<p>PT Sarana Menara Nusantara Tbk ((SMNUF)) 已召开其第四季度财报电话会议。以下是会议的主要亮点。</p>
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<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
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<p>PT Sarana Menara Nusantara 最近的财报电话会议传达了谨慎乐观的语气，管理层在稳健的 2025 年业绩与明显的逆风之间取得了平衡。收入、EBITDA 和净利润均同比增长，得益于连接性和光纤增长以及有序的去杠杆化。然而，管理层强调了高利率、税收波动和电信整合中塔楼需求疲软带来的压力。</p>
<h2>全年收入和盈利能力</h2>
<p>PT Sarana Menara Nusantara 报告称，2025 财年的营业收入为 13300 亿印尼盾，少数股东权益后的净利润为 3678 亿印尼盾。这意味着净利润同比增长 10.3%，管理层强调尽管披露的增长百分比存在一些不一致，但与 2024 财年相比整体收入仍有所增加。</p>
<h2>EBITDA 和利润率</h2>
<p>EBITDA 增长至 10970 亿印尼盾，同比增长 2.5%，显示出核心盈利能力的韧性。公司提到净收入利润率约为 27%，并强调了 11-11.5% 的多年度 EBITDA 年复合增长率，突显其将规模转化为收益的能力。</p>
<h2>连接性和光纤到户作为增长引擎</h2>
<p>随着传统塔楼新增速度放缓，连接性和光纤到户服务成为主要增长驱动力。连接激活量同比激增超过 53%，超过 25000 个，而光纤到户的渗透率约为 14%，光纤到户的激活量增长幅度高达低 50% 的范围。</p>
<h2>运营规模和网络扩展</h2>
<p>该集团保持了显著的运营规模，拥有大约 36247 个塔楼和约 60500 个租户，租户比例为 1.67。在 2025 年，它新增了 847 个塔楼，近 6800-7000 公里的创收光纤，并将家庭覆盖范围扩大了大约 89000 个连接和 31000 个家庭通道。</p>
<h2>资本管理和去杠杆化</h2>
<p>管理层大力推进资产负债表修复，偿还了约 7200 亿印尼盾的债务，支持这一举措的是筹集了 5500 亿印尼盾的配股。杠杆率降至 3.74 倍，平均利息成本降至约 6.0%，而公司在 2025 年仍然分配了 12 亿印尼盾的股息。</p>
<h2>投资级和 ESG 资质</h2>
<p>公司重申其投资级地位，引用了标准普尔的 BBB-评级和惠誉的稳定展望。它还强调了 ESG 认可，包括 MSCI ESG 评级为单 A 和 Sustainalytics 评分接近 24，定位自己为贷款方和运营商可信赖的长期基础设施合作伙伴。</p>
<h2>指导、资本支出和增长重点</h2>
<p>2026 年的前瞻性指导保持谨慎，管理层预计收入和 EBITDA 均将实现低个位数的增长。资本支出预计约为 5000 亿印尼盾，支出将重心放在连接性和光纤化机会，包括增量的固定无线接入和 5G 相关需求，覆盖其 224000 公里的光纤平台。</p>
<h2>收入报告不一致性</h2>
<p>对投资者而言，电话会议中收入评论的混合是一个显著的细节，其中 13300 亿印尼盾的销售额与 4600 亿印尼盾的绝对增长相结合。管理层在其他地方描述了大约 4-4.6% 的同比收入增长，留下了对顶线改善的确切幅度的一些模糊性。</p>
<h2>利率和 AFFO 压力</h2>
<p>尽管 EBITDA 表现强劲，高利率却抑制了调整后运营资金的增长，突显了融资成本的拖累。2025 年末的平均借款成本约为 6.0%，利息支出接近 2788 亿印尼盾，促使管理层将去杠杆化和再融资作为关键优先事项。</p>
<h2>杠杆和流动性状况</h2>
<p>尽管公司的杠杆有所改善，但仍然处于 3.74 倍的高位，在高利率环境中留下了有限的容错空间。年末现金约为 650 亿印尼盾，在大规模偿债、配股部署和股息支付后，突显了对有序现金管理的需求。</p>
<h2>税收波动和预测风险</h2>
<p>高管警告称，税收支出仍然是一个波动因素，提及了之前高于预期的税收支付和不同的税收解释。这种波动使得预测正常化收益变得复杂，并可能导致 2026 年运营表现与底线报告利润之间的偏差。</p>
<h2>行业整合和塔楼前景</h2>
<p>电信整合，包括 Indosat-Hutchison 和 XL-Smartfren 交易，因搬迁和网络重组而产生了短期噪音。管理层预计塔楼相关的收入和租户在短期内将保持大致平稳，大部分增量增长可能来自非塔楼的光纤和连接服务。</p>
<h2>利用率和定价压力</h2>
<p>一些运营指标显示出轻微的疲软，例如光纤到塔楼的租户比例从大约 1.84 下降至 1.79。管理层承认行业收益普遍较低，但辩称定价已趋于稳定，并打算在服务质量和综合价值上竞争，而不是进行激进的折扣。</p>
<h2>宏观和地缘政治不确定性</h2>
<p>公司将其谨慎立场部分归因于日益上升的宏观和地缘政治风险，包括冲突和能源价格上涨的影响。这些因素可能会对电信客户的支出计划、银行贷款意愿和整体流动性状况产生压力，进一步强化了 2026 年的低增长指导。</p>
<h2>前瞻性指导和战略优先事项</h2>
<p>展望 2026 年，管理层的目标是实现收入、EBITDA 和净利润的低个位数增长，同时将资本支出保持在约 5000 亿印尼盾，并控制杠杆率。战略计划的核心是提升连接激活、进一步推进光纤化，并谨慎追求收购，同时维护投资级评级，并主要通过自由现金流来支持增长。</p>
<p>PT Sarana Menara Nusantara 的财报电话会议描绘了一家基础设施公司在更为严峻的宏观和行业背景下，将规模转化为稳定利润的图景。对于投资者而言，关键要点是核心收益的韧性、加速的光纤和连接增长、改善的信用指标，以及一个在 2026 年即将到来时表现出谨慎但又抓住机会的管理团队。</p>

印尼电信

<p>PT Sarana Menara Nusantara Tbk 在第四季度的财报电话会议中报告了谨慎乐观的业绩，强调了收入、EBITDA 和净利润的同比增长，这得益于连接性和光纤的增长。2025 财年的营业收入达到了 13.3 万亿印尼盾，净利润为 3,678 亿印尼盾，反映出 10.3% 的增长。然而，管理层指出高利率和税收波动带来的挑战。公司计划在 2026 年实现适度增长，专注于连接性和光纤化，同时管理债务并保持其投资级别地位，以应对行业整合和宏观经济不确定性</p>

<p>PT Sarana Menara Nusantara Tbk ((SMNUF)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>PT Sarana Menara Nusantara Tbk ((SMNUF)) 已召开其第四季度财报电话会议。以下是会议的主要亮点。</p>
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<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
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</div><p>PT Sarana Menara Nusantara’s latest earnings call struck a cautiously positive tone as management balanced solid 2025 results with clear headwinds. Revenue, EBITDA and net profit all rose year on year, underpinned by connectivity and fiber growth plus disciplined deleveraging. Yet executives stressed pressure from high interest rates, tax volatility and muted tower demand amid telco consolidation.</p>
<div class="lb-trans"><p>PT Sarana Menara Nusantara 最近的财报电话会议传达了谨慎乐观的语气，管理层在稳健的 2025 年业绩与明显的逆风之间取得了平衡。收入、EBITDA 和净利润均同比增长，得益于连接性和光纤增长以及有序的去杠杆化。然而，管理层强调了高利率、税收波动和电信整合中塔楼需求疲软带来的压力。</p>
</div><h2>Full-Year Revenue and Profitability</h2>
<div class="lb-trans"><h2>全年收入和盈利能力</h2>
</div><p>PT Sarana Menara Nusantara reported operating revenue of IDR 13.3 trillion for FY2025 and net profit after minority interest of IDR 3.678 trillion. This implied net profit growth of 10.3% year on year, with management emphasizing an overall revenue increase versus FY2024 despite some inconsistencies in disclosed growth percentages.</p>
<div class="lb-trans"><p>PT Sarana Menara Nusantara 报告称，2025 财年的营业收入为 13300 亿印尼盾，少数股东权益后的净利润为 3678 亿印尼盾。这意味着净利润同比增长 10.3%，管理层强调尽管披露的增长百分比存在一些不一致，但与 2024 财年相比整体收入仍有所增加。</p>
</div><h2>EBITDA and Margins</h2>
<div class="lb-trans"><h2>EBITDA 和利润率</h2>
</div><p>EBITDA climbed to IDR 10.97 trillion, up 2.5% year on year, demonstrating resilient core profitability. The company cited a robust net income margin of around 27% and highlighted an 11–11.5% multi‑year EBITDA CAGR, underscoring its ability to translate scale into earnings.</p>
<div class="lb-trans"><p>EBITDA 增长至 10970 亿印尼盾，同比增长 2.5%，显示出核心盈利能力的韧性。公司提到净收入利润率约为 27%，并强调了 11-11.5% 的多年度 EBITDA 年复合增长率，突显其将规模转化为收益的能力。</p>
</div><h2>Connectivity and FTTH as Growth Engines</h2>
<div class="lb-trans"><h2>连接性和光纤到户作为增长引擎</h2>
</div><p>Connectivity and fiber-to-the-home services emerged as the main growth drivers as traditional tower additions slowed. Connectivity activations surged more than 53% year on year to above 25,000, while FTTH penetration reached about 14% and FTTH activations posted growth figures as high as the low‑50% range.</p>
<div class="lb-trans"><p>随着传统塔楼新增速度放缓，连接性和光纤到户服务成为主要增长驱动力。连接激活量同比激增超过 53%，超过 25000 个，而光纤到户的渗透率约为 14%，光纤到户的激活量增长幅度高达低 50% 的范围。</p>
</div><h2>Operational Scale and Network Expansion</h2>
<div class="lb-trans"><h2>运营规模和网络扩展</h2>
</div><p>The group preserved significant operational scale with roughly 36,247 towers and about 60,500 tenants, producing a tenancy ratio of 1.67. During 2025 it added 847 towers, nearly 6,800–7,000 km of revenue‑generating fiber and expanded its home footprint by roughly 89,000 connects and 31,000 home passes.</p>
<div class="lb-trans"><p>该集团保持了显著的运营规模，拥有大约 36247 个塔楼和约 60500 个租户，租户比例为 1.67。在 2025 年，它新增了 847 个塔楼，近 6800-7000 公里的创收光纤，并将家庭覆盖范围扩大了大约 89000 个连接和 31000 个家庭通道。</p>
</div><h2>Capital Management and Deleveraging</h2>
<div class="lb-trans"><h2>资本管理和去杠杆化</h2>
</div><p>Management leaned hard into balance sheet repair, repaying about IDR 7.2 trillion of debt supported by a rights issue that raised IDR 5.5 trillion. Leverage declined to 3.74 times and average interest cost fell to around 6.0%, while the company still returned IDR 1.2 trillion in dividends during 2025.</p>
<div class="lb-trans"><p>管理层大力推进资产负债表修复，偿还了约 7200 亿印尼盾的债务，支持这一举措的是筹集了 5500 亿印尼盾的配股。杠杆率降至 3.74 倍，平均利息成本降至约 6.0%，而公司在 2025 年仍然分配了 12 亿印尼盾的股息。</p>
</div><h2>Investment-Grade and ESG Credentials</h2>
<div class="lb-trans"><h2>投资级和 ESG 资质</h2>
</div><p>The company reaffirmed its investment‑grade status, citing a BBB‑ rating from S&amp;P and stable outlook from Fitch. It also highlighted ESG recognition, including an MSCI ESG rating of single A and a Sustainalytics score near 24, positioning itself as a credible long‑term infrastructure partner for lenders and operators.</p>
<div class="lb-trans"><p>公司重申其投资级地位，引用了标准普尔的 BBB-评级和惠誉的稳定展望。它还强调了 ESG 认可，包括 MSCI ESG 评级为单 A 和 Sustainalytics 评分接近 24，定位自己为贷款方和运营商可信赖的长期基础设施合作伙伴。</p>
</div><h2>Guidance, CapEx and Growth Focus</h2>
<div class="lb-trans"><h2>指导、资本支出和增长重点</h2>
</div><p>Forward guidance for 2026 remains deliberately modest, with management projecting low single‑digit growth in both revenue and EBITDA. CapEx is guided at about IDR 5 trillion, with spending heavily skewed toward connectivity and fiberization opportunities including incremental FWA and 5G-related demand across its 224,000 km fiber platform.</p>
<div class="lb-trans"><p>2026 年的前瞻性指导保持谨慎，管理层预计收入和 EBITDA 均将实现低个位数的增长。资本支出预计约为 5000 亿印尼盾，支出将重心放在连接性和光纤化机会，包括增量的固定无线接入和 5G 相关需求，覆盖其 224000 公里的光纤平台。</p>
</div><h2>Revenue Reporting Inconsistencies</h2>
<div class="lb-trans"><h2>收入报告不一致性</h2>
</div><p>A notable nuance for investors was the mixed revenue commentary in the call, where IDR 13.3 trillion in sales was paired with references to an IDR 4.6 trillion absolute increase. Elsewhere management described roughly 4–4.6% year‑on‑year revenue growth, leaving some ambiguity around the precise magnitude of the topline improvement.</p>
<div class="lb-trans"><p>对投资者而言，电话会议中收入评论的混合是一个显著的细节，其中 13300 亿印尼盾的销售额与 4600 亿印尼盾的绝对增长相结合。管理层在其他地方描述了大约 4-4.6% 的同比收入增长，留下了对顶线改善的确切幅度的一些模糊性。</p>
</div><h2>Interest Rate and AFFO Pressure</h2>
<div class="lb-trans"><h2>利率和 AFFO 压力</h2>
</div><p>Despite stronger EBITDA, high interest rates muted growth in adjusted funds from operations, highlighting the drag from financing costs. Average borrowing costs ended 2025 at around 6.0% with interest expense near IDR 2.788 trillion, prompting management to keep deleveraging and refinancing as key priorities.</p>
<div class="lb-trans"><p>尽管 EBITDA 表现强劲，高利率却抑制了调整后运营资金的增长，突显了融资成本的拖累。2025 年末的平均借款成本约为 6.0%，利息支出接近 2788 亿印尼盾，促使管理层将去杠杆化和再融资作为关键优先事项。</p>
</div><h2>Leverage and Liquidity Position</h2>
<div class="lb-trans"><h2>杠杆和流动性状况</h2>
</div><p>The company’s leverage, while improved, remains elevated at 3.74 times and leaves limited room for error in a higher‑rate world. Year-end cash stood at roughly IDR 650 billion after significant debt repayments, the rights issue deployment and dividend payments, underscoring the need for disciplined cash management.</p>
<div class="lb-trans"><p>尽管公司的杠杆有所改善，但仍然处于 3.74 倍的高位，在高利率环境中留下了有限的容错空间。年末现金约为 650 亿印尼盾，在大规模偿债、配股部署和股息支付后，突显了对有序现金管理的需求。</p>
</div><h2>Tax Volatility and Forecasting Risk</h2>
<div class="lb-trans"><h2>税收波动和预测风险</h2>
</div><p>Executives warned that tax expense remains a swing factor, referencing prior periods of higher‑than-expected tax payments and differing tax interpretations. This volatility complicates efforts to forecast normalized earnings and could cause deviations between operational performance and bottom‑line reported profit in 2026.</p>
<div class="lb-trans"><p>高管警告称，税收支出仍然是一个波动因素，提及了之前高于预期的税收支付和不同的税收解释。这种波动使得预测正常化收益变得复杂，并可能导致 2026 年运营表现与底线报告利润之间的偏差。</p>
</div><h2>Industry Consolidation and Tower Outlook</h2>
<div class="lb-trans"><h2>行业整合和塔楼前景</h2>
</div><p>Telco consolidation, including the Indosat‑Hutchison and XL‑Smartfren deals, has created near‑term noise through relocations and network restructuring. Management expects tower-related revenue and tenancies to stay broadly flat in the short term, with most incremental growth likely to come from non‑tower fiber and connectivity services.</p>
<div class="lb-trans"><p>电信整合，包括 Indosat-Hutchison 和 XL-Smartfren 交易，因搬迁和网络重组而产生了短期噪音。管理层预计塔楼相关的收入和租户在短期内将保持大致平稳，大部分增量增长可能来自非塔楼的光纤和连接服务。</p>
</div><h2>Utilization and Pricing Headwinds</h2>
<div class="lb-trans"><h2>利用率和定价压力</h2>
</div><p>Some operational metrics showed marginal softening, such as the fiber‑to‑tower tenancy ratio slipping from roughly 1.84 to 1.79. Management acknowledged generally low sector yields but argued that pricing has stabilized, and it intends to compete on service quality and integrated value rather than engaging in aggressive discounting.</p>
<div class="lb-trans"><p>一些运营指标显示出轻微的疲软，例如光纤到塔楼的租户比例从大约 1.84 下降至 1.79。管理层承认行业收益普遍较低，但辩称定价已趋于稳定，并打算在服务质量和综合价值上竞争，而不是进行激进的折扣。</p>
</div><h2>Macro and Geopolitical Uncertainty</h2>
<div class="lb-trans"><h2>宏观和地缘政治不确定性</h2>
</div><p>The company framed its cautious stance partly around rising macro and geopolitical risk, including the impact of conflicts and higher energy prices. These factors could weigh on telco customers’ spending plans, bank lending appetite and overall liquidity conditions, reinforcing the low‑growth guidance for 2026.</p>
<div class="lb-trans"><p>公司将其谨慎立场部分归因于日益上升的宏观和地缘政治风险，包括冲突和能源价格上涨的影响。这些因素可能会对电信客户的支出计划、银行贷款意愿和整体流动性状况产生压力，进一步强化了 2026 年的低增长指导。</p>
</div><h2>Forward-Looking Guidance and Strategic Priorities</h2>
<div class="lb-trans"><h2>前瞻性指导和战略优先事项</h2>
</div><p>Looking ahead to 2026, management is targeting low single‑digit gains in revenue, EBITDA and net profit while keeping CapEx near IDR 5 trillion and leverage in check. The strategic playbook centers on boosting connectivity activations, pushing further fiberization and carefully pursuing acquisitions, all while defending investment‑grade ratings and funding growth mostly from free cash flow.</p>
<div class="lb-trans"><p>展望 2026 年，管理层的目标是实现收入、EBITDA 和净利润的低个位数增长，同时将资本支出保持在约 5000 亿印尼盾，并控制杠杆率。战略计划的核心是提升连接激活、进一步推进光纤化，并谨慎追求收购，同时维护投资级评级，并主要通过自由现金流来支持增长。</p>
</div><p>PT Sarana Menara Nusantara’s earnings call painted the picture of an infrastructure player converting scale into steady profits while navigating a tougher macro and sector backdrop. For investors, the key takeaways are resilient core earnings, accelerating fiber and connectivity growth, improving credit metrics and a management team openly cautious yet opportunistic heading into 2026.</p>
<div class="lb-trans"><p>PT Sarana Menara Nusantara 的财报电话会议描绘了一家基础设施公司在更为严峻的宏观和行业背景下，将规模转化为稳定利润的图景。对于投资者而言，关键要点是核心收益的韧性、加速的光纤和连接增长、改善的信用指标，以及一个在 2026 年即将到来时表现出谨慎但又抓住机会的管理团队。</p>
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PT Sarana Menara Nusantara 传达了稳健而谨慎的增长信号