Abu Dhabi-based 2PointZero Group reported AED9.5 billion in net profit, approximately $2.58 billion, for the nine months ended September 30, 2026.
Revenue reached AED33.7 billion, while adjusted EBITDA totalled AED7.5 billion, excluding fair value changes and one-off items.
The group said net profit increased 33% year on year on a pro forma basis, while revenue rose 106% on the same basis, following the merger that formed the enlarged group and the integration of Tendam.
Investment valuations were a substantial contributor: the reported net profit included AED5.8 billion in net fair value gains. 2pointzero.com
2PointZero’s Nine-Month Financial Highlights
| Financial Measure | Nine Months Ended September 30, 2026 |
|---|---|
| Revenue | AED33.7 billion |
| Revenue growth | 106% on a pro forma basis |
| Group net profit | AED9.5 billion |
| Net profit growth | 33% on a pro forma basis |
| Net fair value gains on investments | AED5.8 billion |
| Adjusted EBITDA | AED7.5 billion |
| Cash and bank balances | AED15.7 billion |
| Total assets | AED155 billion |
| Net debt-to-equity ratio | 0.21x |
The figures describe different aspects of the group’s performance and financial position. Revenue, net profit and EBITDA should not be treated as interchangeable measures.
Investment Valuation Gains Make a Significant Contribution
The AED5.8 billion in net fair value gains is equivalent to approximately 61% of the reported AED9.5 billion net profit, based on the rounded figures.
That comparison illustrates the importance of investment valuations to the headline result.
Fair value gains reflect changes in the assessed value of investments. They should not automatically be interpreted as cash received from selling those assets or as recurring earnings from operating businesses.
Chief Executive Officer Samia Bouazza acknowledged the significant contribution from the investment portfolio while emphasising the group’s focus on building durable operating earnings.
The headline profit therefore needs to be read alongside the adjusted operating measure and the underlying financial statements.
Adjusted EBITDA Reaches AED7.5 Billion
2PointZero reported AED7.5 billion in adjusted earnings before interest, taxes, depreciation and amortisation after excluding fair value changes and one-offs.
This provides a separate perspective on performance from the reported net profit, which includes investment valuation gains.
However, adjusted EBITDA is not equivalent to cash flow or profit available for distribution. It excludes several expenses and reflects the company’s stated adjustments.
Similarly, simply subtracting the AED5.8 billion of fair value gains from net profit would not produce a fully reconciled operating-profit figure. Other income, expenses and accounting adjustments also affect the relationship between those measures.
Pro Forma Growth Reflects the Enlarged Group
The company’s reported 106% revenue growth and 33% net profit growth are pro forma comparisons.
That qualification is important following a major merger. Pro forma figures are intended to provide a more comparable view of businesses whose composition has changed, but they are not necessarily the same as a straightforward comparison between previously reported financial statements.
The results follow the formation of 2PointZero Group and the integration of Tendam into the business.
The growth figures should therefore not be described as entirely organic. Assessing the contribution from existing operations separately from changes in the group’s structure requires the detailed financial reconciliation.
Cash and Bank Balances Stand at AED15.7 Billion
The group ended the period with AED15.7 billion in consolidated cash and bank balances and AED155 billion in total assets.
Its net debt-to-equity ratio was 0.21x.
Management said this financial position supports the ability to invest across market cycles and pursue the group’s longer-term strategy.
These measures nevertheless serve different purposes. Total assets are not the same as immediately available cash, while the cash balance alone does not show all future financing commitments.
The leverage ratio provides another view of the balance sheet, but it should be considered alongside debt maturities, cash generation and investment obligations.
ADX Futures Inclusion Broadens Market Access
Bouazza also highlighted the group’s inclusion in Abu Dhabi Securities Exchange single-stock futures, alongside additional analyst coverage.
Management said these developments were broadening international investor access and increasing the group’s visibility.
Single-stock futures offer another instrument through which market participants can manage exposure. Their availability does not itself increase the company’s revenue or demonstrate stronger operating performance.
Likewise, additional analyst coverage can improve the flow of market information without guaranteeing a particular share-price outcome.
Operating Earnings Remain a Key Measure to Watch
The nine-month results show a substantially enlarged group, with revenue of AED33.7 billion and a sizeable contribution from investment valuation gains.
The distinction between those gains and operating performance will remain important when comparing future periods. Investment values can fluctuate, while management’s stated priority is to develop more durable earnings from the underlying businesses.
For the next reporting period, the key questions will be how effectively the integrated businesses generate cash, how adjusted earnings translate into net profit and how the group deploys its available capital.
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