Etihad Etisalat (7020) Q1 2026 earnings summary

Executive summary

• Achieved robust financial and operational growth in Q1 2026, with revenue up 5.5% YoY to SAR 5.0 bn and net income up 14.7% YoY to SAR 880 mn.

• EBITDA increased by 11.1% YoY to SAR 1.97 bn, with margin improving to 39.1% from 37.1%.

• Mobile subscribers reached 15.1 mn, including 13.0 mn prepaid and 2.1 mn postpaid; FTTH subscribers grew to 311,000.

• Recognized as the fastest-growing telecom brand in the Middle East for the sixth consecutive year, with brand value at USD 3.5 bn.

• Launched impactful social responsibility initiatives and received the Labor Award for localization efforts.

Financial highlights

• Revenue: SAR 5,040 mn, up 5.5% YoY; gross profit: SAR 2,824 mn, up 10.6% YoY.

• EBITDA: SAR 1,971 mn, up 11.1% YoY; EBITDA margin: 39.1% (vs. 37.1%).

• Net income: SAR 880 mn, up 14.7% YoY.

• CAPEX: SAR 404 mn, down 81% YoY, reflecting ongoing investments in fiber and 5G.

• Net cash from operating activities: SAR 1,574 mn, up 5.4% YoY.

Outlook and guidance

• FY 2026 guidance: mid- to high-single digit revenue growth, EBITDA margin of 37–38%, net debt/EBITDA of 0.9–1.0x, CAPEX/revenue of 18–20%.