Emirates Telecommunications Group Company (EAND) Q2 2025 earnings summary

Executive summary

• Delivered strong financial and operational performance in Q2 2025, surpassing full-year guidance, with consolidated H1 2025 revenue at AED 34,910 million, up 23.3% year-over-year, and profit attributable to owners rising 60.7% to AED 8,827 million.

• Strategic partnerships formed, including Maroc Telecom & Inwi and collaboration with Microsoft.

• Monetized assets through partial divestment in Airalo and a 40% stake in Khazna Data Center Holdings, resulting in a gain of AED 5.1 billion before tax and royalty.

• Interim dividend per share increased by 4% year-over-year to AED 0.43, with a final 2024 dividend of AED 0.415 per share paid in May 2025.

• Net assets increased by AED 7,225 million to AED 61,121 million compared to 31 December 2024.

Financial highlights

• Q2 2025 revenue reached AED 18.0bn, up 28% year-over-year (27% in constant currency); H1 2025 revenue was AED 34.91bn, up 23.3%.

• EBITDA grew 22% year-over-year to AED 8.0bn, with a consolidated margin of 45%.

• Net profit for H1 2025 was AED 8.8bn, up 60.7% year-over-year; excluding Khazna gain, up 13.7%.

• Basic and diluted EPS for H1 2025 was AED 1.01, up from AED 0.63 year-over-year.

• Customer base expanded to 198 million, a 13.1% increase year-over-year.

Outlook and guidance

• H1 2025 revenue growth at 24.5%, exceeding FY 2025 guidance of 17–20%.

• EBITDA margin at 44.1% versus ~43% guidance.

• FY 2025 EPS guidance at AED 1.26; capex/revenue expected at ~16%.

• The group continues its transformation to a global technology group, aiming for a more balanced geographic and vertical revenue profile.

• No items of seasonal or cyclical nature impacted interim operations.