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 millionQ4 2024Q1 2025Q2 2025Q3 2025Q4 2025
Short-Term Debt35,53633,90341,39346,10136,888
Long-Term Debt33,65934,73923,96619,53430,751
Total Debt69,19568,64165,36065,63567,639
Cash & Bank Balances33,62844,50930,86231,48934,308
Net Debt35,56724,13234,49834,14633,331

 

 

(x)Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025
Net Debt
/LTM EBITDA (x)		1.34x0.88x1.19x1.11x1.04x

 

 

AED millionQ4 2024Q1 2025Q2 2025Q3 2025Q4 2025
Group47,91348,25742,01542,05942,064
Maroc Telecom8,2527,7846,8807,2587,219
e& PPF Telecom7,3117,52311,32811,31011,360
PTCL4,7133,2583,3223,2305,134
Egypt1,0061,8201,8161,7781,862
Other-----

 

 

AED millionQ4 2024Q1 2025Q2 2025Q3 2025Q4 2025
Bank Loans46,60247,64345,32746,82548,681
Bonds14,73612,87013,99913,98514,037
Overdrafts7,0007,2495,1823,9754,083
Other857880851850839

 

 

%Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025
United Arab Emirates Dirham57%58%50%50%48%
Euro23%24%32%32%33%
United States Dollar0%1%1%1%2%
Moroccan Dirham7%6%5%4%3%
Pakistani Rupee7%5%5%5%7%
Others7%7%7%9%7%

 

 

AED MillionQ4 2024Q1 2025Q2 2025Q3 2025Q4 2025
Year 135,53633,90341,39446,10136,888
One to Two Yrs24,12522,12011,0148,24220,836
Two to Five Yrs7,37210,30810,4608,3305,824
5 Yrs2,1622,3112,4922,9634,091

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Note: Credit rating represents an opinion about the Group solvency and may be revised, suspended or withdrawn at any time.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