Dear Shareholders,

Thank you for your support throughout the years. We are very pleased with our 2022 results. We believe it shows how digital infrastructure has become to our daily life and how sticky the habits are that we learned during Covid despite the world opening up. While our current segments have performed well, we strive to improve our assets, our capabilities, and our services to clients. This leads us to continue to invest in our infrastructure business and to develop new types of digital infrastructure services. Our transformation from tower company to a digital infrastructure company began in 2015 when we acquired PT iForte Solusi Infotek (“iForte”), a fiber and connectivity company. Since then, as markets evolved, we have grown our fiber footprint from 700 kms at the time of the iForte acquisition to more than 102,000kms at the end of 2022. In 2018, we received our first orders for FTTT (Fiber-To-TheTower) and since then, non-tower revenue contribution has grown from 6% in 2017 to over 22% in 2022. This increase in non-tower revenue share has come despite 5 tower acquisitions during the period, including that of Indonesia’s third largest, PT Solusi Tunas Pratama, Tbk. in 2021. As a result, Protelindo operates with 3 very strong growth drivers—Towers, FTTT, Connectivity—and we are beginning to develop what we hope will be a 4th growth driver, FTTH (Fiber-To-The-Home). 

Please see a summary of Tower revenue has continued to grow in double digits due to new orders and acquisitions. Connectivity has also grown well and margins have increased despite the impact of Covid-19 on our corporate customers. Momentum in FTTT continues to be strong. We are now entering the FTTH business. In Indonesia, the FTTH business, as we perform it, is a B2B business whereby we build out and manage infrastructure for another company who markets directly to final customers and manages those relationships. We see many synergies among our three fiber-based businesses—Connectivity, FTTT, FTTH. Expansion of one product invariably leads to new opportunities and reduced costs when providing other services. We believe that our dense and growing fiber networks are a growing competitive advantage that others will not be able to match.

On behalf of the Board of Director of PT Sarana Menara Nusantara Tbk