FIVE Holdings Reports First Quarter 2024 Results

May 24, 2024, Dubai, UAE - FIVE Holdings (BVI) Limited’s (“Company”) revenuereached AED 355 million with an EBITDA of AED 125 million for three monthsended March 2024. Pro forma LTM revenue for the period ended March 2024 was AED2,028 million, with a net profit of AED 309 million.

Cash and bank balances totalled AED 443 million,including an escrow balance of AED 253 million. Total borrowings amounted toAED 1,466 million, while total assets stood at AED 10,509 million with totalequity at AED 6,259 million by the end of Q1 2024.   

*Proforma statement of Profit or Loss includes the effect of acquisition ofUniverso Pacha S.A as if the business combination was effective for LTM endedMarch 2024.

Hospitality:

For the three-month period ended March 31, 2024, the hospitalitysegment witnessed a notable 9% increase in revenue, reaching AED 261 millioncompared to AED 239 million in the same period last year. This growth wasdriven by robust occupancy rates and strong revenue per available room (RevPAR)at key properties. FIVE Palm Jumeirah maintained a high occupancy rate of 90%and achieved a RevPAR of AED 1,392, while FIVE Jumeirah Village reported animpressive 94% occupancy and a RevPAR of AED 887. Hospitality EBITDA (excl. ThePacha Group) also saw a 5% increase, rising to AED 101 million from AED 97million in Q1 2023, underscoring the segment’s strong operational performance.

Real Estate Development:

In the real estate development segment, revenueamounted to AED 95 million, down from AED 168 million in Q1 2023. This declinewas primarily due to the completion of FIVE LUXE (hotel and residences) in2023.

Liquidity:

The liquidity position remains strong with USD 121 millionin cash and bank balances as of 31st March 2024. As of Q1 2024, theRevolving Credit Facility has been fully repaid, resulting in an availableundrawn credit facility of USD 200 million. Additionally, around USD 11 millionof the Swiss facility was also repaid in Q1 2024.

The Company will hold a conference call for the investorcommunity on Monday, June 3rd, 2024 at 4 p.m. (UAE Time). FIVEHoldings' Founder and Chairman, Kabir Mulchandani will discuss the Company’sconsolidated performance. Please pre-register via the following link:

https://finsight.zoom.us/webinar/register/WN_ma5QYrfeReCKIzht4rhNdA

The interim condensed consolidated financialstatements of the Company can be found at FIVE Holdings (BVI) Limited – Financial Statements

For investor-related inquiries, please contact investor.relations@fiveglobalholdings.com

For media inquiries, please contact Director of PublicRelations, Farah Palia at farah.palia@fiveglobalholdings.com

ABOUT FIVE HOLDINGS

FIVEHoldings is a vertically integrated group, and its current portfolio includes 3luxury hotels in the UAE, FIVE Palm Jumeirah, FIVE Jumeirah Village and FIVELUXE, a hotel in Switzerland, FIVE Zurich, 2 hotels in Spain, Destino PachaIbiza and El Hotel Pacha, a nightclub in Spain, Pacha Ibiza, 2 eponymousFashion Lines, FIVE Mode and The Pacha Collection in the UAE and Spain; as wellas a range of assets that include Toy Room, and WooMoon Storytellers(Globally).

FIVE hasemerged with the highest ESG rating in the world to date, as the only companyto receive an ‘A’ grade across all sectors from global rating agency, ISS. Thishighlights FIVE’s focus on a ‘Global Sustainable Entertainment Ecosystem,’which is the integration of immersive entertainment with homegrown F&Bconcepts that results in a distinctive guest experience for an internationaland affluent audience of luxury-loving, eco-conscious Millennial and Gen-Zcustomers.