New Street Research - Mitratel (IDR935) Mitratel (Buy, IDR 740, +35%) Q3 25 Quick Take: Strong additions but softer trends on lower pricing

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New Street Research

Chris Hoare

EUR 8642.00 For Business Accounts Only

Mitratel (Buy, IDR 740, +35%) Q3 25 Quick Take: Strong additions but softer trends on lower pricing

Mitratel reported much softer revenue and EBITDA trends on lower ARP/Tenant pricing, partially offset by decent Fiber growth. The TowerCo surpassed the 40k towers mark with accelerated tower and tenancy additions this quarter, led by operators’ ex-Java rollout. We continue to rate Mitratel a Buy with a IDR 740 price target for its ex-Java exposure

31/10/2025 1 EN

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Mitratel

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Chris Hoare

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Mitratel (Buy, IDR 740, +35%) Q3 25 Quick Take: Strong additions but softer trends on lower pricing

Mitratel (Buy, IDR 740, +30%) Q2 25 Quick Take: Momentum expected to continue into 2H

Global EM Towers - A Consistent Approach to EFCF and Shareholder Remuneration

Charter: Subscribers and EBITDA growth heading lower

MTN (Buy, TP: ZAR245, +42%) MTN Nigeria – Q3 25: Another very strong quarter; positive equity and dividend resumed

CHTR 3Q25 Quick Take: Subs and EBITDA miss

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