EMIRATES TELECOMMUNICATIONS GROUP COMPANY

Financials Emirates Telecommunications Group Company

Equities

EAND

AEE000401019

Integrated Telecommunications Services

Delayed Abu Dhabi Securities Exchange Other stock markets 12:34:19 10/07/2025 pm IST			5-day change	1st Jan Change
17.94 ^AED	+0.22%		+2.51%	+9.93%

17/06	Emirati Stocks Slip as US Fed Decision Nears, Middle East Conflict Continues	MT
17/06	UAE's e& Adjusts Stake in Vodafone	MT

Projected Income Statement: Emirates Telecommunications Group Company

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	51,708	53,342	52,432	53,752	59,203	69,934	74,250	78,359
Change	-	3.16%	-1.71%	2.52%	10.14%	18.13%	6.17%	5.53%
EBITDA ¹	27,768	26,232	26,761	26,214	26,454	30,548	32,338	34,182
Change	-	-5.53%	2.02%	-2.05%	0.92%	15.48%	5.86%	5.7%
EBIT ¹	14,471	12,792	12,924	12,832	20,061	21,239	22,625	24,251
Change	-	-11.6%	1.03%	-0.71%	56.34%	5.87%	6.53%	7.19%
Interest Paid ¹	-2,361	-1,284	-2,674	-3,928	-5,212	-4,555	-3,495	-4,114
Earnings before Tax (EBT) ¹	11,766	12,804	12,278	12,698	17,582	17,951	17,639	19,374
Change	-	8.82%	-4.11%	3.43%	38.46%	2.1%	-1.74%	9.83%
Net income ¹	9,027	9,317	10,007	10,305	10,752	12,489	12,220	13,060
Change	-	3.21%	7.41%	2.97%	4.34%	16.16%	-2.16%	6.88%
Announcement Date	14/02/21	14/02/22	13/02/23	21/02/24	13/02/25	-	-	-

¹AED in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	12,492	13,039	13,064	13,220	13,216	13,294	13,613	13,331	12,996	12,973	13,132	13,002	13,614	13,397	13,738	14,214	14,092	14,424	16,473	16,864	17,145	17,212	18,406
Change	-	4.38%	0.19%	1.19%	-0.03%	0.59%	2.4%	-2.07%	-2.52%	-0.18%	1.23%	-0.99%	4.7%	-1.59%	2.55%	3.46%	-0.85%	2.36%	14.2%	2.38%	1.67%	0.39%	6.94%
EBITDA ¹	6,889	7,240	-	6,696	6,617	6,785	6,290	6,806	6,489	6,841	6,424	5,902	6,567	6,981	6,764	6,369	6,789	6,488	7,017	7,377	7,632	7,627	7,991
Change	-	5.09%	-	-	-1.18%	2.55%	-7.29%	8.19%	-4.65%	5.42%	-6.09%	-8.14%	11.27%	6.3%	-3.1%	-5.85%	6.6%	-4.43%	8.15%	5.13%	3.46%	-0.07%	4.77%
EBIT ¹	3,578	3,868	-	3,361	3,269	3,273	2,890	3,416	3,263	3,320	2,926	2,939	3,590	3,630	2,673	4,810	5,538	3,831	4,606	5,065	5,641	-	-
Change	-	8.11%	-	-	-2.74%	0.12%	-11.69%	18.19%	-4.48%	1.74%	-11.87%	0.45%	22.17%	1.11%	-26.37%	79.96%	15.13%	-30.82%	20.23%	9.95%	11.38%	-	-
Charge d'intérêts ¹	-835.2	-491.1	-	-373.8	-202.3	-271.2	-436.7	-484.6	-814	-581.5	-794.2	-862.4	-860.2	-1,309	-896.1	-1,162	-2,106	-700.3	-1,244	-701.9	-1,294	-	-
Earnings before Tax (EBT) ¹	2,768	3,357	-	3,188	3,350	3,366	2,900	3,143	2,740	3,245	-	2,612	3,219	3,617	-	2,943	2,587	3,692	4,336	6,440	3,849	3,314	3,636
Change	-	21.28%	-	-	5.09%	0.48%	-13.84%	8.37%	-12.82%	18.43%	-	-	23.26%	12.37%	-	-	-12.1%	42.73%	17.44%	48.54%	-40.24%	-13.88%	9.71%
Net income ¹	2,388	2,412	-	2,350	2,395	2,436	2,136	2,434	2,431	2,484	2,658	2,187	2,522	2,979	2,616	2,330	3,165	2,963	2,295	5,355	2,807	2,756	2,830
Change	-	1.02%	-	-	1.92%	1.72%	-12.35%	13.97%	-0.11%	2.15%	7.05%	-17.74%	15.35%	18.12%	-12.2%	-10.95%	35.86%	-6.39%	-22.53%	133.3%	-47.58%	-1.82%	2.7%
Announcement Date	21/07/20	21/10/20	14/02/21	28/04/21	29/07/21	31/10/21	14/02/22	25/04/22	01/08/22	01/11/22	13/02/23	02/05/23	01/08/23	31/10/23	21/02/24	30/04/24	31/07/24	30/10/24	13/02/25	28/04/25	-	-	-

¹AED in Million

Estimates

Forecast Balance Sheet: Emirates Telecommunications Group Company

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-1,859	-189	18,260	23,514	39,975	34,577	32,684	29,652
Change	-	89.83%	9,761.38%	28.77%	70.01%	-13.5%	-5.47%	-9.28%
Announcement Date	14/02/21	14/02/22	13/02/23	21/02/24	13/02/25	-	-	-

¹AED in Million

Estimates

Cash Flow Forecast: Emirates Telecommunications Group Company

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	7,096	8,362	8,037	7,287	9,507	10,998	10,628	11,142
Change	-	17.85%	-3.89%	-9.33%	30.46%	15.69%	-3.36%	4.83%
Free Cash Flow (FCF) ¹	11,873	9,749	11,097	7,918	12,226	11,237	10,940	12,952
Change	-	-17.89%	13.83%	-28.65%	54.4%	-8.09%	-2.65%	18.39%
Announcement Date	14/02/21	14/02/22	13/02/23	21/02/24	13/02/25	-	-	-

¹AED in Million

Estimates

Forecast Financial Ratios: Emirates Telecommunications Group Company

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	53.7%	49.18%	51.04%	48.77%	44.68%	43.68%	43.55%	43.62%
EBIT Margin (%)	27.99%	23.98%	24.65%	23.87%	33.89%	30.37%	30.47%	30.95%
EBT Margin (%)	22.76%	24%	23.42%	23.62%	29.7%	25.67%	23.76%	24.72%
Net margin (%)	17.46%	17.47%	19.09%	19.17%	18.16%	17.86%	16.46%	16.67%
FCF margin (%)	22.96%	18.28%	21.16%	14.73%	20.65%	16.07%	14.73%	16.53%
FCF / Net Income (%)	131.53%	104.63%	110.89%	76.84%	113.71%	89.98%	89.52%	99.17%
Profitability
ROA	6.91%	7.13%	7.32%	7.06%	6.51%	6.82%	6.62%	6.9%
ROE	18.41%	19.29%	22.27%	24.27%	24.38%	25.14%	22.89%	22.5%
Financial Health
Leverage (Debt/EBITDA)	-	-	0.68x	0.9x	1.51x	1.13x	1.01x	0.87x
Debt / Free cash flow	-	-	1.65x	2.97x	3.27x	3.08x	2.99x	2.29x
Capital Intensity
CAPEX / Current Assets (%)	13.72%	15.68%	15.33%	13.56%	16.06%	15.73%	14.31%	14.22%
CAPEX / EBITDA (%)	25.55%	31.88%	30.03%	27.8%	35.94%	36%	32.87%	32.6%
CAPEX / FCF (%)	59.76%	85.78%	72.43%	92.03%	77.76%	97.87%	97.16%	86.03%
Items per share
Cash flow per share ¹	2.181	2.082	2.2	1.748	2.499	2.16	2.433	2.767
Change	-	-4.53%	5.66%	-20.53%	42.93%	-13.56%	12.62%	13.74%
Dividend per Share ¹	0.8	0.8	0.8	0.8	0.83	0.8633	0.8909	0.931
Change	-	0%	0%	0%	3.75%	4.02%	3.19%	4.49%
Book Value Per Share ¹	5.638	4.303	4.86	4.905	5.239	6.065	6.613	7.403
Change	-	-23.69%	12.95%	0.93%	6.81%	15.75%	9.05%	11.94%
EPS ¹	1.04	1.07	1.15	1.18	1.24	1.437	1.426	1.544
Change	-	2.88%	7.48%	2.61%	5.08%	15.88%	-0.75%	8.25%
Nbr of stocks (in thousands)	86,96,754	86,96,754	86,96,754	86,96,754	86,96,754	86,96,754	86,96,754	86,96,754
Announcement Date	14/02/21	14/02/22	13/02/23	21/02/24	13/02/25	-	-	-