Etihad Etisalat (7020) Q3 2025 earnings summary

Executive summary

• Revenue grew 7.8% year-over-year in Q3 2025, reaching SAR 4,849 million, with growth across all revenue streams and a mobile subscriber base of 13.4 million, including 11.4 million prepaid and 2.0 million postpaid subscribers.

• Net income increased by 10.5% year-over-year to SAR 916 million, reflecting strong operational performance and higher EBITDA.

• The company achieved significant milestones, including strategic partnerships to advance digital infrastructure, local content initiatives, and multiple awards for investor relations and HR technology.

Financial highlights

• Revenue for the nine-month period ended September 30, 2025, rose 7.0% to SAR 14.5 billion, while net income grew 18.2% to SAR 2.5 billion compared to the same period last year.

• Q3 2025 EBITDA increased 6.7% year-over-year to SAR 1,970 million, with an EBITDA margin of 40.6%.

• CAPEX nearly doubled year-over-year in Q3 2025 to SAR 932 million, reflecting ongoing investments in network development and 5G expansion.

• Gross debt rose 10.9% year-over-year to SAR 10,714 million, and net debt increased 11.5% to SAR 7,678 million.

Outlook and guidance

• For FY 2025, revenue is expected to grow at a mid- to high-single digit rate, with an EBITDA margin of 37-38%.

• Net debt/EBITDA is projected to remain around 1.0x, and CAPEX/revenue is guided at 16-18%.