Emirates Telecom

Emirates Telecom. Group Company (Etisalat Group) PJSC

EANDStocksAbu Dhabi Securities ExchangeTelecommunications

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (AED)

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operations
Operating Cash Flow	26.05B	21.73B	15.21B	19.13B	18.11B
Free Cash Flow	17.97B	15.03B	9.17B	12.39B	11.66B
Capital Expenditures	-8.08B	-6.71B	-6.04B	-6.75B	-6.45B
Investing & Financing
Investing Cash Flow	-9.55B	-22.98B	2.08B	-48.46B	0.64B
Financing Cash Flow	-17.19B	0.39B	-10.60B	13.62B	-13.09B
Dividends Paid	-8.09B	-8.10B	-7.68B	-8.04B	-8.10B
Operating Activities
Operating Cash Flow	26.05B	21.73B	15.21B	19.13B	18.11B
Net Income	14.36B	10.75B	10.30B	10.01B	9.32B
Change in Accounts Payable	2.78B	4.00B	2.06B	4.04B	0.82B
Change in Accounts Receivable	-1.38B	-0.54B	-1.52B	-2.58B	-0.38B
Change in Inventory	-30.77M	87.16M	-123.38M	-292.10M	-66.30M
Change in Other Net Operating Assets	46.02M	-45.05M	53.64M	-30.29M	-6.48M
Change in Working Capital	1.42B	3.50B	0.47B	1.13B	0.37B
Other Operating Activities	1.41B	1.28B	-2.70B	0.76B	0.38B
Depreciation & Amortization	10.78B	7.38B	7.81B	7.65B	8.20B
Cash Interest Paid	3.26B	5.84B	3.13B	1.43B	1.15B
Cash Income Tax Paid	2.13B	1.49B	1.92B	1.84B	2.12B
Loss (Gain) on Equity Investments	-1.95B	-2.48B	-0.76B	-0.42B	-0.30B
Asset Writedown & Restructuring Costs	0.03B	1.30B	0.08B	0.00B	0.15B
Investing Activities
Investing Cash Flow	-9.55B	-22.98B	2.08B	-48.46B	0.64B
Capital Expenditures	-8.08B	-6.71B	-6.04B	-6.75B	-6.45B
Cash Acquisitions	-4.99B	-10.07B	-0.09B	-0.22B	-1.92B
Divestitures	—	210.42M	-2.96M	—	—
Investment in Securities	4.14B	-8.22B	5.62B	-41.87B	9.71B
Other Investing Activities	4.35B	4.40B	3.70B	1.60B	1.16B
Sale (Purchase) of Intangibles	-5.26B	-2.80B	-1.22B	-1.29B	-1.91B
Sale of Property, Plant & Equipment	278.48M	202.66M	105.74M	67.20M	50.31M
Financing Activities
Financing Cash Flow	-17.19B	0.39B	-10.60B	13.62B	-13.09B
Common Dividends Paid	-8.09B	-8.10B	-7.68B	-8.04B	-8.10B
Long-Term Debt Issued	45.30B	27.10B	26.41B	30.44B	10.64B
Long-Term Debt Repaid	-51.13B	-12.77B	-26.20B	-7.35B	-10.93B
Net Debt Issued (Repaid)	-5.83B	14.33B	0.21B	23.09B	-0.29B
Other Financing Activities	-3.26B	-5.84B	-3.13B	-1.43B	-1.22B
Free Cash Flow & Returns
Free Cash Flow	17.97B	15.03B	9.17B	12.39B	11.66B
Free Cash Flow Growth	+19.6%	+63.9%	-26.0%	+6.2%	-9.5%
Free Cash Flow Margin	+24.7%	+25.4%	+17.1%	+23.6%	+21.9%
Free Cash Flow Per Share	2.07	1.73	1.05	1.42	1.34
Levered Free Cash Flow	16.71B	8.26B	5.09B	7.54B	5.60B
Unlevered Free Cash Flow	18.29B	10.72B	7.05B	8.78B	6.35B
Operating Cash Flow Growth	+19.9%	+42.9%	-20.5%	+5.7%	-4.5%
Net Cash Flow	-0.49B	-2.58B	6.97B	-16.71B	6.71B
Foreign Exchange Rate Adjustments	0.20B	-1.72B	0.28B	-1.00B	1.04B

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (AED)

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operations
Operating Cash Flow	26.05B	21.73B	15.21B	19.13B	18.11B
Free Cash Flow	17.97B	15.03B	9.17B	12.39B	11.66B
Capital Expenditures	-8.08B	-6.71B	-6.04B	-6.75B	-6.45B
Investing & Financing
Investing Cash Flow	-9.55B	-22.98B	2.08B	-48.46B	0.64B
Financing Cash Flow	-17.19B	0.39B	-10.60B	13.62B	-13.09B
Dividends Paid	-8.09B	-8.10B	-7.68B	-8.04B	-8.10B
Operating Activities
Operating Cash Flow	26.05B	21.73B	15.21B	19.13B	18.11B
Net Income	14.36B	10.75B	10.30B	10.01B	9.32B
Change in Accounts Payable	2.78B	4.00B	2.06B	4.04B	0.82B
Change in Accounts Receivable	-1.38B	-0.54B	-1.52B	-2.58B	-0.38B
Change in Inventory	-30.77M	87.16M	-123.38M	-292.10M	-66.30M
Change in Other Net Operating Assets	46.02M	-45.05M	53.64M	-30.29M	-6.48M
Change in Working Capital	1.42B	3.50B	0.47B	1.13B	0.37B
Other Operating Activities	1.41B	1.28B	-2.70B	0.76B	0.38B
Depreciation & Amortization	10.78B	7.38B	7.81B	7.65B	8.20B
Cash Interest Paid	3.26B	5.84B	3.13B	1.43B	1.15B
Cash Income Tax Paid	2.13B	1.49B	1.92B	1.84B	2.12B
Loss (Gain) on Equity Investments	-1.95B	-2.48B	-0.76B	-0.42B	-0.30B
Asset Writedown & Restructuring Costs	0.03B	1.30B	0.08B	0.00B	0.15B
Investing Activities
Investing Cash Flow	-9.55B	-22.98B	2.08B	-48.46B	0.64B
Capital Expenditures	-8.08B	-6.71B	-6.04B	-6.75B	-6.45B
Cash Acquisitions	-4.99B	-10.07B	-0.09B	-0.22B	-1.92B
Divestitures	—	210.42M	-2.96M	—	—
Investment in Securities	4.14B	-8.22B	5.62B	-41.87B	9.71B
Other Investing Activities	4.35B	4.40B	3.70B	1.60B	1.16B
Sale (Purchase) of Intangibles	-5.26B	-2.80B	-1.22B	-1.29B	-1.91B
Sale of Property, Plant & Equipment	278.48M	202.66M	105.74M	67.20M	50.31M
Financing Activities
Financing Cash Flow	-17.19B	0.39B	-10.60B	13.62B	-13.09B
Common Dividends Paid	-8.09B	-8.10B	-7.68B	-8.04B	-8.10B
Long-Term Debt Issued	45.30B	27.10B	26.41B	30.44B	10.64B
Long-Term Debt Repaid	-51.13B	-12.77B	-26.20B	-7.35B	-10.93B
Net Debt Issued (Repaid)	-5.83B	14.33B	0.21B	23.09B	-0.29B
Other Financing Activities	-3.26B	-5.84B	-3.13B	-1.43B	-1.22B
Free Cash Flow & Returns
Free Cash Flow	17.97B	15.03B	9.17B	12.39B	11.66B
Free Cash Flow Growth	+19.6%	+63.9%	-26.0%	+6.2%	-9.5%
Free Cash Flow Margin	+24.7%	+25.4%	+17.1%	+23.6%	+21.9%
Free Cash Flow Per Share	2.07	1.73	1.05	1.42	1.34
Levered Free Cash Flow	16.71B	8.26B	5.09B	7.54B	5.60B
Unlevered Free Cash Flow	18.29B	10.72B	7.05B	8.78B	6.35B
Operating Cash Flow Growth	+19.9%	+42.9%	-20.5%	+5.7%	-4.5%
Net Cash Flow	-0.49B	-2.58B	6.97B	-16.71B	6.71B
Foreign Exchange Rate Adjustments	0.20B	-1.72B	0.28B	-1.00B	1.04B