Ooredoo Q.p.s.c · QSE:ORDS
Ooredoo Q.p.s.c — Ooredoo Group — IPO Roadshow (November 2025)
56 slides from Ooredoo Q.p.s.c's IPO roadshow presentation, November 2025
Slide 1: Ooredoo Group Management Presentation
OOREDOO GROUP Management Presentation November 2025
Slide 2: Disclaimer
Disclaimer • THIS PRESENTATION, ITS CONTENTS AND ANY INFORMATION PROVIDED AT THIS PRESENTATION ARE STRICTLY CONFIDENTIAL AND ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA OR ANY OTHER JURISDICTIO
Slide 3: Offering Overview
Offering Overview Company > Ooredoo Q.P.S.C. (“Ooredoo”) (Dual-Listed on the Qatar Stock Exchange (QSE) and Abu Dhabi Securities Exchange (ADX)) Selling Shareholder > Abu Dhabi Investment Authority (“ADIA”) (10.0% pre-Offering ownership) Offering Type > Fully Marketed Offering (100% Secondary) on th
Slide 4: Presenters
Presenters Aziz Aluthman Eyas Naif Rene Fakhroo Assaf Werner Group Chief Deputy Group Chief Strategy Executive Officer Group CFO Officer & Acting Group Chief Consumer Officer | November 2025 | 4 ضمن
Slide 5: Business Overview
O01 Business Overview
Slide 6: Ooredoo Group Overview
Ooredoo Group Overview Ooredoo Telecom Operations Iraq 9 404.4mn 97.0mn Countries of Footprint Footprint Presence1 Population1,2 Households1 Tunisia Kuwait Palestine Qatar Algeria Oman 145.4mn 2.3mn US$6.6bn Stationary Mobile Revenue Broadband Subscribers1 LTM 9M 2025A Maldives Subscribers1 Ooredoo
Slide 7: Ooredoo Group Market Snapshot
Ooredoo Group Market Snapshot Mobile Fixed Wireless Wireline Broadband Country Market Position1 Business Model Country Breakdown of 2 Revenue (LTM 9M 2025A)2 Qatar 1 Players Qatar of 3 Iraq 1 Players Others3 30% 4% of 3 Kuwait 3 Players Tunisia 7% Kuwait 13% Algeria 13% of 3 Algeria 3 Players 10% 23
Slide 8: Strong Financial Performance
Strong Financial Performance Solid Top-Line Growth Resilient Profitability Well-Invested Platform 40.8% 42.6% 42.7% 16.1% 13.6% 16.9% 6.6 2.8 6.4 2.7 1.1 5.7 0.9 0.9 2.3 2020A 2024A LTM 9M 2025A 2020A 2024A LTM 9M 2025A 2020A 2024A LTM 9M 2025A Revenue (US$ bn) Adj. EBITDA (US$ bn) Adj. EBITDA Margi
Slide 9: Track Record of Superior Total Shareholder Returns
Track Record of Superior Total Shareholder Returns Consistent Growth in Dividends Escalating Total Shareholder Return 55.0% 40.0% 59.6% 59.1% 58.3% 3.3% 4.3% 4.7% 4.8% 5.6% 4.9x EV / Adj. EBITDAaL (LTM 9M 2025A)4 0.65 118% 0.55 0.43 0.30 0.25 4.2x EV / Adj. EBITDAaL (2020A)3 2020A 2021A 2022A 2023A
Slide 10: Unique Investment Proposition
Unique Investment Proposition Regional multi-service digital connectivity leader with strong market positioning across ✓ #1 or #2 position in 7 out of 9 countries1 01 MENASEA ✓ 145mn mobile subscribers ✓ 53% revenue from GCC markets Combining highly cash generation investment grade markets with expo
Slide 11: Strategy Overview
02 Strategy Overview
Slide 12: Strong Results Executing on Our Strategy 2021–2024: Smart Telco
Strong Results Executing on Our Strategy 2021 – 2024: Smart Telco Value Focused Portfolio Customer Experience ategy Fram Str e p 47.9% 38.9 w u +1.3pp +14.9pp ork Gro Portfolio Mobile Service Weighted average NPS5 Revenue Market Share1,2 55.1% 75% +5.7pp Portfolio FCF Market Share1,2 +15% Voice of c
Slide 13: Consistent Focus on Value Creation
Consistent Focus on Value Creation Return on Equity1,3 Return on Invested Capital2,3 13.3% 12.4% 12.5% 12.6% 10.8% 10.0% 9.3% 10.3% 8.3% 11.7%3 9.2% 9.4% Strong Focus On 7.7% Improving Asset 8.6%3 Turnover and Deployment 2020A 2021A 2022A 2023A 2024A LTM 9M 2025A 2020A 2021A 2022A 2023A 2024A LTM 9M
Slide 14: Ooredoo's Refreshed Strategy - RISE: Three Interconnected Flywheels
Ooredoo’s Refreshed Strategy - RISE: Three Interconnected Flywheels Core telco Digital infrastructure Platform businesses Revenue Contribution ~1% 2025F ~3% ~96% ~3% 2030E ~12% ~85% E S Expand I Scale Expand sales presence in digital and Enabling the R Intensify Double-down in scaling digital social
Slide 15: Core Pillars for Our Refreshed Strategy
Core Pillars for Our Refreshed Strategy Core Telco Digital Infrastructure Platform Adjacencies Consolidated Operations Towers Fintech Partner >30k1 329k towers active users 52mn Data Centers Subscribers + Partner + Live In Progress Joint Ventures 29.6MW2 capacity API Services Target: 120MW Seacable
Slide 16: Digital Infrastructure and Platforms
03 Digital Infrastructure and Platforms
Slide 17: Digital Infra Portfolio with Clear Roadmap to Unlock Value
Digital Infra Portfolio with Clear Roadmap to Unlock Value Towers Seacable & Fibre Data Centres GPUaaS Clear roadmap with Uniquely positioned to capture needs Positioned to capture the surging Deliver low-latency and Tower-asset carve-out demand for cloud and AI services solid track record of existi
Slide 18: Transaction to Form the Largest Tower Platform in the MENA Region
Transaction to Form the Largest Tower Platform in the MENA Region is Progressing Combined Tower Footprint (at Announcement) Tunisia Iraq >30k 6 US$2.2bn 2.2k 7.1k Towers Countries Valuation1 5.6k (~30k Towers At Announcement at Announcement) Jordan 3.1k Kuwait 2.0k Algeria 7.1k 120mn 20 >1.8k Qatar
Slide 19: Gateway for AI and Data Traffic Between Europe and Asia
Gateway for AI and Data Traffic Between Europe and Asia Building One of the Largest Seacable Networks in the GCC Three Marquee Projects Creating a Comprehensive System 7 Strategic alternative to the Red Sea Landings 24 720Tbps (All Finalized and corridor, which carries around 30% of FIG Awarded to L
Slide 20: Created Syntys to Drive Scaled MENA Data Center Opportunity
Created Syntys to Drive Scaled MENA Data Center Opportunity 5 #Ooredoo of countries with presence 1 26 Active centers data 1 1 Data center under construction 1 29.6 IT capacity (MW) 1 US$1bn Planned investment 120 Target capacity (MW) Presence Syntys Consolidation Scope Today Syntys Hyperscaler Cust
Slide 21: Fintech Platform and Strategy - Develop Once / Roll-Out Multiple Times
Fintech Platform and Strategy - Develop Once / Roll-Out Multiple Times Advancing Financial Inclusion Through Mobile-Led Solutions Building a Global Footprint of Strategic Partners Qatar Live in 3 Markets… Launched in 2014 Qatar Licensed Payment 1st Services Provider Overview of Key Highlights and Lo
Slide 22: Financial Performance and Guidance
04 Financial Performance and Guidance
Slide 23: A Strategic Journey to Enhanced Profitability and Returns
A Strategic Journey to Enhanced Profitability and Returns Operating performance improvement +10.9% CAGR De-risking: Exited an unprofitable • Solid top-line growth with ~3% Revenue CAGR since 2020A Net Profit1 increase business (Myanmar) and re-organized IOH • Strong Adj. EBITDA2 and Adj. FCF3 margin
Slide 24: Consistent Revenue Growth from Diversified Base
Consistent Revenue Growth from Diversified Base Consolidated Group Revenue1 Revenue Split by Product1,2 Equipment Wholesale 6.0% 24.1 +0.8pp 4.7% (0.4pp) 23.3 22.3 Fixed 17.9% 21.7 (0.7pp) 20.8 QAR 24.1bn 20.7 71.4% +0.3pp Mobile 2020A 2021A 2022A 2023A 2024A LTM 9M 2025A Revenue (QAR bn) Source: Co
Slide 25: Expanding Adj. EBITDA and Resilient Profitability
Expanding Adj. EBITDA and Resilient Profitability Group Adj. EBITDA and Adj. EBITDA Margin1 Adj. EBITDA Split by Country1,2 GCC Palestine Countries: 53.2% 40.8% 42.7% 40.3% 41.7% 42.6% 42.7% Maldives Tunisia 2.7% 10.3 +0.5pp 6.6% 9.9 (0.5pp) 1.3% Algeria (0.1pp) Qatar 13.1% 34.3% 9.3 +5.0pp (6.4pp)
Slide 26: Well-Invested Platform Across Markets
Well-Invested Platform Across Markets Group Capex and Capex Intensity Capex by Country (L5Y)1 Aggregate 2020A – 9M 2025A (QAR bn) GCC Palestine Countries: 51.0% 16.1% 14.1% 12.3% 12.4% 13.6% 16.9% Maldives Tunisia 2.7% (1.1pp) Qatar 9.3% 4.1 +4.1pp 1.1% 23.7% (0.3pp) (11.9pp) 3.3 3.2 2.9 Algeria 16.
Slide 27: Growing Free Cash Flow and Resilient Cash Conversion
Growing Free Cash Flow and Resilient Cash Conversion Adj. Free Cash Flow and Adj. Free Cash Flow Margin1,2,3 Adj. Free Cash Flow by Country1,2,4 GCC Palestine Countries: 62.5% 24.7% 28.6% 28.0% 29.2% 29.1% 25.8% Maldives Tunisia 3.3% +1.4pp Algeria 3.8% 6.8 (3.0pp) 1.6% 6.5 10.2% 6.2 +0.1pp 6.1 6.0
Slide 28: Dividend History and Policy Enhancement
Dividend History and Policy Enhancement Current Dividend Policy and Historical Payouts1 Updated Dividend Policy • Sustainable and progressive dividend policy • Defined objective to retain the payout ratio between 40% and 60% of normalised earnings 55.0% 40.0% 59.6% 59.1% 58.3% 0.65 Target dividend p
Slide 29: Concluding Remarks
05 Concluding Remarks
Slide 30: Valuation Based on Sum of the Parts
Valuation Based on Sum of the Parts Fibre / Data Centre Telecom Tower FinTech Seacable Typical Revenue • [] EV/EBITDAaL [7.0x-9.0x](1) [16.0x-21.0x](2) [10.0x-12.0x](3) >20.0x(4) [8.0x-14.0x](5) Growth Multiples Ooredoo EV / 25E EBITDAaL Multiple Today: 4.9x Ooredoo Position Balanced mix of stable a
Slide 31: Q&A
x Q&A
Slide 32: Thank You
THANK YOU | |
Slide 33: Appendix
Appendix
Slide 34: Track Record of Transformation and Value Accretive Initiatives
Track Record of Transformation and Value Accretive Initiatives 2021 – Today Portfolio Optimisation and Digital Infra Strategy 2004 2009 2018 2023 2025 Qtel establishes Qtel acquires ownership Ooredoo Qatar Ooredoo announces Ooredoo completes data Oman operations stake in Indosat launches first 5G To
Slide 35: Driven by Value Creation
Driven by Value Creation Significant Value Creation post IOH Merger Strategic Exit from Myanmar Other1 100% sale 50% 50% 34.4% 65.6% JV Enterprise Value: US$6bn2 Enterprise Value: US$576mn2 Announced: September 2021 Announced: September 2022 (Closed: January 2022) (Closed: May 2024) Focus on markets
Slide 36: Balanced Portfolio
Balanced Portfolio Growth Growth-to-Mature Mature 1 3 2 2 3 2 1 48% 31% 28% 34% 30% 28% 70% Cash Generative Oman Qatar Kuwait Indonesia Iraq Algeria Tunisia Optimal mix of Business Maturity 00% Percentage in Chart Above Represents Revenue Market Share LTM H1 2025 (1) assets delivering Iraq Algeria I
Slide 37: Market Dynamics for Our Footprint Markets
Market Dynamics for Our Footprint Markets Strong Economic Growth Young and Growing Population 3.2% 2.0% 0.5% 2.4% 0.9% 1.2% 0.7% 1.7% 0.3% GCC Markets: 3.9%1 High Growth Markets: 4.6%1 Median GCC Markets: 21.8% Median High Growth Markets: 20.6% Ooredoo Markets: 4.4%1 4.7% 5.0% 3.9% 4.2% 3.8% 27.9% 2
Slide 38: Core Telco – Self-Reinforcing Cash Engine
Core Telco – Self-Reinforcing Cash Engine Cost Efficiency Investments into Leading Networks & Leverage AI & Digital for Cost Containment Agile IT Smart Sourcing Decisions Strong FCF Site = Factory Cost Benchmarking to Identify Opportunities 5 Generation 1 AI & Data Science Assisted Network Rollout H
Slide 39: Core Telco – Asset Overview
Core Telco – Asset Overview Revenue and Market Share Multi-Play / Dual-Play Network Quality Revenue1 Country Revenue Growth2 Market Share3 Penetration5 Median DL Speed6 Consistency Core6 Speed Score6 Palestine 1.6% Maldives 2.2% 0.7% 37.5% 30.6% 8.3% 20.4% 10.3% Palestine Tunisia 7.0% 13.3% Maldives
Slide 40: Core Telco – Self-Reinforcing Cash Engine: Key Levers (I / II)
Core Telco – Self-Reinforcing Cash Engine: Key Levers (I / II) Network Deployment State-of-the-Art Data Superior Network Experience & State-of-the Art Data Science 1 Insights Tunisia Iraq 325MHz1 89MHz Continue to expand network capacity to cater to increased Digital bandwidth requirements Qatar Pal
Slide 41: Core Telco – Self-Reinforcing Cash Engine: Key Levers (II / II)
Core Telco – Self-Reinforcing Cash Engine: Key Levers (II / II) Churn Management Growing Customer Base 3 Lower Churn in Multi- Churn reduction in mobile Loyalty and retention are key focus areas, enabled via 0.2pp (from H1’23 – H1’25) 2.2x Play vs. Overall Churn Churn (Q2’25) loyalty programmes (‘No
Slide 42: Core Telco – CVM: Driving Value Creation in its Base
Core Telco – CVM: Ooredoo Drives Value Creation in its Base by Increasing Product Penetration and Customer Stickiness via CVM Typical Value Contribution from Multi-Play / Dual-Play Penetration Typical Metric Differences from Multi-Play / Dual-Play Penetration Sample data from one Ooredoo OpCo Sample
Slide 43: Core Telco - B2B Overview: Emphasis on SMB / SOHO Segment
Core Telco - B2B Overview: Emphasis on SMB / SOHO Segment Growth Opportunities in SMB Other B2B Services SMB Revenue Potential Cloud & AI Partners • Partners-based AI solutions across industries US$ 0.27bn1 • NVIDIA Cloud Partner (NCP) providing GPU-as-a-service SMB Revenue 2024 Managed Security (in
Slide 44: Mapping Our Market Archetypes: Market Leaders & Strong Challengers
Mapping Our Market Archetypes: Market Leaders & Strong Challengers Countries depicted represent largest markets in portfolio Market Leader Leader in a Leader in a Fast-Growing Market Mature Market 1 1 Iraq Qatar 7% / 45% / 22% 0.3% / 51% / 8% Strong cash generation in Qatar Key Contender in a Key Co
Slide 45: Digital Infrastructure with Clear Visibility of Solid Growth Ahead
Digital Infrastructure with Clear Visibility of Solid Growth Ahead Scale Up Digital Infrastructure Play Identification of Digital Secure New 3rd Party Demand Infrastructure Needs & Growth Fields Mid-Term Execute Investments to Serve 3rd Party Demand Connectivity Strong FCF Shareholder Value Oriented
Slide 46: Syntys – Overview of Strategic Advantages
Syntys – Overview of Strategic Advantages Competitive • Regional Platform: Carrier-neutral, multi-market strategy in high-demand locations in MENA Advantage US$ Denominated Contracts • Technology Leadership: AI-ready, modular infrastructure designed for 99.999% uptime and global compliance • Robust
Slide 47: Positioned for Growth – DC Leadership Across Qatar, Kuwait, and Tunisia
Positioned for Growth – DC Leadership Across Qatar, Kuwait, and Tunisia Regional Growth QATAR: Established Leader in Maturing, High-Value Market Syntys Market Position DC Market • Market share equal to 31% US$264mn (2022) → US$418.5mn by 2028 • 16.1MW in operation, 4.5MW in build, 20MW planned 7.98%
Slide 48: Platform Adjacencies – Options for Long-Term Value Creation
Platform Adjacencies – Options for Long-Term Value Creation Leverage AI Infrastructure In-Flight: Grow Fintech Capabilities Expand Fintech Proposition E.g., Edge Compute Services for Inferencing Expand Fintech Presence Countries Video Inferencing Services for Factories, Traffic, Harbours and Airport
Slide 49: Revenue Growth Supported by Strong Execution & Country Fundamentals
Revenue Growth Supported by Strong Execution & Country Fundamentals Revenue Bridge by Country 2020A – LTM 9M 2025A Revenue (QAR bn) GCC Countries CAGR1: +1.1% High Growth Countries CAGR1: +5.8% 24.1 0.01 0.1 0.2 0.1 0.9 1.4 0.7 (0.2) 20.7 0.1 2020A Qatar Kuwait Oman Iraq Algeria Tunisia Maldives Pal
Slide 50: Consistent Adj. EBITDA Growth in Most Countries
Consistent Adj. EBITDA Growth in Most Countries Adj. EBITDA Bridge by Country1 2020A - LTM 9M 2025A Adj. EBITDA1 (QAR bn) GCC Countries CAGR: +0.2% High Growth Countries CAGR: +8.3% 0.2 10.3 0.1 0.02 0.1 0.7 0.7 0.4 8.5 (0.02) (0.3) 2020A Qatar Kuwait Oman Iraq Algeria Tunisia Maldives Palestine Oth
Slide 51: Adj. Free Cash Flow Growth Across Most Markets
Adj. Free Cash Flow Growth Across Most Markets Adj. Free Cash Flow Bridge by Country1 2020A - LTM 9M 2025A Adj. FCF1 (QAR bn) GCC Countries CAGR: +2.6% High Growth Countries CAGR: +6.4% 5G and fibre investments in Tunisia 0.5 0.1 0.02 6.2 0.1 (0.05) 0.4 (0.1) 0.3 (0.2) 5.1 2020A Qatar Kuwait Oman Ir
Slide 52: High Cash Generation in Matured Markets Combined with Strong Momentum in Fast Growing Markets
High Cash Generation in Matured Markets Combined with Strong Momentum in Fast Growing Markets Revenue by Country1 Adj. EBITDA by Country1,2 Adj. FCF by Country1,3 GCC GCC GCC Countries: 53.2% Countries: 53.2% Countries: 62.5% Palestine Palestine Palestine Maldives Maldives Maldives Tunisia 2.2% Tuni
Slide 53: Significant Growth in Profitability
Significant Growth in Profitability Normalized Net Profit Attributable to Ooredoo Shareholders1 and Net Profit Margin1 9.4% 14.2% 14.4% 17.3% 17.6% 17.9% 3.8 3.7 3.3 2.9 2.6 2.4 2020A 2021A 2022A 2023A 2024A LTM 9M 2025A Normalized Net Profit Attributable To Ooredoo Shareholders (QAR bn) Normalized
Slide 54: Prudent Balance Sheet and Strong Liquidity Profile
Prudent Balance Sheet and Strong Liquidity Profile Decreasing Leverage Well Below Guidance1 interest Maintains Investment Grade Rating Net Debt / Adj. EBITDA ratio1 payments Ratings 0.9 0.8 0.6 0.4 0.2 0.2 1.7x 1.4x 1.0x 0.6x 0.4x 0.6x A/STABLE4 A2/STABLE4 S&P: 13% of peers with “A” Moody’s: 18% of
Slide 55: On Track To Meet FY2025 Guidance
On Track To Meet FY2025 Guidance Group Finance KPIs 9M 2025 % change (YoY) FY2025 Guidance +3% Revenue QAR 18.2bn +5% excluding impact of 2% - 3% Myanmar Adj. EBITDA Low 40%’s 44% Flat margin1 Capex2 QAR 2.8bn +46% QAR 4.5 – 5.0bn Source: Company information. Notes: (1) Adjusted EBITDA equals profit
Slide 56: Valuation Benchmarking vs. Peers
Valuation Benchmarking vs. Peers EV / Adj. FCF Comparison (2025E)1,2,3 EV / EBITDAaL Comparison (2025E)2,3 15.7x 8.9x 12.4x 6.7x 6.2x 10.2x 4.9x 8.2x EU Operators2 EU Operators2 Sources: FactSet, Broker research and Company filings. Data as of 23rd October 2025. Notes: Figures shown are based on ind