Mobile Telecommunications Company (ZAIN) Q3 2026 earnings summary

Executive summary

• 9M revenue reached a 17-year high of $5.71bn, up 4%; net income rose 59% to $990m, including $501m in strategic-investment gains.

• Q3 revenue was $2.0bn, up 2%, EBITDA $681m, up 1%, and net income $273m, up 30%.

• Active customers grew 3% to 53m; MSCI upgraded the ESG rating to AA.

Financial highlights

• 9M EBITDA increased 4% to $1.91bn; 9M EPS was 70 fils, versus 44 fils a year earlier.

• Q3 EPS was 19 fils; data revenue grew 11% to $2.3bn, or 39% of consolidated revenue, and B2B revenue rose 12%.

• 9M revenue increased $221m YoY; growth verticals contributed 89% of the increase, while core revenue rose 1%.

• Operating cash flow was KD 431.7m; period-end cash and cash equivalents were KD 359.4m.

Outlook and guidance

• Revised FY 2026 guidance: revenue growth of 5%–10%, net income growth of 40%, and capex/revenue of ~12%–15%.

• Currency and regional instability mitigation is underway; management expects continued growth in ZainTECH, Zain Omantel International and fintech.

• Zain Syria commercial launch is targeted for Q1 2027, subject to regulatory and license conditions; planned ownership is 75%.

• Sudan forecasts assume no substantial escalation in hostilities and continued ability to maintain the network.