Ooredoo (ORDS) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was QAR 5.8 billion, flat year-over-year but up 3% excluding Myanmar exit, with growth in Iraq, Algeria, Tunisia, and Kuwait.

• EBITDA was QAR 2.5 billion, maintaining a 43% margin; net profit attributable to shareholders rose 5% to QAR 960 million.

• Strategic progress included Syntys data center carve-out, fintech expansion, and major infrastructure projects in sea cable and fiber.

• Customer base reached 52 million, up 5% year-over-year excluding Myanmar, with a focus on digital transformation and operational efficiencies.

• Dividend payout for 2024 increased to QAR 0.65 per share, totaling QAR 2,082.1 million.

Financial highlights

• Revenue was QAR 5.8 billion, up 3% year-over-year excluding Myanmar exit.

• EBITDA was QAR 2.5 billion, margin steady at 43%.

• Net profit grew 5% to QAR 960 million; normalized net profit decreased 4% due to FX and impairments.

• Free cash flow was QAR 2 billion, down 8% due to higher CapEx.

• CapEx increased 41% year-over-year to QAR 538 million, focused on network, 5G, and digital infrastructure.

Outlook and guidance

• On track to meet FY 2025 guidance: revenue growth of 2–3% (ex-Myanmar), EBITDA margin in low 40%s, CapEx QAR 4.5–5.0 billion.

• CapEx guidance remains stable for core telecom; additional CapEx focused on data center, sea cable, and fintech expansion.

• Management notes Q1 results are not necessarily indicative of full-year 2025 performance.

• The Group continues to monitor the impact of new global minimum tax rules (Pillar II) and related legislative developments.

• Strategic investments and infrastructure expansion expected to support ongoing digital transformation.