Annual Reports
PT Sarana Menara Nusantara Tbk.'s annual reports contain management's most considered account of the business. These are the sections, passages and visual pages worth opening in the originals preserved in Sources.
PT Sarana Menara Nusantara Tbk — FY2025 Annual Report — FY2025
Latest report; shows the holding company's shift from pure tower leasing toward a diversified digital-infrastructure group. · Open the full document →
Sekilas SMN / SMN at a Glance — p. 68 · Read the full section →
What the business is: a holding company whose value sits in Protelindo, Indonesia's largest independent tower operator.
Company overview: a holding company whose revenue comes from subsidiary Protelindo and the SMN Group.
SMN’s main business focus is to invest in companies engaged in digital telecommunications infrastructure and other supporting business activities as described below. Given that the majority of SMN’s revenue is derived from the business activities of its subsidiaries, the description of SMN’s business is focused on the integrated operations of PT Profesional Telekomunikas Indonesia (“Protelindo”) and its subsidiaries (“the SMN Group”).
p. 68 · Read in context →
Competitive advantage: largest independent tower operator, neutral because it is unaffiliated with any carrier.
SMN, through its subsidiaries, is the largest independent telecommunications tower owner and operator in Indonesia. In addition to its core business, the Group also develops various supporting business activities related to digital infrastructure development to expand its products and services. As a business group that is neither owned by nor affiliated with any wireless telecommunications operator, Group has a strong competitive advantage as it is able to provide neutral services to all of its customers.
p. 71 · Read in context →
Kegiatan Usaha / Line of Business — p. 74 · Read the full section →
How it makes money — tower leasing plus a widening set of digital-infrastructure and support services.
Line of business: holding-company towers plus solar, payments, gensets and fiber construction.
The Company’s current operational focus is on holding company activities and, through its subsidiaries and entities within the Group, providing digital telecommunications infrastructure to its clients. In addition to operating in the provision of digita telecommunications infrastructure, the Group, through its other subsidiaries, also provides services in supporting business sectors, such as renewable energy (solar panels), payment gateway services, business operational support services, sale and leasing of generator sets (gensets), as well as telco infrastructure construction and maintenance services.
p. 74 · Read in context →
Prospek Usaha Tahun 2026 / Business Outlook for 2026 — p. 163 · Read the full section →
Management's forward agenda: 5G, fiber to underserved regions, PaaS, and renewable-energy build-out.
2026 outlook: 5G and fixed-mobile convergence, eastern-Indonesia fiber/subsea, and batteries at 700 tower sites.
SMN is well positioned to support the development of fixed-mobile convergence and the implementation of 5G technology, supported by spectrum allocation and the early stages of monetization. Growth opportunities are also present through the expansion of fiber optic networks and subsea infrastructure, particularly in eastern Indonesia, which remains relatively underserved. […] To support long-term sustainability, SMN will continue to advance its renewable energy initiatives, including the installation of battery systems at 700 tower sites and the deployment of solar panels at both tower sites and non-tower customer locations.
p. 163 · Read in context →
Tinjauan Operasional Segmen Usaha / Business Segment Operational Review — p. 164 · Read the full section →
Splits the group into tower leasing and non-tower, and shows how profit is shared between them.
Two segments — tower leasing (69% of gross profit) and non-tower (31%, +14% YTD).
The Company and its Subsidiaries and entities within the Group manage two main business segments, namely tower leasing and fiber optic services for FTTT, FTTH, and connectivity. […] In 2025, the Tower Leasing segment contributed 68.96% of total segment performance and remained the primary contributor to the Company’s gross profit, amounting to Rp6.30 trillion. […] Meanwhile, the Non-Tower segment accounted for 31.04% of gross profit during the same period and recorded a YTD increase of 14.05%.
p. 165 · Read in context →
Tinjauan Keuangan / Financial Review — p. 166 · Read the full section →
Where management explains 2025 results — revenue +4.65% and heavy reliance on three carrier customers.
Manajemen Risiko / Risk Management — p. 365 · Read the full section →
The risks that could genuinely bite a tower operator: carrier credit, licensing/land, and natural disaster.
More annual reports
PT Sarana Menara Nusantara Tbk — FY2024 Annual Report — FY2024 · 318 pages · Prior-year edition ("Synergy & Diversification"); revenue Rp12.74 trillion, the base year for the 2025 comparatives. · Open →
PT Sarana Menara Nusantara Tbk — FY2023 Annual Report — FY2023 · 318 pages · Thinner, tower-centric edition; revenue Rp11.74 trillion — a useful 'before' for the digital-infrastructure pivot. · Open →