Al Seer Marine Supplies & Equipment Company

1. Company Overview & Earnings Context

Al Seer Marine Supplies & Equipment Company PJSC (ADX: ASM) is an Abu Dhabi-based global maritime company operating across commercial shipping, yacht management, boat building, innovation, defense technologies, and maritime solutions. The Group also has interests in large-scale 3D printing, unmanned vessel platforms, and advanced maritime technologies.

For H1 2026, Al Seer Marine reported lower revenue and profitability compared with the same period last year, primarily reflecting lower contributions from certain business lines and continued disruption in regional shipping routes. However, the Group's core operations remained resilient, with net profit before investment fair value adjustments remaining positive and the statutory net loss improving year-on-year due to lower fair value losses on its investment portfolio.

2. Financial Performance Snapshot

• Revenue: AED 578.9 Million

• Gross Profit: AED 68.4 Million

• Share of Profit from Joint Ventures: AED 15.1 Million

• Other Income: AED 2.8 Million

• Finance Income: AED 2.9 Million

• Finance Costs: AED 34.4 Million

• Fair Value Loss on Investments: AED 326.3 Million

• Dividend Income: AED 55.3 Million

• Loss Before Income Tax: AED 237.1 Million

• Income Tax Benefit (Net): AED 3.6 Million

• Net Loss: AED 233.5 Million

• Basic & Diluted Loss Per Share: AED (0.23)

Compared with H1 2025:

• Revenue declined from AED 697.5 million to AED 578.9 million.

• Gross profit decreased from AED 90.0 million to AED 68.4 million.

• Loss before tax improved from AED 282.4 million to AED 237.1 million.

• Net loss improved from AED 294.3 million to AED 233.5 million.

• Loss per share improved from AED (0.29) to AED (0.23).

3. Operational Highlights & Key Metrics

• Total Assets: AED 7.83 Billion

• Total Equity: AED 3.90 Billion

• Total Liabilities: AED 3.93 Billion

• Cash & Bank Balances: AED 497.3 Million

• Investments at Fair Value Through Profit or Loss: AED 4.31 Billion

• Property & Equipment: AED 1.82 Billion

• Trade & Other Receivables: AED 745.7 Million

• Total Borrowings: AED 3.19 Billion

• Revenue declined 17% YoY.

• Gross profit declined 24% YoY.

• EBITDA declined 46% YoY to AED 156 million.

• Statutory net loss improved 21% YoY due to lower investment fair value losses.

4. Key Performance Drivers

Al Seer Marine's H1 2026 performance was impacted by lower revenue contributions from certain business lines and disruption across regional shipping routes, which reduced gross profit and EBITDA. The Group continued to benefit from dividend income and higher contributions from joint ventures, while the statutory net loss improved significantly as fair value losses on its investment portfolio were lower than in the prior-year period. Management highlighted that the core operating business remained resilient, generating AED 92.9 million in net profit before fair value adjustments.

5. Outlook & Forward Guidance

Management remains focused on strengthening Al Seer Marine's leadership in the global maritime industry by sustainably expanding its commercial shipping fleet, growing its innovation, defense and technology businesses, and enhancing its yacht management operations. The Group continues to prioritize innovation, operational excellence, sustainable growth, and long-term value creation for shareholders while maintaining financial competitiveness.

6. Investor Takeaway

Al Seer Marine delivered a mixed H1 2026 performance, with lower revenue and operating profitability amid shipping market challenges. Nevertheless, the improvement in statutory net loss, resilient underlying operations before investment valuation changes, and the Group's strong balance sheet and diversified maritime platform position it well to pursue long-term growth opportunities across commercial shipping, defense technologies, and maritime services.