Abu Dhabi Aviation Co. · ADX:ADAVIATION
Abu Dhabi Aviation — H1 2026 Earnings Presentation
26 slides from Abu Dhabi Aviation's earnings presentation, August 2026
Slide 1: Earnings Presentation H1 2026
EARNINGS PRESENTATION H1 2026 E A RNI NGS PR E S E NT A T IO N | H 1 2 02 6 1
Slide 2: Agenda
Agenda IR: ir@ada.ae | ada.ae Group Chief Executive Officer Group Chief Financial Officer Mahmood Al Hameli Ashraf Fahmy H1 2026 Key Highlights Segmental Performance Financial Performance FORWARD-LOOKING STATEMENTS Market & Strategy This presentation contains forward-looking statements. Actual resul
Slide 3: H1 2026 Highlights and Context
H1 2026 Highlights and Context E ARNI NG S PRE S E NT AT I O N H1 2026 3
Slide 4: 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 5: 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 6: Business Overview
BUSINESS OVERVIEW 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 s
Slide 7: Investment Case | A Scaled, Diversified Aviation Platform
INVESTMENT CASE | A Scaled, Diversified Aviation Platform 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. Scaled MRO Platform Strong Balance Sheet & Investment Portfolio Largest
Slide 8: Segmental Performance
Segmental Performance E ARNI NG S PRE S E NT AT I O N H1 2026 8
Slide 9: MRO: GAL, AMMROC, Etihad Engineering
MRO: GAL, AMMROC, ETIHAD ENGINEERING H1 2026 AED 4,176mn AED 354mn AED 3,147mn AED 598mn AED 431mn 16 Total Revenue(1) Total Net Profit Revenue | GAL Revenue | EYE Revenue | AMMROC Hangars + 30.6% YoY NPM: 8.5% + 26.5% YoY (6.1%) YoY +487.5% YoY(2) +1 under construction Contribution to 1H26 Group Re
Slide 10: General Aviation: AD Aero, Maximus Air, ADATC
GENERAL AVIATION : AD AERO , MAXIMUS AIR, ADATC H1 2026 AED 510mn AED 44mn AED 288mn AED 198mn AED 24mn ≈6k Total Revenue(1) Total Net Profit Revenue | AD Aero Revenue | Maximus Revenue | ADATC Flight Hours + 7.6% YoY NPM: 8.7% (22.7%) YoY + 172% YoY (15.9%) YoY GENERAL AVIATION | Cargo growth outwe
Slide 11: Investments (ADAIRE)
INVESTMENTS (ADAIRE) H1 2026 AED 15mn AED 22mn AED 1,891mn AED 1,110mn AED 336mn AED 445mn Total Revenue(1) Total Net Profit Total Portfolio Value Bonds Portfolio Equities (AED 279mn Real Estate (AED +10.0% YoY (3.1%) YoY held for sale) 395mn held for sale) Contribution to 1H26 Group Revenue Investm
Slide 12: Financial Performance
Financial Performance E ARNI NG S PRE S E NT AT I O N H1 2026 12
Slide 13: 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 14: 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 15: 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 16: 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 17: Liquidity & Working Capital
LIQUIDITY & WORKING CAPITAL H1 2026 | AED Millions Liquidity & Net Liquidity | 1H26 (AED mn) WORKING CAPITAL METRICS 5,833 (6,066) 223 123 153 DSO (days) DPO (days) CCC (days) ▼ 11 days YoY ▼79 days YoY ▼ 54 days YoY 674 3,050 Liquidity remains adequate, with H1 cash 316 (687) 1,167 performance impa
Slide 18: 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 19: Market & Strategy
Market & Strategy E ARNI NG S PRE S E NT AT I O N H1 2026 19
Slide 20: Market Environment
MARKET ENVIRONMENT Regional disruptions are reshaping near-term demand dynamics Near-term demand reflects a mix of structural tailwinds and temporary disruptions across segments. DEFENSE AVIATION DEMAND CIVIL AVIATION DISRUPTION • Elevated operational tempo supporting maintenance and fleet readiness
Slide 21: 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 22: Thank you
Thank you IR: ir@ada.ae | ada.ae
Slide 23: Appendix
Appendix E ARNI NG S PRE S E NT AT I O N H1 2026 23
Slide 24: Appendix | Income Statement
APPENDIX | INCOME STATEMENT Income Statement (AED ‘000s) H1 2025 H1 2026 YoY Δ REVENUE MRO Segment Revenue 3,199,347 4,176,937 30.6% General Aviation Segment Revenue 473,773 509,968 7.6% Investments Segment Revenue 13,653 15,025 10.0% Intersegment Eliminations (50,920) (40,197) (21.1%) TOTAL REVENUE
Slide 25: Appendix | Balance Sheet
APPENDIX | BALANCE SHEET Balance Sheet (AED ’000) | Assets 31 Dec 2025 H1 2026 YoY Δ Balance Sheet (AED ’000) | Liabilities & Equity 31 Dec 2025 H1 2026 YoY Δ NON-CURRENT ASSETS EQUITY & LIABILITIES Aircraft, Property & Equipment 2,013,178 1,996,249 (0.8%) TOTAL EQUITY 9,039,793 8,880,162 (1.8%) Int
Slide 26: Appendix | Shareholder Data & Capital Allocation
APPENDIX | SHAREHOLDER DATA & CAPITAL ALLOCATION Share Price (AED) | ADX Free float 5.86 5.8 28% 5.69 5.74 5.62 5.47 5.49 5.39 5.35 5.28 5.3 5.24 5.16 5.16 59% 5.05 13% Apr-25 Jun-25 Aug-25 Oct-25 Dec-25 Feb-26 Apr-26 Jun-26 Dividend Metric FY2025 H1 2026 Update Total Dividend Proposed AED 329mn AED