Indomaret's Recovery Loses Steam
Nine-month 2025 net income attributable to owners reached Rp838.664 billion, up 12.6% from Rp745.077 billion in 9M 2024 — a solid result, but a real deceleration from H1 2025's 21.5% growth rate the Q2 2025 post flagged. The driver is specific: Indomaret's cumulative contribution grew just 2.2% year-over-year to Rp758.730 billion (from Rp742.342 billion in 9M 2024), implying a Q3-standalone contribution of roughly Rp283.7 billion — down from the roughly Rp316.3 billion Q3 2024 delivered on its own, the first year-over-year quarterly decline for this associate since Q1 2024's collapse. Revenue kept growing well, though: FiberStar's consolidated revenue reached Rp1,221.934 billion, up 15.5% from Rp1,058.087 billion — the strongest nine-month FiberStar growth rate this backlog has recorded since 2023, with Retail's rebound (see below) doing real work.
The more interesting development, though, is buried again in Note 9: a second joint venture, "PT Teknology Mega Sedayu," appears for the first time this quarter, alongside a fresh Rp1.250 billion addition — a new entity with no counterpart anywhere in this backlog's prior coverage, and no accompanying disclosure of what it does or why it was formed. This comes on top of the Q2 2025 post's already-flagged, still-unexplained Rp40 billion capital injection into Fast Food Indonesia. Two ownership-structure changes in two consecutive quarters, neither one explained in the filings themselves, is enough of a pattern to flag on its own (see Beyond the Usual).
The Prescription
FiberStar's own operating momentum — 15.5% nine-month revenue growth, with Retail now the faster-growing of the two main segments for the second straight quarter — is the clearest positive in this filing, and management should keep the capital flowing there rather than diverting attention. What it should stop doing: adding new corporate-structure complexity (a second joint venture, an increased stake in an already-troubled associate) without giving readers the basic "what is this and why" that every other disclosure in this filing provides — a holding company whose entire investment thesis rests on transparent equity-method stakes owes exactly that transparency when the structure itself changes, not just when the numbers move.
Key Financial Metrics
9M 2025 vs. 9M 2024, consolidated, cumulative nine-month figures
FX: IDR 16,683 = USD 1 (September 30, 2025 rate, independently sourced spot data).
| Metric | 9M 2025 (IDR) | 9M 2025 (USD) | 9M 2024 (IDR) | YoY |
|---|---|---|---|---|
| Revenue (FiberStar, consolidated) | Rp1,221.934B | ~$73.25M | Rp1,058.087B | ✅ +15.49% |
| Share of profit of associates» | Rp705.061B | ~$42.26M | Rp607.788B | ✅ +16.01% |
| Operating Income» | Rp990.654B | ~$59.39M | Rp849.667B | ✅ +16.60% |
| Net Income» (total, incl. NCI) | Rp858.976B | ~$51.49M | Rp769.235B | ✅ +11.67% |
| Net income attributable to owners | Rp838.664B | ~$50.27M | Rp745.077B | ✅ +12.56% |
| EPS (basic, nine months) | Rp59.13 | ~$0.00354 | Rp52.53 | ✅ +12.56% |
| Operating cash flow | Rp328.138B | ~$19.67M | -Rp0.540B | ✅ Swung positive |
| Free Cash Flow» (op. cash flow - capex) | -Rp16.706B | ~-$1.00M | -Rp593.964B | ✅ Burn narrowed 97.2% |
"Adjusted EBITDA" isn't a metric this Company reports and doesn't map cleanly onto a pure holding company's accounts — Operating Income above already embeds Rp705.1 billion of non-cash equity-method associate profit, so an add-back would double-count it, the same reasoning used throughout this series.
| Balance sheet | Sep 30, 2025 (IDR) | Sep 30, 2025 (USD) | Dec 31, 2024 (IDR) | YTD |
|---|---|---|---|---|
| Total Assets | Rp22,387.816B | ~$1.342B | Rp21,359.796B | ✅ +4.81% |
| Total Liabilities | Rp7,365.661B | ~$441.5M | Rp7,123.860B | ✅ +3.39% |
| Total Equity | Rp15,022.155B | ~$900.5M | Rp14,235.936B | ✅ +5.52% |
| Cash and cash equivalents | Rp1,105.793B | ~$66.28M | Rp1,067.505B | ✅ +3.59% |
Operating cash flow's H1 recovery (see the Q2 2025 post) strengthened further this quarter, reaching Rp328.138 billion cumulative — a dramatic turnaround from 9M 2024's essentially breakeven -Rp0.540 billion — and free cash flow burn narrowed 97.2% to almost breakeven itself, the best free-cash-flow result this backlog has recorded at the nine-month mark.
FiberStar's Segments: Retail's Rebound Keeps Accelerating
| Segment | 9M 2025 Revenue | 9M 2024 Revenue | YoY | % of Total 9M 2025 |
|---|---|---|---|---|
| Corporate (third-party) | Rp692.247B | Rp628.028B | ✅ +10.23% | 56.7% |
| Retail (third-party) | Rp463.862B | Rp363.393B | ✅ +27.65% | 38.0% |
| Other (third-party) | Rp65.825B | Rp66.666B | ⚠️ -1.26% | 5.4% |
| Total | Rp1,221.934B | Rp1,058.087B | +15.49% | 100% |
Retail's growth held at roughly the same strong pace as H1 2025's 27.2%, now three consecutive quarters of double-digit-plus Retail growth after the 2024 decline — this is a fully confirmed, sustained trend at this point, not a base-effect artifact.
PT Cyberindo Aditama's concentration held at 50.44% of 9M 2025 revenue, up from 44.89% in 9M 2024 — essentially flat against H1 2025's 50.29%, confirming the elevated concentration level reached in Q1 2025 has held steady rather than continuing to climb or reverting back down.
Associates: Indomaret Decelerates, Fast Food's Loss Narrows Before a Likely Q4 Reversal
| Associate | 9M 2025 share of profit | Ownership stake | Carrying value, Sep 30, 2025 |
|---|---|---|---|
| Indomarco Prismatama (Indomaret) | Rp758.730B | 40.00% | Rp9,181.438B |
| Nippon Indosari Corpindo (Sari Roti) | Rp35.232B | 25.77% | Rp2,267.013B |
| Fast Food Indonesia (KFC) | -Rp88.942B | 37.51% | Rp1,568.485B |
| PT Jaringan Mega Sedayu (JV) | Rp0.082B | 50.00% | Rp20.699B |
| PT Teknology Mega Sedayu (JV, new) | -Rp0.041B | 50.00% | Rp1.209B |
| Total | Rp705.061B | — | Rp13,038.844B |
Indomaret's 2.2% nine-month growth is a sharp deceleration from H1's 11.5% pace, implying a real slowdown in Q3 standalone (see the opening section above). Fast Food Indonesia's cumulative equity-method loss of Rp88.942 billion is narrower than 9M 2024's Rp199.658 billion, continuing the improvement Q1 and H1 2025 both showed. For scale, this backlog's own Q1 2026 post discloses Fast Food Indonesia's own full-company FY2025 net loss (not DNET's equity-method share) at Rp366.0 billion — a much larger number since it's measured before applying the Company's ~37.5% ownership stake, and not directly comparable to the Rp88.942 billion figure above. How Q4 2025 alone actually closed out DNET's own equity-method share will be the central story of the FY2025 post.
Key Operational Metrics
- Ownership stakes (equity-method associates): Indomarco Prismatama (Indomaret) 40%, Nippon Indosari Corpindo (Sari Roti) 25.77%, Fast Food Indonesia (KFC) 37.51% (unchanged from the Q2 2025 increase)
- FiberStar consolidation (MAP): 71.97% direct-plus-indirect (69.17% direct + 2.80% via PT Indoritel Persada Nusantara) as of September 30, 2025 — unchanged
- Cyberindo Aditama revenue concentration: 50.44% of 9M 2025 revenue vs. 44.89% (9M 2024)
- Permanent headcount: 279 (September 30, 2025, unaudited) vs. 233 (Dec 31, 2024), ✅ +19.7%
- Not available this quarter: home-passed/home-connected subscriber counts, unchanged from the gap flagged in every prior post since FY2021
Beyond the Usual
A second new joint venture appeared in the associate note with no explanation
This filing's Note 9 discloses a new 50%-owned joint venture, "PT Teknology Mega Sedayu," receiving a Rp1.250 billion capital addition this quarter and ending the period with a small Rp0.041 billion loss. This entity has never appeared in any prior filing this backlog has reviewed, and the name — echoing "PT Jaringan Mega Sedayu," the existing fiber-optic joint venture with Sedayu One Network (Agung Sedayu Group) in the Pantai Indah Kapuk area, disclosed in the FY2023 annual report — suggests a related entity, likely with the same joint-venture partner, but this filing doesn't state what "Teknology Mega Sedayu" actually does or why it was formed. Combined with the Q2 2025 post's already-flagged, similarly unexplained Fast Food Indonesia stake increase, this is now the second consecutive quarter where the Company's associate/JV structure changed with no accompanying rationale in the filing.
Target Valuation Range
Bottom line: the stock fell 9.1% through Q3 2025 (Rp9,000 vs Rp9,900 at H1 2025-end), the first quarterly decline this backlog has recorded since 2024's sharp run-up — a pullback that roughly tracks the quarter's genuine deceleration in Indomaret's growth rather than a divergence from fundamentals.
The Company's shares closed 9M 2025 at Rp9,000 (independently sourced spot data for September 30, 2025), down 9.1% from Rp9,900 at the end of H1 2025 but still up 91.7% from Rp4,700 at the end of FY2023. No stock split has occurred for this ticker in the period covered by this backlog.
| Market cap → book value | 9M 2025 | H1 2025 | Change |
|---|---|---|---|
| Share price (period-end) | Rp9,000 | Rp9,900 | ⚠️ down 9.1% |
| Shares outstanding | 14,184,000,000 | 14,184,000,000 | ➖ unchanged |
| Market capitalization | Rp127,656.0B (~$7.652B) | Rp140,421.6B | ⚠️ down 9.1% |
| Book value per share (total equity basis) | Rp1,059.10 | Rp1,042.94 | ✅ up |
| P/B» | ~8.50x | ~9.49x | ✅ down |
A trailing-twelve-month P/E isn't shown yet — the FY2025 post will complete the full-year figure needed for a clean comparison.
| Sum-of-the-parts sanity check | 9M 2025 |
|---|---|
| Fast Food Indonesia stake, at market (Rp725/share, September 30, 2025) | ~Rp1.037 trillion |
| Nippon Indosari Corpindo (Sari Roti) stake, at market (Rp795/share, September 30, 2025) | ~Rp1.268 trillion |
| Non-associate net assets (total equity less carrying value of all associate/JV investments) | ~Rp1.983 trillion |
| Sum, excluding Indomaret | ~Rp4.288 trillion |
| Company's market capitalization | Rp127.656 trillion |
| Implied value of 40% Indomaret stake | ~Rp123.368 trillion |
| Implied value of all of Indomaret | ~Rp308.420 trillion |
Both FAST's and ROTI's own September 30, 2025 closing prices are independently sourced spot data — note Fast Food Indonesia's own share price recovered sharply this quarter (Rp725, up from Rp274 at H1 2025-end, a 164.6% jump), a genuinely large move on its own that isn't the subject of this post but worth flagging given how much this series has tracked FAST's price weakness through 2024-2025. The implied full value of Indomaret fell to roughly Rp308.4 trillion, tracking DNET's own share-price decline this quarter. A full discounted cash flow model still isn't attempted, for the reasons stated throughout this series.
PT Indoritel Makmur Internasional Tbk's consolidated financial statements for the nine months ended September 30, 2025 (with September 30, 2024 comparatives), including notes to the consolidated financial statements.