Industry Updates

Zain Group, a leading TechCo providing innovative ICT and digital lifestyle communications in eight markets across the Middle East and Africa, announces its consolidated financial results for the first quarter ended March 31, 2026, with customer base reaching 51.2 million customers.

Group Key Performance Indicators (KD and USD) for Q1’ 2026

Zain Group recorded consolidated revenue growth of 6% to reach KD 569 million (USD 1.86 billion) for Q1’ 2026. EBITDA for the quarter jumped 6% to reach KD 182 million (USD 594 million), reflecting an EBITDA margin of 32%. Net income for the quarter soared 51% to reach KD 80 million (USD 260 million), a 15 year high and reflecting an Earnings Per Share of 18 Fils (USD 6 Cents).

Key Operational Notes for Q1 2026

1. Kuwait’s 5.5G network supports the nation during crisis and drives market leadership on all major KPIs

2. Strong revenue growth in Sudan (+34%), Iraq (+14%), and Jordan (+5%)

3. Robust net profit increases of 116% in Zain KSA and 12% in Zain Iraq

1. Groupwide CAPEX reached USD 129 million representing 7% of revenue
2. New growth verticals revenue grew 16% to reach USD 227 million representing 12% of total revenues
3. Zain Ventures strategic investments record notable gains of USD 123 million for the quarter

7. Data revenue grew 18% to reach USD 751 million, representing 40% of the Group’s overall revenue

8. Kuwait, KSA, Bahrain, and Jordan 5G networks enhance customer experience and 5G customer base

9. Fintech services (Bede in Kuwait, Bahrain and Sudan; Tamam in KSA and Zain Cash in Jordan and Iraq) witnessed revenue growth of 28% and customer increase of 38%

10. ZainTECH revenue grew 7%, contributing to the 9% YoY overall increase in groupwide enterprise revenue

11. Zain Omantel International (ZOI) wholesale carrier achieved healthy revenue growth of 16% YoY

12. Zain Group publishes 2025 Sustainability Report entitled ‘Grounded in Purpose, Growing Sustainably’

13. Zain brand valuation up 16% YoY, to reach a milestone of USD 4 billion, highest in Kuwait’s private sector

Mrs. Nour Al-Jassim, Chair of the Board of Zain Group said, “I extend my sincere appreciation to the previous Board of Directors for their dedicated efforts in advancing the company’s strategic agenda and strengthening the Group’s position as a leading regional TechCo. The Board will build on this solid foundation, enhance strategic partnerships and continue to deliver sustainable value for our shareholders.”

Mr. Bader Al-Kharafi, Zain Vice-Chairman and Group CEO commented, “Despite ongoing regional challenges, we delivered a prosperous first-quarter performance on multiple fronts. This was underpinned by strong operational execution across our key markets and growing contributions from our new business verticals and profitable investment strategy. We remain focused on elevating customer experience through innovative, AI-driven solutions, while actively pursuing value accretive opportunities. This strong momentum behind the Group’s ‘4WARD–Progress with Purpose’ strategy signals an exceptional year ahead.”

“Our robust and diversified business model, coupled with the agility of our teams, enabled us to maintain critical connectivity across all markets during the recent crisis. I am immensely proud of the resilience and dedication demonstrated by our teams. Their unwavering commitment ensured uninterrupted network connectivity and customer support, enabling the continuity of remote work, education, and essential services under highly challenging circumstances. These efforts have been truly inspiring.”

“Our operations in Kuwait, KSA, Iraq, Sudan, Jordan, and Bahrain performed in line with expectations despite a challenging and highly competitive environment. In parallel, our strategic verticals, ZainTECH and Zain Omantel International, continued to deliver healthy growth, playing a vital role in sustaining essential services across the region and beyond.”

“Our strategic partnership with Ooredoo to establish the region’s largest tower company continues to progress well. Following recent regulatory approvals in Qatar, the TASC Towers team is finalizing operational readiness ahead of the first tower closing, expected during June 2026. Upon completion, we will focus on expanding into additional markets in line with our infrastructure optimization strategy.”

Al Kharafi concluded, “I look forward to working closely with the new Board and Chair, Mrs. Nour Al Jassim, as we take Zain to new heights to enhance shareholder value.”

Since its inception, Zain Ventures has made a series of strategic investments across venture capital funds and the regional and global startup ecosystem. The portfolio includes high-growth, globally recognized companies such as Revolut, SpaceX, and xAI, that are proving very profitable. Zain Ventures will continue to pursue disciplined investments that enhance long-term shareholder returns.

Zain’s fintech ecosystem continues to deliver impressive growth in both revenue and customer base. The Group remains focused on scaling this fast-growing ecosystem by strengthening financial inclusion, increasing wallet engagement, and supporting SME digitization across our markets.

The Group recently published its 2025 Sustainability Report, ‘Grounded in Purpose, Growing Sustainably,’ marking a significant milestone in communicating its long-term value creation. This is the first report of its kind in Kuwait prepared in accordance with the International Integrated Reporting Framework. In addition, Zain achieved an ‘A’ score in the CDP Climate Change 2025 disclosure cycle, placing the company among the top performers globally and making us the only Kuwait-based company to attain leadership level.

The strength of the Zain brand continues to grow. According to Brand Finance’s 2026 rankings, the brand value increased by 16.1% year-on-year to USD 4.04 billion, placing it as the highest valued brand in Kuwait’s private sector and among the top 25 telecom brands globally. Nineteen years since its launch, this sustained growth reflects the success of the 4WARD strategy, investment in differentiated customer experiences, and the strength of its networks and services. Today, with more than 26 million social media followers and over 4 billion views generating 1.5 billion annual interactions, Zain stands as one of the region’s most recognized and engaging corporate brands, and the ICT provider of choice for individuals, businesses, and governments.

Financial KPIs of key markets for first quarter (Q1) ended March 31, 2026

Kuwait: Maintaining its market leadership, the flagship operation’s customer base stood at 2.6 million. Revenue for the period reached KD 92 million (USD 301 million), EBITDA stood at KD 31.4 million (USD 103 million), representing an EBITDA margin of 34%. Net income for the quarter reached KD 16 million (USD 53 million). Data revenue grew 8%, representing 40% of total revenue. The operator continued to develop and monetize its resilient 5.5G Advanced network that supported the nation during the recent regional crisis empowering digital enablement through dynamic customer-facing platforms.

Saudi Arabia: Revenue reached USD 708 million, EBITDA for the period reached USD 214 million, reflecting an EBITDA margin of 30%. Net income for the quarter soared 116% to reach USD 54 million, inclusive of SAR 98 million (USD 26 million) from the Kingdom’s Universal Service Fund. Data revenue grew by 8%, representing 43% of total revenue, while active customers reached 8.3 million. The operator witnessed continued growth in 5G and B2B revenue, with Yaqoot, Zain KSA’s digital arm, witnessing stable revenue YoY, while Tamam, the consumer microfinance arm, witnessed healthy revenue growth, all of which contributed towards the increase in top-line. Read more on Zain KSA Q1 2026 results.

Iraq: Revenue grew 14% YoY to reach USD 325 million, while EBITDA reached USD 110 million, up 5% YoY. Net profit grew 12% YoY to reach USD 29 million. The operator's customer base reached 20.7 million customers, sustaining market leadership in Iraq. This growth was fueled by strong commercial strategy execution, continued network deployment, and a robust contribution from its subsidiaries Horizon and Next Generation, all achieved despite a challenging macroeconomic environment.

Sudan: Revenue for the quarter soared 34% YoY to reach USD 157 million, with EBITDA reaching USD 90 million, an increase of 35% YoY, reflecting an EBITDA margin of 58%. Net income reached USD 56 million. Customer base expanded 13% YoY to 12.4 million, supported by the restoration of coverage, service availability and return of population to affected areas. Data revenue grew 70% YoY, accounting for 37% of total revenue.

Jordan: Revenue grew 5% YoY to reach USD 148 million, EBITDA increased by 4% to reach USD 57 million, reflecting an EBITDA margin of 38%, with net income up 1.4% to reach USD 19 million. Data revenue grew 15% on the back of its continually expanding 5G network, representing 58% of total revenue. Customer base grew by 2% to reach 4.2 million, maintaining a market leading position.

Bahrain: Revenue remained stable YoY at USD 56 million, EBITDA reached USD 14.5 million, reflecting an EBITDA margin of 26%. Net income increased by 1% to reach USD 3.1 million, with data revenue growing 4% YoY to represent 45% of total revenue. Read more on Zain Bahrain Q1 2026 results. ENDS

About Zain Group: Zain is a leading provider of innovative ICT and digital lifestyle communications operating in eight markets across the Middle East and Africa, serving 51.2 million active customers as of March 31, 2026. 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 the 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 hyperscalers. 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.x.com/zain; www.youtube.com/zain; www.instagram.com/zaingroup; www.linkedin.com/company/zain

Source: Zain Press Release