Ooredoo (ORDS) Q3 2025 earnings summary

Executive summary

• Net profit rose 6% year-over-year to QAR 3.1 billion for the nine months ended September 30, 2025, with revenue up 3% to QAR 18.2 billion (5% excluding Myanmar exit); EBITDA grew 9% and margin held at 44%.

• High-growth markets contributed 46.9% of revenue, up from 44% year-over-year.

• Maintained a healthy balance sheet with QAR 15.7 billion in cash and QAR 5.6 billion in undrawn facilities.

• Board approved an increase in dividend payout ratio to 50%-70% of normalized net profit.

• Customer base reached 52.9 million, up 4% year-over-year; including IOH, total customers were 147.5 million.

Financial highlights

• Revenue for Q3 2025 grew 7% year-over-year to QAR 6.3 billion; EBITDA for Q3 up 9% to QAR 2.8 billion.

• Free cash flow for 9M 2025 declined 11% to QAR 5.1 billion due to increased CapEx.

• CapEx accelerated 46% year-over-year to QAR 2.8 billion, focused on network and data center expansion.

• EBITDA margin steady at 44% for 9M 2025; net-debt-to-EBITDA ratio at 0.6x, well below target.

• Dividend per share grew 160% from 2020 to 2024.

Outlook and guidance

• On track to achieve full-year 2025 guidance: revenue growth of 2%-3%, EBITDA margin in low 40% range, and CapEx between QAR 4.5 billion-QAR 5 billion.

• No official 2026 guidance yet; planning and budgeting ongoing.

• Confident in meeting full-year guidance and continuing growth trajectory.