Etisalat in 9M 2026: AED 17.2bn profit, but AED 9.2bn without the Vodafone gain
Editorial
Etisalat (formerly e&) posted a record AED 17.2 billion net profit for the first nine months of 2026, up 45.9%. Strip out the Vodafone sale and profit was AED 9.2 billion.
The AED 8bn gain is the figure the company gave for the Vodafone sale; the AED 17.2bn less AED 9.2bn gap matches it. Source: Khaleej Times on the company's results.
The third quarter on its own
| Period | Revenue | EBITDA | Net profit |
|---|---|---|---|
| H1 2026 | AED 38.1bn (+11.6%) | AED 17.7bn | AED 6.0bn |
| Q3 2026 | AED 19.5bn (+6.9%) | AED 9.0bn | AED 11.2bn |
| 9M 2026 | AED 57.6bn (+10%) | AED 26.7bn (+10.3%) | AED 17.2bn (+45.9%); AED 9.2bn adjusted |
H1 figures are from the company's July release; the nine-month column equals H1 plus Q3.
What the Vodafone sale delivered
Etisalat completed the sale of its entire stake in Vodafone Group during the quarter. The deal produced total consideration of AED 21.9 billion, including a final dividend, and a gain of about AED 8 billion that went straight into reported profit. That single item explains why profit grew 45.9% while revenue grew 10%: without it, the company says nine-month profit was AED 9.2 billion.
Revenue growth did slow through the year. Growth was 11.6% in the first half and 6.9% in the third quarter alone, so the headline profit jump should not be read as an acceleration of the core business.
Subscribers and strategy
- 1 Apr 2026 Masood M. Sharif Mahmood becomes group CEO.
- 30 Jul H1 results: revenue AED 38.1bn, net profit AED 6.0bn.
- Q3 Vodafone stake sale completes: AED 21.9bn in total consideration.
- 6 Oct Group announces its return to the Etisalat name for its 50th anniversary.
- 27 Oct Nine-month results published.
Group CEO Masood M. Sharif Mahmood said the quarter showed the resilience of the business model and that AI, cloud, cybersecurity, fintech and digital services now complement the core connectivity business. The company plans to expand international connectivity capacity to more than 500 terabits a second by 2030, more than 25 times the current level, to support AI and low-latency services.