Industry Updates

Zain Group, a leading regional TechCo providing innovative ICT and digital lifestyle solutions in eight markets across the Middle East and Africa, releases its consolidated financial results for the third quarter (Q3) and nine-months (9M) periods ended 30 September 2026. The Group now serves 53 million active customers, a 3% year-on-year (YoY) increase.

Group Key Performance Indicators (KD and USD) for the first nine months (9M) 2026

For 9M 2026, Zain Group reported a 17-year high consolidated revenue of KD 1.8 billion (USD 5.71 billion), an increase of 4% YoY. Consolidated EBITDA reached KD 587 million (USD 1.91 billion), up 4% YoY, reflecting an EBITDA margin of 34%. Net income soared 59% YoY to KD 304 million (USD 990 million), which includes a gain of USD 501 million from Group’s strategic investments undertaken by Zain Ventures. Earnings per share (EPS) stood at 70 fils (USD 0.23).

Group Key Performance Indicators (KD and USD) for third quarter (Q3) 2026

In Q3 2026, Zain Group generated consolidated revenue of KD 615 million (USD 2.0 billion), an increase of 2% YoY. EBITDA for the quarter reached KD 209 million (USD 681 million), up 1% YoY, reflecting an EBITDA margin of 34%. Net income for the three-month period amounted to KD 84 million (USD 273 million), up 30% YoY, with earnings per share (EPS) of 19 fils (USD 0.06).

Key Operational Notes for Q3 & 9M 2026

1. Interim cash dividend of 17 fils per share, totalling KD 73.6 million (USD239 million) was distributed to eligible shareholders on 6 October 2026 for the first half of the year
2. Exceptional net profit growth in KSA (+45%) during 9M 2026
3. 9M 2026 data revenue grew 11% YoY to reach USD 2.3 billion, representing 39% of Group revenue
4. Zain invested USD 501 million in CAPEX during 9M 2026, representing 9% of revenues
5. Zain Ventures strategic investments record notable gains of USD 501 million for 9M 2026
6. Growth verticals delivered USD 759 million in revenue, representing a robust growth of 30% YoY
7. Fintech services witness customer growth of 31% and revenue growth of 6% for 9M 2026
8. Enterprise revenue grows 12% YoY, as ZainTECH and B2B teams win key B2B and B2G accounts
9. ZainTECH revenue rises 17% YoY, expands to Egypt and scales up other markets
10. Zain Omantel International (ZOI) records exceptional revenue growth of 46% YoY
11. Operations in Kuwait, KSA, Bahrain and Jordan witness growth in 5G revenues
12. Sudan operation impacted by 15% currency devaluation during the quarter
13. Zain and Ooredoo complete first closing of 50/50 regional tower platform, combining 4,000 towers
14. Forbes names Zain the world’s best telecoms employer and one of the top 100 employers globally
15. Zain Group earns inaugural MEIRA Gold Standard Certification for Investor Relations excellence
16. Zain Group’s MSCI rating for ESG upgraded to ‘AA’

Nour Al-Jassim, Chair of the Board, Zain Group, said: "The Board is working closely with management to address regional socio-economic challenges and build a resilient, future-ready organization positioned for sustainable growth and long-term shareholder value. As the company and digital landscape continue to evolve rapidly, we remain committed to balancing commercial ambition with ESG priorities and constructive collaboration with regulators and stakeholders across our markets. These record-breaking results, marked by numerous achievements for the quarter, reaffirm the success of our actions and decisions.”

Bader Al-Kharafi, Zain Vice-Chairman and Group CEO commented, “Our transformation into an innovative technology driven and investment focused TechCo is delivering revenue growth and creating shareholder value. These 17-year-high 9M results reflect the diligent execution of our ‘4WARD-Progress with Purpose’ strategy, reinforced by monetization of our network upgrades and ICT resources, coupled with methodical investment in technologies and high-quality opportunities across the global entrepreneurial ecosystem.”

“Despite continued regional instability, that impacted roaming, device availability and enterprise revenue across several key markets, alongside currency devaluation in Sudan, our teams stayed focused on cost optimization, strengthening our networks, rolling out vital ICT and individual lifestyle services, all while delivering an exceptional customer experience.”

“That focus translated into tangible progress with healthy growth across many of our operations and growth business verticals. Our home market Kuwait continues to dominate its leading position, sealing multiple lucrative Enterprise deals with many more in the pipeline, activating a new 100G connection to Europe that strengthened the country’s international connectivity resilience, as well as growing its 5G-Advanced value proposition across many service offerings.”

“It was pleasing to see Zain KSA report 45% net income growth for the nine-month period, driven by the monetization of its upgraded 5G-A network, which is supporting customer growth; business diversification and the acquisition of key enterprise clients; the continued development of its digital operator-Yaqoot, and profitable growth of its microfinance fintech entity Tamam, each contributing to the Kingdom’s evolving needs.”

“Zain Iraq’s forward momentum and continued network expansion resulted in its highest quarterly revenue and customer numbers in more than a decade. In light of Iraq’s 13% currency devaluation in October 2026, we are implementing initiatives to mitigate the financial impact on this steadily growing market. In Sudan, ongoing network site restoration is driving customer growth and revenue; however, despite the team’s efforts, these gains were not fully reflected in financial results due to the sharp depreciation of the Sudanese pound against the US dollar. We are also undertaking mitigation measures to reduce the impact going forward.”

“We are highly confident that our key strategic and successful business verticals, ZainTECH and Zain Omantel International impressive revenue growth to date will continue while delivering essential ICT and connectivity services across the region and beyond. ZainTECH’s recent expansion to Egypt is a positive move that will support the digital transformation ambitions of local enterprises and government entities.”

“We are also extremely confident of the growth potential in our fintech vertical, comprising ‘Bede’ in Kuwait, Bahrain, and Sudan; ‘Tamam’ in KSA; and ‘Zain Cash’ in Jordan and Iraq whose combined customer base grew 31% over the year to now exceed 6.8 million, driving a 6% increase in revenue. We will foster this space, provide life‑enriching services and drive financial inclusion across our footprint.”

“Rewarding our evolution into AI-focused technology driven and investment company, Zain Ventures investments in high‑growth companies including SpaceX, Cohere, Groq and Revolut had a significant positive impact on our financial performance for the 9M period with a USD 501 million gain. We will continue to pursue strategic investments while methodically divesting to strengthen cash flows.”

“We have revised our strategic Tower infrastructure plans with the first closing and integration of Zain’s tower network in Kuwait with Ooredoo’s towers in Qatar, creating a new platform that combines 4,000 towers. Each entity will hold 50% with more towers to be added in due course, subject to regulatory approval and closing conditions. This first closing reflects our shared strategy of building focused, scalable and sustainable platforms that unlock greater value from our assets while supporting the reduction of the region’s carbon footprint.”

“Forbes distinguished ranking of Zain as the world’s best telecoms employer and one of the top 100 employers globally reflects the Board and Executive Management’s commitment to responsible business practices, talent development and an inclusive workplace culture. Our 8,000 talented workforce are focused on delivering meaningful connectivity that enhances experiences for our customers, employees, and shareholders.”

“Zain Group’s receipt of the inaugural MEIRA Gold Standard Certification for Investor Relations excellence, which recognizes the maturity and effectiveness of corporate investor relations programs and their alignment with international best practices, reinforces the importance we place on clear, consistent, and timely communication with shareholders, investors, analysts, and the wider financial community. As investor expectations continue to evolve, the Group views strong investor relations as an essential pillar in building market confidence, supporting informed investment decisions, and creating sustainable long-term value.”

“On a final note, Morgan Stanley Capital International’s (MSCI) upgrade of Zain’s Environmental, Social, and Governance (ESG) rating from ‘A’ to ‘AA’ marked a significant milestone in the company’s evolution into a diversified and sustainable TechCo, reflecting our ongoing commitment to sustainable growth, sound governance, and responsible business leadership. This rating makes Zain the highest-rated company in Kuwait across all industries within the MSCI ESG assessment universe and places Zain Group in the Leader category among a global peer universe of 164 telecommunications companies. By ensuring that our governance frameworks remain aligned with evolving international standards and best practices across every business function, we have strengthened our ability to anticipate risks, safeguard stakeholder trust, and create lasting value. This progress also advances our purpose: ‘Better Lives. Lasting Connections.’”

Operational review of key markets for the Q3 & 9M period ended 30 September, 2026

Kuwait: Zain Group’s flagship and most profitable operation maintained its market leadership, serving a customer base of 2.6 million. Q3 2026 revenue reached KD 93 million (USD 302 million). EBITDA grew 4% to reach KD 35.7 million (USD 116 million), reflecting an improved EBITDA margin of 38%. Q3 net income reached KD 19 million (USD 62 million), while 9M 2026 net income stood at KD 55 million (USD 178 million). Data revenue grew 7% YoY in 9M 2026, representing 41% of total revenue.

Notable achievements by the operation include the successful bid in partnership with ZOI of a 15-year connectivity and colocation project linking Google’s three Kuwait data centers. Additionally, collaboration with ZainTECH secured a five-year national smart-metering program with the country’s Ministry of Electricity, Water, and Renewable Energy. With a focus on monetizing its 5G-Advanced network, the operation witnessed healthy MAX broadband plans and home internet revenue growth. Unfortunately, regional instability impacted roaming revenue and delayed multiple lucrative Enterprise deals. Zain Kuwait activated a new 100G connection to Europe, strengthening the country’s international connectivity resilience.

Saudi Arabia: Revenue for Q3-2026 grew 3% YoY to reach USD 756 million, with EBITDA reaching USD 223 million, reflecting an EBITDA margin of 29%. Net income for Q3 stood at USD 36 million, while 9M 2026 net income increased 45% to reach USD 144 million. The launch of 5G-Advanced services in Riyadh and Jeddah, drove a 4% increase in data revenue, representing 41% of total revenue in 9M 2026, while the customer base grew 3% to reach 8.9 million.

Iraq: Zain Iraq recorded revenue of USD 368 million in Q3 2026, up 8% YoY with EBITDA reaching USD 126 million. Net profit for Q3 reached USD 37 million, with 9M 2026 net profit reaching USD 108 million. Zain Iraq’s customer base increased 4% YoY to 21.1 million, maintaining its market-leading position. Performance was driven by effective execution of its commercial strategy, continued network deployment in strategically relevant regions, and solid contributions from its subsidiaries Horizon and NextGen, despite ongoing regional instability and macroeconomic pressures.

Sudan: Revenue for Q3-2026 stood at USD 155 million, with EBITDA of USD 71 million reflecting an EBITDA margin of 46%. Net income reached USD 63 million for the quarter, bringing nine-month net income to USD 178 million. Customer base expanded by 8% YoY, reaching 13.2 million.

Jordan: Q3-2026 revenue grew 4% YoY to reach USD 159 million, with EBITDA for Q3 up 5% to reach USD 61 million, reflecting an EBITDA margin of 38%. Net income for Q3 increased 4% to reach USD 21 million, while 9M 2026 net income stood at USD 61 million with growth of 2%. The ongoing expansion of 5G, FTTH and 4G services across the country led to data revenue growth of 9% for 9M 2026, which now represents 57% of total revenue. Zain Jordan served 4.4 million customers, up 1%, maintaining its market leadership.

Bahrain: Revenue for Q3 2026 grew 13% YoY to reach USD 58 million, with EBITDA growing 4% to reach USD 16.6 million, reflecting an EBITDA margin of 28%. Q3 net income increased 4% to reach USD 4.5 million, and 9M 2026 net income increased 2% to USD 11.3 million. 9M 2026 data revenue grew 4% to represent 47% of total revenue.

Source: https://www.zain.com/en/press-release/zaingroup2026-q3