Emirates Integrated Telecommunications Company

1. Company Overview & H1 2026 Performance

Emirates Integrated Telecommunications Company PJSC (du) delivered a resilient first half of 2026, reporting strong growth in revenue, profitability and cash generation despite a softer operating environment. Revenue increased by 5.8% year-on-year to AED 8.2 billion, while net profit rose 12.6% to AED 1.63 billion. The company also expanded its EBITDA margin to 49.2% and announced an interim cash dividend of AED 0.26 per share.

2. Financial Performance Snapshot

• Revenue: AED 8.20B (+5.8% YoY)

• Service Revenue: AED 6.03B (+7.7% YoY)

• EBITDA: AED 4.03B (+10.5% YoY)

• EBITDA Margin: 49.2% (vs. 47.1%)

• Net Profit: AED 1.63B (+12.6% YoY)

• Operating Free Cash Flow: AED 2.99B (+9.7% YoY)

• Basic EPS: AED 0.36 (vs. AED 0.32)

Compared with H1 2025:

• Revenue increased from AED 7.75B to AED 8.20B.

• EBITDA rose from AED 3.65B to AED 4.03B.

• Net profit increased from AED 1.45B to AED 1.63B.

• EBITDA margin expanded by 2.1 percentage points to 49.2%.

3. Operational Highlights & Key Metrics

• Total Assets: AED 17.62B

• Total Equity: AED 9.97B

• Cash & Bank Balances: AED 307M

• Property, Plant & Equipment: AED 10.34B

• Right-of-Use Assets: AED 1.42B

• Intangible Assets: AED 907M

• Mobile Subscribers: 9.3M (+1.6% YoY)

• Fixed Subscribers: 744K (+5.5% YoY)

4. Key Performance Drivers

Growth during H1 2026 was driven by continued strength in the core telecom business:

• Service revenue grew 7.7% year-on-year, supported by strong demand across mobile and fixed services.

• Fixed revenue increased 11.6%, driven by enterprise connectivity and Home Wireless services.

• Mobile revenue grew 3.7% on the back of an improved customer mix.

• EBITDA increased 9.2% in Q2 as disciplined cost management and a stronger revenue mix expanded margins.

• Capital expenditure accelerated as du continued investing in network expansion and data centre infrastructure.

5. Strategic Highlights & Outlook

Key developments during H1 2026 included:

• Board approved an interim cash dividend of AED 0.26 per share, an 8.3% increase year-on-year.

• Capital deployment accelerated ahead of launching services under its agreement with a global hyperscaler.

• du launched du Ventures in partnership with Shorooq to invest in early and growth-stage companies developing emerging technologies.

• Continued investments in cloud, AI and data centre infrastructure to strengthen its digital ecosystem.

Management stated that disciplined execution, customer-focused initiatives and ongoing digital infrastructure investments position the company for sustainable long-term growth despite challenging market conditions.

6. Investor Takeaway

du delivered another strong set of results, combining solid revenue growth with expanding margins, double-digit profit growth and healthy cash generation. Continued investment in next-generation digital infrastructure, AI, cloud services and venture investments, together with an increased interim dividend, reflects management's confidence in the company's long-term growth strategy and commitment to delivering shareholder value.