This report does not constitute a rating action. S&P Global Ratings forecasts Ittihad's adjusted debt to EBITDA at 4.5x-5.0x over 2026-2027 versus 4.2x in first-half 2026, trending toward 4.5x in 2027. This is driven by an expected 2.0%-2.5% contraction in group revenue in 2026 and, per our criteria, we don’t net cash against debt for issuers with a weak business risk profile. We forecast EBITDA margins of 5.3%-5.7% over 2026-2027 versus 5.1% in 2025 and 5.7% in first-half 2026. Adjusted EBITDA is expected to increase from United Arab Emirates (UAE) dirham (AED) 685 million-AED735 million in 2026 to AED725 million-AED775 million in 2027. EBITDA generation is supported by robust infrastructure and building materials performance in 2026, driven by price increases
