Parkin Company (PARKIN) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue rose 41% year-over-year to 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.

• Total parking spaces increased 23% to 258,000, driven by developer contracts; seasonal card sales surged 129% to 100,600.

• Public parking transactions declined 5% and utilisation dropped to 21.8%, impacted by regional geopolitical events and a longer Eid holiday.

Financial highlights

• Revenue: AED 384.2 million (+41% YoY); Net profit: AED 185.1 million (+36% YoY); EBITDA: AED 231.3 million (+31% YoY).

• EBITDA margin decreased to 60% from 64% due to higher concession fees and lease expenses.

• Free cash flow to equity reached AED 503.9 million (+48% YoY); cash conversion rate at 99%.

• Public parking revenue grew 15%, developer parking 66%, seasonal cards/permits 79%, enforcement 46%.

• Concession fee expense increased to AED 57.9 million (Q1 2025: AED 33.3 million).

Outlook and guidance

• FY 2026 revenue guidance is under review due to external uncertainties; revised outlook expected with Q2 2026 results.

• Management remains confident in business fundamentals and ability to navigate current conditions.