UAE Equity Research - Emirates Telecommunications Group Co (Etisalat) 3Q26 - First Look Note
Total subscriber base surged 29.4% YOY to 254.8 Mn in 3Q26, supported by growth across the Company’s home and international markets. Etisalat revenue increased 6.9% YOY to AED 19.5 Bn in 3Q26, while EBITDA grew 5.1% YOY to AED 9.0 Bn, with an EBITDA margin of 46.1%, reflecting continued growth across the Company’s markets.