Emirates Telecom. Group Company (Etisalat Group) PJSC · ADX:EAND
Emirates Telecom. Group Company (Etisalat Group) PJSC — e& (Emirates Telecommunications Group Company PJSC) — Q3 2026 Earnings Presentation
23 slides from Emirates Telecom. Group Company (Etisalat Group) PJSC's earnings presentation, Oct 28, 2026
Slide 1: Q3 2026 Results Presentation
Q3 2026 Results Presentation 28 October 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
Slide 3: Group key highlights
Group key highlights Masood M. Sharif Group CEO
Slide 4: Key highlights I Q3 2026
Key highlights I Q3 2026 Focused execution delivering growth Home market Int’l operations Portfolio simplification Strong performance demonstrates Sustained double digit growth in • Divestment of Vodafone stake the resilience of our business model, revenue and EBITDA supported by • Partial sale of s
Slide 5: Financial highlights YTD 2026
Group financial highlights YTD 2026 Strong performance anchored with robust fundamentals and strategic portfolio reset Revenue 1 EBITDA 1 Reported Net Profit Adjusted Net Profit 2 57.6 bn AED 26.7 bn AED 17.2 bn AED D 9.2 bn +10.0% y/y 46.4% Consolidated Margin EPS AED 1.98 EPS AED 1.06 +9.0% y/y in
Slide 6: Group financial highlights
Group financial highlights Karim Bennis Group CFO
Slide 7: Financial highlights Q3 2026
Group financial highlights Q3 2026 Disciplined execution drives growth in revenue and profitability Revenue 1 EBITDA 1 Net Profit 2 Capex 3 AD19.5 bn 9.0 bn AED 3.2 bn AED 2.8 bn AED +6.9% y/y 46.1% Consolidated Margin EPS 37 fils 14.5% Intensity Ratio +7.9% y/y in Constant Currency 47.4% Telco Marg
Slide 8: Revenue
Group Revenue Diversified telecom portfolio continues to payoff with growing contribution from international operations Revenue (AED mn) & YoY Growth (%) 1 +7.9% etisalat UAE 19,464 18,211 19,204 9.5 bn + 1.9% YoY etisalat Int’l 9% 7% 9.7 bn + 14.5% YoY (+16.7% cc) Q3 2025 Q2 2026 Q3 2026 1. Exclude
Slide 9: etisalat UAE Revenue (1/2)
etisalat UAE Revenue (1/2) Resilient performance supported by steady Y/Y growth across all segments Revenue (AED mn) & YoY Mobile 2 Fixed 3 Growth (%) 1 +2% +2% +2% 2,862 2,919 3,247 3,319 9,326 9,502 Q3 2025 Q3 2026 Q3 2025 Q3 2026 ICT 4 Others 5 -8% +5% 899 826 2,437 2,318 Q3 2025 Q3 2026 Q3 2025
Slide 10: etisalat UAE Revenue (subscribers and ARPU)
etisalat UAE Revenue (1/2) Focus on value proposition is driving subscriber growth Mobile Fixed Broadband Subs (mn) & ARPU (AED ) 1,2 Subs (mn) & ARPU (D ) 3,4 Prepaid Postpaid Blended ARPU 1P 2P 3P Blended ARPL 78 75 467 469 14.83 1.40 1.42 14.02 0.20 0.23 0.35 0.29 10.56 11.08 0.85 0.89 3.46 3.75
Slide 11: etisalat Int'l Revenue
etisalat Int’l Revenue Strong growth across all operations Revenue (AED mn) & YoY Growth (%) 1 +3% +15% 0% +17% +13% 3,609 3,591 +15% 2,653 3,010 9,691 8,462 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Egypt +35% +62% +66% +29% 1,365 1,525 1,182 824 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Growth in cons
Slide 12: EBITDA
Group EBITDA EBITDA growth remains very strong due to excellent revenue deployment EBITDA (AED mn) & margin (%) 1 +6.2% etisalat UAE 2 Margin of 8,548 8,979 8,982 4.6 bn ~ flat YoY 48.7% 47% 47% 46% etisalat Int’l Margin of 4.4 bn + 13.2% YoY 44.9% Q3 2025 Q2 2026 Q3 2026 1. Excludes Careem Technolo
Slide 13: etisalat UAE EBITDA
etisalat UAE EBITDA Adjusted for the one-off, UAE sustained healthy profitability EBITDA 1 Telecom EBITDA 4,629 4,630 4,597 4,573 4,496 4,439 134 134 52.8% 50.1% 51.6% 49.6% 47.3% 48.7% Q3 2025 Q3 2026 Adj. Q3 2026 Q3 2025 Q3 2026 Adj. Q3 2026 1. Includes domestic enterprise business operations 12
Slide 14: etisalat Int'l EBITDA
etisalat Int’l EBITDA International operations delivered strong EBITDA growth EBITDA (AED mn) & margin (%) 1 +5% +10% 1,865 1,887 1,240 1,349 +15.4% 52% 53% 47% 45% 4,354 3,846 Q3 2025 Q3 2026 Q3 2025 Q3 2026 45% 45% Egypt +38% +82% 577 483 438 260 37% 38% 31% 35% Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3
Slide 15: Capex
Group Capex Investing in premium networks to support future growth Capex (AED mn) & Intensity Ratio (%) 1 etisalat UAE Intensity of 3,024 2,873 2,817 0.8 bn + 15.6% YoY 8.6% etisalat Int’l 17% Intensity of 17.3% 15% 14% 1.9 bn - YoY 19.2% Q3 2025 Q2 2026 Q3 2026 1. Excludes license and spectrum cost
Slide 16: etisalat Int'l Capex
etisalat Int’l Capex Disciplined capital spending broadly across our operations Capex (AEDmn) & Intensity Ratio (%) 1,2 1,398 446 388 949 39% 26% 2,244 17% 13% 1,861 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Egypt 27% 19% 290 230 223 140 Q3 2025 Q3 2026 19% 15% 17% 21% Q3 2025 Q3 2026 Q3 2025 Q3 2026 1. Exclu
Slide 17: Net Profit
Group Net Profit Solid earnings momentum boosted by one-off gain from divestment of Vodafone stake Net Profit (AED mn) & Net Profit Margin (%) 11,235 8,041 2,986 3,121 3,194 16% 16% 16% Q3 2025 Q2 2026 Normalized Q3 2026 Gain from Sale Reported Q3 2026 of Vodafone 16
Slide 18: Vodafone Transaction
Vodafone Transaction Strengthened group’s financial flexibility Portfolio simplification & sharpening the Proceeds Allocation Priorities focus towards core strategic priorities Debt Optimization 01 02 03 Cash Net Cash Accounting Proceeds Return Gain Growth Investments AED21.9 bn AED4.8 bn AED8.0 bn
Slide 19: Group financial position
Group financial position Robust liquidity position to manage uncertainties while committed to investment-grade credit profile Cash & Cash Total Debt Net Debt/(Cash) (D mn) Equivalents (D mn) (D mn) & Net Debt/EBITDA (x) Includes the proceeds from Vodafone stake divestment 67,929 69,336 65,635 40,448
Slide 20: 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) (D mn) Includes Vodafone debt-related facility due in April 2027 with total Group 43,012 4% 62,221 of AED 16.2 billion 23% 7% 10% 36,977 MT Group 8,10
Slide 21: In Summary I YTD 2026
In Summary I YTD 2026 Revenue EBITDA Net Profit 1,2 OFCF 3 AED57.6 bn AED26.7 bn AED9.2 bn AED19.0 bn + 10.0% y/y + 10.3% y/y + 4% y/y + 11.6% y/y Higher int’l contribution with Enhanced profitability Translated operational Strong conversion rate of favorable FX impact momentum to bottom-line +71% I
Slide 22: 2026 Guidance
2026 Guidance Ztisalat =
Slide 23: 2026 Guidance
2026 Guidance Well positioned to achieve financial guidance FY 2026 FY 2026 Actual YTD Original Revised 2026 (2) Guidance (1) Guidance (1) Revenue Growth (%) Constant Currency 8%-10% +9.0% 8%-10% EBITDA Growth (%) +9.3% Constant Currency 4%-5% 6%-7% 1.06 ~1.35 EPS (AED ) (1) ~1.35 1.98 (3) ~2.27 (3)
e& (Emirates Telecommunications Group Company PJSC) — Q3 2026 Earnings Presentation on 6ix