Is Ooredoo profitable in 2026?

Yes. FY2025 net profit rose 12 to 14.5 percent year on year to roughly QAR 3.9 to 4.6 billion, on group revenue of QAR 24.6 billion, about 6.76 billion dollars, up 6 percent, per results reported 2026-02-08.

Qatar Holding LLC holds 53.26 percent and Qatar's General Retirement and Social Insurance Authority holds 14.67 percent as of 2025-11-19. Abu Dhabi's ADIA sold about half its stake, roughly 5 percent, or 160.5 million shares, in a secondary offering that closed that same date.

Could AI replace Ooredoo?

No. Ooredoo's core business rests on licensed spectrum and physical network assets across nine countries that AI cannot substitute. As of 2025-2026 AI is instead a tailwind, letting Ooredoo sell sovereign AI cloud on Nvidia Hopper and H200 GPUs in Qatar and Kuwait.

Is Ooredoo laying off staff?

Group headcount fell to roughly 11,547 employees in 2024 from over 15,000 in 2021, a decline of more than 23 percent, even as revenue and profit grew, according to filings cited via Wikipedia.

Who is Ooredoo's biggest competitor?

Regionally its closest peers are Zain Group, stc Group, and e&, the region's largest telecom by revenue at AED 72.9 billion in 2025. In Indonesia its Indosat Ooredoo Hutchison joint venture competes against Telkomsel and XL Axiata.

What is Ooredoo's dividend policy?

In October 2025 Ooredoo raised its target payout ratio from 40 to 60 percent up to 50 to 70 percent of normalized net profit, announced alongside Q3 2025 results showing 7 percent revenue growth.

Telecom infrastructure · state-owned · Qatar

Ooredoo Group

ooredoo.com ↗

State-backed telecom operator running licensed networks across the Middle East and Asia.

Hard to displace

Assessed 25 July 2026 · Evidence as of 25 July 2026

Strong structural protection; the business model survives ai pressure.

On the recordSince 25 July 2026 · Checkable from Q2-Q3 2026 · Every call on the record Checkpoint: FY2026 guidance test (3-5% revenue growth, low-40s EBITDA margin) at Q2/Q3 earnings

The call

Ooredoo's survival rests on state ownership and spectrum licenses, not on outrunning AI or big tech, with Indosat's Indonesia results as the main swing factor to watch.

Ooredoo is a telephone and internet company owned mostly by Qatar's government that operates in nine countries and serves about 150 million customers. It is very hard to replace because governments give it exclusive licenses to operate in each country, and no internet company or AI can take away those government permits, though that also means growth is limited to what the government allows, which is around 3 to 5 percent per year. The biggest thing to watch is whether its operations in Indonesia stay profitable and keep growing, since that region makes up roughly half of all its customers and is competing against stronger local rivals.

Why

AI pressure: None apparent. AI mainly cuts Ooredoo's operating costs and opens sovereign-cloud/fintech revenue rather than threatening its licensed network business. Could AI do the core job? Unlikely.

Bigger players: None apparent. No hyperscaler or global carrier holds spectrum in Ooredoo's home markets; entering would require a licensed local JV, none announced. Could a giant copy it? No, they are blocked.

What protects it. Government-issued spectrum licenses plus 53.26% Qatar Holding ownership make Ooredoo a state-protected asset across nine markets.

What would change this call

Indosat Ooredoo Hutchison publishes FY2025 results and subscriber trends versus Telkomsel and XL Axiata. Would show whether Ooredoo's biggest JV is gaining or losing ground in Indonesia's competitive market.
ADIA sells more of its remaining roughly 5% Ooredoo stake beyond the announced tranche. Would indicate whether large institutional holders see continued reason to reduce exposure.
Ooredoo's Q2 or Q3 2026 earnings confirm or miss the guided 3 to 5% FY2026 revenue growth. Would show whether the group is delivering on its own guidance or slowing further.

Key numbers

FY2025 revenue QAR 24.6bn (~$6.76bn), up 6% YoY (2026-02-08)
Normalized EBITDA margin 42.6% in FY2025 (2026-02-08)
Qatar Holding LLC owns 53.26% of Ooredoo (2025-11-19)

Named risks

Indosat Indonesia JV integration and competitive pressure from Telkomsel and XL Axiata. Severity: high
TASC towers handover of ~20,000 towers still incomplete, execution risk into 2026. Severity: medium
ADIA retains ~5% stake, further sell-down could pressure share liquidity. Severity: medium
FX and geopolitical exposure in Algeria, Iraq, and Kuwait, near half of group revenue. Severity: medium
Group headcount decline of over 23% since 2021 signals ongoing automation-driven workforce cuts. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
e& (Etisalat)	losing to	e& is MENA's largest telecom by revenue, AED 72.9bn in 2025 vs Ooredoo's ~$6.76bn
Zain Group	contesting	Joint tower venture with Zain signed Dec 2023, ~$2.2bn, each retaining 49.3%
stc Group	contesting	Rated a consistent regional revenue performer alongside Ooredoo per Analysys Mason
Telkomsel and XL Axiata	contesting	Compete against Indosat Ooredoo Hutchison JV in Indonesia, FY2025 results Feb 2026
Hyperscalers (AWS, Azure, Google Cloud)	gaining on	Ooredoo excludes them from sovereign AI cloud mandates in Qatar and Kuwait, 2025

Questions people ask

Is Ooredoo profitable in 2026?: Yes. FY2025 net profit rose 12 to 14.5 percent year on year to roughly QAR 3.9 to 4.6 billion, on group revenue of QAR 24.6 billion, about 6.76 billion dollars, up 6 percent, per results reported 2026-02-08.
Who owns Ooredoo?: Qatar Holding LLC holds 53.26 percent and Qatar's General Retirement and Social Insurance Authority holds 14.67 percent as of 2025-11-19. Abu Dhabi's ADIA sold about half its stake, roughly 5 percent, or 160.5 million shares, in a secondary offering that closed that same date.
Could AI replace Ooredoo?: No. Ooredoo's core business rests on licensed spectrum and physical network assets across nine countries that AI cannot substitute. As of 2025-2026 AI is instead a tailwind, letting Ooredoo sell sovereign AI cloud on Nvidia Hopper and H200 GPUs in Qatar and Kuwait.
Is Ooredoo laying off staff?: Group headcount fell to roughly 11,547 employees in 2024 from over 15,000 in 2021, a decline of more than 23 percent, even as revenue and profit grew, according to filings cited via Wikipedia.
Who is Ooredoo's biggest competitor?: Regionally its closest peers are Zain Group, stc Group, and e&, the region's largest telecom by revenue at AED 72.9 billion in 2025. In Indonesia its Indosat Ooredoo Hutchison joint venture competes against Telkomsel and XL Axiata.
What is Ooredoo's dividend policy?: In October 2025 Ooredoo raised its target payout ratio from 40 to 60 percent up to 50 to 70 percent of normalized net profit, announced alongside Q3 2025 results showing 7 percent revenue growth.

Timeline

2026-02-12FY2026 guidance issued: 3-5% revenue growth, low-40s EBITDA margin, QAR 5.0-6.5bn capex
2026-02-09Indosat Ooredoo Hutchison releases FY2025 results, described as strengthening
2026-02-08FY2025 results: revenue QAR 24.6bn up 6%, net profit up 12-14.5%
2026-01Syntys acquires two more data centers in Qatar
2025-11-19ADIA secondary offering closes, sells ~5% Ooredoo stake (~160.5M shares)
2025-11-10Ooredoo Kuwait launches nation's first sovereign AI data center with Nvidia H200 GPUs
2025-10-30Dividend payout target raised to 50-70% of normalized net profit
2025-07Sovereign AI cloud launched in Qatar on Nvidia Hopper GPUs
2025-03Syntys data-center spin-off launched with Iron Mountain minority investment
2024-05Ooredoo exits Myanmar market

Revision history

25 July 2026

First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.

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