Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK): BCG Matrix [Dec-2025 Updated]

You're looking for a clear-eyed view of Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) through the BCG lens, so let's map their businesses to see where the cash flows and where the big bets are. Honestly, you've got the bedrock of 157.6 million mobile subscribers and Mitratel's 83.8% EBITDA margin acting as the engine, but that cash is being pulled toward high-growth Stars like B2B Digital IT Services, which grew 9.8% YoY in 1H25. Still, the Dogs are barking loudly-legacy voice revenue is down 15.0% YoY-while the Question Mark, the Data Center business, shows a tricky 6.6% YoY revenue dip despite 89% utilization, forcing a tough capital decision on its 500MW by 2030 expansion. Keep reading to see which units are set to dominate and which need to be managed for harvest.

Background of Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK)

Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk, which you know as Telkom Indonesia, stands as Indonesia's largest integrated telecommunications provider, operating with a dual mandate: to lead in digital telecommunications and actively build a more prosperous nation. As of November 2025, it remains a publicly traded, state-owned enterprise (SOE), meaning the Government of Indonesia is the majority shareholder, holding 52.09% of the shares, which defintely influences its strategic direction.

The company's official anniversary is rooted in the separation of postal and telecommunications services on July 6, 1965, when PN Telekomunikasi was established. However, the roots of its services go way back to 1884. The entity became what is now known as PT Telekomunikasi Indonesia in 1991. You'll find its corporate headquarters in Bandung, but the operational headquarters is situated in the Telkom Landmark Complex in Jakarta, Indonesia.

Today, Telkom Indonesia operates as a digital telecommunications company (DICO), executing a strategy focused on three core pillars: digital connectivity, digital platform, and digital services. Its business is organized across several key segments: Mobile (primarily through Telkomsel), Consumer (which includes IndiHome fixed broadband), Enterprise, Wholesale and International Business (WIB), and Others. To be fair, the Mobile segment, Telkomsel, still drives the bulk of the revenue, accounting for almost three-quarters of the 1H25 topline.

Looking at the numbers leading up to late 2025, the company reported consolidated revenue of IDR 36.6 trillion for the first quarter of 2025, achieving a net profit of IDR 5.8 trillion in that same period. For the first half of 2025, sales reached IDR 73.004bn with a net income of IDR 10.975bn. Analysts project the full-year 2025 revenue to reach approximately IDR 151.8 trillion. Furthermore, as of the nine-month period in 2025 (9M25), the total equity base stood at Rp 155.0tn.

Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) - BCG Matrix: Stars

The Stars quadrant in the Boston Consulting Group Matrix represents business units or products for Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) that operate in high-growth markets and maintain a high relative market share. These are the future Cash Cows, but they currently require substantial investment to fuel their growth and defend their market leadership positions. They consume significant cash to keep pace with market expansion, often resulting in a near break-even cash flow situation, but their potential for future profitability is immense.

For Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK), the key drivers positioned as Stars are heavily concentrated in the digital and connectivity segments, reflecting the broader industry trend toward data and digital services. These units are the primary focus for capital expenditure to ensure they capture the high market growth rates. If market share is successfully defended as the market matures, these units are expected to transition into reliable Cash Cows.

The high-growth nature of these segments necessitates continuous, heavy investment in infrastructure, technology, and market penetration efforts. This investment is critical to maintaining the high market share required to remain in the Star category. The strategic imperative here is to invest aggressively now to secure long-term dominance when market growth inevitably slows down.

Here is a look at the key financial and statistical indicators for these Star business units as of the latest available 2025 reporting periods:

These units are the future growth engines, demanding capital to maintain high market growth. The focus on digital services within the mobile segment, for instance, shows a clear commitment to high-value offerings that command premium positioning.

The characteristics defining these Star assets for Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) include:

• B2B Digital IT Services (Indibiz) showing robust growth of 9.8% YoY in 1H25.
• High-value 5G and digital services, which drive the 90.3% digital contribution to Telkomsel's revenue.
• Network and Other Telecommunication Services revenue, which grew 13.6% YoY to Rp11.3 trillion in 9M25.
• These are the future growth engines, demanding capital to maintain high market growth.

Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) - BCG Matrix: Cash Cows

Cash cows are business units or products with a high market share but low growth prospects. Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) leverages several such units to fund other strategic areas.

Telkomsel's core mobile connectivity remains a market leader, serving 157.6 million cellular customers as of Q3 2025. This established base generates significant, reliable cash flow, which is characteristic of a Cash Cow. The company is focused on maintaining this base through strategies like product simplification to enhance user personalization.

Mitratel (InfraCo) tower business exemplifies a high-margin Cash Cow. For the nine months ending September 2025 (9M25), Mitratel reported an EBITDA margin of 83.8%. This strong profitability is driven by its dominant infrastructure portfolio, which included 40,102 owned towers and 61,987 tenants as of September 2025. The business is supported by stable tower leasing revenue, which contributed 82.7% of total revenue in 9M25.

IndiHome Fixed Broadband holds a dominant position in its mature market. While the prompt suggested a 60% share, the latest available data indicates IndiHome is the market leader with a 66.7% subscriber market share. As of the nine months of 2025, the IndiHome B2C footprint expanded, reaching a total subscriber base of 10.3 million.

The fixed-mobile convergence (FMC) strategy is explicitly designed to protect this core cash flow generated by Telkomsel and IndiHome. This strategy aims to create stickier customers through single billing features, effectively ringfencing mobile and fixed traffic within Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK)'s networks.

The financial contribution and characteristics of these Cash Cows can be summarized:

Investments into these units focus on maintaining efficiency and milking gains passively, rather than aggressive growth promotion, as is typical for Cash Cows. For instance, Mitratel focuses on operational efficiency to maintain its high margins.

• Telkomsel subscriber base declined slightly by 0.5% Quarter-over-Quarter to 157.6 million in 3Q25 due to starter pack rationalization.
• Telkomsel's EBITDA margin expanded to 45.3% in 3Q25.
• IndiHome ARPU moderated to Rp217K in 9M25.
• Mitratel's billable fiber reached 67,738 km by September 2025, showing infrastructure support.

Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) - BCG Matrix: Dogs

You're looking at the segment of Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK)'s portfolio that clearly sits in the decline phase. Dogs are units or products with a low market share and low growth rates. Honestly, these units frequently break even, neither earning nor consuming much cash, but they're often cash traps because capital is tied up for minimal return. These business units are prime candidates for divestiture, or at least, a very careful harvest strategy.

For Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK), the clear Dogs are the legacy voice and messaging services. The market for these is shrinking fast as customers move to data-based Over-The-Top (OTT) platforms. Expensive turn-around plans usually don't help here; the trend is set. You need to manage these for maximum harvest before they fade out.

Here's the quick math on the revenue performance for these sunset businesses as of the nine months ending September 2025 (9M25):

• Legacy Fixed and Cellular Voice and SMS services revenue declined sharply by 15.0% YoY to Rp6.7 trillion in 9M25.
• Interconnection revenue, which is closely related to the legacy voice business due to voice-hubbing, saw a significant 16.4% QoQ dip in Q3 2025.

It's important to see how these figures stack up against the overall revenue picture for context, even though they are Dogs. We'll lay out the key declining revenue streams here:

The data shows a clear pattern of contraction. The 15.0% YoY drop in the core legacy voice/SMS revenue to Rp6.7 trillion in 9M25 confirms its low-growth, low-share status. The 16.4% QoQ decline in interconnection revenue in Q3 2025 further reflects the ongoing shift away from traditional voice-hubbing traffic, which is a key characteristic of a Dog segment. These are units where you're looking to maximize cash extraction while minimizing any new capital deployment. You're definitely managing the decline here.

The strategic implication is clear: these are sunset businesses. You need to manage them for maximum harvest before they fade out. Focus on operational efficiency to keep them near break-even, but don't commit significant funds for growth initiatives. Finance: draft the 13-week cash view for the legacy voice division by Friday, focusing only on operational cash flow, not investment needs.

Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) - BCG Matrix: Question Marks

You're looking at the Data Center and Cloud business, branded as NeutraDC, as a prime example of a Question Mark within Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk's portfolio. This segment operates in a high-growth market, driven by the accelerating digital economy and AI development, but its relative revenue contribution, despite the growth potential, still positions it as needing significant strategic clarity.

The core issue here is the disconnect between high operational activity and financial return. For instance, in the third quarter of 2025, the Data Center revenue dropped 6.6% Year-over-Year (YoY) to Rp1.4 trillion. This decline occurred even while the utilization rate for NeutraDC specifically was a strong 89%. When utilization is high but revenue falls, it strongly suggests significant pricing pressure or aggressive contract terms needed to secure market share from large cloud and internet platforms.

This segment consumes substantial cash because of its aggressive build-out strategy, which is necessary to compete in this rapidly expanding sector. The current operational snapshot as of September 2025 shows Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk operating 35 data centers with a total capacity of 44 MW and 2,451 racks.

Here's a quick look at the key metrics that define this Question Mark:

The massive capacity expansion plan underscores the high-risk, high-reward nature of this business unit. Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk aims to increase its data center capacity to 500 MW both domestically and internationally by 2030. This represents an over seven-fold increase from the capacity reported around 60 MW previously. Such an undertaking requires huge, risky capital investment to build out the necessary infrastructure to capture future AI and cloud workloads.

The strategic path forward for this unit is critical, as Question Marks demand a clear decision soon:

• Invest heavily to quickly gain market share and transition to a Star.
• Divest if the required investment cannot yield a dominant position.
• The current revenue trend despite high utilization signals immediate margin challenges.

The segment's future hinges on whether the planned capacity additions can be monetized at better pricing tiers than what was seen in Q3 2025, or if the cash burn from this expansion will continue to outpace returns, pushing it toward a Dog classification. Finance: draft the projected cash flow impact of the 500 MW buildout by next Tuesday.