Emaar Group 1Q26 Earnings Call Takeaways

Emaar Group's 1Q26 earnings call highlighted a strategic moderation in new property launches due to regional conflict, while core mall assets remain fully occupied and resilient. Management emphasized maintaining pricing discipline and a healthy balance sheet despite a significant hit to the hospitality segment.

Key Takeaways

• 1.Management has phased out launch plans and moderated property sales due to sentiment shifts following the recent conflict, though they believe demand remains structurally sound.
• 2.The Malls business remains highly resilient with 98% overall occupancy and 100% occupancy at core assets like Dubai Mall and Dubai Hills Mall.
• 3.Default rates remain extremely low at 0.7%, and the company holds very limited finished inventory (approximately 2 months).

Table of Contents

• Update on recent conflict
• 1Q26 sales and guidance
• Default rates
• Inventory
• Prices and payment plans
• Risk from raw material prices/availability and execution
• Customer mix
• Performance of Malls and outlook
• Hospitality
• International operations
• Dividend
• Capital Allocation
• Price Target Risks and Methodology - Emaar Properties
• Price Target Risks and Methodology - Emaar Development

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