Emirates Telecommunications Group Company (EAND) Q2 2025 earnings summary

Executive summary

• Achieved strong financial and operational performance in Q2 2025, with consolidated revenue for H1 2025 reaching AED 34.91bn, up 23.3% year-over-year, and net profit attributable to owners rising 60.7% to AED 8.83bn.

• Subscriber base expanded to 198 million, a 13.1% increase year-over-year, driven by organic growth and e& PPF Telecom consolidation.

• Strategic partnerships formed, including with Maroc Telecom, Inwi, Microsoft, and Infobip, and increased shareholding in Vodafone Group plc to 16%.

• Monetized assets through divestments in Khazna and Airalo, and acquired SBB d.o.o. Serbia for EUR 851 million.

• Interim dividend per share increased by 4% year-over-year to 43 fils; final 2024 dividend of 41.5 fils paid in May 2025.

Financial highlights

• Q2 2025 revenue reached AED 18.0bn, up 28.1% year-over-year; H1 2025 revenue at AED 34.91bn, up 23.3%.

• EBITDA grew 22.2% year-over-year to AED 8.0bn in Q2, with a margin of 44.5%.

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

• H1 2025 EPS at AED 1.01, up from AED 0.63 year-over-year; excluding Khazna gain, EPS at AED 0.72.

• Operating profit for H1 2025 was AED 11.41bn, up from AED 10.35bn year-over-year.

Outlook and guidance

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

• EBITDA margin at 44.1% versus ~43% guidance; capex/revenue expected at ~16%.

• FY 2025 EPS guidance at AED 1.26 (excluding Khazna sale impact).

• 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.