After the Merger, XLSmart (EXCL) Suffered Losses in 2025

PT XL Axiata Tbk, PT Smartfren Telecom Tbk, and PT Smart Telecom merged to form PT XLSmart Telecom Sejahtera Tbk (EXCL) in April 2025.

After this business merger, EXCL managed to earn revenue of Rp42.45 trillion in 2025, a 23% increase compared to the previous year (year-on-year/yoy).

"We are grateful and proud of the company's achievements from the early stages of the merger to the end of 2025. Amidst the dynamic challenges of the industry and the consolidation process, we have still managed to achieve good results," said XLSmart's President Director & CEO, Rajeev Sethi, in a press release (13/2/2026).

However, this merger also had an impact on the increase in infrastructure costs, employee salaries, administrative expenses, and various other burdens, resulting in total expenses rising by 52% (yoy) to Rp43.58 trillion.

"In terms of operating costs, there was an increase in expenses due to the integration process and the expanding operational activities after the merger," said EXCL's management in a press release.

"Sales and marketing-related expenses also increased compared to the same period of the previous year as a result of rising sales commissions and increasing advertising and promotion costs related to the launch of 5G and network expansion," he continued.

As a result, despite the increase in revenue, EXCL suffered a loss attributable to the parent entity of Rp4.43 trillion in 2025.

This situation reversed compared to the previous year, where they recorded a profit of Rp1.82 trillion, as shown in the chart.

By the end of 2025, EXCL had assets worth Rp115.32 trillion, an increase of 33.8% compared to the end of 2024. About 74% of these assets were in the form of liabilities or debt.