Mobile Telecommunications Company (ZAIN) Q3 2025 earnings summary

Executive summary

• Revenue for 9M 2025 increased 15% YoY to $5.41bn (KD 1,659.3m), with net income up 31% YoY to $581m (KD 209.1m).

• Customer base expanded 9% YoY to 51.3 million, driven by digital transformation, fintech, and B2B growth.

• Total assets reached KD 5,496.5 million as of 30 September 2025.

• The group operates in Kuwait and seven other countries, with significant operations in Sudan and Iraq.

• Significant progress in digital, fintech, and infrastructure, including 5G expansion and international connectivity.

Financial highlights

• Revenue for 9M 2025 reached $5.41bn (+15% YoY); Q3 revenue at $1.90bn (+16% YoY).

• EBITDA grew 9% YoY to $1.80bn, with margin at 33%.

• Net income rose 31% YoY to $581m, supported by cost optimization and a $50m gain from a legal case settlement.

• EPS for 9M 2025 at 41 fils, up from 31 fils YoY.

• Free cash flow margin at 15%; total available liquidity ~$3.2bn.

Outlook and guidance

• On track to meet FY 2025 guidance: revenue growth of 10–15%, normalized net income growth of 20–25%, and capex/revenue ratio of 13%.

• Dividend policy extended to 2028, with a minimum annual payout of 35 fils per share.

• Management expects adequate resources to continue operations in Sudan despite ongoing conflict, barring a significant escalation.

• The group anticipates compliance with loan covenants and continued operational resilience.