Indosat Ooredoo Hutchison (ISAT) Q1 2026 earnings summary

Executive summary

• Achieved strong double-digit growth in Q1 2026: revenue up 12% year-over-year to IDR 15.2 trillion, EBITDA up 13%, and net profit up 26%, positioning for a solid year ahead.

• ARPU reached IDR 45,000, a 15% year-over-year increase, marking the highest since the merger.

• Enterprise and AI Neo Cloud businesses demonstrated robust growth, with AI Neo Cloud revenue at $16 million in Q1 and contracted revenue of $170 million over three years.

• Maintained a steady mobile customer base and added 80,000 fiber to the home customers over the year.

• Launched a strategic partnership with Google Gemini, enhancing AI offerings and customer value.

Financial highlights

• Q1 2026 revenue rose 12.1% year-over-year to IDR 15.2 trillion, led by cellular and media segments.

• EBITDA increased 12.9% year-over-year to IDR 7.2 trillion, with margin expanding 0.4 percentage points to 47.6%.

• Normalized NPAT up 26.2% year-over-year to IDR 1.5 trillion, driven by higher EBITDA and offset by increased D&A.

• Net debt reduced 9.2% year-over-year and 17.9% quarter-on-quarter, with net debt/EBITDA at 0.31x.

• CapEx spending up 59.6% year-over-year, representing 32% of full-year guidance.

Outlook and guidance

• Tracking ahead of 2026 guidance; management will review and potentially update guidance after H1.

• 2026 guidance targets mid to high single-digit growth in consolidated revenue and EBITDA.

• CapEx guidance remains unchanged, with spending front-loaded to maximize annual benefits.

• Management expects continued growth in cellular and MIDI segments, supported by ongoing network expansion and digital service initiatives.