Ooredoo (ORDS) CMD 2025 summary

Strategic direction and business transformation

• Refreshed strategy targets leadership in digital infrastructure, scaling beyond core telco to platform adjacencies and fintech, aiming for 15% of revenue from these by 2030, up from 4% today.

• Portfolio optimization includes Myanmar exit, IOH merger, and carve-outs of data centers and fintech, focusing on scalable, high-growth markets.

• Emphasis on value creation through organic growth, strategic partnerships, and digital transformation, leveraging AI, advanced analytics, and customer value management.

• SMB and B2B segments prioritized for growth, with tailored digital solutions and partnerships to expand market share and revenue.

• Fintech and platform adjacencies are being scaled, with fintech live in three markets and ambitions for further regional expansion.

Financial performance and guidance

• Revenue has grown at a 3.3% CAGR since 2020, with adjusted EBITDA margin consistently above 40% and net profit up 10.9% per year.

• Dividend per share increased 160% since 2020, with a new payout policy of 50%-70% of normalized earnings, reflecting strong cash generation.

• Leverage reduced from 1.7x to 0.6x, maintaining investment-grade ratings and strong liquidity, with most debt fixed and long-dated.

• CapEx intensity averages in the low to mid-teens, with increased allocation to high-growth markets and digital infrastructure.

• 2025 guidance: revenue growth of 2%-5%, EBITDA margin in the low 40s, CapEx QAR 4.5-5 billion, and 2026 outlook expected to align closely.

Market and operational highlights

• Leading positions in 7 of 9 markets, with a balanced mix of stable GCC markets (over 50% of revenue) and high-growth markets (notably Iraq and Algeria).

• Qatar: 30% of group revenue, 34% of EBITDA, market leader with 64%-70% mobile share, high ARPU ($28), and 99%+ fiber and 5G coverage.

• Iraq: 23%-48% of group revenue, leading ARPU, rapid data growth, and AI-driven transformation initiatives.

• Kuwait: 30% of revenue, strong ARPU growth, early 5G deployment, and robust B2B expansion.

• Algeria: 13%-31% of revenue, fastest market growth in portfolio, and capital-efficient network rollout.