Indosat Ooredoo Hutchison (ISAT) Q4 2024 earnings summary

Executive summary

• FY 2024 revenue grew 9.1% to IDR 55.9 trillion, with EBITDA up 10.2% to IDR 26.4 trillion and normalized net profit up 38.1% to IDR 4.92 trillion, driven by core mobile, B2B, and AI platform expansion.

• Delivered $462 million in recurring synergy, surpassing pre-merger guidance, and achieved merger synergies ahead of schedule.

• Significant investments in network infrastructure, adding over 9,000 tower sites and expanding coverage to 16,400+ new villages.

• Embedded AI across business operations, including customer offerings and network optimization, and hosted Indonesia's first AI Day.

• Board and auditor confirmed compliance with Indonesian Financial Accounting Standards.

Financial highlights

• Cellular revenue grew to Rp47.04 trillion, up 7.5% year-over-year; MIDI revenue increased to Rp7.99 trillion, up 23%.

• EBITDA margin improved to 47.2% for FY 2024.

• Net normalized profit increased 38.1% to IDR 4.92 trillion.

• Significant one-off gain from power and data center sales in 2023 (IDR 1.3 trillion).

• Cash and cash equivalents at year-end were Rp4.45 trillion.

Outlook and guidance

• Targeting revenue growth above market and absolute EBITDA growth above 10% for 2025.

• CapEx guidance for 2025 set at IDR 13 trillion.

• Management expects continued growth in cellular and digital services, supported by ongoing network investments.