Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual (AED)

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operating Summary
Revenue	49.56B	35.50B	26.75B	24.93B	27.90B
Cost of Revenue	22.33B	15.12B	9.88B	12.34B	16.30B
Gross Profit	27.23B	20.38B	16.87B	12.59B	11.59B
SG&A	3.60B	3.23B	2.79B	3.52B	4.05B
Operating Expenses	4.68B	4.24B	3.86B	4.53B	5.04B
Operating Income	22.55B	16.14B	13.01B	8.06B	6.55B
Interest Income	2.51B	1.83B	1.35B	0.41B	0.28B
Interest Expense	-492.09M	-585.85M	-668.13M	-716.79M	-705.39M
Other Income/Expense	0.36B	0.78B	1.45B	0.70B	-0.21B
Pretax Income	25.66B	18.90B	15.06B	8.48B	6.09B
Income Tax	3.33B	1.45B	0.23B	0.34B	0.41B
Net Income	17.60B	13.51B	11.63B	6.83B	3.80B
EBITDA	24.13B	17.56B	14.40B	9.33B	7.80B
EBIT	22.55B	16.14B	13.01B	8.06B	6.55B
EPS (Basic)	1.99	1.53	1.32	0.83	0.52
EPS (Diluted)	1.99	1.53	1.32	0.83	0.52
DPS	1.00	1.00	0.50	0.25	0.15
Margins & Efficiency
Gross Margin %	+54.9%	+57.4%	+63.0%	+50.5%	+41.6%
EBITDA Margin %	+48.7%	+49.5%	+53.8%	+37.4%	+28.0%
Net Margin %	+35.5%	+38.1%	+43.5%	+27.4%	+13.6%
Revenue & Income
Revenue	49.56B	35.50B	26.75B	24.93B	27.90B
Revenue Growth (YoY)	+39.6%	+32.7%	+7.3%	-10.6%	+55.3%
Interest & Investment Income	2.51B	1.83B	1.35B	0.41B	0.28B
Earnings From Equity Investments	800.87M	5.60M	236.98M	214.29M	353.63M
Gain (Loss) on Sale of Assets	—	—	699.88M	—	—
Gain (Loss) on Sale of Investments	194.15M	229.16M	—	233.41M	—
Currency Exchange Gain (Loss)	-260.05M	505.44M	239.26M	147.57M	—
Expenses & Provisions
Cost of Revenue	22.33B	15.12B	9.88B	12.34B	16.30B
Selling, General & Admin	3.60B	3.23B	2.79B	3.52B	4.05B
Operating Expenses	4.68B	4.24B	3.86B	4.53B	5.04B
Other Operating Expenses	-449.88M	-414.78M	-325.18M	-259.85M	-252.93M
Interest Expense	-492.09M	-585.85M	-668.13M	-716.79M	-705.39M
Other Non Operating Income (Expenses)	0.36B	0.78B	1.45B	0.70B	-0.21B
Asset Writedown	—	—	-1.26B	-0.57B	-0.19B
D&A For EBITDA	1.58B	1.43B	1.40B	1.28B	1.25B
Profitability & Returns
Gross Profit	27.23B	20.38B	16.87B	12.59B	11.59B
Gross Margin	+54.9%	+57.4%	+63.0%	+50.5%	+41.6%
EBIT	22.55B	16.14B	13.01B	8.06B	6.55B
EBIT Margin	+45.5%	+45.4%	+48.6%	+32.3%	+23.5%
EBITDA	24.13B	17.56B	14.40B	9.33B	7.80B
EBITDA Margin	+48.7%	+49.5%	+53.8%	+37.4%	+28.0%
EBT Excluding Unusual Items	25.46B	18.67B	15.62B	8.81B	6.28B
Pretax Income	25.66B	18.90B	15.06B	8.48B	6.09B
Operating Income	22.55B	16.14B	13.01B	8.06B	6.55B
Operating Margin	+45.5%	+45.4%	+48.6%	+32.3%	+23.5%
Profit Margin	+35.5%	+38.1%	+43.5%	+27.4%	+13.6%
Net Income	17.60B	13.51B	11.63B	6.83B	3.80B
Net Income to Common	17.60B	13.51B	11.63B	6.83B	3.80B
Net Income Growth	+30.2%	+16.2%	+70.2%	+79.8%	+80.2%
Earnings From Continuing Ops.	22.33B	17.45B	14.83B	8.14B	5.68B
Minority Interest in Earnings	-4.73B	-3.94B	-3.20B	-1.31B	-1.88B
Income Tax Expense	3.33B	1.45B	0.23B	0.34B	0.41B
Effective Tax Rate	+13.0%	+7.7%	+1.5%	+4.0%	+6.7%
Per Share & Capital
EPS (Basic)	1.99	1.53	1.32	0.83	0.52
EPS (Diluted)	1.99	1.53	1.32	0.83	0.52
EPS Growth	+30.2%	+16.2%	+58.4%	+59.0%	+77.4%
Dividend Per Share	1.00	1.00	0.50	0.25	0.15
Shares Change (YoY)	—	—	0.07	0.13	0.02
Shares Outstanding (Basic)	8.84B	8.84B	8.84B	8.22B	7.27B
Shares Outstanding (Diluted)	8.84B	8.84B	8.84B	8.22B	7.27B
Dividend Growth	—	+100.0%	+100.0%	+66.7%	+50.0%
Free Cash Flow	32.52B	23.95B	19.25B	17.98B	9.27B
Free Cash Flow Margin	+65.6%	+67.5%	+72.0%	+72.1%	+33.2%
Free Cash Flow Per Share	3.68	2.71	2.18	2.19	1.28
Payout Ratio	+63.5%	+53.9%	+25.0%	+26.8%	+53.4%

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (AED)

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operating Summary
Revenue	49.56B	35.50B	26.75B	24.93B	27.90B
Cost of Revenue	22.33B	15.12B	9.88B	12.34B	16.30B
Gross Profit	27.23B	20.38B	16.87B	12.59B	11.59B
SG&A	3.60B	3.23B	2.79B	3.52B	4.05B
Operating Expenses	4.68B	4.24B	3.86B	4.53B	5.04B
Operating Income	22.55B	16.14B	13.01B	8.06B	6.55B
Interest Income	2.51B	1.83B	1.35B	0.41B	0.28B
Interest Expense	-492.09M	-585.85M	-668.13M	-716.79M	-705.39M
Other Income/Expense	0.36B	0.78B	1.45B	0.70B	-0.21B
Pretax Income	25.66B	18.90B	15.06B	8.48B	6.09B
Income Tax	3.33B	1.45B	0.23B	0.34B	0.41B
Net Income	17.60B	13.51B	11.63B	6.83B	3.80B
EBITDA	24.13B	17.56B	14.40B	9.33B	7.80B
EBIT	22.55B	16.14B	13.01B	8.06B	6.55B
EPS (Basic)	1.99	1.53	1.32	0.83	0.52
EPS (Diluted)	1.99	1.53	1.32	0.83	0.52
DPS	1.00	1.00	0.50	0.25	0.15
Margins & Efficiency
Gross Margin %	+54.9%	+57.4%	+63.0%	+50.5%	+41.6%
EBITDA Margin %	+48.7%	+49.5%	+53.8%	+37.4%	+28.0%
Net Margin %	+35.5%	+38.1%	+43.5%	+27.4%	+13.6%
Revenue & Income
Revenue	49.56B	35.50B	26.75B	24.93B	27.90B
Revenue Growth (YoY)	+39.6%	+32.7%	+7.3%	-10.6%	+55.3%
Interest & Investment Income	2.51B	1.83B	1.35B	0.41B	0.28B
Earnings From Equity Investments	800.87M	5.60M	236.98M	214.29M	353.63M
Gain (Loss) on Sale of Assets	—	—	699.88M	—	—
Gain (Loss) on Sale of Investments	194.15M	229.16M	—	233.41M	—
Currency Exchange Gain (Loss)	-260.05M	505.44M	239.26M	147.57M	—
Expenses & Provisions
Cost of Revenue	22.33B	15.12B	9.88B	12.34B	16.30B
Selling, General & Admin	3.60B	3.23B	2.79B	3.52B	4.05B
Operating Expenses	4.68B	4.24B	3.86B	4.53B	5.04B
Other Operating Expenses	-449.88M	-414.78M	-325.18M	-259.85M	-252.93M
Interest Expense	-492.09M	-585.85M	-668.13M	-716.79M	-705.39M
Other Non Operating Income (Expenses)	0.36B	0.78B	1.45B	0.70B	-0.21B
Asset Writedown	—	—	-1.26B	-0.57B	-0.19B
D&A For EBITDA	1.58B	1.43B	1.40B	1.28B	1.25B
Profitability & Returns
Gross Profit	27.23B	20.38B	16.87B	12.59B	11.59B
Gross Margin	+54.9%	+57.4%	+63.0%	+50.5%	+41.6%
EBIT	22.55B	16.14B	13.01B	8.06B	6.55B
EBIT Margin	+45.5%	+45.4%	+48.6%	+32.3%	+23.5%
EBITDA	24.13B	17.56B	14.40B	9.33B	7.80B
EBITDA Margin	+48.7%	+49.5%	+53.8%	+37.4%	+28.0%
EBT Excluding Unusual Items	25.46B	18.67B	15.62B	8.81B	6.28B
Pretax Income	25.66B	18.90B	15.06B	8.48B	6.09B
Operating Income	22.55B	16.14B	13.01B	8.06B	6.55B
Operating Margin	+45.5%	+45.4%	+48.6%	+32.3%	+23.5%
Profit Margin	+35.5%	+38.1%	+43.5%	+27.4%	+13.6%
Net Income	17.60B	13.51B	11.63B	6.83B	3.80B
Net Income to Common	17.60B	13.51B	11.63B	6.83B	3.80B
Net Income Growth	+30.2%	+16.2%	+70.2%	+79.8%	+80.2%
Earnings From Continuing Ops.	22.33B	17.45B	14.83B	8.14B	5.68B
Minority Interest in Earnings	-4.73B	-3.94B	-3.20B	-1.31B	-1.88B
Income Tax Expense	3.33B	1.45B	0.23B	0.34B	0.41B
Effective Tax Rate	+13.0%	+7.7%	+1.5%	+4.0%	+6.7%
Per Share & Capital
EPS (Basic)	1.99	1.53	1.32	0.83	0.52
EPS (Diluted)	1.99	1.53	1.32	0.83	0.52
EPS Growth	+30.2%	+16.2%	+58.4%	+59.0%	+77.4%
Dividend Per Share	1.00	1.00	0.50	0.25	0.15
Shares Change (YoY)	—	—	0.07	0.13	0.02
Shares Outstanding (Basic)	8.84B	8.84B	8.84B	8.22B	7.27B
Shares Outstanding (Diluted)	8.84B	8.84B	8.84B	8.22B	7.27B
Dividend Growth	—	+100.0%	+100.0%	+66.7%	+50.0%
Free Cash Flow	32.52B	23.95B	19.25B	17.98B	9.27B
Free Cash Flow Margin	+65.6%	+67.5%	+72.0%	+72.1%	+33.2%
Free Cash Flow Per Share	3.68	2.71	2.18	2.19	1.28
Payout Ratio	+63.5%	+53.9%	+25.0%	+26.8%	+53.4%

Financials

Annual (AED)

EMAAR

Annual (AED)