Strong Q4 Revenue and EBITDA Growth
Q4 revenue rose 9.3% quarter-on-quarter; EBITDA expanded 11.6% quarter-on-quarter and outpaced revenue growth, driving EBITDA margin up 1 percentage point to 47.2% (Q4).
Material ARPU Recovery
Cellular ARPU grew 11% quarter-on-quarter to IDR 44,000 (peak since merger), management citing continued momentum into February and potential upside for further ARPU expansion.
Significant Net Profit Improvement (Quarterly and Full Year)
Normalized net profit increased 51.2% quarter-on-quarter in Q4; for full year 2025, reported net profit rose 12.2% YoY and normalized net profit rose 11.6% YoY.
AI-Powered Scam/Spam Protection Deployment
Launched AI 360-degree scam/spam protection with reported 99% efficacy; prevented over 2 billion scam/spam incidents and delivered '100% protection to covered customers,' contributing to improved ARPU and lower churn.
Neocloud (GPU-as-a-Service) Traction
Neocloud revenue of USD 28 million booked in 2025; Q4 GPU revenue ~USD 20 million. Management reports contracted revenue guidance for 2026 of USD 50–60 million based on multi-year contracts (5+ years) and capacity currently contracted.
FiberCo Transaction Unlocks Value
Strategic FiberCo transaction expected to deliver USD 700 million proceeds to IOH between Q2–Q3; management retains operational control while monetizing assets to unlock value and position for FTTH growth.
Healthy Balance Sheet and Leverage Metrics
Net debt-to-EBITDA improved to 0.39x (down 0.1x QoQ); net debt reduced 1.4% YoY and 18.9% QoQ, providing strong liquidity headroom for growth opportunities.
CapEx Discipline and Home Broadband Growth
Full year CapEx 2025 was IDR 13.3 trillion in line with guidance; Q4 CapEx reduced 22% QoQ to IDR 2.54 trillion. Home broadband adds were +24,000 customers (6.6% QoQ) and data traffic grew 7.6% (period cited).