XLSMART Telecom Sejahtera
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XLSMART Telecom Sejahtera (EXCL) investor relations material

XLSMART Telecom Sejahtera Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary13 Feb, 2026

Executive summary

  • Completed a major merger, achieving key integration milestones ahead of schedule and establishing a strong foundation for future growth, with operational efficiencies and margin expansion into 2026.

  • Revenue and ARPU increased significantly post-merger, with ARPU up 26% and network consolidation and 5G rollout in 33 cities improving coverage and customer experience.

  • Awarded Ookla Speedtest Award for fastest 5G network in Indonesia, validating network quality.

  • The merger resulted in significant changes to assets, liabilities, and management structure, with a net loss recorded due to higher expenses and impairment losses.

  • The merger contributed substantial revenue and a post-merger loss, with ongoing focus on integration and service expansion.

Financial highlights

  • 2025 revenue increased to IDR 42.5 trillion, up 23–32% year-on-year, driven by data, digital services, and subscriber growth.

  • Normalized EBITDA rose 13% to IDR 20.1 trillion, with margin at 47–52%; reported EBITDA impacted by integration-related OpEx.

  • Normalized PAT grew to IDR 3 trillion, but a net loss of IDR 4.4 trillion was recorded due to higher expenses and impairments.

  • Blended ARPU up 15–26% year-on-year to IDR 44,800 in Q4 2025; traffic up 47% year-on-year.

  • Subscriber base at 73 million in Q4 2025, up 24% year-on-year post-merger, with a focus on high-quality users.

Outlook and guidance

  • 2026 revenue growth expected to align with market recovery, prioritizing value over volume, with EBITDA growth targeted at approximately 2x revenue growth.

  • CapEx for 2026 projected at IDR 15–20 trillion, focused on network quality, integration, and 5G expansion.

  • Merger synergies targeted at $250–300 million in 2026, with full synergy potential of $300–400 million annually post-integration.

  • Management expects enhanced service quality and expanded coverage from the merger, aiming for smarter, integrated digital experiences.

  • The company is assessing the impact of new accounting standards (PSAK 118) on future financial statement presentation.

Merger's strategic benefits and 900 MHz spectrum return?
2025 net loss drivers: Link Net impairment, asset life?
PSAK 118 impact on financial reporting?
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Next XLSMART Telecom Sejahtera earnings date

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Q1 20265 May, 2026
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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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