Q2 2026 Mobile Telecommunications Co KSCP Earnings Call

August 11, 2026

Moderator: Zain's group senior management today on this call. We will be opening the call for questions following the presentation. Kindly feel free to raise your hand or post your questions in the chat, and we will address them. Without further delay, I will hand over the call to Mr. Mohammad Abdal, Zain's Group's Chief Corporate Affairs and Communication Officer. Thank you.

Operator: Zain's Group senior management today on this call. We will be opening the call for questions following the presentation. Kindly feel free to raise your hand or post your questions in the chat, and we will address them. Without further delay, I will hand over the call to Mr. Mohammad Abdal, Zain's Group's Chief Corporate Affairs and Communication Officer. Thank you.

Speaker #1: These groups, senior management today on this call. We will be opening the call for questions following the presentation. Kindly feel free to raise your hand or post your questions in the chat, and we will address them.

Speaker #1: Now, without further delay, I will hand over the call to Mr. Mohammed Abdel Zain, Group Chief Corporate Affairs and Communication Officer. Thank you.

Speaker #2: Thank you, Salsan. Thank you, Sico, for hosting the call, and welcome everyone to Zain Group's Q2 2026 earnings conference call. I'm joined today by our Group CFO, Sir Sam Ameta, and our Group Head of Finance, Mohammed Sharif.

Mohammad Abdal: Thank you, Sawsan. Thank you, SECO, for hosting the call, and welcome everyone to Zain Group's Q2 2026 earnings conference call. I am joined today with our Group CFO, Ossama Matta, with the Group Head of Finance, Mohammed Sharif, with the Group IR Director, Aram Dehyan. In a moment, we will take you through the IR presentation, which was posted earlier today on our website. After that, we are happy to answer any questions you may have. During the call, we will be making forward-looking statements, which are predictions or other statements about future events. These statements are based on the current expectation and assumptions that are subject to risk and uncertainties. Please refer to our detailed cautionary statement found in slide number 2. With that, I will now turn over the call to Ossama Matta.

Mohammad Abdal: Thank you, Sawsan. Thank you, [SECO], for hosting the call, and welcome everyone to Zain Group's Q2 2026 earnings conference call. I am joined today with our Group CFO, Ossama Matta, with the Group Head of Finance, Mohammed Shereef, with the Group IR Director, Aram Dehyan. In a moment, we will take you through the IR presentation, which was posted earlier today on our website. After that, we are happy to answer any questions you may have. During the call, we will be making forward-looking statements, which are predictions or other statements about future events. These statements are based on the current expectation and assumptions that are subject to risk and uncertainties. Please refer to our detailed cautionary statement found in slide number two. With that, I will now turn over the call to Ossama Matta.

Speaker #2: With the Group IR Director, Aram Dehyan. In a moment, we will take you through the IR presentation, which was posted earlier today on our website.

Speaker #2: And after that, we're happy to answer any questions you may have. During the call, we'll be making forward-looking statements, which are predictions or other statements about future events. These statements are based on the current expectations and assumptions that are subject to risks and uncertainties.

Speaker #2: Please refer to our detailed closing statement found on slide number 2. With that, I will now turn over the call to Sam Ameta.

Speaker #3: Thank you, Mohammed. Ladies and gentlemen, good afternoon, and welcome to Zain Group's Q2 2026 earnings call. It's very possible that we will be joined by our Group CEO during the Q&A.

Ossama Matta: Thank you, Mohammed. Ladies and gentlemen, good afternoon, and welcome to Zain Group's Q2 2026 earnings call. It is very possible that we will be joined by our Group CEO also during the Q&A. Once this happens, we will announce it for sure. I am pleased to report that Zain Group delivered another strong quarter for 2026, resulting in the strongest H1 performance over a decade, with revenue up 5%, EBITDA up 6%, and net income up a staggering 73% year on year. Before discussing the performance in detail, it is important to note the broader operating environment in which these results were delivered. The Q2 was marked by a challenging geopolitical backdrop. Regional conflict disrupted air travel, supply chains, and connectivity routes, affecting certain commercial activities across our footprint. Flight cancellations reduced roaming and travel-related eSIM demand, with H1 roaming revenues down 25% year on year.

Speaker #3: So once this happens, we will announce it for sure. I'm pleased to report that Zain Group delivered another strong quarter for 2026, resulting in the strongest first-half performance in over a decade.

Speaker #3: With revenue up 5%, EBITDA up 6%, and net income up a staggering 73% year on year. Before discussing the performance in detail, it is important to note the broader operating environment in which these results were delivered.

Speaker #3: The second quarter was marked by a challenging geopolitical backdrop. Regional conflict disrupted air travel, supply chains, and connectivity routes, affecting certain commercial activities across our footprint.

Speaker #3: Flight cancellations reduced roaming and travel-related eSIM demand, with H1 roaming revenues down 25% year on year. This is approximately $12 million. Consumer handset sales were also affected by supply chain disruptions.

Ossama Matta: Flight cancellations reduced roaming and travel-related eSIM demand, with H1 roaming revenues down 25% year on year. This is approximately USD 12 million. Consumer handset sales were also affected by supply chain disruptions. Uncertain geopolitical environment led to an increase in freight, insurance, security, fuel, and maintenance costs. Supply chain constraints shifted the timing of selected network rollouts and equipment deliveries. Across affected markets, our teams and technology partners remained focused on maintaining critical connectivity and supporting business continuity. Against this backdrop, Zain's diversified operating model demonstrated its resilience. The Group sustained commercial and financial momentum, supported by solid contributions from our markets and the scaling of our growth businesses.

Ossama Matta: This is approximately USD 12 million. Consumer handset sales were also affected by supply chain disruptions. Uncertain geopolitical environment led to an increase in freight, insurance, security, fuel, and maintenance costs. Supply chain constraints shifted the timing of selected network rollouts and equipment deliveries. Across affected markets, our teams and technology partners remained focused on maintaining critical connectivity and supporting business continuity. Against this backdrop, Zain's diversified operating model demonstrated its resilience. The Group sustained commercial and financial momentum, supported by solid contributions from our markets and the scaling of our growth businesses. At the operating level, the performance also reflects AI-enabled efficiencies, targeted strategic investments, and the continued monetization of our 5G networks under our 4WARD-Progress with Purpose strategy. Group-wide enterprise revenue increased 13% year on year, supported by contract wins across business and government accounts, and sustained demand for connectivity, cloud, cybersecurity, managed services, and business continuity solutions.

Speaker #3: An uncertain geopolitical environment led to increases in freight, insurance, security, fuel, and maintenance costs. Supply chain constraints shifted the timing of selected network rollouts and equipment deliveries.

Speaker #3: Across affected markets, our teams and technology partners remained focused on maintaining critical connectivity and supporting business continuity. Against this backdrop, Zain's diversified operating model demonstrated its resilience.

Speaker #3: The group sustained commercial and financial momentum, supported by solid contributions from our markets and the scaling of our growth businesses. At the operating level, the performance also reflects AI-enabled efficiencies.

Ossama Matta: At the operating level, the performance also reflects AI-enabled efficiencies, targeted strategic investments, and the continued monetization of our 5G networks under our 4WARD-Progress with Purpose strategy. Group-wide enterprise revenue increased 13% year on year, supported by contract wins across business and government accounts, and sustained demand for connectivity, cloud, cybersecurity, managed services, and business continuity solutions. We are pleased to say that our growth verticals are reaching scale. ZOI, ZainTECH, and our FinTech businesses continue to strengthen their positions as established businesses within the group. Taken together, our growth verticals generated KWD 479 million in H1 revenue, an increase of 36% year on year, and represents 13% of group revenue. Each business delivered double-digit growth year on year.

Speaker #3: Targeted strategic investments and the continued monetization of our 5G networks are part of our Forward Progress with Purpose strategy. Group-wide enterprise revenue increased 13% year-on-year.

Speaker #3: Supported by contract wins across business and government accounts, and sustained demand for connectivity, cloud, cybersecurity, managed services, and business continuity solutions, we are pleased to say that our growth verticals are reaching scale.

Ossama Matta: We are pleased to say that our growth verticals are reaching scale. ZOI, ZainTECH, and our FinTech businesses continue to strengthen their positions as established businesses within the group. Taken together, our growth verticals generated KWD 479 million in H1 revenue, an increase of 36% year on year, and represents 13% of group revenue. Each business delivered double-digit growth year on year. Their scale and contributions demonstrated our progress in diversifying Zain's revenue base and evolving the group from a traditional telecommunications operator into a broader technology company. Our largest growth vertical, ZOI, which is Zain Omantel International. ZOI delivered a strong H1 performance despite regional disruption affecting selected international routes. H1 revenue increased 45% year on year to $287 million. EBITDA rose 206% to $34 million, while net income increased more than sevenfold to reach $21 million.

Speaker #3: ZOI, ZainTech, and our fintech businesses continue to strengthen their positions as established businesses within the Group. Taken together, our growth verticals generated $479 million in first-half revenue.

Speaker #3: An increase of 36% year-on-year, and represents 13% of group revenue. Each business delivered double-digit growth year-on-year. Their scale and contributions demonstrate our progress in diversifying Zain's revenue base and evolving the group from a traditional telecommunications operator into a broader technology company.

Ossama Matta: Their scale and contributions demonstrated our progress in diversifying Zain's revenue base and evolving the group from a traditional telecommunications operator into a broader technology company. Our largest growth vertical, ZOI, which is Zain Omantel International. ZOI delivered a strong H1 performance despite regional disruption affecting selected international routes. H1 revenue increased 45% year on year to $287 million. EBITDA rose 206% to $34 million, while net income increased more than sevenfold to reach $21 million. This performance reflects sustained demand for regional and international connectivity, together with progress across ZOI's strategic infrastructure program.

Speaker #3: Our largest growth vertical, ZOI, which is Zain Aumentel International. ZOI delivered a strong first-half performance, despite regional disruption, affecting selected international routes. H1 revenue increased 45% year on year, to $287 million.

Speaker #3: EBITDA rose 206% to $34 million, while net income increased more than sevenfold to reach $21 million. This performance reflects sustained demand for regional and international connectivity.

Ossama Matta: This performance reflects sustained demand for regional and international connectivity, together with progress across ZOI's strategic infrastructure program. During this period, ZOI advanced its subsea cable corridors, continued the development and the deployment of its more than 8,000-kilometer KSA network, and progressed its data center projects in Dubai and Dammam in Saudi. ZOI also developed new satellite connectivity opportunities in partnership with SpaceX, including direct-to-device and consumer services. Together, these initiatives reinforce ZOI's position as a leading regional wholesale connectivity platform. On ZainTECH side, ZainTECH continues to play a central role in supporting enterprise growth across the group, working closely with our operating companies and their B2B teams. H1 revenue increased 24% year on year to $100 million, despite regional disruption affecting the timing of selected projects and contract awards. Commercial momentum remained positive.

Speaker #3: Together with progress across ZOI's strategic infrastructure program. During this period, ZOI advanced its subsea cable corridors, continued the development and deployment of its more than 8,000-kilometer KSA network, and progressed its data center projects in Dubai and Dammam in Saudi Arabia.

Ossama Matta: During this period, ZOI advanced its subsea cable corridors, continued the development and the deployment of its more than 8,000-kilometer KSA network, and progressed its data center projects in Dubai and Dammam in Saudi. ZOI also developed new satellite connectivity opportunities in partnership with SpaceX, including direct-to-device and consumer services. Together, these initiatives reinforce ZOI's position as a leading regional wholesale connectivity platform. On ZainTECH side, ZainTECH continues to play a central role in supporting enterprise growth across the group, working closely with our operating companies and their B2B teams. H1 revenue increased 24% year on year to $100 million, despite regional disruption affecting the timing of selected projects and contract awards. Commercial momentum remained positive.

Speaker #3: ZOI also developed new satellite connectivity opportunities in partnership with SpaceX, including direct-to-device and consumer services. Together, these initiatives reinforce ZOI's position as a leading regional wholesale connectivity platform.

Speaker #3: On the Zain Tech side, Zain Tech continues to play a central role in supporting enterprise growth across the group, working closely with our operating companies and their B2B teams.

Speaker #3: H1 revenue increased 24% year on year, to $100 million. Despite regional disruption affecting the timing of selected projects and contract awards, commercial momentum remained positive. First-half sales reached $123 million.

Ossama Matta: H1 sales reached $123 million, an increase 45% year on year, while the average pipeline deal size rose by 52%. The hyperscaler business developed as an important growth engine, with H1 revenue increasing 187% year on year, supported by deeper relationships with leading global technology providers, including Amazon Web Services. Near-term profitability continues to reflect investment in capabilities, talent, and market expansion. ZainTECH enters the second half with a stronger pipeline, larger opportunities, and growing demand for cloud, cybersecurity, managed services, and digital resilience solutions. The priority is now to convert this commercial momentum into recurring revenue, improved margins, and sustainable earnings growth. Our FinTech business also continued to scale, supported by customer adoption and transaction growth across all markets. H1 revenue increased 29% year on year to achieve $87 million, while total transaction value reached $5.4 billion. This is in B.

Speaker #3: An increase of 45% year on year, while the average pipeline deal size rose by 52%. The hyperscaler business developed as an important growth engine, with H1 revenue increasing 187% year on year, supported by deeper relationships with leading global technology providers, including AWS.

Speaker #3: Near-term profitability continues to reflect investment in capabilities, talent, and market expansion. Zain Tech enters the second half with a stronger pipeline, larger opportunities, and growing demand for cloud, cybersecurity, managed services, and digital resilience solutions.

Speaker #3: The priority is now to convert this commercial momentum into recurring revenue, improved margins, and sustainable earnings growth. Our fintech business also continued to scale, supported by customer adoption and transaction growth across all markets.

Ossama Matta: H1 revenue increased 29% year on year to achieve $87 million, while total transaction value reached $5.4 billion. This is in B. Customer base increased 35% to 6.4 million, reinforcing the scale of Zain's FinTech ecosystem and its role in supporting financial inclusion and digital engagement across our footprint. On Zain Ventures, we created significant strategic and financial value during this period. In particular, the increase in the value of our investment in SpaceX made a substantial contribution to reported net income. Since inception, Zain Ventures has deployed $165 million across direct and indirect investments. The portfolio is currently valued at $700 million, driven primarily by our position in SpaceX. This performance demonstrates the value of maintaining disciplined exposure to selected technologies and platforms that are relevant to the future of our connectivity and digital services.

Speaker #3: First-half revenue increased $29% year on year, to achieve $87 million. While total transaction value reached $5.4 billion. This is in B. Customer base increased 35%, to $6.4 million.

Ossama Matta: Customer base increased 35% to 6.4 million, reinforcing the scale of Zain's FinTech ecosystem and its role in supporting financial inclusion and digital engagement across our footprint. On Zain Ventures, we created significant strategic and financial value during this period. In particular, the increase in the value of our investment in SpaceX made a substantial contribution to reported net income. Since inception, Zain Ventures has deployed $165 million across direct and indirect investments. The portfolio is currently valued at $700 million, driven primarily by our position in SpaceX. This performance demonstrates the value of maintaining disciplined exposure to selected technologies and platforms that are relevant to the future of our connectivity and digital services. The portfolio includes investments in SpaceX, in Revolut, alongside venture capital funds and other direct and indirect positions. We will continue to pursue disciplined investments that create value and enhance shareholder returns.

Speaker #3: Reinforcing the scale of Zain's fintech ecosystem and its role in supporting financial inclusion and digital engagement across our footprint. On Zain Ventures, we created significant strategic and financial value during this period.

Speaker #3: In particular, the increase in the value of our investment in SpaceX made a substantial contribution to reported net income. Since inception, Zain Ventures has deployed $165 million.

Speaker #3: Across direct and indirect investments, the portfolio is currently valued at $700 million, driven primarily by our position in SpaceX. This performance demonstrates the value of maintaining disciplined exposure to selected technologies and platforms that are relevant to the future of our connectivity and digital services.

Speaker #3: The portfolio includes investments in SpaceX and Revolut, alongside venture capital funds and other direct and indirect positions. We will continue to pursue disciplined investments that create value and enhance shareholder returns.

Ossama Matta: The portfolio includes investments in SpaceX, in Revolut, alongside venture capital funds and other direct and indirect positions. We will continue to pursue disciplined investments that create value and enhance shareholder returns. Moving on, our major update is Syria, our long-term growth opportunity. I would like to touch upon this important strategic development in Syria. Zain submitted a successful $747 million bid for a 75% ownership interest in Zain Syria. The company will hold a 25-year technology neutral license, and the transaction includes the existing operating assets and a customer base of 6.3 million customers. We have now entered a six-month transition period.

Speaker #3: Moving on, our major update is Syria—our long-term growth opportunity. I would like to touch upon this important strategic development. In Syria, Zain submitted a successful $747 million bid for a 75% ownership interest in Zain Syria.

Ossama Matta: Moving on, our major update is Syria, our long-term growth opportunity. I would like to touch upon this important strategic development in Syria. Zain submitted a successful $747 million bid for a 75% ownership interest in Zain Syria. The company will hold a 25-year technology neutral license, and the transaction includes the existing operating assets and a customer base of 6.3 million customers. We have now entered a six-month transition period. This will basically start from September, during which our technical, commercial, and operational teams are conducting and will be conducting a detailed assessment of the business and preparing for the intended Zain Syria brand launch in Q1 2027. Our initial priorities are clear: to align the operation with Zain standards, modernize and expand the network, improve service quality, and introduce 5G-enabled digital capabilities. The transaction provides Zain with entry into a sizable and under-penetrated market.

Speaker #3: The company will hold a 25-year, technology-neutral license, and the transaction includes the existing operating assets and a customer base of 6.3 million. We have now entered a six-month transition period.

Speaker #3: This will basically start from September, during which our technical, commercial, and operational teams are conducting and will be conducting a detailed assessment of the business and preparing for the intended Zain Syria brand launch in the first quarter of 2027.

Ossama Matta: This will basically start from September, during which our technical, commercial, and operational teams are conducting and will be conducting a detailed assessment of the business and preparing for the intended Zain Syria brand launch in Q1 2027. Our initial priorities are clear: to align the operation with Zain standards, modernize and expand the network, improve service quality, and introduce 5G-enabled digital capabilities. The transaction provides Zain with entry into a sizable and under-penetrated market. It also creates opportunities to leverage the group's operating capabilities, procurement scale, technology partnership, and experience, together with potential synergies with our neighboring operations in Jordan and in Iraq. We are extremely confident on the long-term strategic rationale for the transaction.

Speaker #3: Our initial priorities are clear: to align the operation with Zain's standards, modernize and expand the network, improve service quality, and introduce 5G-enabled digital capabilities.

Speaker #3: The transaction provides Zain with entry into a sizable and under-penetrated market. It also creates opportunities to leverage the group's operating capabilities: procurement scale, technology partnerships, and experience.

Ossama Matta: It also creates opportunities to leverage the group's operating capabilities, procurement scale, technology partnership, and experience, together with potential synergies with our neighboring operations in Jordan and in Iraq. We are extremely confident on the long-term strategic rationale for the transaction. At the same time, we will maintain a disciplined approach to integration, investment, risk management, and capital allocation. On the tower business, turning briefly to Ooredoo and the tower business with them. Ooredoo has completed an important preparatory step following regulatory approval in Qatar, with Ooredoo's Qatar passive infrastructure transferred to Al Abraj Company during Q2 2026. Zain and Ooredoo Group are now progressing toward a Qatar-led first closing by the end of September 2026, which would bring Al Abraj into the combined platform and mark the first step in establishing the largest tower company in the Middle East and North Africa.

Speaker #3: Together with potential synergies with our neighboring operations in Jordan and Iraq, we are extremely confident in the long-term strategic rationale for the transaction.

Speaker #3: At the same time, we will maintain a disciplined approach to integration, investment, risk management, and capital allocation. On the tower business, turning briefly to Ooredoo and the tower business with them, Ooredoo has completed an important preparatory step following regulatory approval in Qatar, with Ooredoo's Qatar passive infrastructure transferred to Al Abraj Company during Q2 2026.

Ossama Matta: At the same time, we will maintain a disciplined approach to integration, investment, risk management, and capital allocation. On the tower business, turning briefly to Ooredoo and the tower business with them. Ooredoo has completed an important preparatory step following regulatory approval in Qatar, with Ooredoo's Qatar passive infrastructure transferred to Al Abraj Company during Q2 2026. Zain and Ooredoo Group are now progressing toward a Qatar-led first closing by the end of September 2026, which would bring Al Abraj into the combined platform and mark the first step in establishing the largest tower company in the Middle East and North Africa. The remaining markets are expected to join the platform progressively over the following months.

Speaker #3: Zain and Ooredoo Group are now progressing toward a Qatar-led first closing by the end of September 2026, which would bring Al Abraj into the combined platform and mark the first step in establishing the largest tower company in the Middle East and North Africa.

Speaker #3: The remaining markets are expected to join the platform progressively over the following months. Turning to financial KPIs, we closed the first half of 2026 with a strong performance, reflecting the resilience of our operations and the continued diversification of the group's earnings base.

Ossama Matta: The remaining markets are expected to join the platform progressively over the following months. Turning to financial KPIs, we closed the H1 2026 with a strong performance, reflecting the resilience of our operations and the continued diversification of the group's earnings base. Unless otherwise stated, growth rates are year on year and a prior year comparison incorporated IAS 29 hyperinflation restatement to our operations in Sudan. The group ended the period serving 51.9 million customers, an increase of 2% driven by the network expansion and the appeal of 5G services across our markets. For Q2, the group revenues increased 5% to achieve KWD 568 million, equivalent to $1.9 million, reflecting broad-based growth across our footprint. EBITDA reached KWD 196 million, which is equivalent to $639 million, and representing an EBITDA margin of 35%.

Ossama Matta: Turning to financial KPIs, we closed the H1 2026 with a strong performance, reflecting the resilience of our operations and the continued diversification of the group's earnings base. Unless otherwise stated, growth rates are year on year and a prior year comparison incorporated IAS 29 hyperinflation restatement to our operations in Sudan. The group ended the period serving 51.9 million customers, an increase of 2% driven by the network expansion and the appeal of 5G services across our markets. For Q2, the group revenues increased 5% to achieve KWD 568 million, equivalent to $1.9 million, reflecting broad-based growth across our footprint. EBITDA reached KWD 196 million, which is equivalent to $639 million, and representing an EBITDA margin of 35%. Net income increased 90% to achieve KWD 140 million, which is equivalent to $457 million, with earnings per share of 32 fils.

Speaker #3: Unless otherwise stated, growth rates are year-on-year, and prior year comparisons incorporate IAS 29 hyperinflation restatement to our operations in Sudan. The group ended the period serving 51.9 million customers.

Speaker #3: An increase of 2%, driven by the network expansion and the appeal of 5G services across our markets. For the second quarter, the Group revenues increased 5% to $568 million KDs, equivalent to $1.9 billion.

Speaker #3: Reflecting broad-based growth across our footprint, EBITDA reached 196 million KDs, which is equivalent to $639 million and represents an EBITDA margin of 35%. Net income increased 90% to reach 140 million KDs, equivalent to $457 million.

Ossama Matta: Net income increased 90% to achieve KWD 140 million, which is equivalent to $457 million, with earnings per share of 32 fils. The Q2 result includes $288 million gain from Zain Ventures investment portfolio, which mainly SpaceX. Underlying earnings grew 11% for Q2 2026 when normalized for investment gains and other one-offs. When we normalize the investment gains and one-offs, the company bottom line grew by 11%. Moving on to H1 2026, revenue increased by 5% to KWD 1.14 billion, which is equivalent to $3.7 billion. EBITDA rose 6% to KWD 378 million, equivalent to $1.23 billion, and net income increased 73% to achieve KWD 220 million, which is equivalent to $717 million, with earnings per share of 51 fils. H1 net income includes $411 million gain from Zain Ventures investment portfolio, mainly related to SpaceX.

Speaker #3: Earnings per share were 32 fils. The second quarter result includes a $288 million gain from the Zain Ventures investment portfolio, which is mainly SpaceX. Underlying earnings grew 11% for Q2 2026, when normalized for investment gains and other one-offs.

Ossama Matta: The Q2 result includes $288 million gain from Zain Ventures investment portfolio, which mainly SpaceX. Underlying earnings grew 11% for Q2 2026 when normalized for investment gains and other one-offs. When we normalize the investment gains and one-offs, the company bottom line grew by 11%. Moving on to H1 2026, revenue increased by 5% to KWD 1.14 billion, which is equivalent to $3.7 billion. EBITDA rose 6% to KWD 378 million, equivalent to $1.23 billion, and net income increased 73% to achieve KWD 220 million, which is equivalent to $717 million, with earnings per share of 51 fils. H1 net income includes $411 million gain from Zain Ventures investment portfolio, mainly related to SpaceX. I am pleased to announce that the board has declared an interim dividend of 17 fils per share for the H1 2026, marking the sixth consecutive year in which Zain has distributed an interim dividend.

Speaker #3: So, when we normalize the investment gains and one-offs, the company bottom line grew by 11%. Now, moving on to H1 2026, revenue increased by 5% to KD 1.14 billion, which is equivalent to $3.7 billion.

Speaker #3: EBITDA rose 6% to 378 million KWD, equivalent to $1.23 billion, and net income increased 73% to achieve 220 million KWD, which is equivalent to $717 million.

Speaker #3: With earnings per share of 51 fils, H1 net income includes a $411 million gain from the Zain Ventures investment portfolio, mainly related to SpaceX. I am pleased to announce that the board has declared an interim dividend of 17 fils per share.

Ossama Matta: I am pleased to announce that the board has declared an interim dividend of 17 fils per share for the H1 2026, marking the sixth consecutive year in which Zain has distributed an interim dividend. The additional 7 fils per share is a result of the exceptional performance and testament of the strong financial solvency of the company. We are committed to pay a minimum of 35 fils. This is by the board. With the exceptional year that we have, 2026, and the exceptional profits that we have in 2026, the board has decided to increase the dividends by additional 7%. We used to pay 10 fils per share during September. We will be paying 17 fils towards end of September or first week of October. Now touching on data revenues, CapEx, and cash generation.

Speaker #3: For the first half of 2026, marking the sixth consecutive year in which Zain has distributed an interim dividend. The additional seven fils per share is the result of the exceptional performance and a testament to the strong financial solvency of the company.

Ossama Matta: The additional 7 fils per share is a result of the exceptional performance and testament of the strong financial solvency of the company. We are committed to pay a minimum of 35 fils. This is by the board. With the exceptional year that we have, 2026, and the exceptional profits that we have in 2026, the board has decided to increase the dividends by additional 7%. We used to pay 10 fils per share during September. We will be paying 17 fils towards end of September or first week of October. Now touching on data revenues, CapEx, and cash generation. Data revenue remained a key growth driver, supported by our 5G networks across four markets. During the H1, data revenue increased 15% to achieve $1.5 billion, and this represents 40% of the consolidated group revenues. Capital expenditure for the H1 reached $252 million, equivalent to 7% of the revenues.

Speaker #3: We are committed to pay a minimum of 35 fils. This is by the board. With the exceptional year that we have in 2026, and the exceptional profits that we have in 2026, the board has decided to increase the dividends by an additional 7%.

Speaker #3: We used to pay 10 fils per share during September. We will be paying 17 fils towards the end of September or the first week of October.

Speaker #3: Now, touching on data revenues, capex, and cash generation, data revenue remained a key growth driver, supported by our 5G networks across four markets. During the first half, data revenue increased 15% to reach $1.5 billion.

Ossama Matta: Data revenue remained a key growth driver, supported by our 5G networks across four markets. During the H1, data revenue increased 15% to achieve $1.5 billion, and this represents 40% of the consolidated group revenues. Capital expenditure for the H1 reached $252 million, equivalent to 7% of the revenues. Investment was primarily directed towards network modernization, capacity expansion, and digital infrastructure in key markets. The H1 CapEx ratio reflects the timing of planned network deployments and selected equipment deliveries. Consistent with our full year guidance, investment is expected to be more heavily skewed towards the H2. The group generated free cash flow of $536 million during the H1. Available total liquidity stood at $3 billion, while net debt to EBITDA remained at a very healthy place, which is 1.9 times. This position preserves the group's financial flexibility while supporting planned investment and long-term growth.

Speaker #3: And this represents 40% of the consolidated group revenues. Capital expenditure for the first half reached $252 million, equivalent to 7% of revenues. Investment was primarily directed toward network modernization, capacity expansion, and digital infrastructure in key markets.

Ossama Matta: Investment was primarily directed towards network modernization, capacity expansion, and digital infrastructure in key markets. The H1 CapEx ratio reflects the timing of planned network deployments and selected equipment deliveries. Consistent with our full year guidance, investment is expected to be more heavily skewed towards the H2. The group generated free cash flow of $536 million during the H1. Available total liquidity stood at $3 billion, while net debt to EBITDA remained at a very healthy place, which is 1.9 times. This position preserves the group's financial flexibility while supporting planned investment and long-term growth.

Speaker #3: The first-half capex ratio reflects the timing of planned network deployments and selected equipment deliveries. Consistent with our full-year guidance, investment is expected to be more heavily skewed toward the second half.

Speaker #3: The group generated free cash flow of $536 million during the first half. Available total liquidity stood at $3 billion, while net debt to EBITDA remained at a very healthy place, which is 1.9 times.

Speaker #3: This position preserves the group's financial flexibility while supporting planned investment and long-term growth. Now, regarding our full-year 2026 guidance and looking ahead, we remain focused on disciplined execution in an evolving regional environment for the full year 2026.

Ossama Matta: Now, our full year 2026 guidance, and looking ahead, we remain focused on disciplined execution in an evolving regional environment. For the full year 2026, we remain revenue growth forecast of 10% to 15%, supported by the momentum across our core operations and growth verticals. This is despite the regional disruption, but assumes a quick normalization of geopolitical tensions. Based on the strength of the H1 performance and improved earnings outlook, we have revised our group net income guidance upward of 50% growth for the full year 2026. This is despite regional conflict, as we mentioned, and this also assumes the investment gains of H1 2026 will sustain till year-end 2026. So whatever we have booked as investment gain in the H1 of the year will continue in the H2 of the year. It is not like an addition. We are saying that it is the same.

Speaker #3: We maintain a revenue growth forecast of 10 to 15%, supported by the momentum across our core operations and growth verticals. This is despite the regional disruption, but assumes a quick normalization of geopolitical tensions.

Ossama Matta: This is despite the regional disruption, but assumes a quick normalization of geopolitical tensions. Based on the strength of the H1 performance and improved earnings outlook, we have revised our group net income guidance upward of 50% growth for the full year 2026. This is despite regional conflict, as we mentioned, and this also assumes the investment gains of H1 2026 will sustain till year-end 2026. So whatever we have booked as investment gain in the H1 of the year will continue in the H2 of the year. It is not like an addition. We are saying that it is the same. We also continue to expect capital expenditure to represent between 12% and 15% of full-year revenue as we invest in network modernization, digital capabilities, and identified growth opportunities. With that, I will now hand back to Mohammed Abdal for the Q&A. Thank you so much.

Speaker #3: Based on the strengths of the first half performance and improved earnings outlook, we have revised our group net income guidance upward to 50% growth for the full year 2026.

Speaker #3: This is despite regional conflict, as we mentioned. This also assumes that the investment gains of H1 2026 will be sustained through year-end 2026. So, whatever we have booked as investment gain in the first half of the year will continue in the second half of the year.

Speaker #3: It's not like an addition; we are saying that it is the same. We also continue to expect capital expenditure to represent between 12% and 15% of full-year revenue as we invest in network modernization, digital capabilities, and identified growth opportunities.

Ossama Matta: We also continue to expect capital expenditure to represent between 12% and 15% of full-year revenue as we invest in network modernization, digital capabilities, and identified growth opportunities. With that, I will now hand back to Mohammed Abdal for the Q&A. Thank you so much.

Speaker #3: With that, I will now hand back to Muhammad Abdal for the Q&A. Thank you so much.

Speaker #1: Thank you, Osama. Dear Sawsan, can you please help and repeat the instruction for the Q&A?

Mohammad Abdal: Thank you, Osama. Sawsan, can you help and repeat the instruction for the Q&A?

Speaker #2: Sure. Thank you, Zain's management, for the presentation. We will now open the floor for any Q&A. And to remind our participants, if you have a question, please raise your hand and state your name and company before asking.

Moderator: Sure. Thank you, Zain's management for the presentation. We will now open the floor for any Q&A. To remind our participants, if you have a question, you can raise your hand, state your name and your company before asking them. Otherwise, participants can send their questions through the chat box. In the meantime, I will just ask a few questions to the management regarding SpaceX and Zain Ventures. When do you plan to sell the SpaceX investment? Could you sell part of the SpaceX investment to fund the Syria acquisition or group CapEx?

Operator: Sure. Thank you, Zain's management for the presentation. We will now open the floor for any Q&A. To remind our participants, if you have a question, you can raise your hand, state your name and your company before asking them. Otherwise, participants can send their questions through the chat box. In the meantime, I will just ask a few questions to the management regarding SpaceX and Zain Ventures. When do you plan to sell the SpaceX investment? Could you sell part of the SpaceX investment to fund the Syria acquisition or group CapEx?

Speaker #2: Otherwise, participants can send their questions through the chat box. In the meantime, I'll just ask a few questions to the management regarding SpaceX and Zain Ventures.

Speaker #2: When do you plan to sell the SpaceX investment, and could you sell part of the SpaceX investment to fund the Syria acquisition or group capex?

Ossama Matta: Let me see if our group CEO has joined. The question is basically whether we are going to use the proceeds from SpaceX to fund our investment in MTN Syria, Zain Syria, not Syriatel. Our assumption is basically, we will be selling SpaceX between now and year-end. This is also depending on the lockup period. Based on our readings of the documentation of the investment, there are three lockup categories. One which is related to the founder, Elon Musk, which is July 2027. The other one is extended lockup period, which is August 2027, and one is the normal standard lockup, which is December of 2026. Based on our readings, we believe it is December 2026, but still, we have not gotten any confirmation from the legal department of Valor on this. We are still communicating with them on this.

Speaker #3: Let me see if our Group CEO has joined. So, the question is basically whether we're going to use the proceeds from SpaceX to fund our investment in SyriaTel or MTN Syria, Zain Syria—not SyriaTel.

Speaker #3: Our assumption is, basically, we will be selling SpaceX between now and year-end. This also depends on the lock-up period. Based on our reading of the investment documentation, there are three lock-up categories.

Speaker #3: One which is related to the founder, Elon Musk, which is July 2027. The other one is extended lock-up period, which is August 2027. And one is December, the normal standard lock-up, which is December of 2026.

Speaker #3: Based on our readings, we believe it is December 2026. But still, we haven't gotten any confirmation from the legal department or a valor on this.

Speaker #3: So, we are still communicating with them on this. Once we get confirmation from them, we will know, basically, when the lock-up period finishes.

Ossama Matta: Once we get confirmation from them, we will know basically when the lockup period finishes. But during this period, there will be early release of certain percentages of the shares. We believe between now and end of September of this year, there will be approximately 41% of the shares will be released. These will be definitely sold, and we have a direction to sell a minimum of $135 per share, which is the IPO price. The proceeds that we will get from SpaceX will definitely help in investing in Syria. It will also be funded by other means through debt. Did I answer your question?

Speaker #3: But during this period, there will be early release of certain percentages of the shares. And we believe that between now and the end of September of this year, approximately 41% of the shares will be released.

Speaker #3: These will definitely be sold. And we have a direction to sell at a minimum of $135 per share, which is the IPO price. So the proceeds that we will get from SpaceX will definitely help in investing in SeriousTel—sorry, in Syria.

Speaker #3: I always say, Syria, till. And it will also be funded by other means, through debt. Did I answer your question?

Speaker #2: Yes, very clear. Our next question comes from the line of Sandos Kosana. You are unmuted; you can go ahead.

Moderator: Yes, very clear. Our next question comes from the line of Sandos Cossana. You are unmuted. You can go ahead.

Operator: Yes, very clear. Our next question comes from the line of Sandos Cossana. You are unmuted. You can go ahead.

Sandos Cossana: Great. Thank you so much, and congratulations on the results given the circumstances, and also congratulations on the dividends. I wanted to start off with your dividends this year. In H1, it was up 70%. Is this the kind of growth we should expect for the full year? If I could just ask, in terms of the proceeds that you will be receiving, is it possible to split, in terms of how much do you expect to receive, and how would you split that between the three different buckets: shareholder return, deleverage, and also investment in growth? My second question is just on Syria as well. I wonder if you could just share some financial outlook for the next three years in Syria and what you expect, just some KPIs that you can share with us.

[Analyst 1]: Great. Thank you so much, and congratulations on the results given the circumstances, and also congratulations on the dividends. I wanted to start off with your dividends this year. In H1, it was up 70%. Is this the kind of growth we should expect for the full year? If I could just ask, in terms of the proceeds that you will be receiving, is it possible to split, in terms of how much do you expect to receive, and how would you split that between the three different buckets: shareholder return, deleverage, and also investment in growth? My second question is just on Syria as well. I wonder if you could just share some financial outlook for the next three years in Syria and what you expect, just some KPIs that you can share with us.

Speaker #3: Great, thank you so much, and congratulations on the results given the circumstances. Also, congratulations on the dividends. I wanted to start off with your dividends.

Speaker #3: This year, I mean, in H1, it was up 70%. Is this the kind of growth we should expect for the full year? And then, if I could just ask, in terms of the proceeds that you'll be receiving, is it possible to split?

Speaker #3: In terms of how much you are going to receive, how much do you expect to receive, and how would you split that between the three different buckets?

Speaker #3: So, shareholder return, deleverage, and also investment and growth. My second question is just on Syria as well. I wonder if you could just share some financial outlook for the next three years in Syria, and what you expect—just some KPIs that you can share with us.

Sandos Cossana: Then just in terms of the earnings accretion in Q1, I noticed you spoke about EBITDA, but not net income. Just some thoughts on whether we should expect earnings accretion immediately in Q1 or when can we expect that? The third question is just on the impact from the ongoing conflict. I wonder if you could share what you are seeing from a month-on-month basis, in terms of the recovery across your markets, at least the major markets that have been affected by the conflicts. Thank you.

Speaker #3: And then, just in terms of the earnings accretion in Q1, I noticed you spoke about EBITDA, but not net income. Just some thoughts on whether we should expect earnings accretion immediately in Q1, or when can we expect that?

[Analyst 1]: Then just in terms of the earnings accretion in Q1, I noticed you spoke about EBITDA, but not net income. Just some thoughts on whether we should expect earnings accretion immediately in Q1 or when can we expect that? The third question is just on the impact from the ongoing conflict. I wonder if you could share what you are seeing from a month-on-month basis, in terms of the recovery across your markets, at least the major markets that have been affected by the conflicts. Thank you.

Speaker #3: The third question is just on the impact from the ongoing conflict. I wonder if you could share what you're seeing on a month-on-month basis in terms of the recovery across your markets, at least the major markets that have been affected by the conflicts.

Speaker #3: Thank you.

Ossama Matta: There are so many questions.

Speaker #4: There are so many questions.

Sandos Cossana: Sorry.

[Analyst 1]: Sorry.

Speaker #3: Sorry.

Speaker #4: Okay. On the leverage side and the investment, looking at the current leverage now, we're talking about 1.9 times net debt to EBITDA. We expect our leverage to be at 2.4 times.

Ossama Matta: Okay. On the leverage side and the investment, looking at the current leverage now, we are talking about 1.9 times net debt to EBITDA. We expect our leverage to be at 2.4 times. This is including our investment in Syria. It is expected to drop end of 2027 to 2.2 times. Syria is currently, as we look at it, under MTN Group management, you have positive EBITDA, positive net income. If I am not mistaken, 2025, they closed the year by $16 million positive. Imagine now we come in, we have a license for 25 years. We have a clear plan on the investment. We will be providing excellent service. Definitely, for sure, we will end up grabbing a big market share. This will definitely be positive, I believe, in 2027. The company in itself, it does not require major funding because it is positive.

Speaker #4: This includes our investment in Syria, and it is expected to drop by the end of 2027 to 2.2 times. Syria is currently, as we look at it, under MTN management.

Speaker #4: You have positive EBITDA, positive net income. If I'm not mistaken, in 2025 they close the year with $16 million – positive. So imagine now we come in, we have a license for 25 years.

Speaker #4: We have a clear plan on the investment. We will be providing excellent service. Definitely, for sure, we will end up grabbing a big market share.

Speaker #4: And this will definitely be positive, I believe, in 2027. The company, in itself, doesn't require major funding because it is positive. So, from Zain's point of view, we don't believe there will be a major cash outflow from Zain Group.

Ossama Matta: From Syria point of view, we do not believe there will be a major cash outflow from Zain Group. It is just the payment of the license and hopefully the investment will be over a period of time, let us say five to 10 years, and it will be supported from the operation itself. If there is any need from the group, the group will be ready to step in. On the operations, I believe you mentioned that we have grown 7%. This is what you mentioned? Whether-

Speaker #4: It's just the payment of the license, and hopefully the investment will be over a period of time—let's say 5 to 10 years—and it will be supported from the operation itself. But if there is any need from the group, the group will be ready to step in.

Speaker #4: On the operations, I believe you mentioned that we have grown 7%. This is what you mentioned. And whether...

Sandos Cossana: Yeah, just on the dividend, it was up 70% year-over-year. Just wanted to see what we can expect for the full year, if we can grow-

[Analyst 1]: Yeah, just on the dividend, it was up 70% year-over-year. Just wanted to see what we can expect for the full year, if we can grow—

Speaker #3: Yeah, just on the yeah, just on the dividend, it was up 70% year over year. So just wanted to see what we can expect for the full year, if we can grow it.

Ossama Matta: No. For the dividend side, as I mentioned, the board basically had a plan to pay 35 fils, and this is a commitment to pay 35 fils every year. Because of the exceptional performance and the profitability this year, we are going to pay 42 fils, plus seven fils. The 35 fils, we used to pay it 10 fils during September and 25 fils during March or April. For now, for 2026, we will pay 17 fils September or first week of October, and the 25 fils in March or April of next year. It will increase by seven fils. This is one time because of the exceptional performance. I do not know. I forgot the other question. Sorry. You had so many questions.

Speaker #4: No. For the dividend side, as I mentioned, the board basically had a plan to pay 35 fils, and this is a commitment to pay 35 fils every year.

Speaker #4: Because of the exceptional performance and profitability this year, we're going to pay 42 fils, plus 7 fils. So, the 35 fils we used to pay—10 fils during September and 25 fils during March or April.

Speaker #4: For now, for 2026, we will pay 17 fils in September or the first week of October, and the 25 fils in March or April of next year.

Speaker #4: So it will increase by 7 fills, but this is one time because of the exceptional performance. I don't know—I forgot the other questions.

Speaker #4: Sorry, but you had so many questions.

Sandos Cossana: No problem. It was just on the recovery on a month-to-month basis across your major markets.

[Analyst 1]: No problem. It was just on the recovery on a month-to-month basis across your major markets.

Speaker #3: No problem. It was just on the recovery on a must-must basis across your major markets.

Ossama Matta: Yes. If you look at all our operations, all our operations did exceptionally well despite the fact that we have in the region of the geopolitical impact. This is mainly impacting our trading revenues. If you look at our service revenue, it has increased, whether it is on the B2C or the B2B. It has increased compared to last year. Only the trading revenues has been impacted, and this is evident in Kuwait as well as in Saudi. When we look at the gross profit and the EBITDA, you see that it has increased compared to last year. Why? Because the margin on the trading revenues has increased because of the, I will not say scarcity, but because of the blockage of the Strait of Hormuz. The service revenue continues to grow. Now depending on market by market, each market has its own things that gets impacted.

Speaker #4: Yes, yes. If you look at all our operations, all our operations did exceptionally well, despite the fact that we have, in the region, the geopolitical impact.

Speaker #4: And this is mainly impacting our trading revenues. If you look at our service revenue, it has increased, whether it's on the B2C or the B2B side.

Speaker #4: It has increased compared to last year. Only the trading revenues have been impacted, and this is evident in Kuwait, as well as in Saudi.

Speaker #4: But when we look at the gross profit and the EBITDA, you see that it has increased compared to last year. Why? Because the margin on the trading revenues has increased, because of the—I will not say scarcity, but because of the blockage of the Strait of Hormuz.

Speaker #4: And the service revenue continues to grow. Now, depending on the market, each market has its own factors that get impacted. For example, in Sudan, we have the devaluation of the currency.

Ossama Matta: For example, in Sudan, we have the devaluation of the currency. Devaluation of the currency has impacted our revenues. In Saudi, we have the trading revenues has been impacted. When I look in details, we see B2B, B2C has increased. The same goes for Kuwait. B2C, B2B has increased compared to last year. In Iraq, we have trading revenues has dropped, but total revenues has increased and EBITDA has increased. We don't believe the situation will continue. Hopefully, it will be resolved very soon. We are very resilient to find ways of bringing in equipment, and continue to generate good returns for our shareholders.

Speaker #4: Devaluation of the currency has impacted our revenues. And in Saudi, our trading revenues have been impacted. But when I look in detail, we see B2B and B2C have increased.

Speaker #4: The same goes for Kuwait: B2C and B2B have increased compared to last year. In Iraq, our trading revenues have dropped, but total revenues have increased.

Speaker #4: And EBITDA has increased, so we don't believe the situation will continue. Hopefully, it will be resolved very soon. But we are very resilient and will find ways of bringing in equipment.

Speaker #4: And continue to generate good returns for our shareholders.

Speaker #3: Thank you.

Mahdi Singh: Thank you.

[Analyst 1]: Thank you.

Ossama Matta: Okay. Sure.

Speaker #4: Okay. Sure.

Speaker #2: Our next question comes from the line of Madi Singh. You are unmuted; you can go ahead.

Moderator: Our next question comes from the line of Mahdi Singh. You are unmuted. You can go ahead.

Operator: Our next question comes from the line of Mahdi Singh. You are unmuted. You can go ahead.

Speaker #3: Yes, hi. Thanks a lot for taking my question. And congrats on very strong numbers—also, the dividend. Just a follow-up on the Syria plan.

Mahdi Singh: Yes. Hi. Thanks a lot for taking my question, and congrats on very strong numbers, also the dividend. Just follow-ups on the Syria plan. If my understanding is correct, you do not need to put cash from the group side on the regular CapEx and other requirements for the business. That is quite good to know, if you could confirm that. But also in terms of the payment for the license itself, can you just confirm the timeline of that? How much do you have to pay immediately and over how many years that has to be paid? Is my understanding correct that that will also be paid using the operational cash in the Syrian business itself? That will be the first question. Then the second one on Sudan. The FX devaluation is quite sharp again.

[Analyst 2]: Yes. Hi. Thanks a lot for taking my question, and congrats on very strong numbers, also the dividend. Just follow-ups on the Syria plan. If my understanding is correct, you do not need to put cash from the group side on the regular CapEx and other requirements for the business. That is quite good to know, if you could confirm that. But also in terms of the payment for the license itself, can you just confirm the timeline of that? How much do you have to pay immediately and over how many years that has to be paid? Is my understanding correct that that will also be paid using the operational cash in the Syrian business itself? That will be the first question.

Speaker #3: So, if my understanding is correct, you do not need to put cash from the group side into the regular capex and other requirements for the business.

Speaker #3: So that's quite good to know if you could confirm that. But also, in terms of the payment for the license itself, can you just confirm the timeline for that?

Speaker #3: How much do you have to pay immediately, and over how many years does that have to be paid? And is my understanding correct that this will also be paid using the operational cash from the Syrian business itself?

Speaker #3: So, that will be the first question. And then the second one, on Sudan: the FX devaluation is quite sharp again. So, can you confirm if you are able to raise prices?

[Analyst 2]: Then the second one on Sudan. The FX devaluation is quite sharp again. Can you confirm if you are able to raise prices, or have you already done that, or you are going to do that in the coming quarter to offset whatever FX devaluation has happened? If you could answer these two first, then I will ask more questions if I have. Thank you.

Mahdi Singh: Can you confirm if you are able to raise prices, or have you already done that, or you are going to do that in the coming quarter to offset whatever FX devaluation has happened? If you could answer these two first, then I will ask more questions if I have. Thank you.

Speaker #3: Have you already done that, or are you going to do that in the coming quarter to offset whatever FX devaluation has happened? If you could answer these two first, then I'll ask more questions if I have any.

Speaker #3: Thank you.

Speaker #4: Yeah. On Syria, as I mentioned, the license value is $747 million. This will be paid from the group and not from the cash in the entity in Syria.

Ossama Matta: Yeah. On Syria, as I mentioned, the license value is USD 747 million. This will be paid from the group and not from the cash in the entity in Syria. The payment terms is 10% will be paid first week of September, and the remaining 90% will be paid in January 2026. Effectively, the license becomes effective from January 2026. Between September and end of year, there will be a transition period where we will co-manage MTN to move the assets, move the employees, and the customers to the new entity, which is Zain Syria. So when you launch in January 2027, you will launch with more than 6.3 million customers. Based on our analysis, the funding requirement for, or the CapEx requirement for the coming 10 years in Syria is approximately USD 800 million for the coming 10 years.

Speaker #4: The payment terms are: 10% will be paid in the first week of September, and the remaining 90% will be paid in January 2026. Effectively, the license becomes effective from January 2026.

Speaker #4: And between September and the end of the year, there will be a transition period where we will co-manage MTN to move the assets, the employees, and the customers to the new entity, which is Zayn Syria.

Speaker #4: So, when you launch in January 2027, you will launch with more than 6.3 million customers. Based on our analysis, the funding requirement, or the capex requirement, for the coming 10 years in Syria is approximately $800 million.

Speaker #4: For the coming 10 years, this can be supported from the operation. But as I mentioned, the group is ready, and based on our discussions with our Syrian partners, to support a shareholder loan in this case.

Ossama Matta: This can be supported from the operation, but as I mentioned, the group is ready and based on our discussions with our Syrian partners, to support a shareholder loan in this case, and it is up to USD 250 million. But based on our analysis, it is from the business itself, we can basically support the CapEx. This is on Syria. The question related to Sudan. Yes, we are increasing prices in Sudan based on our license. The regulator allows us to increase prices automatically depending on the devalued percentage. But we have also to be careful on how to do it. We will continue to have a price premium versus the competition. But we want to do it smartly so that we don't increase significantly the prices as compared to the competition. So we increase, they follow.

Speaker #4: And it is up to $250 million. But based on our analysis, it is from the business itself; we can basically support the capex.

Speaker #4: This is on Syria. The question related to Sudan: yes, we are increasing prices in Sudan. Based on our license, the regulator allows us to increase prices automatically, depending on the devalued percentage.

Speaker #4: But we also have to be careful about how we do it. We will continue to have a price premium versus the competition.

Speaker #4: But we want to do it smartly, so that we don't significantly increase the prices as compared to the competition. So, we increase the follow.

Speaker #4: We continue to have a premium on their prices, and that's why it does not happen automatically. Basically, we study the market properly and increase the prices accordingly.

Ossama Matta: We continue to have a premium on their prices, and that's why it does not automatic happens. It's basically we study the market properly and increase the prices accordingly. But the company, from a performance point of view, is doing great. We don't have any issues in Sudan. We have approximately now 2,000 sites, 2,085 sites on air, approximately 1,000 sites off air still in the conflicted areas. Once things are back to normal in Khartoum, I think we are in a very good position to lead the market.

Speaker #4: But the company, from a performance point of view, is doing great. We don't have any issues in Sudan. You have approximately, now, 2,085 sites on air—approximately 1,000 sites off air still in the conflicted areas.

Speaker #4: And once things are back to normal in Khartoum, I think we are in a very good position to lead the market.

Speaker #3: Understood, Osama. Thank you. Just a couple of follow-ups.

Mahdi Singh: Understood, Ossama. Thank you. Just a couple follow-ups in Syria.

[Analyst 2]: Understood, Ossama. Thank you. Just a couple follow-ups in Syria—

Speaker #2: Apologies, Madi, but we have a long line of questions. You can come back in the queue. I'll just take a few questions from the chat.

Moderator: Apologies, Mahdi, but we have a long line of questions.

Operator: Apologies, Mahdi, but we have a long line of questions.

Mahdi Singh: Okay.

[Analyst 2]: Okay.

Moderator: You can come back in the queue.

Operator: You can come back in the queue.

Ossama Matta: Okay.

[Analyst 2]: Okay.

Moderator: I will just take a few questions from the chat. The first question comes from Ali Youssef regarding strategic investment contribution. Given that they have reached KWD 126 million to earnings, what is the percentage of unrealized gains? What is the contribution in SpaceX specifically? Furthermore, what is the management's outlook and expectations for this earnings stream in H2 2026, taking consideration the lookup period?

Operator: I will just take a few questions from the chat. The first question comes from Ali Youssef regarding strategic investment contribution. Given that they have reached KWD 126 million to earnings, what is the percentage of unrealized gains? What is the contribution in SpaceX specifically? Furthermore, what is the management's outlook and expectations for this earnings stream in H2 2026, taking consideration the lookup period?

Speaker #2: The first question comes from Ali Youssef. Regarding strategic investment contribution, given that they have reached 126 million Kuwaiti dinars in earnings, what is the percentage of unrealized gains?

Speaker #2: What is the contribution in SpaceX specifically? And furthermore, what is management's outlook and expectations for this earnings stream in H2 2026, taking into consideration the lockup period?

Ossama Matta: I mentioned during the script that Zain Ventures contributed $288 million to the bottom line out of $457 million. The operations contributed $169 million. Also, when you compare it to last year and you eliminate the one-offs, you will see there is a growth of 11%. Correct me if I am wrong, Sherif. This is for H1, and for the quarter, I think it is 18%.

Speaker #4: I mentioned during the script that Zayn Venture contributed $288 million to the bottom line, out of $457 million. So, the operations contributed $169 million.

Speaker #4: Also, when you compare it to last year and eliminate the one-offs, you will see there is a growth of 11%. Correct me if I'm wrong, Sharif.

Speaker #4: This is for the first half. And for the quarter, I think it's 18%.

Speaker #3: Yeah, that's correct, Osama, what you said—11%.

[Company Representative] (Zain): It is correct, Osama Matta, what you said, 11%.

Mohammed Shereef: It is correct, Osama Matta, what you said, 11%.

Speaker #4: Okay, so I've already mentioned this. What was the other question? Sorry.

Ossama Matta: Okay. I have already mentioned this. What was the other question? Sorry.

Speaker #2: Regarding dividend financing, he is asking: Does management expect to fund the October 1, 2026 dividend distribution entirely through operational cash flows, without drawing on banking facilities, given that a large portion of current earnings consists of non-cash, unrealized profits?

Moderator: Regarding dividend financing. He is asking, does management expect funding the 1 October 2026 dividend distribution entirely through operational cash flows without drawing on banking facilities, given that a large portion of current earnings consist of non-cashed unrealized profits?

Operator: Regarding dividend financing. He is asking, does management expect funding the 1 October 2026 dividend distribution entirely through operational cash flows without drawing on banking facilities, given that a large portion of current earnings consist of non-cashed unrealized profits?

Speaker #4: Yeah, yeah. Basically, we're going to bridge it. You're talking about here approximately $240 million of dividends that will be paid in October. For sure, we're going to bridge it until we have the proceeds coming from SpaceX.

Ossama Matta: Yeah. Basically, we are going to bridge it. You are talking about here approximately $240 million of dividends that will be paid in October. For sure, we are going to bridge it until we have the proceeds coming from SpaceX.

Speaker #2: All right. We will take the next question from the line of Amar Al-Shahoumi. You are unmuted. Please go ahead.

Moderator: All right. We will take the next question from the line of Amr El Shahoumy. You are unmuted. Please go ahead.

Operator: All right. We will take the next question from the line of Amr El Shahoumy. You are unmuted. Please go ahead.

Speaker #3: Hi. Good afternoon, everyone.

Amr El Shahoumy: Hi. Good afternoon, everyone.

[Analyst 3]: Hi. Good afternoon, everyone.

Speaker #4: Good afternoon.

Ossama Matta: Good afternoon.

Amr El Shahoumy: I have a few brief questions. My first question, it is related to dividends. Will the dividend be paid internally from operation cash flow without no borrowing? My second question, a change for the Kuwait Investment Authority to approve the dividends now.

[Analyst 3]: I have a few brief questions. My first question, it is related to dividends. Will the dividend be paid internally from operation cash flow without no borrowing? My second question, a change for the Kuwait Investment Authority to approve the dividends now.

Speaker #3: I have a few brief questions. My first question is related to dividends: Will the dividend be paid internally from operating cash flow without any borrowing?

Speaker #3: My second question: what changed for the KIA to approve the dividends now?

Ossama Matta: Sorry. What is the second? KIA.

Speaker #4: Sorry? What's the second?

Amr El Shahoumy: What changed for the KIA to approve the dividends now? The KIA before not approved for these dividends.

[Analyst 3]: What changed for the KIA to approve the dividends now? The KIA before not approved for these dividends.

Speaker #3: Did the KIA change its stance regarding the approval of the dividends now? Previously, the KIA did not approve these dividends.

Speaker #4: I am not sure about this. But I can tell you, as I mentioned as I mentioned, the dividends now, it's we're talking about 240 million dollars.

Ossama Matta: I am not sure about this, but I can tell you, as I mentioned, the dividends now, we are talking about $240 million. I just mentioned it now. This will be bridged until we do the SpaceX sales and proceeds. We get the proceeds from SpaceX. The bulk of it will be from debt, of course, financed through debt. But it is a bridge until we get the proceeds. The KIA is represented at the board. The chairperson is from KIA, and all of them, all the board, collectively approved 17 fils interim dividends to be paid. Okay?

Speaker #4: I just mentioned it now. This will be bridged until we do the SpaceX sales and proceeds. We get the proceeds from SalesX—SpaceX. So the bulk of it will be from debt, of course.

Speaker #4: Financed through debt, but it's a bridge until we get the proceeds. The KIA is represented at the board. The chairperson is from KIA.

Speaker #4: And all of them, all the board, collectively approved 17 fils interim dividends to be paid. Okay?

Speaker #3: Okay. If cash is available, why wait until October 1st?

Amr El Shahoumy: Okay. If cash is available, why wait until 1 October?

[Analyst 3]: Okay. If cash is available, why wait until 1 October?

Speaker #4: It is better for us to manage our cash, our investment, and capex. That's why we usually pay it in September. We are thinking whether it's towards the end of September or the first week of October.

Ossama Matta: It is better for us to manage our cash, our investments, and CapEx. That is why we usually pay it in September. We are thinking whether it is towards end of September or first week of October, based on the cash management.

Speaker #4: Based on the cash management.

Speaker #3: Okay, my last question. Are these dividends sustainable from operations alone, without unrealized gains or borrowing?

Amr El Shahoumy: Okay. My last question, are these dividends sustainable from operation alone without unrealized gains or borrowing?

[Analyst 3]: Okay. My last question, are these dividends sustainable from operation alone without unrealized gains or borrowing?

Ossama Matta: Yes, because look, the 35 fils every year that we pay it, this is coming definitely from the operations and from the proceeds that we get from the operations. Of course, when we have new investments and we are paying healthy dividends, we are going to go and support these investments from debt. We are growing the business. We are going into new verticals. That is supporting also the business and increasing the returns and the value to the shareholders. Now, this year specifically, as I mentioned, there is one time off dividend or a special dividend that will be paid in October during the interim period. Instead of paying 10 fils, we are paying 17 fils. But going forward, we are committed to the 35 fils.

Speaker #4: Yes. Because, look, the 35 fills every year that we pay—it’s definitely coming from the operations, and from the proceeds that we get from the operations.

Speaker #4: Of course, when we have new investments and we are paying healthy dividends, we’re going to support these investments with debt. We are growing the business.

Speaker #4: We are going into new verticals. That is also supporting the business and increasing the returns and the value to the shareholders. Now, this year specifically, as I mentioned, there is a one-time dividend, or a special dividend, that will be paid.

Speaker #4: In October, during the interim period, instead of paying 10 fils, we are paying 17 fils. But going forward, going forward, we are committed to the 35 fils.

Speaker #3: Yeah. Why pay dividends instead of—

Amr El Shahoumy: Why pay dividends instead of-

[Analyst 3]: Why pay dividends instead of—

Moderator: Thank you, Amr, for the questions. I have to take someone else's questions. I go back to the chat. We have a few from Fatma Al-Kandari. She is asking, when service revenue increased by 4.1 million KWD for Zain Kuwait, however, EBITDA growth is shown flat. Can you please elaborate?

Operator: Thank you, Amr, for the questions. I have to take someone else's questions. I go back to the chat. We have a few from Fatma Al-Kandari. She is asking, when service revenue increased by 4.1 million KWD for Zain Kuwait, however, EBITDA growth is shown flat. Can you please elaborate?

Speaker #2: Thank you, Amar, for the questions. I have to take someone else’s questions now. I’ll go back to the chat. We have a few from Fatma Al-Kandari.

Speaker #2: She's asking, when is our increase by 4.1 million Kuwaiti dinars for Zain Kuwait? However, the growth is shown as flat. Can you please elaborate?

Ossama Matta: What did increase? Sorry, I did not get the question.

Speaker #4: What did increase? Sorry, I didn't get the question.

Moderator: It says SR.

Operator: It says SR.

Speaker #2: It says SR.

Ossama Matta: SR. What is SR?

Speaker #4: SR? What is SR?

Speaker #2: Maybe she can come back to clarify this, and her next question.

Moderator: Maybe she can come back to clarify this.

Operator: Maybe she can come back to clarify this.

Ossama Matta: Yes.

Moderator: Her next question.

Operator: Her next question.

Speaker #4: But basically, on Kuwait, as I mentioned, the impact that happened in Kuwait is related to trading revenues. Trading revenues dropped in Kuwait compared to last year in Q2 by approximately $15 million.

Ossama Matta: Basically,

Ossama Matta: Basically—

Moderator: Go ahead.

Operator: Go ahead.

Ossama Matta: basically on Kuwait, as I mentioned, the impact that happened in Kuwait is related to trading revenues. So trading revenues dropped in Kuwait compared to last year in Q2 by approximately KWD 4.6 million. However, when we look at the gross profit and the EBITDA, we see it is better than last year because of the margins. The margins are better now because of the lack of equipment in the market because of the state of Hormuz. As I mentioned, B2C has increased, service income has increased, B2B has increased. So our revenue structure is better despite the fact that we were impacted by the trading revenues.

Ossama Matta: —basically on Kuwait, as I mentioned, the impact that happened in Kuwait is related to trading revenues. So trading revenues dropped in Kuwait compared to last year in Q2 by approximately KWD 4.6 million. However, when we look at the gross profit and the EBITDA, we see it is better than last year because of the margins. The margins are better now because of the lack of equipment in the market because of the state of Hormuz. As I mentioned, B2C has increased, service income has increased, B2B has increased. So our revenue structure is better despite the fact that we were impacted by the trading revenues.

Speaker #4: However, when we look at the gross profit and the EBITDA, we see it is better than last year because of the margins. The margins are better now because of the lack of equipment in the market due to the state of Hormuz.

Speaker #4: And as I mentioned, B2C has increased, service income has increased, B2B has increased. So our revenue structure is better, despite the fact that we were impacted by the trading revenues.

Speaker #2: Thank you. And her next question is: What's the driver for the growth in service revenues for Zain Kuwait when compared with H1 2025?

Moderator: Thank you. Her next question says, what is the driver for the growth in service revenues for Zain Kuwait when compared with H1 2025?

Operator: Thank you. Her next question says, what is the driver for the growth in service revenues for Zain Kuwait when compared with H1 2025?

Speaker #4: For service revenues on the B2B side, we are growing. On the B2C side, we are growing. We are very defensive on the postpaid customers.

Ossama Matta: For service revenues, on the B2B side, we are growing. On the B2C side, we are growing. We are very defensive on the postpaid customers. We are also very defensive on the prepaid customers. There are two areas of major growth happening in Kuwait. One is the B2B and the other one is the Zain Plus, which is basically equipment like handsets, gadgets, TVs, laptops, et cetera. This line of business has dropped in terms of revenue, but the margin on it has increased because of the scarcity of it. This is the growth. We also hoping to, once we finalize and get an ISP license, this will support significantly the B2B business in Zain Kuwait.

Speaker #4: We are also very defensive on the prepaid customers. And there are two areas of major growth happening in Kuwait. One is B2B, and the other one is Zain Plus, which is basically equipment like handsets, gadgets, TVs, laptops, etc.

Speaker #4: This line of business has dropped in terms of revenue, but the margin on it has increased because of its scarcity. So this is the growth.

Speaker #4: And we are also hoping that once we finalize and get a nice P license, this will significantly support the B2B business in Zain Kuwait.

Speaker #2: Thank you. The next question is from Abdulaziz Al-Busairi. He says, should we consider investment income run rate as a sustainable boost to valuation or as a credit reverse?

Moderator: Thank you. The next question from Abdulaziz Al Dufairi. He says, should we consider investment income run rate as a sustainable boost valuation or could it reverse?

Operator: Thank you. The next question from Abdulaziz Al Dufairi. He says, should we consider investment income run rate as a sustainable boost valuation or could it reverse?

Ossama Matta: We are hoping that it will not be reversed. So our assumptions and our guidance given to 2026, assuming that H1 gain from the investment remains the same, that it is not reversed. And what we have done in booking the gain from the investment is we have taken some precautions, related to the liquidity discount. We assumed a liquidity discount when we booked the gain, as well as we have some provisions in place. So as long as the share price is above 124 of SpaceX, we have no impact on the coming quarters.

Speaker #4: We're hoping that it will not be reversed, so our assumptions and our guidance given to 2026 assume that the H1 gain from the investment remains the same.

Speaker #4: That it's not reversed. And what we have done in booking the gain from the investment is we have taken some precautions. Related to the liquidity discount, we assumed a liquidity discount when we booked the gain.

Speaker #4: As well, we have some provisions in place. So, as long as the share price is above $124 for SpaceX, we have no impact on the coming quarters.

Speaker #2: Thank you. The next question is from Hamad Abdul Qader: Is the CapEx guidance including CapEx for Syria and Zain Growth Ventures, including ZOI?

Moderator: Thank you. The next question from Hamad Abdulqader. Is the CapEx guidance including CapEx for Syria and Zain Ventures, including ZOI?

Operator: Thank you. The next question from Hamad Abdulqader. Is the CapEx guidance including CapEx for Syria and Zain Ventures, including ZOI?

Speaker #4: It doesn't include Syria, but it includes ZOI, yes.

Ossama Matta: It does not include Syria, but it includes ZOI, yes.

Speaker #2: Thank you. A question from Ahmad Al-Awadi: Can you confirm that the SpaceX valuation on your books represents the market closing price as of June 30th?

Moderator: Thank you. A question from Ahmed Alawadhi. Can you confirm that if the SpaceX valuation on your books represent the market closing price on 30 June? In other words, there is no lag in valuation after the public listing versus

Operator: Thank you. A question from Ahmed Alawadhi. Can you confirm that if the SpaceX valuation on your books represent the market closing price on 30 June? In other words, there is no lag in valuation after the public listing versus—

Speaker #2: In other words, there is no lag in valuation after the public listing versus the—.

Ossama Matta: I just explained now. So end of June, it was 170, the share price. We have to mark to market at 170. We took a liquidity discount plus provisions. As long as the share price is above 124, we do not have an issue in booking any losses. I mean, we do not have losses to book.

Speaker #4: I just explained now. So, at the end of June, the share price was $170. So we have to mark to market at $170. We took a liquidity discount plus provisions.

Speaker #4: As long as the share price is above 124, we don't have an issue in booking any losses. I mean, we don't have losses to book.

Speaker #2: Thank you. Very clear. Another question from Ali Youssef on geopolitical risk exposure regarding Sudan operations: What is the maximum downside financial exposure of the Sudan operations on the Group's consolidated financial results and total asset base?

Moderator: Thank you. Very clear. Another question from Ali Youssef on geopolitical risk exposure on Sudan operations. What is the maximum downside financial exposure of the Sudan operations on the group's consolidated financial results and total asset base?

Operator: Thank you. Very clear. Another question from Ali Youssef on geopolitical risk exposure on Sudan operations. What is the maximum downside financial exposure of the Sudan operations on the group's consolidated financial results and total asset base?

Ossama Matta: I do not see any impact on Sudan operations. We have seen the bottom of Sudan operations in the past two years. Now, even if there is an inflation in Sudan or hyperinflation in Sudan, this will uplift the assets and it will have a positive impact to the bottom line. For example, now applying IAS 29 had an impact, positive impact on the bottom line of $1 million in Q2 of 2026. I do not see any impact happening in Sudan. As a matter of fact, I think it is very positive to the group in the coming years.

Speaker #4: I don't see any impact on Sudan operations. We have seen the bottom of Sudan operations in the past two years. Now, even if there is inflation in Sudan or hyperinflation in Sudan, this will uplift the assets and it will have a positive impact on the bottom line.

Speaker #4: For example, now I am applying IS29; it had a positive impact on the bottom line of $1 million in Q2 of 2026. So, I don't see any impact happening in Sudan.

Speaker #4: As a matter of fact, I think it is very positive for the group in the coming years.

Speaker #2: Thank you. We will take just one more follow-up before ending the call. It comes from the line of Mahdi Singh. You are unmuted. You can go ahead.

Moderator: Thank you. We will take just one more follow-up before ending the call. It comes from the line of Mahdi Singh. You are unmuted. You can go ahead.

Operator: Thank you. We will take just one more follow-up before ending the call. It comes from the line of Mahdi Singh. You are unmuted. You can go ahead.

Speaker #5: Yes. Hi, thanks. Just a very quick one on Syria. Can you please confirm what is the EBITDA generated there? And, given that you will be funding it from the group—the license fee, at least—from borrowings, most likely.

Mahdi Singh: Yes, hi. Thanks. Just a very quick one on Syria. Can you please confirm what is the EBITDA generated there? Given that you will be funding it from the group, the license fee at least, from borrowings, most likely. What is the comfort level on the overall leverage number? Net debt to EBITDA. Thank you.

[Analyst 2]: Yes, hi. Thanks. Just a very quick one on Syria. Can you please confirm what is the EBITDA generated there? Given that you will be funding it from the group, the license fee at least, from borrowings, most likely. What is the comfort level on the overall leverage number? Net debt to EBITDA. Thank you.

Speaker #5: So, what's the comfort level on the overall leverage number—so, net debt to EBITDA? Thank you.

Ossama Matta: I think EBITDA for 2025, if I am not mistaken, it is positive $18 million, I think. It is not relevant because we are talking about completely different company. The good thing about it is you are starting from day one with 6.3 or more than 6.3 million customers. Looking at the leverage, as I mentioned, for the group, it is currently at 1.9, expected to reach in end of 2026, 2.4 times. This is including proceeds from SpaceX as well as investment in Syria. End of 2027, it is expected to be at 2.2 times.

Speaker #4: I think EBITDA for 2025, if I'm not mistaken, it's positive $18 million, I think. But it is not relevant because we're talking about a completely different company.

Speaker #4: The good thing about it is you're starting from day one with 6.3, or more than 6.3 million customers. Looking at the leverage, as I mentioned, for the group, it's currently at 1.9.

Speaker #4: Expected to reach, by the end of 2026, 2.4 times. And this is including proceeds from SpaceX, as well as investment in Syria. At the end of 2027, it's expected to be at 2.2 times.

Speaker #5: Okay. I think two and a half times is your target, right?

Mahdi Singh: Okay. I think 2.5 times is your target, right?

[Analyst 2]: Okay. I think 2.5 times is your target, right?

Ossama Matta: Max 2.5. Max. We shouldn't reach.

Speaker #4: Max two and a half, max. We shouldn't. We shouldn't reach.

Speaker #5: Yeah. Yeah. Thank you.

Mahdi Singh: Yeah. Input. Yeah. Thank you.

[Analyst 2]: Yeah. Input. Yeah. Thank you.

Speaker #4: Okay.

Ossama Matta: Okay.

Speaker #2: Our last follow-up comes from the line of Amar. You are unmuted. Please go ahead.

Moderator: Our last follow-up comes from the line of Amr El Shahoumy. You are unmuted. Please go ahead.

Operator: Our last follow-up comes from the line of Amr El Shahoumy. You are unmuted. Please go ahead.

Amr El Shahoumy: Sorry. During the AGM, KIA elaborated that no dividends should be paid if most of the profits are from unrealized income. Are they okay with this dividends, the KIA? Also, SpaceX price today might go lower than IPO price 20%, down from closing of 30 June.

[Analyst 3]: Sorry. During the AGM, KIA elaborated that no dividends should be paid if most of the profits are from unrealized income. Are they okay with this dividends, the KIA? Also, SpaceX price today might go lower than IPO price 20%, down from closing of 30 June.

Speaker #6: Sorry. During the AGM, KIA liberated debt; no dividends should be paid if most of the profits are from unrealized income. Are they okay with this dividend, the KIA?

Speaker #6: SpaceX—also, SpaceX price today might go lower than IPO price, by 20%, down from the closing of June 30.

Ossama Matta: From June closing, which is 170? Is that what you're saying? You're saying June closing, which is 170, it will go down 20%?

Speaker #4: From June closing, which is 170? Is that what you're saying? You're saying June closing, which is 170—it will go down 20%?

Speaker #6: Yes.

Amr El Shahoumy: Yes.

[Analyst 3]: Yes.

Speaker #4: Yeah, but this is what I mentioned. I said we already took a discount on the $170 of 22%. It's already taken. So what you see here as profitability from SpaceX has been discounted, plus provision taken up to the level that we have approximately $122, $124 as a share—as a $124 per share price.

Ossama Matta: Yeah, this is what I mentioned. I said we already took a discount on the 170 of 22%. It is already taken. So what you see here as profitability from SpaceX has been discounted, plus provision taken, up to the level that we have approximately 122, $124 per share price.

Amr El Shahoumy: It is good.

[Analyst 3]: It is good.

Speaker #4: So, we are not booking it at 170. We are looking at it much less. We are booking it at much less.

Ossama Matta: We are not booking it at 170. We are booking it much less.

Amr El Shahoumy: If it goes below 124, will you pay dividends?

[Analyst 3]: If it goes below 124, will you pay dividends?

Speaker #6: If it goes below 124, will you pay dividends?

Ossama Matta: I doubt it will go lower than 124. It reached 108 and bounced back. The expectations now, even after the release of the shares.

Ossama Matta: I doubt it will go lower than 124. It reached 108 and bounced back. The expectations now, even after the release of the shares—

Speaker #4: Well, I doubt it will go lower than 124. It reached 108 and bounced back. The expectations now, even after the release of the shares from the lockup period—because we still have, we still have the funds to pay—yes.

Amr El Shahoumy: Assume it does.

[Analyst 3]: Assume it does.

Ossama Matta: from the lockup period. Because we still have the funds to pay. Yes, it is fine.

Ossama Matta: —from the lockup period. Because we still have the funds to pay. Yes, it is fine.

Speaker #4: It's fine.

Speaker #6: Assume it does.

Amr El Shahoumy: Assume it does.

[Analyst 3]: Assume it does.

Speaker #4: We still have the funds to pay. It's fine.

Ossama Matta: We still have the funds to pay, it is fine.

Speaker #2: Thank you, Amar, for your question. Seeing that there are no additional questions coming in, I would like to thank everyone for participating in this conference call of Zain's group, discussing the second quarter 2026 financial results. I will now hand over to Zain's management for any closing remarks.

Moderator: Thank you, Amr, for your question. Seeing that there are no additional questions coming in, I would like to thank everyone for participating in this conference call of Zain Group, discussing the Q2 2026 financial results. I will now hand over to Zain's management for any closing remarks.

Operator: Thank you, Amr, for your question. Seeing that there are no additional questions coming in, I would like to thank everyone for participating in this conference call of Zain Group, discussing the Q2 2026 financial results. I will now hand over to Zain's management for any closing remarks.

Speaker #6: Yeah. Thank you. Thank you, Sarsen. And thank you, Cico, for hosting the call today. Please refer to our Investor Relations website for additional updates, and feel free to contact the IR team for further information at ir@zayn.com.

Mohammad Abdal: Thank you, Sawsan, and thank you, SECO, for hosting the call today. Please refer to our investor relations website for additional updates and feel free to contact the IR team for further information at ir@zain.com. We look forward to your future participation in our Q3 2026 update. Thank you all for joining the call. Have a great day.

Speaker #6: We look forward to your future participation in our Q3 2026 update. Thank you all for joining the call. Have a great day.

Ossama Matta: Thank you.

Moderator: This concludes today's call. You may disconnect. Have a nice day.

Operator: This concludes today's call. You may disconnect. Have a nice day.

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