Mitratel 9M26: Revenue Up 1.8% While Fiber Assets Grow 13.3% and Tenancy Ratio Reaches 1.60x
The tower company reported Rp7.01 trillion in nine-month revenue with 40,704 towers and 76,761 billable fiber kilometers, as asset growth far outpaces revenue growth.
Mitratel published its nine-month 2026 results on October 30. Revenue reached Rp7.01 trillion, up 1.8% year on year, with net profit of Rp1.55 trillion, up 0.8%. The physical asset base grew considerably faster: 40,704 towers in operation, 24,333 colocations, a tenancy ratio up from 1.55x to 1.60x, and billable fiber extending 13.3% year on year to 76,761 kilometers.
The company's stated strategy is a "Next-Generation TowerCo" model built on asset optimization and digital capabilities. The numbers highlight the structural tension in the tower business: each tenancy and fiber kilometer adds operating cost and documentation load — colocation contracts, acceptance reports and tenant invoicing — while revenue per unit stays flat.
The gap between asset growth (+13.3% fiber) and revenue growth (+1.8%) frames the operational efficiency pressure across the company's 40,000-plus sites, a scale at which per-site operational overhead dominates cost structures.