Earnings Report

International Holding Company

H1 26

1. Company Overview & Earnings Context

International Holding Company PJSC (IHC) is one of the Middle East's largest diversified investment holding companies, with a portfolio of more than 1,300 subsidiaries operating across sectors including energy, financial services, real estate, hospitality, food, marine, technology and healthcare. During H1 2026, IHC delivered an exceptional financial performance, driven by strong growth across its operating businesses, disciplined capital allocation and active investment management. Higher contributions from the Energy & Mining, Financial Services, Hospitality & Leisure, and Real Estate & Construction segments, together with investment income, resulted in record profitability while the Group continued to strengthen its balance sheet through strategic acquisitions and portfolio expansion.

2. Financial Performance Snapshot

Revenue: AED 64.86 Billion (+34.5% YoY)
Gross Profit: AED 16.77 Billion (+41.0% YoY)
Investment & Other Income: AED 20.25 Billion (+463.1% YoY)
Share of Profit from Associates & Joint Ventures: AED 870.3 Million (+24.0% YoY)
Profit Before Tax: AED 28.02 Billion (+180.2% YoY)
Net Profit: AED 26.23 Billion (+195.6% YoY)
Earnings Per Share (EPS): AED 8.21 (+285.4% YoY)

Compared with H1 2025:

Revenue increased 34.5% to AED 64.86 billion.
Gross profit increased 41.0% to AED 16.77 billion.
Profit before tax increased 180.2% to AED 28.02 billion.
Net profit increased 195.6% to AED 26.23 billion.
Earnings per share increased from AED 2.13 to AED 8.21.

3. Operational Highlights & Key Metrics

Total Assets: AED 469.67 Billion
Total Equity: AED 268.27 Billion
Cash & Bank Balances: AED 72.86 Billion
Total Liabilities: AED 201.39 Billion
Total Debt (Borrowings, Sukuk & Hybrid Notes): AED 99.77 Billion
Investment in Associates & Joint Ventures: AED 41.42 Billion
Investment Properties: AED 35.33 Billion
Property, Plant & Equipment: AED 32.45 Billion
Trade & Other Receivables: AED 67.29 Billion
Owner's Equity: AED 165.93 Billion

4. Key Performance Drivers

IHC's H1 2026 performance was driven by broad-based growth across its diversified portfolio, particularly within the Energy & Mining, Financial Services, Hospitality & Leisure, and Real Estate & Construction segments. Revenue growth was supported by higher-margin businesses, resulting in improved gross margins, while active investment management significantly boosted investment income. The Group also benefited from strategic acquisitions, including Baobab and new associate investments, which further expanded its investment portfolio and asset base. Despite higher finance costs arising from increased borrowings and hybrid note issuances, the strong growth in operating and investment income enabled IHC to deliver record profitability during the first half of the year.

5. Outlook & Forward Guidance

Management remains focused on long-term value creation through disciplined capital allocation, strategic acquisitions and active portfolio management across high-growth industries. IHC expects to continue benefiting from investments in AI, digital technologies and diversified operating businesses while maintaining a strong balance sheet and prudent liquidity management. The Group also highlighted that the UAE economy remains well positioned for long-term growth despite global geopolitical uncertainties, providing a supportive backdrop for continued expansion.

6. Investor Takeaway

IHC delivered another outstanding first-half performance, reporting record revenue, profitability and earnings growth supported by its diversified investment platform and disciplined execution. Backed by a balance sheet approaching AED 470 billion in assets, substantial liquidity and continued strategic investments across multiple sectors, the Group remains one of the UAE's strongest and most diversified listed companies, well positioned to generate sustainable long-term shareholder value.