Emaar Properties (EMAAR) Q2 2026 earnings summary

Executive summary

• Net profit for H1 2026 rose 26% year-over-year to AED 11.15 billion, with revenue up 21% to AED 23.91 billion, driven by robust property sales, leasing, and recurring income streams.

• Maintains a fortress balance sheet with AED 64.1 billion net cash, investment-grade credit ratings (BBB+/Baa1), and a revenue backlog of AED 164.9 billion, ensuring strong future visibility.

• EBITDA increased 24% to AED 12.9 billion, reflecting operational discipline and portfolio strength.

• Strategic focus on sustainable growth, with a five-year capex plan for land acquisition and portfolio expansion, and a clear dividend policy linked to cash generation.

• High liquidity maintained, with cash and cash equivalents at AED 51.4 billion as of 30 June 2026.

Financial highlights

• H1 2026 property sales reached AED 26.6 billion (42% YoY increase), with UAE sales at AED 22.4 billion (45% YoY increase).

• EBITDA for H1 2026 was AED 12.9 billion, up 24% YoY, with a margin of 54%.

• Gross profit margin remained strong at 56%, and net profit margin improved to 47%.

• Total assets stood at AED 193 billion, with equity of AED 109 billion.

• Earnings per share for the six months were AED 0.98, up 22% year-over-year.

Outlook and guidance

• Targeting to double recurring EBITDA by 2030, leveraging a pipeline of 67,100 units under development and a diversified land bank of ~590 million sq. ft. across key markets.

• Announced a landmark AED 200 billion masterplan, further strengthening the long-term development pipeline.

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

• Ongoing expansion of recurring operations, including Dubai Square (opening in 3 years) and Dubai Mall expansion (opening H2 2028).

• Diversified business model and high-quality development pipeline position the group for continued growth.