XLSMART Telecom Sejahtera (EXCL) Q4 2024 earnings summary

Executive summary

• Achieved profitable growth in 2024, with revenue up 6.4% year-on-year to Rp 34.39 trillion and net profit surging 45% to Rp 1.82 trillion, driven by operational efficiency, digitalization, and structural transformation.

• EBITDA rose to Rp 17.83 trillion, with margin improving to 52%, supported by disciplined cost management.

• Mobile ARPU increased 16% year-on-year to IDR 43,000, with strong traffic growth and a high-quality subscriber base.

• Fixed broadband subscribers surpassed one million, positioning the company as Indonesia's second-largest ISP after acquiring 750,000 Link Net/First Media customers.

• Announced a planned merger with Smartfren, aiming to create a leading Indonesian telco with enhanced network infrastructure and significant synergies.

Financial highlights

• Revenue reached Rp 34.39 trillion in 2024, up 6.4% year-on-year; EBITDA margin expanded to 52%.

• Net profit after tax increased 45% year-on-year to Rp 1.82 trillion.

• Free cash flow rose 20% to IDR 10.5 trillion; capitalized capex up 3% to IDR 7.4 trillion.

• Basic and diluted EPS: Rp 139 in 2024, up from Rp 96 in 2023.

• Total assets: Rp 86.18 trillion; total equity: Rp 26.22 trillion as of 31 December 2024.

Outlook and guidance

• Merger with Smartfren expected to complete in the first half of 2025, pending regulatory and shareholder approvals.

• No formal 2025 guidance provided due to ongoing merger process; management expects to share guidance post-merger.

• The acquisition of Link Net's B2C segment is expected to enhance residential service offerings.

• Ongoing focus on digitalization, app adoption, and convergence to drive sustainable revenue growth.