Controlled-business EBIT rises 21% in the quarter
Q3 and 9M 2026 Financial Highlights
Numbers in the table are rounded.
ABU DHABI – November, 2026 – Agility Global PLC “Agility”, a multi-business owner, operator and long-term investor listed on the Abu Dhabi Securities Exchange, today announced its financial results for the third quarter ended 30 September 2026. Revenue increased by 22% year-on-year to $1.6 billion. EBIT was broadly unchanged at $125 million. Controlled segment EBIT increased by 21% driven by the performance of the main operating entities.
For the first nine months of 2026, revenue increased by 24% to $4.5 billion and EBIT rose by 11% to $350 million, supported by continued growth across the operating segments.
As of 30 September 2026, Agility’s investment segment had a carrying value of approximately $4.7 billion. The movement in the investment segment mainly reflects the performance of DSV investment that is reported through equity.
Agility Chairman Tarek Sultan said “Agility delivered a resilient third quarter and is recovering from the challenges we faced at the start of the year. For the 9 months, revenue grew 24% and EBIT rose 11%. Menzies, Tristar and Agility Logistics Parks each delivered higher EBIT, reflecting the resilience and execution focus of our portfolio.”
The Board has approved an interim dividend of $75 million, the second tranche of the cash dividends committed at the start of the year, demonstrating our commitment to returning value to shareholders as we execute our strategy.
Controlled Segment Performance Q3 2026
Aviation Services – Menzies:
Menzies Aviation delivered strong revenue and earnings growth in the third quarter of 2026, as the direct operational impact of disruption in the Middle East eased and activity recovered across the network. Revenue increased by 22% year-on-year to $974 million, representing 61% of Agility Global’s revenue. Commercial momentum remained strong, with new station openings and contract wins across Ground Handling, Cargo and Fueling. These gains, in addition to G2 Secure Staff contribution that was acquired in September 2025, were partly offset by contract exits and station closures, including the cessation of operations in Kuwait.
Ground handling turns increased by 7% to 442 thousand, and Cargo volumes grew by 13% to 657 thousand tonnes in this quarter.
EBITDA increased by 15% to $139 million, while EBIT rose by 18% to $82 million. Operating leverage, Yield and disciplined cost management supported this quarter’s earnings growth.
For the first nine months of 2026, revenue increased by 29% to $2.75 billion and EBIT grew by 6% to $175 million including the impact of the ME Crisis. Margins were lower year-on-year, reflecting the contribution of G2’s lower-margin business and the cessation of operations in Kuwait.
The G2 acquisition expanded Menzies’ presence in the United States and broadened its service offering, particularly in passenger assistance services. Integration is largely complete, with a focus on embedding Menzies’ operating, financial and safety standards. Synergies achieved to date have exceeded business plan expectations.
Market conditions remain mixed. While the direct impact of earlier regional disruption has eased, higher fuel prices are creating additional pressure on airline schedules. Management remains focused on pricing, productivity, labor and cost discipline, working-capital management and converting the commercial pipeline into profitable growth.
Fuel Logistics – Tristar:
Tristar’s revenue increased by 24% year-on-year to $419 million in the third quarter, and EBIT grew by 23% to $36 million. For the first nine months, revenue increased by 18% to $1.2 billion and EBIT increased by 22% to $107 million.
Sale of Tristar: On 13 October 2026, Agility Global agreed to sell its 65.12% stake in Tristar to Aegis Logistics Limited, a leading integrated oil, gas and chemical logistics company in India. The transaction values Tristar at an enterprise value of $1.5 billion, representing 6.0 times 2025 EBITDA, and an equity value of $882 million. Completion is expected by the end of March 2027, subject to regulatory approvals and other closing conditions.
Agility’s share of the total consideration is up to $581 million, comprising $425 million payable upon closing, $110 million payable one year after closing, and an earn-out of up to $46 million, payable subject to the achievement of agreed conditions.
The transaction excludes certain interests in a strategic fuel storage asset held directly by Agility and consolidated within Tristar’s financial statements. Agility estimates the equity value of these retained interests at no less than $145 million. These interests will be subject to a separate sale process, and their estimated value is excluded from Agility’s expected proceeds from the Tristar transaction.
Agility acquired Tristar in 2003 for nearly $7 million and invested a further $123 million over the first seven years, including an additional strategic fuel storage asset (the fuel logistics segment). With patient capital, governance and strategic direction, Agility’s fuel logistics investment is expected to yield a return in excess of $1 billion and an IRR of 16% over the 23-year holding period.
For Agility, this disciplined exit crystallizes value for its shareholders, while enabling the Group to continue concentrating on its growth priorities, and reduce portfolio complexity. The proceeds will strengthen the Group’s balance sheet and provide flexibility for future capital deployment.
As the group’s capital position develops, and the company approaches transaction close, the Board will evaluate the allocation of net proceeds along the capital allocation priorities of the group which include growth investment, debt reduction and shareholder returns.
From signing through closing, Tristar will be accounted for under IFRS 5 and continue to be consolidated in Agility’s financial statements. However, its assets and associated liabilities will be presented separately in the balance sheet (“held for sale”) and income statement (“discontinued operations”). The gain on the transaction will be recognized upon closing.
Industrial Real Estate – Agility Logistics Parks:
Agility Logistics Parks (ALP) delivered strong growth in the third quarter of 2026, with revenue increasing by 49% year-on-year to $21 million and EBIT rising by 58% to $17 million. For the first nine months, revenue increased by 46% to $62 million and EBIT grew by 64% to $50 million.
Saudi Arabia remained the primary growth driver, as newly completed facilities began generating income. EBIT growth continued to outpace revenue growth, reflecting improved operating leverage as the portfolio expanded. Africa also contributed to the improvement, supported by higher occupancy compared with the same period last year.
ALP continued to advance its development pipeline in Saudi Arabia, with approximately 82,000 square meters of new facilities delivered or scheduled for delivery during 2026 and early 2027. This includes a 21,000-square-meter commercial building that was completed and fully leased, further expanding the income-generating portfolio.
Following the strategic land acquisition completed earlier in 2026, ALP’s owned and leased land bank stands at approximately 4.5 million square meters, increasing to approximately 6.1 million square meters including land held through joint ventures. This provides a substantial platform for future development, and ALP continues to evaluate opportunities to expand its presence in key markets.
Demand for modern, high-quality logistics facilities in Saudi Arabia remained healthy. ALP remains confident in the market’s long-term fundamentals, supported by demand for Grade A warehousing and the continued development of the Kingdom’s logistics infrastructure. Its land bank and development pipeline position the business to capture this demand and support growth over the medium term.
Investment Segment:
As of 30 September 2026, the carrying value of Agility’s investment portfolio was approximately $4.7 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 around 8.2% ownership stake. As of 30 September 2026, the carrying value of the investment was $3.5 billion including the collar value, compared with $4.6 billion on 31 December 2025. The decline reflects the movement in DSV’s share price over the period, which started to recover in the fourth quarter of 2026.
Reem Mall – Reem Mall delivered strong Q3 performance, with occupancy reaching around 90% across trading and fit-out space, representing 167 thousand sqm of leased GLA and 301 leased units. with footfall and tenant sales both recording double-digit year-on-year growth. August was the mall’s strongest month on record for both footfall and sales. Q3 also saw the opening of 11 new operators, with momentum expected to continue into Q4 2026 and Q1 2027, supported by upcoming openings and leasing activity.
Balance Sheet, Capital Allocation and Financial Position
Agility maintained a healthy balance sheet during the quarter. As of 30 September 2026, total assets were approximately $12.7 billion, and shareholders’ equity was $4.7 billion. Cash and cash equivalents stood at $1.1 billion. Net debt including lease liabilities was $4.9 billion, up 7% from $4.6 billion on 31 December 2025, mainly reflecting the funding of the Saudi land acquisition.
Capital expenditure for the first nine months totaled $366 million across controlled businesses, mainly deployed in ALP for investment in the land bank and development pipeline. The group generated $290 million of operating cash flow in the first nine months of 2026.
About Agility:
Agility is a multi-business operator and long-term investor in global and regional businesses. Its portfolio of diversified international assets includes the world’s largest aviation services company (Menzies Aviation); a global fuel logistics business (Tristar); a leading logistics parks developer and operator across the Middle East, Africa, and South Asia (Agility Logistics Parks); and other businesses in digital logistics, e-commerce logistics, remote-site services, and public-sector logistics. It holds minority stakes in DSV, the world’s largest freight forwarder; Reem Mall, a mega-mall in Abu Dhabi; commercial real estate and supply chain companies in the GCC, and emerging technology companies in e-commerce enablement, energy transition, digital supply chain, and more. Agility Global has a global footprint across six continents and 80+ countries, with a workforce of 70,000 employees. It is publicly listed on the Abu Dhabi Securities Exchange (ADX).
