Earnings Report

Two Point Zero Group

H1 26

1. Company Overview & Earnings Context

Two Point Zero Group PJSC (formerly Multiply Group PJSC) is an Abu Dhabi-based investment holding company with businesses spanning retail, energy, financial services, mobility, media, real estate, healthcare and technology. During H1 2026, the Group continued executing its transformation strategy following the acquisitions of Tendam, Ghitha and 2PZ Holding, significantly expanding the scale of its operations.

For H1 2026, Two Point Zero Group delivered a transformational financial performance, with revenue rising to AED 21.9 billion and net profit reaching AED 7.7 billion. Growth was primarily driven by the consolidation of acquired businesses, strong fair value gains on investments and continued execution of both organic and inorganic growth strategies.

2. Financial Performance Snapshot

Revenue: AED 21.85 Billion
Gross Profit: AED 6.31 Billion
Investment & Other Income: AED 1.96 Billion
Fair Value Gain on Financial Assets: AED 5.56 Billion
Profit Before Tax: AED 8.60 Billion
Income Tax Expense: AED 834.7 Million
Net Profit: AED 7.73 Billion
Basic & Diluted EPS: AED 0.206

Compared with H1 2025:

Revenue increased from AED 1.02 billion to AED 21.85 billion.
Gross profit increased from AED 509 million to AED 6.31 billion.
Profit before tax rose from AED 737 million to AED 8.60 billion.
Net profit increased from AED 742 million to AED 7.73 billion.
Earnings per share increased from AED 0.057 to AED 0.206.

3. Operational Highlights & Key Metrics

Total Assets: AED 146.8 Billion
Total Equity: AED 95.9 Billion
Cash & Bank Balances: AED 13.7 Billion
Property, Plant & Equipment: AED 9.25 Billion
Intangible Assets & Goodwill: AED 17.1 Billion
Investment in Associates & Joint Ventures: AED 9.40 Billion
Loans Receivable: AED 13.26 Billion
Net Operating Cash Flow: AED 3.36 Billion
Net Cash Generated from Financing Activities: AED 3.60 Billion
Cash Balance increased from AED 9.2 billion at FY2025-end to AED 13.7 billion.

4. Key Performance Drivers

Two Point Zero's strong H1 2026 performance was driven primarily by the acquisitions and consolidation of Tendam, Ghitha and 2PZ Holding, which significantly expanded the Group's revenue base. In addition, substantial fair value gains on investments, higher investment income and continued execution of its inorganic growth strategy supported earnings growth. The Group also maintained strong liquidity, generating AED 3.4 billion in operating cash flow while increasing its cash balance to AED 13.7 billion during the period.

5. Outlook & Forward Guidance

Management remains focused on executing its long-term strategy through a combination of organic expansion and value-accretive acquisitions across diversified sectors. Following the successful integration of recent acquisitions, the Group expects to continue leveraging its broad investment platform, strong financial position and disciplined capital allocation to drive sustainable long-term growth.

6. Investor Takeaway

Two Point Zero Group delivered a transformational H1 2026 performance, reflecting the successful execution of its acquisition-led growth strategy. With significantly higher revenue, record profitability, a stronger balance sheet and healthy operating cash generation, the Group has established a much larger earnings base and remains well positioned for continued long-term growth.