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30 April 2025
First Quarter 2025 Results
Total Revenue of IDR13,577.9 Bn.
EBITDA of IDR6,415.1 Bn. Sustained Net Profit of IDR1,311.1 Bn
During the first quarter of the 2025 financial year, PT Indosat, Tbk (“the Company”) maintained its strong
operational efficiency and profitability, despite a challenging business environment. Hence, with a 1.9%
YoY negative growth in total revenue to IDR13,577.9 billion, EBITDA negative growth was lower at 1.4% YoY
to IDR6,415.1 billion, resulting in an improved EBITDA margin of 47.2% and a solid Profit for the Period
Attributable to Owners of the Parent of IDR1,311.1 billion, underscoring the Company’s robust fundamentals
and long-term value creation capabilities.
The Company's customer base stood at 95.4 million in 1Q 2025 while ARPU for cellular customers increased
to IDR39.2 thousand in the 1Q 2025, marking a 4.6% rise or IDR1.7 thousand higher than in 1Q 2024.
Data traffic experienced 1.6% YoY increase in 1Q 2025. The Company expanded its network infrastructure,
increasing the number of 4G BTS to 202k to effectively handle the data traffic growth and provide the
best customer experience for its users.
Financial Highlights
* excluding Right of Use Assets under PSAK 116
On February 19, 2025, the Company is enhancing its offerings by launching the new “Digital Hub” on its
digital platforms, myIM3 and bima+. The feature will serve as a hub for a wide array of digital services
tailored to users' needs, right at their fingertips. The fresh interface simplifies the search for essentials, from
entertainment like music streaming platforms to fulfilling daily needs through e-commerce and supporting
a healthy lifestyle with offerings from fitness centers. With over 50 million monthly active users and
approximately 10 million daily active users on myIM3 and bima+, the new Digital Hub positions itself as a
leading, agnostic digital platform, enabling digital service providers to reach a vast and diverse audience.
The Company, a frontrunner in AI-driven telecommunications, announced a landmark initiative to deploy
AI-RAN (Artificial Intelligence Radio Access Network) infrastructure across Indonesia, with Nokia and NVIDIA
on March 5, 2025 in Barcelona. The integration brings together Nokia's cutting-edge 5G Cloud RAN solution
and the NVIDIA AI Aerial platform, to create a unified accelerated computing infrastructure for hosting both
AI and RAN workloads. This milestone sets Indosat Ooredoo Hutchison as the first operator in Southeast
Asia and the third globally to build a commercial AI-RAN network, enabling the convergence of AI and
wireless connectivity to enhance performance, efficiency, and unlock new opportunities across industries.
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FIRST QUARTER 2025
OPERATING AND FINANCIAL RESULTS
The Company has released its unaudited interim consolidated financial statements for the First Quarter
2025 (“1Q 2025”). The unaudited interim consolidated financial statements have been prepared and
presented in accordance with Indonesian Financial Accounting Standards (IFAS).
Unaudited Interim Consolidated Statements of Profit or Loss and Other Comprehensive Income
Key Indicators Annually Quarterly
(in IDR billion) 1Q 2025 1Q 2024 Growth % 1Q 2025 4Q 2024 Growth %
Revenues 13,577.9 13,835.3 (1.9) 13,577.9 14,074.9 (3.5)
• Cellular 11,421.8 11,656.8 (2.0) 11,421.8 11,801.3 (3.2)
• MIDI 1,961.4 1,971.3 (0.5) 1,961.4 2,079.3 (5.7)
• Fixed Telecom 194.7 207.2 (6.0) 194.7 194.3 0.2
Expenses (10,788.3) (11,069.3) (2.5) (10,788.3) (11,705.3) (7.8)
Operating Profit 2,789.6 2,766.0 0.9 2,789.6 2,369.6 17.7
Other Expenses - Net (1,030.6) (997.1) 3.4 (1,030.6) (935.5) 10.2
Profit for the Period
Attributable to Owners
of The Parent 1,311.1 1,294.8 1.3 1,311.1 1,032.6 27.0
EBITDA* 6,415.1 6,509.3 (1.4) 6,415.1 6,374.6 0.6
EBITDA Margin 47.2% 47.0% 0.2 47.2% 45.3% 1.9
Percentage changes may vary due to rounding.
Financial Ratios
Formula 1Q 2025 1Q 2024
Interest Coverage** EBITDA/Interest Payment 22.84 15.69
Net Debt to EBITDA*** (Debt - Cash & Cash Equivalent)/Total EBITDA 0.36 0.27
* EBITDA (earnings before interest, taxes, depreciation and amortization) is a non-IFAS measure that management believes is a useful
supplemental measure of cash generated prior to debt service, capital expenditures and income tax. Investors are cautioned that
EBITDA should not be construed as an alternative to net income determined in accordance with IFAS as an indicator of the Company’s
performance or to cash flows from operations as a measure of liquidity and cash flows. EBITDA does not have a standardized meaning
prescribed by IFAS. The Company’s method of calculating EBITDA may differ from the methods used by other companies and,
accordingly, it may not be comparable to similarly titled measures used by other companies.
** Calculated using EBITDA and interest payment for the three-month periods ended 31 March 2025 and 2024.
*** Net debt excludes lease liabilities.
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
Revenues of IDR13,577.9 billion were recorded for 1Q 2025, a decrease of IDR257.4 billion or 1.9% lower
compared to 1Q 2024. The Company’s Cellular, MIDI, and Fixed Telecommunication business each
contributed 84.1%, 14.5%, and 1.4%, respectively, to the interim consolidated operating revenues for the
three-month periods ended 31 March 2025.
• Cellular Revenues decreased by 2.0% compared to 1Q 2024, attributable to a decrease in data, voice
and SMS, offsetting the increase in value-added services (VAS) and interconnection services.
• MIDI Revenues decreased by 0.5% compared to 1Q 2024, attributable to decrease in Fixed
Connectivity offset by increase in IT Services and Fixed Internet.
• Fixed Telecommunication Revenues decreased by 6.0% compared to 1Q 2024 driven by a decrease
in international call revenues, offsetting with an increased fixed line.
Expenses of IDR10,788.3 billion were recorded at 1Q 2025, a decrease of IDR281.0 billion or 2.5% lower
compared to 1Q 2024. This decrease was mainly due to decreases in personnel, marketing, general and
administration and increase in other operating income (expense) - net offsetting with increases in cost of
services, depreciation and amortization.
• Cost of Services: increased by IDR105.7 billion or 1.9% higher over 1Q 2024, mainly due to the increase
in partnership cost, utilities, installation, maintenance and radio frequency fee, offsetting with
lower rental and services, interconnection cost and starter pack and voucher.
• Depreciation and Amortization: increased by IDR196.2 billion or 5.3% higher over 1Q 2024,
mainly due to additional fixed assets and right of use asset from network roll out.
• Personnel Expenses: decreased by IDR153.0 billion or 15.9% lower over 1Q 2024
mainly due to decrease in bonus, incentives, other employee benefits and
employee income tax allowance offsetting with higher salaries.
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• Marketing Expenses: decreased by IDR105.0 billion or 19.9% lower over 1Q 2024, mainly due to
decrease in subscriber acquisition cost, marketing agency, advertising and exhibition offsetting with
increase in promotion and channel program.
• General and Administration Expenses: decreased by IDR10.9 billion or 4.8% lower over 1Q 2024 mainly
due to decrease in professional fees, public relations and rent offsetting with increase in provisions for
impairment of trade receivables and transportation.
• Other Operating Income (Expense) – net: increased by IDR314.0 billion or 2,716.4% higher over 1Q 2024
mainly due to one-off reversal of tax provisions and lower share of net loss of associates and joint
ventures.
Other Expenses - net: The Company recorded other expenses-net of IDR1,030.6 billion, increased by
IDR33.5 billion or 3.4% higher over 1Q 2024 due to a decrease in interest income.
Profit for the Period Attributable to Owners of the Parent: The Company recorded net profit of
IDR1,311.1 billion, increased by IDR16.3 billion primarily due to a decrease in personnel expenses, marketing
expenses, general and administration expenses and increase in other operating income (expenses)
offsetting with increase in cost of services, depreciation and amortization and decrease in interest
income.
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Key Indicators (in IDR billion) 1Q 2025 FY 2024 Growth %
ASSETS
Current Assets 14,444.4 14,877.7 (2.9)
Non-Current Assets 99,024.5 99,509.0 (0.5)
TOTAL ASSETS 113,468.9 114,386.7 (0.8)
LIABILITIES
Current Liabilities 30,491.0 31,009.0 (1.7)
Non-Current Liabilities 45,073.8 46,725.9 (3.5)
TOTAL LIABILITIES 75,564.8 77,734.9 (2.8)
TOTAL EQUITY 37,904.1 36,651.8 3.4
TOTAL LIABILITIES & EQUITY 113,468.9 114,386.7 (0.8)
Percentage changes may vary due to rounding.
• Current assets decreased by 2.9% to IDR14,444.4 billion, mainly due to decrease in prepaid frequency
fee and licenses offsetting with increase in trade receivables.
• Non-current assets decreased by 0.5% to IDR99,024.5 billion, mainly due to decrease in fixed assets
and other intangible assets.
• Current liabilities decreased by 1.7% to IDR30,491.0 billion mainly due to decrease in procurement
payables, unearned revenue, short term employee benefit obligations and current maturities of loans
offsetting with increase in trade payables, taxes payable, deposit from customers and lease liabilities.
• Non-current liabilities decreased by 3.5% to IDR45,073.8 billion mainly due to decreased long term loan
and lease liabilities.
Cash Flow and Capital Expenditure
Key Indicators (in IDR billion) 1Q 2025 1Q 2024 Growth %
Net Cash Flows Provided by Operating Activities 6,067.9 6,279.5 (3.4)
Net Cash Flows Used in Investing Activities (3,573.4) (2,688.2) 32.9
Net Cash Flows Used in Financing Activities (2,685.6) (947.9) 183.3
Net Foreign Exchange Differences from Cash and Cash Equivalents 17.4 16.5 5.7
Net (Decrease) Increase in Cash and Cash Equivalents (173.7) 2,659.9 (106.5)
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 4,454.1 5,189.6 (14.2)
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 4,280.4 7,849.5 (45.5)
Percentage changes may vary due to rounding.
Capex in 1Q 2025 amounted to IDR2,620.4 billion (excluding IDR1,247.0 billion of Right of Use
Assets). Approximately 90.4% of the Capex was allocated to cellular; to support data
services demand and the remaining balance was allocated to MIDI and IT Capex.
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STATUS OF DEBT
Total outstanding debt: As of 31 March 2025, the Company had total outstanding gross debts (excluding
unamortized transaction costs and lease liabilities) of IDR13,616.0 billion. The Company’s cash position as
at 31 March 2025 stood at IDR4,280.4 billion and net debt is at IDR9,335.6 billion. The composition of the
Company’s gross debt, excluding lease liabilities, is as follows:
Debt Proportion (Principal amount) 1Q 2025 FY 24 Growth %
IDR Loans (billion) 7,750.0 9,050.0 (14.4)
IDR Bonds (billion) 5,866.0 5,866.0 -
Total maturing debt: in the next twelve months, IDR3,776.8 billion of the Company’s debt is maturing. The
average tenor of debt is 1.9 years as of 31 March 2025.
OPERATIONAL RESULTS
Annually Quarterly
Key Indicators
1Q 2025 1Q 2024 Growth % 1Q 2025 4Q 2024 Growth %
Customers - Postpaid (million) 1.6 1.6 1.4 1.6 1.5 3.0
Customers - Prepaid (million) 93.8 99.2 (5.4) 93.8 93.2 0.7
Customers - Total (million) 95.4 100.8 (5.4) 95.4 94.7 0.7
ARPU (Postpaid) (IDR thousand) 87.8 85.9 2.1 87.8 99.6 (11.9)
ARPU (Prepaid) (IDR thousand) 38.4 36.7 4.5 38.4 38.0 1.1
ARPU (Blended) (IDR 39.2 37.5 4.6 39.2 38.9 0.8
MoU (minutes) 5.2 6.1 (15.4) 5.2 5.3 (2.9)
Data Traffic (PB) 3,922 3,858 1.6 3,922 4,119 (4.8)
SMS Traffic (bn) 0.1 0.7 (78.2) 0.1 0.2 (35.3)
Percentage changes may vary due to rounding
In 1Q 2025, the Company’s customer base decreased by 5.4 million customers to 95.4 million compared to
1Q 2024 due to SIM consolidation in the market.
ARPU for cellular customers increased in 1Q 2025 to IDR39.2 thousand, an increase of 4.6% or
IDR1.7 thousand higher compared to 1Q 2024.
Average Minutes of Usage (MOU) per customer decreased to 5.2 minutes, a 15.4% decrease compared to
1Q 2024 inline with the decrease of industry trend related to traditional voice services.
NETWORKS
As of 31 March 2025, the Company operated ~202K 4G BTS (adding ~18K 4G BTS during 1Q 2025) and 107 5G
BTS.
Annually
Key Indicators
1Q 2025 1Q 2024 % Change
Base Transceiver Stations (BTS) 2G 54,366 51,269 6.0
4G 202,179 183,760 10.0
5G 107 90 18.9
About Indosat Ooredoo Hutchison
Indosat Ooredoo Hutchison (Indosat, IDX: ISAT) has the vision to become the most preferred digital telecommunications company in
Indonesia. Together with its subsidiaries and affiliates, Indosat provides cellular services, ICT solutions, data centers, Fiber to the Home
(FTTH), electronic payment services, financial services, and other digital services. Indosat has a larger purpose of empowering Indonesia,
and with the spirit of Gotong Royong, Indosat wants to be the main collaborator in realizing it and creating meaningful change.
https://ioh.co.id/
Ticker: ISAT; Closing Price: IDR1,455; Market Capitalization: IDR46.9 trillion; Ratings: Pefindo idAAA (Stable);
Fitch AAA(idn) (Stable);
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UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
For The Three-Month Periods Ended 31 March 2025 and 2024
(Expressed in Billions of Rupiah)
Growth
Description 2025 2024
(%)
REVENUES
Cellular 11,421.8 11,656.8 (2.0)
Multimedia, Data Communication, Internet ("MIDI") 1,961.4 1,971.3 (0.5)
Fixed Telecommunications 194.7 207.2 (6.0)
TOTAL REVENUES 13,577.9 13,835.3 (1.9)
(EXPENSE) INCOME
Cost of services (5,717.7) (5,612.0) 1.9
Depreciation and Amortization (3,928.0) (3,731.8) 5.3
Personnel (808.5) (961.5) (15.9)
Marketing (421.9) (526.9) (19.9)
General and Administration (214.7) (225.6) (4.8)
Loss on Foreign Exchange - net (14.0) (2.5) 461.3
Share of Net Loss of Associates and Joint Ventures (5.6) (51.0) (89.0)
Others - Net 322.1 42.0 666.9
TOTAL EXPENSES (10,788.3) (11,069.3) (2.5)
OPERATING PROFIT 2,789.6 2,766.0 0.9
Interest Income 46.9 90.7 (48.3)
Gain on Foreign Exchange - net 12.2 6.2 97.7
Finance Costs (1,089.7) (1,094.0) (0.4)
OTHER EXPENSES - Net (1,030.6) (997.1) 3.4
PROFIT BEFORE INCOME TAX 1,759.0 1,768.9 (0.6)
INCOME TAX EXPENSE (346.8) (377.3) (8.1)
PROFIT FOR THE PERIOD 1,412.2 1,391.6 1.5
PROFIT FOR THE PERIOD ATTRIBUTABLE TO:
OWNERS OF THE PARENT 1,311.1 1,294.8 1.3
NON-CONTROLLING INTERESTS 101.1 96.8 4.3
TOTAL 1,412.2 1,391.6 1.5
Percentage changes may vary due to rounding.
Disclaimer
This document contains certain financial information and results of operation, and may also contain certain projections, plans, strategies,
and objectives of Indosat Ooredoo Hutchison, that are not statements of historical fact which would be treated as forward-looking
statements within the meaning of applicable law. Forward looking statements are subject to risks and uncertainties that may cause
actual events and Indosat Ooredoo Hutchison's future results to be materially different than expected or indicated by such statements.
No assurance can be given that the results anticipated by Indosat Ooredoo Hutchison, or indicated by any such forward looking
statements, will be achieved.
The financial information provided herein is based on Indosat Ooredoo Hutchison’s consolidated financial statements in accordance with
Indonesian Financial Accounting Standards.
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