We are exposed to market risks that arise from changes in foreign exchange rates and interest rates risk, each of which will have an impact on us. Generally, we do not hedge our long-term liabilities in foreign currencies but hedge our obligation for the current year. As of December 31, 2025, assets in foreign currencies represented 447.7% of our liabilities denominated in foreign currencies. Our exposure to interest rate risk is managed through a mix of fixed and variable rate liabilities and assets, including short-term fixed-rate assets. Our exposure to such market risks fluctuated during 2023, 2024 and 2025 as the Indonesian economy was affected by changes in the U.S. Dollar to Indonesian Rupiah exchange rate and interest rates themselves. We are not able to predict whether such conditions will continue during 2025 or thereafter. Foreign Exchange Rate Risk We are exposed to foreign exchange risk on sales, purchases and borrowings that are denominated in foreign currencies, primarily in U.S. Dollars. Our exposures to other foreign exchange rates are not material. The foreign currency exchange rate risks on our obligations are expected to be partly offset by time deposits and receivables denominated in foreign currencies, which are generally equal to at least 25% of our current foreign currency liabilities. 203 Table of Contents For the sensitivity analysis of the risk of foreign exchange rate exposure, we take into consideration the assets and liabilities with exposure to the fluctuation of exchange rates recorded in our consolidated balance sheet. This analysis considers only financial assets and financial liabilities registered in U.S. Dollars, since our exposure to exchange variations against other foreign currencies is not material. Information on such sensitivity analysis showing the impact on our equity and profit/(loss) of hypothetical variations of the U.S. Dollar against the Rupiah as of December 31, 2025, can be found in Note 34b (i) of our Consolidated Financial Statements. As of December 31, 2025, we estimate that 1.0% appreciation of the U.S. Dollars against the Rupiah would cause Rp135 billion profit (compared to Rp137 billion profit as of December 31, 2024). Further, as of December 31, 2025, we estimate that 1.0% depreciation of the U.S. Dollar against the Rupiah would cause Rp135 billion loss. The analysis assumes that all other variables, in particular foreign currency rates, remain constant. The below table shows a breakdown by main categories of financial assets and financial liabilities of our exposure to foreign currency risk as of December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Exchange Risk ​ Outstanding Balance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ as of December 31, 2025 ​ Expected Maturity Date ​ ​ ​ ​ Foreign ​ Rp ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair ​ ​ ​ ​ Currency ​ ​ ​ Equivalent ​ ​ ​ 2026 ​ ​ ​ 2027 ​ ​ ​ 2028 ​ ​ ​ 2029 ​ ​ ​ 2030 ​ ​ ​ Thereafter ​ ​ ​ Value ​ ​ (million) ​ (Rp billion) ​ (Rp billion) ​ ​ ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and Cash Equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Dollar ​ 522 8,709 8,709 — — — — — 8,709 Others(1) ​ 21 388 388 — — — — — 388 Other Current Financial Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Dollar ​ 53 895 895 — — — — — 895 Others(1) ​ - - - — — — — — — Trade Receivables ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Related Parties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Dollar ​ 0 3 3 — — — — — 3 Others(1) ​ 0 ​ 0 ​ 0 — — — — — 0 Third Parties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Dollar ​ 144 ​ 2,408 ​ 2,408 ​ — ​ — ​ — ​ — ​ — ​ 2,408 Others(1) ​ 12 ​ 212 ​ 212 ​ — ​ — ​ — ​ — ​ — ​ 212 Contract Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Dollar ​ 4 ​ 75 ​ 75 ​ — ​ — ​ — ​ — ​ — ​ 75 Others(1) ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — Other Receivables ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Dollar ​ 1 ​ 10 ​ 10 ​ — ​ — ​ — ​ — ​ — ​ 10 Others(1) ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — Other Current Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Dollar ​ 1 ​ 24 ​ 24 ​ — ​ — ​ — ​ — ​ — ​ 24 Others(1) ​ 0 ​ 6 ​ 6 ​ — ​ — ​ — ​ — ​ — ​ 6 Long-term Investment in Financial Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Dollar ​ 308 ​ 5,134 ​ 5,134 ​ — ​ — ​ — ​ — ​ — ​ 5,134 Others(1) ​ 6 ​ 107 ​ 107 ​ — ​ — ​ — ​ — ​ — ​ 107 Other Non-current Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Dollar ​ 0 ​ 7 ​ 7 ​ — ​ — ​ — ​ — ​ — ​ 7 Others(1) ​ 1 ​ 12 ​ 12 ​ — ​ — ​ — ​ — ​ — ​ 12 LIABILITIES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade Payables ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Related Parties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Dollar ​ 0 ​ 1 ​ 1 ​ — ​ — ​ — ​ — ​ — ​ 1 Others(1) ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — Third Parties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Dollar ​ 159 ​ 2,645 ​ 2,645 ​ — ​ — ​ — ​ — ​ — ​ 2,645 Others(1) ​ 3 ​ 62 ​ 62 ​ — ​ — ​ — ​ — ​ — ​ 62 Other Payables ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Dollar ​ 20 ​ 327 ​ 327 ​ — ​ — ​ — ​ — ​ — ​ 327 Others(1) ​ 2 ​ 38 ​ 38 ​ — ​ — ​ — ​ — ​ — ​ 38 Accrued Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 204 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Exchange Risk ​ Outstanding Balance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ as of December 31, 2025 ​ Expected Maturity Date ​ ​ ​ ​ Foreign ​ Rp ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair ​ ​ ​ ​ Currency ​ ​ ​ Equivalent ​ ​ ​ 2026 ​ ​ ​ 2027 ​ ​ ​ 2028 ​ ​ ​ 2029 ​ ​ ​ 2030 ​ ​ ​ Thereafter ​ ​ ​ Value ​ ​ (million) ​ (Rp billion) ​ (Rp billion) ​ ​ U.S. Dollar ​ 11 ​ 186 ​ 186 ​ — ​ — ​ — ​ — ​ — ​ 186 Others(1) ​ 11 ​ 187 ​ 187 ​ — ​ — ​ — ​ — ​ — ​ 187 Advances from Customers ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Dollar ​ 4 ​ 66 ​ 66 ​ — ​ — ​ — ​ — ​ — ​ 66 Others(1) ​ 0 ​ 6 ​ 6 ​ — ​ — ​ — ​ — ​ — ​ 6 Short-term Bank Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Dollar ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — Current Maturities of Long-term Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Dollar ​ 11 ​ 180 ​ 180 ​ — ​ — ​ — ​ — ​ — ​ 180 Others(1) ​ 0 ​ 7 ​ 7 ​ — ​ — ​ — ​ — ​ — ​ 7 Other Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Dollar ​ 0 ​ 6 ​ 6 ​ — ​ — ​ — ​ — ​ — ​ 6 Others(1) ​ ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — Long-term Liabilities(2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Dollar ​ 23 ​ 386 ​ 386 ​ — ​ — ​ — ​ — ​ — ​ 386 Others(1) ​ 1 ​ 22 ​ 22 ​ — ​ — ​ — ​ — ​ — ​ 22 Notes: (1) Assets and liabilities denominated in other foreign currencies are presented as U.S. Dollar equivalents using the Reuters bid and offer rates prevailing at the end of the reporting period. (2) Long-term liabilities for the purpose of this table consist of loans denominated in foreign currencies from long-term bank loans. Interest Rate Risk Our exposure to interest rate fluctuations results primarily from changes to the variable rate applied for long-term debt. Borrowings at variable interest rates expose our Company and our subsidiaries to interest rate risk. In order to reduce our exposure to interest rate fluctuations, we aim to balance the share of our fixed-rate loans and floating-rate loans in our bank borrowings. We try to achieve this where there are opportunities to increase the share of fixed-rate loans in our overall loan portfolio in light of prevailing interest rates available in the market at any given time and based on market and our expectations as to future floating and fixed interest rates. As of December 31, 2025, approximately 49.8% (based on the aggregate then outstanding principal) of our total bank borrowings were floating-rate loans. To measure market risk fluctuations in interest rates, our Company and our subsidiaries primarily use the interest margin and maturity profile of the financial assets and liabilities based on the changing schedule of the interest rate. In this Form 20-F, we chose to provide investors with the results of a sensitivity analysis related to our interest rate risk sensitive instruments as opposed to the tabular presentation of information related to interest rate risk sensitive instruments, we disclosed in previous annual reports on Form 20-F. We believe such presentation, together with comparable information for the fiscal year ended December 31, 2025, makes it easier to understand the impact of variations in interest rates on our Company’s financial performance and financial position as we use selected hypothetical changes in interest rates to illustrate such impact. We also believe this type of sensitivity analysis provides useful information and is widely used by investors for measuring the impact of such variations on interest rate risk sensitive instruments held by issuers. As of December 31, 2025, we estimate that a decrease by 25 basis points in the interest rates of our variable rate borrowings would have increased our equity and profit or loss by Rp94 billion (compared with a Rp72 billion increase as of December 31, 2024); a similar increase by 25 basis points in the interest rates of our variable rate borrowings would have decreased our equity and profit or loss by Rp94 billion (compared with a Rp72 billion decrease as of December 31, 2024). The analysis assumes that all other variables, in particular foreign currency rates, remain constant. Credit Risk Credit risk is the potential financial loss resulting from the failure of a customer or counterparty to meet its financial obligations to us as required under the terms of the contract. Credit risk mainly arises from cash, cash equivalents, and 205 Table of Contents trade and other receivables from the sales of products and services. Our management has a credit policy in place to monitor credit risk on an ongoing basis, including the continuous monitoring of outstanding balances and collection trends. We place most of our cash and cash equivalents in Indonesian state-owned banks, which have the most extensive branch networks and are considered financially stable because they are owned by the Government. This approach minimizes the risk of financial losses if a bank or financial institution fails to make payments. As of December 31, 2025, trade and other receivables decreased by Rp1,419 billion or 11.1%, from Rp12,829 billion as of December 31, 2024, to Rp11,410 billion as of December 31, 2025, driven by decrease in trade receivables from related parties (Rp375 billion), third parties (Rp595 billion), and other receivables (Rp449 billion). There were no significant concentrations of credit risk, as no single customer receivable balance accounted for more than 7.94% of total trade receivables as of December 31, 2025 (compared to 5.76% as of December 31, 2024). We actively manage customer credit risk by continuously monitoring outstanding balances and collection patterns, ensuring that trade and other receivables do not reflect major concentrations of risk. Our assessment of customer receivables is ongoing and incorporates both historical data and current monitoring, with regular updates to our expected credit loss provisions as warranted. As of the date hereof, management remains confident in its ability to sustain minimal exposure to customer credit risk, and has recognized sufficient provisions for impairment of receivables to cover potential losses from uncollectible accounts, based on historical data on credit losses. As of December 31, 2025, we believe the provisions for impairment of receivables are adequate to cover potential losses from uncollectible accounts. For further details on our credit risk exposure and financial assets as of December 31, 2025, please refer to Notes 6, 7 and 34b(iv) of our Consolidated Financial Statements. See also "Item 5B. Liquidity and Capital Resources — Current Assets." Financial Risk We classify our financial assets as of amortized cost, at Fair Value through Profit or Loss (“FVTPL”) and Fair Value through Other Comprehensive Income (“FVTOCI”). We are exposed to changes in debt and equity market prices related to financial assets measured at FVTPL carried at fair value. Gains arising from changes in the fair value of financial assets measured at FVTPL are recognized in our consolidated statements of profit or loss and other comprehensive income. We periodically monitor the performance of our financial assets measured at FVTPL, and we regularly assess their relevance to our long-term strategic plans. As of December 31, 2025, our management considered the price risk for our financial assets measured at FVTPL to be immaterial in terms of the possible impact on profit or loss and total equity from a reasonably possible change in fair value. Liquidity Risk Liquidity risk arises in situations where we experience difficulties in fulfilling our financial obligations when they become due. Prudent liquidity risk management implies maintaining sufficient cash in order to meet our financial obligations. We regularly monitor our financial position ratios, such as liquidity ratios and debt-to-equity ratios, and our ability to comply with applicable covenants in our financial agreements. For additional information on our exposure to liquidity risk, please refer to Note 34b(v) to our Consolidated Financial Statements. ​ (1) ​ ​ 206 Table of Contents