Emaar Properties (EMAAR) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 results with 16% YoY sales growth and 23% YoY revenue growth, driven by strong UAE property sales, robust recurring revenues, and resilient core businesses.

• Net profit attributable to equity holders rose 38% YoY to AED 6.4 billion, with EBITDA up 34% YoY and a healthy margin of 58%.

• Maintained a strong balance sheet with net cash of AED 69.3 billion, high liquidity, and investment-grade credit ratings (BBB+/Baa1, stable outlook).

• No material adverse impact from regional geopolitical events; core businesses remain resilient.

• Revenue backlog from property sales reached AED 163.4 billion, ensuring future performance.

Financial highlights

• Q1 2026 group property sales: AED 22.4 billion (+16% YoY); revenue: AED 12.4 billion (+23% YoY).

• Gross profit: AED 7.0 billion (+21% YoY), gross margin 56%.

• EBITDA: AED 7.2 billion (+34% YoY), EBITDA margin 58%.

• Net profit: AED 6.4 billion (+38% YoY), net margin 52%.

• Cash & equivalents: AED 55.5 billion; total assets: AED 195.3 billion.

Outlook and guidance

• Focus on expanding recurring revenue streams, with major mall expansions (Dubai Mall, Dubai Square, Expo Mall) scheduled for completion between 2027–2028.

• Over 65,600 residential units to be delivered in the next 5–6 years across domestic and international markets.

• Targeting a twofold increase in recurring EBITDA contribution by 2030.

• Management expects continued resilience in core GCC markets, supported by strong backlog and high occupancy in leasing.

• Ongoing monitoring of geopolitical risks, but no material impact anticipated on operations or liquidity.