International Holding Company (IHC) reported revenue of AED 100.5 billion for the nine months ended 30 September 2026, up 33.2% year on year. Profit after tax reached AED 32.5 billion, up 87.0%. Both growth rates are from continuing operations, according to the company's 5 November release. The stock also matters for ETF investors, because IHC makes up 30.62% of the Lunate FTSE ADX 15 ETF (CHADX15) as of 6 November 2026.
Revenue Crosses AED 100 Billion as Profit Jumps 87%
IHC's EPS Growth of 129.6% Outpaces Revenue and Profit Growth
IHC 5 November 2026 press release · 9M 2026 vs 9M 2025, continuing operations
Energy and Mining Lead IHC's Segment Growth at 295.1%
Seven of IHC's eight segments record higher revenue. Real estate and construction stays the largest contributor at AED 33.3 billion, up 12.8%, followed by marine and dredging at AED 22.4 billion, up 3.7%. Energy and mining grows fastest, up 295.1% to AED 19.3 billion, which IHC attributes to expanded trading in minerals, metals and hydrocarbons. Hospitality and leisure rises 93.7% to AED 7.8 billion, financial services 53.7% to AED 4.4 billion, food 25.7% to AED 5.1 billion and technology 20.5% to AED 2.9 billion.
Energy and Mining Revenue Surges 295.1%, Leading IHC's Segment Growth
IHC 5 November 2026 press release · seven segments listed with revenue growth
Profit quality deserves a note. IHC says profit after tax also benefits from investment income inside the financial services segment. The seven segments outside financial services collectively increase profit by 37.5% to AED 12.6 billion, providing a useful view of the contribution from the group's other operating businesses.
IHC Advances Strategic Investments Across AI, Space and Global Markets
Alongside its earnings growth, IHC reported significant progress across its international investment portfolio during the first nine months of 2026. Key developments included:
- Global AI investments: IHC expanded its strategic exposure to OpenAI, Anthropic and Cerebras. It also unlocked liquidity from its early SpaceX investment following the phased release of post-IPO lock-up restrictions.
- Marlan Holding: IHC announced a proposed acquisition of an 80% stake in Marlan Holding RSC Ltd, expanding into satellite infrastructure, advanced manufacturing and space technology, subject to regulatory approvals.
- Sammaan Capital: IHC progressed its USD 1 billion investment programme in India's financial services sector, acquiring a 26.67% interest in Sammaan Capital as of 30 September 2026.
- First Women Bank: IHC completed the acquisition of Pakistan's First Women Bank Limited, marking the first bank privatisation in Pakistan under a Government-to-Government framework.
- Altair-Next Gen: Marlan Space and Loft Orbital, together with Mistral AI and international partners, announced a USD 1 billion satellite-based AI infrastructure initiative in France, beginning with 50 satellites manufactured in Abu Dhabi.
- Alpha Wave Global: Judan Financial acquired a 50.1% interest in Alpha Wave Global, an investment firm with more than USD 35 billion in assets under management.
- MICAD Credit: Alpha Dhabi doubled its commitment to the MICAD Credit joint venture to USD 1 billion, increasing its ownership interest from 20% to 40%.
- Adani aluminium joint venture: IRH agreed to establish a 50:50 joint venture with India's Adani Group to develop an integrated aluminium project in Odisha, targeting USD 11.5 billion in investment.
- Traverse Midstream Partners: ePointZero completed its USD 2.25 billion acquisition of the US-based natural gas infrastructure company in July 2026.
- Esyasoft and Tesla partnership: The companies announced a collaboration to develop and operate an initial portfolio exceeding 15 GWh of utility-scale battery energy storage capacity across the UK, Western Europe, the GCC and India.
IHC also participated in the 2026 World Economic Forum Annual Meeting in Davos, leading a delegation of subsidiaries to advance international partnerships. In digital financial infrastructure, DDSC, the UAE dirham-backed stablecoin, completed the country's first in-store payment pilot with Network International at Lulu Hypermarket in Abu Dhabi and Marks & Spencer in Dubai.
AED 25 Billion in Investments Amid Rising Net Debt
Total assets rise 13.4% to AED 485.9 billion and total equity rises 9.9% to AED 275.4 billion. Owners' equity increases 11.5% to AED 170.5 billion. Cash and bank balances stand at AED 76.6 billion, while net debt increases to AED 30.4 billion because of financing raised for the investment program. During the period, IHC deployed approximately AED 25.0 billion into associates, joint ventures, financial assets and investment properties. Its debt-to-equity ratio stood at 0.4 times, while its quick ratio was 2.6 times.
The buyback continues alongside this spending. IHC commenced the first AED 1.8 billion tranche of its second AED 5 billion share-buyback programme in June. By 30 September 2026, it had repurchased approximately 1.9 million shares for AED 705 million. Our earlier piece explains why the AED 1.8 billion buyback matters for CHADX 15 investors.
IHC Accounts for 30.62% of CHADX15's Portfolio
IHC is the largest position in the fund by a wide margin. The top ten holdings as of 6 November 2026 are below.
IHC Accounts for 30.62% of CHADX15 as Top Three Holdings Reach 59.08%
Lunate CHADX15 holdings page, as of 6 November 2026 · other holdings and cash computed as the remainder to 100%
The top three names together account for 59.08% of the fund. By sector, industrials hold 37.13%, financials 32.90% and communication services 12.55%. IHC's results release also discusses activities involving Aldar and Alpha Dhabi, adding another connection between the ETF's holdings and IHC's wider investment portfolio.
Recent performance is weaker than the earnings suggest. The figures below are price returns in the base currency, exclude dividends and are net of fees, as of 6 November 2026.
CHADX15 Outperforms Its Benchmark in Four of Six Measurement Periods
Lunate CHADX15 performance page, as of 6 November 2026 · price return, base currency, net of fees; three-year annualization not specified.
The fund trails the index over one month and one year, and leads it over three months, year to date, three years and since inception on 23 November 2022. The source does not specify whether the three-year return is annualized. It also does not show IHC's own share price move after the results, so this post draws no direct link between the earnings and the fund's recent returns.
What to watch
IHC says it will remain selective with capital deployment, focus on portfolio-company performance and improve capital efficiency. It also flags geopolitical, inflationary, and financial-market uncertainty. For CHADX 15 holders, the key consideration is concentration risk. With IHC representing approximately 30.6% of the ETF, its earnings, capital allocation decisions, and share-price movements can have a significant influence on fund performance. This is not investment advice.
