Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
e& Group has reported strong annual financial results with record revenues, EBITDA and net profit for 2025 even as it announced a leadership change with a new CEO all set to take charge of the operations.
According to its full-year 2025 earnings data, revenue rose 23.1% year on year to Dh72.9 billion, supported by robust telecom operations and strong growth in digital verticals. Telecom revenues increased 22.3%, while digital verticals expanded 25.3% during the year. On a like-for-like basis, revenue recorded organic growth of around 9%.
EBITDA increased 21.1% to Dh32 billion, with a healthy margin of 44%. The telecom vertical sustained a margin of 48%, driven by organic growth across its footprint and the consolidation of e& PPF Telecom’s full-year results. Excluding the consolidation impact, EBITDA grew 6.4% year on year.
Net profit after federal royalty and corporate tax rose 33.6% to Dh14.4 billion, delivering a margin of 19.7%. Excluding the one-off gain from the sale of Khazna and the Maroc Telecom settlement impact, net profit stood at Dh11.4 billion, reflecting a 6.0% year-on-year increase. Earnings per share increased to Dh1.65 for the year from Dh1.24 in 2024.
Operating free cash flow, excluding licence and spectrum costs, increased 14% to Dh20.8 billion, resulting in a margin of 28.6%. Capital expenditure excluding licences and spectrum totalled Dh11.2 billion, with an intensity ratio of 15.4%, up 1.5 percentage points from the previous year.
The Board revised the dividend policy, increasing the dividend per share for FY2025 to 90 fils, up 8.4% year on year, and proposing 95 fils for FY2026. A final dividend of 47 fils per share for the second half of 2025 has been recommended, subject to shareholder approval.
Total consolidated gross debt stood at Dh67.6 billion as of 31 December 2025, compared with Dh69.2 billion a year earlier, while consolidated cash balance reached Dh34.3 billion, resulting in a net debt position of Dh33.3 billion and a Net Debt/EBITDA ratio of 1.04x .
Separately, in a disclosure to the Abu Dhabi Securities Exchange, the company announced that Group Chief Executive Officer Hatem Dowidar will step down after six years in the role and more than 10 years with the company. His last working day will be March 31, 2026.
The Board appointed Masood Mohamed Sharif as Group Chief Executive Officer, in addition to his current role as CEO of e& UAE, effective April 1, 2026. According to the disclosure, Sharif brings more than 25 years of experience in communications, investments and government, having previously held senior roles at Mubadala Investment Company, Yahsat and the Abu Dhabi Department of Finance.
Sharif joined Etisalat UAE (e& UAE) as Chief Executive Officer in 2021. The 48-year-old holds a Master’s degree in Business Administration with a specialisation in Finance from McGill University in Canada and a Bachelor’s degree in Computer Systems Engineering from Boston University in the United States.
Commenting on the results, Jassem Mohamed 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, Group Chief Executive Officer of e&, 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, Chief Executive Officer, e& UAE, 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. 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.”
