Tecom Group Pjsc · DFM:TECOM
Tecom Group Pjsc — Q1 2026 Earnings Presentation
33 slides from Tecom Group Pjsc's earnings presentation, April 2026
Slide 1: Investor Presentation Q1 2026 financial results
Investor Presentation Q1 2026 financial results April 2026
Slide 2: Disclaimer
Disclaimer The information contained herein has been prepared by the recipient with access to any additional information, or cautioned not to place undue reliance on forward looking TECOM Group PJSC (“TECOM”) or (the “Company”). The to correct any inaccuracies in the presentation, that may statement
Slide 3: Representing TECOM Group management
Representing TECOM Group management ABDULLA BELHOUL DR CHRISTOPH BERENTZEN CEO CFO TECOM Group PJSC 3
Slide 4: Today's Presentation
Contents Today’s Presentation Operational and Business 1 Macroeconomic and real estate market highlights 5 financial performance segments highlights 2 Q1 2026 operational and financial performance highlights 9 performance 3 New investment update 19 4 Business segments performance 22 5 Sustainability
Slide 5: Macroeconomic and real estate market highlights
SECTION 1 Macroeconomic and real estate market highlights TECOM Group PJSC Investor Presentation Q1 2026 5
Slide 6: UAE & Dubai: Resilient Macroeconomic Fundamentals
Macroeconomic and real estate market highlights UAE & Dubai: Resilient Macroeconomic Fundamentals UAE Financial Strength UAE GDP Growth PMI Sovereign Ratings Validation +5.6% FY 2026F 52.9 (March 2026), Central Bank of the UAE (CBUAE) UAE business activity continues to expand reflecting sustained pr
Slide 7: Commercial Sector: Sustained Occupancy and Rental Strength
Macroeconomic and real estate market highlights Commercial Sector: Sustained Occupancy and Rental Strength Resilient Market Record Real Estate Rental Rate Growth Sustained economic AED 252 billion 14% increase growth supported by Q1 2026 transactions reached in average rental rates (YoY) resilient m
Slide 8: Industrial Sector: Supply Shortage fuels leasing growth
Macroeconomic and real estate market highlights Industrial Sector: Supply Shortage fuels leasing growth High Occupancy Rates Limited Supply Pipeline Rental Growth continues 12% YoY growth 95% occupancy rate for Sq. ft. 6.6 million of new supply is expected in 2026. Grade A industrial assets In Dubai
Slide 9: Q1 2026 Operational and financial performance highlights
SECTION 2 Q1 2026 Operational and financial performance highlights TECOM Group PJSC Investor Presentation Q1 2026 9
Slide 10: Financial highlights (Q1 2026)
Q1 2026: Operational and financial performance highlights Figures in AED 'Million' Financial highlights (Q1 2026) Operating performance Consolidated Occupancy Retention Rate Revenue EBITDA EBITDA margin (Excluding Land Leasing) 97.7% Commercial 94% AED 755 MN AED 610 MN 81% Industrial 99% 11% vs. Q1
Slide 11: Healthy cash flow generation and increase in free cash flow
Q1 2026: Operational and financial performance highlights Figures in AED 'Million' Healthy cash flow generation and increase in free cash flow AED Funds From Operations (FFO)1 Growth CAPEX3 1,960 2,029 2,005 1,643 1,447 1,525 1,162 480 549 54 273 636 2023 2024 2025 LTM Mar 2026 YTD 2025 YTD 2026 202
Slide 12: Growth strategy supported by healthy leverage standing
Q1 2026: Operational and financial performance highlights Figures in AED 'Million' Growth strategy supported by healthy leverage standing BALANCE SHEET AED MN Debt facilities DEBT 5,532 CASH 327 EQUITY 7,854 TOTAL ASSETS 17,576 KEY RATIOS VALUE 2.1 BN 27% LOAN TO VALUE (LTV)1 14.9% NET DEBT / LTM2 E
Slide 13: Balance sheet
Q1 2026: Operational and financial performance highlights Figures in AED 'Million' Balance sheet DESCRIPTION 31-Mar-26 31-Dec-25 YoY CHANGE % PROPERTY, EQUIPMENT AND INTANGIBLE ASSETS 102 102 -1% INVESTMENT PROPERTY 15,653 15,167 3% DERIVATIVE FINANCIAL INSTRUMENTS 68 62 9% TRADE, UNBILLED AND FINAN
Slide 14: Income statement
Q1 2026: Operational and financial performance highlights Figures in AED 'Million' Income statement DESCRIPTION 31-Mar-26 31-Mar-25 YoY CHANGE % REVENUE 755 680 11% DIRECT COSTS (238) (215) 11% GROSS PROFIT 517 465 11% OTHER OPERATING INCOME 14 16 -12% 530 480 10% GENERAL AND ADMINISTRATIVE (48) (45
Slide 15: Portfolio valuation
Q1 2026: Operational and financial performance highlights Portfolio valuation AED 34.5bn1 +AED 5.1bn +AED 15.1bn 18% +23.1 % YoY2 +18.3% YoY LFL3 +78% Growth since IPO 34.5 11% 1.4 COMMERCIAL LEASING Our portfolio 7.7% 28.0 19.2BN (+30.6% YoY) 9.7% 2.6 1,177 Warehouses LAND LEASING 33.1 25.4 9.5BN (
Slide 16: EPRA KPIs
Q1 2026: Operational and financial performance highlights Figures in AED 'Million' EPRA KPIs KPI Q1|2026 2025 Q1|2025 2024 2023 2022 2021 IFRS EARNINGS (AED Million) 403 2,086 361 1,228 1,078 726 569 EPRA EARNINGS (AED Million) 539 1,946 474 1,638 1,502 1,024 898 IFRS NET ASSETS (AED Million) 7,854
Slide 17: Analyst coverage report
Q1 2026: Operational and financial performance highlights Analyst coverage report According to analysts, TECOM price average target is AED 4.37 with a max estimate of AED 5.20 and a min estimate of AED 3.40 * Rating Buy Equal-weight Buy Over-weight Buy Buy Buy Buy Buy Buy Analyst HARSH NIDA CHARLES
Slide 18: Dividend policy update
Q1 2026: Operational and financial performance highlights Figures in AED 'Million' Dividend policy update FY 2025 FY 2026E FY 2023 FY 2024 • Total AED 2.8 billion dividend paid as of date. • Last dividend payment of AED 440 million was paid in March 2026 for H2 2025. H2 2022 • The Annual General Ass
Slide 19: Development and investment update
SECTION 3 Development and investment update TECOM Group PJSC Investor Presentation Q1 2026 19
Slide 20: New Investments
Development and investment update New Investments Development of Acquisition of Acquisition of Innovation Hub university 33 million sq.ft of AED industrial land Phase 4 263K sq.ft campus +300k sq.ft 2.5 BILLION Total investments in 2025 AED 1.6 BILLION Jabel Ali Port Land acquisition AED 615 MILLION
Slide 21: Industrial Land Leasing Case Study
Development and investment update Industrial Land Leasing Case Study Strong early momentum, Clear execution path EXECUTION TIMELINE AND LEASING PROGRESS Q3 2025 Q4 2025 Q1 2026 6 Months Next 12 Months Acquisition Early Traction, Strong Momentum, Significant Progress Execution continues, Phase 1 phas
Slide 22: Business segments performance
SECTION 4 Business segments performance TECOM Group PJSC Investor Presentation Q1 2026 22
Slide 23: Commercial leasing segment
Business segments performance Figures in AED 'Million' Commercial leasing segment Q1 Q1 % CHANGE DESCRIPTION 2026 2025 YoY Solid performance, revenue higher by AED 40M, up +11% YoY driven by: REVENUE 388 348 11% • New leases from recent acquisitions and developments, EBITDA 296 264 12% • Healthy ren
Slide 24: Industrial leasing segment
Business segments performance Figures in AED 'Million' Industrial leasing segment Q1 Q1 % CHANGE DESCRIPTION 2026 2025 YoY Growth momentum continues, AED 14M increase in revenue (+13% YoY) due to: REVENUE 116 102 13% • Improved occupancy EBITDA 93 77 20% • Warehouse expansion EBIDTA MARGIN 80% 76% 4
Slide 25: Land leasing segment
Business segments performance Figures in AED 'Million' Land leasing segment Q1 Q1 % CHANGE 2026 2025 YoY Revenue growth by AED 30M, up 21% YoY supported by: REVENUE 171 141 21% • Fully leased inventory acquired last year, EBITDA 159 129 23% • New leases at higher rates EBIDTA MARGIN 93% 92% 1 pp Gro
Slide 26: Services and others segment
Business segments performance Figures in AED 'Million' Services and others segment Q1 Q1 % CHANGE 2026 2025 YoY Services segment revenue declined by AED 8M c.10% YoY in Q1 2026. REVENUE 80 88 -10% The decrease was primarily driven by lower activity in visa issuance and renewals, indicating softer de
Slide 27: Sustainability and ESG
SECTION 5 Sustainability and ESG TECOM Group PJSC Investor Presentation Q1 2026 27
Slide 28: Environment and sustainability goals
Sustainability and ESG Environment and sustainability goals Strategic Objectives National/international Optimise core Develop differentiated Build new sources mandates business value proposition of growth UAE Centennial 2071 Our core pillars 2030 Dubai Integrated Energy Strategy Governance and Econo
Slide 29: ESG highlights and achievements of Q1 2026
Sustainability and ESG ESG highlights and achievements of Q1 2026 59 170 ESG Governance ESG Policy NEW Outlining ESG objectives and commitments across material LICENSES topics to guide sustainability efforts. LEED Certified Buildings ISSUED ESG Governance Structure 57% Integrating accountability at
Slide 30: Achievements and outlook
SECTION 6 Achievements and outlook TECOM Group PJSC Investor Presentation Q1 2026 30
Slide 31: Priorities for 2026 and beyond
Achievements and outlook Priorities for 2026 and beyond Optimise core business Develop differentiated Build new and performance value proposition sources of growth Identify customer priorities and retention initiatives Enhance and integrate customer journeys throughout Identify novel, differentiated
Slide 32: Focus Area 2026
Achievements and outlook Focus Area 2026 GROWTH INITIATIVES SUSTAINABILITY COMMITMENT Continue to proactively pursue fresh Aim to boost our operational investment opportunities, efficiency through investments in strategically expanding through clean energy, achieving LEED thoughtful acquisitions and
Slide 33: Thank you.
Thank you. For further enquiries, please contact: Ghaith Zghaibi Head of Investor Relations Tel:+971 (04) 568 2571 Email: ir@tecomgroup.ae TECOM Group PJSC