Telecom operations, ownership, assets, annual results and the H1 2026 portfolio update.
Identity revalidation is due; this dated record is not proof of current listing status · 2026-08-01
What distinguishes this business
The UAE network is one part of an international telecom and technology group.
Network subscriptions and consumer or financial platforms have different economics.
Book value of network assets is not a measure of capacity or market value.
Business and identity
As of: 2025-12-31
e& is the international telecommunications and technology group legally named Emirates Telecommunications Group Company PJSC. Its shares trade as EAND on ADX. The profile covers the listed parent and its consolidated businesses; the UAE operating brand is only one part of that group.
The economic foundation is connectivity: mobile subscriptions, fixed broadband, wholesale capacity and services for businesses. Cloud, cybersecurity, digital payments and consumer platforms broaden the offer. Network infrastructure produces recurring service revenue, but requires continuing investment, licences and maintenance.
The business was established in the UAE in 1976. Conversion into a public joint stock company in 2015 established the present legal name. Its evolution has combined development of the domestic network with international acquisitions and technology investments.
A major expansion was the acquisition on 24 October 2024 of control over PPF telecom operations in Bulgaria, Hungary, Serbia and Slovakia. PTCL completed its acquisition of Telenor Pakistan on 31 December 2025. These changes affect the size of the consolidated group: subscriber and revenue growth cannot automatically be described as organic growth.
The UAE business supplies mobile and fixed connectivity, alongside enterprise and wholesale services. International operations introduce exposure to different currencies, competitive conditions and regulation. Enterprise activities include cloud management, security and technology solutions; consumer and financial platforms have different economics from network subscriptions.
For FY 2025, external revenue was AED 33.840 billion in e& UAE, AED 32.024 billion in international, AED 3.405 billion in enterprise, AED 2.194 billion in life and AED 1.395 billion in other activities. These are external segment revenues, not country-by-country revenue or segment totals including intragroup sales.
The annual report lists ownership at 31 December 2025: Maroc Telecom 53%, Etisalat Misr 66.4%, e& PPF Telecom Group 50% plus one economic share, Bespin Global Technologies 65%, and Beehive 63%. E-Marine, the submarine cable business, and e& Enterprise Holding are wholly owned.
PTCL illustrates why ownership and control must be separated. The subsidiary table rounds the economic holding to 23%, while its explanatory note states 23.4% and voting rights of 58%. The group therefore consolidates PTCL and its Telenor Pakistan subsidiary. Readers should not add separately listed subsidiaries to the parent figures: their consolidated operations are already included.
At 31 December 2025, property, plant and equipment had a carrying value of AED 50.392 billion. This included AED 5.943 billion of assets under construction: buildings and telecommunications equipment among them. Book value is not replacement cost, market value or a measurement of network capacity.
The annual report describes commercial 5G launches in Serbia, Morocco and Egypt, alongside upgrades in the UAE. It also distinguishes experimental technologies from commercial services. A prototype or test speed does not establish the speed available to every customer. Digital infrastructure matters through reliable service and paying demand, rather than through technical milestones alone.
At 30 June 2026, e& reported 251.5 million group subscribers and 16.5 million UAE subscribers. These indicate customer-base scale, not unique individuals or network capacity. Group expansion affects comparability; the subscriber count alone does not establish organic growth or revenue per customer.
Emirates Investment Authority held 60% at the end of 2025, representing UAE federal government control. The foreign ownership ceiling of 49% is a legal limit, not the actual foreign holding or available trading capacity. The annual report also describes a special share with preferential decision rights.
The July 2026 results release identifies Jassem Mohamed Bu Ataba Alzaabi as chairman and Masood M. Sharif Mahmood as group chief executive. For minority shareholders, the distinction between economic ownership, voting power and management responsibilities is material. Government control does not remove commercial, financing or execution risk.
The annual accounts report FY 2025 revenue of AED 72.858 billion, profit attributable to owners of AED 14.360 billion and operating cash flow of AED 26.051 billion. FY 2024 comparatives were AED 59.203 billion, AED 10.752 billion and AED 21.733 billion respectively. Annual profit benefited from asset monetisation as well as operations; the disposal gain on an associate was AED 5.091 billion.
H1 2026: revenue AED 38.1 billion; net profit AED 6.0 billion; EBITDA AED 17.7 billion. The release excludes Careem from revenue and EBITDA and adjusts the prior-year profit comparison for Khazna and the Maroc Telecom settlement. Its 2.4% profit growth is an adjusted comparison, not statutory growth.
At 31 December 2025, borrowings were AED 67.639 billion and cash and bank balances AED 34.308 billion. Cash equivalents were only AED 7.106 billion, reflecting the exclusion of longer-term deposits. Overseas restricted balances were AED 0.654 billion. These definitions should not be interchanged when discussing liquidity.
Borrowings due within twelve months were AED 36.888 billion; longer-term borrowings were AED 30.751 billion. These are year-end classifications, not an updated maturity schedule after subsequent transactions. Lease liabilities and acquisition-related payments also matter.
Cash purchases of property, plant and equipment were AED 8.080 billion and intangible assets AED 5.280 billion in FY 2025. Their combined cash cost differs from management capital-expenditure measures that exclude selected items. Debt service, network spending, royalties, tax and distributions compete for cash.
Vodafone is no longer a current equity holding: e& announced completion of the share transfer on 17 July 2026. Cash proceeds at transfer were AED 21.5 billion; a further AED 0.4 billion dividend was scheduled for 30 July, bringing total consideration to AED 21.9 billion. Total consideration is different from profit or freely available surplus cash.
The July release also confirms completion of the partial Careem sale.
Management’s strategy combines strengthening core telecom operations, portfolio diversification, digital transformation and sustainability. AI is presented as a tool for revenue, customer experience and employee productivity. These are management objectives, not guaranteed future financial outcomes.
Editorial interpretation: the key test is whether network and technology investment produces sustainable cash after financing and regulatory costs. Acquisition-led expansion brings integration and currency exposure; complex billing systems and goodwill valuations require particular attention. A larger portfolio is not by itself evidence of higher returns.
The annual auditor highlighted revenue recognition across complex IT systems and billing processes as a key audit matter. This is a description of audit attention, not an allegation of misstatement. Competition, country regulation and the need to renew infrastructure remain part of the business model. This profile makes no buy or sell recommendation.
e& — a UAE anchor with an acquired international perimeter · 2026-08-25Dubaist fundamental review
e& — a UAE anchor with an acquired international perimeter
Author
Lapshin Vadim
Evidence checked
Four businesses, one controlling shareholder
e& is a telecommunications and technology group controlled by the UAE Federal Government, and it runs four distinguishable businesses. e& UAE provides mobile and fixed connectivity, fibre, consumer digital services, enterprise ICT and wholesale carrier services. e& international operates controlled telecom businesses across the Middle East and North Africa, sub-Saharan Africa, Pakistan and Central and Eastern Europe, including Maroc Telecom, PPF Telecom, the Egyptian operation and PTCL together with Telenor Pakistan. e& enterprise sells cloud, cybersecurity, digital infrastructure, internet-of-things and artificial-intelligence services. e& life and e& capital hold fintech, consumer platforms and venture assets; Careem is now discontinued or partially divested and should not be read as a continuing operation.
The UAE business and the international one are not alike
The two halves of the group are close in revenue and far apart in economics. In FY2025 the UAE business produced AED 34.7 billion of revenue and AED 17.8 billion of EBITDA — a 51.2% margin — on management capital-expenditure intensity of 9% excluding licences and spectrum. The international portfolio produced AED 32.4 billion of revenue and AED 14.4 billion of EBITDA, a derived 44.4% margin, at 22.7% capital intensity. Similar revenue, materially different cash generation per dirham invested. In the second quarter of 2026 UAE blended mobile average revenue per user was AED 72 and fixed broadband average revenue per line AED 475.
Growth that changed the perimeter
Group revenue rose from AED 53.342 billion in FY2021 to AED 72.858 billion in FY2025, and profit attributable to owners from AED 9.317 billion to AED 14.360 billion. A large part of that increase is acquisition-assisted rather than organic: PPF Telecom, Telenor Pakistan and later UPC Slovakia each changed what is inside the group. Aggregate subscriber growth across a moving perimeter is not proof of organic growth, and any year-on-year comparison should state whether the perimeter is constant. FY2024 figures are additionally presented as restated.
Risks that belong to this structure
Scale in spectrum, network and fibre, government relationships, brand and multi-country procurement are real advantages. They do not remove the regulatory royalty payable in the UAE, controller influence, currency exposure across many markets, country risk, or the question of whether acquisitions earn back their cost of capital.
Where the evidence stops
Organic growth on a constant perimeter, acquisition returns against cost of capital, and the split of regulatory royalty by market are not disclosed reproducibly. The available evidence does not support an investable action or allocation.
Official contacts and source dates
As of: 2026-07-30
Official website: https://www.eand.com. Financial reports: https://www.eand.com/en/investors/financial-results.html. Investor relations: ir@eand.com. Shareholder affairs: shares@eand.com; +971 2 618 2661. Registered postal address: P.O. Box 3838, Abu Dhabi, UAE. These are published business contacts, not personal contact details.
Prepared on 30 August 2026. Ownership, subsidiary stakes and detailed balance-sheet figures are dated 31 December 2025. The interim update and management identification use the release dated 30 July 2026; Vodafone completion uses 17 July 2026. Different dates are deliberate. Financial sections should be refreshed with new results and ownership or transaction sections with new disclosures.
The source-attributed editorial profile is separate from database verification. Missing, stale and conflicting database fields remain disclosed below; they do not describe the completeness of this article.
Company overview
Exchange
ADX
Ticker
EAND
ISIN
Not yet available in the public research layer.
Market identifier code (MIC)
XADS
Stable research ID
ADX-EAND
Industry evidence
Integrated telecommunications, enterprise technology and digital platforms
Coverage follows a reconciled listed-security identity and dated evidence. Inclusion describes research scope only; it is not a ranking, recommendation or claim of complete financial coverage.
Identity reconciliation
Exchange and ticker matched the research registry
Current public research layer
Company profile published · detailed review in preparation
Evidence boundary
Identity record checked: 2026-08-01
No source — no fact
Company evidence map
Open a card to inspect its public evidence. Missing, stale, conflicting or unavailable data is never replaced with an estimate.
Identity-only public coverage; no completed research review is claimed.
The fields below come from the current public company registry and any human-published issuer profile. Empty issuer-contact fields stay visibly missing until source and publication-rights review are complete.
Official listed name
e&
Available
Exchange
ADX
Available
MIC
XADS
Available
Ticker
EAND
Available
ISIN
Missing
Missing
Instrument
Listed equity
Available
Sector
Telecommunications
Available
Industry
Integrated telecommunications, enterprise technology and digital platforms
Available
Identity checked
2026-08-01
Available
Official website
Missing
Missing
Investor relations
Missing
Missing
Registered address
Missing
Missing
Public contacts
Missing
Missing
Latest verified update
Company activity context
Only exact-security, human-published activity that passes every public source-document check can appear here.
No linked update currently passes every public gate.
Required identity fields are shown individually with their evidence state. A public link is not reuse permission, and a blank is never converted to a guess.
Stale
Official name
e&
Stale
Ticker
EAND
Stale
Exchange and MIC
ADX · XADS
Missing
ISIN
Not available in the public evidence layer
Stale
Instrument type
Listed equity
Stale
Sector and industry
Telecommunications · Integrated telecommunications, enterprise technology and digital platforms
An editorial company profile is published below. It is separate from database-verified fields; source dates and limitations remain attached to the article.
Provides mobile, fixed broadband, voice, data and wholesale connectivity in the UAE and international markets; sells enterprise ICT, cloud, cybersecurity, managed services and digital-government solutions; and owns or invests in consumer-digital and financial platforms. Revenue is mainly subscription, usage, connectivity, device and enterprise-contract based. Economics depend on subscribers, ARPU/ARPL, network and spectrum CAPEX, competition, currency, regulation, acquisitions and the UAE royalty/tax burden.
Infrastructure evidence plan
How to verify this operating system
The company-specific focus below fixes the perimeter before any operating or financial comparison. It contains no current value, forecast, valuation or market signal.
Telecom, enterprise technology and digital-platform perimeter
Keep subscribers, connections and active users tied to exact service and activity definitions.
Separate consumer, enterprise, wholesale and digital-platform activity by geography.
Align ARPU, churn, capacity and capital expenditure to compatible populations and periods.
Connectivity and technology business map
e&: a UAE network at the centre of an international technology group
e& is an ADX-listed telecommunications and technology group. Its continuing operating perimeter combines the UAE network, controlled international operators and enterprise digital services; associates, joint ventures and discontinued operations remain separate layers rather than extensions of the same segment.
01
Three operating lenses
The UAE operation provides mobile and fixed connectivity, broadband, devices and related services. International operators repeat parts of that model in their licensed markets. Enterprise digital activities add cloud, cybersecurity, managed connectivity and technology services. These lenses should be read separately before they are reconciled at group level.
02
Customers and geographies
Consumers and households buy connectivity and devices; enterprises and public bodies buy networks, cloud and managed solutions; other operators use wholesale and interconnection services. A subsidiary's domicile, the market where a licence is held and the location of the end customer are different facts, so international reach is mapped by operating company rather than by a single country list.
03
How revenue is formed
Recurring subscriptions, usage, connectivity and enterprise contracts sit alongside equipment and project revenue. Inter-segment sales disappear on consolidation, while the share of profit from associates and joint ventures is not telecommunications revenue. Currency translation can also change reported group totals without representing an equivalent change in local operating activity.
04
What to monitor
A useful operating review links connections and active subscribers to comparable ARPU, churn, data use, service mix and network quality. It then adds enterprise demand, spectrum and licence conditions, network and technology investment, competition, regulation, currency effects and changes in the consolidation perimeter. No single subscriber number describes this whole system.
Financial article · plain language
How to read this operating platform
Numerical values remain in the separate source-document check
How the business converts infrastructure into money
Mobile, fixed, wholesale, enterprise and digital services turn connections and usage into recurring subscription, traffic, project and platform revenue.
Five linked questions
1. What physical demand was served?
Keep subscribers, SIMs, connections and active users tied to exact service definitions.
2. How was it priced?
ARPU, package price and enterprise contract value need compatible users, geography and period.
3. Which assets produced the service?
Separate spectrum, towers, fibre, data centres, software platforms and associates by ownership.
4. What drives cost and cash conversion?
Read churn, traffic, customer acquisition, network expense and handset economics before margin.
5. What must be funded next?
Connect network capex to coverage, capacity, technology cycle, spectrum obligations and cash flow.
Official-source snapshot
What the company does and where to verify it
A manually reviewed, paraphrased snapshot from issuer and official market records. Each field keeps its exact source and verification date.
Business in plain language
A global technology group combining telecommunications networks with enterprise digital services, cloud and cybersecurity capabilities, consumer digital platforms and technology investments.
Official website
https://www.eand.com/Source · e& Group · Official website
Etisalat Building, intersection of Zayed the First Street and Sheikh Rashid Bin Saeed Al Maktoum Street, P.O. Box 3838, Abu Dhabi, UAESource · Integrated Report 2025 · Head office
Public email
ir@eand.comSource · Investor related queries · e& Investor Relations
Telecom analytical model
The metrics below define the correct analytical lens for this business model. They contain no company values: a value appears only after official-document provenance and editorial verification.
Subscribers
Active customers by service, geography and issuer-defined activity window.
ARPU
Average revenue per user with service, customer base, currency and period basis.
Churn
Customer disconnections relative to the disclosed average base and measurement window.
Enterprise revenue
Business ICT, connectivity and digital revenue separated from consumer services where disclosed.
CAPEX intensity
Cash capital expenditure divided by revenue for the same scope and period.
Only exact-security activity that passes the automatic source, locator, date and localization gates is shown. Exceptions remain unpublished. Each date keeps its lifecycle meaning.
Verified public facts and their source trail remain free. Normalization notes, scenario work and analytical conclusions require an active premium entitlement.
Premium access is not active
Payments are not yet available. No charge can be made.
Dubaist · Free / Premium
Research products
Open this company's free source-linked fundamental-review preview or compare coverage packs and ongoing monitoring. Coverage is not an investment ranking.
More companies in this sector
Explore factual peers using the same sector lens. Order is directory-based, not a ranking or recommendation.
DFM · DU
Emirates Integrated Telecommunications Company
UAE-focused integrated telecom operator earning recurring and usage revenue from consumer and enterprise mobile voice/data, postpaid and prepaid plans, fixed fibre and Home Wireless broadband, IPTV, telephony, wholesale traffic/roaming/site sharing, and ICT services. ICT includes cloud, cybersecurity, data-centre colocation, IoT, broadcasting and equipment; adjacent platforms include du Pay, du Tech, du Infra and du Ventures. Economics depend on subscribers, mix, ARPU, churn, 5G/fibre quality, spectrum/licence terms, competition with e&, CAPEX, leases, federal royalty/tax, data-centre utilisation and enterprise contract returns.
Diversified telecommunications and digital-infrastructure group selling mobile prepaid/postpaid, fixed broadband, voice, data, enterprise ICT/cloud/cybersecurity, wholesale and device services across eight consolidated markets. It is scaling AI-ready data centres, tower infrastructure, international fibre/subsea connectivity and fintech. Economics depend on service-revenue growth, customers, country-level ARPU/churn, spectrum/licence costs, network quality, EBITDA margin, CAPEX intensity, cash conversion, currency/repatriation and regulatory discipline. IOH is equity accounted and must remain outside consolidated revenue/customer claims.
