Etihad Etisalat (7020) Q3 2026 earnings summary

Executive summary

• 9M-26 revenue rose 5.1% to 15.2bn, net income grew 7.7% to 2.7bn, and EBITDA increased 6.6% to 5.9bn.

• Q3-26 revenue increased 4.5% YoY to 5,068mn; net income rose 1.0% to 925mn and EBITDA grew 1.6% to 2,001mn.

Financial highlights

• Q3-26 gross profit was 2,824mn, up 4.9% YoY; gross margin was 55.7% versus 55.5%.

• Q3-26 revenue was 1.6% below analyst consensus; EBITDA was 0.6% above consensus and net income was 2.7% above.

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, and CAPEX/revenue of 18–20%.