EMIRATES TELECOMMUNICATIONS GROUP COMPANY

Financials Emirates Telecommunications Group Company

Equities

EAND

AEE000401019

Integrated Telecommunications Services

Market Closed - Abu Dhabi Securities Exchange Other stock markets 04:27:49 23/01/2026 pm IST			5-day change	1st Jan Change
19.66 ^AED	-1.70%		+0.82%	+7.20%

22/01	UAE's e& to Collaborate With Emergence for AI Adoption	MT
19/01	UAE's E& Partners with IBM for Agentic AI Deployment	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	72,525	77,548	81,591
Change	-	3.16%	-1.71%	2.52%	10.14%	22.5%	6.93%	5.21%
EBITDA ¹	27,768	26,232	26,761	26,214	26,454	31,926	33,927	35,560
Change	-	-5.53%	2.02%	-2.05%	0.92%	20.68%	6.27%	4.81%
EBIT ¹	14,471	12,792	12,924	12,832	20,061	21,963	23,489	25,467
Change	-	-11.6%	1.03%	-0.71%	56.34%	9.48%	6.95%	8.42%
Interest Paid ¹	-2,361	-1,284	-2,674	-3,928	-5,212	-4,426	-3,548	-3,460
Earnings before Tax (EBT) ¹	11,766	12,804	12,278	12,698	17,582	20,060	17,502	19,083
Change	-	8.82%	-4.11%	3.43%	38.46%	14.09%	-12.75%	9.03%
Net income ¹	9,027	9,317	10,007	10,305	10,752	13,888	12,395	13,255
Change	-	3.21%	7.41%	2.97%	4.34%	29.16%	-10.75%	6.94%
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 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	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	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	18,046	18,629	19,404	18,723	19,512	19,816
Change	-	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%	7%	3.23%	4.16%	-3.51%	4.21%	1.56%
EBITDA ¹	-	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	8,034	8,463	7,719	8,120	8,634	8,806
Change	-	-	-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%	8.9%	5.34%	-8.79%	5.19%	6.33%	2%
EBIT ¹	-	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	6,342	5,892	3,773	-	-	-
Change	-	-	-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%	25.21%	-7.09%	-35.96%	-	-	-
Charge d'intérêts	-	-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	-1,401	-994.4	-	-	-	-
Earnings before Tax (EBT) ¹	-	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	5,420	3,977	3,142	-	-	-
Change	-	-	5.09%	0.48%	-13.84%	8.37%	-12.82%	18.43%	-	-	23.26%	12.37%	-	-	-12.1%	42.73%	17.44%	48.54%	-15.84%	-26.62%	-21%	-	-	-
Net income ¹	-	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	3,472	2,986	2,660	2,874	3,105	3,390
Change	-	-	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%	-35.15%	-14%	-10.93%	8.04%	8.04%	9.19%
Announcement Date	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	30/07/25	28/10/25	-	-	-	-

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	32,812	28,630	24,390
Change	-	89.83%	9,761.38%	28.77%	70.01%	-17.92%	-12.75%	-14.81%
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	12,254	11,206	11,638
Change	-	17.85%	-3.89%	-9.33%	30.46%	28.9%	-8.55%	3.85%
Free Cash Flow (FCF) ¹	11,873	9,749	11,097	7,918	12,226	13,368	12,882	14,038
Change	-	-17.89%	13.83%	-28.65%	54.4%	9.34%	-3.64%	8.98%
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%	44.02%	43.75%	43.58%
EBIT Margin (%)	27.99%	23.98%	24.65%	23.87%	33.89%	30.28%	30.29%	31.21%
EBT Margin (%)	22.76%	24%	23.42%	23.62%	29.7%	27.66%	22.57%	23.39%
Net margin (%)	17.46%	17.47%	19.09%	19.17%	18.16%	19.15%	15.98%	16.25%
FCF margin (%)	22.96%	18.28%	21.16%	14.73%	20.65%	18.43%	16.61%	17.21%
FCF / Net Income (%)	131.53%	104.63%	110.89%	76.84%	113.71%	96.26%	103.93%	105.91%
Profitability
ROA	6.91%	7.13%	7.32%	7.06%	6.51%	7.65%	5.9%	6.3%
ROE	18.41%	19.29%	22.27%	24.27%	24.38%	26.86%	22.11%	22.08%
Financial Health
Leverage (Debt/EBITDA)	-	-	0.68x	0.9x	1.51x	1.03x	0.84x	0.69x
Debt / Free cash flow	-	-	1.65x	2.97x	3.27x	2.45x	2.22x	1.74x
Capital Intensity
CAPEX / Current Assets (%)	13.72%	15.68%	15.33%	13.56%	16.06%	16.9%	14.45%	14.26%
CAPEX / EBITDA (%)	25.55%	31.88%	30.03%	27.8%	35.94%	38.38%	33.03%	32.73%
CAPEX / FCF (%)	59.76%	85.78%	72.43%	92.03%	77.76%	91.66%	86.99%	82.9%
Items per share
Cash flow per share ¹	2.181	2.082	2.2	1.748	2.499	2.879	2.782	2.932
Change	-	-4.53%	5.66%	-20.53%	42.93%	15.22%	-3.38%	5.38%
Dividend per Share ¹	0.8	0.8	0.8	0.8	0.83	0.86	0.896	0.9352
Change	-	0%	0%	0%	3.75%	3.61%	4.19%	4.37%
Book Value Per Share ¹	5.638	4.303	4.86	4.905	5.239	6.231	6.769	7.356
Change	-	-23.69%	12.95%	0.93%	6.81%	18.93%	8.64%	8.68%
EPS ¹	1.04	1.07	1.15	1.18	1.24	1.62	1.448	1.558
Change	-	2.88%	7.48%	2.61%	5.08%	30.64%	-10.61%	7.58%
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	-	-	-