Interim report
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H1 2026 Results Report H1 2026 Results Report
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2 Emirates REIT | H1 2026 Report A t a g l a n c e C h a i r m a n ’ s m e s s a g e 4 E m i r a t e s R E I T O v e r v i e w 6 H 1 2 0 2 6 i n B r i e f 7 H 1 2 0 2 6 P o r t f o l i o O c c u p a n c y & I n c o m e a n d E a r n i n g s 8 9 H 1 2 0 2 6 F i n a n c i a l H i g h l i g h t s 1 0 H 1 2 0 2 6 O p e r a t i o n a l H i g h l i g h t s 1 P o r t f o l i o Market Overview 1 2 E d u c a t i o n 2 2 2 Index Tower 1 7 L o f t O f f i c e s 1 8 E u r o p e a n B u s i n e s s C e n t r e 1 9 B u i l d i n g 2 4 2 0 I n d i g o 7 - d i v e s t e d 2 1 1 6 Offices & Retail G o v e r n a n c e E q u i t a t i v a ’ s R e p o r t 2 7 C o r p o r a t e G o v e r n a n c e 3 0 3 1 S h a r i a C o m p l i a n c e C e r t i f i c a t e 3 Financial Information Independent Auditors’ Review Report Interim Condensed Consolidated Statement of Financial Position 3 3 3 4 Interim Condensed Consolidated Statement of Comprehensive Income 3 5 Interim Condensed Consolidated Statement of Changes in Equity 3 5 3 6 Interim Condensed Consolidated Statement of Cash Flows 3 6 Notes to the Interim Condensed Consolidated Financial Information 4 8 G l o s s a r y 4 Table of Contents G E M S W o r l d A c a d e m y 2 3 L y c é e F r a n ç a i s J e a n M e r m o z 2 4 D u r h a m S c h o o l D u b a i 2 5 Disclaimer: Due to rounding, numbers presented throughout this report may not add up precisely to the totals provided, and percentages may not precisely reflect the absolute figures. The summary financial information presented in sections 1-3 is extracted from the interim condensed consolidated financial information.
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1 Chairman’s message Emirates REIT Overview H1 2026 in Brief H1 2026 Portfolio Occupancy & Income and Earnings H1 2026 Financial Highlights H1 2026 Operational Highlights At a Glance 4 6 7 8 9 10 3 Emirates REIT | H1 2026 Report
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With the UAE’s commercial real estate market maintaining its positive trajectory despite regional tensions, Net Asset Value increased by 7.4% year-on-year to USD 949.5m or USD 2.97 per share, setting a new record. The first half of 2026 has also been an important period for the REIT strategically. We have continued to build on the REIT’s momentum through the successful disposal of Indigo 7 commercial building for USD 10.1m in June 2026. The sale price, agreed before the onset of the regional conflict, remained unchanged despite the subsequent geopolitical tensions and allowed the REIT to crystallise a significant premium to the property’s latest valuation. We will continue our strategy of active, long-term asset management to acquire assets where we see the opportunity to create value, invest in and reposition them, work actively to enhance their performance, and realise that value only when market conditions and the asset’s maturity make a disposal strategically compelling. Our commitment to delivering value to shareholders is reflected in our consistent approach to distributions. For financial year 2025, Emirates REIT paid total dividends of USD 20.5m, demonstrating the strength of our cash generation and our confidence in the underlying performance of the portfolio. Moving forward, we intend to enhance the regularity of shareholder returns by moving to quarterly dividend distributions, subject to the relevant approvals. The first proposed quarterly distribution of USD 7m is planned for September 2026, marking an important step in providing shareholders with a more consistent and predictable income stream. 4 On behalf of the Board, I am pleased to present Emirates REIT’s Report for the half-year ending 30 June 2026. As you will be aware, we have seen considerable uncertainty in the region in 2026 – geopolitical tensions, shifting expectations and a challenging economic environment have combined to test businesses and investors alike. However, I am pleased to report that Emirates REIT has continued to deliver outstanding results, reflecting the strength of our portfolio and the effectiveness of our prudent strategy. Our performance is the result of the hard work by the team and the key decisions taken as part of our transformation strategy. We have focused on the fundamentals of the REIT, maintaining high-quality assets, looking to maximise occupancy and supporting our tenants in a volatile time. In parallel, we have completed a programme of financial restructuring, strengthening our balance sheet through significant reduction in debt and the sale of non-core assets. Because of these key steps, we began 2026 in a strong position and have continued to deliver through the first half of the year. We achieved year-on-year growth of 15% in Total Property Income to USD 44.9m, up from 39.2m in H1 2025, thanks to continued improvement in rental rates. We also saw an increase of 20% of Net Property Income to USD 40.4m compared to USD 33.7m in H1 2025. Occupancy rose to 96%, while Operating Profit increased by 51% in the period to USD 28.4m, from USD 18.8m in H1 2025. Funds from Operations were USD 17.1m, up 2.4x from USD 7.2m in H1 2025. We were also successful in reducing fund expenses by 21% year-on-year to USD 11.9m, while net finance costs fell 2.1% to USD 11.3m, reflecting the impact of the various refinancing initiatives. As a result of careful financial stewardship, we achieved a further reduction of the Finance to Asset Value (LTV) to 19%, down from 20% in H1 2025, and the REIT ended the period with cash and cash equivalents of USD 35.5m, up 69% on the same period last year. Dear Shareholders, Emirates REIT | H1 2026 Report Chairman’s Message
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5 As a result of the measures we have taken, Emirates REIT is better positioned to navigate market volatility while pursuing growth. This resilience is particularly important at a time when investors are focused not simply on headline returns, but on the quality, sustainability and predictability of those returns. Looking ahead, we remain focused on navigating the evolving market environment with discipline. The UAE continues to benefit from strong economic fundamentals and from its position as a leading regional hub. The measured and effective response of the UAE authorities to the recent regional conflict, together with the country’s strong institutional framework and focus on maintaining business continuity, has further demonstrated the resilience of the UAE economy through a period of exceptional volatility. These structural trends provide a supportive environment for high-quality commercial, education and retail real estate, while our strengthened balance sheet gives us greater flexibility to respond to opportunities as they emerge. I would like to thank our shareholders and bondholders for their continued trust and support, and our tenants and business partners for their ongoing collaboration. I would also like to recognise the dedication and commitment of our board members and employees, whose continued efforts have been central to the REIT’s performance and progress during the period. We remain focused on building on this foundation and delivering sustainable, long-term value for our shareholders. Our focus remains on the long-term development of Emirates REIT, supported by disciplined asset management, prudent capital allocation and a continued commitment to sustainable shareholder value. Our thanks to you. Emirates REIT | H1 2026 Report Abdulla Al Hamli, Chairman Chairman’s Message
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I n d e x T o w e r ( D I F C ) L o f t O f f i c e s ( D u b a i M e d i a C i t y ) E u r o p e a n B u s i n e s s C e n t r e ( D u b a i I n v e s t m e n t s P a r k ) B u i l d i n g 2 4 ( D u b a i I n t e r n e t C i t y ) G E M S W o r l d A c a d e m y ( A l B a r s h a S o u t h ) L y c e e F r a n c a i s J e a n M e r m o z ( A l Q u o z ) D u r h a m S c h o o l D u b a i ( D u b a i I n v e s t m e n t s P a r k ) I n d e x M a l l ( D I F C ) P r o p e r t i e s 7 T e n a n t s 3 7 1 L e t t a b l e a r e a 1 6 6 , 1 5 2 s q m P o r t f o l i o O f f i c e s & R e t a i l As at 30 June 2026 E d u c a t i o n 6 Based in the DIFC, Emirates REIT is the first and one of the largest listed, DFSA licensed, Shari’a ‑ compliant REIT in the UAE by assets under management, and has a principal mandate to invest in income ‑ generating properties with attractive investment fundamentals, with a primary focus in the UAE. The REIT’s investment holdings represent a diverse commercial portfolio covering office, retail, and educational assets. Profile Investment objective The principal objective of Emirates REIT is to provide its shareholders with a stable source of income through the consistent distribution of at least 80% of its audited annual net income (in accordance with the DFSA CIR Rules) and an increased value of their holding in Emirates REIT through active asset management and the potential capital appreciation of the properties within the portfolio. Emirates REIT’s shares are listed on Nasdaq Dubai under the ticker symbol REIT and it is managed by Equitativa (Dubai) Limited, which is a leading independent, asset manager in the UAE. Listing and management Equitativa (Dubai) Limited is a DFSA regulated REIT Manager with an established corporate governance framework and an experienced team with detailed knowledge of the UAE real estate sector. Regulatory highlights include a minimum distribution of 80% of audited annual net income, a gearing limit of 65% of Gross Asset Value, and a cap on development activities limited to 30% of the net asset value of Fund Property. Governance and regulatory framework F a i r v a l u e U S D 1 , 2 0 3 m 1 This is inclusive of Market Value of Investment Properties, Right-of-Use Assets (Fair Value), Investment Property under Development, Lease Incentive and Deferred Income. 2 Index Mall and Index Tower are considered as a single asset within Emirates REIT’s portfolio. Emirates REIT | H1 2026 Report I n d i g o 7 ( S h e i k h Z a y e d R o a d ) DIVESTED Emirates Reit 1 2 2
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Emirates REIT | H1 2026 Report H1 2026 in Brief 30 June Emirates REIT paid a final dividend FYE2025 of USD 13 million in cash. Operating Profit +51% H1 2026 H 1 2 0 2 5 USD 28m U S D 1 9 m Investment Properties U S D A E D 4 . 4 B 1.2B 2 Net Asset Value U S D 949.5M A E D 3 . 5 B Total Property Income +9.6% H 1 2 0 2 6 H 1 2 0 2 5 U S D 4 2 m U S D 3 9 m 1 On a like-for like basis, disregarding the net effect of asset disposals in H1 2026. 2 Reclassified long ‑ term land lease RoUAs to investment properties (IAS 40) and changed measurement to fair value. Comparatives have been reclassified to conform to the presentation adopted in the current year E m i r a t e s R E I T c o m p l e t e d t h e s a l e o f I n d i g o 7 B u i l d i n g f o r U S D 1 0 . 1 m i l l i o n 1 2 J u n e 7 Net Lettable Area S Q . M . 1 6 6 , 1 5 2 Weighted Average Lease Expiry Y E A R S 5.5 Investment Properties +4.1% H 1 2 0 2 5 USD 1,203m U S D 1 , 1 5 6 m H 1 2 0 2 6 25 March Emirates REIT reported the results for the Financial Year ended 31 December 2025 6 M a r c h V i n t a g e C o m m o d i t i e s F Z C O w a s r e p l a c e d a s C o n n e c t e d P e r s o n a f t e r t r a n s f e r r i n g i t s e n t i r e s t a k e t o A r a l i a S e c u r i t i e s L i m i t e d , h o l d i n g 1 7 . 3 % . Emirates REIT’s Annual General Meeting was duly convened 26 June 2 2 1 1
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U S D ‘ 0 0 0 H 1 2 0 2 6 H 1 2 0 2 5 V A R I A N C E % V A R I A N C E % V A R I A N C E R e n t a l , f e e & o t h e r i n c o m e 4 2 , 3 4 1 3 9 , 1 5 9 3 , 1 8 2 8 . 1 % 9 . 6 % G a i n o n d i s p o s a l o f i n v e s t m e n t p r o p e r t y 2 , 5 9 8 - 2 , 5 9 8 1 0 0 % 1 0 0 % T o t a l P r o p e r t y I n c o m e 4 4 , 9 3 9 3 9 , 1 5 9 5 , 7 8 0 1 5 % 1 6 % N e t P r o p e r t y I n c o m e 4 0 , 3 5 9 3 3 , 7 2 9 6 , 6 3 1 2 0 % 2 1 % O p e r a t i n g P r o f i t 2 8 , 4 1 2 1 8 , 7 5 8 9 , 6 5 3 5 1 % 5 1 % N e t F i n a n c e c o s t ( 1 1 , 3 1 0 ) ( 1 1 , 5 4 8 ) 2 3 8 ( 2 . 1 % ) ( 2 . 1 % ) P r o f i t b e f o r e f a i r v a l u a t i o n o f i n v e s t m e n t p r o p e r t i e s 1 7 , 1 0 2 7 , 2 1 0 9 , 8 9 2 2 . 4 x 2 . 1 x N e t u n r e a l i s e d g a i n o n r e v a l u a t i o n 3 7 , 1 8 9 1 7 7 , 3 7 2 ( 1 4 0 , 1 8 3 ) ( 7 9 % ) ( 7 9 % ) P r o f i t f o r t h e y e a r 5 4 , 2 9 1 1 8 4 , 5 8 2 ( 1 3 0 , 2 9 2 ) ( 7 1 % ) ( 7 1 % ) E P S ( U S D ) 0 . 1 7 0 0 . 5 7 8 ( 0 . 4 0 8 ) ( 7 1 % ) ( 7 1 % ) U S D ‘ 0 0 0 H 1 2 0 2 6 H 1 2 0 2 5 V A R I A N C E % V A R I A N C E I n v e s t m e n t P r o p e r t i e s 1 , 2 0 3 , 3 5 5 1 , 1 5 6 , 4 2 9 4 6 , 9 2 6 4 . 1 % C a s h a n d c a s h e q u i v a l e n t s 3 5 , 4 8 0 2 1 , 0 4 2 1 4 , 4 3 8 6 9 % T o t a l A s s e t s 1 , 2 8 2 , 5 0 4 1 , 2 2 2 , 0 7 6 6 0 , 4 2 8 4 . 9 % I s l a m i c F i n a n c i n g 2 4 3 , 9 3 8 2 4 6 , 4 1 1 ( 2 , 4 7 3 ) ( 1 . 0 % ) T o t a l L i a b i l i t i e s 3 3 3 , 0 4 8 3 3 8 , 0 3 8 ( 4 , 9 9 0 ) ( 1 . 5 % ) E q u i t y / N e t A s s e t V a l u e ( N A V ) 9 4 9 , 4 5 6 8 8 4 , 0 3 7 6 5 , 4 1 8 7 . 4 % N A V p e r s h a r e ( U S D ) 2 . 9 7 2 . 7 7 0 . 2 0 7 . 4 % F i n a n c e t o A s s e t V a l u e ( L T V ) 1 9 % 2 0 % ( 1 p . p . ) ( 1 p . p . ) 8 H1 2026 Portfolio Income and Earnings T o t a l O c c u p a n c y 96% Occupancy European Business Centre 97% Index Tower 95% Loft Offices 1, 2 and 3 69% Building 24 99% O f f i c e s & R e t a i l GEMS World Academy 100% Lycée Français Jean Mermoz 100% Durham School 100% E d u c a t i o n 1 Investment Properties: Reclassified long ‑ term land lease RoUAs to investment properties (IAS 40) and changed measurement to fair value. Comparatives have been reclassified to conform to the current presentation adopted. 2 Total Assets/Equity: Reclassified share component of Liquidity Provider balances from current assets to equity (other reserves) after reassessing contractual substance (IAS 1). Comparatives have been reclassified to ensure consistency with the current presentation with no impact on profit or loss. 3 Like-for-like: This variance has been calculated on a like-for-like basis excluding the impact of the sold property in FY2026. As at 30 June 2026 Statement of Financial Position 1 2 2 2 3 2 Indigo 7 *as at date of sale 90% Emirates REIT | H1 2026 Report
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H1 2026Financial Highlights O p e r a t i n g P r o f i t + 5 1 % U S D 2 8 m N A V + 7 . 4 % U S D 9 4 9 m L T V 1 9 % f r o m 2 0 % i n H 1 2 0 2 5 9 Emirates REIT | H1 2026 Report A s a t 3 0 J u n e 2 0 2 6 H1 2026 marked another period of significant progress for the REIT, driven by the continued execution of its strategy to deliver sustainable long-term value to shareholders. The period was characterised by a final dividend distribution for the Financial Year ending 2025, disciplined resource management and continued balance sheet optimisation, contributing to a further reduction in operating and financing costs. The portfolio continued to demonstrate resilience, supported by high occupancy levels and a significant proportion of fixed- rent income. This performance was achieved against a backdrop of heightened regional geopolitical tensions, which affected certain areas of economic activity and market sentiment across the GCC region. Total property income for H1 2026 increased by 9.6% year-on- year to USD 42.3m, on a like-for-like basis excluding the investment property divested in June 2026. The increase was primarily driven by higher occupancy levels and improved rental rates across the portfolio. On a reported basis, including the contribution from the divested property until its disposal, total property income increased by 15% year-on- year. Operating expenses decreased by 16% to USD 4.6m (H1 2025: USD 5.4m), reflecting the continued impact of cost optimisation initiatives and disciplined resource management. Fund expenses decreased by a further USD 3.2m, primarily due to a lower accrual for performance fees. As a result of strong underlying portfolio performance and continued cost discipline, operating profit increased by 51% year-on-year to USD 28.4m (H1 2025: USD 18.8m), compared with the same period in 2025. Net finance costs continued to decline, reaching USD 11.3m (H1 2025: USD 11.5m), principally reflecting the benefits of the refinancing of the Islamic financing facility completed in November 2025. Supported by the strength of the REIT’s underlying operations, profit before unrealised gains reached USD 17.1m, representing an increase multiple of 2.4 compared with H1 2025. The REIT recognised USD 37.2m of unrealised valuation gains during the period. Consequently, reported profit for H1 2026 reached USD 54.3m, compared with USD 184.6m in H1 2025. The year-on-year movement primarily reflects the exceptionally significant unrealised valuation gains recognised during H1 2025 and should therefore be considered in the context of the REIT’s strong underlying recurring operating performance in H1 2026. The fair value of the REIT’s investment property portfolio increased by 4.1% year-on-year to USD 1,203.4m (H1 2025: USD 1,156.4m), demonstrating continued valuation resilience despite the prevailing geopolitical and macroeconomic environment. The REIT maintained a strong capital structure and liquidity position during the period. Supported by continued deleveraging and a resilient asset base, the Finance-to-Asset Value (LTV) ratio improved to 19%, compared with 20% at H1 2025. Cash and cash equivalents increased by 69% year-on- year to USD 35.5m, providing the REIT with enhanced financial flexibility. Reflecting the combination of strong underlying portfolio performance, positive valuation movements and a strengthened capital structure, Net Asset Value (NAV) reached an all-time high of USD 949.5m, representing a 7.4% year-on-year increase. NAV per share increased to USD 2.97, compared with USD 2.77 at H1 2025. These results demonstrate the continued strength and resilience of the REIT’s portfolio and the benefits of its disciplined approach to asset management, cost optimisation and capital structure management, while providing a further strenghed platform for sustainable shareholder returns. P r o p e r t y i n c o m e + 9 . 6 % U S D 4 2 m 1 O n a l i k e - f o r l i k e b a s i s , d i s r e g a r d i n g t h e n e t e f f e c t o f a s s e t d i s p o s a l i n H 1 2 0 2 6 1
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O c c u p a n c y 9 6 % + 0 . 5 4 p . p . f r o m 3 0 J u n e 2 0 2 5 N e t P r o p e r t y I n c o m e + 2 0 % U S D 4 0 m P r o p e r t y I n c o m e + 1 5 % U S D 4 5 m I n v e s t m e n t P r o p e r t i e s M a r k e t V a l u e + 3 . 3 % U S D 1 , 1 7 6 m H1 2026Operational Highlights 10 A s a t 3 0 J u n e 2 0 2 6 In the first half of 2026, Emirates REIT maintained stable operational performance, demonstrating the resilience of its portfolio amid a more cautious market environment shaped by ongoing geopolitical uncertainty. The REIT adapted its active asset management strategy to evolving market conditions, with continued focus on strengthening tenant relationships, extending lease durations, and enhancing income visibility across the portfolio to support long-term value creation. Proactive asset management, disciplined leasing strategies, and sustained tenant engagement enabled the REIT to maintain high occupancy levels across the portfolio, with occupancy increasing marginally to 96% (+0.54 p.p. year-on-year). Rental rates grew by 8% year- on-year, reflecting positive rental reversion and the portfolio's ability to enhance income performance despite evolving market conditions. Portfolio occupancy remained broadly stable during H1 2026, with notable improvements recorded at selected assets. Building 24 achieved occupancy of 99%, representing an increase of 3.03 p.p. year-on-year, while Loft Offices 3 recorded a significant improvement to 42%, up 5.16 p.p. year-on-year. These gains were partially offset by normal leasing movements elsewhere in the portfolio. Total property income increased by 15% year-on-year (H1 2025: USD 39 million), supported by rental growth and stable occupancy, demonstrating the strength of the portfolio’s underlying fundamentals and earnings resilience. Property operating costs decreased by 16% year-on-year driven by effective cost management initiatives and operational efficiencies across the portfolio. Concurrently, the net property income increased by 20% year-on-year, demonstrating the portfolio’s ability to translate revenue growth and cost efficiencies into higher earnings. As of 30 June 2026, the portfolio comprised 371 tenants and a WALE of 5.5 years, reflecting the REIT’s focus on income security, tenant retention, and long-term cash flow visibility amid heightened market uncertainty. The portfolio valuation benefited from strong tenant covenants, sustained occupancy and continued rental growth, despite a more dynamic market environment. Reflecting these positive fundamentals, independent Valuers CBRE and JLL valued Emirates REIT’s portfolio at USD 1,176 million as of 30 June 2026; up 3.3% from USD 1,138 million a year earlier. Emirates REIT | H1 2026 Report
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2 Offices and Retail Index Tower Loft Offices Europen Business Centre Building 24 Indigo 7 - divested Education GEMS World Academy Lycée Français Jean Mermoz Durham School Dubai 16 17 18 19 20 21 22 23 24 25 Emirates REIT | H1 2026 Report Portfolio 11 Market Overview 12
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Macroeconomic overview UAE Real GDP Growth (Y-o-Y) The UAE macroeconomic outlook weakened during H1 2026, with GDP forecasts revised from 4.8% growth to a marginal contraction of -0.04%, reflecting the impact of the prolonged regional conflict on trade, energy flows, and non-oil sectors. The hydrocarbon sector is projected to grow by 1.5% in 2026, supported by higher oil production, exports, and elevated oil prices. The tourism sector continued to face headwinds from reduced international travel, impacting visitor- dependent sectors, particularly luxury retail. GDP growth is forecast to rebound to approximately 5.0% in 2027 as trade routes stabilise and new energy capacity comes online. Inflationary pressures increased during H1 2026, with UAE inflation forecast at 2.9% and Dubai inflation reaching 5.7% year-on-year in June. Despite a challenging economic backdrop, business activity remained resilient during H1 2026, with the UAE PMI registering 50.8 in June and Dubai PMI at 50.7, both remaining in expansionary territory despite moderating from earlier months. Strong capital inflows continued to support liquidity and real estate values, particularly across Dubai's prime market segments. While economic activity has moderated following several years of sustained growth, the UAE continues to demonstrate resilience through proactive policy measures, supply chain diversification, and ongoing investment in strategic sectors, positioning the economy for a stronger medium-term recovery. Source: CBRE, ”UAE Real Estate Market Review Q2 2026" UAE Purchasing Managers Indices Emirates REIT | H1 2026 Report Market Overview 88% 92% 94% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026F 2027F 0% -2% -4% -6% 0% 2% 4% 6% 8% Source: CBRE, ”UAE Real Estate Market Review Q2 2026" 12 Source: CBRE, ”UAE Real Estate Market Review Q2 2026"
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Dubai Office Market Update Dubai, offices, average rental index Dubai’s office market remained resilient during Q2 2026, supported by sustained occupier demand, high occupancy levels, and limited availability of quality office stock. While some occupiers adopted a more cautious approach amid regional uncertainty, underlying demand for Grade A office space remained firm. Office rents continued to record strong growth, increasing by 13% year-on-year in Q2 2026, with prime office rents achieving stronger growth of 16% over the same period, reflecting continued demand for premium office locations. Occupancy levels remained stable at approximately 94%, reflecting continued supply constraints across the Dubai office market. Future office completions between 2026 and 2028 are expected to remain limited, with a significant proportion of upcoming Grade A space already expected to be pre-leased. Demand for Grade A office space endured strong, particularly across key free zone locations including DIFC, TECOM, and DMCC, supported by ongoing pre-leasing activity and limited future supply. DIFC continued to attract demand from financial institutions, hedge funds, professional services, and legal firms, highlighting continued confidence in Dubai’s long-term business environment. 2018 2019 2020 2021 2022 2023 2024 2025 2026 80 100 120 140 160 180 200 O c c u p a n c y Q 2 2 0 2 4 Q 2 2 0 2 5 Q 2 2 0 2 6 0 % 2 0 % 4 0 % 6 0 % 8 0 % 1 0 0 % Dubai, offices, average occupancy rate, % Emirates REIT | H1 2026 Report Market Overview 93% 94% 94% 13 2018 - Index = 100 Source: CBRE, ”UAE Real Estate Market Review Q2 2026" Source: CBRE, ”UAE Real Estate Market Review Q2 2026" Source: CBRE, ”UAE Real Estate Market Review Q2 2026"
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4 . 1 m s q m G L A T o t a l s t o c k * i n s t i t u t i o n a l m a l l / m a j o r s h i p p i n g c e n t r e G L A 2 4 0 k s q m G L A 2 0 2 7 p l a n n e d d e l i v e r i e s 3 % Y - o - Y Y - o - Y r e n t a l c h a n g e Average rental rates across primary and secondary malls Retail market update The UAE retail sector continued to face demand pressures during H1 2026, driven by softer tourism flows and broader consumer headwinds. Retail occupancy remained strong, with average occupancy levels at approximately 98% in Dubai, broadly unchanged compared with the same period last year. Dubai retail rents recorded modest year-on-year growth of approximately 3% in Q2 2026. Retail supply remained constrained across the UAE, with limited new completions expected in Dubai during 2026. The market is expected to see increased supply in 2027, with approximately 240,000 sqm of new retail GLA scheduled for delivery. Upcoming retail developments, including Al Khail Avenue, Dubai Harbour F&B-led projects, Sobha Hartland Mall, and Liwan Mall, are expected to expand the retail landscape. Source: CBRE, ”UAE Real Estate Market Review Q2 2026. Emirates REIT | H1 2026 Report Market Overview Dubai Retail Market: total stock, expected deliveries & rental rates 14 Source: CBRE, ”UAE Real Estate Market Review Q2 2026.
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4 0 7 , 5 1 7 Total students 2 2 7Total private schools A m e r i c a n C u r r i c u l u m S c h o o l s 4 0 B r i t i s h C u r r i c u l u m S c h o o l s 9 0 I n d i a n C u r r i c u l u m S c h o o l s 3 4 O t h e r C u r r i c u l u m S c h o o l s 6 3 Dubai school market update The UAE private education sector remained resilient during H1 2026 despite regional geopolitical disruptions, supported by strong long-term demographic growth and sustained demand for quality education. Student numbers in Dubai's private school sector exceeded 400,000 students during the 2025/26 academic year, supported by continued expatriate inflows and expanding school capacity. Occupancy across established private schools remained high, with KHDA reporting that more than 95% of students continued to attend in-person learning despite temporary disruptions during the period. To support families amid economic uncertainty, Dubai froze private school fee increases for the 2026/27 academic year, reinforcing the sector's stability and affordability. The sector experienced temporary disruption during the period, including short-term distance learning measures and some delays in expatriate relocations; however, enrolment levels generally remained stable and school operators reported continued confidence in student retention and future demand. The medium-term outlook for the education sector remains positive, underpinned by population growth, ongoing investment in educational infrastructure, and Dubai's position as a leading regional education hub. Source: web.khda.gov.ae/en/About-Us/News/2026/ Market Overview 15 Emirates REIT | H1 2026 Report As of academic year 2025-2026 Source: KHDA Dubai Private School Sector 30 June 2026 Report.
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Emirates REIT’s office and retail portfolio comprises of four strategically located assets across Dubai: Index Tower, Loft Offices, European Business Centre and Building 24. As at 30 June 2026, the office and retail portfolio market value, excluding Indigo 7 following its divestment on 12 June 2026, stood at USD 962 million. The valuation continues to be supported by a portfolio of high-quality assets located within established commercial districts, exhibiting resilience amid a heightened complex geopolitical environment. Dubai’s office market remained fundamentally resilient during H1 2026 despite geopolitical volatility. Occupier demand for Grade A office space continued to support high occupancy levels and rental growth across the market, although some businesses adopted a more cautious approach to expansion and leasing decisions. Market fundamentals remained favourable, underpinned by limited availability of quality office stock and a constrained future supply pipeline. Average office rents increased by 13% year-on-year during Q2 2026, with prime office rents recording growth of 16%, reflecting sustained demand for premium accommodation. Occupancy levels remained stable at 94%, while a significant proportion of future office developments scheduled for completion between 2026 and 2028 are expected to be pre- leased prior to delivery. 16 Offices & Retail *Share of Income as a % of the portfolio is calculated based on contracted rents for the period ending 30 June on an IFRS basis Emirates REIT | H1 2026 Report I n d e x T o w e r ( D I F C ) L o f t O f f i c e s ( D u b a i M e d i a C i t y ) E u r o p e a n B u s i n e s s C e n t r e ( D u b a i I n v e s t m e n t s P a r k ) B u i l d i n g 2 4 ( D u b a i I n t e r n e t C i t y ) 8 2 % S h a r e o f p o r t f o l i o V a l u a t i o n 5 1 % S h a r e o f p o r t f o l i o N L A 7 8 % S h a r e o f p o r t f o l i o * I n c o m e Demand remained concentrated within Dubai’s key commercial districts, including DIFC, TECOM, and DMCC, where occupiers continued to prioritise high-quality, strategically located office space. DIFC, in particular, maintained strong leasing momentum, supported by demand from financial institutions, hedge funds, professional services, and legal firms, reinforcing Dubai’s position as a leading regional business and investment hub. During the first half of 2026, retail market conditions softened as tourism flows moderated and consumer sentiment came under pressure from broader regional tensions. Despite these headwinds, occupancy levels across major retail assets remained broadly stable, supported by limited new supply, strong tenant retention, and the continued attractiveness of established retail destinations. Occupancy across Dubai's major retail assets held at approximately 98%, supported by constrained supply and strong tenant retention. Rental growth continued, albeit at a more moderate pace, with retail rents increasing by 3% year-on-year. The retail supply pipeline is expected to accelerate in 2027, with approximately 240,000 sqm of new retail GLA scheduled for completion. Major developments, including Al Khail Avenue, Dubai Harbour retail destinations, Sobha Hartland Mall, and Liwan Mall, are expected to expand Dubai’s retail offering and increase competition across selected sub-markets. Source: CBRE UAE Real Estate Market Q2 2026, Government of Dubai Media Office The REIT’s strategic positioning across key free zones and established commercial districts, supported by proactive leasing initiatives and targeted capital investment, continued to underpin portfolio resilience and drive performance during H1 2026, despite evolving market conditions. Rental rate growth was particularly strong at European Business Centre (+15%), Index Tower (+11%), and Loft Offices (+6%) year on year, while occupancy improvements were primarily driven by Building 24, European Business Centre, and Index Tower. Sustained high occupancy levels, positive rental growth, and proactive disciplined asset management, underpinned by favourable supply dynamics, provide a supportive outlook for income resilience and long-term value creation across the REIT’s office and retail portfolios, notwithstanding the broader market environment. For the purposes of interim reporting, the Emirates REIT’s property portfolio is presented on an asset-by-asset basis, but it is managed as a single operating segment for the purposes of IFRS reporting. I n d i g o 7 ( S h e i k h Z a y e d R o a d ) DIVESTED
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N E T L E T T A B L E A R E A 3 8 , 6 2 2 s q m A C Q U I R E D 2 0 1 3 - 2 0 1 8 O C C U P A N C Y 9 5 % O C C U P A N C Y V A R I A N C E Y - O - Y 0 . 9 0 p . p . R A T E S Y o Y * 11% W A L E 2.4 years H1 2026 Operational HighlightsOverview Index Tower is a landmark 80-storey mixed-use development located in the heart of the DIFC. Designed by the internationally acclaimed architects Foster & Partners and completed in 2010, the tower has received numerous industry accolades, including the prestigious “Best Tall Building in the Middle East & Africa” award from the Council on Tall Buildings and Urban Habitat. Combining premium office, retail, and residential components, Index Tower is widely regarded as one of Dubai’s most distinguished commercial assets and a prominent feature of the city’s skyline. The REIT acquired its interest in Index Tower through a series of acquisitions completed in 2013, 2014, and 2018, resulting in ownership of approximately 38,622 sqm of premium office and retail accommodation, including storage areas. The retail component, known as Index Mall, comprises 32 retail units across two levels. The ground floor offers a curated mix of convenience and service-oriented retailers, while the podium level benefits from direct connectivity to the DIFC Mosque and DIFC Gate Avenue, as well as prominent frontage overlooking Index Park. These attributes enhance footfall and accessibility, reinforcing Index Mall's position as a prime retail destination within DIFC. Demand for Grade A office space within DIFC remained strong throughout H1 2026, underpinned by limited supply and sustained occupier demand. Index Tower maintained a healthy office occupancy rate of 95%, while the REIT’s proactive leasing strategy enabled it to capture positive rental reversion through lease renewals, delivering rental growth of 11% year-on-year. Retail performance at Index Mall remained stable during H1 2026, with occupancy at 77%. The asset continued to benefit from its prime DIFC location, although leasing activity remained measured amid a more cautious operating environment. Positioning Index Tower is a landmark Grade A building in a prime Central Business District. Offering a clear and differentiated range of office spaces across four types, allowing tenants flexibility to expand or reduce their space as required. Index Tower provides a full community experience with access to Index Mall and Index Park, enhancing the workplace environment. Its direct connectivity to DIFC Gate Avenue ensures seamless integration into the broader community. Occupancy improved modestly by 0.90 p.p year-on-year to 95%, reflecting stable tenant demand and constrained vacancy across prime DIFC assets. Commercial occupancy reached 99%, while retail occupancy stood at 77%, reflecting stable performance across both asset classes. Leasing activity remained steady during H1 2026, with 12 new leases and 18 renewals completed. Rental rates increased by 11% y-o-y. The first phase of the LEED certification assessment was completed during H1 2026, supporting the REIT's broader sustainability objectives and environmental performance initiatives. Challenges Leasing enquiries softened during H1 2026, reflecting the impact of regional geopolitical uncertainty on occupier decision-making. The leasing performance of the Level 29 retail units remains constrained by their elevated location, which limits pedestrian exposure and visibility compared to ground-floor retail units. Actions envisioned Progressing through the final stage of the LEED Platinum certification process, reinforcing the REIT’s commitment to ESG excellence and sustainable asset management. Maintain leasing momentum and safeguard income performance through proactive tenant retention with a focus on sustaining occupancy, supporting rental growth. *Based on the IFRS rent rates as at 30 June 2026 compared to a year earlier 17 Index Tower Emirates REIT | H1 2026 Report Dubai International Financial Centre
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N E T L E T T A B L E A R E A 1 5 , 2 4 2 s q m A C Q U I R E D 2 0 1 1 O C C U P A N C Y 6 9 % O C C U P A N C Y V A R I A N C E Y - O - Y - 0 . 1 5 p . p . R A T E S Y o Y * + 6 % W A L E 1 . 5 y e a r s Loft Offices Dubai Media City Positioning H1 2026 Operational Highlights Challenges Actions envisioned Overview The Loft Offices consists of three low-rise buildings in DMC, a hub established in January 2001 to position Dubai as the leading media centre in the region. Over the past 20 years, DMC has become a cornerstone for both global and local media brands, solidifying its status as the region's premier media community. It is a vibrant ecosystem where freelancers, start-ups, SMEs, and large corporations coexist, contributing to Dubai’s recognition as the "Capital of Arab Media 2020." The properties features distinctive duplex office spaces and a centrally located courtyard, which was upgraded in 2023 with new retail offerings, creating an environment that continues to attract creative companies and innovative start-ups. Acquired by Emirates REIT on a freehold basis in December 2011, the property comprises a total lettable area of 15,242 sqm. Loft Offices is home to a diverse mix of creative and media companies, as well as SMEs, making it a unique and attractive offering within the free zone market. Overall occupancy at Loft Offices remained stable at 69%, reflecting a mature and established asset operating within a well-balanced market. Occupancy within Loft 3 increased to 42%, representing a 5.16 p.p. year-on-year improvement and reflecting the REIT’s focused leasing strategy and successful efforts to reduce vacancy within the building. Located in the heart of DMC, the asset offers an urban landscape, featuring a re-branding with a thematic twist using fonts such as Helvetica, Garamond, and Rockwell. This design approach is specifically targeted towards SMEs, creative and communication companies, and start-ups. The well-established surroundings create a strong sense of community, enhancing the appeal of the space. A total of 12 lease renewals and 2 new leases were executed during H1 2026. WALE rose by 12% through the successful negotiation of longer lease terms, strengthening income security, enhancing cash flow visibility, and reducing near-term expiry risk. The completion of the CCTV upgrade project in Loft Office 3 and the attainment of the SIRA Certificate underscore the REIT’s commitment to health and safety, regulatory compliance, and proactive asset management. The asset continues to operate within a competitive leasing environment, particularly from established free zones such as Dubai Design District (D3), Innovation Hub and Dubai Science Park. Certain unrefurbished office units continue to experience slower leasing traction. A phased refurbishment programme is underway to enhance their market appeal, support leasing activity, and drive future occupancy and rental growth. Continue refurbishing and re-configuring office units, including the consolidation of smaller spaces, to attract mid-sized occupiers, increase leasing demand, and enhance rental income potential. Refurbish and modernise the common areas across Loft Offices to improve the tenant experience, strengthen asset quality, and support leasing and retention initiatives. Complete security infrastructure upgrades at Loft Offices 1 and 2 to ensure full compliance with SIRA requirements, enhance operational resilience, and reinforce tenant confidence. *Based on the IFRS rent rates as at 30 June 2026 compared to a year earlier 18 Emirates REIT | H1 2026 Report Rental rates increased by 6% year-on-year, supported by positive rental reversion and improved asset positioning. Continued the refurbishment of selected office units to enhance leasing prospects, attract quality occupiers, and support long-term income growth.
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N E T L E T T A B L E A R E A 2 5 , 5 5 6 s q m A C Q U I R E D 2 0 1 7 O C C U P A N C Y 9 7 % O C C U P A N C Y V A R I A N C E Y - O - Y + 1 . 2 8 p . p . R A T E S Y o Y * +15% W A L E 2 . 0 y e a r s European Business Centre Overview Positioning H1 2026 Operational Highlights Challenges Actions envisioned Emirates REIT acquired the leasehold interest in the European Business Centre (EBC) in August 2017. Located within DIP, the asset benefits from its position within one of Dubai’s largest integrated mixed-use communities, comprising industrial, commercial, and residential developments. Spanning approximately 2,300 hectares, DIP is a well-established business hub offering modern infrastructure, comprehensive support services, and a diverse occupier base that includes numerous multinational and regional companies. EBC enjoys a strategic location adjacent to the Dubai Metro Route 2020 station, providing direct connectivity to key business districts and Expo City Dubai, which is located one stop away. The asset's accessibility and proximity to major transport links enhance its appeal to a broad range of occupiers. The property comprises a modern mixed-use office and retail development arranged over three floors, offering flexible office accommodation, serviced offices, meeting and conference facilities, ground-floor retail units, logistics support services, and basement parking. The asset is well positioned to serve SMEs and larger corporates seeking a cost- effective location within DIP. Premium building in DIP with high visibility. Limited competing office buildings in the area offering similar quality space. One of the most attractive propositions in the area with strong growth potential and upside of being adjacent to the metro station. Flexible floor plates suitable for large corporate or SMEs. The asset currently operates on a single chiller meter, which limits consumption transparency and reduces flexibility to optimise energy efficiency. This configuration constrains further cost-reduction initiatives and restricts the ability to implement more granular energy management strategies. While the asset benefits from strong positioning within DIP, continued monitoring of new and refurbished office supply in the wider submarket remains important to preserve rental growth momentum. Enhancing energy management by installing BTU meters to improve consumption transparency, optimise energy efficiency, and reduce operating costs. Undertaking enhancements to the lobby, common areas, and enhancing landscaping and terrace areas to strengthen the asset’s long term value proposition. Installation of premium building signage and façade tenant signage improvements to reinforce the building’s market presence and appeal to current and prospective tenants. *Based on the IFRS rent rates as at 30 June 2026 compared to a year earlier 19 Emirates REIT | H1 2026 Report WALE extended by 23% to 2.0 years, enhancing income visibility and improving the stability of future cash flow. Successful lease renewals were completed for 23 tenants, alongside the execution of 9 new leases, underscoring the REIT Manager’s proactive asset management strategy and sustained leasing momentum. The successful completion of the CCTV upgrade project and the subsequent receipt of the SIRA Certificate reaffirm the REIT’s commitment to health and safety regulations, regulatory compliance, and the continuous enhancement of its assets. Dubai Investments Park Rental rates increased by 15% year-on-year, reflecting positive rental reversion and sustained occupier demand across new and renewed lease agreements.
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N E T L E T T A B L E A R E A 5 , 3 6 9 s q m A C Q U I R E D 2 0 1 1 O C C U P A N C Y 9 9 % O C C U P A N C Y V A R I A N C E Y - O - Y + 3 . 0 3 p . p . R A T E S Y o Y * + 4 % W A L E 1 . 5 y e a r s Building 24 Overview Positioning H1 2026 Operational Highlights Challenges Actions envisioned Building 24 is a low-rise commercial property located in the prime area of DIC, one of Dubai’s leading technology and business hubs. Established in 2000 to promote innovation and support the diversification of Dubai’s economy, DIC has developed into a dynamic ecosystem that is home to more than 24,000 professionals and over 1,600 companies. Constructed in 2005 as part of DIC’s Phase 1 development, Building 24 was acquired by Emirates REIT in 2011. The property comprises 5,369 sqm of lettable area distributed across three floors and offers turn-key office spaces in flexible configurations, in addition to retail facilities that support tenant convenience. Its low-rise format, central location within DIC, and adaptable office layouts position the building as an attractive option for small to medium-sized enterprises seeking a presence within a well-established technology-focused business district. The building is managed under a PMLA with TECOM. As part of Emirates REIT’s proactive asset management strategy, a capital investment was completed in 2024 to upgrade the building’s common areas. These enhancements have delivered a meaningful uplift in rental rates and a significant increase in occupancy levels, strengthening the asset’s competitive position within Dubai Internet City and supporting its long-term income stability. Excellent location, situated in Phase 1 of DIC. A highly visible building in the heart of the community, offering flexible floor plates. Completed renovation of the building, along with the upgrade of its outdoor features, ensures the asset remains among the highest-quality and most in- demand buildings within Dubai Internet City. Building 24 is subject to licensing parameters that restrict occupiers to a single Free Zone licence, potentially limiting its appeal to tenants requiring multiple licences or broader operational flexibility. The offices' full occupancy underscores the asset’s strong market appeal and attractiveness; however, it temporarily constrains opportunities to accommodate additional tenants and drive further leasing growth. Maintaining the building to the highest standards to preserve its market appeal, support tenant satisfaction, and sustain long-term asset performance. Designing new building signage to strengthen brand presence and elevate recognition. *Based on the IFRS rent rates as at 30 June 2026 compared to a year earlier **Year-on-Year. 20 Emirates REIT | H1 2026 Report Dubai Internet City Rental rates increased by 4% y-o-y. Occupancy of Building 24 rose further to 99%, representing a +3.03 p.p. y-o-y increase. Building 24's attainment of WELL Certification reflects Emirates REIT’s commitment to ESG principles and reinforces its focus on tenant health, well- being, and sustainable asset management. The successful completion of the CCTV upgrade project and the subsequent receipt of the SIRA Certificate reaffirm the REIT’s commitment to health and safety regulations, regulatory compliance, and the continuous enhancement of its assets.
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N E T L E T T A B L E A R E A 1 , 9 0 2 s q m A C Q U I R E D 2 0 1 1 O C C U P A N C Y 9 0 % Overview Indigo 7 is a mixed-use retail and office building strategically located on the highly sought-after Sheikh Zayed Road in Dubai’s Al Manara district. This low-rise property, completed in 2009, was acquired by Emirates REIT in September 2011. The building offers 1,902 sqm of prime retail and office space, providing excellent visibility and accessibility. Its proximity to the Al Manara residential community enhances its appeal for retail, commercial, and food & beverage tenants. As a mature asset held within the Emirates REIT portfolio until 12 June 2026, Indigo 7 demonstrated stable operational performance prior to divestment, with 90% occupancy and consistent income generation. *As at date of sale. 21 Indigo 7 - Divested Emirates REIT | H1 2026 Report Sheikh Zayed Road The asset was sold on 12 June 2026 to a private purchaser for USD 10.1 million, representing a premium to its market value of USD 7.4 million, as at 31 March 2026. The sale price, agreed before the onset of the regional conflict, remained unchanged despite the subsequent geopolitical tensions and allowed the REIT to crystallise a significant premium to the property’s latest valuation. The transaction aligns with Emirates REIT’s ongoing strategy to actively optimise its portfolio to enhance capital efficiency and focus on high-performing assets across the commercial, retail and education sectors. Divestment Positioning Well-established mixed-use property offering offcie and retail space in high demand area. Highly visible and easily accessible from Sheikh Zayed Road, it benefits from excellent exposure and connectivity, making it a preferred destination for retail, commercial, and dining tenants. H1 2026 Operational Highlights Strengthened rental performance, achieving an increase in rental rates through lease renewals at improved rates, supporting the asset’s income profile ahead of its disposal. Continued to maintain 90% occupancy, underpinning the stability of the asset’s operating performance. Maintained the asset to a high operational standard through ongoing property management and maintenance activities. *
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Dubai's education sector remained resilient during H12026 despite the impact of regional geopolitical tensions, supported by continued population growth, strong demand for quality private education, and Dubai's position as a leading regional education hub. The education landscape experienced temporary disruption during the first half of 2026, including short- term distance learning measures and slower expatriate relocations; however, enrolment levels remained broadly stable. A demand for premium British, French, IB, and other international curricula remains supported by Dubai’s growing expatriate population and the limited availability of high-quality school places across several established residential communities. Over the last two years students enrollment grew by 11.2%, reaching over 407,517 students representing 185 nationalities as of 30 June 2026. 22 Education Source: Share of Income as a % of the portfolio is calculated based on contracted rents for the period ending 30 June 2026 on an IFRS basis Emirates REIT | H1 2026 Report 1 8 % S h a r e o f p o r t f o l i o V a l u a t i o n 4 9 % S h a r e o f p o r t f o l i o N L A 2 2 % S h a r e o f p o r t f o l i o I n c o m e D u b a i ’ s p r i v a t e e d u c a t i o n m a r k e t h a s c o n t i n u e d t o e x p a n d , w i t h m o r e t h a n 2 5 n e w s c h o o l s o p e n i n g o v e r t h e p a s t s i x y e a r s a n d o v e r 1 5 , 5 0 0 a d d i t i o n a l s e a t s a d d e d i n t h e l a s t t h r e e y e a r s . D e s p i t e t h e i n c r e a s e i n s u p p l y , s e c t o r - w i d e c a p a c i t y u t i l i s a t i o n r e m a i n e d f i r m a t 8 9 % , h i g h l i g h t i n g c o n t i n u e d u n d e r l y i n g d e m a n d f o r p r i v a t e e d u c a t i o n . W h i l e g e o p o l i t i c a l u n c e r t a i n t y m a y c o n t i n u e t o m o d e r a t e e n r o l m e n t g r o w t h a n d r e l o c a t i o n a c t i v i t y i n t h e n e a r t e r m , D u b a i ’ s e d u c a t i o n s e c t o r r e m a i n s s u b j e c t t o t h e s e b r o a d e r m a r k e t d y n a m i c s , w i t h d e m a n d i n f l u e n c e d b y p o p u l a t i o n t r e n d s , g o v e r n m e n t s u p p o r t , a n d t h e e m i r a t e ' s c o n t i n u e d e m i r a t e s p o s i t i o n a s a d e s t i n a t i o n f o r f a m i l i e s a n d b u s i n e s s e s . E m i r a t e s R E I T ’ s e d u c a t i o n p o r t f o l i o c o m p r i s e s l e a d i n g d i v e r s i f i e d s c h o o l s , i n c l u d i n g G E M S W o r l d A c a d e m y , L F J M , a n d D u r h a m S c h o o l , r e f l e c t i n g t h e R E I T ’ s f o c u s o n h i g h - q u a l i t y , s t a b l e i n c o m e - g e n e r a t i n g a s s e t s . As of 30 June 2026, the education portfolio reached a market value of USD 214 million, reflecting a strong 16% year-on-year increase and underscoring the continued resilience and growth of the asset class. All contracts within this portfolio are triple net leases, the schools have full control of the premises and are responsible for the maintenance, repairs, and insurance of the buildings. This structure provides the REIT with predictable, long-term rental income. Source: KHDA Report 30 June 2026 www.thenationalnews.com/news/uae/2026/07/25/uae-school G E M S W o r l d A c a d e m y ( A l B a r s h a S o u t h ) L y c e e F r a n c a i s J e a n M e r m o z ( A l Q u o z ) D u r h a m S c h o o l D u b a i ( D u b a i I n v e s t m e n t s P a r k )
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N E T L E T T A B L E A R E A 4 2 , 7 0 0 s q m A C Q U I R E D 2 0 1 3 O C C U P A N C Y 1 0 0 % W A L E 17.3 years Overview Facilities GEMS World Academy Dubai is a premier low-rise educational campus strategically located on Al Khail Road in Al Barsha South, one of Dubai’s fastest-growing residential communities Established in 2007, the Academy delivers the full International Baccalaureate (IB) continuum to more than 2,000 students from Kindergarten 1 (KG1) to Grade 12. As a member of the esteemed GEMS Education group, founded in 1959, the school benefits from a globally recognised legacy of educational excellence. With operations spanning Asia, the Middle East, Africa, Europe, and the United States, GEMS Education continues to expand its international footprint while maintaining an unwavering commitment to quality and innovation. The GEMS World Academy has consistently achieved a ‘Very Good’ rating from the Knowledge and Human Development Authority (KHDA) under the International Baccalaureate (IB) curriculum. The Academy remains at the forefront of educational advancement through sustained investment in Education Technology, Artificial Intelligence, and the development of Centres of Excellence. These initiatives are designed to enrich the learning experience and equip students with the skills required to thrive in a rapidly evolving global landscape. The school occupies a spacious 42,700 square meter campus, and in October 2013, Emirates REIT acquired the property under a long leasehold title. The school has undertaken a phased programme of capital improvements, including the refurbishment of common areas, significant upgrades to classrooms and specialist learning facilities, and ongoing investment in sports infrastructure to enhance the overall educational environment and student experience. Set within a modern 21st-century learning environment, GEMS World Academy Dubai fosters a vibrant, inclusive community. The school proudly represents over 90 nationalities, reflecting its truly international ethos. Supported by a multicultural and multilingual faculty, the Academy cultivates a culture of engagement, curiosity, and academic ambition. Students are empowered to take ownership of their learning journey and to fully embrace the diverse opportunities provided by a dynamic and dedicated educational team. 112 Classrooms 600+ seat Auditorium 3D Planetarium Advanced Design Technology Labs 7 custom-built Science Labs 50m Olympic-sized Swimming Pool Music Recording Studio Main Gym with three smaller “side” gyms Library Padel Court Art Rooms Black Box Theatre 23 Gems World Academy Al Barsha South S o u r c e : G E M S W o r l d A c a d e m y W e b s i t e ; K H D A Emirates REIT | H1 2026 Report
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N E T L E T T A B L E A R E A 1 9 , 3 4 9 s q m O C C U P A N C Y 1 0 0 % W A L E 18.8 years Lycée Français Jean Mermoz A C Q U I R E D 2 0 1 8 I n M a y 2 0 1 8 , E m i r a t e s R E I T a c q u i r e d t h e L F J M c a m p u s t h r o u g h a s a l e a n d l e a s e b a c k t r a n s a c t i o n , f u r t h e r s t r e n g t h e n i n g i t s e d u c a t i o n - f o c u s e d p o r t f o l i o . S t r a t e g i c a l l y l o c a t e d i n t h e h e a r t o f A l Q u o z , D u b a i , t h e c a m p u s b e n e f i t s f r o m c o n v e n i e n t c o n n e c t i v i t y t o k e y r e s i d e n t i a l a n d c o m m e r c i a l d i s t r i c t s i n c l u d i n g , B u s i n e s s B a y , J u m e i r a h , a n d A l B a r s h a , e n h a n c i n g a c c e s s i b i l i t y f o r s t u d e n t s , p a r e n t s , a n d s t a f f . T h e s c h o o l b e g a n o p e r a t i o n s i n S e p t e m b e r 2 0 1 7 a n d o f f e r s a F r e n c h c u r r i c u l u m , s p a n n i n g f r o m m a t e r n e l l e ( p r e s c h o o l ) t o 3 è m e ( G r a d e 9 ) . A c c o r d i n g t o t h e K H D A i n s p e c t i o n c o n d u c t e d b e t w e e n 1 9 t h a n d 2 3 r d F e b r u a r y 2 0 2 4 , t h e s c h o o l s e r v e s a t o t a l o f 1 , 4 1 3 s t u d e n t s . L F J M f o r m s p a r t o f t h e g l o b a l n e t w o r k o f F r e n c h i n t e r n a t i o n a l s c h o o l s a f f i l i a t e d w i t h t h e A g e n c e p o u r l ’ e n s e i g n e m e n t f r a n ç a i s à l ’ é t r a n g e r ( A E F E ) , o p e r a t i n g u n d e r t h e a u s p i c e s o f t h e F r e n c h M i n i s t r y f o r E u r o p e a n d F o r e i g n A f f a i r s . T h i s a f f i l i a t i o n e n s u r e s a d h e r e n c e t o r i g o r o u s a c a d e m i c s t a n d a r d s a n d a l i g n m e n t w i t h t h e F r e n c h n a t i o n a l e d u c a t i o n f r a m e w o r k . D e m a n d f o r F r e n c h c u r r i c u l u m e d u c a t i o n i n D u b a i r e m a i n s r o b u s t , s u p p o r t e d b y l i m i t e d m a r k e t s u p p l y a n d a s t r o n g F r e n c h a n d F r a n c o p h o n e c o m m u n i t y . L F J M h a s e s t a b l i s h e d a s o l i d r e p u t a t i o n f o r d e l i v e r i n g h i g h - q u a l i t y e d u c a t i o n a t c o m p e t i t i v e t u i t i o n l e v e l s , c o n t r i b u t i n g t o s u s t a i n e d e n r o l m e n t g r o w t h a n d f u l l c a m p u s o c c u p a n c y . A l l p h a s e s o f t h e c a m p u s d e v e l o p m e n t h a v e b e e n c o m p l e t e d , w i t h E m i r a t e s R E I T f u l l y f u n d i n g t h e t h i r d p h a s e , w h i c h i n t r o d u c e d t w o s p o r t s h a l l s , a d a n c e s t u d i o , a s w i m m i n g p o o l , a n d a d d i t i o n a l f a c i l i t y e n h a n c e m e n t s . T h e c a m p u s h a s a d e s i g n e d c a p a c i t y o f 1 , 4 8 0 s t u d e n t s a n d i n c o r p o r a t e s a b u i l t - t o - s u i t c o m p o n e n t t a i l o r e d s p e c i f i c a l l y t o t h e o p e r a t o r ’ s r e q u i r e m e n t s . T h i s c a r e f u l l y p h a s e d d e v e l o p m e n t s t r a t e g y a l i g n s w i t h t h e s c h o o l ’ s l o n g - t e r m g r o w t h t r a j e c t o r y , p o s i t i o n i n g L F J M t o e f f e c t i v e l y m e e t t h e i n c r e a s i n g d e m a n d f o r p r e m i u m F r e n c h e d u c a t i o n i n D u b a i . 1300-seat auditorium 2 science and technology laboratories 2 outside sport pitches 1 canteen 2 gymnasiums 1 semi-Olympic pool 24 Residential area of al quoz S o u r c e : L F J M W e b s i t e ; K H D A Overview Facilities Emirates REIT | H1 2026 Report
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1 9 , 3 1 5 s q m N E T L E T T A B L E A R E A OCCUPANCY 1 0 0 % W A L E 5.2 years Durham School Dubai A C Q U I R E D 2 0 1 6 In 2016, Emirates REIT expanded its education portfolio through the acquisition of a leasehold interest in a 25,000 sqm plot within Dubai Investment Park (DIP), earmarked for the development of a purpose-built international school. The campus was designed to accommodate more than 1,700 students and developed to meet the operational requirements of a leading international education provider. Located within Dubai Investment Park, a master-planned mixed-use community spanning approximately 2,300 hectares, the asset benefits from a strategic location within one of Dubai’s established residential, commercial, and industrial hubs. Durham School Dubai forms part of the international network of Durham School, one of the United Kingdom’s oldest independent schools, founded in 1414. The school follows the British curriculum and reflects the educational values and traditions of its UK counterpart, with a strong focus on academic achievement, character development, and preparing students for lifelong success. The school is strategically positioned to serve a number of established and growing residential communities, including Arabian Ranches, DAMAC Hills, Jumeirah Golf Estates, and surrounding areas, providing access to a large and expanding catchment of families seeking premium British education. During the 2024–2025 academic year, Durham School Dubai underwent its first KHDA inspection and achieved an overall rating of "Acceptable", representing an important milestone in the school's development. Student enrolment reached 476 pupils during the academic year, reflecting the school's continued growth and increasing market presence within Dubai's competitive education sector. The long-term outlook for the asset remains positive, supported by ongoing population growth, increasing demand for quality education, and the school's significant capacity for future enrolment expansion. Foundation Stage section, with all classrooms Opening up into a central covered play area Primary and Secondary libraries Acoustically designed music performance hall Auditorium Dining hall Primary and Secondary classroom complex, with specialist science, art and IT labs 25-meters indoor swimming pool Indoor multipurpose sports hall Rooftop sports courts Sports Pitch 25 Dubai Investments Park S o u r c e : D u r h a m S c h o o l W e b s i t e , K H D A Overview Facilities Emirates REIT | H1 2026 Report
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3 Equitativa’s Report 27 Corporate Governance 30 31Sharia Compliance Certificate Governance 26 Emirates REIT | H1 2026 Report
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Emirates REIT (CEIC) PLC (the “REIT” or “Emirates REIT”) is a closed- ended Shari’a compliant investment company incorporated in DIFC, registered by the DFSA as a Domestic Public Fund with license number CL0997. It operates under the laws and regulations of the DIFC and DFSA and in accordance with the principles of Shari’a. On 30 June 2026, the REIT’s issued share capital comprised a total of 319,156,400 ordinary shares with a market value of USD 0.625 each. The REIT has one class of ordinary shares. All shares rank equally and are fully paid. No person holds shares carrying special rights with regards to control of the company. There are no restrictions on the size of a holding. Share capital The Directors present their report for the six months ended 30 June 2026 27 Emirates REIT | H1 2026 Report Equitativa’s Report REIT Manager Emirates REIT is managed by Equitativa (Dubai) Limited (“Equitativa” or the “REIT Manager”), as sole corporate Director of the REIT. Equitativa is incorporated in the DIFC and regulated by the DFSA since 2010. Equitativa is part of a group of companies (the “Equitativa Group”) specialising in creating and managing innovative financial products in Emerging Markets, notably Real Estate Investment Trusts. Investment objectives Emirates REIT’s key investment objectives are to deliver sustainable income and growth in total return to its Shareholders over the long term through active asset management, yield-accretive acquisitions and optimal capital and risk management in a Shari’a compliant environment. Investment policy The type of investments which the REIT can undertake currently includes investments in real property, property-related assets, shares or units in another property fund and up to a maximum of 40% in cash, government or public securities. The REIT has in place a strict process for any acquisition or disposal of assets, including but not limited to obtaining no objection from the Investment Board and the Shari’a Supervisory Board. Special decrees In February 2013, the REIT was granted a Ruler’s Decree, which allowed the REIT to invest, through its onshore Dubai Branch, in onshore properties in Dubai. In October 2016, the Equitativa Group was granted an Emiri Decree by the Ruler of the Emirate of Ras Al Khaimah, allowing any REIT managed by the Equitativa Group to invest in properties onshore in Ras Al Khaimah. Management strategy To achieve its objectives, the REIT has adopted the following key strategies: Disciplined acquisition strategy The REIT will continue to seek yield-accretive opportunities with the aim of improving income resilience and overall returns. Since the incorporation of the REIT, Equitativa’s team has evaluated over 2,000 investment opportunities, thereby ensuring their knowledge of the market is comprehensive and allows timely reactions to changes in market conditions. In case of a Related Party Transaction, the Oversight Board will also provide its consent, and the Shareholders may be required to approve the transaction in accordance with the DFSA Rules. Active asset management strategy The Portfolio of the REIT is actively managed, with the aim of maximising the net property income generated by the portfolio. The REIT Manager is practising active management focused on enhancing rental revenues through both increased occupancy and improving rental rates, refining operational efficiencies and mitigating nonrecoverable expenses, which in turn may contribute to enhanced market valuations. Equitativa works closely with the property managers appointed with respect to each property to optimise the REIT’s portfolio occupancy and rental rates.
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28 Emirates REIT | H1 2026 Report Risk profile The REIT’s risk appetite is conservative and is not expected to increase as a result of any projected strategic changes in the foreseeable future. The REIT seeks to adopt a prudent capital and financial management strategy. The REIT’s continued performance is subject to, among other things, the conditions of the property market in the UAE, which can affect both the value and the rental income of the properties in the portfolio. Any deterioration in the property market could result in a decline in rental incomes, occupancy, and property value. It may also weaken the REIT’s ability to obtain financing for new investments. These factors may have a material adverse effect on the REIT’s financial condition, business, prospects and results of operation. The REIT will operate within the parameters defined by its Boards and as guided by the Shareholders while conforming at all times to the investment policy. Portfolio Risk The Portfolio offers diversification across asset classes and long-term leases with a weighted average lease term of 5.5 years as at 30 June 2026. Notably, c. 34% of the leases are expiring in the next three years. On a like-for-like basis, excluding schools, the weighted average lease term stood at 2.3 years. 8.7%2026 2027 2028 2029 2030 2031+ 14.1% 10.7% 7.3% 6.0% 53.1% Shareholding The maximum limit of 49% of non-GCC ownership is monitored by both Nasdaq Dubai and Equitativa. As at 30 June 2026, the non-GCC shareholding was at 28.09% and the following Shareholders held 5% or more of the REIT’s issued share capital: Issued Share Capital Aralia Securities Limited 17.3% Dubai islamic Bank PJSC 15.7% DH 6 LLC 13.7% Premier Point Trading LLC DMCC 5.4% Equitativa applies the following key operating and management principles: Continual monitoring of the performance of the portfolio; Optimising the net lettable area of the properties where possible; Establishing close relationships with the tenants so as to become a landlord of choice and increasing retention; Increasing the net rental income; and Enhancing the overall operating efficiency of the portfolio. Risk management strategy The REIT Manager has implemented a stable system of risk management and internal controls to safeguard all stakeholders’ interests and the REIT’s assets. The key pillars for the capital and risk management strategy include: Managing the risks associated with the properties by balancing the portfolio and divesting of properties that have reached their optimum value or no longer meet the REITs investment strategy Using Shari’a compliant financing to provide additional investment capacity and enhance Shareholders’ returns over the long term while maintaining strict compliance with regulatory gearing limitations; and It should be noted that the definition of “Related Parties” differs between the DFSA and IFRS. Please refer to our Financial Statements for details relating to the Related Parties Disclosures as defined under IFRS, and where explicitly mentioned, Related Parties as defined by the DFSA Rules. All Related Party Transactions during the period were based on existing approved contracts/lease agreements per the applicable rules. The nature and identity of Related Party Transactions based on existing approved contracts/ lease agreements are shown below: Related parties transactions Audit The REIT Manager is not aware of any relevant audit information of which the REIT’s auditor is not aware and has taken all reasonable steps to become aware of such relevant audit information. Valuations Each property comprised in the REIT’s portfolio is subject to four quarterly valuations each year. The REIT’s independent valuers JLL Valuation LLC and CBRE (DIFC) Limited (together the “REIT Valuers”) conducted the March and June 2026 valuations. Investments Portfolio For details on our portfolio, please refer to the portfolio section. REIT Manager Dar Al Shari'a Consultancy Oversight Board Dubai Islamic Bank Professional Fees RELATED PARTY TRANSACTION Tecom Management and Performance Fees Rental and Service Fee Income, Servicing Bank Charges, Wakala Deposit Property Management Fees Board Fees Continually revisiting financing facilites and ensuring that the maturity profile, gearing levels and facility tenure are aligned with the REIT’s long term strategy.
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The Shareholders approved an Ordinary Resolution authorising the REIT Manager, at its discretion, to arrange payment of interim dividend(s) from the date of the 2026 AGM until the conclusion of the next AGM, subject to the REIT having sufficient retained earnings and being able to pay its debts as they become due immediately after the dividend(s) is paid. Subsequent to the reporting period, Emirates REIT declared an interim dividend USD 7 million or USD 0.021933 per ordinary share, to be paid on or before 30 September 2026. The Interim Dividend will be paid in cash to the shareholders of Emirates REIT on the register as of 23 September 2026, and represents the first dividend payment relating to the financial year 2026. 29 Emirates REIT | H1 2026 Report The 2026 Annual General Meeting (“AGM”) was held on 26 June 2026. The following is a summary of the matters discussed during the AGM. For further information, please refer to the 2026 AGM pack, available on Emirates REIT website. Annual Report and Accounts 2025 The Shareholders received and approved the 2025 Annual Report and the accounts for the REIT for the year ended 31 December 2025, together with the director’s report and auditor’s report on those accounts in accordance with the Companies Law. Final Dividend T h e S h a r e h o l d e r s a p p r o v e d t h e O r d i n a r y R e s o l u t i o n p r o p o s i n g d i s t r i b u t i o n o f t h e f i n a l c a s h d i v i d e n d f o r t h e f i n a n c i a l y e a r e n d i n g 3 1 D e c e m b e r 2 0 2 5 . T h e f i n a l d i v i d e n d o f U S D 0 . 0 4 0 7 3 2 p e r o r d i n a r y s h a r e , a n a g g r e g a t e o f U S D 1 3 m i l l i o n w a s p a i d o u t b e f o r e 3 0 J u n e 2 0 2 6 t o t h e s h a r e h o l d e r s o f t h e R E I T . T h i s b r o u g h t t h e t o t a l d i v i d e n d d i s t r i b u t i o n s i n r e s p e c t o f t h e 2 0 2 5 f i n a n c i a l y e a r t o U S D 2 0 . 5 m i l l i o n . Auditors KPMG LLP was re-appointed as Emirates REIT external Auditor during the 2026 AGM. 2026 ANNUAL GENERAL MEETING Commencing in February 2026, heightened geopolitical tensions and military escalations in the wider Gulf region increased uncertainty in the regional operating environment. Since the onset of these developments, Emirates REIT’s operations and assets have continued to operate, with the situation being closely monitored. The situation remains subject to change, and the REIT Manager continues to monitor developments and assess any potential operational, financial or market impacts on Emirates REIT. Regional Geopolitical Developments Connected Person Disclosure On 6 March 2026, Equitativa disclosed the transfer of the entire shareholding held by Vintage Commodities FZCO (formerly Vintage Bullion DMCC) in Emirates REIT to its associated entity, Aralia Securities Limited (“Aralia Securities”), effective 5 February 2026. Following the transfer, Vintage Commodities FZCO ceased to be a Connected Person, and Aralia Securities assumed Connected Person status with a total holding of 17.3% in Emirates REIT as at 6 March 2026. Authorisation for Market Purchase of Own Shares The Shareholders approved an Ordinary Resolution proposing to authorise the REIT Manager to make one or more market purchases of its ordinary shares, subject to the prior written approval of the DFSA. Authorisation for Interim Dividend Payment Investment Board In accordance with the REIT’s constitution and pursuant to DFSA regulations, the REIT Manager proposed the re-appointment of the existing members of the REIT’s Investment Board, Captain David Savy, Dr. Faisal Alayyan, and Mr. Helal Tariq Lootah, at the Annual General Meeting held in 2026. The Ordinary Resolution to re-appoint the existing members did not pass. Notwithstanding the above, the REIT Manager has reviewed the applicable governance requirements and confirms that the REIT continues to operate in accordance with them. The REIT Manager will continue to monitor the position and take all necessary steps to maintain ongoing compliance. KEY EVENTS DURING THE PERIOD
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The Investment Board is responsible for overseeing the implementation of the REIT’s investment strategy, ensuring its adequacy and appropriateness. Furthermore, the Investment Board reviews and, if it sees fit, provides its no-objection to investment opportunities presented to it by the REIT Manager. In accordance with the REIT's constitution and applicable DFSA regulations, the REIT Manager proposed the re-appointment of Mr. David Savy, Dr. Faisal Alayyan, and Mr. Helal Lootah at the Annual General Meeting of the REIT held on 26 June 2026. The Ordinary Resolution proposing such re-appointment did not pass. Notwithstanding the above, the REIT Manager has reviewed the applicable governance requirements and confirms that the REIT continues to operate in accordance with them. The REIT Manager will continue to monitor the position and take all necessary steps to maintain ongoing compliance. Investment Board 30 The Management Board of the REIT is responsible for guiding the REIT in its day-to-day operations and expanding and optimising the REIT’s Portfolio. It comprises of Mr. Abdulla Al Hamli as Chairman, Mr. Sylvain Vieujot as Executive Deputy Chairman, Ms. Magali Mouquet as Executive Director, and Mr. Trevor McFarlane serving as Non-Executive, Independent Director. Emirates REIT | H1 2026 Report Corporate Governance The Shari’a Supervisory Board ensures compliance by the REIT with Shari’a principles and, where possible, advises, guides and provides assistance in the development and structuring of Shari’a compliant transactions as well as developing the REIT’s business in line with best Shari’a practices. As at 30 June 2026, the Sharia Supervisory Board comprised of Dr. Mohamed Abdul Hakim Zoeir, Mr. Mian Muhammad Nazir and Mr. Fazal Rahim. The Oversight Board is responsible for reviewing and advising the Management Board on Equitativa’s internal systems and controls, fund properties’ safekeeping, risk management, valuation disclosure processes and compliance with the Laws, Rules and Constitution of the REIT. As at 30 June 2026, the Oversight Board was comprised of Mr. Suresh Kumar, Mr. Mustafa Al Hashimi, Mr. Abdulla Al Ashram and Mr. Simon Townsend. Management Board Oversight Board Shari’a Board
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31 Emirates REIT | H1 2026 Report Sharia Compliance Certificate Issued by the Sharia Supervisory Board of Emirates REIT (CEIC) PLC (The “REIT”). The Shari’a Supervisory Board of the REIT has examined the Half-Yearly Report of Shari’a Review conducted by Dar Al Shari’a Limited (the “Dar Al Shari’a”) on the REIT for the period commencing from 1 January 2026 and ending on 30 June 2026 prepared in accordance with the DFSA Islamic Finance Rules (IFR) 6.4.1. (1) and (2) (the “Shari’a Review Report”). Subject of this Certificate This certificate is being issued by the Sharia Supervisory Board of the REIT with regard to the Sharia compliance of the REIT. Sharia summary of the REIT The REIT is the first Shari’a compliant real estate investment trust incorporated within the Dubai International Financial Centre (DIFC) and regulated by the Dubai Financial Services Authority (DFSA) under the CIR Rules as a public Fund. The REIT’s property portfolio currently consists of seven properties, all of which are located in the Emirate of Dubai, consisting of a mixture of office, retail, educational and car parking properties. The REIT has a Shari’a Supervisory Board, which advises the REIT pursuant to IFR Rule 6.2.1(2) and provides on-going and continuous supervision of and adjudication in all Shari’a matters for the REIT. The Shari’a Supervisory Board has final authority with regard to the Shari’a compliance of all business and activities of the REIT and the audit of its investment records for Shari’a compliance. The assessment of the Shari’a Supervisory Board with regard to Shari’a compliance of all business and investment activities of the REIT is binding on the REIT and the Shareholders in terms of Shari’a compliance. Further to the clause above, the Sharia Supervisory Board also has oversight on the Sharia audit of the REIT, which is conducted semi-annually (the “Sharia Audit”). Reference for this certificate Sharia review of the REIT by the Sharia Supervisory Board We, the Sharia Supervisory Board of the REIT hereby provide as follows: a) We have reviewed the Sharia Review Report submitted by Dar Al Sharia covering the various Activities and Transactions of the REIT and evaluated the observations therein for the purpose of this Certificate. b) We have reviewed the principles followed and contracts related to Activities and Transactions undertaken by the REIT relying on the Sharia Review Report in order to express an opinion as to whether the REIT has undertaken its Activities and Transactions in accordance with Principles of Sharia and the specific Fatawas, resolutions and guidelines issued by us. Pronouncement by Sharia Supervisory Board of the REIT We, the Sharia Supervisory Board of the REIT hereby pronounce our opinion as follows: a) The Activities and Transactions executed by the REIT during the period commencing from 1 January 2026 and ending on 30 June 2026 (as reviewed by Dar Al Sharia pursuant to the Sharia Review Report) were carried out in accordance with the rules and principles of Sharia. b) The distribution of profits and losses complies with the basis approved by us in accordance with the principles of Sharia. c) All income achieved from the Activities and Transactions were in line with principles of Sharia. d) All of the tenants of the properties currently owned by the REIT are in line with the principles of Sharia. e) All of the Company’s financing is in accordance with the principles of Sharia. f) All contracts, including leases are in accordance with the principles of Sharia. g) Since the management of the REIT is not authorised to pay Zakat directly, the responsibility of paying Zakat is that of the shareholders. We ask Allah, the Most High, Most Capable to grant the REIT management the consistency on the track of welfare and integrity. Pursuant to the Sharia Audit, the Sharia Supervisory Board confirms its findings and renders its opinion on the financials, activities and transactions performed by the REIT (including but not limited to (i) the properties acquired, leased and managed by the REIT; (ii) usage of the properties owned by the REIT (iii) financing facilities availed by the REIT (the “Activities and Transactions”) and financials during the year comply with principles of Sharia (as interpreted by the members of the Sharia Supervisory Board) and the Fatawa of the Sharia Supervisory Board.
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4 Independent Auditors’ Review Report Interim Condensed Consolidated Statement of Financial Position Interim Condensed Consolidated Statement of Comprehensive Income Interim Condensed Consolidated Statement of Changes in Equity 33 34 35 35 36 36 Interim Condensed Consolidated Statement of Cash Flows Notes to the Interim Condensed Consolidated Financial Information 48Glossary Emirates REIT | H1 2026 Report Financial Information 32
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We have reviewed the accompanying interim condensed consolidated statement of financial position of Emirates REIT (CEIC) PLC (the “REIT” or “Company”) and its subsidiary (collectively referred to as “the Group”) as at 30 June 2026, the interim condensed consolidated statements of comprehensive income, changes in equity and cash flows for the six month period then ended, and notes to the interim financial information (“the interim condensed consolidated financial information”). Management is responsible for the preparation and presentation of this interim condensed consolidated financial information in accordance with IAS 34, ‘Interim Financial Reporting’. Our responsibility is to express a conclusion on this interim condensed consolidated financial information based on our review. Introduction Emirates REIT | H1 2026 Report Independent Auditors’ Review Report Scope of Review We conducted our review in accordance with the International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial information as at 30 June 2026 is not prepared, in all material respects, in accordance with IAS 34, ‘Interim Financial Reporting’. To the Shareholders of Emirates REIT (CEIC) PLC Report on Review of Interim Condensed Consolidated Financial Information 33 KPMG LLP Shahnawaz Abazer Nakhoda DFSA Reference Number: I011312 Dubai, United Arab Emirates 25 August 2026
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34 Emirates REIT | H1 2026 Report Emirates REIT (CEIC) PLC - Consolidated Financial Information as at 30 June 2026 This interim condensed consolidated financial information was approved by the Board of Directors of Equitativa (Dubai) Limited as the sole director of the REIT on 25 August 2026 and signed on its behalf by: Sylvain Vieujot Executive Deputy Chairman Timothy Collier Chief Financial Officer NOTES 2026 2025 A s a t 3 0 J u n e A s a t 3 1 D e c e m b e r U S D ’ 0 0 0 U n a u d i t e d U S D ’ 0 0 0 A u d i t e d Rent and other receivables 6 8,538 7,408 Cash and cash equivalents 7 35,480 29,912 Current assets TOTAL ASSETS 1,282,504 1,245,008 LIABILITIES Sukuk financing instrument 9 200,746 199,884 Islamic financing 10 42,896 43,175 Lease liabilities 11 49,983 50,481 Non-current liabilities 293,625 293,540 Investment properties 5 1,203,355 1,172,689 Rent and other receivables 6 35,131 34,999 Non-current assets ASSETS Share capital 8 319,157 319,157 Share premium 8 59,393 59,393 Other reserves (1,973) (1,639) Retained earnings EQUITY Retained earnings 572,879 519,146 TOTAL EQUITY 949,456 896,057 Islamic financing 10 295 59 Lease liabilities 11 3,202 3,174 Dividend payable 14 - 12,442 Other payables 12 35,926 39,736 39,423 55,411 Current liabilities TOTAL LIABILITIES 333,048 348,951 Net asset value (USD) 949,456,000 896,057,000 Number of shares 319,156,400 319,156,400 Net asset value USD per share 2.97 2.81 TOTAL EQUITY AND LIABILITIES 1,282,504 1,245,008 NOTES 2026 2025 A s a t 3 0 J u n e A s a t 3 1 D e c e m b e r Interim Condensed Consolidated Statement of Financial Position 44,018 37,320 1,238,486 1,207,688 U S D ’ 0 0 0 U n a u d i t e d U S D ’ 0 0 0 A u d i t e d EQUITY AND LIABILITIES
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35 Emirates REIT | H1 2026 Report NOTES 2026 F o r t h e s i x m o n t h s p e r i o d e n d e d 3 0 J u n e F o r t h e s i x m o n t h s p e r i o d e n d e d 3 0 J u n e U S D ’ 0 0 0 U n a u d i t e d Interim Condensed Consolidated Statement of Comprehensive Income Property operating expenses (4,579) (5,430) Rental income 5.2 37,319 33,644 Service fee income 5.2 4,423 4,436 Gain on disposal of investment property 5.3 2,598 - Other property income 598 1,079 INCOME 44,938 39,159 NET PROPERTY INCOME 40,359 33,729 EXPENSES Management and performance fee 15 (11,138) (14,732) Board fees (139) (139) (Allowance) / reversal for expected credit loss 6.1 (72) 123 Other expenses (599) (222) OPERATING PROFIT 28,411 18,759 FINANCE COSTS Finance costs 16 (11,480) (11,552) Finance income 16 171 4 NET FINANCE COSTS (11,309) (11,548) Profit before fair valuation of investment properties 17,102 7,211 Net unrealised gain on revaluation of investment properties 5.2 37,189 177,372 PROFIT FOR THE PERIOD 54,291 184,583 Other comprehensive income - - TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 54,291 184,583 EARNINGS PER SHARE Basic and diluted earnings per share (USD) 17 0.170 0.578 2025 Interim Condensed Consolidated Statement of Changes in Equity SHARE CAPITAL SHARE PREMIUM RETAINED EARNINGS U S D ’ 0 0 0 Transactions with shareholders Dividend distribution (Note 14) - - - (558) (558) BALANCE AT 30 JUNE 2026 (UNAUDITED) 319,157 59,393 (1,973) 572,879 949,456 BALANCE AT 1 JANUARY 2026 (AUDITED) 319,157 59,393 (1,639) 519,146 896,057 Additions to other reserve - - (334) - (334) Total comprehensive income for the period - - - 54,291 54,291 BALANCE AT 1 JANUARY 2025 (AUDITED) 319,157 59,393 (1,525) 329,712 706,737 Additions to other reserve - - (114) - (114) Total comprehensive income for the period - - - 184,583 184,583 Transactions with shareholders Dividend distribution (Note 14) - - - (7,000) (7,000) BALANCE AT 30 JUNE 2025 (UNAUDITED) 319,157 59,393 (1,639) 507,295 884,206 TOTAL U S D ’ 0 0 0OTHER RESERVES U S D ’ 0 0 0 U S D ’ 0 0 0 U S D ’ 0 0 0 U S D ’ 0 0 0 U n a u d i t e d For the six months period ended 30 June 2026For the six months period ended 30 June 2026
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36 Emirates REIT | H1 2026 Report Emirates REIT (CEIC) PLC (the “REIT” or “Company”) is a closed ended domestic, public Islamic fund set up for the purpose of investing in Real Estate Properties in a Shari'ah compliant manner under the provisions of its Articles of Association and the rules and regulations of the Dubai Financial Services Authority (“DFSA”) and the Dubai International Financial Centre (“DIFC”), including the DIFC Law No. 2 of 2010, DIFC Law No. 5 of 2018 and the Collective Investment Rules contained within the DFSA Rulebooks and operates as an Islamic fund in accordance with such provisions, laws and rules. The REIT was established on 28 November 2010 by Equitativa (Dubai) Limited (the “REIT Manager”), a Company limited by shares, duly registered in the DIFC under commercial registration number CL0997, and having its registered office at Level 23, Index Tower, Dubai International Financial Centre, Dubai, UAE. The REIT Manager was appointed by the REIT to undertake the management of the REIT. The REIT’s activities include investment in properties and the generation of the income stream through rental income. The REIT receives rental revenues from the properties and distributes the income generated to shareholders through dividends. The REIT’s shares were admitted to the official list maintained by the DFSA and to trading on NASDAQ Dubai on 8 April 2014 following the REIT’s Initial Public Offering (“IPO”). The REIT’s business activities are subject to the supervision of a Shari'ah Supervisory Board consisting of three independent members who review the REIT’s compliance with general Shari'ah principles, specific fatwas, rulings and guidelines issued. Their review includes examination of evidence relating to the documentation and procedures adopted by the REIT to ensure that its activities are conducted in accordance with Islamic Shari'ah principles. Emirates REIT Sukuk III Limited, a structured entity (the “SE”), is an exempted company with limited liability incorporated on 12 November 2024 under the laws of the Cayman Islands with registered number 415540 with its registered office at c/o Maples FS Limited, P.O. Box 1093, Queensgate House, Grand Cayman KY1-1102, Cayman Islands. The authorised share capital of the SE is USD 50,000 consisting of 50,000 ordinary shares of USD 1.00 each, of which one share has been fully paid and issued. The SE’s entire share capital is held on trust for charitable purposes by Maples FS Limited as share trustee under the terms of a share declaration of trust dated 2 December 2024 (the Share Declaration of Trust). The interim condensed consolidated financial information for the six months period ended 30 June 2026 comprise the REIT and its SE (together referred to as “the Group”). Considering the purpose and design of the SE, the financial information of the REIT consolidates the SE in accordance with IFRS 10. This interim condensed consolidated financial information has been approved by the REIT Manager as the sole director of the REIT on 25 August 2026. General Information 1 2 0 2 3 A s a t 3 1 D e c e m b e r U S D ’ 0 0 0 I n t e r i m C o n d e n s e d C o n s o l i d a t e d S t a t e m e n t o f C a s h F l o w s N O T E S U S D ’ 0 0 0 U n a u d i t e d P r o f i t f o r t h e p e r i o d 5 4 , 2 9 1 1 8 4 , 5 8 3 O P E R A T I N G A C T I V I T I E S 0 0 0 0 0 0 0 0 0 0 N e t u n r e a l i s e d g a i n o n r e v a l u a t i o n o f i n v e s t m e n t p r o p e r t i e s 5 . 2 ( 3 7 , 1 8 9 ) ( 1 7 7 , 3 7 2 ) G a i n o n d i s p o s a l o f i n v e s t m e n t p r o p e r t y ( 2 , 5 9 8 ) - F i n a n c e c o s t s 1 6 1 1 , 4 8 0 1 1 , 5 5 2 F i n a n c e i n c o m e 1 6 ( 1 7 1 ) ( 4 ) A l l o w a n c e / ( R e v e r s a l ) f o r e x p e c t e d c r e d i t l o s s 6 . 1 7 2 ( 1 2 3 ) ADJUSTMENTS FOR: OPERATING CASH FLOWS BEFORE CHANGES IN WORKING CAPITAL 25,885 18,636 CHANGES IN WORKING CAPITAL I n c r e a s e i n r e n t a n d o t h e r r e c e i v a b l e s ( 1 , 6 6 8 ) ( 3 , 5 0 6 ) ( D e c r e a s e ) / i n c r e a s e i n o t h e r p a y a b l e s ( 4 , 7 8 3 ) 4 , 2 5 7 NET CASH GENERATED FROM OPERATING ACTIVITIES 19,434 19,387 I N V E S T I N G A C T I V I T I E S Additions to investment properties 5 (828) (1,260) Sales proceeds of an investment property - net 9,949 - Finance income received 171 4 NET CASH GENERATED FROM / (USED IN) INVESTING ACTIVITY 9,292 (1,256) F I N A N C I N G A C T I V I T I E S Repayment of Islamic financing (236) (626) Finance costs paid (9,088) (9,317) Payment of lease liabilities (834) (2,303) Dividend paid (13,000) (7,000) N E T I N C R E A S E / ( D E C R E A S E ) I N C A S H A N D C A S H E Q U I V A L E N T S C a s h a n d c a s h e q u i v a l e n t s a t t h e b e g i n n i n g o f t h e p e r i o d 2 9 , 9 1 2 2 2 , 1 5 7 C A S H A N D C A S H E Q U I V A L E N T S A T T H E E N D O F T H E P E R I O D 7 3 5 , 4 8 0 2 1 , 0 4 2 2 0 2 5 F o r t h e s i x m o n t h s p e r i o d e n d e d 3 0 J u n e U S D ’ 0 0 0 U n a u d i t e d 2 0 2 6 F o r t h e s i x m o n t h s p e r i o d e n d e d 3 0 J u n e 5,568 (1,115) NET CASH USED IN FINANCING ACTIVITES (23,158) (19,246) N o t e s t o t h e I n t e r i m C o n d e n s e d C o n s o l i d a t e d F i n a n c i a l I n f o r m a t i o n For the six months period ended 30 June 2026 Ownership of SE For the six months period ended 30 June 2026
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37 Emirates REIT | H1 2026 Report 2.1 Basis of preparation A. Statement of compliance This interim condensed consolidated financial information for the six months period ended 30 June 2026 has been prepared in accordance with International Accounting Standard 34 ‘Interim financial reporting’, (“IAS 34”). This interim condensed consolidated financial information does not include all the notes of the type normally included in an annual financial report. Accordingly, the interim condensed consolidated financial information should be read in conjunction with the annual consolidated financial statements for the year ended 31 December 2025, which have been prepared in accordance with International Financial Reporting Standards (“IFRSs”). The Group reports cash flows from operating activities using the indirect method. Finance income received is presented within investing cash flows; finance cost paid is presented within financing cash flows. The acquisitions of investment properties are disclosed as cash flows from investing activities because this most appropriately reflects the Group’s business activities. Classification and Measurement of Financial Instruments - Amendment to IFRS 9 and IFRS 7 1 January 2026 Contracts Referencing Nature-dependent Electricity - Amendment to IFRS 9 and IFRS 7 1 January 2026 Annual improvements to IFRS Accounting Standards – Volume 11 1 January 2026 Effective date At the date of authorisation of this interim condensed consolidated financial information, the Company has not applied the following new and revised IFRS Standards that have been issued but are not yet effective: IFRS 18 Presentation and Disclosures in Financial Statements 1 January 2027 IFRS 19 Subsidiaries without Public Accountability: Disclosures 1 January 2027 Sale or Contribution of Assets between an Investor and its Associate or Joint Ventures (Amendments to IFRS 10 and IAS 28) Effective date not yet decided Effective date B. Going concern During the six months period ended 30 June 2026, the Group generated a profit of USD 54.3 million (30 June 2025: USD 184.6 million) and as at 30 June 2026, the Group’s current assets exceed the current liabilities by USD 4.6 million and had accumulated profit of USD 573.0 million. In view of the foregoing, the REIT manager is not aware of any material uncertainties that may cast significant doubt upon the REIT’s ability to continue as going concern. Therefore, the interim condensed consolidated financial information continue to be prepared on a going concern basis. C. Operating segments For management purposes, the Group is organised into one operating segment, and therefore operating segments note is not disclosed. 2.2 Change in accounting policies and disclosures A. New and revised IFRS’s applied with no material effect on the interim condensed consolidated financial information The following new and revised IFRS, which became effective for annual periods beginning on or after 1 January 2026 have been adopted in this interim condensed consolidated financial information. The application of these revised IFRS has not had any material impact on the amounts reported for the current and prior years but may affect the accounting for future transactions or arrangements. The accounting policies applied in this interim condensed consolidated financial information are consistent with those of the annual consolidated financial statements for the year ended 31 December 2025, except for the following accounting policy, which is applicable from 1 January 2026. B. New and revised IFRSs in issue but not yet effective and not early adopted The adoption of these new standards will have no material impact on the interim condensed consolidated financial information in the period of initial application, except for IFRS 18 which is expected to have an impact in the presentation and disclosure of financial performance in the Group’s interim condensed consolidated financial information when adopted and where management is assessing the full impact. *IFRS 18 - Presentation and Disclosure in Financial Statements - The IASB issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024. IFRS 18 aims to improve how companies communicate in their financial statements, with a focus on information about financial performance in the statement of profit or loss. IFRS 18 is accompanied by limited amendments to the requirements in IAS 7 statement of cash flows and is effective from 1 January 2027. The standard replaces IAS 1 Presentation of Financial Statements and will affect the presentation and disclosure of financial performance in the Group’s financial statements when adopted. Summary of Material Accounting Policies Information 2 Description Description
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38 Emirates REIT | H1 2026 Report 3.1 Financial risk factors The interim condensed consolidated financial information does not include all financial risk management information and disclosures required in the annual financial statements; these should be read in conjunction with the REIT’s annual consolidated financial statements as at 31 December 2025. There have been no changes in the risk management policies since the year-end. 3 Financial Risk Management 3.2 Liquidity risk Compared to the year end, there was no material change in the liquidity risk profile of the REIT. Sukuk financing instruments 200,746 3,844 11,531 229,600 - 244,975 Ijarah Islamic finance 43,191 807 2,623 27,449 35,906 66,785 Lease liabilities 53,185 286 2,917 17,150 83,853 104,206 Other payables (excluding advances received) 8,441 8,441 - - - 8,441 Capital Commitments (Note 19a) - 660 - - - 660 At 30 June 2026 TOTALLESS THAN 3 MONTHS 3 TO 12 MONTHS 1 TO 5 YEARS OVER 5 YEARS U S D ’ 0 0 0 CARRYING VALUE U S D ’ 0 0 0 U S D ’ 0 0 0 U S D ’ 0 0 0 U S D ’ 0 0 0 U S D ’ 0 0 0 3.3 Credit Risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. Credit risk arises from bank balances and rent and other receivables. The credit risk faced by the Group is the risk of a financial loss if (i) tenants fail to make rental payments or meet other obligations under their leases or (ii) a counter party to a financial instrument or other financial arrangement fails to meet its obligations under that instrument or arrangement. Following financial assets of the Group are subject to expected credit loss model as they are classified as amortised cost: • Cash and cash equivalents • Rent and other receivables Financial instruments comprise financial assets and financial liabilities. Financial assets of the Group include bank balances and cash, receivables and certain other assets. Financial liabilities of the Group include sukuk financing instruments, Islamic financing, lease liabilities and other payable. The fair values of the financial assets and financial liabilities approximate their carrying values. The fair value of listed Sukuk financing instruments is determined with reference to quoted market prices at the reporting date and may differ from the carrying amount. 3.4 Fair value of financial instruments The REIT Manager maintains the property portfolio under continual review to minimise tenant credit risk. The REIT Manager remains actively involved and undertakes regular consideration of tenant profiles, existing and anticipated voids, overdue rents and outstanding rent reviews. Assets measured at fair value The following table provides the fair value measurement hierarchy of the Group’s investment properties: Investment properties 30-Jun-26 - - 1,229,417 1,229,417 Investment properties 31-Dec-25 - - 1,199,047 1,199,047 TOTAL QUOTED PRICES IN ACTIVE MARKETS SIGNIFICANT OBSERVABLE INPUTS SIGNIFICANT UNOBSERVABLE INPUTS DATE OF VALUATION U S D ’ 0 0 0 ( L E V E L 1 ) U S D ’ 0 0 0 ( L E V E L 2 ) U S D ’ 0 0 0 ( L E V E L 3 ) U S D ’ 0 0 0 This represents market values as per external valuers’ reports. For further information, please refer to Note 5.1. 4 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS The preparation of interim condensed consolidated financial information requires the REIT Manager to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing this interim condensed consolidated financial information, the significant judgement made by the REIT Manager in applying the Group’s accounting policies and the key source of estimation uncertainty for the period ended 30 June 2026 is as follows:
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39 Emirates REIT | H1 2026 Report A. Fair valuation of investment properties The Group carries its investment properties at fair value, with changes in fair value being recognised in the interim condensed consolidated statement of comprehensive income. The Group engaged independent valuation specialists who hold recognised and relevant professional qualifications and have relevant experience in the location and type of investment properties held, to determine the fair values of investment properties as at 30 June 2026. The valuation methodology is based on the income approach (includes income capitalisation or the discounted cash flow methods), as it determines the value of investment properties by reference to their expected future earnings and income-generating potential. The valuation method adopted for these properties is based on inputs that are not based on observable market data (that is, significant unobservable inputs - Level 3). Management believes that the change in fair values of investment properties during the period is reflective of the change in inputs used by the independent valuation specialists, which are mainly impacted by current challenging market conditions and takes into account various factors and developments taking place on the current economic conditions and its future outlook. As at the reporting date, the Group held total investment properties amounting to USD 1,203,355 thousand (31 December 2025: USD 1,172,689 thousand) in a real estate portfolio of 7 properties (31 December 2025: 8 properties) located in Dubai, UAE. The decrease in the number of properties during the period was due to the sale of the Indigo Building 7 (note 5.3). The determined fair value of the investment properties is most sensitive to the equivalent yield, the stabilised occupancy rate as well as the operating expenses. The key assumptions used to determine the fair value of the investment properties and sensitivity analysis, are further explained in Note 5.5. B. Discounting of lease payments - IFRS 16 The lease payments are discounted using the REIT’s incremental borrowing rate (“IBR”). Management has applied judgements and estimates to determine the IBR at the commencement of lease by using the applicable profit rates paid by REIT to its lenders and financiers of Islamic financing facilities. C. Determining the lease term - IFRS 16 In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the REIT. D. Allowance for expected credit loss The loss allowances for financial assets are based on assumptions about risk of default and expected loss rates. The Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Group’s past history, existing market conditions as well as forward looking estimates at the end of each reporting period. The following information is taken into account when assessing whether credit risk has increased significantly since initial recognition: An actual or expected significant deterioration in the financial instrument’s external (if available) or internal credit rating. Existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a significant decrease in the debtor’s ability to meet its debt obligations. An actual or expected significant deterioration in the operating results of the debtor. Significant increases in credit risk on other financial instruments of the same debtor. An actual or expected significant adverse change in the regulatory, economic, or technological environment of the debtor that results in a significant decrease in the debtor’s ability to meet its debt obligations. Irrespective of the outcome of the above assessment, the Group presumes that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 180 days past due, unless the Group has reasonable and supportable information that demonstrated otherwise. 5 Investment Properties At 1 JANUARY 2026 - AUDITED 1,172,689 Additional re-development and fit out projects on completed properties 828 Investment property disposed during the period (7,351) Net gain from fair value adjustments on investment properties 37,189 At 30 JUNE 2026 - UNAUDITED 1,203,355 U S D ’ 0 0 0 TOTAL At 1 JANUARY 2025 - AUDITED* 977,797 Additional re-development and fit out projects on completed properties 2,302 Adjustment to the ROU assets 1,143 Net gain from fair value adjustments on investment properties 191,447 AT 31 DECEMBER 2025 - AUDITED 1,172,689
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40 Emirates REIT | H1 2026 Report Market value per external valuation report at end of period/year 1,229,417 1,199,047 Additional re-development and fit-out projects under progress on completed properties 673 464 Lease incentive asset (Note 6) (39,394) (38,945) Deferred income (Note 12) 12,659 12,123 FAIR VALUE AT THE END OF THE PERIOD/YEAR 1,203,355 1,172,689 Net gain from fair value adjustments on investment properties 37,189 191,447 NET UNREALISED GAIN ON REVALUATION 37,189 191,447 U S D ’ 0 0 0 A u d i t e d U S D ’ 0 0 0 U n a u d i t e d 31 December 2025 5.2 Net unrealised gain on revaluation As at the reporting date, the Group held total investment properties amounting to USD 1,203,355 thousand (31 December 2025: USD 1,172,689 thousand) in a real estate portfolio of 7 properties (31 December 2025: 8 properties) located in Dubai, UAE. Total rental and service fee income for the period ended 30 June 2026 is USD 41,742 thousand (30 June 2025: USD 38,080 thousand). Investment properties with a carrying value of USD 903,241 thousand (31 December 2025: USD 873,285 thousand) are secured against Sukuk and Islamic financing. The fair value of the Group’s investment properties at 30 June 2026 has been arrived at on the basis of a valuation carried out as at that date by CBRE (DIFC) Limited and JLL Valuation LLC, (30 June 2025: CBRE (DIFC) Limited and Cushman & Wakefield Core Valuations L.L.C), independent valuation specialists not connected with the Group. The valuation conforms to the RICS Valuations – Global Standards and International Valuation Standards. The fair value was determined based on the income approach method. 31 December 2025 30 June 2026 T o t a l U S D ’ 0 0 0 A u d i t e d T o t a l U S D ’ 0 0 0 U n a u d i t e d 5.1 Fair value reconciliation * During the year 2025, Right-of-use assets and investment properties relating to long-term land leases are presented together within investment properties in the consolidated statement of financial position. 5.4 Properties under land lease agreements Four of the REIT’s properties are constructed on plots in Dubai which are under land lease agreements as follows: A property with a fair value of USD 116,499 thousand is constructed on a leased plot of land with a remaining lease term of 30.4 years. The carrying value of the related right-of-use (ROU) asset as at the reporting date is USD 19,242 thousand. A property with a fair value of USD 32,780 thousand is constructed on a leased plot of land with a remaining lease term of 17.6 years, renewable for a further term of 30 years. The carrying value of the related right-of-use (ROU) asset as at the reporting date is USD 5,238 thousand; A property with a fair value of USD 57,365 thousand is constructed on a leased plot of land with a remaining lease term of 39.0 years. The carrying value of the related right-of-use (ROU) asset as at the reporting date is USD 10,047 thousand; and A property with a fair value of USD 64,552 thousand is constructed on a leased plot of land with a remaining lease term of 18.8 years, renewable for a further term of 30 years. The carrying value of the related right-of-use (ROU) asset as at the reporting date is USD 18,657 thousand. Emirates REIT disposed of Indigo Building 7 on 12 June 2026. At the date of disposal, the property had a carrying value of USD 7,351 thousand and was disposed of for a sale consideration of USD 10,074 thousand. The total costs incurred in connection with the disposal amounted to USD 125 thousand. 5.3 Divestment of investment property As of 30 June 2026, valuations performed by the external valuers included a material valuation uncertainty due to the recent escalation of the conflict in the Middle East, which is in accordance with the guidance issued by RICS Global Standards. Consequently, as a result, less certainty and a higher degree of caution should be attached to valuations performed by external valuers. This clause does not invalidate the valuation nor does it indicate that the valuation cannot be relied upon, but implies that there is substantially more uncertainty than under normal market conditions. 5.5 Fair valuation The fair valuations of investment properties were based on an individual assessment for each property type taking into account of both the future earnings and the required yield. In assessing the future earnings of the properties, the REIT Manager took into account potential changes in rental levels from each contract’s rent and expiry date compared with the estimated current market rent, as well as changes in occupancy rates and estimated rental value. Fair value hierarchy disclosures for investment properties have been provided in Note 3.4. As at 30 June 2026, the fair value of the investment properties was adjusted for the lease incentive asset (Note 6) and deferred income (Note 12) in accordance with IAS 40. The amount of adjustment is USD 39,394 thousand and USD 12,659 thousand respectively (31 December 2025: USD 38,945 thousand and USD 12,123 thousand respectively). 30 June 2026
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41 Emirates REIT | H1 2026 Report For investment properties categorised under Level 3 fair value hierarchy, a valuation methodology based on the ‘income approach method’ was used, as it represents a method of determining the value of the investment property by calculating the net present value of expected future earnings. The significant unobservable inputs used in arriving at fair values of investment properties are the stabilised occupancy rate, the stabilised yield and estimated rental value and discount rate. The assumptions are applied on a property by property basis and vary depending on the specific characteristics of the property being valued. The range in those assumptions used in arriving at the fair value of investment properties are as follows: Stabilised occupancy rate (%) 90 - 100 83 - 100 Stabilised yield (%) 7.35 - 8.25 7.31 - 9.26 Discount rate (%) 9.75 - 10.5 - Estimated rental value (USD/sqm per annum) 73 - 2,564 73 - 2,564 30 June 2026 31 December 2025 30 June 2026 U S D ’ 0 0 0 A u d i t e d U S D ’ 0 0 0 U n a u d i t e d 6 Rent and other Receivables Rental and service income receivable 7,108 7,106 Less: allowance for expected credit losses (Note 6.1) (5,686) (6,339) 1,422 767 31 December 2025 30 June 2026 U S D ’ 0 0 0 A u d i t e d U S D ’ 0 0 0 U n a u d i t e d OTHER FINANCIAL ASSETS AT AMORTISED COST Lease incentive asset (Note 5.1) 39,394 38,945 Other receivables 2,468 2,403 6.1 – As at 30 June 2026 and 31 December 2025, the movement in the allowance for impairment of receivables is as follows: 31 December 2025 30 June 2026 U S D ’ 0 0 0 A u d i t e d U S D ’ 0 0 0 U n a u d i t e d Balances as at the beginning of the period / year 6,339 6,881 Allowance / (reversal) for expected credit loss in consolidated statement of comprehensive income during the period / year 72 (28) Allowance for impairment written-off (725) (514) BALANCE AT THE END OF THE PERIOD/YEAR 5,686 6,339 Lease incentive asset relates to rents recognised in advance as a result of spreading the effect of rent free and reduced rent periods and rent uplifts, over the expected terms of their respective leases in accordance with IFRS 16. OTHER ASSETS Prepayments 385 292 43,669 42,407 Less: non-current portion – lease incentive assets (35,131) (34,999) CURRENT PORTION 8,538 7,408 Included within the USD 5,686 thousand (31 December 2025: USD 6,339 thousand), provision for expected credit losses is an amount of USD 5,462 thousand (31 December 2025: USD 6,125 thousand), which represents specific provisions made for amounts due from certain tenants as per the tenancy contracts. One of the REIT’s tenants (the “REIT tenant”) filed claims against the REIT in the DIFC-LCIA in 2018. The REIT Manager filed counter-claims on behalf of the REIT. On 24 January 2022, following the confidential proceedings, the DIFC-LCIA awarded the REIT the unpaid rent. The REIT Manager has maintained the 100% allowance for the related rental and service income receivable due from the REIT tenant as at 30 June 2026. The REIT continued to hold adequate provision for the related sums due from the REIT tenant taking into account the expected time in recovery and other factors surrounding the matter whilst continuing to seek recovery in other jurisdictions where the REIT believes that the REIT tenant possesses assets.
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42 Emirates REIT | H1 2026 Report U S D ’ 0 0 0 A u d i t e d U S D ’ 0 0 0 U n a u d i t e d 7 CASH AND CASH EQUIVALENTS 31 December 2025 30 June 2026 During the period, Islamic deposits comprised Wakala investments earning profit rates ranging from 3.50% to 4.00% per annum (2025: 3.87% to 4.30% per annum), renewed on a monthly basis. Balances are with Shari’ah compliant accounts of local banks that are regulated by the UAE Central Bank. As a result, the credit risk in respect of those entities is minimised. They are assessed by the REIT Manager to be at a relatively low risk of default. 8 Share Capital At 30 June 2026 - Unaudited 319,156,400 319,157 59,393 378,550 At 31 December 2025 - Audited 319,156,400 319,157 59,393 378,550 TOTALTOTAL SHARE PREMIUM TOTAL PAR VALUE ORDINARY SHARES NUMBER OF ISSUED ORDINARY SHARES U S D ’ 0 0 0 U S D ’ 0 0 0 U S D ’ 0 0 0 The authorised share capital of the REIT is USD 10,000,000,100 and is divided into one Manager Share with a par value of USD 100; and 10,000,000,000 ordinary shares with a nominal par value of USD 1 per share. All issued shares were allotted on or before 30 June 2026. 9 Sukuk Financing Instrument O n 1 2 D e c e m b e r 2 0 2 4 , t h e R E I T i s s u e d t r u s t c e r t i f i c a t e s o f U S D 2 0 5 m i l l i o n d u e i n 2 0 2 8 ( t h e “ S u k u k I I I ” a n d t h e “ C e r t i f i c a t e s ” ) t h r o u g h E m i r a t e s R E I T S u k u k I I I L i m i t e d ( t h e “ T r u s t e e ” ) , a n e x e m p t e d c o m p a n y w i t h l i m i t e d l i a b i l i t y i n c o r p o r a t e d i n t h e C a y m a n I s l a n d s f o r m e d f o r t h e i s s u a n c e o f t h e S u k u k I I I . T h e S u k u k I I I a r e l i s t e d o n T h e I n t e r n a t i o n a l S t o c k E x c h a n g e ( T I S E ) a n d c a r r y a F i t c h r a t i n g o f B B + . A t t h e b e g i n n i n g o f t h e p e r i o d / y e a r 1 9 9 , 8 8 4 1 9 8 , 1 3 7 A d d i t i o n a l t r a n s a c t i o n c o s t s p a i d d u r i n g t h e p e r i o d / y e a r - 8 S U K U K L I A B I L I T I E S B E F O R E R E F I N A N C I N G D U R I N G T H E P E R I O D / Y E A R 1 9 9 , 8 8 4 1 9 8 , 1 4 5 S e c u r e d S u k u k l i a b i l i t i e s r e c o g n i s e d ( n e t o f t r a n s a c t i o n c o s t ) 1 9 9 , 8 8 4 1 9 8 , 1 4 5 A m o r t i s a t i o n o f t r a n s a c t i o n c o s t s 8 6 2 1 , 7 3 9 A t t h e e n d o f t h e p e r i o d / y e a r 2 0 0 , 7 4 6 1 9 9 , 8 8 4 3 1 D e c e m b e r 2 0 2 5 3 0 J u n e 2 0 2 6 U S D ’ 0 0 0 A u d i t e d U S D ’ 0 0 0 U n a u d i t e d C u r r e n t a n d s a v i n g s a c c o u n t s 2 5 , 4 8 0 1 9 , 9 1 2 I s l a m i c d e p o s i t 1 0 , 0 0 0 1 0 , 0 0 0 B A L A N C E A T T H E E N D O F T H E P E R I O D / Y E A R 3 5 , 4 8 0 2 9 , 9 1 2 T h e S u k u k I I I m a t u r e s o n 1 2 D e c e m b e r 2 0 2 8 a n d o f f e r s a p r o f i t r a t e o f 7 . 5 % p e r a n n u m , p a y a b l e q u a r t e r l y o n 1 2 M a r c h , 1 2 J u n e , 1 2 S e p t e m b e r a n d 1 2 D e c e m b e r e a c h y e a r f o r t h e f i r s t t h r e e y e a r s , s t a r t i n g f r o m 1 2 M a r c h 2 0 2 5 . I n t h e f o u r t h y e a r , t h e p r o f i t r a t e i n c r e a s e s t o 8 . 2 5 % p e r a n n u m , a l s o p a y a b l e q u a r t e r l y . T h e S u k u k I I I w a s u s e d t o f u l l y s e t t l e a n d r e d e e m t h e U S D 3 8 0 m i l l i o n S e c u r e d S u k u k C e r t i f i c a t e s i s s u e d b y E m i r a t e s R E I T S u k u k I I L i m i t e d o n 1 2 D e c e m b e r 2 0 2 2 ( “ S u k u k I I ” ) . T h e S u k u k I I I i s s e c u r e d b y c e r t a i n i n v e s t m e n t p r o p e r t i e s i n I n d e x T o w e r , D I F C . P u r s u a n t t o t h e t e r m s a n d c o n d i t i o n s o f t h e S u k u k I I I , t h e C e r t i f i c a t e s m a y b e r e d e e m e d , a t t h e o p t i o n o f t h e R E I T , a t a n y t i m e i n w h o l e o r i n p a r t a t t h e o p t i o n a l c a l l e x e r c i s e p r i c e s b e l o w : 1 0 3 . 0 % b e f o r e e n d o f Y e a r 1 1 0 2 . 0 % b e f o r e e n d o f Y e a r 2 1 0 0 . 0 % f r o m t h e e n d o f Y e a r 2 o n w a r d s C e r t a i n a s s e t s o f t h e R E I T w e r e t r a n s f e r r e d t o t h e T r u s t e e t h r o u g h a t r u s t e e s t r u c t u r e i n o r d e r t o c o m p l y w i t h t h e p r i n c i p l e s o f S h a r i ’ a h . N o t w i t h s t a n d i n g t h e i r t r a n s f e r t o t h e T r u s t e e , s u c h p r o p e r t i e s w i l l c o n t i n u e t o r e m a i n u n d e r t h e c o n t r o l o f t h e R E I T a n d t o b e s e r v i c e d b y t h e R E I T . O t h e r k e y c o v e n a n t s o f t h e S u k u k I I I i n c l u d e : ( i ) F i n a n c e t o T o t a l A s s e t V a l u e ( F T V ) r a t i o o f 4 0 % t o b e m a i n t a i n e d o n o r b e f o r e t h e t h i r d a n n i v e r s a r y a n d 3 5 % a f t e r t h e t h i r d a n n i v e r s a r y , ( i i ) n e g a t i v e p l e d g e , ( i i i ) p r o f i t c o v e r a g e r a t i o o f 1 . 7 5 x t o b e m a i n t a i n e d o n o r b e f o r e t h e t h i r d a n n i v e r s a r y a n d 2 . 2 5 x a f t e r t h e t h i r d a n n i v e r s a r y , ( i v ) c a s h m a i n t e n a n c e r e q u i r e m e n t o f U S D 1 0 m i l l i o n t o b e t e s t e d a t t h e e n d o f e a c h q u a r t e r , ( v ) c e r t a i n c o n d i t i o n s a t t a c h e d t o a n y a s s e t s a l e i n v o l v i n g a d i v e s t m e n t o f a s s e t s w i t h a b o o k v a l u e e x c e e d i n g 5 0 % o f t h e R E I T ’ s t o t a l a s s e t s a t t h e t i m e o f t h e p r o p o s e d s a l e , ( v i ) a p p l i c a t i o n o f d i s p o s a l p r o c e e d s o f a n y s e c u r e d p r o p e r t y t o b e a p p l i e d p a r t i a l l y t o w a r d s r e d e e m i n g S u k u k I I I , ( v i i ) l i m i t a t i o n s o n f u r t h e r i n d e b t e d n e s s , a n d ( v i i ) r e q u i r e m e n t t o p r o v i d e t h e d e l e g a t e w i t h q u a r t e r l y i n d e p e n d e n t t h i r d - p a r t y v a l u a t i o n r e p o r t s o f m o r t g a g e d p r o p e r t i e s . T h e a b o v e c o v e n a n t s h a v e b e e n c o m p l i e d a s a t 3 0 J u n e 2 0 2 6 .
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43 Emirates REIT | H1 2026 Report 1 0 Islamic Financing As at 30 June 2026, the outstanding balance of Islamic financing amounted to USD 43,191 thousand (31 December 2025: USD 43,234 thousand) net of unamortised transaction costs of USD 533 thousand (31 December 2025: USD 561 thousand). During the year 2025, the Group refinanced its existing Ijarah facility following a renegotiation of the facility terms with Ajman Bank PJSC. The refinancing includes the rescheduling of principal repayments, a reduction in the profit rate margin, and an extension of the facility tenure. Under the revised terms, the principal repayments amortises at 15% during years 1 - 5, 12.5% per year for years 6 - 9 and the final 35% in year 10. Furthermore, the profit rate margin was reduced from 3-months EIBOR + 2.75% under the original agreement to 3-months EIBOR + 1.85% for years 1 - 5 of the revised facility term, and 3-months EIBOR + 2.35% for years 6 - 10. In addition, the maturity of the facility has been extended by two years. The original facility was scheduled to mature in 2033 which was revised to 2035 following the amendment of the facility. At 30 June 2026, the weighted average annual cost of finance taking into account the profit rate attributable to each facility was 3-month EIBOR +1.85% (2025: 3-month EIBOR +2.69%). The facilities have certain covenants on the REIT. These covenants state that the REIT will ensure that the following financial ratios are met: 1.Maintain Finance to value of Mortgaged Property (FTV) at all times at 65% (calculated by reference to the latest Valuation). 2.Financing service coverage ratio to be kept at 1.25x for the first 4 years and 1.15x for the remaining 6 years including assigned rental proceeds and other income routed to Ajman Bank. 3.Maintain 1.1x of the upcoming installment amount in rent collection account. Also as per DFSA Rules, the total Islamic finance should not exceed 65% of the Gross Asset Value of the REIT. The REIT has complied with the financial covenants of its Islamic facilities during the period ended 30 June 2026. The financing facility is secured by the following: (a) First rank legal mortgage, lease assignment over financed property and cash collateral in favour of the bank. (b) Assignment of comprehensive insurance over financed property in favour of the bank. (c) Assignment of rental income from financed property in favour of the bank. Movement for the period ended 30 June 2026 and year ended 31 December 2025 is as follows: Balance at the beginning of the period / year 43,234 48,016 Less: Transaction costs on financing - (245) Less: Repayment during the period / year (236) (1,029) Less: Modification gain on refinancing - (3,583) Add: Amortisation of transaction cost 193 75 BALANCE AT THE END OF THE PERIOD/YEAR 43,191 43,234 Current 295 59 Non-current 42,896 43,175 31 December 2025 30 June 2026 U S D ’ 0 0 0 A u d i t e d U S D ’ 0 0 0 U n a u d i t e d 1 1 Lease Liabilities The following table shows the movement of lease liabilities recognised by the REIT: LIABILITIES Lease liabilities recorded at the beginning of the period / year 53,655 53,590 Add: Finance cost for the period / year (Note 16) 1,337 2,708 Less: Payments made during the period / year (834) (3,786) Less: Other adjustments (973) - Add: Adjustment to the lease liabilities - 1,143 LEASE LIABILITIES AT THE END OF THE PERIOD/YEAR 53,185 53,655 Current liabilities 3,202 3,174 Non-current liabilities 49,983 50,481 31 December 2025 30 June 2026 U S D ’ 0 0 0 A u d i t e d U S D ’ 0 0 0 U n a u d i t e d
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44 Emirates REIT | H1 2026 Report 1 2 Other Payables Tenant deposits payable 11,126 11,323 Deferred income (Note 5.1) 12,659 12,123 Accrued expenses 4,109 2,678 Service fee received in advance 3,700 4,026 Accrued profit expense 1,036 1,593 Management fee payable (Note 15c) 1,278 1,057 Performance fee payable (Note 15c) 1,669 6,692 Payable against investment properties under construction or re- development 349 244 BALANCE AT THE END OF THE PERIOD/YEAR 35,926 39,736 31 December 2025 30 June 2026 U S D ’ 0 0 0 A u d i t e d U S D ’ 0 0 0 U n a u d i t e d Zakat is payable by the shareholders based on their share of the net assets of the REIT at the end of every reporting period. The Group is not liable to pay Zakat. 1 3 Zakat 1 4 Dividends At the Annual General Meeting (“AGM”) 2025 held on 11 June 2025, the Shareholders of the REIT approved the final dividend payment for the financial year ending 31 December 2024 of USD 0.02193 per ordinary share amounting to USD 7,000,000, to the shareholders on the register as of 4 June 2025. In addition, the REIT declared an interim dividend of USD 0.0235 per ordinary share, amounting to USD 7.5 million payable to the shareholders on the register as of 18 November 2025. Following the distributions made during 2025, the Group has recognised a dividend payable of USD 12,442 thousand for financial reporting purposes, representing the remaining portion of audited net income as required under applicable regulations. Subsequently, at the AGM held on 26 June 2026, the Shareholders of the REIT approved a final dividend of USD 0.040732 per ordinary share, amounting to USD 13,000,000, payable to the shareholders on the register as of 19 June 2026. The dividend has been paid fully in cash as at the reporting date. Accordingly, USD 558 thousand has been recognised as an additional dividend distribution during the current period. Subsequent to the reporting period, the REIT declared an interim dividend of USD 0.021933 per ordinary share, amounting to USD 7 million, which is expected to be paid on or before 30 September 2026. REIT Manager / Key management personnel Management and performance fees 11,138 14,732 Board members 139 139 Shareholders* Wakala deposit placed during the period 60,171 4,889 Dividends paid 13,000 7,000 Others 90 65 TOTAL 84,538 26,825 U S D ’ 0 0 0 U n a u d i t e d U S D ’ 0 0 0 U n a u d i t e d 1 5 Related Party Transactions and Balances Related parties include the REIT Manager and board members. The Group, in the normal course of business, carries out transactions with other business enterprises that fall within the definition of a related party, as contained in International Accounting Standard 24. Pricing policies and terms of these transactions are approved by the REIT Manager. Equitativa (Dubai) Limited, a company limited by shares, is the REIT Manager of the REIT. Transactions executed with various related parties during the year as follows: A. Transactions during the period *Related party as defined as per applicable law. Management fee is payable to the REIT Manager quarterly in advance and is calculated quarterly based on the aggregated gross value of the assets of the REIT at a rate of 1.5% per annum. The performance fee is payable to the REIT Manager annually in arrears, at a rate of 3.0% of the increase in net asset value per share by reference to the highest net asset value per share previously used in calculating the fee. Management fee and performance fee charged by the REIT Manager during the period amounted to: B. Management and performance fee 30 June 2025 30 June 2026 F o r t h e s i x m o n t h s p e r i o d e n d e d 3 0 J u n e F o r t h e s i x m o n t h s p e r i o d e n d e d 3 0 J u n e REIT Manager Management fee (9,518) (9,023) Performance fee (1,620) (5,709) TOTAL (11,138) (14,732) U S D ’ 0 0 0 U n a u d i t e d U S D ’ 0 0 0 U n a u d i t e d 30 June 2026 F o r t h e s i x m o n t h s p e r i o d e n d e d 3 0 J u n e 30 June 2025 F o r t h e s i x m o n t h s p e r i o d e n d e d 3 0 J u n e
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45 Emirates REIT | H1 2026 Report C. Due to related parties comprises REIT Manager 2,947 7,749 Board members 120 60 Shareholders* - 12,442 Others 70 45 TOTAL** 3,137 20,296 31 December 2025 30 June 2026 U S D ’ 0 0 0 A u d i t e d U S D ’ 0 0 0 U n a u d i t e d *Related party as defined as per applicable law. **These amounts are included in other payables. Shareholders 4 76 TOTAL 4 76 31 December 2025 30 June 2026 U S D ’ 0 0 0 A u d i t e d U S D ’ 0 0 0 U n a u d i t e d D. Due from related parties comprises All transactions with related parties are conducted in accordance with the applicable regulations. There have been no guarantees provided or received for any related party receivables or payables. Transactions with key management personnel During the periods ended 30 June 2026 and 30 June 2025, the role of the key management personnel in accordance with IAS 24 was performed by the REIT Manager, for which the REIT Manager receives remuneration in the form of a management fee and performance fee. 1 6 Finance Costs U S D ’ 0 0 0 U n a u d i t e d U S D ’ 0 0 0 U n a u d i t e d 30 June 2026 F o r t h e s i x m o n t h s p e r i o d e n d e d 3 0 J u n e 30 June 2025 F o r t h e s i x m o n t h s p e r i o d e n d e d 3 0 J u n e 1 7 Earnings per Share Basic and diluted earnings per share (“EPS”) is calculated by dividing the net profit for the period attributable to ordinary equity holders of the REIT by the weighted average number of ordinary shares outstanding during the period. Profit attributable to ordinary shareholders 54,291,000 184,583,000 Number of ordinary shares for basic EPS 319,156,400 319,156,400 Basic and diluted earnings per share (USD) 0.170 0.578 In accordance with the requirements of IAS 33, in case of increase in the number of ordinary shares due to issuance of bonus shares, the basic EPS for current and corresponding reporting period is calculated based on the number of ordinary shares outstanding at the reporting date. The Group has no share options outstanding at the period end and therefore the basic and diluted EPS are the same. U S D ’ 0 0 0 U n a u d i t e d U S D ’ 0 0 0 U n a u d i t e d 30 June 2026 F o r t h e s i x m o n t h s p e r i o d e n d e d 3 0 J u n e 30 June 2025 F o r t h e s i x m o n t h s p e r i o d e n d e d 3 0 J u n e Ijarah Islamic financing profit expense (1,401) (1,629) Ijarah fee amortisation (193) (23) Finance cost on lease liability (Note 11) (1,337) (1,351) Sukuk profit expense (7,687) (7,687) Sukuk issuance cost amortisation (862) (862) FINANCE COSTS (11,480) (11,552) Profit income on Wakala 171 4 FINANCE COSTS - NET (11,309) (11,548) U S D ’ 0 0 0 U n a u d i t e d U S D ’ 0 0 0 U n a u d i t e d 30 June 2026 F o r t h e s i x m o n t h s p e r i o d e n d e d 3 0 J u n e 30 June 2025 F o r t h e s i x m o n t h s p e r i o d e n d e d 3 0 J u n e 1 8 Expense Ratio The total expense ratio for the six months period ended 30 June 2026 was 2.18% of Gross Asset Value (30 June 2025: 2.62%). As of 30 June 2026, the REIT had contractual capital commitments of USD 655 thousand (31 December 2025: USD 618 thousand) in relation to fit-out and re-development work in certain completed properties and USD 5 thousand (31 December 2025: USD 58 thousand), which pertains to the school upgrade. The Group has no contingencies as at 30 June 2026 (31 December 2025: Nil). 1 9 Commitments and Contingencies
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46 Emirates REIT | H1 2026 Report Within one year 3,202 3,174 After one year but not more than two years 3,288 3,259 After two years but not more than three years 3,288 3,288 After three years but not more than four years 3,462 3,288 After four years but not more than five years 3,556 3,525 More than five years 87,409 89,648 TOTAL LEASE COMMITMENTS - GROUP AS LESSEE 104,205 106,182 31 December 2025 30 June 2026 U S D ’ 0 0 0 A u d i t e d U S D ’ 0 0 0 U n a u d i t e d Lease commitments - Group as lessee The Group leases certain land properties and future minimum rentals payable under operating leases are as follows: Operating lease commitments - Group as lessor T h e G r o u p h a s e n t e r e d i n t o c o m m e r c i a l p r o p e r t y l e a s e s o n i t s p o r t f o l i o o f i n v e s t m e n t p r o p e r t i e s . F u t u r e m i n i m u m r e n t a l s r e c e i v a b l e s u n d e r o p e r a t i n g l e a s e s a s a t 3 0 J u n e 2 0 2 6 a n d 3 1 D e c e m b e r 2 0 2 5 a r e a s f o l l o w s : Within one year 74,470 71,834 After one year but not more than two years 58,120 62,426 After two years but not more than three years 40,434 47,676 After three years but not more than four years 30,747 33,977 After four years but not more than five years 26,107 27,753 More than five years* 225,526 272,388 TOTAL OPERATING LEASE COMMITMENTS - GROUP AS LESSOR 455,404 516,054 31 December 2025 30 June 2026 U S D ’ 0 0 0 A u d i t e d U S D ’ 0 0 0 U n a u d i t e d *Included in these leases are the long-term lease contracts entered into by the REIT with school operators. On 9 December 2022, the UAE Ministry of Finance released Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (UAE CT Law or the Law) to enact a Federal corporate tax (CT) regime in the UAE. The Corporate Tax Law shall apply to Tax Periods commencing on or after 1 June 2023. The UAE CT Law is set to apply to the Company from 1 January 2024. The Company will monitor the publication of subsequent decisions and related guidance concerning the application of any tax exemptions. It will also conduct ongoing reviews of its financial matters to assess any necessary adjustments to its position based on updated regulations and guidance at future reporting dates. Cabinet Decision No. 116 of 2022 (published in December 2022 and effective from 16 January 2023) specifies that taxable income up to AED 375,000 is subject to a 0% UAE corporate tax rate, with taxable income exceeding AED 375,000 taxed at 9%. As per Cabinet Decision No. (81) of 2023 dated 18 July 2023, the Federal Tax Authority has exempted the Real Estate Investment Trusts from Corporate Tax provided certain conditions are complied with. The Company has also assessed that it is eligible to be exempt from the provisions of UAE CT Law under Article 10. Pursuant to Cabinet Decision No. (34) of 2025, Real Estate Investment Trusts ('REITs') are exempt from corporate tax provided they qualify as a Qualifying Investment Fund under Article 10 of the UAE CT Law and meet the specified conditions: 2 0 Corporate Income Tax Minimum Asset Value Must hold real estate assets (excluding land) with a value exceeding AED 100 million Ownership Structure At least 20% of the share capital must be listed on a recognised stock exchange (e.g., DFM, ADX, Nasdaq Dubai) OR be 100% owned by at least two institutional investors Asset Composition At least 70% of the average total assets must consist of real estate that generates rental income Regulatory Status The fund or its manager must be regulated by the SCA, DFSA (DIFC), or FSRA (ADGM) The REIT has assessed that it satisfies the relevant conditions and is therefore exempt from the provisions of the UAE CT Law. The REIT will continue to monitor any further decisions and guidance on qualifying for exempt status, along with a detailed ongoing review of its affairs, to evaluate potential changes to this position at subsequent reporting dates.
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47 Emirates REIT | H1 2026 Report 2 1 Significant Events There are no significant events subsequent to the reporting date, which require adjustments and/or disclosures in the interim condensed consolidated financial information. 2 2 Subsequent Events The Group continues to monitor regional geopolitical developments, including the recent conflict involving the United States, Israel and Iran, which has affected certain economic activities and market sentiment across the Gulf Cooperation Council (GCC) region. While the situation remains fluid as at the date of approval of these interim condensed consolidated financial statements and its longer-term impact remains uncertain, management has assessed the implications on the Group’s operations, financial performance, liquidity and asset valuations. The Group’s leasing portfolio in the region continues to demonstrate resilience, supported by high occupancy levels and a significant fixed-rent component. Based on management’s assessment, no material adverse impact on the Group’s overall financial position or operating results has been identified as at the reporting date.
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48 Emirates REIT | H1 2026 Report FY 1 January to 31 December of the relevant year H1 1 January to 30 June of the relevant year H2 1 July to 31 December of the relevant year Q1 1 January to 31 March of the relevant year Q2 1 April to 30 June of the relevant year Q3 1 July to 30 September of relevant year Q4 1 October to 31 December of the relevant year AED United Arab Emirates Dirhams - legal currency of the United Arab Emirates AEI(s) Asset Enhancement Initiative(s) Aggregate Leverage The ratio of a REIT's debt to its total assets, also known as “gearing” Annual Report Emirates REIT’s annual report for financial year ended 31 December, 2025 Auditor KPMG LLP AUM Assets Under Management Board Board of Directors CAGR Compound Annual Growth Rate Capex Capital Expenditure CBD Central Business District CBRE CBRE (DIFC) Limited CIR Collective Investment Rules of the DFSA CEO Chief Executive Officer of Equitativa (Dubai) Limited Constituent Documents Articles of Association of the REIT Cushman & Wakefield or C&W Cushman & Wakefield Core Valuations LLC Company Secretary The REIT Manager DFSA Dubai Financial Services Authority DFSA Rulebook DFSA administered rule book DIC Dubai Internet City DIFC Dubai International Financial Centre DIFC-LCIA DIFC-LCIA Arbitration Centre Non-exhaustive Glossary of Terms and First Mentions (1/2) D I P D u b a i I n v e s t m e n t s P a r k D i r e c t o r ( s ) M e m b e r o f t h e B o a r d D M C D u b a i M e d i a C i t y D P S D i v i d e n d p e r S h a r e E B C E u r o p e a n B u s i n e s s C e n t r e E B I T D A E a r n i n g s B e f o r e I n t e r e s t , T a x e s , D e p r e c i a t i o n , a n d A m o r t i z a t i o n E C L E x p e c t e d C r e d i t L o s s p u r s u a n t t o I F R S 9 Equitativa E q u i t a t i v a ( D u b a i ) L i m i t e d ; t h e R E I T M a n a g e r E q u i t a t i v a G r o u p G r o u p o f c o m p a n i e s s p e c i a l i s i n g i n c r e a t i n g a n d m a n a g i n g i n n o v a t i v e f i n a n c i a l p r o d u c t s i n e m e r g i n g m a r k e t s , n o t a b l y R e a l E s t a t e I n v e s t m e n t T r u s t s E m i r a t e s R E I T E m i r a t e s R E I T ( C E I C ) P L C E m i r a t e s R E I T ' s A n n u a l R e p o r t E m i r a t e s R E I T ’ s a n n u a l r e p o r t f o r t h e f i n a n c i a l y e a r e n d e d 3 1 D e c e m b e r , 2 0 2 5 E P S E a r n i n g s P e r S h a r e E R V E s t i m a t e d R e n t a l V a l u e E S G E n v i r o n m e n t a l S o c i a l a n d G o v e r n a n c e E U E n f o r c e a b l e U n d e r t a k i n g F & B F o o d a n d B e v e r a g e F i t c h R a t i n g s Credit rating agency – Fitch Rating Inc. F T V F a c i l i t y t o A s s e t s V a l u e F u n d P r o p e r t y A s s e t s o f E m i r a t e s R E I T F Y 2 0 2 5 A n n u a l F i n a n c i a l S t a t e m e n t s E m i r a t e s R E I T c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s w h i c h c o m p r i s e t h e c o n s o l i d a t e d s t a t e m e n t o f f i n a n c i a l p o s i t i o n a s a t 3 1 D e c e m b e r 2 0 2 5 a n d t h e c o n s o l i d a t e d s t a t e m e n t s o f c o m p r e h e n s i v e i n c o m e , c h a n g e s i n e q u i t y a n d c a s h f l o w s f o r t h e y e a r t h e n e n d e d
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49 Emirates REIT | H1 2026 Report Non-exhaustive Glossary of Terms and First Mentions (2/2) O v e r s i g h t b o a r d O v e r s i g h t C o m m i t t e e o f t h e R E I T p u r s u a n t t o t h e D F S A C I R R u l e b o o k P M L A P r o p e r t y M a n a g e m e n t a n d L e a s i n g A g r e e m e n t p . p . P e r c e n t a g e P o i n t s R e g u l a t o r y B o r r o w i n g L i m i t 6 5 % o f G A V a s s p e c i f i e d i n D F S A C I R R u l e b o o k R E I T R e a l e s t a t e i n v e s t m e n t t r u s t ; E m i r a t e s R E I T ( C E I C ) P L C R e l a t e d P a r t y ( P a r t i e s ) A s d e f i n e d b y t h e D F S A G l o s s a r y R u l e b o o k a n d C I R o r a s d e f i n e d u n d e r I F R S a s a p p l i c a b l e . R e l a t e d P a r t y T r a n s a c t i o n ( s ) A s d e f i n e d b y t h e D F S A G l o s s a r y R u l e b o o k a n d C I R o r a s d e f i n e d u n d e r I F R S a s a p p l i c a b l e R E I T M a n a g e r E q u i t a t i v a ( D u b a i ) L i m i t e d R I C S R o y a l I n s t i t u t i o n o f C h a r t e r e d S u r v e y o r s R O I R e t u r n o n I n v e s t m e n t $ o r U S D U n i t e d S t a t e s D o l l a r s – l e g a l c u r r e n c y o f t h e U n i t e d S t a t e s s q m S q u a r e m e t r e s Sq ft. S q u a r e f e e t S h a r e s S h a r e s / U n i t s o f E m i r a t e s R E I T S h a r e h o l d e r s S h a r e h o l d e r s / U n i t h o l d e r s o f E m i r a t e s R E I T S h a r i ’ a M e a n s I s l a m i c S h a r i a l a w s a n d p r i n c i p l e s S h a r i ’ a S u p e r v i s o r y B o a r d S h a r i a B o a r d o f S h a r i a s c h o l a r s p u r s u a n t t o t h e D F S A C I R a n d I F R R u l e b o o k s . S M E ( S ) S m a l l a n d M e d i u m S i z e d E n t e r p r i s e s U A E U n i t e d A r a b E m i r a t e s V a l u e r I n d e p e n d e n t v a l u e r a p p o i n t e d t o c o n d u c t v a l u a t i o n s o n t h e f u n d r e a l e s t a t e a s s e t s W A L E W e i g h t e d a v e r a g e l e a s e t e r m i n y e a r s , b a s e d o n t h e f i n a l t e r m i n a t i o n d a t e o f t h e a g r e e m e n t ( a s s u m i n g t h e t e n a n t s d o e s n o t t e r m i n a t e t h e l e a s e o n a n y o f t h e p e r m i s s i b l e b r e a k d a t e ( s ) , i f a p p l i c a b l e ) y - o - y Y e a r - O n - Y e a r FY 2025 Annual Report Emirates REIT’s annual report for financial year ended 31 December 2025 GAV Gross Asset Value GCC Gulf Cooperation Council GDP Gross Domestic Product GLA Gross Lettable Area Group Emirates REIT and its subsidiaries IB International Baccalaureate IESBA Code The International Ethics Standards Board for Accountants’ IFR Islamic Finance Rules rulebook module of the DFSA Rulebook IFRS International Financial Reporting Standards the accounting standards issued by the International Accounting Standard Board IPO Initial Public Offering Investment Board The Investment Committee of the REIT pursuant to the DFSA CIR Rules ISA International Standards on Auditing JBR Jumeirah Beach Residence JLL JLL Valuation LLC KHDA Knowledge and Human Development Authority LFJM Lycée français Jean Mermoz Listing Date Listing Date Listing Rules Listing rules of the Nasdaq Dubai and DFSA LTV Loan to Asset Value Management or the management team The management team of the REIT Manager NAV Net Asset Value NAV per share Net Asset Value of the REIT divided by the number of ordinary shares in issue on that date. NLA Net Lettable Area NPI Net Property Income NPI Margin (1 - Property Operating Expenses – Service Fee Income)/(Rental Income + Other Property Income) Ordinary Shares Ordinary shares issued by the REIT