27 slides from Emirates Telecom. Group Company (etisalat Group) Pjsc's earnings presentation, Jul 30, 2026
Slide 1: Q2 2026 Results Presentation
Q2 2026 Results Presentation 30 July 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 Masood M. Sharif Mahmood e& Group CEO
Slide 4: Key highlights Q2 2026
Key highlights I Q2 2026 Focused execution delivering growth and value creation Home market Int’l footprint Strategic Shift Delivering robust set of financial Growing its significant • Exit Vodafone investment at and operational results despite contribution to e& through a premium to market price ge
Slide 5: Key financial & operational highlights H1 2026
Key financial & operational highlights H1 2026 Sustained growth trajectory backed by operational excellence Customer Base Revenue 1 EBITDA 1 251.5mn 38.1bn 17.7bn +30.4% y/y +11.6% y/y +13.1% y/y Margin 46.5% Net Profit Interim Dividends 6.0bn 47.5 fils +2.4% y/y 2 +10.5% y/y 1. Figures exclude Care
Slide 6: Group financial highlights
Group financial highlights Karim Bennis e& Group CFO
Slide 7: Group financial highlights Q2 2026
Group financial highlights Q2 2026 Navigating the extended geopolitical challenges while delivering robust set of results Revenue 1 EBITDA 1 Net Profit Capex 19.2 bn AED 9.0 bn AED 3.1 bn AED 2.9 bn 3 AED +8.7% y/y 46.8% Consolidated Margin EPS 36 fils 15.0% Intensity Ratio +8.5% y/y in Constant Cur
Slide 8: Group Revenue
Group Revenue Strong organic growth across telecom verticals in both the home market and international operations Revenue (AED mn) & YoY Growth (%) 1 Revenue Breakdown (AED mn) 2 +8.5% Q2 2026 e& UAE e& international 3 e& enterprise 18,939 19,204 Revenue 8,908 9,313 857 17,659 +15.7% Growth +3.3% -4
Slide 9: Group EBITDA
Group EBITDA EBITDA growth outpaced revenue growth, driving margin expansion through operational efficiencies and a strategic portfolio reset EBITDA (D mn) & margin (%) 1 EBITDA by Vertical (D mn) 2 +9.5% Q2 2026 e& UAE e& international 3 e& enterprise 8,753 8,979 EBITDA 4,584 4,214 49 8,178 +13.0%
Slide 10: Group Capex
Group Capex1 Investing in premium networks to support future growth CAPEX (D mn) & Intensity Ratio (%) 1 Capex by Vertical (D mn) 1,2 Q2 2026 e& UAE e& international 3 e& enterprise 2,873 Capex 914 1,899 13 2,490 2,022 Intensity +10.3% +20.4% 1.5% 14% 15% 11% Capex 819 492 347 224 Q2 2025 Q1 2026 Q2
Slide 11: Group financial position
Group financial position Investment-grade credit profile underpinned by robust underlying fundamentals Cash & Cash Equivalents (D Total Debt Net Debt/(Cash) (D mn) Investment Grade mn) 1 (D mn) & Net Debt/EBITDA (x) Credit Ratings Payment of FY’25 Federal Royalty and corporate tax and final dividend
Slide 12: Group Debt Profile
Group Debt Profile Diversified sources of debt Borrowings by Borrowings by Debt by Source Repayment Schedule Operations (D mn) Currency (%) (D mn) (D mn) MAD 60,769 Group 42,236 3% Others 10% PKR 7% 24,942 MT Group 7,188 Euro 21,375 24% AED 56% 18,174 e& PPF 10,589 Pakistan 5,175 AED Euro Others 3,4
Slide 13: Group Dividends
Group Dividends Consistent improvement of shareholder returns Interim DPS Interim Dividends Payout Ratio Dividend Yield (fils) (AEDbn) (%) (%) 47.5 4.1 4.9% 4.8% 2 4.7% 43.0 3.7 68.8% 41.5 3.6 65.7% 1 59.9% H1 2024 H1 2025 H1 2026 H1 2024 H1 2025 H1 2026 H1 2024 H1 2025 H1 2026 H1 2024 H1 2025 H1 20
Slide 14: Performance by vertical
Performance REN “ * by vertical So etisalat and @ =
Slide 15: e& UAE (1/2)
e& UAE (1/2) Resilient operational performance despite geopolitical headwinds Subscribers Revenue (AED mn) EBITDA (AED mn) 1 CAPEX (AEDmn) (mn) & YoY Growth (%) & EBITDA Margin (%) & CAPEX / Revenue (%) 16.6 16.5 8,887 8,908 914 8,623 15.5 797 758 4,616 4,584 4,361 9% 5% 5% 50.6% 51.9% 51.5% 6% 6% 1
Slide 16: e& UAE (2/2)
e& UAE (2/2) Continued revenue growth trend underpinned by robust commercial performance Mobile Revenue 1 (AED mn) Fixed Revenue 2 (AED mn) & Other Revenue 3 (AED mn) Mobile & Fixed Broadband & YoY Growth (%) YoY Growth (%) & YoY Growth (%) Subs (mn) & ARPU Mobile 4,5 3,147 3,239 3,215 77 73 72 2,86
Slide 17: e& international
e& international Strong organic growth across all key markets supported by the recently acquired assets in Pakistan and Slovakia Subscribers (mn) & YoY Revenue (AED mn) EBITDA (AED mn) 1 CAPEX (AEDmn) 2 Growth (%) & YoY Growth (%) & EBITDA Margin (%) & CAPEX / Revenue (%) 2 +15.2% 231.4 235.0 9,313
Slide 18: Maroc Telecom Group
Maroc Telecom Group Steady growth in Moov Africa and confirmed recovery in Morocco Subscribers (mn) & YoY Revenue (AED mn) EBITDA (AED mn) CAPEX (AEDmn) 1 Growth (%) & YoY Growth (%) & EBITDA Margin (%) & CAPEX / Revenue (%) 1 +5.8% 75.0 76.0 77.1 3,564 3,654 3,451 +4.1% 22.4% 23.6% 14% 1,867 1,934
Slide 19: e& PPF Telecom Group
e& PPF Telecom Group Strong topline and EBITDA growth Subscribers (mn) & YoY Revenue (AED mn) EBITDA (AED mn) CAPEX (AEDmn) 1,2 Growth (%) 1 & YoY Growth (%) 1 & EBITDA Margin (%) 1 & CAPEX / Revenue (%) 1,2 +10.0% 14.8 14.8 15.2 2,809 2,702 2,492 +9.1% 1,252 1,269 17.5% 1,134 492 16.0% 14% 18.2% 45
Slide 20: e& Egypt
e& Egypt Double-digit growth fuelled by volume and value Subscribers (mn) & YoY Revenue (AED mn) EBITDA (AED mn) CAPEX (AEDmn) 1 Growth (%) & YoY Growth (%) & EBITDA Margin (%) & CAPEX / Revenue (%) 1 +21.6% 43.4 44.5 1,267 1,281 40.0 1,102 +17.2% 447 86.4% 399 344 347 22.7% 12% 11% 33% 11% 251 24%
Slide 21: PTCL Group
PTCL Group Accelerated growth due to the consolidation of Telenor Pakistan coupled with strong organic performance Subscribers (mn) & YoY Revenue (AED mn) EBITDA (AED mn) CAPEX (AEDmn) Growth (%) 1 & YoY Growth (%) 1 & EBITDA Margin (%) 1 & CAPEX / Revenue (%) 1,2 +11.2% +65.1% 75.7 76.7 1,365 +6.8%
Slide 22: e& enterprise
e& enterprise Higher QoQ revenue growth despite the prolonged impact of geopolitical turbulence on market recovery Revenue (AED mn) & YoY Growth (%) EBITDA (AED mn) & EBITDA Margin (%) 1 899 857 801 53 39% 49 49 -2% 5.4% 6.6% 5.7% -5% Q2 2025 Q1 2026 Q2 2026 Q2 2025 Q1 2026 Q2 2026 1. Includes full
Slide 23: Vodafone Transaction
Vodafone Transaction Unlocking Value and Strengthening Strategic Focus Strategic Rationale Value Creation Capital Allocation Priorities ̶ Full monetisation of VoD investment at a premium to Stake sold 17.13% Debt Optimization: ✓ Reduce leverage and financing cost of Vodafone voting rights market pri
Slide 24: New Royalty Scheme
New Royalty Scheme Extending the existing regime (2027-2029) Key Terms Royalty on UAE Net Profit 38% Corporate Tax on Net Profit Based on profit after deduction of federal royalty 9% The minimum aggregate amount of annual royalty and corporate tax 5.7 billion AED 24
Slide 25: FY 2026 Guidance
FY 2026 EN “ * ee Guidance oo al teats etisalat and
Slide 26: 2026 Guidance
2026 Guidance Delivered strong performance in H1’26; Confirming revenue growth and upgrading EBITDA guidance FY 2026 FY 2026 Original H1 2026 Revised Guidance (1) Actuals (2) Guidance (2) Revenue Growth (%) Constant Currency 8%-10% +9.6% 8%-10% EBITDA Growth (%) Constant Currency 4%-5% +11.0% 6%-7%
Slide 27: We continue to bring strong results
We continue to bring strong results