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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 millionQ2 2024Q3 2024Q4 2024Q1 2025Q2 2025
Short-Term Debt5,8409,12735,53633,90341,393
Long-Term Debt41,88242,48133,65934,73923,966
Total Debt47,72151,60869,19568,64165,360
Cash & Bank Balances23,86125,72133,62844,50930,862
Net Debt23,86025,88835,56724,13234,498

 

 

(x)Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025
Net Debt
/LTM EBITDA (x)		0.91x1.00x1.34x0.88x1.19x

 

 

AED millionQ2 2024Q3 2024Q4 2024Q1 2025Q2 2025
Group38,63439,02047,91348,25742,015
Maroc Telecom5,0768,5888,2527,7846,880
e& PPF Telecom--7,3117,52311,328
PTCL2,9052,9414,7133,2583,322
Egypt1,1061,0591,0061,8201,816
Other-----

 

 

AED millionQ2 2024Q3 2024Q4 2024Q1 2025Q2 2025
Bank Loans33,61434,23746,60247,64345,327
Bonds8,5898,96914,73612,87013,999
Overdrafts4,7207,6147,0007,2495,182
Other798789857880851

 

 

%Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025
United Arab Emirates Dirham63%58%57%58%50%
Euro18%17%23%24%32%
United States Dollar1%2%0%1%1%
Moroccan Dirham5%10%7%6%5%
Pakistani Rupee6%5%7%5%5%
Others8%8%7%7%7%

 

 

AED MillionQ2 2024Q3 2024Q4 2024Q1 2025Q2 2025
Year 15,8409,12735,53633,90341,394
One to Two Yrs34,93635,37124,12522,12011,014
Two to Five Yrs4,0054,7217,37210,30810,460
5 Yrs2,9402,3892,1622,3112,492

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Note: Credit rating represents an opinion about the Group solvency and may be revised, suspended or withdrawn at any time.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