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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. Axiata28: Advancing Asia Vivek Sood 1 Axiata Group Chief Executive Officer and Managing Director
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. 2 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.
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Axiata’s Journey: We are executing our 5x5 strategy. The next phase is to transform the portfolio for growth and returns. Synergies Delivery in CelcomDigi Sustainable Value Creation for Infra Value Illumination of Digital Businesses 1 4 5 Operational Excellence Reinvent Operating Model Journey to Telco- TechCo Winning Culture Portfolio Optimisation & Value Illumination Structural Transformation in Indonesia 2 Business Resilience in Frontier Markets 3 5 Strategic Priorities5 Vectors of Value Creation 2023 – 2025: EXECUTED ON 5x5 STRATEGY Strengthen the Foundation 2026 - 2028: PORTFOLIO TRANSFORMATION Transform for Growth & Returns 2025 - 2026: PORTFOLIO ROADMAP Optimize Portfolio Long-term Pathway (Strategic Assets) Medium-term Pathway (Value Illumination and monetizable Assets) • Operational excellence • Market repair • North star ROIC > WACC • Pivot into primarily a yield play, reinvest for growth • Long-term sustainability of the businesses by inviting new capital • Proceeds from monetization to reduce HoldCo debt and fund new profitable growth Self-Sustaining Capital Allocation Telecoms: High yield with low debt Technology: High growth primarily via external funding Full Potential Value Creation Telecoms: Profit & Valuation Growth Technology: Valuation Growth Best People Engaged & Enabled Telecoms Technology Axiata28: Advancing Asia 3 Lean HoldCo as a smart Asset Manager Active capital recycling to fund Growth Financial Outcome: • Grow DPS per annum ≥10% YoY • Net Debt / EBITDA <2x • High single digit annualized TSR Management Long Term Incentive aligned to shareholder returns
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Key outcomes delivered in 2025. 4 Synergies Delivery in CelcomDigi Sustainable Value Creation for InfraCo Value Illumination of Digital Businesses 1 4 5 Structural Transformation in Indonesia 2 Business Resilience in Frontier Markets 3 5 Vectors of Value Creation OUTCOMES DELIVERED ▪ CelcomDigi continued to deliver the synergies. Full integration is on track for end-2026 / early 2027. ▪ Fragmented market structure likely to keep revenue growth low;greater focus on costs. ▪ Resolution of DNB progressing. ▪ Completed the XL–Smartfren merger in April 2025 and MergeCo has a leading spectrum position and three strong brands. ▪ Integration is ahead of plan, and XLSmart has taken the lead in 5G rollout. Market ARPU in positive trend. ▪ Partnership with Sinar Mas Group, a local conglomerate adds to our Telco strength with their strong understanding of the local environment and access to Broader ecosystem . ▪ Dialog’s market repair and synergy benefits are paying off, Robi is driving cost excellence, and Smart continues its steady growth path. Together, these OpCos have strengthened balance sheet and delivered healthy dividends. ▪ Smart and Dialog are already generating returns above cost of capital, and Robi is on its way. Robi and Dialog were among the best-performing telco stocks in their respective markets, a clear sign of resilience and rewarding of good performance. ▪ Linknet became Indonesia’s 2nd-largest wholesale fibreco; successfully pivoted from retail to wholesale, serving multiple ISPs. ▪ EDOTCO kept its focus on NTC profitability, with all markets except the Philippines in the black. MSAs with OpCos were extended and EDOTCO increased colocation-led growth. ▪ Both businesses firmly on the path to monetization ▪ Boost advanced Boost Bank, expanded its payment gateway, and partnered with PayFlex; EBITDA breakeven for its non-bank businesses on plan. Loan book growing and expected to accelerate in 2026. Fund raise – BNM approval in 4Q25, closing soon. ▪ ADA scaled its AI and data capabilities. ▪ ADL began its pivot from services to platform play, setting up an exciting transition for 2026.
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Going forward, Axiata’s strategy is centered around Telecoms and Technology: Advancing Asia as smart Asset Manager delivering outsized shareholder returns. What How Who Outcome Axiata28: Advancing Asia 5 1 2 3 4 Societies & Partners PeopleCustomersShareholders • Grow DPS per annum ≥10% YoY • Net Debt / EBITDA <2x • High single digit annualized TSR • NPS / CSAT • ESG & GDP impact • High performing organization • Employee engagement • Employer of choice … via our market-leading Portfolio … enabled by a lean HoldCo as Asset Manager with active Capital Recycling … benefitting sustainably our stakeholders Full Potential Value Creation through Digital & AI Self-Sustaining Capital Allocation as a smart Asset Manager Best People Engaged & Enabled Telecoms Profit & Valuation Growth Technology Valuation Growth
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Group revenue composition Equity value SOTP Telco Tech 85% 70% 15% 30% Current 2028 >90% 80% <10% 20% Current 2028 Telecoms and Technology: Two-pronged focus for Axiata going forward (1) Telecoms: Deliver Profit and Valuation growth, steady state 2027 / 2028 (2) Technology: Deliver Valuation growth 1 6 Telecoms: Deliver Profit and Valuation growth Technology: Deliver Valuation growth • Improve market structure via consolidation(largely completed) and market repair • Obtain market position #1 or strong #2 with at least 25%+ market share for outsized profits • Realize full potential through top line growth, convergence, and operational excellence • Deliver full equity potential, with high ROIC, cash flow and profitability – ROIC a North Star • Grow Digital Businesses towards unicorn status, funded externally • Achieve sustainable growth • Bolt-on acquisitions • Path for monetization andvalue illumination • Option to grow in adjacencies, leveraging existing strength andexperience, and smart Asset Manager • Attractive markets such as Cyber Security and AI • Inorganic roll-up play • Option to co-invest Key strategic priorities Portfolio distributionPortfolio category New Growth Platforms (Cybersecurity and AI) +
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Value Creation to Full Potential: (1) Telecoms: Valuation growth through profit growth from market repair, merger synergies, 5G investments and Operational Excellence (2) Technology: Valuation growth through EBITDA growth from inorganic expansion and scaling existing businesses 7 PAT Growth Current • Merger synergy (XLS, CDB, ….) Organic + Growth Investment + OE • 4G & 5G Investment • FTTH / FWA / Convergence • CAPEX & OPEX Optimization • Automation • AI • Restructure low margin business • Shut down unprofitable business Inorganic (mostly completed) EBITDA Growth Valuation Growth Current Organic + Growth Investment + OE • Expansion (Product, Segment, Geography) • GTM capability • AI • Automation • Cost optimization Inorganic Valuation Growth + New Growth Platform (Cybersecurity and AI) Telecoms Technology • Expansion (Product, Segment, Geography) 2a • Market Repair (Price Correction, Direct to Customers)
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New Growth Platform: Cybersecurity 8 2a Demand Consideration Axiata’s Growth Investment in Cybersecurity Supply Consideration Strong growth expected across both regional and global markets Cybersecurity market size and growth (US$’B, ‘19-’29) 9 16 2024 2029 211 349 2024 2029 Regional +11% +11% Global 977 1,200 2022 2024 Annual revenue (EUR’ M) +11% 1,300 1,900 2022 2025 Log volume (GB per day) +13% Cyber Resilience Platform Identify Protect Detect Respond Recover 1 2 3 Source: Gartner, IDC 0.35% 0.03% 0.08% 0.22% 0.27% Other SEA India Malaysia Singapore Developed Cyber spend set to rise as market maturity increases Cyber spend as % of GDP, 2024 Many Telcos have grown in Cybersecurity, e.g. Orange Regional ICT market fragmented; opportunity for consolidation Example: Share of spend for Cloud Managed Service 78% 3% 3% 4%7%6% APAC ex. JP Accenture Samsung SDS IBM LG CNS TCS Others Other existing Cybersecurity assets
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Technology Self-Sustaining Capital Allocation: Telecoms assets will continue to grow Profit and Dividend. Technology assets are self-sustaining. Sufficient cash at HoldCo for debt pare-down, dividend growth and capital recycling for investment in growth. 9 HoldCo In RM B (1) CDB RM2.9B; XLSmart RM1.7B; ADA (Mitsui investment) RM0.3B (2) Includes dividends from existing Telcos, Ncell & Infra Sufficient cash at HoldCo for: • Debt reduction • Dividend growth • Investment in growth 3.9 '23-'25 26-'28F Cumulative uPATAMI (RM B) 3.9 '23-'25 26-'28F 2.4 +4.9 +4.1 11.4 HoldCo Cash 1/1/23 Proceeds from M&A Dividends from OpCo Total Cash to HoldCo 2023 - 2025 HoldCo Cash 1/1/26 Proceeds from M&A Dividends from OpCo Total Cash to HoldCo Telecoms In RM B 2026 – 2028F 1 Main usage of cash by HoldCo: • Dividend (RM 3.6B) • Debt repayment (RM 5B) • HoldCo cost & interest (RM 2.1B) New Growth Platform • Entry of new investors • Sufficient funding for growth & profitability • Cash accretive to fund organic & inorganic growth • Transformation to breakeven • Open for investment • Recycle capital to fund Growth Cumulative Dividend to AGB (RM B) 2 2b
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Best People to drive value creation 2c 10 Best People Engaged & Enabled CULTIVATE Winning Culture ENHANCE Talent Management REIMAGINE Learning Organisation ACTION Organisational Effectiveness • Winning Culture • Engagements • Sustainability • Total-Well Being • Employer Branding & Employee Value Proposition • Development program • Performance management • Rewards philosophy • Career management framework • HR Governance • Strategic learning program • Mentoring and coaching • Learning platforms • Succession planning • Talent ecosystem • Talent development • Talent career management 3 C’s Customer, Change and Collaboration Leadership Competencies Inclusive People Leadership I Agile Strategic Foresight I Commercial & Entrepreneurial Acumen AI-Native Organization ‘It starts and ends with PEOPLE’
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Focus for 2026-28 11 DELIVERY OF FULL POTENTIAL • ROIC improvement, higher cashflow & profitability to drive valuation growth • Continue on market repair journey & scale 5G into real value SYNERGY REALISATION FROM JOINTLY CONTROLLED ENTITIES • Synergy realisation from CelcomDigi & XLSmart • Create sustainable future structure for CDB with 5G wholesale • Strengthen value creation capabilities, e.g. AI, Future Network, Future IT, Portfolio Optimization SUSTAINABLE VALUE CREATION FOR INFRA • Completion of monetisation activities INVEST FOR GROWTH • Investments into Cybersecurity & AI SELF SUSTENANCE OF DIGITAL BUSINESS • Secure external funding for BHSB • Sustainable business model to drive growth • AI-Native Organisation • Future leadership competency model Full Potential Value Creation Self-sustaining Capital Allocation Engaged & Enabled People 1 2 3 6 4 5 7 Grow DPS per annum ≥10% YoY High single digit annualized TSR Net Debt / EBITDA <2x Financial Outcome
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. 12 Agenda for today Agenda Start time Duration (mins) Event / Topic Speaker Location 12:30 PM 60 LUNCH Vasco (Lobby) 1:30 PM 30 REGISTRATION Foyer (Level 6) 1 2:00 PM 5 Welcome remarks Clare Chin, Axiata Head Investor Relations Sentral Ballroom (Level 6) 2 2:05 PM 20 Axiata28: Advancing Asia Vivek Sood, Axiata GCEO & MD 3 2:25 PM 20 Telecoms: Profit & valuation growth Rajeev Sethi, XLSmart CEO 2:45 PM 15 Albern Murty, CelcomDigi Acting CEO 3:00 PM 45 a) Ritesh Kumar, Smart Axiata CEO b) Ziad Shatara, Robi Axiata CEO c) Supun Weerasinghe, Dialog Axiata CEO 4 3.45 PM 20 Advancing AI Thomas Hundt, Axiata GCBTO 4:05 PM 15 TEA BREAK Foyer (Level 6) 5 4.20 PM 15 Technology: Valuation growth Srinivas Gattamneni, ADA CEO Sentral Ballroom (Level 6) 4:35 PM 15 Sheyantha Abeykoon, BHSB CEO 6 4:50 PM 15 Yielding Results Nik Rizal Kamil, Axiata GCFO 7 5:05 PM 10 Slido ALL 8 5.15 PM 45 Q&A ALL 9 6:00 PM Closing remarks Vivek Sood, Axiata GCEO & MD END
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. Thank you 13
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. Telecoms: XLSMART Profit & valuation growth Rajeev Sethi 1 XLSMART CEO
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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. 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. (“XLSMART”) (“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 XLSMART’s 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. “IDR” shall mean Indonesian Rupiah. Any discrepancies between individual amounts and totals are due to rounding.
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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. 1 After returning the 900MHz spectrum by Dec 2026 Larger Spectrum Holding Strong Multi Brand Play Wider Coverage 475 cities XL/AXIS 160 Mn → 210 Mn SF 92 Mn → 210 Mn3 Gaining scale to drive long-term value creation Building a national telecommunications brand 2 As of Q3’25 3 Population coverage after integration and relocation Merger Highlights XL Axiata Smartfren XLSMART1 90 MHz 62 MHz 137 MHz Each brand comprising of >20 Mn Subs Total ~80 Mn Subs2 3
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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. 4 Strong early execution, synergies ahead of plan Integration Update Network Experience PeopleSynergy 1 3 2 4 Network Integration Progress: ~73% as of Jan ‘26 On track to complete by H1’26 Total Synergy Savings: USD ~250 Mn by FY’25 ~114% achievement of full year target End State Organization Established Harmonization of Process & Governance From #2 → #1 by Jan’26 22.8% uplift YoY (14.17 →17.40 Mbps) From #5 → #3 by Jan’26 43.7% uplift YoY (10.78 →15.49 Mbps) Throughput Improvement1 1Based on YoY P50 throughput (Jan ’25 vs Jan ‘26) for 184 MOCN cities which already completed till Dec ‘25.
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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. 5 Indonesia Telco Sector Outlook Market is undergoing reparation following consolidation (Q2’25 – Q3’25) 44 Q2 2024 42 Q3 2024 42 Q4 2025 Estimate 44 Q3 2025 42 Q2 2025Q4 2024 40 Q1 2025 41 -3% 0% -4% -1% 5% +4 – 5% QoQ Growth Market reparation start Mobile Revenue1 IDR Tn, % Growth1 Facebook Subscribers, % Growth2 Data Yield, % Growth4Data ARPU 2, % Growth3 Q2 2025 Q3 2025 -7.3% Q2 2025 Q3 2025 +14.5% Q2 2025 Q3 2025 +4.8% All figures on national scale (all operators) 1 Mobile revenue based on standardized definition for like-for-like comparison 2 Data ARPU based on FB subscribers for like-for-like comparison
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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. 6 Indonesia remains a high-potential market across all business verticals Three growth pillars of XLSMART Mobile Enterprise Home ID MY IN TH PH Avg. 0,91% 0,61% 1,10% 1,06% 0,98% 0,80% Telco Share of Wallet, 2024 Blended ARPU as % of GDP per Capita ICT Contribution to GDP , 2024 ICT Sector as % of GDP in 2024 FBB Penetration, 2024 FBB Home Connect as % of Household ID MY IN TH PH Avg. 35,75% 26,2% 58,6% 13,8% 45,2% 25,4% Indonesia is under-monetized in Mobile, below regional average of 0.91%, indicating significant ARPU headroom as GDP/capita grows Home broadband penetration remains materially under-indexed at 26.2%, creating a long runway for fiber and FWA-led expansion Enterprise ICT remains under-penetrated, with ICT contribution to GDP at ~4–5%, highlighting headroom from digitalization and ICT adoption ID MY IN TH PH Avg. 7,25% ~4 – 5% ~6 – 7% ~9 – 10% ~5 – 6% ~7 – 8%
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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. 7 XLSMART Going Forward Accelerate integration, scale 5G and FWA, digitize at scale—driving profitable growth and customer experience leadership Network integration and expansion completion Drive efficiency to deliver synergy of ~300 Mn USD 5G rollout targeting 65% of national 5G devices Home business expansion by leveraging 5G FWA 2026 Key Focus 2026 Ambition 1 4 2 3 Revenue Growth In line with market EBITDA Growth 2x Revenue Growth Preferred by Customers NPS leadership in focus segments Digital Channel Contribution > 50%
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. Thank you 8
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. Telecoms: CelcomDigi Profit & valuation growth Albern Murty 1 CelcomDigi ACEO
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. 2 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.
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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. Building towards long - term profitable growth
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CelcomDigi Berhad 3 years of integration and driving business to deliver long-term growth 2023-2025 I Year 1-3 2026 I Year 4 onwards Integration nearing completion… • Well executed integration plan, on-track to deliver expected synergies • Solid operational gains in productivity, efficiency and customer experience • Maintained market leadership and profitability …moving into steady-state execution • Growing revenue through market leadership in core and beyond connectivity • Becoming the most efficient operator • #1 trusted brand, built on customer excellence • Building a highly competent and high- performing organisation
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Large scale integration efforts nearing completion +7% Y-Y ARPA Improvement 2x ARPU Uplift From Prepaid-to-Postpaid ~40% Fibre & Convergence acquisitions from CelcomDigi base Modernised Retail 60+ CD Stores 300+ CD Express Stores # 1 Strongest Malaysian telco brand >90% Network Integration completed >80% IT consolidation completed 1800MHz & 2600 MHz Spectrum awarded CD App Seamless, personalised digital experiences Innovation “Restart” Refreshed core product portfolio, Security-led solutions, AI-enabled efficiency Progressive Winning Culture High-Performance, Highly Competent Org New Operating Models Network, Distribution, Customer Service 20.5 mil Total subscribers >98% Nationwide 4G network coverage >80% YTD CSAT across all channels Improved business performance Stronger, more reliable network experience Connected digital ecosystem Enhanced CelcomDigi experience across all touchpoints Operational & Organisational excellence
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Effective market execution during integration peak Service Revenue EBIT CAPEX Intensity • Growth driven by 4 of 5 segments (Postpaid, Prepaid, Home & Fibre and Enterprise Solutions) • Topline performance within guidance, demonstrating resilience despite intense market competition 8,122 8,073 8,075 9M23 9M24 9M25 -0.6% +0.02% • Moderated growth due to offset by higher network cost and other OPEX • EBIT delivered within guidance. • Disciplined cost management and strategic investments to strengthen future earnings capacity and long- term growth 1,891 2,000 2,080 9M23 9M24 9M25 +5.8% +4.00% • CAPEX intensity within guidance and aligned with regional benchmarks • Lower CAPEX utilisation reflects near completion of integration 9M23 9M24 9M25 7.9% 13.0% 8.9% +5.1 -4.1
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Driving towards most efficient operator Sustained cost efficiencies driving sequential reduction in total expenses Total Expense (RM’mn) 7,517 7,403 7,431 9M23 9M24 9M25 -1.5% +0.4% Cost of Goods Sold Higher network and vendor costs are actively mitigated through renegotiations and ongoing network modernisation Sales & Marketing and Staff Cost Lower costs from disciplined spend and integration-driven productivity Operations & Maintenance and other expenses Stable costs due to process simplification, procurement discipline and automation Depreciation & Amortisation Lower D&A reflects tapering integration and network investments with disciplined, revenue-anchored CAPEX
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Creating sustainable value for our shareholders Return on Invested Capital Total Shareholder Return 2,128 1,709 1,535 29,759 29,025 28,593 7.20% 5.90% 6.20% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 FY2023 FY2024 YTD Q32025 NOPAT (RM'mil) Invested Capital (RM'mil) ROIC 13.2 14.3 11.1 8.56% -7.54% 5.57% -10.00% -8.00% -6.00% -4.00% -2.00% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 10 10.5 11 11.5 12 12.5 13 13.5 14 14.5 15 FY2023 FY2024 YTD Q32025 Dividend Declared (sen per share) TSR Notes: 1) Return on Invested Capital (ROIC) = Net Profit After Tax (NOPAT) / Invested Capital 2) NOPAT = Earnings before interest & tax (EBIT) x (1- Tax rate) 3) Invested Capital = Equity +Debt – Cash & cash equivalent Notes: 1) Total Shareholder Return (TSR) = (Ending Share price – Opening Share price + Dividend Declared for the Year / Opening Share price 2) Opening Share price = First working day of the year 3) Ending Share price = Last working day of the year Disciplined cost and capital allocation underpin stable ROIC and sustainable shareholders returns
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2026 Strategy Building towards long-term profitable growth Strengthening Market Leadership Enhancing Customer Experience Driving Operational Excellence Investing for the Future • Lead in serving diverse business segments • Achieve best network performance with unmatched reliability • Establish 5G leadership and new revenue streams • Expand services portfolio • Enhance customer experience across all touchpoints • Foster customer loyalty and retention • Achieve cost efficiency and boost productivity • Implement robust structural and operating models • Leverage technology to drive performance and reduce costs • Accelerate digital, data-driven and AI transformation • Build and enhance strategic partnerships • Build robust ICT capabilities • Best place to work with industry-best talents More during CelcomDigi’s Q4-FY 2025 Analyst Call on 11 February
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Delivering on Strategy Focusing on cost efficiencies as part of strategy for growth Optimise network footprint at a granular site and cell level to further unlock value from consolidation Optimisation of retail structure to shift from gross adds to smart adds Optimise other levers across entire organisation to unlock exhaustive value Network sites Analytics-led traffic management to optimize direct costs while maintaining superior customer experience Direct traffic Eliminate structural IT OPEX inefficiencies IT B2C Others 2026 OE Concentration Network sites IT Direct traffic B2C Others1 Note: ¹Others include initiatives across B2B, workspace optimisation, finance, procurement, etc.
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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.
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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. CelcomDigi Berhad Registration No: 199701009694 (425190-X) Thank You Monday, 9 February 2026
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. Telecoms: Smart Axiata Profit & valuation growth Ritesh Kumar Singh 1 Smart Axiata CEO
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. 2 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.
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333 | Smart Axiata Confidential Smart Axiata North Star Outperform Country GDP Growth with Sustainable Progressive Profitability Mobile Core Home Broadband Enterprise Digital Services War on Waste (WoW) Leading network experience in strategic and unrepresented markets AI Led TelCo – Building Foundations and Platform for mass AI adoption Win with People and Employer of Choice in Tech & AI experts
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444 | Smart Axiata Confidential Strategic Initiatives Placing Solid Fundaments for Structural Transformation Leading Towards North Star Aspirations 2026 2027 2028 Focus Areas Digital Services Mobile Centric Convergence and Digital Services Centric Consolidate customer spending and increase Smart wallet share People Introduce AI capability and incorporate AI adoption into Smart way of work Transforming organization towards AI & future ready high-performance team Network Strengthen existing network in primary market Continue to expand network into community interest Expand coverage into unrepresented areas Customers Home B2B RGB B2C RGB New Technology (5G) 40% of 5G Population Coverage 64% of 5G Population Coverage 85% of 5G Population Coverage
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555 | Smart Axiata Confidential Shareholders Return Continuous Improvement in Dividends Committed to pay progressive dividend to shareholders … Resulted to Improvement in Smart Performance Various Strategic Initiatives Taken … 10% Y’23-Y’25 B2C ARPU growth 6.0 p.p Y’23-Y’25 EBITDA margin growth 4.4 p.p Y’23-Y’25 PAT margin growth Continue to strengthen network position and site profitability Upsell across tariff ladder through CVM and advanced analytics Improved sales and distribution network through “Cluster” approach to improve value acquisition Optimize distribution cost through driving e-recharge and digital distribution cost Built strong proposition and positioning around “Safe Internet” through commercializing security
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. Thank you 6
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company confidential 1 1Believe, You Can This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. Ziad Shatara 1 Robi Axiata CEO Telecoms: Robi Axiata Profit & valuation growth
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company confidential 2 2Believe, You Can This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. 2 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.
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company confidential 3 3Believe, You Can Proven delivery, Improving Outlook Consistent profitability and dividend growth, with a more supportive macro environment shaping the next phase of growth 68,0 2018 2019 2020 2021 2022 99,4 2023 99,5 2024 2,1 0,2 1,6 1,8 1,8 3,2 7,0 1.8X 2.2X Revenue (BDT bn) PAT (BDT bn) Dividend (BDT Bn) DPR (%) - - - 2.6- 3.7 5.2 - - - 145- 115 75 So far…Consistent dividend growth (+25% CAGR (2022-24) Economic turnaround FX stability Inflation easing Political transition where we operate…a market with 8th largest population with 50% population less than 30yrs Growing ARPU ~60% smartphone penetration Data usage ~8GB per sub growing at ~10% YoY ~60% unique subscribers where we operate…macro environment turning supportive
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company confidential 4 4Believe, You Can Three-pronged strategy to sustainably grow shareholder returns Clear strategic priorities and targeted initiatives to drive “growth” and “profitability” Grow Base Drive ARPU Enhance Cost and Capital Efficiency Selective Opportunistic geographic Expansion Network Expansion in competitive market and/or ARPU growth opportunity Distribution expansion to strengthen existing market Tap into HBB segment with FWA [~40mn Household, 65% untapped] AI driven acquisition and retention model Scale up “Grid based” acquisition model [+9ppt improvement in Month 1 GA quality] Site Profitability Drive Site level acquisition 1.5X higher Gross Add (GA) in sites with higher pop coverage and network strength AI native CVM to drive ARPU Scale AI based CVM model [3X campaign uptake; ~5% ARPU upliftment] Usage growth through enhanced network experience Dhaka network modernization [QoS uplift +30%]; Core Market 4G capacity uplift [+15%] Network Cost Restructure to lower cost per site Dark Fiber rollout | A3 adoption & autonomous network | Energy Efficiency [~2% reduction in cost per site] Sales and Distribution Transformation (D2C – Uberization | Digital Recharge) [0.5% of revenue improvement] Other Cost Initiatives Interest cost reduction by 50% through paring down debt
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company confidential 5 5Believe, You Can Ambition 2026–2028 Doubling profit by 2028 at the backdrop of double-digit topline growth (YoY) and improving efficiency 2.1 0.2 1.6 1.8 1.8 3.2 7.0 68 99 100 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 1.8X 2.2x ~2.0x ~1.3X Revenue (BDT bn) PAT (BDT bn) ROIC (reported) -0.4% 4.8% 5.5% 6.8%4.7% 8.5% 10.8% 20.0% Dividend (BDT Bn) - - - 2.6- 3.7 5.2
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company confidential 6 6Believe, You Can This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. Thank you 6
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. Telecoms: Dialog Axiata Profit & valuation growth Supun Weerasinghe 1 Dialog Axiata CEO
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. 2 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.
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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. 3 Merger Completed.. Growth Enabled…Ahead of Pre-Crisis Financial Performance Exceeding Pre-Crisis Levels Strong Balance Sheet; Ultra-Low Forex Exposure / Improved Capex Productivity Share Price & Dividend Growth Restored Airtel Merger Completed – PAT Neutrality Achieved 5 Months Ahead of Plan USD Debt USD Net Exposure Plan Actual +EBITDA Q1’25 Oct’24 +EBIT Q1’25 Dec’24 +PAT Q2’25 Jan’25 2024 2025 Revenue 12.8 14.4 EBITDA (2.3) 8.0 PATAMI (4.9) 3.4 Airtel Business Turnaround In LKR Bn Revenue LKR Bn 141.9 179.7 +27% EBITDA Margin PAT LKR Bn +22% 41.4% 47.9% 17.0 20.8 +6.5pp ~80Mn 18Mn ~120Mn 11Mn Capex Intensity1 22% 11% 2021 2025 1. Capex/Revenue -62Mn -109Mn -11pp Share Price LKR 8.5 29.8 +2.5x DPS LKR TSR 1.24 1.50 -12.1% 159.7% +21% +172pp Financial Milestones (Profit Neutrality)
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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. WINNING THE NEXT WAVE and LONG-TERM SUSTAINABILITY Towards a “Top-Tier Fully Converged Telco” 3 Goals Responsible Market Leader Grow the market and Grow with the Market Profitable Growth & Resilient B. Sheet Margin Uplift | No Surprises Value Illumination Simplified Portfolio | Consistent Delivery | Sustained Growth Path 3 Enablers Defending #1’s Key Success Factors #1 in Brand | Network | Customer Experience | Loved Employer OpModel Transformation – Cohesive, Coordinated, Controlled Supercharged AI-Led Service Model Organizational Transformation AI-Powered & Data-Driven Organization 3 Strategic Focus Areas Number Portability – Net Gainer in Mobile & Fixed Attack | Defend | Enable #1 Innovation – 5G, Product, Platform Product Innovation | Platform Scale-Up Digital Platforms and Adoption FinTech Disciplined Execution → +5% EBITDA Margin uplift by FY2028 4
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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. Translating Strategy to Shareholder Value… Faster Broadband 2x Usage Increase | Revenue Uplift Consumer | Home (FWA) Widest Coverage & Reach Revenue Uplift | Leveraging Infra Co Operational Excellence Capex Productivity | Opex – AI and Digital | Media - Turnaround ICT | Enterprise Starlink | ICT | Enterprise 5G Cases Scaling Digital Platforms Payments | Care | Sales AI Wins ➔ Towards an AI Native Telco Wins so far.. | Next wave of AI 5
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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. 6 5G and AI → Key Pillars Driving Growth and Productivity Unlocking Home and Enterprise Value with 5G HomeEnterprise Market Private Networks Industrial Usage Enterprise Connectivity Opportunity Campus Networks Industry Grade Connectivity IOT Based Manufacturing, Automation Monitoring Secure and Fast Connectivity Key Drivers of 2x Usage Increase & Revenue Uplift Usage Drive from HVC Adoption Full 5G suite for home [Radically Improve Home Experience] ARPU Lift via 4G to 5G FWA Pricing to Drive Upselling [Speed on Reasonable Price] AI Based Use Case Adoption Driving Efficiency Customer call analysis Network Power Management Govi Mithuru (Sri Lanka’s first AI-Based Agri Advisory Platform)
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. Thank you 7
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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. Advancing AI Thomas Hundt 1 Axiata Chief Business & Technology Officer
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. 2 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.
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Axiata.AI: Solid Foundations Established - Measurable Progress People & Governance Board & SLT AI training completed AI Training for Axiata Senior Leaders AI Curriculum and basic Training Group Wide Data & AI Gov. Policy & standard Data & Architecture Enterprise Data Architecture Operationalized API & Data Manifesto introduced Unified Data Ocean blueprint completed Classical & Gen AI Use Cases 50+ Classical AI Use Cases in AI Factory 20+ GenAI Use Cases in production Cross-OpCo collaboration on AI Use Cases Autonomous Networks A3 architecture validated (ZTP, GPT, data lake) Automation Enablers (Data Ocean, SMO, Cloud Core, CICDT) AI network layer (rApps, rApps builder, intent AI based UCs) 3
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Emergency Balance Service Driving Revenues by reducing out of balance customers Implemented in Next Best Offer recommendation engine Increasing ARPU by tailored offers delivered at the right time Implemented in Dynamic Pack Pricing Offer Powering Revenues by predicting willingness-to-pay Implemented in AI-Powered Churn Reduction Reducing churn by AI-Driven behavior pattern recognition Implemented in AI-Powered Credit Scoring Model Improving retention rates by identifying opportunities Implemented in Personalized Upsell offer powered by AI Increasing ARPU by Intelligent plan, add-on & recommendation Implemented by Classical AI Use Cases in Production – Examples from OpCos 4
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Intelligent Virtual Assistant Improving Cx by managing complaints effectively Implemented in Gen AI for Marketing content generation Saving costs and delivering faster time to market Implemented in Gen AI powered Dialog GPT for employees Improving productivity with faster human-like response Implemented in AI Coding Assistant powered by Gen AI Improving efficiency and productivity Implemented in Conversational GPT for back-office functions Improving efficiency by delivering faster search Implemented in AI in product creation DTE/Genix Enhanced productivity gains through BRD to deployment journey Implemented in Generative AI Use Cases in Production – Examples from OpCos 5
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From AI-Powered Current state for most • Adding AI components to existing systems • Point solutions with siloed data • Batch processing, periodic updates • Moderate impact, limited scale To AI-Native Domain Transformation Our 2026-2027 path • Entire domains rebuilt with AI at core • Unified Data Oceans, real-time decisioning • Always-on optimization, closed-loop learning ➢ Impact @ Scale at enterprise level Our Strategy for Value Creation from AI 6
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AI-powered AI Native is where all components potentially use AI in and among each other Replacing an existing component w/ an AI based component Adding a new AI based component Traditional System (no AI component) AI Native (Domain Transformation) No AI impact AI Impact @ scaleLittle to moderate impact What is AI-Native Domain Transformation? 7
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1. Unified Data Oceans 2. AI-Native CLM/CVM 3. AI-Native Cx 4. Autonomous Networks 5. Agentic AI adoption 6. AI-Ready Organization Data Accessibility on the go Bolster revenue management Completely redefine Cx management Intelligence in Networks Drive Efficiency and Productivity People, culture, process transformation with consistent governance Six Priorities for 2026-2027 to become AI-Native 8
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Our Execution Approach 2 6 Taskforces created, Group orchestrated, OpCo led To deliver those identified 6 focus areas in 2026 3 Governed Execution Monthly Taskforce reviews | Quarterly exec alignment | Bi-annual Board update 1 Strategic Alignment for Value Creation Priorities with explicit business impact targets, aligned to value drivers: ARPU, cost efficiency, NPS 9
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Build a sustainable structure for Responsible AI Embed Culture through trainings & communication Consistent principles across the entire AI lifecycle Implement policy through Leadership and Governance Agile adoption of cutting-edge AI technologies Keep updating and applying RAI Process & Tech Axiata’s Responsible AI Approach 10
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AI-Native Telco-TechCo Unlock Value from AI @ Scale Transform Rev. management Redefine Customer Exp Build Intelligence into Networks Drive Efficiency and ProductivityStrategic Focus 1. AI native CLM/CVM 2. AI native Customer Exp 3. Autonomous Networks 4. Enterprise scale Agentic AI Execution by 6 Taskforces Vision & Purpose Responsible AI by Design – Axiata Data and AI Governance PolicyGovernance Culture – The Operating System UnderneathFoundation 5. Unified Data Oceans – Axiata Data & API ManifestoTech Enabler 6. AI ready Organization – People TransformationEfficiency Enabler Putting it all together – The full ‘Axiata – AI @ Scale’ picture 11
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Key Takeaways 2 In 2026, we are focusing on transforming Axiata from AI- Powered to AI-Native to unlock value from AI @ Scale 3 Our execution approach drives outcomes through rigorous tracking of progress, agile governance, and core foundations 1 Axiata’s AI Journey is well underway with solid foundations built and progress measurable 12
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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. Thank you 13
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. Technology: ADA Valuation growth 1 ADA CEO Srinivas Gattamneni
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. 2 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.
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09.02.2026 Data. AI. driving sustainable valuation expansion
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ADA - The Data & AI Experience Company 14 Markets Globally 1,500+ Clients Our Global Presence Singapore Malaysia Indonesia Thailand Vietnam Philippines Cambodia Japan South Korea India Bangladesh Sri Lanka United States Middle East Our Shareholders
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ADA Financial Snapshot Momentum in Growth, Profit, and Cash Strength Revenue up 10% YoY $220 million Gross Profit up 16% YoY Cash balance up 11% YoY EBITDA up 45% YoY $107 million $19 million $101 million Financials based on Q3 2025, annualised; Currency in USD
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ADA is The Data and AI Experience Company
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We deliver Data & AI Experiences that power authentications at scale 3Bn+ Authentications powered by ADA engines 90% Global coverage Telco SMS Carrier API WhatsApp Voice OTP Telegram, Viber, Zalo
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We deliver Data & AI Experiences that power business growth through conversations 220M+ AI-powered conversations delivered AI Marketing Assistant matching ad placements with shoppers' intent AI Shopping Assistant conversational commerce assistant Customer Care Assistant from payment, to order tracking, and more AI Refund Assistant fair, seamless experience for refund decisions and processing
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We deliver Data & AI Experiences that power commerce with AI Live Streaming AI Live Host Human Live Presenter 24/7 interactive shopping powers scale and top of mind Human, nuanced shopping powers brand connection
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We deliver Data & AI Experiences that power sales growth through personalization Personalized Recommendations AI curation Personalized Offers & Promotions Personalized Content & Display 40% more Revenue from personalization
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We deliver Data & AI Experiences that power sales growth through our commerce engine ROAS Optimizer Auto-shifts budget towards the highest campaign ROI Product Affinity Analysis Power bundles, cross-sell, and “complete-the-set” recommendations Unified CPG Data Platform Unified product and sales data in one trusted platform Demand Forecasting Engine Predicts sales to drive procurement, production, and inventory plans Dynamic Pricing & Price Elasticity Model Best price displayed, within guardrails, protecting margins Promo and Offer Orchestrator Promo, bundle, voucher for each session within margin/stock guardrails Customer Acquisition Propensity Modeling Scores users by likelihood to convert to increase ROI
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Powering deeply personal, infinitely scalable AI experiences AI Experience Stack Layers Trust No Trust = No Data ⟶ Intelligence No Data = No Personalization ⟶ Scale No AI Backbone = No Scale Identity & Authentication Personalization & Orchestration Commerce Data & AI Foundation
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ADA’s proprietary platforms and AI agents powering industries Platforms Customer Engagement Platform → Conversational Al Automated WhatsApp, OTT and Voice assistants → ADA Verify Automated user authentication services Data Platform → XACT - External Data Insights → Commerce Data Platform Accelerators Retail / CPG → Pricing Optimization → Demand Forecasting → Product Recommendation → Inventory Management Telco → Next Best Action Recommendation → Churn propensity → Offer recommendation FSI: → Customer Attrition Risk Intelligence → Credit Risk models Retail Industry Consumer Packaged Goods Banking, Financial Services, and Insurance Healthcare Telecommunications Intelligent / Autonomous Agents → Pricing Elasticity Agent → GMV Optimization → Bundling → Voucher Optimization → Inventory Planning Agent → Fraud Detection → Sentiment Identification
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Banking, Financial Services & Insurance Consumer Goods Retail Automotive & Mobility Telco & Digital Healthcare Trusted by 1,500+ leading brands We partner with organisations across strategic verticals to deliver end -to-end experience transformation
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Translating it into financial growth
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Our financial momentum & goal Profitability scaling in tandem with growth 1917 6 73 107 95 2023 2024 Q3 2025A Annualised Net Revenue EBITDA USD millions Gross Revenue 194 214 220 Improved earnings profile alongside growth Sustained revenue growth with increasing global scale • Revenue up 21% FY23-FY25 • Gross Profit up 55% • EBITDA up 300% • Cash flow +ve
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Our financial momentum & goal Balanced strategy across organic market expansion and selective inorganic roll-ups 1917 6 50 Strategic Roll-ups of AI- native platforms to enhance core capabilities Organic Expansion deepening client penetration through integrated solutions IPO 73 107 95 250 2023 2024 Q3 2025A Annualised 20282026 2027 Net Revenue EBITDA USD millions Gross Revenue 194 214 220
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Path to $1B profitable unicorn Built on profitability, powered by platforms, scaled globally $550m $260m $110m $1B 2018 2021 2024 Organic growth - Asia Strategic Roll ups Global Expansion US / MENA ADA Valuation Growth (US$)
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. Thank you 21
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. Sheyantha Abeykoon 1 Boost CEO Technology: BHSB Valuation Growth
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. 2 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.
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. Boost At a Glance 3 INDIA PAKISTAN NEPAL BANGLADESH MYANMAR THAILAND MALAYSIA INDONESIA CAMBODIA SINGAPORE SRI LANKA VIETNAM LAOS BRUNEI Satellite offices: Indonesia Cambodia Main office: Malaysia Main offices: Malaysia & Indonesia Main office: Malaysia >13 million eWallet customers >500k Micro & small businesses on eWallet >MYR 6.0 Bn Loans disbursed since inception of lending business No1 Digital lender in Malaysia Boost Bank & Boost Credit Malaysia financing Top 5 Digital lender in Indonesia Boost Credit Indonesia financing No 2 DNQR merchant acquirer in MY Wallet
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. Why Boost Bank made Sense for us in Malaysia Lending Pseudo-deposits Boost already had a strong lending proposition • MSME capital loans, supply chain financing etc • BNPL • Consumer Loans Pseudo deposits of customers • Latent Wallet Deposits which will be converted to Bank Deposits • Partnership with ecosystem (e.g., groceries & telco)
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. MSME Funding remains an untapped Opportunity 5 Build up of estimated credit gap (by 2028) TAM = Total Addressable Market, SAM = Service Addressable Market Based on US$ 1 = RM 4.2 exchange rate Source: SME Corp, Asian Development Bank (ADB), Department of Statistics Malaysia (DOSM), SME Finance Forum Addressable Market Size (by 2028) TAM: RM 101.9 Bn Estimated credit gap SAM: RM 20 – 30 Bn after eliminating non-serviceable MSMEs and Boost Experience in using Alternative Data to Score Customers By FY 2028 Nano / Micro Small Medium Total MSMEs ~814k ~322k ~22.5k Firms eligible for loans (%) 40% 50% 70% Average Loan Sizes (RM) ~RM80k ~RM300k RM1.9 Mn Estimated Credit Gap (RM Bn) RM 25.2 Bn RM 48.2 Bn RM 28.5 Bn
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. We are new to Banking but….we had the Building Blocks in Play 6 Boost Bank are uniquely positioned to win: 7+ years of MSME lending experience: via Boost Credit; only Digital Bank with credentials in the banking space Scalable lending technology: Plug & Play at scale Precision credit scoring with proven risk archetypes: We know which scoring criteria works
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. 1 year on: Boost Bank continues to go from strength to strength 7 1 2 3 4 RM 710+ Mn deposits Successful deposit strategy with retail & telco partners 350k+ customers Successfully registered onto Boost Bank RM 310+ Mn Loan Book With key products incl. motorcycle financing, invoice financing and many more 1st Truly Embedded Banking proposition in MY ~70% of all customers have come from Boost e-Wallet 5 1st Digital Bank To launch Google Pay supported debit card Selected & Non-exhaustive
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. Boost Bank Vs Peers 8 -175.9 Mn -154.4 Mn -136.7 Mn -59.7 Mn -56.2 Mn 28.5% 4.5% 0.6% 42.2% 0.0%LDR Ratio 9 Months to 2025 Loss After Tax (RM Mn) *As of September 2025
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. Boost Bank’s efforts are already recognized 9 International Finance Awards - Most innovative new MSME financing solutions provider - Most innovative new digital financial services ecosystem Digital CX Awards - Winner: Outstanding Digital CX in Embedded Banking App / Platform - Highly Acclaimed: Best Digital Bank for CX (Malaysia) - Highly Acclaimed: Outstanding Digital CX – Bank Cards Markies Awards 2025 - Most effective use of launch / relaunch
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. We have developed a repeatable playbook to scale across markets 10 Playbook implementation status Malaysia Indonesia Cambodia #1 Micro SME lender Banking platform Build Ecosystem Telco & eWallet Top 5 micro-SME lender Build/ Partner Telco/Other Launching lending this year Build / Partner Ecosystem Telco/Other 01 02 03 Enter a market with Micro SME lending Access a Banking platform to fund loan book Tap into an ecosystem to scale consumer lending Build Buy Partner Telco ● Axiata Others Banking platform Ecosystem Banking platform
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. IPO Pathway 11 Phase 3: Profitability and liquidity event Phase 2: Growth at scale Phase 1: Achieving non – Bank Profit Valuation Growth Time Bank Profitability & Scaling Regional Market (2028) Funding closure imminent Tier 1 Financial Investor & Tier 1 Ecosystem Liquidity Event Valuation: ~US$ 400 Mn Target Valuation: ~US$ 1 Bn EBITDA Positive [except the Bank] We are here 2027 targets (vs today): ~4x MSME loan book growth in the Bank 2-3x Annual payment gateway volume ~3x Consumer loan book growth
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. Thank you 12
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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. Yielding Results Nik Rizal Kamil 1 Axiata Group Chief Financial Officer
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. 2 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.
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Key priorities to deliver financial aspiration 3 Balance Sheet Optimization HoldCo Cost Reduction Operational Excellence 1 2 3
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Balance Sheet Optimization: Achieved 2.6x ND / EBITDA, with further reduction planned 4 1 Axiata Group & HoldCo Debt (RM B) Axiata Group USD Debt (USD B) Axiata Group Net Debt/EBITDA ratio (x) 25.4 24.8 23.2 16.013.0 11.1 9.5 7.2 FY22A FY23A FY24A Q3 25 Axiata Group HoldCo 3.3 3.2 2.8 2.2 FY22A FY23A FY24A Q3 25 2.29 3.36 2.74 2.61 FY22A FY23A FY24A 9M25 • As of 9M25, total debt stood at RM 16B (-RM 7.2B vs FY24), driven by deleveraging initiatives across the Group as well as XL’s RM 3.5B debt deconsolidation upon merger completion with Smartfren. • Optimized HoldCo balance sheet: - Liability Management by partial buyback of 2050 Euro Medium Term Notes: USD 108M spent for USD 149M buyback, generating USD 41M gain - Further debt prepayment of USD250M at HoldCo level • Frontier Market exposure to foreign exchange risk was mitigated with refinancing via local borrowings and internally generated funds. • As at Q3 2025, - Frontier Market had net cash position of USD 222.3M - USD debt represented 60% of the Group’s total debt. • Net Debt/EBITDA ratio continues to improve in 2025, on track towards 2.5x target by end-2026 • Improving Net debt/EBITDA ratio driven by: - Debt reduction and continuous effort to optimize balance sheet; and - EBITDA growth (constant currency) of 18.2% yoy in 2024 and 3.2% yoy for 9M25 * *ND / EBITDA calculated using annualized YTD Sep 25 EBITDA
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Operational Excellence: Significant improvement in Capital Productivity delivered. CAPEX uptick expected from 5G investment cycle, which will be mitigated by EBITDA growth 5 2 Capital Productivity* (lower figure indicates higher productivity) 37% 36% 53% '22A '23A '24A '25F '26F '27F '28F 134% 96% 52% '22A '23A '24A '25F '26F '27F '28F 42% 42% 40% '22A '23A '24A '25A '26F '27F '28F 47% 69% 35% '22A '23A '24A '25A '26F '27F '28F 124% 42% 52% '22A '23A '24A '25A '26F '27F '28F Dialog-Airtel merger in 2Q24 Site contract renewal XL-Smart merger in 2Q25 Celcom-Digi merger in Nov-22 *Capital Productivity = (Capex + ROU Addition) / EBITDA Network modernization
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9.1 9.6 8.7 5% 5% 5% - 10.00 20.00 30.00 40.00 50.00 60.00 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% '22A '23A '24A '25F '26F '27F '28F Operational Excellence: Greater productivity & revenue growth will result in growing profit & margin 6 2 Profitability: Underlying* PAT & Margin 2.1 2.2 1.7 17% 17% 14% - 0.5 1.0 1.5 2.0 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% '22A '23A '24A '25F '26F '27F '28F XL-Smart merger in 2Q25 Celcom-Digi merger in Nov-22 *Underlying PAT excludes forex-related items (forex / derivative gains / losses, hedging costs), PPA & other accounting adjustments i.e. gain / loss on disposal, material asset write offs / impairments RM’ Bn 0.8 0.9 1.5 3% 3% 4% - 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% '22A '23A '24A '25F '26F '27F '28F IDR’ Tn 91 95 119 24% 25% 29% - 50 100 150 200 250 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% '22A '23A '24A '25F '26F '27F '28F USD’ Mn 3.1 4.2 7.5 4% 4% 8% - 5.00 10.00 15.00 20.00 25.00 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% '22A '23A '24A '25F '26F '27F '28F BDT’ Bn LKR’ Bn Dialog-Airtel merger in 2Q24
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FY22A FY23A FY24A FY25F FY26F HoldCo Cost Reduction: Continue to improve on HoldCo efficiency and cost optimization 7 3 HoldCo Cost - 40%
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Tech Self-Sustaining Capital Allocation: Telco assets will continue to grow Profit and Dividend. Tech assets are self- sustaining. Sufficient cash at HoldCo for debt pare-down, dividend growth & capital recycling for investment in Growth 8 HoldCo In RM B (1) CDB RM2.9B; XLSmart RM1.7B; ADA (Mitsui investment) RM0.3B (2) Includes dividends from existing Telcos, Ncell & Infra Sufficient cash at HoldCo for: • Debt reduction • Dividend growth • Investment in Growth 3.9 '23-'25 26-'28F Cumulative uPATAMI (RM B) 3.9 '23-'25 26-'28F 2.4 +4.9 +4.1 11.4 HoldCo Cash 1/1/23 Proceeds from M&A Dividends from OpCo Total Cash to HoldCo 2023 - 2025 HoldCo Cash 1/1/26 Proceeds from M&A Dividends from OpCo Total Cash to HoldCo Telco In RM B 2026 – 2028F 1 Main usage of cash by HoldCo: • Dividend (RM 3.6B) • Debt repayment (RM 5B) • HoldCo cost & interest (RM 2.1B) New Growth Platform • Entry of new investors • Sufficient funding for growth & profitability • Cash accretive to fund organic & inorganic growth • Transformation to breakeven • Open for investment • Recycle capital to fund Growth Cumulative Dividend to AGB (RM B) 2
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Financial outcome 9 Grow DPS per annum ≥10% YoY High single digit annualized total shareholder returns Net Debt / EBITDA <2x
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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. This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission. Thank you 10