Emirates Telecom. Group Company (etisalat Group) Pjsc · ADX:EAND
Emirates Telecom. Group Company (etisalat Group) Pjsc — Emirates Telecommunications Group Company PJSC (etisalat group) — Investor Day (October 2026)
78 slides from Emirates Telecom. Group Company (etisalat Group) Pjsc's investor day presentation, Oct 28, 2026
Slide 1: New Horizon Strategy
New Horizon Strategy AI-powered and AI enabling Global Telco Group Capital Markets Day 28 October 2026
Slide 2: Disclaimer
DISCLAIMER This presentation contains forward-looking Emirates Telecommunications Group Company PJSC (“etisalat or the “Company”) and its subsidiaries have prepared this presentation in good faith. However, no representation or warranty, express or implied, is made as to the fairness, statements abo
Slide 3: Today's speakers
Today’s speakers etisalat leadership team Masood MasoodM. M. Sharif Mahmood Sharif Mahmood Karim Karim Bennis Bennis Haitham HaithamAbdulrazzak Abdulrazzak Ilya Ilya Kiykov Kiykov Group Group CEO CEO Group GroupChief Chief Finance Officer Finance Officer Group GroupChief Chief AI Business AI & Busin
Slide 4: Today's agenda
Today’s agenda Horizon Strategy Update 01 Horizon Strategy Overview 04 Horizon Financial Ambition 02 Business Line Overviews 05 Horizon Strategy Q&A (AI & BS and AI Core) 03 M&A Strategy 06 Closing Remarks 3 3
Slide 5: Horizon Strategy Overview
01 Horizon Strategy Overview Masood M. Sharif Mahmood Group CEO 4
Slide 6: etisalat is a global telco
etisalat is a global telco In Middle East, Europe, Africa & Asia Slovakia Hungary Serbia Bulgaria ~1.1Bn Aggregate population Turkey UAE Syria Tunisia Afghanistan Lebanon Morocco Subscriber growth Palestine Jordan Iraq 1 159M to ~255M 2021-26 Kuwait Algeria Pakistan Libya growth Egypt Saudi Bahrain
Slide 7: Delivering strong financial performance
Delivering strong financial performance With improved shareholder returns D 76.4bn D 35.1bn D 11.7bn Revenues LTM EBITDA LTM Net profit LTM +11.4% YoY +12% YoY; 46% Margin +5.4% YoY; 15.4% Margin D 23.4bn D 0.90 AA- Free cash flow1 in LTM FY 2025 Dividends S&P Global and Fitch Rating +10.4% YoY +8.4
Slide 8: Historic etisalat revenue evolution and drivers
Historic etisalat revenue evolution and drivers Dominated by Core Telco and geographically diverse etisalat Group Revenue Contribution: etisalat Group Revenue Contribution: Telco Vs. Adjacencies (AED Bn, %) UAE Vs. International (AED Bn, %) Telco UAE Adjacencies International Inorganic 57.6 57.6 Int
Slide 9: AI is reinventing the future of our industry
AI is reinventing the future of our industry The case for Telco – “Back to Growth” 01 02 03 04 AI-driven Connectivity Services & transformation infrastructure Solutions Adjacencies • AI everywhere • AI increasing DC capacity • Trusted solutions • De-emphasize far from • Reinvention of telco • AI gra
Slide 10: These trends triggered our strategic shift
These trends triggered our strategic shift Aligning our capabilities with new opportunities What Why etisalat Strategic Play Back to core → Refocus on telco and AI- • Growing and high margin advantage • Attractive strategic inorganic opportunities 01 Telco reimagined transformation Efficient build →
Slide 11: These trends triggered our strategic shift: already under execution
These trends triggered our strategic shift Already under execution What etisalat Strategic Play Strategy in Action | Examples • Launch of live AI call center agents Back to core → Refocus on telco and AI- 01 Telco • AI re-wiring of Procurement and B2B care reimagined transformation • AI driven softw
Slide 12: New strategically-aligned and lean operating model
New strategically-aligned and lean operating model Built around four business lines with strong margin focus AI & Business 01 Telco 02 InfraCo 03 Solutions 04 Fintech Reinvent core and Build and consolidate Scale sovereign AI Focused fintech engine with AI infrastructure assets platform play acceler
Slide 13: 2031 Ambition
2031 Ambition Medium-term targets anchoring the Horizon plan Revenue EBITDA Margin OFCF (1) Data Center Double digit > AED 100bn +44-46% CAGR (27-31) +200MW High single-digit CAGR (27-31) AI-led efficiency 130bn cumulative (27-31) AED ×7 vs 2026 capacity Net Profit Margin Net debt / EBITDA OFCF Marg
Slide 14: From TechCo to AI-powered
From TechCo to AI-powered New Vision 21-25 Vision 26-31+ Vision To be the world’s To be a leading global leading AI-powered and technology group AI enabling telecom Group 13
Slide 15: Strategy in action
Strategy in action Our Next Chapter 14
Slide 16: Business Line Overviews: AI & Business Solutions/InfraCo
02 Business Line Overviews AI & Business Solutions/InfraCo Trusted Partner of Sovereign Intelligence – “Gaining Telecom Margin Back” Haitham Abdulrazzak Group Chief AI & Business Solutions Officer 15
Slide 17: The AI Wave
The AI Wave State-of-the-art AI surpassing human performance at increasing pace State-of-the-art AI performance on benchmarks, relative to human performance 1. Human performance defined as average performance of medium skilled worker Note: Handwriting recognition = MNIST, Language understanding = GL
Slide 18: AI Global Opportunity
AI Global Opportunity AI evolution is driving exponential demand, creating a large/growing global market AI Compute (GW) Data Traffic (Zettabyte) Total AI Market (USD Tn) Growth x4 Growth x2 Growth x20 Nominal scenario Nominal scenario Nominal scenario +7% 24,0 Nominal +30% Pessimistic 300 +30% Opti
Slide 19: AI Global Opportunity
AI Global Opportunity AI is expected to skyrocket in upcoming years Sovereign AI Local compute, national AI platforms, data control, and digital resilience AI-Native Innovation Agents, copilots, robotics, digital twins, and immersive experiences 60 175 GW GW Enterprise Reinvention 2025 By 2031 AI-po
Slide 20: UAE AI Ambition and Resulting Opportunity
UAE AI Ambition and Resulting Opportunity etisalat to become an AI telco champion, expanding beyond connectivity The UAE is building one of the world's largest AI economies … with a national mandate and an opportunity to be seized by etisalat NATIONAL Multi- 1GW Stargate cluster within the Sovereign
Slide 21: AI Evolution
AI Evolution The AI era demands Advanced Connectivity and Intelligence at the Edge The Sovereign Network for AI TODAY’S Fully Orchestrated OPPORTUNITY Platform Play Device-To- Energy Edge Autonomous AI Agents Real Time AI Device Efficiency Computing Systems inference Centralized App Voice Access Tel
Slide 22: Voice Data Intelligence
Voice Data Intelligence ERLANGS BITS TOKENS 33 21
Slide 23: Telco Plays in AI
Telco Plays in AI Telcos are developing opportunities across the key AI development ecosystems AI EVOLUTION AND STACK Generative/AGI1 Sovereign/agentic Scientific Physical AI Mission Critical ASI2 Example of the benchmarks of services offered1 Vodafone Deutsche Telekom China Telecom SoftBank Orange
Slide 24: Telco AI Investments
Telco AI Investments And committing billions across the stack… Who is Notable examples Products doing what DEVICES ~AED 23 Bn ~AED 20 Bn Bundle / distribute partner Consumer and enterprise devices KDDI 3-yr growth investment incl. Softbank acquisition of ABB Robotics devices and physical-AI solution
Slide 25: AI Opportunity Breakdown
AI Opportunity Breakdown To double down on core while expanding beyond Global Market Share of Total EBITDA etisalat Footprint Market Size 2030 Global Market Margin % Size 2030 (AED Tn) (AED bn) DEVICES Consumer and enterprise devices ~2 5% ~ 10-15% 13 APPLICATIONS / SECURITY B2C and B2B apps and ser
Slide 26: 1.1Bn+ population, 255Mn subscribers
38 20 1.1Bn+ Countries Telco Operators Population 255Mn 10K+ 10Mn+ Subscribers Governments SMBs and Enterprises 25
Slide 27: Importance of Sovereignty
Importance of Sovereignty Uncompromising intelligence absolute sovereignty SOVEREIGNTY Data Residency Mandate Bridging the gap: Sovereign In- country processing PROPRIETARY INTELLIGENCE The AI Imperative 26
Slide 28: Importance of Sovereignty
Importance of Sovereignty From Regional Connectivity to Global Custodian of Sovereign Intelligence Our goal is to transition etisalat from a regional connectivity provider to trusted partner of sovereign intelligence, leveraging a multi-tiered infrastructure to solve for the most complex regulatory
Slide 29: The Differentiation
The Differentiation “ AIO” Intelligence Orchestrator The proprietary sovereign intelligence layer owned entirely by etisalat. The Orchestrator acts as the master traffic controller for the group’s multi-hyperscaler and hybrid environments Mission- TIER 1 Critical TIER 2 Enterprise AIO Intelligence O
Slide 30: Foundational Capabilities
Foundational Capabilities AI infrastructure and connectivity foundation Integrating etisalat's world-class 5G and fiber connectivity with physical data residency. 29
Slide 31: Software Factory Establishment
Software Factory Establishment Solidifying our market presence - infra investments to establishing software factory AI AI AI Apps & Physical Mission Connect Compute Software Factory AI Critical Security & Platforms & Agentic AI Edge Data Quantum Orchestration Delivery & Ops Devices Centers DATA CENT
Slide 32: Pivot - Capturing High-margin Revenues Across AI Value Chain
Pivot - Capturing High-margin Revenues Across AI Value Chain Owning orchestration layer shifts etisalat from reseller to sovereign orchestrator Legacy Reseller Sovereign Orchestrator High margin on owned Value Capture Low margin platform, IP & services Infrastructure Dependency on hyperscaler Owners
Slide 33: Value Proposition
Value Proposition Intelligent Orchestrating layer - sovereign by design - trusted AI solutions at the edge OUR CUSTOMERS O UR AI O F F ERI NG S AI as-a-service Government Compute, GPU as a service and O UR VAL U E PRO PO SI TI O N agentic AI, operated by us. Enterprise AI Orchestrator Token as-a-ser
Slide 34: Operating Model Structure
Operating Model Structure AI & Business Solutions is now setup across 3 categories 1 2 3 Core Lines of Transformed Lines New AI Line of Business Business of Business InfraCo and ServCo Security & AI Connect Quantum Mobile Cybersecurity AI Compute Platforms & Orchestration Industrial AI Apps & Agenti
Slide 35: Business Line Overviews: AI Core
02 Business Line Overviews AI Core AI-powered reinvention delivering tangible results at scale Masood M. Sharif Mahmood Group CEO 34
Slide 36: Internal and external AI use cases live
Live Live Live Internal We have accelerated selected lighthouse CX use cases to prove value External early NON-EXHAUSTIVE First etisalat conversational AI available to public Live at 8003327 (800eFAQ) Live at 101 Live 35
Slide 37: Agentic-powered B2B
Agentic-powered B2B Enterprise AI agents will create a human-agent hybrid workforce Care agent Sales agent 70% 2x of inquiries resolved with etisalat Improved lead generation rate Care Agents Profiling agent Processing agent AI agents automate workflows, whilst humans remain in-the-loop for governan
Slide 38: AI-transformed procurement
AI-transformed procurement Re-building the whole department through Agentic AI Today (Manual) Procurement Process Lifecycle time (total 100%) Workflow duration Accuracy PR & SOURCING INTAKE & RFX BID EVALUATION CONTRACTING PO & EXECUTION ~70% >80% 8% 7% 55% 25% 5% Reduction in average time spent per
Slide 39: AI-infused Software Development Lifecycle
AI-infused Software Development Lifecycle Full suite of AI product development with fewer decision makers Time-to-Market 80% 40% faster for new simple faster for new complex products and capabilities products and capabilities Continuous Improvement AI agents automate offer configuration, software de
Slide 40: AI-powered voice agents
AI-powered voice agents Scales customer outreach and efficiency of delivering promotions NPS Conversion Rate +78 +30% in-scope calls upon launch Deal of the Day AI voice agent announces latest daily offers and promotions Bilingual Needs-based selling Sells in the call replies in the caller's underst
Slide 41: AI Core Ambition 2031
AI Core Ambition 2031 Strong improvement forecast across the organization CUSTOMER INTERACTION1 COMMERCIAL ENGINE1 75% 30-50% +5 pts 2x 3x 2x Calls deflected from Average Handling NPS improvement Lead conversion Salesforce AI driven hyper- human agents Time reduction rate improvement productivity pe
Slide 42: M&A Strategy
03 M&A Strategy Ilya Kiykov Group Chief Corporate Development Officer
Slide 43: Corporate Development
Corporate Development Inorganic Activity Is an Essential Tool To Accelerate Strategy Execution • Accelerated financial impact Inorganic Expansion of Core 01 • Synergetic value creation Telecom Platform • Diversification Support AI Infrastructure Roll-out • Long-term stable returns 02 Corporate and A
Slide 44: etisalat Acquisitions and Disposals in Context
Corporate Development etisalat Acquisitions and Disposals in Context In 2020–2025 etisalat deployed ~D 41B in inorganic activities, with significant value created in each investment category Telecom D 15.9B (39%) Technology D 4.1B (10%) 15.9 Selected investments Digital Life 2.4B (60%) AED 4.1 ~41 b
Slide 45: Our M&A strategy is clear, predictable and directed by new vision
M&A strategy Our M&A strategy is clear, predictable and directed by new vision Non-exhaustive previous examples Geographic expansion with strong strategic partners Reinforcing & consolidating existing Reinforce Key Inorganic Vectors clusters Slovakia Pakistan Capability building and highly selective
Slide 46: Non-core portfolio optimization
Strategy in action | Non-core portfolio optimization Group wide initiative to optimize focus, resources and capital allocation 2 Assets already partially/divested 40+ 10+ Total assets Assets to phase out currently under scope (and growing) 5+ (wind down, IP transfer, sale or JV) Assets to re-organiz
Slide 47: Vodafone divestment
Strategy in action | Vodafone divestment etisalat divests its entire stake in Vodafone to Vega Investment Recap Vodafone ~D 21 Bn ~ D 22 Bn1 ~ D 4.8 Bn Investment value Cash generated Net cash return (Financed by debt at a low rate) (16% of Vodafone’s shares) (divesting stake to Vega) Exit Rationale
Slide 48: Careem partial divestment
Strategy in action | Careem partial divestment etisalat divests 12.5% stake in Careem Tech to Uber Careem Investment Recap ~AED 1.47 Bn ~ D 367 Mn 12.5% Investment value Cash generated Stake divested (with remaining 37.5% ownership) Partial-Divestment Rationale • Change in strategy with more focus o
Slide 49: Investment criteria
Investment criteria We apply rigorous investment criteria for new acquisitions Investment criteria C Key Asset Quality Characteristics Near-term financial impact: focus on net income A ✓ Stable macro, with focus on FX and Regulatory risk accretion and leverage Value creation: industrial value creati
Slide 50: Financial Ambition
04 Financial Ambition Karim Bennis Group Chief Finance Officer
Slide 51: Building from strength
Building from strength… A resilient balance sheet and strong core cash flow anchored by strong fundamentals Robust growth backed by well- Healthy EBITDA Strong Telco diversified core operations growth margin Revenue1 EBITDA1 EBITDA margin2 Telecom footprint + 7.5% + 5.1% 49.7% 20 Countries CAGR 2021
Slide 52: Through 2026, a year of transition
…through 2026, a year of transition… YTD September 2026 financial highlights and key developments Revenue 1 EBITDA 1 Net Profit 2,3 Capex 1,4 57.6 bn AED 26.7 bn AED 9.2 bn AED 7.7 bn AED +10% y/y +10.3% y/y +4.0% y/y 13.4% Capex intensity Strong Margin 46.4% Fundamentals OFCF 1,4 Interim Dividends
Slide 53: …to what's next
…to what’s next Horizon, a clear vision to long-term growth and sustained returns 2027 → 2031 Focus on topline momentum with strong telco foundation ~ 7% Safeguard our core growth with evolving contribution from new Revenue CAGR business lines Sustain EBITDA margins close-to-core ~ 44-46% Protect ma
Slide 54: Group Revenue
Group Revenue Targeting high single-digit group revenue CAGR in 2025-2031 UAE Telco 1 Int’l Telco & Others 2 bn AED CAGR Drivers of growth ~7% Telco Core 7.5% • Customer base expansion, new product 38%-42% launches leveraging 5G, FTTH etc. 71 • AI revenue uplift 53 53% InfraCo • DC Capacity 7x, Inte
Slide 55: Group EBITDA
Group EBITDA Accelerating EBITDA Growth with a broader earnings base UAE Telco 1 Int’l Telco & Others 2 bn AED CAGR Drivers of growth ~7% Telco Core 5.1% • Revenue growth, operational discipline 45%-47% 33 and AI-enabled efficiencies 27 InfraCo 55% • Higher asset utilization 58% AI & BS 53%-55% • Sc
Slide 56: Group Capex
Group Capex Investing in future growth UAE Telco 1 Int’l Telco & Others 2,3 bn AED CAGR Capex intensity Drivers of growth ~7% 5.2% Telco Core 36%-40% • Maintain fixed/mobile network/IT 11 leadership in UAE 28% • Enrich networks/IT across footprint 7 InfraCo 38% 60%-64% • DC Capacity 7x 72% • Interna
Slide 57: Group Net Profit
Group Net Profit Accelerating net profit growth Net Profit 1 bn AED CAGR Drivers of growth ~7% Accelerated EBITDA Growth 5.2% • Expanding operating earnings across the 11.4 portfolio 9.3 Higher contributions from Associates • Increasing contribution from strategic investments Translate operational g
Slide 58: Translating ambition into performance: Core
Translating ambition into performance (1/3) Core Core Stable growth engine, strong margins & robust cashflow generation 2021-2025 Horizon Enablers (2027-2031) Revenue CAGR + 6.5% Revenue CAGR ~ 5% Strong market position EBITDA EBITDA CAGR + 5.3% CAGR ~ 6% Scalable subscriber base Well-diversified op
Slide 59: Translating ambition into performance: AI & BS
Translating ambition into performance (2/3) AI & BS AI & BS Margins improvement & enhanced cross-selling opportunities Horizon Enablers (2027-2031) Build Sovereign AI token platform Revenue EBITDA CAGR ~ 10% Avg. Margin ~ 49% Focus on high margin products by becoming a Sovereign Orchestrator EBITDA
Slide 60: Translating ambition into performance: InfraCo
Translating ambition into performance (3/3) InfraCo Growth accelerator, strategic investment outlays and InfraCo recurring revenue streams Horizon Enablers (2027-2031) Reliable modular-designed DC facilities Data Center Revenue (MW) ~ 200 CAGR ~ 54% Secure long-term commitments Int’l Connectivity EB
Slide 61: Well-positioned for value creation
Well-positioned for value creation 1 Leadership position in home market 5 Robust balance sheet Diversified operations across 2 different geographies 6 Investment grade credit ratings Sustained and progressive 3 Resilient Telco margins 7 dividends 4 Strong cashflow generation 8 Upside from core adjac
Slide 62: Capital allocation
Capital allocation Ztisalat =
Slide 63: Capital Allocation 2020-9M'2026
Capital Allocation 2020-9M’2026 Cash generated by the business is sufficient to fund organic growth & reward shareholders Sources of Capital Uses of Capital EBITDA Net Borrowings Capex Royalty & CT Assets Divestment Dividends Income License & Spectrum M&A Dividends Net Finance Cost 3% 3% 14% 20% 18%
Slide 64: Capital Allocation 2027 - 2031
Capital Allocation 2027 - 2031 Under Horizon, our cash-generative business model enables us to sustain funding organic growth and value creation for shareholders Sources of Capital Uses of Capital EBITDA Debt Proceeds Capex Royalty & CT Assets Divestment Dividends Income License & Spectrum Put Optio
Slide 65: Capital Allocation | Framework
Capital Allocation | Framework Informed business model featured with agility Guiding Principles for etisalat A Investor Feedback • Consider feedback received from investors Company-Specific to help address B Support Delivery of etisalat’s Organic Initiatives Considerations shareholder • Organic / in
Slide 66: Capital Allocation | Pillars
Capital Allocation | Pillars Balance between growth, resilience, returns and ambition Our priorities Capex Shareholder for capital Remuneration deployment are clear Operating cash flow funds investment and dividends, while balance-sheet Balance Sheet Selective Strategic capacity provides flexibility
Slide 67: Capex (1/2)
Capex (1/2) Shifting toward scalable growth opportunities Our priorities Core Networks AI & Int’l for capital Maintain leadership, expand Connectivity coverage, capacity and support Significant expansion of AI & deployment traffic growth connectivity are clear Maintenance/ Infra Licenses Scalability
Slide 68: Capex (2/2)
Capex (2/2) Shifting toward scalable growth opportunities Our priorities Capex Intensity Evolution by Key Business Lines (%) for capital deployment are clear Normal Operations: Capex Intensity of 16-18% in 2027 Incremental Investments (DC/Int’l Connectivity): 34-38% Capex Intensity +4-6pp in 2027 of
Slide 69: Shareholder Remuneration
Shareholder Remuneration Disciplined and sustainable return Our priorities DPS AED Robust cash flow generation to for capital 0.0% p.a. +5.9% p.a. optimize capital returns to our shareholders deployment 0.95 0.90 0.80 0.80 0.80 0.83 are clear New dividend policy to be 20-24% 2021 2022 2023 2024 2025
Slide 70: Balance Sheet Strength
Balance Sheet Strength Strong liquidity and disciplined leverage provide capacity to invest and manage uncertainty Our priorities Net Debt / EBITDA Strong operating for capital cashflow deployment < 1.5x Margin ~ 30% are clear Leverage relation Preserve Investment 9-11% with banks to Credit Ratings
Slide 71: Selective Strategic Expansion
Selective Strategic Expansion Capture lucrative opportunities in alignment with our rigorous strategic guidelines Our priorities for capital Strategic fit: Focus on Capacity Obligation deployment telco and core adjacencies to invest = to transact are clear Financed by debt with Compelling financial
Slide 72: 2031 Ambition
2031 Ambition Ztisalat =
Slide 73: 2031 Ambition
2031 Ambition Medium-term targets anchoring the Horizon plan Revenue EBITDA Margin OFCF (1) Data Center Double digit > AED 100bn +44-46% CAGR (27-31) +200MW High single-digit CAGR (27-31) AI-led efficiency 130bn cumulative (27-31) AED ×7 vs 2026 capacity Net Profit Margin Net debt / EBITDA OFCF Marg
Slide 74: Key Takeaways
Key Takeaways Horizon balances steady telco cash flows with selective exposure to core adjacencies, governed by clear capital and return thresholds AI-led core plus new revenue streams from InfraCo, 1 Enhance revenue growth AI & BS and Fintech Grow EBITDA and efficient Capex AI efficiency gains plus
Slide 75: Closing Messages
06 Closing Messages Masood M. Sharif Mahmood Group CEO
Slide 76: Closing remarks
Closing remarks 01 We are embarking on a profitable growth-focused strategy with clear ambition 02 Time is right to capture new value from AI and Infra market growth 03 We are executing at high speed 04 We will invest with discipline to balance growth with attractive shareholder returns 75
Slide 77: For more information
For more information You can contact the IR team Please reach out to: [email protected] 76
Slide 78: Thank you!
2tisalat Thank you!
Emirates Telecommunications Group Company PJSC (etisalat group) — Investor Day (October 2026) on 6ix