Earnings Report

Presight AI Holding

9M 26

1. Company Overview & Earnings Context

Presight AI Holding PLC is an Abu Dhabi Securities Exchange (ADX)-listed artificial intelligence and big data analytics company and part of the G42 group. Listed in March 2023, Presight develops and deploys AI-powered solutions across government, public safety, smart cities, energy, infrastructure and enterprise operations. Its portfolio includes AIQ, an AI technology company focused on the energy sector, alongside international operations and strategic technology partnerships.

For the nine months ended September 30, 2026, Presight reported revenue of AED 2.15 billion, increasing 23.6% year-on-year, while EBITDA rose 24.8% to AED 471.0 million. Group net profit increased 23.5% to AED 395.2 million, supported by domestic contract growth, continued deployment of national-scale AI programmes, expansion of AIQ's energy solutions and disciplined cost management. The company maintained a debt-free balance sheet with AED 2.0 billion in cash and an order backlog of AED 4.41 billion, providing visibility into future revenue.

2. Financial Performance Snapshot

Revenue: AED 2.15 billion (+23.6% YoY)
Direct Costs: AED 1.38 billion (+24.6%)
Gross Profit: AED 768.0 million (+21.8%)
Gross Profit Margin: 35.7%, compared with 36.2%
General, Administrative and Marketing Expenses: AED 353.7 million (+17.0%)
EBITDA: AED 471.0 million (+24.8%)
EBITDA Margin: 21.9%, compared with 21.7%
Finance Income: AED 46.7 million (-4.8%)
Share of Profit from Joint Venture: AED 2.4 million
Profit Before Tax: AED 463.4 million (+22.8%)
Profit Before Tax Margin: 21.5%, compared with 21.7%
Corporate Tax Expense: AED 68.2 million (+19.1%)
Group Net Profit: AED 395.2 million (+23.5%)
Net Profit Margin: 18.4%, unchanged year-on-year
Net Profit Attributable to Shareholders: AED 350.0 million (+20.6%)
Basic and Diluted EPS (Management Reporting): AED 0.062 (+20.6%)

Compared with 9M 2025:

Revenue increased from AED 1.74 billion to AED 2.15 billion.
Gross profit increased from AED 630.6 million to AED 768.0 million.
EBITDA increased from AED 377.4 million to AED 471.0 million.
Profit before tax increased from AED 377.3 million to AED 463.4 million.
Group net profit increased from AED 320.0 million to AED 395.2 million.
Net profit attributable to shareholders increased from AED 290.2 million to AED 350.0 million.
Corporate tax expense increased from AED 57.3 million to AED 68.2 million.
EPS increased from AED 0.052 to AED 0.062, based on management reporting.

Sources: Presight 9M 2026 interim financial statements, page 3, and Q3 2026 Management Discussion & Analysis, pages 2–3.

5979426(1).pdf

5980979(1).pdf

3. Operational Highlights & Key Metrics

Total Assets: AED 6.91 billion (+8.2% since December 2025)
Total Liabilities: AED 2.03 billion (+6.0%)
Total Equity: AED 4.88 billion (+9.1%)
Equity Attributable to Shareholders: AED 4.44 billion
Cash and Cash Equivalents: AED 2.00 billion
Outstanding Financial Debt: Nil
Trade and Other Receivables: AED 1.25 billion
Total Contract Assets: AED 2.17 billion
Intangible Assets: AED 1.34 billion
Operating Cash Flow: Negative AED 79.0 million, compared with negative AED 76.4 million
Net Cash Used in Investing Activities: AED 52.1 million
Net Cash Used in Financing Activities: AED 48.0 million
Capital Expenditure on Property and Equipment: AED 6.4 million
Payments for Intangible Assets: AED 51.7 million
Domestic Revenue: AED 1.70 billion (+44.8% YoY)
International Revenue: AED 453.3 million (-20.2%)
Domestic Revenue Contribution: 78.9%, compared with 67.4%
International Revenue Contribution: 21.1%, compared with 32.6%
Revenue from Multi-Year Contracts: 96.0% of total revenue, compared with 88.2%
Revenue from One-Off Contracts: 4.0%, compared with 11.8%
Revenue from Backlog Contracts: 63.0% of total revenue
New Orders Secured: AED 3.2 billion during 9M 2026
Total Order Backlog: AED 4.41 billion (+19.4% YoY)
Order Backlog Growth Since December 2025: +30.3%
AIQ Revenue Contribution: AED 604.5 million (28.1% of group revenue)
AIQ EBITDA Contribution: AED 133.8 million (28.4% of group EBITDA)
AIQ Net Profit Contribution: AED 92.2 million (23.3% of group net profit)
Q3 2026 Revenue: AED 749.2 million (+14.7% YoY)
Q3 2026 EBITDA: AED 168.3 million (+27.7%)
Q3 2026 Profit Before Tax: AED 169.8 million (+28.9%)
Q3 2026 Net Profit: AED 144.5 million (+31.0%)
Q3 2026 Net Profit Attributable to Shareholders: AED 131.0 million (+25.4%)
Q3 2026 EBITDA Margin: 22.5%, compared with 20.2%
Q3 2026 Net Profit Margin: 19.3%, compared with 16.9%

Sources: Presight 9M 2026 financial statements, financial position and cash flow statements, pages 2 and 5; Management Discussion & Analysis, pages 2–4.

5979426(1).pdf

5980979(1).pdf

4. Key Performance Drivers

Presight's financial performance during the first nine months of 2026 was primarily driven by strong domestic revenue growth and the continued expansion of its artificial intelligence solutions across government, public safety and energy operations. Domestic revenue increased 44.8% to AED 1.70 billion, supported by national-scale public safety programmes, new sovereign AI engagements and the continued deployment of advanced analytics platforms. International revenue declined 20.2% to AED 453.3 million, reflecting differences in project delivery and revenue recognition across international contracts.

AIQ remained an important contributor to the group's performance, generating AED 604.5 million in revenue and AED 133.8 million in EBITDA during 9M 2026. Its growth was supported by the continued deployment of the EnergyAI platform across ADNOC's upstream operations and expansion into international energy markets. During Q3 2026, AIQ commenced its first international commercial deployment in India and progressed pilot programmes across eight additional markets, including Kazakhstan, Kuwait, Malaysia and Vietnam.

Profitability improved through a favourable revenue mix and disciplined operating cost management. EBITDA increased 24.8% to AED 471.0 million, while the EBITDA margin improved to 21.9%. Third-quarter profitability was particularly strong, with EBITDA increasing 27.7% and net profit rising 31.0%, significantly outpacing revenue growth of 14.7%. The company benefited from higher-margin contract contributions, operating efficiencies and stronger finance income at AIQ.

Revenue visibility remained a major strength, with multi-year contracts accounting for 96.0% of total revenue during 9M 2026. The group secured AED 3.2 billion in new orders, increasing its order backlog to AED 4.41 billion. However, operating cash flow remained negative at AED 79.0 million, reflecting higher trade receivables and contract assets as projects progressed through contractual billing milestones. Management expects improved collections during the final quarter to support stronger full-year operating cash flow.

5. Outlook & Forward Guidance

Presight maintained a positive outlook for the remainder of 2026, supported by its growing order backlog, strong domestic contract pipeline and continued international expansion. Management expects full-year revenue to be around the midpoint of current analyst expectations, approximately AED 3.79 billion, while EBITDA and group net profit are expected to fall within the midpoint-to-upper end of analyst forecast ranges.

The analyst forecast ranges referenced by management are AED 3.70–3.88 billion for revenue, AED 944 million–1.01 billion for EBITDA and AED 785–842 million for group net profit. These represent external analyst expectations rather than independently issued company forecasts. Management also expects stronger operating cash collections in the fourth quarter as contractual billing milestones translate into customer payments.

Presight reaffirmed its medium-term organic growth outlook for 2025–2029, targeting compound annual growth of 20–25% in revenue, 23–28% in EBITDA and 21–26% in group net profit. The company expects its multi-year contract portfolio, sovereign AI capabilities and international expansion to support these growth objectives.

International expansion remains a strategic priority, with new engagements and partnerships across Kazakhstan, South Korea and Greece. In Kazakhstan, Presight secured a long-term agreement to develop the Digital Smart Airport Astana platform, while additional initiatives are focused on sovereign AI infrastructure, smart cities and digital transformation. The company also signed agreements with government and technology partners to explore advanced AI applications across public services and infrastructure.

AIQ continues to expand its international operations through partnerships with Siemens Energy, NOV, Silverwell Energy and other industry participants. The company is advancing its Genesis AI-native operating system, designed to support autonomous energy operations through integrated AI agents, data and workflow automation. Presight is also investing in emerging AI technologies through its FutureSight programme and strategic investment initiatives, supporting its long-term position in sovereign and applied artificial intelligence.

6. Investor Takeaway

Presight delivered strong financial performance in 9M 2026, with revenue increasing 23.6% to AED 2.15 billion, EBITDA rising 24.8% to AED 471.0 million and group net profit growing 23.5% to AED 395.2 million. The results demonstrate sustained demand for AI-powered solutions, supported by domestic government contracts, energy sector applications and the expansion of multi-year engagements.

The company's financial position remains strong, with total assets of AED 6.91 billion, equity of AED 4.88 billion and cash balances of approximately AED 2.0 billion, alongside no outstanding financial debt. Its AED 4.41 billion order backlog and 96.0% revenue contribution from multi-year contracts provide significant forward revenue visibility. However, negative operating cash flow and lower international revenue remain important areas to monitor.

Looking ahead, Presight's medium-term growth targets, international expansion and continued development of sovereign AI and energy technology solutions provide opportunities for further earnings growth. Investors should monitor backlog conversion, new contract awards, international revenue recovery, operating cash flow, AIQ's performance and the company's ability to achieve its full-year 2026 financial expectations.