Total connected capacity reached 1.74 Mn RT in 3Q26, with c. 84K RT addition in 9M26 and further expects to add 16-26K RT in 4Q26. Maintained its 2026 guidance for adding 100–110K RT of connected capacity.

Total sales volume rose 5.0% YOY to 1.73 Mn metric tons in 3Q26, mainly driven by an increase in third-party sales volume and increase in own-product sold. Own product sales volume increased 4.7% YOY to 1.39 Mn metric tons in 3Q26. Additionally, total third-party product sales grew 6.6% YOY to 0.34 Mn metric tons in 3Q26.

Net profit declined significantly to USD 2 Mn in 1Q27 from USD 12 Mn in 1Q26, lower than our estimates of USD 14 Mn. The decline in net profit was driven by lower Underwriting revenue, loss on gain on financial assets, lower yield on global credit coupled with higher interest expenses. However, interest income, dividend income, and operating expenses remained stable.

Added five new stores in 3Q26, comprising two Hypermarkets, two Express stores and one Mini Market, increasing the total store count to 288 and adding 18,776 sqm of retail space. Happiness loyalty membership increased by nearly 590k during 3Q26 to 10.0 Mn, with loyalty-linked sales accounting for c. 70% of retail sales.

The Company launched 14 new projects during 9M26, with UAE sales reaching AED 26.2 Bn. Revenue backlog stood at AED 158.8 Bn as of September 2026, comprising AED 127.2 Bn from UAE operations and AED 31.6 Bn from international markets, providing revenue visibility over the next four to five years.

DTC’s revenue rose 25.7% YOY to AED 735 Mn in 3Q26, driven by the consolidation of National Taxi (NTC) from 8 July 2026. Like-for-like (LFL) revenue declined 2.8% YOY to AED 569 Mn in 3Q26 due to softer trip volumes in the taxi and limousine segments, partially offset by a strong growth in the delivery bike segment.