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Ooredoo delivered a strong Q1 2026, with group revenue rising 6.0% year-over-year to QR 6.20 billion and net profit attributable to shareholders growing 4.7% to QR 1.01 billion. The results reflect broad-based momentum across core MENA markets and a strengthening contribution from the Ooredoo Hutchison Asia joint venture.
Performance Highlights
Ooredoo reported Q1 2026 group revenue of QR 6.20 billion, up 6.0% from QR 5.85 billion in Q1 2025, with profit attributable to shareholders rising 4.7% to QR 1.01 billion and basic EPS improving to QR 0.31 from QR 0.30. Profit before income tax reached QR 1.48 billion, a 5.2% year-over-year increase, as operating leverage across key markets more than offset higher network and depreciation costs.
The most important operational driver was Asiacell's revenue growth to QR 1.36 billion from QR 1.31 billion, complemented by a notable uplift in Ooredoo Algeria, which expanded revenue 16.3% to QR 864 million, while Ooredoo Qatar grew 3.4% to QR 1.81 billion and Kuwait rose 3.5% to QR 793 million; the Ooredoo Hutchison Asia joint venture contributed QR 101.8 million to the Group's share of associate profits, up from QR 93.5 million. Net operating cash flow strengthened materially to QR 1.58 billion from QR 1.03 billion, reflecting improved working capital dynamics and lower tax outflows.
Management Outlook and Forward Catalysts
Management executed a QR 0.75 per share final dividend for 2025, up from QR 0.65 in 2024, signalling confidence in earnings quality and cash generation capacity, while the January 2026 acquisition of Q Data QFZ LLC through Mena Digital Solutions points to a deliberate push into digital and data centre services. The Group's committed capital expenditure backlog rose to QR 1.90 billion from QR 1.30 billion at year-end 2025, indicating an accelerating investment cycle in network and digital infrastructure.
The central investor debate heading into Q2 2026 centres on whether Algeria's sharp revenue acceleration is sustainable and whether the Q Data acquisition can contribute meaningfully to earnings within the fiscal year; bears will watch for further foreign currency translation headwinds — the translation reserve widened by QR 263 million in the quarter — and rising network operating costs, which grew 11.5% year-over-year to QR 2.83 billion.
Adjusted EPS vs. consensus breakdown — primary performance driver, segment revenue contribution, and gross margin trajectory relative to prior guidance...
Segment-by-segment revenue analysis, margin profile, and management commentary on demand trajectory vs. consensus range expectations...
Forward guidance implications for the sector, supply chain read-throughs, and investment implications for the broader competitive landscape...
