Enbd Reit (ceic) Plc · NASDAQDUBAI:ENBDREIT
Enbd Reit (ceic) — Q1 FY2026 Earnings Presentation
21 slides from Enbd Reit (ceic)'s earnings presentation, June 2025
Slide 1: Quarterly Update
Managed by Emirates NBD Asset Management Quarterly Update June 2025
Slide 2: Performance overview
2 Performance overview • NAV up to USD 236.6m to USD 0.95 per share + 8.2% increase Q-o-Q (up from USD 0.87 per share) + 18.8% increase Y-o-Y (up from USD 0.80 per share) • FFO to Jun-25 of USD 3.2m +13% Q-o-Q (up from USD 2.8m) + 129% Y-o-Y (from USD 1.1m due to a large provision in Jun-24) • Net I
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% $m $6 -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
5 Portfolio
Slide 6: Snapshot: 30th June 2025
6 Snapshot: 30th June 2025 Properties Occupancy LTV* Arabian Oryx House 10 95% 44% Portfolio property value NAV: USD 237 m The Edge Al Thuraya 1 Binghatti Terraces USD 411 m NAV per share: USD 0.95 Offices: 71% WAULT: 3.30 years DHCC 49 DHCC 25 Burj Daman Office: 1.97 years Residential: 13% Resident
Slide 7: Portfolio occupancy – Year on Year
7 Portfolio occupancy – Year on Year Al Thuraya Tower 1 87% 6% The Edge 99% 33% Burj Daman -2% 98% DHCC49 93% 12% DHCC25 82% 2% Binghatti Terraces 98% 2% Arabian Oryx House 100% Uninest 100% 0% Souq Extra -1% 99% South View School 100% 0% Offices 94% 12% Residential 99% 2% Alternative 0% 100% -20% 0
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% Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Al Thuraya Tower 1 Burj Daman DHCC 2
Slide 9: ENBD REIT – Portfolio valuation (Q-o-Q)
50 150 250 300 0 100 200 400 450 -2% 4% 5% -3% -1% 2% 0% 1% 3% Jun-21 Jul-21 350 337 0% Aug-21 Sep-21 332 Oct-21 -1% Nov-21 Dec-21 342 Jan-22 3% Feb-22 Mar-22 342 Apr-22 0% May-22 Jun-22 343 Jul-22 0% Aug-22 348 Sep-22 Excludes USD 14.3m Remraam sale for all periods. Oct-22 2% Nov-22 Dec-22 350 Jan-
Slide 10: Asset valuations - % Y-o-Y change
10 Asset valuations - % Y-o-Y change Office Valuations Residential Valuations Alternative Valuations 100 30 24 90 23 80 26 70 22 60 USD m USD m USD m 22 21 50 40 20 18 30 19 20 14 18 10 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 17 Mar-22 Jun-22
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 77 95 26 22 292 411 % of portfolio value 18% 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) 27 27 54 411 % of portfolio value 7% 7% 13% 100% Net leasable area (Sq. Ft.) 178,907 132,008 310,915 1,172,319 Occupancy rate 98% 100%
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 66 411 % of portfolio value 5% 6% 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 June 2025
15 Financial summary: 30th June 2025 • Net income at USD 18.2m (up by 338% or USD 14.1m) Y-o-Y. Driven largely by a USD15m un realised valuation gain in the office portfolio. • Portfolio valuations at USD 411m improved by 4% this quarter ↑ USD 15m and by 10% Y-o-Y. • Finance cost at USD 3.0m is down
Slide 16: FFO Composition (USD Millions)
16 FFO Composition (USD Millions) OPEX +0.3 +0.3 (+15.4%) -0.6 (-27.3%) +0.3 (+22.9%) (+23.0%) +1.1 0.0 2.1 (+13.7%) (-0.4%) 1.8 Gross Income +0.8 (+10.3%) 9.4 9.4 1.5 1.5 0.0 (+0.6%) 1.2 8.3 7.5 7.5 Jun ’21 Jun ’22 Jun ’23 Jun ’24 Jun ’25 Finance Cost +1.9 (+108.6%) +0.1 -0.7 (+4.1%) (-18.6%) 3.6 3
Slide 17: Capital structure: 30th June 2025
17 Capital structure: 30th June 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 June 2025): 4.3% • Hedge: 3 April 2023 till maturity - USD 50mn Hedged at 3.65% SOFR
Slide 18: Financials: Statement of Financial Position
18 Financials Statement of Financial Position (USD m) 30th June 2025 30th June 2024 31st March 2025 Investment Properties 411.1 387.2 395.5 IFRS Adjustment and Right of Use Assets 8.2 8.9 8.3 Cash and Cash Equivalent 26.4 22.2 24.4 Trade and Other Receivables 8.8 11.2 7.6 Total Assets 454.4 429.5 43
Slide 19: Financials: Statement of Comprehensive Income
19 Financials Statement of Comprehensive Income (USD m) 3 Month 3 Month Full Financial Year 30th June 2025 30th June 2024 31st March 2025 Rental Income 9.2 9.3 36.9 Profit on Deposits 0.2 0.1 0.5 Total Income 9.4 9.4 37.5 Operating Expenses (1.5) (2.1) (7.0) Operating Income 7.9 7.3 30.4 Other Expen
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