NMDC Energy P.J.S.C. Management Discussion and Analysis Report for the Period Ended March 31,2026

NMDC Energy reported a 33% year-on-year increase in revenue to AED 5.0 billion for 1Q 2026, supported by strong backlog execution.
Net profit fell 63% year-on-year to AED 80 million, while EBITDA declined 36% to AED 197 million; results were impacted by cost overruns in logistics, fuel, and insurance, as well as standby time on offshore projects due to regional geopolitical factors.
The company held a project backlog of AED 35.3 billion as of March 2026, with a further project pipeline estimated at approximately AED 67.4 billion.
Cash and bank balances decreased 23% year-to-date to AED 3.5 billion, primarily driven by the payment of an AED 800 million cash dividend during the quarter.