TOTL plans first interim dividend, with IDR 136.4 billion due in December

Payment timetable and dividend history

The Board of Commissioners approved the directors' dividend resolution on November 4. In a company disclosure dated November 6, 2026, Corporate Secretary Anggie R.V. Sanusi Sidharta said 3,410,000,000 shares qualify for the payment.

For the regular and negotiated markets, the cum-dividend date is November 16 and the ex-dividend date is November 17, 2026. The cash market dates are November 18 and November 19, respectively. The record date is November 18, ahead of the December 4 payment.

The interim payout breaks with TOTL's previous practice. IDNFinancials data show that over the past 15 years, the company typically paid only final dividends near the end of the second quarter. Its most recent final dividend, paid in June 2026 for the 2025 financial year, totaled IDR 375.1 billion.

In research dated August 18, 2026, UOB Kay Hian put TOTL's dividend payout ratio at 91% for 2026, compared with 96% in 2025 and 79% in 2024. The brokerage also reported that dividends per share had increased from IDR 25 in 2022 to IDR 110 in 2026.

Nine-month profit exceeds full-year target

TOTL earned IDR 448.61 billion in net profit during the first nine months of 2026, a 51.9% increase from a year earlier. That result surpassed management's IDR 400 billion profit target for the full year. The company has posted annual net profit growth since 2023.

At the end of September, cash and cash equivalents stood at IDR 860 billion. TOTL also reported IDR 1.02 trillion in retained earnings and IDR 1.4 trillion in total equity.

For 2026, management's other targets are IDR 4 trillion in new contracts and IDR 3.9 trillion in revenue. Indo Premier Sekuritas research reported in September put first-half contract wins at IDR 2.8 trillion, up 12% year over year and equal to about 70% of the annual target.

The same research reported first-half revenue of IDR 2.1 trillion, an increase of 23%, and net profit of IDR 270 billion, up 54% from a year earlier.

Data centers lead the tender pipeline

Research from Indo Premier Sekuritas and UOB Kay Hian put TOTL's project tender pipeline at IDR 17.2 trillion as of the first half of 2026, reporting a 93% increase from IDR 11 trillion at the end of 2025. Data centers accounted for the largest share, at 34%, followed by hospitality at 28% and industrial projects at 18%.

TOTL carries out its data center projects through joint operations. Its partners include Shimizu Corporation, which is also a shareholder in the company, according to UOB Kay Hian. The brokerage said typical construction periods of 12 to 18 months mean contracts secured in the first half of 2026 should largely generate revenue during the second half of 2026 and in 2027.

Separately, TOTL's backlog excluding joint operations was about IDR 6.6 trillion as of the first half of 2026. Management considers that carryover sufficient to support revenue through 2027.

Shares and analyst assessments

TOTL shares ended Friday, November 6, at IDR 1,400, up 1.45%.

UOB Kay Hian's August 2026 assessment put the stock at 10.7 times consensus estimated earnings for 2026, below the construction and engineering sector average of 18.2 times. It reported a dividend yield of 8.3% for TOTL, compared with the sector's 3.4%.

As of September 2026, all five analysts covering TOTL recommended buying the stock. Their average price target was IDR 1,691.25 per share, according to Bloomberg data cited by Kontan.