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XL Axiata (EXCL) investor relations material
XL Axiata Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary27 Aug, 2025
Executive summary
First consolidated financials post-merger, integrating SMART's legacy performance for 2.5 months, with significant changes to assets, liabilities, and management structure.
Merger delivers larger operational scale, improved network, broader distribution, and a three-brand strategy serving diverse customer segments.
Integration progressing well, with synergy realization on track, improved customer experience, and unified culture post-merger.
Focus on unlocking long-term value through scale, synergy, growth platforms, and disciplined execution.
Issued 5.07 billion new shares as merger consideration, transferring all assets and liabilities of Smartfren and Smart Telecom.
Financial highlights
Q2 2025 revenue grew 22% year-on-year to IDR 10.5 trillion; H1 2025 revenue reached IDR 19.1 trillion, up from IDR 17.1 trillion last year.
Reported EBITDA for Q2 2025 was IDR 4.5 trillion; normalized EBITDA (excluding one-off integration costs) was IDR 5 trillion, up 15% quarter-on-quarter.
Net loss for H1 2025 was IDR 1.2 trillion, compared to a net profit of IDR 1 trillion in the prior year, mainly due to integration costs.
Total assets increased to IDR 113.4 trillion as of June 2025, with total equity rising to IDR 33.4 trillion.
Free cash flow increased 35% year-on-year, while capitalized capex decreased 44%.
Outlook and guidance
Consolidated revenue expected to grow 20–30% in 2025 versus legacy performance, with EBITDA margin guided to remain in the low to mid-40% range.
CapEx for 2025 projected at IDR 20–25 trillion, reflecting integration and modernization.
Gross synergy realization projected at $100–200 million in 2025, with $300–400 million annual synergy post full integration.
Proforma revenue for full year 2025, if consolidated from 1 January, would have been IDR 21.8 trillion, with a proforma net loss of IDR 5.4 trillion.
Management expects the merger to drive economies of scale, improved network optimization, and broader digital offerings.
Quantify 2025 net cash impact from synergies.
Explain 2025 CapEx funding and long-term impact.
Future operating model impact on employee numbers?
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Frequently asked questions
PT XL Axiata Tbk is a telecommunications company in Indonesia. The company's business solutions span mobile communication, fixed connectivity, cloud & data center services, and the Internet of Things, aiming to deliver comprehensive digital solutions. On the consumer front, XL Axiata offers a variety of products including XL Prepaid, XL Prioritas, XL Home, and AXIS, along with services for SIM card registration. XL Axiata is headquartered in Jakarta, Indonesia, and its shares are listed on the Indonesia Stock Exchange.
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