Industry Updates

Zain Group, a leading provider of innovative ICT and digital lifestyle communications operating in eight markets across the Middle East and Africa, announces its consolidated financial results for the third quarter (Q3) and nine-months (9M) periods ended 30 September 2025. The Group now serves 51.3 million active customers, a 9% year-on-year (YoY) increase.

Group Key Performance Indicators (KD and USD) for the first nine months (9M) 2025

For 9M 2025, Zain Group reported a 16-year high consolidated revenue of KD 1.7 billion (USD 5.4 billion), an increase of 15% YoY. Consolidated EBITDA reached KD 552 million (USD 1.8 billion), up 9% YoY, reflecting an EBITDA margin of 33%. Net income soared 31% YoY to KD 178 million (USD 581 million), while earnings per share (EPS) stood at 41 fils (USD 0.13).

Board declares 2nd interim cash dividend of 25 fils for year-to-date profits as of September 30, 2025

“As part of the Group’s commitment to the highest standards of transparency and financial compliance, the Board of Directors continues to review global accounting regulatory frameworks and is currently considering the possibility of implementing International Accounting Standard IAS 29 before the end of the current year.

Preliminary assessments indicate that the adoption of this standard is not expected to have a material impact on total shareholders’ equity, and that the impact on the financial results of the current year, 2025, is expected to be positive. This will be confirmed following the completion of the requirements and implementation of the accounting standard and retaining the option of presenting this matter to the General Assembly for approval.

Due to the robust results of the first nine months of 2025, that saw earnings per share reach an exceptional 41 fils, the Board of Directors has declared a second interim cash dividend of 25 fils per share for profits achieved for period ending September 30, 2025. Registered shareholders will receive payments on November 19. This second interim dividend comes in addition to the earlier interim dividend of 10 fils per share for the first half of 2025. With these two distributions, Zain Group has fulfilled its obligations related to the dividend distribution policy.

This advanced step reflects the strength of Zain Group’s financial position and high liquidity. It also highlights the successful execution of the 4WARD business strategy and leadership position across Zain’s markets.

This exceptional performance could not have been achieved without the confidence and support of our shareholders. The disciplined execution of our business strategy continued growth in core sectors, and expansion into new growth areas have placed the Group’s operations on a leading path that enhances competitiveness and establishes a new phase of financial and operational excellence.

We extend our gratitude to our shareholders for their continued trust, which has driven us to develop flexible business models that keep pace with developments, respond efficiently and effectively to market changes, and contribute to building sustainable value that translates into successive achievements. The Board remains confident in the Group’s ability to sustain this momentum, supported by sound governance, resilient operations, and disciplined financial management”.

Group Key Performance Indicators (KD and USD) for third quarter (Q3) 2025

In Q3 2025, Zain Group generated consolidated revenue of KD 582 million (USD 1.9 billion), an increase of 16% YoY. EBITDA for the quarter reached KD 196 million (USD 641 million), up 9% YoY, reflecting an EBITDA margin of 34%. Net income for the three-month period amounted to KD 57 million (USD 187 million), up 5% YoY, with earnings per share (EPS) of 13 fils (USD 0.04)

Key Operational Notes for Q3 & 9M 2025

Interim cash dividend of 10 fils per share, totalling KD 43.3 million (USD 141.5 million) was distributed to eligible shareholders on 3 September 2025 for the first half of the year

Exceptional net profit growth in Sudan (+92%), Iraq (+21%), and KSA (+16%) during 9M 2025

9M 2025 data revenue grew 11% YoY to reach USD 2 billion, representing 37% of Group revenue

Zain invested USD 699 million in CAPEX during 9M 2025, representing 13% of revenues

Growth verticals delivered USD 562 million in revenue, representing a robust growth of 98% YoY

Fintech services witness revenue growth of 57% for 9M 2025 powered by Taman and Zain Cash

Groupwide enterprise revenue witnessed 9% growth YoY, as ZainTECH and B2B teams win key business and government accounts; ZainTECH revenue soared 74% YoY

Groupwide digital services revenue growth of 5% YoY driven by increase in Sudan, Kuwait and Dizlee API

Zain Omantel International (ZOI) records exceptional revenue growth of 172% YoY

Digital operators ‘Yaqoot’ in KSA and ‘oodi’ in Iraq record impressive 9M revenue growth

Operations in Kuwait, KSA, Bahrain and Jordan witness impressive growth in 5G revenues

Zain Group’s MSCI rating for ESG upgraded to ‘A’

Zain receives ‘Best Corporate Governance in Kuwait’ award from World Finance

Zain KSA secures SAR 5.5 billion strategic refinancing agreement at favorable terms

Zain Great Idea (ZGI 2025) Accelerator program expands across the region

Chairman of the Board of Directors of Zain Group, Mr. Osamah Al Furaih said,

"Our operations have shown great resilience to grow market share despite many competitive and socio-economic challenges they face. The Board is focused on supporting management execute key business strategies and ESG practices on the back of vast investments in technologies, digital infrastructure, new business verticals as well as in Sustainability related and customer experience initiatives. This collaborative effort has positioned Zain as the digital service operator of choice for consumers, enterprises, and government.”

Bader Al-Kharafi, Zain Vice-Chairman and Group CEO commented,

“Diligent implementation of the 4WARD strategy and AI initiatives is accelerating rollout of digital services, operational efficiencies and revenue growth across all aspects of the business. Our collaborative efforts have seen most of our operations all report robust year-on-year growth in their key financial metrics, as have our strategic business verticals, namely ZainTECH, Zain Omantel International (ZOI) and in our Fintech and Digital Services entities. These comprehensive efforts have resulted in Zain recording 16-year revenue highs for both the 3M and 9M periods.”

“Our recent ranking in Forbes “World’s Best Employers” list, whereby Zain ranked first in the regional Telecom sector, as well first in Kuwait and among top three employers in the Middle East, reflects how serious we are in taking responsible business action by building a thriving, inclusive and diverse workplace, creating the workplace and world we all want. Beyond providing life-enriching digital services and embedding sustainability and meaningful connectivity in every aspect of our business, Zain is committed to fostering an ecosystem that drives systemic change across our footprint.”

“We were delighted to play a critical role in Kuwait setting a Guinness World Records title for the farthest intercontinental remote robotic surgery over 12,000 km. This global medical achievement, alongside national institutions reaffirms our leadership in driving digital transformation in the healthcare sector in Kuwait and beyond. This achievement is not only a world record, but also a serious step toward a thriving digital future in which we harness technology to serve people, from our markets to the world. It also reflects the purpose we have embraced at Zain to deliver ‘Lasting Connections and Better Lives.”

“Zain Group’s MSCI rating for ESG upgrading to ‘A’ also reflects the success of our transformative ‘4WARD-Progress with Purpose’ strategy in driving the company’s sustainability, corporate governance and ethical leadership agenda to new heights. This upgrade reaffirms the success of the company’s focus on innovation and responsibility, powered by a resilient, sustainable and data-powered ecosystem.”

“With the aim of enhancing the purpose of innovation, we expanded the Zain Great Idea (ZGI) Accelerator program expands across the region, from Kuwait to now include Bahrain, Iraq, Jordan, Saudi Arabia and UAE. Expanding ZGI across our footprint, powered by Zain Ventures and ZainTECH, is a natural evolution of our commitment to nurturing regional talent and driving meaningful change.”

“The fifth consecutive award of receiving the ‘Best Corporate Governance in Kuwait’ award from World Finance reflects the depth and consistency of our ethical, compliant and transparent standards providing stakeholders, including investors, with the confidence that the company is being run in a compliant and transparent manner. Solid corporate governance is the backbone to our strategy and regional appeal in driving continued growth and success, that has attracted ongoing praise and admiration from shareholders, industry analysts, and regulatory authorities.”

Operational review of key markets for the Q3 & 9M period ended 30 September, 2025

Kuwait: Zain Group’s flagship and most profitable operation maintained its market leadership, serving a customer base of 2.6 million. Q3 2025 revenue increased 5% YoY to KD 99 million (USD 323 million), while EBITDA reached KD 34.5 million (USD 113 million), reflecting an EBITDA margin of 35%. Q3 net income reached KD 20 million (USD 64 million) while 9M 2025 net income stood at KD 60 million (USD 196 million). Data revenue grew 4% YoY, representing 36% of total revenue. Continued investment in 5G-Advanced networks, coupled with enhanced customer experience, AI and monetization initiatives across individual, enterprise, and government segments, remain key drivers of growth.

Saudi Arabia: Revenue for Q3 2025 grew 6% YoY to reach USD 733 million, with EBITDA growing 0.3% to reach USD 229 million, reflecting an EBITDA margin of 31%. Net income for Q3 increased 2% to reach USD 41 million and 9M 2025 Net Income increased 16% to reach USD 99 million. The operator’s 5G network, now covering 90 cities and 67% of the country, drove a 4% increase in data revenue, representing 40% of total revenue in 9M 2025, while customer base stood at 8.6 million. The launch of device sales by Yaqoot through online platform partners alongside key AI and monetization initiatives in Zain KSA were instrumental in accelerating customer growth and boosting revenues, while enhancements to its Fintech entity, Tamam, strengthened the platform’s performance, resulting in higher loan approvals and volumes resulting in a 23% YoY increase in revenue.

Iraq: Zain Iraq recorded revenues of USD 342 million in Q3 2025, marking a 20% year-on-year increase, with nine-month revenues reaching USD 942 million, up 18% from 2024. Zain Iraq’s customer base increased 5% year-on-year to reach 20.4 million, maintaining its market leading position. EBITDA grew 7% to USD 129 million with a 38% margin, while net profit rose 19% to USD 47 million in Q3 and 21% to USD 113 million for the nine-month period.

Sudan: Revenue for Q3 2025 soared 147% YoY, to reach USD 143 million, EBITDA soared 262% reaching USD 82 million, reflecting an EBITDA margin of 57%. Q3 Net income surged by 77% to reach USD 59 million while 9M 2025 net income increased 92% to reach USD 171 million. Customer base expanded by 39% YoY, reaching 12.2 million. Stabilization of situation in Khartoum and several other major population centers marked a pivotal turning point for the operation. The restoration of over 650 sites and upgrade of 315 sites to 4G have enabled the return of approximately 7 million customers to the network. This combined with the ongoing monetization initiatives boosted commercial activity and revenue growth.

Jordan: Q3 2025 revenue grew 8% YoY to reach USD 152 million, with EBITDA for Q3 up 3% to reach USD 58 million, reflecting an EBITDA margin of 38%. Net income for Q3 stood at USD 20 million while 9M 2025 net income stood at USD 59 million with growth of 7%. The ongoing expansion of 5G, FTTH and 4G services across the country led to data revenue growth of 14% for 9M 2025, which now represents 54% of total revenue. Zain Jordan served 4.3 million customers, up 1%, maintaining its market leadership.

Bahrain: Revenue for Q3 2025 grew 3% YoY to reach USD 52 million, with EBITDA reaching USD 16 million, reflecting an EBITDA margin of 31%. Q3 net income increased 1% to reach USD 4.4 million and 9M 2025 net income increased 3% to USD 11 million. 9M 2025 data revenue grew 5% to represent 46% of total revenue.

About Zain Group: Zain is a leading provider of innovative ICT and digital lifestyle communications across the Middle East and Africa, serving 51.3 million active customers as of 30 September 2025. With a commercial presence in 8 countries, Zain provides mobile voice and data services in: Kuwait, Bahrain, Iraq, Jordan, Saudi Arabia, Sudan and South Sudan. Headquartered in UAE, ZainTECH, the Group’s one-stop digital and ICT solutions provider, is playing a key role in the transformation of enterprise and government clientele across the MENA region. Also, UAE based, Zain Omantel International (ZOI) is revolutionizing the international telecommunications wholesale landscape as the premier wholesale powerhouse serving regional operators, international carriers, and global hyper scalers. In Morocco, Zain has a 15.5% stake in ‘INWI’, through a joint venture. Zain is listed on the Boursa Kuwait (stock ticker: ZAIN). We recommend the Investor Community to download the “Zain Group Investor Relations” Mobile App. For more, please email info@zain.com or visit: www.zain.com; www.facebook.com/zain; www.twitter.com/zain; www.youtube.com/zain; www.instagram.com/zaingroup; www.linkedin.com/company/zain

Source: Zain Press Release