SHUAA Capital

1. Company Overview & Earnings Context

SHUAA Capital psc reported continued operational progress in Q1 2026 as core revenue remained stable and quarterly losses narrowed significantly compared to the previous quarter. The Group operates across investment banking, asset management, capital markets, and real estate activities across the MENA region.

Management highlighted continued execution of strategic initiatives, expansion of its capital markets platform, and new regional partnerships during the quarter.

2. Financial Performance Snapshot

• Total operating revenue: AED 18.2M

• Net operating loss: AED (3.6M)

• Net loss attributable to shareholders: AED (9.7M)

• Cost-to-income ratio: 120%

Compared to Q4 2025:

• Revenue remained broadly stable at AED 18.2M

• Net loss improved significantly from AED 42.0M to AED 9.7M

• Non-recurring charges reduced substantially from AED 39.5M to AED 5.7M

Compared to Q1 2025:

• Revenue declined from AED 25.2M to AED 18.2M

• Q1 2025 included significant non-recurring income linked to capital optimization initiatives

3. Operational Highlights & Key Metrics

• Equity: AED 543M

• Debt-to-equity ratio: 0.75x

• Asset Management revenue: AED 9M

• Investment Banking revenue: AED 4M

• Real Estate revenue: AED 5M

• Equity trading revenue: AED 1.4M

Additional highlights:

• Equity trading business formally launched during Q1 2026

• Fixed income activity increased significantly quarter-on-quarter

• Real Estate revenue increased 24% YoY

• Cost discipline remained aligned with management expectations

4. Key Performance Drivers

• Stable recurring fee income supported Asset Management performance

• Stronger fixed income activity contributed positively to Investment Banking revenue

• Newly launched equity trading business began contributing to quarterly results

• Lower non-recurring charges significantly improved bottom-line performance

• Real estate development management fees supported Real Estate segment growth

The Group also announced:

• Strategic partnership with Key Capital targeting the MENA venture capital secondaries market

• Memorandum of understanding with Gate Capital Financial Services to build a Saudi fuel retail consolidation platform

5. Outlook & Forward Guidance

• Continued focus on building a leaner and more agile financial services platform

• Expansion of equity trading and capital markets activities remains a strategic priority

• Management expects advisory activity to improve in upcoming quarters

• SHUAA continues pursuing differentiated regional investment and partnership opportunities

• The Group remains focused on sustainable shareholder value creation through platform diversification and disciplined capital allocation

Management also emphasized continued investment into team expansion, strategic execution, and regional growth initiatives despite remaining in a rebuilding phase.

6. 🧾 Investor Takeaway

SHUAA Capital reported continued operational stabilization in Q1 2026 with significantly narrower quarterly losses, supported by stable core revenue, expanding fixed income activity, launch of its equity trading business, and continued strategic partnership execution across regional growth sectors.