XL Axiata strategy comes into focus, shares trade actively in Jakarta

By Christina Vogel, Background & Management desk. Reviewed prior to publication on 2026-06-22, 22:53.

XL Axiata (ID1000132103) opens the week as one of Indonesia’s larger mobile operators, with its EXCL shares trading on the Indonesia Stock Exchange in Jakarta. The group sits within Axiata Group’s regional telecom portfolio and continues to push a data-led, convergence strategy in Southeast Asia.

Position in the Axiata portfolio

XL Axiata is majority owned by Malaysia-based Axiata Group, which historically held more than 60 percent of the Indonesian operator and positions it as a core asset alongside units in Sri Lanka and Cambodia. Axiata Group is itself listed in Kuala Lumpur and competes regionally with peers such as Singapore’s Singtel and Thailand’s AIS in mobile and digital services across multiple markets.

Within the Indonesian market, XL Axiata is part of a concentrated competitive field that includes Telkomsel and Indosat Ooredoo Hutchison, with all three groups focusing on 4G capacity, fiber connectivity and digital services for growth. These operators collectively serve a population of more than 270 million people and are closely watched by regional investors active on exchanges such as the Indonesia Stock Exchange, SGX and Bursa Malaysia.

Strategic focus and network investments

XL Axiata’s strategy emphasizes high-capacity data networks, expanded 4G coverage and selective 5G trials to support rising smartphone usage and video streaming in Indonesia’s larger cities. Management has also highlighted convergence between mobile and fixed broadband, using fiber infrastructure and partnerships to reach households and small businesses with bundled services.

The company’s capital expenditure in recent years has been directed towards network densification, additional spectrum utilization and upgrading transport networks to handle heavier data traffic, broadly in line with regional telecom peers such as Indosat Ooredoo Hutchison and Telkomsel. As part of the wider Axiata Group, XL Axiata also benefits from shared procurement and technology expertise across its sister operations in South and Southeast Asia.

How XL Axiata earns its money

XL Axiata generates most of its revenue from mobile services, including voice, SMS and especially data from prepaid and postpaid customers across Indonesia, complemented by fixed broadband and enterprise connectivity offerings. The company also sells digital value-added services such as content, mobile financial services and Internet of Things connectivity, seeking to lift average revenue per user over time.

Where the EXCL shares trade today

The XL Axiata shares (ID1000132103) trade on the Indonesia Stock Exchange in Jakarta under the ticker EXCL, with the price quoted in Indonesian rupiah.

This article is for informational purposes only and does not constitute investment advice, a recommendation to buy or sell any financial instrument, or a solicitation of any transaction. Investors should conduct their own research or consult a qualified financial advisor before making investment decisions.