Is CelcomDigi profitable in 2026?

Yes. CelcomDigi reported Q1 FY2026 net profit of RM418 million for the quarter ended 31 March 2026, up about 9% year-over-year from RM384 million, driven by lower operating expenses and device costs, alongside revenue of RM3,208 million.

CelcomDigi Berhad is publicly listed on Bursa Malaysia (ticker CDB), with Axiata Group Berhad and Norway's Telenor ASA each holding 33.1% following the November 2022 Celcom-Digi merger; the remainder trades with public and institutional investors.

Could AI replace CelcomDigi?

No. CelcomDigi's business rests on government-granted spectrum licenses, physical towers and fibre, and its equity stake in Digital Nasional Berhad's 5G wholesale network, all regulated and capital-intensive assets that AI software cannot replicate or substitute for.

Who is CelcomDigi's biggest competitor?

Maxis Berhad is CelcomDigi's closest rival, and The Edge Malaysia reported Maxis growing service revenue and subscribers faster than CelcomDigi in several quarters through 2024, while U Mobile launched a rival 5G wholesale network, ULTRA5G, in August 2025.

Is CelcomDigi laying off staff in 2026?

No new layoffs are reported for 2026 specifically; the major workforce reduction was a ~RM140 million Voluntary Separation Scheme tied to merger integration in Q1 2024, and job postings actually rose 64.1% in 2025 to 103, per Revelio Labs data from December 2025.

What is CelcomDigi's stock ticker and is it public?

CelcomDigi Berhad trades on Bursa Malaysia under ticker CDB (MYX: 6947), formed from the Celcom-Digi merger completed 30 November 2022 and renamed CelcomDigi on 27 February 2023, per Wikipedia's July 2026 entry.

Telecom infrastructure · subsidiary · Malaysia

CelcomDigi

celcomdigi.com ↗

Malaysia's largest mobile operator, merged from Celcom and Digi, ~47% subscriber share.

Defensible for now

Assessed 25 July 2026 · Evidence as of 25 July 2026

Real protection, with named pressure against it.

On the recordSince 25 July 2026 · Checkable from 18 Aug 2026 · Every call on the record Checkpoint: Q2 FY2026 earnings release, expected to show whether ARPU pressure is stabilizing or worsening

The call

CelcomDigi's size and licenses keep it standing, but flat revenue, ARPU pressure, and a costly DNB stake leave little room for missteps as U Mobile expands 5G coverage.

CelcomDigi runs Malaysia's biggest mobile phone network, owns towers and fiber cables across the country, and serves nearly half of all phone users. It is hard to replace because the government only gives out a few operating licenses and CelcomDigi owns essential physical infrastructure, but it is not growing fast because competitors like Maxis are taking customers and new company U Mobile launched a competing 5G network in August 2025. The real question is whether CelcomDigi can keep its profit margins steady while paying off a 677 million ringgit debt from a recent tower purchase, or whether it will have to cut dividends and slow spending on new technology.

Why

AI pressure: None apparent. AI models don't threaten licensed spectrum or towers; AI mainly helps CelcomDigi cut costs via network automation and chatbots. Could AI do the core job? Unlikely.

Bigger players: U Mobile. U Mobile's ULTRA5G network, targeting 80% population coverage in 2H 2026, could pull enterprise 5G deals away from the DNB wholesale model CelcomDigi paid into. Could a giant copy it? No, they are blocked.

What protects it. Spectrum licenses, national towers and fibre, and DNB co-ownership make CelcomDigi one of only a few operators legally able to run Malaysia's mobile network.

What would change this call

CelcomDigi Q2 FY2026 results (~18 Aug 2026) show ARPU trend. Two straight quarters of YoY ARPU decline would confirm accelerating price competition.
U Mobile ULTRA5G reaches 80% population coverage by 2H 2026. Would show U Mobile closing the network gap and pressuring DNB's wholesale model.
Any impairment charge on CelcomDigi's DNB stake in coming financial statements. Would confirm the RM677M DNB investment is losing value under competitive pressure.

Key numbers

FY2025 revenue RM13.03B, up 2.16% YoY (2025-12-31)
Q1 FY2026 net profit RM418M, up 9% YoY (2026-03-31)
Home & Fibre revenue +56% YoY, 297K subscribers (2026-03-31)

Named risks

ARPU and ARPA erosion from sustained competitive pricing pressure into 2H2026. Severity: medium
DNB debt burden (>RM677M invested) constraining future capex and dividend capacity. Severity: medium
U Mobile's ULTRA5G ramp toward 80% coverage could pressure DNB wholesale economics. Severity: medium
Regulatory upheaval such as forced spectrum reallocation or DNB impairment. Severity: high
Board governance turnover with two non-executive director resignations in July 2026. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Maxis Berhad	gaining on	Grew service revenue and subscribers faster than CelcomDigi in several 2024 quarters (theedgemalaysia.com, 2024-10-21)
U Mobile	contesting	Launched rival ULTRA5G wholesale network Aug 2025, targeting 80% coverage 2H 2026
Telekom Malaysia (Unifi Mobile)	contesting	Fixed-line incumbent expanding into mobile via Unifi Mobile, per 2024 market report
YTL Communications (Yes)	contesting	Price-leadership positioning and DNB co-shareholder as of 2026 DNB privatization

Questions people ask

Is CelcomDigi profitable in 2026?: Yes. CelcomDigi reported Q1 FY2026 net profit of RM418 million for the quarter ended 31 March 2026, up about 9% year-over-year from RM384 million, driven by lower operating expenses and device costs, alongside revenue of RM3,208 million.
Who owns CelcomDigi?: CelcomDigi Berhad is publicly listed on Bursa Malaysia (ticker CDB), with Axiata Group Berhad and Norway's Telenor ASA each holding 33.1% following the November 2022 Celcom-Digi merger; the remainder trades with public and institutional investors.
Could AI replace CelcomDigi?: No. CelcomDigi's business rests on government-granted spectrum licenses, physical towers and fibre, and its equity stake in Digital Nasional Berhad's 5G wholesale network, all regulated and capital-intensive assets that AI software cannot replicate or substitute for.
Who is CelcomDigi's biggest competitor?: Maxis Berhad is CelcomDigi's closest rival, and The Edge Malaysia reported Maxis growing service revenue and subscribers faster than CelcomDigi in several quarters through 2024, while U Mobile launched a rival 5G wholesale network, ULTRA5G, in August 2025.
Is CelcomDigi laying off staff in 2026?: No new layoffs are reported for 2026 specifically; the major workforce reduction was a ~RM140 million Voluntary Separation Scheme tied to merger integration in Q1 2024, and job postings actually rose 64.1% in 2025 to 103, per Revelio Labs data from December 2025.
What is CelcomDigi's stock ticker and is it public?: CelcomDigi Berhad trades on Bursa Malaysia under ticker CDB (MYX: 6947), formed from the Celcom-Digi merger completed 30 November 2022 and renamed CelcomDigi on 27 February 2023, per Wikipedia's July 2026 entry.

Timeline

2026-07-24Telenor-nominated director Rita Skjaervik resigned from CelcomDigi board
2026-07-21Analysts forecast flat 2Q FY2026 core earnings of RM440-445 million
2026-07-15CelcomDigi commenced equity buyback plan
2026-07-10Axiata-nominated director Vivek Sood resigned from CelcomDigi board
2026-06-09Launched Malaysia's first industrial 5G-SA Advanced Intelligent Warehouse
2026-03-31Q1 FY2026 results: revenue RM3,208M, net profit RM418M, up 9% YoY
2026-03-25CelcomDigi, Maxis, YTL completed acquisition of government's DNB stake
2025-08-31U Mobile's ULTRA5G second national 5G wholesale network went live
2025-04-07Signed MoU with Ericsson for AI-driven autonomous network operations
2024-07-08Opened RM55 million AI Experience Centre with 40+ live AI/5G pilots

Head to head

CelcomDigi vs Telekom Malaysia (TM)

Revision history

25 July 2026

First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.

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