ERAA booked revenue growth of 5.8% YoY to IDR35.04 trillion in 6M25. On a quarterly basis, ERAA’s revenue grew significantly by 20.66% QoQ to IDR19.16 trillion in 2Q25, driven by a significant increase in sales of the cellular phone and tablet segment by 25.42% QoQ to IDR15.47 trillion in 2Q25.

ERAA’s operating expenses increased by 14.05% YoY to IDR2.56 trillion in 6M25. This condition resulted in ERAA’s operating profit growing by a limited 1.26% YoY to IDR1.12 trillion in 6M25. On a quarterly basis, ERAA’s operating profit grew significantly by 59.43% QoQ to IDR689 billion in 2Q25, in line with higher revenue growth compared to operating expenses in 2Q25.

ERAA’s net profit grew 6.61% YoY to IDR606 billion in 6M25, driven by a 19.79% YoY decrease in non-operating expenses to IDR257 billion in 6M25 due to an increase in financial income from interest income and a decrease in financial expenses due to lower interest expenses.

We give ERAA a Hold rating with the same projections and fair value as the previous ERAA company update at IDR555 per share. This is in line with ERAA’s performance, which is still in line with our FY25F projections.

By PHINTRACO SEKURITAS | Research
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