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Earnings Report

Waha Capital Company

Q1 26 NEUTRAL LOW Impact

1. Company Overview & Earnings Context

Waha Capital reported resilient Q1 2026 profitability despite heightened geopolitical tensions and increased global market volatility. The company operates across three core business pillars: Public Markets, Private Investments, and Waha Land.

Management highlighted that the diversified investment-led business model, disciplined capital allocation, and active portfolio management supported profitability during the quarter.

2. Financial Performance Snapshot

  • Total income: AED 113.0M

  • Profit before tax: AED 57.0M

  • Net profit attributable to shareholders: AED 57.0M

  • Basic & diluted EPS: AED 0.030

Compared to Q1 2025:

  • Net profit attributable to shareholders declined from AED 81.0M to AED 57.0M

  • Total income declined from AED 329.9M to AED 113.0M

Segment profitability contribution:

  • Private Investments: AED 87.9M profit

  • Public Markets: AED 2.1M loss

  • Corporate: AED 28.8M loss

  • Waha Land: Breakeven

3. Operational Highlights & Key Metrics

  • Assets under management (AUM): AED 12.8B

  • Third-party AUM: AED 7.6B

  • Total assets: AED 5.35B

  • Total equity: AED 4.67B

  • Cash & bank balances: AED 186.1M

  • Borrowings: AED 544.1M

  • Investment in subsidiaries measured at FVTPL: AED 4.76B

Public Markets highlights:

  • Waha Emerging Markets Credit Fund returned 1.3% net

  • Waha MENA Equity Fund returned -2.7% net

  • Waha Islamic Income Fund returned -1.3% net

Private Investments highlights:

  • Assets under management remained at AED 0.7B

  • Strong gains generated from strategic monetisation and mark-to-market gains

Waha Land highlights:

  • Full occupancy maintained across completed developments

  • Stage 3A construction progressing on schedule

  • Waha Land investment valued at AED 448M

4. Key Performance Drivers

  • Strong Private Investments performance supported overall profitability

  • Portfolio gains and value realization drove AED 88.1M investment income

  • Fee income increased significantly to AED 48.0M

  • Lower finance costs supported bottom-line performance

  • Global market volatility negatively impacted Public Markets performance

The company also highlighted:

  • Finance costs declined by AED 7.5M YoY due to lower utilization and lower interest rates

  • Assets under management exceeded USD 3B during the quarter

  • Continued third-party investor inflows supported AUM growth

5. Outlook & Forward Guidance

  • Continued focus on scaling Waha Health’s specialized healthcare platform

  • Ongoing expansion plans across logistics and industrial real estate through Waha Land

  • Management continues evaluating high-growth investment opportunities across sectors and geographies

  • Waha Capital remains focused on disciplined capital recycling and shareholder returns

  • The company also commenced execution of its share buyback program during the quarter

Management highlighted that the company remains well-positioned with a strong balance sheet, liquidity flexibility, and diversified exposure across sectors and geographies despite geopolitical uncertainty.

6. 🧾 Investor Takeaway

Waha Capital delivered resilient Q1 2026 profitability despite volatile market conditions, supported by strong Private Investments performance, growing assets under management, recurring fee income, and disciplined capital allocation across its diversified investment platform.