EMIRATES TELECOMMUNICATIONS GROUP COMPANY

Financials Emirates Telecommunications Group Company

Equities

EAND

AEE000401019

Integrated Telecommunications Services

Delayed Abu Dhabi Securities Exchange Other stock markets 02:25:04 2025-12-15 am EST			5-day change	1st Jan Change
18.34 ^AED	-0.22%		+0.99%	+12.38%

Dec. 10	UAE digital lender Wio Bank bets on payments, wealth to power next growth phase	RE
Dec. 10	UAE Telco e& to Consider Enabling Stablecoin Payments	MT

Projected Income Statement: Emirates Telecommunications Group Company

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	51,708	53,342	52,432	53,752	59,203	71,688	76,205	79,860
Change	-	3.16%	-1.71%	2.52%	10.14%	21.09%	6.3%	4.8%
EBITDA ¹	27,768	26,232	26,761	26,214	26,454	31,622	33,300	34,723
Change	-	-5.53%	2.02%	-2.05%	0.92%	19.54%	5.3%	4.27%
EBIT ¹	14,471	12,792	12,924	12,832	20,061	21,076	22,466	23,832
Change	-	-11.6%	1.03%	-0.71%	56.34%	5.06%	6.6%	6.08%
Interest Paid ¹	-2,361	-1,284	-2,674	-3,928	-5,212	-4,907	-3,488	-3,642
Earnings before Tax (EBT) ¹	11,766	12,804	12,278	12,698	17,582	19,526	17,947	19,336
Change	-	8.82%	-4.11%	3.43%	38.46%	11.05%	-8.08%	7.74%
Net income ¹	9,027	9,317	10,007	10,305	10,752	13,530	12,462	13,322
Change	-	3.21%	7.41%	2.97%	4.34%	25.84%	-7.89%	6.9%
Announcement Date	2/14/21	2/14/22	2/13/23	2/21/24	2/13/25	-	-	-

¹AED in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	13,064	13,220	13,216	13,294	13,613	13,331	12,996	12,973	13,132	13,002	13,614	13,397	13,738	14,214	14,092	14,424	16,473	16,864	18,046	18,629	19,529	18,553	19,505	19,837
Change	-	1.19%	-0.03%	0.59%	2.4%	-2.07%	-2.52%	-0.18%	1.23%	-0.99%	4.7%	-1.59%	2.55%	3.46%	-0.85%	2.36%	14.2%	2.38%	7%	3.23%	4.83%	-5%	5.13%	1.7%
EBITDA ¹	-	6,696	6,617	6,785	6,290	6,806	6,489	6,841	6,424	5,902	6,567	6,981	6,764	6,369	6,789	6,488	7,017	7,377	8,034	8,463	8,425	8,005	8,612	8,812
Change	-	-	-1.18%	2.55%	-7.29%	8.19%	-4.65%	5.42%	-6.09%	-8.14%	11.27%	6.3%	-3.1%	-5.85%	6.6%	-4.43%	8.15%	5.13%	8.9%	5.34%	-0.44%	-4.98%	7.57%	2.33%
EBIT	-	3,361	3,269	3,273	2,890	3,416	3,263	3,320	2,926	2,939	3,590	3,630	2,673	4,810	5,538	3,831	4,606	5,065	6,342	5,892	-	-	-	-
Change	-	-	-2.74%	0.12%	-11.69%	18.19%	-4.48%	1.74%	-11.87%	0.45%	22.17%	1.11%	-26.37%	79.96%	15.13%	-30.82%	20.23%	9.95%	25.21%	-7.09%	-	-	-	-
Charge d'intérêts	-	-373.8	-202.3	-271.2	-436.7	-484.6	-814	-581.5	-794.2	-862.4	-860.2	-1,309	-896.1	-1,162	-2,106	-700.3	-1,244	-701.9	-1,401	-994.4	-	-	-	-
Earnings before Tax (EBT) ¹	-	3,188	3,350	3,366	2,900	3,143	2,740	3,245	-	2,612	3,219	3,617	-	2,943	2,587	3,692	4,336	6,440	5,420	3,977	3,142	-	-	-
Change	-	-	5.09%	0.48%	-13.84%	8.37%	-12.82%	18.43%	-	-	23.26%	12.37%	-	-	-12.1%	42.73%	17.44%	48.54%	-15.84%	-26.62%	-21%	-	-	-
Net income ¹	-	2,350	2,395	2,436	2,136	2,434	2,431	2,484	2,658	2,187	2,522	2,979	2,616	2,330	3,165	2,963	2,295	5,355	3,472	2,986	2,919	2,921	3,201	3,517
Change	-	-	1.92%	1.72%	-12.35%	13.97%	-0.11%	2.15%	7.05%	-17.74%	15.35%	18.12%	-12.2%	-10.95%	35.86%	-6.39%	-22.53%	133.3%	-35.15%	-14%	-2.26%	0.08%	9.57%	9.87%
Announcement Date	2/14/21	4/28/21	7/29/21	10/31/21	2/14/22	4/25/22	8/1/22	11/1/22	2/13/23	5/2/23	8/1/23	10/31/23	2/21/24	4/30/24	7/31/24	10/30/24	2/13/25	4/28/25	7/30/25	10/28/25	-	-	-	-

¹AED in Million

Estimates

Forecast Balance Sheet: Emirates Telecommunications Group Company

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-1,859	-189	18,260	23,514	39,975	32,295	29,959	24,372
Change	-	89.83%	9,761.38%	28.77%	70.01%	-19.21%	-7.23%	-18.65%
Announcement Date	2/14/21	2/14/22	2/13/23	2/21/24	2/13/25	-	-	-

¹AED in Million

Estimates

Cash Flow Forecast: Emirates Telecommunications Group Company

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	7,096	8,362	8,037	7,287	9,507	11,681	10,894	11,286
Change	-	17.85%	-3.89%	-9.33%	30.46%	22.87%	-6.74%	3.6%
Free Cash Flow (FCF) ¹	11,873	9,749	11,097	7,918	12,226	11,598	12,040	12,974
Change	-	-17.89%	13.83%	-28.65%	54.4%	-5.13%	3.8%	7.77%
Announcement Date	2/14/21	2/14/22	2/13/23	2/21/24	2/13/25	-	-	-

¹AED in Million

Estimates

Forecast Financial Ratios: Emirates Telecommunications Group Company

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	53.7%	49.18%	51.04%	48.77%	44.68%	44.11%	43.7%	43.48%
EBIT Margin (%)	27.99%	23.98%	24.65%	23.87%	33.89%	29.4%	29.48%	29.84%
EBT Margin (%)	22.76%	24%	23.42%	23.62%	29.7%	27.24%	23.55%	24.21%
Net margin (%)	17.46%	17.47%	19.09%	19.17%	18.16%	18.87%	16.35%	16.68%
FCF margin (%)	22.96%	18.28%	21.16%	14.73%	20.65%	16.18%	15.8%	16.25%
FCF / Net Income (%)	131.53%	104.63%	110.89%	76.84%	113.71%	85.72%	96.61%	97.39%
Profitability
ROA	6.91%	7.13%	7.32%	7.06%	6.51%	7.4%	6.72%	7%
ROE	18.41%	19.29%	22.27%	24.27%	24.38%	26.22%	22.85%	22.34%
Financial Health
Leverage (Debt/EBITDA)	-	-	0.68x	0.9x	1.51x	1.02x	0.9x	0.7x
Debt / Free cash flow	-	-	1.65x	2.97x	3.27x	2.78x	2.49x	1.88x
Capital Intensity
CAPEX / Current Assets (%)	13.72%	15.68%	15.33%	13.56%	16.06%	16.29%	14.3%	14.13%
CAPEX / EBITDA (%)	25.55%	31.88%	30.03%	27.8%	35.94%	36.94%	32.71%	32.5%
CAPEX / FCF (%)	59.76%	85.78%	72.43%	92.03%	77.76%	100.72%	90.49%	86.99%
Items per share
Cash flow per share ¹	2.181	2.082	2.2	1.748	2.499	2.258	2.538	2.88
Change	-	-4.53%	5.66%	-20.53%	42.93%	-9.64%	12.38%	13.5%
Dividend per Share ¹	0.8	0.8	0.8	0.8	0.83	0.86	0.89	0.9314
Change	-	0%	0%	0%	3.75%	3.61%	3.49%	4.66%
Book Value Per Share ¹	5.638	4.303	4.86	4.905	5.239	6.214	6.64	7.416
Change	-	-23.69%	12.95%	0.93%	6.81%	18.6%	6.85%	11.69%
EPS ¹	1.04	1.07	1.15	1.18	1.24	1.563	1.457	1.576
Change	-	2.88%	7.48%	2.61%	5.08%	26.04%	-6.75%	8.12%
Nbr of stocks (in thousands)	8,696,754	8,696,754	8,696,754	8,696,754	8,696,754	8,696,754	8,696,754	8,696,754
Announcement Date	2/14/21	2/14/22	2/13/23	2/21/24	2/13/25	-	-	-