XLSMART Telecom Sejahtera (EXCL) Q3 2025 earnings summary

Executive summary

• Achieved strong post-merger momentum with improved ARPU trends, growing digital channel adoption, and enhanced customer experience through network improvements and digital engagement initiatives.

• Completed a major merger with Smartfren and Smart Telecom, effective 16 April 2025, resulting in significant changes to asset base, liabilities, and business scale.

• Network integration progressing rapidly, expanding coverage and enhancing quality of service, with significant operational synergies already materializing.

• Revenue surged 38% year-on-year and 9% quarter-on-quarter, with normalized EBITDA and PAT showing healthy growth despite one-off integration impacts.

• Interim consolidated financial statements for the nine months ended 30 September 2025 reflect the combined entity's performance.

Financial highlights

• Revenue reached IDR 11.5 trillion in 3Q25, up 38% YoY and 9% QoQ; 9M25 revenue at IDR 30,574 billion, up 21% YoY.

• Normalized EBITDA for 3Q25 was IDR 5,402 billion, up 10% QoQ; 9M25 normalized EBITDA at IDR 14,684 billion, up 24% YoY; normalized EBITDA margin stable at 47%.

• Normalized PAT for 3Q25 was IDR 1,154 billion; 9M25 normalized PAT at IDR 2,815 billion; reported PAT at a loss of IDR 1.38 trillion due to one-off integration and depreciation costs.

• OpEx increased 66% YoY and 10% QoQ to IDR 6.6 trillion, reflecting scale and integration activities.

• Free cash flow increased 23% YoY to IDR 9,406 billion for 9M25.

Outlook and guidance

• Full-year 2025 revenue expected to grow 20–25% year-on-year, in line with market and pre-merger 2024 performance.

• EBITDA margin projected to remain in the low to mid-40% range.

• Capitalized CapEx for 2025 projected at IDR 10 trillion, with total PO issuance still around IDR 20–25 trillion.

• Synergy realization guidance raised to $150–200 million for 2025, targeting $300–400 million annual run-rate post-integration.

• Continued investment in network optimization and digital services anticipated.