High margins, strong cash generation
FY 2025
| AED 960M | AED 678M | 71% | AED 1,093M | 98% |
|---|---|---|---|---|
| REVENUE +7.6% YoY |
ADJUSTED EBITDA¹ +7.4% YoY |
ADJUSTED EBITDA MARGIN |
NET PROFIT | CASH CONVERSION² |
H1 2026
| AED 492M | AED 355M | 72% | AED 444M | 97% |
|---|---|---|---|---|
| REVENUE +6.9% YoY3 |
ADJUSTED EBITDA¹ +8.9% YoY³ |
ADJUSTED EBITDA MARGIN |
NET PROFIT | CASH CONVERSION² |
¹ Adjusted EBITDA is calculated as: net profit plus net finance costs plus depreciation and amortisation expenses plus tax expenses, minus gain on fair value of investment properties, minus gain on sale of investment properties, minus reversals of provisions.
² Cash Conversion is calculated as Adjusted EBITDA less capital expenditure, divided by Adjusted EBITDA.
3 Like-for-like growth provides a more comparable view of the continuing business by comparing H1 2026 against H1 2025 revenue of AED 460 million on a like-for-like basis, which excludes the contribution from assets that were subsequently sold and were therefore no longer part of the portfolio in H1 2026.
Annualised dividend targets4
| FY 2026 | FY 2027 | FY 2028 | FY 2029 onwards |
|---|---|---|---|
| AED 700M5 | AED 725M | AED 750M | Expected to continue paying dividends in line with or above FY 2028 levels. |
4 Annualised dividend targets, subject to the recommendation of the Board of Directors and approval by shareholders. Excludes the pre-IPO dividend paid to the Selling Shareholder.
5 Excludes AED 100 million exceptional dividend which was distributed in September 2026.
Disclaimer: This announcement has not been approved by the Capital Market Authority (“CMA”) or any regulator in the UAE or elsewhere and does not form part of the prospectus. This announcement or any related advertisements does not fall under CMA’s remit or jurisdiction.
