SEC Filing Summary: Form 6-K
Business Context and Reporting Period
Company: Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (Telkom Indonesia)
Filing Date: December 10, 2025
Reporting Period: This filing serves as an amendment and additional information disclosure regarding a proposed partial spin-off. Financial data presented covers the nine-month period ended September 30, 2025 (unaudited), and full years ended December 31, 2024 and 2023 (audited).
Core Business: The Company operates telecommunication networks and services, informatics services, and resource optimization across four pillars: B2C, Digital Infrastructure, International Business, and B2B ICT.
Key Financial Metrics
Telkom Indonesia (Parent Company) - Nine Months Ended Sept 30, 2025 (Unaudited):
- Total Revenue: Rp 109,617 billion
- Operating Profit: Rp 29,173 billion
- Net Profit (Current Year): Rp 20,595 billion
- Net Profit Attributable to Owners: Rp 15,784 billion
- EBITDA Margin: 50%
- Profit Margin: 19%
- Operating Cash Flow: Rp 49,605 billion
- Total Assets: Rp 291,897 billion
- Total Liabilities: Rp 136,885 billion
- Current Ratio: 71%
- Liabilities to Equity Ratio: 88%
PT Telkom Infrastruktur Indonesia (TIF) - Nine Months Ended Sept 30, 2025 (Unaudited):
- Total Revenue: Rp 3,311 billion
- Net Profit: Rp 324 billion
- EBITDA Margin: 11%
- Profit Margin: 10%
- Current Ratio: 281%
Material Changes and Proposed Transaction
Proposed Transaction: Partial spin-off of the Wholesale Fiber Connectivity Business and Assets to a controlled subsidiary, PT Telkom Infrastruktur Indonesia (TIF).
- Transaction Value: Rp 35,787,258,000,000 (approx. Rp 35.8 trillion), representing 22.02% of the Company's equity as of December 31, 2024.
- Valuation Method: Determined by independent appraiser KJPP Ruky, Safrudin & Rekan using a weighted combination of Discounted Cash Flow (70%) and Adjusted Net Assets Method (30%).
- Consideration: Non-cash. TIF will issue 357,872,580 new shares to Telkom Indonesia.
- Ownership Impact: Telkom Indonesia's ownership in TIF will increase from 99.999% to 99.9999997%.
- Classification: Material Transaction and Affiliated Transaction. Due to the high ownership level (>99%), shareholder approval is not strictly required under OJK regulations for the transaction itself, but a General Meeting of Shareholders (GMS) will be held to comply with the Company Law.
Financial Impact: At the consolidated level, the spin-off is not expected to change the Company's financial highlights or key ratios as it is a transfer between entities within the same group.
Guidance, Outlook, and Risks
Strategic Rationale: The spin-off aims to unlock value by separating capital-intensive fiber infrastructure assets, allowing for focused business development, improved operational efficiency, and potential valuation uplift comparable to global infrastructure peers.
Timeline:
- GMS Date: December 12, 2025 (to approve the spin-off plan).
- Deed Signing: Scheduled for December 18, 2025.
- Effective Date: Upon receipt of notification/approval from the Minister of Law regarding TIF's capital increase.
Risks and Contingencies:
- Licensing Risk: TIF is in the final stages of obtaining the Internet Access Gateway Service License (NAP). If not issued by the effective date, TIF may face temporary regulatory constraints on recognizing revenue for NAP services, though service continuity is mitigated via reseller mechanisms.
- Operational Risk: Risks related to employee transfer, system integration, and contract novation are being managed through change management plans and customer engagement.
- Management Change: Mr. Yohanes Surya resigned as Independent Commissioner on November 20, 2025.
Investor Verification Checklist
- Verify the outcome of the General Meeting of Shareholders scheduled for December 12, 2025, specifically the approval of the spin-off plan.
- Confirm the issuance of the Internet Access Gateway Service License (NAP) to TIF prior to the spin-off effective date to ensure uninterrupted revenue recognition.
- Review the final Deed of Spin-Off to confirm the exact list of assets and liabilities transferred.
- Monitor the post-spin-off financial reporting to ensure the separation of the Wholesale Fiber Connectivity business is accurately reflected in segment reporting.
- Check for any creditor objections filed during the objection period (expired November 4, 2025), though none were reported as of the filing date.