The Quarter the Overhead Problem Finally Reversed
This is PT Sumber Alfaria Trijaya Tbk's unaudited interim consolidated financial statements for the three months ended March 31, 2026, authorized for issue by the Board of Directors on April 28, 2026. Net revenue rose 7.53% to Rp35,240,388 million, from Rp32,772,512 million, and net income attributable to owners rose 10.30% to Rp1,075,532 million, from Rp975,117 million (see Key Financial Metrics) - a real acceleration from FY2025's 7.20%/8.35% full-year pace, not just a comparison against a soft base.
The more interesting number sits underneath the headline: unallocated corporate overhead fell 9.93% year-over-year to Rp478,071 million, from Rp530,750 million, even as combined segment income across all three geographic regions grew 7.28% to Rp1,921,280 million (see Segments Compared). This is the first quarter this site has recorded since Q3 2022 where overhead didn't outgrow the segment-level business sitting beneath it - a pattern flagged repeatedly across FY2025, 9M 2025, and further back. Operating income grew 14.52% to Rp1,443,209 million, faster than either revenue or segment income alone, precisely because overhead stopped eating into the gain.
None of this showed up in the share price. Alfamart closed the quarter at Rp1,480 on March 31, 2026 - below November 2025's Rp1,800 low, a new two-year low for the stock (see Target Valuation Range). The business got measurably better in the one metric this site has tracked as a recurring concern for over three years, and the market priced in more caution anyway.
The Prescription
Keep doing exactly what worked this quarter: whatever internal cost discipline pulled unallocated overhead down 9.93% while the segments kept growing should become the standing target, not a one-quarter reprieve - three-plus years of overhead outgrowing the business (see Segments Compared) means one good quarter doesn't yet prove the pattern actually broke, and the next filing is the one that will show whether this was real discipline or a timing quirk in a single expense line. What the Company should stop doing is letting a shareholder-facing capital-allocation program run past its own stated deadline in total silence: the Rp1,500,000 million / 650,000,000-share buyback authorization announced December 5, 2025 was explicitly bounded "gradually until March 6, 2026" (see Beyond the Usual), yet this filing - authorized nearly two months after that date - says nothing about whether the program completed, lapsed, or was quietly extended. That's the same disclosure habit this site has flagged around the rights issue mandate for over three years, now showing up in a second, newer capital-allocation decision; a business that can reverse a multi-year overhead trend in one quarter can also write one sentence about whether its own buyback deadline still means anything.
Key Financial Metrics
Q1 2026 vs. Q1 2025 (P&L and cash flow), March 2026 vs. December 2025 (balance sheet) - consolidated, unaudited
FX: IDR 16,993 = USD 1 (the exchange rate at the reporting date, per the filing's own monetary-assets-in-foreign-currency note).
| Metric | Q1 2026 (IDR) | Q1 2026 (USD) | Q1 2025 (IDR) | YoY |
|---|---|---|---|---|
| Net Revenue | Rp35,240,388M | ~$2,073.4M | Rp32,772,512M | ✅ +7.53% |
| Gross Profit | Rp7,671,608M | ~$451.4M | Rp7,165,681M | ✅ +7.06% ⚠️ margin 21.77% vs 21.87% |
| Income from Operations ("Operating Income") | Rp1,443,209M | ~$84.9M | Rp1,260,173M | ✅ +14.52% ✅ margin 4.10% vs 3.85% |
| Income Before Final Tax and Corporate Income Tax | Rp1,430,387M | ~$84.2M | Rp1,264,798M | ✅ +13.09% |
| Income for the Year (total, incl. non-controlling interests) | Rp1,136,884M | ~$66.9M | Rp1,008,326M | ✅ +12.75% |
| Net Income (attributable to owners) | Rp1,075,532M | ~$63.3M | Rp975,117M | ✅ +10.30% ✅ margin 3.05% vs 2.98% |
| EPS | Rp26.12 | ~$0.0015 | Rp23.48 | ✅ +11.24% |
| EBITDA» (Operating Income + D&A) | Rp2,617,130M | ~$154.0M | Rp2,356,472M | ✅ +11.06% ✅ margin 7.43% vs 7.19% |
| Free Cash Flow» | +Rp2,749,666M | ~$161.8M | +Rp3,022,858M | 🔴 -9.04% |
"Adjusted EBITDA»" remains a metric Alfamart doesn't report; the EBITDA line above is Income from Operations plus depreciation and amortization (Rp1,173,921 million for Q1 2026, versus Rp1,096,299 million for Q1 2025, per the segment note). Free cash flow (net cash from operating activities minus capex - "acquisition of fixed assets" only, same basis as prior posts) fell 9.04% to +Rp2,749,666 million, as net cash from operating activities fell 10.24% to Rp3,182,967 million (from Rp3,546,008 million) even though capex on fixed assets itself fell further, to Rp433,301 million (from Rp523,150 million). The operating-cash-flow decline traces mostly to a one-line swing: "cash receipts from other operating activities" fell to Rp178,852 million, from Rp1,493,461 million a year earlier - the note offers no breakdown of what drove either figure, a recurring gap this site has flagged since H1 2025's unexplained eightfold jump in the same line.
| Balance sheet metric | Mar 2026 (IDR) | Mar 2026 (USD) | Dec 2025 (IDR) | Change |
|---|---|---|---|---|
| Total Assets | Rp45,809,724M | ~$2,695.3M | Rp42,579,101M | ✅ +7.59% |
| Total Liabilities | Rp25,904,429M | ~$1,524.2M | Rp23,196,204M | ⚠️ +11.68% |
| Total Equity (attributable to owners) | Rp18,482,376M | ~$1,087.4M | Rp18,021,330M | ✅ +2.56% |
| Total Cash (incl. time deposits) | Rp6,214,195M | ~$365.7M | Rp4,679,823M | ✅ +32.79% |
Debt-to-Equity Ratio (DER)» (interest-bearing debt - short and long-term bank loans, excluding the right-of-use lease liability, over total equity including non-controlling interests): ~0.0384x at March 31, 2026, down slightly from ~0.0393x at FY2025, as total equity grew faster than the near-unchanged Rp763,498 million of bank borrowings (from Rp761,223 million) carried over from the Bank Mandiri Term Loan II drawn in December 2025.
Key Operational Metrics
- Store network (parent company, minimarkets only): 21,287 total at March 31, 2026, up 0.79% from 21,120 at December 31, 2025.
- Store network (Group-wide, all retail formats including subsidiaries): 24,645 retail stores at the end of Q1 2026, up 0.86% from 24,434 at end of 2025, per the company's own presentation - 209 net new stores added in the quarter.
- Headcount: 99,053 permanent employees at March 31, 2026, up 0.55% from 98,515 at December 31, 2025.
- Market share (NielsenIQ, per company presentation): Alfamart's share of total Indonesia grocery rose to 14.4% (YTD March 2026), from 13.3% a year earlier (YTD March 2025) - a genuine share gain, not just a base-effect artifact, since the comparison is like-for-like YTD periods. Combined with Alfamidi, the group's share of total Indonesia grocery rose to 17.0%, from 15.7%.
Segment Performance
Alfamart reports the same three geographic segments as every prior post - Jabodetabek (greater Jakarta), Java excluding Jabodetabek, and Outside Java. Unlike the half-year, nine-month, and full-year filings, a Q1 report needs no standalone-quarter derivation - the figures below are the quarter as directly reported.
| Segment | Q1 2026 Revenue | Q1 2025 Revenue | YoY | Q1 2026 Income | Q1 2025 Income | YoY | Margin |
|---|---|---|---|---|---|---|---|
| Jabodetabek | Rp9,160,484M | Rp8,904,610M | ✅ +2.87% | Rp329,330M | Rp302,609M | ✅ +8.83% | ✅ 3.60% vs 3.40% |
| Java (excl. Jabodetabek) | Rp13,049,536M | Rp12,645,205M | ✅ +3.20% | Rp771,178M | Rp728,278M | ✅ +5.89% | ✅ 5.91% vs 5.76% |
| Outside Java | Rp13,890,503M | Rp12,222,348M | ✅ +13.65% | Rp820,772M | Rp760,035M | ⚠️ +7.99% | 🔴 5.91% vs 6.22% |
All three regions grew both revenue and segment income this quarter, extending Q1 2025's finding that all three segments could grow simultaneously rather than trading places. But the mix flipped: Outside Java, the segment that has carried this site's growth-engine narrative through most of 2023-2025, posted by far the fastest revenue growth (+13.65%) while its income growth (+7.99%) trailed both other regions - the only segment to lose margin this quarter (5.91%, down from 6.22%), the mirror image of FY2025's standalone Q4, where Outside Java posted the widest margin gain of the three. Jabodetabek, the segment that has struggled with standalone declines across multiple quarters since 2023, instead posted the sharpest margin gain (3.60%, from 3.40%) and the fastest income growth (+8.83%) against its slowest revenue growth (+2.87%) - a genuinely different quarter for the capital region than the multi-quarter weakness tracked since Q1 2024.
Segments Compared
Combined segment income across all three regions grew 7.28% (Rp1,790,922 million to Rp1,921,280 million) while unallocated overhead fell 9.93% (Rp530,750 million to Rp478,071 million) - the first quarter this site has recorded since Q3 2022 where overhead moved in the opposite direction from segment income rather than simply growing slower than it. Operating income grew 14.52% (Rp1,260,173 million to Rp1,443,209 million), nearly double the rate of combined segment income alone, entirely because the overhead line above the segments shrank instead of merely decelerating. This breaks a pattern this site has tracked across roughly fourteen consecutive quarters - overhead outpacing the business it sits on top of - most recently reaffirmed on a cumulative full-year basis at FY2025 (overhead +18.62% vs segment income +13.89%). Whether this is a genuine structural reset or a single quarter's favorable timing in an unexplained expense line is exactly the kind of question The Prescription above flags as still open.
Beyond the Usual
The Company's own buyback deadline passed with no disclosure of what happens next
The Rp1,500,000 million / up-to-650,000,000-share buyback authorization the Company announced on December 5, 2025 was explicitly bounded "gradually until March 6, 2026." By March 31, 2026 - three and a half weeks past that stated deadline - the Company had purchased a cumulative 432,669,000 treasury shares for Rp812,464 million, using 66.6% of the authorized share ceiling and 54.2% of the authorized budget. Of that total, 286,507,700 shares (Rp532,835 million) were bought during Q1 2026 alone, at an average price of roughly Rp1,860 per share - above the quarter's own Rp1,480 closing price, though not concerning on its own given the buying happened earlier in the quarter before the price kept falling. This filing, authorized for issue April 28, 2026 - nearly two months after the program's own stated end date - contains no statement that the program completed, lapsed, or was extended.
This is a newer version of a disclosure habit this site has tracked around the Company's rights issue mandate for over three years (see below): a shareholder-facing capital plan with its own stated deadline, and total silence in the filing once that deadline passes. A single sentence confirming the program's status - completed, extended, or allowed to lapse - would resolve this; nothing in the filing does.
The Bank Aladin stake's period-end mark improved sharply, but the near-authorization mark shows the worst reading yet
The Company's Rp500,000 million investment in listed digital bank PT Bank Aladin Syariah Tbk was carried at Rp376,470 million at March 31, 2026 - an accumulated unrealized fair-value loss of Rp123,530 million, or 24.71% of cost, a sharp improvement from FY2025's 44.12% period-end reading and the narrowest loss this site has recorded for the stake since it first went underwater at H1 2022. But the note's near-authorization-date reading tells the opposite story: using a market price of Rp620 per share as of the date near completion of these statements, the same holding implies a carrying value of just Rp182,353 million - a 63.53% loss from cost, the deepest reading this site has recorded at any measurement point for this stake, implying the market price fell roughly in half between period-end and the filing's own near-authorization check.
The gap between the period-end and near-authorization marks (a roughly Rp194,000 million swing on a Rp500,000 million original stake) is the widest this site has seen for this holding, and is worth watching purely as a volatility signal on a small, illiquid minority stake - not something the Company controls or is obligated to explain further, since both figures are disclosed transparently in the same footnote.
The related-party lease to PIM reversed direction again, falling after three straight quarters of increases
The related-party lease liability to PT Perkasa Internusa Mandiri ("PIM"), an entity under common control, fell to Rp63,172 million at March 31, 2026, from Rp98,576 million at December 31, 2025 - a 35.92% decline that reverses FY2025's 27.15% increase. The related-party building rent expense paid to PIM this quarter fell to Rp3,271 million, from Rp11,475 million in Q1 2025 - a 71.49% decline that likely explains the smaller liability, though as with every prior quarter, no note explains what drives the swings in either direction. The related-party rent deposit held with PIM, which more than tripled at FY2025, grew only modestly this quarter (Rp9,241 million, from Rp9,044 million).
Related-party purchases hit a new high as a share of total net purchases
Net purchases from related parties reached Rp521,153 million, or 1.85% of total net purchases, at March 31, 2026 - up from Rp443,319 million (1.53%) a year earlier and the highest share this site has recorded for the company, extending a trend flagged at Q1 2025 (1.53%, itself a then-record) and tracked upward across most of the quarters since.
The rights issue mandate remains unaddressed for a twenty-first consecutive filing
Shareholders approved the up-to-5-billion-share Capital Increase with Pre-emptive Rights (HMETD) at the May 6, 2021 Extraordinary General Meeting - a mandate this site has now tracked across twenty-one consecutive filings, most recently [FY2025](/analysis/amrt/2025-12/#beyond-the-usual). This filing was authorized for issue on April 28, 2026 - roughly 1,453 days (about 47.7 months) past the mandate's own May 6, 2022 regulatory deadline under OJK Regulation No. 32/POJK.04/2015 - and contains **no reference anywhere** to the rights issue having lapsed, been extended, been formally cancelled, or been replaced by a fresh shareholder approval.
Coverage Table
| Metric | Q1 2026 | Q1 2025 | YoY | Why it matters |
|---|---|---|---|---|
| Net Revenue | Rp35,240,388M | Rp32,772,512M | ✅ +7.5% | Growth accelerated from FY2025's full-year pace |
| Operating Income | Rp1,443,209M | Rp1,260,173M | ✅ +14.5% | Grew faster than segment income because overhead fell |
| Unallocated overhead | Rp478,071M | Rp530,750M | ✅ -9.9% | First YoY decline this site has tracked since Q3 2022 |
| Free cash flow | +Rp2,749,666M | +Rp3,022,858M | 🔴 -9.0% | Operating cash flow fell on an unexplained cash-receipts line |
| Share price (quarter-end) | Rp1,480 | Rp2,050 | 🔴 -27.8% | New two-year low despite double-digit profit growth |
| Own buyback program's stated deadline | Passed, undisclosed | n/a | New | See Beyond the Usual |
| Rights issue disclosure | Zero mentions | Zero mentions | 🔴 unchanged | Twenty-first consecutive silent filing |
Target Valuation Range
Enterprise value ~Rp55.37 trillion (~$3.26B), implying 5.94x EV/EBITDA and a trailing P/E of ~17.32x - undervalued on every multiple this site tracks, if the overhead reversal and segment growth shown here hold up. The stock fell far more than the business did this quarter, extending rather than correcting the disconnect flagged at FY2025.
Alfamart's shares closed at Rp1,480 on March 31, 2026 - down 25.06% from the Rp1,975 close at FY2025, and below November 2025's Rp1,800 two-year low. No stock split has occurred since July 2013, so no price adjustment is needed. The outstanding share count of 41,091,832,700 is down from 41,378,340,400 a year- and quarter-earlier because of the buyback discussed above.
| Market cap → enterprise value | Q1 2026 |
|---|---|
| Share price (period-end) | Rp1,480 |
| Shares outstanding | 41,091,832,700 |
| Market capitalization | Rp60.82 trillion (~$3.58B) |
| Plus: interest-bearing debt | Rp763,498 million |
| Less: cash and equivalents | Rp6.21 trillion |
| Enterprise value | Rp55.37 trillion (~$3.26B) |
| Peer-multiple sanity check | FY2025 | Q1 2026 | Change |
|---|---|---|---|
| Trailing P/E | ~23.96x | ~17.32x | ✅ down sharply |
| EV/EBITDA | ~8.58x | ~5.94x | ✅ down |
| P/B | ~4.53x | ~3.29x | ✅ down |
Market cap fell to Rp60.82 trillion (~$3.58B), down from Rp81.72 trillion (~$4.87B) at FY2025 - a steeper decline than the share-price fall alone, because the outstanding share count kept shrinking too. Trailing P/E (using trailing-twelve-month net income to owners of Rp3,511,304 million: FY2025's Rp3,410,889 million, less Q1 2025's Rp975,117 million, plus this quarter's Rp1,075,532 million) compressed sharply as trailing earnings actually grew, so the entire multiple compression came from the falling price. EV/EBITDA (against trailing-twelve-month EBITDA of Rp9,324,317 million) and P/B (book value of approximately Rp18,482,376 million equity attributable to owners ÷ 41.09 billion outstanding shares) both fell the same way.
No listed domestic peer still exists for a direct minimarket-format comparison - Indomaret remains privately held under the Salim Group. A full DCF still isn't included here, for the same reason as prior posts: the rights issue mandate's continued silence (see Beyond the Usual) leaves an unresolved capital-structure question a forward model would need to take a view on either way, now joined by the same open question around the buyback program discussed above.
The Stock Set a New Two-Year Low, and Every Multiple Compressed With It
The share price moved within a Rp1,480-Rp3,320 range across the trailing two years to this quarter-end (based on month-end closes) - a 55.42% peak-to-trough swing, the widest this site has recorded for the company, wider even than Q3 2025's 41.87% and FY2025's 45.78%, because this quarter's own close set a fresh low below November 2025's. The price fell in each of the first three months of 2026 (Rp1,745 in January, Rp1,670 in February, Rp1,480 in March), a steady decline rather than a single sharp drop, unlike Q1 2025's externally-driven one-month selloff. Nothing in this filing or the accompanying presentation points to a company-specific reason for the decline - revenue, operating income, and net income all grew, market share gained, and the overhead trend this site has flagged for years actually reversed. The gap between what the numbers show and where the market is pricing the stock is now the widest this site has recorded.
PT Sumber Alfaria Trijaya Tbk's unaudited interim consolidated financial statements as of March 31, 2026 and for the three months then ended, and the accompanying investor presentation for the same period.