Earnings Report

Agthia Group

Q1 26

1. Company Overview & Earnings Context

Agthia Group PJSC reported a strong Q1 2026 performance, supported by growth across its Water & Food and Agri-Business segments, alongside improving profitability and operational efficiency.

2. Financial Performance Snapshot

Revenue: AED 1.33B (+3.3% YoY)
Gross profit: AED 419.1M (+15.9% YoY)
EBITDA: AED 193.3M (+4.1% YoY)
EBITDA margin: 14.6%
Net profit: AED 96.9M (+12.5% YoY)
Net profit margin: 7.3%
Earnings per share (EPS): AED 0.111

3. Operational Highlights & Key Metrics

Water & Food revenue: AED 330.5M (+14.6% YoY)
Agri-Business revenue: AED 382.2M (+13.0% YoY)
Snacking revenue: AED 357.0M (−13.0% YoY)
Protein & Frozen revenue: AED 257.1M (+4.1% YoY)
Cash & liquidity:

Cash & equivalents: AED 462.3M
Net debt: AED 1.3B
Net debt / EBITDA: 2.8x

Cash flow & efficiency:

Operating cash flow: AED 85.5M
Free cash flow: AED 82.2M
Cash conversion cycle: Improved to 40 days (vs 55 days YoY)

Digital & innovation:

Innovation contributed AED 61.6M to growth
E-commerce revenue increased 22.5% YoY

4. Key Performance Drivers

Strong growth in Water & Food, supported by bottled water and HOS businesses
One-off UAE food security program activity, boosting Agri-Business revenue
Margin expansion, driven by improved product mix and operational efficiency
Transformation initiatives across Snacking and Protein segments
Growth in innovation and e-commerce channels, supporting long-term scalability

5. Outlook & Forward Guidance

Continued focus on:

Operational efficiency and margin improvement
Innovation-led product expansion
Digital transformation and ERP integration
Supply chain resilience and procurement optimization

Management highlighted:

Increased regional uncertainty impacting logistics and supply chains
Ongoing monitoring of macro and geopolitical developments
No formal guidance provided currently due to elevated uncertainty

6. ???? Investor Takeaway

Agthia delivered a strong Q1 2026 with improving profitability, stronger margins, and resilient revenue growth, supported by its diversified food and beverage portfolio, operational discipline, and ongoing transformation initiatives.