Bank Central Asia Tbk PT

### Capital Structure and Liquidity Bank Central Asia Tbk PT maintains a strong liquidity position, with a debt-to-equity ratio of 0.01, indicating minimal leverage and a conservative capital structure. The company's free cash flow of 14,063,960,000,000 IDR supports its operational flexibility and capacity to fund dividends or reinvest in growth. However, the risk assessment notes that net cash is negative after subtracting total debt, signaling potential liquidity constraints under stress scenarios.

### Profitability and Returns The company's return on equity (ROE) of 5.82% and return on assets (ROA) of 0.98% suggest moderate profitability relative to its equity base and total assets. These figures are in line with the industry's preferred metrics, which emphasize ROE and ROA as key indicators of banking efficiency and profitability. The ROE is above the median for banks in emerging markets, but the ROA is relatively low, indicating that the company may not be fully leveraging its asset base to generate returns.

### Segments and Geographic Exposure Bank Central Asia Tbk PT operates primarily in Indonesia, with a significant portion of its revenue derived from domestic banking services. The company's geographic concentration in Indonesia exposes it to local economic and regulatory risks, including inflation, currency fluctuations, and policy changes. There is no disclosed segmental breakdown of revenue, but the company's operations are concentrated in the banking sector, with limited diversification into other financial services.

### Growth Trajectory The company's revenue of 200,726,530,000,000 IDR and net income of 13,996,698,000,000 IDR reflect a stable financial performance. While there are no specific growth projections provided, the company's free cash flow and operating cash flow suggest a capacity for reinvestment and expansion. The outlook for the current fiscal year is neutral, with no significant changes expected in the near term.

### Risk Factors and Dilution Potential The company faces medium liquidity risk, primarily due to its negative net cash position after accounting for total debt. The risk of dilution is low, as the number of shares outstanding has not changed between basic and diluted shares, indicating no imminent share issuance or convertible instruments being exercised. The company's conservative capital structure and strong cash flow position it to manage dilution risks effectively.

### Recent Events Recent filings and transcripts do not indicate any material changes in the company's operations or strategic direction. The company continues to focus on maintaining its market position in Indonesia and expanding its digital banking services.

Net income grew at a 16.3% CAGR over four years, reaching IDR 57.5 trillion in FY2026.

Revenue expanded at an 11.1% CAGR, demonstrating consistent top-line growth across the five-year period.

Cash conversion ratio of 3.35 exceeds the 75th percentile of the peer cohort, indicating strong liquidity generation.

Total assets grew at a 6.6% CAGR, reflecting steady balance sheet expansion over the last five years.

Free cash flow declined to IDR 18.6 trillion in FY2025, down from IDR 20.6 trillion in the prior year.

Long-term debt increased significantly to IDR 4.1 trillion in FY2025, up from IDR 2.0 trillion in FY2023.

The company faces a medium liquidity risk flag, indicating potential challenges in meeting short-term obligations.

Revenue IDR 21.11T, −0,1% YoY; Net income +3,8% YoY.

• ▍Revenue IDR 21.11T, −0,1% YoY
• ▍Net income +3,8% YoY
• ▍Free cash flow +4,4% YoY
• ▍Net margin 69.6%

Revenue IDR 21.60T, +1,3% YoY; Net income +2,7% YoY.

• ▍Revenue IDR 21.60T, +1,3% YoY
• ▍Net income +2,7% YoY
• ▍Free cash flow +3,9% YoY
• ▍Net margin 65.5%

Revenue IDR 21.36T, +1,5% YoY; Net income +1,3% YoY.

• ▍Revenue IDR 21.36T, +1,5% YoY
• ▍Net income +1,3% YoY
• ▍Free cash flow +10,3% YoY
• ▍Net margin 67.3%

Revenue IDR 21.47T, +6,9% YoY; Net income +6,2% YoY.

• ▍Revenue IDR 21.47T, +6,9% YoY
• ▍Net income +6,2% YoY
• ▍Free cash flow +9,2% YoY
• ▍Net margin 69.3%

Revenue IDR 21.12T; Net margin 67.0%.

• ▍Revenue IDR 21.12T
• ▍Net margin 67.0%

Revenue IDR 21.33T; Net margin 64.5%.

• ▍Revenue IDR 21.33T
• ▍Net margin 64.5%

Revenue IDR 21.04T; Net margin 67.5%.

• ▍Revenue IDR 21.04T
• ▍Net margin 67.5%

Revenue IDR 20.07T; Net margin 69.7%.

• ▍Revenue IDR 20.07T
• ▍Net margin 69.7%

Revenue IDR 85.55T, +4,0% YoY; Net income +4,9% YoY.

• ▍Revenue IDR 85.55T, +4,0% YoY
• ▍Net income +4,9% YoY
• ▍Free cash flow +8,0% YoY
• ▍Net margin 67.3%

Revenue IDR 82.26T, +9,8% YoY; Net income +12,7% YoY.

• ▍Revenue IDR 82.26T, +9,8% YoY
• ▍Net income +12,7% YoY
• ▍Free cash flow −9,4% YoY
• ▍Net margin 66.7%

Revenue IDR 74.94T, +17,1% YoY; Net income +19,4% YoY.

• ▍Revenue IDR 74.94T, +17,1% YoY
• ▍Net income +19,4% YoY
• ▍Free cash flow −1,8% YoY
• ▍Net margin 64.9%

Revenue IDR 63.99T, +14,0% YoY; Net income +29,6% YoY.

• ▍Revenue IDR 63.99T, +14,0% YoY
• ▍Net income +29,6% YoY
• ▍Free cash flow +24,4% YoY
• ▍Net margin 63.7%