{"id":18204,"date":"2026-02-14T15:53:25","date_gmt":"2026-02-14T08:53:25","guid":{"rendered":"https:\/\/search.web.id\/digest\/pt-xl-axiata-tbk-excl-swings-to-idr-4-4-trillion-net-loss-in-2025-amidst-post-merger-dynamics\/"},"modified":"2026-02-14T15:53:25","modified_gmt":"2026-02-14T08:53:25","slug":"pt-xl-axiata-tbk-excl-swings-to-idr-4-4-trillion-net-loss-in-2025-amidst-post-merger-dynamics","status":"publish","type":"post","link":"https:\/\/search.web.id\/digest\/pt-xl-axiata-tbk-excl-swings-to-idr-4-4-trillion-net-loss-in-2025-amidst-post-merger-dynamics\/","title":{"rendered":"PT XL Axiata Tbk (EXCL) Swings to IDR 4.4 Trillion Net Loss in 2025 Amidst Post-Merger Dynamics"},"content":{"rendered":"<p>\n    JAKARTA \u2013 Indonesian telecommunications giant, <a href=\"https:\/\/search.web.id\/digest\/stock\/EXCL\">PT XL Axiata Tbk (EXCL)<\/a>, has <a href=\"https:\/\/www.idx.co.id\/StaticData\/NewsAndAnnouncement\/ANNOUNCEMENTSTOCK\/FromEREP\/202502\/20260213090124-59263-0\/FS%2520XLSMART%2520-%252031%2520December%252025.pdf\">reported<\/a> a significant financial downturn, logging a net loss of <em>IDR 4.4 trillion<\/em> for the full fiscal year 2025. This stark reversal from a 2024 net profit of IDR 1.8 trillion has sent ripples through the market, significantly surpassing the consensus estimate of approximately IDR 3.9 trillion in losses. The company&#8217;s fourth-quarter 2025 performance primarily fueled this substantial deficit, underscoring the formidable challenges of post-merger integration.\n<\/p>\n<h2>Diving Deep into EXCL&#8217;s 2025 Financial Performance<\/h2>\n<p>\n    The fourth quarter of 2025 proved particularly challenging for <a href=\"https:\/\/search.web.id\/digest\/stock\/EXCL\">EXCL<\/a>. The company recorded a net loss of <strong>IDR 1.8 trillion<\/strong>, a substantial increase from the IDR 1.3 trillion loss reported in the third quarter of 2025, and a dramatic shift from the net profit of IDR 503 billion in the fourth quarter of 2024. This quarter-on-quarter deterioration was a primary driver for the deeper-than-expected full-year loss.\n<\/p>\n<h3>Key Factors Behind the Widening Loss<\/h3>\n<p>\n    Analysis reveals two critical components accelerating the fourth-quarter losses:\n<\/p>\n<ul>\n<li><strong>Surging Integration Costs:<\/strong> Following its recent merger, EXCL saw integration costs skyrocket by <em>146% quarter-on-quarter (QoQ)<\/em>. These expenses are typical in large-scale consolidation, as companies streamline operations, merge networks, and harmonize systems.<\/li>\n<li><strong>Accelerated Depreciation:<\/strong> The company also faced a <strong>6% QoQ increase<\/strong> in accelerated depreciation expenses. This often occurs post-merger when assets are re-evaluated, or older infrastructure is retired more rapidly to make way for new, more efficient systems.<\/li>\n<\/ul>\n<h2>Revenue Resilience Amidst Strategic Shifts<\/h2>\n<p>\n    Despite the bottom-line pressure, EXCL demonstrated impressive top-line resilience. The company\u2019s revenue for the fourth quarter of 2025 reached approximately <strong>IDR 11.9 trillion<\/strong>, marking a robust <em>32% year-on-year (YoY)<\/em> growth and a <em>4% QoQ<\/em> increase. This strong revenue momentum pushed the full-year 2025 revenue to IDR 42.4 trillion, a <strong>23% YoY surge<\/strong>, aligning perfectly with consensus estimates.\n<\/p>\n<h3>ARPU Surge and Customer Strategy<\/h3>\n<p>\n    A significant contributor to the revenue growth was the notable jump in Average Revenue Per User (ARPU) to <strong>IDR 44.8 thousand<\/strong>. This represents an <em>8.7% YoY<\/em> and a substantial <em>15.2% QoQ<\/em> increase, signaling a welcome normalization of pricing competition within the Indonesian telecom industry.\n<\/p>\n<p>\n    Concurrently, EXCL observed a decline in its subscriber base, which fell to 73 million in 4Q25 (down 8.3% QoQ, but still up 24.1% YoY). This reduction is not necessarily a cause for alarm; it reflects the company\u2019s strategic pivot towards focusing on the <em>&#8220;high-quality customer segment.&#8221;<\/em> By prioritizing subscribers who generate higher ARPU, EXCL aims to optimize profitability and long-term value, rather than merely chasing subscriber volume.\n<\/p>\n<h2>Navigating the Path Ahead: EXCL&#8217;s 2026 Outlook<\/h2>\n<p>\n    Looking towards 2026, <a href=\"https:\/\/search.web.id\/digest\/stock\/EXCL\">EXCL<\/a> has set ambitious yet grounded targets. The company aims for revenue growth that aligns with the broader industry expansion. More impressively, it projects EBITDA growth to be <em>double the rate of its revenue growth<\/em>. This target underscores EXCL\u2019s confidence in achieving operational efficiencies and leveraging synergies from its recent merger, transforming top-line gains into accelerated profitability.\n<\/p>\n<p>\n    Investors will closely monitor EXCL&#8217;s execution on these targets, particularly as the integration costs normalize and the strategic focus on high-value customers bears fruit. The current net loss, while significant, might represent the trough before a potential recovery, as the telecommunications giant works to solidify its market position and unlock the full potential of its expanded operations.\n<\/p>\n<div class=\"newspaper-x-tags\"><strong><\/strong><span><a href=\"https:\/\/search.web.id\/digest\/stock\/excl\/\" rel=\"tag\">EXCL<\/a> <\/div>\n","protected":false},"excerpt":{"rendered":"<p>JAKARTA \u2013 Indonesian telecommunications giant, PT XL Axiata Tbk (EXCL), has reported a significant financial downturn, logging a net loss of IDR 4.4 trillion for the full fiscal year 2025. This stark reversal from a 2024 net profit of IDR 1.8 trillion has sent ripples through the market, significantly surpassing the consensus estimate of approximately [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[986],"tags":[196],"class_list":["post-18204","post","type-post","status-publish","format-standard","hentry","category-stock","tag-excl"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/search.web.id\/digest\/wp-json\/wp\/v2\/posts\/18204","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/search.web.id\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/search.web.id\/digest\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/search.web.id\/digest\/wp-json\/wp\/v2\/comments?post=18204"}],"version-history":[{"count":0,"href":"https:\/\/search.web.id\/digest\/wp-json\/wp\/v2\/posts\/18204\/revisions"}],"wp:attachment":[{"href":"https:\/\/search.web.id\/digest\/wp-json\/wp\/v2\/media?parent=18204"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/search.web.id\/digest\/wp-json\/wp\/v2\/categories?post=18204"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/search.web.id\/digest\/wp-json\/wp\/v2\/tags?post=18204"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}