling interests of subsidiaries (7,359) (7,099)
Repayments of principal portion of lease liabilities 39 (7,356) (7,387)
Shares buyback of subsidiary 1e (79) (704)
Shares buyback 1c (30) -
Net cash used in financing activities (37,743) (27,505)
NET INCREASE IN CASH AND CASH EQUIVALENTS 4 4,639
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND
CASH EQUIVALENTS 320 260
ALLOWANCE FOR EXPECTED CREDIT LOSSES (1) (1)
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR 3 33,905 29,007
CASH AND CASH EQUIVALENTS AT END OF THE YEAR 3 34,228 33,905
The accompanying notes form an integral part of these consolidated financial statements.
5
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL
a. Establishment and general information
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk. (the “Company”) was
originally part of “Post en Telegraafdienst”, which was established and operated commercially in
1884 under the framework of Decree No. 7 dated March 27, 1884 of the Governor General of the
Dutch Indies which was published in State Gazette No. 52 dated April 3, 1884.
Pursuant to Government Regulation No. 25 of 1991, the Company’s status was changed to
a state-owned limited liability company (“Persero”). The ultimate parent entity of the Company
is the Government of the Republic of Indonesia (the “Government”).
On March 22, 2025, based on Government Regulations No. 15 and No. 16 of 2025, the Company
became a subsidiary of PT Danantara Asset Management (“DAM”), with the Government remaining
as the Company’s ultimate parent entity (Note 21).
The Company was established based on Notarial Deed of Imas Fatimah, S.H., No. 128 dated
September 24, 1991. The deed of establishment was approved by the Ministry of Justice of
the Republic of Indonesia in its Decision Letter No. C2-6870.HT.01.01.Th.1991 dated
November 19, 1991 and was published in State Gazette No. 5 dated January 17, 1992, Supplement
No. 210. The Company's Articles of Association had been amended several times, with the latest
amendments made is in relation with adjustments of the Company’s business activities in
the Articles of Association with the Standard Classification of Indonesian Business Fields in 2020.
Amendments to the Company’s Articles of Association as stated in the Notary Deed of Ashoya
Ratam, S.H., M.Kn., No. 37 dated June 22, 2022 has been received and approved by the Minister
of Law and Human Rights of the Republic of Indonesia (“MoLHR”) based on letter
No. AHU-0044650.AH.01.02. Year of 2022 dated June 29, 2022 concerning the Acceptance of
Notification Approval of Amendment to the Articles of Association of Perusahaan Perseroan
(Persero) PT Telekomunikasi Indonesia Tbk.
In accordance with Article 3 of the Company’s Articles of Association, the scope of the Company’s
activities is to provide telecommunication network and telecommunication and information services,
and to optimize the Company’s resources to provide high quality and competitive goods and/or
services to gain/pursue profit in order to increase the value of the Company by applying the Limited
Liability Company principle. To achieve these objectives, the Company is involved in the following
activities:
i. Main business:
(a) Planning, building, providing, developing, operating, marketing or selling or leasing, and
maintaining telecommunications and information networks in a broad sense in
accordance with the prevailing laws and regulations;
(b) Planning, developing, providing, marketing or selling, and improving telecommunications
and information services in a broad sense in accordance with the prevailing laws and
regulations;
(c) Investing, including in the form of equity contribution in other companies, in line with and
to achieve the purposes and objectives of the Company.
ii. Supporting business:
(a) Providing payment transactions and money transfer services through
telecommunications and information networks;
(b) Performing other activities and undertakings in connection with the optimization of the
Company's resources, which includes the utilization of the Company's property and
equipment and movable assets, information systems, education and training, and repair
and maintenance facilities;
(c) Collaborating with other parties in order to optimize the information and communication
or technology resources owned by other service provider in information, communication
and technology industry to achieve the purposes and objectives of the Company.
6
Page 15
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
a. Establishment and general information (continued)
The Company is domiciled and headquartered in Bandung, West Java, located at Jalan Japati
No.1, Bandung.
The Company was granted several networks and/or services provision licenses by the Government
which are valid for an unlimited period of time, given that the Company complies with the prevailing
laws and regulations and fulfills the obligation stated in those licenses. For every license issued by
the Minister of Communication and Digital Affairs (“MoCD”), previously Minister of Communication
and Information (“MoCI”), an evaluation is performed annually and an overall evaluation is
performed every five years. The Company is obliged to submit reports of networks and/or services
annually to the Indonesian Directorate General of Post and Informatics (“DGPI”), replacing the
previously known as Indonesian Directorate General of Post and Telecommunications (“DGPT”).
The reports comprise of several information, such as network development progress, service
quality standard achievement, number of customers, license payment, and universal service
contribution. Meanwhile, for internet telephone services for public purpose, internet interconnection
service, and internet access service, additional information is required, such as operational
performance, customer segmentation, traffic, and gross revenue.
Details of these licenses are as follows:
Grant date/latest
License License No. Type of service renewal date
License to operate internet 127/KEP/DJPPI/ Internet telephone March 30, 2016
telephone services for KOMINFO/3/2016 services for public
public purpose purpose
License to operate internet 2176/KEP/M.KOMINFO/ Internet service December 30, 2016
service provider 12/2016 provider
License to operate content 1040/KEP/M.KOMINFO/ Content service May 16, 2017
service provider 16/2017 provider
License for the 1004/KEP/M.KOMINFO/ Internet interconnection December 26, 2018
implementation of internet 2018 services
interconnection services
License to operate data 046/KEP/M.KOMINFO/ Data communication August 3, 2020
communication system 02/2020 system services
services
License of electronic Bank Indonesia License Electronic money and July 1, 2021
money issuer and money 23/587/DKSP/Srt/B money transfer service
transfer
License to operate fixed 073/KEP/M.KOMINFO/ Fixed network long August 23, 2021
network long distance 02/2021 distance direct line
direct line
License to operate fixed 082/KEP/M.KOMINFO/ Fixed international October 8, 2021
international network 02/2021 network
License to operate fixed 094/KEP/M.KOMINFO/ Fixed closed network December 9, 2021
closed network 02/2021
License to operate circuit 095/KEP/M.KOMINFO/ Circuit switched-based December 9, 2021
switched-based local 02/2021 and packet
fixed line network switched-based
local fixed line
network
7
Page 16
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
b. The Company’s Board of Commissioners, Directors, Audit Committee, Corporate Secretary,
Internal Audit, and Employees
i. Boards of Commissioners and Directors
Based on the resolutions made at Annual General Meeting (“AGM”) of Stockholders of the
Company as covered by Notarial Deed of Ashoya Ratam, S.H., M.Kn., No. 32 dated
December 12, 2025, and No. 58 dated May 28, 2024, the composition of the Company’s
Boards of Commissioners and Directors as of December 31, 2025 and 2024, respectively,
were as follows:
2025 2024
President Commissioner Angga Raka Prabowo -
President Commissioner/ Bambang Permadi
Independent Commissioner - Soemantri Brojonegoro
Independent Commissioner Rofikoh Rokhim Bono Daru Adji
Independent Commissioner Ira Noviarti Wawan Iriawan
Independent Commissioner Deswandhy Agusman -
Commissioner Ossy Dermawan Arya Mahendra Sinulingga
Commissioner Rionald Silaban Ismail
Commissioner Silmy Karim Silmy Karim
Commissioner Rizal Mallarangeng Rizal Mallarangeng
Commissioner - Marcelino Rumambo Pandin
Commissioner - Isa Rachmatarwata
President Director Dian Siswarini Ririek Adriansyah
Director of Enterprise &
Business Service Veranita Yosephine F.M. Venusiana R.
Director of Human
Capital Management Willy Saelan Afriwandi
Director of IT Digital Faizal Rochmad Djoemadi Muhamad Fajrin Rasyid
Director of Finance and
Risk Management Arthur Angelo Syailendra Heri Supriadi
Director of Legal & Compliance Andy Kelana -
Director of Network Nanang Hendarno Herlan Wijanarko
Director of Strategic Business
Development & Portfolio Seno Soemadji Budi Setyawan Wijaya
Director of Wholesale &
International Service Budi Satria Dharma Purba Bogi Witjaksono
Director of Group
Business Development - Honesti Basyir
ii. Audit Committee, Corporate Secretary, and Internal Audit
The composition of the Company’s Audit Committee, Corporate Secretary, and Internal Audit
as of December 31, 2025 and 2024, respectively, were as follows:
2025 2024
Chairman Deswandhy Agusman Bono Daru Adji
Member Ira Noviarti Bambang Permadi
Soemantri Brojonegoro
Member Rofikoh Rokhim Emmanuel Bambang Suyitno
Member Achmad Taufik Edy Sihotang
Member Irhoan Tanudiredja Wawan Iriawan
Corporate Secretary Jati Widagdo Octavius Oky Prakarsa
Internal Audit Mohamad Ramzy* Mohamad Ramzy
* Based on the Notification Letter from the SVP Corporate Secretary No Tel.03/LP 000/COP-M0000000/2026 dated March 5, 2026,
to the Financial Services Authority regarding the Information about the Change of Head of Internal Audit Unit, Mr. Afdol Muftiasa has
been appointed as the Company’s temporary SVP Internal Audit (Head of Internal Audit Unit). Accordingly, Mr. Mohamad Ramzy no
longer serves in such position.
8
Page 17
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
b. The Company’s Board of Commissioners, Directors, Audit Committee, Corporate Secretary,
Internal Audit, and Employees (continued)
iii. Employees
As of December 31, 2025 and 2024, the Company and its subsidiaries (collectively referred to
as “the Group”) had 19,082 employees and 19,695 employees (unaudited), respectively.
c. Public offering of securities of the Company
The Company’s number of shares prior to its Initial Public Offering (“IPO”) totalled 8,400,000,000,
consisting of 8,399,999,999 Series B shares and 1 Series A Dwiwarna share, and were wholly-
owned by the Government. On November 14, 1995, 933,333,000 new Series B shares and
233,334,000 Series B shares owned by the Government were offered to the public through an IPO
and listed on the Indonesia Stock Exchange (“IDX”) and 700,000,000 Series B shares owned by
the Government were offered to the public and listed on the New York Stock Exchange (“NYSE”)
and the London Stock Exchange (“LSE”) in the form of American Depositary Shares (“ADS”). There
were 35,000,000 ADS and each ADS represented 20 Series B shares at that time.
In December 1996, the Government had a block sale of its 388,000,000 Series B shares, and
in 1997, Government distributed 2,670,300 Series B shares as incentive to the Company’s
stockholders who did not sell their shares within one year from the date of the IPO. In May 1999,
the Government further sold 898,000,000 Series B shares.
To comply with Law No. 1/1995 on Limited Liability Companies, at the AGM of Stockholders of
the Company on April 16, 1999, the Company’s stockholders resolved to increase the Company’s
issued share capital by the distribution of 746,666,640 bonus shares through the capitalization of
certain additional paid-in capital, which was made to the Company’s stockholders in August 1999.
On August 16, 2007, Law No. 1/1995 on Limited Liability Companies was amended by the
issuance of Law No. 40/2007 on Limited Liability Companies which became effective on the same
date. Law No. 40/2007 has no effect on the public offering of shares of the Company.
The Company has complied with Law No. 40/2007.
In December 2001, the Government had another block sale of 1,200,000,000 shares or
11.9% of the total outstanding Series B shares. In July 2002, the Government further sold a block
of 312,000,000 shares or 3.1% of the total outstanding Series B shares.
Based on the results of the Company's AGM Stockholders as stated in the Notarial Deed of
A. Partomuan Pohan, S.H., LLM., No. 26 dated July 30, 2004, the Company’s stockholders
approved the Company’s 2-for-1 stock split for Series A Dwiwarna and Series B share. The Series
A Dwiwarna share with par value of Rp500 per share was split into 1 Series A Dwiwarna share with
par value of Rp250 per share and 1 Series B share with par value of Rp250 per share. The stock
split resulted in an increase of the Company’s authorized capital stock from 1 Series A Dwiwarna
share and 39,999,999,999 Series B shares to 1 Series A Dwiwarna share and
79,999,999,999 Series B shares, and the issued capital stock from 1 Series A Dwiwarna share and
10,079,999,639 Series B shares to 1 Series A Dwiwarna share and 20,159,999,279 Series B
shares. After the stock split, each ADS represented 40 Series B shares.
During the Extraordinary General Meeting (“EGM”) held on December 21, 2005 and the AGMs held
on June 29, 2007, June 20, 2008, and May 19, 2011, the Company’s stockholders approved
phase I, II, III, and IV plan, respectively, of the Company’s program to repurchase its issued
Series B shares.
9
Page 18
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
c. Public offering of securities of the Company (continued)
During the period of December 21, 2005 to June 20, 2007, the Company had bought back
211,290,500 shares from the public (stock repurchase program phase I). On July 30, 2013, the
Company had sold all such shares.
At the AGM held on April 19, 2013 as covered by Notarial Deed of Ashoya Ratam, S.H., M.Kn.,
No. 38 dated April 19, 2013, the stockholders approved the changes to the Company’s plan on the
treasury stock acquired under phase III. At the AGM held on April 19, 2013, the minutes of which
were covered by Notarial Deed No. 38 of Ashoya Ratam, S.H., M.Kn., the stockholders approved
the Company’s 5-for-1 stock split for Series A Dwiwarna and Series B shares. Series A Dwiwarna
share with par value of Rp250 per share was split into 1 Series A Dwiwarna share with par value
of Rp50 per share and 4 Series B shares with par value of Rp50 per share. The stock split resulted
in an increase of the Company’s authorized capital stock from 1 Series A Dwiwarna and
79,999,999,999 Series B shares to 1 Series A Dwiwarna and 399,999,999,999 Series B shares.
The issued capital stock increased from 1 Series A Dwiwarna and 20,159,999,279 Series B shares
to 1 Series A Dwiwarna and 100,799,996,399 Series B shares. After the stock split, each ADS
represented 200 Series B shares. Effective from October 26, 2016, the Company has changed the
ratio of Depositary Receipt from 1 ADS representing 200 series B shares to become 1 ADS
representing 100 series B shares. Profit per ADS information have been retrospectively adjusted
to reflect the changes in the ratio of ADS.
On May 16 and June 5, 2014, the Company deregistered from Tokyo Stock Exchange (“TSE”)
and delisted from the LSE, respectively.
On December 21, 2015, the Company sold the remaining shares of treasury shares phase III.
On June 29, 2016, the Company sold the treasury shares phase IV.
At the AGM held on April 27, 2018, as covered by Notarial Deed of Ashoya Ratam, S.H., M.Kn.,
No. 35 dated May 15, 2018, the stockholders approved the changes of the Company’s plan on the
transfer of shares from the repurchase through the withdrawal of 1,737,779,800 shares of treasury
stock, by reducing the issued and paid-up capital from the initial amount of Rp5,040 billion into
amount of Rp4,953 billion. Thus, in order to comply with the provisions of Article 33
UU No. 40 of 2007 concerning Limited Liability Companies, the AGM approved the reduction of the
Company's authorized capital from the original Rp20,000 billion to Rp19,500 billion, so the
Company's total authorized share capital became 1 Series A Dwiwarna and 389,999,999,999
Series B shares.
Based on Notarial Deed of Ashoya Ratam, S.H., M.Kn., No. 52, dated May 27, 2025, AGM of
Stockholders agreed Company’s share buyback with a maximum amount of Rp3 trillions. On
December 31, 2025, the Company has conducted share buyback amounting to 8,945,400 shares
or equivalent to Rp30 billions (Note 21).
As of December 31, 2025, all of the Company’s Series B shares are listed on the IDX and
43,568,230 ADS or equivalent to 4,356,822,980 Series B shares are listed on the NYSE (Note 21).
On June 16, 2015, the Company issued Continuous Bonds I Telkom Phase I 2015 with nominal of
Rp2,200 billion for Series A with a seven-year period, Rp2,100 billion for Series B with a ten-year
period, Rp1,200 billion for Series C with a fifteen-year period, and Rp1,500 billion for Series D with
a thirty-year period, all of which are listed on the IDX (Note 19a).
10
Page 19
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Subsidiaries
As of December 31, 2025 and 2024, the Company has consolidated the financial statements of all
subsidiaries, both directly and indirectly owned, as follows (Notes 2b and 2d):
i. Direct subsidiaries:
Start year of Total assets before
operation Percentage of ownership* elimination
Subsidiary Nature of business commencement 2025 2024 2025 2024
PT Telekomunikasi Mobile 1995 70 70 114,627 117,403
Selular telecommunication,
(“Telkomsel”) fixed broadband,
network service, and
internet protocol
television ("IPTV")
PT Dayamitra Leasing of towers 1995 72 72 58,350 58,140
Telekomunikasi Tbk. and digital support
(“Mitratel”) services for mobile
infrastructure
PT Telekomunikasi International 1995 100 100 19,540 17,173
Indonesia telecommunication
International and information
(“Telin”) services
PT Multimedia Network 1998 100 100 17,287 17,995
Nusantara telecommunication
(“Metra”) services and
multimedia
PT Telkom Data Data center 1996 100 100 9,924 8,466
Ekosistem
(“TDE”)
PT Telkom Satelit Telecommunication - 1996 100 100 8,245 8,858
Indonesia provides satellite
(“Telkomsat”) communication
system and its
related services
PT Sigma Cipta Hardware and software 1988 100 100 5,416 6,207
Caraka computer consultation
(“Sigma”) service
PT Graha Sarana Duta Developer, trade, service 1982 100 100 5,197 5,494
("GSD") and transportation
PT Telkom Akses Construction, service 2013 100 100 4,244 4,480
(“Telkom Akses”) and trade in the field
of telecommunication
PT Telkom Network 2024 100 100 3,944 3,048
Infrastruktur telecommunication
Indonesia and information
(“TIF”) services
PT Metra-Net Multimedia portal service 2009 100 100 1,883 2,096
(“Metra-Net”)
PT Infrastruktur Developer service and 2014 100 100 1,226 1,371
Telekomunikasi trading in the field
Indonesia of telecommunication
(“Telkom Infra”)
PT PINS Indonesia Trade in telecommunication 1995 100 100 550 733
(“PINS”) devices
PT Napsindo Telecommunication - 1999; ceased 60 60 5 5
Primatel provides Network operations on
Internasional Access Point ("NAP"), January 13,
(“Napsindo”) Voice Over Data 2006
("VOD") and other
related services
* Percentage of ownership amounting to 99.99% is presented into rounding of 100%.
All direct subsidiaries are domiciled in Indonesia.
11
Page 20
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Subsidiaries (continued)
ii. Indirect subsidiaries:
Start year of Total assets before
operation Percentage of ownership* elimination
Subsidiary Nature of business commencement 2025 2024 2025 2024
PT Metra Digital Trading, information 2013 100 100 9,054 9,110
Investama Ventura and multimedia
(“MDI”) technology,
entertainment
and investment
services
Telekomunikasi Telecommunication 2008 100 100 7,102 6,090
Indonesia and related
International Pte. Ltd. services
("Telin Singapore"),
domiciled in
Singapore
Telekomunikasi Investment 2010 100 100 3,530 3,624
Indonesia holding and
International Ltd. telecommunication
("Telin Hong Kong"), services
domiciled in
Hong Kong
NeutraDC Data center 2024 100 100 2,379 2,086
Singapore Pte. Ltd.
(“NeutraDC Singapore”)
domiciled in
Singapore
PT Teknologi Data Telecommunication 2013 60 60 2,261 1,444
Infrastruktur service and
(“TDI”) data center
PT Telkom Landmark Property development 2012 55 55 2,148 2,120
Tower and management
(“TLT”) services
PT Infomedia Information provider 1984 100 100 1,979 2,203
Nusantara services, contact
(“Infomedia”) center and content
directory
PT Persada Sokka Leasing of towers 2008 100 100 1,753 1,621
Tama and other
("PST") telecommunication
services
PT Finnet Indonesia Information 2006 60 60 1,450 1,383
(“Finnet”) technology
services
PT Nuon Digital Digital content 2010 100 100 1,412 1,393
Indonesia exchange hub
(“Nuon”) services
Telekomunikasi Telecommunication 2012 100 100 1,297 1,035
Indonesia networks, mobile,
International (TL) S.A. internet, and
("Telkomcel"), data services
domiciled in
Timor Leste
PT Telkomsel Mitra Business 2019 100 100 1,014 1,040
Inovasi management
(“TMI”) consulting and
investment
services
* Percentage of ownership amounting to 99.99% is presented into rounding of 100%.
Other than those specifically stated, indirect subsidiaries are domiciled in Indonesia.
12
Page 21
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Subsidiaries (continued)
ii. Indirect subsidiaries (continued):
Start year of Total assets before
operation Percentage of ownership* elimination
Subsidiary Nature of business commencement 2025 2024 2025 2024
PT Metra Digital Telecommunication 2013 100 100 859 877
Media information and
(“MD Media”) other information
services
PT Administrasi Health insurance 2002 100 100 747 704
Medika administration
(“Ad Medika”)** services
PT Digital Aplikasi Communication 2014 100 100 507 441
Solusi system services
("Digiserve")
PT Ultra Mandiri Telecommunication 2019 100 100 430 366
Telekomunikasi network infrastructure
("UMT") services
Telekomunikasi Telecommunication 2014 100 100 392 267
Indonesia and information
International (USA) Inc. services
(“Telin USA”),
domiciled in USA
PT Swadharma Cash replenishment 2001 51 51 388 387
Sarana Informatika services and
(“SSI”) Automated Teller
Machines ("ATM")
maintenance
PT Telkomsel Business management 2021 100 100 304 451
Ekosistem Digital consulting services
("TED") and investment
and/or investment
in other companies
PT Nusantara Sukses Service and trading 2014 100 100 286 288
Investasi
(“NSI”)
PT Graha Yasa Tourism and 2012 51 51 261 277
Selaras hospitality services
(”GYS”)
PT Metra TV Subscription 2013 100 100 255 57
(“Metra TV”) broadcasting
services
PT Nutech Integrasi System integrator 2001 60 60 244 225
(“Nutech”) service
TS Global Satellite services 1996 70 70 210 357
Network Sdn. Bhd.
(“TSGN”),
domiciled in Malaysia
PT Collega Inti Trading and services 2001 70 70 195 196
Pratama
("CIP")
PT Graha Telkomsigma Management and 1999 100 100 163 167
("GTS") consultation
services
Telekomunikasi Telecommunication 2013 70 70 152 144
Indonesia International and information
(Malaysia) Sdn. Bhd. services
(”Telin Malaysia”),
domiciled in Malaysia
* Percentage of ownership amounting to 99.99% is presented into rounding of 100%.
**Note 1.e.iii.
Other than those specifically stated, indirect subsidiaries are domiciled in Indonesia.
13
Page 22
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Subsidiaries (continued)
ii. Indirect subsidiaries (continued):
Start year of Total assets before
operation Percentage of ownership* elimination
Subsidiary Nature of business commencement 2025 2024 2025 2024
PT Media Nusantara Consultation services 2012 55 55 128 134
Data Global of hardware, software,
("MNDG") data center, and
internet exchange
Telekomunikasi Telecommunication 2013 100 100 58 52
Indonesia and information
International services
(Australia) Pty. Ltd.
(“Telin Australia”),
domiciled in
Australia
PT Pojok Celebes Travel agent services 2008 100 100 52 69
Mandiri
("PCM")
PT Metraplasa Network and 2012; ceased 60 60 28 29
(“Metraplasa”) e-commerce operations on
services October, 2020
* Percentage of ownership amounting to 99.99% is presented into rounding of 100%.
Other than those specifically stated, indirect subsidiaries are domiciled in Indonesia.
e. Other important information
i. Mitratel
Share buyback
On March 6, 2023, Mitratel announced another share buyback owned by the public, with
a maximum number of 7.88% of Mitratel’s issued and fully paid shares. The share buyback
period is 18 (eighteen) months starting from April 14, 2023 to October 13, 2024. As of
December 31, 2024, Mitratel has conducted share buyback amounting to 1,095,945,900
shares or equivalent to Rp704 billion.
On July 18, 2025, Mitratel announced the plan to share buyback owned by the public, with
a maximum number of 4.12% of Mitratel’s issued and fully paid shares. The share buyback
period is 12 (twelve) months starting from August 26, 2025, to August 25, 2026. As of
December 31, 2025, Mitratel has conducted share buyback amounting to 131,491,800 shares
or equivalent to Rp79 billion.
Acquisition of entity under common control
Based on Notarial Deed of Shinta Dewi, S.H., No. 2 and No. 3 dated December 2, 2024,
Mitratel entered into Share Purchase Agreement with PT Pembangunan Perumahan
Infrastruktur ("PPIN") and Yayasan Kesejahteraan Karyawan Pembangunan Perumahan
("YKPP") for the acquisition of 100% shares of UMT. This transaction represents a business
combination of entities under common control, where the ultimate controlling shareholder of
both Mitratel and UMT is the Government. As a result of this transaction, Mitratel obtained
control of UMT.
14
Page 23
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
e. Other important information (continued)
i. Mitratel (continued)
Acquisition of entity under common control (continued)
The difference between the consideration transferred and the carrying amount of the
investment acquired from this transaction has been recognized as Additional Paid-in Capital
within the consolidated statements of changes in equity, with the following details:
Consideration paid 650
Book value of UMT's equity at the acquisition date (91)
Difference in value of restructuring transactions of entites under common control 559
ii. TDI
Based on Notarial Deed of Jimmy Tanal, S.H., M.Kn., No. 313 dated October 14, 2024,
the shareholders of TDI approved the issuance of 8,050,000 new shares. Of these,
TDE acquired 4,830,000 shares or amounting to Rp483 billion; Nxera ID Pte. Ltd. (formerly
known as ST Dynamo ID Pte. Ltd.) acquired 2,817,500 shares or amounting to Rp282 billion;
and PT Medco Power Indonesia acquired 402,500 shares or amounting to Rp40 billion.
Based on Notarial Deed of Jimmy Tanal, S.H., M.Kn., No. 238 dated December 22, 2025,
the shareholders of TDI approved the issuance of 7,315,000 new shares. Of these,
TDE acquired 4,620,000 shares or amounting to Rp462 billion and Nxera ID Pte. Ltd. acquired
2,695,000 shares or amounting to Rp270 billion.
iii. Ad Medika and its subsidiary
On March 4, 2026, Metra entered into a Conditional Sale and Purchase Agreement (CSPA)
with Global Assistance and Healthcare (Singapore) Pte. Ltd. in relation to the planned
divestment of its entire ownership interest in Ad Medika and its subsidiary.
As of December 31, 2025, the divestment transaction has not yet been completed and control
is still retained by the Company.
The major classes of assets and liabilities of Ad Medika and its subsidiary classified as held
for sale as of December 31, 2025 are, as follows:
Assets
Cash and cash equivalents 413
Trade receivables 157
Others (each below Rp100 billion) 181
Assets held for sale 751
Liabilities
Customer deposits (247)
Others (each below Rp100 billion) (219)
Liabilities directly associated with the assets held for sale (466)
Assets held for sale - net 285
15
Page 24
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
f. Completion and authorization for the issuance of the consolidated financial statements
The Company’s management is responsible for the preparation and fair presentation of these
consolidated financial statements in accordance with Indonesian Financial Accounting Standards,
which have been completed and authorized for issuance by the Directors of the Company
on May 11, 2026.
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION
The Group consolidated financial statements have been prepared in accordance with Indonesian
Financial Accounting Standards which includes Statements of Financial Accounting Standards
("Pernyataan Standar Akuntansi Keuangan" or “PSAK”) and Interpretations of Financial Accounting
Standards ("Interpretasi Standar Akuntansi Keuangan" or “ISAK”) published by the Financial
Accounting Standards Board of the Institute of Indonesian Chartered Accountants (Dewan Standar
Akuntansi Keuangan Ikatan Akuntan Indonesia or “DSAK IAI”) and Regulation No. VIII.G.7 of the
Capital Market and Financial Institution Supervisory Agency (“Bapepam-LK”) regarding the
Presentation and Disclosure of Financial Statements of Issuers or Public Companies, enclosed in the
decision letter KEP-347/BL/2012.
a. Basis of preparation of the consolidated financial statements
The consolidated financial statements, except for the consolidated statements of cash flows, are
prepared on the accrual basis. The measurement basis used is historical cost, except for certain
accounts which are measured using the basis mentioned in the relevant notes herein.
The consolidated statements of cash flows are prepared using the direct method and present the
changes in cash and cash equivalents from operating, investing, and financing activities.
The reporting currency in the consolidated financial statements is the Indonesian Rupiah (“Rp”)
which is also the functional currency of the Group, except for subsidiaries whose functional
currencies are the U.S. Dollar, Australian Dollar, Singapore Dollar, and Malaysian Ringgit.
Figures in the consolidated financial statements containing values under Rp1 billion and
US$1 million are presented with zero.
New accounting standards
On January 1, 2025, the Group adopted the new and revised statement of financial accounting
standards and interpretations of financial accounting standards effective from that date.
Adjustments to the Group's accounting policies have been made as required, in accordance with
the transitional provisions of the respective standards and interpretations. The adoption of the new
and revised standards and interpretations did not result in major changes to the Group's accounting
policies and had no material effect on the amounts reported for the current or prior financial year:
Amendment PSAK 221: Effect of Changes in Foreign Exchange Rate
This amendment clarifies the criteria for interchangeability between two currencies and requires
disclosure of information that enables users of financial statements to understand the impact of a
currency not being exchangeable. These amendments are not expected to have an impact to the
Group’s consolidated financial statement.
16
Page 25
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
a. Basis of preparation of the consolidated financial statements (continued)
Accounting standards issued but not yet effective (continued)
Effective January 1, 2026:
Amendments to PSAK 109: Financial Instruments and PSAK 107: Financial Instruments:
Disclosures
These amendments provide clarifications regarding derecognition of financial liabilities settled
through electronic payment systems, classification of financial assets, disclosures related to
investments in equity instruments designated to be measured at fair value through other
comprehensive income, and disclosures related to contractual requirements that modify the timing
or amount of contractual cash flows.
This amendment regulates the consideration as a net buyer in applying the provisions of “own use”.
This amendment explains the application of hedge accounting if a contract that refers to weather-
dependent electricity is designated as a hedging instrument, and this amendment requires
disclosures so that users can understand the risks from contracts that refer to weather-dependent
electricity.
This amendment is not expected to have a material impact on the consolidated financial
statements.
PSAK 338 (Revised 2025): Business Combinations of Entities Under Common Control
The DSAK IAI has issued PSAK 338 (Revised 2025); Business Combinations of Entities Under
Common Control. This revision covers the scope and application of the pooling of interest method
and disposal in equity as the accounting concepts used in PSAK 338.
Key changes in this revision include the exclusion of investment entities from the scope of PSAK
338, as well as additional definitions for transferred business, receiving entity, and transferring
entity. This revision also includes a reference to the carrying amount of the transferred business
and the presentation of pre-combination business information when impracticality occurs in
applying the pooling of interest method.
This amendment is expected to have no material impact on the consolidated financial statements.
17
Page 26
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
a. Basis of preparation of the consolidated financial statements (continued)
Accounting standards issued but not yet effective (continued)
Effective January 1, 2027:
PSAK 118: Presentation and Disclosures in Financial Statements
DSAK IAI has issued PSAK 118: Presentation and Disclosures in Financial Statements, which
supersedes PSAK 201: Presentation of Financial Statements. PSAK 118 introduces requirements
for the presentation of key subtotals, including operating profit or loss, profit or loss before financing
and income taxes, and net profit or loss. In addition, PSAK 118 requires that income and expenses
be classified into the following categories: operating, investing, and financing, along with income
taxes and discontinued operations.
PSAK 118 also addresses the disclosure of Management-defined Performance Measures (“MPM”),
which are intended to communicate management’s perspective on the entity’s overall financial
performance. The standard elaborates on the role of the primary financial statements and the notes
to the financial statements, and sets out principles and requirements related to the aggregation and
disaggregation of information. These principles apply both to the presentation within the financial
statements and to the disclosures. The Group is currently assessing the potential impact of PSAK
118 on its consolidated financial statements.
PSAK 119: Subsidiaries Without Public Accountability: Disclosures
The Indonesian Financial Accounting Standards Board (DSAK IAI) has issued PSAK 119:
Subsidiaries Without Public Accountability: Disclosures. PSAK 119 sets out disclosure
requirements that may be applied by an entity as an alternative to the disclosure requirements in
other PSAK. An entity may elect to apply this Standard in its consolidated, separate, or individual
financial statements if, and only if, at the end of the reporting period, the entity is a subsidiary
without public accountability whose parent prepares consolidated financial statements that are
available to the public and comply with Indonesian Financial Accounting Standards (SAK). This
amendment is not expected to have a material impact on the consolidated financial statements.
In November 2025, DSAK IAI issued amendments to PSAK 119. The amendments to PSAK 119
include:
i. removal of application in separate financial statements by intermediate parent entities;
ii. removal of disclosure objectives related to financing, suppliers, shortages, or overages, Pillar
Two model, classification and measurement of financial instruments, as well as long term
loabilities with covenants;
iii. reduction of disclosure requirments related to supplier finance arrangements;
iv. removal of material that is guidance based and not disclosure requirements; and
v. replacement of management defined performance measure disclosures with a cross reference
to PSAK 118.
These amendments are not expected to have material impact on the consolidated financial
statements.
18
Page 27
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
b. Principles of consolidation
The consolidated financial statements consist of the financial statements of the Company and
the subsidiaries over which it has control. Control is achieved when the Group is exposed, or has
rights, to variable returns from its involvement with the investee and has the ability to affect those
returns through its power over the investee. Specifically, the Group controls an investee if and only
if the Group has power over the investee, exposure, or rights, to variable returns from its
involvement with the investee, and the ability to use its power over the investee to affect its returns.
Generally, there is a presumption that a majority of voting rights results in control. To support this
presumption and when the Group has less than a majority of the voting or similar rights of an
investee, the Group considers all relevant facts and circumstances in assessing whether it has
power over an investee, including:
i. the contractual arrangement with the other vote holders of the investee;
ii. rights arising from other contractual arrangements; and
iii. the Group's voting rights and potential voting rights.
The Group re-assesses whether it controls an investee if facts and circumstances indicate that
there are changes to one or more of the three elements of control. Consolidation of a subsidiary
begins when the Group obtains control over the subsidiary and ceases when the Group loses
control over the subsidiary. Assets, liabilities, income, and expenses of a subsidiary acquired or
disposed of during the year are included in the consolidated statements of financial position and
the consolidated statements of profit or loss and other comprehensive income from the date the
Group gains financial control until the date the Group ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income (“OCI”) are attributed to the
equity holders of the Company and to the non-controlling interests, even if this results in the non-
controlling interests having a deficit balance.
All intra-Group assets and liabilities, equity, revenue and expenses, and cash flow relating to
transactions within Group are fully eliminated on consolidation.
In case of loss of control over a subsidiary, the Group:
i. derecognizes the assets (including goodwill) and liabilities of the subsidiary at the carrying
amounts on the date when it loses control;
ii. derecognizes the carrying amounts of any non-controlling interests of its former subsidiary on
the date when it loses control;
iii. recognizes the fair value of the consideration received (if any) from the transaction, events, or
condition that caused the loss of control;
iv. recognizes the fair value of any investment retained in the subsidiary at fair value on the date
of loss of control; and
v. recognizes any surplus or deficit in profit or loss that is attributable to the Group.
19
Page 28
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
c. Transactions with related parties
The Group has transactions with related parties. The definition of related parties used is in
accordance with the Bapepam-LK’s Regulation No. VIII.G.7 regarding the Presentations and
Disclosures of Financial Statements of Issuers or Public Companies, enclosed in the decision letter
No. KEP-347/BL/2012. The party which is considered a related party is a person or entity that is
related to the entity that is preparing its financial statements.
Under the Regulation of Bapepam-LK No. VIII.G.7, a government-related entity is an entity that is
controlled, jointly controlled or significantly influenced by the government. Government in this
context is the Minister of Finance or the Local Government, as the shareholder of the entity.
Key management personnel are identified as the persons having authority and responsibility for
planning, directing, and controlling the activities of the entity, directly or indirectly, including any
director (whether executive or otherwise) of the Group. The related party status extends to the key
management of the subsidiaries to the extent they direct the operations of subsidiaries with minimal
involvement from the Company’s management.
d. Business combinations and goodwill
Business combination is accounted for using the acquisition method. The consideration transferred
is measured at fair value, which is the aggregate of the fair value of the assets transferred, liabilities
incurred or assumed, and the equity instruments issued in exchange for control of the acquiree.
For each business combination, non-controlling interest is measured at fair value or at the
proportionate share of the acquiree’s identifiable net assets. The measurement basis is selected
on a transaction-by-transaction basis. Acquisition-related costs are expensed as incurred. The
acquiree’s identifiable assets and liabilities are recognized at their fair values at the acquisition
date.
Goodwill is initially measured at cost, which represents the excess of the aggregate consideration
transferred and the amount recognized for non-controlling interests, and any previous interest held,
over the net identifiable assets acquired and liabilities assumed. If the fair value of the acquired net
assets exceeds the aggregate consideration transferred, the Group re-assesses whether it has
correctly identified all of the assets acquired and all of the liabilities assumed, and reviews the
procedures used to measure the amounts to be recognized at the acquisition date. If the re-
assessment still results in an excess of the fair value of net assets acquired over the aggregate
consideration transferred, then the gain is recognized in profit or loss.
Any contingent consideration to be transferred by the acquirer will be recognized at fair value at
the acquisition date. Contingent consideration classified as equity is not remeasured and its
subsequent settlement is accounted for within equity. Contingent consideration classified as an
asset or liability that is a financial instrument and within the scope of PSAK 109, is measured at fair
value with the changes in fair value recognized in the statement of profit or loss in accordance with
PSAK 109. Other contingent consideration that is not within the scope of PSAK 109 is measured
at fair value at each reporting date with changes in fair value recognized in profit or loss.
20
Page 29
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
d. Business combinations and goodwill (continued)
If the initial accounting for a business combination is incomplete by the end of the reporting period
in which the combination occurs, the Group shall report in its consolidated financial statements
provisional amounts for the items for which the accounting is incomplete. During the measurement
period, the Group shall retrospectively adjust the provisional amounts recognized at the acquisition
date to reflect new information obtained about facts and circumstances that existed as of the
acquisition date and, if known, would have affected the measurement of the amounts recognized
as of that date. The measurement period ends immediately after the Company receives the
information about the facts and circumstances that existed at the acquisition date or learns that
additional information cannot be obtained. However, the measurement period must not exceed one
year from the date of acquisition.
In a business combination achieved in stages, the acquirer remeasures its previously held equity
interest in the acquiree at its acquisition-date fair value and recognizes the resulting gain or loss, if
any, in profit or loss.
Based on PSAK 338: Business Combination of Entities Under Common Control, the transfer of
assets, liabilities, shares or other ownership instruments among the companies under common
control would not result in a gain or loss for the Company or individual entity in the same group.
Since the restructuring transaction between entities under common control does not result in a
change of the economic substance of the ownership of assets, liabilities, shares, or other
instruments of ownership, which are exchanged, assets or liabilities transferred are recorded at
book value using the pooling-of-interests method.
In applying the pooling-of-interests method, the components of the financial statements for the
period during the restructuring occurred must be presented in such a manner as if the restructuring
has occurred since the beginning of the earliest period presented. The excess of consideration paid
or received over the carrying value of interest acquired, net of income tax, is directly recognized to
equity and presented as “Additional Paid-in Capital” under the equity section of the consolidated
statements of financial position.
At the initial application of PSAK 338, all balances of the Difference In Value of Restructuring
Transactions of Entities under Common Control was reclassified to “Additional Paid-in Capital” in
the consolidated statements of financial position.
e. Cash and cash equivalents
Cash and cash equivalents in the consolidated statements of financial position comprise cash in
banks and on hand and short-term highly liquid deposits with a maturity of three months or less,
that are readily convertible to a known amount of cash and subject to an insignificant risk of
changes in value.
Time deposits with maturities of more than three months but not more than one year are
presented as part of “Other current financial assets” in the consolidated statements of financial
position.
21
Page 30
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
f. Inventories
Inventories consist of Subscriber Identification Module ("SIM") cards, and prepaid vouchers which
are expensed upon sale.
Inventories are valued at the lower of cost and net realizable value. Net realizable value is
determined by either estimating the selling price in the ordinary course of business, less estimated
cost to sell or determining the prevailing replacement costs.
The costs of inventories consist of the purchase price, import duties, other taxes, transport,
handling, and other costs directly attributable to their acquisition.
Cost is determined using the weighted average method.
The amounts of any write-down of inventories below cost to net realizable value and all losses
of inventories are recognized as an expense in the period in which the write-down or loss occurs.
The amount of any reversal of any write-down of inventories, arising from an increase in net
realizable value, is recognized as a reduction in the amount of general and administrative expenses
in the year in which the reversal occurs.
Provision for obsolescence is primarily based on the estimated forecast of future usage of these
inventory items.
g. Prepaid expenses
Prepaid expenses are amortized over their future beneficial periods using the straight-line method.
Prepaid expenses are presented in the consolidated statements of financial position as part of other
current assets and other non-current assets.
h. Non-current assets held for sale
Assets (or disposal groups) are classified as assets held for sale when their carrying amount will
be recovered principally through a sale transaction rather than through continuing use, and the
sale is highly probable. These assets are measured at the lower of their carrying amount and fair
value less costs to sell.
An asset (or disposal group) is considered available for immediate sale in its present condition
subject only to terms that are usual and customary for sales of such assets (or disposal groups),
and its sale must be highly probable.
The assets (or disposal groups) classified as held for sale are presented separately from the other
assets in the consolidated statements of financial position. The liabilities of disposal group classified
as held for sale are presented separately from the other liabilities in the consolidated statements of
financial position.
22
Page 31
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
i. Intangible assets
Intangible assets are recognized if it is highly probable that the expected future economic benefits
that are attributable to each asset will flow to the Group, and the cost of the asset can be reliably
measured.
Intangible assets are stated at cost less accumulated amortization and impairment losses (if any).
Intangible assets are amortized over their estimated useful lives. The amortization period and the
amortization method for an intangible asset with a finite useful life are reviewed at least at the end
of the reporting period. The Group estimates the recoverable value of its intangible assets. When
the carrying amount of an intangible asset exceeds its estimated recoverable amount, the asset is
written down to its estimated recoverable amount.
Intangible assets except goodwill, are amortized using the straight-line method, based on the
estimated useful lives of the intangible assets as follows:
Years
Software 3-6
License 3-20
Other intangible assets 3-30
Intangible assets are derecognized on disposal, or when no further economic benefits are
expected, either from further use or from disposal. The difference between the carrying amount
and the net proceeds received from disposal is recognized in the consolidated statements of profit
or loss and other comprehensive income.
j. Property and equipment
Property and equipment are stated at cost less accumulated depreciation, and impairment losses
(if any).
The cost of an item of property and equipment includes: (a) purchase price; (b) any costs directly
attributable to bringing the asset to its location and condition; and (c) the initial estimate of the costs
of dismantling and removing the item and restoring the site on which it is located. Each part of an
item of property and equipment with a cost that is significant in relation to the total cost of the item
is depreciated separately.
Property and equipment, except land rights, are depreciated using the straight-line method based
on the estimated useful lives of the assets as follows:
Years
Buildings 10-50
Leasehold improvements 3-10
Switching equipment 3-15
Telegraph, telex, and data communication equipment 15
Transmission installation and equipment 3-40
Satellite, earth station, and equipment 4-20
Cable network 3-25
Drop cable 5
Power supply 4-25
Data processing equipment 4-20
Other telecommunication peripherals 3-5
Office equipment 2-5
Vehicles 4-8
Other equipment 2-5
23
Page 32
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
j. Property and equipment (continued)
Significant expenditures related to leasehold improvements are capitalized and depreciated over
the lease term.
The depreciation method, useful life, and residual value of an asset are reviewed at least at each
financial year-end and adjusted, if appropriate. The residual value of an asset is the estimated
amount that the Group would currently obtain from disposal of the asset, after deducting the
estimated costs of disposal, if the asset is already of the age and in the condition expected at the
end of its useful life.
Property and equipment acquired in exchange for a non-monetary asset or for a combination of
monetary and non-monetary assets are measured at fair value unless, (i) the exchange transaction
lacks commercial substance; or (ii) the fair value of neither the asset received, nor the asset given
up is measured reliably.
Major spare parts and standby equipment that are expected to be used for more than 12 months
are recorded as part of property and equipment.
When assets are retired or otherwise disposed of, their cost and the related accumulated
depreciation are derecognized from the consolidated statements of financial position and the
resulting gains or losses on the disposal or sale of the property and equipment are recognized in
the consolidated statements of profit or loss and other comprehensive income.
Certain computer hardware cannot be used without the availability of certain computer software.
In such circumstance, the computer software is recorded as part of the computer hardware. If the
computer software is independent from its computer hardware, it is recorded as part of intangible
assets.
The cost of maintenance and repairs are charged to the consolidated statements of profit or loss
and other comprehensive income as incurred. Significant renewals and improvements are
capitalized to related property and equipment account.
The Group recognizes the cost of replacing part of a property and equipment in the carrying amount
of the property and equipment, and derecognizes the carrying amount of the replaced part of the
asset.
Property under construction is stated at cost less impairment (if any), until the construction is
completed, at which time it is reclassified to the property and equipment account to which it relates.
During the construction period and until the property is ready for its intended use or sale, borrowing
costs, which include interest expense and foreign currency exchange differences incurred on loans
obtained to finance the construction of the asset, as long as it meets the definition of a qualifying
asset are, capitalized in proportion to the average amount of accumulated expenditures during the
period. Capitalization of borrowing cost ceases when the construction is completed, and the asset
is ready for its intended use or sale.
24
Page 33
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
k. Leases
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the
contract conveys the right to control the use of an identified asset for a period of time in exchange
for consideration. The lease term corresponds to the non-cancellable period of each contract,
except in cases where the Group is reasonably certain of exercising renewal options contractually
foreseen.
The Group has made use of the package of practical expedients available within PSAK 116, which
among other things:
• the use of a single discount rate to a portfolio of leases with reasonably similar characteristics;
• the accounting for operating leases with a remaining lease term of less than 12 months as
short-term leases;
• the exemption of initial direct costs for the measurement of the right-of-use asset (“ROU”) as
short-term leases;
• the use of hindsight in determining the lease term where the contract contains options to
extend or terminate the lease;
• not separating non-lease components from lease components, and instead, account for both
as a single lease component; and
• not recognizing a lease liability and a ROU asset for leases where the underlying assets are
low-value assets (i.e. underlying assets with a maximum value of US$5,000 or Rp50 million
when it is new).
The Group applies the definition of a lease and related guidance set out in PSAK 116 to all lease
contracts.
i. The Group as lessee
The Group applies a single recognition and measurement approach for all leases, except for
short-term leases and leases of low-value assets. The Group recognizes lease liabilities to
make lease payments and ROU assets representing the right to use the underlying assets.
The Group recognizes ROU assets at the commencement date of the lease. ROU assets are
measured at cost, less any accumulated amortization and impairment losses, and adjusted for
any remeasurement of lease liabilities. The cost of ROU assets includes the amount of lease
liabilities recognized, initial direct costs incurred, restoration costs and lease payments made
at or before the commencement date less any lease incentives received.
ROU assets are amortized on a straight-line basis over the shorter of the lease term and the
estimated useful lives of the assets, as follows:
Years
Land rights 1-33
Buildings 1-30
Transmission installation and equipment 1-25
Vehicles 1-6
Others 1-6
25
Page 34
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
k. Leases (continued)
i. The Group as lessee (continued)
If ownership of the ROU asset transfers to the Group at the end of the lease term or the cost
reflects the exercise of a purchase option, depreciation is calculated using the estimated
useful life of the asset. The ROU assets are subject to impairment in accordance with
PSAK 236: Impairment of Assets.
Lease liabilities
At the commencement date of the lease, the Group recognizes lease liabilities measured at
the present value of lease payments to be made over the lease term. The lease payments
include fixed payments (including in substance fixed payments) less any lease incentives
receivable, variable lease payments that depend on an index or a rate, and amounts expected
to be paid under residual value guarantees. The lease payments also include the exercise
price of a purchase option reasonably certain to be exercised by the Group and payments of
penalties for terminating the lease, if the lease term reflects the Group exercising the option to
terminate. Variable lease payments that do not depend on an index or a rate are recognized
as expenses in the period in which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses its incremental borrowing
rate at the lease commencement date because the interest rate implicit in the lease is not
readily determinable. After the commencement date, the amount of lease liabilities is
increased to reflect the accretion of interest and reduced for the lease payments made. In
addition, the carrying amount of lease liabilities is remeasured if there is a modification, a
change in the lease term, a change in the lease payments, or a change in the assessment of
an option to purchase the underlying asset.
Short-term leases with a duration of less than 12 months and low-value assets leases, as well
as those lease elements, partially or totally not complying with the principles of recognition
defined by PSAK 116 will be treated similarly to operating leases. The Group will recognize
those lease payments on a straight-line basis over the lease term in the consolidated
statements of profit or loss and other comprehensive income.
ii. The Group as lessor
Under PSAK 116, a lessor continues to classify leases as either finance leases or operating
leases and account for those two types of leases differently. Leases in which the Group
transfers substantially all the risks and rewards incidental to ownership of an asset are
classified as finance leases, otherwise it will be classified as operating leases. Lease
classification is made at the inception date and is reassessed only if there is a lease
modification.
At the commencement date, the Group recognizes assets held under a finance lease at an
amount equal to the net investment in the lease and present it as finance lease receivable.
The net investment in the lease includes fixed payments (including in substance fixed
payments) less any lease incentives receivable, variable lease payments that depend on an
index or a rate, and residual value guarantees provided to the lessor by the lessee. The lease
payments also include the exercise price of a purchase option reasonably certain to be
exercised by the lessee and payments of penalties for terminating the lease, if the lease term
reflects the Group exercising the option to terminate.
26
Page 35
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
k. Leases (continued)
ii. The Group as lessor (continued)
As required by PSAK 109, an allowance for expected credit loss has been recognized on the
finance lease receivables and presented under “Other receivables” (Note 8).
Rental income arising from operating leases is accounted for on a straight-line basis over the
lease terms and is included in revenue in the consolidated statements of profit or loss and
other comprehensive income due to its operating nature. Initial direct costs incurred in
negotiating and arranging an operating lease are added to the carrying amount of the
underlying asset and recognized over the lease term on the same basis as rental income.
Contingent rents are recognized as revenue in the period in which they are earned.
If an arrangement contains lease and non-lease components, the Group applies PSAK 115
Revenue from Contracts with Customers to allocate the consideration in the contract. Revenue
arising from operating lease is recorded as revenue from lessor transactions (Note 2o).
l. Deferred charges - land rights
Costs incurred to process the initial legal land rights are recognized as part of the property and
equipment and are not amortized. Costs incurred to process the extension or renewal of legal land
rights are deferred and amortized using the straight-line method over the shorter of the legal term
of the land rights or the economic life of the land.
m. Borrowings
Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are
subsequently carried at amortized cost; any difference between the proceeds (net of transaction
costs) and the redemption value is recognized in the consolidated statements of profit or loss and
other comprehensive income over the period of the borrowings using the effective interest method.
Fees paid on obtaining loan facilities are recognized as transaction costs of the loan to the extent
that it is probable that some or all of the facilities will be drawn down. In this case, the fee is deferred
until the drawdown occurs. To the extent there is no evidence that it is probable that some or all of
the facilities will be drawn down, the fee is capitalized as a prepayment for liquidity services and
amortized over the period of the facilities to which it relates.
27
Page 36
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
n. Foreign currency translations
Transactions in foreign currencies are translated into Indonesian Rupiah at the Reuters’ mid rates
of exchange prevailing at transaction date. At the consolidated statements of financial position
dates, monetary assets and liabilities denominated in foreign currencies are translated into
Indonesian Rupiah based on the buy and sell rates quoted by Reuters prevailing at the consolidated
statements of financial position dates, as follows (in full amount):
2025 2024
Buy Sell Buy Sell
British Pound (“GBP”) 1 22,386 22,401 20,198 20,212
United States Dollar (“US$”) 1 16,672 16,681 16,090 16,100
Australian Dollar (“AU$”) 1 11,136 11,149 9,995 10,009
Singapore Dollar (“SGD”) 1 12,960 12,969 11,815 11,829
New Taiwan Dollar (“TWD”) 1 530.38 531.21 490.07 490.52
Euro (“EUR”) 1 19,541 19,556 16,761 16,775
Japanese Yen ("JPY") 1 106.45 106.52 103.02 103.11
Malaysian Ringgit ("MYR") 1 4,101 4,111 3,591 3,601
Hong Kong Dollar (“HKD”) 1 2,142 2,143 2,072 2,074
Myanmar Kyat (“MMK”) 1 7.91 7.97 7.64 7.69
The result of foreign exchange gains or losses, realized and unrealized, are credited or charged to
the consolidated statements of profit or loss and other comprehensive income of the current year,
except for foreign exchange differences incurred on borrowings during the construction of qualifying
assets which are capitalized to the extent that the borrowings can be attributed to the construction
of those qualifying assets (Note 2i).
o. Revenue and expense recognition
Revenue from contract with customers
PSAK 115 establishes a comprehensive framework to determine how, when, and how much
revenue is to be recognized. The standard provides a single principles-based five-step model for
the determination and recognition of revenue to be applied to all contracts with customers. The
standard also provides specific guidance requiring certain types of costs to obtain and/or fulfill a
contract to be capitalized and amortized on a systematic basis that is consistent with the transfer
to the customer of the goods or services to which the capitalized cost relates.
28
Page 37
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
o. Revenue and expense recognition (continued)
Revenue from contract with customers (continued)
Below is the summary of the Group’s revenue recognition accounting policy for each revenue
stream:
i. Data, Internet and IT Service
Revenues from data communication and internet are recognized based on service activity and
performance which are measured by the duration of internet usage or based on the fixed
amount of charges depending on the arrangements with customers. Revenues from sales,
installation and implementation of computer software and hardware, computer data network
installation service and installation are recognized when the goods and/or services are
delivered to customers or the installation takes place. Revenue from computer software
development service is recognized using the percentage-of completion method.
For services sold in bundled plan/solution, total consideration is allocated to performance
obligations based on stand-alone selling price for each of the product and/or service.
The Group estimates the stand-alone selling price using the price enacted if the services are
sold on a stand-alone basis. Most bundled plans/solution sold by the Group only include
services which are generally satisfied over the same period of time. Therefore, the revenue
recognition pattern is generally not impacted by the allocation.
ii. IndiHome
Revenues from IndiHome service are derived from customer who subscribes to internet
services or to bundled package with combination of consumer service (i.e. telephone, internet
and data, and paid TV). Those services are offered on a postpaid basis and billed in the
following month. The Group applies terms and conditions that requires the customer to pay
substantive early termination penalty if the customer’s contract is ended at the customer’s
request and/or fault within the first 12 months after the service is activated. After the initial
12-month period, the customer can decide to stop subscribing in accordance with the
applicable terms and conditions without incurring any penalties. In accordance with PSAK 115,
the contract period is 12 months, which is then followed by a monthly contract.
All IndiHome services are recognized using the output method based on the customer's actual
usage or time elapsed basis as the customer simultaneously receives and consumes the
benefits provided by the Group.
Customers are required to pay an upfront fee at the commencement of the contract. The
upfront fee is considered to be a material right because the customer is not required to pay an
upfront fee when the customer renews the service beyond the original contract period. The
Group values the renewal option in the amount of the consideration received from the upfront
fee for the installation service. The Group defers the amount of renewal option as contract
liabilities and recognizes it as revenue on a straight-line basis over the expected customer life.
The Group estimates the expected customer life based on the historical information and
customer trends and updates the evaluation on an annual basis.
29
Page 38
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
o. Revenue and expense recognition (continued)
Revenue from contract with customers (continued)
iii. Interconnection
Revenue from interconnection is mainly comprises of interconnections service or other
telecommunications carriers’ subscriber calls to the Group’s subscribers (incoming call),
calls between other telecommunications carriers’ subscribers through the Group’s network
(transit), and network service with other telecommunications carriers. All of these services are
recognized based on the output method using the basis of the actual recorded traffic for the
month.
iv. SMS, Fixed and Cellular Voice
Services are offered on postpaid or prepaid basis. For prepaid services, initial package sales
(also known as SIM cards and initial charging vouchers) and top-up vouchers are initially
recognized as contract liabilities. The Group recognizes contract assets for the services from
postpaid customers that have not been billed.
Those services revenues are recognized based on output method, either per actual usage or
allowance unit used (if the services are sold in plan basis), because the customer
simultaneously receives and consumes the benefits provided by the Group.
For services sold in bundled plan, total consideration is allocated to performance obligations
based on stand-alone selling price for each of the product and/or service. The Group estimates
the stand-alone selling price using the price enacted if the services are sold on a stand-alone
basis. Most bundled plans sold by the Group only include services which are generally
satisfied over the same period of time. Therefore, the revenue recognition pattern is generally
not impacted by the allocation.
The consideration that is received is allocated between the telecommunication services sold
and the points issued, with the consideration allocated to points that are equal to its fair value.
The fair value of the points that are issued is deferred and recognized as revenue when the
points are redeemed, expired, or when the program is terminated.
v. Network and Other Telecommunication Services
Revenues from network consist of revenues from leased lines and satellite transponder leases
which are recognized over the period in which the services are rendered. Revenues from other
telecommunications equipments or services are recognized when other telecommunications
equipments or services are rendered to customers.
30
Page 39
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
o. Revenue and expense recognition (continued)
Contract assets
A contract asset is initially recognized for revenue earned from delivery of goods or services
because the receipt of consideration is conditional on certain milestones or upon completion of the
project. Upon completion of the milestones or the project, the amount recognized as contract assets
is reclassified to trade receivables.
Refer to accounting policies on impairment of financial assets in section 2.r.i. Financial
instruments - initial recognition and subsequent measurement.
Contract liabilities
A contract liability is recognized if a payment is received or a payment is due (whichever is earlier)
from a customer before the Group transfers the related goods or services. Contract liabilities are
recognized as revenue when the Group performs under the contract (i.e., transfers control of the
related goods or services to the customer).
Incremental cost of obtaining and cost of fulfilling contract
The incremental costs of obtaining/fulfilling contracts with customers, which principally are
comprised of sales commissions and contract fulfilment costs, are initially recognized on the
consolidated statements of financial position as contract costs. These costs are subsequently
amortized on a systematic basis that is consistent with the period and pattern of transfer to the
customer of the related products or services. Costs that do not qualify as costs of obtaining/fulfilling
contract with customers are expensed as incurred or in accordance with other relevant standards.
At the end of each reporting year, the Group evaluates whether there is an indication that
capitalized contract costs may be impaired. An impairment exists when the carrying amount of the
contract costs exceeds the amount expected to be received in exchange for goods and services.
When impairment exists, an impairment loss is recognized in consolidated statements of profit or
loss and other comprehensive income.
Revenue from lessor transactions
Revenue from lessor transactions comprises of revenue from telecommunication tower operating
leases and other rental. Rental income is recognized on a straight-line basis over the lease term
and is included in revenue in the statements of profit or loss due to its operating nature.
Expenses
Expenses are recognized as they are incurred.
31
Page 40
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
p. Employee benefits
i. Short-term employee benefits
All short-term employee benefits which consist of salaries and related benefits, vacation pay,
incentives and other short-term benefits are recognized as expense on undiscounted basis
when employees have rendered service to the Group.
ii. Post-employment benefit plans and other long-term employee benefits
Post-employment benefit plans consist of funded and unfunded defined benefit pension plans,
defined contribution pension plan, other post-employment benefits, post-employment health
care benefit plan, defined contribution health care benefit plan and obligations under the Labor
Law.
Other long-term employee benefits consist of Long Service Awards (“LSA”), Long Service
Leave (“LSL”), and pre-retirement benefits.
The cost of providing benefits under post-employment benefit plans and other long-term
employee benefits calculation is performed by an independent actuary using the projected unit
credit method.
The net obligations in respect of the defined pension benefit plans and post-retirement health
care benefit plan are calculated at the present value of estimated future benefits that the
employees have earned in return for their service in the current and prior periods less the fair
value of plan assets. The present value of the defined benefit obligation is determined by
discounting the estimated future cash outflows using interest rates of Government bonds that
are denominated in the currencies in which the benefits will be paid and that have terms to
maturity approximating the terms of the related retirement benefit obligation. Government
bonds are used as there are no deep markets for high quality corporate bonds.
Plan assets are assets owned by defined benefit pension plan and post-retirement health care
benefits plan as well as qualifying insurance policy. The assets are measured at fair value as
of reporting dates. The fair value of qualifying insurance policy is deemed to be the present
value of the related obligations (subject to any reduction required if the amounts receivable
under the insurance policies are not recoverable in full).
Remeasurement, comprising of actuarial gains and losses, the effect of the asset ceiling
(excluding amounts included in net interest on the net defined benefit liability (asset) and the
return on plan assets (excluding amounts included in net interest on the net defined benefit
liability (asset)) are recognized immediately in the consolidated statements of financial position
with a corresponding debit or credit to retained earnings through OCI in the period in which
they occur. Remeasurements are not reclassified to profit or loss in subsequent periods.
Past service costs are recognized immediately in profit or loss on the earlier of:
(a) the date of plan amendment or curtailment; and
(b) the date that the Group recognized restructuring-related costs.
Net interest is calculated by applying the discount rate to the net defined benefit liabilities or
assets.
32
Page 41
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
p. Employee benefits (continued)
ii. Post-employment benefit plans and other long-term employee benefits (continued)
Gains or losses on curtailment are recognized when there is a commitment to make a material
reduction in the number of employees covered by a plan or when there is an amendment of
defined benefit plan terms such as that a material element of future services to be provided by
current employees will no longer qualify for benefits, or will qualify only for reduced benefits.
Gains or losses on settlement are recognized when there is a transaction that eliminates all
further legal or constructive obligation for part, or all of the benefits provided under a defined
benefit plan (other than the payment of benefit in accordance with the program and included
in the actuarial assumptions).
For defined contribution plans, the regular contributions constitute net periodic costs for the
period in which they are due and, as such, are included in “personnel expenses” as they
become payable.
The Group attributed benefits under the defined benefit plan’s benefit formula to periods of
service from the date when employee service first leads to benefits under the plan until the
date when further employee service will lead to no material amount of further benefits under
the plan.
iii. Early retirement benefit
Early retirement benefits are accrued at the time the Group makes a commitment to provide
early retirement benefits as a result of an offer made in order to encourage voluntary
resignation. A commitment to a termination arises when, and only when a detailed formal plan
for the early retirement cannot be withdrawn.
q. Taxes
Income tax
Current and deferred income taxes are recognized as income or expense and included in the
consolidated statements of profit or loss and other comprehensive income, except to the extent
that the income tax arises from a transaction or event which is recognized directly in equity, in
which case, the income tax is recognized directly in equity.
Current income tax assets and liabilities are measured at the amounts expected to be recovered
or paid by using the tax rates and tax laws that have been enacted or substantively enacted at
each reporting date. Management periodically evaluates positions taken in Annual Tax Returns
("Surat Pemberitahuan Tahunan"/"SPT Tahunan") with respect to situations in which applicable tax
regulation is subject to interpretation. Where appropriate, management establishes provisions
based on the amounts expected to be paid to the Tax Authorities.
Tax assessments
Amendment to taxation obligation is recorded when an assessment letter (“Surat Ketetapan Pajak”
or “SKP”) is received or, if appealed against, when the results of the appeal have been determined.
The additional taxes and penalty imposed through SKP are recognized as revenue or expense in
the current year profit or loss, unless objection/appeal is taken. The additional taxes and penalty
imposed through SKP are deferred as long as they meet the asset recognition criteria.
33
Page 42
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
q. Taxes (continued)
Deferred tax
The Group recognizes deferred tax assets and liabilities for temporary differences between the
financial and tax bases of assets and liabilities at each reporting date. The Group also recognizes
deferred tax assets resulting from the recognition of future tax benefits, such as the benefit of tax
losses carried forward to the extent their future realization is probable. Deferred tax assets and
liabilities are measured using enacted or substantively enacted tax rates and tax laws at each
reporting date which are expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced if it is
no longer probable that sufficient taxable profit will be available to compensate part, or all of the
benefits of deferred tax assets. Unrecognized deferred tax assets are re-assessed at each
reporting date and recognized if it is probable that future taxable profits will be available for
recovery. Tax deductions arising from the reversal of deferred tax assets are excluded from
estimates of future taxable income.
Deferred tax transactions which are recognized outside profit or loss. Therefore, deferred taxes on
these transactions are recognized either in other comprehensive income or recognized directly in
equity.
Deferred tax assets and liabilities are offset in the consolidated statements of financial position, if
and only if it has a legally enforceable right to set off current tax assets and liabilities and the
deferred tax assets and liabilities relate to income taxes levied by the same Tax Authority on either
the same taxable entity or different taxable entities which intend either to settle current tax liabilities
and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each
future period in which significant amounts of deferred tax assets or liabilities are expected to be
recovered or settled.
Value added tax (“VAT”)
Revenues, expenses and assets are recognized net of the VAT amount except:
i. VAT arising from the purchase of assets or services that cannot be credited by the Tax Office,
which VAT is recognized as part of the acquisition cost of the asset or as part of the applied
expenses; and
ii. Receivables and payables are presented including the amount of VAT.
Uncertainty over income tax treatments
ISAK 123: Uncertainty Over Income Tax Treatments stated that the recognition and measurement
of tax assets and liabilities that contain uncertainty over income tax are determined by considering
whether to be treated separately or together, the assumptions used in the examination of tax
treatments by the Tax Authorities, consideration the probability that the Tax Authorities will accept
uncertain tax treatment and re-consideration or estimation if there is a change in facts and
circumstances.
If the acceptance of the tax treatment by the Tax Authorities is probable, the measurement is in
line with income tax fillings. If the acceptance of the tax treatment by the Tax Authorities is not
probable, the Group measures its tax balances using the method that provides the better prediction
of resolution (i.e. most likely amount or expected value).
34
Page 43
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
q. Taxes (continued)
Final tax
Indonesian tax regulations impose final tax on several types of transactions based on the gross
value of the transaction. Therefore, final tax which is charged based on such transaction remains
subject to tax even though the taxpayer incurred a loss on the transaction.
The final tax is scoped out from PSAK 212: Income Tax. Final tax on construction services and
leases are presented as part of “Other income - net”.
r. Financial instruments
The Group classifies financial instruments into financial assets and financial liabilities. A financial
instrument is any contract that gives rise to a financial asset of one entity and a financial liability or
equity instrument of another entity.
i. Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, and subsequently measured at amortized
cost, fair value through OCI (“FVTOCI”), and fair value through profit or loss (“FVTPL”).
The classification of financial assets at initial recognition depends on the financial asset’s
contractual cash flow characteristics and the Group’s business model for managing them. With
the exception of trade receivables that do not contain a significant financing component or for
which the Group has applied the practical expedient, the Group initially measures a financial
asset at its fair value plus, in the case of a financial asset not at FVTPL, transaction costs.
Trade receivables that do not contain a significant financing component or for which the Group
has applied the practical expedient are measured at the transaction price determined under
PSAK 115.
In order for a financial asset to be classified and measured at amortized cost or FVTOCI, it
needs to give rise to cash flows that are Solely Payments of Principal and Interest (“SPPI”) on
the principal amount outstanding. This assessment is referred to as the solely payments of
principal and interest test and is performed at an instrument level.
The Group’s business model for managing financial assets refers to how it manages its
financial assets in order to generate cash flows. The business model determines whether cash
flows will result from collecting contractual cash flows, selling the financial assets, or both.
Purchases or sales of financial assets that require delivery of assets within a time frame
established by regulation or convention in the marketplace (regular way trades) are recognized
on the trade date, i.e., the date that the Group commits to sell the asset.
35
Page 44
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
r. Financial instruments (continued)
i. Financial assets (continued)
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in four categories:
(a) Financial assets at amortized cost (debt instruments)
The Group measures financial assets at amortized cost if both of the following conditions
are met:
• The financial asset is held within a business model with the objective to hold financial
assets in order to collect contractual cash flows; and
• The contractual terms of the financial asset give rise on specified dates to cash flows
that are solely payments of principal and interest on the principal amount
outstanding.
Financial assets at amortized cost are subsequently measured using the effective interest
rate (“EIR”) method and are subject to impairment. Gains and losses are recognized in
profit or loss when the asset is derecognized, modified or impaired. The Group’s financial
assets at amortized cost consist of cash and cash equivalents, trade and other
receivables, other current financial assets, and other non-current assets.
(b) Financial assets at FVTOCI with recycling of cumulative gains and losses (debt
instruments)
The Group measures debt instruments at FVTOCI if both of the following conditions are
met:
• The financial asset is held within a business model with the objective of both holding
to collect contractual cash flows and selling; and
• The contractual terms of the financial asset give rise on specified dates to cash flows
that are solely payments of principal and interest on the principal amount
outstanding.
For debt instruments at FVTOCI, interest income, foreign exchange revaluation, and
impairment losses or reversals are recognized in the statements of profit or loss and
computed in the same manner as for financial assets measured at amortized cost. The
remaining fair value changes are recognized in OCI. Upon derecognition, the cumulative
fair value change recognized in OCI is recycled to profit or loss.
(c) Financial assets designated at FVTOCI with no recycling of cumulative gains and losses
upon derecognition (equity instruments)
Upon initial recognition, the Group can elect to classify irrevocably its equity investments
as equity instruments designated at FVTOCI when they meet the definition of equity under
PSAK 232, Financial Instruments: Presentation and are not held for trading. The
classification is determined on an instrument-by-instrument basis. Gains and losses on
these financial assets are never recycled to consolidated statements of profit or loss and
other comprehensive income. Dividends are recognized as other income in
the statements of profit or loss when the right of payment has been established, except
when the Group benefits from such proceeds as a recovery of part of the cost of the
financial asset, in which case, such gains are recorded in OCI. Equity instruments
designated at FVTOCI are not subject to impairment assessment. The Group’s financial
assets at this category consists of long-term investments in financial instruments.
36
Page 45
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
r. Financial instruments (continued)
i. Financial assets (continued)
Subsequent measurement (continued)
(d) Financial assets at FVTPL
Financial assets at FVTPL include financial assets held for trading, financial assets
designated upon initial recognition at FVTPL, or financial assets mandatorily required to
be measured at fair value. Financial assets are classified as held for trading if they are
acquired for the purpose of selling or repurchasing in the near term. Derivatives, including
separated embedded derivatives, are also classified as held for trading unless they are
designated as effective hedging instruments. Financial assets with cash flows that do not
meet the SPPI requirement are classified and measured at FVTPL, irrespective of the
business model. Notwithstanding the criteria for debt instruments to be classified at
amortized cost or at FVTOCI, as described above, debt instruments may be designated
at FVTPL on initial recognition if doing so eliminates, or significantly reduces, an
accounting mismatch.
Financial assets at FVTPL are carried in the consolidated statements of financial position
at fair value with net changes in fair value recognized in the consolidated statements of
profit or loss and other comprehensive income. The Group’s financial assets at FVTPL
consists of other long-term investments in financial instruments and other current financial
assets.
Expected credit losses (“ECL”)
The Group recognizes an allowance for ECL for all debt instruments not held at FVTPL. ECL
are based on the difference between the contractual cash flows due in accordance with the
contract and all the cash flows that the Group expects to receive, discounted at
an approximation of the original effective interest rate. The expected cash flows will include
cash flows from the sale of collateral held or other credit enhancements that are integral to the
contractual terms.
ECL are recognized in two stages. For credit exposures for which there has not been
a significant increase in credit risk since initial recognition, ECL are provided for credit losses
that result from default events that are possible within the next 12-months (a 12-month ECL).
For those credit exposures for which there has been a significant increase in credit risk since
initial recognition, a loss allowance is required for credit losses expected over the remaining
life of the exposure, irrespective of the timing of the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in
calculating ECL. Therefore, the Group does not track changes in credit risk, but instead
recognizes a loss allowance based on lifetime ECL at each reporting date. The Group has
established an allowance for expected credit loss methodology that is based on its historical
credit loss experience, adjusted for forward-looking factors specific to the debtors and the
economic environment.
37
Page 46
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
r. Financial instruments (continued)
i. Financial assets (continued)
Expected credit losses (“ECL”) (continued)
The Group considers a financial asset in default when contractual payments are 90 days past
due. However, in certain cases, the Group may also consider a financial asset to be in default
when internal or external information indicates that the Group is unlikely to receive the
outstanding contractual amounts in full before taking into account any credit enhancements
held by the Group. Trade receivables are written-off when there is a low possibility of
recovering the contractual cash flow, after all collection efforts have been done and have been
fully provided for allowance.
ii. Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value
through profit or loss, loans and borrowings, payables or as derivatives designated as hedging
instruments in an effective hedge, as appropriate.
All financial liabilities are recognized initially at fair value and, in the case of loan and
borrowings and payables, net of directly attributable transaction costs.
The Group classifies its financial liabilities as: (a) financial liabilities at FVTPL or (b) financial
liabilities measured at amortized costs.
The Group’s financial liabilities include trade and other payables, accrued expenses, customer
deposits, interest-bearing loans, and lease liabilities. Interest-bearing loans consist of short-
term bank loans, bonds, and long-term bank loans.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
(a) Financial liabilities at FVTPL
Financial liabilities at FVTPL include financial liabilities held for trading and financial
liabilities designated upon initial recognition as at FVTPL. Financial liabilities are
classified as held for trading if they are incurred for the purpose of repurchasing in the
near term. This category also includes derivative financial instruments entered into by the
Group that are not designated as hedging instruments in hedge relationships. Separated
embedded derivatives are also classified as held for trading unless they are designated
as effective hedging instruments. Gains or losses on liabilities held for trading are
recognized in the statements of profit or loss.
Financial liabilities designated upon initial recognition at FVTPL are designated at the
initial date of recognition, and only if the criteria in PSAK 109 are satisfied. The Group
has not designated any financial liability as at FVTPL.
38
Page 47
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
r. Financial instruments (continued)
ii. Financial liabilities (continued)
Subsequent measurement (continued)
(b) Financial liabilities measured at amortized cost
This is the category most relevant to the Group. After initial recognition, interest-bearing
loans and other borrowings are subsequently measured at amortized cost using the EIR
method. Gains and losses are recognized in profit or loss when the liabilities are
derecognized as well as through the EIR amortization process. Amortized cost is
calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortization is included as finance
costs in the statements of profit or loss. This category generally applies to interest-bearing
loans and other borrowings. For more information, refer to Note 19.
iii. Offsetting financial instruments
Financial assets and liabilities are offset and the net amount is reported in the consolidated
statements of financial position when there is a legally enforceable right to offset the
recognized amounts and there is an intention to settle them on a net basis, or realize the
assets and settle the liabilities simultaneously. The right of offset must not be contingent on a
future event and must be legally enforceable in all of the following circumstances:
(a) the normal course of business;
(b) the event of default; and
(c) the event of insolvency or bankruptcy of the Group and all of the counterparties.
iv. Derecognition of financial instruments
The Group derecognizes a financial asset when the contractual rights to the cash flows from
the financial asset expire, or when the Group transfers substantially all the risks and rewards
of ownership of the financial asset.
The Group derecognizes a financial liability when the obligation specified in the contract is
discharged or cancelled or has expired.
s. Treasury stock
Reacquired the Company’s shares of stock are accounted for at their reacquisition cost and
classified as “Treasury Stock” and presented as a deduction in equity. The cost of treasury stock
sold/transferred is accounted for using the weighted average method. No gain or loss is recognized
in profit or loss on the acquisition, resale, issuance, or cancellation of the Group’s equity
instruments. Any difference between the carrying amount and consideration from future re-sale of
treasury stocks, is recognized as part of additional paid-in-capital in the equity.
t. Dividends
Dividend for distribution to the stockholders is recognized as a liability in the consolidated financial
statements in the year in which the dividend is approved by the stockholders. The interim dividend
is recognized as a liability based on the Directors’ decision supported by the approval from the
Board of Commissioners.
39
Page 48
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
u. Basic earnings per share and earnings per ADS
Basic earnings per share is computed by dividing profit for the year attributable to owners of the
parent company by the weighted average number of shares outstanding during the year. Income
per ADS is computed by multiplying the basic earnings per share by 100, the number of shares
represented by each ADS.
v. Segment information
The Group's segment information is presented based upon identified operating segments in
accordance with PSAK 108: Operating Segment. An operating segment is a component of an
entity:
i. that engages in business activities from which it may earn revenues and incur expenses
(including revenues and expenses relating to transactions with other components of the same
entity);
ii. whose operating results are regularly reviewed by the Group’s Chief Operating Decision Maker
(“CODM”) i.e., the Directors, to make decisions about resources to be allocated to the segment
and assess its performance; and
iii. for which discrete financial information is available.
w. Provisions
Provisions are recognized when the Group has present obligations (legal or constructive) arising
from past events and it is probable that an outflow of resources embodying economic benefits will
be required to settle the obligations and the amount can be measured reliably.
Provisions for onerous contracts are recognized when the contract becomes onerous for the lower
of the cost of fulfilling the contract and any compensation or penalties arising from failure to fulfill
the contract.
x. Impairment of non-financial assets
At the end of each reporting period, the Group assesses whether there is an indication that an non-
financial assets may be impaired. These assets include property and equipment, current assets,
and other non-current assets, including intangible assets. If such indication exists, the recoverable
amount is estimated for the individual asset. If it is not possible to estimate the recoverable amount
of the individual asset, the Group determines the recoverable amount of the Cash-Generating Unit
(“CGU”) to which the asset belongs (“the asset’s CGU”).
The recoverable amount of an asset (either individual asset or CGU) is the higher of the asset’s
fair value less costs to sell and its value in use (“VIU”). Where the carrying amount of the asset
exceeds its recoverable amount, the asset is considered impaired and is written down to its
recoverable amount. In assessing the value in use, the estimated net future cash flows are
discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset.
In determining fair value less costs to sell, recent market transaction prices are taken into account,
if available. If no such transactions can be identified, the Group uses an appropriate valuation
model to determine the fair value of the asset. These calculations are corroborated by multiple
valuations or other available fair value indicators.
Impairment losses of continuing operations are recognized in the consolidated statements of profit
or loss and other comprehensive income.
40
Page 49
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
x. Impairment of non-financial assets (continued)
At the end of each reporting period, the Group assesses whether there is any indication that
previously recognized impairment losses for an asset, other than goodwill, may no longer exist or
may have decreased. If such indication exists, the recoverable amount is estimated. A previously
recognized impairment loss for an asset, other than goodwill, is reversed only if there has been
a change in the assumptions used to determine the asset’s recoverable amount since the last
impairment loss was recognized. The reversal is limited such that the carrying amount of the asset
does not exceed its recoverable amount, nor exceeds the carrying amount that would have been
determined, net of depreciation, had no impairment been recognized for the asset in prior periods.
Reversal of an impairment loss is recognized in consolidated statements of profit or loss and other
comprehensive income.
Goodwill is tested for impairment annually and when circumstances indicate that the carrying value
may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of
each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the
CGU is less than its carrying amount, an impairment loss is recognized. Impairment loss relating
to goodwill cannot be reversed in future periods.
y. Current and non-current classifications
The Group presents assets and liabilities in the statements of financial position based on current/
non-current classification. An asset is presented as current when it is:
i. expected to be realized or intended to be sold, or consumed in the normal operating cycle;
ii. held primarily for the purpose of trading;
iii. expected to be realized within twelve months after the reporting period; or
iv. cash or cash equivalent unless restricted from being exchanged or used to settle a liability for
at least twelve months after the reporting period.
Assets which do not meet above criteria are classified as non-current assets.
A liability is presented as current when:
i. it is expected to be settled in the normal operating cycle;
ii. it is held primarily for the purpose of trading;
iii. it is due to be settled within twelve months after reporting period;
iv. there is no right by the end of reporting period to defer the settlement of the liability for at least
twelve months after the reporting period.
The terms of liability that could, at the option of counterparty, result in its settlement by the issue of
equity instruments do not affect its classification.
Liabilities which do not meet above criteria are classified as long-term liabilities.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
z. Significant accounting judgements, estimates, and assumptions
The preparation of the Group's consolidated financial statements requires management to make
judgements, estimates, and assumptions that affect the reporting amounts of revenue, expenses,
assets and liabilities, and the accompanying disclosures, and disclosures of contingent liabilities,
at the end of the reporting period.
Uncertainty about these assumptions and estimates can produce results that require a material
adjustment to the carrying amounts of assets and liabilities affected in the coming periods.
41
Page 50
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
z. Significant accounting judgements, estimates, and assumptions (continued)
i. Judgements
The following judgements were made by management in applying the Group's accounting
policies that have the most significant influence on the amounts recognized in the consolidated
financial statements:
Segment information
For management purposes, the Group uses a business pillars-based as follows: Business to
Customer (“B2C”), Business to Business Infrastructure (“B2B Infra”), Business to
Business ICT (“B2B ICT”), International, and Others. The Group has determined the reportable
segment reported based on, among others, the structure of the organization as well as the
components of the Group whose operating results are regularly reviewed by CODM. The
Group has determined that the Directors is the CODM, as it monitors the operating results of
each segment separately for the purposes of resource allocation and performance
assessment.
Income taxes
Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax
laws, and the amount and timing of future taxable income could necessitate future adjustments
to tax income and expense already recorded. Judgement is also involved in determining the
provision for corporate income tax. There are certain transactions and computation for which
the ultimate tax determination is uncertain during the ordinary course of business.
The Group recognizes liabilities for anticipated tax audit issues based on estimates of whether
additional taxes will be due. Where the final tax outcome of these matters is different from the
amounts that were initially recorded, such differences will impact the current and deferred
income tax assets and liabilities in the year in which such determination is made.
ii. Estimates and assumptions
Estimates and assumption are continually evaluated and are based on historical experience
and other factors, including expectations of future events that are believed to be reasonable
under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting
estimates will, by definition, seldom equal the related actual results. The estimates and
assumptions at the reporting date that have a significant risk of causing a material adjustment
to the carrying amounts of assets and liabilities within the next financial year are addressed
below.
(a) Retirement benefits
The present value of the retirement benefit obligations depends on a number of factors
that are determined on an actuarial basis using a number of assumptions. The
assumptions used in determining the net cost (income) for pensions include the discount
rate and return on investment (“ROI”). Any changes in these assumptions will impact the
carrying amount of the retirement benefit obligations.
The Group determines the appropriate discount rate at the end of each reporting period.
This is the interest rate that should be used to determine the present value of estimated
future cash outflows expected to be required to settle the obligations. In determining the
appropriate discount rate, the Group considers the interest rates of Government bonds
that are denominated in the currency in which the benefits will be paid and that have
terms to maturity approximating the terms of the related retirement benefit obligations.
42
Page 51
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
z. Significant accounting judgements, estimates, and assumptions (continued)
ii. Estimates and assumptions (continued)
(a) Retirement benefits (continued)
If there is an improvement in the ratings of such Government bonds or a decrease in
interest rates as a result of improving economic conditions, there could be a material
impact on the discount rate used in determining the post-employment benefit obligations.
Other key assumptions for retirement benefit obligations are based in part on current
market conditions. Additional information is disclosed in Notes 30 and 31.
(b) Useful lives of property and equipment
The Group estimates the useful lives of its property and equipment based on expected
asset utilization, considering strategic business plans, expected future technological
developments, and market behavior. The estimates of useful lives of property and
equipment are based on the Group’s collective assessment of industry practice, internal
technical evaluation, and experience with similar assets.
The Group reviews its estimates of useful lives at least each financial year-end and such
estimates are updated if expectations differ from previous estimates due to changes in
expectation of physical wear and tear, technical or commercial obsolescence, and legal
or other limitations on the continuing use of the assets. The amounts of recorded
expenses for any year will be affected by changes in these factors and circumstances. A
change in the estimated useful lives of the property and equipment is a change in
accounting estimates and is applied prospectively in profit or loss in the period of the
change and future periods.
In 2025, the Company determined changes in the estimated useful lives for several assets
owned by the Company are as follows:
Change in
HIDDEN_ROW Estimated estimated
useful lives useful lives
Property and equipment Asset class (years) (years)
Cable network Optical line terminal 25 8
Switching equipment Switching equipment 10-15 5-10
Transmission installation,
and equipment Terrestrial transmission 10-15 8
Satellite, earth station, IP Multimedia Subsystem
and equipment ("IMS") 10-15 8
(c) Determining the lease term of contracts with renewal and termination options - Group as
lessee
The Group determines the lease term as the non-cancellable term of the lease, together
with any periods covered by an option to extend the lease if it is reasonably certain to be
exercised, or any periods covered by an option to terminate the lease, if it is reasonably
certain not to be exercised.
43
Page 52
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
z. Significant accounting judgements, estimates, and assumptions (continued)
ii. Estimates and assumptions (continued)
(c) Determining the lease term of contracts with renewal and termination options - Group as
lessee (continued)
The Group has several lease contracts that include extension and termination options.
The Group applies judgement in evaluating whether it is reasonably certain whether or
not to exercise the option to renew or terminate the lease. That is, it considers all relevant
factors that create an economic incentive for it to exercise either the renewal or
termination. After the commencement date, the Group reassesses the lease term if there
is a significant event or change in circumstances that is within its control and affects its
ability to exercise or not to exercise the option to renew or to terminate.
(d) Allowance for expected credit losses for financial assets
The Group applies a simplified approach in calculating ECLs for trade receivables and
contract assets. Therefore, the Group does not track changes in credit risk, but instead
recognizes a loss allowance based on lifetime ECLs at each reporting date. For other
receivables, the Group assesses whether there is objective evidence that other
receivables have been impaired at the end of each reporting period.
The Group has established an allowance for expected credit losses methodology for trade
receivables and contract assets that is based on its historical credit loss experience and
latest supportable data to better reflect the current change in circumstances, adjusted for
forward-looking factors specific to the debtors, and the economic environment. Methods
and approaches will continue to be monitored and updated if additional reasonable and
supportable data and information are available.
(e) Revenue
(i) Critical judgements in determining the performance obligation, timing of revenue
recognition, and revenue classification
The Group provides information technology services that are bespoke in nature.
Bespoke products consist of various goods and/or services bundled together in order
to provide integrated solution services to customers. In addition to the bespoke
service, the Group also provides multiple standard products as bundling product in
contract with customer. Significant judgement is required in determining the number
and nature of performance obligations promised to customers in those contracts.
The number and nature of performance obligations will determine the timing of
revenue recognition for such contract.
The Group reviews the determination of performance obligations on a contract-by-
contract basis. When a contract consisting of several goods and/or service is
assessed to have one performance obligation, the Group applies a single method of
measuring progress for the performance obligation based on the measurement
method that best depicts the economics of the contract, which in most cases is over
time.
The Group also presents the revenue classification using consistent approach.
When a contract consisting of several goods and/or service is assessed to have one
performance obligation, the Group presents that performance obligations in one
financial statement line items which best represent the main service of the Group,
which in most cases is the internet, data communication, and information technology
services.
44
Page 53
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
z. Significant accounting judgements, estimates, and assumptions (continued)
ii. Estimates and assumptions (continued)
(e) Revenue (continued)
(ii) Critical judgements in determining the stand-alone selling price
The Group provides wide array of products related to telecommunication and
technology. To determine the stand-alone selling price for goods and/or services that
do not have any readily available observable price, the Group uses the expected
cost-plus margin approach. The Group determines the appropriate margin based on
historical achievement.
(f) Test for impairment of non-current assets and goodwill
The application of the acquisition method in a business combination requires the use of
accounting estimates in allocating the purchase price to the fair market value of the assets
and liabilities acquired, including intangible assets. Certain business acquisitions by the
Group resulted goodwill, which is not amortized but is tested for impairment annually and
every indication of impairment exists.
The calculation of future cash flows in determining the fair value of property and
equipment and other non-current assets of the acquired entity at the acquisition date
involves significant estimation. Although management believes that the assumptions
used are appropriate, significant changes to those assumptions can materially affect the
evaluation of recoverable amounts and may result in impairment according to PSAK 236.
(g) Fair value measurement of financial instruments
When the fair values of financial assets and financial liabilities recorded in the statements
of financial position cannot be measured based on quoted prices in active markets, their
fair value is measured using valuation techniques including the discounted cash flow
(“DCF”) model. The inputs to these models are taken from observable markets where
possible, but where this is not feasible, a degree of judgement is required in establishing
fair values. Judgements include considerations of inputs such as liquidity risk, credit risk
and volatility. Changes in assumptions relating to these factors could affect the reported
fair value of financial instruments.
(h) Acquisition
The Group evaluates each acquisition transaction to determine whether it will be treated
as an asset acquisition or business combination. For transactions that are treated as an
asset acquisition, the purchase price is allocated to the assets obtained, without the
recognition of goodwill. For acquisitions that meet the business combination definition,
the Group applies the accounting for business acquisiton method for assets acquired and
liabilities assumed which are recorded at fair value at the acquisition date, and the results
of operations are included with the Group's results from the date of each acquisition.
45
Page 54
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
z. Significant accounting judgements, estimates, and assumptions (continued)
ii. Estimates and assumptions (continued)
(h) Acquisition (continued)
Any excess from the purchase price paid for the amount recognized for assets acquired
and liabilities incurred is recorded as goodwill. The Group continues to evaluate
acquisitions that are counted as a business combination for a period not exceeding one
year after the applicable acquisition date of each transaction to determine whether
additional adjustments are needed to allocate the purchase price paid for the assets
acquired and liabilities assumed. The fair value of assets acquired and liabilities incurred
are usually determined using either an estimated replacement cost or a discounted cash
flow valuation method. When determining the fair value of tangible assets acquired, the
Group estimates the cost of replacing assets with new assets by considering factors such
as the age, condition, and economic useful lives of the assets. When determining the fair
value of the intangible assets obtained, the Group estimates the applicable discount rate
and the time and amount of future cash flows, including the rates and terms for the
extension and reduction.
iii. Restatement of Consolidated Financial Statements
In 2025, following a detailed reassessment of the physical characteristics, operational
deployment, and asset topology of drop cable, the Group concluded that drop cable should be
identified and classified as a separate component of telecommunication infrastructure assets
rather than remaining embedded within broader shared access-network cable component. In
reaching this conclusion, the Group determined that the revised componentization policy
provides more reliable and more relevant information as it better reflects drop cable’s distinct
nature as a last-mile, customer-specific connection asset.
This change constitutes a change in accounting policy as it reflects a revision in the principles
applied in determining the unit of account and asset classification. Following the identification
of drop cable assets as a separate component, the Group determined a useful life of 5 years,
reflecting their specific characteristics and pattern of economic benefits consumption.
The Group applied this voluntary change in accounting policy retrospectively, in accordance
with PSAK 208. The Group determined that sufficient and reliable information is available to
restate prior period comparative information. The consolidated financial statements for the
year ended December 31, 2025 include the restatement of comparative information for the
years ended December 31, 2024 and January 1, 2024, which affects the consolidated
statements of financial position, consolidated statements of profit or loss and other
comprehensive income, consolidated statements of changes in equity, and related notes. The
cumulative effect for periods prior to January 1, 2024 has been recognized as an adjustment
to retained earnings as of that date. There is no impact on the Group’s consolidated
statements of cash flows.
46
Page 55
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
z. Significant accounting judgements, estimates, and assumptions (continued)
iii. Restatement of Consolidated Financial Statements (continued)
(a) Impact on the Consolidated Statements of Financial Position
As previously
December 31, 2024 Notes reported Adjustments As restated
Property and equipment 11 180,566 (10,231) 170,335
Deferred tax assets 27f 3,409 1,945 5,354
Total Non-current Assets 236,595 (8,286) 228,309
Total Assets 299,675 (8,286) 291,389
Retained earnings:
29 109,596 (8,286) 101,310
Unappropriated
Net equity attributable to
owners of the parent company 142,094 (8,286) 133,808
Total Equity 162,490 (8,286) 154,204
Total Liabilities and Equity 299,675 (8,286) 291,389
As previously
January 1, 2024 Notes reported Adjustments As restated
Property and equipment 11 180,755 (8,692) 172,063
Deferred tax assets 27f 4,170 1,652 5,822
Total Non-current Assets 231,429 (7,040) 224,389
Total Assets 287,042 (7,040) 280,002
Retained earnings:
29 103,104 (7,040) 96,064
Unappropriated
Net equity attributable to
owners of the parent company 135,744 (7,040) 128,704
Total Equity 156,562 (7,040) 149,522
Total Liabilities and Equity 287,042 (7,040) 280,002
(b) Impact on the Consolidated Statements of Profit or Loss and Other Comprehensive Income
As previously
December 31, 2024 Notes reported Adjustments As restated
Depreciation and amortization expenses 11,12a (32,643) (1,538) (34,181)
Operating profit 42,991 (1,538) 41,453
Profit before income tax 39,153 (1,538) 37,615
Income tax expense 27d
Deferred tax 27d (775) 292 (483)
Profit for the year 30,743 (1,246) 29,497
Comprehensive income for the year 31,638 (1,246) 30,392
Profit for the year attributable to
Owners of the parent company 23,649 (1,246) 22,403
Comprehensive income for the year attributable to
Owners of the parent company 24,434 (1,246) 23,188
Basic earnings per share (in full amount)
Profit per share 238.73 (12.58) 226.15
Profit per ADS (100 Series B shares per ADS) 23,872.88 (1,257.80) 22.615.08
47
Page 56
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
z. Significant accounting judgements, estimates, and assumptions (continued)
iii. Restatement of Consolidated Financial Statements (continued)
(b) Impact on the Consolidated Statements of Profit or Loss and Other Comprehensive
Income (continued)
As previously
January 1, 2024 Notes reported Adjustments As restated
Depreciation and amortization expenses 11,12a (32,663) (1,696) (34,359)
Operating profit 44,384 (1,696) 42,688
Profit before income tax 40,794 (1,696) 39,098
Income tax benefit
Deferred tax 27d 210 322 532
Profit for the year 32,208 (1,374) 30,834
Comprehensive income for the year 30,754 (1,374) 29,380
Profit for the year attributable to
Owners of the parent company 24,560 (1,374) 23,186
Comprehensive income for the year attributable to
Owners of the parent company 23,083 (1,374) 21,709
Basic earnings per share (in full amount)
Profit per share 247.92 (13.87) 234.05
Profit per ADS (100 Series B shares per ADS) 24,792.50 (1,387.01) 23,405.49
Rienc
48
Page 57
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
3. CASH AND CASH EQUIVALENTS
2025 2024
Balance Balance
Currency Rupiah Currency Rupiah
Currency (in million) equivalent (in million) equivalent
Cash on hand Rp - 39 - 14
Cash in banks
Related parties
PT Bank Rakyat Indonesia (Persero) Tbk. (“BRI”) Rp - 4,959 - 3,278
US$ 240 4,007 229 3,678
TWD 4 2 2 1
PT Bank Mandiri (Persero) Tbk. (“Bank Mandiri”) Rp - 5,780 - 4,715
US$ 34 567 45 718
EUR 2 44 2 37
HKD 3 7 2 4
JPY 6 1 6 1
AU$ 0 1 0 0
PT Bank Negara Indonesia (Persero) Tbk. (“BNI”) Rp - 2,785 - 4,180
US$ 39 652 31 506
GBP 0 1 0 1
SGD 0 0 0 0
EUR 0 0 0 0
AU$ 0 0 - -
PT Bank Tabungan Negara (Persero) Tbk. ("BTN") Rp - 2,925 - 4,097
Others Rp - 72 - 51
US$ 0 0 0 0
Sub-total 21,803 21,267
Third parties
PT Bank Maybank Indonesia Tbk ("Maybank") Rp - 839 - 355
MYR 1 4 1 5
The Hongkong and Shanghai Banking Corporation Ltd.
("HSBC Hongkong") US$ 22 364 6 102
HKD 12 27 9 19
Standard Chartered Bank ("SCB") US$ 8 135 7 108
SGD 12 160 5 55
DBS Bank (Hong Kong) Ltd. ("DBS Hong Kong") US$ 10 165 19 308
HKD 0 1 0 1
Citibank, N.A. (“Citibank”) Rp - 7 - 35
US$ 7 119 2 25
EUR 0 2 0 1
Others (each below Rp100 billion) Rp - 606 - 870
US$ 13 214 9 164
SGD 2 23 2 20
TWD 34 18 28 14
MYR 1 3 0 2
AU$ 0 2 0 3
MMK 15 0 167 1
EUR 0 0 - -
Sub-total 2,689 2,088
Total of cash in banks 24,492 23,355
Time deposits
Related parties
BTN Rp - 1,530 - 1,400
US$ - - 7 104
BRI Rp - 1,159 - 647
US$ 10 168 18 283
TWD - - 6 3
PT Bank Syariah Indonesia Tbk. (“BSI”) Rp - 1,150 - 1,688
BNI Rp - 497 - 566
US$ 34 567 10 162
Bank Mandiri Rp - 190 - 97
US$ 10 167 - -
Sub-total 5,428 4,950
49
Page 58
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
3. CASH AND CASH EQUIVALENTS (continued)
2025 2024
Balance Balance
Currency Rupiah Currency Rupiah
Currency (in million) equivalent (in million) equivalent
Time deposits (continued)
Third parties
PT Bank Pan Indonesia Tbk. ("Bank Panin") Rp - 909 - 274
PT Bank Mega Tbk. (“Bank Mega”) Rp - 433 - 1,922
US$ 38 637 18 287
Bank Pembangunan Daerah ("BPD") Rp - 804 - 962
PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk.
("BJB") Rp - 58 - 370
US$ 22 367 12 195
PT Bank China Construction Bank Indonesia Tbk.
("CCB Indonesia") Rp - 184 - -
US$ 13 209 10 153
PT Bank UOB Indonesia ("UOB Indonesia") US$ 16 274 16 259
SGD 3 44 3 35
SCB US$ 7 117 9 145
Others (each below Rp100 billion) Rp - 206 - 500
US$ 1 13 30 478
MYR 4 15 2 7
Sub-total 4,270 5,587
Total of time deposits 9,698 10,537
Allowance for expected credit losses (1) (1)
Total 34,228 33,905
Interest rates per annum on time deposits are as follows:
2025 2024
Rupiah 0.53%-7.08% 0.53%-7.25%
Foreign currencies 1.01%-5.25% 2.55%-6.00%
The Group places the majority of its cash and cash equivalents in state-owned banks (related parties)
that have good reputations and credit ratings. Based on management’s assessment of expected credit
risk, there has been no significant increase in credit risk, therefore, the allowance for expected credit
losses on these assets is not material.
50
Page 59
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
4. OTHER CURRENT FINANCIAL ASSETS
2025 2024
Balance Balance
Currency Rupiah Currency Rupiah
Currency (in million) equivalent (in million) equivalent
Time deposits
Related parties
BRI Rp - 50 - 415
US$ 5 84 - -
BSI Rp - 120 - 198
Others (each below Rp100 billion) Rp - 100 - 135
US$ 5 84 5 81
Third parties
United Overseas Bank Limited Singapore
("UOB Singapore") US$ 33 554 12 195
Standard Chartered Bank (Singapore) Limited
("SCB Singapore") US$ 6 101 - -
Others (each below Rp100 billion) Rp - 10 - 3
Total time deposits 1,103 1,027
Escrow accounts
Related parties
Others (each below Rp100 billion) Rp - 106 - 108
US$ 0 4 0 5
Third parties
Others Rp - 1 - 36
US$ 4 67 1 14
Total escrow accounts 178 163
Mutual funds
Related parties
Others Rp - 94 - 89
Total mutual funds 94 89
Others Rp - 44 - 5
MYR 0 1 0 1
Total others 45 6
Allowance for expected credit losses (0) (0)
Total 1,420 1,285
The time deposits have maturities of more than three months but not more than one year, with interest
rates as follows:
2025 2024
Rupiah 3.00%-6.50% 2.50%-7.25%
Foreign currencies 3.75%-4.45% 4.57%-4.61%
51
Page 60
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
5. TRADE RECEIVABLES
Trade receivables arise from services provided to both retail and non-retail customers, with details as
follows:
a. By debtor
(i) Related parties
2025 2024
State-owned enterprises 1,702 1,935
PT Indosat Tbk. ("Indosat") 906 738
PT Indonusa Telemedia ("Indonusa") 387 386
Others (each below Rp100 billion) 134 409
Total 3,129 3,468
Allowance for expected credit losses (1,089) (1,118)
Net 2,040 2,350
(ii) Third parties
2025 2024
Individual and business subscribers 13,758 13,613
Overseas international carriers 1,291 1,176
Total 15,049 14,789
Allowance for expected credit losses (5,866) (4,946)
Net 9,183 9,843
b. By age
2025 2024
Allowance for Expected Allowance for Expected
expected credit expected credit
Gross credit losses loss rate Gross credit losses loss rate
Not past due 6,687 263 3.9% 7,319 417 5.7%
Past due up to 3 months 3,155 414 13.1% 3,602 329 9.1%
Past due more than 3 to 6 months 1,573 454 28.9% 1,305 285 21.8%
Past due more than 6 months 6,763 5,824 86.1% 6,031 5,033 83.5%
Total 18,178 6,955 18,257 6,064
The Group has made allowance for expected credit losses based on the collective assessment of
historical impairment rates and individual assessment of its customers’ credit history, adjusted for
forward-looking factors specific from the customers and the economic environment. The Group
does not apply a distinction between related party and third party receivables in assessing amounts
past due. As of December 31, 2025 and 2024, the carrying amounts of trade receivables of the
Group considered past due but not impaired amounted to Rp4,799 billion and Rp5,291 billion,
respectively. Management believes that receivables past due but not impaired, along with trade
receivables that are neither past due nor impaired, are due from customers with good credit history
and are expected to be recoverable.
c. By currency
2025 2024
Rupiah 15,554 15,775
U.S. Dollar 2,423 2,180
Singapore Dollar 156 273
Others 45 29
Total 18,178 18,257
Allowance for expected credit losses (6,955) (6,064)
Net 11,223 12,193
52
Page 61
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
5. TRADE RECEIVABLES (continued)
d. Movements in the allowance for expected credit losses
2025 2024
Beginning balance 6,064 5,561
Allowance for expected credit losses 1,465 904
Receivables written-off (574) (401)
Ending balance 6,955 6,064
The receivables written-off relate to both related parties and third parties trade receivables.
Management believes that the allowance for expected credit losses of trade receivables is adequate
to cover losses on uncollectible trade receivables.
As of December 31, 2025 and 2024, certain trade receivables of the subsidiaries amounting to
Rp3,131 billion and Rp2,137 billion, respectively, have been pledged as collateral under lending
agreements (Notes 18 and 19b).
6. CONTRACT ASSETS
The breakdown of contract assets is as follows:
2025 2024
Contract assets 2,529 2,603
Allowance for expected credit losses (130) (25)
Net 2,399 2,578
Current portion (2,290) (2,449)
Non-current portion 109 129
Management believes that the allowance for expected credit losses is adequate to cover losses on
uncollectible contract assets.
Refer to Note 32 for details of related party transactions.
7. INVENTORIES
Inventories, all recognized at net realizable value, consist of:
2025 2024
SIM cards and prepaid vouchers 457 676
Others (each below Rp100 billion) 504 480
Total 961 1,156
Provision for obsolescence (60) (60)
Net 901 1,096
Management believes the provision is adequate to cover losses from the decline in inventory value
due to obsolescence.
The inventories recognized as expenses included in operations, maintenance, and telecommunication
service expenses in December 31, 2025 and 2024 amounted to Rp532 billion and Rp584 billion,
respectively (Note 25).
There were no inventories pledged as collateral under lending agreements as of December 31, 2025
and 2024.
53
Page 62
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
8. OTHER CURRENT ASSETS
The breakdown of other current assets is as follows:
2025 2024
Prepaid frequency license fees - current
portion (Note 35c.i) 6,384 6,245
Advances 511 451
Prepaid salaries 178 281
Other receivables 173 621
Prepaid rent 162 129
Others (each below Rp100 billion) 634 447
Total 8,042 8,174
9. CONTRACT COSTS
Movements of contract costs for the years ended December 31, 2025 and 2024 are as follows:
2025
Cost to obtain Cost to fulfill Total
At January 1, 2025 1,666 1,064 2,730
Addition during the year 519 323 842
Amortization during the year (499) - (499)
Expense during the year - (763) (763)
Impairment - (8) (8)
At December 31, 2025 1,686 616 2,302
Current (472) (460) (932)
Non-current 1,214 156 1,370
2024
Cost to obtain Cost to fulfill Total
At January 1, 2024 1,641 580 2,221
Addition current year 479 1,318 1,797
Amortization during the year (454) - (454)
Expense during the year - (831) (831)
Impairment - (3) (3)
At December 31, 2024 1,666 1,064 2,730
Current (407) (727) (1,134)
Non-current 1,259 337 1,596
54
Page 63
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
10. LONG-TERM INVESTMENTS
The breakdown of long-term investment is as follows:
2025 2024
Financial instruments
At fair value through profit or loss:
Equity 6,901 7,797
Convertible bonds 353 377
At fair value through other comprehensive income:
Equity 27 27
Convertible bonds - 24
7,281 8,225
Associates
PT Jalin Pembayaran Nusantara ("Jalin") 106 110
106 110
Total long-term investments 7,387 8,335
Investments in equity at fair value through profit or loss are long-term investments in the form of shares
in various start-up companies engaged in information and technology. The Group does not have
significant influence in these start-up companies.
Investments in equity at fair value through profit or loss include:
(i) Telkomsel's investment in PT GoTo Gojek Tokopedia Tbk. (“GOTO”).
As of December 31, 2025 and 2024, Telkomsel assessed the fair value of the investment in GOTO
using level 1 based on GOTO’s market value of Rp64 per share and Rp70 per share, respectively.
The total unrealized loss from changes in fair value of Telkomsel’s investment in GOTO as of
December 31, 2025 and 2024 amounted to Rp142 billion and Rp380 billion, respectively. These
amounts were presented as unrealized loss on changes in fair value of investments in the
consolidated statements of profit or loss.
(ii) Investments by MDI in several start-up entities engaged in the information and technology sector.
In 2025 and 2024, the additional investments by MDI amounted to Rp97 billion and Rp100 billion,
respectively. The fair value of MDI’s investments using level 3, the total unrealized gain (loss) from
changes in fair value of MDI’s investments as of December 31, 2025 and 2024, amounted to
(Rp16 billion) and Rp483 billion, respectively. These amounts were presented as unrealized
gain (loss) arising from changes in fair value of investments in the consolidated statements of profit
or loss.
In 2025, the Group disposed of long-term investments in financial instruments, resulting in proceeds
amounting to Rp728 billion.
Detailed information regarding the level 1 and level 3 fair value measurement techniques is disclosed
in Note 37.
Investments in convertible bonds at fair value through profit or loss represent long-term investments
owned by MDI and Telkomsel in the form of convertible bonds in various start-up companies engaged
in information and technology. These convertible bonds provide the holders with an option to convert
the bonds into shares upon maturity, in accordance with the agreed terms and conditions. In the event
that the conversion option is not exercised, the bondholders are entitled to receive the principal
repayment of the bonds.
The unrecognized share of losses from investments in associates, accounted for under the equity
method, amounted cumulatively to Rp338 billion and Rp323 billion as of December 31, 2025 and 2024,
respectively.
55
Page 64
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
11. PROPERTY AND EQUIPMENT
The details of property and equipment are as follows:
As restated
(Note 2z)
December 31, Reclassifications/ December 31,
2024 Additions Deductions Translations 2025
At cost:
Directly acquired assets
Land rights 1,981 - - 14 1,995
Buildings 20,907 197 (2) 861 21,963
Leasehold improvements 1,795 5 (46) 147 1,901
Switching equipment 19,470 285 (1,722) 1,667 19,700
Telegraph, telex, and data communication
equipment 5 - - (3) 2
Transmission installation and equipment 182,170 1,836 (5,178) 8,062 186,890
Satellite, earth station, and equipment 14,795 143 (202) 371 15,107
Cable network 63,471 3,505 (13) 212 67,175
Drop cable 18,104 1,686 - - 19,790
Power supply 25,604 483 (476) 1,924 27,535
Data processing equipment 21,940 407 (1,245) 1,775 22,877
Other telecommunication peripherals 12,238 1,047 - (11) 13,274
Office equipment 2,719 128 (85) (146) 2,616
Vehicles 530 2 (5) (11) 516
Other equipment 60 3 - 8 71
Property under construction 2,930 14,850 (1) (13,768) 4,011
Total 388,719 24,577 (8,975) 1,102 405,423
Accumulated depreciation:
Directly acquired assets
Buildings 7,461 701 (2) 196 8,356
Leasehold improvements 1,347 121 (46) 27 1,449
Switching equipment 14,795 1,755 (1,717) 67 14,900
Telegraph, telex, and data communication
equipment 4 - - (2) 2
Transmission installation and equipment 106,321 12,320 (5,076) 568 114,133
Satellite, earth station, and equipment 7,377 918 (203) 389 8,481
Cable network 20,531 4,944 (12) 27 25,490
Drop cable 13,497 1,941 - - 15,438
Power supply 18,720 2,300 (432) 313 20,901
Data processing equipment 16,532 1,837 (1,248) 349 17,470
Other telecommunication peripherals 9,216 1,608 - (2) 10,822
Office equipment 2,284 253 (85) (229) 2,223
Vehicles 250 31 (5) (11) 265
Other equipment 49 2 - (11) 40
Total 218,384 28,731 (8,826) 1,681 239,970
Net book value 170,335 165,453
56
Page 65
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
11. PROPERTY AND EQUIPMENT (continued)
The details of property and equipment are as follows (continued):
As restated (Note 2z)
December 31, Reclassifications/ December 31,
2023 Acquisition Additions Deductions Translations 2024
At cost:
Directly acquired assets
Land rights 1,955 - 13 - 13 1,981
Buildings 19,596 - 221 (32) 1,122 20,907
Leasehold improvements 1,675 - 40 (94) 174 1,795
Switching equipment 19,636 - 228 (1,090) 696 19,470
Telegraph, telex, and data communication
equipment 1,583 - - (1,578) - 5
Transmission installation and equipment 180,664 - 1,393 (9,972) 10,085 182,170
Satellite, earth station, and equipment 10,941 - 50 (114) 3,918 14,795
Cable network 60,256 314 3,140 (15) (224) 63,471
Drop cable 16,513 - 1,591 - - 18,104
Power supply 24,348 - 559 (730) 1,427 25,604
Data processing equipment 21,893 - 332 (1,577) 1,292 21,940
Other telecommunication peripherals 11,087 - 412 (4) 743 12,238
Office equipment 2,696 0 84 (74) 13 2,719
Vehicles 593 0 15 (42) (36) 530
Other equipment 53 - 3 - 4 60
Property under construction 6,240 - 16,368 (31) (19,647) 2,930
Total 379,729 314 24,449 (15,353) (420) 388,719
Accumulated depreciation:
Directly acquired assets
Buildings 6,818 - 650 (27) 20 7,461
Leasehold improvements 1,312 - 128 (86) (7) 1,347
Switching equipment 14,121 - 1,756 (1,088) 6 14,795
Telegraph, telex, and data communication
equipment 1,582 - - (1,578) - 4
Transmission installation and equipment 104,347 - 11,713 (9,787) 48 106,321
Satellite, earth station, and equipment 6,726 - 719 (114) 46 7,377
Cable network 17,812 - 2,698 (15) 36 20,531
Drop cable 11,273 - 2,223 - 1 13,497
Power supply 17,387 - 2,014 (710) 29 18,720
Data processing equipment 16,149 - 2,031 (1,545) (103) 16,532
Other telecommunication peripherals 7,700 - 1,517 (1) - 9,216
Office equipment 2,136 - 278 (68) (62) 2,284
Vehicles 256 - 38 (27) (17) 250
Other equipment 47 - 4 - (2) 49
Total 207,666 - 25,769 (15,046) (5) 218,384
Net book value 172,063 170,335
57
Page 66
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
11. PROPERTY AND EQUIPMENT (continued)
The details of property and equipment are as follows (continued):
As restated (Note 2z)
December 31, Reclassifications/ December 31,
2022 Additions Deductions Translations 2023
At cost:
Directly acquired assets
Land rights 1,838 110 - 7 1,955
Buildings 18,947 569 (34) 114 19,596
Leasehold improvements 1,571 28 (14) 90 1,675
Switching equipment 20,083 582 (309) (720) 19,636
Telegraph, telex, and data communication
equipment 1,583 - - - 1,583
Transmission installation and equipment 171,106 5,839 (3,562) 7,281 180,664
Satellite, earth station, and equipment 10,804 137 - - 10,941
Cable network 59,608 4,336 (6) (3,682) 60,256
Drop cable 15,087 1,426 - - 16,513
Power supply 23,276 722 (768) 1,118 24,348
Data processing equipment 20,954 557 (218) 600 21,893
Other telecommunication peripherals 10,402 468 - 217 11,087
Office equipment 2,625 96 (18) (7) 2,696
Vehicles 605 48 (56) (4) 593
Other equipment 51 1 - 1 53
Property under construction 4,598 18,049 - (16,407) 6,240
Total 363,138 32,968 (4,985) (11,392) 379,729
Accumulated depreciation:
Directly acquired assets
Buildings 6,228 649 (11) (48) 6,818
Leasehold improvements 1,207 141 (6) (30) 1,312
Switching equipment 14,100 1,967 (309) (1,637) 14,121
Telegraph, telex, and data communication
equipment 1,582 - - - 1,582
Transmission installation and equipment 97,335 12,171 (3,372) (1,787) 104,347
Satellite, earth station, and equipment 6,041 746 - (61) 6,726
Cable network 20,550 2,593 (6) (5,325) 17,812
Drop cable 8,955 2,318 - - 11,273
Power supply 16,890 1,861 (758) (606) 17,387
Data processing equipment 15,490 2,093 (217) (1,217) 16,149
Other telecommunication peripherals 6,067 1,659 - (26) 7,700
Office equipment 2,073 285 (18) (204) 2,136
Vehicles 242 48 (31) (3) 256
Other equipment 44 3 - - 47
Total 196,804 26,534 (4,728) (10,944) 207,666
Net book value 166,334 172,063
The property and equipment group consists of (1) switching equipment; (2) telegraph, telex, and data
communication equipment; (3) transmission installation and equipment; (4) satellite, earth station, and
equipment; (5) cable network; (6) drop cable; (7) power supply; (8) data processing equipment; and
(9) other telecommunication peripherals are the main telecommunication infrastructure of the Group.
a. Gain on sale of property and equipment
2025 2024 2023
Proceeds from sale of property and equipment 78 717 100
Net book value 0 (59) (16)
Gain on disposal or sale of property and equipment 78 658 84
b. Others
(i) During 2025 and 2024, the CGUs that independently generate cash inflows are fixed wireline,
cellular, and others. Management believes that there is no indication of impairment in the
assets of such CGUs as of December 31, 2025 and 2024.
58
Page 67
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
11. PROPERTY AND EQUIPMENT (continued)
b. Others (continued)
(ii) Interest capitalized to property under construction amounted to Rp13 billion and Rp98 billion
for the years ended December 31, 2025 and 2024, respectively. The capitalization rate used
to determine the amount of borrowing costs eligible for capitalization ranged from 5.44% to
8.20% and 1.50% to 6.10% for the years ended December 31, 2025 and 2024, respectively.
(iii) No foreign exchange loss was capitalized as part of property under construction for the years
ended December 31, 2025 and 2024.
(iv) During 2025 and 2024, the Group obtained proceeds from the insurance claim on lost and
damaged property and equipment, with a total value of Rp151 billion and Rp143 billion,
respectively, and were recorded as part of “Other income - net” in the consolidated statements
of profit or loss and other comprehensive income. During 2025 and 2024, the net carrying
values of these assets amounted to Rp96 billion and Rp114 billion, respectively, were charged
to the consolidated statements of profit or loss and other comprehensive income.
(v) The Group owns several pieces of land located throughout Indonesia with Right to Build
(“Hak Guna Bangunan” or “HGB”) for a period of 10 to 50 years which will expire between
2026 and 2071. Management believes that there will be no issue in obtaining the extension of
the land rights when they expire.
(vi) As of December 31, 2025 and 2024, the Group’s property and equipment excluding land rights,
with a net carrying amount (before intercompany eliminations and adjustments) of
Rp160,374 billion and Rp178,692 billion, respectively, were insured against fire, theft,
earthquake and other specified risks, including business interruption. The total blanket policies
as of December 31, 2025 and 2024, amounted to Rp44,267 billion and Rp44,143 billion,
HKD35 million and HKD10 million, SGD197 million and SGD219 million, and MYR46 million
and MYRNil, respectively. The total policies for first loss basis as of December 31, 2025 and
2024, amounted to Rp2,750 billion and Rp2,750 billion, respectively. Management believes
that the insurance coverage is adequate to cover potential losses from the insured risks.
(vii) As of December 31, 2025 and 2024, the percentage of completion of property under
construction was approximately 44.12% and 53.29%, respectively, of the total contract value
or Rp4,011 billion and Rp2,930 billion are recorded as expenditures in property under
construction, respectively. The estimated completion dates are until December. The balance
of property under construction mainly consists of buildings, transmission installation and
equipment, cable network, and power supply. Management believes that there is no
impediment to the completion of the construction in progress.
(viii) As of December 31, 2025 and 2024, all assets owned by the Company have been pledged as
collateral for bonds (Note 19a) while certain property and equipment of the Company’s
subsidiaries with gross carrying value amounting to Rp2,205 billion and Rp2,190 billion,
respectively, have been pledged as collateral under borrowing agreements (Notes 18 and
19b).
(ix) As of December 31, 2025 and 2024, the cost of fully depreciated property and equipment of
the Group that are still used in operations amounted to Rp100,603 billion and Rp89,480 billion,
respectively. The Group is currently conducting modernization of network assets to replace
the fully depreciated property and equipment.
59
Page 68
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
11. PROPERTY AND EQUIPMENT (continued)
b. Others (continued)
(x) In 2025, the Company classified drop cable assets with a useful life of 5 years. This change
in accounting policy has been applied restrospectively (Note 2z.iii). The impact of the increase
in depreciation expense (before intercompany eliminations and adjustments) for the year
ended December 31, 2025 is Rp1,352 billion. Meanwhile, the estimate for the increase
(decrease) in depreciation expense for at least the next 5 (five) years is as follows:
Years Increase (Decrease)
2026 880
2027 419
2028 55
2029 (298)
2030 (642)
(xi) In 2025, the Company determined changes in the estimated useful lives for several assets
owned by the Company (Note 2z.ii.(b)). The impact of the increase in depreciation expense
(before intercompany eliminations and adjustments) for the year ended December 31, 2025 is
Rp1,684 billion. The estimate for the increase (decrease) in depreciation expense for at least
the next 5 (five) years is as follows:
Years Increase (Decrease)
2026 1,446
2027 653
2028 228
2029 (96)
2030 (381)
(xii) In 2025, the Company conducted an evaluation of the physical condition of its assets and
recognized an accelerated depreciation of Rp1,945 billion for several types of assets that were
assessed to no longer be optimally utilized.
(xiii) In 2025 and 2024, the total fair values of land rights and buildings of the Group amounted to
Rp54,474 billion and Rp53,262 billion.
60
Page 69
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
12. LEASES
a. The Group as a lessee
The Group leases several assets including land rights, building, transmission installation and
equipment, vehicles, and others which used in operations, which generally have lease term
between 1 and 33 years.
The carrying amounts of right-of-use assets recognized and the movements during the year are as
follows:
Transmission
installation and
Land rights Buildings equipment Vehicles Others Total
As at January 1, 2024 4,691 582 15,868 522 921 22,584
Additions 1,725 198 7,337 241 920 10,421
Deductions and reclassifications (167) (0) (409) (4) (16) (596)
Depreciation expense (1,074) (192) (3,699) (266) (268) (5,499)
As at December 31, 2024 5,175 588 19,097 493 1,557 26,910
Additions 2,320 138 4,471 413 99 7,441
Deductions and reclassifications (137) 23 (603) (12) - (729)
Depreciation expense (1,142) (193) (3,977) (310) (39) (5,661)
As at December 31, 2025 6,216 556 18,988 584 1,617 27,961
The carrying amounts of the lease liabilities and the movements during the year are as follows:
2025 2024
As at January 1 23,959 20,425
Accretion of interest 1,466 1,335
Additions (Note 39a) 7,441 10,421
Deductions (8,729) (8,222)
As at December 31 24,137 23,959
Current (5,590) (5,491)
Non-current 18,547 18,468
The maturity analysis of lease payments is as follows:
2025 2024
No later than a year 6,844 6,824
Later than 1 year and no later than 5 years 14,676 14,356
Later than 5 years 7,517 8,081
Total lease payments 29,037 29,261
Interest (4,900) (5,302)
Net present value of lease payments 24,137 23,959
Current (5,590) (5,491)
Non-current 18,547 18,468
The Group also has certain leases with lease terms of twelve months or less and low-value leases.
The Group applies the ‘short-term lease’ and ‘lease of low-value assets’ recognition exemptions for
these leases. There are no lease contracts with variable lease payments.
61
Page 70
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
12. LEASES (continued)
a. The Group as a lessee (continued)
The following are the amounts recognized in profit or loss:
2025 2024
Depreciation expense of right-of-use assets 5,661 5,499
Expense relating to short-term leases 4,638 3,689
Interest expense on lease liabilities 1,466 1,335
Expense relating to leases of low-value assets 16 4
b. The Group as a lessor
The Group entered into non-cancelable lease agreements with both third and related parties. The
lease agreements cover leased lines, telecommunication equipment and land and building with
terms ranging from 1 to 29 years and with expiry dates between 2026 and 2039. Periods may be
extended based on the agreement by both parties.
The minimum amount of future lease payments and receipts for operating lease agreements are
as follows:
2025 2024
No later than 1 year 3,188 6,222
Later than 1 year and no later than 5 years 10,670 8,502
Later than 5 years 4,701 3,518
Total 18,559 18,242
13. OTHER NON-CURRENT ASSETS
The breakdown of other non-current assets is as follows:
2025 2024
Claims for tax refund - net of current portion (Note 27b) 3,996 2,818
Prepaid expenses 1,432 1,056
Prepaid frequency license fees -
net of current portion (Note 35c.i) 1,201 1,594
Advances 734 205
Security deposits 284 234
Others (each below Rp100 billion) 226 301
Total 7,873 6,208
The Group reclassified trade receivables - net arising from transactions that do not have economic
substance and are not in accordance with the applicable financial reporting standards as well as the
Group’s policies and internal controls, to other non-current assets, as disclosed in Note 35.c.iv.
62
Page 71
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
14. INTANGIBLE ASSETS
The details of intangible assets are as follows:
Other intangible
Goodwill Software License assets Total
Gross carrying amount:
Balance, January 1, 2025 1,474 20,531 647 1,703 24,355
Additions - 2,878 68 16 2,962
Deductions - (8) (1) (3) (12)
Reclassifications/translations (85) 196 11 (2) 120
Balance, December 31, 2025 1,389 23,597 725 1,714 27,425
Accumulated amortization:
Balance, January 1, 2025 (479) (13,086) (277) (1,071) (14,913)
Amortization - (2,906) (94) (72) (3,072)
Deductions - 7 - - 7
Reclassifications/translations 4 (218) 1 3 (210)
Balance, December 31, 2025 (475) (16,203) (370) (1,140) (18,188)
Net book value 914 7,394 355 574 9,237
Other intangible
Goodwill Software License assets Total
Gross carrying amount:
Balance, January 1, 2024 1,492 21,642 550 1,694 25,378
Additions - 3,415 94 9 3,518
Deductions (18) (4,489) - - (4,507)
Reclassifications/translations - (37) 3 - (34)
Balance, December 31, 2024 1,474 20,531 647 1,703 24,355
Accumulated amortization and
impairment losses:
Balance, January 1, 2024 (413) (15,034) (200) (1,000) (16,647)
Amortization - (2,515) (76) (71) (2,662)
Impairment (77) - - - (77)
Deductions 11 4,472 - - 4,483
Reclassifications/translations - (9) (1) - (10)
Balance, December 31, 2024 (479) (13,086) (277) (1,071) (14,913)
Net book value 995 7,445 370 632 9,442
(i) Goodwill resulted from the acquisition by Mitratel, Metranet, Sigma, TDE, Telkomsat, and Metra
amounted to Rp467 billion, Rp220 billion, Rp78 billion, Rp77 billion, Rp68 billion, and Rp4 billion,
respectively.
(ii) The remaining amortization periods of software for years ended December 31, 2025 and 2024
are from 1 to 6 years, respectively. The amortization expense is presented as part of “Depreciation
and amortization expenses” in the consolidated statements of profit or loss and other
comprehensive income.
(iii) As of December 31, 2025 and 2024, the cost of fully amortized intangible assets that are still
utilized in operations amounted to Rp10,664 billion and Rp8,345 billion, respectively.
63
Page 72
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
15. TRADE PAYABLES
The breakdown of trade payables is as follows:
2025 2024
Related parties
Purchases of equipment, materials, and services 337 378
Payables to other telecommunication providers 234 248
Sub-total 571 626
Third parties
Purchases of equipment, materials, and services 10,006 9,729
Payables to other telecommunication providers 3,123 2,350
Radio frequency usage charges, concession fees,
and Universal Service Obligation (“USO”) charges 2,484 2,631
Sub-total 15,613 14,710
Total 16,184 15,336
Trade payables by currency are as follows:
2025 2024
Rupiah 13,476 13,217
U.S. Dollar 2,657 2,059
Others 51 60
Total 16,184 15,336
Terms and conditions of the above trade payables:
a. The Group’s trade payables are non-interest bearing and normally settled within 1 year term.
b. Refer to Note 32c for details on related party transactions.
c. Refer to Note 37b.v for the Group’s liquidity risk management.
GSD, Telkom Akses, and Mitratel entered into supply chain financing with several banks. Those
facilities can be used by the GSD, Telkom Akses, and Mitratel's supplier to obtain payment of invoices
that have been approved to be paid by the bank in accordance with certain terms and conditions.
As of December 31, 2025 and 2024, the carrying amount of liabilities under supplier finance
arrangement is as follows:
2025 2024
Liabilities under supplier finance arrangement 353 475
Total amount of which the supplier has received payment
from finance provider 353 473
Range of payment due dates 1-3 month 1-3 month
There were no material business combinations or foreign exchange differences that would affect the
liabilities under the supplier finance arrangement in either period. There were non-cash transfers from
trade payables to bank loans under the supplier finance arrangement in 2025 and 2024 amounted to
RpNil and Rp115 billion, respectively.
64
Page 73
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
16. ACCRUED EXPENSES
The breakdown of accrued expenses is as follows:
2025 2024
Salaries and benefits 5,673 3,856
Operation, maintenance,
and telecommunication services 5,459 6,424
General, administrative, and marketing expenses 3,525 3,665
Interest and bank charges 210 247
Total -
14,867 14,192
Refer to Note 32 for details of related party transactions.
17. CONTRACT LIABILITIES
The breakdown of contract liabilities is as follows:
a. Current
2025 2024
Advances from customers for B2C 3,396 3,529
Advances from customers for B2B ICT 2,774 2,208
Advances from customers for International 814 679
Advances from customers for B2B Infra 492 699
Advances from customers for others 494 623
Total 7,970 7,738
b. Non-Current
2025 2024
Advances from customers for International 1,059 948
Advances from customers for B2B ICT 581 244
Advances from customers for B2C 558 602
Advances from customers for others 653 690
Total 2,851 2,484
Movements of contract liabilities for the years ended December 31, 2025 and 2024 are as follows:
2025 2024
At January, 1 10,222 9,439
Deferred during the year 8,337 7,631
Recognized as revenue during the year (7,738) (6,848)
At December, 31 10,821 10,222
Current (7,970) (7,738)
Non-Current 2,851 2,484
Refer to Note 32 for details of related party transactions.
65
Page 74
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
18. SHORT-TERM BANK LOANS
Outstanding
Lenders 2025 2024
Related parties
Bank Mandiri 804 3,755
BNI 586 1,799
BRI 100 -
Sub-total 1,490 5,554
Third parties
MUFG Bank ("MUFG") 2,805 1,805
PT Bank HSBC Indonesia ("HSBC") 2,100 2,440
PT Bank DBS Indonesia ("DBS") 420 440
PT Bank Maspion Indonesia Tbk. ("Bank Maspion") 95 167
Bank of China - 1,000
UOB Indonesia - 100
Others 19 19
Sub-total 5,439 5,971
Total 6,929 11,525
Other significant information relating to short-term bank loans as of December 31, 2025 is as follows:
Total
facility
(in Interest Interest rate per
Borrower Currency billions)* Maturity date rate annum Security**
Bank Mandiri
2020 Finnet Rp 500 April 28, 2026 Monthly 1 month None
IndONIA + 1.30%
2021 Nutech Rp 100 September 27, 2026 Monthly 9.00% Trade
receivables
and property
and equipment
2022 Mitratel Rp 3,450 July 25, 2026 Monthly 5.50% None
BNI
2014 Sigma Rp 150 January 9, 2026 Monthly 8.50% Trade
receivables
and property
and equipment
2017 - 2021 Infomedia, Rp 985 March 28, 2026 - Monthly 1 month None
Telkom Infra June 6, 2026 JIBOR + 1.75%;
1 month
IndONIA + 2.78%
2019 Metranet Rp 150 February 18, 2026 Monthly 1 month Trade
JIBOR + 2.00% receivables
BRI
2025 Finnet Rp 500 June 19, 2026 Monthly 6.70% None
MUFG
2018 Telkomsel Rp 1,000 April 30, 2026 Monthly 5.05% None
2018 - 2019 Infomedia, Rp 2,176 January 31, 2026 - Monthly, 1 month JIBOR + None
Metra, GSD, October 31, 2026 Quarterly 0.25%-0.80%;
Telkom Infra, 3 months JIBOR +
Telkomsat 0.25%-0.80%
HSBC
2014 Sigmaa Rp 400 November 6, 2026 Monthly 6.42%-7.63% Trade
receivables
2018 - 2023 Sigma, Metra, Rp 2,588 January 12, 2026 - Monthly, 1 month None
PINS, October 25, 2026 Quarterly JIBOR + 0.35%;
Metranet, 3 months
Telkomsat, JIBOR + 2.00%
GSD, TDE
DBS
2018 Telkom Infra, Rp 600 August 1, 2026 Monthly 1 month None
Infomedia JIBOR + 1.20%
Bank Maspion
2023 Metranet Rp 170 October 26, 2026 Monthly 7.25% None
* In original currency
** Refer to Note 5 and Note 11 for details of trade receivables and property and equipment pledged as collateral
a
Unsettled loan will be automatically extended
66
Page 75
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
18. SHORT-TERM BANK LOANS (continued)
As stated in the agreements, the Group is required to comply with all covenants or restrictions such
as limitation that the Company must have a majority shareholding of at least 51% of the subsidiaries
and must maintain certain level of financial ratios. As of December 31, 2025, the Group has complied
with all covenants regarding these financial ratios, except for Sigma which debt to service coverage
ratio is still lower than required. As of December 31, 2025, the Group obtained waiver for loan
amounting to Rp9 billion from HSBC to not require payment as the consequence of the breach for
Sigma. The waiver from HSBC was received on December 15, 2025 and effective for 12 months after
reporting period.
The credit facilities were obtained by the Group for working capital purposes.
19. LONG-TERM LOANS
Current maturities of long-term loans consist of the following:
Notes 2025 2024
Bonds 19a - 2,347
Bank loans 19b 17,746 13,519
Total 17,746 15,866
Long-term loans consist of the following:
Notes 2025 2024
Bonds 19a 2,696 2,696
Bank loans 19b 23,403 22,822
Total 26,099 25,518
Scheduled principal payments as of December 31, 2025 are as follows:
Year
Notes Total 2027 2028 2029 2030 Thereafter
Bonds 19a 2,696 - - - 1,200 1,496
Bank loans 19b 23,403 6,175 5,554 4,979 4,003 2,692
Total 26,099 6,175 5,554 4,979 5,203 4,188
a. Bonds
Outstanding
Bonds 2025 2024
Bonds Telkom 2015
Series B - 2,100
Series C 1,200 1,200
Series D 1,500 1,500
Bonds Mitratel 2024 - 240
Sukuk Mitratel 2024 - 10
Total 2,700 5,050
Unamortized debt issuance cost (4) (7)
2,696 5,043
Current maturities - (2,347)
Long-term portion 2,696 2,696
67
Page 76
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
19. LONG-TERM LOANS (continued)
a. Bonds (continued)
i. Bonds Telkom 2015
Listed Issuance Interest Interest rate
Bonds Principal Issuer on date Maturity date payment period per annum
Series A 2,200 The Company IDX June 23, 2015 June 23, 2022 Quarterly 9.93%
Series B 2,100 The Company IDX June 23, 2015 June 23, 2025 Quarterly 10.25%
Series C 1,200 The Company IDX June 23, 2015 June 23, 2030 Quarterly 10.60%
Series D 1,500 The Company IDX June 23, 2015 June 23, 2045 Quarterly 11.00%
Total 7,000
The bonds are not secured by specific security but by all of the Company’s assets, movable
or non-movable, either existing or in the future (Note 11b.viii). The underwriters of the bonds
are PT. Bahana TCW Investment Management (“Bahana TCW”), PT BRI Danareksa
Sekuritas, PT Mandiri Sekuritas, and PT Trimegah Sekuritas Indonesia Tbk., and the trustee
is Bank Permata. The Company received the proceeds from the issuance of bonds on June
23, 2015.
The funds received from the public offering of bonds net of issuance costs, were used to
finance capital expenditures which consisted of broadband, backbone, metro network,
regional metro junction, information technology application and support, and acquisition of
some domestic and international entities.
As of December 31, 2025, the rating of the bonds issued by Pefindo is idAAA (Triple A).
Based on the Indenture Trusts Agreement, the Company is required to comply with all
covenants or restrictions, including maintaining financial ratios as follows:
(c) Debt to equity ratio should not exceed 2:1;
(d) EBITDA to interest ratio should not be less than 4:1;
(e) Debt service coverage is at least 125%.
As of December 31, 2025, the Company has complied with the above-mentioned ratios.
ii. Bonds Mitratel 2024
On July 4, 2024, Mitratel issued shelf register bonds phase I amounting Rp240 billion. Bonds
has annual interest rate 6.50% that will be paid quarterly. Bonds are already fully paid on
July 14, 2025.
BTN was appointed as trustee for the issuance of the bonds Mitratel 2024. The rating of the
Bonds issued by Pemeringkat Efek Indonesia is idAAA.
iii. Sukuk Mitratel 2024
On July 4, 2024, Mitratel issued sukuk Ijarah shelf register phase I amounting Rp10 billion.
Sukuk has annual interest rate 6.50% that will be paid quarterly. Sukuk is already fully paid on
July 14, 2025.
BTN was appointed as trustee for the issuance of sukuk Mitratel 2024. The rating of Sukuk
issued by Pemeringkat Efek Indonesia is AAAsy.
68
Page 77
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
19. LONG-TERM LOANS (continued)
b. Bank loans
2025 2024
Outstanding Outstanding
Foreign Foreign
currency Rupiah currency Rupiah
Lenders Currency (in millions) equivalent (in millions) equivalent
Related parties
BNI Rp - 13,155 - 6,030
Bank Mandiri Rp - 7,635 - 6,355
BSI Rp - 1,666 - 2,083
BRI Rp - 261 - 1,475
Sub-total 22,717 15,943
Third parties
BCA Rp - 7,313 - 9,755
DBS Rp - 4,350 - 4,800
Bank of China Rp - 1,900 - 1,900
Bank CIMB Niaga Rp - 1,750 - 1,710
US$ 10 173 6 99
Bank Permata Rp - 1,229 - 1,021
PT Bank Sinarmas Tbk. (“Bank Sinarmas”) Rp - 1,000 - -
HSBC Rp - 784 - 1,000
Bank Danamon Rp - 16 - 110
PT Bank ANZ Indonesia ("Bank ANZ") Rp - - - 22
Syndication of banks US$ - - 4 60
Others Rp - - - 3
MYR 6 26 7 27
Sub-total 18,541 20,507
Total 41,258 36,450
Unamortized debt issuance cost (109) (109)
41,149 36,341
Current maturities (17,746) (13,519)
Long-term portion 23,403 22,822
Other significant information relating to bank loans as of December 31, 2025, is as follows:
Current
Total period
facility payment Principal Interest
(in (in payment payment Interest rate
Borrower Currency billions)* billions)* schedule period per annum Security**
BNI
2013 Sigma Rp 650 61 2021-2027 Monthly 1 month Trade
IndONIA + 2.25% receivables
and property
and
equipment
2018 TLT Rp 1,540 110 2018-2033 Quarterly 3 months Property and
JIBOR + 1.50% equipment
2018 - 2025 The Rp 22,825 2,131 2018-2032 Monthly, 3 months None
Company, Quarterly JIBOR + 0.25%;
Mitratel, 1 month IndONIA +
UMT, PST, 0.75%-1.65%;
Telkomsel 3 months
IndONIA + 0.75%
Bank Mandiri
2018 Telkomsel Rp 4,000 11,000 2018-2026 Quarterly 5.00% None
2018 - 2024 The Rp 9,975 2,320 2020-2031 Monthly, 3 months JIBOR + None
Company, Quarterly 0.25%-1.50%;
GSD, PST, 1 month
Mitratel IndONIA + 0.85%;
3 months
IndONIA + 0.90%
BSI
2021 - 2022 Telkomsel Rp 2,000 5,000 2022-2027 Monthly 5.30% None
2024 Mitratel Rp 2,500 417 2024-2029 Monthly 1 month None
IndONIA + 0.85%
** In original currency
** Refer to Note 5 and Note 11 for details of trade receivables and property and equipment pledged as collateral
69
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
19. LONG-TERM LOANS (continued)
b. Bank loans (continued)
Other significant information relating to bank loans as of December 31, 2025, is as follows
(continued):
Current
Total period
facility payment Principal Interest
(in (in payment payment Interest rate
Borrower Currency billions)* billions)* schedule period per annum Security**
BRI
2019 - 2023 The Rp 3,000 1,214 2021-2030 Monthly, 3 months None
Company, Quarterly JIBOR + 0.75%;
Mitratel 1 month
IndONIA + 1.00%
2024 Telkomsel Rp 1,000 2,000 2024-2026 Semi- 6.50% None
annually
BCA
2020 - 2024 The Rp 18,686 2,443 2020-2032 Monthly, 3 months JIBOR + None
Company, Quarterly 0.50%-1.00%;
PST, GSD, 1 month
Mitratel IndONIA + 0.75%;
3 months IndONIA +
1.25%-1.89%
2022 Telkomsel Rp 2,000 5,000 2022-2026 Monthly 6.10% None
DBS
2021 - 2023 Mitratel Rp 5,500 1,283 2022-2030 Monthly 1 month None
IndONIA + 0.95%
2024 - 2025 The Rp 6,000 2,167 2025-2031 Quarterly 4.95%-6.50% None
Company,
Telkomsel
Bank of China
2019 Telkomsel Rp 1,900 1,900 2019-2026 Monthly 5.05% None
Bank CIMB
Niaga
2019 - 2022 PINS, Rp 2,300 960 2022-2028 Monthly, 3 months None
Mitratel Quarterly JIBOR + 1.95%;
1 month
IndONIA + 0.90%
2025 Telkomsel Rp 1,000 2,000 2025-2027 Monthly 4.70% None
2021 - 2022 Telin US$ 0 0 2025-2030 Semi- 6 months None
annually SOFR + 1.82%
Bank Permata
2020 - 2024 Mitratel Rp 2,250 292 2021-2031 Monthly 1 month None
IndONIA + 1.02%
2025 Telkomsel Rp 1,000 2,000 2025-2027 Monthly 5.85% None
Bank Sinarmas
2024 Telkomsel Rp 1,000 6,500 2025-2026 Quarterly 1 week None
JIBOR
HSBC
2021 - 2023 Mitratel Rp 1,250 216 2023-2030 Monthly 1 month None
IndONIA + 0.90%
Bank Danamon
2022 Mitratel Rp 636 91 2022-2025 Quarterly 3 months None
JIBOR + 1.50%
2024 SSI Rp 24 3 2024-2029 Monthly 8.75% None
Bank ANZ
2015 PINS, GSD Rp 440 22 2020-2025 Quarterly 3 months JIBOR + None
1.40%-2.00%
2025 Telkomsel Rp 1,500 3,000 2025-2027 Monthly 5.32% None
Syndication
of banks
2018 Telin US$ 0 0 2020-2025 Semi- 6 months None
annually SOFR + 1.55%
** In original currency
** Refer to Note 5 and Note 11 for details of trade receivables and property and equipment pledged as collateral.
70
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
19. LONG-TERM LOANS (continued)
b. Bank loans (continued)
As stated in the agreements, the Group is required to comply with all covenants or restrictions such
as dividend distribution, obtaining new loans, and maintaining financial ratios. As of December 31,
2025, the Group has complied with all covenants regarding these financial ratios, except for Sigma
which debt to service coverage ratio is still lower than required. As of December 31, 2025, the
Group obtained waiver for loan amounting to Rp47 billion from BNI to not require payment as the
consequence of the breach for Sigma. The waiver from BNI was received on December 15, 2025
and effective for 12 months after reporting period.
The credit facilities were obtained by the Group for working capital purposes and investment
purposes.
As of December 31, 2025, the Group had Rp42,109 billion and US$67 million of undrawn committed
borrowing facilities available.
20. NON-CONTROLLING INTERESTS
The details of non-controlling interests are as follows:
2025 2024
Non-controlling interests in net assets of subsidiaries:
Telkomsel 10,381 11,022
Mitratel 8,404 8,440
Others (each below Rp100 billion) 1,067 934
Total 19,852 20,396
2025 2024
Non-controlling interests in profit (loss)
in current year of subsidiaries:
Telkomsel 6,101 6,434
Mitratel 597 594
Others (54) 66
Total 6,644 7,094
Material partly-owned subsidiaries
The non-controlling interests which are considered material to the Company are the non-controlling
interests in Telkomsel and Mitratel. On December 31, 2025 and 2024, the non-controlling interest in
Telkomsel holds 30.10% and Mitratel holds 28.16%.
The summarized financial information of Telkomsel and Mitratel are provided below. These information
are based on amounts before intercompany eliminations and adjustments.
Summarized statements of financial position:
Telkomsel Mitratel
2025 2024 2025 2024
Current assets 17,651 19,374 3,051 3,447
Non-current assets 96,976 98,029 55,299 54,693
Current liabilities (41,560) (41,199) (7,500) (12,286)
Non-current liabilities (44,791) (45,216) (17,499) (12,467)
Total equity 28,276 30,988 33,351 33,387
Attributable to:
Owners of the parent company 17,895 19,966 24,947 24,947
Non-controlling interests 10,381 11,022 8,404 8,440
71
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
20. NON-CONTROLLING INTERESTS (continued)
Material partly-owned subsidiaries (continued)
Summarized statements of profit or loss and other comprehensive income:
Telkomsel Mitratel
2025 2024 2025 2024
Revenues 109,307 113,340 9,534 9,308
Operation expenses (81,386) (83,883) (5,381) (5,129)
Other expenses - net (2,458) (2,108) (1,905) (1,918)
Profit before income tax 25,463 27,349 2,248 2,261
Income tax expense - net (5,776) (5,347) (129) (157)
Profit for the year 19,687 22,002 2,119 2,104
Other comprehensive income (loss) - net (43) 355 (3) 1
Total comprehensive
income for the year 19,644 22,357 2,116 2,105
Attributable to
non-controlling interests 6,101 6,434 597 594
Dividends paid to
non-controlling interests 6,729 6,627 545 407
Summarized statements of cash flows:
Telkomsel Mitratel
2025 2024 2025 2024
Operating 36,806 38,939 6,776 6,632
Investing (14,282) (14,932) (2,250) (3,490)
Financing (22,937) (25,631) (4,514) (3,436)
Net increase (decrease) in
cash and cash equivalents (413) (1,624) 12 (294)
CF
21. CAPITAL STOCK
2025
Percentage of Total paid-in
Description Number of shares
ownership capital
Series A Dwiwarna share
Government 1 0 0
Series B shares
DAM 51,602,353,559 52.09 2,580
The Bank of New York Mellon Corporation* 4,356,822,980 4.40 218
Directors (Note 1b):
Dian Siswarini 203,000 0 0
Veranita Yosephine 90,000 0 0
Nanang Hendarno 32,500 0 0
Faizal Rochmad Djoemadi 248,500 0 0
Commissioners (Note 1b):
Rizal Mallarangeng 3,240,600 0 0
Silmy Karim 1,344,700 0 0
Public (individually less than 5%) 43,088,935,360 43.50 2,155
Share buyback (Note 1c) 8,945,400 0.01 0
Total 99,062,216,600 100.00 4,953
72
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
21. CAPITAL STOCK (continued)
2024
Percentage of Total paid-in
Description Number of shares
ownership capital
Series A Dwiwarna share
Government 1 0 0
Series B shares
Government 51,602,353,559 52.09 2,580
The Bank of New York Mellon Corporation* 4,185,694,580 4.23 209
Directors (Note 1b):
Ririek Adriansyah 9,336,755 0 0
Bogi Witjaksono 6,952,700 0 0
Afriwandi 6,995,200 0 0
Heri Supriadi 7,242,700 0 0
F.M. Venusiana R. 10,629,200 0 0
Herlan Wijanarko 6,995,200 0 0
Muhamad Fajrin Rasyid 6,952,700 0 0
Budi Setyawan Wijaya 7,407,700 0 0
Honesti Basyir 3,250,844 0 0
Commissioners (Note 1b):
Isa Rachmatarwata 3,312,700 0 0
Marcelino Rumambo Pandin 3,312,700 0 0
Ismail 3,312,700 0 0
Arya Mahendra Sinulingga 3,359,500 0 0
Rizal Mallarangeng 3,312,700 0 0
Silmy Karim 1,344,700 0 0
Public (individually less than 5%) 43,190,450,461 43.68 2,164
Total 99,062,216,600 100.00 4,953
* The Bank of New York Mellon Corporation serves as the Depositary of the registered ADS holders for the Company’s ADSs.
The Company issued only 1 Series A Dwiwarna share which is held by the Government of the Republic
of Indonesia and cannot be transferred to any party, and has a veto right in the General Meeting of
Stockholders of the Company with respect to the election and removal of the Boards of Commissioners
and Directors, issuance of new shares, and amendments of the Company’s Articles of Association.
Based on Notarial Deed of Jose Dima Satria, S.H., M.Kn., No. 121, dated March 22, 2025, the
Government transferred its ownership of 51,602,353,559 Series B shares, representing 52.09% of the
Company's total shares, to PT Biro Klasifikasi Indonesia (“BKI”) through “inbreng” capital contribution.
This share transfer was conducted in accordance with prevailing legal regulations, specifically:
(a) Government Regulation Number 15 Year 2025 regarding the Addition of Capital Participation of
the Republic of Indonesia into the Share Capital of BKI for the Establishment of an Operational
Holding;
(b) Government Regulation Number 16 Year 2025 regarding the State Capital Participation of the
Republic of Indonesia into the Daya Anagata Nusantara Investment Management Agency
(“Danantara”).
BKI, as the transferee, serves as the Operational Holding Company, with all of its shares owned by
the Government through the Minister of State-Owned Enterprises and Danantara. The Government
retains its position as the Company's Ultimate Beneficial Owner through its direct ownership of 1 Series
A Dwiwarna share with special rights and its indirect ownership of BKI's Series B shares through
Danantara. Based on Notarial Deed of Jose Dima Satria, S.H., M.Kn., No. 163, dated May 23, 2025,
BKI changed its name to DAM.
73
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
22. OTHER EQUITY
2025 2024
Difference from the acquisition of non-controlling
interests in subsidiaries 8.364 8,364
Exchange rate translation adjustment 1.462 1,102
Effect of changes in associates’ equity 386 386
Unrealized gain on available-for-sale securities 10 9
Other equity components 37 37
Total 10.259 9,898
23. REVENUES
The Group derives revenues in the following major product lines:
Consolidated
2025 B2C B2B Infra B2B ICT Internasional Others revenue
Data, internet, and information
technology service revenues
Cellular data and internet 71,289 - - - - 71,289
Internet, data communication, and
information technology services 440 1,107 10,817 1,843 10 14,217
Others 48 1,237 505 159 2,589 4,538
Total data, internet, and information
technology service revenues 71,777 2,344 11,322 2,002 2,599 90,044
IndiHome revenues 26,119 - - - - 26,119
Interconnection revenues 386 1,345 - 7,241 - 8,972
Telephone revenues
Cellular 4,229 - - 171 - 4,400
Fixed lines - 88 484 - - 572
SMS 3,143 - 20 - - 3,163
Total telephone revenues 7,372 88 504 171 - 8,135
Network revenues 3 1,739 677 1,226 - 3,645
Other services
E-payment - - - - 1,684 1,684
Manage service and terminal - - 1,201 25 - 1,226
Call center service - - 1,154 - - 1,154
E-health - - - - - -
Others 241 538 442 8 1,659 2,888
Total other services 241 538 2,797 33 3,343 6,952
Total revenues from
contract with customer 105,898 6,054 15,300 10,673 5,942 143,867
Revenues from lessor transactions - 2,875 - - - 2,875
Total revenues 105,898 8,929 15,300 10,673 5,942 146,742
As restated
Consolidated
2024 B2C B2B Infra B2B ICT Internasional Others revenue
Data, internet, and information
technology service revenues
Cellular data and internet 72,639 - - - - 72,639
Internet, data communication, and
information technology services - 1,122 11,314 1,651 17 14,104
Others 134 834 578 260 1,984 3,790
Total data, internet, and information
technology service revenues 72,773 1,956 11,892 1,911 2,001 90,533
IndiHome revenues 26,262 - - - - 26,262
Interconnection revenues 363 1,193 - 7,631 - 9,187
Telephone revenues
Cellular 6,077 - - 183 - 6,260
Fixed lines - 82 397 - - 479
SMS 3,791 - 14 - - 3,805
Total telephone revenues 9,868 82 411 183 - 10,544
Network revenues 3 1,538 648 990 - 3,179
Other services
E-payment 14 - - - 1,286 1,300
Call center service - - 1,255 - - 1,255
Manage service and terminal - 1 1,039 5 - 1,045
E-health - - - - 767 767
Others 379 381 496 12 1,598 2,866
Total other services 393 382 2,790 17 3,651 7,233
Total revenues from
contract with customer 109,662 5,151 15,741 10,732 5,652 146,938
Revenues from lessor transactions - 3,029 - - - 3,029
Total revenues 109,662 8,180 15,741 10,732 5,652 149,967
74
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
23. REVENUES (continued)
The Group derives revenues in the following major product lines:
Management expects that most of the transaction price allocated to the unsatisfied contracts as of
December 31, 2025 will be recognized as revenue during the next reporting periods. Unsatisfied
performance obligations as of December 31, 2025, which management expects to be realised within
one year is Rp8,512 billion, and more than one year is Rp5,453 billion.
The Group entered into non-cancellable lease agreements with both third and related parties. The
lease agreements cover leased lines, telecommunication equipment and land and building with terms
ranging from 1 to 29 years and with expiry dates between 2026 and 2039. Periods may be extended
based on the agreement by both parties.
Refer to Note 32 for details of related parties transactions.
24. PERSONNEL EXPENSES
The breakdown of personnel expenses is as follows:
2025 2024
Salaries and related benefits 9,411 9,457
Vacation pay, incentives, and other benefits 3,784 4,214
Pension and other post-employment
benefits (Note 30) 1,854 1,691
Early retirement program 937 1,186
LSA expense (Note 31) 284 226
Others 92 33
Total 16,362 16,807
Refer to Note 32 for details of related parties transactions.
25. OPERATION, MAINTENANCE, AND TELECOMMUNICATION SERVICE EXPENSES
The breakdown of operation, maintenance, and telecommunication service expenses is as follows:
2025 2024
Operation and maintenance 23,478 24,365
Radio frequency usage charges (Note 35c.i) 7,746 7,687
Leased lines and Customer Premise
Equipment ("CPE") 4,474 3,422
Concession fees and USO charges (Note 15) 2,885 2,933
Electricity, gas, and water 1,051 1,097
Cost of SIM cards, vouchers, and
sales of peripherals (Note 7) 532 584
Project management 445 427
Insurance 335 308
Vehicles rental and supporting facilities 164 271
Others (each below Rp100 billion) 124 108
Total 41,234 41,202
Refer to Note 32 for details of related parties transactions.
75
Page 84
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
26. GENERAL AND ADMINISTRATIVE EXPENSES
The breakdown of general and administrative expenses is as follows:
2025 2024
General expenses 2,241 2,448
Allowance for expected credit losses
trade receivables (Note 5) 1,465 904
Professional fees 824 855
Training, education, and recruitment 358 453
Traveling 343 421
Meeting 307 390
Social contribution 301 233
Collection expenses 291 194
Others (each below Rp100 billion) 471 327
Total 6,601 6,225
Refer to Note 32 for details of related parties transactions.
27. TAXATION
a. Prepaid income taxes
2025 2024
The Company:
Income Tax
Article 23 - Withholding tax on service delivery - 260
Subsidiaries:
Income Tax
Corporate income tax 4 1
Article 4(2) - Final tax 16 17
Article 23 - Withholding tax on service delivery 55 79
VAT 1,587 2,076
Total prepaid taxes 1,662 2,433
Current portion (1,662) (2,433)
Non-current portion - -
b. Claims for tax refund
2025 2024
The Company
Income Tax
Corporate income tax 663 641
Article 21 - Individual income tax 42 154
VAT 746 168
Subsidiaries
Income Tax
Corporate income tax 1,806 1,553
Article 21 - Individual income tax 6 7
Article 23 - Withholding tax on service delivery 60 -
VAT 990 706
Total claims for tax refund 4,313 3,229
Current portion (317) (411)
Non-current portion (Note 13) 3,996 2,818
76
Page 85
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
27. TAXATION (continued)
c. Taxes payable
2025 2024
The Company:
Income taxes
Article 4(2) - Final tax 31 11
Article 21 - Individual income tax 2 1
Article 22 - Withholding tax on goods delivery
and imports 1 1
Article 23 - Withholding tax on services 46 45
Article 25 - Installment of corporate income tax - 78
VAT 304 109
VAT - Tax collector 185 114
569 359
Subsidiaries:
Income taxes
Article 4(2) - Final tax 219 644
Article 21 - Individual income tax 52 160
Article 22 - Withholding tax on goods delivery
and imports 5 6
Article 23 - Withholding tax on services 183 33
Article 25 - Installment of corporate income tax 52 587
Article 26 - Withholding tax on non-resident income 14 178
Article 29 - Corporate income tax 317 203
VAT 147 473
VAT - Tax collector 467 650
1,456 2,934
Total taxes payable 2,025 3,293
d. The components of consolidated income tax expense (benefit) are as follows:
2025 2024
(As restated)
Current
The Company 1,017 905
Subsidiaries 6,588 6.730
7,605 7.635
Deferred
The Company (489) 316
Subsidiaries (472) 167
(961) 483
Net income tax expense 6,644 8.118
77
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
27. TAXATION (continued)
d. The components of consolidated income tax expense (benefit) are as follows (continued):
The reconciliation between the profit before income tax and the estimated taxable income of
the Company for years ended December 31, 2025 and 2024 are as follows:
2025 2024
(As restated)
Profit before income tax consolidation 31,102 37,615
Add back consolidation eliminations 24,739 25,590
Consolidated profit before income tax and eliminations 55,841 63,205
Less: profit before income tax of the subsidiaries (37,007) (38,949)
Profit before income tax attributable to the Company
before deduction of income subject to final tax 18,834 24,256
Less: income subject to final tax (1,156) (801)
Profit before income tax attributable to the Company
after deduction of income subject to final tax 17,678 23,455
Temporary differences:
Allowance for expected credit losses (273) (324)
Deferred installation fee (31) 17
Leases (1) 7
Provision for employee benefits 116 (127)
Land rights, intangible assets, and other 24 67
Net periodic pension and other post-employment
benefits costs 777 (175)
Difference between accounting and tax bases
of property and equipment 1,870 (1,157)
Accrued expenses - (127)
Others 26 (7)
Net temporary differences 2,508 (1,826)
Permanent differences:
Net periodic post-retirement health care benefit costs 282 282
Donations 172 211
Employee benefits 11 14
Expense related to income subject to final tax 407 242
Equity in net income of associates and subsidiaries (16,576) (18,342)
Other expense from tax assesment result 47 69
Others 88 95
Net permanent differences (15,569) (17,429)
Taxable income of the Company 4,617 4,200
Current corporate income tax expense 878 798
Final income tax expense 139 107
Total current income tax expense of the Company 1,017 905
Current income tax expense of the subsidiaries 6,588 6,730
Total current income tax expense 7,605 7,635
78
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
27. TAXATION (continued)
d. The components of income tax expense (benefit) are as follows (continued):
The reconciliation between the income tax expense calculated by applying the applicable tax rate
of 19% to the profit before income tax less income subject to final tax, and the net income tax
expense as shown in the consolidated statements of profit or loss and other comprehensive income
is as follows:
2025 2024
(As restated)
Profit before income tax consolidation 31,102 37,615
Less consolidated income subject to final tax - net (8,471) (7,598)
22,631 30,017
Income tax expense calculated at the Company’s
applicable statutory tax rate 4,300 5,703
Difference in applicable statutory tax rate for
subsidiaries 657 738
Non-deductible expenses 1,295 1,229
Final income tax expense 138 107
Deferred tax adjustment 295 (4)
Unrecognized deferred tax 39 8
Others (80) 337
Net income tax expense 6,644 8,118
In Law No. 7 of 1983 concerning Income Tax as amended several times, most recently by Law No.
6 of 2023 concerning Stipulation of Government Regulations in Lieu of Law No. 2 of 2022
concerning Job Creation becomes Law, Article 17 paragraph (1) letter b which stipulates that the
tax rate applied to Taxable Income for domestic corporate taxpayers and permanent
establishments is 22%, which comes into force in the 2022 fiscal year, and in article 17 paragraph
(2b) stipulates that for corporate taxpayers in the form of a limited liability company with a total
number of paid-up shares is traded on a stock exchange in Indonesia of at least 40% and meeting
certain requirements can receive 3% tax rate lower than the expected rate.
The Company applied the tax rate of 19% for the years ended December 31, 2025 and 2024. The
subsidiaries applied the tax rate of 22% for the years ended December 31, 2025 and 2024.
The Company has submitted its Annual Corporate Income Tax Return for the 2024 fiscal year on
April 30, 2025 to the Tax Authority in accordance with the applicable tax regulations.
e. Tax assessments
(i) The Company
In the year ended December 31, 2024, the Company received a number of tax assessments
from tax audits for the 2019, 2020 and 2021 fiscal years, and from these tax assessments the
Company received a net refund of Rp7.7 billion after being deducted by other types of tax
collection letters and assessments. In addition to the restitution from the tax audit results, the
Company also received a restitution of Rp37.9 billion for the decision to approve the
cancellation of the 2015 and 2016 VAT Tax Collection Letters.
In July 2024, the Company received a Field Audit Notification Letter for all types of taxes in
2023. In September 2024, the Company received a VAT Field Audit Notification Letter for
2022.
In June 2025, the Company received a number of tax assessments resulting from the 2023
tax audit. In August 2025, from all tax assessments, the Company received a net refund
amounting to Rp589.1 billion after deducting other types of tax collection letters and
assessments. In August 2025, the Company received a Tax Underpayment Assessment
Letters ("SKPKB") of VAT audit results for 2022 fiscal year amounting to Rp10.1 billion
(including tax fine).
79
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
27. TAXATION (continued)
e. Tax assessments (continued)
(i) The Company (continued)
In August 2025, the Company received a Field Audit Notification Letter for all 2024 taxes.
In October 2025, the Company received a tax objection decision letter rejecting the Company’s
objection of the 2019 and 2020 tax assessments amounting of Rp35.7 billion. The Company
is currently in the process of appealing the 2019 and 2020 tax dispute. As of the issuance of
these consolidated financial statements, the tax audit process for the 2024 tax year and the
appeal process for the 2019 and 2020 tax dispute are still ongoing.
(ii) Telkomsel
As of December 31, 2025, Telkomsel has a number of tax assessments that are in the appeal
process. The details of claims for tax refund, both associated with tax assessments or that
have not been determined by the Tax Authority, including tax assessment exposure that are
not accompanied by tax claims by Telkomsel, are as follows:
2025
Objection Appeal Others Total
Claims for tax refund which are not yet
confirmed by the Tax Authority
Telkomsel
Corporate Income Tax
2025 fiscal year - - 261 261
2024 fiscal year - - 791 791
Subsidiaries
VAT
2025 fiscal year - - 46 46
Withholding tax
2025 fiscal year - - 1 1
Tax assessment with claims for
tax refund
Corporate Income Tax
2018 fiscal year - 35 - 35
2015 fiscal year - 294 - 294
2014 fiscal year - 35 - 35
Witholding tax
2015 fiscal year - - 0 0
- 364 1,099 1,463
Tax assesment with no associated
claims for tax refund
Corporate Income Tax
2023 fiscal year 1,623 - - 1,623
Withholding tax
2023 fiscal year 12,844 - - 12,844
14,467 - - 14,467
For the year ended December 31, 2025, Telkomsel received a number of SKPKB for VAT for
the fiscal years 2021 to 2023 amounting to Rp606 billion (including sanctions of Rp181 billion),
as well as for Income Tax Article 23 and Corporate Income Tax for the fiscal year 2023
amounting to Rp12,844 billion (including sanctions of Rp3,823 billion) and Rp1,623 billion
(including sanctions of Rp445 billion), respectively. In relation to the underpayment of VAT,
where Telkomsel acts as a Tax Collector, Telkomsel accepted the entire amount of the tax
underpayment and recorded a penalty of Rp181 billion as a tax expense in the 2025
consolidated income statement, and compensated the principal VAT underpayment of Rp425
billion as a VAT tax credit in 2025. In relation to the underpayment of Income Tax Article 23
and Corporate Income Tax for the 2023 fiscal year, Telkomsel has strong technical arguments
to support its tax position and believes that it has complied with the provisions of the applicable
tax laws and regulations, therefore Telkomsel considers that no provision is necessary for the
underpayment of tax. Telkomsel has filed an objection to the Directorate General of Taxes on
December 10, 2025. As of the date of issuance of these consolidated financial statements, the
results of the objection have not been received.
80
Page 89
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
27. TAXATION (continued)
e. Tax assessments (continued)
(ii) Telkomsel (continued)
Management believes that Telkomsel has a strong ground to defend its position inherent in
the claims for tax refund. Therefore, Telkomsel determines that such allowance is not
necessary.
f. Deferred tax assets and liabilities
The details of the Group's deferred tax assets and liabilities are as follows:
Deferred tax asset and liabilities (Charged) credited to
in financial position profit or loss
2025 2024 2023 2025 2024
(As restated) (As restated) (As restated)
The Company
Allowance for expected credit losses 718 770 831 (52) (61)
Net periodic pension and other
post-employment benefit costs 1,001 781 822 148 (34)
Difference between accounting and tax
bases of property and equipment 2,519 1,894 2,082 367 (189)
Provision for employee benefits 298 276 299 22 (23)
Deferred installation fee 19 25 21 (6) 4
Land rights, intangible assets and others 47 42 29 5 13
Accrued expenses - - 24 - (24)
Leases 1 1 - - 1
Others 78 73 76 5 (3)
Total deferred tax assets - net 4,681 3,862 4,184 489 (316)
Telkomsel
Provision for employee benefits 1,698 1,445 1,385 241 160
Allowance for expected credit losses 571 324 205 247 119
Leases 15 481 554 (466) (73)
Contract liabilities 399 370 400 29 (30)
Fair value measurement of financial
instruments (8) (8) - - (8)
Difference between accounting and tax bases of
property and equipment (857) (1,361) (1,228) 504 (133)
License amortization (195) (174) (171) (21) (3)
Contract costs (6) (23) (46) 17 23
Other financial instruments (270) (242) (165) (28) (77)
Deferred tax assets (liabilities) of Telkomsel - net 1,347 812 934 523 (22)
Deferred tax assets of the other subsidiaries - net 575 680 704 (99) (15)
Deferred tax liabilities of the other subsidiaries - net (1,233) (992) (841) 48 (130)
Deferred tax expense (benefit) 961 (483)
Total deferred tax assets - net 6,603 5,354 5,822
Total deferred tax liabilities - net (1,233) (992) (841)
As of December 31, 2025 and 2024 the aggregate amounts of temporary differences associated
with investments in subsidiaries and associated companies, for which deferred tax liabilities are
not recognized were Rp28,516 billion and Rp84,310 billion, respectively.
Realization of the deferred tax assets is dependent upon the Group’s capability in generating future
profitable operations. Although realization is not assured, the Group believes that it is probable that
these deferred tax assets will be realized through reduction of future taxable income when
temporary differences reverse. The amount of deferred tax assets is considered realizable;
however, it can be reduced if actual future taxable income is lower than estimates.
81
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
27. TAXATION (continued)
g. Administration
In December 2024, the Government issued Decree of the Minister of Finance Number 465 of 2024
concerning the Implementation of the Core System of Tax Administration and Regulation of the
Minister of Finance concerning Tax Provisions in the Framework of Implementing the Core System
of Tax Administration No. 81 of 2024. In order to realize the aspect of justice in society, at the end
of December 2024 the Government issued Regulation of the Minister of Finance Number 131 of
2024 concerning Value Added Tax Treatment on Imports of Taxable Goods, Delivery of Taxable
Goods, Delivery of Taxable Services, Utilization of Intangible Taxable Goods from Outside the
Customs Area within the Customs Area, and Utilization of Taxable Services from Outside the
Customs Area within the Customs Area (PMK 131/2024) which is effective as of January 1, 2025.
PMK 131/2024 regulates that on the Import and/or delivery of Taxable Goods within the Customs
Area by Entrepreneurs other than Taxable Goods classified as luxury, delivery of Taxable Services
within the Customs Area by Entrepreneurs, utilization of Intangible Taxable Goods from outside the
Customs Area within the Customs Area, utilization of Taxable Services from outside the Customs
Area within the Customs Area, Tax is payable VAT is calculated by multiplying the 12% (twelve
percent) rate by the Taxable Base, which is another value.
The issuance of PMK 131/2024 is in accordance with Law Number 7 of 2021 concerning the
Harmonization of Tax Regulations (HPP Law), which stipulates that a VAT rate of 12% will be
implemented no later than January 1, 2025. In February 2025, the Government issued Minister of
Finance Regulation Number 11 of 2025 concerning Provisions on Other Values as Taxable Bases
and Certain Amounts of Value Added Tax. The Company ensures coordination with relevant units,
the IT Team and tax authorities to ensure smooth tax administration processes conducted through
the Tax Administration Core System application, as well as the provisions for using other values
as VAT Taxable Bases.
In response to the implementation of the Organisation for Economic Co-operation and
Development (“OECD”) Pillar Two framework, on December 31, 2024, Indonesian Government
implemented Pillar Two framework through Regulation of the Minister of Finance No. 136/2024
(PMK 136/2024). The Pillar Two model rules as implemented under PMK 136/2024 which came
into effect on January 1, 2025.
PMK 136/2024 applies new taxing mechanisms under which a Multinational Enterprises (“MNE”)
would pay a top-up tax in a jurisdiction whenever the effective tax rate, determined on a
jurisdictional basis under the Pillar Two rules is below a 15% minimum rate. PMK 136/2024 sets
out the mechanics for determining which entity or entities in an MNE Group should apply the top-
up tax and the portion of such tax that is charged to each relevant entity.
The Group has conducted an analysis based on applicable tax regulations and identified potential
top-up tax for constituent entities operating in the jurisdiction of Timor Leste. The Group believes,
based on the results of the analysis, that the impact of these potential top-up tax is not material to
the consolidated financial statements for the year ended December 31, 2025.
82
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
27. TAXATION (continued)
g. Administration (continued)
Related to the implementation of the provisions of Article 222 of the Minister of State-owned
Enterprise Regulation Number PER-2/MBU/03/2023 concerning Guidelines for Governance and
Significant Corporate Activities of State-owned Enterprise. State-owned enterprise is required to
convey the realization of contributions to the state (cash basis). Details of contributions to the state
as of December 31, 2025 are as follow:
2025
Tax
Income tax 18,120
VAT and VAT on luxury goods 13,457
Import/exit duties, customs, and stamp duties 23
Regional taxes and levies, including
property tax for urban and rural 96
Total tax contribution 31,696
Non-tax contribution
Dividend 10,964
Other non-tax contribution 10,221
Total other non-tax contribution 21,185
Total contribution to the state 52,881
28. BASIC EARNINGS PER SHARE
Basic earnings per share is computed by dividing profit for the year attributable to owners of the parent
company amounting to Rp17,814 billion and Rp22,403 by the weighted average number of shares
outstanding during the year totaling to 99,061,024,659 shares for the years ended December 31, 2025
and 99,062,216,600 shares for the years ended December 31, 2024 (as restated), respectively. The
weighted average number of shares takes into account the weighted average effect of changes in
treasury stock transaction during the period.
Basic earnings per share amounting to Rp179.83 and Rp226.15 (in full amount) for the years ended
December 31, 2025 and 2024 (as restated), respectively. The Company does not have potentially
dilutive financial investments for the years ended December 31, 2025 dan 2024 (as restated).
29. CASH DIVIDENDS AND GENERAL RESERVE
Pursuant to the AGM of Stockholders of the Company stated in Notarial Deed No. 52 dated
May 27, 2025 of Ashoya Ratam, S.H., M.Kn., the Company’s stockholders approved the distribution
of cash dividend for 2024 amounting to Rp21,047 billion (Rp212.47 per share). The Company paid
cash dividend on June 19, 2025.
Pursuant to the AGM of Stockholders of the Company stated in Notarial Deed No. 04 dated
May 3, 2024 of Ashoya Ratam, S.H., M.Kn., the Company’s stockholders approved the distribution of
cash dividend for 2023 amounting to Rp17,683 billion (Rp178.50 per share). The Company paid cash
dividend on May 29, 2024.
Under the Limited Liability Company Law, the Company is required to establish a statutory reserve
amounting to at least 20% of its issued and paid-up capital.
The balance of the appropriated retained earnings of the Company as of December 31, 2025 and 2024
is Rp15,337 billion, respectively.
83
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS
The details of pension and other post-employment benefit liabilities are as follows:
Notes 2025 2024
Pension benefit and other post-employment
benefit obligations
Pension benefit program
The Company - funded 30a.i.a
Defined pension benefit obligation 30a.i.a.i 3,725 3,543
Additional pension benefit obligation 30a.i.a.ii 42 42
The Company - unfunded 30a.i.b 216 215
Telkomsel 30a.ii 5,978 4,950
Projected pension benefit obligations 9,961 8,750
Net periodic post-employment health care
benefit 30b 1,708 1,550
Other post-employment benefit 30c 187 175
Long service employee benefit 30d 1 1
Obligation under the Labor Law 30e 1,139 1,064
Total 12,996 11,540
The details of net pension benefit expense recognized in the consolidated statements of profit or loss
and other comprehensive income is as follows:
Notes 2025 2024
Pension benefit cost
The Company - funded 30a.i.a
Defined pension benefit obligation 30a.i.a.i 357 518
Additional pension benefit obligation 30a.i.a.ii 3 3
The Company - unfunded 30a.i.b 25 (27)
Telkomsel 30a.ii 978 663
Total periodic pension benefit cost 24 1,363 1,157
Net periodic post-employment health care
benefit cost 24,30b 281 282
Other post-employment benefit cost 24,30c 17 20
Long service employee benefit cost 24,30d 1 0
Labor Law employee benefit cost 24,30e 192 232
Total 1,854 1,691
The amounts recognized in OCI are as follows:
Notes 2025 2024
Defined benefit plan actuarial gain (loss)
The Company - funded 30a.i.a
Defined pension benefit obligation 30a.i.a.i (381) 72
Additional pension benefit obligation 30a.i.a.ii (1) 1
The Company - unfunded 30a.i.b 14 (53)
Telkomsel 30a.ii (77) 420
Total periodic pension benefit cost (445) 440
Post-employment health care benefit cost 30b 123 202
Other post-employment benefit cost 30c (6) 6
Long service employee benefit cost 30c - 0
Labor Law employee benefit cost 30e 5 107
Sub-total (323) 755
Deferred tax effect at the applicable tax rates 87 (120)
Defined benefit plan actuarial gain (loss) -
net of tax (236) 635
84
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
The following table presents the changes in projected pension benefit obligation and post-employment
health care benefit obligations, changes in pension benefit and post-employment health care benefit
plan assets, funded status of the pension plan and post-employment health care benefit plan, and net
amount recognized in the consolidated statements of financial position as of December 31, 2025 and
2024, under the defined benefit pension plan:
Funded Post-employment
Defined pension benefit obligation health care benefit
The Company Telkomsel The Company
Projected
Projected Projected post-employment Post-employment
pension Pension pension Pension health care health care
benefit benefit benefit benefit benefit benefit
obligations plan assets obligations plan assets obligation plan assets Total
Balance, January 1, 2025 22,377 (18,834) 6,089 (1,139) 14,152 (12,602) 10,043
Service costs 177 - 332 - - - 509
Past service costs - - 294 - - - 294
Interest costs (income) 1,500 (1,271) 406 (55) 970 (862) 688
Plan administration cost (110) 110 - 1 - 173 174
Cost recognized in the consolidated
statement of profit or loss 1,567 (1,161) 1,032 (54) 970 (689) 1,665
Actuarial (gain) loss on:
Experience adjustments (17) - (187) - (66) - (270)
Changes in demographic assumptions (1) - - - 0 - (1)
Changes in financial assumptions 1,053 - 261 - 478 - 1,792
Return on plan assets
(excluding amount included in
net interest expense) - (654) - 3 - (535) (1,186)
Cost recognized in OCI 1,035 (654) 74 3 412 (535) 335
Employer’s contributions - (605) - (27) - - (632)
Pension plan participants’ contributions 10 (10) 1 (1) - - -
Benefits paid from plan assets (1,843) 1,843 - - (584) 584 -
Benefits paid by employer (17) 17 (288) 288 - - -
Past benefits paid by employer - - (221) 221 - - -
Balance, December 31, 2025 23,129 (19,404) 6,687 (709) 14,950 (13,242) 11,411
Projected pension benefit
obligation at end of year 3,725 5,978 1,708 11,411
Funded Post-employment
Defined pension benefit obligation health care benefit
The Company Telkomsel The Company
Projected
Projected Projected post-employment Post-employment
pension Pension pension Pension health care health care
benefit benefit benefit benefit benefit benefit
obligations plan assets obligations plan assets obligation plan assets Total
Balance, January 1, 2024 23,718 (20,052) 5,796 (1,070) 14,624 (13,154) 9,862
Service costs 279 - 346 - - - 625
Transferred employees costs (2) 1 2 (2) - - (1)
Interest costs (income) 1,533 (1,304) 381 (65) 966 (866) 645
Plan administration cost (115) 115 - 1 - 182 183
Additional welfare benefits 34 - - - - - 34
Cost recognized in the consolidated
statement of profit or loss 1,729 (1,188) 729 (66) 966 (684) 1,486
Actuarial (gain) loss on:
Experience adjustments (609) - (121) - 65 - (665)
Changes in demographic assumptions (1) - - - 0 - (1)
Changes in financial assumptions (491) - (314) - (863) - (1,668)
Return on plan assets
(excluding amount included in
net interest expense) - 1,029 - 15 - 596 1,640
Cost recognized in OCI (1,101) 1,029 (435) 15 (798) 596 (694)
Employer’s contributions - (558) - (18) - - (576)
Pension plan participants’ contributions 13 (13) 1 (1) - - -
Benefits paid from plan assets (1,948) 1,948 (2) 1 (640) 640 (1)
Benefits paid by employer (34) - - - - - (34)
Balance, December 31, 2024 22,377 (18,834) 6,089 (1,139) 14,152 (12,602) 10,043
Projected pension benefit
obligation at end of year 3,543 4,950 1,550 10,043
85
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
The following table presents the changes in unfunded projected pension benefit obligations, additional
pension benefit obligations, other post-employment benefit obligations and obligations under the Labor
Law, changes in additional pension benefit plan assets, and net amount recognized in the consolidated
statements of financial position as of December 31, 2025 and 2024, under the defined benefit pension
plan:
The Company
The Company and its subsidiaries
Other
Additional post-employment Long service Obligations
pension benefit benefit employee under
obligations Unfunded obligations benefit the Labor Law Total
Balance, January 1, 2025 42 215 175 1 1,064 1,497
Service costs 0 10 5 1 134 150
Past service costs - - - - (10) (10)
Interest costs 3 15 12 - 68 98
Cost recognized in the consolidated
statement of profit or loss 3 25 17 1 192 238
Actuarial (gain) loss recognized in OCI 1 (14) 6 - (5) (12)
Benefits paid by employer (4) (10) (11) (1) (68) (94)
Divestment - - - - (44) (44)
Balance, December 31, 2025 42 216 187 1 1,139 1,585
The Company
The Company and its subsidiaries
Other
Additional post-employment Long service Obligations
pension benefit benefit employee under
obligations Unfunded obligations benefit the Labor Law Total
Balance, January 1, 2024 44 258 244 1 1,005 1,552
Service costs 0 9 6 0 204 219
Past service costs - - 1 - 18 19
Interest costs 3 14 13 - 10 40
Transferred employees costs (0) (0) (0) - (0) (0)
Early retirement settlement costs - (50) 0 (0) (0) (50)
Cost recognized in the consolidated
statement of profit or loss 3 (27) 20 0 232 228
Actuarial (gain) loss recognized in OCI (1) 53 (6) (0) (107) (61)
Benefits paid by employer (4) (69) (83) - (62) (218)
Divestment - - - - (4) (4)
Balance, December 31, 2024 42 215 175 1 1,064 1,497
a. Pension benefit program
i. The Company
(a) Funded pension plan
(i) Defined pension benefit obligation
The Company sponsors a defined benefit pension plan for employees with permanent
status prior to July 1, 2002. The plan is governed by the pension laws in Indonesia and
managed by Telkom Pension Fund (“Dana Pensiun Telkom” or “Dapen”). Pension Fund
Management in accordance with the Pension Fund and Investment Directives
Regulations determined by the Founder is carried out by the Board of Management.
The Board of Management is monitored by the Oversight Board consisting of
representatives of the Company and participants.
The pension benefits are paid based on the participating employees’ latest basic salary
at retirement and the number of years of their service. The participating employees
contribute 18% (before March 2003: 8.4%) of their basic salaries to the pension fund.
The Company made contributions to the pension fund amounted to Rp605 billion and
Rp558 billion, for the years ended December 31, 2025 and 2024, respectively.
86
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
a. Pension benefit program (continued)
i. The Company (continued)
(a) Funded pension plan (continued)
(i) Defined pension benefit obligation (continued)
Risks exposed to defined benefit programs are risks such as asset volatility and
changes in bond yields. The project liabilities are calculated using a discount rate that
refers to the level of government bond yields, if the return on program assets is lower,
it will result in a program deficit. A decrease in the yield of government bonds will
increase the program liabilities, although this will be offset in part by an increase in the
value of the program bonds held. The Company ensures that the investment position is
set within the framework of asset-liability matching ("ALM") that has been formed to
achieve long-term results that are in line with the liabilities in the defined benefit pension
plan. Within the ALM framework, the Company's objective is to adjust its pension assets
and liabilities by investing in a well diversified portfolio to produce an optimal rate of
return, taking into account the level of risk. Investment in the program has been well
diversified, so that one investment's poor performance will not have a material impact
on all asset groups.
As of December 31, 2025 and 2024, plan assets consist of:
2025 2024
Quoted in Quoted in
active market Unquoted active market Unquoted
Cash and cash equivalents 1,255 - 921 -
Equity instruments:
Financials 1,004 - 1,265 -
Consumer non-cyclicals 325 - 48 -
Basic material 383 - 203 -
Infrastructures 431 - 510 -
Energy 175 - 146 -
Technology 91 - 91 -
Industrials 268 - 239 -
Consumer cyclicals 60 - 448 -
Properties and real estate 75 - 110 -
Healthcare 141 - 175 -
Transportation and logistic 7 - 4 -
Equity-based mutual fund 74 - 193 -
Fixed income instruments:
Corporate bonds - 2,031 - 2,034
Government bonds 11,191 - 10,608 -
Fixed income mutual funds ("RDPT") - - - 66
Index mutual funds 14 - - -
Medium-term notes ("MTN") - 105 - 100
Asset-backed securities ("EBA") - 5 - 7
Sukuk - 980 - 935
Non-public equity:
Direct placement - 359 - 377
Property - 204 - 202
Others - 495 - 356
Total 15,494 4,179 14,961 4,077
Pension plan assets include Series B shares issued by the Company with fair values
totaling to Rp256 billion and Rp294 billion, representing 1.32% and 1.54% of total plan
assets as of December 31, 2025 and 2024, respectively, and bonds issued by the
Company with fair value totaling to Rp248 billion and Rp338 billion representing 1.28%
and 1.78% of total plan assets as of December 31, 2025 and 2024, respectively.
87
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
a. Pension benefit program (continued)
i. The Company (continued)
(a) Funded pension plan (continued)
(i) Defined pension benefit obligation (continued)
The expected return is determined based on market expectation for returns over the
entire life of the obligation by considering the portfolio mix of the plan assets. The actual
return on plan assets was Rp1,924 billion and Rp275 billion for the years ended
December 31, 2025 and 2024, respectively. Based on the Company’s policy issued on
January 14, 2014 regarding Dapen’s Funding Policy, the Company will not contribute
to Dapen when Dapen’s Funding Sufficiency Ratio (“FSR”) is above 105%. Based on
Dapen’s financial statements as of December 31, 2025 and 2024, Dapen’s FSR is
below 105%. Therefore, the Company will contribute to the defined benefit pension plan.
Based on the Company Regulations issued on September 30, 2022, regarding the
Pension Fund Regulations from the Telkom Pension Fund, the Company stipulates
those retirees who quit other than because of Disciplinary Punishment, Early
Retirement, and at their own request and receive Pension Benefits of less than
Rp1 million per month are given increase in monthly Pension Benefits to Rp1 million. In
2025 and 2024, the Company provided employee welfare benefit to pensioners and
pension beneficiaries who entered their retirement period before June 30, 2002
amounting to Rp17 billion and Rp34 billion, respectively.
The actuarial valuation for the defined benefit pension plan was performed based on
the measurement date as of December 31, 2025 and 2024, with reports dated
April 15, 2026 and March 19, 2025, respectively, by KKA I Gde Eka Sarmaja, FSAI. The
principal actuarial assumptions used by the independent actuary for December 31, 2025
and 2024 are as follows:
2025 2024
Discount rate 6.50% 7.00%
Rate of compensation increases 8.00% 8.00%
Indonesian mortality table 2019 2019
(ii) Additional pension benefit obligation
Based on the Company Regulations issued on September 30, 2022, regarding the
Regulations on Pension Funds from Telkom Pension Funds, the Company organizes a
Defined Contribution Other Benefit Program (“PMLIP”) in the form of Additional Benefits.
PMLIP participants are entitled to receive Periodic Pension Benefits every month in
accordance with the provisions in the Pension Fund Regulations. Additional Benefit
Funds are sourced from Employer Additional Benefit contributions and provision for
investment development proceeds if the FSR is achieved above 102% and the rate of
Return on Investment (“ROI”) is above the actuarial interest rate for funding. The
employer's additional benefit contribution for each PMLIP participant is set at
Rp120 thousand for a 12-month contribution period which is calculated proportionally
according to the amount received.
88
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
a. Pension benefit program (continued)
i. The Company (continued)
(a) Funded pension plan (continued)
(ii) Additional pension benefit obligation (continued)
The actuarial valuation for additional pension benefit plan was performed based on
the measurement date as of December 31, 2025 and 2024, with reports dated
April 15, 2026 and March 19, 2025, respectively, by KKA I Gde Eka Sarmaja, FSAI.
The principal actuarial assumptions used by the independent actuary for
December 31, 2025 and 2024 are as follows:
2025 2024
Discount rate 6.50% 7.00%
Indonesian mortality table 2019 2019
Additional pension benefit obligation has been set aside since 2018 according to the
approval by the Oversight Board. As of December 31, 2025, there are no additional
obligations set aside because the requirements for recognizing additional benefits as
mentioned above have not been fulfilled.
(b) Unfunded pension plan
The Company sponsors unfunded defined benefit pension plans and a defined contribution
pension plan for its employees. The defined contribution pension plan is provided to
employees with permanent status hired on or after July 1, 2002. The plan is managed by
Financial Institutions Pension Fund (Dana Pensiun Lembaga Keuangan or “DPLK”). The
Company’s contribution to DPLK is determined based on a certain percentage of the
participants’ salaries and amounted to Rp48 billion and Rp52 billion, for the years ended
December 2025 and 2024, respectively.
Since 2007, the Company has provided pension benefit based on uniformization for both
participants prior to and from April 20, 1992 effective for employees retiring beginning
February 1, 2009. In 2010, the Company replaced the uniformization with Manfaat Pensiun
Sekaligus (“MPS”). MPS is given to those employees reaching retirement age, upon death
or upon becoming disabled starting from February 1, 2009.
The Company also provides benefits to employees during a pre-retirement period in which
they are inactive for 6 months prior to their normal retirement age of 56 years, known as
pre-retirement benefits (Masa Persiapan Pensiun or “MPP”). During the pre-retirement
period, the employees still receive benefits provided to active employees, which include,
but are not limited to, regular salary, health care, annual leave, bonus, and other benefits.
Since April 1, 2012, the employee is required to file a request for MPP and if the employee
does not file the request, such employee is required to work until the retirement date.
The actuarial valuation for the unfunded defined benefit pension plan was performed,
based on the measurement date as of December 31, 2025 and 2024, with reports dated
April 15, 2026 and March 19, 2025, respectively, by KKA I Gde Eka Sarmaja, FSAI. The
principal actuarial assumptions used by the independent actuary as of December 31, 2025
and 2024 are as follows:
2025 2024
Discount rate 6.25% 7.00%
Rate of compensation increases 6.00%-8.00% 6.00%-8.00%
Indonesian mortality table 2019 2019
89
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
a. Pension benefit program (continued)
ii. Telkomsel
Telkomsel provides a defined benefit pension plan to its employees. Under this plan, employees
are entitled to pension benefits determined based on their latest basic salary or take-home pay
(exclusive of functional allowances) and number of service years. The plan is managed by
PT Asuransi Jiwasraya (Persero) (“Jiwasraya”), a state-owned life insurance company, through
an annuity insurance contract. Until 2004, employees contributed 5% of their monthly salaries
to the plan, while Telkomsel contributed the remaining part required under the plan. Beginning
in 2005, Telkomsel has been taking responsibility for the full amount of the contributions.
On April 23, 2021, Telkomsel and Jiwasraya agreed to terminate the insurance program contract
(as mentioned above) and entered into restructuring agreement. The agreement replaced the
benefit plan from annuities to lumpsum benefit. Based on this agreement, both parties agreed
to determine the Cash Value (“CV”) at the termination date which divided into CV for active
participant and passive participant amounting to Rp857 billion and Rp73 billion, respectively.
There was a 5% cut from CV for active participant, hence the 95% of Rp857 billion (or equal to
Rp814 billion) plus Rp73 billion will be the amount that subsequently taken over by PT Asuransi
Jiwa IFG (“IFG Life”) when the agreement with IFG Life become effective and accordingly, the
restructuring agreement will be terminated. As of November 30, 2023, the cash fund had been
completely taken over by IFG Life with no changes was applied to the terms of the plan and
cash value being transferred at the transfer date, and accordingly, the restructuring agreement
was terminated.
On June 27, 2023, the Company and Telkomsel signed an agreement regarding Dapen to
appoint Telkomsel as a Partner of the Company as the sole Founder, which resulted in rights
and obligations to Telkomsel as governed in the Pension Fund Agreement effective from the
business transfer of IndiHome consumer business segment to Telkomsel.
Effective from the business transfer of IndiHome consumer business segment to Telkomsel,
Telkomsel sponsors a defined benefit pension plan for transferring employees hired prior to
July 1, 2002. The plan is governed by the pension laws in Indonesia and managed by Dapen.
Dapen is managed in accordance with the Pension Fund and Investment Directives
Regulations, which is determined by the Company as the Founder and is carried out by the
Board of Management. The Board of Management is monitored by the Oversight Board,
appointed by the Founder.
The pension benefits are paid based on the participating employee’s latest basic salary at
retirement and the number of years of their service. The participating employees contribute 18%
of their basic salaries to the pension fund. Telkomsel’s contribution to the pension fund for the
year ended December 31, 2025 was amounting to Rp27 billion (2024: Rp18 billion).
The actuarial valuation for the defined benefit pension plan was performed based on the
measurement date as of December 31, 2025 and 2024 with reports dated February 13, 2026
and March 6, 2025, respectively, by KKA Halim and Partner, an independent actuary in
association with Milliman. The principal actuarial assumptions used by the independent actuary
as of December 31, 2025 and 2024, are as follows:
2025 2024
Discount rate 6.30% 7.10%
Rate of compensation increases 7,00%-8,00% 7,25%-8,00%
Indonesian mortality table 2019 2019
90
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
b. Post-employment health care benefit cost
The Company provides post-employment health care benefits to all its employees hired before
November 1, 1995 who have worked for the Company for 20 years or more when they retire, and
to their eligible dependents. The requirement to work for 20 years does not apply to employees
who retired prior to June 3, 1995. The employees hired by the Company starting from
November 1, 1995 are no longer entitled to this plan. The plan is managed by Yayasan Kesehatan
Telkom (“Yakes Telkom”).
The defined contribution post-employment health care benefit plan is provided to employees with
permanent status hired on or after November 1, 1995 or employees with terms of service less than
20 years at the time of retirement. The Company did not make contributions to Yakes Telkom for
the years ended December 31, 2025 and 2024. As of December 31, 2025 and 2024, plan assets
consists of:
2025 2024
Quoted in Quoted in
active market Unquoted active market Unquoted
Cash and cash equivalents 700 - 375 -
Equity instruments:
Financials 983 - 1,070 -
Consumer non-cyclicals 300 - 78 -
Basic material 276 - 197 -
Infrastructures 500 - 517 -
Energy 238 - 164 -
Technology 62 - 43 -
Industrials 296 - 242 -
Consumer cyclicals 95 - 355 -
Properties and real estate 79 - 96 -
Healthcare 99 - 118 -
Transportation and logistic 3 - 4 -
Equity-based mutual funds 326 - 313 -
Fixed income instruments:
Government obligations 2,321 - 1,837 -
Corporate obligations 447 - 196 -
Fixed income mutual funds 5,972 - 6,484 -
Exchange Traded Fund ("ETF") 35 - 24 -
Index mutual funds - - 5 -
Unlisted shares:
Private placement - 535 - 507
Total 12,732 535 12,118 507
Yakes Telkom plan assets also include Series B shares issued by the Company with fair value
totaling Rp251 billion and Rp217 billion, representing 1.89% and 1.72% of total plan assets as of
December 31, 2025 and 2024, respectively. Bonds issued by The Company with a fair value of
Rp99 billion and Rp69 billion each represent 0.74% and 0.55% of total assets as of
December 31, 2025 and 2024. The expected return is determined based on market expectation for
the returns over the entire life of the obligation by considering the portfolio mix of the plan assets.
The actual return on plan assets was Rp1,397 billion and Rp270 billion for the years ended
December 31, 2025 and 2024, respectively.
91
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
b. Post-employment health care benefit cost (continued)
The actuarial valuation for the post-employment health care benefits plan was performed based on
the measurement date as of December 31, 2025 and 2024, with reports dated April 15, 2026 and
March 19, 2025, respectively, by KKA I Gde Eka Sarmaja, FSAI. The principal actuarial
assumptions used by the independent actuary for December 31, 2025 and 2024 are as follows:
2025 2024
Discount rate 6.75% 7.00%
Health care costs trend rate assumed for next year 7.00% 7.00%
Ultimate health care costs trend rate 7.00% 7.00%
Indonesian mortality table 2019 2019
c. Other post-employment benefits cost
The Company provides other post-employment benefits in the form of cash paid to employees on
their retirement or termination. These benefits consist of final housing allowance (Biaya Fasilitas
Perumahan Terakhir or “BFPT”) and home passage leave (Biaya Perjalanan Pensiun dan
Purnabhakti or “BPP”) and death allowance (Meninggal Dunia or “MD” allowance) is given to
employees who have passed away with an amount of 12 times from the last salary.
The actuarial valuation for the other post-employment benefits plan was performed based on
measurement date as of December 31, 2025 and 2024, with reports date April 15, 2026 and
March 19, 2025, respectively, by KKA I Gde Eka Sarmaja, FSAI. The principal actuarial
assumptions used by the independent actuary for December 31, 2025 and 2024 are as follows:
2025 2024
Discount rate 6.00% 7.00%
Indonesian mortality table 2019 2019
d. Long service employee benefits
The Company provides long service employee benefits to employee hired before July 1, 2002 and
have a service period of more than 30 years and retired after September 19, 2019. Total obligation
recognized as of December 31, 2025 and 2024 amounted to Rp1 billion and Rp1 billion,
respectively. The related long service employee benefits cost charged to expense amounted to
Rp1 billion and Rp1 billion for the years ended December 31, 2025 and 2024, respectively.
e. Obligation under the Labor Law
Under Law No. 11 Year 2020, the Group is required to provide minimum pension benefits, if not
covered yet by the sponsored pension plans, to its employees upon retirement. Total obligation
recognized as of December 31, 2025 and 2024 amounted to Rp1,139 billion and Rp1,064 billion,
respectively. The related pension empoyee benefits cost charged to expense amounted to
Rp192 billion and Rp232 billion for the years ended December 31, 2025 and 2024, respectively.
The actuarial gain in OCI amounted to Rp5 billion and Rp107 billion for the years ended
December 31, 2025 and 2024, respectively.
92
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
f. Maturity Profile of Defined Benefit Obligation (“DBO”)
The timing of benefits payments and weighted average duration of DBO for 2025 and 2024 are as
follows:
Expected Benefits Payment
The Company
Funded Post- Other
Defined Additional employment post- Obligation
pension benefit pension benefit health care employment under
Time Period obligation obligation Unfunded Telkomsel benefits benefits the Labor Law
2025
Within next 10 years 20,124 38 253 6,688 8,654 200 1,848
Within 10-20 years 14,464 27 95 9,486 13,671 119 5,030
Within 20-30 years 8,069 13 195 5,080 13,558 60 3,243
Within 30-40 years 2,667 4 6 77 7,185 1 238
Within 40-50 years 430 1 - - 1,800 - -
Within 50-60 years 26 - - - 281 - -
Within 60-70 years 0 - - - 52 - -
Within 70-80 years - - - - 5 - -
Weighted average
duration of DBO 8.11 years 8.11 years 6.28 years 10 years 16.34 years 5.04 years 11.35 years
2024
Within next 10 years 20,107 39 277 5,933 8,159 202 1,857
Within 10-20 years 15,035 28 110 9,831 13,330 118 4,874
Within 20-30 years 8,744 15 212 5,603 13,966 66 3,369
Within 30-40 years 3,079 5 20 93 7,931 2 319
Within 40-50 years 539 1 - - 2,142 - -
Within 50-60 years 37 - - - 340 - -
Within 60-70 years 1 - - - 62 - -
Within 70-80 years - - - - 7 - -
Weighted average
duration of DBO 8.16 years 8.16 years 6.48 years 10.47 years 16.75 years 5.18 years 11.29 years
g. Sensitivity Analysis
As of December 31, 2025 and 2024, 1% change in discount rate and rate of compensation would
have effect on DBO, are as follows:
Discount Rate Rate of Compensation
1% Increase 1% Decrease 1% Increase 1% Decrease
Increase (decrease) in amounts Increase (decrease) in amounts
Sensitivity
2025
Funded:
Defined pension benefit obligation (1,885) 2,205 139 (134)
Unfunded (10) 11 12 (11)
Telkomsel (492) 558 595 (534)
Post-employment health care benefits (1,738) 2,118 2,020 (1,693)
Other post-employment benefits (9) 10 3 (3)
Obligation under the Labor Law (93) 100 135 (124)
2024
Funded:
Defined pension benefit obligation (1,809) 2,113 153 (146)
Unfunded (11) 12 13 (12)
Telkomsel (434) 492 531 (475)
Post-employment health care benefits (1,666) 2,036 1,948 (1,628)
Other post-employment benefits (9) 10 3 (3)
Obligation under the Labor Law (71) 94 99 (77)
93
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
g. Sensitivity Analysis (continued)
The sensitivity analysis was determined based on a method that extrapolates the impact on DBO
as a result of reasonable changes in key assumptions occurring at the end of the reporting period.
The sensitivity results above determine the individual impact on the Plan’s DBO at the end of the
year. In reality, the Plan is subject to multiple external experience items which may move the DBO
in similar or opposite directions, and the Plan’s sensitivity to such changes can vary over time.
There are no changes in the methods and assumptions used in preparing the sensitivity analysis
from the previous period.
31. LONG SERVICE AWARDS (“LSA”) PROVISIONS
Telkomsel and Telkomsat provide certain cash awards or certain number of days leave benefits to
28. their employees based on the employees’ length of service requirements, including LSA and Long
Service Leaves (“LSL”). LSA are either paid at the time the employees reach certain years of
employment, or at the time of termination. LSL are either certain number of days leave benefit or cash,
subject to approval by management, provided to employees who meet the requisite number of years
of service and reach a certain minimum age.
The obligation with respect to these awards which was determined based on an actuarial valuation
using the Projected Unit Credit method amounted to Rp1,308 billion and Rp1,192 billion as of
December 31, 2025 and 2024, respectively. The related benefit costs charged to expense amounted
Rp284 billion and Rp226 billion for the years ended December 31, 2025 and 2024, respectively
(Note 24).
32. RELATED PARTIES TRANSACTIONS
a. Nature of relationships and accounts or transactions with related parties
Details of the nature of relationships and accounts or transactions with significant related parties
are as follows:
Related parties Nature of relationships parties Nature of accounts/transactions
The Government
Ministry of Finance Majority stockholder Internet and data service revenues, other telecommunication
service revenues, finance costs, and investment in financial
instruments
State-owned enterprises
Indosat Entity under common control Interconnection revenues, leased lines revenues, satellite
transponder usage revenues, interconnection expenses,
telecommunication facilities usage expenses, operating
and maintenance expenses, and usage of data
communication network system expenses
PT Pertamina (Persero) Entity under common control Internet and data service revenues and other
(“Pertamina”) telecommunication service revenues
PT Garuda Indonesia (Persero) Entity under common control Internet and data service revenues and other
(“Garuda Indonesia”) telecommunication service revenues
State-owned banks Entity under common control Finance income and finance costs
BNI Entity under common control Internet and data service revenues, other telecommunication
service revenues, consultant expenses, medical expenses,
finance income, and finance costs
BRI Entity under common control Internet and data service revenues, other telecommunication
service revenues, finance income, and finance costs
Bank Mandiri Entity under common control Internet and data service revenues, other telecommunication
service revenues, finance income, and finance costs
PT Perusahaan Listrik Negara Entity under common control Internet and data service revenues, other telecommunication
(Persero) (“PLN”) service revenues, and electricity expenses
Indonesia Financial Group Entity under common control Property and equipment insurance expenses and personal
insurance expenses
Bahana TCW Entity under common control Mutual funds
Sarana Multi Infrastruktur Entity under common control Other borrowing and finance costs
94
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
32. RELATED PARTIES TRANSACTIONS (continued)
a. Nature of relationships and accounts or transactions with related parties (continued)
Details of the nature of relationships and accounts/transactions with significant related parties are
as follows (continued):
Related parties Nature of relationships parties Nature of accounts/transactions
Other state-owned enterprises Entity under common control Internet and data service revenues, other telecommunication
services revenues, operating expenses, and purchase of
property and equipments
PT Omni Inovasi Indonesia Tbk. (“Omni Associated
Associatedcompany
company Distribution of SIM cards and pulse reload voucher
Inovasi Indonesia”)
PT Fintek Karya Nusantara (“Finarya”) Associated company Marketing expenses and distribution of SIM cards and pulse
reload voucher
PT Kereta Cepat Indonesia China Other related entities Other telecommunication service revenue
(“KCIC”)
Padi UMKM Other related entities Operational and maintenance expenses, collection fees,
training expenses, internal security expenses, research
and development expenses, printing expenses, meeting
expenses, general and other administrative expenses,
promotion expenses, advertising expenses, sales fees,
customer education expenses, and marketing expenses
Directors Key management personnel Honorarium and facilities
Commissioners Supervisory personnel Honorarium and facilities
The outstanding balances of trade receivables and payables as of December 31, 2025 and 2024
are unsecured and interest-free and the settlement occurs in cash. There have been no guarantees
provided or received for any related party receivables or payables. As of December 31, 2025 and
2024, the Group recorded an (decrease) increase of impairment loss from trade receivables of
related party amounted to (Rp29) billion and Rp29 billion, respectively.
b. Significant transactions with related parties
The following table presents significant transactions with related parties:
2025 2024
% of total % of total
Amount revenues Amount revenues
Revenues
Majority Stockholder
Ministry of Finance 387 0.26 234 0.16
Entities under common control
Indosat 2,392 1.63 2,209 1.47
BNI 586 0.40 531 0.35
Pertamina 573 0.39 488 0.33
Bank Mandiri 243 0.17 308 0.21
BRI 184 0.13 228 0.15
Garuda Indonesia 105 0.07 57 0.04
Others (each below Rp100 billion) 287 0.20 373 0.25
Sub-total 4,370 2.99 4,194 2.80
Other related entities
KCIC 103 0.07 357 0.24
Others 49 0.03 47 0.03
Sub-total 152 0.10 404 0.27
Associated companies 0 0.00 0 0.00
Total 4,909 3.35 4,832 3.23
95
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
32. RELATED PARTIES TRANSACTIONS (continued)
b. Significant transactions with related parties (continued)
The following table presents significant transactions with related parties (continued):
2025 2024
% of total % of total
Amount expenses Amount expenses
Expenses
Entities under common control
PLN 2,905 2.59 2,779 2.55
Indosat 712 0.63 644 0.59
Indonesia Financial Group 137 0.12 112 0.10
Others (each below Rp100 billion) 239 0.21 333 0.32
Sub-total 3,993 3.55 3,868 3.56
Other related entities
Padi UMKM 388 0.35 508 0.47
Others 61 0.05 77 0.07
Sub-total 449 0.40 585 0.54
Associated companies 98 0.09 109 0.10
Total 4,540 4.04 4,562 4.20
2025 2024
% of total % of total
Amount finance income Amount finance income
Finance income
Entities under common control
State-owned banks 346 20.83 371 27.14
Total 346 20.83 371 27.14
2025 2024
% of total % of total
Amount finance cost Amount finance cost
Finance cost
Majority stockholder
Ministry of Finance - - 1 0.02
Entities under common control
State-owned banks 1,400 26.89 1,329 25.52
Sarana Multi Infrastruktur - - 8 0.15
Total 1,400 26.89 1,338 25.69
2025 2024
% of total % of total
Amount purchases Amount purchases
Purchase of property
and equipment
Entities under common control 42 0.17 29 0.12
Total 42 0.17 29 0.12
2025 2024
% of total % of total
Amount revenues Amount revenue
Distribution of SIM
card and voucher
Associated companies
Finarya 76 0.05 100 0.08
Omni Inovasi Indonesia - - 371 0.26
Total 76 0.05 471 0.34
96
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
32. RELATED PARTIES TRANSACTIONS (continued)
c. Balance of accounts with related parties
The following table presents significant transactions with related parties:
2025 2024
% of total % of total
Amount assets Amount assets
Cash and cash equivalents
(Note 3) 27,231 9.46 26,217 9.00
Other current financial
asset (Note 4) 642 0.22 1,031 0.35
Trade receivables
(Note 5) 2,040 0.71 2,350 0.81
Contract assets
Majority stockholder
Ministry of Finance 94 0.03 16 0.01
Entities under common control 210 0.07 193 0.07
Associated companies 1 0.00 1 0.00
Other related entities 4 0.00 3 0.00
Total 309 0.10 213 0.08
Other current asset 151 0.05 138 0.05
Other non-current asset 7 0.00 12 0.00
2025 2024
% of total % of total
Amount liabilities Amount liabilities
Trade payables (Note 15)
Majority stockholder
Ministry of Finance 7 0.01 17 0.01
Entities under common control
State-owned enterprises 281 0.20 317 0.23
Indosat 200 0.15 212 0.15
Sub-total 481 0.35 529 0.38
Associated companies 3 0.00 20 0.01
Other related entities 80 0.06 60 0.04
Total 571 0.42 626 0.44
Accrued expenses
Entities under common control
State-owned enterprises 279 0.20 209 0.15
State-owned banks 58 0.04 81 0.06
Others 1 0.00 - -
Sub-total 338 0.24 290 0.21
Associated companies 7 0.01 1 0.00
Total 345 0.25 291 0.21
Contract liabilities
Majority stockholder
Ministry of Finance 58 0.04 90 0.07
Entities under common control
State-owned enterprises 698 0.51 474 0.35
Others 1 0.00 1 0.00
Sub-total 699 0.51 475 0.35
Associated companies 5 0.00 7 0.01
Other related entities
KCIC 1,023 0.75 1,113 0.81
Others 8 0.01 4 0.00
Sub-total 1,031 0.76 1,117 0.81
Total 1,793 1.31 1,689 1.24
Customer deposits 19 0.01 19 0.01
Short-term bank loans (Note 18) 1,490 1.09 5,554 4.05
Long-term bank loans (Note 19b) 22,717 16.55 15,943 11.62
97
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
32. RELATED PARTIES TRANSACTIONS (continued)
d. Significant agreements with related parties
Indosat
The Company has an agreement with Indosat to provide international telecommunications services
to the public.
The Company has also entered into an interconnection agreement between the Company’s fixed
line network (Public Switched Telephone Network or “PSTN”) and Indosat’s Global System for
Mobile (“GSM”) cellular telecommunications network in connection with the implementation of
Indosat Multimedia Mobile services and the settlement of related interconnection rights and
obligations.
The Company also has an agreement with Indosat for the interconnection of Indosat's GSM mobile
cellular telecommunications network with the Company's PSTN, which enable each party’s
customers to make domestic calls between Indosat’s GSM mobile network and the Company’s
fixed line network, as well as enabling Indosat’s mobile customers to access the Company’s
International Direct Dialing (“IDD”) service by dialing “007”.
Indosat's owner, Ooredoo, has merged with Tri, CK Hutchison Holdings (“CKHH”) by merging their
companies into Indosat Ooredoo Hutchison. With this merger and the latest MoCI Regulation
No. 5 of 2021, the Company has amended the interconnection cooperation agreement for fixed-
line networks (local, Sambungan Langsung Jarak Jauh ("SLJJ"), and international) and mobile
networks on May 30, 2023 in order to implement cost-based tariff obligations based on the 2014
Interconnection Offering Document.
The Company also provides leased lines to Indosat and its subsidiaries, namely PT Aplikanusa
Lintasarta (“Lintasarta”). The leased lines can be used by these companies for telephone,
telegraph, data, telex, facsimile, or other telecommunication services.
e. Remuneration of key management and supervisory personnel
Key management personnel consists of the Directors of the Company and supervisory personnel
consists of the Board of Commissioners.
The Company provides remuneration in the form of salaries or honorarium and facilities to support
the governance and oversight duties of the Board of Commissioners along with the leadership and
management duties of the Directors. Total of such remuneration is as follows:
2025 2024
% of total % of total
Amount expenses Amount expenses
Directors 579 0.52% 504 0.46%
Board of Commissioners 48 0.04% 176 0.16%
The amounts disclosed in the table above are amounts recognized as general and administration
expense during the reporting periods.
98
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
33. OPERATING SEGMENTS
In 2025, Management changed the basis for grouping the Group’s operating segments from a
Customer Facing Unit (“CFU”) based approach to a business pillar based approach. This change was
made to reflect how CODM reviews the performance of operating segments and allocates resources.
In connection with this change, the segment information for the prior year has been restated to conform
with the presentation of segment information in the current year.
The Group has identified five reportable segments, namely B2C, B2B Infra, B2B ICT,
International, and Others. There is no aggregation of operating segments in determining these
reportable segments. The B2C segment comprises the provision of telecommunications services to
individual and residential customers, including mobile and fixed broadband services. The B2B Infra
segment comprises the provision, management, and maintenance of telecommunications
infrastructure, including telecommunications towers, fiber optic networks, backbone infrastructure,
data centers, and satellites. The B2B ICT segment comprises the provision of system integration
services, information technology services, and digital solutions to corporate and institutional
customers. The International segment comprises the provision of international connectivity and
wholesale services to telecommunications operators and customers abroad. The Other segment
comprises supporting business activities, including media and content services, business consulting
and management services, trading and distribution, certain information technology services, as well
as investment and other business development activities.
CODM reviews the performance of each segment based on the segment’s profit or loss, which is
measured consistently with operating profit or loss in the consolidated financial statements. Segment
revenues and expenses also include intersegment transactions. These transactions are eliminated
upon consolidation and are determined based on prevailing market prices (on an arm’s length basis).
2025
Adjustment
Total and Total
B2C B2B Infra B2B ICT International Others segment elimination consolidated
Segment results
Revenues
External revenues 105,898 8,929 15,300 10,673 5,942 146,742 - 146,742
Inter-segment revenues 3,255 47,661 3,814 1,493 23,155 79,378 (79,378) -
Total segment revenues 109,153 56,590 19,114 12,166 29,097 226,120 (79,378) 146,742
Segment results 27,793 10,487 1,759 961 (4,491) 36,509 (5,407) 31,102
Other information
Capital expenditures (11,980) (10,042) (1,473) (1,086) (233) (24,814) 237 (24,577)
Depreciation and
amortization (21,704) (15,894) (3,156) (718) (613) (42,085) 4,436 (37,649)
Provision recognized in
current year (1,239) (52) (376) (120) (12) (1,799) 334 (1,465)
2024 (As restated)
Adjustment
Total and Total
B2C B2B Infra B2B ICT International Others segment elimination consolidated
Segment results
Revenues
External revenues 109,662 8,180 15,741 10,732 5,652 149,967 - 149,967
Inter-segment revenues 3,268 48,799 3,989 1,412 25,701 83,169 (83,169) -
Total segment revenues 112,930 56,979 19,730 12,144 31,353 233,136 (83,169) 149,967
Segment results 29,078 16,467 1,402 1,204 (5,903) 42,248 (4,633) 37,615
Other information
Capital expenditures (12,653) (12,579) (2,007) (460) (174) (27,873) 3,424 (24,449)
Depreciation and
amortization (21,880) (12,424) (3,290) (594) (679) (38,867) 4,686 (34,181)
Provision recognized in
current year (678) (7) 5 (32) (65) (777) (127) (904)
99
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
33. OPERATING SEGMENTS (continued)
4
2023 (As restated)
Adjustment
Total and Total
B2C B2B Infra B2B ICT International Others segment elimination consolidated
Segment results
Revenues
External revenues 111,713 6,753 15,441 10,634 4,675 149,216 - 149,216
Inter-segment revenues 3,694 40,001 4,679 762 26,320 75,456 (75,456) -
Total segment revenues 115,407 46,754 20,120 11,396 30,995 224,672 (75,456) 149,216
Segment results 34,784 11,924 1,137 1,252 (4,532) 44,565 (5,467) 39,098
Other information
Capital expenditures (12,744) (17,330) (3,184) (865) (181) (34,304) 1,336 (32,968)
Depreciation and
amortization (24,486) (10,034) (3,387) (557) (776) (39,240) 4,881 (34,359)
Provision recognized in
current year (655) (15) 149 (5) (81) (607) 94 (513)
Segment result reconciliation:
2024 2023
2025 (As restated) (As restated)
Total segment results 36,509 42,248 44,565
Unrealized gain (loss) on changes in fair value of investments (242) 188 (748)
Other income - net 119 282 252
Gain (loss) on foreign exchange - net 180 136 (36)
Finance income - net 1,661 1,367 1,061
Finance cost (5,206) (5,208) (4,652)
Share of profit (loss) of long term investment in associates (1) 3 1
Adjustment and inter-segment elimination (1,918) (1,401) (1,345)
Consolidated profit before income tax 31,102 37,615 39,098
Geographic information:
2025 2024 2023
External revenues
Indonesia 137,858 141,062 141,157
Abroad 8,884 8,905 8,059
Total 146,742 149,967 149,216
The revenue information above is based on the location of the customers.
There are no revenue from major customer which exceeds 10% of total revenues for the years ended
December 31, 2025 and 2024.
2024 January 1, 2024
2025 (As restated) (As restated)
Non-current operating assets
Indonesia 171,604 176,927 177,862
Abroad 3,086 2,850 2,932
Total 174,690 179,777 180,794
Non-current operating assets for segment reporting purpose consist of property and equipment and
intangible assets.
100
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
34. TELECOMMUNICATIONS SERVICE TARIFFS
Based on Law No. 36 of 1999 and Government Regulation No. 52 of 2000, tariffs for
telecommunications network and/or services are determined by operators based on tariff types and
structures, and by referring to tariff cap formulas established by the Government. Subsequently, these
provisions have been adjusted through Law No. 11 of 2020, as last amended by Law No. 6 of 2023,
and Government Regulation No. 46 of 2021, which grants the authorized minister the authority to
determine upper and/or lower tariff limits.
a. Fixed line telephone tariffs
The Government has issued a new adjustment tariff formula which is stipulated in MoCI Regulation
No. 5/2021 dated March 31, 2021 concerning “Telecommunication Operation”. This Decree
replaced the previous Decree No. 15/PER/M.KOMINFO/4/2008 dated April 30, 2008.
Under the Decree, tariff structure for basic telephony services connected through fixed line network
consists of the following:
i. Activation fee;
ii. Monthly subscription charges;
iii. Usage charges; and
iv. Additional facilities fee.
b. Mobile cellular telephone tariffs
On March 31, 2021, MoCD issued MoCI Regulation No. 5/2021, which provides guidelines to
determine cellular tariffs with a formula consisting of network element cost and retail services
activity cost.
Under MoCI Regulation No. 5/2021, cellular tariffs for the operation of telecommunication services
connected through mobile cellular network consist of the following:
i. Basic telephony services tariff;
ii. Value added services tariff; and/or
iii. Multimedia services tariff.
with the following traffic structure:
i. Activation fee;
ii. Monthly subscription charges; and/or
iii. Usage charges.
c. Interconnection tariffs
The Indonesian Telecommunication Regulatory Body (“ITRB”), in its letter No. 262/BRTI/XII/2011
dated December 12, 2011, decided to change the basis for SMS interconnection tariff to cost basis
with a maximum tariff of Rp23 per SMS effective from June 1, 2012, for all telecommunication
provider operators.
Based on letter No.118/KOMINFO/DJPPI/PI.02.04/01/2014 dated January 30, 2014 of the Director
General of Post and Informatics, the Director General of Post and Informatics decided to implement
new interconnection tariff effective from February 1, 2014 until December 31, 2016, subject to
evaluation on an annual basis. Pursuant to the Director General of Post and Informatics letter, the
Company and Telkomsel are required to submit the Reference Interconnection Offer (“RIO”)
proposal to ITRB to be evaluated.
101
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
34. TELECOMMUNICATIONS SERVICE TARIFFS (continued)
c. Interconnection tariffs (continued)
Subsequently, ITRB in its letters No. 60/BRTI/III/2014 dated March 10, 2014 and
No. 125/BRTI/IV/2014 dated April 24, 2014 approved Telkomsel and the Company’s revision of
RIO regarding the interconnection tariff. Based on the letter, ITRB also approved the changes to
the SMS interconnection tariff to Rp24 per SMS.
On January 18, 2017, ITRB in its letters No. 20/BRTI/DPI/I/2017 and No. 21/BRTI/DPI/I/2017,
decided to use the interconnection tariff based on the Company and Telkomsel’s RIO in 2014 until
the new interconnection tariff is set.
d. Network lease tariffs
In 2008, the Director General of Post and Telecommunication issued Decree No. 115 of 2008 which
stated its agreement on Agreement on Network Lease Service Type Document, Network Lease
Service Tariff, Available Capacity of Network Lease Service, Quality of Network Lease Service,
and Provision Procedure of Network Lease Service Owned by Dominant Network Lease Service
Provider in conformity with the Company’s proposal. Through MoCI Regulation No. 5/2021, the
Government regulated the form, type, tariff structure, and tariff formula for services of network
lease.
e. Tariff for other services
The tariffs for satellite lease, telephony services, and other multimedia are determined by the
service provider by taking into account the expenditures and market price. The Government only
determines the tariff formula for basic telephony services. There is no stipulation for the tariff of
other services.
102
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
35. SIGNIFICANT COMMITMENTS, AGREEMENTS, AND OTHERS
a. Capital expenditures
As of December 31, 2025, capital expenditures committed under the contractual arrangements are
Rp14.130 billion and US$25 million.
The above balance includes the following significant agreements:
Contracting parties Period of agreement Significant part of the agreement
Development and Rollout Agreement
("DRA") and Technical Support
September 12, 2019-
Telkomsel and PT Phincon Agreement ("TSA") Customer
September 11, 2027
Relationship Management ("CRM")
Solution System Integrator
Telkomsel, PT Ericsson Indonesia,
February 1, 2021- Procurement Agreement for Radio
PT Huawei Tech Investment, and
January 31, 2027 Ultimate Solution ("ROA") and TSA
PT ZTE Indonesia
Telkomsel and PT Ericsson February 13, 2022- Procurement Agreement for CS Core
Indonesia February 12, 2028 Solution ROA
Telkomsel and PT Ericsson February 13, 2022- Procurement Agreement for CS Core
Indonesia August 31, 2027 Solution TSA
Telkomsel and PT Lintas Teknologi February 13, 2022- Procurement Agreement for CS Core
Indonesia February 12, 2028 Solution ROA
Telkomsel and PT Lintas Teknologi February 13, 2022- Procurement Agreement for CS Core
Indonesia August 31, 2027 Solution TSA
Telkomsel and PT Huawei Tech March 24, 2022-
Procurement Agreement for PCRF
Investment March 23, 2028
Agreement for the Design,
June 24, 2024-
Telkomsel and PT Phincon Development, and Launch of the By.U
June 23, 2029
Platform Solution
Telkomsel, Amdocs Software
Agreement Online Charging System
Solutions Limited Liability October 8, 2024-
(“OCS”) and Service Control Points
Company, and PT Application October 7, 2029
(“SCP”) System Solution Development
Solutions
Telkomsel and PT Application October 8, 2024-
TSA for OCS and SCP
Solutions October 7, 2029
Contract Agreement of General
October 14, 2024-
TDE and PT ZTE Indonesia Contractor ("GC") for Delta Project
October 14, 2027
Level-2 Fit Out Works
Telkomsel and PT Mahardika November 14, 2024- Procurement Agreement for Fixed
Teknotama Integrasi November 13, 2027 Broadband Core ("FBB Core")
Agreement Procurement and Installation
The Company and PT Packet December 18, 2024-
for OTN Metro ("OTM") Future State
Systems Indonesia December 17, 2026
Architecture ("FSA") - Platform Huawei
January 3, 2025- Procurement for General Contractor for
TDI and KSO-PP Adhi
February 26, 2026 Data Center Construction
Procurement Agreement of Next
Telkomsel and PT Ericsson January 23, 2025-
Generation of Gateway GPRS Support
Indonesia January 22, 2028
Node ("GGSN") (Virtualized EPC)
Contract Agreement of General
TDE and PT Huawei Tech March 24, 2025-
Contractor ("GC") for Delta Project
Investment March 23, 2028
Level-3 and Level-4 Fit Out Works
Procurement Agreement of Next
Telkomsel and PT Lintas Teknologi April 8, 2025-
Generation of Gateway GPRS Support
Indonesia April 7, 2028
Node ("GGSN") (Virtualized EPC)
Procurement Agreement of Next
Telkomsel and PT Cahaya Mutiara May 26, 2025-
Generation of Gateway GPRS Support
Mandiri May 25, 2028
Node ("GGSN") (Virtualized EPC)
Telkomsat and PT Starlink December 22, 2025- Agreement for the Resale of Starlink
Services Indonesia December 31, 2026 Services and Equipment
Procurement and Installation Agreement
The Company and PT Lintas December 24, 2025-
of the South Papua Submarine Cable
Teknologi Indonesia June 23, 2027
Communication System
103
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
35. SIGNIFICANT COMMITMENTS, AGREEMENTS, AND OTHERS (continued)
b. Borrowings and other credit facilities
(i) As of December 31, 2025, the Company has bank guarantee facilities for tender bonds,
performance bonds, maintenance bonds, deposit guarantee, and advance payment bonds for
various projects of the Company, as follows:
Lenders Total facility Maturity Currency Facility utilized
BRI 500 March 14, 2026 Rp 5
BNI 500 March 31, 2026 Rp 73
Bank Mandiri 500 June 21, 2026 Rp 136
Total 1,500 214
The Company has sufficient bank facilities to meet their current obligations (Note 37b.v).
(ii) As of December 31, 2025, Telkomsel has bank guarantee facilities for various projects, as
follows:
Lenders Total facility Maturity Currency Facility utilized
BRI 1,000 September 25, 2028 Rp 621
BNI 2,100 May 1, 2028 Rp 1,420
Total 3,100 2,041
Bank guarantee facility with BRI and BNI are mainly for performance bond and surety bond of
radio frequency (Note 35c.i).
(iii) Telin has a bank guarantee facilities from Bank Mandiri and BRI with a maximum credit limit
of US$25 million and US$5 million or equal to Rp417 billion and Rp83 billion, respectively.
As of December 31, 2025, there is no bank guarantee facility used.
c. Others
(i) Radio frequency usage
With reference to Law No. 36 of 1999, the use of radio frequency spectrum and the cost of
using radio frequency are determined by the government. With reference to the Decision Letter
No. 025/TEL.01.02/2022 Year 2022 dated January 28, 2022, of the MoCI which granted
Telkomsel the rights to provide mobile telecommunication services with radio frequency
bandwidth in the 800 MHz, 900 MHz, 1,800 MHz, 2.1 GHz, and 2.3 GHz; and basic
telecommunication services.
With reference to Decision Letters No. 509 Year 2016, No. 1896 Year 2017,
No. 806 Year 2019, No. 620 Year 2020, No. 178 Year 2021, No. 479 Year 2022,
No. 90 Year 2023, and No. 188 Year 2023 of the MoCI, Telkomsel is required, among other
things, to:
1. Issue a surety bond each year amounting Rp1,028 billion for spectrum 2.3 GHz.
2. Issue a surety bond each year amounting Rp360 billion for both spectrum 2.3 GHz
Block A and C.
3. Issue a surety bond amounting Rp617 billion for spectrum 2.1 GHz.
4. Pay an annual right of usage (“BHP”) as set forth in the decision letters. The BHP is
payable upon receipt of Surat Pemberitahuan Pembayaran (notification letter) from the
DGPI. The BHP fee is payable annually up to the expiry period of the license.
104
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
35. SIGNIFICANT COMMITMENTS, AGREEMENTS, AND OTHERS (continued)
c. Others (continued)
(i) Radio frequency usage (continued)
The following are radio frequency band licenses owned by Telkomsel along with the BHP fees
paid during current year:
1. Radio frequency for band 800 MHz, 900 MHz, and 1,800 MHz
Based on Decree No. 620 Year 2020 of the MoCI, concerning the extension of the
determination of radio frequency bands 800 MHz, 900 MHz, and 1,800 MHz, Telkomsel
should pay annual frequency usage fees from 2020 to 2030.
2. Radio frequency for band up to 2.1 GHz
License No. Description
Decree No. 90 Year 2023 of On February 27, 2023, Telkomsel was granted to
the MoCI amd. Decree utilize the annual radio frequency license for band
No. 76 Year 2023 of the MoCI 1,975-1,980 MHz paired with 2,165-2,170 MHz until
March 18, 2033.
Decree No. 509 Year 2016 of MoCD granted the extension of the radio frequency
the MoCI amd. Decree license for band 1,970-1,975 MHz paired with
No. 76 Year 2023 of the MoCI 2,160-2,165 MHz until March 28, 2026.
Decree No. 806 Year 2019 of MoCD granted the extension of the radio frequency
the MoCI amd. Decree license for band 1,965-1,970 MHz paired with
No. 76 Year 2023 of the MoCI 2,155-2,160 MHz until September 30, 2029.
Decree No. 479 Year 2022 of Telkomsel as the winner of auction and was granted to
the MoCI amd. Decree utilize the radio frequency license for band
No. 76 Year 2023 of the MoCI 1,960-1,965 MHz paired with 2,150-2,155 MHz
effective from January 11, 2023 until
January 10, 2033.
3. Radio frequency for band up to 2.3 GHz
License No. Description
Decree No. 1896 Year 2017 Telkomsel was appointed to use the radio frequency
of the MoCI license for band 2,300-2,330 Mhz until 2026.
Decree No. 178 Year 2021 of Telkomsel as the winner to utilize the radio frequency
the MoCI license for band 2,330-2,340 MHz paired with
2,340-2,350 MHz for Block A and Block C, respectively
until 2030.
Decree No. 487 Year 2022 of On November 18, 2022, Telkomsel received a right to
the MoCI amd. Decree use reallocated radio frequency license for band
No. 92 Year 2023 of the MoCI 2,340-2,355 MHz paired with 2,330-2,360 MHz until
November 17, 2029.
Decree No. 188 Year 2023 of On April 18, 2023, Telkomsel was granted an approval
the MoCI to allocate part of the rights-of-use of 2.3 GHz radio
frequency spectrum to PT Smart Telecom.
105
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
35. SIGNIFICANT COMMITMENTS, AGREEMENTS, AND OTHERS (continued)
c. Others (continued)
(ii) Radio frequency spectrum cooperation agreement
The MoCD has given approval to Telkomsel for a cooperation on the use of radio frequency
spectrum with KCIC through a letter No. B-171/M.KOMINFO/SP.01.01/03/2023 dated
March 17, 2023, regarding the Cooperation Agreement on the Use of Radio Frequency
Spectrum in the range of 891-895 MHz paired with 936-940 MHz, with a period up to
December 14, 2030.
As result from this agreement, KCIC shall pay to the Company several compensations, which
are annual utilization fees totaling Rp878 billion, network recovery fee of Rp1,250 billion, as
well as incremental operational and maintenance costs.
(iii) USO
On December 27, 2011, Telkomsel (on behalf of Konsorsium Telkomsel, a consortium which
was established with Mitratel on December 9, 2011) was selected by Balai Penyedia dan
Pengelola Pembiayaan Telekomunikasi dan Informatika (“BPPPTI”), now has been renamed
as Badan Aksesibilitas Telekomunikasi dan Informasi (“BAKTI”) as a provider of the USO
Program in the border areas with a total price of Rp261 billion. In 2015, the Program was
ceased. In January 2016, Telkomsel filed an arbitration claim to Badan Arbitrase Nasional
Indonesia (“BANI”) for the settlement of the outstanding receivables of USO Programs.
On June 22, 2017, Telkomsel received a decision letter from BANI No. 792/1/ARB-BANI/2016
requesting BAKTI to pay compensation to Telkomsel amounting to Rp218 billion, and as of
the date of the issuance of these consolidated financial statements Telkomsel has received
the payment from BAKTI amounting to Rp91 billion (before tax) and no additional payment.
The MoCD issued Regulation No. 5 Year 2021 dated March 31, 2021, which replaced previous
regulations regarding policies underlying the USO program. The regulation requires
telecommunications operators in Indonesia to contribute 1.25% of gross revenues (with due
consideration for bad debts and/or interconnection charges and/or connection charges and/or
the exclusion of certain revenues that are not considered as part of gross revenues as a basis
to calculate the USO charged) for USO development.
Based on Decree No. 827/KOMINFO/BAKTI.31/KS.1/10/2021 dated October 4, 2021,
of BAKTI granted Telkomsel as operating cooperation partners (“KSO”) for eight packages
KSO, which cover Nusa Tenggara, Kalimantan, Sulawesi, Maluku, West Papua, West Central
Papua, North Central Papua, and South East Papua for period from 2021 until 2031.
(iv) Contingency
Under PSAK 237: Provisions, Contingent Liabilities And Contingent Assets, a provision should
be recognized when there is a present obligation (legal or constructive) arising from a past
event, an outflow of economic benefits to settle the obligation is probable (more likely than
not), and the amount can be reliably estimated.
106
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
35. SIGNIFICANT COMMITMENTS, AGREEMENTS, AND OTHERS (continued)
c. Others (continued)
(iv) Contingency (continued)
In October 2023, the Group received a document request from the U.S. Securities and
Exchange Commission (“SEC”) as it relates to Telkom Infra’s involvement in a project with the
Indonesian Information and Telecommunication Accessibility Agency of the Ministry of
Communication and Informatics (“BAKTI Kominfo”) regarding the provision of 4G Base
Transceiver Station (“BTS”) infrastructure. The SEC has since expanded its investigation to
include accounting and disclosures issues relating to the Group's revenue recognition and
financial reporting practices and internal control over financial reporting, as well as public
reports regarding certain Indonesian legal proceedings involving the Group, certain
subsidiaries and affiliates, and certain of the Group's clients and suppliers. Through our
internal audit process and investigations, we have determined, or we suspect (for those
projects and transactions which are still under investigation) that certain transactions lack
economic substance. Beginning in May 2024, the Group also received additional requests for
information from the U.S. Department of Justice (“DOJ”) focused on compliance with the U.S.
Foreign Corrupt Practices Act (“FCPA”). The Group retained outside counsel and a forensic
accounting firm to assist with its internal investigation into the issues being investigated by the
SEC and DOJ. The Internal Investigation is substantially complete while the SEC and DOJ’s
investigations remain ongoing and the Group continues to cooperate with the U.S. authorities.
Based on the results of the Internal Investigation to date, the Group has identified that
approximately 140 transactions, primarily those occurring prior to 2021 and particularly
between 2016 and 2019 and relate primarily to the enterprise business segment, lacked
economic substance and were not in compliance with applicable financial reporting standards
as well as the Group’s policies and internal controls, resulting in an overstatement of certain
financial information.
The Group does not believe that this overstatement constituted a misstatement that was
quantitatively material to the Group’s consolidated financial statements for any period
presented in the Group’s prior annual or interim financial statements. The Group believes that
these transactions resulted in an overstatement of revenues, gross trade receivables, and net
trade receivables, at least as follows:
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Revenues 31 10 291 2,285 721 368 58 378 247 11 39
Trade receivable 23 22 288 1,687 1,972 1,999 2,018 2,154 2,152 2,094 1,927
Trade receivable-net 23 22 256 1,376 1,558 980 94 72 63 63 30
The Group has encountered challenges compiling detailed historical information for
a significant portion of the 140 transactions due to the age of the transactions, accounting
system challenges, and challenges related to the retention and retrieval of historical
accounting support that in some cases dates back nearly 10 years. The Company has
assumed that certain transactions lacked economic substance unless accounting and other
supporting information was available to demonstrate otherwise.
By December 31, 2020, the vast majority of the trade receivables associated with these
transactions had a full corresponding income statement provision and related allowance for
expected credit losses, and therefore the net trade receivable for these transactions reflected
on the Company’s Statement of Financial Positions from 2020 onward were de minimis.
Accordingly, based on information to date, these historical transactions do not require any
corrections to the Statements of Financial Position as of December 31, 2025 and 2024, or
the Statements of Profit or Loss and Other Comprehensive Income for the years ended 2025
and 2024.
107
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
35. SIGNIFICANT COMMITMENTS, AGREEMENTS, AND OTHERS (continued)
c. Others (continued)
(iv) Contingency (continued)
The Group determined that Rp1,898 billion and Rp1,762 billion of gross trade receivables,
and a corresponding Rp1,898 billion and Rp1,762 billion allowance for expected credit losses
related to historical transactions that had been reviewed or were scheduled for review as part
of the internal investigation, were reclassified to other non-current assets in the consolidated
statements of financial position as of December 31, 2025 and 2024 (Note 13). This
reclassification was made to achieve a more appropriate presentation in accordance with the
economic substance of the transactions. The Group assessed that these trade receivables
did not have a reasonable chance of recovery and therefore no longer met the criteria for
presentation as trade receivables. As the reclassified gross receivables and the related
allowance for expected credit losses offset each other (net to zero), the reclassification had
no impact on the net trade receivables or other non-current assets as of
December 31, 2025 and 2024. Until the date of completion of these consolidated financial
statements, these receivables had been approved to be written off based on carrying amount
December 31, 2024 in accordance to the applicable regulations, but it is not a waiver of
collection right.
The Company is a state-owned enterprise, and accordingly, its receivable write-off process is
subject to specific governance and regulatory requirements applicable to state-owned
enterprises. Under the applicable write-off policy, receivables exceeding certain thresholds
and/or receivables of certain nature require approvals from relevant authorities and/or
government bodies. As such, the completion and timing of the write-off process are not solely
within Management’s control, as they depend on external review and approval processes
involving various governmental stakeholders.
The Group has also cooperated with Indonesian government law enforcement authorities,
and has in certain instances self-reported to them various matters involving alleged or
potential violations of Indonesian laws and regulations by the Group, certain subsidiaries and
affiliates, including anti-corruption, alleged fraud, embezzlement, and issues associated with
trade receivables, some of which are related to the above-described matters investigated by
the SEC and the DOJ. The Group has implemented various remedial actions, including
strengthening policies, procedures, and internal controls, as well as enhancing its compliance
function and corporate governance.
For the above mentioned investigation on the Group's accounting and disclosure issues
relating to revenue recognition and financial reporting practices and internal control over
financial reporting, based on the Group's assessment up to the date of the issuance of the
consolidated financial statements, the Group currently does not believe that the above
mentioned investigation will have a material adverse effect on its December 31, 2025 and
2024 consolidated financial statements.
As of the issuance date of the consolidated financial statements, the Group is not yet able to
reliably estimate the potential loss or range of losses that may arise from the investigations
by the SEC and DOJ, due to significant uncertainties regarding the final outcome, timing of
resolution, and potential sanctions or other impacts.
In addition, there is a possibility that the final outcome of the ongoing investigations or the
identification of additional information in the future could have a material impact on the
Group’s financial position, results of operations, or cash flows.
108
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
36. ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES
Assets and liabilities denominated in foreign currencies are as follows:
2025
U.S. Dollar Others* Rupiah equivalent
(in millions) (in millions) (in billions)
Assets
Cash and cash equivalents 522.25 21.10 9,097
Other current financial assets 53.23 - 895
Trade receivables
Related parties 0.24 0.02 3
Third parties 144.38 11.90 2,620
Contract assets 4.42 - 75
Other receivables 0.62 - 10
Other current assets 1.45 0.35 30
Long-term investment in financial instruments 307.89 6.17 5,241
Other non-current assets 0.40 0.74 19
Total assets 1,034.88 40.28 17,990
Liabilities
Trade payables
Related parties (0.05) - (1)
Third parties (158.59) (3.06) (2,707)
Other payables (19.61) (2.17) (365)
Accrued expenses (11.17) (11.08) (373)
Customer deposits (3.98) (0.32) (72)
Current maturities of long-term loans
and lease liabilities (10.82) (0.35) (187)
Long-term loans and lease liabilities (23.03) (1.30) (408)
Other liabilities (0.36) - (6)
Total liabilities (227.61) (18.28) (4,119)
Assets (liabilities) - net 807.27 22.00 13,871
2024
U.S. Dollar Others* Rupiah equivalent
(in millions) (in millions) (in billions)
Assets
Cash and cash equivalents 475.58 13.01 7,885
Other current financial assets 18.19 0.06 296
Trade receivables
Related parties 0.19 0.01 3
Third parties 134.77 18.64 2,479
Contract assets 2.77 - 45
Other receivables 1.09 - 18
Other current assets 2.05 0.31 38
Long-term investment in financial instruments 389.31 12.28 6,464
Other non-current assets 0.42 2.90 53
Total assets 1,024.37 47.21 17,281
Liabilities
Trade payables
Related parties (0.01) - 0
Third parties (127.43) (3.56) (2,119)
Other payables 3.76 (8.00) (70)
Accrued expenses (13.90) (1.83) (254)
Customer deposits (2.72) (0.27) (47)
Current maturities of long-term loans
and lease liabilities (9.33) (0.28) (155)
Long-term loans and lease liabilities (24.65) (1.47) (422)
Other liabilities (0.09) (0.05) (2)
Total liabilities (174.37) (15.46) (3,069)
Assets (liabilities) - net 850.00 31.75 14,212
*Assets and liabilities denominated in other foreign currencies are presented as U.S. Dollar equivalents using the buy and sell rates quoted by
Reuters prevailing at the end of the reporting period.
The Group’s activities expose them to a variety of financial risks, including the effects of changes in
debt and equity market prices, foreign currency exchange rates, and interest rates.
109
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
37. FINANCIAL INSTRUMENTS
a. Financial assets and financial liabilities
i. Classification
(a) Financial assets
2025 2024
Amortized cost
Cash and cash equivalents 34,228 33,905
Other current financial assets 1,326 1,196
Trade receivables 11,223 12,193
Other receivables 172 621
Other non-current assets 208 165
FVTPL
Long-term investment in financial instruments 7,254 8,174
Other current financial assets 94 89
FVTOCI
Long-term investment in financial instruments 27 51
Total financial assets 54,532 56,394
(b) Financial liabilities
2025 2024
Financial liabilities measured at amortized cost
Trade payables 16,184 15,336
Other payables 648 454
Accrued expenses 14,867 14,192
Customers deposits 52 41
Short-term bank loans 6,929 11,525
Bonds 2,696 5,043
Long-term bank loans 41,149 36,341
Lease liabilities 24,137 23,959
Other liabilities 75 104
Total financial liabilities 106,737 106,995
ii. Fair values
The following table presents comparison of the carrying amounts and fair values of the
Company’s financial instruments, other than those the fair values are considered to
approximate their carrying amounts as the impact of discounting is not significant:
Fair value measurement at reporting date using
Quoted prices in
active markets Significant
for identical other Significant
unobservabl
assets or observable e
Carrying liabilities inputs inputs
2025 value Fair value (level 1) (level 2) (level 3)
FVTPL
Other current financial assets 94 94 94 - -
Long-term investment in financial instruments 7,254 7,254 1,529 - 5,725
FVTOCI
Long-term investment in financial instruments 27 27 - - 27
Financial liabilities at amortized cost
Interest-bearing loans:
Bonds 2,696 3,458 3,458 - -
Long-term bank loans 41,149 40,863 - - 40,863
Lease liabilities 24,137 24,137 - - 24,137
Other liabilities 75 75 - - 75
Total 75,432 75,908 5,081 - 70,827
110
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
37. FINANCIAL INSTRUMENTS (continued)
a. Financial assets and financial liabilities (continued)
ii. Fair values (continued)
The following table presents comparison of the carrying amounts and fair values of the
Company’s financial instruments, other than those the fair values are considered to
approximate their carrying amounts as the impact of discounting is not significant (continued):
Fair value measurement at reporting date using
Quoted prices in
active markets Significant
for identical other Significant
assets or observable unobservable
Carrying liabilities inputs inputs
2024 value Fair value (level 1) (level 2) (level 3)
FVTPL
Other current financial assets 89 89 89 - -
Long-term investment in financial instruments 8,174 8,174 1,668 - 6,506
FVTOCI
Long-term investment in financial instruments 51 51 - - 51
Financial liabilities at amortized cost
Interest-bearing loans:
Bonds 5,043 5,669 5,669 - -
Long-term bank loans 36,341 36,472 - - 36,472
Lease liabilities 23,959 23,959 - - 23,959
Other liabilities 104 104 - - 104
Total 73,761 74,518 7,426 - 67,092
Loss on fair value measurement recognized in consolidated statements of profit or loss and
other comprehensive income for the year ended December 31, 2025 amounting to
Rp103 billion.
Reconciliations of the beginning and ending balances for items measured at fair value using
significant unobservable inputs (level 3) as of December 31, 2025 and 2024 are as follows:
2025 2024
Beginning balance 6,557 5,997
Gain (loss) recognized in consolidated statement
of profit or loss and other comprehensive income (103) 578
Purchase/addition 26 49
Settlement/deduction (728) (67)
Ending balance 5,752 6,557
111
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
37. FINANCIAL INSTRUMENTS (continued)
a. Financial assets and financial liabilities (continued)
ii. Fair values (continued)
Sensitivity Analysis
The following table summarizes the quantitative information about the significant unobservable
inputs used in level 3 fair value measurements:
Significant Range
Valuation unobservable (weighted Sensitivity of the input of
Industry technique input average) fair value
Investment in equity
Non-listed equity investment - OPM Backsolve Volatility 20%-75.40% 10% increase (decrease) in
technology method the percentage of volatility
would result in an increase
(decrease) Rp5 billion of the
Investment value
Time to 1-4 Years Increase (decrease) in 1 year
liquidity time to liquidity would result in
an increase (decrease) Rp5
billion of the Investment value
Market Volatility 30.40%-85.59% 10% increase (decrease) in
movement the percentage of volatility
would result in an increase
(decrease) Rp13 billion of the
Investment value
Time to 1-6 Years Increase (decrease) in 1 year
liquidity time to liquidity would result in
an increase (decrease) Rp15
billion of the Investment value
Guideline Volatility 10.77%-91.40% 10% increase (decrease) in
Public the percentage of volatility
Company would result in an increase
Method (decrease) Rp91 billion of the
Investment value
Time to 1-6 Years Increase (decrease) in 1 year
liquidity time to liquidity would result in
an increase (decrease) Rp134
billion of the Investment value
Non-listed equity investment - Discounted Weighted 9%-22% 1% decrease (increase) in the
credit rating agency cash flow Average Cost percentage of WACC would
of Capital result in an increase
("WACC") (decrease) Rp5 billion of the
Investment value
Terminal 1%-5% 1% increase (decrease) in
growth rate terminal growth rate would
result in an increase
(decrease) Rp3 billion of the
Investment value
Non-listed equity investment - Discounted WACC 3.03%-13.20% 0.5% decrease (increase) in
telecommunication cash flow WACC would result in an
increase (decrease) Rp6
billion of the Investment value
Terminal 1.97%-3.10% 1% increase (decrease) in
growth rate terminal growth rate would
result in an increase
(decrease) Rp12 billion of the
Investment value
112
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
37. FINANCIAL INSTRUMENTS (continued)
a. Financial assets and financial liabilities (continued)
iii. Fair value measurement
Fair value is the amount for which an asset could be exchanged, or a liability settled, between
parties in an arm's length transaction.
The fair values of short-term financial assets and financial liabilities with maturities of one year
or less (cash and cash equivalents, trade and other receivables, other current financial assets,
trade and other payables, accrued expenses, and short-term bank loans) and other non-
current assets are considered to approximate their carrying amounts as the impact of
discounting is not significant.
The fair values of long-term financial assets (other non-current assets (long-term trade
receivables and restricted cash)) approximate their carrying amounts as the impact of
discounting is not significant.
The Group determined the fair value measurement for disclosure purposes of each class of
financial assets and financial liabilities based on the following methods and assumptions:
(a) Fair value through profit or loss, primarily consists of stocks, mutual funds, corporate and
government bonds, and convertible bonds. Stocks and mutual funds actively traded in an
established market are stated at fair value using quoted market price or, if unquoted,
determined using a valuation technique. The fair value of convertible bonds and
subsidiaries investments (non-listed equity investments) are determined using valuation
technique. Corporate and government bonds are stated at fair value by reference to
prices of similar securities at the reporting date.
(b) The fair values of long-term financial liabilities are estimated by discounting the future
contractual cash flows of each liability at rates offered to the Group for similar liabilities of
comparable maturities by the bankers of the Group, except for bonds which are based on
market price.
The fair value estimates are inherently judgemental and involve various limitations, including:
(a) Fair values presented do not take into consideration the effect of future currency
fluctuations.
(b) Estimated fair values are not necessarily indicative of the amounts that the Group would
record upon disposal/termination of the financial assets and liabilities.
b. Financial risk management objectives and policies
The Group’s activities expose it to a variety of financial risks such as market risks (including foreign
exchange risk, market price risk, and interest rate risk), credit risk, and liquidity risk. Overall, the
Group’s financial risk management program is intended to minimize losses on the financial assets
and financial liabilities arising from fluctuation of foreign currency exchange rates and the
fluctuation of interest rates. Management has a written policy on foreign currency risk management
mainly on time deposit placements and hedging to cover foreign currency risk exposures for periods
ranging from 3 up to 12 months.
Financial risk management is carried out by the Group Financial Accounting and Treasury Unit
under policies approved by the Directors. The Group Financial Accounting and Treasury Unit
identifies, evaluates and hedges financial risks.
113
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
37. FINANCIAL INSTRUMENTS (continued)
b. Financial risk management objectives and policies (continued)
i. Foreign exchange risk
The Group is exposed to foreign exchange risk on sales, purchases and borrowings that are
denominated in foreign currencies. The foreign currency denominated transactions are
primarily in U.S. Dollar. The Group’s exposures to other foreign exchange rates are not
material.
Increasing risks of foreign currency exchange rates on the obligations of the Group are
expected to be partly offset by the effects of the exchange rates on time deposits and
receivables in foreign currencies that are equal to at least 25% of the outstanding current
foreign currency liabilities.
The following table presents the Group’s financial assets and financial liabilities exposure to
foreign currency risk:
2025 2024
U.S. Dollar U.S. Dollar
(in billions) (in billions)
Financial assets 1.03 1.02
Financial liabilities (0.23) (0.17)
Net exposure 0.80 0.85
Sensitivity analysis
A strengthening of the U.S. Dollar as indicated below, against the Rupiah at
December 31, 2025 would have decreased equity and profit or loss by the amounts shown
below. This analysis is based on foreign currency exchange rate variances that the Group
considered to be reasonably possible at the reporting date. The analysis assumes that all other
variables, in particular interest rates, remain constant.
Equity/profit (loss)
December 31, 2025
U.S. Dollar (1% strengthening) 135
A weakening of the U.S. Dollar against the Rupiah at December 31, 2025, would have had an
equal but opposite effect on the above currencies to the amounts shown above, on the basis
that all other variables remain constant.
ii. Market price risk
The Group is exposed to changes in debt and equity market prices related to financial assets
measured at FVTPL carried at fair value. Gains and losses arising from changes in the fair
value of financial assets measured at FVTPL are recognized in the consolidated statements
of profit or loss and other comprehensive income.
The performance of the Group’s financial assets measured at FVTPL is monitored periodically,
together with a regular assessment of their relevance to the Group’s long-term strategic plans.
As of December 31, 2025, management considered the price risk for the Group’s financial
assets measured at FVTPL to be immaterial in terms of the possible impact on profit or loss
and total equity from a reasonably possible change in fair value.
114
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
37. FINANCIAL INSTRUMENTS (continued)
b. Financial risk management objectives and policies (continued)
iii. Interest rate risk
Interest rate fluctuation is monitored to minimize any negative impact to financial performance.
Borrowings at variable interest rates expose the Group to interest rate risk (Notes 18 and 19).
To measure market risk pertaining to fluctuations in interest rates, the Group primarily uses
interest margin and maturity profile of the financial assets and liabilities based on changing
schedule of the interest rate.
At reporting date, the interest rate profile of the Group’s interest-bearing borrowings was as
follows:
2025 2024
Fixed rate borrowings 37,407 48,097
Variable rate borrowings 37,504 28,771
Sensitivity analysis for variable rate borrowings
As of December 31, 2025, a decrease (increase) by 25 basis points in interest rates of variable
rate borrowings would have increased (decreased) equity and profit or loss by Rp94 billion,
respectively. The analysis assumes that all other variables, in particular foreign currency rates,
remain constant.
iv. Credit risk
The following table presents the maximum exposure to credit risk of the Group’s financial
assets:
2025 2024
Cash and cash equivalents 34,228 33,905
Other current financial assets 1,420 1,285
Trade receivables 11,223 12,193
Other receivables 172 621
Other non-current assets 208 165
Total 47,251 48,169
The Group is exposed to credit risk primarily from cash and cash equivalents, trade
receivables and other receivables. The credit risk is controlled by continuous monitoring of
outstanding balance and collection. Credit risk from balances with banks and financial
institutions is managed by the Group Financial Accounting and Treasury Unit in accordance
with the Group’s written policy.
The Group placed the majority of its cash and cash equivalents in state-owned banks because
they have the most extensive branch networks in Indonesia and are considered to be
financially sound banks, as they are owned by the State. Therefore, it is intended to minimize
financial loss through banks and financial institutions’ potential failure to make payments.
The customer credit risk is managed by continuous monitoring of outstanding balances and
collection. Trade and other receivables do not have any major concentration of risk whereas
no customer receivable balance exceeds 7.95% of trade receivables as of
December 31, 2025 (2024: 5.76%).
Management is confident in its ability to continue to control and sustain minimal exposure to
the customer credit risk given that the Group has recognized sufficient provision for impairment
of receivables to cover incurred loss arising from uncollectible receivables based on existing
historical data on credit losses.
115
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
37. FINANCIAL INSTRUMENTS (continued)
b. Financial risk management objectives and policies (continued)
v. Liquidity risk
Liquidity risk arises in situations where the Group has difficulties in fulfilling financial liabilities
when they become due.
Prudent liquidity risk management implies maintaining sufficient cash in order to meet the
Group’s financial obligations. The Group continuously performs an analysis to monitor
financial position ratios, such as liquidity ratios and debt-to-equity ratios, against debt covenant
requirements. The Group has a net current liabilities position as of December 31, 2025, and
is expected to meet its current obligations by having access to sufficient undrawn bank
facilities amounted to Rp42,109 billion and US$67 million (Note 19b).
The following is the maturity profile of the Group’s financial liabilities based on contractual
undiscounted payments:
Carrying Contractual 2030 and
amount cash flows 2026 2027 2028 2029 thereafter
2025
Trade payables 16,184 (16,184) (16,184) - - - -
Other payables 648 (648) (648) - - - -
Accrued expenses 14,867 (14,867) (14,867) - - - -
Customer deposits 52 (52) (52) - - - -
Interest bearing loans:
Short-term bank loans 6,929 (6,929) (6,929) - - - -
Bonds 2,696 (6,544) (296) (296) (297) (296) (5,359)
Long-term bank loans 41,149 (45,311) (19,003) (7,279) (6,357) (5,499) (7,173)
Lease liabilities 24,137 (29,037) (6,844) (4,438) (3,604) (3,440) (10,711)
Other liabilities 75 (89) (4) (21) (21) (21) (22)
Total 106,737 (119,661) (64,827) (12,034) (10,279) (9,256) (23,265)
Carrying Contractual 2029 and
amount cash flows 2025 2026 2027 2028 thereafter
2024
Trade payables 15,336 (15,336) (15,336) - - - -
Other payables 454 (454) (454) - - - -
Accrued expenses 14,192 (14,192) (14,192) - - - -
Customer deposits 41 (41) (41) - - - -
Interest bearing loans:
Short-term bank loans 11,525 (11,525) (11,525) - - - -
Bonds 5,043 (9,307) (2,763) (296) (296) (297) (5,655)
Long-term bank loans 36,341 (42,701) (15,419) (8,442) (6,086) (4,955) (7,799)
Lease liabilities 23,959 (29,261) (6,824) (4,597) (3,656) (3,152) (11,032)
Other liabilities 104 (120) (6) (29) (29) (28) (28)
Total 106,995 (122,937) (66,560) (13,364) (10,067) (8,432) (24,514)
The difference between the carrying amount and the contractual cash flows is interest value.
The interest value of variable-rate borrowings are determined based on the effective interest
rates as of reporting date.
116
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
38. CAPITAL MANAGEMENT
The capital structure of the Group is as follows:
2025 2024 (as restated, Note 2z)
Amount Portion Amount Portion
Short-term debts 6,929 3.37% 11,525 5.47%
Long-term debts 67,982 33.07% 65,343 31.02%
Total debts 74,911 36.44% 76,868 36.49%
Equity attributable to owners
of the parent company 130,685 63.56% 133,808 63.51%
Total 205,596 100.00% 210,676 100.00%
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a
going concern in order to provide returns for stockholders and benefits to other stakeholders and to
maintain an optimum capital structure to minimize the cost of capital.
Periodically, the Group conducts debt valuation to assess possibilities of refinancing existing debts
with new ones with have more efficient cost that will lead to more optimized cost-of-debt. In case of
idle cash with limited investment opportunities, the Group will consider buying back its shares of stock
or paying dividend to its stockholders.
In addition to complying with loan covenants, the Group also maintains its capital structure at the level
it believes will not risk its credit rating and which is comparable with its competitors.
Debt-to-equity ratio (comparing net interest-bearing debt to total equity) is a ratio which is monitored
by management to evaluate the Group’s capital structure and review the effectiveness of the Group’s
debts. The Group monitors its debt levels to ensure the debt-to-equity ratio complies with or is below
the ratio set out in its contractual borrowings arrangements and that such ratio is comparable or better
than that of regional area entities in the telecommunications industry.
The Group’s debt-to-equity ratio as of December 31, 2025 and 2024, respectively, were as follows:
2025 2024
(as restated, Note 2z)
Total interest-bearing debts 74,911 76,868
Less: cash and cash equivalents (34,228) (33,905)
Net debts 40,683 42,963
Total equity attributable to owners of the parent company 130,685 133,808
Net debt-to-equity ratio 31.13% 32.11%
As stated in Note 19, the Group is required to maintain a certain debt-to-equity ratio and debt service
coverage ratio by the lenders. For the years ended December 31, 2025 and 2024, the Group has
complied with externally imposed capital requirements.
39. SUPPLEMENTAL CASH FLOWS INFORMATION
a. The non-cash investing activities for the years ended December 31, 2025 and 2024 are as follows:
2025 2024
Acquisition of property and equipment:
Credited to trade payables 3,945 2,251
Borrowing cost capitalization 13 98
Addition of right-of-use assets:
Credited to leases (Note 12) 7,441 10,421
Acquisition of intangible assets:
Credited to trade payables 404 339
117
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
39. SUPPLEMENTAL CASH FLOWS INFORMATION (continued)
b. The changes in liabilities arising from financing activities is as follows:
Non-cash changes
Foreign
exchange Other
January 1, 2025 Cash flows movement New leases Changes December 31, 2025
Short-term bank loans 11,525 (4,596) - - - 6,929
Bonds 5,043 (2,350) - - 3 2,696
Long-term bank loans 36,341 4,804 2 - 1 41,148
Lease liabilities 23,959 (7,356) 16 7,441 78 24,138
Total liabilities from
financing activities 76,868 (9,498) 18 7,441 82 74,911
40. SUBSEQUENT EVENTS
a. On October 20, 2025, the Company and TIF entered into a Conditional Separation Agreement in
relation to the transfer of a portion of the Company’s wholesale fiber connectivity business and
assets (the “Infraco Spin-Off”) to TIF, effective January 1, 2026. Pursuant to the agreement, the
total value of the transferred transaction object amounted to IDR 35,787 billion. As consideration
for the transfer of the transaction object, TIF issued 357,872,580 shares to the Company, as
stipulated in Notarial Deed of Aulia Taufani, S.H.,No. 63 dated December 18, 2025, The deed was
subsequently approved by the Ministry of Law and Human Rights of the Republic of Indonesia
(“Kemenkumham”) pursuant to Decree No. 0086733.AH.01.02 dated January 1, 2026.
b. Effective January 1, 2026, the Company transferred bank loans from DBS, BNI, and BCA to TIF
amounting to Rp1,831 billion, Rp2,649 billion, and Rp5,317 billion, respectively, in connection with
the Infraco Spin-Off project.
c. On January 6, 2026, DAM transferred the Company's shares to BP BUMN, resulting in BP BUMN
owning 1% of the total state ownership through BP BUMN and DAM, amounting to 516,023,535
shares, consisting of Series B shares representing 0.52% of the total shares issued and fully paid
by the Company.
d. On January 6, 2026, January 23, 2026, and April 1, 2026, Telkomsel made repayments of its bank
loan to BNI amounting to Rp4,000 billion.
e. On January 12, 2026, February 27, 2026, and March 27, 2026, Telkomsel made repayments of its
bank loan to Bank Mandiri amounting to Rp3,000 billion.
f. On January 12, 2026, March 30, 2026, and April 30, 2026, Telkomsel made repayments of its bank
loan to Bank Sinarmas amounting to Rp3,000 billion.
g. On January 29, 2026, and April 13, 2026, Telkomsel made repayments of its bank loan to Bank of
China amounting to Rp3,800 billion.
h. On January 6, 2026 and April 27, 2026, Telkomsel made repayments of its bank loan to CIMB
Niaga amounting to Rp2,000 billion.
i. On January 29, 2026 and February 13, 2026, Telkomsel made repayments of its bank loan to
MUFG and DBS amounting to Rp1,000 billion and Rp1,000 billion, respectively.
j. During the period from January to April 2026, Telkomsel has made loan drawdowns from Bank of
China, Bank Sinarmas, CIMB Niaga, BNI, and DBS Bank amounting to Rp3,800 billion,
Rp2,000 billion, Rp1,500 billion, Rp1,000 billion, and Rp1,000 billion, respectively.
k. On May 1, 2026, the Company announced its plan to conduct a share buyback of publicly held
shares, with a maximum amount of Rp1,000 billion and not exceeding 10% of the issued and fully
paid-up share capital. The share buyback period will be no longer than 12 (twelve) months from
the date of approval by the General Meeting of Shareholders (GMS) on June 8, 2026, and is
planned to commence from June 9, 2026 until June 8, 2027.
118
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
41. SUMMARY OF SIGNIFICANT DIFFERENCES BETWEEN PSAK AND INTERNATIONAL
FINANCIAL REPORTING STANDARDS (“IFRS”)
These are summary of significant differences between PSAK and IFRS for the year 2025.
Impact of significant differences between PSAK and IFRS on items in consolidated statements of
financial position as of December 31, 2025 were as follows:
Reference PSAK Reconciliation IFRS
ASSETS
Trade receivables - net allowance for
expected credit losses
Related parties b 2,040 590 2,630
Third parties b 9,183 (590) 8,593
Other current assets d 8,042 14 8,056
Total Current Assets 61,766 14 61,780
Property and equipment - net of accumulated depreciation a 165,453 (1,995) 163,458
Right-of-use asset a,d 27,961 1,372 29,333
Deferred tax assets - net d 6,603 130 6,733
Total Non-current Assets 225,993 (493) 225,500
TOTAL ASSETS 287,759 (479) 287,280
LIABILITIES AND EQUITY
LIABILITIES
Trade payables
Related parties b 571 2,487 3,058
Third parties b 15,613 (2,487) 13,126
Current maturities of lease liabilities d 5,590 355 5,945
Total Current Liabilities 73,948 355 74,303
Lease liabilities d 18,547 0 18,547
Total Non-current Liabilities 63,274 0 63,274
TOTAL LIABILITIES 137,222 355 137,577
EQUITY
Additional paid-in capital c 2,310 (333) 1,977
Other equity c 10,259 (9,139) 1,120
Retained earnings c 113,193 8,938 122,131
Net equity attributable to:
Owners of the parent company d 130,685 (534) 130,151
Non-controlling interests d 19,852 (300) 19,552
TOTAL EQUITY 150,537 (834) 149,703
TOTAL LIABILITIES AND EQUITY 287,759 (479) 287,280
119
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
41. SUMMARY OF SIGNIFICANT DIFFERENCES BETWEEN PSAK AND INTERNATIONAL
FINANCIAL REPORTING STANDARDS (“IFRS”) (continued)
Impact of significant differences between PSAK and IFRS on items in consolidated statements of profit
or loss and other comprehensive income for the year ended December 31, 2025 were as follows:
Reference PSAK Reconciliation IFRS
Depreciation and amortization expenses a,d (37,649) (4) (37,653)
Other income - net d 119 (587) (468)
OPERATING PROFIT 34,648 (591) 34,057
Finance cost d (5,206) (2) (5,208)
PROFIT BEFORE INCOME TAX 31,102 (593) 30,509
INCOME TAX (EXPENSE) BENEFIT d (6,644) 103 (6,541)
PROFIT FOR THE YEAR 24,458 (490) 23,968
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 24,584 (490) 24,094
Profit for the year attributable to:
Owners of the parent company 17,814 (328) 17,486
Non-controlling interests 6,644 (162) 6,482
24,458 (490) 23,968
Total comprehensive income for the year attributable to:
Owners of the parent company 17,954 (328) 17,626
Non-controlling interests 6,630 (162) 6,468
24,584 (490) 24,094
BASIC EARNING PER SHARE
(in full amount)
Net income per share 179.83 (3.31) 176.52
Net income per ADS (100 Series B shares per ADS) 17,982.85 (331.10) 17,651.75
a. Land rights
Under PSAK, land rights are recorded as part of property and equipment and are not amortized,
unless there is indication that the extension or renewal of land rights is not expected to be or will
not be received. Costs incurred to process the extension or renewal of land legal rights are
recognized as intangible assets and amortized over the shorter of the term of the land rights or the
economic life of the land.
Under IFRS, land rights are accounted and presented as part of right-of-use assets. Land rights
amortized over the lease period.
b. Related party transactions
Under Bapepam-LK Regulation No. VIII.G.7 regarding the Presentation and Disclosures of
Financial Statements of Issuers or Public Companies, a government-related entity is an entity that
is controlled, jointly controlled, or significantly influenced by a government. Government in this
context is the Ministry of Finance or the Local Government, as the shareholder of the entity.
Under IFRS, a government-related entity is an entity that is controlled, jointly controlled, or
significantly influenced by a government. Government in this context refers to the Government of
Indonesia, Government agencies, and similar bodies whether local, national, or international.
120
Page 129
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
41. SUMMARY OF SIGNIFICANT DIFFERENCES BETWEEN PSAK AND INTERNATIONAL
FINANCIAL REPORTING STANDARDS (“IFRS”) (continued)
c. Differences in entities under common control restructuring transactions
According to PSAK, the difference between restructuring transactions between entities under
common control is included in the grouping of additional paid-in capital in equity. Meanwhile,
according to IFRS, the difference in restructuring transactions between entities under common
control is included in the grouping of retained earnings.
d. Timing difference in applying accounting standards
The Group applied PSAK 116 Leases starting from January 1, 2020. It is equivalent with accounting
standards in IFRS 16 Leases which was implemented in the beginning January 1, 2019. Timing
difference in applying accounting standard results in differences in some of accounts in the
consolidated financial statements.
121
Names mentioned 143 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Telekomunikasi Indonesia Tbk.
p.1 ×178
unresolved
org
Purwanto Susanti
p.4
unresolved
org
Young Global Limited
p.4 ×5
unresolved
org
Government of the Republic of Indonesia
p.14 ×2
unresolved
person
Imas Fatimah
p.14
unresolved
org
Ministry of Justice
p.14
unresolved
person
Ashoya Ratam
p.14 ×6
unresolved
org
Minister of Communication and Digital Affairs
p.15
unresolved
org
Minister of Communication and Information
p.15
unresolved
org
Directorate General of Post and Informatics
p.15
unresolved
org
Directorate General of Post and Telecommunications
p.15
unresolved
org
Bank Indonesia
p.15 ×2
unresolved
org
Bank Indonesia License Electronic
p.15
unresolved
org
Financial Services Authority
p.16
unresolved
person
Afdol Muftiasa
p.16
unresolved
person
Mohamad Ramzy
p.16
unresolved
org
Indonesia Stock Exchange
p.17
unresolved
person
A. Partomuan Pohan
p.17
unresolved
org
PT Dayamitra
p.19
unresolved
org
Telekomunikasi Tbk.
p.19
unresolved
org
PT Multimedia
p.19
unresolved
org
PT Telkom Data
p.19
unresolved
org
PT Telkom Satelit
p.19
unresolved
org
PT Sigma Cipta
p.19
unresolved
org
PT Graha Sarana Duta
p.19
unresolved
org
PT Telkom Akses
p.19
unresolved
org
PT Telkom
p.19
unresolved
org
PT Napsindo
p.19
unresolved
org
Singapore Pte. Ltd.
p.20
unresolved
org
PT Telkom Landmark
p.20
unresolved
org
PT Infomedia
p.20
unresolved
org
PT Persada Sokka
p.20
unresolved
org
PT Finnet Indonesia
p.20
unresolved
org
PT Nuon Digital
p.20
unresolved
org
PT Telkomsel Mitra
p.20
unresolved
org
PT Ultra Mandiri
p.21
unresolved
org
PT Swadharma
p.21
unresolved
org
PT Telkomsel
p.21
unresolved
org
PT Nusantara Sukses
p.21
unresolved
org
PT Graha Yasa
p.21
unresolved
org
PT Metra TV
p.21
unresolved
org
PT Nutech Integrasi
p.21
unresolved
org
PT Collega Inti
p.21
unresolved
org
PT Graha Telkomsigma
p.21
unresolved
org
Pty. Ltd.
p.22
unresolved
org
PT Pojok Celebes
p.22
unresolved
org
PT Metraplasa
p.22
unresolved
person
Shinta Dewi
p.22
unresolved
org
Yayasan Kesejahteraan Karyawan Pembangunan Perumahan
p.22
unresolved
person
Jimmy Tanal
p.23 ×2
unresolved
org
Nxera ID Pte. Ltd.
p.23 ×2
unresolved
org
ST Dynamo ID Pte. Ltd.
p.23
unresolved
org
Pte. Ltd.
p.23
unresolved
org
Bapepam-LK
p.24 ×6
unresolved
org
Minister of Finance
p.28
unresolved
org
Shanghai Banking Corporation Ltd.
p.57
unresolved
org
PT Bank Pembangunan Daerah Jawa Barat
p.58
unresolved
org
Banten Tbk.
p.58
unresolved
org
PT Indonusa Telemedia
p.60
unresolved
org
PT Jalin Pembayaran Nusantara
p.63
unresolved
org
Bank Maspion
p.74 ×2
unresolved
org
PT. Bahana TCW Investment Management
p.76
unresolved
org
PT BRI Danareksa Sekuritas
p.76
unresolved
org
PT Bank ANZ Indonesia
p.77
unresolved
org
Bank ANZ
p.77 ×2
unresolved
org
New York Mellon Corporation
p.80 ×3
unresolved
person
Jose Dima Satria
p.81 ×2
unresolved
org
Minister of State-Owned Enterprises and Danantara. The Government
p.81
unresolved
org
Directorate General of Taxes
p.88
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