ISAT, EXCL, TLKM Revise EBITDA and Profit Outlook Amid ARPU Decline

Bisnis.com, JAKARTA — Several securities firms have revised down their 2025 EBITDA and net profit forecasts for telecommunications players ISAT, EXCL, and TLKM, even as they expect industry conditions to improve in the second half of the year.

In H2/2025, EBITDA at a number of telecom operators came under pressure, weighed down by declining average revenue per user (ARPU) — a key metric indicating the average income generated from each active user of a service, application, or business.