H1 2026 Key Highlights

• Total revenue increased by 17% YoY, reaching EGP 59.2bn, driven by a 26% increase in Data revenue, followed by International Incoming Calls revenue up 32% YoY.
• Customer base increased YoY across Fixed Broadband, Fixed Voice, and Mobile by 9%, 6%, and 4%, respectively.
• EBITDA increased by 20% YoY, reaching EGP 26.4bn, with a margin of 45%.
• Net profit rose to EGP 15.4bn, marking a 47% YoY increment and a 26% net profit margin vs 21% in H1 2025.
• In-service CapEx reported EGP 4.9bn (8% of sales), while Cash CapEx (including license) reported EGP 18.6bn.
• Net debt/EBITDA (annualized) improved to 1.2x compared to 1.6x in H1 2025.
• FCFF reached EGP 10.0bn, implying a FCFF/EBITDA ratio of 38%.

Tamer El Mahdi, Managing Director and Chief Executive Officer, commented:

“Telecom Egypt built on its resilience earlier in the year, delivering broad-based growth and stronger profitability in the first half of 2026. Our momentum this period underscores our ability to drive digital service expansion while mitigating the impact of broader regional and macroeconomic uncertainty.

Revenue grew 17% year-over-year to EGP 59.2 bn, driven by 26% growth in Data revenue and 32% growth in International Incoming Calls revenue. This reflects strong momentum across both our Retail and Wholesale businesses and supports the sustainability of our performance. Data growth reflected continued retail customer expansion and the initial benefits of the NTRA-approved tariff adjustments, while International Incoming Calls revenue benefitted from an 18% increase in traffic, forex gains, and sustained connectivity demand.

The strength of our operational performance is translating into a significant step-up in earnings and substantially higher net profitability.   

EBITDA grew 20% to EGP 26.4 bn, with the margin reaching 45%. This reflected strong revenue growth, continued operational efficiency, and disciplined cost management despite challenging market conditions.

Reported net profit rose 47% from EGP 10.5 bn to EGP 15.4 bn, delivering a 26% net margin, up from 21% in H1 2025This performance reflects the continued progress of our core business and our ability to convert growth into higher earnings, despite the prevailing economic headwinds and the reported FX losses arising from broader foreign exchange movements.

Cash flow and leverage also improved during the period. FCFF reached EGP 10.0 bn, equivalent to 38% of EBITDA, while net debt to annualized EBITDA declined to 1.2x from 1.6x in the prior-year period, as we remain firmly focused and on track to deliver on our commitments.

Overall, underlying performance remained strong, while the stronger momentum seen in Q2 gives us greater confidence in our financial and operational outlook for the second half of the year.

Looking ahead, we will focus on sustaining this momentum and allocating capital carefully amid ongoing volatility. Beyond our traditional business, digital infrastructure remains an important opportunity with our wholly owned data center subsidiary providing a platform to serve growing enterprise and regional demand. We will continue to build beyond connectivity, pursue new digital opportunities and remain focused on disciplined execution, a strong balance sheet and long-term shareholder value.”