Emirates Telecommunications Group Company (EAND) Q3 2026 earnings summary

Executive summary

• 9M revenue rose 10.0% YoY to AED 57.607bn and EBITDA grew 10.3% to AED 26.714bn; international operations contributed almost half of Q3 revenue.

• Reported 9M profit attributable to owners increased 45.9% to AED 17.239bn, including the AED 8.0bn Vodafone disposal gain.

• Portfolio simplification included the Vodafone stake disposal and sale of 12.5% of the Careem stake to Uber; full-year guidance was reaffirmed.

• Subscriber base reached 254.8m, up 29.4% YoY, reflecting acquired operations and growth across UAE and international markets.

Financial highlights

• Q3 revenue was AED 19.464bn, up 6.9% reported and 7.9% in constant currency; EBITDA rose 5.1% to AED 8.982bn.

• Q3 profit attributable to owners was AED 11.235bn, including the Vodafone gain; net profit excluding the gain was AED 3.2bn, up 7% YoY.

• 9M profit attributable to owners was AED 17.239bn; adjusted net profit was AED 9.2bn, up 4% on the stated adjusted basis.

• Q3 operating profit was AED 6.387bn; 9M operating expenses were AED 38.703bn and impairment on trade receivables and contract assets was AED 726m.

Outlook and guidance

• Revised FY 2026 guidance: revenue growth 8%–10%, EBITDA growth 6%–7%, EPS ~AED 2.27 including the Vodafone gain, and capex/revenue 16%–17% excluding spectrum and licenses.

• 9M actual revenue and EBITDA growth were 9.0% and 9.3% in constant currency; capex/revenue excluding spectrum and licenses was 13.4%.

• Management reaffirmed full-year guidance after resilient 9M performance; capital intensity in Maroc Telecom remained in the low 20s, in line with guidance.

• Federal royalty and corporate tax terms were extended for 2027–2029 at unchanged rates.