Enbd Reit (ceic) Plc · NASDAQDUBAI:ENBDREIT
Enbd Reit (ceic) — Q3 FY2026 Earnings Presentation
21 slides from Enbd Reit (ceic)'s earnings presentation, December 2025
Slide 1: Quarterly Update
Quarterly Update December 2025
Slide 2: Performance overview
2 Performance overview • NAV up to USD 257.4m to USD 1.03 per share + 6.1% increase Q-o-Q (up from USD 0.97 per share) + 19.4% increase Y-o-Y (up from USD 0.86 per share) • FFO to Dec-25 of USD 9.4m + 4.1% Q-o-Q (up from USD 3.0m) + 12.6% Y-o-Y (up from USD 8.4m) • Net Income to Dec-25 (including mo
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: 31st December 2025
6 Snapshot: 31st December 2025 Properties Occupancy LTV* Arabian Oryx House 10 95% 42% Portfolio property value NAV: USD 257 m The Edge Al Thuraya 1 Binghatti Terraces USD 436 m NAV per share: USD 1.03 Offices: 72% WAULT: 3.00 years DHCC 49 DHCC 25 Burj Daman Office: 1.65 years Residential: 13% Resi
Slide 7: Portfolio occupancy – Year on Year
7 Portfolio occupancy – Year on Year Al Thuraya Tower 1 88% 3% The Edge 99% 0% Burj Daman -2% 98% DHCC49 93% 10% DHCC25 -10% 70% Binghatti Terraces -1% 98% Arabian Oryx House -2% 98% Uninest 100% 0% Souq Extra 0% 100% South View School 100% 0% Offices 93% 1% Residential -1% 98% Alternative 0% 100% -
Slide 8: Portfolio occupancy by building
8 Portfolio occupancy by building Offices Residential Alternatives 100% 100% 100% 99% 80% 80% 98% 60% 60% 97% 96% 40% 40% 95% 20% 20% 94% 0% 93% 0% Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Al Thuraya Tower 1 Burj Daman DHCC 25 DHCC 49 T
Slide 9: ENBD REIT – Portfolio valuation (Q-o-Q)
9 ENBD REIT – Portfolio valuation (Q-o-Q) Portfolio valuations (USD mn) 500 450 436 411 419 394 395 400 370 370 373 379 356 361 364 342 342 343 348 350 337 332 350 300 250 200 150 100 50 0 % Change Q-o-Q 5% 4% 4% 4% 4% 3% 3% 2% 1% 2% 2% 2% 0% 2% 1% 1% 0% 0% 1% 1% 0% 0% 0% -1% -1% -2% -2% -3% Jun-21
Slide 10: Asset valuations - % Y-o-Y change
10 Asset valuations - % Y-o-Y change Office Valuations Residential Valuations Alternative Valuations 110 34 24 100 23 30 90 80 22 26 70 21 USD m USD m USD m 60 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
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) 77 82 103 27 23 312 436 % of portfolio value 18% 19% 24% 6% 5% 72% 100% Net leasable area 92,20
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) 31 27 58 436 % of portfolio value 7% 6% 13% 100% Net leasable area (Sq. Ft.) 178,907 132,008 310,915 1,172,319 Occupancy rate 98% 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 66 436 % of portfolio value 5% 5% 5% 15% 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: 31st December 2025
15 Financial summary: 31st December 2025 • Net income at USD 48.9m (up by 64% or USD 29.9m) Y-o-Y. Driven largely by a USD39.4m unrealised valuation gain across the portfolio. • Portfolio valuations at USD 436m improved by 4.0% this quarter ↑ USD 16.7m and by 11% Y-o-Y. • Finance cost at USD 9.1m is
Slide 16: FFO Composition (USD Millions)
16 FFO Composition (USD Millions) OPEX +0.8 (+16.8%) +0.3 -0.2 (+5.1%) (-3.1%) +2.8 +0.1 0.0 (+10.7%) (+0.5%) (+0.9%) +2.5 5.4 5.6 5.5 (+10.6%) 28.4 28.6 Gross Income +3.3 4.6 4.6 (+16.4%) 25.7 23.2 19.9 Dec ’21 Dec ’22 Dec ’23 Dec ’24 Dec ’25 +3.7 Finance Cost (+51.9%) -0.6 (-5.3%) -1.2 (-11.5%) +0
Slide 17: Capital structure: 31st December 2025
17 Capital structure: 31st December 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 December 2025): 4.1% 42% • Hedge: 3 April 2023 till maturity - USD 50mn Hedged at
Slide 18: Financials: Statement of Financial Position
18 Financials Statement of Financial Position (USD m) 31st December 2025 31st December 2024 31st March 2025 Investment Properties 435.5 394.0 395.5 IFRS Adjustment and Right of Use Assets 8.2 8.3 8.3 Cash and Cash Equivalent 23.1 20.4 24.4 Trade and Other Receivables 7.8 8.5 7.6 Total Assets 474.7 4
Slide 19: Financials: Statement of Comprehensive Income
19 Financials Statement of Comprehensive Income (USD m) 9 Months 9 Months Full Financial Year 31st December 2025 31st December 2024 31st March 2025 Rental Income 28.0 28.0 36.9 Profit on Deposits 0.5 0.4 0.6 Total Income 28.5 28.4 37.5 Operating Expenses (5.4) (5.6) (7.0) Operating Income 23.1 22.8
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