Anghami (ANGH) H2 2025 earnings summary

Executive summary

• Revenue grew 27% year-over-year to $99.3 million in FY2025, driven by subscriber growth and the full-year consolidation of OSN+.

• Paid subscribers surpassed 3.5 million, with registered users exceeding 130 million across the MENA region.

• Strategic partnerships, including the Epic Bundle with Shahid and Disney+, Noon, and talabat, expanded distribution and monetization.

• Warner Bros. Discovery completed a $57 million minority investment in OSN Streaming Limited, strengthening content and regional production.

• Integration of OSN+ and proprietary technology investments, including AI-powered recommendations and a rebuilt streaming platform, enhanced user experience.

Financial highlights

• Revenue increased to $99.3 million in 2025 from $78.1 million in 2024, reflecting subscriber and segment growth.

• Profitability was impacted by fixed video content licensing fees, reflecting a full 12-month impact versus 2024.

Outlook and guidance

• Positioned for continued growth in digital entertainment demand across MENA, leveraging platform-led partnerships and a robust content pipeline.

• Focus on scaling embedded and bundled distribution models for efficient user acquisition and deeper engagement.

• Management aims to balance growth with operational discipline, targeting improved monetization and operating leverage in 2026.