{"url_path":"/sec/tlk/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 EXHIBITS**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1001807/0001104659-26-062051-index.html","accession_number":"0001104659-26-062051","cik":"0001001807","ticker":"TLK","issuer_name":"PERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA TBK","edgar_url":"https://www.sec.gov/Archives/edgar/data/1001807/0001104659-26-062051-index.html","primary_entity_key":"0001001807","primary_entity_name":"PERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA TBK"},"word_count":58149,"has_tables":true,"body_markdown":"**ITEM 19.            EXHIBITS**\n\nThe following exhibits are filed as part of this Form 20-F:\n\n​\n\n​\n\n​\n\n[1.1](tmb-20251231xex1d1.htm)\n\n​\n\n[Articles of Association (as last amended on January 6, 2026)](tmb-20251231xex1d1.htm).\n\n2.1\n\n​\n\n[Description of securities.](tmb-20251231xex2d1.htm)\n\n4.1*\n\n​\n\n[Deed of Spin-off of IndiHome Business Segment by Telkom into Telkomsel dated February 9, 2023.](tmb-20251231xex4d1.htm)\n\n4.2*\n\n​\n\n[Fixed Broadband Core Transition Services Agreement between Telkom and Telkomsel dated April 6, 2023.](tmb-20251231xex4d2.htm)\n\n4.3*\n\n​\n\n[IT System Transition Services Agreement between Telkom and Telkomsel dated April 6, 2023.](tmb-20251231xex4d3.htm)\n\n4.4*\n\n​\n\n[Wholesale Agreement between Telkom and Telkomsel dated April 6, 2023.](tmb-20251231xex4d4.htm)\n\n[8.1](tmb-20251231xex8d1.htm)\n\n​\n\n[List of Significant Subsidiaries](tmb-20251231xex8d1.htm)\n\n[11.1](tmb-20251231xex11d1.htm)\n\n​\n\n[Insider Trading Policy](tmb-20251231xex11d1.htm)\n\n12.1\n\n  ​ ​ ​\n\n[Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934 and 15 U.S.C. Section 7241, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](tmb-20251231xex12d1.htm)\n\n​\n\n12.2\n\n​\n\n[Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange act of 1934 and 15 U.S.C. Section 7241, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](tmb-20251231xex12d2.htm)\n\n​\n\n13.1\n\n​\n\n[Certification of the Chief Executive Officer pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](tmb-20251231xex13d1.htm)\n\n​\n\n13.2\n\n​\n\n[Certification of the Chief Financial Officer pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](tmb-20251231xex13d2.htm)\n\n​\n\n97.1\n\n​\n\n[Guidelines for the deferred bonus mechanism of Telkom dated June 22, 2022.](tmb-20251231xex97d1.htm)\n\n101.INS\n\n​\n\nXBRL Instance Document\n\n​\n\n101.SCH\n\n​\n\nXBRL Taxonomy Extension Schema Document\n\n​\n\n101.CAL\n\n​\n\nXBRL Taxonomy Extension Calculation Linkbase Document\n\n​\n\n101.DEF\n\n​\n\nXBRL Taxonomy Extension Definition Linkbase Document\n\n​\n\n101.LAB\n\n​\n\nXBRL Taxonomy Extension Label Linkbase Document\n\n​\n\n101.PRE\n\n​\n\nXBRL Taxonomy Extension Presentation Label Linkbase Document\n\n​\n\n​\n\n* Certain portions of this exhibit have been redacted pursuant to Instruction 4(a) of the Instructions as to Exhibits of Form 20-F.\n\n​\n\n​\n\n​\n\n227\n\n[Table of Contents](#TOC)\n\n**SIGNATURES**\n\nPursuant to the requirement of Section 12 of the Securities Exchange Act of 1934, as amended, the Registrant hereby certifies that it meets all the requirements for filing its annual report on Form 20-F and that is has duly caused and authorized the undersigned to sign this annual report on Form 20-F on its behalf.\n\n**PERUSAHAAN PERSEROAN (PERSERO)**\n\n**PT TELEKOMUNIKASI INDONESIA TBK**\n\nJakarta, May 15, 2026\n\nBy:\n\n/s/ Dian Siswarini\n\n​\n\n​\n\n**Dian Siswarini**\n\n​\n\n​\n\n**President Director / Chief Executive Officer**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n228\n\n[Table of Contents](#TOC)\n\n**Perusahaan Perseroan (Persero)**\n\n**PT Telekomunikasi Indonesia Tbk.********and its subsidiaries**\n\nConsolidated financial statements\n\nas of December 31, 2024 and 2025\n\nand for each of the three years in the period ended December 31, 2025\n\nwith reports of independent registered public accounting firm\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\n​\n\n**Statement of the Board of Directors**\n\n**regarding the Board of Director’s Responsibility for**\n\n**Consolidated Financ****ial Statements**\n\n**as of December 31, 2025 and for the year ended**\n\n**Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk and its Subsidiaries**\n\n​\n\nOn behalf of the Board of Directors, we undersigned:\n\n​\n\n1.\n\nName\n\n:\n\nDian Siswarini\n\n​\n\nBusiness Address\n\n:\n\nJl. Japati No.1 Bandung 40133\n\n​\n\nAddress\n\n:\n\nJl. Tebet Utara II C/18 RT 004 RW 001\n\n​\n\n​\n\n​\n\nKelurahan Tebet Timur, Kecamatan Tebet, Jakarta Selatan\n\n​\n\nPhone\n\n:\n\n(022) 452 7101\n\n​\n\nPosition\n\n:\n\nPresident Director\n\n​\n\n​\n\n:\n\n​\n\n2.\n\nName\n\n:\n\nArthur Angelo Syailendra\n\n​\n\nBusiness Address\n\n:\n\nJl. Japati No.1 Bandung 40133\n\n​\n\nAddress\n\n:\n\nJl. Jenderal Sudirman Kav. 59 RT 004 RW 003\n\n​\n\n​\n\n​\n\nKelurahan Senayan Kecamatan Kebayoran Baru, Jakarta Selatan\n\n​\n\nPhone\n\n:\n\n(022) 452 7201/ (021) 520 9824\n\n​\n\nPosition\n\n:\n\nDirector of Finance and Risk Management\n\n​\n\nhereby state as follows:\n\n​\n\n1.\n\nWe are responsible for the preparation and presentation of the consolidated financial statements of Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (the “Company”) and its subsidiaries as of December 31, 2025 and for the year ended;\n\n​\n\n​\n\n2.\n\nThe Company and its subsidiaries’ consolidated financial statements as of December 31, 2025 and for the year ended have been prepared and presented in accordance with International Financial Reporting Standards;\n\n​\n\n​\n\n3.\n\nAll information has been fully and correctly disclosed in the Company and its subsidiaries’ consolidated financial statements;\n\n​\n\n​\n\n4.\n\nThe Company and its subsidiaries’ consolidated financial statements do not contain false material information or facts, nor do they omit any material information or facts;\n\n​\n\n​\n\n5.\n\nWe are responsible for the Company and its subsidiaries’ internal control system.\n\n​\n\nThis statement is considered to be true and correct.\n\n​\n\nJakarta, May 15, 2026\n\nfor and behalf of\n\nPT Telkom Indonesia (Persero) Tbk.\n\n​\n\n/s/ Dian Siswarini\n\n**Dian Siswarini**\n\n**President Director**\n\n/s/ Arthur Angelo Syailendra\n\n**Arthur Angelo Syailendra**\n\n**Director of Finance and Risk Management**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\n​\n\nReport of Independent Regist ered Public A ccounting Firm\n\n​\n\nReport No. 00012/2.1505/NS.0/06/0687-4/1/V/2026\n\n​\n\nTo the Shareholders and the Boards of Commissioners and Directors of\n\nPerusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk.\n\n​\n\nOpinion on the Financial St a t ements\n\n​\n\nWe have audited the accompanying consolidated statements of financial position of Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk. (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of profit or loss and other comprehensive income, changes in equity, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.\n\n​\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated May 15, 2026 expressed an unqualified opinion thereon.\n\n​\n\nChange in Accounting Policy\n\n​\n\nAs discussed in Note 2.y.iii to the consolidated financial statements, the Company has elected to change its accounting policy in relation to the componentization of drop cable assets in 2025, and retrospective application in 2023 and 2024.\n\n​\n\nBasis for Opinion\n\n​\n\nThese financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits.  We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\nReport of Independent Regist ered Public A ccounting Firm (continued)\n\n​\n\nReport No. 00012/2.1505/NS.0/06/0687-4/1/V/2026 (continued)\n\n​\n\nBasis for Opinion (continued)\n\n​\n\nWe conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.  Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.  Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.  Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.  We believe that our audits provide a reasonable basis for our opinion.\n\n​\n\nCritical Audit Matter\n\n​\n\nThe critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements, and (2) involved our especially challenging, subjective, or complex judgments.  The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.\n\n​\n\n​\n\n*Evaluation of telecommunication infrastructures estimated useful lives*\n\n​\n\n​\n\n*Description of the matter*\n\nAs of December 31,2025, the balance of consolidated telecommunication infrastructures amounted to Rp144,713 billion which represents 50% of total consolidated assets. As discussed in Notes 2.y.ii.(b) and 1 2 to the accompanying consolidated financial statements, the Company reviews the estimated useful lives of its property and equipment, including telecommunication infrastructures, at least annually and such estimates are updated if expectations differ from previous estimates due to changes in expectation of physical wear and tear, technical or commercial obsolescence, and legal or other limitations on the continuing use of the property and equipment.\n\n​\n\nAuditing the Company's estimated useful lives of telecommunication infrastructures is complex and requires significant judgment because the determination of the estimated useful lives considers a number of factors, including strategic business plans, expected future technological developments, and market behavior.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\nReport of Independent Regist ered Public A ccounting Firm (continued)\n\n​\n\nReport No. 00012/2.1505/NS.0/06/0687-4/1/V/2026 (continued)\n\n​\n\n​\n\n*Evaluation of telecommunication infrastructures estimated useful lives (continued)*\n\n​\n\n​\n\n*How we addressed the matter in our audit*\n\nWe obtained an understanding, and evaluated the design and tested the operating effectiveness, of internal controls over the Company’s process of estimating the useful lives of its telecommunication infrastructures. This included, among others, testing of management’s review control on checking the completeness and accuracy of the assets classification data and assessing the appropriateness of the judgments regarding the most relevant data to be considered in determining its useful lives.  We also tested management’s control on benchmarking analysis, including the selection criteria, on the estimated useful lives of telecommunication infrastructures.\n\n​\n\nTo test whether the estimated useful lives of telecommunication infrastructures used by management was reasonable, our audit procedures included, among others, obtaining an understanding of management’s strategy related to assets replacements and assessed the reasonableness of such assumptions by considering external sources, such as telecommunication technology growth, changes in market demand, and current economic and regulatory trends.  We assessed whether the benchmarking analysis on the estimated useful lives of telecommunication infrastructures used by management was complete and consistent with the selection criteria through comparison with a sample portfolio of public companies within the telecommunication industry.\n\n​\n\n​\n\n​\n\n/s/ Purwanto Susanti dan Surja\n\n​\n\nWe have served as the Company’s independent auditor since 2012.\n\n​\n\nJakarta, Indonesia\n\n​\n\nMay 15, 2026\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\n****\n\n​\n\nReport of Independent Regist ered Public A ccounting Firm\n\n​\n\nReport No. 00013/2.1505/NS.0/06/0687-4/1/V/2026\n\n​\n\nTo the Shareholders and the Boards of Commissioners and Directors of Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk.\n\n​\n\nOpinion on Internal Control over Financial Reporting\n\n​\n\nWe have audited Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk. (the “Company”) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the “COSO criteria”). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria.\n\n​\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated statements of financial position of the Company as of December 31, 2025 and 2 0 2 4, the related consolidated statements of profit or loss and other comprehensive income, changes in equity, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes, and our report dated May 15, 2026 expressed an unqualified opinion thereon.\n\n​\n\nBasis for Opinion\n\n​\n\nThe Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the United States federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n​\n\nWe conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.\n\n​\n\nOur audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\nReport of Independent Regist ered Public A ccounting Firm (continued)\n\n​\n\nReport No. 00013/2.1505/NS.0/06/0687-4/1/V/2026 (continued)\n\n​\n\nDefinition and Limitations of Internal Control over Financial Reporting\n\n​\n\nA company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.\n\n​\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.\n\n​\n\n/s/ Purwanto Susanti dan Surja\n\n​\n\n​\n\nJakarta, Indonesia\n\n​\n\nMay 15, 2026\n\n​\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\nPERUSAHAAN PERSEROAN (PERSERO)\n\n**PT TELEKOMUNIKASI INDONESIA Tbk.****AND ITS SUBSIDIARIES**\n\nCONSOLIDATED FINANCIAL STATEMENTS\n\nAS OF DECEMBER 31, 2024 AND 2025\n\nAND FOR EACH OF THE THREE YEARS IN THE PERIOD ENDED DECEMBER 31, 2025\n\nWITH REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\n\n**Table of Contents**\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\nPage\n\n​\n\n​\n\n​\n\n[Statement of the Board of Directors](#StatementoftheBoardofDirectors_986263)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Independent Auditor's Report](#ReportofIndependentRegisteredPublicAccou) (PCAOB ID: 1381)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Consolidated Statements of Financial Position](#CONSOLIDATEDSTATEMENTSOFFINANCIALPOSITIO)\n\n​\n\nF-1\n\n​\n\n​\n\n​\n\n[Consolidated Statements of Profit or Loss and Other Comprehensive Income](#PROFITORLOSSANDOTHERCOMPREHENSIVEINCOME_)\n\n​\n\nF-2\n\n​\n\n​\n\n​\n\n[Consolidated Statements of Changes in Equity](#STATEMENTSOFCHANGESINEQUITY_962784)\n\n​\n\nF-3 – F-5\n\n​\n\n​\n\n​\n\n[Consolidated Statements of Cash Flows](#STATEMENTSOFCASHFLOWS_548014)\n\n​\n\nF-6\n\n​\n\n​\n\n​\n\n[Notes to the Consolidated Financial Statements](#NotestotheConsolidatedFinancial)\n\n​\n\nF-7 – F-113\n\n​\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\nPERUSAHAAN PERSEROAN (PERSERO)\n\n**PT TELEKOMUNIKASI INDONESIA Tbk.****AND ITS SUBSIDIARIES**\n\nCONSOLIDATED STATEMENTS OF FINANCIAL POSITION\n\n**As of December 31, 2024 and 2025**\n\n**(Amounts in the tables are expressed in billions of Rupiah and millions of U.S. Dollar, unless otherwise stated)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**As restated (Note 2y.iii)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**January 1, 2024**\n\n​\n\n**2024**\n\n​\n\n**2025**\n\n​\n\n**  ​ ​ ​**\n\n**Notes**\n\n**  ​ ​ ​**\n\n**Rp**\n\n​\n\n**Rp**\n\n**  ​ ​ ​**\n\n**Rp**\n\n**  ​ ​ ​**\n\n**US$ (Note 3)**\n\n**ASSETS**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**CURRENT ASSETS**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCash and cash equivalents\n\n \n\n4,31,34\n\n \n\n29,007\n\n​\n\n33,905\n\n \n\n34,228\n\n​\n\n2,052\n\nOther current financial assets\n\n \n\n5,31,34\n\n \n\n1,661\n\n​\n\n1,285\n\n \n\n1,420\n\n​\n\n85\n\nTrade and other receivables\n\n \n\n6,31,34\n\n \n\n10,948\n\n​\n\n12,829\n\n \n\n11,410\n\n​\n\n684\n\nContract assets\n\n \n\n7,31\n\n \n\n2,704\n\n​\n\n2,449\n\n \n\n2,290\n\n​\n\n137\n\nInventories\n\n \n\n8\n\n \n\n997\n\n​\n\n1,096\n\n \n\n901\n\n​\n\n54\n\nPrepaid taxes\n\n \n\n28\n\n \n\n1,928\n\n​\n\n2,844\n\n \n\n1,979\n\n​\n\n119\n\nContract costs\n\n​\n\n10\n\n​\n\n653\n\n​\n\n1,134\n\n​\n\n932\n\n​\n\n56\n\nAssets held for sale\n\n​\n\n1e\n\n​\n\n—\n\n​\n\n—\n\n​\n\n751\n\n​\n\n45\n\nOther current assets\n\n \n\n9,31\n\n \n\n7,730\n\n​\n\n7,552\n\n \n\n7,869\n\n​\n\n472\n\nTotal Current Assets\n\n​\n\n​\n\n \n\n55,628\n\n​\n\n63,094\n\n \n\n61,780\n\n​\n\n3,704\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**NON-CURRENT ASSETS**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nContract assets\n\n \n\n7,31\n\n \n\n26\n\n​\n\n129\n\n \n\n109\n\n​\n\n7\n\nLong-term investments\n\n​\n\n11\n\n​\n\n8,162\n\n​\n\n8,335\n\n​\n\n7,387\n\n​\n\n443\n\nContract costs\n\n​\n\n10\n\n​\n\n1,568\n\n​\n\n1,596\n\n​\n\n1,370\n\n​\n\n82\n\nProperty and equipment\n\n \n\n12,31,33\n\n \n\n170,108\n\n​\n\n168,354\n\n \n\n163,458\n\n​\n\n9,801\n\nRight-of-use assets\n\n​\n\n13a\n\n​\n\n24,024\n\n​\n\n28,471\n\n​\n\n29,333\n\n​\n\n1,759\n\nIntangible assets\n\n \n\n15\n\n \n\n8,731\n\n​\n\n9,442\n\n \n\n9,237\n\n​\n\n554\n\nDeferred tax assets\n\n \n\n28h\n\n \n\n5,872\n\n​\n\n5,382\n\n \n\n6,733\n\n​\n\n404\n\nOther non-current assets\n\n​\n\n14,28,31\n\n​\n\n5,433\n\n​\n\n6,208\n\n​\n\n7,873\n\n​\n\n472\n\nTotal Non-current Assets\n\n​\n\n​\n\n \n\n223,924\n\n​\n\n227,917\n\n \n\n225,500\n\n​\n\n13,522\n\n**TOTAL ASSETS**\n\n​\n\n​\n\n** **\n\n**279,552**\n\n​\n\n**291,011**\n\n** **\n\n**287,280**\n\n​\n\n**17,226**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**LIABILITIES AND EQUITY**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**CURRENT LIABILITIES**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTrade and other payables\n\n \n\n16,31,34\n\n​\n\n19,049\n\n​\n\n15,790\n\n​\n\n16,832\n\n​\n\n1,009\n\nContract liabilities\n\n​\n\n18a,31\n\n​\n\n6,848\n\n​\n\n7,738\n\n​\n\n7,970\n\n​\n\n478\n\nCurrent income tax liabilities\n\n \n\n28c\n\n​\n\n2,333\n\n​\n\n868\n\n​\n\n369\n\n​\n\n22\n\nOther tax liabilities\n\n \n\n28d\n\n​\n\n2,192\n\n​\n\n2,425\n\n​\n\n1,656\n\n​\n\n99\n\nAccrued expenses\n\n \n\n17,31,34\n\n​\n\n13,079\n\n​\n\n14,192\n\n​\n\n14,867\n\n​\n\n891\n\nCustomer deposits\n\n \n\n31\n\n​\n\n2,566\n\n​\n\n2,872\n\n​\n\n1,523\n\n​\n\n91\n\nShort-term bank loans\n\n​\n\n19,31,34\n\n​\n\n9,650\n\n​\n\n11,525\n\n​\n\n6,929\n\n​\n\n415\n\nCurrent maturities of long-term loans\n\n \n\n20,31,34\n\n​\n\n10,276\n\n​\n\n15,866\n\n​\n\n17,746\n\n​\n\n1,064\n\nCurrent maturities of lease liabilities\n\n​\n\n13a,34\n\n​\n\n5,458\n\n​\n\n5,447\n\n​\n\n5,945\n\n​\n\n357\n\nLiabilities directly associated with the assets held for sale\n\n​\n\n1e\n\n​\n\n—\n\n​\n\n—\n\n​\n\n466\n\n​\n\n28\n\nTotal Current Liabilities\n\n​\n\n​\n\n \n\n71,451\n\n​\n\n76,723\n\n \n\n74,303\n\n​\n\n4,454\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**NON-CURRENT LIABILITIES**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDeferred tax liabilities\n\n \n\n28h\n\n​\n\n841\n\n​\n\n992\n\n​\n\n1,233\n\n​\n\n74\n\nContract liabilities\n\n \n\n18b,31\n\n​\n\n2,591\n\n​\n\n2,484\n\n​\n\n2,851\n\n​\n\n171\n\nLong service award provisions\n\n \n\n30\n\n​\n\n1,153\n\n​\n\n1,192\n\n​\n\n1,308\n\n​\n\n78\n\nPension benefits and other post-employment benefits obligations\n\n \n\n29\n\n​\n\n11,414\n\n​\n\n11,540\n\n​\n\n12,996\n\n​\n\n779\n\nLong-term loans\n\n \n\n20,31,34\n\n​\n\n27,773\n\n​\n\n25,518\n\n​\n\n26,099\n\n​\n\n1,565\n\nLease liabilities\n\n​\n\n13a,34\n\n​\n\n14,844\n\n​\n\n18,478\n\n​\n\n18,547\n\n​\n\n1,112\n\nOther non-current liabilities\n\n​\n\n​\n\n​\n\n290\n\n​\n\n224\n\n​\n\n240\n\n​\n\n16\n\nTotal Non-current Liabilities\n\n​\n\n​\n\n \n\n58,906\n\n​\n\n60,428\n\n \n\n63,274\n\n \n\n3,795\n\n**TOTAL LIABILITIES**\n\n​\n\n​\n\n** **\n\n**130,357**\n\n​\n\n**137,151**\n\n** **\n\n**137,577**\n\n** **\n\n**8,249**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**EQUITY**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCapital stock\n\n \n\n22\n\n​\n\n4,953\n\n​\n\n4,953\n\n​\n\n4,953\n\n​\n\n297\n\nAdditional paid-in capital\n\n \n\n​\n\n​\n\n1,977\n\n​\n\n1,977\n\n​\n\n1,977\n\n​\n\n119\n\nTreasury stock\n\n \n\n​\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(30)\n\n​\n\n(2)\n\nRetained earnings\n\n​\n\n​\n\n​\n\n121,106\n\n​\n\n125,913\n\n​\n\n122,131\n\n​\n\n7,324\n\nOther reserves\n\n \n\n​\n\n​\n\n500\n\n​\n\n759\n\n​\n\n1,120\n\n​\n\n67\n\nNet equity attributable to owners of the parent company\n\n​\n\n​\n\n \n\n128,536\n\n​\n\n133,602\n\n \n\n130,151\n\n \n\n7,805\n\nNon-controlling interests\n\n \n\n21\n\n \n\n20,659\n\n​\n\n20,258\n\n \n\n19,552\n\n \n\n1,172\n\n**TOTAL EQUITY**\n\n​\n\n​\n\n** **\n\n**149,195**\n\n​\n\n**153,860**\n\n** **\n\n**149,703**\n\n** **\n\n**8,977**\n\n**TOTAL LIABILITIES AND EQUITY**\n\n​\n\n​\n\n** **\n\n**279,552**\n\n​\n\n**291,011**\n\n** **\n\n**287,280**\n\n** **\n\n**17,226**\n\n​\n\nThe accompanying notes form an integral part of these consolidated financial statements.\n\nF-1\n\n[Table of Contents](#TOC)\n\nPERUSAHAAN PERSEROAN (PERSERO)\n\n**PT TELEKOMUNIKASI INDONESIA Tbk.****AND ITS SUBSIDIARIES**\n\nCONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME\n\n**For each of the Three Years in the Period Ended December 31, 2025**\n\n**(Amounts in the tables are expressed in billions of Rupiah and millions of U.S. Dollar, unless otherwise stated)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**As restated (Note 2y.iii)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2023**\n\n​\n\n**2024**\n\n​\n\n**2025**\n\n​\n\n**  ​ ​ ​**\n\n**Notes**\n\n  ​ ​ ​\n\n**Rp**\n\n  ​ ​ ​\n\n**Rp**\n\n  ​ ​ ​\n\n**Rp**\n\n  ​ ​ ​\n\n**US$ (Note 3)**\n\n**REVENUES**\n\n \n\n24,32\n\n \n\n**149,216**\n\n \n\n**149,967**\n\n \n\n**146,742**\n\n​\n\n**8,799**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**COST AND EXPENSES**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOperation, maintenance, and telecommunication service expenses\n\n \n\n26,31\n\n \n\n(39,718)\n\n \n\n(41,202)\n\n \n\n(41,234)\n\n​\n\n(2,473)\n\nDepreciation and amortization expenses\n\n \n\n12,13,15\n\n \n\n(34,265)\n\n \n\n(34,134)\n\n \n\n(37,653)\n\n​\n\n(2,258)\n\nPersonnel expenses\n\n \n\n25, 31\n\n \n\n(15,927)\n\n \n\n(16,807)\n\n \n\n(16,362)\n\n​\n\n(981)\n\nInterconnection expenses\n\n \n\n31\n\n \n\n(6,363)\n\n \n\n(6,880)\n\n \n\n(7,018)\n\n​\n\n(421)\n\nGeneral and administrative expenses\n\n \n\n27,31\n\n \n\n(6,099)\n\n \n\n(6,225)\n\n \n\n(6,601)\n\n​\n\n(396)\n\nMarketing expenses\n\n​\n\n​\n\n​\n\n(3,530)\n\n​\n\n(3,824)\n\n​\n\n(3,287)\n\n​\n\n(197)\n\nUnrealized gain (loss) on changes in fair value of investments\n\n \n\n11\n\n \n\n(748)\n\n \n\n188\n\n \n\n(242)\n\n​\n\n(15)\n\nGain (loss) on foreign exchange - net\n\n \n\n​\n\n \n\n(36)\n\n \n\n136\n\n \n\n180\n\n​\n\n11\n\nOther income (expense) - net\n\n \n\n​\n\n \n\n259\n\n \n\n252\n\n \n\n(468)\n\n​\n\n(28)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**OPERATING PROFIT**\n\n​\n\n​\n\n \n\n**42,789**\n\n \n\n**41,471**\n\n \n\n**34,057**\n\n \n\n**2,041**\n\nFinance income-net\n\n \n\n31\n\n \n\n1,061\n\n \n\n1,367\n\n \n\n1,661\n\n​\n\n100\n\nFinance cost\n\n \n\n31\n\n \n\n(4,692)\n\n \n\n(5,221)\n\n \n\n(5,208)\n\n​\n\n(312)\n\nShare of profit (loss) of long-term investment in associates\n\n \n\n​\n\n \n\n1\n\n \n\n3\n\n \n\n(1)\n\n​\n\n0\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**PROFIT BEFORE INCOME TAX**\n\n​\n\n​\n\n \n\n**39,159**\n\n \n\n**37,620**\n\n \n\n**30,509**\n\n \n\n**1,829**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**INCOME TAX (EXPENSE) BENEFIT**\n\n \n\n28e\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCurrent\n\n​\n\n​\n\n \n\n(8,796)\n\n \n\n(7,635)\n\n \n\n(7,605)\n\n​\n\n(456)\n\nDeferred\n\n​\n\n​\n\n \n\n331\n\n \n\n(506)\n\n \n\n1,064\n\n​\n\n65\n\n​\n\n​\n\n​\n\n \n\n**(8,465)**\n\n \n\n**(8,141)**\n\n \n\n**(6,541)**\n\n \n\n**(391)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**PROFIT FOR THE YEAR**\n\n​\n\n​\n\n \n\n**30,694**\n\n \n\n**29,479**\n\n \n\n**23,968**\n\n \n\n**1,438**\n\n**OTHER COMPREHENSIVE INCOME**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOther comprehensive income to be reclassified to profit or loss in subsequent periods:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nForeign currency translation\n\n \n\n​\n\n \n\n(66)\n\n \n\n258\n\n \n\n360\n\n​\n\n22\n\nChanges in fair value of investments\n\n \n\n11\n\n \n\n2\n\n \n\n1\n\n \n\n1\n\n​\n\n0\n\nShare of other comprehensive income (loss) of long-term investment in associates\n\n \n\n11\n\n \n\n(1)\n\n \n\n1\n\n \n\n1\n\n​\n\n0\n\nOther comprehensive income not to be reclassified to profit or loss in subsequent periods:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDefined benefit actuarial gain (loss) - net\n\n \n\n29\n\n \n\n(1,389)\n\n \n\n635\n\n \n\n(236)\n\n \n\n(14)\n\nOther comprehensive income (loss) - net\n\n​\n\n​\n\n \n\n(1,454)\n\n \n\n895\n\n \n\n126\n\n \n\n8\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**TOTAL COMPREHENSIVE INCOME FOR THE YEAR**\n\n​\n\n​\n\n \n\n**29,240**\n\n \n\n**30,374**\n\n \n\n**24,094**\n\n \n\n**1,446**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProfit for the year attributable to:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOwners of the parent company\n\n \n\n23\n\n \n\n23,053\n\n \n\n22,365\n\n \n\n17,486\n\n​\n\n1,049\n\nNon-controlling interests\n\n \n\n21\n\n \n\n7,641\n\n \n\n7,114\n\n \n\n6,482\n\n​\n\n389\n\n​\n\n​\n\n​\n\n \n\n30,694\n\n \n\n29,479\n\n \n\n23,968\n\n \n\n1,438\n\nTotal comprehensive income for the year attributable to:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOwners of the parent company\n\n \n\n​\n\n \n\n21,575\n\n \n\n23,150\n\n \n\n17,626\n\n​\n\n1,057\n\nNon-controlling interests\n\n \n\n​\n\n \n\n7,665\n\n \n\n7,224\n\n \n\n6,468\n\n​\n\n389\n\n​\n\n​\n\n​\n\n \n\n29,240\n\n \n\n30,374\n\n \n\n24,094\n\n \n\n1,446\n\n**BASIC EARNINGS PER SHARE**(in full amount)\n\n \n\n23\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProfit per share\n\n​\n\n​\n\n \n\n232.71\n\n \n\n225.77\n\n \n\n176.52\n\n​\n\n0.01\n\nProfit per ADS (100 Series B shares per ADS)\n\n​\n\n​\n\n \n\n23,271.23\n\n \n\n22,576.72\n\n \n\n17,651.75\n\n​\n\n1.06\n\n​\n\nThe accompanying notes form an integral part of these consolidated financial statements.\n\n​\n\n​\n\nF-2\n\n[Table of Contents](#TOC)\n\nPERUSAHAAN PERSEROAN (PERSERO)\n\n**PT TELEKOMUNIKASI INDONESIA Tbk.****AND ITS SUBSIDIARIES**\n\nCONSOLIDATED STATEMENTS OF CHANGES IN EQUITY\n\n**For Each of the Three Years in the Period Ended December 31, 2025**\n\n**(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Attributable to owners of the parent company**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Capital**\n\n​\n\n**Additional**\n\n​\n\n**Retained**\n\n​\n\n**Other**\n\n​\n\n​\n\n​\n\n**Non-controlling**\n\n​\n\n**Total**\n\n**Description**\n\n**  ​ ​ ​**\n\n**Notes**\n\n**  ​ ​ ​**\n\n**stock**\n\n**  ​ ​ ​**\n\n**paid-in capital**\n\n**  ​ ​ ​**\n\n**earnings**\n\n​\n\n**reserves**\n\n**  ​ ​ ​**\n\n**Net**\n\n**  ​ ​ ​**\n\n**interests**\n\n**  ​ ​ ​**\n\n**equity**\n\n**Balance, December 31, 2022 (as previously stated)**\n\n​\n\n​\n\n​\n\n**4,953**\n\n​\n\n**1,977**\n\n​\n\n**121,730**\n\n​\n\n**564**\n\n​\n\n**129,224**\n\n​\n\n**19,851**\n\n​\n\n**149,075**\n\nRestatement adjustment\n\n​\n\n​\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(5,666)\n\n​\n\n—\n\n​\n\n(5,666)\n\n​\n\n—\n\n​\n\n(5,666)\n\n**Balance, January 1, 2023 (as restated, Note 2y.iii)**\n\n​\n\n​\n\n** **\n\n**4,953**\n\n \n\n**1,977**\n\n \n\n**116,064**\n\n​\n\n**564**\n\n \n\n**123,558**\n\n \n\n**19,851**\n\n \n\n**143,409**\n\n**Net comprehensive income for the year**\n\n** **\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProfit for the year\n\n​\n\n21,23\n\n \n\n—\n\n​\n\n—\n\n​\n\n23,053\n\n​\n\n—\n\n​\n\n23,053\n\n​\n\n7,641\n\n​\n\n30,694\n\nOther comprehensive income (loss)\n\n \n\n​\n\n \n\n—\n\n​\n\n—\n\n​\n\n(1,414)\n\n​\n\n(64)\n\n​\n\n(1,478)\n\n​\n\n24\n\n​\n\n(1,454)\n\nNet comprehensive income for the year\n\n​\n\n​\n\n \n\n—\n\n \n\n—\n\n \n\n21,639\n\n​\n\n(64)\n\n \n\n21,575\n\n \n\n7,665\n\n \n\n29,240\n\n**Transaction with owners recorded directly in equity**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDifferences in non-controlling interest ownership acquisition transactions of subsidiary\n\n​\n\n​\n\n​\n\n—\n\n​\n\n—\n\n​\n\n6\n\n​\n\n—\n\n​\n\n6\n\n​\n\n—\n\n​\n\n6\n\nCash dividend\n\n \n\n22\n\n \n\n—\n\n​\n\n—\n\n​\n\n(16,603)\n\n​\n\n—\n\n​\n\n(16,603)\n\n​\n\n(9,803)\n\n​\n\n(26,406)\n\nRepurchase of non-controlling interest shares\n\n \n\n​\n\n \n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(31)\n\n​\n\n(31)\n\nChanges in non-controlling interest\n\n​\n\n​\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n22\n\n​\n\n22\n\nAdditional capital contributions from non-controlling interest of subsidiaries\n\n​\n\n1e\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n2,955\n\n​\n\n2,955\n\nNet transactions with owners\n\n​\n\n​\n\n \n\n—\n\n \n\n—\n\n \n\n(16,597)\n\n​\n\n—\n\n \n\n(16,597)\n\n \n\n(6,857)\n\n \n\n(23,454)\n\n**Balance, December 31, 2023 (as restated, Note 2y.iii)**\n\n​\n\n​\n\n \n\n**4,953**\n\n \n\n**1,977**\n\n \n\n**121,106**\n\n​\n\n**500**\n\n \n\n**128,536**\n\n \n\n**20,659**\n\n \n\n**149,195**\n\n​\n\nThe accompanying notes form an integral part of these consolidated financial statements.\n\n​\n\nF-3\n\n[Table of Contents](#TOC)\n\nPERUSAHAAN PERSEROAN (PERSERO)\n\n**PT TELEKOMUNIKASI INDONESIA Tbk.****AND ITS SUBSIDIARIES**\n\n**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (continued)**\n\n**For Each of the Three Years in the Period Ended December 31, 2025**\n\n**(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Attributable to owners of the parent company**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**Capital**\n\n  ​ ​ ​\n\n**Additional**\n\n  ​ ​ ​\n\n**Retained**\n\n​\n\n**Other**\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**Non-controlling**\n\n  ​ ​ ​\n\n**Total**\n\n**Description**\n\n​\n\n**Notes**\n\n​\n\n**stock**\n\n​\n\n**paid-in capital**\n\n​\n\n**earnings**\n\n​\n\n**reserves**\n\n​\n\n**Net**\n\n​\n\n**interests**\n\n​\n\n**equity**\n\n**Balance, December 31, 2023 (as restated, Note 2y.iii)**\n\n​\n\n​\n\n \n\n**4,953**\n\n \n\n**1,977**\n\n \n\n**121,106**\n\n​\n\n**500**\n\n \n\n**128,536**\n\n \n\n**20,659**\n\n \n\n**149,195**\n\n**Net comprehensive income for the year**\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProfit for the year\n\n​\n\n21,23\n\n \n\n—\n\n​\n\n—\n\n​\n\n22,365\n\n​\n\n—\n\n​\n\n22,365\n\n​\n\n7,114\n\n​\n\n29,479\n\nOther comprehensive income\n\n \n\n​\n\n \n\n—\n\n​\n\n—\n\n​\n\n526\n\n​\n\n259\n\n​\n\n785\n\n​\n\n110\n\n​\n\n895\n\nNet comprehensive income (loss) for the year\n\n​\n\n​\n\n \n\n—\n\n \n\n—\n\n \n\n22,891\n\n​\n\n259\n\n \n\n23,150\n\n \n\n7,224\n\n \n\n30,374\n\n**Transaction with owners recorded directly in equity**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDifferences in value of restructuring transactions of entities under common control\n\n​\n\n1e\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(401)\n\n​\n\n—\n\n​\n\n(401)\n\n​\n\n(158)\n\n​\n\n(559)\n\nCash dividend\n\n \n\n22\n\n \n\n—\n\n​\n\n—\n\n​\n\n(17,683)\n\n​\n\n—\n\n​\n\n(17,683)\n\n​\n\n(7,099)\n\n​\n\n(24,782)\n\nRepurchase of non-controlling interest shares\n\n \n\n1e\n\n \n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(704)\n\n​\n\n(704)\n\nChanges in non-controlling interest\n\n​\n\n​\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n14\n\n​\n\n14\n\nAdditional capital contributions from non-controlling interest of subsidiaries\n\n​\n\n1e\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n322\n\n​\n\n322\n\nNet transactions with owners\n\n​\n\n​\n\n \n\n—\n\n \n\n—\n\n \n\n(18,084)\n\n​\n\n—\n\n \n\n(18,084)\n\n \n\n(7,625)\n\n \n\n(25,709)\n\n**Balance, December 31, 2024 (as restated, Note 2y.iii)**\n\n​\n\n​\n\n \n\n**4,953**\n\n \n\n**1,977**\n\n \n\n**125,913**\n\n​\n\n**759**\n\n \n\n**133,602**\n\n \n\n**20,258**\n\n \n\n**153,860**\n\n​\n\nThe accompanying notes form an integral part of these consolidated financial statements.\n\n​\n\nF-4\n\n[Table of Contents](#TOC)\n\nPERUSAHAAN PERSEROAN (PERSERO)\n\n**PT TELEKOMUNIKASI INDONESIA Tbk.****AND ITS SUBSIDIARIES**\n\n**CONSOLIDATED****STATEMENTS OF CHANGES IN EQUITY****(continued)**\n\n**For Each of the Three Years in the Period Ended December 31, 2025**\n\n**(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Attributable to owners of the parent company**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**Capital**\n\n  ​ ​ ​\n\n**Additional**\n\n  ​ ​ ​\n\n​\n\n​\n\n**Retained**\n\n  ​ ​ ​\n\n**Other**\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**Non-controlling**\n\n  ​ ​ ​\n\n**Total**\n\n**Description**\n\n​\n\n**Notes**\n\n​\n\n**stock**\n\n​\n\n**paid-in capital**\n\n​\n\n**Treasury Stock**\n\n  ​ ​ ​\n\n**earnings**\n\n​\n\n**reserves**\n\n​\n\n**Net**\n\n​\n\n**interests**\n\n​\n\n**equity**\n\n**Balance, December 31, 2024 (as restated, Note 2y.iii)**\n\n​\n\n​\n\n \n\n**4,953**\n\n \n\n**1,977**\n\n \n\n—\n\n​\n\n**125,913**\n\n \n\n**759**\n\n \n\n**133,602**\n\n \n\n**20,258**\n\n \n\n**153,860**\n\n**Net comprehensive income for the year**\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProfit for the year\n\n​\n\n21,23\n\n \n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n17,486\n\n​\n\n—\n\n​\n\n17,486\n\n​\n\n6,482\n\n​\n\n23,968\n\nOther comprehensive income (loss)\n\n \n\n​\n\n \n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(221)\n\n​\n\n361\n\n​\n\n140\n\n​\n\n(14)\n\n​\n\n126\n\nNet comprehensive income (loss) for the year\n\n​\n\n​\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n​\n\n17,265\n\n \n\n361\n\n \n\n17,626\n\n \n\n6,468\n\n \n\n24,094\n\n**Transaction with owners recorded directly in equity**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCash dividend\n\n \n\n22\n\n \n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(21,047)\n\n​\n\n—\n\n​\n\n(21,047)\n\n​\n\n(7,359)\n\n​\n\n(28,406)\n\nTreasury stock\n\n​\n\n1e\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(30)\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(30)\n\n​\n\n(79)\n\n​\n\n(109)\n\nRepurchase of non-controlling interest shares\n\n \n\n1e\n\n \n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(6)\n\n​\n\n(6)\n\nAdditional capital contributions from non-controlling interest of subsidiaries\n\n​\n\n1e\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n270\n\n​\n\n270\n\nNet transactions with owners\n\n​\n\n​\n\n \n\n—\n\n \n\n—\n\n \n\n(30)\n\n​\n\n(21,047)\n\n \n\n—\n\n \n\n(21,077)\n\n \n\n(7,174)\n\n \n\n(28,251)\n\n**Balance, December 31, 2025**\n\n​\n\n​\n\n \n\n**4,953**\n\n \n\n**1,977**\n\n \n\n**(30)**\n\n​\n\n**122,131**\n\n \n\n**1,120**\n\n \n\n**130,151**\n\n \n\n**19,552**\n\n \n\n**149,703**\n\n​\n\nThe accompanying notes form an integral part of these consolidated financial statements.\n\n​\n\nF-5\n\n[Table of Contents](#TOC)\n\nPERUSAHAAN PERSEROAN (PERSERO)\n\n**PT TELEKOMUNIKASI INDONESIA Tbk.****AND ITS SUBSIDIARIES**\n\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n\n**For Each of the Three Years in the Period Ended December 31, 2025**\n\n**(Amounts in the tables are expressed in billions of Rupiah and millions of U.S. Dollar, unless otherwise stated)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Notes**\n\n​\n\n**2023**\n\n​\n\n**2024**\n\n​\n\n**2025**\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**Rp**\n\n  ​ ​ ​\n\n**Rp**\n\n  ​ ​ ​\n\n**Rp**\n\n  ​ ​ ​\n\n**US$ (Note 3)**\n\n**CASH FLOWS FROM OPERATING ACTIVITIES**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCash receipts from customers and other operators\n\n​\n\n​\n\n \n\n148,458\n\n \n\n148,415\n\n \n\n146,002\n\n​\n\n8,755\n\nCash receipts from interests\n\n​\n\n​\n\n \n\n1,049\n\n \n\n1,366\n\n \n\n1,670\n\n​\n\n100\n\nCash receipts from tax refund\n\n​\n\n​\n\n​\n\n681\n\n​\n\n1,144\n\n​\n\n1,322\n\n​\n\n79\n\nCash payments for expenses\n\n​\n\n​\n\n \n\n(53,410)\n\n \n\n(51,273)\n\n \n\n(51,455)\n\n​\n\n(3,085)\n\nCash payments to employees\n\n​\n\n​\n\n \n\n(16,116)\n\n \n\n(16,364)\n\n \n\n(13,319)\n\n​\n\n(799)\n\nCash payments for corporate and final income taxes\n\n​\n\n​\n\n \n\n(10,746)\n\n \n\n(11,528)\n\n \n\n(10,438)\n\n​\n\n(626)\n\nCash payments for finance costs\n\n​\n\n​\n\n \n\n(4,748)\n\n \n\n(5,295)\n\n \n\n(5,230)\n\n​\n\n(314)\n\nCash payments for short-term and low-value lease assets\n\n​\n\n13a\n\n​\n\n(3,770)\n\n​\n\n(3,693)\n\n​\n\n(4,654)\n\n​\n\n(279)\n\nCash payments for value added taxes - net\n\n​\n\n​\n\n \n\n(1,410)\n\n \n\n(1,691)\n\n \n\n(1,076)\n\n​\n\n(65)\n\nCash receipts from others - net\n\n​\n\n​\n\n \n\n593\n\n \n\n519\n\n \n\n1,020\n\n​\n\n61\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Net cash provided by operating activities**\n\n​\n\n​\n\n \n\n**60,581**\n\n \n\n**61,600**\n\n \n\n**63,842**\n\n \n\n**3,827**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**CASH FLOWS FROM INVESTING ACTIVITIES**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProceeds from the disposal of long-term investments in financial instruments\n\n​\n\n11\n\n​\n\n—\n\n​\n\n—\n\n​\n\n728\n\n​\n\n44\n\nProceeds from insurance claims\n\n​\n\n12\n\n​\n\n199\n\n​\n\n143\n\n​\n\n151\n\n​\n\n9\n\nProceeds from sale of property and equipment\n\n​\n\n12\n\n​\n\n100\n\n​\n\n717\n\n​\n\n78\n\n​\n\n5\n\nPurchase of property and equipment\n\n​\n\n12,36\n\n​\n\n(33,603)\n\n​\n\n(26,005)\n\n​\n\n(22,871)\n\n​\n\n(1,371)\n\nPurchase of intangible assets\n\n​\n\n15,36\n\n​\n\n(2,817)\n\n​\n\n(3,658)\n\n​\n\n(2,897)\n\n​\n\n(174)\n\nPayment for advance and other assets\n\n​\n\n​\n\n​\n\n(149)\n\n​\n\n(330)\n\n​\n\n(1,117)\n\n​\n\n(67)\n\nProceeds from (placement in) other current financial assets - net\n\n \n\n​\n\n \n\n(315)\n\n​\n\n339\n\n​\n\n(141)\n\n​\n\n(8)\n\nAddition of long-term investment in financial instrument\n\n \n\n​\n\n \n\n(340)\n\n \n\n(30)\n\n \n\n(26)\n\n \n\n(2)\n\nDividend received from associated company\n\n​\n\n​\n\n​\n\n14\n\n​\n\n3\n\n​\n\n—\n\n​\n\n—\n\nBusiness acquisition - net of cash acquired\n\n​\n\n1e\n\n​\n\n—\n\n​\n\n(635)\n\n​\n\n—\n\n​\n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Net cash used in investing activities**\n\n​\n\n​\n\n \n\n**(36,911)**\n\n \n\n**(29,456)**\n\n \n\n**(26,095)**\n\n \n\n**(1,564)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**CASH FLOWS FROM FINANCING ACTIVITIES**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProceeds from loans and other borrowings\n\n \n\n19,20\n\n \n\n38,834\n\n \n\n52,653\n\n \n\n69,895\n\n​\n\n4,191\n\nProceeds from issuance of new shares of subsidiaries\n\n​\n\n​\n\n​\n\n2,961\n\n​\n\n322\n\n​\n\n270\n\n​\n\n16\n\nRepayments of loans and other borrowings\n\n​\n\n19,20\n\n​\n\n(35,323)\n\n​\n\n(47,607)\n\n​\n\n(72,037)\n\n​\n\n(4,320)\n\nCash dividend paid to the Company's stockholders\n\n​\n\n22\n\n \n\n(16,603)\n\n \n\n(17,683)\n\n \n\n(21,047)\n\n​\n\n(1,262)\n\nCash dividend paid to non-controlling interests of subsidiaries\n\n \n\n​\n\n \n\n(9,803)\n\n \n\n(7,099)\n\n \n\n(7,359)\n\n​\n\n(441)\n\nRepayments of principal portion of lease liabilities\n\n​\n\n36\n\n \n\n(6,600)\n\n \n\n(7,387)\n\n \n\n(7,356)\n\n​\n\n(441)\n\nShares buyback of subsidiary\n\n \n\n1e\n\n \n\n(31)\n\n \n\n(704)\n\n \n\n(79)\n\n​\n\n(5)\n\nShares buyback\n\n​\n\n1c\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(30)\n\n​\n\n(2)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Net cash used in financing activities**\n\n​\n\n​\n\n \n\n**(26,565)**\n\n \n\n**(27,505)**\n\n \n\n**(37,743)**\n\n \n\n**(2,264)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS**\n\n​\n\n​\n\n \n\n**(2,895)**\n\n \n\n**4,639**\n\n \n\n**4**\n\n \n\n**(1)**\n\n**EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS**\n\n​\n\n​\n\n \n\n**(44)**\n\n \n\n**260**\n\n \n\n**320**\n\n \n\n**20**\n\n**ALLOWANCE FOR EXPECTED CREDIT LOSSES**\n\n​\n\n​\n\n​\n\n**(1)**\n\n​\n\n**(1)**\n\n​\n\n**(1)**\n\n​\n\n**0**\n\n**CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR**\n\n** **\n\n4 \n\n \n\n**31,947**\n\n \n\n**29,007**\n\n \n\n**33,905**\n\n \n\n**2,033**\n\n**CASH AND CASH EQUIVALENTS AT END OF THE YEAR**\n\n** **\n\n4 \n\n \n\n**29,007**\n\n \n\n**33,905**\n\n \n\n**34,228**\n\n \n\n**2,052**\n\n​\n\nThe accompanying notes form an integral part of these consolidated financial statements.\n\n​\n\n​\n\nF-6\n\n[Table of Contents](#TOC)\n\n**PERUSAHAAN PERSEROAN (PERSERO)**\n\n**PT TELEKOMUNIKASI INDONESIA Tbk.****AND ITS SUBSIDIARIES**\n\n**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n**As of December 31, 2024 and 2025**\n\n**For Each of the Three Years in Period Ended December 31, 2025**\n\n**(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)**\n\n1.    GENERAL\n\na.   Establishment and general information\n\nPerusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk. (the “Company”) was originally part of *“Post en Telegraafdienst”*, which was established and operated commercially in 1884 under the framework of Decree No. 7 dated March 27, 1884 of the Governor General of the Dutch Indies which was published in State Gazette No. 52 dated April 3, 1884.\n\nPursuant to Government Regulation No. 25 of 1991, the Company’s status was changed to a state-owned limited liability company (“Persero”). The ultimate parent entity of the Company is the Government of the Republic of Indonesia (the “Government”).\n\nOn March 22, 2025, based on Government Regulations No. 15 and No. 16 of 2025, the Company became a subsidiary of PT Danantara Asset Management (\"DAM\"), with the Government remaining as the Company's ultimate parent entity (Note 22).\n\nThe Company was established based on Notarial Deed of Imas Fatimah, S.H., No. 128 dated September 24, 1991. The deed of establishment was approved by the Ministry of Justice of the Republic of Indonesia in its Decision Letter No. C2-6870.HT.01.01.Th.1991 dated November 19, 1991 and was published in State Gazette No. 5 dated January 17, 1992, Supplement No. 210. The Company's Articles of Association had been amended several times, with the latest amendments made is in relation with adjustments of the Company’s business activities in the Articles of Association with the Standard Classification of Indonesian Business Fields in 2020.\n\nAmendments to the Company’s Articles of Association as stated in the Notary Deed of Ashoya Ratam, S.H., M.Kn., No. 37 dated June 22, 2022 has been received and approved by the Minister of Law and Human Rights of the Republic of Indonesia (“MoLHR”) based on letter No. AHU-0044650.AH.01.02. Year of 2022 dated June 29, 2022 concerning the Acceptance of Notification Approval of Amendment to the Articles of Association of Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk.\n\nIn accordance with Article 3 of the Company’s Articles of Association, the scope of the Company’s activities is to provide telecommunication network and telecommunication and information services, and to optimize the Company’s resources to provide high quality and competitive goods and/or services to gain/pursue profit in order to increase the value of the Company by applying the Limited Liability Company principle. To achieve these objectives, the Company is involved in the following activities:\n\ni.   Main business:\n\n(a)\n\nPlanning, building, providing, developing, operating, marketing or selling or leasing, and maintaining telecommunications and information networks in a broad sense in accordance with the prevailing laws and regulations.\n\n(b)\n\nPlanning, developing, providing, marketing or selling, and improving telecommunications and information services in a broad sense in accordance with the prevailing laws and regulations.\n\n(c)\n\nInvesting, including in the form of equity contribution in other companies, in line with and to achieve the purposes and objectives of the Company.\n\nF-7\n\n[Table of Contents](#TOC)\n\nii.   Supporting business:\n\n(a)Providing payment transactions and money transfer services through telecommunications and information networks.\n\n(b)Performing other activities and undertakings in connection with the optimization of the Company’s resources, which includes the utilization of the Company’s property and equipment and movable assets, information systems, education and training, and repair and maintenance facilities.\n\n(c)Collaborating with other parties in order to optimize the information and communication or technology resources owned by other service provider in information, communication and technology industry to achieve the purposes and objectives of the Company.\n\nThe Company is domiciled and headquartered in Bandung, West Java, located at Jalan Japati No.1, Bandung.\n\nThe Company was granted several networks and/or services provision licenses by the Government which are valid for an unlimited period of time, given that the Company complies with the prevailing laws and regulations and fulfills the obligation stated in those licenses. For every license issued by the Minister of Communication and Digital Affairs (“MoCD”), previously Minister of Communication and Information (“MoCI”), an evaluation is performed annually and an overall evaluation is performed every five years. The Company is obliged to submit reports of networks and/or services annually to the Indonesian Directorate General of Post and Informatics (“DGPI”), replacing the previously known as Indonesian Directorate General of Post and Telecommunications (“DGPT”).\n\nThe reports comprise of several information, such as network development progress, service quality standard achievement, number of customers, license payment, and universal service contribution. Meanwhile, for internet telephone services for public purpose, internet interconnection service, and internet access service, additional information is required, such as operational performance, customer segmentation, traffic, and gross revenue.\n\nDetails of these licenses are as follows:\n\n​\n\n**License**\n\n  ​ ​ ​\n\n**License No.**\n\n  ​ ​ ​\n\n**Type of service**\n\n  ​ ​ ​\n\n**Grant date/latest********renewal date**\n\nLicense to operate internet telephone services for public purpose\n\n​\n\n127/KEP/DJPPI/KOMINFO/3/2016\n\n​\n\nInternet telephone services for public purpose\n\n​\n\nMarch 30, 2016\n\nLicense to operate internet service provider\n\n​\n\n2176/KEP/M.KOMINFO/12/2016\n\n​\n\nInternet service provider\n\n​\n\nDecember 30, 2016\n\nLicense to operate content service provider\n\n​\n\n1040/KEP/M.KOMINFO/16/2017\n\n​\n\nContent service provider\n\n​\n\nMay 16, 2017\n\nLicense for the implementation of internet interconnection services\n\n​\n\n1004/KEP/M.KOMINFO/2018\n\n​\n\nInternet interconnection services\n\n​\n\nDecember 26, 2018\n\nLicense to operate data communication system services\n\n​\n\n046/KEP/M.KOMINFO/02/2020\n\n​\n\nData communication system services\n\n​\n\nAugust 3, 2020\n\nLicense of electronic money issuer and money transfer\n\n​\n\nBank Indonesia License 23/587/DKSP/Srt/B\n\n​\n\nElectronic money and money transfer service\n\n​\n\nJuly 1, 2021\n\nLicense to operate fixed network long distance direct line\n\n​\n\n073/KEP/M.KOMINFO/02/2021\n\n​\n\nFixed network long distance direct line\n\n​\n\nAugust 23, 2021\n\nLicense to operate fixed international network\n\n​\n\n082/KEP/M.KOMINFO/02/2021\n\n​\n\nFixed international network\n\n​\n\nOctober 8, 2021\n\nLicense to operate fixed closed network\n\n​\n\n094/KEP/M.KOMINFO/02/2021\n\n​\n\nFixed closed network\n\n​\n\nDecember 9, 2021\n\nLicense to operate circuit switched-based local fixed line network\n\n​\n\n095/KEP/M.KOMINFO/02/2021\n\n​\n\nCircuit switched-based and packet switched-based local fixed line network\n\n​\n\nDecember 9, 2021\n\n​\n\nF-8\n\n[Table of Contents](#TOC)\n\nb.   The Company’s Board of Commissioners, Board of Directors, Audit Committee, Corporate Secretary, and Internal Audit\n\ni.     Boards of Commissioners and Directors\n\nBased on the resolutions made at Annual General Meeting (“AGM”) of Stockholders of the Company as covered by Notarial Deed of Ashoya Ratam, S.H., M.Kn., No. 58 dated May 28, 2024, and No. 32 dated December 12, 2025, the composition of the Company’s Boards of Commissioners and Directors as of December 31, 2024 and 2025, respectively, were as follows:\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\n** **\n\nPresident Commissioner\n\n​\n\n-\n\n​\n\nAngga Raka Prabowo\n\n​\n\nPresident Commissioner/ Independent Commissioner\n\n​\n\nBambang Permadi\nSoemantri Brojonegoro\n\n​\n\n-\n\n​\n\nIndependent Commissioner\n\n​\n\nBono Daru Adji\n\n​\n\nRofikoh Rokhim\n\n​\n\nIndependent Commissioner\n\n​\n\nWawan Iriawan\n\n​\n\nIra Noviarti\n\n​\n\nIndependent Commissioner\n\n​\n\n-\n\n​\n\nDeswandhy Agusman\n\n​\n\nCommissioner\n\n​\n\nArya Mahendra Sinulingga\n\n​\n\nOssy Dermawan\n\n​\n\nCommissioner\n\n​\n\nIsmail\n\n​\n\nRionald Silaban\n\n​\n\nCommissioner\n\n​\n\nSilmy Karim\n\n​\n\nSilmy Karim\n\n​\n\nCommissioner\n\n​\n\nRizal Mallarangeng\n\n​\n\nRizal Mallarangeng\n\n​\n\nCommissioner\n\n​\n\nMarcelino Rumambo Pandin\n\n​\n\n-\n\n​\n\nCommissioner\n\n​\n\nIsa Rachmatarwata\n\n​\n\n-\n\n​\n\nPresident Director\n\n​\n\nRiriek Adriansyah\n\n​\n\nDian Siswarini\n\n​\n\nDirector of Enterprise & Business Service\n\n​\n\nF.M. Venusiana R.\n\n​\n\nVeranita Yosephine\n\n​\n\nDirector of Human Capital Management\n\n​\n\nAfriwandi\n\n​\n\nWilly Saelan\n\n​\n\nDirector of IT Digital\n\n​\n\nMuhamad Fajrin Rasyid\n\n​\n\nFaizal Rochmad Djoemadi\n\n​\n\nDirector of Finance and Risk Management\n\n​\n\nHeri Supriadi\n\n​\n\nArthur Angelo Syailendra\n\n​\n\nDirector of Legal & Compliance\n\n​\n\n-\n\n​\n\nAndy Kelana\n\n​\n\nDirector of Network\n\n​\n\nHerlan Wijanarko\n\n​\n\nNanang Hendarno\n\n​\n\nDirector of Strategic Business Development & Portfolio\n\n​\n\nBudi Setyawan Wijaya\n\n​\n\nSeno Soemadji\n\n​\n\nDirector of Wholesale &\n\n​\n\n​\n\n​\n\n​\n\n​\n\nInternational Service\n\n​\n\nBogi Witjaksono\n\n​\n\nBudi Satria Dharma Purba\n\n​\n\nDirector of Group Business Development\n\n​\n\nHonesti Basyir\n\n​\n\n-\n\n​\n\n​\n\n​\n\nF-9\n\n[Table of Contents](#TOC)\n\nii.    Audit Committee, Corporate Secretary, and Internal Audit\n\nThe composition of the Company’s Audit Committee, Corporate Secretary, and Internal Audit as of December 31, 2024 and 2025, respectively, were as follows:\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\nChairman\n\n​\n\nBono Daru Adji\n\n​\n\nDeswandhy Agusman\n\nMember\n\n​\n\nBambang Permadi\nSoemantri Brojonegoro\n\n​\n\nIra Noviarti\n\nMember\n\n​\n\nWawan Iriawan\n\n​\n\nRofikoh Rokhim\n\nMember\n\n​\n\nEdy Sihotang\n\n​\n\nAchmad Taufik\n\nMember\n\n​\n\nEmmanuel Bambang Suyitno\n\n​\n\nIrhoan Tanudiredja\n\nCorporate Secretary\n\n​\n\nOctavius Oky Prakarsa\n\n​\n\nJati Widagdo\n\nInternal Audit\n\n​\n\nMohamad Ramzy\n\n​\n\nMohamad Ramzy*\n\n*Based on the Notification Letter from the SVP Corporate Secretary No. Tel.03/LP 000/COP-M0000000/2026 dated March 5, 2026, to the Financial Services Authority regarding the Information about the Change of Head of Internal Audit Unit, Mr. Afdol Muftiasa has been appointed as the Company’s temporary SVP Internal Audit (Head of Internal Audit Unit). Accordingly, Mr. Mohamad Ramzy no longer serves in such position.\n\n​\n\n**c.   ** **Public offering of securities of the Company**\n\nThe Company's shares are listed and traded on the Indonesia Stock Exchange (“IDX”) and the New York Stock Exchange (“NYSE”) since November 14, 1995.\n\nOn June 16, 2015, the Company issued Continuous Bonds I Telkom Phase I 2015 with nominal of Rp2,200 billion for Series A with a seven-year period, Rp2,100 billion for Series B with a ten-year period, Rp1,200 billion for Series C with a fifteen-year period, and Rp1,500 billion for Series D with a thirty-year period, all of which are listed on the IDX (Note 20b).\n\n​\n\nF-10\n\n[Table of Contents](#TOC)\n\nd.   Subsidiaries\n\nAs of December 31, 2024 and 2025, the Company has consolidated the financial statements of all subsidiaries, both directly and indirectly owned, as follows (Notes 2b and 2d):\n\n**i.  ****Direct subsidiaries:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Start year of**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Total assets before**\n\n​\n\n​\n\n​\n\n​\n\n**operation**\n\n​\n\n**Percentage of ownership***\n\n​\n\n**elimination**\n\n**Subsidiary**\n\n  ​ ​\n\n**Nature of business**\n\n  ​ ​\n\n**commencement**\n\n  ​ ​\n\n**2024**\n\n  ​ ​\n\n**2025**\n\n  ​ ​\n\n**2024**\n\n  ​ ​\n\n**2025**\n\nPT Telekomunikasi Selular (“**Telkomsel**”)\n\n​\n\nMobile telecommunication,fixed broadband,network service, and internet protocol television (\"IPTV\")\n\n \n\n1995\n\n \n\n70\n\n \n\n70\n\n \n\n116,965\n\n \n\n114,388\n\nPT Dayamitra Telekomunikasi Tbk.(“**Mitratel**”)\n\n​\n\nLeasing of towers and digital support services for mobile infrastructure\n\n \n\n1995\n\n \n\n72\n\n \n\n72\n\n \n\n58,131\n\n \n\n58,345\n\nPT Telekomunikasi Indonesia International (“**Telin**”)\n\n​\n\nInternational telecommunication and information services\n\n \n\n1995\n\n \n\n100\n\n \n\n100\n\n \n\n17,173\n\n \n\n19,540\n\nPT Multimedia Nusantara (“**Metra**”)\n\n​\n\nNetwork telecommunication services and multimedia\n\n \n\n1998\n\n \n\n100\n\n \n\n100\n\n \n\n17,959\n\n \n\n17,250\n\nPT Telkom Data Ekosistem (“**TDE**”)\n\n​\n\nData center\n\n \n\n1996\n\n \n\n100\n\n \n\n100\n\n \n\n8,394\n\n \n\n9,871\n\nPT Telkom Satelit Indonesia (“**Telkomsat**”)\n\n​\n\nTelecommunication - provides satellite communication system and its related services\n\n​\n\n1996\n\n​\n\n100\n\n​\n\n100\n\n​\n\n8,845\n\n​\n\n8,230\n\nPT Sigma Cipta Caraka (“**Sigma**”)\n\n​\n\nHardware and software computer consultation service\n\n \n\n1988\n\n \n\n100\n\n \n\n100\n\n \n\n6,185\n\n \n\n5,392\n\nPT Graha Sarana Duta (\"**GSD**\")\n\n​\n\nDeveloper, trade, service and transportation\n\n​\n\n1982\n\n​\n\n100\n\n​\n\n100\n\n​\n\n5,460\n\n​\n\n5,170\n\nPT Telkom Akses (“**Telkom Akses**”)\n\n​\n\nConstruction, service and trade in the field of telecommunication\n\n \n\n2013\n\n \n\n100\n\n \n\n100\n\n \n\n4,480\n\n \n\n4,244\n\nPT Telkom Infrastruktur Indonesia (“**TIF**”)\n\n​\n\nNetwork telecommunication and information services\n\n​\n\n2024\n\n​\n\n100\n\n​\n\n100\n\n​\n\n3,048\n\n​\n\n3,944\n\nPT Metra-Net (“**Metra-Net**”)\n\n​\n\nMultimedia portal service\n\n \n\n2009\n\n \n\n100\n\n \n\n100\n\n \n\n2,096\n\n \n\n1,883\n\nPT Infrastruktur Telekomunikasi Indonesia (“**Telkom Infra**”)\n\n​\n\nDeveloper service and trading in the field of telecommunication\n\n​\n\n2014\n\n​\n\n100\n\n​\n\n100\n\n​\n\n1,359\n\n​\n\n1,226\n\nPT PINS Indonesia (“**PINS**”)\n\n​\n\nTrade in telecommunication devices\n\n​\n\n1995\n\n​\n\n100\n\n​\n\n100\n\n​\n\n733\n\n​\n\n550\n\nPT Napsindo Primatel Internasional (“**Napsindo**”)\n\n​\n\nTelecommunication - provides Network Access Point (\"NAP\"), Voice Over Data (\"VOD\") and other related services\n\n \n\n1999; ceased operations on January 13, 2006\n\n \n\n60\n\n \n\n60\n\n \n\n5\n\n \n\n5\n\n*  Percentage of ownership amounting to 99.99% is presented with rounding of 100%.\n\nAll direct subsidiaries are domiciled in Indonesia.\n\n​\n\nF-11\n\n[Table of Contents](#TOC)\n\n**ii.   ****Indirect subsidiaries:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Start year of**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Total assets before**\n\n​\n\n​\n\n​\n\n​\n\n**operation**\n\n​\n\n**Percentage of ownership***\n\n​\n\n**elimination**\n\n**Subsidiary**\n\n  ​ ​\n\n**Nature of business**\n\n  ​ ​\n\n**commencement**\n\n  ​ ​\n\n**2024**\n\n  ​ ​\n\n**2025**\n\n  ​ ​\n\n**2024**\n\n  ​ ​\n\n**2025**\n\nPT Metra Digital Investama Ventura (“**MDI**”)\n\n​\n\nTrading, information and multimedia technology, entertainment and investment services\n\n \n\n2013\n\n \n\n100\n\n \n\n100\n\n \n\n9,110\n\n \n\n9,054\n\nTelekomunikasi Indonesia International Pte. Ltd. (\"**Telin Singapore**\"), *domiciled in Singapore*\n\n​\n\nTelecommunication and related services\n\n \n\n2008\n\n \n\n100\n\n \n\n100\n\n \n\n6,090\n\n \n\n7,102\n\nTelekomunikasi Indonesia International Ltd. (\"**Telin Hong Kong**\"), *domiciled in Hong Kong*\n\n​\n\nInvestment holding and telecommunication services\n\n \n\n2010\n\n \n\n100\n\n \n\n100\n\n \n\n3,624\n\n \n\n3,530\n\nNeutraDC Singapore Pte. Ltd. (**“NeutraDC Singapore”**) *domiciled in Singapore*\n\n​\n\nData center\n\n​\n\n2024\n\n​\n\n100\n\n​\n\n100\n\n​\n\n3,478\n\n​\n\n2,379\n\nPT Teknologi Data Infrastruktur (“**TDI**”)\n\n​\n\nTelecommunication service and data center\n\n​\n\n2013\n\n​\n\n60\n\n​\n\n60\n\n​\n\n1,424\n\n​\n\n2,261\n\nPT Telkom Landmark Tower (“**TLT**”)\n\n​\n\nProperty development and management services\n\n \n\n2012\n\n \n\n55\n\n \n\n55\n\n \n\n2,120\n\n \n\n2,148\n\nPT Infomedia Nusantara (“**Infomedia**”)\n\n​\n\nInformation provider services, contact center and content directory\n\n​\n\n1984\n\n​\n\n100\n\n​\n\n100\n\n​\n\n2,187\n\n​\n\n1,968\n\nPT Persada Sokka Tama (\"**PST**\")\n\n​\n\nLeasing of towers and other telecommunication services\n\n​\n\n2008\n\n​\n\n100\n\n​\n\n100\n\n​\n\n1,621\n\n​\n\n1,754\n\nPT Finnet Indonesia (“**Finnet**”)\n\n​\n\nInformation technology services\n\n​\n\n2006\n\n​\n\n60\n\n​\n\n60\n\n​\n\n1,383\n\n​\n\n1,450\n\nPT Nuon Digital Indonesia (“**Nuon**”)\n\n​\n\nDigital content exchange hub services\n\n​\n\n2010\n\n​\n\n100\n\n​\n\n100\n\n​\n\n1,393\n\n​\n\n1,412\n\nTelekomunikasi Indonesia International (TL) S.A. (\"**Telkomcel**\"), *domiciled in Timor Leste*\n\n​\n\nTelecommunication networks, mobile, internet, and data services\n\n​\n\n2012\n\n​\n\n100\n\n​\n\n100\n\n​\n\n1,035\n\n​\n\n1,297\n\nPT Telkomsel Mitra Inovasi (“**TMI**”)\n\n​\n\nBusiness management consulting and investment services\n\n \n\n2019\n\n​\n\n100\n\n​\n\n100\n\n​\n\n1,040\n\n​\n\n1,014\n\nPT Metra Digital Media (“**MD Media**”)\n\n​\n\nTelecommunication information and other information services\n\n \n\n2013\n\n \n\n100\n\n \n\n100\n\n \n\n876\n\n \n\n859\n\nPT Administrasi Medika (“**Ad Medika**”)**\n\n​\n\nHealth insurance administration services\n\n​\n\n2002\n\n​\n\n100\n\n​\n\n100\n\n​\n\n702\n\n​\n\n747\n\nPT Digital Aplikasi Solusi (\"**Digiserve**\")\n\n​\n\nCommunication system services\n\n \n\n2014\n\n \n\n100\n\n \n\n100\n\n \n\n441\n\n \n\n507\n\nPT Ultra Mandiri Telekomunikasi (\"**UMT**\")\n\n​\n\nTelecommunication network infrastructure services\n\n \n\n2019\n\n \n\n100\n\n \n\n100\n\n \n\n366\n\n \n\n430\n\nTelekomunikasi Indonesia International (USA) Inc.(“**Telin USA**”), *domiciled in USA*\n\n​\n\nTelecommunication and information services\n\n \n\n2014\n\n \n\n100\n\n \n\n100\n\n \n\n267\n\n \n\n392\n\nPT Swadharma Sarana Informatika (“**SSI**”)\n\n​\n\nCash replenishment services and Automated Teller Machines (\"ATM\") maintenance\n\n​\n\n2001\n\n​\n\n51\n\n​\n\n51\n\n​\n\n380\n\n​\n\n379\n\nPT Telkomsel Ekosistem Digital (\"**TED**\")\n\n​\n\nBusiness management consulting services and investment and/or investment in other companies\n\n \n\n2021\n\n \n\n100\n\n \n\n100\n\n \n\n451\n\n \n\n304\n\nPT Nusantara Sukses Investasi (“**NSI**”)\n\n​\n\nService and trading\n\n \n\n2014\n\n \n\n100\n\n \n\n100\n\n \n\n288\n\n \n\n286\n\nPT Graha Yasa Selaras (”**GYS**”)\n\n​\n\nTourism and hospitality services\n\n \n\n2012\n\n \n\n51\n\n \n\n51\n\n \n\n277\n\n \n\n261\n\nPT Metra TV (“**Metra TV**”)\n\n​\n\nSubscription broadcasting services\n\n​\n\n2013\n\n​\n\n100\n\n​\n\n100\n\n​\n\n57\n\n​\n\n255\n\nPT Nutech Integrasi (“**Nutech**”)\n\n​\n\nSystem integrator service\n\n​\n\n2001\n\n​\n\n60\n\n​\n\n60\n\n​\n\n224\n\n​\n\n242\n\nTS Global Network Sdn. Bhd. (“**TSGN**”), *domiciled in Malaysia*\n\n​\n\nSatellite services\n\n \n\n1996\n\n \n\n70\n\n \n\n70\n\n \n\n357\n\n \n\n210\n\nPT Collega Inti Pratama (\"**CIP**\")\n\n​\n\nTrading and services\n\n​\n\n2001\n\n​\n\n70\n\n​\n\n70\n\n​\n\n196\n\n​\n\n195\n\nPT Graha Telkomsigma (\"**GTS**\")\n\n​\n\nManagement and consultation services\n\n​\n\n1999\n\n​\n\n100\n\n​\n\n100\n\n​\n\n165\n\n​\n\n163\n\nTelekomunikasi Indonesia International (Malaysia) Sdn. Bhd. (”**Telin Malaysia**”), *domiciled in Malaysia*\n\n​\n\nTelecommunication and information services\n\n​\n\n2013\n\n​\n\n70\n\n​\n\n70\n\n​\n\n144\n\n​\n\n152\n\nPT Media Nusantara Data Global (\"**MNDG**\")\n\n​\n\nConsultation services of hardware, software, data center, and internet exchange\n\n \n\n2012\n\n \n\n55\n\n \n\n55\n\n \n\n127\n\n \n\n128\n\nTelekomunikasi Indonesia International (Australia) Pty. Ltd. (“**Telin Australia**”), *domiciled in Australia*\n\n​\n\nTelecommunication and information services\n\n​\n\n2013\n\n​\n\n100\n\n​\n\n100\n\n​\n\n52\n\n​\n\n58\n\nPT Pojok Celebes Mandiri (\"**PCM**\")\n\n​\n\nTravel agent services\n\n \n\n2008\n\n \n\n100\n\n \n\n100\n\n \n\n69\n\n \n\n52\n\nPT Metraplasa (“**Metraplasa**”)\n\n​\n\nNetwork and e-commerce services\n\n​\n\n2012; ceased operations on October, 2020\n\n​\n\n60\n\n​\n\n60\n\n​\n\n29\n\n​\n\n29\n\n*  Percentage of ownership amounting to 99.99% is presented into rounding of 100%.\n\n** Note 1.e.iii.\n\nOther than those specifically stated, indirect subsidiaries are domiciled in Indonesia.\n\n​\n\nF-12\n\n[Table of Contents](#TOC)\n\n**e.   Other important information**\n\ni.    Mitratel\n\nShare buyback\n\nOn March 6, 2023, Mitratel announced another share buyback owned by the public, with a maximum number of 7.88% of Mitratel’s issued and fully paid shares. The share buyback period is 18 (eighteen) months starting from April 14, 2023 to October 13, 2024. As of December 31, 2024, Mitratel has conducted share buyback amounting to 1,095,945,900 shares or equivalent to Rp704 billion.\n\nOn July 18, 2025, Mitratel announced the plan to share buyback owned by the public, with a maximum number of 4.12% of Mitratel’s issued and fully paid shares. The share buyback period is 12 (twelve) months starting from August 26, 2025, to August 25, 2026. As of December 31, 2025, Mitratel has conducted share buyback amounting to 131,491,800 shares or equivalent to Rp79 billion.\n\nAcquisition of entity under common control\n\nBased on Notarial Deed of Shinta Dewi, S.H., No. 2 and No. 3 dated December 2, 2024, Mitratel entered into Share Purchase Agreement with PT Pembangunan Perumahan Infrastruktur (\"PPIN\") and Yayasan Kesejahteraan Karyawan Pembangunan Perumahan (\"YKPP\") for the acquisition of 100% shares of UMT. This transaction represents a business combination of entities under common control, where the ultimate controlling shareholder of both Mitratel and UMT is the Government. As a result of this transaction, Mitratel obtained control of UMT.\n\nThe difference between the consideration transferred and the carrying amount of the investment acquired from this transaction has been recognized in Retained Earnings within the consolidated statements of changes in equity, with the following details:\n\n​\n\n​\n\n​\n\n​\n\nConsideration paid\n\n  ​ ​ ​\n\n650\n\nBook value of UMT’s equity at the acquisition date\n\n \n\n(91)\n\nDifference in value of restructuring transactions of entites under common control\n\n \n\n559\n\n​\n\n​\n\nii.   TDI\n\nBased on Notarial Deed of Jimmy Tanal, S.H., M.Kn., No. 313 dated October 14, 2024, the shareholders of TDI approved the issuance of 8,050,000 new shares. Of these, TDE acquired 4,830,000 shares or amounting to Rp483 billion; Nxera ID Pte. Ltd. (formerly known as ST Dynamo ID Pte. Ltd.) acquired 2,817,500 shares or amounting to Rp282 billion; and PT Medco Power Indonesia acquired 402,500 shares or amounting to Rp40 billion.\n\nBased on Notarial Deed of Jimmy Tanal, S.H., M.Kn., No. 238 dated December 22, 2025, the shareholders of TDI approved the issuance of 7,315,000 new shares. Of these, TDE acquired 4,620,000 shares or amounting to Rp462 billion; and Nxera ID Pte. Ltd. acquired 2,695,000 shares or amounting to Rp270 billion.\n\niii.   Ad Medika and its subsidiary\n\nOn March 4, 2026, Metra entered into a Conditional Sale and Purchase Agreement (CSPA) with Global Assistance and Healthcare (Singapore) Pte. Ltd. in relation to the planned divestment of its entire ownership interest in Ad Medika and its subsidiary. As of December 31, 2025, the divestment transaction has not yet been completed and control is still retained by the Company.\n\nF-13\n\n[Table of Contents](#TOC)\n\nThe major classes of assets and liabilities of Ad Medika and its subsidiary classified as held for sale as of December 31, 2025 are, as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n  ​ ​ ​\n\n**Assets**\n\n​\n\n​\n\nCash and cash equivalents\n\n \n\n413\n\nTrade receivables\n\n \n\n157\n\nOthers (each below Rp100 billion)\n\n \n\n181\n\n**Assets held for sale**\n\n** **\n\n**751**\n\n​\n\n​\n\n​\n\n**Liabilities**\n\n \n\n  ​\n\nCustomer deposits\n\n \n\n(247)\n\nOthers (each below Rp100 billion)\n\n \n\n(219)\n\n**Liabilities directly associated with the assets held for sale**\n\n** **\n\n**(466)**\n\n​\n\n​\n\n​\n\n**Assets held for sale - net**\n\n** **\n\n**285**\n\n​\n\n**f.   Completion and authorization for the issuance of the consolidated financial statements**\n\nThe Company’s management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards, which have been completed and authorized for issuance by the Board of Directors of the Company on May 15, 2026.\n\n​\n\n2.  SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION\n\nThe consolidated financial statements of the Company and its subsidiaries (collectively referred to as “the Group”) have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).\n\na.   Basis of preparation of the consolidated financial statements\n\nThe consolidated financial statements, except for the consolidated statements of cash flows, are prepared on the accrual basis. The measurement basis used is historical cost, except for certain accounts which are measured using the basis mentioned in the relevant notes herein.\n\nThe consolidated statements of cash flows are prepared using the direct method and present the changes in cash and cash equivalents from operating, investing, and financing activities.\n\nThe reporting currency in the consolidated financial statements is the Indonesian Rupiah (“Rp”) which is also the functional currency of the Group, except for subsidiaries whose functional currencies are the U.S. Dollar, Australian Dollar, Singapore Dollar, and Malaysian Ringgit.\n\nFigures in the consolidated financial statements containing values under Rp1 billion and US$1 million are presented with zero.\n\nThe consolidated financial statements provide comparative information in respect of the previous period.\n\nF-14\n\n[Table of Contents](#TOC)\n\nThe following amendments, which are effective for annual periods beginning on or after January 1, 2025, are applicable and does not have any material impact to the consolidated financial statements of the Group, unless otherwise stated.\n\n​\n\nAmendments to IAS 21: Lack of exchangeability\n\nThe amendment to IAS 21 specifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking.\n\nb.   Principles of consolidation\n\nThe consolidated financial statements consist of the financial statements of the Company and the subsidiaries over which it has control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has power over the investee, exposure, or rights, to variable returns from its involvement with the investee, and the ability to use its power over the investee to affect its returns.\n\nGenerally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:\n\n​\n\ni.\n\nthe contractual arrangement with the other vote holders of the investee;\n\nii.\n\nrights arising from other contractual arrangements; and\n\niii.\n\nthe Group's voting rights and potential voting rights.\n\nThe Group re-assesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control over the subsidiary. Assets, liabilities, income, and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statements of financial position and the consolidated statements of profit or loss and other comprehensive income from the date the Group gains financial control until the date the Group ceases to control the subsidiary.\n\nProfit or loss and each component of other comprehensive income (“OCI”) are attributed to the equity holders of the Company and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance.\n\nAll intra-Group assets and liabilities, equity, revenue and expenses, and cash flow relating to transactions within Group are fully eliminated on consolidation.\n\nIn case of loss of control over a subsidiary, the Group:\n\ni.derecognizes the assets (including goodwill) and liabilities of the subsidiary at the carrying amounts on the date when it loses control;\n\nii.derecognizes the carrying amounts of any non-controlling interests of its former subsidiary on the date when it loses control;\n\niii.recognizes the fair value of the consideration received (if any) from the transaction, events, or condition that caused the loss of control;\n\niv.recognizes the fair value of any investment retained in the subsidiary at fair value on the date of loss of control; and\n\nv.recognizes any surplus or deficit in profit or loss that is attributable to the Group.\n\nF-15\n\n[Table of Contents](#TOC)\n\nc.   Transactions with related parties\n\nThe Group has transactions with related parties. The definition of related parties used is in accordance with IAS 24: Related Party Disclosures. The party which is considered a related party is a person or entity that is related to the entity that is preparing its financial statements.\n\nKey management personnel are identified as the persons having authority and responsibility for planning, directing, and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of the Group. The related party status extends to the key management of the subsidiaries to the extent they direct the operations of subsidiaries with minimal involvement from the Company’s management.\n\nd.   Business combinations and goodwill\n\nBusiness combination is accounted for using the acquisition method. The consideration transferred is measured at fair value, which is the aggregate of the fair value of the assets transferred, liabilities incurred or assumed, and the equity instruments issued in exchange for control of the acquiree. For each business combination, non-controlling interest is measured at fair value or at the proportionate share of the acquiree’s identifiable net assets. The measurement basis is selected on a transaction-by-transaction basis. Acquisition-related costs are expensed as incurred. The acquiree’s identifiable assets and liabilities are recognized at their fair values at the acquisition date.\n\nGoodwill is initially measured at cost, which represents the excess of the aggregate consideration transferred and the amount recognized for non-controlling interests, and any previous interest held, over the net identifiable assets acquired and liabilities assumed. If the fair value of the acquired net assets exceeds the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed, and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the re-assessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in profit or loss.\n\nAny contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9: Financial Instruments is measured at fair value with the changes in fair value recognized in the statements of profit or loss in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at each reporting date with changes in fair value recognized in profit or loss.\n\nIf the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group shall report in its consolidated financial statements provisional amounts for the items for which the accounting is incomplete. During the measurement period, the Group shall retrospectively adjust the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date and, if known, would have affected the measurement of the amounts recognized as of that date. The measurement period ends immediately after the Company receives the information about the facts and circumstances that existed at the acquisition date or learns that additional information cannot be obtained. However, the measurement period must not exceed one year from the date of acquisition.\n\nIn a business combination achieved in stages, the acquirer remeasures its previously held equity interest in the acquiree at its acquisition-date fair value and recognizes the resulting gain or loss, if any, in profit or loss.\n\nF-16\n\n[Table of Contents](#TOC)\n\nBusiness combination between businesses or entities under common control does not result in a change of the economic substance of the ownership of assets, liabilities, shares or other instruments of ownership, which are exchanged, assets or liabilities transferred are recorded at book value using the pooling-of-interests method. The difference between the consideration transferred and the carrying amount of the investment acquired from the transaction is recognized directly in retained earnings.\n\ne.   Cash and cash equivalents\n\nCash and cash equivalents in the  consolidated statements of financial position comprise cash in banks and on hand and short-term highly liquid deposits with a maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.\n\nTime deposits with maturities of more than three months but not more than one year are presented as part of “Other current financial assets” in the consolidated statements of financial position.\n\nf.    Inventories\n\nInventories consist of Subscriber Identification Module (“SIM”) cards, and prepaid vouchers which are expensed upon sale.\n\nInventories are valued at the lower of cost and net realizable value. Net realizable value is determined by either estimating the selling price in the ordinary course of business, less estimated cost to sell or determining the prevailing replacement costs.\n\nThe costs of inventories consist of the purchase price, import duties, other taxes, transport, handling, and other costs directly attributable to their acquisition.\n\nCost is determined using the weighted average method.\n\nThe amounts of any write-down of inventories below cost to net realizable value and all losses of inventories are recognized as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of inventories, arising from an increase in net realizable value, is recognized as a reduction in the amount of general and administrative expenses in the year in which the reversal occurs.\n\nProvision for obsolescence is primarily based on the estimated forecast of future usage of these inventory items.\n\ng.    Prepaid expenses\n\nPrepaid expenses are amortized over their future beneficial periods using the straight-line method. Prepaid expenses are presented in the consolidated statements of financial position as part of other current assets and other non-current assets.\n\n**h****.    Non-current assets held for sale**\n\nAssets (or disposal groups) are classified as assets held for sale when their carrying amount will be recovered principally through a sale transaction rather than through continuing use, and the sale is highly probable. These assets are measured at the lower of their carrying amount and fair value less costs to sell.\n\nAn asset (or disposal group) is considered available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (or disposal groups), and its sale must be highly probable.\n\nF-17\n\n[Table of Contents](#TOC)\n\nThe assets (or disposal groups) classified as held for sale are presented separately from the other assets in the consolidated statements of financial position. The liabilities of disposal group classified as held for sale are presented separately from the other liabilities in the consolidated statements of financial position.\n\ni.    Intangible assets\n\nIntangible assets are recognized if it is highly probable that the expected future economic benefits that are attributable to each asset will flow to the Group, and the cost of the asset can be reliably measured.\n\nIntangible assets are stated at cost less accumulated amortization and impairment losses (if any). Intangible assets are amortized over their estimated useful lives. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of the reporting period. The Group estimates the recoverable value of its intangible assets. When the carrying amount of an intangible asset exceeds its estimated recoverable amount, the asset is written down to its estimated recoverable amount.\n\nIntangible assets except goodwill, are amortized using the straight-line method, based on the estimated useful lives of the intangible assets as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n**Years**\n\nSoftware\n\n \n\n3-6\n\nLicense\n\n \n\n3-20\n\nOther intangible assets\n\n \n\n3-30\n\n​\n\nIntangible assets are derecognized on disposal, or when no further economic benefits are expected, either from further use or from disposal. The difference between the carrying amount and the net proceeds received from disposal is recognized in the consolidated statements of profit or loss and other comprehensive income.\n\nj.    Property and equipment\n\nProperty and equipment are stated at cost less accumulated depreciation, and impairment losses (if any).\n\nThe cost of an item of property and equipment includes: (a) purchase price; (b) any costs directly attributable to bringing the asset to its location and condition; and (c) the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located. Each part of an item of property and equipment with a cost that is significant in relation to the total cost of the item is depreciated separately.\n\nF-18\n\n[Table of Contents](#TOC)\n\nProperty and equipment are depreciated using the straight-line method based on the estimated useful lives of the assets as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n**Years**\n\nBuildings\n\n \n\n10-50\n\nLeasehold improvements\n\n \n\n3-10\n\nSwitching equipment\n\n \n\n3-15\n\nTelegraph, telex, and data communication equipment\n\n \n\n15\n\nTransmission installation and equipment\n\n \n\n3-40\n\nSatellite, earth station, and equipment\n\n \n\n4-20\n\nCable network\n\n \n\n3-25\n\nDrop cable\n\n \n\n5\n\nPower supply\n\n \n\n4-25\n\nData processing equipment\n\n \n\n4-20\n\nOther telecommunication peripherals\n\n \n\n3-5\n\nOffice equipment\n\n \n\n2-5\n\nVehicles\n\n​\n\n4-8\n\nOther equipment\n\n \n\n2-5\n\n​\n\nSignificant expenditures related to leasehold improvements are capitalized and depreciated over the lease term.\n\nThe depreciation method, useful life, and residual value of an asset are reviewed at least at each financial year-end and adjusted, if appropriate. The residual value of an asset is the estimated amount that the Group would currently obtain from disposal of the asset, after deducting the estimated costs of disposal, if the asset is already of the age and in the condition expected at the end of its useful life.\n\nProperty and equipment acquired in exchange for a non-monetary asset or for a combination of monetary and non-monetary assets are measured at fair value unless, (i) the exchange transaction lacks commercial substance; or (ii) the fair value of neither the asset received, nor the asset given up is measured reliably.\n\nMajor spare parts and standby equipment that are expected to be used for more than 12 months are recorded as part of property and equipment.\n\nWhen assets are retired or otherwise disposed of, their cost and the related accumulated depreciation are derecognized from the consolidated statements of financial position and the resulting gains or losses on the disposal or sale of the property and equipment are recognized in the consolidated statements of profit or loss and other comprehensive income.\n\nCertain computer hardware cannot be used without the availability of certain computer software. In such circumstance, the computer software is recorded as part of the computer hardware. If the computer software is independent from its computer hardware, it is recorded as part of intangible assets.\n\nThe cost of maintenance and repairs are charged to the consolidated statements of profit or loss and other comprehensive income as incurred. Significant renewals and improvements are capitalized to related property and equipment account.\n\nThe Group recognizes the cost of replacing part of a property and equipment in the carrying amount of the property and equipment, and derecognizes the carrying amount of the replaced part of the asset.\n\nProperty under construction is stated at cost less impairment (if any), until the construction is completed, at which time it is reclassified to the property and equipment account to which it relates.\n\nF-19\n\n[Table of Contents](#TOC)\n\nDuring the construction period and until the property is ready for its intended use or sale, borrowing costs, which include interest expense and foreign currency exchange differences incurred on loans obtained to finance the construction of the asset, as long as it meets the definition of a qualifying asset are, capitalized in proportion to the average amount of accumulated expenditures during the period. Capitalization of borrowing cost ceases when the construction is completed, and the asset is ready for its intended use or sale.\n\nk.    Leases\n\nThe Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The lease term corresponds to the non-cancellable period of each contract, except in cases where the Group is reasonably certain of exercising renewal options contractually foreseen.\n\nThe Group has made use of the package of practical expedients available within IFRS 16, which among other things:\n\n●the use of a single discount rate to a portfolio of leases with reasonably similar characteristics;\n\n●the accounting for operating leases with a remaining lease term of less than 12 months as short-term leases;\n\n●the exemption of initial direct costs for the measurement of the right-of-use assets (“ROU”) as short-term leases;\n\n●the use of hindsight in determining the lease term where the contract contains options to extend or terminate the lease;\n\n●not separating non-lease components from lease components, and instead, account for both as a single lease component; and\n\n●not recognizing a lease liability and a ROU asset for leases where the underlying assets are low-value assets (i.e. underlying assets with a maximum value of US$5,000 or Rp50 million when it is new).\n\nThe Group applies the definition of a lease and related guidance set out in IFRS 16 to all lease contracts.\n\ni.\n\nThe Group as lessee\n\nThe Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and ROU assets representing the right to use the underlying assets.\n\nThe Group recognizes ROU assets at the commencement date of the lease. ROU assets are measured at cost, less any accumulated amortization and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of ROU assets includes the amount of lease liabilities recognized, initial direct costs incurred, restoration costs and lease payments made at or before the commencement date less any lease incentives received.\n\nROU assets are amortized on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**Years**\n\nLand rights\n\n \n\n1-50\n\nBuildings\n\n \n\n1-30\n\nTransmission installation and equipment\n\n \n\n1-25\n\nVehicles\n\n \n\n1-6\n\nOthers\n\n \n\n1-6\n\n​\n\nF-20\n\n[Table of Contents](#TOC)\n\nIf ownership of the ROU asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The ROU assets are subject to impairment in accordance with IAS 36: Impairment of Assets.\n\nLease liabilities\n\nAt the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which the event or condition that triggers the payment occurs.\n\nIn calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments, or a change in the assessment of an option to purchase the underlying asset.\n\nShort-term leases with a duration of less than 12 months and low-value assets leases, as well as those lease elements, partially or totally not complying with the principles of recognition defined by IFRS 16 will be treated similarly to operating leases. The Group will recognize those lease payments on a straight-line basis over the lease term in the consolidated statements of profit or loss and other comprehensive income.\n\nii.\n\nThe Group as lessor\n\nUnder IFRS 16, a lessor continues to classify leases as either finance leases or operating leases and account for those two types of leases differently. Leases in which the Group transfers substantially all the risks and rewards incidental to ownership of an asset are classified as finance leases, otherwise it will be classified as operating leases. Lease classification is made at the inception date and is reassessed only if there is a lease modification.\n\nAt the commencement date, the Group recognizes assets held under a finance lease at an amount equal to the net investment in the lease and present it as finance lease receivable. The net investment in the lease includes fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and residual value guarantees provided to the lessor by the lessee. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the lessee and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate.\n\nAs required by IFRS 9, an allowance for expected credit loss has been recognized on the finance lease receivables and presented under \"Other receivables\".\n\nRental income arising from operating leases is accounted for on a straight-line basis over the lease terms and is included in revenue in the consolidated statements of profit or loss and other comprehensive income due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the underlying asset and recognized over the lease term on the same basis as rental income. Contingent rents are recognized as revenue in the period in which they are earned.\n\nF-21\n\n[Table of Contents](#TOC)\n\nIf an arrangement contains lease and non-lease components, the Group applies IFRS 15 Revenue from Contracts with Customers to allocate the consideration in the contract. Revenue arising from operating lease is recorded as revenue from lessor transactions (Note 2n).\n\nl.   Borrowings\n\nBorrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated statements of profit or loss and other comprehensive income over the period of the borrowings using the effective interest method.\n\nFees paid on obtaining loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facilities will be drawn down. In this case, the fee is deferred until the drawdown occurs. To the extent there is no evidence that it is probable that some or all of the facilities will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facilities to which it relates.\n\nm.   Foreign currency translations\n\nTransactions in foreign currencies are translated into Indonesian Rupiah at the Reuters’ mid rates of exchange prevailing at transaction date. At the consolidated statements of financial position dates, monetary assets and liabilities denominated in foreign currencies are translated into Indonesian Rupiah based on the buy and sell rates quoted by Reuters prevailing at the consolidated statements of financial position dates, as follows (in full amount):\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2024**\n\n​\n\n**2025**\n\n​\n\n  ​ ​ ​\n\n**Buy**\n\n  ​ ​ ​\n\n**Sell**\n\n  ​ ​ ​\n\n**Buy**\n\n  ​ ​ ​\n\n**Sell**\n\nBritish Pound (“GBP”) 1\n\n \n\n20,198\n\n​\n\n20,212\n\n \n\n22,386\n\n​\n\n22,401\n\nUnited States Dollar (“US$”) 1\n\n \n\n16,090\n\n​\n\n16,100\n\n \n\n16,672\n\n​\n\n16,681\n\nAustralian Dollar (“AU$”) 1\n\n​\n\n9,995\n\n​\n\n10,009\n\n​\n\n11,136\n\n​\n\n11,149\n\nSingapore Dollar (“SGD”) 1\n\n​\n\n11,815\n\n​\n\n11,829\n\n​\n\n12,960\n\n​\n\n12,969\n\nNew Taiwan Dollar (“TWD”) 1\n\n \n\n490.07\n\n​\n\n490.52\n\n \n\n530.38\n\n​\n\n531.21\n\nEuro (\"EUR\") 1\n\n \n\n16,761\n\n​\n\n16,775\n\n \n\n19,541\n\n​\n\n19,556\n\nJapanese Yen (\"JPY\") 1\n\n​\n\n103.02\n\n​\n\n103.11\n\n \n\n106.45\n\n​\n\n106.52\n\nMalaysian Ringgit (\"MYR\") 1\n\n​\n\n3,591\n\n​\n\n3,601\n\n \n\n4,101\n\n​\n\n4,111\n\nHong Kong Dollar (“HKD”) 1\n\n​\n\n2,072\n\n​\n\n2,074\n\n​\n\n2,142\n\n​\n\n2,143\n\nMyanmar Kyat (“MMK”) 1\n\n​\n\n7.64\n\n​\n\n7.69\n\n \n\n7.91\n\n​\n\n7.97\n\n​\n\nThe result of foreign exchange gains or losses, realized and unrealized, are credited or charged to the consolidated statements of profit or loss and other comprehensive income of the current year, except for foreign exchange differences incurred on borrowings during the construction of qualifying assets which are capitalized to the extent that the borrowings can be attributed to the construction of those qualifying assets (Note 2j).\n\nn.   Revenue and expense recognition\n\nRevenue from contract with customers\n\nIFRS 15 establishes a comprehensive framework to determine how, when, and how much revenue is to be recognized. The standard provides a single principles-based five-step model for the determination and recognition of revenue to be applied to all contracts with customers. The standard also provides specific guidance requiring certain types of costs to obtain and/or fulfil a contract to be capitalized and amortized on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the capitalized cost relates.\n\nF-22\n\n[Table of Contents](#TOC)\n\nBelow is the summary of the Group’s revenue recognition accounting policy for each revenue stream:\n\ni.     Data, Internet and IT Service\n\nRevenues from data communication and internet are recognized based on service activity and performance which are measured by the duration of internet usage or based on the fixed amount of charges depending on the arrangements with customers. Revenues from sales, installation and implementation of computer software and hardware, computer data network installation service and installation are recognized when the goods and/or services are delivered to customers or the installation takes place. Revenue from computer software development service is recognized using the percentage-of completion method.\n\nFor services sold in bundled plan/solution, total consideration is allocated to performance obligations based on stand-alone selling price for each of the product and/or service. The Group estimates the stand-alone selling price using the price enacted if the services are sold on a stand-alone basis. Most bundled plans/solution sold by the Group only include services which are generally satisfied over the same period of time. Therefore, the revenue recognition pattern is generally not impacted by the allocation.\n\nii.    IndiHome\n\nRevenues from IndiHome service are derived from customer who subscribes to internet services or to bundled package with combination of consumer service (i.e. telephone, internet and data, and paid TV). Those services are offered on a postpaid basis and billed in the following month. The Group applies terms and conditions that requires the customer to pay substantive early termination penalty if the customer’s contract is ended at the customer’s request and/or fault within the first 12 months after the service is activated. After the initial 12-month period, the customer can decide to stop subscribing in accordance with the applicable terms and conditions without incurring any penalties. In accordance with IFRS 15, the contract period is 12 months, which is then followed by a monthly contract.\n\nAll IndiHome services are recognized using the output method based on the customer's actual usage or time elapsed basis as the customer simultaneously receives and consumes the benefits provided by the Group.\n\nCustomers are required to pay an upfront fee at the commencement of the contract. The upfront fee is considered to be a material right because the customer is not required to pay an upfront fee when the customer renews the service beyond the original contract period. The Group values the renewal option in the amount of the consideration received from the upfront fee for the installation service. The Group defers the amount of renewal option as contract liabilities and recognizes it as revenue on a straight-line basis over the expected customer life. The Group estimates the expected customer life based on the historical information and customer trends and updates the evaluation on an annual basis.\n\niii.   Interconnection\n\nRevenue from interconnection is mainly comprises of interconnections service or other telecommunications carriers’ subscriber calls to the Group’s subscribers (incoming call), calls between other telecommunications carriers’ subscribers through the Group’s network (transit), and network service with other telecommunications carriers. All of these services are recognized based on the output method using the basis of the actual recorded traffic for the month.\n\nF-23\n\n[Table of Contents](#TOC)\n\niv.    SMS, Fixed and Cellular Voice\n\nServices are offered on postpaid or prepaid basis. For prepaid services, initial package sales (also known as SIM cards and initial charging vouchers) and top-up vouchers are initially recognized as contract liabilities. The Group recognizes contract assets for the services from postpaid customers that have not been billed.\n\nThose services revenues are recognized based on output method, either per actual usage or allowance unit used (if the services are sold in plan basis), because the customer simultaneously receives and consumes the benefits provided by the Group.\n\nFor services sold in bundled plan, total consideration is allocated to performance obligations based on stand-alone selling price for each of the product and/or service. The Group estimates the stand-alone selling price using the price enacted if the services are sold on a stand-alone basis. Most bundled plans sold by the Group only include services which are generally satisfied over the same period of time. Therefore, the revenue recognition pattern is generally not impacted by the allocation.\n\nThe consideration that is received is allocated between the telecommunication services sold and the points issued, with the consideration allocated to points that are equal to its fair value. The fair value of the points that are issued is deferred and recognized as revenue when the points are redeemed, expired, or when the program is terminated.\n\nv.   Network and Other Telecommunication Services\n\nRevenues from network consist of revenues from leased lines and satellite transponder leases which are recognized over the period in which the services are rendered. Revenues from other telecommunications equipments or services are recognized when other telecommunications equipments or services are rendered to customers.\n\nContract assets\n\nA contract asset is initially recognized for revenue earned from delivery of goods or services because the receipt of consideration is conditional on certain milestones or upon completion of the project. Upon completion of the milestones or the project, the amount recognized as contract assets is reclassified to trade receivables.\n\nRefer to accounting policies on impairment of financial assets in section 2.q.i. Financial instruments - initial recognition and subsequent measurement.\n\nContract liabilities\n\nA contract liability is recognized if a payment is received, or a payment is due (whichever is earlier) from a customer before the Group transfers the related goods or services. Contract liabilities are recognized as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer).\n\nIncremental cost of obtaining and cost of fulfilling contract\n\nThe incremental costs of obtaining/fulfilling contracts with customers, which principally are comprised of sales commissions and contract fulfilment costs, are initially recognized on the consolidated statements of financial position as contract costs. These costs are subsequently amortized on a systematic basis that is consistent with the period and pattern of transfer to the customer of the related\n\nF-24\n\n[Table of Contents](#TOC)\n\nproducts or services. Costs that do not qualify as costs of obtaining/fulfilling contract with customers are expensed as incurred or in accordance with other relevant standards.\n\nAt the end of each reporting year, the Group evaluates whether there is an indication that capitalized contract costs may be impaired. An impairment exists when the carrying amount of the contract costs exceeds the amount expected to be received in exchange for goods and services. When impairment exists, an impairment loss is recognized in consolidated statements of profit or loss and other comprehensive income.\n\nRevenue from lessor transactions\n\nRevenue from lessor transactions comprises of revenue from telecommunication tower operating leases and other rental. Rental income is recognized on a straight-line basis over the lease term and is included in revenue in the statements of profit or loss due to its operating nature.\n\nExpenses\n\nExpenses are recognized as they are incurred.\n\no.   Employee benefits\n\ni.    Short-term employee benefits\n\nAll short-term employee benefits which consist of salaries and related benefits, vacation pay, incentives and other short-term benefits are recognized as expense on undiscounted basis when employees have rendered service to the Group.\n\nii.    Post-employment benefit plans and other long-term employee benefits\n\nPost-employment benefit plans consist of funded and unfunded defined benefit pension plans, defined contribution pension plan, other post-employment benefits, post-employment health care benefit plan, defined contribution health care benefit plan and obligations under the Labor Law.\n\nOther long-term employee benefits consist of Long Service Awards (“LSA”), Long Service Leave (“LSL”), and pre-retirement benefits.\n\nThe cost of providing benefits under post-employment benefit plans and other long-term employee benefits calculation is performed by an independent actuary using the projected unit credit method.\n\nThe net obligations in respect of the defined pension benefit plans and post-retirement health care benefit plan are calculated at the present value of estimated future benefits that the employees have earned in return for their service in the current and prior periods less the fair value of plan assets. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of Government bonds that are denominated in the currencies in which the benefits will be paid and that have terms to maturity approximating the terms of the related retirement benefit obligation. Government bonds are used as there are no deep markets for high quality corporate bonds.\n\nPlan assets are assets owned by defined benefit pension plan and post-retirement health care benefits plan as well as qualifying insurance policy. The assets are measured at fair value as of reporting dates. The fair value of qualifying insurance policy is deemed to be the present value of the related obligations (subject to any reduction required if the amounts receivable under the insurance policies are not recoverable in full).\n\nF-25\n\n[Table of Contents](#TOC)\n\nRemeasurement, comprising of actuarial gains and losses, the effect of the asset ceiling (excluding amounts included in net interest on the net defined benefit liability (asset)) and the return on plan assets (excluding amounts included in net interest on the net defined benefit liability (asset)) are recognized immediately in the consolidated statements of financial position with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods.\n\nPast service costs are recognized immediately in profit or loss on the earlier of:\n\n(a)\n\nthe date of plan amendment or curtailment; and\n\n(b)\n\nthe date that the Group recognized restructuring-related costs.\n\nNet interest is calculated by applying the discount rate to the net defined benefit liabilities or assets.\n\nGains or losses on curtailment are recognized when there is a commitment to make a material reduction in the number of employees covered by a plan or when there is an amendment of defined benefit plan terms such as that a material element of future services to be provided by current employees will no longer qualify for benefits, or will qualify only for reduced benefits.\n\nGains or losses on settlement are recognized when there is a transaction that eliminates all further legal or constructive obligation for part, or all of the benefits provided under a defined benefit plan (other than the payment of benefit in accordance with the program and included in the actuarial assumptions).\n\nFor defined contribution plans, the regular contributions constitute net periodic costs for the period in which they are due and, as such, are included in “personnel expenses” as they become payable.\n\nThe Group attributed benefits under the defined benefit plan’s benefit formula to periods of service from the date when employee service first leads to benefits under the plan until the date when further employee service will lead to no material amount of further benefits under the plan.\n\niii.   Early retirement benefit\n\nEarly retirement benefits are accrued at the time the Group makes a commitment to provide early retirement benefits as a result of an offer made in order to encourage voluntary resignation. A commitment to a termination arises when, and only when a detailed formal plan for the early retirement cannot be withdrawn.\n\np.   Taxes\n\nIncome tax\n\nCurrent and deferred income taxes are recognized as income or expense and included in the consolidated statements of profit or loss and other comprehensive income, except to the extent that the income tax arises from a transaction or event which is recognized directly in equity, in which case, the income tax is recognized directly in equity.\n\nCurrent income tax assets and liabilities are measured at the amounts expected to be recovered or paid by using the tax rates and tax laws that have been enacted or substantively enacted at each reporting date. Management periodically evaluates positions taken in Annual Tax Returns (\"*Surat Pemberitahuan Tahunan*\"/\"*SPT Tahunan*\") with respect to situations in which applicable tax regulation is subject to interpretation. Where appropriate, management establishes provisions based on the amounts expected to be paid to the Tax Authorities.\n\nF-26\n\n[Table of Contents](#TOC)\n\nTax assessments\n\nAmendment to taxation obligation is recorded when an assessment letter (\"*Surat Ketetapan Pajak*\" or \"SKP\") is received or, if appealed against, when the results of the appeal have been determined. The additional taxes and penalty imposed through SKP are recognized as revenue or expense in the current year profit or loss, unless objection/appeal is taken. The additional taxes and penalty imposed through SKP are deferred as long as they meet the asset recognition criteria.\n\nDeferred tax\n\nThe Group recognizes deferred tax assets and liabilities for temporary differences between the financial and tax bases of assets and liabilities at each reporting date. The Group also recognizes deferred tax assets resulting from the recognition of future tax benefits, such as the benefit of tax losses carried forward to the extent their future realization is probable. Deferred tax assets and liabilities are measured using enacted or substantively enacted tax rates and tax laws at each reporting date which are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.\n\nThe carrying amount of deferred tax assets is reviewed at each reporting date and reduced if it is no longer probable that sufficient taxable profit will be available to compensate part, or all of the benefits of deferred tax assets. Unrecognized deferred tax assets are re-assessed at each reporting date and recognized if it is probable that future taxable profits will be available for recovery. Tax deductions arising from the reversal of deferred tax assets are excluded from estimates of future taxable income.\n\nDeferred tax transactions which are recognized outside profit or loss. Therefore, deferred taxes on these transactions are recognized either in other comprehensive income or recognized directly in equity.\n\nDeferred tax assets and liabilities are offset in the consolidated statements of financial position, if and only if it has a legally enforceable right to set off current tax assets and liabilities and the deferred tax assets and liabilities relate to income taxes levied by the same Tax Authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities are expected to be recovered or settled.\n\nValue added tax (\"VAT\")\n\n​\n\nRevenues, expenses and assets are recognized net of the VAT amount except:\n\ni.\n\nVAT arising from the purchase of assets or services that cannot be credited by the Tax Office, which VAT is recognized as part of the acquisition cost of the asset or as part of the applied expenses; and\n\nii.\n\nReceivables and payables are presented including the amount of VAT.\n\nUncertainty over income tax treatments\n\nIFRIC 23: Uncertainty Over Income Tax Treatments stated that the recognition and measurement of tax assets and liabilities that contain uncertainty over income tax are determined by considering whether to be treated separately or together, the assumptions used in the examination of tax treatments by the Tax Authorities, consideration the probability that the Tax Authorities will accept uncertain tax treatment and re-consideration or estimation if there is a change in facts and circumstances.\n\nF-27\n\n[Table of Contents](#TOC)\n\nIf the acceptance of the tax treatment by the Tax Authorities is probable, the measurement is in line with income tax fillings. If the acceptance of the tax treatment by the Tax Authorities is not probable, the Group measures its tax balances using the method that provides the better prediction of resolution (i.e. most likely amount or expected value).\n\nFinal tax\n\nIndonesian tax regulations impose final tax on several types of transactions based on the gross value of the transaction. Therefore, final tax which is charged based on such transaction remains subject to tax even though the taxpayer incurred a loss on the transaction.\n\nFinal tax on construction services and leases are presented as part of “Other income-net”.\n\n**q.   ** **Financial instruments**\n\nThe Group classifies financial instruments into financial assets and financial liabilities. A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.\n\ni.     Financial assets\n\nInitial recognition and measurement\n\nFinancial assets are classified, at initial recognition, and subsequently measured at amortized cost, fair value through OCI (“FVTOCI”), and fair value through profit or loss (“FVTPL”).\n\nThe classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at FVTPL, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15.\n\nIn order for a financial asset to be classified and measured at amortized cost or FVTOCI, it needs to give rise to cash flows that are Solely Payments of Principal and Interest (“SPPI”) on the principal amount outstanding. This assessment is referred to as the solely payments of principal and interest test and is performed at an instrument level.\n\nThe Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.\n\nPurchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognized on the trade date, i.e., the date that the Group commits to sell the asset.\n\nF-28\n\n[Table of Contents](#TOC)\n\nSubsequent measurement\n\nFor purposes of subsequent measurement, financial assets are classified in four categories:\n\n(a)\n\nFinancial assets at amortized cost (debt instruments)\n\nThe Group measures financial assets at amortized cost if both of the following conditions are met:\n\n●The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and\n\n●The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.\n\nFinancial assets at amortized cost are subsequently measured using the effective interest rate (“EIR”) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. The Group’s financial assets at amortized cost consist of cash and cash equivalents, trade and other receivables, other current financial assets, and other non-current assets.\n\n(b)\n\nFinancial assets at FVTOCI with recycling of cumulative gains and losses (debt instruments)\n\nThe Group measures debt instruments at FVTOCI if both of the following conditions are met:\n\n●The financial asset is held within a business model with the objective of both holding to collect contractual cash flows and selling; and\n\n●The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.\n\nFor debt instruments at FVTOCI, interest income, foreign exchange revaluation, and impairment losses or reversals are recognized in the statements of profit or loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon derecognition, the cumulative fair value change recognized in OCI is recycled to profit or loss.\n\nF-29\n\n[Table of Contents](#TOC)\n\n(c)\n\nFinancial assets designated at FVTOCI with no recycling of cumulative gains and losses upon derecognition (equity instruments)\n\nUpon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at FVTOCI when they meet the definition of equity under IAS 32, Financial Instruments: Presentation and are not held for trading. The classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to consolidated statements of profit or loss and other comprehensive income. Dividends are recognized as other income in the statements of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at FVTOCI are not subject to impairment assessment. The Group’s financial assets at this category consists of long-term investments in financial instruments.\n\n(d)\n\nFinancial assets at FVTPL\n\nFinancial assets at FVTPL include financial assets held for trading, financial assets designated upon initial recognition at FVTPL, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that do not meet the SPPI requirement are classified and measured at FVTPL, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortized cost or at FVTOCI, as described above, debt instruments may be designated at FVTPL on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch.\n\nFinancial assets at FVTPL are carried in the consolidated statements of financial position at fair value with net changes in fair value recognized in the consolidated statements of profit or loss and other comprehensive income. The Group’s financial assets at FVTPL consists of other long-term investments in financial instruments and other current financial assets.\n\nExpected credit losses (“ECL”)\n\nThe Group recognizes an allowance for ECL for all debt instruments not held at FVTPL. ECL are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.\n\nECL are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECL are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).\n\nFor trade receivables and contract assets, the Group applies a simplified approach in calculating ECL. Therefore, the Group does not track changes in credit risk but instead recognizes a loss allowance based on lifetime ECL at each reporting date. The Group has established an allowance for expected credit loss methodology that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.\n\nF-30\n\n[Table of Contents](#TOC)\n\nThe Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. Trade receivables are written-off when there is a low possibility of recovering the contractual cash flow, after all collection efforts have been done and have been fully provided for allowance.\n\nii.    Financial liabilities\n\nInitial recognition and measurement\n\nFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables or as derivatives designated as hedging instruments in an effective hedge, as appropriate.\n\nAll financial liabilities are recognized initially at fair value and, in the case of loan and borrowings and payables, net of directly attributable transaction costs.\n\nThe Group classifies its financial liabilities as: (a)  financial liabilities at FVTPL or (b)  financial liabilities measured at amortized costs.\n\nThe Group’s financial liabilities include trade and other payables, accrued expenses, customer deposits, interest-bearing loans, and lease liabilities. Interest-bearing loans consist of short-term bank loans, bonds, long-term bank loans, and other borrowings.\n\nSubsequent measurement\n\nThe measurement of financial liabilities depends on their classification, as described below:\n\n(a)\n\nFinancial liabilities at FVTPL\n\nFinancial liabilities at FVTPL include financial liabilities held for trading and financial liabilities designated upon initial recognition as at FVTPL. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognized in the statements of profit or loss.\n\nFinancial liabilities designated upon initial recognition at FVTPL are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Group has not designated any financial liability as at FVTPL.\n\n(b)\n\nFinancial liabilities measured at amortized cost\n\nThis is the category most relevant to the Group. After initial recognition, interest-bearing loans and other borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statements of profit or loss. This category generally applies to interest-bearing loans and other borrowings. For more information, refer to Note 20.\n\nF-31\n\n[Table of Contents](#TOC)\n\niii.   Offsetting financial instruments\n\nFinancial assets and liabilities are offset and the net amount is reported in the consolidated statements of financial position when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle them on a net basis, or realize the assets and settle the liabilities simultaneously. The right of offset must not be contingent on a future event and must be legally enforceable in all of the following circumstances:\n\n(a)\n\nthe normal course of business;\n\n(b)\n\nthe event of default; and\n\n(c)\n\nthe event of insolvency or bankruptcy of the Group and all of the counterparties.\n\niv.   Derecognition of financial instruments\n\nThe Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or when the Group transfers substantially all the risks and rewards of ownership of the financial asset.\n\nThe Group derecognizes a financial liability when the obligation specified in the contract is discharged or cancelled or has expired.\n\nr.   Treasury stock\n\nReacquired the Company’s shares of stock are accounted for at their reacquisition cost and classified as “Treasury Stock” and presented as a deduction in equity. The cost of treasury stock sold/transferred is accounted for using the weighted average method. No gain or loss is recognized in profit or loss on the acquisition, resale, issuance, or cancellation of the Group’s equity instruments. Any difference between the carrying amount and consideration from future re-sale of treasury stocks, is recognized as part of additional paid-in-capital in the equity.\n\ns.   Dividends\n\nDividend for distribution to the stockholders is recognized as a liability in the consolidated financial statements in the year in which the dividend is approved by the stockholders. The interim dividend is recognized as a liability based on the Board of Directors’ decision supported by the approval from the Board of Commissioners.\n\nt.   Basic earnings per share and earnings per ADS\n\nBasic earnings per share is computed by dividing profit for the year attributable to owners of the parent company by the weighted average number of shares outstanding during the year. Income per ADS is computed by multiplying the basic earnings per share by 100, the number of shares represented by each ADS.\n\nu.   Segment information\n\nThe Group’s segment information is presented based upon identified operating segments in accordance with IFRS 8: Operating Segment. An operating segment is a component of an entity:\n\ni.\n\nthat engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity);\n\nii.\n\nwhose operating results are regularly reviewed by the Group’s Chief Operating Decision Maker (\"CODM\") i.e., the Directors, to make decisions about resources to be allocated to the segment and assess its performance; and\n\niii.\n\nfor which discrete financial information is available.\n\nF-32\n\n[Table of Contents](#TOC)\n\nv.   Provisions\n\nProvisions are recognized when the Group has present obligations (legal or constructive) arising from past events and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligations and the amount can be measured reliably.\n\nProvisions for onerous contracts are recognized when the contract becomes onerous for the lower of the cost of fulfilling the contract and any compensation or penalties arising from failure to fulfill the contract.\n\nw.   Impairment of non-financial assets\n\nAt the end of each reporting period, the Group assesses whether there is an indication that an non-financial assets may be impaired. These assets include property and equipment, current assets, and other non-current assets, including intangible assets. If such indication exists, the recoverable amount is estimated for the individual asset. If it is not possible to estimate the recoverable amount of the individual asset, the Group determines the recoverable amount of the Cash-Generating Unit (“CGU”) to which the asset belongs (“the asset’s CGU”).\n\nThe recoverable amount of an asset (either individual asset or CGU) is the higher of the asset’s fair value less costs to sell and its value in use (“VIU”). Where the carrying amount of the asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing the value in use, the estimated net future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.\n\nIn determining fair value less costs to sell, recent market transaction prices are taken into account, if available. If no such transactions can be identified, the Group uses an appropriate valuation model to determine the fair value of the asset. These calculations are corroborated by multiple valuations or other available fair value indicators.\n\nImpairment losses of continuing operations are recognized in the consolidated statements of profit or loss and other comprehensive income.\n\nAt the end of each reporting period, the Group assesses whether there is any indication that previously recognized impairment losses for an asset, other than goodwill, may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognized impairment loss for an asset, other than goodwill, is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited such that the carrying amount of the asset does not exceed its recoverable amount, nor exceeds the carrying amount that would have been determined, net of depreciation, had no impairment been recognized for the asset in prior periods. Reversal of an impairment loss is recognized in consolidated statements of profit or loss and other comprehensive income.\n\nGoodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment loss relating to goodwill cannot be reversed in future periods.\n\nF-33\n\n[Table of Contents](#TOC)\n\nx.   Current and non-current classifications\n\nThe Group presents assets and liabilities in the statements of financial position based on current/non- current classification. An asset is presented as current when it is:\n\ni.\n\nexpected to be realized or intended to be sold or consumed in the normal operating cycle;\n\nii.\n\nheld primarily for the purpose of trading;\n\niii.\n\nexpected to be realized within twelve months after the reporting period; or\n\niv.\n\ncash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.\n\nAssets which do not meet above criteria are classified as non-current assets.\n\nA liability is presented as current when:\n\ni.     it is expected to be settled in the normal operating cycle;\n\nii.    it is held primarily for the purpose of trading;\n\niii.   it is due to be settled within twelve months after reporting period;\n\niv.   there is no right by the end of reporting period to defer the settlement of the liability for at least twelve months after the reporting period.\n\nThe terms of liability that could, at the option of counterparty, result in its settlement by the issue of equity instruments do not affect its classification.\n\nLiabilities which do not meet above criteria are classified as long-term liabilities.\n\nDeferred tax assets and liabilities are classified as non-current assets and liabilities.\n\ny.   Significant accounting judgements, estimates, and assumptions\n\nThe preparation of the Group's consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reporting amounts of revenue, expenses, assets and liabilities, and the accompanying disclosures, and disclosures of contingent liabilities, at the end of the reporting period.\n\nUncertainty about these assumptions and estimates can produce results that require a material adjustment to the carrying amounts of assets and liabilities affected in the coming periods.\n\ni.     Judgements\n\nThe following judgements were made by management in applying the Group's accounting policies that have the most significant influence on the amounts recognized in the consolidated financial statements:\n\nSegment information\n\nFor management purposes, the Group uses a business pillars-based as follows: Business to Customer (“B2C”), Business to Business Infrastructure (“B2B Infra”), Business to Business ICT (“B2B ICT”), International, and Others. The Group has determined the reportable segment reported based on, among others, the structure of the organization as well as the components of the Group whose operating results are regularly reviewed by CODM. The Group has determined that the Directors is the CODM, as it monitors the operating results of each segment separately for the purposes of resource allocation and performance assessment.\n\nF-34\n\n[Table of Contents](#TOC)\n\nIncome taxes\n\nUncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income could necessitate future adjustments to tax income and expense already recorded. Judgement is also involved in determining the provision for corporate income tax. There are certain transactions and computation for which the ultimate tax determination is uncertain during the ordinary course of business.\n\nThe Group recognizes liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the year in which such determination is made.\n\nii.    Estimates and assumptions\n\nEstimates and assumption are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.\n\nThe Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.\n\n(a)  Retirement benefits\n\nThe present value of the retirement benefit obligations depends on a number of factors that are determined on an actuarial basis using a number of assumptions. The assumptions used in determining the net cost (income) for pensions include the discount rate and return on investment (“ROI”). Any changes in these assumptions will impact the carrying amount of the retirement benefit obligations.\n\nThe Group determines the appropriate discount rate at the end of each reporting period. This is the interest rate that should be used to determine the present value of estimated future cash outflows expected to be required to settle the obligations. In determining the appropriate discount rate, the Group considers the interest rates of Government bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related retirement benefit obligations.\n\nIf there is an improvement in the ratings of such Government bonds or a decrease in interest rates as a result of improving economic conditions, there could be a material impact on the discount rate used in determining the post-employment benefit obligations.\n\nOther key assumptions for retirement benefit obligations are based in part on current market conditions. Additional information is disclosed in Notes 29 and 30.\n\n(b)  Useful lives of property and equipment\n\nThe Group estimates the useful lives of its property and equipment based on expected asset utilization, considering strategic business plans, expected future technological developments, and market behavior. The estimates of useful lives of property and equipment are based on the Group’s collective assessment of industry practice, internal technical evaluation, and experience with similar assets.\n\nF-35\n\n[Table of Contents](#TOC)\n\nThe Group reviews its estimates of useful lives at least each financial year-end and such estimates are updated if expectations differ from previous estimates due to changes in expectation of physical wear and tear, technical or commercial obsolescence, and legal or other limitations on the continuing use of the assets. The amounts of recorded expenses for any year will be affected by changes in these factors and circumstances. A change in the estimated useful lives of the property and equipment is a change in accounting estimates and is applied prospectively in profit or loss in the period of the change and future periods.\n\nIn 2025, the Company determined changes in the estimated useful lives of certain assets owned by the Company are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**Change in**\n\n​\n\n​\n\n​\n\n​\n\n**Estimated**\n\n​\n\n**estimated**\n\n​\n\n​\n\n​\n\n​\n\n**useful lives**\n\n​\n\n**useful lives**\n\n**Property and equipment**\n\n​\n\n**Asset class**\n\n​\n\n**(years)**\n\n​\n\n**(years)**\n\nCable network\n\n \n\nOptical line terminal\n\n \n\n25\n\n \n\n8\n\nSwitching equipment\n\n \n\nSwitching equipment\n\n \n\n10-15\n\n \n\n5-10\n\nTransmission installation, and equipment\n\n \n\nTerrestrial transmission\n\n \n\n10-15\n\n \n\n8\n\nSatellite, earth station, and equipment\n\n \n\nIP Multimedia Subsystem (\"IMS\")\n\n \n\n10-15\n\n \n\n8\n\n​\n\n​\n\n(c)  Determining the lease term of contracts with renewal and termination options - Group as lessee\n\nThe Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.\n\nThe Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate.\n\n(d)  Allowance for expected credit losses for financial assets\n\nThe Group applies a simplified approach in calculating ECLs for trade receivables and contract assets. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. For other receivables, the Group assesses whether there is objective evidence that other receivables have been impaired at the end of each reporting period.\n\nThe Group has established an allowance for expected credit losses methodology for trade receivables and contract assets that is based on its historical credit loss experience and latest supportable data to better reflect the current change in circumstances, adjusted for forward-looking factors specific to the debtors, and the economic environment. Methods and approaches will continue to be monitored and updated if additional reasonable and supportable data and information are available.\n\nF-36\n\n[Table of Contents](#TOC)\n\n(e)  Revenue\n\n(i)Critical judgements in determining the performance obligation, timing of revenue recognition, and revenue classification\n\nThe Group provides information technology services that are bespoke in nature. Bespoke products consist of various goods and/or services bundled together in order to provide integrated solution services to customers. In addition to the bespoke service, the Group also provides multiple standard products as bundling product in contract with customer. Significant judgement is required in determining the number and nature of performance obligations promised to customers in those contracts. The number and nature of performance obligations will determine the timing of revenue recognition for such contract.\n\nThe Group reviews the determination of performance obligations on a contract-by-contract basis. When a contract consisting of several goods and/or service is assessed to have one performance obligation, the Group applies a single method of measuring progress for the performance obligation based on the measurement method that best depicts the economics of the contract, which in most cases is over time.\n\nThe Group also presents the revenue classification using consistent approach. When a contract consisting of several goods and/or service is assessed to have one performance obligation, the Group presents that performance obligations in one financial statement line items which best represent the main service of the Group, which in most cases is the internet, data communication, and information technology services.\n\n(ii)\n\nCritical judgements in determining the stand-alone selling price\n\nThe Group provides wide array of products related to telecommunication and technology. To determine the stand-alone selling price for goods and/or services that do not have any readily available observable price, the Group uses the expected cost-plus margin approach. The Group determines the appropriate margin based on historical achievement.\n\n(f)   Test for impairment of non-current assets and goodwill\n\nThe application of the acquisition method in a business combination requires the use of accounting estimates in allocating the purchase price to the fair market value of the assets and liabilities acquired, including intangible assets. Certain business acquisitions by the Group resulted goodwill, which is not amortized but is tested for impairment annually and every indication of impairment exists.\n\nThe calculation of future cash flows in determining the fair value of property and equipment and other non-current assets of the acquired entity at the acquisition date involves significant estimation. Although management believes that the assumptions used are appropriate, significant changes to those assumptions can materially affect the evaluation of recoverable amounts and may result in impairment according to IAS 36.\n\n(g)   Fair value measurement of financial instruments\n\nWhen the fair values of financial assets and financial liabilities recorded in the statements of financial position cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the discounted cash flow (“DCF”) model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions relating to these factors could affect the reported fair value of financial instruments.\n\nF-37\n\n[Table of Contents](#TOC)\n\n(h)   Acquisition\n\nThe Group evaluates each acquisition transaction to determine whether it will be treated as an asset acquisition or business combination. For transactions that are treated as an asset acquisition, the purchase price is allocated to the assets obtained, without the recognition of goodwill. For acquisitions that meet the business combination definition, the Group applies the accounting for business acquisition method for assets acquired and liabilities assumed which are recorded at fair value at the acquisition date, and the results of operations are included with the Group's results from the date of each acquisition.\n\nAny excess from the purchase price paid for the amount recognized for assets acquired and liabilities incurred is recorded as goodwill. The Group continues to evaluate acquisitions that are counted as a business combination for a period not exceeding one year after the applicable acquisition date of each transaction to determine whether additional adjustments are needed to allocate the purchase price paid for the assets acquired and liabilities assumed. The fair value of assets acquired and liabilities incurred are usually determined using either an estimated replacement cost or a discounted cash flow valuation method. When determining the fair value of tangible assets acquired, the Group estimates the cost of replacing assets with new assets by considering factors such as the age, condition, and economic useful lives of the assets. When determining the fair value of the intangible assets obtained, the Group estimates the applicable discount rate and the time and amount of future cash flows, including the rates and terms for the extension and reduction.\n\n​\n\niii.   Change in accounting policy\n\nIn 2025, following a detailed reassessment of the physical characteristics, operational deployment, and asset topology of drop cable, the Group concluded that drop cable should be identified and classified as a separate component of telecommunication infrastructure assets rather than remaining embedded within broader shared access-network cable component. In reaching this conclusion, the Group determined that the revised componentization policy provides more reliable and more relevant information as it better reflects drop cable’s distinct nature as a last-mile, customer-specific connection asset.\n\nThis change constitutes a change in accounting policy as it reflects a revision in the principles applied in determining the unit of account and asset componentization. Following the identification of drop cable assets as a separate component, the Group determined a useful life of 5 years, reflecting their specific characteristics and pattern of economic benefits consumption.\n\nThe Group applied this voluntary change in accounting policy retrospectively, in accordance with IAS 8. The Group determined that sufficient and reliable information is available to restate prior period comparative information. The consolidated financial statements for the year ended December 31, 2025 include the restatement of comparative information for the years ended December 31, 2024 and January 1, 2024, which affects the consolidated statements of financial position, consolidated statements of profit or loss and other comprehensive income, consolidated statements of changes in equity, and related notes. The cumulative effect for periods prior to January 1, 2024 has been recognized as an adjustment to retained earnings as of that date. There is no impact on the Group’s consolidated statements of cash flows.\n\nF-38\n\n[Table of Contents](#TOC)\n\n(a)  Impact on the Consolidated Statements of Financial Position\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n**As previously**\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n**As**\n\n**January 1, 2024**\n\n​\n\n**Notes**\n\n​\n\n**reported**\n\n​\n\n**Adjustments**\n\n​\n\n**restated**\n\nProperty and equipment\n\n \n\n12\n\n \n\n178,800\n\n \n\n(8,692)\n\n \n\n170,108\n\nDeferred tax assets\n\n \n\n28h\n\n \n\n4,220\n\n \n\n1,652\n\n \n\n5,872\n\nTotal Non-current Assets\n\n​\n\n​\n\n \n\n230,964\n\n \n\n(7,040)\n\n \n\n223,924\n\n**Total Assets**\n\n​\n\n​\n\n** **\n\n**286,592**\n\n** **\n\n**(7,040)**\n\n \n\n**279,552**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nRetained earnings\n\n​\n\n​\n\n \n\n128,146\n\n \n\n(7,040)\n\n \n\n121,106\n\nNet equity attributable to\n\n​\n\n​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nowners of the parent company\n\n​\n\n​\n\n \n\n135,576\n\n \n\n(7,040)\n\n \n\n128,536\n\n**Total Equity**\n\n​\n\n​\n\n** **\n\n**156,235**\n\n** **\n\n**(7,040)**\n\n \n\n**149,195**\n\n**Total Liabilities and Equity**\n\n​\n\n​\n\n** **\n\n**286,592**\n\n** **\n\n**(7,040)**\n\n \n\n**279,552**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n**As previously**\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n**As**\n\n**December 31, 2024**\n\n​\n\n**Notes**\n\n​\n\n**reported**\n\n​\n\n**Adjustments**\n\n​\n\n**restated**\n\nProperty and equipment\n\n \n\n12\n\n \n\n178,585\n\n \n\n(10,231)\n\n \n\n168,354\n\nDeferred tax assets\n\n \n\n28h\n\n \n\n3,437\n\n \n\n1,945\n\n \n\n5,382\n\nTotal Non-current Assets\n\n​\n\n​\n\n \n\n236,203\n\n \n\n(8,286)\n\n \n\n227,917\n\n**Total Assets**\n\n​\n\n​\n\n** **\n\n**299,297**\n\n** **\n\n**(8,286)**\n\n** **\n\n**291,011**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nRetained earnings\n\n​\n\n​\n\n \n\n134,199\n\n \n\n(8,286)\n\n \n\n125,913\n\nNet equity attributable to\n\n​\n\n​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nowners of the parent company\n\n​\n\n​\n\n \n\n141,888\n\n \n\n(8,286)\n\n \n\n133,602\n\n**Total Equity**\n\n​\n\n​\n\n** **\n\n**162,146**\n\n** **\n\n**(8,286)**\n\n** **\n\n**153,860**\n\n**Total Liabilities and Equity**\n\n​\n\n​\n\n** **\n\n**299,297**\n\n** **\n\n**(8,286)**\n\n** **\n\n**291,011**\n\n​\n\n​\n\n​\n\nF-39\n\n[Table of Contents](#TOC)\n\n(b)Impact on the Consolidated Statements of Profit or Loss and Other Comprehensive Income\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n**As previously**\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n**As**\n\n**January 1, 2024**\n\n​\n\n**Notes**\n\n​\n\n**reported**\n\n​\n\n**Adjustments**\n\n​\n\n**restated**\n\nDepreciation and amortization expenses\n\n \n\n12,13a\n\n \n\n(32,569)\n\n \n\n(1,696)\n\n \n\n(34,265)\n\n**Operating profit**\n\n​\n\n​\n\n** **\n\n**44,485**\n\n** **\n\n**(1,696)**\n\n \n\n**42,789**\n\n**Profit before income tax**\n\n​\n\n​\n\n** **\n\n**40,855**\n\n** **\n\n**(1,696)**\n\n \n\n**39,159**\n\nIncome tax benefit\n\n \n\n​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nDeferred tax\n\n \n\n28d\n\n \n\n9\n\n \n\n322\n\n \n\n331\n\n**Profit for the year**\n\n \n\n​\n\n** **\n\n**32,068**\n\n** **\n\n**(1,374)**\n\n** **\n\n**30,694**\n\n**Comprehensive income for the year**\n\n \n\n​\n\n** **\n\n**30,614**\n\n** **\n\n**(1,374)**\n\n** **\n\n**29,240**\n\nProfit for the year attributable to\n\n \n\n​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nOwners of the parent company\n\n \n\n​\n\n \n\n24,427\n\n \n\n(1,374)\n\n \n\n23,053\n\nComprehensive income for the year attributable to\n\n \n\n​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nOwners of the parent company\n\n \n\n​\n\n \n\n22,949\n\n \n\n(1,374)\n\n \n\n21,575\n\n**Basic earnings per share (in full amount)**\n\n \n\n​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nProfit per share\n\n \n\n​\n\n \n\n246.58\n\n \n\n(13.87)\n\n \n\n232.71\n\nProfit per ADS (100 Series B shares per ADS)\n\n \n\n​\n\n \n\n24,658.24\n\n \n\n(1,387.01)\n\n \n\n23,271.23\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n**As previously**\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n**As**\n\n**December 31, 2024**\n\n​\n\n**Notes**\n\n​\n\n**reported**\n\n​\n\n**Adjustments**\n\n​\n\n**restated**\n\nDepreciation and amortization expenses\n\n \n\n12,13a\n\n \n\n(32,596)\n\n \n\n(1,538)\n\n \n\n(34,134)\n\n**Operating profit**\n\n** **\n\n**  ​**\n\n** **\n\n**43,009**\n\n** **\n\n**(1,538)**\n\n** **\n\n**41,471**\n\n**Profit before income tax**\n\n** **\n\n**  ​**\n\n** **\n\n**39,158**\n\n** **\n\n**(1,538)**\n\n** **\n\n**37,620**\n\nIncome tax expense\n\n \n\n​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nDeferred tax\n\n \n\n28d\n\n \n\n(798)\n\n \n\n292\n\n \n\n(506)\n\n**Profit for the year**\n\n** **\n\n**  ​**\n\n** **\n\n**30,725**\n\n** **\n\n**(1,246)**\n\n** **\n\n**29,479**\n\n**Comprehensive income for the year**\n\n** **\n\n**  ​**\n\n** **\n\n**31,620**\n\n** **\n\n**(1,246)**\n\n** **\n\n**30,374**\n\nProfit for the year attributable to\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nOwners of the parent company\n\n \n\n  ​\n\n \n\n23,611\n\n \n\n(1,246)\n\n \n\n22,365\n\nComprehensive income for the year attributable to\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nOwners of the parent company\n\n \n\n  ​\n\n \n\n24,396\n\n \n\n(1,246)\n\n \n\n23,150\n\n**Basic earnings per share (in full amount)**\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nProfit per share\n\n \n\n  ​\n\n \n\n238.35\n\n \n\n(12.58)\n\n \n\n225.77\n\nProfit per ADS (100 Series B shares per ADS)\n\n \n\n  ​\n\n \n\n23,834.52\n\n \n\n(1,257.80)\n\n \n\n22,576.72\n\n​\n\n​\n\n3.   TRANSLATION OF INDONESIAN RUPIAH INTO UNITED STATES DOLLAR\n\nThe consolidated financial statements are stated in Indonesian Rupiah. The translation of the Indonesian Rupiah amounts into U.S. Dollar amounts are included solely for the convenience of the readers and has been made using the average of the market buy and sell rates of Rp16,676 to US$1 as published by Reuters on December 31, 2025. The convenience translation should not be construed as representations that the Indonesian Rupiah amounts have been, could have been, or could in the future be, converted into U.S. Dollar at this or any other rate of exchange.\n\n​\n\nF-40\n\n[Table of Contents](#TOC)\n\n4.   CASH AND CASH EQUIVALENTS\n\nThe breakdown of cash and cash equivalents is as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​\n\n**2024**\n\n  ​ ​\n\n**2025**\n\n​\n\n​\n\n​\n\n​\n\n**Balance**\n\n​\n\n**Balance**\n\n​\n\n​\n\n​\n\n​\n\n**Currency**\n\n​\n\n**Rupiah**\n\n​\n\n**Currency**\n\n​\n\n**Rupiah**\n\n​\n\n  ​ ​\n\n**Currency**\n\n  ​ ​\n\n**(in million)**\n\n  ​ ​\n\n**equivalent**\n\n  ​ ​\n\n**(in million)**\n\n  ​ ​\n\n**equivalent**\n\nCash on hand\n\n \n\nRp\n\n \n\n—\n\n \n\n14\n\n \n\n—\n\n \n\n39\n\nCash in banks\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nRelated parties\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nPT Bank Rakyat Indonesia (Persero) Tbk. (“BRI”)\n\n \n\nRp\n\n \n\n—\n\n​\n\n3,278\n\n \n\n—\n\n​\n\n4,959\n\n​\n\n \n\nUS$\n\n \n\n229\n\n​\n\n3,678\n\n \n\n240\n\n​\n\n4,007\n\n​\n\n \n\nTWD\n\n \n\n2\n\n​\n\n1\n\n \n\n4\n\n​\n\n2\n\nPT Bank Mandiri (Persero) Tbk. (“Bank Mandiri”)\n\n \n\nRp\n\n \n\n—\n\n​\n\n4,715\n\n \n\n—\n\n​\n\n5,780\n\n​\n\n \n\nUS$\n\n \n\n45\n\n​\n\n718\n\n \n\n34\n\n​\n\n567\n\n​\n\n​\n\nEUR\n\n​\n\n2\n\n​\n\n37\n\n​\n\n2\n\n​\n\n44\n\n​\n\n​\n\nHKD\n\n​\n\n2\n\n​\n\n4\n\n​\n\n3\n\n​\n\n7\n\n​\n\n​\n\nJPY\n\n​\n\n6\n\n​\n\n1\n\n​\n\n6\n\n​\n\n1\n\n​\n\n \n\nAU$\n\n \n\n0\n\n​\n\n0\n\n \n\n0\n\n​\n\n1\n\nPT Bank Negara Indonesia (Persero) Tbk. (“BNI”)\n\n​\n\nRp\n\n​\n\n—\n\n​\n\n4,180\n\n​\n\n—\n\n​\n\n2,785\n\n​\n\n​\n\nUS$\n\n​\n\n31\n\n​\n\n506\n\n​\n\n39\n\n​\n\n652\n\n​\n\n​\n\nGBP\n\n​\n\n0\n\n​\n\n1\n\n​\n\n0\n\n​\n\n1\n\n​\n\n​\n\nSGD\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\n​\n\n​\n\nEUR\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\n​\n\n​\n\nAU$\n\n​\n\n—\n\n​\n\n—\n\n​\n\n0\n\n​\n\n0\n\nPT Bank Tabungan Negara (Persero) Tbk. (\"BTN\")\n\n​\n\nRp\n\n​\n\n—\n\n​\n\n4,097\n\n​\n\n—\n\n​\n\n2,925\n\nOthers (each below Rp100 billion)\n\n \n\nRp\n\n​\n\n—\n\n​\n\n147\n\n​\n\n—\n\n​\n\n208\n\n​\n\n \n\nUS$\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\n​\n\n0\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nSub-total\n\n \n\n​\n\n​\n\n  ​\n\n \n\n21,363\n\n \n\n​\n\n \n\n21,939\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nThird parties\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nPT Bank Maybank Indonesia Tbk (\"Maybank\")\n\n​\n\nRp\n\n​\n\n—\n\n​\n\n355\n\n​\n\n—\n\n​\n\n839\n\n​\n\n​\n\nMYR\n\n​\n\n1\n\n​\n\n5\n\n​\n\n1\n\n​\n\n4\n\nThe Hongkong and Shanghai Banking Corporation Ltd. (\"HSBC Hongkong\")\n\n \n\nUS$\n\n \n\n6\n\n​\n\n102\n\n \n\n22\n\n​\n\n364\n\n​\n\n \n\nHKD\n\n \n\n9\n\n​\n\n19\n\n \n\n12\n\n​\n\n27\n\nStandard Chartered Bank (\"SCB\")\n\n \n\nUS$\n\n \n\n7\n\n​\n\n108\n\n \n\n8\n\n​\n\n135\n\n​\n\n​\n\nSGD\n\n​\n\n5\n\n​\n\n55\n\n​\n\n12\n\n​\n\n160\n\nDBS Bank (Hong Kong) Ltd. (\"DBS Hong Kong\")\n\n​\n\nUS$\n\n​\n\n19\n\n​\n\n308\n\n​\n\n10\n\n​\n\n165\n\n​\n\n​\n\nHKD\n\n​\n\n0\n\n​\n\n1\n\n​\n\n0\n\n​\n\n1\n\nCitibank, N.A. (“Citibank”)\n\n​\n\nRp\n\n​\n\n—\n\n​\n\n35\n\n​\n\n—\n\n​\n\n7\n\n​\n\n​\n\nUS$\n\n​\n\n2\n\n​\n\n25\n\n​\n\n7\n\n​\n\n119\n\n​\n\n \n\nEUR\n\n \n\n0\n\n​\n\n1\n\n \n\n0\n\n​\n\n2\n\nOthers (each below Rp100 billion)\n\n​\n\nRp\n\n​\n\n—\n\n​\n\n774\n\n​\n\n—\n\n​\n\n470\n\n​\n\n​\n\nUS$\n\n​\n\n9\n\n​\n\n164\n\n​\n\n13\n\n​\n\n214\n\n​\n\n​\n\nSGD\n\n​\n\n2\n\n​\n\n20\n\n​\n\n2\n\n​\n\n23\n\n​\n\n​\n\nTWD\n\n​\n\n28\n\n​\n\n14\n\n​\n\n34\n\n​\n\n18\n\n​\n\n​\n\nMYR\n\n​\n\n0\n\n​\n\n2\n\n​\n\n1\n\n​\n\n3\n\n​\n\n​\n\nAU$\n\n​\n\n0\n\n​\n\n3\n\n​\n\n0\n\n​\n\n2\n\n​\n\n​\n\nMMK\n\n​\n\n167\n\n​\n\n1\n\n​\n\n15\n\n​\n\n0\n\n​\n\n​\n\nEUR\n\n​\n\n—\n\n​\n\n—\n\n​\n\n0\n\n​\n\n0\n\nSub-total\n\n \n\n​\n\n​\n\n​\n\n​\n\n1,992\n\n​\n\n​\n\n​\n\n2,553\n\nTotal cash in banks\n\n \n\n​\n\n \n\n​\n\n​\n\n23,355\n\n \n\n​\n\n​\n\n24,492\n\nTime deposits\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nRelated parties\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\n \n\n​\n\nBTN\n\n​\n\nRp\n\n​\n\n—\n\n​\n\n1,400\n\n \n\n—\n\n \n\n1,530\n\n​\n\n​\n\nUS$\n\n​\n\n7\n\n​\n\n104\n\n \n\n—\n\n \n\n—\n\nBRI\n\n​\n\nRp\n\n​\n\n—\n\n​\n\n647\n\n \n\n—\n\n \n\n1,159\n\n​\n\n​\n\nUS$\n\n​\n\n18\n\n​\n\n283\n\n \n\n10\n\n \n\n168\n\n​\n\n \n\nTWD\n\n​\n\n6\n\n​\n\n3\n\n \n\n—\n\n \n\n—\n\nPT Bank Syariah Indonesia Tbk. (“BSI”)\n\n \n\nRp\n\n​\n\n—\n\n​\n\n1,688\n\n \n\n—\n\n \n\n1,150\n\nBNI\n\n​\n\nRp\n\n​\n\n—\n\n​\n\n566\n\n \n\n—\n\n \n\n497\n\n​\n\n​\n\nUS$\n\n​\n\n10\n\n​\n\n162\n\n​\n\n34\n\n​\n\n567\n\nBank Pembangunan Daerah (\"BPD\")\n\n​\n\nRp\n\n​\n\n—\n\n​\n\n962\n\n​\n\n—\n\n​\n\n804\n\nPT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk. (\"BJB\")\n\n​\n\nRp\n\n​\n\n—\n\n​\n\n370\n\n \n\n—\n\n \n\n58\n\n​\n\n​\n\nUS$\n\n​\n\n12\n\n​\n\n195\n\n​\n\n22\n\n​\n\n367\n\nBank Mandiri\n\n​\n\nRp\n\n​\n\n—\n\n​\n\n97\n\n​\n\n—\n\n​\n\n190\n\n​\n\n​\n\nUS$\n\n​\n\n—\n\n​\n\n—\n\n​\n\n10\n\n​\n\n167\n\nSub-total\n\n​\n\n​\n\n​\n\n​\n\n​\n\n6,477\n\n​\n\n​\n\n​\n\n6,657\n\nThird parties\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nPT Bank Mega Tbk. (“Bank Mega”)\n\n​\n\nRp\n\n​\n\n—\n\n​\n\n1,922\n\n​\n\n—\n\n​\n\n433\n\n​\n\n​\n\nUS$\n\n​\n\n18\n\n​\n\n287\n\n​\n\n38\n\n​\n\n637\n\nPT Bank Pan Indonesia Tbk. (\"Bank Panin\")\n\n​\n\nRp\n\n \n\n—\n\n​\n\n274\n\n​\n\n—\n\n​\n\n909\n\n​\n\n \n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nPT Bank China Construction Bank Indonesia Tbk. (\"CCB Indonesia\")\n\n \n\nRp\n\n \n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n184\n\n​\n\n \n\nUS$\n\n \n\n10\n\n​\n\n153\n\n​\n\n13\n\n​\n\n209\n\nPT Bank UOB Indonesia (\"UOB Indonesia\")\n\n​\n\nUS$\n\n \n\n16\n\n​\n\n259\n\n​\n\n16\n\n​\n\n274\n\n​\n\n​\n\nSGD\n\n​\n\n3\n\n​\n\n35\n\n​\n\n3\n\n​\n\n44\n\nSCB\n\n \n\nUSD\n\n \n\n9\n\n​\n\n145\n\n​\n\n7\n\n​\n\n117\n\nOthers (each below Rp100 billion)\n\n​\n\nRp\n\n​\n\n—\n\n​\n\n500\n\n​\n\n—\n\n​\n\n206\n\n​\n\n \n\nUS$\n\n \n\n30\n\n​\n\n478\n\n​\n\n1\n\n​\n\n13\n\n​\n\n​\n\nMYR\n\n​\n\n2\n\n​\n\n7\n\n​\n\n4\n\n​\n\n15\n\nSub-total\n\n \n\n​\n\n \n\n​\n\n​\n\n4,060\n\n​\n\n​\n\n​\n\n3,041\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTotal of time deposits\n\n​\n\n​\n\n​\n\n​\n\n​\n\n10,537\n\n​\n\n​\n\n​\n\n9,698\n\nAllowance for expected credit losses\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(1)\n\n​\n\n​\n\n​\n\n(1)\n\n**Total**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**33,905**\n\n​\n\n​\n\n​\n\n**34,228**\n\n​\n\n​\n\nF-41\n\n[Table of Contents](#TOC)\n\nInterest rates per annum on time deposits are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n**2024**\n\n  ​ ​ ​\n\n**2025**\n\nRupiah\n\n \n\n0.53%-7.25%\n\n​\n\n0.53%-7.08%\n\nForeign currencies\n\n \n\n2.55%-6.00%\n\n​\n\n1.01%-5.25%\n\n​\n\nThe Group places the majority of its cash and cash equivalents in state-owned banks (related parties) that have good reputations and credit ratings. Based on management’s assessment of expected credit risk, there has been no significant increase in credit risk, therefore, the allowance for expected credit losses on these assets is not material.\n\n​\n\n**5.   ** **OTHER CURRENT FINANCIAL ASSETS**\n\nThe breakdown of other current financial assets is as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2024**\n\n​\n\n**2025**\n\n​\n\n​\n\n​\n\n​\n\n**Balance**\n\n​\n\n**Balance**\n\n​\n\n​\n\n​\n\n​\n\n**Currency**\n\n​\n\n**Rupiah**\n\n​\n\n**Currency**\n\n​\n\n**Rupiah**\n\n​\n\n  ​ ​ ​\n\n**Currency**\n\n  ​ ​ ​\n\n**(in million)**\n\n  ​ ​ ​\n\n**equivalent**\n\n  ​ ​ ​\n\n**(in million)**\n\n  ​ ​ ​\n\n**equivalent**\n\nTime deposits\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nRelated parties\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nBRI\n\n​\n\nRp\n\n​\n\n—\n\n​\n\n415\n\n​\n\n—\n\n​\n\n50\n\n​\n\n​\n\nUS$\n\n​\n\n—\n\n​\n\n—\n\n​\n\n5\n\n​\n\n84\n\nBSI\n\n​\n\nRp\n\n​\n\n—\n\n​\n\n198\n\n​\n\n—\n\n​\n\n120\n\nOthers (each below Rp100 billion)\n\n​\n\nRp\n\n​\n\n—\n\n​\n\n138\n\n​\n\n—\n\n​\n\n100\n\n​\n\n​\n\nUS$\n\n​\n\n5\n\n​\n\n81\n\n​\n\n5\n\n​\n\n84\n\nThird parties\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nUnited Overseas Bank Limited Singapore (\"UOB Singapore\")\n\n​\n\nUS$\n\n​\n\n12\n\n​\n\n195\n\n​\n\n33\n\n​\n\n554\n\nStandard Chartered Bank (Singapore) Limited (\"SCB Singapore\")\n\n​\n\nUS$\n\n​\n\n—\n\n​\n\n—\n\n​\n\n6\n\n​\n\n101\n\nOthers (each below Rp100 billion)\n\n​\n\nRp\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n10\n\nTotal time deposits\n\n​\n\n​\n\n​\n\n​\n\n​\n\n1,027\n\n​\n\n​\n\n​\n\n1,103\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nEscrow accounts\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nRelated parties\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOthers (each below Rp100 billion)\n\n​\n\nRp\n\n​\n\n—\n\n​\n\n110\n\n​\n\n—\n\n​\n\n107\n\n​\n\n​\n\nUS$\n\n​\n\n0\n\n​\n\n5\n\n​\n\n0\n\n​\n\n4\n\nThird parties\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOthers\n\n​\n\nRp\n\n​\n\n—\n\n​\n\n34\n\n​\n\n—\n\n​\n\n—\n\n​\n\n​\n\nUS$\n\n​\n\n1\n\n​\n\n14\n\n​\n\n4\n\n​\n\n67\n\nTotal escrow accounts\n\n​\n\n​\n\n​\n\n​\n\n​\n\n163\n\n​\n\n​\n\n​\n\n178\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nMutual funds\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nRelated parties\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOthers\n\n​\n\nRp\n\n​\n\n—\n\n​\n\n89\n\n​\n\n—\n\n​\n\n94\n\nTotal mutual funds\n\n​\n\n​\n\n​\n\n​\n\n​\n\n89\n\n​\n\n​\n\n​\n\n94\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOthers\n\n​\n\nRp\n\n​\n\n—\n\n​\n\n5\n\n​\n\n—\n\n​\n\n44\n\n​\n\n​\n\nMYR\n\n​\n\n0\n\n​\n\n1\n\n​\n\n0\n\n​\n\n1\n\nTotal others\n\n​\n\n​\n\n​\n\n​\n\n​\n\n6\n\n​\n\n​\n\n​\n\n45\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nAllowance for expected credit losses\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(0)\n\n​\n\n​\n\n​\n\n(0)\n\n**Total**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**1,285**\n\n​\n\n​\n\n​\n\n**1,420**\n\n​\n\nF-42\n\n[Table of Contents](#TOC)\n\nThe time deposits have maturities of more than three months but not more than one year, with interest rates as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n**2024**\n\n  ​ ​ ​\n\n**2025**\n\nRupiah\n\n \n\n2.50%‑7.25%\n\n \n\n3.00%-6.50%\n\nForeign currencies\n\n \n\n4.57%‑4.61%\n\n​\n\n3.75%-4.45%\n\n​\n\n​\n\n6.   TRADE AND OTHER RECEIVABLES\n\nThe breakdown of trade and other receivables is as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n  ​ ​ ​\n\n**2025**\n\nTrade receivables\n\n \n\n18,257\n\n \n\n18,178\n\nAllowance for expected credit losses\n\n \n\n(6,064)\n\n \n\n(6,955)\n\nNet\n\n \n\n12,193\n\n \n\n11,223\n\nOther receivables\n\n \n\n867\n\n \n\n428\n\nAllowance for expected credit losses\n\n \n\n(231)\n\n \n\n(241)\n\nNet\n\n \n\n636\n\n \n\n187\n\n**Total trade and other receivables**\n\n** **\n\n**12,829**\n\n \n\n**11,410**\n\n​\n\n​\n\nTrade receivables arise from services provided to both retail and non-retail customers, with details as follows:\n\na.   By debtor\n\n(i)   Related parties\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n  ​ ​ ​\n\n**2025**\n\nState-owned enterprises\n\n \n\n1,935\n\n \n\n1,702\n\nPT Indosat Tbk. (\"Indosat\")\n\n \n\n738\n\n \n\n387\n\nGovernment agencies\n\n \n\n732\n\n \n\n688\n\nPT Indonusa Telemedia (\"Indonusa\")\n\n \n\n386\n\n \n\n906\n\nOthers (each below Rp100 billion)\n\n \n\n409\n\n \n\n134\n\nTotal\n\n \n\n4,200\n\n \n\n3,817\n\nAllowance for expected credit losses\n\n \n\n(1,195)\n\n \n\n(1,187)\n\n**Net**\n\n** **\n\n**3,005**\n\n \n\n**2,630**\n\n​\n\n(ii)  Third parties\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n  ​ ​ ​\n\n**2025**\n\nIndividual and business subscribers\n\n \n\n12,881\n\n \n\n13,070\n\nOverseas international carriers\n\n \n\n1,176\n\n \n\n1,291\n\nTotal\n\n \n\n14,057\n\n \n\n14,361\n\nAllowance for expected credit losses\n\n \n\n(4,869)\n\n \n\n(5,768)\n\n**Net**\n\n** **\n\n**9,188**\n\n \n\n**8,593**\n\n​\n\nF-43\n\n[Table of Contents](#TOC)\n\nb.    By age\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2024**\n\n​\n\n**2025**\n\n​\n\n​\n\n  ​ ​ ​\n\n​\n\n**  ​ ​ ​**\n\n**Allowance for**\n\n  ​ ​ ​\n\n**Expected**\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**Allowance for**\n\n  ​ ​ ​\n\n**Expected**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**expected credit**\n\n​\n\n**credit**\n\n​\n\n​\n\n​\n\n**expected credit**\n\n​\n\n**credit**\n\n​\n\n​\n\n​\n\n**Gross**\n\n​\n\n**losses**\n\n​\n\n**loss rate**\n\n​\n\n**Gross**\n\n​\n\n**losses**\n\n​\n\n**loss rate**\n\n​\n\nNot past due\n\n \n\n7,319\n\n​\n\n417\n\n​\n\n5.7\n\n%  \n\n6,687\n\n​\n\n263\n\n​\n\n3.9\n\n%\n\nPast due up to 3 months\n\n \n\n3,602\n\n​\n\n329\n\n​\n\n9.1\n\n%  \n\n3,155\n\n​\n\n414\n\n​\n\n13.1\n\n%\n\nPast due more than 3 to 6 months\n\n \n\n1,305\n\n​\n\n285\n\n​\n\n21.8\n\n%  \n\n1,573\n\n​\n\n454\n\n​\n\n28.9\n\n%\n\nPast due more than 6 months\n\n \n\n6,031\n\n​\n\n5,033\n\n​\n\n83.5\n\n%  \n\n6,763\n\n​\n\n5,824\n\n​\n\n86.1\n\n%\n\n**Total**\n\n** **\n\n**18,257**\n\n** **\n\n**6,064**\n\n​\n\n​\n\n** **\n\n**18,178**\n\n** **\n\n**6,955**\n\n​\n\n​\n\n** **\n\n​\n\nThe Group has made allowance for expected credit losses based on the collective assessment of historical impairment rates and individual assessment of its customers’ credit history, adjusted for forward-looking factors specific from the customers and the economic environment. The Group does not apply a distinction between related party and third party receivables in assessing amounts past due. As of December 31, 2024 and 2025, the carrying amounts of trade receivables of the Group considered past due but not impaired amounted to Rp5,291 billion and Rp4,799 billion, respectively. Management believes that receivables past due but not impaired, along with trade receivables that are neither past due nor impaired, are due from customers with good credit history and are expected to be recoverable.\n\nc.    By currency\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n  ​ ​ ​\n\n**2025**\n\nRupiah\n\n \n\n15,775\n\n \n\n15,554\n\nU.S. Dollar\n\n \n\n2,180\n\n \n\n2,423\n\nSingapore Dollar\n\n​\n\n273\n\n​\n\n156\n\nOthers\n\n \n\n29\n\n \n\n45\n\nTotal\n\n \n\n18,257\n\n \n\n18,178\n\nAllowance for expected credit losses\n\n \n\n(6,064)\n\n \n\n(6,955)\n\n**Net**\n\n** **\n\n**12,193**\n\n \n\n**11,223**\n\n​\n\nd.    Movements in the allowance for expected credit losses\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n  ​ ​ ​\n\n**2025**\n\nBeginning balance\n\n \n\n5,561\n\n​\n\n6,064\n\nAllowance for expected credit losses\n\n \n\n904\n\n​\n\n1,465\n\nReceivables written-off\n\n \n\n(401)\n\n​\n\n(574)\n\n**Ending balance**\n\n** **\n\n**6,064**\n\n \n\n**6,955**\n\n​\n\nThe receivables written-off relates to both related parties and third parties trade receivables. Management believes that the allowance for expected credit losses of trade receivables is adequate to cover losses on uncollectible trade receivables.\n\nAs of December 31, 2024 and 2025, certain trade receivables of the subsidiaries amounting to Rp2,137 billion and Rp3,131 billion, respectively, have been pledged as collateral under lending agreements (Notes 19 and 20b).\n\n​\n\nF-44\n\n[Table of Contents](#TOC)\n\n**7.    CONTRACT ASSETS**\n\nThe breakdown of contract assets is as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\nContract assets\n\n \n\n2,603\n\n \n\n2,529\n\nAllowance for expected credit losses\n\n \n\n(25)\n\n \n\n(130)\n\nNet\n\n \n\n2,578\n\n \n\n2,399\n\n**Current**\n\n** **\n\n**(2,449)**\n\n** **\n\n**(2,290)**\n\n**Non-current**\n\n** **\n\n**129**\n\n** **\n\n**109**\n\n​\n\nManagement believes that the allowance for expected credit losses is adequate to cover losses on uncollectible contract assets.\n\n​\n\nRefer to Note 31 for details of related party transactions.\n\n​\n\n8.   INVENTORIES\n\nInventories, all recognized at net realizable value, consist of:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n**2024**\n\n  ​ ​ ​\n\n**2025**\n\nSIM cards and prepaid vouchers\n\n​\n\n676\n\n \n\n457\n\nOthers (each below Rp100 billion)\n\n​\n\n480\n\n \n\n504\n\nTotal\n\n​\n\n1,156\n\n \n\n961\n\nProvision for obsolescence\n\n​\n\n(60)\n\n​\n\n(60)\n\n**Net**\n\n​\n\n**1,096**\n\n \n\n**901**\n\n​\n\nManagement believes the provision is adequate to cover losses from the decline in inventory value due to obsolescence.\n\nThe inventories recognized as expenses included in operations, maintenance, and telecommunication service expenses in 2023, 2024 and 2025 amounted to Rp797 billion, Rp584 billion, and Rp532 billion, respectively (Note 26).\n\nThere were no inventories pledged as collateral under lending agreements as of December 31, 2024 and 2025.\n\n​\n\n9.   OTHER CURRENT ASSETS\n\nThe breakdown of other current assets is as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n**2024**\n\n  ​ ​ ​\n\n**2025**\n\nPrepaid radio frequency license fees - current portion (Note 33c.i)\n\n \n\n6,245\n\n \n\n6,384\n\nAdvances\n\n \n\n451\n\n \n\n511\n\nPrepaid salaries\n\n \n\n281\n\n \n\n178\n\nPrepaid rent\n\n \n\n129\n\n \n\n162\n\nOthers (each below Rp100 billion)\n\n \n\n446\n\n \n\n634\n\n**Total**\n\n** **\n\n**7,552**\n\n \n\n**7,869**\n\n​\n\n​\n\n​\n\nF-45\n\n[Table of Contents](#TOC)\n\n**10. ** **CONTRACT COSTS**\n\nMovements of contract costs for the years ended December 31, 2024 and 2025 are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2024**\n\n​\n\n  ​ ​ ​\n\n**Cost to obtain**\n\n**  ​ ​ ​**\n\n**Cost to fulfill**\n\n**  ​ ​ ​**\n\n**Total**\n\nAt January 1, 2024\n\n \n\n1,641\n\n \n\n580\n\n \n\n2,221\n\nAddition current year\n\n \n\n479\n\n \n\n1,318\n\n \n\n1,797\n\nAmortization during the year\n\n \n\n(454)\n\n \n\n—\n\n \n\n(454)\n\nExpense during the year\n\n​\n\n—\n\n​\n\n(831)\n\n​\n\n(831)\n\nImpairment\n\n​\n\n—\n\n​\n\n(3)\n\n​\n\n(3)\n\nAt December 31, 2024\n\n \n\n1,666\n\n \n\n1,064\n\n \n\n2,730\n\n**Current**\n\n** **\n\n**(407)**\n\n \n\n**(727)**\n\n \n\n**(1,134)**\n\n**Non-current**\n\n** **\n\n**1,259**\n\n** **\n\n**337**\n\n** **\n\n**1,596**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n**  ​ ​ ​**\n\n**Cost to obtain**\n\n**  ​ ​ ​**\n\n**Cost to fulfill**\n\n**  ​ ​ ​**\n\n**Total**\n\nAt January 1, 2025\n\n \n\n1,666\n\n \n\n1,064\n\n \n\n2,730\n\nAddition current year\n\n \n\n519\n\n \n\n323\n\n \n\n842\n\nAmortization during the year\n\n \n\n(499)\n\n \n\n—\n\n \n\n(499)\n\nExpense during the year\n\n​\n\n—\n\n​\n\n(763)\n\n​\n\n(763)\n\nImpairment\n\n​\n\n—\n\n​\n\n(8)\n\n​\n\n(8)\n\nAt December 31, 2025\n\n \n\n1,686\n\n \n\n616\n\n \n\n2,302\n\n**Current**\n\n** **\n\n**(472)**\n\n \n\n**(460)**\n\n \n\n**(932)**\n\n**Non-current**\n\n** **\n\n**1,214**\n\n** **\n\n**156**\n\n** **\n\n**1,370**\n\n​\n\n​\n\n**11. **** ****LONG-TERM INVESTMENTS**\n\nThe breakdown of long-term investment is as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n**2024**\n\n  ​ ​ ​\n\n**2025**\n\nFinancial instruments\n\n​\n\n​\n\n​\n\n​\n\nAt fair value through profit or loss:\n\n \n\n​\n\n \n\n​\n\nEquity\n\n \n\n7,797\n\n \n\n6,901\n\nConvertible bonds\n\n \n\n377\n\n \n\n353\n\nAt fair value through other comprehensive income:\n\n​\n\n​\n\n​\n\n​\n\nEquity\n\n​\n\n27\n\n​\n\n27\n\nConvertible bonds\n\n​\n\n24\n\n​\n\n—\n\n​\n\n​\n\n8,225\n\n​\n\n7,281\n\nAssociates\n\n​\n\n​\n\n​\n\n​\n\nPT Jalin Pembayaran Nusantara (\"Jalin\")\n\n​\n\n110\n\n​\n\n106\n\n​\n\n​\n\n110\n\n​\n\n106\n\n**Total long-term investments**\n\n** **\n\n**8,335**\n\n** **\n\n**7,387**\n\n​\n\n​\n\nInvestments in equity at fair value through profit or loss are long-term investments in the form of shares in various start-up companies engaged in information and technology. The Group does not have significant influence in these start-up companies.\n\nF-46\n\n[Table of Contents](#TOC)\n\nInvestments in equity at fair value through profit or loss include:\n\n(i)Telkomsel’s investment in PT GoTo Gojek Tokopedia Tbk. (“GOTO”)\n\nAs of December 31, 2024 and 2025, Telkomsel assessed the fair value of the investment in GOTO using level 1 based on GOTO’s market value of Rp70 per share and Rp64 per share, respectively. The total unrealized loss from changes in fair value of Telkomsel’s investment in GOTO as of December 31, 2024 and 2025, amounted to Rp380 billion and Rp142 billion, respectively. These amounts were presented as unrealized loss on changes in fair value of investments in the consolidated statements of profit or loss.\n\n(ii)Investments by MDI in several start-up entities engaged in the information and technology sector\n\nIn 2024 and 2025, the additional investments by MDI amounted to Rp100 billion and Rp97 billion, respectively. The fair value of MDI's investments using level 3. The total unrealized gain (loss) from changes in fair value of MDI’s investments as of December 31, 2024, and 2025, amounted to Rp483 billion and (Rp16 billion), respectively. These amounts were presented as unrealized gain (loss) arising from changes in fair value of investments in the consolidated statements of profit or loss.\n\nIn 2025, the Group disposed of long-term investments in financial instruments, resulting in proceeds amounting to Rp728 billion.\n\nDetailed information regarding the level 1 and level 3 fair value measurement techniques is disclosed in Note 34.\n\nInvestments in convertible bonds at fair value through profit or loss represent long-term investments owned by MDI and Telkomsel in the form of convertible bonds in various start-up companies engaged in information and technology. These convertible bonds provide the holders with an option to convert the bonds into shares upon maturity, in accordance with the agreed terms and conditions. In the event that the conversion option is not exercised, the bondholders are entitled to receive the principal repayment of the bonds.\n\nThe unrecognized share of losses from investments in associates, accounted for under the equity method, amounted cumulatively to Rp328 billion, Rp323 billion, and Rp338 billion as of December 31, 2023, 2024 and 2025, respectively.\n\n​\n\nF-47\n\n[Table of Contents](#TOC)\n\n12. PROPERTY AND EQUIPMENT\n\n​\n\nThe details of property and equipment are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**As restated (Note 2y.iii)**\n\n​\n\n  ​ ​ ​\n\n**December 31,**\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**Reclassifications/**\n\n  ​ ​ ​\n\n**December 31,**\n\n​\n\n​\n\n**2022**\n\n​\n\n**Additions**\n\n​\n\n**Deductions**\n\n​\n\n**Translations**\n\n​\n\n**2023**\n\n**At cost:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Directly acquired assets**\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nBuildings\n\n \n\n18,947\n\n \n\n569\n\n \n\n(34)\n\n \n\n114\n\n \n\n19,596\n\nLeasehold improvements\n\n \n\n1,571\n\n \n\n28\n\n \n\n(14)\n\n \n\n90\n\n \n\n1,675\n\nSwitching equipment\n\n \n\n20,083\n\n \n\n582\n\n \n\n(309)\n\n \n\n(720)\n\n \n\n19,636\n\nTelegraph, telex, and data communication equipment\n\n \n\n1,583\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n1,583\n\nTransmission installation and equipment\n\n \n\n171,106\n\n \n\n5,839\n\n \n\n(3,562)\n\n \n\n7,281\n\n \n\n180,664\n\nSatellite, earth station, and equipment\n\n \n\n10,804\n\n \n\n137\n\n \n\n—\n\n \n\n—\n\n \n\n10,941\n\nCable network\n\n \n\n59,608\n\n \n\n4,336\n\n \n\n(6)\n\n \n\n(3,682)\n\n \n\n60,256\n\nDrop cable\n\n \n\n15,087\n\n \n\n1,426\n\n \n\n—\n\n \n\n—\n\n \n\n16,513\n\nPower supply\n\n \n\n23,276\n\n \n\n722\n\n \n\n(768)\n\n \n\n1,118\n\n \n\n24,348\n\nData processing equipment\n\n \n\n20,954\n\n \n\n557\n\n \n\n(218)\n\n \n\n600\n\n \n\n21,893\n\nOther telecommunication peripherals\n\n \n\n10,402\n\n \n\n468\n\n \n\n—\n\n \n\n217\n\n \n\n11,087\n\nOffice equipment\n\n \n\n2,625\n\n \n\n96\n\n \n\n(18)\n\n \n\n(7)\n\n \n\n2,696\n\nVehicles\n\n \n\n605\n\n \n\n48\n\n \n\n(56)\n\n \n\n(4)\n\n \n\n593\n\nOther equipment\n\n \n\n51\n\n \n\n1\n\n \n\n—\n\n \n\n1\n\n \n\n53\n\nProperty under construction\n\n \n\n4,598\n\n \n\n18,049\n\n \n\n—\n\n \n\n(16,407)\n\n \n\n6,240\n\nTotal\n\n \n\n361,300\n\n \n\n32,858\n\n \n\n(4,985)\n\n \n\n(11,399)\n\n \n\n377,774\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Accumulated depreciation:**\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n**Directly acquired assets**\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nBuildings\n\n \n\n6,228\n\n \n\n649\n\n \n\n(11)\n\n \n\n(48)\n\n \n\n6,818\n\nLeasehold improvements\n\n \n\n1,207\n\n \n\n141\n\n \n\n(6)\n\n \n\n(30)\n\n \n\n1,312\n\nSwitching equipment\n\n \n\n14,100\n\n \n\n1,967\n\n \n\n(309)\n\n \n\n(1,637)\n\n \n\n14,121\n\nTelegraph, telex, and data communication equipment\n\n \n\n1,582\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n1,582\n\nTransmission installation and equipment\n\n \n\n97,335\n\n \n\n12,171\n\n \n\n(3,372)\n\n \n\n(1,787)\n\n \n\n104,347\n\nSatellite, earth station, and equipment\n\n \n\n6,041\n\n \n\n746\n\n \n\n—\n\n \n\n(61)\n\n \n\n6,726\n\nCable network\n\n \n\n20,550\n\n \n\n2,593\n\n \n\n(6)\n\n \n\n(5,325)\n\n \n\n17,812\n\nDrop cable\n\n \n\n8,955\n\n \n\n2,318\n\n \n\n—\n\n \n\n—\n\n \n\n11,273\n\nPower supply\n\n \n\n16,890\n\n \n\n1,861\n\n \n\n(758)\n\n \n\n(606)\n\n \n\n17,387\n\nData processing equipment\n\n \n\n15,490\n\n \n\n2,093\n\n \n\n(217)\n\n \n\n(1,217)\n\n \n\n16,149\n\nOther telecommunication peripherals\n\n \n\n6,067\n\n \n\n1,659\n\n \n\n—\n\n \n\n(26)\n\n \n\n7,700\n\nOffice equipment\n\n \n\n2,073\n\n \n\n285\n\n \n\n(18)\n\n \n\n(204)\n\n \n\n2,136\n\nVehicles\n\n \n\n242\n\n \n\n48\n\n \n\n(31)\n\n \n\n(3)\n\n \n\n256\n\nOther equipment\n\n \n\n44\n\n \n\n3\n\n \n\n—\n\n \n\n—\n\n \n\n47\n\nTotal\n\n \n\n196,804\n\n \n\n26,534\n\n \n\n(4,728)\n\n \n\n(10,944)\n\n \n\n207,666\n\n**Net book value**\n\n** **\n\n**164,496**\n\n​\n\n​\n\n \n\n  ​\n\n \n\n  ​\n\n** **\n\n**170,108**\n\n​\n\n​\n\n​\n\nF-48\n\n[Table of Contents](#TOC)\n\nThe details of property and equipment are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**As Restated (Note 2y.iii)**\n\n​\n\n​\n\n**December 31, **\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**Reclassifications/**\n\n  ​ ​ ​\n\n**December 31, **\n\n​\n\n​\n\n**2023**\n\n​\n\n**Acquisition**\n\n  ​\n\n**Additions**\n\n​\n\n**Deductions**\n\n​\n\n**Translations**\n\n​\n\n**2024**\n\n**At cost:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Directly acquired assets**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nBuildings\n\n \n\n19,596\n\n​\n\n—\n\n​\n\n221\n\n​\n\n(32)\n\n​\n\n1,122\n\n​\n\n20,907\n\nLeasehold improvements\n\n \n\n1,675\n\n​\n\n—\n\n​\n\n40\n\n​\n\n(94)\n\n​\n\n174\n\n​\n\n1,795\n\nSwitching equipment\n\n \n\n19,636\n\n​\n\n—\n\n​\n\n228\n\n​\n\n(1,090)\n\n​\n\n696\n\n​\n\n19,470\n\nTelegraph, telex, and data communication equipment\n\n \n\n1,583\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(1,578)\n\n​\n\n—\n\n​\n\n5\n\nTransmission installation and equipment\n\n \n\n180,664\n\n​\n\n—\n\n​\n\n1,393\n\n​\n\n(9,972)\n\n​\n\n10,085\n\n​\n\n182,170\n\nSatellite, earth station, and equipment\n\n \n\n10,941\n\n​\n\n—\n\n​\n\n50\n\n​\n\n(114)\n\n​\n\n3,918\n\n​\n\n14,795\n\nCable network\n\n \n\n60,256\n\n​\n\n314\n\n​\n\n3,140\n\n​\n\n(15)\n\n​\n\n(224)\n\n​\n\n63,471\n\nDrop cable\n\n​\n\n16,513\n\n​\n\n—\n\n​\n\n1,591\n\n​\n\n—\n\n​\n\n—\n\n​\n\n18,104\n\nPower supply\n\n \n\n24,348\n\n​\n\n—\n\n​\n\n559\n\n​\n\n(730)\n\n​\n\n1,427\n\n​\n\n25,604\n\nData processing equipment\n\n \n\n21,893\n\n​\n\n—\n\n​\n\n332\n\n​\n\n(1,577)\n\n​\n\n1,292\n\n​\n\n21,940\n\nOther telecommunication peripherals\n\n \n\n11,087\n\n​\n\n—\n\n​\n\n412\n\n​\n\n(4)\n\n​\n\n743\n\n​\n\n12,238\n\nOffice equipment\n\n \n\n2,696\n\n​\n\n0\n\n​\n\n84\n\n​\n\n(74)\n\n​\n\n13\n\n​\n\n2,719\n\nVehicles\n\n \n\n593\n\n​\n\n0\n\n​\n\n15\n\n​\n\n(42)\n\n​\n\n(36)\n\n​\n\n530\n\nOther equipment\n\n \n\n53\n\n​\n\n—\n\n​\n\n3\n\n​\n\n—\n\n​\n\n4\n\n​\n\n60\n\nProperty under construction\n\n \n\n6,240\n\n​\n\n—\n\n​\n\n16,368\n\n​\n\n(31)\n\n​\n\n(19,647)\n\n​\n\n2,930\n\nTotal\n\n \n\n377,774\n\n \n\n314\n\n​\n\n24,436\n\n \n\n(15,353)\n\n \n\n(433)\n\n \n\n386,738\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Accumulated depreciation:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Directly acquired assets**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nBuildings\n\n** **\n\n6,818\n\n​\n\n—\n\n​\n\n650\n\n​\n\n(27)\n\n​\n\n20\n\n​\n\n7,461\n\nLeasehold improvements\n\n** **\n\n1,312\n\n​\n\n—\n\n​\n\n128\n\n​\n\n(86)\n\n​\n\n(7)\n\n​\n\n1,347\n\nSwitching equipment\n\n** **\n\n14,121\n\n​\n\n—\n\n​\n\n1,756\n\n​\n\n(1,088)\n\n​\n\n6\n\n​\n\n14,795\n\nTelegraph, telex, and data communication equipment\n\n** **\n\n1,582\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(1,578)\n\n​\n\n—\n\n​\n\n4\n\nTransmission installation and equipment\n\n** **\n\n104,347\n\n​\n\n—\n\n​\n\n11,713\n\n​\n\n(9,787)\n\n​\n\n48\n\n​\n\n106,321\n\nSatellite, earth station, and equipment\n\n** **\n\n6,726\n\n​\n\n—\n\n​\n\n719\n\n​\n\n(114)\n\n​\n\n46\n\n​\n\n7,377\n\nCable network\n\n** **\n\n17,812\n\n​\n\n—\n\n​\n\n2,698\n\n​\n\n(15)\n\n​\n\n36\n\n​\n\n20,531\n\nDrop cable\n\n​\n\n11,273\n\n​\n\n—\n\n​\n\n2,223\n\n​\n\n—\n\n​\n\n1\n\n​\n\n13,497\n\nPower supply\n\n** **\n\n17,387\n\n​\n\n—\n\n​\n\n2,014\n\n​\n\n(710)\n\n​\n\n29\n\n​\n\n18,720\n\nData processing equipment\n\n** **\n\n16,149\n\n​\n\n—\n\n​\n\n2,031\n\n​\n\n(1,545)\n\n​\n\n(103)\n\n​\n\n16,532\n\nOther telecommunication peripherals\n\n** **\n\n7,700\n\n​\n\n—\n\n​\n\n1,517\n\n​\n\n(1)\n\n​\n\n—\n\n​\n\n9,216\n\nOffice equipment\n\n** **\n\n2,136\n\n​\n\n—\n\n​\n\n278\n\n​\n\n(68)\n\n​\n\n(62)\n\n​\n\n2,284\n\nVehicles\n\n** **\n\n256\n\n​\n\n—\n\n​\n\n38\n\n​\n\n(27)\n\n​\n\n(17)\n\n​\n\n250\n\nOther equipment\n\n** **\n\n47\n\n​\n\n—\n\n​\n\n4\n\n​\n\n—\n\n​\n\n(2)\n\n​\n\n49\n\nTotal\n\n** **\n\n207,666\n\n​\n\n—\n\n​\n\n25,769\n\n​\n\n(15,046)\n\n** **\n\n(5)\n\n** **\n\n218,384\n\n**Net book value**\n\n** **\n\n**170,108**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**168,354**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nF-49\n\n[Table of Contents](#TOC)\n\nThe details of property and equipment are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**As restated********(Note 2y.iii)**\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n​\n\n​\n\n**December 31, **\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Reclassifications/**\n\n​\n\n**December 31, **\n\n​\n\n​\n\n**2024**\n\n  ​\n\n**Additions**\n\n​\n\n**Deductions**\n\n​\n\n**Translations**\n\n​\n\n**2025**\n\n**At cost:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Directly acquired assets**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nBuildings\n\n \n\n20,907\n\n​\n\n197\n\n​\n\n(2)\n\n​\n\n861\n\n​\n\n21,963\n\nLeasehold improvements\n\n \n\n1,795\n\n​\n\n5\n\n​\n\n(46)\n\n​\n\n147\n\n​\n\n1,901\n\nSwitching equipment\n\n \n\n19,470\n\n​\n\n285\n\n​\n\n(1,722)\n\n​\n\n1,667\n\n​\n\n19,700\n\nTelegraph, telex, and data communication equipment\n\n \n\n5\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(3)\n\n​\n\n2\n\nTransmission installation and equipment\n\n \n\n182,170\n\n​\n\n1,836\n\n​\n\n(5,178)\n\n​\n\n8,062\n\n​\n\n186,890\n\nSatellite, earth station, and equipment\n\n \n\n14,795\n\n​\n\n143\n\n​\n\n(202)\n\n​\n\n371\n\n​\n\n15,107\n\nCable network\n\n \n\n63,471\n\n​\n\n3,505\n\n​\n\n(13)\n\n​\n\n212\n\n​\n\n67,175\n\nDrop cable\n\n​\n\n18,104\n\n​\n\n1,686\n\n​\n\n—\n\n​\n\n—\n\n​\n\n19,790\n\nPower supply\n\n \n\n25,604\n\n​\n\n483\n\n​\n\n(476)\n\n​\n\n1,924\n\n​\n\n27,535\n\nData processing equipment\n\n \n\n21,940\n\n​\n\n407\n\n​\n\n(1,245)\n\n​\n\n1,775\n\n​\n\n22,877\n\nOther telecommunication peripherals\n\n \n\n12,238\n\n​\n\n1,047\n\n​\n\n—\n\n​\n\n(11)\n\n​\n\n13,274\n\nOffice equipment\n\n \n\n2,719\n\n​\n\n128\n\n​\n\n(85)\n\n​\n\n(146)\n\n​\n\n2,616\n\nVehicles\n\n \n\n530\n\n​\n\n2\n\n​\n\n(5)\n\n​\n\n(11)\n\n​\n\n516\n\nOther equipment\n\n \n\n60\n\n​\n\n3\n\n​\n\n—\n\n​\n\n8\n\n​\n\n71\n\nProperty under construction\n\n \n\n2,930\n\n​\n\n14,850\n\n​\n\n(1)\n\n​\n\n(13,768)\n\n​\n\n4,011\n\nTotal\n\n \n\n386,738\n\n​\n\n24,577\n\n​\n\n(8,975)\n\n​\n\n1,088\n\n​\n\n403,428\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Accumulated depreciation:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Directly acquired assets**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nBuildings\n\n \n\n7,461\n\n​\n\n701\n\n​\n\n(2)\n\n​\n\n196\n\n​\n\n8,356\n\nLeasehold improvements\n\n** **\n\n1,347\n\n​\n\n121\n\n​\n\n(46)\n\n​\n\n27\n\n​\n\n1,449\n\nSwitching equipment\n\n** **\n\n14,795\n\n​\n\n1,755\n\n​\n\n(1,717)\n\n​\n\n67\n\n​\n\n14,900\n\nTelegraph, telex, and data communication equipment\n\n** **\n\n4\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(2)\n\n​\n\n2\n\nTransmission installation and equipment\n\n** **\n\n106,321\n\n​\n\n12,320\n\n​\n\n(5,076)\n\n​\n\n568\n\n​\n\n114,133\n\nSatellite, earth station, and equipment\n\n** **\n\n7,377\n\n​\n\n918\n\n​\n\n(203)\n\n​\n\n389\n\n​\n\n8,481\n\nCable network\n\n** **\n\n20,531\n\n​\n\n4,944\n\n​\n\n(12)\n\n​\n\n27\n\n​\n\n25,490\n\nDrop cable\n\n​\n\n13,497\n\n​\n\n1,941\n\n​\n\n—\n\n​\n\n—\n\n​\n\n15,438\n\nPower supply\n\n** **\n\n18,720\n\n​\n\n2,300\n\n​\n\n(432)\n\n​\n\n313\n\n​\n\n20,901\n\nData processing equipment\n\n** **\n\n16,532\n\n​\n\n1,837\n\n​\n\n(1,248)\n\n​\n\n349\n\n​\n\n17,470\n\nOther telecommunication peripherals\n\n** **\n\n9,216\n\n​\n\n1,608\n\n​\n\n—\n\n​\n\n(2)\n\n​\n\n10,822\n\nOffice equipment\n\n** **\n\n2,284\n\n​\n\n253\n\n​\n\n(85)\n\n​\n\n(229)\n\n​\n\n2,223\n\nVehicles\n\n** **\n\n250\n\n​\n\n31\n\n​\n\n(5)\n\n​\n\n(11)\n\n​\n\n265\n\nOther equipment\n\n** **\n\n49\n\n​\n\n2\n\n​\n\n—\n\n​\n\n(11)\n\n​\n\n40\n\nTotal\n\n** **\n\n218,384\n\n​\n\n28,731\n\n​\n\n(8,826)\n\n​\n\n1,681\n\n​\n\n239,970\n\n**Net book value**\n\n** **\n\n**168,354**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**163,458**\n\n​\n\nAn item of property and equipment group includes main telecommunication infrastructure of the Group which consists of the following components: (1) switching equipment; (2) telegraph, telex, and data communication equipment; (3) transmission installation and equipment; (4) satellite, earth station, and equipment; (5) cable network; (6) drop cable; (7) power supply; (8) data processing equipment; and (9) other telecommunication peripherals.\n\n​\n\nF-50\n\n[Table of Contents](#TOC)\n\na.    Gain on sale of property and equipment\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2023**\n\n  ​ ​ ​\n\n**2024**\n\n  ​ ​ ​\n\n**2025**\n\nProceeds from sale of property and equipment\n\n \n\n100\n\n \n\n717\n\n \n\n78\n\nNet book value\n\n \n\n(16)\n\n \n\n(59)\n\n \n\n0\n\n**Gain on sale of property and equipment**\n\n** **\n\n**84**\n\n \n\n**658**\n\n \n\n**78**\n\n​\n\nb.    Others\n\n(i)During 2024 and 2025, the CGUs that independently generate cash inflows are fixed wireline, cellular, and others. Management believes that there is no indication of impairment in the assets of such CGUs as of December 31, 2024 and 2025.\n\n(ii)Interest capitalized to property under construction amounted to Rp124 billion, Rp98 billion, and Rp13 billion for the years ended December 31, 2023, 2024, and 2025, respectively. The capitalization rate used to determine the number of borrowing costs eligible for capitalization ranged from 2.50% to 8.24%, 1.50% to 6.10%, and 5.44% to 8.20% for the years ended December 31, 2023, 2024, and 2025, respectively.\n\n(iii)No foreign exchange loss was capitalized as part of property under construction for the years ended December 31, 2023, 2024, and 2025.\n\n(iv)In 2023, 2024, and 2025, the Group obtained proceeds from the insurance claim on lost and damaged property and equipment, with a total value of Rp199 billion, Rp143 billion, and Rp151 billion, respectively, and were recorded as part of “Other income - net” in the consolidated statements of profit or loss and other comprehensive income. In 2023, 2024, and 2025, the net carrying values of these assets, amounted to Rp185 billion, Rp114 billion, and Rp96 billion, respectively, were charged to the consolidated statements of profit or loss and other comprehensive income.\n\n(v)As of December 31, 2024 and 2025, the Group’s property and equipment with a net carrying amount (before intercompany eliminations and adjustments) of Rp178,692 billion and Rp160,374 billion, respectively, were insured against fire, theft, earthquake and other specified risks, including business interruption. The total blanket policies as of December 31, 2024 and 2025, amounted to Rp44,143 billion and Rp44,267 billion, HK$10 million and HK$35 million, SG$219 million and SG$197 million, and MYRNil and MYR46 million, respectively. The total policies for first loss basis policies as of December 31, 2024 and 2025, amounted to Rp2,750 billion and Rp2,750 billion, respectively. Management believes that the insurance coverage is adequate to cover potential losses from the insured risks.\n\n(vi)As of December 31, 2024 and 2025, the percentage of completion of property under construction was approximately 53.29% and 44.12% respectively, of the total contract value, Rp2,930 billion and Rp4,011 billion are recorded as expenditures in property under construction, respectively. The estimated completion dates are until December 2026. The balance of property under construction mainly consists of buildings, transmission installation and equipment, cable network, and power supply. Management believes that there is no impediment to the completion of the construction in progress.\n\n(vii)As of December 31, 2024 and 2025, all assets owned by the Company have been pledged as collateral for bonds (Note 20a) while certain property and equipment of the Company’s subsidiaries with gross carrying value amounting to Rp2,190 billion and Rp2,205 billion, respectively, have been pledged as collaterals under borrowing agreements (Notes 19 and 20b).\n\n(viii)As of December 31, 2024 and 2025, the cost of fully depreciated property and equipment of the Group that are still used in operations amounted to Rp89,480 billion and Rp100,603 billion, respectively. The Group is currently conducting modernization of network assets to replace the fully depreciated property and equipment.\n\nF-51\n\n[Table of Contents](#TOC)\n\n(ix)In 2025, the Company determined changes in the estimated useful lives for several assets owned by the Company (Note 2y.ii.(b)). The impact of the increase in depreciation expense (before intercompany eliminations and adjustments) for the year ended December 31, 2025 is Rp1,684  billion. The estimate for the increase (decrease) in depreciation expense for at least the next 5 (five) years is as follows:\n\n​\n\n​\n\n​\n\n​\n\n**Years**\n\n**  ​ ​ ​**\n\n**Increase**** ****(Decrease)**\n\n2026\n\n \n\n1,446\n\n2027\n\n \n\n653\n\n2028\n\n \n\n228\n\n2029\n\n \n\n(96)\n\n2030\n\n \n\n(381)\n\n​\n\n​\n\n(x)\n\nIn 2025, the Company conducted an evaluation of the physical condition of its assets and recognized an accelerated depreciation of Rp1,945 billion for several types of assets that were assessed to no longer be optimally utilized.\n\n​\n\n(xi)\n\nIn 2024 and 2025, the total fair values of buildings of the Group amounted to Rp23,650 billion and Rp23,363 billion, respectively.\n\n​\n\n​\n\n**13.  LEASES**\n\na.\n\nThe Group as a lessee\n\nThe Group leases several assets including land rights, building, transmission installation and equipment, vehicles, and others which used in operations, which generally have lease term between 1 and 33 years.\n\nThe carrying amounts of right-of-use assets recognized and the movements during the year are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n**Transmission **\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**installation and**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Land rights**\n\n​\n\n**Buildings**\n\n​\n\n** equipment**\n\n​\n\n**Vehicles**\n\n​\n\n**Others**\n\n​\n\n**Total**\n\nAs at January 1, 2024\n\n​\n\n6,134\n\n​\n\n462\n\n​\n\n16,058\n\n​\n\n519\n\n​\n\n851\n\n​\n\n24,024\n\nAdditions\n\n​\n\n1,738\n\n​\n\n198\n\n​\n\n7,340\n\n​\n\n241\n\n​\n\n920\n\n​\n\n10,437\n\nDeductions and reclassifications\n\n​\n\n(152)\n\n​\n\n(1)\n\n​\n\n(368)\n\n​\n\n(2)\n\n​\n\n(16)\n\n​\n\n(539)\n\nDepreciation expense\n\n​\n\n(1,110)\n\n​\n\n(192)\n\n​\n\n(3,615)\n\n​\n\n(266)\n\n​\n\n(268)\n\n​\n\n(5,451)\n\n**As at December 31, 2024**\n\n​\n\n**6,610**\n\n​\n\n**467**\n\n​\n\n**19,415**\n\n​\n\n**492**\n\n​\n\n**1,487**\n\n​\n\n**28,471**\n\nAdditions\n\n​\n\n2,320\n\n​\n\n138\n\n​\n\n4,473\n\n​\n\n413\n\n​\n\n99\n\n​\n\n7,443\n\nDeductions and reclassifications\n\n​\n\n(124)\n\n​\n\n49\n\n​\n\n(832)\n\n​\n\n(12)\n\n​\n\n—\n\n​\n\n(919)\n\nDepreciation expense\n\n​\n\n(1,170)\n\n​\n\n(193)\n\n​\n\n(3,950)\n\n​\n\n(310)\n\n​\n\n(39)\n\n​\n\n(5,662)\n\n**As at December 31, 2025**\n\n​\n\n**7,636**\n\n​\n\n**461**\n\n​\n\n**19,106**\n\n​\n\n**583**\n\n​\n\n**1,547**\n\n​\n\n**29,333**\n\n​\n\nF-52\n\n[Table of Contents](#TOC)\n\nThe carrying amounts of the lease liabilities and the movements during the year are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\n​\n\n​\n\n​\n\n​\n\n​\n\nAs at January 1\n\n \n\n20,302\n\n \n\n23,925\n\nAccretion of interest\n\n \n\n1,348\n\n \n\n1,469\n\nAdditions (Note 36a)\n\n \n\n10,424\n\n \n\n7,443\n\nDeductions\n\n \n\n(8,149)\n\n \n\n(8,345)\n\nAs at December 31\n\n \n\n23,925\n\n \n\n24,492\n\n**Current**\n\n \n\n**(5,447)**\n\n** **\n\n**(5,945)**\n\n**Non-current**\n\n \n\n**18,478**\n\n** **\n\n**18,547**\n\n​\n\nThe maturity analysis of lease payments is as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n  ​ ​ ​\n\n**2025**\n\nNo later than a year\n\n \n\n6,640\n\n \n\n7,201\n\nLater than 1 year and no later than 5 years\n\n \n\n14,184\n\n \n\n14,676\n\nLater than 5 years\n\n \n\n8,411\n\n \n\n7,516\n\nTotal lease payments\n\n​\n\n29,235\n\n​\n\n29,393\n\nInterest\n\n​\n\n(5,310)\n\n​\n\n(4,901)\n\nNet present value of lease payments\n\n​\n\n23,925\n\n​\n\n24,492\n\n**Current**\n\n** **\n\n**(5,447)**\n\n** **\n\n**(5,945)**\n\n**Non-current**\n\n** **\n\n**18,478**\n\n \n\n**18,547**\n\n​\n\nIn 2024 and 2025, the total fair values of land rights of the Group amounted to Rp29,612 billion and Rp31,111 billion, respectively.\n\n​\n\nThe Group also has certain leases with lease terms of twelve months or less and low-value leases. The Group applies the ‘short-term lease’ and ‘lease of low-value assets’ recognition exemptions for these leases. There are no lease contracts with variable lease payments.\n\n​\n\nThe following are the amounts recognized in profit or loss:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\nDepreciation expense of right-of-use assets\n\n \n\n5,451\n\n \n\n5,662\n\nExpense relating to short-term leases\n\n \n\n3,689\n\n \n\n4,638\n\nInterest expense on lease liabilities\n\n \n\n1,348\n\n \n\n1,469\n\nExpense relating to leases of low-value assets\n\n \n\n4\n\n \n\n16\n\n​\n\nb.\n\nThe Group as a lessor\n\nThe Group entered into non-cancelable lease agreements with both third and related parties. The lease agreements cover leased lines, telecommunication equipment and land and building with terms ranging from 1 to 29 years and with expiry dates between 2026 and 2039. Periods may be extended based on the agreement by both parties.\n\nThe minimum amount of future lease payments and receipts for operating lease agreements are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\nNo later than 1 year\n\n \n\n6,222\n\n \n\n3,188\n\nLater than 1 year and no later than 5 years\n\n \n\n8,502\n\n \n\n10,670\n\nLater than 5 years\n\n \n\n3,518\n\n \n\n4,701\n\n**Total**\n\n** **\n\n**18,242**\n\n** **\n\n**18,559**\n\n​\n\nF-53\n\n[Table of Contents](#TOC)\n\n​\n\n14. OTHER NON-CURRENT ASSETS\n\nThe breakdown of other non-current assets is as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n  ​ ​ ​\n\n**2025**\n\nPrepaid taxes - net of current portion (Note 28a)\n\n​\n\n2,195\n\n​\n\n2,473\n\nClaims for tax refund - net of current portion (Note 28b)\n\n​\n\n669\n\n​\n\n1,523\n\nPrepaid expenses\n\n​\n\n1,056\n\n​\n\n1,432\n\nPrepaid radio frequency license fees - net of current portion (Note 33c.i)\n\n \n\n1,594\n\n​\n\n1,201\n\nAdvances\n\n​\n\n205\n\n​\n\n734\n\nSecurity deposits\n\n​\n\n234\n\n​\n\n274\n\nOthers (each below Rp100 billion)\n\n \n\n255\n\n​\n\n236\n\n**Total**\n\n** **\n\n**6,208**\n\n \n\n**7,873**\n\n​\n\nThe Group reclassified trade receivables - net arising from transactions that do not have economic substance and are not in accordance with the applicable financial reporting standards as well as the Group’s policies and internal controls, to other non-current assets, as disclosed in Note 33.c.iv.\n\n​\n\n15.  INTANGIBLE ASSETS\n\nThe details of intangible assets****are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**Other intangible **\n\n  ​ ​ ​\n\n​\n\n​\n\n​\n\n**Goodwill**\n\n​\n\n**Software**\n\n​\n\n**License**\n\n​\n\n**assets**\n\n​\n\n**Total**\n\n**Gross carrying amount:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nBalance, December 31, 2023\n\n \n\n1,492\n\n \n\n21,642\n\n \n\n550\n\n \n\n1,694\n\n \n\n25,378\n\nAdditions\n\n \n\n—\n\n​\n\n3,415\n\n​\n\n94\n\n​\n\n9\n\n​\n\n3,518\n\nDeductions\n\n \n\n(18)\n\n​\n\n(4,489)\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(4,507)\n\nReclassifications/translations\n\n \n\n—\n\n​\n\n(37)\n\n​\n\n3\n\n​\n\n—\n\n​\n\n(34)\n\nBalance, December 31, 2024\n\n \n\n1,474\n\n \n\n20,531\n\n \n\n647\n\n \n\n1,703\n\n \n\n24,355\n\n**Accumulated amortization and impairment losses:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nBalance, December 31, 2023\n\n \n\n(405)\n\n​\n\n(15,034)\n\n​\n\n(200)\n\n​\n\n(1,008)\n\n​\n\n(16,647)\n\nAmortization\n\n \n\n—\n\n​\n\n(2,515)\n\n​\n\n(76)\n\n​\n\n(71)\n\n​\n\n(2,662)\n\nImpairment\n\n​\n\n(77)\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(77)\n\nDeductions\n\n \n\n11\n\n​\n\n4,472\n\n​\n\n—\n\n​\n\n—\n\n​\n\n4,483\n\nReclassifications/translations\n\n \n\n—\n\n​\n\n(9)\n\n​\n\n(1)\n\n​\n\n—\n\n​\n\n(10)\n\nBalance, December 31, 2024\n\n \n\n(471)\n\n \n\n(13,086)\n\n \n\n(277)\n\n \n\n(1,079)\n\n \n\n(14,913)\n\n**Net book value**\n\n** **\n\n**1,003**\n\n \n\n**7,445**\n\n \n\n**370**\n\n \n\n**624**\n\n \n\n**9,442**\n\n​\n\nF-54\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**Other intangible **\n\n  ​ ​ ​\n\n​\n\n​\n\n​\n\n**Goodwill**\n\n​\n\n**Software**\n\n​\n\n**License**\n\n​\n\n**assets**\n\n​\n\n**Total**\n\n**Gross carrying amount:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nBalance, December 31, 2024\n\n \n\n1,474\n\n \n\n20,531\n\n \n\n647\n\n \n\n1,703\n\n \n\n24,355\n\nAdditions\n\n \n\n—\n\n​\n\n2,878\n\n​\n\n68\n\n​\n\n16\n\n​\n\n2,962\n\nDeductions\n\n \n\n—\n\n​\n\n(8)\n\n​\n\n(1)\n\n​\n\n(3)\n\n​\n\n(12)\n\nReclassifications/translations\n\n \n\n(85)\n\n​\n\n196\n\n​\n\n11\n\n​\n\n(2)\n\n​\n\n120\n\nBalance, December 31, 2025\n\n \n\n1,389\n\n \n\n23,597\n\n \n\n725\n\n \n\n1,714\n\n \n\n27,425\n\n**Accumulated amortization:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nBalance, December 31, 2024\n\n \n\n(471)\n\n​\n\n(13,086)\n\n​\n\n(277)\n\n​\n\n(1,079)\n\n​\n\n(14,913)\n\nAmortization\n\n \n\n—\n\n​\n\n(2,906)\n\n​\n\n(94)\n\n​\n\n(72)\n\n​\n\n(3,072)\n\nDeductions\n\n \n\n—\n\n​\n\n7\n\n​\n\n—\n\n​\n\n—\n\n​\n\n7\n\nReclassifications/translations\n\n \n\n4\n\n​\n\n(218)\n\n​\n\n1\n\n​\n\n3\n\n​\n\n(210)\n\nBalance, December 31, 2025\n\n \n\n(467)\n\n \n\n(16,203)\n\n \n\n(370)\n\n \n\n(1,148)\n\n \n\n(18,188)\n\n**Net book value**\n\n** **\n\n**922**\n\n \n\n**7,394**\n\n \n\n**355**\n\n \n\n**566**\n\n \n\n**9,237**\n\n​\n\n(i)Goodwill resulted from the acquisition by Mitratel, Metranet, Sigma, TDE, Telkomsat, and Metra amounted to Rp467 billion, Rp220 billion, Rp78 billion, Rp77 billion, Rp68 billion, and Rp12 billion, respectively.\n\n(ii)The remaining amortization periods of software for the years ended December 31, 2023, 2024, and 2025 are from 1 to 6 years, respectively. The amortization expense is presented as part of “Depreciation and amortization expenses” in the consolidated statements of profit or loss and other comprehensive income.\n\n(iii)As of December 31, 2024 and 2025, the cost of fully amortized intangible assets that are still utilized in operations amounted to Rp8,345 billion and Rp10,664 billion, respectively.\n\n**16. TRADE AND OTHER PAYABLES**\n\nThis account consists of the following:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n  ​ ​ ​\n\n**2025**\n\nTrade payables\n\n \n\n15,336\n\n \n\n16,184\n\nOther payables\n\n \n\n454\n\n \n\n648\n\n**Total trade and other payables**\n\n** **\n\n**15,790**\n\n \n\n**16,832**\n\n​\n\nThe breakdown of trade payables is as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n  ​ ​ ​\n\n**2025**\n\nRelated parties\n\n​\n\n​\n\n​\n\n​\n\nRadio frequency usage charges, concession fees, and Universal Service Obligation (“USO”) charges\n\n \n\n2,631\n\n \n\n2,484\n\nPurchases of equipments, materials, and services\n\n \n\n382\n\n \n\n340\n\nPayables to other telecommunication providers\n\n \n\n248\n\n \n\n234\n\n**Sub-total**\n\n \n\n**3,261**\n\n \n\n**3,058**\n\nThird parties\n\n​\n\n​\n\n​\n\n​\n\nPurchases of equipments, materials, and services\n\n \n\n9,725\n\n \n\n10,003\n\nPayables to other telecommunication providers\n\n \n\n2,350\n\n \n\n3,123\n\n**Sub-total**\n\n \n\n**12,075**\n\n \n\n**13,126**\n\n**Total**\n\n** **\n\n**15,336**\n\n \n\n**16,184**\n\n​\n\nF-55\n\n[Table of Contents](#TOC)\n\nTrade payables by currency are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n  ​ ​ ​\n\n**2025**\n\nRupiah\n\n \n\n13,217\n\n \n\n13,476\n\nU.S. Dollar\n\n \n\n2,059\n\n \n\n2,657\n\nOthers\n\n \n\n60\n\n \n\n51\n\n**Total**\n\n** **\n\n**15,336**\n\n \n\n**16,184**\n\n​\n\nTerms and conditions of the trade and other payables:\n\na.\n\nThe Group's trade payables and other payables are non-interest bearing and normally settled within 1 year term.\n\nb.\n\nRefer to Note 31c for details on related party transactions.\n\nc.\n\nRefer to Note 34b.v for the Group's liquidity risk management.\n\n​\n\nGSD, Telkom Akses, and Mitratel entered into supply chain financing with several banks. Those facilities can be used by the GSD, Telkom Akses, and Mitratel's supplier to obtain payment of invoices that have been approved to be paid by the bank in accordance with certain terms and conditions. As of December 31, 2024 and 2025, the carrying amount of liabilities under supplier finance arrangement is as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\nLiabilities under supplier finance arrangement\n\n \n\n475\n\n \n\n353\n\nTotal amount of which the supplier has received payment from finance provider\n\n \n\n473\n\n \n\n353\n\nRange of payment due dates\n\n \n\n1 - 3 month\n\n \n\n1 - 3 month\n\n​\n\n​\n\nThere were no material business combinations or foreign exchange differences that would affect the liabilities under the supplier finance arrangement in either period. There were non-cash transfers from trade payables to bank loans under the supplier finance arrangement in 2024 and 2025 amounted to Rp115 billion and RpNil billion, respectively.\n\n17.  ACCRUED EXPENSES\n\nThe breakdown of accrued expenses is as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n  ​ ​ ​\n\n**2025**\n\nSalaries and benefits\n\n​\n\n3,856\n\n​\n\n5,673\n\nOperation, maintenance, and telecommunication service\n\n \n\n6,424\n\n \n\n5,459\n\nGeneral, administrative, and marketing expenses\n\n \n\n3,665\n\n \n\n3,525\n\nInterest and bank charges\n\n \n\n247\n\n \n\n210\n\n**Total**\n\n** **\n\n**14,192**\n\n \n\n**14,867**\n\n​\n\n​\n\nRefer to Note 31 for details of related party transactions.\n\n​\n\nF-56\n\n[Table of Contents](#TOC)\n\n**18.  CONTRACT LIABILITIES**\n\nThe breakdown of contract liabilities is as follows:\n\na.Current\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\nAdvances from customers for B2C\n\n​\n\n3,529\n\n​\n\n3,396\n\nAdvances from customers for B2B ICT\n\n​\n\n2,208\n\n​\n\n2,774\n\nAdvances from customers for International\n\n​\n\n679\n\n​\n\n814\n\nAdvances from customers for B2B Infra\n\n​\n\n699\n\n​\n\n492\n\nAdvances from customers for others\n\n \n\n623\n\n \n\n494\n\n**Total**\n\n** **\n\n**7,738**\n\n** **\n\n**7,970**\n\n​\n\nb.\n\nNon-Current\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\nAdvances from customers for International\n\n​\n\n948\n\n​\n\n1,059\n\nAdvances from customers for B2B ICT\n\n​\n\n244\n\n​\n\n581\n\nAdvances from customers for B2C\n\n​\n\n602\n\n​\n\n558\n\nAdvances from customers for others\n\n​\n\n690\n\n​\n\n653\n\n**Total**\n\n** **\n\n**2,484**\n\n** **\n\n**2,851**\n\n​\n\nMovements of contract liabilities for the years ended December 31, 2024 and 2025 are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n  ​ ​ ​​\n\n**2025**\n\nAt January, 1\n\n \n\n9,439\n\n \n\n10,222\n\nDeferred during the year\n\n \n\n7,631\n\n \n\n8,337\n\nRecognized as revenue during the year\n\n \n\n(6,848)\n\n \n\n(7,738)\n\nAt December, 31\n\n \n\n10,222\n\n \n\n10,821\n\n**Current**\n\n** **\n\n**(7,738)**\n\n** **\n\n**(7,970)**\n\n**Non-Current**\n\n** **\n\n**2,484**\n\n** **\n\n**2,851**\n\n​\n\n​\n\nRefer to Note 31 for details of related party transactions.\n\n​\n\nF-57\n\n[Table of Contents](#TOC)\n\n19.  SHORT-TERM BANK LOANS\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Outstanding**\n\n**Lenders**\n\n​\n\n**2024**\n\n​\n\n**2025**\n\nRelated parties\n\n​\n\n  ​\n\n​\n\n  ​\n\nBank Mandiri\n\n \n\n3,755\n\n \n\n804\n\nBNI\n\n \n\n1,799\n\n \n\n586\n\nBRI\n\n​\n\n—\n\n​\n\n100\n\nSub-total\n\n \n\n5,554\n\n \n\n1,490\n\nThird parties\n\n \n\n​\n\n \n\n​\n\nMUFG Bank (\"MUFG\")\n\n​\n\n1,805\n\n​\n\n2,805\n\nPT Bank HSBC Indonesia (\"HSBC\")\n\n \n\n2,440\n\n​\n\n2,100\n\nPT Bank DBS Indonesia (\"DBS\")\n\n​\n\n440\n\n​\n\n420\n\nPT Bank Maspion Indonesia Tbk. (\"Bank Maspion\")\n\n​\n\n167\n\n​\n\n95\n\nBank of China\n\n​\n\n1,000\n\n​\n\n—\n\nUOB Indonesia\n\n​\n\n100\n\n​\n\n—\n\nOthers\n\n \n\n19\n\n​\n\n19\n\nSub-total\n\n \n\n5,971\n\n \n\n5,439\n\n**Total**\n\n** **\n\n**11,525**\n\n \n\n**6,929**\n\n​\n\nOther significant information relating to short-term bank loans as of December 31, 2025 is as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n  ​ ​ ​\n\n​\n\n**  ​ ​ ​**\n\n**Total**\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**facility**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**(in**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Interest rate per**\n\n​\n\n​\n\n​\n\n​\n\n**Borrower**\n\n​\n\n**Currency**\n\n​\n\n**billions)***\n\n​\n\n**Maturity date**\n\n​\n\n**Interest rate**\n\n​\n\n**annum**\n\n​\n\n**Security****\n\n**Bank Mandiri**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2020\n\n​\n\nFinnet\n\n​\n\nRp\n\n​\n\n500\n\n​\n\nApril 28, 2026\n\n​\n\nMonthly\n\n​\n\n1 month IndONIA\n+ 1.30%\n\n​\n\nNone\n\n2021\n\n \n\nNutech\n\n \n\nRp\n\n \n\n100\n\n​\n\nSeptember 27, 2026\n\n​\n\nMonthly\n\n \n\n9.00%\n\n  ​\n\nTrade receivables and property and equipment\n\n2022\n\n​\n\nMitratel\n\n​\n\nRp\n\n​\n\n3,450\n\n​\n\nJuly 25, 2026\n\n​\n\nMonthly\n\n​\n\n5.50%\n\n​\n\nNone\n\n**BNI**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n​\n\n** **\n\n**  ​**\n\n​\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n​\n\n2014\n\n \n\nSigma\n\n \n\nRp\n\n \n\n150\n\n​\n\nJanuary 9, 2026\n\n​\n\nMonthly\n\n \n\n8.50%\n\n  ​\n\nTrade receivables and property and equipment\n\n2017 - 2021\n\n \n\nInfomedia,\nTelkom Infra\n\n \n\nRp\n\n \n\n985\n\n​\n\nMarch 28, 2026 -\nJune 6, 2026\n\n​\n\nMonthly\n\n \n\n1 month JIBOR +\n1.75%; 1 month IndONIA + 2.78%\n\n​\n\nNone\n\n2019\n\n​\n\nMetranet\n\n​\n\nRp\n\n​\n\n150\n\n​\n\nFebruary 18, 2026\n\n​\n\nMonthly\n\n​\n\n1 month JIBOR + 2.00%\n\n​\n\nTrade receivables\n\n**BRI**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2025\n\n​\n\nFinnet\n\n​\n\nRp\n\n​\n\n500\n\n​\n\nJune 19, 2026\n\n​\n\nMonthly\n\n​\n\n6.70%\n\n​\n\nNone\n\n**MUFG**\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\n​\n\n​\n\n2018\n\n \n\nTelkomsel\n\n \n\nRp\n\n \n\n1,000\n\n​\n\nApril 30, 2026\n\n​\n\nMonthly\n\n \n\n5.05%\n\n \n\nNone\n\n2018 - 2019\n\n \n\nInfomedia,\nMetra, GSD,\nTelkom Infra,\nTelkomsat\n\n \n\nRp\n\n** **\n\n2,176\n\n​\n\nJanuary 31, 2026 -\nOctober 31, 2026\n\n​\n\nMonthly, Quarterly\n\n** **\n\n1 month\nJIBOR + 0.25%-0.80%;\n3 months\nJIBOR + 0.25%-0.80%\n\n** **\n\nNone\n\n**HSBC**\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\n​\n\n​\n\n2014\n\n​\n\nSigmaa\n\n​\n\nRp\n\n​\n\n400\n\n​\n\nNovember 6, 2026\n\n​\n\nMonthly\n\n​\n\n6.42%-7.63%\n\n​\n\nTrade receivables\n\n2018 - 2023\n\n \n\nSigma, Metra,\nPINS,\nMetranet,\nTelkomsat,\nGSD, TDE\n\n \n\nRp\n\n \n\n2,588\n\n​\n\nJanuary 12, 2026 -\nOctober 25, 2026\n\n​\n\nMonthly, Quarterly\n\n \n\n1 month\nJIBOR + 0.35%;\n3 months\nJIBOR + 2.00%\n\n​\n\nNone\n\n**DBS**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2018\n\n​\n\nTelkom Infra,\nInfomedia\n\n​\n\nRp\n\n​\n\n600\n\n​\n\nAugust 1, 2026\n\n​\n\nMonthly\n\n​\n\n1 month\nJIBOR + 1.20%\n\n​\n\nNone\n\n**Bank Maspion**\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\n​\n\n​\n\n2023\n\n \n\nMetranet\n\n \n\nRp\n\n \n\n170\n\n​\n\nOctober 26, 2026\n\n​\n\nMonthly\n\n \n\n7.25%\n\n \n\nNone\n\n*   In original currency\n\n** Refer to Note 6 and Note 12 for details of trade receivables and property and equipment pledged as collateral\n\na   Unsettled loan will be automatically extended\n\n​\n\nF-58\n\n[Table of Contents](#TOC)\n\nAs stated in the agreements, the Group is required to comply with all covenants or restrictions such as limitation that the Company must have a majority shareholding of at least 51% of the subsidiaries and must maintain certain level of financial ratios. As of December 31, 2025, the Group has complied with all covenants regarding these financial ratios, except for Sigma which debt to service coverage ratio is still lower than required. As of December 31, 2025, the Group obtained waiver for loan amounting to Rp9 billion from HSBC to not require payment as the consequence of the breach for Sigma. The waiver from HSBC was received on December 15, 2025 and effective for 12 months after reporting period.\n\nThe credit facilities were obtained by the Group for working capital purposes.\n\n​\n\n20. LONG-TERM LOANS\n\nCurrent maturities of long-term loans consist of the following:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**Notes**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\nBonds\n\n \n\n20a\n\n \n\n2,347\n\n \n\n—\n\nBank loans\n\n \n\n20b\n\n \n\n13,519\n\n \n\n17,746\n\n**Total**\n\n \n\n  ​\n\n** **\n\n**15,866**\n\n** **\n\n**17,746**\n\n​\n\n​\n\nLong-term loans consist of the following:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**Notes**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\nBonds\n\n \n\n20a\n\n \n\n2,696\n\n \n\n2,696\n\nBank loans\n\n \n\n20b\n\n \n\n22,822\n\n \n\n23,403\n\n**Total**\n\n** **\n\n**  ​**\n\n** **\n\n**25,518**\n\n** **\n\n**26,099**\n\n​\n\nScheduled principal payments as of December 31, 2025 are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Year**\n\n​\n\n**  ​ ​ ​**\n\n**Notes**\n\n**  ​ ​ ​**\n\n**Total**\n\n**  ​ ​ ​**\n\n**2027**\n\n**  ​ ​ ​**\n\n**2028**\n\n**  ​ ​ ​**\n\n**2029**\n\n**  ​ ​ ​**\n\n**2030**\n\n**  ​ ​ ​**\n\n**Thereafter**\n\nBonds\n\n \n\n20a\n\n \n\n2,696\n\n \n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n1,200\n\n​\n\n1,496\n\nBank loans\n\n \n\n20b\n\n \n\n23,403\n\n \n\n6,175\n\n​\n\n5,554\n\n​\n\n4,979\n\n​\n\n4,003\n\n​\n\n2,692\n\n**Total**\n\n** **\n\n**  ​**\n\n** **\n\n**26,099**\n\n** **\n\n**6,175**\n\n** **\n\n**5,554**\n\n** **\n\n**4,979**\n\n** **\n\n**5,203**\n\n** **\n\n**4,188**\n\n​\n\na.   Bonds\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Outstanding**\n\n**Bonds**\n\n​\n\n**2024**\n\n​\n\n**2025**\n\nBonds Telkom 2015\n\n \n\n​\n\n \n\n​\n\nSeries B\n\n \n\n2,100\n\n \n\n—\n\nSeries C\n\n \n\n1,200\n\n \n\n1,200\n\nSeries D\n\n \n\n1,500\n\n \n\n1,500\n\nBonds Mitratel 2024\n\n​\n\n240\n\n​\n\n—\n\nSukuk Mitratel 2024\n\n​\n\n10\n\n​\n\n—\n\nTotal\n\n \n\n5,050\n\n \n\n2,700\n\nUnamortized debt issuance cost\n\n \n\n(7)\n\n \n\n(4)\n\nLong-term portion\n\n \n\n5,043\n\n \n\n2,696\n\n**Current maturities**\n\n \n\n**(2,347)**\n\n \n\n**—**\n\n**Long-term portion**\n\n** **\n\n**2,696**\n\n** **\n\n**2,696**\n\n​\n\n​\n\nF-59\n\n[Table of Contents](#TOC)\n\ni.Bonds Telkom 2015\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Interest payment**\n\n​\n\n**Interest rate**\n\n​\n\n**Bonds**\n\n  ​ ​ ​​\n\n**Principal**\n\n  ​ ​ ​​\n\n**Issuer**\n\n  ​ ​ ​​\n\n**Listed on**\n\n  ​ ​ ​​\n\n**Issuance**** ****date**\n\n  ​ ​ ​​\n\n**Maturity date**\n\n  ​ ​ ​​\n\n**period**\n\n  ​ ​ ​​\n\n**per annum**\n\n ​\n\nSeries A\n\n​\n\n2,200\n\n​\n\nThe Company\n\n​\n\nIDX\n\n​\n\nJune 23, 2015\n\n​\n\nJune 23, 2022\n\n​\n\nQuarterly\n\n​\n\n9.93\n\n%\n\nSeries B\n\n​\n\n2,100\n\n​\n\nThe Company\n\n​\n\nIDX\n\n​\n\nJune 23, 2015\n\n​\n\nJune 23, 2025\n\n​\n\nQuarterly\n\n​\n\n10.25\n\n%\n\nSeries C\n\n ​\n\n1,200\n\n ​\n\nThe Company\n\n ​\n\nIDX\n\n​\n\nJune 23, 2015\n\n​\n\nJune 23, 2030\n\n ​\n\nQuarterly\n\n ​\n\n10.60\n\n%\n\nSeries D\n\n ​\n\n1,500\n\n ​\n\nThe Company\n\n ​\n\nIDX\n\n​\n\nJune 23, 2015\n\n​\n\nJune 23, 2045\n\n ​\n\nQuarterly\n\n ​\n\n11.00\n\n%\n\n**Total**\n\n ​\n\n**7,000**\n\n ​\n\n**  ​**\n\n** **\n\n**  ​**\n\n​\n\n**  ​**\n\n​\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\n​\n\n​\n\nThe bonds are not secured by specific security but by all the Company’s assets, movable or non-movable, either existing or in the future (Note 12b.vii). The underwriters of the bonds are PT Bahana TCW Management Investment (“Bahana TCW”), PT BRI Danareksa Sekuritas, PT Mandiri Sekuritas, and PT Trimegah Sekuritas Indonesia Tbk. and the trustee is Bank Permata. The Company received the proceeds from the issuance of bonds on June 23, 2015.\n\nThe funds received from the public offering of bonds net of issuance costs, were used to finance capital expenditures which consisted of wave broadband, backbone, metro network, regional metro junction, information technology application and support, and acquisition of some domestic and international entities.\n\nAs of December 31, 2025, the rating of the bonds issued by Pemeringkat Efek Indonesia is idAAA (Triple A).\n\nBased on the Indenture Trusts Agreement, the Company is required to comply with all covenants or restrictions, including maintaining financial ratios as follows:\n\n(a)    Debt to equity ratio should not exceed 2:1;\n\n(b)    EBITDA to interest ratio should not be less than 4:1;\n\n(c)    Debt service coverage is at least 125%.\n\nAs of December 31, 2025, the Company has complied with the above-mentioned ratio.\n\nii.Bonds Mitratel 2024\n\nOn July 4, 2024, Mitratel issued shelf register bonds phase I amounting Rp240 billion. Bonds has annual interest rate 6.50% that will be paid quarterly. Bonds are already fully paid on July 14, 2025.\n\nBTN was appointed as trustee for the issuance of the Bonds. The rating of the Bonds issued by Pemeringkat Efek Indonesia is idAAA.\n\niii.Sukuk Mitratel 2024\n\nOn July 4, 2024, Mitratel issued sukuk Ijarah shelf register phase I amounting Rp10 billion. Sukuk has annual interest rate 6.50% that will be paid quarterly. Sukuk is already fully paid on July 14, 2025.\n\nBTN was appointed as trustee for the issuance of Sukuk. The rating of Sukuk issued by Pemeringkat Efek Indonesia is AAAsy.\n\nF-60\n\n[Table of Contents](#TOC)\n\nb.    Bank loans\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2024**\n\n​\n\n**2025**\n\n​\n\n​\n\n​\n\n​\n\n**Outstanding**\n\n​\n\n**Outstanding**\n\n​\n\n​\n\n​\n\n​\n\n**Foreign**\n\n​\n\n​\n\n​\n\n**Foreign**\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n**currency**\n\n**  ​ ​ ​**\n\n**Rupiah**\n\n**  ​ ​ ​**\n\n**currency**\n\n  ​ ​ ​​\n\n**Rupiah**\n\n**Lenders**\n\n​\n\n**Currency**\n\n​\n\n**(in**** ****millions)**\n\n​\n\n**equivalent**\n\n​\n\n**(in**** ****millions)**\n\n​\n\n**equivalent**\n\nRelated parties\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\nBNI\n\n ​\n\nRp\n\n ​\n\n—\n\n​\n\n6,030\n\n​\n\n—\n\n​\n\n13,155\n\nBank Mandiri\n\n ​\n\nRp\n\n ​\n\n—\n\n​\n\n6,355\n\n​\n\n—\n\n​\n\n7,635\n\nBSI\n\n ​\n\nRp\n\n ​\n\n—\n\n​\n\n2,083\n\n​\n\n—\n\n​\n\n1,666\n\nBRI\n\n​\n\nRp\n\n​\n\n—\n\n​\n\n1,475\n\n​\n\n—\n\n​\n\n261\n\nSub-total\n\n ​\n\n​\n\n ​\n\n  ​\n\n ​\n\n15,943\n\n \n\n  ​\n\n ​\n\n22,717\n\nThird parties\n\n ​\n\n​\n\n ​\n\n  ​\n\n ​\n\n  ​\n\n \n\n  ​\n\n ​\n\n​\n\nBCA\n\n​\n\nRp\n\n​\n\n—\n\n​\n\n9,755\n\n​\n\n—\n\n​\n\n7,313\n\nDBS\n\n​\n\nRp\n\n​\n\n—\n\n​\n\n4,800\n\n​\n\n—\n\n​\n\n4,350\n\nBank of China\n\n​\n\nRp\n\n​\n\n—\n\n​\n\n1,900\n\n​\n\n—\n\n​\n\n1,900\n\nBank CIMB Niaga\n\n ​\n\nRp\n\n ​\n\n—\n\n​\n\n1,710\n\n​\n\n—\n\n​\n\n1,750\n\n​\n\n​\n\nUS$\n\n​\n\n6\n\n​\n\n99\n\n​\n\n10\n\n​\n\n173\n\nBank Permata\n\n​\n\nRp\n\n​\n\n—\n\n​\n\n1,021\n\n​\n\n—\n\n​\n\n1,229\n\nPT Bank Sinarmas Tbk. (\"Bank Sinarmas\")\n\n​\n\nRp\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n1,000\n\nHSBC\n\n ​\n\nRp\n\n ​\n\n—\n\n​\n\n1,000\n\n​\n\n—\n\n​\n\n784\n\nBank Danamon\n\n​\n\nRp\n\n​\n\n—\n\n​\n\n110\n\n​\n\n—\n\n​\n\n16\n\nPT Bank ANZ Indonesia (\"Bank ANZ\")\n\n​\n\nRp\n\n​\n\n—\n\n​\n\n22\n\n​\n\n—\n\n​\n\n—\n\nSyndication of banks\n\n ​\n\nUS$\n\n ​\n\n4\n\n​\n\n60\n\n​\n\n—\n\n​\n\n—\n\nOthers\n\n ​\n\nRp\n\n ​\n\n—\n\n​\n\n3\n\n​\n\n—\n\n​\n\n—\n\n​\n\n ​\n\nMYR\n\n \n\n7\n\n \n\n27\n\n​\n\n6\n\n \n\n26\n\nSub-total\n\n ​\n\n​\n\n \n\n  ​\n\n \n\n20,507\n\n​\n\n  ​\n\n \n\n18,541\n\nTotal\n\n ​\n\n​\n\n ​\n\n​\n\n \n\n36,450\n\n​\n\n​\n\n \n\n41,258\n\nUnamortized debt issuance cost\n\n \n\n​\n\n \n\n  ​\n\n \n\n(109)\n\n​\n\n  ​\n\n \n\n(109)\n\n​\n\n ​\n\n****​\n\n** **\n\n**  ​**\n\n** **\n\n36,341\n\n​\n\n**  ​**\n\n** **\n\n41,149\n\n**Current maturities**\n\n​\n\n****​\n\n​\n\n​\n\n​\n\n**(13,519)**\n\n​\n\n​\n\n​\n\n**(17,746)**\n\n**Long-term portion**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**22,822**\n\n​\n\n​\n\n​\n\n**23,403**\n\n​\n\nF-61\n\n[Table of Contents](#TOC)\n\nOther significant information relating to bank loans as of December 31, 2025 is as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**Current **\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Total**\n\n​\n\n** period**\n\n​\n\n**Principal**\n\n​\n\n**Interest**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**facility**\n\n​\n\n**payment**\n\n​\n\n**payment**\n\n​\n\n**payment**\n\n​\n\n**Interest rate**\n\n​\n\n​\n\n​\n\n​\n\n**Borrower**\n\n​\n\n**Currency**\n\n​\n\n**(in billions)***\n\n​\n\n**(in billions)***\n\n​\n\n**schedule**\n\n​\n\n**period**\n\n​\n\n**per annum**\n\n​\n\n**Security****\n\n**BNI**\n\n**  ​ ​ ​**\n\n**  ​**\n\n**  ​ ​ ​**\n\n**  ​**\n\n**  ​ ​ ​**\n\n**  ​**\n\n**  ​ ​ ​**\n\n**  ​**\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n**  ​**\n\n**  ​ ​ ​**\n\n**  ​**\n\n**  ​ ​ ​**\n\n**  ​**\n\n2013\n\n​\n\nSigma\n\n​\n\nRp\n\n​\n\n650\n\n​\n\n61\n\n​\n\n2021 - 2027\n\n​\n\nMonthly\n\n​\n\n1 month\nIndONIA + 2.25%\n\n​\n\nTrade\nreceivables\nand property\nand equipment\n\n2018\n\n​\n\nTLT\n\n​\n\nRp\n\n​\n\n1,540\n\n​\n\n110\n\n​\n\n2018 - 2033\n\n​\n\nQuarterly\n\n​\n\n3 months\nJIBOR + 1.50%\n\n​\n\nProperty and\nequipment\n\n2018 - 2025\n\n​\n\nThe Company,\nMitratel,\nUMT,\nPST,\nTelkomsel\n\n​\n\nRp\n\n​\n\n22,825\n\n​\n\n2,131\n\n​\n\n2018 - 2032\n\n​\n\nMonthly,\nQuarterly\n\n​\n\n3 months JIBOR +\n0.25%;\n1 month IndONIA +\n0.75%-1.65%;\n3 months\nIndONIA + 0.75%\n\n​\n\nNone\n\n**Bank Mandiri**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2018\n\n​\n\nTelkomsel\n\n​\n\nRp\n\n​\n\n4,000\n\n​\n\n11,000\n\n​\n\n2018-2026\n\n​\n\nQuarterly\n\n​\n\n5.00%\n\n​\n\nNone\n\n2018 - 2024\n\n​\n\nThe Company,\nGSD, PST,\nMitratel\n\n​\n\nRp\n\n​\n\n9,975\n\n​\n\n2,320\n\n​\n\n2020-2031\n\n​\n\nMonthly,\nQuarterly\n\n​\n\n3 months JIBOR +\n0.25%-1.50%;\n1 month\nIndONIA + 0.85%;\n3 months\nIndONIA + 0.90%\n\n​\n\nNone\n\n**BSI**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2021-2022\n\n​\n\nTelkomsel\n\n​\n\nRp\n\n​\n\n2,000\n\n​\n\n5,000\n\n​\n\n2022-2027\n\n​\n\nMonthly\n\n​\n\n5.30%\n\n​\n\nNone\n\n2024\n\n \n\nMitratel\n\n \n\nRp\n\n \n\n2,500\n\n \n\n417\n\n \n\n2024-2029\n\n \n\nMonthly\n\n \n\n1 month\nIndONIA + 0.85%\n\n \n\nNone\n\n**BRI**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2019 - 2023\n\n​\n\nThe Company,\nMitratel\n\n​\n\nRp\n\n​\n\n3,000\n\n​\n\n1,214\n\n​\n\n2021 - 2030\n\n​\n\nMonthly,\nQuarterly\n\n​\n\n3 months\nJIBOR + 0.75%;\n1 month\nIndONIA + 1.00%\n\n​\n\nNone\n\n2024\n\n​\n\nTelkomsel\n\n​\n\nRp\n\n​\n\n1,000\n\n​\n\n2,000\n\n​\n\n2024 - 2026\n\n​\n\nSemi-annually\n\n​\n\n6.50%\n\n​\n\nNone\n\n**BCA**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2020 - 2024\n\n \n\nThe Company,\nPST, GSD,\nMitratel\n\n \n\nRp\n\n \n\n18,686\n\n \n\n2,443\n\n \n\n2020 - 2032\n\n \n\nMonthly,\nQuarterly\n\n \n\n3 months\nJIBOR +\n0.50%-1.00%;\n1 month\nIndONIA + 0.75%;\n3 months IndONIA\n+1.25%-1.89%\n\n \n\nNone\n\n2022\n\n​\n\nTelkomsel\n\n​\n\nRp\n\n​\n\n2,000\n\n​\n\n5,000\n\n​\n\n2022-2026\n\n​\n\nMonthly\n\n​\n\n6.10%\n\n​\n\nNone\n\n**DBS**\n\n​\n\n​\n\n​\n\n**  ​**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​**\n\n​\n\n**  ​**\n\n​\n\n**  ​**\n\n2021 - 2023\n\n​\n\nMitratel\n\n​\n\nRp\n\n​\n\n5,500\n\n​\n\n1,283\n\n​\n\n2022-2030\n\n​\n\nMonthly\n\n​\n\n1 month\nIndONIA + 0.95%\n\n​\n\nNone\n\n2024 - 2025\n\n​\n\nThe Company,\nTelkomsel\n\n​\n\nRp\n\n​\n\n6,000\n\n​\n\n2,167\n\n​\n\n2025-2031\n\n​\n\nQuarterly\n\n​\n\n4.95%-6.50%\n\n​\n\nNone\n\n**Bank of China**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2019\n\n​\n\nTelkomsel\n\n​\n\nRp\n\n​\n\n1,900\n\n​\n\n1,900\n\n​\n\n2019-2026\n\n​\n\nMonthly\n\n​\n\n5.05%\n\n​\n\nNone\n\n**Bank CIMB**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Niaga**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2019 - 2022\n\n​\n\nPINS,\nMitratel\n\n​\n\nRp\n\n​\n\n2,300\n\n​\n\n960\n\n​\n\n2022 - 2028\n\n​\n\nMonthly,\nQuarterly\n\n​\n\n3 months\nJIBOR + 1.95%;\n1 month\nIndONIA + 0.90%\n\n​\n\nNone\n\n2025\n\n​\n\nTelkomsel\n\n​\n\nRp\n\n​\n\n1,000\n\n​\n\n2,000\n\n​\n\n2025 - 2027\n\n​\n\nMonthly\n\n​\n\n4.70%\n\n​\n\nNone\n\n2021 - 2022\n\n​\n\nTelin\n\n​\n\nUS$\n\n​\n\n0\n\n​\n\n0\n\n​\n\n2025 - 2030\n\n​\n\nSemi-\nannually\n\n​\n\n6 months\nSOFR + 1.82%\n\n​\n\nNone\n\n**Bank Permata**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2020 - 2024\n\n \n\nMitratel\n\n \n\nRp\n\n \n\n2,250\n\n \n\n292\n\n \n\n2021-2031\n\n \n\nMonthly\n\n \n\n1 month\nIndONIA + 1.02%\n\n \n\nNone\n\n2025\n\n​\n\nTelkomsel\n\n​\n\nRp\n\n​\n\n1,000\n\n​\n\n2,000\n\n​\n\n2025-2027\n\n​\n\nMonthly\n\n​\n\n5.85%\n\n​\n\nNone\n\n**Bank Sinarmas**\n\n \n\n \n\n \n\n \n\n \n\n​\n\n \n\n​\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n2024\n\n \n\nTelkomsel\n\n \n\nRp\n\n \n\n1,000\n\n \n\n6,500\n\n \n\n2025 - 2026\n\n \n\nQuarterly\n\n \n\n1 week JIBOR\n\n \n\nNone\n\n**HSBC**\n\n \n\n \n\n \n\n \n\n \n\n​\n\n \n\n​\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n2021 - 2023\n\n \n\nMitratel\n\n \n\nRp\n\n \n\n1,250\n\n \n\n216\n\n \n\n2023-2030\n\n \n\nMonthly\n\n \n\n1 month\nIndONIA + 0.90%\n\n \n\nNone\n\n**Bank Danamon**\n\n \n\n \n\n \n\n \n\n \n\n​\n\n \n\n​\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n2022\n\n​\n\nMitratel\n\n​\n\nRp\n\n​\n\n636\n\n​\n\n91\n\n​\n\n2022-2025\n\n​\n\nQuarterly\n\n​\n\n3 months\nJIBOR + 1.50%\n\n​\n\nNone\n\n2024\n\n \n\nSSI\n\n \n\nRp\n\n \n\n24\n\n \n\n3\n\n \n\n2024 - 2029\n\n \n\nMonthly\n\n \n\n8.75%\n\n \n\nNone\n\n**Bank ANZ**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2015\n\n​\n\nPINS, GSD\n\n​\n\nRp\n\n​\n\n440\n\n​\n\n22\n\n​\n\n2020-2025\n\n​\n\nQuarterly\n\n​\n\n3 months JIBOR +\n1.40%-2.00%\n\n​\n\nNone\n\n2025\n\n​\n\nTelkomsel\n\n​\n\nRp\n\n​\n\n1,500\n\n​\n\n3,000\n\n​\n\n2025-2027\n\n​\n\nMonthly\n\n​\n\n5.32%\n\n​\n\nNone\n\n**Syndication of banks**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2018\n\n​\n\nTelin\n\n​\n\nUS$\n\n​\n\n0\n\n​\n\n0\n\n​\n\n2020-2025\n\n​\n\nSemi-\nannually\n\n​\n\n6 months\nSOFR + 1.55%\n\n​\n\nNone\n\n*In original currency\n\nF-62\n\n[Table of Contents](#TOC)\n\n**\n\nRefer to Notes 6 and Notes 12 for details of trade receivables and property and equipment pledged as collaterals\n\nAs stated in the agreements, the Group is required to comply with all covenants or restrictions such as dividend distribution, obtaining new loans, and maintaining financial ratios. As of December 31, 2025, the Group has complied with all covenants regarding these financial ratios, except for Sigma which debt to service coverage ratio is still lower than required. As of December 31, 2025, the Group obtained waiver for loan amounting to Rp47 billion from BNI to not require payment as the consequence of the breach for Sigma. The waiver from BNI was received on December 15, 2025 and effective for 12 months after reporting period.\n\nThe credit facilities were obtained by the Group for working capital purposes and investment purposes.\n\nAs of December 31, 2025, the Group had Rp42,109 billion and US$67 million of undrawn committed borrowing facilities available.\n\n​\n\n21. NON-CONTROLLING INTERESTS\n\nThe details of non-controlling interests are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\nNon-controlling interests in net assets of subsidiaries:\n\n \n\n  ​\n\n \n\n  ​\n\nTelkomsel\n\n \n\n10,949\n\n \n\n10,145\n\nMitratel\n\n \n\n8,435\n\n \n\n8,401\n\nOthers (each below Rp100 billion)\n\n \n\n874\n\n \n\n1,006\n\n**Total**\n\n** **\n\n**20,258**\n\n** **\n\n**19,552**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2023**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\nNon-controlling interests in profit (loss) of subsidiaries:\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nTelkomsel\n\n \n\n7,096\n\n \n\n6,454\n\n \n\n5,939\n\nMitratel\n\n​\n\n568\n\n​\n\n595\n\n​\n\n598\n\nOthers\n\n \n\n(23)\n\n \n\n65\n\n \n\n(55)\n\n**Total**\n\n** **\n\n**7,641**\n\n** **\n\n**7,114**\n\n** **\n\n**6,482**\n\n​\n\nMaterial partly-owned subsidiaries\n\nThe non-controlling interests which are considered material to the Company are the non-controlling interests in Telkomsel and Mitratel. On December 31, 2024 and 2025, the non-controlling interest in Telkomsel holds 30.10% and Mitratel holds 28.16%.\n\nThe summarized financial information of Telkomsel and Mitratel are provided below. These information are based on amounts before intercompany eliminations and adjustments.\n\nF-63\n\n[Table of Contents](#TOC)\n\nSummarized statements of financial position:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Telkomsel**\n\n​\n\n**Mitratel**\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\nCurrent assets\n\n \n\n19,374\n\n \n\n17,651\n\n​\n\n3,446\n\n​\n\n3,051\n\nNon-current assets\n\n \n\n97,591\n\n \n\n96,737\n\n​\n\n54,684\n\n​\n\n55,294\n\nCurrent liabilities\n\n \n\n(40,986)\n\n \n\n(42,074)\n\n​\n\n(12,292)\n\n​\n\n(7,507)\n\nNon-current liabilities\n\n \n\n(45,194)\n\n \n\n(44,780)\n\n​\n\n(12,466)\n\n​\n\n(17,498)\n\n**Total equity**\n\n** **\n\n**30,785**\n\n** **\n\n**27,534**\n\n​\n\n**33,372**\n\n​\n\n**33,340**\n\nAttributable to:\n\n \n\n \n\n \n\n \n\n​\n\n​\n\n​\n\n​\n\nOwners of the parent company\n\n \n\n19,836\n\n \n\n17,389\n\n​\n\n24,937\n\n​\n\n24,939\n\nNon-controlling interests\n\n \n\n10,949\n\n \n\n10,145\n\n​\n\n8,435\n\n​\n\n8,401\n\n​\n\nSummarized statements of profit or loss and other comprehensive income:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Telkomsel**\n\n​\n\n**Mitratel**\n\n​\n\n**  ​ ​ ​**\n\n**2023**\n\n  ​ ​ ​\n\n**2024**\n\n  ​ ​ ​\n\n**2025**\n\n  ​ ​ ​\n\n**2023**\n\n  ​ ​ ​\n\n**2024**\n\n  ​ ​ ​\n\n**2025**\n\nRevenues\n\n \n\n102,372\n\n \n\n113,340\n\n \n\n109,307\n\n​\n\n8,595\n\n​\n\n9,217\n\n​\n\n9,534\n\nOperation expenses\n\n \n\n(71,819)\n\n \n\n(83,768)\n\n \n\n(81,340)\n\n​\n\n(4,949)\n\n​\n\n(5,050)\n\n​\n\n(5,377)\n\nOther expenses – net\n\n \n\n(2,280)\n\n \n\n(2,136)\n\n \n\n(3,145)\n\n​\n\n(1,501)\n\n​\n\n(1,899)\n\n​\n\n(1,905)\n\n**Profit before income tax**\n\n** **\n\n**28,273**\n\n \n\n**27,436**\n\n \n\n**24,822**\n\n​\n\n**2,145**\n\n​\n\n**2,268**\n\n​\n\n**2,252**\n\nIncome tax expense – net\n\n \n\n(6,418)\n\n \n\n(5,369)\n\n \n\n(5,674)\n\n​\n\n(128)\n\n​\n\n(156)\n\n​\n\n(129)\n\n**Profit for the year**\n\n** **\n\n**21,855**\n\n \n\n**22,067**\n\n \n\n**19,148**\n\n​\n\n**2,017**\n\n​\n\n**2,112**\n\n​\n\n**2,123**\n\nOther comprehensive income (loss) – net\n\n \n\n78\n\n \n\n355\n\n \n\n(43)\n\n​\n\n2\n\n​\n\n1\n\n​\n\n(3)\n\n**Total comprehensive income for the year**\n\n** **\n\n**21,933**\n\n \n\n**22,422**\n\n \n\n**19,105**\n\n​\n\n**2,019**\n\n​\n\n**2,113**\n\n​\n\n**2,120**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nAttributable to non-controlling interests\n\n \n\n7,096\n\n \n\n6,454\n\n \n\n5,939\n\n​\n\n568\n\n​\n\n595\n\n​\n\n598\n\nDividends paid to non-controlling interests\n\n \n\n9,267\n\n \n\n6,627\n\n \n\n6,729\n\n​\n\n484\n\n​\n\n407\n\n​\n\n545\n\n​\n\nSummarized statements of cash flows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Telkomsel**\n\n​\n\n**Mitratel**\n\n​\n\n**  ​ ​ ​**\n\n**2023**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2023**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\nOperating\n\n \n\n41,693\n\n** **\n\n38,939\n\n** **\n\n36,806\n\n​\n\n5,162\n\n​\n\n6,632\n\n​\n\n6,776\n\nInvesting\n\n \n\n(14,302)\n\n** **\n\n(14,932)\n\n \n\n(14,282)\n\n​\n\n(6,504)\n\n​\n\n(3,490)\n\n​\n\n(2,250)\n\nFinancing\n\n \n\n(28,601)\n\n** **\n\n(25,631)\n\n \n\n(22,937)\n\n​\n\n(4,118)\n\n​\n\n(3,436)\n\n​\n\n(4,514)\n\n**Net increase (decrease) in cash and cash equivalents**\n\n** **\n\n**(1,210)**\n\n** **\n\n**(1,624)**\n\n** **\n\n**(413)**\n\n​\n\n**(5,460)**\n\n​\n\n**(294)**\n\n​\n\n**12**\n\n​\n\n​\n\nF-64\n\n[Table of Contents](#TOC)\n\n22. CAPITAL STOCK\n\nThe details of capital stock are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2024**\n\n​\n\n​\n\n​\n\n​\n\n**Percentage of**\n\n​\n\n**Total paid-in**\n\n**Description**\n\n**  ​ ​ ​**\n\n**Number of shares**\n\n**  ​ ​ ​**\n\n**ownership**\n\n**  ​ ​ ​**\n\n** capital**\n\nSeries A Dwiwarna share\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nGovernment\n\n \n\n1\n\n​\n\n0\n\n​\n\n0\n\nSeries B shares\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nGovernment\n\n \n\n51,602,353,559\n\n​\n\n52.09\n\n​\n\n2,580\n\nThe Bank of New York Mellon Corporation*\n\n \n\n4,185,694,580\n\n​\n\n4.23\n\n​\n\n209\n\nDirectors (Note 1b):\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\nRiriek Adriansyah\n\n \n\n9,336,755\n\n​\n\n0\n\n​\n\n0\n\nBogi Witjaksono\n\n​\n\n6,952,700\n\n​\n\n0\n\n​\n\n0\n\nAfriwandi\n\n​\n\n6,995,200\n\n​\n\n0\n\n​\n\n0\n\nHeri Supriadi\n\n​\n\n7,242,700\n\n​\n\n0\n\n​\n\n0\n\nF.M. Venusiana R.\n\n​\n\n10,629,200\n\n​\n\n0\n\n​\n\n0\n\nHerlan Wijanarko\n\n​\n\n6,995,200\n\n​\n\n0\n\n​\n\n0\n\nMuhamad Fajrin Rasyid\n\n​\n\n6,952,700\n\n​\n\n0\n\n​\n\n0\n\nBudi Setyawan Wijaya\n\n​\n\n7,407,700\n\n​\n\n0\n\n​\n\n0\n\nHonesti Basyir\n\n​\n\n3,250,844\n\n​\n\n0\n\n​\n\n0\n\nCommissioners (Note 1b):\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nIsa Rachmatarwata\n\n​\n\n3,312,700\n\n​\n\n0\n\n​\n\n0\n\nMarcelino Rumambo Pandin\n\n​\n\n3,312,700\n\n​\n\n0\n\n​\n\n0\n\nIsmail\n\n​\n\n3,312,700\n\n​\n\n0\n\n​\n\n0\n\nArya Mahendra Sinulingga\n\n​\n\n3,359,500\n\n​\n\n0\n\n​\n\n0\n\nRizal Mallarangeng\n\n​\n\n3,312,700\n\n​\n\n0\n\n​\n\n0\n\nSilmy Karim\n\n​\n\n1,344,700\n\n​\n\n0\n\n​\n\n0\n\nPublic (individually less than 5%)\n\n \n\n43,190,450,461\n\n​\n\n43.68\n\n​\n\n2,164\n\n**Total**\n\n \n\n**99,062,216,600**\n\n** **\n\n**100.00**\n\n** **\n\n**4,953**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n​\n\n​\n\n​\n\n**Percentage of**\n\n​\n\n**Total paid-in**\n\n**Description**\n\n**  ​ ​ ​**\n\n**Number of shares**\n\n**  ​ ​ ​**\n\n**ownership**\n\n**  ​ ​ ​**\n\n** capital**\n\nSeries A Dwiwarna share\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nGovernment\n\n \n\n1\n\n​\n\n0\n\n​\n\n0\n\nSeries B shares\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDAM\n\n \n\n51,602,353,559\n\n​\n\n52.09\n\n​\n\n2,580\n\nThe Bank of New York Mellon Corporation*\n\n \n\n4,356,822,980\n\n​\n\n4.40\n\n​\n\n218\n\nDirectors (Note 1b):\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\nDian Siswarini\n\n​\n\n203,000\n\n​\n\n0\n\n​\n\n0\n\nVeranita Yosephine\n\n​\n\n90,000\n\n​\n\n0\n\n​\n\n0\n\nNanang Hendarno\n\n​\n\n32,500\n\n​\n\n0\n\n​\n\n0\n\nFaizal Rochmad Djoemadi\n\n​\n\n248,500\n\n​\n\n0\n\n​\n\n0\n\nCommissioners (Note 1b):\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nRizal Mallarangeng\n\n​\n\n3,240,600\n\n​\n\n0\n\n​\n\n0\n\nSilmy Karim\n\n​\n\n1,344,700\n\n​\n\n0\n\n​\n\n0\n\nPublic (individually less than 5%)\n\n \n\n43,088,935,360\n\n​\n\n43.50\n\n​\n\n2,155\n\nSub-total\n\n​\n\n99,053,271,200\n\n​\n\n99.99\n\n​\n\n4,953\n\nShare buyback\n\n​\n\n8,945,400\n\n​\n\n0.01\n\n​\n\n0\n\n**Total**\n\n \n\n**99,062,216,600**\n\n** **\n\n**100.00**\n\n** **\n\n**4,953**\n\n*    The Bank of New York Mellon Corporation serves as the Depositary of the registered ADS holders for the Company’s ADSs. 1 ADS represents 100 Series B shares.\n\nF-65\n\n[Table of Contents](#TOC)\n\nThe Company issued only 1 Series A Dwiwarna share which is held by the Government of the Republic of Indonesia and cannot be transferred to any party, and has a veto right in the General Meeting of Stockholders of the Company with respect to the election and removal of the Boards of Commissioners and Directors, issuance of new shares, and amendments of the Company’s Articles of Association.\n\nThe Company's authorized capital stock consists of 1 Series A Dwiwarna and 389,999,999,999 Series B shares. 1 Series A Dwiwarna share has a par value of Rp50 per share and Series B shares has a par value of Rp50 per share. The Company's share structure consists of 1 Series A Dwiwarna share and 99,062,216,559 Series B shares (common stock) with total issued and fully paid-up capital of 99,062,216,600 shares.\n\nBased on Notarial Deed of Jose Dima Satria, S.H., M.Kn., No. 121, dated March 22, 2025, the Government transferred its ownership of 51,602,353,559 Series B shares, representing 52.09% of the Company's total shares, to PT Biro Klasifikasi Indonesia (“BKI”) through “inbreng” capital contribution.\n\nThis share transfer was conducted in accordance with prevailing legal regulations, specifically:\n\n(a)\n\nGovernment Regulation Number 15 Year 2025 regarding the Addition of Capital Participation of the Republic of Indonesia into the Share Capital of BKI for the Establishment of an Operational Holding;\n\n(b)\n\nGovernment Regulation Number 16 Year 2025 regarding the State Capital Participation of the Republic of Indonesia into the Daya Anagata Nusantara Investment Management Agency (“Danantara”).\n\nBKI, as the transferee, serves as the Operational Holding Company, with all of its shares owned by the Government through the Minister of State-Owned Enterprises and Danantara. The Government retains its position as the Company's Ultimate Beneficial Owner through its direct ownership of 1 Series A Dwiwarna share with special rights and its indirect ownership of BKI's Series B shares through Danantara. Based on Notarial Deed of Jose Dima Satria, S.H., M.Kn., No. 163, dated May 23, 2025, BKI changed its name to DAM.\n\nPursuant to the AGM of Stockholders of the Company as stated in Notarial Deed No. 73 dated May 30, 2023 of Ashoya Ratam, S.H., M.Kn., the Company’s stockholders approved the distribution of cash dividend for 2022 amounting to Rp16,603 billion (Rp167.59 per share). The Company paid cash dividend on July 5, 2023.\n\nPursuant to the AGM of Stockholders of the Company stated in Notarial Deed No. 04 dated May 3, 2024 of Ashoya Ratam, S.H., M.Kn., the Company’s stockholders approved the distribution of cash dividend for 2023 amounting to Rp17,683 billion (Rp178.50 per share). The Company paid cash dividend on May 29, 2024.\n\nPursuant to the AGM of Stockholders of the Company stated in Notarial Deed No. 52 dated May 27, 2025 of Ashoya Ratam, S.H., M.Kn., the Company’s stockholders approved the distribution of cash dividend for 2024 amounting to Rp21,047 billion (Rp212.47 per share). The Company paid cash dividend on June 19, 2025.\n\nBased on Notarial Deed of Ashoya Ratam, S.H., M.Kn., No. 52, dated May 27, 2025, AGM of Stockholders agreed Company’s share buyback with a maximum amount of Rp3,000 billions. On December 31, 2025, the Company has conducted share buyback amounting to 8,945,400 shares or equivalent to Rp30 billions.\n\nAs of December 31, 2025, all of the Company Series B Shares have been listed on IDX and 43,568,230 ADS or equivalent to 4,356,822,980 Series B have been listed on the NYSE.\n\n​\n\n23. BASIC EARNINGS PER SHARE\n\nBasic earnings per share is computed by dividing profit for the year attributable to owners of the parent company amounting to Rp23,053 billion, Rp22,365 and Rp17,486 billion by the weighted average number of shares outstanding during the year totaling to 99,062,216,600 shares for the years ended December 31,\n\nF-66\n\n[Table of Contents](#TOC)\n\n2023 (as restated) and 2024 (as restated) respectively, and 99,061,024,659 for the years ended December 31, 2025.\n\nBasic earnings per share amounted to Rp232.71, Rp225.77 and Rp176.52 for the year ended December 31, 2023 (as restated), 2024 (as restated) and 2025, respectively. The Company does not have potentially dilutive financial instruments for the years ended December 31, 2023 (as restated), 2024 (as restated) and 2025.\n\nAs of December 31, 2025, all of the Company Series B Shares have been listed on IDX and 43,568,230 ADS or equivalent to 4,356,822,980 Series B have been listed on the NYSE.\n\n24. REVENUES\n\nThe Group derives revenues in the following major product lines:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**As restated**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Consolidated**\n\n**2023**\n\n​\n\n**B2C**\n\n​\n\n**B2B Infra**\n\n​\n\n**B2B ICT**\n\n​\n\n**International**\n\n​\n\n**Others**\n\n​\n\n**revenue**\n\n**Data, internet, and information technology service revenues**\n\n** **\n\n​\n\n​\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\nCellular data and internet\n\n \n\n73,187\n\n​\n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n73,187\n\nInternet, data communication, and information technology services\n\n \n\n346\n\n​\n\n1,027\n\n \n\n8,127\n\n \n\n1,354\n\n \n\n45\n\n \n\n10,899\n\nOthers\n\n \n\n34\n\n​\n\n173\n\n \n\n431\n\n \n\n948\n\n \n\n1,768\n\n \n\n3,354\n\n**Total data, internet, and information technology service revenues**\n\n** **\n\n**73,567**\n\n​\n\n**1,200**\n\n** **\n\n**8,558**\n\n** **\n\n**2,302**\n\n** **\n\n**1,813**\n\n** **\n\n**87,440**\n\n**IndiHome revenues**\n\n​\n\n**25,992**\n\n​\n\n**—**\n\n​\n\n**2,793**\n\n​\n\n**—**\n\n​\n\n**—**\n\n​\n\n**28,785**\n\n**Interconnection revenues**\n\n​\n\n**293**\n\n​\n\n**1,317**\n\n​\n\n**—**\n\n​\n\n**7,457**\n\n​\n\n**—**\n\n​\n\n**9,067**\n\n**Telephone revenues**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCellular\n\n​\n\n8,022\n\n​\n\n—\n\n​\n\n—\n\n​\n\n172\n\n​\n\n—\n\n​\n\n8,194\n\nFixed lines\n\n​\n\n332\n\n​\n\n117\n\n​\n\n450\n\n​\n\n—\n\n​\n\n—\n\n​\n\n899\n\nSMS\n\n​\n\n3,345\n\n​\n\n—\n\n​\n\n35\n\n​\n\n—\n\n​\n\n—\n\n​\n\n3,380\n\n**Total telephone revenues**\n\n​\n\n**11,699**\n\n​\n\n**117**\n\n​\n\n**485**\n\n​\n\n**172**\n\n​\n\n**—**\n\n​\n\n**12,473**\n\n**Network revenues**\n\n** **\n\n**4**\n\n​\n\n**1,009**\n\n** **\n\n**786**\n\n** **\n\n**683**\n\n** **\n\n**—**\n\n** **\n\n**2,482**\n\n**Other services**\n\n \n\n​\n\n​\n\n​\n\n \n\n  ​\n\n \n\n​\n\n \n\n  ​\n\n \n\n  ​\n\nCall center service\n\n \n\n—\n\n​\n\n—\n\n \n\n1,264\n\n \n\n—\n\n \n\n—\n\n \n\n1,264\n\nManage service and terminal\n\n \n\n—\n\n​\n\n—\n\n \n\n909\n\n \n\n11\n\n \n\n—\n\n \n\n920\n\nE-health\n\n \n\n—\n\n​\n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n761\n\n \n\n761\n\nE-payment\n\n \n\n—\n\n​\n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n496\n\n \n\n496\n\nOthers\n\n** **\n\n158\n\n​\n\n324\n\n \n\n646\n\n \n\n9\n\n \n\n1,605\n\n \n\n2,742\n\n**Total other services**\n\n** **\n\n**158**\n\n​\n\n**324**\n\n** **\n\n**2,819**\n\n** **\n\n**20**\n\n** **\n\n**2,862**\n\n** **\n\n**6,183**\n\n**Total revenues from contract with customer**\n\n​\n\n**111,713**\n\n​\n\n**3,967**\n\n** **\n\n**15,441**\n\n** **\n\n**10,634**\n\n** **\n\n**4,675**\n\n** **\n\n**146,430**\n\n**Revenues from lessor transactions**\n\n​\n\n**—**\n\n​\n\n**2,786**\n\n** **\n\n**—**\n\n** **\n\n**—**\n\n** **\n\n**—**\n\n** **\n\n**2,786**\n\n**Total revenues**\n\n** **\n\n**111,713**\n\n​\n\n**6,753**\n\n​\n\n**15,441**\n\n​\n\n**10,634**\n\n​\n\n**4,675**\n\n​\n\n**149,216**\n\n​\n\n​\n\nF-67\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**As restated**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Consolidated**\n\n**2024**\n\n**  ​ ​ ​**\n\n**B2C**\n\n**  ​ ​ ​**\n\n**B2B Infra**\n\n**  ​ ​ ​**\n\n**B2B ICT**\n\n**  ​ ​ ​**\n\n**International**\n\n**  ​ ​ ​**\n\n**Others**\n\n**  ​ ​ ​**\n\n**revenue**\n\n**Data, internet, and information technology service revenues**\n\n** **\n\n​\n\n​\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\nCellular data and internet\n\n \n\n72,639\n\n​\n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n72,639\n\nInternet, data communication, and information technology services\n\n \n\n—\n\n​\n\n1,122\n\n \n\n11,314\n\n \n\n1,651\n\n \n\n17\n\n \n\n14,104\n\nOthers\n\n \n\n134\n\n​\n\n834\n\n \n\n578\n\n \n\n260\n\n \n\n1,984\n\n \n\n3,790\n\n**Total data, internet, and information technology service revenues**\n\n** **\n\n**72,773**\n\n​\n\n**1,956**\n\n** **\n\n**11,892**\n\n** **\n\n**1,911**\n\n** **\n\n**2,001**\n\n** **\n\n**90,533**\n\n**IndiHome revenues**\n\n​\n\n**26,262**\n\n​\n\n**—**\n\n​\n\n**—**\n\n​\n\n**—**\n\n​\n\n**—**\n\n​\n\n**26,262**\n\n**Interconnection revenues**\n\n​\n\n**363**\n\n​\n\n**1,193**\n\n​\n\n**—**\n\n​\n\n**7,631**\n\n​\n\n**—**\n\n​\n\n**9,187**\n\n**Telephone revenues**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCellular\n\n​\n\n6,077\n\n​\n\n—\n\n​\n\n—\n\n​\n\n183\n\n​\n\n—\n\n​\n\n6,260\n\nFixed lines\n\n​\n\n—\n\n​\n\n82\n\n​\n\n397\n\n​\n\n—\n\n​\n\n—\n\n​\n\n479\n\nSMS\n\n​\n\n3,791\n\n​\n\n—\n\n​\n\n14\n\n​\n\n—\n\n​\n\n—\n\n​\n\n3,805\n\n**Total telephone revenues**\n\n​\n\n**9,868**\n\n​\n\n**82**\n\n​\n\n**411**\n\n​\n\n**183**\n\n​\n\n**—**\n\n​\n\n**10,544**\n\n**Network revenues**\n\n​\n\n**3**\n\n​\n\n**1,538**\n\n​\n\n**648**\n\n​\n\n**990**\n\n​\n\n**—**\n\n​\n\n**3,179**\n\n**Other services**\n\n \n\n​\n\n​\n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n  ​\n\n \n\n  ​\n\nE-payment\n\n \n\n14\n\n​\n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n1,286\n\n \n\n1,300\n\nCall center service\n\n \n\n—\n\n​\n\n—\n\n \n\n1,255\n\n \n\n—\n\n \n\n—\n\n \n\n1,255\n\nManage service and terminal\n\n \n\n—\n\n​\n\n1\n\n \n\n1,039\n\n \n\n5\n\n \n\n—\n\n \n\n1,045\n\nE-health\n\n \n\n—\n\n​\n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n767\n\n \n\n767\n\nOthers\n\n \n\n379\n\n​\n\n381\n\n \n\n496\n\n​\n\n12\n\n \n\n1,598\n\n \n\n2,866\n\n**Total other services**\n\n** **\n\n**393**\n\n​\n\n**382**\n\n** **\n\n**2,790**\n\n** **\n\n**17**\n\n** **\n\n**3,651**\n\n** **\n\n**7,233**\n\n**Total revenues from contract with customer**\n\n** **\n\n**109,662**\n\n​\n\n**5,151**\n\n** **\n\n**15,741**\n\n** **\n\n**10,732**\n\n** **\n\n**5,652**\n\n** **\n\n**146,938**\n\n**Revenues from lessor transactions**\n\n** **\n\n**—**\n\n​\n\n**3,029**\n\n** **\n\n**—**\n\n** **\n\n**—**\n\n** **\n\n**—**\n\n** **\n\n**3,029**\n\n**Total revenues**\n\n​\n\n**109,662**\n\n​\n\n**8,180**\n\n​\n\n**15,741**\n\n​\n\n**10,732**\n\n​\n\n**5,652**\n\n​\n\n**149,967**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**  ​ ​ ​**\n\n**  ​ ​ ​**\n\n**  ​ ​ ​**\n\n**  ​ ​ ​**\n\n**  ​ ​ ​**\n\n**  ​ ​ ​**\n\n**  ​ ​ ​**\n\n**  ​ ​ ​**\n\n**  ​ ​ ​**\n\n**  ​ ​ ​**\n\n**Consolidated**\n\n**2025**\n\n​\n\n**B2C**\n\n​\n\n**B2B Infra**\n\n**  ​ ​ ​**\n\n**B2B ICT**\n\n**  ​ ​ ​**\n\n**International**\n\n​\n\n**Others**\n\n​\n\n**revenue**\n\n**Data, internet, and information technology service revenues**\n\n** **\n\n​\n\n​\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\nCellular data and internet\n\n \n\n71,289\n\n​\n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n71,289\n\nInternet, data communication, and information technology services\n\n \n\n440\n\n​\n\n1,107\n\n \n\n10,817\n\n \n\n1,843\n\n \n\n10\n\n \n\n14,217\n\nOthers\n\n \n\n48\n\n​\n\n1,237\n\n \n\n505\n\n \n\n159\n\n \n\n2,589\n\n \n\n4,538\n\n**Total data, internet, and information technology service revenues**\n\n** **\n\n**71,777**\n\n​\n\n**2,344**\n\n** **\n\n**11,322**\n\n** **\n\n**2,002**\n\n** **\n\n**2,599**\n\n** **\n\n**90,044**\n\n**IndiHome revenues**\n\n​\n\n**26,119**\n\n​\n\n**—**\n\n​\n\n**—**\n\n​\n\n**—**\n\n​\n\n**—**\n\n​\n\n**26,119**\n\n**Interconnection revenues**\n\n​\n\n**386**\n\n​\n\n**1,345**\n\n​\n\n**—**\n\n​\n\n**7,241**\n\n​\n\n**—**\n\n​\n\n**8,972**\n\n**Telephone revenues**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCellular\n\n​\n\n4,229\n\n​\n\n—\n\n​\n\n—\n\n​\n\n171\n\n​\n\n—\n\n​\n\n4,400\n\nFixed lines\n\n​\n\n—\n\n​\n\n88\n\n​\n\n484\n\n​\n\n—\n\n​\n\n—\n\n​\n\n572\n\nSMS\n\n​\n\n3,143\n\n​\n\n—\n\n​\n\n20\n\n​\n\n—\n\n​\n\n—\n\n​\n\n3,163\n\n**Total telephone revenues**\n\n​\n\n**7,372**\n\n​\n\n**88**\n\n​\n\n**504**\n\n​\n\n**171**\n\n​\n\n**—**\n\n​\n\n**8,135**\n\n**Network revenues**\n\n​\n\n**3**\n\n​\n\n**1,739**\n\n​\n\n**677**\n\n​\n\n**1,226**\n\n​\n\n**—**\n\n​\n\n**3,645**\n\n**Other services**\n\n \n\n​\n\n​\n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n  ​\n\n \n\n  ​\n\nE-payment\n\n \n\n—\n\n​\n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n1,684\n\n \n\n1,684\n\nManage service and terminal\n\n \n\n—\n\n​\n\n—\n\n \n\n1,201\n\n \n\n25\n\n \n\n—\n\n \n\n1,226\n\nCall center service\n\n \n\n—\n\n​\n\n—\n\n \n\n1,154\n\n \n\n—\n\n \n\n—\n\n \n\n1,154\n\nE-health\n\n \n\n—\n\n​\n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\nOthers\n\n \n\n241\n\n​\n\n538\n\n \n\n442\n\n​\n\n8\n\n \n\n1,659\n\n \n\n2,888\n\n**Total other services**\n\n** **\n\n**241**\n\n​\n\n**538**\n\n** **\n\n**2,797**\n\n** **\n\n**33**\n\n** **\n\n**3,343**\n\n** **\n\n**6,952**\n\n**Total revenues from contract with customer**\n\n** **\n\n**105,898**\n\n​\n\n**6,054**\n\n** **\n\n**15,300**\n\n** **\n\n**10,673**\n\n** **\n\n**5,942**\n\n** **\n\n**143,867**\n\n**Revenues from lessor transactions**\n\n** **\n\n**—**\n\n​\n\n**2,875**\n\n** **\n\n**—**\n\n** **\n\n**—**\n\n** **\n\n**—**\n\n** **\n\n**2,875**\n\n**Total revenues**\n\n​\n\n**105,898**\n\n​\n\n**8,929**\n\n​\n\n**15,300**\n\n​\n\n**10,673**\n\n​\n\n**5,942**\n\n​\n\n**146,742**\n\n​\n\n​\n\nManagement expects that most of the transaction price allocated to the unsatisfied contracts as of December 31, 2025 will be recognized as revenue during the next reporting periods. Unsatisfied performance obligations as of December 31, 2025, which management expects to be realised within one year is Rp8,512 billion, and more than one year is Rp5,453 billion.\n\nF-68\n\n[Table of Contents](#TOC)\n\nThe Group entered into non-cancellable lease agreements with both third and related parties. The lease agreements cover leased lines, telecommunication equipment, and land and building with terms ranging from 1 to 29 years and with expiry dates between 2026 and 2039. Periods may be extended based on the agreement by both parties.\n\nRefer to Note 31 for details of related party transactions.\n\n​\n\n**25. ** **PERSONNEL EXPENSES**\n\nThe breakdown of personnel expenses is as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2023**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\nSalaries and related benefits\n\n \n\n9,674\n\n \n\n9,457\n\n \n\n9,411\n\nVacation pay, incentives, and other benefits\n\n \n\n4,159\n\n** **\n\n4,214\n\n** **\n\n3,784\n\nPension and other post-employment benefits (Note 29)\n\n \n\n1,764\n\n** **\n\n1,691\n\n** **\n\n1,854\n\nEarly retirement program\n\n​\n\n0\n\n​\n\n1,186\n\n​\n\n937\n\nLSA expense (Note 30)\n\n​\n\n289\n\n** **\n\n226\n\n** **\n\n284\n\nOthers\n\n \n\n41\n\n** **\n\n33\n\n** **\n\n92\n\nTotal\n\n** **\n\n**15,927**\n\n** **\n\n**16,807**\n\n** **\n\n**16,362**\n\n​\n\nRefer to Note 31 for details of related parties transactions.\n\n**26. ** **OPERATION, MAINTENANCE, AND TELECOMMUNICATION SERVICE EXPENSES**\n\nThe breakdown of operation, maintenance, and telecommunication service expenses is as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2023**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\nOperation and maintenance\n\n \n\n23,057\n\n** **\n\n24,365\n\n** **\n\n23,478\n\nRadio frequency usage charges (Note 33c.i)\n\n \n\n7,412\n\n** **\n\n7,687\n\n** **\n\n7,746\n\nLeased lines and Customer Premise Equipment(\"CPE\")\n\n \n\n3,462\n\n** **\n\n3,422\n\n** **\n\n4,474\n\nConcession fees and USO charges (Note 16)\n\n \n\n2,836\n\n** **\n\n2,933\n\n** **\n\n2,885\n\nElectricity, gas, and water\n\n \n\n877\n\n** **\n\n1,097\n\n** **\n\n1,051\n\nCost of SIM cards, vouchers, and sales of peripherals (Note 8)\n\n \n\n797\n\n** **\n\n584\n\n** **\n\n532\n\nProject management\n\n \n\n489\n\n​\n\n427\n\n​\n\n445\n\nInsurance\n\n​\n\n269\n\n​\n\n308\n\n​\n\n335\n\nVehicles rental and supporting facilities\n\n \n\n308\n\n** **\n\n271\n\n** **\n\n164\n\nOthers (each below Rp100 billion)\n\n \n\n211\n\n \n\n108\n\n \n\n124\n\n**Total**\n\n** **\n\n**39,718**\n\n** **\n\n**41,202**\n\n** **\n\n**41,234**\n\n​\n\nRefer to Note 31 for details of related parties transactions.\n\nF-69\n\n[Table of Contents](#TOC)\n\n**27. ** **GENERAL AND ADMINISTRATIVE EXPENSES**\n\nThe breakdown of general and administrative expenses is as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2023**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\nGeneral expenses\n\n \n\n2,446\n\n** **\n\n2,448\n\n** **\n\n2,241\n\nAllowance for expected credit losses trade receivables (Note 6)\n\n \n\n513\n\n** **\n\n904\n\n** **\n\n1,465\n\nProfessional fees\n\n \n\n996\n\n** **\n\n855\n\n** **\n\n824\n\nTraining, education, and recruitment\n\n \n\n461\n\n** **\n\n453\n\n** **\n\n358\n\nTraveling\n\n \n\n443\n\n** **\n\n421\n\n** **\n\n343\n\nMeeting\n\n \n\n334\n\n** **\n\n390\n\n** **\n\n307\n\nSocial contribution\n\n \n\n232\n\n** **\n\n233\n\n** **\n\n301\n\nCollection expenses\n\n \n\n195\n\n** **\n\n194\n\n** **\n\n291\n\nOthers (each below Rp100 billion)\n\n \n\n479\n\n** **\n\n327\n\n** **\n\n471\n\n**Total**\n\n** **\n\n**6,099**\n\n** **\n\n**6,225**\n\n** **\n\n**6,601**\n\n​\n\nRefer to Note 31 for details of related parties transactions.\n\n​\n\n28.  TAXATION\n\na.    Prepaid income taxes\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\nThe Company - Corporate income tax\n\n \n\n641\n\n \n\n663\n\nSubsidiaries - Corporate income tax\n\n \n\n1,554\n\n \n\n1,810\n\nTotal\n\n \n\n2,195\n\n \n\n2,473\n\n**Current portion**\n\n** **\n\n**—**\n\n​\n\n**—**\n\n**Non-current portion (Note 14)**\n\n** **\n\n**2,195**\n\n** **\n\n**2,473**\n\n​\n\nb.    Prepaid other taxes\n\nThe breakdown of prepaid other taxes is as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\nThe Company:\n\n \n\n  ​\n\n \n\n  ​\n\nVAT\n\n \n\n168\n\n** **\n\n746\n\nArticle 21 - Individual income tax\n\n \n\n154\n\n** **\n\n42\n\nArticle 23 - Withholding tax on service delivery\n\n \n\n260\n\n** **\n\n—\n\nSubsidiaries:\n\n \n\n​\n\n \n\n​\n\nVAT\n\n \n\n2,782\n\n** **\n\n2,577\n\nArticle 4(2) - Final tax\n\n​\n\n17\n\n​\n\n16\n\nArticle 21 - Individual income tax\n\n​\n\n7\n\n​\n\n6\n\nArticle 23 - Withholding tax on service delivery\n\n \n\n79\n\n** **\n\n115\n\nTotal\n\n \n\n3,467\n\n** **\n\n3,502\n\n**Current portion**\n\n** **\n\n**(2,798)**\n\n** **\n\n**(1,979)**\n\n**Non-current portion (Note 14)**\n\n** **\n\n**669**\n\n** **\n\n**1,523**\n\n​\n\nF-70\n\n[Table of Contents](#TOC)\n\nc.    Current income tax liabilities\n\nThe breakdown of current income tax liabilities is as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\nThe Company:\n\n \n\n  ​\n\n \n\n  ​\n\nArticle 25 - Installment of corporate income tax\n\n \n\n78\n\n** **\n\n—\n\nSubsidiaries:\n\n \n\n​\n\n \n\n​\n\nArticle 25 - Installment of corporate income tax\n\n \n\n587\n\n** **\n\n52\n\nArticle 29 - Corporate income tax\n\n \n\n203\n\n** **\n\n317\n\n**Total**\n\n** **\n\n**868**\n\n** **\n\n**369**\n\n​\n\n​\n\nd.    Other tax liabilities\n\nThe breakdown of other tax liabilities is as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n  ​ ​ ​\n\n**2025**\n\nThe Company:\n\n​\n\n​\n\n​\n\n​\n\nIncome taxes\n\n​\n\n​\n\n​\n\n​\n\nArticle 4(2) - Final tax\n\n \n\n11\n\n \n\n31\n\nArticle 21 - Individual income tax\n\n \n\n1\n\n \n\n2\n\nArticle 22 - Withholding tax on goods delivery and imports\n\n \n\n1\n\n \n\n1\n\nArticle 23 - Withholding tax on services\n\n \n\n45\n\n \n\n46\n\nVAT\n\n​\n\n109\n\n​\n\n304\n\nVAT - Tax collector\n\n \n\n114\n\n \n\n185\n\nSub-total\n\n \n\n281\n\n \n\n569\n\n​\n\n​\n\n​\n\n​\n\n​\n\nSubsidiaries:\n\n \n\n  ​\n\n \n\n  ​\n\nIncome taxes\n\n​\n\n​\n\n​\n\n​\n\nArticle 4(2) - Final tax\n\n \n\n644\n\n \n\n219\n\nArticle 21 - Individual income tax\n\n \n\n160\n\n \n\n52\n\nArticle 22 - Withholding tax on goods delivery and imports\n\n \n\n6\n\n \n\n5\n\nArticle 23 - Withholding tax on services\n\n \n\n33\n\n \n\n183\n\nArticle 26 - Withholding tax on non-resident income\n\n \n\n178\n\n \n\n14\n\nVAT\n\n \n\n473\n\n \n\n147\n\nVAT - Tax collector\n\n​\n\n650\n\n​\n\n467\n\nSub-total\n\n \n\n2,144\n\n \n\n1,087\n\n**Total**\n\n** **\n\n**2,425**\n\n \n\n**1,656**\n\n​\n\ne.    The components of consolidated income tax expense (benefit) are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2023**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n​\n\n​\n\n​\n\n**(As restated)**\n\n​\n\n**(As restated)**\n\n​\n\n**2025**\n\nCurrent\n\n ​\n\n  ​​\n\n ​\n\n  ​​\n\n ​\n\n  ​​\n\nThe Company\n\n \n\n1,271\n\n \n\n905\n\n \n\n1,016\n\nSubsidiaries\n\n \n\n7,525\n\n \n\n6,730\n\n \n\n6,589\n\nSub-total\n\n \n\n8,796\n\n \n\n7,635\n\n \n\n7,605\n\nDeferred\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nThe Company\n\n \n\n182\n\n** **\n\n316\n\n** **\n\n(489)\n\nSubsidiaries\n\n \n\n(513)\n\n** **\n\n190\n\n** **\n\n(575)\n\nSub-total\n\n \n\n(331)\n\n** **\n\n506\n\n** **\n\n(1,064)\n\n**Net income tax expense**\n\n** **\n\n**8,465**\n\n** **\n\n**8,141**\n\n** **\n\n**6,541**\n\n​\n\nF-71\n\n[Table of Contents](#TOC)\n\nf.    Reconciliation of income tax expense\n\nThe details of the net income tax expense for the years ended December 31, 2023, 2024 and 2025 are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2023**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n​\n\n​\n\n​\n\n**(As restated)**\n\n​\n\n**(As restated)**\n\n​\n\n**2025**\n\nEstimated taxable income of the Company\n\n​\n\n6,340\n\n​\n\n4,200\n\n​\n\n4,617\n\nCorporate Income Tax:\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\nCurrent corporate income tax expense:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nThe Company\n\n​\n\n1,205\n\n​\n\n798\n\n​\n\n878\n\nSubsidiaries\n\n​\n\n7,524\n\n​\n\n6,730\n\n​\n\n6,588\n\nCurrent income tax expense of previous year:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nFinal tax expense\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nThe Company\n\n​\n\n66\n\n​\n\n107\n\n​\n\n139\n\nSubsidiaries\n\n​\n\n1\n\n​\n\n—\n\n​\n\n—\n\n**Total income tax expense - current**\n\n​\n\n**8,796**\n\n​\n\n**7,635**\n\n​\n\n**7,605**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nIncome tax expense (benefit) - deferred effect of temporary differences at enacted maximum tax rates\n\n​\n\n​\n\n** **\n\n​\n\n** **\n\n​\n\nThe Company\n\n​\n\n​\n\n \n\n​\n\n \n\n​\n\nNet periodic pension and other post-employment benefits costs\n\n​\n\n196\n\n** **\n\n34\n\n** **\n\n(148)\n\nLeases\n\n​\n\n0\n\n** **\n\n(1)\n\n** **\n\n—\n\nAccrued expenses\n\n​\n\n—\n\n** **\n\n24\n\n** **\n\n—\n\nAddition to deferred installation fee\n\n​\n\n(1)\n\n** **\n\n(4)\n\n** **\n\n6\n\nAllowance for expected credit losses\n\n​\n\n54\n\n​\n\n61\n\n​\n\n52\n\nProvision for employee benefits\n\n​\n\n(7)\n\n​\n\n23\n\n​\n\n(22)\n\nAmortization of intangible assets, land rights and others\n\n​\n\n(6)\n\n** **\n\n(13)\n\n** **\n\n(5)\n\nDepreciation and gain or loss on disposal or sale of property and equipment\n\n​\n\n(37)\n\n** **\n\n189\n\n** **\n\n(367)\n\nOthers\n\n​\n\n(17)\n\n​\n\n3\n\n​\n\n(5)\n\nNet\n\n​\n\n182\n\n \n\n316\n\n \n\n(489)\n\nTelkomsel\n\n​\n\n  ​​\n\n ​\n\n  ​​\n\n ​\n\n  ​​\n\nFair value measurement of other financial instruments\n\n​\n\n(7)\n\n​\n\n8\n\n​\n\n—\n\nLeases\n\n​\n\n200\n\n** **\n\n23\n\n** **\n\n(101)\n\nAllowance for expected credit losses\n\n​\n\n(61)\n\n​\n\n(119)\n\n​\n\n(247)\n\nAmortization of license\n\n​\n\n25\n\n** **\n\n3\n\n** **\n\n21\n\nProvision for employee benefits\n\n​\n\n(168)\n\n** **\n\n(160)\n\n** **\n\n(241)\n\nContract liabilities\n\n​\n\n(217)\n\n​\n\n30\n\n​\n\n(29)\n\nContract cost\n\n​\n\n(5)\n\n​\n\n(23)\n\n​\n\n(17)\n\nOther financial instruments\n\n​\n\n(41)\n\n​\n\n150\n\n​\n\n494\n\nDepreciation and gain or loss on disposal or sale of property and equipment\n\n​\n\n(122)\n\n** **\n\n133\n\n** **\n\n(504)\n\nNet\n\n​\n\n(396)\n\n** **\n\n45\n\n** **\n\n(624)\n\nSubsidiaries - other - net\n\n​\n\n(117)\n\n** **\n\n145\n\n** **\n\n49\n\nNet income tax benefit - deferred\n\n​\n\n(331)\n\n** **\n\n506\n\n** **\n\n(1,064)\n\n**Income tax expense - net**\n\n​\n\n**8,465**\n\n** **\n\n**8,141**\n\n** **\n\n**6,541**\n\n​\n\nF-72\n\n[Table of Contents](#TOC)\n\nThe reconciliation between the income tax expense calculated by applying the applicable tax rate of 19% to the profit before income tax less income subject to final tax, and the net income tax expense as shown in the consolidated statements of profit or loss and other comprehensive income is as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2023**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n​\n\n​\n\n​\n\n**(As restated)**\n\n​\n\n**(As restated)**\n\n​\n\n**2025**\n\nProfit before income tax consolidation\n\n \n\n39,159\n\n** **\n\n37,620\n\n** **\n\n30,509\n\nLess consolidated income subject to final tax - net\n\n \n\n(11,010)\n\n** **\n\n(7,598)\n\n** **\n\n(8,511)\n\n​\n\n \n\n28,149\n\n** **\n\n30,022\n\n** **\n\n21,998\n\nIncome tax expense calculated at the Company’s applicable statutory tax rate\n\n \n\n5,349\n\n** **\n\n5,704\n\n** **\n\n4,180\n\nDifference in applicable statutory tax rate for subsidiaries\n\n \n\n626\n\n** **\n\n798\n\n** **\n\n636\n\nNon-deductible expenses\n\n \n\n2,183\n\n** **\n\n1,239\n\n** **\n\n1,367\n\nFinal income tax expense\n\n \n\n67\n\n** **\n\n107\n\n** **\n\n139\n\nDeferred tax adjustment\n\n \n\n(203)\n\n** **\n\n(4)\n\n** **\n\n295\n\nUnrecognized deferred tax\n\n​\n\n177\n\n​\n\n8\n\n​\n\n39\n\nOthers\n\n \n\n266\n\n** **\n\n289\n\n** **\n\n(115)\n\n**Net income tax expense**\n\n** **\n\n**8,465**\n\n** **\n\n**8,141**\n\n** **\n\n**6,541**\n\n​\n\nIn Law No. 7 of 1983 concerning Income Tax as amended several times, most recently by Law No. 6 of 2023 concerning Stipulation of Government Regulations in Lieu of Law No. 2 of 2022 concerning Job Creation becomes Law, Article 17 paragraph (1) letter b which stipulates that the tax rate applied to Taxable Income for domestic corporate taxpayers and permanent establishments is 22%, which comes into force in the 2022 fiscal year, and in article 17 paragraph (2b) stipulates that for corporate taxpayers in the form of a limited liability company with a total number of paid-up shares is traded on a stock exchange in Indonesia of at least 40% and meeting certain requirements can receive 3% tax rate lower than the expected rate.\n\nThe Company applied the tax rate of 19% for the years ended December 31, 2023, 2024, and 2025. The subsidiaries applied the tax rate of 22% for the years ended December 31, 2023, 2024, and 2025.\n\nThe Company has submitted its Annual Corporate Income Tax Return for the 2024 fiscal year on April 30, 2025, to the Tax Authority in accordance with the applicable tax regulations.\n\ng.    Tax assessments\n\n(i)   The Company\n\nIn the year ended December 31, 2024, the Company received a number of tax assessments from tax audits for the 2019, 2020 and 2021 fiscal years, where from all of these tax assessments the Company received a net refund of Rp7.7 billion after being deducted by other types of tax collection and assessment letters. In addition to the restitution from the tax audit results, the Company also received a restitution of Rp37.9 billion for the decision to approve the cancellation of the 2015 and 2016 VAT Tax Collection Letters.\n\nIn July 2024, the Company received a Field Audit Notification Letter for all types of taxes in 2023. In September 2024, the Company received a VAT Field Audit Notification Letter for 2022.\n\nIn June 2025, the Company received a tax objection decision letter resulting from the 2023 tax audit. In August 2025, from all tax assessments, the Company received a net refund amounting to Rp589.1 billion after deducting other types of tax collection letters and assessments. In August 2025, the Company received a tax assessment letter for underpayment of VAT audit results for 2022 fiscal year amounting to Rp10.1 billion (including tax fine).\n\nF-73\n\n[Table of Contents](#TOC)\n\nIn August 2025, the Company received a Field Audit Notification Letter for all 2024 taxes.\n\nIn October 2025, the Company received a tax objection decision letter rejecting the Company’s objection of the 2019 and 2020 tax assessments amounting of Rp35.7 billion. The Company is currently in the process of appealing the 2019 and 2020 tax dispute. As of the issuance of these consolidated financial statements, the tax audit process for the 2024 tax year and the appeal process for the 2019 and 2020 tax dispute are still ongoing.\n\n(ii)   Telkomsel\n\nAs of December 31, 2025, Telkomsel has a number of tax assessments that are in the appeal process. The details of claims for tax refund, both associated with tax assessments or that have not been determined by the Tax Authority, including tax assessment exposure that are not accompanied by tax claims by Telkomsel, are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n  ​ ​ ​ ​\n\n**Objection**\n\n​\n\n**Appeal**\n\n​\n\n**Others**\n\n  ​ ​ ​ ​\n\n**Total**\n\n**Claims for tax refund which are not yet**\n\n  ​ ​ ​\n\n​\n\n​\n\n  ​\n\n​\n\n  ​\n\n  ​ ​ ​\n\n  ​\n\n**confirmed by the Tax Authority Telkomsel**\n\n \n\n​\n\n​\n\n  ​\n\n​\n\n  ​\n\n \n\n  ​\n\nCorporate Income Tax\n\n \n\n​\n\n​\n\n  ​\n\n​\n\n  ​\n\n \n\n  ​\n\n2025 fiscal year\n\n​\n\n—\n\n​\n\n—\n\n​\n\n261\n\n​\n\n261\n\n2024 fiscal year\n\n \n\n—\n\n​\n\n—\n\n​\n\n791\n\n \n\n791\n\n**Subsidiaries**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nVAT\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2025 fiscal year\n\n​\n\n—\n\n​\n\n—\n\n​\n\n46\n\n​\n\n46\n\nWithholding tax\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2025 fiscal year\n\n​\n\n—\n\n​\n\n—\n\n​\n\n1\n\n​\n\n1\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Tax assessment with claims for tax refund**\n\n \n\n​\n\n​\n\n  ​\n\n​\n\n  ​\n\n \n\n  ​\n\nCorporate Income Tax\n\n \n\n​\n\n​\n\n  ​\n\n​\n\n  ​\n\n \n\n  ​\n\n2018 fiscal year\n\n \n\n—\n\n​\n\n35\n\n​\n\n—\n\n \n\n35\n\n2015 fiscal year\n\n \n\n—\n\n​\n\n294\n\n​\n\n—\n\n \n\n294\n\n2014 fiscal year\n\n \n\n—\n\n​\n\n35\n\n​\n\n—\n\n \n\n35\n\nWithholding tax\n\n \n\n​\n\n​\n\n  ​\n\n​\n\n  ​\n\n \n\n  ​\n\n2015 fiscal year\n\n \n\n—\n\n​\n\n—\n\n​\n\n0\n\n \n\n0\n\n​\n\n** **\n\n**—**\n\n​\n\n**364**\n\n​\n\n**1,099**\n\n** **\n\n**1,463**\n\n**Tax assessment with no associated claims for tax refund**\n\n \n\n​\n\n​\n\n  ​\n\n​\n\n  ​\n\n \n\n  ​\n\nCorporate Income Tax\n\n \n\n​\n\n​\n\n  ​\n\n​\n\n  ​\n\n \n\n  ​\n\n2023 fiscal year\n\n​\n\n1,623\n\n​\n\n—\n\n​\n\n—\n\n​\n\n1,623\n\nWithholding tax\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2023 fiscal year\n\n​\n\n12,844\n\n​\n\n—\n\n​\n\n—\n\n​\n\n12,844\n\n​\n\n** **\n\n**14,467**\n\n​\n\n**—**\n\n​\n\n**—**\n\n** **\n\n**14,467**\n\n​\n\n​\n\nFor the year ended December 31, 2025, Telkomsel received a number of SKPKB for VAT for the fiscal years 2021 to 2023 amounting to Rp606 billion (including sanctions of Rp181 billion), as well as for Income Tax Article 23 and Corporate Income Tax for the fiscal year 2023 amounting to Rp12,844 billion (including sanctions of Rp3,823 billion) and Rp1,623 billion (including sanctions of Rp445 billion), respectively. In relation to the underpayment of VAT, where Telkomsel acts as a Tax Collector, Telkomsel accepted the entire amount of the tax underpayment and recorded a penalty of Rp181 billion as a tax expense in the 2025 consolidated income statement, and compensated the principal VAT underpayment of Rp425 billion as a VAT tax credit in 2025. In relation to the underpayment of Income Tax Article 23 and Corporate Income Tax for the 2023 fiscal year, Telkomsel has strong technical arguments to support its tax position and believes that\n\nF-74\n\n[Table of Contents](#TOC)\n\nit has complied with the provisions of the applicable tax laws and regulations, therefore Telkomsel considers that no provision is necessary for the underpayment of tax. Telkomsel has filed an objection to the Directorate General of Taxes on December 10, 2025. As of the date of issuance of these consolidated financial statements, the results of the objection have not been received.\n\nManagement believes that Telkomsel has a strong case to defend its position. Telkomsel determines an allowance related to the tax assessments is not necessary.\n\nh.    Deferred tax assets and liabilities\n\nThe details of the Group's deferred tax assets and liabilities are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Deferred tax asset and liabilities**\n\n​\n\n**(Charged) credited to**\n\n​\n\n​\n\n**in financial position**\n\n​\n\n**profit or loss**\n\n​\n\n**  ​ ​**\n\n**2023**\n\n**  ​ ​**\n\n**2024**\n\n**  ​ ​**\n\n**2025**\n\n**  ​ ​**\n\n**2023**\n\n**  ​ ​**\n\n**2024**\n\n**  ​ ​**\n\n**2025**\n\n​\n\n​\n\n**(As restated)**\n\n​\n\n**(As restated)**\n\n**  ​ ​**\n\n​\n\n​\n\n**(As restated)**\n\n​\n\n**(As restated)**\n\n**  ​ ​**\n\n​\n\n**The Company**\n\n​\n\n  ​​\n\n​\n\n  ​​\n\n ​\n\n​\n\n​\n\n  ​​\n\n​\n\n  ​​\n\n ​\n\n  ​​\n\nAllowance for expected credit losses\n\n​\n\n831\n\n​\n\n770\n\n \n\n718\n\n​\n\n(54)\n\n​\n\n(61)\n\n \n\n(52)\n\nNet periodic pension and other\n\n​\n\n​\n\n​\n\n​\n\n** **\n\n​\n\n​\n\n​\n\n​\n\n​\n\n** **\n\n​\n\npost-employment benefit costs\n\n​\n\n822\n\n​\n\n781\n\n** **\n\n1,001\n\n​\n\n(196)\n\n​\n\n(34)\n\n** **\n\n148\n\nDifference between accounting and tax bases of property and equipment\n\n​\n\n2,082\n\n​\n\n1,894\n\n​\n\n2,521\n\n​\n\n37\n\n​\n\n(189)\n\n​\n\n369\n\nProvision for employee benefits\n\n​\n\n299\n\n​\n\n276\n\n** **\n\n298\n\n​\n\n7\n\n​\n\n(23)\n\n** **\n\n22\n\nDeferred installation fee\n\n​\n\n21\n\n​\n\n25\n\n** **\n\n19\n\n​\n\n1\n\n​\n\n4\n\n** **\n\n(6)\n\nLand rights, intangible assets and others\n\n​\n\n29\n\n​\n\n42\n\n** **\n\n47\n\n​\n\n6\n\n​\n\n13\n\n** **\n\n5\n\nAccrued expenses\n\n​\n\n24\n\n​\n\n—\n\n** **\n\n—\n\n​\n\n—\n\n​\n\n(24)\n\n** **\n\n—\n\nLeases\n\n​\n\n—\n\n​\n\n1\n\n** **\n\n1\n\n​\n\n1\n\n​\n\n1\n\n** **\n\n—\n\nOthers\n\n​\n\n76\n\n​\n\n73\n\n​\n\n78\n\n​\n\n17\n\n​\n\n(3)\n\n​\n\n5\n\nTotal deferred tax assets\n\n​\n\n4,184\n\n​\n\n3,862\n\n​\n\n4,683\n\n​\n\n(181)\n\n​\n\n(316)\n\n​\n\n491\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Telkomsel**\n\n​\n\n​\n\n​\n\n​\n\n** **\n\n​\n\n​\n\n**  ​**\n\n​\n\n**  ​**\n\n** **\n\n**  ​**\n\nProvision for employee benefits\n\n​\n\n1,385\n\n​\n\n1,445\n\n** **\n\n1,698\n\n​\n\n168\n\n​\n\n160\n\n** **\n\n241\n\nAllowance for expected credit losses\n\n​\n\n205\n\n​\n\n324\n\n​\n\n571\n\n​\n\n61\n\n​\n\n119\n\n​\n\n247\n\nContract liabilities\n\n​\n\n400\n\n​\n\n370\n\n​\n\n399\n\n​\n\n217\n\n​\n\n(30)\n\n​\n\n29\n\nFair value measurement of financial instruments\n\n​\n\n—\n\n​\n\n(8)\n\n​\n\n(8)\n\n​\n\n7\n\n​\n\n(8)\n\n​\n\n—\n\nDifference between accounting and tax bases of property and equipment\n\n​\n\n62\n\n​\n\n(71)\n\n​\n\n433\n\n​\n\n122\n\n​\n\n(133)\n\n​\n\n504\n\nLeases\n\n​\n\n(976)\n\n​\n\n(998)\n\n \n\n(898)\n\n​\n\n(201)\n\n​\n\n(23)\n\n \n\n101\n\nLicense amortization\n\n​\n\n(171)\n\n​\n\n(174)\n\n \n\n(195)\n\n​\n\n(25)\n\n​\n\n(3)\n\n \n\n(21)\n\nContract costs\n\n​\n\n(46)\n\n​\n\n(23)\n\n​\n\n(6)\n\n​\n\n5\n\n​\n\n23\n\n​\n\n17\n\nOther financial instruments\n\n​\n\n125\n\n​\n\n(25)\n\n​\n\n(519)\n\n​\n\n41\n\n​\n\n(150)\n\n​\n\n(494)\n\nDeferred tax assets of Telkomsel - net\n\n​\n\n984\n\n​\n\n840\n\n​\n\n1,475\n\n​\n\n395\n\n​\n\n(45)\n\n​\n\n624\n\nDeferred tax assets of the other subsidiaries - net\n\n​\n\n704\n\n​\n\n680\n\n​\n\n575\n\n​\n\n(70)\n\n​\n\n(15)\n\n​\n\n(99)\n\nDeferred tax liabilities of the other subsidiaries - net\n\n​\n\n(841)\n\n​\n\n(992)\n\n​\n\n(1,233)\n\n​\n\n187\n\n​\n\n(130)\n\n​\n\n48\n\n**Deferred tax income (expense)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**331**\n\n​\n\n**(506)**\n\n** **\n\n**1,064**\n\n**Total deferred tax assets - net**\n\n​\n\n**5,872**\n\n​\n\n**5,382**\n\n** **\n\n**6,733**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Total deferred tax liabilities - net**\n\n​\n\n**(841)**\n\n​\n\n**(992)**\n\n​\n\n**(1,233)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nAs of December 31, 2023, 2024 and 2025, the aggregate amounts of temporary differences associated with investments in subsidiaries and associated companies, for which deferred tax liabilities are not recognized were Rp79,511 billion, Rp84,079 billion and Rp27,906 billion respectively.\n\nRealization of the deferred tax assets is dependent upon the Group’s capability in generating future profitable operations. Although realization is not assured, the Group believes that it is probable that these deferred tax assets will be realized through reduction of future taxable income when temporary differences reverse. The amount of deferred tax assets is considered realizable; however, it can be reduced if actual future taxable income is lower than estimates.\n\ni.    Administration\n\nIn June 2023, the Government issued Minister of Finance Regulation No. 66/PMK.03/2023 concerning Income Tax Treatment of Reimbursement or Compensation in Relation to Work or Services Received or Obtained in Kind and/or Enjoyment. The Company ensures administrative and legal aspects of transactions, and builds intensive coordination between related units to implement these rules.\n\nF-75\n\n[Table of Contents](#TOC)\n\nIn December 2023, the Government issued Government Regulation No. 58 of 2023 concerning Income Tax Withholding Rates Article 21 on Income in Connection with Work, Services or Activities of Individual Taxpayers as well as Regulation of the Minister of Finance No. 168 of 2023 concerning Guidelines for Implementing Tax Deductions on Income in Connection with Work, Services or Individual Activities which will comes into effect from January 1, 2024. With this provision, there is a change in the mechanism for calculating Income Tax Article 21 for Employees which previously used progressive rates in accordance with Article 17 of the Law. The Income Tax Law uses the average effective rate (TER) for Article 21 Income Tax deductions as regulated in the government regulation. The Company ensures that there is intensive coordination between related units to implement these regulations.\n\nIn December 2023, the Government issued Regulation of the Minister of Finance No. 172 of 2023 concerning the Application of the Principle of Fairness and Business Custom in Transactions Influenced by Special Relationships which will be the basis for preparing transfer pricing documents starting from the 2024 tax year.\n\nIn December 2024, the Government issued Decree of the Minister of Finance Number 465 of 2024 concerning the Implementation of the Core System of Tax Administration and Regulation of the Minister of Finance concerning Tax Provisions in the Framework of Implementing the Core System of Tax Administration No. 81 of 2024. In order to realize the aspect of justice in society, at the end of December 2024 the Government issued Regulation of the Minister of Finance Number 131 of 2024 concerning Value Added Tax Treatment on Imports of Taxable Goods, Delivery of Taxable Goods, Delivery of Taxable Services, Utilization of Intangible Taxable Goods from Outside the Customs Area within the Customs Area, and Utilization of Taxable Services from Outside the Customs Area within the Customs Area (PMK 131/2024) which is effective as of January 1, 2025. PMK 131/2024 regulates that on the Import and/or delivery of Taxable Goods within the Customs Area by Entrepreneurs other than Taxable Goods classified as luxury, delivery of Taxable Services within the Customs Area by Entrepreneurs, utilization of Intangible Taxable Goods from outside the Customs Area within the Customs Area, utilization of Taxable Services from outside the Customs Area within the Customs Area, Tax is payable Value Added Tax (VAT) is calculated by multiplying the 12% (twelve percent) rate by the Taxable Base, which is another value.\n\nThe issuance of PMK 131/2024 is in accordance with Law Number 7 of 2021 concerning the Harmonization of Tax Regulations (HPP Law), which stipulates that a VAT rate of 12% will be implemented no later than January 1, 2025. In February 2025, the Government issued Minister of Finance Regulation Number 11 of 2025 concerning Provisions on Other Values as Taxable Bases and Certain Amounts of Value Added Tax. The Company ensures coordination with relevant units, the IT Team and tax authorities to ensure smooth tax administration processes conducted through the Tax Administration Core System application, as well as the provisions for using other values as VAT Taxable Bases.\n\nIn response to the implementation of the Organisation for Economic Co-operation and Development (“OECD”) Pillar Two framework, on December 31, 2024, Indonesian Government implemented Pillar Two framework through Regulation of the Minister of Finance No. 136/2024 (PMK 136/2024). The Pillar Two model rules as implemented under PMK 136/2024 will take effect for fiscal years beginning on January 1, 2025.\n\nPMK 136/2024 applies new taxing mechanisms under which a Multinational Enterprises (“MNE”) would pay a top-up tax in a jurisdiction whenever the effective tax rate, determined on a jurisdictional basis under the Pillar Two rules is below a 15% minimum rate. PMK 136/2024 sets out the mechanics for determining which entity or entities in an MNE Group should apply the top-up tax and the portion of such tax that is charged to each relevant entity.\n\nThe Group has conducted an analysis based on applicable tax regulations and identified potential top-up tax for constituent entities operating in the jurisdiction of Timor Leste. The Group believes, based\n\nF-76\n\n[Table of Contents](#TOC)\n\non the results of the analysis, that the impact of these potential top-up tax is not material to the consolidated financial statements for the year ended December 31, 2025.\n\n29.  PENSION AND OTHER POST-EMPLOYMENT BENEFITS\n\nThe details of pension and other post-employment benefit liabilities are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**Notes**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\n**Pension benefit and other post-employment benefit obligations**\n\n​\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\nPension benefit program\n\n​\n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nThe Company - funded\n\n​\n\n29a.i.a\n\n ​\n\n​\n\n ​\n\n​\n\nDefined pension benefit obligation\n\n​\n\n29a.i.a.i\n\n ​\n\n3,543\n\n ​\n\n3,725\n\nAdditional pension benefit obligation\n\n​\n\n29a.i.a.ii\n\n ​\n\n42\n\n ​\n\n42\n\nThe Company - unfunded\n\n​\n\n29a.i.b\n\n ​\n\n215\n\n ​\n\n216\n\nTelkomsel\n\n​\n\n29a.ii\n\n ​\n\n4,950\n\n ​\n\n5,978\n\nProjected pension benefit obligations\n\n​\n\n  ​\n\n \n\n8,750\n\n ​\n\n9,961\n\nNet periodic post-employment health care benefit\n\n​\n\n29b\n\n ​\n\n1,550\n\n ​\n\n1,708\n\nOther post-employment benefit\n\n​\n\n29c\n\n ​\n\n175\n\n ​\n\n187\n\nLong service employee benefit\n\n​\n\n29d\n\n​\n\n1\n\n​\n\n1\n\nObligation under the Labor Law\n\n​\n\n29e\n\n ​\n\n1,064\n\n ​\n\n1,139\n\n**Total**\n\n​\n\n**  ​**\n\n** **\n\n**11,540**\n\n ​\n\n**12,996**\n\n​\n\nThe details of net pension benefit expense recognized in the consolidated statements of profit or loss and other comprehensive income is as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**Notes**\n\n  ​ ​ ​\n\n**2023**\n\n  ​ ​ ​\n\n**2024**\n\n  ​ ​ ​\n\n**2025**\n\n**Pension benefit cost**\n\n ​\n\n  ​​\n\n ​\n\n  ​​\n\n ​\n\n  ​​\n\n ​\n\n  ​​\n\nThe Company - funded\n\n \n\n29a.i.a\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nDefined pension benefit obligation\n\n \n\n29a.i.a.i\n\n \n\n629\n\n \n\n518\n\n \n\n357\n\nAdditional pension benefit obligation\n\n \n\n29a.i.a.ii\n\n \n\n3\n\n \n\n3\n\n \n\n3\n\nThe Company - unfunded\n\n \n\n29a.i.b\n\n \n\n54\n\n \n\n(27)\n\n \n\n25\n\nTelkomsel\n\n​\n\n29a.ii\n\n \n\n633\n\n \n\n663\n\n \n\n978\n\nTotal periodic pension benefit cost\n\n​\n\n​\n\n \n\n1,319\n\n \n\n1,157\n\n \n\n1,363\n\nNet periodic post-employment health care benefit cost\n\n​\n\n25,29b\n\n \n\n205\n\n \n\n282\n\n \n\n281\n\nOther post-employment benefit cost\n\n \n\n25,29c\n\n \n\n22\n\n \n\n20\n\n \n\n17\n\nLong service employee benefit cost\n\n​\n\n25,29d\n\n​\n\n1\n\n​\n\n0\n\n​\n\n1\n\nLabor Law employee benefit cost\n\n \n\n25,29e\n\n \n\n217\n\n \n\n232\n\n \n\n192\n\n**Total**\n\n** **\n\n**  ​**\n\n** **\n\n**1,764**\n\n \n\n**1,691**\n\n \n\n**1,854**\n\n​\n\nF-77\n\n[Table of Contents](#TOC)\n\nThe amounts recognized in OCI are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**Notes**\n\n**  ​ ​ ​**\n\n**2023**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\n**Defined benefit plan actuarial gain (loss)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nThe Company - funded\n\n \n\n29a.i.a\n\n** **\n\n​\n\n** **\n\n​\n\n \n\n​\n\nDefined pension benefit obligation\n\n \n\n29a.i.a.i\n\n** **\n\n(524)\n\n \n\n72\n\n \n\n(381)\n\nAdditional pension benefit obligation\n\n \n\n29a.i.a.ii\n\n** **\n\n1\n\n \n\n1\n\n \n\n(1)\n\nThe Company - unfunded\n\n \n\n29a.i.b\n\n** **\n\n246\n\n \n\n(53)\n\n \n\n14\n\nTelkomsel\n\n \n\n29a.ii\n\n** **\n\n91\n\n \n\n420\n\n \n\n(77)\n\nTotal periodic pension benefit cost\n\n​\n\n​\n\n​\n\n(186)\n\n​\n\n440\n\n​\n\n(445)\n\nPost-employment health care benefit cost\n\n \n\n29b\n\n** **\n\n(1,265)\n\n** **\n\n202\n\n** **\n\n123\n\nOther post-employment benefit cost\n\n \n\n29c\n\n** **\n\n(2)\n\n \n\n6\n\n \n\n(6)\n\nLong service employee benefit cost\n\n​\n\n29c\n\n​\n\n—\n\n​\n\n0\n\n​\n\n—\n\nLabor Law employee benefit cost\n\n \n\n29e\n\n** **\n\n41\n\n \n\n107\n\n \n\n5\n\n**Sub-total**\n\n** **\n\n**  ​**\n\n** **\n\n**(1,412)**\n\n** **\n\n**755**\n\n** **\n\n**(323)**\n\nDeferred tax effect at the applicable tax rates\n\n \n\n​\n\n** **\n\n23\n\n** **\n\n(120)\n\n** **\n\n87\n\n**Defined benefit plan actuarial gain (loss) - net of tax**\n\n** **\n\n**  ​**\n\n** **\n\n**(1,389)**\n\n** **\n\n**635**\n\n** **\n\n**(236)**\n\n​\n\nThe following table presents the changes in projected pension benefit obligations and post-employment health care benefit obligations, changes in pension benefit and post-employment health care benefit plan assets, funded status of the pension plan and post-employment health care benefit plan, and net amount recognized in the consolidated statements of financial position as of December 31, 2024 and 2025, under the defined benefit pension plan:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Funded**\n\n​\n\n**Post-employment**\n\n​\n\n​\n\n​\n\n​\n\n**Defined pension benefit obligation**\n\n​\n\n**health care benefit**\n\n​\n\n​\n\n​\n\n​\n\n**The Company**\n\n​\n\n**Telkomsel**\n\n​\n\n**The Company**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Projected**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Projected**\n\n​\n\n​\n\n​\n\n**Projected**\n\n​\n\n​\n\n​\n\n**post-employment**\n\n​\n\n**Post-employment**\n\n​\n\n​\n\n​\n\n​\n\n**pension**\n\n​\n\n**Pension**\n\n​\n\n**pension**\n\n​\n\n**Pension**\n\n​\n\n**health care**\n\n​\n\n**health care**\n\n​\n\n​\n\n​\n\n​\n\n**benefit**\n\n​\n\n**benefit**\n\n​\n\n**benefit**\n\n​\n\n**benefit**\n\n​\n\n**benefit**\n\n​\n\n**benefit**\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**obligations**\n\n**  ​ ​ ​**\n\n**plan assets**\n\n**  ​ ​ ​**\n\n**obligations**\n\n**  ​ ​ ​**\n\n**plan assets**\n\n**  ​ ​ ​**\n\n**obligation**\n\n**  ​ ​ ​**\n\n**plan assets**\n\n**  ​ ​ ​**\n\n**Total**\n\n**Balance, January 1, 2024**\n\n**  ​ ​ ​**\n\n**23,718**\n\n** **\n\n**(20,052)**\n\n** **\n\n**5,796**\n\n** **\n\n**(1,070)**\n\n** **\n\n**14,624**\n\n** **\n\n**(13,154)**\n\n** **\n\n**9,862**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nService costs\n\n \n\n279\n\n \n\n—\n\n \n\n346\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n625\n\nTransferred employees costs\n\n​\n\n(2)\n\n​\n\n1\n\n​\n\n2\n\n​\n\n(2)\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(1)\n\nInterest costs (income)\n\n \n\n1,533\n\n \n\n(1,304)\n\n \n\n381\n\n \n\n(65)\n\n \n\n966\n\n \n\n(866)\n\n \n\n645\n\nPlan administration cost\n\n \n\n(115)\n\n \n\n115\n\n \n\n—\n\n \n\n1\n\n \n\n—\n\n \n\n182\n\n \n\n183\n\nAdditional welfare benefits\n\n \n\n34\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n34\n\n**Cost recognized in the consolidated statement of profit or loss**\n\n** **\n\n**1,729**\n\n** **\n\n**(1,188)**\n\n** **\n\n**729**\n\n** **\n\n**(66)**\n\n** **\n\n**966**\n\n** **\n\n**(684)**\n\n** **\n\n**1,486**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nActuarial (gain) loss on:\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nExperience adjustments\n\n \n\n(609)\n\n \n\n—\n\n \n\n(121)\n\n \n\n—\n\n \n\n65\n\n \n\n—\n\n \n\n(665)\n\nChanges in demographic assumptions\n\n \n\n(1)\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n0\n\n \n\n—\n\n \n\n(1)\n\nChanges in financial assumptions\n\n \n\n(491)\n\n \n\n—\n\n \n\n(314)\n\n \n\n—\n\n \n\n(863)\n\n \n\n—\n\n \n\n(1,668)\n\nReturn on plan assets (excluding amount included in net interest expense)\n\n \n\n—\n\n \n\n1,029\n\n \n\n—\n\n \n\n15\n\n \n\n—\n\n \n\n596\n\n \n\n1,640\n\n**Cost recognized in OCI**\n\n** **\n\n**(1,101)**\n\n** **\n\n**1,029**\n\n** **\n\n**(435)**\n\n** **\n\n**15**\n\n** **\n\n**(798)**\n\n** **\n\n**596**\n\n** **\n\n**(694)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nEmployer’s contributions\n\n \n\n—\n\n \n\n(558)\n\n \n\n—\n\n \n\n(18)\n\n \n\n—\n\n \n\n—\n\n \n\n(576)\n\nPension plan participants’ contributions\n\n \n\n13\n\n \n\n(13)\n\n \n\n1\n\n \n\n(1)\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\nBenefits paid from plan assets\n\n \n\n(1,948)\n\n \n\n1,948\n\n \n\n(2)\n\n \n\n1\n\n \n\n(640)\n\n \n\n640\n\n \n\n(1)\n\nBenefits paid by employer\n\n​\n\n(34)\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n​\n\n(34)\n\n**Balance, December 31, 2024**\n\n** **\n\n**22,377**\n\n** **\n\n**(18,834)**\n\n** **\n\n**6,089**\n\n** **\n\n**(1,139)**\n\n** **\n\n**14,152**\n\n** **\n\n**(12,602)**\n\n** **\n\n**10,043**\n\n**Projected pension benefit obligation at end of year**\n\n** **\n\n**3,543**\n\n** **\n\n​\n\n** **\n\n**4,950**\n\n** **\n\n​\n\n \n\n**1,550**\n\n \n\n  ​\n\n \n\n**10,043**\n\n​\n\nF-78\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**Funded**\n\n  ​ ​ ​\n\n**Post-employment**\n\n  ​ ​ ​\n\n  ​ ​ ​\n\n​\n\n​\n\n**Defined pension benefit obligation**\n\n​\n\n**health care benefit**\n\n​\n\n​\n\n​\n\n​\n\n**The Company**\n\n​\n\n**Telkomsel**\n\n​\n\n**The Company**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Projected**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Projected**\n\n​\n\n​\n\n​\n\n**Projected**\n\n​\n\n​\n\n​\n\n**post-employment**\n\n​\n\n**Post-employment**\n\n​\n\n​\n\n​\n\n​\n\n**pension**\n\n​\n\n**Pension**\n\n​\n\n**pension**\n\n​\n\n**Pension**\n\n​\n\n**health care**\n\n​\n\n**health care**\n\n​\n\n​\n\n​\n\n​\n\n**benefit**\n\n​\n\n**benefit**\n\n​\n\n**benefit**\n\n​\n\n**benefit**\n\n​\n\n**benefit**\n\n​\n\n**benefit**\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**obligations**\n\n**  ​ ​ ​**\n\n**plan assets**\n\n**  ​ ​ ​**\n\n**obligations**\n\n**  ​ ​ ​**\n\n**plan assets**\n\n**  ​ ​ ​**\n\n**obligation**\n\n**  ​ ​ ​**\n\n**plan assets**\n\n**  ​ ​ ​**\n\n**Total**\n\n**Balance, January 1, 2025**\n\n** **\n\n**22,377**\n\n** **\n\n**(18,834)**\n\n** **\n\n**6,089**\n\n** **\n\n**(1,139)**\n\n** **\n\n**14,152**\n\n** **\n\n**(12,602)**\n\n** **\n\n**10,043**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nService costs\n\n \n\n177\n\n \n\n—\n\n \n\n332\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n509\n\nPast service costs\n\n​\n\n—\n\n \n\n—\n\n \n\n294\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n​\n\n294\n\nInterest costs (income)\n\n​\n\n1,500\n\n​\n\n(1,271)\n\n​\n\n406\n\n​\n\n(55)\n\n​\n\n970\n\n​\n\n(862)\n\n​\n\n688\n\nPlan administration cost\n\n \n\n(110)\n\n \n\n110\n\n \n\n—\n\n \n\n1\n\n \n\n—\n\n \n\n173\n\n \n\n174\n\n**Cost recognized in the consolidated statement of profit or loss**\n\n** **\n\n**1,567**\n\n** **\n\n**(1,161)**\n\n** **\n\n**1,032**\n\n** **\n\n**(54)**\n\n** **\n\n**970**\n\n** **\n\n**(689)**\n\n** **\n\n**1,665**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nActuarial (gain) loss on:\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nExperience adjustments\n\n \n\n(17)\n\n \n\n—\n\n \n\n(187)\n\n \n\n—\n\n \n\n(66)\n\n \n\n—\n\n \n\n(270)\n\nChanges in demographic assumptions\n\n \n\n(1)\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n0\n\n \n\n—\n\n \n\n(1)\n\nChanges in financial assumptions\n\n \n\n1,053\n\n \n\n—\n\n \n\n261\n\n \n\n—\n\n \n\n478\n\n \n\n—\n\n \n\n1,792\n\nReturn on plan assets (excluding amount included in net interest expense)\n\n \n\n—\n\n \n\n(654)\n\n \n\n—\n\n \n\n3\n\n \n\n—\n\n \n\n(535)\n\n \n\n(1,186)\n\n**Cost recognized in OCI**\n\n** **\n\n**1,035**\n\n** **\n\n**(654)**\n\n** **\n\n**74**\n\n** **\n\n**3**\n\n** **\n\n**412**\n\n** **\n\n**(535)**\n\n** **\n\n**335**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nEmployer’s contributions\n\n \n\n—\n\n \n\n(605)\n\n \n\n—\n\n \n\n(27)\n\n \n\n—\n\n \n\n—\n\n \n\n(632)\n\nPension plan participants’ contributions\n\n \n\n10\n\n \n\n(10)\n\n \n\n1\n\n \n\n(1)\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\nBenefits paid from plan assets\n\n \n\n(1,843)\n\n \n\n1,843\n\n \n\n—\n\n \n\n—\n\n \n\n(584)\n\n \n\n584\n\n \n\n—\n\nBenefits paid by employer\n\n​\n\n(17)\n\n \n\n17\n\n \n\n(288)\n\n \n\n288\n\n \n\n—\n\n \n\n—\n\n​\n\n—\n\nPast benefits paid by employer\n\n​\n\n—\n\n \n\n—\n\n \n\n(221)\n\n \n\n221\n\n \n\n—\n\n \n\n—\n\n​\n\n—\n\n**Balance, December 31, 2025**\n\n** **\n\n**23,129**\n\n** **\n\n**(19,404)**\n\n** **\n\n**6,687**\n\n** **\n\n**(709)**\n\n** **\n\n**14,950**\n\n** **\n\n**(13,242)**\n\n** **\n\n**11,411**\n\n**Projected pension benefit obligation at end of year**\n\n** **\n\n**3,725**\n\n** **\n\n​\n\n** **\n\n**5,978**\n\n** **\n\n​\n\n \n\n**1,708**\n\n \n\n  ​\n\n \n\n**11,411**\n\n​\n\nThe following table presents the changes in unfunded projected pension benefit obligations, additional pension benefit obligations, other post-employment benefit obligations and obligations under the Labor Law, changes in additional pension benefit plan assets, and net amount recognized in the consolidated statements of financial position as of December 31, 2024 and 2025, under the defined benefit pension plan:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n  ​ ​ ​\n\n​\n\n​\n\n  ​ ​ ​\n\n  ​ ​ ​\n\n  ​ ​ ​\n\n  ​ ​ ​\n\n  ​ ​ ​\n\n**The Company**\n\n​\n\n​\n\n​\n\n​\n\n**The Company**\n\n​\n\n**and its subsidiaries**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Other**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Additional**\n\n​\n\n​\n\n​\n\n**post-employment**\n\n​\n\n**Long service**\n\n​\n\n**Obligations**\n\n​\n\n​\n\n​\n\n​\n\n**pension benefit**\n\n​\n\n​\n\n​\n\n**benefit**\n\n​\n\n**employee**\n\n​\n\n**under**\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n**obligations**\n\n  ​ ​ ​\n\n**Unfunded**\n\n  ​ ​ ​\n\n**obligations**\n\n  ​ ​ ​\n\n**benefit**\n\n  ​ ​ ​\n\n**the Labor Law**\n\n  ​ ​ ​\n\n**Total**\n\n**Balance, January 1, 2024**\n\n​\n\n**44**\n\n​\n\n**258**\n\n​\n\n**244**\n\n​\n\n**1**\n\n​\n\n**1,005**\n\n​\n\n**1,552**\n\nService costs\n\n \n\n0\n\n​\n\n9\n\n \n\n6\n\n \n\n0\n\n \n\n204\n\n \n\n219\n\nPast service costs\n\n​\n\n—\n\n​\n\n—\n\n​\n\n1\n\n​\n\n—\n\n​\n\n18\n\n​\n\n19\n\nInterest costs\n\n \n\n3\n\n​\n\n14\n\n \n\n13\n\n \n\n—\n\n \n\n10\n\n \n\n40\n\nTransferred employees costs\n\n​\n\n(0)\n\n​\n\n(0)\n\n​\n\n(0)\n\n​\n\n—\n\n​\n\n(0)\n\n​\n\n(0)\n\nEarly retirement settlement costs\n\n​\n\n—\n\n​\n\n(50)\n\n​\n\n0\n\n​\n\n(0)\n\n​\n\n(0)\n\n​\n\n(50)\n\n**Cost recognized in the consolidated statement of profit or loss**\n\n** **\n\n**3**\n\n​\n\n**(27)**\n\n** **\n\n**20**\n\n** **\n\n**0**\n\n** **\n\n**232**\n\n** **\n\n**228**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nActuarial (gain) loss recognized in OCI\n\n \n\n(1)\n\n​\n\n53\n\n \n\n(6)\n\n \n\n(0)\n\n \n\n(107)\n\n \n\n(61)\n\nBenefits paid by employer\n\n​\n\n(4)\n\n​\n\n(69)\n\n \n\n(83)\n\n \n\n—\n\n \n\n(62)\n\n​\n\n(218)\n\nDivestment\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(4)\n\n​\n\n(4)\n\n**Balance, December 31, 2024**\n\n** **\n\n**42**\n\n​\n\n**215**\n\n** **\n\n**175**\n\n** **\n\n**1**\n\n** **\n\n**1,064**\n\n** **\n\n**1,497**\n\n​\n\n​\n\nF-79\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n  ​ ​ ​\n\n​\n\n​\n\n  ​ ​ ​\n\n  ​ ​ ​\n\n  ​ ​ ​\n\n  ​ ​ ​\n\n  ​ ​ ​\n\n**The Company**\n\n​\n\n​\n\n​\n\n​\n\n**The Company**\n\n​\n\n**and its subsidiaries**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Other**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Additional**\n\n​\n\n​\n\n​\n\n**post-employment**\n\n​\n\n**Long service**\n\n​\n\n**Obligations**\n\n​\n\n​\n\n​\n\n​\n\n**pension benefit**\n\n​\n\n​\n\n​\n\n**benefit**\n\n​\n\n**employee**\n\n​\n\n**under**\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n**obligations**\n\n  ​ ​ ​\n\n**Unfunded**\n\n  ​ ​ ​\n\n**obligations**\n\n  ​ ​ ​\n\n**benefit**\n\n  ​ ​ ​\n\n**the Labor Law**\n\n  ​ ​ ​\n\n**Total**\n\n**Balance, January 1, 2025**\n\n​\n\n**42**\n\n​\n\n**215**\n\n** **\n\n**175**\n\n** **\n\n**1**\n\n** **\n\n**1,064**\n\n** **\n\n**1,497**\n\nService costs\n\n \n\n0\n\n​\n\n10\n\n \n\n5\n\n \n\n1\n\n \n\n134\n\n \n\n150\n\nPast service costs\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(10)\n\n​\n\n(10)\n\nInterest costs\n\n \n\n3\n\n​\n\n15\n\n \n\n12\n\n \n\n—\n\n \n\n68\n\n \n\n98\n\n**Cost recognized in the consolidated statement of profit or loss**\n\n** **\n\n**3**\n\n​\n\n**25**\n\n** **\n\n**17**\n\n** **\n\n**1**\n\n** **\n\n**192**\n\n** **\n\n**238**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nActuarial (gain) loss recognized in OCI\n\n \n\n1\n\n​\n\n(14)\n\n \n\n6\n\n \n\n—\n\n \n\n(5)\n\n \n\n(12)\n\nBenefits paid by employer\n\n​\n\n(4)\n\n​\n\n(10)\n\n \n\n(11)\n\n \n\n(1)\n\n \n\n(68)\n\n​\n\n(94)\n\nDivestment\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(44)\n\n​\n\n(44)\n\n**Balance, December 31, 2025**\n\n** **\n\n**42**\n\n​\n\n**216**\n\n** **\n\n**187**\n\n** **\n\n**1**\n\n** **\n\n**1,139**\n\n** **\n\n**1,585**\n\n​\n\n​\n\n**a.    Pension benefit program**\n\ni.    The Company\n\n(a)   Funded pension plan\n\n(i)   Defined pension benefit obligation\n\nThe Company sponsors a defined benefit pension plan for employees with permanent status prior to July 1, 2002. The plan is governed by the pension laws in Indonesia and managed by Telkom Pension Fund (“*Dana Pensiun Telkom*” or “Dapen”). Pension Fund Management in accordance with the Pension Fund and Investment Directives Regulations determined by the Founder is carried out by the Board of Management. The Board of Management is monitored by the Oversight Board consisting of representatives of the Company and participants.\n\nThe pension benefits are paid based on the participating employees’ latest basic salary at retirement and the number of years of their service. The participating employees contribute 18% (before March 2003: 8.4%) of their basic salaries to the pension fund. The Company made contributions to the pension fund amounted to Rp558 billion and Rp605 billion, for the years ended December 31, 2024 and 2025, respectively.\n\nRisks exposed to defined benefit programs are risks such as asset volatility and changes in bond yields. The project liabilities are calculated using a discount rate that refers to the level of government bond yields, if the return on program assets is lower, it will result in a program deficit. A decrease in the yield of government bonds will increase the program liabilities, although this will be offset in part by an increase in the value of the program bonds held. The Company ensures that the investment position is set within the framework of asset-liability matching (\"ALM\") that has been formed to achieve long-term results that are in line with the liabilities in the defined benefit pension plan. Within the ALM framework, the Company's objective is to adjust its pension assets and liabilities by investing in a well diversified portfolio to produce an optimal rate of return, taking into account the level of risk. Investment in the program has been well diversified, so that one investment's poor performance will not have a material impact on all asset groups.\n\nF-80\n\n[Table of Contents](#TOC)\n\nAs of December 31, 2024 and 2025, plan assets consist of:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2024**\n\n​\n\n**2025**\n\n​\n\n**  ​ ​ ​**\n\n**Quoted**** ****in**\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**Quoted**** ****in**\n\n  ​ ​ ​\n\n​\n\n​\n\n​\n\n**active market**\n\n​\n\n**Unquoted**\n\n​\n\n**active market**\n\n​\n\n**Unquoted**\n\nCash and cash equivalents\n\n \n\n921\n\n \n\n—\n\n \n\n1,255\n\n \n\n—\n\nEquity instruments:\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nFinancials\n\n \n\n1,265\n\n \n\n—\n\n \n\n1,004\n\n \n\n—\n\nConsumer non-cyclicals\n\n \n\n48\n\n \n\n—\n\n \n\n325\n\n \n\n—\n\nBasic material\n\n \n\n203\n\n \n\n—\n\n \n\n383\n\n \n\n—\n\nInfrastructures\n\n​\n\n510\n\n​\n\n—\n\n​\n\n431\n\n​\n\n—\n\nEnergy\n\n \n\n146\n\n \n\n—\n\n \n\n175\n\n \n\n—\n\nTechnology\n\n \n\n91\n\n \n\n—\n\n \n\n91\n\n \n\n—\n\nIndustrials\n\n \n\n239\n\n \n\n—\n\n \n\n268\n\n \n\n—\n\nConsumer cyclicals\n\n \n\n448\n\n \n\n—\n\n \n\n60\n\n \n\n—\n\nProperties and real estate\n\n \n\n110\n\n \n\n—\n\n \n\n75\n\n \n\n—\n\nHealthcare\n\n​\n\n175\n\n​\n\n—\n\n​\n\n141\n\n​\n\n—\n\nTransportation and logistic\n\n​\n\n4\n\n​\n\n—\n\n​\n\n7\n\n​\n\n—\n\nEquity-based mutual fund\n\n \n\n193\n\n \n\n—\n\n \n\n74\n\n \n\n—\n\nFixed income instruments:\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nCorporate bonds\n\n \n\n—\n\n \n\n2,034\n\n \n\n—\n\n \n\n2,031\n\nGovernment bonds\n\n \n\n10,608\n\n \n\n—\n\n \n\n11,191\n\n \n\n—\n\nFixed income mutual funds\n\n \n\n—\n\n \n\n66\n\n \n\n—\n\n \n\n—\n\nIndex mutual funds\n\n​\n\n—\n\n​\n\n—\n\n​\n\n14\n\n​\n\n—\n\nMedium-term notes (“MTN”)\n\n​\n\n—\n\n​\n\n100\n\n​\n\n—\n\n​\n\n105\n\nAsset-backed securities\n\n​\n\n—\n\n​\n\n7\n\n​\n\n—\n\n​\n\n5\n\nSukuk\n\n​\n\n—\n\n​\n\n935\n\n​\n\n—\n\n​\n\n980\n\nNon-public equity:\n\n \n\n​\n\n \n\n  ​\n\n \n\n​\n\n \n\n  ​\n\nDirect placement\n\n \n\n—\n\n \n\n377\n\n \n\n—\n\n \n\n359\n\nProperty\n\n \n\n—\n\n \n\n202\n\n \n\n—\n\n \n\n204\n\nOthers\n\n \n\n—\n\n \n\n356\n\n \n\n—\n\n \n\n495\n\n**Total**\n\n** **\n\n**14,961**\n\n** **\n\n**4,077**\n\n** **\n\n**15,494**\n\n** **\n\n**4,179**\n\n​\n\nPension plan assets include Series B shares issued by the Company with fair values totaling Rp294 billion and Rp256 billion, representing 1.54% and 1.32% of total plan assets as of December 31, 2024 and 2025, respectively, and bonds issued by the Company with fair value totaling Rp338 billion and Rp248 billion, representing 1.78% and 1.28% of total plan assets as of December 31, 2024 and 2025, respectively.\n\nThe expected return is determined based on market expectation for returns over the entire life of the obligation by considering the portfolio mix of the plan assets. The actual return on plan assets was Rp275 billion and Rp1,924 billion for the years ended December 31, 2024 and 2025, respectively. Based on the Company’s policy issued on January 14, 2014 regarding Dapen’s Funding Policy, the Company will not contribute to Dapen when Dapen’s Funding Sufficiency Ratio (\"FSR\") is above 105%. Based on Dapen’s financial statements as of December 31, 2025, Dapen's FSR is below 105%. Therefore, the Company will contribute to the defined benefit pension plan.\n\nF-81\n\n[Table of Contents](#TOC)\n\nBased on the Company regulations issued on September 30, 2022, regarding the Pension Fund Regulations from the Telkom Pension Fund, the Company stipulates those retirees who quit other than because of Disciplinary Punishment, Early Retirement, and at their own request and receive Pension Benefits of less than Rp1 million per month are given increase in monthly Pension Benefits to Rp1 million. In 2024 and 2025, the Company provided employee welfare benefit to pensioners and pension beneficiaries who entered their retirement period before June 30, 2002 amounting to Rp34 billion and Rp17 billion, respectively.\n\nThe actuarial valuation for the defined benefit pension plan was performed based on the measurement date as of December 31, 2023, 2024 and 2025 with report dated March 1, 2024, March 19, 2025, and April 15, 2026, respectively, by KKA I Gde Eka Sarmaja, FSAI and Partner. The principal actuarial assumptions used by the independent actuary as of December 31, 2023, 2024 and 2025 are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2023**\n\n  ​ ​ ​\n\n**2024**\n\n  ​ ​ ​\n\n**2025**\n\n \n\nDiscount rate\n\n \n\n6.75\n\n%  \n\n7.00\n\n%  \n\n6.50\n\n%\n\nRate of compensation increases\n\n \n\n8.00\n\n%  \n\n8.00\n\n%  \n\n8.00\n\n%\n\nIndonesian mortality table\n\n \n\n2019\n\n \n\n2019\n\n \n\n2019\n\n​\n\n​\n\n​\n\n(ii)    Additional pension benefit obligation\n\n​\n\nBased on the Company Regulations issued on September 30, 2022, regarding the Regulations on Pension Funds from Telkom Pension Funds, the Company organizes a Defined Contribution Other Benefit Program (“PMLIP”) in the form of Additional Benefits. PMLIP participants are entitled to receive Periodic Pension Benefits every month in accordance with the provisions in the Pension Fund Regulations. Additional Benefit Funds are sourced from Employer Additional Benefit contributions and provision for investment development proceeds if the FSR is achieved above 102% and the rate of Return on Investment (“ROI”) is above the actuarial interest rate for funding. The employer's additional benefit contribution for each PMLIP participant is set at Rp120 thousand for a 12-month contribution period which is calculated proportionally according to the amount received.\n\nThe actuarial valuation for the defined benefit pension plan was performed based on the measurement date as of December 31, 2023, 2024 and 2025 with report dated March 1, 2024, March 19, 2025, and April 15, 2026, respectively, by KKA I Gde Eka Sarmaja, FSAI and Partner. The principal actuarial assumptions used by the independent actuary as of December 31, 2023, 2024 and 2025 are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2023**\n\n  ​ ​ ​\n\n**2024**\n\n  ​ ​ ​\n\n**2025**\n\n \n\nDiscount rate\n\n \n\n6.75\n\n%  \n\n7.00\n\n%  \n\n6.50\n\n%\n\nIndonesian mortality table\n\n \n\n2019\n\n \n\n2019\n\n \n\n2019\n\n​\n\n​\n\nAdditional pension benefit obligation has been set aside since 2018 according to the approval by the Oversight Board. As of December 31, 2025, there are no additional obligations set aside because the requirements for recognizing additional benefits as mentioned above have not been fulfilled.\n\nF-82\n\n[Table of Contents](#TOC)\n\n(b)  Unfunded pension plan\n\nThe Company sponsors unfunded defined benefit pension plans and a defined contribution pension plan for its employees. The defined contribution pension plan is provided to employees with permanent status hired on or after July 1, 2002. The plan is managed by Financial Institutions Pension Fund (*Dana Pensiun Lembaga Keuangan* or “DPLK”). The Company’s contribution to DPLK is determined based on a certain percentage of the participants’ salaries and amounted to Rp52 billion and Rp48 billion for the years ended December 31, 2024 and 2025, respectively.\n\nSince 2007, the Company has provided pension benefit based on uniformization for both participants prior to and from April 20, 1992 effective for employees retiring beginning February 1, 2009. In 2010, the Company replaced the uniformization with *Manfaat Pensiun Sekaligus* (“MPS”). MPS is given to those employees reaching retirement age, upon death or upon becoming disabled starting from February 1, 2009.\n\nThe Company also provides benefits to employees during a pre-retirement period in which they are inactive for 6 months prior to their normal retirement age of 56 years, known as pre-retirement benefits (*Masa Persiapan Pensiun*or “MPP”). During the pre-retirement period, the employees still receive benefits provided to active employees, which include, but are not limited to, regular salary, health care, annual leave, bonus and other benefits. Since April 1, 2012, the employee is required to file a request for MPP and if the employee does not file the request, such employee is required to work until the retirement date.\n\nThe actuarial valuation for the defined benefit pension plan was performed based on the measurement date as of December 31, 2023, 2024 and 2025 with report dated March 1, 2024, March 19, 2025, and April 15, 2026, respectively, by KKA I Gde Eka Sarmaja, FSAI and Partner. The principal actuarial assumptions used by the independent actuary as of December 31, 2023, 2024 and 2025 are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2023**\n\n  ​ ​ ​\n\n**2024**\n\n  ​ ​ ​\n\n**2025**\n\n​\n\nDiscount rate\n\n \n\n6.75%\n\n​\n\n7.00%\n\n​\n\n6.25%\n\n​\n\nRate of compensation increases\n\n \n\n6.10%-8.00%\n\n​\n\n6.00%-8.00%\n\n​\n\n6.00%-8.00%\n\n​\n\nIndonesian mortality table\n\n \n\n2019\n\n \n\n2019\n\n \n\n2019\n\n​\n\n​\n\nii.    Telkomsel\n\nTelkomsel provides a defined benefit pension plan to its employees. Under this plan, employees are entitled to pension benefits determined based on their latest basic salary or take-home pay (exclusive of functional allowances) and number of service years. The plan is managed by PT Asuransi Jiwasraya (Persero) (“Jiwasraya”), a state-owned life insurance company, through an annuity insurance contract. Until 2004, employees contributed 5% of their monthly salaries to the plan, while Telkomsel contributed the remaining part required under the plan. Beginning in 2005, Telkomsel has been taking responsibility for the full amount of the contributions.\n\nOn April 23, 2021, Telkomsel and Jiwasraya agreed to terminate the insurance program contract (as mentioned above) and entered into restructuring agreement. The agreement replaced the benefit plan from annuities to lumpsum benefit. Based on this agreement, both parties agreed to determine the Cash Value (\"CV”) at the termination date which divided into CV for active participant and passive participant amounting to Rp857 billion and Rp73 billion, respectively.\n\nF-83\n\n[Table of Contents](#TOC)\n\nThere was a 5% cut from CV for active participant, hence the 95% of Rp857 billion (or equal to Rp814 billion) plus Rp73 billion will be the amount that subsequently taken over by PT Asuransi Jiwa IFG (“IFG Life”) when the agreement with IFG Life become effective and accordingly, the restructuring agreement will be terminated. As of November 30, 2023, the cash fund had been completely taken over by IFG Life with no changes was applied to the terms of the plan and cash value being transferred at the transfer date, and accordingly, the restructuring agreement was terminated.\n\nOn June 27, 2023, the Company and Telkomsel signed an agreement regarding Dapen to appoint Telkomsel as a Partner of the Company as the sole Founder, which resulted in rights and obligations to Telkomsel as governed in the Pension Fund Agreement effective from the business transfer of IndiHome consumer business segment to Telkomsel.\n\nEffective from the business transfer of IndiHome consumer business segment to Telkomsel, Telkomsel sponsors a defined benefit pension plan for transferring employees hired prior to July 1, 2002. The plan is governed by the pension laws in Indonesia and managed by Dapen. Dapen is managed in accordance with the Pension Fund and Investment Directives Regulations, which is determined by the Company as the Founder and is carried out by the Board of Management. The Board of Management is monitored by the Oversight Board, appointed by the Founder.\n\nThe pension benefits are paid based on the participating employee’s latest basic salary at retirement and the number of years of their service. The participating employees contribute 18% of their basic salaries to the pension fund. Telkomsel’s contribution to the pension fund for the year ended December 31, 2025 was amounting to Rp27 billion (2024: Rp18 billion).\n\nThe actuarial valuation for the defined benefit pension plan was performed based on the measurement date as of December 31, 2023, 2024 and 2025 with report dated March 5, 2024, March 6, 2025, and February 13, 2026, respectively, by KKA Halim and Partner, an independent actuary in association with Milliman. The principal actuarial assumptions used by the independent actuary as of December 31, 2023, 2024 and 2025, are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2023**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\n** **\n\nDiscount rate\n\n \n\n6.70%\n\n​\n\n7.10%\n\n​\n\n6.30%\n\n​\n\nRate of compensation increases\n\n \n\n7.50%-8.00%\n\n​\n\n7.25%-8.00%\n\n​\n\n7.00%-8.00%\n\n​\n\nIndonesian mortality table\n\n \n\n2019\n\n** **\n\n2019\n\n** **\n\n2019\n\n​\n\n​\n\nb.   Post-employment health care benefit cost\n\nThe Company provides post-employment health care benefits to all its employees hired before November 1, 1995 who have worked for the Company for 20 years or more when they retire, and to their eligible dependents. The requirement to work for 20 years does not apply to employees who retired prior to June 3, 1995. The employees hired by the Company starting from November 1, 1995 are no longer entitled to this plan. The plan is managed by *Yayasan Kesehatan Telkom* (“Yakes Telkom”).\n\nF-84\n\n[Table of Contents](#TOC)\n\nThe defined contribution post-employment health care benefit plan is provided to employees with permanent status hired on or after November 1, 1995 or employees with terms of service less than 20 years at the time of retirement. The Company did not make contributions to Yakes Telkom for the years ended December 31, 2024 and 2025. As of December 31, 2024 and 2025, plan assets consist of:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2024**\n\n​\n\n**2025**\n\n​\n\n​\n\n**Quoted**** ****in**\n\n​\n\n​\n\n​\n\n**Quoted**** ****in**\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**active market**\n\n**  ​ ​ ​**\n\n**Unquoted**\n\n**  ​ ​ ​**\n\n**active market**\n\n**  ​ ​ ​**\n\n**Unquoted**\n\nCash and cash equivalents\n\n \n\n375\n\n ​\n\n—\n\n \n\n700\n\n ​\n\n—\n\nEquity instruments:\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nFinancials\n\n \n\n1,070\n\n ​\n\n—\n\n \n\n983\n\n ​\n\n—\n\nConsumer non-cyclicals\n\n \n\n78\n\n ​\n\n—\n\n \n\n300\n\n ​\n\n—\n\nBasic material\n\n \n\n197\n\n ​\n\n—\n\n \n\n276\n\n ​\n\n—\n\nInfrastructures\n\n​\n\n517\n\n​\n\n—\n\n​\n\n500\n\n​\n\n—\n\nEnergy\n\n \n\n164\n\n ​\n\n—\n\n \n\n238\n\n ​\n\n—\n\nTechnology\n\n \n\n43\n\n ​\n\n—\n\n \n\n62\n\n ​\n\n—\n\nIndustrials\n\n \n\n242\n\n ​\n\n—\n\n \n\n296\n\n ​\n\n—\n\nConsumer cyclicals\n\n \n\n355\n\n ​\n\n—\n\n \n\n95\n\n ​\n\n—\n\nProperties and real estate\n\n \n\n96\n\n ​\n\n—\n\n \n\n79\n\n ​\n\n—\n\nHealthcare\n\n​\n\n118\n\n​\n\n—\n\n​\n\n99\n\n​\n\n—\n\nTransportation and logistic\n\n \n\n4\n\n ​\n\n—\n\n \n\n3\n\n ​\n\n—\n\nEquity-based mutual funds\n\n \n\n313\n\n ​\n\n—\n\n \n\n326\n\n ​\n\n—\n\nFixed income instruments:\n\n \n\n​\n\n ​\n\n  ​​\n\n \n\n​\n\n ​\n\n  ​​\n\nGovernment obligations\n\n​\n\n1,837\n\n​\n\n—\n\n​\n\n2,321\n\n​\n\n—\n\nCorporate obligations\n\n​\n\n196\n\n​\n\n—\n\n​\n\n447\n\n​\n\n—\n\nFixed income mutual funds\n\n \n\n6,484\n\n ​\n\n—\n\n \n\n5,972\n\n ​\n\n—\n\nExchange Traded Fund (“ETF”)\n\n​\n\n24\n\n​\n\n—\n\n​\n\n35\n\n​\n\n—\n\nIndex mutual funds\n\n​\n\n5\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\nUnlisted shares:\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nPrivate placement\n\n \n\n—\n\n ​\n\n507\n\n \n\n—\n\n ​\n\n535\n\n**Total**\n\n** **\n\n**12,118**\n\n ​\n\n**507**\n\n** **\n\n**12,732**\n\n ​\n\n**535**\n\n​\n\nYakes Telkom plan assets also include Series B shares issued by the Company with fair value totaling Rp217 billion and Rp251 billion, representing 1.72% and 1.89% of total plan assets as of December 31, 2024 and 2025, respectively. Bonds issued by The Company with a fair value of Rp69 billion and Rp99 billion each represent 0.55% and 0.74% of total assets as of December 31, 2024 and 2025. The expected return is determined based on market expectation for the returns over the entire life of the obligation by considering the portfolio mix of the plan assets. The actual return on plan assets was Rp270 billion and Rp1,397 billion for the years ended December 31, 2024 and 2025, respectively.\n\nThe actuarial valuation for post-employment health care benefit was performed based on the measurement date as of December 31, 2023, 2024 and 2025 with report dated March 1, 2024, March 19, 2025 and April 15, 2026, respectively, by KKA I Gde Eka Sarmaja, FSAI and Partner. The principal actuarial assumptions used by the independent actuary as of December 31, 2023, 2024 and 2025 are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2023**\n\n  ​ ​ ​\n\n**2024**\n\n  ​ ​ ​\n\n**2025**\n\n \n\nDiscount rate\n\n \n\n6.75\n\n%  \n\n7.00\n\n%\n\n6.75\n\n%\n\nHealth care costs trend rate assumed for next year\n\n \n\n7.00\n\n%  \n\n7.00\n\n%\n\n7.00\n\n%\n\nUltimate health care costs trend rate\n\n \n\n7.00\n\n%  \n\n7.00\n\n%\n\n7.00\n\n%\n\nIndonesian mortality table\n\n \n\n2019\n\n \n\n2019\n\n​\n\n2019\n\n​\n\n​\n\nF-85\n\n[Table of Contents](#TOC)\n\nc.   Other post-employment benefits cost\n\nThe Company provides other post-employment benefits in the form of cash paid to employees on their retirement or termination. These benefits consist of final housing allowance (*Biaya Fasilitas Perumahan Terakhir* or “BFPT”) and home passage leave (*Biaya Perjalanan Pensiun dan Purnabhakti*or “BPP\") and death allowance (*Meninggal Dunia* or \"MD\" allowance) is given to employees who have passed away with an amount of 12 times from the last salary.\n\nThe actuarial valuation for other post-employment benefit was performed based on the measurement date as of December 31, 2023, 2024, and 2025, with reports dated March 1, 2024, March 19, 2025 and April 15, 2026, respectively, by KKA I Gde Eka Sarmaja, FSAI and Partner. The principal actuarial assumptions used by the independent actuary as of December 31, 2023, 2024 and 2025 are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2023**\n\n  ​ ​ ​\n\n**2024**\n\n  ​ ​ ​\n\n**2025**\n\n \n\nDiscount rate\n\n \n\n6.50\n\n%  \n\n7.00\n\n%  \n\n6.00\n\n%\n\nIndonesian mortality table\n\n \n\n2019\n\n \n\n2019\n\n \n\n2019\n\n​\n\n​\n\nd.   Long service employee benefit\n\nThe Company provides long service employee benefit to employee hired before July 1, 2002 and have a service period of more than 30 years and retired after September 19, 2019. Total obligation recognized as of December 31, 2024 and 2025 amounted to Rp1 billion and Rp1 billion, respectively. The related long service employee benefits cost charged to expense amounted to Rp1 billion, Rp1 billion and Rp1 billion for the years ended December 31, 2023, 2024 and 2025, respectively.\n\ne.   Obligation under the Labor Law\n\nUnder Law No. 11 Year 2020, the Group is required to provide minimum pension benefits, if not covered yet by the sponsored pension plans, to its employees upon retirement. Total obligation recognized as of December 31, 2024 and 2025 amounted to Rp1,064 billion and Rp1,139 billion, respectively. The related pension employee benefits cost charged to expense amounted to Rp217 billion, Rp232 billion, Rp192 billion for the years ended December 31, 2023, 2024 and 2025, respectively (Note 25). The actuarial (gain) losses recognized in OCI amounted to Rp41 billion, Rp107 billion, Rp55 billion for the years ended December 31, 2023, 2024 and 2025, respectively.\n\nF-86\n\n[Table of Contents](#TOC)\n\n**f.**     **Maturity Profile of Defined Benefit Obligation (“DBO”)**\n\nThe timing of benefits payments and weighted average duration of DBO for 2024 and 2025 are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Expected Benefits Payment**\n\n​\n\n \n\n**The Company**\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Funded**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Post-**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Defined**\n\n​\n\n**Additional**\n\n \n\n​\n\n​\n\n​\n\n \n\n**employment**\n\n \n\n**Other post-**\n\n​\n\n**Obligation**\n\n​\n\n​\n\n**pension benefit**\n\n​\n\n**pension benefit**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**health**** ****care**\n\n​\n\n**employment**\n\n​\n\n**under**\n\n**Time Period**\n\n**  ​ ​ ​**\n\n**obligation**\n\n**  ​ ​ ​**\n\n**obligation**\n\n**  ​ ​ ​**\n\n**Unfunded**\n\n**  ​ ​ ​**\n\n**Telkomsel**\n\n**  ​ ​ ​**\n\n**benefits**\n\n**  ​ ​ ​**\n\n**benefits**\n\n**  ​ ​ ​**\n\n**the Labor Law**\n\n**2024**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nWithin next 10 years\n\n  ​ ​ ​\n\n20,107\n\n​\n\n39\n\n​\n\n277\n\n​\n\n5,933\n\n​\n\n8,159\n\n​\n\n202\n\n​\n\n1,857\n\nWithin 10-20 years\n\n \n\n15,035\n\n​\n\n28\n\n​\n\n110\n\n​\n\n9,831\n\n​\n\n13,330\n\n​\n\n118\n\n​\n\n4,874\n\nWithin 20-30 years\n\n \n\n8,744\n\n​\n\n15\n\n​\n\n212\n\n​\n\n5,603\n\n​\n\n13,966\n\n​\n\n66\n\n​\n\n3,369\n\nWithin 30-40 years\n\n \n\n3,079\n\n​\n\n5\n\n​\n\n20\n\n​\n\n93\n\n​\n\n7,931\n\n​\n\n2\n\n​\n\n319\n\nWithin 40-50 years\n\n \n\n539\n\n​\n\n1\n\n​\n\n—\n\n​\n\n—\n\n​\n\n2,142\n\n​\n\n—\n\n​\n\n—\n\nWithin 50-60 years\n\n \n\n37\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n340\n\n​\n\n—\n\n​\n\n—\n\nWithin 60-70 years\n\n \n\n1\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n62\n\n​\n\n—\n\n​\n\n—\n\nWithin 70-80 years\n\n \n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n7\n\n​\n\n—\n\n​\n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nWeighted average duration of DBO\n\n \n\n8.16 years\n\n​\n\n8.16 years\n\n​\n\n6.48 years\n\n​\n\n10.47 years\n\n​\n\n16.75 years\n\n​\n\n5.18 years\n\n​\n\n11.29 years\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nWithin next 10 years\n\n  ​ ​ ​\n\n20,124\n\n​\n\n38\n\n​\n\n253\n\n​\n\n6,688\n\n​\n\n8,654\n\n​\n\n200\n\n​\n\n1,848\n\nWithin 10-20 years\n\n \n\n14,464\n\n​\n\n27\n\n​\n\n95\n\n​\n\n9,486\n\n​\n\n13,671\n\n​\n\n119\n\n​\n\n5,030\n\nWithin 20-30 years\n\n \n\n8,069\n\n​\n\n13\n\n​\n\n195\n\n​\n\n5,080\n\n​\n\n13,558\n\n​\n\n60\n\n​\n\n3,243\n\nWithin 30-40 years\n\n \n\n2,667\n\n​\n\n4\n\n​\n\n6\n\n​\n\n77\n\n​\n\n7,185\n\n​\n\n1\n\n​\n\n238\n\nWithin 40-50 years\n\n \n\n430\n\n​\n\n1\n\n​\n\n—\n\n​\n\n—\n\n​\n\n1,800\n\n​\n\n—\n\n​\n\n—\n\nWithin 50-60 years\n\n \n\n26\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n281\n\n​\n\n—\n\n​\n\n—\n\nWithin 60-70 years\n\n \n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n52\n\n​\n\n—\n\n​\n\n—\n\nWithin 70-80 years\n\n \n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n5\n\n​\n\n—\n\n​\n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nWeighted average duration of DBO\n\n \n\n8.11 years\n\n​\n\n8.11 years\n\n​\n\n6.28 years\n\n​\n\n10 years\n\n​\n\n16.34 years\n\n​\n\n5.04 years\n\n​\n\n11.35 years\n\n​\n\n**g.**    **Sensitivity Analysis**\n\nAs of December 31, 2024, and 2025, 1% change in discount rate and rate of compensation would have effect on DBO, as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Discount**** ****Rate**\n\n​\n\n**Rate of Compensation**\n\n​\n\n \n\n**1%**** Increase**\n\n​\n\n**1%**** Decrease**\n\n​\n\n**1%**** Increase**\n\n​\n\n**1%**** Decrease**\n\n​\n\n**  ​ ​ ​**\n\n**Increase (decrease) in amounts**\n\n**  ​ ​ ​**\n\n**Increase (decrease) in**** ****amounts**\n\n**Sensitivity**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2024**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nFunded:\n\n  ​ ​ ​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDefined pension benefit obligation\n\n  ​ ​ ​\n\n(1,809)\n\n  ​\n\n2,113\n\n  ​\n\n153\n\n​\n\n(146)\n\nUnfunded\n\n \n\n(11)\n\n​\n\n12\n\n​\n\n13\n\n​\n\n(12)\n\nTelkomsel\n\n \n\n(434)\n\n​\n\n492\n\n​\n\n531\n\n​\n\n(475)\n\nPost-employment health care benefits\n\n \n\n(1,666)\n\n​\n\n2,036\n\n​\n\n1,948\n\n​\n\n(1,628)\n\nOther post-employment benefits\n\n \n\n(9)\n\n​\n\n10\n\n​\n\n3\n\n​\n\n(3)\n\nObligation under the Labor Law\n\n​\n\n(71)\n\n​\n\n94\n\n​\n\n99\n\n​\n\n(77)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nFunded:\n\n  ​ ​ ​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDefined pension benefit obligation\n\n  ​ ​ ​\n\n(1,885)\n\n  ​\n\n2,205\n\n  ​\n\n139\n\n​\n\n(134)\n\nUnfunded\n\n \n\n(10)\n\n​\n\n11\n\n​\n\n12\n\n​\n\n(11)\n\nTelkomsel\n\n \n\n(492)\n\n​\n\n558\n\n​\n\n595\n\n​\n\n(534)\n\nPost-employment health care benefits\n\n \n\n(1,738)\n\n​\n\n2,118\n\n​\n\n2,020\n\n​\n\n(1,693)\n\nOther post-employment benefits\n\n \n\n(9)\n\n​\n\n10\n\n​\n\n3\n\n​\n\n(3)\n\nObligation under the Labor Law\n\n​\n\n(93)\n\n​\n\n100\n\n​\n\n135\n\n​\n\n(124)\n\n​\n\nF-87\n\n[Table of Contents](#TOC)\n\nThe sensitivity analysis was determined based on a method that extrapolates the impact on DBO as a result of reasonable changes in key assumptions occurring at the end of the reporting period.\n\nThe sensitivity results above determine the individual impact on the Plan’s DBO at the end of the year. In reality, the Plan is subject to multiple external experience items which may move the DBO in similar or opposite directions, and the Plan’s sensitivity to such changes can vary over time.\n\nThere are no changes in the methods and assumptions used in preparing the sensitivity analysis from the previous period.\n\n30. LONG SERVICE AWARDS (\"LSA\") PROVISIONS\n\nTelkomsel and Telkomsat provide certain cash awards or certain number of days leave benefits to their employees based on the employees’ length of service requirements, including LSA and Long Service Leaves (\"LSL\"). LSA are either paid at the time the employees reach certain years of employment, or at the time of termination. LSL are either certain number of days leave benefit or cash, subject to approval by management, provided to employees who meet the requisite number of years of service and reach a certain minimum age.\n\nThe obligation with respect to these awards which was determined based on an actuarial valuation using the Projected Unit Credit method amounted to Rp1,192 billion and Rp1,308 billion as of December 31, 2024 and 2025, respectively. The related benefit costs charged to expense amounted to Rp289 billion, Rp226 billion and Rp284 billion for the years ended December 31, 2023, 2024 and 2025, respectively (Note 25).\n\n​\n\nF-88\n\n[Table of Contents](#TOC)\n\n31. RELATED PARTY TRANSACTIONS\n\n**a.     Nature of relationships and accounts or transactions with related parties**\n\nDetails of the nature of relationships and accounts or transactions with significant related parties are as follows:\n\n​\n\n**Related parties**\n\n**  ​ ​ ​**\n\n**Nature of relationships **\n\n**  ​ ​ ​**\n\n**Nature of accounts or transactions**\n\nThe Government\n\n​\n\n​\n\n​\n\n​\n\nMinistry of Finance\n\n​\n\nMajority stockholder\n\n​\n\nInternet and data service revenues, other telecommunication service revenues, finance income, finance costs, and investment in financial instruments\n\nGovernment agencies\n\n​\n\nEntities under common control\n\n​\n\nNetwork service revenues, internet and data service revenues, other telecommunication revenues, life insurance expenses, press release expenses, customer education expenses, office building lease expenses, consultant expenses, training expenses, finance income, and purchase of property and equipments\n\nMCDA\n\n​\n\nEntity under common control\n\n​\n\nConcession fees, radio frequency usage charges, USO charges, telecommunication service revenues, and license expenses\n\nState-owned enterprises\n\n​\n\n​\n\n​\n\n​\n\nIndosat\n\n​\n\nEntity under common control\n\n​\n\nInterconnection revenues, leased lines revenues, satellite transponder usage revenues, interconnection expenses, telecommunication facilities usage expenses, operating and maintenance expenses, and usage of data communication network system expenses\n\nPT Pertamina (Persero) (“Pertamina”)\n\n​\n\nEntity under common control\n\n​\n\nInternet and data service revenues and other telecommunication service revenues\n\nPT Garuda Indonesia (Persero) (“Garuda Indonesia”)\n\n​\n\nEntity under common control\n\n​\n\nInternet and data service revenues and other telecommunication service revenues\n\nState-owned banks\n\n​\n\nEntities under common control\n\n​\n\nFinance income and finance costs\n\nBank Mandiri\n\n​\n\nEntity under common control\n\n​\n\nInternet and data service revenues, other telecommunication service revenues, finance income, finance costs, cash in bank, time deposits, loan, and consultant expenses\n\nBNI\n\n​\n\nEntity under common control\n\n​\n\nInternet and data service revenues, other telecommunication service revenues, finance income, finance costs, cash in bank, time deposits, loan, consultant expenses, medical expenses, and financing\n\nBRI\n\n​\n\nEntity under common control\n\n​\n\nInternet and data service revenues, other telecommunication service revenues, finance income, finance costs, cash in bank, time deposits, and loan\n\nPT Perusahaan Listrik Negara (“PLN”)\n\n​\n\nEntity under common control\n\n​\n\nInternet and data service revenues, other telecommunication service revenues, and electrical utility expenses\n\nIndonesia Financial Group\n\n​\n\nEntity under common control\n\n​\n\nProperty and equipment insurance expenses and personal insurance expenses\n\nBahana TCW\n\n​\n\nEntity under common control\n\n​\n\nMutual funds\n\nSarana Multi Infrastruktur\n\n​\n\nEntity under common control\n\n​\n\nOther borrowings and finance costs\n\nBTN\n\n​\n\nEntity under common control\n\n​\n\nCash in bank and time deposits\n\nBSI\n\n​\n\nEntity under common control\n\n​\n\nCash in bank, time deposits, and loan\n\nBJB\n\n​\n\nEntity under common control\n\n​\n\nTime deposits\n\nBPD\n\n​\n\nEntity under common control\n\n​\n\nTime deposits\n\nPT Omni Inovasi Indonesia Tbk. (“Omni Inovasi Indonesia”)\n\n​\n\nAssociated company\n\n​\n\nDistribution of SIM cards and pulse reload voucher\n\nPT Fintek Karya Nusantara (“Finarya”)\n\n​\n\nAssociated company\n\n​\n\nMarketing expenses and distribution of SIM cards and pulse reload voucher\n\nIndonusa\n\n​\n\nAssociated company\n\n​\n\nInternet and data service revenues and other telecommunication service revenues\n\nPT Kereta Cepat Indonesia China (“KCIC”)\n\n​\n\nOther related entity\n\n​\n\nOther telecommunication service revenues\n\nPadi UMKM\n\n​\n\nOther related entity\n\n​\n\nOperational and maintenance expenses, collection fees, training expenses, internal security expenses, research and development expenses, printing expenses, meeting expenses, general and other administrative expenses, promotion expenses, advertising expenses, sales fees, customer education expenses, and marketing expenses\n\nDirectors\n\n​\n\nKey management personnel\n\n​\n\nHonorarium and facilities\n\nCommissioners\n\n​\n\nSupervisory personnel\n\n​\n\nHonorarium and facilities\n\n​\n\nThe outstanding balances of trade receivables and payables as of December 31, 2024 and 2025 are unsecured and interest-free and the settlement is expected to occur in cash. There have been no guarantees provided or received for any related party receivables or payables. The Group recorded an increase (decrease) in impairment loss from trade receivables of related party amounted to Rp91 billion, (Rp42) billion, and (Rp7) billion for the years ended December 31, 2023, 2024, and 2025, respectively.\n\nF-89\n\n[Table of Contents](#TOC)\n\n**b.****Significant transactions with related parties**\n\nThe following table presents significant transactions with related parties:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2023**\n\n​\n\n**2024**\n\n​\n\n**2025**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n  ​ ​ ​\n\n**% of total**\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**% of total**\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**% of total**\n\n​\n\n​\n\n**Amount**\n\n​\n\n**revenues**\n\n​\n\n**Amount**\n\n​\n\n**revenues**\n\n​\n\n**Amount**\n\n​\n\n**revenues**\n\n**Revenues**\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nMajority stockholder\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nMinistry of Finance\n\n \n\n174\n\n \n\n0.12\n\n \n\n234\n\n \n\n0.16\n\n \n\n387\n\n \n\n0.26\n\nEntities under common control\n\n \n\n​\n\n \n\n  ​\n\n \n\n​\n\n \n\n  ​\n\n \n\n​\n\n \n\n  ​\n\nIndosat\n\n \n\n2,195\n\n \n\n1.47\n\n \n\n2,209\n\n \n\n1.47\n\n \n\n2,392\n\n \n\n1.63\n\nGovernment Agencies\n\n \n\n3,235\n\n \n\n2.17\n\n \n\n2,506\n\n \n\n1.67\n\n \n\n2,292\n\n \n\n1.56\n\nBNI\n\n \n\n509\n\n \n\n0.34\n\n \n\n531\n\n \n\n0.35\n\n \n\n586\n\n \n\n0.40\n\nPertamina\n\n​\n\n755\n\n​\n\n0.51\n\n​\n\n488\n\n​\n\n0.33\n\n​\n\n573\n\n​\n\n0.39\n\nMCDA\n\n​\n\n516\n\n​\n\n0.35\n\n​\n\n884\n\n​\n\n0.59\n\n​\n\n472\n\n​\n\n0.32\n\nBank Mandiri\n\n​\n\n156\n\n​\n\n0.10\n\n​\n\n308\n\n​\n\n0.21\n\n​\n\n243\n\n​\n\n0.17\n\nBRI\n\n​\n\n190\n\n​\n\n0.13\n\n​\n\n228\n\n​\n\n0.15\n\n​\n\n184\n\n​\n\n0.13\n\nGaruda Indonesia\n\n​\n\n67\n\n​\n\n0.04\n\n​\n\n57\n\n​\n\n0.04\n\n​\n\n105\n\n​\n\n0.07\n\nOthers (each below Rp100 billion)\n\n \n\n939\n\n \n\n0.64\n\n \n\n373\n\n \n\n0.25\n\n \n\n287\n\n \n\n0.20\n\nSub-total\n\n \n\n8,562\n\n \n\n5.75\n\n \n\n7,584\n\n \n\n5.06\n\n \n\n7,134\n\n \n\n4.87\n\nAssociated companies\n\n \n\n8\n\n \n\n0.01\n\n \n\n0\n\n \n\n0.00\n\n \n\n0\n\n \n\n0.00\n\nOther related entities\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nKCIC\n\n​\n\n87\n\n​\n\n0.06\n\n​\n\n357\n\n​\n\n0.24\n\n​\n\n103\n\n​\n\n0.07\n\nOthers\n\n​\n\n43\n\n​\n\n0.03\n\n​\n\n47\n\n​\n\n0.03\n\n​\n\n49\n\n​\n\n0.03\n\nSub-total\n\n​\n\n130\n\n​\n\n0.09\n\n​\n\n404\n\n​\n\n0.27\n\n​\n\n152\n\n​\n\n0.10\n\n**Total**\n\n** **\n\n**8,874**\n\n \n\n**5.97**\n\n \n\n**8,222**\n\n \n\n**5.49**\n\n \n\n**7,673**\n\n \n\n**5.23**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2023**\n\n​\n\n**2024**\n\n​\n\n**2025**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n  ​ ​ ​\n\n**% of total**\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**% of total**\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**% of total**\n\n​\n\n​\n\n**Amount**\n\n​\n\n**expenses**\n\n​\n\n**Amount**\n\n​\n\n**expenses**\n\n​\n\n**Amount**\n\n​\n\n**expenses**\n\n**Expenses**\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nEntities under common control\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nMCDA\n\n \n\n10,300\n\n \n\n9.73\n\n \n\n10,689\n\n​\n\n9.80\n\n \n\n10,711\n\n​\n\n9.55\n\nPLN\n\n \n\n2,602\n\n \n\n2.46\n\n \n\n2,779\n\n​\n\n2.55\n\n \n\n2,905\n\n​\n\n2.59\n\nIndosat\n\n \n\n566\n\n \n\n0.53\n\n \n\n644\n\n​\n\n0.59\n\n \n\n712\n\n​\n\n0.63\n\nIndonesia Financial Group\n\n​\n\n198\n\n​\n\n0.19\n\n​\n\n183\n\n​\n\n0.17\n\n​\n\n137\n\n​\n\n0.12\n\nGovernment agencies\n\n \n\n144\n\n \n\n0.14\n\n \n\n114\n\n​\n\n0.10\n\n \n\n110\n\n​\n\n0.10\n\nOthers (each below Rp100 billion)\n\n \n\n524\n\n \n\n0.49\n\n \n\n262\n\n​\n\n0.23\n\n \n\n239\n\n​\n\n0.21\n\nSub-total\n\n \n\n14,334\n\n \n\n13.54\n\n \n\n14,671\n\n \n\n13.44\n\n \n\n14,814\n\n \n\n13.20\n\nAssociated companies\n\n \n\n126\n\n \n\n0.12\n\n \n\n109\n\n \n\n0.10\n\n \n\n98\n\n \n\n0.09\n\nOther related entities\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nPadi UMKM\n\n \n\n561\n\n \n\n0.53\n\n \n\n508\n\n \n\n0.47\n\n \n\n388\n\n \n\n0.35\n\nOthers\n\n \n\n94\n\n \n\n0.09\n\n \n\n77\n\n \n\n0.07\n\n \n\n61\n\n \n\n0.05\n\nSub-total\n\n \n\n655\n\n \n\n0.62\n\n \n\n585\n\n \n\n0.54\n\n \n\n449\n\n \n\n0.40\n\n**Total**\n\n** **\n\n**15,115**\n\n \n\n**14.28**\n\n \n\n**15,365**\n\n \n\n**14.08**\n\n \n\n**15,361**\n\n \n\n**13.69**\n\n​\n\nF-90\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2023**\n\n​\n\n**2024**\n\n​\n\n**2025**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n  ​ ​ ​\n\n**% of total**\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**% of total**\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**% of total**\n\n​\n\n​\n\n​\n\n​\n\n**finance**\n\n​\n\n​\n\n​\n\n**finance**\n\n​\n\n​\n\n​\n\n**finance**\n\n​\n\n​\n\n**Amount**\n\n​\n\n**income**\n\n​\n\n**Amount**\n\n​\n\n**income**\n\n​\n\n**Amount**\n\n​\n\n**income**\n\n**Finance income**\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nEntities under common control\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nState-owned banks\n\n \n\n312\n\n \n\n29.41\n\n \n\n371\n\n \n\n27.14\n\n \n\n346\n\n \n\n20.83\n\nGovernment agencies\n\n​\n\n56\n\n​\n\n5.28\n\n​\n\n58\n\n​\n\n4.24\n\n​\n\n61\n\n​\n\n3.67\n\n**Total**\n\n** **\n\n**368**\n\n \n\n**34.69**\n\n \n\n**429**\n\n \n\n**31.38**\n\n \n\n**407**\n\n \n\n**24.50**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2023**\n\n​\n\n**2024**\n\n​\n\n**2025**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n  ​ ​ ​\n\n**% of total**\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**% of total**\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**% of total**\n\n​\n\n​\n\n**Amount**\n\n​\n\n**finance cost**\n\n​\n\n**Amount**\n\n​\n\n**finance cost**\n\n​\n\n**Amount**\n\n​\n\n**finance cost**\n\n**Finance cost**\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nMajority stockholder\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nMinistry of Finance\n\n \n\n5\n\n \n\n0.11\n\n \n\n1\n\n \n\n0.02\n\n \n\n—\n\n \n\n—\n\nEntities under common control\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nState-owned banks\n\n \n\n1,111\n\n \n\n23.68\n\n \n\n1,329\n\n \n\n25.45\n\n \n\n1,400\n\n \n\n26.88\n\nSarana Multi Infrastruktur\n\n \n\n74\n\n \n\n1.58\n\n \n\n8\n\n \n\n0.15\n\n \n\n—\n\n \n\n—\n\nSub-total\n\n​\n\n1,185\n\n​\n\n25.26\n\n​\n\n1,337\n\n​\n\n25.60\n\n​\n\n1,400\n\n​\n\n26.88\n\n**Total**\n\n** **\n\n**1,190**\n\n \n\n**25.37**\n\n \n\n**1,338**\n\n \n\n**25.62**\n\n \n\n**1,400**\n\n \n\n**26.88**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2023**\n\n​\n\n**2024**\n\n​\n\n**2025**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n  ​ ​ ​\n\n**% of total**\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**% of total**\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**% of total**\n\n​\n\n​\n\n**Amount**\n\n​\n\n**revenues**\n\n​\n\n**Amount**\n\n​\n\n**revenues**\n\n​\n\n**Amount**\n\n​\n\n**revenue**\n\n**Distribution of SIM card and voucher**\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nAssociated companies\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nFinarya\n\n​\n\n159\n\n​\n\n0.11\n\n​\n\n100\n\n​\n\n0.07\n\n​\n\n76\n\n​\n\n0.05\n\nOmni Inovasi Indonesia\n\n \n\n467\n\n \n\n0.32\n\n \n\n371\n\n \n\n0.25\n\n \n\n—\n\n \n\n—\n\n**Total**\n\n** **\n\n**626**\n\n \n\n**0.43**\n\n \n\n**471**\n\n \n\n**0.32**\n\n \n\n**76**\n\n \n\n**0.05**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2024**\n\n​\n\n**2025**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n  ​ ​ ​\n\n**% of total**\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**% of total**\n\n​\n\n​\n\n**Amount**\n\n​\n\n**property and********equipment********purchased**\n\n​\n\n**Amount**\n\n​\n\n**property and********equipment********purchased**\n\n**Purchase of property and equipment**\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nEntities under common control\n\n \n\n29\n\n \n\n0.12\n\n \n\n48\n\n \n\n0.20\n\n**Total**\n\n** **\n\n**29**\n\n \n\n**0.12**\n\n \n\n**48**\n\n \n\n**0.20**\n\n​\n\nF-91\n\n[Table of Contents](#TOC)\n\n**c.   Balance of accounts with related parties**\n\nThe following table presents significant transactions with related parties:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2024**\n\n​\n\n**2025**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n  ​ ​ ​\n\n**% of total**\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**% of total**\n\n​\n\n​\n\n**Amount**\n\n​\n\n**assets**\n\n​\n\n**Amount**\n\n​\n\n**assets**\n\n**Cash and cash equivalents (Note 4)**\n\n \n\n**27,840**\n\n** **\n\n**9.57**\n\n** **\n\n**28,596**\n\n** **\n\n**9.95**\n\n**Other current financial assets (Note 5)**\n\n \n\n**1,036**\n\n** **\n\n**0.36**\n\n** **\n\n**643**\n\n** **\n\n**0.22**\n\n**Trade receivables (Note 6)**\n\n \n\n**3,005**\n\n** **\n\n**1.03**\n\n** **\n\n**2,630**\n\n** **\n\n**0.92**\n\n**Contract assets**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nMajority stockholder\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nMinistry of Finance\n\n​\n\n16\n\n​\n\n0.01\n\n​\n\n94\n\n​\n\n0.03\n\nEntities under common control\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nGovernment agencies\n\n​\n\n327\n\n​\n\n0.11\n\n​\n\n371\n\n​\n\n0.13\n\nOthers (each below Rp100 billion)\n\n​\n\n257\n\n​\n\n0.09\n\n​\n\n308\n\n​\n\n0.11\n\nSub-total\n\n​\n\n584\n\n​\n\n0.20\n\n​\n\n679\n\n​\n\n0.24\n\nAssociated companies\n\n​\n\n1\n\n​\n\n0.00\n\n​\n\n1\n\n​\n\n0.00\n\nOther related entities\n\n​\n\n3\n\n​\n\n0.00\n\n​\n\n5\n\n​\n\n0.00\n\n**Total**\n\n​\n\n**604**\n\n​\n\n**0.21**\n\n​\n\n**779**\n\n​\n\n**0.27**\n\n**Other current assets**\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nEntities under common control\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nMCDA\n\n \n\n6,028\n\n \n\n2.07\n\n \n\n6,148\n\n \n\n2.14\n\nOthers (each below Rp100 billion)\n\n \n\n133\n\n \n\n0.05\n\n \n\n143\n\n \n\n0.05\n\nSub-total\n\n \n\n6,161\n\n \n\n2.12\n\n \n\n6,291\n\n \n\n2.19\n\nAssociated companies\n\n​\n\n2\n\n​\n\n0.00\n\n​\n\n2\n\n​\n\n0.00\n\nOther related entities\n\n \n\n6\n\n \n\n0.00\n\n \n\n9\n\n \n\n0.00\n\n**Total**\n\n** **\n\n**6,169**\n\n \n\n**2.12**\n\n \n\n**6,302**\n\n \n\n**2.19**\n\n**Other non-current assets**\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nEntities under common control\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nMCDA\n\n \n\n1,594\n\n \n\n0.55\n\n \n\n1,201\n\n \n\n0.42\n\nOthers\n\n \n\n13\n\n \n\n0.00\n\n \n\n7\n\n \n\n0.00\n\n**Total**\n\n** **\n\n**1,607**\n\n \n\n**0.55**\n\n \n\n**1,208**\n\n \n\n**0.42**\n\n​\n\nF-92\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2024**\n\n​\n\n**2025**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n  ​ ​ ​\n\n**% of total**\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**% of total**\n\n​\n\n​\n\n**Amount**\n\n​\n\n**liabilities**\n\n​\n\n**Amount**\n\n​\n\n**liabilities**\n\n**Trade payables (Note 16)**\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nMajority stockholder\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nMinistry of Finance\n\n \n\n17\n\n \n\n0.01\n\n \n\n7\n\n \n\n0.01\n\nEntities under common control\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nMCDA\n\n \n\n2,631\n\n \n\n1.92\n\n \n\n2,484\n\n \n\n1.81\n\nIndosat\n\n \n\n212\n\n \n\n0.15\n\n \n\n200\n\n \n\n0.15\n\nBNI\n\n​\n\n170\n\n​\n\n0.12\n\n​\n\n114\n\n​\n\n0.08\n\nOthers (each below Rp100 billion)\n\n \n\n151\n\n \n\n0.11\n\n \n\n170\n\n \n\n0.12\n\nSub-total\n\n \n\n3,164\n\n \n\n2.30\n\n \n\n2,968\n\n \n\n2.16\n\nAssociated companies\n\n \n\n20\n\n \n\n0.01\n\n \n\n3\n\n \n\n0.00\n\nOther related entities\n\n​\n\n60\n\n​\n\n0.04\n\n​\n\n80\n\n​\n\n0.06\n\n**Total**\n\n** **\n\n**3,261**\n\n \n\n**2.36**\n\n \n\n**3,058**\n\n \n\n**2.23**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Accrued expenses**\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nEntities under common control\n\n \n\n​\n\n \n\n  ​\n\n \n\n​\n\n \n\n  ​\n\nPLN\n\n \n\n167\n\n \n\n0.12\n\n \n\n249\n\n \n\n0.18\n\nState-owned banks\n\n \n\n81\n\n \n\n0.06\n\n \n\n58\n\n \n\n0.04\n\nOthers\n\n \n\n42\n\n \n\n0.03\n\n \n\n31\n\n \n\n0.02\n\nSub-total\n\n \n\n290\n\n \n\n0.21\n\n \n\n338\n\n \n\n0.24\n\nAssociated companies\n\n​\n\n1\n\n​\n\n0.00\n\n​\n\n7\n\n​\n\n0.01\n\n**Total**\n\n** **\n\n**291**\n\n \n\n**0.21**\n\n \n\n**345**\n\n \n\n**0.25**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2024**\n\n​\n\n**2025**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n  ​ ​ ​\n\n**% of total**\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**% of total**\n\n​\n\n​\n\n**Amount**\n\n​\n\n**liabilities**\n\n​\n\n**Amount**\n\n​\n\n**liabilities**\n\n**Contract liabilities**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nMajority stockholder\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nMinistry of Finance\n\n​\n\n90\n\n​\n\n0.07\n\n​\n\n58\n\n​\n\n0.04\n\nEntities under common control\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nGovernment agencies\n\n​\n\n672\n\n​\n\n0.49\n\n​\n\n833\n\n​\n\n0.61\n\nMCDA\n\n​\n\n259\n\n​\n\n0.19\n\n​\n\n247\n\n​\n\n0.18\n\nPertamina\n\n​\n\n53\n\n​\n\n0.04\n\n​\n\n138\n\n​\n\n0.10\n\nBRI\n\n​\n\n155\n\n​\n\n0.11\n\n​\n\n128\n\n​\n\n0.09\n\nOthers (each below Rp100 billion)\n\n​\n\n267\n\n​\n\n0.18\n\n​\n\n433\n\n​\n\n0.31\n\nSub-total\n\n​\n\n1,406\n\n​\n\n1.01\n\n​\n\n1,779\n\n​\n\n1.29\n\nAssociated companies\n\n​\n\n7\n\n​\n\n0.01\n\n​\n\n5\n\n​\n\n0.00\n\nOther related entities\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nKCIC\n\n​\n\n1,113\n\n​\n\n0.81\n\n​\n\n1,023\n\n​\n\n0.74\n\nOthers\n\n​\n\n3\n\n​\n\n0.00\n\n​\n\n8\n\n​\n\n0.01\n\nSub-total\n\n​\n\n1,116\n\n​\n\n0.81\n\n​\n\n1,031\n\n​\n\n0.75\n\n**Total**\n\n​\n\n**2,619**\n\n​\n\n**1.90**\n\n​\n\n**2,873**\n\n​\n\n**2.08**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Short-term bank loans (Note 19)**\n\n** **\n\n**5,554**\n\n​\n\n**4.05**\n\n \n\n**1,490**\n\n​\n\n**1.08**\n\n**Long-term bank loans (Note 20b)**\n\n** **\n\n**15,943**\n\n​\n\n**11.62**\n\n \n\n**22,717**\n\n​\n\n**16.51**\n\n​\n\nd.   Significant agreements with related parties\n\ni.    The Government\n\nThe Company obtained two-step loans from the Government (Note 20a).\n\nF-93\n\n[Table of Contents](#TOC)\n\nii.    Indosat\n\nThe Company has an agreement with Indosat to provide international telecommunications services to the public.\n\nThe Company has also entered into an interconnection agreement between the Company’s fixed line network (Public Switched Telephone Network or “PSTN”) and Indosat’s Global System for Mobile (\"GSM”) cellular telecommunication network in connection with the implementation of Indosat Multimedia Mobile services and the settlement of related interconnection rights and obligations.\n\nThe Company also has an agreement with Indosat for the interconnection of Indosat's GSM mobile cellular telecommunication network with the Company's PSTN, which enable each party’s customers to make domestic calls between Indosat’s GSM mobile network and the Company’s fixed line network, as well as enabling Indosat’s mobile customers to access the Company’s International Direct Dialing (“IDD”) service by dialing “007”.\n\nIndosat's owner, Ooredoo, has merged with Tri, CK Hutchison Holdings (“CKHH”) by merging their companies into Indosat Ooredoo Hutchison. With this merger and the latest MoCI Regulation No. 5 of 2021, the Company has amended the interconnection cooperation agreement for fixed-line networks (local, *Sambungan Langsung Jarak Jauh* (\"SLJJ\"), and international) and mobile networks on May 30, 2023 in order to implement cost-based tariff obligations based on the 2014 Interconnection Offering Document.\n\nThe Company also provides leased lines to Indosat and its subsidiaries, namely PT Aplikanusa Lintasarta (“Lintasarta”). The leased lines can be used by these companies for telephone, telegraph, data, telex, facsimile, or other telecommunication services.\n\ne.   Remuneration of key management and supervisory personnel\n\nKey management personnel consists of the Board of Directors of the Company and supervisory personnel consists of the Board of Commissioners.\n\nThe Company provides remuneration in the form of salaries or honorarium and facilities to support the governance and oversight duties of the Board of Commissioners along with the leadership and management duties of the Board of Directors. Total of such remuneration is as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2023**\n\n​\n\n**2024**\n\n​\n\n**2025**\n\n \n\n​\n\n**  ​ ​ ​**\n\n​\n\n  ​ ​ ​\n\n**% of total**\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**% of total**\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**% of total**\n\n \n\n​\n\n​\n\n**Amount**\n\n​\n\n**expenses**\n\n​\n\n**Amount**\n\n​\n\n**expenses**\n\n​\n\n**Amount**\n\n​\n\n**expenses**\n\n \n\nBoard of Directors\n\n \n\n475\n\n \n\n0.45\n\n​\n\n504\n\n \n\n0.46\n\n​\n\n579\n\n \n\n0.52\n\n​\n\nBoard of Commissioners\n\n \n\n179\n\n \n\n0.17\n\n​\n\n176\n\n \n\n0.14\n\n​\n\n48\n\n \n\n0.04\n\n​\n\n​\n\nThe amounts disclosed in the table above are amounts recognized as general and administration expense during the reporting periods.\n\n32. OPERATING SEGMENTS\n\nIn 2025, Management changed the basis for grouping the Group’s operating segments from a Customer Facing Unit (“CFU”) based approach to a business pillar based approach. This change was made to reflect how CODM reviews the performance of operating segments and allocates resources. In connection with this change, the segment information for the prior year has been restated to conform with the presentation of segment information in the current year.\n\nF-94\n\n[Table of Contents](#TOC)\n\nThe Group has identified five reportable segments, namely B2C, B2B Infra, B2B ICT, International, and Others. There is no aggregation of operating segments in determining these reportable segments. The B2C segment comprises the provision of telecommunications services to individual and residential customers, including mobile and fixed broadband services. The B2B Infra segment comprises the provision, management, and maintenance of telecommunications infrastructure, including telecommunications towers, fiber optic networks, backbone infrastructure, data centers, and satellites. The B2B ICT segment comprises the provision of system integration services, information technology services, and digital solutions to corporate and institutional customers. The International segment comprises the provision of international connectivity and wholesale services to telecommunications operators and customers abroad.The Other segment comprises supporting business activities, including media and content services, business consulting and management services, trading and distribution, certain information technology services, as well as investment and other business development activities.\n\nCODM reviews the performance of each segment based on the segment’s profit or loss, which is measured consistently with operating profit or loss in the consolidated financial statements. Segment revenues and expenses also include intersegment transactions. These transactions are eliminated upon consolidation and are determined based on prevailing market prices (on an arm’s length basis).\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2023 (As restated)**\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**Total**\n\n  ​ ​ ​\n\n**Adjustment and**\n\n  ​ ​ ​\n\n**Total**\n\n​\n\n**  ​ ​ ​**\n\n**B2C**\n\n​\n\n**B2B Infra**\n\n​\n\n**B2B ICT**\n\n​\n\n**International**\n\n​\n\n**Others**\n\n​\n\n**segment**\n\n​\n\n**elimination**\n\n​\n\n**consolidated**\n\n**Segment results**\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nRevenues\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nExternal revenues\n\n \n\n111,713\n\n \n\n6,753\n\n \n\n15,441\n\n \n\n10,634\n\n \n\n4,675\n\n \n\n149,216\n\n \n\n—\n\n \n\n149,216\n\nInter-segment revenues\n\n \n\n3,694\n\n \n\n40,001\n\n \n\n4,679\n\n \n\n762\n\n \n\n26,320\n\n \n\n75,456\n\n \n\n(75,456)\n\n \n\n—\n\nTotal segment revenues\n\n \n\n115,407\n\n \n\n46,754\n\n \n\n20,120\n\n \n\n11,396\n\n \n\n30,995\n\n \n\n224,672\n\n​\n\n(75,456)\n\n​\n\n149,216\n\nSegment results\n\n \n\n34,784\n\n \n\n11,924\n\n \n\n1,137\n\n \n\n1,252\n\n \n\n(4,532)\n\n \n\n44,565\n\n​\n\n(5,406)\n\n​\n\n39,159\n\n**Other information**\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n​\n\n \n\n  ​\n\n \n\n​\n\n​\n\n  ​\n\n​\n\n  ​\n\nCapital expenditures\n\n \n\n(12,744)\n\n \n\n(17,330)\n\n \n\n(3,184)\n\n \n\n(865)\n\n \n\n(181)\n\n \n\n(34,304)\n\n \n\n1,446\n\n \n\n(32,858)\n\nDepreciation and amortization\n\n \n\n(24,486)\n\n \n\n(10,034)\n\n \n\n(3,387)\n\n \n\n(557)\n\n \n\n(776)\n\n \n\n(39,240)\n\n \n\n4,975\n\n \n\n(34,265)\n\nProvision recognized in current year\n\n \n\n(655)\n\n \n\n(15)\n\n \n\n149\n\n \n\n(5)\n\n \n\n(81)\n\n \n\n(607)\n\n \n\n94\n\n \n\n(513)\n\n​\n\n​\n\nF-95\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2024 (As restated)**\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**Total**\n\n  ​ ​ ​\n\n**Adjustment and**\n\n  ​ ​ ​\n\n**Total**\n\n​\n\n**  ​ ​ ​**\n\n**B2C**\n\n​\n\n**B2B Infra**\n\n​\n\n**B2B ICT**\n\n​\n\n**International**\n\n​\n\n**Others**\n\n​\n\n**segment**\n\n​\n\n**elimination**\n\n​\n\n**consolidated**\n\n**Segment results**\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nRevenues\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nExternal revenues\n\n \n\n109,662\n\n​\n\n8,180\n\n \n\n15,741\n\n \n\n10,732\n\n \n\n5,652\n\n \n\n149,967\n\n \n\n—\n\n \n\n149,967\n\nInter-segment revenues\n\n \n\n3,268\n\n \n\n48,799\n\n \n\n3,989\n\n \n\n1,412\n\n \n\n25,701\n\n \n\n83,169\n\n \n\n(83,169)\n\n \n\n—\n\nTotal segment revenues\n\n \n\n112,930\n\n \n\n56,979\n\n \n\n19,730\n\n \n\n12,144\n\n \n\n31,353\n\n \n\n233,136\n\n​\n\n(83,169)\n\n​\n\n149,967\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nSegment results\n\n \n\n29,078\n\n​\n\n16,467\n\n \n\n1,402\n\n \n\n1,204\n\n \n\n(5,903)\n\n \n\n42,248\n\n​\n\n(4,628)\n\n​\n\n37,620\n\n**Other information**\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n​\n\n​\n\n  ​\n\n​\n\n  ​\n\nCapital expenditures\n\n \n\n(12,653)\n\n \n\n(12,579)\n\n \n\n(2,007)\n\n \n\n(460)\n\n \n\n(174)\n\n \n\n(27,873)\n\n \n\n3,437\n\n \n\n(24,436)\n\nDepreciation and amortization\n\n \n\n(21,880)\n\n \n\n(12,424)\n\n \n\n(3,290)\n\n \n\n(594)\n\n \n\n(679)\n\n \n\n(38,867)\n\n \n\n4,733\n\n \n\n(34,134)\n\nProvision recognized in current year\n\n \n\n(678)\n\n \n\n(7)\n\n \n\n5\n\n \n\n(32)\n\n \n\n(65)\n\n \n\n(777)\n\n \n\n(127)\n\n \n\n(904)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**Total**\n\n  ​ ​ ​\n\n**Adjustment and**\n\n  ​ ​ ​\n\n**Total**\n\n​\n\n**  ​ ​ ​**\n\n**B2C**\n\n​\n\n**B2B Infra**\n\n​\n\n**B2B ICT**\n\n​\n\n**International**\n\n​\n\n**Others**\n\n​\n\n**segment**\n\n​\n\n**elimination**\n\n​\n\n**consolidated**\n\n**Segment results**\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nRevenues\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nExternal revenues\n\n \n\n105,898\n\n​\n\n8,929\n\n \n\n15,300\n\n \n\n10,673\n\n \n\n5,942\n\n \n\n146,742\n\n \n\n—\n\n \n\n146,742\n\nInter-segment revenues\n\n \n\n3,255\n\n \n\n47,661\n\n \n\n3,814\n\n \n\n1,493\n\n \n\n23,155\n\n \n\n79,378\n\n \n\n(79,378)\n\n \n\n—\n\nTotal segment revenues\n\n \n\n109,153\n\n \n\n56,590\n\n \n\n19,114\n\n \n\n12,166\n\n \n\n29,097\n\n \n\n226,120\n\n​\n\n(79,378)\n\n​\n\n146,742\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nSegment results\n\n \n\n27,793\n\n​\n\n10,487\n\n \n\n1,759\n\n \n\n961\n\n \n\n(4,491)\n\n \n\n36,509\n\n​\n\n(6,000)\n\n​\n\n30,509\n\n**Other information**\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n​\n\n​\n\n  ​\n\n​\n\n  ​\n\nCapital expenditures\n\n \n\n(11,980)\n\n \n\n(10,042)\n\n \n\n(1,473)\n\n \n\n(1,086)\n\n \n\n(233)\n\n \n\n(24,814)\n\n \n\n237\n\n \n\n(24,577)\n\nDepreciation and amortization\n\n \n\n(21,704)\n\n \n\n(15,894)\n\n \n\n(3,156)\n\n \n\n(718)\n\n \n\n(613)\n\n \n\n(42,085)\n\n \n\n4,432\n\n \n\n(37,653)\n\nProvision recognized in current year\n\n \n\n(1,239)\n\n \n\n(52)\n\n \n\n(376)\n\n \n\n(120)\n\n \n\n(12)\n\n \n\n(1,799)\n\n \n\n334\n\n \n\n(1,465)\n\n​\n\n​\n\nF-96\n\n[Table of Contents](#TOC)\n\nSegment result reconciliation:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2023**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n​\n\n​\n\n​\n\n**(As restated)**\n\n​\n\n**(As restated)**\n\n​\n\n**2025**\n\nTotal segment results\n\n \n\n44,565\n\n \n\n42,248\n\n \n\n36,509\n\nUnrealized gain (loss) on changes in fair value of investments\n\n \n\n(748)\n\n \n\n188\n\n \n\n(242)\n\nOther income - net\n\n \n\n252\n\n \n\n282\n\n \n\n119\n\nGain (loss) on foreign exchange - net\n\n \n\n(36)\n\n \n\n136\n\n \n\n180\n\nFinance income - net\n\n \n\n1,061\n\n \n\n1,367\n\n \n\n1,661\n\nFinance cost\n\n \n\n(4,652)\n\n \n\n(5,208)\n\n \n\n(5,206)\n\nShare of profit (loss) of long term investment in associates\n\n \n\n1\n\n \n\n3\n\n \n\n(1)\n\nAdjustment and inter-segment elimination\n\n \n\n(1,345)\n\n \n\n(1,401)\n\n \n\n(1,918)\n\nIFRS reconciliation\n\n​\n\n61\n\n​\n\n5\n\n​\n\n(593)\n\n**Consolidated profit before income tax**\n\n** **\n\n**39,159**\n\n** **\n\n**37,620**\n\n** **\n\n**30,509**\n\n​\n\nGeographic information:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2023**\n\n​\n\n**2024**\n\n​\n\n**2025**\n\nExternal revenues\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nIndonesia\n\n​\n\n141,157\n\n​\n\n141,062\n\n​\n\n137,858\n\nAbroad\n\n​\n\n8,059\n\n​\n\n8,905\n\n​\n\n8,884\n\n**Total**\n\n​\n\n**149,216**\n\n​\n\n**149,967**\n\n​\n\n**146,742**\n\n​\n\nThe revenue information above is based on the location of the customers.\n\nThere are no revenue from major customer which exceeds 10% of total revenues for the years ended December 31, 2023, 2024, and 2025.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**January 1, 2024**\n\n  ​ ​ ​\n\n**2024**\n\n  ​ ​ ​\n\n​\n\n​\n\n​\n\n**(As restated)**\n\n​\n\n**(As restated)**\n\n​\n\n**2025**\n\nNon-current operating assets\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nIndonesia\n\n \n\n175,907\n\n \n\n174,946\n\n \n\n169,609\n\nAbroad\n\n \n\n2,932\n\n \n\n2,850\n\n \n\n3,086\n\n**Total**\n\n** **\n\n**178,839**\n\n \n\n**177,796**\n\n \n\n**172,695**\n\n​\n\nNon-current operating assets for segment reporting purpose consist of property and equipment and intangible assets.\n\nF-97\n\n[Table of Contents](#TOC)\n\n33. SIGNIFICANT COMMITMENTS, AGREEMENTS, AND OTHERS\n\na.   Capital expenditures\n\nAs of December 31, 2025, capital expenditures committed under the contractual arrangements are Rp14,130 billion and US$25 million.\n\nThe above balance includes the following significant agreements:\n\n​\n\n**Contracting parties**\n\n**  ​**\n\n**Period of agreement**\n\n**  ​**\n\n**Significant part of the agreement**\n\nTelkomsel and PT Phincon\n\n​\n\nSeptember 12, 2019 -\nSeptember 11, 2027\n\n​\n\nDevelopment and Rollout Agreement (\"DRA\") and Technical Support Agreement (\"TSA\") Customer Relationship Management (\"CRM\") Solution System Integrator\n\nTelkomsel, PT Ericsson Indonesia, PT Huawei Tech Investment, and PT ZTE Indonesia\n\n​\n\nFebruary 1, 2021 -\nJanuary 31, 2027\n\n​\n\nProcurement Agreement for Radio Ultimate Solution (\"ROA\") and TSA\n\nTelkomsel and PT Ericsson Indonesia\n\n​\n\nFebruary 13, 2022 -\nFebruary 12, 2028\n\n​\n\nProcurement Agreement for CS Core Solution ROA\n\nTelkomsel and PT Ericsson Indonesia\n\n​\n\nFebruary 13, 2022 -\nAugust 31, 2027\n\n​\n\nProcurement Agreement for CS Core Solution TSA\n\nTelkomsel and PT Lintas Teknologi Indonesia\n\n​\n\nFebruary 13, 2022 -\nFebruary 12, 2028\n\n​\n\nProcurement Agreement for CS Core Solution ROA\n\nTelkomsel and PT Lintas Teknologi Indonesia\n\n​\n\nFebruary 13, 2022 -\nAugust 31, 2027\n\n​\n\nProcurement Agreement for CS Core Solution TSA\n\nTelkomsel and PT Huawei Tech Investment\n\n​\n\nMarch 24, 2022 -\nMarch 23, 2028\n\n​\n\nProcurement Agreement for PCRF\n\nTelkomsel and PT Phincon\n\n​\n\nJune 24, 2024 -\nJune 23, 2029\n\n​\n\nAgreement for the Design, Development, and Launch of the By.U Platform Solution\n\nTelkomsel, Amdocs Software Solutions Limited Liability Company, and PT Application Solutions\n\n​\n\nOctober 8, 2024 -\nOctober 7, 2029\n\n​\n\nAgreement Online Charging System (“OCS”) and Service Control Points (“SCP”) System Solution Development\n\nTelkomsel and PT Application Solutions\n\n​\n\nOctober 8, 2024 -\nOctober 7, 2029\n\n​\n\nTSA for OCS and SCP\n\nTDE and PT ZTE Indonesia\n\n​\n\nOctober 14, 2024 -\nOctober 14, 2027\n\n​\n\nContract Agreement of General Contractor (\"GC\") for Delta Project Level-2 Fit Out Works\n\nTelkomsel and PT Mahardika Teknotama Integrasi\n\n​\n\nNovember 14, 2024 -\nNovember 13, 2027\n\n​\n\nProcurement Agreement for Fixed Broadband Core (\"FBB Core\")\n\nThe Company and PT Packet Systems Indonesia\n\n​\n\nDecember 18, 2024 -\nDecember 17, 2026\n\n​\n\nAgreement Procurement and Installation for OTN Metro (\"OTM\") Future State Architecture (\"FSA\") - Platform Huawei\n\nTDI and KSO-PP Adhi\n\n​\n\nJanuary 3, 2025 -\nFebruary 26, 2026\n\n​\n\nProcurement for General Contractor for Data Center Construction\n\nTelkomsel and PT Ericsson Indonesia\n\n​\n\nJanuary 23, 2025 -\nJanuary 22, 2028\n\n​\n\nProcurement Agreement of Next Generation of Gateway GPRS Support Node (\"GGSN\") (Virtualized EPC)\n\nTDE and PT Huawei Tech Investment\n\n​\n\nMarch 24, 2025 -\nMarch 23, 2028\n\n​\n\nContract Agreement of General Contractor (\"GC\") for Delta Project Level-3 and Level-4 Fit Out Works\n\nTelkomsel and PT Lintas Teknologi Indonesia\n\n​\n\nApril 8, 2025 -\nApril 7, 2028\n\n​\n\nProcurement Agreement of Next Generation of Gateway GPRS Support Node (\"GGSN\") (Virtualized EPC)\n\nTelkomsel and PT Cahaya Mutiara Mandiri\n\n​\n\nMay 26, 2025 -\nMay 25, 2028\n\n​\n\nProcurement Agreement of Next Generation of Gateway GPRS Support Node (\"GGSN\") (Virtualized EPC)\n\nTelkomsat and PT Starlink Services Indonesia\n\n​\n\nDecember 22, 2025 -\nDecember 31, 2026\n\n​\n\nAgreement for the Resale of Starlink Services and Equipment\n\nThe Company and PT Lintas Teknologi Indonesia\n\n​\n\nDecember 24, 2025 -\nJune 23, 2027\n\n​\n\nProcurement and Installation Agreement of the South Papua Submarine Cable Communication System\n\n​\n\nb.   Borrowings and other credit facilities\n\n(i)   As of December 31, 2025, the Company has bank guarantee facilities for tender bonds, performance bonds, maintenance bonds, deposit guarantee, and advance payment bonds for various projects of the Company, as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Lenders**\n\n  ​ ​ ​\n\n**Total facility**\n\n  ​ ​ ​\n\n**Maturity**\n\n  ​ ​ ​\n\n**Currency**\n\n  ​ ​ ​\n\n**Facility utilized**\n\nBRI\n\n \n\n500\n\n \n\nMarch 14, 2026\n\n \n\nRp\n\n \n\n5\n\nBNI\n\n \n\n500\n\n \n\nMarch 31, 2026\n\n \n\nRp\n\n \n\n73\n\nBank Mandiri\n\n \n\n500\n\n \n\nJune 21, 2026\n\n \n\nRp\n\n \n\n136\n\n**Total**\n\n \n\n**1,500**\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n**214**\n\n​\n\nF-98\n\n[Table of Contents](#TOC)\n\nThe Company has sufficient bank facilities to meet their current obligations (Note 34b.v).\n\n(ii)   As of December 31, 2025, Telkomsel has bank guarantee facilities for various projects, as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Lenders**\n\n  ​ ​ ​\n\n**Total facility**\n\n  ​ ​ ​\n\n**Maturity**\n\n  ​ ​ ​\n\n**Currency**\n\n​\n\n**Facility utilized**\n\nBRI\n\n \n\n1,000\n\n \n\nSeptember 25, 2028\n\n​\n\nRp\n\n \n\n621\n\nBNI\n\n \n\n2,100\n\n \n\nMay 1, 2028\n\n \n\nRp\n\n \n\n1,420\n\n**Total**\n\n \n\n**3,100**\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n**2,041**\n\n​\n\nBank guarantee facility with BRI and BNI are mainly for performance bond and surety bond of radio frequency (Note 33c.i)\n\n(iii) Telin has a bank guarantee facilities from Bank Mandiri and BRI with a  maximum credit limit of US$25 million and US$5 million or equal to Rp417 billion and Rp83 billion, respectively. As of December 31, 2025, there is no bank guarantee facility used.\n\nc.   Others\n\n(i)\n\nRadio frequency usage\n\nWith reference to Law No. 36 of 1999, the use of radio frequency spectrum and the cost of using radio frequency are determined by the government. With reference to the Decision Letter No. 025/TEL.01.02/2022 Year 2022 dated January 28, 2022, of the MoCI which granted Telkomsel the rights to provide mobile telecommunication services with radio frequency bandwidth in the 800 MHz, 900 MHz, 1,800 MHz, 2.1 GHz, and 2.3 GHz; and basic telecommunication services.\n\n​\n\nWith reference to Decision Letters No. 509 Year 2016, No. 1896 Year 2017, No. 806 Year 2019, No. 620 Year 2020, No. 178 Year 2021, No. 479 Year 2022, No. 90 Year 2023, and No. 188 Year 2023 of the MoCI, Telkomsel is required, among other things, to:\n\n1.\n\nIssue a surety bond each year amounting Rp1,028 billion for spectrum 2.3 GHz.\n\n2.\n\nIssue a surety bond each year amounting Rp360 billion for both spectrum 2.3 GHz Block A and C.\n\n3.\n\nIssue a surety bond amounting Rp617 billion for spectrum 2.1 GHz.\n\n4.\n\nPay an annual right of usage (“BHP”) as set forth in the decision letters. The BHP is payable upon receipt of *Surat Pemberitahuan Pembayaran* (notification letter) from the DGPI. The BHP fee is payable annually up to the expiry period of the license.\n\nThe following are radio frequency band licenses owned by Telkomsel along with the BHP fees paid during current year:\n\n1.\n\nRadio frequency for band 800 MHz, 900 MHz, and 1,800 MHz\n\nBased on Decree No. 620 Year 2020 of the MoCI, concerning the extension of the determination of radio frequency bands 800 MHz, 900 MHz, and 1,800 MHz, Telkomsel should pay annual radio frequency usage fees from 2020 to 2030.\n\nF-99\n\n[Table of Contents](#TOC)\n\n2.\n\nRadio frequency for band up to 2.1 GHz\n\n**License No.**\n\n**  ​**\n\n**  ​**\n\n**Description**\n\nDecree No. 90 Year 2023 of the MoCI amd. Decree No. 76 Year 2023 of the MoCI\n\n​\n\n​\n\nOn February 27, 2023, Telkomsel was granted to utilize the annual radio frequency license for band 1,975 – 1,980 MHz paired with 2,165 – 2,170 MHz until March 18, 2033.\n\nDecree No. 509 Year 2016 of the MoCI amd. Decree No. 76 Year 2023 of the MoCI\n\n​\n\n​\n\nMoCD granted the extension of the radio frequency license for band 1,970 – 1,975 MHz paired with 2,160 – 2,165 MHz until March 28, 2026.\n\nDecree No. 806 Year 2019 of the MoCI amd. Decree No. 76 Year 2023 of the MoCI\n\n​\n\n​\n\nMoCD granted the extension of the radio frequency license for band 1,965 – 1,970 MHz paired with 2,155 – 2,160 MHz until September 30, 2029.\n\nDecree No. 479 Year 2022 of the MoCI amd. Decree No. 76 Year 2023 of the MoCI\n\n​\n\n​\n\nTelkomsel as the winner of auction and was granted to utilize the radio frequency license for band 1,960 – 1,965 MHz paired with 2,150 – 2,155 MHz effective from January 11, 2023 until January 10, 2033.\n\n​\n\n3.\n\nRadio frequency for band up to 2.3 GHz\n\n**License No.**\n\n**  ​**\n\n**  ​**\n\n**Description**\n\nDecree No. 1896 Year 2017 of the MoCI\n\n​\n\n​\n\nTelkomsel was appointed to use the radio frequency license for band 2,300 – 2,330 Mhz until 2026.\n\nDecree No. 178 Year 2021 of the MoCI\n\n​\n\n​\n\nTelkomsel as the winner to utilize the radio frequency license for band 2,330 – 2,340 MHz paired with 2,340 – 2,350 MHz for Block A and Block C, respectively until 2030.\n\nDecree No. 487 Year 2022 of the MoCI amd. Decree No. 92 Year 2023 of the MoCI\n\n​\n\n​\n\nOn November 18, 2022, Telkomsel received a right to use reallocated radio frequency license for band 2,340 – 2,355 MHz paired with 2,330 – 2,360 MHz until November 17, 2029.\n\nDecree No. 188 Year 2023 of the MoCI\n\n​\n\n​\n\nOn April 18, 2023, Telkomsel was granted an approval to allocate part of the rights-of-use of 2.3 GHz radio frequency spectrum to PT Smart Telecom.\n\n​\n\n(ii)\n\nRadio frequency spectrum cooperation agreement\n\nThe MoCD has given approval to Telkomsel for a cooperation on the use of radio frequency spectrum with KCIC through a letter No. B-171/M.KOMINFO/SP.01.01/03/2023 dated March 17, 2023, regarding the Cooperation Agreement on the Use of Radio Frequency Spectrum in the range of 891 – 895 MHz paired with 936 – 940 MHz, with a period up to December 14, 2030.\n\nAs result from this agreement, KCIC shall pay to the Company several compensations, which are annual utilization fees totaling Rp878 billion, network recovery fee of Rp1,250 billion, as well as incremental operational and maintenance costs.\n\n(iii)\n\nUSO\n\nOn December 27, 2011, Telkomsel (on behalf of Konsorsium Telkomsel, a consortium which was established with Mitratel on December 9, 2011) was selected by *Balai Penyedia dan Pengelola Pembiayaan Telekomunikasi dan Informatika* (“BPPPTI”), now has been renamed as *Badan Aksesibilitas Telekomunikasi dan Informasi* (“BAKTI”) as a provider of the USO Program in the border areas with a total price of Rp261 billion.\n\nF-100\n\n[Table of Contents](#TOC)\n\nIn 2015, the Program was ceased. In January 2016, Telkomsel filed an arbitration claim to *Badan Arbitrase Nasional Indonesia* (“BANI”) for the settlement of the outstanding receivables of USO Programs.\n\nOn June 22, 2017, Telkomsel received a decision letter from BANI No. 792/1/ARB-BANI/2016 requesting BAKTI to pay compensation to Telkomsel amounting to Rp218 billion, and as of the date of the issuance of these consolidated financial statements Telkomsel has received the payment from BAKTI amounting to Rp91 billion (before tax) and no additional payment.\n\nThe MoCD issued Regulation No. 5 Year 2021 dated March 31, 2021, which replaced previous regulations regarding policies underlying the USO program. The regulation requires telecommunications operators in Indonesia to contribute 1.25% of gross revenues (with due consideration for bad debts and/or interconnection charges and/or connection charges and/or the exclusion of certain revenues that are not considered as part of gross revenues as a basis to calculate the USO charged) for USO development.\n\nBased on Decree No. 827/KOMINFO/BAKTI.31/KS.1/10/2021 dated October 4, 2021, of BAKTI granted Telkomsel as operating cooperation partners (“KSO”) for eight packages KSO, which cover Nusa Tenggara, Kalimantan, Sulawesi, Maluku, West Papua, West Central Papua, North Central Papua, and South East Papua for period from 2021 until 2031.\n\n(iv)\n\nContingency\n\nUnder IAS 37: Provisions, Contingent Liabilities And Contingent Assets, a provision should be recognized when there is a present obligation (legal or constructive) arising from a past event, an outflow of economic benefits to settle the obligation is probable (more likely than not), and the amount can be reliably estimated.\n\nIn October 2023, the Group received a document request from the U.S. Securities and Exchange Commission (\"SEC\") as it relates to Telkom Infra's involvement in a project with the Indonesian Information and Telecommunication Accessibility Agency of the Ministry of Communication and Informatics (\"BAKTI Kominfo\") regarding the provision of 4G Base Transceiver Station (\"BTS\") infrastructure. The SEC has since expanded its investigation to include accounting and disclosures issues relating to the Group's revenue recognition and financial reporting practices and internal control over financial reporting, as well as public reports regarding certain Indonesian legal proceedings involving the Group, certain subsidiaries and affiliates, and certain of the Group's clients and suppliers. Through the Group’s internal audit process and investigations, the Group have determined, or the Group suspect (for those projects and transactions which are still under investigation) that certain transactions lack economic substance. Beginning in May 2024, the Group also received additional requests for information from the U.S. Department of Justice (\"DOJ\") focused on compliance with the U.S. Foreign Corrupt Practices Act (\"FCPA\"). The Group retained outside counsel and a forensic accounting firm to assist with its internal investigation into the issues being investigated by the SEC and DOJ. The Internal Investigation is substantially complete while the SEC and DOJ’s investigations remain ongoing and the Group continues to cooperate with the U.S. authorities.\n\nBased on the results of the Internal Investigation to date, the Group has identified that approximately 140 transactions, primarily those occurring prior to 2021 and particularly between 2016 and 2019 and relate primarily to the enterprise business segment, lacked economic substance and were not in compliance with applicable financial reporting standards as well as the Group’s policies and internal controls, resulting in an overstatement of certain financial information.\n\nF-101\n\n[Table of Contents](#TOC)\n\nThe Group does not believe that this overstatement constituted a misstatement that was quantitatively material to the Group’s consolidated financial statements for any period presented in the Group’s prior annual or interim financial statements.\n\nThe Group has encountered challenges compiling detailed historical information for a significant portion of the 140 transactions due to the age of the transactions, accounting system challenges, and challenges related to the retention and retrieval of historical accounting support that in some cases dates back nearly 10 years.  The Company has assumed that certain transactions lacked economic substance unless accounting and other supporting information was available to demonstrate otherwise.\n\nBy December 31, 2020, the vast majority of the trade receivables associated with these transactions had a full corresponding income statement provision and related allowance for expected credit losses, and therefore the net trade receivable for these transactions reflected on the Company’s Statement of Financial Positions from 2020 onward were de minimis. Accordingly, based on information to date, these historical transactions do not require any corrections to the Statements of Financial Position as of December 31, 2023, 2024, and 2025, or the Statements of Profit or Loss and Other Comprehensive Income for the years ended 2023, 2024, and 2025.\n\nThe Group determined that Rp1,945 billion, Rp1,762 billion, and Rp1,898 billion of gross trade receivables, and a corresponding Rp1,945 billion, Rp1,762 billion, and Rp1,898 billion allowance for expected credit losses related to historical transactions that had been reviewed or were scheduled for review as part of the internal investigation, were reclassified to other non-current assets in the consolidated statements of financial position as of December 31, 2023, 2024, and 2025 (Note 14). This reclassification was made to achieve a more appropriate presentation in accordance with the economic substance of the transactions. The Group assessed that these trade receivables did not have a reasonable chance of recovery and therefore no longer met the criteria for presentation as trade receivables. As the reclassified gross receivables and the related allowance for expected credit losses offset each other (net to zero), the reclassification had no impact on the net trade receivables or other non-current assets as of December 31, 2023, 2024, and 2025. Until the date of completion of these consolidated financial statements, these receivables were written off based on their carrying amounts as of December 31, 2024, as they lack economic substance, have no reasonable expectation of recovery and following the approval obtained in accordance to the applicable regulations; however, such write-off does not constitute a waiver of the Company’s collection rights.\n\nThe Company is a state-owned enterprise, and accordingly, its receivable write-off process is subject to specific governance and regulatory requirements applicable to state-owned enterprises. Under the applicable write-off policy, receivables exceeding certain thresholds and/or receivables of certain nature require approvals from relevant authorities and/or government bodies. As such, the completion and timing of the write-off process are not solely within Management’s control, as they depend on external review and approval processes involving various governmental stakeholders.\n\nThe Group has also cooperated with Indonesian government law enforcement authorities, and has in certain instances self-reported to them various matters involving alleged or potential violations of Indonesian laws and regulations by the Group, certain subsidiaries and affiliates, including anti-corruption, alleged fraud, embezzlement, and issues associated with trade receivables, some of which are related to the above-described matters investigated by the SEC and the DOJ. The Group has implemented various remedial actions, including strengthening policies, procedures, and internal controls, as well as enhancing its compliance function and corporate governance.\n\nF-102\n\n[Table of Contents](#TOC)\n\nFor the above mentioned investigation on the Group's accounting and disclosure issues relating to revenue recognition and financial reporting practices and internal control over financial reporting, based on the Group's assessment up to the date of the issuance of the consolidated financial statements, the Group currently does not believe that the above mentioned investigation will have a material adverse effect on consolidated financial statements as of December 31, 2024 and 2025, and for each of the three years in the period ended December 31, 2025.\n\nAs of the issuance date of the consolidated financial statements, the Group is not yet able to reliably estimate the potential loss or range of losses that may arise from the investigations by the SEC and DOJ, due to significant uncertainties regarding the final outcome, timing of resolution, and potential sanctions or other impacts.\n\nIn addition, there is a possibility that the final outcome of the ongoing investigations or the identification of additional information in the future could have a material impact on the Group’s financial position, results of operations, or cash flows.\n\n34. FINANCIAL INSTRUMENTS\n\n**a.   Financial assets and financial liabilities**\n\ni.    Classification\n\n(a)    Financial assets\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\n**Amortized cost**\n\n​\n\n​\n\n​\n\n​\n\nCash and cash equivalents\n\n​\n\n33,905\n\n​\n\n34,228\n\nOther current financial assets\n\n​\n\n1,196\n\n​\n\n1,326\n\nTrade and other receivables\n\n​\n\n12,829\n\n​\n\n11,410\n\nOther non-current assets\n\n​\n\n165\n\n​\n\n208\n\n**FVTPL**\n\n​\n\n​\n\n​\n\n​\n\nLong-term investment in financial instruments\n\n​\n\n8,174\n\n​\n\n7,254\n\nOther current financial assets\n\n​\n\n89\n\n​\n\n94\n\n**FVTOCI**\n\n​\n\n​\n\n​\n\n​\n\nLong-term investment in financial instruments\n\n​\n\n51\n\n​\n\n27\n\n**Total financial assets**\n\n** **\n\n**56,409**\n\n \n\n**54,547**\n\n​\n\n(b)  Financial liabilities\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\n**Financial liabilities measured at amortized cost**\n\n \n\n  ​\n\n \n\n  ​\n\nTrade and other payables\n\n \n\n15,790\n\n \n\n16,832\n\nAccrued expenses\n\n \n\n14,192\n\n \n\n14,867\n\nCustomers deposits\n\n \n\n41\n\n \n\n52\n\nShort-term bank loans\n\n \n\n11,525\n\n \n\n6,929\n\nBonds\n\n \n\n5,043\n\n \n\n2,696\n\nLong-term bank loans\n\n \n\n36,341\n\n \n\n41,149\n\nLease liabilities\n\n \n\n23,925\n\n \n\n24,492\n\nOther liabilities\n\n \n\n104\n\n \n\n75\n\n**Total financial liabilities**\n\n** **\n\n**106,961**\n\n** **\n\n**107,092**\n\n​\n\nF-103\n\n[Table of Contents](#TOC)\n\nii.    Fair values\n\n​\n\nThe following table presents comparison of the carrying amounts and fair values of the Company's financial instruments, other than those the fair values are considered to approximate their carrying amounts as the impact of discounting is not significant:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Fair value measurement at reporting date using**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n**Quoted prices in**\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**active markets**\n\n​\n\n**Significant**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**for identical **\n\n​\n\n**other**\n\n​\n\n**Significant**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**assets or**\n\n​\n\n**observable**\n\n​\n\n**unobservable**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**liabilities**\n\n​\n\n**inputs**\n\n​\n\n**inputs**\n\n**2024**\n\n​\n\n**Carrying value**\n\n​\n\n**Fair value**\n\n​\n\n**(level 1)**\n\n​\n\n**(level 2)**\n\n​\n\n**(level 3)**\n\n**FVTPL**\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nOther current financial assets\n\n \n\n89\n\n​\n\n89\n\n​\n\n89\n\n​\n\n—\n\n​\n\n—\n\nLong-term investment in financial instruments\n\n​\n\n8,174\n\n​\n\n8,174\n\n​\n\n1,668\n\n​\n\n—\n\n​\n\n6,506\n\n**FVTOCI**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nLong-term investment in financial instruments\n\n​\n\n51\n\n​\n\n51\n\n​\n\n—\n\n​\n\n—\n\n​\n\n51\n\n**Financial liabilities at amortized cost**\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nInterest-bearing loans:\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nBonds\n\n \n\n5,043\n\n​\n\n5,669\n\n​\n\n5,669\n\n​\n\n—\n\n​\n\n—\n\nLong-term bank loans\n\n \n\n36,341\n\n​\n\n36,472\n\n​\n\n—\n\n​\n\n—\n\n​\n\n36,472\n\nLease liabilities\n\n \n\n23,925\n\n​\n\n23,925\n\n​\n\n—\n\n​\n\n—\n\n​\n\n23,925\n\nOther liabilities\n\n​\n\n104\n\n​\n\n104\n\n​\n\n—\n\n​\n\n—\n\n​\n\n104\n\n**Total**\n\n \n\n**73,727**\n\n \n\n**74,484**\n\n \n\n**7,426**\n\n \n\n**—**\n\n \n\n**67,058**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Fair value measurement at reporting date using**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n**Quoted prices in**\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**active markets**\n\n​\n\n**Significant**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**for identical **\n\n​\n\n**other**\n\n​\n\n**Significant**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**assets or**\n\n​\n\n**observable**\n\n​\n\n**unobservable**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**liabilities**\n\n​\n\n**inputs**\n\n​\n\n**inputs**\n\n**2025**\n\n​\n\n**Carrying value**\n\n​\n\n**Fair value**\n\n​\n\n**(level 1)**\n\n​\n\n**(level 2)**\n\n​\n\n**(level 3)**\n\n**FVTPL**\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nOther current financial assets\n\n \n\n94\n\n​\n\n94\n\n​\n\n94\n\n​\n\n—\n\n​\n\n—\n\nLong-term investment in financial instruments\n\n​\n\n7,254\n\n​\n\n7,254\n\n​\n\n1,529\n\n​\n\n—\n\n​\n\n5,725\n\n**FVTOCI**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nLong-term investment in financial instruments\n\n​\n\n27\n\n​\n\n27\n\n​\n\n—\n\n​\n\n—\n\n​\n\n27\n\n**Financial liabilities at amortized cost**\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nInterest-bearing loans:\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nBonds\n\n \n\n2,696\n\n​\n\n3,458\n\n​\n\n3,458\n\n​\n\n—\n\n​\n\n—\n\nLong-term bank loans\n\n \n\n41,149\n\n​\n\n40,863\n\n​\n\n—\n\n​\n\n—\n\n​\n\n40,863\n\nLease liabilities\n\n \n\n24,492\n\n​\n\n24,492\n\n​\n\n—\n\n​\n\n—\n\n​\n\n24,492\n\nOther liabilities\n\n​\n\n75\n\n​\n\n75\n\n​\n\n—\n\n​\n\n—\n\n​\n\n75\n\n**Total**\n\n \n\n**75,787**\n\n \n\n**76,263**\n\n \n\n**5,081**\n\n \n\n**—**\n\n \n\n**71,182**\n\n​\n\nLoss on fair value measurement recognized in consolidated statements of profit or loss and other comprehensive income for the year ended December 31, 2025 amounting to Rp103 billion.\n\nF-104\n\n[Table of Contents](#TOC)\n\nReconciliations of the beginning and ending balances for items measured at fair value using significant unobservable inputs (level 3) as of December 31, 2024 and 2025 are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n**2024**\n\n  ​ ​ ​\n\n**2025**\n\nBeginning balance\n\n  ​ ​ ​\n\n5,997\n\n  ​ ​ ​\n\n6,557\n\nGain (loss) recognized in consolidated statement of:\n\n \n\n​\n\n \n\n​\n\nProfit or loss\n\n \n\n575\n\n \n\n(104)\n\nOther comprehensive income\n\n \n\n3\n\n \n\n1\n\nPurchase/addition\n\n \n\n49\n\n \n\n26\n\nSettlement/deduction\n\n \n\n(67)\n\n \n\n(728)\n\n**Ending balance**\n\n** **\n\n**6,557**\n\n** **\n\n**5,752**\n\n​\n\n**Sensitivity Analysis**\n\nThe following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**  ​ ​ ​**\n\n**  ​ ​ ​**\n\n**Significant**\n\n**  ​ ​ ​**\n\n**Range**\n\n**  ​ ​ ​**\n\n​\n\n​\n\n​\n\n**Valuation**\n\n​\n\n**unobservable**\n\n​\n\n**(weighted**\n\n​\n\n**Sensitivity of the input of fair**\n\n**Industry**\n\n​\n\n**technique**\n\n​\n\n**input**\n\n​\n\n**average)**\n\n​\n\n**value**\n\n**Investment in equity**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNon-listed equity investment - technology\n\n​\n\nOPM Backsolve method\n\n​\n\nVolatility\n\n​\n\n20%-75.40%\n\n​\n\n10% increase (decrease) in the percentage of volatility would result in an increase (decrease) Rp5 billion of the Investment value\n\n​\n\n​\n\n​\n\n​\n\nTime to liquidity\n\n​\n\n1-4 Years\n\n​\n\nIncrease (decrease) in 1 year time to liquidity would result in an increase (decrease) Rp5 billion of the Investment value\n\n​\n\n​\n\nMarket movement\n\n​\n\nVolatility\n\n​\n\n30.40%-85.59%\n\n​\n\n10% increase (decrease) in the percentage of volatility would result in an increase (decrease) Rp13 billion of the Investment value\n\n​\n\n​\n\n​\n\n​\n\nTime to liquidity\n\n​\n\n1-6 Years\n\n​\n\nIncrease (decrease) in 1 year time to liquidity would result in an increase (decrease) Rp15 billion of the Investment value\n\n​\n\n​\n\nGuideline Public Company Method\n\n​\n\nVolatility\n\n​\n\n10.77%-91.40%\n\n​\n\n10% increase (decrease) in the percentage of volatility would result in an increase (decrease) Rp91 billion of the Investment value\n\n​\n\n​\n\n​\n\n​\n\nTime to liquidity\n\n​\n\n1-6 Years\n\n​\n\nIncrease (decrease) in 1 year time to liquidity would result in an increase (decrease) Rp134 billion of the Investment value\n\nNon-listed equity investment - credit rating agency\n\n​\n\nDiscounted cash flow\n\n​\n\nWeighted Average Cost of Capital (\"WACC\")\n\n​\n\n9%-22%\n\n​\n\n1% decrease (increase) in the percentage of WACC would result in an increase (decrease) Rp5 billion of the Investment value\n\n​\n\n​\n\n​\n\n​\n\nTerminal growth rate\n\n​\n\n1%-5%\n\n​\n\n1% increase (decrease) in terminal growth rate would result in an increase (decrease) Rp3 billion of the Investment value\n\nNon-listed equity investment - telecommunication\n\n​\n\nDiscounted cash flow\n\n​\n\nWACC\n\n​\n\n3.03%-13.20%\n\n​\n\n0.5% decrease (increase) in WACC would result in an increase (decrease) Rp6 billion of the Investment value\n\n​\n\n​\n\n​\n\n​\n\nTerminal growth rate\n\n​\n\n1.97%-3.10%\n\n​\n\n1% increase (decrease) in terminal growth rate would result in an increase (decrease) Rp12 billion of the Investment value\n\n​\n\niii.   Fair value measurement\n\nFair value is the amount for which an asset could be exchanged, or a liability settled, between parties in an arm's length transaction.\n\nThe fair values of short-term financial assets and financial liabilities with maturities of one year or less (cash and cash equivalents, trade and other receivables, other current financial assets, trade and other payables, accrued expenses, and short-term bank loans) and other non-current assets are considered to approximate their carrying amounts as the impact of discounting is not significant.\n\nThe fair values of long-term financial assets (other non-current assets (long-term trade receivables and restricted cash)) approximate their carrying amounts as the impact of discounting is not significant.\n\nF-105\n\n[Table of Contents](#TOC)\n\nThe Group determined the fair value measurement for disclosure purposes of each class of financial assets and financial liabilities based on the following methods and assumptions:\n\n(a)\n\nFair value through profit or loss, primarily consists of stocks, mutual funds, corporate and government bonds, and convertible bonds. Stocks and mutual funds actively traded in an established market are stated at fair value using quoted market price or, if unquoted, determined using a valuation technique. The fair value of convertible bonds and subsidiaries investments (non-listed equity investments) are determined using valuation technique. Corporate and government bonds are stated at fair value by reference to prices of similar securities at the reporting date.\n\n(b)\n\nThe fair values of long-term financial liabilities are estimated by discounting the future contractual cash flows of each liability at rates offered to the Group for similar liabilities of comparable maturities by the bankers of the Group, except for bonds which are based on market price.\n\nThe fair value estimates are inherently judgemental and involve various limitations, including:\n\n(a)\n\nFair values presented do not take into consideration the effect of future currency fluctuations.\n\n(b)\n\nEstimated fair values are not necessarily indicative of the amounts that the Group would record upon disposal/termination of the financial assets and liabilities.\n\n**b.   Financial risk management objectives and policies**\n\nThe Group’s activities expose it to a variety of financial risks such as market risks (including foreign exchange risk, market price risk, and interest rate risk), credit risk, and liquidity risk. Overall, the Group’s financial risk management program is intended to minimize losses on the financial assets and financial liabilities arising from fluctuation of foreign currency exchange rates and the fluctuation of interest rates. Management has a written policy on foreign currency risk management mainly on time deposit placements and hedging to cover foreign currency risk exposures for periods ranging from 3 up to 12 months.\n\nFinancial risk management is carried out by the Group Financial Accounting and Treasury Unit under policies approved by the Board of Directors. The Group Financial Accounting and Treasury Unit identifies, evaluates, and hedges financial risks.\n\ni.     Foreign exchange risk\n\nThe Group is exposed to foreign exchange risk on sales, purchases, and borrowings that are denominated in foreign currencies. The foreign currency denominated transactions are primarily in U.S. Dollar. The Group’s exposures to other foreign exchange rates are not material.\n\nIncreasing risks of foreign currency exchange rates on the obligations of the Group are expected to be partly offset by the effects of the exchange rates on time deposits and receivables in foreign currencies that are equal to at least 25% of the outstanding current foreign currency liabilities.\n\nThe following table present the Group's financial assets and financial liabilities exposure to foreign currency risk:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2024**\n\n​\n\n**2025**\n\n​\n\n**  ​ ​ ​**\n\n**U.S. Dollar**\n\n**  ​ ​ ​**\n\n**U.S. Dollar**\n\n​\n\n​\n\n**(in billions)**\n\n​\n\n**(in billions)**\n\nFinancial assets\n\n \n\n1.02\n\n \n\n1.03\n\nFinancial liabilities\n\n \n\n(0.17)\n\n \n\n(0.23)\n\n**Net exposure**\n\n** **\n\n**0.85**\n\n \n\n**0.80**\n\n​\n\nF-106\n\n[Table of Contents](#TOC)\n\nSensitivity analysis\n\nA strengthening of the U.S. Dollar, as indicated below, against the Rupiah at December 31, 2025 would have decreased equity and profit or loss by the amounts shown below. This analysis is based on foreign currency exchange rate variances that the Group considered to be reasonably possible at the reporting date. The analysis assumes that all other variables, in particular interest rates, remain constant.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**Equity/profit (loss)**\n\n**December 31, 2025**\n\n \n\n  ​\n\nU.S. Dollar (1% strengthening)\n\n \n\n135\n\n​\n\nA weakening of the U.S. Dollar against the Rupiah at December 31, 2025 would have had an equal but opposite effect on the above currencies to the amounts shown above, on the basis that all other variables remain constant.\n\nii.    Market price risk\n\nThe Group is exposed to changes in debt and equity market prices related to financial assets measured at FVTPL carried at fair value. Gains arising from changes in the fair value of financial assets measured at FVTPL are recognized in the consolidated statements of profit or loss and other comprehensive income.\n\nThe performance of the Group’s financial assets measured at FVTPL is monitored periodically, together with a regular assessment of their relevance to the Group’s long-term strategic plans.\n\nAs of December 31, 2025, management considered the price risk for the Group’s financial assets measured at FVTPL to be immaterial in terms of the possible impact on profit or loss and total equity from a reasonably possible change in fair value.\n\niii.   Interest rate risk\n\nInterest rate fluctuation is monitored to minimize any negative impact to financial performance. Borrowings at variable interest rates expose the Group to interest rate risk (Notes 19 and 20). To measure market risk pertaining to fluctuations in interest rates, the Group primarily uses interest margin and maturity profile of the financial assets and liabilities based on changing schedule of the interest rate.\n\nAt reporting date, the interest rate profile of the Group’s interest-bearing borrowings was as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\nFixed rate borrowings\n\n \n\n48,063\n\n \n\n37,762\n\nVariable rate borrowings\n\n \n\n28,771\n\n \n\n37,504\n\n​\n\nSensitivity analysis for variable rate borrowings\n\nAs of December 31, 2025, a decrease (increase) by 25 basis points in interest rates of variable rate borrowings would have increased (decreased) equity and profit or loss by Rp94 billion, respectively. The analysis assumes that all other variables, in particular foreign currency rates, remain constant.\n\nF-107\n\n[Table of Contents](#TOC)\n\niv.   Credit risk\n\nThe following table presents the maximum exposure to credit risk of the Group’s financial assets:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\nCash and cash equivalents\n\n \n\n33,905\n\n \n\n34,228\n\nOther current financial assets\n\n \n\n1,285\n\n \n\n1,420\n\nTrade and other receivable - net\n\n​\n\n12,829\n\n​\n\n11,410\n\nOther non-current assets\n\n \n\n165\n\n \n\n208\n\n**Total**\n\n** **\n\n**48,184**\n\n \n\n**47,266**\n\n​\n\nThe Group is exposed to credit risk primarily from cash and cash equivalents and trade and other receivables. The credit risk is controlled by continuous monitoring of outstanding balance and collection. Credit risk from balances with banks and financial institutions is managed by the Group's Corporate Finance Unit in accordance with the Group's written policy.\n\nThe Group placed the majority of its cash and cash equivalents in state-owned banks because they have the most extensive branch networks in Indonesia and are considered to be financially sound banks, as they are owned by the State. Therefore, it is intended to minimize financial loss through banks and financial institutions’ potential failure to make payments.\n\nThe customer credit risk is managed by continuous monitoring of outstanding balances and collection. Trade and other receivables do not have any major concentration of risk whereas no customer receivable balance exceeds 7.94% of trade receivables as of December 31, 2025 (2024: 5.76%).\n\nManagement is confident in its ability to continue to control and sustain minimal exposure to the customer credit risk given that the Group has recognized sufficient provision for impairment of receivables to cover incurred loss arising from uncollectible receivables based on existing historical data on credit losses.\n\nv.    Liquidity risk\n\nLiquidity risk arises in situations where the Group has difficulties in fulfilling financial liabilities when they become due.\n\nPrudent liquidity risk management implies maintaining sufficient cash in order to meet the Group’s financial obligations. The Group continuously performs an analysis to monitor financial position ratios, such as liquidity ratios and debt-to-equity ratios, against debt covenant requirements. The Group has a net current liabilities position as of December 31, 2025, and is expected to meet its current obligations by having access to sufficient undrawn bank facilities amounted to Rp42,109 billion and US$67 million (Note 20b).\n\nF-108\n\n[Table of Contents](#TOC)\n\nThe following is the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n**Carrying**\n\n  ​ ​ ​\n\n**Contractual**\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**2029 and**\n\n​\n\n​\n\n**amount**\n\n​\n\n**cash flows**\n\n​\n\n**2025**\n\n​\n\n**2026**\n\n​\n\n**2027**\n\n​\n\n**2028**\n\n​\n\n**thereafter**\n\n**2024**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTrade and other payables\n\n​\n\n15,790\n\n​\n\n(15,790)\n\n \n\n(15,790)\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\nAccrued expenses\n\n​\n\n14,192\n\n​\n\n(14,192)\n\n \n\n(14,192)\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\nCustomer deposits\n\n​\n\n41\n\n​\n\n(41)\n\n​\n\n(41)\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\nShort-term bank loans\n\n​\n\n11,525\n\n​\n\n(11,525)\n\n​\n\n(11,525)\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\nInterest bearing loans:\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nBonds\n\n​\n\n5,043\n\n​\n\n(9,307)\n\n \n\n(2,763)\n\n \n\n(296)\n\n \n\n(296)\n\n​\n\n(297)\n\n​\n\n(5,655)\n\nLong-term bank loans\n\n​\n\n36,341\n\n​\n\n(42,701)\n\n \n\n(15,419)\n\n \n\n(8,442)\n\n \n\n(6,086)\n\n​\n\n(4,955)\n\n​\n\n(7,799)\n\nLease liabilities\n\n​\n\n23,925\n\n​\n\n(29,236)\n\n \n\n(6,640)\n\n \n\n(4,220)\n\n \n\n(3,724)\n\n​\n\n(3,221)\n\n​\n\n(11,431)\n\nOther liabilities\n\n​\n\n104\n\n​\n\n(120)\n\n​\n\n(6)\n\n​\n\n(29)\n\n​\n\n(29)\n\n​\n\n(28)\n\n​\n\n(28)\n\n**Total**\n\n​\n\n**106,961**\n\n​\n\n**(122,912)**\n\n \n\n**(66,376)**\n\n \n\n**(12,987)**\n\n \n\n**(10,135)**\n\n \n\n**(8,501)**\n\n \n\n**(24,913)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n**Carrying**\n\n  ​ ​ ​\n\n**Contractual**\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**2030 and**\n\n​\n\n​\n\n**amount**\n\n​\n\n**cash flows**\n\n​\n\n**2026**\n\n​\n\n**2027**\n\n​\n\n**2028**\n\n​\n\n**2029**\n\n​\n\n**thereafter**\n\n**2025**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTrade and other payables\n\n​\n\n16,832\n\n​\n\n(16,832)\n\n \n\n(16,832)\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\nAccrued expenses\n\n​\n\n14,867\n\n​\n\n(14,867)\n\n \n\n(14,867)\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\nCustomer deposits\n\n​\n\n52\n\n​\n\n(52)\n\n​\n\n(52)\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\nShort-term bank loans\n\n​\n\n6,929\n\n​\n\n(6,929)\n\n​\n\n(6,929)\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\nInterest bearing loans:\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nBonds\n\n​\n\n2,696\n\n​\n\n(6,544)\n\n \n\n(296)\n\n \n\n(296)\n\n \n\n(297)\n\n​\n\n(296)\n\n​\n\n(5,359)\n\nLong-term bank loans\n\n​\n\n41,149\n\n​\n\n(45,311)\n\n \n\n(19,003)\n\n \n\n(7,279)\n\n \n\n(6,357)\n\n​\n\n(5,499)\n\n​\n\n(7,173)\n\nLease liabilities\n\n​\n\n24,492\n\n​\n\n(29,391)\n\n \n\n(7,201)\n\n \n\n(4,436)\n\n \n\n(3,604)\n\n​\n\n(3,440)\n\n​\n\n(10,710)\n\nOther liabilities\n\n​\n\n75\n\n​\n\n(89)\n\n​\n\n(4)\n\n​\n\n(21)\n\n​\n\n(21)\n\n​\n\n(21)\n\n​\n\n(22)\n\n**Total**\n\n​\n\n**107,092**\n\n​\n\n**(120,015)**\n\n \n\n**(65,184)**\n\n \n\n**(12,032)**\n\n \n\n**(10,279)**\n\n \n\n**(9,256)**\n\n \n\n**(23,264)**\n\n​\n\nThe difference between the carrying amount and the contractual cash flows is interest value. The interest values of variable-rate borrowings are determined based on the effective interest rates as of reporting dates.\n\n​\n\n35. CAPITAL MANAGEMENT\n\nThe capital structure of the Group is as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2024 (as restated, Note 2y.iii)**\n\n​\n\n**2025**\n\n \n\n​\n\n**  ​ ​ ​**\n\n**Amount**\n\n  ​ ​ ​\n\n**Portion**\n\n  ​ ​ ​\n\n**Amount**\n\n  ​ ​ ​\n\n**Portion**\n\n \n\nShort-term debts\n\n \n\n11,525\n\n \n\n5.48\n\n%  \n\n6,929\n\n \n\n3.37\n\n%\n\nLong-term debts\n\n \n\n65,309\n\n \n\n31.04\n\n%  \n\n68,337\n\n \n\n33.27\n\n%\n\nTotal debts\n\n \n\n76,834\n\n \n\n36.52\n\n%  \n\n75,266\n\n \n\n36.64\n\n%\n\nEquity attributable to owners of the parent company\n\n \n\n133,602\n\n \n\n63.48\n\n%  \n\n130,151\n\n \n\n63.36\n\n%\n\n**Total**\n\n** **\n\n**210,436**\n\n \n\n**100.00**\n\n**%  **\n\n**205,417**\n\n \n\n**100.00**\n\n**%**\n\n​\n\nThe Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for stockholders and benefits to other stakeholders and to maintain an optimum capital structure to minimize the cost of capital.\n\nF-109\n\n[Table of Contents](#TOC)\n\nPeriodically, the Group conducts debt valuation to assess possibilities of refinancing existing debts with new ones with have more efficient cost that will lead to more optimized cost-of-debt. In case of idle cash with limited investment opportunities, the Group will consider buying back its shares of stock or paying dividend to its stockholders.\n\nIn addition to complying with loan covenants, the Group also maintains its capital structure at the level it believes will not risk its credit rating and which is comparable with its competitors.\n\nDebt-to-equity ratio (comparing net interest-bearing debt to total equity) is a ratio which is monitored by management to evaluate the Group’s capital structure and review the effectiveness of the Group’s debts. The Group monitors its debt levels to ensure the debt-to-equity ratio complies with or is below the ratio set out in its contractual borrowings arrangements and that such ratio is comparable or better than that of regional area entities in the telecommunications industry.\n\nThe Group’s debt-to-equity ratio as of December 31, 2024 and 2025 is as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2025**\n\n** **\n\n​\n\n​\n\n**(as restated, Note 2y.iii)**\n\n**  ​ ​ ​**\n\n​\n\n​\n\nTotal interest-bearing debts\n\n \n\n76,834\n\n \n\n75,266\n\n​\n\nLess: cash and cash equivalents\n\n \n\n(33,905)\n\n \n\n(34,228)\n\n​\n\nNet debts\n\n \n\n42,929\n\n \n\n41,038\n\n​\n\nTotal equity attributable to owners of the parent company\n\n \n\n133,602\n\n \n\n130,151\n\n​\n\n**Net debt-to-equity ratio**\n\n** **\n\n**32.13**\n\n**%  **\n\n**31.53**\n\n**%**\n\n​\n\nAs stated in Note 20, the Group is required to maintain a certain debt-to-equity ratio and debt service coverage ratio by the lenders. For the years ended December 31, 2024 and 2025, the Group has complied with the externally imposed capital requirements.\n\n36. SUPPLEMENTAL CASH FLOW INFORMATION\n\na.   The non-cash investing activities for the years ended December 31, 2023, 2024 and 2025 are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2023**\n\n  ​ ​ ​\n\n**2024**\n\n  ​ ​ ​\n\n**2025**\n\nAcquisition of property and equipment:\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nCredited to trade payables\n\n \n\n3,905\n\n \n\n2,251\n\n \n\n3,945\n\nBorrowing cost capitalization\n\n \n\n124\n\n \n\n98\n\n \n\n13\n\nAddition of right of uses assets:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCredited to leases liabilities (Note 13)\n\n \n\n10,407\n\n​\n\n10,424\n\n​\n\n7,443\n\nAcquisition of intangible assets:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCredited to trade payables\n\n \n\n479\n\n \n\n339\n\n \n\n404\n\n​\n\nb.\n\nThe changes in liabilities arising from financing activities is as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Non-cash changes**\n\n​\n\n​\n\n​\n\n​\n\n**January 1,**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Foreign exchange**\n\n​\n\n​\n\n​\n\n**Other**\n\n​\n\n**December 31,**\n\n​\n\n  ​ ​ ​\n\n**2024**\n\n  ​ ​ ​\n\n**Cash flows**\n\n  ​ ​ ​\n\n**Acquisition**\n\n  ​ ​ ​\n\n**movement**\n\n  ​ ​ ​\n\n**New leases**\n\n  ​ ​ ​\n\n**Changes**\n\n  ​ ​ ​\n\n**2024**\n\nShort-term bank loans\n\n  ​ ​ ​\n\n9,650\n\n  ​ ​ ​\n\n1,875\n\n  ​ ​ ​\n\n—\n\n  ​ ​ ​\n\n—\n\n  ​ ​ ​\n\n—\n\n  ​ ​ ​\n\n—\n\n  ​ ​\n\n11,525\n\nTwo step loans\n\n \n\n84\n\n \n\n(100)\n\n \n\n—\n\n \n\n16\n\n \n\n—\n\n​\n\n—\n\n \n\n—\n\nBonds\n\n \n\n5,343\n\n \n\n(300)\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n​\n\n—\n\n \n\n5,043\n\nLong-term bank loans\n\n \n\n32,260\n\n \n\n3,933\n\n \n\n148\n\n \n\n7\n\n \n\n—\n\n​\n\n(7)\n\n \n\n36,341\n\nOther borrowings\n\n \n\n362\n\n \n\n(362)\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n​\n\n—\n\n \n\n—\n\nLease liabilities\n\n \n\n20,302\n\n \n\n(7,387)\n\n \n\n—\n\n \n\n29\n\n \n\n10,424\n\n​\n\n557\n\n \n\n23,925\n\n**Total liabilities from financing activities**\n\n** **\n\n**68,001**\n\n** **\n\n**(2,341)**\n\n** **\n\n**148**\n\n** **\n\n**52**\n\n** **\n\n**10,424**\n\n​\n\n**550**\n\n** **\n\n**76,834**\n\nF-110\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Non-cash changes**\n\n​\n\n​\n\n​\n\n​\n\n**January 1,**\n\n​\n\n​\n\n​\n\n**Foreign exchange**\n\n​\n\n​\n\n​\n\n**Other**\n\n​\n\n**December 31,**\n\n​\n\n  ​ ​ ​\n\n**2025**\n\n  ​ ​ ​\n\n**Cash flows**\n\n  ​ ​ ​\n\n**movement**\n\n  ​ ​ ​\n\n**New leases**\n\n  ​ ​ ​\n\n**Changes**\n\n  ​ ​ ​\n\n**2025**\n\nShort-term bank loans\n\n  ​ ​ ​\n\n11,525\n\n  ​ ​ ​\n\n(4,596)\n\n  ​ ​ ​\n\n—\n\n  ​ ​ ​\n\n—\n\n  ​ ​ ​\n\n—\n\n  ​ ​\n\n6,929\n\nBonds\n\n \n\n5,043\n\n \n\n(2,350)\n\n \n\n—\n\n \n\n—\n\n​\n\n3\n\n \n\n2,696\n\nLong-term bank loans\n\n \n\n36,341\n\n \n\n4,804\n\n \n\n2\n\n \n\n—\n\n​\n\n2\n\n \n\n41,149\n\nLease liabilities\n\n \n\n23,925\n\n \n\n(7,356)\n\n \n\n16\n\n \n\n7,443\n\n​\n\n464\n\n \n\n24,492\n\n**Total liabilities from financing activities**\n\n** **\n\n**76,834**\n\n** **\n\n**(9,498)**\n\n** **\n\n**18**\n\n** **\n\n**7,443**\n\n​\n\n**469**\n\n** **\n\n**75,266**\n\n​\n\n​\n\n​\n\n37. SUBSEQUENT EVENTS\n\na.On October 20, 2025, the Company and TIF entered into a Conditional Separation Agreement in relation to the transfer of a portion of the Company’s wholesale fiber connectivity business and assets (the “Infraco Spin-Off”) to TIF, effective January 1, 2026. Pursuant to the agreement, the total value of the transferred transaction object amounted to IDR 35,787 billion. As consideration for the transfer of the transaction object, TIF issued 357,872,580 shares to the Company, as stipulated in Notarial Deed of Aulia Taufani, S.H., No. 63 dated December 18, 2025, The deed was subsequently approved by the Ministry of Law and Human Rights of the Republic of Indonesia (“Kemenkumham”) pursuant to Decree No. 0086733.AH.01.02 dated January 1, 2026.\n\nb.Effective January 1, 2026, the Company transferred bank loans from DBS, BNI, and BCA to TIF amounting to Rp1,831 billion, Rp2,649 billion, and Rp5,317 billion, respectively, in connection with the Infraco Spin-Off project.\n\nc.On January 6, 2026, DAM transferred the Company's shares to BP BUMN, resulting in BP BUMN owning 1% of the total state ownership through BP BUMN and DAM, amounting to 516,023,535 shares, consisting of Series B shares representing 0.52% of the total shares issued and fully paid by the Company.\n\nd.On January 6, 2026, January 23, 2026, and April 1, 2026, Telkomsel made repayments of its bank loan to BNI amounting to Rp4,000 billion.\n\ne.On January 12, 2026, February 27, 2026, and March 27, 2026, Telkomsel made repayments of its bank loan to Bank Mandiri amounting to Rp3,000 billion.\n\nf.On January 12, 2026, March 30, 2026, and April 30, 2026, Telkomsel made repayments of its bank loan to Bank Sinarmas amounting to Rp3,000 billion.\n\ng.On January 29, 2026, and April 13, 2026, Telkomsel made repayments of its bank loan to Bank of China amounting to Rp3,800 billion.\n\nh.On January 6, 2026, April 27, 2026, and May 12, 2026, Telkomsel made repayments of its bank loan to CIMB Niaga amounting to Rp2,500 billion.\n\ni. On January 29, 2026, and February 13, 2026, Telkomsel made repayments of its bank loan to MUFG and DBS amounting to Rp1,000 billion and Rp1,000 billion, respectively.\n\nj.During the period from January to April 2026, Telkomsel has made loan drawdowns from Bank of China, Bank Sinarmas, CIMB Niaga, BNI, and DBS Bank amounting to Rp3,800 billion, Rp2,000 billion, Rp1,500 billion, Rp1,000 billion, and Rp1,000 billion, respectively.\n\nk.On May 1, 2026, the Company announced its plan to conduct a share buyback of publicly held shares, with a maximum amount of Rp1,000 billion and not exceeding 10% of the issued and fully paid-up share capital. The share buyback period will be no longer than 12 (twelve) months from the date of approval by the General Meeting of Shareholders (GMS) on June 8, 2026, and is planned to commence from June 9, 2026 until June 8, 2027.\n\n​\n\n38. NEW ACCOUNTING STANDARDS AND INTERPRETATIONS NOT YET ADOPTED\n\nEffective for annual periods beginning on or after January 1, 2026\n\n●Amendments to IFRS 9 and IFRS 7, Classification and Measurement of Financial Instruments\n\nThe amendment to IFRS 9 clarifies that a financial liability is derecognised on the ‘settlement date’, which is the date on which the liability is extinguished because the obligation specified in the contract\n\nF-111\n\n[Table of Contents](#TOC)\n\nis discharged or cancelled or expires or the liability otherwise qualifies for derecognition. It also introduces an accounting policy option to derecognise financial liabilities that are settled through an electronic payment system before settlement date if certain conditions are met. The amendment clarifies how to assess the contractual cash flow characteristics of financial assets that include environmental, social and governance (ESG)-linked features and other similar contingent features. The amendment also clarifies the treatment of non-recourse assets and contractually linked instruments. The amendment to IFRS 7 requires additional disclosures for financial assets and liabilities with contractual terms that reference a contingent event (including those that are ESG-linked), and equity instruments classified at fair value through other comprehensive income.\n\n●Amendments to IFRS 9 and IFRS 7, Contracts Referencing Nature-dependent Electricity\n\nThe amendment to IFRS 9 and IFRS 7 update the ‘own-use’ requirements for in-scope contracts. As revised by the amendments, the sale of unused nature-dependent electricity will be in accordance with an entity’s expected purchase or usage requirements, if specified criteria are met. The amendment clarifies the designation requirements for a hedged item in a cash flow hedging relationship for in-scope contracts. The amendments will allow an entity to designate a variable nominal volume of forecast electricity transactions as a designated hedged item, if certain conditions are met. The amendments also add new disclosure requirements to enable investors to understand the effect of these contracts on a company’s financial performance and cash flows. IFRS 7 has been updated to require specific disclosures relating to contracts that are no longer within the scope of IFRS 9 as a consequence of the amendments. The amendments only apply to contracts that reference nature-dependent electricity.\n\nThese amendments are not expected to have an impact to the Group’s consolidated financial position or performance. The Group intends to adopt these amendments in future periods when they become effective.\n\nEffective for annual periods beginning on or after January 1, 2027\n\n●IFRS 18, Presentation and Disclosure in Financial Statements\n\nThe IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations.\n\nIFRS 18 also requires disclosure of management-defined performance measures, subtotals of income and expenses, and includes requirements for aggregation and disaggregation of financial information based on the identified ‘roles’ of the primary financial statements and the notes.\n\nThe Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements.\n\nEffective for annual periods beginning on or after January 1, 2027\n\n●IFRS 19, Subsidiaries without Public Accountability: Disclosures\n\nThe IASB issued IFRS 19, specifies the disclosure requirements an entity is permitted to apply instead of the disclosure requirements in other IFRS Accounting Standards. An entity may elect to apply this standard in its consolidated, separate or individual financial statements if, and only if, at the end of the reporting period, it is a subsidiary as defined in IFRS 10, cannot have public accountability and must have a parent (ultimate or intermediate) that prepares consolidated financial statements, available for public use, which comply with IFRS accounting standards.\n\nF-112\n\n[Table of Contents](#TOC)\n\nIn August 2025, the Board issued amendments to IFRS 19. In general, the Board has removed disclosure objectives from the IFRS 19 reduced disclosure requirements in relation to these new standards and amendments to avoid creating the impression that an entity is required to provide the same disclosures as entities that do not apply IFRS 19.\n\nThese amendments are not expected to have an impact to the Group’s consolidated financial position or performance. The Group intends to adopt these amendments in future periods when they become effective.\n\n●Amendments to IAS 21, Translation to a Hyperinflationary Presentation Currency\n\nThe amendments to IAS 21 require translation from a non-hyperinflationary functional currency into a hyperinflationary presentation currency at the closing rate. If an entity’s functional currency is the currency of a non-hyperinflationary economy, but its presentation currency is the currency of a hyperinflationary economy, its results and financial position are translated into the presentation currency by translating all amounts (i.e., assets, liabilities, equity items, income and expenses) and all comparatives are converted at the closing exchange rate on the date of the most recent statement of financial position.\n\nAn entity whose functional currency and presentation currency are the currency of a hyperinflationary economy, restates the comparative amounts of a foreign operation, whose functional currency is that of a non-hyperinflationary economy, by applying the general price index, in accordance with paragraph 34 of IAS 29, to the foreign operation’s comparative figures.\n\nThe amendments also introduce certain additional disclosure requirements.\n\nThese amendments are not expected to have an impact to the Group’s consolidated financial position or performance. The Group intends to adopt these amendments in future periods when they become effective.\n\nDo Not Have an Effective Date\n\n●Disclosures about Uncertainties in the Financial Statements\n\nThe Board issued Amendments to Illustrative Examples on IFRS 7, IFRS 18, IAS 1, IAS 8, IAS 36 and IAS 37 - Disclosures about Uncertainties in the Financial Statements (“the examples”), which added illustrative examples to several IFRS accounting standards. The examples are intended to improve the reporting of climate-related and other uncertainties in the financial statements, particularly to address stakeholders’ concerns about consistency of information within the general-purpose financial reports and sufficient information on climate-related risks and other uncertainties in the financial statements.\n\nThe topics addressed in the examples include the following topics Materiality judgements, Assumptions: specific requirements about impairment testing, Assumptions: general requirements, Credit risk, Decommissioning and site restoration provisions, and Disclosure of disaggregated information in the notes. These amendments are not expected to have an impact to the Group’s consolidated financial position or performance. The Group intends to adopt these amendments in future periods when they become effective.\n\n​\n\n​\n\nF-113"}