Slides
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1 3Q 2025 Results Presentation November 13, 2025
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2 Disclaimer The following presentation contain statements about future events and expectations that are forward-looking statements by the management of PT XLSMART Telecom Sejahtera Tbk. relating to financial trends for future periods, compared to the results for previous periods, characterised by the use of words and phrases such as and other similar expressions. Forward looking information is based on current views and assumptions including, but not limited to, prevailing economic and market conditions. Our business operates in an ever-changing macro environment. As such, any statement in this presentation that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance and achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. This presentation does not constitute an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities and nothing contained herein shall form the basis of any contract or commitment whatsoever. No reliance may be placed for any purposes whatsoever on the information contained in the presentation or on its completeness, accuracy or fairness. None of the Company nor any of its shareholders, directors, officers or employees nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. shall mean Indonesian Rupiah. Any discrepancies between individual amounts and totals are due to rounding.
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3 Key Highlights
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4 4 Strong Post-Merger Momentum Full quarter of consolidated results, demonstrating an improving ARPU trend and growing adoption of digital channels. Network Integration Progressing Well NR * completed in record time, MOCN* rollout expanding to more cities, delivering broader coverage and enhanced QoS** for our customers. Resilient Financial Performance Revenue surged +38% YoY (+9% QoQ),normalized EBITDA and PAT reflect healthy underlying growth, despite temporary one-off impacts. Synergies Taking Shape Accelerating value creation, advancing towards our ambition to be Key highlights *National Roaming, Multi Operator Core Network *Quality of Service
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5 Unlocking value through synergy realization Successful integration of Customer Experience & Service Operation Center. Network Integration Full support from all our network and tower provider partners Consolidation of overlapping network sites and assets On track to deliver $150 200 Mn synergies in 2025, with full realization post -integration Site Optimization Launching the newly combined Customer Experience & Service Operation Center (CESOC) - July 2025. Advancing network consolidation and site optimization Partner Ecosystem - IT system unification - Office integration - Expand global roaming partnership Next in Pipeline
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6 Strengthening our commitment to customer experience 6 Enhanced download speeds, optimized traffic handling, and expanded coverage through MOCN integration in enabled areas XL, Axis & SF users experiencing increased download speed by up to Population coverage for SF users grew by 71% 38% XLSMART celebrates National Customer Day by delighting customers with exclusive rewards and personalized surprises through its loyalty program.
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7 110,280 159,864 54,440 49,518 374 3Q 24 0 3Q 25 165,094 209,382 +27% 2G 3G 4G Integrated sites Network update Site integration paved ways for improved customer experience Cities accessible to SF users through NR 192 ~15,000 XLSMART ensures optimal 4G network performance at Mandalika Circuit during the 2025 MotoGP event, supporting seamless connectivity across the Lombok area. 3Q24 BTS numbers are pre-merger, 3Q25 BTS numbers are post-merger Integration ProgressTotal BTS Count MOCN integration on track to complete by 1H-2026
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8 Three-brand strategy: Effectively addressing diverse customer needs across market segments. Post-integration growth momentum: Driven by a simplified starter pack and optimized product offerings, supporting stronger market recovery. Enhanced digital engagement: Through stickiness & monetization with 39.1 mn Monthly Active Users (+21% YoY) Preferred ICT partner XLSMART for leading integrated ICT solutions provider for enterprises and government. ESTA (Enterprise Smart Technology & Automation): launched in July 2025 as a comprehensive industry solution suite covering connectivity, IoT, cloud, cybersecurity, and automation. Mobile Enterprise Home Strengthening Market Presence Across Segments Partnering for Digital Transformation Strengthening Value & Experience Positioning XLSMART as a strategic ecosystem partner beyond connectivity. Strengthening our position as a one of the leading fixed broadband providers through focus on experience, flexibility and family-oriented solutions with efforts to stabilize ARPU XL Satu is aimed at driving stronger customer loyalty and deeper household penetration. Three growth pillars of XLSMART Connecting every Indonesian for a better life
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9 XLSMART for Business: Transforming Indonesian Businesses Through Digital Innovation Telco, Digital & Big Data Enterprise growth areas Opportunities in multiple industries XLSMART held the Bravo 500 Summit in July 2025 as Ministry of Digital and Information, bringing together 500 leading companies. Mobile & Connectivity Cloud & Security New Business (AI & 5G) Tech & Service Provider Financial Services & Retail Natural Resources Manufacturing, Transport & Logistics Healthcare & Public Services ICT & Services IoT & Private Network Providing comprehensive solutions Reaching customers in all segments
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10 Financial & Operational Highlights
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11 Mobile Subscribers (Mn) Traffic (PB) FBB Subs (Mn) 56.9 80.7 77.7 1.7 3Q 24 1.9 2Q 25 1.9 3Q 25 58.6 82.6 79.6 +36% -4% Prepaid Postpaid 40.1 34.4 37.9 86.4 83.0 81.1 3Q 24 2Q 25 3Q 25 Prepaid Postpaid 41.4 35.5 38.9 Blended 1.04 0.98 0.95 3Q 24 2Q 25 3Q 25 -3% 2,554 3,817 3,903 3Q 24 2Q 25 3Q 25 +53% +2% Healthy subscribers base driving ARPU expansion amid industry recovery 41.8 36.7 88.1 82.8 9M 24 9M 25 7,823 10,568 9M 24 9M 25 +35% 43.1 37.8 3Q24 numbers are pre-merger, 2Q25 and 3Q25 numbers are post-merger QoQ subs normalization following SP price adjustment, reinforcing focus on quality growth Mobile subscribers represents quarterly average number of active users
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12 EBITDA (IDR Bn)* PAT (IDR Bn)* EBITDA Margin (%) 298 -1,607 -1,377 298 305 1,154 3Q 24 2Q 25 3Q 25 +288% +279% Revenue (IDR Bn) 7,539 9,579 10,292 773 3Q 24 923 2Q 25 1,176 3Q 25 8,312 10,502 11,469 +38% +9% Data & digital services Others *Restated 2Q 25 Strong topline performance supported by post merger consolidation and higher mobile ARPU Bottomline affected by one-off items occurring during integration process 23,379 27,758 1,989 9M 24 2,815 9M 25 25,368 30,574 +21% 1,335 -2,596 1,335 1,847 9M 24 9M 25 +38% PAT Normalized PAT 4,339 4,486 4,8584,339 4,962 5,402 3Q 24 2Q 25 3Q 25 +24% +9% EBITDA Normalized EBITDA 13,297 13,665 13,297 14,684 9M 24 9M 25 +10% 3Q 24 2Q 25 3Q 25 52% 52% 43% 47% 42% 47% EBITDA margin Normalized EBITDA margin 9M 24 9M 25 52% 52% 45% 48% 3Q24 numbers are pre-merger, 2Q25 and 3Q25 numbers are post-merger
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13 Normalized EBITDA and PAT Reported EBITDA 4,321 4,486 4,858 13,665 Integration costs (Opex) - 475 544 1,019 Normalized EBITDA 4,321 4,962 5,402 14,684 (in IDR Bn) 1Q 25 2Q 25* 3Q 25 9M 25 Normalized EBITDA and PAT are adjusted to reflect the one-off items which occur during integration period & asset impairment. Reported PAT 388 (1,607) (1,377) (2,596) Integration cost (Opex)** - 371 424 795 Accelerated depreciation - 739 1,820 2,559 Asset impairment - 802 287 1,089 Normalized PAT 388 305 1,154 1,847 * Restated Business fundamentals remain strong despite one-off adjustments, ongoing integration ** Adjusted with corporate income tax rate
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14 Operating Expenses (IDR Bn) 3,971 6,007 6,595 3Q 24 2Q 25 3Q 25 +66% +10% Interconnection and Other Direct Expenses increased 118% Link Net, higher revenue as impact from merger. Labor Costs employees from merger impact and integration cost. Sales & Marketing sales commission, offset by lower advertising & promotion cost. Infrastructure of sites and network integration post merger. Regulatory Costs due to increased frequency fee from additional spectrums acquired post merger, higher license & USO fee impact from enlarged revenue. Supplies and Overhead increased 146% YoY for integration, higher G&A. 3Q24 numbers are pre-merger, 2Q25 and 3Q25 numbers are post-merger Cost base expansion after merger Opex growth driven by expanded operations and integration efforts 12,065 16,882 9M 24 9M 25 +40% Operating Expenses (IDR Bn) 3Q 24 2Q 25 3Q 25 9M 24 9M 25 Interconnection and Other Direct Expenses 553 999 1,204 1,848 3,013 Labor Costs 439 1,103 1,050 1,257 2,667 Sales and Marketing 510 527 591 1,589 1,507 Infrastructure 1,236 1,494 1,637 3,632 4,392 Regulatory Costs 1,129 1,705 1,856 3,426 4,782 Supplies and Overhead 104 180 257 312 521 Total 3,971 6,007 6,595 12,065 16,882
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15 FY25 Guidance
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16 in-line with the market (As reported: 20% - 25% growth*) Low to mid 40% ~ IDR 10 Tn FY25 guidance 1 2 3 Revenue growth EBITDA margin Capitalized Capex *vs legacy XL Axiata (pre-merger) 2024 performance US$ 150 200 Mn **4 Merger synergies **Gross synergies
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17 https://www.xlsmart.co.id/ Thank you!
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18 Free Cash Flow (IDR Bn) Capitalized Capex (IDR Bn) Free Cash Flow defined as EBITDA minus Capitalized Capex Gross & Net Debt (IDR Bn) Gearing Ratios (x) 12,698 22,495 10,863 21,140 9M 24 9M 25 5,650 4,260 9M 24 9M 25 -25% Gross Debt Net Debt 7,647 9,406 9M 24 9M 25 +23% 0.72 1.23 2.63 3.35 0.61 1.16 2.53 3.27 9M 24 9M 25 Gross debt to EBITDA Gross debt to EBITDA (incl. Fin lease) Net debt to EBITDA Net debt to EBITDA (incl. Fin lease) 9M24 numbers are pre-merger, 9M25 numbers are post-merger Enlarged debt & higher gearing due to impact from merger
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19 Interest Rate Profile Maturities (IDR Tn) 3.6 1.484% 16% IDR Fixed IDR Floating 0.2 3.2 5.7 4.0 4.3 5.2 2025 2026 2027 2028 2029 2030 & beyond Diversified loan maturities and strategic rate positioning