Earnings release
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Ooredoo Q.P.S.C. Doha - Qatar Condensed consolidated interim financial information For the six-month period ended 30 June 2025
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information For the six-month period ended 30 June 2025 CONTENTS PAGE(S) Report on review of condensed consolidated interim financial information ___________1 Condensed consolidated interim statement of profit or loss______________________2 Condensed consolidated interim statement of comprehensive income_______________3 Condensed consolidated interim statement of financial position_________________4–5 Condensed consolidated interim statement of changes in equity_________________6–7 Condensed consolidated interim statement of cash flows _____________________ 8–9 Notes to the condensed consolidated interim financial information_____________10–33
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PricewaterhouseCoopers - Qatar Branch, P.O.Box 6689, Doha, Qatar T: +974 4419 2777, F: +974 4467 7528 Ministry of Commerce and Industry Licence number 6 / Qatar Financial Markets Authority License number 120155 1 www.pwc.com REPORT ON REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION TO THE BOARD OF DIRECTORS OF OOREDOO Q.P.S.C. Introduction We have reviewed the accompanying condensed consolidated interim statement of financial position of Ooredoo Q.P.S.C. (the "Company") and its subsidiaries (the "Group") as at 30 June 2025 and the related condensed consolidated interim statement of profit or loss and statement of comprehensive income for the three-month and six-month periods then ended, and condensed consolidated interim statement of changes in equity and statement of cash flows for the six-month period then ended and explanatory notes. Management is responsible for the preparation and presentation of this condensed consolidated interim financial information in accordance with International Accounting Standard 34 ‘Interim Financial Reporting’ as issued by the International Accounting Standard Board (IASB). Our responsibility is to express a conclusion on this condensed consolidated interim financial information based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements 2410, ‘Review of interim financial information performed by the independent auditor of the entity’. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial information is not prepared, in all material respects, in accordance with International Accounting Standard 34 ‘Interim Financial Reporting’. For and on behalf of PricewaterhouseCoopers – Qatar Branch Qatar Financial Market Authority registration number 120155 Mark Menton Auditor’s registration number 364 Doha, State of Qatar 30 July 2025
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 (All amounts are expressed in Qatari Riyals unless otherwise stated) 2 CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS For the three-month period ended 30 June For the six-month period ended 30 June 2025 2024 2025 2024 Note (Reviewed) (Reviewed) (Reviewed) (Reviewed) QR.’000 QR.’000 QR.’000 QR.’000 Revenue 4 6,063,778 5,933,911 11,913,684 11,796,469 Other income 21,084 21,123 92,008 98,080 Network, interconnect and other operating expenses 5 (2,739,616) (2,737,051) (5,377,390) (5,385,842) Royalty fees 6 (54,563) (57,541) (109,791) (115,326) Employee salaries and associated costs (694,336) (689,862) (1,416,796) (1,366,765) Depreciation and amortisation (1,139,424) (1,109,777) (2,222,498) (2,201,023) Finance costs (207,939) (197,888) (420,949) (401,236) Finance income 139,655 106,517 298,914 220,813 Share of net profit of associates and joint ventures 12 3,721 88,782 97,180 196,787 Impairment losses on financial assets (26,776) (28,119) (71,342) (127,141) Impairment losses on goodwill and other non-financial assets (7,859) (2,768) (7,859) (4,870) Other gains/(losses) – net 7 83,142 (17,158) 68,259 (104,723) Profit before income tax and other tax related fees 1,440,867 1,310,169 2,843,420 2,605,223 Income tax and other tax related fees 22 (264,801) (223,255) (539,801) (451,113) Profit for the period 1,176,066 1,086,914 2,303,619 2,154,110 Profit attributable to: Shareholders of the parent 988,016 958,529 1,948,062 1,871,460 Non-controlling interests 188,050 128,385 355,557 282,650 1,176,066 1,086,914 2,303,619 2,154,110 Basic and diluted earnings per share (Attributable to shareholders of the parent) (Expressed in QR. per share) 8 0.31 0.30 0.61 0.58 Report on review of condensed consolidated interim financial information is set out on page 1. The accompanying notes from 1 to 28 form an integral part of this condensed consolidated interim financial information.
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 (All amounts are expressed in Qatari Riyals unless otherwise stated) 3 CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME For the three-month period ended 30 June For the six-month period ended 30 June 2025 2024 2025 2024 Note (Reviewed) (Reviewed) (Reviewed) (Reviewed) QR.’000 QR.’000 QR.’000 QR.’000 Profit for the period 1,176,066 1,086,914 2,303,619 2,154,110 Other comprehensive income Items that may be reclassified subsequently to profit or loss Share of other comprehensive income / (loss) of associates and joint ventures 21 - - (1,358) (8,771) Foreign currency translation differences 21 550,250 259,912 520,771 4,913 Items that will not be reclassified subsequently to profit or loss Net changes in fair value on investments in equity instruments designated as at FVTOCI 21 (25,473) (12,891) (16,247) 39,341 Share of other comprehensive (loss) / income of associates and joint ventures (98) 156 (663) 300 Other comprehensive income – net of tax 524,679 247,177 502,503 35,783 Total comprehensive income for the period 1,700,745 1,334,091 2,806,122 2,189,893 Total comprehensive income attributable to: Shareholders of the parent 1,464,848 1,205,525 2,387,689 1,914,156 Non-controlling interests 235,897 128,566 418,433 275,737 1,700,745 1,334,091 2,806,122 2,189,893 Report on review of condensed consolidated interim financial information is set out on page 1. The accompanying notes from 1 to 28 form an integral part of this condensed consolidated interim financial information.
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 (All amounts are expressed in Qatari Riyals unless otherwise stated) 4 CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION 30 June 2025 31 December 2024 Note (Reviewed) (Audited) QR.’000 QR.’000 ASSETS Non-current assets Property, plant and equipment 9 14,133,981 13,885,931 Intangible assets and goodwill 10 14,031,148 13,990,915 Right-of-use assets 11 3,198,044 2,829,755 Investment properties 86,438 106,127 Investment in associates and joint ventures 12 7,126,019 6,980,105 Financial assets at fair value 13 1,059,035 1,069,882 Other non-current assets 761,561 299,370 Deferred tax assets 320,903 310,897 Contract costs 177,532 153,448 Total non-current assets 40,894,661 39,626,430 Current assets Inventories 263,932 351,833 Contract costs 217,703 227,830 Trade and other receivables 14 5,147,900 4,804,015 Bank balances and cash 15 15,426,363 16,933,408 Total current assets 21,055,898 22,317,086 Total assets 61,950,559 61,943,516 EQUITY AND LIABILITIES EQUITY Share capital 3,203,200 3,203,200 Legal reserve 12,434,282 12,434,282 Fair value and other reserves 378,351 396,441 Employees’ benefits reserve (4,354) (3,691) Translation reserve 16 (5,799,857) (6,258,237) Other statutory reserves 1,515,696 1,515,696 Retained earnings 16,794,839 16,949,714 Equity attributable to shareholders of the parent 28,522,157 28,237,405 Non-controlling interests 3,998,859 4,211,661 Total equity 32,521,016 32,449,066 R eport on review of condensed consolidated interim financial information is set out on page 1. T he accompanying notes from 1 to 28 form an integral part of this condensed consolidated interim financial information.
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 (All amounts are expressed in Qatari Riyals unless otherwise stated) 6 CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY Attributable to shareholders of the parent Share capital Legal reserve Fair value reserve Employees’ benefits reserve Translation reserve Other statutory reserves Retained earnings Total Non – controlling interests Total equity QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 At 1 January 2024 3,203,200 12,434,282 312,467 (3,567) (6,307,061) 1,457,122 15,361,878 26,458,321 4,116,031 30,574,352 Profit for the period - - - - - - 1,871,460 1,871,460 282,650 2,154,110 Other comprehensive income / (loss) - - 30,584 300 11,812 - - 42,696 (6,913) 35,783 Total comprehensive income for the period - - 30,584 300 11,812 - 1,871,460 1,914,156 275,737 2,189,893 Transactions with shareholders of the parent, recognised directly in equity Dividend for 2023 (Note 17) - - - - - - (1,761,760) (1,761,760) - (1,761,760) Transactions with non- controlling interests, recognised directly in equity Dividends paid to non-controlling interests - - - - - - - - (170,646) (170,646) Transactions with non- owners of the Group, recognised directly in equity Transfer to employee association fund - - - - - - (1,470) (1,470) (278) (1,748) At 30 June 2024 3,203,200 12,434,282 343,051 (3,267) (6,295,249) 1,457,122 15,470,108 26,609,247 4,220,844 30,830,091 Report on review of condensed consolidated interim financial information is set out on page 1. The accompanying notes from 1 to 28 form an integral part of this condensed consolidated interim financial information.
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 (All amounts are expressed in Qatari Riyals unless otherwise stated) 7 CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY (CONTINUED) Attributable to shareholders of the parent Share capital Legal reserve Fair value reserve Employees’ benefits reserve Translation reserve Other statutory reserves Retained Earnings Total Non – controlling interests Total equity QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 At 1 January 2025 3,203,200 12,434,282 396,441 (3,691) (6,258,237) 1,515,696 16,949,714 28,237,405 4,211,661 32,449,066 Profit for the period - - - - - - 1,948,062 1,948,062 355,557 2,303,619 Other comprehensive income / (loss) - - (18,090) (663) 458,380 - - 439,627 62,876 502,503 Total comprehensive income for the period - - (18,090) (663) 458,380 - 1,948,062 2,387,689 418,433 2,806,122 Transactions with shareholders of the parent, recognised directly in equity Dividend for 2024 (Note 17) - - - - - - (2,082,080) (2,082,080) - (2,082,080) Transactions with non- controlling interests, recognised directly in equity Change in subsidiary’s non- controlling interest - - - - - - (19,288) (19,288) 699 (18,589) Dividends paid to non- controlling interests - - - - - - - - (631,637) (631,637) Transactions with non- owners of the Group, recognised directly in equity Transfer to employee association fund - - - - - - (1,569) (1,569) (297) (1,866) At 30 June 2025 3,203,200 12,434,282 378,351 (4,354) (5,799,857) 1,515,696 16,794,839 28,522,157 3,998,859 32,521,016 Report on review of condensed consolidated interim financial information is set out on page 1. The accompanying notes from 1 to 28 form an integral part of this condensed consolidated interim financial information.
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 (All amounts are expressed in Qatari Riyals unless otherwise stated) 8 CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS For the six-month period ended 30 June Note 2025 2024 (Reviewed) (Reviewed) QR.’000 QR.’000 Cash flows from operating activities Profit before income tax and other tax related fees 2,843,420 2,605,223 Adjustments for: Depreciation and amortisation 2,222,498 2,201,023 Impairment losses on goodwill and other non -financial assets 7,859 4,870 Changes in fair value of investments at FVTPL 7 (5,132) (8,902) Loss on disposal of non-financial assets (19,852) (29,788) Gain on deconsolidation of a subsidiary - (117,895) Finance costs 420,949 401,236 Finance income (298,914) (220,813) Dividends income (5,192) (5,269) Provision for employees’ benefits 85,690 79,091 Impairment losses on financial assets 71,342 127,141 Share of net profits of associates and joint ventures 12 (97,180) (196,787) Operating profit before working capital changes 5,225,488 4,839,130 Working capital changes: Changes in inventories 87,901 (47,126) Changes in trade and other receivables (780,621) (229,900) Changes in contract costs (13,957) (13,386) Changes in trade and other payables (457,472) (641,440) Changes in contract liabilities 3,388 2,963 Cash generated from operations 4,064,727 3,910,241 Interest paid (394,906) (339,501) Employees’ benefits paid (129,133) (151,600) Income tax and other tax related fees paid (744,233) (428,062) Net cash generated from operating activities 2,796,455 2,991,078 Cash flows from investing activities Acquisition of property, plant and equipment (1,690,549) (1,257,175) Acquisition of intangible assets (333,172) (113,187) Proceeds from disposal of a subsidiary 109,245 74,409 Proceeds from disposal of non-financial assets 49,143 36,774 Released restricted deposits 103,550 82,901 Additions to restricted deposits (258,689) (81,343) Net movement in short-term deposits (98,255) 52,862 Dividends received 21,692 149,063 Interest received 306,671 220,523 Net cash used in investing activities (1,790,364) (835,173) Report on review of condensed consolidated interim financial information is set out on page 1. The accompanying notes from 1 to 28 form an integral part of this condensed consolidated interim financial information.
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 (All amounts are expressed in Qatari Riyals unless otherwise stated) 9 CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS (CONTINUED) For the six-month period ended 30 June Note 2025 2024 (Reviewed) (Reviewed) QR.’000 QR.’000 Cash flows from financing activities Proceeds from loans and borrowings 504,503 485,974 Repayments of loans and borrowings (402,696) (370,499) Principal element of lease payments 11 (379,286) (427,913) Proceeds from disposal of stake in a subsidi ary without a change in control 72,830 - Dividends paid to shareholders of the parent 17 (2,082,080) (1,761,760) Dividends paid to non-controlling interests in subsidiaries (631,637) (170,646) Net cash used in financing activities (2,918,366) (2,244,844) Net decrease in cash and cash equivalents (1,912,275) (88,939) Effect of exchange rate fluctuations 159,853 161,478 Cash and cash equivalents at the beginning of the period 15,116,779 10,119,799 Cash and cash equivalents at the end of the period 15 13,364,357 10,192,338 Refer to note 15 for details regarding non-cash financing and investing activities. Report on review of condensed consolidated interim financial information is set out on page 1. The accompanying notes from 1 to 28 form an integral part of this condensed consolidated interim financial information.
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 Notes to the condensed consolidated interim financial information (All amounts are expressed in Qatari Riyals unless otherwise stated) 10 1. REPORTING ENTITY Qatar Public Telecommunications Corporation (the “Corporation”) was formed on 29 June 1987 domiciled in the State of Qatar by Law No. 13 of 1987 to provide domestic and international telecommunication services within the State of Qatar. The Company’s registered office is located at 100 Westbay Tower, Doha, State of Qatar. The Corporation was transformed into a Qatari Shareholding Company under the name of Qatar Telecom (Qtel) Q.S.C. (the “Company”) on 25 November 1998, pursuant to Law No. 21 of 1998. In June 2013, the legal name of the Company was changed to Ooredoo Q.S.C. This change had been duly approved by the shareholders at the Company’s extraordinary general assembly meeting held on 31 March 2013. The Company changed its legal name from Ooredoo Q.S.C. to Ooredoo Q.P.S.C. to comply with the provisions of the new Qatar Commercial Companies Law issued on 7 July 2015. The Company is a telecommunications service provider licensed by the Communications Regulatory Authority (CRA) (formerly known as Supreme Council of Information and Communication Technology (ictQATAR)) to provide both fixed and mobile telecommunications se rvices in the state of Qatar. As a licensed service provider, the conduct and activities of the Company are regulated by CRA pursuant to Law No. 34 of 2006 (Telecommunications Law) and the Applicable Regulatory Framework. During 2021, the Qatar Commercial law number 11 of 2015 has been amended by Law number 8 of 2021. The management assessed the compliance of the Company and the required changes to the Article of the Association was amended in the Extraordinary General Assembly Meeting held on 8 March 2022. The Company and its subsidiaries (together referred to as the “Group”) provides domestic and international telecommunication services in Qatar and elsewhere in the Asia and Middle East and North African (MENA) region. Qatar Investment Authority - the sovereign wealth fund of the State of Qatar – is the parent Company of the Group (the "Parent"). In line with an amendment issued by Qatar Financial Markets Authority (“QFMA”), effective from May 2018, listed entities are required to comply with the Qatar Financial Markets Authority’s law and relevant legislations including Governance Code for Compani es & Legal Entities Listed on the Main Market (the “Governance Code”). The Group has taken appropriate steps to comply with the requirements of the Governance Code. The condensed consolidated interim financial information of the Group for the six-month period ended 30 June 2025 were authorised for issuance in accordance with a resolution of the Board of Directors of the Company on 30 July 2025. 2. BASIS OF PREPARATION The condensed consolidated interim financial information for the six -month period ended 30 June 2025 has been prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting' (“IAS 34”). The condensed consolidated interim financial information is prepared in Qatari Riyals, which is the Company’s functional and Group's presentation currency, and all values are rounded to the nearest thousands (QR.’000) except when otherwise indicated. The condensed consolidated interim financial information does not include all information and disclosures required in the annual consolidated financial statements and should be read in conjunction with the Group’s annual consolidated financial statements f or the year ended 31 December 202 4. In addition, results for the six -month period ended 30 June 2025 are not necessarily indicative of the results that may be expected for the financial year ending 31 December 2025.
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 Notes to the condensed consolidated interim financial information (All amounts are expressed in Qatari Riyals unless otherwise stated) 11 2. B ASIS OF PREPARATION (CONTINUED) Judgments, estimates and risk management The preparation of the condensed consolidated interim financial information requires management to make judgments, estimates and assumptions that affects the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The significant judgments made by management in applying the Group's accounting policies, the key sources of estimation uncertainty and financial risk management objectives and policies were the same a s those that applied to the Group’s annual consolidated financial statements for the year ended 31 December 2024. 3. M ATERIAL ACCOUNTING POLICIES The accounting policies used in the preparation of this condensed consolidated interim financial information are consistent with those used in the preparation of the Group’s annual consolidated financial statements for the year ended 31 December 202 4, and the notes attached thereto, except for the adoption of certain new and revised standards, that became effective in the current period as set out below and as disclosed in Note 3.1. Changes to material accounting policies 1. New and amended standards adopted by the Group A new or amended standard became applicable for the current reporting period, and the Group has applied the following standards and amendments for the first time for their annual reporting period commencing 1 January 2025: ● Lack of Exchangeability – Amendments to IAS 21 The amendment listed above did not have a material impact on the amounts recognised in prior periods and are not expected to significantly affect the future periods. 2. Impact of new standards (issued but not yet adopted by the Group) Certain new accounting standards and interpretations have been published that are not mandatory for the current reporting period and have not been early adopted by the Group. The management of the Group is in the process of assessing the impact of these new standards, interpretation and amendments which will be adopted in the Group’s financial statement as and when they are applicable. 4. R EVENUE For the three-month period ended 30 June For the six-month period ended 30 June 2025 2024 2025 2024 (Reviewed) (Reviewed) (Reviewed) (Reviewed) QR.’000 QR.’000 QR.’000 QR.’000 Revenue from rendering of services 5,619,608 5,493,104 11,064,214 10,907,408 Sale of telecommunication equipment 426,112 421,810 810,777 848,961 Equipment rental revenue 18,058 18,997 38,693 40,100 6,063,778 5,933,911 11,913,684 11,796,469
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 Notes to the condensed consolidated interim financial information (All amounts are expressed in Qatari Riyals unless otherwise stated) 12 4. R EVENUE (CONTINUED) For the three-month period ended 30 June For the six-month period ended 30 June 2025 2024 2025 2024 (Reviewed) (Reviewed) (Reviewed) (Reviewed) QR.’000 QR.’000 QR.’000 QR.’000 Over time 5,637,666 5,512,101 11,102,907 10,947,508 At a point in time 426,112 421,810 810,777 848,961 6,063,778 5,933,911 11,913,684 11,796,469 5. N ETWORK, INTERCONNECT AND OTHER OPERATING EXPENSES For the three-month period ended 30 June For the six-month period ended 30 June 2025 2024 2025 2024 (Reviewed) (Reviewed) (Reviewed) (Reviewed) QR.’000 QR.’000 QR.’000 QR.’000 Cost of equipment sold and other services 781,944 791,526 1,535,533 1,538,276 Outpayments and interconnect charges 362,093 360,401 693,131 724,210 Regulatory and related fees 485,679 448,147 957,348 878,716 Network operation and maintenance 510,476 490,258 1,008,154 977,732 Rentals and utilities 136,053 165,942 282,721 343,022 Marketing costs and sponsorship 88,136 80,424 190,303 183,250 Commission on cards 187,002 178,051 372,741 351,630 Legal and professional fees 19,653 65,132 27,674 92,450 Provision for obsolete and slow-moving inventories 1,475 5,710 4,345 9,500 Other expenses 167,105 151,460 305,440 287,056 2,739,616 2,737,051 5,377,390 5,385,842 6. R OYALTY FEES In accordance with the terms of a license granted to Omani Qatari Telecommunications Company S.A.O.G. to operate telecommunication services in the Sultanate of Oman, royalty is payable to the Government of the Sultanate of Oman, effective from March 2005. The royalty payable is calculated based on 12% of the net of predefined sources of revenue and interconnection expenses to local operators for mobile license and 10% for fixed license which is accounted for under IFRIC 21. 7. O THER GAINS/(LOSSES) – NET For the three-month period ended 30 June For the six-month period ended 30 June 2025 2024 2025 2024 (Reviewed) (Reviewed) (Reviewed) (Reviewed) QR.’000 QR.’000 QR.’000 QR.’000 Gain on sale of non-financial assets 22,873 7,541 19,852 29,788 Change in fair value of derivatives – net 159 (159) (477) (386) Unrealised gain on equity investment at FVTPL 27,116 3,308 5,132 8,902 Foreign currency gain/(loss) – net 36,597 (14,639) 34,469 (105,058) Gain on disposal of a subsidiary (i) - 117,895 - 117,895 Miscellaneous gain/(loss)– net (3,603) (131,104) 9,283 (155,864) 83,142 (17,158) 68,259 (104,723)
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 Notes to the condensed consolidated interim financial information (All amounts are expressed in Qatari Riyals unless otherwise stated) 13 7. O THER GAINS/(LOSSES) – NET (CONTINUED) i. During the previous period, the Group completed the sale of 100 percent equity of Ooredoo Asian Investments Pte Ltd. (Singapore) (“OAI”), the parent company that owns 100 percent of Ooredoo Myanmar Ltd. (“OML”), and 100 percent of Ooredoo Myanmar Fintech Ltd. (“OMFL”) for a consideration of QR. 400,565 thousand which will be paid over 5 years in install ements. Below is the carrying amounts of Ooredoo Myanmar's assets and liabilities as at the date of sale: QR.’000 Property, plant and equipment 249,779 Intangible assets and goodwill 578,875 Right-of-use assets 225,302 Inventories 1,273 Trade and other receivables 43,231 Bank balances and cash 25,732 Total Assets 1,124,192 Lease liabilities 1,160,880 Other non-current liabilities 86,896 Trade and other payables 179,990 Deferred income 61,389 Total Liabilities 1,489,155 Carrying amount of net liability derecognised (364,963) Below is the calculation of the gain on the disposal: QR.’000 Consideration: Cash* 100,141 Fair value of consideration receivable 199,273 Total disposal consideration 299,414 Carrying amount of net liability derecognised 364,963 Gain on sale before the associated expenses and reclassification of foreign currency translation reserve 664,377 Recycling of foreign currency translation reserve (495,501) Associated expenses (50,981) Gain on disposal 117,895 * The cash consideration is presented net of the balance disposed as a result of the transaction amounting to QR. 25,732 thousand. As such, the proceeds from disposal of subsidiary amounts to QR. 74,409 thousand is presented in the condensed interim consolidated statement of cash flows .
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 Notes to the condensed consolidated interim financial information (All amounts are expressed in Qatari Riyals unless otherwise stated) 14 8. B ASIC AND DILUTED EARNINGS PER SHARE Basic earnings per share is calculated by dividing the earnings for the period attributable to the shareholders of the parent by the weighted average number of shares outstanding during the period. There were no potentially dilutive shares outstanding at any time during the period and, therefore, the dilutive earnings per share is equal to the basic earnings per share. For the three-month period ended 30 June For the six-month period ended 30 June 2025 2024 2025 2024 (Reviewed) (Reviewed) (Reviewed) (Reviewed) Profit for the period attributable to shareholders of the parent (QR.’000) 988,016 958,529 1,948,062 1,871,460 Weighted average number of shares (In ’000) 3,203,200 3,203,200 3,203,200 3,203,200 Basic and diluted earnings per share (QR) 0.31 0.30 0.61 0.58 9. P ROPERTY, PLANT AND EQUIPMENT 30 June 2025 31 December 2024 (Reviewed) (Audited) QR.’000 QR.’000 Net book value at beginning of the period/year 13,885,931 13,905,757 Deconsolidation of a subsidiary - (249,779) Additions 1,482,660 3,107,162 Disposals (15,806) (50,212) Reclassification (49,862) (85,571) Depreciation for the period/year (1,382,738) (2,668,591) Impairment loss made during the period/year (7,859) (19,433) Exchange adjustments 221,655 (53,402) Carrying value at the end of the period/year 14,133,981 13,885,931 10. I NTANGIBLE ASSETS AND GOODWILL 30 June 2025 31 December 2024 (Reviewed) (Audited) QR.’000 QR.’000 Net book value at beginning of the period/ year 13,990,915 15,514,529 Deconsolidation of a subsidiary - (578,875) Additions 203,680 214,825 Disposals (135) (594) Reclassification 49,862 85,571 Amortisation for the period/year (502,344) (1,005,973) Impairment loss during the period/year - (110,973) Exchange adjustment 289,170 (127,595) Carrying value at the end of the period/year 14,031,148 13,990,915
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 Notes to the condensed consolidated interim financial information (All amounts are expressed in Qatari Riyals unless otherwise stated) 15 11. L EASES i. Right of use assets The Group leases numerous assets including land and buildings, exchange and network assets, subscriber apparatus and other equipment, and Indefeasible rights-of-use (IRU) assets. The lease term ranges from 2 to 20 years (2024: 2 to 20 years). 30 June 2025 31 December 2024 (Reviewed) (Audited) QR.’000 QR.’000 Net book value at beginning of the period/ year 2,829,755 2,790,486 Deconsolidation of a subsidiary - (225,302) Additions 674,205 984,513 Amortisation during the period/ year (331,077) (630,229) Reduction on early termination (27,669) (75,446) Exchange adjustments 52,830 (14,267) Carrying value at the end of the period/ year 3,198,044 2,829,755 ii. Lease liabilities 30 June 2025 31 December 2024 (Reviewed) (Audited) QR.’000 QR.’000 Carrying value at beginning of the period/year 2,879,640 3,746,267 Deconsolidation of a subsidiary - (1,160,880) Additions during the period/year 674,205 984,513 Interest expense on lease liability 75,756 201,973 Principal element of lease payments (379,286) (701,591) Payment of interest portion of lease liability (75,885) (153,048) Reduction on early termination (28,026) (95,359) Exchange adjustments 76,860 57,765 Carrying value at the end of the period/year 3,223,264 2,879,640 30 June 2025 31 December 2024 (Reviewed) (Audited) QR.’000 QR.’000 Non-current portion 2,652,859 2,358,067 Current portion 570,405 521,573 3,223,264 2,879,640 30 June 2025 31 December 2024 (Reviewed) (Audited) QR.’000 QR.’000 Contractual maturity analysis Not later than 1 year 710,750 658,337 Later than 1 year and not later than 5 years 2,039,910 1,880,702 Later than 5 years 1,195,250 1,062,814 Total contractual cash flows 3,945,910 3,601,853 Less: Unwinding of interest (722,646) (722,213) Carrying value of lease liabilities 3,223,264 2,879,640
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 Notes to the condensed consolidated interim financial information (All amounts are expressed in Qatari Riyals unless otherwise stated) 16 12. I NVESTMENT IN ASSOCIATES AND JOINT VENTURES The following table presents the summarised financial information of the Group’s investment in associates and joint ventures. 30 June 2025 (Reviewed) Group’s share in associates and joint ventures statement of financial position: Ooredoo Hutchison Asia Others Total QR.’000 QR.’000 QR.’000 Current assets 1,535,658 1,254,077 2,789,735 Non-current assets 11,453,281 2,366,706 13,819,987 Current liabilities (3,862,420) (991,053) (4,853,473) Non-current liabilities (7,320,254) (1,995,261) (9,315,515) Net assets 1,806,265 634,469 2,440,734 Goodwill 4,008,874 676,411 4,685,285 Carrying amount of the investment 5,815,139 1,310,880 7,126,019 31 December 2024 (Audited) Group’s share in associates and joint ventures statement of financial position: Ooredoo Hutchison Asia Others Total QR.’000 QR.’000 QR.’000 Current assets 1,513,483 1,172,160 2,685,643 Non-current assets 11,224,252 2,196,503 13,420,755 Current liabilities (3,701,987) (932,962) (4,634,949) Non-current liabilities (7,307,348) (1,840,460) (9,147,808) Net assets 1,728,400 595,241 2,323,641 Goodwill 4,024,530 631,934 4,656,464 Carrying amount of the investment 5,752,930 1,227,175 6,980,105 For the six-month period ended 30 June 2025 (Reviewed) Ooredoo Hutchison Asia Others Total QR.’000 QR.’000 QR.’000 Share in revenues of associates and joint ventures 1,971,402 774,827 2,746,229 Share in results of associates and joint ventures 84,140 13,040 97,180 For the six-month period ended 30 June 2024 (Reviewed) Ooredoo Hutchison Asia Others Total QR.’000 QR.’000 QR.’000 Share in revenues of associates and joint ventures 2,102,864 759,816 2,862,680 Share in results of associates and joint ventures 174,868 21,919 196,787
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 Notes to the condensed consolidated interim financial information (All amounts are expressed in Qatari Riyals unless otherwise stated) 17 12. I NVESTMENT IN ASSOCIATES AND JOINT VENTURES (CONTINUED) The carrying amount of equity-accounted investments has changed as follows: 30 June 2025 31 December 2024 (Reviewed) (Audited) QR.’000 QR.’000 At 1 January 6,980,105 7,085,027 Share of results for the period/year 97,180 372,664 Other comprehensive loss (2,021) (4,644) Dividend received (16,500) (144,881) Exchange adjustments 67,255 (328,061) 7,126,019 6,980,105 13. F INANCIAL ASSETS AT FAIR VALUE 30 June 2025 31 December 2024 (Reviewed) (Audited) QR.’000 QR.’000 Investment in equity instruments designated at FVTOCI 556,243 572,057 Financial assets measured at FVTPL 502,792 497,825 1,059,035 1,069,882 The Group’s financial assets comprise of investment in a telecommunication related company with fair value of QR. 483,181 thousand (2024: QR. 505 ,582 thousand), investment in venture capital funds accounted for at fair value through other comprehensive income (FVTOCI) and other private equity funds accounted for at fair value through profit or loss (FVTPL). Further information about the fair value of these investments is disclosed in Note 27. 14. T RADE AND OTHER RECEIVABLES 30 June 2025 31 December 2024 (Reviewed) (Audited) QR.’000 QR.’000 Trade receivables – net of impairment allowances 2,184,449 1,930,688 Other receivables and prepayments – net of impairment allowances 1,524,092 1,578,189 Contract assets – net of impairment allowances 1,052,042 1,006,209 Amounts due from international carriers – net of impairment allowances 387,317 288,922 Positive fair value of derivative contracts (Note 27) - 7 5,147,900 4,804,015
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 Notes to the condensed consolidated interim financial information (All amounts are expressed in Qatari Riyals unless otherwise stated) 18 15. B ANK BALANCES AND CASH For the purpose of the condensed consolidated interim statement of cash flows, cash and cash equivalents comprise the following items: 30 June 2025 30 June 2024 (Reviewed) (Reviewed) QR.’000 QR.’000 Bank balances and cash – net of impairment allowance 15,426,363 11,480,928 Less: deposits with maturity of more than three months (1,303,900) (689,217) Less: restricted deposits (758,106) (599,373) Cash and cash equivalents as per condensed consolidated interim statement of cash flows 13,364,357 10,192,338 Balances with banks are assessed to have low credit risk of default since these banks are highly regulated by the central banks of the respective countries. Accordingly, the Group estimates the loss allowance on balances with banks at the end of the reporting period at an amount equal to 12 -month ECL. None of the balances with banks at the end of the reporting period are past due and taking into account the historical default experience and the current credit ratings of the banks, the Group has recorded a reversal of impairment loss of QR. 457 thousand during the period ended 30 June 2025 (2024: QR. impairment loss of 1,746 thousand). The principal non -cash transactions during the period ended 30 June 2025 comprise mainly of acquisition of property, plant, and equipment of QR. 516,545 thousand (2024: QR. 499,041 thousand) through trade and other payables and acquisition of right of use assets through lease liabilities . 16. T RANSLATION RESERVE The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. During the current period, the movement was mainly coming from the Kuwaiti Dinar, Tunisian Dinar, Algerian Dinar, Iraqi Dinar, and Indonesian Rupiah. 17. D IVIDEND For the six-month period ended 30 June 2025 2024 (Reviewed) (Reviewed) QR.’000 QR.’000 Dividend declared and approved at the Annual General Meeting: Final dividend for 2024, QR. 0.65 per share (2023: QR. 0.55 per share) 2,082,080 1,761,760 18. L OANS AND BORROWINGS 30 June 2025 31 December 2024 (Reviewed) (Audited) QR.’000 QR.’000 Loans and borrowings 15,231,217 15,091,309 Interest payable 176,690 162,982 Less: deferred financing costs (103,630) (112,654) 15,304,277 15,141,637
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 Notes to the condensed consolidated interim financial information (All amounts are expressed in Qatari Riyals unless otherwise stated) 19 18. L OANS AND BORROWINGS (CONTINUED) Presented in the condensed consolidated interim statement of financial position as follows: 30 June 2025 31 December 2024 (Reviewed) (Audited) QR.’000 QR.’000 Non-current portion 10,020,388 11,862,003 Current portion 5,283,889 3,279,634 15,304,277 15,141,637 The fair value of the Group’s loans and borrowings, which include loans and borrowings carried at fixed rates and floating rates, amounted to QR. 14,562,647 thousand as at 30 June 2025 ( 2024: QR. 14,265,819 thousand). On 10 October 2024, Ooredoo successfully completed issuance of its USD 500 million senior unsecured notes priced at an annual coupon rate of 4.625%, maturing on 10 October 2034. These notes were issued by its wholly owned subsidiary, Ooredoo International Finance Limited under its existing USD 5 billion Global Medium Term Notes programme on the Irish stock exchange (Euronext Dublin) and are unconditionally and irrevocably guaranteed by Ooredoo. 19. O THER NON-CURRENT LIABILITIES 30 June 2025 31 December 2024 (Reviewed) (Audited) QR.’000 QR.’000 License cost payables 147,624 144,141 Others* 265,137 162,150 412,761 306,291 * Others mainly include long-term procurement payables. 20. T RADE AND OTHER PAYABLES 30 June 2025 31 December 2024 (Reviewed) (Audited) QR.’000 QR.’000 Trade payables 1,146,086 1,239,748 Accrued expenses 4,211,426 4,630,184 Payables to Communication Regulatory Authority 379,475 518,914 Amounts due to international carriers - net 348,915 324,985 Long term incentive points-based payments 93,721 117,326 Other payables (i) 958,558 820,282 7,138,181 7,651,439 (i) Other payables mainly include dividend payables, deposits and advances.
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 Notes to the condensed consolidated interim financial information (All amounts are expressed in Qatari Riyals unless otherwise stated) 20 21. C OMPONENTS OF OTHER COMPREHENSIVE INCOME/(LOSS) For the three-month period ended 30 June For the six-month period ended 30 June 2025 2024 2025 2024 (Reviewed) (Reviewed) (Reviewed) (Reviewed) QR.’000 QR.’000 QR.’000 QR.’000 Items that may be reclassified subsequently to profit or loss Cash flow hedges Share of other comprehensive income / (loss) of associates and joint ventures - - (1,358) (8,771) Foreign currency translation reserve Foreign exchange translation differences – foreign operations 550,250 (235,589) 520,771 (490,588) Translation reserve recycled to profit or loss - 495,501 - 495,501 550,250 259,912 520,771 4,913 Items that will not be reclassified subsequently to profit or loss Fair value reserve Net changes in fair value of equity investments at FVTOCI (25,473) (12,891) (16,247) 39,341 Employees benefit reserve Share of other comprehensive income / (loss) of associates and joint ventures (98) 156 (663) 300 Other comprehensives income – net of tax 524,679 247,177 502,503 35,783
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 Notes to the condensed consolidated interim financial information (All amounts are expressed in Qatari Riyals unless otherwise stated) 21 22. I NCOME TAX AND OTHER TAX RELATED FEES The income tax represents amounts recognised by the subsidiaries. The major components of the income tax expense for the period included in the condensed consolidated interim statement of profit or loss are as follows: For the three-month period ended 30 June For the six-month period ended 30 June 2025 2024 2025 2024 (Reviewed) (Reviewed) (Reviewed) (Reviewed) QR.’000 QR.’000 QR.’000 QR.’000 Current income tax Current income tax charge 149,447 150,004 299,913 291,856 Industry fee (i) 57,485 68,885 109,507 125,816 Other tax related fees (ii) 2,852 7,289 5,075 14,822 Pilar II tax (iii) 52,132 - 111,688 - Deferred income tax Relating to origination and reversal of temporary differences 2,885 (2,923) 13,618 18,619 264,801 223,255 539,801 451,113 (i) In accordance with its operating licenses for Public Telecommunications Networks and Services granted in Qatar by ICT QATAR, now referred to as the Communications Regulatory Authority (CRA), the Company is liable to pay to the CRA an annual industry fee wh ich is calculated at 12.5% (2024: 12.5%) of net profit from regulated activities undertaken in Qatar pursuant to the licenses which is accounted for under IAS 12 ‘Income Taxes’. (ii) Contributions by National Mobile Telecommunications Company K.S.C.P. to Kuwait Foundation for the Advancement of Sciences (“KFAS”), National Labour Support Tax (“NLST”) and Zakat represent levies/taxes imposed at the flat percentage of net profits attributable less permitted deductions under the prevalent respective fiscal regulations of the State of Kuwait which is accounted for under IAS 12 ‘ Income Taxes ’. As at 1 January 2025, following the introduction of Pillar II tax rules by the Kuwaiti tax Authorities, both the Zakat and NLST levies were abolished. (iii) In December 2021, the Organisation for Economic Co -operation and Development (OECD) issued 15% minimum taxation applicable to multinational groups (MNEs), in accordance with the Base Erosion and Profit Shifting (BEPS) Pillar II Anti- Global Erosion (GloBE) framework. Various governments around the world have issued, or are in the process of issuing, legislation related to this framework. On 23 December 2024, the Shura Council in Qatar approved amendments to select provisions to the Income Tax Law promulgated under Law No. 24 of 2018. On 27 March 2025, the State of Qatar published amendments to the Income Tax Law No. (24) of 2018 in the Official Gazette. These amendments introduce an Income Inclu sion Rule (IIR) and a Domestic Minimum Top -up Tax (DMTT) . These Pillar II rules are effective for accounting periods beginning on 1 January 2025. In Kuwait, the legislator introduced the Law No. 157 of 2024, effective as of 1 January 2025, which aims to ensure that MNEs pay tax at an effective tax rate of 15% on their Kuwait profits, introduced a DMTT that is aligned with the Pillar II Model Rules. On 29 June 2025, Kuwait’s Ministry of Finance issued the much- anticipated Executive Regulations for Law No. 157 of 2024, which governs the taxation of MNEs operating in the country.
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 Notes to the condensed consolidated interim financial information (All amounts are expressed in Qatari Riyals unless otherwise stated) 22 22. I NCOME TAX AND OTHER TAX RELATED FEES (CONTINUED) The Group has performed a detailed review of the tax position of its Constituent Entities in all the countries where it has operations and has computed the Pillar II income taxes for the YTD Q2 2025 period based on the OECD Guidance. For the six month period ended 30 June 2025, the amount of top -up tax for the difference between the GloBE effective tax rate for each jurisdiction and the 15% minimum rate was QR 111.7m, QR 94.9m in Qatar and QR 16.8m in Kuwait. The Group continues to monitor the legislative developments in the countries where it operates and the impact of Pillar II on its overall Effective Tax Rate. On 23 May 2023, the International Accounting Standards Board (IASB) issued amendments to IAS 12 ‘Income taxes’ introducing a mandatory temporary exception to the requirements of IAS 12 under which an entity does not recognise or disclose information about deferred tax assets and liabilities related to the proposed OECD BEPS Pillar II rules. The Group has applied this mandatory exception. 23 . C OMMITMENTS, CONTINGENT LIABILITIES AND LITIGATIONS 30 June 2025 31 December 2024 (Reviewed) (Audited) QR.’000 QR.’000 Capital expenditure and commitments Estimated capital expenditure contracted for at the end of the financial reporting period / year but not provided for 2,619,829 1,718,573 Letters of credit 313,862 275,821 Letters of guarantees 2,074,098 1,004,086 Litigations At 3 0 June 2025, there were two changes in the litigation cases the Group faces compared to the litigation position as at 31 December 2024. Proceedings against Asiacell relating to Universal Services Fee (“USF”) In Q2 2025, Asiacell submitted an appeal to the Public Prosecution Office (“PPO”), arguing the illegality and anti-constitutionality of the retroactive application of the USF. The PPO accepted Asiacell’s appeal and forwarded it to the CMC Appeal Panel, which decided to overturn the CMC decision to apply the USF retroactively as detailed in Decision No. 13/Appeal/2025, dated 30 January 2025. This decision in favor of Asiacell is final and not appealable by the CMC. Proceeding against Ooredoo Palestine On 29 May 2025, the Company signed an Annex to the original license agreement entered on 14 March 2007 with the Telecommunications Regulatory Commission and the MTIT, adding fourth generation (4G) services for 15 years contingent upon agreeing on the final amount to be paid. The parties are continuing to negotiate a final agreement that will settle all disputes about the original license. The Company’s accounting position in respect of the unpaid portion pertaining to the original license agreement remains unchanged. All other litigation positions reported in the Group’s annual consolidated financial statements as at 31 December 2024 have not materially changed as at 30 June 2025.
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 Notes to the condensed consolidated interim financial information (All amounts are expressed in Qatari Riyals unless otherwise stated) 23 24. R ELATED PARTY DISCLOSURES Related parties represent associated companies including Government and semi-Government agencies, associates, major shareholders, directors and key management personnel of the Group, and companies of which they are principal owners. In the ordinary course of business, the Group enters into transactions with related parties. Pricing policies and terms of transactions are approved by the Group’s management. The Group enters into commercial transactions with Government related entities in the ordinary course o f business in terms of providing telecommunication services, placement of deposits and obtaining credit facilities etc. (a) Transactions with Government and related entities The Group enters into commercial transactions with the Government and other Government related entities in the ordinary course of business, which includes providing telecommunication services, placement of deposits and obtaining credit facilities. All these transactions are in the ordinary course of business at normal commercial terms and conditions. Following are the significant balances and transactions between the Company and the Government and other Government related entities. (a) Transactions with Government and related entities (continued) (i) Trade receivables-net of impairment include an amount of QR. 523,880 thousand (2024: QR. 474,078 thousand) receivable from Government and Government related entities. (ii) The most significant amount of revenue from a Government related entity amounted to QR. 43,732 thousand (2024: QR 57,532 thousand). (iii) Industry fee pertains to the industry fee payable to CRA, a Government related entity . In accordance with IAS 24 ‘Related Party Disclosures’, the Group has elected not to disclose transactions with the Qatar Government and other entities over which the Qatar Government exerts control, joint control or significant influence. The nature of transactions that the Group has with such related parties relates to provision of telecommunication services on normal commercial terms and conditions. (b) Transactions with Directors and other key management personnel Key management personnel comprise the Board of Directors and key members of management having authority and responsibility of planning, directing and controlling the activities of the Group. The compensation and benefits related to Board of Directors and key management personnel amounted to QR. 72,227 thousand for the three-month period ended 30 June 2025 (2024: QR. 62,181 thousand) and QR. 162,068 thousand for the six month period ended 30 June 2025 (2024: QR. 145,364 thousand) and end of service benefits amounted to QR. 5,073 thousand for the three month period ended 30 June 2025 (2024: QR. 4,734 thousand) and QR. 9,579 thousand for the six month period ended 30 June 2025 (2024: QR. 10,619 thousand) . The remuneration to the Board of Directors and key management personnel has been included under the caption “Employee salaries and associated cost”. 25. P ROVISIONS 30 June 2025 31 December 2024 (Reviewed) (Audited) Current Non-current Total Current Non- current Total QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 Site restoration provision 2,108 239,659 241,767 1,496 226,861 228,357 Legal, regulatory, and other provisions (i) 319,157 - 319,157 303,787 - 303,787 321,265 239,659 560,924 305,283 226,861 532,144 (i) Other provisions include provisions relating to certain legal, commercial, and other regulatory related matters, including provisions relating to certain Group subsidiaries.
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 Notes to the condensed consolidated interim financial information (All amounts are expressed in Qatari Riyals unless otherwise stated) 24 26. SEGMENT INFORMATION Information regarding the Group’s reportable segments is set out below in accordance with IFRS 8 “Operating Segments”. IFRS 8 requires reportable segments to be identified on the basis of internal reports that are regularly reviewed by the Group’s chief operating decision maker (“CODM”) , which is the “Group Executive Management” (GEM), and used to allocate resources to the segments and to assess their performance. Further, major decisions taken by the GEM are finally approved by the Board of Directors in line with the decision rights manual (DRM). The Group is mainly engaged in a single line of business, being the supply of telecommunications services and related products. The majority of the Group’s revenues, profits and assets relate to its operations in the MENA. Outside of Qatar, the Group opera tes through its subsidiaries and associates and major operations that are reported to the Group’s CODM are considered by the Group to be reportable segments. Revenue is attributed to reportable segments based on the location of the Group companies. Inter-segment sales are charged at arms’ length prices. For management reporting purposes, the Group is organised into business units based on their geographical area covered, and has six reportable segments as follows: 1. Ooredoo Qatar is a provider of domestic and international telecommunication services within the State of Qatar; 2. Asiacell is a provider of mobile telecommunication services in Iraq; 3. Ooredoo Hutchison Asia (“OHA”) (considered a major joint venture) is a provider of telecommunication services such as cellular services, fixed telecommunications, multimedia, data communication and internet services in Indonesia; 4. Ooredoo Oman is a provider of mobile and fixed telecommunication services in Oman; 5. Ooredoo Algeria is a provider of mobile telecommunication services in Algeria; and 6. Ooredoo Kuwait is a provider of mobile and ISP services in Kuwait . Management monitors the operating results of its operating subsidiaries separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss of these reporta ble segments. Transfer pricing between reportable segments are on an arm’s length basis in a manner similar to transactions with third parties.
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 Notes to the condensed consolidated interim financial information (All amounts are expressed in Qatari Riyals unless otherwise stated) 25 26. S EGMENT INFORMATION (CONTINUED) Operating segments The following table presents revenue and profit information regarding the Group’s operating segments for the three -month period ended 30 June 2024 and 2025: For the three-month period ended 30 June 2025 (Reviewed) Ooredoo Qatar Asiacell Ooredoo Algeria Ooredoo Oman Ooredoo Kuwait OHA* Total reportable segments Others Adjustments Adjustments for OHA** Total as reported QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 Revenue Revenue from rendering of telecom services 1,651,159 1,376,948 786,321 523,188 623,064 976,625 5,937,305 658,928 - (976,625) 5,619,608 Sale of telecommunications equipment 11,366 - 1,091 48,299 188,592 2,394 251,742 176,764 - (2,394) 426,112 Revenue from use of assets by others 1,748 2,858 - 10,911 117 - 15,634 2,424 - - 18,058 Inter-segment 192,177 51 18 448 577 - 193,271 153,508 (346,779) (i) - - Total revenue 1,856,450 1,379,857 787,430 582,846 812,350 979,019 6,397,952 991,624 (346,779) (979,019) 6,063,778 Timing of revenue recognition At a point in time 141,520 - 1,091 48,299 188,592 2,394 381,896 199,192 (152,582) (2,394) 426,112 Over time 1,714,930 1,379,857 786,339 534,547 623,758 976,625 6,016,056 792,432 (194,197) (976,625) 5,637,666 1,856,450 1,379,857 787,430 582,846 812,350 979,019 6,397,952 991,624 (346,779) (979,019) 6,063,778 Results Segment profit before tax*** 690,489 402,147 181,347 44,773 143,124 29,045 1,490,925 54,851 (75,864) (ii) (29,045) 1,440,867 Depreciation and amortisation 246,226 212,081 181,476 156,431 132,667 324,555 1,253,436 133,899 76,644 (iii) (324,555) 1,139,424 Net finance costs 43,717 2,800 6,164 6,258 2,121 130,119 191,179 7,224 - (130,119) 68,284
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 Notes to the condensed consolidated interim financial information (All amounts are expressed in Qatari Riyals unless otherwise stated) 26 26. SEGMENT INFORMATION (CONTINUED) Operating segments (continued) For the three-month period ended 30 June 2024 (Reviewed) Ooredoo Qatar Asiacell Ooredoo Algeria Ooredoo Oman Ooredoo Kuwait OHA* Total reportable segments Others Adjustments Adjustments for OHA** Total as reported QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 Revenue Revenue from rendering of telecom services 1,666,112 1,274,448 682,436 550,817 585,425 1,045,107 5,804,345 733,866 - (1,045,107) 5,493,104 Sale of telecommunications equipment 15,342 - 1,239 30,140 224,393 1,571 272,685 150,696 - (1,571) 421,810 Revenue from use of assets by others 3,372 2,824 - 9,890 119 - 16,205 2,792 - - 18,997 Inter-segment 78,380 44 14 455 467 - 79,360 135,831 (215,191) (i) - - Total revenue 1,763,206 1,277,316 683,689 591,302 810,404 1,046,678 6,172,595 1,023,185 (215,191) (1,046,678) 5,933,911 Timing of revenue recognition At a point in time 92,754 - 1,239 30,140 224,393 1,571 350,097 162,620 (89,336) (1,571) 421,810 Over time 1,670,452 1,277,316 682,450 561,162 586,011 1,045,107 5,822,498 860,565 (125,855) (1,045,107) 5,512,101 1,763,206 1,277,316 683,689 591,302 810,404 1,046,678 6,172,595 1,023,185 (215,191) (1,046,678) 5,933,911 Results Segment profit before tax*** 649,062 292,360 101,914 50,054 105,537 144,354 1,343,281 186,459 (75,217) (ii) (144,354) 1,310,169 Depreciation and amortisation 244,131 205,460 165,044 159,381 124,454 332,906 1,231,376 136,090 75,217 (iii) (332,906) 1,109,777 Net finance costs 41,349 2,042 14,041 8,699 3,387 88,583 158,101 21,853 - (88,583) 91,371
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 Notes to the condensed consolidated interim financial information (All amounts are expressed in Qatari Riyals unless otherwise stated) 27 26. S EGMENT INFORMATION (CONTINUED) Operating segments (continued) * Ooredoo Hutchison Asia (OHA) proportionate share of results is included in “Others” column as part of “Segment Profit before tax” line item to reconcile to the total reported numbers. The “OHA” column is to present the proportionate financial information of the joint venture as reviewed by the CODM. The Group’s share of IOH operations is equal to 32.8% . ** "Adjustment for OHA" column represents the adjustments made on OHA numbers being a joint venture to reconcile with the total reported. *** Segment profit before tax is determined after deducting all expenses attributable to the segment including depreciation and amortisation and finance costs. (i) Inter-segment revenues are eliminated on consolidation. (ii) The adjustments relating to segment profit before tax are certain amortisation, impairment and depreciation, which only arise on consolidation and are not included within the segment profit before tax amount of any individual segment. The amounts are as follows: For the three-month period ended 30 June 2025 2024 (Reviewed) (Reviewed) QR.’000 QR.’000 Amortisation of intangibles (75,864) (75,217) (75,864) (75,217) (iii) amortisation relating to additional intangibles identified from business combination was not considered as part of “Depreciation and Amortisation” in reportable segments.
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 Notes to the condensed consolidated interim financial information (All amounts are expressed in Qatari Riyals unless otherwise stated) 28 26. S EGMENT INFORMATION (CONTINUED) Operating segments The following table presents revenue and profit information regarding the Group’s operating segments for the six-month period ended 30 June 2024 and 2025: For the six-month period ended 30 June 2025 (Reviewed) Ooredoo Qatar Asiacell Ooredoo Algeria Ooredoo Oman Ooredoo Kuwait OHA* Total reportable segments Others Adjustments Adjustments for OHA** Total as reported QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 Revenue Revenue from rendering of telecom services 3,296,320 2,685,543 1,528,041 1,052,011 1,228,848 1,966,453 11,757,216 1,273,451 - (1,966,453) 11,064,214 Sale of telecommunications equipment 21,231 - 2,521 91,600 348,702 4,949 469,003 346,723 - (4,949) 810,777 Revenue from use of assets by others 3,078 5,730 - 24,977 236 - 34,021 4,672 - - 38,693 Inter-segment 286,973 100 36 944 1,061 - 289,114 293,877 (582,991) (i) - - Total revenue 3,607,602 2,691,373 1,530,598 1,169,532 1,578,847 1,971,402 12,549,354 1,918,723 (582,991) (1,971,402) 11,913,684 Timing of revenue recognition At a point in time 245,325 - 2,521 91,600 348,702 4,949 693,097 382,712 (260,083) (4,949) 810,777 Over time 3,362,277 2,691,373 1,528,077 1,077,932 1,230,145 1,966,453 11,856,257 1,536,011 (322,908) (1,966,453) 11,102,907 3,607,602 2,691,373 1,530,598 1,169,532 1,578,847 1,971,402 12,549,354 1,918,723 (582,991) (1,971,402) 11,913,684 Results Segment profit before tax*** 1,315,330 779,286 346,045 91,830 274,033 157,247 2,963,771 186,930 (150,034) (ii) (157,247) 2,843,420 Depreciation and amortisation 489,586 418,087 350,006 305,933 258,874 647,386 2,469,872 248,430 151,582 (iii) (647,386) 2,222,498 Net finance costs 68,644 5,147 18,028 13,353 2,000 217,748 324,920 14,863 - (217,748) 122,035
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 Notes to the condensed consolidated interim financial information (All amounts are expressed in Qatari Riyals unless otherwise stated) 29 26. SEGMENT INFORMATION (CONTINUED) Operating segments (continued) For the six-month period ended 30 June 2024 (Reviewed) Ooredoo Qatar Asiacell Ooredoo Algeria Ooredoo Oman Ooredoo Kuwait OHA* Total reportable segments Others Adjustments Adjustments for OHA** Total as reported QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 Revenue Revenue from rendering of telecom services 3,329,945 2,480,514 1,342,999 1,096,850 1,159,315 2,100,244 11,509,867 1,497,785 - (2,100,244) 10,907,408 Sale of telecommunications equipment 23,001 - 2,199 80,099 410,057 2,620 517,976 333,605 - (2,620) 848,961 Revenue from use of assets by others 7,001 5,787 - 20,197 237 - 33,222 6,878 - - 40,100 Inter-segment 218,877 90 31 942 960 - 220,900 278,802 (499,702) (i) - - Total revenue 3,578,824 2,486,391 1,345,229 1,198,088 1,570,569 2,102,864 12,281,965 2,117,070 (499,702) (2,102,864) 11,796,469 Timing of revenue recognition At a point in time 239,587 - 2,199 80,099 410,057 2,620 734,562 352,513 (235,494) (2,620) 848,961 Over time 3,339,237 2,486,391 1,343,030 1,117,989 1,160,512 2,100,244 11,547,403 1,764,557 (264,208) (2,100,244) 10,947,508 3,578,824 2,486,391 1,345,229 1,198,088 1,570,569 2,102,864 12,281,965 2,117,070 (499,702) (2,102,864) 11,796,469 Results Segment profit before tax*** 1,338,685 641,182 234,014 109,343 157,627 279,197 2,760,048 274,087 (149,715) (ii) (279,197) 2,605,223 Depreciation and amortisation 485,841 407,280 309,850 314,466 248,826 654,732 2,420,995 285,045 149,715 (iii) (654,732) 2,201,023 Net finance costs 80,590 4,506 23,011 16,874 (3,027) 176,294 298,248 58,469 - (176,294) 180,423
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 Notes to the condensed consolidated interim financial information (All amounts are expressed in Qatari Riyals unless otherwise stated) 30 26. S EGMENT INFORMATION (CONTINUED) Operating segments (continued) * Ooredoo Hutchison Asia (OHA) proportionate share o f results is included in “Others” column as part of “Segment Profit before tax” line item to reconcile to the total reported numbers. The “OHA” column is to present the proportionate financial information of the joint venture as reviewed by the CODM. The Group’s share of IOH operations is equal to 32.8%. ** "Adjustment for OHA" column represents the adjustments made on OHA numbers being a joint venture to reconcile with the total reported. *** Segment profit before tax is determined after deducting all expenses attributable to the segment including depreciation and amortisation and finance costs. (i) Inter-segment revenues are eliminated on consolidation. (ii) The adjustments relating to segment profit before tax are certain amortisation, impairment and depreciation, which only arise on consolidation and are not included within the segment profit before tax amount of any individual segment. The amounts are as follows: For the six-month period ended 30 June 2025 2024 (Reviewed) (Reviewed) QR.’000 QR.’000 Amortisation of intangibles (150,034) (149,715) (150,034) (149,715) (iii) amortisation relating to additional intangibles identified from business combination was not considered as part of “Depreciation and Amortisation” in reportable segments.
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 Notes to the condensed consolidated interim financial information (All amounts are expressed in Qatari Riyals unless otherwise stated) 31 26. S EGMENT INFORMATION (CONTINUED) Operating segments (continued) The following table presents segment assets of the Group’s operating segments as at 30 June 2025 and 31 December 2024. Ooredoo Qatar Asiacell Ooredoo Algeria Ooredoo Oman Ooredoo Kuwait OHA* Total reportable segments Others Adjustments Adjustment for OHA** Total as reported QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 QR.’000 Segment assets (i) At 30 June 2025 (Reviewed) 17,324,439 6,738,404 4,962,625 3,931,521 4,487,202 9,613,353 47,057,544 13,634,661 10,871,707 (9,613,353) 61,950,559 At 31 December 2024 (Audited) 17,980,414 6,628,032 4,463,852 3,977,124 4,622,375 9,441,049 47,112,846 13,509,993 10,761,726 (9,441,049) 61,943,516 Capital expenditure (ii) At 30 June 2025 (Reviewed) 162,522 412,298 276,971 209,408 119,688 546,212 1,727,099 505,453 - (546,212) 1,686,340 At 31 December 2024 (Audited) 614,078 741,024 539,168 561,214 276,705 758,113 3,490,302 589,798 - (758,113) 3,321,987 * Ooredoo Hutchison Asia (OHA) proportionate share of results is included in “Others” column as part of “Segment Profit before tax” line item to reconcile to the total reported numbers. The “OHA” column is to present the proportionate financial information o f the joint venture as reviewed by the CODM. The Group’s share of IOH operations is equal to 32.8%. ** "Adjustment for OHA" column represents the adjustments made on OHA numbers being a joint venture to reconcile with the total reported. Note (i) Goodwill and other intangibles arising from business combinations amounting to QR . 10,871,707 thousand (2024: QR. 10,761,726 thousand) were not considered as part of segment assets. (ii) Capital expenditure consists of additions to property, plant and equipment and intangibles excluding goodwill and assets from business combinations.
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 Notes to the condensed consolidated interim financial information (All amounts are expressed in Qatari Riyals unless otherwise stated) 32 27. F AIR VALUES OF FINANCIAL INSTRUMENTS Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities that the Group can access at the measurement date; Level 2: Inputs other than quoted prices included within level 1 that are observable for the assets or liability, either directly or indirectly; and Level 3: Unobservable inputs for the asset or liability. The following table provides the fair value measurement hierarchy of the Group’s financial asset and liabilities at 30 June 2025 and 31 December 2024: 30 June 2025 Level 1 Level 2 Level 3 (Reviewed) (Reviewed) (Reviewed) (Reviewed) QR.’000 QR.’000 QR.’000 QR.’000 Assets Financial assets measured at fair value FVTOCI 556,243 1,833 22,972 531,438 FVTPL 502,792 502,513 279 - 1,059,035 504,346 23,251 531,438 Liabilities Other financial liability for which fair value is disclosed Loans and borrowings 14,562,647 - 13,043,731 1,518,916 14,562,647 - 13,043,731 1,518,916 31 December 2024 Level 1 Level 2 Level 3 (Audited) (Audited) (Audited) (Audited) QR.’000 QR.’000 QR.’000 QR.’000 Assets Financial assets measured at fair value FVTOCI 572,057 1,442 16,777 553,838 FVTPL 497,825 497,544 281 - Derivative financial instruments 7 - 7 - 1,069,889 498,986 17,065 553,838 Liabilities Other financial liability for which fair value is disclosed Loans and borrowings 14,265,819 - 12,827,325 1,438,494 14,265,819 - 12,827,325 1,438,494
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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the six-month period ended 30 June 2025 Notes to the condensed consolidated interim financial information (All amounts are expressed in Qatari Riyals unless otherwise stated) 33 27. FAIR VALUES OF FINANCIAL INSTRUMENTS (CONTINUED) There were no transfers among Levels 1, 2, and 3 for the six-month period ended 30 June 2025 and for the year ended 31 December 2024. At 30 June 2025, the Group has notes with a fair value of QR. 13,043,731 thousand (2024: QR. 12,827,325 thousand). The notes are listed on the Irish bond market and the fair value of these instruments is determined by reference to quoted prices in this market. The market for these bonds is not considered to be liquid and consequently the fair value measurement is categorised within level 2 of the fair value hierarchy. In addition, the Group has bank loans with a fair value of QR. 1,518,916 thousand (2024: QR. 1,438,494 thousand) within level 3 of the fair value hierarchy. For fair value measurements categorised within Level 2 and 3 of the fair value hierarchy, the fair values are determined using appropriate valuation techniques, which include the use of mathematical models, such as discounted cash flow models and option pricing models, comparison to similar instruments for which market observables prices exist and other valuation techniques. Valuation techniques incorporate assumptions regarding discount rates, estimates of future cash flows and other factors. The following table summarises the quantitative information about the significant unobservable inputs used in level 3 fair value measurements for the individually significant investment: Description Fair value at 30 June 2025 Unobservable inputs Value of inputs Relationship of unobservable inputs to fair value QR.’000 Investment in a telecommunication related company classified as FVTOCI 483,181 EV/EBITDA 7.61 times A change in the EV/EBITDA by 10% would increase/decrease the fair value by QR. 43,090 thousand 28. SIGNIFICANT ARRANGEMENT Ooredoo, Zain and TASC Towers Holding create an independent tower company comprising up to 30,000 towers. Ooredoo and Zain have announced on 5 December 2023 the signing of definitive agreements between Ooredoo Group, Zain Group and TASC Towers Holding (“TASC”) to create the largest tower company in the MENA region, in a cash and share deal. Both Ooredoo and Zain will retain their respective active infrastructure, including wireless communication antennas, intelligent software, and intellectual property with respect to managing their telecom networks. The phased implementation, tailored for each market and adhering to the regulatory environment, is subject to regulatory approvals, ensuring a seamless transition of operations. Ooredoo’s tower network in Oman is following a stand-alone process. As at 30 June 2025, the transaction remains subject to, amongst other factors, agreement on final terms, signing of definitive agreements and obtaining of all required corporate and regulatory approvals, the Company has exercised significant judgment and has determined that not all held for sale criteria are met at the end of reporting period in accordance with IFRS 5. Accordingly, the assets to be transferred are not classified as held for sale in the condensed consolidated interim financial information as at 30 June 2025.