Emaar Properties (EMAAR) Q3 2025 earnings summary

Executive summary

• Achieved record 9M 2025 results with revenue of AED 33.1 billion, up from AED 23.8 billion year-over-year, and net profit rising to AED 14.6 billion from AED 11.0 billion, driven by strong property sales, recurring operations, and robust domestic performance.

• Maintained leadership in UAE real estate, with significant expansion in recurring revenue streams and international markets.

• Upgraded credit and ESG ratings, reflecting financial strength and sustainability focus.

• Interim financial statements received an unqualified review conclusion from the independent auditor.

Financial highlights

• Group property sales reached AED 61 Bn, up 22% year-over-year; revenue at AED 33.1 Bn, up 39%.

• EBITDA grew 32% to AED 16.6 Bn; net profit attributable to equity holders rose 27% to AED 11.5 Bn; overall net profit for the period was AED 14.6 Bn.

• Gross profit margin at 55%; EBITDA margin at 50%; net profit margin at 44%.

• Cash balance of AED 61.7 Bn, net cash position of AED 51.7 Bn; cash and cash equivalents at period end were AED 46.5 Bn.

• Dividend yield at 6.8%, outperforming local benchmarks; dividend of AED 8.8 Bn (AED 1 per share) paid for 2024.

Outlook and guidance

• Revenue backlog from property sales exceeds AED 150.3 Bn, supporting future profitability.

• Focus on expanding recurring revenue portfolio, with major mall expansions and new hotel openings planned.

• Over 59,800 residential units to be delivered between 2025-2029 across domestic and international markets.

• Management expects continued strong performance, with no significant seasonality or cyclicality impacting interim operations.

• The Group is subject to the new UAE Domestic Minimum Top-up Tax and has recognized related expenses.