CHAIRMAN’S STATEMENT

DATUK JOHAN BIN IDRIS

Chairman

Dear Stakeholders,

2025 marks a significant milestone for Maxis as we celebrate 30 years of excellence as a homegrown brand. Over these three decades, we have transformed how Malaysians connect and communicate, playing a vital role in advancing digital inclusion and innovation across the nation.

As the newly appointed Chairman, I am honoured to lead Maxis at a time when we stand firmly as Malaysia’s leading integrated telco. We are committed to delivering exceptional services and solutions that empower individuals, businesses, and communities. In doing so, we will keep the Maxis name synonymous with quality, reliability, and progress.

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Total Dividend Payout

RM 1.3 billion

Dividend Per Share

17 sen

Expanding connectivity to

> 10.4 million

Revenue Generating Subscribers (RGS)

CHIEF EXECUTIVE OFFICER’S STATEMENT

GOH SEOW ENG

Chief Executive Officer

Dear Shareholders,

As we reflect on 2024, a year marked by significant achievements and dynamic market shifts, I am filled with pride in the resilience and unwavering dedication of the Maxis team. This year, as we celebrate our 30th anniversary, we have not only solidified our position as Malaysia’s leading integrated telecommunications company, but also laid a strong foundation for continued growth and innovation.

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Service Revenue

RM 8.87 billion

3.5% YoY

EBITDA

RM 4.12 billion

4.1% YoY

PAT

RM 1.40 billion

40.7% YoY

FINANCIAL
REVIEW

Maxis continued to build on its growth momentum with a strong performance in the financial year ended 31 December 2024 (FY2024). The Company’s Consumer and Enterprise Businesses maintained a healthy growth across core connectivity and adjacent digital solutions business, solidifying Maxis’ position as Malaysia’s leading integrated telco.

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Revenue
(RM million)

2024:

10,536

2023:

10,180

Device Revenue

Service Revenue

Consumer Revenue
(RM million)

2024:

7,258

2023:

7,064

Consumer Home Connectivity

Consumer Prepaid

Consumer Postpaid

Enterprise Revenue
(RM million)

2024:

1,610

2023:

1,508

Fixed & Solutions

Mobile

EBITDA
(RM million)

2024:

4,122

2023:

3,960

Depreciation, Amortisation & Others

EBIT

Proﬁt After Tax
(RM million)

2024:

1,396

2023:

992

Reported Proﬁt After Tax

Return on Average Equity (%)

CAPEX
(RM million)

2024:

674

2023:

813

CAPEX

Operating Free Cash Flow
(RM million)

2024:

3,057

2023:

2,816

OFCF

Net Debt
(RM million)

2024:

8,825

2023:

9,203

Net Debt

Net Debt to EBITDA (x)

VALUE CREATION MODEL

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Creating Sustainable Value for Our Business and Stakeholders

OUR INPUTS

PROCESS

OUR OUTPUTS

OUR VALUE CREATION OUTCOMES

• Enhancing Profitability & Shareholder Value

• Sustaining Growth Through Market Expansion & Digital Innovation

• Transforming Customer Experience with Seamless Digital Engagement

• Driving Business Excellence

• Delivering Sustainable Value

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DELIVERING

SUSTAINABLE VALUE

Mapping to GRI

Sustainability Performance Data

CLIMATE CHANGE

At Maxis, we recognise that managing our environmental footprint and addressing climate change are integral to our long-term sustainability and the trust we build with our stakeholders. Our efforts not only mitigate risks but also position us to deliver greater value to our customers and investors.

Key Initiatives at Base Stations and Technical Operation Centres (TOC)

Energy Efficiency Upgrade

Deployed in row cooling systems to replace outdated High Precision Air Conditioner (HPAC) units at Technical Operation Centres (TOC).

3G BBU and RRU Shutdown

Deactivated outdated equipment and upgraded to 4G/5G technology to lower operational costs, reduce environmental impact and ensure smooth network operations.

C-SON

Managed the network by powering down unused equipment and balancing traffic to reduce energy consumption while maintaining seamless network operations.

Solar Deployment

Implemented at sites across Malaysia, leveraging abundant sunlight to power operations. High-efficiency converters and Maximum Power Point Tracking (MPPT) enhance performance and reliability, making solar a superior alternative to diesel generators by eliminating fuel use and reducing maintenance needs.

Rectifier Efficiency

Introduced high-efficiency rectifiers to minimise power loss, lower operational costs and reduce heat output. This reduces cooling energy requirements.

Decommissioned Legacy Equipment and Consolidated Core Network

Decommissioned outdated equipment and consolidated networks to optimise space utilisation. This lowers energy consumption in data centres and power plants.

ENVIRONMENTAL MANAGEMENT

As a responsible organisation, we recognise the need to mitigate environmental risks and comply with regulations, including conducting Environmental Impact Assessments (EIA) where necessary. Effective waste management helps us reduce hazardous waste, promote circularity and responsibly handle e-waste to conserve resources and prevent pollution.

Network Equipment

In 2024, 325 Remote Radio Units (RRUs) units were replaced using decommissioned equipment, reducing the need for new replacements and lowering costs. In FY2024, our waste management initiatives resulted in an 88% recycling rate for network waste. This outcome was supported by effective waste segregation, resource recovery and collaboration with licensed recyclers.

Office Waste

For the eighth consecutive year, we partnered with Community Recycle for Charity (CRC), a non-governmental organisation, to recycle our office waste and contribute to charitable fundraising.

Marketing Materials

We achieved a 26% recycling rate for marketing materials, representing our ongoing efforts to improve waste segregation and recycling within our marketing and promotional activities.

e-Waste Management

In our commitment towards better managing and minimising e-waste, we continue to move towards establishing a more circular economy in our day-to-day activities. We are focused on initiating circularity in our operations and customer journey through our expansive trade-in programme, strategic partnerships with our vendors and formalising efficient e-waste management into our operational processes.

Water Management

We continue to strive for responsible water management, focusing on optimising consumption and ensuring compliance with regulatory standards. Our water consumption is predominantly concentrated in Office and Network sites, with a minor contribution from Sales and Services sites. We continue to monitor our water consumption to improve efficiency and minimise environmental impact.

EMPLOYEE DEVELOPMENT

Investing in the development of our people enhances their capabilities and aligns their skills with organisational objectives. This is critical to driving innovation, improving operational efficiency and remaining competitive in the rapidly evolving telecommunications industry.

Certifications

We encourage employees to obtain relevant certifications in key areas, such as Cloud, Data AI and Agile, reflecting our commitment to building a skilled workforce that can navigate the complexities of today's business environment.

Maxis Graduate Programme

Maxis awarded 16 scholarships to individuals with outstanding academic performance, extracurricular involvement, strong leadership potential and effective communication skills. In 2024, RM1,339,000 was allocated to support new and existing Maxis scholars.

In 2024, we received multiple awards that reinforced our reputation as a top employer, particularly in the telco space, enhancing our ability to attract high-calibre talent and retain existing employees.

2025 Talentbank Graduates Choice Awards

Top 1%

among most preferred Graduate Employers in Malaysia

Champion

in Telecommunications

Ranked #4

in Technology category

SEEK People & Purpose Awards 2024

No. 1

Platinum

Graduan Brand Awards 2024

Top 50

among Malaysia’s Most Preferred Employers

GradMalaysia’s 100 Leading Graduate Employers 2024

Second

runner-up telecommunications company

EQUAL OPPORTUNITY WORKFORCE & EMPLOYMENT

An equal opportunity workforce is key to Maxis’ business strategy, as it ensures that all employees, regardless of background, have access to the same opportunities for growth, development and career progression based on their skills, performance and potential.

Employee Engagement Activities

Overall, these engagement initiatives saw participation from over 4,000 employees, achieving a 94% engagement rate.

M Nation Townhall – 2,098 attendees

#SimplyMaxis Culture Carnival – 1,053 attendees

Maxis Treasure Hunt – 198 attendees

Maxis Sports Day – 713 attendees

#Recharge Events – 722 attendees across multiple events, including Go-Kart and Paintball tournaments

Holistic Support for Employee Well-Being

We refined our on-demand workshops to cover areas such as taxation, investment strategies and retirement planning, equipping employees with essential financial knowledge that benefits them both professionally and personally.

We enhanced Maxis Benefits & Rewards to include flexible benefits that allow employees to customise their insurance coverage based on their needs and those of their dependents, promoting greater awareness of healthcare planning and empowering employees to make informed decisions about their well-being.

We also introduced the Well@Work programme, an initiative that provides after-work activities, enabling employees to prioritise their health. Additionally, we offered various educational workshops, practical learning sessions and resources, covering dietary guidance, health screenings, fitness training, nutrition education and online health support.

We rolled out a company-wide flu vaccination programme that saw over 2,000 employees and their families vaccinated, ensuring a healthier work environment for all. This resulted in a decrease in respiratory-related medical costs and outpatient visits.

EMPLOYEE HEALTH, SAFETY & WELL-BEING

Employee Health, Safety & Well-being is vital to ensuring the well-being of our employees and the long-term success of our business. By protecting our workforce from injuries, illnesses and accidents, we create a safer, more supportive environment. Occupational Safety and Health (OSH) also boosts our productivity by minimising disruptions and fostering a confident, efficient workforce.

Participation of training and awareness programmes on Health, Safety and Environment via Maxis Academy

5,951 participants

(inclusive of mandatory e-learning module & safety passport)
219 participants

received training for Defensive Driving, Working at Height, First Aid & CPR and OSH Coordinator

DIGITAL INCLUSION, INNOVATION & COMMUNITY DEVELOPMENT

Digital inclusion, innovation, and community development are central to Maxis’ corporate responsibility and business strategy. As a leading telecommunication provider, we invest in education, digital access, and social empowerment to build a more connected society while strengthening business sustainability and aligning with ESG commitments.

Education

eKelas® is designed to enhance student outcomes in primary and secondary schools across Malaysia by providing accessible digital learning support. Available through the eKelas® portal and app, the programme helps overcome barriers to digital inclusion, equipping students with the skills and knowledge needed for academic success.

In 2024, 65,125 new students registered with eKelas®.
We expanded our lesson video library by 75% to 350 hours, incorporating bite-sized animations for better engagement. We also introduced 11 high-impact quizzes to enhance onboarding and guide students to relevant learning paths.
We contributed 336 refurbished laptops to 85 schools and four Community Learning Centres, expanding digital learning opportunities and bridging the digital divide.
Engaging over 15,000 students from 59 schools in enriching theatre workshops, fostering language and cultural appreciation during the annual HIP English StoryFest.
Maxis and Bahagian Sumber dan Teknologi Pendidikan (BSTP) Ministry of Education organised Misi Jelajah Digital, a national STEM competition. Over 7,300 students created GenAI-based social media campaigns addressing real-world issues, inspired by the 17 UN SDGs.

Entrepreneur Development

eKelas® Usahawan equips entrepreneurs and micro SMEs with digital marketing skills, covering photography, copywriting and social media marketing.

Satisfaction rate:

91.3%

of participants rated satisfied and very satisfied with the training provided

89%

of participants were more aware of the importance of digital marketing

87%

of participants were more knowledgeable in the areas of digital marketing

Festive Charity

Collaborated with NGOs during festive seasons to support 880 underprivileged individuals, including orphans, the elderly and persons with disabilities, with essential supplies, meals and gifts.

Humanitarian Relief

Contributed RM2 million in cash contributions to the government’s Dana Ihsan MADANI and RM200,000 of in-kind contributions committed to the Ministry of Communications in support of flood relief and recovery efforts.
Through our mSquad volunteerism programme, employees are empowered to give back by participating in community and humanitarian initiatives.

CRISIS MANAGEMENT & RESPONSE

Crisis management and response are essential to ensuring Maxis’ ability to maintain uninterrupted services during disruptions. A strong crisis management framework safeguards operations, preserves customer trust and protects stakeholder interests.

Crisis Management

We have put in place a plan where, in the event of a crisis, the Disaster Recovery Director will lead the team in handling the crisis, with the CMT coordinating responses across divisions. The Crisis Council is then activated to guide decision-making, ensuring a structured and efficient crisis resolution process. A designated spokesperson is appointed to manage external communications, ensuring consistent and transparent messaging. A statement will also be issued to keep stakeholders informed on the matter.

Regulatory Compliance and Risk Mitigation

We also coordinate with the MCMC and the National Cyber Security Agency (NACSA) to ensure compliance with crisis management regulations. One such example would be cybersecurity attacks targeting critical IT and telecommunications network systems. In this regard, these threats are managed through the Enterprise Risk Management (ERM) framework, which systematically identifies, assesses and integrates risks into business operations to minimise potential disruptions.

Continuous Improvements and Review Processes

We conduct regular updates and post-mortem reviews to refine response protocols and strengthen future readiness. Internal audits and ISO audits are conducted periodically to assess and enhance the effectiveness of crisis management processes, ensuring continuous improvement in our risk mitigation and response strategies.

Performance

Our crisis management protocols are designed to respond swiftly, minimising disruptions and maintaining a significant focus on customer experience. This approach underscores the importance of timely communication with internal teams and external stakeholders for a well-coordinated response.

DATA PRIVACY & PROTECTION

The management of personal data is critical to Maxis as it is essential to business operations and stakeholder trust. As a telecommunications provider, we handle personal data from subscribers, employees, directors, third parties and stakeholders, making data privacy and security a key priority.

Data Privacy and Protection Programme

Policies and Procedures:

We have developed a Data Privacy and Protection Standard Operating Policies and Procedures (SOPP) covering all aspects of data processing across the Group. These SOPP are regularly updated in response to changes in data protection laws and organisational adjustments affecting relevant entities and divisions.

PDPA Compliance Awareness and Training:

As part of our digitisation efforts, we launched a Personal Data Privacy and Protection compliance training through Maxis Academy in September 2022. This training is continuously refreshed to align with evolving data protection laws and serves as an annual refresher for employees from 2023 to 2024. Additionally, we provide tailored training sessions for exclusive distributors, dealers, Hotlink Foot Soldiers (HFSs) and Hotlink Independent Agents (HIAs) to ensure all stakeholders understand their responsibilities in handling personal data.

Incident and Breach Response Team:

The DPO plays a key role in the Incident and Breach Response Team, overseeing investigations and assessments of data privacy incidents. A dedicated privacy hotline email (privacy@maxis.com.my)is available for employees and external parties to report incidents, enabling the DPO to respond promptly.

Cybersecurity

At Maxis, enhancing cyber resilience remains a top priority as cyber threats grow more sophisticated. Our focus is on anticipating, withstanding, recovering from, and adapting to cyberattacks that target our systems and customer data.

Strengthening Data Privacy and Cybersecurity Awareness

We continued to push for data privacy and protection awareness through mandatory annual refresher training on the PDPA, which is conducted via Maxis Academy. While PDPA awareness and training are not extended to third-party vendors, we provide tailored training sessions to the Consumer Business Division’s Compliance Team, which oversees the onboarding and compliance of Maxis’ exclusive distributors, dealers, HFSs and HIAs.

Strengthening Cyber Resilience While Driving Digital Innovation

Maxis continues to fortify cyber resilience while enabling innovation through standardised cybersecurity controls, zero trust architecture and AI-driven security frameworks. Collaborating with business teams, we launched a cloudbased Security Operations Centre (SOC) pilot to enhance threat monitoring and response.

No critical severity cybersecurity incidents were observed.
Significant improvement of 78.3% in average time to close security incidents compared to 2023, achieved through improvements in incident response playbooks and proactive threat hunting.
Discovered a fivefold increase in fake applications, URLs and malicious websites and performed takedown to protect Maxis and our customers.
35.6% increase in the number of vulnerabilities remediated or mitigated, compared to 2023.
A risk assessment and exemption process is in place for cases requiring additional time for patching, upgrade, migration, or system decommissioning.

ETHICAL BUSINESS PRACTICES

At Maxis, we believe upholding ethical standards strengthens corporate governance, enhances our reputation and builds stakeholder trust. Furthermore, integrating integrity and transparency into our ESG strategies supports long-term value creation, resilience and sustained business competitiveness in the telecommunications and digital services industry.

Our Progress & Performance in 2024

In response to emerging risks, the Integrity and Governance Unit (IGU) implemented several initiatives in 2024 to strengthen anti-corruption controls and enhance governance measures. These initiatives include but are not limited to:

Third Party Integrity Statement
Due Diligence Policy Statement
Simplified Vendor Onboarding Process
Enhancement to procurement process: Tendering Guidelines
Strengthened controls for refund excess and terminated accounts to minimise AML/CFT risks
Enhanced Government Partner Onboarding Framework
Updated Sponsorship and Donations Policy
Amendment to MICF to align with the #SimplyMaxis culture blueprint
Integrated climate-related risks into the MAXIS ISO 37001:2016 Anti-Bribery Management System Manual, covering regulatory compliance, supply chain vulnerabilities and resource allocation for climate initiatives

In 2024, there were ZERO Non-Conformity Reports recorded during the 2024 ISO 37001:2016 Anti-Bribery Management System (ABMS) Surveillance Audit.

SUPPLY CHAIN MANAGEMENT

A sustainable supply chain is essential to Maxis’ long-term success, ensuring business resilience while minimising environmental impact and creating positive social value. By maintaining responsible sourcing practices and ethical supplier relationships, it strengthens Maxis’ operational efficiency and regulatory compliance.

Maxis upholds the highest standards of ethical business practices across all supplier engagements. Our suppliers must adhere to socially, legally, and ethically responsible practices, as outlined in the Maxis Code of Business Practice (MCOBP) for Third Parties and the Third-Party Integrity Pledge Statement, both mandatory for vendor onboarding.

In 2024, we allocated RM7.1 billion to suppliers, with the breakdown as follows:

Proportion of our spending by supplier nationality (spend and %):

- Local: RM6.1 billion (86%)

- Foreign: RM1.0 billion (14%)

In 2024, Maxis onboarded 165 vendors, all of whom underwent the vendor onboarding process and met the necessary requirements for compliance and operational standards under Maxis’ procurement policies, including the due diligence process.

REGULATORY COMPLIANCE

Maxis maintains a strong and cooperative relationship with the Minister of Communications, who sets broad communications industry policies, the Ministry of Communications and with the MCMC who as the regulator plays a key role across licensing, spectrum allocation, industry practices, wholesale access pricing, standards and compliance.

Our Progress & Performance in 2024

In 2024, Maxis navigated several regulatory changes, including the stricter provisions under the revised Mandatory Standards on Quality of Service for Wireless Broadband Access and on cybersecurity compliance. We adapted swiftly to these requirements, ensuring operational readiness before the new regulations took effect.

Internal training sessions were carried out to align employees with regulatory changes, including the revised General Consumer Code. These sessions were well attended by employees across multiple functions, ensuring that frontline teams, including customer service and credit management, were equipped to comply with the updated requirements.

Throughout the year, Maxis maintained an active engagement with MCMC on a range of industry issues, including network rollout improvements, market competition, spectrum and consumer protection measures. Compliance audits were conducted both internally and externally to ensure standards were met.

30 Years

of Connecting
Malaysians

Integrated Annual Report 2024

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INTEGRATED ANNUAL REPORT 2024

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Full Integrated Annual Report
Chairman’s Statement
Chief Executive Officer’s Statement
Financial Review
Value Creation Model
Delivering Sustainability Value
Sustainability Performance Data
Mapping to GRI

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CHAIRMAN’S STATEMENT

Dear Stakeholders,

2025 marks a significant milestone for Maxis as we celebrate 30 years of excellence as a homegrown brand. Over these three decades, we have transformed how Malaysians connect and communicate, playing a vital role in advancing digital inclusion and innovation across the nation.

CHIEF EXECUTIVE OFFICER’S STATEMENT

Dear Shareholders,

FINANCIALREVIEW

VALUE CREATION MODEL

DELIVERING

SUSTAINABLE VALUE

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INTEGRATED ANNUAL REPORT 2024

FINANCIAL
REVIEW