Thank you, Desmond. Good afternoon, everyone, and thanks for joining us on the call today.

With us on the call today, we have Pak Vikram Sinha, our Chief Executive Officer; Pak Nicky Lee, our Chief Financial Officer; as well as Pak Bilal Kazmi, our Chief Commercial Officer. I will now hand over the call to Pak Vikram for his opening remarks.

Over to you, sir.

Thanks, Indar. Good afternoon, everyone.

I am pleased to report a strong set of numbers in the fourth quarter of 2025, delivering on our guidance as promised for the full year. This means that we have ended the year on a solid trajectory heading into 2026.

If you look at the next slide, here are some of the key highlights of our fourth quarter of 2025 where we are seeing strong performance across both financial and operational metrics. Revenue grew strongly during the quarter, and our EBITDA grew faster than revenue, reflecting our continued focus on profitability.

We have delivered strong net profit as we continue to deliver value to all our stakeholders. The key reason for our strong performance is our customer ARPU, which grew 11% quarter-on-quarter to 45—44,000 rupiah, IDR, which is the highest level since merger.

ARPU remains Indonesia's biggest opportunity, and we are pleased to report continued positive momentum on ARPU heading into 2026. Our initiative we continue to deliver, such as AI-powered hyper-personalization, and our focus on delivering marvelous customer experience powered by strong network was the main reason driving this strong ARPU growth.

We still see a lot of upside for ARPU, and we are committed to fully realize this opportunity. If you look at the next slide, one of our key initiative launched in 2025 was our AI-powered 360-degree scam and spam protection.

Scams are a huge customer pain point, with more than 66% of Indonesian encountering a scam in the past 6 months, and this is a $5 billion issue in the country. Our solution has been in offering AI protection through an agentic platform that has 99% efficacy in detecting scams and spams.

This protect customer across all channel, including voice, SMS, VoIP, WhatsApp, and any popular medium. This is one of the key efforts in building our reputation as Indonesia's most trusted telco, and to date we have delivered 100% protection to covered customer with more than 2 billion scams and spam prevented.

This product is delivering us positive feedback and helping us to improve ARPU and lower our churn. This quarter also marked a landmark first step towards establishing our FiberCo along with our strategic partner.

Through this transaction, we are positioning ourselves for future growth, especially in the fiber-to-the-home business. The three key objective that this transaction give us are: number one, monetizing our asset to unlock value; in Q2-Q3 IOH will receive USD $700 million.

The other important point on this partnership is that now we have a partner with deep local expertise which will help us grow our FTTH business, but at the same time we retain operational control over this FiberCo. The other important initiative for us is our AI Neo Cloud platform, which was established in 2025.

We set the foundation for our future growth in 2026. Our current capacity is fully contracted, with USD $28 million revenue booked in 2025.

We continue to enhance our full-stack capabilities along with global giants as NVIDIA, Google, and other, and look forward to sharing more development on this in 2026. This solidifies IOH as a investment proposition, with our core performing well and we aim to unlock further ARPU potential and drive sustained growth on mobile.

The value of our fiber asset is being realized and positioned for future growth and expansion, and our Neo Cloud platform is set for scale in 2026 to capture the growth opportunity in AI. Finally, our guidance for 2026, where we aim to grow both revenue and EBITDA mid-to-high single digit level, and our planned CapEx spend is around 13 trillion.

I will now hand over to Nicky for more detailed financial presentation.

Thank you, Pak Vikram, and good afternoon, everyone. I'm delighted to report another solid set of results for the fourth quarter, where we have continued the positive momentum from the previous quarter.

Our fourth quarter revenue grew 9.3% quarter-on-quarter, driven by an increase in cellular revenue as we continue executing our strategy to accelerate growth through AI and enhanced network experience. Additionally, MIDI revenue contributed to this performance, underpinned by our Neo Cloud revenue.

Below the revenue line, we delivered 11.6% quarter-on-quarter expansion in EBITDA, which outpaced revenue growth, reflecting our strict focus on cost leadership for growth. I will elaborate more on our cost in the OpEx section.

As a result, our EBITDA margin rose by 1 percentage point to 47.2%. Normalized net profit increased by 51.2% quarter-on-quarter, largely reflecting the higher EBITDA and an operational one-off gain below EBITDA.

The one-offs include a 142 billion higher gain on investment at fair value through profit and loss based on an independent valuation. Our net debt-to-EBITDA ratio declined by 0.1x to just 0.39x, underscoring our commitment to maintaining a healthy balance sheet.

If we move on to the next slide, for full year 2025, reported revenue increased by 1.1% year-on-year, supported by growth in both cellular and MIDI revenue. The same factors I have highlighted earlier behind the quarter-on-quarter improvements mentioned earlier drive such improvement.

Combined with continued cost leadership initiatives, this resulted in EBITDA growth of 0.8% year-on-year while maintaining a fairly stable EBITDA margin at 47.1%. At the bottom line, net profit increased year-on-year on both reported and normalized basis by 12.2% and 11.6% respectively, primarily reflecting the flow-through effect of higher EBITDA, one-off prior year tax provision reversal, as well as operational gains arising from gain on investment at fair value through profit and loss, gain on asset disposals, and early site lease terminations.

We saw increased spending compared with both prior year and the previous quarter, driven by the strengthening momentum of our growth trajectory as we continue to capture and scale the emerging opportunities. Cost of services rose by 3% quarter-on-quarter, primarily driven by installation and partnership costs, supporting higher MIDI and VAS revenue.

On year-on-year basis, cost of services increased by 5%, similar to the quarterly trend. Personnel costs grew by 39% quarter-on-quarter, largely to do with higher variable pay for performance.

On a year-on-year basis, though, they declined by 11%, again reflecting lower variable pay components such as bonuses and incentives compared to the prior year. On marketing expenses, it increased by 16% quarter-on-quarter, largely due to subscriber acquisition and year-end seasonal promotional activities to support revenue growth.

Again, on a year-on-year basis, marketing spend declined by 16%, reflecting a strategic shift toward more targeted and cost-efficient digital marketing initiatives. G&A expenses quarter-on-quarter is flat.

On a YoY basis, they increased by 9%, mainly driven by higher consultancy charges to support business growth. Overall for full year 2025, OpEx increased by 1.4% year-on-year and 7.3% quarter-on-quarter, highlighting disciplined cost leadership to support and sustain our growth trajectory.

Depreciation and amortization expenses increased by 2% year-on-year and 1% quarter-on-quarter due to the addition of fixed assets for network rollout to support medium to long-term growth. In quarter 4, other operating income recorded a net income of 131 billion compared to 78 billion in the previous quarter.

This variance was primarily attributable to gain on investment, as I highlighted earlier. On year-on-year basis, prior year tax provision reversal and operational one-off gain contributed to an increase in other operating income from 21 billion in 2024 to 509 billion this year in 2025.

Moving on to take a look at CapEx, it reduced by 22% quarter-on-quarter to 2.54 trillion in Q4 last year due to the timing of one-off credit note from vendor. Our full year CapEx realization of 13.3 trillion was in line with our guidance.

We delivered a solid improvement in our capital structure, with net debt reducing 1.4% year-on-year and 18.9% quarter-on-quarter. Stronger EBITDA further enhanced our leverage profile, driving 0.01x year-on-year and 0.1x quarter-on-quarter reduction in our net debt-to-EBITDA ratio respectively.

Thank you very much, and I will now hand over to Pak Bilal for the operational performance updates.

Thank you, Pak Nicky, and good afternoon to everyone. I think the headline from a commercial standpoint is positive operational trends.

These are driven by solid data traffic growth, 7.6%, translating into very strong ARPU growth over a stable mobile base. What is also important to report is that our home broadband customer base grew by 24,000 customers, which translates into a 6.6% [unclear] quarter-on-quarter.

We're also very, very excited about monetizing the impact of our 5G footprint, which now covers 24 cities in the country. In a country as big as Indonesia, one of the biggest opportunities is fixed wireless access, and there we would like to offer our customers high-spec 5G equipment coupled with you would know that for FWA the onboarding [unclear] Hello?

Hello?

Hi, Operator, can you hear us?

I think we can move to the Q&A, probably just from a time standpoint.

Hi, Desmond, can you hear us?

just before we go into a question, apologies. We had a bit of a technical error.

I think let's just start the question-and-answer flow again. Sukriti will be the first question, and then we'll go back to whoever's question that we missed earlier.

Go ahead, Sukriti.

Thank you, Indar. Thank you, Operator.

Thank you, management, for the presentation. Couple of quick questions from me.

Firstly, on the ARPU, strong growth in 4Q at 44,000 IDR, can you remind us what did the December exit ARPU look like, and also month-on-month what were the trends like, and how is ARPU looking going into 1Q? Also, in terms of the MIDI revenue, again, strong growth in 4Q, but was expected that most of the GPU-as-a-service contribution will be coming a large part in 4Q.

Can you remind us what was the final contribution from this business for 4Q and for the full year, and what is the EBITDA that we've observed from this business for the full year, and also what is the expectation going into 2026 for contribution from this business? That will be all.

Hi, Sukriti. This is Vikram.

Let me start with the ARPU. I think, as you saw on our slide, quarter-on-quarter growth was very strong.

It goes to 11% on a stable almost steady base. We have seen a lot of SIM consolidation in the market, which is good for the industry.

Hence, we are now trending at around 44, 45,000 monthly ARPU. We see a good momentum as we have got in February.

That is why, as you earlier highlighted, we still see a lot of upside on ARPU, and we'll continue to focus on that. Especially some of our initiatives on AI-led hyper-personalization, some of the product like spam and scam is also [unclear].

Overall, ARPU is in the positive trajectory. This is what I can say.

Nicky, you want to take the GPU?

Certainly. Yeah.

For GPU, the Q4 revenue is around $20 million. The outlook for 2026 would be around 50 to 60 million based on the current contract.

Before that happens, this is the number I can share.

Understood. Thank you.

Any outlook on the EBITDA that we had from this business?

We don't share the margin particularly for individual contracts.

Got it. Understood.

That's all from my side.

Thank you for the question. One moment for the next question.

Thank you.

Hi. Can you hear me?

Piyush, please go ahead.

Hi. Congratulations, management, on stellar results and strong recovery in mobile ARPU.

Firstly on the mobile segment, could you tell us whether all the initiatives which you undertook in 4Q is kind of reflected in the ARPU or you are experiencing kind of sustained growth going into 2026? When can we expect subscribers to stabilize and start growing?

That's the first question. Secondly, on the cost side, are there any one-off items in fourth quarter?

We observed rental and services cost is down 29% quarter-on-quarter. What led to it?

Is there any one-off here? Any cost kind of investments in 2026, OpEx investments, because your guidance suggests of a stable margin year-on-year?

Any color there will be helpful. Thank you.

Nicky, let's start with the cost.

On the cost, Piyush, we used to have some ups and downs, true-up adjustments, things like that. We have some of those in Q4 also.

Not that we don't have adjustments in Q3, right? You've seen some of those impact reflected in the lease cost.

Hi, Piyush, this is Vikram. I think on the mobile segment, our initiative, especially on the AI hyper-personalization, all data is getting trained and it is getting more effective.

What I'll say is we see much more opportunity getting into 2026. The other important thing to highlight is, we have seen significant improvement on our churn also, especially greater than 180-day base.

Overall, we see much more opportunity and upside on ARPU, and early days of Q1 also is trending on that direction. In terms of base, I think one good thing which is happening on the market with much more discipline on SIMs is a bit of a consolidation of rotational customer.

We see a very strong momentum on our daily data unique users, but in terms of reported number, I think it's more of a base which last quarter we lost around 1/2 million customer, but from an overall, it is looking very solid, and again, our aim is to have both broad progressive base and progressive ARPU.

Thanks, Vikram. This is really helpful.

Just going back on the cost side, is it possible to call out how much was the one-off adjustment in fourth quarter, a positive attribution? Is it right to think that you are suggesting of a flat margin for 2026 from a guidance perspective?

Piyush, we'll come back to you. I don't have the number in front of me.

In terms of the guidance, we don't feel there will be a significant movement. We improve the EBITDA margin by 1%.

We'll need to see how the revenue mix will change and all that. We'll give more color in the upcoming quarters.

Sure, Nicky. Thank you.

Thanks a lot.

Yeah. Congrats, management, on I think 11% quarter-on-quarter ARPU, which is probably I think higher than the industry.

Two questions here. Firstly, when we look at the guidance, it's a mid-single digit to high single digit, while the ARPU is actually almost double digit.

Trying to understand what are the levers to watch for. What could take it to high single digit, and what could take it to mid-single digit?

Is it mobile? Is it MIDI?

Just to understand what to monitor from mid-single digit to high single digit, what are the variables given that ARPU is already quite solid. Secondly, could you also disclose a little bit on the expected dividend payout, how to think of the payout for this year, and any color on the dividend will be useful here.

Thank you.

Hi, Sachin, this is Vikram. I think we wanted to stay very conservative in terms of our guidance.

Last year have been a great year for learning. We live in a very uncertain world, we don't want to overguide.

That is why we have been conservative on mid-to-high. That is what I'll say.

ARPU and trajectory into the year is looking very rock solid. All our fundamentals are very rock solid.

Things are heading towards close to double digit, but again, we want to not overguide the market. That is what our approach will be, number one.

Number two on dividend, you must have seen that the dividend is linked to net profit. There's a solid increase on year-on-year, and we have our policy on dividend very clear that we want to go up to 70% by 2028.

Nicky, you want to add to that?

Hi Sachin. Aligned with what Vikram, I just share on dividend.

We've published our dividend policy last year for 20 full year 2024. The payout was 55%.

Our intention is to raise the payout ratio gradually to 70% for year 2026. For 2025, we need to go through our process to determine.

It will be higher than 55, but less than 70. Somewhere within this range.

With the much better net profit, the absolute dividend should be much better than 2024.

Got it. Great.

Thank you, Vikram, Pak Vikram, and thank you, Pak Nicky. Yeah.

Hi, good afternoon. Can you hear me?

Yes, Ranjan. Please go ahead.

Great, thanks. Thank you for the presentation and the opportunity.

Couple of questions from my side. Again, starting with the guidance, if I just analyze your fourth quarter revenues and EBITDA, we should get to a 8%-9% growth in revenues and EBITDA in 2026.

Your guidance is mid-to-high single digit. Should we expect no growth in quarterly revenues from the fourth quarter onwards?

How are you thinking about the guidance. The second question is as you spin off the fiber assets, I believe you're no longer going to be majority shareholder in this, is it fair to assume it's getting deconsolidated?

What is the impact on revenues and EBITDA from the change in accounting? The last question is a housekeeping question.

If I look at slide 14 of your presentation, you talk about normalized profit of 1,993 for the fourth quarter, but if I look at slide 24, you disclose a net profit of 1,930. I know it's not material, but just want to understand what the difference is.

Thank you.

Hi, Ranjan, this is Vikram. On guidance, I think we are trending towards 9%-10% growth.

There is no reason we should go below that. Again, learning from last year, we just want to be a little prudent on early days of a lot of recovery on micro.

We have seen domestic consumption getting better, we want to watch out for this a little more. We had a very painful year last year, especially lower-value customer, middle class, they were optimizing.

In quarter 4, we have seen early signs of recovery, and we expect more to come, especially on domestic demand. That is the only reason why we have put it mid-to-high single digit.

Today, as we speak, we are trending towards double-digit revenue growth. You want to take spin-off asset?

Yes. Hi, Ranjan.

On the spin-off asset, the revenue would not be impacted, and the impact on EBITDA would be fairly small, low single digit on EBITDA.

I think, Ranjan, the important thing to note is this is a very strategic transaction which we have done. While we have been able to retain our operational control, but at the same time we will be not consolidating.

We are in the process of signing to closing. We expect $700 million to IOH between Q2 and Q3 basis the timing of the closing.

You will have to wait for a little more to have the full color, but as Nicky said, the impact on EBITDA will be very small. Overall, this will help us significantly unlock a lot of value for IOH.

Ranjan, just on your third question, let us get back to you after the call on the normalized net profit.

Got it. Thanks, Indar.

Maybe a quick follow-up for Pak Vikram and Nicky. You are saying that there won't be any impact or there won't be any material impact on revenues and EBITDA from the deconsolidation, but you're getting $700 million of proceeds.

Are these assets not generating revenues, but you're still able to get $700 million from them? That seems to be a pretty strong statement.

Thank you.

Yes, yes, for revenue we are confident. On EBITDA, Nicky will update you as we come closer.

Yes, this is what I've been telling, that there is a significant value unlock which we are doing.

There will be some impact, Ranjan, on EBITDA and as well as on EBIT, right? It's not a huge impact because we will also get savings.

There wouldn't be the maintenance cost that we need to book going forward, right? It's a mix of the net impact from various factors.

Thanks, Nicky. The impact can only be positive then, right?

If these assets are not generating revenues and they can only be some costs associated with them, and now you're deconsolidating it, the EBITDA would go up.

No, IOH will have to pay to Alpaca for some of the services which we will take from them. This is like a sale and leaseback.

Right,

okay. Thank you.

Do we have the next question, Operator?

Hi, most of my questions have been asked, but if I can just ask with regards to the licensing for 5G, I'm just wondering what your engagements are with the government, the expectations for the timetable and if you think it will happen this year or next year.

Sorry, Arthur, your voice is breaking up. You were asking about the spectrum auctions for 2026 and the timeline.

Is that right?

Any clarity on that.

Hi, Arthur, this is Vikram. We are expecting in Q2 700 and 2.6 to be auctioned.

That is what we are getting from the regulators for now.

Any discussions with regards to pricing or payment models for the auctions?

Look, we don't want to speculate on all those things. They have been always telling that they will look into making it better, but for now you have to take it as a base case the way Indonesia has been.

Understood. Thank you.

Oh yeah, hi. Can you hear me?

Yes,

Sachin.

Just a follow-up question on the balance sheet. Now that we are waiting for proceeds from the fiber divestment, even then actually our balance sheet is below 0.4x net debt-to-EBITDA.

When the cash proceeds are there, balance sheet is maybe too healthy, maybe lazy at this point. How do we plan to use the balance sheet to further accelerate the growth?

Maybe if that's the way to think about it. Of course, GPU-as-a-service is a big opportunity.

Could you just throw some light here if balance sheet can be used to accelerate because I think the demand seems to be quite huge in this business? The question is supply, right?

Yeah. The semi-color will be good in terms of balance sheet or GPU-as-a-service if they can how they can be used together to further accelerate the growth in the either near term or medium

term. No, thanks Sachin.

You are right. We have a very healthy balance sheet.

I think the good news is also this 5G cycle we are seeing the cost of radio RAN coming closer to 4G. Again, we are in a very good place to unlock new opportunities, especially GPU-as-a-service.

Having said that, we are working on few models. You will have to wait for another one quarter.

One thing I can tell you that we are getting a lot of interest from both regional and global customers because we have been able to demonstrate the capability of running workload for AI cloud, and we will for sure unlock this opportunity. How we use our balance sheet, we do off-balance sheet, you will have to wait for one more quarter.

That's useful. Thank you, Vikram.

Yeah.

Hi. Can you hear

me? Piyush, go ahead.

Yeah. I have two questions.

Firstly, your interest expenses are kind of trending down. Just want to confirm if you can highlight has there been any refinancing at lower rate and how should we think of this trend given you have very strong balance sheet and how you aim to kind of refinance now at much much lower rate?

That's the first question.

Hi Piyush, this is Nicky.

Nicky.

Yes, yes, we get savings from many different aspects. Yes, interest would be one of them.

We've been able to secure better pricing from banks following the expansion in our business. Our balance sheet's very healthy, we were blessed to have the banks trust Indosat and willing to offer us better terms and better pricing.

Also our debt is not heavy also on the balance sheet.

Right. Could you share if possible what's the latest funding cost for you?

I think we have shared the details in the notes if you're interested to read those details. It's very transparent.

Okay. Thank you, Nicky.

Second question on GPU-as-a-service where you mentioned current contracted revenue is $50 to $60 million for 2026. I recall in the third quarter we were talking about $75 million number for 2026, if you can help us understand what changed and this $50 to $60 million is now contracted for 2 years, 3 years?

What's the time frame here? Thank you.

Hi, Piyush, this is all 5-year contract, all these are minimum 5 years. Some of them will extend into 7 years.

I think there is a bit of a one-quarter slipover in terms of timing because of supply chain issue. There is a also a lot of constraint on managing the end-to-end supply chain when it comes to Neo Cloud, so that is the delay which is rolling over for next year also.

Got it, Vikram. This is very clear.

Thanks a lot for the clarification. Thank you for the

Thank you, management, for taking my follow-up questions. Two quick questions again from my side.

Firstly, again on the GPU-as-a-service, is there any guidance for the CapEx we'll be incurring in 2026 on this business? Second question is on the fiber asset.

I think you mentioned that you'll be receiving $700 million in between Q2-Q3 depending on the timing. Wasn't the figure supposed to be $870 million earlier?

Has something changed in the transaction or did I get it wrong earlier?

Sukriti, this is Nicky. On the Neo Cloud, we will only to incur further of CapEx when we secure new contracts.

As you would understand, the contracts are quite lumpy, we have not included CapEx in this respect in our guidance. For sure we'll be updating analysts and shareholders going forward on this.

On the fiber, $700 million is what we will receive, and it has not been revised. I think the number you mentioned is the enterprise value, and we still keep a stake in the business.

Yeah.

Understood. Thanks, Nicky.

Also, any update on competition in this business? Because from what I understand, one of your peers is Surya / First Media [or Surge / Wi-Fi?]

is going to launch their IRA very soon at 100,000 IDR packages. Are we already seeing some increase in competition in this business?

How should we think about that?

Hi, Sukriti, this is Vikram. I think from the very beginning, we are very clear.

We don't want to operate in that 100k segment. There is no such competition or anything which we have seen on the ground, and we are not even targeting 100k home customer.

Understood. Very clear.

That's all. Thank you very much, management.

Hi, thank you. Just a follow-up question with regard to the CapEx.

For the 13 trillion CapEx guidance this year, does that include the 5G build-outs or is this the BAU CapEx?

It is BAU. Arthur, this is Nicky.

This could potentially rise if you do get the auctions done in 2Q? Is that how we should look at it?

I think, Arthur, there'll be not significant rise on 5G CapEx because the radio price of 4G and 5G is now converging, the RAN price. Sometime it is good to be late, and also we will be able to offload a lot of capacity to 5G.

We are seeing a good surge on device penetration. Not significant rise, but let's wait for it once the spectrum thing and all is done.

What I can tell you at this point of time that it will not be significant rise in the CapEx for 5G.

Arthur, if I may just clarify, when I say BAU, we have been rolling out 5Gs also today in 2025, right? It's a matter of after I don't know what spectrum we will get, right?

At what terms, etc. We will need to review what would be the pace of our 5G rollout post 5G spectrum auction.

That's what I meant.

Understood. Got it.

Thank you.

Thank you. At

All right. Thank you, Desmond, and thank you everyone for joining us on the call.

Apologies for that technical disruption we had earlier. Hope you got all your questions answered.

If you have any further questions, please feel free to reach out, and we'll definitely address them. Thank you, and we'll speak to you soon.