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This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. Q2 2025 Results 28 August 2025 1
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© 2025. Proprietary & Confidential. All Rights Reserved. Disclaimer The following presentation contain statements about future events and expectations that are forward-looking statements by the management of Axiata Group Berhad (“Axiata”) (“Company”), relating to financial trends for future periods, compared to the results for previous periods, characterised by the use of words and phrases such as “might”, “forecast”, “anticipated”, “project”, “may”, “believe”, “predict”, “expect”, “continue”, “will”, “estimate”, “target” and other similar expressions. Forward looking information is based on management’s 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 Axiata 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. “RM” shall mean Ringgit Malaysia being the lawful currency of Malaysia. Any discrepancies between individual amounts and totals are due to rounding. 2
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© 2025. Proprietary & Confidential. All Rights Reserved. YTD25 Achievements Axiata posts 1H25 profit of RM431mn and declares dividend of 5 sen DPS. Continued execution of the 5*5 strategy, strong operational performance and RM1bn of dividends upstreamed by OpCos. 3 Portfolio management - Completed XL and Smartfren merger, exit from Myanmar Frontier markets – Profit growth and positive signs of market repair. Dialog/Airtel merger well executed XLS/CDB - Network modernisation and integration synergies Medium term value illumination and monetization plans progressing - primarily infra businesses Debt reduction ongoing and RM1 billion of dividends upstreamed in H1 2025
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Q2 2025 Results 4
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© 2025. Proprietary & Confidential. All Rights Reserved. 1H25 Financial Performance YTD revenue decline predominately due to forex translation from the strengthening RM. Combined PATAMI +>100% from net gain on disposals. Revenue RM5,858mn YoY ( ▼ -10.0% ) QoQ ( ▲ 2.6% ) cc: YoY ( ▼ -0.9% ) QoQ ( ▲ 5.7% ) EBITDA RM2,659mn YoY ( ▼ -8.5% ) QoQ ( ▲ 18.1% ) cc: YoY ( ▲ 2.3% ) QoQ ( ▲ 21.9% ) EBIT RM700mn YoY ( ▼ -26.3% ) QoQ ( ▼ -22.0% ) cc: YoY ( ▼ -12.0% ) QoQ ( ▼ -17.1% ) JCE1 - Shares of Results RM171mn YoY ( ▼ -17.4% ) QoQ ( ▼ -56.8% ) PATAMI2 RM431mn YoY ( ▲ +>100% ) QoQ ( ▲ 69.4% ) UPATAMI3 RM204mn YoY ( ▲ +39.0% ) QoQ ( ▲ +>100% ) 5 1. JCE refers to Jointly Controlled Entities ie CelcomDigi and XLSmart 2. PATAMI in combined operations 3. Underlying performance at constant currency (continuing operations) cc Refers to constant currency
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© 2025. Proprietary & Confidential. All Rights Reserved. Revenue (BDTmn) EBITDA & EBIT (BDTmn) AOFCF1 (BDTmn) PATAMI (BDTmn) EBITDA EBIT 17.3% 24.3% 18.9%46.9% 51.8% 47.1% 49.5% 20.9% 1. AOFCF = OFCF less ROU depreciation Robi: Increase in blended ARPU drives QoQ revenue growth Macroeconomic pressures persist in Bangladesh, cost efficiency measures supported sustained EBITDA while EBIT also benefitted from lower D&A, YTD PATAMIincreased (+78.8%). QoQ revenue growth was driven by strong performances in both voice and data segments. This was underpinned by net addition of (+1.03mn) QoQ subscribers and an (+8.6%) increase in ARPU. +>100% +78.8%-4.9% +>100% Numbers may vary to the OpCo’s reporting due to IFRS or individual company definitions 6 +9.1% -4.4% +20.5% +0.4% +53.8% +6.1% Margin:
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© 2025. Proprietary & Confidential. All Rights Reserved. Revenue (LKRmn) EBITDA & EBIT (LKRmn) AOFCF1 (LKRmn) PATAMI (LKRmn) EBITDA EBIT 1. AOFCF = OFCF less ROU depreciation Dialog: Mobile-led growth and integration synergies drive strong performance YTD revenue growth driven by a strong (+33%) YTD growth in the Mobile segment, with 18% organic growth and an additional 15% from Airtel consolidation. ARPU registered YTD increase of (+18.0%). EBITDA rose (+50.3%), on the back of disciplined cost management and lower network and electricity costs. This translated into (+>100%) YTD growth in both EBIT and PATAMI. +1.9% +5.9% +6.4% +50.3% +6.4% +>100% +22.6% +>100% -14.0% +>100% 18.5% 19.3% 6.0%45.5% 47.5% 32.8% 46.5% 18.9% Numbers may vary to the OpCo’s reporting due to IFRS or individual company definitions 7 Revenue ex. Hubbing Hubbing Revenue Margin:
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© 2025. Proprietary & Confidential. All Rights Reserved. Revenue (USDmn) EBITDA & EBIT (USDmn) AOFCF1 (USDmn) PATAMI (USDmn) EBITDA EBIT 1. AOFCF = OFCF less ROU depreciation 33.4% 42.0% 37.3%58.1% 64.3% 59.6% 61.2% 37.8% +19.4% +6.3% +10.6% -7.0% Numbers may vary to the OpCo’s reporting due to IFRS or individual company definitions 8 Smart: Continues stable growth trajectory with increased ARPU YTD Revenue grew (+3.0%) on the back of continued growth in the Prepaid and Enterprise segment, while controlled Sales and Marketing spend delivered EBITDA growth of (+5.9%), contributing to overall bottom-line improvement. Blended mobile ARPUs registered strong growth of (+12.2%) YTD. +2.0% +3.0% +12.9% +5.9% +28.3% +4.3% Margin:
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© 2025. Proprietary & Confidential. All Rights Reserved. Revenue (IDRbn) EBITDA & EBIT (IDRbn) AOFCF1 (IDRbn) EBITDA EBIT Link Net: Fibreco driving build to suit and securing new ISPs YTD performance continues to reflect the strategic shift in Link Net's business model. QoQ is more reflective of the current business, with cost efficiency driving EBITDA growth despite lower QoQ revenue. High D&A mitigated by lower net finance costs has reduced QoQ PATAMIloss. PATAMI (IDRmn) 1. AOFCF = OFCF less ROU depreciation -27.6% -26.1% -0.5%23.8% 30.6% 48.0% 27.1% -26.8% +5.1% ->100%+30.7% +62.8% Numbers may vary to the OpCo’s reporting due to IFRS or individual company definitions 9 -5.4% -14.0% +21.4% -51.4% +10.6% ->100% Margin: FibreCo ServeCo
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© 2025. Proprietary & Confidential. All Rights Reserved. Revenue (RMmn) EBITDA & EBIT (RMmn) AOFCF1 (RMmn) PATAMI (RMmn) EBITDA EBIT EDOTCO: Sustainedtenancyratio,PATAMIincreases+>100% YTD revenue primarily impacted by forex translation due to the stronger RM vs reported currencies of its subsidiaries. EBIT recovery was supported by lower depreciation from extended useful life of the towers. PATAMIhas significantly improved on the back of lower finance costs and forex gains. Cash proceeds from the sale of EDOTCO Myanmar, will be used to reduce debt in Q3'25. 1. AOFCF = OFCF less ROU depreciation 38.7% 48.1% 31.7%70.0% 77.3% 70.3% 73.7% 43.5% +5.3% -10.6% +16.2% -6.2% +31.0% +22.8% +>100% +>100% +50.8% -13.9% Numbers may vary to the OpCo’s reporting due to IFRS or individual company definitions 10 Margin: Based on continuing operations
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© 2025. Proprietary & Confidential. All Rights Reserved. Balance Sheet @ 30th June 2025 QoQ increases in cash balances at Group and HoldCo, while borrowings were significantly reduced. Net debt/EBITDA improves to 2.76x, towards 2.5x target for end-2026. Group Cash RM4,866mn YoY ( ▲ 12.8% ) QoQ ( ▲ 18.5% ) Group Borrowings RM17,710mn YoY ( ▼ -31.4% ) QoQ ( ▼ -22.5% ) AOFCF RM869mn YoY ( ▲ 91.6% ) QoQ ( ▲ +>100% ) HoldCo Cash RM1,369mn YoY ( ▲ 5.0% ) QoQ ( ▲ +>100% ) HoldCo Borrowings RM7,902mn YoY ( ▼ -27.7% ) QoQ ( ▼ -15.4% ) Net Debt/EBITDA 2.76x Q224 ( 2.88x ) Q125 ( 3.00x ) 11
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Moving forward 12
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© 2025. Proprietary & Confidential. All Rights Reserved. Headline KPI 2025 With the strong operational performance YTD, the Group expects to achieve the headline KPI for the financial year ending 31 December 2025. 13 1. Constant rate is based on FY24 Average Forex Rate (e.g., 1 USD = RM4.576) 2. EBIT based on continuing operations and excludes goodwill impairment FY25 Headline KPI1 @ constant currency rate EBIT Growth2 High single digit
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© 2025. Proprietary & Confidential. All Rights Reserved. RISKSOPPORTUNITIES ⮚ Development of 5G wholesale networks in Malaysia. ⮚ Competitive landscape in Indonesia. ⮚ Geopolitical and macroeconomic risks, including higher US tariffs and impact to GDP growth. ⮚ Execution of Value Illumination and Monetisation Strategy. ⮚ Market repair and cost excellence for Strategic Assets in the long term portfolio. Early signs in Indonesia, Sri Lanka and Bangladesh. ⮚ Merger synergies from JCE ie CDB and XLSmart, and Dialog-Airtel. ⮚ Successful monetisation of infra assets. ⮚ Pare down of HoldCo debt. 2025: Opportunities & Risks 14
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Appendix 15
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© 2025. Proprietary & Confidential. All Rights Reserved. Revenue (RMmn) EBITDA (RMmn) EBIT (RMmn) PAT (RMmn) CelcomDigi: Sustained revenue growth, integration progressing as planned Growth in mobile postpaid revenue while prepaid was softer YTD. Home & Fibre and Enterprise Solutions continue to grow. On track to achieve steady state savings of RM700-800m in 2027. CDB announced an interim dividend of 3.8 sen per share for Q2'25. 42.0% 43.5% 43.7% 42.8% -1.0% +1.8% +13.1% +5.1% +5.7% +16.5% +2.7% -0.4% 16 Margin:
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© 2025. Proprietary & Confidential. All Rights Reserved. Revenue (IDRbn) EBITDA & EBIT (IDRbn) AOFCF1 (IDRbn) PAT (IDRbn) EBITDA EBIT 1. AOFCF = OFCF less ROU depreciation 15.7% -0.5% 16.3%50.2% 42.7% 52.5% 46.1% 6.8% -17.3% +>100% 17 XLSMART - Growth at revenue and synergy on track Revenue growth (+12.0%) YTD driven by the stronger mobile base. Integration costs IDR379bn and accelerated depreciation IDR739bn which flowed through impacted EBITDA (-1.7%) and PAT(->100%) this quarter. +22.1% +12.0% +3.8% -1.7% ->100% -53.5% ->100% ->100% 2Q24 and 1Q25 numbers are pre-merger, 2Q25 numbers are post-merger Margin:
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© 2025. Proprietary & Confidential. All Rights Reserved. Revenue (RMmn) EBITDA & EBIT (RMmn) AOFCF1 (RMmn) PATAMI (RMmn) Boost: Bank continuing to increase its loan book Revenue growth at both bank and non-bank driving growth. The bank, while growing deposits and loan book, continues to invest in people and systems as it scales up. Non-bank has reduced YTD losses. 1. AOFCF = OFCF less ROU depreciation -102.1%-115.1% -152.7%-74.6% -94.2% -111.7%Margin: -84.9% -108.9% Numbers may vary to the OpCo’s reporting due to IFRS or individual company definitions 18 +10.3% +48.3% -39.4% -12.7% -24.3% -5.8% -26.1% -0.5% -29.7% -8.7%
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© 2025. Proprietary & Confidential. All Rights Reserved. Revenue (RMmn) EBITDA & EBIT (RMmn) AOFCF1 (RMmn) PATAMI (RMmn) EBITDA EBIT ADA: Strong EBITDA growth, PATAMIdecline due to forex losses YTD revenue declined due to decrease in customer engagement services and digital marketing solutions. Strict cost management delivered strong improvement in YTD EBITDA and EBIT growth. Decline in PATAMIprimarily due to forex losses. 1. AOFCF = OFCF less ROU depreciation 7.7% 4.7% 4.1%10.2% 7.0% 6.7% 8.5% 6.2% +7.2% -2.3% -26.6% +25.0% -34.1% +47.4% -96.7% -16.0%-31.5% +23.4% Numbers may vary to the OpCo’s reporting due to IFRS or individual company definitions 19 Margin:
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Thank you www.axiata.com Axiata Group Berhad 20