Emaar Development (EMAARDEV) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 results with revenue up 23% YoY to AED 12.4 billion and net profit up 38% YoY to AED 6.4 billion, driven by strong UAE property sales, robust recurring revenues, and operational efficiencies.

• Property sales rose 16% YoY to AED 22.4 billion, with a revenue backlog reaching AED 163.4 billion, ensuring strong future earnings visibility.

• EBITDA increased 34% YoY to AED 7.2 billion, with a margin of 58%.

• Maintains a fortress balance sheet with net cash of AED 69.3 billion, investment-grade credit ratings, and strong liquidity.

• Dividend payout of AED 8.8–8.9 billion, equivalent to 100% of share capital, was approved and paid.

Financial highlights

• Group property sales: AED 22.4 billion (+16% YoY); revenue: AED 12.4 billion (+23% YoY); gross profit: AED 7.0 billion (+21% YoY).

• EBITDA: AED 7.2 billion (+34% YoY, margin 58%); net profit: AED 6.4 billion (+38% YoY, margin 52%).

• EPS: AED 0.57 (up 35% YoY).

• Cash and cash equivalents: AED 55.5 billion; total assets: AED 195.3 billion; total equity: AED 103.6 billion.

• Dividend yield at 8.4%, outperforming local benchmarks.

Outlook and guidance

• Focus on expanding recurring revenue streams, with major mall expansions and over 65,600 residential units to be delivered in the next 5–6 years.

• Clear strategy to double recurring EBITDA contribution by 2030.

• Management expects continued resilience in core GCC markets, supported by strong backlog and robust customer collections.

• Monitoring macroeconomic and geopolitical conditions closely.