Chairman Osamah Al Furaih highlighted that the Group’s transformative strategy has “future-proofed Zain for many years ahead,” noting the focus on network expansion, digital innovation, and ESG programs as drivers of sustainable value creation.
Zain Group has announced robust consolidated financial results for the full-year 2025 (FY-25) and fourth quarter (Q4-25) ended 31 December 2025. The Group now serves 50.9 million active customers, representing a 4% year-on-year (YoY) increase.
For FY-2025, Zain Group generated consolidated revenue of KD 2.3 billion (USD 7.44 billion), up 14% YoY. Consolidated EBITDA reached KD 780 million (USD 2.54 billion), reflecting an 11% increase and a 34% EBITDA margin. Net income surged to KD 239 million (USD 777 million), up 103% YoY, with earnings per share of 55 fils (USD 0.18). The annual cash dividend paid totaled 35 fils, representing a 63% payout ratio, while total dividends for 2025 amounted to 60 fils.
In the fourth quarter, Zain Group reported revenue of KD 600 million (USD 2 billion), up 10% YoY. EBITDA for Q4-25 reached KD 214 million (USD 696 million), with a 36% margin, and net income climbed 84% YoY to KD 47 million (USD 151 million). Earnings per share stood at 11 fils (USD 0.03).
The application of the IAS 29 standard to Zain’s operations in Sudan resolved a longstanding audit qualification and had a positive impact on FY-2025 results. Revenue increased by USD 119 million, EBITDA by USD 67 million, and net income by USD 50 million. The implementation also required a restatement of FY-2024 comparatives and the use of reserves and share premium to offset accumulated losses.
Zain’s growth strategy, branded as “4WARD-Progress with Purpose,” has driven multiple key operational and financial outcomes. EBITDA growth was supported by targeted investments in technology upgrades, expansion into new business verticals, and disciplined CAPEX and OPEX management. CAPEX spending rose 40% to USD 1.5 billion, representing 20% of revenues.
Data revenue grew 13% YoY to USD 2.8 billion, representing 37% of total revenue, while fintech revenue rose 28% YoY, with transaction volumes up 24%. Groupwide enterprise revenue increased 13%, driven by a 55% YoY jump at ZainTECH. Growth verticals collectively generated USD 743 million in revenue, a 67% YoY increase. Zain Omantel International (ZOI) revenues doubled, while Zain Insure launched a fully digital motor insurance app in Kuwait and BEDE Kuwait introduced a suite of business-grade financial services for SMEs.
Zain’s commitment to ESG and corporate governance was highlighted in 2025 by a MSCI ESG rating upgrade from BBB to A and above-average performance in the S&P Global ESG Index and FTSE4Good Index. Zain was also ranked first in the regional telecom sector in Forbes “World’s Best Employers” list. Social media engagement continues to grow, with 35.5 million followers, 4 billion views, and 1.5 billion interactions across platforms.
Regional Performance Highlights
- Kuwait: Revenue grew 4% YoY to KD 386 million (USD 1.3 billion), EBITDA reached KD 139 million (USD 452 million), with a 36% margin. Net income declined 21% YoY to KD 87 million (USD 282 million) due to a one-time gain in 2024. Data revenue represented 36% of total revenue. 5G Advanced services helped maintain market leadership.
- Saudi Arabia: Revenue reached USD 2.93 billion, up 6% YoY, with EBITDA of USD 925 million (32% margin) and net income of USD 161 million. Growth was driven by 5G deployment, enterprise solutions, and Zain’s digital operator Yaqoot and fintech arm Tamam. Customers totaled 8.1 million.
- Iraq: Revenue increased 20% YoY to USD 1.29 billion, EBITDA reached USD 473 million (37% margin), and net profit climbed 15% to USD 150 million. The customer base grew 6% to 20.9 million, supported by network expansion and diversified subsidiaries.
- Sudan: Revenue soared 92% YoY to USD 661 million, EBITDA grew 143% to USD 373 million (56% margin), and net income surged to USD 290 million following stabilization and network restoration. Customer base expanded 22% to 12.3 million.
- Jordan: Revenue grew 7% YoY to USD 595 million, EBITDA increased 1% to USD 227 million (38% margin), and net income reached USD 75 million. Data revenue accounted for 55% of total revenue. Customer base grew 2% to 4.2 million.
- Bahrain: Revenue increased 7% YoY to USD 219 million, EBITDA reached USD 62 million (28% margin), and net income rose 1% to USD 15.9 million. Data revenue represented 46% of total revenue.
Chairman Osamah Al Furaih highlighted that the Group’s transformative strategy has “future-proofed Zain for many years ahead,” noting the focus on network expansion, digital innovation, and ESG programs as drivers of sustainable value creation. Vice-Chairman and Group CEO Bader Al Kharafi emphasized that strategic investments in technology and new business verticals have delivered record revenues, underpinning confidence in continued growth in 2026 and beyond.
