Emaar Properties (p.j.s.c) · DFM:EMAAR
Emaar Properties (p.j.s.c) — H1 2026 Earnings Presentation
78 slides from Emaar Properties (p.j.s.c)'s earnings presentation, 2026
Slide 1: Building the Future. Delivering Today.
BUILDING THE FUTURE. EMAAR PROPERTIES PJSC INVESTOR PRESENTATION H1 2026 DELIVERING TODAY.
Slide 2: Founder quote on strategy
“We are sharpening our strategy to be one of the world’s most valuable, most innovative and most admired companies. Our goal is to be an unstoppable company that creates enormous value for our shareholders, stakeholders, and the economy.” Mohamed Ali Alabbar Founder & Managing Director 2
Slide 3: Built on Scale, Liquidity and Visibility
BUILT ON SCALE, LIQUIDITY AND VISIBILITY Three interlocking pillars have established Emaar as MENA's most resilient listed developer over the past 28 years PILLAR 01 PILLAR 02 PILLAR 03 Scale Liquidity Visibility ✦ #1 Market Cap in MENA ✦ Strong Net Cash Position ✦ ~AED 164.9 Bn Revenue Backlog2 (MS
Slide 4: Discussion Summary
DISCUSSION SUMMARY Arrow Right outline 01 EMAAR AT A GLANCE Arrow Right outline 02 THE INVESTMENT CASE Arrow Right outline 03 FINANCIAL PERFORMANCE – H1 2026 Arrow Right outline 04 BUSINESS SEGMENTS Arrow Right outline 05 SUSTAINABILITY AT EMAAR Arrow Right outline 06 VALUATION AND DATA APPENDIX 4
Slide 5: Emaar at a Glance
Arrow Right outline A GLOBALLY ADMIRED REAL ESTATE COMPANY 01 EMAAR AT Arrow Right outline THE EMAAR FLYWHEEL Arrow Right outline A PORTFOLIO WITHOUT BORDERS A GLANCE Arrow Right outline 28+ YEARS OF EXPERIENCE Arrow Right outline GROUP STRUCTURE
Slide 6: A Globally Admired Real Estate Company
PURPOSE Our purpose is to redefine excellence globally by creating transformative experiences that inspire, connect, and enrich communities, while driving innovation and sustainability for a thriving future. VISION Our vision is to be the world’s most trusted and valuable company, enriching lives wi
Slide 7: A Globally Admired Real Estate Company
CREATOR OF WORLD-RENOWNED ARCHITECTURES Burj Khalifa Dubai Mall The Dubai Fountain Tallest building in the One of the most visited World’s tallest choreographed world places on Earth musical fountain PROVEN EXECUTION TRACK RECORD1 ~196,400 130,900+ ~590 Mn sq. ft. Units sold since 2002 Units deliver
Slide 8: The Emaar Flywheel
THE EMAAR FLYWHEEL Each part of Emaar's business reinforces the next: Turning lands to masterplans, masterplans into sales, sales into recurring income, recurring income into new land, portfolio growth and shareholder returns 5-Year Capex Plan ~590 Mn sq. ft. Land Bank2 ND& L To be deployed into nex
Slide 9: A Portfolio Without Borders
A PORTFOLIO WITHOUT BORDERS PAKISTAN TURKEY UAE LEBANON USA 10 MOROCCO Countries of presence INDIA ~196,400 Units sold globally JORDAN EGYPT SAUDI ARABIA KEY COUNTRIES UAE EGYPT INDIA TURKEY PAKISTAN SAUDI ARABIA 9
Slide 10: 28+ Years of Experience
28+ YEARS OF EXPERIENCE For over 28 years, Emaar has shaped the skylines, communities, and economic fabric of the UAE and beyond, making it one of the world's most trusted real estate companies 1997 2004-05 2010 2015 2017 2022 2024 Incorporation Launched Opened Burj Emaar Misr IPO Emaar Acquisition
Slide 11: Group Structure
1 GROUP STRUCTURE Listed companies EMAAR PROPERTIES PJSC2 LEISURE AND DOMESTIC REAL ESTATE INTERNATIONAL MALLS HOSPITALITY GROUP OPERATIONS OTHERS ENTERTAINMENT (80%) (100%) (100%) (100%) (13.6%) (100%) (100%) (100%) (100%) (100%) (100%) EMAAR (73.79%) EMAAR (100%) DEVELOPMENT DUBAI CREEK EME, EEC,
Slide 12: The Investment Case
Arrow Right outline 5 REASONS TO OWN EMAAR Arrow Right outline THE INVESTMENT CASE DIVERSIFIED REAL ESTATE PLAYER IN UAE & GLOBALLY 02 A BALANCED REVENUE MIX Arrow Right outline Arrow Right outline STRONG BALANCE SHEET Arrow Right outline EMAAR IN “THE VALUE ZONE” Arrow Right outline ENGINEERED FOR
Slide 13: 5 Reasons to Own Emaar
5 REASONS TO OWN EMAAR Five compounding advantages that set Emaar apart from regional peers: Together providing a clear margin of safety and a compelling path to re-rating REASON 1 REASON 2 REASON 3 REASON 4 Record Earnings Strong Revenue Visibility Recurring Income Platform Fortress Balance Sheet C
Slide 14: Diversified Real Estate Player in the UAE and International Markets
DIVERSIFIED REAL ESTATE PLAYER IN THE UAE AND INTERNATIONAL MARKETS UAE INTERNATIONAL MALLS AND HOSPITALITY, LEISURE, DEVELOPMENT DEVELOPMENT COMMUNITY RETAIL ENTERTAINMENT & OTHERS ~316 Mn sq. ft. ~273 Mn sq. ft. 13+ Mn sq. ft. 41 Land bank (Jun-26) Land bank in key countries1 (Jun-26) Total GLA2 H
Slide 15: A Balanced Revenue Mix
A BALANCED REVENUE MIX: WITH A PROVEN TRACK RECORD OF GROWTH A BALANCED FOUNDATION ALLOWING SCALABLE GROWTH + Consistently delivering strong performance with a healthy Total Revenues (FY) (AED Bn) CAGR, reflecting resilience and adaptability amid challenging market conditions 14% 49.6 10.5 + A well-
Slide 16: Strong Balance Sheet
STRONG BALANCE SHEET INVESTMENT GRADE CREDIT PROFILE, LOW DEBT AND AMPLE LIQUIDITY BBB+ / Baa1 (with stable outlook) Comfortable Debt Maturity Profile – June 2026 (AED Mn) Credit Rating1 AED Mn H1 2026 2026 4,363 Debt 9,437 Cash & Cash Equivalents2 51,395 2027 803 Short Term Deposits 22,167 Net Cash
Slide 17: Emaar in "The Value Zone"
EMAAR IN “THE VALUE ZONE” EMAAR PRESENTS A COMPELLING INVESTMENT OPPORTUNITY AS ITS STRONG PERFORMANCE, RESILIENT BUSINESS MODEL AND CLEAR GROWTH STRATEGY UNDERSCORE A NOTABLE UNDERVALUATION IN ITS CURRENT MARKET PRICE (AED Bn) + Compelling Valuation Upside: Trading at ~61% discount to fair value an
Slide 18: Engineered for Sustainable Growth
ENGINEERED FOR SUSTAINABLE GROWTH LEAD – EXECUTE – MAXIMISE: A three-pillar strategy targeting 2x recurring EBITDA by 2030 and cashflow linked shareholder returns 2x ~67,100 BBB+ / Baa1 AED 8.8 Bn Recurring EBITDA by 2030 (base 2022) Units under development Investment Grade Credit Ratings Dividend p
Slide 19: Dividend Policy and Shareholder Returns
DIVIDEND POLICY AND SHAREHOLDER RETURNS Emaar's dividend has increased fourfold since 2022, supported by resilient business model, a strong balance sheet, and a dividend policy linked to development cash flows and recurring business profitability. Historical Dividend Per Share (AED) Dividend Policy
Slide 20: Financial Performance – H1 2026
03 FINANCIAL PERFORMANCE H1 2026: KEY FINANCIAL HIGHLIGHTS BALANCE SHEET AND CASH FLOW OVERVIEW Arrow Right outline Arrow Right outline – H1 2026 OUR PERFORMANCE OVER THE YEARS Arrow Right outline
Slide 21: Resilient Start to H1 2026
RESILIENT START TO H1 2026: NET PROFIT UP 26%; BACKLOG REACHES AED 164.9 Bn PROPERTY SALES1 ROBUST REVENUES HEALTHY EBITDA c. AED 26.6 Bn AED 23.9 Bn AED 12.9 Bn ▼ 42% vs H1 2025 ▲ 21% vs H1 2025 ▲ 24% vs H1 2025 NET PROFIT UAE PROPERTY SALES1 REVENUE BACKLOG1 AED 11.1 Bn AED 22.4 Bn c. AED 164.9 Bn
Slide 22: H1 2026: Key Financial Highlights
H1 2026: KEY FINANCIAL HIGHLIGHTS AED Mn Q2 2026 Q2 2025 % Change H1 2026 H1 2025 % Change REVENUE Group Property Sales1 4,177 26,614 (84%) 26,567 45,890 (42%) 21% Growth Revenue 11,510 9,736 18% 23,908 19,834 21% vs. H1 2025 Gross Profit 6,426 5,405 19% 13,379 11,135 20% Margin (%) 56% 56% 56% 56%
Slide 23: Balance Sheet and Cash Flow Overview
BALANCE SHEET AND CASH FLOW OVERVIEW EMAAR MAINTAINS A STRONG BALANCE SHEET, UNDERPINNED BY HIGH LIQUIDITY AND PRUDENT FINANCIAL MANAGEMENT Balance Sheet Overview (AED Bn) Cash Flow Overview (AED Bn) TOTAL: AED 193 Bn 11.6 ASSETS -3.0 53.3 51.4 38% 27% 11% 13% 11% -10.5 0.0 Cash & Bank Balance1 Dev.
Slide 24: Our Performance Over the Years
OUR PERFORMANCE OVER THE YEARS Revenue (AED Bn) Gross Profit Margin % (AED Bn) CAGR: 14.1% 49.6 CAGR: 14.6% 63.1 57.4 54.9 56.1 56.0 52.7 50.2 50.3 48.5 50.5 35.5 36.5 41.6 25.5 27.9 26.8 27.2 23.7 24.9 23.9 18.4 17.7 19.8 20.4 15.1 16.9 12.8 11.5 11.6 12.6 11.1 13.4 8.0 9.2 6.5 2016 2017 2018 2019
Slide 25: Business Segments
04 BUSINESS Arrow Right outline UAE DEVELOPMENT Arrow Right outline INTERNATIONAL DEVELOPMENT SEGMENTS Arrow Right outline MALLS AND COMMUNITY RETAIL Arrow Right outline HOSPITALITY, LEISURE, ENTERTAINMENT & OTHERS
Slide 26: A Multi-Engine Business Ecosystem
A MULTI-ENGINE BUSINESS ECOSYSTEM UAE INTERNATIONAL MALLS AND HOSPITALITY, LEISURE, DEVELOPMENT DEVELOPMENT COMMUNITY RETAIL ENTERTAINMENT & OTHERS Land bank ~316 Mn sq. ft Land bank1 ~273 Mn sq. ft Total GLA3 13+ Mn sq. ft Total hotels 41 Units delivered in Units delivered in Occupancy across Total
Slide 27: Diversified Strength Driving Performance
DIVERSIFIED STRENGTH DRIVING PERFORMANCE Revenue Share (%) GP Share (%) EBITDA Share (%) 4% 3% 4% 6% 4% 3% 13% 22% AED AED 22% AED 5% 23.9 Bn 13.4 Bn 12.9 Bn (H1 2026) (H1 2026) (H1 2026) 5% 66% 64% 5% 74% UAE Development International Development Emaar Malls Emaar Hospitality Leisure, Entertainment
Slide 28: UAE Development
UAE DEVELOPMENT H1 2026 Property Sales 1 AED 22.4 Bn (▼ 45% vs H1 2025 due to launch phasing & exceptional H1 2025 comparative) Gross Profit Margin ~50% (H1 2026) Units Under Development 1 51,441 (94% Sold with ~47% avg. Margin) 28 Notes: (1) Numbers are inclusive of JVs.
Slide 29: Key Highlights
KEY HIGHLIGHTS1 H1 2026 Revenue Breakup AED Mn H1 2026 H1 2025 % Change Revenue 17,681 13,557 30% 0.5% Gross Profit 8,817 6,617 33% Margin (%) 50% 49% 40.3% AED EBITDA 8,208 5,981 37% 17.7 Bn 59.2% Margin (%) 46% 44% Net Profit before Tax (NPBT) 9,105 6,831 33% Margin (%) 51% 50% Net Profit 7,800 5,
Slide 30: Quality Led Growth
QUALITY LED GROWTH Property Sales1 (AED Bn) Revenue Backlog1 (AED Bn) Highest-ever AED 71.1 Bn in FY 2025; 19.4% CAGR (2016-2025) AED 135.7 Bn contracted revenue - to be recognized over next 4-5 years 71.1 134.3 135.7 65.4 102.7 37.4 40.6 27.4 30.7 62.1 18.0 22.4 33.0 40.5 36.5 33.7 41.4 14.4 14.2 1
Slide 31: Emaar Development – Performance Over the Years
1 EMAAR DEVELOPMENT – PERFORMANCE OVER THE YEARS Revenue2 (AED Bn) Gross Profit Margin % (AED Bn) CAGR: 16.6% CAGR: 20.7% 70.5 27.5 55.7 56.5 55.5 56.4 41.5 42.4 43.4 39.7 35.6 36.8 44.9 19.1 15.5 15.4 15.6 12.7 11.5 11.9 13.3 10.7 8.9 9.8 9.9 8.4 7.5 6.9 6.7 5.1 5.7 5.2 5.5 2.9 3.8 3.5 2016 2017 20
Slide 32: Projects Development Status and Overview
PROJECTS DEVELOPMENT STATUS AND OVERVIEW 100% Owned Developments Consolidated JV3 Equity Accounted JV3 Address The The Grand Other Dubai Emaar Zabeel Expo Projects Under Downtown Arabian Dubai Emirates Emaar The Dubai Business The Rashid Yachts & Marjan Oasis Oasis Polo Club Land Hills South Square
Slide 33: Projects Overview
PROJECTS OVERVIEW WHOLLY-OWNED PROJECTS Downtown Arabian Dubai Emirates Emaar The Dubai Ranches Marina Living Beachfront Valley Downtown Dubai is a Golden landscape of Offering riviera-style living Green-focused development Emaar Beachfront is a An idyllic new township dynamic city hub, which has sh
Slide 34: Projects Overview
PROJECTS OVERVIEW WHOLLY-OWNED PROJECTS Address Al The Oasis The Heights Grand Polo Dubai Creek Ras Business Marjan Island Country Club Club & Resort Harbour1 Al Khor Bay A project of A contiguous land A project of A project of Dubai Creek Harbour, A project of Nestled in the heart of approximately
Slide 35: Projects Overview
PROJECTS OVERVIEW CONSOLIDATED JVs EQUITY ACCOUNTED JVs WITH 50% SHARE Dubai Rashid Yachts Dubai Emaar Zabeel Expo Hills Estate and Marina1 Estate South Square Living A 50:50 Joint venture A 70:30 Joint venture Dubai Estate (formerly Joint venture between Joint venture between Joint venture between
Slide 36: International Development
INTERNATIONAL DEVELOPMENT Revenue Backlog AED 29.2 Bn (including JV/JDAs, as of 30 June 2026) 15,659 Units under development ~273 Mn sq. ft. Land Bank in key countries 36
Slide 37: Key Highlights | International Development
KEY HIGHLIGHTS | INTERNATIONAL DEVELOPMENT Across key international markets, Emaar is scaling its proven master-community model: Supported by sales momentum, a growing backlog and significant long-term land bank potential AED 4.2 Bn Country Key Entity Ownership Key Projects Land Bank (Mn sq. ft.) Un
Slide 38: Emaar Misr Performance
EMAAR MISR PERFORMANCE Emaar Misr is a local market leader, delivering superior growth in one of the region’s most attractive real estate markets. Emaar Misr for AED Mn EGP Mn Key Development Highlights Development1 H1 2026 H1 2025 % Change H1 2026 H1 2025 % Change Marassi Red Sea – Landmark Launch
Slide 39: Taking Proven Models Worldwide
TAKING PROVEN MODELS WORLDWIDE LEVERAGING STRENGTH ACROSS KEY MARKETS DEVELOPMENT RETAIL ENTERTAINMENT HOSPITALITY + 57,200+ units sold & 46,700+ units + Own and operate iconic retail assets + Launch entertainment avenues + Adopt an asset-light strategy to delivered since 2002 which will be part of
Slide 40: Strengthening Pipeline by Delivering Projects
STRENGTHENING PIPELINE BY DELIVERING PROJECTS DELIVERY SCHEDULE Expected Delivery Timelines Units Under To be 2026 2030 & Country Entity 2027 2028 2029 Completed Development developed (Q3-Q4) Onwards Egypt Emaar Misr1 16,484 9,601 19,7752 837 1,316 1,432 1,866 23,925 Saudi Arabia Emaar Middle East 9
Slide 41: Malls and Community Retail
MALLS AND COMMUNITY RETAIL EBITDA Margin 88% (H1 2026) Portfolio Occupancy 98%+ (across all assets of Malls, including JV) Weighted Average Lease ~2.7 Years Expiry Term 41
Slide 42: Emaar Malls - Key Highlights
EMAAR MALLS - KEY HIGHLIGHTS AED Mn1 H1 2026 H1 2025 % Change H1 2026 Category Mix – % GLA2 Revenue 3,186 2,929 9% ▲ 18% 21% Gross Profit 2,911 2,642 10% ▲ 4% Margin (%) 91% 90% 5% EBITDA 2,799 2,530 11% ▲ 6% 19% Margin (%) 88% 86% 6% 6% 7% 8% Net Profit before Tax (NPBT) 2,369 2,112 12% ▲ Margin (%
Slide 43: Emaar Malls - Performance Over the Years
EMAAR MALLS - PERFORMANCE OVER THE YEARS Rental Income (AED Bn) EBITDA (AED Bn) 5.8 4.7 4.9 5.2 5.1 4.3 3.6 3.6 3.8 3.1 3.2 3.3 3.4 3.2 2.9 3.0 2.8 2.9 2.4 2.7 2.7 2.5 2.2 1.4 1 1 1 1 2,3 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 H1 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 H1
Slide 44: Dynamic Rental Framework
DYNAMIC RENTAL FRAMEWORK ~90% of Emaar’s mall rental income is contracted: Providing structural downside protection regardless of tenant performance Steady Rental Income1 (AED Mn) ROBUST REVENUE MODEL + Rental income is structured as the higher of 5,754 a fixed base rent or a turnover-linked rent 9%
Slide 45: Agile Retail Strategy
AGILE RETAIL STRATEGY Short lease tenures and a strong waitlist give Emaar pricing power: Lease expiries are an opportunity to re-rate rents, not a risk ACTIVE TENANT MANAGEMENT PORTFOLIO LEASE EXPIRY SCHEDULE1 + Proactively respond to evolving retail trends % GLA of Main Unit Expiring Leases2 and c
Slide 46: Well Diversified Retail Portfolio
WELL DIVERSIFIED RETAIL PORTFOLIO Division Retail Asset Total GLA3 ('000 sq. ft.) Location & Catchment Key Highlights Super Regional Mall Dubai Mall 4,9701 + Downtown Dubai – 20+ Mn sq. ft. + World-renowned shopping & flagship mega-development entertainment destination; + Situated next to Burj Khali
Slide 47: Delivering Growth
DELIVERING GROWTH Robust Growth in Footfalls1… + A preferred gateway to Dubai’s consumer base for emerging and established retailers and brands 7.4 7.6 7.6 6.1 6.0 6.1 6.1 6.2 5.3 5.4 5.4 5.4 5.4 + Positioned as an urban lifestyle destination 204 offering distinctive and immersive retail 164 173 136
Slide 48: Expansions
EXPANSIONS NEW UPCOMING Dubai Mall Expansion Dubai Square Dubai Expo Mall SUPER REGIONAL SHOPPING MALL REGIONAL SHOPPING MALL REGIONAL SHOPPING MALL ✦ AED 1.5 Bn worth of investment ✦ Flagship next-generation retail and lifestyle destination ✦ Over 190 retail & F&B outlets; 1,000+ parking spaces; ✦
Slide 49: Hospitality, Leisure, Entertainment & Others
HOSPITALITY, LEISURE, ENTERTAINMENT & OTHERS Hotels with over 10,000 Keys 41 (Address, Armani, Vida, Rove brands) Occupancy rate – H1 2026 60% (operational hotels in UAE) ~3 Mn sq. ft. Commercial Leasing GLA 49
Slide 50: Emaar Hospitality - Key Highlights
EMAAR HOSPITALITY - KEY HIGHLIGHTS H1 2026 H1 2025 % Change H1 2026 Revenue Breakup Hotel Keys 10,012 9,859 2% ▲ Occupancy Rate (%)¹ 60% 80% (25%) ▼ Occupancy Rate – excluding Rove (%) 47% 73% (36%) ▼ Occupancy Rate – Rove Hotels (%) 71% 85% (17%) ▼ 39% 37% RevPar (AED)¹ 409 612 (33%) ▼ AED RevPar –
Slide 51: Hospitality Assets Delivering Steady Growth
HOSPITALITY ASSETS DELIVERING STEADY GROWTH Hospitality Business: Resilient & Profitable KEY HIGHLIGHTS + Sustained healthy EBITDA margins through disciplined cost management 1 50% 49% 48% 2 48% 49% + Expanded the portfolio with three new hotels 45% 45% 39% 38% adding 750+ keys and 1 VEO gym during
Slide 52: Entertainment Avenues Driving Footfalls
ENTERTAINMENT AVENUES DRIVING FOOTFALLS Growth and Margins profile of Entertainment & Commercial Leasing Operations MAJOR TOURIST ATTRACTIONS DRIVING FOOTFALLS AT OUR MALLS 73% 73% 77% 74% 69% 65% 59% 59% 59% 60% 59% + At The Top, the world’s highest observation 47% deck, offering unparalleled panor
Slide 53: Sustainability at Emaar
Arrow Right outline EMAAR’S ESG STRATEGY FRAMEWORK 05 SUSTAINABILITY Arrow Right outline BUILDING TOWARDS A SUSTAINABLE FUTURE Arrow Right outline AWARDS AND ACHIEVEMENTS AT EMAAR Arrow Right outline SAFEGUARDING THE ENVIRONMENT Arrow Right outline MAXIMISING SOCIAL VALUE Arrow Right outline ENSURIN
Slide 54: Emaar's ESG Strategy Framework
EMAAR’S ESG STRATEGY FRAMEWORK Emaar's 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 PILL
Slide 55: Emaar's Commitment to Net Zero
BUILDING TOWARDS A SUSTAINABLE FUTURE: EMAAR'S COMMITMENT TO NET ZERO Emaar has established a comprehensive Net Zero 2050 Strategy for operational emissions across key markets Decarbonisation Levers including UAE, Egypt and India. This is informed by Five strategic pathways to Net Zero operations gu
Slide 56: Awards and Achievements
AWARDS AND ACHIEVEMENTS AWARDS AND RECOGNITIONS MSCI ESG RATING AND HISTORY ✦ Emaar Asset Management (EAM) was awarded the ‘Sustainable Retrofit MSCI ESG Research provides MSCI ESG Ratings on global public and a few private Project of the Year’, having completed the initial phase of its Energy Optim
Slide 57: Safeguarding the Environment
SAFEGUARDING THE ENVIRONMENT Climate Change Energy Management Renewable Energy Waste Management Water Efficiency Supplier Quality Mitigation and Programme and Green and Circularity and Reuse Assurance Adaptation Mobility In 2025, Emaar established its Launched in 2023, Emaar’s Energy Emaar increased
Slide 58: Maximising Social Value
MAXIMISING SOCIAL VALUE Health, Safety and Customer Talent Management Diversity and Community Wellbeing Satisfaction and Development Inclusion Impacts Emaar promotes a strong health and safety In 2025, the Emaar One App had unified UAE employees received an average of Our workforce reflects an inclu
Slide 59: Strong Governance and Business Ethics (1/3)
STRONG GOVERNANCE AND BUSINESS ETHICS (1/3) ESG Governance ESG Policy Climate Change and Human Rights Policy Environmental Policy ESG governance is led by a senior Emaar launched its Group ESG Policy and In 2025, Emaar introduced a Group Developed in 2025, Emaar’s Human Rights executive ESG Steering
Slide 60: Strong Governance and Business Ethics (2/3)
STRONG GOVERNANCE AND BUSINESS ETHICS (2/3) Responsible Brand Data Privacy and Health and Safety Standards of Conduct Representation Policy Security Policy Policy In 2025, we revised and updated our The Group-level Technology Governance & A Group Health and Safety Policy, The Standards of Conduct Po
Slide 61: Strong Governance and Business Ethics (3/3)
STRONG GOVERNANCE AND BUSINESS ETHICS (3/3) Corporate Governance Anti-Bribery and Anti-Fraud Policy and Gifting Policy Policy Corruption Policy Whistleblowing Policy In 2025, the Board approved an updated Emaar Group’s Anti-Bribery and In 2025, the Group updated its Anti-Fraud Emaar’s strict no-gift
Slide 62: Valuation and Data Appendix
06 VALUATION AND DATA APPENDIX
Slide 63: Fair Valuation Overview: GAV by Segment
FAIR VALUATION OVERVIEW: GAV BY SEGMENT December 2025 Book Value Split December 2025 Fair Value Split 4% 2% 3% 3% 1% 1% 11% 22% AED AED 186.7 Bn 364.4 Bn 61% 15% 66% 11% UAE Development International Development Retail & Leasing Hospitality Associates Others Fair Value of Assets is ~ 2x of the Book
Slide 64: Fair Valuation Overview: Development Properties and Fixed Assets
FAIR VALUATION OVERVIEW: DEVELOPMENT PROPERTIES AND FIXED ASSETS DEVELOPMENT PROPERTIES FIXED ASSETS 2025 2024 2025 2024 AED Mn AED Mn Book Value Fair Value Book Value Fair Value Book Value Fair Value Book Value Fair Value UAE 35,091 133,619 32,580 113,241 Hotels & 5,266 10,015 4,998 8,719 Egypt 6,6
Slide 65: Fair Valuation Overview: NAV Table
FAIR VALUATION OVERVIEW: NAV TABLE 2025 2024 AED Mn Book Value Fair Value Book Value Fair Value Cash and Cash Equivalents1 52,633 52,633 38,632 38,632 Short Term Deposits 18,828 18,828 11,424 11,424 Trade and Other Receivables 23,156 23,156 25,536 25,536 Development Properties 50,235 159,651 45,096
Slide 66: UAE Development: Projects Under Development (100% Owned)
UAE DEVELOPMENT: PROJECTS UNDER DEVELOPMENT (100% OWNED) Project Value 1 Area % Completion Project Value Area % Completion Project (100% owned) Units Launch Period % Unit Sold Project (100% owned) Units Launch Period % Unit Sold 47% (AED Mn) (sq. ft.) (Jun-26) (AED Mn)(1) (SQF) (Jun-26) Downtown Dub
Slide 67: UAE Development: Projects Under Development (JVs)
UAE DEVELOPMENT: PROJECTS UNDER DEVELOPMENT (JVs) 47% Project Value 1 Area % Completion Project Value 1 Area % Completion Project (Joint Ventures) Units Launch Period % Unit Sold Project (Joint Ventures) Units Launch Period % Unit Sold (AED Mn) (sq. ft.) (Jun-26) (AED Mn) (sq. ft.) (Jun-26) Dubai Hi
Slide 68: UAE Development: Completed Projects (100% Owned)
UAE DEVELOPMENT: 1 COMPLETED PROJECTS (100% OWNED) 2 2 Project Value % Remaining Collections Project Value % Remaining Collections Project (100% owned) Units Area (sq. ft.) % Unit Sold Project (100% owned) Units Area (sq. ft.) % Unit Sold (AED Mn) of Sold Value (AED Mn) of Sold Value Downtown Dubai
Slide 69: UAE Development: Completed Projects (JVs)
UAE DEVELOPMENT: 1 COMPLETED PROJECTS (JVs) % Remaining Collections Project (Joint Ventures) Units Project Value2 (AED Mn) Area (sq. ft.) % Unit Sold of Sold Value Dubai Hills Estates 5,115 17,168 8,395,861 99% 4% Acacia 537 1,107 677,047 99% 1% Mulberry 676 1,397 858,314 99% 0% Club Villas 150 585
Slide 70: UAE Development: Location of Projects
UAE DEVELOPMENT: LOCATION OF PROJECTS 100% OWNED WITH MASTERPLAN 100% CONSOLIDATED JV JV / JDA WITH 50% SHARE 100% OWNED LAND BANK WITHOUT MASTERPLAN 70
Slide 71: UAE Development: Expected Delivery Schedule (Units)
UAE DEVELOPMENT: EXPECTED DELIVERY SCHEDULE (UNITS) Delivered as at Delivered Total Delivered Under Under Development Delivery Schedule 31-Dec-2025 in H1 2026 until 2026 Development 2026 2027 2028 2029 2030 2031 A - Emaar Properties (Consolidated) 77,216 3,584 80,800 41,736 4,193 9,349 10,844 11,029
Slide 72: UAE Development: Land Bank Details
UAE DEVELOPMENT: LAND BANK DETAILS ~316 Mn sq. ft. of prime Dubai land, acquired at historical costs worth multiples today: Provides 12-15 years of development pipeline without further acquisition UAE Available Land Bank – Gross Land Area (Mn sq. ft.) Available Land Bank – GLA (Mn sq. ft.) UAE Wholl
Slide 73: Emaar's Hospitality Portfolio: World-Class Assets Across Key Markets
EMAAR’S HOSPITALITY PORTFOLIO: WORLD-CLASS ASSETS ACROSS KEY MARKETS Owned / Residences in Hotel Management Company Classification Keys Operational Managed Hotel Pool3 Armani Hotel at Burj Khalifa Armani Hotel - Dubai Owned 5 Star 160 NA 2010 Address Downtown Dubai TAHR1 Owned 5 Star 220 85 2008 Add
Slide 74: Hotels / Service Apartments Under Development
HOSPITALITY, LEISURE, AND ENTERTAINMENT: 1 HOTELS / SERVICE APARTMENTS UNDER DEVELOPMENT Serviced Estimated Hotel Location Ownership Keys Apartments2 Completion Address The Bay Emaar Beachfront The Address Hotels & Resorts 184 2027 Address Al Marjan Ras Al Khaimah The Address Hotels & Resorts 196 20
Slide 75: JV Accounting Treatment
JV ACCOUNTING TREATMENT JV / Entity Treatment P&L Balance Sheet Impact on Return on Capital Dubai Estate¹ Consolidation + Line by line consolidation + Line by line consolidation + Neutral impact on ROCE + 50% minority interest + 50% minority interest Dubai Hills Consolidation + Line by line consolid
Slide 76: Record Performance. Fortress Balance Sheet. World-Class Assets.
RECORD PERFORMANCE. FORTRESS BALANCE SHEET. WORLD-CLASS ASSETS. AED 247 Bn AED 164.9 Bn ~AED 64.1 Bn Fair NAV1 Revenue Backlog2 Net Cash3 ~5.1 ~590 Mn sq. ft. 31% BBB+ / Baa1 P/E Multiple Land Bank Recurring EBITDA Credit Rating (TTM)4 (Key Countries) (H1 2026) (Stable Outlook) Trading at 61% below
Slide 77: 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 78: Thank You
THANK YOU EMAAR PROPERTIES PJSC Name: Abhay Singhvi We Welcome Your Engagement Email: asinghvi@emaar.ae / investor-relations@emaar.ae
Emaar Properties PJSC — H1 2026 Earnings Presentation on 6ix