Q1 2026 earnings call transcript

Alpha Dhabi Holding Q126 Results Call - Hosted by International

Securities

May 5, 2026

42m 39s

Faisal Irfan, Senior Research Analyst, International Securities

Hello and welcome everyone to Alpha Dhabi Holding 1Q2026 Results Conference Call hosted by International Securities. My name is Faisal Irfan, Senior Research Analyst at

International Securities, and today I have the pleasure of introducing the Chief Strategy and

Investor Relations Officer at Alpha Dhabi, Derek Nicholson.

Along with him, we have the Group Chief Finance Officer, Fadi Sleiman. Alpha Dhabi team, thanks for joining the call today. Following the presentation of Alpha Dhabi's performance by their team, the floor will then be opened to a Q&A session. In order to ask a question, please tap the raise hand button. Once it is your turn, your name will be announced, and your mic will be enabled. You will then be able to unmute locally and speak directly with the company's management. Before you ask your question, we request you to please mention the name of the organization you are representing. I'll now give the floor to Alpha Dhabi's team. Derek and Fadi, please go ahead.

Derek Nicholson, Chief Strategy & Investor Relations Officer

Thank you. Good afternoon, everyone. Thank you for joining our Investor Relations call today. My name is Derek Nicholson and I'm the Chief Strategy and Investor Relations Officer at Alpha Dhabi Holding. We'd like to welcome you to the Q1 2026 results call covering the three-month period ending the 31st of March 2026.

Before we begin the presentation, I'd like to draw your attention that this call and the accompanying slides contain forward-looking statements and should also be read in conjunction with the consolidated financial statements for the period. Alpha Dhabi has entered 2026 with continued strength and resilience, built on our proven strategy and disciplined execution. Our performance is a direct reflection of the UAE's thriving and stable market environment, showcasing the robustness of our diversified portfolio and our ability to capture value across high-growth sectors and geographies. We are pleased with the start of 2026 and are well on track to deliver against the guidance we provided earlier this year.

To provide an overview of the financial results and performance, I'll now hand over to my colleague, Fadi Sleiman, Group Chief Finance Officer.

Fadi Sleiman, Group Chief Finance Officer

Thank you, Derek. Good afternoon, everyone. My name is Fadi Sleiman, and I am the Group

Chief Finance Officer. This slide provides a summary of the key financial KPIs that will be discussed in more detail within the presentation. They provide confirmation that Q1 has delivered a strong start to the year. across the group and positions the group well for the year ahead. These results underscore the resilience of our diversified business model and our consistent ability to deliver growth across our portfolio.

Demonstrating continued momentum in execution of the strategy, revenue has increased by

8% year on year to reach AED 18.8 billion. And net profit has increased materially, achieving

81% year over year to AED 3.8 billion, with the group's investment portfolio delivering compounding returns. Further details on this will be provided later in the presentation.

Gross profit at AED 4.2 billion was in line with the same period in 2025, with gross profit margin decreasing from 24% to 22%, comparable to 2025. This reflects the reduction of gross margin in some sectors within the group that were impacted by the macro environment during the quarter.

The chart shows the historical growth in revenue between 2021 and 2025, demonstrating the strong and consistent track record of ADH where the group delivered on scaling the platform.

Key sectors that contributed to the revenue include real estate at AED 7.4 billion, industrial at AED 6.6 billion, construction AED 2.7 billion, and services and others AED 2.1 billion. This demonstrates the resilience of the diversified model of Alpha Dhabi and the execution of strategy by its key group Companies.

Adjusted EBITDA;which is the group preferred measure of profitability to provide comparison on a like-to-like basis, increased by 2% to AED 4.3 billion.

Adjusted EBITDA grew from AED 5.9 billion in 2021 to AED 17.7 billion in 2025. As already referenced, adjusted EBITDA increased year on year to reach AED 4.3 billion for Q1, highlighting that financial performance is being driven by operational performance, not just investment returns.

This increase was particularly pleasing given the macro environment during the period, when some sectors, including hospitality, experienced a decline in the last month of the quarter. A full reconciliation of this movement is provided in a later slide. Net profit for the quarter is AED 3.8 billion, which is 81% above the AED 2.1 billion in 2025, driven by robust performance and growth across the portfolio. The profit from the investment portfolio reflected strong performance in the Alpha Wave Venture II fund, which had AED 1.1 billion in fair value in the quarter. Further insights, AlphaWave will be provided later.

This slide provides the breakdown of the full movement of EBITDA year on year. We start with AED 3.4 billion EBITDA at the end of Q1 2025. We then exclude items from 2025 results, including loss on fair value of AED 0.9 billion mostly related to Modon and gain on increase in equity of AED 0.2 million. It should be noted that the group fully exited from its shareholding in Modon at the end of 2025.

This created adjusted EBITDA of AED 4.2 billion at the end of Q1 2025. Then we add the increase in gross profit achieved across key segments, totalling AED 0.1 billion, resulting in adjusted EBITDA of AED 4.3 billion at the end of Q1 2026. This increase reflects the underlying growth in operations in our portfolio companies, and the impact on some sectors such as construction, industry, and hospitality.

Finally, we add fair value gains to adjust under AED 1.1 billion to arrive at the EBITDA of AED

5.3 billion at the end of Q1 2026. The increase of AED 1.9 billion in EBITDA, YoY, is the result of the group diversified portfolio, which allow us to continue delivering growth throughout the cycle.

Alpha Dhabi has a robust balance sheet, which provides a solid foundation to grow the group, going forward and deliver on the execution of its strategy.

Total assets were AED 225.8 billion as of March 2026, compared to AED 214.4 billion end of the year 2025. This increase of approximately 5% was driven by continued growth of our portfolio companies, acquisitions completed during the period, and the appreciation of financial investments.

Total liabilities increased to AED102.9 billion from AED110.4 billion in December 2025, primarily due to the issuance of new borrowings in the period, which continues to support our capital deployment program.

Total equity has reached AED104.9 billion, with owner's equity standing at AED60.5 billion at the end of the quarter, with the main change being the profit generated in the period.

Despite increased borrowing, the group has maintained a conservative net debt to cash position. With net debt of AED 3.4 billion, reflecting the strong cash position of AED 42.4 billion. This robust cash position and relatively low net debt levels leave the group positioned well to cope with any macro headwinds. Return on equity based for the year is

17.2, which is an increase from 2025.

Net debt to EBITDA is 0.15x, is well within the target of 3x net debt to EBITDA. Net debt to total equity is 3%. Both metrics highlight the prudent financial management as well as considerable liquidity and capacity that the group has to deploy further to capital to support growth. As a result of this position, the group is well placed to continue capital deployment across M&A and investment and continue its actual review of opportunities.

Turning to segment performance, the Group 8 operating segments are organized into four material business segments, real estate, industrial, construction, and services and investments, and others.

This segmentation reflects the diversified nature of our portfolio and our strategic approach to capital allocation across high growth sectors. Revenue by sector, all four business segments contributed positively to Q1 2026 revenue. Real estate generated AED 7.4 billion, led primarily by ALDAR.

Industrial contributed AED 6 billion, driven by NMDC continued project execution excellence. Construction contributed AED 2.7 billion, reflecting Trojan's solid pipeline of active project deliveries. Services, investments, and others, which include energy, hospitality, climate capital and healthcare contributed the balance. What was particularly pleasing to see was that almost all sectors grew their revenues year on year.

Net profit; for Q1 2026 was AED 3.8 billion, compared to AED 2.1 billion during the comparable period in Q1 2025. This increase of 81% is primarily as a result of the movement in real estate and in investment gains which amounted to AED 1.1 billion gain in the current period. Underlying operational performance remained strong despite the decrease within industrial and hospitality as a result of the regional macro environment. Other companies within the portfolio which delivered strong growth include Wio, Enersol, and -MICAD, although they have smaller contribute to profits since they are in their growth phase.

On this slide, we highlight the performance of our largest portfolio companies, NMDC

Group, Aldar Properties, Pure Health and Trojan, all of which contributed significantly in Q1

2026. The strength of these entities is demonstrated in that they collectively achieve over

AED 100 billion in revenues over the last 12 months. Combined, they have over AED 165 billion of backlog, providing multi-year visibility of revenue. This is the foundation of Alpha

Dhabi's portfolio. They are UAE national champions that have scaled significantly in recent years and also expanded their presence internationally.

NMDC Group, the largest EPC contractor companies, continue to demonstrate exceptional performance in Q1 2026. Revenue reached AED 6.6 billion, 7% increase year on year, while

EBITDA and non-profit decreased year on year. This is a timing issue due to regional situation and not considered to be long-term in nature. NMDC backlog is now AED 55.4 billion. Aldar Properties, the largest real estate developer in Abu Dhabi, delivered another quarter of robust growth. Revenue for Q1 2026 reached AED8.7 billion up 12% year on year.

EBITDA grew 22% year on year to AED 3 billion, with Net profit increasing 20% year on year to AED 2.3 billion. Aldar backlog is now over AED 78 billion. Pure Health, a leading integrated healthcare platform UAE delivered, also solid 2026 results. Revenues reached

AED 7.3 billion, up 10% year on year. EBITDA grew 2% year on year to AED 1.1 billion, while net profit decreasing slightly to AED 415 million.

Trojan, the leading construction platform in the UAE, delivered solid Q1 results. Revenue reached AED 2.9 billion, up 25% year on year. EBITDA grew 2% year on year to AED 0.3 billion, and net profit decreasing to AED 0.2 billion, mainly due to some temporary project delays due to regional situation.

Trojan backlog is now over AED 33 billion. My closing statement, the results we are most proud of isn't single number. It's the evidence that it is a diversified disciplined portfolio. It doesn't just grow in conditions. It holds its ground when conditions aren't.

We are affirming our full-year 2026 guidance. The foundation is solid. Resilience isn't a strategy for bad times. It is the strategy. Thank you, everyone.

Derek Nicholson, Chief Strategy & Investor Relations Officer

Thank you, Fadi. On this slide, we want to help highlight Alpha Wave Ventures II, which continues to provide Alpha Dhabi with strategic long-term exposure to global innovation and technology-led growth. This fund represents a core proponent of our diversity investment approach, and also continues to generate attractive fair value performance for the group. The portfolio was valued at AED 11.5 billion at the end of the quarter and it delivered fair value gains of 1.1 billion dirhams in this quarter alone and this is showing compounding growth within our portfolio. And as recently as a result of some of the valuation gains from key parts of the portfolio, including SpaceX, OpenAI, Anthropic and

Cerebras.

If we turn round to the UAE economic indicators. On this slide, we wanted to demonstrate, as like the UAE, we have a long-term view on our portfolio and the macro environment.

While the regional situation has created some uncertainty in the near term, especially until the Strait of Hormuz is reopened.

Our view is that this is temporary in nature and ultimately will be resolved with the UAE and

Alpha Dhabi's portfolio companies well positioned to take effective action once the resolution is achieved. This slide is a reminder of the resilience of the UAE economy over the last 50 years since it was formed. And while there were some periods of decline, the long- term trend is growth, and also most significantly, sharp recoveries post the downturn periods.

Again, on this slide, for those of you that are new to the call, we list some of the key entities in the group, trying to simplify the structure. While there are 250 companies, these are the key ones that are really driving our performance. We highlight those that are listed, those that are private, where this and in the accounting treatment is a subsidiary, associate, investment or a joint venture under our accounting consolidation. It highlights many of these entities within the group which have been a result of the M&A and investment activity that the group has performed since the IPO. Most of these companies that you can see are currently private and the only way to gain exposure to them and their performance, including those within Alpha Wave Ventures II, is through investing in Alpha Dhabi itself.

And we believe that they are going to continue to grow within our platform and deliver the growth of the company in the future.

In this slide, we want to simplify what is our business model within an Alpha Dhabi. This is what we call the Alpha Dhabi flywheel, and it's where we continue to generate compounding value for all stakeholders, whether it's from capital deployment, to scalable platforms that we've already scaled, the assets that generated over AED 100 billion in revenue collectively over the last 12 months, or the value crystallization through the exits that we've started to deliver, an example being Modon in 2025 and ultimately the recycling of that capital into higher growth opportunities. It's clear that we've been able to deliver, we have a track record and we're trying for future growth and a key part of that is capital discipline and risk management. Capital discipline remains a cornerstone of the group strategy. We have low leverage, which provides us near term balance sheet stability.

Well, simultaneously, priming the group to deploy capital into high return opportunities as they emerge. Alpha Wave Ventures II being a prime example. Where our aim is that no single asset will dominate earnings going forward and complying with the discipline of governance and capital allocations. These are the core pillars that will deliver the future growth.

And while we've been investing in future ready companies such as SpaceX, OpenAI,

Anthropic, we also want to ensure that the core companies within our portfolio are also future-ready. And we are continuously focused on ensuring that those companies are adopting AI, take a data driven capital allocation approach and also focus on visibility in terms of monetization and long duration compounding.

We did issue a guidance just before some of the regional uncertainty took place, but we do want to reaffirm, as Fadi said, that we are committed to a full year guidance and we're reaffirming that today. However, we do acknowledge that there has been some uncertainty within the region and we do continue to monitor that situation closely in conjunction with the portfolio companies. However, based on Q1 performance and the momentum that we're seeing across the portfolio, we do remain on track to deliver our targeted adjusted

EBITDA of AED 20.5 billion for the full year, which would represent a growth of more than

15% versus that achieved last year. We're still actively working on M&A opportunities. Our target for this year was AED 8 billion which is demonstrating that we're increasing the cadence from previous years. That reflects the strong liquidity position that we have, the ongoing M&A pipeline and the confidence that we have in the long term growth prospects for the group. We remain focused on return on equity for future M&A at 15% and to remain within our EBITDA net debt matrix.

One thing that we have noted is that during this recent period, there was a material decline in the company's share price, albeit that our market capitalization still stands at AED 75.1 billion. The stock currently trades at a price to earnings ratio of under 8x and the price to book of 1.2x. And now we have the dividend yield of just under 2.7%. We believe as a leadership team and at the board that the stock continues to trade at a discount relative to both regional and international peers that are holding companies and the ADX index itself.

This doesn't reflect the scale of our asset base, the quality of the companies within our portfolio and the investments that we made or the growth trajectory that is within our business plan.

We remain as a leadership team to focus on taking actions that will continue to enhance long-term shareholder value and to see this appreciated in the future share price overall.

In terms of a short update on some of the capital returns, so why we're deploying capital in

M&A and investment, the share buyback programme that we announced earlier in the year, which was approved at the General Assembly in January, has commenced to date.

We've completed AED 7.9 million and this is post the 31st, so this is just up to the end of last week. The remaining amount is AED 992 million, still outstanding and we will continue to report back on buyback activity in line with the market regulations.

We also completed the payment of our dividend, which was approved as part of our three- year dividend programme, which has also been approved. And this does remain firmly in place. And we believe that both these initiatives reflect our confidence in the cash flow generation of the business and our commitment to rewarding shareholders both with capital growth and capital recycling back to our shareholders, either through dividend or share buyback programme.

So in conclusion, Alpha Dhabi has delivered a strong start to 2026. It's a diversified portfolio, a robust balance sheet, disciplined capital allocation, all contributing to the underpin performance and provide the platform for sustainable growth going forward. We remain on track to deliver against the full year 2026 guidance and we are confident that with the measurement and actions taken in the year to date that we can deliver on our medium- term strategy as we continue to execute on our vision of building the future from Abu Dhabi. We're grateful for the continued trust and support of all our shareholders, as well as the investment community. We'll now open the call for any questions that you may have. Thank you.

Faisal Irfan, Senior Research Analyst, International Securities

Thank you, Alpha Dhabi, for a comprehensive review of the company's first quarter 2026 financial performance and key strategic objectives. We'll now open the floor to questions.

As a reminder, please tap the raise hand button to ask a question. Once it is your turn, your mic will be enabled and your name will be announced. You'll then be able to unmute locally and ask the question.

We have received some questions via email, but we'll give a moment here for the questions online to come in.

Participants, just another reminder, in case there are any questions online, you can tap the

Raise Hand button. We'll enable your mic and you can then ask the question.

All right, while we wait for any questions online to come in, we can start with the ones that we received via email. The first question reads, what are the drivers of uptick in other income for first quarter 2026 and what should be the expected normalized level of other income going forward in 2026 especially second quarter of 2026.

Fadi Sleiman, Group Chief Finance Officer

Thank you for that question. The uplift in other income in Q1 2026 is predominantly driven by a single mark-to-market fair value evaluation of our Alpha Wave VentureII fund. The fund delivered AED 1.1 billion in fair value gains during the quarter, reflecting valuation uplift across key portfolio companies, most notably SpaceX, whose recent financing round triggered a meaningful step-up in carrying value. Alongside other high-growth technology assets in the fund include Anthropic. In context, the year-on-year swing from Q1 2025, the group had recorded a fair value loss of approximately AED 0.9 billion, largely attributable to our modern shareholding prior to our full year exit end of 2025. This means the delta between Q1 2025 and 2026 is in line item that is approximately AED 2 billion, which is the primary reason net profit increased by 81% year on year, despite only 2% increase in adjusted EBITDA.

On the question of normalized level, going forward, management urges investors to focus on adjusted EBITDA as the most reliable recurring measure of underlying operational performance. The AED 1.1 billion gain to market reflects valuation-driven events by third party financing grounds and is not a cash income stream. We know that some of the portfolio companies within Alpha Wave have filed for IPO in 2026. but we would not wish to speculate on the outcomes on valuations. Our adjusted EBITDA guidance of AED 20.5 to AED 21 billion for 2026, which we are affirming today, already excludes these mark-to-market items and represents the best guide to the group's sustainable earning power.

Faisal Irfan, Senior Research Analyst, International Securities

Thank you, Fadi. Thanks for the comprehensive response. Our second question reads, were any of Alpha Dhabi's operating sectors impacted by regional uncertainty in the first quarter?

And what actions did the group take?

Fadi Sleiman, Group Chief Finance Officer

Yeah. So given the diversity and the number of companies within the group, it was to be expected that some parts of the group would be affected by the regional situation. The main sectors impacted were hospitality and restaurant sectors, despite the impact, Revenue year on year was actually higher than the previous year, driven by the record numbers achieved in January and into February. There was a sharp decline in tourist numbers to UAE and footfall in the restaurant during March. Actions are taken to reflect the reduced customer demand. However, we are pleased to say that the restaurant division has recovered to about 60% of levels prior to the period of uncertainty.

Some of the construction and EPC projects were evacuated to ensure protection of employees and comply with the regulations. This resulted in delays against project milestones, but first and foremost, the safety of employees is our top priority. The situation has now stabilized, and while there has been some price inflation on some input material, the portfolio companies were working with suppliers to address this and to prioritize local procurement as part of contingency plans. Across other parts of the group, it was business as usual with minimal impact during March, which has contributed to the financial results achieved in Q1.

Faisal Irfan, Senior Research Analyst, International Securities

Thank you, Fadi. Participants, just another reminder, in case there are any questions online, you can tap the raise hand button. We'll enable your mic and you can then ask the question.

Meanwhile, we'll take the other questions that we received via email. Our third question reads, Currently, for first quarter 2026, Alpha Dhabi's profits are highly concentrated in real estate sector. How should we expect this balance to change going forward? Should we expect the growth to remain strong as other sectors recover and increase their contribution?

Derek Nicholson

Yeah, thank you for that. That's an important observation and one that we did anticipate would come, given the unique nature of Q1 this year. Yeah, you're correct in terms of the real estate primarily driven by Aldar properties. It was a dominant contributor and that's just a reflection on the great performance that they've been executing on over the last few years. However, that concentration that you've observed, we believe, is the Q1 26 phenomenon. It's not a structural shift in the overall portfolio. So some of those softening on the results as we talked about some of the areas that were impacted, as highlighted, we see them as temporary. And if you look at the backlog that we've got and some of those other key companies within the group, we've got that multi-year visibility. You can see the contribution that's going to come from them going forward. If you look at hospitality, we've already highlighted on this call, we're back to 60% in terms of the actions or performance of the company versus January and February, which were all record years for those two parts of the additions within the group. So other parts that we saw that you maybe don't see coming through because today they're in the very early stages of the growth phase, Wio, the Digital Bank, Enersol or JV with ADNOC Drilling.

MICAD, our joint venture with Mubadala, as well as another private credit strategy they have through private with Alpha Wave, they've all grown significantly year on year and they're starting to compound and grow. And we believe that these are going to be the key contributors to the future and will help balance out the portfolio. So this is the next generation of the key assets that are going to come through. And obviously, the stellar performance that Alpha Wave ventures to deliver in Q1 and we continue to monitor those portfolios. We read the media speculation, we see some of the IPO filings that have been made. In terms of our modelling and scenarios, we monitor the projected IPOs that are being targeted in terms of valuations. It's not for us to speculate whether they will be achieved or not, but I think if you see those other parts of the portfolio that had temporary timing, those that are going to recover, those that are now scaling up with the returns that are going to come from the other part of the portfolio, as well as the future M&A that we're going to do with a significant amount of capital that we can deploy. All of these things combined, we believe we're going to really balance out the portfolio going forward.

Faisal Irfan, Senior Research Analyst, International Securities

Thank you, Derek. Thanks for the comprehensive response. Our next question reads, is there any update to the current dividend policy since Pure Health and NMDC both have witnessed a decline in their profits? Should we expect the payout to remain at the current levels for Alpha Dhabi?

Derek Nicholson

Yeah, our dividend policy is firmly in place. It's been approved. It's the three-year policy. We paid out 2 billion in April. There's 5% increment year on year built into that. The group is committed to this dividend and this is agnostic to the underlying performance, which again, we believe is temporary. And the dividend that we have reflects the cash flow of Alpha

Dhabi. And it's not just driven by the performance of any single entity in terms of when we make that decision in terms of our own business plan, there's capital recycling, where we can exit some of our portfolio companies.

We did a large transaction last year where we exited Modon, that generated AED 5.3 billion of cash flow on top of the already strong liquid position that we had at the holding company level. So you've got to look at our dividend position is something that is there. We want it to be sustainable and we want to continue to be in a position where we can grow dividend payments to the shareholders as well. And the other part, you've got to take this in conjunction with is not only did we announce the dividend, we also announced the AED 1 billion share buyback programme for 2026, which is also going to recycle capital back to shareholders.

Faisal Irfan, Senior Research Analyst, International Securities

Thank you, Derek. We've got a question from the line of Fatma Al hamadi.

Fatima, your mic is enabled. You can ask the question.

You can unmute locally, Fatima, and ask the question.

Attendee73

Yeah.

Can you hear me?

Derek Nicholson

Yes.

Faisal Irfan

Yes, we can hear you.

Attendee73

Yeah, thank you for sharing. I mean, the Q1 2026 performance, it's helpful to see the progress of the portfolio. That's so impressive. But I have a question, like given your diversified portfolio, how do you prioritize like capital allocation across sectors today? Are you leaning more toward like scaling existing platform or pursuing like a new acquisition?

And if yes, like which sectors that would be focused on? Thank you.

Derek Nicholson

Thank you. I think there's a two-pronged strategy within Alpha Dhabi. We have created or invested in portfolio companies which have now scaled and they are ready to compound and continue to grow for the foreseeable future. We have a five-year business planning cycle. We have line of sight on the future growth of those companies and we're very pleased with the outlook for them, despite some of the near term headwinds that some of them face. That's given us the confidence that we can give that medium term guidance which was demonstrated earlier within the presentation. And also on that same slide, we talk about the 30 billion that we want to deploy on capital over the lifetime of that plan. Now, that is spread over five years, but the great flexibility that we have is the group that we can bring some of that forward as we invest capital and use the balance sheet, which has got extremely low leverage. And then we can also recycle capital within the portfolio. We can do a full exit, we can do partial exits, and in the future, we also plan to do IPOs with companies as and when we see the right for IPO. So we're always constantly looking, what's the balance of the portfolio? Where's the returns? How can we optimize those returns? Some of the sectors that we believe that we are underweight in include the energy sector. So we're reviewing opportunities within that sector. And if and when we do conclude anything, we'd obviously announce it in line with market regulations.

Hospitality is another area where we've started growing the portfolio.

We want to see opportunities where we continue to grow that as well. And financial services was another area that we also highlighted earlier in the year, where we see that we are underweight and there's also an opportunity to grow. And lastly, what I would say is

Alpha Dhabi sees a lot of opportunities in terms of proprietary deal pipeline. The more you see, the better the chance are that you're going to be able to find the great opportunities. And that's the discipline that as a team we're really focused on.

We set the bar high in terms of the returns that we want. And our job is to find those opportunities, execute and invest at the best level of return that we can for the group.

Attendee73

Thank you. That's very clear and helpful. Thank you.

Faisal Irfan, Senior Research Analyst, International Securities

Final reminder participants, in case you have any questions, you can tap the Raise Hand button. We'll enable your mic and you can then ask the question.

We do not have any further questions via email. We'll give a moment here in case there are any final questions online.

We have no further questions at this point in time. I now hand over back to Alpha Dhabi's team for any closing remarks.

Fadi Sleiman

Basically, first of all, thank you for attending the call, and we look forward to seeing you in future calls with us. We reiterate our message that resilience and robustness is part of our

DNA, and this is what we plan to see. And hopefully, we're looking forward to have as exciting results in the future as we had today.

Faisal Irfan, Senior Research Analyst, International Securities

Thank you, Alpha Dhabi team, for a comprehensive review of the first quarter 2026 results and for taking the questions. I would like to thank all the participants for joining the call today. A recording of this call will be available. Please get in touch with your contact person at either International Securities or Alpha Dhabi for access to the recording. Have a nice day, everyone. You may now disconnect. Goodbye.