du reports resilient growth, strong profitability in Q3 2025

du reports its Q3 results and demonstrates resilient growth and strong profitability in the first nine months of 2025

Driven by continued operational excellence and strong commercial performance, du posts 14.6% net income growth, 8.0% revenues growth and 47.3% EBITDA margin in the first nine months of the year

Dubai, UAE. 23 October 2025 – Emirates Integrated Telecommunications Company PJSC (du) reported its financial results for the third quarter of 2025. During the third quarter, we sustained our strong momentum with revenues up 7.9% year-over-year, reflecting our solid commercial performance across our key segments. Our disciplined execution translated into a robust EBITDA margin of 47.8% in the third quarter. The quarter was also marked by the successful completion of a secondary public offering of 7.55% of our share capital, which will significantly strengthen our capital market profile.

Q3 2025 Highlights

• Strong commercial momentum across both our B2C and B2B segments, together with a strong pipeline of partnerships — including recent agreements announced at GITEX — demonstrates our ability to sustain topline growth and strengthen our market leadership
• Continued scaling of the ICT business, as recently witnessed by the launch of the AI Park ecosystem
• Successful completion of the Secondary Public Offering of 75% of the shares previously owned by Mubadala in the capital of the company, increasing du’s free float to 27.7%, enhancing liquidity, diversifying the investor base and providing a potential pathway for indices inclusion
• Healthy market trends and strong commercial positioning translated into a growth of 10.3% of the Mobile base and 9.7% of the Fixed base
• Steady growth confirmed with a 7.9% revenues expansion across our main business areas
• Strong execution leads to significant EBITDA margin expansion to 47.8% and strong profit growth to AED 732 million
• Consistent quarterly performance for 3 consecutive quarters enables us to reaffirm our 2025 guidance: 2025 Revenue growth of 6-8%, 2025 EBITDA margin: 45-47%

Financial Summary[1]

	Quarterly			9 months
AED million	Q3 2025	Q3 2024	change	9M 2025	9M 2024	change
Revenues	3,872	3,589	7.9%	11,622	10,763	8.0%
Service revenues	2,873	2,646	8.6%	8,470	7,803	8.6%
Other revenues	999	944	5.9%	3,152	2,960	6.5%
EBITDA[2]	1,852	1,736	6.7%	5,502	4,891	12.5%
Margin (%)	47.8%	48.4%	(0.5pp)	47.3%	45.4%	1.9pp
Normalized[3] EBITDA	1,852	1,585	16.8%	5,502	4,740	16.1%
Normalised3 margin (%)	47.8%	44.2%	3.7pp	47.3%	44.0%	3.3pp
Net profit	732	719	1.8%	2,181	1,903	14.6%
Normalized[4] net profit	732	582	25.8%	2,181	1,766	23.5%
Capex[5]	492	511	(3.8%)	1,413	1,312	7.7%
Capital intensity (%)	12.7%	14.2%	(1.5pp)	12.2%	12.2%	0.0pp
Operating Free Cash Flow[6]	1,360	1,224	11.0%	4,088	3,578	14.3%

Fahad Al Hassawi, CEO commented:

“Our third-quarter performance reinforces the strong trajectory established in the first half of the year. We continue to deliver consistent results across our key segments, with solid business fundamentals and commercial success driving robust year-on-year subscriber growth and a steady 7.9% increase in revenues. Profitability remained strong, with an EBITDA margin of 47.8%, representing a normalized expansion of 3.7 percentage points year-on-year, while net profit grew by 25.8% on a normalized basis. These achievements underscore the effectiveness of our disciplined execution and our focus on value-accretive growth, fully supporting the full-year guidance we have reaffirmed. The successful completion of our secondary public offering strengthens du’s market profile by increasing free float and diversifying our investor base, with increased liquidity positioning us for potential index inclusion. The strong demand highlights investor confidence in our growth trajectory, operational excellence, and focus on long-term shareholder value creation. We are progressing with determination on our strategic priorities — reinforcing growth in our core connectivity business while rapidly scaling our high-potential beyond-the core segments. The success of our Envision flagship Tech event, the recent launch of the AI Park and the AI supercluster exemplify our commitment to leadership in sovereign AI and our focus on sustainable diversification.”

Customer base

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