KLBF booked revenue growth of 7.2% YoY to IDR25.98 trillion in 9M25. This growth was driven by increased sales in almost all of KLBF’s business segments, except for the nutrition segment, which decreased by 2.13% YoY to IDR6 trillion in 9M25. KLBF’s revenue in 9M25 is equivalent to 74% of our FY25F.

KLBF’s operating expenses increased by 11.1% YoY to IDR6.97 trillion in 9M25. This increase was mainly due to an increase in selling expenses of 13.7% YoY to IDR5.6 trillion and research and development expenses of 10.2% YoY in 9M25. Despite the increase in operating expenses, KLBF still booked a growth in operating profit of 10% YoY to IDR3.85 trillion in 9M25.

KLBF’s net profit grew 12.5% YoY to IDR2.7 trillion in 9M25. This growth was aligned with the increase in operating profit in 9M25. In addition, KLBF’s net profit was also driven by better non-operating performance.

Overall, KLBF’s performance is aligned with our estimates. Therefore, we maintain our Buy rating for KLBF with the same projections and fair value in the initiate report at IDR1,640/share.

By PHINTRACO SEKURITAS | Research
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