Maxis (MAXIS) Q4 2025 earnings summary

Executive summary

• FY2025 service revenue reached RM8,912m, up 0.5% YoY, with total revenue at RM10,635m, up 0.9% YoY; Q4'25 service revenue was RM2,296m, up 2.5% QoQ and 2.1% YoY.

• EBITDA rose 5.0% YoY to RM4,329m, and profit after tax increased 11.8% YoY to RM1,561m.

• Launched AI-powered Maxis app, introduced solar offerings, and connected 47 major data centres.

• Ranked #1 for Most Reliable Network and top employer accolades in 2025.

• Q4'25 revenue grew 3.8% YoY and 11.1% QoQ, with notable growth in consumer and enterprise segments.

Financial highlights

• Q4'25 EBITDA was RM1,078m, up 9.6% YoY but down 2.2% QoQ; FY2025 EBITDA margin on service revenue improved to 48.6%.

• FY2025 profit after tax increased 11.8% YoY to RM1,561m; net profit margin improved to 14.7% from 13.2% in FY2024.

• Operating free cash flow for FY2025 was RM3,583m, up 17.2% YoY.

• Capex for FY2025 rose 46.3% YoY to RM986m, reflecting network upgrades.

• Total dividends declared for FY2025: 17.5 sen per share.

Outlook and guidance

• FY2026 guidance targets low single-digit growth in both service revenue and EBITDA.

• Capex intensity expected between 10% and 12%.

• Strategic priorities include customer retention, enterprise expansion, network growth, digitalization, and high-performance culture.