Telecom Egypt (ETEL) investor relations material

Executive summary

• 9M 2026 revenue rose 19% to EGP 93,568mn, EBITDA increased 24% to EGP 43,139mn, and net profit grew 44% to EGP 24,393mn.

• FCFF increased 131% to EGP 28.0bn; annualized net debt/EBITDA improved to 0.8x.

• Fixed broadband, fixed voice, and mobile customer bases grew 8%, 6%, and 3% YoY, respectively.

• Strategy priorities include fiber, data centers, international capacity, 5G, cloud, cybersecurity, and ICT services.

Financial highlights

• Q3 revenue was EGP 34,154mn (+23% YoY); EBITDA was EGP 16,500mn (+31%) and net profit EGP 8,983mn (+39%).

• 9M operating profit reached EGP 28,702mn (+37%); EPS was EGP 14.28 (+44%).

• Q3 operating profit was EGP 10,944mn (+55% YoY); Q3 EPS was EGP 5.26.

• 9M operating cash flow was EGP 39.2bn, up 73%; period-end cash and equivalents were EGP 6.9bn.

Outlook and guidance

• 2027 guidance targets low-double-digit revenue growth, a low-to-mid-40s EBITDA margin, in-service CapEx/sales in the mid-20s, and FCFF/EBITDA in the low-to-mid-40s.

• 2026 KPI guidance was maintained, with revenue growth expected to exceed the high-single-digit outlook; 9M results were ahead of FY guidance.

• FTTH target is ~50% of connected units by 2030 and full fiber coverage before 2035; fiber investment is ~$100m annually with >35% IRR.

• Network upgrades are expected to require ~$150m annually for five years within existing CapEx; CapEx is expected near 25% of revenue over the next 3–5 years.

• No positive tariff adjustment is included in 2027 revenue assumptions; approval and timing remain uncertain.