e& achieves AED 16.9 billion consolidated revenue growing 18.7% YoY in Q1 2025

• Consolidated net profit increased to AED 5.4 billion, reflecting a 129.9 per cent increase year-on-year growth. Excluding the impact of Khazna transaction, net profit increased by 19.1 per cent year-on-year. The proceeds of USD 2.2 billion were received and utilised to reduce the group's debt balance in April
• EBITDA reached AED 7.4 billion, increasing 15.4 per cent YoY
• Total Group subscribers grew to 194.8 million
• e& became the "World's Fastest Growing Brand" with a brand portfolio and investment value exceeding US$ 20 billion

ABU DHABI, UAE, April 29, 2025 /PRNewswire/ -- e& has delivered a strong start to 2025, continuing its trajectory of growth and digital leadership. The group posted strong performance across key financial indicators, reflecting the strength of its strategy and rising impact as a global technology group.

Consolidated revenue increased to AED 16.9 billion, growing 18.7 per cent year-on-year (YoY), while consolidated net profit increased to AED 5.4 billion — a growth of 129.9 per cent compared to the same period last year. The Group's EBITDA reached AED 7.4 billion, growing 15.4 per cent YoY.

The Group's total subscriber base reached 194.8 million, an increase of 12.9 per cent YoY, while the number of e& UAE subscribers reached 15.3 million, underscoring the continued demand for e&'s next-generation connectivity, AI-powered solutions, and innovative digital experiences.

Financial Highlights for Q1 2025

Hatem Dowidar, Group Chief Executive Officer of e&, said: "Q1 2025 marks another milestone in e&'s journey, with a strong performance across all fronts. Our consolidated revenue reached AED 16.9 billion while EBITDA amounted to AED 7.4 billion, growing year over year by 18.7% and 15.4%, respectively and benefiting from disciplined execution, dedicated customer focus and guided by our vision of being a global technology company.

"What sets e& apart is our ability to innovate, scale and deliver while navigating a competitive global landscape— from embedding AI across our business and deploying the region's most advanced 5G networks, to expanding our footprint across three continents with the e& PPF Telecom investment at the end of 2024, we are building a digital ecosystem that empowers individuals, businesses, and governments. We are not only growing — we are shaping the digital future with intent, impact, and global ambition.

Strong first quarter results was crowned with the successful monetisation of our stake in the Khazna business at a lucrative valuation towards the end of March.

"These outcomes are not aspirational — they are clear proof points. We are translating our ambition into measurable performance via achieving robust financial performance, retaining our network leadership, scaling our footprint across high-potential markets and optimising our assets profile to create a sustainable value for our shareholders."

Key Operational Highlights

e&

e& started 2025 with strong momentum, earning the ranking of "World's Fastest Growing Brand" in the Brand Finance Global 500 report. e& received a AAA rating and a brand strength score of 84.6, ranking among the top 10 most valuable telecom brands worldwide. Its brand portfolio and investment value exceeded US$ 20 billion in 2025.

e& completed the divestment of its 40% stake in Khazna for a value of USD 2.2 billion (equivalent to AED 8.0 billion). The move reflects a strategic effort to unlock value, sharpen focus on core businesses and optimise its portfolio. It also enhances shareholder returns, strengthens financial flexibility, and reinforces e&'s commitment to long-term growth.

Maroc Telecom and Inwi (Wana Corporate) signed an expanded partnership to accelerate Morocco's fibre optic and 5G rollout. The agreement includes the formation of two joint ventures: one focused on the deployment of fiber-optic passive infrastructure and the other dedicated to the rollout of new telecommunications towers. The partnership is still subject to obtaining the needed regulatory approvals.

In Davos, e& unveiled an innovative AI and Generative AI governance solution, developed in collaboration with IBM, to promote ethical, transparent and secure deployment of AI technologies. This framework supports compliance and risk oversight across the Group's expanding AI ecosystem, reinforcing e&'s commitment to responsible innovation.

A joint study with the IBM Institute for Business Value, titled "MENA's AI Advantage: Opportunity to Leap Ahead and Lead," explored the region's potential to become a global AI leader. The report revealed that 65 per cent of MENA-based CEOs are championing Generative AI adoption – outpacing the global average – and highlighted how public-private collaboration, infrastructure investment, and skills development are accelerating AI integration across industries.

In an academic partnership, e& signed an MoU with NYU Abu Dhabi to advance research and development on 6G technology. The collaboration aims to bridge the gap between academia and industry, offering students early exposure to next-generation technologies while positioning the UAE as a hub for future connectivity.

Community empowerment also remained front and centre. In Q1, e& teamed up with The Butterfly, Wollongong University and Zayed University to launch a career exploration programme for People of Determination, providing university students and recent graduates with a supportive, inclusive platform to develop skills and explore professional pathways.

e& Carrier & Wholesale Services (C&WS) reaffirmed its position as a regional powerhouse by enhancing global connectivity and integrating AI across its operations. These efforts are opening up new commercial pathways for digital services at scale, while keeping pace with the demands of an increasingly data-driven global economy.

A major highlight of the quarter was the expansion of the Fujairah SmartHub Campus, with the addition of a fourth Tier-III data centre. The new facility added 1.5 MW of capacity, bolstering the UAE's digital backbone and strengthening interconnectivity across the Middle East. The campus continues to serve as a vital gateway for global traffic flows, regional content hosting and low-latency cloud services.

In a joint effort with the UNDP and GSMA, e& introduced an AI-powered Social and Climate Platform that turns real-time, non-conventional data into actionable insights for policymakers across the Arab States and beyond. The initiative showcases how AI can be a force for inclusive, data-driven development, aligning with the Group's broader sustainability agenda.

e& UAE

e& UAE started Q1 2025 with a series of product innovations and partnerships designed to meet evolving consumer expectations while reinforcing its leadership in connectivity and digital services.

Responding to growing demand for high-speed connectivity, the business launched Neo Home, a new line of 1Gbps fibre plans. Tailored for modern households, Neo Home offers seamless streaming, faster downloads, and customisable TV add-ons—delivering speed and flexibility.

e& UAE successfully completed the first phase of integrating AI into its private cloud for operations. This initiative, powered by Intel's advanced AMX technology and Cisco's cutting-edge networking and data centre solutions, aims to elevate e& UAE's operational efficiency by leveraging AI and developing AI use cases across its business operations.

e& UAE deepened its collaboration with Samsung to bring the latest generation of AI-powered mobile experiences to customers across the country. The partnership reflects a shared commitment to delivering more intuitive, context-aware technologies that enhance everyday life and support the growing demand for smart, seamless connectivity.

e& UAE has also launched a Kids SIM Card with flexible plans and a free Parental Control Service, offering features like content filtering, screen time limits, and social media monitoring to ensure a safe digital experience for children.

In a push to empower the country's SMB ecosystem, e& UAE partnered with AI platform Aleria to offer tailored solutions that enhance decision-making, operational efficiency, and cost management. These tools reflect e&'s commitment to enabling businesses of all sizes to thrive in a competitive digital economy.

On the enterprise side, e& UAE deepened its partnership with Microsoft, deploying M365 Copilot at scale to drive AI-powered workplace transformation. The large-scale rollout is already enhancing productivity and automating workflows across the organisation, accelerating its digital transformation journey.

e& UAE and Microsoft launched the AI for Business Skilling Programme, an initiative designed to equip Small and Medium-sized Businesses (SMBs) with essential AI skills. This initiative underscores both companies' commitment to fostering AI-led digital transformation and empowering SMBs with the knowledge and tools needed to thrive in today's AI-driven business landscape.

In partnership with Kindred, the business continued to align innovation with sustainability through the "Save & Grow" initiative. Available via the e& UAE app, the programme combines eco-conscious shopping with financial incentives. Users earn discounts while supporting tree planting and sustainable practices across a network of over 9,000 online retailers.

In collaboration with Open Innovation AI, e& UAE has launched a dedicated AI Lab to develop localised AI solutions, accelerate innovation, and support the UAE's goal of becoming a global AI leader by 2031. The lab will focus on sectors like government, healthcare, finance, and education, while also nurturing a skilled AI workforce.

Meanwhile, Smiles, e& UAE's all-in-one lifestyle and rewards app, announced a new collaboration with Tencent Cloud – the powerhouse behind WeChat – which is set to elevate digital commerce capabilities in the UAE. Smiles also partnered with Amazon.ae to offer users up to six months of Amazon Prime at discounted rates, redeemable using Smiles points. These moves reinforce Smiles' mission to deliver everyday value through strategic, customer-first innovation.

The General Authority of Islamic Affairs, Endowments and Zakat (AWQAF UAE) entered into a cooperation agreement with e& UAE. This partnership aims to develop a digital system that enhances the experiences of worshippers in mosques across the country. The initiative focuses on improving the management of mosque facilities and services, aligning with the UAE's broader digital transformation goals.

This collaboration reflects the UAE's commitment to integrating technology into religious and community services, ensuring that worshippers benefit from modern, efficient, and user-friendly environments.

e& UAE joined as a main partner of the Fathers' Endowment campaign; an initiative launched during Ramadan under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum. The campaign aims to establish a sustainable AED 1 billion endowment fund to provide healthcare for underprivileged patients, honouring fathers across the UAE.

As part of its contribution, e& leveraged its platforms to facilitate donations, including SMS campaigns and the Smiles app. Additionally, e& offered a selection of premium mobile numbers for auction at the Most Noble Number charity event held in Dubai.

e& life

e& life continued to shape digital experiences, pushing the boundaries of fintech, lifestyle, and entertainment through compelling innovation and AI-driven advancements.

Careem Technologies built strong momentum, with Gross Transaction Value (GTV) surging 160 per cent compared to Q1 2024. This robust growth, fueled by increased user engagement through Careem Plus, reinforced Careem's essential role in the everyday lives of users, especially during high-demand periods like Ramadan.

e& money reached a major milestone, surpassing 1 million cards issued. Its trusted fintech platform continued to grow significantly, providing users with reliable, efficient, and secure financial interactions, driven by enhanced AI capabilities that streamlined remittance services and ensured smooth user experiences.

STARZ ON sustained powerful traction, surpassing 8 million installs and achieving impressive user engagement. The launch of evision studios in Q1 marked a strategic expansion into original content, highlighted by exclusive Ramadan originals such as "Flavors from the Heart" and "CoffeeCature," creating culturally resonant viewing experiences and driving deeper audience connections.

e& enterprise

e& enterprise made bold strides in Q1 2025, continuing to shape the region's digital transformation journey through strategic partnerships and future-ready technologies.

In a progressive move for smart healthcare, the business also teamed up with RAIN Technology to introduce Orva, the world's first AI-powered Operating Room voice assistant. Now being rolled out across hospitals in the Middle East and Africa, Orva is transforming surgical workflows by improving efficiency, enhancing patient safety, and reducing operational costs. It's a tangible example of how AI is reshaping the healthcare experience — not just for clinicians, but for patients too.

haifin, an e& enterprise company, has partnered with Vodacom Business, a unit of Vodacom South Africa, to launch Saif, a trade finance derisking platform. This platform is set to transform South Africa's banking industry, marking a significant stride towards digital transformation and a more resilient banking ecosystem.

e& international

e& international strengthened its global position during Q1 2025 by scaling its infrastructure, investing in digital capabilities and expanding its reach into high-growth regions.

e& PPF Telecom Group strengthened its strategic collaboration with an agreement to acquire 100 per cent of Serbia Broadband (SBB), one of Central and Eastern Europe's largest telecom and media operators.

e& played a key role in the successful landing of the Africa-1 submarine cable in Karachi, Pakistan, as part of a global consortium led by major telecom operators. Spanning 10,000 kilometres, the high-capacity cable links Pakistan with key international destinations, including the UAE, Saudi Arabia, Egypt, Kenya and France. The project reflects e&'s ongoing commitment to strengthening digital infrastructure across the region and supporting Pakistan's Digital Vision 2030.

Furthermore, PTCL Flash Fiber maintains its number one position in fibre-to-the-home (FTTH) in Pakistan, with over 700,000 subscribers.

In January, e& Egypt announced the launch of Wi-Fi calling services in Egypt, in collaboration with the National Telecommunications Regulatory Authority. This innovative solution delivers more possibilities for customers, enabling high-quality voice calls over Wi-Fi networks with the normal minute rate charge.

In Saudi Arabia, Mobily was recognised as the Fastest Growing Telecommunications Brand in the Middle East. Mobily achieved a +140 per cent increase in brand value over the last five years.

e& PPF Telecom Group continues to earn international acclaim for mobile excellence across its European markets. Yettel Hungary was named the Fastest Mobile Network by Ookla at MWC Barcelona, while the Group received global recognition in OpenSignal's Mobile Experience Report for outstanding performance in reliability, gaming, and voice app experience — particularly in Slovakia and Hungary, with Bulgaria and Serbia excelling in reliability.

In addition, Yettel Bulgaria secured its 8^th consecutive umlaut Best-in-Test award, scoring an impressive 957/1000. The group also celebrated two silver wins at the International Customer Experience Awards, recognising Yettel's leadership in learning and development and digital transformation. The Yettel mobile app was also recognised as the top-rated telecom app in Bulgaria with more than 1.5 million downloads and a 4.5-star rating.

The company signed an MoU with KCell JSC under the Partner Markets Programme to enhance efficiency and cost-effectiveness in joint operations. This collaboration underscores a commitment to large-scale digital transformation, leveraging advanced technologies to optimise network infrastructure for improved performance and reliability.

Nancy Sudheer (Senior Manager at e& nsudheer@eand.com) +971 50 705 5290

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