Manama, Bahrain: Beyon BSC (Ticker: BEYON), today announced its financial results for the first quarter of 2026. Beyon reported net profit attributable to equity holders of BD15.3M (US$40.6M) for Q1 2026, a 15% decrease from BD18.1M (US$48.0M) reported for the corresponding quarter of 2025. The decrease in net profit attributable to equity holders is mainly due to one-off income of BD 2.5M (US$ 6.6M) recorded in Q1 2025 that did not recur in Q1 2026, alongside the current geopolitical situation negatively impacting Beyon and several of its subsidiaries, including operations in the Kingdom of Bahrain, the Hashemite Kingdom of Jordan and the Maldives. Earnings per share (EPS) are 9.2 fils for the first quarter of 2026, compared to 10.9 fils in Q1 2025.
Total comprehensive income attributable to equity holders in Q1 2026 was reported at BD11.2M (US$29.7M), a 5% decrease from BD11.8M (US$31.3M) in the first quarter of 2025, mainly due to foreign currency translation differences.
Operating profit for Q1 2026 stood at BD23.6M (US$62.6M), a 9% decrease from BD26.0M (US$69.0M) reported in Q1 2025. EBITDA totaled BD43.0M (US$114.1M) in Q1 2026, compared to BD45.4M (US$120.4M) in the same period last year, reflecting a 5% decline, with an EBITDA margin of 36%.
Revenues for Q1 2026 increased by 1% to BD119.0M (US$315.6M), up from BD117.6M (US$311.9M) in Q1 2025, primarily driven by growth in digital services and international operations.
Beyon’s balance sheet remains strong with total equity attributable to equity holders of the company of BD549.8M (US$1,458.4M) as of 31 March 2026, 4% lower than BD574.1M (US$1,522.8M) reported as of 31 December 2025. Total assets of BD1,316.6M (US$3,492.3M) as of 31 March 2026 are 1% higher than total assets of BD1,305.5M (US$3,462.9M) as of 31 December 2025. Net assets as of 31 March 2026 which stand at BD615.5M (US$1,632.6M) are 3% lower than BD637.2M (US$1,690.2M) reported as of 31 December 2025. The Company reported cash and bank balances of BD145.5M (US$385.9M) as of 31 March 2026.
| Q1 2026 | Q1 2025 | Variance | |||
| BDM | US$M | BDM | US$M | % | |
| Gross Revenues | 119.0 | 315.6 | 117.6 | 311.9 | +1 |
| EBITDA | 43.0 | 114.1 | 45.4 | 120.4 | -5 |
| Operating Profit | 23.6 | 62.6 | 26.0 | 69.0 | -9 |
| Net Profit attributable to equity holders of the company | 15.3 | 40.6 | 18.1 | 48.0 | -15 |
| Total Comprehensive income attributable to equity holders of the company | 11.2 | 29.7 | 11.8 | 31.3 | -5 |
| Customer Base (telecom operations)* | 4.6M | 4.5M | +2 | ||
| Contribution to Revenues by International Operations | 57% | 55% | +2 | ||
| Contribution to EBITDA by International Operations | 60% | 57% | +3 | ||
Financial and Operational Highlights
*Excludes subscriber numbers from Sabafon, Beyon’s associate company in Yemen, and Etihad Atheeb Telecom, Beyon’s investment in Saudi Arabia.
Beyon Chairman HE Shaikh Abdulla bin Khalifa Al Khalifa announced the financial results for the first quarter of 2026 following a meeting of the Board of Directors in which he affirmed the strong support extended to the telecommunications and information technology sector in the Kingdom of Bahrain, under the leadership of His Majesty King Hamad bin Isa Al Khalifa, and the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, provides a solid foundation for continued progress and stability.
“Beyon entered 2026 with positive strategic momentum, marked by its selection as the Winning Investor for the Fixed Telecommunications Network Development Project in Kuwait by the Kuwait Authority for Partnership Projects (KAPP), reinforcing its position as a trusted partner for large-scale infrastructure initiatives.”
“The Group delivered a modest increase in revenues during the first quarter, as it maintained its focus and foremost priority on operational continuity and efficiency, whilst continuing to fulfil its national role. Beyon has demonstrated resilience, underpinned by the strength of its diversified portfolio and disciplined strategic direction.”
“I would also like to extend my appreciation to the executive management team and all employees across the Group for their continued dedication during this period. Their efforts remain central to navigating the current environment and advancing the Group’s long-term ambitions.”
“Looking ahead, we remain confident in Beyon’s ability to adapt to evolving market conditions, while continuing to pursue opportunities that strengthen our regional footprint and deliver sustainable long-term value for our stakeholders.”
Commenting on the quarter, Beyon CEO Andrew Kvaalseth said, “The first quarter of 2026 reflects a more challenging operating environment, which has impacted overall performance. Despite this, the fundamentals of our business remain strong, supported by the continued execution of our strategy and steady growth in core revenue streams, particularly across digital services and international operations.”
“Building on the strategic progress achieved in 2025, we continue to focus on scaling our digital portfolio and embedding advanced technologies, including AI-driven capabilities, across our operations to enhance efficiency, customer experience, and long-term value creation.”
“During the quarter, we maintained momentum across key strategic initiatives related to our connectivity and digital businesses. Batelco by Beyon strengthened its regional infrastructure leadership through the renewal of its partnership with the GCC Interconnection Authority and the advancement of its data centre strategy. In parallel, our digital businesses continued to evolve, delivering secure and scalable digital solutions that support transformation across government and enterprise sectors. Together, these initiatives are central to enabling future-ready, integrated digital ecosystems.”
“We are confident in the strength of our strategy, the diversity of our portfolio, and our ability to capture growth opportunities as markets stabilise. We remain focused on building a future-ready digital group that contributes to ongoing progress and delivers long-term value.” Mr. Kvaalseth concluded.