Financial Highlights

Financial Highlights for Q4 2025

Aggregate subscriber base reached 244.7 million, increasing 31.3% year over year.
Revenue increased by 17.3% year over year to AED19.3 billion driven by continuous growth across all verticals. On a like for like basis, excluding e& PPF Telecom, e& reported a double-digit growth year over year of 10.1%.
EBITDA increased by 17.6% year over year to AED8.2 billion with a margin of 42.7%, reflecting the revenue growth momentum. On a like for like basis, excluding e& PPF Telecom, EBITDA growth year over year was 9.5%. Telecom verticals reported a strong margin of 46.9% supported by robust performance in domestic and int’l markets.
Net profit after federal royalty and corporate tax increased by 11.0% year over year to AED2.5 billion with a margin of 13.2%.
CAPEX, excluding spectrum and licenses fees, reached AED4.0 billion with an intensity ratio of 20.7% due to the accelerated investment cycle of 5G and network upgrades in our main international markets.
Operating free cashflow, excluding spectrum and licenses fees, amounted to D 4.3 billion, an increase of 4.6% year over year.
Consolidated cash balance amounted to AED34.3 billion, leading to a net debt position of AED33.3 billion, lower by AED2.2 billion vs. December 2024, and equivalent Net Debt /EBITDA of 1.04x.
Proposed final dividend payout of 47 fils per share for the second half of 2025, representing a total dividend payout of 90 fils for the full year, representing a year over year increase of 8.4%

Key Developments in Q4 2025

PTCL Group completed 100% acquisition of Telenor Pakistan
Pakistan Telecommunication Company Limited (“PTCL”), a subsidiary of e& with effective economic ownership of 23.4%, has completed its successful acquisition of a 100% stake in Telenor Pakistan for an enterprise value of PKR 108bn on cash free, debt free basis. The in-market consolidation will allow to leverage on the combined entities’ capabilities to scale up coverage and improve the quality of services, supporting the economic growth of Pakistan.
O2 Slovakia signs an agreement to acquire 100% stake of UPC Slovakia from Liberty Global
O2, the mobile operator in Slovakia, part of e& PPF Telecom Group BV (e& PPF Telecom), a subsidiary of e&, signed a binding agreement with Liberty Global to acquire 100% of UPC Broadband Slovakia s.r.o. (UPC Slovakia) for a total consideration of EUR 95 million on a cash-free, debt-free basis. By combining UPC Slovakia’s fixed network with its own mobile operations, O2 Slovakia will strengthen its competitive market position by offering a fully converged service portfolio.
e& money will become UAE’s first PayPal-linked digital wallet
e& money has announced plans to launch a partnership with PayPal to introduce account linking and instant withdrawals in the UAE. Once live, this collaboration will make e& money the country’s first and only digital wallet that links directly to PayPal, giving users access to their balances in UAE dirhams (AED) through the e& money app.
UAE Sovereign Launchpad offered by e& and powered by AWS is now live
In alignment with the UAE National Cyber Security Strategy, e& and Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. company, announced the commercial availability and full operational readiness of the UAE Sovereign Launchpad, a cloud offering that accelerates the adoption of cloud and AI services for UAE government agencies, along with regulated customers in healthcare, financial services, education, space, oil & gas, and non-profit sectors.
e& and Motorola Mobility join forces to drive tech innovation, and regional expansion
e& and Motorola Mobility, a Lenovo company, have signed a strategic Memorandum of Understanding (MoU) to establish a collaborative framework to bring innovation and expand market reach in the Middle East region. This partnership brings together two industry leaders to explore new market opportunities, including the development of AI applications and tools to enhance user experience in the region.
e& announces updated shareholding in Vodafone Group plc
e&’s shareholding in Vodafone Group plc "Vodafone" reached 16.6113% during December 2025. 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