XA Update | PT Blue Bird Tbk (BIRD)
By Ezaridho Ibnutama (Head of Research)
06-Mar-2026
We met with BIRD’s Management. Here are the Key Takeaways:
🔹9M25 Performance Maintains Smooth Traffic.
• 9M25 Revenue drives up 12.44% YoY to IDR 4.12tn (9M24: IDR 3.66tn)
• 9M25 GP went up 12.49% YoY to IDR 2.79tn, OP drove up 12.46% YoY to IDR 0.51tn
• 9M25 NP showed a slower pace of 10.36% YoY
🔹Decelerating Profits Due to Higher Costs
• 3Q25 Revenue drives up by 8.49% YoY and 5.95% QoQ to IDR 1.45tn (3Q24: IDR 1.34tn), but net profit slowed down by -15.25% YoY and -18.35% QoQ. This is mainly caused by the increasing cost, which increased 12.66% YoY and 10.98% QoQ. Gross profit soars down by -9.40% QoQ, but still accelerates its wheel by 0.02% YoY.
• Growing performance from taxi and non-taxi segment. Revenue from both segment which contributed about 70% and 30% of the revenue shows strong growth.
🔹 FY26 Guidance
• Projected Revenue Growth for FY26 is estimated at 10-15%
• Projected EBITDA growth for FY 2026 is expected to range between 22-26% with growth within 15-20%.
• FY26 Net Profit Guidance is around 8-11% YoY with NPM at 10%.
🔹 FY2026 Plan
• BIRD has plans to allocate IDR 1.5 tn in total capex in 2026. 92% will be utilized to expand their fleet of taxis, 7% will be used for building, mess, and pool.
• Planned fleet rejuvenation totals in 2,500 units while 2,100 units in net additions. Ending Fleet in 2026 is targeted to be 28.000 units.
NH Korindo Sekuritas Indonesia berizin dan diawasi Otoritas Jasa Keuangan (OJK). Untuk informasi lebih lanjut, anda dapat menghubuni CS kami via email CSO@nhsec.co.id
