XLSMART Telecom Sejahtera (EXCL) Q2 2026 earnings summary

Executive summary

• Revenue growth sustained by healthy data consumption and stabilizing ARPU, with commercial momentum improving and 5G adoption rising.

• Integration phase largely complete, shifting focus to optimization and capturing merger synergies.

• Network leadership reinforced, especially in ex-Java regions, with significant 5G expansion and brand recognition.

Financial highlights

• Revenue for 1H 2026 reached IDR 24,027 billion, up 26% year-over-year.

• EBITDA for 1H 2026 was IDR 10,971 billion, up 13% year-over-year, with normalized EBITDA at IDR 11,050 billion.

• PAT for 1H 2026 was IDR 2,493 billion, a 294% increase year-over-year; normalized PAT at IDR 2,729 billion.

• EBITDA margin improved to 46% in 1H 2026, up from 43% in 1H 2025.

• Free cash flow declined 89% year-over-year to IDR 701 billion, while capitalized capex surged 342% to IDR 10,271 billion.

Outlook and guidance

• FY26 revenue growth guidance remains unchanged and in line with the market.

• EBITDA margin guidance updated to mid-to-high 40% range, reflecting sustainable profitability.

• Capitalized capex guidance raised to ~IDR 20 trillion, up from previous ~IDR 15 trillion.

• Merger synergy target on track at US$250–300 million for FY26.