Mobile Telecommunications Company (ZAIN) Q4 2025 earnings summary

Executive summary

• FY 2025 saw strong financial and operational performance, with double-digit growth in revenue, EBITDA, and net income year-over-year.

• Consolidated financial statements for the year ended 31 December 2025 were audited and present fairly in accordance with IFRS Accounting Standards.

• Active customer base reached 50.9 million, up 4% YoY, with significant expansion in digital, fintech, and B2B services.

• Operations span Kuwait and 7 other countries, with significant subsidiaries in Jordan, Sudan, Iraq, Bahrain, KSA, and South Sudan.

• Strategic investments, digital transformation, and network modernization drove growth across all major markets.

Financial highlights

• Group revenue rose 14% YoY to $7.44 billion; EBITDA increased 11% YoY to $2.54 billion, with a 34% margin.

• Net income surged 103% YoY to $777 million, supported by operational gains and one-time items.

• Revenue increased to KD 2,282,991 thousand in 2025 from KD 1,997,953 thousand in 2024 (restated).

• Net profit for 2025 was KD 283,513 thousand, up from KD 160,540 thousand in 2024 (restated).

• EPS reached 55 fils, and dividend payout was 35 fils per share, with a 63% payout ratio.

Outlook and guidance

• FY 2026 guidance targets 10–15% revenue growth and 8–10% net income growth.

• CAPEX/revenue expected to rise to 17–20% as network investments continue.

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

• Management expects adequate resources to continue operations in Sudan despite ongoing conflict, with forecasts assuming no significant escalation.

• New and revised IFRS standards are not expected to materially impact future financial statements.