Egypt Equity Research - Telecom Egypt (ETEL) 2Q25 - First Look Note
                    
                        Revenue grew significantly 26.1% YOY to EGP 25.8 Bn in 2Q25, mainly driven by solid growth across the Wholesale and Retail segments. Customer base rose steadily across fixed voice, fixed data and mobile segments by 6.1%, 7.7% and 11.7% YOY, respectively, during 2Q25.