Abu Dhabi Aviation Co

1. Company Overview & Earnings Context

Abu Dhabi Aviation PJSC (ADA) is an Abu Dhabi Securities Exchange (ADX)-listed aviation services group and one of the region's largest providers of helicopter operations, maintenance, repair and overhaul (MRO), cargo aviation, charter services and technical support. During H1 2026, the Group delivered strong revenue growth despite a challenging regional operating environment, driven primarily by its expanding MRO platform. Profitability also improved, supported by a one-off contract settlement, while the company continued investing in fleet modernization and long-term capacity expansion.

2. Financial Performance Snapshot

• Revenue: AED 4.66 Billion (+28.2% YoY)

• Gross Profit: AED 675.20 Million (+11.1% YoY)

• EBITDA: AED 488.40 Million (+7.8% YoY)

• Profit Before Tax: AED 459.98 Million (+6.7% YoY)

• Net Profit: AED 420.61 Million (+6.6% YoY)

• Earnings Per Share (EPS): AED 0.290 (Unchanged YoY)

Compared with H1 2025:

• Revenue increased 28.2% to AED 4.66 billion.

• Gross profit increased 11.1% to AED 675.20 million.

• EBITDA increased 7.8% to AED 488.40 million.

• Profit before tax increased 6.7% to AED 459.98 million.

• Net profit increased 6.6% to AED 420.61 million.

• Earnings per share remained unchanged at AED 0.290.

3. Operational Highlights & Key Metrics

• Total Assets: AED 16.14 Billion

• Total Equity: AED 8.88 Billion

• Cash & Cash Equivalents: AED 2.05 Billion

• Trade & Other Receivables: AED 5.83 Billion

• Aircraft, Property & Equipment: AED 2.00 Billion

• Fleet: 70 Aircraft

• Flight Simulators: 5

• Workforce: ~10,000 Employees across 79 Nationalities

• Net Debt / LTM EBITDA: 1.1x

4. Key Performance Drivers

Abu Dhabi Aviation's H1 2026 performance was led by a 30.6% increase in its MRO business, supported by strong demand at GAL and higher activity at AMMROC. The General Aviation segment also delivered growth, driven by stronger cargo operations at Maximus Air. Profitability benefited from a non-recurring legacy contract settlement recognized by AMMROC, which contributed AED 364 million in revenue, AED 112 million in EBITDA and AED 102 million in net profit during the period.

5. Outlook & Forward Guidance

Management remains focused on increasing utilization of its expanded aviation and MRO capacity, strengthening operational efficiency and pursuing selective growth opportunities. The Group continues advancing fleet modernization, international expansion and advanced air mobility initiatives while maintaining a strong financial position, with AED 2.0 billion in cash and conservative leverage supporting future investments.

6. Investor Takeaway

Abu Dhabi Aviation delivered a strong first half of 2026, reporting robust revenue growth and higher profitability despite regional headwinds. Backed by a growing MRO platform, a diversified aviation business, a strong balance sheet and continued investment in strategic expansion, the Group remains well positioned to capitalize on long-term demand across the regional aviation and defense sectors.