Emirates Mobility Company PJSC

Business and legal identity

As of: 2026-06-30

Emirates Mobility Company P.J.S.C., formerly Emirates Driving Company P.J.S.C., combines driver education with investments in transport, delivery, limousine services, vehicle maintenance and electric-vehicle charging. Driver training remains the established earnings base; the broader mobility portfolio introduces businesses with different margins, funding needs and stages of development.

The interim statements record the name change announced on 12 May 2026 and the ADX trading-symbol change from DRIVE to EMOBILITY. This profile uses the existing website’s DRIVE identity and emobility route without creating a new listing. The rebranding does not make the whole portfolio of the controlling shareholder part of this group.

Ownership and group structure

As of: 2026-06-30

The interim accounts name Two-Point Zero Group P.J.S.C., formerly Multiply Group, as parent and Fount Trust as ultimate parent. This identifies the control chain; the source does not provide a refreshed percentage register of the listed company’s shareholders, so no free-float figure is inferred.

At 30 June 2026 the subsidiary schedule shows Emirates Driving Company L.L.C.S.P. and Tabieah Property Investments wholly owned, ChargePoint at 65%, and Excellence Premier Investment at 51%. Excellence owns its driving centre, courier, auto-repair and limousine subsidiaries in full. Those lower-level ownership percentages are not the listed parent’s effective ownership percentages. Consolidation includes subsidiary revenue in full while separating non-controlling shareholders’ profit.

Operating businesses and scale

As of: 2026-06-30

The H1 2026 management report gives the wholly owned driving business revenue of AED 227 million and an 82% gross margin. Excellence revenue was AED 134 million, including AED 117 million from driving training and AED 6 million from limousine services. These rounded business figures describe activity; subsidiary standalone profit should not be added directly to consolidated profit.

The earnings presentation describes the associate Mwasalat as operating around 8,700 vehicles across rental, leasing, taxi and public transport, with approximately 75 million public-transport passengers annually. These are management-reported metrics of the associate, not a wholly owned Emirates Mobility fleet or passenger count. The different reporting perimeter matters when assessing operating scale.

Mwasalat investment and reporting perimeter

As of: 2026-06-30

The group acquired 22.50% of Mwasalat Holdings LLC OPC effective 23 October 2025, with an option to increase the stake to 50.6%. At 30 June 2026 the option had not been exercised and no binding commitment to exercise it had been made. It is therefore inappropriate to describe the associate as a controlled subsidiary on that date.

The investment carried at AED 321.802 million at the half-year end, with a separate derivative asset of AED 5.300 million. The consolidated income statement includes AED 3.879 million as the group’s share of associate profit. It does not add Mwasalat’s entire revenue to consolidated sales. The option’s funding and approval requirements remain relevant to future capital allocation.

Annual and interim results

As of: 2026-06-30

The table uses AED million, converted from the financial statements’ AED thousands. Annual results cover the full calendar year; interim results cover six months and must not be compared as equivalent periods. FY 2025 group profit of AED 345.861 million included AED 332.965 million attributable to parent shareholders.

H1 2026 revenue increased to AED 360.625 million, but group profit fell to AED 144.682 million and attributable profit to AED 141.931 million. Direct and administrative expenses rose while gains on financial assets and property disposals declined. Revenue growth alone therefore does not establish improving profitability. The interim statements were reviewed by Deloitte, not audited; the annual audit and interim review provide different levels of assurance.

Earnings quality and property sales

As of: 2026-06-30

FY 2025 profit included a gain of AED 41.433 million on property held for sale, plus AED 33.427 million of interest income. These sources differ from recurring training fees and should be considered separately when assessing operating performance. A property disposal gain is not the same as the cash proceeds from that sale.

The remaining property units were sold during H1 2026 for AED 7.180 million, producing a gain of AED 1.357 million. No assets remained classified as held for sale at 30 June 2026. The group also paid AED 51 million of contingent consideration associated with its earlier Excellence acquisition; this investing cash outflow is distinct from current-period operating expenses.

Assets, cash and financing

As of: 2026-06-30

At 30 June 2026 total assets were AED 1,936.480 million, including property and equipment of AED 310.985 million, right-of-use assets of AED 134.149 million, and intangibles and goodwill of AED 279.379 million. These represent owned infrastructure, leased rights and acquisition-related value rather than interchangeable pools of cash.

Cash and bank balances totalled AED 760.772 million, but AED 623.000 million comprised deposits with original maturities longer than three months. Cash and cash equivalents for the cash-flow statement were consequently AED 137.772 million. Describing all bank balances as immediately available cash equivalents would overstate that narrower measure.

Murabaha financing was AED 144.000 million, split between AED 32.000 million current and AED 112.000 million non-current. The facility partly financed Mwasalat and matures in 2030. Lease liabilities were an additional AED 145.756 million. A large bank balance does not remove debt service, lease commitments or the funding needs of future acquisitions.

Cash generation and dividends

As of: 2026-06-30

H1 2026 net operating cash flow was AED 136.489 million versus AED 171.869 million a year earlier. Cash purchases of property and equipment were AED 31.246 million and intangibles AED 0.990 million. Working-capital movements, acquisition payments and financing distributions explain why accounting profit is not the same as growth in available cash.

Shareholders approved 20 fils per share for FY 2025 on 11 March 2026; AED 215.487 million was paid to parent shareholders during the half year, alongside AED 12.250 million to non-controlling shareholders. The parent dividend exceeded that half-year’s operating cash flow, although the dividend related to the preceding annual period. The comparison describes cash timing, not a forecast of future dividend capacity.

Expansion plans and execution boundaries

As of: 2026-06-30

The portfolio strategy combines driver education, public transport, delivery and EV charging with digital training and automation. ChargePoint’s presentation describes a rollout of more than 1,800 public charging sockets with deployment underway. This is a rollout plan, not evidence that all sockets were operational or earning revenue at the reporting date.

For Performise Labs, the interim accounts describe an agreement for 51% with initial consideration of AED 15.12 million and contingent consideration up to AED 22.68 million. At 30 June 2026 the transaction was in progress and had no recognised financial impact. The later earnings presentation refers to a subsequent initial payment but still expects finalisation later; this profile does not assert completion. Acquisition announcements, options and memoranda must be distinguished from consolidated operating assets.

Risks to monitor

As of: 2026-06-30

Training demand, approved service pricing, instructor and site capacity, and service quality affect the core business. The annual audit identifies revenue recognition as a key audit matter because of the scale of training and testing transactions and reliance on IT systems. That designation describes audit attention, not a finding of misconduct.

Expansion brings integration and execution risk: public transport, limousine fleets and charging networks have different utilisation, maintenance and investment economics from driving schools. Goodwill and intangible assets depend on future benefits; quoted investments introduce market-value fluctuations. Financing and lease costs consume cash even when new projects are still ramping up.

The management presentation revised its outlook using more conservative assumptions because of the regional conflict and operating environment. Its growth targets and expected technology benefits remain forward-looking. This profile retains the stated reporting dates and does not assume that pending acquisitions or planned charging deployments have since completed.

Public investor contacts

As of: 2026-06-30

The H1 2026 management report lists ir@emiratesmobility.ae for investor enquiries and www.emiratesmobility.ae as the corporate website. The registered office in the financial statements is P.O. Box 2943, Abu Dhabi, United Arab Emirates. The role mailbox is published here; no individual contact number is reproduced.

The official website returned an access error when checked for this profile. Contact details are therefore attributed to the dated company report rather than presented as independently reconfirmed on a current contact page.

Sources

1. S1 · Emirates Mobility reviewed H1 2026 statements · 2026-07-22
2. S2 · Emirates Driving audited FY 2025 statements · 2026-01-28
3. S3 · Emirates Mobility H1 2026 management discussion · 2026-06-30
4. S4 · Emirates Mobility H1 2026 earnings presentation · 2026-06-30