Is Maxis Berhad profitable in 2026?

Yes. Maxis posted Q1 FY2026 profit after tax of RM417 million, up 12.4% year on year, as of 2026-03-31, following FY2025 full-year PAT of RM1,561 million, up 11.8% YoY, on revenue of RM10.64 billion.

Who owns Maxis Berhad?

Maxis is controlled via Usaha Tegas/Binariang GSM, linked to Malaysian tycoon T. Ananda Krishnan. Saudi Telecom Company holds an indirect ~16% economic interest through a 2007 ~25% Binariang stake, and Amanah Saham Nasional held 10-13% as of the FY2025 AGM (2026-05-18).

Could AI replace Maxis Berhad's business?

No. Maxis's core product is physical connectivity, spectrum licences, fibre and 5G wholesale co-ownership of Digital Nasional Berhad, none of which AI can replicate. GenAI tools like Mia (2025-03-13) and Miya (2025-10-15) automate customer service, not the network itself.

Who is Maxis Berhad's biggest competitor?

CelcomDigi Berhad, Malaysia's largest combined-subscriber mobile operator formed from the 2023 Celcom-Digi merger, is Maxis's top rival and also co-owns the DNB 5G wholesale network with Maxis, contesting pricing since initiating industry repricing in January 2026.

Did Maxis Berhad have layoffs recently?

Reported headcount for the listed entity dropped from 3,311 (2024) to 2,911 as of 2025-12-31, a 12.08% decline, continuing a multi-year downward trend from 3,609 in 2023, consistent with cost discipline cited in FY2025 results.

How many subscribers does Maxis Berhad have?

Maxis reported 9.98 million total subscribers for FY2025, up 2.8% year on year, as of 2025-12-31, with postpaid net additions marking a 17th consecutive quarter of growth as of Q1 FY2026 (2026-03-31).

Telecom infrastructure · Malaysia

Maxis Berhad

maxis.com.my ↗

Maxis is Malaysia's largest mobile and broadband operator, serving nearly 10 million subscribers.

Hard to displace

Assessed 25 July 2026 · Evidence as of 25 July 2026

Strong structural protection; the business model survives ai pressure.

On the recordSince 25 July 2026 · Checkable from Q3 2026 · Every call on the record Checkpoint: DNB 5G wholesale valuation clarity expected from analysts

The call

Maxis runs a regulated, capital-heavy network business where competitors squeeze margins slowly, not one that AI models can disrupt directly.

Maxis is a major phone and internet provider in Malaysia with nearly 10 million customers. It is very hard to replace because the government controls who gets to use radio frequencies for mobile service, and building the physical towers and fiber lines to reach homes costs billions of dollars, so new competitors cannot easily start up. The main threat is if rival companies like CelcomDigi and U Mobile start charging much less money, which could force Maxis to drop its prices and earn less profit per customer, and if new customers stop signing up for its phone service for two quarters in a row.

Why

AI pressure: None apparent. AI mostly feeds Maxis by driving data and connectivity demand rather than replacing its network or spectrum business. Could AI do the core job? Unlikely.

Bigger players: CelcomDigi and U Mobile. Both rivals run live 5G and postpaid plans in the same market, pressuring ARPU and pricing even as Maxis keeps adding subscribers. Could a giant copy it? No, they are blocked.

What protects it. MCMC-regulated spectrum licences and heavy fibre/tower infrastructure make the network itself nearly impossible to replicate.

What would change this call

Maxis postpaid net-add streak (17 quarters as of Q1 FY2026) breaks for 2+ consecutive quarters. Would show CelcomDigi or U Mobile are actively winning subscribers from Maxis.
Maxis quarterly ARPU falls below RM68 in FY2026 results. Would show rival repricing is compressing Maxis's per-user revenue.
DNB asset valuation clarity or write-down disclosed by Q3 2026. Would show shared 5G infrastructure costs are becoming a financial drag on Maxis.

Key numbers

FY2025 revenue RM10.64 billion (2025-12-31)
Q1 FY2026 service revenue RM2.24 billion, +3.3% YoY (2026-03-31)
Postpaid ARPU RM70.3 in Q1 FY2026 (2026-03-31)

Named risks

ARPU compression from industry-wide repricing initiated by CelcomDigi from Jan 2026. Severity: medium
DNB asset valuation write-down could re-rate Maxis EV/EBITDA downward by Q3 2026. Severity: medium
Possible STC/Binariang stake sale creating ownership uncertainty, per July 2026 reporting. Severity: medium
U Mobile's parallel 5G build with Huawei/ZTE could reshape competitive and regulatory dynamics. Severity: medium
Continued headcount decline signals cost pressure even as profits grow. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
CelcomDigi Berhad	contesting	Co-owns DNB with Maxis and led industry repricing from Jan 2026, pressuring ARPU
U Mobile Sdn Bhd	gaining on	Awarded second 5G wholesale licence Nov 2024, exited DNB stake May 2025, building parallel network
Telekom Malaysia/Unifi	contesting	Signed separate 3-year wholesale 5G deal with U Mobile in mid-2026 after leaving DNB equity
YTL Communications (Yes)	contesting	Co-owner of DNB alongside Maxis and CelcomDigi since March 2026 buyout

Questions people ask

Is Maxis Berhad profitable in 2026?: Yes. Maxis posted Q1 FY2026 profit after tax of RM417 million, up 12.4% year on year, as of 2026-03-31, following FY2025 full-year PAT of RM1,561 million, up 11.8% YoY, on revenue of RM10.64 billion.
Who owns Maxis Berhad?: Maxis is controlled via Usaha Tegas/Binariang GSM, linked to Malaysian tycoon T. Ananda Krishnan. Saudi Telecom Company holds an indirect ~16% economic interest through a 2007 ~25% Binariang stake, and Amanah Saham Nasional held 10-13% as of the FY2025 AGM (2026-05-18).
Could AI replace Maxis Berhad's business?: No. Maxis's core product is physical connectivity, spectrum licences, fibre and 5G wholesale co-ownership of Digital Nasional Berhad, none of which AI can replicate. GenAI tools like Mia (2025-03-13) and Miya (2025-10-15) automate customer service, not the network itself.
Who is Maxis Berhad's biggest competitor?: CelcomDigi Berhad, Malaysia's largest combined-subscriber mobile operator formed from the 2023 Celcom-Digi merger, is Maxis's top rival and also co-owns the DNB 5G wholesale network with Maxis, contesting pricing since initiating industry repricing in January 2026.
Did Maxis Berhad have layoffs recently?: Reported headcount for the listed entity dropped from 3,311 (2024) to 2,911 as of 2025-12-31, a 12.08% decline, continuing a multi-year downward trend from 3,609 in 2023, consistent with cost discipline cited in FY2025 results.
How many subscribers does Maxis Berhad have?: Maxis reported 9.98 million total subscribers for FY2025, up 2.8% year on year, as of 2025-12-31, with postpaid net additions marking a 17th consecutive quarter of growth as of Q1 FY2026 (2026-03-31).

Timeline

2026-06-23GenAI eKelas programme expanded with Ministry of Education, targeting 32,000+ students across 400 schools
2026-05-18Kenanga note confirms 17th consecutive quarter of postpaid net-adds, ARPU RM70.3
2026-05-15Q1 FY2026 results released; won 10-year ECRL infrastructure and telecom partner role
2026-03-07Maxis, CelcomDigi, YTL complete DNB stake buyout from government for ~RM327.87 million
2026-02-12FY2025 results: revenue RM10.64bn, EBITDA +5.0%, PAT +11.8%
2026-01-01CelcomDigi initiates industry-wide prepaid/postpaid repricing, Maxis and U Mobile follow
2025-10-15Launched Miya, GenAI in-app assistant built with Google Cloud Vertex AI/Gemini
2025-03-13Launched Mia, GenAI concierge for Maxis Business Hub self-serve portal
2025-03-01Datuk Johan Idris becomes independent non-executive Chairman

Revision history

25 July 2026

First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.

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