GCC TMT and Infrastructure 1Q26 Recap

The GCC TMT and Infrastructure sector's 1Q26 earnings were defined by resilience following a significant dislocation in March. While UAE mobility was hit, most firms maintained FY26 guidance, making 2Q26 the crucial indicator for the remainder of the year.

Key Takeaways

• 1.The 1Q26 season was focused more on duration and recovery trajectories after the March dislocation than on earnings beats versus consensus.
• 2.The impact of the March shock was uneven, hitting UAE mobility and travel-adjacent businesses hardest, while Saudi and more diversified models remained insulated.
• 3.Management guidance remained largely intact across the sector, with only selective resets in high-sensitivity names like Salik.

Table of Contents

• Post 1Q26 recap
• Key takeaways from 1Q26 conference calls
• PT changes, valuation, and key risks
• Zain Kuwait: Diversified growth and upgraded earnings outlook support Buy despite below-EBITDA noise
• Zain KSA: 1Q26 reinforces margin / cash-flow concerns despite USF support; maintain Sell
• 1Q26 earnings notes
• Global comp sheets
• Disclosure Appendix

Document Preview

Page 1 of 5

Subscribe for full accessStart Free Trial