Agility Global

The listed issuer and its history

As of: 2025-12-31 / 2026-03-31 / 2026-06-30 / 2026-08-06 / 2026-08-30

Agility Global PLC is the Abu Dhabi-listed holding company behind aviation services, fuel logistics, industrial property and an investment portfolio. Its ADX ticker is AGILITY and ISIN is AEE01376A248. It was incorporated in ADGM on 17 February 2023 as Horizon Participation Holding VI Limited, converted into a public company limited by shares on 23 February 2024 and listed on 2 May 2024. The operating histories of its portfolio businesses are longer than the listed issuer's own history.

Agility Global must be distinguished from Agility Public Warehousing Company K.S.C.P., now branded Makhazen. Following an in-kind share distribution executed on 14 July 2025, Agility Global ceased to be that company's subsidiary. Makhazen remained a substantial shareholder. References to “Parent Company” in Agility Global's consolidated accounts mean Agility Global itself, not the Kuwait-listed former ultimate parent. This profile covers Agility Global and its consolidated subsidiaries; it does not transfer the former parent's financial results to the ADX security.

How the group earns money

As of: 2025-12-31 / 2026-03-31 / 2026-06-30 / 2026-08-06

The controlled-business pillar earns revenue by servicing aircraft, moving and storing fuel, leasing warehouses and providing other logistics and support services. The investment pillar holds minority interests, quoted securities and convertible loans. Its returns are not customer revenue from a freight subsidiary: investment income, fair-value movements and financing have different accounting and cash-flow effects.

At 31 December 2025, the principal-subsidiary schedule showed 100% ownership of Menzies Holdings and John Menzies, 65.12% of Tristar Holdings, 100% of Agility Logistics Parks SPC in Saudi Arabia and 96.56% of UPAC. These are dated group ownership interests, not a claim that every lower-tier operation is wholly owned. Other platforms include Alliad's engineering and site-support services, Agility Government Services, Shipa delivery and freight services, MicroClear customs technology and Labco testing. In H1 2026 the “other, including eliminations” segment generated USD 311.479 million of revenue but an EBIT loss of USD 12.760 million.

Menzies Aviation: scale and contract execution

As of: 2025-12-31 / 2026-03-31 / 2026-06-30 / 2026-08-06

Menzies provides ground and cargo handling, aircraft fuelling, fuel-farm management and related airport services. Its reported 2025 network covered 347 airports in 65 countries. This is a service footprint, not ownership of those airports. Airlines and airports need safe, timely operations; labour deployment, contract pricing, flight activity and service reliability determine the economics.

H1 2026 aviation revenue was USD 1,777.200 million versus USD 1,340.142 million a year earlier, while EBIT was USD 93.761 million versus USD 96.981 million. Revenue growth therefore did not translate into higher segment EBIT. The enlarged perimeter includes G2 Secure Staff, acquired in full on 26 August 2025. H1 accounts finalised the purchase-price allocation and restated the comparative balance sheet; the transaction headline should not be confused with the accounting purchase consideration. The annual report also records the end of Kuwait airport operations effective February 2026. For safety, Menzies reported 0.04 incidents per 10,000 turns in 2025; this is its stated operational measure, not a group-wide accident rate.

Tristar: fuel infrastructure and transport

As of: 2025-12-31 / 2026-03-31 / 2026-06-30 / 2026-08-06

Tristar combines road transport, storage, fuel trading and distribution with tanker ownership, chartering and coastal operations. Its customers include national and international companies and intergovernmental organisations. The 2025 report describes operations in more than 30 countries, including frontier African markets. Its assets and contracts expose the business to different drivers: fuel demand, vessel utilisation, freight conditions, storage throughput and safe handling of hazardous materials.

H1 2026 fuel-logistics revenue reached USD 792.693 million, compared with USD 685.917 million in H1 2025; EBIT increased to USD 71.556 million from USD 58.815 million. EBITDA, however, declined to USD 121.589 million from USD 124.122 million. The different directions of EBITDA and EBIT matter when assessing the effect of depreciation. The 2025 report records increased ownership to 95% in Tristar's Sri Lankan retail-fuels business and new airport fuel infrastructure in East Africa. The 95% subsidiary-level interest must not be substituted for Agility Global's 65.12% interest in Tristar Holdings.

Logistics parks: rental income and development

As of: 2025-12-31 / 2026-03-31 / 2026-06-30 / 2026-08-06

Agility Logistics Parks develops and leases Grade A warehouses and light-industrial facilities in the Middle East, Africa and South Asia. The annual report describes 3.65 million square metres of industrial land under management; land area is not completed leasable floor space. In 2025 it delivered 226,000 square metres of logistics space in Jeddah and Riyadh. Its reported certification measure was 12 warehouses, or 34%, EDGE Advanced certified or pre-approved; pre-approval is not final certification.

Industrial-property revenue was USD 40.550 million in H1 2026 and EBIT USD 32.426 million. Capital expenditure in that segment was USD 221.102 million. Rental cash flow should be separated from valuation changes: FY2025 group earnings included USD 195.789 million of investment-property fair-value gains. The annual report describes a Q1 2026 announcement of a SAR 2.5 billion joint venture with Roshn for a logistics park of around 1.3 million square metres in Jeddah. This is a development initiative, not evidence that the whole park is built, leased or producing its eventual income.

DSV and Reem Mall: investments rather than consolidated sales

As of: 2025-12-31 / 2026-03-31 / 2026-06-30 / 2026-08-06

The annual report identifies an 8.2% interest in DSV at the end of 2025. DSV is a separate listed freight-forwarding group; its revenue is not Agility Global revenue. At 30 June 2026 the major European quoted investment's carrying value was USD 4,554.837 million. Part of that holding was subject to funded equity collars and currency hedges. This combines equity-market exposure with financing and hedge accounting, so a share-price movement cannot be read directly as an equal movement in net profit.

Reem Mall in Abu Dhabi represents both property exposure and a financing relationship. The interim accounts disclose a 19.87% equity interest in the UAE mall project, a USD 721.572 million convertible interest-bearing advance and USD 205 million of corporate guarantees for project lenders. The loan can be converted at the group's discretion. The guarantee is a contingent exposure, not revenue or an additional owned asset. These distinctions also explain why the mall project's total development value is not the value of Agility Global's equity stake.

Geography and customer exposure

As of: 2026-06-30 / 2026-08-06

The group describes a presence in more than 100 countries. H1 2026 revenue by market was USD 1,026.868 million in the Middle East and Africa, USD 760.210 million in America, USD 686.780 million in Europe and USD 448.064 million in Asia. These are revenue regions; the separate non-current-asset schedule uses the jurisdictions of group legal entities and should not replace them.

Diversification spans airlines, fuel customers, warehouse occupiers and public-sector or international-organisation contracts. It reduces reliance on a single activity but creates exposure to labour regulation, concessions, cross-border payments, customer credit and local operating conditions. Geographic breadth does not make every contract equally profitable or equally secure.

Shareholders and governance

As of: 2025-12-31 / 2026-03-31 / 2026-06-30 / 2026-08-06

The year-end 2025 shareholder overview reports rounded stakes of 25% for Makhazen, 18% for National Real Estate Company and 12% for Kuwait's Public Institution for Social Security, with 40% free float and 6% treasury shares. The rounded figures do not sum exactly to 100%. This is a dated ownership snapshot, not a live register. The H1 2026 accounts separately record 615 million treasury shares, or 5.90% of issued shares, and 350.444 million own shares held by the liquidity provider; these categories must not be combined with an external shareholder stake.

The 2025 governance report names Tarek Sultan as chairman and Henadi Al-Saleh as board member and CEO, with a five-member board. For shareholders, oversight of related-party lending, capital allocation and management incentives matters alongside operating performance. H1 2026 disclosures record a grant of 935 million employee stock options vesting over five years, with exercise price AED 1.25. Options are not already-issued ordinary shares, but their potential dilution should not be overlooked.

Financial performance and cash conversion

As of: 2025-12-31 / 2026-03-31 / 2026-06-30 / 2026-08-06

The table uses USD millions, converted from the statements' USD thousands. FY2025 covers twelve months; the two H1 columns cover six months and should be compared with each other, not treated as full-year forecasts. FY2025 was audited; H1 2026 is unaudited interim information reviewed by the auditor and authorised on 6 August 2026.

Profit attributable to shareholders differs from total group profit because non-controlling interests participate in subsidiary earnings. H1 operating cash flow fell despite higher profit, with trade receivables absorbing USD 117.029 million. EBITDA is not free cash flow: property investment, equipment purchases, leases, interest and distributions still consume cash. FY2025 also contained the substantial property revaluation gain discussed above, so its reported profit is not a pure recurring-cash benchmark.

Assets, debt and financing maturities

As of: 2026-06-30 / 2026-08-06 / 2025-12-31 / 2026-03-31

At 30 June 2026 total assets were USD 13,429.491 million, total equity USD 6,140.629 million and equity attributable to the parent's shareholders USD 5,645.884 million. The restated December 2025 comparatives are USD 13,395.808 million, USD 6,300.864 million and USD 5,853.412 million respectively. Restatement followed final G2 acquisition accounting; it should not be described as organic asset contraction.

Interest-bearing loans totalled USD 5,227.494 million: USD 832.335 million current and USD 4,395.159 million non-current. Lease liabilities added USD 655.781 million. Bank balances, cash and deposits were USD 1,054.041 million; cash-flow-statement cash equivalents were only USD 562.923 million after USD 491.118 million of overdrafts. The overdrafts are already included in interest-bearing loans and must not be counted twice. Funded-collar loans accounted for USD 2,013.173 million, secured against the hedged quoted shares.

The December 2025 maturity schedule placed funded collars in 2027–2028, revolving facilities in 2026–2028, the multicurrency revolving facility and term loans in 2028–2029, and Murabaha financing in 2029. These are the dated annual terms, not a refreshed loan-by-loan June maturity schedule. Refinancing capacity, collateral value and interest costs remain material even when part of the debt finances an investment portfolio rather than operating assets.

Strategy and capital allocation

As of: 2025-12-31 / 2026-03-31 / 2026-06-30 / 2026-08-06

Management's stated direction combines expansion of the operating platforms, integration of acquisitions, industrial-property development and disciplined management of investments. G2 integration and Saudi logistics developments are concrete execution tasks; anticipated returns from new projects are not established results. In editorial terms, the central test is whether growth converts into sustainable cash after working capital and investment, rather than whether the group merely becomes larger.

The H1 cash-flow statement records USD 74.981 million of dividends paid to shareholders of the parent and USD 169.550 million of lease payments. New investment must therefore be assessed alongside debt service and distributions. The April 2026 AGM approved a FY2025 cash dividend of approximately USD 0.008 per share, approximately AED 0.03. This is a historical approved distribution, not a promise of future dividends or a current dividend-yield estimate.

Risks that matter to this structure

As of: 2025-12-31 / 2026-03-31 / 2026-06-30 / 2026-08-06

Operational risks include aviation disruption, loss or renewal of concessions, labour costs, fuel-handling safety and delivery of property projects. Financial risks include interest rates, currencies, quoted-investment concentration and refinancing. DSV exposure remains significant even with hedges; derivatives change the payoff and financing profile rather than removing every risk. Reem Mall loans and guarantees create exposure beyond the nominal equity interest.

Related-party balances require particular attention: the interim notes include a USD 334.254 million interest-bearing loan to a major shareholder, initially for five years with a mutually agreed extension option. The accounts also describe arbitration enforcement involving NAS Afghanistan and ICS; awards and claims should not be presented as cash already recovered. Management's June 2026 geopolitical assessment found no impairment requiring recognition and considered going concern appropriate, but explicitly recognised uncertainty and the possibility of future valuation changes. Those conclusions are dated management assessments, not protection against future losses.

Official contacts and source dates

As of: 2025-12-31 / 2026-03-31 / 2026-08-30

Agility Global's published headquarters address is B-055, 1st Floor, Reem Mall, Najmat Abu Dhabi, Al Reem Island, Abu Dhabi, United Arab Emirates. The annual report directs investor enquiries to investors@agility.com. The official investor-relations contact page accepts enquiries about performance, governance, disclosures and shareholder information. No private employee contact details are needed.

The evidence base is the FY2025 annual report, the interim statements to 30 June 2026 and official listing and contact pages checked on 30 August 2026. Each section retains its own reporting date; older ownership and operational figures are not silently updated to August. This is a factual business profile, not a valuation or a recommendation to trade. Official documents remain on issuer-controlled websites; this page does not republish the PDF files.

Sources

1. A · Source A · 2025-12-31; published 2026-03-31
2. H · Source H · 2026-06-30; authorised 2026-08-06
3. L · Source L · checked 2026-08-30
4. C · Source C · checked 2026-08-30
5. I · Source I · checked 2026-08-30