E7 Group PJSC

E7: secure identity and the services around it

As of: 2026-06-30 / 2025-12-31

E7 Group PJSC is an Abu Dhabi industrial and technology group whose Class A shares trade on ADX under E7. Its activities combine secure identity products with printing, education, packaging and distribution. The business serves governments, financial institutions and commercial customers, linking physical production with digital information and delivery services. The 2025 integrated report describes customers in 25 countries; that reach is not a revenue breakdown or evidence of equal exposure to each market.

The listed company is the parent of the operating businesses, not simply the former United Printing and Publishing brand. ADQ is identified in the financial statements as the ultimate parent and controlling party. Consolidated results include subsidiaries and non-controlling interests: profit for the group and profit attributable to E7 shareholders are therefore different measures.

Operating origins and listed identity

As of: 2025-12-31 / 2026-06-30

The operating business began in 2006 as a printing division within Abu Dhabi Media. It subsequently added security printing, last-mile logistics, education and packaging. The listed legal entity was established on 13 April 2022. In 2023 the operating platform became publicly listed through its combination with ADC Acquisition Corporation and adopted the E7 identity.

These dates describe different stages: the age of the printing operation is not the incorporation date of the listed parent. Similarly, old standalone acquisition-company accounts should not be treated as a like-for-like history of today's operating group. The annual and interim figures in this profile use E7's consolidated reporting perimeter.

How the businesses earn revenue

As of: 2025-12-31 / 2026-06-30

Identity Solutions designs and delivers identity documents and related systems, including national identity cards, passports, banking cards and tax stamps. Printing and Education supplies books, learning materials and other specialised print services. Packaging supplies tailored paper-based products. Tawzea provides warehousing, fulfilment and distribution to group businesses and external customers.

For the first half of 2026, management reported business-unit revenue of AED 221.8 million for Identity, AED 88.5 million for Printing and Education, AED 15.8 million for Packaging and AED 32.1 million for Logistics. Identity was the growth engine, while the other activities were softer or broadly stable. These rounded management categories must not be substituted for the statutory segment table.

Subsidiaries and reporting perimeter

As of: 2026-06-30

At 30 June 2026, wholly owned UAE operations included United Printing and Publishing – Sole Proprietorship LLC, United Educational Publishing – Sole Proprietorship LLC, United Printing & Publishing (Store) LLC and Tawzea Distribution & Logistic services – Sole Proprietorship. Their functions cover manufacturing and publishing, educational publishing, storage and distribution.

The group also reported 51% interests in E7 Sirocco Limited and E7 Synergy Limited in Rwanda, described respectively as a holding company and a printing business. They are consolidated subsidiaries, not wholly owned entities. Statutory reporting uses Printing, Distribution, Others and eliminations; several commercial business units sit inside the broader Printing perimeter. Adding internal segment sales without eliminations would overstate group revenue.

Facilities, capacity and operating indicators

As of: 2025-12-31

The integrated report describes scalable annual capacity of 50 million national identity cards, 14 million passports, 25 million banking cards and 6 billion tax stamps. These are stated capabilities, not actual annual output, sales or utilisation. They also represent different products and cannot be added into a meaningful single production total.

Secure facilities, specialist equipment, certifications and the ability to personalise documents support access to sensitive customer programmes. Their commercial value depends on awarded work and successful delivery. Useful operating indicators therefore include contract conversion, units produced, capacity use, quality and acceptance, delivery timing and collections. Where the reviewed materials do not disclose actual utilisation or product-level profitability, no estimate is inserted.

Ownership and leadership

As of: 2026-06-30

At 30 June 2026, Q Industrial Holdings LTD held 39.8%, Chimera Investments LLC 6.8%, International Aviation Holding 5.6% and United Eastern General Trading 4.6%. The table also reports other shareholders at 40.2% and treasury shares at 3%. This is the dated ownership disclosure; the residual is not a measure of immediately tradable free float.

The financial statements identify ADQ as the ultimate controlling party. Ahmed Al Shamsi signed the latest statements as Chairman and Esteban Gómez Nadal as Group Chief Executive Officer. Control, related-party dealings and capital allocation matter alongside operating performance; a government-linked parent is not a guarantee of shareholder returns.

Annual and latest interim financial results

As of: 2025-12-31 / 2026-06-30

Amounts are AED million. Annual flows cover 2025, while interim columns cover six months to 30 June. KPMG issued an unmodified annual opinion and an unmodified interim review conclusion; a review is narrower than an audit. Parent-shareholder profit is shown separately from total group profit, which includes non-controlling interests.

The comparison shows both stronger interim earnings and an operating cash outflow. The annual and half-year periods are different lengths and should not be compared as if both were annual results.

Why earnings changed

As of: 2025-12-31 / 2026-06-30

Management attributes the first-half improvement to a stronger Identity mix and operating leverage. The profit increase also benefited from a much smaller warrant fair-value loss: AED 0.634 million versus AED 29.727 million in the prior first half. Finance income declined to AED 9.619 million from AED 32.359 million. Consequently, the rise in net profit should not all be attributed to additional printing volumes.

For 2025, the annual report attributes the revenue decline to contract phasing and notes lower finance income following major distributions. It also identifies warrant-related losses as a drag. Financial-instrument remeasurement and operating margins answer different questions; neither should silently replace the reported result.

Cash conversion and liquidity

As of: 2026-06-30

At 30 June 2026, cash and bank balances were AED 400.555 million. Of this, AED 257.166 million was in term deposits with original maturity above three months, leaving cash and cash equivalents of AED 143.389 million. This distinction matters when comparing liquidity with the cash-flow statement.

Operating cash flow was negative AED 9.870 million despite positive profit. Receivables absorbed cash, and deferred revenue fell as schoolbook advances were recognised through deliveries. Advance-funded revenue can therefore be earned in a period different from the cash receipt. Cash purchases of property, plant and equipment were AED 64.084 million, with another AED 0.818 million for intangible assets. Neither earnings nor the balance-sheet cash total alone captures these funding demands.

Debt, warrants and dividends

As of: 2026-06-30

The latest balance sheet has no conventional borrowing line, but E7 still has liabilities. Lease liabilities were AED 7.133 million, comprising current and non-current amounts, while the public-warrant liability was AED 2.009 million. Warrants can affect future shares and reported profit; they are not ordinary bank debt.

The remaining 1.057 million public warrants were exercisable until 6 December 2026 at AED 1.15 per share under the disclosed terms, unless repurchased or cancelled earlier. The statement records AED 203.613 million of dividends paid during the first half. This is the cash-flow amount, not a forward yield or a guarantee of another distribution. Large payouts and expansion spending must be assessed against post-payment liquidity.

Strategy and conditions for growth

As of: 2025-12-31 / 2026-06-30

E7's stated direction is to expand from secure physical products into a broader identity offering with digital and systems capabilities. The integrated report identifies passport capacity, tax stamps and international markets as priorities. The latest release links much of first-half capital expenditure to passport expansion. Management's strategy describes intended positioning, not a forecast of contracted revenue.

The editorial test is whether investment produces accepted deliveries, recurring customer demand and cash returns. Certifications and sovereign relationships can help qualify a supplier, but do not remove tender risk or assure renewals. Potential acquisitions and partnerships should be counted as completed businesses only after binding terms and completion are disclosed; this profile does not assign hypothetical acquisition revenue.

Risks that matter operationally

As of: 2025-12-31 / 2026-06-30

The central risks are project timing, dependence on large institutional orders, customer acceptance and collections, use of installed capacity and the cost of specialised inputs. A security or quality failure could damage trust in identity documents and their supplier. Packaging and non-core print demand may not follow the same cycle as government identity programmes.

Receivable allowances and inventory provisions should be read alongside growth, rather than assuming all reported sales immediately turn into cash. Regional disruption can affect supply chains, procurement and costs. Management reported stable operations without material disruption at the latest reporting date, but explicitly recognised uncertainty over subsequent developments. That dated assessment is not a guarantee of future continuity.

Official corporate contacts

As of: 2026-08-31

Corporate website: https://www.e7group.ae/ . Investor relations: https://investors.e7group.ae/ . General email: info@e7group.ae. Published corporate telephone: 600500877. Address: Plot 220, Old Shahama, Abu Dhabi, UAE. The number is reproduced in the company's domestic format; no international prefix has been guessed. Personal mobile numbers and named employee email addresses are not used.

Dates and scope

As of: 2025-12-31 / 2026-06-30 / 2026-08-31

Operating history and stated capacity draw on the 2025 integrated report. Annual figures use the audited 2025 statements; the latest financial and ownership figures are dated 30 June 2026, with interim statements authorised on 10 August 2026. Corporate contact details were checked on 31 August 2026. Page locators use physical PDF pages.

This original profile explains the business and selected disclosures. It is not a valuation, investment recommendation or independent audit. Management business-unit figures, statutory group results, announced capabilities and realised cash flows retain their different meanings.

Sources

1. A · Source A · 2025-12-31
2. I · Source I · 2025-12-31
3. H · Source H · 2026-06-30; issued 2026-08-10
4. P · Source P · 2026-06-30; issued 2026-08-10
5. C · Source C · 2026-08-31