Ooredoo

1. Company Overview & Earnings Context

Ooredoo Group reported its Q1 2026 results, delivering a strong and stable performance, with steady revenue growth and improved profitability across its diversified markets.

2. Financial Performance Snapshot

• Revenue: ~AED 6.26B (+6.0% YoY)

• EBITDA: ~AED 2.74B (+6.9% YoY)

• Net profit: ~AED 1.01B (+4.7% YoY)

• EBITDA margin: 43.8% (+0.4pp YoY)

• Free cash flow: ~AED 2.13B (+5.2% YoY)

• CAPEX: ~AED 0.62B (+13% YoY)

3. Operational Highlights & Key Metrics

• Customer base: 147.1M (including IOH)

• Core customers: 53.7M (+3.2% YoY)

• Net debt-to-EBITDA: 0.6x (strong balance sheet)

• Cash reserves: ~AED 12.9B (strong liquidity position)

• Dividend: QAR 0.75 per share approved

4. Key Performance Drivers

Ooredoo’s Q1 performance was driven by broad-based growth across key markets, particularly Algeria and Tunisia, alongside stable contributions from core regions such as Qatar, Kuwait, and Iraq, as highlighted in the press release (page 1–2).

Revenue growth translated into higher EBITDA, supported by operating leverage and cost efficiency initiatives, leading to a slight improvement in margins. Additionally, disciplined capital allocation and strong cash generation supported free cash flow growth.

Strategically, the group continued to invest in digital infrastructure (data centers, subsea cables, and fibre networks), reinforcing long-term growth drivers beyond traditional telecom operations.

5. Outlook & Forward Guidance

Management maintains its FY2026 guidance unchanged, with Q1 performance in line with expectations. The group remains focused on cost discipline, capital efficiency, and strategic investments, while monitoring regional uncertainties and maintaining flexibility in capital deployment.

6. 🧾 Investor Takeaway

Ooredoo delivered steady growth with improving margins and strong cash flow, supported by diversified operations and disciplined execution across markets.