The first-half 2026 results report for Etihad Etisalat Company (Mobily), published by "Yamama Insights"—as part of an academic project for Principles of Finance (FIN 202), taught by Dr. Rasha Al-Humaidhi—provides a financial and operational analysis of the company’s performance in the first and second quarters and the first half of 2026 compared with 2025. It documents revenue rising to SAR 10,120 million, up 5.3%, and net profit increasing to SAR 1,781 million, up 11.5%. This growth was supported by a 9.3% increase in earnings before interest, taxes, depreciation, and amortization (EBITDA) to SAR 3,934 million, with a margin of 38.9%, and an improvement in the gross profit margin to 56.0%. The company also strengthened its financial position, with shareholders’ equity up 7.3% to SAR 20,871 million and net debt down 14.2% to SAR 6,178 million, bringing the last-twelve-month net debt-to-EBITDA ratio to 0.89x. This was accompanied by growth in the business and wholesale segments, amid challenges including a 35.1% decline in free cash flow to SAR 1,015 million, a drop in the cash conversion rate to 74.3%, a current ratio of 0.96, as well as competitive pressures and capital expansion costs.

Team:

Financial and Economic Analyst Supervisor: Mr. Hamad Al-Saeed @Hamad Alsaeed
Administrative Organization Specialist: Dalal Bin Khudair @dalal BinKhudair
Administrative Assistant: Alroutana Al-Badri @Alroutana Albadri

Mobily (Haya)

Disclaimer

This report was prepared as part of an academic project for Principles of Finance (FIN 202), under the supervision of Yamama Insights, for educational purposes only. It does not constitute an investment recommendation.

The figures are based on the preliminary financial statements published on the Tadawul website for the period ended June 30, 2026. The report may contain inadvertent errors or omissions; readers are advised to consult the original statements for verification.