Slides
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Vodafone Qatar P.Q.S.C. Investor Presentation Financial Performance: Y ear Ended 31 December 2025
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FY25 Q3 YTD Financial Performance 22 October 2025 2FY25 Financial Results 04 February 2026 Disclaimer • The following presentation is made only to, and is directed only at, persons to whom such a presentation may lawfully be communicated (“relevant persons”). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. • This presentation may contain forward-looking statements that are subject to risks and uncertainties, including statements about Vodafone Qatar’s beliefs and expectations. • These forward-looking statements are based on assumptions that Vodafone Qatar has made in light of its experience in the industry in which it operates, as well as its perceptions of historical trends, current conditions, expected future developments and other factors which Vodafone Qatar believes are appropriate under the circumstances. Prospective investors should understand that these statements are not guarantees of future performance or results. • Due to these factors, Vodafone Qatar cautions that prospective investors should not place undue reliance on any forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise from time-to-time, and it is impossible to predict these events or how they may affect Vodafone Qatar. • Vodafone and the Vodafone logo are trademarks of the Vodafone Group and therefore, any broadcast, re-broadcast, or recording of this conference call constitutes a violation of Vodafone's intellectual rights and exposes its owner to accountability.
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Hamad Al-Thani Chief Executive Officer Performance Highlights
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4FY25 Financial Results 04 February 2026 Key Highlights FY25 Financial Performance Growing Beyond Core Proposed DividendEnhanced Customer Experience • Total Revenue reached QR 3,447m (+8.1% YoY) • Net Profit reached QR 702m (+16.8% YoY) • Value-driven product portfolio and features • Further advancing 5G experience • Strategic investments to fuel diversification • Partnerships to unlock new opportunities • Proposed dividend of 12% per share (QR 507m)* • Quarterly interim dividends starting FY26** * Subject to approval of AGA ** Subject to regulatory approvals
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FY25 Q3 YTD Financial Performance 22 October 2025 5FY25 Financial Results 04 February 2026 Consumer Enterprise Fintech Enhanced Customer Experience ⋮ Value-driven Product Portfolio & Features • Ecosystem Expansion Strengthened the financial services ecosystem, through remittance integrations, multi-wallet capability, and enhanced WPS functionality. • Value Enhancement Elevated the overall value proposition by new licences, advanced engagement tools, aggregator platform, and personalization options. • Innovation and Differentiation Advanced Features that appeal to high value customers such as Call+ (Unlimited Roaming calls), Mute, International Call Block, Multi-SIM. • Lifestyle Benefits Launch of Vodafone World – value added benefits with High Value Postpaid and iPoints – home-grown Loyalty platform with tie-ups to key brands). • ICT Services Expanded portfolio delivering end-to-end ICT services encompassing advanced connectivity, managed services, cloud and infrastructure management, critical communications and cyber security. • Digital Self service Launch of an Enterprise Portal enabling businesses to manage their services, monitor real -time usage and streamline operations.
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FY25 Q3 YTD Financial Performance 22 October 2025 6FY25 Financial Results 04 February 2026 Network Coverage Technology Modernization 3G Sunset Enhanced Customer Experience ⋮ Network & Technology Infrastructure Upgrade • +8% year-on-year increase in mobile network sites. More than 90% of the 5G outdoor sites upgraded with 2nd carrier. • Fiber footprint expanded >2x in 5 years. Investing and modernizing key technologies to enable AI-driven capabilities, streamline operations, and enhance security. • Autonomous networks with end-to- end orchestration, • Security Operations Center (SOC), • Accelerated Cloud transformation, • IT stack modernization. • 3G mobile network has been shutdown in compliance with the decision of Communications Regulatory Authority. • Ensured a smooth and customer focused transition to the more advanced 4th and 5th generation technologies, delivering faster speeds, improved reliability, and an enhanced overall mobile experience. 2021 2024 2025 >2x +20% 2,635 2,843 2024 2025 +8%
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FY25 Q3 YTD Financial Performance 22 October 2025 7FY25 Financial Results 04 February 2026 Growing Beyond Core ⋮ Strategic Investments and Partnerships • Combining Sirti Digital Solutions’ digital-infrastructure expertise with our market reach will strengthen end-to-end delivery capabilities. • Improving operational efficiency with bringing key technology and implementation competencies and reducing external dependencies. Joint Venture Agreement with Sirti Digital Solutions Launched a portfolio of solutions with leading partners across multiple domains, including: • Network Solutions / NaaS • Security Solutions • Workplace Solutions • Connectivity & IoT Solutions • Call Center Solutions • Consumer & Mass Market Partnerships broadening strategic opportunities
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Masroor Anjum Chief Financial Officer Financial Performance
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9FY25 Financial Results 04 February 2026 Key Highlights Sustained topline growth momentum Accelerating Profitability Momentum Robust Cash flow Generation Strong Cost Discipline and Operating Leverage • 8.1% increase in Total Revenue • Broad based growth across all core segments • Direct costs (excl. equipment) largely flat despite revenue growth • 22% OPEX intensity – improved 1 ppts Y oY • 10.5% growth in EBITDA • 16.8% growth in Net profits (underlying 22% growth) • Net profit margin 20.4% • 41% growth in operating cashflow • 90% reduction in Net Debt
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FY25 Q3 YTD Financial Performance 22 October 2025 10FY25 Financial Results 04 February 2026 FY25 Y ear on Y ear ⋮ Sustained Momentum in Revenue and Earnings Expenses EBITDA Net ProfitRevenue 1,364 1,507 FY24 FY25 +10.5% 601 702 FY24 FY25 +16.8% 2,831 2,971 359 475 FY24 FY25 3,190 3,447 +5.0% +8.1% • Total revenue increased by QR 257m (+8.1%), driven by growth across all core revenue segments and higher equipment sales • OPEX higher in line with the increase in revenue and network expansion, and due to one-off benefit last year • EBITDA increased 10.5%, supported by higher service revenue • Net profit grew by 16.8%, reflecting higher EBITDA and reduced financing costs partially offset by higher depreciation (asset modernization) Service revenue Equipment & others All amounts are in QAR millions unless otherwise stated 1,090 1,180 735 759 FY24 FY25 1,825 1,939 +6.2% OPEX Direct costs
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FY25 Q3 YTD Financial Performance 22 October 2025 11FY25 Financial Results 04 February 2026 Service Revenue ⋮ Continuous growth across all segments Prepaid Wholesale, Mgd. Services & Fixed Service Revenue All amounts are in QAR millions unless otherwise stated Postpaid 1,148 1,302 1,296 1,308 1,345 FY21 FY22 FY23 FY24 FY25 +2.8% CAGR +4.0% 550 596 520 529 578 FY21 FY22 FY23 FY24 FY25 +9.1% CAGR +1.2% 2,230 2,617 2,762 2,831 2,971 FY21 FY22 FY23 FY24 FY25 +5.0% CAGR +7.4% 533 719 946 993 1,049 FY21 FY22 FY23 FY24 FY25 +5.6%CAGR +18.4%
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FY25 Q3 YTD Financial Performance 22 October 2025 12FY25 Financial Results 04 February 2026 FY26 Underlying Net Profit – Excluding one-time costs / benefits 15 4 11 5 (4) (7) (14) (29) 5 Regulatory Changes Core Upgrade Cost Optimization Impact on Tax related fees FY25 Underlying FY24 Underlying FY25 Reported Direct Cost 1 702 Technology Modernization 585 OPEX Vendor settlement benefit 2 Gain on acquisition 3 715 +22% Project cost efficiencies from disciplined delivery and vendor negotiations Long outstanding lease liability settlement benefit recognised below EBITDA One-off gain arising from acquisition of 51% stake in an equity accounted investee Incremental depreciation and amortisation charge driven by regulatory requirements (FDD to TDD), cost optimisation initiatives, and targeted technology upgrades to drive long-term operational efficiencies 1 2 3 4 Depreciation and amortisation 4 Other income
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FY25 Q3 YTD Financial Performance 22 October 2025 13FY25 Financial Results 04 February 2026 Key Ratios ⋮ Driving Margin Expansion Through Operational Excellence 40.8% 40.0% 43.8% FY21 40.2% 41.0% 45.2% FY22 41.3% 45.1% FY23 42.8% 41.8% 45.8% FY24 43.7% 43.2% 48.6% FY25 +1.4ppts +2.8ppts Reported Margin Reported excl. World cup & one-offs Underlying margin** ** Underlying EBITDA margin is excluding equipment and one -off OPEX Intensity EBITDA Margin 24.0% 24.5% 23.1% 22.0% 24.7% 24.1% 23.7% 23.4% FY21 FY22 FY23 FY24 22.2% FY25 -1.3ppts Reported Underlying
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FY25 Q3 YTD Financial Performance 22 October 2025 14FY25 Financial Results 04 February 2026 Capital Expenditure ⋮ Investments driving profitable growth Net Profit Margin and Return on Equity (ROE)Capital expenditure (CAPEX) 13.0% 7.2% FY21 16.4% 10.7% FY22 17.4% 11.1% FY23 18.8% 12.0% FY24 20.4% 13.6% FY25 1.6ppts 1.5ppts Net Profit Margin ROE 408 660 550 441 16.1% 21.5% 17.7% 13.8% 15.5% FY21 FY22 FY23 FY24 FY25 535 YTD CAPEX Intensity All amounts are in QAR millions unless otherwise stated
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FY25 Q3 YTD Financial Performance 22 October 2025 15FY25 Financial Results 04 February 2026 253 13 EBITDA (535)CAPEX Operating Cash Flow (OCF) Dividends (19)Finance costs/ Income (net) Net Debt Movement Free Cash Flow (FCF) Tax related fees (62) Leases (144) Operating Free Cash Flow (OFCF) Working Capital Movements (507) 1,507 973 985 779 Cash Flow Operating Free Cash Flow Yield 6.9% 6.1% 10.6% 9.4% 9.6% 1.67 1.59 1.91 1.83 2.44 FY21 FY22 FY23 FY24 FY25 +33% FY25 Y ear on Y ear ⋮ Driving sustained yields through disciplined cash management SP as at 31 December OFCF Yield at closing SP* * Share Price (SP) as of 31 December of the respective years are used
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FY25 Q3 YTD Financial Performance 22 October 2025 16FY25 Financial Results 04 February 2026 Net Debt 1 Net Debt to EquityFree Cash flow FY25 Y ear on Y ear ⋮ Robust Operational Cash Flows 554 779 YTD Dec 2024 YTD Dec 2025 +225m (+40.7%) 280 27 31 Dec 2024 31 Dec 2025 -253m 0.5% 31 Dec 2024 31 Dec 2025 5.5% -5.0ppts 1 The previously calculated Net Debt has been restated as gross debt less unrestricted cash (previously deducted total cash balances) All amounts are in QAR millions unless otherwise stated • Free cash flow increased 40.7% reflecting strong collections and working capital optimization initiatives • Despite higher dividend pay-out for FY24, net debt decreased significantly due to strong free cash flows • Net debt to Equity ratio continues to decline
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FY25 Q3 YTD Financial Performance 22 October 2025 17FY25 Financial Results 04 February 2026 5 Y ear Trends : Net Profit more than doubled Total Revenue EBITDA Net Profit All amounts are in QAR millions unless otherwise stated Service Revenue 502 540 601 702 327 FY21 FY22 FY23 FY24 FY25 CAGR +21.0% 1,234 1,286 1,364 1,507 1,031 FY21 FY22 FY23 FY24 FY25 CAGR +10.0% 3,066 3,111 3,190 3,447 2,300 2,400 2,500 2,600 2,700 2,800 2,900 3,000 3,100 3,200 3,300 3,400 3,500 3,600 2,526 FY21 FY22 FY23 FY24 FY25 CAGR +8.1% 2,617 2,762 2,831 2,971 2,230 FY21 FY22 FY23 FY24 FY25 CAGR +7.4%
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FY25 Q3 YTD Financial Performance 22 October 2025 18FY25 Financial Results 04 February 2026 Financial KPIs FY24 Results FY25 Guidance FY25 Actuals Total revenue QR 3,190m > 7% YoY QR 3,447m + 8.1 % EBITDA Margin U/L 41.8% ~ 42.5% U/L 43.2% + 1.4ppts Net Profit U/L QR 585m ~ 15% YoY U/L QR 715m + 22 % CAPEX intensity 13.8% ~ 15.5% 15.5% - Financial Performance v/s FY25 Guidance
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FY25 Q3 YTD Financial Performance 22 October 2025 19FY25 Financial Results 04 February 2026 Financial KPIs FY25 Results FY26 Guidance Total revenue QR 3,447m + Y oY% EBITDA Margin U/L 43.2% > 43% CAPEX intensity 15.5% 14.5% - 15.5% FY26 Guidance
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Q&A
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Financial Performance Appendix For more information visit our website: www.vodafone.qa/en/investor-relations Or email us: InvestorRelationsQatar@vodafone.qa
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FY25 Q3 YTD Financial Performance 22 October 2025 22FY25 Financial Results 04 February 2026 The reported numbers and YoY variances are rounded to the nearest millions Consolidated Statement of Income • Total revenue increased by QR 257 million, driven by growth across all core revenue segments and higher equipment sales. • Interconnection and Direct costs increased in line with higher equipment sales • Operational expenses increased in line with the increase in revenue and network expansion, and one-off benefit last year • Higher depreciation and amortisation is driven by CAPEX investments and accelerated depreciation from assets modernization initiatives • Net profit grew by QR 101m (16.8%), reflecting improved EBITDA and lower borrowing costs, partially offset by higher depreciation and amortisation QR m (unless otherwise stated) 2025 2024 YoY Revenues 3,447 3,190 257 Interconnection and other direct expenses (1,135) (1,059) (77) Network and other operational expenses (458) (447) (12) Employees' salaries and benefits (301) (289) (12) Depreciation of property, plant and equipment (379) (357) (22) Amortisation of intangible assets (232) (198) (33) Depreciation of right-of-use assets (107) (110) 3 Share of profit of equity-accounted investee 5 - 5 Expected credit losses (44) (31) (13) Finance costs (26) (34) 8 Other financing costs (22) (27) 5 Other income 26 24 2 Profit before tax related fees 774 662 112 Tax related fees (72) (61) (11) Profit for the Year 702 601 101 Basic and diluted earnings per share (in QR) 0.166 0.142 0.024 Year ended 31 December
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FY25 Q3 YTD Financial Performance 22 October 2025 23FY25 Financial Results 04 February 2026 Consolidated Statement of Financial Position The reported numbers and YoY variances are rounded to the nearest millions Assets • Property, plant & equipment and intangible assets decreased by QR 75m due to depreciation and amortization of QR 610m offset by CAPEX of QR 535m • Right of use assets increased by QR 48m due to new leases QR 168m offset by depreciation of QR 107m and modifications & terminations QR 12m • Trade and other receivables QR 88m higher due to higher revenue and handset related receivables Equity • Equity increased by QR 184m due to profit for the period QR 702m, hedging reserve benefit QR 8m offset by dividend payment QR 507m and social & sports fund contribution QR 18m Liabilities • Loans and borrowings QR 64m higher due to drawdown • Lease liabilities increased QR 15m due to new leases QR 168m and interest unwinding QR 16m offset by settlements QR 156m and modifications & terminations QR 13m • Trade and other payables increased by QR 169m due to timing of CAPEX payments and increase in e-wallet balances QR m (unless otherwise stated) 31 Dec 25 31 Dec 24 Var Property, plant and equipment 1,959 1,958 1 Intangible assets 3,819 3,895 (76) Right-of-use assets 386 337 48 Equity-accounted investee 5 - 5 Trade and other receivables 223 236 (12) Total non-current assets 6,392 6,426 (34) Trade and other receivables 597 496 100 Inventories 62 50 12 Contract costs 34 43 (9) Cash and bank balances 518 145 373 Total current assets 1,211 735 476 Total assets 7,603 7,161 442 Share capital 4,227 4,227 - Legal reserve 231 192 39 Retained earnings 776 638 138 Hedging reserve 2 (5) 8 Total equity 5,236 5,052 184 Lease liabilities 257 227 30 Loans and borrowings 65 375 (310) Provisions 119 110 10 Total non-current liabilities 442 712 (270) Lease liabilities 135 150 (15) Loans and borrowings 377 2 374 Trade and other payables 1,414 1,245 169 Total current liabilities 1,925 1,397 528 Total equity and liabilities 7,603 7,161 442
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FY25 Q3 YTD Financial Performance 22 October 2025 24FY25 Financial Results 04 February 2026 FY25 Q4 Y ear on Y ear ⋮ Growth momentum continues Expenses* EBITDA Net ProfitRevenue* All amounts are in QAR millions unless otherwise stated * The previously revenue and direct costs for FY25 Q1 to Q3 are restated for a revenue presented net off costs as per IFRS, however, without any impact on EBITDA or Net Profits 722 768 81 98 FY24 Q4 FY25 Q4 803 866 6.4% +7.9% Service revenue Equipment & others 269 252 180 202 FY24 Q4 FY25 Q4 449 455 +1.2% OPEX Direct costs 353 411 FY24 Q4 FY25 Q4 +16.3% 164 208 FY24 Q4 FY25 Q4 +26.9% • Service revenue grew 6.4% driven by growth across all segments – prepaid, postpaid and fixed • Expenses higher mainly due to revenue related cost • EBITDA increased 16.3% following higher net service revenue • Net profit grew 26.9% resulting from higher EBITDA
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FY25 Q3 YTD Financial Performance 22 October 2025 25FY25 Financial Results 04 February 2026 561 569 577 593 615 FY24 Q4 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 +9.7% Mobility Subscribers Prepaid Total MobilityPostpaid FY24 Q4 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 1,547 1,554 1,532 1,487 1,559 +0.8% 2,108 2,123 2,108 2,080 2,174 FY24 Q4 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 +3.2% All numbers in thousands
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FY25 Q3 YTD Financial Performance 22 October 2025 26FY25 Financial Results 04 February 2026 196.9 193.6 192.9 192.0 191.6 FY24 Q4 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 -2.7% Mobility ARPU* 30.0 29.4 31.9 30.9 33.7 FY24 Q4 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 +12.4% 74.6 73.1 75.6 75.9 78.8 FY24 Q4 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 +5.6% ARPU is reported in Qatari Riyals based on monthly average subscribers * Minor adjustment to previously reported ARPU is due to presentation of revenue net off costs as required by IFRS Prepaid Total MobilityPostpaid
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Thank you !