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XL Axiata
XL Axiata (EXCL) investor relations material
XL Axiata Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
First full quarter post-merger, with strong operational and financial momentum across all business segments.
Revenue up 38% year-on-year and 9% quarter-on-quarter, driven by improved subscriber quality, ARPU growth, and successful integration.
Integration milestones include national roaming for Smartfren, launch of centralized service operations, and significant site consolidation.
Synergy realization on track, with $150–$200 million expected in 2025 and $300–$400 million annual run-rate post-integration.
Financial highlights
Revenue reached IDR 11.5 trillion, up 38% year-on-year and 9% quarter-on-quarter, reflecting full consolidation of Smartfren.
Normalized EBITDA at IDR 5.4 trillion, up 24% year-on-year and 9% quarter-on-quarter; normalized EBITDA margin stable at 47%.
Reported PAT was a loss of IDR 1.38 trillion, but normalized PAT turned positive at IDR 1.15 trillion after adjusting for one-off integration and depreciation costs.
OpEx increased 66% year-on-year and 10% quarter-on-quarter to IDR 6.6 trillion, reflecting scale and integration activities.
Data traffic grew 53% year-on-year and 2% quarter-on-quarter to 3.9 exabytes; blended ARPU rose 10% quarter-on-quarter to IDR 38,900.
Outlook and guidance
Full-year 2025 revenue expected to grow 20–25% year-on-year, in line with market.
EBITDA margin projected to remain in the low to mid-40% range.
Capitalized CapEx for 2025 guided at IDR 10 trillion, with total PO issuance still around IDR 20–25 trillion.
Synergy guidance revised upward to $150–$200 million for 2025, with full synergy potential of $300–$400 million annually pre-tax post-integration.
Integration and modernization expected to complete by 2026, with normalized CapEx returning to mid-teens percentage of revenue thereafter.
Impact of IT system unification on synergies
How will ARPU growth impact subscriber base
Rationale for current year dividend distribution
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Next XL Axiata earnings date
Q4 202513 Feb, 2026
XL Axiata
Next XL Axiata earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
PT XL Axiata Tbk is a telecommunications company in Indonesia. The company's business solutions span mobile communication, fixed connectivity, cloud & data center services, and the Internet of Things, aiming to deliver comprehensive digital solutions. On the consumer front, XL Axiata offers a variety of products including XL Prepaid, XL Prioritas, XL Home, and AXIS, along with services for SIM card registration. XL Axiata is headquartered in Jakarta, Indonesia, and its shares are listed on the Indonesia Stock Exchange.
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