Ooredoo Kuwait: Revenues Rise 6%, EBITDA Surpasses 10%

Kuwait National Company for Mobile Telecommunications S.A.K. “Ooredoo” (ticker on the Kuwait Stock Exchange: OOREDOO) announced its financial results for the nine-month period ended September 30, 2026, which included the following:

• Consolidated revenues increased by 6% to reach 608 million Kuwaiti dinars for the nine months ended September 30, 2026, compared to 573 million dinars for the same period in 2025. This revenue growth was supported by the Group’s strong operational performance.

• The consolidated customer base grew by 7% to reach 29.1 million customers as of September 30, 2026, compared to 27.3 million customers as of September 30, 2025.

• Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 10% to reach 255 million Kuwaiti dinars for the nine months ended September 30, 2026, compared to 232 million dinars for the same period in 2025. Excluding the financial impact of a one-time provision for doubtful debts recorded during the comparative period, the adjusted EBITDA growth rate was 8% year-on-year.

• Net profit attributable to Kuwait National Company for Mobile Telecommunications decreased by 29% to 48 million dinars for the nine months ended September 30, 2026, compared to 68 million dinars for the same period in 2025. This decline was primarily due to a one-time provision of 23.5 million dinars following the final ruling of the Supreme Court in Algeria in June 2026 regarding a claim filed by the Central Bank of Algeria against one of its subsidiaries (Algerie Telecom). Excluding the impact of this provision in 2026 and the one-time doubtful debts provision recorded during the comparative period, the adjusted net profit attributable to the Company amounted to 72 million Kuwaiti dinars, reflecting stable performance compared to the same period last year.

• Consolidated earnings per share amounted to 97 fils for the nine months ended September 30, 2026, compared to 136 fils for the same period in 2025. This decrease was primarily attributable to the same impact mentioned above.

Sheikh Nasser bin Hamad bin Nasser Al Thani, Chairman of the Board, stated: “The results of the first nine months of 2026 reflect the strength of Ooredoo Kuwait Group’s business and the advantages provided by our wide geographic footprint. We achieved strong Group-level performance, with consolidated revenues increasing by 6% year-on-year to reach 608 million Kuwaiti dinars, and EBITDA rising by 10% to 255 million dinars. This growth was reflected in an improvement in EBITDA margin to 42%, while our customer base grew to 29.1 million customers, an increase of 7% compared to the previous year, reflecting strong demand across our various markets. These results were driven by strong operational performance in several markets, particularly Algeria, Tunisia, and Palestine. In Kuwait, challenges related to device availability continued to impact commercial performance, affecting revenue growth; however, the Company maintained strong profitability levels thanks to an improvement in the revenue mix. Net profit attributable to shareholders was also affected by a non-recurring provision related to an old legal case in Algeria.”

After excluding the impact of this allocation, the Group’s adjusted net profit reached 72 million Kuwaiti dinars, underscoring the robustness and stability of our core operations. As we look ahead, our priorities remain clear and well-defined. We will continue to develop our products and services, strengthen our digital and network capabilities, and maintain a disciplined approach to cost and investment management. Grounded in strong operational foundations and a clear strategic plan, we are well-positioned to sustain performance and maximize long-term value for our shareholders, customers, and the communities we serve.

For his part, Abdulaziz Yaqoub Al-Babtain, Chief Executive Officer of Ooredoo Kuwait, stated: “The results for the first nine months of 2026 confirm the strength of the foundations underpinning Ooredoo Kuwait and its ability to deliver solid operational performance amid regional changes and sectoral challenges. The improvement in operating profitability reflects the effectiveness of our strategy in enhancing efficiency, improving revenue quality, and managing resources and investments with discipline, thereby supporting the sustainability of our operations and reinforcing the value we generate for our shareholders. Ooredoo continues to consolidate its leading position in Kuwait’s technology and telecommunications sector, backed by strategic investments in digital infrastructure, advanced technical capabilities, and institutional expertise aligned with the demands of the coming phase. Our achievements in network development and enhanced digital capabilities have built a strong foundation that enables us to lead the transformations underway in the sector and contribute to shaping its development trajectory. Technological advancement remains a central pillar of our investment and operational decisions, as we continue to enhance the use of artificial intelligence, data analytics, and automation to boost productivity and operational efficiency, and accelerate our responsiveness to changes. These capabilities provide a competitive depth that strengthens Ooredoo’s position as a leading technology company and prepares our business for a new phase of innovation- and value-driven growth. Our strategy is rooted in efficiently managing the present while steadily building the foundations for the future, by directing investments toward areas with long-term impact, developing human capital, and enhancing the integration of technology and corporate performance. This approach forms the basis for sustaining our competitive advantage and our ability to turn rapid challenges into opportunities that support the company’s growth and resilience. Our leadership is linked to a national responsibility we are proud to uphold, namely supporting digital transformation and enhancing the competitiveness of the State of Kuwait. Advanced infrastructure, investment in national talent, and the expansion of strategic partnerships constitute fundamental pillars for a more diversified and productive economy, and affirm Ooredoo’s role as a key partner in achieving the objectives of Kuwait Vision 2035. We continue to execute our priorities with confidence and discipline, relying on the strength of our business and the clarity of our strategic direction. Our focus will remain on consolidating Ooredoo’s leadership in Kuwait’s technology sector, achieving sustainable growth based on innovation and efficiency, and enhancing long-term value for our shareholders and the national economy.”

Operational Overview: The Group’s operational performance can be summarized as follows: Ooredoo Kuwait’s customer base declined by 4% to reach 2.8 million customers as of September 30, 2026. Revenues also decreased by 4%, amounting to 196 million dinars for the nine-month period ended September 30, 2026, compared to 204 million dinars for the same period in 2025.

This is primarily due to a decline in device sales resulting from shipment delays caused by regional geopolitical developments and the ensuing supply chain disruptions. Nevertheless, earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 12% to KD 73 million, compared to KD 65 million for the same period in 2025. EBITDA for the comparable period was impacted by a one-time provision for doubtful accounts in line with the company’s policy. Excluding the impact of this provision, adjusted EBITDA was up 6% year-on-year.

Ooredoo Tunisia: The customer base at Ooredoo in Tunisia increased by 1% to reach 7.5 million customers as of September 30, 2026. Revenues rose by 11% to KD 119 million for the nine-month period ended September 30, 2026, compared to KD 107 million for the same period in 2025. EBITDA increased by 12% to KD 51 million, compared to KD 45 million for the same period in 2025.

Ooredoo Algeria: The customer base at Ooredoo in Algeria grew by 12% to reach 16.8 million customers as of September 30, 2026. Revenues increased by 13% to KD 233 million for the nine-month period ended September 30, 2026, compared to KD 205 million for the same period in 2025. EBITDA rose by 7% to KD 101 million, compared to KD 94 million for the same period in 2025.

Ooredoo Palestine: The customer base in Palestine declined by 1% to reach 1.5 million customers as of September 30, 2026. Revenues increased by 16% to KD 28 million for the nine-month period ended September 30, 2026, compared to KD 24 million for the same period in 2025. EBITDA rose by 25% to KD 12 million, compared to KD 9 million for the same period in 2025.

Ooredoo Maldives: The customer base at Ooredoo Maldives increased by 5% to reach 443,000 customers as of September 30, 2026. Revenues rose by 2% to KD 33 million for the nine-month period ended September 30, 2026. EBITDA increased by 3% to KD 19 million, compared to KD 18 million for the same period in 2025.