Thank you for standing by, and welcome to Axiata's third quarter results briefing. Today, we have present with us Vivek Sood, Group CEO of Axiata; Nik Rizal Kamil, Group CFO of Axiata; as well as representatives from our operating companies.

As usual, there'll be a short presentation followed by a Q&A session. Without further ado, let me hand over the conference to Vivek.

Thank you, Clare. Pleasure to brief the quarter three results for 2025.

I'll spend some time on our achievement against the the 5x5 strategy, which we rolled out two years back, and then I'll hand over to Nik to cover the financial numbers, and then I'll get back in terms of what where are we on our guidance as well as what are the risks and opportunities as we see. Before I get into that details, I think it's fair to understand the company's underlying performance does get impacted by one-off items.

I think it'll be good for us to also take you through the results, underlying as well as what are the reported numbers, to avoid any complexity on understanding the numbers. If you remember, the 5x5 strategy was focused on five vectors of value creation and five the strategy items, which operational performance items which were there.

One of them was very clearly impacting our balance sheet. As when we set up this this strategy, we had around 11 billion net debt at the holding company level, which gradually we've been bringing it down, and we are now at around 7.2 billion ringgit as the debt, with further intentions of further bringing it down.

Having said that, that's basically resulted in us our balance sheet improving. We are on 2.6x net debt to EBITDA from, if I remember back in 2023, it was around 3.3x net debt to EBITDA.

That's coming not just purely from paring down the holding company debt, but also the effect of the efforts being made at the various countries' operations of ours. For example, Smart sits with around US$240 million net cash; Robi, US dollars has been completely pared down, they're expecting the borrowings to be back to zero by the end of this year; and also there's been reduction in the Dialog debt.

Also in addition to that, we've seen cash generated by edotco is being used for paring down some of their their debt. They've pared down around close to the 100 million sukuk amount during the year.

We've also been able to manage the liabilities on our long-term bonds by buying back some of those bonds during this year. We did that also earlier during last year too.

That's basically, directionally, our balance sheet looks much stronger than what we have earlier stated. If I go to the next item on our strategy, which is really around the frontier market performance, I think if you look at the results, all three frontier markets, which is Bangladesh Robi, Dialog, as well as Smart, have done well in their overall performance.

Bangladesh did get impacted because of the continuing macro pressures and also intensity of competition during the last quarter. Also, I think it's good to remember that previous quarter, when you look at quarter-to-quarter performance, previous quarter we got the benefit of two Eid and and the performance here we are looking at relative to that.

Having said that, I think Robi's been doing extremely well on cost side and improving their profit margins by paring down debt, as well as lowering the finance cost. You've seen a fairly significant growth in the profit numbers coming out of Robi.

Also I must say that Robi, relative to the market, has been performing better. Dialog has been a very great success story after the merger we did last year in June with Airtel.

We've seen strong growth in mobile business, also supported by market repair, where ARPU's seen improving. We've also seen the synergies coming out of the merger which we did with Airtel and also disciplined cost management, realizing profit growth of greater than 100%.

Core revenue grow grew year-on-year by nearly 18%. Also the fact that this has resulted in a fairly strong cash flow generation for Dialog.

Smart Cambodia continues to do well with prepaid supported by growth in ARPU as well as subscribers, and also nearly 17% growth in the enterprise segment coupled with cost savings has helped improve the bottom line of the frontier market. I would say frontier markets are well, financially strong, as well as performance-wise they've been doing a reasonably good job, which is seen from the results in quarter three.

The merger which we did in April in Indonesia between XL and Smartfren, I think delivers continue to delivers synergies in line with what was projected, and also we are seeing market structure improving, with market ARPUs seen growing by nearly 10% quarter-on-quarter for us. Also the synergies which we had communicated earlier would deliver $300 to $400 million synergies post integration, we should end this year by nearly between 150 to 200 million US dollar merger synergies to be achieved.

I'm happy to say the integration is in line with our plan. In terms of realization of benefits, we are ahead of what was what was planned by us.

A strong strong integration as well as strong outcome coming from the Indonesian merger which we did earlier this year is. Infra business, I think we've said we are one of the strategies which we had put in place early this year was to look at value elimination and monetization of our non-telco businesses.

I think we are progressing on our monetization efforts on infra business. I will not be able to share much on where we stand on that, but I think it's I must say that we are progressing in in the right direction.

edotco continues to deliver strong EBITDA margin of 73.4% and also have a strong order book in hand in various markets. A specific mention, I would say, of the Philippines as well as Pakistan market, which has been doing well in terms of getting new orders, as well as we're seeing strong organic growth coming from the other markets.

We've seen around 890-odd million built-to-suits as and around 1,500 colos during this particular quarter. edotco remains strong in balance sheet with net debt to EBITDA at 3.2x, much below what was earlier, and they've been able to pare down around 600 million ringgit of debt.

Link Net, I think we, while the fiber business has stabilized and you've seen quarter-on-quarter improvement in revenue in Link Net, however, given the uncertainty around the the fiber of broadband connects and the intensity of competition in in Indonesia, the the the management as well as the board has agreed to take an impairment of around 167 million in this particular quarter, which does take the total impairment of goodwill for the year so far around 397 million. Having said that, I think they are going beyond just the XL orders, XLS orders to build home passes.

They've built around 430,000 home passes for non-XLS customers, which should help in delivering further revenue growth going forward there. I think one of the key focus for us has been delivering operating free cash flows across markets, and that does result in a very fairly strong flow of dividend for us.

During the year so far, we've got around 1.2 billion upstream dividend upstreamed by the operating companies, coming from the frontier markets, around 250 million from Dialog, around 140 million from Robi, and around 137 million from Smart. We've also got dividends coming in from CelcomDigi of around 435 million, and around 170 million dividend which we got earlier in the year from XL, this was pre-merger.

We also expect some special dividend coming in quarter four. In for ability to generate cash as well as upstream that across our working the group, a good progress for us.

With that, I'll hand over to Nik to take you through. I think it's very important from our results standpoint not to look at just the consolidated, but also look at how the operating companies are performing.

I'll hand over to Nik to take you through that details here.

Sure. Thank you, Vivek.

Assalamu'alaikum and good afternoon, everyone. I will take us through the nine months financial performance.

Starting off on revenue. The first nine months of the year, we recorded revenue of 8.8 billion ringgit.

On a year-on-year basis, this is 8.3% down and 1.5% down quarter-on-quarter. This is mainly due to the forex translation due to the strengthening of the ringgit against our OpCo currencies.

At constant currency, keeping the currency at the same level, year-on-year showed a marginally higher revenue of 0.4%, and this was mainly due to Dialog and Smart, which recorded good results and positive growth. On EBITDA, we recorded RM4 billion for the first nine months of the year, 6.9% down year-on-year, again, mainly due to the forex translation.

At constant currency, it was 3.2% up, which was contributed by most OpCos, primarily in Dialog from the Dialog and Airtel merger. Quarter-on-quarter, on a reported basis, was 5.4% lower and mainly in all OpCos except for Dialog, Boost, and ADA.

EBIT, we recorded RM1.04 billion, 26.5% lower year-on-year, mainly due to the lower revenue and EBITDA, as I had alluded to earlier, but also driven by the Link Net impairment that we took in quarter two and also in quarter three. Excluding the impairment, our year-to-date EBIT stood at 1.59 billion, which is 11.8% higher on a year-on-year basis.

Quarter-on-quarter, it was up 12%, mainly due to the lower Link Net impairment in quarter three compared to quarter two. For our joint-controlled entities' share of results, for the first nine months, we recorded 143 million ringgit.

For CDB, stable performance with contribution up by 3.5% to 359 million from 347 million in the same period last year. For XL Smart share of results for year-to-date 2025, it was -217, mainly due to the merger integration costs, which is expected.

PATAMI, on a combined basis, we recorded 403 million ringgit. Combined includes the discontinued operations from XL Axiata and also edotco Myanmar.

On a continuing basis, for U-PATAMI, we recorded RM378 million, which is 19.7% higher year-on-year and 15.4% higher quarter-on-quarter. The year-to-date PATAMI reflects the underlying performance of our OpCos, as alluded to by Vivek, and based on constant currency and also adjusted for one-off items.

This is mainly driven by Dialog, edotco, and Robi. Quarter-on-quarter was mainly driven by edotco and Boost.

I will now take us through the highlights from some of our basically major OpCos. For Robi, as indicated by Vivek, the macroeconomic pressures continue to persist in Bangladesh, which impacted revenue, whereby the year-to-date revenue was 2.5% lower.

However, cost efficiencies measures, including lower dealer commissions, sustained EBITDA, while EBIT also benefited from lower depreciation and amortization. Year-to-date PATAMI was 55.2% higher to taka 6.3 billion, supported by lower finance costs from USD loan repayments and also lower forex losses.

Quarter-on-quarter, PATAMI was 5.9% lower due to the revenue shortfall as in quarter two we were lifted by the two Eid festivals, and quarter three also was affected by the extended monsoon that affected revenue. Next on Dialog.

Year-to-date revenue grew by 6.2%, driven by increase in the mobile segment, which can be decomposed to 19% organic growth supported by yield correction measures and also improving ARPUs, and a further 16% from Airtel consolidation. This is in spite of us scaling down the hubbing business, which is a low-margin business and that was a conscious business decision that was made for Dialog.

EBITDA grew 40% year-on-year, underpinned by the disciplined cost management, which translated into more than 100% year-to-date growth in both EBIT and PATAMI. For Smart, year-to-date revenue grew 3.8%, supported by growth in the prepaid segment through higher ARPU and also revenue generating base, as well as its strong performance in enterprise that showed double-digit growth.

Strategic savings from the backbone project and the optimized sale and marketing spend also contributed to the EBITDA growth of 6.8%, which then drove overall bottom-line improvement. For Link Net, the year-to-date performance continues to reflect the strategic shift in Link Net's business model from ServeCo to a wholesale fiber business.

Year-to-date home passes though reached 4.4 million homes. On a quarter-on-quarter basis, we started to see offshoots of recovery, with revenue growing 6.8%, supported by revenue adjustment in the broadcasting services.

However, quarter-on-quarter EBITDA declined 0.7% and EBIT was lower by 3.5%, mainly due to some customer bad debt provisions. For edotco, as alluded to by Vivek earlier, strong tenancy growth in Bangladesh, Pakistan, and Cambodia.

However, year-to-date revenue registered a decline, mainly again due to forex translation impact due to the strengthening of ringgit against the edotco operating company currencies, in particular Bangladesh, and one-off impacts in year-to-date 2024 that was no longer present in 2025 around price benchmarking. There was also strong performance across other major entities on a constant forex basis.

EBIT was 16.9% higher from lower depreciation and amortization due to the extension of the life of the towers in edotco. This was put in place from the second half of last year.

Debt reduction, as mentioned by Vivek earlier, was able to be performed by edotco. Over 600 million of ringgit of debt was reduced in the quarter, mainly utilizing the sale proceeds from the sale of edotco Myanmar.

This has lowered the net debt to EBITDA to 3.2 times, and also further year-to-date PATAMI was up by 7.1%. Finally, I will take us through our balance sheet as at 30th September 2025.

On a group cash basis, we closed the quarter at ringgit 3.676 billion ringgit. This quarter-on-quarter decline was mainly due to the debt repayments and also the capex were mainly funded by the internal liquidity.

Basically as a recap, in quarter two, we had received the disposal proceeds from the Indonesia merger, and this was basically utilized to pare down debts in quarter three. As you can see from group borrowings, at the end of September, we were down to 15.8 billion ringgit, 29.1% lower year-on-year and 11% lower quarter-on-quarter.

This is mainly due to the debt pared down at HoldCo via the Euro Medium Term Notes buyback via our liquidity management program, edotco, which I had indicated earlier, and also cumulatively the frontier markets also reduced their debts. AOFCF was at 1.5 billion ringgit, up 6.1% year-on-year and more than 100% quarter-on-quarter, mainly due to the lower capex at Robi and Link Net.

HoldCo cash, as you can see, is 42.5% lower quarter-on-quarter, closed at 787 million, again mainly used to pare down the debt in quarter three. HoldCo borrowings showed a 14.6% reduction year-on-year and 8.9% reduction quarter-on-quarter, largely due to the EMTN buyback.

Just for information, since we launched the Axiata 5x5 strategy at the end of 2023, HoldCo debt has gone down by approximately a third, or roughly about 4 billion ringgit. As such, at the end of quarter three, or end of September, our net debt to EBITDA continues to improve to 2.61 times compared to 2.76 times at the end of quarter two, which is driven by the deleveraging across the group, which overall resulted on a quarter-on-quarter 1.9 billion debt reduction.

With that, I will pass you back to Vivek on our headline KPIs. Right,

thanks, Nik. Just on the headline KPI, if you recall, we had said EBIT growth of high single digit.

I think we are maintaining that expectations to achieve, with the bias on better performance. Having said that, this is based on the baseline of 1.9 billion, which is based on continuing operations and excludes the XL and the edotco Myanmar in the baseline.

We do see us meeting or exceeding the headline KPI. Opportunities, I think we are seeing positive signs on market repair across our footprint.

We talked about good traction in Indonesia. I talked about Sri Lanka, the ARPUs increasing, and we've also seen that happening in Bangladesh.

That's a positive trend. We believe if this trend continues, and more likely than not is because of the fact that markets are now fully consolidated.

We have Bangladesh basically three-player market, Sri Lanka is kind of two-and-a-half-player market, Indonesia is three-player market, Cambodia is again three-player market. It's fairly consolidated markets, and we are seeing a good traction of that consolidation resulting in market repair.

I think one of the challenges which we see is really the CelcomDigi, where the market is getting far more fragmented than consolidation happening in this market. I think that's positive development.

We're also continuing to focus on cost excellence and also looking at capital allocation or investments into capex based on real time than really investing long upfront, and which we would have seen resulting in far stronger capex yields as well as the capex to EBITDA ratios. We are also positive around the synergies which would come out of the joint-controlled entities.

I think CelcomDigi should see integration completed by the end of next year or early 2027, and we should then see the full benefits of integration. XL Smart, I think as I said earlier, we're still tracking to deliver $300 to $400 million USD synergies on completion of the integration process, and you've seen the impact of Dialog-Airtel synergies with EBITDA growth happening at 40% year-on-year, and that, I think, is something which you will see continuing impact on our margin line since.

Monetization of infra assets, as I said, we are progressing well on that direction. I will not be able to share much yet.

However, at a proper time, we will provide all the details regarding this activity which we're carrying on. Also, the paring down of debt, which has been one of the strategic intent, is positive development that does allow transparent flow of earnings to our shareholders from the dividend which we get from our subsidiaries and associates.

As I said earlier, 1.2 billion is what we got this year, and I think that's a steady number we can obtain over the years to come based on our clear margin improvement in these markets here. Risk, 5G wholesale network continues to be a little unknown at this point in time, but developments are in the right direction.

What's the ultimate outcome of that will determine where we stand as far as the 5G investments are concerned in Malaysia. I think we are going ahead with investments on 5G in other markets with Cambodia, Sri Lanka, as well as at a proper time in Indonesia and Bangladesh.

I think monetization of that investments would be a key consideration. Having said that, I think market being consolidated should see overall market structure improvement helping overall monetization capabilities.

Geopolitical macro risks continues. We would expect elections coming in Bangladesh next year.

Having said that, I think we are seeing markets fairly stable now, which had gone through a fairly rough period when it came to the macro situation. Sri Lanka, Bangladesh are much more stable now than what we saw a year back.

I think the whole efforts around our value elimination and monetization strategy, while progressing well, but does have risks depending on where the appetite exists on these particular assets here. With that, I'll hand over back to Clare for Q&A.

Yep. Thank you, Vivek and Nik.

We move on to the Q&A session. I would like to highlight that we also have representatives online with us today, including from edotco, from XLS, from Robi, as well as from Link Net on the call if you have any questions you would like to direct your questions to.

Basically, to ask your questions, you may choose to do this verbally. Just raise your hand and wait till your name is called out for your turn.

Otherwise, you can also type out your questions in the chat box. Let's start off with Ranjan.

I see Ranjan has his hand up for the first question. Let's open the line for Ranjan from JPMorgan.

Hi, good afternoon and thank you for the opportunity. Two questions from my side.

I believe you mentioned something about a special dividend in the fourth quarter. If you can please elaborate on that.

The second is if I look at edotco, the tenancy ratios and overall tenancies have declined in Malaysia. If you can help us understand that as well.

Thank you.

Okay. Now this special dividend was in the context of the XL Smart.

It's not from Axiata. In the context, you would probably have heard of recent EGM which did approve the special dividend to be declared by by XL Smart, and that's essentially coming out of, you recall, there was buy the what it's called, the the shares of the those who dissented were bought by the by the company at the time of merger, and now those shares have been actually part of it's been sold, and that money is being declared as special dividend to the shareholders.

It's it's XLS-specific item. The the second

The second question was basically on edotco.

edotco Malaysia tenancy ratio. Maybe we have someone from edotco.

Yeah. I think we do have Adlan online from edotco.

Perhaps, Adlan, you can help take that question: the decline in tenancy ratio in Malaysia on a Q-on-Q basis. Can I?

Never mind. Maybe there's a little bit of an IT glitch over here.

Let's circle back, and then we'll come back.

Sorry. We cannot unmute.

Ranjan, I think the drop in the tenancy ratio this quarter in Malaysia is predominantly the execution of CDB integration, I think on the DEDT that's executed this quarter.

Sorry, the voice wasn't clear. Can you repeat, please?

Hello, can you hear me? Ranjan?

It's breaking up a little. I'm not sure if it's my issue.

Maybe we can say what Adlan mentioned. I think there is this CelcomDigi integration going on, and as part of that, there's been some decommissioning as part of the plan.

Obviously, in return, the revenues are protected by extending contracts with CelcomDigi.

All right, thank you. Sorry, Vivek, can I just have a quick follow-up?

XL has high leverage, I believe they're negative free cash flow. Why are they paying a special dividend, especially if they're issuing shares to pay a dividend?

That's a form of capital raise to pay a dividend. It seems No,

they're not issuing shares, right? They basically monetized the treasury shares.

Treasury shares.

There's no new issuance of shares.

That's still a form of capital raise, right? You're taking money from certain shareholders and giving it to Existing shareholders.

Yes,

yeah. Yeah.

Yeah. No, I think we we do see leverage over time coming down, and I think it was seen as a way because these shares this money was actually paid out earlier when they bought the shares back from the dissenting shareholders.

Thank you.

Let's move on. The next line of question comes from Luis from Citi.

Luis, let's unmute the line for Luis so that he can ask his questions.

Hi, good afternoon and thanks for hosting the call. I initially had two questions.

A few more on edotco. We notice that tenancy ratios in Philippines has finally recovered quite well.

What's the factor behind that? Is the third operator gotten an infusion, or what has changed essentially?

Second related to Ranjan's question on Malaysia, the tenancies are down, but the revenues are down even more significantly, double digit Q-on-Q. What's driving that?

Is there a renegotiation of rates? Second question, a bit of housekeeping, sorry, but if you could walk us through the exceptional items in nine months or third quarter, just broadly what are the big items, that would be great.

Thank you, Luis, for the three questions. I think the first one and the second one, can I please request that the edotco team take that, please?

Yeah. Louie, I think for Philippines, yeah, I think we have seen this year pick up in our orders, right, predominantly coming from Globe and Smart.

I think more importantly, the colo is actually coming from Globe, and today we are the preferred partner for Globe today, right? A lot of the sites that we are getting the SLP from Smart is being coloed by Globe.

You would expect that this number will continue to grow in the coming quarters as Globe ramp up their rollout and their colocation, especially to our existing SLP sites with Smart. The second question is on

Malaysia. Malaysia revenues down Q-on-Q at

double digit. I think there's two factor there with regards to revenue.

I think predominantly the same as what you've seen in Axiata, we are being impacted a lot on revenue essentially as a result of forex, right? If you look for year-to-date, our forex losses for revenue impact, revenue is around 95 million, EBITDA around 77 million, and PAT around 27 million, right?

Because of the strength of the Malaysian ringgit. That's partly due to that.

Adlan, he's asking for Malaysia, edotco Malaysia. Malaysia, yes.

Malaysia revenue.

Malaysia revenue.

Malaysia revenue as compared to

Q-on-Q. In the Excel sheet, it's 235 million ringgit versus 269 the prior quarter, it's down 13%.

Is that from a renegotiation of tenancy rates or something?

One second, let me just check. One is 1.5.

It was Q-on-Q, right?

Correct, Q-on-Q. It's no year-on-year.

All right, Luis, sorry. I think that reduction because in quarter two, we had a one-off revenue coming from our WiFi USP project from the USP fund from MCMC.

Okay.

Right. That's a 40 million recognized in quarter two as regard of that project, which was fully corrected in quarter two, but none was actually recognized in quarter three essentially.

Perfect. Thanks, Adlan.

I think, Luis, on the third question was basically you were requesting to understand the one-off items for YTD basis Or

Q3. or

for Q3.

Either. Either is fine.

Just, just a broad, what are the larger items.

The biggest-ticket item there will be the Link Net goodwill impairment, right? There's also further accelerated depreciation of assets at XL Smart.

As part of the merger integration, certain assets are and will be decommissioned. As and when these assets are taken offline, then there's accelerated depreciation for this.

Other than that, there's The gain from The gain from the XL's disposal of XL

No, the gain from the early redemption.

The liability management, which is the early redemption of the EMTN.

That's also been excluded.

That's been excluded. Those are the big-ticket items.

The rest are really small, around forex, hedging, PPAs, et cetera.

Great. Just to double check, I heard earlier the Link Net impairment year-to-date is about 390 million and for the quarter 167.

Is that roughly right?

That's right. Yes, that's right.

Perfect. Thank you.

Thank you, Louie. Let's move on.

The third in line is Foong. He has his hands raised.

Foong from CIMB. Please unmute.

Hi. Good afternoon.

Thank you very much for the call. Three questions from me.

Firstly, I wanted to go back to what you mentioned about the special dividend at XL coming from the sale of the shares that were bought from dissenting shareholders. My question is: what would Axiata's stake be in XLS post the sale of these shares?

That's question number one. Number two is on Link Net, after two impairments, right, that we have done, is there potentially still more to come?

What is the net book value left over for Link Net in our books? Then third question for edotco, on the Philippine tenancies, looks like it's finally rising pretty healthily on a Q-on-Q basis, but the revenue seems to be flattish.

Is that all due to forex effects, or did some of these orders come in late part of the quarter? Yep, those are my three questions.

Thank you.

The first question, just to recap, essentially is special dividend at XLS. What is the stake Axiata has in XLS post the sale of the treasury shares?

Yeah, 34.7% now.

Yes.

Post the sale of these shares.

Okay. The second question is basically on the impairment on Link Net.

After two rounds of impairment, what is the book value left in our books? We don't disclose that number.

Yes. Yeah.

In Sure. The next one on Philippines, I think you're right, Foong.

Colo ratio is coming back. I think if you look at a local currency level in pesos, I think revenue in Philippines is growing, I think at mid single-digit.

The decline is actually due to forex, yeah, the translation losses when converted to Malaysia where pesos actually depreciate by about 5.5% as compared to Malaysian ringgit, yeah?

Understood. If I can just throw in one last question, right, also coming back to the adjustments for underlying PATAMI.

Just wanted to reconfirm that accelerated depreciation at XLS has been adjusted out to arrive at this underlying PATAMI of 378 million ringgit for the third quarter. Is that correct?

Yes, that's right.

Okay. That's despite the fact that they're an associate, we still adjust it out on our end?

Yes.

Okay. Also for the gain on early debt redemption has also been removed, yeah, from this 378 million ringgit number?

Yes, that's right.

Understood. Thank you so much.

That's all the questions from me.

Thanks, Foong. Thank you.

Thanks, Foong. I think next up we have Prem from CGS.

Go ahead, Prem.

Hi, thank you for the opportunity. Just one question from me, please.

Looking at your slides with regards to opportunities and risk in 2025, the third bullet point on your opportunities side of the slide still talks about monetization of your infrastructure assets. Just want to clarify that that's still on the cards for 2025 given that we have just over four weeks left in the year.

No, the process is on. Unlikely it'll get over before the end of this year.

We

do expect early next year. Could we at least expect announcements around this in the near term or is this all pushed to 2026?

Difficult to say because there's still many things to be completed, including all the formalities relating to the regulatory approvals and all that because does involve regulations in the respective markets to be taken care of. Yeah.

We will let Prem, as and when we are ready to announce it.

All right, thank you.

Okay. Thank you.

Thank you. I think Luis is back on the second round.

Perhaps we can unmute his line again for his follow-up questions. Thank you.

Hi, thanks. Just one follow-up question from me for my colleague who looks at Telenor.

In a scenario where there is a possibility where you could increase your stake in CelcomDigi, would you consider it again in the future?

No. Sorry, I cannot answer that question.

Good try, Luis.

Thanks. No worries.

That's all I had. Thank you.

Thank you.

Why, are they selling?

Hard to tell also, but

It's okay, Luis, you don't

have to answer. Might be.

We sit on the same table to run CelcomDigi, I think it will not be fair for you to make any comment there. Yeah.

Fair enough. Thank you.

Thanks, Luis. We do have one question from New Street Research, Kelvin.

Let's take that. I think that came in via the chat box.

Basically the question from Kelvin is: what is the underlying EBIT in constant currency and what is that number for third quarter 2025 and for nine months 2025? Basically it's a question to clarify on the adjusted items at EBIT level.

EBIT, we don't adjust any item other than the impairment and any restructuring if that's happened of people restructuring activities. The only item we've adjusted is really the Link Net goodwill, which we talked about.

The underlying EBIT for quarter three is 613 million for obviously continuing operations and for year-to-date is around 1.827 million or 1.827 billion. That's what, around 19% positive, right?

Yeah. It doesn't look like we have any more questions for now.

I guess perhaps, Vivek, you might have some closing remarks before we end the session? No,

first of all, I think thank you, all of you, to join this call. I think from our performance standpoint, we are positive about the operational performance at operating company level.

We do understand some challenges, and one of them has been really the performance of Link Net, which you've seen in terms of the impact on impairment. We are quite focused on delivering our strategy, which we had put in place two years back and we also reinforced at the early part of this year when we had the Axiata Investor Day.

I think we're looking forward to another one in January, and I think you'll get more to hear on where we stand vis-a-vis our strategy and how do we see going forward as far as Axiata is concerned. We look forward to interacting with you at that point in time.

Thank you very much once again for joining this call.

Thank you. Thank you.