Emirates Integrated Telecommunications Co. (DU.DU): 2Q26 bottom line ahead; Softer Mobile offset by stronger Fixed revenues; Interim DPS of

Research evidence excerpt

Emirates Integrated Telecommunications Co. (DU.DU): 2Q26 bottom line ahead; Softer Mobile offset by stronger Fixed revenues; Interim DPS of

Equity Research

22 July 2026 | 8:20PM GST

Emirates Integrated Telecommunications Co. (DU.DU): 2Q26 bottom line

ahead; Softer Mobile offset by stronger Fixed revenues; Interim DPS of

Du reported 2Q26 results on July 22nd post market close. Faisal AlAzmeh, CFA

+971(4)376-3476 |

faisal.alazmeh@gs.com

GS view: We expect the stronger-than-expected bottom line will be taken Goldman Sachs International

positively by the market. On the top-line side, while the mobile revenues are Roman Reshetnev

+971(4)376-3423 |

impacted by softer prepaid dynamics (which we believe could have been roman.reshetnev@gs.com

Goldman Sachs International

expected), we note solid momentum in fixed, somewhat offsetting the softer

Fadi Batainehmobile. Overall, we believe the results highlight the resilience of du’s operating +971(4)214-9959 |

model, disciplined cost management, and continued focus on value creation fadi.bataineh@gs.comGoldman Sachs International

despite regional headwinds. We would expect more details and colour to be

provided on the FY26 guidance and current operating trends during the

conference call tomorrow at 12pm UAE time.

2Q26 revenues grew 4.6% (vs. 6.9% in 1Q26) and came in -1% below GSe/in line

with company-compiled consensus, respectively, driven by solid performance in the

Fixed segment which offsets the softer momentum in Mobile (with subscriber growth

moderating due to lower activation levels since the onset of the regional conflict).

Group Adj. EBITDA came in 3%/4% above GSe/Cons, driven by a stronger gross

margin benefiting from the product mix, higher fixed ARPU, cost efficiency, lower

handset sales, and the impact of one-offs.