Cisarua Mountain Dairy (CMRY) has delivered a robust third-quarter performance, reporting a net profit of IDR 607 billion for 3Q25. This impressive figure marks a
stunning 72% year-on-year (YoY) surge and an 18% quarter-on-quarter (QoQ) increase, showcasing the company’s powerful operational momentum. These results cement a strong 9M25 net profit of IDR 1.6 trillion, climbing 39% YoY and
eclipsing market expectations by realizing 88% of the consensus 2025 full-year estimate, significantly ahead of its three-year average of 79% annual realization.
Investors are keenly watching as CMRY demonstrates a compelling growth trajectory in Indonesia’s dynamic consumer market.

CMRY’s Financial Rocket Fuel: Revenue and Margin Expansion

The stellar net profit growth in 3Q25 was primarily propelled by a dual engine:
solid revenue expansion and a
significant boost in operating profit margins. CMRY’s revenue grew by 23% YoY and 1% QoQ, a testament to its market penetration and product appeal. Critically, the company expanded its operating profit margin to 24.5% in 3Q25, a healthy increase from 22.3% in 3Q24 and 23.6% in 2Q25, illustrating a refined operational recipe and enhanced cost management. These impressive financial statements can be reviewed in detail here.

Segment Spotlight: Consumer Foods and Dairy Drive Growth

Both of CMRY’s core segments contributed robustly to the 3Q25 revenue growth. The
consumer foods segment emerged as a powerhouse, registering a strong 29% YoY increase, underscoring resilient consumer demand despite a modest 9% QoQ dip. Meanwhile, the
dairy segment showed significant improvement, expanding by 15% YoY and an impressive 19% QoQ. This balanced growth across diverse product lines highlights CMRY’s effective strategy in catering to evolving consumer preferences and reinforces its market leadership.

Operating Leverage: A Recipe for Efficiency

CMRY’s prudent management of operating expenses (Opex) played a pivotal role in amplifying profitability. With Opex growth remaining moderate relative to revenue, the company successfully translated top-line gains into bottom-line strength. This operational efficiency translated into a substantial
3Q25 operating profit of IDR 666 billion, marking a 34% YoY and 4% QoQ increase. The ability to grow operating profit at a faster clip than revenue indicates robust operating leverage and effective cost controls.

The Financial Tailwind: Net Financial Income Boosts Bottom-Line

Beyond core operations, CMRY received a significant tailwind from its
net financial income. The company recorded IDR 107 billion in net financial income for 3Q25, a dramatic turnaround from a net financial expense of IDR 62 billion in 3Q24 and a notable increase from IDR 17 billion in 2Q25. This strategic shift from expense to income likely reflects optimized cash management, favorable interest rate movements, or reduced debt servicing costs, providing an additional layer of support to the surging net profit. It’s a clear indication that CMRY isn’t just winning in its core business but also adeptly managing its financial architecture.

Investor Outlook: CMRY’s Path to Sustained Success

CMRY’s exceptional 3Q25 results paint a compelling picture for investors. Surpassing consensus estimates and demonstrating powerful growth drivers across revenue, margins, and financial management, the company is proving its resilience and strategic prowess. With both consumer foods and dairy segments firing on all cylinders and strong operational efficiency, CMRY appears well-positioned to maintain its
upward trajectory. The market will be closely watching if CMRY can continue this
momentum and deliver on its full-year potential, solidifying its standing as a premier investment in the Indonesian consumer sector.