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Vodafone Qatar P.Q.S.C. Investor Presentation Financial Performance: Nine months ended 30 September 2026
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2 FY26 Q3 | Investor Presentation 26 October 2026 Disclaimer • The following presentation is made only to, and is directed only at, persons to whom such a presentation may lawfully be communicated (“relevant persons”). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. • This presentation may contain forward-looking statements that are subject to risks and uncertainties, including statements about Vodafone Qatar’s beliefs and expectations. • These forward-looking statements are based on assumptions that Vodafone Qatar has made in light of its experience in the industry in which it operates, as well as its perceptions of historical trends, current conditions, expected future developments and other factors which Vodafone Qatar believes are appropriate under the circumstances. Prospective investors should understand that these statements are not guarantees of future performance or results. • Due to these factors, Vodafone Qatar cautions that prospective investors should not place undue reliance on any forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise from time-to-time, and it is impossible to predict these events or how they may affect Vodafone Qatar. • Vodafone and the Vodafone logo are trademarks of the Vodafone Group and therefore, any broadcast, re-broadcast, or recording of this conference call constitutes a violation of Vodafone's intellectual rights and exposes its owner to accountability.
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Hamad Al Thani Chief Executive Officer Performance Highlights
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4 FY26 Q3 | Investor Presentation 26 October 2026 FY2026 Q3 | Key Highlights Sustaining Profitable Growth Advancing Technology & Digital Transformation Expanding Diversification & New Growth Strengthening Customer Value • Total Revenue reached QR 2,703m (+4.7% YoY); Service Revenue grew 8.1% YoY • Net Profit QR 611m (+23.7% YoY) • Focus on quality, profitability and disciplined capital allocation • Continued evolution of fixed and mobile portfolios • Delivered targeted propositions and go-to-market innovation to deepen customer value and engagement • Progressed fixed and fiber growth priorities • Accelerated IT and network modernization, alongside simpler digital customer journeys • Developing selected opportunities in digital services and next- generation connectivity • Continued application of disciplined strategic and financial criteria to assess new growth opportunities
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Masroor Anjum Chief Financial Officer Financial Performance
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6 FY26 Q3 | Investor Presentation 26 October 2026 Financial Performance | Key Highlights Subscriber-led Revenue Growth Continuing Profitability Growth Robust Cash Flow Generation Strong Cost Discipline and Operating Leverage • 8.1% growth in service revenue • 4.7% increase in total revenue • Operating leverage improved as revenue growth outpaced increase in expenses • 21.4% OPEX intensity; improved 0.6 ppts v/s FY25 • 10.9% growth in EBITDA • EBITDA Margin of 45% • 23.7% growth in Net profits • Net Profit Margin of 22.6% • Underlying operating cash flow increased 4.3% • Cash and investments reached QR 821m, creating U/L QR129m net-cash position
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7 FY26 Q3 | Investor Presentation 26 October 2026 Y ear on Y ear Performance ⋮ Sustained Topline and Profitability Growth Expenses EBITDA Net ProfitRevenue 557 578 909 FY25 YTD FY26 YTD 1,484* 1,487 927* +0.2% 1,096 1,216 FY25 YTD FY26 YTD +10.9% 494 611 FY25 YTD FY26 YTD +23.7% OPEX Direct costs 2,382 377 321 FY25 YTD FY26 YTD 2,581* 2,703 2,203* +8.1% +4.7% • Total revenue grew by QR 122m (+4.7%), driven by growth across all core service revenue segments • Non-service revenue declined by QR 56m due to reduced equipment shipments • Expenses remained broadly stable despite additional network resilience capacity and higher revenue related costs offset by lower equipment volumes • EBITDA grew 10.9%, driven by strong service revenue growth • Net profit increased by 23.7%, reflecting EBITDA flow through Service revenue Equipment & others * FY25 Q3 YTD revenue has been restated to present certain revenue net of related costs in accordance with IFRS. The restatement has no impact on EBITDA or net profit. All amounts are in QR millions unless otherwise stated
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8 FY26 Q3 | Investor Presentation 26 October 2026 Prepaid Wholesale, Mgd. Services & Fixed Service RevenuePostpaid * FY25 Q3 YTD revenue has been restated to present certain revenue net of related costs in accordance with IFRS. The restatement has no impact on EBITDA or net profit. All amounts are in QR millions unless otherwise stated Service Revenue ⋮ Growth momentum continues across core segments FY22 YTD FY23 YTD FY24 YTD FY25 YTD FY26 YTD 996* 965 972 979 1,056 +6.0% CAGR +2.3% 434 384 392 418 FY22 YTD FY23 YTD FY24 YTD FY25 YTD FY26 YTD 424* -1.5% CAGR -1.0% FY22 YTD FY23 YTD FY24 YTD FY25 YTD FY26 YTD 2,203* 1,862 2,051 2,109 2,382 +8.1%CAGR +6.3% 462 694 737 782 908 FY22 YTD FY23 YTD FY24 YTD FY25 YTD FY26 YTD +16.0%CAGR +18.4%
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9 FY26 Q3 | Investor Presentation 26 October 2026 Key Ratios ⋮ Enhancing cost efficiency to drive higher margins 40.2% 41.0% 45.2% FY22 41.3% 45.1% FY23 42.8% 41.8% 45.8% FY24 43.7% 43.2% 48.6% FY25 45.0% 49.5% FY26 YTD +1.8ppts +0.9ppts Reported Margin Reported excl. World cup & one-offs Underlying margin* OPEX Intensity EBITDA Margin 24.5% 23.1% 22.0% 24.1% 23.7% FY22 FY23 23.4% FY24 22.2% FY25 21.4% FY26 YTD -0.8ppts Reported Underlying * Underlying EBITDA margin is excluding equipment and one-off
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10 FY26 Q3 | Investor Presentation 26 October 2026 Capital Expenditure & Returns ⋮ Disciplined investments driving profitable growth Net Profit Margin and Return on Equity (ROE*)Capital expenditure (CAPEX) 16.4% 10.7% FY22 17.4% 11.1% FY23 18.8% 12.0% FY24 20.4% 13.6% FY25 22.6% 15.1% FY26 YTD +2.2ppts +1.5ppts Net Profit Margin ROE 194 260 263 258 21.5% 17.7% 13.8% 15.5% 11.0% 465 FY22 290 FY23 178 FY24 277 FY25 FY26 YTD 660 550 441 535 298 YTD YTG CAPEX Intensity * ROE calculated as: Net Profit as a percentage of average Equity on annualised net profit All amounts are in QR millions unless otherwise stated
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11 FY26 Q3 | Investor Presentation 26 October 2026 Cash Flow ⋮ Strong operating cash generation * Net Debt/(Cash) is gross debt less cash and cash equivalents and investments All amounts are in QR millions unless otherwise stated 126 27 44 -129 30 Sep 25 31 Dec 25 30 Sep 26 -256m (-202%) -82m Operating Cash flow Cash & Investments Net Debt/(Cash)* Net Debt/(Cash)* to Equity Reported Underlying Net Debt 316 415 647 30 Sep 25 31 Dec 25 173 30 Sep 26 821 +406m Cash & cash equivalents Investments 641 669 38 YTD Sep 2025 YTD Sep 2026 679 + 28 m (+4.3%) One-off collection 30 Sep 25 31 Dec 25 30 Sep 26 2.5% 0.5% 0.8% -2.4% -4.9pp -1.7pp Investments (-173m) Reported Underlying Net Debt
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12 FY26 Q3 | Investor Presentation 26 October 2026 Key Financial Performance Indicators Total Revenue EBITDA Net ProfitService Revenue 334 392 437 494 611 FY22 YTD FY23 YTD FY24 YTD FY25 YTD FY26 YTD CAGR +16.3% 879 950 1,011 1,096 1,216 FY22 YTD FY23 YTD FY24 YTD FY25 YTD FY26 YTD CAGR +8.5% 2,176 2,298 2,387 2,703 FY22 YTD FY23 YTD FY24 YTD FY25 YTD FY26 YTD 2,581* CAGR +5.6% 1,862 2,051 2,109 2,382 FY22 YTD FY23 YTD FY24 YTD FY25 YTD FY26 YTD 2,203* CAGR +6.3% * FY25 Q3 YTD revenue has been restated to present certain revenue net of related costs in accordance with IFRS. The restatement has no impact on EBITDA or net profit. All amounts are in QR millions unless otherwise stated
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13 FY26 Q3 | Investor Presentation 26 October 2026 * FY25 Q3 YTD revenue has been restated to present certain revenue net of related costs in accordance with IFRS. The restatement has no impact on EBITDA or net profit. The reported numbers and YoY variances are rounded to the nearest million Consolidated Statement of Income Summary 30 Sep 25* Y oY • Total revenue grew QR 122m (+4.7%), driven by growth across all core service revenue segments • Expenses remained broadly stable despite additional network resilience capacity and higher revenue related costs offset by lower equipment volumes • Net profit increased by 23.7% reflecting growth in EBITDA QR millions (unless otherwise stated) 30 Sep 26 Consumer revenue 1,603 1,429 174 Enterprise and other revenues 1,100 1,151 (51) Total revenue 2,703 2,581 122 Direct costs (909) (927) 18 Operational expenses (578) (557) (21) Depreciation and amortisation (527) (522) (6) Finance costs (19) (21) 2 Investment income 18 3 15 Other operating income/financing costs - net (6) (12) 5 Profit before tax related fees 681 545 135 Tax related fees (70) (51) (18) Profit for the period 611 494 117 Basic and diluted earnings per share (in QR) 0.145 0.117 0.028
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14 FY26 Q3 | Investor Presentation 26 October 2026 FY26 Guidance Financial KPIs FY25 Results Previous Revised Total revenue QR 3,447m + Mid single digits % Y oY 6% - 8% Y oY EBITDA Margin U/L 43.2% > 43.5% 44% - 45% Net Profit U/L QR 715m + Mid-teens % Y oY 15% - 17% Y oY CAPEX intensity 15.5% 14.5% - 15.5% 14.5% - 15.5% FY26 Guidance ⋮ Upgraded on Strong Business Performance
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Thank you!
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Q&A
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Financial Performance Appendix For more information visit our website: www.vodafone.qa/en/investor-relations Or email us: InvestorRelationsQatar@vodafone.qa
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18 FY26 Q3 | Investor Presentation 26 October 2026 Expenses EBITDA Net ProfitRevenue 364 406 FY25 Q3 FY26 Q3 +11.5% 165 210 FY25 Q3 FY26 Q3 +27.1% 788 88 114 FY25 Q3 FY26 Q3 832* 901 744* +5.8% +8.3% • Total revenue increased by QR 69m (+8.3%), driven by growth across all core revenue segments and higher equipment sales • Expenses were higher, mainly due to revenue related cost • EBITDA increased 11.5% following higher service revenue • Net profit grew 27.1% resulting from higher EBITDA Service revenue Equipment & others 182 189 307 FY25 Q3 FY26 Q3 468* 495 286* +5.8% OPEX Direct costs * FY25 Q3 revenue has been restated to present certain revenue net of related costs in accordance with IFRS. The restatement has no impact on EBITDA or net profit. All amounts are in QR millions unless otherwise stated Q3 Y ear on Y ear Performance ⋮ Growth momentum continues
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19 FY26 Q3 | Investor Presentation 26 October 2026 QR m (unless otherwise stated) 2026 2025 2026 2025 YoY Revenue 901 832 2,703 2,581 122 Interconnection and other direct expenses (295) (272) (874) (894) 20 Network and other operational expenses (117) (113) (351) (340) (11) Employees' salaries and benefits (71) (69) (227) (217) (10) Expected credit losses (12) (14) (35) (33) (2) Other operating income 5 2 13 6 7 Operating profit before depreciation and amortization 411 367 1,228 1,102 126 Depreciation of property, plant and equipment (98) (97) (307) (294) (12) Amortisation of intangible assets (45) (49) (139) (146) 7 Depreciation of right-of-use assets (28) (26) (82) (82) (0) Operating profit 241 194 701 581 120 Income from bank deposits and investments 8 1 15 3 12 Share of profit of equity-accounted investee 1 - 3 - 3 Profit before financing and Tax related fees 250 196 719 584 135 Finance costs (7) (7) (19) (21) 2 Other financing costs (7) (6) (19) (18) (1) Profit before tax related fees 236 183 681 545 135 Tax related fees (25) (17) (70) (51) (18) Profit for the period 210 165 611 494 117 Basic and diluted earnings per share (in QR) 0.050 0.039 0.145 0.117 0.028 Nine months ended 30 September Three months ended 30 September Consolidated Statement of Income * FY25 YTD revenue has been restated to present certain revenue net of related costs in accordance with IFRS. The restatement has no impact on EBITDA or net profit. The reported numbers and YoY variances are rounded to the nearest millions * *
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20 FY26 Q3 | Investor Presentation 26 October 2026 Consolidated Statement of Financial Position Assets • Property, plant & equipment and intangible assets decreased by QR 145m mainly due to depreciation and amortization of QR 446m offset by CAPEX of QR 298m and acquisition through business combination QR 2m • Investments in Financial assets QR 173m represents investments during the year • Trade and other receivables QR 45m higher due to higher device-on-instalment receivables • Inventories QR 33m lower due to lower shipment of handsets and billing of project equipment Equity • Equity increased by QR 86m, as QR 611m profit for the period partially offset by dividends QR 507m and social & sports fund accrual QR 15m Liabilities • Lease liabilities increased QR 14m due to new leases QR 82m and interest unwinding QR 13m offset by settlements QR 81m • Loans and borrowings QR 250m higher due to drawdown for dividend payments • Trade and other payables decreased by QR 37m due to timing of regulatory & vendor payments The reported numbers and YoY variances are rounded to the nearest millions QR m (unless otherwise stated) 30 Sep 26 31 Dec 25 Var Property, plant and equipment 1,913 1,959 (46) Intangible assets 3,720 3,819 (99) Right-of-use assets 386 386 0 Equity-accounted investee 8 5 3 Investments in financial assets 142 - 142 Trade and other receivables 199 223 (24) Total non-current assets 6,368 6,392 (25) Trade and other receivables 667 597 70 Inventories 29 62 (33) Contract costs 34 34 1 Investments in financial assets 32 - 32 Restricted bank accounts 152 103 49 Cash and cash equivalents 647 415 233 Total current assets 1,561 1,211 351 Total assets 7,929 7,603 326 Share capital 4,227 4,227 - Legal reserve 264 231 33 Retained earnings 831 776 55 Hedging reserve (0) 2 (3) Total equity 5,322 5,236 86 Lease liabilities 294 257 36 Loans and borrowings 690 65 625 Provisions 132 119 12 Total non-current liabilities 1,116 442 674 Lease liabilities 113 135 (22) Loans and borrowings 2 377 (375) Tax related fees payable 75 74 1 Trade and other payables 1,302 1,339 (37) Total current liabilities 1,492 1,925 (433) Total equity and liabilities 7,929 7,603 326
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21 FY26 Q3 | Investor Presentation 26 October 2026 FY25 Q3 FY25 Q4 FY26 Q1 FY26 Q2 FY26 Q3 593 615 622 627 637 +7.4% Prepaid Total MobilityPostpaid 1,487 1,559 1,517 1,499 1,469 FY25 Q3 FY25 Q4 FY26 Q1 FY26 Q2 FY26 Q3 -1.2% 2,080 2,174 2,140 2,126 2,106 FY25 Q3 FY25 Q4 FY26 Q1 FY26 Q2 FY26 Q3 +1.2% All numbers in thousands Mobility Subscribers All subscriber numbers are in Thousands (‘000) unless otherwise stated
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22 FY26 Q3 | Investor Presentation 26 October 2026 192.0 191.6 188.2 186.2 188.4 FY25 Q3 FY25 Q4 FY26 Q1 FY26 Q2 FY26 Q3 -1.9% 30.9 33.7 31.1 30.9 30.0 FY25 Q3 FY25 Q4 FY26 Q1 FY26 Q2 FY26 Q3 -3.2% 75.9 78.8 75.8 76.8 77.2 FY25 Q3 FY25 Q4 FY26 Q1 FY26 Q2 FY26 Q3 +1.6% ARPU is reported in Qatari Riyals based on monthly average subscribers Prepaid Total MobilityPostpaid Mobility ARPU ARPU is reported in Qatari Riyals based on monthly average subscribers