New Brand Finance research highlights the resilience of Indonesia's leading brands despite currency headwinds
JAKARTA, 11 August 2026 – Indonesia's 100 most valuable brands are worth a combined USD44.8 billion in 2026, down 16% year-on-year according to the Brand Finance Indonesia 100 2026 report by Brand Finance, the world's leading brand valuation consultancy.
Despite economic headwinds, Indonesia's leading brands continued to demonstrate resilience, supported by robust domestic consumption, ongoing downstream industrial development and sustained investment in digital transformation. Banking remains the dominant force in Indonesia's brand economy, accounting for 45% of the total value of the nation's top 100 brands.
BRI (brand value down 5% to USD6.9 billion) retains its position as Indonesia's most valuable brand for the fourth consecutive year. The bank continued to benefit from resilient retail banking growth, driven by strong demand for microfinance, housing and consumer loans. Its extensive nationwide franchise and leadership in financial inclusion continued to reinforce its position at the top of the ranking.
Bank Mandiri (brand value down 6% to USD5.2 billion) remains Indonesia's second most valuable brand, supported by resilient growth across its core banking businesses. Wider adoption of its Kopra digital platform, resilient commercial banking growth and continued operational improvements have reinforced its position as one of Indonesia's leading financial institutions.
BCA (brand value down 6% to USD4.2 billion) retains third place, underpinned by deep customer trust, premium positioning and sustained investment in its myBCA platform and youth-focused blu digital bank, reinforcing its relevance across customer segments.
Alex Haigh, Managing Director Asia Pacific, Brand Finance, commented:
"This year’s ranking highlights the resilience of Indonesia's leading brands despite broader economic headwinds. BRI has maintained its leadership as the country's most valuable brand, while Garuda Indonesia's rapid growth and BCA's continued brand strength demonstrate how brands with clear strategic positioning and sustained investment can continue to create value. These fundamentals leave Indonesia's leading brands well placed to capture future growth opportunities."
Garuda Indonesia (brand value up 53% to USD433 million) is Indonesia's fastest-growing brand in 2026. The national carrier benefited from a strong recovery in passenger demand and revenue, improved operational performance and renewed confidence following its business restructuring. Stronger international connectivity through its joint business venture with Japan Airlines, alongside continued recognition for service quality, further reinforced the airline's recovery.
Indomobil (brand value up 49% to USD81 million), Bintang (brand value up 46% to USD109 million) and Alfamart (brand value up 34% to USD612 million) are the brands to watch in this year's Indonesia 100 report. Indomobil is benefiting from Indonesia's accelerating electric vehicle transition, supported by the growing contribution of AION vehicles and local assembly capabilities. Bintang has capitalised on the continued recovery of the tourism, hospitality and nightlife sectors, while Alfamart continues to strengthen its leadership in modern retail through store expansion, digital investment and omnichannel services.
BCA (brand value down 6% to USD4.2 billion) remains Indonesia's strongest brand for the eighth consecutive year, achieving a Brand Strength Index (BSI) score of 95.9/100 and an AAA+ brand strength rating. According to Brand Finance's market research data, continued investment in digital banking and consistently high levels of customer trust have reinforced BCA's leadership across consideration and preference metrics.
Kalbe Farma ranks second among Indonesia's strongest brands with a BSI score of 92.6/100 and an AAA+ brand strength rating, supported by its extensive nationwide healthcare distribution network and strong consumer familiarity. Kimia Farma ranks third with a BSI score of 91.9/100 and an AAA+ brand strength rating, reflecting its longstanding heritage, extensive pharmacy network and continued efforts to modernise its brand while strengthening community healthcare engagement.
Among Indonesian brands, BRI records the country's highest Sustainability Perceptions Value (SPV) at USD328 million, highlighting the contribution of its sustainability reputation to overall brand value. Meanwhile, Bayan Resources records Indonesia's highest positive Sustainability Gap Value at USD1 million, indicating significant potential to unlock additional brand value through stronger communication of its sustainability initiatives.
Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance, Brand Finance evaluates the strength of brands and quantifies their financial value to help organisations make strategic decisions.
Headquartered in London, Brand Finance operates in over 25 countries. Every year, Brand Finance conducts more than 6,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.
Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on 6,000 brands, surveying more than 175,000 respondents across 41 countries and 31 industry sectors. By combining perceptual data from the Global Brand Equity Monitor with data from its valuation database — the largest brand value database in the world — Brand Finance equips ambitious brand leaders with the data, analytics, and the strategic guidance they need to enhance brand and business value.
In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics, compliant with ISO 20671.
Brand Finance is a regulated accountancy firm and a committed leader in the standardisation of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.
Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.
Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.
Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.
Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.
The steps in this process are as follows:
1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.
2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.
3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.
4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.
5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.
6 Apply the royalty rate to the forecast revenues to derive brand revenues.
7 Discount post-tax brand revenues to a net present value which equals the brand value.
Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.
The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.
