Emaar Properties and Emaar Development 1Q26 Earnings Update

Emaar Properties reported a strong 1Q26 with revenue and profit beating consensus by roughly 10%, driven by its recurring revenue business. Emaar Development performed in line with expectations with steady margins.

Key Takeaways

• 1.Emaar Properties (EP) delivered a significant 1Q26 earnings beat, with revenue 9% and net income 10% above consensus estimates.
• 2.Emaar Development (ED) results were broadly in-line with consensus, with solid execution in the development business and a net margin of 42.6%.
• 3.The performance was resilient despite regional geopolitical conflict impacting Dubai real estate activity in March 2026.

Table of Contents

• Key highlights from results
• Emaar Development:
• Emaar ex.ED:
• Group margins:
• EP's UAE Development (excluding Emaar Development):
• Emaar International:
• Malls and Commercial Leasing:
• Hospitality, Leisure, and Entertainment:
• Recurring revenue-generating business
• Price Target Risks and Methodology - Emaar Properties
• Price Target Risks and Methodology - Emaar Development
• Disclosure Appendix

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