NMDC Group

Marine infrastructure and energy construction

As of: 2026-06-30

NMDC Group PJSC is an Abu Dhabi-incorporated contractor combining dredging, reclamation and marine construction with engineering, procurement and construction (EPC). It earns revenue by delivering infrastructure, not by owning every port, gas field or industrial facility on which it works. Demand depends on customer investment programmes; project execution and collection determine how that demand becomes profit and cash.

The issuer is the listed parent group, not NMDC Energy PJSC. Consolidated figures include controlled businesses and eliminate internal transactions. Buying exposure to the parent and buying exposure to its separately listed energy subsidiary are therefore different propositions. The financial snapshot below belongs to NMDC Group's own statements.

Legal history and dated ownership

As of: 2026-06-30

The company was incorporated under Abu Dhabi Law No.10 of 1979. Shareholders approved the name NMDC Group PJSC on 8 March 2024, subsequently approved by the securities regulator. The June 2026 note describes the historical transfer of shares into the Alpha Dhabi group and identifies Alpha as the majority shareholder; this is a control-chain disclosure, not a live beneficial-ownership register.

The annual governance table at 31 December 2025 lists Sogno Commercial Investment with 43.19% and WS TWO Commercial Investment with 20.43%. These are dated named holdings, not a calculation of free float. Do not replace that table with a rounded group affiliation or infer that the rest is freely tradable.

Controlled businesses, not a sum of listed tickers

As of: 2026-06-30

The annual notes show NMDC Energy at 77%, alongside wholly owned NMDC Infra, NMDC LTS and ADEC Engineering Consultancy. NMDC LTS holds 70% in EMDAD. The Energy flotation did not remove control: the parent continues to consolidate the subsidiary and presents non-controlling interests separately. Adding the child's published revenue to the parent's consolidated revenue would double count.

The June notes add wholly owned NMDC Dredging and Marine and a Philippine branch. Within wholly owned NMDC Infra, NMDCCC Contracting and Lantania Aguas are each shown at 51%. Branches, controlled subsidiaries and equity-accounted investments are different categories. A business-unit name is not, by itself, proof of a separate reporting segment.

Equipment, capital expenditure and geography

As of: 2026-06-30

The asset base includes dredgers, barges and support vessels, plant, pipelines, vehicles and shore facilities. At June 2026, property, plant and equipment carried AED 7,620,809 thousand, including capital work in progress of AED 1,151,183 thousand. Construction in progress is not the same as commissioned productive capacity.

Half-year additions and cash purchases of property, plant and equipment were AED 672,970 thousand. This is a dated capital-spending measure, not an announced future budget. The notes identify operations in the UAE and jurisdictions including Saudi Arabia, Egypt, Bahrain, India, Taiwan, Spain and the Philippines, through different subsidiaries, branches and project arrangements; this is not a claim of owned facilities in every country.

Annual earnings: distinguish group and shareholder profit

As of: 2025-12-31

The annual table contains audited consolidated reported amounts in AED thousand. Revenue, gross profit and profit attributable to shareholders rose in 2025. Total net profit includes the interests of other shareholders in controlled subsidiaries; it is not identical to the earnings belonging to NMDC Group shareholders.

Net profit also reflects finance items, the results of equity-accounted investments, foreign exchange and fair-value movements. It should not be described as a pure measure of construction operating profit. The table retains the statement's actual amounts rather than replacing them with rounded press-release headlines.

A stronger quarter, but a softer half-year

As of: 2026-06-30

The interim table uses the six-month columns ended 30 June, not the adjacent quarterly columns. It is unaudited IAS34 information subject to review, not a full annual audit. Half-year revenue rose while gross profit, total net profit and shareholder profit declined. The second quarter's improvement must not be presented as growth over the entire half-year.

Management attributes pressure on margins to cost overruns, idle hours and extended project schedules, while customer claims remain under evaluation. These are management explanations and estimates, not guaranteed reimbursements. The sources therefore support a mixed reading: a larger revenue base does not automatically mean better project economics.

Segment mix after eliminating internal sales

As of: 2026-06-30

The financial notes aggregate activities into Dredging & Marine and Energy. H1 external revenue was AED 4,649,945 thousand for the former and AED 9,483,236 thousand for Energy. The statement eliminates AED 439,798 thousand of intersegment revenue; adding gross segment turnover without that adjustment would overstate the group.

UAE revenue was AED 11,332,172 thousand and international revenue AED 2,801,009 thousand. These are customer-contract revenue classifications, not asset-location percentages. The parent segment profit presentation must also be used on its own basis: it should not be silently replaced with the separately listed subsidiary's separate reporting presentation.

Cash conversion and distributions

As of: 2026-06-30

Operating cash inflow reached AED 2,660,497 thousand in H1 2026 versus AED 1,609,297 thousand in H1 2025. The cash-flow statement records a reduction in trade and other receivables alongside additional contract assets and lower payables. Better operating cash flow is important, but working-capital releases do not necessarily recur each period.

Cash equivalents exclude restricted cash, longer-original-maturity deposits and overdrafts from the bank-balance headline. Term loans are shown separately from leases and overdrafts. The AGM on 5 March 2026 approved AED 844,380 thousand for parent shareholders; total cash dividends paid by the group were AED 1,028,439 thousand, including non-controlling interests. Those two distribution figures describe different recipients.

Water infrastructure and remaining work

As of: 2026-06-30

Through NMDC Infra, the group completed the acquisition of 51% of Lantania Aguas on 11 June 2026 following the agreement signed on 16 January 2026. The Spanish business specialises in desalination, water treatment, wastewater treatment and reuse. Completion is disclosed, but the purchase-price allocation remains provisional; the half-year contribution is not a full-period performance record.

Remaining performance obligations were AED 56.07 billion at June 2026 against AED 57.9 billion at December 2025. This is a balance of work yet to be delivered, not booked revenue or guaranteed profit. The strategic opportunity is broader infrastructure capability; execution risk is integrating new businesses while funding and completing the existing portfolio.

What requires monitoring

As of: 2026-06-30

Long-duration construction revenue depends on progress and expected completion costs. Changes in schedules, equipment utilisation, procurement and claims can alter the eventual margin. Large contract assets and long-term retention receivables are not immediately spendable cash, while liquidity must support procurement and performance obligations.

Acquisitions introduce integration and valuation-estimate risk: the Lantania allocation is provisional, and the EMDAD purchase-price allocation was finalised during the half-year. These accounting changes complicate an organic-growth reading. Management sustainability statements are not independently verified environmental outcomes. This profile makes no target-price, valuation or investment recommendation.

Official contacts and source dates

As of: 2026-08-31

Investor relations: ir@nmdc-group.com; telephone +971 2 6990000. The issuer's IR page lists the 35th Floor, T3 Etihad Tower, Abu Dhabi. The financial statements give the registered postal address as P.O. Box 3649, Abu Dhabi, UAE.

The profile separates the annual audited period from the reviewed, unaudited half-year. Annual PDF references identify physical spread pages, which differ from printed page numbers. Ownership is dated rather than asserted live; existing historical reviews remain separate. Official links were checked on 31 August 2026.

Sources

1. S1 · 2025 Integrated Report: audited financial statements and dated governance · 2025-12-31
2. S2 · H1 2026 unaudited condensed consolidated financial statements · 2026-06-30
3. S3 · Official investor-relations contacts · 2026-08-31