Earnings release
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Page 1 of 2 PRESS RELEASE VODAFONE QATAR REPORTS 8.1% INCREASE IN NET PROFIT AND 6.1% GROWTH IN TOTAL REVENUE FOR THE FIRST THREE MONTHS OF 2025 Doha, Qatar, 21 April 20 25: Vodafone Qatar P.Q.S.C. (“Vodafone Qatar” or the “Company”) today announced its financial results for the three months ended 31 March 20 25 highlighting the sustained growth and consistent enhancement in the Company’s financial and operational performance. Key highlights - Q1 2025 compared to Q1 2024: • Total Revenue increased by 6.1% to QR 855 million • Service Revenue increased by 2.5% to QR 721 million • EBITDA increased by 6.1% to QR 358 million • EBITDA margin remained stable at 41.9% • Net Profit increased by 8.1% to QR 162 million • Total Mobile customers stood at 2.1 million subscribers Financial Summary Vodafone Qatar continued its growth momentum in Q1 2025, reporting a net profit of QR 162 million for the three months ended 31 March 2025, representing an increase of 8.1% year-on-year. Total revenue for the period increased by 6.1% year-on-year reaching QR 855 million due to sustained growth across all core business segments, including mobility, fixed broadband services , managed services, Internet of Things (IoT), handsets and others. Service revenue grew by 2.5% to QR 721 million. EBITDA for the period increased to QR 358 million, reflecting a growth of 6.1% year-on-year, positively impacted by the higher service revenue and the continued effectiveness in implementing the Company’s cost optimisation programme. EBITDA margin remained stable at 41.9%. Vodafone Qatar is now serving 2.1 million mobile customers. Lastly, the Company achieved a notable return on equity (ROE) of 12.7% in Q1 2025 (annualised), reflecting an increase of 0.7ppts compared to the previous year. This result underscores the Company’s continued commitment to delivering sustainable value to its shareholders. -ENDS- About Vodafone Qatar P.Q.S.C Vodafone Qatar P.Q.S.C. (“Vodafone Qatar”) provides a comprehensive range of services including voice, messaging, data, fixed communications, IoT and ICT managed services in the State of Qatar, for both consumers and businesses alike. The Company commenced commercial operations in 2009 and has 2.1
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Page 2 of 2 million mobile customers as of 31 March 2025. Its state-of-the-art network infrastructure is expanding to cover key locations in the country with fibre connectivity and 5G, along with an extensive digital ecosystem, which will contribute to Qatar’s continued growth and prosperity. Vodafone Qatar’s vision is deeply rooted in its mission to connect today’s ideas with the technologies of tomorrow by pioneeri ng digital innovation and becoming people’s first choice in telecom and digital services. Please visit www.vodafone.qa for more details. For Investor Relations enquiries, please contact: InvestorRelationsQatar@vodafone.qa For press enquiries, please contact: Mediarelations.qatar@vodafone.qa
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. VODAFONE QATAR P.Q.S.C. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS AT AND FOR THE THREE MONTHS PERIOD ENDED 31 MARCH 2025
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VODAFONE QATAR P.Q.S.C. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS PERIOD ENDED 31 MARCH 2025 CONTENTS Pages Consolidated financial statements: Interim condensed consolidated statement of income 1 Interim condensed consolidated statement of comprehensive income 2 Interim condensed consolidated statement of financial position 3 Interim condensed consolidated statement of changes in equity 4 Interim condensed consolidated statement of cash flows 5
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VODAFONE QATAR P.Q.S.C. INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME For the three months period ended 31 March 2025 1 Three months ended 31 March 2025 2024 (Unaudited) (Unaudited) QR’000 QR’000 Revenues 854,947 806,054 Interconnection and other direct expenses (302,020) (269,039) Network and other operational expenses (118,413) (124,157) Employees’ salaries and benefits (68,606) (64,769) Depreciation of property, plant and equipment (93,685) (81,245) Amortisation of intangible assets (48,010) (48,848) Depreciation of right-of-use assets (27,772) (27,850) Expected credit losses (7,640) (10,565) Finance costs (5,987) (8,783) Other financing costs (6,205) (7,750) Other income 2,354 2,385 Profit before tax related fees 178,963 165,433 Tax related fees (16,661) (15,326) Profit for the period 162,302 150,107 Basic and diluted earnings per share (in QR per share) 0.038 0.036
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VODAFONE QATAR P.Q.S.C. INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the three months period ended 31 March 2025 2 Three months ended 31 March 2025 2024 (Unaudited) (Unaudited) QR’000 QR’000 Profit for the period 162,302 150,107 Other comprehensive income Items that are or may be reclassified subsequently to the consolidated statement of income: Cash flow hedges – changes in fair value 3,117 (2,022) Total comprehensive income for the period 165,419 148,085
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VODAFONE QATAR P.Q.S.C. INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the three months period ended 31 March 2025 4 Retained earnings Share Legal Hedging Distributable profits Accumulated Total Total capital reserve reserve losses equity QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 Balance as at 1 January 2024 (audited) 4,227,000 157,787 - 1,063,093 (511,384) 551,709 4,936,496 Profit for the period - - - - 150,107 150,107 150,107 Other comprehensive income for the period - - (2,022) - - - (2,022) Total comprehensive income for the period - - (2,022) - 150,107 150,107 148,085 Transfer to distributable profits - - - 171,684 (171,684) - - Transfer to legal reserve - 8,584 - (8,584) - (8,584) - Dividend for the year ended 31 December 2023 - - - (464,970) - (464,970) (464,970) Transfer to social and sports fund - - - (3,753) - (3,753) (3,753) Balance as at 31 March 2024 (unaudited) 4,227,000 166,371 (2,022) 757,470 (532,961) 224,509 4,615,858 Balance as at 1 January 2025 (audited) 4,227,000 192,100 (5,308) 1,235,052 (596,980) 638,072 5,051,864 Profit for the period - - - - 162,302 162,302 162,302 Other comprehensive income for the period - - 3,117 - - - 3,117 Total comprehensive income for the period - - 3,117 - 162,302 162,302 165,419 Transfer to distributable profits - - - 183,636 (183,636) - - Transfer to legal reserve - 9,182 - (9,182) - (9,182) - Dividend for the year ended 31 December 2024 - - - (507,240) - (507,240) (507,240) Transfer to social and sports fund - - - (4,058) - (4,058) (4,058) Balance as at 31 March 2025 (unaudited) 4,227,000 201,282 (2,191) 898,208 (618,314) 279,894 4,705,985
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VODAFONE QATAR P.Q.S.C. INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the three months period ended 31 March 2025 5 Three months ended 31 March 2025 2024* (Unaudited) (Unaudited) QR’000 QR’000 Operating activities Profit before tax related fees 178,963 165,433 Adjustments for: Depreciation of property, plant and equipment 93,685 81,245 Amortisation of intangible assets 48,010 48,848 Depreciation of right-of-use assets 27,772 27,850 Provision for employees' end of service benefit 4,040 3,427 Expected credit losses 7,640 10,565 Finance costs 5,987 8,783 Other financing costs 6,205 7,750 Other income (2,354) (2,385) Change in operating assets and liabilities Decrease in trade and other receivables 942 41,024 Increase in inventories (3,257) (13,049) Increase in contract cost (5,286) (5,570) Increase in provisions 110 238 Decrease in trade and other payables (10,566) (87,409) Cash generated from operations 351,891 286,750 Finance costs paid (5,535) (6,717) Employees' end of service benefit paid (1,959) (2,950) Other income received 691 192 Net cash flows from operating activities 345,088 277,275 Investing activities Acquisition of property, plant and equipment (37,284) (20,764) Purchase of intangible assets (5,868) (5,506) Deferred consideration paid for subsidiary acquisition - (1,000) Net cash flows used in investing activities (43,152) (27,270) Financing activities Proceeds from loans and borrowings 325,000 375,000 Repayment of loans and borrowings - (151,250) Payment of lease liabilities (24,511) (26,907) Dividend paid (507,692) (465,999) Movement in restricted dividend bank accounts 452 1,029 Net cash flows used in financing activities (206,751) (268,127) Net increase / (decrease) in cash and cash equivalents 95,185 (18,122) Cash and cash equivalents at the beginning of the period 97,415 94,615 Cash and cash equivalents at the end of the period (*restated) 192,600 76,493 Note: Cash and cash equivalents, excludes restricted bank balances of QR 69 million (31 March 2024: QR 37 million) which pertains to uncollected shareholders’ dividends and escrow bank accounts.