Agility Global PLC (“Agility”) a multi-business owner, operator, and long-term investor listed on the Abu Dhabi Securities Exchange (ADX), today reported its financial results for the first quarter ended 31 March 2026, where EBIT stood at $103 million, EBITDA reached $185 million and revenue totaled $1.4 billion, a 12%, 7% and 23% increase respectively.
Q1 2026 Financial Highlights
| USD millions (unless otherwise stated) | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Revenue | 1,410 | 1,143 | +23% |
| EBITDA | 185 | 173 | +7% |
| EBIT | 103 | 92 | +12% |
| Total Assets | 13,206 | 13,410 | -2% |
| Shareholder Equity | 5,666 | 5,853 | -3% |
| Net Debt (excl. lease liabilities) | 3,834 | 3,815 | 0% |
Numbers in the table are rounded
As of March 31, 2026, Agility’s investment segment had a carrying value of approximately $5.6 billion, with total assets of $13.2 billion.
Agility Global Chairman Tarek Sultan said:
“Building off of last year’s momentum, Agility delivered a solid start to 2026 despite an increasingly volatile operating environment. While we witnessed a mixed impact across parts of the business during March, the overall effect on the Group was contained.
All three operating businesses reported year-on-year revenue growth. Agility Logistics Parks and Tristar delivered profit expansion during the quarter. At Menzies Aviation, strong top-line growth was driven by the G2 acquisition and yield enhancement, while partially offset by the exit from Kuwait and broader disruption across the aviation sector during the period.
Our investment pillar has a carrying value of approximately $5.6 billion as of 31 March 2026, up 9% compared to the same period in 2025, driven primarily by the performance of our stake in DSV. At Reem Mall, occupancy now approaches 90%, supported by continued leasing momentum and a pipeline of flagship openings.
Agility’s businesses continue to demonstrate resilience. We remain focused on execution, operational performance, and prudent capital allocation as we navigate an evolving macroeconomic and geopolitical environment.”
Controlled Segment Performance
Aviation Services – Menzies
Menzies delivered top-line growth of 34% in Q1 2026, reaching $869 million. The growth this quarter includes the full contribution from the G2 acquisition and yield improvement across the portfolio.
Reported EBIT was 15% lower than Q1 2025, mainly as a result of the costs associated with the exit from Kuwait and the effect of flight disruptions during the quarter. Meanwhile G2 integration and synergy realization is on track and expected to build progressively throughout the year and absorb part of the impact. We are confident that Menzies is focused on delivering healthy results.
Fuel Logistics – Tristar
Tristar delivered 9% top line growth in Q1 2026 driven by the performance of the fuel business. EBIT increased 29% against last year as a result of the improved performance of fuel, Maritime and optimising the management of the portfolio by reducing the mix of vessel chartering.
Overall, the business demonstrated resilience, with strong top-line growth and improved profitability despite operational and market headwinds.
Industrial Real Estate – Agility Logistics Parks
Q1 2026 marks as a milestone for Agility Logistics Parks as it delivered strong performance with revenue increasing 44% year-on-year and EBIT rising 64%. This is a result of the facilities transitioning into full income-generating assets.
Saudi Arabia remains the primary engine of growth and investment. The facilities are near-full occupancy across the existing portfolio, and we expect 82,000 sqm of newly built-up area scheduled for delivery in Jeddah during 2026.
The recently announced SAR 2.5 billion joint venture with ROSHN is expected to commence development in the second half of the year and is not reflected in the current pipeline figures.
Investment Segment
As of 31 March 2026, the carrying value of Agility’s investment portfolio was approximately $5.6 billion, anchored primarily by DSV, with Reem Mall representing the second core asset.
DSV A/S — Agility holds 19.3 million shares in DSV, representing an 8.2% stake. The gross carrying value of the DSV position as of 31 March 2026 was $4.5 billion. From an Agility perspective, DSV’s results reinforce the core thesis around DSV: its ability to execute large-scale integrations, consolidate market share, and position itself as a leading global supply chain platform in an increasingly complex and volatile trade environment.
Reem Mall — Reem Mall delivered a resilient Q1 2026, with footfall and tenant sales both growing by double digit year-on-year. Occupancy now approaches 90%, supported by active leasing momentum and an upcoming pipeline of flagship tenant openings. A brief softening in footfall was observed in early March; however, activity recovered over the remainder of the period.
Balance Sheet and Financial Position
As of 31 March 2026, Agility’s total assets were approximately $13.2 billion, with shareholder equity of $ 5.7 billion. Net debt, excluding lease liabilities, was approximately $3.8 billion, preserving financial flexibility to support growth initiative. The company maintained healthy operating cash flow, while continuing to invest in the expansion of its operating platforms.
Impact of Regional Developments
The Group remains focused on disciplined execution amid an increasingly complex macroeconomic and geopolitical environment. Agility’s global portfolio spans sectors, geographies, and business models and continues to provide resilience, operational flexibility, and multiple avenues for long-term value creation.
