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Debt Profile

etisalat and its subsidiaries consolidated outstanding debt as shown on its consolidated balance sheet (Debt consists of bond, bank overdrafts, bank loans, vendor financing and loans/advances from non-controlling interests)

AED millionQ3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Short-Term Debt46,10136,88837,85024,94236,977
Long-Term Debt19,53430,75128,72442,98632,358
Total Debt65,63567,63966,57467,92969,336
Cash & Bank Balances31,48934,30836,78227,48151,627
Net Debt34,14633,33129,79240,44817,709

 

 

(x)Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Net Debt
/LTM EBITDA (x)		1.09x1.02x0.88x1.17x0.50x

 

 

AED millionQ3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Group42,05942,06441,89242,23643,012
Maroc Telecom7,2587,2197,3767,1888,101
etisalat PPF Telecom11,31011,36010,69210,58910,508
PTCL3,2305,1345,0145,1755,358
Egypt1,7781,8621,6012,7412,357
Other-----

 

 

AED millionQ3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Bank Loans46,82548,68150,23356,48357,458
Bonds13,98514,03711,4266,2916,221
Overdrafts3,9754,0834,0434,2864,763
Other850839871868894

 

 

%Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
United Arab Emirates Dirham50%48%49%56%56%
Euro32%33%32%24%23%
United States Dollar1%2%2%3%2%
Moroccan Dirham4%3%4%3%4%
Pakistani Rupee5%7%7%7%7%
Others9%7%7%7%8%

 

 

AED MillionQ3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Year 146,10136,88837,85024,94236,977
One to Two Yrs8,24220,83619,33421,3759,868
Two to Five Yrs8,3305,8245,78318,17418,792
5 Yrs2,9634,0913,6073,4383,699

The financial performance of etisalat is regularly evaluated by the credit rating agencies, S&P Global and Moody's. Updated ratings activity:

LONG-TERM rating of etisalat groupS&P GlobalMoody’sFitch*
2026AA-/ StableRating WithdrawnAA-/ Stable
2025AA-/ StableAa3/ StableAA-/ Stable
2024AA-/ StableAa3/ Stable-
2023AA-/ StableAa3/ Stable-

Note: Credit rating represents an opinion about the Group solvency and may be revised, suspended or withdrawn at any time.

*Initial Credit Rating released on November 2025

Outstanding Issues

EMTN (Euro Medium Term Note) Program Overview

IssuerEmirates Telecommunication Group Company PJSC ("Etisalat Group")
Programme ValueUSD 10,000,000,000
TrusteeDeutsche Trustee Company Limited
Citigroup Inc.
Principle Paying Agent & Transfer AgentDeutsche Bank AG, London Branch
Citigroup Inc.
TrancheISINCurrencyAmountCouponCoupon FrequencyMaturity
Euro €7 YearsXS2339427747EUR500,000,0000.375%Annual17-May-28
Euro €12 YearsXS2339427820EUR500,000,0000.875%Annual17-May-33

Bond Prospectus

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