Abu Dhabi-listed companies delivered a mixed but resilient first half of 2026, with strong performances from banks, real estate, telecoms and energy logistics offsetting pressure in gas and petrochemicals.
The broader market was more subdued. The FTSE ADX General Index ended H1 2026 at 9,804.16, down about 1.9% from its 2025 year-end close of 9,992.72. By August 26, however, the index had recovered to 10,035.86, around 2.4% above its June-end level.
Importantly, ADX said 100 of 101 actively traded listed companies had submitted their H1 financial statements on time, with aggregate profits across listed companies rising 38% year on year.
Key ADX Stocks and H1 2026 Earnings
*TAQA's H1 results remain relevant for the period under review. Trading in the shares was suspended on August 7 after Abu Dhabi Power Corporation completed the compulsory acquisition of the remaining shares; TAQA's board subsequently approved the withdrawal of its shares from ADX, subject to regulatory approvals.
UAE Bank Stocks: FAB Leads as ADCB Accelerates
FAB remained the largest profit generator among the companies highlighted, reporting H1 operating income of AED 19.50 billion and net profit of AED 10.73 billion, up 1%. Its RoTE remained strong at 18.5%, while net loans increased 7% year to date.
ADCB delivered faster earnings growth, with net profit rising 34% to AED 6.74 billion and operating income increasing 12% to AED 11.98 billion. Net loans rose 10% during the first half, while non-interest income increased 22%.
The results suggest that UAE banks continued to benefit from strong credit demand and fee income, although lower interest rates are putting pressure on margins.
Real Estate and Telecom Remain Resilient
Aldar Properties reported an 18% increase in H1 net profit to AED 4.9 billion, supported by development backlog execution and recurring-income growth. Its development backlog reached AED 71.6 billion, providing substantial visibility for future revenue.
Meanwhile, e& generated AED 38.14 billion in H1 revenue, up 11.6%, while net profit increased 2.4% to AED 6 billion, excluding the gain from the sale of Khazna and the Maroc Telecom settlement in H1 2025. EBITDA rose 13.1% to AED 17.7 billion, highlighting continued operating leverage despite modest bottom-line growth.
UAE Energy Stocks Deliver Mixed H1 2026 Results
The energy complex produced the widest range of outcomes.
ADNOC Distribution recorded a 58.5% increase in net profit to AED 2.09 billion, helped by record fuel volumes of 7.75 billion litres, network expansion and stronger non-fuel retail performance.
ADNOC L&S was the standout performer, with H1 net profit jumping 179% to AED 4.31 billion. Revenue rose 46%, and EBITDA increased 98%, benefiting from stronger shipping rates and expanded fleet capacity.
By contrast, ADNOC Gas faced disruption to product liftings and exports. Q2 net income fell sharply year on year, although domestic demand provided support. The company expects full-year 2026 net income of $3.5-$4 billion if maritime operations are fully restored by the fourth quarter and pricing realizations normalize.
TAQA increased H1 net income 9.7% to AED 4.1 billion despite a 2.6% revenue decline, driven by stronger transmission and generation earnings.
Petrochemicals and Healthcare
Borouge reported H1 net profit of approximately AED 1.26 billion, down 26.8%, as revenue fell 5.3%. However, Q2 profit improved sequentially by 23%, indicating some operational recovery.
PureHealth delivered a more positive result, with revenue rising 9.4% to AED 14.9 billion and net profit increasing 20.1% to AED 1.2 billion. EBITDA grew almost 24% to AED 2.9 billion.
What H1 2026 Earnings Mean for ADX Investors
The first-half results point to earnings resilience rather than uniform growth. Banks benefited from lending and fee income, Aldar from its development backlog, ADNOC Distribution from volume growth and ADNOC L&S from exceptional shipping conditions.
At the same time, ADNOC Gas and Borouge demonstrate how geopolitical disruptions, logistics constraints and commodity-related pressures can quickly affect earnings.
For investors, the key question for H2 will therefore be whether strong domestic demand and infrastructure investment can continue to offset external geopolitical and commodity risks.
Bottom line
H1 2026 results show that leading ADX stocks remain fundamentally resilient, but performance is becoming increasingly company-specific. Strong bank earnings, Aldar’s development pipeline, ADNOC Distribution’s volume growth and ADNOC L&S’s exceptional logistics performance helped offset weakness in gas and petrochemicals. For H2, investors will be watching whether domestic demand and infrastructure spending can sustain earnings momentum while geopolitical, commodity and interest-rate risks remain in play.
