UAE-based technology and telecom group e& delivered solid growth in the second quarter of 2026, supported by its rapidly expanding international operations, a larger global subscriber base and continued investment in mobile, broadband and next-generation network infrastructure.
e&, under the leadership of CEO Masood M. Sharif Mahmood, has generated AED 19.2 billion in Q2 2026 revenue, an increase of 8.7 percent year-over-year, while net profit rose 1.1 percent to AED 3.1 billion. The telecom group invested approximately AED 2.9 billion in network and technology infrastructure during the quarter, translating into 15 percent capex intensity.
Customer expansion remained a major growth driver. e& ended the quarter with 251.5 million subscribers globally, representing a substantial 30.4 percent increase, as its footprint expanded across the Middle East, Africa, Asia and Central and Eastern Europe.
Revenue growth was particularly strong outside the UAE. e& UAE generated AED 8.91 billion, up 3.3 percent, while e& International revenue jumped 15.7 percent to AED 9.31 billion, or 15.2 percent in constant currency. e& Enterprise contributed another AED 857 million.
International Telecom Business Drives e& Growth
International operations have emerged as the biggest engine of e&’s expansion. The division served approximately 235 million subscribers, up 32 percent year-over-year, while generating AED 9.31 billion in revenue and AED 4.21 billion in EBITDA.
Maroc Telecom Group remained one of the largest contributors to the international portfolio. It generated AED 3.65 billion in revenue, supported by 5.8 percent constant-currency growth, while its customer base reached 77.1 million. EBITDA stood at AED 1.93 billion, supported by resilient performance in Morocco and subscriber expansion across the Moov Africa markets.
e& PPF Telecom Group, which strengthens the company’s presence across Central and Eastern Europe, recorded AED 2.81 billion in revenue, an increase of 10 percent year-over-year. EBITDA reached AED 1.27 billion, while its customer base expanded to 15.2 million. Growth was supported by commercial momentum and the consolidation of UPC Slovakia.
Egypt was another fast-growing market. e& Egypt revenue surged 21.6 percent to AED 1.28 billion, with its subscriber base reaching 44.5 million. EBITDA increased to AED 447 million. The operator is also preparing for the next stage of mobile connectivity following its acquisition of 5G spectrum in Egypt.
PTCL Group delivered the strongest revenue growth among e&’s major operating companies. The Pakistan business recorded a 65.1 percent year-over-year increase in revenue to AED 1.37 billion, while subscribers reached 76.7 million following the consolidation of Telenor Pakistan and continued organic expansion. PTCL Group generated AED 493 million in EBITDA.
e& UAE Revenue Reaches AED 8.91 Billion
The UAE operation maintained steady growth as demand for premium mobile connectivity, fixed broadband and enterprise services remained resilient.
e& UAE revenue increased 3.3 percent to AED 8.91 billion, with the business serving 16.5 million subscribers. EBITDA reached AED 4.58 billion, equivalent to a robust 51.5 percent EBITDA margin.
Its UAE mobile customer mix included 11.1 million postpaid subscribers and 3.7 million prepaid subscribers.
Blended mobile ARPU was AED 72, slightly below AED 73 in the previous quarter and AED 77 in Q2 2025. e& calculates mobile ARPU based on total mobile revenue divided by the average mobile subscriber base.
Broadband customer value, however, continued to improve. e& had approximately 0.89 million single-play, 0.30 million double-play and 0.22 million triple-play broadband customers.
Blended broadband ARPL increased to AED 475, compared with AED 472 in the previous quarter and AED 470 in Q2 2025, highlighting resilient spending across the E-Life and Business One portfolios. e& did not disclose separate FTTH subscriber or homes-passed figures for the quarter.
e& Enterprise Generates AED 857 Million Revenue
e& Enterprise, the group’s enterprise ICT and digital services operation, generated AED 857 million in Q2 revenue, down 4.7 percent year-over-year.
Despite the annual decline, management reported higher quarter-on-quarter revenue growth as the business navigated the prolonged impact of geopolitical turbulence on market recovery. EBITDA was AED 49 million, producing an EBITDA margin of 5.7 percent.
Rather than announcing a major new artificial intelligence initiative during the quarter, e& focused on strengthening its international portfolio, enterprise capabilities and next-generation telecom infrastructure.
e& Capex Hits AED 2.87 Billion
Investment remained central to e&’s growth strategy. The group recorded AED 2.87 billion in Q2 2026 capital expenditure, excluding spectrum and license costs, representing 15 percent of revenue.
International operations accounted for the majority of investment with AED 1.90 billion in capex, compared with AED 914 million in the UAE and AED 13 million at e& Enterprise.
Capex intensity reached 20.4 percent for international operations, compared with 10.3 percent for e& UAE and 1.5 percent for e& Enterprise.
Investment was spread across several major telecom markets. Maroc Telecom invested AED 819 million, while e& PPF Telecom spent AED 492 million, e& Egypt invested AED 347 million, and PTCL Group allocated AED 224 million. The investments are supporting mobile and fixed-network expansion and preparing the businesses for future traffic and service growth.
Vodafone Stake Sale Generates AED 21.9 Billion
Portfolio optimization also played a significant role in e&’s Q2 strategy. The company announced the sale of its 17.13 percent voting stake in Vodafone, generating AED 21.9 billion in proceeds at a 13 percent premium to the prevailing market price.
e& also completed the sale of its 12.5 percent stake in Careem, while strengthening its Central and Eastern European business through the UPC Slovakia acquisition. In Egypt, securing 5G spectrum provides another foundation for future network and service expansion.
e& Raises 2026 EBITDA Growth Outlook
Following the Q2 performance, e& maintained its 2026 revenue growth guidance of 8 percent to 10 percent in constant currency.
More significantly, the company increased its full-year EBITDA growth guidance to 6 percent to 7 percent, up from its earlier forecast of 4 percent to 5 percent.
e& continues to expect capex intensity of 16 percent to 17 percent of revenue, excluding spectrum and license costs, while maintaining earnings-per-share guidance of approximately AED 1.35.
With international revenue growing 15.7 percent, global subscribers expanding 30.4 percent to 251.5 million, and quarterly infrastructure investment approaching AED 2.9 billion, e& is increasingly relying on its diversified international telecom footprint alongside its high-margin UAE operation to drive its next phase of growth.
FASNA SHABEER
