Dubai Investment (p.j.s.c) · DFM:DIC
Dubai Investment (p.j.s.c) — Dubai Investments Park (DIP) — H1 2026 Earnings Presentation
36 slides from Dubai Investment (p.j.s.c)'s earnings presentation, September 2026
Slide 1: Corporate Update - H1 2026
Corporate Update - H1 2026 September 2026 | Strictly Private and Confidential
Slide 2: Disclaimer
Disclaimer This document has been prepared for information purposes only by DIP Holding Limited (the "Company") and Dubai Investments PJSC (the "Shareholder") and should not be relied upon, or form the basis of any action or decision, by any person. Nothing in this document is, nor shall be relied o
Slide 3: Introduction to DIP
SECTION 1 Introduction to DIP
Slide 4: Dubai Investments Park (DIP) today
Dubai Investments Park (DIP) today A B C Differentiated infrastructure- Blue chip sponsor & Fully integrated ecosystem like business model experienced management c.1,000+ c.99% 23m sqm c.98% tenants of leases are for 27 “City-within- average occupancy c.5,700 30+ years1 rate over the last 5 average
Slide 5: Infrastructure-like ground rent and services platform
Infrastructure-like ground rent and services platform What DIP undertakes What DIP does not undertake DIP operates at ground level… …while real estate businesses operate above the ground Infrastructure enablement across strategic sites and development of communal and social infrastructure Land acqui
Slide 6: A leading UAE infrastructure-like ground rent and services platform
A leading UAE infrastructure-like ground rent and services platform UAE +4.5% 1 Attractive macro environment and proactive government initiatives backdrop Non-oil Real GDP Growth in FY27E 8% 14% Logistics 2 Ecosystem Operating Diverse multi-sector ecosystem in a strategic location lease 49% GLA Indu
Slide 7: Resilient business model with long-term contracted revenue streams
Resilient business model with long-term contracted revenue streams supports strong performance across economic cycles Land occupancy (H1'26) Recurring infrastructure- Tenant 17.1m sqm like GLA6 C revenue streams 99.9% Ancillary income Transfer of lease income4 Service charges5 3 Lease type (H1'26) S
Slide 8: Robust financial performance underpinned by a resilient business model
Robust financial performance underpinned by a resilient business model Increasing LfL revenue growth in H1’26 vs. H1’25 driving EBITDA margin expansion Commentary Revenue & LfL growth1 Adjusted EBITDA3 & adj. EBITDA margin AEDm AEDm 71% 72% ◆ Like-for-like revenue growth of 483 492 460 6.9% driven b
Slide 9: Capex-light model supporting strong cash generation and dividends
Capex-light model supporting strong cash generation and dividends Strong cash conversion, supported by a structurally low capex profile, underpins dividend sustainability Commentary Capex1, capex as % of revenue and cash conversion2 Net debt, net debt/adjusted EBITDA4 AEDm 98% AEDm ◆ Stable operatin
Slide 10: Defined growth trajectory rooted in visible medium-term growth
Defined growth trajectory rooted in visible medium-term growth Organic growth - Active asset management 31% H1’26 sub-leasing income growth vs H1’25 c.AED 2.7m Renewed rental rates Annual ground FY23-H1’26 CAGR rent uplift due to tenants Industrial & logistics repositioning from ground rent rate ind
Slide 11: DIP's ground rent levels remain well below market levels
DIP's ground rent levels remain well below market levels, creating a clear repricing upside 0.8m sqm successfully repriced in H1'26, generating c.28% uplift in Historically repricing has translated into increasing rental rates ground rental income, with 10.7m sqm remaining before FY30 Leases coming
Slide 12: Tenants continue to reposition up the value chain
Tenants continue to reposition up the value chain, creating additional growth Repositioning to logistics provides DIP with uplift in ground rents, as well as additional opportunities for sub-leasing Repositioning overview (H1'26) Selected repositioning case studies (H1'26) Tenant 1 Tenant 2 Group of
Slide 13: UAE economic momentum sustained while DIP increased rental rates
UAE economic momentum sustained throughout disruption while DIP has increased rental rates in H1’26 Fiscal strength, abundant liquidity and decisive government action have preserved growth and business confidence Amidst this backdrop, DIP sustained near-full occupancy, Underlying activity which is c
Slide 14: Operating and Financial Performance Update
SECTION 2 Operating and Financial Performance Update
Slide 15: Resilient operations support sustained value creation
Resilient operations support sustained value creation Solid first-half performance with positive leasing & sub-leases momentum, despite prevailing geopolitical conditions The company is on track to achieve upgraded FY26 guidance ◆ Like-for-like revenue1 growth of 6.9% (H1’26 vs H1’25) driven by high
Slide 16: Resilient performance amid geo-political uncertainty
Resilient performance amid geo-political uncertainty, supported by near-full occupancy and strong sub-leasing growth 61%1 19%1 20%1 Ground rental income Sub-leasing income Ancillary income AEDm AEDm AEDm 216 604 593 173 56 572 150 159 98 68 H1’26 vs 11 H1’26 vs 28 H1’26 vs 92 H1’252 H1’25 20 H1’25 1
Slide 17: Logistics: prime positioning drives resilient growth
1 Logistics: DIP’s prime positioning continues to drive resilient growth across ground rent and sub-leasing 45% of revenue1 Commentary Revenue evolution Revenue increased by 10%4 in H1’26 vs AEDm H1’25 on an LfL basis, driven by 7%4 growth in highly recurring ground rental income, as clients repos
Slide 18: Industrial: Steady performance driven by rising rates
2 Industrial: Steady performance driven by rising ground rent and sub-leasing rates 16% of revenue1 Commentary Revenue evolution Tenants repositioning from industrial to the higher value logistics segment has led to a While ground rental income has decline in revenue increased due to higher rates
Slide 19: Residential: Significant growth driven by sub-leasing activity
3 Residential: Significant growth driven by strong sub-leasing activity as developments are completed 30% of revenue1 Commentary Revenue evolution Revenues increased by 15% in H1’26 vs AEDm H1’25 across all revenue streams due to sustained ground rent growth and H1’26 vs significant sub-leasing gr
Slide 20: Commercial: Stable LfL performance
4 Commercial: Stable LfL performance supported by steady increase in ground rent and sub-leasing rates 9% of revenue1 Commentary Revenue evolution Steady ground rental and sub-leasing AEDm growth on a LfL basis (NMC Hospital was sold in October FY25) was offset by a normalization of income from le
Slide 21: Commercial and Residential sub-leasing growth
Rising rent levels, increasing demand, and expansion of the city into the South of Dubai continue to drive sub-leasing growth Continued improvements in sub-leasing rates are encouraging tenants to sub-lease DIP renewed rental rates (in AED/ sqm) Sub-leasing occupancy (%) Built-up area available for
Slide 22: Guidance
wna gana y jleoeii wil Dubai Investments Park SECTION 3 Guidance
Slide 23: Financial guidance – Revenue components
Financial guidance – Revenue components Revenue components FY25 Full-year guidance broadly unchanged, unless specified otherwise H1’26 Commentary (AEDm) ◆ Growth determined by i) share of GLA repriced, and ii) its rental escalation c.0.8m sqm. of GLA ➢ About 10.7m sqm of GLA to be repriced between H
Slide 24: Financial guidance – Gross profit components
Financial guidance – Gross profit components Revenue to GP FY25 Full-year guidance broadly unchanged, unless specified otherwise H1’26 Commentary (AEDm) ◆ Total revenue targeted to grow at mid single digit over the near term, Revenue 960 492 - accelerating to high-single digit in the medium term Sha
Slide 25: Financial guidance – Adj. EBITDA components
Financial guidance – Adj. EBITDA components GP to adj. EBITDA FY25 Full-year guidance broadly unchanged, unless specified otherwise H1’26 Commentary (AEDm) Gross profit 684 356 - Administrative expenses (35) ◆ Targeted to be around mid-single digit share of total revenue (22) ✓ ✓ Increase in FY25 du
Slide 26: Financial guidance – EBT components
Financial guidance – EBT components EBIT to EBT FY25 Full-year guidance broadly unchanged, unless specified otherwise H1’26 Commentary (AEDm) Operating profit before gains on FV and sale of 647 341 - investment properties Interest expense on bank ◆ Driven by the current bank borrowings, interest rat
Slide 27: Financial guidance – Other cash flow components
Financial guidance – Other cash flow components Guidance for cash flows from investing (CFI) is broadly unchanged, with minor changes in finance lease payment plan ◆ Proceeds from sale of investment properties are expected to amount to c.AED 451m in FY26E and c.AED 175m in FY27E (vs AED 458m and c.A
Slide 28: Closing Remarks and Q&A
Section 4 Closing Remarks and Q&A
Slide 29: DIP's resilient business model positions it for steady growth
DIP’s resilient business model positions it to maintain steady growth throughout economic cycles Business model Ecosystem Cash flows ✓ Steady and predictable cash flows ✓ Long-term stability from resilient based on a highly profitable model contracts, close-to-full occupancy, with >70% Adj. EBITDA m
Slide 30: Appendix
wna gana > ae Dubai Investments Park Appendix
Slide 31: Continued steady rental rate growth across all segments
Continued steady rental rate growth and strong performance across all segments Operational KPIs from ground rental income by segment (H1'26) 1.7 0.9 12.5 3.6 Operating lease area 6.2 (m sqm) Logistics Industrial Residential Commercial Total % vs. FY25 +4% +3% +2% +4% +4% 84 66 Rental rates 45 48 32
Slide 32: Continuous steady cash generation supporting the operations
Continuous steady cash generation supporting the operations Cash bridge FY25 to H1’26 (AEDm) 226 (10) 475 (187) 130 109 (525) 1 2 3 Cash & Cash Cash Flow from Proceeds from sale of Other Investing Financing Dividends Cash & Cash Equivalents Dec-2025 Operations Investment Properties Cash Flows Cash F
Slide 33: Financial guidance – Net working capital (NWC) components
Financial guidance – Net working capital (NWC) components Full-year guidance for NWC remains broadly unchanged ◆ Trade and other receivables include i) gross trade receivables, ii) related provisions, iii) receivables related to settlements from prior tenants, and iv) the current portion of receivab
Slide 34: Historical balance sheet
Historical balance sheet Balance Sheet (AEDm) Dec-23 Dec-24 Dec-25 Jun-26 Non-current Assets Plant, Property and Equipment 240 213 214 208 Investment Properties 6,745 7,347 6,581 6,779 Financial Assets at fair value through profit or loss 39 18 17 21 Long Term Rent Receivable 47 55 27 26 Trade and O
Slide 35: Historical income statement
Historical income statement Income Statement (AEDm) FY23A FY24A FY25A H1’25 H1’26 Revenue 838 892 960 483 492 Cost of Providing Services (186) (259) (276) (140) (136) Gross Profit 652 633 684 343 356 Administrative Expenses (38) (39) (35) (18) (22) Net Impairment Losses on Trade & Rent Receivables (
Slide 36: Historical statement of cash flows
Historical statement of cash flows Statement of Cash Flows (AEDm) FY23A FY24A FY25A H1’26 Profit before Tax 664 1,050 1,199 488 Adjustments for: Depreciation Expense 27 27 31 14 Finance Costs 152 153 142 64 Finance Income (0) (6) (17) (16) Net Impairment Losses on Trade Receivables 47 2 16 5 Gain on
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