Etihad Etisalat Co (7020.SE): 2026 conference call takeaways: Guidance reiterated as B2B and consumer momentum offset device softness

Research evidence excerpt

Etihad Etisalat Co (7020.SE): 2026 conference call takeaways: Guidance reiterated as B2B and consumer momentum offset device softness

Goldman Sachs Etihad Etisalat Co (7020.SE)

Mobily towers. However, it confirmed Mobily owns around 14k towers and continues to

review its asset portfolio and capital structure.

Any tower transaction would need to protect network quality and flexibility:

Management emphasized that any potential asset monetization would need to deliver

clear strategic and financial benefits while protecting network quality, operational

flexibility and long-term shareholder value.

Leverage guidance remains around current comfortable levels: Management said the

appropriate long-term leverage level depends on future investment needs and

shareholder value creation. The company remains comfortable with the leverage level

included in guidance, around c.1x, and continues to balance investment requirements

with leverage.

Dividend growth remains a priority, but no formal dividend policy: Management

reiterated that Mobily does not have a formal announced dividend policy, but

highlighted that dividends have increased over the past five years and the payout ratio

has risen above 60%. It said this is consistent with the internal strategy to combine

growth with shareholder value creation. No specific guidance was given on whether H2

dividends will be higher than H1, although management noted this will be announced at

the relevant time.

Share buybacks are allowed, but strategic: Management said share buybacks are

included in Mobily’s articles of association. The company executed a buyback last year

for the long-term employee incentive plan. Any broader buyback as a form of

shareholder return would be a strategic board decision based on performance and