Ooredoo Q.P.S.C.

Business and identity

As of: 2026-06-30

Ooredoo Q.P.S.C. is a Qatar-based telecommunications group. Its parent provides licensed fixed and mobile services in Qatar; subsidiaries and investments extend its exposure across the Middle East, North Africa and Asia. Customers pay for connectivity and related services, while equipment sales and rentals provide additional income. This profile covers the group behind the existing ADX ORDS page, not a separate UAE mobile operator.

The business originated as Qatar Public Telecommunications Corporation in 1987, became Qatar Telecom in 1998 and adopted the Ooredoo name in 2013. The current financial statements use Ooredoo Q.P.S.C. The issuer’s investor FAQ confirms ORDS listings in Qatar and Abu Dhabi; no new security identifier or cross-market trading equivalence is inferred.

Shareholders and control

As of: 2026-06-30

The interim statements identify Qatar Investment Authority as parent and ultimate controlling party. The FY 2025 annual ownership chart reports 53% State of Qatar, 15% other Qatari government-related entities, 4.99% ADIA and 27.01% other holders. These are the report’s dated categories, not a refreshed beneficial-ownership register or a calculation of free float.

Government control can shape strategic priorities, but it does not turn subsidiary obligations into an explicitly guaranteed sovereign liability. Investors own an interest in Ooredoo’s earnings and distributions, not in the sovereign fund’s wider portfolio.

Group structure and markets

As of: 2026-06-30

The FY 2025 subsidiary schedule gives effective group interests of 64.1% in Asiacell Communications in Iraq, 92.1% in Ooredoo Kuwait and 83.3% in Ooredoo Maldives. Consolidated subsidiaries contribute their full revenue, with non-controlling shareholders’ earnings separated in the profit attribution. A stake percentage is therefore not a revenue consolidation percentage.

The interim segment presentation separately identifies Qatar, Asiacell, Algeria, Oman and Kuwait. Ooredoo Hutchison Asia is a joint venture: its proportionate management presentation is reversed to reconcile consolidated totals. The note describes the group’s share of IOH operations as 32.8%. Indonesian revenue must not simply be added to group revenue.

Customers and operating scale

As of: 2026-06-30

The FY 2025 operating table reports 53.311 million customers: 5.929 million wireless postpaid, 46.637 million wireless prepaid and 0.745 million fixed-line customers. Its proportional customer measure weights each operating company by the group’s effective stake. These definitions matter when comparing the group with operators that report subscriptions or users differently.

The H1 2026 release reports 147.5 million customers including IOH. Syntys has 26 MW of operational IT capacity in Qatar and 30 MW installed; its 120 MW target for 2030 is a plan. These measures must not be treated as identical reporting perimeters or as all completed capacity.

Annual and interim financial results

As of: 2026-06-30

Amounts below are QAR million, converted from the statements’ Qatari riyal thousands. FY 2025 revenue was 24,603.894 and profit attributable to parent shareholders was 3,864.564. The annual statements received an unmodified audit opinion; the interim statements received a review conclusion, which provides less assurance than an audit.

H1 2026 revenue rose to 12,457.405 from 11,913.684, while attributable profit fell to 1,848.791 from 1,948.062 in H1 2025. Total group profit was 2,146.762, including non-controlling interests. Revenue growth therefore did not translate into growth in the reported profit belonging to parent shareholders. Interim results are not a full-year forecast.

Revenue mix and earnings interpretation

As of: 2026-06-30

H1 2026 service revenue was QAR 11,754.496 million, equipment sales QAR 663.273 million and equipment rental QAR 39.636 million. Services dominate the mix and are recognised over time; device sales are recognised at a point in time. Changes in device availability and sales mix can move revenue without a corresponding change in the underlying service base.

The group’s EBITDA definition includes its share of associates’ and joint ventures’ results. Its annual management definition of free cash flow is EBITDA less capital expenditure, with capital expenditure excluding licence costs. Neither measure should be substituted for statutory operating cash flow or cash remaining after all investment, interest, tax and lease payments.

Cash generation and distributions

As of: 2026-06-30

H1 2026 net operating cash flow was QAR 2,694.294 million. Cash purchases of property and equipment were QAR 1,639.764 million and intangible assets QAR 245.771 million. Acquisition of a subsidiary used a further QAR 650.691 million net of acquired cash. These are separate investing cash flows, not interchangeable with the management CAPEX measure.

The group repaid QAR 2,339.182 million of borrowing and raised QAR 783.190 million. Cash dividends paid to parent shareholders were QAR 2,402.400 million, separate from QAR 707.422 million paid to minority shareholders in subsidiaries. Investment, debt repayments and distributions explain why positive operating cash flow can coexist with a falling cash balance.

Assets, liquidity and borrowing

As of: 2026-06-30

At 30 June 2026 total assets were QAR 60,491.907 million, including property and equipment of QAR 15,916.805 million, intangibles and goodwill of QAR 14,051.744 million, and right-of-use assets of QAR 3,270.005 million. Networks, acquired licences and goodwill have different economics: book value is not an estimate of immediately realisable proceeds.

Cash equivalents were QAR 9,934.662 million; short-term and other deposits were separately presented at QAR 1,669.924 million. Borrowings including accrued interest and net financing costs were QAR 11,271.482 million, of which QAR 580.103 million was current. The company reported covenant compliance at the period end. These figures alone do not reproduce its broader management net-debt definition.

The interim report reclassified the comparative bank balances into cash equivalents and other deposits. This was a presentation change, not a change to previously reported profit, equity or cash flows. Comparing the new cash-equivalent line with the old combined bank-balance line would create a misleading decline.

Infrastructure strategy and execution

As of: 2026-06-30

The annual RISE framework focuses on strengthening core telecom operations, scaling digital infrastructure and developing adjacent services. Its practical priorities include mobile and fixed network investment, Syntys data centres, subsea connectivity, enterprise services and digital payments. Growth in these areas requires capital and execution; a strategic announcement is not earned revenue.

The interim accounts record the acquisition of Q Data QFZ LLC through Mena Digital Solution on 18 January 2026; purchase-price allocation remained provisional. Qatar tower assets were still classified as held for sale at the period end. The tower arrangement retains active network equipment with the operators and proceeds in phases under local approvals. Held-for-sale classification does not establish a completed disposal or received sale proceeds.

Principal risks to monitor

As of: 2026-06-30

Telecom licences, industry charges and taxes link returns to regulatory decisions in each market. Network service quality and competitive pricing affect retention and cash generation, while capital-intensive upgrades can absorb cash before demand produces a return. Currency translation also changes the QAR value of overseas assets and results.

The annual audit highlights complex revenue systems, goodwill valuation and uncertain tax and regulatory matters. Goodwill recoverability depends on customer growth, margins, investment needs and discount rates; a book asset can require impairment when expectations weaken. The interim geopolitical note reported no significant identified impact requiring material balance-sheet adjustments, but explicitly retained uncertainty over future regional developments. That assessment is dated, not a guarantee of resilience under every scenario.

Dividend policy

As of: 2026-08-31

The AGM approved QAR 0.75 per share for FY 2025 on 8 March 2026. The board’s target payout is 50%–70% of normalised net profit. This target is not a guaranteed future dividend or a payout ratio based directly on statutory profit.

Official public contacts

As of: 2026-08-31

The official investor-relations contact page provides the IR enquiry route. Headquarters: Ooredoo Tower, West Bay Area, Doha, Qatar. The same page lists +974 44380000 as the Qatar operation’s public contact; it is not labelled a dedicated group IR line. Use the official page for current routing.

Sources

1. S1 · Ooredoo reviewed H1 2026 statements · 2026-07-28
2. S2 · Ooredoo audited FY 2025 statements · 2026-02-09
3. S3 · Ooredoo annual report FY 2025 · 2025-12-31
4. S4 · Ooredoo H1 2026 results release · 2026-07-28
5. S5 · Ooredoo dividends and shareholder FAQ · 2026-08-31
6. S6 · Ooredoo investor relations contacts · 2026-08-31