PT Tower Bersama Infrastructure “TBIG”
TBIG benefits from a strong market position as Indonesia’s third-largest independent tower operator, accounting for approximately 20% of the country’s tower base within an oligopolistic industry dominated by three major players. Its competitive position is reflected in revenue of IDR1.7 trillion in 1Q26, supported by the addition of 710 towers and a 1.2% YoY increase in average monthly revenue per tenant. Cash flow visibility remains strong, underpinned by long-term, generally non-cancellable lease agreements with an average remaining contract life of 5.5 years. Although more than 80% of revenue is derived from Indonesia’s three largest telecommunications operators, established customer relationships, high switching costs, and long-term contracts support stable and predictable earnings, with EBITDA projected to reach IDR5.4 trillion in 2026. Financial leverage is expected to remain moderate but gradually improve, with debt-to-EBITDA declining to 5.4x and interest coverage strengthening to 2.9x in 2026, supported by scheduled debt repayments, tower expansion, and stable tenancy levels.