Emirates Reit (ceic) Plc · NASDAQDUBAI:REIT
Emirates Reit (ceic) — H1 2026 Earnings Presentation
36 slides from Emirates Reit (ceic)'s earnings presentation, 2026
Slide 1: Results Presentation H1 2026
Results Presentation H1 2026
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Equitativa (Dubai) Neither Equitativa nor Emirates REIT intend or occupier demand and tenant default and the availability Limited (“Equitativa” or the “Manager”), as the manager of undertake to update or revise forward-looking and cost of finance. Su
Slide 3: Speakers
Speakers Thierry Delvaux Aleksandra Gladkaya Timothy Collier Reda El Madi Emirates REIT Emirates REIT Emirates REIT Houlihan Lokey Chief Executive Officer Chief Operating Officer Chief Financial Officer Vice President Emirates REIT | H1 2026 Results Presentation 3
Slide 4: Agenda
Agenda 1 PORTFOLIO 2 MARKET 3 KEY 4 OPERATIONAL IN BRIEF OVERVIEW HIGHLIGHTS HIGHLIGHTS 5 FINANCIAL 6 LET’S TAKE 7 PEER 8 QUESTIONS HIGHLIGHTS A STEP BACK BENCHMARK AND ANSWERS Emirates REIT | H1 2026 Results Presentation 4
Slide 5: Portfolio in Brief
PORTFOLIO IN BRIEF MANAGED BY Emirates REIT | H1 2026 Results Presentation 5
Slide 6: Portfolio Overview
Portfolio Overview Portfolio in Brief PORTFOLIO VALUE COMMERCIAL RETAIL EDUCATION 1 Index Tower* 6 Index Mall* USD 1,203m 2 Loft Offices 7 Lycée Français Jean Mermoz 8 GEMS World Academy AED 4.4bn 3 Building 24 9 Durham School Dubai 4 Indigo 7** 5 European Business Centre NET ASSET VALUE USD 949m US
Slide 7: Market Overview
MARKET OVERVIEW MANAGED BY Emirates REIT | H1 2026 Results Presentation 7
Slide 8: Market Overview: Economy and Office
Market Overview Economy Office GDP outlook revised from +4.8% growth to -0.04% in 2026 amid regional Dubai office market remained resilient, supported by strong occupier geopolitical uncertainty. demand and limited Grade A supply. Business activity remained resilient, with UAE PMI at 50.8 and Dubai
Slide 9: Market Overview: Retail and Education
Market Overview Retail Education Retail sector faced softer demand amid weaker tourism flows and Private education sector remained resilient, supported by strong consumer spending. demographics and sustained demand. Occupancy remained strong at approximately 98%, broadly unchanged Dubai private scho
Slide 10: Key Highlights
KEY HIGHLIGHTS MANAGED BY Emirates REIT | H1 2026 Results Presentation 10
Slide 11: Key Highlights
Key Highlights ▲ +15% ▲ +20% ▲ 51% Total Property Income Net Property Income Total Operating Profit USD 45m USD 40m USD 28m ▲+0.54 p.p. ▲ +7.4% ▲ +4.1% Occupancy Net Asset Value Investment Properties (1) 96% USD 949m USD 1,203m (1) This takes into account the impact of the reclassification made in t
Slide 12: Key Highlights
Key Highlights TOTAL PROPERTY INCOME INVESTMENT PROPERTY MARKET (IN USD M) + 14% VALUATION (IN USD M) + 2.7% 25 23.7 1,200 1,173 1,176 1,145 20.9 21.2 20 1,000 800 15 600 10 400 5 200 0 0 Q4 2025 Q1 2026 Q2 2026 Q4 2025 Q1 2026 Q2 2026 Unless otherwise stated, comparative figures are calculated by r
Slide 13: Divestment - Indigo 7
Divestment - Indigo 7 Key Highlights Sold to a private purchaser on 12 June 2026 for AED 37 million. Emirates REIT acquired Indigo 7, a mixed-use retail and office building, in September 2011. The proceeds will further strengthen the balance sheet, enhancing Emirates REIT's financial flexibility and
Slide 14: Operational Highlights
OPERATIONAL HIGHLIGHTS MANAGED BY Emirates REIT | H1 2026 Results Presentation 14
Slide 15: Operational Highlights
Operational Highlights As at 30 June 2026 OCCUPANCY +12 p.p. TOTAL INCOME (USD M) +36% ANNUALISED RENTS CONTRIBUTIONS H1 2026 Like for Like Actuals Like for Like Actuals 100% 91% 95% 96% 50 45 83m USD/y 85% 40 39 83% 96% 300m AED/y 95% 36 Lycée Français Jean Mermoz 90% 40 33 77m USD/y 80% 85% 43 82%
Slide 16: Portfolio Performance
Portfolio Performance Operational Highlights As at 30 June 2026 TOTAL INCOME (USD M) +15% OCCUPANCY +0.54 p.p. H1 2025 H1 2026 H1 2025 H1 2026 100% 99% 90% 26 100% 97% 95% 24.2 24 22 21.3 80% 20 69% 18 60% 16 14 40% 12 10 9.5 9.3 20% 8 6 4.2 4 3.6 0% 2.9 3.1 2.5 2 1.2 1.6 0.5 0 -20% ES 7 24 E 7* T T
Slide 17: Income Generation
INCOME GENERATION Operational Highlights As at 30 June 2026 NET OPERATING INCOME (USD M) + 20% Like-For-Like Actuals 50 40.4 40 40.5 Income supported by positive rental reversions, sustained 34.4 33.7 tenant demand and high occupancy across the portfolio. 29.8 30 33.3 27.0 Rental performance remaine
Slide 18: Operating Expenses
OPERATING EXPENSES Operational Highlights As at 30 June 2026 OPERATING EXPENSES (USD/OCCUPIED M2) - 16% Like-For-Like Actuals 35 35 34 34 34 33 32 30 31 28 29 28 Cost efficiencies achieved while maintaining high occupancy 25 and service levels across the portfolio. 20 The reduction in the operating
Slide 19: Financial Highlights
FINANCIAL HIGHLIGHTS Emirates REIT | H1 2026 Results Presentation 5 MANAGED BY 19
Slide 20: Key Financial Highlights
key financial highlights Financial Highlights As at 30 June 2026 ▲ 2.6% Share Price Dividends Paid USD 13m June 2026 USD 0.625 ▲ 4.9% Total Assets Islamic Financing LTV (Finance to Value) USD 244m 19% USD 1.3bn Unless otherwise stated, comparative figures in this section are based on H1 2025 versus
Slide 21: Growth Highlights
Growth Highlights Financial Highlights As at 30 June 2026 TOTAL PROPERTY INCOME (USD M) + 15% FUNDS FROM OPERATIONS (USD M) + 137% Like-For-Like Actuals 17 45 42 40 39 39 36 33 31 27 7 24 4 -1 -4 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 Unless otherwise stated,
Slide 22: Growth Highlights: NAV
Growth Highlights Financial Highlights As at 30 June 2026 NET ASSET VALUE (NAV) (USD M) + 7.2% NAV PER SHARE (USD PER SHARE) + 7.2% (1) (1) 949 2.97 886 2.78 563 1.76 419 1.31 353 1.10 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 Unless otherwise stated, comparativ
Slide 23: Income and Earnings
Income and Earnings Financial Highlights As at 30 June 2026 NET PROPERTY INCOME FUNDS FROM OPERATIONS (USD M) +20% +2.4x NET FINANCE COST (USD M) -2.1% (USD M) 40 11.5 11.3 17 34 7 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 Emirates REIT | H1 2026 Results Presentation 23
Slide 24: Income and Earnings - H1 2026
Income and Earnings - H1 2026 Financial Highlights As at 30 June 2026 OPERATING COST VS. TOTAL PROPERTY INCOME (%) NET FINANCE COST VS. TOTAL PROPERTY INCOME (%) Actuals Like-For-Like Actuals Like-For-Like 25 100 92 65% 86 20 80 18 18 17 17 69 66 15 15 14 60 58 14 14 38% 11 10 40 10 42 29% 30 10% 27
Slide 25: Let's Take a Step Back
LET’S TAKE A STEP BACK MANAGED BY Emirates REIT | H1 2026 Results Presentation 25
Slide 26: Sustained Profitability
Sustained Profitability Let’s Take a Step Back Net Profit (USD M) Funds from Operations (USD M) 300 209 216 200 127 100 82 64 49 54 18 25 17 0.5 3 0 -6 -100 -200 -224 -300 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 H12026 USD 508m GENERATED NET PROFIT Emirates REIT | H1 2026 Results Presentation 26
Slide 27: Targeted Deleveraging
Targeted Deleveraging Let’s Take a Step Back USE OF CASH (USD, M) (1) (2) Debt Repayment Cash Inflow 300 291.9 USD 250 238.1 510.1m 200 150 125.8 Strengthened the balance sheet through significant 102.4 reduction in debt. 100 78.1 52 71.7 62.4 71.5 60.2 50 37.8 39.4 20.2 9.9 TOTAL CASH Materially low
Slide 28: Net Asset Value
Net Asset Value Let’s Take a Step Back NET ASSET VALUE (IN USD M) +321% 1,000 949 896 40.5m 800 708 600 500 33.3m 400 373 290 225 200 Sustained long-term value creation at the portfolio and Shareholder levels. 0 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 H1 2026 Materially increased the underly
Slide 29: Dividend and Share Price Recovery Initiatives
Dividend and Share Price Recovery Let’s Take a Step Back Initiatives DIVIDEND PAYMENTS (USD,M) + 5,452% SHARE PRICE (USD/SHARE) + 255% (3) 0.691 30 (1) 0.7 27 0.625 25 0.6 0.494 0.510 0.5 20 14.5 0.4 15 14.7 0.3 0.281 0.244 10 0.207 0.2 0.176 5 0.1 0.5 0 0 0 0.0 FY2021 FY2022 FY2023 FY2024 FY2025 FY
Slide 30: Active Management
Active Management Let’s Take a Step Back Acquisiton Price Prior Book Sale Price Date Property Premium (2) (USD M) Value (USD M) (USD M) Index Tower (1) Jun 2021 4.7 4.2 10.8 157% (Half Floor) Jebel Ali May 2022 26.8 50.5 63.6 26% Acquire assets with clear value-creation potential. School Trident Gra
Slide 31: Peer Benchmark
PEER BENCHMARK MANAGED BY Emirates REIT | H1 2026 Results Presentation 31
Slide 32: Scale and Income Profile
Scale and Income Profile Peer Benchmark GROSS ASSET VALUE (USD, M) NAV PER SHARE (USD) Peer Range Emirates REIT Emirates REIT 1,277 2.92 ENBD REIT 469 0.31 2.57 3.51 Lowest Median Highest Dubai Residential REIT 6,690 Al Mal Capital REIT 399 Al Rajhi REIT 850 Jadwa REIT Saudi 594 DIVIDEND YIELD Peer
Slide 33: Sustained Peer Outperformance
Sustained Peer Outperformance Peer Benchmark NAV ACCRETION AND SHARE PRICE CHANGE IN LAST 5 YEARS Change in NAV/ Share (%) Change in Share Price (%) 239.5 Emirates REIT 397.7 Over the last five years, Emirates REIT delivered a 41.7 240% increase in NAV per share—significantly ahead ENBD REIT 11.1 of
Slide 34: Low LTV, Deepest Discount
Low LTV, Deepest Discount Peer Benchmark LTV (%) Discount to NAV (%) 19.1 Emirates REIT 78.7 Second-lowest LTV in the peer group, providing financial 39.5 ENBD REIT 51 resilience and substantial capacity to pursue future Dubai Residential REIT 6.5 growth opportunities. 26.5 31.9 Al Mal Capital REIT
Slide 35: Questions & Answers
QUESTIONS & ANSWERS MANAGED BY Emirates REIT | H1 2026 Results Presentation 35
Slide 36: Thank You
ee Emirates zo REIT THANK YOU MANAGED BY EQUITATIVA