Financial statements for the 1st QTR of 2026

SHUAA Capital reported a net loss of AED 9.9 million for the first quarter of 2026, a significant reversal from the AED 195.0 million net profit recorded in Q1 2025. The prior year's high profitability was primarily driven by a one-time AED 214.8 million gain on mandatory convertible bonds that did not recur this period.
Total revenue declined to AED 18.4 million in Q1 2026 from AED 25.7 million in the previous year, following a complete absence of advisory fees and a reduction in management and performance fees. This contributed to an increased operating loss of AED 7.7 million compared to AED 1.8 million in Q1 2025.
The Group is managing AED 303 million in short-term borrowings that are due within 12 months, including AED 213 million in bilateral bank facilities where a default waiver expired on March 31, 2026. While no formal acceleration notice has been issued, the company is engaged in ongoing discussions to finalize a comprehensive debt restructuring by the end of Q2 2026.
Auditors issued a qualified conclusion regarding the Group’s AED 346 million investment in associate Eshraq Investments PJSC. The qualification stems from an inability to verify the fair value of AE