Slides
Page 1
0 | Prepared for the Future Built on Strength, Prudence & Resilience Investor Presentation FY 2 025
Page 2
1 | Emaar Properties PJSC, for themselves and for Emaar Group, give notice that: The particulars of this presentation do not constitute any part of an offer or a contract. Given that the presentation contains information based on forecasts and roll outs, all statements contained in this presentation are made without responsibility on the part of Emaar Properties PJSC, their advisors, or members of Emaar Group (including their directors, officers and employees). None of the statements contained in this presentation is to be relied upon as a statement or representation of fact. All parties must satisfy themselves as to the correctness of each of the statements contained in this presentation. Emaar Properties PJSC and members of the Emaar Group do not make or give, and neither members of the Emaar Group nor any of their directors or officers or persons in their employment or advisors has any authority to make or give, any representation or warranty whatsoever in relation to this presentation. This presentation may not be stored, copied, distributed, transmitted, retransmitted or reproduced, in whole or in part, in any form or medium without the permission of Emaar Properties PJSC. Disclaimer
Page 3
2 Discussion Summary Investing in Emaar 01. Expanding Footprint in UAE & International Markets 02. Business Strategy & Outlook 03. Sustainability 04. 05. Annexures 06. Q4 & FY 2025 Results Update
Page 4
3 | Investing In Emaar
Page 5
4 | 4 An Enduring Enterprise driven by: • Vision: Our vision is to be the world’s most trusted and valuable company, enriching lives with exceptional products and services, powered by talented people. • Mission: Our mission is to deliver exceptional value to our residents, investors, visitors, shareholders, and the economy by crafting innovative, future- proof lifestyle offerings. Emaar Purpose & Business Model Our Business Model: We operate a business model that puts risk mitigation at the center of our core strategies. We create value by providing high quality and highly desirable environments, which help our discerning customers to succeed today, and in the future. Our properties are also inclusive places, which foster opportunities and contribute positively to their neighborhoods Our Promise: Our commitment is to create lasting value through exceptional talent, positively impacting lives in the UAE and globally.
Page 6
5 | Acquisition of Albro1 by Emaar Misr 25+ years of History & Experience 2024 1) Albro North Coast for Development, 2) Emaar Estate (formerly “Emaar Hills”) Key Events & Milestones 2025 2025 “Marassi Red Sea“ - strategic launch by Emaar Misr Emaar Estate2, entered into JV agreement
Page 7
6 | CREATOR OF WORLD- RENOWNED ARCHITECTURES BURJ KHALIFA Tallest building in the world DUBAI MALL One of the most visited place on earth THE DUBAI FOUNTAIN World’s tallest choreographed musical fountain GLOBAL RANKINGS IN LISTED REAL ESTATE SPACE 1st IN MARKET CAP 1 In MENA under MSCI EM Index (excluding China) 1st IN NET PROFIT 1 \\ In Emerging Markets including China 1st IN REVENUE 1 In Emerging Markets (excluding China) PROVEN EXECUTION c. 6182,3 MN SQ. FT. Land bank in key countries + 125,6002 GLOBALLY + 80,6002 in UAE Units delivered since 2002 STRONG REVENUE VISIBILITY 21% RECURRING REVENUES (32% of EBITDA) Mall and retail centers with GLA of 13+ Mn sq. ft. globally2 (10+ Mn sq. ft. in Dubai) 41 Hotels with over 10,000 keys (23 hotels are in pipeline with more than 3/4th under management contract) AED 154.82 BN GLOBALLY c. AED 134.32 BN in UAE Robust revenue backlog from property sales A Globally Admired Real Estate Company Notes: 1) Source: MSCI, datastream, & Reuters (31 December 2025); 2) Numbers are inclusive of JVs, 3) Excludes Emaar Economic City’s ~1.1 Bn sqft land bank (associate) and includes JV land bank of Emaar Misr. + 189,2002 GLOBALLY over 70% of which in UAE Units sold since 2002
Page 8
7 | Resilient Business Model With Strong Growth Potential Diversified Real Estate Player In UAE & International Markets Malls, Hospitality, Entertainment & Others (Recurring Revenues): 7% CAGR International Development: 1% CAGR Total Revenues (FY) in AED Mn ✓ Delivering strong results with a solid CAGR, demonstrating resilience and adaptability even in challenging market conditions ✓ Good business mix with strong upside potential in development business, supported by steady recurring businesses ✓ Focus on growing and expanding recurring revenue portfolio 1) Business performance was impacted due to Covid -19 pandemic 5,848 6,180 7,034 7,073 4,726 7,095 8,657 9,177 9,364 2,338 3,381 3,075 3,724 3,075 5,095 4,221 3,134 2,695 2,5706,899 8,856 9,914 2016 2017 15,427 2018 12,902 2019 2020 15,707 2021 12,047 2022 14,439 2023 23,446 2024 36,443 10,544 2025 15,085 18,417 25,536 23,699 17,715 27,897 24,925 26,750 35,505 49,557 UAE Development : 20% CAGR 14% 1
Page 9
8 | Strong Balance Sheet Investment Grade Rating, Low Leverage and Access to Significant Liquidity Comfortable Debt Maturity Profile – December 2025 Emaar International Emaar Properties Sukuk 3 & International Emaar International Emaar Properties Sukuk 5 Emaar Properties Sukuk 4 Note: Majority short/medium term working capital type facilities are rolled over on annual basis or on the respective facility expiry dates*Excluding finance cost related to discounting/unwinding of long-term payments & leases AED Million 1) Including short term deposits 2) Represent only Revolving Credit line Facilities (RCFs) of Emaar in UAE, the Group also have access to other funded and non -funded undrawn facilities 3) Credit ratings from S&P and Moodys which were upgraded by one notch by both in 2025 2026 2027 2028 2029 5,182 684 263 1,837 1,840 2030 & Beyond AED Million FY 2025 Debt 9,806 Cash & Cash Equivalents 52,633 Short Term Deposits 18,828 Net Cash1 61,655 Equity 107,676 Total Assets 186,701 Undrawn Facilities2 ~7,343 Key Ratios FY 2025 Debt / Equity 0.09 Debt / Total Assets 0.05 Net Debt / EBITDA (2.4) EBITDA / Interest 29* Credit Rating3 BBB+ / Baa1 (With Stable Outlook)
Page 10
9 | 1) Market Cap based on closing share price as at 3 rd February 2026; 2) NAV as of 31st December 2025; 3) Book Value and Fair Value is attributable to equity holders of Emaar Emaar: A Compelling Investment Opportunity at a Significant Discount Emaar's record performance, resilient business model, and clear strategy for growth create a fundamental disconnect between its intrinsic value and current market price AED Bn 3 3 247 97 94 33 140 52 2025 2014 -62% -43% -66% -46% NAV Book Value Market Cap 2 1 ✓ Exceptional Financial Strength: Record-breaking 2025 results and a fortress balance sheet demonstrate profound profitability and resilience ✓ Dominant Development Engine: Unmatched leadership in the UAE property market, secured by an unprecedented revenue backlog that ensures future performance ✓ High-Margin Recurring Revenues: A powerful and growing portfolio of world-class assets in retail and hospitality that deliver stable, high-margin cash flows ✓ Clear Strategy for Value Creation: A disciplined focus on execution, shareholder returns, and sustainable growth, recognised by top-tier ESG ratings
Page 11
10 | Q4 & FY 2025 Results Update
Page 12
11 | 6.3% vs 5.3% for the Dubai Financial Market Index (DFMI) and 3-5% for the UAE's dividend names3 2025: Another record year with highest ever Sales, Revenue and Profitability International Development Consolidated Results UAE Development Emaar Malls Emaar Hospitality c. AED 80.4 Bn AED 49.6 Bn AED 25.6 Bn AED 17.6 Bn AED 71.1 Bn +AED 154.8 Bn from property sales, ensures future performance S&P & Moody’s upgraded credit ratings (BBB+/Baa1 with stable outlook) MSCI upgraded ESG rating to A • Unveiled ‘Dubai Square’ – scheduled to open in 3 years • Added 3 Hotels with 750+ keys and 1 VEO Gym in 2025 1) Numbers are inclusive of JVs; 2) Based on dividend of AED 1 per share paid for 2024 and Emaar’s share price as at 3 rd February 2026; 3) Data source - BofA EEMEA Real Estate research report Strong Property Sales1 Robust Revenues Healthy EBITDA Net Profit UAE Property Sales1 Revenue Backlog1 Impressive Dividend Yield 2 Impressive Ratings Expanding Recurring Ops. 16% vs FY 2024 40% vs FY 2024 33% vs FY 2024 30% vs FY 2024 (attributable to equity holders) 9% vs FY 2024
Page 13
12 | FY 2025: Key Financial Highlights 1) Numbers are inclusive of JVs; 2) Net profit is after domestic top up tax (DMTT) applicable from 2025 in addition to UAE Corporate Tax introduced in 2024; 3) Including short term deposits; 4) Based on 3rd February 2026 closing share price International Development Consolidated Results UAE Development Emaar Malls Emaar Hospitality 40% Growth (vs FY 2024) Revenue 38% Growth (vs FY 2024) Net Profit AED 1.99 EPS ~6.3% Dividend Yield4 AED Million Q4 2025 Q4 2024 % Change FY 2025 FY 2024 % Change Group Property Sales (1) 16,130 19,611 (18%) 80,385 69,515 16% Revenue 16,450 11,712 40% 49,557 35,505 40% Gross Profit 9,121 6,749 35% 27,227 20,381 34% GP Margin (%) 55% 58% 55% 57% EBITDA 8,915 6,641 34% 25,561 19,277 33% EBITDA Margin (%) 54% 57% 52% 54% Net Profit before Tax (NPBT) 8,912 6,473 38% 25,657 18,900 36% NPBT Margin (%) 54% 55% 52% 53% Net Profit (2) 7,678 6,403 20% 22,326 17,449 28% NP Margin (%) 47% 55% 45% 49% Total Assets 186,701 160,222 17% 186,701 160,222 17% Total Equity 107,676 96,070 12% 107,676 96,070 12% Cash & Cash Equivalents 52,633 38,632 36% 52,633 38,632 36% Short Term Deposits 18,828 11,424 65% 18,828 11,424 65% Debt 9,806 9,686 1% 9,806 9,686 1% Net Cash3 61,655 40,370 53% 61,655 40,370 53%
Page 14
13 | Segment Analysis Segment Wise Revenues (AED Mn) Revenue Share % 66% 19% 8% 3% 4% UAE Development International Development Emaar Malls (incld. JV assets) Emaar Hospitality Entertainment, Leasing & Others AED 25,561 Mn International Development Consolidated Results UAE Development Emaar Malls Emaar Hospitality 23,446 36,443 2,696 2,570 5,097 5,754 2,015 2,325 2,251 2,465 FY 2024 FY 2025 35,505 49,557 +40% 73% 5% 12% 5% 5% +55% -5% + 13% + 15% + 9% AED 49,557 Mn 66%4% 19% 6%5% AED 27,227 Mn GP Share % EBITDA Share % Recurring Businesses Contribution Revenue: 21% EBITDA: 32% Recurring businesses contribute significantly to the Group profitability, demonstrating the high-margin stability of our asset portfolio 1) Numbers of Malls JV assets reclassified from others to “Emaar Malls (incld. JV assets)” 1
Page 15
14 | Balance Sheet & Cash Flow Overview Total: AED 186,701 Mn Balance Sheet Overview Assets Liabilities & Equity Cash Flow Overview In AED Mn International Development Consolidated Results UAE Development Emaar Malls Emaar Hospitality Dec-24 Cash & Cash Equivalents 33,458 Operating CF (6,961) Investing CF (12,615) Financing CF 119 FX Difference 52,633 Dec-25 Cash & Cash Equivalents 38,632 11% 5% 12% 4% 27% 12% 28% 1% Cash & Cash Equivalents Trade & Other Receivables Development Properties Loans & Investments in Associates & JVs Investment Properties Property, Plant & Equipment Investment in securities Others 7% 50% 3% 22% 14% 2% 2% Trade & Other Payables Advances from Customers Interest Bearing Loans & Borrowings Sukuk Other Liabilities Shareholder’s Equity Non-Controlling Interests As of 31 December 2025, cash & cash equivalents includes c. AED 43 Bn under project escrow accounts, these balances are not under lien Including short term investment in the Treasury Bills of ~AED 940 Mn, the cash & cash equivalents balance of Emaar is c. AED 53.6 Bn
Page 16
15 | Historical Trend Revenue (AED Bn) Gross Profit (AED Bn) EBITDA (AED Bn) Net Profit2 (AED Bn) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 8.0 9.2 12.8 11.5 6.5 11.6 12.6 16.9 20.4 27.2 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 6.0 6.5 9.1 8.2 2.8 5.7 8.1 14.8 17.4 22.3 International Development Consolidated Results UAE Development Emaar Malls Emaar Hospitality 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 15.1 18.4 25.5 23.7 17.7 27.9 24.9 26.8 35.5 49.6 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5.5 7.0 10.8 9.4 5.2 9.2 10.4 17.3 19.3 25.6CAGR 18.5% CAGR 14.6% CAGR 15.7% CAGR 14.1% Note: 1) CAGR is calculated from 2016-2025; 2) Net profit of 2024 is after UAE Corporate Tax (9%) and Net profit of 2025 is after UAE Corporate Tax and DMTT (15%)
Page 17
16 | AED Million FY 2025 FY 2024 % Change Property Sales 71,136 65,390 9% Revenue 36,443 23,447 55% Gross Profit 18,083 12,203 48% Margin (%) 50% 52% EBITDA 16,710 10,604 58% Margin (%) 46% 45% Net Profit before Tax (NPBT) 18,428 11,756 57% NPBT Margin (%) 51% 50% Net Profit 16,031 11,118 44% Margin (%) 44% 47% c. 0.5% of Sales Value 50,800+ To be delivered in next 5-6 years + 80,600 c. AED 134.3 Bn2 To be recognized over next 5-6 years c. 344 Mn SQFT c. AED 74 Bn 1) Numbers are after elimination of inter -company transactions and including DCH; 2) Including Emaar Properties PJSC and 100% of JVs/JDAs related projects; 3) Sales value of properties sold but not yet recognised as revenue under IFRS as of 31 December 2025; 4) Total cash balance (escrow + non -escrow) including short term deposits as of 31 December 2025, including 100% of escrow + non-escrow balances of JVs/JDAs. UAE Development – Key Highlights1 Consolidated Results UAE Development Emaar Malls Emaar HospitalityInternational Development 62.7% 36.5% 0.8% Apartment Villas/Townhouses Plots of land, commercial units and development services AED 36.4 Bn FY 2025 Revenue Breakup Customer Default Rate2 Units Delivered since 2002 Land Bank2 Units Under Construction2 Revenue Backlog3 Cash and Cash Equivalents4 2
Page 18
17 | 1) Numbers are of UAE Development businesses and including JVs; 2) Business performance were impacted due to Covid -19 pandemic; 3) Emaar Estate (formerly “Emaar Hills”) Property Sales1 (AED Bn) Number of Units Delivered1 ✓ Significant long-term value creation through Integrated Master Developments centred around Iconic Assets / Attractions ✓ Strong customer trust and brand loyalty ✓ Highest ever property sales in UAE of approx. AED 71.1 Bn in 2025 ✓ Revenue backlog1 from property sales in UAE reached AED 134.3 Bn as of 31 December 2025, providing strong visibility on future revenue at healthy margins ✓ Unveiled ultra-luxury residential community, Emaar Estate3, adjacent to Dubai Hills Estate UAE Development - Driving Growth, Delivering Value Emaar’s Unique Proposition of Integrated Masterplans and Superior Quality helped to Deliver Consistent Performance in UAE Number of Units Sold1 14.4 18.0 14.2 14.8 6.3 27.4 30.7 37.4 65.4 71.1 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 4,657 7,437 6,502 7,987 2,305 7,316 9,935 11,293 19,058 13,905 216 891 994 6,711 4,795 4,718 6,112 12,108 4,242 6,129 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Consolidated Results UAE Development Emaar Malls Emaar HospitalityInternational Development 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 33.0 40.5 36.5 33.7 24.7 28.7 41.4 62.1 102.7 134.3 Revenue Backlog1 (AED Bn) 22 2
Page 19
18 | Emaar Development – Historical Trend3 Revenues Gross Profit EBITDA Net Profit In AED Bn Notes: 1) Revenue is recognised based on incremental percentage of completion (POC) achieved on development as per IFRS 15. 2 ) CAGR is calculated from 2016-2025 3) Numbers are as reported by Emaar Development PJSC Consolidated Results UAE Development Emaar Malls Emaar HospitalityInternational Development CAGR 16.6% CAGR 20.7% CAGR 22.2% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2.5 3.3 5.6 3.5 2.1 4.2 4.3 8.5 9.7 13.6CAGR 21% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 6.9 8.9 15.4 12.7 9.8 15.6 11.5 11.9 19.1 27.5 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2.9 3.8 6.7 5.1 3.5 5.7 5.2 8.4 10.7 15.5 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2.4 3.2 5.7 3.7 2.3 4.4 4.2 8.0 9.4 14.3
Page 20
19 | UAE Development – Current Status of Projects Under Development Consolidated Results UAE Development Emaar Malls Emaar HospitalityInternational Development 1) Sales value of units sold but not yet recognised as revenue under IFRS for under development projects, including 100% ownership of joint ventures as of 31 December 2025 2) Based on units sold which are under development as at 31 December 2025, margin is not necessarily indicative of margin at completion 3) JV/JDAs numbers are on the basis of the full project and not proportional to Emaar’s share, while Emaar’s entitlement/share of profits is 70% in Rashid Yachts & Marina JV and 50% in other JVs 4) Includes Arabian Ranches III 5) Includes a project launched under the perimeter of Emaar Properties PJSC Note: Project details are based on current projects under development 6) Emaar Properties PJSC has fully acquired Dubai Creek Harbour in December 2022 7) BTL/ BTO are being developed by Emaar Development PJSC on behalf of Emaar Properties PJSC/JV for a management fee agreed with Emaar Properties PJSC 8) Based on current master plan as of 31 December 2025 and is subject to change 9) GFA for land bank without master plans at 31 December 2025 is subject to change based on final master plans i.e. The Heights Country Club & Wellness, Ras Al Khor plot (100% owned) and Emaar Estate (formerly “Emaar Hills”) 10) Rashid Yachts & Marina’, formerly ‘Mina Rashid’ Consolidated JV 3 Projects Under Development Downtown Dubai Arabian Ranches4 Dubai Marina5 Emirates Living5 Emaar Beachfront The Valley Address Marjan Island Dubai Creek6 The Oasis EP The Oasis ED Grand Polo Club & Resort Business Bay Other Land Bank 9 Dubai Hills (50%) Rashid Yachts & Marina10 (70%) Emaar South (50%) Zabeel Square (50%) Expo Living (50%) Total Units 1,132 1,661 666 277 2,751 7,243 1,184 7,660 627 1,670 3,101 688 10,001 4,109 4,784 1,727 1,562 50,843 Area (Mn sq. ft.) 1.5 2.7 0.7 0.3 3.2 18.6 1.2 7.7 4.3 12.2 8.1 0.8 9.4 4.1 9.1 1.7 1.3 86.9 Value (AED Bn) 4.9 4.12 2.1 0.8 17.0 29.6 4.3 21.5 9.8 30.6 19.8 3.0 24.9 11.8 15.0 5.6 3.0 207.8 % Units Sold 100% 100% 99% 100% 99% 97% 99% 90% 100% 70% 93% 10% 95% 91% 96% 99% 95% 93% % Value Sold 100% 100% 100% 100% 100% 93% 99% 89% 100% 68% 92% 8% 94% 88% 97% 99% 94% 89% % Collected of sold units 69% 83% 59% 80% 54% 47% 42% 47% 51% 21% 20% 0% 52% 43% 44% 47% 26% 43% % Remaining Collections of Sold Value 31% 17% 41% 20% 46% 53% 58% 53% 49% 79% 80% 100% 48% 57% 56% 53% 74% 57% Till Handover 31% 17% 41% 20% 44% 53% 58% 53% 49% 79% 80% 100% 48% 57% 56% 53% 74% 57% Post Handover 0% 0% 0% 0% 2% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Revenue Backlog (AED Bn) 1 1.5 0.1 1.2 0.1 9.3 18.6 4.2 12.2 5.7 21.0 18.3 0.3 13.4 8.4 11.6 5.6 2.8 134.3 Gross Margin Achieved 2 40% 49% 57% 49% 61% 48% 45% 46% 27% 43% 46% 39% 54% 48% 46% 40% 41% 47% Total Remaining GFA (Mn Sqft) 8, 9 - - - - 3.0 27.0 0.0 88.3 9.1 3.4 13.4 0.0 68.8 16.4 5.7 20.3 0.0 3.2 258.6 Build-to-Lease (BTL) / Build-to-Operate (BTO) 7 - - - - 0.3 0.5 0.0 24.2 0.1 0.2 0.2 0.0 2.3 1.5 0.1 3.0 0.0 1.0 33.5 Build-to-Sale (BTS) - - - - 2.7 26.5 0.0 64.1 9.0 3.2 13.2 0.0 66.6 14.9 5.5 17.3 0.0 2.2 225.1 Equity Accounted JV 3 In Planning Stage 100% Owned Developments
Page 21
20 | AED 20.6 Bn To be recognized over next 3-4 years 13,500+ AED 9.3 Bn in FY 2025 ~5.2% in FY 2025 54,200+ since inception c. 45,000 since inception International Sales – Units Released 1) Sales value of properties sold but not yet recognised as revenue under IFRS as of 31 December 2025 % Sold of Units Released Units Released International Development – Key Highlights Consolidated Results Emaar Malls Emaar HospitalityInternational Development UAE Development 93% 99% 89% 88% 88% 89% 91% 11% 12% 12% 11% 9% 7% 22,426 1,309 30,597 1,095 664 3,669 59,760 1% Total % Unsold of Units Released Revenue Backlog1 Units Delivered Units Under Construction Contribution to Group Revenue Booked Sales Units Sold
Page 22
21 | • Achieved Net Sales of AED 6.8 Bn in 2025, over 4x of net sales of 2024 • The property sales revenue backlog2 reached AED ~15.4 Bn as on 31 December 20251 securing future profitability • 2024 EBITDA includes forex gain of AED ~650 Mn vs forex loss of AED ~170 Mn in 2025. • Launched a new mixed used masterplan “Marassi Red Sea” with a land area of ~110 Mn sq. ft and estimated investment of EGP 900 Bn in partnership with Sky Tower FY 2025 Revenue Breakup Emaar Misr – Development1 1) Emaar Misr for Development is an EGX-listed company developing residential & commercial projects in Egypt. Exchange rates used f or December 2025 is AED 0.0746 per EGP (December 2024: AED 0.0835 per EGP); 2) Sales value of units sold but not yet recognised as revenue under IFRS as of 31 December 2025 Key Highlights Emaar Misr Positioned itself as Local Market Leader, Delivering Superior Growth International Development – Key Highlights Consolidated Results Emaar Malls Emaar HospitalityInternational Development UAE Development 46% 31% 14% 9% Villas/Townhouses Commercial & Others Apartment Land AED 1,520 Mn FY 2025 FY 2024 % Change FY 2025 FY 2024 % Change Units Delivered 1,079 1,544 (30%) 1,079 1,544 (30%) Net Sales 6,888 1,636 321% 92,310 19,598 371% Revenue 1,520 1,616 (6%) 20,375 19,358 5% EBITDA 479 1,559 (69%) 6,415 18,673 (66%) Margin(%) 31% 96% 31% 96% Net Profit 395 1,263 (69%) 5,287 15,122 (65%) Margin(%) 26% 78% 26% 78% AED Million EGP Million
Page 23
22 | Consolidated Results UAE Development International Development Emaar Malls Emaar Hospitality 1) Values are after inter-company adjustments; 2) Based on the major assets owned by Emaar Malls Management; 3) Footfall and tenant sales across all assets of Malls (including JV); 4) Emirates Skywards Miles Loyalty Program at Dubai Mall Emaar Malls (incld. JV assets)– Key Highlights Dubai Square Unveiled new mall in Dubai Creek Harbour, scheduled to open in 3 years +10.1% vs FY 2024 c. 204 Mn +12% vs FY 2024 Maintained robust occupancy of over 98% with upward trend of tenant sales continuing ~2.9 Years Weighted Average Lease Expiry Term AED 24.1 Bn Spend in Emirates Skywards MLP4 since inception Tenant Sales3 WALTExpansion Visitors Footfall3 Loyalty Program 20.9% 18.6% 8.2% 6.7% 6.2% 6.2% 5.9% 5.1% 5.0% 17.1% Apparel & Accessories Food & Beverage Entertainment Health & Beauty Luxury Segment Supermarket Department Store Offices & Workshop Furnishings Others FY 2025 Category Mix - % GLA2 AED Million1 FY 2025 FY 2024 % Change Revenue 5,754 5,097 13% Gross Profit 5,141 4,522 14% Margin (%) 89% 89% EBITDA 4,935 4,285 15% Margin (%) 86% 84% Net Profit before Tax 4,103 3,532 16% NPBT Margin % 71% 69% Net Profit 3,509 3,222 9% Margin (%) 61% 63%
Page 24
23 | Emaar Malls – Historical Trend Rental Income EBITDA In AED Mn Net Profit Consolidated Results UAE Development International Development Emaar Malls Emaar Hospitality Note: 1. Numbers without adjustments of one-off items, and are including JV assets and excluding Namshi 2. 2020 and Q1 2021 performance impacted due to Covid-19 pandemic related rent reliefs provided to tenants 3. 2023 rental income includes reversal of Covid-19 pandemic related rent rebate provision that is no longer required and 2023 also includes reversal of other excess provisions for expenses 4. 2023 also includes gain on sale of Namshi of ~AED 700 Mn 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1,878 2,079 2,200 2,280 816 1,992 2,334 3,973 3,222 3,509 2,447 2,676 2,934 2,952 1,407 2,674 3,115 4,727 4,285 4,935 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 3,227 3,323 3,599 3,645 2,191 3,359 3,849 5,151 5,097 5,754 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2 2 3 2 2 3,4 2 2 3 ,4
Page 25
24 | 1 Consolidated Results UAE Development International Development Emaar Malls Emaar Hospitality Revenue Model: • Rent equals higher of fixed base rent or rent based on tenant’s turnover • Base rent increases at a pre-defined rate over the lease term of 3-5 years • Once the rent based on tenant’s turnover exceeds base rent, in most of the cases, the base rent is reset in the subsequent year • Healthy waitlist to occupy vacant units High Operating Margins: • Continual improvement in operational excellence leading to healthy EBITDA margin of over 85% Robust Revenue Model Steady Rental Income1 1) This relates to GLA owned by Emaar Malls and includes 100% consolidated JV assets; 2) Income from specialty leasing, multimedia sales, terrace & storage rent, various other fees and interest charges on deferred payments 3) Performance impacted due to Covid-19 pandemic related rent reliefs provided to tenants 4) Includes reversal of Covid-19 pandemic related rent rebate provision that is no longer required Steady Rental Income Growth, High Operating Profitability 3% 12% 10% 2019 73% 3% 15% 9% 2020 73% 4% 13% 10% 2021 69% 6% 13% 12% 2022 67% 10% 12% 10% 2023 70% 7% 12% 11% 2024 71% 8% 75% 10% 2025 3,645 2,191 11% 3,849 5,151 5,097 5,754 3,359 Base Rent Net Turnover Rent Service & Other Charges Other rental income2 33 4
Page 26
25 | 1 1 Consolidated Results UAE Development International Development Emaar Malls Emaar Hospitality • Weighted average lease expiry term of ~2.9 years • Meet changing retail trends and evolving consumer needs • Offer innovative & fresh retail concepts • Tenant re-zoning & re-sizing to maximise sales productivity • Short lease terms (3-5 years) and significant waitlist allows flexibility in tenant management Active Tenant Management Portfolio Lease Expiry Schedule1 % GLA of main unit expiring leases* Active Tenant & Space Management with Healthy Lease Renewals… *Data is as on 31 December 20251) Excluding equity accounted JVs 2026 2027 2028 2029 2030 & beyond 11% 22% 26% 18% 22%
Page 27
26 | Retail Assets Division Total GLA3 ('000 sq. ft.) Location & Catchment Key Highlights Dubai Mall Super Regional Mall 4,9701 • Downtown Dubai – 20+ Mn sq. ft. flagship mega-development • Situated next to Burj Khalifa • World renowned shopping & entertainment destination • 1,300+ stores, leading retailers, marquee global brands • Major tourist attractions – At The Top, Dubai Aquarium & Underwater Zoo, KidZania, Reel Cinemas, Play DXB, Ice Rink Dubai Hills Mall 2 Regional Mall 2,023 • Dubai Hills Estate masterplan – over 118 Mn sq. ft. with over 2,000 villas and 20,000 apartments • 550+ retail outlets and occupancy of 99.4% as of FY 2025 • Part of Dubai Hills Estate masterplan with proximity to Mudon, Arabian Ranches, Emirates Living, Al Barari, Al Barsha, Al Quoz, District One, Damac Hills, Jumeirah Village Circle and Triangle Dubai Marina Mall (Incl. Pier 7) 415 • Dubai Marina – 1,500 acre master integrated development • 140+ outlets, high street fashion brands, aspirational boutique fashion, 6-screen Reel Cinemas, 7-storey Gourmet Tower (Pier 7) Souk Al Bahar Speciality Retail 221 • Situated next to the Dubai Fountain and Burj Khalifa • Arabesque style shopping, fine dining, entertainment experience • Hosting middle east's first food and cultural market - Time Out Market Gold & Diamond Park 535 • Located on prime Sheikh Zayed Road • Destination for the finest gold & diamond jewellery & accessories Other Centres (74 centres) Community Integrated Retail 2,420 • Emaar’s residential developments • Facilities and offerings for residents • Neighbourhood venue for convenience shopping, dining and social interaction Total 10,584 Consolidated Results UAE Development International Development Emaar Malls Emaar Hospitality Established Portfolio with Diverse Retailing Formats… 1) Inclusive of Zabeel Expansion and Fountain Views Expansion 3) This is total GLA and excluding JVs consolidated using share of profit mechanism 2) A Joint Venture, started operating from 17 February 2022
Page 28
27 | ✓ Preferred gateway to Dubai’s consumers for aspiring retailers and brands ✓ Urban lifestyle destination and unique retail experience ✓ Benefits from mature catchment created by the integrated master community developments of Emaar ✓ Emaar’s malls are top choice for retailers, due to our well-established presence ✓ Superior positioning, preferred destination for UAE tourists and strong footfall ✓ Opened Dubai Hills Mall1, an Iconic lifestyle destination, with ~2 Mn sq. ft. GLA in Feb 2022 Robust Growth in Footfalls1… Along with Steady Increase in Rent psf. (AED)1 Delivering Robust Growth Emaar Malls Management Delivered Consistent Growth over 2013 to 2025 1. Represents assets owned by Emaar Mall Management only, it excludes JV and International assets; 2. Rent per square feet is after excluding reversal of rent rebate provisions related income recorded in 2023 3. Business performance were impacted due to Covid-19 pandemic; 4. Slightly lower than 2023, primarily due to the addition of newer assets in strip retail, which typically command lower rent psf. 1) A joint venture (JV) 419 460 505 539 561 600 579 379 571 606 635 627 657 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 104 114 124 125 130 136 136 76 101 137 164 173 204 0 50 100 150 200 250 300 5.3 2013 5.4 2014 5.4 2015 5.4 2016 5.4 2017 6.1 2018 6.0 2019 6.1 2020 6.1 2021 6.2 2022 7.4 2023 7.6 2024 7.6 2025 Main Units GLA - Mn Sq.Ft Footfalls - Mn 2 3 3 4 Consolidated Results UAE Development International Development Emaar Malls Emaar Hospitality
Page 29
28 | Major Tourist Attractions driving Footfalls at our Malls ✓ At The Top, world’s highest observation desk ✓ Dubai Aquarium & Underwater Zoo featuring one of the world’s largest acrylic viewing panels ✓ Penguinarium, an all-immersive encounter with Gentoo Penguin ✓ KidZania, children’s edutainment centre ✓ Reel Cinemas, UAE’s largest 26-screen megaplex with different experiences ✓ Play DXB, mix of VR attractions and Arcade zone park spread over 75K sq. ft. ✓ Dubai Ice Rink, Olympic-sized ice- skating & events venue …Complemented by Immersive Entertainment Avenues ✓ Sky Views Observatory & Edge Walk, with glass floor and slide. Edge Walk is Dubai's highest hands-free walk on a ledge encircling the Address Sky View tower ✓ Storm Coaster – Fastest Vertical Launch Rollercoaster: at Dubai Hills Mall, entered into Guinness World Records. ✓ Adventure Park at Dubai Hills Mall targeting nearby residential communities ✓ Presence in Saudi Arabia & Bahrain; providing exceptional entertainment experiences Entertainment & Commercial Leasing: Robust Growth & Superior Margins In AED Mn Note: 2020 & 2021 performance was impacted due to Covid -19 pandemic. 1,389 1,291 1,304 1,408 649 914 1,587 1,825 1,898 1,959 0 68.6% 2016 58.7% 2017 58.9% 2018 59.4% 2019 46.7% 2020 60.4% 2021 59.1% 2022 73.1% 2023 73.3% 2024 76.8% 2025 EBITDA Margin % Revenues Consolidated Results UAE Development International Development Emaar Malls Emaar Hospitality
Page 30
29 | 1 Consolidated Results UAE Development International Development Emaar Malls Emaar Hospitality Superior Positioning & Offerings • AED 1.5 Bn worth of investment • Over 240 new luxury stores and F&B outlets • Expansion towards Grand Drive with GLA of 440K sq.ft. • Expected opening in H2 2028 Strong Catchment • World’s renowned shopping & entertainment destination • Dubai Mall is one of the most visited single place on Earth • Surrounded by Iconic attractions – Burj Khalifa, Dubai Fountain • Proximity to other stablished communities like Downtown, Business Bay, DIFC and located near Dubai Metro Dubai Mall Expansion – Super Regional Shopping Mall New Expansion – Strong Growth Potential
Page 31
30 | 1 Consolidated Results UAE Development International Development Emaar Malls Emaar Hospitality Superior Positioning & Offerings • Centerpiece of the AED 180 billion Dubai Creek Harbour mega-project • Flagship next-generation retail and lifestyle destination • Integrated mobility, pedestrian-first design and world- first drive-through mall • Expected opening in 3 years Strong Catchment • Located at the heart of Dubai Creek Harbour, one of fastest-growing master planned communities • Proximity to Downtown Dubai and Ras Al Khor growth corridor • Supported by large-scale residential, and hospitality pipeline • Complements existing retail destinations by serving new demand pockets Dubai Square – Regional Shopping Mall New Expansion – Strong Growth Potential
Page 32
31 | 1 1 Consolidated Results UAE Development International Development Emaar Malls Emaar Hospitality Superior Positioning & Offerings • Over 190 retail & F&B outlets • 1,000+ parking spaces • Excellent access & infrastructure to support the high volume of visitors • GLA of ~385K sq.ft. • Expected opening in H2 2027 Strong Catchment • Located close to Expo 2020 site • Close proximity to Al Maktoum International Airport • Part of Dubai South masterplan, over 5,000 residential units in the immediate vicinity • 400,000 residences within 8km distance from the mall • Located near major highways – Sheikh Mohammad Bin Zayed Road, Expo Road, Jebel Ali Road; and Dubai Metro route 2020 Dubai Expo Mall – Regional Shopping Mall Upcoming Expansion – Strong Growth Potential
Page 33
32 | Address Hotels & Resorts Vida Hotels & Resorts Armani Hotels Rove Hotels Other Hotels Total Hotels 16 8 2 11 4 Total Keys 4061 1301 255 4048 347 Consolidated Results UAE Development International Development Emaar Malls Emaar Hospitality Emaar Hospitality – Key Highlights2 Notes: 1) Occupancy and RevPar is calculated only for the operational period for hotels in UAE ; 2) Financial numbers does not include numbers of Rove as it is an equity accounted JV 41% 25% 34% Room Revenue F&B Revenue Others AED 2.3 Bn FY 2025 Revenue Breakup Hospitality Portfolio FY 2025 FY 2024 % Change Hotel Keys 10,012 9,151 9% Occupancy Rate (%)1 82% 79% 3% Occupancy Rate - excld. Rove (%) 74% 70% 4% Occupancy Rate - Rove Hotels (%) 88% 85% 3% RevPar (AED)1 632 571 11% RevPar - excld. Rove (AED) 1,017 944 8% RevPar - Rove Hotels (AED) 318 281 13% Room Revenue (AED Mn) 952 828 15% F&B & Other Revenue (AED Mn) 1,374 1,187 16% Total Revenue (AED Mn) 2,326 2,015 15% EBITDA (AED Mn) 1,109 958 16% Margin (%) 48% 48% 0%
Page 34
33 | Hospitality Business: Resilient & Profitable Emaar Hotels: ✓ Maintained healthy EBITDA margin with operating costs under control ✓ Added 3 new hotels featuring 750+ keys in FY 2025 ✓ Added 1 VEO gym in the portfolio during FY 2025 ✓ Healthy pipeline of 23 hotels, more than 3/4th of which are under management contracts ✓ Established brands – Address Hotels & Resorts, Palace Hotels & Resorts, Vida Hotels & Resorts and Rove* Hotels ✓ Strong ADRs and Occupancy compared to the average of Dubai’s market In AED Mn Hospitality Assets Deliver Steady Performance… Strong Rebound in Performance Post Covid-19 *An equity accounted joint venture 1,405 1,390 1,391 1,119 669 1,250 1,559 1,791 2,015 2,326 0 500 1,000 1,500 2,000 2,500 3,000 26% 2016 25% 2017 22% 2018 39% 2019 38% 2020 45% 2021 50% 2022 49% 2023 48% 2024 48% 2025 EBITDA Margin % Revenues Note: 2023 EBITDA margin % is excluding the one-off income earned on termination of management contract of few hotels. 2024 EBITDA margin decrease is due to addition of 4 new hotels. Consolidated Results UAE Development International Development Emaar Malls Emaar Hospitality
Page 35
34 | Expanding Footprint in the UAE & International Markets
Page 36
35 | Downtown Dubai Dubai Marina ✓ Over 20 Mn sq. ft. Flagship Mega-Development ✓ One of the Most Visited Destinations In The World ✓ Includes World’s Tallest Building, one of World’s Largest and visited Mall and Worlds Tallest Choreographed Musical Fountain ✓ One of the Largest Man-Made Marina (37K sq.ft.) development of its kind ✓ Total development area of 66 Mn sq. ft. ✓ Includes c. 0.4 Mn sq. ft. Dubai Marina Mall Developer of Iconic Master Plans Transforming Dubai… 2005 Today 2003 Today
Page 37
36 | Renowned For Its Iconic Retail Assets… Dubai Mall – Most Visited Mall in the World ✓ One of the world’s largest and renowned shopping & entertainment destination ✓ 4.9 Mn sq. ft. GLA1 having 99.6% Occupancy1 ✓ 1,300+ stores with leading retailers and marquee global brands ✓ With record 110+ Mn visitors in 2025, Dubai Mall is one of the Most Visited Place on Earth ✓ Commenced AED 1.5 Bn expansion, to introduce 240 new luxury stores and F&B outlets, with expected completion in 2028 1) As at 31 December 2025 and inclusive of Zabeel Expansion and Fountain Views Expansion
Page 38
37 | Replicating Our Success In International Markets ✓ Own & operate iconic retail assets which will be part of Emaar’s master developments ✓ Owns & operating one of the largest mall in Turkey - Emaar Square Mall with 1.6 mn sq. ft. of GLA ✓ Emaar Square in Egypt, a development with outdoor shopping experience at Uptown Cairo ✓ Explore retail asset management contracts in GCC markets ✓ Launch entertainment avenues complementing our retail assets ✓ Unique leisure attractions at Emaar Square Mall in Turkey - Discovery Centre, Aquarium & Underwater Zoo, Family Entertainment Centre, Ice Skating Rink, Mega Movie Theatre ✓ Expansion outside UAE, primarily in Saudi Arabia and Bahrain ✓ Adopt an asset-light strategy to expand in key international markets ✓ Leverage established brands – Address Hotels & Resorts, Vida Hotels & Resorts and Rove Hotels ✓ Currently, owns and manage Al Alamein, Hotel Blanca, Address Marassi, Verdi Hub Marassi, in Egypt, and Address Hotel in Turkey. Managing Address & Vida Marasi in Bahrain under asset light model. Leverage Emaar’s Strength And Unlock the Land Bank Potential in Key International Markets ✓ 54,200+ units sold & c. 45,000 units delivered since 2002 ✓ ~274 Mn sq. ft. land bank in key countries1 Major Projects: ✓ Egypt: Uptown Cairo, Marassi, Soul, Mivida Gardens, Marassi Red, Cairo Gate, Belle Vie ✓ Turkey: Emaar Square - mix-use development in the heart of Istanbul, Tuscan Valley - integrated community ✓ Pakistan: Karachi - integrated premium waterfront residential plan ✓ India: world class living spaces in Gurugram, Delhi, Alibag, Mohali, Jaipur, Indore etc. 1) Excludes Emaar Economic City’s ~1.1 Bn sqft land bank (associate) and includes JV land bank of Emaar Misr. Entertainment HospitalityDevelopment Retail
Page 39
38 | Business Strategy & Outlook
Page 40
39 | Emaar is a globally admired, diversified real estate company based in the UAE. As the premier real estate developer in Dubai and a key player in international markets, we create value by delivering high-quality, integrated environments that enable our discerning customers to thrive today and in the future. Our global presence spans key markets across the Middle East, North Africa, and South Asia, while our developments seamlessly balance residential, commercial, and leisure spaces. Our purpose is to redefine excellence globally by creating transformative experiences that inspire, connect, and enrich communities, while driving innovation and sustainability for a thriving future. Maintain leadership position in our markets Vision To be the world’s most trusted and valuable company, enriching lives with exceptional products and services, powered by talented people. Mission To deliver exceptional value to our residents, investors, visitors, shareholders, and the economy by crafting innovative, future-proof lifestyle offerings Promise Our commitment is to create lasting value through exceptional talent, positively impacting lives in the UAE and globally. Focus on execution and cash flow generation Focus on maximizing shareholders returns Purpose Driven by Enabled by Strategic Priorities A Globally Admired Real Estate Company…
Page 41
40 | • Leverage existing master communities to launch new projects • High-quality developments with customer-centric service • Acquire strategically located land bank to secure future projects • Provide ‘city within a city’ experience to discerning customers • Unique product offering for millennials • Wider price-product range catering to diverse customer needs • Offer diverse retailing experience through super- regional malls, regional malls, specialty retail, and community retail centers • Offer unique complementary attractions …Designed to Deliver Sustainable Value Emaar, a global leader in real estate development, has consistently demonstrated the ability to innovate and deliver exceptional value across our portfolio. Our strategic priorities align with our vision of creating world-class communities and enhancing shareholder value LEAD Retain and Strengthen Emaar’s Leading Market Position Across key Markets EXECUTE MAXIMISE • Driving the expansion of recurring revenue streams with an aim to achieve a twofold increase in EBITDA contribution from 2022 to 2030 • Consistent on-time project delivery, supported by disciplined planning and strong execution controls • Dubai Mall Expansion (Grand Drive) ~440K sq. ft., expected opening H2 2028 • Dubai Expo Mall ~385K sq. ft., expected opening in H2 2027 • Dubai Square Mall at Dubai Creek Harbour, a next-generation retail destination being developed with expected completion in 3 years • Over 64,300 number of residential units to be delivered in the next 5-6 years in domestic and international market • Establishing residential leasing portfolio Ensure Timely Completion of Development Projects • Grow blended recurring revenue portfolio with double-digit Internal Rate of Return (IRR) • Development through JV with landowners • Implemented a transparent dividend policy enhancing shareholders’ returns Deliver Consistent and Attractive Returns to Emaar’s Shareholders
Page 42
41 | Sustainability Environment, Social & Governance
Page 43
42 | EMAAR’S ESG Strategy Framework STRATEGIC PILLARS SAFEGUARDING THE ENVIRONMENT MAXIMISING SOCIAL VALUE STRONG GOVERNANCE & BUSINESS ETHICS EXCEPTIONAL PLACES TO LIVE EXCEPTIONAL PLACES TO VISIT EXCEPTIONAL PLACES TO WORK EXCEPTIONAL PLACES FOR THE ENVIRONMENT 6 - CLIMATE CHANGE MITIGATION 10 - WASTE MANAGEMENT 11 - CLIMATE CHANGE ADAPTATION 14 – SUSTAINABLE MATERIAL USE, DESIGN & CONSTRUCTION 20 - GREEN BUILDING CERTIFICATIONS 9 - WATER MANAGEMENT 2 - HEALTH, SAFETY, & WELLBEING 15 - TALENT ATTRACTION & RENTENTION 17 - TRAINING & DEVELOPMENT 19 - COMMUNITY IMPACTS 23 - DIVERSITY & INCLUSION 1 - CUSTOMER SATISFACTION 4 - ANTI-CORRUPTION & BRIBERY 5 - DATA PRIVACY & SAFETY 7 - ETHICS & TRANSPARENCY 8 - HUMAN RIGHTS 3 - LEGAL & REGULATORY COMPLIANCE HIGHLIGHTED FOCUS AREAS REPRESENT THE TOP 9 MATERIAL ISSUES OF HIGH IMPORTANCE. STRATEGIC OBJECTIVES UNITED NATIONS SUSTAINABLE DEVELOPMENT GOALS (UN SDGS) EMAAR’S ESG purpose is to create and sustain exceptional places to live, work and visit, with a commitment to sustainability at the foref ront, enhancing community wellbeing, safeguarding the environment, and creating long -term value for all its stakeholders FOCUS AREAS 13 – BOARD OVERSIGHT & ACCOUNTABILITY 16 – ECONOMIC PERFORMANCE & RESILIENCE 18 – STAKEHOLDER ENGAGEMENT 21 – INNOVATION & DIGITAL TRANSFORMATION 12 – RISK MANAGEMENT 22 – RESPONSIBLE PROCUREMENT 24 – BIODIVERSITY CONSERVATION
Page 44
43 | • Emaar Asset Management (EAM) was awarded the ‘Sustainable Retrofit Project of the Year’ at the MENA Green Building Awards 2025, organised by the Emirates Green Building Council. • Dubai Mall achieved LEED Platinum certification under the LEED v4.1 Operations and Maintenance rating system, reflecting best-in-class performance in sustainable asset operations. • 292 buildings and 35 podiums are WELL Health-Safety certified in the UAE, supporting occupant health and well-being through building design. • 12 certified properties since 2024 in the UAE have received the Green Key certification, a leading standard for environmental responsibility and sustainable practices in the global tourism industry. • Emaar India, Digital Greens Tower A & B achieved LEED Platinum (v4.1, O&M). The 88 and Urban Ascent received IGBC Gold, and Serenity Hills and Emaar India Business Centre (Gurugram) received IGBC Platinum pre-certifications. • At the 5th Sustainability Summit & Awards (June 2025), Emaar India won the ‘ESG Impact Organisation’ Award for its Amaris project, noted for reducing emissions and promoting water and energy efficiency Awards & Recognition • Emaar UAE is a member of the Emirates Green Building Council • Emaar India is a member of the Indian Green Building Council • Emaar Properties is a founding partner of the Unity for Change initiative, uniting leading developers and retailers to establish shared sustainability standards for the UAE’s retail sector Memberships MSCI* ESG Rating History Our ESG Focus Awards and Achievements Note: MSCI ESG Research provides MSCI ESG Ratings on global public and a few private companies on a scale of AAA (leader) to CCC (laggard), according to exposure to industry-specific ESG risks and the ability to manage those risks relative to peers. As of 4 September 2025, Emaar Properties received an upgraded MSCI ESG Rating of ‘A’, recognising the company's sustained efforts and unwavering commitment to advancing sustainability Awards & Recognition
Page 45
44 | Our ESG Focus: Safeguarding the Environment Key Focus Areas 199 EV chargers installed in communities • In 2025, Emaar Asset Management in the UAE launched the second phase of the Energy Optimisation and Retrofit Programme, targeting hotels (the Address Creek Harbour, the Vida Creek Beach, the Vida Creek Harbour and the Palace Creek Harbour) and communities (the Downtown, the Dubai Creek Harbour and the Dubai Hills Estate) as well as the Dubai Hills Mall. Implementation is expected to commence in 2026. • Emaar Communities Management completed the retrofit of 45 older chiller units across The Greens & Views communities. • Our supplier pre-qualification process was enhanced in 2025. Suppliers are required to: • Watch the mandatory Supplier Quality Assurance training video before registration to understand our quality expectations from the outset. • Sign the Supplier Code of Conduct, confirming compliance with Anti-Bribery, Anti- Fraud, and Whistleblowing requirements. • In 2025, we embedded requirements aligned with Dubai Green Building Regulations & Specifications (DGBR) into all main contract works tenders for our construction projects. • Dubai Mall achieved the Leadership in Energy and Environmental Design (LEED) Platinum certification under the LEED v4.1 Operations and Maintenance: Existing Buildings rating system, joins Burj Khalifa as our second flagship asset to attain LEED Platinum certification. • Emaar India’s Capital Tower 1 and Digital Greens have achieved LEED Platinum certification (O+M v4.1) under the commercial building portfolio. • 12 hotels under Emaar Hospitality Group in the UAE have achieved the internationally recognised Green Key Certification. • Community swimming pool backwash is reused for car park and hardscape cleaning, while treated effluent water supplied by the Dubai Municipality is used extensively for landscaping and irrigation across master communities, reducing freshwater demand while maintaining green spaces. • A centralised irrigation control system automatically adjusts watering schedules based on real-time weather data, ensuring optimal irrigation and minimising waste. • Emaar has achieved a landfill diversion rate of 66% across our Malls, Hospitality, and Communities business units in the UAE. • Across master communities, including Dubai Hills Estate, Downtown Dubai, Arabian Ranches 1 & 2, Dubai Creek Harbour, Emaar South, Reem and The Greens & Views, green waste is collected and sent to a Dubai-based recycling facility for compost production. Since the launch of this initiative, 22.5% of green waste has been composted. 66% Waste diverted from landfill Supplier Quality AssuranceEnergy Management Program Water Efficiency & Reuse Green Building Certifications 13 MWp onsite solar energy generated Waste Management & Circularity • On-site solar capacity reached 13 MWp across Emaar communities by end-2025, with an additional 1.2 MWp at The Dubai Mall set to come online in early 2026. • During the year, Emaar Hospitality Group signed a landmark Power Purchase Agreement (PPA) to supply 1.46 MWp of solar energy across four premier leisure assets (Arabian Ranches Golf Club, Dubai Hills Golf Club, Hayya Lakes Club and Montgomerie Golf Club). • The Dubai Marina Yacht Club (DMYC) partnered with a local biofuels supplier to offer sustainable yacht fuel, derived from used cooking oil, directly to its members. • 199 EV chargers installed within Emaar residential communities across UAE. Renewable Energy & Green Mobility
Page 46
45 | Our ESG Focus: Maximizing Social Value Key Focus Areas Health, Safety & Wellbeing Diversity & Inclusion Customer Satisfaction At Emaar, we recognize that our success is intrinsically linked to the well-being of our employees, communities, and stakeholders. Our social initiatives focus on creating inclusive environments, supporting community development, and ensuring the health and safety of everyone associated with our operations. 32,359 Hours of health and safety training AED 28.5M CSR expenditure in 2025 • Workforce overview for Emaar Group, as of 2025, is as follows: • Total Group Workforce: 8,200+ employees • UAE Workforce: 6,400+ employees • Nationalities Represented: 100+ across the Group • 1 Board Member and 1 Top Leadership Team member are women. • Across our Hospitality, Malls, and Entertainment business units, we delivered 1,672 health & safety training sessions with 941.5 hours of instruction to 12,863 attendees • 32,359 hours of job-specific health and safety related training were delivered across Emaar Development’s (ED) construction sites. • The Emaar One App remains the cornerstone of our digital transformation, unifying over 90% of property management services into a single platform. By the end of 2025, it serves over 98,000 active users, processed over AED 7.2 billion in payments, and significantly reduced customer walk-ins. • In 2025, Emaar Communities Management and Emaar Development Customer Excellence renewed the ICXS2019:02 International Customer Experience Standard certification. • We revised our Group-level Responsible Brand Representation Policy, replacing the Responsible Marketing Policy and outlining clear principles for how the brand is represented across all marketing, advertising, sales and customer engagement activities. • A new Customer Experience for People of Determination Policy was approved, providing a variety of benefits and ensures seamless service delivery for people of determination. 8,200+ Total workforce Community Impacts • Contributed approximately AED 28.5 million in CSR expenditure by the Group in 2025, including cash and in-kind contributions. This includes AED 12.6 million worth of donations under the Emaar Foundation. • Our contribution to the ‘Donate Your Own Device (DYOD)’ initiative supported the donation or recycling of 741 electronic devices in 2025, reducing 835.7 kilograms of CO₂ emissions and supporting access to digital education for underserved students. Talent Management and Development • In 2025, we strengthened employee engagement through a wide range of wellness and community initiatives, including cultural and recreational excursions, free health checks and webinars, and various cultural celebrations that promoted team unity. • In 2025, our UAE employees receive an average of 15.4 hours of training per employee, an increase from 13.4 hours in 2024. • Emaar India was awarded the Great Place to Work® Certification, following an independent employee survey in which 91% of employees affirmed it as a great place to work.
Page 47
46 | Our ESG Focus: Ensuring Strong Governance and Business Ethics Maintaining Strong Corporate Governance Practices ESG GOVERNANCE ESG governance at our Company is overseen by the ESG Steering Committee, which comprises senior executives and reports directly to the Chairman of the Board of Directors. The Committee oversees the effective identification, assessment and management of material ESG risks and opportunities, and their strategic integration within business decisions, enabled by cross-functional collaboration between business units. Each member of the Committee has specific ESG-linked Key Performance Indicators (KPIs) integrated into their performance reviews and remuneration structures. Emaar launched its Group ESG Policy and ESG Strategy in 2024, which outline Emaar’s ambitions and approach to integrate ESG in its operations. The Policy outlines our ESG priorities across environmental stewardship, social value creation and governance excellence, defines key roles and responsibilities. Emaar’s purpose is to create and sustain exceptional places to live, work and visit, with a commitment to sustainability at the forefront. Its Group ESG Strategy framework guides this approach to embed ESG within every aspect of Emaar’s business operations. In 2025, we developed a Group-level Climate Change and Environmental Policy to unify environmental commitments and embed climate considerations across all business units. This policy sets out Emaar’s guiding principles for minimising environmental harm and managing climate impacts, ensuring compliance with applicable laws and regulations, integrating environmental and climate considerations into decision-making, and leveraging opportunities to advance sustainable development across Emaar. Our Human Rights Policy was developed in 2025 through extensive stakeholder engagement, peer benchmarking, and a high-level risk assessment. The policy sets out Emaar’s core principles and expectations in upholding human rights across our operations and supply chain and is guided by leading international and regional frameworks (including UN Guiding Principles on Business and Human Rights (UNGPs), the International Bill of Human Rights, the International Labour Organisation (ILO) Fundamental Principles and Rights at Work) as well as relevant laws and regulations of the jurisdictions in which Emaar operates. ESG POLICY CLIMATE CHANGE AND ENVIRONMENTAL POLICY HUMAN RIGHTS POLICY
Page 48
47 | Maintaining Strong Corporate Governance Practices RESPONSIBLE BRAND REPRESENTATION POLICY In 2025, we revised and updated our Group-level Responsible Brand Representation Policy, replacing the Responsible Marketing Policy and established clear principles for how the brand is represented across all marketing, advertising, sales and customer engagement activities. The Group-level Technology Governance & Steering Committee Framework & Policy governs data privacy and security. Within this framework, associated policies including the Data Protection and Privacy Policy and the Information Security Management System (ISMS) Policy ensure that data protection principles are embedded across all technology initiatives. Information security is managed under the ISO 27001:2022 (Information Security Management Systems) certification, which applies to the whole Group, is maintained through regular surveillance audits and is recertified every three years. A Group Health and Safety Policy, approved by the Group CEO, provides the foundation for our approach to health, safety and well- being. The Policy applies to all Group operations and covers all employees and contractors. It outlines Emaar’s commitments to providing safe and healthy workplaces, complying with legal and international standards, continuously improving HSE systems, communicating transparently, empowering employees through training, fostering a strong safety culture focused on risk management and hazard prevention, and ensuring robust emergency response systems are in place. The Standards of Conduct Policy outlines the levels of professional behaviour expected of all employees of UAE entities, regardless of their rank or role within the organisation. This includes, but is not limited to, core ethical principles, workplace conduct, anti-bribery, corruption and fraud, confidentiality and data protection, use of company assets, compliance and reporting. The Standards of Conduct Policy also details the standards of fair treatment and respect that employees can expect from us, including mechanisms for raising concerns and reporting any grievances. STANDARDS OF CONDUCT POLICY HEALTH AND SAFETY POLCY DATA PRIVACY AND SECURITY Our ESG Focus: Ensuring Strong Governance and Business Ethics
Page 49
48 | Maintaining Strong Corporate Governance Practices CORPORATE GOVERNANCE POLICY In 2025, the Board approved an updated Group Corporate Governance Policy, encompassing a comprehensive set of supporting policies and terms of reference that define the detailed procedures for implementing the governance framework. Board members undergo regular training on the commitments outlined in the CGP. The Anti-Bribery and Corruption Policy sets out Emaar Group’s commitment to conducting business professionally, fairly and with integrity, and to preventing all forms of bribery and corruption across its global operations. The Policy provides clear guidelines for all Emaar entities, employees and business partners to ensure full compliance with applicable anti-corruption laws and with Emaar’s ethical standards, helping safeguard the Group’s reputation and maintain the confidence of customers, clients and investors. Emaar maintains a strict non-acceptance of gifts policy, under which employees are prohibited from accepting any gifts, rewards or favors from existing or potential vendors, contractors, customers or any non-associates connected to the Company. This policy reinforces Emaar’s commitment to neutrality and helps prevent conflicts of interest or any appearance of impropriety. In 2025, the Group-wide Anti-Fraud Policy and Whistleblower Policy were updated to strengthen integrity and accountability. Our Anti-Fraud Policy sets out clear guidelines for identifying, reporting and investigating suspected cases of fraud, ensuring that all employees and stakeholders understand their responsibilities in safeguarding our assets and reputation. Our Whistleblowing Policy mandates that employees, business partners and stakeholders report instances of non-compliance, misconduct, fraud or corruption through established channels. ANTI-FRUAD POLICY AND WHISTLEBLOWER POLICY NO GIFT POLICY ANTI CORRUPTION & BRIBERY POLICY Our ESG Focus: Ensuring Strong Governance and Business Ethics
Page 50
49 | Annexures
Page 51
50 | Divisions Overview UAE Development • Leading master plan developer in Dubai • JVs with GREs • + 80,600 residential units delivered since 2002 • Projects under construction substantially sold (~93%) • c. 344 Mn sq. ft. of Land Bank in the UAE • UAE build-to-sell business is led by Emaar Development PJSC, listed on DFM since November 2017 International Operations • Active in targeted high growth countries • c. 45,000 units delivered since 2006 • Achieved overall sales level of 91% of units released • c. 274 Mn sq. ft. of Land Bank in key countries2 • Emaar Misr is listed on the Egyptian Exchange since July 2015 • Own and operates Emaar Square Mall at Turkey with ~1.6 Mn sq. ft. GLA • Portfolio of Address and Vida branded hotels in Egypt and Turkey Malls1 • Owner and operator of one of the most visited mall in the world, “Dubai Mall” with a footfall of +110 Mn in 2025 • Portfolio of ~10 Mn sq. ft. of Main GLA in retail properties in Dubai • Dubai Hills Mall unveiled in 2022, an Iconic lifestyle destination, with ~2 Mn sq. ft. GLA (JV with Meraas) Hospitality • Hotel owner and operator (41 hotels with over 10,000 keys, includes owned as well as managed assets in UAE and International locations) • Established brands – Address Hotels & Resorts, Palace Hotels & Resorts, Vida Hotels & Resorts • Upscale affordable segment under Rove Hotels (JV with Meraas) • Marked historic milestone of over 60 hotel projects in its portfolio (includes both in operation and under development hotels) Entertainment & Commercial Leasing • Provider of premium entertainment and manager of leisure assets • Operator of the At The Top, Dubai Aquarium, Underwater Zoo, Reel Cinemas, KidZania, Play DXB, Dubai Ice Rink, Storm Coaster and Sky Views Observatory. • Owner and operator of Dubai’s iconic cultural destination “Dubai Opera’’ • Portfolio of ~ 2.5 Mn sq. ft. of GLA in commercial properties in Dubai 1. After merger with Emaar Properties PJSC in November 2021 in all share transaction, Emaar Malls PJSC got delisted from DFM; 2. Excludes Emaar Economic City’s ~1.1 Bn sqft land bank (associate) and includes JV land bank of Emaar Misr.
Page 52
51 | DOWNTOWN DUBAI ARABIAN RANCHES DUBAI MARINA EMIRATES LIVING EMAAR BEACHFRONT THE VALLEY * Emaar Properties PJSC has fully acquired Dubai Creek Harbour, a JDA with Dubai Holding, in December 2022 UAE Development – Projects Overview Wholly-owned projects Golden landscape of shimmering sands in a beautifully designed community, inspired by the Arabian desert. Serving an enriching experience of life beyond the ordinary in the premium gated community of Arabian Ranches I, II & III. Offering riviera-style living in a modern aesthetic setting, Dubai Marina is one of the region’s largest and first-of-a-kind waterfront developments. With a total development area of 50 Mn sq ft, it gives access to a large 3.5 km water canal, making it a premier sailing destination Downtown Dubai is a dynamic city hub, which has catalyzed the economy and cemented Dubai's reputation as a true global icon. Offering world-class landmarks, entertainment, and glamour, Downtown Dubai is a true heart of the Emirate. Green-focused development featuring two low-rise apartment buildings that overlook the Emirates Golf Club and a two-tower mixed-use development Emaar Beachfront is a thoughtfully designed beachfront residential development that blends cosmopolitan and tranquil seaside lifestyles. Offering stunning views of the sea and Dubai Marina, it is a prime location for an iconic waterfront lifestyle that is both serene and sophisticated. An idyllic new township where the expanse of shimmering sands and green open spaces provide the perfect inspiration for a fulfilling life. This exclusive residential development offers open-plan living with exceptional facilities to meet unique requirements.
Page 53
52 | ADDRESS MARJAN ISLAND THE OASIS (FORMERLY LUSALIY) THE HEIGHTS COUNTRY CLUB & WELNESS GRAND POLO CLUB & RESORT UAE Development – Projects Overview Wholly-owned projects and Land Bank A project of approx. 1.5 Mn sq.ft. of land located at the top of Al Marjan Island ideal to build 5-star hotels and apartments. A contiguous land parcel of ~100 Mn sq.ft. (including Lusaily extension) located between Dubai Investment Park & Jumeirah Golf Estates in Dubai, ideal for residential development. A project of approximately 81 Mn sq.ft. of land, with a focus on wellness for community residents, in line with Dubai's Quality of Life Strategy 2033 aimed at fostering individual and societal well-being while enhancing the city's allure. A project of c.60 Mn sq.ft. of land, Located next to The Oasis community this remarkable development is set to revolutionise the concept of luxury living in the UAE and to boasts world- class amenities and conveniences. DUBAI CREEK HARBOUR Dubai Creek Harbour, a residential waterfront community in the heart of Dubai, represents the pinnacle of contemporary living. This innovative and creative development offers unparalleled panoramic views of the Downtown Dubai skyline skyline from a private island amidst pristine natural beauty. RAS AL KHOR A project of c.2.4 Mn sq.ft of land ideal for residential developments and adjacent to existing Dubai Creek Harbour masterplan. BUSINESS BAY Nestled in the heart of Business Bay, Avarra by Palace redefines branded luxury living
Page 54
53 | DUBAI HILLS ESTATE RASHID YACHTS & MARINA* EMAAR SOUTH *‘Rashid Yachts & Marina’, formerly ‘Mina Rashid’ UAE Development – Projects Overview CONSOLIDATED JVs A 50:50 Joint Venture between Emaar and Meraas Holding to create a mixed- use development with a series of unique neighbourhoods set around an 18-hole championship golf course A 70:30 Joint Venture between Emaar and Mina Rashid Properties LLC to develop Dubai’s latest and unprecedented residential marina masterpiece on the Arabian Gulf coast is driven by a desire to change the meaning of sophistication. An architectural endeavor that offers a new interpretation of luxurious seafront living. Joint Venture between Emaar and Dubai Aviation City Corporation that is part of 145 sqkm smart city set to become a pivotal hub in the global economy, located within Emirates’ flagship urban project, Dubai South Joint venture between Emaar and Meraas to create a mixed-use development near Zabeel Park, Dubai EQUITY ACCOUNTED JVs WITH 50% SHARE ZABEEL SQUARE EXPO LIVING Joint venture between Emaar and DWTC. It a community designed for tomorrow, set within Dubai South’s dynamic landscape. Just a short stroll from Expo City and close to Dubai’s future mega gateway, Al Maktoum International Airport. Emaar Estate Emaar Estate (formerly “Emaar Hills”) located adjacent to Dubai Hills Estate, has been envisioned as a vibrant new district that integrates nature, wellness and connectivity
Page 55
54 | UAE Development – Projects Under Development (100% Owned) 1. Total project value of units under development is based on the expected selling price * Project developed by Emaar Development PJSC on behalf of Emaar Properties PJSC # Emaar Properties PJSC has fully acquired Dubai Creek Harbour in December 2022 from JDA partner Note: Revenue of units sold related to projects under construction are recognized based on percentage of completion (POC). Revenue recognition starts once 20% construction is completed and 20% collection is received from customer; subsequent revenue is recognized based on incremental POC. Average GP Margin of 100% owned projects under development is 46% Project (100% Owned) Units Project Value (AED Mn)(1) Launch Period % Unit Sold % Completion Dec-25 Downtown Dubai 1,132 4,873 100% St. Regis Residences 1,097 3,955 Feb-22 100% 64% The Residence BK* 35 918 Nov-22 100% 92% Dubai Marina* 666 2,107 100% Marina Shores 440 1,318 Jul-22 100% 79% Marina Cove 226 790 Oct-24 99% - The Oasis - EP* 627 9,756 100% Palmiera 265 2,733 Aug-23 100% 73% Mirage 204 3,884 Apr-24 100% 33% Palmiera 2 56 555 May-24 100% 62% Palmiera 3 59 562 Aug-24 100% 60% Lavita 43 2,021 Sep-24 95% 15% The Oasis - ED 1,670 30,628 70% Address Tierra 487 8,472 Mar-25 97% 0% Palace Ostra 526 9,612 Mar-25 97% 0% Mareva 311 6,070 Dec-25 29% 0% Mareva 2 346 6,473 Dec-25 29% 0% Arabian Ranches III 1,661 4,121 100% Bliss 2 269 573 Feb-22 100% 100% Raya 240 531 Oct-22 100% 100% Anya 492 1,188 Jan-23 100% 95% Anya 2 362 994 Mar-23 100% 96% May 298 836 May-23 100% 96% Grand Polo Club and Resort 3,101 19,818 93% Montura 211 1,605 May-25 100% 0% Montura 2 206 1,226 May-25 100% - Montura 3 219 1,674 May-25 100% - Chevalia Fields 179 1,802 May-25 100% 0% Chevalia Estate 80 1,054 May-25 100% 0% Selvara 237 1,628 Jun-25 93% - Selvara 2 246 1,707 Jun-25 92% - Selvara 3 138 1,000 Aug-25 54% - Selvara 4 173 1,211 Aug-25 75% - Chevalia Estate 2 120 1,233 Sep-25 98% - Equestra 361 1,712 Nov-25 89% - Equiterra 547 2,466 Nov-25 98% - Equiterra 2 384 1,501 Nov-25 98% - Emaar Beachfront 2,751 16,955 100% Beach Mansion 490 1,938 Sep-21 100% 100% Address The Bay 447 2,312 Jun-22 100% 57% Beachgate by Address 250 1,630 Aug-22 100% 86% Seapoint 661 4,292 Apr-23 99% 29% Bayview Tower 1 & 2 676 4,900 Jun-23 99% 35% The Bristol 227 1,883 Jan-25 100% - Project (100% Owned) Units Project Value (AED Mn)(1) Launch Period % Unit Sold % Completion Dec-25 Dubai Creek Harbour 7,660 21,500 90% The Cove II 806 2,466 Nov-22 100% 90% Cedar 272 546 Mar-23 97% 100% Creek Waters 450 1,233 Apr-23 100% 70% Creek Waters 2 455 1,293 May-23 100% 71% Aeon 262 664 Jan-24 99% 55% Oria 163 457 Feb-24 100% 48% Canopy 245 575 Mar-24 18% 100% Moor 198 449 Mar-24 97% 100% Valo 291 752 Apr-24 100% 40% Mangrove 135 306 May-24 96% 100% Arlo 431 1,273 May-24 100% 26% Palace Creek Blue 512 1,593 Jun-24 100% 13% Altus 280 722 Jul-24 99% 39% Address DCH 324 1,040 Aug-24 100% 21% Albero 479 1,372 Apr-25 90% - Altan 479 1,373 May-25 84% - Silva 434 1,190 Jun-25 86% - Montiva 474 1,264 Aug-25 89% - Lyvia 478 1,363 Oct-25 87% - Creek Haven 273 820 Nov-25 49% - Creek Bay 219 749 Nov-25 65% - The Valley 7,243 29,637 97% Farm Gardens 146 861 Dec-22 100% 100% Elora 430 802 Jan-23 100% 100% Rivana 486 1,725 Jun-23 100% 89% Nima 520 1,279 Sep-23 100% 74% Alana 322 1,432 Oct-23 100% 74% Farm Gardens 2 256 2,287 Feb-24 100% 35% Lillia 406 959 Mar-24 100% 93% Venera 696 2,218 Jun-24 100% 33% Velora 488 1,495 Jun-24 100% 39% Avena 322 1,452 Jul-24 100% 20% Avena 2 332 1,507 Jul-24 100% 20% Velora 2 312 1,020 Oct-24 100% 21% Farm Grove 1 482 2,697 Dec-24 100% 0% Farm Grove 2 290 1,674 Dec-24 100% 1% Elea 128 431 Jan-25 100% 11% Kaia 156 465 Jan-25 100% 9% Elva 244 819 Feb-25 100% 14% Rivera 378 1,905 Apr-25 100% - Vindera 578 2,101 Sep-25 98% - Ovelle 132 1,203 Nov-25 44% - Avelia 139 1,305 Dec-25 1% - Emirates Hills 277 751 100% Golf Heights* 277 751 Oct-22 100% 90% Address Marjan Island 1,184 4,253 99% Address Marjan Island 1,184 4,253 Dec-23 99% 8% Business Bay Plot 688 3,028 10% Avarra by Palace 688 3,028 Nov-25 10% - Total 100% Owned 28,660 147,427 92%
Page 56
55 | UAE Development – Projects Under Development (JVs) Note: Revenue of units sold related to projects under construction are recognized once 20% construction completion and 20% co llection is achieved. 1) Total project value of units under development is based on the expected selling price Average GP Margin of JV projects under development is 49% Average GP Margin of all the projects under development (100% owned + JVs) is 47% Project (Joint Ventures) Units Project Value (AED Mn)(1) Launch Period % Unit Sold % Completion Dec-25 Dubai Hills Estates 10,001 24,908 864,825 95% Hills Park 444 709 Aug-22 100% 100% Elvira 892 2,048 Feb-23 100% 86% Golf Grand 323 680 Apr-23 100% 100% Greenside 490 1,071 Sep-23 100% 75% Parkside Views 389 953 Oct-23 99% 86% Club Drive 529 1,164 Oct-23 100% 62% Park Gate 87 1,014 Nov-23 100% 78% Parkside Hills 370 818 Feb-24 100% 56% Park Lane 854 1,757 Mar-24 100% 45% Vida DHE 217 629 Mar-24 100% 74% Palace DHE 962 2,457 May-24 100% 34% Club Place 473 1,146 Jul-24 99% 44% Parkland 209 585 Aug-24 100% 30% Address DHE 582 1,581 Aug-24 100% 13% Golf Hillside 184 502 Sep-24 95% 41% Vida Club Point 672 1,540 Sep-24 100% 24% Hillsedge 406 962 Dec-24 72% 13% Parkwood 487 1,330 Feb-25 75% 7% Vida Residence Hillside 500 1,372 May-25 80% 6% Park Gate 2 17 249 May-25 100% 35% Rosehill 555 1,381 Jul-25 90% - Palace Hillside 359 958 Oct-25 71% 4% Project (Joint Ventures) Units Project Value (AED Mn)(1) Launch Period % Unit Sold % Completion Dec-25 Rashid Yachts & Marina 4,109 11,782 728,582 91% Seascape 391 885 Dec-22 100% 72% Sunridge 130 244 Jun-23 100% 100% Clearpoint 477 1,038 Sep-23 100% 47% Avonlea 161 386 Nov-23 100% 38% Bayline 151 356 Nov-23 100% 34% Ocean Star 217 522 Mar-24 100% 29% Ocean Point 154 373 Apr-24 100% 22% Marina Views 545 1,760 Jul-24 100% 7% Ocean Cove 233 560 Jul-24 100% 22% Ocean Views 78 276 Sep-24 100% 12% Pier Point 1 122 390 Sep-24 98% 6% Pier Point 2 121 384 Sep-24 96% 6% Porto View 114 361 Sep-24 96% - Marina Place 1 162 531 Nov-24 100% 4% Marina Place 2 179 603 Nov-24 100% 4% Baystar by Vida 319 1,329 Jul-25 85% - Sera 1 & 2 386 1,189 Sep-25 23% - Aurea 169 596 Oct-25 88% - Emaar South 4,784 15,041 96% Fairway Villas 49 182 Dec-22 100% 100% Fairway Villas 2 309 1,290 May-23 100% 74% Fairway Villas 3 72 404 Mar-24 100% 32% Greenway 232 847 Apr-24 100% 26% Golf Lane 574 3,202 Jun-24 100% 23% Greenway 2 492 1,560 Jun-24 100% 22% Golf Point 550 702 Aug-24 99% - Greenridge 520 1,733 Sep-24 100% 20% Greenville 140 516 Oct-24 100% 28% Greenville 2 148 549 Oct-24 100% 26% Golf Acres 113 218 Dec-24 98% - Golf Dale 184 345 Dec-24 98% - Golf Edge 169 295 Jan-25 100% - Greenspoint 196 751 Feb-25 100% 22% Greenspoint 2 244 957 Feb-25 100% 21% Golf Meadow 188 343 Mar-25 96% - Golf Verge 196 405 Mar-25 87% - Golf Hills 2 204 369 Nov-25 64% - Golf Hills 204 373 Nov-25 68% - Zabeel Square 1,727 5,612 45,292 99% Address Zabeel 1,727 5,612 Jan-24 99% 5% Expo Living 1,562 3,035 95% Terra Heights 1,004 1,922 Nov-24 100% - Terra Gardens 558 1,114 Oct-25 88% - Total (Joint Ventures) 22,183 60,379 95% Grand Total (100% Owned + JVs ) 50,843 207,806 93%
Page 57
56 | UAE Development – Completed Projects1 (100% owned) 1) Completed projects with remaining inventory and/or remaining collections 2) Total Project value of completed projects based on expected selling price * Emaar Properties PJSC has fully acquired Dubai Creek Harbour in December 2022 from JDA partner Project (100% Owned) Units Project Value (AED Mn)(2) Area (SQF) % Unit Sold % Remaining Collections of Sold Value Downtown Dubai 7,268 26,000 9,159,992 100% 9% Blvd Heights 550 1,808 773,089 100% 1% Blvd Crescent 356 1,153 489,852 99% 0% Vida Downtown 344 1,425 492,618 100% 0% Opera Grand Residential Tower 295 2,123 515,219 99% 1% Act One Act Two 778 2,128 820,243 100% 11% Downtown Views 2 1,509 3,566 1,613,816 100% 8% Address Opera 866 3,819 1,103,756 100% 5% Forte 918 2,633 1,063,647 100% 8% Grande 899 2,942 971,210 100% 9% Il Primo 133 2,747 709,682 90% 29% Vida Dubai Mall 620 1,656 606,860 100% 16% Dubai Creek Harbour* 7,786 16,486 8,200,497 99% 4% Dubai Creek Residences 872 2,338 1,302,168 99% 1% Creekside 18 500 1,073 555,939 99% 0% Creek Gate 490 1,009 528,287 99% 1% The Cove 280 761 346,176 100% 1% Creek Rise 539 1,070 558,555 100% 1% Harbour Gate 513 1,024 532,127 98% 3% 17 Icon Bay 380 660 370,448 100% 1% The Grand 559 1,272 601,295 100% 1% Bay Shore 304 360 230,308 100% 1% Surf 171 219 134,151 100% 2% Summer 300 378 232,570 100% 1% Address Harbour Point 800 2,222 838,338 99% 7% Palace DCH 587 1,063 540,047 100% 9% Creek Palace 337 662 320,140 100% 1% DC Grove 262 513 256,455 100% 8% Rosewater 211 445 205,250 100% 8% Island Park I 154 301 161,292 98% 0% Palace Residences North 340 744 324,515 100% 15% Savanna 187 372 162,436 99% 11% Project (100% Owned) Units Project Value (AED Mn)(2) Area (SQF) % Unit Sold % Remaining Collections of Sold Value Dubai Marina 529 2,476 1,079,459 95% 0% Marina Plaza 167 1,640 668,059 84% 0% Vida Residence at Dubai Marina 362 836 411,400 99% 0% Arabian Ranches II 1,362 4,659 3,371,167 99% 1% Reem 216 505 398,804 100% 0% Samara 177 736 467,319 98% 1% Azalea 108 417 264,151 99% 0% Rasha 140 765 523,899 100% 1% Lila 219 874 573,553 100% 0% Polo Homes 71 733 500,316 99% 0% Sun 431 628 643,125 100% 4% Arabian Ranches III 1,973 5,458 4,208,781 100% 14% Joy 486 768 740,435 100% 5% Ruba 430 803 693,852 100% 9% June 2 35 126 96,699 100% 4% Bliss 332 672 529,060 100% 14% Caya 247 1,091 756,918 100% 21% June 183 653 508,903 100% 10% Elie Saab 129 659 436,715 100% 18% Elie Saab II 131 686 446,199 100% 18% Emaar Beachfront 1,537 4,746 1,558,048 100% 11% Marina Vista 353 870 327,247 100% 3% Grand Bleu Tower 634 2,241 707,974 100% 9% Palace Beach Residence 550 1,634 522,827 100% 17% The Valley 1,372 2,139 2,131,158 100% 5% Eden 362 499 553,940 100% 5% Nara 372 566 578,740 100% 5% Talia 330 547 520,216 99% 0% Orania 308 526 478,262 100% 10% Total 100% Owned 21,827 61,964 29,709,102 99% 7%
Page 58
57 | UAE Development – Completed Projects1 (JVs) 1. Completed projects with remaining inventory and/or remaining collections 2. Total Project value of completed projects based on expected selling price Project (Joint Ventures) Units Project Value (AED Mn)(2) Project Value (AED Mn)(2) % Unit Sold % Remaining Collections of Sold Value Dubai Hills Estates 4,449 15,246 7,640,157 99% 8% Acacia 537 1,109 677,047 98% 0% Mulberry 676 1,397 858,314 99% 1% Club Villas 150 585 368,299 99% 0% Collective 473 413 274,790 100% 1% Golf Grove 166 577 405,617 100% 2% Collective 2 494 459 285,010 100% 1% Golf Place 158 1,603 923,279 100% 3% Golf Suites 211 347 202,994 100% 3% Golfville 306 314 183,203 100% 5% Golf Place II 128 1,460 777,861 100% 19% Palm Hills 76 892 379,996 99% 14% Majestic Vistas 41 1,214 353,800 100% 17% Park Field 304 530 263,029 100% 5% Address Hillcrest 138 3,285 1,183,776 99% 9% Lime Gardens 291 521 250,116 100% 10% Park Horizon 300 540 253,026 100% 12% Arabian Ranches I 282 637 302,236 100% 6% Seagate 282 637 302,236 100% 6% Emaar South 2,789 3,621 3,734,833 100% 5% Urbana I, II, III 932 1,053 1,065,804 100% 4% Golf Views 288 318 253,035 100% 7% Golf links 204 588 460,544 100% 0% Parkside 3 365 440 519,318 100% 3% Parkside 2 422 510 604,920 100% 2% Green View 286 350 413,656 100% 12% Greenview 2 292 362 417,556 99% 18% Total (JVs) 7,520 19,504 11,677,226 100% 7% Grand Total (100% Owned + JVs )29,347 81,468 41,386,328 100% 7%
Page 59
58 | UAE Development – Location of Development Projects Notes: 1) ‘Rashid Yachts & Marina’, formerly ‘Mina Rashid’ ’, ‘Address Marjan Island’, formerly ‘Al Marjan RAK’; 2) Masterplan visuals are approximated for reference; 3) Emaar Estate, formerly “Emaar Hills Grand Polo Club & Resort The Oasis EXPO LIVING The Oasis Grand Polo Club & Resort Ras Al Khor Emaar Estate3
Page 60
59 | UAE Development – Expected Delivery Schedule (Units) *Downtown includes Burj Royale project where Group’s share is 61.25% ** Emaar Properties PJSC has fully acquired Dubai Creek Harbour in December 2022 from JDA partner *** ‘Rashid Yachts & Marina’, formerly ‘Mina Rashid’ A - Emaar Properties (Consolidated) 71,620 5,596 77,216 42,770 7,774 9,349 10,838 10,796 3,325 688 Downtown* 21,126 620 21,746 1,132 35 - 1,097 - - - Dubai Creek Harbour** 9,571 1,538 11,109 7,660 1,656 1,901 755 2,856 492 - Emaar Beachfront 2,569 550 3,119 2,751 490 697 1,337 - 227 - Dubai Marina 5,298 - 5,298 666 - 440 - - 226 - Arabian Ranches 4,360 - 4,360 - - - - - - - Arabian Ranches II 1,665 - 1,665 - - - - - - - Arabian Ranches III 1,868 690 2,558 1,661 1,661 - - - - - The Valley 734 638 1,372 7,243 982 1,816 2,736 860 849 - Emirates Hills 14,968 - 14,968 277 277 - - - - - Emaar Towers 168 - 168 - - - - - - - Dubai Hills Estate 9,016 1,278 10,294 10,001 2,152 3,326 2,216 2,307 - - Umm Al Quwain 277 - 277 - - - - - - - Rashid Yachts & Marina*** - 282 282 4,109 521 789 1,266 659 874 - Oasis - EP - - - 627 - 380 247 - - - Address Marjan Island - - - 1,184 - - 1,184 - - - The Oasis - ED - - - 1,670 - - - 1,013 657 - Grand Polo Club and Resort - - - 3,101 - - - 3,101 - - Business Bay - - - 688 - - - - - 688 B - Joint Ventures 2,874 533 3,407 8,073 49 381 2,546 4,351 746 - Emaar South 2,874 533 3,407 4,784 49 381 2,546 1,620 188 - Zabeel Square - - - 1,727 - - - 1,727 - - Expo Living - - - 1,562 - - - 1,004 558 - Total (A + B) 74,494 6,129 80,623 50,843 7,823 9,730 13,384 15,147 4,071 688 2031 Under Development Delivery Schedule 203020292026 2027 2028 Delivered as at 31-Dec-2024 Delivered in 2025 Total Delivered until 2025 Under Development
Page 61
60 | International Development – Expected Delivery Schedule Country Entity Units Completed Under Development To be developed 2026 2027 2028 2029 2030 & Onwards Subsidiaries Emaar Misr 15,918 6,439 8,089 1,616 1,727 1,276 1,071 8,838 Emaar Middle East 936 - - 40 45 36 23 - Emaar Turkey 1,305 - - 10 - - - - Metn Renaissance 516 107 41 128 29 26 11 - EGKL & EDIL 2,204 1,630 - 542 185 511 224 - Emaar India 24,153 5,381 1,063 1,801 729 3,315 - 1,063 Total 45,032 13,557 9,193 4,137 2,715 5,164 1,329 9,901
Page 62
61 | UAE Development – Land Bank Details Sufficient Land Bank For Long Term Development Available land bank 225 344 344 331 347 460 408 344 2018 2019 2020 2021 2022 2023 2024 2025 225 344 344 331 347 460 408 344 GLA (Mn sqft) The above chart represents UAE land bank availability at the end of the respective year Total UAE Available Land Bank: ~344 Mn Sq. ft. UAE Available Land Bank (Gross Land Area - Mn. Sq. ft.) 250.7 21.8 33.4 7.7 30.3 80.9 48.2 31.0 35.1 50.9 2.40.41.8 The Heights Country Club & Wellness The Valley Garden Grand Polo Club & Resort The Oasis - ED & EP Dubai Creek Rash Al Khor Plot Address Marjan Island Expo Living UAE wholly owned Dubai Hills Emaar Hills Rashid Yachts & Marina* Emaar South & others Notes: 1) Emaar Properties PJSC has fully acquired Dubai Creek Harbour in December 2022 from JDA partner 2) Rashid Yachts & Marina, formerly Mina Rashid, and ‘Address Marjan Island’, formerly ‘Ras Al Khaimah’ 3) Includes ~28.4 Mn sqft land under Emaar Properties PJSC and ~6.7 Mn sqft land under Emaar Development PJSC 4) Emaar Estate, formerly Emaar Hills 2 Year Masterplan 2012 Arabian Ranches II 2013 Dubai Hills Estate 2014 Dubai Creek Harbour1 2015 Emaar South 2016 Downtown Views, Address Marjan Island2 2017 Zabeel Square & Emaar Beachfront 2019 Arabian Ranches III, Rashid Yachts & Marina2 and The Valley 2022 The Oasis3 2023 The Heights Country Club & Wellness 2024 Grand Polo Club & Resort 2024 Expo Living 2025 Ras Al Khor 2025 Emaar Estate4
Page 63
62 | International Development – Land Bank Details (GLA)1 Notes: 1) Excludes Emaar Economic City’s land bank of c.1.1 Bn sq.ft., an associate 2) Numbers are inclusive of land bank related to Joint Venture of Emaar Misr 1.7 120.2 141.1 9.2 1.7 Saudi Arabia (Emaar Middle East) India (Emaar India) Egypt Pakistan Lebanon Note: Key international markets are considered Total GLA ~274 Mn SQ. FT1 2
Page 64
63 | JV Accounting Treatment Accounting P&L Balance Sheet Impact on Return on Capital Emaar Estate1 – Consolidation • 100% consolidation • 50% Minority Interest • 100% consolidation • 50% Minority Interest • Neutral impact on ROCE Dubai Hills – Consolidation • 100% consolidation • 50% Minority Interest • 100% consolidation • 50% Minority Interest • Neutral impact on ROCE Rashid Yachts & Marina2– Consolidation • Line by line consolidation • 30% Minority Interest • Line by line consolidation • 30% Minority Interest • Neutral impact on ROCE Emaar South, Zabeel Square & Expo Living – Equity Method • 50% profit recognised as per equity accounting method • Management fee recognised as revenue by Emaar Development • Investments in associates and joint ventures • Loans to associates and joint ventures • Higher ROCE as Development Assets not recognised on company’s Balance Sheet 1) Emaar Estate, formerly Emaar Hills; 2) ‘Rashid Yachts & Marina’, formerly ‘Mina Rashid’
Page 65
64 | Hospitality Group – Current Portfolio Notes: 1. TAH&R: The Address Hotels and Resorts 2. Rove is a joint venture 3. Residences in the Hotel Pool are operated by Emaar Hospitality like hotel rooms, on behalf of unit owners, for a % of revenue 4. Novotel hotel not operated by Emaar Hospitality Group 5. Al Alamein Hotel is a landmark Egyptian hotel operating since 1964 and acquired by Emaar in 2007, includes 187 rooms and 2 villas 6. Emaar/Rove maintains management rights only Hotels opened in FY 2025 Owned / Managed Armani Hotel at Burj Khalifa Armani Hotel - Dubai Owned 5 Star 160 NA 2010 Address Downtown Dubai TAH&R(1) Owned 5 Star 220 85 2008 Address Dubai Mall ( Address Fountain View ) TAH&R(1) Owned 5 Star 193 NA 2019 Address Sky View(6) TAH&R(1) Managed 5 Star 169 NA 2019 Address Beach Resort(6) TAH&R(1) Managed 5 Star 217 NA 2020 Address Beach Resort, Fujairah TAH&R(1) Managed 5 Star 196 NA 2021 Address Grand Creek Harbour TAH&R(1) Owned 5 Star 223 NA 2022 Palace Downtown Dubai TAH&R(1) Owned 5 Star 242 NA 2007 Palace Beach Resort, Fujairah TAH&R(1) Managed 5 Star 167 NA 2022 Palace Creek Harbour TAH&R(1) Owned 5 Star 122 NA 2024 Vida Dubai Mall Vida Hotels & Resorts Owned 4 Star 195 NA 2025 Vida Emirates Hills Vida Hotels & Resorts Owned 4 Star 160 5 2007 Vida Creek Harbour Vida Hotels & Resorts Owned 4 Star 286 NA 2019 Vida Dubai Marina Yacht Club Vida Hotels & Resorts Owned 4 Star 158 NA 2022 Vida Creek Beach Vida Hotels & Resorts Owned 4 Star 99 NA 2023 Arabian Ranches Golf Club Emaar Hospitality Owned Standard 11 NA 2007 Vida Umm Al Quwain Vida Hotels & Resorts JV 5 Star 143 NA 2021 Rove Downtown ROVE(2) JV 3 Star 420 NA 2016 Rove City Center ROVE(2) JV 3 Star 270 NA 2016 Rove Healthcare City ROVE(2) JV 3 Star 286 NA 2017 Rove Trade Center ROVE(2) JV 3 Star 270 NA 2017 Rove Dubai Marina ROVE(2) JV 3 Star 384 NA 2018 Rove At The Parks ROVE(2) JV 3 Star 579 NA 2019 Rove La Mer ROVE(2) JV 3 Star 366 NA 2020 Rove City Walk ROVE(2) JV 3 Star 566 516 2021 Rove Expo 2020(6) ROVE(2) JV-Managed 3 Star 331 NA 2021 Rove JBR ROVE(2) JV-Managed 3 Star 63 72 2024 Rove Al Marjan Island ROVE(2) JV-Managed 3 Star 441 0 2025 Armani Hotel at Via Manzoni (Milan, Italy) Armani Hotel-Milan Lease 5 Star 95 NA 2011 Novotel (Hyderabad, India) (4) Accor Owned 5 Star 287 NA 2006 Al Alamein Hotel (Marassi, Egypt)(5) TAH&R(1) Owned 4 Star 189 NA 2007(5) Verdi Hub (Marassi, Egypt) NA Owned In process 19 NA 2020 Blanca (Marassi, Egypt) NA Owned In process 30 NA 2020 Address Marasi Golf Resort (Marassi, Egypt) TAH&R(1) Owned 5 Star 48 NA 2020 Vida Beach Resort Marasi (Bahrain) Vida Hotels & Resorts Managed 5 Star 157 NA 2021 Vida Marina Resort Marasi ( Egypt ) Vida Hotels & Resorts Owned 4 Star 103 NA 2024 Address Istanbul TAH&R(1) Owned 5 Star 182 17 2021 Address Beach Resort (Bahrain) TAH&R(1) Managed 5 Star 117 21 2022 Address Jabal Al Omar Makkah (KSA) TAH&R(1) Managed 5 Star 1484 NA 2023 Address Beach Resort Marassi Egypt TAH&R(1) Owned 5 Star 172 NA 2024 Palace Beach Resort, Marassi TAH&R(1) Owned 5 Star 120 NA 2025 Classification Keys Residences in Hotel Pool(3) Operational Emaar Hospitality Group Hotel Portfolio Dubai International Hotel Management Company
Page 66
65 | Hotel Location Ownership Keys Serviced Apartments2 Estimated Completion Address The Bay Emaar Beachfront The Address Hotels & Resorts 184 2027 Address Al Marjan Ras Al Khaimah The Address Hotels & Resorts 196 2028 Vida Residences Cairo Gate Egypt Vida Hotels & Resorts 55 120 2027 Hospitality Group – Hotels / Service Apartments Under Development1 Note: 1) Represents hotels / serviced apartments being developed by Emaar; 2) The Serviced Apartments figures refer to the total number of apartments in the project and not the units in the hotel pool
Page 67
66 | Fair Valuation Overview – GAV By Segment Fair valuation is carried out by CBRE and other reputable valuers for development properties (including land), investment pro perties and revenue generating fixed assets related to hotels owned by Emaar. The above fair value do not include fair value of unconsolidated JVs except for listed associates & Rove Market Value of Assets is ~ 2x of the Book Value December 2025 Book Value Split December 2025 Fair Value Split 66% 15% 11% 4%3% 1% UAE Development International Development Retail & Leasing Hospitality Associates Others 61% 11% 22% 3% 3% 1% UAE Development International Development Retail & leasing Hospitality Associates Others AED 364.4 Bn AED 186.7 Bn
Page 68
67 | Fair Valuation Overview – GAV By Segment (Cont’d) Fair valuation is carried out by CBRE and other reputable valuers for development properties (including land), investment pro perties and revenue generating fixed assets related to hotels owned by Emaar. 1. Fair value of these assets have been considered at book value on a conservative basis; however, the real fair value will be m uch higher than this based on the income capitalization method. Note: The above fair value do not include fair value of unconsolidated JVs except for listed associates & Rove AED Million Book Value Fair Value Book Value Fair Value AED Million Book Value Fair Value Book Value Fair Value UAE 35,091 133,619 32,580 113,241 Egypt 6,621 7,777 4,610 5,342 Turkey 55 58 136 139 India 6,458 14,530 6,101 12,990 KSA 334 489 370 523 Pakistan 1,260 2,652 884 2,211 At The Top1 186 186 199 199 USA 13 13 13 13 Lebanon 368 368 368 368 Morocco 33 143 33 117 Syria 2 2 1 1 Total 50,235 159,651 45,096 134,945 Total 9,267 14,016 8,987 12,708 Leisure & Entertainment1 498 498 574 574 Other Assets 1 2,146 2,146 2,267 2,267 Hotels & Convention Center 5,266 10,015 4,998 8,719 District Cooling Plant1 1,171 1,171 949 949 GAV: Development Properties GAV: Fixed Assets 2025 2024 2025 2024
Page 69
68 | Book Value Fair Value Book Value Fair Value Cash and Cash Equivalents 52,633 52,633 38,632 38,632 Short term deposits 18,828 18,828 11,424 11,424 Trade and Other Receivables 23,156 23,156 25,536 25,536 Development Properties 50,235 159,651 45,096 134,945 Investment in Associates and Joint Ventures 6,965 11,694 5,431 10,466 Securities and Loans to Associates and Joint Ventures 2,844 2,844 2,514 2,514 Investment Properties 21,518 80,374 21,340 73,455 Fixed Assets 9,267 14,016 8,987 12,708 Intangible assets 542 542 574 574 Right of use assets 713 713 688 688 Total Assets 186,701 364,451 160,222 310,942 Total Liabilities (incl. Minority Interest) (92,423) (117,430) (74,794) (98,129) Net Asset Value 94,277 247,020 85,428 212,813 Number of Shares Outstanding (in Million) 8,839 8,839 8,839 8,839 Net Asset Value per Share (AED) 10.67 27.95 9.66 24.08 2025 2024 Fair Valuation Overview – NAV Table In AED Mn # Fair value of some of these assets have been considered at book value on a conservative basis (refer previous slide) Fair valuation is carried out by reputable valuers for development properties (including land), investment properties and rev enue generating fixed assets related to hotels owned by Emaar. Note: The above fair value do not include fair value of unconsolidated JVs except for listed associates, Rove & Emaar Dubai S outh #
Page 70
69 | Group Structure* EMAAR PROPERTIES PJSC (2) * Included only material entities DUBAI CREEK HARBOUR (100%) EMAAR BAWADI (4) (50%) MIRAGE LEISURE & DEVELOPMENT (100%) DWTC EMAAR LLC (4) (50%) TURNER INTERNATIONAL ME (4) (65%) DUBAI HILLS ESTATE (1) (50%) EMAAR DUBAI SOUTH DWC (1 & 4) (50%) ZABEEL SQUARE (1 & 4) (50%) MINA RASHID (1&6) (100%) EME, KSA (100%) EMAAR LEBANON (65%) EMAAR IGO SYRIA (60%) EMAAR AMERICA (100%) EMAAR MOROCCO (100%) EMAAR INDIA (77%) & EMAAR AMC JV (74%) EMAAR TURKEY (100%) EKO TEMALI (4) (50%) EMAAR PAKISTAN (EGKL & EDIL) (100%) EMAAR JORDAN (100%) DEAD SEA TOURISM (4) (29.33%) EMAAR MALL Management (100%) DUBAI CREEK HOTELS (100%) ROVE HOTELS (4) (50%) EMAAR HOTELS & RESORTS (100%) EMAAR HOSPITALITY GROUP (100%) EMAAR ASSET MANAGEMENT (100%) EMAAR DISTRICT COOLING (100%) Sky Views Observatory (100%) EMAAR ENTERTAINMENT (100%) AT THE TOP (100%) HAMPTONS MENA (100%) EMRILL (4) (50%) EII CAPITAL PSC (4) (40%) Notes: (1) Only built to sell projects are held by Emaar Development and JV partners. Build to lease and operate (BTL/BTO) projects are directly held by Emaar Properties PJSC, its subsidiaries and JV partners (2) Listed on DFM (3) Listed on EGX, in 2024 % holding changed due to issuance of additional shares to acquire Albro North Coast Development (4) Equity accounted joint ventures or associates (5) Listed on Tadawul Exchange, Emaar Properties effective ownership changed from 22.95% to 13.60% in December 2025 (6) 30% of profit is shared with partner as management fee Listed Companies INTERNATIONAL MALLS HOSPITALITY GROUP OPERATIONS LEISURE & ENTERTAINMENT OTHERSDOMESTIC REAL ESTATE Listed companies AMLAK (2 & 4) (48.1%) EGYPT (3) (73.79%) EEC, KSA (4&5) (13.60%) EMAAR DEVELOPMENT PJSC (2) (80%) DUBAI HILLS ESTATE MALL & RETAIL (50%) DUBAI OPERA (100%) EMAAR ESTATE (1) (50%)
Page 71
70 | Thank Y ou EMAAR PROPERTIES Name – Abhay Singhvi Email ID - ASinghvi@emaar.ae, investor-relations@emaar.ae