Telekom Malaysia (TM) Q4 2025 earnings summary

Executive summary

• FY2025 revenue reached RM11,872.0 million, up 1.4% year-over-year, driven by growth in data, connectivity, and digital services, with Q4 revenue rising 6.8% year-over-year to RM3.26 billion.

• EBIT for FY2025 was RM2,025.6 million, with underlying EBIT at RM2,470 million; Q4 EBIT was RM215.5 million, reflecting higher mobile-related and employee costs.

• PATAMI for FY2025 was RM1,713.0 million, with a 69.5% jump versus 4Q'24, but down 15.1% from FY2024 due to the absence of a one-off tax credit.

• The group reinforced its role as a national digital enabler, investing in infrastructure to support Malaysia's digital economy.

• Fixed broadband subscribers grew 1.6% year-over-year to 3.229 million.

Financial highlights

• Revenue up 1.4% year-over-year to RM11,872.0 million; EBIT at RM2,025.6 million; PATAMI at RM1,713.0 million.

• Free cash flow at RM1,598.8 million for FY2025; net cash from operating activities at RM3,518.9 million.

• Total cost/revenue at 85.9%, with direct and manpower costs rising due to mobile cost recognition and voluntary separation.

• CAPEX/revenue at 16.1%, mainly from data centre expansion, in line with guidance.

• Basic EPS for FY2025 was 44.6 sen, down from 52.6 sen in FY2024.

Outlook and guidance

• 2025 guidance achieved: revenue growth of 1.4%, EBIT of RM2.026 billion, CAPEX/revenue at 16.1%.

• 2026 guidance projects low single-digit revenue growth, EBIT at similar levels, and CAPEX/revenue between 18%-20%.

• Positive outlook for 2026, with focus on disciplined execution, digital infrastructure, and becoming a Digital Powerhouse by 2030.