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e& has demonstrated exceptional financial and operational performance in the third quarter of 2025, showcasing the telecommunications giant’s resilience and strategic vision in an increasingly competitive digital landscape. The company’s consolidated revenue reached AED 18.6 billion during this period, representing a substantial 29.2 percent year-on-year increase, or 27.4 percent when measured in constant currency terms. This impressive revenue growth underscores e&’s ability to leverage solid telecom fundamentals while capitalizing on the rapid expansion of digital services and the strategic consolidation of e& PPF Telecom into its operations.
The company’s earnings before interest, taxes, depreciation, and amortization rose by 27 percent to reach AED 8.4 billion for the quarter, maintaining a robust EBITDA margin of 45 percent. This strong margin performance demonstrates e&‘s operational efficiency and disciplined cost management approach.
Net profit for the third quarter stood at AED 3.0 billion, reflecting the company’s ability to convert top-line growth into sustainable bottom-line results. Furthermore, e& maintained its interim dividend per share at 43 fils, signaling management’s confidence in the company’s cash flow generation capabilities and commitment to shareholder returns.
Performance across e&‘s diverse business verticals remained consistently strong throughout the third quarter of 2025. e& UAE, the company’s flagship domestic operation, sustained its market leadership position by recording a 6.5 percent increase in revenue to reach AED 8.7 billion.
This growth was supported by a continuously expanding subscriber base that now totals 15.7 million customers. The UAE operation’s steady performance reflects the company’s deep understanding of local market dynamics and its ability to deliver innovative telecommunications services that meet evolving customer needs in a mature market environment.
The international division of e& posted particularly impressive results during the quarter, with revenue surging by 66.6 percent to reach AED 8.5 billion, or 61.7 percent growth when measured in constant currency terms. This remarkable performance largely reflects the successful inclusion of e& PPF Telecom following its strategic consolidation, combined with strong operational contributions from key markets including Egypt and Pakistan.
The international segment’s exceptional growth demonstrates e&’s successful execution of its geographic diversification strategy and its ability to identify and capitalize on high-growth opportunities in emerging telecommunications markets across the Middle East, North Africa, and Asia regions.
e&‘s digital and enterprise-focused business units recorded notable growth during the third quarter, highlighting the company’s successful transition toward higher-value service offerings. e& enterprise increased its revenue by 21.9 percent to reach AED 836 million, driven by rising customer demand for advanced cybersecurity solutions, cloud computing services, and Internet of Things applications.
This growth trajectory reflects the accelerating digital transformation initiatives undertaken by businesses across the region and e& enterprise’s positioning as a trusted technology partner capable of delivering comprehensive digital infrastructure solutions.
Meanwhile, e& life reported a substantial 33.7 percent revenue increase to AED 647 million during the quarter. This impressive performance was supported by the continued expansion of Careem, the region’s leading ride-hailing and super app platform, and e& money, the company’s digital financial services offering. The strong performance of e& life demonstrates the company’s success in diversifying beyond traditional telecommunications services and building a portfolio of consumer-facing digital platforms that address everyday lifestyle and financial needs.
Throughout the third quarter of 2025, e& continued to advance its long-term strategic vision through carefully targeted infrastructure investments and high-value partnerships. Among the key milestones achieved during this period, Maroc Telecom successfully secured a 5G license in Morocco, positioning the company to deliver next-generation mobile services in this important North African market.
This development will enable Maroc Telecom to enhance network capacity, reduce latency, and support emerging use cases such as enhanced mobile broadband, massive machine-type communications, and ultra-reliable low-latency communications.
e& enterprise signed a significant memorandum of understanding with Serbia to support digital infrastructure development in the Balkan nation. This partnership demonstrates e&‘s expanding footprint in supporting national digital transformation initiatives and its growing recognition as a capable partner for government-led infrastructure modernization programs. Additionally, e& collaborated with technology leaders Intel and Dell to launch the region’s first Sovereign Inference AI platform.
This groundbreaking initiative positions e& at the forefront of artificial intelligence infrastructure development in the Middle East and demonstrates the company’s commitment to enabling advanced AI capabilities while addressing data sovereignty concerns.
Capital expenditure for the third quarter totaled AED 3.0 billion, representing a capex intensity of 16 percent relative to revenue. This disciplined investment approach balances the need for continued network enhancement and capacity expansion with prudent financial management and returns optimization.
e& maintained a strong financial position throughout the quarter, underpinned by investment-grade credit ratings that reflect the company’s solid fundamentals and consistent operational performance. S&P Global has assigned e& a credit rating of AA minus with a stable outlook, while Moody’s has assigned a rating of Aa3, also with a stable outlook. These strong credit ratings provide e& with favorable access to capital markets and support the company’s ability to fund strategic growth initiatives and infrastructure investments at competitive costs.
The company’s net debt-to-EBITDA ratio remained healthy at 1.11 times during the quarter, demonstrating prudent leverage management despite the significant investments and acquisitions undertaken during the period. This conservative balance sheet approach provides e& with financial flexibility to pursue additional strategic opportunities while maintaining its commitment to shareholder distributions.
Reflecting its resilient performance over the first nine months of 2025 and confidence in continued momentum, e& revised its full-year guidance upward.
The company now forecasts revenue growth of 23 percent to 24 percent for the full year 2025, up from previous projections. Additionally, e& expects to maintain an EBITDA margin of 43 percent to 44 percent, demonstrating the scalability of its business model and operational efficiency improvements. This upward revision to guidance underscores management’s confidence in the company’s strategic direction, execution capabilities, and the favorable market conditions across its operating footprint.
The strong third-quarter results and improved full-year outlook position e& as a leading telecommunications and technology group driving digital transformation across multiple markets. Through its balanced portfolio of telecom infrastructure, enterprise solutions, and consumer digital services, combined with disciplined execution and strategic partnerships, e& continues to deliver value to shareholders while supporting the digital economies of the regions it serves.
