Majid Al Futtaim Delivers Record H1 2026 EBITDA of AED 2.5 Billion, Up 11%

Key Highlights:

• AED 17.5 billion and net operating profit after tax rose 25% to AED 1.8 billion, as higher-margin development, shopping malls, cinemas and digital businesses contributed a greater share of Group performance.

• Diversified portfolio and integrated business model that serves over 600 million customers annually, enabled continued growth despite the more challenging operating environment during the second quarter. 
• Development revenue grew 38% year-on-year, alongside continued progress across an

  AED 100 billion development pipeline, with AED 2.8 billion in construction contracts awarded during the period, demonstrating continued investment in long-term growth.

• SHARE reached c. 14 million members across the region, following its launch in Saudi Arabia, with Group Net Promoter Score up four points to 58.3, reflecting continued customer loyalty and engagement.
• Continued momentum across the Group’s omnichannel ecosystem was reflected in strong digital revenue growth across the businesses, with Entertainment up 12%, Retail up 11%, and Lifestyle up 9%.
• Strong balance sheet and liquidity underpin continued financial resilience, providing flexibility to meet investment commitments while maintaining disciplined capital allocation.

 Dubai, United Arab Emirates, 9 September 2026: Majid Al Futtaim (“the Group”), a leading shopping malls, communities, retail, and leisure pioneer across the Middle East, Africa, and Central Asia, today announced its financial results for the first half of 2026. The Group reported record first-half EBITDA of AED 2.5 billion, a 11% increase year-on-year.

 Net operating profit after tax rose 25% to AED 1.8 billion. Earnings grew well ahead of revenue, which increased 1% year-on-year to AED 17.5 billion, reflecting the growing contribution of higher-margin development, shopping malls, cinemas and digital businesses to overall Group performance.

 This performance demonstrates the value of a diversified and integrated business model that brings together destinations, communities, grocery retail, entertainment, lifestyle and digital platforms. Combined with disciplined execution and deep customer relationships, this model enabled Majid Al Futtaim to sustain growth and continue investing in the capabilities that will define its next phase of value creation, despite the impact of the regional conflict on the operating environment during the second quarter.

 Strong balance sheet metrics and healthy liquidity preserved the financial flexibility to meet investment commitments and continue allocating capital selectively towards the strategic priorities that will strengthen the Group’s long-term growth trajectory. At the end of the first half, net borrowings stood at AED 13.2 billion while the Group maintained a balanced debt profile and healthy liquidity, with cash and available committed lines covering more than two and a half years of net financing needs. The Group's total asset base stood at approximately AED 73 billion, up 4% year-on-year, underlining the strength of its financial position.

 Fadel Abdulbaqi Al Ali, Chairman of the Board, Majid Al Futtaim Holding, said: “Majid Al Futtaim’s strength is rooted in disciplined stewardship, prudent capital allocation and a long-term commitment to creating enduring value. Just as importantly, we continue to foster a culture that looks ahead, strengthening customer experiences, deepening partner relationships and investing ahead of evolving expectations to ensure we remain well positioned to prosper over the long term.”

Ahmed Galal Ismail, Chief Executive Officer, Majid Al Futtaim Holding, added: “These results show the dynamism of Majid Al Futtaim’s diversified and integrated portfolio in practice. Across our 14 markets, the operational strength of our businesses is reflected in the contribution of multiple growth engines, from development and destinations to digital platforms and customer businesses, while disciplined execution continues to strengthen profitability. As we look ahead, we will keep building on that momentum, connecting our businesses more closely and investing in the destinations, platforms and technologies that will unlock new avenues for growth and shape the next chapter of Majid Al Futtaim.”

 The Group's destinations and communities portfolio also continued to demonstrate its strategic value, with the Development business remaining a significant growth engine, delivering a 38% year-on-year increase in revenue. The development pipeline exceeds AED 100 billion, with AED 2.8 billion in construction contracts awarded to date, alongside an AED 62 billion agreement with Dubai South to develop a 22-million-square-foot mixed-use community and a partnership with Midar for a mixed-use development in Cairo, Egypt. Construction also advanced at Ghaf Woods and the Mall of the Emirates redevelopment.

 The Group also broke ground on JUNCTION, a next-generation mixed-use business park in West Cairo. The first phase forms part of an investment exceeding EGP 20 billion, which will support the district’s development as an important commercial hub.

 Across the Asset Management portfolio, resilient customer demand, strong leasing activity and solid tenant performance within malls, which saw a 12% year-on-year revenue increase, helped to offset softer tourism demand in the hotels business during the second quarter, resulting in 4% year-on-year net revenue growth to AED 2.3 billion.

 Retail performance saw revenue decline 6% year-on-year, predominantly driven by non-food categories. This reflects more challenging consumer conditions - particularly in the UAE – as well as deliberate actions taken as part of the ongoing transformation. These actions have created some near-term impact as the business takes the necessary steps to position itself for sustainable, profitable growth. At the same time, markets outside the GCC provided greater resilience, with revenue growing 4% year-on-year, supported by particularly strong growth in Egypt and Kenya. Online performance remained a relative strength, with Retail digital revenue increasing 11% to AED 1.8 billion, while Precision Media continued to scale rapidly, with revenue increasing 89% year-on-year to AED 75 million.

 Across the wider portfolio, complementary businesses continued to support resilient performance. Cinemas performed well through the first half with 3% year-on-year revenue growth, supporting the Entertainment business and helping offset more moderate demand across other discretionary categories. Entertainment remained focused on the experiences and formats that reflect how customers increasingly choose to spend their time, bringing together food, entertainment and leisure in ways that create more compelling destinations. New concepts such as SOCO exemplify this approach, responding to changing customer preferences while encouraging deeper engagement across the Group's destinations.   

The Group’s Lifestyle business continued to strengthen Majid Al Futtaim’s position as a trusted regional partner for leading international brands, combining deep market knowledge, operational expertise and an established regional platform to support the growth of brands including lululemon,

LEGO, Crate & Barrel and Shiseido. Revenue grew 5% year-on-year, with digital revenue increasing 9%, alongside continued expansion of the physical store network. The Group opened five new stores during the period, including the first international location for US fashion and lifestyle brand Pacsun, while securing seven further store openings across its broader Lifestyle portfolio. In parallel, the strength of Majid Al Futtaim’s destinations continued to attract leading international retailers to the region. Through tenant partnerships, including its collaboration with Alshaya Group, the portfolio welcomed brands such as Primark and Ulta Beauty, further diversifying the retail mix and bringing new concepts and experiences to customers across its destinations. 

Customer relationships remained central to the Group's performance. Net Promoter Score rose four points to 58.3 on sustained investment in service and customer experience.

 Following its launch in Saudi Arabia, SHARE grew to 14 million members across the region, with more than 190,000 customers now transacting daily and over 140,000 SHARE credit cards issued.

 Beyond its financial performance, Majid Al Futtaim continued to create value across the wider region. The Group connected millions of customers across its portfolio with thousands of businesses

and supported employment, entrepreneurship, tourism and investment across its markets. More than 70 brands were supported through Ma’an, Majid Al Futtaim’s programme designed to support and scale homegrown businesses, helping strengthen entrepreneurship and contribute to the wider economy.

 During the period, the Group became the first in the region to achieve globally recognised sustainability certification across 23 of its fully owned shopping malls, which comprise 18 LEED Platinum, four LEED Gold and one Estidama Three Pearls property. VOX Cinemas at Mall of the Emirates became the first cinema in the UAE to achieve Wosool Accessibility Certification. The Group's wider approach to responsible business was recognised with Majra's Platinum Impact Seal in the Large Companies category, the UAE's highest federal recognition for excellence in corporate social responsibility, ESG and sustainability.

In support of national talent, Majid Al Futtaim launched its Emirati Youth Council and rolled out a Youth Majlis, giving young Emiratis across the business a direct platform to contribute ideas and shape initiatives spanning community, work and growth. This sits alongside sustained progress on representation, with Emiratis in professional roles up 14% year-on-year.

Looking ahead, Majid Al Futtaim will continue investing selectively in the physical and digital capabilities that support higher-quality, long-term growth, with Data and AI, SHARE, fintech, e-commerce and Precision Media playing an increasing role in improving productivity and deepening customer relationships. The Group remains confident in the long-term fundamentals of the UAE, Saudi Arabia, Egypt and the wider Middle East, and in the depth of the customer relationships that connect it to those markets.