Saratoga returns to profit with IDR3.47 trillion nine-month result

Investment gains reverse first-half losses

Saratoga, owned by Edwin Soeryadjaya and Sandiaga Uno, generated IDR2.34 trillion in gains from shares and other securities, including blue-chip holdings, according to IDNFinancials. It also received IDR1.74 trillion in dividends. Investments in growth companies produced gains of IDR639.12 billion, while digital technology investments contributed IDR17.15 billion.

The nine-month profit marks a reversal from the first half of 2026, when Saratoga lost IDR3.82 trillion, versus IDR1.82 trillion in the same period of 2025. IDNFinancials previously reported that net investment losses on shares and other securities totaled IDR4.83 trillion in that first half, with blue-chip holdings accounting for IDR5.15 trillion in losses.

Annual results have also fluctuated sharply: a record IDR10.15 trillion loss in 2023 was followed by profits of IDR3.29 trillion in 2024 and IDR7.32 trillion in 2025. At the end of June 2026, Saratoga had IDR57.54 trillion in total assets, a 7.95% year-over-year decline, and IDR1.62 trillion in cash and cash equivalents.

Portfolio rallies give way to October declines

Saratoga's website lists stakes of 4.38% in PT Adaro Andalan Indonesia Tbk (AADI), 4.08% in PT Alamtri Resources Indonesia Tbk (ADRO) and 19.37% in PT Merdeka Copper Gold Tbk (MDKA). All three mining stocks, listed on the Indonesia Stock Exchange, gained through September 30, 2026, according to IDNFinancials data: AADI rose 55.32%, ADRO advanced 33.52% and MDKA climbed 23.61%.

Their performance diverged in October. AADI added 4.79%, making it the only stock in Saratoga's listed portfolio to continue rising that month. ADRO slipped 1.23%, while MDKA dropped 35.59%.

The strongest first-nine-month rally belonged to PT Samator Indo Gas Tbk (AGII), whose shares rose 116.35% before falling 2.33% in October. Saratoga owned 10% of AGII as of September 2026.

Another holding, PT Mitra Pinasthika Mustika Tbk (MPMX), gained 5.70% through September and was unchanged in October. Saratoga owns a controlling 57.67% stake in the Honda distributor serving East Java and East Nusa Tenggara. MPMX's dividend yield averaged about 12.92% over the past three years.

Only PT Tower Bersama Infrastructure Tbk (TBIG) and PT Nusa Raya Cipta Tbk (NRCA) declined among Saratoga's listed equity holdings in the first nine months, losing 43.27% and 67.96%, respectively. Both fell again in October: TBIG by 31.53% and NRCA by 24.86%.

Saratoga's own stock followed the broader shift. After gaining 14.84% through September, SRTG fell 9.27% in October to close at IDR1,615 per share on Friday, October 30.

Data center investment and expansion plans

Saratoga's digital technology investments include data center operator Digital Realty Bersama (DRB). Formed in March 2025, DRB is owned equally by US-based Digital Realty and Bersama Digital Infrastructure Asia (BDIA), according to Data Centre Dynamics. At closing, Digital Realty invested approximately US$100 million for a 50% interest in two Jakarta data centers and adjacent land.

Saratoga is among BDIA's major shareholders, alongside Provident Capital Partners, a consortium led by Macquarie Asset Management, and Distro Hub.

As of April 2026, DRB operated the CGK 10 campus in West Jakarta and CGK 11 in South Jakarta, with combined in-town capacity of about 6.4 MW, IDNFinancials reported. CGK 10's 1.4 MW capacity was 95% utilized, while utilization at the 5 MW CGK 11 campus stood at 60%.

DRB planned to begin an approximately 27 MW expansion of CGK 11 in the second half of 2026. That project would bring its total in-town capacity to 33.4 MW.

Soeryadjaya increases his stake

IDNFinancials data show that Edwin Soeryadjaya was Saratoga's largest shareholder in September 2026, holding 35.96%. PT Unitras Pertama owned 24.84%, and Sandiaga Salahuddin Uno held 21.51%.

The company's free float stood at 11.81%, below the minimum threshold. Soeryadjaya nevertheless continued buying shares in recent months, taking his stake to 36.09% as of October 29, 2026.