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 net profit up 5% to QAR 960 million and a customer base of 52 million, up 5% (excluding IOH/Myanmar).

• Strategic progress included new segment disclosures, Syntys data center carve-out, fintech expansion, and a new high-capacity sea cable system.

• Major infrastructure initiatives included advancing TowerCo consolidation and partnerships with Iron Mountain and TASC Towers.

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

• Focus remained on digital transformation, operational efficiencies, and regional expansion.

Financial highlights

• Q1 revenue: QAR 5.8 billion, up 3% year-over-year (excluding Myanmar exit); EBITDA: QAR 2.5 billion, margin 43%.

• Net profit attributable to shareholders up 5% to QAR 960 million; normalized net profit down 4% due to FX and impairments.

• Free cash flow: QAR 2 billion, down 8% due to higher CapEx; CapEx: QAR 538 million, up 41%, focused on network and digital infrastructure.

• Operating profit before tax increased to QAR 1,402.6 million; basic and diluted EPS rose to QAR 0.30.

• Cash and cash equivalents at period end were QAR 13,412.0 million.

Outlook and guidance

• On track to meet FY 2025/four-year guidance: revenue growth of 2–3% (ex-Myanmar), EBITDA margin in low 40%s, CapEx QAR 4.5–5 billion.

• CapEx run rate stable for core telecom; additional CapEx driven by data center and sea cable projects.

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

• Data center expansion planned to address 99% current utilization.

• Monitoring impact of new global minimum tax rules (Pillar II) and related legislative developments.