May 2022

Telecom Egypt today announces its Q1 2022 results for the period ending 31 March 2022.

Q1 2022 key highlights

• Consolidated revenue grew 12% YoY landing at EGP 9.4bn. The growth was mainly fuelled by higher data revenue (+22% YoY) constituting 74% of top line growth, followed by higher cable and voice revenues.
• Customer base grew across the board with fixed voice and data customers increasing by 11% and 14% YoY, respectively and mobile customers increasing by 19% YoY crossing the 10mn mark.
• EBITDA came in at EGP 3.6bn, recording a healthy margin of 38% driven by an enhanced revenue mix and continued cost optimization.
• Net profit landed at EGP 1.4bn declining 36% YoY due to non-operational items. Excluding such items including Vodafone Egypt’s one-offs, provisions, impairments and FX impact, net profit reaches EGP 1.7bn, almost flat YoY.
• In-service CapEx/sales recorded 16%, while cash CapEx reached EGP 4.8bn including the second instalment of the new spectrum.
• Net debt reached EGP 17.3bn, representing 1.2x of annualized EBITDA compared to 0.9x in FY2021 due to the EGP devaluation, without which it would have declined to 1.1x, while the effective interest rate declined to 4.6%.

Adel Hamed, Managing Director and Chief Executive Officer, commented:

“I am very proud with Telecom Egypt’s operational and financial performance during this quarter on all fronts despite encountering some challenges from global headwinds. The company continued to witness growth among its BUs, with top line growing 12% YoY and EBITDA margin reaching 38%, in line with our guidance. Retail led the growth (+16% YoY), thanks to higher data revenue driven by a growing customer base across all services and healthy ARPU trends. This growth led to organic flat operating and net profit YoY, managing to lessen the impact of higher D&A costs in light of the new spectrum acquired and the devaluation accounting treatment. We continue to focus on FCFF, which organically came in at EGP 0.7bn, excluding the payment of the new spectrum’s instalment. The company was able to navigate through several challenges this quarter and we continue to look forward to growth across the P&L and thrive for additional revenue streams and cost optimization efforts to future-proof the organization and enhance value to our shareholders. Our strategy to achieve these financial goals revolves around enhanced customer experience, we have put together an all-encompassing plan targeted at each customer touchpoint to move from improved service quality, to refined products to a consistent and convenient service to all customer groups across our different business units. Such plan will not only improve our value proposition to our customers, but also make us more efficient, available and ready for the future.”

Telecom Egypt today announced the signature of a commercial agreement with Orange Egypt for national roaming services. The five-year agreement, which extends until the end of 2027, will ensure that Telecom Egypt continues to provide high-quality voice and data mobile network coverage to its customers nation-wide.

This deal comes in light of Orange Egypt winning the tender for national roaming services that Telecom Egypt issued to all mobile network operators due to the impending expiration of the current agreement. Orange Egypt submitted the best technical and financial offer in terms of value and return. This new agreement provides a number of competitive, technical, and commercial advantages that will boost the development of Telecom Egypt’s services and enhance its position in the Egyptian mobile market. It’s worth noting that the current agreement, which ends in December 2022, enabled Telecom Egypt to introduce its mobile services for the first time in 2017.

Furthermore, the agreement represents a significant milestone in the strategic relations between the two companies as it is the most advanced agreement—to date—due to the exceptional business model and extensive operational standards included in the service-level agreement. It also fulfills Telecom Egypt's continuous efforts to provide high-quality mobile services and confirms Orange Egypt's constant keenness to harness the latest technological capabilities to provide such services.

Adel Hamed, Telecom Egypt’s Managing Director and CEO, commented:

“This step confirms the depth of the strategic relationship between Telecom Egypt and Orange Egypt, and both companies' keenness to develop the telecom services in the Egyptian market. The new milestone will cement our position as a strong contender in the mobile market through the technical, commercial, and financial benefits—in particular, financial savings for our mobile call costs starting in 2023, which will improve the business line and consequently the overall margin—in line with our growing customer base. Concurrently, Telecom Egypt is committed to expanding its mobile network coverage by rolling out its mobile sites all over Egypt to provide superior telecommunication services to its customers.”

Yasser Shaker, Orange Egypt’s CEO and Managing Director, commented:

“We are pleased with signing this new agreement, which enhances the strategic cooperation between both companies and supports our strategies to provide the latest ICT services in the Egyptian market. Orange Egypt is keen on driving up investments to develop and modernize its networks in line with the latest global technologies to meet progressive customer needs.”

Telecom Egypt, Egypt’s first integrated telecom operator, signed an agreement with the "LUMEN" US to create LUMEN's first regional focal point in Egypt to provide Internet services to telecommunications companies in Egypt, Africa, Asia and the Middle East, in partnership with Telecom Egypt and based on its distinct international network.

This was during an interview with Eng. Adel Hamid, Managing Director and CEO of Telecom Egypt, and Ms. Anita Murphy, the regional head of LUMEN, at the company's headquarters in London in the presence of a high-level delegation of the two companies.  

On the sidelines of this visit, a joint cooperation between the two companies was discussed in the Arab region, Africa, Asia and the Middle East.

The service is expected to start in the first quarter of 2023. The selection of Telecom Egypt by LUMEN, as a strategic partner in the region reflects great confidence in Telecom Egypt advanced infrastructure which includes the RDH Regional Data Centre in the Smart Village in Cairo, which links to 14 marine cables, reaching 18 marine cables by 2025 spanning more than 140 landing points in more than 60 countries around the world, as well as the data center in Alexandria.

LUMEN is one of the world's most important and largest Internet service providers Tier-1. Egypt's focal point is the first of its kind in Africa, Asia and the Middle East, making it a distinct step in improving the efficiency and quality of Internet services in Egypt, the region, Africa, Asia and the Middle East.

21 June 2022

Telecom Egypt, Egypt’s first integrated telecom operator and one of the largest subsea cables operators in the region, and Grid Telecom, a wholly owned subsidiary of the Independent Power Transmission Operator (IPTO) of Greece, signed Heads of Agreement to connect Greece and Egypt by extending a branch from a major subsea cable system, which is currently being laid across the Mediterranean Sea. The agreement was signed at Telecom Egypt’s headquarter in Cairo by the Managing Director and CEO of Telecom Egypt, Adel Hamed, the Chairman and CEO of IPTO, Manos Manousakis and the Director of Grid Telecom, George Psyrris.

The planned connectivity between Egypt and Greece will serve the increasing data traffic between Africa, Asia and Europe creating a new reliable telecommunications corridor interconnecting the three continents. It will be the shortest possible path crossing the Mediterranean basin to reach the Balkans region as well as other important destinations like Genoa and Marseilles over hybrid terrestrial and submarine networks.

Earlier this year, on the 9th of February, Telecom Egypt and Grid Telecom signed a strategic Memorandum of Understanding (MoU) in Athens which had set the ground for the exploration of different connectivity options between Greece and Egypt, as well as the optimal utilization of Telecom Egypt’s and Grid Telecom’s state-of-the-art networks and international reach, through their existing and future optical fiber links to neighboring countries.

The Managing Director and CEO of Telecom Egypt, Adel Hamed, commented:

“With the increasing demand for connectivity regionally and around the globe, Telecom Egypt is working on improving and extending its international network and continuously investing in new cables. Our collaboration with Grid Telecom will increase our network's resiliency and reach.”

The Chairman and CEO of IPTO, Manos Manousakis, stated:

 "The Southeast Mediterranean incubates major synergies that will contribute to the wider region's emergence as a significant hub for both data and energy. In this context, with the fact that Egypt is a key hub location for all subsea cables from East to West, we are very pleased that the cooperation between IPTO's subsidiary Grid Telecom and Telecom Egypt, will bring a new international route that will enhance the strategic role of Crete island as a neutral open-access node on the intersection of three continents."

13 December 2022

Telecom Egypt, Egypt’s first integrated telecom operator and one of the largest subsea cables operators in the region, and Grid Telecom, a wholly owned subsidiary of the Independent Power Transmission Operator (IPTO) in Greece, signed a collaboration agreement to build a subsea system connecting Egypt and Greece. Egypt’s Minister of Telecommunications and Information Technology, Dr. Amr Talaat, witnessed the signing ceremony held in Cairo, Egypt. The Managing Director and CEO of Telecom Egypt, Adel Hamed, and the Chairman and CEO of IPTO, Manos Manousakis, signed the agreement.

This agreement is a testimony of the strategic cooperation between Telecom Egypt and Grid Telecom. It comes in line with Telecom Egypt's strategy of strengthening its infrastructure, expanding its international network, and increasing its entry points to Europe by providing an eastern gateway via Greece through the new subsea system. The system will connect Port Said in Egypt to Crete island--making it the shortest, lowest latency, Mediterranean path between Egypt and Europe, extending northwards to the Balkans region and adjacent important destinations in Central and Western Europe, and southwards to the Arabian Peninsula and other regions in Africa and Asia. This also reinforces Egypt’s strategic position as an international telecommunications hub linking the East and West.

Earlier this year, Telecom Egypt and Grid Telecom signed a strategic Memorandum of Understanding, which set the ground for the exploration of different connectivity options between Greece and Egypt--through existing and future optical fiber links. This was followed by the signing of a Heads of Agreement to build this new subsea system extending the mutual international reach to neighboring countries.

The Minister of Communications and Information Technology of Egypt, Dr. Amr Talaat, stated that:

“This significant agreement, which intends to create a new subsea system connecting Egypt and Greece across the Mediterranean Sea, strengthens Egypt's strategic capacity in the realm of international subsea cables by opening a new landing site in eastern Europe on the Greek coast. It also provides a strategic advantage, particularly given that more than 90% of the data flow between East and West passes via Egyptian territorial waters and lands.” He further added that the signing of this agreement is the culmination of ten months of hard work since the start of the negotiations during his February visit to Greece where he witnessed the signing of a Memorandum of Understanding between Telecom Egypt and Grid Telecom with the aim of connecting the two countries using subsea cable systems.

The Managing Director and CEO of Telecom Egypt, Adel Hamed, commented:

"Telecom Egypt is continuously developing and extending its international infrastructure. Our collaboration with Grid Telecom will add explicit value to our robust reach worldwide to more than 140 destinations in over 60 countries. Our investments in new systems and solutions reiterate our leading position thanks to the multiple layers of our infrastructure diversity, which include establishing new subsea landing stations and crossing routes that will cater for the rising global demand for international capacities.”

The Chairman and CEO of IPTO, Manos Manousakis, stated:

"IPTO Group is taking the initiative to transform Greece into a critical energy and data hub of high geopolitical value at the crossroads of Europe, Africa and Asia. In this context, the fact that Egypt is a key international telecommunications hub for all subsea cables from East to West, creates strong synergies and win-win business opportunities. We are very pleased that the cooperation between IPTO’s subsidiary Grid Telecom and Telecom Egypt has culminated in building this subsea system, bringing a new international route that will enhance the strategic role of Crete island as a neutral open-access connectivity node in the wider Balkans – Mediterranean region."

Consolidated revenue landed at EGP 20.4bn, up 17% YoY, mainly attributed to an 18% spike in retail revenue and 16% increase in wholesale revenue due to higher data, infrastructure, and capacity sales.

Customer base grew YoY on all fronts, with fixed voice and data subscribers increasing by 10% and 13%, respectively. Mobile customers increased by 44%, which included 3.6mn additional subscribers comprising 2.1mn related to the schools project and social solidarity initiatives.

EBITDA amounted to EGP 8.1bn, recording a strong 40% margin due to an improved revenue mix.

Net profit came in at EGP 3.8bn; excluding non-operational items, it reached EGP 4.1bn, recording a 16% YoY growth, thanks to the robust operational performance, higher Vodafone investment income, and lower interest expense, which all together overshadowed the 27% increase in D&A costs.
 

Net operating cash flow landed at EGP 8.3bn, representing 103% of H1 2022 EBITDA.

In-service capex/sales recorded 14%, while cash capex/sales recorded 39% (31% excluding spectrum fees), landing at EGP 8bn.

Net debt to annualized EBITDA reached 1.1x down from 1.2x in Q1 2022, with total debt down 6% QoQ.

H1 2022 FCFF organically reached EGP 0.6bn (noting that FCFF would reach EGP 1.8bn after considering the dividends received from Vodafone Egypt in July 2022).

Adel Hamed, Managing Director and Chief Executive Officer, commented:

"I am pleased with our excellent interim results year-to-date despite the myriad of global challenges, which include devaluation, inflation, and supply chain pressures. We’ve clearly demonstrated our resilience, as revenue grew organically across all business units. H1 2022 top line grew 17% YoY on strong retail performance with data continuing to be the main driver, comprising 52% of total top line growth. Furthermore, we still managed to maintain healthy margins even though we brought-forward the 2023 salary increase to April 2022—as an incentive for our employees during these challenging times. Additionally, our optimum debt structure enabled us to absorb the adverse effect of the EGP’s devaluation, resulting in a flat effective interest rate of 5.5%. Accordingly, our robust performance has filtered through to an organic FCFF of EGP 0.6bn, in addition to EGP 1.2bn dividends received from Vodafone Egypt in July 2022 under the modified Shareholder’s Agreement.

We look forward to preserving the momentum witnessed on all fronts by monetizing our local & international infrastructure assets to capture the market potential while also rationalizing our incurred costs without compromising on the quality of services provided to end users. On that front, we are eager to leverage our newly-signed national roaming services agreement with Orange Egypt. This step that mirrors our constant efforts to develop our services portfolio while boosting the mobile business margin & the company’s profitability at large.

As always, we will pursue value-accretive opportunities in the market to steer the company towards more success, ultimately maximizing the return to our shareholders.”

02 June 2022

Telecom Egypt and Etisalat Misr signed six new commercial and strategic agreements, a step that comes within the framework of a joint cooperation between both parties to maximize their returns and support the development of new technologically advanced services to end users in the local market.

The agreements entail the provisioning of services by Telecom Egypt to Etisalat Misr including infrastructure, access and voice services allowing Etisalat to provide premium services to its customers nation-wide capitalizing on Telecom Egypt’s network, with the largest agreement being a 10-year transmission agreement with a total value of EGP 12.5bn. This agreement will secure the current and future expansions of Etisalat Misr’s network on Telecom Egypt’s infrastructure. Moreover, a Fiber to the site (FTTS) agreement was signed, a new cooperation between both companies, whereby Telecom Egypt will provide access services with ample capacities on optical fiber for Etisalat Misr’s mobile towers. These agreements come in addition to some amendments to a number of existing agreements.

The two companies also signed a modification to the national roaming agreement signed earlier in 2017, to enable Telecom’s Egypt’s demand for growing capacities on Etisalat Misr’s network during the year 2022, beside setting the ground for a more flexible and appropriate mechanism for the expiration of this agreement, which is due by end of year.

Adel Hamed, Telecom Egypt’s Managing Director and Chief Executive Officer, commented:
"We are very happy to have signed these agreements with Etisalat Misr, as this step fosters the cooperation between both companies to best serve their customers. Over the past years, we have been investing heavily in upgrading our backbone network and we are working on maximizing the returns on our infrastructure investment and continue to serve the local telecom market."

Hazem Metwally, Chief Executive Officer of Etisalat Misr, said:
“We are proud of our collaboration with Telecom Egypt, which affirms our leadership within the technology and telecom fields, playing a vital role in leading the digital future in Egypt. We are keen on investing in further strengthening and upgrading our network to meet the needs of Egypt’s market for data usage. Such investments will positively reflect in the quality of services provided to end users and comes in-line with the country’s digital transformation strategy as well as our mission to enrich people’s lives. During the upcoming period, these agreements will play an integral role in the company’s solutions that will be introduced for the first time in the Egyptian market.”

April 2022

Telecom Egypt, Egypt’s first integrated telecom operator and one of the largest subsea cables operators in the region, announces that EG-IX, the first open access internet exchange in Egypt, is live and available for customers as of today. The new Internet Exchange, powered by AMS-IX, is intended to enhance the digital experience of internet users in Egypt, Africa, and the Middle East.

EG-IX is hosted inside Telecom Egypt’s largest certified tier III data center located in Smart Village in West Cairo and named Regional Data Hub (RDH). RDH is connected with advanced fully meshed network securing the access to 14 submarine cable systems, to be increased to 18 cable systems by 2025. EG-IX is based on the IX-as-a-Service (IXaaS) solution offered by AMS-IX, the world leading interconnection platform service provider, and will act as an open access Internet Exchange Platform for large content delivery network, application and cloud providers and telecom carriers who are looking to enhance the digital experience of end customers in MEA region.

IXaaS solution supports Telecom Egypt to set up and run a state-of-the-art internet exchange point in Egypt capitalizing on more than 25 years of AMS-IX’s experience in such field.

EG-IX Platform will support Telecom Egypt in its efforts to improve the quality of internet services in Egypt. Moreover, this exchange point will strengthen Egypt’s position as an international connectivity hub, further highlighting the potential of the growing digital sector in the region.

Adel Hamed, Managing Director and Chief Executive Officer, commented:

"We are pleased to announce that EG-IX, which is hosted within the RDH, the largest tier III certified data center in Egypt is going live now in partnership with AMS-IX. The launch of the EG-IX platform will support Egypt’s digital transformation plans. This step will not only enhance the country’s internet ecosystem, but also support the ongoing regional efforts to establish a regional digital ecosystem that aggregates internet traffic from Africa and the Middle East."

Peter van Burgel, AMS-IX CEO, said:

“The launch of EG-IX is a great milestone for AMS-IX, Telecom Egypt and the Internet community. This new Internet Exchange will enable networks from all over the world to directly connect and exchange traffic, which will lower the cost of peering, reduce latency, and enhance the quality of the Internet for countless end users.”

Telecom Egypt (WE), Egypt’s first integrated telecom operator, signed a cooperation protocol with Beverly Hills for Cities & Resorts Management to provide integrated telecommunications services to Beverly Hills Compound. The agreement was signed by Mr. Mohamed Abu Talib, the Executive Vice President of Commercial Affairs in Telecom Egypt, and Mr. Karim Husseini CEO of Beverly Hills company.

Under this protocol, Telecom Egypt (WE) is to implement the technology infrastructure of the closed Beverly Hills Urban Project and the fiber-optic network supply required to deliver high-speed Internet to all residential, administrative and commercial units of the project to make all integrated telecommunications services including fixed phone, high-speed Internet, IPTV Internet broadcasting and other advanced telecommunications services available.

Eng. Adel Hamed, Managing Director and CEO of Telecom Egypt said "We are happy to sign this protocol with Beverly Hills for Cities & Resorts Management, to provide the latest integrated telecommunications services in its projects, based on the advanced infrastructure and extensive technical expertise of Telecom Egypt, which enables it to provide state-of-the-art telecommunications and information technology services to major real estate projects in Egypt in line with the latest telecommunications technology in the world."

For his part, Karim Husseini, CEO of Beverly Hills for Cities & Resorts Management, said that "The company's management has signed a strategic cooperation protocol with Telecom Egypt (WE) for its previous experience in this field as it is one of the leading companies in providing the best service for high-speed Internet via fiber-optic cables and other advanced telecommunications services in order to provide the highest level of service to the people of Beverly Hills. "

Mohamed Aboutaleb, , the Executive Vice President of Commercial Affairs in Telecom Egypt said: "The collaboration with Beverly Hills for Cities and Resorts Management Company emphasizes the company's ability to gain the confidence of Egypt's major real estate developers and its ability to provide the best level of telecommunications services that keep pace with the evolving needs of customers."

The 2Africa consortium, comprised of China Mobile International, Meta, MTN GlobalConnect, Orange, stc, Telecom Egypt, Vodafone and WIOCC, announced today the first landing of the 2Africa cable - in Genoa, Italy. The landing sets the tone for more landings in the coming months as the cable is extended to a total of 46 locations by the completion of the project in 2024.

Announced in May 2020, the 2Africa subsea cable system together with its Pearls extension are designed to deliver seamless international connectivity to approximately 3 billion people, representing 36% of the global population and connecting three continents, Africa, Europe and Asia. At 45,000km, it will be the longest subsea cable ever deployed, serving communities that rely on the internet for services from education to healthcare and business, with all experiencing the economic and social benefits that come from this increased connectivity. 

Vodafone, the 2Africa landing party in Genoa, has partnered with Equinix to land the cable directly into the Equinix Carrier Neutral Data Center (CNDC), with Retelit delivering the fronthaul. As with all 2Africa cable landings, capacity will be available to service providers in Genoa on a fair and equitable basis, encouraging and supporting the development of a healthy internet ecosystem. 

Working with a local Italian operator, 2Africa has also developed a new terrestrial route connecting the Genoa cable landing station (CLS) directly to major CNDCs in Milan. Good progress on the survey work and manufacturing continues with the 2Africa project remaining on track for completion in 2024.

22 February 2022

Full Press Release 

Telecom Egypt, Egypt’s first integrated telecom operator and one of the largest subsea cables operators in the region, announced that it is extending its reach through the Southeast Asia-Middle East-Western Europe 6 (SEA-ME-WE 6) subsea cable, as part of the cable’s consortium. The new cable will cross Egypt over the company’s distinctive infrastructure through trans-Egypt’s new geo diversified crossings and landing points from the other cables in the SEA-ME-WE family.

With the rising demand for connectivity coupled with the dynamic digital transformations that are triggering higher levels of data transfers from Asia to Europe, SEA-ME-WE 6 provides an additional layer of diversity and resilience for the high traffic density route between Asia and Europe, strengthening the overall network of each consortium partner. The added flexibility means service providers in the consortium can rapidly scale capacity, protect traffic from faults, and lower total cost of network ownership. The system is expected to be completed by the first quarter of 2025.

The construction has commenced on a 19,200 km-long submarine cable system connecting multiple countries between Singapore and France. The SEA-ME-WE 6 system has more fiber pairs and over double the capacities of existing SEA-ME-WE cables over its overall path. It will offer one of the lowest latencies available between Southeast Asia, the Middle East, and Western Europe, transferring more than 100 terabytes per second, the equivalent of 40,000 high-definition videos each second.

The SEA-ME-WE 6 consortium includes Bangladesh Submarine Cable Company, Bharti Airtel Ltd. (India) Dhiraagu (Maldives), Djibouti Telecom, Mobily (Saudi Arabia), Orange (France), Singtel (Singapore), Sri Lanka Telecom, Telecom Egypt, Telekom Malaysia, Telin (Indonesia), and Trans World Associates (Pakistan).

The Managing Director and CEO of Telecom Egypt, Mr. Adel Hamed, commented: 

“Our participation in SEA-ME-WE-6 is another key milestone towards our goal to diversify our submarine infrastructure and improve our global reach. We are honored to work alongside renowned global partners to contribute to improving user experience and serve customer demands for premium connectivity services in cable–landing countries. We are also pleased to provide the new cable that serves as the shortest and most reliable link between Asia, Africa, and Europe as it connects the Red and Mediterranean Seas. For years, we have succeeded in revamping our international infrastructure and increasing the geodiversity of our assets to keep pace with the rising global demand for uninterrupted high bandwidth services.”

WE, Egypt’s first integrated telecom operator, signed a cooperation agreement with ValU, the leading purchasing and later payment platform (BNPL) To enhance the evolving lifestyle in the Middle East and North Africa, to provide product installment service to customers at WE branches. The agreement was signed by Mr. Mohamed Abu Taleb, the Executive Vice President of Commercial Affairs in Telecom Egypt, and Mr. Walid Hasouna, CEO of ValU.

Under this agreement, Telecom Egypt provides installment service for the products it offers at its outlets throughout Egypt for up to 60 months without a deposit. This confirms Egypt's desire to achieve the highest level of customer satisfaction and meet their evolving needs and facilitate their access to products and goods available at its branches.

Mohamed Aboutaleb, Executive Vice President of Egyptian Commercial Affairs, Telecommunications, said: "We are pleased to sign this agreement with ValU to make the products installment service available at the company's outlets," adding that "such an agreement will allow customers of the company to obtain their different needs from the products that WE provides more easily."

Walid Hasouna, Chief Executive Officer of ValU, said: "Partnering with the main telecommunications company in the Egyptian market with an ever-growing customer base will allow ValU to expand its services to a larger number of customers." Hasouna also expressed his pleasure with this partnership, through which ValU will "add" a very important partner to its merchants’ network as well as providing innovative purchase and later payment solutions to our "WE" customer base. These partnerships are an integral part of our vision to always provide the best financial solutions to the largest customer base where we remain committed to promoting their lifestyles. "

Telecom Egypt (WE), Egypt’s first integrated telecom operator, signed a cooperation protocol with "Everest for Real Estate Development", to provide integrated telecommunications services in its administrative and commercial projects, notably the Bureau 58 Business Park project and the ZIA project. The agreement was signed by Mr. Mohamed Abo Taleb; the Executive Vice President of Commercial Affairs in Telecom Egypt, and Eng. Khaled Abdelsamie; the CEO of Everest for Real Estate Development.

According to this protocol, Telecom Egypt|WE is to execute the technological infrastructure of the Bureau 58 Business Park project and the ZIA project and extends the fiber-optics network required to supply high-speed Internet to all project administrative and commercial units of both projects, aiming at providing all integrated telecommunications services including landline, high-speed Internet services, IPTV and other sophisticated telecommunications services.

Eng. Adel Hamed, Managing Director and CEO of Telecom Egypt said "We are glad to sign this protocol with Everest for Real Estate Development, to provide the top-notch integrated telecommunications services to its projects, based on the advanced infrastructure and extensive technical expertise of Telecom Egypt, which enables it to provide state-of-the-art telecommunications and information technology services to major real estate projects in Egypt in line with the latest around the world"

On the other hand, Eng. Khaled Abd Al-Samei, CEO of Everest for Real Estate Development, said: "We were keen to collaborate with Telecom Egypt in our newest projects in New Cairo due to our interest in providing the highest levels of diverse and most flexible telecommunications services to our global corporate and restaurants’ base that has trusted our company and opened its branches in Bureau 58 Business Park and the ZIA.

Mr. Mohamed Abu-Taleb, the Executive Vice President of Commercial Affairs in Telecom Egypt remarked "Cooperation with Everest for Real Estate Development confirms the company's capabilities to gain the trust of the major real estate developers in Egypt and its ability to provide The best telecommunication services that keep pace with the evolving needs of customers.

14 June 2022

Telecom Egypt, Egypt’s first integrated telecom operator and one of the largest subsea cables operators in the region, and Aqua Comms, a leading provider of global subsea connectivity services, announced today the signature of a crossing and landing agreement for the Europe Middle-East India Connect 1 (EMIC-1) subsea cable in Egypt.

Under this agreement, Telecom Egypt will provide EMIC-1, which is a new intercontinental subsea cable and terrestrial fibre system, a seamless optical path between East Africa, Asia, and Europe. This is the first modern cable along this route, connecting up to 3 billion people to the internet and accommodating for the growing demand for data of the world's fastest growing regions. EMIC-1 ties into D9's (the owner of Aqua Comms) purpose, to improve connectivity around the world and bridge the digital divide.

EMIC-1 will land in Ras Ghareb on the Red Sea, and Port Said on the Mediterranean Sea side. The two landing stations are connected over two diverse terrestrial routes, deploying next-generation of fibre optics. The new routes are adjacent to the Suez Canal, between Suez and Port Said. Additionally, this crossing will also include a third new marine path, the Red Sea Festoon, that will link the Ras Ghareb and Suez landing stations with an option of the Suez Canal Route (a.k.a. the Al Morshedeen route), linking Port Said and Suez on the bank of the Suez Canal, offering a new level of resilience and diversity to the crossing solution.

The Managing Director and CEO of Telecom Egypt, Adel Hamed, commented:

“We are pleased to offer Aqua Comms a seamless trans-Egypt crossing for their new cable. For years, we have established tangible steps to revamp our international infrastructure and increase our assets' geodiversity to keep pace with the rising global demand for large bandwidth and global reach. We believe that EMIC-1 will be a valuable addition to the subsea cables landing in Egypt.”

Nigel Bayliff, CEO of Aqua Comms, said:

“We are delighted to work with Telecom Egypt to deliver a highly resilient and innovative solution that will be a critical part of our new EMIC-1 system. This new system will connect the key hubs in Europe of Genoa, Marseille and Barcelona with both Salalah, Oman and Mumbai, India serving these high-growth markets with best-in-class connectivity services.”

Telecom Egypt continues to expand the provision of International telecommunication services in the Middle East and sign an agreement with Orange Jordan to establish a new international route linking Iraq to Europe

Telecom Egypt, Egypt’s first integrated telecom operator and one of the largest subsea cables operators in the region, and Orange Jordan, the leading operator of integrated telecommunication services and a subsidiary of Orange Global Group, announced the signing of a strategic cooperation agreement to establish a new international route linking the State of Iraq to Europe across Egyptian and Jordanian lands.

The new track (CAB) CAIRO-AMMAN-BAGHDAD System is in line with the two companies' strategy towards expanding the delivery of the latest high-quality telecommunications services to operators in the Middle East region and specifically the Iraqi market depending on the distinct International distinguished structure of the two companies via multiple subsea cables. The two companies' networks will be integrated to provide high-quality, low-latency communications services through diversified and highly flexible routes to meet the growing demand for communications services in the Iraqi market.

The CAB system is expected to enter service during the third quarter of 2022 and once launched will be the most advanced fast track connecting Iraq to Europe, depending on Telecom Egypt’s infrastructure and Orange Jordan.

Eng. Adel Hamed, Managing Director and CEO of Telecom Egypt commented: "We are pleased to collaborate with Orange Jordan to build the new system, which will enrich the users experience in Iraq by providing services through a new highly flexible route." "We are proud to collaborate with Orange Group, our strategic partner, to develop communications infrastructure and improve the quality of services provided in the region."

Mr. Terry Marini, CEO of Orange Jordan, commented: "The new CAB route is a rich addition to the Iraqi market. Through this strategic partnership with Telecom Egypt, the company will be able to meet the growing demand for Internet services within Iraq through new high-reliability pathways that seamlessly connect Iraq with Europe. " "Orange Jordan is proud to be part of the CAB cable that will contribute to the enhancement of Internet services between Europe and Iraq, emphasizing its status as a leading digital service provider."

March 2022

Telecom Egypt cooperates with EIB to secure a €150 million investment to expand mobile broadband network

Telecom Egypt signed an agreement with the European Investment Bank (EIB) - the lending arm of the European Union - to secure a medium-term loan of € 150 million to expand Telecom Egypt’s 4G broadband network. 

The new developmental facility will be used to support Telecom Egypt in improving its mobile network coverage by deploying around 2,000 new mobile sites and installing additional capacity layers to its existing portfolio of mobile towers. The partnership, currently the EIB’s largest mobile network loan in Africa, will strengthen the network across Egypt, including less densely populated areas & enhance competition and affordability of services.

Adel Hamed, Managing Director and Chief Executive Officer, commented: 

“We are very pleased to secure this new credit line with EIB after extensive deliberations, including the presentation of our functional plan to improve our mobile network’s scale, an objective that comes in line with the bank’s priorities for developmental projects. Telecom Egypt will capitalize on its multiple financial resources, newly awarded spectrum and rich portfolio of valuable products, among other factors, to continue serving its growing customer base and strengthen its competitive position in the Egyptian telecom market.” 

Flavia Palanza, Director, EU Neighborhood Countries, European Investment Bank, said:

"This project will help accelerate large scale investment in mobile networks and ensure affordable access to digital services in Egypt. The EIB identifies the digital transformation as a catalyzer for innovation, employment and sustainable economic growth. We are pleased to partner with Telecom Egypt, a dynamic group engaged in its ambitious network expansion program, to offer a modern and broader access to connectivity throughout Egypt."

Tobias Krause, Deputy Head of Delegation, EU Delegation to Egypt said:

“Digital Transformation is a key pillar of this ambitious new phase of joint cooperation with Egypt. The EU aims to support Egyptian government efforts to secure resilient and affordable access to universal connectivity to the benefits of Egyptian citizens across the whole country. This project shows the commitment of our partners in the EIB, the EU’s lending hand, to support crucial inclusive digital infrastructure planning in Egypt. We will continue to work hand in hand with our Member States and European Financial Institutions as Team Europe to support Egypt’s human centric digital transition and to foster a sustainable, connected and inclusive economy and society.”

09 June 2022

Telecom Egypt is pleased to announce that it has received two awards in relation to the USD 500mn syndicated loan obtained in late 2021. The Europe, Middle East and Africa Finance magazine (EMEA Finance) granted TE the “best syndicated loan in North Africa” award and GCF Media Group (GFC), granted the company the “Structured Finance Deal of the Year” award. The loan was arranged by First Abu Dhabi Bank PJSC (FAB) and Mashreq Bank PSC (Mashreq).

The syndicated loan was 2.7x oversubscribed, after the 1.5x over subscription of the prior USD 500mn loan obtained in 2018, which portrays the confidence of reputable financial institutions in the company’s strategy and financial performance.

EMEA Finance is a leading information source that is dedicated to periodically report on financial events, challenges, opportunities and triumphs in emerging European, Middle Eastern and African financial markets, while GFC Media Group is specialized in organizing financing and investment conferences and events to improve connectivity, across the globe, between companies that are looking to raise capital and investors seeking to deploy it.

Adel Hamed, TE’s Managing Director and Chief Executive Officer, commented:

“We are happy to have received these 2 awards in recognition of our efforts to maintain an optimized capital structure that would support the company’s investment strategy and its profitability targets. We thank the arrangers of the syndication FAB and Mashreq for persistently believing in our efforts to improve the company and their continuous support to reach a structure that best fits our needs as well as the lenders. I would also like to thank Telecom Egypt’s multiple teams who worked on this syndication with our partner banks.

The new acquired facility was utilized to restructure debt maturities and lessen the finance costs, in line with the cash flow generation of the company, which has in turn supported Telecom Egypt achieve its operational and financial targets. Our strategy going forward is to deliver a value creating experience for our customers and we believe this will future-proof the organization and allow us to continue to deliver a progressive value to all our stakeholders.”

14 November 2022

9M 2022 key highlights

• Consolidated revenue increased by 22% YoY to report EGP 32.3bn, thanks to higher revenues from both data (+21% YoY) and cable projects—representing 39% and 30% of the total growth, respectively.
• Customer base grew on all fronts, with fixed voice reaching 11.4mn subscribers (+8% YoY), fixed broadband reaching 8.6mn subscribers (+12% YoY), and mobile subscribers reaching 11.9mn (+54% YoY).
• EBITDA landed at EGP 13.3bn, achieving a strong margin of 41% driven by an improved revenue mix.
• Operating profit landed at EGP 8.3bn, increasing by 30% YoY, overshadowing the 25% D&A increase.
• Net profit reached EGP 6.2bn; however, excluding one-offs (Vodafone reversals, provisions and FX impacts) normalized net profit grew 25% YoY to record EGP 7.1bn.
• In-service capex reported EGP 5.2bn, implying in-service capex/sales of 16%, while cash capex reported EGP 11.2bn, implying cash capex/sales of 35%. Excluding payment of the recently awarded spectrum and the 2G license instalments, cash capex/sales would reach 29%.
• Net debt landed at EGP 17.9bn (up from EGP 13.3bn in FY 2021) due to the currency devaluation, denoting 1x net debt/annualized EBITDA.

Adel Hamed, Managing Director and Chief Executive Officer, commented:

"I’m proud of the resilience Telecom Egypt is showing. The clear-cut wins quarter after quarter, and accordingly, positive 9M 2022 results, reflect our solid stance in the turbulent operational environment.

Data demand was the main contender for the 22% YoY upscale in top line—directly through retail data growth (21% YoY) and indirectly through higher cable project and domestic wholesale revenues recorded year-to-date. Meanwhile, EBITDA reached a strong margin of 41%, supported by an improved revenue mix, growing customer base and healthy ARPU on the operational front. Our net profit reached EGP 6.2bn, making up 19% of the top line.

Despite inflationary pressures witnessed across the various cost elements in 9M 2022 (the two-time salary increase, higher interest expense and currency devaluation—which inflated capex), we maintained our FCFF position in the positive territory, amounting to EGP 0.3bn, thanks to healthy operations and Vodafone dividends. However, excluding the payment of the recently awarded spectrum and the 2G license instalments FCFF would have reached EGP 2.3bn.

We’re confident that growing USD revenue streams and capex rationalization will continue to pay off—further enhancing our cash flow stance going forward. Additionally, we are committed to exceeding client expectations by providing cutting-edge technology services of the highest caliber while advancing the nation's digitalization program. By doing so, and with the plan in place to face further market disruptions, we are confident that we will continue our growth story moving forward. This will ensure that we remain resilient and financially sound, fulfilling our responsibility to all stakeholders. As always, we will have the best interests of all of our shareholders in mind if and when we need to make any investment-related decisions.”

March 2022

FY 2021 results: Telecom Egypt tops unprecedented financial performance with a 33% hike in proposed dividends

FY 2021 key highlights

Consolidated revenue grew 16% YoY, landing at EGP 37.1bn. The growth was mainly driven by a 30% YoY increase in data revenues, constituting 67% of top line growth, and a 26% YoY increase in infrastructure revenue.

Customer base grew on all fronts with fixed voice and broadband growing 12% and 16% YoY, respectively, and mobile customers growing 28% YoY, reaching 9.4mn.

EBITDA came in at EGP 14.2bn with a strong margin of 38% on an improved revenue mix.

Operating profit grew 42% YoY thanks to a high margin revenue mix and continued cost containment efforts, despite a 19% YoY growth in D&A.

Net profit reached EGP 8.4bn, growing 74% YoY driven by strong operational performance and higher investment income from Vodafone (+52% YoY).

In-service CapEx reached EGP 10.1bn, representing 27% of total revenue, while cash CapEx reached EGP 13.6bn (37% of sales).

Net debt to EBITDA declined 0.9x, compared to 1.6x last year, while the effective interest rate declined to 5.3% vs. 5.9% in FY 2020.

Operating cash flows doubled YoY, reaching an all-time high of EGP 16bn.

Dividend distribution proposed by the BoD is EGP 1/share (+33%YoY).

Adel Hamed, Managing Director and Chief Executive Officer, commented: 

"I am very proud of our FY 2021 results that reflect Telecom Egypt’s outstanding performance across the board. Our top line grew 16% YoY, mainly attributable to a 30% YoY spike in data revenue, while EBITDA climbed 28% YoY, recording a strong margin of 38%. Our net profit has hit a record-high EGP 7.7bn, organically up 52%. Our full year results clearly demonstrate that the strategy we adopted to reach financial and operational excellence is already bearing fruit, as we continue to see our growing margins translate to strong organic free cash flows of EGP 3bn, after excluding special dividends from Vodafone Egypt of around EGP 4bn.

Our remarkable performance is credited to our unique and valuable product offerings that cater to all customer segments, our internal system upgrades, and our ability to capitalize on our distinctive infrastructure that spans both Egypt and the region. Additionally, Telecom Egypt continued to contribute strongly to national digitization projects, including the new phase of the digital transformation initiative that involves connecting nationwide governmental buildings with fiber, in addition to the first phase of Hayah Karima, which involves connecting about 1,400 villages with Fiber to the Home (FTTH) technology.

Strategically, we have resumed our efforts to deleverage and decrease our cost of debt by utilizing our higher operating cash flows and the special dividends we received from Vodafone Egypt, which was a result of the new modified shareholders’ agreement with Vodafone Egypt, which provides us with visibility on our investment and expected returns going forward.

To conclude, 2021 is evidence that Telecom Egypt is a forward-focused company committed to maximizing shareholder returns and enabling Egypt’s sustainable development strategy. We look forward to continue delivering on our strategic goals throughout 2022.

WE introduces its newest product “WE MIX” starring Mekki & Wegz's strongest duet

Telecom Egypt |WE launched its rocket-like campaign of the phenomenal product “WE MIX" in Egypt, which is the only product that merges the mobile control bundle and the fixed internet in one package. The campaign was delivered by Mekki and Wegz starring together in a booming duet video production of a song that set all social media platforms on fire just hours after its publish.

That is how WE reintroduced its products' impact on users, reflecting the company’s mission of offering a vast range of products for different needs. Moreover, WE enables the users to enjoy the full package of mobile and fixed internet services to the fullest. Thus, this reflects Telecom Egypt’s leading position in the market as the first ICT services provider by granting users all the new and creative options.

"WE MIX” gives current and new users not only the combo of the biggest mobile control bundle and fixed internet in one system, but also the opportunity to share minutes and megabytes with family and friends. In addition, the mix provides users with the option of using the megabytes of their fixed internet for mobile if their mobile bundle was fully consumed. This option is considered the first of its kind in the Egyptian telecom market.

Mr. Mohamed Abo Taleb, the Vice President of Commercial Affairs at Telecom Egypt, announced, “The introduction of this phenomenal product for the first time in Egypt ensures Telecom Egypt’s leadership and its keenness to provide the best products and constantly develop them to keep up with the ever-growing needs of users,” adding that “the launch of WE MIX was a product of a thorough study of users’ needs and requirements."

30 May 2023

Q1 2023 key highlights

• Consolidated revenue grew 48% YoY to reach EGP 14bn, thanks to the growth witnessed across the board, especially wholesale units, which constituted 70% of the total growth, backed by 86% higher infrastructure revenues YoY and growing USD-denominated revenue streams.
• Customer base expanded across the board, with fixed voice and broadband growing 5% and 7% YoY, respectively, while mobile customers increased by 22% YoY to reach 12.4mn.
• EBITDA climbed 72% YoY, recording EGP 6.1bn and reflecting a robust margin of 44%, mainly driven by high-margin revenues.
• Adjusted operating profit jumped 101% YoY based on strong operational performance, offsetting the 31% higher D&A costs YoY.
• Excluding non-operating one-offs, net profit spiked up 144% YoY reaching EGP 4.1bn, in light of healthy margins and increased investment income--together overshadowing the higher D&A and finance costs.
• FCF landed at EGP 0.6bn, excluding the last tranche of the new spectrum, it reaches EGP 2.6bn, implying a FCF/EBITDA ratio of 43%.
• In-service capex landed at EGP 1.3bn (representing 9% of revenues), while cash capex reached EGP 6.1bn, recording a 43% cash capex to sales ratio. Excluding the spectrum payment, the latter ratio reaches 28%.
• Net debt/EBITDA on annualized basis recorded 1.2x vs. 1.4x in FY 2022 despite the inflated gross debt of +34% QoQ resulting from the revaluation of our hard currency obligations.

Mohamed Nasr, Managing Director and Chief Executive Officer, commented:

“It gives me great pleasure to assume my new role at Telecom Egypt, particularly by starting the year on a high note with such an impressive quarter to comment on. Inspired by our dedication to become the leading ICT provider, our Q1 2023 results reflect the company’s significant strengths and ability to capitalize on its diversified portfolio of assets and strategic location. Telecom Egypt continues to show momentum across both the operational and financial fronts. Top line witnessed a 48% hike YoY, while EBITDA shot up to reach 72% YoY. Data continued to be the main driver of retail revenue growth; meanwhile, the wholesale boom witnessed during the quarter is attributed to both higher volume sales and foreign currency appreciation. The overall growth across the board resulted in spikes in both the organic operating profit and net profit of 101% and 144% YoY, respectively. FCF came in at EGP 0.6bn, thanks to our growing operating cash flow of 63% YoY; excluding the last payment of the new spectrum, FCF reaches EGP 2.6bn. Despite the inflated gross debt due to foreign currency appreciation, we managed to reduce our annualized net debt/EBITDA to 1.2x vs. 1.4x in FY 2022, while maintaining our hard currency debt at an almost constant level QoQ.

We continue executing our strategy and we remain committed to expanding and diversifying our service offerings, growing our customer base, enhancing customer experience, as well as a compelling financial model to all our stakeholders, I’m certain we will reach even greater heights. I aim to fully leverage the team’s dedicated effort to continue forging ahead with our ambitious goals and strong execution to create lasting value, while setting the pace and growing the company’s position as the leading integrated telecom operator, now and well into the future.”

10 May 2023

Within its continuous efforts to enhance its value proposition, Telecom Egypt, Egypt’s first integrated telecom operator and one of the largest subsea cables operators in the region, announces the recent successful landing of the 2Africa subsea cable in Port Said. This milestone marks the second and final 2Africa landing in Egypt, coming five months after the first landing in the Red Sea city of Ras Ghareb. The landing in Port Said also marks the completion of 2Africa installations on Egyptian territory. It is worth mentioning that Telecom Egypt completed 2Africa's terrestrial crossing in Egypt ahead of schedule in 2020; meanwhile, in October 2022, it concluded the third marine path connecting the Ras Ghareb and Suez landing stations.

Since its early deployment of telegraph subsea cables connecting Africa, Europe, and Asia about 150 years ago, Egypt has been the most reliable and trusted hub linking the three continents. In addition to this well-established history in the subsea cable industry, Telecom Egypt capitalizes on the nation's extensive coastlines on both the Red Sea and the Mediterranean Sea (1,941km and 995 km, respectively), giving it a competitive advantage in providing a geodiverse, uniform integral system via an ever-expanding international network.

Mohamed Nasr, Managing Director and Chief Executive Officer at Telecom Egypt, commented:

“I’m pleased to be working with a team of top-notch professionals to pursue Telecom Egypt’s relentless efforts to strengthen its international infrastructure. Today, we are thrilled to announce that 2Africa has been connected to the Port Said station, our latest and final milestone in linking the world’s longest subsea cable to Egypt. Our contribution to the international submarine infrastructure demonstrates our commitment to offering state-of-the-art solutions to partners and customers both locally and internationally. In the coming phase, we aim to realize more of our potential as we work on new initiatives and roll out cutting-edge products that will take the ICT industry to the next level.”

Seif Mounib, Vice President for International and Wholesale at Telecom Egypt, commented:

“At Telecom Egypt, the deployment of a subsea system is not merely a commercial transaction. As such, landing a cable does not mark the end of the process; it ushers in a long-term partnership that lasts 25 years or more to ensure the secure lifetime operation of the cable. The company’s success stories over the years are a testament to this--in addition to being the subsea cable deployment partner of choice for more than 160 major subsea cable players. To date, Telecom Egypt has invested in cable landing stations and a total of 5,300km crossing routes. Meanwhile, the company’s numerous infrastructure projects aim to increase the robustness of the global high-density traffic routes, enabling its partners to grow, meet their communications needs, and ensure low-cost network ownership.”

Paul Gabla, Vice President of Sales and Marketing at Alcatel Submarine Networks, commented:

“Having worked with Telecom Egypt for decades to mutually serve the telecom community in laying subsea systems along Egypt’s coasts, we have witnessed the speedy improvement in their cycle of permits, approvals and landing-related logistics. In addition to Egypt’s privileged geo-location and its large territory bridging two main submarine cable routes, Telecom Egypt complements those enabling natural factors with its vast experience in landing subsea systems and a team of dedicated and skilled professionals capable of tackling and overcoming any potential operational challenges.”

Launched in May 2020 by a consortium of firms – Telecom Egypt, Meta, China Mobile International, MTN GlobalConnect, Orange, center3 (stc), Vodafone and WIOCC – and with the contracting of Alcatel Submarine Networks (“ASN”) to build the cable, the 2Africa subsea cable system is designed to deliver seamless international connectivity solutions and boost internet connectivity, linking Africa with the rest of the world. It further enhances Egypt’s position as a key international hub for global communication networks.

2Africa lands in two carefully-chosen sites in Egypt: on the Red Sea, it lands at the Ras Ghareb landing site, located 100km south of the Zafarana cable landing station, whereas the Mediterranean landing site, Port Said, is located 250km east of the Alexandria landing station. Both landing stations will connect via two terrestrial trans-Egypt routes adjacent to the Suez Canal. The crossing solution, deployed with next-generation fibre technology, will offer seamless optical paths between Africa, Asia, and Europe. It is complemented with the subsea festoon in the Red Sea on Telecom Egypt’s Red2Med cable system, which connects the Red Sea landing stations of Ras Ghareb, Zafarana, and Suez adding an extra layer of diversity to the crossing.

Upon completion in 2024, 2Africa will be one of the world’s largest subsea cable projects interconnecting Europe, Asia, and Africa. The 45,000km system will deliver more than the total combined capacity of all subsea cables serving Africa today. With its 16 fibre-pairs’ count and a design capacity of up to 180Tbps, 2Africa will connect 33 countries through 46 landings, ultimately enhancing global connectivity, and facilitating communications for over 3 billion people over fast, secure, cost-efficient routes. It will deliver much needed internet capacity and reliability across large parts of Africa, supplement the fast-growing capacity demand in the Middle East, and underpin the further growth of 4G, 5G and fixed broadband access.

As part of the 2Africa consortium, Telecom Egypt reaffirms its commitment to driving digital inclusion and development in Africa by increasing access to high quality internet services and investing in the network infrastructure to seamlessly match traffic between Africa, Asia, and Europe. It further highlights the global trust in Telecom Egypt’s infrastructure, which carries 90% of the international traffic crossing the Red Sea and Mediterranean Sea.

19 April 2023

Telecom Egypt is proud to announce the launch of its upcoming cybersecurity hackathon event as part of its corporate innovation hub WE Innovate sponsored by NTRA & EG-CERT. The event is scheduled to take place on 16-18 May in Egypt’s international exhibitions center in Nasr City, Cairo, Egypt and will bring together top cybersecurity experts and enthusiasts from around the Middle East to collaborate on creating innovative solutions for current and future cybersecurity challenges.

The hackathon will feature a variety of exciting challenges designed to test participants' skills and push the limits of their creativity. It will also offer networking opportunities with industry leaders and potential investors. Participants will have the chance to compete for a total of 15K USD cash prizes, recognition, and the opportunity to work with WE’s partners and the top industry experts to bring their solutions to market.

"We're thrilled to be launching this hackathon as part of our larger corporate innovation program WE Innovate," said Walaa Salah-Eldin, WE’s CSO. "This event is a great opportunity for us to engage with top talent in the cybersecurity space and drive innovation forward."

About WE Innovate:

The cybersecurity hackathon event is just one of the many initiatives that make up WE Innovate, telecom Egypt’s larger corporate innovation hub focused on cybersecurity. This program is designed to foster innovation, collaboration, and creativity in the cybersecurity space by bringing together industry leaders, startups, and researchers from around the Middle East. Other program components include a security training track, a startup accelerator, and strategic partnerships with leading organizations in the cybersecurity space.

Telecom Egypt announces changes to board structure and executive management
28 March 2023

Telecom Egypt today announces that Eng. Mohamed Nasr Eldin Mohamed Ali has been appointed as Managing Director and CEO of the company to succeed Eng. Adel Hamed Ibrahim Gadallah. The board of directors (the “Board”) has accepted Eng. Adel Hamed’s request to be relieved from the position of Managing Director and CEO to assume a new role at the Ministry of Communications and Information Technology. However, Eng. Hamed will remain on Telecom Egypt’s board of directors as a non-executive member. The Board meeting held today has approved these changes and are effective immediately.

Dr. Maged Osman, Chairman of the Board, commented:

“The Board appointed Eng. Mohamed Nasr ElDin as the new Managing Director and CEO given his track record and profound ICT experience, including his previous role as Head of Telecom Egypt’s International Cables and Networks Business Unit in 2014. We are confident he is the ideal candidate to take over the helm and maintain Telecom Egypt’s leadership in various areas at the local and international levels, while continuing to drive quality and sustain customer base growth, maximizing our assets and creating value for all our stakeholders and the society at large. We wish him success in his new role. I would also like to thank former Managing Director and CEO Eng. Adel Hamed for his distinguished efforts and successful leadership of the company despite the many challenges we faced in the previous period. I wish him all the best in his new position and future endeavors.”

Eng. Mohamed Nasr Eldin, Managing Director and Chief Executive Officer, commented:

”I'd like to thank Telecom Egypt's Board of Directors for entrusting me with the role of Managing Director and CEO at this critical juncture. I am eager to work with the Board and executive management team to achieve greater success for the company and further develop our customer-focused culture, all while looking out for the best interests of all other stakeholders, including shareholders, investors, and partners. I will devote all my efforts to execute the company’s vision and strategy of becoming the leading ICT provider while maintaining and growing its position as the leading integrated telecom operator. My priorities include developing and diversifying the mix of services to suit our rapidly-evolving customer needs, providing distinguished customer experience at all levels and expanding our customer base. I also look forward to leveraging the company's distinguished pool of talent to maximize all available opportunities for success and growth. Finally, I would like to thank Eng. Adel Hamed for his exceptional leadership during the preceding challenging period.”

Eng. Mohamed Nasr Eldin was appointed as a member of Telecom Egypt’s Board of Directors in July 2020, representing the government.

He joined Telecom Egypt in 2004, eventually becoming Head of the International Cables and Networks Business Unit in 2014. During that period, Eng. Nasr Eldin undertook several initiatives that contributed to maximizing Telecom Egypt's revenues and capitalized on Egypt’s strategic position as a route for international submarine cables.

From May 2020 until March 2023, he was Deputy ICT Minister for Global Information Infrastructure at the Ministry of Communications and Information Technology. With over 20 years of experience in the telecommunications sector, Eng. Nasr Eldin specializes in the planning, development, and operations of submarine cables and international networks. He also has extensive experience in managing international programs and projects, having held several positions since 2016 at PCCW Global--the global operating division of Hong Kong Telecom--including Head of Subsea Cable Infrastructure; Vice President of Cable Innovation, Planning, and Management; as well as Assistant Vice President of Cable Development for the Europe, Middle East, and Africa region. His key role at PCCW included planning for new submarine cables and carrying out the corresponding feasibility and investment studies.

Eng. Nasr Eldin earned a bachelor’s degree in Telecommunications Engineering from Al-Azhar University in Egypt in 2001 and also holds an MBA

06 March 2023

• Consolidated revenue increased by 19% YoY to report EGP 44.3bn in FY 2022, backed by the 21% and 17% increase in retail and wholesale revenues, respectively, thanks to the EGP 3.2bn increase in data revenue, followed by other enterprise and cable projects revenues, each increasing EGP 0.9bn YoY.
• Customer base expanded across the board, with fixed voice and broadband growing 5% and 9% YoY, respectively, while mobile customers increased by almost 3mn subscribers backed by 1.5mn new customers from mega projects.
• EBITDA landed at EGP 17bn (+23% YoY), implying a strong margin of 39% on higher revenue mix, meeting management’s guidance and easing the inflationary pressures reflected on some cost elements.
• Operating profit grew 16% YoY despite the 25% increase in D&A. However, normalized for the one-off provision costs, it grew by 22% YoY to report EGP 10.3bn.
• Net profit increased by 9% YoY reaching EGP 9.2bn, backed by the strong operational performance. However, excluding one-offs—comprising lower income from Vodafone (mainly caused by currency devaluation), the aforementioned provision reversal and FX impact — normalized net profit would have recorded EGP 10.1bn, growing 31% YoY and implying a margin of 23%.
• In-service capex landed at EGP 12.6bn (representing 28% of revenues, +1% YoY). Cash capex reached EGP 19bn, whereas by excluding spectrum and license fees, it reaches EGP 13.7bn.
• Net debt/EBITDA recorded 1.4x vs. 0.9x in 2021; however, the Effective Interest Rate (EIR) declined to 5.5% vs. 7% in the same period, despite the inflated gross debt of +89% YoY resulting from the USD appreciation.
• Dividend distribution proposed by the BoD is EGP 0.75/share.

Adel Hamed, Managing Director and Chief Executive Officer, commented:

"Telecom Egypt has once again extended its growth momentum, delivering a strong quarter and closing 2022 on a high note. Despite the continued market challenges, our clear strategy and enhanced operational efficiency have enabled us to meet our objectives.

FY 2022 revenue increased by 19% YoY, arriving at EGP 44.3bn. Our customer base continues to expand, particularly mobile subscribers, which increased by 3 million. EBITDA increased to EGP 17.4bn, marking a robust 39% margin due to higher revenue across the board—which offset the inflationary pressures witnessed across different cost elements. Net profit increased 9% YoY reaching EGP 9.2bn, while normalized net profit would have reached EGP 10.1bn, up 31% YoY. We recorded a FCFF of EGP 3bn after excluding spectrum and license fees; nonetheless, we deemed such investments crucial as we strive to continue growing our customer base and enhancing service quality.

We look forward to continuing our growth story well into 2023. As such, we seek each and every possible opportunity to monetize our investments and strengthen our performance, while keeping a close eye on expanding our reach and rationalizing different cost elements — as witnessed through our newly signed national roaming agreement with Orange Egypt, which kicked in at the end of 2022 and is expected to drive annual savings of EGP 1bn, starting 2023. I believe that our core values of providing the most reliable and advanced ICT services, while fortifying our international presence in the connectivity space, will continue fuelling our growth momentum, benefiting all our stakeholders, and delivering a decent value to our shareholders. In that regard, I’m pleased to share that despite the global economic conditions and macro challenges, the BoD has proposed to pay out a dividend of EGP 0.75/share for FY 2022.”

Telecom Egypt announces that the National Telecom Regulatory Authority (NTRA) has accepted its financial and technical offer to obtain an additional 5MHz of spectrum in the 1800MHz band using FDD technology. The 10-year spectrum allocation was competitively priced at USD 125mn compared with the spectrum awarded in late 2020.

The company viewed this as a strategic move to support heavier traffic from a growing customer base while cost-effectively improving service speed and quality. The additional spectrum will boost voice and data service quality, increase network coverage around the country, and support the fast-paced evolution of customer needs and aspirations. Furthermore, with fast data rates, low latency, and good coverage, the additional spectrum will also provide future business and technological advantages for all beneficiaries. WE customers will be able benefit from the enhancement almost immediately as the company is technically ready to operate the additional spectrum. Moreover, injecting new investments in the allocated spectrum and utilizing advanced technological solutions is yet another concrete milestone in Telecom Egypt's transition from a fully integrated telecom provider to become the country’s leading ICT provider.

Adel Hamed, Managing Director and Chief Executive Officer, commented:
“We are delighted that Telecom Egypt's request for more spectrum has been accepted. Together with our current spectrum packages, this additional package will enable us to continue providing competitive, highly-efficient connectivity while accommodating for the rapid expansion of our mobile customer base. We intend to leverage our licenses to deliver value that meets the aspirations of both businesses and consumers, while also providing cost efficiencies for the company and maximizing shareholder value.”

WE starts the new year 2023 with a development of its brand under the slogan "Like no other”

10 January 2023

WE announced the development of its brand and slogan at the beginning of the New Year 2023, in celebration of the reach of 12 million mobile customers with a market share exceeding 10% within 5 years of the launch of WE brand to become the first integrated operator within the Egyptian telecommunications market.

The slogan becomes "Like no other" in line with the company's plan and strategy during the next phase and its transformation from the first integrated telecommunications operator to the first digital operator to provide innovative and different digital solutions and services that contribute to enhancing the digital economy and accelerating the transition towards a digital society, commensurate with the leadership of Telecom Egypt as one of the largest ICT providers in the region.

On this occasion, WE launched its new promotional campaign that brought together many artists and stars, Hind Sabri, Amr Saad, Nadine Najim, Hoda al-Mufti, Nur al-Nabawi and Marwan Musa as an expression of addressing all segments of customers with different interests in the Egyptian society and providing them with state-of-the-art services that meet their needs and future aspirations.

To complement the development and modernization processes of the company, WE will maximize the investments that are constantly being made to reinforce networks, develop infrastructure and provide value-added services to become the Egypt's newest network.

Eng. Adel Hamid, Managing Director and Chief Executive Officer of Telecom Egypt| WE expressed his pleasure of TE’s performance in the last few years and how the number of mobile customers reached 12 million in a new accomplishment flagged by the company.

In a real translation of its strategy, WE confirms its steady steps towards transformation into a digital operator, the future model of telecommunications services in the coming years, depending on the latest networks and technologies to meet the needs of its customers.

He added that Telecom Egypt vision is based on providing digital telecommunication services to empower the Egyptian society and support the state's plans towards digital transformation by providing the best services of the highest possible quality, thereby enhancing market value.

He also stressed that the change in the company's brand is not only a change in the shape, but also a change in the content and quality of services that the company seeks to launch in the coming period with a new dimension to digital services that contribute to enriching the experience of its customers and enhance its leadership within the Egyptian market.

Mohammed AbuTaleb, Executive Vice President of Commercial Affairs, confirmed that after 5 years since the launch of the WE brand, the company was able to reach various customers and sectors with different interests under the fierce competition within the local telecommunications market, which is nearly saturated 110%.

The company succeeded in building and gaining the customers trust year after year and proved, with its customer base of up to 12 million customers, that it deserves this trust. The company's endeavor to improve its infrastructure is clearly reflected in the quality and efficiency of the company’s voice and data services.

Abu Taleb added that the change of the company’s brand from "Before any one" to "Like no other” is an interpretation of the company's strategy in the coming period, which is to provide innovative and different services and solutions to enable its customers to have a more distinctive experience of ICT solutions and services that meet their future interests and needs.

24th Dec, 2025

China Mobile International (CMI) and Telecom Egypt have announced a strategic commercial agreement signed by Mr. Wang Hua, Chairman and Chief Executive Officer of CMI, and Mr. Mohamed Nasr, Managing Director and Chief Executive Officer of Telecom Egypt. This landmark commercial agreement capitalizes on both companies’ investments in subsea cable infrastructure and resource sharing to address the rapidly growing data needs of businesses and consumers worldwide. This partnership also includes a suite of innovative, enterprise-grade digital and business services tailored to meet the dynamic needs of enterprises in Egypt and across the region.

This strategic agreement marks the deepening of the relationship between CMI, a wholly owned subsidiary of China Mobile—renowned for operating the world’s largest network, serving the largest customer base, and leading in profitability, brand value, and market rankings—and Telecom Egypt, the total telecom services provider in Egypt and one of the largest subsea cables operators in the region.

A key element of this partnership is the international infrastructure commercial agreement, which centers on expanding the global reach of both companies, reinforcing their shared commitment to delivering high-quality, uninterrupted services in an increasingly interconnected world. This transaction strengthens the diversity and resilience of both companies' networks by providing additional routes across segments of their respective cable systems, delivering more reliable connectivity services. As such, the collaboration unlocks additional value and reflects a cost-effective approach, underscoring their devotion to developing robust network infrastructure worldwide.

Furthermore, by combining CMI's advanced digital solutions with Telecom Egypt's robust nationwide infrastructure, extensive market expertise, and widespread regional reach, both organizations will explore customized DICT (Digital, Information, Communication, and Technology) solutions to advance smart services for enterprises, aiming to empower businesses with scalable solutions that drive digital transformation and reinforce their positions as leaders in the enterprise services market.

CMI and Telecom Egypt will continue to leverage their resources and expertise to boost services for global enterprises and consumers and accelerate digital economy development, creating greater economic benefits and societal value.

18th Jan, 2025

Telecom Egypt was honored with the prestigious ‘Best Investor Relations - Telecom Company’ award at the International Finance Awards 2024 ceremony, held at the Jumeirah Emirates Towers in Dubai. This distinguished recognition underscores Telecom Egypt’s unwavering commitment to excellence in corporate governance, transparency, and its proactive efforts in engaging with shareholders, investors, and the wider financial community.:

The International Finance Awards, now in their 12th year, celebrate organizations that stand out through leadership, innovation, and an unrelenting commitment to best practices. This year’s ceremony brought together industry leaders, innovators, and influential stakeholders from across the globe, providing a platform to honor outstanding achievements in various sectors..

Since its inception in 2013, the International Finance Awards have grown to become a globally recognized benchmark for excellence, highlighting companies that set the standard for leadership, innovation, and performance in their respective industries. The awards process involves a rigorous two-tier evaluation: an initial review by the Internal Evaluation Team at International Finance Magazine, followed by a thorough assessment by an External Evaluation Agency. Nominations are carefully considered based on criteria such as past performance, growth, strategic achievements, innovation, communication practices, and client testimonials

Wael Hanafy, Chief Financial Officer at Telecom Egypt, commented: “We are extremely proud to receive this esteemed award from International Finance Magazine. This recognition reflects the hard work and dedication of our entire Investor Relations team, whose efforts in maintaining high standards of transparency, accountability, and engagement with our stakeholders are instrumental to our continued success. At Telecom Egypt, we understand that clear and trustworthy communication is at the core of building strong, lasting relationships with investors. This award serves as an encouragement to further elevate our investor relations efforts and continue to meet the expectations of all our stakeholders.

23rd Jan, 2025

Telecom Egypt, the total telecom operator in Egypt and one of the largest subsea cable operators in the region, today announced the activation of a Mediterranean subsea link on the 2Africa subsea cable system. The project is in collaboration with Cisco, the worldwide leader in networking and security technologies. Using Cisco's cutting-edge Network Convergence System (NCS), the link creates a high-capacity connection between Port Said, Egypt, and Marseille, France via Genoa, Italy.

The exponential growth of capacity-intensive applications such as cloud and AI services in the region is fueling the demand for expanded subsea network capacity, which requires advanced coherent transmission systems of high performance. This project enables Telecom Egypt to maximize the potential of its subsea assets on the 2Africa subsea cable, enhancing the efficiency of its cable operations and boosting international traffic capacity.

Enabled by Cisco's cutting-edge NCS, the system offers data transmission powered by Acacia’s multi-haul coherent module, delivering high performance with less power per bit. It allows network operators to enhance capacity across any cable, enabling precise adjustments to optical transmission signal bandwidth, modulation format, and spectral efficiency.

At 45,000 kilometers long, 2Africa is one of the world’s largest subsea cable systems, interconnecting Europe (eastward via Egypt), Asia, and Africa.

Mohamed Nasr, Managing Director and Chief Executive Officer of Telecom Egypt, commented: “Collaboration is the cornerstone of innovation, and we are pleased to be supported by Cisco on this important project. By enhancing the capacity of our well-established subsea infrastructure, we are meeting the surging demand for bandwidth-intensive services such as cloud computing and AI across the Mediterranean and beyond. Today, we reiterate our unwavering commitment to investing in advanced network technologies and solutions to address growing demand while enabling international connectivity through strategic telecommunication highways. Looking ahead, we aim to unlock even more of our potential by developing new projects and launching innovative products and services.”

Gordon Thomson, Vice President, EMEA Service Provider at Cisco, commented: “In the AI era, reliable and fast network connections are more critical than ever. Our collaboration with Telecom Egypt on the 2Africa cable exemplifies the potential for enhancing network capacity over very long distances. We’re proud to lead the way in supporting the growing demand for robust, high-capacity networks by providing cutting-edge technology that enables Telecom Egypt to optimize its capacity on the 2Africa cable.”

18th Feb, 2025

Telecom Egypt is pleased to announce it has signed several landmark service agreements with Orange Egypt, aimed at enhancing strategic cooperation between the two companies. These agreements will enable Orange Egypt to enhance its technological services and better meet the needs of its customers. This collaboration highlights the rise in technological investments in the Egyptian market, the priority placed on strengthening digital infrastructure, and the continued expansion of advanced service offerings.

The agreements were signed by Mohamed Nasr, Managing Director and CEO of Telecom Egypt, and Yasser Shaker, Managing Director and CEO of Orange Egypt, in the presence of H.E. Dr. Amr Talaat, Minister of Communications and Information Technology, and Mohamed Shamroukh, CEO of the National Telecom Regulatory Authority (NTRA).

These agreements have a total combined value of approximately EGP 15 billion, which will be disbursed over their duration. They also include an extension of transmission services for an additional three years, lasting until 2032. Additionally, they include a new contract to provide fiber-to-the-site (FTTS) services to Orange's mobile sites over three years.

The two companies also signed a Service Level Agreement (SLA) aimed at strengthening Orange’s position as a leading provider of high-speed mobile internet and telecommunications services. These agreements will also support Orange Egypt’s preparations for the rollout of its 5G services. Additionally, the agreements include amendments to the existing fixed internet services agreement, which focus on improving the cost-efficiency of services in the telecommunications market. This will enable Orange Egypt to offer customers better deals and pricing through more efficient commercial models, allowing the delivery of higher-tier packages to end-users at more competitive rates.

The longstanding partnership between the two companies has created a strong foundation for exceptional business relations within the Egyptian market, driving its growth and delivering optimal benefits for all parties involved.

H.E. Dr. Amr Talaat, Minister of Communications and Information Technology, commented: “The Ministry is dedicated to improving telecommunications services for citizens. Recently, several initiatives and agreements have significantly enhanced these services, including the launch of 5G services, embedded SIM (eSIM) services, and Wi-Fi Calling. Additionally, an agreement between NTRA and mobile operators has reformed the regulatory framework, ensuring that financial resources from regulatory activities are directed toward projects that improve service quality. Looking ahead, more initiatives and agreements will be introduced to achieve further advancements. Over the past three years, NTRA and mobile operators have collaborated to expand and deploy mobile towers nationwide, covering both urban and rural areas. By mid-2025, we expect that mobile tower coverage for all three phases of the "Decent Life" villages project will be completed, at a total cost of EGP 9 billion. Additionally, all newly constructed highways will be fully covered with mobile services."

Yasser Shaker, CEO and Managing Director of Orange Egypt, commented: "We are delighted with our continued collaboration with Telecom Egypt, which includes extending the transmission services agreement between the two companies, signing the fiber-to-the-site (FTTS) agreement to connect mobile sites, and amending the fixed internet services agreements, in addition to the existing agreements. These initiatives will help increase operational capacity, enhance efficiency, and further solidify Orange's position in Egypt as a leading provider of telecommunications and mobile internet services. I would also like to extend my gratitude to Dr. Amr Talaat, Minister of Communications and Information Technology, for attending the signing of these agreements. His presence provides valuable motivation for both companies to strengthen their strategic collaboration, drive the delivery of more advanced services to customers, and bolster the competitiveness of the Egyptian ICT market.”

Mohamed Nasr, Managing Director and Chief Executive Officer of Telecom Egypt, commented: "We are proud to sign these long-term agreements with Orange Egypt, one of our key clients in the Egyptian market, to support their growth and commitment to providing top-notch services to their customers. This relationship is further strengthened through our ongoing efforts to expand the deployment of our fiber-optic network, connecting over 1,000 of Orange Egypt’s mobile sites, and supporting their expansion in providing high-speed fixed internet services. These long-term agreements reaffirm the confidence in Telecom Egypt’s reliable infrastructure and extensive technical expertise, solidifying our position as the preferred partner for operators seeking to develop their businesses and meet customer demands. Additionally, I would like to emphasize that these agreements will help us maximize the returns on the substantial investments we have made in recent years to enhance our infrastructure."

20th Feb, 2025

WE, the leading provider of communications and information technology services in Egypt, announced its cooperation with Vezeeta, the leading digital platform in the field of healthcare in the Middle East and Africa, to provide a unique added value to WE GOLD customers, allowing them easier and better access to high-quality healthcare services at great discounts.

This step derives from the company’s strategy to achieve the customer's interest and provide a distinctive experience for them. It is not limited to superior communications services, but extends beyond that to achieve added value that contributes to enhancing the customers’ quality of life. Through this cooperation, WE GOLD customers will be able to use many health benefits during the " Shamel" program, which is the latest version of Vezeeta, offering discounts on all healthcare services in a fully digital experience.

Under this collaboration, WE offers WE GOLD customers an annual subscription in " Shamel", which gives them discounts on all healthcare services through a network of more than 8,000 service providers, including analysis and radiology services, surgeries, doctor consultations, and pharmacy supplies, in addition to optional healthcare services such as dentistry, plastic surgeries, and physical therapy without prior approvals.

Commenting on this cooperation, Eng. Mohamed Nasr, Managing Director and CEO of Telecom Egypt, said: "This cooperation represents a pivotal point within the framework of our customer-centric strategy, through which we seek to improve the quality of life of our customers in every possible way. Through our partnership with Vezeeta, we will contribute to making healthcare easier and less costly, confirming our commitment to caring for our customers in all aspects of their lives. "We are keen to be a true partner to them," he added. "We will continue to provide exclusive benefits to WE customers, guaranteeing them a better life."

For her part, Dr. Ola Ali El-Din, Chief Operating Officer of Vezeeta, said: "Our mission at Vezeeta is to facilitate access to high-quality healthcare services through smart solutions and advanced technology, which we recently crowned with the launch of Shamel “The program added a new dimension that reduces the burden of healthcare costs to make the services affordable for the different segments of society. We are proud of this partnership with WE, which will enable a large segment of its customers to access the unprecedented "Shamel" benefits, to cover their medical needs with ease and convenience through the Vezeeta application.

27th Feb, 2025

FY 2024 Key Highlights

Total revenue increased by 45% YoY, driven primarily by a 48% YoY increase in Data revenue, contributing 41% to the overall growth, followed by a 68% surge in International Direct Dialing (IDD) revenue and a 21% YoY rise in Domestic Infrastructure Services revenue.

Customer base increased YoY across Mobile, Fixed Broadband, and Fixed Voice by 13%, 8%, and 6%, respectively.

EBITDA witnessed a 45% YoY increase, recording a 40% margin.

Normalized net profit (excluding EGP 4.9bn FX losses and EGP 0.6bn early retirement compensation) reached EGP 14.3bn, marking a strong 22% YoY increase. This growth was driven by robust operational performance and a 64% rise in VFE income, offsetting the impact of a 48% increase in D&A and a 1.5x rise in interest expenses caused by the EGP devaluation.

In-service CapEx reported EGP 19.8bn (24% of sales), while Cash CapEx reported EGP 35.1bn (43% of sales).

Net debt/EBITDA recorded 2.2x compared to 1.7x in FY 2023, given the 64% upside in gross debt due to the revaluation of foreign-currency-denominated debt.

FCFF, excluding the mobile license fees of c. EGP 6bn, reached EGP 4.4bn.

Mohamed Nasr, Managing Director and Chief Executive Officer, commented: "Telecom Egypt continues to lead the Egyptian telecommunications market with outstanding performance during 2024. The Egyptian market is promising and filled with growth opportunities, which Telecom Egypt is well-positioned to seize while navigating any regional or global economic challenges with resilience and a steadfast commitment to delivering on its strategic priorities – reinforcing its position as a strong and reliable partner for all domestic and global stakeholders.

We successfully closed the year with remarkable growth, with total revenue increasing by 45% YoY to reach EGP 82 billion. EBITDA grew by 45% YoY, maintaining a strong margin of 40%. This performance reflects robust top-line growth and disciplined cost-optimization efforts, enabling us to achieve our target margins despite persistent inflationary pressures. However, we are now witnessing signs of cost-based stabilization. This reflects the recent easing of inflationary pressures and a shift to a new, more predictable cost structure, providing greater clarity for future planning.

Organically, our core business segments performed exceptionally well. The Retail segment recorded 42% YoY growth, driven by an expanding customer base and the successful implementation of price adjustments earlier in the year and again in December. Data revenue remained the primary growth driver for this segment, expanding by 48% YoY, fueled by the rapid adoption of bandwidth-intensive applications, increased smartphone penetration, and the growing shift toward cloud-based services. The proliferation of video streaming, online gaming, and IoT-enabled solutions has amplified demand for high-speed, low-latency connectivity, reinforcing our network’s critical role in supporting Egypt’s evolving digital ecosystem.

The Wholesale segment delivered a strong 48% YoY growth, mainly driven by the growth in International Calls, Domestic Infrastructure Services, and Capacity Sales, contributing 16%, 6%, and 5% to total revenue growth, respectively. Telecom Egypt remains a key global connectivity hub, leveraging its extensive submarine cable infrastructure and strategic geographic position. Throughout the year, we signed multiple agreements to monetize assets, expand subsea capacity, and support rising global data traffic. These efforts strengthen our role in enabling international connectivity while capitalizing on increasing demand from cloud providers, content platforms, and global carriers. Net profit stood at EGP 10.1 billion, marking a 14% YoY decline, primarily due to the EGP 4.9 billion in non-recurring FX losses and EGP 0.6 billion in early retirement compensation.

Excluding these one-offs, normalized net profit reaches EGP 14.3 billion, reflecting a 22% YoY increase and a 17% margin. Excluding the mobile license fees, FCFF recorded EGP 4.4bn, delivering on our target to achieve a positive free cash flow to firm by year-end, and reflecting the company’s strong cash flow generation capabilities. We recognize that the volatile macroeconomic environment over the past two years has presented significant challenges to our profitability and cash flow. Nevertheless, our business fundamentals remain strong, and we have taken proactive measures to optimize our capital structure, enhance profitability, and improve cash flow. These efforts reflect our unwavering commitment to addressing the concerns of our shareholders and investors while strengthening our long-term financial position.

The strong foundations we established in 2024 position us for sustainable growth in the years ahead. We expect to deliver robust financial results in 2025, supported by a strengthened financial position, disciplined capital allocation, and robust operational performance, driven by our vast fixed fiber network and our best-in-the-market mobile network, enabling us to deliver premium, fully-integrated services to our customers. Reflecting our confidence in the company’s solid performance and our commitment to delivering shareholder value, the Board of Directors has proposed a dividend of EGP 1.50 per share for 2024, subject to the general assembly’s approval.”

1st March, 2025

WE announced the signing of a cooperation protocol with major civil society organizations (NGOs) in Egypt to launch its largest initiative to distribute one million food cartons during the holy month of Ramadan nationwide. The company signed cooperation protocols with the Egyptian Food Bank, Misr El Kheir Foundation, and Sonaa Elkhair Foundation, intending to celebrate the holy month with the Egyptians, and emphasizing the company's societal role and its keenness to spread the values of cooperation and solidarity among members of society.

WE seeks to benefit the largest number of beneficiaries across the country by cooperating with major civil society organizations that have extensive experience in community work, utilizing their accurate databases to reach remote villages and hamlets, distributing food cartons to residents, sharing the joy of the holy month with them, and contributing to lessening the economic burdens imposed by current global circumstances.

The initiative aims to distribute one million cartons of food, a significant increase over last year, with a focus on some groups, most notably unemployed women, the elderly who are unable to work, families that include people with disabilities who need additional support, and children in orphanages affiliated with the Ministry of Social Solidarity. It is also keen to reach villages, hamlets, and neighborhoods that are difficult to reach, as well as border areas such as Halaib, Shalateen, and North Sinai, South Sinai, Marsa Matrouh, Al Wahat, the Red Sea, the New Valley, and the governorates of southern Upper Egypt.

Mayar Naguib, Head of Corporate Communications and CSR at WE, said: "I am happy to expand the scope of our initiative this year, reach a greater number of beneficiaries than last year, and contribute to pleasing them in the holy month." " She added: "We have a clear strategy for community responsibility through which we seek to provide support to the most favored segments of society everywhere. Therefore, our cooperation with major civil society institutions today aims to reach all regions of the country. We also seek to spread the values of giving and cooperation among our colleagues at "WE" who were keen to contribute and volunteer for packing the boxes."

Mohsen Sarhan, CEO of the Egyptian Food Bank, expressed his appreciation for continuing the partnership with WE, saying: "We are pleased to renew our strategic partnership with WE and continue our role in promoting the values of social solidarity by providing healthy food to our people in all governorates throughout the holy month of Ramadan." He added, "During the month of Ramadan, we witness the greatest models of community solidarity through the contribution of all institutions and companies in achieving the Egyptian Food Bank's message towards ensuring food security for the most vulnerable groups."

for his part, Dr. Mohamed Rifai, CEO of Misr El Kheir Foundation, said: "We are proud of our partnership with 'WE', which is always keen to support community development efforts in Egypt." He added: "This partnership reflects the company’s belief in the importance of social solidarity, the keenness to contribute effectively to achieving the sustainable development goals in our society, and unifying efforts to reach thousands of families in various governorates of Egypt." He also pointed out that "this partnership is a model for cooperation between the private sector and civil society, to provide a better life for all Egyptians."

Mustafa Zamzam, Chairman of the Board of Trustees of Sonaa Alkhair Foundation, member of the Board of Trustees of the National Alliance, and ambassador of the Presidential Initiative for a Decent Life, explained that Sonaa Alkhair’s cooperation with "WE" continues to provide support to many Egyptian families in the various governorates of Egypt, Through cooperation with the foundation, WE succeeded in delivering many distinguished services to people in all governorates/ villages and hamlets. ” Foundation's work teams and volunteers will begin distributing aid, racing against time to deliver it to the most needy families during the holy month.

5th March, 2025

Ookla, the global leader in internet speed testing, awarded WE the title of “Fastest Mobile Network in Egypt" and "Fastest Terrestrial Internet in North Africa", in a ceremony held by the company on the sidelines of the MWC 2025 in Barcelona from March 3 to 6. The two awards were received by Eng. Mohamed Nasr, Managing Director and CEO of Telecom Egypt.

Ookla's awards are based on rigorous analysis of user-initiated tests via the speedtest app, the world's leading testing platform. WE's recognition confirms Telecom Egypt's dedication to improving the customer experience through ongoing infrastructure investment and modernization. By leveraging the latest global advancements in telecommunications and IT, the company delivers the highest service quality, meeting the growing data and digital needs of Egyptian consumers and businesses.

Commenting on the celebration, Eng. Mohamed Nasr, Managing Director and CEO of Telecom Egypt, said: "A new certificate from Ookla confirms our leadership in the telecommunications market in Egypt and the region, and reflects our constant commitment to infrastructure development and ensuring that the WE customer receives the best level of telecommunications and IT services." He added: "Telecom Egypt will maintain its strategic focus on improving its customers' experience and meeting their needs to keep pace with the increasing growth in the use of electronic applications and advanced digital services."

12th March, 2025

Telecom Egypt and the National Telecommunications Regulatory Authority NTRA celebrated the graduation of students from the WE Innovate Academy and Camp "WE INNOVATE", which was launched within the state's interest in building human capabilities and qualifying young people. As one of the most important items of the National Cybersecurity Strategy launched by the Supreme Council for Cybersecurity, headed by His Excellency Dr. Amr Talaat, Minister of Communications and Information Technology, the celebration was held at the headquarters of Telecom Egypt in Smart Village, on February 6, in the presence of Eng. Mohamed Nasr, Managing Director and CEO of Telecom Egypt, and Eng. Walid Zakaria, Supervisor of the Cybersecurity department, representing the National Telecommunications Regulatory Authority.

The "WE Innovate" Academy and Camp was launched through a strategic cooperation protocol between Telecom Egypt and the National Telecommunications Regulatory Authority, and hosted by the Information Technology Institute, to build the capabilities of promising youth in the field of cybersecurity, within the framework of the "Cyber Skills" initiative to train a thousand trainees, including students and recent graduates.

Over the past two years, the initiative has provided intensive training paths for a large number of trainees through specialized training tracks. Two training courses were offered in 2023, benefiting 200 trainees across three specialized training tracks. In 2024, the initiative's activities were expanded by offering two additional courses, covering 225 trainees, and increasing the number of tracks to include five different fields. furthermore, a bootcamp was hosted where 200 trainees were trained in four tracks in cybersecurity, allowing the Egyptian university students to gain practical experience in this vital field; in addition to developing cybersecurity content through the "Mahara Tech" platform, to expand access for learners and enrich the content in this important specialized field.

The WE Innovate initiative reflects Telecom Egypt's continued commitment to fostering cybersecurity in Egypt, as a vital element in promoting digital transformation and protecting the digital future. Accordingly, the initiative is based on three main axes: capacity building, innovation promotion, and business accelerators. The WE Innovate Hackathon was organized twice, attracting more than 2,400 participants who competed to create innovative cyber solutions, in which 10 teams won, while five qualified for regional competitions. Two of the five teams won first and third place in the 2024 Arab Cybersecurity Challenge.

At the level of business accelerators and startup support, the initiative supported three winning startups in 2023. Last year, two companies graduated from the program, while three new companies were incubated. The international recognition and creativity of the WE Innovate graduates are demonstrated through a winning startup of the Super Nova Africa Award at GITEX Dubai 2024.

24th March, 2025

WE, Egypt's leading national ICT services provider, announced the signing of a Memorandum of Understanding to build a strategic partnership with Commercial International Bank (CIB), Egypt's largest private sector bank, to deliver an innovative model to expand WE customers' access to financial services across Egypt.

Under this partnership, CIB will develop financial products and services tailored specifically for WE customers, utilizing the latest and most appropriate digital models and programs within the Banking-as-a-Service model. This partnership will also leverage WE's extensive geographic reach, wide distribution channels, and services provided to millions of customers, creating added value for both institutions and contributing to financial literacy, the integration of the informal economy, limiting the banknote circulation, and thus greater financial inclusion.

This initiative aligns with Egypt's digital transformation goals, promoting financial inclusion by integrating banking services into the WE digital ecosystem. This collaboration reflects CIB's commitment to innovation and customer-centric banking, ensuring financial services are available anytime, anywhere.

By combining efforts, WE and CIB are setting a new standard for cooperation between the banking and ICT sectors, paving the way for a more connected and financially inclusive future.

Eng. Mohamed Nasr, Managing Director and CEO of Telecom Egypt "WE", said: We put our customers at the top of our priorities, and through this partnership with CIB, we are taking a new step towards providing integrated digital financial services that facilitate the lives of millions of Egyptians. Our extensive geographical reach and advanced digital infrastructure, in addition to our presence in every Egyptian home, enable us to reach our customers with valuable offerings that meet their needs and enhance their experience. He added, "This partnership represents a key pillar in our strategy towards enhancing financial inclusion and contributing to building a more inclusive and sustainable digital economy". We are proud to partner with CIB to deliver a seamless banking experience within our ecosystem."

Mr. Rashwan Hammadi, Chief Retail, Commercial banking and financial inclusion executive, said: "We have a deep belief in the importance of leveraging technology, data analysis, and building strategic partnerships to enhance access to financial services innovatively. This partnership represents an important step towards a more advanced digital banking future by combining CIB's banking expertise, our digital sophistication, and WE's vast infrastructure and unparalleled geographical reach. We hope that our collaboration with WE will enable millions of customers to access banking services easily and securely, reinforcing our commitment to digital innovation and financial inclusion.

25th March, 2025

Telecom Egypt today announced changes to its Board of Directors, appointing Lobna Helal as Chair of the Board. She succeeds Dr. Magued Osman, who stepped down after a nine-year tenure, having served as Chair since 2016. Helal, an independent board member since March 2019, is the first woman to lead Telecom Egypt’s Board, marking a significant milestone in the company’s history.

The Board has also re-appointed Mohamed Nasr as Managing Director and CEO for a second term, ensuring continuity in leadership and execution of the company’s strategic goals. The changes were approved during the Board meeting held today and are effective immediately.

Lobna Helal, Chair of the Board, commented: "I would like to extend my sincere gratitude to Telecom Egypt’s Board of Directors for entrusting me with this role. It is a profound honor to serve as the first woman to chair the Board, and I embrace this responsibility with a deep commitment to upholding the highest standards of corporate governance, strategic oversight, and sustainable growth. With a career dedicated to financial stability, banking reform, and economic development, I look forward to leveraging my experience to further strengthen Telecom Egypt’s position as a leading telecom provider. By drawing on my expertise in regulatory frameworks, risk management, and financial restructuring, I will work closely with my esteemed fellow board members to drive innovation, optimize operational efficiency, and create long-term value for our stakeholders. I would also like to extend my heartfelt appreciation to Dr. Magued Osman for his outstanding leadership, dedication, and invaluable contributions over the past nine years. His legacy has provided a strong foundation for Telecom Egypt, upon which we will continue to build to ensure a prosperous and innovative future for the company.”

Mohamed Nasr, Managing Director and Chief Executive Officer at Telecom Egypt, commented: "I am grateful to the Board for their continued trust and reappointment. Over the past few years, Telecom Egypt has made significant strides, and I remain committed to furthering our progress by delivering sustainable growth, driving innovation, and ensuring the highest standards of service for our customers. I look forward to working closely with the Board under the visionary leadership of Lobna Helal as the new Chairperson. Together, we will strive to achieve new milestones, solidify Telecom Egypt’s position as a regional data hub, and lead the way in advancing digital transformation across Egypt and the region.”

About Lobna Helal

Lobna Helal was appointed to Telecom Egypt’s board as an independent member in March 2019. Ms. Lobna Helal has over 30 years of experience in the banking sector. She most recently served as Deputy Governor of the Central Bank of Egypt (CBE) for Monetary Stability Policies, serving two terms: from 2011 to 2013 and from 2015 to 2019. She was the first woman to hold this position in the history of the CBE, overseeing key sectors including monetary policy, reserve management, markets, external relations, research, banking operations, information technology, payment systems, and banking sector reform.

She was responsible for designing, implementing, and developing a comprehensive monetary and economic reform program that spanned three years and concluded successfully in June 2019. The program featured adjustments to fiscal and monetary policies alongside structural reforms to place the Egyptian economy on a sustainable path. Its core achievements included liberalizing the foreign exchange system and transitioning to an inflation-targeting regime by modernizing the CBE’s monetary policy framework.

Since joining the Central Bank in 2004, Ms. Helal prepared and executed a two-phase program from 2004 to 2011 to develop and restructure the banking sector. This program protected the Egyptian banking sector and economy from the adverse effects of the 2008 global financial crisis.

In addition to representing the CBE in numerous institutions as Deputy Governor, Ms. Helal served as an independent expert and non-executive Chair of the Credit Risk Guarantee Company. She also served as an expert and non-executive board member of the Nasser Social Bank, the National Investment Bank, the Mortgage Finance Support Fund, and the Social Housing Fund, as well as non-executive Chair of the Egyptian Mortgage Refinance Company.

Ms. Helal currently holds several positions including non-executive Chair of City Edge Developments, board member of the National Bank of Egypt (London), board member of Egypt's Sovereign Wealth Fund, expert member of the Social Housing Fund's board, independent board member of Alex Bank, Chair of the Board of Trustees of the Innovation for Sustainable Development Foundation, and board member of El-Nidaa Foundation.

Ms. Helal represented the CBE as Vice Chair of the Board of Directors of the Financial Inclusion Alliance (AFI) and Vice Chair of the Gender and Women’s Financial Inclusion Committee.

Before her role at the Central Bank, Ms. Helal served as CEO of the Hermes Financial Group, overseeing mergers and acquisitions and fixed-income instruments.

She was named the second most powerful woman in Forbes Magazine’s 100 Most Powerful Women in the Middle East and North Africa Region for the years 2016 and 2018. The magazine also named her the third most influential woman in the region's public sector in 2018.

Ms. Helal holds a Master's degree in Economics from the American University in Cairo.

13th May, 2025

Q1 2025 Key Highlights

Total revenue increased by 42% YoY to reach EGP 24.8bn, led by strong growth momentum in the Retail segment, contributing 57% to total revenue and driving 56% of the YoY revenue growth.

Customer base increased YoY across Mobile, Fixed Broadband, and Fixed Voice by 10%, 8%, and 4%, respectively.

EBITDA grew by 49% YoY to EGP 10.9bn, reaching a robust margin of 44%, up from 42% in the previous year.

Income from VFE increased by 3.6x YoY to reach EGP 3.2bn.

Normalized net profit reached EGP 5.2bn, reflecting a 39% YoY increase and a 21% net profit margin.

In service, CapEx reported EGP 2.3bn (9% of sales), while Cash CapEx reported EGP 6.8bn (27% of sales).

Net debt/EBITDA (annualized) improved to 1.6x compared to 2.2x in Q4 2024.

FCFF (excluding EGP 0.2bn for licenses) amounted to EGP 3.8bn, implying a FCFF/EBITDA ratio of 35%.

Mohamed Nasr, Managing Director and Chief Executive Officer, commented: "With 2025 well underway, I am pleased to report that our Q1 results affirm our strong growth trajectory. We remain optimistic about sustaining this momentum, supported by a favorable economic outlook in Egypt, where exchange rates remain stable within expected ranges, inflation is under control, and interest rates are on a downward path.

We started the year with total revenue rising 42% YoY to EGP 25 billion, driven by robust performances across both our Retail and Wholesale segments. EBITDA grew by 49% YoY, achieving a robust margin of 44%, as our operational efficiency enabled us to outpace inflationary cost pressures.

In the Retail segment, revenue increased by 40% YoY, led by a 45% growth in the Home & Consumer business unit following the 30% price adjustment in December 2024. Wholesale revenue rose 44% YoY, supported by exceptional growth in the Domestic and ICA business units, which expanded by 56% and 64% YoY, respectively. As Egypt’s largest telecom infrastructure provider and a key regional player in the global connectivity landscape, we are now reaping the rewards of a decade of responsible, strategic investments. These efforts have uniquely positioned us to unlock the value of our extensive assets and capitalize on the accelerating demand for connectivity—both locally and globally. This is clearly reflected in our strong growth momentum and the continued trust of our local and international partners.

Adjusting for EGP 0.7bn in FX loss in Q1 2025 and EGP 0.2bn FX gain in Q1 2024, normalized net profit grew 39% YoY to EGP 5.2 billion, recording a net profit margin of 21%. This growth was driven by strong operational performance and a 3.6x increase in income from VFE YoY, offsetting a 73% rise in interest expense. Cash CapEx declined 55% YoY, in line with our strategy to optimize spending while maintaining operational excellence and securing future growth. Our disciplined financial approach has driven strong cash flow generation, with FCFF, excluding EGP 0.2bn in licenses, reaching EGP 3.8bn, implying an FCFF/EBITDA of 35%. This performance aligns with our quarterly budget and keeps us well on track to achieve our full-year targets, highlighting our ability to allocate resources efficiently and strengthen our financial position.

In a dynamic, capital-intensive industry that demands continuous investment and innovation to secure long-term growth, we remain focused on optimizing our capital structure, enhancing profitability, and strengthening cash flow generation. Guided by a clear strategic vision that aligns with the Sustainable Development Goals and integrates leading ESG practices, and reinforced by strong partnerships and a highly committed team, we are well-positioned to deliver long-term, sustainable value to our stakeholders. Our commitment to operational efficiency and financial resilience gives us confidence in maintaining this positive momentum and unlocking further growth in the quarters ahead.”

21st May, 2025

WE, Egypt’s leading telecommunications operator, has announced the signing of a strategic partnership with B.TECH, a market leader in consumer electronics retail and consumer finance services in Egypt. The partnership aims to offer a wide range of exclusive offers and services to WE customers through B.TECH’s extensive nationwide retail network.

Under this partnership, WE will collaborate with B.TECH as part of the WE Bonus loyalty program, enabling fixed broadband and mobile customers to redeem their points at all B.TECH stores. This step is set to strengthen the integration between digital services and retail, while also introducing additional exclusive privileges for fixed broadband customers—enhancing the overall customer experience.

The partnership reflects the commitment of both WE and B.TECH to delivering real added value to customers by offering a fully integrated shopping experience. It provides users with enhanced access to products and services, along with innovative reward programs designed to provide customers with a wide range of benefits.

As part of the collaboration, WE customers will also gain access to B.TECH’s latest services, including Mylo, which offers flexible installment plans and a seamless purchasing experience, in addition to benefiting from TECH CARE, a suite of integrated technical support and maintenance services designed to ensure convenience and optimal device performance.

Eng. Mohamed Nasr, Managing Director and CEO of Telecom Egypt, stated: “This partnership comes as part of our ongoing efforts to elevate customer experience by addressing their real needs and enabling solutions that genuinely improve their lives. We will continue to pursue such collaborations to ensure our customers receive the greatest possible value.” He added: “Our partnership with B.TECH will allow us to deliver substantial added value to customers through innovative loyalty programs and a superior shopping experience.”

Dr. Mahmoud Khattab, Chairman and Managing Director of B.TECH, expressed his enthusiasm for the collaboration, saying: “Partnering with WE is a strategic step that reflects B.TECH’s vision to strengthen cooperation with major national entities. We believe in the importance of integrating the retail and telecommunications sectors to provide innovative solutions and services that enhance the customer experience and meet their expectations.” He added, “Through this partnership, we aim to support digital transformation efforts by delivering a smart, flexible shopping experience that brings together the power of technology and retail.”

Khalil: "We believe that building a successful organization begins with establishing a global work culture that stimulates empowerment and excellence across our various sectors."

Nasr: "We are keen to provide a positive work environment that opens the door to innovation and excellence, ensuring sustainable growth."

26th May, 2025

In a move that reflects their shared commitment to building sustainable and inspiring work environments, Raya Holding for Financial Investments and Telecom Egypt | WE are participating as strategic partners in People Summit Egypt 2025, organized by the Top Employers Institute, the global organization that grants accreditation to leading workplaces.

In its first edition in Egypt, the event brings together a distinguished group of executive leaders and human resources experts to discuss the most prominent global trends in the work environment and to exchange best practices between institutions accredited as Top Employers and those aspiring to attain this designation.

Raya Holding and Telecom Egypt |WE’s sponsorship of this summit comes within the framework of their commitment to supporting the business community by adopting a culture of empowerment, sharing their successful human resources experiences, and contributing to developing the local work environment in line with the highest international standards.

Commenting on this initiative, Ahmed Khalil, Managing Director of Raya Holding, said: "At Raya, we believe that real investment starts with our human resources. With a team of more than 18,000 employees across 11 companies in our diverse investment portfolio, we strive to create a work culture based on empowerment, continuous development, and genuine appreciation of our workforce. Receiving the Top Employer Award for the third consecutive year, and with higher recognition each year, reflects our genuine commitment to providing a work environment that aligns with the best international standards and meets the aspirations of our employees. We do not view human resources merely as an administrative function; we see it as the heart of our strategy and the starting point for all growth and transformation at Raya."

He added: "Our partnership and official sponsorship of People Summit 2025, alongside Telecom Egypt, is an extension of our role as a company that drives dialogue about the future of work, opens broader horizons for more humane and effective practices, serves our workforce, supports our vision for a better future, and reflects our commitment to raising standards of employment and human development in Egypt and the region."

For his part, Eng. Mohamed Nasr, Managing Director and CEO of Telecom Egypt, said: We always strive to adopt the best global practices in human resources management, providing a positive work environment that fosters a culture of innovation and development, and enhances employees’ capabilities to ensure sustainable growth while delivering the highest level of service to our customers. Our talented human resources have always been a key driver in leading our company towards excellence and achieving customer satisfaction throughout a history spanning more than 170 years. We are proud to sponsor this summit in Egypt, which brings together HR experts and opens avenues for cooperation and knowledge exchange that will positively impact the work environment across Egyptian companies."

Raya Holding has received the Top Employer Award in Egypt for three consecutive years (2023, 2024, 2025) after successfully passing a comprehensive evaluation conducted by Top Employer Institute, covering more than 20 key areas in human capital resources management, including professional development, learning programs, work-life balance, leadership, and employees’ physical

and mental well-being. This reflects Raya Holding’s strategy that the employee experience is the foundation for sustainable and inclusive growth and its commitment to applying global standards in staff development and wellbeing. Raya Holding was selected from over 2,000 companies evaluated and certified by the Institute across 121 countries worldwide, achieving this distinction for three consecutive years and highlighting its excellence in creating a work environment that competes globally.

Telecom Egypt |WE also received the Top Employer Award for 2025, for the second consecutive year, in recognition of the company’s outstanding efforts to provide an ideal work environment for employees, offering opportunities for professional growth, skill acquisition, fostering a culture of innovation and development, and enabling employees to perform their work efficiently and effectively.

1st June, 2025

Telecom Egypt|WE announced providing Ahl Masr Burn Hospital with the first therapeutic laser device specialized in treating burn patients in Egypt, the Middle East, and Africa—the ULTRApulse® Alpha CO2. This support comes within the framework of Telecom Egypt's corporate social responsibility strategy, which places special emphasis on children's health, and as an extension of the continuous cooperation with Ahl Masr Foundation for more than ten years, during which the company has provided all forms of material and technological support. Telecom Egypt also emphasized its commitment to cooperating with major institutions to provide the latest advanced medical equipment to ensure comprehensive care for burn patients, guaranteeing them the best health outcomes and the highest levels of comfort and support.

This announcement followed a visit today by a delegation from Telecom Egypt|WE to the hospital’s headquarters in New Cairo. The delegation included Lobna Helal, chairperson of Telecom Egypt, Eng. Mohamed Nasr, Managing Director and CEO of the company, and several board and executive members. The visit aimed to learn about the latest advanced treatment services provided by the hospital in the field of burn care, where they were briefed on the advanced medical facilities, including intensive care and emergency units, in addition to various therapeutic and surgical departments.

In this regard, Dr. Heba El-Sweedy, Founder and Chairwoman of the Board of Trustees of the Ahl Masr Foundation and Burn Hospital, extended her gratitude to Telecom Egypt |WE for providing the new therapeutic laser device—the first of its kind in Egypt and the Middle East. The device is specially designed to improve the appearance of scars, help relieve patients’ pain, and support their quick and efficient return to normal life. She pointed out that having such advanced capabilities within the hospital enhances its ability to provide the highest levels of specialized and comprehensive healthcare to patients.

For his part, Eng. Mohamed Nasr, Managing Director and CEO of Telecom Egypt, said: "Supporting children's health is one of the most important pillars of Telecom Egypt's social responsibility. We are proud of our extended partnership with the Ahl Masr Foundation for more than ten years to help alleviate the suffering of burn victims.” He added: “We are always seeking the best forms of material or technological support that ensure the highest therapeutic outcomes for our children and help ease their pain.”

The importance of this device lies in its ability to significantly shorten the treatment journey for child burn patients, as a single session with this device is equivalent to 6 to 8 sessions using conventional laser devices. This helps reduce the pain and discomfort, patients experience during the rehabilitation period. Additionally, the device enables the hospital to receive a larger number of cases and helps reduce the need for repeated exposure to local or general anesthesia, depending on the type of injury, thereby minimizing potential side effects and improving overall skin condition.

The treatment is administered over three sessions, and patients can resume their daily activities almost normally with minimal disruption. The device manufacturer also sent a specialist to train the medical staff at Ahl Masr Burn Hospital on how to operate it, given that the device is not yet available in Egypt.

It is worth noting that Telecom Egypt |WE has launched several initiatives to support burn victims in cooperation with Ahl Masr Foundation, including the “Egypt Free of Burns” initiative, which aims to raise awareness and provide training on civil protection measures against burn injuries in the most vulnerable local communities. Telecom Egypt has also sponsored the Ahl Masr Marathon, with its proceeds dedicated to building and equipping Ahl Masr Hospital, along with the telecommunications and internet services provided by the company to the hospital to enhance operational efficiency and facilitate the exchange of information among medical teams.

5th June, 2025

Telecom Egypt | WE, the largest telecommunications operator in Egypt, announced today the official launch of 5G services in the country. This milestone reflects the company’s commitment to providing customers with high-quality communications services and delivering the latest technologies that meet their evolving needs amid the ongoing digital transformation in Egypt and worldwide.

The 5G technology introduced today delivers ultra-high internet speeds with extremely low latency, enabling customers to use advanced applications such as artificial intelligence, the Internet of Things, electronic gaming, and various smart solutions. It also provides more stable and efficient connectivity, particularly in high-density areas, contributing to the development of vital sectors including education, healthcare, industry, and smart transportation, and supporting the state’s efforts to build an integrated digital society.

Telecom Egypt|WE was the first operator to obtain a license to provide 5G services in Egypt, driven by its belief that this technology represents a cornerstone for the future of digital transformation and will revolutionize people's lives and communications, while also contributing to the development of business performance.

Eng. Mohamed Nasr, Managing Director and CEO of Telecom Egypt, said: “We are proud of this historic moment as we witness the launch of 5G services in Egypt, which marks the beginning of a technological revolution that will reshape the way we interact with the digital world.” He added: “We take pride in being the first to obtain a 5G license, placing us at the forefront of this transformation. We remain committed to delivering services that exceed our customers’ expectations and to contributing to the development of a strong digital economy that enhances Egypt’s position on the global map.”

11th June, 2025

In a landmark move to advance global connectivity, a consortium of four powerful subsea cable operators, namely PCCW Global, Sparkle, Telecom Egypt, and Zain Omantel International (ZOI), has signed a Memorandum of Understanding (MoU) to collaborate on the construction of the Asia-Africa-Europe-2 (AAE-2) subsea cable system. The project aims to establish a robust next-generation subsea digital link connecting Hong Kong and Singapore to Italy, traversing secure and high-capacity terrestrial corridors across Thailand, the Arabian Peninsula, and Egypt. It is planned to strategically deliver unprecedented capacity and foster seamless, reliable connectivity across the three continents.

AAE-2 will also feature strategic extensions to additional key destinations across its route, further enhancing intercontinental connectivity and supporting the growing demands of cloud services, content delivery, and digital transformation initiatives across the regions.

This ambitious initiative is designed to revolutionize global connectivity by delivering a geographically diverse, resilient, and high-performance route for international traffic. By integrating both subsea and terrestrial infrastructure, AAE-2 will create a future-proof data highway between Asia, Africa, and Europe.

Building on the legacy of the AAE-1 cable, AAE-2 will incorporate the most advanced technological innovations, offering unprecedented bandwidth capacity to serve the tremendous traffic needs and empowering communities and businesses across Asia, Africa, and Europe

The project is spearheaded by industry leaders PCCW Global, Sparkle, Telecom Egypt, and ZOI, combining expertise and resources to deliver a world-class infrastructure. This groundbreaking project marks a vital step in addressing the increasing demand for robust internet infrastructure, facilitating faster data transfer and improved connectivity across multiple regions. The consortium is dedicated to ensuring the successful delivery of this transformative infrastructure project, which will play a crucial role in shaping the future of global connectivity.

Mohamed Nasr, Managing Director and Chief Executive Officer of Telecom Egypt, commented: "Over the years, we have made major investments and established partnerships to develop our cutting-edge subsea cable infrastructure, which we are witnessing today. The construction of the AAE-2 cable system is a continuation of our success stories as a global data connectivity provider and is another testament to our commitment to driving digital connections through major collaborations. AAE-2 will also benefit from accessing and cross-connecting with the other subsea cables using our WeConnect ecosystem. We are thrilled to be embarking with PCCW Global, Sparkle, and ZOI on this transformative project that will reshape the future of digital infrastructure."

Frederick Chui, Chief Executive Officer of PCCW Global, commented: "PCCW Global is proud to contribute to the AAE-2 initiative, building on our legacy of supporting vital global infrastructure. Following our instrumental role in the success of the AAE-1 system, we are pleased to bring our expertise to AAE-2, an advanced, high-capacity, and geographically diverse subsea cable system connecting Asia and Europe. This next-generation network underscores our continued commitment to delivering resilient, secure, and scalable connectivity for key markets such as Hong Kong, empowering the digital growth of tomorrow.”

Enrico Bagnasco, Chief Executive Officer of Sparkle, commented: "The AAE-2 cable system is an innovative project perfectly in line with Sparkle’s long-term strategy to strengthen the Asia-Africa-Europe corridor by enhancing route diversity and ensuring the highest levels of network resilience. In recent years, we have invested in new submarine systems and established advanced landing hubs along this strategic route, reinforcing our commitment to reliable global connectivity. Among the key initiatives, the Blue & Raman submarine cable systems- linking Italy to India through an innovative path - together with the strengthening of the Sicily Hub in Palermo and the hub in Chania, as well as the creation of a brand-new scalable landing platform in Genoa. With AAE-2, we are taking a further step forward, contributing to the creation of a distinctive infrastructure that combines terrestrial and subsea solutions to deliver secure, high-capacity, and low-latency connectivity in support of the digital transformation of businesses and communities worldwide."

Sohail Qadir, Chief Executive Officer of ZOI, commented: "This collaboration marks a defining milestone for ZOI and the region we proudly serve. As the international gateway for the Middle East, we are uniquely positioned at the crossroads of Asia, Africa, and Europe, making us a strategic enabler of next-generation connectivity. AAE-2 reflects our long-term vision to connect continents and digital ecosystems through resilient and state-of-the-art infrastructure. Our cooperation brings together advanced infrastructure, diverse terrestrial routes, and AI-ready capacity. AAE-2 will strengthen global traffic flows, empower emerging markets, and unlock new avenues for economic growth across the region and beyond.”

26th June, 2025

Telecom Egypt has signed a Memorandum of Understanding (MoU) with KareXpert, a leading company for AI-powered healthcare technology, to launch a fully integrated digital health ecosystem operated through a secure cloud environment locally hosted within Telecom Egypt’s data centers. The ecosystem combines a comprehensive Hospital Information Management System (HIMS), unified electronic medical records, and revenue cycle management solutions, providing hospitals with a single, consolidated view of their clinical and administrative data and enhancing operational efficiency in line with global best practices.

The platform features seamless integration with existing systems within medical institutions, in addition to a unified digital payment pathway that simplifies billing processes and accelerates revenue collection while ensuring data privacy and regulatory compliance. The secure local hosting provides full sovereignty over healthcare information, while the cloud-based architecture enables the future incorporation of artificial intelligence and Internet of Things applications.

This collaboration reflects Telecom Egypt’s substantial investments in fiber-optic infrastructure and secure data centers, transforming these capabilities into advanced digital solutions that support the services sector—across individuals, businesses, and government entities—and drive the national digital transformation agenda in alignment with Egypt’s Vision 2030.

The MoU was signed during the Africa Health ExCon 2025 exhibition and conference in Cairo, coinciding with the signing of another MoU with the International Eye Center in Ismailia, becoming the first medical institution to adopt the new system in preparation for linking it to the Comprehensive Health Insurance System—marking a significant step toward digitizing healthcare services across the country.

Eng. Mohamed Nasr, Managing Director and CEO of Telecom Egypt, stated: "We began our journey by building a nationwide high-speed fiber-optic network, followed by establishing Egypt’s largest secure data centers designed to host sensitive data at the highest international security standards. Most recently, we launched 5G services to enhance connectivity speed and reliability. In parallel with these developments, we have forged high-value strategic partnerships with major global technology providers, and we always welcome collaboration with partners who share our vision of delivering innovative solutions that support vital sectors and accelerate Egypt’s digital transformation."

He added: "Our collaboration with KareXpert exemplifies this approach, leveraging our digital capabilities to serve the healthcare sector through a trusted and secure platform that enhances the efficiency of hospitals and medical facilities while safeguarding data privacy."

Neethi Jain, Founder and Chief Executive Officer of KareXpert, stated: "The KareXpert digital healthcare platform is currently deployed across more than 500 hospitals and medical centers in over six countries worldwide, serving more than 15 million patients. Under our agreement with Telecom Egypt, we are fully prepared to digitize every hospital and medical facility in Egypt, ensuring accessible, reliable, and smart healthcare services for all citizens."

30th June, 2025

Telecom Egypt| WE announced the donation of Egypt’s first specialized neonatal cardiac surgery unit for infants under 45 days old to Al Nas Hospital for the free treatment of heart and digestive diseases. A delegation from Telecom Egypt, including Lobna Helal, Chairwoman of the Board, Eng. Mohamed Nasr, Managing Director and CEO, along with several board members and executives, inaugurated the new unit, where they were received by Mr. Ayman Abbas, Treasurer of Al-Joud Foundation.

The newly established unit has been specifically designed to treat newborns suffering from congenital heart defects, prioritizing critical cases that may lose their chance of survival or treatment without immediate surgical intervention. The unit comprises 12 intensive care rooms and a major operating room, enabling the hospital to perform two major cardiac surgeries per day. The proximity of the ICU rooms to the operating room helps reduce the risk of post-operative infections, shortens the duration of intensive care stays, and increases the hospital’s capacity to admit and treat a larger number of infants.

This initiative comes within the framework of Telecom Egypt |WE’s corporate social responsibility strategy, in which children’s health represents a central pillar. It also reflects the company’s commitment to supporting Egypt's Vision 2030, which aims to improve the quality of healthcare services, saving the lives of thousands of patients, alleviating the suffering of underprivileged families, and performing urgent and critical surgeries with the highest standards of quality and in the shortest possible time — the core purpose behind establishing the unit.

Eng. Mohamed Nasr, Managing Director and CEO of Telecom Egypt, stated: "We take great pride in our societal role, which has given us the opportunity today to help ease the suffering of our children with heart problems and offer them new hope for life. We are pleased with our ongoing collaboration with Al Nas Hospital, which aligns with our commitment to supporting children’s health and securing a better future for them."

For his part, Mr. Ayman Abbas expressed his sincere appreciation and gratitude to Telecom Egypt|WE for its continuous support to Al Nas Hospital, emphasizing the importance of this partnership and its contribution to the hospital's mission of delivering exceptional medical services to a large number of patients from various governorates. Abbas stated: “Al Nas Hospital represents a unique global model in the fields of cardiac surgery, gastroenterology, and diabetes care, distinguished by the scientific and technological advancements integrated across its medical departments."

It is worth noting that Telecom Egypt has launched several initiatives in support of Al Nas Hospital, including funding urgent surgical procedures for newborn infants, in addition to providing the hospital with telecommunications and internet services that enhance operational efficiency and facilitate seamless information exchange among medical teams.

2nd July, 2025

Telecom Egypt, the total telecom operator in Egypt and one of the largest subsea cables operators in the region, along with SubCom, the global subsea data system supplier, announced the successful completion of the two landings of the Southeast Asia-Middle East-Western Europe 6 (SEA-ME-WE-6) subsea cable system in Egypt: one in Port Said on the Mediterranean coast, and the other in Ras Ghareb on the Red Sea.

Telecom Egypt facilitated the connection between the two coastal landing points by ensuring diverse and resilient terrestrial crossing routes were in place. With this, the SEA-ME-WE-6 subsea cable has completed its landing activities in Egypt. This milestone marks a significant step in the ongoing expansion of the cable system, which is expected to further strengthen connectivity across the region once it becomes operational.

SEA-ME-WE-6 is the sixth edition of the SEA-ME-WE cable system family. The system connects Singapore (Tuas) to France (Marseille), crossing Egypt’s territory terrestrially. SubCom serves as the contractor responsible for building the subsea cable system.

Upon completion, the SEA-ME-WE-6 cable system will establish a strategic connection between Africa, Asia, and Europe through its 17 landing points, significantly enhancing global network infrastructure. Spanning a distance of 21,700 km, the system’s consortium comprises 16 major subsea cable providers, including Telecom Egypt, alongside BEYON B.S.C (Bahrain), Bangladesh Submarine Cables PLC, Bharti Airtel Ltd. (India), China United Network Communications Group Company Limited, Dhiraagu (Maldives), Djibouti Telecom, Microsoft (United States), Mobily (Saudi Arabia), Orange (France), PCCW Global, Singtel (Singapore), Sri Lanka Telecom, Telekom Malaysia, Telin (Indonesia), and Trans World Associates (Pakistan).

Mohamed Nasr, Managing Director and Chief Executive Officer of Telecom Egypt, commented:

“We are thrilled to announce the successful landings of the SEA-ME-WE-6 cable system in Port Said and Ras Ghareb, marking another significant milestone in our journey to expand Telecom Egypt’s global reach and strengthen our subsea infrastructure. These two landings enable the connection between the Red Sea and Mediterranean segments of the cable via two diversified, unique trans-Egypt terrestrial crossing routes.

Over the years, the Eurasia route between Southeast Asia and Europe has proven its importance and effectiveness in carrying critical telecommunication traffic. Thus, we keep developing new routes to connect Singapore and Egypt, adding layers of diversity, enhanced marine paths and much-needed capacity. These strategic landings underscore our commitment to enabling countries across the region and beyond to realize their digital ambitions by investing in building a robust, resilient, and future-ready network to serve the global subsea community."

David Coughlan, President and CEO of SubCom, commented: “Our congratulations to Telecom Egypt and its consortium partners on the landings of SEA-ME-WE-6 in Port Said and Ras Ghareb, which are another major step towards the complete deployment of this expansive subsea cable system. From engineering to route design, and manufacturing to installation, SubCom has played a vital role in making SEA-ME-WE-6 a reality for its operators and their customers. Our team looks forward to the next set of milestones associated with this impressive project.”

21st of August, 2025

NaiTel, a licensed telecommunications service provider in Jordan and the telecom arm of Aqaba Digital Hub (ADH), and Telecom Egypt, the total telecom operator in Egypt and one of largest subsea cable operators in the region, announce the completion of the laying of the express subsea cable “Coral Bridge” connecting Egypt and Jordan. Coral Bridge subsea system has successfully landed in Taba, Egypt, then it was laid across the Gulf of Aqaba until it finally successfully landed in Aqaba, Jordan. Coral Bridge is the first direct subsea cable between the two countries in over 25 years, providing an express high-fiber-count digital link across the Gulf of Aqaba, marking a major milestone in the region’s digital infrastructure development.

On the Egyptian side, Coral Bridge is the first telecommunication subsea system to land at Telecom Egypt’s new cable landing point in Taba—part of the company’s broader, recently established international digital infrastructure in Sinai Peninsula. In Jordan, the cable landed at ADH’s Tier III carrier-neutral facility in Aqaba, supporting redundancy and recovery strategies for businesses, including enterprises and hyperscalers hosted in the data center.

By leveraging on both countries’ strategic locations and Telecom Egypt’s extensive subsea ecosystem, Coral Bridge provides seamless onward connectivity across Asia, Africa, and Europe benefiting local, regional, and international businesses. The 15-kilometer cable, equipped with 48 fiber pairs, is designed for transporting over 1 Petabit of data traffic, supporting the growing demand for data intensive digital applications such as cloud computing and artificial intelligence. In addition, its short length significantly reduces latency and lowers data costs.

Coral Bridge is engineered to the highest technical and environmental standards. The cable was developed with sustainability in mind, balancing capacity and performance with environmental responsibility. This collaboration between ADH/NaiTel and Telecom Egypt stands as a strong example of how cross-border partnerships can unlock long-term value and pave the way for future infrastructure initiatives across the Middle East and beyond.

Eyad Abu Khorma, Founder and CEO of Aqaba Digital Hub (ADH), commented: “Coral Bridge is more than just a cable—it’s a strategic asset for the entire region. It lands at ADH’s carrier-neutral facility in Jordan, enhances regional market access, featuring one of MENA’s largest data centers. By enabling a direct digital bridge between Aqaba-Jordan and Sinai Peninsula-Egypt, we are strengthening regional resilience and opening new opportunities for high-performance infrastructure and sovereign connectivity.”

Mohamed Nasr, Managing Director and Chief Executive Officer at Telecom Egypt, commented: "The strategic proximity between Taba and Aqaba creates a vital opportunity to establish a robust corridor for data connectivity across the Middle East and Europe. Through our collaboration with NaiTel, leveraging their carrier-neutral ecosystem in Aqaba via the Aqaba Digital Hub, the Coral Bridge subsea cable system will aggregate substantial regional traffic and channel it through Egypt’s diverse terrestrial routes to the Mediterranean Sea. This critical infrastructure is key to meeting the region’s growing data demands, supporting data center expansion, and enhancing the resilience of subsea cable networks in the region."

Q2 2025 Results: Telecom Egypt Posts Solid Growth and Enhanced Earnings in First Half of 2025

14th of August, 2025

H1 2025 Key Highlights

Total revenue increased by 33% YoY, reaching EGP 50.6bn, driven by a 47% surge in Data revenue, as well as significant gains in International Incoming Calls, up 50% YoY.

Customer base increased YoY across Mobile, Fixed Broadband, and Fixed Voice by 12%, 8%, and 6%, respectively.

EBITDA increased by 43% YoY, reaching EGP 22.1bn, with a margin of 44%.

Normalized net profit rose to EGP 10.3bn (adjusted for FX gain/loss), marking a 50% YoY increment and a 20% net profit margin vs 18% in H1 2024.

In-service CapEx reported EGP 4.8bn (10% of sales), while Cash CapEx reported EGP 14.4bn (declining 47% YoY).

Net debt/EBITDA (annualized) improved to 1.6x compared to 2.4x in H1 2024.

FCFF amounted to EGP 8.1bn, implying a FCFF/EBITDA ratio of 36%.

Mohamed Nasr, Managing Director and Chief Executive Officer, commented: “I am proud to report that Telecom Egypt has delivered another period of exceptional growth and operational progress. Total revenue rose 33% YoY to EGP 50.6 billion, driven by a remarkable 47% surge in Data revenue and robust gains in International Incoming Calls revenue. Our customer base continued to expand across all key segments, reflecting the strength of our market proposition and the trust we have built with our customers. The launch of our 5G services this quarter is further enhancing the customer experience and enabling a new era of digital innovation, fostering growth, and delivering long-term value for our shareholders.

also showed improved cash flow and debt structure KPIs. FCFF reached EGP 8.1 billion, representing 36% of EBITDA in H1 2025. Additionally, net debt/annualized EBITDA reached 1.6x from 2.4x last year.

Looking ahead, we will continue investing in our robust network infrastructure while maintaining a focus on financial and operational excellence. Our priorities remain to strengthen our core business, drive sustainable profitability, and create long-term value for our shareholders. I am confident that our talented team and resilient business model will enable us to navigate future challenges and seize new opportunities in the rapidly evolving digital ecosystem.”

7th Sep, 2025

Telecom Egypt today announced that its Board of Directors, in its meeting held on 3 September 2025, has granted its preliminary approval of the binding offer submitted by Helios Investments to acquire a stake ranging from 75% to 80% in a subsidiary that will own the Regional Data Hub (RDH). The subsidiary owned by the two parties will engage in the business of data center development in Egypt, following the restructuring of said assets in a subsidiary, in accordance with the relevant procedures to be followed in that respect. Upon completion, Helios Investments' share shall range from approximately 75% to 80% stake in the subsidiary, while Telecom Egypt will retain approximately a 20% to 25% stake. The Board further approved signing the term sheets relating to the terms and conditions of the transaction and approved the appointment of an independent financial advisor, registered with the Financial Regulatory Authority, to determine the fair value of RDH.;

The binding offer submitted by Helios Investments comprises an aggregate valuation of 100% of RDH on a debt-free, cash-free basis of USD 230 million and could reach up to USD 260 million, subject to the satisfaction of certain pre-agreed KPIs, as will be outlined in the definitive agreements.

Completion of the transaction will be subject to the agreement on the terms and conditions of the final definitive agreements and its execution; the completion of the restructuring of the RDH within a subsidiary of Telecom Egypt; the agreement on the terms and conditions of ancillary transaction documentation; the satisfaction of several conditions precedents, including but not limited to, the completion of the fair value report to be prepared by the appointed independent financial advisor, the corporate approvals of the Company, and the satisfaction of all the requirements of Article 43 (bis) of the Listing and Delisting Rules of the Egyptian Exchange, and the receipt of all necessary approvals from the relevant regulatory authorities.

EFG Hermes is acting as the sole M&A financial advisor on the transaction. ADSERO-Ragy Soliman & Partners and A&O Shearman are acting as the legal advisors for Telecom Egypt.

22nd Sep, 2025

Telecom Egypt, the total telecom operator in Egypt and one of the largest subsea cable operators in the region, announced the establishment of a new Point of Presence (PoP) at the Aqaba Digital Hub (ADH) in Jordan, in a move towards a more connected and resilient future. This strategic expansion not only extends Telecom Egypt’s global network into ADH, which is the largest carrier-neutral Tier III data center in Jordan, and one of the largest in the region, but also reinforces its commitment to fostering meaningful partnerships that drive digital transformation. As the world increasingly demands high-bandwidth solutions, this new PoP will serve as a vital interconnection hub, enabling seamless data exchange and facilitating the efficient flow of regional traffic. The collaboration with ADH allows Telecom Egypt to enhance connectivity across the Middle East, providing businesses and hyperscalers with the reliable, high-capacity infrastructure they need to thrive in today’s digital economy.

This announcement follows the successful launch of the Coral Bridge subsea cable, an express petabit, 15-kilometer link between Egypt and Jordan, developed in partnership with NaiTel, the telecom arm of ADH. This innovative cable connects Telecom Egypt’s Taba landing point in Sinai, Egypt, to ADH’s open-access facility in Aqaba, establishing a robust framework for future growth and collaboration. The Coral Bridge system aligns perfectly with the new PoP by providing a robust foundation for onward connectivity. Together, these developments position Telecom Egypt and ADH as pivotal players in addressing the region’s connectivity challenges, supporting everything from cloud services and AI-driven applications to international data transit.

Telecom Egypt is committed to investing in its international infrastructure, which encompasses multiple subsea cable systems and landing points, to meet the ever-evolving demands of global digital traffic. By partnering with leading industry players, the company continues to achieve impactful results, driven by the belief that collaboration is the key to a future where connectivity is limitless.

Mohamed Nasr, Managing Director and Chief Executive Officer of Telecom Egypt, commented: “This dual initiative, our PoP at Aqaba Digital Hub and the activation of Coral Bridge, represents a transformative step in strengthening the digital backbone of the Middle East. In an era where ultra-high bandwidth demands are soaring, we are proud to expand our global footprint and create diverse routes that ensure resilience and seamless connectivity. Coral Bridge and the new node not only bridge Egypt and Jordan but also unlock new pathways for traffic aggregation, empowering collaboration and connectivity across continents. Telecom Egypt remains dedicated to driving innovation and reliability in the telecom ecosystem.”

Eyad Abu Khorma, Founder and Chief Executive Officer of Aqaba Digital Hub, commented: “Telecom Egypt’s new PoP at Aqaba Digital Hub, together with the Coral Bridge subsea cable, jointly developed between Telecom Egypt and ADH’s Telecom Arm, NaiTel, marks transformative steps for the region. By combining Egypt’s global subsea reach with Aqaba’s neutral landing station and Tier III data center, we are building resilient routes and opening digital gateways that strengthen connectivity across Jordan, the Middle East, and beyond.”

30th Sep, 2025

Telecom Egypt today announced the appointment of Tamer El Mahdi as Managing Director and Chief Executive Officer (CEO), succeeding Mohamed Nasr, who has stepped down from his executive role and his membership on the Board of Directors. The Board approved the changes during today’s meeting, effective immediately. Additionally, the requests of Mohamed Al Fowey, VP & Chief Technical Officer, and Ahmed Hassan, VP & Chief Human Resources Officer, to step down from their positions have been accepted. As part of his new role, El Mahdi will oversee the process of appointing successors to these positions, ensuring operational continuity and supporting the company’s strategic direction.

Lobna Helal, Chairperson of the Board of Directors of Telecom Egypt, commented: “The Board of Directors is pleased to announce the appointment of Tamer El Mahdi as Managing Director and CEO of the company. He brings over three decades of professional experience in telecommunications, information technology, digital transformation, and non-banking financial services, in addition to his leadership roles across multinational and investment companies operating in various local and international markets.

El Mahdi’s strong track record and wide-ranging expertise qualify him to lead Telecom Egypt into a new phase of growth and expansion, maximize the value of its assets and investments, and drive the company’s ambitious strategy to strengthen its customer base and enhance service quality at both local and international levels, meeting the aspirations of our shareholders and customers alike. We wish him every success in his new role.

I would also like to extend my deepest gratitude and appreciation to Mohamed Nasr, the former CEO, for his dedicated efforts and leadership during a challenging period. We wish him continued success in his future endeavors.”

Tamer El Mahdi, Managing Director and Chief Executive Officer of Telecom Egypt, commented: “I would like to express my deepest thanks and appreciation to the Board for their invaluable trust in appointing me to this role. This trust represents both a great responsibility and a strong motivation to work with dedication and diligence to continue the success and leadership journey that Telecom Egypt has built throughout the years. I firmly believe that the company’s strength lies in its exceptional people and valued customers. Together with all my colleagues, I am committed to strengthening Telecom Egypt’s position locally and regionally, while advancing our services to meet the evolving needs and aspirations of our customers. I will spare no effort in maximizing the company’s value and shareholder wealth by implementing ambitious strategies that support sustainable growth, reinforce our leadership in the telecom and digital services markets, and strengthen our role in serving the economy and society.”

Tamer El Mahdi Biography

Tamer El Mahdi was appointed to the Board of Directors as a representative of the Egyptian government in March 2025. With over 30 years of experience, El Mahdi has served as Founder and Chairman of Trade Globe and Terrawaves Networks since 2020, overseeing global operations in telecom consultancy, network design, and digital infrastructure development. His career spans executive leadership in multinational corporations and investment firms across various sectors, including telecommunications, digital transformation, fintech, real estate, mining, and non-banking financial services.

From 2014 to 2019, he served as Group CEO of Orascom Telecom Media and Technology (OTMT), leading its strategic transformation and diversification across multiple industries and regions, including Europe, South Asia, and the Middle East. Before that, he was CEO of Orascom Telecom Algeria (Djezzy), Algeria’s largest mobile operator, from 2008 to 2013.

During his tenure at Orascom Telecom Holding, he held key leadership roles, including Group CTIO (2003-2008), where he managed multi-billion-dollar investments and launched mobile operations in Canada, Bangladesh, Iraq, and North Korea.

Early in his career, El Mahdi held leadership positions at AT&T, managing large-scale telecom infrastructure projects across North Africa. A seasoned board member, he has served on the boards of Orascom Telecom, Beltone Financial Holding, Contact Financial Holding, and other prominent firms in Egypt and internationally.

El Mahdi holds an MBA in International Business Administration from the Maastricht School of Management, a Master’s in Project Management from George Washington University, a Master’s in Electrical & Electronic Engineering from California State University, and a Bachelor’s degree in the same field from Cairo University.

13th Nov, 2025

9M 2025 Key Highlights

Total revenue up 34% YoY to EGP 78.1bn, led by Data (EGP 34.0bn), International Incoming Calls (EGP 10.2bn), and Domestic Infrastructure Services (EGP 7.8bn), driving 54%, 15%, and 8% of revenue growth, respectively.

Customer base increased YoY across Fixed Voice, Fixed Broadband, and Mobile by 7%, 8%, and 9%, respectively.

EBITDA rose 48% YoY to EGP 34.5bn, with a robust margin of 44%.

Net profit increased 96% YoY to EGP17.0bn, translating to a 22% margin in 9M 2025 vs.15% last year.

In-service CapEx reported EGP 12.2bn (16% of sales), while Cash CapEx reported EGP 20.9bn (declining 30% YoY).

Net debt/EBITDA (annualized) improved to 1.5x compared to 2.3x in 9M 2024.

FCFF amounted to EGP 12.1bn, implying a FCFF/EBITDA ratio of 35%.

Tamer El Mahdi, Managing Director and CEO, commented: “As I take on the role of CEO, I am proud to see Telecom Egypt continuing its upward trajectory. The company achieved a 34% YoY increase in total revenue to EGP 78.1 billion, reflecting strong performance in Data, International Incoming Calls, and Domestic Infrastructure Services Revenue, adding 54%, 15%, and 8% to total growth, respectively, supported by a stronger revenue mix and improved pricing across all segments. Our growing customer base highlights both the relevance of our offerings and the trust we have earned.

EBITDA increased 48% YoY to EGP 34.5 billion, driven by solid revenue growth and operational efficiency, resulting in a solid margin of 44%. Net profit almost doubled YoY to EGP 17.0 billion, reflecting resilient operations and disciplined financial management. Stable net finance costs helped ease bottom-line pressure and preserve strong profitability despite regional headwinds. The period also saw enhanced cash flow and balance sheet metrics, with FCFF reaching EGP 12.1 billion (35% of EBITDA) and net debt-to-annualized EBITDA improving to 1.5x from 2.3x a year earlier.

Looking ahead, I remain deeply committed to building on Telecom Egypt’s legacy of success and leadership. My focus will be on fostering an agile, innovation-driven organization that sustains growth and delivers long-term value for our shareholders. Together with our talented team, we will continue advancing our network and services to meet the evolving needs of our customers. With the trust of our Board, the dedication of our employees, and the loyalty of our customers, I am confident in our ability to strengthen Telecom Egypt’s position locally and regionally while contributing to the growth of Egypt’s digital economy.”

14th Nov, 2025

On the sidelines of the 2025 Population, Health & Human Development Conference (PHDC 2025)

Telecom Egypt announced the signing of three Memorandums of Understanding (MoUs) with key partners in the healthcare sector to enhance the service portfolio of its digital health platform, WE Health Cloud. The agreements aim to introduce advanced AI-powered Clinical Decision Support Systems (AI-CDSS), comprehensive hospital automation solutions, and telemedicine services, in addition to new tools that elevate patient experience, reinforcing Telecom Egypt’s leadership in driving the digital transformation of the healthcare sector in Egypt. The MoUs were signed on the sidelines of the Population, Health & Human Development Conference PHDC 2025, which kicked off on November 12 under the sponsorship of Telecom Egypt.

WE Health Cloud operates through locally secured data centers and has been developed in collaboration with global healthcare technology leaders. The platform unifies the healthcare experience across hospitals, clinics, laboratories, and diagnostic centers, offering a fully integrated ecosystem that includes, Electronic Medical Records (EMR/EHR), Hospital & Clinic Information Management Systems (HIMS), Revenue Cycle Management (RCM), Pharmacy, radiology, and laboratory management, Telemedicine services, Patient portal, Advanced analytical dashboards for administrators, and Full Arabic user interface and compliance with all local standards

The new partnerships included signing an MoU between Telecom Egypt and Vezeeta, the leading digital healthcare platform in the Middle East and Africa, to explore collaboration opportunities with WE Health Cloud. The partnership aims to jointly develop technological and digital solutions that enhance healthcare services for providers in Egypt, improving data integration and enabling easier access to medical services;

Telecom Egypt also signed an MoU with GuidelineX, a global AI-powered clinical decision support platform, and its local representative DTS, to integrate AI-driven clinical decision support tools and medical analytics into WE Health Cloud. This integration will support physicians in making accurate, guideline-based decisions using real-time clinical data analysis, improving diagnostic accuracy and reducing medical errors. The collaboration aims to strengthen Egypt’s digital health ecosystem across all hospitals.

A third MoU was signed with zMed and DTS to provide hospital automation solutions and remote intensive care (Tele-ICU) services. The partnership introduces intelligent systems for continuous critical-care patient monitoring and real-time AI analysis of vital signs, enabling early prediction of patient deterioration and reducing mortality rates

Rami Kato, Vice President of Customer Service – Telecom Egypt, said, “We believe that digital transformation in healthcare is a fundamental pillar of Egypt’s Vision 2030. Through these strategic partnerships, we aim to enrich our digital health solutions by integrating world-class technologies. WE Health Cloud is designed to elevate the national healthcare ecosystem by providing smart, secure, and comprehensive solutions that improve the quality of medical services, enhance patient safety, and build an interconnected digital healthcare infrastructure, positioning Telecom Egypt as a strategic partner in shaping Egypt’s digital health future.”

Dr. Ola Aladdin, Chief Operating Officer – Vezeeta commented, “We are delighted to sign this MoU with Telecom Egypt to explore collaboration with WE Health Cloud, as a strategic step that accelerates our vision to digitize the patient healthcare journey. Integrating Vezeeta’s technology with a secure and advanced digital infrastructure will help unify the patient journey, connect providers and supply chains, and ensure better service quality, patient safety, and wider access to smart healthcare nationwide. We believe this partnership will support Egypt’s Vision 2030 by implementing the highest global standards in data protection and service quality.”

Janet Shaw, Head of Product Development – GuidelineX, said, “Partnering with a national leader like Telecom Egypt enables us to deliver our advanced solutions in Egypt with world-class efficiency and reliability, powered by a scalable and secure cloud infrastructure. Integrating GuidelineX’s clinical tools and AI capabilities with WE Health Cloud will accelerate clinical decision-making, standardize care pathways, and enhance the quality of care across a fully connected health ecosystem. We are committed to delivering patient-centric digital experiences that improve outcomes and reduce variability in clinical practice.”

Eng. Mohamed Dessouky, CEO – DTS, stated, “We are honored to represent zMed and GuidelineX in Egypt and to collaborate with Telecom Egypt. Together, we aim to bring cutting-edge AI and remote critical-care technologies to healthcare institutions across Egypt. Leveraging WE Health Cloud and Telecom Egypt’s secure infrastructure, we will accelerate the deployment of innovative healthcare solutions while maintaining the highest standards of data protection and compliance.”

Jayakanth S. Kesan, CEO & Managing Director – zMed, noted, “We are proud to partner with Telecom Egypt to introduce Tele-ICU and Critical Care Automation technologies that enhance the quality of critical-care services in Egyptian hospitals. Through seamless integration with WE Health Cloud and secure infrastructure, we provide real-time patient monitoring, unified dashboards combining device, lab, and imaging data, and AI-powered predictive analytics that support faster, more accurate clinical decisions, ultimately reducing mortality rates.”

16th Nov, 2025

Telecom Egypt |WE is participating strongly this year in the 29th edition of Cairo ICT, the leading Middle East and Africa technology exhibition and conference. The event, one of the most prominent in the region’s technology industry, is held under the patronage of the Ministry of Communications and Information Technology, and will run from 16 to 19 November at the Egypt International Exhibition Center in New Cairo. The exhibition features the participation of ministries, government authorities, local and international companies, as well as top leaders and pioneers of technology from Egypt, the region, and around the world.

In its pavilion, the company showcases its efforts in developing the infrastructure and providing innovative technological solutions and services that meet the evolving needs of its customers.

During the exhibition, the company unveiled its ambitious strategic plan to expand the deployment of Fiber-to-the-Home (FTTH) technology, gradually reaching all customers. The plan includes migrating millions of customers to fiber-optic services over the next few years, with the aim of achieving a paradigm shift in the quality of fixed internet services and increasing connection speeds, ensuring that customers receive the highest levels of service quality.

This expansion comes in response to the growing demand for ultra-high speeds and future technologies such as artificial intelligence and the Internet of Things, and aligns with the state's objectives to realize a comprehensive digital transformation.

Eng. Tamer El-Mahdy, Managing Director and Chief Executive Officer of Telecom Egypt, said: "This plan aims to deliver a transformative leap in the quality of internet services provided to customers. FTTH technology offers download and upload speeds that far exceed traditional technologies, while ensuring service stability even during peak hours and reducing faults caused by weather conditions or cable erosion, thereby enhancing the efficiency and continuity of connectivity."

He added: "This plan covers the company’s customers across individuals, enterprises, real estate developers, and commercial projects, enabling the provision of integrated telecom services that support the digital economy and keep pace with the requirements of new urban development.

In this context, Telecom Egypt highlighted the provision of fixed internet speeds of up to 500 Mbps for the first time in the Egyptian market, made possible through the company’s substantial and ongoing investments in infrastructure development and fiber-optic networks. This achievement reflects the company’s capability to deliver exceptional speeds that enable users to fully benefit from modern applications and support the state’s plans for digital transformation and the development of a knowledge-based economy.

The company also showcased in its pavilion the “Ma'ak” service, which is specifically designed for the deaf and mute community. The service enables users to communicate via video calls with sign-language interpreters from the customer care team around the clock, ensuring an accessible and inclusive support experience that provides seamless access to services and rapid, efficient resolution of technical issues.

The Telecom Egypt pavilion further highlighted the advanced capabilities of its data centers, the international standards they adopt, and the range of digital services dedicated to enterprises and government entities to support digital transformation and enhance the services provided to citizens.

In addition, the pavilion featured an overview of the WE Innovate initiative, which aims to train and develop the skills of young people in the fields of cybersecurity and modern technologies, enabling them to develop innovative solutions to counter cyber threats and analyze data using artificial intelligence - thereby strengthening the protection of the digital infrastructure across vital sectors

17th Nov, 2025

Telecom Egypt and the Egyptian Computer Emergency Readiness Team (EG-CERT); (affiliated with the National Telecommunications Regulatory Authority celebrated, through their joint initiative WE INNOVATE, the honoring of the winners of the National Cybersecurity Competition sponsored by the National Bank of Egypt (NBE). The celebration took place during the graduation and awards ceremony held on the sidelines of the Cairo ICT2025.

This partnership between Telecom Egypt|WE, the National Telecommunications Regulatory Authority, and the National Bank of Egypt’s outstanding support for the awards serves as a leading model of cooperation between the telecommunications and banking sectors to promote a secure digital economy and empower youth and entrepreneurs in the fields of innovation and cybersecurity.

During the ceremony, the National Bank of Egypt announced financial awards totaling EGP 1.2 million to support the top winners, reaffirming its role as a strategic success partner and a key supporter of Egypt’s cybersecurity innovation ecosystem. The event was attended by senior leaders from Telecom Egypt, the National Telecommunications Regulatory Authority, and the National Bank of Egypt, as well as leaders from the technology and entrepreneurship community, accompanied by extensive media coverage and interviews with the winning teams.

The initiative also announced the selection of several outstanding teams to represent Egypt at Black Hat 2025, one of the world’s leading cybersecurity conferences, under the sponsorship of WE INNOVATE—providing them with unique opportunities for global exposure and professional growth. In his speech during the celebration, Eng. Tamer El-Mahdy, Managing Director and Chief Executive Officer of Telecom Egypt, expressed his happiness in honoring the winners, noting that the WE INNOVATE initiative has evolved from being just an initiative into a comprehensive national ecosystem supporting Egypt’s cybersecurity strategy and enhancing the state’s readiness across all levels. He highlighted that since its launch, the initiative has successfully trained more than five thousand young men and women, graduated over one thousand specialists, and supported the launching of more than twenty startups that developed local solutions helping reduce reliance on imported licenses and strengthen national capabilities.

For her part, Eng. Walaa Salah El-Din, Chief Innovation and Cybersecurity Advisor to the CEO of Telecom Egypt, extended her appreciation to the National Telecommunications Regulatory Authority—WE INNOVATE’s strategic partner, represented by EG-CERT, the National Bank of Egypt, for its outstanding support, and the execution partner, Entlaq. She also emphasized that such collaboration represents the true model for building a safe and sustainable digital industry.

19th Nov, 2025

Telecom Egypt, as part of the 2Africa consortium along with Bayobab, center3, China Mobile International, Meta, Orange, Vodafone Group, and WIOCC, today announced the completion of the core 2Africa infrastructure, a landmark subsea cable system that sets a new standard for global connectivity.

The 2Africa project is the product of years of close collaboration, technical innovation, and a shared vision among the consortium partners to connect communities, drive economic growth, and enable transformative digital experiences across Africa and beyond.;

2Africa is the first cable to directly connect East and West Africa in a continuous system. The cable system also links the continent to the Middle East, South Asia, and Europe. With landings in more than 33 countries and counting, 2Africa will help enable connectivity for 3 billion people—representing more than 30 percent of the world’s population. This scale is unprecedented and was only possible through the collective effort of stakeholders across the ecosystem.

The cable system delivers a step change in international bandwidth for Africa. On the West segment, from England to South Africa, 2Africa supports 21 Tbps per fiber pair with 8 fiber pairs on the trunk, totaling 168 Tbps. In the Mediterranean, shorter distances allow for more than 30 Tbps per fiber pair, and with 16 fiber pairs, the system can deliver over 180 Tbps in these segments.;

2Africa lands in Egypt, on the Red Sea, at Ras Ghareb, and on the Mediterranean, at Port Said. Both landing points are connected terrestrially via two trans-Egypt routes adjacent to the Suez Canal. The crossing solution, deployed with next-generation fiber technology, offers seamless optical paths between Africa, Asia, and Europe. It is complemented by the Red Sea subsea festoon, which connects the Ras Ghareb, Zafarana, and Suez, adding an extra layer of diversity to the crossing.

This leap in capacity is expected to contribute up to USD 36.9 billion to Africa’s GDP within the first two to three years of operation, boosting job creation, entrepreneurship, and innovation hubs across the continent. 2Africa’s success is rooted in strong partnerships, with the consortium sharing a unified goal: to build an open, inclusive network that fosters competition and supports innovation. With the Pearls extension, 2Africa will span 45,000 kilometers—more than the circumference of the earth.;

Taking nearly six years to complete across 50 jurisdictions and requiring constant adaptation to dynamic regulatory landscapes, the cable’s success depended on strong partnerships and close collaboration with regulators and policymakers worldwide

2Africa delivers double the capacity of older systems. It deploys advanced SDM (Spatial Division Multiplexing) technology and undersea optical wavelength switching for flexible bandwidth management to meet the growing demands for AI, cloud, and high bandwidth applications. The system also features a 50 percent increase in cable burial depth, carefully routed to avoid seabed hazards. Over 35 offshore vessels and extensive local operations were mobilized, with specialist equipment to ensure safe and resilient installation across the different jurisdictions.

The completion of 2Africa demonstrates the consortium’s shared commitment to advancing connectivity and driving sustainable digital and economic growth. This investment in open, scalable infrastructure will continue to strengthen global network resilience and extend the benefits of digital transformation to billions of people worldwide.

For Telecom Egypt, the project further strengthens its position as the region’s central connectivity hub and reinforces its strategic role as the primary gateway linking Africa to the rest of the world. The company’s participation in the consortium aligns with its long-term strategy to expand international infrastructure capacity, monetize its assets, and enhance Egypt’s leadership in global data transit.

Tamer El Mahdi, Managing Director and Chief Executive Officer of Telecom Egypt, commented: “The completion of the core infrastructure of the 2Africa cable project marks another milestone in Telecom Egypt’s ongoing journey to extend its international infrastructure and solidify our role as a central hub for global data traffic. Driven by our commitment to delivering unmatched, state-of-the-art solutions to all our partners and customers, we are thrilled to be part of such a transformative project, unlocking a new era of digital connectivity in Africa and beyond.”

14th Dec. 2025

Telecom Egypt|WE announced its sponsorship of the Egyptian Women's Summit 2025 initiative, which aims to support women and youth in future fields of work related to science, technology, engineering, mathematics, artificial intelligence, innovation, and entrepreneurship. The initiative seeks to bridge the gap between educational outcomes and labor market needs, provide youth with training and employment opportunities, and build relationships with executive leaders and international experts.

The summit witnessed distinguished participation from Telecom Egypt professionals, who delivered a series of workshops covering topics such as fostering innovative talents in the era of artificial intelligence, the secure Internet, and artificial intelligence for good, to transfer professional experiences to future generations.

This sponsorship comes as part of Telecom Egypt's corporate social responsibility strategy, and reflects the company’s commitment to supporting youth and women’s empowerment initiatives, promoting innovation in the fields of technology, supporting entrepreneurship, developing the knowledge- based economy, and strengthening Egypt's position as a regional center of technological excellence. This initiative focuses on establishing a national ecosystem for innovation and employment, developing future skills through collaboration between the government and the private sector, enhancing women's participation in the fields of science and technology, and supporting young entrepreneurs by training approximately 6,000 male and female students from 30 Egyptian universities.

It is noteworthy that Telecom Egypt has provided many integrated initiatives aimed at building capabilities, supporting education, and promoting innovation. Among these initiatives is "She Leads" which provided specialized training to more than 825 female students in ten governorates and helped them transform their ideas into innovative projects with economic and social impact. The company also contributed to preparing highly qualified young talent by providing full scholarships in the fields of engineering and computer science to university students at institutions such as Zewail University and Egypt University of Informatics, to qualify a generation capable of leading the communications sector and driving digital transformation.