Zain Group Delivers Strong Q1 2026 Results With Revenue Up 6% and Profit Jumping 51%

Zain Group,  a leading TechCo providing innovative ICT and digital lifestyle communications in eight markets across the Middle East and Africa, has announced its consolidated financial results for the first quarter ended March 31, 2026, with its total managed active customer base reaching 51.2 million.

Key Financial Highlights (Q1 2026)

The Group delivered strong growth across all major financial indicators:

• Revenue: KD 569 million (USD 1.86 billion), up 6%
• EBITDA: KD 182 million (USD 594 million), up 6%
• EBITDA Margin: 32%
• Net Income: KD 80 million (USD 260 million), up 51%
• EPS: 18 fils (USD 0.06)
• Total Managed Active Customers: 51.2 million

Zain Group recorded consolidated revenue growth of 6% to reach KD 569 million (USD 1.86 billion) for Q1 2026. EBITDA for the quarter rose 6% to KD 182 million (USD 594 million), reflecting an EBITDA margin of 32%. Net income for the quarter soared 51% to KD 80 million (USD 260 million), marking a 15-year high and reflecting an Earnings Per Share of 18 fils (USD 0.06).

Operational Performance and Strategic Growth Drivers

Key operational highlights included strong market performance across multiple geographies and continued expansion of digital services and new growth verticals.

Kuwait’s advanced 5.5G network supported national resilience during crisis periods, reinforcing market leadership across key KPIs. Meanwhile, Sudan (+34%), Iraq (+14%), and Jordan (+5%) all posted strong revenue growth.

Net profit increases were particularly strong in Zain KSA (+116%) and Zain Iraq (+12%), underscoring regional operational momentum.

Groupwide CAPEX reached USD 129 million, representing 7% of revenue. New growth verticals revenue increased 16% to USD 227 million, contributing 12% of total revenues.

Data revenue grew 18% to USD 751 million, accounting for 40% of total Group revenue. Fintech services across multiple markets saw revenue growth of 28% alongside a 38% increase in customers.

ZainTECH revenue rose 7%, while Zain Omantel International (ZOI) recorded 16% YoY growth in wholesale carrier services.

“I extend my sincere appreciation to the previous Board of Directors for their dedicated efforts in advancing the company’s strategic agenda and strengthening the Group’s position as a leading regional TechCo. The Board will build on this solid foundation, enhance strategic partnerships and continue to deliver sustainable value for our shareholders.”

– Mrs. Nour Al-Jassim, Chair of the Board, Zain Group

“Despite ongoing regional challenges, we delivered a prosperous first-quarter performance on multiple fronts. This was underpinned by strong operational execution across our key markets and growing contributions from our new business verticals and profitable investment strategy. We remain focused on elevating customer experience through innovative, AI-driven solutions, while actively pursuing value accretive opportunities. This strong momentum behind the Group’s ‘4WARD–Progress with Purpose’ strategy signals an exceptional year ahead. Our robust and diversified business model, coupled with the agility of our teams, enabled us to maintain critical connectivity across all markets during the recent crisis. I am immensely proud of the resilience and dedication demonstrated by our teams. Their unwavering commitment ensured uninterrupted network connectivity and customer support, enabling the continuity of remote work, education, and essential services under highly challenging circumstances. These efforts have been truly inspiring. Our operations in Kuwait, KSA, Iraq, Sudan, Jordan, and Bahrain performed in line with expectations despite a challenging and highly competitive environment. In parallel, our strategic verticals, ZainTECH and Zain Omantel International, continued to deliver healthy growth, playing a vital role in sustaining essential services across the region and beyond. Our strategic partnership with Ooredoo to establish the region’s largest tower company continues to progress well. Following recent regulatory approvals in Qatar, the TASC Towers team is finalizing operational readiness ahead of the first tower closing, expected during June 2026. Upon completion, we will focus on expanding into additional markets in line with our infrastructure optimization strategy. I look forward to working closely with the new Board and Chair, Mrs. Nour Al Jassim, as we take Zain to new heights to enhance shareholder value.”

– Mr. Bader Al-Kharafi, Vice-Chairman and Group CEO, Zain Group

Strategic Investments, Fintech, and Sustainability

Zain Ventures continued to expand its portfolio of strategic investments across global and regional startups, including companies such as Revolut, SpaceX, and xAI, delivering notable gains of USD 123 million during the quarter.

The Group’s fintech ecosystem also delivered strong momentum, with revenue growth of 28% and a 38% increase in customers across platforms including Bede, Tamam, and Zain Cash, supporting financial inclusion and SME digitization across markets.

Zain also published its 2025 Sustainability Report, “Grounded in Purpose, Growing Sustainably,” prepared in accordance with the International Integrated Reporting Framework. The Group achieved an ‘A’ score in the CDP Climate Change 2025 disclosure cycle, placing it among global leaders.

Brand strength continued to improve, with Brand Finance 2026 rankings showing a 16.1% increase in brand value to USD 4.04 billion, ranking Zain among the top 25 telecom brands globally.

Market Performance Overview

• Kuwait: Revenue reached KD 92 million (USD 301 million), with EBITDA of KD 31.4 million and net income of KD 16 million. Data revenue grew 8%, representing 40% of total revenue.
• Saudi Arabia: Revenue reached USD 708 million, EBITDA was USD 214 million, and net income surged 116% to USD 54 million. Data revenue grew 8% and accounted for 43% of total revenue.
• Iraq: Revenue rose 14% to USD 325 million, EBITDA increased 5% to USD 110 million, and net profit grew 12% to USD 29 million. Customer base reached 20.7 million.
• Sudan: Revenue surged 34% to USD 157 million, EBITDA rose 35% to USD 90 million, and net income reached USD 56 million. Data revenue grew 70%, representing 37% of total revenue.
• Jordan: Revenue increased 5% to USD 148 million, EBITDA rose 4% to USD 57 million, and net income grew 1.4% to USD 19 million. Data revenue reached 58% of total revenue.
• Bahrain: Revenue remained stable at USD 56 million, EBITDA reached USD 14.5 million, and net income rose 1% to USD 3.1 million.