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Introduction & Market Context
Ooredoo QPSC (ORDS) presented its second quarter and first half 2025 financial results on July 31, 2025, revealing performance that exceeded market expectations. The telecom giant reported Q2 revenue of QAR 6.1 billion, representing a 2% year-over-year increase (5% excluding the Myanmar exit), which surpassed analyst forecasts. This positive surprise contributed to a 5.16% rise in the company’s stock price, which closed at $13.46, approaching its 52-week high of $13.60.
The results presentation highlighted Ooredoo’s continued focus on digital transformation initiatives and strategic investments in high-growth segments, maintaining solid profitability despite competitive pressures in certain markets.
Quarterly Performance Highlights
Ooredoo delivered strong financial results for Q2 2025, with revenue reaching QAR 6.1 billion, a 2% increase year-over-year (5% excluding Myanmar). EBITDA grew by 2% to QAR 2.6 billion, maintaining a stable margin of 43%. Net profit rose 3% to QAR 1.0 billion, with normalized net profit (excluding foreign exchange impacts and impairments) increasing by an impressive 12%.
As shown in the following chart of Q2 2025 performance metrics:
For the first half of 2025, Ooredoo reported revenue of QAR 11.9 billion, up 1% year-over-year (4% excluding Myanmar), while EBITDA increased 1% to QAR 5.1 billion. Net profit for H1 grew 4% to QAR 1.9 billion, with normalized net profit up 3%.
The company’s H1 2025 financial highlights are illustrated in this comprehensive overview:
Capital expenditure increased significantly to QAR 1.5 billion, representing a 49% year-over-year increase and a capex intensity of 13% (up 4 percentage points). This accelerated investment resulted in an 11% decrease in free cash flow to QAR 3.6 billion. The company maintained a strong balance sheet with a Net Debt/EBITDA ratio of 0.7x, down 0.1x from the previous year.
Strategic Initiatives
Ooredoo’s presentation emphasized two key strategic initiatives driving its digital transformation: Syntys (data centers) and Fintech services.
Syntys, Ooredoo’s initiative to accelerate AI-ready hyperscale data centers in the MENA region, generated QAR 73.9 million in revenue and QAR 25.2 million in EBITDA during H1 2025. The business currently operates 13 active data centers across three countries with 19 MW of IT capacity. Strategic partnerships with Iron Mountain (NYSE:IRM) and NVIDIA (NASDAQ:NVDA) underpin Syntys’ growth strategy, with plans to invest $1 billion and scale to 120 MW capacity in the medium to long term.
The following image details Syntys’ current operations and strategic direction:
In the Fintech space, Ooredoo reported H1 2025 revenue of QAR 43.9 million with 329,000 30-day active customers across three markets (Qatar, Oman, and Maldives). The company has established itself as a market leader in Qatar, processing over $6 billion in transactions and capturing 21% market share in international remittances. Ooredoo’s long-term ambition is to reach 3-4 million active users and achieve a valuation of $70-100 per active user.
The company’s Fintech strategy and current performance are illustrated in this detailed breakdown:
Regional Performance Analysis
Ooredoo’s performance varied significantly across its operating markets, with strong growth in some regions offsetting challenges in others.
The revenue breakdown for H1 2025 shows Qatar as the largest contributor at 30%, followed by Kuwait (23%), Iraq (13%), Algeria (13%), and Oman (10%). This regional distribution is visualized in the following chart:
Algeria delivered exceptional results with 14% revenue growth and 21% EBITDA growth, driven by strong service revenue performance. Iraq and Tunisia also performed well, with revenue growth of 8% and 9% respectively.
Conversely, Oman faced challenges in a highly competitive market, with revenue declining 2% and EBITDA falling 6%. Palestine experienced a 7% revenue decline due to ongoing macroeconomic pressures and political instability.
Qatar, Ooredoo’s largest market, maintained stable performance with 1% revenue growth, though EBITDA declined slightly by 2%. Kuwait showed modest revenue growth of 1% but impressive EBITDA growth of 31%, reflecting successful cost management initiatives.
The EBITDA contribution by country provides further insight into profitability across regions:
Forward-Looking Statements
Ooredoo provided guidance for fiscal year 2025, projecting revenue growth of 2-3%, an EBITDA margin in the low 40% range, and capital expenditure of QAR 4.5-5.0 billion. The company’s H1 2025 results show progress toward these targets, with revenue growth of 1% (4% excluding Myanmar) and an EBITDA margin of 43%.
The comparison between H1 2025 actual results and FY 2025 guidance is presented in this table:
The company highlighted ongoing strategic priorities including progress on tower deals in Qatar, continued investment in subsea cable infrastructure (FIG project), and scaling of fintech operations. Ooredoo’s strong financial position, with QAR 14.8 billion in cash and QAR 5.5 billion in undrawn facilities, provides flexibility for these strategic investments.
Ooredoo’s debt and liquidity profile remains robust, with investment-grade ratings from S&P Global (A/Stable) and Moody’s (A2/Stable), as shown in this comprehensive overview:
Executive Summary
Ooredoo’s Q2 and H1 2025 results demonstrate the company’s resilience in navigating competitive markets while advancing its digital transformation agenda. The revenue beat in Q2, coupled with solid EBITDA margins and net profit growth, reflects successful execution of the company’s strategy.
The key achievements for H1 2025, as summarized by management, include strong performance in high-growth markets, sustainable value creation through profitability, progress on strategic priorities, and disciplined financial management:
Group CEO Aziz Aluthman Fakhroo emphasized the company’s focus on profitable growth, stating: "We delivered double-digit growth in Algeria with high single-digit gains in Iraq and Tunisia." He highlighted the company’s commitment to innovation, noting: "We’re in a constant digital migration, adopting new technologies."
As Ooredoo continues to invest in digital infrastructure and services, the company appears well-positioned to meet its full-year guidance while advancing its long-term strategic objectives in data centers, fintech, and network expansion.
Full presentation:
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