Financial Statements | Mobily 2025 Annual Report

Etihad Etisalat Company (A Saudi Joint Stock Company)

Consolidated Statement of Financial Position

As at 31 December 2025

(All amounts in Saudi Riyals thousands unless otherwise stated)

	Notes	31 December 2025	31 December 2024
Assets
Non-current assets
Property and equipment	7	20,245,407	18,851,032
Intangible assets	8	8,292,154	6,997,670
Right of use assets	9	3,236,430	2,718,792
Investment in joint venture	10	118,870	52,420
Contract costs	11	18,043	4,278
Contract assets	12.1	96,790	89,959
Financial and other assets	13	19,245	304,722
Total non-current assets		32,026,939	29,018,873

Current assets
Inventories	14	132,329	212,992
Contract costs	11	620,752	359,940
Contract assets	12.1	1,055,222	1,003,495
Accounts receivable	15	4,029,138	4,060,105
Due from related parties	16.2	141,726	107,332
Financial and other assets	13	672,724	696,921
Short term Murabaha	17	614,800	1,786,374
Cash and cash equivalents	18	3,161,691	1,399,542
Total current assets		10,428,382	9,626,701
Total assets		42,455,321	38,645,574

Shareholders' equity and liabilities
Shareholders' equity
Share capital	1	7,700,000	7,700,000
Treasury Shares	39	(159,223)	–
Other reserves	20	54,302	(22,669)
Retained earnings		12,732,522	11,198,161
Total shareholders' equity		20,327,601	18,875,492
Liabilities
Non-current liabilities
Borrowings	21	5,195,964	5,725,122
Lease liabilities	22	2,543,642	2,061,787
Provision for employees' end of service benefits	23	673,179	601,496
Provision for Decommissioning	24	220,893	208,462
Contract liabilities	12.2	337,827	321,510
Financial and other liabilities	25	1,917,311	309,532
Total non-current liabilities		10,888,816	9,227,909

Current liabilities
Borrowings	21	529,158	459,588
Lease liabilities	22	1,150,945	1,213,068
Accounts payable	26	4,490,019	3,603,538
Contract liabilities	12.2	774,736	971,293
Due to related parties	16.2	248,904	193,439
Accrued expenses	27	3,288,411	3,235,299
Provisions	28	249,250	369,491
Zakat and income tax	29	122,821	117,005
Financial and other liabilities	25	384,660	379,452
Total current liabilities		11,238,904	10,542,173
Total liabilities		22,127,720	19,770,082
Total shareholders' equity and liabilities		42,455,321	38,645,574

The attached notes from 1 to 46 are an integral part of these consolidated financial statements.

Etihad Etisalat Company (A Saudi Joint Stock Company)

Consolidated Statement of Profit or Loss

For the year ended 31 December 2025

(All amounts in Saudi Riyals thousands unless otherwise stated)

	Notes	31 December 2025	31 December 2024
Revenue	32	19,641,705	18,206,447
Cost of revenue	33	(8,900,205)	(8,312,421)
Gross profit		10,741,500	9,894,026

Operating expenses
Selling and marketing expenses	34	(1,501,862)	(1,344,412)
General and administrative expenses	35	(1,604,356)	(1,208,657)
Impairment on accounts receivable and contract assets, net	12.1,15	(7,801)	(146,316)
Depreciation and amortization	7,8,9	(3,780,463)	(3,664,224)
Total operating expenses		(6,894,482)	(6,363,609)
Operating profit		3,847,018	3,530,417

Other income and expenses
Share in profit of joint venture	10	117,950	43,791
Finance income		202,614	174,739
Finance costs	36	(674,960)	(615,340)
Other income, net	37	63,772	59,446
Total other income and expenses		(290,624)	(337,364)
Net profit before zakat and income tax		3,556,394	3,193,053
Zakat and income tax	29	(89,971)	(86,205)
Net profit		3,466,423	3,106,848

Earnings per share:
Basic earnings per share (in %)	38	4.51	4.03
Diluted earnings per share (in %)	38	4.50	4.03

The attached notes from 1 to 46 are an integral part of these consolidated financial statements.

Etihad Etisalat Company (A Saudi Joint Stock Company)

Consolidated Statement of Comprehensive Income

For the year ended 31 December 2025

(All amounts in Saudi Riyals thousands unless otherwise stated)

	31 December 2025	31 December 2024
Net profit	3,466,423	3,106,848

Items that will not be reclassified subsequently to profit or loss:
Actuarial remeasurement of employees' end of service benefits	(7,062)	4,517
Change in fair value of equity investments	(2,217)	(2,764)
Total items that will not be reclassified subsequently to profit or loss	(9,279)	1,753

Items that will be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations	(3,609)	(1,585)
Cash flow hedge – change in fair value	65	(2,159)
Cash flow hedge – reclassified to profit or loss	(114)	(42,472)
Total items that will be reclassified subsequently to profit or loss	(3,658)	(46,216)
Total other comprehensive loss	(12,937)	(44,463)
Total comprehensive income	3,453,486	3,062,385

The attached notes from 1 to 46 are an integral part of these consolidated financial statements.

Etihad Etisalat Company (A Saudi Joint Stock Company)

Consolidated Statement of Cash Flows

For the year ended 31 December 2025

(All amounts in Saudi Riyals thousands unless otherwise stated)

	Notes	31 December 2025	31 December 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net profit		3,466,423	3,106,848
Adjustments:
Depreciation and amortization	7,8,9	3,780,463	3,664,224
Impairment on accounts receivable and contract assets, net	12.1,15	7,801	146,316
Provision for employees' end of service benefits	23	83,498	76,713
Provisions		(87,538)	(221,414)
Share in profit of joint venture	10	(117,950)	(43,791)
Finance income		(202,614)	(174,739)
Finance costs	36	674,960	615,340
Zakat and income tax	29	89,971	86,205
Government grant income	37	(32,209)	(18,205)
Others		(7,294)	7,711
Changes in:
Inventories		69,634	(64,605)
Contract costs		(274,577)	159,562
Contract assets		(60,711)	(64,716)
Accounts receivable		25,319	(770,090)
Due from related parties		(34,394)	19,603
Financial assets and others		66,107	(79,104)
Accounts payable		(314,302)	(30,304)
Contract liabilities		(180,240)	226,328
Due to related parties		55,464	16,190
Accrued expenses		137,325	184,281
Provisions		(9,843)	(21,042)
Financial liabilities and others		(1,539)	153,764
Cash generated from operating activities		7,133,764	6,975,075
Employees' end of service benefits paid	23	(30,572)	(30,784)
Finance costs paid		(389,596)	(447,848)
Zakat and income tax paid	29	(58,739)	(159,685)
Net cash flows generated from operating activities		6,654,847	6,336,758

CASH FLOWS FROM INVESTING ACTIVITIES
Payment of property and equipment		(3,006,276)	(2,587,524)
Payment of intangible assets		(220,798)	(82,429)
Proceeds from disposal of property and equipment		1,561	425
Net proceed from short term Murabaha		1,171,574	341,440
Finance income received		210,225	190,223
Government grant received		303,954	144,111
Dividends received		51,500	37,500
Net cash flows used in investing activities		(1,488,260)	(1,956,254)

CASH FLOWS FROM FINANCING ACTIVITIES
Payment of borrowings		(471,459)	(6,306,229)
Borrowings received		–	4,135,000
Payment of lease liabilities		(897,833)	(687,879)
Purchase of treasury shares	39	(159,223)	–
Dividends paid		(1,875,923)	(1,763,160)
Net cash flows used in financing activities		(3,404,438)	(4,622,268)
Net changes in cash and cash equivalents		1,762,149	(241,764)
Cash and cash equivalents at beginning of the year		1,399,542	1,641,306
Cash and cash equivalents at end of the year	18	3,161,691	1,399,542

The attached notes from 1 to 46 are an integral part of these consolidated financial statements.

Etihad Etisalat Company (A Saudi Joint Stock Company)

Consolidated Statement of Changes in Shareholders' Equity

For the year ended 31 December 2025

(All amounts in Saudi Riyals thousands unless otherwise stated)

	Notes	Share capital	Treasury shares	Statutory reserve	Other reserves	Retained earnings	Total shareholders' equity
Balance As at 1 January 2025		7,700,000	–	–	(22,669)	11,198,161	18,875,492
Net profit		–	–	–	–	3,466,423	3,466,423
Other comprehensive loss for the period		–	–	–	(5,875)	(7,062)	(12,937)
Total comprehensive (loss) / income		–	–	–	(5,875)	3,459,361	3,453,486
Share based payment transactions	39,40	–	(159,223)	–	82,846	–	(76,377)
Dividends	44	–	–	–	–	(1,925,000)	(1,925,000)
Balance as at 31 December 2025		7,700,000	(159,223)	–	54,302	12,732,522	20,327,601
Balance As at 1 January 2024		7,700,000	–	2,648,971	26,311	7,247,325	17,622,607
Net profit		–	–	–	–	3,106,848	3,106,848
Other comprehensive loss for the period		–	–	–	(48,980)	4,517	(44,463)
Total comprehensive (loss) / income		–	–	–	(48,980)	3,111,365	3,062,385
Dividends	44	–	–	–	–	(1,809,500)	(1,809,500)
Transfer from statutory reserve	19	–	–	(2,648,971)	–	2,648,971	–
Balance as at 31 December 2024		7,700,000	–	–	(22,669)	11,198,161	18,875,492

The attached notes from 1 to 46 are an integral part of these consolidated financial statements.