Ooredoo (ORDS) Q2 2026 earnings summary

Executive summary

• Achieved 4.6% year-over-year revenue growth to QAR 12.5 billion in H1 2026, with EBITDA up 7.4% to QAR 5.5 billion and margin improving by 1.2pp to 44.4%.

• Normalized net profit rose 3.7% to QAR 2.0 billion, while reported net profit declined 5.1% due to a one-off legal provision in Algeria.

• Strategic progress included the launch of Al Abraj (TowerCo), expansion of Syntys (data centers), fintech platform growth, and subsea cable investments.

• Maintained robust liquidity, low leverage, and investment-grade ratings, supporting financial flexibility.

• Customer base grew 4.2% to 54.0 million (147.5 million including IOH), reflecting strong demand for digital connectivity.

Financial highlights

• Revenue: QAR 12.5 billion (+4.6% YoY); EBITDA: QAR 5.5 billion (+7.4% YoY); EBITDA margin: 44.4% (+1.2pp YoY).

• Normalized net profit: QAR 2.0 billion (+3.7% YoY); reported net profit: QAR 1.8 billion (-5.1% YoY).

• Free cash flow increased 7.7% to QAR 3.9 billion; CAPEX rose 6.8% to QAR 1.6 billion (12.9% of revenue).

• Net debt-to-EBITDA at 0.6x, with cash reserves of QAR 10.9–11 billion and QAR 6.4 billion undrawn facilities.

• Customer base: 54.0 million (+4.2% YoY); including IOH: 147.5 million.

Outlook and guidance

• FY2026 guidance maintained, with management confident in achieving full-year targets despite regional challenges.

• Focus on disciplined execution, operational efficiency, and advancing strategic growth initiatives.

• On track for revenue growth of 3–5%, low 40% EBITDA margin, and capex of QAR 5.0–6.5 billion.