Jakarta – The Indonesia Stock Exchange (IDX) held an Extraordinary General Meeting of Shareholders (RUPSLB) for 2025 in a hybrid format on Wednesday (October 29), attended by 92 shareholders or 100% of shareholders with voting rights. The two agendas of the EGMS approved by the shareholders were 1) Approval of the Company’s Work Plan and Budget for the 2026 fiscal year, and 2) Amendments to the Articles of Association.
IDX consistently deepens the market through the continuous development of various products and services in Indonesia’s capital market. Throughout 2025, IDX, with the support of the Financial Services Authority (OJK), together with Self-Regulatory Organizations (SROs) and all capital market stakeholders, has successfully implemented several developments, including the inauguration of International Carbon Trading on January 20, 2025, and the launch of Foreign Index Futures Contracts (KBIA) on February 25, 2025. IDX has also launched SPPA Repo and Put-type Structured Warrants (WT) on March 10, 2025. In addition, IDX has made adjustments to the Auto Rejection Below (ARB) mechanism and Trading Halt on April 8, 2025.
Not only that, IDX has also expanded the Underlying Stocks for Structured Warrants on May 2, 2025, provided infrastructure for Stock Liquidity Providers on May 8, 2025, added Underlying Single Stock Futures (SSF) on July 11, 2025, and enhanced the data distribution format, including the dissemination of investor domicile codes, on August 25, 2025.IDX and SGX Group (Singapore Exchange) launched the Indonesia–Singapore Unsponsored Depository Receipts (Unsponsored DR) Linkage, with Blue-Chip Stocks as the underlying, on October 16, 2025.
A number of achievements were successfully attained by IDX throughout 2025, driven by the rapidly growing market activity. This was reflected in the IDX Composite (IHSG), which reached 8,271.722 on October 24, 2025, an increase of 16.83% from 7,079.905 at the end of 2024. The market capitalization as of October 24, 2025, stood at IDR 15,234 trillion, up 23% compared to IDR 12,336 trillion at the end of 2024. The IHSG also reached its all-time high of 8,274.375 on October 23, 2025, while market capitalization hit a record peak of IDR 15,559 trillion on October 10, 2025.Meanwhile, the average daily trading value (ADTV) has now reached IDR 16.46 trillion, representing a 28% increase from December 2024, when it stood at IDR 12.85 trillion.
Trading activities for non-equity products—namely rights, warrants, structured warrants, Collective Investment Contracts (KIK), and derivatives—on the IDX up to October 24, 2025, recorded a total transaction value of IDR 4.48 trillion.Since the launch of SPPA Repo, the average daily trading volume of bond transactions through SPPA has reached IDR 6 trillion. Meanwhile, for the newest asset class, Carbon Units, total transactions have reached IDR 27.9 billion as of October 24, 2025.
Supply side, as of October 24 2025, there were 955 listed company stocks, with 23 new listings added. Among these additions, five were Lighthouse IPOs, defined as IPOs with a minimum market capitalization of IDR 3 trillion and a free float of at least 15%, or a free float market capitalization exceeding IDR 700 billion. The total funds raised from all securities throughout the year amounted to IDR 202.6 trillion.
From the demand side, as of October 24, 2025, there were more than 4.2 million new investors, representing an increase of 28% compared to 2024. This brings the total number of investors in Indonesia’s capital market to 19.1 million. Of that total, stock investors reached 8 million, having grown almost fivefold over the past five years since 2020. Retail investor participation also enlivened market activity this year, with an average of 222,000 active investors per day up to October 24, 2025.
IDX prepared the Work Plan and Budget (RKAT) for 2026 by setting several assumptions based on macroeconomic conditions. These assumptions include the trend of global interest rates, economic policies of the new government, and the potential growth of listed companies and capital market investors. Accordingly, IDX formulated several 2026 RKAT assumptions based on the following points:
- The average daily trading value (ADTV) in 2026 is projected to reach IDR 14.5 trillion, with 239 trading days.
- The total number of securities listings in 2026 is expected to reach 555 securities, consisting of stock listings, bond issuances, and other securities listings, including Exchange-Traded Funds (ETF), Real Estate Investment Funds (DIRE), Infrastructure Investment Funds (DINFRA), and Asset-Backed Securities (EBA), as well as structured warrant issuances.
- The number of new capital market investors is expected to increase by 2 million.
In general, the 2026 Work Plan and Budget (RKAT) was prepared by referring to the first phase of IDX’s 2026–2030 Master Plan, which focuses on enhancing product-market fit and democratizing access.IDX will focus on developing several work programs aimed at increasing trading liquidity, enhancing investor protection, providing data services tailored to customer needs, and improving the technology infrastructure used.
IDX will also continue to carry out regular market development activities for listed companies, prospective listed companies, and Exchange Members, as well as initiatives to increase the number and activity of capital market investors.These market development efforts are carried out in collaboration with various stakeholders through joint educational initiatives, such as the Capital Market School program and various capital market–themed competitions, including the Virtual Trading Competition powered by IDX Mobile — a virtual trading competition among IDX Investment Galleries, which is currently entering its grand final round.
In addition, IDX is expanding the reach of its educational initiatives by involving Capital Market Ambassadors and implementing literacy programs such as the Capital Market Summit & Expo (CMSE), Guruku Investor Saham, and the Integrated Capital Market Socialization and Education Program (SEPMT), which is organized in collaboration with the Financial Services Authority (OJK) and local governments.
IDX also collaborates with law enforcement agencies, investor communities, and various other stakeholders to promote greater financial literacy and public participation in the capital market. The collaboration with OJK includes the implementation of World Investor Week (WIW) and Financial Inclusion Month (BIK), as well as IDX’s support for the FinExpo event as part of the national financial inclusion program.
The support for Exchange Members continues through the provision of information services and technical assistance in the development of trading systems and exchange services. Regular activities such as socialization sessions, one-on-one meetings, and workshops are also continuously conducted, most of them virtually through online platforms.Support for Exchange Members is also provided through information services and technical assistance for the development of exchange systems and services.
Considering all the established targets and planned activities, the following are IDX’s projected financial performance for 2026:
- Total Revenue is projected to increase by 9.54% to IDR 1.94 trillion, from IDR 1.77 trillion in the Revised 2025 Work Plan and Budget (RKAT 2025-Revised).
- Net Profit is projected to increase by 18.02% to IDR 300.81 billion, from IDR 254.9 billion in the RKAT 2025-Revised.
- Based on all financial projections, the Company’s Cost-to-Income Ratio is 5%, which is slightly lower than the average since 2015.
- The Company has also considered the adequacy of capital expenditures for 2026, as reflected in total cash, cash equivalents, and other financial assets remaining above IDR 3.41 trillion, an increase of 8.62% compared to the RKAT 2025-Revised.
- For all the Company’s activities in the coming year, the total assets are projected to reach IDR 7.49 trillion, with total equity exceeding IDR 6.41 trillion by the end of 2026.
IDX has plans to become an Alternative Market Operator (PPA) to carry out activities as an Inter-Market Electronic Trading Platform (ETP) Provider. To accommodate this, IDX has proposed an amendment to Article 3, paragraph 3 of the Company’s Articles of Association.With this adjustment, every service operation and other business activity conducted by IDX and regulated by other authorities, including Inter-Market ETP, will have a stronger legal basis with the support and approval of the Financial Services Authority (OJK).
