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Q3 2025 Results Presentation 29 October 2025
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Disclaimer 2 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 numbers, statements, opinions or estimates, or other information contained in this Presentation. The information contained in this Presentation is an overview, and should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. Where this Presentation contains summaries of documents, those summaries should not be relied upon and the actual documentation must be referred to for its full effect. This Presentation includes certain “forward-looking statements”. Such forward looking statements are not guarantees of future performance and involve risks of uncertainties. Actual results may differ materially from these forward looking statements.
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Group key highlights Hatem Dowidar e& Group CEO
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Key highlights Q3 2025 4 Sustained investment in strategic partnerships and next-gen telecom networks to accelerate future growth Financial Inclusion e& money partnerships with PayPal and MOHRE to accelerate the shift towards a cashless economy in the UAE Strategic partnership e& enterprise signed MOU with Serbia for advanced digital infrastructure and partnered with Intel & Dell to launch region’s first Sovereign Inference AI platform Network Leadership Maroc Telecom was awarded the 5G license in Morocco and plan to launch the service in 2025 FY 2025 Guidance e& group revised upward its FY 2025 guidance across revenue and profitability metrics
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EBITDA 23.8bn +22.3% y/y Margin 44.4% Customer Base 202mn +14.0% y/y Revenue 53.5bn +25.3% y/y Organic growth 1 +8.7% y/y Net Profit 11.8bn +39.7% y/y Excl. Khazna +9.2% y/y 1. Excluding the impact of e& PPF Telecom consolidation and in constant currency Key financial & operational highlights 9M 2025 Resilient performance driving profitable growth and value creation 5
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Group financial highlights Karim Bennis e& Group CFO
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Group financial highlights Q3 2025 7 Strong operational execution delivered robust performance, reflecting sustained momentum across all verticals Revenue AED 18.6bn +29.2% y/y +27.4% y/y in Constant Currency EBITDA AED 8.4 bn 45% Consolidated Margin 49% Telco Margin Net Profit AED 3.0bn EPS 34 fils +0.8% y/y Dividends AED 3.7bn Interim DPS 43 Fils Capex AED 3.0bn1 16% Intensity Ratio OFCF AED 5.3bn1 29% margin Leverage AED 34.1bn Net debt to EBITDA 1.11x Credit ratings 1. Excludes license and spectrum costs Rating: Aa3 Stable outlook Rating: AA- Stable outlook
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Topline growth remained solid, underpinned by resilient telecom operations, accelerated momentum in digital adjacencies and consolidation of e& PPF telecom Group Revenue 8 Revenue ( mn) & YoY Growth (%) Revenue by Vertical ( mn) 1 1. Excluding others 2. International revenues breakdown highlights key operations +27% Q3 2025 e& UAE e& international 2 e& enterprise e& life Revenue 8,704 8,462 836 647 Growth +6.5% +66.6% (+61.7% cc) +21.9% +33.7% Revenue 3,609 2,653 1,182 824 Growth Const. cu 2.0% n.a +35.8% +14.1% 14,424 18,046 18,629 8% 28% 29% Q3 2024 Q2 2025 Q3 2025 Growth in constant currency
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EBITDA growth buoyed by positive revenue growth; EBITDA improvement in all verticals while maintaining resilient telecom margin of 49% Group EBITDA 9 EBITDA (AED mn) & margin (%) EBITDA by Vertical (AED mn) 1 1. Excluding others and transfer pricing 2. International revenues breakdown highlights key operations +27% Q3 2025 e& UAE e& international 2 e& enterprise e& life EBITDA 4,565 3,859 72 -195 Growth +8.3% +68.8% (+62.9% cc) +56.3% +5.3% EBITDA 1,865 1,240 438 260 Growth Const. cu -2.7% n.a +46.5% +78.4% 6,488 8,034 8,385 45% Q3 2024 45% Q2 2025 45% Q3 2025 Growth in constant currency
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Strategic investments while building premium network to capture future revenue growth Group Capex1 10 CAPEX (AED mn) & Intensity Ratio (%) 1 Capex by Vertical (AED mn) 1,2 1. Excludes license and spectrum costs 2. Excluding others 3. International revenues breakdown highlights key operations Q3 2025 e& UAE e& international 3 e& enterprise e& life Capex 701 2,244 13 55 Intensity 8.1% 105.8% 1.6% 8.6% Capex 1,398 446 230 140 Intensity 38.7% 16.8% 19.5% 17.0% 1,817 2,493 3,036 Q3 2024 Q2 2025 Q3 2025 13% 14% 16%
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Rating: AA- Outlook: Stable Rating: Aa3 Outlook: Stable Investment grade credit profile confirmed by robust fundamentals Group financial position 11 Cash & Cash Equivalents (AED mn) Total Debt (AED mn) Net Debt/(Cash) (AED mn) & Net Debt/EBITDA (x) Investment Grade Credit Ratings 51,608 65,360 65,635 Q3 2024 Q2 2025 Q3 2025 25,721 30,862 31,489 Q3 2024 Q2 2025 Q3 2025 25,888 34,498 34,146 1.00x 1.19x 1.11x Q3 2024 Q2 2025 Q3 2025
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Diversified sources of debt Group Debt Profile 12 Borrowings by Currency (%) Debt by Source (AED mn) Repayment Schedule (AED mn) Borrowings by Operations (AED mn) AED Euro MAD Others PKR 42,059 7,258 11,310 3,230 1,778 Group MT Group e& PPF Pakistan Egypt AED 50%Euro 32% Others 10% PKR 5% MAD 4% 50,801 13,985 307 542 Bank Borrowings Bonds Vendor Financing Others 46,101 8,242 8,330 2,963 Within 1 Yr 1-2 Yrs 2-5 Yrs Beyond 5 Yrs
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Performance by vertical
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EBITDA growth outpaced revenue growth leading to higher margin and OFCF e& UAE (1/2) 14 Subscribers (mn) Revenue (AED mn) & YoY Growth (%) EBITDA (AED mn) 1 & EBITDA Margin (%) CAPEX (AED mn) & CAPEX / Revenue (%) 8,172 8,623 8,704 4% 5% 7% Q3 2024 Q2 2025 Q3 2025 14.7 15.5 15.7 5% 6% 7% Q3 2024 Q2 2025 Q3 2025 4,215 4,339 4,565 Q3 2024 Q2 2025 Q3 2025 52.4%51.6% 50.3% 673 797 701 8% 9% 8% Q3 2024 Q2 2025 Q3 2025 1. Excludes transfer pricing
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Higher revenues fuelled by operational excellence e& UAE (2/2) 15 Mobile Revenue 1 (AED mn) & YoY Growth (%) Fixed Revenue 2 (AED mn) & YoY Growth (%) Other Revenue 3 (AED mn) & YoY Growth (%) 2,888 2,888 2,886 1% -1% 0% Q3 2024 Q2 2025 Q3 2025 3,018 3,120 3,185 5% 4% 6% Q3 2024 Q2 2025 Q3 2025 2,266 2,615 2,633 8% 13% 16% Q3 2024 Q2 2025 Q3 2025 (1) Mobile revenues includes mobile voice, data, rental, outbound roaming, VAS, and mobile digital services (2) Fixed revenues includes fixed voice, data, rental, VAS, internet and TV services (3) Others Revenues includes ICT, managed services, wholesale (local and int’l interconnection, transit and others), visitor roaming, handsets and miscellaneous (4) Mobile subscribers represents active subscriber who has made or received a voice or video call in the preceding 90 days, or has sent an SMS or MMS during that period (5) Mobile ARPU (“Average Revenue Per User”) calculated as total mobile revenue divided by the average mobile subscribers. (6) Fixed broadband subscriber numbers calculated as total of residential DSL (Al-Shamil), corporate DSL (Business One) and E-Life subscribers. (7) ARPL (“Average Revenue Per Line”) calculated as fixed broadband line revenues divided by the average fixed broadband subscribers. Mobile & Fixed Broadband Subs (mn) & ARPU 3.1 3.4 3.5 9.9 10.5 10.6 78 76 76 Q3 2024 Q2 2025 Q3 2025 Prepaid Postpaid Blended ARPU 0.85 0.84 0.85 0.38 0.36 0.35 475 477 473 Q3 2024 0.19 Q2 2025 0.20 Q3 2025 0.16 1P 2P 3P Blended ARPU Mobile 4,5 Fixed Broadband 6,7
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Accelerated revenue and EBITDA growth was driven by robust performance in Egypt and Pakistan and consolidation of e& PPF Telecom e& international 16 Subscribers (mn) & YoY Growth (%) Revenue (AED mn) & YoY Growth (%) EBITDA (AED mn) 1 & EBITDA Margin (%) CAPEX (AED mn) & CAPEX / Revenue (%) 5,079 8,049 8,462 3% 63% 67% Q3 2024 Q2 2025 Q3 2025 162.6 182.5 186.4 6% 14% 15% Q3 2024 Q2 2025 Q3 2025 2,286 3,738 3,859 45.0% Q3 2024 46.4% Q2 2025 45.6% Q3 2025 1,090 1,591 2,244 21% 20% 27% Q3 2024 Q2 2025 Q3 2025 +62% +63% Growth in constant currency Capex intensity including license & spectrum 21% 23% 35% 1. Excludes transfer pricing
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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 Maroc T elecom Group 17 Subscribers (mn) & YoY Growth (%) Revenue (AED mn) & YoY Growth (%) EBITDA (AED mn) & EBITDA Margin (%) CAPEX (AED mn) & CAPEX / Revenue (%) 3,274 3,451 3,609 1% 8% 10% Q3 2024 Q2 2025 Q3 2025 79.7 80.1 81.1 6% 2% 2% Q3 2024 Q2 2025 Q3 2025 1,775 1,857 1,865 54% 54% 52% Q3 2024 Q2 2025 Q3 2025 756 765 1,398 23% 22% 39% Q3 2024 Q2 2025 Q3 2025 +2.0% -2.7% Growth in constant currency Capex intensity including license & spectrum 23% 24% 43%
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Robust performance driven by strong operational execution and financial discipline yielding higher profitability margin e& Egypt 18 Subscribers (mn) & YoY Growth (%) Revenue (AED mn) & YoY Growth (%) EBITDA (AED mn) & EBITDA Margin (%) CAPEX (AED mn) & CAPEX / Revenue (%) 873 1,102 1,182 -9% 33% 35% Q3 2024 Q2 2025 Q3 2025 37.0 40.0 41.2 13% 12% 12% Q3 2024 Q2 2025 Q3 2025 300 399 438 34% 36% 37% Q3 2024 Q2 2025 Q3 2025 217 251 230 25% 23% 19% Q3 2024 Q2 2025 Q3 2025 +35.8% +46.5% Growth in constant currency Capex intensity including license & spectrum 25% 23% 19%
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Double digit revenue and EBITDA growth supported by growing customer base and higher data usage PTCL Group 19 Subscribers (mn) & YoY Growth (%) Revenue (AED mn) & YoY Growth (%) EBITDA (AED mn) & EBITDA Margin (%) CAPEX (AED mn) & CAPEX / Revenue (%) 737 817 824 21% 12% 12% Q3 2024 Q2 2025 Q3 2025 28.2 28.8 29.3 2% 3% 4% Q3 2024 Q2 2025 Q3 2025 148 280 260 20% 34% 31% Q3 2024 Q2 2025 Q3 2025 89 229 140 12% 28% 17% Q3 2024 Q2 2025 Q3 2025 +14.1% Growth in constant currency +78.4% 12% 28% 17% Capex intensity including license & spectrum
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Strong revenue and EBITDA growth underpinned by robust performance in Cybersecurity, Cloud and IoT services and higher contribution of international operations e& enterprise 20 1. Excludes transfer pricing Revenue (AED mn) & YoY Growth (%) EBITDA (AED mn) & EBITDA Margin (%) 1 686 899 836 2% 39% 22% Q3 2024 Q2 2025 Q3 2025 46 63 72 6.7% Q3 2024 7.0% Q2 2025 8.6% Q3 2025
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Revenue acceleration led by Careem and e&money supported by improved operational performance e& life 21 1. Excludes transfer pricing Revenue (AED mn) & YoY Growth (%) EBITDA (AED mn) & EBITDA Margin (%) 1 484 623 647 160% 22% 34% Q3 2024 Q2 2025 Q3 2025 -185 -182 -195 -38.3% Q3 2024 -29.2% Q2 2025 -30.2% Q3 2025
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750K STARZ ON App MAU +65% vs Q3-24 Boosted MENA’s ‘Home of Sports’ Cricket: Broadcasted Asia Cup and achieved 3x more ad-revenue than previous year Football: Renewed Serie A exclusive MENA rights Launched ‘enfuse’: Collaborative Hub for Deterministic Data enfuse brings together data partners to enable deterministic data and improved targeting, prioritizing privacy 22 Key Highlights | Q3-2025 Note : All metrics are quoted as of end-of-period, unless otherwise stated 1. All displayed Careem metrics refer to Careem Technology performances and exclude Careem ride-hailing division 2. Average monthly GTV per user during Q3-25 vs. Q3-24 3.2x Total GTV in Q3-25 vs. Q3-24 3.1x Remittance GTV in Q3-25 vs. Q3-24 1.46M+ Cards issued as of Q3-25 +87% Total GTV in Q3-25 vs. Q3-24 1 +43% Growth in GTV per user in Q3-25 vs. Q3-24 2 +55% Contribution to GTV from CAREEM+ members in Q3-25, +12p.p vs Q3-24
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FY 2025 Guidance
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Upward revision of FY guidance 2025 Guidance 24 Revenue Growth (%) Constant Currency EBITDA Margin (%) EPS (AED) CAPEX/Revenue (%) Excluding spectrum & licenses 25.4% 44.4% 1.36 13.5% 1. Excluding the impact of Khazna sale transaction & MT settlement 17-20% ~43% 1.261 ~16% 23%-24% 43%-44% ~1.62 ~1.30 15%-16% Updated FY 2025 Guidance 9M 2025 Actuals FY 2025 Guidance (1)
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We continue to bring strong results