Emaar Development

1. Company Overview & Earnings Context

Emaar Development PJSC reported a strong Q1 2026 performance, driven by robust demand across its residential projects, strong sales momentum, and disciplined execution across developments.

2. Financial Performance Snapshot

• Revenue: AED 6.86B (+36% YoY)

• EBITDA: AED 3.7B (+47% YoY)

• EBITDA margin: ~54%

• Net profit (after tax): AED 3.51B (+49% YoY)

• Earnings per share (EPS): AED 0.73

3. Operational Highlights & Key Metrics

• Property sales: AED 20.1B (+22% YoY)

• Revenue backlog: AED 134.6B (+35% YoY)

• Development activity:

• 10 new projects launched during Q1

• Continued progress across ongoing developments

• Portfolio strength:

• ~53,000 residential units under development

• Strong pipeline across master-planned communities

• Balance sheet & liquidity:

• Total assets: AED 89.1B

• Total equity: AED 40.8B

• Cash & equivalents: AED 44.8B

4. Key Performance Drivers

• Strong property sales momentum, supported by demand across new and existing communities

• Large and growing backlog, ensuring long-term revenue visibility

• High-margin development model, driving profitability expansion

• Efficient project execution and cost discipline

• Continued expansion of development pipeline, supporting future growth

5. Outlook & Forward Guidance

• Continued focus on:

• Launching new residential projects across key communities

• Converting backlog into revenue through timely execution

• Maintaining strong margins and operational efficiency

• Positioned to benefit from:

• Strong UAE real estate demand

• Investor confidence and favorable market conditions

6. 🧾 Investor Takeaway

Emaar Development delivered a strong Q1 2026 with sharp growth in revenue, profitability, and property sales, supported by a high-margin development model and record backlog, reinforcing its position as a leading residential developer with strong earnings visibility.