Slides
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Q2 2026 Results Presentation 30 July 2026
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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 Masood M. Sharif Mahmood e& Group CEO
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Int’l footprint Growing its significant contribution to e& through organic growth across all markets Key highlights I Q2 2026 4 Focused execution delivering growth and value creation Home market Delivering robust set of financial and operational results despite geopolitical challenges Strategic Shift • Exit Vodafone investment at a premium to market price • Sale of 12.5% stake in Careem Value creation Higher y/y Interim dividends Investing in growth 5G spectrum acquisition in Egypt More resilience Strengthening e& PPF portfolio through the acquisition of UPC Slovakia
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EBITDA 1 17.7bn +13.1% y/y Margin 46.5% Customer Base 251.5mn +30.4% y/y Revenue 1 38.1bn +11.6% y/y Net Profit 6.0bn +2.4% y/y 2 1. Figures exclude Careem Technologies 2. Net profit growth y/y excludes the impact of gain on sale of Khazna and Maroc Telecom Settlement in H1 2025 Key financial & operational highlights H1 2026 Sustained growth trajectory backed by operational excellence 5 Interim Dividends 47.5 fils +10.5% y/y
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Group financial highlights Karim Bennis e& Group CFO
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Group financial highlights Q2 2026 7 Navigating the extended geopolitical challenges while delivering robust set of results Revenue 1 AED 19.2 bn +8.7% y/y +8.5% y/y in Constant Currency EBITDA 1 AED 9.0 bn 46.8% Consolidated Margin 48.3% Telco Margin Net Profit AED 3.1 bn EPS 36 fils +1.1% y/y 2 Capex AED 2.9 bn 3 15.0% Intensity Ratio OFCF AED 6.1 bn 3 31.8% margin Leverage AED 40.4 bn Net debt to EBITDA 1.17x Credit ratings 1. Current and comparable periods excluding Careem Technologies 2. Net profit growth y/y excludes the impact of Maroc Telecom Settlement in Q2 2025 3. Excludes license and spectrum costs Rating: AA- Stable outlook Rating: AA- Stable outlook
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Strong organic growth across telecom verticals in both the home market and international operations Group Revenue 8 Revenue ( AED mn) & YoY Growth (%) 1 Revenue Breakdown ( AED mn) 2 1. Excludes Careem Technologies due to deconsolidation 2. Excluding others 3. International revenues breakdown highlights key operations +8.5% Q2 2026 e& UAE e& international 3 e& enterprise Revenue 8,908 9,313 857 Growth +3.3% +15.7% (+15.2% cc) -4.7% Revenue 3,654 2,809 1,281 1,365 Growth Const. cu +5.8% +10.0% +21.6% +65.1% Growth in constant currency 17,659 18,939 19,204 25% Q2 2025 15% Q1 2026 9% Q2 2026
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EBITDA growth outpaced revenue growth, driving margin expansion through operational efficiencies and a strategic portfolio reset Group EBITDA 9 EBITDA ( D mn) & margin (%) 1 EBITDA by Vertical ( D mn) 2 1. Excludes Careem Technologies due to deconsolidation 2. Excluding others 3. International revenues breakdown highlights key operations +9.5% Q2 2026 e& UAE e& international 3 e& enterprise EBITDA 4,584 4,214 49 Growth +5.1% +13.0% (+12.2% cc) +0.4% EBITDA 1,934 1,269 447 493 Growth Const. cu +4.1% +9.1% +17.2% +74.0% Growth in constant currency 8,178 8,753 8,979 46% Q2 2025 46% Q1 2026 47% Q2 2026
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Investing in premium networks to support future growth Group Capex1 10 CAPEX ( D mn) & Intensity Ratio (%) 1 Capex by Vertical ( D mn) 1,2 1. Excludes license and spectrum costs 2. Excluding others 3. International capex breakdown highlights key operations Q2 2026 e& UAE e& international 3 e& enterprise Capex 914 1,899 13 Intensity +10.3% +20.4% 1.5% Capex 819 492 347 224 Intensity 22.4% +17.5% +27.1% 16.4% 2,490 2,022 2,873 14% Q2 2025 11% Q1 2026 15% Q2 2026
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Rating: AA- Outlook: Stable Rating: AA- Outlook: Stable Investment-grade credit profile underpinned by robust underlying fundamentals Group financial position 11 Cash & Cash Equivalents ( D mn) 1 Total Debt ( D mn) Net Debt/(Cash) ( D mn) & Net Debt/EBITDA (x) Investment Grade Credit Ratings 65,360 66,574 67,929 Q2 2025 Q1 2026 Q2 2026 30,862 36,782 27,481 Q2 2025 Q1 2026 Q2 2026 34,498 29,792 40,448 1.18x 0.88x 1.17x Q2 2025 Q1 2026 Q2 2026 1. Q2 2026 cash balance after payments of FY 2025 Federal Royalty and corporate tax and final dividends of FY 2025 Payment of FY’25 Federal Royalty and corporate tax and final dividends
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Diversified sources of debt Group Debt Profile 12 Borrowings by Currency (%) Debt by Source ( D mn) Repayment Schedule ( D mn) Borrowings by Operations ( D mn) AED Euro MAD Others PKR 42,236 7,188 10,589 5,175 2,741 Group MT Group e& PPF Pakistan Egypt AED 56% Euro 24% Others 10% PKR 7% MAD 3% 60,769 6,291 320 548 Bank Borrowings Bonds Vendor Financing Others 24,942 21,375 18,174 3,438 Within 1 Yr 1-2 Yrs 2-5 Yrs Beyond 5 Yrs
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Consistent improvement of shareholder returns Group Dividends 13 Interim DPS (fils) Interim Dividends ( AED bn) Payout Ratio (%) Dividend Yield (%) 3.6 3.7 4.1 H1 2024 H1 2025 H1 2026 41.5 43.0 47.5 H1 2024 H1 2025 H1 2026 H1 2024 H1 2025 H1 2026 65.7% 59.9% 68.8% H1 2024 H1 2025 H1 2026 4.9% 4.7% 4.8% 1. Excluding the net impact of the sale of Khazna 2. H1 2026 data is annualized based on the closing price of 29 July 2026, while historical data is based on the closing share price of the corresponding payment date 2 1
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Performance by vertical
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Resilient operational performance despite geopolitical headwinds e& UAE (1/2) 15 Subscribers (mn) Revenue ( AED mn) & YoY Growth (%) EBITDA ( AED mn) 1 & EBITDA Margin (%) CAPEX ( AED mn) & CAPEX / Revenue (%) 8,623 8,887 8,908 5% 5% 3% Q2 2025 Q1 2026 Q2 2026 15.5 16.6 16.5 6% 9% 6% Q2 2025 Q1 2026 Q2 2026 4,361 4,616 4,584 50.6% Q2 2025 51.9% Q1 2026 51.5% Q2 2026 797 758 914 9.2% Q2 2025 8.5% Q1 2026 10.3% Q2 2026 1. Includes full impact of transfer pricing
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Continued revenue growth trend underpinned by robust commercial performance e& UAE (2/2) 16 Mobile Revenue 1 ( AED mn) & YoY Growth (%) Fixed Revenue 2 ( AED mn) & YoY Growth (%) Other Revenue 3 ( AED mn) & YoY Growth (%) 2,861 2,905 2,932 0% 2% 2% Q2 2025 Q1 2026 Q2 2026 3,147 3,239 3,215 4% 6% 2% Q2 2025 Q1 2026 Q2 2026 2,615 2,743 2,761 13% 8% 6% Q2 2025 Q1 2026 Q2 2026 (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 3.4 3.7 3.7 10.5 11.2 11.1 77 73 72 Q2 2025 Q1 2026 Q2 2026 Prepaid Postpaid Blended ARPU 0.84 0.89 0.89 0.36 0.31 0.30 0.22 0.22 470 472 475 0.19 Q2 2025 Q1 2026 Q2 2026 1P 2P 3P Blended ARPU Mobile 4,5 Fixed Broadband 6,7
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Strong organic growth across all key markets supported by the recently acquired assets in Pakistan and Slovakia e& international 17 Subscribers (mn) & YoY Growth (%) Revenue ( AED mn) & YoY Growth (%) EBITDA ( AED mn) 1 & EBITDA Margin (%) CAPEX ( AED mn) 2 & CAPEX / Revenue (%) 2 8,049 9,009 9,313 63% 26% 16% Q2 2025 Q1 2026 Q2 2026 177.3 231.4 235.0 10% 33% 32% Q2 2025 Q1 2026 Q2 2026 3,729 4,008 4,214 46.3% Q2 2025 44.5% Q1 2026 45.2% Q2 2026 1,591 1,194 1,899 19.8% Q2 2025 13.2% Q1 2026 20.4% Q2 2026 +15.2% +12.2% Growth in constant currency Capex intensity including license & spectrum 22.6% 21.9% 28.5% 1. Includes full impact of transfer pricing 2. Excludes spectrum & license costs
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Steady growth in Moov Africa and confirmed recovery in Morocco Maroc T elecom Group 18 Subscribers (mn) & YoY Growth (%) Revenue ( AED mn) & YoY Growth (%) EBITDA ( AED mn) & EBITDA Margin (%) CAPEX ( AED mn) 1 & CAPEX / Revenue (%) 1 3,451 3,564 3,654 8% 14% 6% Q2 2025 Q1 2026 Q2 2026 75.0 76.0 77.1 -4% 2% 3% Q2 2025 Q1 2026 Q2 2026 1,857 1,867 1,934 53.8% Q2 2025 52.4% Q1 2026 52.9% Q2 2026 765 540 819 22.2% Q2 2025 15.1% Q1 2026 22.4% Q2 2026 +5.8% +4.1% 23.6% 15.1% 22.4% Growth in constant currency Capex intensity including license & spectrum1. Excludes spectrum & license costs
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Strong topline and EBITDA growth e& PPF T elecom Group 19 Subscribers (mn) & YoY Growth (%) 1 Revenue ( AED mn) & YoY Growth (%) 1 EBITDA ( AED mn) & EBITDA Margin (%) 1 CAPEX ( AED mn) 1,2 & CAPEX / Revenue (%) 1,2 2,492 2,702 2,809 34% 13% Q2 2025 Q1 2026 Q2 2026 14.8 14.8 15.2 14% 3% Q2 2025 Q1 2026 Q2 2026 1,134 1,252 1,269 45.5% Q2 2025 46.3% Q1 2026 45.2% Q2 2026 347 283 492 13.9% Q2 2025 10.5% Q1 2026 17.5% Q2 2026 +10.0% +9.1% 16.0% 18.2% 17.5% 1. UPC Slovakia consolidation in May 2026 2. Excludes spectrum & license costs Growth in constant currency Capex intensity including license & spectrum
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Double-digit growth fuelled by volume and value e& Egypt 20 Subscribers (mn) & YoY Growth (%) Revenue ( AED mn) & YoY Growth (%) EBITDA ( AED mn) & EBITDA Margin (%) CAPEX ( AED mn) 1 & CAPEX / Revenue (%) 1 1,102 1,267 1,281 33% 24% 16% Q2 2025 Q1 2026 Q2 2026 40.0 43.4 44.5 12% 11% 11% Q2 2025 Q1 2026 Q2 2026 399 344 447 36.2% Q2 2025 27.2% Q1 2026 34.9% Q2 2026 251 147 347 22.7% Q2 2025 11.6% Q1 2026 27.1% Q2 2026 +21.6% +17.2% 22.7% 11.6% 86.4% Growth in constant currency Capex intensity including license & spectrum1. Excludes spectrum & license costs
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Accelerated growth due to the consolidation of Telenor Pakistan coupled with strong organic performance PTCL Group 21 Subscribers (mn) & YoY Growth (%) 1 Revenue ( AED mn) & YoY Growth (%) 1 EBITDA ( AED mn) & EBITDA Margin (%) 1 CAPEX ( AED mn) & CAPEX / Revenue (%) 1,2 817 1,285 1,365 12% 58% 67% Q2 2025 Q1 2026 Q2 2026 28.8 75.7 76.7 3% 163% 167% Q2 2025 Q1 2026 Q2 2026 280 483 493 34.3% Q2 2025 37.6% Q1 2026 36.1% Q2 2026 229 219 224 28.1% Q2 2025 17.0% Q1 2026 16.4% Q2 2026 +65.1% +74.0% 28.1% 61.6% 16.4% Capex intensity including license & spectrum 1. Telenor Pakistan consolidation in 31st Dec. 2025 2. Excludes spectrum & license costs Growth in constant currency Excl. Telenor Pakistan +11.2% +6.8%
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Higher QoQ revenue growth despite the prolonged impact of geopolitical turbulence on market recovery e& enterprise 221. Includes full impact of transfer pricing Revenue ( AED mn) & YoY Growth (%) EBITDA ( AED mn) & EBITDA Margin (%) 1 899 801 857 39% -2% -5% Q2 2025 Q1 2026 Q2 2026 49 53 49 Q2 2025 Q1 2026 Q2 2026 5.4% 6.6% 5.7%
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Vodafone Transaction 23 Unlocking Value and Strengthening Strategic Focus ̶ Full monetisation of VoD investment at a premium to market price ̶ Simplifies the portfolio and sharpens management focus on core strategic priorities ̶ Reflects the natural evolution of the strategy towards higher- growth and higher-return opportunities ̶ Increases financial flexibility to support long-term value creation Debt Optimization: ✓ Reduce leverage and financing cost ✓ Enhance BS resilience Growth Investments: ✓ Fund organic growth initiatives Shareholder Returns: ✓ Preserve flexibility to enhance shareholder returns Capital Allocation PrioritiesStrategic Rationale Value Creation Cash Proceeds (2) AED 21.9 bn Net Cash Return (2) AED 4.8 bn Stake sold 17.13% of Vodafone voting rights Premium to market price 13.0% 1. Represents 16.21% of Vodafone share capital 2. Includes the declared final dividends for FY 2026 that will be received 30 July 2026
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New Royalty Scheme 24 Extending the existing regime (2027-2029) Key Terms Corporate Tax on Net Profit Based on profit after deduction of federal royalty 38%Royalty on UAE Net Profit 9% AED 5.7 billion The minimum aggregate amount of annual royalty and corporate tax
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FY 2026 Guidance
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Delivered strong performance in H1’26; Confirming revenue growth and upgrading EBITDA guidance 2026 Guidance 26 Revenue Growth (%) Constant Currency EBITDA Growth (%) Constant Currency EPS ( AED) (1) CAPEX/Revenue (%) Excluding spectrum & licenses +9.6% +11.0% 0.69 12.9% 8%-10% 4%-5% ~1.35 16%-17% H1 2026 Actuals (2) FY 2026 Original Guidance (1) 8%-10% 6%-7% ~1.35 16%-17% FY 2026 Revised Guidance (2) 1. Includes Careem Technologies 2. Excludes Careem Technologies 3. Excludes the impact of gain on the sale of Vodafone stake (3)
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We continue to bring strong results