Earnings Report

Emaar Properties

H1 26

1. Company Overview & Earnings Context

Emaar Properties PJSC is one of the UAE's largest listed real estate developers, with a diversified portfolio spanning property development, shopping malls, retail, hospitality, property management and international real estate operations. During H1 2026, the Group delivered another record financial performance, driven by strong property sales, resilient recurring income from malls and retail assets, higher finance income and increased contributions from associates and joint ventures. Despite geopolitical uncertainties affecting parts of the hospitality sector, Emaar's diversified business model, strong project backlog and robust customer collections supported continued growth in revenue and profitability.

2. Financial Performance Snapshot

Revenue: AED 23.91 Billion (+20.5% YoY)
Gross Profit: AED 13.38 Billion (+20.2% YoY)
Finance Income: AED 1.46 Billion (+8.8% YoY)
Share of Results from Associates & Joint Ventures: AED 834.3 Million (+335.0% YoY)
Profit Before Tax: AED 12.80 Billion (+22.8% YoY)
Net Profit: AED 11.15 Billion (+25.6% YoY)
Earnings Per Share (EPS): AED 0.98 (vs. AED 0.80 YoY)

Compared with H1 2025:

Revenue increased 20.5% to AED 23.91 billion.
Gross profit increased 20.2% to AED 13.38 billion.
Finance income increased 8.8% to AED 1.46 billion.
Share of results from associates and joint ventures increased 335.0% to AED 834.3 million.
Profit before tax increased 22.8% to AED 12.80 billion.
Net profit increased 25.6% to AED 11.15 billion.
Earnings per share increased from AED 0.80 to AED 0.98.

3. Operational Highlights & Key Metrics

Total Assets: AED 192.99 Billion
Total Equity: AED 108.88 Billion
Cash & Cash Equivalents: AED 51.39 Billion
Development Properties: AED 51.64 Billion
Investment Properties: AED 21.53 Billion
Property, Plant & Equipment: AED 9.13 Billion
Investments in Associates & Joint Ventures: AED 7.37 Billion
Total Liabilities: AED 84.10 Billion
Net Cash Generated from Operating Activities: AED 11.57 Billion
Dividend Paid During H1 2026: AED 8.84 Billion

4. Key Performance Drivers

Emaar's H1 2026 performance was driven by continued strength in its real estate development business, with residential property sales remaining the largest contributor to revenue. The Group also benefited from resilient recurring income generated by its malls, retail and leasing portfolio, while finance income increased on higher returns from deposits and securities. A significant increase in contributions from associates and joint ventures further boosted profitability. Although the Group recognized an impairment charge on certain non-financial assets and experienced some softness in hospitality due to regional geopolitical developments, these factors were more than offset by the strong performance of its core real estate operations.

5. Outlook & Forward Guidance

Management remains confident in Emaar's long-term growth outlook, supported by a strong development backlog, healthy customer collections, high occupancy across its leasing portfolio and a robust liquidity position. The Group noted that while geopolitical developments have affected certain hospitality and entertainment businesses, there has been no material adverse impact on its core operations. With investment-grade credit ratings, substantial cash reserves and continued demand across its property portfolio, Emaar remains well positioned to execute its growth strategy and deliver sustainable long-term value for shareholders.

6. Investor Takeaway

Emaar Properties delivered another outstanding first-half performance, reporting record revenue, profitability and operating cash flow while further strengthening its balance sheet. Backed by nearly AED 193 billion in assets, over AED 51 billion in cash and continued momentum across its property development and recurring income businesses, the Group remains one of the UAE's strongest listed companies and is well positioned for sustained long-term growth.