Waha Capital Reports H1 2026 Results

1. Company Overview & Earnings Context

Waha Capital is an ADX-listed investment company with operations across Public Markets, Private Investments, and Waha Land. During H1 2026, the Group continued expanding its investment platform, with assets under management growing across both its Public Markets and Private Investments businesses. Effective 1 October 2025, Waha Capital adopted investment entity accounting, meaning certain subsidiaries are now measured at fair value through profit or loss rather than being fully consolidated, making year-on-year comparisons less direct.

For H1 2026, Waha Capital reported a strong improvement in profitability, with net profit attributable to shareholders rising to AED 337.8 million. The performance was supported by stronger Public Markets returns, higher Private Investments profits, increased fee income, and mark-to-market gains across its investment portfolio.

2. Financial Performance Snapshot

• Total Income: AED 478.9 Million

• Income from Financial Investments: AED 316.9 Million

• Fee Income: AED 153.1 Million

• Profit Before Tax: AED 337.8 Million

• Tax Expense: Nil

• Net Profit: AED 337.8 Million

• Basic & Diluted EPS: AED 0.180 (vs. AED 0.112)

Compared with H1 2025:

• Total income decreased from AED 711.2 million to AED 478.9 million.

• Profit before tax declined from AED 373.5 million to AED 337.8 million.

• Net profit attributable to shareholders increased from AED 208.7 million to AED 337.8 million.

• Earnings per share increased from AED 0.112 to AED 0.180.

3. Operational Highlights & Key Metrics

• Total Assets: AED 5.67 Billion

• Total Equity: AED 4.94 Billion

• Total Liabilities: AED 727.0 Million

• Cash & Bank Balances: AED 291.2 Million

• Public Markets Assets Under Management: AED 12.5 Billion (+16% vs. Dec 2025)

• Private Investments Assets Under Management: AED 0.8 Billion

• Waha Emerging Markets Credit Fund Return: 5.6%

• Waha MENA Equity Fund Return: 5.6%

• Waha Islamic Income Fund Return: 2.1%

• Investments in subsidiaries measured at FVTPL: AED 5.05 Billion.

4. Key Performance Drivers

The improvement in shareholder profitability was primarily driven by stronger Public Markets performance, which benefited from higher mark-to-market gains and the recognition of fee income following the Group's investment entity transition. Private Investments also delivered significantly higher profits, supported by strategic monetisation of mature investments, mark-to-market gains, and dividend income. Finance costs declined due to lower borrowings utilisation and reduced interest rates, while higher performance-linked staff costs increased operating expenses. Management also noted that the adoption of investment entity accounting from October 2025 means comparisons with H1 2025 are not directly comparable because the prior period reflected full consolidation of subsidiaries.

5. Outlook & Forward Guidance

Waha Capital remains focused on expanding its investment management platform, growing third-party assets under management, and generating attractive risk-adjusted returns across its Public Markets and Private Investments businesses. Management highlighted continued development of Waha Health as a strategic platform while pursuing disciplined capital recycling through the monetisation of mature assets and redeployment into sectors offering long-term growth opportunities.

6. Investor Takeaway

Waha Capital delivered a strong H1 2026 performance with significantly higher earnings attributable to shareholders despite lower reported total income following changes in accounting treatment. Strong investment returns, growing assets under management, higher fee income, and disciplined capital allocation demonstrate the resilience of its investment-led business model, leaving the Group well positioned for future growth.