Emirates Telecom. Group Company (etisalat Group) Pjsc · ADX:EAND
Emirates Telecom. Group Company (etisalat Group) Pjsc — e& (Emirates Telecommunications Group Company PJSC) — Q3 2025 Earnings Presentation
25 slides from Emirates Telecom. Group Company (etisalat Group) Pjsc's earnings presentation, Oct 29, 2025
Slide 1: Q3 2025 Results Presentation
Q3 2025 Results Presentation 29 October 2025
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 Q3 2025
Key highlights Q3 2025 Sustained investment in strategic partnerships and next-gen telecom networks to accelerate future growth Strategic Network Financial FY 2025 partnership Leadership Inclusion Guidance e& enterprise signed Maroc Telecom e& money e& group revised MOU with Serbia for was awarded t
Slide 5: Key financial & operational highlights 9M 2025
Key financial & operational highlights 9M 2025 Resilient performance driving profitable growth and value creation Customer Base Revenue EBITDA Net Profit 202mn 53.5bn 23.8bn 11.8bn +14.0% y/y +25.3% y/y +22.3% y/y +39.7% y/y Organic growth 1 +8.7% y/y Margin 44.4% Excl. Khazna +9.2% y/y 1. Excluding
Slide 6: Group financial highlights
Group financial highlights Karim Bennis e& Group CFO
Slide 7: Group financial highlights Q3 2025
Group financial highlights Q3 2025 Strong operational execution delivered robust performance, reflecting sustained momentum across all verticals Revenue EBITDA Net Profit Dividends AED 18.6bn AED 8.4 bn AED 3.0bn AED 3.7bn +29.2% y/y 45% Consolidated Margin EPS 34 fils Interim DPS 43 Fils +27.4% y/y
Slide 8: Group Revenue
Group Revenue Topline growth remained solid, underpinned by resilient telecom operations, accelerated momentum in digital adjacencies and consolidation of e& PPF telecom Revenue ( mn) & YoY Growth (%) Revenue by Vertical ( mn) 1 +27% Q3 2025 e& UAE e& international 2 e& enterprise e& life 18,629 Rev
Slide 9: Group EBITDA
Group EBITDA EBITDA growth buoyed by positive revenue growth; EBITDA improvement in all verticals while maintaining resilient telecom margin of 49% EBITDA (AED mn) & margin (%) EBITDA by Vertical (AED mn) 1 +27% Q3 2025 e& UAE e& international 2 e& enterprise e& life 8,385 EBITDA 4,565 3,859 72 -195
Slide 10: Group Capex
Group Capex1 Strategic investments while building premium network to capture future revenue growth CAPEX (AED mn) & Intensity Ratio (%) 1 Capex by Vertical (AED mn) 1,2 Q3 2025 e& UAE e& international 3 e& enterprise e& life 3,036 Capex 701 2,244 13 55 2,493 Intensity 8.1% 105.8% 1.6% 8.6% 1,817 16%
Slide 11: Group financial position
Group financial position Investment grade credit profile confirmed by robust fundamentals Cash & Cash Equivalents (AED Total Debt Net Debt/(Cash) (AED mn) Investment Grade mn) (AED mn) & Net Debt/EBITDA (x) Credit Ratings 65,360 65,635 51,608 34,498 34,146 30,862 31,489 Rating: AA- 25,721 25,888 Out
Slide 12: Group Debt Profile
Group Debt Profile Diversified sources of debt Borrowings by Borrowings by Debt by Source Repayment Schedule Operations (AED mn) Currency (%) (AED mn) (AED mn) MAD 50,801 Group 42,059 Others 4% 10% PKR 46,101 5% MT Group 7,258 AED Euro 50% 32% e& PPF 11,310 Pakistan 3,230 AED 13,985 Euro Others 8,24
Slide 13: Performance by vertical
Performance EN “ * by vertical 2 SS etisalat and e =
Slide 14: e& UAE (1/2)
e& UAE (1/2) EBITDA growth outpaced revenue growth leading to higher margin and OFCF Subscribers Revenue (AED mn) EBITDA (AED mn) 1 CAPEX (AED mn) (mn) & YoY Growth (%) & EBITDA Margin (%) & CAPEX / Revenue (%) 15.5 15.7 8,623 8,704 797 14.7 8,172 701 673 7% 4,565 6% 7% 4,215 4,339 5% 5% 4% 51.6% 50
Slide 15: e& UAE (2/2)
e& UAE (2/2) Higher revenues fuelled by operational excellence Mobile Revenue 1 (AED Fixed Revenue 2 (AED Other Revenue 3 (AED Mobile & Fixed Broadband mn) & YoY Growth (%) mn) & YoY Growth (%) mn) & YoY Growth (%) Subs (mn) & ARPU Mobile 4,5 3,120 3,185 78 76 76 3,018 2,888 2,888 2,886 2,615 2,633
Slide 16: e& international
e& international Accelerated revenue and EBITDA growth was driven by robust performance in Egypt and Pakistan and consolidation of e& PPF Telecom Subscribers (mn) & YoY Revenue (AED mn) EBITDA (AED mn) 1 CAPEX (AED mn) Growth (%) & YoY Growth (%) & EBITDA Margin (%) & CAPEX / Revenue (%) +62% 182.5
Slide 17: Maroc Telecom Group
Maroc Telecom Group Strong performance of Moov Africa and domestic fixed BB partially offset the decline in domestic mobile due to competition and restrictive regulatory framework; Investing in 5G network Subscribers (mn) & YoY Revenue (AED mn) EBITDA (AED mn) CAPEX (AED mn) Growth (%) & YoY Growth
Slide 18: e& Egypt
e& Egypt Robust performance driven by strong operational execution and financial discipline yielding higher profitability margin Subscribers (mn) & YoY Revenue (AED mn) EBITDA (AED mn) CAPEX (AED mn) Growth (%) & YoY Growth (%) & EBITDA Margin (%) & CAPEX / Revenue (%) +35.8% 41.2 1,182 40.0 1,102 3
Slide 19: PTCL Group
PTCL Group Double digit revenue and EBITDA growth supported by growing customer base and higher data usage Subscribers (mn) & YoY Revenue (AED mn) EBITDA (AED mn) CAPEX (AED mn) Growth (%) & YoY Growth (%) & EBITDA Margin (%) & CAPEX / Revenue (%) +14.1% 28.8 29.3 817 824 28.2 737 +78.4% 280 260 21%
Slide 20: e& enterprise
e& enterprise Strong revenue and EBITDA growth underpinned by robust performance in Cybersecurity, Cloud and IoT services and higher contribution of international operations Revenue (AED mn) & YoY Growth (%) EBITDA (AED mn) & EBITDA Margin (%) 1 899 72 836 63 686 46 39% 8.6% 6.7% 7.0% 22% 2% Q3 2024
Slide 21: e& life
e& life Revenue acceleration led by Careem and e&money supported by improved operational performance Revenue (AED mn) & YoY Growth (%) EBITDA (AED mn) & EBITDA Margin (%) 1 647 623 484 160% -29.2% -30.2% -38.3% 34% 22% -185 -182 -195 Q3 2024 Q2 2025 Q3 2025 Q3 2024 Q2 2025 Q3 2025 1. Excludes transf
Slide 22: Key Highlights | Q3-2025
Key Highlights | Q3-2025 +87% 3.2x 750K STARZ ON App MAU Total GTV in Q3-25 vs. Q3-24 1 Total GTV in Q3-25 vs. Q3-24 +65% vs Q3-24 Boosted MENA’s ‘Home of Sports’ +43% 3.1x Cricket: Broadcasted Asia Cup and achieved 3x more ad-revenue than previous year Growth in GTV per user Remittance GTV in Q3-25
Slide 23: FY 2025 Guidance
FY 2025 he 8. Guidance oe ee etisalat and
Slide 24: 2025 Guidance
2025 Guidance Upward revision of FY guidance 9M 2025 FY 2025 Updated FY 2025 Actuals Guidance Guidance Revenue Growth (%) Constant Currency 25.4% 17-20% 23%-24% EBITDA Margin (%) 44.4% ~43% 43%-44% ~1.62 EPS (AED) 1.36 1.261 (1) ~1.30 CAPEX/Revenue (%) Excluding spectrum & licenses 13.5% ~16% 15%-16
Slide 25: We continue to bring strong results
We continue to bring strong results
e& (Emirates Telecommunications Group Company PJSC) — Q3 2025 Earnings Presentation on 6ix