Emirates Telecom. Group Company (etisalat Group) Pjsc · ADX:EAND
Emirates Telecom. Group Company (etisalat Group) Pjsc — e& (Emirates Telecommunications Group Company PJSC) — Investor Day (February 2025)
139 slides from Emirates Telecom. Group Company (etisalat Group) Pjsc's investor day presentation, Feb 26, 2025
Slide 1: Capital Markets Day
Capital Dubai, Lana Hotel United Arab Emirates Markets Day 26 February 2025 Restricted
Slide 2: Agenda
Agenda Introduction Business Overview 01 Nazih El Hassanieh, Head of Investor Relations – e& 02 Hatem Dowidar, Group Chief Executive Officer – e& e& Financial Overview e& UAE 03 Karim Bennis, Group Chief Financial Officer – e& 04 Masood M. Sharif Mahmood, Chief Executive Officer - e& UAE e& internat
Slide 3: Introduction
Capital Markets Day 2025 Introduction Nazih El Hassanieh Head of Investor Relations – e& Restricted
Slide 4: 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 5: Business Overview
Capital Markets Day 2025 Business Overview Hatem Dowidar Chief Executive Officer – e& Restricted
Slide 6: Our Vision: To be a leading global technology group
Our Vision To be a leading global technology group Verticals Strategic Strong global Robust Infra High ambition operating investments partner portfolio with visionary independently to grow capabilities ecosystem to drive connectivity brand to drive agility, and accelerate for a differentiated and te
Slide 7: 2024 Financial Achievements
2024 Financial Achievements Our efforts are already delivering results 59.20 26.45 10.75 83 Bn Bn Bn fils per share Based on the new Dividend policy 7 Confidential Restricted
Slide 8: World's fastest growing brand
World’s fastest growing brand For the first time, e& is among the GLOBAL BRAND top 10 most valuable telecoms brands in the world TOP 10 +3 positions in global telecom ranking versus 2024 Brand portfolio and investments value RATED Brand Strength Index increased crossing AAA from 78.8 to 84.6 USD GL
Slide 9: e& Growth Strategy
e& Growth Strategy 4D strategy for sustainable growth Drive Sustainability Best in class ESG performance Foster engaged, diverse and inclusive workplace Develop awareness and value of e& brand Double Down Digitalize and on Core Transform Operations Evolve core business and continue to invest in Deep
Slide 10: Double Down on Core
e& Growth Strategy Double Down on Core - Continuously growing while investing for the future e& international AED Record ’24 revenue fueled by growth in Core revenues, with Mobile and Fixed Double-digit revenue growth in 33.1Bn registering the highest level of revenue ever. +11% YoY constant currenc
Slide 11: Diversify Portfolio: 38 countries
e& Growth Strategy Diversify Portfolio PPF deal closure and GlassHouse acquisition expanded e& operations to 38 countries 20 10 22 3 Telco Operating Operating Operating Operations Countries Countries Countries (incl. PPF) e& core footprint with Telco and TechCo operations e& core footprint with Telc
Slide 12: e& enterprise and e& life turbocharging digital ambitions
e& Growth Strategy Diversify Portfolio e& enterprise and e& life turbocharging e& group’s digital ambitions Continuous expansion in new markets Access to Cloud Market in Cyber security services MENA Fintech #1 Fintech App in UAE Turkey New Shared Service expanded to Egypt Command & Control Leader Ce
Slide 13: Our mission: To infuse AI into every facet of e&
e& Growth Strategy Digitalize and Transform Operations Our mission: To infuse AI into every facet of e& Strategic Focus Areas Maximize Revolutionize Optimize Financial Impact Customer Experience Employee Productivity Strategy Data Organization Strategic Responsible & Innovation & Infrastructure & Cu
Slide 14: Delivering on our promises
e& Growth Strategy Drive Sustainability Delivering on our promises Environment • Published e& Climate Transition Plan, “Ambition to Action” • Announced 2028 e& Group network, e-waste, handset recycling targets • Announced 2030 e& biodiversity targets On Track for Long-term Ratings Targets (2027) Sus
Slide 15: Divesting e&'s stake in Khazna
Divesting e&’s stake in Khazna • Khazna Data Center is a joint venture between G42 and e&. In 2022, e& became a 40% shareholder by contributing its UAE wholesale data center portfolio in exchange for equity Value of e&’s share in Khazna ($Bn) • e& has signed a binding agreement to divest its 40% sta
Slide 16: Final Thoughts
Final Thoughts Continue as UAE champion Build on Double down on international governments growth Deliver value expansion agenda and be a from tech premium provider with investments Grow next-gen connectivity Grow in markets with and superior customer stable economies and e& enterprise experience pow
Slide 17: Financial Overview
Capital Markets Day 2025 Financial Overview Karim Bennis Group Chief Financial Officer – e& Restricted
Slide 18: A Year of Growth & Resilience
A Year of Growth & Resilience Restricted
Slide 19: A Year of Growth & Resilience
A Year of Growth & Resilience Consistent Record Improved Operating Resilient Telco Financial Revenue & Environment EBITDA Margin Performance Net Profit Promising 2025 Unlocking Potential Best-in-class of the PPF Asset Credit Rating Transaction Monetization 19 Restricted
Slide 20: Improving Operating Environment
Improving Operating Environment Decelerated Lower rates, Robust UAE Price increase in inflation in most benefiting variable economy Egypt & Pakistan key markets interest cost 20 Restricted
Slide 21: Consistent Financial Performance
Consistent Financial Performance Revenue EBITDA Net Profit AED 59.2 bn AED 26.5 bn AED 10.8 bn 13% Y-o-Y Growth in 45% Margin & +4% Y-o-Y Constant Currency 49% Consolidated Telco (1) (1) CAPEX OpFCF Dividend Payout AED 8.2 bn AED 18.2 bn AED 7.1 bn 14% Intensity Ratio 31% Margin 5% Dividend Yield (1
Slide 22: Record Revenue
Record Revenue Revenue (AED mn) & Y-o-Y Growth (%) Highest revenue in the 1% -1% +2% +5% +8% +13% history of the Group 10% 1% 59,203 52,186 53,342 52,434 53,752 51,708 Strong performance in 10% reported & constant currency 3% 3% The increase was driven 0% -1% by growth from all the -2% verticals FY’
Slide 23: Revenue Growth Outpaces Inflation
For the First Time Since 2021 Revenue Growth Outpaces Inflation… (1) 10% Reported Currency Constant Currency Blended Weighted Inflation (1) 7% 7% 8% 5% 5% v 3% 3% 2% 2021 2022 2023 2024 (1) Excludes the consolidation of e& PPF Telecom -2% 23 -2% Restricted
Slide 24: Driven by All Verticals
… and Driven by All Verticals Revenue (AED mn) FY 2023 FY 2024 e& UAE e& international e& enterprise e& life +5% +12% +7% 33,097 21,764 2,898 31,464 2,699 19,422 +102% 2,009 994 5% Y-o-Y Growth in Constant Currency 27% Y-o-Y ~2.0x Mobile Revenue GTV YoY 0% Cloud Revenue 1% Y-o-Y +289% Fixed Revenue
Slide 25: EBITDA Growth in Constant Currency
EBITDA Growth in Constant Currency EBITDA (AED mn) & EBITDA Margin (%) Telco EBITDA remains resilient 3% 0% 0% +4% +4% +3% 51% 50% 49% 26,370 26,443 26,721 26,202 26,117 26,454 Solid increase in constant currency 51% 51% 50% 50% 49% 45% Financial discipline remains a priority Growth Y/Y in constant
Slide 26: Telco Margins Strong & Digital Verticals Positioned for Growth
Telco Margins Strong & Digital Verticals Positioned for Growth EBITDA (AED mn) Margin FY 2023 FY 2024 e& UAE e& international e& enterprise e& life 17,041 9,812 16,447 9,195 52% 51% 357 47% 45% 161 13% 6% -36% -10 -716 EBITDA Margins 55% Excluding impact Outstanding EBITDA from specific contract Per
Slide 27: Investing in Future Growth
Investing in Future Growth CAPEX (1) (AED mn) & Intensity Ratio (%) Intensity ratio relatively stable 8,349 8,206 7,739 7,287 6,989 6,444 Investing in network 16% capabilities and quality 15% 14% 13% 14% 12% e& UAE recognized as World's Fastest 5G Network and GCC's Fastest Fixed Network Growth Y/Y i
Slide 28: Record Net Profit
Record Net Profit Net Profit (AED mn) & Net Profit Margin (%) Highest net profit in the history +4.3% of the Group +4.3% 10,752 10,007 10,305 9,027 9,317 8,693 19% 19% 18% Consistent and sustainable 17% 17% 17% net profit growth Positioned for profitable future growth FY’19 FY’20 FY’21 FY’22 FY’23 F
Slide 29: We Remain Focused on Improving Shareholder Value
We Remain Focused on Improving Shareholder Value Dividend Per Share (AED) 0.89 5% Dividend Yield 0.86 0.83 0.80 0.80 0.80 2021 2022 2023 2024 2025 2026 29 29 29 Restricted
Slide 30: Strong Focus on Cash Collection
Strong Focus on Cash Collection e& UAE Collections: An incremental AED 4.5 billion post 2020 AED bn 26.5 25.3 +5% 24.3 +4.5 (+20%) 22.9 22.1 2020 2021 2022 2023 2024 30 30 30 Restricted
Slide 31: Achieving our Guidance on a Group Level
Achieving our Guidance on a Group Level Initial Guidance Updated Guidance FY 2024 Actual Revenue Growth Y-o-Y in Constant Currency (%) Mid-Single Digit High Single Digit 10% EBITDA Margin Telecom ~ 49% ~49% 49% (%) CAPEX Intensity Ratio (%) ~16% ~16% 17%(1) Revenue Growth Y-o-Y in Strong Double Digi
Slide 32: Strong Credit Profile & Financial Flexibility
Strong Credit Profile & Financial Flexibility Allowing us to re-finance short term facilities at competitive rates Within 1 Yr 35,536 Rating: AA- Outlook: Stable 1.34x 1-2 Yrs 24,125 Net Debt/EBITDA 2-5 Yrs 7,372 Rating: Aa3 Outlook: Stable Beyond 5 Yrs 2,162 32 32 32 Restricted
Slide 33: Unlocking Potential of the PPF Transaction
Unlocking Potential of the PPF Transaction € 2.1 bn € 1.0 bn FY 2024 Revenue FY 2024 EBITDA Promising Future Growth Euro Currency Future Unlock Value from Exposure Dividend Synergies 33 Restricted
Slide 34: Realizing Significant Gain from Asset Monetization of Khazna
Realizing Significant Gain from Asset Monetization of Khazna $ 2.2 bn $ 1.4 bn Proceeds will be Total Proceeds Capital Gain before used to Royalty & Tax deleverage the balance sheet, 40% High strengthening financial flexibility e& Ownership Sold Implied Multiple of and credit profile Transaction 34
Slide 35: 2025 Guidance
2025 Guidance Key Metrics FY 2025 Guidance Revenue Growth (%) 17%-20% Constant Currency EBITDA Margin (%) ~43% EPS (AED) 1.26(1) CAPEX/Revenue (%) ~16% Excluding spectrum & licenses 1) EPS excludes the impact from the sale of Khazna 35 Restricted
Slide 36: Closing Remarks
Closing Remarks Financial Resilience & Strength Diversified Growth Engine Robust double-digit revenue growth Transforming from a Regional Telco Business to a in constant currency Diversified Group of New Business Lines Competitive telecom EBITDA margins (~49%) Telco Cloud Internet of Diversified Sus
Slide 37: e& UAE
Capital Markets Day 2025 Masood M. Sharif Mahmood Chief Executive Officer - e& UAE Restricted
Slide 38: All round financial performance review for 2024
All round financial performance review for the year 2024 Highly successful Strategy delivers another year of record-breaking performance Net Revenue EBITDA & EBITDA Margin AED Bn AED Bn, % 1 Record ’24 revenue (AED 33.1Bn), fueled by growth in Core revenues, with Mobile and Fixed registering +5.2% +
Slide 39: Revenue Evolution
Revenue Evolution – AED 3.43Bn of incremental & recurring revenues added over 24 months Consistently higher quarterly revenues compared to last year – with highest quarterly and yearly revenue in the history of e& UAE recorded in 2024 Quarterly Revenue Trend Yearly Revenue Trend 2023-2024, AED Bn 20
Slide 40: Sources of revenue growth
Sources of revenue growth Growth across all main revenue streams Sources of Revenue Growth (AED Bn, %) • Record 2024 absolute revenue with a strong YoY +1.6 Bn YoY % growth of 5.2% (AED 1.6Bn) AED 1.2Bn growth contribution (+5.2%) 33.1 from Core revenues 0.2 0.2 • Core revenues grew by 4.2% 0.5 YoY
Slide 41: Overview of Mobile Subscribers Evolution
Overview of Mobile Subscribers Evolution Consistent Mobile subscriber growth across both postpaid and prepaid segments Evolution of Mobile Subscribers Postpaid Mobile Subscribers 2023-2024, Million, QoQ % 2023-2024, Million, YoY % 9.2% 7.5% 5.8% 6.9% 3.05 3.08 3.14 3.20 +0.8% +2.5% +2.1% +1.8% +0.9%
Slide 42: Mobile Revenue Trend
Mobile Revenue Trend Sustainable growth in Postpaid and turnaround in Prepaid growth Yearly Postpaid Mobile Revenue Trend 2020-2024, AED Bn Yearly Mobile Revenue Trend 2020-2024, AED Bn +6.1% +6.2% +8.9% +6.3% +4.8% • Strong mobile subscribers +2.6% 12.1 growth YoY at 6.1%. Total +4.3% mobile subscr
Slide 43: Fixed Performance Trend
Fixed Performance Trend Continued fixed subscriber growth across the portfolio and new products driving revenue uplift Fixed Broadband Subscribers Fixed Revenue #s 000 AED Bn Fixed Broadband Home Wireless +1.7% +50.5% +0.8% 1,384 11.6 1,361 11.5 2023 2024 2023 2024 Example of Innovative Fixed Produc
Slide 44: Consumer Segment Innovative Launches
Consumer Segment Innovative Launches Launch of an unbundled Fixed product, Add-to-bill to uplift payment experience and an eSIM offer Non-Exhaustive Innovative Fixed Launch Enhanced Mobile VAS Launch eSIM Offer 44 Restricted
Slide 45: Business Segment Review
Business Segment Review Record YoY growth in SMB, Enterprise Private and Government segments Total Business Billing Enterprise Private Billing Government Billing SMB Billing % % % % +10.0% +15.0% +18.0% +9.0% +6.2% +4.9% +5.5% +8.0% 2022 2023 2024 2022 2023 2024 2022 2023 2024 2022 2023 2024 Record
Slide 46: B2B Partnerships
B2B Partnerships Landmark partnerships are driving future B2B growth ADNOC/ e& 5G PRIVATE NETWORK PARTNERSHIP RANGE OF OTHER STRATEGIC PARTNERSHIPS ACROSS ECOSYSTEM Partnership to create a nationwide drone traffic Partnership to develop cutting-edge private management system leveraging 5G network fo
Slide 47: CX Overview
CX Overview CX has been uplifted across key dimensions and NPS has increased by ~19% Improved Our focused efforts and investment to drive customer centricity has led to a reduction in calls CX and complaints, which has led to a significant but sustainable lift in customer NPS (Net Promoter Score) ⁄
Slide 48: Network Leadership
Network Leadership Continued investment in Networks resulted in the UAE to be the 1st country to achieve top spot Globally in Fixed and Mobile download speeds and receiving leadership awards1 Network Speeds2 Globally in Mobile #1 Speeds2 UAE 454 Mbps e& UAE (572 Mbps) Globally in Fixed #3 Speeds2 UA
Slide 49: Investing for the Future
Investing for the Future Continued capital investments to sustain network/technology leadership and new capabilities CAPEX 2023-2024, AED Bn / % ▪ Disciplined CAPEX strategy ensuring efficiency on investment planning and execution +9.1% Incremental ▪ CAPEX Intensity ratio of 9% in 2024 as a result o
Slide 50: AI Advancements
AI Advancements e& UAE is pivoting from scaling use cases to new capability building and AI-enabled value creation Use Case Scaling New AI Capability Building Uplift in AI-Driven Value Creation Growth in Use Cases Citizen Xs Trained Self-Developed Models AI Value Under Management # # # AED Billion,
Slide 51: Macro-economic Outlook
Macro-economic Outlook UAE Economy is forecast to grow at an accelerated rate in 2025 and beyond • Global growth is expected UAE Real GDP Growth, to remain stable yet % 5% 2.9% underwhelming at 3.2% in 5.5 UAE 4.0 4.5 2025 Non-oil Real 2025 Oil Real 2025 Economy1) GDP Growth GDP Growth • However, GC
Slide 52: Opportunity to leverage tectonic shifts in the market
Despite Record breaking performance, e& UAE has the opportunity to leverage Tectonic shifts in the market to drive future sustained growth Positive impact 1 Macro Landscape Enabling Growth 2 Market Undergoing Tectonic Shifts 3 Step Change in Capabilities UAE economy is set for growth Price driven co
Slide 53: New strategy formulation focused on profitable core growth
This results in major implications / shifts that requires new strategy formulation focused on profitable core / related growth 1 2 3 4 Refocus on what we Become the “digital” Claim new “right-to- Modernizing the do best marketplace win” arenas engine is crucial • Core connectivity as main • Evolving
Slide 54: Closing Messages
1 Our starting position is optimal… ⁄ Our previous strategy has proven to be extremely successful – record levels of revenue (~AED3.43Bn incremental revenue growth over past 2 years) ⁄ We have delivered record-breaking profitability in 2024 2 …but now it is the time to be ‘bolder’ Closing ⁄ Elements
Slide 55: e& International
Capital Markets Day 2025 Khalifa AlShamshi A/Chief Executive Officer – e& International Restricted
Slide 56: e& international contribution as engine of Telco growth
e& international Diversified portfolio across 4 regions, 19 countries with potential for further expansion Serving over 174 million subscribers while leading in customer experience Driving organic growth in our markets while investing for the future (5G in Egypt, FTTH rollout in Pakistan and Morocco
Slide 57: 2024 Highlights
2024 Highlights Executing LEAD Strategy L Lead in organic growth E Expand internationally A Accelerate digital ecosystems D Drive scale synergies Double-digit revenue +4 countries Augmented digital growth (+11% YoY) in offerings and grew Uzbekistan’s Perfectum constant currency1 >12 million mobile s
Slide 58: e& PPF Telecom Group
e& PPF Telecom Group Major milestone for e& international with entry into European market Geographic diversification • New region of Central & Eastern Europe • Adds 4 countries and >12 million mobile subscribers Slovakia • New entity creates platform for future regional expansion, including announce
Slide 59: Organic growth
Organic growth Steady-state portfolio grows revenue and EBITDA in local currency Revenue in constant currency EBITDA in constant currency (AED b, 2022-2024 at 2022 FX rates, excluding PPF) (AED b, %, 2022-2024 at 2022 FX rates, excluding PPF) CAGR CAGR +4% +13% 25.9 10.6 9.7 9.9 22.4 20.4 2022 2023
Slide 60: Increasing contribution to Group revenue and EBITDA
Increasing contribution to Group revenue and EBITDA International main growth driver for e& group, with portfolio diversified towards stable markets Contribution of international to e& Group Pro-forma breakdown including PPF (%, 2022-2024) (2024 adjusted for full year impact of PPF) 43% Afgh. PTCL 3
Slide 61: CAPEX
CAPEX Efficiently investing across our footprint 2024 key investments Capital Intensity (excl. PPF)1 Rollout of new sites and 4G site upgrade, primarily in (CAPEX as a % of Revenue, excluding spectrum and licenses) Pakistan, Egypt and Afghanistan 23.8% 23.0% 22.6% Expansion of FTTH networks in Pakis
Slide 62: Excelling in customer experience
Excelling in customer experience We are leading in NPS our major markets Strong NPS enhances customer loyalty and reduces churn, demonstrating customer-centricity as a competitive advantage e& international OpCos consistently work to improve customer experience in 2024, including: • Enhancement and
Slide 63: Maroc Telecom Group
Maroc Telecom Group Steady performance and leading EBITDA margin 2024 Highlights Solid organic growth in Moov Africa, partially offset by MT Group Revenue currency devaluation (CFA and MRO vs. the MAD) (MAD b) 0% Maintained healthy EBITDA margin of 52% 35.7 36.8 36.7 Homepass deployment drives FTTH
Slide 64: e& Egypt
e& Egypt Exceptional topline growth driven by all segments 2024 Highlights Exceptional growth across all segments – consumer, B2B, digital and wholesale, exceeding EGP devaluation, Egypt Revenue enhancing overall value share (EGP b) +50% Consumer growth driven by increase in data traffic, 45.7 subsc
Slide 65: PTCL Group
PTCL Group Strong growth in both fixed and mobile segment 2024 Highlights PTCL Flash Fiber grows to over 670k subscribers, PTCL Group Revenue becoming #1 in FTTH (PKR b) +17% Ufone delivers strong topline growth (+25%) driven by 219.8 190.6 effective data monetization 151.6 Exceptional growth in B2B
Slide 66: AI at e& international
AI at e& international Leveraging AI across our portfolio Prioritized 7 domains for 1st wave (2025-2026) • 2 for Consumer: Hyper-personalized CVM, and product, pricing and promos Egypt • 5 for Technology: Network planning, network operations, agent enablement, proactive resolution and enterprise-wid
Slide 67: Key takeaways
Key takeaways Continue top-line growth in 2025 • Plan for strong organic revenue growth across portfolio, fueled by investment in latest technologies • 2025 to benefit from full year impact of e& PPF Telecom consolidation • e& international is a main contributor to Group revenue and EBITDA growth In
Slide 68: e& PPF Telecom
Capital Markets Day 2025 Balesh Sharma Chief Executive Officer - e& PPF Telecom Restricted
Slide 69: PPF track record in telecommunications
PPF track record in telecommunications 10 years of growing and developing a leading telecom business PPF acquires O2 PPF acquires Telenor Yettel brand e& PPF Telecom Group in Slovakia subsidiaries in Hungary, launched formed Bulgaria, Serbia 2014 2018 2019 2020 2021 2022 2023 2024 2025 Separation of
Slide 70: e& PPF Telecom Group at a glance
e& PPF Telecom Group at a glance Leading mobile telecom operator with ambition to grow its fixed business Mobile clients Population 28m FBB clients 2025 estimate 12.2m 416k FBB Dec 2024 Slovakia Dec 2024 incl. M2M 4G coverage 4G Hungary Revenue 99% EUR 2.1bn of population FY2024 Dec 2024 Serbia 5G c
Slide 71: Regional mobile market overview
Regional mobile market overview Market structure with three main operators preserved after the wave of 5G auctions EBITDA breakdown (%) Competitive landscape Slovakia Balanced regional diversification Orange 5% T-Mobile 25% EUR 37% Slovakia Slovakia 1.0bn Hungary Serbia O2 16% 28% T-Mobile Bulgaria
Slide 72: Track record of sustainable growth
Track record of sustainable growth & PPF Telecom Group subsidiaries maintain the growth of the top line and earnings Revenue (EURbn) EBITDA and margin (EURbn, %) CAGR CAGR 8% 9% 2.15 2.01 1.82 1.72 0.99 1.60 0.88 0.78 0.80 0.70 44% 46% 44% 44% 44% 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Fi
Slide 73: Mobile segment dynamics - ARPU
Mobile segment dynamics - ARPU Healthy ARPU levels, revenues keeping pace with the inflation Mobile ARPU1 (EUR) 20 CAGR 15.8 Slovakia 2.7% 15 14.4 12.6 12.2 12.3 11.6 Hungary 9.0% 11.2 10.9 11.3 11.6 10.7 10.4 10.4 11.6 10 9.8 8.9 10.4 10.5 Bulgaria 8.3% 9.1 9.5 Serbia 6.3% 5 0 2020 2021 2022 2023 2
Slide 74: Mobile segment dynamics - subscribers
Mobile segment dynamics - subscribers Continuous pre-to-post migration as a key driver of postpaid customers growth Evolution of mobile subscribers (Million, YoY%, postpaid % of total subscribers) Postpaid % CAGR 1.8p.p. % Postpaid % 68% 69% 70% 71% 73% Prepaid 3.30 3.18 3.08 2.90 2.71 Postpaid 7.00
Slide 75: Capital investments
Capital investments Maintaining market leadership through continuous investment Capital intensity (CAPEX as % of Revenue, excluding spectrum and brand licences, total CAPEX) Total CAPEX 17% 14% X% 26% X% 16% X% 17% 15% 16% 14% 12% Operational 9% CAPEX 2020 2021 2022 2023 2024 Financial figures for 2
Slide 76: Awards for network quality
Awards for network quality Independent evaluations have consistently recognised our leadership year after year Slovakia Hungary Bulgaria Serbia 5G experience Superior network Network sharing With Deutsche Telekom Fastest network 5x 2x 7x 8x 76 Restricted
Slide 77: Fixed segment dynamics
Fixed segment dynamics Challenger position with high growth potential Evolution of fixed broadband subscriptions (‘000s) Evolution of PayTV subscriptions (‘000s) CAGR CAGR 62% 150% +572 SBB +706 SBB 416 251 299 142 164 98 165 83 42 274 52 61 201 1 123 12 82 6 61 2020 2021 2022 2023 2024 2020 2021 20
Slide 78: Telco market in Serbia
Telco market in Serbia The upcoming acquisition of SBB will significantly boost Yettel’s market position 2024 Telco market outlook – revenues (EURm, %) 2025 Telco market outlook following the acquisition – revenues (EURm, %) 25% 35% Source: Projection based on RATEL Q3 2024 report 78 Restricted
Slide 79: Sustainability programme - key achievements in 2024
Sustainability programme - key achievements in 2024 Progressively integrating ESG into our business operations Decarbonisation targets set and validated Group DEI policy adopted Renewable energy share increased to 44% Supplier ESG risk management launched CDP rating improved to B CSRD implementation
Slide 80: Group financial position
Group financial position Strong free cash flows, robust balance sheet and prudent leverage policy Financial debt profile (EURm, nominal values, 31 Dec 2024) Credit rating evolution Financial policy to maintain net leverage ratio1 at the 2.0x level Feb-2024 Oct-2024 2.0x Net leverage1 target BBB / Ba
Slide 81: From mobile operator to TechCo
From mobile operator to TechCo Accelerating organic growth 2018 2024 2028 4G 4G mobile only Slovakia Hungary Bulgaria Serbia 5G mobile FWA Mobile-centric convergence Hungary Bulgaria Bulgaria Fixed-mobile FTTH convergence Slovakia Serbia Slovakia Hungary Mobile ecosystem Serbia 81 Restricted
Slide 82: Great to Greater
Great to Greater We are in the midst of our transformation journey Ultimate customer champion brand Cost efficiency & people leadership Differentiated brands People Customer focus Digital products and Costs customer journey Data analytics driven Systems and processes Customer Value Management 82 Res
Slide 83: e& synergies
e& synergies On the path to grow into a regional telecom powerhouse Scale Expertise M&A opportunities e&’s procurement Digital & price book Lifestyle products In-market for a convergent Vendor B2B & ecosystem play relationships IoT services Roaming & CVM, AI, In the region wholesale agreements Advan
Slide 84: Closing Remarks: GO FOR MORE
Closing Remarks GO FOR MORE 84 Restricted
Slide 85: e& enterprise
Capital Markets Day 2025 Khalid Murshed Chief Executive Officer – e& enterprise Restricted
Slide 86: e& enterprise achieved significant business milestones
e& enterprise achieved significant business milestones, setting the stage for the future growth Delivered on strategic priority to expand internationally to Egypt and Turkey Delivered strong organic growth in KSA Strengthened capability across Cloud Services, Data & AI and Digital Transformation Con
Slide 87: e& enterprise expanded internationally and grew in KSA
In 2024, e& enterprise expanded internationally and continued with hyper growth in KSA The KSA revenue increased by 84% YoY; e& enterprise enters Turkey and Egypt Strong Growth Momentum in KSA Expansion to Turkey Expansion to Egypt e& enterprise KSA Revenue Growth YoY Managed Cloud Services and Publ
Slide 88: e& enterprise further strengthened its capabilities
In line with the strategic priorities, e& enterprise further strengthened its capabilities Enhanced capability across Cloud Services, Data & AI and Digital Transformation Cloud Services Portfolio in Turkey Dedicated Data & AI practice Digital transformation consultancy Key Highlights Key Highlights
Slide 89: Key strategic partnerships to drive innovation
e& enterprise forges key strategic partnerships to drive innovation and future growth We signed partnerships with AWS, Meta, Huawei, and Cloudera enhancing our market positioning and capability Strategic partnership with AWS Expected to generate $1bn+ revenue over 6-year period, and elevate our mark
Slide 90: Strategic partnership with AWS
We signed a strategic partnership with AWS This strategic partnership will generate $1bn+ revenue over 6-year period, and will elevate our market positioning Develop a sovereign cloud solution for government customers Continue to enhance our public cloud value proposition Strategic Partnership Focus
Slide 91: Quality of services recognized by analysts & customers
Outstanding quality of our services is being recognized from major analyst companies & customers Gartner and IDC recognized e& enterprise a prominent position in shaping the industry August 2024 Reaffirmed Bespin’s position as a “Visionary” in Gartner Magic Quadrant for Cloud IT Transformation Servi
Slide 92: Adjusted revenue grew by high single digit
On adjusted basis, revenue grew by high single digit, while double digit growth continued in certain business segments Key Insights Revenue EBITDA margin % +9% • Revenue grew by 7% YoY; adjusted revenue grew by +7% 2,953 9% YoY, with strong double-digit growth in Cyber, 2,900 2,699 Cloud and CX • Ad
Slide 93: Committed to our 2028 ambition
Going forward, we remain committed to our 2028 ambition By 2028 we expect to triple our revenue and strengthen profitability 2024 2028 Ambition Differentiating Factors UAE focused company MENA focussed player 10% revenue outside of UAE 35% revenue outside of UAE From UAE to the World, and become a b
Slide 94: Focused on strategy execution
To deliver on our growth ambition, we remain focused on strategy execution In line with four strategic pillars, we expect to expand capability, build scale and improve profitability Reinforce and add capabilities Expand Margins Build Scale Becoming #OneTeam Build capabilities organically and Buildin
Slide 95: 2025 key priority: strengthening financial performance
In 2025, our key priority is strengthening financial performance Double down on high performance areas, continue building international scale and boost profitability Double Down on High Growth Accelerate International Focus on Margin Improvement areas Revenue • Keep strong momentum in high • Continu
Slide 96: e& life
Capital Markets Day 2025 Khalifa AlShamshi Chief Executive Officer – e& Iife Restricted
Slide 97: Unlocking Growth: TechCo & TelCo Synergies
Unlocking Growth: TechCo & TelCo Synergies Driving Value Creation Bridging TelCo scale & TechCo innovation to drive monetization Fintech, Digital Scale & Customer Entertainment, Mobility Base Retention Speed to Market & ARPU Brand Trust & Startup Culture Increase Distribution New Revenue Ecosystem &
Slide 98: e& life strategy execution progress
e& life strategy execution is successfully progressing from Phase 1: Inception through to Phase 3: platformization with record-breaking achievements to date! Phase 3 Phase 2 Platformization Phase 1 Scale-up Inception Achievements Acquisition of Wio Launch of Wio Profitability Leader in Personal Weal
Slide 99: Fintech Platform Strategy
Fintech Platform Strategy Slovakia Afghanistan Serbia Bulgaria Egypt Leverage on 200m+ e& user base to deliver UAE Pakistan world-class digital banking and payment applications Morocco Saudi Arabia International Markets Mali UAE Niger Chad Center of Excellence Burkina Faso Togo Benin Ivory Coast Pla
Slide 100: e& money
Capital Markets Day 2025 Khalifa AlShamshi Chief Executive Officer – e& Iife Restricted
Slide 101: Leading Telcos Have Built Fintech Businesses at Scale
Globally, Leading Telcos Have Built Fintech Businesses at Scale in various markets with different value propositions… 2023 Fintech revenue., $ B x Underbanked Markets Hybrid Markets Fully Banked Markets 2023 Fintech revenue cont. (e.g. Africa) (e.g. KSA, UAE, Turkey) (e.g. Japan, Canada) % over grou
Slide 102: Telco-launched Fintechs Have Used Their Base to Scale
Successful Telco-launched Fintechs Have Used Their Base to Scale e& has room to grow to capture full market potential Share of wallet subs based on country bankable population %, latest available data (2022-2023) ~35% ~31% ~22% ~19% ~15% Dedicated Org # of Registered Users 1.5m 12-13m 15-17m ~44m 9-
Slide 103: Path to Reach Commercial Scale
…but They Followed Similar Paths to Reach Commercial Scale Followed steps Ongoing steps Selected Fintech SuperApp Lifecycle Key Takeaways Payments & Wallet business is a great starting point for all fintech services. Lending is a critical path to become profitable in hybrid and fully banked Comm
Slide 104: e& money's Vision and Strategic Pillars
e& money’s Vision is To Be The Leading Financial SuperApp in MENA Strategic Pillars International and Local Transfers 1. Deliver the best customer experience Bill Payments 2. Become the top digital remittance app Gifting in the UAE Mobile Top-ups 3. Become one of the biggest card issuers in the UAE
Slide 105: e& money Overperformed Across All Core Metrics
e& money Overperformed Across All Core Metrics 2022 Actual Robust momentum across all product segments, surpassing a number of category incumbents 2023 Actual 2024 Actual +X Achievement 2023a – 2024a, % Cumulative downloads, million MAUs, thousands Cards issued, thousands +1.6x +2.5x +1.5x +1.87x +2
Slide 106: e& money Achieved Significant Milestones in 2024
e& money Achieved Significant Milestones in 2024 Strategic Pillar Achievements ✓ Revamped the app with brand-new look with 4.6 4.5 Best Customer Experience personalized screens and support for 4 languages ✓ Our hero service—international remittance—continued to be loved. MENA Leader in Digital Remit
Slide 107: e& money Will Continue to Enrich its Product Offering
e& money Will Continue to Enrich its Product Offering to further monetize existing wallet user base via new lending and banking products Wallet Lending Banking Remittance Wallet Buy Now, Pay Later Savings Card P2P Micro Loan Credit Card Wealth 107 107 Restricted
Slide 108: Upcoming Offerings Will Help Diversify Revenue Base
e& money’s Upcoming Offerings Will Help Diversify its Revenue Base and create opportunities from different streams e& money Revenue Distribution (2024 – 2029) Increased Diversification Banking and Growth Lending Wallet 2024 2025 2027 2029 Note: Revenue split is illustrative 108 108 Restricted
Slide 109: Wio and e& money Synergies
Wio and e& money Can Jointly Address The Majority of the UAE Population Segments Ongoing synergies Wio to provide savings account to e& money e& money as the savings product offering partner Wio Customer Segment Mass Blue e& money to integrate Wio Products HNWI* Affluent affluent Mass Collar Securit
Slide 110: Wio Bank
Capital Markets Day 2025 Jayesh Patel Chief Executive Officer – WIO Bank Restricted
Slide 111: Wio started to support UAE's digital economy ambitions
Wio was started 3 years ago to support UAE’s digital economy ambitions 01 Redefine the way people bank in the region 02 Enable SMEs to focus on business instead of managing finances 03 Democratize banking with modular solutions consumed by digital businesses 111 111 Restricted
Slide 112: Wio has grown to become the #1 fintech in MENA
Wio has rapidly grown to become the #1 fintech in MENA (Forbes 2024) In 2024, key milestones achieved FTE 2.5X 3X 3X 23X +7 1.5X Customers Deposits Revenue Invest Order NPS Value 2024 ~235K AED ~35B AED +800M AED ~12B 74 324 FTE 2023 ~96K AED ~11B AED ~266M AED ~520M 67 216 FTE 112 112 Restricted
Slide 113: Wio Business
Wio Business focused on becoming the primary bank for SMEs in UAE Become go-to partner of choice for 2 in 5 new businesses Enhanced platform capabilities to serve everyday banking for larger businesses Leading operating platform enabling Largest card issuer (VISA), simplifying business spending busi
Slide 114: Wio Personal
Wio Personal is the leading next generation banking experience in the UAE Helped customers earn over AED 50 Mn in cashback with a Wio card transaction executed every second Reimagining value for customers - stocks as rewards, Etihad miles as interest, cashback for paying credit card bills with Wio C
Slide 115: Wio Invest
Wio Invest surpassed UAE NeoBrokers after 1 year of full operations in UAE Only platform in UAE with investments directly integrated with bank accounts More than 2 in 5 customers use Wio invest, with more than ~600K orders placed worth US$3bn+ UAE’s primary Only SCA licensed platform to offer safe a
Slide 116: Most loved bank in UAE
Most loved bank in UAE el.patron316 A) Ahmed El Araby 6 ‘Awesome bank! Opend my account ina couple of hours. Very cool app. Keep it up © The best mobile banking I've ever used. e Jacob Loksa Opening an accounts very easy, fees are transparent and international transfers are low cost. a Abbado Lake V
Slide 117: Recognized by marquee organizations in 2024
We continued to be recognized by several marquee organizations for our achievements in 2024 #1 FINTECH IN MENA SME BANK OF DIGITAL BANK OF THE YEAR TOP GCC BANKING CEOS THE YEAR INTELLIGENT BANKING & BANKER OF THE YEAR FINANCE IMPLEMENTATION DIGITAL BANK OF THE TEAR 117 117 Restricted
Slide 118: Wio and e& strategic partnership
Wio and e& continued to foster a strong and strategic partnership in 2024 Access to e&’s businesses and Added value generation for Boosting awareness and trust for retail customer base customers via partnerships brand building Leveraging e& ecosystem to offer Wio’s Joint digital experiences supporti
Slide 119: Focused approach in 2025
We have a focused approach in 2025 to become the preferred bank across segments while ensuring robust governance Be the leader in Business Banking: - Expand capabilities to acquire larger businesses through product expansion: credit, trade finance - Develop industry specific capabilities to dominate
Slide 120: Q&A
Q&A 120 Restricted
Slide 121: Careem Technologies
Capital Markets Day 2025 Technologies Mudassir Sheikha Chief Executive Officer – Careem Restricted
Slide 122: Careem is the region's leading Everything App
Careem is the region’s Cars leading Everything App Home Cleaning Laundry Taxis Bike Salon & Spa Car Rentals Dine Out MOBILITY PAYMENTS DELIVERY Food Delivery Remittances Bills & Grocery Shops Recharge P2P Express Box 122 Restricted
Slide 123: TAM is large enough to build a valuable company
TAM1 is large enough to build one of the most valuable companies from the region $30b+ Others $500 bn+ $140b+ $270b+ Grocery Current Payments MENA TAM $70b+ Food 1.Excluding Rides Source: Euromonitor, World Bank, Statista, Bernstein Research, Kearney analysis, Redseer 123 Restricted
Slide 124: One purpose, one brand, two entities
One purpose, one brand, two entities Today’s focus... Careem Technologies (CT) Careem Rides (CR) All services and IP other than Remains exclusively available on Rides the Everything App Access to Rides’ user-base Remains 100% owned by Uber Majority owned by e&, along with No change to customer exper
Slide 125: Delivered strong top-line growth in 2024
Delivered strong top-line growth in 2024... GTV doubled YoY on the back GTV1 Revenue of the Everything App flywheel in UAE, with strong growth across verticals +101% +116% Revenue growth (+116% YoY) outpaced GTV growth, demonstrating strong revenue conversion Growth outpaced competitors by a substan
Slide 126: Improving bottom line on profitability in core cities
...while improving bottom line on back of profitability in our core cities Achieved EBITDA profitability in Dubai and +15pp Amman (our first Everything App cities) thereby showing the strength of the EA EBITDA as a % of GTV EBITDA margin improved by 15pp YoY, driven by ‘24 vs ‘23 gross profit growth
Slide 127: Key drivers of growth
Key drivers of growth 01 Ride-hailing continues to be the major driver of platform growth, and is still largely untapped 02 Multi-service usage is driving deep platform engagement across all services 03 Careem Plus is the most valuable membership program in its category 04 Differentiated ads platfor
Slide 128: Ride-hailing continues to be major driver of platform growth
01 Ride-hailing continues to be the major driver of platform growth, and is still largely untapped 74% 67% of customers are of Rides customers are organically upsold yet to be converted to from Rides MSUs1 1MSUs: Multi-Service Users 128 Restricted
Slide 129: Multi-service usage drives deep platform engagement
02 Multi-service usage is driving deep platform engagement across all services 1 Service 2 Service 3 Service 4+ Service customer customer customer customer 1.6x Transactions per customer per 1.7x 2.5x month, # 1.9x GTV per month 1.9x per user ($) 2.9x For every additional service a single user engag
Slide 130: Careem Plus most valuable membership program
03 Careem Plus is the most valuable membership program in its category 1.6x YoY growth in members Key benefits include: 10% off Rides 3x ● ● Free deliveries on Food & Groceries ● Member-only rates on Remittances Higher TxPU1 ● Discounts on DineOut ● 30% off Careem Bike ● 10% off Home Services +35pp
Slide 131: Differentiated ads platform driving revenue growth
04 Differentiated ads platform is driving strong revenue growth 9x YoY Ads revenue growth 3x ROAS for Partners Food Ads Grocery Ads Brand Ads (In line with industry benchmark) 131 Restricted
Slide 132: Demand synergies from strategic partners e& and Uber
05 Demand synergies from strategic partners e& and Uber are ready to start firing Increasing visibility on partners’ platforms Cross-selling Careem services Free delivery on Careem to partners’ Plus users Going live on various e& Coming UAE channels soon 132 Restricted
Slide 133: Focused on key priorities
Focused on 4 key priorities Win as a platform: Expand the EA: Unlock AI’s full Drive ambitious continue to leverage our strong potential: for value creation: by strengthen the best ride-hailing both internal leveraging e& and subscription presence to efficiencies and Uber’s extensive program in the
Slide 134: Started expansion of Careem EA to KSA
Started the expansion of the Careem EA to KSA in 2024 Major EA services in Riyadh… Launched Groceries Launched the first store at the end of 2024 in North Riyadh, more coming soon. Launched DineOut Exclusive discounts on 150+ premium casual restaurants. Launched Careem Plus Benefits include 15% off
Slide 135: AI agenda spans product, experience and productivity
AI agenda spans across product enhancements, nextgen experience and colleague productivity Personalization & Ask Careem for Colleague intelligent back-end DineOut and the rest productivity Engineering: 15% increase in developer productivity Customer Care: 75% of non- voice contacts automated through
Slide 136: Thank you
Thank you Restricted
Slide 137: e& life is Turbocharging e& Group's Consumer Digital Ambitions
e& life is Turbocharging e& Group’s Consumer Digital Ambitions 2030 VISION Scale Consumer Capabilities across e&’s Footprint to Create 4 Digital Unicorns Premiumization of core Grow e& Revenue and Create Growth via organic / across Opcos Value inorganic GROUP MANDATE Create a Media and Entertainment
Slide 138: Closing Remarks
Capital Markets Day 2025 Closing Remarks Hatem Dowidar Chief Executive Officer, e& group Capital Markets Day 2025 Restricted
Slide 139: Thank You
Thank You 26 February 2025 Restricted
e& (Emirates Telecommunications Group Company PJSC) — Investor Day (February 2025) on 6ix