SHUAA Capital (SHUAA) Q1 2026 earnings summary

Executive summary

• Net loss narrowed to AED 9.9 million in Q1 2026, compared to AED 42 million in Q4 2025 and AED 195 million profit in Q1 2025, mainly due to the absence of prior non-recurring charges.

• Core revenue remained stable at AED 18 million, supported by steady fee income and increased trading activity.

• Operating loss increased to AED 7.7 million in Q1 2026, reflecting higher staff costs and investment in teams.

• Accumulated losses increased to AED 955 million as of 31 March 2026.

• Strategic partnerships and new business launches, including equity trading and MENA VC secondaries, were key achievements.

Financial highlights

• Total revenue for Q1 2026 was AED 18.4 million, flat quarter-on-quarter and down from AED 25.7 million year-over-year.

• Reported net loss improved to AED 9.9 million from AED 42 million in Q4 2025; core net loss was AED 3 million, down from AED 8 million.

• Operating expenses were AED 21.8 million, up slightly from AED 21.1 million in Q4 2025.

• Cash and cash equivalents increased to AED 107.7 million from AED 50.1 million at year-end 2025.

• Cost-to-income ratio increased to 120% from 118% sequentially.

Outlook and guidance

• Management expects to finalize a comprehensive restructuring and refinancing agreement with its senior lender before the end of Q2 2026.

• Underlying performance trends indicate gradual recovery, with emphasis on recurring revenue streams and cost discipline.

• No material financial impact from geopolitical conditions; core operations remain uninterrupted.