18/02/2026 06:14 AST
Zain Group, a leading provider of innovative ICT and digital lifestyle communications (TechCo) operating in eight markets across the Middle East and Africa announced robust consolidated financial results for the full-year 2025 (FY-25), and fourth quarter (Q4-25) ended December 31, 2025. The Group now serves 50.9 million active customers, a 4 percent year-on-year (YoY) increase.
Consolidated EBITDA for the period reached KD 780 million ($2.54 billion), with EBITDA growth of 11 percent, reflecting an EBITDA margin of 34 percent. Consolidated net income reached KD 239 million ($777 million), up 103 percent YoY. Earnings per share amounted to 55 fils ($0.18).
Applying IAS 29 on Group's subsidiaries in Sudan - Impact on revenue, EBITDA and net income
Zain held an Extraordinary General Assembly on December 4, 2025, during which shareholders approved amendments to certain Articles of Association and endorsed the application of IAS 29 (Financial Reporting in Hyperinflationary Economies) to Zain's operations in Sudan. The implementation of IAS 29 had the following key impacts:
1.Audit qualification resolved: It addressed the 10 year-long standing audit qualification relating to the application of IAS 29 in Sudan.
2.Positive impact on FY 2025 results: For the full year 2025, reported revenue increased by $119 million, EBITDA increased by $67 million, and net income increased by $50 million.
3.Restatement of FY 2024 comparatives: The application of IAS 29 required a restatement of FY 2024 results.
The cumulative impact of Applying IAS 29 on Group's subsidiaries in Sudan resulted in accumulated losses within retained earnings. The Extraordinary General Assembly held on 4 December 2025 authorized the Board of Directors to utilize voluntary and statutory reserves, as well as share premium, to offset any accumulated losses arising from the application of IAS 29 for the financial year ending December 31, 2025. In accordance with this resolution, the Board of Directors approved a transfer from the share premium account to eliminate the deficit in retained earnings.
Key operational & consolidated notes for Q4 & 12 months ended December 31, 2025
1.2025 annual cash dividend paid out totaled 35 fils, reflecting a 63 percent payout ratio; while total dividend paid during calendar year 2025 totaled 60 fils
2.Zain Group invested $1.5 billion in CAPEX, a 40 percent increase, representing 20 percent of revenue, on network expansion, technology modernization, digital transformation initiatives
3.Data revenue grew 13 percent YoY to $2.8 billion, representing 37 percent of Group's 2025 revenue
4.New business verticals delivered $743 million in revenue, representing a robust growth of 67 percent YoY, and now account for around 10 percent of Zain Group's total revenue
5.Group-wide Enterprise revenue grew 13 percent YoY with ZainTECH revenue growth of 55 percent YoY
6.Fintech group-wide revenue up 28 percent YoY, total transactions volume up 24 percent
7.Dizlee (API Platform) revenue up 51 percent YoY offering over 289live services from 58 partners
8.ZainOmantel International (ZOI) revenues soared 100 percent YoY to reach $401 million
9.Social media followers exceed 35.5 million, 4 billion views and 1.5 billion interactions across all platforms through appealing, relevant content
10.Regional insurtech push sees Zain Insure launch fully Digital Motor Insurance App in Kuwait
11.BEDE Kuwait rolls out powerful suite of business-grade financial services for SMEs
12.Zain ranks first in the regional Telecom sector in Forbes "World's Best Employers" list
Commenting on the 2025 full year results, Chairman of the Board of Directors of Zain Group Osamah Al-Furaih said, "The collaborative efforts of Board and executive management in the systematic implementation of the company's transformative '4WARD-Progress with Purpose' strategy has resulted in an excellent year of growth that has future-proofed Zain for many years ahead. The focus on network expansion, digital innovation and comprehensive ESG programs, is driving sustainable value creation for our stakeholders."
The Chairman concluded, "A note of appreciation for the government bodies in Kuwait and across our markets for supporting the ICT sector and empowering Zain to provide meaningful connectivity to the communities, businesses, and governments we proudly serve."
Zain Vice-Chairman and Group CEO Bader Al-Kharafi commented, "The strong financial performance in 2025 was underpinned by multiple key strategic initiatives across our TechCo business operations. Disciplined CAPEX and OPEX management, the accelerated momentum of our new business verticals, combined with targeted investments of $1.5 billion in network expansion, technology upgrades, and fiber optic deployment, ensured our ability to meet the growing lucrative demand for digital services from government, enterprise, and individual clients."
"All our key operations recorded solid financial results for the year that we expect to replicate in 2026 and beyond. Zain Kuwait maintained its market leadership with a healthy 4 percent revenue growth due to a focus on growing the government and enterprise business and launching 5G Advanced services that enhancing the customer experience. Kuwait now ranks among the first countries worldwide to deploy 5G Advanced commercially, underscoring its pioneering role in adopting cutting-edge telecom technologies and enhancing its position as a forward-looking digital hub."
"Zain Saudi Arabia recorded its highest ever revenue of SAR 11 billion on the back of its 5G network and focus on B2B revenue as well as fostering its digital operator 'Yaqoot' and fintech business, 'Tamam'. Zain Iraq revenues surged by 20 percent, fueled by the sustained commercial momentum, continued network deployment, and the successful diversification of revenues from its subsidiaries, Next Generation and Horizon. The gradual restoration of the network and customer growth in Zain Sudan is driving exceptional growth on all financials making it Zain's most profitable operation for the year. Both Zain Jordan and Bahrain's 5G expansion are paying off with healthy revenue and customer growth."
"Nurturing the investments we made in new business verticals are yielding significant results, with annual revenue for ZOI (up 100 percent), ZainTECH (up 55 percent), and fintech services (up 28 percent) across our footprint registering impressive growth of 67 percent combined to reach $743 million in 2025, representing 10 percent of the Group's total revenue. We will continue to foster these lucrative business lines and confident they will continue their trajectory growth in the years ahead."
"The launch of Zain Insure in Kuwait reflects Zain's ongoing transformation into becoming a TechCo as we expand our base of activities beyond telecom services to delivering customer-first digital solutions underpinning our competencies in technology innovation and convenient delivery of financial services. We are gradually extending Zain Insure digital services to Bahrain, Iraq, Jordan, and KSA, offering motor, device and other insurance services depending on local market conditions."
"Following the step-up acquisition of the Kuwait tower network, we expect our infrastructure expansion plans to make significant progress soon. Over the last five years, TASC Towers has operated as an independent digital infrastructure company acquiring and managing the physical tower infrastructure of Zain Jordan and Zain Iraq on a sale-and-leaseback basis. We expect to finalize the integration of TASC's tower assets with Ooredoo Group in the coming months, that will place the region on the world telecom tower map by also providing shared telecom infrastructure services to multiple mobile network operators across the region, thus reducing the region's carbon footprint."
"Zain witnessed significant upgrades in multiple global Environmental, Social, and Governance (ESG) indices during 2025 highlighted by a significant improvement in its Morgan Stanley Capital International (MSCI) rating in ESG, which upgraded Zain from 'BBB' to 'A' as of September 2025. Additionally, in the S&P Global ESG Index, our level grew above the average for telecom companies globally, as well as surpassing the global average in the FTSE4Good Index. These milestones underscore Zain's unwavering commitment to sustainability and strengthening corporate governance frameworks that have taken the company's ESG leadership agenda to new heights."
"Our ranking as the number one telecommunications company and among the top-three employers across the MENA region on Forbes annual 'World's Best Employers' list for 2025 reflects our seriousness in taking responsible business action by building a thriving, diverse and inclusive workplace."
"The appeal of the Zain brand and of our marketing and social media campaigns continue to grow evident by the impressive 35.5 million followers we have across our various online platforms. With 4 billion views and 1.5 billion interactions during 2025 reaffirms the advertising and marketing investments we make across all our businesses in making Zain one of the most loved brands and the ICT provider of choice for individuals, businesses and governments across the region."
Financial KPIs of key markets for the 12 months ended December 31, 2025
KUWAIT: Zain Group's flagship operation maintained its market leadership, with a customer base of 2.6 million. Full year 2025 revenue grew 4 percent YoY to reach KD 386 million ($1.3 billion), while EBITDA reached KD 139 million ($452 million), reflecting an EBITDA margin of 36 percent. For the full year net income dropped 21 percent YoY, reaching KD 87 million ($282 million). Comparatively, net income is lower YoY due to the $80 million one-time gain from step-up acquisition of IHS (Kuwait TowerCo) in Q4 2024. Excluding this one-time gain of last year, net income growth would have been 1 percent YoY. Data revenue grew by 4 percent and represented 36 percent of total revenue.
SAUDI ARABIA: The operator generated record all-time high revenue of $2.93 billion up 6 percent YoY, with EBITDA reaching $925 million, up 4 percent YoY, reflecting an EBITDA margin of 32 percent. Net income for the year increased 1 percent YoY to reach $161 million. Supported by its dynamic 5G network data revenue for the year grew 3 percent, representing 39 percent of total revenue. Customers served stood at 8.1 million. Focus on the enterprise sector, alongside the growth of its digital operator 'Yaqoot' and fintech arm 'Tamam', enhanced revenue streams and profitability. Read more on Zain KSA FY 2025 results.
IRAQ: Revenues grew 20 percent YoY to reach $1.29 billion. EBITDA reached $473 million, up 7 percent YoY, reflecting an EBITDA margin of 37 percent. Net profit jumped 15 percent to reach $150 million. The operator's customer base grew 6 percent YoY to reach 20.9 million customers. This growth was fueled by sustained commercial momentum and the successful diversification of Zain Iraq's subsidiaries, Next Generation and Horizon, in addition to an aggressive network expansion and optimized operational efficiencies throughout the year.
SUDAN: The operation delivered exceptional performance in 2025, following the stabilization of Khartoum, a pivotal milestone that enabled the full restoration of commercial activities and a strong rebound in business performance. Revenue for the year soared 92 percent YoY to $661 million, while EBITDA increased 143 percent to $373 million, achieving an outstanding 56 percent margin. Net income soared to $290 million, reflecting the strength of the operational turnaround. Operational recovery progressed rapidly by restoring 814 sites throughout the year, bringing the active network to 90 percent in safe areas. Customer base expanded 22 percent YoY to 12.3 million, supported by the restoration of coverage and service availability. Data revenue grew 108 percent YoY, accounting for 32 percent of total revenue.
JORDAN: Revenue grew 7 percent YoY to reach $595 million, EBITDA increased 1 percent to reach $227 million, reflecting an EBITDA margin of 38 percent. Net income for the year reached $75 million. With the expansion of 4G, Fiber and 5G services across the country, data revenue grew 15 percent representing 55 percent of total revenue. Zain Jordan customer base grew 2 percent to reach 4.2 million customers, maintaining its market leadership.
BAHRAIN: Revenue is up 7 percent YoY to reach $219 million while EBITDA reached $62 million, reflecting an EBITDA margin of 28 percent. Net income grew 1 percent to reach $15.9 million, with data revenue growing 5 percent to represent 46 percent of total revenue. Read more on Zain Bahrain FY 2025 results.
For Q4-25, Zain Group generated consolidated revenue of KD 600 million ($2 billion), up 10 percent YoY. EBITDA for the quarter reached KD 214 million ($696 million), reflecting an EBITDA margin of 36 percent. Net income reached KD 47 million ($151 million). Earnings per share amounted to 11 fils ($0.03).
** All Q4-2025 figures are compared to the restated Q4-2024 results following the application of IAS 29.
EBITDA grew by 11 percent to reach $2.54 billion (780 million) reflecting a 34 percent margin
Q4 2025 revenue up 10 percent to KD 600 million ($2 billion); net profit up 84 percent to KD 47 million ($151 million)
The application of the IAS 29 standard resolved the audit qualification, resulting in increased FY 2025 revenue of $119 million, EBITDA of $67 million and net profit of $50 million
Growth verticals delivered $743 million in revenue, representing a growth of 67 percent YoY
Kuwait solidifies market lead with 5.5G launch, robust revenue growth in KSA, Iraq, Sudan
CAPEX spend increases 40 percent to reach $1.5 billion, reflecting 20 percent of revenues
Data revenue grew 13 percent YoY to $2.8 billion representing 37 percent of total revenue
Fintech revenue grew 28 percent YoY with transaction volume growing24 percent YoY
Group-wide Enterprise growth of 13 percent YoY driven by ZainTECH's 55 percent revenue jump
ZOI revenues soared 100 percent YoY, highest-ranked network in the region
Zain Insure launches fully Digital Motor Insurance App in Kuwait
BEDE Kuwait rolls out powerful suite of business-grade financial services for SMEs
Zain ranks first in the regional Telecom sector in Forbes "World's Best Employers" list
2025 annual cash dividend paid out totaled 35 fils, a 63 percent payout ratio; while total dividend paid during calendar year 2025 totaled 60 fils
Kuwait Times
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