Statement from the Vice-Chairman and Group CEO

2025 marked a pivotal first year for our ‘4WARD – Progress with Purpose’ corporate strategy, which is fast-tracking Zain’s evolution from a predominantly mobile-centric operator into a purpose-driven, customer-centric, future-ready regional TechCo. Our commitment to sustainable growth that fulfils our purpose of ‘Better Lives and Lasting Connections’ is reflected in our listing on Boursa Kuwait’s Premier Market and local listings in Saudi Arabia, Iraq, and Bahrain, underlining our core duty to enhance value for all stakeholders.

The Board and executive management have worked closely to execute the 4WARD strategy and fully capture the opportunities in our markets by focusing on four key strategic pillars: Customer Delight, Digital Zain, Purpose & Action, and Collaborative Growth. Throughout 2025, disciplined CAPEX, OPEX and monetization management, combined with the accelerated momentum of our growth verticals – Fintech, ZainTECH and ZOI – drove our key financial indicators to their highest levels in over a decade.

Targeted investments totaling USD 1.5 billion in network expansion, technology upgrades, fiber deployment, subsea cables, and AI and emerging technologies strengthened our capacity to elevate the customer experience and address the growing digital needs of individuals, enterprises and governments. These strategic CAPEX investments were key to driving a 4% increase in our customer base, which now stands at 50.9 million, and a 13% YoY growth in data revenues to USD 2.8 billion, representing 37% of total revenues and reinforcing our market leadership across an increasingly competitive landscape.

With 4WARD now completing its first year, we are confident that it has already generated the momentum needed to accelerate Zain’s evolution into an impactful, leading regional TechCo. This strategy is strengthening our growth, deepening our relevance in shaping societies, and continuing to elevate the Zain brand to new heights.

Our tower infrastructure strategy remains an important enabler of our long-term growth. Following the step-up acquisition of the Kuwait tower network in late 2024, through which we acquired 100% of Zain Kuwait’s towers, we expect to make significant progress with our infrastructure expansion plans in 2026. Over the last five years, TASC Towers has operated as an independent digital infrastructure company, acquiring and managing the tower assets of Zain Jordan and Zain Iraq on a sale-and-leaseback basis.

Building on an agreement with Ooredoo Group, we expect to complete a key stage of the integration of TASC’s tower assets with Ooredoo’s tower network in the coming months. Once fully completed, the resulting combined portfolio of around 30,000 towers will position the region on the global telecom tower map, providing shared infrastructure services to multiple mobile network operators, improving capital efficiency, and contributing to a lower carbon footprint. This tower company will be a valuable entity in its own right, further enhancing shareholder value for both Zain and Ooredoo.

Our group-wide API and digital monetization platform, Dizlee, continues to scale rapidly. Offering innovative entertainment and gaming solutions, direct carrier billing, messaging, and digital authentication, Dizlee recorded revenue growth of 51% in 2025, with 289 live services across 58 active global OTT and solutions providers. This performance reflects strong partner confidence, increasing customer adoption, and provides a robust foundation for future growth.

We also recognize that digitally savvy, app-centric youth segments require differentiated experiences. Our digital operators are designed to meet these needs with tailored, app-based propositions. In Saudi Arabia, Yaqoot continues to gain momentum with attractive data and voice bundles. Our partnership with Red Bull Mobile in Kuwait, along with oodi in Iraq, are serving customers through digital-centric packages and market-leading app experiences. By offering these focused digital brands, we are strengthening engagement with younger customers and ensuring that Zain’s portfolio caters to diverse preferences across our footprint.

Our venture investment arm, Zain Ventures, continues to deliver strong strategic and financial contributions. By the end of 2025, Zain Ventures had invested approximately USD 156 million directly into startups at various growth stages and through leading venture capital funds. The portfolio includes high-profile, high-growth companies such as Revolut, SpaceX, xAI, and others that are contributing to long-term shareholder value. We will continue to evaluate exit opportunities as they arise and seek new investments in high-growth companies across different industries and stages of development.

We are equally focused on nurturing internal innovation. Through our internal innovation platform, ZAINIAC, employees are encouraged to submit, share, and collaborate on new ideas, fostering intrapreneurship and creativity within the company. We provide mentoring, workshops, and funding for selected initiatives to turn ideas into viable businesses. In May 2025, ZAINIAC incubated and funded its first startup, ACTLY, founded by Zain employees, an AI-focused company delivering personalized customer experiences through AI agents that combine real-time insights, behavioral analytics, and predictive reporting to support better decision-making.

In April 2025, we mourned the passing of our dear colleague, Elfatih Erwa, Managing Director of Zain Sudan, whose leadership and character shaped the company’s journey for 17 years. His loss was deeply felt across the business, and our thoughts remain with his family, loved ones, and the Zain Sudan team.

Elfatih left behind a legacy defined by steadfast leadership, calm strength in adversity, and profound commitment to people. Widely regarded as one of the most influential ICT leaders in North-East Africa, he inspired many through his warmth, care, and personal interest in those around him. To countless colleagues, he was a father figure whose energy and optimism helped nurture and motivate a generation of professionals.

His impact extended beyond the company, advancing key milestones for Zain Group, including the Group’s strategic evolution in Africa and the separation of the Sudan and South Sudan operations, while ensuring that Zain Sudan continued to move decisively into the digital era and sustain its meaningful role in society. Internationally, he was recognized as a pioneer in leveraging technology for community development, extending communications services under the most challenging conditions, particularly in remote areas, to connect and empower marginalized communities.

Throughout the crisis in Sudan, Elfatih remained resolute, supporting teams operating in extreme circumstances and prioritizing service continuity as a lifeline for the Sudanese people. His wider public service reflected the same convictions, including contributions aligned with the United Nations Sustainable Development Goals and initiatives that promoted stability, supported peacebuilding, and delivered tangible outcomes across education, health, and economic development. We remain proud and grateful for Elfatih’s rich legacy, which united professional excellence with deep humanitarian commitment. May his soul rest in peace.