Good afternoon, ladies and gentlemen. My name is Clare Chin, Head of Investor Relations at Axiata Group Berhad.

Thank you for standing by, and apologies for the slight delay in our call. Welcome to Axiata’s fourth quarter results briefing.

Today we have present with us Vivek Sood, Group CEO of Axiata Group, Nik Rizal Kamil, Group CFO of Axiata Group, as well as representatives from our operating companies. There will be a short presentation followed by a Q&A session.

One last housekeeping matter to note, please, since it is Ramadan month, we would be keeping this call to only 45 minutes today. Without further ado, I would like to hand the conference over to Vivek, please.

Thank you, Clare. Very good afternoon.

It’s my pleasure to present quarter four 2025 results. Let me start with a quick slide, and then I’ll hand over to Nik to go through the details.

So 2025, we ended up the year with 365 million profit, but very strong cash flow generation of 1.6 billion, and we are very happy to declare 5 cent dividend; that translates into full year dividend of 10 cent, and this is in line with what was the market message we made earlier in the year. We also feel strong balance sheet of 2.46 net debt to EBITDA.

However, performance does get impacted because of the strengthening of ringgit versus our operating currencies. I think against our operating currencies, somewhere between 7 to 12 percent was the strengthening of ringgit, and that does impact our translation number into ringgit.

Let me quickly cover the three buckets of our assets, and you would notice that I’m not really talking about infra here. Let me start with digital telcos.

The underlying performance of all our footprint markets, including the two joint venture companies, was strong. We are seeing very strong synergies coming from the merger in Sri Lanka, Indonesia, as well as Celcom-Digi, and they are pretty much on track.

We are also seeing visible market repair subsequent to the consolidation, which has happened, and we’ve been significant part of that consolidation exercise in these markets. We are seeing market repair in Indonesia, Sri Lanka and Cambodia.

The impact to us has been because of the profits from XL, which has been impacted because of the integration cost as well as accelerated depreciation consequent to the network integration. Having said that, I’m happy that the XL, the progress on integration is ahead of the plan, and synergy so far has been ahead of the plan, and we do expect ourselves to deliver the committed 300 to 400 million U.S.

dollar synergies from 2027 onwards. Digital business, ADA, I think is been scaling on its AI capabilities with a strong EBITDA growth.

I think it’s been profitable and also fairly cash liquid, looking for opportunities to further expand as well as create bigger value. Boost, strong loan growth coming from the Boost Bank, and the non-Boost Bank losses are narrowing.

I think the good news is our ability to generate strong cash flows in operating companies, translating into upstream of dividend of around 1.7 billion during the year, as well as significant reduction both at the overall group as well as the holding company of debt. Some of the markets, in fact most of the frontier markets, have eliminated their dollar exposure over the last year.

Monetization of infra businesses is progressing. I think we expect to close this year our exercise.

With that, I hand over to Nik to take you all through the financial numbers.

Thank you, Vivek. Assalamualaikum, good afternoon everyone.

For the Q4 2025 and full year 2025 results, this time around, I will take you through the results opco by opco before we summarize it and roll it up to the group numbers. We’ll start off with our telecommunications portfolio.

Firstly on Celcom-Digi Berhad, steady revenue growth and cost discipline supporting PAT resilience. I will not go into a lot of detail because you would have also seen they’ve already announced their results and had their analyst call.

Some key highlights is that on a year-on-year basis, full year revenue grew 2.2 percent, mainly driven by postpaid, home and fiber and telco segments, offset by softer prepaid and enterprise mobile. EBIT growth was 15.7 percent year-on-year due to lower depreciation, amortization and impairment costs, which resulted in overall PAT growth of 10.1 percent, which was lifted not only by the lower depreciation but also by tax benefit.

The full year 25, the financial year 25 merger synergy targets are on track, and CDM declared 14.8 sen dividend per share for FY25. Moving on to XL Smart in Indonesia, the merger was successfully executed in quarter two of last year, with financial year 25 synergy targets being achieved and in fact exceeded.

On a quarter-on-quarter basis, comparing to quarter three, there was strong revenue growth of 3.9 percent, driven by mobile ARPU growth of 15 percent. The business fundamentals remain strong despite one-off adjustments and ongoing integration.

At the PAT level for full year 25, it was 4.4 trillion Indonesian rupiah loss, and this is mainly due to the accelerated depreciation, which was about 4.5 trillion, and also integration cost of 1.8 trillion rupiah. In addition to that, there is also Linknet impairment as XL Smart still owns 20 percent of Linknet.

If you were to exclude these items, PAT would actually be a profit of 3 trillion Indonesian rupiah. As I alluded to earlier, FY25 synergy targets of between 150 to 200 million was achieved.

In fact, they achieved slightly more than that, and XL Smart declared dividend of 244.7 rupiah per share for the financial year 2025. Next, we have Dialog in Sri Lanka.

Despite the impact of cyclone Sitrang in Sri Lanka in quarter four, their quarter four performance remained resilient with a 1.8 percent higher revenue quarter-on-quarter. In fact, on all metrics, they had positive momentum for the quarter.

For the full year, revenue growth was very strong with a 4.9 percent uplift, mainly due to the strong 23 percent uplift in mobile, mainly in prepaid segment, underpinned by organic growth of 17 percent and also Airtel consolidation of 7 percent. There were further cost optimization in the year from the Airtel merger synergies, which translated to a significant uplift across all parameters.

For the year, Dialog declared a 1.5 rupees dividend per share. Next, on Robi.

Robi remained resilient in FY25 and sustained their profitability whereby their PATAMI grew by 33.3 percent year-on-year, and notwithstanding that revenue was relatively flat, slightly higher at 0.4 percent on a local currency basis, or constant currency. This, together with the cost efficiency and optimisation, had meant that they were able to keep EBITDA flat and, however, grow profitability to about 9.4 billion taka for the financial year.

Their balance sheet continued to strengthen, with borrowings basically reduced to near zero at the end of FY25. The borrowings that you see in their books are mainly due to leases.

For the financial year, Robi declared 1.75 Bangladeshi taka per share for the year. Next, on Smart, prepaid ARPU growth and cost efficiency drove their PBTAMI growth.

Revenue grew by about 6.2% quarter-on-quarter and 4.8% year-on-year for FY2025. The growth was mainly due to the sustained growth in prepaid segment from higher ARPU and subscribers.

Cost efficiencies continued to deliver strong EBITDA and PATAMI growth of 11% and 5.9% respectively. For the year, dividend upstreaming from Smart was approximately 70 million U.S.

dollars. With the exception of XL Axiata, I just summarise all our telcos portfolio showed a year-on-year PATAMI increase.

The only reason for XL Axiata, the PATAMI loss was due to the accelerated depreciation, integration costs, and the Linknet impairment. If you were to take those one-offs out, even XL Smart would have shown profit.

If you were to look at our telcos portfolio in its entirety, it was a year-on-year portfolio growth, with all telco portfolio or opcos upstreaming dividends to the group. Moving on, next is on our technology.

It used to be digital business, what we are calling now the technology portfolio. We start with ADA.

Growth was led by the solutions business with underlying profit improving based on disciplined cost management. Revenue was relatively flat, EBITDA was slightly higher, but PATAMI was slightly lower at 7.5%, but still at 49 million ringgit, which basically marked the seventh consecutive year of profitability for Edotco— sorry, for ADA.

My apologies. For Boost, loans book growth in the year resulted in higher interest income at both Bank and non-Bank, with overall losses narrowing.

As you can see, there's revenue growth of 43% in both Bank and non-Bank, and for PATAMI, for the non-Bank, PATAMI losses narrowed in the year, and for the Bank, it was slightly lower at 41 million ringgit. Now to Edotco.

Edotco, on a revenue basis in quarter-on-quarter showed a 4% increase from quarter three to quarter four. However, on a full-year basis, it was 5.9% lower.

Edotco, like Axiata Group, also was impacted by the strengthening of the ringgit against the opcos that they have operating, and for Edotco it was mainly in Bangladesh, which accounted for a significant chunk of their business. On a constant currency basis, they showed basically flattish revenue, and that was mainly because in FY2024, they had the benefit of a price benchmarking that happened in the middle part of the year, which accounted to about 121 million.

On a like-for-like basis, they would have shown growth if we were to normalise it in FY2024. Although the decline in revenue due to forex is what I was alluding to earlier, PATAMI actually more than doubled from 171 million to 379 million ringgit, where there was forex gains because some of their borrowings is actually denominated in U.S.

dollars. They gain from the balance sheet side of it.

There was also lower finance costs from the ability of Edotco to pare down their debts in the year, mainly from the utilisation of the proceeds they got from Edotco Myanmar, indicating discipline in terms of capital management and recycling. With regards to the towercos, all were profitable, with the exception of Philippines, where losses are narrowing, and the expectation for Philippines for 2026 is that from quarter four 2026 onwards, they will start going into PAT positive territory.

Dividend upstreaming in Edotco— this was actually the second year of dividends, right? It was the first year of dividends from Edotco, and the second payment is 54 million for FY25, and I believe they will also be declaring the second interim to Axiata and to the other shareholders.

Finally, on Linknet. Unfortunately, Linknet is the opco that faced a very challenging FY25.

Again, a comparison on a year-on-year or like-for-like is a little bit distorted due to the fact that in FY24, late in FY24, we had transferred— or basically Linknet had sold the ServeCo business, or the customers, to XL Smart. You can see in the FY24 bar, in 24 alone, that accounted roughly for three quarters of performance.

That was already about 1.1 trillion Indonesian rupiah. Obviously due to the transfer in 2024, this was no longer there for 25.

On a like-for-like basis, comparing the FibreCo business, you can see that FibreCo business has done well compared to FY24. This is the ability to essentially transform Link Net into a FibreCo going forward.

Obviously they made some progress on ISP expansion and open access. However, as the exclusivity with XL Smart only expired towards in Q4 of last year, it's only towards the tail end of 2025 and beginning in January that they already started to sign up some of the home connects.

Going forward, the improvement should come forth from there. Again, from a profitability point of view, you can see that the transfer of the ServeCo is one of the main reasons that impacted the PATAMI that moved from positive to negative in FY2025.

With that now, I will transition to the overall, or the roll-up of the consolidated group numbers for FY2025. As I had alluded to earlier, overall performance was impacted by forex translation, with the ringgit strengthening by about 7% to 13% versus operating currencies.

On the revenue side, we closed the year at 11.8 billion ringgit in revenue, 6.3% down year-on-year, mainly due to forex, but on a constant currency basis, 2.2% higher. Quarter-on-quarter showed strong performance in quarter four compared to quarter three, with both on a year— basically on a constant currency quarter-on-quarter basis, it grew by about 4.1%.

Again, the main reason for the improvement in revenue was basically higher ARPUs in Dialog and Smart. However, it was offset by the weaker performance in Linknet.

EBITDA for the year we registered 5.46 billion ringgit, 4% down year-on-year, mainly due to forex. At constant currency, 5.7% higher, mainly due to the merger synergies from Dialog, Airtel, and Sri Lanka.

Quarter-on-quarter, there was good underlying performance, and EBITDA grew by about 7.9%. EBIT level, we recorded 1.57 billion ringgit for the year, down 19.1% year-on-year, mainly due to forex translation and LinkNet impairment.

Even on a constant currency, it was down 7.8%, mainly due to the LinkNet impairment. If we were to normalize for the LinkNet impairment and the impact of forex, the underlying EBIT growth would have been 20.2%, which beats our headline KPI of high single-digit growth.

On joint control entities, or JCEs, share of results for the year was 79 million, 79.4% lower year-on-year, mainly driven by the share of results from XL Smart, where due to the merger integration costs and also the accelerated depreciation and LinkNet impairment. For full year 2025, our share of loss was about 389 million.

For CDB report, the results, the contribution to Axiata was 21.2% higher at 468 million compared to the previous year. PATAMI, we recorded a PATAMI of 365 million ringgit.

This was impacted mainly due to the LinkNet impairment, which, if we were to normalize that, PATAMI would be at roughly around 762 million ringgit. The 365 million PATAMI reported here is on a combined reporting basis.

It includes, besides continuing operations, also the discontinued operations of XL, Axiata, and edotco Myanmar. On an underlying PATAMI basis, this we reported at 537 million ringgit, 36.3% higher year-on-year, again reflecting the underlying performance of our opcos, mainly our telcos, which based on a constant currency basis and also adjusted for one-off items.

Again, the outperformance is mainly driven by Dialog, edotco, and also, as I mentioned, the other telcos as well. On a quarter-on-quarter performance was flat-ish at roughly about 160 million ringgit for quarter 25, which is driven by top-line improvement.

Next, just quickly on balance sheet, as at the end of December 2025, group cash stood at 3.7 billion, lower year-on-year, mainly due to the deconsolidation of XL Axiata, which completed in quarter 2, 2025. FY24, in our balance sheet, we did not restate our balance sheet.

The balance for XL Axiata was still consolidated in FY24 numbers. At Holdco level, our Holdco cash was 826 million, higher year-on-year by 70.8%.

On borrowings, group borrowings, we closed the year at just slightly over 15 billion ringgit. This is 35.1% lower year-on-year basis, mainly due to debt repayment at Holdco level, edotco, Robi, and Dialog, and also the deconsolidation of XL, which was in 2025.

Holdco borrowings was just slightly below 7 billion ringgit, 26.6% lower year-on-year, mainly due to the disciplined reduction in Holdco debt, including the EMTN buyback that happened in Q3 2025. For info, at the end of 31st December 2024, Holdco borrowings stood at about 9.5 billion.

Approximately we have managed to bring down the Holdco borrowings by about 2.5 billion in the calendar year. This has resulted in our net debt EBITDA at the end of 2025 at 2.46 times, which is an improvement from 2.61 times that we recorded in quarter 3, 2025, and comparing to quarter 4, 2024, or where we ended in 2024, it was 2.74 times.

With that, I will pass it back to Vivek.

Let me start with our headline KPI 2025 achievement. We did hit our KPI of high single digits.

We ended up with 20.2 on EBITDA. This is after adjustment for Link Net goodwill impairment.

Going forward, given that we are still in the process of monetization of our infra assets, there may be short-term deviations against what we set headline KPI. In this context, the group's prospects will provide more appropriate guidance.

In 2026, the group is progressing into the next phase of its strategic journey, which, as we explain in our analyst day, is split between telecoms and technology portfolio to focus on profitability and valuation growth. Telecom portfolio, I think we've completed the market consolidation, and with the improved market structure, operating companies will continue with market repatriation efforts to obtain market position number one, or strong number two.

Our opcos Smart, Robi, Dialog and key associates have an aspiration to realize full potential of top line convergence on operational excellence and to deliver full equity potential in high ROIC cash flows and profitability. Our portfolio of technology will focus on value addition, and the funding for that would be essentially external, ADA and Boost Holdings, we have an aspiration to achieve sustainable growth, execute on bolt-on acquisition, again internally funded or funded through external capital, and move along to the path of monetization and value addition.

This basically, in a way, spells out what our prospects for 2026 are. We expect once all this monetization, etc.

is done and where we are more in a static state of business, we should be able to come back to the guidance with some financial KPIs. We will let the market know what those KPIs would be, but for 2026, we will stick to the statement.

The last slide, as always, opportunities and risks. I think we still see benefits of merger synergies and market repair flowing down to the cash flows and profit generation of these opcos.

I think the two, specifically the biggest one, would be the Indonesia, so far moving on track. I think 5G market leadership, we've been ahead than our peers in these three markets, Indonesia, Sri Lanka and Cambodia in terms of our 5G rollout.

That's an opportunity. Monetization of infra assets, I think this also came out in our analyst day as something important from the investors as a key trigger for any kind of rerating of Axiata.

I think that's something where we should attempt to get successfully completed, and that should also result in reduction in the holding company debt, as well as our continuing efforts in reducing the operating expenses of the holding company. Risks, I think we still not there when it comes to the final state of DNB or the ownership structure of DNB.

I think that will still remain for some time as an overhang. Monetization of 5G investments, I think so far so good, but we need to be conscious that this is not something which is easy to achieve, and then our markets, especially the frontier markets, will remain vulnerable to the geopolitical and macroeconomic risks.

With that, I will stop, hand over back to Clare.

Thank you, Vivek. Thank you, Nick.

We move on quickly to the Q&A session, and I would like to highlight that we also have representatives from XLS, Robi, Dialog, Smart and e.co on the line. Feel free to engage with the respective CEOs of our operating companies.

To ask your questions, you may choose to do this verbally. You just need to raise your hand, wait till your name is called out for your turn.

Otherwise, you can also type your questions in the chat box. Perhaps we have done a very good job in the presentation.

There are no further questions.

It didn't happen.

It doesn't seem like we have any.

We just Investor Day,

I suppose.

Two weeks back, right?

Yeah. Ten days, almost two weeks back.

Two weeks back.

Okay. Prem couldn't resist, unfortunately.

Thanks for flying the flag.

Yes. Prem, your hand is raised.

Mic, over to you then.

Thanks. Maybe because it's just very close to the investor day, but let me try my luck here.

Any progress with regards to the asset monetizations since last month?

I think we are in discussions, we are progressing, but I don't think we can share at this stage. It's all in cooking, right?

So

it's all work in progress.

Yeah.

I suppose the one thing which stands out is compared to one month ago, this time around, you did come out to say specifically that you plan to complete the asset monetization in 2026.

Yes,

I think that's still the…

Yeah.

Okay. All right.

We are on track for that.

No change to that.

No change to that. That is still the target.

What would be the biggest risk to that target date, I suppose?

This risk?

I would

say regulatory approvals, because that's out of our control.

Specifically in frontier markets.

Yeah.

Which might take longer.

That's right. But

when it comes to the other parties involved, it's something where we are fairly certain of deal conclusion. Is that fair to say?

It's very difficult to say unless you sign on dotted line,

right?

I think we are working in the right direction.

Yes. Yeah.

Definitely progressing. It's still work in progress, but definitely progressing.

All right, I'll leave it there then. Thank you very much.

Thank you.

No,

I think looks like we have no further questions.

That's good. Thank you.

Thank you everyone to join. Yes.

Yep. Thank you very much.

Don't make it so easy for Nick when I am no questions.

Oh, I'm pretty sure they won't. We'll probably have smaller sessions as we go along anyway.

So

anyway,

thank you very much.

Thank you very much.

Take care.