TECOM Group (TECOM) Q3 2026 earnings summary

Executive summary

• 9M revenue rose 11% YoY to AED 2,348,955 thousand; recurring net profit increased 10% to AED 1,221M, with Q3 revenue up 12% to AED 808.634M.

• EBITDA increased 11% to AED 1,850M, with a 79% margin; high occupancy, leasing growth and portfolio expansion supported results.

• FY 2026 EBITDA growth guidance was reaffirmed at 8%-11% YoY amid strong demand and regional uncertainty.

Financial highlights

• 9M gross profit was AED 1,589,010 thousand, up 13%; operating profit was AED 1,443,345 thousand, up 10%.

• Recurring net profit reached AED 1,221M, up 10%; recurring EPS rose 10% to AED 0.24.

• 9M EBITDA was AED 1,850M, up 11%, with a 79% margin; FFO reached AED 1,623M, up 11%.

• Q3 operating profit was AED 493.020M and profit was AED 416.576M; recurring free cash flow reached AED 1,459M for YTD 2026.

• Portfolio valuation was AED 34.5bn, up 23.1% including acquisitions and development; like-for-like valuation rose 18.3%.

Outlook and guidance

• FY 2026 EBITDA growth guidance was reaffirmed at 8%-11% YoY.

• Priorities include pricing, retention, operational excellence, customer journeys and new growth sources; formal 2027 guidance was not yet set.

• Axs visa-service revenue recovered in Q3, with September back in line with September 2025; management expected the recovery to continue through Q4.

• Growth plans include acquisitions, development and clean-energy investment; growth CapEx was expected to remain relatively constant in coming years.