Telkom Indonesia stock adds merger milestone to TLKM30 plan
Published on 11/09/2026 at 15:56 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSGrowth Meets Ongoing Portfolio Reshaping
- Telkom reported nine-month revenue growth, led by mobile data and digital services.
- Reported profit declined, while normalized earnings increased after specified adjustments.
- The planned Telkominfra merger adds a near-term execution milestone to the transformation agenda.
Telkom Indonesia is adding a new infrastructure-consolidation milestone to its TLKM30 transformation plan. In its 9M26 corporate presentation, published on November 2, the company said Telkominfra and Telkom Akses announced a proposed merger on October 30.
Merger Sets A Near-Term Milestone
The planned transaction would make Telkom Akses the surviving entity and consolidate infrastructure-service capabilities. Shareholder meetings and merger-deed signing are scheduled for November 30, while effectiveness is targeted for January 1, 2027, subject to required approvals.
The proposal follows a broader portfolio-simplification drive. Telkom said it is moving toward a strategic holding-company structure while focusing capital and management attention on digital connectivity, infrastructure monetization and higher-value enterprise services.
Digital Services Lead Nine-Month Growth
For the first nine months of 2026, consolidated revenue increased 3.5 percent year on year to 113.5 trillion Indonesian rupiah. Data, internet and IT services revenue rose 8.3 percent to 71.5 trillion rupiah, while B2B infrastructure revenue increased 5.5 percent to 7.1 trillion rupiah. International revenue climbed 5.8 percent to 8.9 trillion rupiah.
Profitability remained mixed. Reported net income fell 3.9 percent to 14.4 trillion rupiah, while normalized net income, adjusted for specified advisory, depreciation, investment-valuation, tax and divestment-related items, rose 3.9 percent to 16.5 trillion rupiah. EBITDA increased 2.0 percent to 55.5 trillion rupiah, but the margin declined to 48.9 percent.
Guidance Remains Unchanged
Management maintained its 2026 targets for normalized revenue growth of 1 to 3 percent, a normalized EBITDA margin above 50 percent and a capital-to-revenue ratio of 17 to 19 percent. The nine-month revenue result was above that growth range, while the EBITDA margin and capital intensity remained below the full-year targets.
Telkom Indonesia stock traded at 10.15 euros on Lang & Schwarz at 15:37 CET on Monday, November 9, 2026.
Telkom Indonesia
- ISIN: US7156841063
- Ticker: TLK
- Lang & Schwarz quote: 10.15 euros on November 9, 2026, at 15:37 CET
- Nine-month revenue: 113.5 trillion Indonesian rupiah, up 3.5 percent year on year
- Normalized net income: 16.5 trillion Indonesian rupiah, up 3.9 percent year on year
Investors will focus on approval steps for the Telkominfra merger and on whether digital-services growth can offset pressure in legacy connectivity and sustain normalized earnings momentum.
The broader Euro Stoxx 50 market environment provides the regional backdrop for telecom and infrastructure valuations.
