e& Maintains Market Leadership in UAE, Expands Regional Operations
e& maintained a strong financial position, supported by investment-grade credit ratings of AA- from S&P Global and Aa3 from Moody’s, both with stable outlooks.
e& delivered a strong financial and operational performance in the third quarter of 2025, driven by solid telecom fundamentals, rapid growth in digital services, and the strategic consolidation of e& PPF Telecom. Consolidated revenue reached AED 18.6 billion, marking a 29.2% year-on-year increase (27.4% in constant currency). EBITDA rose 27% to AED 8.4 billion, maintaining a robust 45% margin, while net profit for the quarter stood at AED 3.0 billion. The Group also maintained an interim dividend per share of 43 fils, underscoring confidence in its cash flow generation.
Performance across e&’s business verticals remained strong. e& UAE sustained its market leadership, recording a 6.5% increase in revenue to AED 8.7 billion, supported by a growing subscriber base of 15.7 million. e& international posted a significant 66.6% revenue surge to AED 8.5 billion (61.7% in constant currency), largely reflecting the inclusion of e& PPF Telecom and strong contributions from markets such as Egypt and Pakistan.
The Group’s digital and enterprise-focused businesses also recorded notable growth. e& enterprise increased revenue by 21.9% to AED 836 million, driven by rising demand for cybersecurity, cloud, and IoT solutions. Meanwhile, e& life reported a 33.7% revenue increase to AED 647 million, supported by the continued expansion of Careem and e& money.
During the quarter, e& continued to advance its long-term strategy through infrastructure investments and partnerships. Key milestones included Maroc Telecom securing a 5G license in Morocco and e& enterprise signing a memorandum of understanding with Serbia to support digital infrastructure development. The Group also collaborated with Intel and Dell to launch the region’s first Sovereign Inference AI platform. Capital expenditure for the quarter totaled AED 3.0 billion, representing a 16% capex intensity.
e& maintained a strong financial position, supported by investment-grade credit ratings of AA- from S&P Global and Aa3 from Moody’s, both with stable outlooks. The Group’s net debt-to-EBITDA ratio remained healthy at 1.11x. Reflecting its resilient performance over the first nine months of the year, e& revised its full-year 2025 guidance upward, now forecasting revenue growth of 23% to 24% and an EBITDA margin of 43% to 44%.
