Pt Telkom Indonesia (persero) Tbk Class B · IDX:TLKM
Pt Telkom Indonesia (persero) Tbk Class B — Non-Deal Roadshow (November 2025)
43 slides from Pt Telkom Indonesia (persero) Tbk Class B's roadshow presentation, November 2025
Slide 1: Unlocking Value of Digital Infra Asset – Infranexia (Stage-1)
Unlocking Value of Digital Infra Asset Infranexia (Stage-1) Telkom Indonesia Deal Roadshow November 2025 PT TELKOM INDONESIA (PERSERO) TBK
Slide 2: Disclaimer
Disclaimer PT Telkom Indonesia (Persero) Tbk provides this presentation as a form of transparency to present data and information for our shareholders. In general, the content of this presentation are derived from internal analysis from credible documents and trustworthy sources. Some parts of this
Slide 3: Telkom Indonesia Board of Directors & Commissioners
Telkom Indonesia Board of Directors & Commissioners Board of Directors Dian Siswarini Arthur Angelo Nanang Faizal Rochmad Djoemadi Willy Saelan President Director Syailendra Hendarno Director of Director of Director of Director of Seno Soemadji Digital IT Human Capital Finance and Risk Veranita Netw
Slide 4: Share Price Performance & Ownership
Share Price Performance & Ownership Long-Term Performance Supported by Solid Institutional Ownership Shareholder Composition and Ownership Summary TLKM vs IHSG Share Performance since IPO Danantara Since IPO: 25.0 Public 52.1% 20.0 TLKM: +16.0 x JCI: +16.2 x 47.9% Series-A share held by BP BUMN 15.0
Slide 5: Table of Contents
Table of Contents 9M25 Strategy & Financial Update Transaction History and Rationale Transaction Structure Post Spin-off Benefits Post Spin-off Financials PT TELKOM INDONESIA (PERSERO) TBK Accelerating Transformative Execution | Page 5
Slide 6: Telkom's Future Corporate Structure
Telkom’s Future Corporate Structure Telkom is in the process of shifting to a strategic holding company structure from its current operational holding company structure. This shift will support management’s focus on strategic direction, guiding business lines and subsidiary management. Telkom Strate
Slide 7: Unlock Value Strategy Progress – InfraNexia
Unlock Value Strategy Progress – InfraNexia Announcement of Fiber Assets Spin-off to TIF on October 20th, 2025 2025 2026 1Q25 2Q25 3Q25 4Q25 H1 2026 H2 2026 1st Stage Spin-Off Progress Potential effective Potential YTD 2025 Agreement signing, target on 1 Jul’26 milestone 2H26 & RUPSLB & Closing Next
Slide 8: Improving Telkom's Total Shareholder Return
Improving Telkom’s Total Shareholder Return Driving Long-Term Value Creation through Strategic Capital Management Share Buyback Program • Budget: IDR 3tn • Validity period: 28 Value Unlocking May 2025 – 27 May Dividend 2026 Total • Treasury stocks to Shareholder • Infranexia • Data Center date: 1.75
Slide 9: TLKM Share Price & Key Events on Indonesia Telco Sector
TLKM Share Price & Key Events on Indonesia Telco Sector Prior Events Apr - May 25 31 Oct 17 - SIM Card Registration Enacted 20 Feb 24 Mar 25 1. XL-Smart Mar 21 - 2,3GHz Spectrum Auction Satellite Merah Putih 2 Consolidation Product May 21 - TLKM 5G Launch launch making a 3-Player 20 Mar 24 Simplific
Slide 10: 9M25 Financial and Operational Results
9M25 Financial and Operational Results PT PT TELKOM TELKOM INDONESIA INDONESIA (PERSERO) (PERSERO) TBK TBK
Slide 11: Resilience Operation Amidst Ongoing Soft Macro
Resilience Operation Amidst Ongoing Soft Macro 9M25 Telkomsel (Stand-alone) Stable mobile customer base and strong growth in data payload consumption underpin signs of recovery EBITDA margin 44.8% 1.1ppt YoY 3Q25 QoQ Performance 9M25 YoY Performance Mobile customer 157.6 mn base Revenue Rp 36.6 Tn
Slide 12: 9M25 Revenue Breakdown
9M25 Revenue Breakdown In Rp Tn -2.3% • Data, Internet & IT Services revenues in 9M25 edged lower, due to the impact -4.6% of broader economic headwinds and muted consumer spending. However, 67.9 quarterly numbers started to show an inflection. 112.2 109.6 64.8 +0.5% -15.0% +13.6% 19.6 19.7 +3.4% 6.
Slide 13: In 3Q25 Telkomsel Key Metrics Showed Positive Trends
In 3Q25 Telkomsel Key Metrics Showed Positive Trends ARPU & Data Yield both reported solid improvement while subscriber movement was muted Key Metrics: Customer Base ARPU RPMB TLKM Share Price 3470 3130 3060 2990 2710 2780 2410 3.7 3.6 3.3 3.2 3.1 45.3 45.0 2.9 2.7 44.0 43.4 43.1 42.4 41.3 159.7 159
Slide 14: Strong QoQ Results At Telkomsel Driven by Yield Optimization Strategy
Strong QoQ Results At Telkomsel Driven by Yield Optimization Strategy Total Revenue EBITDA Net Income (in Rp Bn) (in Rp Bn) (in Rp Bn) +3.4% +6.2% 26,616 27,530 +11.5% 11,740 12,468 20,017 21,041 +5.1% 4,224 4,710 44% 45% Digital Business 18,178 19,607 Margin Margin 16% 17% Revenue 2Q25 3Q25 2Q25 3Q
Slide 15: B2B Infrastructure and International – Digital Infrastructure & Solutions Growth Engines
B2B Infrastructure and International – Digital Infrastructure & Solutions Growth Engines Expanding digital backbone and strengthening enterprise ecosystem Wholesale & International Business Enterprise Enterprise • Digital Infrastructure Revenue Rp 14.2 tn 5.7% YoY • International Revenue Wholesale
Slide 16: 9M25 Operating Expenses Breakdown
9M25 Operating Expenses Breakdown In Rp Tn +1.0% • Total Operating Expense in 9M25 managed to be contained which reflects -0.7% performance-aligned execution 30.0 30.3 • Notable decline in personnel expense came as a result of Early Retirement Program in 1H24. -9.5% 55.6 55.2 13.2 11.9 -5.9% +13.0%
Slide 17: 9M25 Capex Update
9M25 Capex Update Focused investments driving long-term digital infrastructure growth Capex Breakdown 9M25 (%) 5-year Capex Trend 9M25 Capex Trend YoY Capex (In Rp Tn) Capex to Revenue Ratio (%) 10.6 0.9 6.5 40.0 23.2 25.0 21.6 22.1 21.2 35.0 34.2 20.0 30.0 33.0 16.3 30.3 15.6 25.0 29.4 14.1 15.0 20
Slide 18: 9M25 Financial Ratios
9M25 Financial Ratios Stable financial metrics reflect Telkom’s disciplined capital management during strategic restructuring PT TELKOM INDONESIA (PERSERO) TBK Accelerating Transformative Execution | Page 18
Slide 19: 2025 Company Guidance
2025 Company Guidance 2025 Guidance Revised 2025 Guidance Revenue: Revenue: Flat Slight contraction EBITDA Margin: EBITDA Margin: c50% c50% Capex-to-Revenue ratio: Capex-to-Revenue ratio: c17-19% c17-19% PT TELKOM INDONESIA (PERSERO) TBK 19
Slide 20: Table of Contents
Table of Contents 9M25 Strategy & Financial Update Transaction History and Rationale Transaction Structure Post Spin-off Benefits Post Spin-off Financials PT TELKOM INDONESIA (PERSERO) TBK Accelerating Transformative Execution | Page 20
Slide 21: Vastness of Telkom Indonesia Digital Infrastructure
Vastness of Telkom Indonesia Digital Infrastructure Numerically, apart from Telkomsel, our next-largest value creation shall come from unlocking our infra business category since our infrastructure spans from the sky above to the sea below 179K+ km Fiber Network 58 Point of Presence (PoP) in 26 Coun
Slide 22: Telkom Indonesia's Transformation Pillars
Telkom Indonesia’s Transformation Pillars Aiming to provide world-class digital ecosystem leadership at scale operaTional & service excellence streamLining ▪ Reforming corporate culture and governance ▪ Consolidate overlapping business units and divest ▪ Prudent capital allocation for both Capex and
Slide 23: Rationale Case Examples – Asset Unlocking
Asset Unlocking Asset unlocking is a key focus for Telcos to realize value beyond profitability. Global Telcos’ Strategic Actions 5G Asset Unlocking FMC Cloudification ESG Infrastructure Separation ServCo Optimization – Increase asset valuations – Strengthen through interfaces with InfraCos, Rationa
Slide 24: Asset Unlocking's International Benchmarks
Asset Unlocking’s International Benchmarks International benchmarks show that carving out fiber assets from an integrated telco can lead to between 6 – 14% valuation uplifts Global benchmarks: As of 2024, Global telcos successfully unlock valuation Average Global Infra Companies through InfraCo carv
Slide 25: Modus Operandi Shift - Strategic Holding Transformation
Modus Operandi Shift - Strategic Holding Transformation Emphasis on creating a leaner, more autonomous OpCo structure through …as the structural enabler of Portfolio Execution Excellence and delayering… Optimizing Value Creation 2024 2025 2030 2020 5 Bold Moves Building Portfolio Reigniting Growth a
Slide 26: Table of Contents
Table of Contents 9M25 Financial Update Transaction History and Rationale Transaction Structure Post Spin-off Benefits Post Spin-off Financials PT TELKOM INDONESIA (PERSERO) TBK Accelerating Transformative Execution | Page 26
Slide 27: InfraCo Transaction
InfraCo Transaction Following the spin-off, PT Telkom Infrastruktur Indonesia (TIF) as the newly established entity will become a neutral wholesale fiber connectivity provider responsible for the ownership, operation, and management of TLKM network infrastructure on an end-to-end basis. Asset Catego
Slide 28: Telkom's Careful Step of Fiber Carve-out Implementation
Telkom’s Careful Step of Fiber Carve-out Implementation Telkom applies a step-by-step approach to ensure optimal value realization from TIF: A careful balance between strategic intent, ops readiness and financial feasibility TIF 2023 2024 2025 2026 TLKM Parent Finished Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Slide 29: Illustrative Fiberco Value Distribution Following Complete Spin-offs
Illustrative Fiberco Value Distribution Following Complete Spin-offs at The End-state In response to global and national trends, Telkom (TLKM) plans to separate its fiber assets into a dedicated FiberCo, enabling network sharing with Other Licensed Operators (OLOs) and Internet Service Providers (IS
Slide 30: Table of Contents
Table of Contents 9M25 Financial Update Transaction History and Rationale Transaction Structure Post Spin-off Benefits Post Spin-off Financials PT TELKOM INDONESIA (PERSERO) TBK Accelerating Transformative Execution | Page 30
Slide 31: Redefining Infrastructure for Sustainable Growth
Redefining Infrastructure for Sustainable Growth FiberCo enables enhanced connectivity across industries and communities. FiberCo benefit for Company • Strengthen TelkomGroup’s leadership in Indonesia’s digital telco and infrastructure market. • Enhance performance and valuation, as fiber assets com
Slide 32: Infraco Initiatives for Efficiencies
Infraco Initiatives for Efficiencies TIF Will Also Help Telkom Group To Be More Efficient In Operational Expenses And Capital Expenditures Area Initiatives for OPEX and CAPEX efficiencies 1 Business Process Improvement: Streamlining high-value and complex processes to reduce overall A Business Proce
Slide 33: Table of Contents
Table of Contents 9M25 Strategy & Financial Update Transaction History and Rationale Transaction Structure Post Spin-off Benefits Post Spin-off Financials PT TELKOM INDONESIA (PERSERO) TBK Accelerating Transformative Execution | Page 33
Slide 34: Telkom's Key Benefits at the End-state from the Carve-outs
Telkom’s Key Benefits at the End-state from the Carve-outs TIF Will Drive Greater Value Creation For Telkom Group By Facilitating Strategic Investor Entry And Driving Greater External Wholesale Revenues & Efficiencies Group Equity Uplift 1 ~308 + X 2 Group External Revenue (wholesale) • Fiber carve-
Slide 35: EGMS Schedule Related To The Spin-off
EGMS Schedule Related To The Spin-off Accelerating Transformative Execution | Page 35
Slide 36: Thank you
Thank you Telkom Landmark Tower Gatot Subroto Kav. 52 Jakarta 12710 Indonesia www.telkom.co.id PT TELKOM INDONESIA (PERSERO) TBK
Slide 37: Appendix
Appendix PT TELKOM INDONESIA (PERSERO) TBK
Slide 38: Streamlining
Streamlining Orchestration of TLKM Streamlining Initiative …we plan to reduce these numbers ….. and we will further simplify these We have a lot of subsidiaries…. significantly… subsidiaries into core business pillars Today By 2027/28 End State B2C B2B Infra Short-term focus Reorganize our Internati
Slide 39: Telkom Indonesia Historical Dividend
Telkom Indonesia Historical Dividend Distribution DPR* Year Dividend Announcement Amount Paid (Mn) DPS (Rp) Growth Share Price Dividend Yield (%) Date (%) 2013 AGMS 4 April 2014 19-May-14 70 9.943.294 102.40 2,580 3.97 2014 AGMS 17 April 2015 21-May-15 60 8.782.812 89.46 -12.6% 2,850 3.14 2015 AGMS
Slide 40: Telkom Indonesia Previous & Current Share Buybacks
Telkom Indonesia Previous & Current Share Buybacks Journey to improve shareholder return Buyback I Buyback II Buyback III Buyback IV TLKM TLKM TLKM TLKM 21 Dec 2005 : Rp1.210 29 June 2007 : Rp1.970 20 June 2008 : Rp1.553 19 May 2011 : Rp1.520 21 June 2007 : Rp 1.950 (↑61,16%) 30 Dec 2008 : Rp 1.380
Slide 41: Continues to Lead the Industry's Constructive Journey toward Market Repair
Continues to Lead the Industry’s Constructive Journey toward Market Repair Anchored in disciplined execution, simplification, and customer-centric value creation Resilient Growth Underpinned by Focus on Healthy Productive Customers +3.4% +6.2% +11.5% Total Revenue EBITDA Net Income 26,616 27,530 (in
Slide 42: Telkomsel Executing Strategic Discipline and Shaping Towards More Sustainable Industry
Telkomsel Executing Strategic Discipline and Shaping Towards More Sustainable Industry Despite persistent macroeconomic headwind Short Term Long Term Driven by Service & Quality Profitability ARPU Differentiation Market Share Stability Boost experience, loyalty & engagement ARPU Yield Productivity L
Slide 43: 9M25 Total Expenses Breakdown
9M25 Total Expenses Breakdown In Rp Tn +1.0% +3.4% +0.8% 30.0 30.3 -9.5% 24.3 25.1 +1.6% +13.0% -5.9% 13.2 11.9 79.8 80.4 5.0 5.7 4.9 5.0 2.5 2.4 0.1 -0.1 9M24 9M25 O&M Personnel Interconnection G&A Marketing D&A Others - net +4.7% +0.1% +3.7% +9.2% +1.4% +8.9% 10.5 10.2 10.5 27.0 27.3 +4.3% +0.3% +
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