Etihad Etisalat (7020) Q2 2025 earnings summary

Executive summary

• Revenue grew 6.6% in H1-25 to SAR 9.6 bn, with net income up 22.9% to SAR 1.6 bn year-over-year.

• Q2-25 revenue increased 8.1% YoY to SAR 4,828 mn, with net income up 25.6% YoY to SAR 830 mn.

• Mobile subscribers reached 12.8 mn, FTTH subscribers at 0.289 mn.

• Maintained AA rating in MSCI ESG Index, highest among MENA telecoms.

• Played a key role in 2025 Hajj season connectivity and expanded digital solutions.

Financial highlights

• EBITDA grew 9.0% in H1-25 to SAR 3.6 bn; Q2-25 EBITDA up 10.5% YoY to SAR 1,823 mn, margin at 37.8%.

• CAPEX in Q2-25 was SAR 566 mn, up 46.6% YoY, focused on infrastructure and 5G expansion.

• Net debt/EBITDA improved to 1.00x.

• Gross debt rose 9.3% YoY to SAR 10,806 mn; net debt up 9.2% YoY to SAR 7,457 mn.

Outlook and guidance

• FY 2025 guidance: mid- to high-single digit revenue growth, EBITDA margin 37-38%, net debt/EBITDA at 1.0x, CAPEX/revenue 16-18%.