1Q2026
Earnings Release
NMDC Group reports 1Q26 results with Group Revenues increasing 7% Y-o-Y to reach AED 6.6 billion and Net Profit reaching AED 387 million
Investor Relations Contacts
Hanzada Nessim
Group Head of Investor Relation & Financial Communications
Email: hanzada.nessim@nmdc-group.com
IR Contacts
Email: ir@nmdc-group.com
Phone: +971 2 6990000
Website: https://www.nmdc-group.com
Key Highlights
Page 3
Awarded Projects & BacklogPage 6
Sustainability & HSE
Page 9
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NMDC Group 1Q2026 Earnings Release
Financial Results
Page 4
BusinessDevelopment
Page 7
Crisis Management & HSEPage 8
AED 0.43
1Q26 -51% Y-o-Y
EPS BACKLOGNET PROFIT
AED 387 million
1Q26 -51% Y-o-Y
AWARDED PROJECTS
AED 1.8 billion
1Q26
EBITDA
AED 684 million
1Q26 -38% Y-o-Y
Key Highlights
REVENUES
AED 6.6 billion
1Q26 7% Y-o-Y
TOTAL ASSETS
AED 39.7 billion
-0.1% YTD
TOTAL EQUITY
AED15.2 billion
-4% YTD
CASH & BANKS
AED 6.9 billion
38% YTD
FREE CASH FLOW
AED 2.3 billion
1Q26
Trailing earnings
RoAEMar-26
AED 55.4 billion
CAPEXAED 196 million
1Q26
.
NMDC Group Stock Data
Closing Price
AED 19.68
-3% YTD
Market Cap.
AED 16.6 bn
Price/ Earnings
5.1 x
Av. Target Price
AED 29.6
Upside to TP
50%
*Calculation based on 20th April 2026 closing price
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NMDC Group 1Q2026 Earnings Release
NET WORKING CAPITALAED 720 million
Mar-26
Financial Results
INCOME STATEMENT
AED (million) | 1Q26 | 4Q25 | 1Q25 | Y-o-Y | Q-o-Q |
Revenue | 6,645 | 8,266 | 6,223 | 7% | -20% |
EBITDA* | 684 | 1,764 | 1,096 | -38% | -61% |
EBITDA Margin | 10.3% | 21.3% | 17.6% | -42% | -52% |
Net Profit Before Tax | 404 | 1,443 | 900 | -55% | -72% |
Net Profit after Tax | 387 | 1,238 | 784 | -51% | -69% |
Net Profit Margin | 5.8% | 15.0% | 12.6% | -54% | -61% |
Net Profit Attributable to Shareholders | 365 | 1,086 | 733 | -50% | -66% |
Minorities | 22 | 152 | 51 | -56% | -85% |
* Calculated by adding back net finance cost (income) and Depreciation & Amortization to net profit before tax
1Q2026
The Group reported 7% Y-o-Y increase in revenues to reach AED6.6 billion, supported by NMDC Energy's strong revenue growth, with its revenues contributing 75% of the Group revenues. Moreover, 81% of the Group's revenues was generated from the UAE and 19% from International markets.
It is important to note, that given the geopolitical situation in the region several reasons adversely impacted the Group profitability and profit margin, these include costs related logistics, insurance and fuel prices which were fully recognized during 1Q26 together with an increase in the forecasted cost of completion (EAC). Moreover, costs overruns and idle hours of operations delayed revenue recognition and extended projects timeline.
Group EBITDA and EBITDA margin declined to AED684 million and 10.3%, respectively; on the back of slim margins reported by Energy business unit and lower revenues reported by Dredging & Marine (D&M) business unit.
Consequently, net profit after tax came at AED387 million, and net profit margin stood at 5.8% in 1Q26. With NMDC D&M enjoying higher margins, 79% of the Group's net profit was generated by NMDC D&M and the remaining 21% by NMDC Energy.Group Breakdown
Revenue Net Profit After Tax
D&M
Energy
D&M
Energy
25%
21%
75%
79%
* Based on 1Q26 figures
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NMDC Group 1Q2026 Earnings Release
Financial Results
BALANCE SHEET
AED (million) | Mar-26 | Dec-25 | Y-o-Y |
Current Assets | 29,370 | 29,398 | 0% |
Non-current Assets | 10,293 | 10,286 | 0% |
Total Assets | 39,663 | 39,684 | 0% |
Current Liabilities | 23,040 | 22,268 | 3% |
Non-current Liabilities | 1,435 | 1,535 | -7% |
Total Liabilities | 24,475 | 23,803 | 3% |
Total Equity | 15,188 | 15,881 | -4% |
Cash | 6,887 | 4,980 | 38% |
Net Cash | 5,215 | 4,030 | 29% |
Cash and Bank balances rose 38% YTD to stand at AED6.9 billion at the end of 1Q26; mainly attributed to strong collections of AED9.1 billion during the quarter, and despite dividends payment of AED1,028 million, payments to suppliers, repayments of loan and lease liabilities.
Total equity inched down 4% YTD to AED15.2 billion, as dividends payment of AED1,028 million overshadowed the increase from 1Q26 net profit of AED387 million.
NET WORKING CAPITAL
AED (million) | Mar-26 | Dec-25 | Sept- 25 | June- 25 | Mar- 25 |
Inventories | 884 | 886 | 902 | 838 | 759 |
Trade and other receivables | 13,908 | 16,750 | 19,022 | 14,536 | 12,170 |
Contract assets | 7,070 | 6,062 | 5,395 | 5,724 | 4,836 |
Other current assets | 622 | 720 | 708 | 598 | 596 |
Trade and other payables | (15,856) | (16,515) | (16,534) | (15,700) | (14,751) |
Contract liabilities | (5,034) | (4,417) | (4,605) | (3,911) | (2,864) |
Other current liabilities | (873) | (855) | (637) | (771) | (624) |
Net working capital* | 720 | 2,631 | 4,251 | 1,314 | 123 |
*Excludes cash and borrowings and includes financial assets | |||||
Net working capital declined to AED720 million at the end of 1Q26, reflecting mainly the decline in trade receivables on the back of strong collection during the quarter, and higher contract liabilities.
FREE CASH FLOW
AED (million) | 1Q26 | 4Q25 | 3Q25 | 2Q25 | 1Q25 |
Cash Flow from Operations | 2,489 | 2,934 | (1,789) | 334 | 1,276 |
Capex | (196) | (440) | (283) | (195) | (499) |
Free Cash Flow | 2,293 | 2,494 | (2,072) | 139 | 777 |
Cash generated from operations before changes in working capital amounted to AED720 million, with positive change in working capital largely attributed to strong collection, which lifted cash flow generated from operations to AED2.5 billion.
Capex spending stood at AED196 million in 1Q26, mainly related to maintenance capex: drydocking, new equipment, and yard development.
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NMDC Group 1Q2026 Earnings Release
Awarded Projects & Backlog
Awarded Projects
Client | Scope | Business Unit | Country | Project Value |
Department of Municipalities and Transport | Dredging & Reclamation Works | D&M | UAE | AED 0.2 billion |
Local client | Marine Works Enhancement Project | D&M | UAE | AED 0.2 billion |
ORA Development | Enabling Work | D&M | UAE | AED 0.3 billion |
AD Ports | Development of Marine And Landside Infrastructure | D&M | UAE | AED 0.1 billion |
Eagle Hills | Marine Work | D&M | UAE | AED 0.1 billion |
Other D&M Projects* | Multiple Projects | D&M | UAE | AED 0.6 billion |
NMDC Infra Projects | Multiple Projects | Infra | UAE | AED 0.3 billion |
Total Awarded Projects in 1Q26 | AED 1.8 billion |
*Instruction to proceed, contracts to be finalized
Expected Backlog Unwinding
AED (bn)
55.4
13.4
28.2
The Group enjoys a healthy pipeline which stood at AED 92 billion as at the end of March 2026
10.5
3.3
Backlog*
2026
2027
2028
2029
60.0
50.0
40.0
30.0
20.0
10.0
2030
0.0
* Backlog Includes NMDC LTS (EMDAD) backlog of AED1.7 bn, and AED0.3 billion related to change in scope/variation order for existing projects
Backlog Breakdown
Local Vs. International D&M Vs. Energy
International
Local
D&M
Energy
17%
36%
64%
83%
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NMDC Group 1Q2026 Earnings Release
Business Development
NMDC Infra acquires 51% stake in Spain's Lantania Aguas
In January, NMDC Infra acquired 51% stake in Spain's Lantania Aguas marking NMDC Group's first European market entry. The acquisition expands NMDC Infra's offering into the water and wastewater EPC sectors and aligns with the Group's strategic diversification objectives. With a backlog of AED 2 billion across several countries, Lantania Aguas will operate under the name Lantania NMDC Water, post completion of the acquisition which is subject to customary regulatory approvals.
NMDC Infra and CCC Complete the Establishment of NMDCCC
In January NMDC Group, through its wholly owned subsidiary NMDC Infra, and Consolidated Contractors Company (CCC) have completed the establishment of NMDCCC, a new joint venture focused on delivering onshore oil and gas EPC solutions in the UAE. Operating as a subsidiary of NMDC Infra, NMDCCC combines NMDC Group's scale and resources with CCC's long-standing expertise in complex energy projects to provide full-spectrum, high-quality EPC services across the energy infrastructure lifecycle.
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NMDC Group 1Q2026 Earnings Release
Crisis Management & HSE
Crisis Management Plan Activation
During the first quarter, NMDC Group's Crisis Management Team (CMT) played a pivotal role in safeguarding operations and reinforcing organizational resilience amid a dynamic risk environment. The CMT maintained continuous oversight through structured governance, real-time intelligence sharing, and disciplined escalation protocols, enabling timely and well-informed decision-making across Group and Business Unit levels.
A series of scenario-based drills and simulations were conducted to validate emergency response effectiveness and strengthen coordination across entities. In parallel, the CMT enhanced communication frameworks, including the implementation of clear incident reporting and escalation channels to ensure rapid information flow during critical situations. Targeted awareness initiatives were also delivered to employees to reinforce preparedness and confidence across sites and offices. These efforts were carried out in alignment with the UAE's robust national emergency management framework and relevant authorities, ensuring a unified, effective, and well-coordinated response.
Collectively, these actions ensured the protection of personnel, continuity of operations, and sustained stakeholder confidence, reflecting NMDC Group's commitment to excellence in crisis management and operational integrity.
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NMDC Group 1Q2026 Earnings Release
Zero Fatality Performance
Achieved 44.5 million manhours with zero fatalities, reflecting strong safety performance across all business units, demonstrating strong safety culture and operational discipline.
Crisis Mgmt. & Emergency Preparedness Enhancement
Strengthened readiness through drills, communication, and Crisis Management Team alignment
HSE Digitalization & Innovation
Connected Worker Systems.
Real-time HSE communication Systems.
Dust reduction Systems.
Electric Crane Conversion.
Mangrove planting
Emergency Preparedness Enhancement
HSE Management System Implementation
NMDC Energy and Aramco Launch 16,000 Mangrove Plantation Initiative
Hydrology Restoration
A hydrology restoration initiative has been implemented at Al Hudariyat Island to restore and improve natural water flow.
Solar Panel Installation
Solar panel installation completed at the Sites in place of the diesel generators, considering the growing need for sustainable energy solutions in project site offices.
NMDC Infra enhanced emergency preparedness through 31 drills, including real-threat scenarios, achieving a high level of operational readiness and resilience.
Reduction & Elimination of single-use plastics
Reduction and elimination of single-use plastics through using 100% scrap materials for waste-storage cages and introducing reusable bottles and refill stations.
Hazardous Waste Recycling
In alignment with its commitment to sustainability and the UAE's circular economy vision, the company has implemented a comprehensive Hazardous Waste Recycling Initiative.
NMDC LTS implementation of HSE Management System aligned with NMDC Group framework, strengthening governance, audit compliance, and operational standardization across marine units.
Training & Competency Development
33,915 trainees across training centers.
Advanced programs:
NEBOSH certifications.
Train-the-Trainer programs.
Practical scenario-based training.
Mental Health & Workforce Resilience Program
Enhanced workforce wellbeing and crisis readiness across operations.
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NMDC Group 1Q2026 Earnings Release
Sustainability & HSE
Disclaimer
This document might include forward-looking statements. The forward-looking statements contained in this document speak only as of the date of this document. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the control of NMDC Group (the Company) and all of which are based on current beliefs and expectations about future events. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as "believe", "expects", "may", "could", "should", "shall", "risk", "intends", "estimates", "aims", "plans", "predicts", "continues", "assumes", "positioned" or "anticipates" or the negative thereof, other variations thereon or comparable terminology. These forward- looking statements include all matters that are not historical facts. They appear in a number of places throughout this document and include statements regarding intentions, beliefs and current expectations concerning, among other things, results of operations, financial standing, liquidity, prospects, growth, strategies, and dividend policy and the industry in which the Company operates.
These forward-looking statements and other statements contained in this document regarding matters that are not historical facts as of the date of this document involve predictions. No assurance can be given that such future results will be achieved. There is no obligation or undertaking to update these forward-looking statements contained in this document to reflect any change in the expectations or any change in events, conditions, or circumstances on which such statements are based unless required to do so: (i) as a result of an important change with respect to a material point in this document; or (ii) by applicable laws of the UAE.
Actual events or results may difer materially as a result of risks and uncertainties that the Company faces. Such risks and uncertainties could cause actual results to vary materially from the future results indicated, expressed, or implied in such forward-looking statements.
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NMDC Group 1Q2026 Earnings Release
Group