Emaar Development (EMAARDEV) Q3 2025 earnings summary

Executive summary

• Achieved record 9M 2025 results with revenue reaching AED 33.1 billion, up 39% year-over-year, and net profit rising to AED 14.6 billion, driven by robust UAE development, expanding recurring operations, and strong international performance.

• Property sales reached AED 61 billion, up 22% year-over-year, with a revenue backlog of AED 150.3 billion, up 49%.

• Maintained a diversified business model with significant contributions from malls, hospitality, and international operations.

• Continued focus on sustainability, ESG leadership, and innovation, with multiple awards and improved ESG ratings.

• Completed acquisition of remaining non-controlling interest in Dubai Hills Estate District Cooling LLC, increasing ownership to 100%.

Financial highlights

• Group property sales reached AED 61 billion, up 22% year-over-year; UAE property sales at AED 52.9 billion, up 10%.

• Revenue grew 39% year-over-year to AED 33.1 billion; EBITDA rose 32% to AED 16.6 billion; net profit attributable to equity holders increased 27% to AED 11.5 billion; net profit for the period was AED 14.6 billion.

• Gross profit margin at 55%; EBITDA margin at 50%; net profit margin at 44%; gross profit for the period was AED 18.1 billion.

• Earnings per share increased 34% to AED 1.30.

• Cash balance at AED 61.7 billion, net cash at AED 51.7 billion, and total assets at AED 174.7 billion.

Outlook and guidance

• Revenue backlog from property sales exceeds AED 150.3 billion, supporting future profitability.

• Ongoing expansion of recurring revenue portfolio, including Dubai Mall and Dubai Expo Mall projects.

• Targeting delivery of over 59,800 residential units between 2025-2029 across domestic and international markets.

• Upgraded credit ratings from S&P Global (BBB+) and Moody's (Baa1) with a stable outlook reflect strong credit standing and market leadership.

• Management expects continued strong performance, with no significant seasonality or cyclicality impacting interim operations.