Revenue at e& tops $5bn as subscriber base rises

UAE telecoms operator e&, formerly known as Etisalat, said revenue rose strongly in the first quarter of 2026, supported by an expanding subscriber base, although the regional conflict weighed on growth in March.

Revenue increased 15 percent year on year to AED19.4 billion ($5.3 billion), driven by a strong performance among telecom verticals in its home and international markets, e& told the Abu Dhabi Securities Exchange.

Net profit after federal royalty and corporate tax reached AED2.9 billion, up 4 percent when adjusted for the impact of gains on the sale of Dubai-based Khazna Data Centers.

In February 2025, the company announced it was divesting its 40 percent stake in Khazna Data Centers for AED8 billion to Abu Dhabi technology group G42.

A month later, UAE technology investment company MGX and US private equity company Silver Lake bought a minority stake in Khazna. 

The aggregate subscriber base at e& reached 248 million, up 31 percent annually by the end of March 31, 2026. The UAE base rose 9 percent year on year to 16.6 million, while international subscribers surged 33 percent to 231 million.

Group CEO Masood Mahmood said international diversification had helped the company to maintain growth momentum.

Capital expenditure rose 17 percent year on year to AED2.8 billion, driven by the acquisition of 5G spectrum in Pakistan and licence renewal in Hungary.

Operating free cash flow, excluding licences and spectrum, increased 15 percent to AED6.5 billion.

Shares in e& closed 0.1 percent lower at AED19.02 on Tuesday, down 4 percent in the year to date.

The Emirates Investment Authority owns 60 percent of the telecom operator.

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