"With 2025 well underway, I am pleased to report that our Q1 results affirm our strong growth trajectory. We remain optimistic about sustaining this momentum, supported by a favorable economic outlook in Egypt, where exchange rates remain stable within expected ranges, inflation is under control, and interest rates are on a downward path.

We started the year with total revenue rising 42% YoY to EGP 25 billion, driven by robust performances across both our Retail and Wholesale segments. EBITDA grew by 49% YoY, achieving a robust margin of 44%, as our operational efficiency enabled us to outpace inflationary cost pressures.

In the Retail segment, revenue increased by 40% YoY, led by a 45% growth in the Home & Consumer business unit following the 30% price adjustment in December 2024. Wholesale revenue rose 44% YoY, supported by exceptional growth in the Domestic and ICA business units, which expanded by 56% and 64% YoY, respectively. As Egypt’s largest telecom infrastructure provider and a key regional player in the global connectivity landscape, we are now reaping the rewards of a decade of responsible, strategic investments. These efforts have uniquely positioned us to unlock the value of our extensive assets and capitalize on the accelerating demand for connectivity—both locally and globally. This is clearly reflected in our strong growth momentum and the continued trust of our local and international partners.

Adjusting for EGP 0.7bn in FX loss in Q1 2025 and EGP 0.2bn FX gain in Q1 2024, normalized net profit grew 39% YoY to EGP 5.2 billion, recording a net profit margin of 21%. This growth was driven by strong operational performance and a 3.6x increase in income from VFE YoY, offsetting a 73% rise in interest expense. Cash CapEx declined 55% YoY, in line with our strategy to optimize spending while maintaining operational excellence and securing future growth. Our disciplined financial approach has driven strong cash flow generation, with FCFF, excluding EGP 0.2bn in licenses, reaching EGP 3.8bn, implying an FCFF/EBITDA of 35%. This performance aligns with our quarterly budget and keeps us well on track to achieve our full-year targets, highlighting our ability to allocate resources efficiently and strengthen our financial position.

In a dynamic, capital-intensive industry that demands continuous investment and innovation to secure long-term growth, we remain focused on optimizing our capital structure, enhancing profitability, and strengthening cash flow generation. Guided by a clear strategic vision that aligns with the Sustainable Development Goals and integrates leading ESG practices, and reinforced by strong partnerships and a highly committed team, we are well-positioned to deliver long-term, sustainable value to our stakeholders. Our commitment to operational efficiency and financial resilience gives us confidence in maintaining this positive momentum and unlocking further growth in the quarters ahead.”