Financial Highlights

Financial Highlights for Q1 2026

Aggregate subscriber base reached 248.0 million, increasing 30.8% year over year.
Revenue increased by 15.1% year over year to AED 19.4 billion driven by the strong performance of our telecom verticals in home and international markets despite the repercussions of the geopolitical tension on business growth during March 2026.
EBITDA increased by 16.5% year over year to AED 8.6 billion with a healthy margin of 44.1%, outperforming the growth in revenues due to operational efficiencies. Telecom verticals reported a strong profitability margin of 48.2% supported by robust performance in domestic and int’l markets.
Net profit after federal royalty and corporate tax amounted to AED 2.9 billion, an increase of 3.9% year over year when adjusted for the impact of gain on the sale of Khazna in base year, with a margin of 14.8%.
CAPEX reached AED 2.8 billion with an intensity ratio of 14.6%. Excluding spectrum and licenses fees, Capex amounted to AED 2.0 billion implying an intensity ratio of 10.5%, due to the cyclical slowdown in network rollout in Q1.
Operating free cashflow, excluding spectrum and licenses fees, amounted to D 6.5 billion, an increase of 15.1% year over year while reporting a stable margin of 33.6%.
Consolidated cash balance amounted AED 36.8 billion, leading to a net debt position of AED 29.8 billion, lower by AED 3.5 billion vs. December 2025, and equivalent Net Debt /EBITDA of 0.90x.

Key Developments in Q1 2026

e& announced a change in its leadership
e& Board appointed Mr. Masood M. Sharif Mahmood as the new Group Chief Executive Office beside his current role as the CEO of e& UAE, effective 1st April 2026.
e& group updated its current dividend policy
e&’s AGM approved Board’s recommendation to increase dividends per share (DPS) for the fiscal year 2025 from 86 fils per share to 90 fils. Additionally, the company announced its intention to distribute a DPS of 95 fils in fiscal year 2026 as part of its approved dividend policy.
e& announces updated shareholding in Vodafone Group plc
e&’s shareholding in Vodafone Group plc "Vodafone" reached 17.0866% by end of March 2026. The updated shareholding is a result of Vodafone carrying out its share buyback programme, which reduces its total share capital. e&’s total number of shares remains the same at 3,944.7 million shares.
Ufone acquires the 5G license
Pak Telecom Mobile Limited, operating as Ufone, successfully acquired 5G spectrum through
Pakistan Telecommunication Authority (PTA) during March 2026, marking its entry into the 5G era. Ufone secured a significant amount of spectrum, specifically 120 MHz in the 3500 MHz band and 60 MHz in the 2600 MHz band. The spectrum will support ultra-fast connectivity, smart industries, and immersive digital experiences.
e& and IBM unveil enterprise-grade agentic AI
e& and IBM announced a strategic collaboration to advance towards an enterprise-grade agentic AI foundation at e&, starting with policy, risk, and compliance. The initiative reflects e&’s move beyond traditional natural language processing (NLP)-based chatbots toward governed, action-oriented AI embedded in core enterprise systems.
e& money opens a new era in financial access following Finance Company License
e& money acquired the "finance company" license from UAE central bank, expanding its portfolio beyond payments to include lending, fostering its position as one of the UAE’s most inclusive digital payment ecosystems with the highest number of active users in the country.