Binghatti Holding Limited (“Binghatti” or the “Group”) today announced its results for the nine months ended 30 September 2026. Net profit rose 65% year-on-year to AED 4.4 billion (USD 1.2 billion), already above the Group’s full-year 2025 net profit of AED 3.6 billion, and revenue increased 66% to AED 14.9 billion (USD 4.1 billion) as construction advanced across the portfolio, while sales rose 11% to AED 14.2 billion (USD 3.9 billion). Total equity rose to AED 11.2 billion (USD 3.0 billion) from AED 6.8 billion at the end of 2025.
9M 2026 Key Highlights
Net profit up 65% YoY to AED 4.4 billion (USD 1.2 billion), above full-year 2025’s AED 3.6 billion.
Revenue up 66% YoY to AED 14.9 billion (USD 4.1 billion); Q3 2026 revenue more than doubled.
Sales up 11% YoY to AED 14.2 billion (USD 3.9 billion); Q3 2026 sales up 7% to AED 4.6 billion.
Five projects completed on schedule: Binghatti Apex, Binghatti Ghost, Binghatti Ivory, Binghatti Haven and Binghatti Grove, approximately 2,600 units handed over.
Corporate cash of AED2.7 billion (USD 748 million), represents approximately 5x increase year-to-date and 7x increase sequentially.
Total equity of AED 11.2 billion (USD 3.0 billion), up from AED 6.8 billion at year-end 2025.
Strong Earnings Visibility
AED 16.4 billion (USD 4.5 billion) of contracted revenue backlog is expected to be recognized over the next one to three years.
Customers owe a further AED of 4.7 billion (trade receivables and contract assets), largely collectible on handover. Eight project completions are expected by year-end.
Total sellable square footage grew from 2.4 million SQFT to 14.6 million SQFT from December 2025 to September 2026, securing the future development pipeline.
Robust Liquidity and Balance Sheet
Bank balances total AED 12.4 billion (USD 3.4 billion), up 40% year-to-date. Of this, AED 10.9 billion (USD3.0 billion) is classified as cash and cash equivalents, versus AED 3.4 billion (USD 926 million) at December 2025.
Cash and bank balances (including escrow) exceed total borrowings of AED 12.2 billion (USD 3.3 billion).
Total assets grew 46% year-to-date to AED 35.5 billion (USD 9.7 billion).
A USD 500 million sukuk was issued in February 2026, further diversifying funding.
Gross debt to equity stood at 1.1x, EBITDA covered net finance costs 7.4x, and the Group remained in compliance with all financial covenants.
The Group will repay its USD 500 million sukuk in full at maturity in February 2027 from internally generated cash; corporate cash at 30 September was equal to approximately 1.5 times the amount due.
Cash Generation Re-invested for Growth
The business generated AED 5.4 billion (USD 1.5 billion) of operating cash before working capital.
The Group reinvested AED 4.9 billion (USD 1.3 billion) into land acquisition and construction to drive the next wave of deliveries. As a result, net operating cash flow was close to breakeven at AED (0.1) billion.
With eight further projects comprising approximately 6,400 units which are on track for completion by year-end 2026, collections on completed projects are expected to accelerate cash conversion.
Outlook
Solid market fundamentals: Population growth, long-term residency trends, economic diversification and supportive government initiatives continue to underpin Dubai’s residential market, with demand increasingly driven by residents and end users.
Absorption: We believe that the right product, at the right price point and in the right location, will continue to see strong absorption.
Infrastructure reshaping location: The Dubai Metro Blue Line (opening 2029) and Gold Line (opening 2032) will run through communities that are home to 55% of Binghatti’s completed and under-development units, including Jumeirah Village Circle, Business Bay, Nad Al Sheba and Dubai Silicon Oasis.
Wider connectivity: The expansion of Al Maktoum International Airport and the launch of Etihad Rail passenger services, including the planned high-speed link to Abu Dhabi, will further strengthen connectivity across Dubai and the wider UAE.
Well positioned: Binghatti’s development pipeline, proven execution capabilities and strategic land bank position it to capitalize on these trends, while it maintains a disciplined approach to capital allocation, balance sheet management and growth.
Financial Summary
AED million % Change, YoY USD million
9M 2026 9M 2025 9M 2026 9M 2025
Sales 14,230 12,802 11% 3,875 3,486
Revenue 14,889 8,960 66% 4,054 2,440
Gross Profit 6,416 3,952 62% 1,747 1,076
EBITDA 5,721 3,279 74% 1,558 893
Net Profit 4,393 2,656 65% 1,196 723
Note: EBITDA is a measure defined by the Group as earnings before interest, tax, depreciation and amortization. EBITDA may not be comparable to similarly titled measures used by other companies. A reconciliation of EBITDA to net profit is available on request from Investor Relations.
Operational Metrics
Metric 9M 2026
Development Backlog AED 33 billion (USD 9 billion)
Revenue Backlog AED 16.4 billion (USD 4.5 billion)
Projects Launched 12
Units Delivered ca. 2,600
Chairman Statement
“We build what we sell. Design, contracting and delivery all sit inside Binghatti, so the construction schedule is ours to manage, not a third party’s.
This year we completed Binghatti Apex, Binghatti Ghost, Binghatti Ivory, Binghatti Haven and Binghatti Grove, and eight further projects are on track for completion by year-end 2026. That same control is what allowed us to pass last year’s full-year profit within nine months. What we deliver is the clearest measure of who we are, and this year has been no exception.”
Muhammad BinGhatti, Chairman Chief Executive Officer and Managing Director Statement
“Our sales grew 11% this year to AED 14.2 billion, indicating that demand for well-located homes at the right price remains strong.
We have broadened what we offer, launching our first villa community, Tilal Binghatti, and our first master community, Mercedes-Benz Places | Binghatti City, and we continue to build where people want to live: more than half of our units sit in communities that Dubai’s new metro lines will connect.
With AED 16.4 billion of contracted revenue still to be recognized and a development backlog of AED 33 billion, we go into 2027 with clear visibility on the years ahead.”
Katralnada BinGhatti, Chief Executive Officer and Managing Director
Chief Financial Officer Statement
“Binghatti’s nine-month results demonstrate strong growth in Tangible Net Worth, with debt increasing at a measured and manageable pace.
This reflects our continued focus on strengthening the Group’s capital base, maintaining balance-sheet resilience and pursuing growth through disciplined financial and capital-structure management.”