Zain Group delivered its strongest financial performance in 16 years in 2025, reporting record revenue, strong profit growth and rapid expansion across digital, fintech and enterprise ICT services. The results, published on February 17, 2026, highlight the success of the company’s “4WARD – Progress with Purpose” transformation strategy.
Record revenue and profit growth in 2025
Zain reported revenue of about KD 1.9 billion ($6.2 billion), representing roughly 15 percent growth. The performance was supported by network restoration in Sudan and strong momentum in Iraq and Saudi Arabia.
EBITDA reached around KD 700 million ($2.3 billion), maintaining an EBITDA margin near 34 percent. Net income rose sharply to an estimated KD 230 million – KD 240 million ($750 million – $780 million), reflecting improved operational efficiency and scale.
Kuwait
Zain’s flagship Kuwait business retained market leadership with 2.6 million customers. Revenue rose 4 percent to KD 386 million ($1.3 billion), while EBITDA reached KD 139 million ($452 million) with 36 percent margin. Net income declined 21 percent to KD 87 million ($282 million) due to a one-time $80 million gain recorded in 2024 from the step-up acquisition of IHS Kuwait TowerCo. Data revenue increased 4 percent and contributed 36 percent of total revenue.
Saudi Arabia
Zain KSA delivered record revenue of $2.93 billion, up 6 percent. EBITDA rose 4 percent to $925 million, with a margin of 32 percent, while net income increased 1 percent to $161 million. The operator served 8.1 million customers. Data revenue grew 3 percent and represented 39 percent of total revenue, supported by strong 5G adoption. Enterprise services, the digital operator Yaqoot and fintech arm Tamam played a key role in boosting growth.
Iraq
Zain Iraq recorded strong momentum with revenue rising 20 percent to $1.29 billion. EBITDA reached $473 million, up 7 percent, with a margin of 37 percent. Net profit climbed 15 percent to $150 million. The subscriber base grew 6 percent to 20.9 million users, driven by network expansion, operational efficiencies and diversification through subsidiaries Next Generation and Horizon.
Sudan
Sudan delivered the most dramatic turnaround following stabilization in Khartoum. Revenue surged 92 percent to $661 million and EBITDA jumped 143 percent to $373 million, producing an exceptional 56 percent margin. Net income soared to $290 million. Zain restored 814 network sites, bringing coverage to 90 percent of safe areas. The subscriber base grew 22 percent to 12.3 million, while data revenue rose 108 percent and accounted for 32 percent of revenue.
Jordan
Zain Jordan maintained market leadership with 4.2 million customers. Revenue increased 7 percent to $595 million and EBITDA rose 1 percent to $227 million, with a margin of 38 percent. Net income reached $75 million. Expansion of 4G, fiber and 5G services drove data revenue growth of 15 percent, now representing 55 percent of total revenue.
Bahrain
Bahrain posted steady growth, with revenue rising 7 percent to $219 million and EBITDA reaching $62 million, representing a 28 percent margin. Net income grew 1 percent to $15.9 million. Data revenue increased 5 percent and contributed 46 percent of total revenue.
Subscriber base surpasses 51 million
Zain’s total customer base grew 9 percent to 51.3 million subscribers. Growth was driven by the restoration of services in Sudan, where the company now serves more than 12 million users, alongside continued expansion in Iraq.
Blended ARPU remained stable at the group level, but key markets showed strong gains:
Zain KSA recorded blended ARPU of SAR 60, supported by a 49 percent surge in 5G subscribers.
Zain Kuwait focused on expanding its postpaid base and monetizing advanced 5.5G services.
Strong investment in 5G, fiber and AI automation
Zain invested heavily in infrastructure and technology during 2025.
Capex totaled about $900 million – $1 billion, equivalent to 13-15 percent of revenue. Investments focused on:
Rolling out 5.5G in Kuwait and Saudi Arabia
Expanding 5G coverage to 94 cities in Saudi Arabia
Upgrading fiber-to-the-home networks
Deploying AI-driven network automation
The company implemented a disciplined cost optimization program. In Saudi Arabia, Opex fell to 28 percent of revenue from 33 percent in 2024, supported by AI-led efficiencies and streamlined advertising and maintenance spending.
Digital and fintech businesses become major growth engine
Zain’s transformation into a digital and ICT conglomerate is accelerating rapidly.
Revenue from growth verticals – fintech, cloud and wholesale – surged 98 percent year-on-year and now represents a double-digit share of total revenue.
Fintech expansion accelerates
Fintech revenue increased 57 percent, driven by platforms including Tamam and Zain Cash in Iraq and Jordan.
Enterprise and cloud growth surges
ZainTECH recorded revenue growth of 74 percent, securing major cloud and cybersecurity contracts with governments and large enterprises across the region.
Wholesale business scales globally
Zain Omantel International achieved a 172 percent revenue increase, fueled by rising global demand for international data and voice traffic.
AI becomes core to operations and customer experience
Artificial intelligence is now deeply integrated across Zain’s operations, including:
Omnichannel customer service platforms
Predictive network management and automation
Operational productivity improvements across markets
This AI-driven approach is helping the company reduce costs, improve service quality and unlock new digital revenue streams.
Outlook: Transition to a digital ICT powerhouse
Zain’s 2025 results demonstrate a successful shift from a traditional telecom operator to a diversified digital and ICT group. With strong momentum in fintech, enterprise services, 5G and AI, the company is positioning itself for sustained long-term growth across the Middle East and Africa.
BABURAJAN KIZHAKEDATH