Financials Emaar Properties

Equities

EMAAR

AEE000301011

Real Estate Development & Operations

Market Closed - Dubai FM Other stock markets 04:25:03 10/07/2025 pm IST			5-day change	1st Jan Change
14.00 ^AED	0.00%		+4.09%	+8.95%

08/07	MIDEAST STOCKS-Gulf stocks mixed on US tariff uncertainty	RE
08/07	MIDEAST STOCKS-Major Gulf bourses subdued on US tariff uncertainty	RE

Projected Income Statement: Emaar Properties

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	19,710	28,270	24,926	26,750	35,505	44,036	49,916	58,755
Change	-	43.43%	-11.83%	7.32%	32.73%	24.03%	13.35%	17.71%
EBITDA ¹	4,023	8,057	9,816	16,033	19,277	20,873	24,895	27,607
Change	-	100.28%	21.83%	63.34%	20.23%	8.28%	19.27%	10.89%
EBIT ¹	2,579	6,649	7,228	12,671	15,722	18,760	22,256	25,864
Change	-	157.75%	8.72%	75.3%	24.08%	19.32%	18.64%	16.21%
Interest Paid ¹	-1,096	-1,295	-981.4	-1,039	-940.9	-914	-858.9	-858.9
Earnings before Tax (EBT) ¹	3,293	6,124	8,477	15,062	18,900	20,912	25,911	29,954
Change	-	85.98%	38.42%	77.68%	25.48%	10.64%	23.9%	15.61%
Net income ¹	2,617	3,800	6,832	11,630	13,514	14,881	17,605	20,679
Change	-	45.2%	79.79%	70.23%	16.2%	10.12%	18.3%	17.46%
Announcement Date	14/02/21	14/02/22	14/02/23	08/02/24	13/02/25	-	-	-

¹AED in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1
Net sales ¹	3,205	4,342	6,336	5,993	6,506	6,832	8,938	6,635	6,940	5,326	6,025	6,290	5,978	6,102	8,380	6,723	7,684	9,385	11,713	10,098	10,265	11,270	11,881	13,272
Change	-	35.47%	45.94%	-5.41%	8.56%	5.01%	30.82%	-25.76%	4.58%	-23.25%	13.12%	4.4%	-4.96%	2.07%	37.33%	-19.77%	14.29%	22.14%	24.81%	-13.79%	1.66%	9.78%	5.42%	11.71%
EBITDA ¹	-	-	-	-	-	-	-	-	2,773	2,079	2,268	4,000	2,405	4,409	5,219	4,374	3,591	4,671	6,641	5,402	5,284	5,806	6,650	6,732
Change	-	-	-	-	-	-	-	-	-	-25.03%	9.13%	76.33%	-39.88%	83.33%	18.37%	-16.19%	-17.9%	30.08%	42.18%	-18.66%	-2.19%	9.88%	14.53%	1.24%
EBIT ¹	173.2	694.7	733.4	1,379	1,423	1,303	2,431	2,382	2,365	1,704	835.2	2,485	2,029	4,004	4,232	3,030	4,189	4,299	5,370	4,655	4,708	5,114	4,890	6,295
Change	-	301.13%	5.56%	88.08%	3.2%	-8.44%	86.55%	-2.04%	-0.68%	-27.94%	-51%	197.53%	-18.35%	97.34%	5.7%	-28.41%	38.25%	2.63%	24.91%	-13.31%	1.13%	8.64%	-4.38%	28.71%
Charge d'intérêts ¹	-	-215.2	-	-236.3	-	-257.6	-540.3	-233	-248.3	-256.2	-243.9	-232.1	-248.5	-260.9	-297.9	-233.2	-258.2	-178.8	-270.7	-	-229	-	-	-
Earnings before Tax (EBT) ¹	-	618.4	-	-	-	1,534	1,880	2,702	2,533	1,857	1,385	3,679	2,165	4,167	5,052	4,265	3,489	4,673	6,473	-	5,490	-	-	-
Change	-	-	-	-	-	-	22.57%	43.72%	-6.24%	-26.7%	-25.41%	165.64%	-41.15%	92.47%	21.23%	-15.57%	-18.19%	33.94%	38.52%	-	-	-	-	-
Net income ¹	1,198	429.5	180.9	656.5	903.6	1,018	1,222	2,239	2,061	1,490	1,042	3,206	1,740	3,291	3,393	2,921	2,419	3,183	4,991	3,709	3,767	4,236	4,934	4,999
Change	-	-64.14%	-57.89%	262.94%	37.63%	12.64%	20.06%	83.23%	-7.94%	-27.72%	-30.1%	207.82%	-45.73%	89.14%	3.11%	-13.92%	-17.19%	31.58%	56.8%	-25.69%	1.57%	12.46%	16.46%	1.33%
Announcement Date	13/08/20	12/11/20	14/02/21	10/05/21	13/08/21	14/11/21	14/02/22	13/05/22	12/08/22	14/11/22	14/02/23	11/05/23	10/08/23	09/11/23	08/02/24	14/05/24	08/08/24	11/11/24	13/02/25	08/05/25	-	-	-	-

¹AED in Million

Estimates

Forecast Balance Sheet: Emaar Properties

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	15,090	9,922	-3,791	-21,584	-40,370	-47,412	-58,152	-65,282
Change	-	-34.25%	-138.21%	-469.35%	-87.04%	-17.44%	-22.65%	-12.26%
Announcement Date	14/02/21	14/02/22	14/02/23	08/02/24	13/02/25	-	-	-

¹AED in Million

Estimates

Cash Flow Forecast: Emaar Properties

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	2,156	2,469	1,403	1,173	1,281	1,631	1,591	1,578
Change	-	14.51%	-43.17%	-16.41%	9.17%	27.34%	-2.46%	-0.82%
Free Cash Flow (FCF) ¹	1,389	9,448	17,539	18,658	23,201	32,532	27,118	26,355
Change	-	580.23%	85.64%	6.38%	24.35%	40.22%	-16.64%	-2.81%
Announcement Date	14/02/21	14/02/22	14/02/23	08/02/24	13/02/25	-	-	-

¹AED in Million

Estimates

Forecast Financial Ratios: Emaar Properties

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	20.41%	28.5%	39.38%	59.94%	54.29%	47.4%	49.87%	46.99%
EBIT Margin (%)	13.09%	23.52%	29%	47.37%	44.28%	42.6%	44.59%	44.02%
EBT Margin (%)	16.71%	21.66%	34.01%	56.31%	53.23%	47.49%	51.91%	50.98%
Net margin (%)	13.28%	13.44%	27.41%	43.48%	38.06%	33.79%	35.27%	35.2%
FCF margin (%)	7.05%	33.42%	70.36%	69.75%	65.35%	73.88%	54.33%	44.86%
FCF / Net Income (%)	53.07%	248.62%	256.72%	160.43%	171.68%	218.61%	154.03%	127.45%
Profitability
ROA	2.7%	3.17%	5.4%	8.56%	9.02%	8%	8.3%	8.7%
ROE	5.68%	6.48%	10.45%	15.85%	16.57%	16.95%	18.24%	19.19%
Financial Health
Leverage (Debt/EBITDA)	3.75x	1.23x	-	-	-	-	-	-
Debt / Free cash flow	10.86x	1.05x	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	10.94%	8.73%	5.63%	4.38%	3.61%	3.7%	3.19%	2.68%
CAPEX / EBITDA (%)	53.6%	30.64%	14.29%	7.32%	6.64%	7.81%	6.39%	5.71%
CAPEX / FCF (%)	155.24%	26.13%	8%	6.29%	5.52%	5.01%	5.87%	5.99%
Items per share
Cash flow per share ¹	0.2985	1.479	2.304	2.244	2.77	2.539	2.991	3.762
Change	-	395.51%	55.77%	-2.62%	23.45%	-8.33%	17.78%	25.81%
Dividend per Share ¹	0.1	0.15	0.25	0.5	1	1.011	1.025	0.9714
Change	-	50%	66.67%	100%	100%	1.11%	1.37%	-5.23%
Book Value Per Share ¹	7.927	7.542	7.81	8.794	9.665	10.41	10.96	12.11
Change	-	-4.85%	3.55%	12.59%	9.91%	7.71%	5.24%	10.57%
EPS ¹	0.37	0.52	0.83	1.32	1.53	1.688	2.017	2.396
Change	-	40.54%	59.62%	59.04%	15.91%	10.31%	19.52%	18.79%
Nbr of stocks (in thousands)	71,59,739	81,79,739	88,38,790	88,38,790	88,38,790	88,38,790	88,38,790	88,38,790
Announcement Date	14/02/21	14/02/22	14/02/23	08/02/24	13/02/25	-	-	-