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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 millionQ3 2024Q4 2024Q1 2025Q2 2025Q3 2025
Short-Term Debt9,12735,53633,90341,39346,101
Long-Term Debt42,48133,65934,73923,96619,534
Total Debt51,60869,19568,64165,36065,635
Cash & Bank Balances25,72133,62844,50930,86231,489
Net Debt25,88835,56724,13234,49834,146

 

 

(x)Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025
Net Debt
/LTM EBITDA (x)		1.00x1.34x0.88x1.19x1.11x

 

 

AED millionQ3 2024Q4 2024Q1 2025Q2 2025Q3 2025
Group39,02047,91348,25742,01542,059
Maroc Telecom8,5888,2527,7846,8807,258
e& PPF Telecom-7,3117,52311,32811,310
PTCL2,9414,7133,2583,3223,230
Egypt1,0591,0061,8201,8161,778
Other-----

 

 

AED millionQ3 2024Q4 2024Q1 2025Q2 2025Q3 2025
Bank Loans34,23746,60247,64345,32746,825
Bonds8,96914,73612,87013,99913,985
Overdrafts7,6147,0007,2495,1823,975
Other789857880851850

 

 

%Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025
United Arab Emirates Dirham58%57%58%50%50%
Euro17%23%24%32%32%
United States Dollar2%0%1%1%1%
Moroccan Dirham10%7%6%5%4%
Pakistani Rupee5%7%5%5%5%
Others8%7%7%7%9%

 

 

AED MillionQ3 2024Q4 2024Q1 2025Q2 2025Q3 2025
Year 19,12735,53633,90341,39446,101
One to Two Yrs35,37124,12522,12011,0148,242
Two to Five Yrs4,7217,37210,30810,4608,330
5 Yrs2,3892,1622,3112,4922,963

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’s
2025AA-/ StableAa3/ 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Note: Credit rating represents an opinion about the Group solvency and may be revised, suspended or withdrawn at any time.

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