JP Morgan Maintains Conservative View on EXCL After 2025 Losses
JP Morgan maintains a conservative outlook on EXCL after a 2025 net loss of IDR 4.42 trillion, citing subscriber losses and increased expenses.
(Bisnis.Com) 01/01/70 07:00 142085
Bisnis.com, JAKARTA — JP Morgan has reiterated its conservative outlook on telecommunications firm PT XLSmart Sejahtera Tbk. (EXCL) after the company slipped into the red in 2025.
EXCL reported a net loss of IDR 4.42 trillion in 2025, a sharp reversal from a net profit of IDR 1.81 trillion a year earlier. The downturn was largely attributable to a surge in expenses that exceeded revenue growth. Total expenses jumped to IDR 43.5 trillion, marking a 52.21% year-on-year increase from IDR 28.6 trillion.
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