Financials Emaar Development

Equities

EMAARDEV

AEE001901017

Real Estate Development & Operations

Market Closed - Dubai FM Other stock markets 14:55:04 18/07/2025 +04			5-day change	1st Jan Change
14.80 ^AED	+1.37%		+6.09%	+8.03%

07-04	AlphaMena Lifts Emaar Development PT, Maintains Buy Rating	MT
06-26	HSBC Boosts Emaar Development PT, Maintains Buy Rating	MT

Projected Income Statement: Emaar Development

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	9,758	15,602	11,541	11,921	19,147	23,991	28,431	35,160
Change	-	59.88%	-26.03%	3.29%	60.62%	25.3%	18.5%	23.67%
EBITDA ¹	2,220	4,154	4,224	7,987	9,423	11,312	13,413	17,440
Change	-	87.12%	1.67%	89.1%	17.98%	20.04%	18.58%	30.02%
EBIT ¹	2,174	4,081	3,954	7,237	9,047	11,569	14,639	16,107
Change	-	87.76%	-3.1%	83.01%	25.01%	27.87%	26.54%	10.03%
Interest Paid ¹	-300.3	-268.3	-330.2	-333.2	-401.8	-521	-399	-
Earnings before Tax (EBT) ¹	2,056	4,233	4,265	8,484	10,173	12,352	12,221	15,596
Change	-	105.91%	0.77%	98.92%	19.91%	21.42%	-1.06%	27.61%
Net income ¹	1,657	3,244	3,808	6,629	7,633	9,151	10,349	11,620
Change	-	95.76%	17.38%	74.07%	15.15%	19.89%	13.09%	12.28%
Announcement Date	14/02/21	14/02/22	17/03/23	09/02/24	14/02/25	-	-	-

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	1,773	2,315	2,625	3,848	3,907	3,849	3,998	3,568	3,714	2,057	2,201	2,375	2,080	2,914	4,552	3,507	3,831	5,140	6,669	5,024	5,699	6,663	7,128	9,461
Change	-	30.54%	13.4%	46.57%	1.53%	-1.48%	3.87%	-10.75%	4.1%	-44.62%	7.02%	7.89%	-12.41%	40.08%	56.2%	-22.95%	9.24%	34.17%	29.75%	-24.67%	13.44%	16.91%	6.99%	32.73%
EBITDA ¹	-	-	527.2	-	-	-	-	-	-	705	954.3	1,140	767.2	2,079	3,544	1,692	1,693	2,618	3,420	2,508	2,888	3,709	4,197	4,493
Change	-	-	-	-	-	-	-	-	-	-	35.36%	19.46%	-32.7%	171.04%	70.43%	-52.26%	0.06%	54.64%	30.63%	-26.67%	15.15%	28.41%	13.16%	7.06%
EBIT ¹	463.7	442.8	496.5	1,071	1,028	1,035	948.2	1,181	1,260	639.3	874.5	1,083	764	2,074	3,318	1,579	1,651	2,537	3,286	2,400	2,820	3,706	4,194	4,490
Change	-	-4.49%	12.12%	115.71%	-4.02%	0.71%	-8.41%	24.53%	6.68%	-49.25%	36.78%	23.85%	-29.45%	171.47%	59.96%	-52.41%	4.56%	53.66%	29.52%	-26.96%	17.51%	31.41%	13.16%	7.07%
Charge d'intérêts ¹	-42.58	-28.63	-	-54.5	-	-64.28	-61.2	-71.32	-	-90.19	-103.4	-75.84	-92.77	-93.24	-71.32	-91.07	-150.3	-85.57	-74.81	-44.93	-74	-	-	-
Earnings before Tax (EBT) ¹	-	-	434.6	-	-	-	-	-	-	-	-	-	-	-	-	1,858	1,811	2,885	3,619	2,765	3,110	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2.53%	59.3%	25.44%	-23.6%	12.48%	-	-	-
Net income ¹	386.7	323.1	298.6	781	731.5	871.6	860.4	1,050	1,140	648	969.8	1,058	1,119	1,882	1,875	1,293	1,208	2,069	3,063	1,918	2,270	2,967	3,361	3,569
Change	-	-16.43%	-7.58%	161.52%	-6.34%	19.15%	-1.29%	22.09%	8.54%	-43.16%	49.66%	9.09%	5.74%	68.26%	-0.41%	-31.03%	-6.57%	71.27%	48.04%	-37.38%	18.37%	30.68%	13.27%	6.21%
Announcement Date	13/08/20	12/11/20	14/02/21	10/05/21	11/08/21	14/11/21	14/02/22	13/05/22	12/08/22	14/11/22	17/03/23	11/05/23	14/08/23	14/11/23	09/02/24	14/05/24	08/08/24	11/11/24	14/02/25	08/05/25	-	-	-	-

¹AED in Million

Estimates

Forecast Balance Sheet: Emaar Development

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	361	-2,430	-10,471	-18,418	-23,566	-33,943	-41,109	-47,197
Change	-	-773.13%	-330.91%	-75.9%	-27.95%	-44.03%	-21.11%	-14.81%
Announcement Date	14/02/21	14/02/22	17/03/23	09/02/24	14/02/25	-	-	-

¹AED in Million

Estimates

Cash Flow Forecast: Emaar Development

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	0.65	2.93	2.852	8.883	5.6	11.22	12.2	19
Change	-	350.77%	-2.66%	211.47%	-36.96%	100.36%	8.78%	55.67%
Free Cash Flow (FCF) ¹	427.7	4,195	8,613	9,756	10,946	5,888	5,690	14,666
Change	-	880.72%	105.35%	13.27%	12.19%	-46.2%	-3.38%	157.78%
Announcement Date	14/02/21	14/02/22	17/03/23	09/02/24	14/02/25	-	-	-

¹AED in Million

Estimates

Forecast Financial Ratios: Emaar Development

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	22.75%	26.63%	36.6%	67%	49.21%	47.15%	47.18%	49.6%
EBIT Margin (%)	22.27%	26.16%	34.26%	60.71%	47.25%	48.22%	51.49%	45.81%
EBT Margin (%)	21.06%	27.13%	36.96%	71.17%	53.13%	51.49%	42.99%	44.36%
Net margin (%)	16.98%	20.79%	33%	55.61%	39.87%	38.14%	36.4%	33.05%
FCF margin (%)	4.38%	26.88%	74.63%	81.84%	57.17%	24.54%	20.01%	41.71%
FCF / Net Income (%)	25.81%	129.29%	226.18%	147.18%	143.4%	64.35%	54.98%	126.21%
Profitability
ROA	4.93%	9.29%	9.69%	14.52%	14.1%	9.76%	10.1%	10.4%
ROE	15.9%	25.2%	23.23%	32.23%	29.8%	27.58%	26.78%	26.1%
Financial Health
Leverage (Debt/EBITDA)	0.16x	-	-	-	-	-	-	-
Debt / Free cash flow	0.85x	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	0.01%	0.02%	0.02%	0.07%	0.03%	0.05%	0.04%	0.05%
CAPEX / EBITDA (%)	0.03%	0.07%	0.07%	0.11%	0.06%	0.1%	0.09%	0.11%
CAPEX / FCF (%)	0.15%	0.07%	0.03%	0.09%	0.05%	0.19%	0.21%	0.13%
Items per share
Cash flow per share ¹	0.107	1.049	2.154	2.441	2.738	3.396	3.666	4.931
Change	-	880.75%	105.27%	13.33%	12.15%	24.06%	7.93%	34.52%
Dividend per Share ¹	-	-	0.52	0.5205	0.68	0.7375	0.7357	0.856
Change	-	-	-	0.1%	30.64%	8.46%	-0.24%	16.35%
Book Value Per Share ¹	2.813	3.623	4.574	5.71	7.097	8.42	10.42	13.42
Change	-	28.8%	26.25%	24.83%	24.29%	18.64%	23.75%	28.77%
EPS ¹	0.41	0.81	0.95	1.66	1.91	2.273	2.749	3.268
Change	-	97.56%	17.28%	74.74%	15.06%	19.01%	20.94%	18.88%
Nbr of stocks (in thousands)	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000
Announcement Date	14/02/21	14/02/22	17/03/23	09/02/24	14/02/25	-	-	-