Emirates Telecommunications Group Company: Quick Take: Etisalat 2Q26 - Results ahead, but geopolitical impact starts to show

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Emirates Telecommunications Group Company: Quick Take: Etisalat 2Q26 - Results ahead, but geopolitical impact starts to show

30 July 2026

Ulrich Rathe

+44 20 7762 5157

European Telecom Services ulrich.rathe@bernsteinsg.com

Emirates Telecommunications Group Company Qingchuan Lu

+44 20 7762 1322

Rating Qingchuan.Lu@bernsteinsg.com

Outperform Dan Corcuera-Robbins, ACA

Price Target +44 20 7762 5184

dan.corcuera-robbins@bernsteinsg.com

EAND.UH 21.60 AED Specialist Sales

Kiran Shah, CFA

+44 20 3547 1533

kiran.shah@bernsteinsg.com

Quick Take: E& 2Q26 - Results ahead, but geopolitical impact

starts to show

Results ahead, but geopolitical impact starts to show. E&’s 2Q26 showed solid Close Date 30 Jul 2026

momentum, with group revenue and EBITDA slightly ahead of consensus expectations.

EAND.UH Close Price (AED) 20.26

However, unlike 1Q where the company had essentially shrugged off the current military

Price Target (AED) 21.60

conflict, 2Qs start to show some impact. Management attributed a notable prepaid

Upside/(Downside) 7%

subscriber loss (the first since mid-2023) and a 4pp slowdown in mobile service revenue

52-Week Range 21.60/17.40

growth between 1Q and 2Q to geopolitical disruptions, and the Enterprise decline

EDM 1,683.19

accelerated (by -5% yoy, 1Q: -2% yoy). These drags were more than offset in the

FYE Dec

international businesses, particularly Pakistan and Morocco, and management nudged up

Div Yield 4.4%

the FY EBITDA outlook while reiterating the outlook for all other items. Bottom line: It should

Market Cap (AED) (M) 176,196

be clear that E& is not immune to the current regional issues, but the company’s healthy

EV (AED) (M) 219,783

revenue diversification is coming to the rescue and management reassuringly maintains the

FY outlook. Performance YTD 1M 6M 12M