Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual (KWD)

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operating Summary
Revenue	774.39M	710.53M	653.24M	620.31M	601.73M
Cost of Revenue	439.28M	420.14M	380.01M	375.22M	377.01M
Gross Profit	335.11M	290.38M	273.23M	245.09M	224.72M
SG&A	34.38M	31.56M	29.60M	29.59M	27.67M
Operating Expenses	185.18M	178.11M	131.66M	168.46M	172.62M
Operating Income	149.93M	112.27M	141.57M	76.63M	52.10M
Interest Income	8.37M	6.24M	5.76M	3.45M	2.71M
Interest Expense	-14.03M	-10.22M	-8.88M	-8.40M	-9.86M
Other Income/Expense	4.12M	-4.01M	-3.56M	-5.15M	-5.52M
Pretax Income	139.09M	94.94M	110.36M	66.52M	39.29M
Income Tax	40.40M	28.43M	26.16M	16.79M	14.08M
Net Income	77.17M	49.41M	72.82M	39.46M	19.25M
EBITDA	260.34M	213.49M	249.80M	186.13M	173.28M
EBIT	149.93M	112.27M	141.57M	76.63M	52.10M
EPS (Basic)	0.15	0.10	0.15	0.08	0.04
EPS (Diluted)	0.15	0.10	0.15	0.08	0.04
DPS	0.15	0.09	0.14	0.07	0.04
Margins & Efficiency
Gross Margin %	+43.3%	+40.9%	+41.8%	+39.5%	+37.3%
EBITDA Margin %	+33.6%	+30.0%	+38.2%	+30.0%	+28.8%
Net Margin %	+10.0%	+7.0%	+11.1%	+6.4%	+3.2%
Revenue & Income
Revenue	774.39M	710.53M	653.24M	620.31M	601.73M
Revenue as Reported	777.92M	713.27M	699.25M	621.26M	606.39M
Revenue Growth (YoY)	+9.0%	+8.8%	+5.3%	+3.1%	+1.5%
Interest & Investment Income	8.37M	6.24M	5.76M	3.45M	2.71M
Expenses & Provisions
Cost of Revenue	439.28M	420.14M	380.01M	375.22M	377.01M
Selling, General & Admin	34.38M	31.56M	29.60M	29.59M	27.67M
Operating Expenses	185.18M	178.11M	131.66M	168.46M	172.62M
Other Operating Expenses	5.42M	14.85M	-33.18M	6.06M	1.32M
Interest Expense	-14.03M	-10.22M	-8.88M	-8.40M	-9.86M
Other Non Operating Income (Expenses)	4.12M	-4.01M	-3.56M	-5.15M	-5.52M
Asset Writedown	-0.04M	-0.93M	-1.44M	—	-0.14M
Impairment of Goodwill	-9.26M	-8.41M	-23.11M	—	—
D&A For EBITDA	110.41M	101.22M	108.23M	109.50M	121.18M
Profitability & Returns
Gross Profit	335.11M	290.38M	273.23M	245.09M	224.72M
Gross Margin	+43.3%	+40.9%	+41.8%	+39.5%	+37.3%
EBIT	149.93M	112.27M	141.57M	76.63M	52.10M
EBIT Margin	+19.4%	+15.8%	+21.7%	+12.4%	+8.7%
EBITDA	260.34M	213.49M	249.80M	186.13M	173.28M
EBITDA Margin	+33.6%	+30.0%	+38.2%	+30.0%	+28.8%
EBT Excluding Unusual Items	148.39M	104.28M	134.90M	66.52M	39.43M
Pretax Income	139.09M	94.94M	110.36M	66.52M	39.29M
Operating Income	149.93M	112.27M	141.57M	76.63M	52.10M
Operating Margin	+19.4%	+15.8%	+21.7%	+12.4%	+8.7%
Profit Margin	+10.0%	+7.0%	+11.1%	+6.4%	+3.2%
Net Income	77.17M	49.41M	72.82M	39.46M	19.25M
Net Income to Common	77.17M	49.41M	72.82M	39.46M	19.25M
Net Income Growth	+56.2%	-32.1%	+84.5%	+105.0%	+467.8%
Earnings From Continuing Ops.	98.69M	66.51M	84.20M	49.73M	25.22M
Minority Interest in Earnings	-21.53M	-17.10M	-11.38M	-10.27M	-5.97M
Income Tax Expense	40.40M	28.43M	26.16M	16.79M	14.08M
Effective Tax Rate	+29.0%	+29.9%	+23.7%	+25.2%	+35.8%
Per Share & Capital
EPS (Basic)	0.15	0.10	0.15	0.08	0.04
EPS (Diluted)	0.15	0.10	0.15	0.08	0.04
EPS Growth	+56.2%	-32.1%	+84.5%	+105.0%	+467.9%
Dividend Per Share	0.15	0.09	0.14	0.07	0.04
Shares Outstanding (Basic)	501.16M	501.16M	501.16M	501.16M	501.16M
Shares Outstanding (Diluted)	501.16M	501.16M	501.16M	501.16M	501.16M
Dividend Growth	+66.7%	-35.7%	+100.0%	+100.0%	+133.3%
Free Cash Flow	149.78M	133.37M	160.59M	110.65M	101.08M
Free Cash Flow Margin	+19.3%	+18.8%	+24.6%	+17.8%	+16.8%
Free Cash Flow Per Share	0.30	0.27	0.32	0.22	0.20
Payout Ratio	+58.6%	+141.8%	+48.2%	+44.6%	+40.8%

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (KWD)

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operating Summary
Revenue	774.39M	710.53M	653.24M	620.31M	601.73M
Cost of Revenue	439.28M	420.14M	380.01M	375.22M	377.01M
Gross Profit	335.11M	290.38M	273.23M	245.09M	224.72M
SG&A	34.38M	31.56M	29.60M	29.59M	27.67M
Operating Expenses	185.18M	178.11M	131.66M	168.46M	172.62M
Operating Income	149.93M	112.27M	141.57M	76.63M	52.10M
Interest Income	8.37M	6.24M	5.76M	3.45M	2.71M
Interest Expense	-14.03M	-10.22M	-8.88M	-8.40M	-9.86M
Other Income/Expense	4.12M	-4.01M	-3.56M	-5.15M	-5.52M
Pretax Income	139.09M	94.94M	110.36M	66.52M	39.29M
Income Tax	40.40M	28.43M	26.16M	16.79M	14.08M
Net Income	77.17M	49.41M	72.82M	39.46M	19.25M
EBITDA	260.34M	213.49M	249.80M	186.13M	173.28M
EBIT	149.93M	112.27M	141.57M	76.63M	52.10M
EPS (Basic)	0.15	0.10	0.15	0.08	0.04
EPS (Diluted)	0.15	0.10	0.15	0.08	0.04
DPS	0.15	0.09	0.14	0.07	0.04
Margins & Efficiency
Gross Margin %	+43.3%	+40.9%	+41.8%	+39.5%	+37.3%
EBITDA Margin %	+33.6%	+30.0%	+38.2%	+30.0%	+28.8%
Net Margin %	+10.0%	+7.0%	+11.1%	+6.4%	+3.2%
Revenue & Income
Revenue	774.39M	710.53M	653.24M	620.31M	601.73M
Revenue as Reported	777.92M	713.27M	699.25M	621.26M	606.39M
Revenue Growth (YoY)	+9.0%	+8.8%	+5.3%	+3.1%	+1.5%
Interest & Investment Income	8.37M	6.24M	5.76M	3.45M	2.71M
Expenses & Provisions
Cost of Revenue	439.28M	420.14M	380.01M	375.22M	377.01M
Selling, General & Admin	34.38M	31.56M	29.60M	29.59M	27.67M
Operating Expenses	185.18M	178.11M	131.66M	168.46M	172.62M
Other Operating Expenses	5.42M	14.85M	-33.18M	6.06M	1.32M
Interest Expense	-14.03M	-10.22M	-8.88M	-8.40M	-9.86M
Other Non Operating Income (Expenses)	4.12M	-4.01M	-3.56M	-5.15M	-5.52M
Asset Writedown	-0.04M	-0.93M	-1.44M	—	-0.14M
Impairment of Goodwill	-9.26M	-8.41M	-23.11M	—	—
D&A For EBITDA	110.41M	101.22M	108.23M	109.50M	121.18M
Profitability & Returns
Gross Profit	335.11M	290.38M	273.23M	245.09M	224.72M
Gross Margin	+43.3%	+40.9%	+41.8%	+39.5%	+37.3%
EBIT	149.93M	112.27M	141.57M	76.63M	52.10M
EBIT Margin	+19.4%	+15.8%	+21.7%	+12.4%	+8.7%
EBITDA	260.34M	213.49M	249.80M	186.13M	173.28M
EBITDA Margin	+33.6%	+30.0%	+38.2%	+30.0%	+28.8%
EBT Excluding Unusual Items	148.39M	104.28M	134.90M	66.52M	39.43M
Pretax Income	139.09M	94.94M	110.36M	66.52M	39.29M
Operating Income	149.93M	112.27M	141.57M	76.63M	52.10M
Operating Margin	+19.4%	+15.8%	+21.7%	+12.4%	+8.7%
Profit Margin	+10.0%	+7.0%	+11.1%	+6.4%	+3.2%
Net Income	77.17M	49.41M	72.82M	39.46M	19.25M
Net Income to Common	77.17M	49.41M	72.82M	39.46M	19.25M
Net Income Growth	+56.2%	-32.1%	+84.5%	+105.0%	+467.8%
Earnings From Continuing Ops.	98.69M	66.51M	84.20M	49.73M	25.22M
Minority Interest in Earnings	-21.53M	-17.10M	-11.38M	-10.27M	-5.97M
Income Tax Expense	40.40M	28.43M	26.16M	16.79M	14.08M
Effective Tax Rate	+29.0%	+29.9%	+23.7%	+25.2%	+35.8%
Per Share & Capital
EPS (Basic)	0.15	0.10	0.15	0.08	0.04
EPS (Diluted)	0.15	0.10	0.15	0.08	0.04
EPS Growth	+56.2%	-32.1%	+84.5%	+105.0%	+467.9%
Dividend Per Share	0.15	0.09	0.14	0.07	0.04
Shares Outstanding (Basic)	501.16M	501.16M	501.16M	501.16M	501.16M
Shares Outstanding (Diluted)	501.16M	501.16M	501.16M	501.16M	501.16M
Dividend Growth	+66.7%	-35.7%	+100.0%	+100.0%	+133.3%
Free Cash Flow	149.78M	133.37M	160.59M	110.65M	101.08M
Free Cash Flow Margin	+19.3%	+18.8%	+24.6%	+17.8%	+16.8%
Free Cash Flow Per Share	0.30	0.27	0.32	0.22	0.20
Payout Ratio	+58.6%	+141.8%	+48.2%	+44.6%	+40.8%

Financials

Annual (KWD)

NATIONAL MOBILE TELECOMMUNICATIONS CO.

Annual (KWD)