Quarterly highlights
Zain KSA reported a robust finish to 2025, with fourth-quarter figures beating consensus across sales, EBITDA and net income. The company recorded Q4 sales of SR2.89 billion, representing a year-on-year increase of 7.2% and coming in 2.2% above consensus estimates. EBITDA for the quarter was SR952 million, outperforming forecasts by 4.2%. Net income reached SR231 million, ahead of the SR191 million consensus by 21.3%.
Full-year performance and shareholder return
On a full-year basis, Zain KSA’s net income improved by SR241 million compared with the prior year after excluding one-off gains from that earlier period. The company also announced an annual dividend of SR0.50 per share, which aligns with market expectations.
Company commentary and analyst interpretation
Zain KSA did not issue specific remarks about the fourth-quarter performance nor did it provide guidance for upcoming periods. Analysts covering the company have suggested that the reported growth is likely attributable to strength in the consumer and wholesale segments, together with a recovery in the business-to-business (B2B) market.
What remains uncertain
Because the company offered no forward guidance and did not comment on the quarter, observers must rely on analyst interpretations to understand drivers of the outperformance. The full-year net income improvement also reflects an adjustment that excludes prior-year one-off gains, which affects direct comparability with the previous period.
Bottom line
Zain KSA’s reported Q4 results demonstrated clear upside to consensus on revenue, EBITDA and net income, and the board maintained an expected dividend payment for the year. With no company commentary or guidance provided, market participants and analysts will likely continue to monitor segment trends cited by analysts - consumer, wholesale and B2B - to assess durability of the recent performance.