Etisalat’s reported earnings climbed 45.9% in the first nine months of 2026, with the UAE telecom group’s Vodafone stake sale contributing a substantial one-time gain as adjusted profit grew more slowly.
Net profit after federal royalty and corporate tax reached AED 17.239 billion, compared with AED 11.813 billion for the first nine months of 2025. Etisalat’s Oct. 27 earnings release also listed earnings per share of AED 1.98, up from AED 1.36 a year earlier.
The group said it completed the sale of its entire Vodafone Group stake in the third quarter. The transaction brought AED 21.9 billion ($5.95 billion) in total consideration, including the final dividend, and generated a net gain of about AED 8 billion. Etisalat said the proceeds provide additional financial flexibility.
On an adjusted basis, net profit was AED 9.2 billion, up 4%. Etisalat’s calculation removes the Vodafone gain from 2026 and, from the 2025 comparison, a gain on the sale of Khazna and the impact of a Maroc Telecom settlement. The company said its 2026 and comparative 2025 results also exclude Careem Technologies following its deconsolidation after a partial stake sale.
Revenue rose 10% to AED 57.607 billion, while earnings before interest, taxes, depreciation and amortization (EBITDA) increased 10.3% to AED 26.714 billion. International revenue advanced 18.5% to AED 28.013 billion; UAE revenue grew 3.1% to AED 28.544 billion.
Etisalat linked revenue growth to its telecom operations and recently acquired assets. It also cited inflation, energy costs and the consolidation of Telenor Pakistan and UPC Slovakia as factors behind higher operating expenses.
The company counted 254.8 million subscribers at the end of September, a 29.4% increase from a year earlier. It attributed the rise partly to the consolidation of Telenor Pakistan and subscriber growth in the UAE and other markets.
Group Chief Executive Officer Masood M. Sharif Mahmood said the results reflected the “strength of our core connectivity business and the discipline of our execution.”
