PT Aspirasi Hidup Indonesia (ACES) Q1 2025 earnings summary

Executive summary

• Net sales for Q1 2025 reached IDR 2.14 trillion, up 7.2% year-over-year, with net profit at IDR 142 billion, though net income declined 30.9% due to higher operating and financial expenses.

• Leading Indonesian home improvement and lifestyle retailer with 249 stores and strong omnichannel presence.

• Launched AZKO rebranding in Jan 2025, focusing on next-gen customer experience and digital integration.

• Total assets as of March 31, 2025 were IDR 8.44 trillion, with equity attributable to owners at IDR 6.62 trillion.

• SSSG positive nationwide at 2.2% YoY, with strongest growth in Ex-Java regions.

Financial highlights

• 1Q25 sales: IDR 2.14 trillion (+7.2% YoY); net profit: IDR 142 billion (-30.9% YoY); gross margin: 48%.

• EBIT margin declined to 9% in 1Q25 from 13% in 1Q24; net margin at 6.6%.

• Opex rose 24% YoY, mainly due to THR payments and rebranding-related A&P.

• Cash and equivalents at IDR 1.83 trillion; robust net cash position supports expansion.

• Operating cash flow for Q1 2025 was IDR 123 billion, down from IDR 275 billion in Q1 2024.

Outlook and guidance

• FY2025 sales expected to grow at least 5%, SSSG ≥ 1%, CAPEX IDR 250–300 billion, payout ratio ≥ 50%.

• Plans to open 25–30 new stores, focusing on 2nd and 3rd tier cities and optimizing new brand.

• Strategic focus on omnichannel expansion, SKU curation, and thematic promotions.

• Management continues to prioritize retail expansion, store renovations, and technology upgrades.