DP World revenue rises 13.1%, but Jebel Ali disruption hits profit

DP World Limited delivered strong revenue growth in the first half of 2026, but the headline increase masks considerable pressure on profitability.

Revenue rose 13.1% to $12.7 billion, supported by Logistics, Marine Services and the international Ports and Terminals portfolio. However, disruption to trade flows in the Middle East sharply reduced activity at Jebel Ali Port, dragging adjusted EBITDA and profit lower.

The key question for investors is whether this represents a temporary setback at a vital asset or evidence of wider operational weakness. The figures suggest it is mainly the former, although higher leverage, lower cash generation and an ambitious investment programme add financial risk.

The full figures are available in the original company announcement.

DP World’s first-half results at a glance

Metric	1H 2026	1H 2025	Change
Revenue	$12.7 billion	$11.2 billion	13.1%
Adjusted EBITDA	$2.9 billion	$3.0 billion	-5.6%
Adjusted EBITDA margin	22.5%	27.0%	-4.5 percentage points
EBIT	$1.6 billion	$1.9 billion	-16.5%
Profit for the period	$585 million	$960 million	-39.1%
Gross throughput	42.8 million TEU	45.4 million TEU	-5.7%
Operating cash generation	$2.0 billion	$2.6 billion	-23.1%
Capital expenditure	$1.5 billion	$1.1 billion	36.4%

Adjusted EBITDA means earnings before interest, tax, depreciation and amortisation, adjusted here to exclude separately disclosed items and include DP World’s share of profit from equity-accounted investments.

The 13.1% revenue increase looks impressive, but like-for-like growth was a more modest 4.1%. Like-for-like figures remove factors such as acquisitions, disposals, new operations and currency movements to give a clearer view of underlying performance.

More importantly, higher revenue did not translate into higher earnings. Adjusted EBITDA declined 5.6%, while the margin fell from 27.0% to 22.5%. Profit for the period dropped 39.1% to $585 million.

Jebel Ali explains much of the weakness

Jebel Ali Port was the central issue in these results. The infrastructure remained fully operational and suffered no physical damage, but regional conflict temporarily reduced vessel traffic.

First-half throughput at Jebel Ali fell 59.5% to 3.1 million twenty-foot equivalent units, or TEU. A TEU is the standard measure for the capacity of a 20-foot shipping container.

The second quarter was particularly severe. Jebel Ali handled just 374,000 TEU, representing a 90.1% year-on-year decline.

That reduction explains why total group gross throughput fell 5.7%, despite growth elsewhere. It also matters disproportionately to profitability because Jebel Ali is normally a significant contributor to group earnings.

This can be seen in the Middle East, Europe and Africa division, where adjusted EBITDA declined 12.3% to $2.1 billion and the margin fell from 30.7% to 24.9%.

DP World has introduced mitigation measures, including expanded inland connectivity, to support cargo movements. However, the timing and pace of a recovery in vessel traffic were not disclosed.

The wider portfolio performed considerably better

Removing Jebel Ali produces a much healthier picture.

Gross container volumes excluding the port rose 5.4% on a reported basis and 6.5% like-for-like. Revenue excluding Jebel Ali increased 18.5%, while adjusted EBITDA rose 9.7%.

Growth came from Africa, Asia Pacific, Europe and the Americas, supporting management’s argument that geographic diversification is helping the group absorb a major disruption at one location.

The strongest regional performance came from Australia and the Americas. Revenue increased 33.4% to $2.4 billion, while adjusted EBITDA rose 25.9% to $768 million. Its margin slipped slightly to 31.7%, partly because an acquired logistics operation carries lower margins.

Logistics, Parks and Economic Zones also delivered strong top-line growth, with revenue increasing 24.2% to $5.9 billion. Adjusted EBITDA rose only 6.1% to $682 million, however, and the margin declined from 13.6% to 11.6%.

Asia Pacific and India was more mixed. Revenue rose 14.9% to $2.0 billion, helped by acquisitions, but adjusted EBITDA fell 18.5% to $344 million. DP World attributed this partly to a one-off item included in the previous year and the lower margins generated by recently acquired logistics businesses.

Cash, debt and the investment programme

Cash generated from operating activities declined from $2.6 billion to $2.0 billion. That remains substantial, but the direction matters when DP World is also increasing investment.

Capital expenditure reached $1.5 billion during the half, up from $1.1 billion. Management still expects to invest approximately $3.0 billion across 2026, targeting capacity, terminal development and logistics infrastructure.

Major projects are planned across the UAE, UK, Democratic Republic of Congo, India and Saudi Arabia, alongside Drydocks World and Maritime Solutions. DP World also announced plans for two terminals at Fujairah under a 50-year concession, extending its UAE gateway network beyond Jebel Ali.

Liquidity stood at $8.2 billion, comprising $5.5 billion of cash and short-term investments plus $2.7 billion of undrawn committed borrowing facilities. This included approximately $700 million from non-core logistics asset monetisation in the UK and minority stake sales.

Pre-IFRS 16 leverage increased from 3.4 times at the end of 2025 to 3.7 times. This remains inside management’s policy of below 4.0 times, but it leaves less headroom than before. On a post-IFRS 16 basis, net leverage rose from 4.0 times to 4.3 times.

Net finance costs also increased from $631 million to $760 million, reflecting higher average net debt and greater foreign exchange losses.

What investors should take from the results

There are clear positives. Revenue grew, the wider portfolio increased volumes and EBITDA, liquidity remained strong, and Jebel Ali itself sustained no physical damage. The performance outside Jebel Ali suggests DP World’s global diversification is doing useful work.

The negatives are equally visible. Group profit fell sharply, margins contracted, operating cash generation declined and leverage moved higher. The planned $3.0 billion capital programme could support long-term growth, but it also demands disciplined execution while a key port is operating far below normal traffic levels.

The most important number in future updates will be Jebel Ali throughput. A meaningful recovery could restore a major source of group earnings and improve margins. If disruption persists, pressure on cash flow and leverage could become more significant.

For now, these results show a resilient international portfolio carrying the financial impact of an exceptional regional disruption. That is encouraging, but the recovery at Jebel Ali remains central to the next stage of DP World’s performance.