BELI – 3Q25 Missed: Solid Revenue Growth Pressured by Margins

BELI – 3Q25 Missed: Solid Revenue Growth Pressured by Margins PT Global Digital Niaga Tbk (BELI) posted 3Q25 revenue of IDR5.6 tn (+15.1% qoq, +31.9% yoy), bringing 9M25 to IDR15.2 tn (+25.6% yoy), below our estimate (69.1%) but above cons. (81.9%). Growth was driven by stronger institutional sales to IDR2.4 tn (+75% yoy) and offline stores to IDR1.7 tn (+22% yoy), supported by 13 new outlets in 3Q25 (236 total). Profitability remained under pressure with GPBD (Gross Profit Before Discounts) at IDR1.6 tn (–3.3% qoq, +15.7% yoy) and GPM at 16.1% (–249 bps yoy), impacted by shifts in 1P product mix that boosted volume but diluted margins. (Source: Company)