Mitratel weathers Market Volatility with a Digital Infrastructure Play

JAKARTA, Investortrust.id — In the dense, competitive landscape of Indonesian telecommunications, the battle for dominance is moving underground. PT Dayamitra Telekomunikasi Tbk, the infrastructure behemoth known as Mitratel, disclosed Friday that it managed to eke out a profit gain in 2025, buoyed by a aggressive expansion into fiber optics that is beginning to offset the slowing growth of traditional cell towers.

The company, trading under the ticker MTEL on the Indonesia Stock Exchange (IDX), reported a net profit of Rp 2.12 trillion (approximately $132 million) for the 2025 fiscal year. This represents a marginal 0.6% increase from the Rp 2.11 trillion ($131.8 million) recorded the previous year. Revenue climbed 2.4% to Rp 9.53 trillion ($595.6 million), with the legacy tower business still providing a hefty 81.8% of the top line.

This modest growth carries significant weight for the broader Southeast Asian digital economy. As Indonesia—the region’s largest market—shifts from basic 4G connectivity to data-heavy digital ecosystems, the "tower-only" business model is showing its age. Mitratel’s ability to maintain high margins while pivoting toward "integrated infrastructure" serves as a bellwether for whether the region’s tech foundations can remain profitable amidst high global interest rates and market volatility.

The Fiber Acceleration

While towers remain the bedrock, Mitratel’s fiber optic business is the new star of the balance sheet. The segment now contributes 6% to total revenue, following an 18.1% year-on-year surge. This infrastructure—the physical veins of the internet—is essential for the "Next-Generation Tower" model that the company is pursuing.

From a profitability standpoint, the firm’s efficiency remained robust. Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached Rp 7.83 trillion ($489 million), up 1.8%. The EBITDA margin stayed nearly flat at a formidable 82.2%, while the net profit margin settled at 22.2%.

Operational Resilience

Theodorus Ardi Hartoko, Mitratel’s President Director, stated on Friday, April 3, 2026, that these figures reflect the company’s "resilience and consistency." He emphasized that the firm is disciplined in its execution, aiming to optimize the core tower business while treating fiber as the primary enabler for a broader digital ecosystem.

The operational metrics support this claim of resilience. By the end of December 2025, Mitratel’s tower portfolio grew 2.1% to 40,230 units. More importantly, "colocation"—where multiple carriers rent space on the same tower—jumped 11.7% to 22,854. This pushed the tenancy ratio up to 1.57x, a key industry metric indicating how effectively a company is monetizing its existing hardware.

The Road Ahead

The company’s fiber network now spans 70,618 kilometers (roughly 43,880 miles), a 15.6% increase from the previous year. The "billable ratio" for this fiber has also ticked up to 1.23x, suggesting that Mitratel is successfully finding more customers for every mile of cable laid.

Looking forward, the Jakarta-based firm plans to double down on asset utilization and service expansion. Management expressed optimism that its disciplined expansion and lean cost structure will continue to create long-term value for shareholders, even as the industry moves away from the era of "easy growth" in basic mobile coverage.