SIDO booked revenue growth of 3.9% YoY to IDR2.73 trillion in 9M25. This growth was driven by increased sales in almost all business segments, except for the pharmacy segment, which decreased by 1.8% YoY to IDR94 billion in 9M25.

On a quarterly basis, SIDO’s revenue decreased by 13.4% QoQ to IDR900 billion in 3Q25. Looking forward, we expect SIDO’s revenue to potentially recover in 4Q25, aligned with seasonal consumption factors at the end of the year and the ongoing rainy season, which can potentially increase demand for Tolak Angin products.

SIDO’s operating expenses tended to stabilize at around IDR509 billion in 9M25. Despite sales and distribution expenses and general and administrative expenses increasing, SIDO booked a decrease in other expenses to IDR591 million in 9M25 (vs. IDR35.13 billion in 9M24), therefore making operating expenses tend to be stable.

SIDO’s net profit grew 5.2% YoY to IDR819 billion in 9M25. This growth was aligned with the increase in revenue and operating profit in 9M25. SIDO’s net profit in 9M25 was in line with our estimates as it was equivalent to 70% of our FY25F.

We maintain our Buy rating for SIDO with the same projections and fair value in the initiate report at IDR635/share.

By PHINTRACO SEKURITAS | Research
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