Emirates Telecom. Group Company (etisalat Group) Pjsc · ADX:EAND
Emirates Telecom. Group Company (etisalat Group) Pjsc — e& (Emirates Telecommunications Group Company PJSC) — Q1 2026 Earnings Presentation
28 slides from Emirates Telecom. Group Company (etisalat Group) Pjsc's earnings presentation, Apr 29, 2026
Slide 1: Q1 2026 Results Presentation
Q1 2026 Results Presentation 29 April 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 I Q1 2026
Key highlights I Q1 2026 Resilient delivery amid regional volatility Geopolitical Tension Home market Int’l footprint Limited impact with focus on Delivering robust set of Delivering growth across all network resilience and service financial and operational results markets continuity despite geopoli
Slide 5: Geopolitical Impact I Q1 2026
Geopolitical Impact I Q1 2026 Robust operating model that consistently performed under pressure Resilient Network Safety Revenue Impact (Limited) Maintained network resilience and Enacted WFH protocol ensuring Travel disruption impacting roaming service continuity workforce safety while maintaining
Slide 6: Disciplined Outlook I Q1 2026
Disciplined Outlook I Q1 2026 Strong fundamentals supporting sustainable growth & outlook Strategic Priorities Financial Position Outlook* Refocus on business growth Strong cash position Financial guidance unchanged activities Improved liquidity, no near-term Disciplined approach to capital Prioriti
Slide 7: Key financial & operational highlights Q1 2026
Key financial & operational highlights Q1 2026 Strong performance underpinned by operational and financial momentum Customer Base Revenue EBITDA Net Profit 248mn 19.4bn 8.6bn 2.9bn +30.8% y/y +15.1% y/y +16.5% y/y +3.9% y/y 1 Margin 44.1% 1. Net profit growth y/y excludes the impact of gain on sale
Slide 8: Group financial highlights
Group financial highlights Karim Bennis e& Group CFO
Slide 9: Group financial highlights Q1 2026
Group financial highlights Q1 2026 Delivering robust set of results despite geopolitical escalation Revenue EBITDA Net Profit Capex 19.4 bn AED 8.6 bn AED 2.9 bn AED 2.0 bn2 AED +15.1% y/y 44.1% Consolidated Margin EPS 33 fils 10.5% Intensity Ratio +11.3% y/y in Constant Currency 48.2% Telco Margin
Slide 10: Group Revenue
Group Revenue Delivered robust double-digit growth underpinned by strong momentum across telecom verticals in both domestic and international markets Revenue (AED mn) & YoY Growth (%) Revenue by Vertical (AED mn) 1 +11.3% Q1 2026 e& UAE e& international 2 e& enterprise e& life 19,319 19,417 Revenue
Slide 11: Group EBITDA
Group EBITDA EBITDA growth outpaced revenue growth supported by operational efficiencies with telecom sustaining a strong profitability margin exceeding 48% EBITDA (D mn) & margin (%) EBITDA by Vertical (D mn) 1 +12.3% Q1 2026 e& UAE e& international 2 e& enterprise e& life 8,566 EBITDA 4,616 4,008
Slide 12: Group Capex
Group Capex1 Prioritizing network resilience in the home market while accelerating 5G deployment across key international markets CAPEX (D mn) & Intensity Ratio (%) 1 Capex by Vertical (D mn) 1,2 Q1 2026 e& UAE e& international 3 e& enterprise e& life 3,995 Capex 758 1,194 24 56 Intensity 8.5% 13.2%
Slide 13: Group financial position
Group financial position Investment-grade credit profile supported 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 68,641 67,639 66,574 33,331 44,509 29,792 Rating: AA- 36,782 Outlook: S
Slide 14: 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) In April AED 21.5 bn MAD 54,277 were refinanced Group 41,892 Others 4% 8% PKR 37,850 MT Group 7,376 7% AED Euro 49% 32% e& PPF 10,692 19,334 Pakis
Slide 15: Performance by vertical
Performance EN “ * by vertical 2 SS etisalat and e =
Slide 16: e& UAE (1/2)
e& UAE (1/2) Navigating regional unrest with resilience, while expanding customer base and strengthening profitability margins Subscribers Revenue (AED mn) EBITDA (AED mn) 1 CAPEX (AED mn) (mn) & YoY Growth (%) & EBITDA Margin (%) & CAPEX / Revenue (%) 16.3 16.6 8,943 8,887 956 15.3 8,434 9% 8% 758
Slide 17: e& UAE (2/2)
e& UAE (2/2) Delivering broad-based growth with a solid increase in subscribers driving higher revenues 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 3,271 3,239 76 7
Slide 18: e& international
e& international Strong organic performance complemented by inorganic growth and enhacned by favorable FX tailwinds Subscribers (mn) & YoY Revenue (AED mn) EBITDA (AED mn) 1 CAPEX (AED mn) 2 Growth (%) & YoY Growth (%) & EBITDA Margin (%) & CAPEX / Revenue (%) 2 +17.1% 228.5 231.4 8,762 9,009 +19.2%
Slide 19: Maroc Telecom Group
Maroc Telecom Group Revenue and profitability growth driven by strong performance in Moov Africa and recovery in Morocco Subscribers (mn) & YoY Revenue (AED mn) EBITDA (AED mn) CAPEX (AED mn) 1 Growth (%) & YoY Growth (%) & EBITDA Margin (%) & CAPEX / Revenue (%) 1 +5.1% 74.7 76.7 76.0 3,516 3,564 4
Slide 20: e& PPF Telecom Group
e& PPF Telecom Group Organic and inorganic revenue growth supported by enhanced profitability and expanding margins Subscribers (mn) & YoY Revenue (AED mn) EBITDA (AED mn) CAPEX (AED mn) 1,2 Growth (%) 1 & YoY Growth (%) 1 & EBITDA Margin (%) 1 & CAPEX / Revenue (%) 1,2 +18.7% 14.8 14.8 2,794 2,702
Slide 21: e& Egypt
e& Egypt Sustained growth momentum underpinned by growing customer base and higher usage patterns Subscribers (mn) & YoY Revenue (AED mn) EBITDA (AED mn) CAPEX (AED mn) 1 Growth (%) & YoY Growth (%) & EBITDA Margin (%) & CAPEX / Revenue (%) 1 +19.7% 42.3 43.4 1,434 39.0 1,267 +6.1% 1,020 420 20.0% 3
Slide 22: PTCL Group
PTCL Group Accelerated growth due to the consolidation of Telenor Pakistan while 5G spectrum acquisition supports higher quality network Subscribers (mn) & YoY Revenue (AED mn) EBITDA (AED mn) CAPEX (AED mn) Growth (%) 1 & YoY Growth (%) 1 & EBITDA Margin (%) 1 & CAPEX / Revenue (%) 1,2 +2.9% +58.2%
Slide 23: e& enterprise
e& enterprise Macro headwinds impacted growth in Q1; pipeline remains robust Revenue (AED mn) & YoY Growth (%) EBITDA (AED mn) & EBITDA Margin (%) 1,2 999 126 821 801 68 12.7% 53 17% 8.2% 13% 6.6% -2% Q1 2025 Q4 2025 Q1 2026 Q1 2025 Q4 2025 Q1 2026 1. Includes full impact of transfer pricing 2. Q4 2
Slide 24: 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 (%) 1 754 737 599 -20.7% -32.1% -30.1% -156 34% 33% 23% -192 -222 Q1 2025 Q4 2025 Q1 2026 Q1 2025 Q4 2025 Q1 2026 1. Includes full im
Slide 25: Key Highlights | Q1-2026
Key Highlights | Q1-2026 Over 18M Installs +47% 2.2x +125% vs Q1-25 Total GTV in Q1-26 vs. Q1-25 1 Total GTV in Q1-26 vs. Q1-25 App Users +45% vs Q1-25 Achieved Strong Engagement in Ramadan +60% 2.2x Consumption rose by 73% vs Ramadan 2025, Growth in revenue successful additions such as Al-Darba and
Slide 26: FY 2026 Guidance
FY 2026 he 8. Guidance oe ee etisalat and
Slide 27: 2026 Guidance
2026 Guidance Delivered strong start for the year; Outlook to be reassessed in H1 Q1 2026 FY 2026 Actuals Guidance Revenue Growth (%) Constant Currency +11.3% 8%-10% EBITDA Growth (%) Constant Currency +12.3% 4%-5% EPS (AED) 0.33 ~1.35 CAPEX/Revenue (%) Excluding spectrum & licenses 10.5% 16%-17% 27
Slide 28: We continue to bring strong results
We continue to bring strong results
e& (Emirates Telecommunications Group Company PJSC) — Q1 2026 Earnings Presentation on 6ix