e& delivers record revenue and net profit in FY 2025 growing consolidated revenue 23% to AED 72.9 billion

• Consolidated net profit reached AED 14.4 billion, growing 34 per cent Year-over-Year
• e&’s subscriber base increased to 244.7 million across Asia, Africa, Middle East, Central and Eastern Europe
• Full year dividend per share of 90 fils that will increase to 95 fils in 2026
• Hatem Dowidar the Group CEO will step down at the end of March after 6 years in the role
• Masood M. Sharif Mahmood will take over on April 1^st as the Group CEO, in addition to his current role as CEO of e& UAE.

Abu Dhabi, 24 February 2026: e& has delivered record financial performance in 2025, reporting consolidated revenues of AED 72.9 billion, an increase of 23.1 per cent year-over-year (YoY).  

Consolidated net profits grew to AED 14.4 billion, growing 33.6 per cent, driven by progress across its business verticals. Consolidated EBITDA rose by 21.1 per cent YoY, reaching AED 32.0 billion.

e& UAE continued its solid performance, with its subscriber base surpassing 16.3 million, representing an increase of 8.4 per cent compared to the previous year. The group’s total subscriber base grew to 244.7 million, marking a 31.3 per cent growth compared to 2024.

 Financial highlights for FY 2025

* Included Telenor Pakistan figures as reported to PTA

** Adjusted for Maroc Telecom reported number

For FY 2025, the board has proposed a cash dividend of 47 fils per share for the second half (July to December) of 2025, bringing the total annual dividend to 90 fils per share. The board has also announced that the total annual dividend will increase in 2026 to reach 95 fils per share—further highlighting e&’s commitment to delivering added value to its shareholders.

Also today, e& announced that its Group Chief Executive Officer, Hatem Dowidar, has decided to step down from his position as Group CEO after 6 years in the role. The Board of Directors has accepted his resignation, with his last day in service to be 31 March 2026.

Dowidar has led e& since 2020, steering the organisation through a period of significant transformation and international expansion. Under his leadership, e& accelerated its strategic evolution from a regional telecommunications operator into a global technology and group, strengthening its footprint across the Middle East, Africa, Asia and Europe, and advancing its digital, fintech, enterprise and digital lifestyle verticals. During his tenure, the Group delivered record financial performance and reinforced its position as one of the world’s leading technology and telecom brands.

The Board of Directors has appointed Masood M. Sharif Mahmood, who has been serving as Chief Executive Officer of e& UAE since 2021, as successor to assume the roles of both, Group Chief Executive Officer of e& and Chief Executive Officer - UAE, effective 1 April 2026.

H.E. Jassem Mohamed Bu Ataba Alzaabi, Chairman of e&, said: “e&’s record 2025 results reflect the continued success of our strategy to evolve into a global technology group anchored by strong business pillars and disciplined execution. We are redefining the future of connectivity and enabling new possibilities across enterprise solutions, fintech and digital platforms.

On behalf of the Board, I extend our sincere appreciation to Hatem for his leadership and the significant progress achieved during his tenure. He has played a key role in advancing e&’s transformation and strengthening long-term shareholder value, and we wish him every success in his future endeavours.”

Hatem Dowidar said: “It has been an honour to lead e& during a defining chapter in its history. I am proud of what we have accomplished together, transforming our business, expanding internationally, and building new growth engines for the future. The record results achieved in 2025 reflect the strength of our strategy, the resilience of our operating model, and the dedication of our people.

I extend my sincere gratitude to the Chairman, the Board, our leadership team and all our employees for their unwavering commitment and support. I remain confident in e&’s continued success in the years ahead under the leadership of Masood.”

Masood M. Sharif Mahmood said:

“I am deeply honoured to take on the role of Group Chief Executive Officer of e& and grateful for the opportunity to lead this ambitious global company,”. Masood, who brings more than 25 years of senior leadership experience in communications, investments and technology sectors, also said “I want to thank Eng Hatem Dowidar for his exceptional leadership and partnership and the Chairman and the Board of Directors for their trust and endorsement. I look forward to building on our shared achievements with our talented teams, OpCos, and partners worldwide.”

e& remains focused on executing its strategic priorities, embedding advanced technologies including AI across its operations, and delivering sustainable value for its shareholders, customers, partners and the communities it serves.

Key Operational Highlights

e&

The UAE’s Sovereign Launchpad, developed in collaboration with Amazon Web Services (AWS) and endorsed by the UAE Cyber Security Council went live enabling full national data sovereignty and security, supporting the UAE’s leadership in digital infrastructure.

e& successfully completed its divestment of its 40 per cent stake in Khazna Data Center and also collaborated with Qualcomm Technologies to accelerate digital transformation in the UAE through advanced 5G solutions and edge AI.

Together with IBM, e& launched a comprehensive watsonx AI governance platform to strengthen compliance, oversight, and ethical practices across its integrated and growing ecosystem. In addition, e& released a joint study with the IBM Institute for Business Value titled “MENA’s AI advantage: Opportunity to leap ahead and lead,” highlighting the region’s potential to emerge as a global leader in this field.

Through an academic partnership, e& partnered with New York University Abu Dhabi to advance research and development in 6G technologies. The Group partnered with The Butterfly Foundation, the University of Wollongong, and Zayed University to launch a programme supporting students and recent graduates of determination to focus on building essential skills and exploring suitable career paths within an inclusive and supportive environment.

e& Carrier & Wholesale Services opened two new offices, one in Miami, Florida, and other in Johannesburg, South Africa marking a significant milestone in the Group’s global expansion and strengthens its role as a key enabler of seamless, intelligent connectivity across continents.

As part of efforts to strengthen organisational resilience, the Group launched a Business Continuity service. e& received an “S-Class” rating, the highest tier, under the Dubai AI Seal initiative launched by the Dubai Centre for Artificial Intelligence at the Dubai Future Foundation. e& also won the award for “Best Procurement Transformation,” recognising its innovative approach to transforming procurement into a strategic driver of innovation using AI, advanced analytics, and agile practices.

e& partnered with 4iG Group based in Hungary and the Western Balkans to explore opportunities in subsea and terrestrial networks, hyperscale data centres, and regional connectivity corridors linking the Middle East and North Africa with Europe.

The Group launched the AI Academy; a strategic initiative aimed at developing AI skills across its workforce. During the year, e& also celebrated the graduation of 25 Emirati men and women from the fifth cohort of the AI Graduate Programme, bringing the total number of beneficiaries since its launch in 2021 to 284.

With Amazon Web Services (AWS), e& launched the “AI Nation - Afaaq” programme through the e& Academy to train 30,000 people in AI and cloud skills. The Group also introduced the Cybersecurity Startups Accelerator in partnership with AWS, CrowdStrike, and the UAE Government’s Cyber Security Council to support and accelerate the growth of more than 500 Emirati cybersecurity startups.

In addition, e& launched the first sustainability hackathon in the GCC, in collaboration with several regional telecom operators, to accelerate the transition to more sustainable and energy-efficient networks, reduce electronic waste, and inspire innovation in digital infrastructure.

As an effort to support the Arabic language, e& launched a new free keyboard designed specifically for users accustomed to writing in Arabizi, offering a familiar layout of letters and numbers to help users transition to writing in Arabic.

e& UAE

The region’s first advanced 5G network (5.5G) set a new global benchmark for speed, reliability, intelligence, and sustainability. In addition, the company commenced commercial operations of RedCap technology on its 5.5G network, marking the first live deployment of the technology in the UAE. This expanded the scope of 5G to include low-power smart connectivity for IoT applications and wearable devices such as smartwatches.

Leveraging its reliable and extensive network, e& UAE contributed to the UAE achieving a global milestone by recording the highest fibre-to-the-home coverage rate worldwide at 99.5 per cent spanning 16.0 million kilometres, delivering ultra-fast connectivity to 2.97 million homes as part of its Fibre-First strategy.

e& UAE also played a key role in the country ranking first globally for mobile download speeds, including 5G according to the Ookla Speedtest Index. The company successfully tested the 6 GHz and 600 MHz frequency bands allocated by the regulatory authority for international mobile telecommunications services.

For the first time in the region, e& UAE launched 5G network slicing solutions for enterprises across its network. In addition to this, it launched the next-generation enterprise connectivity platform another milestone that integrated proprietary e& UAE technologies such as Trust Net and AI Net, while offering seamless integration with global cloud service providers including AWS, Microsoft Azure, and Oracle Cloud.

It also implemented a private 5G network with Emirates Steel (EMSTEEL), adding advanced network slicing capabilities to support real-time automation, predictive maintenance, and worker safety monitoring.

In support of the business sector, e& UAE worked on modernising its 5G core network, established an AI Centre of Excellence in collaboration with Intel, and launched “MissionOn,” a secure national platform for instant voice and video communications designed for frontline teams.

In UAE, it continued to support national digital priorities through a range of impactful strategic partnerships, including collaboration with the Ministry of Industry and Advanced Technology to support more than 7,000 SMEs certified under the UAE’s In-Country Value programme.

Visitors travelling to Abu Dubai and Sharjah airports will now receive free SIM cards upon arrival, enhancing the travel experience and supporting the development of advanced digital services across the UAE.

With UAE-based space technology company Space42 it plans to explore opportunities in direct-to-device (D2D) connectivity between satellites and devices. The partnership is built on the Equatys platform and aims to enable seamless advanced 5.5G connectivity across satellite and terrestrial networks. With Space42, the company will also develop, test, and deploy vehicle-to-everything (V2X) connectivity technologies, supporting autonomous mobility and smart city infrastructure development across the UAE.

With Al Maryah Bank AE Coin payments was enabled across several e& channels and digital platforms. This landmark step strengthens the UAE’s global leadership in digital payment innovation and positions e& UAE as the first to adopt a fully licensed, central bank-approved stablecoin for bill payments and digital transactions.

At the enterprise level, e& UAE deepened its collaboration with Microsoft to deploy M365 Copilot at scale, in a move designed to transform the workplace through AI. The two companies also launched the “AI for Business Skilling” programme, an initiative aimed at equipping small and medium-sized enterprises (SMEs) with essential AI skills.

Continuing its efforts to empower SMEs in the UAE, e& UAE partnered with Aleria to deliver tailored AI business solutions designed to improve decision-making, enhance operational efficiency, and optimise cost management.

In collaboration with Open Innovation AI, e& UAE launched a dedicated AI laboratory aimed at developing innovative local solutions and accelerating the pace of innovation. e& UAE strengthened its collaboration with Samsung to provide customers across the UAE with the latest generation of AI-powered smartphones.

The company launched Neo Home, a new range of fibre packages offering speeds of up to 1 Gbps to deliver a seamless viewing experience, faster downloads, and additional customisable TV services. Parental Control was launched as a comprehensive connectivity and online safety service that enables parents to filter content, monitor devices, and manage screen time, ensuring a safer and more balanced digital experience for children across the UAE.

Smiles announced a new partnership with Tencent Cloud, the cloud arm of the company behind WeChat, to enhance digital commerce capabilities in the UAE. The super app also expanded its partner ecosystem through an integration agreement with Etihad Guest, enabling seamless loyalty point exchanges between the two programmes.

e& UAE joined the “Father’s Endowment” campaign that aims to establish a sustainable endowment fund valued at AED 1 billion to support healthcare for low-income patients, in honour of fathers across the UAE. It also partnered with the UAE Cyber Security Council to launch the Al Ain Innovation Centre to strengthen its position as a global hub for innovation, digital transformation, and the development of a sustainable knowledge-based economy.

In customer experience, the company received recognition from Forrester for transformation through initiatives such as the Customer Experience Change Makers, efforts to redesign the customer journey, and leadership engagement programmes such as “Customer Hour.” In recognition of its digital innovation efforts, e& UAE was awarded three prestigious CAMARA certifications under the GSMA Open Gateway initiative, reinforcing its leadership in API innovation and interoperability.

The Middle East’s first 6G connectivity trial using terahertz frequencies was conducted  with New York University Abu Dhabi, achieving record data transmission speeds. The company also led efforts to establish the UAE 6G Innovation Centre and the country’s first unified national laboratories for 5G and 6G networks, in partnership with Khalifa University and Zayed University, supporting the UAE’s position as a key global contributor to 6G standards development.

In collaboration with Open Innovation AI, e& UAE published a joint report titled “GenAI adoption: A strategic blueprint for the future.” The report provides a comprehensive analysis of how generative AI is reshaping business operations and outlines a practical roadmap to help organisations harness its transformative potential

e& life

In 2025, e& life accelerated momentum across fintech, digital banking, entertainment, and lifestyle, translating scale into stronger leadership, deeper platform integration, and improved profitability across its core verticals.

In fintech, e& money maintained its position as the UAE’s #1 licensed fintech app, with total cards issued surpassing 1.76 million, doubling year-on-year. Transaction value grew 2.8 times, while remittance activity continued to scale strongly, reinforcing its leadership in digital payments.

The platform secured Finance Company license approval, enabling entry into lending, expanded into payroll and salary solutions, and strengthened embedded finance capabilities, broadening its financial SuperApp proposition and monetisation base.

Wio continued its strong expansion in 2025, growing deposits and revenue materially year-on-year, supported by rising investment activity and sustained customer satisfaction leadership, reiterating its position as UAE’s most loved digital bank.

In entertainment, STARZPLAY delivered strong growth while executing transformational milestones, completing its merger with evision and scaling across key verticals. App installs surpassed 10.6 million (+82 per cent vs. 2024), and AVOD users more than doubled over last year. Long-term sports rights and premium Arabic content partnerships further strengthened its position as a leading regional entertainment hub.

In lifestyle, Careem Everything App delivered strong growth alongside margin expansion, nearly doubling GTV and revenues and significantly improving its path to profitability with double digit margin improvement. Careem Plus subscriptions surpassed 550,000 members, deepening ecosystem engagement across food, quik commerce, and payments.

e& enterprise

e& enterprise continued to play a strategic role in driving digital transformation across the region through strategic partnerships and advanced future-ready technologies.

Among these was its partnership with AWS to launch the UAE Sovereign Cloud Launchpad. With this partnership, e& enterprise is helping governments and regulated industries modernise critical workloads in a secure, locally hosted environment that meets national compliance requirements while unlocking innovation through scalable cloud infrastructure.

The company  expanded its strategic partnership with Microsoft to accelerate AI adoption across critical sectors in the UAE, Saudi Arabia, Qatar, Egypt, and Türkiye.

With Emeritus it signed a three-year partnership to launch an AI training programme aimed at empowering executives, senior leaders, and middle management with leadership, strategic, and practical skills.

In addition, with global cloud communications platform Infobip it introduced a new customer interaction centre that combines advanced customer engagement solutions with the engageX platform. Similarly, e& enterprise worked closely with Salesforce to integrate advanced customer relationship management solutions, including Sales Cloud, Marketing Cloud, and Tableau on the platform.

In Egypt, e& enterprise partnered with iscore to co-build an AI-powered credit risk and data governance platform.. This new platform turned legacy processes into a fully automated, compliant, and secure ecosystem that accelerates credit decisions, enables real-time fraud detection, and advances financial inclusion.

In 2025, Beehive signed a non-binding offer letter with Themar to transform SME financing in KSA. This strategic move looks to officially establish Beehive as a regulated fintech lender in the Kingdom, significantly strengthening its presence in one of the region's most dynamic SME markets.

In line with its commitment to the highest standards of security and compliance, e& enterprise’s OneCloud platform achieved ISO/IEC 27017 and ISO/IEC 27001:2022 certifications. In addition, the company announced plans to launch the next generation of its fully sovereign OneCloud platform in the UAE, powered by Oracle Alloy.

e& enterprise was recognised by IDC across multiple prestigious categories. Help AG received the Strategic Partner Award from the Abu Dhabi Department of Health. In addition, Help AG Saudi Arabia was recognised by Palo Alto Networks as Partner of the Year for Secure Access and Endpoint Services.

Within the enterprise solutions sector, with the Office of Information Technology and eGovernment of the Republic of Serbia it will work on data centre expansion in Serbia.

The company also launched a sovereign AI inference platform with Dell and Intel, enabling high-performance AI workloads to be deployed locally in line with the highest security standards and data residency requirements. In addition, e& enterprise unveiled SLM in a Box in partnership with AWS and Intel, aimed at accelerating the adoption of AI across the public and private sectors.

e& international

e& international delivered several significant achievements during 2025. e& PPF Telecom Group completed the acquisition of 100 per cent of Serbia Broadband, creating a converged player with a stronger competitive position in the Serbian market.

O2 Slovakia, part of e& PPF Telecom, signed a binding agreement with Liberty Global to acquire 100 per cent of UPC Slovakia for EUR 95 million. As a fixed line provider, UPC’s assets complement O2’s strong mobile offering in Slovakia.

In 2025, e& international operating companies launched 5G service in 3 markets - Morocco, Egypt and Serbia. The commercial launch of 5G marks a major milestone towards broad-based digital growth through higher speeds, wider coverage, and new digital opportunities.

e& international companies also invested in spectrum to support 5G and ensure the best network experience for customers with additional spectrum acquired in Morocco and Serbia. O2 Slovakia also participated in the largest spectrum auction in the country’s history, with licences extending until 2048.

PTCL completed its acquisition of 100 per cent of Telenor Pakistan. Meanwhile, PTCL Flash Fiber maintained its position as the largest fibre-to-the-home provider in Pakistan and reached more than 8,20,000 subscribers.

In Morocco, Maroc Telecom (MT) and Inwi (Wana Corporate) signed an expanded partnership to establish two joint ventures UniFiber and UniTower to accelerate the rollout of fibre-optic and 5G networks.

In Egypt, e& Cash rebranded to e& money, and the platform was upgraded to provide a more comprehensive financial services experience, including the first instant international money transfer service in the country, developed in collaboration with Banque du Caire.

e& PPF Telecom Group received international recognition in European markets for its strong performance in mobile services, with Yettel Hungary named the Fastest Mobile Network by Ookla, and both Yettel Serbia and Yettel Bulgaria winning Best in Test by umlaut.

In Saudi Arabia, Mobily was recognised as the fastest-growing telecommunications brand in the Middle East, with its brand value increasing by more than 140 per cent over the past five years. Mobily also announced investments exceeding SAR 3.4 billion in digital infrastructure projects, including data centres and subsea cables, highlighting the company’s strategic role in supporting the Kingdom’s digital transformation.

In Afghanistan, Etisalat Afghanistan provided humanitarian and logistical support to returning families, including the distribution of more than 17 tonnes of food aid, upgrades to 4G network towers, and the establishment of new service points at border crossings. These efforts enhanced connectivity and supported local communities.

e& capital

In 2025, e& capital deployed capital across a mix of regional champions and global disruptors, reinforcing its commitment to backing high-growth, innovation-led businesses.

During the year, e& capital participated in a funding round for Qlub alongside key regional and global investors, supporting the company’s global expansion and strengthening its smart payments platform for restaurants. It also co-led a Series A round for Fuze with Galaxy, enabling the development of a digital asset infrastructure platform for the Middle East and Türkiye. In addition, e& capital invested in Opus by AppliedAI, an advanced AI enterprise automation platform for regulated sectors, helping drive greater efficiency and compliance.