Dubai Financial Market

1. Company Overview & Earnings Context

Dubai Financial Market (DFM) is one of the UAE's leading financial exchanges, providing trading, clearing, settlement, and depository services for listed securities. Through its subsidiaries, including Nasdaq Dubai, the Group also generates investment income while supporting the continued development of Dubai's capital markets.

For H1 2026, DFM reported strong operating momentum driven by significantly higher trading activity and increased investor participation. While reported profit declined year-on-year due to the absence of the one-off gain from the sale of an investment property recorded in H1 2025, operating revenue grew strongly, reflecting improved market liquidity and higher trading volumes.

2. Financial Performance Snapshot

• Total Revenue: AED 557.0 Million

• Operating Revenue: AED 384.8 Million

• Investment Returns & Other Income: AED 172.2 Million

• Profit Before Tax: AED 443.2 Million

• Corporate Tax Expense: AED 35.8 Million

• Net Profit: AED 407.4 Million

• Earnings Per Share (EPS): AED 0.051

Compared with H1 2025:

• Operating revenue increased 44.4% to AED 384.8 million.

• Total revenue declined 37.3% to AED 557.0 million due to the one-off investment property sale recorded in H1 2025.

• Profit before tax declined 43.0% to AED 443.2 million.

• Net profit declined 42.8% to AED 407.4 million.

• Earnings per share declined from AED 0.089 to AED 0.051.

3. Operational Highlights & Key Metrics

• Total Assets: AED 12.37 Billion

• Total Equity: AED 9.19 Billion

• Total Traded Value: AED 119.5 Billion (+40.4% YoY)

• Average Daily Traded Value: AED 1.004 Billion (+45.1% YoY)

• Total Trades: 2.23 Million (+31.0% YoY)

• New Investors: 42,864

• International Investors: 71.4% of new registrations

• Institutional Investors: 71.2% of total traded value

• Foreign Investors: 51.0% of total trading activity

• Market Capitalisation: AED 981.6 Billion

4. Key Performance Drivers

DFM's operating performance was supported by a sharp increase in trading activity, with higher traded values, transaction volumes and institutional participation driving a 44.4% increase in operating revenue. The exchange also continued to attract strong international investor interest, with foreign and institutional investors accounting for more than half of trading activity. While overall profit declined compared with the previous year, this was primarily due to the absence of the AED 462.2 million one-off gain from the sale of an investment property recognised in H1 2025. The Group also continued investing in market infrastructure and technology while maintaining disciplined cost management.

5. Outlook & Forward Guidance

Management remains focused on increasing market liquidity, expanding investor participation, widening market access, and strengthening DFM's infrastructure and product offerings. The exchange aims to further reinforce Dubai's position as a leading global financial centre by enhancing market efficiency and supporting the continued development of the emirate's capital markets.

6. Investor Takeaway

DFM delivered a strong operational performance in H1 2026, with robust growth in trading activity, investor participation and operating revenue. Although headline earnings were lower due to the absence of last year's exceptional property sale gain, the underlying business continued to strengthen, supported by healthy market liquidity, rising institutional participation and continued investment in Dubai's capital market infrastructure.