Emirates Telecommunications Group Company (EAND) Q2 2026 earnings summary

Executive summary

• Achieved strong financial and operational results in Q2 2026, overcoming geopolitical challenges and delivering growth across home and international markets, with resilience in the home market and diversified international operations.

• Strategic portfolio optimization included the exit from Vodafone at a premium, sale of a 12.5% stake in Careem, and acquisitions such as 5G spectrum in Egypt and UPC Slovakia, supporting upgraded EBITDA guidance.

• Subscriber base expanded 30.4% year-over-year to 251.5 million, driven by acquisitions and organic growth.

• Interim dividends increased year-over-year, with a first interim dividend of 47.5 fils per share for 2026.

• Net assets increased by AED 1,797 million to AED 63,560 million compared to 31 December 2025.

Financial highlights

• Q2 2026 revenue reached 19.2bn, up 8.7% year-over-year; H1 2026 revenue totaled 38.1bn (+11.6% y/y); EBITDA grew 9.8% in Q2 to 9.0bn, with a consolidated margin of 46.8%.

• Net profit for Q2 2026 was 3.1bn, up 1.1% year-over-year on a normalized basis; H1 2026 net profit reached 6.0bn, up 2.4% year-over-year on a normalized basis.

• Profit attributable to owners fell 32.0% to AED 6,004 million due to higher expenses and one-off items.

• Operating profit from continuing operations reached AED 12,280 million, up from AED 11,757 million year-over-year.

• Interim dividends of 47.5 fils per share (+10.5% y/y).

Outlook and guidance

• FY 2026 revenue growth guidance confirmed at 8–10% in constant currency; EBITDA growth guidance upgraded to 6–7% (from 4–5%) in constant currency.

• EPS expected at ~1.35, excluding Vodafone sale impact; capex/revenue ratio maintained at 16–17%.

• Management expects continued resilience in core businesses despite regional geopolitical tensions, with no material impairment or going concern uncertainty identified.

• The federal royalty and corporate tax regime has been extended through 2029 at current rates and terms.