Jakarta, INTI - PT XLSMART Telecom Sejahtera Tbk (XLSMART) announced its full-year 2025 performance results following the mergers, delivering solid double-digit growth. By the end of 2025, the company recorded total revenue of IDR 42.5 trillion, representing a 23% year-on-year (YoY) increase. Normalized EBITDA rose 13% YoY to reach IDR 20.1 trillion, with a normalized EBITDA margin of 47%. Meanwhile, normalized net profit (Normalized PAT) surged 63% YoY to IDR 3.0 trillion. Revenue contribution from data and digital services accounted for more than 90% of the company’s total revenue.
President Director & CEO of XLSMART, Rajeev Sethi, expressed gratitude and pride in the company’s achievements from the early phase of the merger through the end of 2025. Despite dynamic industry challenges and ongoing consolidation, the company managed to maintain strong performance.
“The merger we carried out was successful, and the integration stages were completed ahead of schedule. We also achieved higher efficiency synergy targets, which provide room to improve growth margins in the coming year,” he explained.
Rajeev further noted that XLSMART succeeded in accelerating revenue growth while also increasing ARPU (Average Revenue per User), alongside enhanced customer experience. The company effectively completed network infrastructure. This includes the recent rollout of expanded 5G network coverage and services across various cities and regencies in Indonesia, with further gradual expansion planned. Moving forward, XLSMART will continue to prioritize sustainable and high-quality growth.
By the end of 2025, XLSMART’s total subscriber base reached 73 million, with a blended ARPU of approximately IDR 39.5 thousand. On a quarterly basis, ARPU in the fourth quarter of 2025 climbed to IDR 44.8 thousand, up from IDR 38.9 thousand in the previous quarter. This growth reflects the effectiveness of the company’s monetization strategy, product and pricing simplification, as well as improved customer experience resulting from successful network integration.
The year 2025 marked a historic milestone for XLSMART with the successful completion of its merger, generating tangible synergies and significant operational benefits. The integration and consolidation process, targeted for completion in the first half of 2026, has already delivered positive outcomes, including enhanced network performance and quality that directly improved customer experience. Customer download speeds increased by up to 83%, demonstrating the company’s commitment to delivering superior services in the digital era.
On the cost side, operating expenses rose as a consequence of the integration process and the broader scale of operations following the merger. Selling and marketing expenses also increased year-on-year, driven by higher sales commissions and greater advertising and promotional spending related to the 5G launch and network expansion. Other cost components recorded YoY increases as well, including infrastructure costs, interconnection fees, direct expenses, and regulatory charges. Overall, operating expenses at the end of 2025 grew in line with the additional costs directly associated with post-merger integration into the new XLSMART entity.
From a financial perspective, the merger successfully realized USD 250 million in synergies within its first year. More importantly, XLSMART maintained service stability and sustained business growth amid this major transformation, underscoring its operational resilience and commitment to delivering long-term value to all stakeholders.
XLSMART maintained a solid financial position as of the end of 2025. Gross debt stood at IDR 23.7 trillion, with a net debt-to-EBITDA gearing ratio (including finance leases) of 3.38x. Net debt amounted to IDR 21.0 trillion. The company has no USD-denominated debt exposure. Approximately 87% of its existing loans carry floating interest rates, while the remaining 13% are fixed-rate facilities. Free Cash Flow (FCF) reached IDR 6.6 trillion.
The company continues to advance its integration efforts to enhance network quality and customer experience. By the end of 2025, capital expenditure (Capex) totaled around IDR 11.2 trillion.
Network Integration Continues, Simultaneous 5G Rollout and Enhanced Customer Experienced
XLSMART is carrying out network integration in parallel with accelerating its digital transformation through the simultaneous launch of 5G networks and services across 33 cities and regencies in Indonesia. This expansion will continue progressively to strengthen the positioning of its flagship service brands: XL Prepaid, XL Prio, AXIS, and Smartfren.
XLSMART offers “the first true 5G experience in Indonesia” with three key propositions that differentiate it in the market: blanket city coverage, providing comprehensive 5G coverage across entire serviced urban areas, enabling users to enjoy seamless connectivity without location constraints; auto 5G experience, allowing customers with 5G-enabled devices to automatically access speeds of up to 250 Mbps without additional settings; and dedicated 5G spectrum, ensuring more consistent speeds and enhanced user experience through frequency spectrum specifically allocated for 5G services.
From a brand perspective, XLSMART provides tailored offerings to meet diverse user needs: XL Prepaid with Ultra 5G, XL Prio with Prio Ultra 5G+, AXIS with 5G Absolute Fast, and Smartfren with Smartfren 5G. The simultaneous 5G launch took place in two major cities, Jakarta and Surabaya, marking a new era of ultra-fast connectivity in Indonesia. The performance and quality of XLSMART’s 5G network also received recognition from the Ookla Speedtest Awards as the fastest 5G network, reinforcing the company’s commitment to delivering the fastest network and the best customer experience nationwide.
Conclusion
XLSMART closed 2025 with strong double-digit growth, successful merger integration, and solid financial stability. With accelerating 5G expansion, improved network performance, and sustained ARPU growth, the company has reinforced its position as a leading digital connectivity provider in Indonesia. Backed by realized synergies and continued infrastructure investment, XLSMART is well-positioned to drive sustainable, high-quality growth in the years ahead.
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