Saudi Equity Research - Etihad Etisalat (Mobily) 4Q25 - First Look Note
The mobile subscriber base grew by 17.4% YOY to 14.4 Mn, including 12.3 Mn prepaid and 2.1 Mn postpaid subscribers, while the FTTH subscriber base increased 6.8% YOY to 305K Mn in 2025. Mobily’s Capex stood at SAR 5.8 Bn in 2025, reflecting ongoing investments in spectrum, fiber, data centers, 5G expansion, and submarine cables.