Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK): Business Model Canvas [Dec-2025 Updated]

You're digging into one of Southeast Asia's telecom giants, trying to see past the legacy network and figure out where the real money is going for Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) in late 2025. Honestly, the story isn't just about their massive scale-managing connectivity for 157.6 million mobile subscribers as of Q3 2025-it's about their aggressive pivot, the 'Five Bold Moves,' to become a digital ecosystem powerhouse. We see this strategic shift clearly in the numbers; while network maintenance is a huge cost, the growth engine is defintely moving toward digital services, evidenced by the Rp 1.4 trillion in Data Center and Cloud Revenue reported for Q3 2025 alone. Below, I've mapped out their entire Business Model Canvas, showing exactly how they are monetizing this transformation, from carrier-neutral data centers to simplifying consumer packages; it's a masterclass in telco reinvention you'll want to see.

Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that make PT Telekomunikasi Indonesia Tbk (TLK) tick, especially where they are pooling resources to build out the next generation of digital infrastructure. Honestly, these alliances are where you see the real capital deployment happening.

The Key Partnerships block is dense with strategic moves, particularly in subsea capacity and data center expansion. Here's a breakdown of the major players and the hard numbers associated with these collaborations as of late 2025.

Partner	Role/Focus Area	Key Metric/Data Point
Singtel	Strategic shareholder in Telkomsel, enabling Fixed Mobile Convergence (FMC) integration.	Singtel stake in Telkomsel is 30.1%; Telkomsel Consumer segment revenue in Q1 2025 was IDR 27.2 trillion.
Meta/Facebook and Keppel	Collaborating on the Bifrost subsea cable system via Telin.	Bifrost system capacity upgraded to 260 Tbps; Total initial project cost approximately US$760 million.
StarHub	Partnering with NeutraDC for quantum-safe network services between Singapore and Indonesia.	Partnership signed via MoU on 28 November 2025; StarHub establishes a Point of Presence (PoP) at NeutraDC SNG-3.
V-Green/VinFast	Utilizing Telkom Property assets for Electric Vehicle (EV) charging infrastructure.	Focus on utilizing a significant number of parking lots across Telkom Property managed areas for EV charging station development.
Global technology giants	Strategic alliances for cloud, IoT, and digital platform development (via B2B IT Service Co).	Enterprise segment revenue in 2024 was IDR 20.6 trillion; Telkom Group consolidated revenue in 9M25 was Rp109,617 billion.

The Bifrost system, a massive undertaking, shows the capital commitment clearly. Telin, a TLK subsidiary, holds a specific capacity share in this transpacific link.

• Bifrost Main Trunk Fiber Pairs Allocation:
• Meta/Facebook: 6.13 FPs
• Keppel: 5.52 FPs
• Telin: 0.35 FPs
• Keppel's share of the total Bifrost project cost was approximately US$350 million (or about S$467 million).

The FMC strategy with Singtel is clearly driving the consumer side; Telkomsel's Q1 2025 revenue of IDR 27.2 trillion shows the scale of the integrated business. Also, the Fixed-Mobile Convergence (FMC) initiative is a core focus area for Telkomsel.

For the data center arm, NeutraDC, the partnership with StarHub centers on next-generation security. While specific revenue from this late-2025 deal isn't booked yet, the focus is on deploying quantum-safe connectivity using post-quantum cryptography standards. This builds on NeutraDC's existing data center build-out, which was projected to reach 51 megawatts by 2031 in a separate venture with Singtel and Medco Power.

The EV charging infrastructure play with V-Green/VinFast is about asset monetization for Telkom Property. To give you a sense of the national scale they are plugging into, as of March 2025, the state utility PLN had 3,772 Public EV Charging Stations (SPKLU) for four-wheelers, aiming for 5,810 by the end of 2025. Telkom Property is positioning its real estate assets to capture a piece of this growing green mobility ecosystem.

The general push for digital platforms relies on these global tech alliances. The Enterprise segment, which benefits heavily from these B2B IT Service Co partnerships, saw revenue of IDR 20.6 trillion in 2024, setting the stage for 2025 growth expectations.

Finance: review Q4 2025 CapEx allocation to international connectivity projects by Friday.

Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) - Canvas Business Model: Key Activities

You're looking at the core engine driving PT Telekomunikasi Indonesia Tbk (TLK) right now, which is all about massive infrastructure operation and aggressive digital pivot. This isn't just about keeping the lights on; it's about scaling the digital backbone of Indonesia.

Operating and maintaining Indonesia's most extensive mobile and fiber optic network.

The sheer scale of the network operation is the foundation. Telkomsel, the mobile arm, served 157.6 million mobile subscribers as of the third quarter of 2025, even with some subscriber churn from starter pack rationalization initiatives. The Average Revenue Per User (ARPU) for Telkomsel showed improvement, rising 5.2% Quarter-over-Quarter (QoQ) to reach IDR 43,400 in Q3 2025. The digital services, which include Data, Internet & IT Services, are the main revenue driver, posting IDR 90.5 trillion in revenue for the first nine months (9M) of 2025, a 3.5% Year-over-Year (YoY) growth. Overall, PT Telekomunikasi Indonesia Tbk (TLK) posted consolidated revenue of IDR 36.6 trillion in the first quarter (Q1) of 2025.

Here are the key operational metrics from the latest available reports:

Metric	Entity	Value (Latest Available Period)
Consolidated Revenue	TLK (Q1 2025)	IDR 36.6 trillion
Mobile Subscribers	Telkomsel (Q3 2025)	157.6 million
ARPU	Telkomsel (Q3 2025)	IDR 43,400
Data, Internet & IT Services Revenue	TLK (9M 2025)	IDR 90.5 trillion
Fixed Broadband Subscribers (B2C)	IndiHome (Q1 2025)	9.8 million

Executing the 'Five Bold Moves' strategy, focusing on digital transformation.

The strategy execution is visible in the segment performance. The Digital Business segment contributed 90.3% of the total revenue within that segment in Q1 2025. Telkomsel's Q3 2025 performance reflects this focus, with its EBITDA margin expanding to 45.3%, up from a previous figure. The company's consolidated EBITDA margin for Q1 2025 was 49.8%.

Developing and managing hyperscale data centers (NeutraDC) and cloud services.

The Data Center and Cloud business is a specific focus area for digital infrastructure scaling. Revenue from this specific business line reached IDR 446 billion in Q1 2025. For context on the infrastructure supporting this, PT Telekomunikasi Indonesia Tbk (TLK) operates 32 data centers in total, which includes 5 overseas locations and 1 domestic hyperscale tier 3 and 4 data center, alongside 23 neuCentrIX facilities.

Rationalizing mobile product Stock Keeping Units (SKUs) to around 400 for market repair.

While the exact final number of SKUs around late 2025 isn't explicitly stated, the activity of rationalization is confirmed as an ongoing effort impacting the subscriber base. The mobile subscriber base declined slightly by 0.5% QoQ in Q3 2025, which the company attributed in part to rotational churners resulting from the starter pack rationalization initiative. This action is clearly part of the market repair effort mentioned in the strategy.

Optimizing infrastructure assets for wholesale revenue via subsidiaries like TIF and Mitratel.

Mitratel, the tower subsidiary, is a prime example of asset optimization for wholesale revenue. In Q1 2025, Mitratel's total revenue was IDR 2,262 billion, with the core tower leasing business contributing 82% of that total revenue. Mitratel owned 39,593 towers as of Q1 2025 and expanded its fiber optic network organically by 2,505 km in that same quarter, bringing the total fiber length to 53,544 km. Mitratel maintained a strong EBITDA margin of 83.0% in Q1 2025. Furthermore, Telkom Infrastruktur Indonesia (TIF) is preparing for a major asset transfer, seeking shareholder approval on December 12, 2025, for Phase 1, which covers 56% of Telkom's total infrastructure network assets.

Here's a look at Mitratel's Q1 2025 performance:

• Revenue: IDR 2,262 billion.
• EBITDA: IDR 1,879 billion.
• Net Profit: IDR 526 billion.
• Tower Leasing Revenue Share: 82%.
• Fiber Optic Network Addition (Q1 2025): 2,505 km.

Finance: draft 13-week cash view by Friday.

Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) - Canvas Business Model: Key Resources

You're looking at the core assets that make Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk a dominant force in the Indonesian digital landscape. These aren't just line items; they are the physical and intangible foundations supporting every revenue stream. Honestly, the scale of the infrastructure here is what separates the major players.

The mobile network is massive, clearly. As of 3Q25, the mobile subscriber base for Telkomsel stood at 157.6 million. That's a huge installed base to upsell or cross-sell services to. The fixed broadband side, IndiHome, also showed resilience, with B2C customers reaching 9.8 million in Q1 2025.

The digital infrastructure assets are growing fast, especially the data centers. In Q1 2025, Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk operated 35 data centers with a total capacity of 38 MW to serve the enterprise and hyperscale segments domestically and internationally. Plus, they manage 2,420 racks for edge data centers across the archipelago. This capacity is key for capturing the AI and cloud growth you're tracking.

For the backbone, the fiber optic network is the circulatory system. While the total length of the entire backbone and subsea cable network isn't explicitly stated as one figure, the subsidiary Mitratel reported an increase in its fiber length to 53,544 km after adding 2,505 km organically in Q1 2025. That's substantial owned infrastructure for backhaul and connectivity.

Here's a quick breakdown of some of these infrastructure metrics as of early to mid-2025:

Resource Component	Metric	Value/Amount	Reporting Period
Mobile Network Scale	Telkomsel Mobile Subscribers	157.6 million	3Q25
Fixed Broadband Scale	IndiHome B2C Customers	9.8 million	Q1 2025
Data Center Footprint	Number of Data Centers Operated	35	Q1 2025
Data Center Capacity	Total Power Capacity (MW)	38 MW	Q1 2025
Edge Infrastructure	Edge Data Center Racks Managed	2,420 racks	Q1 2025
Fiber Network Asset	Total Fiber Length (Mitratel)	53,544 km	Q1 2025

The real estate portfolio, managed by Telkom Property, is another asset class you can't ignore. It's not just about towers; it includes the land and buildings supporting the entire operation. They have access to a significant number of properties across Indonesia, including buildings, vacant land, and other strategic commercial areas, which they are actively optimizing, for example, by leasing space for EV charging infrastructure. What this estimate hides is the book value of that land bank, but its strategic utility for network deployment is clear.

Finally, the intangible assets are powerful:

• Strong brand equity, recognized by awards like the Investortrust BUMN Award 2025 in the Telecommunication and Media category.
• Status as a State-Owned Enterprise (SOE), which provides implicit government support and access to strategic national projects.
• Recognition for sustainable infrastructure, such as the Anugerah Ekonomi Hijau from Detik.com for Telecommunication Infrastructure Innovation Based on Renewable Energy in August 2025.

Finance: draft 13-week cash view by Friday.

Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) - Canvas Business Model: Value Propositions

You're looking at the core offerings that PT Telekomunikasi Indonesia Tbk (TLK) is pushing to the market as of late 2025. It's all about cementing their infrastructure lead and monetizing the digital shift.

Ubiquitous connectivity remains a cornerstone, backed by massive infrastructure deployment across the archipelago. This isn't just about having a signal; it's about the sheer scale of the network supporting both mobile and fixed broadband.

Metric	Telkomsel/Mobile	IndiHome/Fixed Broadband	Infrastructure
Subscribers (Latest Reported)	157.6 million (3Q25)	10.1 million (1H25 total)	58 PoP in 26 countries
Network Assets	278,100 BTS (as of March 2025)	37 million homes passed (2024)	180 thousand km of fiber optic backbone
Traffic Growth	Data traffic grew 17.2% YoY (9M25)	IndiHome revenues increased 0.5% YoY (3Q25)	5 international data center locations

The push into integrated digital solutions for enterprises is clear, focusing on bundling connectivity with higher-value services like cloud and security. This is where you see the revenue quality improving.

• Enterprise segment revenue reached Rp 5.0 trillion in 1Q25, up 2.9% year-over-year.
• Data, Internet & IT Services revenue for 1H25 was Rp 42.5 trillion.
• Network and Other Telecommunication Services revenues reached Rp 11.3 trillion in 9M25.

For the consumer mobile segment, the focus is on simplified product portfolio to drive better yield, moving away from low-value subscribers. They are actively managing the product mix.

The mobile Average Revenue Per User (ARPU) for Telkomsel in the first semester of 2025 was Rp 41,800 per person. Data traffic, which reflects usage from these packages, hit 17.5 million TB in 9M25.

The data center offering is positioned as a carrier-neutral, hyperscale service, and the utilization figures show strong demand capture. You're seeing aggressive capacity deployment and high occupancy rates.

Specifically for the carrier-neutral hyperscale services, the utilization rate for NeutraDC capacity stood at 89% as of the third quarter of 2025. Across all data centers (including Telin and neuCentrIX), the combined utilization rate was 77% in 3Q25. The total capacity for enterprise and hyperscale segments across 35 data centers was reported at 44 MW as of September 2025.

The value proposition around quantum-safe, low-latency cross-border data transit is supported by their international footprint. PT Telkomunikasi Indonesia Tbk (TLK) operates 58 Points of Presence (PoP) across 26 countries, with 5 of those locations being international data centers, including Singapore, Hong Kong, and Timor Leste.

Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) - Canvas Business Model: Customer Relationships

You're looking at how Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) manages its connections with its diverse customer base as of late 2025. This is where the rubber meets the road for long-term value, especially in high-stakes segments.

Dedicated account managers for high-value Enterprise (B2B) and Wholesale clients

For the Enterprise and Wholesale & International Business segments, the relationship model centers on high-touch service. While specific 2025 figures for dedicated managers aren't public, we know these segments are critical. For context, as of 9M24, the Enterprise segment contributed 22.4% of TelkomGroup's revenue, amounting to approximately Rp44,742 billion, and the Wholesale & International Business segment added another 18.6%, or about Rp37,261 billion. This focus on high-value accounts means these clients receive direct, strategic support, which is essential given the Indonesia B2B Telecom Market size is estimated at USD 1.88 billion in 2025. The relationship strategy here is about embedding services, such as extending the SD-WAN portfolio with embedded edge nodes in 2025 to handle latency-sensitive workloads for corporate clients.

Digital self-service via mobile applications and online portals

For the mass market and increasingly for B2B users, digital interaction is the primary channel for routine tasks. The industry trend in 2025 suggests a strong push toward digital channels; for instance, the Self-Service Usage Rate is a key metric tracked to gauge digital channel effectiveness. While Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) specific app adoption isn't detailed here, the general expectation is that digital platforms handle a significant portion of service requests. The goal is to deflect interactions away from human agents, with an industry prediction that 85% of customer interactions could be handled without a human agent by 2025 due to AI advancements. This self-service focus helps manage the massive scale of the mobile subscriber base, which stood at 159.3 million at the end of 2023.

24/7 customer support across multiple channels for mass-market users

Mass-market users, primarily served through the Mobile and Consumer segments, rely on accessible, round-the-clock support. The focus for 2025 is on speed and resolution quality across channels like phone, chat, and social media. Key performance indicators (KPIs) like First Response Time (FRT) and Customer Satisfaction Score (CSAT) are paramount. Industry benchmarks suggest that 76% of recent customer interactions are rated positively (4 or 5 stars), with the average CSAT across industries hovering around 78% in 2025. Furthermore, customers expect fast responses; 64% of customers expect real-time responses across channels. For issues requiring human intervention, First Call Resolution (FCR) remains a critical metric, where a 75% FCR means three out of every four issues are resolved on the first contact.

Here's a snapshot of relevant 2025 industry customer service metrics you should benchmark against:

Metric Category	Key Metric	2025 Industry Benchmark/Statistic
Satisfaction	Average Customer Satisfaction Score (CSAT)	Around 78% across industries
Responsiveness	Customer Expectation for Real-Time Response	64% of customers expect real-time responses across channels
Efficiency	Expected AI/Automation Handling Rate	85% of customer interactions expected to be handled without a human agent
Resolution	First Call Resolution (FCR) Example	75% resolution on initial contact is a common target

Loyalty programs and personalized promotions based on usage data

Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) leverages usage data to drive retention, a strategy that aligns with global trends. Globally, 91% of companies now have loyalty programs, and members are reported to generate 12%-18% more incremental revenue. Personalization is the engine for these programs; 51% of consumers like it when companies recommend tailored products, and 47% are more likely to click on an offer with personalized content. For paid loyalty tiers, which TLK may offer to high-value segments, nearly 60% of members in paid programs spend more to maximize rewards. The investment in these programs shows a clear return, with 90% of businesses reporting a positive Return on Investment (ROI) from their loyalty initiatives. If onboarding takes 14+ days, churn risk rises, so personalized, immediate digital gratification is key.

The relationship strategy relies on a mix of high-touch for B2B and high-tech for B2C, supported by these quantitative realities:

• Enterprise and Wholesale revenue contribution was 41% combined as of 9M24.
• Personalization in loyalty schemes boosts engagement, with over 40% achieving higher redemption rates by tailoring rewards.
• Customers emotionally connected to a brand are worth 306% more.
• The global loyalty management market is projected to reach $15.19 billion in 2025.

Finance: draft 13-week cash view by Friday.

Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) - Canvas Business Model: Channels

You're looking at how Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) gets its services to customers across its vast ecosystem. It's a multi-pronged approach, blending physical reach with digital dominance.

Telkomsel's vast network of retail outlets, dealers, and authorized resellers

The mobile arm, Telkomsel, relies heavily on its physical presence for prepaid top-ups and starter pack distribution. This channel directly interfaces with the massive subscriber base.

Here's a snapshot of the mobile segment's scale as of late 2025:

Metric	Value (3Q25)	Context/Comparison
Mobile Subscriber Base	157.6 million subscribers	Slight decline of 0.5% Quarter-over-Quarter (QoQ)
Average Revenue Per User (ARPU)	Rp43,400	Increased by 5.2% QoQ
Quarterly Revenue (Telkomsel)	Rp27.5tn	Grew by 3.4% QoQ

The retail channel is key to maintaining that ARPU growth through product mix adjustments.

Direct sales force for Enterprise and Government (B2B) contracts

For the Enterprise segment, the channel shifts to a dedicated direct sales force targeting large corporations, State-Owned Enterprises (SOEs), and government bodies. This is where the high-value, complex solutions are moved.

Looking at the Enterprise segment's structure from the end of 2023, which informs the current sales focus:

• Serving 524 Groups of SOEs, MOCs, and Public Service Agencies
• Serving 1,694 private companies
• Serving 714 Government institutions

The Enterprise segment contributed 22.4% or Rp44,742 billion to the Full Year 2024 consolidated revenue.

Digital platforms: MyTelkomsel app, IndiHome app, and company websites

Digital channels are critical for self-service, digital product sales, and managing the fixed broadband base. The digital services division shows strong momentum.

Digital performance highlights:

• Digital services division grew by 12% year-to-date (9M25)
• IndiHome consolidated revenue (9M25): Rp19.7tn (up 0.5% YoY)
• IndiHome ARPU (9M25): Rp216,700 (down 9.4% YoY, reflecting shift from bundles)

The digital channel is where Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk is pushing for efficiency and higher-margin service adoption.

Physical infrastructure: Towers (Mitratel), fiber optic cables, and data centers (NeutraDC)

This represents the wholesale channel, where the underlying physical assets are monetized through infrastructure sharing and colocation services. Subsidiary Mitratel manages the towers, and NeutraDC handles the data centers.

Mitratel's asset scale as of 1Q25:

Asset Type	Quantity (1Q25)	Key Metric
Total Towers Owned	39,593 towers	Largest tower provider in Southeast Asia by ownership
Total Fiber Optic Length	53,544 km	Added 2,505 km organically in 1Q25

NeutraDC's data center capacity expansion is aggressive, targeting future demand:

• HDC Batam initial IT load planned for 5 MW in 2025
• Existing Enterprise Data Centers: 3 (Sentul, Serpong, Surabaya) plus Cikarang HDC
• Total current capacity (pre-Batam full realization): 60 MW
• Targeted capacity by 2030: 500 MW, potentially reaching 700 MW

The fiber optic services business within Mitratel saw revenue growth of 27.9% YoY in 1Q25, contributing 6% of total revenue.

Finance: draft 13-week cash view by Friday.

Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) as of late 2025, based on the latest available operational data from the nine months ending September 2025 (9M25).

The customer segments are clearly delineated across consumer mobile, fixed broadband, business, and carrier services.

Mass-market mobile consumers: Prepaid and postpaid users

• Total mobile subscriber base as of 3Q25 stood at 157.6 million.
• Telkomsel Average Revenue Per User (ARPU) in 3Q25 was Rp43,400.
• This segment saw revenue growth of 3.4% Quarter-over-Quarter (QoQ) to Rp27.5 trillion in 3Q25.

Residential households: Fixed broadband and TV subscribers (IndiHome)

• IndiHome served 10.3 million customers as of 9M25.
• The Average Revenue Per User (ARPU) for IndiHome declined by 9.4% Year-over-Year (YoY) to Rp216,700 in 9M25.
• IndiHome B2C revenue grew by 1.3% YoY in 1Q25.

Enterprise and SME (Small and Medium-sized Enterprises): Seeking digital services, cloud, and IoT

This group is served through the Enterprise segment, which, along with Wholesale & International, drove positive revenue growth in 1Q25. The focus here is on digital transformation support.

• Digital services division growth was 12% Year-to-Date (YTD) in 9M25, driven by enterprise solutions like cloud computing.
• The company is specifically targeting the SME market through its Indibiz initiative.

Wholesale and International: Other carriers, tower companies, and global content providers

This segment is critical for infrastructure monetization and international connectivity.

• Interconnection revenues reached Rp7.1 trillion in 9M25, marking a 3.4% YoY increase.
• Revenue from the Wholesale and International segment in 1Q25 was IDR 4.8 trillion, up 0.6% YoY.
• International wholesale voice traffic increased, contributing to a 7.1% QoQ rise in interconnection revenues in 1H25.

Here's a quick look at the key customer segment metrics as of the latest reporting periods:

Customer Segment	Key Metric	Value (Latest Available)
Mass-market Mobile (Telkomsel)	Subscribers (9M25)	157.6 million
Residential Households (IndiHome)	Subscribers (9M25)	10.3 million
Residential Households (IndiHome)	ARPU (9M25)	Rp216,700
Enterprise & SME	Digital Services Growth (YTD 9M25)	12%
Wholesale & International	Interconnection Revenue (9M25)	Rp7.1 trillion

The shift in consumer behavior towards data-based Over-The-Top (OTT) messaging platforms continues to pressure legacy revenue streams, such as SMS and Fixed/Cellular Voice, which decreased by 15.0% YoY to Rp6.7 trillion in 9M25.

Finance: draft 13-week cash view by Friday.

Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk's operations as of late 2025. The cost structure is heavily weighted toward maintaining and expanding a vast digital network, so you'll see significant capital outlays and recurring infrastructure fees.

Capital Expenditure (CapEx)

The investment pace remains high, focused on cementing digital connectivity leadership. Realized CapEx for the first half of 2025 (1H25) was reported at Rp 9.5 trillion, clearly signaling continued commitment to infrastructure build-out and digital transformation initiatives.

Network and Infrastructure Costs

This category represents a substantial, non-negotiable outflow, covering the physical and operational backbone of the services. These costs are inherently high due to the scale of the Indonesian archipelago.

Key components driving these expenses include:

• Fiber optic network expansion and maintenance.
• Tower leasing agreements, with short-term capital lease obligations noted around $371 Million as of early December 2025.
• Satellite operations and capacity procurement.

Operation & Maintenance (O&M) Expenses

Operation & Maintenance (O&M) expenses, which cover the day-to-day running of the network and services, saw a slight uptick. For the nine months of 2025 (9M25), O&M expenses increased by 1.0% Year-over-Year (YoY) to reach Rp 30.284 trillion (Rp 30,284 billion). This figure reflects the ongoing cost of keeping complex systems running smoothly.

Interconnection Expenses

Costs related to connecting Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk's network with other domestic and international carriers are a key variable. For 1H25, Interconnection Expenses grew by 18.3% YoY, totaling Rp 4.2 trillion, largely attributed to increased international traffic volumes.

Personnel Expenses

Efficiency efforts appear to be yielding results in managing the payroll base. Personnel Expenses for 1H25 managed to decline by 2.1% Year-over-Year (YoY), showing successful execution of internal efficiency programs.

Here is a quick look at the key expense metrics for the periods mentioned:

Cost Component	Period	Amount (Rp)	Change vs. Prior Year
Capital Expenditure (CapEx)	1H25	Rp 9.5 trillion	Not specified
Operation & Maintenance (O&M) Expenses	9M25	Rp 30.284 trillion	1.0% YoY increase
Interconnection Expenses	1H25	Rp 4.2 trillion	18.3% YoY growth
Personnel Expenses	1H25	Not specified	2.1% YoY decline

Finance: draft 13-week cash view by Friday.

Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) - Canvas Business Model: Revenue Streams

The Revenue Streams for Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) are heavily weighted toward mobile services, but significant contributions come from fixed broadband and the rapidly expanding digital infrastructure segment, including data centers and tower leasing.

Consolidated Revenue for Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk reached Rp 109.6 trillion for the first nine months of 2025 (9M25), representing a year-over-year decline of 2.3% in that period. This top-line figure reflects the mixed performance across its core businesses amid challenging consumer sentiment.

Mobile Data and Internet Services, primarily driven by the Telkomsel subsidiary, remains the single largest contributor. For the third quarter of 2025 (3Q25), Telkomsel revenue grew sequentially by 3.4% Quarter-over-Quarter (QoQ) to reach Rp 27.5 trillion. This sequential improvement was supported by an Average Revenue Per User (ARPU) increase of 5.2% QoQ to Rp 43,400. The overall Data, Internet & IT Services segment revenue for 9M25 was Rp 64.8 trillion, which was a 4.6% YoY contraction.

The fixed broadband arm, IndiHome, shows a more tempered growth profile. For the first half of 2025 (1H25), Fixed Broadband Revenue (IndiHome) was reported at Rp 13.3 trillion, growing by 0.5% Year-over-Year (YoY) as per the required outline point. However, the performance in the third quarter showed headwinds, with IndiHome revenue declining by 1.6% sequentially to Rp 6.5 trillion in 3Q25. The 9M25 IndiHome revenue reached Rp 19.7 trillion, marking a 0.5% YoY increase.

Digital infrastructure services are a key focus area for future revenue diversification. The Data Center and Cloud Revenue segment, managed through NeutraDC, posted revenue of Rp 1.4 trillion in 3Q25. This figure represented a 6.6% drop compared to the same period last year, despite NeutraDC achieving a high utilization rate of 89%.

Tower Leasing and Wholesale, primarily through the Mitratel subsidiary, provides a stable, recurring revenue stream. Mitratel revenue for 1H25 was reported at approximately Rp 4.6 trillion, aligning closely with the reported Rp 4.59 trillion. This growth was driven by organic tenant expansion and fiberization services.

You can see a breakdown of these key revenue streams below:

Revenue Stream Component	Period	Financial Amount (Rp)	Year-over-Year Change
Consolidated Revenue	9M25	109.6 trillion	-2.3%
Data, Internet & IT Services Revenue	9M25	64.8 trillion	-4.6%
IndiHome Revenue	1H25	13.3 trillion	0.5%
IndiHome Revenue	3Q25	6.5 trillion	N/A (QoQ decline of 1.6%)
Data Center and Cloud Revenue	3Q25	1.4 trillion	-6.6%
Mitratel Revenue (Tower Leasing/Wholesale)	1H25	4.6 trillion	3.3% (Based on Rp 4.59T figure)
Telkomsel Revenue	3Q25	27.5 trillion	3.4% (QoQ growth)

The revenue mix shows a clear pivot, even with some legacy pressure:

• Mobile Services: Remains the core engine, evidenced by Telkomsel's 3Q25 revenue of Rp 27.5 trillion.
• Fixed Broadband (IndiHome): Showing resilience with 9M25 revenue at Rp 19.7 trillion, up 0.5% YoY.
• Digital Infrastructure: Data center revenue in 3Q25 was Rp 1.4 trillion, indicating substantial scale despite the recent revenue dip.
• Tower Business: Mitratel's 1H25 revenue of approximately Rp 4.6 trillion provides a strong, recurring base.

The shift in customer behavior is visible in the decline of legacy voice and SMS revenue, which fell by 15.0% YoY to Rp 6.7 trillion in 9M25. This decline directly feeds the growth imperative in the data and digital segments.