Ooredoo (ORDS) Q2 2026 earnings summary

Executive summary

• Achieved 4.6% year-over-year revenue growth to QAR 12.5 billion in H1 2026, with EBITDA up 7.4% to QAR 5.5 billion and EBITDA margin improving by 1.2pp to 44.4%.

• Normalised net profit rose 3.7% to QAR 2.0 billion, while reported net profit declined 5.1% due to a one-off legal provision in Algeria.

• Free cash flow increased 7.7% to QAR 3.9 billion, and CAPEX rose 6.8% to QAR 1.6 billion, supporting network expansion and digital initiatives.

• Customer base grew 4.2% to 54.0 million (147.5 million including IOH), reflecting strong demand for digital connectivity.

• Strategic progress included the launch of Al Abraj (tower infrastructure), Syntys data centre expansion, fintech growth, and subsea cable investments.

Financial highlights

• Revenue: QAR 12.5 billion (+4.6% YoY); EBITDA: QAR 5.5 billion (+7.4% YoY); EBITDA margin: 44.4% (+1.2pp YoY).

• Net profit: QAR 1.8 billion (-5.1% YoY); normalised net profit: QAR 2.0 billion (+3.7% YoY).

• CAPEX: QAR 1.6 billion (+6.8% YoY); free cash flow: QAR 3.9 billion (+7.7% YoY).

• Total debt: QAR 11.2 billion; net debt-to-EBITDA: 0.6x; cash reserves: QAR 10.9 billion.

• Customer base: 54.0 million (+4.2% YoY); including IOH: 147.5 million.

Outlook and guidance

• FY2026 guidance remains unchanged, with management confident in achieving full-year targets despite regional challenges.

• Focus remains on disciplined execution, efficiency, and advancing strategic growth initiatives.