Emaar Properties (P.J.S.C) · DFM:EMAAR
Emaar Properties (P.J.S.C) — Emaar Properties — 9M 2025 Earnings Presentation
69 slides from Emaar Properties (P.J.S.C)'s earnings presentation, November 2025
Slide 1: Prepared for the Future: Investor Presentation 9M 2025
Prepared for the Future Built on Strength, Prudence & Resilience Investor Presentation 9M 2025 0 |
Slide 2: Disclaimer
Disclaimer Emaar Properties PJSC, for themselves and for Emaar Group, give notice that: The particulars of this presentation do not constitute any part of an offer or a contract. Given that the presentation contains information based on forecasts and roll outs, all statements contained in this prese
Slide 3: Discussion Summary
Discussion Summary 01. 02. 03. Investing in 9M 2025 Results Expanding Footprint in Emaar UAE & International Update Markets 04. 05. 06. Business Strategy Sustainability Annexures & Outlook 2
Slide 4: Investing In Emaar
Investing In Emaar 3 |
Slide 5: Emaar Purpose & Business Model
Emaar Purpose & Business Model An Enduring Enterprise driven by: Our Business Model: We operate a business model that puts risk • Vision: To be the world’s most trusted mitigation at the center of our core strategies. and valuable company, enriching lives, We create value by providing high quality a
Slide 6: 25+ years of History & Experience
25+ years of History & Experience Key Events & Milestones 2024 Acquisition of Albro* by Emaar Misr 5 | *Albro North Coast for Development
Slide 7: A Globally Admired Real Estate Company
A Globally Admired Real Estate Company CREATOR OF WORLD- GLOBAL RANKINGS IN PROVEN EXECUTION STRONG REVENUE VISIBILITY RENOWNED ARCHITECTURES LISTED REAL ESTATE SPACE + 184,3002 GLOBALLY AED 150.32 BN GLOBALLY BURJ KHALIFA 1st IN MARKET CAP 1 over 70% of which in UAE c. AED 1302 BN in UAE Tallest bu
Slide 8: Diversified Real Estate Player In UAE & International Markets
Diversified Real Estate Player In UAE & International Markets Resilient Business Model With Strong Growth Potential Total Revenues (FY) in AED Mn 11% 35,505 ✓ Delivering strong results with a solid 27,897 26,750 CAGR, demonstrating resilience and 25,536 24,925 23,699 adaptability even in challenging
Slide 9: Strong Balance Sheet
Strong Balance Sheet Investment Grade Rating, Low Leverage and Access to Significant Liquidity AED Million 9M 2025 Comfortable Debt Maturity Profile – September 2025 Debt 9,998 AED Million Cash 61,729 3,677 Net Cash 51,731 3,195 Equity 99,385 2,174 Total Assets 174,656 Undrawn Facility1 ~3,670 883 K
Slide 10: Emaar In The Value Zone
Emaar In “The Value Zone” Emaar Properties is Trading at Significant Discount to its NAV despite Superior Financial Metrics -59% -39% -66% -46% +48% 213 2 AED Bn 1 130 1 97 88 3 +58% 52 33 2014 9M 2025 NAV Book Value Market Cap 9 | 1) Market valuation based on closing share price as at 29 October 20
Slide 11: 9M 2025 Results Update
9M 2025 Results Update 10 |
Slide 12: Record 9M 2025: Driven by Growing Backlog and Recurring Operations
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Record 9M 2025: Driven by Growing Backlog and Recurring Operations Strong Property Sales1 Robust Revenues Healthy EBITDA c. AED 61 Bn AED 33.1 Bn AED 16.6 Bn 22% vs 9M 2024 39% vs 9M 2024 32% vs 9M 2024 Net
Slide 13: 9M 2025: Key Financial Highlights
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development 9M 2025: Key Financial Highlights AED Million Q3 2025 Q3 2024 % Change 9M 2025 9M 2024 % Change Revenue Group Property Sales (1) 13,745 18,453 (26%) 60,999 49,903 22% 39% Growth Revenue 13,273 9,385 41% 33,1
Slide 14: Segment Analysis
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Segment Analysis Segment Wise Revenues (AED Mn) Revenue Share % GP Share % EBITDA Share % +39% 33,107 5% 6% 9% 1,811 5% 4% 4% 1,613 13% 4,251 21% 23,792 1,413 AED AED 22% AED + 16% 4% 1,563 33,107 Mn 18,106
Slide 15: Balance Sheet & Cash Flow Overview
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Balance Sheet & Cash Flow Overview Balance Sheet Overview Cash Flow Overview In AED Mn Total: AED 174,656 Mn 12% Trade & Other Payables (4,096) (12,115) 24,004 46,540 Bank Balances & Cash 35% 115 24% Advance
Slide 16: Historical Trend
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Historical Trend Revenue (AED Bn) Gross Profit (AED Bn) CAGR 11.7% CAGR 12.5% 20.4 35.5 16.9 27.9 26.8 25.5 23.7 24.9 12.8 12.6 11.5 11.6 18.4 17.7 9.2 13.1 15.1 7.0 8.0 6.5 2015 2016 2017 2018 2019 2020 202
Slide 17: UAE Development – Key Highlights
Consolidated UAE Development International Emaar Malls Emaar Hospitality Results Development UAE Development – Key Highlights1 AED Million 9M 2025 9M 2024 % Change 9M 2025 Revenue Breakup 2 Property Sales 52,897 48,024 10% Revenue 24,018 15,372 56% Gross Profit 11,659 7,872 48% 37% Margin (%) 49% 51
Slide 18: UAE Development - Driving Growth, Delivering Value
Consolidated UAE Development International Emaar Malls Emaar Hospitality Results Development UAE Development - Driving Growth, Delivering Value Emaar’s Unique Proposition of Integrated Masterplans and Superior Quality helped to Deliver Consistent Performance in UAE Property Sales1 (AED Bn) Revenue B
Slide 19: Emaar Development – Historical Trend
Consolidated UAE Development International Emaar Malls Emaar Hospitality Results Development Emaar Development – Historical Trend3 In AED Bn Revenues Gross Profit CAGR 15.5% CAGR 18% 19.1 10.7 15.4 15.6 8.4 12.7 11.9 6.7 11.5 9.8 5.7 8.9 5.1 5.2 6.9 3.8 3.5 5.3 2.4 2.9 2015 2016 2017 2018 2019 2020
Slide 20: UAE Development – Current Project Status
Consolidated UAE Development International Emaar Malls Emaar Hospitality Results Development UAE Development – Current Project Status Equity 100% Owned Developments Consolidated JV 3 Accounted JV 3 Address Grand Other Dubai Rashid Yachts Emaar Zabeel Expo Downtown Arabian Dubai Emirates Emaar Dubai
Slide 21: International Development – Key Highlights
Consolidated UAE Development International Emaar Malls Emaar Hospitality Results Development International Development – Key Highlights International Sales – Units Released Revenue Backlog1 Booked Sales AED 20.3 Bn AED 8.1 Bn 93% 7% 22,357 To be recognized over in 9M 2025 next 3-4 years 99% 1,309 Co
Slide 22: International Development – Key Highlights (Emaar Misr)
Consolidated UAE Development International Emaar Malls Emaar Hospitality Results Development International Development – Key Highlights Emaar Misr – Development1 Key Highlights • Achieved Net Sales of AED 6.5 Bn in 9M 2025, ~400% AED Million EGP Million higher than 9M 2024 • The property sales reven
Slide 23: Emaar Malls (incl. JV assets) – Key Highlights
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Emaar Malls (incld. JV assets)– Key Highlights AED Million1 9M 2025 9M 2024 % Change 9M 2025 Category Mix - % GLA2 Revenue 4,251 3,807 12% Apparel & Accessories Gross Profit 3,798 3,387 12% 17.1% 21.0% Food
Slide 24: Emaar Malls – Historical Trend
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Emaar Malls (incld. JV assets and excl. Namshi) – Historical Trend In AED Mn Rental Income EBITDA 5,151 5,097 4,727 4,285 3,599 3,645 3,849 3,323 3,359 3,115 2,992 3,227 2,934 2,952 2,250 2,447 2,676 2,674 2
Slide 25: Steady Rental Income Growth, High Operating Profitability
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Steady Rental Income Growth, High Operating Profitability Steady Rental Income1 Robust Revenue Model 5,151 5,097 Revenue Model: 10% 11% 12% • Rent equals higher of fixed base rent or rent based on 12% 3,849
Slide 26: Active Tenant & Space Management with Healthy Lease Renewals
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Active Tenant & Space Management with Healthy Lease Renewals… Active Tenant Management Portfolio Lease Expiry Schedule1 % GLA of main unit expiring leases* • Meet changing retail trends and evolving consumer
Slide 27: Established Portfolio with Diverse Retailing Formats
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Established Portfolio with Diverse Retailing Formats… Total GLA3 Retail Assets Division Location & Catchment Key Highlights ('000 sq. ft.) • Downtown Dubai – • World renowned shopping & entertainment destina
Slide 28: Delivering Robust Growth
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Delivering Robust Growth Emaar Malls Management Delivered Consistent Growth over 2012 to 2024 Robust Growth in Footfalls1… ✓ Preferred gateway to Dubai’s consumers for 7.4 7.6 300 6.1 6.2 aspiring retailers
Slide 29: Complemented by Immersive Entertainment Avenues
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development …Complemented by Immersive Entertainment Avenues Major Tourist Attractions driving Footfalls Entertainment & Commercial Leasing: at our Malls Robust Growth & Superior Margins In AED Mn ✓ At The Top, world’s
Slide 30: New Expansion – Strong Growth Potential
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development New Expansion – Strong Growth Potential Dubai Mall Expansion1 – Super Regional Shopping Mall Superior Positioning & Offerings Strong Catchment • AED 1.5 Bn worth of investment • World’s renowned shopping & e
Slide 31: Upcoming Expansion – Strong Growth Potential
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Upcoming Expansion – Strong Growth Potential Dubai Expo Mall 1 – Regional Shopping Mall Superior Positioning & Offerings Strong Catchment • Located close to Expo 2020 site • Over 190 retail & F&B outlets • C
Slide 32: Emaar Hospitality – Key Highlights
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Emaar Hospitality – Key Highlights2 9M 2025 9M 2024 % Change 9M 2025 Revenue Breakup Hotel Keys 9,946 9,157 9% Occupancy Rate (%)1 80% 77% 3% Occupancy Rate - excld. Rove (%) 72% 68% 4% 37% 39% 86% 83% 3% Oc
Slide 33: Hospitality Assets Deliver Steady Performance
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Hospitality Assets Deliver Steady Performance… Strong Rebound in Performance Post Covid-19 Emaar Hotels: Hospitality Business: Resilient & Profitable In AED Mn ✓ Maintained healthy EBITDA margin with operati
Slide 34: Expanding Footprint in UAE & International Markets
Expanding Footprint in UAE & International Markets 33 |
Slide 35: Developer of Iconic Master Plans Transforming Dubai
Developer of Iconic Master Plans Transforming Dubai… Downtown Dubai Dubai Marina 2005 Today 2003 Today ✓ Over 20 Mn sq. ft. Flagship Mega-Development ✓ One of the Largest Man-Made Marina (37K sq.ft.) ✓ One of the Most Visited Destinations In The World development of its kind ✓ Includes World’s Talle
Slide 36: Renowned For Its Iconic Retail Assets
Renowned For Its Iconic Retail Assets… Dubai Mall – Most Visited Mall in the World ✓ One of the world’s largest and renowned shopping & entertainment destination ✓ 4.9 Mn sq. ft. GLA1 having 99.5% Occupancy1 ✓ 1,300+ stores with leading retailers and marquee global brands ✓ With record 111 Mn visito
Slide 37: Replicating Our Success In International Markets
Replicating Our Success In International Markets Leverage Emaar’s Strength And Unlock the Land Bank Potential in Key International Markets Development Retail Entertainment Hospitality ✓ c. 53,800 units sold & c. 44,500+ ✓ Own & operate iconic ✓ Launch entertainment ✓ Adopt an asset-light units deliv
Slide 38: Business Strategy & Outlook
Business Strategy & Outlook 37 |
Slide 39: A Globally Admired Real Estate Company
A Globally Admired Real Estate Company… Emaar is a globally admired, diversified real estate company based in the UAE. As the premier real estate developer in Dubai and a key player in international markets, we create value by delivering high-quality, integrated environments that enable our discerni
Slide 40: Designed to Deliver Sustainable Value
…Designed to Deliver Sustainable Value Emaar, a global leader in real estate development, has consistently demonstrated the ability to innovate and deliver exceptional value across our portfolio. Our strategic priorities align with our vision of creating world-class communities and enhancing shareho
Slide 41: Sustainability: Environment, Social & Governance
Sustainability Environment, Social & Governance 40 |
Slide 42: Emaar's ESG Strategy Framework
EMAAR’S ESG Strategy Framework EMAAR’S ESG purpose is to create and sustain exceptional places to live, work and visit, with a commitment to sustainability at the forefront, enhancing community wellbeing, safeguarding the environment, and creating long-term value for all its stakeholders STRATEGIC P
Slide 43: Our ESG Focus
Our ESG Focus Awards and Achievements Awards & Recognition Awards & Recognition MSCI has raised Emaar’s ESG rating by one notch to A in September • Vida Umm Al Quwain joined Emaar’s portfolio of Green Key–certified 2025, recognising the company's sustained efforts and unwavering hotels in Q1 2025, b
Slide 44: Our ESG Focus: Safeguarding the Environment
Our ESG Focus: Safeguarding the Environment Key Focus Areas Energy Management Program Supplier Quality Assurance • Emaar Asset Management (in UAE) is advancing sustainability through targeted • Enhanced supplier pre-qualification through mandatory Supplier Quality Assurance energy efficiency initiat
Slide 45: Our ESG Focus: Maximizing Social Value
Our ESG Focus: Maximizing Social Value Key Focus Areas At Emaar, we recognize that our success is intrinsically linked to the well-being of our employees, communities, and stakeholders. Our social initiatives focus on creating inclusive environments, supporting community development, and ensuring th
Slide 46: Our ESG Focus: Ensuring Strong Governance and Business Ethics
Our ESG Focus: Ensuring Strong Governance and Business Ethics Maintaining Strong Corporate Governance Practices DATA CYBER RISK AND ESG POLICY ESG GOVERNANCE MANAGEMENT THREAT MANAGEMENT Emaar launched its Group ESG Emaar leverages multiple data As part of Emaar’s commitment to Emaar hired an ESG He
Slide 47: Our ESG Focus: Ensuring Strong Governance and Business Ethics
Our ESG Focus: Ensuring Strong Governance and Business Ethics Maintaining Strong Corporate Governance Practices STANDARDS OF ANTI CORRUPTION WHISTLEBLOWER NO GIFT POLICY CONDUCT POLICY & BRIBERY POLICY POLICY Emaar developed Standards of Emaar’s Anti Corruption and Emaar has issued strict guidelines
Slide 48: Annexures
paaasdd Ed Lh 4, TLL LLELLLLLLEA Thi FIFE ELLL LALLA} eee Eh
Slide 49: Divisions Overview
Divisions Overview UAE International Entertainment & Malls1 Hospitality Development Operations Commercial Leasing • Leading master plan • Active in targeted high • Owner and operator of • Hotel owner and operator • Provider of premium developer in Dubai growth countries one of the most visited (41 h
Slide 50: UAE Development – Projects Overview
UAE Development – Projects Overview Wholly-owned projects DOWNTOWN DUBAI ARABIAN RANCHES DUBAI MARINA EMIRATES LIVING EMAAR BEACHFRONT THE VALLEY Downtown Dubai is a Golden landscape of Offering riviera-style living Green-focused Emaar Beachfront is a An idyllic new township dynamic city hub, which
Slide 51: UAE Development – Projects Overview
UAE Development – Projects Overview Wholly-owned projects and Land Bank THE OASIS (FORMERLY THE HEIGHTS COUNTRY GRAND POLO CLUB & ADDRESS MARJAN ISLAND DUBAI CREEK HARBOUR RAS AL KHOR LUSALIY) CLUB & WELNESS RESORT A project of approx. 1.5 Mn A contiguous land parcel of A project of approximately 81
Slide 52: UAE Development – Projects Overview
UAE Development – Projects Overview CONSOLIDATED JVs EQUITY ACCOUNTED JVs WITH 50% SHARE RASHID YACHTS & DUBAI HILLS ESTATE EMAAR SOUTH ZABEEL SQUARE EXPO LIVING MARINA* A 50:50 Joint Venture A 70:30 Joint Venture Joint Venture between Emaar Joint venture between Emaar Joint venture between Emaar an
Slide 53: UAE Development – Projects Under Development (100% Owned)
UAE Development – Projects Under Development (100% Owned) Project Value Launch % Unit % Completion Project Value Launch % Unit % Completion Project (100% Owned) Units Project (100% Owned) Units (AED Mn)(1) Period Sold Sep-25 (AED Mn)(1) Period Sold Sep-25 Dubai Creek Harbour 7,217 19,682 90% Downtow
Slide 54: UAE Development – Projects Under Development (JVs)
UAE Development – Projects Under Development (JVs) Project Value Launch % Unit % Completion Project Value Launch % Unit % Completion Project (Joint Ventures) Units (1) Project (Joint Ventures) Units (AED Mn) Period Sold Sep-25 (AED Mn)(1) Period Sold Sep-25 Rashid Yachts & Marina 4,222 11,860 728,54
Slide 55: UAE Development – Completed Projects (100% owned)
UAE Development – Completed Projects1 (100% owned) % Remaining % Remaining Project Value Area % Unit Project Value Area % Unit Project (100% Owned) Units Collections of Sold Project (100% Owned) Units (2) Collections of Sold (AED Mn)(2) (SQF) Sold (AED Mn) (SQF) Sold Value Value Dubai Marina 526 2,4
Slide 56: UAE Development – Completed Projects (JVs)
UAE Development – Completed Projects1 (JVs) Project % Remaining Project Value % Unit Project (Joint Ventures) Units Value Collections of Sold (AED Mn)(2) Sold (AED Mn)(2) Value Dubai Hills Estates 6,153 20,035 10,053,915 100% 9% Park Heights II 555 652 442,933 100% 1% Grove and Views 124 2,845 1,122
Slide 57: UAE Development – Location of Development Projects
UAE Development – Location of Development Projects EXPO LIVING Emaar Hills Ras Al Khor The Oasis The Oasis Grand Grand Polo Polo Club Club & & Resort Resort Notes: 1) ‘Rashid Yachts & Marina’, formerly ‘Mina Rashid’ ’, ‘Address Marjan Island’, formerly ‘Al Marjan RAK’; 2) Masterplan visuals are appr
Slide 58: UAE Development – Expected Delivery Schedule (Units)
UAE Development – Expected Delivery Schedule (Units) Under Development Delivery Schedule Delivered as at Delivered Total Delivered as Under 31-Dec-2024 YTD 30-Sep-25 at 30-Sep-2025 Development Q4-2025 2026 2027 2028 2029 A - Emaar Properties (Consolidated) 71,620 3,936 75,556 40,024 882 8,874 9,595
Slide 59: International Development – Expected Delivery Schedule
International Development – Expected Delivery Schedule Units Under To be 2025 2029 & Country Entity 2026 2027 2028 Completed Development developed (Q4) Onwards Subsidiaries Emaar Misr 15,428 6,929 8,089 653 1,453 1,727 1,276 9,909 Emaar Middle 936 - - 43 42 36 26 - East Emaar Turkey 1,305 - - - 13 -
Slide 60: UAE Development – Land Bank Details
UAE Development – Land Bank Details Year Masterplan Available land bank 2012 Arabian Ranches II 2013 Dubai Hills Estate 2014 Dubai Creek Harbour 1 2015 Emaar South 2016 Downtown Views, Address Marjan Island2 GLA (Mn sqft) 2017 Zabeel Square & Emaar Beachfront 460 2019 Arabian Ranches III, Rashid Yac
Slide 61: International Development – Land Bank Details (GLA)
International Development – Land Bank Details (GLA)1 9.5 1.7 1.7 Saudi Arabia (Emaar Middle East) India (Emaar India) Egypt 2 Pakistan 120.9 Lebanon Total GLA Notes: 1) Excludes Emaar Economic City’s land bank of c.1.1 Bn sq.ft., an associate 291 Mn SQ. FT1 2) Numbers are inclusive of land bank rela
Slide 62: JV Accounting Treatment
JV Accounting Treatment Accounting P&L Balance Sheet Impact on Return on Capital Dubai Hills – • Line by line consolidation • Line by line consolidation • Neutral impact on ROCE Consolidation • 50% Minority Interest • 50% Minority Interest Rashid Yachts • Line by line consolidation • Line by line co
Slide 63: Hospitality Group – Current Portfolio
Hospitality Group – Current Portfolio Residences in Hotel Management Company Owned / Managed Classification Keys Operational Hotel Pool(3) Emaar Hospitality Group Hotel Portfolio Dubai Armani Hotel at Burj Khalifa Armani Hotel - Dubai Owned 5 Star 160 NA 2010 Address Downtown Dubai TAH&R(1) Owned 5
Slide 64: Hospitality Group – Hotels / Service Apartments Under Development
Hospitality Group – Hotels / Service Apartments Under Development1 Hotel Location Ownership Keys Serviced Estimated Apartments2 Completion Address The Bay Emaar The Address Hotels & Resorts 184 2027 Beachfront Address Al Marjan Ras Al The Address Hotels & Resorts 196 2026 Khaimah Vida Residences Cai
Slide 65: Fair Valuation Overview – GAV By Segment
Fair Valuation Overview – GAV By Segment December 2024 Book Value Split December 2024 Fair Value Split 3% 3% 3% 1% 1% 3% 12% 23% AED 160 Bn AED 311 Bn 15% 59% 65% 11% UAE Development Hospitality UAE Development Retail & leasing Associates International Development Associates International Developmen
Slide 66: Fair Valuation Overview – GAV By Segment (Cont'd)
Fair Valuation Overview – GAV By Segment (Cont’d) GAV: Development Properties GAV: Fixed Assets 2024 2023 2024 2023 Book Fair Book Book Fair Book Fair AED Million Fair Value AED Million Value Value Value Value Value Value Value UAE 32,580 113,241 28,609 81,146 Hotels & Convention Egypt 4,610 5,341 4
Slide 67: Fair Valuation Overview – NAV Table
Fair Valuation Overview – NAV Table In AED Mn 2024 2023 Book Value Fair Value Book Value Fair Value Cash and bank balances 50,056 50,056 33,855 33,855 Trade and Other Receivables 25,536 25,536 24,018 24,018 Development Properties* 45,096 134,946 40,998 101,272 Investment in Associates and Joint Vent
Slide 68: Group Structure
Group Structure* EMAAR PROPERTIES PJSC (2) DOMESTIC REAL ESTATE INTERNATIONAL MALLS HOSPITALITY GROUP OPERATIONS LEISURE & OTHERS ENTERTAINMENT DUBAI EMAAR EMAAR EMAAR EMAAR EMAAR CREEK DEVELOPMENT EME, KSA EEC, KSA EGYPT (3) MALL HOSPITALITY HOTELS & DISTRICT EMAAR ASSET AT THE TOP EMAAR HAMPTONS (
Slide 69: Thank You
Thank You EMAAR PROPERTIES Name – Abhay Singhvi Email ID - ASinghvi@emaar.ae, investor-relations@emaar.ae 68 |