Financial Highlights

• Aggregate subscriber base reached 251.5 million, increasing 30.4% year over year.
• Revenue increased by 8.7% year over year to AED 19.2 billion, driven by our robust telecom business and healthy operational indicators.
• EBITDA growth outpaced revenue growth with an increase of 9.8% year over year to AED 9.0 billion and a strong margin of 46.8%, reflecting the momentum of our core business in home and international markets coupled with continuous operational efficiencies. Telecom margin reached 48.3%.
• Net profit after federal royalty and corporate tax amounted to AED 3.1 billion. Excluding the one-off impact of the compensation recovery by Maroc Telecom in Q2 2025, normalized net profit increased year over year by 1%.
• CAPEX reached AED 3.6 billion with an intensity ratio of 18.9%. Excluding spectrum and licenses fees, Capex amounted to AED 2.9 billion implying an intensity ratio of 15.0%, below full year guidance.
• Operating free cashflow, excluding spectrum and licenses fees, amounted to D 6.1 billion, an increase of 7.4% year over year while reporting a healthy margin of 31.8%.
• Consolidated cash balance amounted AED 27.5 billion, leading to a net debt position of AED 40.4 billion, and equivalent Net Debt /EBITDA of 1.17x. 

• O2 Slovakia, a subsidiary of e& PPF, successfully completes the acquisition of UPC Slovakia
  PPF successful completed the acquisition of UPC Slovakia for a consideration of EUR 95 million, on a cash-free, debt-free basis. This in-market consolidation will enable O2 Slovakia to expand its service portfolio and strengthen its competitive market position in the local market through offering fully converged services, improving customer offerings and generating substantial operational efficiencies through businesses’ integration.
• e& divests 12.5% stake in Careem Technologies to Uber
  e& signed a binding agreement with Uber to sell 12.50% of its 50.03% stake in Careem Technologies for a total cash consideration of USD 100 million. Upon completion of the transaction, e& will retain 37.53% ownership in the Company and will amend the accounting treatment of Careem technologies to the equity method under IAS 28.
• e&, Cyber Security Council and Open Innovation AI Collaboration
  The UAE Cyber Security Council, e& UAE, and Open Innovation AI launched the UAE Sovereign AI Platform for national-scale infrastructure, an initiative delivering secure AI capabilities across national security, mission-critical operations, critical infrastructure, and classified government environments. The platform enables organisations to deploy and operate advanced AI technologies, including generative AI, large language models, AI agents, advanced analytics, and autonomous workflows, within fully UAE-controlled infrastructure designed for the highest levels of security, resilience, and regulatory compliance.
• e& money launch gold buy/sell offering in UAE
  e& money launched a new digital gold investment offering in partnership with SafeGold, enabling customers in the UAE to buy and sell 24-karat (24K) with the highest purity of 99.99 per cent directly through the e& money app. It also includes an option to redeem digital balances for physical gold with home delivery, marking a first for a fintech-led digital gold offering in the UAE.

Subsequent Developments for Q2 2026

• e& group completed the sale of its entire stake in Vodafone for USD 5.95 Billion at a 13% premium to the market price
  On 10th July 2026, e& signed a binding agreement with Vega, an acquisition vehicle wholly owned by the Niel family group, to divest its entire holding of 3,944,743,685 ordinary shares in Vodafone, representing around 16.21% of the Vodafone share capital and 17.13% of its total voting rights, for a total consideration of 112.5 GBp per share, comprised of c. 110.5 GBp paid in cash by the buyer and final FY’26 dividend of 2.02 GBp per share to be received on 30 July 2026. This will bring total consideration to AED 21.9 billion (equivalent of USD 5.95 billion). The transaction generated a net cash return of c. AED 4.8 billion (equivalent to USD 1.3 billion). The transaction was successfully completed on July 17th, 2026
• Federal Royalty Scheme For The Period 2027 – 2029
  The Ministry of Finance notified e& the extension of the existing Federal Royalty regime and Corporate Tax Law applicable to the telecommunications sector for three years period starting 1 January 2027 to 31 December 2029.