XA Update Report | PT Tower Bersama Infrastructure Tbk. (TBIG) – TBIG FY25: Flattish Performance with a Steady but Uninspiring Growth Trajectory

XA Update Report | PT Tower Bersama Infrastructure Tbk. (TBIG) – TBIG FY25: Flattish Performance with a Steady but Uninspiring Growth Trajectory

 

By Leonardo Lijuwardi  (Senior Research Analyst)

7-Apr-2026

 

 

 

In the FY25 period, TBIG recorded revenue of IDR 6.91 trillion, a slight increase of +0.6% YoY (FY24: IDR 6.87 trillion). On a quarterly basis, 4Q25 revenue was relatively flat at +2% QoQ and 0.4% YoY, reaching IDR 1.75 trillion (3Q25: IDR 1.71 trillion | 4Q24: IDR 1.74 trillion). TBIG’s EBITDA grew +2% YoY to IDR 5.94 trillion in FY25 (FY24: IDR 5.82 trillion). On a quarterly basis, TBIG’s EBITDA increased +1.1% QoQ and +3.7% YoY to IDR 1.49 trillion in 4Q25 (3Q25: IDR 1.48 trillion | 4Q24: IDR 1.44 trillion). On a yearly basis, TBIG’s profit grew +4.8% YoY to IDR 1.43 trillion in FY25 (FY24: IDR 1.36 trillion) boosted by its 4Q25 performance, which increased +11.8% QoQ and +63.4% YoY to IDR 319 billion, following the lower in 4Q25’s finance cost. Net Profit Margin (NPM) in FY25 slightly increased to 20.6% (TBIG NPM FY24: 19.8%). The TBIG fiber optic segment has started to play a role as a new growth generator for TBIG amid the flattish demand in tower growth trend and the trend of operator consolidation, reflected by its growing contribution to the revenue, albeit still smaller compared to the much larger Fiber segment of peers such as TOWR and MTEL.

 

 

 

🔹 Tower Leasing Segment Growth Remains Flat Post-Operator Consolidation, While Fiber Segment Starting to Grow

• TBIG’s revenue in the FY25 period remains flat, with tower leasing segment recorded stable revenue of IDR 6.27T (+0.6% YoY FY24: IDR 6.87T | Quarterly basis: +2% QoQ & +0.4% YoY, 4Q24: IDR 1.74T, 3Q25: IDR 1.71T & 4Q25: IDR 1.75T). Meanwhile, fiber optic revenue has started to drive revenue growth, posting an increase of +14.9% YoY to IDR 634 billion in FY25 (FY24: IDR 557B | Quarterly basis: +4.1% QoQ & +16.9% YoY, 4Q24: IDR 145B, 3Q25: IDR 163B & 4Q25: IDR 170B). Although fiber optic contribution to total revenue is still around 10% of the total, this segment has the potential to contribute to growth, in line with the weakening of tower demand and the increasing need for fiber optic connectivity in recent periods. From the perspective of tenant operators, Telkomsel remains the largest revenue contributor, recording IDR 2.29T in FY25 (-0.6% YoY; FY24: IDR 2.31T | 4Q25: IDR 581B, Quarterly basis: +2.4% QoQ & -2.4% YoY).

 

 

• Revenue from Indosat contracted by -1.9% YoY to IDR 1.73T (FY24: IDR 1,76T | 4Q25: IDR 432B, Quarterly basis: +0.9% QoQ & -5.2% YoY). Following the merger of XL AXIATA and SmartFren in March-25, which now called XLSMART, these three names posted total revenue of IDR 2.14 trillion, lower than before. Compared to FY24, before merger, each XL AXIATA and SmartFren contributing IDR 1.26T and IDR 944 billion, totaling of IDR 2.21 trillion. This merger also resulted in net tenancy adds due to non-renewals expiring tenancies.

 

 

 

🔹 Operational and Financing Costs Remains Stable

• Operational performance remained relatively stable, with TBIG keeping operating expenses up only +1% YoY to IDR 614B in FY25 (FY24: IDR 607B| Quarterly basis: +16.7% QoQ & +2.3% YoY, 4Q24: IDR 169B, 3Q25: IDR 148B & 4Q25: IDR 173B).

 

 

• Finance costs in FY25 remains stable, which increased by +1.7% YoY to IDR 1.90 trillion in FY25, but declined on a quarterly basis (FY24: IDR 1.87 trillion | Quarterly basis: -10.9% QoQ & -4.6% YoY, 4Q24: IDR 484B, 3Q25: IDR 518B & 4Q25: IDR 464B). While a decrease in the benchmark interest rate is expected to provide room and opportunities for TBIG to experience financial efficiencies, the current hold on interest rate and future rate decision could be one of the risk to watch for FY26 performance. Worth to note that as of FY25, ~60% of TBIG’s debt was in IDR currency.

 

 

 

🔹 TBIG Portfolio: Relatively Stable Tower Growth

• Regarding operational asset data, the number of towers owned by TBIG currently reaches 24,212 units as of FY25 (FY24: 23,778 units, +1.8% YoY). Tenancy Ratio for the FY25 period stood at 1.73x compared to FY24 (1.79x), inline with the EXCL & FREN post-merger consolidation which has lowered the total number of operator, as well as flattish tower demand, while currently the trend in fiber optic demand surpassing the tower segment. As reflected, the fiber optic segment revenue in FY25 has surged to IDR 640 billion (+14.9% YoY), marking a new revenue engine potential for TBIG.

 

 

 

🔹 FY26 View: Flattish Growth and Earnings

• We expect TBIG’s FY26 revenue and net profit to remain relatively flat, with revenue projected to grow by 0.8% to IDR 6.97T and net profit increasing marginally by 0.4% to IDR 1.43T. This outlook is in line with the broader tower industry, which continues to exhibit a stable but modest growth trajectory. While the fiber segment continues to deliver attractive growth, we believe it has yet to emerge as a meaningful and sustainable earnings driver.

 

 

 

🔹 “Overweight” Recommendation with Target Price at IDR 1,800 / Share

• We expect TBIG’s FY26 revenue and net profit to remain relatively flat, with revenue projected to grow by 0.8% to IDR 6.97T and net profit increasing marginally by 0.4% to IDR 1.43T. This outlook is in line with the broader tower industry, which continues to exhibit a stable but modest growth trajectory. While the fiber segment continues to deliver attractive growth, we believe it has yet to emerge as a meaningful and sustainable earnings driver.

 

 

 

Download full report HERE.

 

 

 

 

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