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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 millionQ1 2024Q2 2024Q3 2024Q4 2024Q1 2025
Short-Term Debt7,8735,8409,12735,53633,903
Long-Term Debt40,19541,88242,48133,65934,739
Total Debt48,06847,72151,60869,19568,641
Cash & Bank Balances31,64023,86125,72133,62844,509
Net Debt16,42823,86025,88835,56724,132

 

 

(x)Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025
Net Debt
/LTM EBITDA (x)		0.62x0.91x1.00x1.34x0.88x

 

 

AED millionQ1 2024Q2 2024Q3 2024Q4 2024Q1 2025
Group38,76638,63439,02047,91348,257
Maroc Telecom5,2905,0768,5888,2527,784
e& PPF Telecom---7,3117,523
PTCL3,0282,9052,9414,7133,258
Egypt9841,1061,0591,0061,820
Other-----

 

 

AED millionQ1 2024Q2 2024Q3 2024Q4 2024Q1 2025
Bank Loans31,94833,61434,23746,60247,643
Bonds10,4898,5898,96914,73612,870
Overdrafts4,7484,7207,6147,0007,249
Other882798789857880

 

 

%Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025
United Arab Emirates Dirham59%63%58%57%58%
Euro18%18%17%23%24%
United States Dollar5%1%2%0%1%
Moroccan Dirham5%5%10%7%6%
Pakistani Rupee6%6%5%7%5%
Others7%8%8%7%7%

 

 

AED MillionQ1 2024Q2 2024Q3 2024Q4 2024Q1 2025
Year 17,8735,8409,12735,53633,903
One to Two Yrs12,36234,93635,37124,12522,120
Two to Five Yrs25,0124,0054,7217,37210,308
5 Yrs2,8212,9402,3892,1622,311

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Note: Credit rating represents an opinion about the Group solvency and may be revised, suspended or withdrawn at any time.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