Mair Group

1. Company Overview & Earnings Context

MAIR Group P.J.S.C. is an Abu Dhabi-based investment group listed on the Abu Dhabi Securities Exchange (ADX), with operations focused primarily on grocery retail and commercial real estate. Its portfolio includes ADCOOP and SPAR in retail, while Makani operates the Group's commercial real estate portfolio.

MAIR delivered continued growth in H1 2026, with Group revenue increasing 5.8% YoY to AED 1.08 billion and net profit rising 14.8% to AED 93.9 million. Retail like-for-like sales grew 6.2%, while Makani's revenue increased 12.6%.

2. Financial Performance Snapshot

• Revenue: AED 1.08 Billion (+5.8% YoY)

• Gross Profit: AED 367.0 Million (+0.3% YoY)

• EBITDA: AED 139.2 Million (-11.8% YoY)

• Operating Profit: AED 69.0 Million (-27.7% YoY)

• Profit Before Tax: AED 99.6 Million (+11.9% YoY)

• Net Profit: AED 93.9 Million (+14.8% YoY)

• Earnings Per Share: AED 0.042 (+13.5% YoY)

Compared with H1 2025:

• Revenue increased from AED 1.02 billion to AED 1.08 billion.

• Gross profit increased slightly from AED 365.9 million to AED 367.0 million.

• EBITDA declined from AED 157.9 million to AED 139.2 million.

• Operating profit declined from AED 95.4 million to AED 69.0 million.

• Net profit increased from AED 81.8 million to AED 93.9 million.

• EPS increased from AED 0.037 to AED 0.042.

3. Operational Highlights & Key Metrics

• Retail Like-for-Like Sales Growth: +6.2%

• Total Retail Sales Growth: +4.7%

• Retail Network: 99 Stores

• Makani Revenue Growth: +12.6%

• Real Estate Portfolio: 70+ Malls & Community Hubs

• Gross Leasable Area: ~475,000 sqm

• Occupancy Rate: 89%

• Total Assets: AED 5.95 Billion

• Total Equity: AED 4.35 Billion

• Net Operating Cash Flow: AED 146.3 Million

4. Key Performance Drivers

MAIR's grocery retail business continued to expand, with like-for-like sales increasing 6.2% and total sales growing 4.7%. The Group operated 99 stores across ADCOOP, SPAR and COOPS and opened a new COOPS store in Kalba during Q2. MAIR also expanded its private-label portfolio by more than 90 products, bringing the total to over 210 active products.

Commercial real estate was another important growth driver. Makani's revenue increased 12.6% to AED 123.6 million, supported by portfolio expansion and resilient leasing demand. Its portfolio reached more than 70 malls and community hubs with an occupancy rate of 89%.

Net profit growth also benefited significantly from equity-accounted investees, with MAIR's share of profit increasing to AED 35.5 million from AED 8.7 million. This helped offset the decline in operating profit and EBITDA during H1.

5. Outlook & Forward Considerations

Management said it remains confident in MAIR's strategic growth pipeline and its ability to create long-term shareholder value through disciplined investment.

During the remainder of 2026, Makani expects to deliver two new community centres in Abu Dhabi, expand Madinat Zayed in Al Dhafra and begin the redevelopment and expansion of the Mall of Al Ain, including the introduction of hotel services.

On the retail side, MAIR plans to open a new ADCOOP flagship store and two additional COOPS locations. The Group also increased H1 capital expenditure to AED 197.3 million, partly reflecting the initial payment toward its KEZAD warehouse acquisition.

6. Investor Takeaway

MAIR delivered a positive H1 2026 headline performance, with revenue growing 5.8% and net profit increasing 14.8% to AED 93.9 million. Retail like-for-like sales growth of 6.2% and Makani's 12.6% revenue growth demonstrate continued momentum across the Group's two main businesses.

However, underlying operating profitability was more mixed. EBITDA declined 11.8% and operating profit fell 27.7%, while gross profit was broadly flat despite higher revenue. The increase in net profit was supported substantially by the Group's AED 35.5 million share of profit from equity-accounted investees, compared with AED 8.7 million a year earlier.

The key factors to monitor through H2 2026 are therefore retail margin performance, execution of MAIR's store expansion, continued growth in recurring rental income and delivery of its commercial real estate development pipeline.