Abu Dhabi Aviation Co. · ADX:ADAVIATION
Abu Dhabi Aviation — H1 2026 Earnings Presentation
28 slides from Abu Dhabi Aviation's earnings presentation, October 2026
Slide 1: Investor Presentation H1 2026
INVESTOR PRESENTATION H1 2026 INVESTOR PRESENTATION | H1 2026 1
Slide 2: Introduction
Introduction INVESTOR PRESENTATION 2 H1 2026
Slide 3: Group Snapshot
Group Snapshot ADA is a fully integrated UAE aviation group, with MRO operations representing the primary source of revenue and providing structural resilience against civil aviation market volatility. 1976 ≈10,000 79 70 16 137,000+ ADX 59.4% Founded Employees Nationalities Aircraft MRO Hangars sqm
Slide 4: ADA's Evolution – 50+ Years of Aviation Excellence
ADA’s Evolution – 50+ Years of Aviation Excellence From a single helicopter operator to the UAE's national aviation champion 1976 2000 2002–2017 2024 2025–2026 Foundation Public Market Platform Diversification Transformational Consolidation Integration & Growth Established to support the UAE oil & L
Slide 5: ADA's Global Footprint
ADA’S GLOBAL FOOTPRINT 40+ customers, past & present, represented across 8 regions worldwide 40+ 8 22+ EXPANSIVE PRESENCE Customers Regions Countries GCC Asia (cont’d) NORTH AMERICA 1 UAE 14 Maldives 22 2 Saudi Arabia 15 Pakistan EUROPE ASIA 3 Kuwait 20 GCC + MIDDLE EAST Far East / Australia 21 12 4
Slide 6: H1 2026 Key Highlights
H1 2026 KEY HIGHLIGHTS 2026 YTD OPERATIONAL & Resilient revenue performance, supported by defense-driven demand and a AED 4,177mn STRATEGIC MILESTONES diversified operating platform MRO Revenue HANGAR 7 +30.6% YoY | 89.6% of Group Operational H1 2026 (14.8K sqm additional capacity) AED 4,662mn AED 4
Slide 7: Equity Story
Equity Story INVESTOR PRESENTATION 7 H1 2026
Slide 8: ADA's Equity Story
ADA’S EQUITY STORY ADA offers investors a rare combination of defensive, government-linked revenue streams and a clear synergy-driven growth path within the UAE's expanding aviation sector. 50+ Years of Aviation Excellence Built to Perform Across Cycles A five-decade operating track record, from ADX
Slide 9: Business Model
Business Model INVESTOR PRESENTATION 14 H1 2026
Slide 10: The Integrated Platform
The Integrated Platform Three mutually reinforcing segments create a resilient operating model with MRO as the core earnings engine. Business Model Architecture MAINTENANCE, REPAIR & OVERHAUL GENERAL AVIATION INVESTMENTS / ADAIRE 89.6% 10.1% 0.3% of Group revenue of Group revenue of Group revenue in
Slide 11: ADA's Competitive Moat
ADA’S Competitive Moat Five structural advantages that make ADA's position difficult to replicate GAL has served as sole defense logistics and MRO partner to the UAE Armed Forces for over 50 years. Sovereign Relationships Built Over 50 Years These relationships are embedded within the UAE's national
Slide 12: Segmental Snapshot
Segmental Snapshot INVESTOR PRESENTATION 17 H1 2026
Slide 13: MRO Snapshot | GAL, AMMROC, Etihad Engineering
MRO SNAPSHOT | GAL, AMMROC, ETIHAD ENGINEERING DEFENSE-ANCHORED SCALE WITH CIVILIAN CAPACITY UPSIDE H1 2026 AED 4,176mn AED 354mn 89.6% 86% / 14% 16 Highlights Total Revenue(1) Total Net Profit Share of Group Defense / Civilian MRO Hangars + 30.6% YoY NPM: 8.5% Revenues split +1 under construction S
Slide 14: General Aviation Snapshot | AD Aero, Maximus Air, ADATC
GENERAL AVIATION SNAPSHOT | AD AERO , MAXIMUS AIR, ADATC CARGO STRENGTH OFFSETTING SOFTER HELICOPTER SERVICES H1 2026 AED 510mn 10.1% AED 44mn ≈6k +172% Highlights Total Revenue(1) Share of Group Total Net Profit Flight Hours Maximus Air Revenue + 7.6% YoY Revenues NPM: 8.7% Growth GENERAL General A
Slide 15: Investments Snapshot | ADAIRE
INVESTMENTS SNAPSHOT | ADAIRE RECURRING YIELD PLATFORM WITH MARKET-DRIVEN FV VOLATILITY H1 2026 AED 15mn AED 22mn AED 1,891mn AED 1,110mn AED 336mn AED 445mn Highlights Total Revenue(1) Total Net Profit Total Portfolio Value Bonds Portfolio Equities (AED 279mn Real Estate (AED +10.0% YoY (3.1%) YoY
Slide 16: Operating Environment amid Regional Headwinds
OPERATING ENVIRONMENT | AMID REGIONAL HEADWINDS Elevated defense demand supports performance, while civil aviation softness remains contained. POSITIVE POSITIVE POSITIVE MIXED NEGATIVE GAL AMMROC MAXIMUS AIR ETIHAD ENG. • Defense operational tempo • Contracted programs moved • Hormuz effectively clo
Slide 17: Financial Performance
Financial Performance INVESTOR PRESENTATION 22 H1 2026
Slide 18: Revenue Growth Sustained Despite Civil Aviation Headwinds
REVENUE GROWTH SUSTAINED DESPITE CIVIL AVIATION HEADWINDS AED 3,636mn +AED 1,026mn AED 4,662mn WHAT MOVED THE NEEDLE H1 2025 Revenue Net Change H1 2026 Revenue GAL +AED 659mn Revenue increased AED 659mn on sustained demand under key fleet support contracts and continued high defense operational temp
Slide 19: Operating Growth Drives Higher Earnings
OPERATING GROWTH DRIVES HIGHER EARNINGS Core operating profit rose AED 81mn as the MRO ramp flowed through; reported net profit grew 6.6% despite lower fair value and associate contributions Key Drivers of Profitability Movement Net Profit Bridge (AED mn) | 1H25-1H26 Section Item Value Net profit ro
Slide 20: P&L Summary
P&L SUMMARY H1 2026 AED 4,662mn AED 675mn AED 488mn AED 421mn AED 0.29 Revenue(1) Gross Profit EBITDA Net Profit EPS | Flat YoY + 28.2% YoY + 11.1% YoY | 14.5% margin + 7.8% YoY | 10.5% margin + 6.6% YoY | 9.0% margin Income Statement Highlights (AED mn) KEY DRIVERS Revenue | Defense + cargo more th
Slide 21: Balance Sheet Highlights
BALANCE SHEET HIGHLIGHTS H1 2026 AED 2,046mn AED 5,833mn AED 1,167mn AED 1,146mn 1.1x Cash & Equiv. Trade & Other Receivables Investments (FV) Total Borrowings Debt / LTM EBITDA(2) (35. 8%)% YTD +39.2% YoY (19.3%) YoY (1) +2.1% YoY BALANCE SHEET ANALYSIS Balance Sheet Highlights | (AED mn) Cash Posi
Slide 22: Cash Flow Summary
CASH FLOW SUMMARY H1 2026 AED (918mn) AED 369mn AED(645mn) AED 1,813mn CFFO CFFI CFFF Closing Cash +1594% vs H1 2025 145%vs H1 2025 (20%) vs H1 2025 (26%) vs H1 2025 Cash Flow Statement Highlights (AED mn) Operating Cash Flow | Working capital-driven outflow Operating cash outflow of AED 918mn was p
Slide 23: Strategy & Outlook
Strategy & Outlook INVESTOR PRESENTATION 28 H1 2026
Slide 24: Strategy & Growth Priorities | Three Pillars, Clear Progress
STRATEGY & GROWTH PRIORITIES | THREE PILLARS, CLEAR PROGRESS ADA's Enhance-Integrate-Accelerate framework remains on track. H1 2026 advances across all three pillars 01 ENHANCE Strengthen core operations 02 INTEGRATE Unlock cross-segment value 03 ACCELERATE International expansion & innovation • MRO
Slide 25: Visible Growth Pipeline
Visible Growth Pipeline ADA’s medium-term growth runway is supported by core MRO expansion, regional market access, cargo demand, digital efficiency and advanced air mobility. Near / Medium-Term Operating Growth REGIONAL DEMAND OPTIONALITY CORE 1 MRO Capacity Expansion 2 International & Regional Exp
Slide 26: Capital Allocation & Dividends
CAPITAL ALLOCATION & DIVIDENDS Disciplined capital deployment with shareholder returns maintained through the cycle. FY 2025 Dividend Highlights Capital Allocation Priorities Preserve financial flexibility AED 329mn AED 0.30 Maintain liquidity and low leverage to support working-capital needs, fleet
Slide 27: ESG & Sustainability Snapshot
ESG & SUSTAINABILITY SNAPSHOT A safety-first aviation platform advancing people development, environmental stewardship and community impact. FY2025 ESG KPI dashboard ESG Invest rating 88% ZERO ZERO 90% Overall ESG score for identified leaks, thefts or fatalities over 1,000,000 Employee engagement 88
Slide 28: Share Performance & Market Information
SHARE PERFORMANCE & MARKET INFORMATION 12-month 12-month month-end sharemonth-end share price trend | Jul-25 price trend | Apr-25 to Mar-26 to Jun-26 AED 5.16 AED 5.75bn Share price at 30 Jun Market cap at 30 Jun Share Price (AED) | ADX 2026 2026 5.86 5.8 5.74 5.69 AED 0.30 ~5.7% 5.49 5.35 FY25 divi