Summary

  • Presight AI Holding, G42's ADX-listed analytics subsidiary, is the group's only publicly audited operating layer: FY2025 revenue of AED 3.03 billion, up 36.9% year on year, with EBITDA of AED 785 million, a AED 3.4 billion order backlog and AED 2.17 billion in cash with no debt.
  • Khazna Data Centers, the group's data-center engine, self-reports 30 live data centers and 673 MW across its portfolio and has announced plans to add more than 1GW of hyperscale capacity over five years — figures the company publishes without independent financial statements.
  • Core42, the enterprise and sovereign AI cloud company formed from three G42 units in October 2023, demonstrates execution through partnerships — with Microsoft, iGenius and Northern Data Group — but publishes no revenue at all.
  • No consolidated G42 financial statements are published, so the group's overall profitability, capital structure and internal cross-charges between subsidiaries cannot be verified from public sources.
  • The practical consequence: G42's public narrative is anchored in units where disclosure is weakest (planned capacity, announced clusters), while its audited evidence sits in a services business whose revenue growth is real but measures analytics delivery, not compute deployment.

G42 (Group 42 Holding Ltd) is best understood not as one company but as a stack of distinct businesses, each operating under a different disclosure regime. At the bottom sit the data centers, operated by Khazna, which describes itself on its own site as "the largest data center platform in the UAE and the Middle East, holding over 70% market share" — a company assertion presented without an audited statement behind it [ourcompanies]. Khazna's homepage lists 30 live data centers, six ongoing projects and 673 MW across the portfolio [khazna].

These are operational-scale metrics, not financial results: the site does not date them, does not specify whether the 673 MW figure refers to IT load or gross power, and the company publishes no revenue or profit figures.

One layer up sits Core42, the group's enterprise and sovereign AI cloud company. G42 created Core42 in October 2023 by merging three units, including G42 Cloud, into a single technology company intended to deliver "national-scale enterprise cloud and AI capabilities" [nationalmerge] [khaleej] [g42core42launch].

Core42's public execution evidence is partnership-shaped rather than financial: in May 2025 Microsoft and Core42 presented a joint whitepaper on the role of sovereign public clouds in the AI era [msftwhitepaper]; G42 and the Italian AI firm iGenius announced plans for what the companies called Europe's largest AI compute cluster [igenius]; and Core42 announced a strategic partnership with Northern Data Group for large-scale GPU deployment [northerndata]. None of these announcements discloses revenue, utilization or delivered capacity.

No Core42 standalone revenue disclosure was found in public sources during the research for this article.

The third layer — and the only one an outside reader can audit — is Presight AI Holding PLC, listed on the Abu Dhabi Securities Exchange under the ticker PRESIGHT with G42 as majority shareholder. Presight's FY2025 results, corroborated by its annual report, show revenue of AED 3.03 billion for the year ended 31 December 2025, up 36.9% year on year; EBITDA of AED 785 million, up 23.5%; and profit after tax of AED 665.5 million, up 8.6% [presightnews] [presightar25].

The annual report adds that the order backlog closed at AED 3.4 billion, more than 1.1 times annual revenue, that the company remained debt-free with AED 2.17 billion in cash, and that international revenue rose 130% to roughly 38.5% of the total, up from about 23% in 2024 [presightar25]. The FY2024 baseline was AED 2,213.0 million, up 24.30% from AED 1,780.6 million in FY2023, with a year-end backlog of AED 2.99 billion and G42's holding shown at 70.5% [presightar24].

The asymmetry is the finding. In September 2025, G42 raised $100 million by selling a 2% stake in Presight to institutional investors, trimming its holding from roughly 70.5% to roughly 68.5% [nationalpresight]. The same reporting noted Presight's second-quarter revenue rose more than 53% to AED 523.9 million and that the company had launched a joint venture with the UAE Central Bank covering sovereign AI platforms for payments, central bank digital currencies and real-time settlement [nationalpresight].

A listed subsidiary monetizing a slice of itself at a premium — and a listed-analytics arm selling AI facility-management services back into its sibling data-center operator through a signed MoU with Khazna [mou] — are the clearest signals of a functioning, capitalized operating group.

But none of that answers the question the headline numbers raise. Public reporting describes a planned 5GW US-UAE AI data-center campus in Abu Dhabi run by G42 with American hyperscalers [dcd5gw]; G42 has issued construction updates on the Stargate UAE AI infrastructure cluster [stargateupdate] and announced its launch through a Global Tech Alliance [stargatelaunch]; and in November 2025 Microsoft and G42 announced a 200MW data-centre capacity expansion in the UAE [msft200mw] [msftexpansion].

In October 2025 Khazna announced it would add more than 1GW of hyperscale capacity over five years, including more than 400MW in international markets such as Saudi Arabia and Italy, and said it is delivering the infrastructure layer for Stargate UAE [khazna1gw]. These are plans and announcements. They are not audited deliveries.

The result is a ledger with a distinct shape: audited revenue at the services edge, self-reported capacity in the physical middle, and announced intent at the compute frontier. A reader can verify what Presight earned, cannot verify what Khazna earns, and can only track what Core42 promises. For a group whose strategic value to Abu Dhabi rests on operating sovereign AI compute at national scale, that distribution of evidence is itself the most load-bearing fact in its public record.

The evidence boundaries here are real. Every source in this article was read through provider-reported excerpts and snapshots rather than full end-to-end document inspection; figures are reported as published claims. Presight's FY2025 press release carries an internally inconsistent dateline (it reads "Feb 12, 2025" while reporting the year ended 31 December 2025), though the annual-report PDF corroborates the same figures. Khazna's capacity metrics are undated on its site. And the well-known limitation applies throughout: company announcements describe intent, not delivered capacity or earned revenue.

Where an aggregator circulating Core42 or Khazna revenue figures cannot be traced to a primary disclosure, those figures should be treated as unverified.