Modon Reports Record H1 2026 Results with $17.81 Billion Revenue Backlog

ABU DHABI, UAE – Modon Holding PSC reported record financial results for the first half of 2026, driven by strong performance across its real estate, asset management, hospitality and international investment businesses, according to WAM.

The Group recorded $2.51 billion (AED9.2 billion) in revenue during the six months ended 30 June 2026, representing a 40% year-on-year increase, while net profit reached a record $599 million (AED2.2 billion).

Adjusted EBITDA totalled $817 million (AED3 billion), with the Group reporting an adjusted EBITDA margin of 32.6%.

Modon's revenue backlog grew to a record $17.81 billion (AED65.4 billion), doubling year-on-year and increasing 42% since the end of 2025.

The company said 95% of the backlog is linked to development projects across the UAE and Egypt, providing strong earnings visibility over the coming years.

The Group also maintained a strong liquidity position, ending the first half with $2.34 billion (AED8.6 billion) in unrestricted cash and $409 million (AED1.5 billion) in undrawn committed facilities.

The Group recorded $7.08 billion (AED26 billion) in property sales across Abu Dhabi, Egypt and Spain, supported by the launch of Hudayriyat Golf Estates, the successful sell-out of Tara Park on Reem Island, continued sales momentum at Wadi Yemm in Egypt and activity at the La Zagaleta ultra-luxury development in Spain.

Events, Catering & Tourism also delivered resilient performance, supported by the full-period contribution of Arena, acquired in May 2025, together with the recent acquisition of Production Elements Inc. (PEI).

Asset & Investment Management continued to strengthen recurring income through higher rental yields, consistently high occupancy levels and active portfolio optimisation across multiple asset classes.

International investments also advanced during the first half, with Modon recognising its first profit contribution from Wellington Lifestyle Partners in Florida while construction commenced on the Harborside 4 joint venture in Jersey City. Progress also continued at 2 Finsbury Avenue in London, where construction advanced on both towers.

Meanwhile, the Group's hospitality division reported improved operational performance through revenue management initiatives, operational efficiencies and continued progress towards an owner-operator model.

Jassem Bu Ataba Al Zaabi, Chairman of Modon Holding, said:

"Modon’s performance in the first half of 2026 demonstrates the strength of the Group’s ambition, agility and resilience, translating a bold long-term vision into sustainable value while advancing growth. Strong results across our integrated portfolio highlight the institutional strength, operational excellence and strategic foresight that continue to define Modon’s success.

Supported by a diverse business platform and expanding international footprint, the Group is well positioned to capture emerging opportunities and deliver consistent, long-term value for shareholders. Modon remains focused on creating lasting impact for investors and customers, extending its scale and global reach while contributing meaningfully to Abu Dhabi’s economic and social development ambitions."

Abdulla Al Sahi, Group Managing Director of Modon Holding, said:

"Modon has successfully generated consistent year-on-year revenue and profit growth. An exceptional performance from real estate positioned Modon as the largest developer in Abu Dhabi in terms of sales value during H1. This included the UAE’s highest-ever single-project sales value for the launch of Hudayriyat Golf Estates, with AED13 billion achieved within days.

Successful repositioning of services for Events, Catering and Tourism, as well as Hospitality assets pivoting to local guests, ensured we maintained growth across the Group throughout the six months, while higher rental yields and strong performance from Asset and Investment Management further strengthened the Group's recurring income base."

Bill O'Regan, Group CEO of Modon Holding, added:

"The Group’s H1 2026 performance reflects the continued execution of Modon’s strategy, the strength of its integrated platform and its international presence. Delivering a record AED9.2 billion in revenue with AED2.2 billion in net profit demonstrates the scale of Modon’s ambition, its capability to deliver on commitments, and a business model built on sound foundations.

Our Group revenue backlog of AED65.4 billion, alongside additional income-generating assets coming online, ensure a positive outlook for future growth. As we move into the second half of the year and beyond into 2027, Modon will expand on its objectives, maintaining forward progress with a disciplined and relentless focus on delivery."