Annual Reports
PT Mastersystem Infotama Tbk's annual reports contain management's most considered account of the business. These are the sections, passages and visual pages worth opening in the originals preserved in Sources.
PT Mastersystem Infotama Tbk — 2025 Integrated Annual Report — FY2025
Latest report; management explains a flat 1.7% revenue year (Rp5.45tn) as normalization after 2024's one-off AI Factory project, and the pivot to recurring managed services. · Open the full document →
Board of Directors' Report — p. 30 · Read the full section →
Management's own read on the year: why growth stalled, the reset to three focus solutions, and the shift from one-time deals to recurring revenue.
Why 2025 was flat: 2024's growth leaned on a non-recurring AI Factory project.
In line with the Company’s business plan, Mastersystem recorded a 1.7% increase in net sales to Rp5,454,702 million, compared to Rp5,361,540 million in the previous year, reflecting stable performance. […] This achievement was primarily influenced by a high comparative base in the prior year, when 2024 sales growth was supported by the non-recurring contribution of the AI Factory project. Against this backdrop, the 2025 performance reflects a healthy phase of normalization, as well as the Company’s continued ability to sustain business stability amid evolving industry conditions.
p. 35 · Read in context →
The strategic pivot: turning one-time transactions into recurring managed-services revenue.
We also continue to expand managed services and broaden our service portfolio by transforming our business model from one-time transactions to recurring revenue streams. This approach allows for increased recurring income while delivering more consistent, reliable, and secure services to customers.
p. 34 · Read in context →
The Company's Activities, Line of Business, and Products — p. 51 · Read the full section →
What MSTI actually is: an end-to-end ICT system integrator that resells and implements global principals' hardware and software, plus its own IP.
In-house IP alongside reselling — including 2025 launches MANTRA (GenAI) and AmanTerus.
The Company has also developed a range of internal solutions, including MS-Insight for real-time network monitoring, MSXperience as a Cisco Webex-based collaboration platform, MS-CDX for Omnichannel Contact Center, MSSO as a solution for monitoring power consumption and network sustainability, and MS3 for black box security testing. In addition, the Company launched two new solutions in 2025, namely MANTRA (Mastersystem AI Navigator for Tasks, Responses, and Assistance), a Generative AI Enterprise solution that provides an intelligent digital assistant powered by internal data, as well as AmanTerus, a digital protection application for Android devices.
p. 57 · Read in context →
MD&A — Sales and Profitability by Business Segment — p. 102 · Read the full section →
How the money is made and its concentration: revenue split by product and customer sector, with three clients each above 10% of sales.
Revenue mix: hardware 49.7%, software 31.1%, maintenance 14.5%, installation 4.7%; Bank Indonesia the top client.
The Company recorded net sales of Rp5,454,702 million, representing an increase of 1.74% compared to the previous year’s Rp5,361,540 million. The majority of net sales were derived from hardware and supporting equipment at 49.70%, software at 31.10%, maintenance services at 14.52%, and installation services at 4.68%. Sales to customers exceeding 10% of the Company’s total net sales included Bank Indonesia, with total sales of Rp669,544 million for the year ended December 31, 2025, and PT Bank Syariah Indonesia (Persero) Tbk and PT Aplikanusa Lintasarta, with total sales of Rp665,157 million and Rp607,811 million, respectively, for the year ended December 31, 2024.
p. 102 · Read in context →
MD&A — Financial Overview — p. 104 · Read the full section →
The P&L walk in one table: ~18% gross margin and ~10% net margin, the thin-but-steady economics of a reseller/integrator.
Risk Management — Risk Profile in 2025 — p. 192 · Read the full section →
The company-specific risks that can bite: lumpy project-based revenue tied to a ~3-year hardware refresh, and heavy financial-sector concentration.
Concentration risk: diversifying away from financial services into telco and oil & gas.
The Company's management recognizes that excessive dependence on clients in the financial services industry can pose risks. Therefore, management has taken diversification measures by establishing dedicated sales sub-divisions focusing on the telecommunications as well as the oil and gas industries. As a result, the Company's sales in the telecommunications sector have shown positive growth, thereby reducing reliance on the financial services sector.
p. 193 · Read in context →
Notes — 2.q Revenue and Expense Recognition — p. 286 · Read the full section →
The accounting policy that defines the model: revenue booked gross as principal; hardware/software at a point in time, services over time.
Booked gross as principal; hardware/software recognised at point of delivery and acceptance.
Revenues in the agency relationship are recorded at the amount of gross invoices to customers when the Company acts as principal in the sale of goods and services. […] Revenue from sales of hardware and software is recognized at point in time which generally coincide with their delivery and acceptance.
p. 287 · Read in context →
More annual reports
PT Mastersystem Infotama Tbk — 2024 Integrated Annual Report — FY2024 · 339 pages · The peak year: net sales jumped 27.6% to Rp5.36tn, lifted by the one-off AI Factory project that makes 2025 look flat by comparison. · Open →
PT Mastersystem Infotama Tbk — 2023 Integrated Annual Report — FY2023 · 320 pages · First report after the November 2023 IPO — the business, governance and use-of-proceeds as presented to public investors at listing. · Open →