10 Nov 2025 | News & Feature

TFP W46 2025: Q3-2025 Indonesia Corporate Earnings: Fundamentally sidelining

  • The corporate revenue growth trend slowed again on aggregate, dragged down by weaker performance in the minerals and coal sectors.
  • Slower CAPEX realisation and less expansive production activities in Q3-2025 led to negative workforce growth for the first time since 2021.
  • Fiscal-driven improvements in household demand, rising global commodity prices, and inventory restocking may improve the outlook for the corporate sector.