Integrated Annual Report 2025

عربي

Momentum of

Together, we move with the momentum
of more

Download Integrated Annual Report 2025

At e&, momentum is a collective force. It’s the shared progress of customers who choose us, employees who innovate with purpose, partners and suppliers who grow with us, shareholders who believe in our long-term vision, and communities who benefit from our drive. Every interaction adds to a cycle of connection, trust, and advancement.

Our journey is not driven by advanced technologies and efficient systems alone – it’s powered by amazing people.   The Momentum of More reflects how our shared ambition keeps us moving forward, together, creating value for all.

Inspiring more
Moving forward, because every customer inspires more.
Engaging more
Our progress is built on their trust.
Building more
Our momentum begins with those who make it happen.
Meaning more
Momentum means more when it uplifts everyone.
Collaborating more
When we move together, progress multiplies.
Aligning more
Driving forward, in step with national ambition.

Download 2025 Report

Our customers

Inspiring more

Moving forward, because every customer inspires more.

Strengthening trust through performance

Serving over 245 million customers, we make a significant impact every day by connecting people, possibilities, and ideas for a better tomorrow. Through our trusted brands and reliable networks, we consistently meet and exceed the evolving expectations of our customers.

Raising experience leadership

We improved NPS leadership across key markets, reinforcing our commitment to elevate convenience, reliability and customer-first innovation across every touchpoint.

Strategic pillars supported

Double
Down on Core

Diversity
Portfolio

Digitise and Transform
Operations

Our employees

Building more

Our momentum begins with those who make it happen.

Driving innovation from within

At e&, we foster a culture of creativity and innovation by driving major digital transformation programmes across markets, advancing next-generation connectivity, AI, and cloud capabilities to further strengthen our competitive position, all supported by our talented pool of employees.

Creating impact at scale

Our employees are the driving force behind delivering landmark projects, from deploying latest technologies to our retail customers, to 5G slicing solutions to enterprises and national-scale digital infrastructure, among a wide range of other services, we accelerate transformation across regions and create a lasting impact.

Strategic pillars supported

Double Down on Core

Diversity Portfolio

Digitise and Transform Operations

Drive Sustainability

Our business partners and suppliers

Collaborating more

When we move together,
progress multiplies.

Expanding shared
opportunity

We deepened partnerships across global and regional technology leaders, enabling joint innovation in digital infrastructure, AI, cybersecurity and fintech that expanded our portfolio and reach.

Powering national progress

Through alliances with organisations such as AWS, Ericsson, PayPal and major government entities, weco-created solutions that modernised services, advanced digital economies.

Strategic pillars supported

Diversity
Portfolio

Digitise and
Transform Operations

Our shareholders

Engaging more

Our progress is built
on their trust.

Delivering value
with scale

We achieved strong financial and operational results, driven by our growing business and the successful integration of newly acquired assets in both telecom and digital verticals. Our disciplined approach to capital allocation enabled us to increase returns to shareholders through higher dividends distributions.

Unlocking returns through asset monetisation

The sale of our 40% stake in Khazna at an attractive valuation multiple demonstrated disciplined capital allocation and our ability to realise significant shareholder value. The proceeds were used to reduce debt, enhancing the Group’s financial flexibility.

Strategic pillars supported

Double
Down on Core

Diversity
Portfolio

Our communities

Meaning more

Momentum means more when it uplifts everyone.

Expanding digital accessibility

We continued to enhance reliability and coverage across our markets, introducing next-generation technologies that enable more inclusive, future-ready digital access.

Supporting social progress

Through partnerships focused on wage digitisation, safety, and public service innovation, we contributed to stronger digital ecosystems and more resilient community infrastructure.

Strategic pillars supported

Diversity
Portfolio

Digitise and
Transform Operations

Drive
Sustainability

Our local and national authorities

Aligning more

Driving forward, in step with national ambition.

Strengthening national
digital agendas

We worked hand-in-hand with government entities to advance major transformation programmes, including national digital infrastructure, private networks, 5G rollouts and unified government platforms.

Supporting regulatory
alignment and sector
growth

Our leadership in regional digital policy frameworks, securing regulatory approvals for the in-market consolidation in Serbia and Pakistan reflected our commitment to stable, forward-looking market development.

Strategic pillars supported

Double
Down on Core

Diversity
Portfolio

Drive
Sustainability

Who we are

More to come – a strategy built for momentum

Our strategy charts a clear path to 2030 by reinforcing our core telco strength while scaling high-growth digital platforms that unlock new sources of value.
We are expanding into resilient international markets and accelerating growth in adjacent technology verticals, creating a diversified engine of momentum that carries us confidently into the future.

Our 4D Strategy for 2030

Becoming a global technology group

Our 4D Strategy is steering the Group towards a more balanced business mix by 2030, increasing the contribution of international markets and high-potential adjacent verticals, thereby positioning e& for a more diversified and future-ready revenue profile.

Download Our Strategy

Our Strategy

Pillars

Double down on core

Evolve core business
Continue to invest in state-of-the-art network and connectivity across all our telco operations

Key Outcome

Strengthen UAE operations as a resilient growth engine
Scale international operations for market leadership

Diversify portfolio

Expand geographically
Diversify and grow digital adjacencies

Key Outcome

Operating across 3 continents, focusing on stable FX revenue growth

Digitise and transform
operations

Deepen digitisation and automation powered by AI
Excel in customer experience

Key Outcome

Accelerate AI and data-driven decision-making
Retain customer leadership across all operating markets

Drive sustainability

Best-in-class ESG performance
Foster engaged, diverse and inclusive workplace
Develop awareness and value of e& brand

Key Outcome

Committing to net zero emissions
Scope 1 and 2 in UAE Operations by 2030

2025 Highlights

Financial highlights

Download 2025 Highlights

Revenue for 2025

AED

72.9

% YoY

2025

0.0

2024

0.0

2023

0.0

2022

0.0

2021

0.0

Strong double-digit growth year over year driven by robust performance of our telecom and digital verticals supported by growing operational KPIs.

EBITDA for 2025

AED

32.0

% YoY

2025

0.0

2024

0.0

2023

0.0

2022

0.0

2021

0.0

EBITDA growth driven mainly by strong revenue growth coupled with operational efficiencies of our telecom verticals that recorded a robust margin of 48%.

Net Profit for 2025

AED

14.4

% YoY

2025

0.0

2024

0.0

2023

0.0

2022

0.0

2021

0.0

Delivered record net profit growth, underpinned by strong operational profit and asset monetisation, demonstrating the resilience and profitability of our business model.

Download 2025 Highlights

2025 Highlights

Strategic highlights

Strengthening telco leadership and scaling connectivity engines

Telecom Revenue (AED)

(

)

22% YoY

Telecom EBITDA (AED)

(

)

48% world-class margin

Network leadership and next generation connectivity

0.0

launched nationally

Enterprise revenue (AED)

(

)

+22% YoY

Scaling telco and techco presence

International revenue (AED)

(

)

(+49% YoY, 44% of topline)

Careem’s multi-vertical flywheel strengthened through expansion, higher engagement, and improving unit economics

Total GTV (YoY)

Careem Plus members (YoY)

e& money deepened its role as a national cashless and inclusion platform with rapid adoption across payments and remittances

e& money GTV (YoY)

Users

Wio scaled at market-leading pace, strengthening diversification into
high-growth digital financial services (AED)

(

)

bn+

Customer deposits in 2025

Embedding AI, automation and data at scale

Deepening digitisation

new features and improvements on e& UAE app

Digitised billing and
service operations

Careem tickets resolved by AI

AI-enabled financial operations (e& money)

of chats handled by AI and ~40% annual cost reduction

Intelligent network
and operations optimisation
(UAE B2B market)

reduction in billing inquiry response time

Data-led engagement and monetisation

content clicks

playback time on STARZPLAY

Embedding responsibility into growth

Progress against e& Group 2030 environmental targets

Target emissions reduction 2025: 14% Scope 1,2

renewable electricity supply in e& PPF TG entities

renewable/zero carbon electricity supply in our UAE/Egypt Ops

renewable/zero carbon electricity supply across the Group

renewable/zero carbon energy across the Group

Download 2025 Highlights

Key markets

Our geographic footprint

Headquartered in Abu Dhabi with a growing international footprint, e& strives to enrich every day, every moment, for everyone we reach. With operations in 38 countries across the Middle East, Asia, Africa, and Europe, we deliver world-class digital solutions, smart connectivity, and next-generation technologies to over 245 million government, enterprise and consumer subscribers.

Subscribers (total)

Telco / Digital

Egypt
Morocco
Saudi Arabia
Mauritania
Pakistan
United Arab Emirates

Telco

Afghanistan
Chad
Niger
Benin
BeniCôte d’Ivoiren
Togo
Bulgaria
Gabon
Serbia
Burkina Faso
Hungary
Slovakia
Central African Republic
Mali

Digital

Algeria
Kuwait
Syria
Bahrain
Lebanon
Türkiye
Djibouti
Libya
Yemen
Eritrea
Oman
South Africa
Iraq
Palestine
Sudan
Jordan
Qatar
Tunisia

UAE

Flagship market anchoring Group performance through market leadership, scale, and consistently strong cash generation.

100%

ownership

16.3

million customers

Saudi Arabia

Mobily positions the Group at the centre of Saudi Arabia’s high growth, digitally transforming market.

28%

ownership

14.7

million customers

Central
Eastern Europe

Diversified European platform delivering stable returns across Slovakia, Hungary, Bulgaria, and Serbia.

50%

+1 economic
share ownership

14.8

million customers

Morocco

Maroc Telecom provides market leadership in Morocco with a strategic footprint across Sub-Saharan Africa.

53%

ownership

76.7

million customers

Pakistan

PTCL Group operates an integrated fixed, mobile, and microfinance platform serving a large, underserved market.

23%

ownership (58%
voting rights)

73.6

million customers

Egypt

e& Egypt is a fast-growing challenger
driving competition and digital adoption in a high-potential market.

66.4%

ownership

42.3

million customers

Chairman’s statement

Momentum of more

Momentum is not created in moments of ease. It is built through deliberate choices, disciplined execution, and sustained focus on long-term value.

Net Profit (AED)

(

)

0.0

+34% YoY

H.E. Jassem Mohamed Bu Ataba Alzaabi
Chairman

Download Chairman’s Statement

Group CEO’s statements

Earning more at scale

2025 has been a momentous year for e&. Performance reached new highs across the Group, momentum accelerated, and our scale expanded materially across markets and platforms. These results were achieved in an environment of rising complexity and heightened expectations. In this context, success was defined not by ambition alone, but by disciplined execution and the quality of decisions made at scale.

Revenue for 2025 (AED)

(

)

0.0

+23% YoY

Hatem Dowidar
Group Chief Executive Officer

Download CEO’s Statement

Group CFO’s statement

Momentum. Discipline. Value.

2025 was a year of strong growth, accelerating momentum, and tangible value creation across e&’s diversified portfolio. We delivered double-digit growth across key financial metrics, strengthened our balance sheet, and continued to convert strategic investments into sustainable financial performance.

EBITDA (AED)

(

)

0.0

Telco margin 48%

Karim Bennis
Group Chief Financial Officer

Download CFO’s Statement

Stakeholder propositions

A stakeholder first approach to business

At e&, we prioritise building strong, collaborative relationships with all stakeholders, recognising that they are the driving force that enables us to move forward. Every interaction, experience and dialogue counts. Enhancing the perception of our global brand doesn’t rely solely on our services or products, but the overall ecosystem in which we operate to create purposeful impact for our customers, employees, business partners, shareholders and communities.

Download Stakeholder Propositions

Our customers

Putting customers at the heart of our business

We place our customers at the centre of everything we do. Through our superior network capabilities, advanced operations and innovative offerings, we continue to deliver a lasting value every day to our wide range of customers, including individuals, businesses and governments, locally and across our footprint.

Launch of

5G services

Morocco, Egypt & Serbia

Our employees

Empowering and engaging our people

We work tirelessly to shape the digital future by nurturing a resilient workforce that is capable of thriving in a competitive market landscape. We promote a culture that starts and grows with empowering our talented human capital while embracing new technologies to push the limits forward.

Employee Engagement Index

UAE, Holdco & e& life

Our business partners & suppliers

Building strategic alliances for mutual growth

Partners & collaborations

UAE Sovereign Cloud (OneCloud)

UAE Sovereign Launchpad

with AWS

Total Spending (AED)

(

)

Our shareholders

Reinforcing trust with shareholders and the market

We uphold the commitment of regularly and transparently engaging with our shareholders, investment community and other stakeholders through multiple communication channels.

Dividends (AED)

(

)

0.0

DPS 90 fils +8.4% YoY

Our community

Collaborating with our communities

We remain deeply committed to uplifting the communities we serve by bringing positive change through our active engagement and contribution to various initiatives, encompassing different segments including health, education and community development programmes.

Contribution to Community in UAE (AED)

(

)

0.0

Our local and national authorities

Ensuring strong Government partnerships

We continually reinforce our role as a key enabler to the national digital agenda and extend our presence across regional markets. We do so by integrating and bundling multiple services into unified environments to enable governments to modernise services and deliver next-generation technological solutions that drive national-level impact.

Business review

Download Business Review

More leadership -

accelerating into the future with momentum

e& UAE moved through 2025 with a clear sense of ambition and national purpose, driving forward with breakthrough ideas, bold execution and a deep commitment to shaping tomorrow’s digital landscape. Our momentum was defined by the convergence of world-class connectivity, rapid AI adoption, advanced research platforms and continuous progress across every part of the business.

Revenue (AED)

(

)

+5% YoY

EBITDA (AED)

(

)

+4% YoY (51% margin)

OpFCF (AED)

(

)

+4% YoY

More Reach -

expanding internationally with momentum

e& international advanced its global strategy, building on strong execution, expanding capabilities and deepening its presence across diverse markets. The year was defined by progress in network leadership, purposeful investment in digital transformation and a sharpened focus on customer value. As our operations matured and new opportunities emerged, we scaled our reach, strengthened competitiveness and unlocked new growth pathways. This momentum positioned us to deliver greater impact across our footprint and reinforced our role as a key growth driver for e& Group.

Revenue (AED)

(

)

+49% YoY

EBITDA (AED)

(

)

Margin 45%

Subscribers

YoY

More impact -

scaling integrated technologies with momentum

e& enterprise entered 2025 with a sharper mandate to elevate our role as a full-spectrum technology services partner, enabling government and enterprise transformation with greater scale. The year marked meaningful strategic progress across our core portfolios as we accelerated our shift towards profitability-led growth, deepened our presence in priority markets and delivered integrated cloud, cybersecurity, AI and customer experience solutions that supported national digital agendas.

Revenue (AED)

(

)

+22% YoY

Cybersecurity

YoY

Cloud

YoY

More life -

momentum of our consumer ecosystem

This year marked a defining leap for e& life as our consumer ecosystem demonstrated scale, resilience and accelerating momentum across every digital vertical. Careem, e& money, evision & STARZPLAY delivered powerful top line growth and a rising contribution to Group revenue while each platform advanced a clear path towards stronger profitability through sharper unit economics and deeper commercial integration.

e&life revenue (AED)

(

)

+31% YoY

e&money GTV growth

YoY

CareemPlus members

YoY

More diversification -

investing with momentum

e& capital advanced to a new stage of growth in 2025, sharpening its ability to identify high-potential opportunities, scale promising ventures and demonstrate the strength of its investment thesis through successful monetisation events. By end of 2025, our total deployed and committed investments reached USD ~194 million across 20 portfolio companies, expanding a well-diversified portfolio that spans the telecom and digital domains at the core of the e& Group’s strategy.

Investment Portfolio (USD)

(

)

Balanced Investment Stance

Regional

Global

Our approach to sustainability

Delivering on our
sustainability commitments

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Hatem Dowidar
Group Chief Executive Officer

Download Message from the Group CEO

At e&, our approach to sustainability is grounded in a structured, data-driven framework that integrates global standards, national priorities, and the outcomes of our Group-wide double materiality assessment.

Download Sustainability Report

Pillar 1

Managing our environmental footprint

1.
Climate action
2.
Water usage
3.
Waste management and circularity

Pillar 2

Empowering people and giving back to society

4.
Diversity, equity and inclusion
5.
Talent attraction, retention and development
6.
Digital inclusion and access
7.
Health and safety
8.
Community engagement

Pillar 3

Operating responsibly

9.
Ethical business practices
10.
Data privacy
11.
Cybersecutiy
12.
Responsible AI
13.
Sustainable supply chain
14.
Responsible commercialisation

Integrated Annual Report 2025

Contents

Inspiring more

Engaging more

Building more

Meaning more

Collaborating more

Aligning more

Our customers

Inspiring More

Strengthening trust through performance

Raising experience leadership

Strategic Pillars Supported

Our customers

Building more

Driving innovation from within

Creating impact at scale

Strategic Pillars Supported

Our business partners and suppliers

Collaborating More

Expanding shared opportunity

Powering national progress

Strategic Pillars Supported

Our stakeholders

Engaging More

Delivering value with scale

Unlocking returns through asset monetisation

Strategic Pillars Supported

Our communities

Meaning More

Expanding digital accessibility

Supporting social progress

Strategic Pillars Supported

Our local and national authorities

Aligning More

Strengthening national digital agendas

Supporting regulatory alignment and sector growth

Strategic Pillars Supported

Our customers

Inspiring more

Strengthening trust through performance

Raising experience leadership

Strategic pillars supported

Our employees

Building more

Driving innovation from within

Creating impact at scale

Strategic pillars supported

Our business partners and suppliers

Collaborating more

Expanding sharedopportunity

Powering national progress

Strategic pillars supported

Our shareholders

Engaging more

Delivering value with scale

Unlocking returns through asset monetisation

Strategic pillars supported

Our communities

Meaning more

Expanding digital accessibility

Supporting social progress

Strategic pillars supported

Our local and national authorities

Aligning more

Strengthening nationaldigital agendas

Supporting regulatoryalignment and sectorgrowth

Strategic pillars supported

Who we are

More to come – a strategy built for momentum

Our 4D Strategy for 2030

Becoming a global technology group

Our Strategy

Pillars

Double down on core

Key Outcome

Diversify portfolio

Key Outcome

Digitise and transform operations

Key Outcome

Expanding shared
opportunity

Delivering value
with scale

Strengthening national
digital agendas

Supporting regulatory
alignment and sector
growth

Digitise and transform
operations

Momentum. Discipline. Value.

Delivering on our
sustainability commitments