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20260429_LPPF_Laporan Informasi dan Fakta Material_32075112_lamp2.pdf
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29 April 2026 1Q 2026 Earnings Presentation LPPF.IJ / LPPF.JK
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Executive Summary
Q1 Performance
Income Statement
• SSSG performance driven heavily by apparel, while non-apparel was negative.
1Q26 Sales: IDR 4.6Tn (-0.2% and +2.0% SSSG vs. • SSSG growth was mainly from Outer Java, while Java was relatively flat.
LY), Lebaran season tracked in line with
quarter performance. • Private label contribution rose, underpinned by established private label brands
like Nevada and Cole, as well as new brands.
Gross Margin: 35.7% (vs. LY: 35.4%), supported
by healthier CV portfolio and increased Private • SUKO and ZES delivered double-digit growth driven by category expansion (i.e.
Label Mix. SUKO Children and Sleepwear), as well as increased footprint.
EBITDA: IDR 916Bn (+6.2% vs. LY: IDR 863Bn) with
company OPEX reduced by 5.7% vs. LY. Progress
Net Income: IDR 692Bn (+7.6% vs. LY: IDR 643Bn) • Merchandise: improved performance for SUKO and ZES (with higher productivity
in line with the increase in EBITDA. gains) and expanded SUKO collections. Introduced new brands across non-
apparel categories in select Matahari stores and established dedicated design
Balance Sheet teams.
Inventory: IDR 0.8Tn (vs. Mar’25: IDR 0.8Tn), • Store Network Optimization: expanding SUKO and ZES monostore footprint, while
similar to last year despite higher new private renovations for store upgrades in select stores continue.
label investments.
• Improved Economics: driving procurement cost reduction with dedicated sourcing
Cash: IDR 2.5Tn (vs. Mar’25: IDR 2.8Tn) with IDR and product development teams. Generated 5% GMROS improvement through
1.7Tn in unutilized credit facilities. rigorous space management and increased private label penetration.
• Omnichannel: growth driven by doubling Shop & Talk sales vs LY through increased
Cash Flow
engagement, as well as development of competitively price own-product
Capital Expenditures: IDR 28Bn mainly for merchandise.
investment in store network expansion and
• Change of name to MDS Retailing to reflect transformation into multi-concept retail
store maintenance.
network.
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Financial Highlights: Income Statement
SSSG performance remains resilient with OPEX reduction mitigating soft consumer demand.
Q1
In IDR Bn
2026 2025 % Growth
Gross Sales 4,639 4,648 -0.2%
SSSG % 2.0% 28.6%
Gross Profit* 1,655 1,646 0.6%
Gross Margin % 35.7% 35.4%
OPEX (739) (784) -5.7%
Personnel Expenses (180) (196) -8.4%
Occupancy Expenses (370) (391) -5.4%
Marketing Expenses (64.1) (63.4) 1.1%
Others (126) (134) -5.8%
EBITDA 916 863 6.2%
EBITDA Margin % 19.8% 18.6%
Net Income (Loss) 692 643 7.6%
Net Income Margin % 14.9% 13.8%
*Improvement a result of higher Private Label mix and greater pricing discipline.
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Geographic Sales Performance
Outside Java drives 1Q26 SSSG, offsetting flat performance in Java area.
% YTD Same-store Sales Growth (SSSG) Gross Sales by
Region (%)
Greater Jakarta 20.0%
Java ex Jakarta 38.4%
Outside Java 41.6%
Outside Total Sales 100.0%
Java
4.6%
Greater Java
Jakarta ex Jakarta
0.0% 0.5%
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Financial Highlights: Balance Sheet
Net cash at IDR 2.5Tn with unused Bank Loan Facility of IDR 1.7Tn.
ASSET LIABILITIES & EQUITY
In IDR Bn Mar-26 Dec-25 In IDR Bn Mar-26 Dec-25
Cash and Bank Balance 2,509 448 Bank Loan* - -
Trade Receivables 45 27 CV Trade Payables 1,487 639
Inventories 794 955 DP Trade Payables 693 668
Right-of-Use Assets 1,808 1,940 Lease Liabilities 2,433 2,570
Other Assets 1,178 1,235 Other Liabilities 1,230 991
Fixed Assets 517 536 Equity 1,009 273
Total Asset 6,850 5,141 Total Liabilities & Equity 6,850 5,141
* Unutilized facility at IDR 1.7Tn.
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Financial Highlights: Cash Flow Statement
Cautious capex spending and other capital outlay in light of economic condition.
Q1
In IDR Bn
2026 2025 % Growth
Cash Flow from Operating Activities 2,271 2,655 (14.5%)
Cash Flow from Investing Activities (28) (29) (3.7%)
Cash Flow from Financing Activities (182) (191) (4.6%)
Share Repurchase - - 0.0%
Dividends - - 0.0%
Other Cash Flow for Financing Activities (182) (191) (4.6%)
Cash Increase (Decrease) 2,060 2,435 (15.4%)
Beginning Cash Balance 448 399 12.4%
Ending Cash Balance 2,509 2,834 (11.5%)
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Key Initiatives
Executing strategic priorities across merchandise, channels, and economics.
Store Network Improved Omnichannel
Merchandise Optimization Economics
• Positive SSSG from apparel, offsetting • Rollout of SUKO and ZES • Driving procurement cost savings • Shop & Talk delivered strong
negative SSSG of non-apparel. monostores in H2 2026, along through consolidation and traction in Q1 2026, with
with other potential specialty advanced fabric bookings (to doubling of sales.
• Improved performance of SUKO collections
formats. counter macroeconomic
(including SUKO Children and Sleepwear), • Fulfillment from Stores (FFS)
uncertainty) with dedicated
with new concepts in the pipeline (e.g. • Continue renovation of select now implemented in 60 stores
sourcing team.
SUKO GO expansion). Matahari stores in Q2/Q3 to across 49 cities, with plans to
improve customer experience • Rigorous space management, scale to all cities by year-end.
• Growth in ZES supported by stronger
and product offerings. particularly with consignment
collection, particularly within women’s • Increased social media
vendors and select categories,
category. • Drive experimentation with traction with digital views
resulted in 5% Gross Margin
small footprint concepts in increased by 89%. Organic
• Introduced new brands across non-apparel Return on Space (GMROS)
select malls and drive brand content supported this growth
categories (e.g. footwear, cosmetics, and improvement.
awareness. with 60% increase in number of
travel) in select Matahari stores.
• Increased private label KOLs.
• Established dedicated design teams to penetration of 300+ bps,
• Curated focused, own-brand
improve product offerings and concept. particularly with the introduction
merchandise subcategories
of new brands.
• Optimized space and rationalize non- with competitive pricing to
performing CV. drive online sales.
• Product development and sourcing teams
focused on product quality improvement 7
and lead-time reduction.
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Current company name (PT Matahari Department Store Tbk)
no longer reflects our current and future state
Rationale of the new name:
▪ Reflects evolution to multi-format, multi-brand retail group beyond department stores (including specialty format and digital).
▪ Separates branding of our corporate entity and that of department store operations, which continue to retain Matahari brand.
▪ Avoids confusion with other similarly named retail concepts.
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Closing Remarks
Financial Performance Highlights
o 1Q26 sales declined 0.2% YoY to IDR 4.6Tn, with SSSG of 2.0%, with Lebaran results in line with Q1 performance.
o Gross margin increased to 35.7%, from a healthier CV portfolio.
o EBITDA grew 6.2% to IDR 916Bn, supported by 5.7% OPEX efficiencies.
o Net income was IDR 692Bn, in line with the increase in EBITDA.
Q1 2026 Growth Drivers
o Performance was driven by apparel, while non-apparel growth was negative.
o SSSG growth was led by Outer Java, while Java remained flat.
o Private Label contribution rose, underpinned by growth in established brands, such as Nevada and Cole.
o SUKO and ZES delivered double-digit growth, fueled by category expansion (including SUKO Children and Sleepwear) and wider presence.
Strategic Initiatives
o Merchandise: expanded collections of SUKO and ZES, which resulted in improved performance. Strengthening of non-apparel categories
through development of in-house brands.
o Store Network Optimization: expanding SUKO and ZES monostore footprint. Renovation of select Matahari stores in Q2 and Q3.
o Improved Economics: initiatives for product cost improvement underway, with dedicated sourcing team without compromising on quality.
This should help partially mitigate expected raw material price increases.
o Omnichannel: performance improvement from increased Shop & Talk engagement as well as development of competitively priced own-
brand merchandise.
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Contact us
PT MDS Retailing Tbk (formerly PT Matahari Department Store Tbk)
Menara Matahari 12th Floor,
Jl Boulevard Palem Raya No.7
Karawaci, Tangerang 15811, Indonesia
Phone: +6221 547 5228 | +62811 9610 1111
Email: ir@mdsretailing.com
MDSRetailing.com
DISCLAIMER: This presentation has been prepared by PT MDS Retailing Tbk (“LPPF” or “Company”) for informational
purposes. Neither this presentation nor any of its content may be reproduced, disclosed or used without the prior
written consent of the Company.
This presentation may contain forward looking statements which represent the Company’s present views on the
probable future events and financial plans. These views are based on current assumptions, are exposed to various
risks, and are subject to considerable changes at any time. The Company warrants no assurance that such outlook
will, in part or as a whole, eventually be materialized. Actual results may differ materially from those projected.
The information is current only as of its date and shall not, under any circumstances, create any implication that the
information contained therein is correct as of any time subsequent to the date thereof or that there has been no
change in the financial condition or affairs of LPPF since such date. This presentation may be updated from time to
time and there is no undertaking by LPPF to post any such amendments or supplements on this presentation.
The Company will not be responsible for any consequences resulting from the use of this presentation as well as the
reliance upon any opinion or statement contained herein or for any omission.
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Thank you
Names mentioned 2 people and organisations named in the text · linked when the evidence is strong
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Matahari Department Store Tbk
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