Financials Emaar Properties

Equities

EMAAR

AEE000301011

Real Estate Development & Operations

Market Closed - Dubai FM Other stock markets 04:30:05 14/01/2026 pm IST			5-day change	1st Jan Change
14.45 ^AED	-1.37%		-0.34%	+2.85%

14/01	Mideast stocks - Most Gulf markets retreat on geopolitical woes	RE
12/01	Mideast stocks-Saudi leads Gulf stocks higher; Egypt extends rally to record high	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	45,385	54,796	64,139
Change	-	43.43%	-11.83%	7.32%	32.73%	27.83%	20.74%	17.05%
EBITDA ¹	4,023	8,057	9,816	16,033	19,277	22,476	26,473	30,801
Change	-	100.28%	21.83%	63.34%	20.23%	16.6%	17.78%	16.35%
EBIT ¹	2,579	6,649	7,228	12,671	15,722	20,251	24,843	28,220
Change	-	157.75%	8.72%	75.3%	24.08%	28.8%	22.68%	13.6%
Interest Paid ¹	-1,096	-1,295	-981.4	-1,039	-940.9	-927.4	-940.9	-940.9
Earnings before Tax (EBT) ¹	3,293	6,124	8,477	15,062	18,900	22,506	26,606	32,145
Change	-	85.98%	38.42%	77.68%	25.48%	19.08%	18.21%	20.82%
Net income ¹	2,617	3,800	6,832	11,630	13,514	15,539	18,693	22,558
Change	-	45.2%	79.79%	70.23%	16.2%	14.99%	20.29%	20.67%
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 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	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	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	9,736	13,273	13,195	12,232	13,300	13,794	-	-	-	-
Change	-	-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%	-3.58%	36.33%	-0.59%	-7.3%	8.73%	3.71%	-	-	-	-
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	4,962	-	6,698	5,589	6,078	6,283	9,121	8,395	8,966	8,400
Change	-	-	-	-	-	-	-	-25.03%	9.13%	76.33%	-39.88%	83.33%	18.37%	-16.19%	-17.9%	30.08%	42.18%	-18.66%	-8.15%	-	-	-16.56%	8.74%	3.38%	45.16%	-7.96%	6.8%	-6.31%
EBIT ¹	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	4,370	5,799	6,082	5,715	6,199	6,281	-	-	-	-
Change	-	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%	-6.12%	32.71%	4.88%	-6.04%	8.47%	1.31%	-	-	-	-
Charge d'intérêts	-	-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	-	-226.4	-228.7	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	-	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	-	4,990	6,322	4,754	4,276	4,766	5,098	8,388	7,678	8,261	7,709
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%	-	-	26.7%	-24.81%	-10.05%	11.47%	6.97%	64.55%	-8.47%	7.6%	-6.68%
Net income ¹	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	3,371	4,373	4,596	3,629	3,927	3,978	5,653	5,355	5,719	5,145
Change	-	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%	-9.12%	29.75%	5.1%	-21.05%	8.21%	1.32%	42.08%	-5.27%	6.8%	-10.03%
Announcement Date	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	06/08/25	07/11/25	-	-	-	-	-	-	-	-

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	-57,015	-72,688	-84,825
Change	-	-34.25%	-138.21%	-469.35%	-87.04%	-41.23%	-27.49%	-16.7%
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	1,593	1,952	2,144
Change	-	14.51%	-43.17%	-16.41%	9.17%	24.42%	22.52%	9.85%
Free Cash Flow (FCF) ¹	1,389	9,448	17,539	18,658	23,201	25,351	27,301	28,189
Change	-	580.23%	85.64%	6.38%	24.35%	9.27%	7.69%	3.25%
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%	49.52%	48.31%	48.02%
EBIT Margin (%)	13.09%	23.52%	29%	47.37%	44.28%	44.62%	45.34%	44%
EBT Margin (%)	16.71%	21.66%	34.01%	56.31%	53.23%	49.59%	48.55%	50.12%
Net margin (%)	13.28%	13.44%	27.41%	43.48%	38.06%	34.24%	34.11%	35.17%
FCF margin (%)	7.05%	33.42%	70.36%	69.75%	65.35%	55.86%	49.82%	43.95%
FCF / Net Income (%)	53.07%	248.62%	256.72%	160.43%	171.68%	163.14%	146.05%	124.97%
Profitability
ROA	2.7%	3.17%	5.4%	8.56%	9.02%	9.3%	9.12%	9.56%
ROE	5.68%	6.48%	10.45%	15.85%	16.57%	18.15%	19.01%	19.86%
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%	3.51%	3.56%	3.34%
CAPEX / EBITDA (%)	53.6%	30.64%	14.29%	7.32%	6.64%	7.09%	7.37%	6.96%
CAPEX / FCF (%)	155.24%	26.13%	8%	6.29%	5.52%	6.28%	7.15%	7.61%
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	1.02	1.056	1.095
Change	-	50%	66.67%	100%	100%	2%	3.49%	3.74%
Book Value Per Share ¹	7.927	7.542	7.81	8.794	9.665	10.6	11.3	12.87
Change	-	-4.85%	3.55%	12.59%	9.91%	9.64%	6.66%	13.88%
EPS ¹	0.37	0.52	0.83	1.32	1.53	1.76	2.116	2.553
Change	-	40.54%	59.62%	59.04%	15.91%	15.01%	20.23%	20.67%
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	-	-	-