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
Operating Summary
Revenue	72.86B	59.20B	53.75B	52.43B	53.34B
Cost of Revenue	48.83B	38.16B	36.60B	38.05B	38.49B
Gross Profit	24.03B	21.04B	17.15B	14.38B	14.85B
SG&A	1.58B	1.32B	1.07B	1.04B	1.13B
Operating Expenses	2.61B	2.11B	1.87B	1.80B	2.04B
Operating Income	21.42B	18.93B	15.28B	12.58B	12.81B
Interest Income	2.15B	2.21B	3.39B	1.70B	0.55B
Interest Expense	-2.53B	-3.94B	-3.15B	-1.99B	-1.19B
Other Income/Expense	-1.28B	-0.76B	-0.48B	-0.34B	0.39B
Pretax Income	26.78B	17.58B	15.74B	12.28B	12.80B
Income Tax	10.63B	7.00B	4.59B	1.75B	1.74B
Net Income	14.36B	10.75B	10.30B	10.01B	9.32B
EBITDA	31.18B	25.67B	22.57B	19.67B	20.43B
EBIT	21.42B	18.93B	15.28B	12.58B	12.81B
EPS (Basic)	1.65	1.24	1.18	1.15	1.07
EPS (Diluted)	1.65	1.24	1.18	1.15	1.07
DPS	0.90	0.83	0.80	0.80	0.80
Margins & Efficiency
Gross Margin %	+33.0%	+35.5%	+31.9%	+27.4%	+27.8%
EBITDA Margin %	+42.8%	+43.4%	+42.0%	+37.5%	+38.3%
Net Margin %	+19.7%	+18.2%	+19.2%	+19.1%	+17.5%
Revenue & Income
Revenue	72.86B	59.20B	53.75B	52.43B	53.34B
Revenue Growth (YoY)	+23.1%	+10.1%	+2.5%	-1.7%	+3.2%
Interest & Investment Income	2.15B	2.21B	3.39B	1.70B	0.55B
Earnings From Equity Investments	1.95B	2.48B	0.76B	0.42B	0.30B
Gain (Loss) on Sale of Investments	5.09B	-0.05B	0.00B	-0.04B	0.11B
Currency Exchange Gain (Loss)	11.65M	11.75M	5.65M	-43.19M	-21.48M
Expenses & Provisions
Cost of Revenue	48.83B	38.16B	36.60B	38.05B	38.49B
Selling, General & Admin	1.58B	1.32B	1.07B	1.04B	1.13B
Operating Expenses	2.61B	2.11B	1.87B	1.80B	2.04B
Interest Expense	-2.53B	-3.94B	-3.15B	-1.99B	-1.19B
Other Non Operating Income (Expenses)	-1.28B	-0.76B	-0.48B	-0.34B	0.39B
Asset Writedown	-26.81M	-20.29M	-80.90M	-2.76M	-113.49M
Impairment of Goodwill	—	-1.27B	—	—	-0.03B
D&A For EBITDA	9.77B	6.74B	7.29B	7.09B	7.62B
Profitability & Returns
Gross Profit	24.03B	21.04B	17.15B	14.38B	14.85B
Gross Margin	+33.0%	+35.5%	+31.9%	+27.4%	+27.8%
EBIT	21.42B	18.93B	15.28B	12.58B	12.81B
EBIT Margin	+29.4%	+32.0%	+28.4%	+24.0%	+24.0%
EBITDA	31.18B	25.67B	22.57B	19.67B	20.43B
EBITDA Margin	+42.8%	+43.4%	+42.0%	+37.5%	+38.3%
EBT Excluding Unusual Items	21.72B	18.93B	15.81B	12.32B	12.84B
Pretax Income	26.78B	17.58B	15.74B	12.28B	12.80B
Operating Income	21.42B	18.93B	15.28B	12.58B	12.81B
Operating Margin	+29.4%	+32.0%	+28.4%	+24.0%	+24.0%
Profit Margin	+19.7%	+18.2%	+19.2%	+19.1%	+17.5%
Net Income	14.36B	10.75B	10.30B	10.01B	9.32B
Net Income to Common	14.36B	10.75B	10.30B	10.01B	9.32B
Net Income to Company	16.16B	10.58B	11.14B	10.53B	11.06B
Net Income Growth	+33.6%	+4.3%	+3.0%	+7.4%	+3.2%
Earnings From Continuing Ops.	16.16B	10.58B	11.14B	10.53B	11.06B
Minority Interest in Earnings	-1.80B	0.17B	-0.84B	-0.52B	-1.74B
Income Tax Expense	10.63B	7.00B	4.59B	1.75B	1.74B
Effective Tax Rate	+39.7%	+39.8%	+29.2%	+14.3%	+13.6%
Per Share & Capital
EPS (Basic)	1.65	1.24	1.18	1.15	1.07
EPS (Diluted)	1.65	1.24	1.18	1.15	1.07
EPS Growth	+33.6%	+4.3%	+3.0%	+7.4%	+3.2%
Dividend Per Share	0.90	0.83	0.80	0.80	0.80
Shares Outstanding (Basic)	8.70B	8.70B	8.70B	8.70B	8.70B
Shares Outstanding (Diluted)	8.70B	8.70B	8.70B	8.70B	8.70B
Dividend Growth	+8.4%	+3.8%	—	—	—
Free Cash Flow	17.97B	15.03B	9.17B	12.39B	11.66B
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
Payout Ratio	+56.3%	+75.4%	+74.5%	+80.3%	+86.9%

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
Operating Summary
Revenue	72.86B	59.20B	53.75B	52.43B	53.34B
Cost of Revenue	48.83B	38.16B	36.60B	38.05B	38.49B
Gross Profit	24.03B	21.04B	17.15B	14.38B	14.85B
SG&A	1.58B	1.32B	1.07B	1.04B	1.13B
Operating Expenses	2.61B	2.11B	1.87B	1.80B	2.04B
Operating Income	21.42B	18.93B	15.28B	12.58B	12.81B
Interest Income	2.15B	2.21B	3.39B	1.70B	0.55B
Interest Expense	-2.53B	-3.94B	-3.15B	-1.99B	-1.19B
Other Income/Expense	-1.28B	-0.76B	-0.48B	-0.34B	0.39B
Pretax Income	26.78B	17.58B	15.74B	12.28B	12.80B
Income Tax	10.63B	7.00B	4.59B	1.75B	1.74B
Net Income	14.36B	10.75B	10.30B	10.01B	9.32B
EBITDA	31.18B	25.67B	22.57B	19.67B	20.43B
EBIT	21.42B	18.93B	15.28B	12.58B	12.81B
EPS (Basic)	1.65	1.24	1.18	1.15	1.07
EPS (Diluted)	1.65	1.24	1.18	1.15	1.07
DPS	0.90	0.83	0.80	0.80	0.80
Margins & Efficiency
Gross Margin %	+33.0%	+35.5%	+31.9%	+27.4%	+27.8%
EBITDA Margin %	+42.8%	+43.4%	+42.0%	+37.5%	+38.3%
Net Margin %	+19.7%	+18.2%	+19.2%	+19.1%	+17.5%
Revenue & Income
Revenue	72.86B	59.20B	53.75B	52.43B	53.34B
Revenue Growth (YoY)	+23.1%	+10.1%	+2.5%	-1.7%	+3.2%
Interest & Investment Income	2.15B	2.21B	3.39B	1.70B	0.55B
Earnings From Equity Investments	1.95B	2.48B	0.76B	0.42B	0.30B
Gain (Loss) on Sale of Investments	5.09B	-0.05B	0.00B	-0.04B	0.11B
Currency Exchange Gain (Loss)	11.65M	11.75M	5.65M	-43.19M	-21.48M
Expenses & Provisions
Cost of Revenue	48.83B	38.16B	36.60B	38.05B	38.49B
Selling, General & Admin	1.58B	1.32B	1.07B	1.04B	1.13B
Operating Expenses	2.61B	2.11B	1.87B	1.80B	2.04B
Interest Expense	-2.53B	-3.94B	-3.15B	-1.99B	-1.19B
Other Non Operating Income (Expenses)	-1.28B	-0.76B	-0.48B	-0.34B	0.39B
Asset Writedown	-26.81M	-20.29M	-80.90M	-2.76M	-113.49M
Impairment of Goodwill	—	-1.27B	—	—	-0.03B
D&A For EBITDA	9.77B	6.74B	7.29B	7.09B	7.62B
Profitability & Returns
Gross Profit	24.03B	21.04B	17.15B	14.38B	14.85B
Gross Margin	+33.0%	+35.5%	+31.9%	+27.4%	+27.8%
EBIT	21.42B	18.93B	15.28B	12.58B	12.81B
EBIT Margin	+29.4%	+32.0%	+28.4%	+24.0%	+24.0%
EBITDA	31.18B	25.67B	22.57B	19.67B	20.43B
EBITDA Margin	+42.8%	+43.4%	+42.0%	+37.5%	+38.3%
EBT Excluding Unusual Items	21.72B	18.93B	15.81B	12.32B	12.84B
Pretax Income	26.78B	17.58B	15.74B	12.28B	12.80B
Operating Income	21.42B	18.93B	15.28B	12.58B	12.81B
Operating Margin	+29.4%	+32.0%	+28.4%	+24.0%	+24.0%
Profit Margin	+19.7%	+18.2%	+19.2%	+19.1%	+17.5%
Net Income	14.36B	10.75B	10.30B	10.01B	9.32B
Net Income to Common	14.36B	10.75B	10.30B	10.01B	9.32B
Net Income to Company	16.16B	10.58B	11.14B	10.53B	11.06B
Net Income Growth	+33.6%	+4.3%	+3.0%	+7.4%	+3.2%
Earnings From Continuing Ops.	16.16B	10.58B	11.14B	10.53B	11.06B
Minority Interest in Earnings	-1.80B	0.17B	-0.84B	-0.52B	-1.74B
Income Tax Expense	10.63B	7.00B	4.59B	1.75B	1.74B
Effective Tax Rate	+39.7%	+39.8%	+29.2%	+14.3%	+13.6%
Per Share & Capital
EPS (Basic)	1.65	1.24	1.18	1.15	1.07
EPS (Diluted)	1.65	1.24	1.18	1.15	1.07
EPS Growth	+33.6%	+4.3%	+3.0%	+7.4%	+3.2%
Dividend Per Share	0.90	0.83	0.80	0.80	0.80
Shares Outstanding (Basic)	8.70B	8.70B	8.70B	8.70B	8.70B
Shares Outstanding (Diluted)	8.70B	8.70B	8.70B	8.70B	8.70B
Dividend Growth	+8.4%	+3.8%	—	—	—
Free Cash Flow	17.97B	15.03B	9.17B	12.39B	11.66B
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
Payout Ratio	+56.3%	+75.4%	+74.5%	+80.3%	+86.9%