Maxis (MAXIS) Q2 2025 earnings summary

Executive summary

• Q2 2025 service revenue was RM2,204 million, up 1.5% quarter-over-quarter but down 0.5% year-over-year; total revenue was RM2,562 million, down 0.9% year-over-year.

• EBITDA for Q2 2025 rose to RM1,094 million, up 3.7% sequentially and 4.6% year-over-year, with margin on service revenue at 49.6%.

• Profit after tax for Q2 2025 increased to RM398 million, up 7.3% quarter-over-quarter and 11.8% year-over-year, driven by higher EBITDA and cost management.

• Year-to-date June 2025 revenue was RM5,170 million, down 0.4% year-over-year; YTD profit after tax was RM769 million, up 8.5%.

• Dividend declared at 4 sen per share; total dividends for the period were 8 sen per share.

Financial highlights

• Q2 2025 EBIT grew 8.7% year-over-year to RM647 million; YTD EBIT up 5.7% to RM1,258 million.

• Q2 2025 capital expenditure was RM165 million, up 91.9% sequentially and 42.2% year-over-year; YTD capex at RM251 million, focused on fibre and mobile upgrades.

• Operating free cash flow for Q2 2025 was RM929 million, down 8.6% year-over-year due to higher capex and regulatory payments.

• Net debt as at 30 June 2025 was RM8,337 million, with net debt-to-EBITDA at 1.99x and net debt-to-equity at 1.40x.

• Continuous improvement in net profit margin to 14.9% year-to-date, compared to 13.7% in the prior year.

Outlook and guidance

• FY2025 guidance projects low single-digit growth in service revenue, flat to low single-digit EBITDA growth, and capex around RM1 billion.

• Focus remains on consumer bundling, enterprise growth, infrastructure, digitalisation, and operational excellence.