25 March 2026
Executive Summary
All figures in AED M
Total Revenue
Revenue by Division
19.4
12.5
Real Estate
20.8
Investment
4.0 Banking
81.5
78.8
-3%
62.6
37.5
Asset Management
FY-24 FY-25
FY-24 FY-25
FY-24 FY-25
103%
62
Operating Expenses FTEs (Headcount and Expenses) Net Operating Profit
77.6
84.3
FTEs59
35.4
44.0
Cost to Income
99%
1.2
FY-24 FY-25
FY-24 FY-25
(2.8)
FY-24 FY-25
Net Profit (Core Business) Net Profit (Reported) Assets under Management
4,896
4,895
0%
(18.5)
267.1
(92.2)
156.5
(72.1)
FY-24 FY-25
(18.5)
Net Profit (Core Business)
One-Off Income
One-Off Expenses
Net Profit (Reported)
FY-24 FY-25
Executive Summary (Cont'd)
FY-25 Financial Measures
Revenue reached AED 79 million in FY 2025, representing a slight 3% decline compared to the previous year. This decrease reflects lower revenues from certain public and private market strategies, partially offset by strong growth in Investment Banking and Real Estate income.
Operating income improved by AED 4 million year-on-year, moving from a loss of AED 3 million in FY 2024 to a profit of AED 1 million in FY 2025. This turnaround was driven primarily by the Group's workforce rationalization program, which generated cost savings exceeding AED 9 million and demonstrates the effectiveness of our operational optimization initiatives.
AED 156 million in Net Income, marking a significant turnaround from a net loss of AED 274 million in the prior year. Driven by net gains realized through the successful execution of our capital optimization strategy earlier in the year, this result highlights the Group's progress toward sustainable profitability.
Q4-25 Financial Measures
Q4 2025 delivered revenue growth reaching AED 18 million, a 4% year-on-year increase, primarily reflecting stronger real estate management fees linked to higher development activity.
The operating loss for the quarter narrowed to AED 3.2 million from a loss of AED 3.9 million in Q4 2024, reflecting the impact of the Group's operational optimization initiatives.
The Group reported net loss of AED 42 million in Q4 compared to AED 135 million net loss in Q4 2024.
FY-25 Key Metrics
FY 2025 delivered a return to positive operating margin of 1%, compared to -3% in the prior year.
The cost-to-income ratio improved four percentage points to 99%, compared to 103% in FY 2024, reflecting the Group's continued focus on cost discipline while progressively rebuilding its revenue base.
Net operating income for FY 2025 was higher by AED 4 million compared to the prior year.
Revenue reached AED 79 million, down from AED 82 million in FY 2024. The decrease was primarily driven by lower fees from Asset Management, partially offset by Investment Banking.
Operating expenses recorded an 8% decrease from FY 2024, driven by lower staff costs. The Group maintained fiscal discipline with full-year expenses.
Operating margins improved from a loss of AED 3 million in FY 2024 compared to AED 1 million in FY 2025, primarily due to lower costs.
Net profit (Core) reported a loss of AED 19 million, compared to a net loss of AED 72 million in the previous year.
Non-recurring charges in FY 2025 primarily consist of MCB gain.
Balance sheet optimization measures were taken in Q1 2025, including an increase in the company's share capital through the issuance of MCBs and the execution of settlement agreement with key creditor.
Equity of AED 554 million, up from AED 41 million in Q4 2024
Debt / Equity ratio of 0.73x, down from 24x in Q4 2024
Management remains committed to reducing the overall debt levels with a plan in place to manage remaining liabilities
Income Statement (AED M) | Q4-25 Actual | Q4-24 Actual | Y-o-Y Change | FY-25 Actual | FY-24 Actual | Y-o-Y Change | FY-25 FY-25 Act v. Actual Budget Bud |
Public Markets | 3.0 | 3.8 | (0.7) | 12.6 | 26.4 | (13.8) | 12.6 20.6 (8.0) |
Private Markets | 5.3 | 9.2 | (3.8) | 24.9 | 36.2 | (11.3) | 24.9 30.0 (5.1) |
Investment Banking | - | - | - | 17.2 | 0.4 | 16.9 | 17.2 19.3 (2.0) |
Fixed Income | 1.0 | 0.8 | 0.2 | 3.5 | 3.6 | (0.1) | 3.5 6.3 (2.8) |
Investment Management | 0.4 | 0.2 | 0.2 | 1.1 | 2.3 | (1.3) | 1.1 - 1.1 |
Real Estate | 8.2 | 3.3 | 4.9 | 19.4 | 12.5 | 6.9 | 19.4 26.3 (6.9) |
Total Revenues | 18.0 | 17.2 | 0.7 | 78.8 | 81.5 | (2.8) | 78.8 102.6 (23.8) |
Operating Expenses | (21.1) | (21.1) | (0.0) | (77.6) | (84.3) | 6.7 | (77.6) (79.6) 2.0 |
Staff Expenses | (10.1) | (10.7) | 0.6 | (35.4) | (44.0) | 8.5 | (35.4) (34.8) (0.7) |
G&A | (5.4) | (6.4) | 1.1 | (25.8) | (24.7) | (1.1) | (25.8) (27.6) 1.8 |
D&A | (2.4) | (2.3) | (0.0) | (9.5) | (9.4) | (0.1) | (9.5) (9.5) (0.1) |
Rebates | (3.2) | (1.6) | (1.6) | (6.8) | (6.2) | (0.7) | (6.8) (7.8) 1.0 |
Net Operating Income | (3.2) | (3.9) | 0.7 | 1.2 | (2.8) | 3.9 | 1.2 22.9 (21.8) |
Finance Cost | (7.0) | (18.9) | 11.9 | (28.5) | (77.5) | 49.0 | (28.5) (25.9) (2.6) |
Other Income & Expenses | 2.4 | 1.5 | 0.9 | 8.9 | 8.2 | 0.7 | 8.9 8.3 0.6 |
Net Profit | (7.7) | (21.3) | 13.5 | (18.5) | (72.1) | 53.6 | (18.5) 5.4 (23.8) |
Contribution from Subsidiaries | (4.2) | (3.2) | (1.0) | (10.9) | (19.7) | 8.8 | (10.9) (5.4) (5.5) |
Non-Recurring Items | (39.5) | (121.8) | 82.4 | 199.2 | (193.9) | 393.1 | 199.2 230.2 (31.0) |
Corporate Tax | 9.5 | 10.9 | (1.4) | (13.4) | 12.1 | (25.5) | (13.4) - (13.4) |
Net Profit to Common Shareholders | (42.0) | (135.4) | 93.4 | 156.5 | (273.6) | 430.1 | 156.5 230.2 (73.7) |
Key Metrics - Income Statement Operating Margin (%) excl. one-off items | (18%) | (22%) | 5% | 1% | (3%) | 5% | 1% | 22% | (21%) |
CIR (%) excl. one-off items | 118% | 122% | (5%) | 99% | 103% | (5%) | 99% | 78% | 21% |
Balance Sheet (AED M) Assets | 1,119 | 1,197 | (7%) | 1,119 | 1,197 | (7%) | |||
Liabilities | 565 | 1,156 | (51%) | 565 | 1,156 | (51%) | |||
Equity | 554 | 41 | 1,251% | 554 | 41 | 1,251% | |||
Debt | 407 | 999 | (59%) | 407 | 999 | (59%) | |||
Debt to Equity | 0.73x | 24.37x | (23.63)x | 0.73x | 24.37x | (23.63)x | |||
Return on Equity - Parent | 46% | NMF | NMF | 46% | NMF | NMF | |||
Debt to EBITDA | (9.80)x | (8.09)x | (1.71)x | 1.92x | (5.02)x | 6.94x |
Financial Summary
FY 2025 Financial Performance
Comments
Key Financial Highlights
AED M
Revenue
Operating Income
82
79
25
22
13
18
99%
103%
118%
138%
79%
82%
CIR
5
2
(5)
(3)
(3)
10
1
18
20
2
4
5
Q1-25 Q2-25 Q3-25 Q4-25 FY-24 FY-25
Q1-25 Q2-25 Q3-25 Q4-25 FY-24 FY-25
Run-Rate One-offs (non-recurring expenses)
Net Profit/(Loss) attributable to Owners of the Parent
Balance Sheet
196
156
19
(16)
(42)
(274)
0.7x
0.7x
0.6x
0.7x
24.4x
D/E Ratio
1,197
1,156
1,215
1,204
1,176
1,119
619 597
583 620
574 602
565 554
41
Q1-25 Q2-25 Q3-25 Q4-25 FY-24 FY-25
Q4-24 Q1-25 Q2-25 Q3-25 Q4-25
Assets Liabilities EquityRevenue Breakdown
Investment Banking
Asset Management
AED M
13
8
8
8
63
38
8
11
1
1
6
22
1.1
0.8
0.8
0.1
0.9
0.4
1.0
3.6
7.3
0.2
9.5
0.4
3.5
2.3
17.2
10
3
3
5 3
5 3
13
26
25
36
5
Q1-25 Q2-25 Q3-25 Q4-25 FY-24 FY-25
Public Markets Private MarketsQ1-25 Q2-25 Q3-25 Q4-25 FY-24 FY-25
Markets Investment Management AdvisoryReal Estate
Comments
4
4
3
8
13
19
0.7
0.8
2.5
0.6
0.7
2.6
0.6
0.7
2.0
0.6
7.0
0.6
2.6
2.6
10.0
14.1
Movements by revenue segment FY 2025 vs FY 2024:
Asset Management generated AED 38 million of revenue in FY 2025, supported by recurring fund management fees. Compared to the previous year, the Group collected lower management fees primarily due to private market impairments and pricing adjustments in public market funds aimed at maintaining long-term competitiveness.
Investment Banking delivered AED 22 million in revenue during the year, representing a
5.2x increase year-on-year. Despite the majority of this revenue being recognized during the first half of the year, the investment banking division continues to maintain a healthy pipeline of mandates.
Real Estate generated AED 19.4 million of revenue in FY 2025, reflecting a 55% increase year-on-year, driven by the recognition of development management fees corresponding with increased development activity. During the fourth quarter, the real estate segment recorded revenue of AED 8.2 million, representing a 148% increase year-on-year.
Q1-25 Q2-25 Q3-25 Q4-25 FY-24 FY-25
JLT Palm UKOperating Expense Breakdown
OPEX Evolution (AED M)
Comments
21
12
5
9
4
2
5
10
3
35
Q3-25
Q4-25
FY-24
FY-25
Staff expenses
G&A (i.e. Technology, Professional Fees)
D&A
Other
Subs
One-offs
2
7
8
Q2-25
Q1-25
2
8
9
44
10
4
3
2
1
3
4
26
25
11
7
10
19
6
9
19
20
Core Business
= AED 78 m
Core Business
= AED 84 m
108
123
34
24
22
27
Firm cost discipline maintained across the Group with the continued decline in operating expenses due to cost optimization initiatives undertaken in 2024 and sustained through 2025.
Core operating expenses decreased year-on-year in FY 2025, with staff costs declining progressively throughout the year following workforce rationalization measures
G&A expenses remained flat compared to FY 2024.
7
AppendixQuarterly P&L
FY 2025 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
60,045 | 16,581 | 13,598 | 12,585 | 17,281 |
17,248 | 0 | 375 | 9,527 | 7,346 |
4,607 | 1,355 | 1,041 | 1,173 | 1,039 |
51 | 19 | 11 | 10 | 11 |
81,951 | 17,954 | 15,025 | 23,295 | 25,677 |
(42,025) | (11,684) | (10,261) | (10,256) | (9,823) |
(49,398) | (16,901) | (10,490) | (8,248) | (13,760) |
(6,847) | (3,238) | (1,321) | (808) | (1,479) |
(9,564) | (2,384) | (2,388) | (2,373) | (2,418) |
(107,833) | (34,208) | (24,460) | (21,686) | (27,480) |
(25,883) | (16,254) | (9,434) | 1,609 | (1,803) |
(32,440) | (7,499) | (7,539) | (7,564) | (9,838) |
(897) | (897) | 0 | 0 | 0 |
(32,142) | (39,696) | 0 | 10,545 | (2,991) |
106 | 61 | (58) | 120 | (17) |
260,733 | (128) | 2,452 | 2,620 | 255,789 |
(17,894) | 2,257 | (1,866) | (1,702) | (16,583) |
14,141 | 4,387 | 0 | 16,820 | (7,066) |
165,724 | (57,770) | (16,446) | 22,448 | 217,491 |
(13,358) | 9,457 | 0 | (350) | (22,466) |
152,366 | (48,312) | (16,446) | 22,099 | 195,025 |
4,115 | 6,349 | 472 | (3,447) | 741 |
156,481 | (41,964) | (15,974) | 18,652 | 195,767 |
FY 2024* | Q4 2024* | Q3 2024 | Q2 2024 | Q1 2024 |
80,899 | 18,303 | 18,371 | 18,968 | 25,257 |
386 | 0 | 0 | 0 | 386 |
6,722 | 1,005 | 744 | 760 | 4,214 |
843 | 230 | 86 | 199 | 328 |
88,850 | 19,538 | 19,200 | 19,927 | 30,185 |
(53,889) | (12,042) | (12,645) | (13,273) | (15,930) |
(53,019) | (19,776) | (14,132) | (11,108) | (8,003) |
(6,197) | (1,623) | (2,514) | (1,036) | (1,024) |
(9,848) | (2,392) | (2,411) | (2,529) | (2,515) |
(122,953) | (35,833) | (31,703) | (27,945) | (27,471) |
(34,103) | (16,295) | (12,503) | (8,019) | 2,714 |
(76,675) | (20,379) | (20,470) | (22,745) | (13,080) |
244 | (475) | (819) | (818) | 2,356 |
(54,914) | (56,230) | 4,806 | (1,732) | (1,757) |
640 | 176 | (17) | 241 | 241 |
31,350 | 10,574 | 11,175 | 2,237 | 7,364 |
(55,492) | (16,648) | (6,230) | (1,039) | (31,575) |
(118,439) | (58,921) | 1,694 | 992 | (62,204) |
(307,387) | (158,198) | (22,363) | (30,883) | (95,943) |
12,103 | 10,889 | 0 | 0 | 1,213 |
(295,285) | (147,309) | (22,363) | (30,883) | (94,730) |
21,686 | 11,926 | 825 | 1,402 | 7,533 |
(273,599) | (135,383) | (21,538) | (29,481) | (87,196) |
AED '000
Management and performance fees Advisory fees
Total revenues
Trading and custody Others
Staff costs
Total expenses
Finance cost
Net foreign exchange gain/(loss)
Provision for impairment losses on financial assets Interest income
Other income/(expense)
Change in fair value gains/(losses) from financial assets at FVTPL Share of net profit /(loss) of investments in associates
Corporate tax (expense)/income Non-controlling interests
Operating profit/(loss)
Net profit/(loss) attributable to shareholders
Net profit/(loss)
Profit/(loss) before corporate tax
General and administrative expenses Fee and commission expense Depreciation and amortisation
Balance Sheet Summary
AED '000 Assets | 31-Dec 2025 | 30-Sep 2025 | 30-Jun 2025 | 31-Mar 2025 | 31-Dec 2024* | 30-Sep 2024 | 30-Jun 2024 | 31-Mar 2024 | 31-Dec 2023 | ||||||||
Cash and deposits with banks | 50,104 | 34,086 | 41,828 | 87,371 | 43,176 | 30,922 | 22,891 | 32,994 | 33,178 | ||||||||
Receivables and other debit balances | 94,819 | 117,999 | 120,799 | 111,577 | 112,381 | 166,852 | 167,152 | 175,646 | 151,408 | ||||||||
Loans, advances and finance leases | 59,261 | 84,991 | 90,990 | 85,038 | 83,600 | 98,034 | 101,934 | 106,743 | 108,110 | ||||||||
Financial assets at fair value | 18,583 | 20,490 | 30,317 | 27,731 | 41,359 | 72,671 | 72,946 | 259,914 | 337,813 | ||||||||
Investments in associates | 349,804 | 377,533 | 378,169 | 361,349 | 368,415 | 453,608 | 455,062 | 458,591 | 529,038 | ||||||||
Property and equipment | 10,052 | 4,748 | 4,737 | 5,036 | 10,548 | 14,474 | 16,425 | 20,084 | 20,515 | ||||||||
Goodwill and other intangible assets | 536,060 | 536,489 | 536,918 | 537,346 | 537,775 | 538,203 | 538,632 | 539,060 | 541,438 | ||||||||
Total Assets | 1,118,683 | 1,176,336 | 1,203,758 | 1,215,448 | 1,197,254 | 1,374,764 | 1,375,042 | 1,593,032 | 1,721,500 | ||||||||
Liabilities | |||||||||||||||||
Payables and other credit balances | 157,841 | 173,020 | 184,744 | 197,255 | 157,163 | 192,964 | 180,216 | 357,744 | 371,661 | ||||||||
Other financial liabilities | 86,836 | 86,212 | 84,921 | 108,615 | 144,687 | 143,835 | 141,963 | 139,682 | 137,156 | ||||||||
Borrowings | 320,469 | 315,190 | 313,619 | 312,811 | 854,526 | 858,795 | 849,619 | 861,606 | 862,972 | ||||||||
Payables to unit holders | - | - | - | - | - | - | - | - | - | ||||||||
Total Liabilities | 565,146 | 574,422 | 583,284 | 618,681 | 1,156,376 | 1,195,594 | 1,171,798 | 1,359,032 | 1,371,789 | ||||||||
Equity | |||||||||||||||||
Share capital | 3,659,023 | 3,659,023 | 3,659,023 | 3,659,023 | 2,535,720 | 2,535,720 | 2,535,720 | 2,535,720 | 2,535,720 | ||||||||
Share premium | 52,579 | 52,579 | 52,579 | 52,579 | 52,579 | 52,579 | 52,579 | 52,579 | 52,579 | ||||||||
Statutory reserve | 49,631 | 49,631 | 49,631 | 49,631 | 49,631 | 49,631 | 49,631 | 49,631 | 49,631 | ||||||||
Other reserves | (2,234,631) | (2,234,607) | (2,239,078) | (2,238,833) | (1,475,534) | (1,486,407) | (1,482,938) | (1,483,013) | (1,465,136) | ||||||||
Accumulated losses | (945,707) | (903,744) | (887,769) | (906,423) | (1,102,188) | (966,806) | (945,267) | (915,787) | (828,590) | ||||||||
Equity attributable to Owners | 580,895 | 622,882 | 634,386 | 615,977 | 60,208 | 184,717 | 209,725 | 239,130 | 344,204 | ||||||||
Non controlling interest | (27,358) | (20,968) | (13,912) | (19,210) | (19,330) | (5,547) | (6,481) | (5,130) | 5,507 | ||||||||
Total equity | 553,537 | 601,914 | 620,474 | 596,767 | 40,878 | 179,170 | 203,244 | 234,000 | 349,711 | ||||||||
Total Equity and Liabilities | 1,118,683 | 1,176,336 | 1,203,758 | 1,215,448 | 1,197,254 | 1,374,764 | 1,375,042 | 1,593,032 | 1,721,500 | ||||||||
Debt to Equity | 74% | 67% | 64% | 71% | NMF | 560% | 512% | 531% | 352% | ||||||||
Liabilities to Equity | 102% | 95% | 94% | 104% | NMF | 667% | 577% | 581% | 392% |
SHUAA Capital p.s.c.
Head Office: The H Hotel Dubai, Office Tower, Level 15, Office No. 1502
P.O. Box: 31045, Dubai, United Arab Emirates Tel: +971 (4) 330-3600, Fax: +971 (4) 330-3550
E-mail: IR@shuaa.com Website: https://www.shuaa.com
10
A financial investment company licensed and regulated by the U.A.E. Capital Market Authority under registration number 703036. Commercial License No. 200219