#1Q3 2022 Results Presentation 2 November 2022 e#2Disclaimer Emirates Telecommunications Group Company PJSC ("e&" or the "Company") and its subsidiaries have prepared this presentation ("Presentation") in good faith, however, no warranty or representation, express or implied is made as to the adequacy, correctness, completeness or accuracy of any numbers, statements, opinions or estimates, or other information contained in this Presentation. The information contained in this Presentation is an overview, and should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. Where this Presentation contains summaries of documents, those summaries should not be relied upon and the actual documentation must be referred to for its full effect. This Presentation includes certain "forward-looking statements". Such forward looking statements are not guarantees of future performance and involve risks of uncertainties. Actual results may differ materially from these forward looking statements. 2#3Business Overview Hatem Dowidar Group Chief Executive Officer#4Q3 2022 Financial Highlights Strong revenue growth in constant currency driven by growth in all key markets Reported EBITDA is resilient despite inflationary pressure supported by effective cost management; Strong growth in constant currency Sustained improvement in EBITDA margin despite inflationary pressures and forex volatility Growth in net profit attributed to higher operating profit and lower depreciation and minority interest Constant Currency Q3'22 Q3'21 Y/Y% Y/Y% Revenue (AED m) 12,973 13,294 -2.4% +5.5% EBITDA (AED m) 6,714 6,741 -0.4% +6.9% EBITDA Margin % 51.8% 50.7% +1.0 p.p. Net Profit (AED m) 2,484 2,436 +1.9% Continued improvement in net profit margin Net Profit Margin (%) 19.1% 18.3% +0.8 p.p. Disciplined capital spending as we continuously invest in the quality, coverage and performance of our networks CAPEX (AED m) 1,613 2,728 -40.9% Solid growth in free cash flow generation supporting Group's liquidity FCF (AED m) 5,101 4,013 +27.1% 4#5Q3 2022: Key Developments & Operational Highlights Group etisalat by e& e& international • Completed the acquisition of a majority stake in STARZPLAY ARABIA Transformed eWallet into a new fintech company and rebranded to e& money Launched e& universe to foray into the metaverse Announced e & capital's USD 250 million VC fund • Improving FY 2022 Guidance Successful implementation of the "Grow-Transform-Excel" strategy is yielding results Strengthening and expanding customer relations through tailored digital solutions and differentiated services Strong revenue and EBITDA growth supported by ongoing improvement in business activities and cost optimisation Strong showcase at GITEX Global 2022 that included e& metaverse services and 3D retail experience • Strong growth on comparable basis across key markets, masked by currency devaluations Maroc Telecom Group delivered growth in local currency attributed to growth in domestic and Int'l operations Etisalat Egypt continued strong operational momentum driving positive financial performance PTCL Group delivered strong revenue growth in PKR despite challenging macroeconomic conditions 5#6Financial Overview Karim Bennis Group Chief Financial Officer#7Strong revenue growth at constant currency ■ Revenue growth in constant currency attributed to strong contribution from UAE and Group Revenue Revenue (AED m) & YoY Growth (%) Sources of Revenue Growth (AED m) +5.5% 242 13,294 12,996 12,973 13,294 international operations ☐ Strong performance in UAE 2% -2% -2% 45 12,973 -445 -25 -139 attributed to ongoing recovery in the business activities from the pandemic ▪ MT Group resumed revenue growth supported by growth in domestic and int'l operations. ■ Etisalat Egypt delivered consistent double-digit growth in local currency due to data and voice revenue growth ■ PTCL Group delivered strong revenue growth in local currency across all segments Q3'22 Q3'21 Q2'22 Growth Y/Y in constant currency Revenue Breakdown (Q3 2022) Pakistan Others Egypt 5% 10% 2% Q3'21 UAE MT Egypt Pakistan Others Q3'22 Group Revenue Growth by Market (Q3 2022) UAE +3% MT Group (LC +3%) -13% 13.0 Bn 24% 59% Egypt (LC +19%) -2% MT UAE Pakistan (LC +12%) -18% 7#8Robust EBITDA margin despite inflationary pressure ■ EBITDA in constant currency increased Y/Y by 6.9% ■ Robust EBITDA margin at 52% ▪ EBITDA growth in the UAE supported by higher revenue and cost discipline ■ Maroc Telecom delivered strong EBITDA growth in its domestic and int'l operations in local currency ■ Strong EBITDA growth in Egypt due to revenue growth and cost control measures ■ Slight EBITDA contribution from Pakistan due to high inflation and energy costs Group EBITDA EBITDA (AED m) & Margin (%) Sources of EBITDA Growth (AED m) +6.9% 262 6,741 6,644 6,714 14 6,741 -202 6,714 51% 51% 52% -60 -41 Q3'22 Q3'21 Q2'22 Growth Y/Y in constant currency Q3'21 UAE MT Group Egypt Pakistan Others Q3'22 EBITDA Breakdown (Q3 2022) Pakistan Others Egypt 2% 9% 2% EBITDA Growth by Market (Q3 2022) UAE +7% MT Group (LC +5%) -11% 6.7 MT 26% Bn 61% Egypt (LC +24%) +2% UAE Pakistan (LC +1%) -27% 8#9Disciplined approach to capital spending ▪ Excluding spectrum costs, Consolidated capex decreased Y/Y by 2%; intensity ratio is flat at 12% ☐ Slight increase in capital spend in the UAE focused on network modernisation ■ MT Group capex spend focused on FTTH and mobile network expansion in Moov Africa ▪ Lower capex spend in Egypt focused on network coverage ■ Lower capex spend in PTCL Group mainly attributed to spectrum acquisition in previous year Group CAPEX CAPEX (AED m) & Intensity Ratio (%) 2,728 1,830 1,613 Sources of CAPEX Growth (AED m) 2,728 31 -20 -97 17 1,613 -1,046 21% 14% 12% 12% Q3'21 Q2'22 Q3'22 Q3'21 UAE MT Group Egypt Pakistan Others Q3'22 Excl. spectrum & license CAPEX Breakdown (Q3 2022) Others Pakistan 11% UAE 3% Egypt 34% 14% 1.6 Bn 7.2% CAPEX Intensity Ratios (%) Key Operations (Q3 2022) 27.4% 20.2% 17.2% 38% MT UAE MT Group Egypt Pakistan 9#10Robust liquidity position, commitment to investment grade credit profile ■ Maintained strong liquidity and cash position of AED 26.0 billion ■ Increased leverage at attractive rates to finance Vodafone investment ■ Operating cash flow lower due to changes in working capital ■ Higher investing cash outflow and financing cash inflow attributed to strategic investments ■ Commitment to investment grade credit profile Group Balance Sheet and Cash Flow Balance Sheet (AED m) Dec-21 Sep-22 Cash Flow (AED m) Sep-21 Sep-22 Cash & Bank Balances 28,575 26,024 Operating 10,795 8,711 Total Assets 128,197 130,604 Investing (4,034) (20,406) Total Debt 25,732 40,140 Financing (13,930) 8,281 Net Cash (Debt) Total Equity 2,843 57,564 (14,116) i Net change in cash (7,168) (3,415) 48,373 Effect of FX rate changes Others 781 1,104 (41) (240) Ending cash balance 24,917 26,024 Investment Grade Credit Ratings S&P Global AA-/Stable M Moody's Aa3/Stable Note: Debt represents interest bearing debt i.e. bonds, banks borrowings, vendor financing and other financial obligations. It excludes lease obligations. 10#11Diversified and efficient debt profile ■ Total debt of AED 40.1 billion ■ Increased bank borrowings at Group level to finance strategic investment ■ 77% of debt is at Group level ■ 60% of debt is in USD/AED ■ 84% of debt is due beyond one year ■ Strong liquidity covering short term debt maturities Group Debt Borrowings by Operations (AED m) Borrowings by Currency (%) 30,891 AED MAD 5% 8% Others 13% 55% USD 5,911 1,968 1,370 19% Euro Group MT Group Pakistan Egypt 29,784 Debt by Source (AED m) Repayment Schedule (AED m) 9,523 Bank Borrowings Bonds 291 Vendor Financing 542 Others 21,815 8,071 6,544 3,710 Within 1 Yr 1-2 Yrs 2-5 Yrs Beyond 5 Yrs Note: Debt represents interest bearing debt i.e. bonds, banks borrowings, vendor financing and other financial obligations. It excludes lease obligations. 11#12eQ Financial Highlights Country Performance#13Strong operational and financial momentum ▪ Revenue growth supported by growth in mobile, fixed data and digital services ▪ EBITDA growth supported by strong revenue and controlled opex ■ Robust EBITDA margin at 53% level ■ Strong net profit growth with solid margin ■ Capex / revenue stable YoY focused on network modernisation Etisalat UAE by etisalat De Revenue (AED m) and YoY Growth (%) EBITDA (AED m) and EBITDA Margin (%) 7,707 7,683 7,441 4,079 4,104 3,842 52% 53% 53% 3% 3% 0% Q3'21 Q2'22 Q3'22 Q3'21 Q2'22 Q3'22 Net Profit (AED m) and Profit Margin (%) CAPEX (AED m) & CAPEX / Revenue (%) 554 1,944 2,002 2,033 523 400 26% 26% 26% 7% 7% 5% Q3'21 Q2'22 Q3'22 Q3'21 Q2'22 Q3'22 13#14UAE Key KPIs: Continued mobile revenue strength etisalat "e by Mobile Revenue (1) (AED m) & YoY Growth (%) Fixed Revenue (2) (AED m) & YoY Growth (%) Other Revenue (3) (AED m) & YoY Growth (%) 2,705 2,814 2,865 2,779 2,774 2,791 7% 6% 0% 0% -1% 0% Q3'21 Q2'22 Q3'22 Q3'21 Q2'22 Q3'22 Mobile Subs (4) (m) and ARPU (5) (AED) Fixed Broadband Subs (6) (m) and ARPU (7) 87 491 81 82 479 474 Prepaid 0.01 1P 0.02 0.03 Postpaid 0.41 0.45 0.46 2P 8.9 9.0 7.8 - Blended ARPU 3P Blended ARPU 0.83 0.85 0.85 2.5 2.7 2.7 Q3'21 Q2'22 Q3'22 Q3'21 Q2'22 Q3'22 2,118 1,957 2,027 3% 4% 1% Q3'21 Q2'22 Q3'22 ■ Consistent revenue growth in mobile and digital services with steady fixed revenue YoY ■ Strong subscribers growth while delivering exceptional customer experience; mobile subscribers and fixed broadband subscribers up by +12% and +7% respectively ■ Subscriber gain in high value segments (postpaid and eLife 3P) (2) (1) Mobile revenues includes mobile voice, data, rental, outbound roaming, VAS, and mobile digital services Fixed revenues includes fixed voice, data, rental, VAS, internet and TV services (3) Others Revenues includes ICT, managed services, wholesale (local and int'l interconnection, transit and others), visitor roaming, handsets and miscellaneous (4) Mobile subscribers represents active subscriber who has made or received a voice or video call in the preceding 90 days, or has sent an SMS or MMS during that period Mobile ARPU ("Average Revenue Per User") calculated as total mobile revenue divided by the average mobile subscribers. (5) (6) Fixed broadband subscriber numbers calculated as total of residential DSL (Al-Shamil), corporate DSL (Business One) and E-Life subscribers. (7) ARPL ("Average Revenue Per Line") calculated as fixed broadband line revenues divided by the average fixed broadband subscribers. 14#15Resumed revenue growth in local currency Subscriber growth YoY is driven by international operations ▪ Revenue growth in local currency supported by summer seasonality in Morocco and growth in mobile data in Moov Africa operations ▪ EBITDA growth in both domestic operations and Moov Africa with improved margin ■ Capital spending focused on expanding FTTH and mobile network coverage and capacity Maroc Telecom Group (1) Subscribers (m) 72.8 74.9 75.6 Q3'21 Q2'22 Q3'22 Maroc Telecom Revenue (AED m) and YoY Growth (%) +3% 3,522 3,094 3,077 2% -11% -13% Q3'21 Q2'22 Q3'22 Growth Y/Y in local currency EBITDA (AED m) and EBITDA Margin (%) CAPEX (AED m) & CAPEX / Revenue (%) 1,918 1,721 1,717 54% 56% 56% Q3'21 Q2'22 Q3'22 957 641 31% 621 18% 20% Q3'21 Q2'22 Q3'22 (1) Maroc Telecom Group operates in Morocco, Benin, Burkina Faso, CAR, CDI, Chad, Gabon, Mali, Mauritania, Niger & Togo 15#16Strong growth momentum in Egypt continued Etisalat Egypt Subscribers (m) ■ Subscriber growth ■ Robust revenue growth in local currency attributed to data, voice and wholesale segments ■ Strong EBITDA growth supported by improvement in revenue and cost optimisation, resulting in healthy EBITDA margin ■ Lower capital spending focused on expanding network coverage 29.1 29.7 27.0 etisalat De by Revenue (AED m) and YoY Growth (%) +19% 1,303 1,225 1,279 21% 0% -2% Q3'21 Q2'22 Q3'22 Q3'21 Q2'22 Q3'22 Growth Y/Y in local currency EBITDA (AED m) and EBITDA Margin (%) CAPEX (AED m) & CAPEX / Revenue (%) 610 596 591 317 316 220 46% 48% 48% 24% 26% 17% Q3'21 Q2'22 Q3'22 Q3'21 Q2'22 Q3'22 16#17Growth in local currency despite challenging macroeconomic conditions ■ Growth in 4G data and FTTH subscribers ■ Double digit revenue growth in local currency with growth in all segments - mobile, fixed and Ubank ▪ EBITDA grew slightly in local currency impacted by increased energy costs, FX and inflationary pressure ■ Lower capital spending YoY mainly due to spectrum acquisition in previous year; Capex focused on mobile and fibre network rollout PTCL Group Subscribers (m) 25.2 25.7 25.9 Q3'21 Q2'22 Q3'22 EBITDA (AED m) and EBITDA Margin (%) 226 195 166 microfinance Optel ufone Uank 4G Revenue (AED m) and YoY Growth (%) +12% 771 700 632 7% -13% -18% Q3'21 Q2'22 Q3'22 Growth Y/Y in local currency CAPEX (AED m) & CAPEX / Revenue (%) 1,219 158% 29% 28% 26% 142 173 25% 20% 27% Q3'21 Q2'22 Q3'22 Excluding Spectrum Q3'21 Q2'22 Q3'22 17#18Financial Highlights 9M 2022 Resilient performance creating shareholder value over the long-term Revenue EBITDA Net Profit CAPEX (1) AED Billion 39.3 YOY Growth -1.1% +4.4% -Free Cash Flow (2). AED Billion 15.1 AED Billion 20.2 YOY Growth +0.1% +5.1% EBITDA Margin 51.3% AED Billion 7.3 YOY Growth ++2.3% NP Margin 18.7% AED Billion 5.1 YOY Growth -6.2% CAPEX Intensity (1) 12.9% FCF% YOY Growth 38.4% +2.4% YOY Growth ++0.6pt YOY Growth ++0.6pt YOY Growth ↓ -0.7pt Growth Y/Y in constant currency (1) Includes spectrum and licenses costs. Excluding spectrum and licenses costs, capex increased Y/Y by 10.1% to AED 4.8 billion with a capex intensity ratio of 12.2% (2) Includes spectrum and licenses costs. Excluding spectrum and licenses costs, FCF decreased Y/Y by 2.7% to AED 15.4 billion with a margin of 39.1% of revenue 18#192022 Guidance: Revising our guidance upward reflecting higher profitability margin and EPS, and lower capex resulting in higher FCF Financial KPI Original Guidance FY 2022 Reported Actual Revised Guidance in Constant Currency FY 2022 9M 2022 Constant Currency Actual 9M 2022 Low single Low-to-mid Revenue Growth % digit growth single-digit - 1.1% +4.4% growth EBITDA Margin % -49% 51.3% 51.3% 50%-51% EPS (AED) ~1.08 0.84 0.84 ~1.12 CAPEX / Revenue % 16.5%-17.5% 12.9% 12.9% 14.5% - 15.5% 19#20we are