Dear Shareholders,
2025 marked a year of strategic evolution and strong execution across the Group. We have successfully positioned ourselves as a leading digital infrastructure provider across the MENASA region, delivering sustainable value to our stakeholders while establishing the foundation for accelerated long-term growth.
The Group achieved remarkable operational progress and financial performance, underscoring the strength of our refined strategy.
Our disciplined focus on value creation, combined with strategic investments in high-growth digital infrastructure, has translated into strong shareholder returns and enhanced shareholder access through broader market participation.
During the year, we took bold and decisive steps to redefine our business model, advancing from a traditional telecommunications operator to a diversified digital connectivity leader. The introduction of our RISE framework – Refresh, Intensify, Scale, and Expand – represents a comprehensive evolution in how we create long-term value. This strategic approach recognises the distinct lifecycle stages of our business pillars and tailors investment and focus accordingly.
A defining milestone was the successful execution of our first fully marketed offering, which significantly increased our free float to enhance market liquidity and index inclusion. This transaction validates market confidence in our strategy and attracts a broader base of sophisticated international shareholders who recognise the quality and resilience of our business model.
H.E. Sh. Faisal Bin Thani Al Thani
Group Chairman
09 February 2026
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Dear Shareholders,
2025 marks our fourth consecutive record year, a clear validation of the solidity and discipline of our strategy. We delivered nearly 5% EBITDA growth, 4% revenue growth and a strong 12% increase in net profit, reaching QR 3.9 billion. These are record metrics in the history of the Group and reflect sustained, structural progress.
This consistency is the result of a culture anchored in accountability, operational excellence and deep customer trust. Across every core financial metric, the Group delivered robust performance, further strengthening our balance sheet, enhancing cash generation and reinforcing our position as MENA’s leading digital infrastructure provider.
Our performance translated directly into enhanced shareholder returns, with dividends increasing by 15% to QR 0.75 per share, a historic high for the Group.
Between 2020 and 2024, we increased annual dividend per share by 160%. In 2025, the Board raised our payout range from 40-60% to 50-70% of normalised net profit, reflecting financial strength and confidence while maintaining disciplined capacity to invest in future growth.
These results are not one-off achievements. They reflect a structurally stronger, more focused and capital-efficient Ooredoo – consistently executing, consistently outperforming, and firmly positioned for sustained value creation.
Aziz Aluthman Fakhroo
Chief Executive Officer and Managing Director
09 February 2026
Read moreRead lessHighlights 2025
Leading MENA's Digital Infrastructure Evolution
Ooredoo has evolved its strategic direction to capture the next phase of growth. Our refreshed strategy, RISE, combines three interconnected investment horizons designed to deliver superior shareholder returns and guide Ooredoo's transformation into a leading digital infrastructure provider.
Our Evolved Strategy Is Anchored in Three Growth Engines:
Refresh
Sustain market leadership across our core telecom markets.
Maintain disciplined cost structures and operational efficiency.
Scale AI-ready data foundations to enable advanced analytics and monetisation.
Standardise digital customer platforms and expand API capabilities.
Intensify
Advance customer value management, pricing and advanced analytics to maximise B2C value.
Accelerate growth in the small and medium-sized business segment.
Expand multi-play propositions through B2C and B2B partnerships.
Standardise IT architecture and digital platforms across the Group.
Scale
Accelerate the expansion of digital infrastructure platforms, including AI-ready data centres and international connectivity.
Scale GPU-as-a-Service (GPUaaS) capabilities to support sovereign AI and advanced compute demand.
Expand
Accelerate digital and social channel growth to drive customer acquisition.
Pursue selective expansion beyond our core footprint in data centres and telecom infrastructure.
Develop connectivity-enabled, as-a-service platforms to diversify revenue streams.
Scale fintech platforms into additional markets across our footprint.
Our People
Net Debt
Our Financial assets
Our Brand Value
Positioned For Scalable Growth
Ooredoo is a leading telecommunications and digital infrastructure provider across the Middle East, North Africa, and Southeast Asia, operating a well-balanced portfolio that spans resilient telecom operations and high-growth infrastructure platforms in dynamic markets.
We maintain market-leading positions in most of our core geographies and are scaling high-growth verticals - including international connectivity through fibre and sea cables, AI-ready data centres, towers, and fintech - that will reshape our revenue mix. These strategic investments are generating new growth pathways and positioning Ooredoo at the centre of the region's digital and AI transformation.
Qatar
"By sharpening our focus on high‑value connectivity, cloud and AI‑enabled services, we made tangible progress in supporting Qatar's digital ambitions in 2025. This disciplined approach translated into stronger financial performance, with our EBITDA margin improving to 52%."
Operator importance to Group
6 %
Customers
36 %
EBITDA
29 %
Revenue
14 %
CAPEX
Financial performance
Kuwait
"2025 was an outstanding year for Ooredoo Kuwait. We grew in both service revenue and EBITDA market share in an already mature market. At the same time, we are progressing steadily with our AI transformation agenda and remain well-positioned to play a key role in Kuwait's digital future."
Operator importance to Group
5 %
Customers
10 %
EBITDA
13 %
Revenue
7 %
CAPEX
Financial performance
Oman
"In 2025, Ooredoo Oman moved from deploying networks to enabling digital progress, investing in AI‑ready infrastructure, regional fibre and new data‑centre assets, while optimising the customer experience. Our priority for 2026 is clear: sustainable digital progress and lasting value for Oman and our stakeholders."
Operator importance to Group
5 %
Customers
8 %
EBITDA
9 %
Revenue
10 %
CAPEX
Financial performance
Asiacell Iraq
"Asiacell delivered another year of strong growth, extended high-speed connectivity and advanced Iraq's digital development through 5G readiness, AI-powered services and new platforms. We will continue investing in innovation to support the country's long-term social and economic progress."
Operator importance to Group
38 %
Customers
24 %
EBITDA
23 %
Revenue
30 %
CAPEX
Financial performance
Algeria
"In 2025, Ooredoo Algeria reinforced its leadership by expanding high quality connectivity, launching 5G services nationwide, accelerating digital inclusion and elevating customer experience. Our strong performance reflects our consistent commitment to innovation, operational excellence and creating meaningful impact for our customers, communities and the national digital ecosystem."
Operator importance to Group
29 %
Customers
14 %
EBITDA
13 %
Revenue
22 %
CAPEX
Financial performance
Tunisia
"In 2025, Ooredoo Tunisia delivered strong growth, extended its 5G and fixed leadership, while also raising the bar in terms of customer experience. We will continue to strengthen our market position and reinforce our commitment to help power Tunisia's digital future."
Operator importance to Group
14 %
Customers
7 %
EBITDA
7 %
Revenue
9 %
CAPEX
Financial performance
Palestine
"2025 was a resilient year for Ooredoo Palestine, as we delivered solid financial and operational performance despite an extraordinarily challenging environment. Our results reflect disciplined execution, continued digital transformation, and a strong focus on efficiency. We remain committed to advancing our digital agenda, restoring our network infrastructure in Gaza, and delivering sustainable shareholder value, while supporting the communities we serve and contributing meaningfully to the development of the Palestinian economy."
Operator importance to Group
2.8 %
Customers
1.4 %
EBITDA
1.6 %
Revenue
0.9 %
CAPEX
Financial performance
Maldives
"As we mark over 20 years in the Maldives, our commitment goes beyond being a technology and connectivity leader. It's about empowering people, supporting communities and ensuring every island benefits from the opportunities of a truly 'Digital Maldives'."
Operator importance to Group
0.8 %
Customers
2.8 %
EBITDA
2.1 %
Revenue
1.3 %
CAPEX
Financial performance
Qatar
Sheikh Ali Bin Jabor Bin Mohammad Al Thani
Chief Executive Officer, Ooredoo Qatar
“By sharpening our focus on high‑value connectivity, cloud and AI‑enabled services, we made tangible progress in supporting Qatar’s digital ambitions in 2025. This disciplined approach translated into stronger financial performance, with our EBITDA margin improving to 52%.”
Customers
in thousands
2,979
Operator importance to Group
6 %
Customers
36 %
EBITDA
29 %
Revenue
14 %
CAPEX
Financial performance
Kuwait
Abdulaziz Yacoub Al-Babtain
Chief Executive Officer, Ooredoo Kuwait
“2025 was an outstanding year for Ooredoo Kuwait. We grew in both service revenue and EBITDA market share in an already mature market. At the same time, we are progressing steadily with our AI transformation agenda and remain well-positioned to play a key role in Kuwait’s digital future.”
Customers
in thousands
2,926
Operator importance to Group
5 %
Customers
10 %
EBITDA
13 %
Revenue
7 %
CAPEX
Financial performance
Oman
Saoud Al-Riyami
Chief Executive Officer, Ooredoo Oman
“In 2025, Ooredoo Oman moved from deploying networks to enabling digital progress, investing in AI‑ready infrastructure, regional fibre and new data‑centre assets, while optimising the customer experience. Our priority for 2026 is clear: sustainable digital progress and lasting value for Oman and our stakeholders.”
Customers
in thousands
2,915
Operator importance to Group
5 %
Customers
8 %
EBITDA
9 %
Revenue
10 %
CAPEX
Financial performance
Asiacell Iraq
Amer Al Sunna
Chief Executive Officer, Asiacell Iraq
“Asiacell delivered another year of strong growth, extended high-speed connectivity and advanced Iraq’s digital development through 5G readiness, AI-powered services and new platforms. We will continue investing in innovation to support the country’s long-term social and economic progress.”
Customers
in thousands
20,024
Operator importance to Group
38 %
Customers
24 %
EBITDA
23 %
Revenue
30 %
CAPEX
Financial performance
Algeria
Roni Tohme
Chief Executive Officer, Ooredoo Algeria
“In 2025, Ooredoo Algeria reinforced its leadership by expanding high quality connectivity, launching 5G services nationwide, accelerating digital inclusion and elevating customer experience. Our strong performance reflects our consistent commitment to innovation, operational excellence and creating meaningful impact for our customers, communities and the national digital ecosystem.”
Customers
in thousands
15,319
Operator importance to Group
29 %
Customers
14 %
EBITDA
13 %
Revenue
22 %
CAPEX
Financial performance
Tunisia
Mansoor Rashid Al-Khater
Chief Executive Officer, Ooredoo Tunisia
“In 2025, Ooredoo Tunisia delivered strong growth, extended its 5G and fixed leadership, while also raising the bar in terms of customer experience. We will continue to strengthen our market position and reinforce our commitment to help power Tunisia’s digital future.”
Customers
in thousands
7,231
Operator importance to Group
14 %
Customers
7 %
EBITDA
7 %
Revenue
9 %
CAPEX
Financial performance
Palestine
Dr. Samer Fares
Chief Executive Officer, Ooredoo Palestine
“2025 was a resilient year for Ooredoo Palestine, as we delivered solid financial and operational performance despite an extraordinarily challenging environment. Our results reflect disciplined execution, continued digital transformation, and a strong focus on efficiency. We remain committed to advancing our digital agenda, restoring our network infrastructure in Gaza, and delivering sustainable shareholder value, while supporting the communities we serve and contributing meaningfully to the development of the Palestinian economy.”
Customers
in thousands
1,491
Operator importance to Group
2.8 %
Customers
1.4 %
EBITDA
1.6 %
Revenue
0.9 %
CAPEX
Financial performance
Maldives
Khalid Hassan M A Al-Hamadi
Chief Executive Officer, Ooredoo Maldives
“As we mark over 20 years in the Maldives, our commitment goes beyond being a technology and connectivity leader. It’s about empowering people, supporting communities and ensuring every island benefits from the opportunities of a truly ‘Digital Maldives’.”
Customers
in thousands
426
Operator importance to Group
0.8 %
Customers
2.8 %
EBITDA
2.1 %
Revenue
1.3 %
CAPEX
Financial performance
Our strategy focuses on five key strategic pillars:
Our strategy focuses on five key strategic pillars:
Protecting Our Environment
- Climate and energy
- Resource management
Developing Our People
- Talent attraction and retention
- Equal opportunities
- Health & safety
Safeguarding Our Customers
- Customer responsibility
- Data privacy & security
Creating Ethical Economic Opportunity
- Governance & ethics
- Risk Management
- Human rights
- Responsible Supply
Digital Enrichment and Community Care
- Digital inclusion & innovation
- Social value creation