Kuwait Telecommunications K S C P : Transcript of the Analysts Conference

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Date: 3 May 2026

Ref: COMP 882

Dears/ Boursa Kuwait Company

State of Kuwait

Best Regards

Subject: Ku.walt Tetecommunfcat3ons Company stc's Ana1ysts Investors minutes of the conference -Q1, 2026

As per article No. (8-4-2) "ContJnuJnq OblJqatJons In the Premier Market" of Boursa Kuwait Rules Book.

Attached are the Analysts Investors Conference minutes and the presentation for Q1, 2026.

Sincerely Yours,

S■•

2026 mo 3 : _jMI

COMP/882 : joll

Ahmed Ibrahim AL-Murad

Acting Chief Business Excellence Officer

329673 @ 1> 99,873,370.400 ¿@AI ¿AI i .¿.1. . II S UI

Kuwait Telecommun1catJons Company K.S.C.P. PaJd Capital KD 99,873,370.400 CommercJaT RegJstratJon No. 329673

Disclosure of Material Information Form

Kuwait Telecommunications Company stc

Disclosure of Material Information

As per article No. (8-4-2) "Contlnu1ng Ob11gatons In the Premier Market" of Boursa Kuwait Rules Book.

Attached are the Analysts Investors Conference minutes and the presentation for Q1, 2026.

No financial effect

Q1 2026

Kuwait Telecommunications Company (stc)

Analyst and Investors Conference

28 April 2026

2026 ةيلاملا ةنسلا

(stc) ةيتيوكلا تالاصتالا ةكرش

نيرمثتسملاو نيللحملا رمتؤم

2026 ليربأ 28

Q1 2026 Earnings Call 2026 لوŇا عبرلل نيللحملا رمتؤم

1

Q1 2026 Earnings Call

2026 لوŇا عبرلل نيللحملا رمتؤم

Analysts and Investors conference for Q1-2026; held on Tuesday April 28th, 2026, at 14:00 (Kuwait local time).

Participants from Kuwait Telecommunications Company (stc)

ماعل لوألا عبرلل نيرمثتسملاو نيللحملا رمتؤم رضحم يف 2026 ليربأ 28 قفاوملا ءاثالثلا موي دقعنملاو 2026 .تيوكلا ةلودل يلحملا تيقوتلاب ءاسم 2 ةعاسلا مامت

(stc) ةيتيوكلا تلاصتلا ةكرش نم نوكراشملا

• Mr. Khalid Al-Mayouf-Chief Financial Officer

• Ms. Reem Al-Hajri - General Manager Investor Relations and M&A

عاطقلل يذيفنتلا سيئرلا - فويعملا دلاخ /ديسلا • يلاملا

تاقالع ماع ريدم - يرجاهلا مير /ةديسلا • ذاوحتسالاو جامدنإلا تايلمعو نيرمثتسملا

Conference Host رمتؤملا ةرادإ

CI Capital Team لاتيباك يأ يس ةكرش

Noha Baraka ةكرب ىهن

Hello, everyone, and thank you for dialing in. This is Noha Baraka from CI Capital Research. We have the pleasure to be hosting today stc Kuwait's Q1-2026 Results Conference Call.

I would like to hand in the call to Ms. Reem Al Hajri, General Manager - Investor Relations and M&A.

نم ةكرب ىهن انأ .لاصتالا ىلع اًركشو اًعيمج مكب ابًحرم رمتؤم مويلا فيضتسن نأ اندعسي .لاتيباك يأ يس ةكرش لوŇا عبرلل (stc) ةيتيوكلا تالاصتالا ةكرش جئاتنل نيللحملا مير /ةديسلا ىلإ ةملاكملا ليوحت نآلا دوأ. 2026 ماع نم جامدنالا تايلمعو نيرمثتسملا تاقالع ماع ريدم ،يرجاهلا .ذاوحتسالاو

Reem Al Hajri يرجاهلا مير

Thank you, Noha. Good afternoon, and welcome everyone to Kuwait Telecommunications Company (stc Kuwait) earnings call for Q1-2026. This is Reem Al Hajri from the Investor relations team. I'm pleased to take on this call today alongside our CFO, Mr. Khalid Al Mayouf.

رمتؤم يف اًعيمج مكب اًبحرمو ريخلا ءاسم ،ىهن اركش نم لوŇا عبرلل (stc) ةيتيوكلا تالاصتالا ةكرشل نيللحملا نيرمثتسملا تاقالع قيرف نم يرجاهلا مير انأ .2026 ماع عاطقلل يذيفنتلا سيئرلا مويلا انيلإ مضني نأ يندعسيو .فويعملا دلاخ /ديسلا ،يلاملا

Q1 2026 Earnings Call

2026 لوŇا عبرلل نيللحملا رمتؤم

On behalf of the stc Kuwait's management team, I would like to welcome everyone joining the call today. We appreciate your time and interest in stc.

Before we start, I would like to bring to your attention that the information discussed today may include forward-looking statements. They are not a guarantee of our future performance,

مكب بحرأ نأ دوأ ،تيوكلا stc ةرادإ قيرف نع ةباينلاب مكتقول انريدقت نع برعنُو .مويلا لاصتالا اذه يف اًعيمج .stc ـب رمتسملا مكمامتهاو

يتلا تامولعملا نأ ىلإ مكهابتنا تفلأ نأ دوأ ،أدبن نأ لبق يهو .ةيعلطت تانايب نمضتت دق مويلا اهتشقانم متيس اذهل .ةيلبقتسملا انجئاتن وأ انتازاجنإ وأ انئادŇ اًنامض تسيل ةحفصلا يف لماكلا ةيلوؤسملا ءالخإ صن ىلإ ةراشإلا دوأ

achievement, or results. And for that, I would

ىلإ ةملكلا لقنأ نآلاو .يميدقتلا ضرعلا اذه نم

(2)

like to refer you to our full disclaimer on slide 2 of this presentation. Following the presentation, we will open the floor for a Q&A session, so please feel free to submit your questions in the chat the Q&A box at any time throughout the call. With that, I would like to hand the call over to Mr. Khalid Al Mayouf.

حتفنس ،يميدقتلا ضرعلا دعب .فويعملا دلاخ /ديسلا يف ددرتلا مدع ىجري اذل ،ةبوجŇاو ةلئسŇا ةسلجل لاجملا تقو يأ يف (Q&A) ةثداحملا قودنص ربع مكتلئسأ لاسرإ /ديسلا ىلإ ةملاكملا لوّحأُ نأ دوأ ،اذهبو .ةملاكملا لالخ .فوعيملا دلاخ

Khalid Al Mayouf فويعملا دلاخ

Thank you Reem, Alsalam alaikum and good afternoon, everyone, and thank you for joining our call for Q1-2026, and we look forward to more calls and meetings, this year.

Going over the key highlights of Q1-2026, stc's subscriber base reached 2.3 million, representing a year-over-year growth of 5.4%. It is worth mentioning that, since last year, we

ريخلا ءاسم ،هتاكربو هللا ةمحرو مكيلع مالسلا ،مير اًركش نم لوŇا عبرلل يفتاهلا انرمتؤمل مكمامضنال اًركش .اعيمج تاعامتجالاو تالاصتالا نم ديزملا ىلإ علطتنو .2026 ماع .ماعلا اذه لالخ

ةدعاق تغلب ،2026 ماع نم لوŇا عبرلا جئاتن زربأ ىلإ رظنلاب .%5.4 ةبسنب اًيونس اًومن ةًققحم ،ليمع نويلم 2.3 ءالمعلا ذيفنت ىلع انزكر ،يضاملا ماعلا ذنم هنأ ركذلاب ريدجلا نمو نيسحتو ةيحبرلا شماوه زيزعت ىلإ فدهت يتلا انتيجيتارتسا

Q1 2026 Earnings Call

2026 لوŇا عبرلل نيللحملا رمتؤم

have been focusing on implementing our strategy which targets margin and profitability enhancement. Therefore, EBITDA rose by 3.5% year-over-year, which will be discussed further in more details alongside the net profit, in the next slides.

When it comes to operational resiliency, the first quarter witnessed a challenging period in the region. And we are grateful that everyone is safe during this time of uncertainty; where stc's primary focus has been centered around supporting its people and staff.

In addition, we ensured maintaining our strong resilient operations and serving our customers, both individuals and enterprises, without network disruption or any related matter.

Driven by our commitment to creating longterm value to our shareholders, we distributed 38 fils per share in April 2026.

Revenue decreased modestly by 2.4% year-over-year, in line with our strategic transition toward higher-margin, more sustainable revenue streams. This was also influenced by the timing of revenue recognition, which is expected to support future periods.

بئارضلاو دئاوفلا لبق حبرلا عفترا ،هيلع ءًانبو .حابرŇا ةدوج ،يونس ساسأ ىلع %3.5 ةبسنب كالهتسالاو كالهإلاو بناج ىلإ ،ليصفتلا نم ديزمب ءادŇا اذه ىلإ قرطتلا متيسو .ةيلاتلا تاحفصلا يف ،حبرلا يفاص

ةئيلم ةرتف لوŇا عبرلا دهش ،ةيليغشتلا ةنورملاب قلعتي اميف ةمالسل نونتمم نحنو .ةقطنملا ىوتسم ىلع تايدحتلاب زيكرت ناك ثيح ،نيقيلا مدع نم ةلحرملا هذه لالخ عيمجلا .ةيرشبلا اهرداوكو اهيفظوم معد وحن اًهجوم يساسŇا stc

ةنورمو ةوق ىلع ظافحلا ىلع انصرح ،كلذ ىلإ ةفاضإلاب ءاوس ،انئالمع ةمدخ يف رارمتسالاو ،ةيليغشتلا انتايلمع يأ وأ ةكبشلا يف عاطقنا يأ نود ،لامعŇا عاطق وأ دارفŇا .ىرخأ ةيليغشت تاريثأت

،انيمهاسمل لجŇا ةليوط ةميقلا زيزعتب انمازتلا نم اًقالطنا .2026 ليربأ يف مهسلل اًسلف 38 عيزوتب انمق

ساسأ ىلع %2.4 ةبسنب فيفط لكشب تاداريإلا تضفخنا رداصم وحن يجيتارتسالا انلوحت عم اًيشامت كلذو ،يونس ترثأت امك .ةمادتسا رثكأو ىلعأ شماوه تاذ تاداريإ نم يتلاو ، تاداريإلا ضعبب فارتعالا تيقوتب اًضيأ تاداريإلا .ةمداقلا تارتفلا ىلع اًباجيإ سكعنت نأ عقوتملا

Q1 2026 Earnings Call

2026 لوŇا عبرلل نيللحملا رمتؤم

The year-over-year growth of 3.5% in EBITDA reaching KD 23 Mn. in the first three months of 2026, Alhamdulillah, reflects our sound corporate strategy. EBITDA margin also recorded a year-over-year growth of 1.7 percentage points to reach 27.1% during the first three months of 2026 compared to 25.5% in the same period last year.

The same has also been reflected in our net profit, which recorded a year-over-year growth of 1.6% to reach KD 9.2 Mn during the first three months of 2026 compared to KD 9.1 Mn. in the same period last year.

During the first quarter, our capital investments reached KD 9.4 million, primarily driven by network expansion. Investment activity slowed due to the current environment; however, this is a temporary impact, with spending expected to recover in line with our business plan.

Consequently, CapEx intensity ratio has also declined year-over-year by 1.6 percentage points, reaching 11% in the first three months of 2026 compared to 12.6% in the same period last year.

كالهتسالاو كالهإلاو بئارضلاو دئاوفلا لبق حبرلا ققح يتيوك رانيد نويلم 23 ىلإ لصيل %3.5 ةبسنب اًيونس اًومن ام وهو ،هللدمحلا ،2026 ماع نم ىلوŇا رهشأ ةثالثلا لالخ شماه لجس امك .ةيسسؤملا انتيجيتارتسا ةمالس سكعي اًومن كالهتسالاو كالهإلاو بئارضلاو دئاوفلا لبق حبرلا عبرلا لالخ %27.1 ىلإ لصيل ةيوئم ةطقن 1.7 رادقمب اًيونس اهسفن ةرتفلا لالخ %25.5 ـب ةنراقم ،2026 ماع نم لوŇا .يضاملا ماعلا نم

اًومن لجس ثيح ،حبرلا يفاص ىلع اًضيأ كلذ سكعنا دقو لالخ يتيوك رانيد نويلم 9.2 ىلإ لصيل %1.6 ةبسنب اًيونس نويلم 9.1 ـب ةنراقم ،2026 ماع نم ىلوŇا ةثالثلا رهشŇا .يضاملا ماعلا نم اهسفن ةرتفلا لالخ يتيوك رانيد

نويلم 9.4 ةيلامسأرلا انتارامثتسا تغلب ،لوŇا عبرلا لالخ دقو .ةكبشلا ةعسوتل ةجيتن يسيئر لكشب ،يتيوك رانيد نأ الإ ؛ةيلاحلا فورظلل ةجيتن اًؤطابت رامثتسالا ةريتو تدهش قافنإلا تايوتسم دوعت نأ عقوتملا نمو ،تقؤم ريثأتلا اذه .انلامعأ ططخ عم ىشامتي امب اهتعيبط ىلإ

يلامسأرلا قافنإلا زيكرت ةبسن تضفخنا دقف ،كلذ ىلع ءًانبو %11 ىلإ لصتل ،ةيوئم ةطقن 1.6 رادقمب يونس ساسأ ىلع %12.6 ـب ةًنراقم ،2026 ماع نم ىلوŇا ةثالثلا رهشŇا لالخ .يضاملا ماعلا نم اهسفن ةرتفلا لالخ

Q1 2026 Earnings Call

2026 لوŇا عبرلل نيللحملا رمتؤم

Total assets increased by 3.5% year-on-year to KD 497 million, reflecting our continued strategic investments in infrastructure and network expansion as well as receivables and cash flow enhancements.

Shareholders' equity reached KD 210.9 million, reflecting our strong balance sheet which continues to support our focus on delivering long-term value to shareholders.

لصيل يونس ساسأ ىلع %3.5 ةبسنب لوصŇا يلامجإ عفترا انتارامثتسا رارمتسا سكعي امم ،يتيوك رانيد نويلم 497 ىلإ ةفاضإلاب ،ةكبشلا ةعسوتو ةيتحتلا ةينبلا يف ةيجيتارتسالا .ةيدقنلا تاقفدتلا نيسحتو ةنيدملا ممذلا ةرادإ زيزعت ىلإ

امم ،يتيوك رانيد نويلم 210.9 نيمهاسملا قوقح تغلب ىلع انزيكرت معد لصاوي يذلاو ،يلاملا انزكرم ةوق سكعي .نيمهاسملل لجŇا ةليوط ةميق قيقحت

It is also worth mentioning that during this period, we activated our crisis management framework, which was undertaken by our CEO and by all the C-levels in the company. We have implemented proactive measures to safeguard our people and ensure business continuity for our customers across segments, demonstrating the resilience of our operations. We continue to monitor KPIs on a daily basis to support a smooth transition and take swift action on any emerging issues.

We will continue to build on our solid performance and deploy capital in a disciplined manner to deliver sustainable value to our shareholders.

ليعفتب انمق ،ةرتفلا هذه لالخ هنأ اًضيأ ركذلاب ريدجلا نمو ةكراشمبو يذيفنتلا سيئرلا ةدايقب ،انيدل تامزŇا ةرادإ راطإ قيبطتب انمق دقو .ةكرشلا يف ةيذيفنتلا ةرادإلا ءاضعأ عيمج نامضو انيفظوم ةيامح ىلإ فدهت ةيقابتسا تاءارجإ امب ،تاعاطقلا فلتخم ربع انئالمعل لامعŇا ةيرارمتسا ةعباتم لصاون امك .ةيليغشتلا انتايلمع ةنورم سكعي ،سلس لاقتنا معدل يموي لكشب ةيسيئرلا ءادŇا تارشؤم دق تايدحت وأ تادجتسم يأ هاجت ةعيرس تاءارجإ ذاختاو .أرطت

لاملا سأر فيظوت عم ،خسارلا انئادأ ىلع ءانبلا لصاونس .انيمهاسمل ةمادتسم ةميق قيقحت فدهب ،ةطبضنم ةقيرطب

Q1 2026 Earnings Call

2026 لوŇا عبرلل نيللحملا رمتؤم

With that, I would like to thank you all for joining this call, and we'll move to the Q&A session.

لقتنن نآلاو ،لاصتالا اذهل مكمامضنا ىلع مكركشن ،اذهبو .ةبوجŇاو ةلئسŇا ةسلج ىلإ

Reem Al Hajri يرجاهلا مير

Thank you, Khaled.

Ladies and gentlemen, this concludes the

تاظحالم ماتخ ىلإ انلصو دق نوكن اذهب

.دلاخ ،كل اًركش ،يتداسو يتاديس

management remarks. We'll open the door to your questions.

Question 1: Can you elaborate on the key

drivers behind the slight decline in revenues? How should we think about revenue trends over the accounting periods?

The decline in revenue this quarter is temporary and reflects our strategic focus on shifting the revenue mix toward higher-quality, higher-margin streams. We expect this impact to reverse, inshAllah, in the upcoming periods. Question 2: Can you elaborate on the impact of your current geopolitical tensions on your operations and financial performance?

From this perspective, and given disruptions related to airports, shipping, and other logistical constraints, the country has been going through a challenging period. However, we are beginning to see gradual improvements and a reopening of activity, and we remain

مكتلئسŇ نآلا لاجملا حتفنس .ةرادإلا

تدأ يتلا لماوعلا زربأ حيضوت مكنكمي له :لوألا لاؤسلا نأ انل يغبني فيكو ؟تاداريإلا يف فيفطلا ضافخنلا ىلإ ةيبساحملا تارتفلا لالخ تاداريإلا تاهاجتا ىلإ رظنن ؟ةلبقملا

ضافخنا وه عبرلا اذه لالخ تاداريإلا يف ضافخنالا نإ جيزم يف لوحتلا ىلع يجيتارتسالا انزيكرت سكعيو ،تقؤم ةيحبر شماوهو ىلعأ ةدوج تاذ رداصم وحن تاداريإلا لالخ ،هللا ءاش نإ ،ريثأتلا اذه سكعني نأ عقوتنو .لضفأ .ةمداقلا تارتفلا

تارتوتلا رثأ حيضوت مكنكمي له :يناثلا لاؤسلا

؟يلاملا مكئادأو مكتايلمع ىلع ةيلاحلا ةيسايسويجلا

تاراطملاب ةطبترملا تابارطضالا لظ يفو ،روظنملا اذه نم ةرتفب دالبلا رمت ،ةيتسجوللا دويقلا نم اهريغو نحشلاو اًيجيردت اًنسحت سملن انأدب ،كلذ عمو .تايدحتلاب ةئيلم عضولا اذه نأب نيلئافتم ىقبنو ،طاشنلل ةيجيردت ةدوعو .هللا ءاش نإ ،نسحتلا يف رمتسيس

Q1 2026 Earnings Call

2026 لوŇا عبرلل نيللحملا رمتؤم

optimistic that this situation will continue to ease, inshAllah

It is also worth noting that some ICT projects experienced minor delays, whether due to shipping constraints or customer acceptance processes. However, we do not see any material risks of default or project failure.

As a telecom operator, we play a critical role as an essential service provider, and our priority has always been to ensure uninterrupted connectivity for our customers, both individuals and enterprises, always maintaining reliable and high-quality service.

Question 3: We've seen a notable increase in

payables. Can you explain what's driving this?

It is mainly timing related, supported by

ايجولونكت عيراشم ضعب نأ اًضيأ ركذلاب ريدجلا نمو ةجيتن ءاوس ،ةفيفط تاريخأت تدهش تالاصتالاو تامولعملا ىرن ال ،كلذ عمو .ءالمعلا دامتعا تاءارجإ وأ نحشلا دويق .عيراشملا لشف وأ رثعتلاب قلعتت ةيرهوج رطاخم يأ

ةمدخ دوّزمك اًيروحم اًرود بعلن ،تالاصتا لغّشم انتفصبو لاصتالا ةيرارمتسا نامض اًمئاد انتيولوأ تناكو ،ةيساسأ ىلع ظافحلا عم ،لامعŇا عاطق وأ دارفŇا ءاوس ،انئالمعل .تاقوŇا عيمج يف ةدوجلا ةيلاعو ةقوثوم ةمدخ

تدأ يتلا لماوعلا حيضوت مكنكمي له :ثلاثلا لاؤسلا ؟ةنئادلا تاباسحلا يف ظوحلملا عافترلا ىلإ

نسحت نم معدب ،تيقوتلاب يساسأ لكشب رمŇا اذه طبتري

improved collections, we recorded better cash

عبرلا لالخ

لضفأ ةيدقن تاقفدت انلجس ،ليصحتلا تايلمع

inflows in the first quarter. In the current circumstances, we continue to manage working capital efficiently to support business needs and maintain financial flexibility. As a result, we expect working capital to remain within the normal operational range going forward.

لاملا سأر ةرادإ لصاون ،ةيلاحلا فورظلا لظ يفو .لوŇا ىلع ظافحلاو لامعŇا تاجايتحا معدل ةءافكب لماعلا لاملا سأر ىقبي نأ عقوتن ،كلذل ةجيتنو .ةيلاملا ةنورملا .ةلبقملا ةرتفلا لالخ يعيبطلا يليغشتلا قاطنلا نمض لماعلا

Q1 2026 Earnings Call

2026 لوŇا عبرلل نيللحملا رمتؤم

Reem Al Hajri يرجاهلا مير

We would like to thank everyone for joining the call today. Special thanks, of course, to the CI capital team for their support for their presentation. And other updates. Please turn into our IR website and app for updates. And please don't hesitate to contact us for further information again. Thank you again and enjoy your evening.

.مويلا لاصتالا ىلإ مهمامضنا ىلع عيمجلا ركشن نأ دون مهمعد ىلع لاتيباك يآ يس قيرفل عبطلاب صاخ ركشو .ضرعلل مهميدقتو

ينورتكلإلا انعقوم ةرايز ىجري ،ىرخأ تاثيدحت ىلع لوصحلل ددرتلا مدع ءاجرلا .انب صاخلا قيبطتلا وأ نيرمثتسملل ،ىرخأ ةرم مكل ارًكش .تامولعملا نم ديزمل انب لاصتالاب .ةديعس ةيسمأ مكل ىنمتنو

Noha Baraka ةكرب ىهن

On behalf of CI Capital, I would like to thank stc Kuwait management team for their time and comprehensive responses today, and thank you everyone for dialing in. Have a great rest of the day. Bye.

قيرفل ركشلاب مدقتأ نأ دوأ ،لاتيباك يآ يس نع ةباينلاب ،مويلا ةلماشلا مهتاباجإو مهتقو ىلع تيوكلا stc ةرادإ ةيقب مكل ىنمتن .ةملاكملل مهمامضنا ىلع عيمجلا ركشأ امك .ءاقللا ىلإ .ديعس موي

Investors Presentation

Q1 2026

Kuwait Telecommunications Company K.S.C.P.

28 April 2026

Disclaimer

Kuwait Telecommunications Company (stc) has prepared this document to provide shareholders and investors with financial and management information about the Company. On the other hand, stc does not provide any kind of assurance on the content of this document and bears no liability for any result of decisions taken based on the information contained in this document. The Company also bears no liability on any damages resulting from the misuse of information, erroneous information processing or loss of data due to the interruption of transmission while downloading the information presented herein.

The Company would like to acknowledge the readers of this document that any statement, information and/or belief that is not a historical fact is a forward-looking statement based on current expectations and sensible assumptions. These forward-looking statements are subject to inherent risks, uncertainties and unforeseen factors, including but not limited to, fluctuations in the general economic conditions, industry competition, market demand and supply, movements in currency exchange rates and changes in the taxation and other regulatory systems. The Company has no obligation to update data and/or publish information regarding changes in these estimates as well as forward-looking statements and, therefore, does not provide any assurance on achieving these estimates and/or predictions.

This document does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for, or otherwise acquire or dispose of, securities in stc Kuwait. Please be aware that users of this document bear sole responsibility for their investment decisions.

For further information about stc Kuwait, or the materials contained within this document, please direct your enquiries to our Investor Relations team via email at [e-mail] or visit https://www.stc.com.kw/en/about/investor-relations

Investors presentation | Q1 2026 2

Participant

stc Management

• Khaled Al Mayouf - Chief Financial Officer

• Reem Al Hajri - GM, Investor Relations & M&A

  Conference Host

• CI Capital

Investors presentation | Q1 2026 3

First Quarter 2026 Key Highlights

Growth in

Subscriber Base

Subscriber base reached 2.3 million, reflecting a YoY growth of 5.4%.

Enhanced Profitability & Operational Efficiency

EBITDA rose by 3.5% despite lower revenue, while net profit increased by 1.6%, driven improved operating margins and disciplined cost control.

Strengthened Operational Resilience

Implemented proactive initiatives to support network resilience, customer experience, and community

needs during recent regional tensions.

Maximized

Shareholders' value

AGM approved 38 fils/share cash dividend (~KD 38 million), reinforcing stc Kuwait's commitment to

sustainable shareholder returns.

First Quarter 2026 financial highlights

Revenues

EBITDA

Net Profit

EBITDA Margin

EPS

85.3

KD Mn.

23.1

KD Mn.

9.2

KD Mn.

27.1

%

9

Kuwaiti fils

-2.4% YoY

+3.5% YoY

+1.6% YoY

+1.6 pts.

+1.6% YoY

Financial Performance

Investors presentation | Q1 2026 6

First Quarter 2026 financial highlights - Revenues

Revenue reflects a strategic shift in mix toward higher-margin activities, supporting improved quality of earnings.

Revenues

(KD Mn.)

-2.4%

87.4 85.3

• The 2.4% decline in revenues reflects a shift in the revenue mix toward higher-margin activities, in line with the company's strategy to enhance revenue quality and drive sustainable profitability.

3M 2025 3M 2026

Revenue Segmentation (KD Mn.)

• Consumer segment drove ~75% of stc's revenues.

• Enterprise segment capturing ~25% of total revenue, remained stable and well-positioned to capture future growth opportunities.

Consumer Enterprise

Point in time

22.5

26.4% of Total Revenue

Over time

41.8

49.0% of Total Revenue

Point in time

5.0

5.9% of Total Revenue

Over time

16.0

18.7% of Total Revenue

First Quarter 2026 financial highlights - Profitability

Margin expansion and operational efficiency initiatives supported continued profitability growth.

Margins

25.5% 27.1%

EBITDA

(KD Mn.)

+3.5%

22.3 23.1

3M 2025 3M 2026

• EBITDA grew by 3.5% YoY, supported by margin expansion and disciplined cost management.

Margins

10.4% 10.8%

Net Profit

(KD Mn.)

+1.6%

9.1 9.2

• Net profit rose by 1.6% YoY to KD 9.2 Mn, with net profit margin improving to 10.8%.

3M 2025 3M 2026

First Quarter 2026 financial highlights - Investment

CapEx normalized in Q1-2026 following elevated strategic investment in the prior-year period.

Capital Expenditure (KD Mn.)

11.0

-14.3% PPE

• CapEx declined by 14.3% YoY to KD 9.4 Mn, reflecting a high base in the prior period, which included strategic investments in 5G infrastructure to support the launch of 5G Advanced services.

Intangible Assets

6.5

4.5

7.1

2.3

9.4

3M 2025 3M 2026

CapEx Intensity (%)

12.6

-1.6 pt.

• CapEx intensity declined by 1.6 percentage points to 11.0%, reflecting the normalization of investment levels following elevated spending in the prior period.

11.0

3M 2025 3M 2026

First Quarter 2026 financial highlights - Shareholders' Return

Healthy balance sheet reflecting stc's commitment to creating long-term value.

Total Assets

(KD Mn.)

ROA

7.7% 7.5%

• Total assets increased by 3.5% YoY to reach KD 497.0 Mn., reflecting continued strategic investments in infrastructure and network expansion.

+3.5%

480.2 497.0

3M 2025 3M 2026

Shareholders

Equity

(KD Mn.)

ROE

15.9% 16.4%

• Shareholders' equity declined marginally by 1.7% YoY to reach KD 210.9 Mn., mainly reflecting the dividend distribution during the period.

-1.7%

214.6 210.9

3M 2025 3M 2026

With strong fundamentals and clear strategic direction, stc Kuwait is well

placed for long-term value creation

Our proven track record of scaling the business and building differentiated capabilities, reinforcing our competitive position across core and adjacent markets

Today, we present a compelling investment opportunity backed by disciplined capital deployment, consistently delivering value-accretive returns

Forward-looking r.e.a.c.h strategy offers a comprehensive and integrated roadmap to deploy capital across consumer, enterprise, and digital adjacencies

Investors presentation | 3QM1 2026 1111

Investors presentation | Q1 2026 11

Q&A

Investors presentation | Q1 2026 12

Thank you

Investors presentation | Q1 2026 13

Appendix

• Share Performance and Valuation Snapshot

• Share & Market Performance

• Statement of Financial Position (2023 - March 2026)

• Income Statement (2023 - 3M 2025)

Investors presentation | Q1 2026 14

Kuwait Boursa Index Telecom Index

Kuwait*

Share & Market Performance (January - March 2026)

YTD

-2.8%

-5.5%

0.65

Beta

0.619

53 Week Low

0.769

52 Week High

0.680

Average

0.671

Close

Stock Price (KWD)

Return

6.5%

31-Dec-25 15-Jan-26 30-Jan-26 14-Feb-26 1-Mar-26 16-Mar-26 31-Mar-26

*stc Kuwait YTD Total return including 38 fils dividends per share for the year 2025 is +2.8%.

Number of

Shares

DPS

P/E

P/B

BVPS

EPS

998.7Mn

38 fils

19.6x

3.2x

211 fils

9 fils

Investors presentation | Q1 2026

15

Statement of Financial Position 2023 KD Mn		2024 KD Mn	2025 KD Mn	Mar-25 KD Mn	Mar-26 KD Mn
Assets
Property and equipment	161.9	146.4	159.2	144.2	154.7
Goodwill and intangible assets	40.7	41.7	39.2	45.6	43.5
Right of use assets	-	19.9	24.3	28.3	26.2
Trade and other receivables	0.4	0.6	0.3	0.5	0.2
Contract Assets	18.7	20.2	26.7	21.8	27.4
Total non-current assets	221.7	228.8	249.7	240.4	251.9
Inventories	12.8	12.8	12.2	8.9	12.0
Prepayments and other current assets	9.5	14.6	19.0	16.2	15.9
Trade and other receivables	56.9	46.2	46.2	56.8	52.4
Contracts assets	45.3	54.0	61.6	56.4	59.9
Cash, cash balances and deposits	101.4	105.8	90.4	101.5	104.8
Total current assets	226.0	233.4	229.4	239.8	245.1
Total assets	447.7	462.2	479.2	480.2	497.0
Equity And Liabilities
Share capital	99.9	99.9	99.9	99.9	99.9
Statutory reserve	52.5	52.5	52.5	52.5	52.5
Other reserves	(0.1)	0.1	0.1	0.1	0.1
Retained earnings	91.6	88.0	87.1	62.1	58.4
Total equity	243.9	240.5	239.6	214.6	210.9
Employees' end of service benefits	13.6	12.9	13.3	13.4	13.6
Islamic financing facilities	17.3	11.5	5.8	10.1	4.3
Lease liabilities	-	14.6	18.5	22.7	19.1
Trade and other payables	8.7	2.3	1.3	2.0	1.1
Total non-current liabilities	39.5	41.3	38.8	48.1	38.1
Islamic financing facilities	5.8	5.8	5.8	5.8	5.8
Lease liabilities	-	5.7	5.4	6.7	6.7
Bank Borrowings	-	-	-	-	-
Contract liabilities	-	25.6	24.6	26.3	25.4
Trade and other payables	158.6	143.5	164.9	178.8	210.2
Bank overdrafts	-	-	-	-	-
Total current liabilities	164.3	180.4	200.7	217.5	248.0
Total liabilities	203.8	221.8	239.6	265.6	286.1
Total equity and liabilities	447.7	462.2	479.2	480.2	497.0

Statement of Financial Position (2023 - March 2026)

Income Statement (2023 -3M 2026)

Income Statement	2023 KD Mn	2024 KD Mn	2025 KD Mn	3M 2025 KD Mn	3M 2026 KD Mn
Revenue	327.4	336.5	342.5	87.4	85.3
Operating expenses	(170.6)	(183.9)	(183.0)	(48.3)	(44.4)
Staff costs	(27.2)	(25.6)	(26.6)	(6.4)	(7.1)
Expected credit losses on trade & other receivables and contract assets	(14.9)	(12.9)	(11.3)	(3.0)	(3.2)
Depreciation, amortization and write-offs	(50.1)	(50.6)	(54.6)	(12.3)	(12.9)
General and administrative expenses	(30.4)	(29.1)	(28.7)	(7.4)	(7.7)
Finance costs (Net)	(2.0)	(2.6)	(2.2)	(0.6)	(0.5)
Finance income and others, net	2.4	1.5	3.1	0.9	0.8
Profit before Contributions to KFAS, NLST, Zakat and BOD Remuneration	34.6	33.4	39.2	10.2	10.3
Taxation	(1.7)	(1.7)	(4.8)	(1.1)	(1.0)
BOD remuneration	(0.2)	(0.3)	(0.3)	(0.1)	(0.1)
Net Profit for the Year	32.7	31.4	34.1	9.1	9.2
Basic and Diluted Earnings per share (Fils)	31	31	34	9	9

Ticker

Boursa Kuwait: STC

Yahoo Finance: STC.KW

Bloomberg: STCKK

Reuters: STC.KW

Investor Relations Department:

: [e-mail]

: [phone]

: https://www.stc.com.kw

stc Kuwait

Kuwait Telecommunication Company (stc) stc_Kuwait

@stc_Kuwait

Download our IR App

Investors Presentation

Q1 2026

Kuwait Telecommunications Company K.S.C.P.

28 April 2026

Disclaimer

Kuwait Telecommunications Company (stc) has prepared this document to provide shareholders and investors with financial and management information about the Company. On the other hand, stc does not provide any kind of assurance on the content of this document and bears no liability for any result of decisions taken based on the information contained in this document. The Company also bears no liability on any damages resulting from the misuse of information, erroneous information processing or loss of data due to the interruption of transmission while downloading the information presented herein.

The Company would like to acknowledge the readers of this document that any statement, information and/or belief that is not a historical fact is a forward-looking statement based on current expectations and sensible assumptions. These forward-looking statements are subject to inherent risks, uncertainties and unforeseen factors, including but not limited to, fluctuations in the general economic conditions, industry competition, market demand and supply, movements in currency exchange rates and changes in the taxation and other regulatory systems. The Company has no obligation to update data and/or publish information regarding changes in these estimates as well as forward-looking statements and, therefore, does not provide any assurance on achieving these estimates and/or predictions.

This document does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for, or otherwise acquire or dispose of, securities in stc Kuwait. Please be aware that users of this document bear sole responsibility for their investment decisions.

For further information about stc Kuwait, or the materials contained within this document, please direct your enquiries to our Investor Relations team via email at [e-mail] or visit https://www.stc.com.kw/en/about/investor-relations

Investors presentation | Q1 2026 2

Participant

stc Management

• Khaled Al Mayouf - Chief Financial Officer

• Reem Al Hajri - GM, Investor Relations & M&A

  Conference Host

• CI Capital

Investors presentation | Q1 2026 3

First Quarter 2026 Key Highlights

Growth in

Subscriber Base

Subscriber base reached 2.3 million, reflecting a YoY growth of 5.4%.

Enhanced Profitability & Operational Efficiency

EBITDA rose by 3.5% despite lower revenue, while net profit increased by 1.6%, driven improved operating margins and disciplined cost control.

Strengthened Operational Resilience

Implemented proactive initiatives to support network resilience, customer experience, and community

needs during recent regional tensions.

Maximized

Shareholders' value

AGM approved 38 fils/share cash dividend (~KD 38 million), reinforcing stc Kuwait's commitment to

sustainable shareholder returns.

First Quarter 2026 financial highlights

Revenues

EBITDA

Net Profit

EBITDA Margin

EPS

85.3

KD Mn.

23.1

KD Mn.

9.2

KD Mn.

27.1

%

9

Kuwaiti fils

-2.4% YoY

+3.5% YoY

+1.6% YoY

+1.6 pts.

+1.6% YoY

Financial Performance

Investors presentation | Q1 2026 6

First Quarter 2026 financial highlights - Revenues

Revenue reflects a strategic shift in mix toward higher-margin activities, supporting improved quality of earnings.

Revenues

(KD Mn.)

-2.4%

87.4 85.3

• The 2.4% decline in revenues reflects a shift in the revenue mix toward higher-margin activities, in line with the company's strategy to enhance revenue quality and drive sustainable profitability.

3M 2025 3M 2026

Revenue Segmentation (KD Mn.)

• Consumer segment drove ~75% of stc's revenues.

• Enterprise segment capturing ~25% of total revenue, remained stable and well-positioned to capture future growth opportunities.

Consumer Enterprise

Point in time

22.5

26.4% of Total Revenue

Over time

41.8

49.0% of Total Revenue

Point in time

5.0

5.9% of Total Revenue

Over time

16.0

18.7% of Total Revenue

First Quarter 2026 financial highlights - Profitability

Margin expansion and operational efficiency initiatives supported continued profitability growth.

Margins

25.5% 27.1%

EBITDA

(KD Mn.)

+3.5%

22.3 23.1

3M 2025 3M 2026

• EBITDA grew by 3.5% YoY, supported by margin expansion and disciplined cost management.

Margins

10.4% 10.8%

Net Profit

(KD Mn.)

+1.6%

9.1 9.2

• Net profit rose by 1.6% YoY to KD 9.2 Mn, with net profit margin improving to 10.8%.

3M 2025 3M 2026

First Quarter 2026 financial highlights - Investment

CapEx normalized in Q1-2026 following elevated strategic investment in the prior-year period.

Capital Expenditure (KD Mn.)

11.0

-14.3% PPE

• CapEx declined by 14.3% YoY to KD 9.4 Mn, reflecting a high base in the prior period, which included strategic investments in 5G infrastructure to support the launch of 5G Advanced services.

Intangible Assets

6.5

4.5

7.1

2.3

9.4

3M 2025 3M 2026

CapEx Intensity (%)

12.6

-1.6 pt.

• CapEx intensity declined by 1.6 percentage points to 11.0%, reflecting the normalization of investment levels following elevated spending in the prior period.

11.0

3M 2025 3M 2026

First Quarter 2026 financial highlights - Shareholders' Return

Healthy balance sheet reflecting stc's commitment to creating long-term value.

Total Assets

(KD Mn.)

ROA

7.7% 7.5%

• Total assets increased by 3.5% YoY to reach KD 497.0 Mn., reflecting continued strategic investments in infrastructure and network expansion.

+3.5%

480.2 497.0

3M 2025 3M 2026

Shareholders

Equity

(KD Mn.)

ROE

15.9% 16.4%

• Shareholders' equity declined marginally by 1.7% YoY to reach KD 210.9 Mn., mainly reflecting the dividend distribution during the period.

-1.7%

214.6 210.9

3M 2025 3M 2026

With strong fundamentals and clear strategic direction, stc Kuwait is well

placed for long-term value creation

Our proven track record of scaling the business and building differentiated capabilities, reinforcing our competitive position across core and adjacent markets

Today, we present a compelling investment opportunity backed by disciplined capital deployment, consistently delivering value-accretive returns

Forward-looking r.e.a.c.h strategy offers a comprehensive and integrated roadmap to deploy capital across consumer, enterprise, and digital adjacencies

Investors presentation | 3QM1 2026 1111

Investors presentation | Q1 2026 11