Transcripts
PT Sarana Menara Nusantara Tbk.'s management answers for the business every quarter. These are the exchanges that explain it best — verbatim, from the call transcripts preserved in Sources. Each link opens the full transcript at that page in a new tab.
Q4 FY2025 Earnings Call (Full-Year 2025 Audited Results) — Q4 FY2025
The only available transcript, and a good one: management walks through the tower-and-fiber model, why consolidating carriers depend on it, its pricing discipline and financing, and a deliberately cautious 2026 outlook. · Open the full transcript →
The full-year 2025 audited headline: revenue up IDR 4.6tn to IDR 13.3tn, EBITDA +2.5%, net profit +10.3%.
Adam Gifari (Adviser & Group Investor Relations, PT Sarana Menara Nusantara): So as you can see here, we reached full year operating revenue of IDR 13.3 trillion, representing a IDR 4.6 trillion increase for 2025 compared to full year 2024. […] EBITDA reached IDR 10.97 trillion, growing by 2.5%, while net profit after minority interest stood at IDR 3.678 trillion, an increase of 10.3% year-on-year.
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The scale and why carriers can't route around it: 50%+ of the merged XL-Smartfren network sits on its towers, plus pricing discipline.
Adam Gifari (Adviser & Group IR): given we have 170,000 kilometers of fiber, we have 35,000 towers. We see that we have one of the largest independent digital telecommunication infrastructur provider. […] So the merger of XL Axiata and Smartfren, which opens up significant opportunities. They need us because more than 50% of the network is on our towers, and they use a lot of our fibers as well. […] We think we – in the infrastructure space, we are among the leaders of pricing discipline. That yield remain relatively low, but what we provide to the industry is actually something very efficient compared to where people would go out of pocket, spend their own capital to build towers and fiber.
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How it funds itself — targeting the country's cheapest capital, ~$1.3bn of liquidity — and a market now down to three carriers.
Adam Gifari (Adviser & Group IR): Access to low cost of funding is discussed all the time. We want to be sure that we have the best cost of capital in the country. […] So liquidity amount was $1.3 billion equivalent in rupiah mostly, given banks are also having trouble to find other businesses that is as stable as ours. […] the telecom space has come down to 3 players basically during 2025, as we all know, with the most recent merger, XL and Smartfren.
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No hedge accounting: a weaker rupiah only hits the P&L as mark-to-market when the USD debt is actually repaid.
Adam Gifari (Adviser & Group IR): While we are on this slide, I received a question whether we would get a ForEx gain or ForEx loss if rupiah continues to depreciate. […] I think our response to that is that we do not have hedge accounting, which means there is not direct correlations between certain depreciation in rupiah with our P&L or appreciatio in rupiah into our P&L. So only by the time we basically pay down the debt and we enjoy a positive mark-to-market by the time we pay, then we see a positive result in that moment, in that quarter, for instance, when we pay down the debt.
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What really drove the XL-Smartfren revenue jump — and management's flat-towers, low-single-digit 2026 guide.
Sabrina (analyst); Adam Gifari (Adviser & Group IR): Congrats on the good set of results. Only 2 questions from me. So the first one is we actually noticed a meaningful Q-on-Q increase in the revenue from XL, Smart contracts. Could you share with us more colors on the nature of these deals? And what is actually driving the growth? […] So we – like we said, we relook at what we have. So several of the collections were actually taking place in 4Q and then some additional run rate revenue also incurred during 2025 last quarter, fourth quarter. […] So overall, I think for towers, non-towers combined, we see the company to book basically low single-digit revenue growth, and then EBITDA also and then net profit before we see additional upside.
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Earnings quality pressed: asked to normalize out tax volatility, management concedes it can't reliably forecast the rate.
Unknown Analyst; Adam Gifari (Adviser & Group IR): But I think we all recognize that the 2025 result, be it was partly driven by the tax. Can you please quantify normalized full year 2025 earnings if we take out the tax expense volatility and what would be the effective tax rate that we should assume for 2026? […] In 2024, there was a higher tax payment because of different opinions between our management and then tax office in 2024. […] right now, it's, I think, quite normalized tax rate, but no guarantee about that because of – there's always a possibility of different tax opinion between us and tax office.
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Unit economics: fiber pricing bottomed, bandwidth-for-price swaps hold revenue, and ~900 staff run 36,000 towers.
Hartono Tanuwidjaja (Director & Chief of Staff); Adam Gifari (Adviser & Group IR): I answer for the fiber – for the pricing for fiber, if relate to the FTTT, I think it's already bottomed. I think we don't see any further decrease on that. For the connectivity, yes, we see that it's very natural the price will go down every year. However, what we do is we don't – we try to maintain the price. Instead of lowering the price, we give them more bandwidth. So the revenue is still remained the same. […] For instance, the number of people operating under towers, even though we were 15,000 towers or 20,000 towers, the headcount on the tower is still 900 people more or less. So that provides a very high tower count per headcount that we have under towers.
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