Is Summarecon Agung profitable in 2026?

Yes but shrinking. FY2025 net income was IDR 766.55 billion, down 44.19% year over year, following FY2025 revenue of IDR 8.77 trillion, down 17.47% from FY2024's IDR 10.62 trillion, as reported by stockanalysis.com on 2026-07-01.

Is Summarecon Agung at risk of default on its bonds?

Summarecon has a continuous bond tranche of IDR 468 billion at 7.35% maturing October 19, 2026. With debt-to-equity at 87.5% and interest coverage of just 2.8x as of mid-2026 per Simply Wall St, refinancing this maturity during a revenue downturn is a genuine near-term risk to monitor.

Who owns Summarecon Agung?

Summarecon is publicly listed on the Indonesia Stock Exchange (ticker SMRA) since 1990. The largest shareholder is PT Semarop Agung, the Nagaria founding family's holding vehicle, at roughly 36%, with the general public holding about 51.6% as of 2026 per Simply Wall St.

Could AI replace Summarecon Agung's business?

No. Summarecon's core revenue comes from physical land development, permits, and mall leasing built over 2,300 hectares of landbank since 1975, assets AI cannot replicate. AI may only touch adjacent workflows like marketing content or mortgage document processing, per a 2025 industry analysis of Indonesian real estate.

Who is Summarecon Agung's biggest competitor?

Bumi Serpong Damai (BSDE), part of Sinar Mas Land, is the largest rival by revenue at IDR 12.79 trillion FY2025, ahead of Ciputra Development (CTRA) at IDR 12.44 trillion, both larger than Summarecon's IDR 8.77 trillion, per stockanalysis.com data dated 2026-07-01.

How many people does Summarecon Agung employ?

Reported employee counts vary by source: approximately 2,712 per stockanalysis.com and approximately 2,530 per the Financial Times, both as of 2026, likely reflecting corporate and holding-company staff rather than the full group workforce across malls, hotels, and construction subsidiaries.

Real estate developers · Indonesia

Summarecon Agung

summarecon.com ↗

Family-controlled Indonesian developer of townships, malls, and hotels since 1975.

Defensible for now

Assessed 26 July 2026 · Evidence as of 26 July 2026

Real protection, with named pressure against it.

On the recordSince 26 July 2026 · Checkable from October 19, 2026 · Every call on the record Checkpoint: IDR 468 billion bond tranche (7.35% coupon) matures and must be refinanced or repaid

The call

A decades-old landbank and mall network keep Summarecon standing through a rough property cycle, with October 2026's bond refinancing as the next real test.

Summarecon owns and operates shopping malls and planned communities across Indonesia, with a 50-year track record, 2,300 hectares of owned land, and five operating malls. The company is hard to dislodge because it owns the land outright and has deep relationships with local government for permits, but larger rivals like Sinar Mas Land and Ciputra are doing the same work and the whole sector is shrinking together, so copying is less the threat than simply weak demand. The real test is whether the company can refinance a major debt payment due in October 2026 without going broke, since profits dropped 44 percent in 2025 and the company's debt is now quite high relative to what it earns, making that maturity date the single thing that will tell you if this company survives or stumbles.

Why

AI pressure: None apparent. AI does not touch land titles, permits, or physical mall assets; no AI platform competes for township development. Could AI do the core job? Unlikely.

Bigger players: Sinar Mas Land/Bumi Serpong Damai (BSDE) and Ciputra Development (CTRA). Both larger rivals run competing townships and malls in the same Jakarta-area markets, but the whole sector is shrinking together, not Summarecon alone. Could a giant copy it? No, they are blocked.

What protects it. 2,300 ha of landbank, five operating malls with steady footfall, and 50 years of local permitting relationships and family control.

What would change this call

Whether the IDR 468bn bond due October 19, 2026 is refinanced or repaid, and at what interest spread. Tests if lenders still trust Summarecon's balance sheet during the downturn.
Q2 2026 earnings release (~July 28) showing revenue trend versus Q1 2026's +6.15% QoQ. Shows whether the revenue decline is stabilizing or accelerating.
Reported interest coverage ratio in 2026 filings versus the current 2.8x level. A drop toward 1.5x would signal rising risk of debt distress.

Key numbers

FY2025 revenue IDR 8.77T, down 17.47% YoY (2025-12-31)
FY2025 net income IDR 766.55B, down 44.19% YoY (2025-12-31)
Q1 2026 revenue IDR 2.23T, up 6.15% QoQ (2026-03-31)

Named risks

Bond maturity of IDR 468 billion due October 19, 2026 amid declining cash flows and 2.8x interest coverage. Severity: high
Elevated leverage at 87.5% debt-to-equity during a property-cycle downturn. Severity: high
FY2025 revenue and net income declines of 17.5% and 44.2% signal a slowing property cycle that could deepen. Severity: medium
Larger, better-capitalized rivals BSDE and CTRA operate the same township model at greater scale. Severity: medium
Headcount and organizational scale data are inconsistent across sources, limiting workforce risk visibility. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Bumi Serpong Damai (BSDE)	losing to	BSDE FY revenue IDR 12.79T vs Summarecon IDR 8.77T for FY2025, per stockanalysis.com 2026-07-01
Ciputra Development (CTRA)	losing to	CTRA FY revenue IDR 12.44T vs Summarecon IDR 8.77T for FY2025, per stockanalysis.com 2026-07-01
Agung Podomoro Land (APLN)	contesting	APLN FY revenue IDR 5.59T, smaller than Summarecon IDR 8.77T, both facing sector downturn as of FY2025
Sinar Mas Land	contesting	No direct share-loss evidence found; sector-wide downturn affects all major Indonesian township developers as of 2026

Questions people ask

Is Summarecon Agung profitable in 2026?: Yes but shrinking. FY2025 net income was IDR 766.55 billion, down 44.19% year over year, following FY2025 revenue of IDR 8.77 trillion, down 17.47% from FY2024's IDR 10.62 trillion, as reported by stockanalysis.com on 2026-07-01.
Is Summarecon Agung at risk of default on its bonds?: Summarecon has a continuous bond tranche of IDR 468 billion at 7.35% maturing October 19, 2026. With debt-to-equity at 87.5% and interest coverage of just 2.8x as of mid-2026 per Simply Wall St, refinancing this maturity during a revenue downturn is a genuine near-term risk to monitor.
Who owns Summarecon Agung?: Summarecon is publicly listed on the Indonesia Stock Exchange (ticker SMRA) since 1990. The largest shareholder is PT Semarop Agung, the Nagaria founding family's holding vehicle, at roughly 36%, with the general public holding about 51.6% as of 2026 per Simply Wall St.
Could AI replace Summarecon Agung's business?: No. Summarecon's core revenue comes from physical land development, permits, and mall leasing built over 2,300 hectares of landbank since 1975, assets AI cannot replicate. AI may only touch adjacent workflows like marketing content or mortgage document processing, per a 2025 industry analysis of Indonesian real estate.
Who is Summarecon Agung's biggest competitor?: Bumi Serpong Damai (BSDE), part of Sinar Mas Land, is the largest rival by revenue at IDR 12.79 trillion FY2025, ahead of Ciputra Development (CTRA) at IDR 12.44 trillion, both larger than Summarecon's IDR 8.77 trillion, per stockanalysis.com data dated 2026-07-01.
How many people does Summarecon Agung employ?: Reported employee counts vary by source: approximately 2,712 per stockanalysis.com and approximately 2,530 per the Financial Times, both as of 2026, likely reflecting corporate and holding-company staff rather than the full group workforce across malls, hotels, and construction subsidiaries.

Timeline

2026-10-19IDR 468 billion bond tranche at 7.35% coupon matures
2026-07-28Q2 2026 earnings report scheduled, key checkpoint for revenue trend
2026-05-28Summarecon Bandung wins Urban Regeneration award at Real Estate Asia Built Environment Awards
2026-03-31Q1 2026 revenue reaches IDR 2.23 trillion, up 6.15% quarter over quarter
2026-03-31Summarecon Mall Bekasi Phase 2 and Harris Hotel Serpong targeted for opening
2025-12-31FY2025 revenue falls 17.47% to IDR 8.77 trillion; net income falls 44.19% to IDR 766.55 billion
2025-11-21Summarecon wins 17 awards at PropertyGuru Indonesia Property Awards 2025
2025-03-01Ivora houses launched at Summarecon Bandung; Onyx Residence wins Best Mid-End Housing award
2024-12-31FY2024 revenue grows 59.5% to IDR 10.62 trillion versus FY2023's IDR 6.66 trillion
1990Summarecon Agung IPOs on Indonesia Stock Exchange under ticker SMRA

Revision history

26 July 2026

First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.

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