Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia (TLKM) Q4 2024 earnings summary

Executive summary

• Achieved revenue growth of 0.5% year-on-year to Rp 150 trillion in 2024, with stable mobile customer base and steady performance despite global volatility and macroeconomic softness.

• Net income attributable to owners was Rp 23,649 billion, with operating net income up 4.1% to Rp 24.1 trillion.

• Diversification and convergence strategies drove growth in wholesale, enterprise, and fixed broadband segments, with convergence penetration improving to 57%.

• The Group operates across mobile, consumer, enterprise, and wholesale/international business segments, offering a broad portfolio of telecommunications and digital services.

• Consolidated financial statements for 2024 were audited and present a true and fair view in accordance with Indonesian Financial Accounting Standards.

Financial highlights

• Total revenues reached Rp149,967 billion in 2024, up from Rp149,216 billion in 2023.

• Normalized EBITDA was Rp 76.2 trillion, margin 50.8%, with full-year EBITDA at Rp 75 trillion; operating profit was Rp42,991 billion.

• Net profit attributable to owners was Rp23,649 billion, with basic earnings per share at Rp238.73.

• Total expenses increased 2% year-on-year to Rp 107 trillion; Capex was Rp 24.5 trillion, or 16.3% of revenue.

• Cash and cash equivalents at year-end were Rp33,905 billion, up from Rp29,007 billion.

Outlook and guidance

• Revenue growth for 2025 is guided at low single digits, with EBITDA margin expected at 50%-52%.

• Capex to sales ratio is guided at 17%-19% for 2025 and maintained for the medium term.

• Dividend payout ratio is expected to increase above last year's 80%, supported by lower Capex intensity.

• Most transaction price allocated to unsatisfied contracts as of December 31, 2024, will be recognized as revenue in future periods.

• The Group is monitoring the impact of new tax regulations (OECD Pillar Two) effective January 1, 2025, but does not expect material impact for 2024.