ABU DHABI, 29th July, 2026 (WAM) — Modon Holding PSC (Modon or the Group) today reported record first-half results for the six months ended 30 June 2026, building on the momentum established over the past two years.
H1 2026 Group Highlights:
• Group revenue reached a semi-annual record of AED 9.2 billion, a 40% year-on-year increase, driven by growth across multiple segments with accelerated development progress, a full half-year contribution from Arena following its acquisition in May 2025, improved hospitality performance, and resilient recurring leasing income.
• Group Adjusted EBITDA¹ reached AED 3.0 billion and Group net profit AED 2.2 billion. Excluding prior year one-off items related to realised gains on the disposal of non-core financial assets and the corresponding dividend income, Adjusted EBITDA and net profit increased by 18% and 23% year-on-year respectively, reflecting the strength and resilience of the Group’s underlying earnings. Adjusted EBITDA margin stood at a robust 32.6% primarily reflecting changes in business mix.
• The Group maintained a strong liquidity and capital position, with AED 8.6 billion of unrestricted cash and AED 1.5 billion of undrawn committed facilities, providing continued financial flexibility to fund future growth while maintaining a conservatively managed balance sheet.
• Group revenue backlog increased to a record AED 65.4 billion, doubling year-on-year and rising 42% since FY 2025, providing strong multi-year earnings visibility. Development projects across the UAE and Egypt accounted for 95% of the total backlog.
• Real Estate remained the Group’s primary earnings driver supported by ongoing execution across flagship master-planned developments. Real Estate sales reached AED 26 billion across Abu Dhabi, Egypt and Spain, reinforced by the record-breaking launch of Hudayriyat Golf Estates alongside the successful sell-out of Tara Park on Reem Island, demonstrating continued demand for high-quality residential communities in Abu Dhabi. Internationally, strong momentum continued at Wadi Yemm in Egypt through the launch of additional phases, and at the ultra-luxury La Zagaleta estate in Spain.
• Events, Catering & Tourism demonstrated resilient underlying performance, supported by the full-period contribution of Arena and recent acquisition of Production Elements Inc (PEI), despite a period of softer tourism demand.
• Asset & Investment Management continued to strengthen the Group’s recurring income base, supported by higher rental yields, consistently high occupancy levels and active portfolio optimisation. Performance was driven by broad-based growth across all asset classes.
• International investments also progressed, supporting long-term geographic diversification, with the Group recognising its first profit contribution from Wellington Lifestyle Partners in Florida and commencing construction of the Harborside 4 joint venture in Jersey City. Construction at 2 Finsbury Avenue in London continues to make progress, with exterior and internal works advancing for both towers.
• Hospitality delivered improved operational performance, driven by disciplined revenue management, operational efficiencies and continued progress toward an owner-operator model. The business successfully diversified demand sources during periods of softer international tourism, demonstrating the resilience of its operating model and brand positioning.
Jassem Bu Ataba Al Zaabi, Chairman of Modon Holding, said:“Modon’s performance in the first half of 2026 demonstrates the strength of the Group’s ambition, agility and resilience, translating a bold long-term vision into sustainable value while advancing growth. Strong results across our integrated portfolio highlight the institutional strength, operational excellence and strategic foresight that continue to define Modon’s success.
Supported by a diverse business platform and expanding international footprint, the Group is well positioned to capture emerging opportunities and deliver consistent, long-term value for shareholders. Modon remains focused on creating lasting impact for investors and customers, extending its scale and global reach while contributing meaningfully to Abu Dhabi’s economic and social development ambitions.”
Abdulla AL Sahi, Group Managing Director Oo Modon Holding, said:“Modon has successfully generated consistent year-on-year revenue and profit growth. An exceptional performance from real estate positioned Modon as the largest developer in Abu Dhabi in terms of sales value during H1. This included the UAE’s highest-ever single-project sales value for the launch of Hudayriyat Golf Estates, with AED 13 billion achieved within days.
Successful repositioning of services for Events, Catering and Tourism, as well as Hospitality assets pivoting to local guests, ensured we maintained growth across the Group throughout the six months, while higher rental yields and strong performance from Asset and Investment Management further strengthened the Group’s recurring income base.”
Bill O’regan,
Group CEO of Modon Holding, added: “The Group’s H1 2026 performance reflects the continued execution of Modon’s strategy, the strength of its integrated platform and its international presence. Delivering a record AED 9.2 billion in revenue with AED 2.2 billion in net profit demonstrates the scale of Modon’s ambition, its capability to deliver on commitments, and a business model built on sound foundations.
Our Group revenue backlog of AED 65.4 billion, alongside additional income-generating assets coming online, ensure a positive outlook for future growth. As we move into the second half of the year and beyond into 2027, Modon will expand on its objectives, maintaining forward progress with a disciplined and relentless focus on delivery.”
Source: Emirates News Agency