MIDI booked revenue growth of 4% YoY to IDR14.69 trillion in 9M25. This growth was driven by increased sales in almost all business segments, except for the food segment, which decreased by 5.3% YoY to IDR8.39 trillion in 9M25.

By location, only sales outside Java experienced sales growth of 19.5% YoY to IDR 7.27 trillion in 9M25 (equivalent to 47.6% of total sales). The growth in sales outside Java is aligned with MIDI’s focus on store expansion outside Java, which has high growth potential.

MIDI’s operating expenses decreased by 3.4% YoY to IDR2.85 trillion in 9M25. This decrease was mainly due to lower sales and distribution expenses and general and administrative expenses in 9M25. We assess that the operational efficiency experienced by MIDI in 9M25 was aligned with the divestment of Lawson in May 2025.

MIDI’s net profit grew 39.3% YoY to IDR591 billion in 9M25. This growth was aligned with an increase in operating profit due to operational efficiency. In addition, MIDI also booked an increase in financial income and a decrease in financial expenses.

We maintain our Buy rating for MIDI with the same projections and fair value as in our previous company update at IDR530/share.

By PHINTRACO SEKURITAS | Research
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