PT Sarana Menara Nusantara (TOWR) Q4 2025 earnings summary

Executive summary

• Operating revenue for FY2025 reached Rp13,327.9 billion, up 4.6% YoY, with EBITDA at Rp10,970.5 billion and net profit after minority interest at Rp3,678.3 billion (+10.3% YoY).

• Growth was driven by operational scale, cost management, industry consolidation, and major acquisitions including PT Integra Kreasitama Solusindo, PT Inti Bangun Sejahtera Tbk, and PT Media Antar Nusa.

• The company expanded its tower and fiber portfolio, operating 36,247 towers and 224,296 km of revenue-generating fiber as of end-2025.

• Business model centers on long-term, non-cancellable contracts, ensuring predictable cash flows.

• Distributed Rp1.2 trillion in dividends in 2025.

Financial highlights

• EBITDA for 2025 was Rp10,970.5 billion (margin 82.3%), net profit after minority interest at Rp3,678.3 billion (margin 27.6%).

• Revenue increased by 4.6% YoY to Rp13,327.9 billion; non-tower segment revenue grew nearly 10%.

• AFFO for 2025 was Rp7,193 billion, with a 10.6% CAGR over five years.

• Dividend payout for 2025 was Rp1.2 trillion.

• Leverage reduced to 3.74x after paying down Rp7 trillion in debt.

Outlook and guidance

• 2026 guidance projects low single-digit revenue and EBITDA growth, with connectivity as the main driver.

• CapEx for 2026 is guided at around Rp5 trillion, with about 1,000 new BTS towers planned, mainly for XLSmart relocations.

• Positioned to benefit from ongoing internet growth, 5G rollout, and fixed-mobile convergence.

• Management remains cautious on interest rates, expecting stable to slightly higher borrowing costs.

• FWA collocations expected to increase, with 400 in Q1 and more batches anticipated.