Enbd Reit (ceic) Plc · NASDAQDUBAI:ENBDREIT
Enbd Reit (ceic) — Q2 FY2026 Earnings Presentation
21 slides from Enbd Reit (ceic)'s earnings presentation, September 2025
Slide 1: Quarterly Update September 2025
Quarterly Update September 2025
Slide 2: Performance overview
2 Performance overview • NAV up to USD 242.6m to USD 0.97 per share + 2.5% increase Q-o-Q (up from USD 0.95 per share) + 20.3% increase Y-o-Y (up from USD 0.81 per share) • FFO to Sep-25 of USD 6.3m - 6.2% Q-o-Q (down from USD 3.2m) + 23.1% Y-o-Y (up from USD 5.1m) • Net Income to Sep-25 (including
Slide 3: Payments to shareholders (last 5 yrs)
3 Payments to shareholders (last 5 yrs) FY ending 31st March 2025 USD USD per share % of NAV % of share price Total paid to shareholder 10,000,000 0.0400 4.60% 7.30% FY ending 31st March 2024 USD USD per share % of NAV % of share price Total paid to shareholder 7,500,000 0.0300 3.85% 8.57% FY ending
Slide 4: ENBD REIT performance and dividends
4 ENBD REIT performance and dividends 20-21 21-22 22-23 23-24 24-25 20% $12 15% 16.9% $9.3 $9.5 $10.0 $10 12.7% 12.4% 12.3% 10% $9.0 8.5% 7.5% $7.5 5% 5.5% $8 5.2% 4.6% 4.5% 3.9% 0% -1.9% $6 $m -5% -7.4% -10% $4 -15% -17.0% $2 -20% -21.5% -25% $0 Dividend Yield / NAV % change in NAV Total Return % (
Slide 5: Portfolio
= Portfolio '
Slide 6: Snapshot: 30th September 2025
6 Snapshot: 30th September 2025 Properties Occupancy LTV* Arabian Oryx House 10 96% 43% Portfolio property value NAV: USD 243 m The Edge Al Thuraya 1 Binghatti Terraces USD 419 m NAV per share: USD 0.97 Offices: 71% WAULT: 3.21 years DHCC 49 DHCC 25 Burj Daman Office: 1.82 years Residential: 13% Res
Slide 7: Portfolio occupancy – Year on Year
7 Portfolio occupancy – Year on Year Al Thuraya Tower 1 89% 7% The Edge 99% 0% Burj Daman -2% 98% DHCC49 -1% 93% DHCC25 86% 5% Binghatti Terraces -2% 97% Arabian Oryx House -1% 98% Uninest 100% 0% Souq Extra 100% 0% South View School 100% 0% Offices 95% 2% Residential -2% 98% Alternative 100% 0% -20
Slide 8: Portfolio occupancy by building
8 Portfolio occupancy by building Offices Residential Alternatives 100% 100% 100% 90% 80% 80% 80% 70% 60% 60% 60% 50% 40% 40% 40% 30% 20% 20% 20% 10% 0% 0% 0% Sep-21 Sep-22 Sep-23 Sep-24 Sep-25 Sep-21 Sep-22 Sep-23 Sep-24 Sep-25 Sep-21 Sep-22 Sep-23 Sep-24 Sep-25 Al Thuraya Tower 1 Burj Daman DHCC 2
Slide 9: ENBD REIT – Portfolio valuation (Q-o-Q)
9 2% 419 Sep-25 Aug-25 Jul-25 4% 411 Jun-25 May-25 Apr-25 0% 395 Mar-25 Feb-25 Jan-25 4% 394 Dec-24 Nov-24 -2% Oct-24 379 Sep-24 Aug-24 Jul-24 1% 373 Jun-24 ENBD REIT – Portfolio valuation (Q-o-Q) May-24 0% Apr-24 370 Mar-24 Feb-24 Jan-24 2% Portfolio valuations (USD mn) 370 Dec-23 Nov-23 % Change Q
Slide 10: Asset valuations - % Y-o-Y change
10 Asset valuations - % Y-o-Y change Office Valuations Residential Valuations Alternative Valuations 100 34 24 90 23 30 80 22 70 26 60 21 USD m USD m USD m 22 50 20 40 18 19 30 14 18 20 10 10 17 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25
Slide 11: Asset snapshot: Office
11 Asset snapshot: Office The Edge DHCC 49 DHCC 25 Overall Al Thuraya 1 Burj Daman Overall Dubai Internet Healthcare Healthcare Office Media City DIFC Portfolio City City City Portfolio Market value (USD) 73 80 95 27 23 297 419 % of portfolio value 17% 19% 23% 6% 5% 71% 100% Net leasable area 92,208
Slide 12: Asset snapshot: Residential
12 Asset snapshot: Residential Binghatti Arabian Oryx Overall Overall Terraces House Residential Portfolio Silicon Oasis Barsha Heights Portfolio Market value (USD) 30 26 56 419 % of portfolio value 7% 6% 13% 100% Net leasable area (Sq. Ft.) 178,907 132,008 310,915 1,172,319 Occupancy rate 97% 98% 9
Slide 13: Asset snapshot: Alternative
13 Asset snapshot: Alternative South View Overall Uninest Souq Extra Retail Overall School Alternative Dubailand Centre Portfolio Remraam Portfolio Market value (USD) 22 23 21 66 419 % of portfolio value 5% 5% 5% 16% 100% Net leasable area (Sq. Ft.) 160,264 36,821 132,000 329,085 1,172,319 Occupancy
Slide 14: Financials
14 Financials
Slide 15: Financial summary: 30th September 2025
15 Financial summary: 30th September 2025 • Net income at USD 29.0m (up by 128% or USD 16.3m) Y-o-Y. Driven largely by a USD22.7m unrealised valuation gain across the portfolio. • Portfolio valuations at USD 419m improved by 1.9% this quarter ↑ USD 7.8m and by 8% Y-o-Y. • Finance cost at USD 6.1m is
Slide 16: FFO Composition (USD Millions)
16 FFO Composition (USD Millions) OPEX +0.4 +0.5 (+13.4%) (+13.8%) -0.3 +0.1 (-8.1%) +2.3 0.0 (+2.2%) 3.9 (+13.5%) (-0.2%) 3.5 3.6 +1.8 19.1 19.1 3.0 3.0 Gross Income +0.1 (+11.7%) (+0.7%) 16.8 14.9 15.0 Sep ’21 Sep ’22 Sep ’23 Sep ’24 Sep ’25 Finance Cost +3.1 (+76.8%) +0.1 -1.2 (+1.8%) (-16.9%) 7.
Slide 17: Capital structure: 30th September 2025
17 Capital structure: 30th September 2025 Finance terms: • Emirates NBD PJSC and Commercial Bank of Dubai: 3month SOFR + 1.75% • Facility start date: 7 December 2021 • Maturity date: 6 December 2026 • Current SOFR (30th September 2025): 4.4% • Hedge: 3 April 2023 till maturity - USD 50mn Hedged at 3
Slide 18: Financials: Statement of Financial Position
18 Financials Statement of Financial Position (USD m) 30th September 2025 30th September 2024 31st March 2025 Investment Properties 418.9 379.3 395.5 IFRS Adjustment and Right of Use Assets 8.1 8.7 8.3 Cash and Cash Equivalent 24.3 23.2 24.4 Trade and Other Receivables 7.4 7.4 7.6 Total Assets 458.7
Slide 19: Financials: Statement of Comprehensive Income
19 Financials Statement of Comprehensive Income (USD m) 6 Months 6 Months Full Financial Year 30th September 2025 30th September 2024 31st March 2025 Rental Income 18.7 18.8 36.9 Profit on Deposits 0.3 0.3 0.5 Total Income 19.1 19.1 37.5 Operating Expenses (3.6) (3.9) (7.0) Operating Income 15.5 15.
Slide 20: Disclaimer
20 Disclaimer The information, estimates and opinions (“Information”) expressed herein are made in good faith and are based on sources believed to be reliable, but no representation or warranty, express or implied, is made as to the accuracy, completeness or correctness of the Information. The Infor
Slide 21: Thank You
Thank You www.enbdreit.com