Etihad Etisalat (7020) Q2 2026 earnings summary

Executive summary

• Achieved revenue growth of 5.4% in H1 2026, reaching SAR 10.1 bn, and net income growth of 11.5% to SAR 1.8 bn year-over-year.

• Q2 2026 revenue rose 5.2% YoY to SAR 5,080 mn, with net income up 8.6% YoY to SAR 901 mn.

• Mobile subscribers increased to 14.9 mn, with FTTH subscribers at 315,000.

• Recognized for ESG efforts and marketing excellence, including awards for sustainability and brand influence.

Financial highlights

• Q2 2026 EBITDA grew 7.7% YoY to SAR 1,963 mn, with an EBITDA margin of 38.6%.

• Gross profit increased 8.5% YoY to SAR 2,845 mn, with a gross margin of 56.0%.

• CAPEX rose 56% YoY to SAR 883 mn, reflecting investments in fiber, data centers, and 5G.

• Net cash from operating activities declined 13.1% YoY to SAR 2,924 mn.

Outlook and guidance

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