Telkom Indonesia stock faces merger milestone in TLKM30 overhaul

Telkom Indonesia is adding a near-term infrastructure milestone to its TLKM30 transformation program. In its 9M26 Corporate Presentation and Info Memo, published November 2, Telkom said Telkominfra and Telkom Akses announced a proposed merger on October 30.

Telkom Akses is intended to be the surviving entity. The transaction would combine fiber-access and backbone capabilities with non-fiber infrastructure such as core networks, service nodes, power solutions, subsea cables, radio systems and towers. Shareholder meetings and merger-deed signing are scheduled for November 30, with effectiveness targeted for January 1, 2027, subject to shareholder, Danantara Asset Management and other required approvals.

Digital Services Support Nine-Month Growth

The merger is part of a wider portfolio-simplification drive as Telkom moves toward a strategic holding-company structure. The company is concentrating capital and management attention on digital connectivity, infrastructure monetization and higher-value enterprise services.

For the first nine months of 2026, consolidated revenue rose 3.5 percent year on year to 113.5 trillion Indonesian rupiah. Data, internet and IT services revenue increased 8.3 percent to 71.5 trillion rupiah, while B2B infrastructure revenue grew 5.5 percent to 7.1 trillion rupiah. International revenue climbed 5.8 percent to 8.9 trillion rupiah.

Profitability was mixed. Reported net income declined 3.9 percent to 14.4 trillion rupiah, while normalized net income, adjusted for specified depreciation, investment-valuation, tax, advisory and divestment-related items, increased 3.9 percent to 16.5 trillion rupiah. EBITDA rose 2.0 percent to 55.5 trillion rupiah, but the EBITDA margin fell to 48.9 percent.

Guidance Leaves Execution In Focus

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. Nine-month revenue growth was already above the full-year growth range, while the EBITDA margin and capital intensity remained below the stated targets.

The presentation also highlights the completed two-phase InfraNexia spin-off on September 30, which placed more than 90 percent of TelkomGroup network assets into the infrastructure platform. Telkom said the structure is intended to support capacity commercialization, improved asset utilization and strategic partnerships. The planned Telkominfra merger is the next major test of execution.

Telkom Indonesia stock traded at 10.10 euros on Lang & Schwarz at 09:39 CET on Tuesday, November 10, 2026.

The Euro Stoxx 50 market environment provides a regional backdrop for telecom and infrastructure valuations.

Investors will focus on the November 30 approval steps, the targeted January 2027 completion and whether digital-services growth can offset pressure in legacy connectivity. More news and analyses on Telkom Indonesia stock.