The following discussion and analysis should be read in conjunction with our Consolidated Financial Statements included elsewhere in this Form 20-F. These Consolidated Financial Statements were prepared in accordance with IFRS. KAP Purwanto Susanti dan Surja (a member firm of Ernst & Young Global Limited) audited our Consolidated Financial Statements, prepared as of January 1, 2024, December 31, 2024, and December 31, 2025 and our Consolidated Statement of Profit or Loss and Other Comprehensive Income for the years ended December 31, 2023, 2024, and 2025. The Consolidated Financial Statements are stated in Indonesian Rupiah. The conversion of Indonesian Rupiah amounts into U.S. Dollars are included solely for the convenience of readers and have been made using the middle exchange rate for the Indonesian Rupiah (“Rp”) against the U.S. Dollar (“US$”) published by Reuters Refinitiv on December 31, 2025, which was Rp16,676 to US$1.00. A. Operating Results Overview We are the principal provider of local, domestic and international telecommunications services in Indonesia, as well as the leading provider of mobile cellular and fixed broadband services through our majority-owned subsidiary, Telkomsel. As of December 31, 2025, we had approximately 156.1 million mobile cellular subscribers and 10.3 million IndiHome B2C subscribers through Telkomsel. We also provide a wide range of other communication services, including telephone network, interconnection services, multimedia, data and internet communication-related services, satellite transponder leasing, leased line, intelligent network and related services, cable television and VoIP services. We also operate multimedia businesses such as content and applications. In addressing competitive dynamics, we focus on initiatives to strengthen value and monetization such as product simplification and pricing rationalization, while remaining mindful of customer affordability and macro conditions. We intend to continue to cope with market and industry challenges that may arise from time to time by leveraging our customer base, network quality, brand name and strategic execution capabilities. Indonesia’s GDP grew by 5.11% in 2025, according to Government data. Meanwhile, inflation increased from 1.57% in 2024 to 2.92% in 2025, according to the Indonesian Central Bureau of Statistics. See also “Item 11. Quantitative and Qualitative Disclosure about Market Risk — Foreign Exchange Rate Risk.” Our revenue in 2025, compared with 2024, was primarily driven by growth in data, internet, and information technology service revenues, which accounted for approximately 60.2% of total revenues. Our operating results in 2025 compared with 2024 reflected an increase in expenses. This increase was mainly driven by the increased depreciation and amortization, interconnection, and general and administrative expenses. See also “Item 5B. Liquidity and Capital Resources — Capital Expenditures” for more information on our capital expenditures. Key Performance Indicators We use certain key performance indicators to monitor and manage our business. We use these indicators to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans, and make strategic decisions. We believe these indicators provide useful information to investors in understanding and evaluating 106 Table of Contents our operating results in the same manner we do. The key indicators that we use to evaluate the performance of our business are set forth below: Collections We track our performance in terms of collections, which provides insight into our ability to manage trade receivables and accounts invoiced. We determine our allowance for expected credit losses based on a collective assessment of historical impairment rates and individual assessment of our customers’ credit history, adjusted for forward-looking factors specific to customers and the economic environment. We do not distinguish between related party and third-party receivables in assessing amounts past due. As of December 31, 2024 and 2025, the carrying amounts of trade receivables considered past due but not impaired amounted to Rp5,291 billion and Rp4,799 billion, respectively. Management believes receivables that are past due but not impaired, as well as those that are neither past due nor impaired, are from customers with good credit history and are expected to be recoverable. See also “Item 11. Quantitative and Qualitative Disclosure about Market Risk — Credit Risk.” Number of Fixed Broadband B2C Subscribers We track the number of our home broadband subscribers (e.g., our IndiHome B2C subscribers) as an indicator of our competitiveness and ability to capture increased or new revenue streams in the future, as we expect an increase in the use of broadband internet at home, a further diversification of digital services offered to customers, and the development and continuation of megatrends that favor an increase in the consumption of digital services. Number of Mobile Broadband Subscribers We track the number of our mobile cellular subscribers (through Telkomsel) as an indicator of competitiveness and the ability to capture growth opportunities generated by increased consumption of internet data and digital services on cellular phones. Number of BTS We track the number of our BTS as an indicator of the strength and the competitiveness of our network. It is also an indicator of our ability to capture growth opportunities. Operating Profit Operating profit is equal to total revenues, primarily comprising legacy revenues, broadband revenues, digital service revenues, IndiHome B2C revenues, and total expenses, mainly comprising operation, maintenance, and telecommunications service expenses, depreciation and amortization expenses, personnel expenses, marketing expenses, general and administrative expenses, interconnection expenses, and other expenses. Changes in those line-items have a direct impact on our operating profit and depend on a variety of factors, as further discussed below under “— Principal Factors Affecting our Financial Condition and Results of Operations.” Profit for the Year Profit for the year is equal to operating profit minus finance costs, plus finance income, share of loss of long-term investment in associates, minus income tax, and impairment of long-term investments in associated companies. ​ 107 Table of Contents Principal Factors Affecting our Financial Condition and Results of Operations Shift from Legacy Voice and SMS Services to Data and Digital Services Our results of operations are significantly influenced by the ongoing shift in consumer behavior from legacy cellular services, such as traditional voice calls and SMS, to data, internet, and other digital services. This shift is also reflected at the industry level, as the Indonesian telecommunications industry has continued its structural transition from legacy voice and SMS toward data-led services, supported by increasing digital engagement and the continued adoption of OTT applications. This industry transition has contributed to ongoing pressure on legacy revenue streams across operators, consistent with broader changes in consumer communication behavior. This trend is primarily driven by the increased affordability and adoption of smartphones in Indonesia and a growing, digitally-native customer base. While this shift has driven significant growth in data traffic, it has also resulted in a continuing decline in revenues from our higher-margin legacy services and has placed pressure on our average revenue per user (“ARPU”). Our ARPU declined from approximately Rp47.5 thousand in 2023 to approximately Rp44.4 thousand in 2024, and was Rp43.0 thousand in 2025. This decline was primarily due to the contraction in legacy service usage, compounded by macroeconomic pressures that have impacted consumer purchasing power. The sustainability of our ARPU is subject to factors that include macroeconomic conditions and the competitive landscape, which are beyond our control. Despite the above-described decline in ARPU, in 2025 our ARPU improved in the second half of the year, from Rp41.3 thousand in the second quarter of 2025 to Rp45.0 thousand in the last quarter of 2025. This improvement primarily reflected pricing initiatives in the second half of the year and product simplification, including starter-pack price normalization and initiatives to increase monetization of our existing subscriber base, such as bundling, cross-selling and upselling. In response to this trend, our strategy is to focus on growing our digital business revenues, which increased to 92.4% of Telkomsel’s mobile revenues in 2025 from 90.3% in 2024. We expect that revenue from mobile data and digital services will continue to increase and represent a larger portion of our consolidated revenues. Our initiatives include scaling our digital service capabilities, including Digital Lifestyle, Digital Advertising, and Digital Enterprise Solutions, and expanding our fixed broadband portfolio. Growth of the IndiHome Fixed Broadband Business The expansion of our IndiHome fixed broadband service continues to impact our revenue. The number of IndiHome B2C subscribers increased from 9.6 million in 2024 to 10.3 million in 2025. Following the integration of the IndiHome business into Telkomsel in July 2023, we have pursued growth in our fixed broadband customer base while increasingly focusing on customer quality, retention and profitability in light of intensifying competition in the fixed broadband market. We believe opportunities exist for further revenue growth in fixed broadband services, considering the relatively low household penetration in Indonesia. The competitive environment, however, remains challenging with a significant number of local and foreign providers. Our strategy includes expanding our broadband infrastructure, encouraging customers to purchase speed upgrades and additional services such as bundled content, while leveraging Telkomsel’s mobile customer base for cross-selling and upselling opportunities following the integration of the IndiHome business into Telkomsel. We also launched EZnet in mid-2024 to target the mass-market segment with more accessible pricing. Our consolidated IndiHome consumer segment revenues decreased from Rp26,262 billion in 2024 to Rp26,119 billion in 2025. Competition The Indonesian telecommunications market is highly competitive. The convergence of technologies has lowered barriers to entry and introduced new competitors, including non-traditional providers of OTT services that compete directly with our legacy voice and SMS services. This competition has contributed to the decline in our legacy cellular telephone revenues, which decreased by 29.7% to Rp4,400 billion (US$264 million) in 2025 from Rp6,260 billion in 2024. We expect that revenue from legacy cellular services, and its contribution to our total consolidated revenues, will continue to 108 Table of Contents decline. See “Item 3. Key Information—D. Risk Factors—Risks Related to Our Business– The telecommunications industry is characterized by intense competition and rapid technological change, and our ability to compete effectively depends on significant capital investment, access to sufficient spectrum, and successful adaptation to new technologies and market entrants.” Capital Expenditures and Related Expenses The telecommunications industry requires significant and continuous investment to maintain and upgrade technology and infrastructure. Our financial condition and results of operations are affected by the capital expenditures we incur and the associated operation, maintenance, depreciation, and amortization expenses. Our operation and maintenance expenses increased by 0.1% to Rp41,234 billion (US$2,473 million) in 2025 from Rp41,202 billion in 2024. We expect these expenses to remain relatively stable or increase moderately as we grow our subscriber base and traffic and continue to invest in our network infrastructure. We also expect that the integration of our IndiHome business will allow for further cost optimization and operational efficiencies. Our depreciation and amortization expenses increased by 10.3% to Rp37,653 billion (US$2,258 million) in 2025 from Rp34,134 billion in 2024. This increase was primarily associated with capital expenditures for our network infrastructure. We anticipate that depreciation and amortization expenses may increase in the future as we continue to develop our network infrastructure to support both mobile and fixed broadband services. Voluntary Change in Accounting Policy In 2025, following a detailed review and evaluation of the accounting treatment of certain drop-cable assets, we determined that these assets should be identified as a distinct component within our telecommunications infrastructure assets. Drop-cable assets were previously included within the access network asset class without being identified as a separate component. From January 1, 2025, these assets have been classified as a separate component in our consolidated financial statements. Management assessed this change in accounting policy under IAS 8, in accordance with the guidance regarding a voluntary change in accounting policy. We concluded that this voluntary change in accounting policy results in our consolidated financial statements providing reliable and more relevant information about our telecommunications infrastructure assets as it reflects the drop cable assets' distinct nature as a last-mile, customer connection asset in a better way than our prior corresponding accounting policy. This change in accounting policy has been applied retrospectively, which is reflected in adjustments made to impacted line-items in the historical comparative information for the years 2023 and 2024 disclosed in our Consolidated Financial Statements. This voluntary change in accounting policy primarily resulted in a decrease in the carrying amount of property, plant and equipment, increased depreciation expense, and a decrease in profit before tax for the relevant periods, without impacting cash flows. For more information on this voluntary change in accounting policy, see "Item 5.C — Critical Accounting Policies, Estimates and Judgments — Change in Accounting Policy – Drop Cable Assets" below and Note 2y to our Consolidated Financial Statements. Reclassification of IndiHome Revenues and Impact on Segment Reporting Effective January 1, 2024, we reclassified the presentation of certain revenues related to our IndiHome business to more accurately reflect the operational and strategic differences between our B2B and B2C customers following the integration of our IndiHome business into Telkomsel. This reclassification impacts the comparability of line items within our reported segments between periods, but does not impact our total consolidated revenues or net income. Prior to January 1, 2024, revenues from both enterprise (B2B) and consumer (B2C) IndiHome subscribers were aggregated under the line item “IndiHome revenues.” As of January 1, 2024, revenues from IndiHome B2B subscribers are reported within our Enterprise segment under “data, internet and information technology services, network revenues, and other services revenues.” Revenues from IndiHome B2C subscribers continue to be reported under “IndiHome revenues” within our Consumer segment. Our consolidated financial statements for the year ended December 31, 2023, which are presented for comparative purposes, have not been restated to reflect this change in presentation. 109 Table of Contents Accounting Treatment and Comparative Presentation in our Consolidated Financial Statements From January 1, 2024, IndiHome B2B revenues were classified as “data, internet and information technology services, network revenues, and other services revenues” instead of “IndiHome revenues” within the Enterprise segment. In the Consumer segment, IndiHome revenues reflect only revenues generated from B2C subscribers. Impact on our Consolidated Revenue and Segment Reporting The above-described reclassification had no impact on our total consolidated revenues or net income. The reclassification was implemented so that only IndiHome B2C revenues are classified under the “IndiHome revenues” line-item within the Consumer segment, while IndiHome B2B revenues are allocated to the relevant Enterprise segment’s line items. For further information, see Notes 24 and 32 to our Consolidated Financial Statements. Change in Operating Segment Reporting In 2025, our management changed the basis for grouping the Group’s operating segments from a Customer Facing Unit (“CFU”) approach to a business pillar approach to align segment reporting with the manner in which the Chief Operating Decision Maker (“CODM”) reviews segment performance and allocates resources. Accordingly, prior year segment information has been restated to conform with the current year presentation. We identified five reportable segments without aggregation of operating segments, namely B2C, B2B Infra, B2B ICT, International, and Others. The B2C segment includes telecommunications services provided to individual and residential customers, including mobile and fixed broadband services; the B2B Infra segment includes the provision, management, and maintenance of telecommunications infrastructure such as towers, fiber optic networks, backbone infrastructure, data centers, and satellites; the B2B ICT segment includes system integration services, information technology services, and digital solutions for corporate and institutional customers; the International segment includes international connectivity and wholesale services for telecommunications operators and overseas customers; and the Others segment includes supporting business activities such as media and content services, business consulting and management services, trading and distribution, certain information technology services, as well as investment and other business development activities. The CODM evaluates the performance of each segment based on segment profit or loss, measured consistently with operating profit or loss in the consolidated financial statements, while segment revenues and expenses also include intersegment transactions that are eliminated upon consolidation and determined based on prevailing market prices on an arm’s length basis. Telkom’s Consolidated Statements of Profit or Loss and Other Comprehensive Income The following table sets out our Consolidated Statements of Profit or Loss and Other Comprehensive Income for the years ended December 31, 2023, 2024, and 2025. In the following table, each revenue line-item is expressed as a percentage of total consolidated expenses for the year. 2023* ​ 2024* ​ 2025 (Rp billion) ​ % ​ (Rp billion) ​ % ​ (Rp billion) ​ % ​ (US$ million) REVENUES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Telephone revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cellular 8,194 ​ 5.5 ​ 6,260 ​ 4.2 ​ 4,400 ​ 3.0 ​ 264 Fixed line 899 ​ 0.6 ​ 479 ​ 0.3 ​ 572 ​ 0.4 ​ 34 Short Messaging Service (“SMS”) 3,380 ​ 2.3 ​ 3,805 ​ 2.5 ​ 3,163 ​ 2.2 ​ 190 Total telephone revenues 12,473 ​ 8.4 ​ 10,544 ​ 7.0 ​ 8,135 ​ 5.5 ​ 488 Interconnection revenues 9,067 ​ 6.1 ​ 9,187 ​ 6.1 ​ 8,972 ​ 6.1 ​ 538 Data, internet, and information technology service revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 110 Table of Contents 2023* ​ 2024* ​ 2025 (Rp billion) ​ % ​ (Rp billion) ​ % ​ (Rp billion) ​ % ​ (US$ million) Cellular data and internet 73,187 ​ 49.0 ​ 72,639 ​ 48.4 ​ 71,289 ​ 48.6 ​ 4,275 Internet, data communication, and information technology services 10,899 ​ 7.3 ​ 14,104 ​ 9.4 ​ 14,217 ​ 9.7 ​ 853 Others 3,354 ​ 2.2 ​ 3,790 ​ 2.5 ​ 4,538 ​ 3.1 ​ 272 Total data, internet, and information technology service revenues 87,440 ​ 58.6 ​ 90,533 ​ 60.4 ​ 90,044 ​ 61.4 ​ 5,399 Network revenues 2,482 ​ 1.7 ​ 3,179 ​ 2.1 ​ 3,645 ​ 2.5 ​ 219 IndiHome revenues 28,785 ​ 19.3 ​ 26,262 ​ 17.5 ​ 26,119 ​ 17.8 ​ 1,566 Other services ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ E-payment 496 ​ 0.3 ​ 1,300 ​ 0.9 ​ 1,684 ​ 1.1 ​ 101 Call center service 1,264 ​ 0.8 ​ 1,255 ​ 0.8 ​ 1,154 ​ 0.8 ​ 69 Manage service and terminal 920 ​ 0.6 ​ 1,045 ​ 0.7 ​ 1,226 ​ 0.8 ​ 74 E-health 761 ​ 0.5 ​ 767 ​ 0.5 ​ — ​ — ​ — Others 2,742 ​ 1.8 ​ 2,866 ​ 1.9 ​ 2,888 ​ 2.0 ​ 173 Total other services 6,183 ​ 4.1 ​ 7,233 ​ 4.8 ​ 6,952 ​ 4.7 ​ 417 Total revenues from contract with customer 146,430 ​ 98.1 ​ 146,938 ​ 98.0 ​ 143,867 ​ 98.0 ​ 8,437 Revenues from lessor transactions 2,786 ​ 1.9 ​ 3,029 ​ 2.0 ​ 2,875 ​ 2.0 ​ 172 Total revenues 149,216 ​ 100.0 ​ 149,967 ​ 100.0 ​ 146,742 ​ 100.0 ​ 8,799 EXPENSES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operation, maintenance, and telecommunications service expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operation and maintenance 23,057 ​ 21.7 ​ 24,365 ​ 22.5 ​ 23,478 ​ 20.8 ​ 1,408 Radio frequency usage charges 7,412 ​ 7.0 ​ 7,687 ​ 7.1 ​ 7,746 ​ 6.9 ​ 464 Leased lines and CPE 3,462 ​ 3.3 ​ 3,422 ​ 3.2 ​ 4,474 ​ 4.0 ​ 268 Concession fees and USO charges 2,836 ​ 2.7 ​ 2,933 ​ 2.7 ​ 2,885 ​ 2.6 ​ 173 Electricity, gas, and water 877 ​ 0.8 ​ 1,097 ​ 1.0 ​ 1,051 ​ 0.9 ​ 63 Cost of SIM cards, vouchers, and sales of peripherals 797 ​ 0.7 ​ 584 ​ 0.5 ​ 532 ​ 0.5 ​ 32 Project Management 489 ​ 0.5 ​ 427 ​ 0.4 ​ 445 ​ 0.4 ​ 27 Insurance 269 ​ 0.3 ​ 308 ​ 0.3 ​ 335 ​ 0.3 ​ 20 Vehicles rental and supporting facilities 308 ​ 0.3 ​ 271 ​ 0.2 ​ 164 ​ 0.1 ​ 10 Others 211 ​ 0.2 ​ 108 ​ 0.1 ​ 124 ​ 0.1 ​ 7 Total operation, maintenance, and telecommunications service expenses 39,718 ​ 37.3 ​ 41,202 ​ 37.9 ​ 41,234 ​ 36.5 ​ 2,473 Depreciation and amortization 34,265 ​ 32.2 ​ 34,134 ​ 31.5 ​ 37,653 ​ 33.4 ​ 2,258 Personnel expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Salaries and related benefits 9,674 ​ 9.1 ​ 9,457 ​ 8.7 ​ 9,411 ​ 8.4 ​ 564 Vacation pay, incentives, and other benefits 4,159 ​ 3.9 ​ 4,214 ​ 3.9 ​ 3,784 ​ 3.4 ​ 227 Periodic pension benefit cost 1,319 ​ 1.2 ​ 1,157 ​ 1.1 ​ 1,363 ​ 1.2 ​ 82 Early Retirement Program — ​ — ​ 1,186 ​ 1.1 ​ 937 ​ 0.8 ​ 56 LSA expense 289 ​ 0.3 ​ 226 ​ 0.2 ​ 284 ​ 0.3 ​ 17 Net periodic post-employment health care benefit cost 205 ​ 0.2 ​ 282 ​ 0.3 ​ 281 ​ 0.2 ​ 17 Obligation under the Labor Law 217 ​ 0.2 ​ 232 ​ 0.2 ​ 192 ​ 0.2 ​ 12 Other post-employment benefit cost 22 ​ 0.0 ​ 20 ​ 0.0 ​ 17 ​ 0.0 ​ 1 Long service employee benefit cost 1 ​ 0.0 ​ — ​ — ​ 1 ​ 0.0 ​ 0 Others 41 ​ 0.0 ​ 33 ​ 0.0 ​ 92 ​ 0.1 ​ 6 111 Table of Contents 2023* ​ 2024* ​ 2025 (Rp billion) ​ % ​ (Rp billion) ​ % ​ (Rp billion) ​ % ​ (US$ million) Total personnel expenses 15,927 ​ 15.0 ​ 16,807 ​ 15.5 ​ 16,362 ​ 14.5 ​ 981 Marketing expenses 3,530 ​ 3.3 ​ 3,824 ​ 3.5 ​ 3,287 ​ 2.9 ​ 197 General and administrative expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General expenses 2,446 ​ 2.3 ​ 2,448 ​ 2.3 ​ 2,241 ​ 2.0 ​ 134 Allowance for expected credit losses trade receivables 513 ​ 0.5 ​ 904 ​ 0.8 ​ 1,465 ​ 1.3 ​ 88 Professional fees 996 ​ 0.9 ​ 855 ​ 0.8 ​ 824 ​ 0.7 ​ 49 Training, education, and recruitment 461 ​ 0.4 ​ 453 ​ 0.4 ​ 358 ​ 0.3 ​ 21 Travelling 443 ​ 0.4 ​ 421 ​ 0.4 ​ 343 ​ 0.3 ​ 21 Meeting 334 ​ 0.3 ​ 390 ​ 0.4 ​ 307 ​ 0.3 ​ 18 Social contribution 232 ​ 0.2 ​ 233 ​ 0.2 ​ 301 ​ 0.3 ​ 18 Collection expenses 195 ​ 0.2 ​ 194 ​ 0.2 ​ 291 ​ 0.3 ​ 17 Others 479 ​ 0.5 ​ 327 ​ 0.3 ​ 471 ​ 0.4 ​ 28 Total general and administrative expenses 6,099 ​ 5.7 ​ 6,225 ​ 5.7 ​ 6,601 ​ 5.9 ​ 396 Interconnection expenses 6,363 ​ 6.0 ​ 6,880 ​ 6.3 ​ 7,018 ​ 6.2 ​ 421 Unrealized gain (loss) on changes in fair value of investments (748) ​ (0.7) ​ 188 ​ 0.2 ​ (242) ​ (0.2) ​ (15) Gain (loss) on foreign exchange - net (36) ​ (0.0) ​ 136 ​ 0.1 ​ 180 ​ 0.2 ​ 11 Other income (expense) - net 259 ​ 0.2 ​ 252 ​ 0.2 ​ (468) ​ (0.4) ​ (28) Total expenses 106,426 ​ 100.0 ​ 108,496 ​ 100.0 ​ 112,685 ​ 100.0 ​ 6,758 Operating profit 42,789 ​ ​ ​ 41,471 ​ ​ 34,057 ​ ​ ​ 2,041 Finance income 1,061 ​ ​ 1,367 ​ ​ 1,661 ​ ​ ​ 100 Finance costs (4,692) ​ ​ (5,221) ​ ​ (5,208) ​ ​ ​ (312) Share of profit (loss) of long-term investment in associates 1 ​ ​ 3 ​ ​ (1) ​ ​ ​ (0) Profit before income tax 39,159 ​ ​ 37,620 ​ ​ 30,509 ​ ​ ​ 1,829 Income tax expense (8,465) ​ ​ (8,141) ​ ​ (6,541) ​ ​ ​ (391) Profit for the year 30,694 ​ ​ 29,479 ​ ​ 23,968 ​ ​ ​ 1,438 Other comprehensive income (loss) - net (1,454) ​ ​ 895 ​ ​ 126 ​ ​ ​ 8 Total comprehensive income for the year 29,240 ​ ​ 30,374 ​ ​ 24,094 ​ ​ ​ 1,446 Profit for the year attributable to owners of the parent company 23,053 ​ ​ 22,365 ​ ​ 17,486 ​ ​ ​ 1,049 Total comprehensive income for the year attributable to owners of the parent company 21,575 ​ ​ 23,150 ​ ​ 17,626 ​ ​ ​ 1,057 Basic earnings per share (in full amount) ​ ​ ​ ​ ​ ​ ​ ​ ​ Profit per share 232.71 ​ ​ 225.77 ​ ​ 176.52 ​ ​ ​ 0.01 Profit per ADS (100 Series B Shares per ADS) 23,271.23 ​ ​ 22,576.72 ​ ​ 17,651.75 ​ ​ ​ 1.06 Note: *) As retrospectively revised for the voluntary change in accounting policy as set out in Note 2y.iii in our Consolidated Financial Statements. ​ 112 Table of Contents Financial Overview Year ended December 31, 2025, compared to year ended December 31, 2024 Revenues Total revenues decreased by Rp3,225 billion or 2.2%, from Rp149,967 billion in 2024 to Rp146,742 billion (US$8,799 million) in 2025. This decrease was primarily due to decreases in data, internet, and information technology service revenues, and cellular telephone revenues, partially offset by increases in other services revenues and network revenues. a. Cellular Telephone Revenues Cellular telephone revenues represented 3.0% of our consolidated revenues in 2025. Cellular telephone revenues decreased by Rp1,860 billion, or 29.7%, from Rp6,260 billion in 2024 to Rp4,400 billion (US$264 million) in 2025. This decrease was primarily due to decreases across several key mobile service components, including local usage revenue from Telkomsel cellular services, committed cellular revenue (i.e., revenue derived from cellular customers who used less credit than the amount included in the package they paid for or otherwise in their applicable contractual agreement or who paid amounts exceeding the amounts corresponding to their actual usage), long-distance cellular usage revenue, basic postpaid initialization charges, basic postpaid subscription (abonnement) fees, and revenue from unused cellular voucher refills. The contraction in these revenue streams reflected reduced customer usage, lower subscription growth, and diminished prepaid activity. The change in cellular telephone revenues reflected both the continued decline in traditional voice volumes, as subscribers increasingly shifted to OTT solutions, and, to a lesser extent, changes in customer pricing for relevant services. b. Fixed Line Telephone Revenues Fixed-line telephone revenues increased by Rp93 billion, or 19.4%, from Rp479 billion in 2024 to Rp572 billion (US$34 million) in 2025. The increase in fixed-line telephone revenues was primarily due to growth across several key fixed-line IndiHome components, including abonnement (subscription) revenue from fixed telephone services, higher local call usage revenue from IndiHome fixed lines, and greater long-distance call usage revenue from IndiHome fixed telephone customers. c. SMS Revenues SMS revenues decreased by Rp642 billion, or 16.9%, from Rp3,805 billion in 2024 to Rp3,163 billion (US$190 million) in 2025. The decrease in SMS revenues was primarily due to declining revenues from domestic messaging services that reflected a change in consumers' behavior who are increasingly using internet applications to send text and other contents. d. Interconnection Revenues Interconnection revenues comprise interconnection revenues from our fixed-line network and interconnection revenues from Telkomsel’s mobile cellular network, including incoming international long-distance revenues from our IDD service (TIC-007). Interconnection revenues decreased by Rp215 billion, or 2.3%, from Rp9,187 billion in 2024 to Rp8,972 billion (US$538 million) in 2025, primarily due to a decrease in SMS hubbing service revenue between other licensed operators for the provision of certain SMS services originating from international customers. This reduction reflected lower international messaging traffic and decreased demand for cross-border SMS services. 113 Table of Contents e. Data, Internet, and Information Technology Service Revenues Our data, internet, and information technology service revenues accounted for 61.4% of our consolidated revenues in 2025, compared to 60.4% in 2024. Data, internet, and information technology service revenues decreased by Rp489 billion or 0.5%, from Rp90,533 billion in 2024 to Rp90,044 billion (US$5,399 million) in 2025. This decrease was primarily due to: ● A decrease in cellular data and internet by Rp1,350 billion, or 1.9%, from Rp72,639 billion in 2024 to Rp71,289 billion (US$4,275 million) in 2025. This decrease was primarily due to declining mobile data usage reflecting a challenging market conditions, including increased competition and declining consumers' purchasing power. This decrease was partially offset by: ● An increase in other revenues by Rp748 billion, or 19.7%, from Rp3,790 billion in 2024 to Rp4,538 billion (US$272 million) in 2025. This increase was primarily driven by the revenue growth of online game, colocation IDC (Internet Data Center), and Application Service Provider (ASP) service; and ● An increase in internet, data communication, and information technology services by Rp113 billion, or 0.8%, from Rp14,104 billion in 2024 to Rp14,217 billion (US$853 million) in 2025, primarily driven by the revenue growth of HSI, Wi-Fi, internet, managed service from the B2B ICT segment, and IP transit from B2B Infra segment. f. Network Revenues Network revenues increased by Rp466 billion, or 14.7%, from Rp3,179 billion in 2024 to Rp3,645 billion (US$219 million) in 2025. This growth was primarily driven by increased revenues from C-Band standard abonnement, VSAT (Very Small Aperture Terminal) abonnement, and IPLC services. g. IndiHome Revenues IndiHome revenues decreased by Rp143 billion, or 0.5%, from Rp26,262 billion in 2024 to Rp26,119 billion (US$1,566 million) in 2025. This decrease was primarily due to a decrease in smart device sales to IndiHome customers as well as reduced revenue from IndiHome in line with a decrease in IndiHome ARPU, which was primarily driven by a shift in consumption patterns from triple-play (3P) services to single-play (1P) offerings. h. Other Services Revenues In 2025, revenues from other services decreased by Rp281 billion, or 3.9%, from Rp7,233 billion in 2024 to Rp6,952 billion (US$417 million) in 2025. This decrease was primarily driven by: ● A decrease in call center revenues by Rp101 billion, or 8.0%, from Rp1,255 billion in 2024 to Rp1,154 billion (US$69 million) in 2025. This decrease primarily reflected the decrease in revenue in customer relationship management service, corporate shared service, and business process outsourcing; and ● A decrease in E-health revenues by Rp767 or 100.0%, from Rp767 billion in 2024 to Rp0 billion in 2025. This decrease was due to Telkom’s divestment of its subsidiary PT Administrasi Medika (AdMedika), including its subsidiary TelkoMedika, to Fullerton Health Group. As a result of this transaction, revenue contributions from the E-health business were no longer consolidated, leading to a significant year-on-year decrease in E-health revenue. ​ 114 Table of Contents These decreases were partially offset by: ● An increase in E-payment revenues by Rp384 billion, or 29.5%, from Rp1,300 billion in 2024 to Rp1,684 billion (US$101 million) in 2025, primarily due to an increase in online and payment solution revenues; ● An increase in manage service and terminal revenues by Rp181 billion, or 17.3%, from Rp1,045 billion in 2024 to Rp1,226 billion (US$74 million) in 2025, primarily due to an increase in sales of other managed devices, provision of devices to customers that are not related to telecommunications services; and ● An increase in others revenues by Rp22 billion, or 0.8%, from Rp2,866 billion in 2024 to Rp2,888 billion (US$173 million) in 2025, primarily due to an increase of revenues from telecommunication solution services, digital ecosystem logistics, and digitalization solutions in the enterprise and wholesale segments. i. Revenues from Lessor Transactions Revenues from lessor transactions decreased by Rp154 billion, or 5.1%, from Rp3,029 billion in 2024 to Rp2,875 billion (US$172 million) in 2025. This decrease was primarily due to lower rental revenues from telecommunication towers, reflecting a decrease in the number of tenants. Expenses Total expenses increased by Rp4,189 billion, or 3.9%, from Rp108,496 billion in 2024 to Rp112,685 billion (US$6,758 million) in 2025. This increase was primarily due to higher depreciation and amortization expenses, general and administrative expenses, and interconnection expenses. a. Operation, Maintenance, and Telecommunications Service Expenses Operation, maintenance, and telecommunications service expenses increased by Rp32 billion, or 0.1%, from Rp41,202 billion in 2024 to Rp41,234 billion (US$2,473 million) in 2025. The increase was mainly driven by: ● An increase in leased lines and CPE expenses of Rp1,052 billion, or 30.7%, from Rp3,422 billion in 2024 to Rp4,474 billion (US$268 million) in 2025, mainly driven by higher retail CPE and media hub costs; ● An increase in radio frequency usage charges of Rp59 billion, or 0.8%, from Rp7,687 billion in 2024 to Rp7,746 billion (US$464 million) in 2025, primarily due to higher prepaid frequency rights expenses; ● An increase in insurance expenses of Rp27 billion, or 8.8%, from Rp308 billion in 2024 to Rp335 billion (US$20 million) in 2025, due to expanded insurance coverage for property, equipment, satellites, and building leases, as well as additional insurance coverage for property and equipment excluding land. The increase primarily reflected our decision to take on more insurance coverage, particularly for fixed assets; ● An increase in project management expenses by Rp18 billion, or 4.2%, from Rp427 billion in 2024 to Rp445 billion (US$27 million) in 2025, reflecting a higher number of new projects starting in 2025; and ● An increase in other expenses by Rp16 billion, or 14.8%, from Rp108 billion in 2024 to Rp124 billion (US$8 million) in 2025, due to higher call center service costs charged by Telkom’s subsidiary, PT Infomedia Nusantara. The overall increase was partially offset by: 115 Table of Contents ● A decrease in operation and maintenance expenses of Rp887 billion, or 3.6%, from Rp24,365 billion in 2024 to Rp23,478 billion (US$1,408 million) in 2025, mainly due to a decrease in direct cost billing payment aggregator, value added service partnership arrangements, interconnection service fees for switching activities, and accrued direct costs for services; ● A decrease in vehicle rental and supporting facilities expenses of Rp107 billion, or 39.5%, from Rp271 billion in 2024 to Rp164 billion (US$10 million) in 2025, due to the implementation of efficiency measures; ● A decrease in expenses for SIM cards, vouchers, and peripheral sales of Rp52 billion, or 8.9%, from Rp584 billion in 2024 to Rp532 billion (US$32 million) in 2025, reflecting reduced inventory value and lower printing costs; ● A decrease in concession fees and USO charges of Rp48 billion, or 1.6%, from Rp2,933 billion in 2024 to Rp2,885 billion (US$173 million) in 2025, reflecting lower contributions for USO development pursuant to regulatory requirements; and ● A decrease in electricity, gas, and water expenses of Rp46 billion, or 4.2%, from Rp1,097 billion in 2024 to Rp1,051 billion (US$63 million) in 2025, driven by lower costs for electricity, gas, and water, primarily as a result of our cost efficiency program. b. Depreciation and Amortization Depreciation and amortization increased by Rp3,519 billion, or 10.3%, from Rp34,134 billion in 2024 to Rp37,653 billion (US$2,258 million) in 2025. This was primarily due to the increase in depreciation expense for cable network, transmission, power supply, leased assets, and mechanical engineering. This reflected higher acquisition and additions of property, equipment, and right-of-use assets subject to depreciation and amortization in 2025. The increase also reflected the impact of the change in accounting policy for drop cable assets described in "Item 5.C — Change in Accounting Policy — Drop Cable Assets" below. The total increase in depreciation and amortization included an incremental impact from the change in accounting policy for drop cable assets, which was applied retrospectively and resulted in Rp1,696 billion and Rp1,538 billion of additional depreciation in 2023 and 2024, respectively– See Note 2y to our Consolidated Financial Statements and "– Principal Factors Affecting our Financial Condition and Results of Operations – Voluntary Change in Accounting Policy" above for further details on this voluntary change in accounting policy. c. Personnel Expenses Personnel expenses decreased by Rp445 billion, or 2.6%, from Rp16,807 billion in 2024 to Rp16,362 billion (US$981 million) in 2025. This decrease was primarily due to: a decrease in vacation pay, incentives and other employee benefits by Rp430 billion, or 10.2%, from Rp4,214 billion in 2024 to Rp3,784 billion (US$227 million) in 2025, primarily as a result of lower performance-related compensation; and a decrease in early retirement program expenses of Rp249 billion, or 21.0%, from Rp1,186 billion in 2024 to Rp937 billion (US$56 million) in 2025, reflecting the higher volume of early retirements in 2024 compared to 2025. These decreases were partially offset by an increase in pension and other post-employment benefits of Rp163 billion, or 8.8%, from Rp1,691 billion in 2024 to Rp1,854 billion (US$111 million) in 2025, primarily due to an increase in periodic pension benefit cost by Rp206 billion, or 17.8%, from Rp1,157 billion in 2024 to Rp1,363 billion (US$82 million) in 2025; an increase in long service award expenses of Rp58 billion, or 25.7%, from Rp226 billion in 2024 to Rp284 billion (US$17 million) in 2025, primarily due to an increase in the provision for actuarial valuation; and an increase in other personnel expenses of Rp59 billion, or 178.8%, from Rp33 billion in 2024 to Rp92 billion (US$6 million) in 2025. ​ 116 Table of Contents d. Marketing Expenses Marketing expenses decreased by Rp537 billion, or 14.0%, from Rp3,824 billion in 2024 to Rp3,287 billion (US$197 million) in 2025, primarily due to lower costs for sales force activities, sales fees, exhibitions, and advertising. e. General and Administrative Expenses General and administrative expenses increased by Rp376 billion, or 6.0%, from Rp6,225 billion in 2024 to Rp6,601 billion (US$396 million) in 2025, primarily due to the increase in allowance for expected credit losses on trade receivables expenses of Rp561 billion, or 62.1%. The Group determines its allowance for expected credit losses based on a collective assessment of historical impairment rates and individual assessment of its customers’ credit history, adjusted for forward-looking factors specific to customers and the economic environment. The Group does not distinguish between related party and third-party receivables in assessing amounts past due. As of December 31, 2024 and 2025, the carrying amounts of trade receivables considered past due but not impaired amounted to Rp5,291 billion and Rp4,799 billion, respectively. Management believes receivables that are past due but not impaired, as well as those that are neither past due nor impaired, are from customers with good credit history and are expected to be recoverable. In addition, the increase in general and administrative expenses was also due to the increase in collection expenses of Rp97 billion, or 50.0%, and an increase in social contribution of Rp68 billion, or 29.2%. These increases were partially offset by a decrease in general expenses of Rp207 billion, or 8.5%. f. Interconnection Expenses Interconnection expenses increased by Rp138 billion, or 2.0%, from Rp6,880 billion in 2024 to Rp7,018 billion (US$421 million) in 2025. This increase primarily reflected reduced international traffic, which negatively impacted revenue generated by international SMS hubbing, international toll free service, A2P SMS services, certain retail interconnections and overseas mobile network. g. Unrealized Gain (Loss) on Changes in Fair Value of Investments We reported an unrealized loss on changes in fair value of investments of Rp242 billion (US$15 million) in 2025, compared to a gain of Rp188 billion in 2024. This loss was primarily due to changes in the fair value of our investments, including our investments in MDI and GoTo. h. Gain (Loss) on Foreign Exchange - net We recorded a net foreign exchange gain of Rp180 billion (US$11 million) in 2025, compared to a net gain of Rp136 billion in 2024. This gain resulted from an increase in the valuation of financial assets denominated in U.S. dollars and net financial exposure denominated in foreign currencies. i. Other Income (Expense) - net Other income (expense) decreased by Rp720 billion, from a net income of Rp252 billion in 2024 to a net expense of Rp468 billion (US$28 million) in 2025. This decrease was primarily due to unrealized loss from changes in FVTPL of investment and decreased commitment fees. Operating Profit and Operating Profit Margin As a result of the foregoing, our operating profit decreased by Rp7,414 billion, or 17.9%, from Rp41,471 billion in 2024 to Rp34,057 billion (US$2,041 million) in 2025. Our operating profit margin decreased from 27.7% in 2024 to 23.2% in 2025. ​ 117 Table of Contents Finance Income Finance income increased by Rp294 billion, or 21.5%, from Rp1,367 billion in 2024 to Rp1,661 billion (US$100 million) in 2025, primarily due to higher interest rates, which were partially offset by lower cash deposits. Finance Costs Finance costs decreased by Rp13 billion, or 0.2%, from Rp5,221 billion in 2024 to Rp5,208 billion (US$312 million) in 2025, primarily as a result of a decrease in interest expenses for lease liabilities that reflected a decrease in the average balance of such lease liabilities. Profit before Income Tax and Pre-tax Profit Margin As a result of the foregoing, our profit before income tax decreased by Rp7,111 billion, or 18.9%, from Rp37,620 billion in 2024 to Rp30,509 billion (US$1,829 million) in 2025. Our pre-tax profit margin was 25.1% for 2024 and 20.8% for 2025. Income Tax (Expense) Benefit Our income tax expense decreased by Rp1,600 billion, or 19.7%, from Rp8,141 billion in 2024 to Rp6,541 billion (US$391 million) in 2025. This decrease was mainly attributable to a reduction in the current portion of income tax at both our Company and our subsidiary levels, rather than a decrease in applicable tax rates. The current tax expense for 2025 was Rp7,605 billion, compared to Rp7,635 billion in 2024. Other Comprehensive Income (Losses) We recorded other comprehensive income of Rp126 billion (US$8 million) in 2025 compared to other comprehensive income of Rp895 billion for 2024, primarily due to gains on foreign currency translation that increased by Rp102 billion and an actuarial gain of Rp635 billion recognized in 2024, compared to an actuarial loss of Rp236 billion recognized in 2025, relating to decline in the discount rate applied to certain post-employment benefit programs, which resulted in a higher present value of post-employment benefit obligations. The increase in these liabilities was recognized as an actuarial loss, contributing to the overall rise in expenses on a year-on-year basis. Total Comprehensive Income for the Year As a result of the foregoing, our total comprehensive income for the year decreased by Rp6,280 billion, or 20.7%, from Rp30,374 billion in 2024 to Rp24,094 billion (US$1,446 million) in 2025. Profit for the Year Attributable to Owners of the Parent Company Profit for the year attributable to owners of the parent company decreased by Rp4,879 billion, or 21.8%, from Rp22,365 billion in 2024 to Rp17,486 billion (US$1,049 million) in 2025. Total Comprehensive Income for the Year Attributable to Owners of the Parent Company Total comprehensive income for the year attributable to owners of the parent company decreased by Rp5,524 billion, or 23.9%, from Rp23,150 billion in 2024 to Rp17,626 billion (US$1,057 million) in 2025. ​ 118 Table of Contents Profit per Share Our profit per share decreased by Rp49.25, or 21.8%, from Rp225.77 in 2024 to Rp176.52 in 2025. Year ended December 31, 2024, compared to year ended December 31, 2023 Revenues Total revenues increased by Rp751 billion, or 0.5%, from Rp149,216 billion in 2023 to Rp149,967 billion in 2024. This increase was primarily due to an increase in data, internet and information technology service revenues, interconnection revenues, other services, revenues from lessor transaction, and network revenues, but was partially offset by a decrease in cellular telephone revenues and fixed-line revenues. a. Cellular Telephone Revenues Cellular telephone revenues represented 4.2% of our consolidated revenues in 2024. Cellular telephone revenues decreased by Rp1,934 billion, or 23.6%, from Rp8,194 billion in 2023 to Rp6,260 billion in 2024. This decrease was primarily due to the decline in usage of voice services, as customers increasingly opted for non-traditional telecommunications services such as OTT services as alternatives to voice services. Moreover, revenues from MVNO services, abonnement basic postpaid, i.e., monthly billings to customers for their use of Telkomsel Halo postpaid services), and from cellular voucher refills unused, which consist of income earned from customers who purchase cellular refill vouchers but do not use the credit before the expiration of the voucher’s valid usage period, also decreased. The change in cellular telephone revenues reflected both the continued decline in traditional voice volumes, as subscribers increasingly shifted to OTT solutions, and, to a lesser extent, changes in customer pricing for relevant services. b. Fixed Line Telephone Revenues Fixed-line telephone revenues decreased by Rp420 billion, or 46.7%, from Rp899 billion in 2023 to Rp479 billion in 2024. The decrease in fixed-line telephone revenues was primarily due to the declining subscription of fixed-line telephones, reflecting a shift in customer preferences toward mobile devices. c. SMS Revenues SMS revenues increased by Rp425 billion, or 12.6%, from Rp3,380 billion in 2023 to Rp3,805 billion in 2024, primarily due to the increase in domestic and international SMS revenues. Additionally, revenue from broadcasting also contributed to SMS revenue. d. Interconnection Revenues Interconnection revenues comprise interconnection revenues from our fixed-line network and interconnection revenues from Telkomsel's mobile cellular network, including incoming international long-distance revenues from our IDD service (TIC-007). Interconnection revenues increased by Rp120 billion, or 1.3%, from Rp9,067 billion in 2023 to Rp9,187 billion in 2024, primarily due to an increase in traffic between countries in hubbing voice, international interconnection, international SMS hubbing, and Application to Person (A2P) SMS revenues. ​ 119 Table of Contents e. Data, Internet and Information Technology Service Revenues Our data, internet, and information technology service revenues accounted for 60.4% of our consolidated revenues in 2024, compared to 58.6% in 2023. Data, internet, and information technology service revenues increased by Rp3,093 billion, or 3.5%, from Rp87,440 billion in 2023 to Rp90,533 billion in 2024. This increase was primarily due to: ● An increase in internet, data communication, and information technology services by Rp3,205 billion, or 29.4%, from Rp10,899 billion in 2023 to Rp14,104 billion in 2024, primarily driven by the revenue growth of HSI, Wi-Fi, internet, managed service from the Enterprise segment and IP transit from WIB segment; and ● An increase in other revenues by Rp436 billion, or 13.0%, from Rp3,354 billion in 2023 to Rp3,790 billion in 2024, primarily driven by the revenue growth of online game, e-commerce, and Infrastructure as a Service (IaaS). These increases were partially offset by a Rp548 billion, or 0.7%, decrease in cellular data and internet revenues, from Rp73,187 billion in 2023 to Rp72,639 billion in 2024. This decrease was primarily due to declining mobile data usage. f. Network Revenues Network revenues increased by Rp697 billion, or 28.1%, from Rp2,482 billion in 2023 to Rp3,179 billion in 2024. This growth was primarily driven by increased revenues from leased line services, transponder satellite services, new revenue generated by a partnership between Telkomsat and Starlink that commenced in May 2024, C-Band abonnement standard, and IPLC services. g. IndiHome Revenues IndiHome revenues decreased by Rp2,523 billion, or 8.8%, from Rp28,785 billion in 2023 to Rp26,262 billion in 2024. This decrease was primarily due to the reclassification of IndiHome Enterprise (B2B) revenues to the Data, Internet, and IT Services segment within the Enterprise division starting from January 2024. h. Other Services Revenues In 2024, revenues from other services increased by Rp1,050 billion, or 17.0%, from Rp6,183 billion in 2023 to Rp7,233 billion in 2024. This increase was primarily driven by: ● An increase in E-payment revenues by Rp804 billion, or 162.1%, from Rp496 billion in 2023 to Rp1,300 billion in 2024 primarily due to an increase in sales of enterprise billing payment aggregator services, payment applications, and online payment solutions. The sales volume growth reflected increased demand for E-payment services driven by improving macroeconomic factors and enterprise customers seeking efficiencies; ● An increase in manage service and terminal revenues by Rp125 billion, or 13.6%, from Rp920 billion in 2023 to Rp1,045 billion in 2024 primarily due to an increase in sales of managed devices, network terminating equipment, and CPE; and ● An increase in others revenues by Rp124 billion, or 4.5%, from Rp2,742 billion in 2023 to Rp2,866 billion in 2024, driven by increased demand for frequency utilization, technical assistance services, building 120 Table of Contents management services, device maintenance services, and digitalization solutions in the Enterprise and Wholesale segments. These increases were partially offset by a decrease in call center revenues by Rp9 billion, or 0.7%, from Rp1,264 billion in 2023 to Rp1,255 billion in 2024. This was primarily due to decreased sales of telecommunication services, corporate shared services, and supporting facilities services. i. Revenues from Lessor Transactions Revenues from lessor transactions increased by Rp243 billion, or 8.7%, from Rp2,786 billion in 2023 to Rp3,029 billion in 2024. This increase was primarily due to higher rental revenues from telecommunication towers, reflecting an increase in the number of tenants. Expenses Total expenses increased by Rp2,070 billion, or 1.9%, from Rp106,426 billion in 2023 to Rp108,496 billion in 2024. This increase was primarily due to higher operations, maintenance, and telecommunication service expenses, personnel expenses, and interconnection expenses. a. Operation, Maintenance, and Telecommunications Service Expenses Operation, maintenance, and telecommunications service expenses increased by Rp1,484 billion, or 3.7%, from Rp39,718 billion in 2023 to Rp41,202 billion in 2024. The increase was mainly driven by: ● An increase in operation and maintenance expenses of Rp1,308 billion, or 5.7%, from Rp23,057 billion in 2023 to Rp24,365 billion in 2024, mainly due to higher direct costs for digital provider services, billing payment aggregators, and value-added services; ● An increase in radio frequency usage charges of Rp275 billion, or 3.7%, from Rp7,412 billion in 2023 to Rp7,687 billion in 2024, primarily due to higher prepaid frequency rights expenses; ● An increase in electricity, gas, and water expenses, which increased by Rp220 billion, or 25.1%, from Rp877 billion in 2023 to Rp1,097 billion in 2024, due to rising direct costs of these utilities used by our subsidiaries; ● An increase in concession fees and USO charges of Rp97 billion, or 3.4%, from Rp2,836 billion in 2023 to Rp2,933 billion in 2024, reflecting higher contributions for USO development pursuant to regulatory requirements; and ● An increase in insurance expenses of Rp39 billion, or 14.5%, from Rp269 billion in 2023 to Rp308 billion in 2024, was partially due to expanded insurance coverage for property, equipment, satellites, and building leases, as well as additional insurance for property and equipment excluding land. The increase primarily reflected our decision to take on more insurance coverage, particularly for fixed assets, in line with the increase in the value of fixed assets during the period. The overall increase was partially offset by: ● Decreased expenses for SIM cards, vouchers, and peripheral sales, which decreased by Rp213 billion, or 26.7%, from Rp797 billion in 2023 to Rp584 billion in 2024, reflecting reduced inventory value and lower printing costs; 121 Table of Contents ● A decrease in other expenses by Rp103 billion, or 48.8%, from Rp211 billion in 2023 to Rp108 billion in 2024, due to a lower allowance for non-trade receivables; ● A decrease in project management expenses by Rp62 billion, or 12.7%, from Rp489 billion in 2023 to Rp427 billion in 2024, reflecting fewer new projects starting in 2024; ● A decrease in leased lines and CPE expenses, which decreased by Rp40 billion, or 1.2%, from Rp3,462 billion in 2023 to Rp3,422 billion in 2024, driven by lower retail CPE and media hub costs; and ● A decrease in vehicle rental and supporting facilities expenses of Rp37 billion, or 12.0%, from Rp308 billion in 2023 to Rp271 billion in 2024, due to the implementation of efficiency measures. b. Depreciation and Amortization Expenses Depreciation and amortization expenses decreased slightly by Rp131 billion, or 0.4%, from Rp34,265 billion in 2023 to Rp34,134 billion in 2024. This was primarily due to the decrease of property and equipment subject to depreciation and amortization in 2024. c. Personnel Expenses Personnel expenses increased by Rp880 billion, or 5.5%, from Rp15,927 billion in 2023 to Rp16,807 billion in 2024. This increase was primarily due to: ● Early Retirement Planning ("ERP") program in 2024 increased by Rp1,186 billion, or 100.0%, from nil in 2023, as a result of Telkom’s ERP program during second quarter of 2024. This program was aimed at rejuvenating Telkom Group's talent with youth by making the organization leaner, more efficient, and more productive; and ● An increase in vacation pay, incentives and other benefits to our employees by Rp55 billion, or 1.3%, from Rp4,159 billion in 2023 to Rp4,214 billion in 2024, primarily as a result of an increase in performance-related compensation. The above two increases in our personnel expenses were partially offset by: ● A decrease in long service awards expenses by Rp63 billion, or 21.8%, from Rp289 billion in 2023 to Rp226 billion in 2024, primarily due to a decrease on provision of actuarial valuation for this program; ● A decrease in salaries and related benefits by Rp217 billion, or 2.2%, from Rp9,674 billion in 2023 to Rp9,457 billion in 2024, primarily due to a decrease on total employees; ● A decrease in pension and other post-employment benefits by Rp73 billion, or 76.9%, from Rp1,764 billion in 2023 to Rp1,691 billion in 2024. This decrease was primarily due to a decrease in periodic pension benefit cost by Rp162 billion, or 12.3%, a decrease in other post-employment benefit cost by Rp2 billion, or 9.1%, and a decrease in long service employee benefit cost by Rp1 billion. These decreases were partially offset by an increase in net periodic post-employment health care benefit cost by Rp77 billion, or 37.36%, and an increase in obligation under the labor law by Rp15 billion, or 6.9%; and ● A decrease in others personnel expense by Rp8 billion, or 19.5%, from Rp41 billion in 2023 to Rp33 billion in 2024. ​ 122 Table of Contents d. Marketing Expenses Marketing expenses increased by Rp294 billion, or 8.3%, from Rp3,530 billion in 2023 to Rp3,824 billion in 2024, primarily due to higher costs for sales force activities, sales fees, exhibitions, and advertising tied to the implementation of the Five Bold Moves strategy. e. General and Administrative Expenses General and administrative expenses increased by Rp126 billion, or 2.1%, from Rp6,099 billion in 2023 to Rp6,225 billion in 2024, primarily due to the increase in allowance for expected credit losses on trade receivables expenses of Rp391 billion, or 76.2%. The Group determines its allowance for expected credit losses based on a collective assessment of historical impairment rates and individual assessment of its customers’ credit history, adjusted for forward-looking factors specific to customers and the economic environment. The Group does not distinguish between related party and third party receivables in assessing amounts past due. As of December 31, 2023 and 2024, the carrying amounts of trade receivables considered past due but not impaired amounted to Rp4,033 billion and Rp5,291 billion, respectively. Management believes receivables that are past due but not impaired, as well as those that are neither past due nor impaired, are from customers with good credit history and are expected to be recoverable. In addition, the increase in general and administrative expenses was also due to the increase in general expenses of Rp2 billion, or 0.1%, meeting expenses of Rp56 billion, or 16.8%, and social contribution of Rp1 billion, or 0.4%. This increase in our general and administrative expenses was partially offset by a decrease in professional fees of Rp141 billion, or 14.2%, travelling cost of Rp22 billion, or 5.0%, training, education, and recruitment expenses of Rp8 billion, or 1.7%, collection expenses of Rp1 billion, or 0.5%, and others, including outsourcing expenses and bank administration charges, of Rp152 billion, or 31.7%. f. Interconnection Expenses Interconnection expenses increased by Rp517 billion, or 8.1%, from Rp6,363 billion in 2023 to Rp6,880 billion in 2024. This increase reflected a focus on growing interconnection revenues (through partnerships, bundling and cross-selling services, maintenance and technology upgrades and marketing), which was generally in line with the increase in our interconnection revenues, as well as higher expenses for voice hubbing and cellular interconnection. g. Unrealized Loss on Changes in Fair Value of Investments We reported an unrealized gain on changes in fair value of investments of Rp188 billion in 2024, compared to a loss of Rp748 billion in 2023. This gain was primarily due to changes in the fair value of our investments, including our investments in MDI and GoTo. h. Gains on Foreign Exchange – net We recorded a net foreign exchange gain of Rp136 billion in 2024, compared to a net loss of Rp36 billion in 2023. This gain resulted from an incline in the valuation of financial assets denominated in U.S. dollars and financial net exposure. i. Other Income (Expense) – net Other income decreased by Rp7 billion, or 2.7%, from Rp259 billion in 2023 to Rp252 billion in 2024. This decrease was primarily due to lower income related to the sale and exchange of fixed assets. ​ 123 Table of Contents Operating Profit and Operating Profit Margin As a result of the foregoing, our operating profit decreased by Rp1,318 billion, or 3.1%, from Rp42,789 billion in 2023 to Rp41,471 billion in 2024. Our operating profit margin decreased from 28.7% in 2023 to 27.7% in 2024. Finance Income Finance income increased by Rp306 billion, or 28.8%, from Rp1,061 billion in 2023 to Rp1,367 billion in 2024, primarily due to higher interest rates, which were partially offset by lower cash deposits. Finance Costs Finance costs increased by Rp529 billion, or 11.3%, from Rp4,692 billion in 2023 to Rp5,221 billion in 2024, primarily as a result of an increase in the average balance of bank loans and interest expense for lease liabilities due to higher interest rates. Profit before Income Tax and Pre-tax Profit Margin As a result of the foregoing, our profit before income tax decreased by Rp1,539 billion, or 3.9%, from Rp39,159 billion in 2023 to Rp37,620 billion in 2024. Our pre-tax profit margin was 26.2% for 2023 and 25.1% for 2024. Income Tax (Expense)/Benefit Our income tax expense decreased by Rp324 billion, or 3.8%, from Rp8,465 billion in 2023 to Rp8,141 billion in 2024. This decrease was mainly attributable to a reduction in the current portion of income tax at both the Company and subsidiary levels, rather than a decrease in applicable tax rates. The current tax expense for 2024 was Rp7,635 billion, compared to Rp8,796 billion in 2023. Other Comprehensive Income/(Losses) We recorded other comprehensive income of Rp895 billion in 2024 compared to other comprehensive loss of Rp1,454 billion in 2023, primarily due to gains on foreign currency translation that increased by Rp324 billion and an actuarial gain of Rp635 billion recognized in 2024, compared to an actuarial loss of Rp1,389 billion recognized in 2023, relating to our contribution of Rp588 million to our DBPP. Total Comprehensive Income for the Year As a result of the foregoing, our total comprehensive income for the year increased by Rp1,134 billion, or 3.9%, from Rp29,240 billion in 2023 to Rp30,374 billion in 2024. Profit for the Year Attributable to Owners of the Parent Company Profit for the year attributable to owners of the parent company decreased by Rp688 billion, or 3.0%, from Rp23,053 billion in 2023 to Rp22,365 billion in 2024. Total Comprehensive Income for the Year Attributable to Owners of the Parent Company Total comprehensive income for the year attributable to owners of the parent company increased by Rp1,575 billion, or 7.3%, from Rp21,575 billion in 2023 to Rp23,150 billion in 2024. ​ 124 Table of Contents Profit per Share Our profit per share decreased by Rp6.9, or 3.0%, from Rp232.71 in 2023 to Rp225.77 in 2024. Segment Overview As discussed above, in 2025, we changed the basis for grouping our Group’s operating segments from a CFU-based approach to a business pillar-based approach. We have five main operating segments as follows: ● Our Business to Consumer (“B2C”) segment, comprises the provision of telecommunications services to individual/residential customers, including mobile and fixed broadband services. ● Our Business to Business ICT (“B2B ICT”) segment, comprises the provision of system integration services, information technology services, and digital solutions to corporate and institutional customers. ● Our Business to Business Infrastructure (“B2B Infra”) segment, comprises the provision, management, and maintenance of telecommunications infrastructure, including telecommunications towers, fiber optic networks, backbone, data centers, and satellites. ● Our International Business segment comprises the provision of international connectivity services and wholesale services to telecommunications operators and customers abroad. ● Our Other segment includes operating results of customer-facing lines that provide digital services. For more detailed information regarding our operating segment information, see Note 32 to our Consolidated Financial Statements. Our operating segment results for 2023, 2024 and 2025 were as follows: Telkom’s Results of Operations by Segment The below table shows our consolidated results of operations per reportable segment for each of as at the dates presented therein. The last column shows the percentage of variation for the relevant line-items over the period presented therein. ​ ​ Years Ended December 31, ​ ​ 2023* ​ 2024* ​ 2025 ​ 2025-2024 ​ ​ (Rp billion) ​ (Rp billion) ​ (Rp billion) ​ (US$ million) ​ (%) B2C ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenues ​ 111,713 ​ 109,662 ​ 105,898 ​ 6,350 ​ (3.4) Inter-segment revenues ​ 3,694 ​ 3,268 ​ 3,255 ​ 195 ​ (0.4) Total segment revenues ​ 115,407 ​ 112,930 ​ 109,153 ​ 6,545 ​ (3.3) Segment results ​ 34,784 ​ 29,078 ​ 27,793 ​ 1,667 ​ (4.4) Depreciation and amortization ​ (24,486) ​ (21,880) ​ (21,704) ​ (1,301) ​ (0.8) Provision recognized in current year ​ (655) ​ (678) ​ (1,239) ​ (74) ​ 82.7 B2B ICT ​ ​ ​ ​ ​ ​ ​ Revenues ​ ​ ​ ​ ​ ​ ​ External revenues ​ 15,441 ​ 15,741 ​ 15,300 ​ 917 ​ (2.8) Inter-segment revenues ​ 4,679 ​ 3,989 ​ 3,814 ​ 229 ​ (4.4) Total segment revenues ​ 20,120 ​ 19,730 ​ 19,114 ​ 1,146 ​ (3.1) Segment results ​ 1,137 ​ 1,402 ​ 1,759 ​ 105 ​ 25.5 Depreciation and amortization ​ (3,387) ​ (3,290) ​ (3,156) ​ (189) ​ (4.1) 125 Table of Contents ​ ​ Years Ended December 31, ​ ​ 2023* ​ 2024* ​ 2025 ​ 2025-2024 ​ ​ (Rp billion) ​ (Rp billion) ​ (Rp billion) ​ (US$ million) ​ (%) Provision recognized in current year ​ 149 ​ 5 ​ (376) ​ (23) ​ (7,620.0) B2B INFRA ​ ​ ​ ​ ​ ​ ​ Revenues ​ ​ ​ ​ ​ ​ ​ External revenues ​ 6,753 ​ 8,180 ​ 8,929 ​ 535 ​ 9.2 Inter-segment revenues ​ 40,001 ​ 48,799 ​ 47,661 ​ 2,858 ​ (2.3) Total segment revenues ​ 46,754 ​ 56,979 ​ 56,590 ​ 3,393 ​ (0.7) Segment results ​ 11,924 ​ 16,467 ​ 10,487 ​ 629 ​ (36.3) Depreciation and amortization ​ (10,034) ​ (12,424) ​ (15,894) ​ (953) ​ 27.9 Provision recognized in current year ​ (15) ​ (7) ​ (52) ​ (3) ​ 642.9 INTERNATIONAL ​ ​ ​ ​ ​ ​ ​ Revenues ​ ​ ​ ​ ​ ​ ​ External revenues ​ 10,634 ​ 10,732 ​ 10,673 ​ 640 ​ (0.5) Inter-segment revenues ​ 762 ​ 1,412 ​ 1,493 ​ 90 ​ 5.7 Total segment revenues ​ 11,396 ​ 12,144 ​ 12,166 ​ 730 ​ 0.2 Segment results ​ 1,252 ​ 1,204 ​ 961 ​ 58 ​ (20.2) Depreciation and amortization ​ (557) ​ (594) ​ (718) ​ (43) ​ 20.9 Provision recognized in current year ​ (5) ​ (32) ​ (120) ​ (7) ​ 275.0 OTHERS ​ ​ ​ ​ ​ ​ ​ Revenues ​ ​ ​ ​ ​ ​ ​ External revenues ​ 4,675 ​ 5,652 ​ 5,942 ​ 356 ​ 5.1 Inter-segment revenues ​ 26,320 ​ 25,701 ​ 23,155 ​ 1,388 ​ (9.9) Total segment revenues ​ 30,995 ​ 31,353 ​ 29,097 ​ 1,745 ​ (7.2) Segment results ​ (4,532) ​ (5,903) ​ (4,491) ​ (269) ​ (23.9) Depreciation and amortization ​ (776) ​ (679) ​ (613) ​ (37) ​ (9.7) Provision recognized in current year ​ (81) ​ (65) ​ (12) ​ (1) ​ (81.5) Note: *) As retrospectively revised for the voluntary change in accounting policy as set out in Note 2y.iii to our Consolidated Financial Statements. Please note that the above table should be read in conjunction with the discussion below on comparability of financial information of and for the financial years ended December 31, 2025, 2024, and 2023. See “– New Standards and Interpretation.” Year ended December 31, 2025 compared to year ended December 31, 2024 B2C Segment Our B2C segment revenues decreased by Rp3,764 billion, or 3.4%, from Rp109,662 billion in 2024 to Rp105,898 billion (US$6,350 million) in 2025. The decrease was primarily due to: ● A decrease in total data, internet, and information technology service revenues by Rp2,697 billion, or 3.7%, primarily due to lower revenues from cellular, internet and data, reflecting in part a decrease in the number of cellular subscribers from 159.4 million 2024 to 156.1 million in 2025; ● A decrease in cellular revenues by Rp1,848 billion, or 30.4%, primarily reflecting a decline in revenue from voice services as customers shifted to OTT services as an alternative to traditional voice services. This decrease was also due to the decrease in committed cellular revenue, local usage revenue from Telkomsel cellular services, and long-distance cellular usage revenue. This reduction reflects lower customer usage and demand for cellular services; 126 Table of Contents ● A decrease in SMS revenues by Rp648 billion, or 17.1%, primarily reflecting decreased revenue from domestic messaging services that reflected a change in consumers' behavior who are increasingly using internet applications to send text and other contents; and ● A decrease in IndiHome revenues by Rp143 billion, or 0.5%, in line with a decline in IndiHome ARPU, which was driven by a shift in customer consumption patterns from triple-play (3P) services to single-play (1P) offerings. The above-described decreases in revenues were partially offset by: ● An increase in total other services revenues by Rp1,549 billion, or 412.4%, mainly reflecting higher revenues from services such as frequency utilization, digital education ecosystems, digital and telecommunication solutions, services offered within the agriculture segment, digital health ecosystems, and online gaming. Among these, revenue from digital and telecommunication solutions contributed the most to the rise in other revenues; and ● An increase in interconnection revenues by Rp23 billion, or 6.3%, generated by an increase in international interconnect voice revenue. B2B ICT Segment Our B2B ICT segment revenues decreased by Rp441 billion, or 2.8%, from Rp15,741 billion in 2024 to Rp15,300 billion (US$917 million) in 2025. This decrease was primarily due to: ● A decrease in total internet, data communication and information technology service revenues by Rp570 billion, or 4.8%, primarily driven by lower revenues from high-speed internet services through IndiBiz product packages, ASTINet dedicated services, TelkomNet VPN Intranet, and managed network and platform services; and ● A decrease in call center service revenues of Rp101 billion, or 8.1%, primarily due to a decline in corporate shared services, business process outsourcing, and customer relationship management services. The above-described decreases in revenues were partially offset by: ● An increase in manage service and terminal revenues of Rp162 billion, or 15.6%, mainly driven by increased revenue from providing devices to customers, which are services distinct from telecommunications services we otherwise provide; ● An increase in fixed-line telephone revenues by Rp87 billion, or 21.9%, primarily reflecting increased usage of voice services from fixed-line telephone customers; and ● An increase in network revenues by Rp29 billion, or 4.5%, primarily due to higher revenues from leased lines and satellite transponder leases such as VSAT and Standard C-Band. B2B Infra Segment Our B2B Infra segment revenues increased by Rp749 billion, or 9.2%, from Rp8,180 billion in 2024 to Rp8,929 billion (US$535 million) in 2025. This increase was primarily due to: ● An increase in total data, internet, and information technology service revenues by Rp388 billion, or 19.8%, primarily driven by revenues from collocation services at data centers, IP transit services, and Telkom Metro Ethernet services; 127 Table of Contents ● An increase in total other services revenues by Rp156 billion, or 40.8%, which principally reflected an increase in revenues from equipment maintenance services, construction services, and ground segment leasing; and ● An increase in interconnection revenues by Rp152 billion, or 12.7%, primarily driven by higher voice wholesale traffic between countries (voice hubbing) and domestic interconnection services. These increases were partially offset by a decrease in revenue from lessor transactions by Rp154 billion, or 5.1%, primarily driven by lower tower and building lease revenue. International Segment Our international segment revenues decreased by Rp59 billion, or 0.5%, from Rp10,732 billion in 2024 to Rp10,673 billion (US$640 million) in 2025. This decrease was mainly due to a decrease in interconnection revenues by Rp390 billion, or 5.1%, primarily driven by lower voice wholesale traffic between countries (voice hubbing) and SMS hubbing international services. This decrease in interconnection revenues was partially offset by: ● An increase in network revenues by Rp236 billion, or 23.8%, mainly due to higher demand for IPLC services, and cable landing station leases; and ● An increase in internet, data communication and information technology service revenues by Rp91 billion, or 4.8%, primarily driven by a rise in IP transit services and mobile internet packages. Other Segment Our other segment revenues increased by Rp290 billion, or 5.1%, from Rp5,652 billion in 2024 to Rp5,942 billion (US$356 million) in 2025. This increase was primarily due to increased data, internet, and information technology service revenues, reflecting a Rp598 billion, or 29.9%, rise in revenues from sales related to our digital business and an increase in E-payment revenues by Rp398 billion, or 30.9%. These increases were partially offset by a decrease in E-health revenues by Rp767 billion, or 100%. The decline in E-health revenues in 2025 was driven by Telkom’s divestment of its subsidiary PT Administrasi Medika (AdMedika), including its subsidiary TelkoMedika, to Fullerton Health Group. As a result, revenues generated by E-health services within this reportable segment ceased in 2025. Year ended December 31, 2024 compared to year ended December 31, 2023 B2C Segment Our B2C segment revenues decreased by Rp2,051 billion, or 1.8%, from Rp111,713 billion in 2023 to Rp109,662 billion in 2024. The decrease was primarily due to: ● A decrease in cellular revenues by Rp1,945 billion, or 24.2%, primarily reflecting a decline in revenue from voice services as customers shifted to OTT services as an alternative to traditional voice services; ● A decrease in total data, internet, and information technology service revenues by Rp794 billion, or 1.1%, primarily due to the reclassification of managed device and managed service revenue from the B2C segment to the B2B ICT segment; 128 Table of Contents ● A decrease in SMS revenues by Rp446 billion, or 11.8%, primarily due to a shift in consumers' behavior as they tend to increase their usage of applications to send text and other contents; and ● A decrease in fixed-line telephone revenues by Rp332 billion, or 100%, primarily due to the reclassification of fixed-line revenue of subscription, call center, installation charge, and usage charge from the B2C segment to the B2B ICT and B2B Infra segments. The above-described decreases were partially offset by: ● An increase in IndiHome revenues by Rp270 billion, or 1.0%. This increase reflected an increase in revenues from IndiHome’s internet services and bundled packages, in line with the increase in the number of IndiHome subscribers; and ● An increase in total other service revenues of Rp235 billion, or 148.7%, primarily driven by higher revenues from managed and solution products, construction services, and management services within the B2C segment. B2B ICT Segment Our B2B ICT segment revenues increased by Rp300 billion, or 1.9%, from Rp15,441 billion in 2023 to Rp15,741 billion in 2024. This increase was primarily due to: ● An increase in data, internet, and information technology service revenues by Rp3,334 billion, or 39.0%, primarily driven by higher revenues from high-speed internet services through IndiBiz product packages, ASTINet dedicated services, TelkomNet VPN Intranet, and Wi-Fi managed services. The above-described increase was partially offset by : ● A decrease in IndiHome revenues by Rp2,793 billion, or 100%, primarily due to the reclassification of IndiHome Enterprise (B2B) revenue recognition to the Data, Internet, and IT Services segment within the B2B ICT segment starting from January 2024; and ● A decrease in fixed-line telephone revenues by Rp53 billion, or 11.8%, primarily due to declining demand for voice services. B2B Infra Segment Our B2B Infra segment revenues increased by Rp1,427 billion, or 21.1%, from Rp6,753 billion in 2023 to Rp8,180 billion in 2024. This increase was primarily due to: ● An increase in total data, internet, and information technology service revenues by Rp756 billion, or 63.0%, primarily driven by increase in revenues from IP transit services, ASTINet, Content Delivery Network (CDN) subscription, and Telkom Metro Ethernet services; ● An increase in network revenues by Rp529 billion, or 52.4%, mainly due to higher demand for leased lines, VSAT Starlink subscription, and satellite transponder leases; and ● An increase in revenues from lessor transactions by Rp243 billion, or 8.7%, primarily reflecting higher revenues from tower leasing services and building solution services. ​ 129 Table of Contents The above-described increases in revenues were partially offset by: ● A decrease in interconnection revenues by Rp124 billion, or 9.4%, primarily driven by a decline in domestic SMS A2P service revenue, interconnection revenue arising from local PSTN Telkom usage to mobile network operators (local transit), as well as incoming interconnection revenue from PSTN Telkom long-distance services (SLJJ) with mobile network operators (local termination). International Segment Our international segment revenues increased by Rp98 billion, or 0.9%, from Rp10,634 billion in 2023 to Rp10,732 billion in 2024. This increase was mainly due to: ● An increase in interconnection revenues by Rp174 billion, or 2.3%, primarily driven by higher voice wholesale traffic between countries (voice hubbing) and SMS hubbing international services; and ● An increase in network revenues by Rp307 billion, or 44.9%, mainly due to higher demand for IPLC services. This above-described increases in revenues were partially offset by: ● A decrease in total data, internet, and information technology service revenues by Rp391 billion, or 17.0%, primarily driven by decrease revenue from collocation IDC, IP VPN, and direct charges revenue of e-business. Other Segment Our other segment revenues increased by Rp977 billion, or 20.9%, from Rp4,675 billion in 2023 to Rp5,652 billion in 2024. This increase was primarily due to: ● An increase in total other revenues, reflecting a Rp977 billion, or 20.9%, rise in revenues from billing payment aggregator, property management services, E-health managed service and e-payment solution; and ● An increase in total data, internet, and information technology service revenues, reflecting a Rp188 billion, or 10.4%, rise in revenues from sales of online game, value added services, and e-commerce. B.Liquidity And Capital Resources Liquidity Sources The main source of our corporate liquidity is cash generated by operating activities and long-term and short-term loans under credit facilities available from banks. See “— Internal Liquidity Sources” and “— External Liquidity Sources” below for additional information. We aim to maintain a strong financial position and have enough liquidity for our operations and to support our growth. Our main cash requirements consist of operating expenses. Cash payments relating to the acquisition of properties and purchase of equipment, repayment of borrowings from banks, payment of salaries, payment of cash dividends and corporate income tax. See “— Cash Flows” below for additional information. See also our consolidated statement of cash flows included in our Consolidated Financial Statements included in this annual report on Form 20-F. We seek to keep optimizing our balance sheet and financing capabilities. We divide our liquidity sources into internal and external liquidity sources. ​ 130 Table of Contents Internal Liquidity Sources To fulfill our obligations, we rely primarily on our internal liquidity. As of December 31, 2025, we had Rp34,228 billion (US$2,052 million) in cash and cash equivalents available. Cash and cash equivalents increased by Rp323 billion, or 1.0%, from Rp33,905 billion as of December 31, 2024. Cash receipts from revenues primarily comprised cash receipts from revenues from customers, which amounted to Rp146,002 billion (US$8,755 million) in 2025, and which were used for the payment of operating expenses, the acquisition of property and equipment, the payment of cash dividends, and the repayment of loans and other borrowings. Our internal liquidity strength is reflected in our current ratio, which is computed by dividing current assets by current liabilities. As of December 31, 2024, and 2025, our current ratio was 82.2 and 83.1 respectively. External Liquidity Sources Our primary external sources of liquidity are short and long-term bank loans, bonds and notes, other borrowings, and lease liabilities. We had external liquidity from loans, lease liabilities, and other borrowings of Rp42,109 billion (in aggregate for such liabilities denominated in Rupiah) and US$67,390,027 as of December 31, 2025. As of December 31, 2025, we had the following undrawn amounts under our sources of liquidity: ●A credit facility with Bank Negara Indonesia in the amount of Rp7,921 billion; ●A credit facility with Bank Mandiri in the amount of Rp7,246 billion; ●A credit facility with Bank Central Asia in the amount of Rp6,000 billion; ●A credit facility with Bank Rakyat Indonesia in the amount of Rp4,400 billion; ●A credit facility with Bank DBS Indonesia in the amount of Rp3,455 billion; ●A credit facility with MUFG Bank in the amount of Rp2,855 billion; ●A credit facility with Bank Syariah Indonesia in the amount of Rp2,000 billion; ●A credit facility with HSBC Bank in the amount of Rp1,957 billion; ●A credit facility with Bank ANZ Indonesia in the amount of Rp1,500 billion; ●A credit facility with Citibank in the amount of Rp1,000 billion; ●A credit facility with Maybank in the amount of Rp1,000 billion; ●A credit facility with Permata Bank in the amount of Rp1,000 billion; ●A credit facility with Bank of China in the amount of Rp1,000 billion; ●A credit facility with Bank CIMB Niaga in the amount of US$67,390,027; and ●A credit facility with QNB and Maspion Bank in the amounts of Rp700 billion, and Rp74.8 billion, respectively. 131 Table of Contents As of December 31, 2025, we had no off-balance sheet arrangements that were reasonably likely to have a current or future material effect on our financial condition, revenues or expenses, results of operation, liquidity, capital expenditures or capital resources. For a discussion of our sources of liquidity for the year ended December 31, 2024, see “–Liquidity and Capital Resources — Sources of Liquidity” in our annual report on Form 20-F for the year ended December 31, 2024. Contractual Obligations and Commercial Commitments The following table sets forth information on certain of our material contractual obligations as of December 31, 2025: Contractual Obligations ​ By Payment Due Date ​ Total ​ Less than a year(6) ​ 1-3 years(6) ​ 3-5 years(6) ​ More than 5 years(6) ​ (Rp billion) ​ (Rp billion) ​ (Rp billion) ​ (Rp billion) ​ (Rp billion) Long-Term Debts(1)(4) ​ 102,629 ​ 50,774 ​ 26,874 ​ 12,449 ​ 12,532 Lease Liabilities(2) ​ 29,393 ​ 7,201 ​ 8,042 ​ 6,634 ​ 7,516 Interest on Long-Term Debts and Lease Liabilities(5) ​ 12,798 ​ 4,133 ​ 3,246 ​ 1,607 ​ 3,812 Unconditional Purchase Obligations(3) ​ 14,547 ​ 14,547 ​ — ​ — ​ — Total ​ 159,367 ​ 76,655 ​ 38,162 ​ 20,690 ​ 23,860 Notes: (1) See Notes 19 and 20 to our Consolidated Financial Statements. (2) Related to the lease of the slot site of the tower. transmission installation and equipment. power supply, data processing equipment, office equipment, vehicles, and CPE assets. (3) Capital expenditure committed under contractual arrangements. (4) Excludes the related contractually committed interest obligations. (5) See also “Item 3D — Key Information — Risk Factors — Risks Related to Our Business — Financial Risks — We are exposed to interest rate risk in relation to our bank borrowings." (6) Less than 1 year means 2026, 1-3 years means 2027-2028, 3-5 years means 2029-2030, more than 5 years means thereafter. See Note 33 to our Consolidated Financial Statements for further details on our contractual commitments. In addition to the above contractual obligations, we had long-term liabilities for defined pension benefits and post-employment health care benefit plan. In 2025, we contributed Rp605 billion (US$36 million) to our Defined Benefit Pension Plan and post-employment health care benefit plan. Cash Flows The following table sets out information concerning our consolidated cash flows, as set out in (and prepared on the same basis as) our Consolidated Financial Statements for 2023, 2024, and 2025: ​​ ​ Years Ended December 31, ​ ​ 2023 ​ ​ 2024 ​ 2025 ​ ​ (Rp billion) ​ ​ (Rp billion) ​ (Rp billion) ​ (US$ million) Net cash flows: ​ ​ ​ ​ ​ provided by operating activities ​ 60,581 ​ ​ 61,600 ​ 63,842 ​ 3,827 used in investing activities ​ (36,911) ​ ​ (29,456) ​ (26,095) ​ (1,564) used in financing activities ​ (26,565) ​ ​ (27,505) ​ (37,743) ​ (2,264) Net increase/(decrease) in cash and cash equivalents ​ (2,895) ​ ​ 4,639 ​ 4 ​ (1) Effect of exchange rate changes on cash and cash equivalents ​ (44) ​ ​ 260 ​ 320 ​ 20 Allowance for expected credit losses ​ (1) ​ ​ (1) ​ (1) ​ 0 Cash and cash equivalents at beginning of year ​ 31,947 ​ ​ 29,007 ​ 33,905 ​ 2,033 Cash and cash equivalents at end of year ​ 29,007 ​ ​ 33,905 ​ 34,228 ​ 2,052 132 Table of Contents Year ended December 31, 2025 compared to year ended December 31, 2024 As of December 31, 2025, total cash and cash equivalents amounted to Rp34,228 billion (US$2,052 million), representing an increase of Rp323 billion, or 1.0%, from Rp33,905 billion as of December 31, 2024. In 2025, the largest cash receipts were generated by operating activities, which totaled Rp150,014 billion (US$8,995 million), or 67.8% of total cash receipts. Financing activities generated Rp70,165 billion (US$4,207 million), or 31.7% of total cash receipts, and investing activities amounted to Rp957 billion (US$58 million) or 0.5% of total cash receipts. Total cash receipts increased by Rp15,515 billion, or 7.5%, from Rp205,621 billion in 2024 to Rp221,136 billion (US$13,260 million) in 2025. Cash disbursements in 2025 totaled Rp221,132 billion (US$13,261 million). Cash used in operating activities amounted to Rp86,172 billion (US$5,168 million), or 39.0% of total cash disbursements, cash used in financing activities amounted to Rp107,908 billion (US$6,471 million), or 48.8% of total cash disbursements, and cash used in investing activities amounted to Rp27,052 billion (US$1,622 million), or 12.2% of total cash disbursements. Total cash disbursements increased by Rp20,150 billion, or 10.0%, from Rp200,982 billion in 2024. Cash Flows from Operating Activities Net cash generated by operating activities increased by Rp2,242 billion, or 3.6%, from Rp61,600 billion in 2024 to Rp63,842 billion (US$3,827 million). Cash receipts from operating activities decreased by Rp1,430 billion, or 0.9%, from Rp151,444 billion in 2024 to Rp150,014 billion (US$8,995 million) in 2025. These receipts were primarily originated as follows: ● Cash receipts from customers and other operators of Rp146,002 billion (US$8,755 million) in 2025, showing a decrease of Rp2,413 billion, or 1.6%, from Rp148,415 billion in 2024 and reflecting a decrease in revenues from cellular, interconnection, data, internet, and information technology services, IndiHome, and lessor transactions; ● Cash receipts from others – net of Rp1,020 billion (US$61 million) in 2025, showing an increase of Rp501 billion, or 96.5%, from Rp519 billion in 2024, due to a decrease in other non-trade receivables (non-affiliated) transactions. These transactions generated receivables from non-affiliated entities, including transactions that are not related to the provision of telecommunications or supporting services, and do not include employee receivables. These receivables are classified as non-trade receivables outside our core operations; ● Cash receipts from interest income of Rp1,670 billion (US$100 million) in 2025, showing an increase of Rp304 billion, or 22.3%, from Rp1,366 billion in 2024, primarily due to the increase in interest income from current accounts and deposits; and ● Cash receipts from tax refunds of Rp1,322 billion (US$79 million) in 2025, showing an increase of Rp178 billion, or 15.6%, from Rp1,144 billion in 2024, driven by claims for VAT and company income tax refunds, as well as corrections in VAT amounts for 2024. These refunds are subject to review by tax authorities and may involve contingencies or risks of adjustment depending on the outcome of such reviews. Cash disbursements from operating activities decreased by Rp3,672 billion, or 4.1%, from Rp89,844 billion in 2024 to Rp86,172 billion (US$5,168 million) in 2025. This decrease was primarily due to lower cash payments for certain expenses and leases. Disbursements were allocated as follows: ● Cash payments for expenses of Rp51,455 billion (US$3,085 million) in 2025, showing an increase of Rp182 billion, or 0.4%, from Rp51,273 billion in 2024, primarily due to higher general and administrative 133 Table of Contents expenses, as well as increases in prepaid expenses and prepaid taxes. See "—Cash Flows— Year ended December 31, 2025 compared to year ended December 31, 2024" above; ● Cash payments to employees of Rp13,319 billion (US$799 million) in 2025, showing a decrease of Rp3,045 billion, or 18.6%, from Rp16,364 billion in 2024, primarily related to lower early retirement program costs in 2025. See "— Financial Overview—Year ended December 31, 2025, compared to year ended December 31, 2024—Expenses—c. Personnel Expenses;" ● Cash payments for corporate and final income taxes of Rp10,438 billion (US$626 million) in 2025, showing a decrease of Rp1,090 billion, or 9.5%, from Rp11,528 billion in 2024, primarily due to the decrease in corporate income tax, in line with the decline in our Company’s taxable income. See "— Financial Overview—Year ended December 31, 2025, compared to year ended December 31, 2024— Profit before Income Tax and Pre-tax Profit Margin;" ● Cash payments for finance costs of Rp5,230 billion (US$314 million) in 2025, showing a decrease of Rp65 billion, or 1.2%, from Rp5,295 billion in 2024, primarily due to lower interest expenses from obligations, loans, and other borrowings. See "— Financial Overview—Year ended December 31, 2025, compared to year ended December 31, 2024— Finance Costs;" ● Cash payments for short-term and low-value leases of Rp4,654 billion (US$279 million), showing an increase of Rp961 billion, or 26.0%, from Rp3,693 billion in 2024, primarily due to the increase in interest-related lease costs; and ● Cash payments for net value-added taxes of Rp1,076 billion (US$65 million), showing a decrease of Rp615 billion, or 36.4%, from Rp1,691 billion in 2024, in line with the decline in our Company’s revenue. Cash Flows from Investing Activities Net cash used in investing activities decreased by Rp3,361 billion, or 11.4%, from Rp29,456 billion in 2024 to Rp26,095 billion (US$1,564 million) in 2025. Cash receipts from investing activities totaled Rp957 billion (US$58 million) in 2025, showing a decrease of Rp245 billion, or 20.4%, from Rp1,202 billion in 2024. These cash receipts were primarily attributable to: ● Proceeds from the disposal of long-term investments in financial instruments of Rp728 billion (US$44 million) in 2025. There were no such proceeds in 2024; ● Proceeds from insurance claims of Rp151 billion (US$9 million) in 2025, showing an increase of Rp8 billion, or 5.6%, from Rp 143 billion in 2024, primarily due to an increase in insurance claims relating to lost and damaged property and equipment; and ● Proceeds from the sale of property and equipment of Rp78 billion (US$5 million) in 2025, showing a decrease of Rp639 billion, or 89.1%, from Rp717 billion in 2024, primarily due to the decrease in gain on sale of property and equipment. Cash disbursements from investing activities decreased by Rp3,606 billion, or 11.8%, from Rp30,658 billion in 2024 to Rp27,052 billion (US$1,622 million) in 2025. These cash disbursements were primarily attributable to: ● Payments for purchases of property and equipment of Rp22,871 billion (US$1,371 million), showing a decrease of Rp3,134 billion, or 12.1%, from Rp26,005 billion in 2024, primarily due to a decrease in the acquisitions of power supply equipment, leasehold improvement, and buildings; 134 Table of Contents ● Payments for purchases of intangible assets of Rp2,897 billion (US$174 million), showing a decrease of Rp761 billion, or 20.8%, from Rp3,658 billion in 2024, primarily to acquisitions of software and licenses; and ● Payment for advance and other asset of Rp1,117 billion (US$67 million), showing an increase of Rp787 billion, or 238.5%, from Rp330 billion in 2024, primarily due to lower disposals and transfers of fixed assets such as transmission equipment, cable networks, and power supply assets. Cash Flows from Financing Activities Net cash used in financing activities increased by Rp10,238 billion, or 37.2%, from Rp27,505 billion in 2024 to Rp37,743 billion (US$2,264 million) in 2025. Cash receipts from financing activities increased by Rp17,190 billion, or 32.4%, from Rp52,975 billion in 2024 to Rp70,165 billion (US$4,207 million) in 2025. This increase was primarily driven by: ● Proceeds from loans and other borrowings of Rp69,895 billion (US$4,191 billion) in 2025, representing an increase of Rp17,242 billion, or 32.7%, from Rp52,623 billion in 2024, primarily due to an increase in short-term loans and long-term loans; and ● Proceeds from issuance of new shares of subsidiaries of Rp270 billion (US$16 billion) in 2025, representing a decrease of Rp52 billion, or 16.1%, from Rp322 billion in 2024. Cash disbursements from financing activities increased by Rp27,428 billion, or 34.1%, from Rp80,480 billion in 2024 to Rp107,908 billion (US$6,471 million) in 2025. These disbursements were attributable to: ● Loan and borrowing repayments of Rp72,037 billion (US$4,320 million) in 2025, showing an increase of Rp24,430 billion, or 51.3%, from Rp47,607 billion in 2024; ● Cash dividend payments to shareholders and non-controlling interests of subsidiaries totaling Rp28,406 billion (US$1,703 million) in 2025, showing an increase of Rp3,624 billion, or 14.6%, from Rp24,782 billion in 2024; ● Repayments of principal lease liabilities of Rp7,356 billion (US$441 million) in 2025, showing a decrease of Rp31 billion, or 0.4%, from Rp7,387 billion in 2024; and ● Repurchases of shares from non-controlling shareholders of subsidiaries amounted to Rp79 billion (US$5 million), representing a decrease of Rp625 billion, or 88.8%, from Rp704 billion in 2024. In addition, share buybacks by our Company amounted to Rp30 billion (US$2 million) in 2025, representing an increase of Rp30 billion, or 100%, compared to nil in 2024. Year ended December 31, 2024 compared to year ended December 31, 2023 As of December 31, 2024, total cash and cash equivalents amounted to Rp33,905 billion, representing an increase of Rp4,898 billion, or 16.9%, from Rp29,007 billion as of December 31, 2023. In 2024, operating activities generated the largest cash receipts, which totaled Rp151,444 billion, or 73.7%, of total cash receipts. Financing activities generated Rp52,975 billion, or 25.8%, of total cash receipts, and investing activities amounted to Rp1,202 billion, or 0.6%, of total cash receipts. Total cash receipts increased by Rp12,732 billion in 2024, or 6.6%, compared with 2023. 135 Table of Contents Cash disbursements in 2024 totaled Rp200,982 billion. Cash used in operating activities amounted to Rp89,844 billion, or 44.7% of total cash disbursements, cash used in financing activities amounted to Rp80,480 billion, or 40.0% of total cash disbursements, and cash used in investing activities amounted to Rp30,658 billion, or 15.3% of total cash disbursements. Total cash disbursements increased by Rp5,198 billion in 2024, or 2.7%, compared with 2023. Cash Flows from Operating Activities Net cash generated by operating activities increased by Rp1,019 billion, or 1.7%, from Rp60,581 billion in 2023 to Rp61,600 billion in 2024. Cash receipts from operating activities totaled Rp151,444 billion in 2024, up by Rp663 billion, or 0.4%, from Rp150,781 billion in 2023. These receipts were primarily: ● Cash receipts from customers and other operators slightly decreased by Rp43 billion, or 0.03%, from Rp148,458 billion in 2023 to Rp148,415 billion in 2024, reflecting a decrease in revenues from the cellular, fixed-line, and IndiHome; ● Cash receipts from interest income increased by Rp317 billion, or 30.2%, from Rp1,049 billion in 2023 to Rp1,366 billion in 2024, primarily due to the increase in interest income of current accounts and deposits; ● Cash receipts from tax refunds increased by Rp463 billion, or 68.0%, from Rp681 billion in 2023 to Rp1,144 billion in 2024, driven by claims for VAT and company income tax refunds, as well as corrections in VAT amounts for 2023. These refunds are subject to review by the tax authorities and may involve contingencies or risks of adjustment depending on the outcome of such reviews; and ● Cash receipts from others – net decreased by Rp74 billion, or 12.5%, from Rp593 billion in 2023 to Rp519 billion in 2024, due to a decrease in other non-trade receivables (non-affiliated) transactions. These transactions represent receivables from non-affiliated include parties that are not related to the provision of telecommunications or supporting services, and do not include employee receivables; they are classified as non-trade receivables outside our core operations. Cash disbursements from operating activities decreased by Rp356 billion, or 0.4%, from Rp90,200 billion in 2023 to Rp89,844 billion in 2024. This decrease was primarily due to lower cash payments for certain expenses and leases. Disbursements were as follows: ● Cash payments for expenses of Rp51,273 billion in 2024 decreased by Rp2,137 billion, or 4.0%, from Rp53,410 billion in 2023, primarily due to a decrease in annual fees of frequency - license, radio frequency usage, concession and USO of Telkomsel. See "—Cash Flows— Year ended December 31, 2024 compared to year ended December 31, 2023" above; ● Cash payments to employees of Rp16,364 billion in 2024 increased by Rp248 billion, or 1.5%, from Rp16,116 billion in 2023, primarily related to early retirement program costs. See "— Financial Overview—Year ended December 31, 2024, compared to year ended December 31, 2023—Expenses—c. Personnel Expenses;" ● Cash payments for corporate and final income taxes of Rp11,528 billion in 2024 increased by Rp782 billion, or 7.3%, from Rp10,746 billion in 2023, due to the increase in income tax expenses. See "— Financial Overview—Year ended December 31, 2024, compared to year ended December 31, 2023— Profit before Income Tax and Pre-tax Profit Margin;" ● Cash payments for finance costs of Rp5,295 billion in 2024 increased by Rp547 billion, or 11.5%, from Rp4,748 billion in 2023, due to higher costs associated with borrowings, partially as a result of higher interest 136 Table of Contents rates. See "— Financial Overview—Year ended December 31, 2024, compared to year ended December 31, 2023— Finance Costs;" ● Cash payments for short-term and low-value leases of Rp3,693 billion in 2024 slightly decreased by Rp77 billion, or 2.0%, from Rp3,770 billion in 2023, due to the decrease in interest-related lease costs; and ● Cash payments for net value-added taxes of Rp1,691 billion in 2024 increased by Rp281 billion, or 19.9%, from Rp1,410 billion in 2023, primarily due to the increase in VAT for prepaid tax liabilities across our Company and its subsidiaries. Cash Flows from Investing Activities Net cash used in investing activities decrease by Rp7,455 billion, or 20.2%, from Rp36,911 billion in 2023 to Rp29,456 billion. Cash receipts from investing activities increased by Rp889 billion, or 284% from Rp313 billion in 2023 to Rp1,202 billion in 2024. This increase was primarily attributable to: ● Proceeds from the sale of property and equipment of Rp717 billion in 2024. Proceeds from the sale of property and equipment increased by Rp617 billion, or 617%, from Rp100 billion in 2023, primarily due to the increase in gain on sale of property and equipment; ● Proceeds from other current financial assets – net of Rp339 billion in 2024. Proceeds from other current financial assets – net increased by Rp654 billion, or 207.6%, from placements in other current financial assets – net of Rp315 billion in 2023, primarily due to the increase in purchased of short-term investments and proceeds from sale of investment; and ● Proceeds from insurance claims of Rp143 billion in 2024. Proceeds from insurance claims decreased by Rp56 billion, or 28.1%, from Rp199 billion in 2023, primarily due to decrease of revenue from insurance claims. Cash disbursements from investing activities decrease by Rp6,566 billion, or 17.6% from Rp37,224 billion in 2023, from Rp30,658 billion in 2024. This decrease was primarily attributable to: ● Payments for purchases of property and equipment of Rp26,005 billion in 2024. Payments for purchases of property and equipment decreased by Rp7,598 billion, or 22.6%, from Rp33,603 billion in 2023, primarily due to a decrease in the acquisitions of cable networks, office equipment, vehicles, and properties under construction; ● Payments for purchases of intangible assets of Rp3,658 billion in 2024. Payments for purchases of intangible assets increased by Rp841 billion, or 29.9%, from Rp2,817 billion in 2023, primarily to acquire software and licenses; ● Business acquisition – net cash acquired of Rp635 billion in 2024. Business acquisition - net increased by Rp635 billion, or 100%, from nil in 2023, primarily due to the acquisition of PT Ultra Mandiri Telekomunikasi (UMT) in 2024; ● Proceeds from (increase)/decrease in advance and other assets – net of Rp330 billion in 2024. Proceeds from (increase)/decrease in advance and other assets – net increased by Rp181 billion, or 121.5%, from Rp149 billion in 2023, primarily due to an increase in disposal or transfer of fixed assets such as transmission equipment, cable networks, and power supply assets; and 137 Table of Contents ● Long-term investments in financial instruments of Rp30 billion in 2024. Long-term investments in financial instruments decreased by Rp310 billion, or 91.2%, from Rp340 billion in 2023, primarily due to a decrease in long-term investments. Cash Flows from Financing Activities Net cash used in financing activities increased by Rp940 billion, or 3.5%, from Rp26,565 billion in 2023 to Rp27,505 billion in 2024. Cash receipts from financing activities increased by Rp11,180 billion, or 26.7%, from Rp41,795 billion in 2023 to Rp52,975 billion in 2024. This increase was primarily driven by: ● Proceeds from loans and other borrowings of Rp52,653 billion in 2024. Proceeds from loans and other borrowings increased by Rp13,819 billion, or 35.6%, from Rp38,834 billion in 2023, primarily due to an increase in short-term loans and long-term loans, and ● Proceeds from the issuance of new subsidiary shares of Rp322 billion in 2024. Proceeds from the issuance of new subsidiary shares decreased by Rp2,639 billion, or 89.1%, from Rp2,961 billion in 2023, primarily due to the increase in additional capital contributions from non-controlling interest of subsidiaries. Cash disbursements from financing activities increased by Rp12,120 billion, or 17.7%, from Rp68,360 billion in 2023 to Rp80,480 billion in 2024. These disbursements were attributable to: ● Loan and borrowing repayments of Rp47,607 billion in 2024. Loan and borrowing repayments increased by Rp12,284 billion, or 34.8%, from Rp35,523 billion in 2023; ● Cash dividend payments to shareholders and non-controlling interests of subsidiaries were Rp24,782 billion in 2024 and decreased by Rp1,624 billion, or 6.2%, from Rp26,406 billion in 2023; ● Repayments of principal lease liabilities were Rp7,387 billion in 2024 and increased by Rp787 billion, or 11.9%, from Rp6,600 billion in 2023; and ● Share buyback of non-controlling interests by a subsidiary totaled Rp704 billion in 2024 and increased by Rp673 billion, or 2,171%, from Rp31 billion in 2023. Current Assets As of December 31, 2025, our current assets were Rp61,780 billion (US$3,704 million), compared to Rp63,094 billion as of December 31, 2024, representing a decrease of Rp1,314 billion, or 2.1%. This decrease was primarily due to: ● A decrease in trade receivables of Rp1,419 billion, or 11.1%, from Rp12,829 billion as of December 31, 2024, to Rp11,410 billion (US$684 million) as of December 31, 2025, driven by a decrease in trade receivables from related parties (Rp375 billion), third parties (Rp595 billion), and other receivables (Rp449 billion). Trade receivables mainly decreased due to lower trade receivables from affiliated groups and unbilled trade receivables from affiliated SOEs, which reflected additions and reductions arising from the sale and use of postpaid telecommunications services by affiliated customer groups; ● A decrease in prepaid taxes of Rp865 billion, from Rp2,844 billion as of December 31, 2024, to Rp1,979 billion (US$119 million) as of December 31, 2025, due to a decrease in total prepaid other taxes —current portion; 138 Table of Contents ● A decrease in contract cost of Rp202 billion, or 17.8%, from Rp1,134 billion as of December 31, 2024, to Rp932 billion (US$56 million) as of December 31, 2025, primarily driven by lower contract fulfillment costs. See Notes 2n and 10 to our Consolidated Financial Statements; ● A decrease in inventories of Rp195 billion, from Rp1,096 billion as of December 31, 2024, to Rp901 billion (US$54 million) as of December 31, 2025, primarily driven by a decrease in inventories of SIM cards, prepaid vouchers, and other supplies; and ● A decrease in contract assets of Rp159 billion, or 6.5%, from Rp2,449 billion as of December 31, 2024, to Rp2,290 billion (US$137 million) as of December 31, 2025, primarily due to a decrease in contract assets - current portion. See Notes 2n, 7, and 31 to our Consolidated Financial Statements. These decreases were partially offset by: ● An increase in assets held for sale of Rp751 billion (US$45 million) as of December 31, 2025, from nil as of December 31, 2024, mostly reflecting our investment in AdMedika, which was accounted for as an asset held for sale; ● An increase in other current assets of Rp317 billion, or 4.2%, from Rp7,552 billion as of December 31, 2024, to Rp7,869 billion (US$472 million) as of December 31, 2025, reflecting an increase in advances and prepaid frequency license fees – current portion; ● An increase in cash and cash equivalents of Rp323 billion, or 1.0%, from Rp33,905 billion as of December 31, 2024, to Rp34,228 billion (US$2,052 million) as of December 31, 2025, primarily due to the increases in cash generated by operating activities, the sale of property and equipment, the disposal of long-term investments in financial instruments, and proceeds from loans and other borrowings as described above; and ● An increase in other current financial assets of Rp135 billion, or 10.5%, from Rp1,285 billion as of December 31, 2024, to Rp1,420 billion (US$85 million) as of December 31, 2025, caused by an increase in the aggregate total balance of time deposits and mutual funds. Current Liabilities As of December 31, 2025, our current liabilities were Rp74,303 billion (US$4,454 billion), compared to Rp76,723 billion as of December 31, 2024, representing a decrease of Rp2,420 billion, or 3.2%. This decrease was primarily due to: ● A decrease in short-term bank loans of Rp4,596 billion, or 39.9%, from Rp11,525 billion as of December 31, 2024, to Rp6,929 billion (US$415 million) as of December 31, 2025. This decrease resulted from the decrease in short-term bank loans from related parties and third parties; ● A decrease in customer deposits of Rp1,349 billion, or 47.0%, from Rp2,872 billion as of December 31, 2024, to Rp1,523 billion (US$91 million) as of December 31, 2025, due to a decrease in the overall number of customers; ● A decrease in other tax liabilities of Rp769 billion, or 31.7%, from Rp2,425 billion as of December 31, 2024, to Rp1,656 billion (US$99 million) as of December 31, 2025, which primarily resulted from a decrease in other tax liabilities of subsidiaries, that decreased from Rp2,144 billion in 2024 to Rp1,087 billion (US$65 million) in 2025; and 139 Table of Contents ● A decrease in current income tax liabilities of Rp499 billion, or 57.5%, from Rp868 billion as of December 31, 2024, to Rp369 billion (US$22 million) as of December 31, 2025, primarily due to lower corporate income tax of certain subsidiaries and installment payments of our corporate income tax. See "— Financial Overview—Year ended December 31, 2025, compared to year ended December 31, 2024— Income Tax Expense." These decreases were partially offset by: ● An increase in current maturities of long-term borrowings and other borrowings of Rp1,880 billion, or 11.8%, from Rp15,866 billion as of December 31, 2024, to Rp17,746 billion (US$1,064 million) as of December 31, 2025. This increase resulted from the rise of current maturities portion of bank loans and bonds; ● An increase in trade payables of Rp1,042 billion, or 6.6%, from Rp15,790 billion as of December 31, 2024, to Rp16,832 billion (US$1,009 million) as of December 31, 2025, driven by an increase in trade payables from third parties (Rp1,051 billion) and other payables (Rp194 billion). Trade payables from third parties arose from purchases of equipment, materials, and services and payables to other telecommunication providers; ● An increase in current maturities of lease liabilities of Rp498 billion, or 9.1%, from Rp5,447 billion as of December 31, 2024, to Rp5,945 billion (US$357 million) as of December 31, 2025; ● An increase in accrued expenses of Rp675 billion, or 4.8%, from Rp14,192 billion as of December 31, 2024, to Rp14,867 billion (US$891 million) as of December 31, 2025, driven by higher accrued expenses for operation and maintenance, telecommunication services, and general and administrative. See "— Financial Overview—Year ended December 31, 2024, compared to year ended December 31, 2023—Expenses;” ● An increase in contract liabilities of Rp232 billion, or 3.0%, from Rp7,738 billion as of December 31, 2024, to Rp7,970 billion (US$478 million) as of December 31, 2025, primarily due to the increase in advances from customers for the B2B ICT and International segment; and ● An increase in liabilities directly associated with the assets held for sale Rp466 billion (US$28 million) as of December 31, 2025, from nil as of December 31, 2024, related to the liabilities of AdMedika and its subsidiaries, which are currently in the process of being divested. Working Capital As of December 31, 2025, our working capital, defined as the difference between current assets and current liabilities as of the same date, decreased by Rp1,106 billion compared to our working capital as of December 31, 2024. As of December 31, 2025, our current assets were lower than our current liabilities, resulting in a current ratio, defined as our current assets divided by our current liabilities, of 0.83 as of December 31, 2025. We closely monitor our working capital so that we may manage our working capital efficiently, without restricting our ability to meet our current liabilities. This improvement in working capital was primarily due to: ● A decrease in current assets of Rp1,314 billion, or 2.1%, from Rp63,094 billion as of December 31, 2024, to Rp61,780 billion (US$3,704 million) as of December 31, 2025. See “— Current Assets.” ● A decrease in current liabilities of Rp2,420 billion, or 3.2%, from Rp76,723 billion as of December 31, 2024, to Rp74,303 billion (US$4,454 million) as of December 31, 2025. See “— Current Liabilities.” 140 Table of Contents We believe that our available cash, working capital, cash generated by future operations, and borrowings from banks and other financial institutions are sufficient for our present requirements. We expect that our working capital requirements will continue to be addressed by various funding sources, including cash from operating activities, bank loans and potential offerings of debt securities in the capital markets. Capital Structure Our capital structure as of December 31, 2025, is described as follows: ​ ​ ​ ​ Amount Portion ​ ​ (Rp billion) ​ (%) Short-term debts 6,929 ​ 3.3 Long-term debts 68,337 ​ 33.3 Total debts 75,266 ​ 36.6 Equity attributable to owners of the parent company 130,151 ​ 63.4 Total 205,417 ​ 100.0 As of December 31, 2025, our net debt to equity ratio was 0.3 and our debt service coverage ratio was 0.9 times, indicating our strong ability to meet our debt obligations. Our debt levels are primarily driven by our plans to develop our existing and new strategic businesses. In determining our optimum debt levels, we also consider our debt ratios with reference to regional peers in the telecommunications industry. For further information on our Company’s management policies related to capital, see Note 35 to our Consolidated Financial Statements. Indebtedness Consolidated total indebtedness (consisting of short-term bank loans, long-term liabilities, current maturities of long-term liabilities, and other borrowings) as of December 31, 2023, 2024, and 2025 were as follows: As of December 31, 2023 ​ ​ 2024 2025 ​ ​ ​ (Rp billion) ​ ​ (Rp billion) (Rp billion) (US$ million) Indonesian Rupiah 67,668 ​ ​ 76,648 ​ 75,067 ​ 4,501 U.S. Dollar(1) 220 ​ ​ 159 ​ 173 ​ 10 Japanese Yen(2) 84 ​ ​ — ​ — ​ - Malaysian Ringgit(3) 29 ​ ​ 27 ​ 26 ​ 2 Total 68,001 ​ ​ 76,834 ​ 75,266 ​ 4,513 Notes: (1) The amounts as of December 31, 2023, 2024, and 2025 translated into Rupiah at Rp15,398, Rp16,095, and Rp16,676 to US$1, respectively, being the Reuters average rates for U.S. Dollars at each of those dates. (2) The amounts as of December 31, 2023, and 2024, and 2025 translated into Rupiah at Rp109, Rp103, and Rp106 to Yen 1, respectively, being the Reuters average rates for Yen at each of those dates. (3) The amount as of December 31, 2023, and 2024, and 2025 translated into Rupiah at Rp3,354, Rp3,596, and Rp4,106 to Ringgit 1, being the Reuters average rates for Ringgit at each of those dates. Of our total indebtedness, as of December 31, 2025, Rp33,429 billion, Rp31,504 billion, and Rp23,242 billion were scheduled for repayment in 2026, 2027-2029, and thereafter, respectively. As of December 31, 2025, approximately 49.8% (based on the aggregate then outstanding principal) of our total bank borrowings were floating-rate loans. We use hedging instruments to cover foreign currency risk exposures for periods ranging from 3 up to 12 months 141 Table of Contents For further information on our Company’s indebtedness, see Notes 19 and 20 to our Consolidated Financial Statements. Capital Expenditures In 2025, we incurred capital expenditures of Rp24,577 billion (US$1,475 million) for not only increasing capacity but also improving the quality of our services. Our capital expenditures broadly fall into the following categories: ● Broadband services, including mobile and fixed broadband; ● Network infrastructure, which consists of core networks (submarine and terrestrial cables), and telecommunications towers; ● Data centers, cloud services, IoT, and IT; and ● Other supporting capital investments, such as connectivity support facilities, buildings, and power supply systems. Of our Rp24,577 billion capital expenditure in 2025, Telkom, as the parent company, incurred capital expenditures of Rp6,833 billion (US$410 million). Telkomsel incurred capital expenditures of Rp11,747 billion (US$704 million), and our other subsidiaries incurred capital expenditures of Rp5,997 billion (US$360 million), in aggregate. We expect to further reduce our capital expenditures in the future to bring them more in line with our long-term funding capacity. The following table sets forth our capital expenditure breakdown between Telkom as a parent company, Telkomsel and our other subsidiaries for the periods indicated. ​ Years Ended December 31, ​ 2023 2024 2025 ​ (Rp billion) (Rp billion) (Rp billion) (US$ million) Telkom (parent company) 14,037 7,217 ​ 6,833 ​ 410 Subsidiaries ​ ​ ​ ​ ​ Telkomsel 18,804 17,092 ​ 11,747 ​ 704 Others 17 127 ​ 5,997 ​ 360 Subtotal for subsidiaries 18,821 17,219 ​ 17,744 ​ 1,064 Total for Telkom Group 32,858 24,436 ​ 24,577 ​ 1,475 Our capital expenditures in 2025 were mostly incurred for the development of a hyperscale data center in Batam and capacity expansion of the hyperscale data center in Cikarang, the construction of Telkomsel BTS (for the development and improvement of the 4G and 5G networks), increase the number of telecommunications towers and their supporting capacity, and the development of international submarine cable system projects, including the TOPAZ, BIFROST, and SJC2 submarine cables. Material Commitments for Capital Expenditures As of December 31, 2025, we had material commitments for capital expenditures under contractual arrangements totaling Rp14,547 billion (US$872 million), principally relating to strengthening our network capacity, enhancing service quality, and enabling next-generation digital and connectivity services across Indonesia. Material commitments relate to various projects in support of the above mentioned key objectives, such as the rollout and modernization of radio access network infrastructure such as 4G and 5G BTS, procurement and deployment of advanced core network solutions, the upgrading of our customer relationship management, online charging systems, and service control platforms, the construction and expansion of hyperscale and fixed broadband infrastructure, including fixed broadband core, GGSN, and virtualized EPC solutions. In addition, other material commitments for capital expenditures are in support of the development of data center facilities, next-generation network systems, and submarine cable projects 142 Table of Contents such as the South Papua Submarine Cable Communication System, as well as international connectivity and satellite-related initiatives. The following table sets forth information on our committed capital expenditures under contractual arrangements as of December 31, 2025: Currencies ​ Amounts in Foreign Currencies ​ Equivalent in Rupiah ​ (in millions) ​ (in billions) Rupiah ​ ​ 14,130 U.S. Dollar ​ 25 ​ 417 Total ​ 25 ​ 14,547 For a more detailed discussion regarding our material commitments for capital expenditures, see Note 33a to our Consolidated Financial Statements. Source of Funds We have historically funded our capital expenditures primarily with cash generated from operations. In 2025, we expect that our capital expenditure to revenue ratio will range approximately from 25% to 30%. We expect that the most significant proportions of capital expenditure will be allocated to the development of infrastructure to support broadband services, both for mobile and fixed-line broadband services. A portion of our capital expenditure is allocated to our subsidiaries, primarily to Telkomsel. We expect to fund the above commitments with our internal and external sources of funds. The realization and use of future capital expenditures may differ from the amounts indicated above due to various factors, including but not limited to changes in the Indonesian and global economy, the Rupiah/U.S. Dollar or other applicable foreign exchange rates, the availability of supply or vendor or other financing on terms acceptable to us, and also any technical or other problems in the implementation. C. CRITICAL ACCOUNTING POLICIES, ESTIMATES, AND JUDGMENTS We prepare our financial statements in accordance with IFRS as issued by the IASB. As such, we are required to make certain estimates, judgments and assumptions that management believes are reasonable based upon the information available. The estimates, judgments and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from those estimates. Change in Accounting Policy — Drop Cable Assets Our Report of Foreign Issuer on Form 6-K furnished to the SEC on March 10, 2026 (the "March 2026 Form 6-K") included a statement of non-reliance on our previously published consolidated financial statements as of and for the years ended December 31, 2023 and 2024, certain related disclosures, and associated reports of our independent registered public accountants, described the accounting treatment with respect to certain drop cable assets and the asset classification of "last mile to the customers" as accounting errors, and included an initial conclusion that a material weakness in ICFR existed as of December 31, 2023 and 2024. These statements where based on information available, and assessment made, as at the date thereof while accounting and control evaluations were still ongoing. Our Report of Foreign Issuer on Form 6-K/A furnished to the SEC on April 30, 2026 (the "April 2026 Form 6-K/A") amended the March 2026 Form 6-K, after our management had continued its review of the asset classification of “last mile to the customers” with the support of external advisors, regulators, and other relevant stakeholders. This matter involved complex and non-routine technical accounting considerations requiring specialized analyses relating to componentization, and the applicability of IAS 8 and 143 Table of Contents IAS 16, supported by underlying non-routine technical accounting controls and review procedures. Our management and the Audit Committee actively monitored the progress of the ongoing assessment, including the operation of disclosure controls and technical accounting review procedures designed to support the appropriate evaluation and escalation of material information throughout the process. Based on the final results of relevant analyses and further consultations, our management ultimately concluded, as set out in the April 2026 Form 6-K/A, that the accounting treatment with respect to certain drop cable assets, which are a distinct component within telecommunications infrastructure, and the asset classification of “last mile to the customers” should be characterized as changes in accounting policy, rather than accounting errors. Management also reassessed its earlier conclusion regarding ICFR and determined that our Company's disclosure controls and procedures and ICFR were effective and no material weakness in our Company's ICFR existed as of December 31, 2024 and December 31, 2023, also as set out in the April 2026 Form 6-K/A. See also Note 2y to our Consolidated Financial Statements. New Standards and Interpretations For new standards, amendments to standards and interpretations not yet adopted in 2025 which have not been applied in preparing our Consolidated Financial Statements, see Note 38 to our Consolidated Financial Statements. For amendments to standards and interpretations adopted in 2025 which have been applied in preparing our Consolidated Financial Statements, see Note 2a thereto. Such amendments had no material impact on our Consolidated Financial Statements. D.RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC. Research, Development, and Innovation Research and Innovation Policies and Expenses Our research and innovation policies are designed to align with our strategic objectives and deliver measurable business impact through collaboration, structured governance, and transparent performance evaluation. Our expenses related to research and innovation activities were approximately Rp9.3 billion (US$0.6 million) in 2025 and Rp8.2 billion in 2024. ​ In 2025, the Corporate University Center oversaw 19 research projects aligned with our strategic objectives, encompassing technology research initiatives such as AI and cybersecurity talent frameworks, energy efficiency, agriculture ecosystems, and network infrastructure, as well as business research initiatives, including human capital management and satisfaction surveys. ​ Our Innovation Management Program is organized into two main categories. The first is structured product innovation, managed by product owners to drive the development of market-ready solutions. The second is Amoeba, a bottom-up innovation initiative aimed at developing internal talent and generating innovations that support and improve our business processes. The Amoeba Program, managed by our Corporate University (CorpU), has shifted its focus toward thematic innovation programs aligned with the strategic needs of our Group and designed to strengthen collaboration across the organization. This approach is implemented through Hack Idea and Telkom Athon, which serve as platforms for collaborative and technology-driven innovation. In 2025, we had three innovations in the delivery stage, 12 innovations in the development and deployment stages, and 10 innovations that did not advance past the development stage. Our strategy includes coordinating research and innovation initiatives across our Group by leveraging people, process, and platform to deliver measurable business impact. This strategy is executed through Research Management, focusing on talent, technology, and business research, and Innovation Management, which drives process improvement, new business models, and new products and solutions. All initiatives begin with a structured needs diagnostic and are prioritized based on strategic alignment, cross-unit collaboration, and sustainability and are managed end-to-end through our 5D Funneling framework (Define, Design, Develop, Deploy, and Deliver) to ensure scalable and integrated outcomes. 144 Table of Contents Infrastructure Research and Development The infrastructure research comprises several laboratories, including the Broadband Access Network, Broadband Core Network, Fixed Mobility Convergence, and Infrastructure Service Research. Our research and operational collaborations are multi-faceted and relate to multiple aspects of our businesses or strategies, such as, among others, optical networks, encryption, clock synchronization in IP networks, routing protocols, edge computing, and hyper automation As a premier strategic entity under Telkom Indonesia, Telkom Test House ("TTH") serves as the Accredited Nation’s Center of Excellence for Certification and Quality Assurance, upholding the ISO/IEC 17025:2017 international standard through its advanced laboratory facilities specializing in infrastructure, transmission, devices, energy, and safety. TTH executes critical evaluations aligned with global standards and forums with the goal of safeguarding the integrity of Indonesia’s digital ecosystem. Furthermore, TTH provides specialized technical support and delivers solutions for identifying and implementing cost efficiency actions across Telkom’s strategic infrastructure assets. In technical terms, TTH's testing protocols are meticulously aligned with national and international standards and frameworks, ensuring that Telkom Indonesia's infrastructure meets global benchmarks for safety, reliability, and environmental sustainability. TTH also actively empowers business units by conducting precise conformance testing for product delivery, providing technical expertise in sampling tests (uji petik) for ODP/ODC units, and establishing standardized installation guidelines for steel poles, all of which with the goal of generating operational expenditure savings and fostering asset lifecycle optimization. Furthermore, TTH seeks to achieve the seamless orchestration of next-generation technologies, such as SD-WAN and Large-Capacity Data Center Switches, while elevating customer experience through the certification of high-performance Access and CPE devices. TTH’s scope has significantly expanded to include renewable energy studies, specifically in evaluating solar power integration and alternative energy solutions to reduce the carbon footprint of Telkom’s vast infrastructure. These high-level assessments safeguard the integrity of the national digital ecosystem. In 2025, TTH continued to seek and promote high-value synergies with Government agencies, global manufacturers, and leading academic institutions, which significantly contributed to our Company’s increased market exposure and our ability to pioneer new business development avenues. TTH seeks to bridge the gap between procurement, regional operations, and cutting-edge research to achieve the precise coordination of network elements and meet global performance standards. By conducting testing and quality management, TTH also provides the technical support required to maintain service reliability, operational efficiency and long-term business sustainability. In 2025, our infrastructure development strategy included in the formation of PT Telkom Infrastructure Indonesia to optimize the use of our shared infrastructure assets. Key initiatives included exploring a Software-Defined Access Network (SDAN) to allow multiple service providers to utilize a single fixed access network and bitstream products for expediting revenue growth from other licensed operators. We are also focusing on satellite technology, which could enable Telkom to capture new markets. To support the FMC initiative, we have conducted research to provide seamless integration between Telkom and Telkomsel infrastructure, to deliver High Speed Internet services, Broadband Network Gateway, Authentication Authorization Accounting, and Policy and Charging Enforcement Function integration are intensively done to provide best customer user experience. Digital Ventures Our corporate venture capital subsidiary, MDI Ventures, actively invests in digital startups to create synergies with our core business. By the end of 2025, approximately one third of MDI Ventures’ active direct investments have obtained financial results and growth indicating that these portfolio companies are successfully moving beyond startup phases. MDI Ventures has been managing several funds covering multiple stages of investment, including: 145 Table of Contents ● MDI 100, MDI’s first Telkom Group-backed fund, focuses on growth-stage companies by leveraging Telkom Group and SOE networks. As of December 31, 2025, it had invested in 49 active portfolio companies. ● MDI 500, MDI’s second Telkom Group-backed fund, targeting growth to late-stage investments, with 26 active portfolio companies as of December 31, 2025. ● Centauri Fund, a collaboration with KB Financial Group, which targets early-growth stage startups in Southeast Asia and South Korea and had investments in 16 active portfolio companies as of December 31, 2025. ● Arise Fund, a collaboration with Finch Capital, which focuses on early-stage Indonesian technology startups and had investments in 16 active portfolio companies as of December 31, 2025. ● Ascent Fund III, launched in 2024 in collaboration with KB Investment and other partners, which expands our investment reach beyond Indonesia with two active portfolio companies as of December 31, 2025. In 2025, MDI Ventures received nationally and internationally recognized awards, including the 2025 International Business Award by Stevie and the Indonesia GCG Award by SWA Magazine and IICG. MDI Ventures also obtained the ISO 37001 Anti-Bribery Management System (ABMS) certification from SUCOFINDO International Certification Services. These recognitions and achievements underscore MDI’s commitment to strong corporate governance and reinforce its standing as a credible and trusted venture capital firm focused on sustainable value creation. E.TREND INFORMATION Indonesian Economic Conditions Our financial condition and results of operations are influenced by the general condition of the Indonesian economy. According to data from the Indonesian Central Bureau of Statistics, Indonesia’s Gross Domestic Product (“GDP”) grew by 5.11% in 2025, as compared to 5.03% in 2024. In its January 2026 World Economic Outlook, the International Monetary Fund projected that the Indonesian economy would grow by 5.1% in 2026. We believe that Indonesia’s favorable demographic profile and the continued transition of the Indonesian economy toward digitalization are key factors that may support future economic growth. Government Digitalization Initiatives The Government has established several national digitalization projects that we believe will create opportunities for us to provide network infrastructure, data center capacity, cloud solutions, and other information and communications technology services. These initiatives include, among others: ● Making Indonesia 4.0. This initiative is focused on the digital transformation of the manufacturing sector, which provides an opportunity for us to partner with manufacturing companies to provide technology-based solutions with a focus on IoT, AI, and other advanced technologies. ● One Data Indonesia. This project involves the creation of a unified digital portal for the sharing of Government data to enable data-driven public sector decision-making. We expect this will create opportunities for us to provide high-volume data storage, data center services, and cloud solutions. ● National Data Centers. Pursuant to Presidential Regulation No. 95/2018, which guides the implementation of digital governance, the Government has begun building national data centers with tier-4 classification. We 146 Table of Contents believe this initiative will provide us with future opportunities to provide network and other services to these data centers. ● Digital Infrastructure Development. The Government’s 2025-2029 National Medium-Term Development Plan sets targets for Indonesia’s digital transformation, including targets for fixed and mobile broadband coverage. ● Digital Transformation of Government Procurement. Pursuant to Presidential Decree No. 17/2023, we have been assigned by the Government to organize an electronic procurement system and its supporting systems to accelerate the digital transformation in the procurement of Government goods and services. F.CRITICAL ACCOUNTING ESTIMATES See Note 2y to our Consolidated Financial Statements for reference. ​ ​