Vodafone Qatar (VFQS) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached QR 1,752 million, up 10.5% year-over-year, with net profit at QR 329 million, a 12.1% increase, reflecting strong execution of strategic priorities and digital transformation.

• EBITDA grew 9% year-over-year, supported by higher service revenue and stable costs, while free cash flow increased by 16.8% and net debt was reduced by 14.8%.

• Digitalization, 5G infrastructure upgrades, and customer-centric initiatives drove improvements in digital channel revenue, customer experience, and loyalty program membership.

• Sustainability remained a focus, with 89% of payments digital, zero data breaches, and a four-star GSAS rating achieved.

• The interim financial statements received an unqualified review from independent auditors.

Financial highlights

• Service revenue grew across all segments, with postpaid, prepaid, and managed services all showing positive CAGR.

• EBITDA margin improved to 45.8%, and net profit margin increased by 0.4 percentage points to 18.8%.

• Earnings per share for H1 2025 stood at QR 0.078, up from QR 0.069 year-over-year.

• Operating cash flow grew 16.8% year-over-year to QR 375 million, and return on equity increased by 0.8 percentage points.

• Dividends of QR 507 million (QR 0.12 per share) were approved and paid during the period.

Outlook and guidance

• Full-year 2025 guidance revised upward: management expects revenue growth of 7% or more, stable EBITDA margin around 42%, and net profit growth above 10%.

• CapEx intensity is projected to remain between 13% and 14.5%, with continued investment in profitable growth segments.

• Management notes that interim results are not necessarily indicative of full-year performance.