Emaar Development

1. Company Overview & Earnings Context

Emaar Development PJSC is the UAE's leading residential property developer and a subsidiary of Emaar Properties PJSC, focused exclusively on property development and development management services in the UAE. During H1 2026, the company delivered another record financial performance, driven by strong residential sales, higher finance income, robust contributions from joint ventures and continued customer demand across its development portfolio. Supported by a strong project backlog, healthy customer collections and disciplined execution, Emaar Development continued to strengthen its profitability, cash generation and balance sheet despite ongoing regional geopolitical uncertainties.

2. Financial Performance Snapshot

• Revenue: AED 13.34 Billion (+34.3% YoY)

• Gross Profit: AED 7.52 Billion (+36.4% YoY)

• Finance Income: AED 834.3 Million (+31.4% YoY)

• Share of Results from Joint Ventures: AED 734.2 Million (+409.4% YoY)

• Profit Before Tax: AED 7.76 Billion (+40.9% YoY)

• Net Profit: AED 6.71 Billion (+42.6% YoY)

• Earnings Per Share (EPS): AED 1.39 (vs. AED 0.94 YoY)

Compared with H1 2025:

• Revenue increased 34.3% to AED 13.34 billion.

• Gross profit increased 36.4% to AED 7.52 billion.

• Finance income increased 31.4% to AED 834.3 million.

• Share of results from joint ventures increased 409.4% to AED 734.2 million.

• Profit before tax increased 40.9% to AED 7.76 billion.

• Net profit increased 42.6% to AED 6.71 billion.

• Earnings per share increased from AED 0.94 to AED 1.39.

3. Operational Highlights & Key Metrics

• Total Assets: AED 89.38 Billion

• Total Equity: AED 43.99 Billion

• Cash & Cash Equivalents: AED 41.12 Billion

• Development Properties: AED 22.84 Billion

• Other Financial Assets (Fixed Deposits >3 Months): AED 4.84 Billion

• Investments in Joint Ventures: AED 2.40 Billion

• Loans to Joint Ventures: AED 923.6 Million

• Net Cash Generated from Operating Activities: AED 7.99 Billion

• Customer Advances: AED 30.18 Billion

• Dividend Paid During H1 2026: AED 4.00 Billion

4. Key Performance Drivers

Emaar Development's record H1 2026 performance was driven by strong demand for residential properties, with residential unit sales contributing over 93% of total revenue. Higher finance income from deposits, a more than fourfold increase in profit contributions from joint ventures and continued customer collections further supported earnings growth. The company also generated nearly AED 8.0 billion in operating cash flow while maintaining substantial customer advances and a strong liquidity position, reflecting continued confidence in its development pipeline.

5. Outlook & Forward Guidance

Management remains confident in the company's long-term outlook, supported by a strong development backlog, ongoing construction activity and customer collections that remain broadly in line with expectations. Despite regional geopolitical developments, management concluded that there has been no material adverse impact on operations, financial performance or liquidity. Backed by over AED 41 billion in cash and cash equivalents and a robust balance sheet, Emaar Development remains well positioned to execute its growth strategy and deliver sustainable long-term shareholder value.

6. Investor Takeaway

Emaar Development delivered another outstanding first-half performance, reporting record revenue, profitability and operating cash flow while further strengthening its balance sheet. Supported by robust residential demand, exceptional cash generation and one of the strongest liquidity positions among UAE developers, the company remains well positioned to capitalize on the continued strength of Dubai's real estate market and deliver long-term value for shareholders.