Shuaa Capital (p.s.c)DFM: SHUAA

Earnings Presentation Q1 2026

May 14, 2026 at 6:38 PM UTC · Issued by Shuaa Capital (p.s.c)

‌SHUAA Capital Earnings Presentation Q1 2026

14 May 2026

‌8.9

4.5

8.2

18.0

18.2

8.3

Asset Management

1.4

Investment Banking

4.9

Real Estate

Q4-25 Q1-26

120%

118%

Operating Expenses FTEs (Headcount and Expenses) Net Operating Profit

21.8

FTEs

Cost to Income

10.1

10.4

+3%

21.1

(3.2)

-13%

(3.6)

Q4-25 Q1-26

Net Profit (Core Business) Net Profit (Reported) Assets under Management

(3.0)

1.4

4,896

4,988

+0%

(3.0)

(7.7)

Q4-25 Q1-26

Net Profit (Core Business)

One-Off Income

(8.1)

One-Off Expenses

(9.7)

Net Profit (Reported)

Q4-25 Q1-26

Executive Summary

All figures in AED M

Total Revenue

Revenue by Division

‌Executive Summary (Cont'd)

Financial Measures

The Group delivered a significant improvement in bottom-line performance, with net loss narrowing to AED 10 million in Q1 2026 from AED 42 million in Q4 2025, primarily reflecting the absence of the material non-recurring charges incurred in the prior quarter
Core revenue remained stable at AED 18 million, supported by steady fee income and growing trading activity
Operating loss increased modestly to AED 3.6 million, from AED 3.2 million in Q4 2025, driven by marginally higher staff costs reflecting the Group's ongoing investment in its teams, while overall expenditure remained within planned levels
Despite continued pressures, underlying performance trends indicate gradual recovery, with a stronger focus on consolidating recurring revenue streams and cost discipline

Key Metrics

The Group's operating margin stood at negative 20% in Q1 2026, compared to negative 18% in Q4 2025, reflecting near-term cost pressures as the Group continues to invest in rebuilding its operational platform
The cost-to-income ratio increased marginally by 2 percentage points to 120%, reflecting slightly higher operating expenses quarter-on-quarter, with cost discipline maintained in line with budget expectations
The debt-to-equity ratio remained broadly stable at 0.75x, consistent with the significantly strengthened capital position established during 2025

Key Achievements

MoU signed with Gate Capital to launch the first Saudi fuel retail champion platform
Strategic partnership with Key Capital announced to lead MENA's VC secondaries market
Launched SHUAA's equity trading business

‌Financial Summary

Q1 2026 Financial Performance

Comments

Income Statement (AED M)

Income Statement

Revenue remained stable at AED 18 million quarter-on-quarter, supported by growth in fixed income activity and steady asset management fee income, highlighting resilience in core business lines.
Operating expenses increased modestly quarter-on-quarter, primarily reflecting higher staff costs as the Group continues to invest in growing its teams across key business lines, while overall spend remained within planned levels.
Core net loss improved significantly to AED 3 million in Q1 2026, compared to AED 8 million in Q4 2025, driven by improvements in underlying operations and lower finance costs following the debt restructuring.
The reported net loss narrowed to AED 10 million in Q1 2026 from AED 42 million in Q4 2025, primarily reflecting the absence of the significant non-recurring charges incurred in the prior quarter. The year-on-year comparison reflects the exceptional nature of Q1 2025, which included AED 222 million of non-recurring income related to the Group's capital optimization initiatives.
Balance Sheet
The Group maintained the strengthened capital position established through its 2025 balance sheet optimization initiatives.
Equity stood at AED 543 million as of 31 March 2026, broadly in line with AED 554 million at December 2025.
The debt-to-equity ratio remained stable at 0.75x, reflecting continued financial discipline and a manageable leverage profile.
Management remains focused on further deleveraging and liability management, with a clear roadmap to reduce financial risk and enhance long-term stability.

Q1-26 Actual	Q4-25 Actual	Q-o-Q Change	Q1-26 Q1-25 Y-o-Y Actual Actual Change
3.7	3.0	0.7	3.7	3.3	0.4
5.2	5.3	(0.2)	5.2	9.6	(4.4)
-	-	-	-	7.3	(7.3)
3.1	1.0	2.1	3.1	0.8	2.2
1.4	0.4	1.0	1.4	0.2	1.2
4.9	8.2	(3.3)	4.9	4.0	0.9
18.2	18.0	0.3	18.2 25.2 (7.0)
(21.8)	(21.1)	(0.7)	(21.8) (20.6) (1.2)
(10.4)	(10.1)	(0.3)	(10.4)	(8.6)	(1.9)
(6.8)	(5.4)	(1.4)	(6.8)	(8.2)	1.4
(2.4)	(2.4)	0.0	(2.4)	(2.4)	(0.0)
(2.2)	(3.2)	1.0	(2.2) (1.5) (0.7)
(3.6)	(3.2)	(0.4)	(3.6) 4.6 (8.2)
(1.8)	(7.0)	5.2	(1.8)	(7.5)	5.7
2.4	2.4	(0.0)	2.4 2.1 0.3
(3.0)	(7.7)	4.7	(3.0) (0.8) (2.2)
(2.1)	(4.2)	2.1	(2.1) (2.6) 0.5
(5.7)	(39.5)	33.8	(5.7) 221.7 (227.3)
1.1	9.5	(8.3)	1.1 (22.5) 23.6
(9.7)	(42.0)	32.3	(9.7) 195.8 (205.4)

Public Markets Private Markets Investment Banking Fixed Income Equity Trading

Total Revenues Operating Expenses

Real Estate

Staff Expenses G&A

Net Operating Income

D&A Rebates

Finance Cost

Net Loss

Other Income & Expenses

Net Profit to Common Shareholders

Contribution from Subsidiaries Non-Recurring Items Corporate Tax

Key Metrics - Income Statement

Operating Margin (%) excl. one-off items (20%) (18%) (2%) (20%) 18% (38%)

CIR (%) excl. one-off items 120% 118% 2% 120% 82% 38%

Balance Sheet (AED M)

Assets 1,139 1,119 2% 1,139 1,215 (6%)

Liabilities 596 565 5% 596 619 (4%)

Equity 543 554 (2%) 543 597 (9%)

Debt 409 407 0% 409 421 (3%)

Debt to Equity 0.75x 0.73x 0.02x 0.75x 0.71x 0.05x

Return on Equity - Parent (4%) 46% (50%) (4%) 55% (59%)

‌Key Financial Highlights

AED M

Revenue

Operating Income

(3)

(4)

(2)

(5)

120%

118%

138%

79%

(3)

(10)

CIR

Q2-25 Q3-25 Q4-25 Q1-26

Run-Rate One-offs (non-recurring expenses)

Net Profit/(Loss) attributable to Owners of the Parent

Balance Sheet

D/E Ratio

(10)

(16)

0.6x

0.7x

0.8x

583

620

574

602

565

554

596

543

1,204 1,176 1,119 1,139

(42)

Q2-25 Q3-25 Q4-25 Q1-26

Assets Liabilities Equity

‌Revenue Breakdown

Investment Banking

Asset Management

AED M

7.9

8.4

8.9

10.7

1.4

4.4

1.4

0.0

3.1

0.4

1.0

0.1

0.9

0.4

0.8

9.5

3.0

3.1

3.2

3.7

4.7

5.3

5.2

Q2-25 Q3-25 Q4-25 Q1-26

Public Markets Private Markets

Q2-25 Q3-25 Q4-25 Q1-26

Fixed Income Equity Trading Advisory

Real Estate

Comments

3.9

3.3

8.2

4.9

0.7

2.6

0.6

0.7

2.0

0.6

7.0

0.6

3.6

0.6

Asset Management recorded AED 9 million in revenue in Q1 2026, reflecting stable performance underpinned by recurring fund management fees and a resilient mandate base. The segment continues to provide consistent earnings visibility.
Investment Banking generated AED 4 million revenue in Q1 2026. Fixed income was the primary driver of performance, with revenue increasing significantly quarter-on-quarter supported by team expansion and current market conditions. The equity trading business, launched during the quarter with a dedicated team, also began contributing to results, with revenue of AED 1.4 million during the quarter. Advisory revenue was limited in Q1 2026, reflecting the timing of transactions, with activity expected to improve in subsequent periods.
Real Estate delivered AED 5 million in revenue in Q1 2026, representing a 23% year-on-year increase, supported by higher development management fee recognition and ongoing project activity. The quarter-on-quarter decline reflects lower development fee recognition compared to Q4 2025, which benefited from elevated project activity.

0.7

Q2-25 Q3-25 Q4-25 Q1-26

JLT Palm UK

‌Operating Expense Breakdown

OPEX Evolution (AED M)

Comments

One-offs

Subs

Other

D&A

G&A (i.e. Technology, Professional Fees)

Staff costs

Q1-26

Q4-25

Q3-25

Q2-25

Core Business

= AED 22 m

Core Business

= AED 21 m

The Group maintained strong cost discipline, with operating expenses continuing to trend below prior peak levels following the cost optimization initiatives implemented in 2024 and sustained through early 2026.

Core operating expenses remained stable at approximately AED 22 million in Q1 2026, reflecting a leaner cost base, while overall OPEX declined significantly compared to Q4 2025 due to the absence of one-off costs incurred in the prior quarter.
Staff costs reflect the Group's ongoing investment in growing its teams across key business lines, in line with its strategic priorities.
G&A expenses demonstrate continued tight control over discretionary spending, particularly across technology and professional fees.
The overall cost profile reflects a structurally leaner expense base, positioning the Group to benefit from operating leverage as revenue continues to recover.

‌Appendix

‌Quarterly P&L

Q1 2026

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

AED '000

Management and performance fees 13,916

Advisory fees 0

Trading and custody 4,449

Others		0
Total revenues		18,365
Staff costs		(11,585)
General and administrative expenses		(9,910)
Fee and commission expense		(2,207)
Depreciation and amortisation		(2,382)
Total expenses		(26,084)
Operating profit/(loss)		(7,719)

Finance cost (2,323)

Net foreign exchange gain/(loss) (19)

Provision for impairment losses on financial assets 0

Interest income 6

Other income/(expense) 2,463

Change in fair value gains/(losses) from financial assets at FVTPL 6

Share of net profit /(loss) of investments in associates		(3,404)
Profit/(loss) before corporate tax		(10,989)
Corporate tax (expense)/income		1,117
Net profit/(loss)		(9,872)
Non-controlling interests		215
Net profit/(loss) attributable to shareholders		(9,658)

‌Balance Sheet Summary

AED '000 Assets	31-Mar 2026	31-Dec 2025	30-Sep 2025	30-Jun 2025	31-Mar 2025	31-Dec 2024*	30-Sep 2024	30-Jun 2024	31-Mar 2024
Cash and deposits with banks	107,667	50,104	34,086	41,828	87,371	43,176	30,922	22,891	32,994
Receivables and other debit balances	99,130	94,819	117,999	120,799	111,577	112,381	166,852	167,152	175,646
Loans, advances and finance leases	14,603	59,261	84,991	90,990	85,038	83,600	98,034	101,934	106,743
Financial assets at fair value	27,461	18,583	20,490	30,317	27,731	41,359	72,671	72,946	259,914
Investments in associates	346,400	349,804	377,533	378,169	361,349	368,415	453,608	455,062	458,591
Property and equipment	8,099	10,052	4,748	4,737	5,036	10,548	14,474	16,425	20,084
Goodwill and other intangible assets	535,632	536,060	536,489	536,918	537,346	537,775	538,203	538,632	539,060
Total Assets	1,138,992	1,118,683	1,176,336	1,203,758	1,215,448	1,197,254	1,374,764	1,375,042	1,593,032
Liabilities
Payables and other credit balances	186,236	157,841	173,020	184,744	197,255	157,163	192,964	180,216	357,744
Other financial liabilities	87,369	86,836	86,212	84,921	108,615	144,687	143,835	141,963	139,682
Borrowings	322,110	320,469	315,190	313,619	312,811	854,526	858,795	849,619	861,606
Payables to unit holders	-	-	-	-	-	-	-	-	-
Total Liabilities	595,715	565,146	574,422	583,284	618,681	1,156,376	1,195,594	1,171,798	1,359,032
Equity
Share capital	3,659,023	3,659,023	3,659,023	3,659,023	3,659,023	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	(2,234,595)	(2,234,631)	(2,234,607)	(2,239,078)	(2,238,833)	(1,475,534)	(1,486,407)	(1,482,938)	(1,483,013)
Accumulated losses	(955,365)	(945,707)	(903,744)	(887,769)	(906,423)	(1,102,188)	(966,806)	(945,267)	(915,787)
Equity attributable to Owners	571,273	580,895	622,882	634,386	615,977	60,208	184,717	209,725	239,130
Non controlling interest	(27,996)	(27,358)	(20,968)	(13,912)	(19,210)	(19,330)	(5,547)	(6,481)	(5,130)
Total equity	543,277	553,537	601,914	620,474	596,767	40,878	179,170	203,244	234,000

Total Equity and Liabilities	1,138,992	1,118,683	1,176,336	1,203,758	1,215,448	1,197,254	1,374,764	1,375,042	1,593,032

Debt to Equity	75%	74%	67%	64%	71%	NMF	560%	512%	531%
Liabilities to Equity	110%	102%	95%	94%	104%	NMF	667%	577%	581%

‌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

A financial investment company licensed and regulated by the U.A.E. Capital Market Authority under registration number 703036. Commercial License No. 200219

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