Brand Finance’s latest research highlights that the top 100 Indonesian brands recorded an 8% year-on-year increase
JAKARTA, 31 July 2025 – The combined value of Indonesia’s 100 most valuable brands stands at USD53.3 billion in 2025, according to the latest Indonesia 100 2025 report by Brand Finance, the world’s leading brand valuation consultancy. This year’s rankings are led by brands from the nation’s banking sector, which account for 41% of the country top 100 by brand value, followed by tobacco and energy brands.
BRI maintains its grip as Indonesia’s most valuable brand for the third consecutive year, with its brand value rising 36% to USD7.3 billion. BRI’s brand value has steadily grown, driven by its deep-rooted focus on financial inclusion, sustained support for Indonesia’s Micro, Small, and Medium Enterprises (MSME) sector, and continued investments in digital transformation.
In second place is Bank Mandiri, recording a brand value rise of 52% to USD5.6 billion, building on strong 2024 profits and rapid growth in corporate and wholesale lending, and ongoing digital expansions. Rounding off the top three is BCA, with its brand value rising 42% to USD4.4 billion. As Indonesia’s largest private bank, BCA’s strong showing reflects a combination of consistent financial performance, digital innovation, and premium market positioning.
BCA is also Indonesia’s strongest brand ranked this year, retaining the top position for the seventh consecutive year with a Brand Strength Index (BSI) score of 97.1/100. Brand Finance’s market research finds the bank’s continued success is driven by its strong public perception, widespread trust, and consistent delivery of high-quality customer experiences. Ranking as the second and third strongest Indonesian brands of 2025 are Kalbe Farma (brand value up 35% to USD193 million) and Indocement (brand value up 11% to USD234 million) with a BSI score of 94.0/100 and 91.1/100, respectively. All three brands earned an AAA+ brand strength rating.
Meanwhile, Alfamart has emerged as Indonesia’s fastest-growing brand ranked in 2025, with its brand value surging by 78% to USD459 million. The retailer’s momentum is fuelled by rapid nationwide expansions, now with over 18,000 outlets, strong 2024 revenue growth, and a sharp focus on digital innovation through its ‘Alfagift’ app. As it deepens customer loyalty and strengthens community ties, Alfamart is firmly cementing its leadership in modern retail.
Alex Haigh, Managing Director Asia Pacific, Brand Finance, commented:
“Indonesia’s banking sector remains the bedrock of brand value, while brands like Alfamart show how digital transformation and community connection can power rapid brand acceleration in a competitive market. At the same time, brands are beginning to recognise that long-term value is increasingly linked to how they show up on sustainability, not just in practice but in perception. BRI’s strong performance on both fronts is a clear signal of that shift.”
In addition to being Indonesia’s most valuable brand, BRI also recorded the highest Sustainability Perceptions Value (SPV) in the country. According to the recently released Sustainability Perceptions Index 2025, the brand’s Sustainability Perceptions Value stands at USD459 million, the highest among Indonesian brands ranked.
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 evaluating marketing investment, stakeholder equity, and business performance, 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.
