SHUAA Capital (SHUAA) investor relations material

Executive summary

• Net income for the first nine months of 2025 reached AED 201 million, reversing a net loss in the prior year, driven by capital optimization and restructuring gains.

• Revenues for the first nine months were AED 63.997 million, down 6% year-over-year, mainly due to lower Asset Management income, partially offset by Investment Banking growth.

• Operating income improved to AED 5 million YTD from a loss of AED 2 million last year, reflecting cost-saving measures.

• Accumulated losses reduced to AED 904 million from AED 1,102 million at 31 December 2024.

• Major capital restructuring completed via conversion of mandatory convertible bonds and new share issuance.

Financial highlights

• Operating expenses fell to AED 57 million YTD, reflecting ongoing cost optimization.

• EBITDA for 9M 2025 was AED 253 million, up from negative AED 76 million in 9M 2024.

• Operating margin improved to 8% YTD from -3% last year; Q3 margin was -35% versus -20% in Q3 2024.

• Borrowings reduced to AED 315 million from AED 854 million at year-end 2024, reflecting debt restructuring and conversions.

• Total assets stood at AED 1,176 million, with total liabilities at AED 574 million as of 30 September 2025.

Outlook and guidance

• Management targets a cost-to-income ratio of 65% through further revenue-enhancing initiatives and expects a rebound in Real Estate segment fees in Q4.

• Investment Banking segment anticipates closing several mandates in Q4 and early 2026.

• Management assessed the going concern basis as appropriate, citing operational profitability, improved liquidity, and successful capital raising.

• Ongoing negotiations for restructuring a term loan of AED 208 million, with a one-year waiver of default events secured.