Parkin Company (PARKIN) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue rose 41% year-over-year, reaching AED 384.2 million, with net profit up 36% to AED 185.1 million and EBITDA up 31% to AED 231.3 million at a 60% margin.

• Paid parking spaces increased by 4% to 195.2k, with 49,000 new spaces added (+23%), and seasonal card sales surged 129% year-over-year to 100.6k.

• Operational resilience was maintained despite external challenges, including regional geopolitical uncertainty, longer Eid Al Fitr holidays, and heavy rainfall.

• The company declared and paid dividends of AED 343.7 million (11.46 fils per share) during the period.

• Total parking transactions declined 5% due to external factors, but developer parking saw the largest growth.

Financial highlights

• Revenue for Q1 2026 was AED 384.2 million, up 41% year-over-year; net profit rose to AED 185.1 million, and EBITDA reached AED 231.3 million.

• Free cash flow to equity was AED 503.9 million, with a 99% cash conversion rate.

• Operating profit increased to AED 212.0 million from AED 161.1 million year-over-year.

• Cash and cash equivalents at period end were AED 373.9 million, up from AED 220.7 million at year-end 2025.

• Total assets grew to AED 2.66 billion from AED 2.35 billion at 31 December 2025.

Outlook and guidance

• FY 2026 revenue guidance is under review due to regional geopolitical uncertainty and the impact of an extended Eid Al Fitr holiday; revised guidance expected with Q2 2026 results.

• Management remains confident in the business model's resilience and structural strengths.

• Results for any quarter are not necessarily indicative of full-year performance.