Etihad Etisalat (7020) Q4 2025 earnings summary

Executive summary

• Achieved highest financial performance in 12 years, reinforcing leadership in the TMT sector and supporting Saudi Arabia's digital economy initiatives.

• Launched the SHINE strategy, focusing on customer experience, digital-first approach, enterprise solutions, infrastructure growth, and operational excellence.

• Celebrated 20-year brand anniversary and expanded infrastructure with new data centers and 5G network coverage.

Financial highlights

• Revenue grew by 7.9% year-over-year to SAR 19.6 billion, with all segments contributing to growth.

• Net income increased by 11.6% year-over-year to SAR 3.5 billion.

• EBITDA rose by 6.0% year-over-year to SAR 7.6 billion, with an EBITDA margin of 38.8%.

• Gross profit increased by 8.6% year-over-year to SAR 10.7 billion, with a gross margin of 54.7%.

• CAPEX surged by 126.1% year-over-year to SAR 5.8 billion, reflecting major investments in network and digital infrastructure.

• Dividends per share increased by 27.3% to SAR 2.8, with a payout ratio of 62.1%.

Outlook and guidance

• 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%.

• SHINE strategy to drive next phase of growth, supporting Saudi Vision 2030 and national digital transformation.