Emaar Properties

1. Company Overview & Earnings Context

Emaar Properties PJSC reported a strong Q1 2026, supported by robust property sales, strong demand across core segments, and a diversified business model driving consistent growth.

2. Financial Performance Snapshot

• Revenue: AED 12.4B (+23% YoY)

• EBITDA: AED 7.2B (+34% YoY)

• Net profit (after tax): AED 6.41B (+38% YoY)

• Net profit before tax: AED 7.25B

• Earnings per share (EPS): AED 0.57

3. Operational Highlights & Key Metrics

• Property sales: AED 22.4B (+16% YoY)

• Revenue backlog: AED 163.4B (+29% YoY)

• Segment performance:

• Real estate development remains the largest contributor

• Malls, retail & leasing revenue: AED 2.06B

• Hospitality revenue: AED 540M

• Recurring revenue: AED 2.8B (+7% YoY), ~30% of EBITDA

• Balance sheet & liquidity:

• Total assets: AED 195.3B

• Total equity: AED 103.6B

• Cash & equivalents: AED 55.5B

4. Key Performance Drivers

• Strong property sales and launch pipeline driving revenue growth

• High occupancy and stable leasing income from malls and commercial assets

• Diversified income streams, including development and recurring revenues

• Operational efficiency, supporting margin expansion

• Large backlog, ensuring strong future revenue visibility

5. Outlook & Forward Guidance

• Continued focus on:

• Executing large backlog into revenue

• Launching new developments across key communities

• Expanding recurring income portfolio

• Positioned to benefit from:

• Strong UAE real estate demand

• Economic growth and population expansion in Dubai

6. 🧾 Investor Takeaway

Emaar delivered a strong Q1 2026 with solid revenue growth, expanding profitability, and a record backlog, reinforcing its position as a leading real estate developer with strong earnings visibility and diversified income streams.