Earnings Report

Agthia Group

H1 26

1. Company Overview & Earnings Context

Agthia Group PJSC is one of the UAE's leading food and beverage companies, listed on the Abu Dhabi Securities Exchange (ADX). The Group operates a diversified portfolio spanning bottled water, beverages, dairy, flour, animal feed, dates, snacks, bakery products, processed proteins and frozen vegetables across the UAE, GCC and international markets. During H1 2026, Agthia delivered another strong financial performance, driven by broad-based revenue growth across most business segments, improved operating margins and stronger profitability, supported by continued portfolio optimization, operational efficiencies and disciplined cost management.

2. Financial Performance Snapshot

Revenue: AED 2.60 Billion (+7.4% YoY)
Gross Profit: AED 797.4 Million (+20.6% YoY)
Operating Profit: AED 192.3 Million (+65.9% YoY)
Finance Income: AED 10.7 Million
Finance Costs: AED 53.6 Million
Profit Before Tax & Zakat: AED 149.9 Million (+118.7% YoY)
Net Profit: AED 121.4 Million (+147.4% YoY)
Earnings Per Share (EPS): AED 0.135 (vs. AED 0.049 YoY)

Compared with H1 2025:

Revenue increased 7.4% to AED 2.60 billion.
Gross profit increased 20.6% to AED 797.4 million.
Operating profit increased 65.9% to AED 192.3 million.
Profit before tax and zakat increased 118.7% to AED 149.9 million.
Net profit increased 147.4% to AED 121.4 million.
Earnings per share increased from AED 0.049 to AED 0.135.

3. Operational Highlights & Key Metrics

Total Assets: AED 6.47 Billion
Total Equity: AED 2.80 Billion
Cash & Bank Balances: AED 869.6 Million
Operating Cash Flow: AED 537.4 Million
Inventories: AED 631.3 Million
Trade & Other Receivables: AED 907.2 Million
Property, Plant & Equipment: AED 1.39 Billion
Goodwill: AED 1.91 Billion
Total Bank Borrowings: AED 1.88 Billion
Dividend Paid During H1 2026: AED 98.0 Million

4. Key Performance Drivers

Agthia's H1 2026 performance was driven by broad-based growth across its Agri, Water & Food, and Protein & Frozen Vegetables businesses, which more than offset softer performance in the Snacks segment. Higher revenues, improved gross margins and disciplined control over general and administrative expenses contributed to a significant improvement in operating profitability. The Group also generated strong operating cash flows through better working capital management while continuing to invest in manufacturing capabilities and strategic growth initiatives across its food and beverage portfolio.

5. Outlook & Forward Guidance

Management remains focused on strengthening its leadership across the food and beverage sector through innovation, operational excellence and disciplined capital allocation. The Group continues to invest in expanding its branded product portfolio, improving manufacturing efficiency and enhancing its regional presence while maintaining a strong financial position to support long-term sustainable growth.

6. Investor Takeaway

Agthia delivered an impressive first-half performance, with strong growth in revenue, margins and profitability reflecting the strength of its diversified food and beverage portfolio. Supported by robust operating cash generation, a healthy balance sheet and continued execution across its key business segments, the Group remains well positioned to capitalize on growing regional demand and deliver sustainable long-term value for shareholders.