Business Fundamentals and Transformation Support Jasa Marga's Performance Prospects
Reza Priyambada, Director of PT Reliance Sekuritas Indonesia Tbk, stated that several aspects make the performance prospects of PT Jasa Marga (Persero) Tbk (JSMR) attractive to investors. Operational performance, traffic development, contributions from new sections, cost and funding structures, as well as the progress of strategic projects, will serve as key indicators for investors evaluating JSMR’s performance.
At the same time, the agenda for SOE transformation and portfolio optimisation by Danantara could act as a strategic factor enriching JSMR’s investment story in the medium term. From Reza’s perspective, JSMR’s prospects are determined not only by net profit achievements but also by the Company’s ability to maintain its core business through the growth of its core toll road operations.
“There are several aspects. With a combination of toll road business fundamentals, strategic project development, and opportunities for portfolio optimisation within the SOE ecosystem, JSMU has the potential to maintain its attractiveness amidst the dynamics of Indonesia’s infrastructure sector and capital market,” Reza stated in a written statement on Friday.
Notably, Jasa Marga’s performance in the first half of 2026 showed solid operational fundamentals, recording operating revenue of Rp10.31 trillion, an increase of 7.6% year-on-year (yoy). This was supported by toll revenue of Rp9.5 trillion (up 6.8% yoy) and other operating income of Rp798.2 billion (surging 17.6% yoy). EBITDA was recorded at Rp6.99 trillion, growing 8.1% (yoy), with the EBITDA margin increasing to 67.8%.
Simultaneously, net profit attributable to the owners of the parent entity reached Rp1.91 trillion, a 2.0% (yoy) growth. Furthermore, the Gearing Ratio stood at 1.2 times, while the Interest Coverage Ratio (ICR) grew to 3.9 times, demonstrating the Company’s capacity to manage financial obligations while maintaining room for investment and business development.
Given the characteristics of the toll road business, which requires long-term investment, the Company’s ability to generate EBITDA and cash flow is also a crucial factor in assessing the quality of its growth.
For investors, he continued, network expansion is viewed not only through the increased length of managed toll roads but also through asset optimisation—the ability of each asset to generate traffic, revenue, EBITDA, and ultimately provide an attractive return on invested capital.
“In addition to operational performance, the development of the toll road network is a factor that could support JSMR’s growth in the medium term. Therefore, the optimisation of operational sections and the accelerated contribution of new sections are vital parts of JSMR’s growth strategy,” he added.
Jasa Marga is the market leader in Indonesia’s toll road industry in terms of market share, operational network, and operations. In terms of market share, JSMR controls approximately 42% of the commercial toll road market based on operating toll roads in Indonesia.
Regarding its operational network, the company, led by President Director Rivan A. Purwantono, manages approximately 1,294 km of operational toll roads and a total of 1,736 km of concessions. Of the 36 toll concessions managed by the Company, 29 are fully operational, three are partially operational (including the 13.30 km Bogor Ring Road, 96.57 km Solo-Yogya, and 114.9 km Ngawi-Kertosono-Kediri), and three are not yet operational.
Looking ahead, Reza noted that JSMR’s prospects will not be determined solely by the size of its toll road portfolio. Investors will increasingly focus on portfolio quality, asset productivity, the ability to generate cash flow, funding efficiency, and return on investment.