Telkomsel Sticks with GOTO Stake, Says Evaluation Ongoing
PT Telekomunikasi Selular, or Telkomsel, is still evaluating its investment in PT GoTo Gojek Tokopedia Tbk (GOTO).
The subsidiary of PT Telkom Indonesia (Persero) Tbk (TLKM) has yet to make a new decision regarding the direction of its shareholding in the technology company.
Telkomsel’s Director of Finance and Risk Management, Daru Mulyawan, said the company’s investment in GoTo remains positioned as part of a long-term strategic partnership.
The statement was made in response to a question about the direction of Telkomsel’s investment in GoTo, which noted that Telkomsel was sitting on a floating loss of around Rp5 trillion on the holding.
“We wish to convey that Telkomsel’s investment in GoTo is part of a long-term strategic partnership focused on optimising synergy potential and creating value for Telkomsel,” Daru said at the Public Expose Live 2026 event on Monday, 7 September 2026.
Daru said GoTo’s share price movements cannot be the sole basis for assessing the benefits of the investment. According to him, the share price reflects market dynamics, whereas the relationship between Telkomsel and GoTo also serves a strategic purpose.
“GoTo’s share price movements reflect market dynamics and do not represent the strategic benefits of the partnership,” he said.
Daru added that Telkomsel will continue to evaluate the investment’s performance as well as the realisation of synergies with GoTo.
“Going forward, Telkomsel will continue to conduct disciplined evaluations of investment performance and synergy realisation,” he said.
The evaluation covers the investment’s performance and the synergistic benefits expected from the two companies’ strategic partnership. However, Daru did not provide figures on the value of synergies realised so far, nor on targets for financial benefits from the cooperation.
Daru also announced no new decision regarding Telkomsel’s shareholding in GoTo. As such, management has made no statement about plans to sell, increase, or reduce the investment.
According to Daru, any investment decision will be made based on a comprehensive review and applicable governance mechanisms.
“Every investment decision will be taken prudently based on a comprehensive study, following the principles of governance and the applicable approval mechanisms,” he said.
With that position, the GoTo investment remains part of Telkomsel’s long-term partnership strategy, while the company continues to evaluate its performance and synergy realisation.
GoTo’s share price movements are one of the factors the market watches, as they can affect the value of Telkomsel’s investment. However, Telkomsel’s management stressed that share price movements do not directly reflect the strategic benefits of the partnership.
As of the Public Expose Live 2026 event, Telkomsel had not made any new decision on the direction of its GoTo investment. The company also did not say when the evaluation process would produce a decision on the shareholding position.
Telkomsel holds 1.99 percent of GoTo’s shares, equivalent to 23.7 billion shares, acquired at an average price of Rp270 per share. GoTo’s shares are currently stagnant at Rp50 per share, with a sell queue of 389,884 lots.
Rp10.4 Trillion Net Profit
PT Telkom Indonesia (Persero) Tbk (TLKM) posted consolidated revenue of Rp75.9 trillion in the first half of 2026, up 3.9 percent year-on-year.
According to the company’s presentation at the Public Expose Live 2026 on Monday, 7 September 2026, net profit attributable to owners of the parent entity reached Rp10.4 trillion, an increase of 8.3 percent compared with the same period last year.
The company also recorded normalised net profit of Rp11.3 trillion, growing 6.2 percent year-on-year. That figure excludes non-operational adjustments and changes in the fair value of investments.
On the EBITDA side, Telkom recorded Rp37.5 trillion with a margin of 49.4 percent. Meanwhile, Telkomsel’s EBITDA reached Rp26.1 trillion, up 8.6 percent year-on-year, with a margin of 46.9 percent.
Telkom’s operating cash flow stood at Rp34.9 trillion, up 7 percent year-on-year, while free cash flow to the firm (FCFF) reached Rp44.2 trillion, also up 7 percent year-on-year.
Telkomsel, as the group’s mobile business unit, booked revenue of Rp55.6 trillion in the first half of 2026, growing 3.3 percent year-on-year.
Telkom Restructures Its Business
Beyond the financial results, Telkom outlined developments in its TLKM30 organisational transformation programme.
Telkom Indonesia’s EVP of Shareholder Relations, Limiaty Purnomo, said the programme comprises four pillars: Operational Excellence, Streamlining, Unlock Value, and Modus Operandi Shift.
Under the programme, Telkom has completed the divestment of two businesses, closed eight entities, and consolidated two business units.
The divestments of AdMedika and TelkoMedika generated approximately Rp880 billion in cash, with pre-tax gains of around Rp530 billion.