Etihad Etisalat (7020) investor relations material

Executive summary

• 9M revenue rose 5.1% to SAR 15,187,519 thousand, EBITDA grew 6.6% to SAR 5,935 million and net income increased 7.7% to SAR 2,706,081 thousand.

• Q3 revenue rose 4.5% YoY to SAR 5,067,850 thousand; EBITDA increased 1.6% to SAR 2,001 million and net income grew 1.0% to SAR 925,204 thousand.

• 9M EBITDA margin and net debt/EBITDA were within FY26 guidance; revenue growth and CAPEX intensity remained below guidance levels.

• 2026–2030 strategy centers on customer experience, digital-first consumer services, enterprise solutions, digital infrastructure and operational excellence.

Financial highlights

• Q3 gross profit was SAR 2,823,649 thousand, up 4.9% YoY; gross margin was 55.7% versus 55.5%.

• Q3 operating profit was SAR 1,003,966 thousand versus SAR 1,038,056 thousand; 9M operating profit rose to SAR 2,970,208 thousand from SAR 2,779,325 thousand.

• 9M gross profit was SAR 8,492,981 thousand versus SAR 7,867,359 thousand; net profit rose to SAR 2,706,081 thousand from SAR 2,513,034 thousand.

• Q3 revenue was 1.6% below analyst consensus; EBITDA was 0.6% above consensus and net income 2.7% above.

• Q3 CAPEX was SAR 734 million, down 21.2% YoY; 9M CAPEX was SAR 2,020,816 thousand, down from SAR 3,628,627 thousand.

Outlook and guidance

• FY26 revenue growth guidance is mid- to high-single-digit; 9M growth was 5.1%.

• FY26 EBITDA margin guidance is 37–38%; 9M margin was 39.1%.

• FY26 net debt/EBITDA guidance is 0.9–1.0x; the 9M ratio was 0.90x.

• FY26 CAPEX intensity guidance is 18–20%; 9M intensity was 13.3%.