29 slides from Emirates Telecom. Group Company (etisalat Group) Pjsc's earnings presentation, Feb 25, 2026
Slide 1: Q4 2025 Results Presentation
Q4 2025 Results Presentation 25 February 2026
Slide 2: Disclaimer
Disclaimer Emirates Telecommunications Group Company PJSC (“e&” or the “Company”) and its subsidiaries have prepared this presentation (“Presentation”) in good faith, however, no warranty or representation, express or implied is made as to the adequacy, correctness, completeness or accuracy of any n
Slide 3: Group key highlights
Group key highlights Hatem Dowidar e& Group CEO
Slide 4: Key highlights Q4 2025
Key highlights Q4 2025 Strategic acquisitions, Sovereign AI platforms and digitisation initiatives Strategic Acquisitions Cyber Security Fintech • Completion of Telenor e& and AWS partnered e& to become the Pakistan acquisition to launch cloud offering country’s first and only “UAE sovereign digital
Slide 5: Key financial & operational highlights Q4 2025
Key financial & operational highlights Q4 2025 Operational and financial excellence led to strong growth, profitability and higher dividends Customer Base (1) Revenue EBITDA 244.7mn 19.3bn 8.2bn +31.3% y/y +17.3% y/y +17.6% y/y Margin 42.7% Net Profit Dividends Per Share (FY 2025) 2.5bn 90 fils +11.
Slide 6: Group financial highlights
Group financial highlights Karim Bennis e& Group CFO
Slide 7: Group financial highlights Q4 2025
Group financial highlights Q4 2025 Sustained momentum with financial discipline Revenue EBITDA Net Profit Capex 19.3 bn AED 8.2 bn AED 2.5 bn AED 4.0 bn1 AED +17.3% y/y 42.7% Consolidated Margin EPS 29 fils 20.7% Intensity Ratio 46.9% Telco Margin +11.0% y/y OFCF Leverage Credit ratings 4.3 bn1 AED
Slide 8: Group financial highlights FY 2025
Group financial highlights FY 2025 2025, a year featured a double-digit growth Revenue EBITDA Net Profit Capex 72.9 bn AED 32.0 bn AED 14.4 bn (1) AED 11.2 bn (2) AED +23% y/y 44% Consolidated Margin EPS AED 1.65 15.4% Intensity Ratio 48% Telco Margin +33.6% y/y OFCF Leverage Credit ratings 20.8 bn
Slide 9: Group Revenue
Group Revenue Delivered double-digit growth fueled by inorganic growth, robust telecom performance and expansion of digital adjacencies Revenue (AED mn) & YoY Growth (%) Revenue by Vertical (AED mn) 1 Q4 2025 e& UAE e& international 2 e& enterprise e& life 72,858 Revenue 8,943 8,762 999 754 59,203 G
Slide 10: Group EBITDA
Group EBITDA EBITDA growth driven by revenue momentum and reinforced by operational efficiencies EBITDA (AED mn) & margin (%) EBITDA by Vertical (AED mn) 1 +48% Q4 2025 e& UAE e& international 2 e& enterprise e& life 32,022 EBITDA 4,580 3,727 -12 -148 26,454 47% Growth +5.9% +26.4% +73.1% +8.5% 8,24
Slide 11: Group Capex
Group Capex1 Strategic investments in network leadership and advanced connectivity solutions to accelerate future growth CAPEX (AED mn) & Intensity Ratio (%) 1 Capex by Vertical (AED mn) 1,2 Q4 2025 e& UAE e& international 3 e& enterprise e& life 11,424 Capex 956 2,582 16 56 Intensity 10.7% 29.5% 1.
Slide 12: Group financial position
Group financial position Improved leverage underpinned by strong financial position Cash & Cash Equivalents Total Debt Net Debt/(Cash) (AED mn) Investment Grade (AED mn) (AED mn) & Net Debt/EBITDA (x) Credit Ratings 69,195 67,639 35,567 34,308 33,331 33,628 Rating: AA- Outlook: Stable 1.34x 1.04x 1
Slide 13: Group Debt Profile (Q4 2025)
Group Debt Profile (Q4 2025) Diversified sources of debt Borrowings by Borrowings by Debt by Source Repayment Schedule Operations (AED mn) Currency (%) (AED mn) (AED mn) MAD 52,763 Group 42,064 3% Others 9% PKR 36,888 MT Group 7,219 7% AED Euro 48% 33% e& PPF 11,360 20,836 Pakistan 5,134 AED 14,037
Slide 14: Group Dividends
Group Dividends Sustainable value creation through upward revision of our progressive dividends policy DPS Dividends Payout Ratio (Fils)1 (AED mn) 1 (%) Current Dividend Policy Revised Dividend Policy 1 +4 +6 8,262 7,827 fils fils 7,218 95 6,957 90 68 67 69 2 86 89 80 83 2023 2024 2025 2026 2025 202
Slide 15: Performance by vertical
Performance EN “ * by vertical 2 SS etisalat and e =
Slide 16: e& UAE (1/2)
e& UAE (1/2) Steady growth paired with stable strong margins Subscribers Revenue (AED bn) EBITDA (AED bn) CAPEX (AEDbn) (mn) & YoY Growth (%) & EBITDA Margin (%) & CAPEX / Revenue (%) 16.3 34.7 33.1 15.0 8% +51.5% 17.8 17.0 8.9 +51.4% 5% 5% 8.5 51% 51% 5% 4.6 3.1 4.3 2.9 6% 5% 1.0 1.0 51% 51% 9% 9%
Slide 17: e& UAE (2/2)
e& UAE (2/2) Revenue expansion supported by operational excellence Mobile Revenue 1 (AED bn) Fixed Revenue 2 (AED bn) & Other Revenue 3 (AED bn) & Mobile & Fixed Broadband & YoY Growth (%) YoY Growth (%) YoY Growth (%) Subs (mn) & ARPU 12.7 11.4 11.5 10.5 Mobile 4,5 12.2 9.5 80 76 10.1 11.0 3.2 3.6
Slide 18: e& international
e& international Significant upside in revenue and EBITDA attributed to organic and inorganic growth Subscribers (mn) & YoY Revenue (AED bn) EBITDA (AED bn) 2 CAPEX (AEDbn) Growth (%) 1 & YoY Growth (%) & EBITDA Margin (%) & CAPEX / Revenue (%) 228.5 32.4 +44.5% 171.4 14.4 +42.5% 21.8 30% 33% 8.8 38
Slide 19: Maroc Telecom Group
Maroc Telecom Group Group revenue growth supported by the launch of 5G services in Morocco besides the strong growth in Moov Africa and domestic FBB Subscribers (mn) & YoY Revenue (AED bn) EBITDA (AED bn) CAPEX (AEDbn) Growth (%) 1 & YoY Growth (%) & EBITDA Margin (%) & CAPEX / Revenue (%) +0.1% 76.
Slide 20: e& Egypt
e& Egypt Outstanding growth due to higher usage and subscriber base Subscribers (mn) & YoY Revenue (AED bn) EBITDA (AED bn) CAPEX (AEDbn) Growth (%) & YoY Growth (%) & EBITDA Margin (%) & CAPEX / Revenue (%) +39.7% 42.3 4.7 38.0 26% +40.1% 33.6% 3.8 1.6 22.4% 1.0 +32.8% 0.8 20% 1.4 1.2 +34. 9% 12% 2
Slide 21: PTCL Group
PTCL Group Strong growth in mobile and fixed revenue with improved full year EBITDA margin. Closing of Telenor acquisition end of December 2025 will strengthen PTCL Group market position. Subscribers (mn) & YoY Revenue (AED bn) EBITDA (AED bn) CAPEX (AEDbn) Growth (%) 1 & YoY Growth (%) & EBITDA Mar
Slide 22: e& enterprise
e& enterprise Robust revenue and normalized EBITDA growth underpinned by strong performance in Cybersecurity and Cloud services with higher contribution of international operations Revenue (AED bn) & YoY Growth (%) EBITDA (AED bn) & EBITDA Margin (%) Normalized EBITDA (1) 3.55 1.00 +8.4% 0.88 2.92 +
Slide 23: e& life
e& life Building the scale to reach profitability through higher revenues supported by improved operational performance Revenue (AED bn) & YoY Growth (%) EBITDA (AED bn) & EBITDA Margin (%) 2.62 0.75 2.01 0.57 -27.9% -20.7% 102% 139% -20% -27% 31% -35% 33% -28% -0.71 -0.15 -0.71 -0.16 FY 2024 FY 202
Slide 24: Key Highlights | Q4-2025
Key Highlights | Q4-2025 +92% 2.2x +1.17mn STARZ ON App MAU Total GTV in 2025 vs. 2024 1 +129% vs Q4-24 Total GTV in Q4-25 vs. Q4-24 +73% 2.1x Revenue growth Integrated Abu Dhabi Media Network app Remittance GTV in Q4-25 vs. Q4-24 in Q4-25 vs. Q4-24 into STARZPLAY STARZPLAY has become the exclusive
Slide 25: FY 2025 Actual Vs. Guidance
FY 2025 SoNAe Se: Actual Vs. Guidance etisalat and
Slide 26: 2025 Guidance
2025 Guidance Meeting guidance on most of KPIs while ahead in net profit FY 2025 FY 2025 Updated FY 2025 Actuals Guidance 1 Guidance 1 Revenue Growth (%) 23% 17%-20% 23%-24% EBITDA Margin (%) 44.0% ~43% 43%-44% EPS (AED) - reported 1.65 ~1.26 ~1.62 EPS (AED) 2 - clean 1.31 n.a ~1.30 (1) CAPEX/Revenu
Slide 27: FY 2026 Guidance
FY 2026 he 8. Guidance oe ee etisalat and
Slide 28: 2026 Guidance
2026 Guidance Positive outlook supported by organic growth FY 2025 FY 2026 Actuals Guidance Revenue Growth (%) 23% 8%-10% Constant Currency EBITDA Growth (%) 21% 4%-5% Constant Currency EPS (AED) 1.311 ~1.35 CAPEX/Revenue (%) Excluding spectrum & licenses 15.4% 16%-17% 1- Excluding the impact of Kha
Slide 29: We continue to bring strong results
We continue to bring strong results