Etisalat earnings rose 45.9% year over year to AED 17.2 billion in the first nine months of 2026, helped by a gain from the sale of its entire Vodafone Group stake. Revenue increased 10% to AED 57.6 billion.

Key Takeaways

  • The Vodafone sale generated a gain of approximately AED 8.0 billion.
  • The group’s subscriber base rose 29.4% year over year to 254.8 million.

Etisalat earnings and the Vodafone sale

In results announced on October 28, 2026, etisalat reported third-quarter net profit of AED 11.2 billion, up from AED 3.0 billion a year earlier. Excluding the Vodafone gain, third-quarter net profit was AED 3.2 billion.

For the first nine months, net profit adjusted for the Vodafone gain was AED 9.2 billion. Reported net profit for the same period of 2025 was AED 11.8 billion.

Etisalat said it completed the sale of its entire Vodafone stake during the third quarter. Total consideration was AED 21.9 billion, including the final dividend and a gain of approximately AED 8.0 billion.

Revenue and subscribers grow

Third-quarter revenue rose 6.9% year over year to AED 19.5 billion. EBITDA increased 5.1% to AED 9.0 billion, with a margin of 46.1%. For the first nine months, EBITDA rose 10.3% to AED 26.7 billion, with a margin of 46.4%.

The group had 254.8 million subscribers in the third quarter, up from 197.0 million a year earlier. UAE subscribers increased 5.2% to 16.5 million; etisalat attributed the growth to demand for advanced digital services and connectivity.

Connectivity expansion plans

As it marks its 50th anniversary, etisalat said it plans to expand international connectivity capacity to more than 500 terabits per second by 2030. It described that target as more than 25 times its current capacity and said it also plans to develop diverse routes.

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