Indonesia · Delayed Price · Currency is IDR PT XLSMART Telecom Sejahtera Tbk Earnings Call Transcripts
Fiscal Year 2025
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Post-merger integration milestones were achieved ahead of plan, driving strong revenue and EBITDA growth in 2025. ARPU and data traffic rose significantly, while 5G rollout and network consolidation supported operational gains. Integration and depreciation costs will taper in 2026.
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Revenue grew 38% year-on-year and 9% quarter-on-quarter, with normalized EBITDA margin at 47% and positive normalized PAT. Integration is progressing well, synergies are ahead of plan, and a one-time dividend is proposed for 2025, funded by strong cash flow.
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Q2 2025 saw strong revenue and subscriber growth post-merger, with early synergy realization and network integration progressing well. Despite higher integration costs and a temporary dip in margins, long-term EBITDA and synergy targets remain on track, supported by robust CapEx and digital engagement.
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Q1 2025 saw 2% revenue growth year-on-year, driven by First Media integration, but underlying revenue declined 5% excluding this effect. The merger with Smart was completed, with $300–$400 million in annual synergy savings targeted and full network integration expected within two years.
Fiscal Year 2024
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2024 saw strong revenue and profit growth, driven by operational efficiency and a major fixed broadband acquisition. The upcoming merger with Smartfren is expected to create a leading telco, though aggressive price competition and regulatory uncertainties remain.
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Strong profitability with EBITDA up 13% and PAT up 32% year-on-year, driven by operational efficiency and digitalization. Integration of Link Net and First Media expanded fixed broadband, but ARPU faces pressure from intense competition and price-based market dynamics.