Axiata Group Berhad said its first-quarter 2026 profit more than doubled to 273.8 million ringgit (US$69.1 million).

The company said stronger operations and lower finance costs helped offset currency pressure.

Reported revenue fell 3.2% year on year to 2.8 billion ringgit (US$706 million).

EBITDA and operating free cash flow also increased during the quarter.

Axiata said its balance sheet remained close to its earlier leverage target.

Cash stood at 3.6 billion ringgit (US$908 million), while net debt to EBITDA was 2.51x, near its earlier 2.5x target for end-2026.

Axiata said revenue grew 8.5% on a constant-currency basis, reflecting the effect of a stronger ringgit against currencies in its markets, including Malaysia, Indonesia, Sri Lanka, Bangladesh, and Cambodia.

Indonesia’s XLSmart posted 37.6% revenue growth as merger benefits began to emerge after XL Axiata and Smartfren completed their merger in April 2025.

Axiata previously said the deal has a synergy target of US$300 million to US$400 million in annual pretax run-rate savings after integration.

Boost also benefited from 51 million ringgit (US$12.9 million) in one-off software-related income, while ADA’s margins fell as platform and logistics costs rose.

🔗 Source: Axiata Group Berhad

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