NMDC Group PJSC Management Discussion and Analysis Report for the Period Ended March 31,2026

NMDC Group reported 1Q2026 revenue of AED 6.6 billion, a 7% year-on-year increase, while net profit declined 51% to AED 387 million over the same period.
Profitability was adversely impacted by geopolitical factors leading to higher logistics, insurance, and fuel costs, as well as increased forecasted costs of completion and idle operational hours.
EBITDA fell 38% year-on-year to AED 684 million with a margin of 10.3%, driven by slim margins in the Energy business unit and lower revenues from the Dredging & Marine (D&M) segment.
The Group maintained a project backlog of AED 55.4 billion as of March 2026, supported by AED 1.8 billion in new project awards and the strategic acquisition of a 51% stake in Spain’s Lantania Aguas.