images
 

Debt Profile

e& 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 millionQ1 2025Q2 2025Q3 2025Q4 2025Q1 2026
Short-Term Debt33,90341,39346,10136,88837,850
Long-Term Debt34,73923,96619,53430,75128,724
Total Debt68,64165,36065,63567,63966,574
Cash & Bank Balances44,50930,86231,48934,30836,782
Net Debt24,13234,49834,14633,33129,792

 

 

(x)Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026
Net Debt
/LTM EBITDA (x)		0.88x1.19x1.11x1.04x0.90x

 

 

AED millionQ1 2025Q2 2025Q3 2025Q4 2025Q1 2026
Group48,25742,01542,05942,06441,892
Maroc Telecom7,7846,8807,2587,2197,376
e& PPF Telecom7,52311,32811,31011,36010,692
PTCL3,2583,3223,2305,1345,014
Egypt1,8201,8161,7781,8621,601
Other-----

 

 

AED millionQ1 2025Q2 2025Q3 2025Q4 2025Q1 2026
Bank Loans47,64345,32746,82548,68150,233
Bonds12,87013,99913,98514,03711,426
Overdrafts7,2495,1823,9754,0834,043
Other880851850839871

 

 

%Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026
United Arab Emirates Dirham58%50%50%48%49%
Euro24%32%32%33%32%
United States Dollar1%1%1%2%2%
Moroccan Dirham6%5%4%3%4%
Pakistani Rupee5%5%5%7%7%
Others7%7%9%7%7%

 

 

AED MillionQ1 2025Q2 2025Q3 2025Q4 2025Q1 2026
Year 133,90341,39446,10136,88837,850
One to Two Yrs22,12011,0148,24220,83619,334
Two to Five Yrs10,30810,4608,3305,8245,783
5 Yrs2,3112,4922,9634,0913,607

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

LONG-TERM rating of e& groupS&P GlobalMoody’sFitch*
2025AA-/ StableAa3/ StableAA-/ Stable
2024AA-/ StableAa3/ Stable-
2023AA-/ StableAa3/ Stable-
2022AA-/ 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Note: Credit rating represents an opinion about the Group solvency and may be revised, suspended or withdrawn at any time.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 €12 YearsXS1077882394EUR1,200,000,0002.750%Annual18-Jun-26
Euro €7 YearsXS2339427747EUR500,000,0000.375%Annual17-May-28
Euro €12 YearsXS2339427820EUR500,000,0000.875%Annual17-May-33

Bond Prospectus