Calls
Source: S&P Capital IQ transcripts via Xpressfeed · latest indexed call 2026-06-03 · generated 2026-07-23.
Latest call digest
PT Sarana Menara Nusantara Tbk., PT Verdhana Sekuritas Indonesia, Q1 2026 Earnings Call, Jun 03, 2026 · 2026-06-03T07:00:00
Q1 2026 call (June 3, 2026). Adam Gifari's prepared remarks leaned on the familiar scale story — 36,000+ towers, roughly 180,000 km of build-to-suit fiber, a stable 8% return on investment — and framed 2026 growth as coming mainly from connectivity. The Q&A was more pointed. Analysts pressed on the per-tenant tower lease rate drifting toward the industry level (management put it at a step down from IDR 11 million to IDR 10.5 million, tied to the XL-Smartfren deal and a roughly 10-year contract reset), on FTTH revenue slipping even as penetration reached a record 15.8% (management: wholesale minimum-guarantee contracts still running below take-up), and on CapEx exceeding depreciation without matching EBITDA growth (management: waiting on higher co-location tenancy). Stated guidance was about IDR 14 trillion of 2026 revenue, an EBITDA margin in the mid-70s to 78%, and an unchanged dividend. The call also marked Gifari's last as IR lead, with Hartono Tanuwidjaja taking over.
Participant coverage from the latest call.
| Group | Participants | Count |
|---|---|---|
| Management | Operator; Adam Gifari; Hartono Tanuwidjaja — Chief of Strategic Business Development, PT Sarana Menara Nusantara Tbk. | 3 |
| Analysts | Erwin Wijaya — Analyst, PT Verdhana Securities Indonesia | 1 |
Curated latest-call exchanges; one row per analyst topic.
| Analyst | Firm | Topic | What changed in Q&A |
|---|---|---|---|
| Sabrina | Trimegah Sekuritas | Tower lease-rate decline | Asked why average lease rate fell to a historic low. Management attributed it to the XL-Smartfren merger deal, quantifying a move from IDR 11 million to IDR 10.5 million, offset by a roughly 10-year contract reset and added fiber orders. |
| Sabrina | Trimegah Sekuritas | FTTH penetration vs. flat revenue | Flagged record penetration but declining FTTH revenue. Management explained that 95%+ of home passes are wholesale build-to-suit for XL and Indosat, priced on minimum guarantees the take-up has not yet exceeded. |
| — | — | Capital allocation and buyback | Anonymous question on buyback versus dividend, debt paydown and building. Management said 2026 is a year of CapEx/OpEx discipline and debt-cost reduction, noted a buyback was done in Q1, and favored a mix. |
| — | — | CapEx vs. depreciation and ROIC/ROE trough | Asked why CapEx above depreciation is not lifting EBITDA and when returns bottom. Management said it is a function of higher asset utilization and co-location tenancy, held back by post-merger consolidation. |
| Vincent Gozali | — | FWA (SURGE/WIFI/MyRepublic) tenant additions | Asked the run rate of fixed-wireless-access site leases. Management said demand rose from about 400 before Lebaran to more than 1,000 leases now, all provided as colocation on existing towers. |
Theme tracker
Themes are curator-classified across supplied calls.
| Theme | Status | Quarters mentioned | Read-through |
|---|---|---|---|
| Connectivity as the designated growth engine | persisted | Q3 2024, FY2024, Q1 2025, Q2 2025, FY2025, Q1 2026 | With tower and fiber-to-the-tower orders flat through the mergers, management repeatedly named connectivity (enterprise/B2B plus ISP subsidiaries) the organic bright spot. It recurs in every recent call as the main lever for top-line growth. |
| Merger relocations and lease churn (IOH then XL-Smartfren) | persisted | 9M 2023, FY2023, Q2 2024, Q3 2024, FY2024, Q1 2025, Q2 2025, FY2025, Q1 2026 | Indosat-Hutchison relocations dominated 2023-2025, with the XL-Smartfren merger overlapping from 2024. By Q1 2026 management called XLS the last meaningful hit to tower revenue. |
| Soft tower revenue and eroding tenancy ratio | persisted | FY2023, Q2 2024, Q3 2024, FY2024, Q1 2025, Q2 2025, FY2025, Q1 2026 | Tenancy ratio drifted from about 1.78 to the mid-1.6s as towers grew faster than tenants; tower revenue ran flat to negative, printing minus 4.1% in Q1 2026. |
| FTTH monetization gap — rising penetration, flat revenue | emerged | Q2 2025, FY2025, Q1 2026 | Analysts increasingly flagged FTTH revenue falling even as penetration hit records. Management pointed to wholesale minimum-guarantee contracts sitting below take-up. This is a newer, distinct concern versus the earlier growth-story framing. |
| Rights issue overhang | dropped | Q2 2024, Q3 2024, FY2024, Q1 2025, Q2 2025 | The roughly IDR 5.5 trillion rights issue was a standing Q&A topic until it completed in mid-2025. It is absent as a forward item in the FY2025 and Q1 2026 calls because it resolved, not because it went unexplained. |
| 5G and spectrum-auction anticipation | persisted | 9M 2023, FY2023, Q3 2024, FY2024, Q1 2025, Q2 2025, FY2025, Q1 2026 | Raised in nearly every call yet perennially deferred; by Q1 2026 management still described Indonesia as essentially a 4G country with no spectrum-auction timeline. |
| Fiber/ISP M&A consolidation | persisted | FY2023, Q3 2024, FY2024, Q1 2025, Q2 2025, FY2025, Q1 2026 | Successive acquisitions — IBST towers, then fiber ISPs such as Varnion, Nusanet and Remala — aimed at lifting fiber utilization. Management consistently described the pipeline as ongoing without naming targets. |
Guidance ledger
Quotes, calls, and speakers are source-verified; outcomes are curator-classified.
| Verbatim guidance | Call | Speaker | Curator outcome | Outcome note |
|---|---|---|---|---|
| “revenue for 2025 is expected to be in the low single digits organically compared to 2024 achievements.” | PT Sarana Menara Nusantara Tbk., 2024 Earnings Call, Mar 26, 2025 · 2025-03-26T07:00:00 | Adam Gifari | kept | FY2025 audited operating revenue reached IDR 13.3 trillion, a low-single-digit rise, in line with the guided range. |
| “I think we expect to see lower to 83%” | PT Sarana Menara Nusantara Tbk., Q1 2025 Earnings Call, Jun 16, 2025 · 2025-06-16T07:00:00 | Adam Gifari | kept | FY2025 EBITDA of IDR 10.97 trillion on IDR 13.3 trillion revenue implies a margin close to the guided low-83% area. |
| “we see the company to book basically low single-digit revenue growth” | PT Sarana Menara Nusantara Tbk., 2025 Earnings Call, Apr 06, 2026 · 2026-04-06T09:00:00 | Adam Gifari | pending | 2026 outlook; the Q1 2026 call pointed to about IDR 14 trillion revenue, roughly consistent with low-single-digit growth off IDR 13.3 trillion. |
| “CapEx should be around IDR 5 trillion.” | PT Sarana Menara Nusantara Tbk., 2025 Earnings Call, Apr 06, 2026 · 2026-04-06T09:00:00 | Adam Gifari | pending | 2026 CapEx guidance; no full-year 2026 figure available in the supplied call history. |
| “we're achieving IDR 14 trillion of revenues and then EBITDA to be mid-70s or 78%” | PT Sarana Menara Nusantara Tbk., PT Verdhana Sekuritas Indonesia, Q1 2026 Earnings Call, Jun 03, 2026 · 2026-06-03T07:00:00 | Adam Gifari | pending | Full-year 2026 revenue and EBITDA-margin framing given on the latest call; no subsequent quarter available to test it. |
| “We budgeted the same dividend as last year” | PT Sarana Menara Nusantara Tbk., PT Verdhana Sekuritas Indonesia, Q1 2026 Earnings Call, Jun 03, 2026 · 2026-06-03T07:00:00 | Adam Gifari | pending | 2026 dividend intention, subject to a better-than-expected business case; not yet resolved in the supplied history. |
Q&A pressure map
Question counts and firms are curator tallies; analyst coverage shown above.
| Topic | Questions | Firms | Pressure / response |
|---|---|---|---|
| Merger churn and tower relocations | 6 | Trimegah Sekuritas, Mandiri Sekuritas, Citigroup, BCA Sekuritas | The most-pressed topic across quarters. Management engaged in detail, walking through churn scenarios and relocation progress rather than deflecting. |
| Multi-year revenue and EBITDA growth outlook | 3 | DBS Bank, Bahana Sekuritas, Verdhana | Management repeatedly declined firm long-term forecasts, citing the build-to-suit model driven by operator orders. A consistent, openly stated limit rather than an evasion. |
| Tower lease-rate / ARPU decline | 3 | Trimegah Sekuritas, JPMorgan, BCA Sekuritas | Analysts pressed on falling per-tenant lease rates over several calls; in Q1 2026 management tied the step-down to the XL-Smartfren deal and a roughly 10-year contract reset. |
| FTTH revenue vs. penetration disconnect | 2 | Trimegah Sekuritas | In Q2 2025 management could not reconcile the quarter-on-quarter FTTH revenue drop on the call and pointed to home-connect volume instead — a candid but partial non-answer, later addressed via the minimum-guarantee explanation. |
| Tax-rate volatility and normalized earnings | 2 | Bahana Sekuritas, Citigroup | Management declined to quantify a normalized tax rate, citing unpredictable tax-office positions and a new tax system. |
Language shifts
Only language evidence verified against the referenced component is shown.
| Observation | Verbatim evidence | Call ID | Component |
|---|---|---|---|
| A new macro-risk vocabulary centered on the Middle East 'war', oil prices, inflation and a weaker rupiah entered the caution set in 2026, displacing the earlier interest-rate-only framing. | “The recent war, increased oil prices, high inflation and now we are seeing weaker rupiah” | 2003367193 | 6 |
| Management's tone on 5G turned notably more candid and tempered, downplaying current 5G rather than promoting it as a near-term driver. | “Indonesia doesn't have a 5G yet. It's more of a gimmick.” | 2003367193 | 2 |
| Persistent 'waiting' language around a tower-demand rebound signals sustained caution about the timing of any recovery in tenancy and pricing. | “We are obviously waiting for the inflection point.” | 1945628439 | 44 |
The through-line across these calls is a company absorbing two overlapping telco mergers by trading near-term tower softness for longer contracts and leaning on connectivity for growth. The newer notes — a candid 5G-is-still-4G stance, a fresh war/inflation caution, and an unresolved FTTH revenue-versus-penetration gap — argue for treating management's low-single-digit growth framing as the realistic base case until tenancy ratios actually inflect.