A Strong Year on the Numbers, an Unusually Active Year on the Structure
FY2025 closed out 2023-2025 with net income attributable to owners of Rp1,255.580 billion, up 17.1% from Rp1,072.071 billion in FY2024 — a genuinely solid year, continuing the recovery tracked since Q2 2024. Indomaret's contribution grew to Rp1,177.224 billion, a new all-time high among the periods covered here (FY2019 to FY2025), surpassing even FY2024's then-record Rp1,106.557 billion. FiberStar's own consolidated revenue reached Rp1,697.182 billion, up 18.9% from Rp1,427.731 billion — driven substantially by Retail's continued rebound (up 28.6% for the year).
The more unusual story this year is structural, not financial. For two full fiscal years (2022-2023) and most of a third, the Company's three associate ownership stakes (Indomaret 40%, Sari Roti 25.77%, Fast Food Indonesia 35.84%) sat completely unchanged, quarter after quarter — until Q2 2025, when the Company raised its Fast Food Indonesia stake to 37.51% via a Rp40 billion capital injection with no disclosed rationale, and again in Q3 2025, when a brand-new joint venture ("PT Teknologi Mega Sedayu") appeared with no explanation of its purpose. Both remain unexplained as this FY2025 filing closes the year.
The Prescription
Indomaret's fourth consecutive year of contribution growth (following the FY2023 dip) confirms the recovery is real and durable, and the Company's continued backing of that position — now generating over Rp1.1 trillion annually — is exactly the right capital allocation priority. What it should stop doing: closing out a fiscal year with two unexplained corporate-structure changes still sitting undisclosed in its own filings. A holding company whose entire investor pitch is "clean, transparent equity-method exposure to four well-known Indonesian consumer businesses" owes readers a plain-language explanation whenever that structure itself changes — not just the mechanical bookkeeping entries that had to be pieced together from Note 9's rollforward table across two consecutive quarters.
Key Financial Metrics
FY 2025 vs. FY 2024, consolidated
FX: IDR 16,709 = USD 1 (December 31, 2025 rate, independently sourced spot data).
| Metric | FY 2025 (IDR) | FY 2025 (USD) | FY 2024 (IDR) | YoY |
|---|---|---|---|---|
| Revenue (FiberStar, consolidated) | Rp1,697.182B | ~$101.57M | Rp1,427.731B | +18.88% |
| Share of profit of associates» | Rp1,113.634B | ~$66.65M | Rp914.150B | +21.82% |
| Operating Income» | Rp1,405.278B | ~$84.11M | Rp1,166.286B | +20.49% |
| Net Income» (total, incl. NCI) | Rp1,273.808B | ~$76.24M | Rp1,091.610B | +16.69% |
| Net income attributable to owners | Rp1,255.580B | ~$75.15M | Rp1,072.071B | +17.12% |
| EPS (basic, annual) | Rp88.52 | ~$0.00530 | Rp75.58 | +17.12% |
| Operating cash flow | Rp322.928B | ~$19.33M | Rp226.470B* | +42.60% |
| Free Cash Flow» (op. cash flow - capex) | -Rp499.703B | ~-$29.91M | not restated | n/a |
*This filing's own FY2024 comparative for operating cash flow (Rp226.470 billion) differs from the Rp199.496 billion recorded from the FY2024 post, sourced from the FY2024 filing itself — see Beyond the Usual.
"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 Rp1,113.6 billion of non-cash equity-method associate profit, so an add-back would double-count it.
| Balance sheet | Dec 31, 2025 (IDR) | Dec 31, 2025 (USD) | Dec 31, 2024 (IDR) | YoY |
|---|---|---|---|---|
| Total Assets | Rp23,700.330B | ~$1.419B | Rp21,359.796B | +10.96% |
| Total Liabilities | Rp8,211.386B | ~$491.4M | Rp7,123.860B | +15.27% |
| Total Equity | Rp15,488.944B | ~$927.1M | Rp14,235.936B | +8.80% |
| Cash and cash equivalents | Rp744.590B | ~$44.57M | Rp1,067.505B | -30.25% |
Cash fell 30.3% for the year despite strongly positive operating cash flow, driven by the heaviest capex year recorded (Rp822.631 billion for fixed-asset acquisition alone, up 49.0% from FY2024's Rp552.331 billion) plus the Rp41.250 billion in associate/JV capital additions discussed above. Free cash flow burn widened sharply as a result, even with operating cash flow itself up a strong 42.6% (on either comparative basis).
FiberStar's Segments: Retail's Best Year, Corporate Still the Larger Share
| Segment | FY2025 Revenue | FY2024 Revenue | YoY | % of Total FY2025 |
|---|---|---|---|---|
| Corporate (third-party) | Rp851.261B | Rp777.329B | +9.51% | 50.2% |
| Retail (third-party) | Rp725.628B | Rp564.150B | +28.63% | 42.8% |
| Other (third-party) | Rp120.293B | Rp86.252B | +39.47% | 7.1% |
| Total | Rp1,697.182B | Rp1,427.731B | +18.88% | 100% |
Retail's 28.6% growth confirms the multi-quarter rebound seen through Q1, H1, and 9M 2025 held for the entire year — Retail's share of the mix (42.8%) is now close to reclaiming the peak levels first seen in FY2022.
PT Cyberindo Aditama's concentration edged up to 51.08% of FY2025 revenue, up from 45.27% in FY2024 — back above the 50% threshold for the first time on a full-year basis since FY2022, consistent with the elevated quarterly readings through most of 2025.
Associates: Indomaret's Record Year, Fast Food's Continued Loss
| Associate | FY2025 share of profit | Ownership stake | Carrying value, Dec 31, 2025 |
|---|---|---|---|
| Indomarco Prismatama (Indomaret) | Rp1,177.224B | 40.00% | Rp9,649.469B |
| Nippon Indosari Corpindo (Sari Roti) | Rp66.628B | 25.77% | Rp2,296.311B |
| Fast Food Indonesia (KFC) | -Rp135.082B | 37.51% | Rp1,525.816B |
| PT Jaringan Mega Sedayu (JV) | Rp4.249B | 50.00% | Rp24.866B |
| PT Teknologi Mega Sedayu (JV) | Rp0.615B | 50.00% | Rp1.865B |
| Total | Rp1,113.634B | — | Rp13,498.327B |
Indomaret's Rp1,177.224 billion FY2025 contribution is a new annual record among the periods covered here (FY2019 to FY2025), up 6.4% from FY2024's already-record Rp1,106.557 billion — a fifth consecutive year (excluding FY2023's single dip) of growth for this associate. Fast Food Indonesia's FY2025 equity-method loss of Rp135.082 billion is narrower than FY2024's Rp285.041 billion (a 52.6% improvement on DNET's own equity-method share basis) — a genuine improvement, though the underlying Fast Food Indonesia business itself reported a much larger full-company net loss of approximately Rp366.0 billion for the year, per the own Q1 2026 post, before applying the Company's ~37.5% ownership stake, a scale worth keeping in mind when reading the smaller equity-method figure above. Sari Roti's contribution grew a modest but positive 8.7% and continued its annual dividend streak.
Key Operational Metrics
- Ownership stakes (equity-method associates): Indomarco Prismatama (Indomaret) 40%, Nippon Indosari Corpindo (Sari Roti) 25.77% — both unchanged for 2023-2025. Fast Food Indonesia (KFC) 37.51%, unchanged since the Q2 2025 increase from 35.84%
- New joint venture this year: PT Teknologi Mega Sedayu, 50%-owned, first disclosed in Q3 2025, purpose still not explained in any filing reviewed
- FiberStar consolidation (MAP): 71.97% direct-plus-indirect (69.17% direct + 2.80% via PT Indoritel Persada Nusantara) — unchanged since Q4 2022, though this filing's own subsidiary-ownership table left the current-period percentage cell blank for MAP, a minor documentation gap rather than a substantive change (the comparative FY2024 column and every other cross-check in this filing confirm the stake is unchanged)
- Cyberindo Aditama revenue concentration: 51.08% of FY2025 revenue vs. 45.27% (FY2024)
- Permanent headcount: 292 (Dec 31, 2025) vs. 233 (Dec 31, 2024), +25.3%
- Not available this quarter: home-passed/home-connected subscriber counts, unchanged from the gap flagged in every prior post since FY2021
Beyond the Usual
FY2024's operating cash flow was restated upward by Rp27 billion
This filing's FY2024 comparative for net cash provided by operating activities is Rp226.470 billion, versus the Rp199.496 billion independently recorded from the FY2024 post, itself sourced directly from that year's own filing. A Rp26.974 billion difference on a base of roughly Rp200 billion is a meaningful restatement (about 13.5%), and this filing doesn't disclose a reason for it — no prior-period error correction or reclassification is called out by name anywhere in what's reviewed here. This is another undisclosed comparative-period restatement (an earlier one was FY2021's figures being restated in the FY2022 filing) — a recurring pattern worth watching for in future quarters.
Two consecutive quarters of unexplained corporate-structure changes, now closing out the year still unexplained
The Q2 2025 Fast Food Indonesia ownership increase (35.84% → 37.51%, via a Rp40 billion capital addition) and the Q3 2025 appearance of a new, unexplained joint venture (PT Teknologi Mega Sedayu) both remain without any stated rationale as of this FY2025 annual filing. Combined, these represent the first ownership-structure activity at the associate/JV level — every prior quarter and year, going back to FY2019, showed these three associate stakes as fixed constants. There are now two consecutive quarters of genuine structural change with zero accompanying explanation from the Company, closing out a fiscal year that was otherwise financially strong.
Target Valuation Range
Cheaper than its own history on both measures, with no peer comparison to anchor it. P/E fell to ~102.5x from ~119.1x and P/B to ~8.31x from ~8.97x, as earnings and book value grew faster than the roughly flat share price (Rp9,075 versus Rp9,000).
The Company's shares closed FY2025 at Rp9,075 (independently sourced spot data for December 31, 2025), up 0.8% from Rp9,000 at the end of Q3 2025 and up 93.1% from Rp4,700 at the end of FY2023 — the full period from FY2023 to FY2025.
| Market cap → book value | FY2025 | FY2024 | Change |
|---|---|---|---|
| Share price (period-end) | Rp9,075 | Rp9,000 | up 0.8% |
| Shares outstanding | 14,184,000,000 | 14,184,000,000 | unchanged |
| Market capitalization | Rp128,719.8B (~$7.704B) | Rp127,656.0B | up 0.8% |
| Basic EPS (annual) | Rp88.52 | Rp75.58 | up 17.1% |
| P/E» | ~102.5x | ~119.1x | down |
| Book value per share (total equity basis) | Rp1,091.99 | Rp1,003.53 | up |
| P/B» | ~8.31x | ~8.97x | down |
Both the P/E and P/B fell this year even as the share price rose slightly — the first time in 2024-2025 that both multiples compressed in the same year, since earnings and book value both grew faster than the roughly-flat price. This is a healthier fundamentals-to-price relationship than the sharp 2024 re-rating.
| Sum-of-the-parts sanity check | FY2025 |
|---|---|
| Fast Food Indonesia stake, at market (Rp585/share, December 31, 2025) | ~Rp836.84 billion |
| Nippon Indosari Corpindo (Sari Roti) stake, at market (Rp790/share, December 31, 2025) | ~Rp1.260 trillion |
| Non-associate net assets (total equity less carrying value of all associate/JV investments) | ~Rp1.991 trillion |
| Sum, excluding Indomaret | ~Rp4.087 trillion |
| Company's market capitalization | Rp128.720 trillion |
Both FAST's and ROTI's own December 31, 2025 closing prices are independently sourced spot data — Fast Food Indonesia's own share price partially recovered for the year (Rp585, up from Rp292 at FY2024-end, though still well below the Rp770-plus levels seen through 2023).
PT Indoritel Makmur Internasional Tbk's consolidated financial statements for the year ended December 31, 2025 (with December 31, 2024 comparatives), including notes to the consolidated financial statements.