Slides
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Empowering Indonesia Scaling Connectivity, AI Infrastructure, and Enterprise Intelligence Results for the Nine Months of 2026 (9M’26)
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Disclaimer PT Indosat Tbk (“Indosat Ooredoo Hutchison” or the “Company”) cautions investors that certain statements contained in this document state its management's intentions, hopes, beliefs, expectations, or predictions of the future which are forward-looking statements. The Company wishes to caution the reader that forward-looking statements are not historical facts and are only estimates or predictions. Actual results may differ materially from those projected as a result of risks and uncertainties including, but not limited to, the factors listed alongside. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of future events, new information, or otherwise. R I S K S A N D U N C E R T A I N T I E S I N C L U D E ● The Company’s ability to manage domestic and international growth & maintain a high level of customer service ● Future sales growth ● Market acceptance of the Company’s product and service offerings ● The Company’s ability to secure adequate financing or equity capital to fund our operations ● Network expansion ● Performance of the Company’s network and equipment ● The Company’s ability to enter into strategic alliances or transactions ● Cooperation of incumbent local exchange carriers in provisioning lines and interconnecting our equipment ● Regulatory approval processes ● Changes in technology ● Price competition ● Other market conditions and associated risks 2
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Presenters 3 Vikram Sinha President Director and CEO Nicky Lee Director and CFO Bilal Kazmi Director and COO Apoorva Mehrotra Director and CGO
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9M’26 Highlights Vikram Sinha President Director and CEO
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IOH is delivering today while investing for long-term growth 1 Strong core business YTD double digit organic growth; on track to meet FY guidance 2 Disciplined 5G investment Data-driven 5G investment to maximize revenue growth and ROI 3 Fully Integrated AI Player Full stack capabilities to unlock growth across the whole ecosystem
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9M’26 performance on track to deliver FY’26 guidance Revenue IDR 45.8 tn +11% YoY Driven by ARPU growth EBITDA IDR 21.1 tn +9% YoY On track to meet guidance Net Profit* IDR 3.9 tn +11% YoY Strong earnings delivery Indosat AI Cloud Revenue US$50 mn YTD Solid progress commercializing AI * Represents normalized figures. One-off items are detailed in appendix 6
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Our strong core business allows us to invest in developing an integrated AI ecosystem Connecting the full AI value chain, from infrastructure to enterprise intelligence. C O N N E C T I V I T Y 86,000 km of terrestrial & undersea connectivity 5 Applications 4 Models 3 Compute 2 Data Centre 1 Energy 7 making AI usable for every business Launched in collaboration with Indonesia’s rich resources to land & water IOH hosted global models Other global models 1 GW of capacity by 2029
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Indosat AI Cloud business on track to deliver in FY26 while ZanKore will scale aspirations from FY27 Providing AI computing infrastructure for businesses, developers and institutions to build, train and run AI at scale. Today From 2027 By 1H 2027 Funding Indosat AI Cloud revenue US$mn Contracted revenue US$300mn+ Contracted annual AI Cloud revenue from 2027 AI computing capacity 200 MW Initial AI computing capacity targeted for 1H 2027 Infrastructure funding Up to US$3.1bn Senior term loan facility to support first 100MW of AI infrastructure expansion Indosat AI Cloud Delivering in FY26 ZanKore Scaling from FY27 8 28 33 50 100 FY’25 1H’26 9M’26 FY'26 Projected
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Indosat Ooredoo Hutchison · 9M 2026 Indosat Intelligence Suite enables Intelligence for All and opens new revenue stream Bringing 300+ AI models together through IOH’s token platform with greater control over data and costs. Launched with F5 · 9 Oct 2026 How it works Who it serves 01 End users Banks, insurers, e- commerce, telco and government 02 Model providers Global and open-source AI labs reaching regulated enterprises 03 Go-to-market partners Carriers, GPUaaS & cross- border platforms reselling AI tokens Commercial outlook 2027 Revenue contribution US$100mn Expected revenue by 2028 70% EBITDA margin 9 Through one connection, Intelligence Suite selects the best-fit AI model, delivers results securely, and tracks usage to keep costs under control.
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Indosat Ooredoo Hutchison · 9M 2026 Consolidated Revenue Growth Close to Double Digit EBITDA Growth Close to Double Digit Capex Investment* IDR ~23 Trillion *Includes approximately IDR10tn for 5G; excludes Indosat AI CloudGPU expenditure. On track to deliver FY2026 guidance 10
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Indosat Ooredoo Hutchison · 9M 2026 IOH is uniquely positioned as an attractive investment proposition 01 Core Remains Strong One of the fastest organically growing telcos in ASEAN 02 Solid balance sheet Well capitalized balance sheet and strong FCF generation 03 Unique Indosat AI Cloud position AI Cloud company tapping the immense growth opportunity in Southeast Asia 11 Supported by strong shareholders in &
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Financial Performance Nicky Lee Director and Chief Finance Officer
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Strong 9M’26 financial performance 9M’25 9M’26 Change Revenue (IDR Bn) 41,162 45,750 ▲ +11.1% EBITDA (IDR Bn) 19,348 21,050 ▲ +8.8% EBITDA Margin 47.0% 46.0% ▼ -1.0ppt Net-Profit* (Attributable to owners, IDR Bn) 3,493.5 3,865 ▲ +10.6% Net Debt to EBITDA 0.49x 0.36x ▼ -0.13x *Represents normalized figures. One-off items are detailed in appendix. Indosat Ooredoo Hutchison · 9M 202613
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Indosat Ooredoo Hutchison · 9M 2026 Key financial indicators Total Revenue IDR Bn 41,162 45,750 15,432 15,097 9M'25 9M'26 2Q'26 3Q'26 +11.1% -2.2% EBITDA IDR Bn 19,348 21,050 7,358 6,446 9M'25 9M'26 2Q'26 3Q'26 +8.8% -12.4% EBITDA Margin 47.0% 46.0% 47.7% 42.7% 9M'25 9M'26 2Q'26 3Q'26 -1.0ppt -5.0ppt Net-Profit (attributable to owners) IDR Bn Reported Normalized* 3,587 4,922 2,818 613 9M'25 9M'26 2Q'26 3Q'26 +37.2% -78.2% 3,494 3,865 1,789 620 9M'25 9M'26 2Q'26 3Q'26 +10.6% -65.4% *Represents normalized figures. One-off items are detailed in appendix. 14
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Indosat Ooredoo Hutchison · 9M 2026 Underlying EBITDA & NPAT Underlying performance remained solid after adjusting for spectrum and GPU costs incurred ahead of revenue, the FiberCo spin-off and operational one-offs: EBITDA bridge Normalized NPAT bridge YoY · 9M’26 vs 9M’25 IDR bn 9M’26: Underlying EBITDA +12% YoY at a 47.2% margin; normalized NPAT +29% YoY (+IDR1tn) 9M’25 reported 9M’26 reported 2.6GHz & 700MHz FiberCo Operational one-offs¹ 9M’26 underlying 19,348 47.0% 21,050 46.0% 21,601 47.2% +136 +183 +232 +12% +9% 9M’25 norm. NPAT* 9M’26 norm. NPAT* 2.6GHz & 700MHz FiberCo Operational one-offs¹² 9M’26 underlying 3,494 3,865 4,515+106 +287 +257 +1,021 +371 QoQ · 3Q’26 vs 2Q’26 IDR bn 3Q’26: Underlying EBITDA margin of 46.1% (vs 42.7% reported), slightly below 2Q’26 on softer cellular revenue 2Q’26 reported 3Q’26 reported 2.6GHz & 700MHz FiberCo Operational one-offs¹ 3Q’26 underlying 7,358 47.7% 6,446 42.7% 6,956 46.1% +136 +183 +191 -5% -12% 2Q’26 norm. NPAT* 3Q’26 norm. NPAT* 2.6GHz & 700MHz FiberCo Operational one-offs¹² 3Q’26 underlying 1,789 620 1,556 +106 +287 +543 -233 -1,169 15 *Represents normalized figures. One-off items are detailed in appendix. ¹Higher operational one-offs in 9M’25(YoY bridges) and 2Q’26 (QoQ bridges); operational one-offs represent bonus reversal, timing of network benefit, GPU interest financing cost & FX to be monetized in 4Q’26, etc. ²NPAT one-offs shown net of tax.
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Indosat Ooredoo Hutchison · 9M 2026 5G spectrum & fiberco driving cost growth Total CoS & OPEX IDR Bn 21,813 24,700 8,075 8,650 9M'25 9M'26 2Q'26 3Q'26 +13.2% +7.1% 9M’25 9M’26 Change 2Q’26 3Q’26 Change Cost of Services 17,602 19,452 +11% 6,479 6,851 +6% Personnel¹ 2,317 3,296 +42% 954 1,114 +17% Marketing 1,207 1,299 +8% 409 475 +16% General & Administration 687 653 -5% 233 210 -9% Total CoS and OPEX 21,813 24,700 +13.2% 8,075 8,650 +7.1% Depreciation & Amortization 11,885 12,678 +7% 4,190 4,372 +4% Other Operating (Income)/Expenses² -378 -1,466 +288% -1,553 -25 -98% Total Expenses, net 33,320 35,912 +8% 10,712 12,997 +21% All figures presented in IDR Bn. ¹Higher personnel costs YoY driven by higher variable pay for performance components such as bonuses and incentives compared to the prior period, with higher QoQ driven by one-off reversal. ²Other operating (Inc.)/Exp includes one-off FiberCo asset monetization gain in Q2’26, prior year tax reversals and operational one-offs, e.g. early site lease termination and gain on asset disposal; the figures are before tax. 16
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AI Cloud CAPEX investment for mid to long term including 5G & AI Cloud Capitalized CAPEX IDR Bn 5G Core & others 9,050 3,356 9,674 8,853 10,263 7,258 9M25 9M26 2Q26 3Q26 10,736 28,987 5,337 19,467 +170.0% +264.8% CAPEX to Revenue Ratio 26.1% 63.4% 34.6% 128.9% 9M25 9M26 2Q26 3Q26 +37.3ppt +94.3ppt All figures presented in IDR Bn. 9M’26 includes IDR 10.3Tn of AI Cloud spend and IDR 9.7Tn of 5G capex; 3Q’26 includes IDR 8.9Tn for 5G and IDR 7.3Tn for AI Cloud. Core & others is the remainder. 17
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Indosat Ooredoo Hutchison · 9M 2026 Strong balance sheet maintained Net-Debt IDR Bn 12,722 10,282 2,754 10,282 9M'25 9M'26 2Q'26 3Q'26 -19.2% +273.3% Net-Debt to EBITDA Ratio x 0.49 0.36 0.10 0.36 9M'25 9M'26 2Q'26 3Q'26 -0.13x +0.26x 18
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Operational Performance Bilal Kazmi Director and Chief Operating Officer
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Indosat Ooredoo Hutchison · 9M 2026 Biometric registration supports healthier customer dynamics and new revenue opportunities Mandatory biometric verification for new prepaid SIM registrations implemented since July 2026. Higher-Quality Customer Acquisition Verified identities help reduce fraudulent registrations and low- quality SIM activations. Healthier Subscriber Base Reduced SIM switching is expected to support lower churn and improve quality customer base. New Revenue Opportunities Verified customer identities create opportunities for e-KYC services and partnerships. 20
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Indosat Ooredoo Hutchison · 9M 2026 Strong performance YoY Customers down due to biometric sim registration but underlying base trends remain very strong & good growth on HBB Mobile Customers Mn 94.6 91.5 9M'25 9M'26 -3.1m ARPU IDR ’000 39 46 9M'25 9M'26 +16.5% Data Traffic Pb 12,781 14,829 9M'25 9M'26 +16.0% HBB Customers ’000 369 446 9M'25 9M'26 +21.1% 21
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Growth Opportunity Apoorva Mehrotra Director and Chief Growth Officer
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Expanding coverage to maximize revenue opportunity Focused deployment in areas with high revenue potential 75 Cities 5G presence across Indonesia Illustrative of national reach; not actual site locations 22% Population Coverage Nationwide 5G footprint ~19.5k 5G BTS Count Deployed as of 9M’26 Future ARPU growth & Home Opportunity delivered through 5G 23
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Indosat Ooredoo Hutchison · 9M 2026 5G unlocks new home broadband opportunities for IOH 24 ~75% Of Indonesian homes lack broadband Broader household reach 5G will expand broadband access to homes previously unable to be served by FTTH Attractive consumer proposition Competitive pricing and bundled benefits help drive adoption.
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Thank you
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Appendix Normalized net profit reconciliation
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Indosat Ooredoo Hutchison · 9M 2026 Normalized 9M 2026 +3,865Bn 9M25 1Q26 2Q26 3Q26 9M26 Reported Net Profit (in IDR bn) 3,587 1,491 2,818 613 4,922 FiberCo asset monetization gain - - (1,042) 4 (1,038) Prior Year Tax Provisions and other non- operational one-offs (93) (35) 13 3 (19) Normalized Net Profit* 3,494 1,456 1,789 620 3,865 All figures presented in IDR Bn. *Net of tax impact. 28