MTEL's 2025 Performance Records Growth, See Analyst Recommendations
JAKARTA - Telecom tower and fibre optic issuer PT Dayamitra Telekomunikasi Tbk (MTEL) recorded solid operational performance throughout 2025, while preparing several growth targets for 2026.
By the end of 2025, this Telkom Group subsidiary had 40,230 towers and 70,618 km of billable fibre optic length from a total of 57,199 km of fibre optic assets. From these two telecommunications infrastructures, MTEL became the market leader with a 55% market share in the tower segment and 42% in the fibre optic segment.
Growth was also evident on the operational side. Throughout 2025, the number of towers increased by 826 units and new tenants rose by 3,216, bringing the total tenants to 63,084. The tenancy ratio for the tower segment rose to 1.57 times, from 1.52 times in 2024, marking the highest in the past five years.
On the financial side, MTEL booked revenue of Rp9.5 trillion, up 2.4% year-on-year. When normalised according to the acquisition period of subsidiary PT Ultra Mandiri Telekomunikasi in December 2024, the growth reached 3.4%.
EBITDA was recorded at Rp7.8 trillion, up 1.8% year-on-year or 2.5% normalised, while net profit remained stable at Rp2.1 trillion throughout 2025.
The company also maintained profitability with an EBITDA margin of 82.2% and a net profit margin of 22.2%. This performance was supported by cost control, with expenses increasing moderately by 4.9% to Rp5.4 trillion.
Entering 2026, MTEL targets revenue and EBITDA growth in line with the industry. The company is also preparing capital expenditure of Rp2.9 trillion, the addition of 2,500 organic tenants, and expansion of billable fibre optics by 9,000 km.
In addition, MTEL is beginning to explore the potential of People’s Internet through Fixed Wireless Access (FWA) technology to expand more affordable connectivity.
Analysts from Mirae Asset Sekuritas, Daniel Widjaja and Wilbert Alfin, assess that the increase in FWA demand and 5G expansion will be positive catalysts for MTEL’s performance.
“The increase in FWA demand alongside tower fibreisation from mobile operator 5G expansion will be positive catalysts for MTEL’s performance,” the analysts wrote in their research report cited on Thursday (16/4/2026).
“FWA development will be an opportunity for MTEL to reap the benefits of past investments in tower and fibre networks,” they added.
From a fundamental perspective, MTEL is considered to have a healthy balance sheet with a debt-to-equity ratio of 0.57 times and a net debt-to-EBITDA ratio of 2.37 times in 2025, well below the safe limit of 5 times.
Interest expenses on debt are also relatively controlled at an average of 6.17%, all based on floating interest rates, as an efficiency strategy amid low interest rate trends.
With this outlook, Mirae Asset Sekuritas recommends buying MTEL shares with a target price of Rp760.
“We reiterate our buy recommendation for MTEL with a target price of Rp760, which reflects an FY26F EV/EBITDA valuation of 9.9 times,” they wrote.