Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual (AED)

1-5

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operating Summary
Revenue	13.26B	8.92B	8.10B	5.98B	2.95B
Cost of Revenue	12.65B	8.71B	7.75B	5.41B	2.62B
Gross Profit	606.38M	214.41M	353.95M	570.87M	330.38M
SG&A	242.18M	75.99M	72.51M	60.81M	33.66M
Operating Expenses	238.73M	57.65M	83.52M	61.65M	34.02M
Operating Income	367.66M	156.77M	270.43M	509.22M	296.36M
Interest Income	162.12M	145.08M	52.45M	2.60M	2.71M
Interest Expense	-247.53M	-117.83M	-95.85M	-43.66M	-12.60M
Other Income/Expense	-21.15M	-10.62M	-13.50M	-4.75M	-3.55M
Pretax Income	285.89M	171.93M	213.67M	454.59M	282.02M
Income Tax	58.27M	5.61M	—	—	—
Net Income	225.90M	168.38M	213.67M	454.59M	282.02M
EBITDA	426.97M	160.42M	271.74M	509.29M	296.44M
EBIT	367.66M	156.77M	270.43M	509.22M	296.36M
EPS (Basic)	0.20	0.15	0.19	0.57	70.51
EPS (Diluted)	0.20	0.15	0.19	0.57	70.51
DPS	0.04	0.03	0.04	0.16	39.00
Margins & Efficiency
Gross Margin %	+4.6%	+2.4%	+4.4%	+9.5%	+11.2%
EBITDA Margin %	+3.2%	+1.8%	+3.4%	+8.5%	+10.1%
Net Margin %	+1.7%	+1.9%	+2.6%	+7.6%	+9.6%
Revenue & Income
Revenue	13.26B	8.92B	8.10B	5.98B	2.95B
Revenue Growth (YoY)	+48.6%	+10.1%	+35.4%	+102.9%	+46.1%
Interest & Investment Income	162.12M	145.08M	52.45M	2.60M	2.71M
Earnings From Equity Investments	-1.27M	2.51M	-1.10M	—	—
Gain (Loss) on Sale of Assets	852.29K	19.22K	—	—	—
Currency Exchange Gain (Loss)	-1.74M	-3.26M	-11.02M	-6.09M	-0.90M
Expenses & Provisions
Cost of Revenue	12.65B	8.71B	7.75B	5.41B	2.62B
Selling, General & Admin	242.18M	75.99M	72.51M	60.81M	33.66M
Operating Expenses	238.73M	57.65M	83.52M	61.65M	34.02M
Other Operating Expenses	-46.09M	-23.68M	-0.04M	—	—
Interest Expense	-247.53M	-117.83M	-95.85M	-43.66M	-12.60M
Other Non Operating Income (Expenses)	-21.15M	-10.62M	-13.50M	-4.75M	-3.55M
Asset Writedown	-1.34M	-0.73M	—	-2.74M	—
Amortization of Goodwill & Intangibles	14.24M	1.89M	0.44M	0.66M	0.00M
D&A For EBITDA	59.32M	3.65M	1.31M	0.07M	0.08M
Profitability & Returns
Gross Profit	606.38M	214.41M	353.95M	570.87M	330.38M
Gross Margin	+4.6%	+2.4%	+4.4%	+9.5%	+11.2%
EBIT	367.66M	156.77M	270.43M	509.22M	296.36M
EBIT Margin	+2.8%	+1.8%	+3.3%	+8.5%	+10.1%
EBITDA	426.97M	160.42M	271.74M	509.29M	296.44M
EBITDA Margin	+3.2%	+1.8%	+3.4%	+8.5%	+10.1%
EBT Excluding Unusual Items	258.08M	172.64M	201.39M	457.32M	282.02M
Pretax Income	285.89M	171.93M	213.67M	454.59M	282.02M
Operating Income	367.66M	156.77M	270.43M	509.22M	296.36M
Operating Margin	+2.8%	+1.8%	+3.3%	+8.5%	+10.1%
Profit Margin	+1.7%	+1.9%	+2.6%	+7.6%	+9.6%
Net Income	225.90M	168.38M	213.67M	454.59M	282.02M
Net Income to Common	225.90M	168.38M	213.67M	454.59M	282.02M
Net Income Growth	+34.2%	-21.2%	-53.0%	+61.2%	+46.9%
Earnings From Continuing Ops.	227.62M	166.32M	213.67M	454.59M	282.02M
Minority Interest in Earnings	-1.72M	2.06M	—	—	—
Income Tax Expense	58.27M	5.61M	—	—	—
Effective Tax Rate	+20.4%	+3.3%	—	—	—
Per Share & Capital
EPS (Basic)	0.20	0.15	0.19	0.57	70.51
EPS (Diluted)	0.20	0.15	0.19	0.57	70.51
EPS Growth	+34.2%	-21.2%	-66.4%	-99.2%	+46.9%
Dividend Per Share	0.04	0.03	0.04	0.16	39.00
Shares Change (YoY)	—	—	0.4	198.95	—
Shares Outstanding (Basic)	1.12B	1.12B	1.12B	0.80B	0.00B
Shares Outstanding (Diluted)	1.12B	1.12B	1.12B	0.80B	0.00B
Dividend Growth	+22.2%	-26.7%	-74.3%	-99.6%	+490.4%
Free Cash Flow	-503.47M	-302.57M	-356.94M	22.91M	-128.77M
Free Cash Flow Margin	-3.8%	-3.4%	-4.4%	+0.4%	-4.4%
Free Cash Flow Per Share	-0.45	-0.27	-0.32	0.03	-32.19
Payout Ratio	+14.6%	+26.7%	+90.8%	+2.6%	+24.2%
Supplemental
Other Unusual Items	-5.04M	—	12.27M	—	—

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Annual (AED)

1-5

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operating Summary
Revenue	13.26B	8.92B	8.10B	5.98B	2.95B
Cost of Revenue	12.65B	8.71B	7.75B	5.41B	2.62B
Gross Profit	606.38M	214.41M	353.95M	570.87M	330.38M
SG&A	242.18M	75.99M	72.51M	60.81M	33.66M
Operating Expenses	238.73M	57.65M	83.52M	61.65M	34.02M
Operating Income	367.66M	156.77M	270.43M	509.22M	296.36M
Interest Income	162.12M	145.08M	52.45M	2.60M	2.71M
Interest Expense	-247.53M	-117.83M	-95.85M	-43.66M	-12.60M
Other Income/Expense	-21.15M	-10.62M	-13.50M	-4.75M	-3.55M
Pretax Income	285.89M	171.93M	213.67M	454.59M	282.02M
Income Tax	58.27M	5.61M	—	—	—
Net Income	225.90M	168.38M	213.67M	454.59M	282.02M
EBITDA	426.97M	160.42M	271.74M	509.29M	296.44M
EBIT	367.66M	156.77M	270.43M	509.22M	296.36M
EPS (Basic)	0.20	0.15	0.19	0.57	70.51
EPS (Diluted)	0.20	0.15	0.19	0.57	70.51
DPS	0.04	0.03	0.04	0.16	39.00
Margins & Efficiency
Gross Margin %	+4.6%	+2.4%	+4.4%	+9.5%	+11.2%
EBITDA Margin %	+3.2%	+1.8%	+3.4%	+8.5%	+10.1%
Net Margin %	+1.7%	+1.9%	+2.6%	+7.6%	+9.6%
Revenue & Income
Revenue	13.26B	8.92B	8.10B	5.98B	2.95B
Revenue Growth (YoY)	+48.6%	+10.1%	+35.4%	+102.9%	+46.1%
Interest & Investment Income	162.12M	145.08M	52.45M	2.60M	2.71M
Earnings From Equity Investments	-1.27M	2.51M	-1.10M	—	—
Gain (Loss) on Sale of Assets	852.29K	19.22K	—	—	—
Currency Exchange Gain (Loss)	-1.74M	-3.26M	-11.02M	-6.09M	-0.90M
Expenses & Provisions
Cost of Revenue	12.65B	8.71B	7.75B	5.41B	2.62B
Selling, General & Admin	242.18M	75.99M	72.51M	60.81M	33.66M
Operating Expenses	238.73M	57.65M	83.52M	61.65M	34.02M
Other Operating Expenses	-46.09M	-23.68M	-0.04M	—	—
Interest Expense	-247.53M	-117.83M	-95.85M	-43.66M	-12.60M
Other Non Operating Income (Expenses)	-21.15M	-10.62M	-13.50M	-4.75M	-3.55M
Asset Writedown	-1.34M	-0.73M	—	-2.74M	—
Amortization of Goodwill & Intangibles	14.24M	1.89M	0.44M	0.66M	0.00M
D&A For EBITDA	59.32M	3.65M	1.31M	0.07M	0.08M
Profitability & Returns
Gross Profit	606.38M	214.41M	353.95M	570.87M	330.38M
Gross Margin	+4.6%	+2.4%	+4.4%	+9.5%	+11.2%
EBIT	367.66M	156.77M	270.43M	509.22M	296.36M
EBIT Margin	+2.8%	+1.8%	+3.3%	+8.5%	+10.1%
EBITDA	426.97M	160.42M	271.74M	509.29M	296.44M
EBITDA Margin	+3.2%	+1.8%	+3.4%	+8.5%	+10.1%
EBT Excluding Unusual Items	258.08M	172.64M	201.39M	457.32M	282.02M
Pretax Income	285.89M	171.93M	213.67M	454.59M	282.02M
Operating Income	367.66M	156.77M	270.43M	509.22M	296.36M
Operating Margin	+2.8%	+1.8%	+3.3%	+8.5%	+10.1%
Profit Margin	+1.7%	+1.9%	+2.6%	+7.6%	+9.6%
Net Income	225.90M	168.38M	213.67M	454.59M	282.02M
Net Income to Common	225.90M	168.38M	213.67M	454.59M	282.02M
Net Income Growth	+34.2%	-21.2%	-53.0%	+61.2%	+46.9%
Earnings From Continuing Ops.	227.62M	166.32M	213.67M	454.59M	282.02M
Minority Interest in Earnings	-1.72M	2.06M	—	—	—
Income Tax Expense	58.27M	5.61M	—	—	—
Effective Tax Rate	+20.4%	+3.3%	—	—	—
Per Share & Capital
EPS (Basic)	0.20	0.15	0.19	0.57	70.51
EPS (Diluted)	0.20	0.15	0.19	0.57	70.51
EPS Growth	+34.2%	-21.2%	-66.4%	-99.2%	+46.9%
Dividend Per Share	0.04	0.03	0.04	0.16	39.00
Shares Change (YoY)	—	—	0.4	198.95	—
Shares Outstanding (Basic)	1.12B	1.12B	1.12B	0.80B	0.00B
Shares Outstanding (Diluted)	1.12B	1.12B	1.12B	0.80B	0.00B
Dividend Growth	+22.2%	-26.7%	-74.3%	-99.6%	+490.4%
Free Cash Flow	-503.47M	-302.57M	-356.94M	22.91M	-128.77M
Free Cash Flow Margin	-3.8%	-3.4%	-4.4%	+0.4%	-4.4%
Free Cash Flow Per Share	-0.45	-0.27	-0.32	0.03	-32.19
Payout Ratio	+14.6%	+26.7%	+90.8%	+2.6%	+24.2%
Supplemental
Other Unusual Items	-5.04M	—	12.27M	—	—

Financials

Annual (AED)

INVICTUS INVESTMENT

Annual (AED)