SHUAA Capital (SHUAA) investor relations material

Executive summary

• Returned to profitability in FY 2025 with AED 156 million net income, reversing a net loss of AED 274 million in 2024 and AED 907 million in 2023, driven by capital optimization, bond restructuring, and cost savings from workforce rationalization.

• Revenue for FY 2025 was AED 79 million, a 3% decline year-over-year, mainly due to lower asset management fees and strategic wind-down of non-core assets, partially offset by growth in investment banking and real estate.

• Operating income improved from a loss of AED 3 million in FY 2024 to a profit of AED 1 million in FY 2025, supported by cost rationalization.

• Q4 2025 revenue grew 4% year-over-year to AED 18 million, with real estate management fees as a key driver.

• No dividend recommended for 2025 to consolidate improved financial position.

Financial highlights

• Total revenues for 2025: AED 81.95 million (2024: AED 88.85 million).

• Net profit for 2025: AED 156 million (2024: net loss AED 274 million).

• Earnings per share: AED 0.04 (2024: loss per share AED 0.11).

• Equity increased to AED 554 million from AED 41 million in Q4 2024.

• Debt/equity ratio improved significantly to 0.73x from 24x in Q4 2024.

Outlook and guidance

• Management remains focused on reducing debt levels and managing remaining liabilities, with a focus for 2026 on leveraging a strengthened balance sheet for sustainable, organic revenue and earnings growth.

• Continued emphasis on cost discipline, operational optimization, and margin expansion to support sustainable profitability.

• Management expects further progress toward consistent, sustainable shareholder value.