Indosat Ooredoo Hutchison (ISAT) Q3 2025 earnings summary

Executive summary

• Achieved sequential revenue and EBITDA growth in Q3 2025, with normalized net profit up 29% quarter-on-quarter and a stable customer base of 95 million.

• ARPU reached IDR 40,000, supported by AI-driven personalization and market rationalization.

• AI TechCo vertical advanced with the GB200 GPU cluster going commercially live, fully contracted, and expected to deliver revenue from Q4 2025.

• Focused on fundamentals in H1 2025, setting up for a stronger second half.

• Financial statements for the period received a clean review from the independent auditor.

Financial highlights

• Q3 2025 revenue grew 3.8% quarter-on-quarter to IDR 14,052 billion, mainly from cellular and media (GPU business) revenue.

• EBITDA increased 0.8% quarter-on-quarter to IDR 6,493 billion, with margin at 46.2%.

• Normalized net profit surged 29.1% quarter-on-quarter to IDR 1,319 billion, aided by operational one-off gains.

• For the first nine months of 2025, revenue was IDR 41,162 billion, down 1.6% year-on-year, and net profit was IDR 3,843,941 million, down from IDR 4,158,863 million.

• CapEx for Q3 was IDR 3.3 trillion, with nine-month CapEx reaching 82% of full-year guidance.

Outlook and guidance

• Management maintains guidance for low single-digit EBITDA growth for the full year, with continued momentum in cellular and AI TechCo revenue in Q4.

• 2025 guidance targets consolidated revenue growth above market, low single-digit EBITDA growth, and IDR 13 trillion in CapEx.

• ARPU growth is expected to continue, with a long-term target of IDR 45,000–IDR 50,000, supported by AI-driven hyper-personalization.

• GPU-as-a-service revenue for 2025 is guided at $30–$35 million, with 2026 annualized revenue expected to exceed $65–$70 million.

• The group continues to focus on network expansion, digital services, and operational efficiency.