Slides
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3 November 2025 OOREDOO GROUP CAPITAL MARKETS DAY 2025
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| | ضمن| |3 November 2025 • Ooredoo (parent company Ooredoo Q.P.S.C.) and the group of companies which it forms part of (“Ooredoo Group”) cautions investors that certain statements contained in this document state Ooredoo Group management's intentions, hopes, beliefs, expectations, or predictions of the future and, as such, are forward-looking statements. • Ooredoo Group management wishes to further caution the reader that forward-looking statements are not historical facts and are only estimates or predictions. Actual results may differ materially from those projected as a result of risks and uncertainties including, but not limited to: o Our ability to manage domestic and international growth and maintain a high level of customer service o Future sales growth o Market acceptance of our product and service offerings o Our ability to secure adequate financing or equity capital to fund our operations o Network expansion o Performance of our network and equipment o Our ability to enter into strategic alliances or transactions o Cooperation of incumbent local exchange carriers in provisioning lines and interconnecting our equipment o Regulatory approval processes o Changes in technology o Price competition o Other market conditions and associated risks • Ooredoo also cautions investors that certain figures contained in this section cannot be directly reconciled to publicly disclosed financials. This is due to the normalization or reclassification of certain businesses that were not normalized or reclassified in public filings historically. These adjustments include management normalization of historical results to ensure comparability across reporting periods and include the following: (i) de-consolidation of the Myanmar and Indonesia (IOH) from 2020A, (ii) recognition of Indonesia (IOH) as a joint venture and associated joint venture income from 2020A and (iii) exclusion of one-off or extraordinary items. • This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire or dispose of securities in any company within the Ooredoo Group. • The Ooredoo Group undertakes no obligation to update publicly or otherwise any forward-looking statements, whether as a result of future events, new information, or otherwise. • All figures in this presentation are rounded for ease of reference. As a result, totals may not sum precisely due to rounding. • Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Except as required by applicable law, the Ooredoo Group undertakes no obligation to update or revise any forward-looking statements in light of new information, future events, or otherwise. This presentation does not constitute investment advice, an offer of securities, or any contractual commitment on the part of the Ooredoo Group. 2 Disclaimer
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| | ضمن WelcomeCAPITAL MARKETS DAY 2025 A deep-dive into strategy & long-term growth This year’s agenda: Introduction Aziz Aluthman Fakhroo Group Chief Executive Officer 15 mins Section 1 Group Overview and Strategy Rene Werner Group Chief Strategy Officer & Acting Group Chief Consumer Officer 20 mins Section 2 Towers, Seacable & Fibre / Platform Adjacencies Rene Werner 10 mins Section 4 Data Centres Sunita Bottse CEO Syntys 10 mins Section 4 Group Chief Strategy Officer & Acting Group Chief Consumer Officer Financial Performance and Guidance Abdulla Ahmad Al-Zaman 15 mins Section 5 Concluding Remarks Aziz Aluthman Fakhroo Group Chief Executive Officer 10 mins Section 6 Group Chief Financial Officer Qatar Sheikh Ali Bin Jabor Al-Thani CEO Ooredoo Qatar 15 mins Iraq Amer Sunna CEO Asiacell Iraq 15 mins Kuwait Abdulaziz Al-Babtain CEO Ooredoo Kuwait 15 mins Algeria Roni Tohme CEO Ooredoo Algeria 15 mins Section 3: Country Deep Dives
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Aziz Aluthman Fakhroo | Group CEO01 Introduction
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| | ضمن| | 5 Sources: Company information. United Nations. IMF. Public sources. Notes: Figures converted to US$ using US$:QAR FX rate of 3.64. (1) Including Indonesia, a joint-venture operation. (2) As of 2024A. Ooredoo Telecom Operations 3 November 2025 9 Countries of Presence1 404.4mn Footprint Population1,2 97.0mn Footprint Households1 145.4mn Mobile Subscribers1 US$6.6bn Revenue LTM 9M 2025A 2.3mn Stationary Broadband Subscribers1 Ooredoo Joint Venture Operation Ooredoo Consolidated Operations Algeria Tunisia Palestine Iraq Kuwait Qatar Maldives Oman Indonesia Leading #1 or #2 Market Position in 7 Out of 9 Countries Ooredoo Group Overview
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| | ضمن| | 6 Source: Company information. Notes: All financial figures and ratios are normalized for Myanmar exit and recognition of IOH ( Indonesia) as a joint venture, and exclusion of one -off or extraordinary items. Consolidated countries ordered based on revenue contribution as of LTM 9M 2025A. (1) Based on service revenue that includes mobile, fixed and wholesale, and excludes devices. ( 2) Based on eight consolidated OpCos (excluding Indonesia). ( 3) Includes Maldives and Palestine. ( 4) As of LTM 9M 2025A. (5) Includes Qatar, Kuwait, Oman and Iraq. Country Breakdown 30% Qatar 13% Kuwait 10% 23% Oman Iraq 13%Algeria 7% 4% Tunisia Others3 Revenue (LTM 9M 2025A)2 3 November 2025 Country 53.2% 20A – LTM 9M 25A CAGR: 1.1% 76.0% GCC Markets Growth Markets Stable FX Markets5 46.8% 20A – LTM 9M 25A CAGR: 5.8% Iraq Tunisia Oman Palestine Maldives Indonesia Kuwait Algeria Qatar 1 of 2 Players Market Position1 Business Model 1 of 3 Players 3 of 3 Players 3 of 3 Players 2 of 3 Players 2 of 3 Players 2 of 2 Players 2 of 2 Players 2 of 3 Players Revenue Contribution4 Ooredoo Group Market Snapshot Mobile Fixed Wireless Wireline Broadband
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| | ضمن| | 73 November 2025 2021 – Today Portfolio Optimisation and Digital Infra Strategy 2004 – 2013 International Expansion 2004 Qtel establishes Oman operations with TDC 2009 Qtel acquires ownership stake in Indosat 2018 Ooredoo Qatar launches first 5G network in the world 2023 Ooredoo announces TowerJV with Zain Group. Starts carve- outs of its data centre business 2025 Ooredoo completes data centre carve-out into Syntys Ooredoo announces plans to build one of the largest international sea-cable in GCC 1998 Stock market listing of Qtel 2007 Qtel acquires Wataniya Telecom with operations in Algeria, Tunisia, Kuwait, Maldives, Palestine 2013 Qtel acquires controlling stake in Asiacell (Iraq) Qtel introduces Ooredoo brand 2022 Ooredoo and CK Hutchison complete the merger of their Indonesia telecommunication businesses to create Indosat Ooredoo Hutchison (“IOH”) 2024 Ooredoo completes exit from Myanmar Ooredoo announces partnership with Nvidia as an Nvidia Cloud Partner Ooredoo completes fintech business carve-out along with fintech market launch in Oman 2005 2015 2000 2010 2020 2025 2025+ Refreshed strategy with clear verticals and balance sheet to support the next stage in growth Track Record of Transformation and Value Accretive Initiatives
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| | ضمن| | 5.7 6.4 6.6 2020A 2024A LTM 9M 2025A 2.3 2.7 2.8 2020A 2024A LTM 9M 2025A Notes: All financial figures and ratios are normalized for Myanmar exit and recognition of IOH (Indonesia) as a joint venture , and exclusion of one-off or extraordinary items. Figures converted to US$ using US$:QAR FX rate of 3.64. Adjusted EBITDA equals profit for the year/period adjusted for income tax and other tax related fees, depreciation and amortisation, finance costs, finance inc ome, impairment of losses on goodwill and other non -financial assets, royalty fees, other income and other gains / (losses) - net. (1) Defined as capex divided by revenue. (2) Long-term credit rating with stable outlook. ( 3) Leverage uplift associated to dividend payment, corporate guarantees for subsea cables deployment and 5G network spend in Tunisia. Solid Top-Line Growth Strong Equity Returns Resilient Profitability Efficient Capital Deployment Well-Invested Platform Prudent Balance Sheet 42.7% Revenue (US$ bn) Adj. EBITDA (US$ bn) Adj. EBITDA Margin (%) Capex (US$ bn) Capex Intensity (%)1 Return on Equity (ROE) (%) Return on Invested Capital (ROIC) (%) Net Debt / Adj. EBITDA (x) S&P Rating: A2 Moody’s Rating: A22 8 40.8% 42.6% 16.9%16.1% 13.6% 3 November 2025 3 Strong Financial Performance 8.3% 12.4% 13.3% 2020A 2024A LTM 9M 2025A 7.7% 12.5% 12.6% 2020A 2024A LTM 9M 2025A 1.7x 0.4x 0.6x 2020A 2024A LTM 9M 2025A 0.9 0.9 1.1 2020A 2024A LTM 9M 2025A
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| | ضمن| | 0.25 0.30 0.43 0.55 0.65 2020A 2021A 2022A 2023A 2024A Escalating Total Shareholder ReturnConsistent Growth in Dividends 93 November 2025 Sources: Company information. FactSet. Market data as of 23rd October 2025. Notes: (1) Based on year-end price and dividends adjusted to corporate actions. ( 2) Refer to “Financial Performance and Guidance” section for latest update on dividend policy. (3) Based on 2020A Adj. EBITDAaL and Enterprise Value as of 31st December 2020. (4) Based on LTM 9M 2025A Adj. EBITDAaL and Enterprise Value as of 23rd October 2025. Consistently paying dividends in the upper range of the established previous policy (40% - 60% of normalized earnings)2 55.0% 40.0% 59.6% 59.1% 58.3% Dividend per Share (QAR) Dividend Payout Ratio (%) Ooredoo Total Shareholder Return (%) Track record of delivering superior shareholder returns supported by a strong cash flow generation profile 3.3% 4.3% 4.7% 4.8% 5.6% Dividend Yield (%)1 Jan 21 Sep 21 May 22 Jan 23 Sep 23 May 24 Jan 25 Oct 25 118% 4.2x EV / Adj. EBITDAaL (2020A)3 4.9x EV / Adj. EBITDAaL (LTM 9M 2025A)4 Track Record of Superior Total Shareholder Returns
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| | ضمن| | 103 November 2025 Notes: (1) Free float and other shareholders. (2) As of announcement date. ( 3) Share price as of 23rd October 2025 vs. 4 January 2022. (4) Synergies realised up to 2024. (5) Growth calculated based on QAR figures, adjusted for local currency depreciation. Strategic Exit from MyanmarSignificant Value Creation post IOH Merger Disciplined portfolio management and commitment to shareholder value creation Released capital towards stronger growth opportunities in core, high-growth markets Focus on markets where Ooredoo can achieve scale and leading market positions+26.1% Share Price Appreciation (Oct-2025 vs. Transaction Closing3) +7.9% Revenue Growth (LTM 9M 2025A vs. 2022A5) ~US$462mn Synergies Realised Ahead of Plan4 (vs. Target of $300-400mn) Enterprise Value: US$6bn2 Announced: September 2021 (Closed: January 2022) Enterprise Value: US$576mn2 Announced: September 2022 (Closed: May 2024) Other1 50% 50% 34.4% 100% sale JV 65.6% +4.9% EBITDA Margin Expansion (LTM 9M 2025A vs. 2022A) Driven by Value Creation
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| | ضمن| | ✓ #1 brand in 6 out of 8 markets4 ✓ Superior network and spectrum position ✓ Largest TowerCo in MENA (>30k sites)5 ✓ 26 active DCs / 120MW target capacity6 ✓ Sea-cable and fibre partnerships ✓ >30% average app penetration rate1,7 ✓ 2.2x lower churn in multi-play vs overall ✓ Proven track record of long-term value creation as seen through 26% share price appreciation in IOH since merger with Ooredoo8 ✓ 4% Adj. EBITDA CAGR 20A – 9M LTM 25A ✓ 0.6x net leverage ✓ 118% total shareholder return9 ✓ Multi-decade C-suite experience ✓ Delivering strong operational performance and value creation since 2020A ✓ #1 or #2 position in 7 out of 9 countries1 ✓ 145mn mobile subscribers ✓ 53% revenue from GCC markets ✓ 76% revenue from stable FX markets2 ✓ 5.8% revenue growth in growth markets3 Combining highly cash generation investment grade markets with exposure to high-growth markets Strong core telecom operations with superior network quality, premium brand identity and customer experience Comprehensive digital infrastructure portfolio with clear roadmap unlocking significant growth and value creation opportunities Strong customer-centric strategy supported by smart telco transformation, integrated digital ecosystem, and telco adjacent services Long-term value creation through multiple avenues of organic growth and strategic partnerships Solid financial performance and robust balance sheet, underpins sustainable shareholder returns Experienced management team with track record of driving value through strategic execution and operational discipline 11 3 November 2025 Regional multi-service digital connectivity leader with strong market positioning across MENASEA 03 04 05 06 07 08 01 02 Notes: Financials are normalized for Myanmar exit, recognition of IOH (Indonesia) as a joint venture and exclusion of one-off or extraordinary items. Adjusted EBITDA equals profit for the year/period adjusted for income tax and other tax related fees, depreciation and amorti sation, finance costs, finance income, impairment of losses on goodwill and other non -financial assets, royalty fees, other income and other gains / (losses) - net. (1) As of H1 2025A. (2) Includes Qatar, Kuwait, Oman and Iraq. (3) Includes Iraq, Algeria, Tunisia, Palestine and Maldives. (4) As of H1 2025A, excluding Indonesia. Measures the percentage of the target audience who are using and would consider using Ooreedo's product or service . (5) ~30k towers at announcement. Pro forma for combination of Ooredoo’s carve-out tower assets with TASC Towers. (6) Includes Oman and Iraq, where carve-out is expected over the next 12-24 months. (7) Average of digital MAU as of B2C 30-day active base. (8) Share price as of 23rd October 2025 vs. 4 January 2022. (9) Since January 2021A. Unique Investment Proposition
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Rene Werner | Group Chief Strategy Officer and Acting Chief Consumer Officer 02 Group Overview and Strategy
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| | ضمن| | GroupStrategy Framework 13 Sources: Ooredoo financials. Disclosures from competitors. Notes: Financials are normalized for Myanmar exit, recognition of IOH (Indonesia) as a joint venture and exclusion of one-off or extraordinary items. Adjusted EBITDA equals profit for the year/period adjusted for income tax and other tax related fees, depreciation and amortisation, finance costs, finance income, impairment of losses on goodwill and other non -financial assets, royalty fees, other income and other gains / (losses) - net. (1) Financials in LC converted to US$. (2) Based on public disclosures: Iraq incl. Asiacell and Zain. Oman incl. Ooredoo Oman and Omantel. Algeria incl. Ooredoo Algeria and Djezzy. Palestine incl. estimated mobile revenues from Jawwal and FCF bas ed on LTM 3Q24 Capex, FCF share excl. Tunisia market. (3) Normalized, (incl. IOH as a joint venture, excl. Myanmar). (4) Excl. Fintech and Myanmar. (5) Weighted by revenues of each OpCo. 6. Change in Q4 ’24 vs Q1 ’23. Value Focused Portfolio +1.3pp Portfolio Mobile Service Revenue Market Share1,2 47.9% +5.7pp Portfolio FCF Market Share1,2 55.1% Strengthen The Core +17.4% Abs Adj. EBITDA3 ~US$2.7bn +32.0% Group FCF3 ~US$1.9bn Smart Telco – Evolve The Core +77% Digital services revenues4 ~US$0.4bn -- Standard/ Certified APIs in operation 300+ Customer Experience +14.9pp Weighted average NPS5 38.9 +15% Voice of customer (VOC) satisfaction score6 75% People -10.3% FTEs with responsible rationalisation 11.0k -0.3pp Manpower cost / service revenue 11.4% 2024 Figures Change vs. 2020 (unless specified) Exit of Myanmar / IOH Merger Creation of Digital Infra Platforms Fintech Carve Out 3 November 2025 Strong Results Executing on Our Strategy 2021 – 2024: Smart Telco
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| | ضمن| |3 November 2025 14 Consistent Focus on Value Creation 8.3% 9.3% 10.0% 10.8% 12.4% 13.3% 2020A 2021A 2022A 2023A 2024A LTM 9M 2025A 7.7% 9.2% 9.4% 10.3% 12.5% 12.6% 2020A 2021A 2022A 2023A 2024A LTM 9M 2025A Source: Company information. Notes: All financial figures and ratios are normalized for Myanmar exit and recognition of IOH ( Indonesia) as a joint venture , and exclusion of one -off or extraordinary items. (1) ROE = Net Profit Attributable to Shareholders / Average Shareholder’s Equity attributable to Shareholders (average of the given year and its preceding year). ( 2) ROIC = NOPAT (EBIT – Income tax) / Average Invested Capital (average of the given year and its preceding year). Invested Capital = Shareholder ’s Equity + Minority Interest + Net Debt, (3) Weighted average based on market capitalization for 2024A ROE (11.7%) and 2024A ROIC (8.6%) of Top 60 Telcos (excl. Ooredoo) derived from FactSet market data as of 23rd October 2025. Further Growth Supported By Value Focused Portfolio Increase Asset Utilization Capital Discipline Organic Profitability Strong Focus On Improving Asset Turnover and Deployment Return on Equity1,3 Return on Invested Capital2,3 11.7%3 Return on Invested Capital (ROIC) (%) Average ROIC Top 60 Telcos3Return on Equity (ROE) (%) Average ROE Top 60 Telcos3 8.6%3
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| | ضمن| | MatureGrowth-to-MatureGrowth 15 Optimal mix of assets delivering recurring cashflows and strong growth Iraq Algeria Indonesia Tunisia Kuwait Oman Qatar Market leader Challenger Key contender Key contender Challenger Key contender Market leader 19.4 14.5 95.4 7.0 2.9 3.1 2.9 6.1 4.8 2.3 4.2 17.3 10.3 28.0 4.3% 7.1% (1.7%) 6.1% 2.7% 2.2% 1.2% 45.2% 44.4% 46.4% 42.6% 31.1% 44.4% 51.2% 21.6% 22.1% 29.2% 26.8% 8.8% 21.5% 8.3% Positioning Capex intensity4 Adj. EBITDA Margin ARPU (US$)2 Subscribers (mn) Notes: Financials are normalized for Myanmar exit, recognition of IOH (Indonesia) as a joint venture and exclusion of one -off or extraordinary items. Adjusted EBITDA equals profit for the year/period adjusted for income tax and other tax related fees, de preciation and amortisation, finance costs, finance income, impairment of losses on goodwill and other non -financial assets, royalty fees, other income and other gains / (losses) - net. (1) Based on service revenue that includes mobile, fixed and wholesale, and excludes devices. (2) Figures converted to US$ using US$:QAR FX rate of 3.64. (3) Based on company estimate and FactSet. ( 4) Capex/Revenue. Market Size Growth3 Business Maturity Cash Generative Percentage in Chart Above Represents Revenue Market Share LTM H1 2025(1) 48% 31% 34% 28% 28% 70% Iraq Algeria Tunisia Kuwait Oman Qatar Indonesia 30% 00% 1 2 1 2 3 3 2 Balanced Portfolio 3 November 2025
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| | ضمن| | 4.7% 3.9% 2.7% 5.0% 4.2% 3.8% 2.7% 1.6% 1.3% Qatar Oman Kuwait Indonesia Maldives Iraq Algeria Tunisia WE Sources: Company information. IMF. BMI. Global Data. Notes: Includes Ooredoo presence markets based on data availability. ( 1) Based on sum of respective sub-samples. (2) Western Europe (WE) incl. Austria, Belgium, Cyprus, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, Malta, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and UK. ( 3) Population from 15Y to 29Y as of 2024A. (4) WE incl. Austria, France, Germany, Italy, Portugal, Spain and UK. Data for Indonesia, Austria, Germany and UK available until 2028E. (5) Excl. Palestine (outlier). Strong Economic Growth Traffic Growth with Positive Elasticity GDP CAGR 2025E-2029E (%) (US$, Real) Young and Growing Population Youth Demographic (%)3 Population CAGR 2025E-2029E (%) 3.2% Median GCC Markets: 21.8% Median High Growth Markets: 20.6% Fast Growing Data Usage Across Markets Data Usage (Monthly Usage per Subscriber) CAGR 2025E-2029E (%)4 Median GCC Markets: 12.9% Median High Growth Markets: 15.6% Median GCC Markets: 1.3 Median High Growth Markets : 2.2 Price Elasticity (Increase in Traffic per Subscriber / Decrease in Revenue per GB) (2024A)5 Price Elasticity >1: Increase in Traffic per Subscriber > Decrease in Revenue per GB Ooredoo Markets: 4.4%1 Median Ooredoo Markets: 14.2% GCC Markets: 3.9%1 High Growth Markets: 4.6%1 163 November 2025 2.0% 0.5% 1.2%2.4% 0.7%0.9% 1.7% 0.3% 2 Market Dynamics for Our Footprint Markets 22.1% 21.8% 18.8% 27.9% 23.8% 20.6% 20.1% 19.7% 16.5% Oman Kuwait Qatar Iraq Indonesia Algeria Tunisia Maldives WE 20.9% 12.9% 8.9% 19.4% 15.6% 12.7% 13.8% Oman Qatar Kuwait Algeria Tunisia Indonesia WE 1.8 1.3 0.5 4.3 2.4 1.9 1.6 1.7 Kuwait Qatar Oman Algeria Iraq Tunisia Maldives Consolidated
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| | ضمن| | 173 November 2025 Source: Company information. Leading customer experience in our markets Competitive networks & IT Al driven transformation People Enabling the Digital Needs of Our Customers as the Digital Infrastructure Leader Core telco Digital infrastructure Platform businesses Refresh Strengthen market positions Manage cost structures Ensure clean & accessible data for AI & Monetization Standardized customer frontends & pervasive APIs Intensify Strengthen CVM, pricing and advanced analytics to fortify B2C Focus & grow SMB Develop Multi-play product offerings with B2C & B2B partners Standardized IT with digital standards Scale Double-down in scaling digital infrastructure: Data Centers Subsea Cable Scaling of GPUaaS after initial launch Expand Expand sales presence in digital and social channels Opportunistic expansion Into non- footprint markets as an option: Data Centers Core Telco Assess expansion into as-a-service platform business models underpinned by connectivity Launch new Fintech markets outside established core in Qatar/ Maldives R I S E 2025F 2030E Revenue Contribution ~1% ~3% ~3% ~12% ~96% ~85% Ooredoo’s Refreshed Strategy - RISE: Three Interconnected Flywheels
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| | ضمن| | 18 Source: Company information. Notes: ( 1) ~30k towers at announcement. ( 2) Including Oman and Iraq. Expected capacity as of year -end 2025. Platform Adjacencies Indicative Target (2030) Contribution Today Fintech Other (GPUaaS) 329k active users ~1% Digital Infrastructure Contribution Today Indicative Target (2030) Data Centers Seacable & Fibre Towers >30k1 towers 29.6MW2 capacity 720Tbps capacity (FIG) ~3% Partner Partner Target: 120MW Core Telco Indicative Target (2030) Contribution Today Consolidated Operations Joint Ventures ~96% 52mn Subscribers 96mn Subscribers API Services API-as-a-Service API for Digital Partnering 3 November 2025 Live In Progress + + Fibre in Gulf (FIG) SONIC (intended partnership) Al Khaleej ~3%~12%~85% Core Pillars for Our Refreshed Strategy
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| | ضمن| | Customer Value Management Pricing as a Core Discipline & Up- & Cross Selling via CVM / Datascience Multi-Play & Extension of Basic Connectivity Offers Family & Multi-SIM Offers & Pre-to-Postpaid Migrations 193 November 2025 Core Telco Superior Network Experience & State-of-the Art Customer Experiences Strong FCF Generation Efficient Demand Capture (Acquisition / Recharges / Services) Growing Customer Base Cost Efficiency Leverage AI & Digital for Cost Containment Smart Sourcing Decisions Cost Benchmarking to Identify Opportunities Holistic Cost Management Program Churn Management Excellence Churn Prevention Through Data Science Models Renewals Better/Same To Acquisitions Attractive Loyalty Programs Locking-In High Value Customer Base Investments into Leading Networks & Agile IT Site = Factory AI & Data Science Assisted Network Rollout Open Digital Architecture & APIs & IT Standardization Procurement Excellence & CX Programs in OpCos Branding & Distribution Excellence Drive Brand Preference & Consideration Smart & Value Oriented Distribution Structure & Reach App Penetration for Self Recharges Digitalization of Trade & Attractive Digital Partner Services Strong Monetization with Customer Base 2 3 5 1 4 Core Telco – Self-Reinforcing Cash Engine Source: Company information.
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| | ضمن| | 20 Source: Company information. Notes: All financial figures and ratios are normalized for Myanmar exit and recognition of IOH ( Indonesia) as a joint venture, and exclusion of one -off or extraordinary items. ( 1) Revenue by country as of LTM 9M 2025A. (2) Revenue growth CAGR from 2020A to LTM 9M 2025A. (3) Service revenue market share as of LTM H 1 2025A. (4) Service revenue market share is based on market research estimates for FY 25E. (5) Aggregate penetration of Multi -Play and Dual-Play as of H1-25. (6) Based on Ookla results, % Gap to closest competitor for Jan - Jun 2025, Speed score based on DL + UL + Latency 3 November 2025 Iraq Tunisia Oman Kuwait Algeria Qatar Country Maldives Palestine Revenue and Market Share Network Quality Revenue Growth2 0.3% 6.6% 5.6% (1.7%) 7.5% 2.1% 5.3% 0.7% Penetration5 58.7% 34.8% 68.8% 60.6% 60.9% 46.8% 59.6% 30.6% Revenue1 30.0% 22.8% 13.5% 9.7% 13.3% 7.0% 2.2%1.6%Palestine Maldives Tunisia Algeria Oman Kuwait Iraq Qatar Market Share3 70.0% 48.1% 29.6% 28.1% 30.7% 33.5% 44.3% 37.5% 4 4 Median DL Speed6 25.1% 44.7% (13.7%) (12.8%) 42.9% 22.7% 18.0% 8.3% Consistency Core6 (0.8%) 10.4% 1.0% (1.9%) 10.3% (0.4%) 4.0% 20.4% Speed Score6 4.3% 19.3% (0.8%) (2.6%) 21.5% 9.5% 4.3% 10.3% Multi-Play / Dual-Play Core Telco – Asset Overview
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| | ضمن| | Source: Company information. Notes: (1) Algeria excludes 2*30 Mhz in the 2600 Mhz band and 40 Mhz in the 2300 Mhz band which Ooredoo Algeria has applied for. Tunisia has not paid/deployed 2600 yet but will start in 2026, factored into the sum. (2) Measures number of physical macro sites in the mobile network. (3) Measures number of mobile sites directly connected to fiber. (4) Measures number of mobile sites connected via only 1 MW hop to fiber. (5) Includes Indonesia (number of sites, fiberized sites, and HOP-to-fiber). (6) Telco Management Forum. (7) Weighted for revenues. (8) VOC = Voice of Customer. (9) Represents change in Q4-24 vs. Q1-23. (10) Brand Equity Index. (11) MAUs = Monthly Active Users in MyOoredoo App. (12) As of H1’25. Average of digital MAU as of B2C 30-day active base (weighted by B2C 30-day Mobile Customer Base for respective OpCos). (13) As of H1’25. Calculated using Total Recharge Value Through Digital of all 8 OpCos (US$) / Total prepaid recharge of all OpCos (US$). Figures converted using FX rates as follows: US$:QAR = 3.64; US$:OMR = 0.38; US$:KWD = 0.31; US$:DND = 2.93; US$:DZD = 130.45; US$:IQD = 1310.00; US$:MVR = 15.41 213 November 2025 Continue to expand network capacity to cater to increased bandwidth requirements Standardise IT stacks and services with TMF6 Open Digital Architecture standards, and Open-APIs Transform business agility through service de-coupling, re- usable micro-services enablement, and cloud adoption Hyper-personalization of services and experiences through data insights and data science Efficient Demand Capture (Acquisition/ Recharges/ Services) Customer experience is a core priority, with group-wide VOC rollout driving higher satisfaction and stronger brand positioning Smarter distribution, digitalisation of trade, and value-based incentives, boosting acquisition, recharges, and app usage Strengthen lock-in further through digital partner services offered through Ooredoo as part of multi-play strategy Investments Into Leading Networks & Agile IT Branding & Distribution Excellence 1 2 State-of-the-Art Data Insights Network Deployment 85,886 Number of sites2,5 50,727 Fiberized Sites3,5 23,042 1-HOP-to-fiber4,5 Indonesia 135MHz Oman 314MHz Qatar 1,262 MHz Iraq 89MHz Maldives 399MHz Kuwait 319MHz Algeria 199MHz1 Palestine 35MHz Tunisia 325MHz1 Distribution Excellence Data science models implemented in 2024 with many more to come 100+ Digital analytics toolbox Brand Strength 75% VOC8 satisfaction score9+15% BEI10, Brand Consideration, and willingness to pay premiumAcross 6 markets 1 Weighted Average NPS7 improvement from 2020 to 2024 +14.9pp MAU11 improvement (from H1'23 to H1’25)+58% App penetration12 (H1’25)32%+ Digital recharge value13 (H1’25)19%+ Superior Network Experience & State-of-the Art Data Science Core Telco – Self-Reinforcing Cash Engine: Key Levers (I / II)
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| | ضمن| | Customer Value Management Resilient Profitability and Strong Cash Generation Growing Customer Base Loyalty and retention are key focus areas, enabled via loyalty programmes (‘Noojoom’ and ‘Merci’) Implement targeted actions to reduce churn and strengthen long-term customer value, enabled by strong CVM framework, and analytics initiatives Churn Management Excellence Churn Management Cost Efficiency Source: Company information. Notes: All financial figures and ratios are normalized for Myanmar exit and recognition of IOH ( Indonesia) as a joint venture, and exclusion of one -off or extraordinary items. ( 1) OpCos = Operating Companies. ( 2) Adjusted EBITDA equals profit for the year/period adjusted for income tax and other tax related fees, depreciation and amortisation, finance costs, finance income, impairment of losses on goodwill and other non -financial assets, royalty fees, other income and other gains / (losses) - net. (3) Adj. FCF Margin = Adj. FCF / Revenue where Adj. FCF = Adj. EBITDA – Capex. (4) LTM 9M 2025A. (5) 2020A to LTM 9M 2025A. 223 November 2025 3 5 CVM Programs Live Across All OpCos1100% CVM Incremental Revenue (2024)$228mn Incremental revenue targeted growth (2025 vs. 2024) 20% People Cost Reduction (2020-2024) 0.3pp Adj. FCF Margin3,425.8% FTE Rationalisation (2020-2024) -10.3pp Adj. EBITDA (QAR’bn)2 Adj. EBITDA Margin2 (%) 43% 43%41% 8.5 9.9 10.3 2020A 2024A LTM 9M 2025A Customer Value Management 4 Strong Monetization with Customer Base Introduce Multi-Play offers, focus on pre-paid to post-paid migration, post-paid upselling and multi-play penetration Review pricing structures and drive opportunities for price increases to strengthen service revenue Churn reduction in mobile (from H1’23 – H1’25)0.2pp Lower Churn in Multi- Play vs. Overall Churn (Q2’25) 2.2x Loyalty Programs Noojoom Adj. FCF CAGR3,54.2% Strong Free Cash Flow Generation Drive structural cost savings through smarter sourcing and contract renegotiations while optimising operations across networks, IT, and retail AI-boosted efficiency initiatives and cost controls, holistic cost management to support margins Core Telco – Self-Reinforcing Cash Engine: Key Levers (II / II)
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| | ضمن| | Customer Mix Revenue Mix CLV Mix Source: Company information. 233 November 2025 Typical Value Contribution from Multi-Play / Dual-Play Penetration Sample data from one Ooredoo OpCo Typical Metric Differences from Multi-Play / Dual-Play Penetration Sample data from one Ooredoo OpCo Multi-Play Dual-Play Single-Play Data Single-Play Voice No Play ∑50-60% ∑80-85% ∑90-95% 0.2x 0.5x 0.6x 1.4x 1.7x ARPU CHURN 2.1x 0.9x 1.7x 0.5x 0.3x 𝜙 ARPU 𝜙 CHURN Loyalty Programs (e.g. Nojoom, Merci) Data Science and CVM Product Partnerships with Digital Service Partners Sample Levers 100% Core Telco – CVM: Ooredoo Drives Value Creation in its Base by Increasing Product Penetration and Customer Stickiness via CVM
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| | ضمن| |3 November 2025 24 Source: Company information. Notes: “SMB” stands for Small and medium -sized businesses. (1) Figure converted to US$ using US$:QAR FX rate of 3.64. Figure converted from QAR 0.97bn (2024F). (2) “MSSP” stand for managed security service provider. “MSS” stands for managed security service. ( 3) “ME” stands for medium enterprises. Growth Opportunities in SMB Other B2B Services Cloud & AI Partners Managed Security (incl. Cybersecurity) IOT Digital B2B Partners Partners Partners • Partners-based AI solutions across industries • NVIDIA Cloud Partner (NCP) providing GPU-as-a-service • Provide security as a service via partnerships • Achieved MSSP2 authorisation/entered MSSP2 agreement providing endpoint detection • Successful partnerships across sectors (e.g., Automotive OEMs) • Expansion into utility, metering and smart city solutions • Partners-based digital services and solutions offered through direct channels • Support SMBs and MEs3 to build-up their digital channel presence SMB Revenue Potential US$ 0.27bn1 SMB Revenue 2024 Aim to grow SMB revenue by ~50% providing quality fixed connectivity for customers Key SMB Services Basic Cloud Services and Storage Core Connectivity Services Off-the-shelf Software Bundles Cybersecurity Core Telco - B2B Overview: Emphasis on SMB / SOHO Segment
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| | ضمن| | 25 Strong cash generation in Qatar supplemented by fast growth in markets like Algeria, which remains self- funded, while Kuwait combines elements of both Key Contender Market Leader Mature Growth % Revenue CAGR (2020A-LTM 9M 2025A ) / % Adj. EBITDA Margin (LTM 9M 2025A) / % Capex Intensity (LTM 9M 2025A) 7% / 45% / 22% Iraq 1 Leader in a Fast-Growing Market 0.3% / 51% / 8% Qatar 1 Leader in a Mature Market Kuwait 3 6% / 31% / 9% Key Contender in a Transition Market 7% / 44% / 22% Algeria 3 Key Contender in a Fast-Growing Market Notes: Financials are normalized for Myanmar exit, recognition of IOH (Indonesia) as a joint venture and exclusion of one -off or extraordinary items. Adjusted EBITDA equals profit for the year/period adjusted for income tax and other tax related fees, de preciation and amortisation, finance costs, finance income, impairment of losses on goodwill and other non -financial assets, royalty fees, other income and other gains / (losses) - net. Countries depicted represent largest markets in portfolio Mapping Our Market Archetypes: Market Leaders & Strong Challengers 3 November 2025
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Country Deep Dives03
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Sheikh Ali Bin Jabor Al-Thani | CEO Ooredoo Qatar Qatar
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| | ضمن| | Mobile Market 27.3 28.0 28.0 14.0 12.2 12.5 2020A 2024A H1 2025A 64% 36% Stationary Broadband, ICT and Others 77% 23% Sources: Company information, IMF, GlobalData, CRA Qatar, Economist Intelligence Unit, Omdia, BMI. Notes: ( 1) Long-term credit rating with stable outlook. ( 2) Pegged to USD since 2001. (3). Based on service revenue, excluding devices. Service revenue as reported for Ooredoo Qatar (4) Figures converted to US$ using US$:QAR FX rate of 3.64. (5) France, Germany, Italy, Spain and UK. ( 6) Active users upon households. ( 7) Contribution based on the sum of the 8 Consolidated OpCos as of LTM 9M 2025A. 283 November 2025 Market Share3 ARPU Dynamics (US$)4 Market Share3 Stationary BB Subs Share (B2C) 155% Mobile Penetration (2024A) 29% Postpaid Subs % (2024A) 4.8mn Mobile Subscribers (2024A) (0%) Mobile Subs Growth (2024A-2025E) 87%6 Stationary Broadband Penetration (2024A) 88% FTTH Subs % (2024A) 0.4mn Stationary Broadband Subscribers (2024A) 4% Stationary Broadband Subs Growth (2024A-2025E) US$71k GDP per Capita (2024A) 4.7% GDP Growth % (2025E-2029E CAGR) 1.2% Inflation % (2024A) US$0.5bn FDI (2024A) Pegged to USD2 AA / Aa21 S&P / Moody’s 0.5% Population Growth % (2025E-2029E CAGR) 3.1mn Population (2024A) 18.8% Youth % (2024A) Demographics Macroeconomic Country Investment Profile Revenue (%)7 Adj. EBITDA (%)7 11.2% FDI Growth (2025A-2029E CAGR) Key Market Metrics Key Market Metrics EU Average5 LTM H1 2025A LTM H1 2025A 74% 26% Q1 2025 (Estimated) Qatar: Macro and Market Overview 30% 34%
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| | ضمن| | Customer Mix 47% 41% 53% 59% 0.8 0.8 0.9 0.8 0.8 0.9 1.9 2.1 2.4 1.8 1.8 1.8 0.4 0.3 0.4 0.3 0.3 0.3 3.0 3.2 3.6 3.0 3.0 2.9 2020A 2021A 2022A 2023A 2024A H1 2025A Balanced Revenue Contribution Sources: Company information. Notes: ( 1) As of LTM H1 2025A. (2) Based on service revenue that includes mobile, fixed and wholesale, and excludes devices. Service revenue as reported for O oredoo Qatar in 2023 and 2024, not normalized for Datacenter and Fintech business carveouts. ( 3) Figures converted to US$ using US$:QAR FX rate of 3.64. (4) Contribution based on the sum of the 8 Consolidated OpCos as of LTM 9M 2025A. Business Highlights Revenue Market Share1,2 Market Position1 29 Premium positioning with 95% penetration among high-end customers, reinforced by our customer loyalty program, Nojoom 2 Wholesale Mobile H1 2025A 3 November 2025 70% 1 Undisputed market leader in a mature market with one of the highest ARPUs globally 1 Extensive investments in spectrum, 5G rollout, and fiberisation are already in place, resulting in the widest spectrum holdings and among the fastest 5G networks globally and >99% fiberisation of households 3 Highly cash-generative engine for the Group4 Stable Wireless ARPU Growing Premium Customer Base Resilient Market Share Stationary Broadband Subscribers (mn) 46% 44% 3% 7% Prepaid Subscribers (mn) Postpaid Subscribers (mn) 2 Revenue Market Share2 76.2% 71.2% 70.3% 69.7%77.1% 74.5% Blended ARPU (US$)3 Revenue Contribution Stationary Broadband Equipment 2020A 2021A 2022A 2023A 2024A H1 2025 68.9 77.3 77.6 71.8 69.3 67.8 12.3 11.9 10.3 9.2 9.2 9.4Prepaid Postpaid US$ Revenue (%)4 Adj. EBITDA (%)4 Strong ICT presence in country (e.g. Smart City Platform TASMU)5 27.3 30.6 29.3 28.3 28.0 28.0 2020A 2021A 2022A 2023A 2024A H1 2025A H1 2023 H1 2025 Multi and Dual Play Rest of the Base Qatar: Leader in a Mature Market 30% 34%
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| | ضمن| | Population Coverage 99.9% 99.0% 4G 5G Network Deployment Digital Recharge (%)10 H1 2023A H1 2025A 52.4 46.0 30 Sources: Company information, Ookla, European Commission, World bank, TowerXchange, Analysys Mason. Notes: (1) Data usage per data subscriber. (2) Physical macro sites divided by population in thousands. (3) Median number of sites for selected countries divided by median population in thousands. ( 4) Measures number of mobile sites connected via fiber as a percentage of all sites. (5) This information is an approximation based on data collected by Analysys Mason on one or more telcos in several EU markets. (6) Homes passed as a proportion of total households. (7) Measuring Customer Loyalty / Advocacy. (8) Tracking Overall Experience (range from 0 to 100). (9) Assessing Brand Perception Score (range from 0 to 10). (10) Recharges on Ooredoo App, web, and 3rd party apps only with payment for the recharge done online. (11) Contribution based on the sum of the 8 Consolidated OpCos as of LTM 9M 2025A. Superior Nationwide Coverage Offering Speed and Reliability Premium Network Leadership Best-in-Class Customer Experience 1 Brand Consideration 3 November 2025 Net Promoter Score (NPS)7 Customer Satisfaction Score (CSAT)8 Brand Experience Index (BEI)9 H1 2023A H1 2025A 41.4 H1 2023A H1 2025A 82.3 81.8 H1 2023A H1 2025A 5.3 5.2 MyOoredoo App Users (mn) H1 2023A H1 2025A 1.3 1.0 Revenue (%)11 Adj. EBITDA (%)11 Traffic Contribution 55% 45% 4G | 5G Average Data Usage Per Customer (GB/Month) 1 Ookla Speed Score Performance Q2 2025A Q2 2025A +4.3% (H1 2025A) Ooredoo vs Competition 227MHz Spectrum holdings 0.8 Site Density (Sites / ‘000)3 75%-80% Fiberised Sites4,5 1,262MHz Spectrum holdings 1.0 Site Density (Sites / ‘000)2 84% Fiberised Sites4 EU Average 71% FTTH Coverage6 >99% FTTH Coverage6 14.6 16.9 H1 2023A H1 2025A 41.0 Qatar: Premium Network Translates to High Customer Satisfaction 30% 34%
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| | ضمن| | 31 Source: Company information. Note: (1) Contribution based on the sum of the 8 Consolidated OpCos as of LTM 9M 2025A. 3 November 2025 Socio-demographic profiles A Very Diverse Base Of Consumers 3m Subscribers Segmented Based On Two Main Dimensions Operationalized Across All Parts Of The Organization Customer Lifetime Value (CLV) • Backgrounds - Highly diverse population with a wide range of ethnicities • Spend - High dispersion of spending levels, with overlapping revenues across customer cohorts • Behavior – Multiple usage patterns across product holdings • Interactions – Different engagement levels across channels 1 2 3 4 • Differentiating experiences based on segmentation • Aligning benefit programs to retain and grow high-value customer segments • Targeting service offerings and new product introductions based on segment Revenue (%)1 Adj. EBITDA (%)1 Qatar: From Volume to Value – A Shift in Mindset 30% 34%
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| | ضمن| | 32 Stable Top-Line Strong Profitability Low Capital Intensity Strong Cash Flow Generation Adj. EBITDA (US$ bn) Adj. EBITDA Margin (%) Capex (US$ bn) Capex Intensity (%)1 Adj. FCF (US$ bn)2 Cash Conversion (%)3 Revenue (US$ bn) Revenue (%)4 Adj. EBITDA (%)4 • Robust and stable top-line, achieving a 0.3% CAGR from 2020A to LTM 9M 2025A, despite being the market leader with ~70% of the overall market share 1 • Strong and stable Adj. EBITDA margin above 50%, underscoring effective operational efficiency and disciplined cost control initiatives 2 • Well invested platform with low capex intensity moving forward given leading 5G network and high fiberisation 3 • Robust and growing cash flow profile driven by strong margins and stable capex 4 3 November 2025 Source: Company information. Notes: Adjusted EBITDA equals profit for the year/period adjusted for income tax and other tax r elated fees, depreciation and amortisation, finance costs, finance income, impairment of losses on goodwill and other non -financial assets, royalty fees, other income and other gains / (losses) - net. Figures converted to US$ using US$:QAR FX rate of 3.64. (1) Defined as Capex divided by Revenue. (2) Defined as Adj. EBITDA minus Capex. ( 3) Defined as Free Cash Flow divided by Adj. EBITDA. (4) Contribution based on the sum of the 8 Consolidated OpCos as of LTM 9M 2025A. Qatar: Strong Financial Profile with High Cash Conversion 1.9 2.0 2.0 2020A 2024A LTM 9M 2025A 1.0 1.0 1.0 2020A 2024A LTM 9M 2025A 0.3 0.2 0.2 2020A 2024A LTM 9M 2025A 51%52% 52% 0.8 0.8 0.8 2020A 2024A LTM 9M 2025A 8%13% 9% 84%75% 83% 30% 34%
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Abdulaziz Al-Babtain | CEO Ooredoo Kuwait Kuwait
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| | ضمن| | Mobile Market Revenue (%)8 Adj. EBITDA (%)8 Stationary Broadband Market 343 November 2025 Sources: Company information, IMF, GlobalData, Economist Intelligence Unit, Omdia, BMI. Notes: ( 1) Long-term credit rating with stable outlook. (2) Since May 2007, the Kuwaiti dinar has been pegged to an undisclosed basket of currencies. (3) Revenue market share is based on service revenue that excludes devices and MVNO / reseller revenues. (4) Figures converted to US$ using US$:QAR FX rate of 3.64. (5) France, Germany, Italy, Spain and UK. (6) Includes estimated wireless broadband subs in the market (0.1 mn Wired BB subs). (7) Stationary Broadband incl. wireless broadband subs / Population (8) Contribution based on the sum of the 8 Consolidated OpCos as of LTM 9M 2025A. Market Share3 7.9mn Mobile Subscribers (2024A) 157% Mobile Penetration (2024A) 2% Mobile Subs Growth (2024A-2025E) 42% Postpaid Subs % (2024A) US$32k GDP per Capita (2024A) 2.7% GDP Growth % (2025E-2029E CAGR) 2.9% Inflation % (2024A) A+ / A11 S&P / Moody’s 0.5%2 FX Appreciation (vs USD) % (9M 2022A-9M 2025A CAGR) 2.0% Population Growth % (2025E-2029E CAGR) 5.0mn Population (2024A) 21.8% Youth % (2024A) Demographics Macroeconomic Country Investment Profile 39%7 Stationary Broadband Penetration (2024A) 1.9mn6 Stationary Broadband Subs (2024A) By Subscribers Key Market Metrics ARPU Dynamics (US$)4 US$0.6bn FDI (2025E) • Single government owned fixed broadband network EU Average5 By Revenue 16.5 16.9 17.3 14.0 12.2 12.5 2020A 2024A H1 2025A LTM H1 2025A 30% 40% 30% 38% 34% 29% Kuwait: Macro and Market Overview 13% 9%
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| | ضمن| | 0.5 0.5 0.5 0.5 0.5 0.5 1.3 1.2 1.5 1.7 1.8 1.8 0.8 0.8 0.7 0.7 0.6 0.6 2.5 2.5 2.7 2.8 2.9 2.9 2020A 2021A 2022A 2023A 2024A H1 2025A 69% 7% 2% 22% Mobile is the Main Revenue Driver Business Highlights Mobile Segment Fuels Subscriber Growth Source: Company information. Notes: ( 1) As of LTM H1 2025A. (2) Refers to service revenue; Includes mobile, fixed and wholesale, and excludes devices. ( 3) Figures converted to US$ using US$:QAR FX rate of 3.64. (4) Wireless broadband. (5) Contribution based on the sum of the 8 Consolidated OpCos as of LTM 9M 2025A. Revenue Market Share1,2 Market Position1 3 35 26.0% 28.2% 29.2% 30.0%25.9% 26.7% Early mover in 5G SA deployment, leveraging advanced network capabilities to drive uptake in mobile and digital services2 Consistent top-line growth, expanding margins and highly cash generative, underpinned by operational efficiency and a loyal customer base 4 Strengthening B2B footprint, with mobile and fixed presence (FASTtelco), providing solutions to support aligning Kuwait’s digital transformation agenda and Vision 2035 (e.g., Ooredoo Business App). We have a strong positioning and preference among various Ministries 3 Key contender within a market that is split among 3 players with strong prepaid leadership and growth opportunity in postpaid 1 Continued ARPU Expansion [] 30% H1 2025A Revenue Contribution 16.5 17.3 17.0 16.8 16.9 17.3 2020A 2021A 2022A 2023A 2024A H1 2025A 3 November 2025 High Value Customer Base Blended ARPU (US$)3 2020A 2021A 2022A 2023A 2024A H1 2025 43.6 46.8 48.5 47.3 49.3 48.7 7.9 10.1 9.4 9.3 9.3 9.7 13.3 11.2 10.0 11.5 11.4 11.6 Prepaid Postpaid SBB4 US$ Revenue (%)5 Adj. EBITDA (%)5 No Play Single Play Voice Single Play Data Dual-Play Multi-play Customer Mix Revenue Mix 63% H1 2023A H1 2025A H1 2023A H1 2025A 69% 84% 85% Wholesale Mobile Stationary Broadband Subscribers (mn)Prepaid Subscribers (mn) Postpaid Subscribers (mn) Revenue Market Share2 Stationary Broadband Equipment Kuwait: Key Contender with Strong Positioning 13% 9%
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| | ضمن| | 5 98.6% 90.4% 4G 5G Digital Recharge (%)9 H1 2023A H1 2025A 47.7 45.2 Best-in-Class Customer Experience 36 Sources: Company information, Ookla, World bank, TowerXchange, Analysys Mason. Notes: (1) Data usage per data subscriber. (2) Physical macro sites divided by population in thousands. (3) Median number of sites for selected countries divided by median population in thousands. ( 4) Measures number of mobile sites connected via fiber as a percentage of all sites. (5) This information is an approximation based on data collected by Analysys Mason on one or more telcos in several EU markets. (6) Measuring Customer Loyalty / Advocacy. (7) Tracking Overall Experience (range from 0 to 100). (8) Assessing Brand Perception Score (range from 0 to 10). (9) Recharges on Ooredoo App, web, and 3rd party apps only with payment for the recharge done online. (10) Contribution based on the sum of the 8 Consolidated OpCos as of LTM 9M 2025A. Premium Network Leadership Superior Nationwide Coverage Offering Speed and Reliability 3 November 2025 60% 40% Net Promoter Score (NPS)6 Customer Satisfaction Score (CSAT)7 Brand Experience Index (BEI)8 Population Coverage Average Data Usage Per Customer (GB/Month) 1 H1 2023A H1 2025A 48.5 37.1 H1 2023A H1 2025A 83.7 83.6 H1 2023A H1 2025A 4.1 3.9 MyOoredoo App Users (mn) H1 2023A H1 2025A 1.6 1.4 Revenue (%)10 Adj. EBITDA (%)10 Traffic Contribution 4G | 5G Ookla Speed Score Performance (0.8%) (H1 2025A) Ooredoo vs Strongest Peer Network Deployment Q2 2025A Q2 2025A 319MHz Spectrum holdings 0.6 Site Density (Sites / ‘000)2 68% Fiberised Sites4 227MHz Spectrum holdings 58.8 75.2 H1 2023A H1 2025A 0.8 Site Density (Sites / ‘000)3 75%-80% Fiberised Sites4,5 EU Average 1 Brand Consideration Kuwait: Strengthening Our Position with Superior Network and Customer Experience 13% 9%
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| | ضمن| | 37 Source: Company information. Note: (1) Contribution based on the sum of the 8 Consolidated OpCos as of LTM 9M 2025A. 3 November 2025 CVM A strategic competitive differentiator for OK 6.2% NIR, YTD 2025 15% Postpaid churn reduction, YTD 2025 Market leader in CVM engagement Focus on driving ARPU, sub dealer and customer participation Key Highlights 100% AI Powered Campaigns 350 Journeys Improvement 50% Takers from Digital Key Themes Digital Acceleration Telemarketing Transformation Automated Journey B2B B2B App This app marks a major milestone for B2B Market in Kuwait, revolutionizing how businesses manage their daily needs with efficiency and precision. This App Is a Game-Changer for B2B in Kuwait: Sales Management Customer 360o View Marketing & Pre-Sales KPI Automated leads & Opportunities The Big Wins Kuwait Police ► Group 5 contracting system integrator ► Value USD 2.4 Mn Public SectorPrivate Sector Ministry of Defense ► Mobile: Won the account from Zain which has been with them for the past 30 years. 1200 lines – value USD 1.9 Mn ► Fixed: Connectivity solutions. Value USD 0.93 Mn Ministry of Social Affairs ► Fixed connectivity solutions in MOSA ► Value USD 0.44 Mn ►Cisco Meraki deal ►Value USD 0.84 Mn ►Cyber security solution ►Value USD 0.6 Mn ►Cyber security solution ►Value USD 0.5 Mn ►Others ►Total Value USD 2.5 Mn Evolution to AI value orchestration driving Experience, Engagement & Growth Large ticket size wins achieved in public and private sector aggregating value of $ 10 Mn Revenue (%)1 Adj. EBITDA (%)1 Kuwait: CVM and B2B Key Achievements 13% 9%
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| | ضمن| | 0.7 0.9 0.9 2020A 2024A LTM 9M 2025A 0.2 0.2 0.3 2020A 2024A LTM 9M 2025A 0.1 0.1 0.1 2020A 2024A LTM 9M 2025A 0.1 0.2 0.2 2020A 2024A LTM 9M 2025A 38 Upward Revenue Momentum Growing Profitability Efficient Capital Profile Fast Growing Adj. Free Cash Flow Capex (US$ bn) Capex Intensity (%)1 Revenue (US$ bn) 31%25% 27% 9%13% 9% 72%47% 67% • Upward trend in revenue, achieving a 5.6% CAGR from 2020A to LTM 9M 2025A, driven by an increased customer base and ARPU, resulting in steady market share gains 1 • Sustained profitability growth, with 10.7% CAGR in Adj. EBITDA and improved Adj. EBITDA margins, reflecting efficient operational management 2 • Sustained investments and roll-out of technological innovation such as narrowband- IoT technology to improve connectivity at an efficient capex / revenue ratio 3 • Strong cash flow generation, with cash conversion significantly improving from 47% in 2020A to 72% in LTM 9M 2025A 4 3 November 2025 Revenue (%)4 Adj. EBITDA (%)4 Adj. FCF (US$ bn)2 Cash Conversion (%)3 Source: Company information. Notes: Adjusted EBITDA equals profit for the year/period adjusted for income tax and other tax r elated fees, depreciation and amortisation, finance costs, finance income, impairment of losses on goodwill and other non -financial assets, royalty fees, other income and other gains / (losses) - net. Figures converted to US$ using US$:QAR FX rate of 3.64. (1) Defined as Capex divided by Revenue. (2) Defined as Adj. EBITDA minus Capex. (3) Defined as Free Cash Flow divided by Adj. EB ITDA. (4) Contribution based on the sum of the 8 Consolidated OpCos as of LTM 9M 2025A. Kuwait: Sustained Uplift in Revenue and Profitability Adj. EBITDA (US$ bn) Adj. EBITDA Margin (%) 13% 9%
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Amer Sunna | CEO Asiacell Iraq Iraq
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| | ضمن| | Mobile Market Broadband MarketStationary Broadband Market ARPU Dynamics (US$)4 Sources: Company Information, IMF, GlobalData, Omdia, BMI. Notes: (1) Long-term credit rating with stable outlook. (2) Current exchange rate has been pegged to USD since 2023A. (3) Revenue market share is based on service revenue that excludes devices. H1 2025A value based on market estimates. (4) Figures converted to US$ using US$:QAR FX rate of 3.64. (5) Egypt, Kenya, Morocco, Nigeria, South Africa. (6) Active users upon households. (7) Contribution based on the sum of the 8 Consolidated OpCos as of LTM 9M 2025A. 403 November 2025 US$6k GDP per Capita (2024A) 3.8% GDP Growth % (2025E-2029E CAGR) 2.6% Inflation % (2024A) B- / Caa11 S&P / Moody’s 2.4% Population Growth % (2025E-2029E CAGR) 44.4mn Population (2024A) 27.9% Youth % (2024A) Demographics Macroeconomic Country Investment Profile Pegged to USD2 Revenue (%)7 Adj. EBITDA (%)7 44.6mn Mobile Subscribers (2024A) 100% Mobile Penetration (2024A) 3% Mobile Subs Growth (2024A-2025E) 1% Postpaid Subs % (2024A) By Subscribers By Revenue • Mixed public-private fixed networks characterized the highly fragmented market 12%6 Stationary Broadband Penetration (2024A) 1.4mn Stationary Broadband Subs (2024A) Key Market Metrics 6.1 6.3 6.1 4.1 3.2 3.4 2020A 2024A H1 2025A EM Average5 Market Share3 LTM H1 2025A 48% 14% 37% 42% 12% 46% Iraq: Macro and Market Overview 23% 23%
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| | ضمن| | 48% 2020A 2021A 2022A 2023A 2024A H1 2025 6.1 5.1 4.9 6.2 6.3 6.1 Business Highlights Source: Company information. Notes: ( 1) As of LTM H1 2025A. (2) Based on service revenue that includes mobile, fixed and wholesale, and excludes devices. ( 3) ARPU increased partly due to removal of VAT on telecommunications in 2022. (4) Figures converted to US$ using US$:QAR FX rate of 3.64. (5) Contribution based on the sum of the 8 Consolidated OpCos as of LTM 9M 2025A. Revenue Market Share1 Market Position1 41 Strong distribution capability and ability to monetise customer base with market- leading ARPU2 Operation with significant cash generation to be self-sufficient for network investment4 Market-leading network coverage with nationwide 4G coverage ready to accelerate for 5G network activation 3 14.7 16.0 17.1 17.7 19.1 19.4 2020A 2021A 2022A 2023A 2024A H1 2025A Leading operator in a fast-growing market and best positioned to benefit from rapid growth in data demand and internet speed through leading in customer experience 1 3 November 2025 1 Strong Upward Subscriber Trend Prepaid Subscribers (mn) 44.7% 44.0% 47.7% 48.4%42.6% 43.4% 6.1 5.1 4.9 6.2 6.3 6.1 2020A 2021A 2022A 2023A 2024A H1 2025A Revenue Market Share2 Prepaid is the Key Revenue Driver Top-tier Customer Segment Market-Leading ARPU 97% 3% 3 H1 2025A Revenue Contribution Wholesale Mobile Blended ARPU (US$)4 Prepaid US$ Revenue (%)5 Adj. EBITDA (%)5 100% Mobile Penetration (2024A) No Play Single Play Voice Single Play Data Dual-Play Multi-play Customer Mix Revenue Mix 27% H1 2023A H1 2025A H1 2023A H1 2025A 35% 56% 65% Iraq: Clear Leader in a High-Growth Market 23% 23%
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| | ضمن| | 99.4% 98.7% 3G 4G Superior Nationwide Coverage Offering Speed and Reliability Ookla Speed Score Performance Network Deployment Best-in-Class Customer Experience 42 Sources: Company information, Ookla, World bank, TowerXchange, Analysys Mason. Notes: (1) Data usage per data subscriber. (2) Physical macro sites divided by population in thousands. (3) Median number of sites for selected countries divided by median population in thousands. ( 4) Measures number of mobile sites connected via fiber as a percentage of all sites. (5) This information is an approximation based on data collected by Analysys Mason on one or more telcos in several EU markets. (6) Measuring Customer Loyalty / Advocacy. (7) Tracking Overall Experience (range from 0 to 100). (8) Assessing Brand Perception Score (range from 0 to 10). (9) Recharges on Ooredoo App, web, and 3rd party apps only with payment for the recharge done online. (10) Contribution based on the sum of the 8 Consolidated OpCos as of LTM 9M 2025A. Premium Network Leadership 3 November 2025 Net Promoter Score (NPS)6 Customer Satisfaction Score (CSAT)7 Brand Experience Index (BEI)8 H1 2023A H1 2025A 46.0 37.0 H1 2023A H1 2025A 81.1 77.8 H1 2023A H1 2025A 6.6 6.3 Digital Recharge (%)9 ] H1 2023A H1 2025A 15.1 1.3 MyOoredoo App Users (mn) H1 2023A H1 2025A 4.4 2.6 Population Coverage Average Data Usage Per Customer (GB/Month) 1 Q2 2025A Q2 2025A +19.3% (H1 2025A) Ooredoo vs Strongest Peer 89MHz Spectrum holdings 0.2 Site Density (Sites / ‘000)2 9% Fiberised Sites4 227MHz Spectrum holdings 0.8 Site Density (Sites / ‘000)3 75%-80% Fiberised Sites4,5 5.2 10.0 H1 2023A H1 2025A 94%6% Traffic Contribution 3G | 4G EU Average 1 Brand Consideration Iraq: Superior Network Underpins Best-in-Class Customer Experience Revenue (%)10 Adj. EBITDA (%)10 23% 23%
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| | ضمن| | Revenue (%)1 Adj. EBITDA (%)1 43 Strategy LAILA LAITH Market Lense 8 Customer use cases 13 Network use cases Topic Detection 5 Corporate use cases HR Pack • CV Screening • Smart Objectives Finance Pack • Finance Bot • Invoice Parsing Landlord Bot Contract Management Smart care Autin Discovery Interference Drons AI Transformation is not like any other Transformation Asiacell applied before, and approach is set to define WHERE TO PLAY? and HOW TO WIN? Through main three fronts, Customers, Corporate and Netwrok Vendor Development OG AI Hub Development Asiacell In-house Development O25 How we operate differently when machine is part of the team? Offline Calls Transcription VOC classification Recommendation Engine GEO AI Enablement 2025 Live use cases 2025 Live use cases SIMSIM 2025 Live use casesPOC 2025 Ppipline 3 November 2025 Iraq: AI Usage 23% 23% Note: (1) Contribution based on the sum of the 8 Consolidated OpCos as of LTM 9M 2025A.
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| | ضمن| | 1.1 1.4 1.5 2020A 2024A LTM 9M 2025A 0.5 0.7 0.7 2020A 2024A LTM 9M 2025A 0.2 0.2 0.3 2020A 2024A LTM 9M 2025A 0.3 0.5 0.4 2020A 2024A LTM 9M 2025A 44 Strong Revenue Growth Sustained Profitability Growth Enhanced Investments in Growth High Cash Flow Generation Capex (US$ bn) Capex Intensity (%)1 Revenue (US$ bn) 45%43% 46% 22%14% 14% 52%66% 70% • Steady cash flow generation, with cash conversion maintaining a strong profile in 50- 70% range 1 • Strong revenue growth trajectory, achieving a robust 6.6% CAGR from 2020A to LTM 9M 2025A, driven by enhanced data offerings and strong leadership in customer experience 2 • Strong margin profile reflecting operational efficiencies and ability to mitigate competition from other market participants 3 • Continued investments to scale operations and benefit from market opportunities, resulting in capex intensity of around 14% - 22% 4 3 November 2025 Revenue (%)4 Adj. EBITDA (%)4 Adj. FCF (US$ bn)2 Cash Conversion (%)3 Source: Company information. Notes: Adjusted EBITDA equals profit for the year/period adjusted for income tax and other tax r elated fees, depreciation and amortisation, finance costs, finance income, impairment of losses on goodwill and other non -financial assets, royalty fees, other income and other gains / (losses) - net. Figures converted to US$ using US$:QAR FX rate of 3.64. (1) Defined as Capex divided by Revenue. (2) Defined as Adj. EBITDA minus Capex. ( 3) Defined as Free Cash Flow divided by Adj. EBITDA. (4) Contribution based on the sum of the 8 Consolidated OpCos as of LTM 9M 2025A. Iraq: Consistent Financial Strength Across Core Metrics Adj. EBITDA (US$ bn) Adj. EBITDA Margin (%) 23% 23%
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Roni Tohme | CEO Ooredoo Algeria Algeria
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| | ضمن| | Mobile Market 27% 42% 31% 31% 37% 32% Stationary Broadband Market Sources: Company information, IMF, GlobalData, ARPCE Algeria, Economist Intelligence Unit, Omdia, BMI. Notes: ( 1) Long-term credit rating with stable outlook. ( 2) Revenue market share is based on revenue market research estimates that includes mobile, fixed and wholesale, and excludes devices. (3) Figures converted to US$ using US$:QAR FX rate of 3.64. (4) Egypt, Kenya, Morocco, Nigeria, South Africa. (5) Active users upon households. (6) Contribution based on the sum of the 8 Consolidated OpCos as of LTM 9M 2025A. 463 November 2025 US$6k GDP per Capita (2024A-2025E) 2.7% GDP Growth % (2025E-2029E CAGR) 4.0% Inflation % (2024A) 1.2% Population Growth % (2025E-2029E CAGR) 46.6mn Population (2024A) 20.6% Youth % (2024A) Demographics Macroeconomic Country Investment Profile Revenue (%)6 Adj. EBITDA (%)6 54.8mn Mobile Subscribers (2024A) 118% Mobile Penetration (2024A) 3% Mobile Subs Growth (2024A-2025E) 8% Postpaid Subs % (2024A) By Subscribers By Revenue2 ARPU Dynamics (US$)3 • State-owned Algérie Télécom dominates the broadband market US$1.5bn FDI (2024A) BB / Baa11 S&P / Moody’s 11.2% FDI Growth (2025E-2029E CAGR) 1.8% FX Appreciation (vs USD) % (9M 2022A- 9M 2025A CAGR) 64%5 Stationary Broadband Penetration (2024A) 6.2mn Stationary Broadband Subs (2024A) Key Market Metrics 4.1 4.6 4.8 4.1 3.2 3.4 2020A 2024A H1 2025A EM Average4 Market Share2 LTM H1 2025A Algeria: Macro and Market Overview 13% 13%
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| | ضمن| | 31% 0.7 1.1 1.1 1.4 1.8 1.4 11.6 11.6 11.8 11.9 12.8 12.9 0.2 0.2 0.2 0.2 0.2 0.212.5 12.8 13.0 13.4 14.7 14.5 2020A 2021A 2022A 2023A 2024A H1 2025A 97% <1% <1% 3% Business Highlights Source: Company information. Notes: ( 1) As of LTM H1 2025A. (2) Based on service revenue that includes mobile, fixed and wholesale, and excludes devices. ( 3) Figures converted to US$ using US$:QAR FX rate of 3.64. (4) Wireless broadband. (5) Contribution based on the sum of the 8 Consolidated OpCos as of LTM 9M 2025A. Revenue Market Share1 Market Position1 3 47 Well-positioned to benefit from strong brand strength and ongoing expansion of 4G and launch of 5G in 20262 Ongoing focus on efficiencies to sustain solid financial and operational performance4 Strength in CVM and Data Science to be leveraged for retention and optimised sale and distribution. Capital efficient network rollout and investment based on in-house data science model 3 Contender operator gaining market share in a fast-growing market with growth opportunities outside its stronghold Greater Algiers 1 3 November 2025 Strong Subscriber Growth 29.8% 28.9% 30.2% 31.0%27.9% 29.1% Mobile is the Key Revenue Driver Continued ARPU Expansion 4.1 4.1 3.9 4.3 4.6 4.8 2020A 2021A 2022A 2023 2024 H1 2025A High-Contribution Clientele H1 2025A Revenue Contribution Blended ARPU (US$)3 2020A 2021A 2022A 2023A 2024A H1 2025 10.8 9.8 9.3 9.8 7.9 8.2 3.8 3.6 3.4 3.8 4.1 4.4 4.3 3.7 3.9 3.6 4.3 4.6 Prepaid Postpaid WBB4 US$ Revenue (%)5 Adj. EBITDA (%)5 No Play Single Play Voice Single Play Data Dual-Play Multi-play Customer Mix Revenue Mix 50% H1 2023A H1 2025A H1 2023A H1 2025A 61% 56% 65% 1 Wholesale Mobile Stationary Broadband Subscribers (mn)Prepaid Subscribers (mn) Postpaid Subscribers (mn) Revenue Market Share2 Wireless Broadband Equipment Algeria: Key Contender With the Greatest Market Momentum 13% 13%
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| | ضمن| | 94.4% 94.5% 3G 4G Superior Nationwide Coverage Offering Speed and Reliability Network Deployment Ookla Speed Score Performance Best-in-Class Customer Experience 48 Sources: Company information, Ookla, World bank, TowerXchange, Analysys Mason. Notes: (1) Data usage per data subscriber (including FWA). (2) Physical macro sites divided by population in thousands. (3) Median number of sites for selected countries divided by median population in thousands. ( 4) Measures number of mobile sites connected via fiber as a percentage of all sites. (5) This information is an approximation based on data collected by Analysys Mason on one or more telcos in several EU markets. (6) Measuring Customer Loyalty / Advocacy. (7) Tracking Overall Experience (range from 0 to 100). (8) Assessing Brand Perception Score (range from 0 to 10). (9) Recharges on Ooredoo App, web, and 3rd party apps only with payment for the recharge done online. (10) Contribution based on the sum of the 8 Consolidated OpCos as of LTM 9M 2025A. Premium Network Leadership Q2 2025A 3 November 2025 Net Promoter Score (NPS)6 Customer Satisfaction Score (CSAT)7 Brand Experience Index (BEI)8 H1 2023A H1 2025A 38.5 31.8 H1 2023A H1 2025A 79.3 76.5 H1 2023A H1 2025A 3.4 3.7 Digital Recharge (%)9 H1 2023A H1 2025A 10.9 6.7 MyOoredoo App Users (mn) H1 2023A H1 2025A 1.4 0.1 Revenue (%)10 Adj. EBITDA (%)10 199MHz Spectrum holdings 0.2 Site Density (Sites / ‘000)2 9% Fiberised Sites4 Population Coverage Average Data Usage Per Customer (GB/Month) 1 Q2 2025A +21.5% (H2 2024A) Ooredoo vs Strongest Peer 227MHz Spectrum holdings 0.8 Site Density (Sites / ‘000)3 75%-80% Fiberised Sites4,5 12.3 17.8 H1 2023A H1 2025A EU Average 96%4% Traffic Contribution 3G | 4G 1 Brand Consideration Algeria: Our Premium Network Quality Delivers Superior Customer Satisfaction 13% 13%
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| | ضمن| | 49 Source: Company information. Note: (1) Contribution based on the sum of the 8 Consolidated OpCos as of LTM 9M 2025A. 3 November 2025 Revenue (%)1 Adj. EBITDA (%)1 • Reinforcement and protection of the existing strongholds • Expansion of strongholds to neighbouring willayas • Exploring high-growth clusters, especially in the South Geography • Maintaining or growing the quality edge vs. competition • Universal service rollout and consistent coverage of key roads • 5G readiness in anticipation of the license Technology • Commercial readiness on Day 1 of site launch; • Promotional activities, new POS activation and special commission programs to accelerate the new site payback • Seasonal programs to support pockets of growth Commercial • AI-enabled Data Science toolkit • Factors in all key macro economic, commercial and technology data points to to provide the new site locations with highest return on capital invested. Analytics Algeria: We Follow a Cluster Approach in Our Network Rollout and Commercial Activation 13% 13%
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| | ضمن| | 0.6 0.8 0.9 2020A 2024A LTM 9M 2025A 0.2 0.3 0.4 2020A 2024A LTM 9M 2025A 0.1 0.1 0.2 2020A 2024A LTM 9M 2025A 0.1 0.2 0.2 2020A 2024A LTM 9M 2025A 50 Robust Revenue Growth Adj. EBITDA Growth & Margin Uplift Steady Capital Deployment Strong Adj. FCF Build-up Capex (US$ bn) Capex Intensity (%)1 Revenue (US$ bn) 44%33% 42% 22%24% 16% 50%28% 62% • Revenue uplift driven by growth in data services, enabled by enhanced network coverage, upgraded sales channels and positive price elasticity 1 • Strategic capital deployment focused on delivering data services and expanded connectivity in geo-clusters with further growth opportunities 2 • Robust uplift in profitability with Adj. EBITDA margin increasing from 33% in 2020A to 44% in LTM 9M 2025A 3 • Enhanced connectivity paired with superior customer experience resulted in a robust cash generation of ~50% in LTM 9M 2025A 4 3 November 2025 Revenue (%)4 Adj. EBITDA (%)4 Adj. FCF (US$ bn)2 Cash Conversion (%)3 Source: Company information. Notes: Adjusted EBITDA equals profit for the year/period adjusted for income tax and other tax r elated fees, depreciation and amortisation, finance costs, finance income, impairment of losses on goodwill and other non -financial assets, royalty fees, other income and other gains / (losses) - net. Figures converted to US$ using US$:QAR FX rate of 3.64. (1) Defined as Capex divided by Revenue. (2) Defined as Adj. EBITDA minus Capex. ( 3) Defined as Free Cash Flow divided by Adj. EBITDA. (4) Contribution based on the sum of the 8 Consolidated OpCos as of LTM 9M 2025A. Algeria: Robust Growth, Margin Expansion and Cash Generation Adj. EBITDA (US$ bn) Adj. EBITDA Margin (%) 13% 13%
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04 Digital Infrastructure and Platforms
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| | ضمن| | Review of Business Model for Shareholder Value Creation Right-to-Win for Ooredoo As a Telecom Opportunities to Drive 3rd Party Usage of Assets Customer/3rd Party G2M & Risk Profile Cost & Investment Structure 3 November 2025 52 Digital Infrastructure Scale Up Digital Infrastructure Play Secure New 3rd Party Demand Execute Investments to Serve 3rd Party Demand Shareholder Value Oriented Financing Structure for Scale Up & Partner/JV Where Applicable for Added Competence Execute Carve-outs Secure Regulatory Approvals Where Required Establish Legal Entities & Own P&L Create New Organisation & Hire Specialist Management Team & Operate With Ooredoo as Anchor Transfer Assets & Operations 2 3 4 5 1 Potential Candidate Areas for Mapping Against Ooredoo Assets & Capabilities Mid-Term Strong FCF Generation Candidate Assets For Digital Infrastructure Play Carve Out Asset Candidates Operated & Focused Digital Infrastructure Operations Identification of Digital Infrastructure Needs & Growth Fields Connectivity Storage Compute Security Identification Of Corresponding Digital Infrastructure Assets Sea cable & Transport Fiber Towers Data Centers Digital Infrastructure with Clear Visibility of Solid Growth Ahead Source: Company information.
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| | ضمن| | Clear roadmap with solid track record carving-out digital infra, leading to value creation while optimising core telecom operations Forming partnerships to serve future digital demand through leveraging its position at the intersection of connectivity, compute and cloud 3 November 2025 53 Source: Company information. Notes: Figures converted to US$ using US$:QAR FX rate of 3.64. The illustrative run-rate and recurring financial information is based on a number of estimates and assumptions made in reliance on the information available at the time made and judgments based on such information. The assumptions used in such estimates are inherently uncertain, subject to change and could cause the Group's actual results to differ materially from those contained in such estimates. (1) ~30k towers at announcement. Pro forma for combination of Ooredoo’s carve-out tower assets with TASC Towers. (2) Following the completion of the transaction and once all towers are operational, the indicative total annual revenue and EB ITDAaL (EBITDA after lease costs) for this joint venture is expected to be approximately US$500mnand US$200mn, respectively. Ooredoo will be entitled to 49.3% interest of the project’s revenue and EBITDAaL. The projected EBITDAaL figure does not include tower lease, site rental and applicable service costs that the Group expects to incur in connection with the operation of the towers. (3) Ready for service. (4) For the year ending 31 December 2025, the total annual revenue and Adjusted EBITDA for the data centres held by MENA Digital Holdings B.V. are expected to be approximately U S$ 40-45 million and US $8 million, respectively. (5) Including Oman and Iraq, where carve-out is yet to be completed. Towers Data Centres GPUaaS Tower-asset carve-out underway, creating the largest TowerCo in the MENA region via partnership >30k1 towers across 6 countries (Qatar, Kuwait, Iraq, Algeria, Tunisia and Jordan) in MENA Further upside from Iraq consolidation, active sharing framework and tenancy growth Positioned to capture the surging demand for cloud and AI services through the data centre platform , active in Qatar, Kuwait and Tunisia Iraq and Oman data center carve-outs into Syntys currently in planning, with expected completion in the next 24 months Targeting expansion to 120MW with QAR4bn fully-funded investment in partnership with Deliver low-latency and competitively priced GPUaaS via current network infrastructure, expanded data centre footprint and competitive energy cost First player to secure a deal involving GPUaaS in GCC NCP partner of NVIDIA in the Gulf region Service offered across key markets: Seacable & Fibre >30k1 Sites ~1.1x Tenancy Ratio ~US$200mn2 Indicative Run-Rate EBITDAaL ~US$500mn2 Indicative Run-Rate Revenue 26 Active DCs5 120MW Target Capacity ~US$8.2mn4 Recurring Adj. EBITDA ~US$40-45mn4 Recurring Revenue 720Tbps Transport Capacity 1,931km Total Cable Length 24 Fibre Pairs Q4-2027 FIG RFS3 Uniquely positioned to capture needs of existing demand, investing into alternate routes to connect Europe and Asia internet traffic through the Gulf region The FIG subsea cable project to capture corridor traffic in GCC region, delivering an 720Tbps capacity Additional intended partnership with stc (SONIC) to establish terrestrial route bypassing the Gulf of Aden Several landing party partnerships in our footprint markets PartnershipsTower Project Metrics FIG Project Metrics Syntys Metrics Digital Infra Portfolio with Clear Roadmap to Unlock Value
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Rene Werner | Group Chief Strategy Officer and Acting Chief Consumer Officer Towers, Seacable & Fibre
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| | ضمن| |3 November 2025 55 Source: Company information. Notes: The illustrative run-rate financial information is based on a number of estimates and assumptions made in reliance on the information available at the time made and judgments based on such informat ion. The assumptions used in such estimates are inherently uncertain, subject to change and could cause the Group's actual results to differ materially from those contained in such estimates. Figures as disclosed at transaction announcement. (1) Excludes synergies. (2) Following the completion of the transaction and once all towers are operational, the indicative total annual revenue and EBITDAaL (EBITDA after lease costs) for this joint venture is expected to be approximately US$500mnand US$200mn, respectively. Ooredoo will be entitled to 49.3% interest of the project’s revenue and EBITDAaL. The projected EBITDAaL figure does not include tower lease, site rental and applicable service costs that the Group expects to incur in connection with the operation of the towers. Combined Tower Footprint (at Announcement) Tunisia Jordan Iraq 7.1k 5.6k 2.2k Algeria 7.1k 3.1k Kuwait 2.0k Qatar 1.5k Contributed by Contributed by # of Towers >30k Towers 6 Countries US$2.2bn Valuation1 120mn Footprint Population 20 Wireless & FWA operators >1.8k Ooredoo BTS Commitments ~US$500mn2 Run-Rate Revenue ~US$200mn2 Run-Rate EBITDAaL ~40-42% Run-Rate EBITDAaL Margin % Accelerated rollout of new towers across markets Iraq consolidation expected to unlock substantial synergy potential Expanded platform to drive tenancy growth Active sharing framework embedded in transaction documents (~30k Towers at Announcement) At Announcement ~19.9k Towers contributed from ~8.7k Towers contributed from Further consolidation options remain viable following transaction completion Transaction to Form the Largest Tower Platform in the MENA Region is Progressing
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| | ضمن| | 3 November 2025 56 Building One of the Largest Seacable Networks in the GCC Three Marquee Projects Creating a Comprehensive System FIG Implementation Partner: INTENDED PARTNERSHIP (SONIC) Partner: Various Landing Party Partnerships: Iraq Kuwait Bahrain Qatar UAE Barka Oman Salalah Yemen Jeddah Riyadh Dammam Khobar Haqi Duba Yanbu Kaec KSA Jordan Al Aqaba Omani Main Ring KSA Main Ring High-capacity fibre optic network corridor between KSA and Oman 2027 Expected Completion 1,931km Total Cable Length (95% Armored and 90% Buried) 2024 Contract in Force 2027 Expected Completion 7 Landings (All Finalized and Awarded to Landing Parties) 24 Fibre Pairs 720Tbps Transport Capacity Alternative new corridor connecting the region to Europe with lowest latency Enable simple cross connection to systems servicing the hyper-scaler- led demand in the region Connecting key landing stations via the intended SONIC project comprising terrestrial route through Oman and KSA Linked to both regional and global cable networks that terminate in Oman Al Khaleej New cable connecting Oman, UAE, Qatar and Bahrain Landing Parter in Qatar + Capacity 2027 Expected Completion 3 2 1 Connecting Europe Iraq Fibre in Gulf (FIG) Iraqi Transit Jordan Kuwait KSA Bahrain OmanUAE Qatar Landing Partnerships in Footprint Markets Daraja Fibre Optic Cable (Kenya-Oman) Raman Cable (Jordan- KSA-Djibouti-Oman-India) Gulf Gateway Cable (Abu Dhabi-Doha) 2Africa Cable (Africa, Europe and Asia) Strategic alternative to the Red Sea corridor, which carries around 30% of the global internet traffic Gateway for AI and Data Traffic Between Europe and Asia
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Sunita Bottse | Chief Executive Officer of Syntys Data Centres
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| | ضمن| | 58 Strategic Partnerships Syntys Consolidation Scope Today ~ US$40-45mn Recurring Revenues US$550mn Financing secured ~ US$8.2mn Recurring Adjusted EBITDA • Strategic minority partnership with a globally recognized industry leader to accelerate data center growth across MENA, bringing global expertise to optimize operations, scale infrastructure, and meet the region’s rising demand for colocation, AI, cloud, and hyperconnectivity. 26 Active data centers1 1 Data center under construction1 5 # of countries with Ooredoo presence1 US$1bn Planned investment 29.6 IT capacity (MW)1 120 Target capacity (MW) 3 November 2025 Presence Source: Company information. Notes: Figures converted to US$ using US$:QAR FX rate of 3.64. The illustrative run-rate and recurring financial information is based on a number of estimates and assumptions made in reliance on the information available at the time made and judgments based on such information. The assumptions used in such estimates are inherently uncertain, subject to change and could cause the Group's actual results to differ materially from those contained in such estimates. (1) Including Oman and Iraq. Expected capacity as of year-end 2025. (2) For the year ending 31 December 2025, the total annual revenue and Adjusted EBITDA for the data centres held by MENA Digital Holdings B.V. are expected to be app roximately US$ 40-45 million and US $8 million, respectively. Syntys Hyperscaler Customers Tunisia Kuwait Qatar 5 2 2 2.2 6 16.1 Iraq Oman 6 3.5 7 1.3 Active data center IT load (MW) under construction IT load capacity (MW) Carve-out yet to be completed. 4.5 Created Syntys to Drive Scaled MENA Data Center Opportunity
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| | ضمن| | Key Demand Drivers • Data-Driven Economies • Cloud Adoption • Hyperscaler Expansion • Policies • Connectivity Regional Growth 3.3GW Projected by 2030, more than triple current capacity 3 November 2025 59 Sources: PwC Middle East, May 2025. Arizton Advisory & Intelligence. Statista. Syntys Market Position • Market share equal to 31% • 16.1MW in operation, 4.5MW in build, 20MW planned • Strong government and private sector partnerships • Long-term hyperscaler partnerships secure revenue stability QATAR: Established Leader in Maturing, High-Value Market Syntys Market Position • Market share equal to 20% • Direct subsea connectivity to Iran, Iraq • Early-stage positioning in highest-growth GCC market • Hyperscaler entry reshaping competitive landscape • Cross-border connectivity enables regional expansion KUWAIT: Fastest-Growing Market in GCC with Strong Momentum Syntys Market Position • Market share equal to 25% • 2 MW current capacity • First-mover advantage in emerging market • 5 subsea cables operational, 2 more under development • Strategic gateway for Libya, Algeria & southern Europe TUNISIA: Cost-Efficient Gateway to Europe & Africa DC Market US$264mn (2022) → US$418.5mn by 2028 7.98% CAGR DC Market US$177mn (2023) → US$340mn by 2029 11.5% CAGR DC Market US$139mn in 2025 → US$196mn by 2030 CAGR 7.05% Positioned for Growth - Leadership Across Qatar, Kuwait, and Tunisia
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| | ضمن| |3 November 2025 60 Sources: Company information. McKinsey & Company. Note: (1) Including Oman and Iraq. Expected capacity as of year -end 2025. • Regional Platform: Carrier-neutral, multi-market strategy in high-demand locations in MENA • Technology Leadership: AI-ready, modular infrastructure designed for 99.999% uptime and global compliance • Robust Contract Framework: US$ denominated contracts characterized by long tenure and renewal clauses • Proven Leadership: Experienced team with discipline in execution, value creation, and operational excellence • NVIDIA: Sole NVIDIA Cloud Partner (NCP) in the Middle East, providing superior operational services • Iron Mountain: Strategic minority stake to boosts scale and global expertise across 1.3GW in 30 sites globally • Best-in-Class Suppliers: Engineering, design, and technology partners ensuring global resiliency and future-readiness • Hyperscalers – Build-to-Suit: Tailored, energy-efficient solutions for global hyperscale clients • AI Infrastructure: Mission-critical HPC/GPU facilities for advanced AI clusters and GPUaaS enablement • Wholesale Colocation – Suite Solutions: Flexible, secure, cost-efficient services for colocation providers Competitive Advantage Strategic Partnerships Growth Pillars • Market Expansion: Solidify presence in core regions and strategically expand into new markets • Relationship Focus: Deepen customer and partner relationships through best-in-class service delivery • Scale Execution: Grow platform capacity to 120 MW in the mid-to-long term, backed by anticipated US$1bn investment Growth Strategy Build-to-Suit Model US$ Denominated Contracts 10-15 Year Terms with Renewal Syntys IT Capacity Targeted Growth (MW) GPU-as-a-Service (GPUaaS) 29.6 120.0 2025E 2030E 1 Syntys – Overview of Strategic Advantages
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Platform Adjacencies Rene Werner | Group Chief Strategy Officer and Acting Chief Consumer Officer
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| | ضمن| | Leverage AI Infrastructure Capabilities E.g., Edge Compute Services for Inferencing Video Inferencing Services for Factories, Traffic, Harbours and Airports Network Based Security Services Enhanced by AI Under Consideration / In-Flight: Grow Platform-as-a-Service opportunities Advertisement (Cookie Less Audience Qualification) Smart IoT Solution Platform (Smart City Solutions, like TASMU, E2E Smart Metering Services for Utilities) Data-as-a-Service Platform 3 November 2025 62 23 Platform Adjacencies 4 1 In-Flight: Grow Fintech Expand Fintech Proposition Expand Fintech Presence Countries In-Flight: Expand Existing API Capabilities Scale existing API capabilities and expose them externally to monetize Partner of Choice for Digital Service Partners APIs Platform Adjacencies – Options for Long-Term Value Creation Source: Company information.
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| | ضمن| | 63 Notes: (1) In principal approval by Central Bank of Iraq (CBI). ( 2) GSMA study Live in 3 Markets… 1st Licensed Payment Services Provider $6bn Total value of processed transactions 21% Value share of MENA’s mobile money transactions2 License Received In… And License Applied In… Qatar Maldives Oman Tunisia Iraq1 Kuwait Building a Global Footprint of Strategic Partners New Potential Adjacency Opportunities Advancing Financial Inclusion Through Mobile-Led Solutions Overview of Key Highlights and Long-Term Ambition ~US$22mn Fee Revenue (LTM H1 2025A) 81% of Revenue Generated from Int. Remittances 329k 30-Day Active Customer Base (H1 2025A) ~3-4mn Active Users (Long-term Ambition) ~US$70-100 Valuation / Active Users (Long-term Ambition) Merchant Proposition Microlending Insurance Digital Banking 51k Total registered users H1 2025 15k 30-day active users H1 2025 3 November 2025 Qatar Launched in 2014 Oman Launched in 2024 Fintech Platform and Strategy - Develop Once / Roll-Out Multiple Times
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Abdulla Ahmed Al-Zaman | Group Chief Financial Officer 05 Financial Performance and Guidance
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| | ضمن| | Source: Company information. Notes: All financial figures and ratios are normalized for Myanmar exit and recognition of IOH ( Indonesia) as a joint venture, and exclusion of one -off or extraordinary items. ( 1) Net Profit Attributable to Ooredoo Shareholders. ( 2) Adjusted EBITDA equals profit for the year/period adjusted for income tax and other tax related fees, depreciation and amortisation, finance costs, finance income, impairment of losses on goodwill and other non -financial assets, royalty fees, other income and other gains / (loss es) – net. (3) Adj. Free Cash Flow = Adj. EBITDA – Capex. (4) A rating is not a recommendation to buy, sell, or hold securities and may be subject to revision, suspension or withdrawal at any time. 653 November 2025 A Strategic Journey to Enhanced Profitability and Returns Balance sheet and financial discipline remain strong De-risking: Exited an unprofitable business (Myanmar) and re-organized IOH Operating performance improvement • Solid top-line growth with ~3% Revenue CAGR since 2020A • Strong Adj. EBITDA2 and Adj. FCF3 margin reflects expansion in high-margin segments and disciplined cost control +10.9% CAGR Net Profit1 increase (2020A-LTM 9M 2025A) Creating stakeholder value Bringing dividend payout ratio closer to peers • Dividend growth reflects improving profitability, lower debt costs, and solid financial position • Board recently approved raising the dividend payout ratio to 50-70% of normalized earnings +c.160% Dividend increase (2020A-2024A) Allowing for debt reduction and funding growth • Healthy liquidity position, with leverage below Board guidance • Strengthened credit profile reflected in investment-grade ratings A/STABLE4 A2/STABLE4 Providing balance between growth and stability • High cash generation in matured markets combined with strong momentum in fast growing markets • Disciplined capital allocation supports growth momentum while sustaining long-term profitability • Rise in ROE and ROIC reflects the capital efficiency focus and operational discipline Efficient capital allocation and returns 53.2% & 62.5% GCC share of Revenue & Adj. FCF3 (LTM 9M 2025A) +5.0pp & +5.0pp ROE & ROIC increase (2020A-LTM 9M 2025A)
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| | ضمن| | Consolidated Group Revenue1 66 Revenue Split by Product1,2 Mobile Fixed Wholesale Equipment 3 November 2025 QAR 24.1bn 71.4% +0.3pp 17.9% (0.7pp) 4.7% (0.4pp) 6.0% +0.8pp 20.7 20.8 21.7 22.3 23.3 24.1 2020A 2021A 2022A 2023A 2024A LTM 9M 2025A Revenue (QAR bn) Consistent Revenue Growth from Diversified Base Source: Company information. Notes: Minor rounding differences may occur between chart labels and totals. ( 1) Financials are normalized for Myanmar exit, recognition of IOH (Indonesia) as a joint venture and exclusion of one -off or extraordinary items. (2) Revenue split by segment for LTM 9M 2025A. Excludes revenue from “Others”. QAR figure in centre of pie chart reflects total Group Revenue, including "Others". Percentage point (pp) figures refer to change from 2020A to LTM 9M 2025A.
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| | ضمن| | Source: Company information. Notes: All financial figures and ratios are normalized for Myanmar exit and recognition of IOH ( Indonesia) as a joint venture, and exclusion of one -off or extraordinary items. (1) 2020A to LTM 9M 2025A. Revenue Growth Supported by Strong Execution & Country Fundamentals 673 November 2025 Revenue Bridge by Country 2020A – LTM 9M 2025A Revenue (QAR bn) 20.7 24.1 0.1 0.7 1.4 0.9 0.2 0.1 0.01 0.1 (0.2) 2020A Qatar Kuwait Oman Iraq Algeria Tunisia Maldives Palestine Other LTM 9M 2025A Revenue (QAR bn) GCC Countries CAGR1: +1.1% High Growth Countries CAGR1: +5.8% Revenue CAGR1 (%)
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| | ضمن| | 34.3% (6.4pp) 9.3% +2.6pp 9.6% (5.2pp) 23.0% +4.1pp 13.1% +5.0pp 6.6% (0.5pp) 2.7% +0.5pp 1.3% (0.1pp) Qatar Oman Iraq Algeria Tunisia Maldives Palestine Kuwait GCC Countries: 53.2% High Growth Countries: 46.8% QAR 10.3bn Group Adj. EBITDA and Adj. EBITDA Margin1 Source: Company information. Notes: All financial figures and ratios are normalized for Myanmar exit and recognition of IOH (Indonesia) as a joint venture, and exclusion of one-off or extraordinary items. Minor rounding differences may occur between chart labels and totals. (1) Adjusted EBITDA equals profit for the year/period adjusted for income tax and other tax related fees, depreciation and amortisation, finance costs, finance income, impairment of losses on goodwill and other non -financial assets, royalty fees, other income and other gains / (losses) - net. (2) Adj. EBITDA split by country for LTM 9M 2025A and excludes Adj. EBITDA from “Others”. QAR figure in centre of pie chart reflects total Group Adj. EBITDA, including "Others". Percentage point (pp) figures refer to change from 2020A to LTM 9M 2025A. 40.8% 42.7% 40.3% 41.7% 42.6% 42.7% Expanding Adj. EBITDA and Resilient Profitability 68 Adj. EBITDA1 (QAR bn) Adj. EBITDA Margin1 (%) 3 November 2025 8.5 8.9 8.7 9.3 9.9 10.3 2020A 2021A 2022A 2023A 2024A LTM 9M 2025A Adj. EBITDA Split by Country1,2
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| | ضمن| | Source: Company information. Notes: All financial figures and ratios are normalized for Myanmar exit and recognition of IOH ( Indonesia) as a joint venture, and exclusion of one -off or extraordinary items. (1) Adjusted EBITDA equals profit for the year/period adjusted for income tax and other tax related fees, depreciation and amortisation, finance costs, finance income, impairment of losses on goodwill and other non-financial assets, royalty fees, other income and other gains / (losses) - net. (2) 2020A to LTM 9M 2025A. (3) Other includes non-OpCo Adj. EBITDA and add-back of IOH joint venture income in 2020A. Consistent Adj. EBITDA Growth in Most Countries 693 November 2025 Adj. EBITDA Bridge by Country1 2020A - LTM 9M 2025A Adj. EBITDA1 (QAR bn) 8.5 10.3 0.4 0.7 0.7 0.1 0.1 0.02 0.2 (0.02) (0.3) 2020A Qatar Kuwait Oman Iraq Algeria Tunisia Maldives Palestine Other LTM 9M 2025A Adj. EBITDA1 (QAR bn) Adj. EBITDA CAGR1,2 (%) 3 GCC Countries CAGR: +0.2% High Growth Countries CAGR: +8.3%
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| | ضمن| | Source: Company information. Notes: All financial figures and ratios are normalized for Myanmar exit and recognition of IOH ( Indonesia) as a joint venture, and exclusion of one -off or extraordinary items. Minor rounding differences may occur between chart labels and totals. (1) Capex aggregated by country from 2020A to 9M 2025A and excludes Capex from “Others”. QAR figure in centre of pie chart reflects total Group Capex, including "Others". Percentage point (pp) figures refer to ch ange from 2020A to LTM 9M 2025A. Well-Invested Platform Across Markets 70 Group Capex and Capex Intensity 3 November 2025 16.1% 14.1% 12.3% 12.4% 13.6% 16.9% Capex (QAR bn) 3.3 2.9 2.7 2.8 3.2 4.1 2020A 2021A 2022A 2023A 2024A LTM 9M 2025A 23.7% (11.9pp) 9.0% (2.4pp) 16.3% (4.2pp) 21.7% +13.5pp 16.2% +2.3pp 9.3% +4.1pp 2.7% (1.1pp) 1.1% (0.3pp) Capex by Country (L5Y)1 Aggregate 2020A – 9M 2025A (QAR bn) Qatar OmanIraq Algeria Tunisia Maldives Palestine Kuwait GCC Countries: 51.0% High Growth Countries: 49.0% QAR 17.7bn Capex Intensity (%)
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| | ضمن| | 713 November 2025 Growing Free Cash Flow and Resilient Cash Conversion Adj. Free Cash Flow and Adj. Free Cash Flow Margin1,2,3 24.7% 28.6% 28.0% 29.2% 29.1% 25.8% Adj. FCF1,2 (QAR bn) Adj. FCF Margin1,3 (%) 5.1 6.0 6.1 6.5 6.8 6.2 2020A 2021A 2022A 2023A 2024A LTM 9M 2025A 44.4% (3.7pp) 10.4% +5.3pp 7.7% (5.6pp) 18.6% (1.2pp) 10.2% +6.6pp 3.8% (3.0pp) 3.3% +1.4pp 1.6% +0.1pp Adj. Free Cash Flow by Country1,2,4 Qatar Oman Iraq Algeria Tunisia Maldives Palestine Kuwait GCC Countries: 62.5% High Growth Countries: 37.5% QAR 6.2bn Source: Company information. Notes: Minor rounding differences may occur between chart labels and totals. (1) Financials are normalized for Myanmar exit, recognition of IOH (Indonesia) as a joint venture and exclusion of one-off or extraordinary items. (2) Adj. Free Cash Flow = Adj. EBITDA – Capex. Adjusted EBITDA equals profit for the year/period adjusted for income tax and other tax related fees, depreciation and amorti sation, finance costs, finance income, impairment of losses on goodwill and other non-financial assets, royalty fees, other income and other gains / (losses) - net. (3) Adj. FCF margin = Adj. FCF / Revenue. (4) Adj. FCF for LTM 9M 2025A and excludes Adj. FCF from “Others”. QAR figure in centre of pie chart reflects total Group Adj. FCF, including "Others". Percentage point (pp) figures refer to change from 2020A to LTM 9M 2025A.
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| | ضمن| | Source: Company information. Notes: All financial figures and ratios are normalized for Myanmar exit and recognition of IOH ( Indonesia) as a joint venture, and exclusion of one -off or extraordinary items. (1) Adj. Free Cash Flow = Adj. EBITDA – Capex. Adjusted EBITDA equals profit for the year/period adjusted for income tax and other tax related fees, depreciation and amortisation, f inance costs, finance income, impairment of losses on goodwill and other non -financial assets, royalty fees, other income and other gains / (losses) - net. (2) Other includes non-OpCo Adj. EBITDA and add-back of IOH joint venture income in 2020A. Adj. Free Cash Flow Growth Across Most Markets 723 November 2025 Adj. Free Cash Flow Bridge by Country1 2020A - LTM 9M 2025A Adj. FCF1 (QAR bn) 5G and fibre investments in Tunisia 5.1 6.2 0.3 0.4 0.1 0.5 0.1 0.02 (0.2) (0.1) (0.05) 2020A Qatar Kuwait Oman Iraq Algeria Tunisia Maldives Palestine Other LTM 9M 2025A Adj. FCF1 (QAR bn) Adj. FCF CAGR1 (%) 2 GCC Countries CAGR: +2.6% High Growth Countries CAGR: +6.4%
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| | ضمن| | Source: Company information. Notes: All financial figures and ratios are normalized for Myanmar exit and recognition of IOH ( Indonesia) as a joint venture, and exclusion of one -off or extraordinary items. (1) The figures in the bar chart represent the norm alized net profit attributable to Ooredoo shareholders while the net profit margin is calculated using normalized net profit to group (i ncl. minority interests) / normalized revenue. Significant Growth in Profitability 73 Normalized Net Profit Attributable to Ooredoo Shareholders1 and Net Profit Margin1 2.4 2.6 2.9 3.3 3.7 3.8 2020A 2021A 2022A 2023A 2024A LTM 9M 2025A 9.4% 14.2% 14.4% 17.3% 17.6% 17.9% Normalized Net Profit Attributable To Ooredoo Shareholders (QAR bn) Normalized Net Profit Margin (%) 3 November 2025
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| | ضمن| | High Cash Generation in Matured Markets Combined with Strong Momentum in Fast Growing Markets Source: Company information. Notes: All financial figures and ratios are normalized for Myanmar exit and recognition of IOH (Indonesia) as a joint venture, and exclusion of one-off or extraordinary items. Minor rounding differences may occur between chart labels and totals. (1) Percentage point (pp) figures refer to change from 2020A to LTM 9M 2025A and excludes “Others”. QAR figure in centre of pie chart reflects totals including "Others". (2) Adjusted EBITDA equals profit for the year/period adjusted for income tax and other tax related fees, depreciation and amortisation, finance costs, finance income, impairment of losses on goodwill and other non-financial assets, royalty fees, other income and other gains / (losses) - net. (3) Adj. Free Cash Flow = Adj. EBITDA – Capex. 74 Adj. FCF by Country1,3 44.4% (3.7pp) 10.4% +5.3pp 7.7% (5.6pp) 18.6% (1.2pp) 10.2% +6.6pp 3.8% (3.0pp) 3.3% +1.4pp 1.6% +0.1pp Qatar Oman Iraq Algeria Tunisia Maldives Palestine Kuwait GCC Countries: 62.5% High Growth Countries: 37.5% QAR 6.2bn Revenue by Country1 30.0% (4.3pp) 13.5% +1.4pp 9.7% (2.5pp) 22.8% +3.3pp 13.3% +2.4pp 7.0% (0.4pp) 2.2% +0.2pp 1.6% (0.2pp) Qatar Oman Iraq Algeria Tunisia Maldives Palestine Kuwait GCC Countries: 53.2% High Growth Countries: 46.8% QAR 24.1bn Adj. EBITDA by Country1,2 34.3% (6.4pp) 9.3% +2.6pp 9.6% (5.2pp) 23.0% +4.1pp 13.1% +5.0pp 6.6% (0.5pp) 2.7% +0.5pp 1.3% (0.1pp) Qatar Oman Iraq Algeria Tunisia Maldives Palestine Kuwait GCC Countries: 53.2% High Growth Countries: 46.8% QAR 10.3bn 3 November 2025
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| | ضمن| |3 November 2025 75 Source: Company information. Notes: All financial figures and ratios are normalized for Myanmar exit and recognition of IOH (Indonesia) as a joint venture, and exclusion of one-off or extraordinary items. (1) ROE = Net Profit Attributable to Shareholders / Average Shareholder’s Equity attributable to Shareholders (average of the given year and its preceding year). (2) ROIC = NOPAT (EBIT – Income tax) / Average Invested Capital (average of the given year and its preceding year). Invested Capital = Shareholder’s Equity + Minority Interest + Net Debt, (3) Weighted average based on market capitalization for 2024A ROE (11.7%) and 2024A ROIC (8.6%) of Top 60 Telcos (excl. Ooredoo) derived from FactSet market data as of 23rd October 2025. Further Growth Supported By Value Focused Portfolio Increase Asset Utilization Capital Discipline Organic Profitability Return on Equity1,3 Return on Invested Capital2,3 Strong Equity Returns and Efficient Capital Deployment 8.3% 9.3% 10.0% 10.8% 12.4% 13.3% 2020A 2021A 2022A 2023A 2024A LTM 9M 2025A 7.7% 9.2% 9.4% 10.3% 12.5% 12.6% 2020A 2021A 2022A 2023A 2024A LTM 9M 2025A Strong Focus On Improving Asset Turnover and Deployment 11.7%3 Return on Invested Capital (ROIC) (%) Average ROIC Top 60 Telcos3Return on Equity (ROE) (%) Average ROE Top 60 Telcos3 8.6%3
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| | ضمن| | Maintains Investment Grade Rating Prudent Balance Sheet and Strong Liquidity Profile Leverage Well Below Guidance1 1.7x 1.4x 1.0x 0.6x 0.4x 0.6x 2020 2021 2022 2023 2024 9M 2025 Balanced and Long Maturity Profile Borrowings by Operations3 76 15.7 2.9 2.0 0.1 1.9 0.1 7.9 5.6 Cash & Undrawn 2025 2026 2027 2028 2029 >2030 15.0 13.7 1.3 Group Qatar Others Source: Company information. Notes: All financial figures and ratios are normalized for Myanmar exit and recognition of IOH (Indonesia) as a joint venture, and exclusion of one-off or extraordinary items. (1) Net debt / Adj. EBITDA calculation is based on financial covenant requirements and normalized. Board guidance of 1.5x to 2.5x. (2) Based on sample of 40 of the top telcos. (3) As of Q3-25. (4) A rating is not a recommendation to buy, sell, or hold securities and may be subject to revision, suspension or withdrawal at any time. A/STABLE4 A2/STABLE4 3 November 2025 Net Debt / Adj. EBITDA ratio1 Limited Interest Rate Risk 92% 8% Fixed Floating Fixed vs. Floating3 Drawn Debt by Source3 1.3 13.7 Loans Bonds Ratings Repayment Schedule3 (QAR bn) (QAR bn) (QAR bn) Decreasing interest payments S&P: 13% of peers with “A” rating or higher2 Moody’s: 18% of peers with “A2” rating or higher2 Undrawn Cash Net Debt / Adj. EBITDA ratio Normalized Net Interest (QAR bn) 0.9 0.8 0.6 0.4 0.2 0.2 Ooredoo paid c.US$750mn Principal of a bond with maturity 19-Oct-25
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| | ضمن| | Updated Dividend Policy Source: Company information. Notes: All financial figures and ratios are normalized for Myanmar exit and recognition of IOH ( Indonesia) as a joint venture, and exclusion of one -off or extraordinary items. (1) Normalized earnings (including FX) defined as earnings from continuing operations excluding once off or extraordinary items. Current Dividend Policy and Historical Payouts1 • Sustainable and progressive dividend policy • Defined objective to retain the payout ratio between 40% and 60% of normalised earnings Consistently paying dividends in upper range of the established policy 55.0% 40.0% 59.6% 59.1% 58.3% Dividend per Share (QAR) Dividend Payout Ratio (%) 773 November 2025 Dividend History and Policy Enhancement Target dividend payout ratio range being increased to 50%-70% 0.25 0.30 0.43 0.55 0.65 2020A 2021A 2022A 2023A 2024A
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| | ضمن| | Group Finance KPIs 9M 2025 % change (YoY) QAR 18.2bn +3% +5% excluding impact of Myanmar 44% Flat QAR 2.8bn +46% Source: Company information. Notes: ( 1) Adjusted EBITDA equals profit for the period adjusted for income tax and other tax related fees, depreciation and amortisat ion, finance costs, finance income, impairment of losses on goodwill and other non -financial assets, royalty fees, other income and other gains / (losses) - net. (2) Capital expenditure refers to investments in tangible and intangible assets, including the acquisition, enhancement, or mai ntenance of property, plant, and equipment, as well as intangible assets, excluding costs related to licenses. Capital expenditure is calculated as the sum of additions to property, plant and equipment and additions to intangible assets excluding additions of licence costs. On Track To Meet FY2025 Guidance Revenue Capex2 Adj. EBITDA margin1 FY2025 Guidance 2% - 3% Low 40%’s QAR 4.5 – 5.0bn 783 November 2025
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Aziz Aluthman Fakhroo | Group CEO06 Concluding Remarks
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| | ضمن| | 8.2x 10.2x 12.4x 15.7x 4.9x 6.2x 6.7x 8.9x 3 November 2025 80 Sources: FactSet, Broker research and Company filings. Data as of 23rd October 2025. Notes: Figures shown are based on independent research analysts’ forecasts taken from broker reports. These figures do not represent the company’s guidance, nor does the company endorse. (1) Adjusted Free Cash Flow calculated as EBITDAaL minus Capex. (2) EU Operators include Deutsche Telekom, Orange, Telefonica, Vodafone and Telecom Italia. (3) Investments in JVs and associates are excluded only for Ooredoo’s enterprise value given Ooredoo’s EBITDAaL includes share of net profits from JVs and associates. EV / Adj. FCF Comparison (2025E)1,2,3 EV / EBITDAaL Comparison (2025E)2,3 EU Operators2 EU Operators2 Valuation Benchmarking vs. Peers
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| | ضمن| | Revenue Growth • [] [7.0x-9.0x](1) [16.0x-21.0x](2) [10.0x-12.0x](3) >20.0x(4) [8.0x-14.0x](5) Balanced mix of stable and high growth countries Significant synergies in co-control of towers B2B and wholesale opportunity Leadership position in home market Further expansion in key markets Cash generation Growth/efficient capital structure & stable yields Growth/efficient capital structure & stable yields Efficient capital structure & stable yields Growth/valuation 3 November 2025 81 Source: FactSet, Broker research and Company filings. Market date as 23rd October 2025. Notes: Figures shown are based on independent research analysts ’ forecasts taken from broker reports. These figures do not represent the company ’s guidance, nor does the company endorse. (1) Anchored to e& and stc. (2) Anchored to American Towers, Cellnex and Inwit. ( 3) Archetype best practice players are Cogent & Tata Communications trading at 14.0x, while players like Lumen or Cable One are trading substantially below at 4.0x or 7.0x. (4) Anchored to Equinix. (5) Anchored to Airtel’s Africa external secured investments in its mobile money business in 2021 and Mastercard’s investment in MTN Group Fintech in 2023. Alternatively: $70-100 per active mobile user. Tower Telecom FinTech Data Centre Fibre / Seacable Typical EV/EBITDAaL Multiples Ooredoo Position vs. Peers Financial Profile Ooredoo EV / 25E EBITDAaL Multiple Today: 4.9x Valuation Based on Sum of the Parts
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| | ضمن| | 823 November 2025 Investment Highlights Recap ✓ #1 brand in 6 out of 8 markets4 ✓ Superior network and spectrum position ✓ Largest TowerCo in MENA (>30k sites)5 ✓ 26 active DCs / 120MW target capacity6 ✓ Sea-cable and fibre partnerships ✓ >30% average app penetration rate1,7 ✓ 2.2x lower churn in multi-play vs overall ✓ Proven track record of long-term value creation as seen through 26% share price appreciation in IOH since merger with Ooredoo8 ✓ 4% Adj. EBITDA CAGR 20A – 9M LTM 25A ✓ 0.6x net leverage ✓ 118% total shareholder return9 ✓ Multi-decade C-suite experience ✓ Delivering strong operational performance and value creation since 2020A ✓ #1 or #2 position in 7 out of 9 countries1 ✓ 145mn mobile subscribers ✓ 53% revenue from GCC markets ✓ 76% revenue from stable FX markets2 ✓ 5.8% revenue growth in growth markets3 Combining highly cash generation investment grade markets with exposure to high-growth markets Strong core telecom operations with superior network quality, premium brand identity and customer experience Comprehensive digital infrastructure portfolio with clear roadmap unlocking significant growth and value creation opportunities Strong customer-centric strategy supported by smart telco transformation, integrated digital ecosystem, and telco adjacent services Long-term value creation through multiple avenues of organic growth and strategic partnerships Solid financial performance and robust balance sheet, underpins sustainable shareholder returns Experienced management team with track record of driving value through strategic execution and operational discipline Regional multi-service digital connectivity leader with strong market positioning across MENASEA 03 04 05 06 07 08 01 02 Notes: Financials are normalized for Myanmar exit, recognition of IOH (Indonesia) as a joint venture and exclusion of one-off or extraordinary items. Adjusted EBITDA equals profit for the year/period adjusted for income tax and other tax related fees, depreciation and amorti sation, finance costs, finance income, impairment of losses on goodwill and other non -financial assets, royalty fees, other income and other gains / (losses) - net. (1) As of H1 2025A. (2) Includes Qatar, Kuwait, Oman and Iraq. (3) Includes Iraq, Algeria, Tunisia, Palestine and Maldives. (4) As of H1 2025A, excluding Indonesia. Measures the percentage of the target audience who are using and would consider using Ooreedo's product or service . (5) ~30k towers at announcement. Pro forma for combination of Ooredoo’s carve-out tower assets with TASC Towers. (6) Includes Oman and Iraq, where carve-out is expected over the next 12-24 months. (7) Average of digital MAU as of B2C 30-day active base. (8) Share price as of 23rd October 2025 vs. 4 January 2022. (9) Since January 2021A.
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Q&A07
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| | 03 November 2025 84 THANK YOU