Page 15 - AAE PR REPORT - November 2024

• The total number of transactions during the first nine months of the year increased by 2%
compared to the same period last year to 37.3 million. This significant growth further reinforces
our position as a dominant player in the market.

• The challenges posed by the parallel market in key remittance corridors have begun to ease in
recent quarters. However, ongoing geopolitical tensions in the Region continue to impact
remittance income. Remittance Operating Income saw a slight 2% reduction YoY on a
reported basis, while adjusted Remittance Operating Income witnessed a 7% increase
reaching AED 513 million.

• Despite geopolitical headwinds impacting the bank notes wholesale business, the strong
performance of our Prepaid Cards business, mitigated the overall impact, resulting in a 2%
YoY decline in Bank Notes Operating Income to AED 268 million.

• The Wage Protection System (WPS) business delivered impressive results in the 9 -months
period with a 9% YoY increase in WPS Operating Income to AED 53 million. By capitalising
on the robust UAE economy and executing a strong customer acquisition strategy, WPS
increased its customer base by 17%.

• Our commitment to addressing the evolving needs of the Corporate Business segment
yielded positive results. Number of transactions increased by 4% YoY, reaching 12.5 million.
This growth was driven by our strategic approach, which included expanding our product
offerings and driving significant growth in specific services like WPS.

• Customers conducted over 3.6 million Digital Transactions a 24% YoY increase, contributing
to 23% of the total remittance transactions. The sustained growth in digital transactions
underscores our commitment to digital transformation. By leveraging cutting-edge technology
and innovative solutions, we are continuously enhancing the customer experience and
streamlining financial services. This aligns with our vision of becoming a leading financial
services provider, offering seamless and efficient digital solutions to meet the evolving needs
of our customers.

9M 2024 FINANCIAL PERFORMANCE COMMENTARY

• Navigating a complex operating environment characterised by increased costs and geopolitical
challenges, the Group delivered a remarkable EBITDA margin of 45.4%.

• Net profit after tax declined 20% YoY to AED 308 million while adjusted Net Profit after tax
declined by 10% YoY. This decline is attributed to the increase in manpower (including
Emiratisation cost) and operational costs as well as the introduction of Corporate Tax.

• The Group's strategic focus on digital transformation and optimised branch network expansion
resulted in a 25% reduction in Capital Expenditure (CAPEX).

• The Group’s Cash Flow from operations after adjusting for CAPEX amounted to AED 365
million, with a 94% EBITDA to cash conversion rate.

9M 2024 PERFORMANCE OF OTHER OFFERINGS

• Worldwide Cash Express powered significant growth during the past 9 months, with a 223%
YoY surge in the number of transactions to more than 260,000 transactions and a transaction
value of USD 204 million accounting to a 119% YoY growth. This remarkable performance

9M/Q3 RESULTS 4