Kiwoom Research | 1H26 Equity Update - 10 September 2026 PT. Kalbe Farma Tbk. (KLBF) Strong Topline Momentum, Earnings Growth Remains Muted Key Takeaways: - Strong Topline, Earnings Under Pressure. 1H26 revenue grew 14.0% YoY, with 2Q26 accelerating 19.0% YoY. However, net profit declined 0.8% YoY, reflecting continued margin pressure. - Distribution & Packaging Leads Growth. The segment grew 26.6% YoY in 1H26 and 32.2% YoY in 2Q26, supported by new principals, although its higher contribution continued to weigh on margins. - Broad-Based Growth Across Markets. Consumer Health and Prescription Drugs grew 10.9% and 7.3% YoY in 1H26, while domestic and export revenue increased 13.3% and 23.7%, respectively, supporting KLBF’s overall topline growth. Recommendation: "Buy" We maintain our “BUY” recommendation on KLBF, with the target price maintained at IDR 950, implying a forward P/E of 11.6x and PBV of 1.6x. Downside risks include weakening consumer purchasing power, intensifying market competition, and rising raw material and operating costs amid geopolitical pressures and rupiah depreciation. Abdul Azis Setyo Wibowo Equity Research For detailed report of 1H26 KLBF: https://kiwoom.co.id/market/detailMarketReportMain?id=5107 KIWOOM SEKURITAS INDONESIA