Alec Holdings Pjsc · DFM:ALEC
Alec Holdings Pjsc — H1 2026 Earnings Presentation
37 slides from Alec Holdings Pjsc's earnings presentation, August 2026
Slide 1: H1 2026 Earnings Presentation
H1 2026 EARNINGS PRESENTATION August 2026 H1 2026 EARNINGS PRESENTATION 1
Slide 2: Disclaimer
DISCLAIMER No statement in document is intended to be nor may be construed as a profit forecast. Any statements made in this document which could be classed as "forward-looking" are based upon various assumptions, including management’s examination of historical operating trends, data contained in t
Slide 3: Agenda
AGENDA 1 OVERVIEW 2 H1 & Q2 2026 FINANCIAL PERFORMANCE 3 OPERATIONAL HIGHLIGHTS 4 STRATEGY & GUIDANCE 5 INVESTMENT CASE 6 Q&A 7 APPENDIX H1 2026 EARNINGS PRESENTATION 3
Slide 4: Overview
1 OVERVIEW
Slide 5: H1 2026 Financial Highlights
H1 & Q2 2026 OPERATIONAL STRATEGY & Q&A APPENDIX OVERVIEW FINANCIAL INVESTMENT CASE HIGHLIGHTS GUIDANCE PERFORMANCE H1 2026 FINANCIAL HIGHLIGHTS NET INCOME REVENUE EBITDA EBITDA MARGIN NET INCOME MARGIN H1 2026 H1 2026 H1 2026 H1 2026 H1 2026 AED 8,990m AED 440m 4.9% AED 214m 2.4% +68% YoY +3% YoY (
Slide 6: H1 2026 Operational Highlights
H1 & Q2 2026 OPERATIONAL STRATEGY & Q&A APPENDIX OVERVIEW FINANCIAL INVESTMENT CASE HIGHLIGHTS GUIDANCE PERFORMANCE H1 2026 OPERATIONAL HIGHLIGHTS BACKLOG & PIPELINE SELECTIVE TENDERING DELIVERY & SAFETY AED 32.5bn 93% / 7% 4 741% 500+ 250+ Group contracted UAE / KSA backlog New Awards in H1 2026 Bi
Slide 7: Regional Construction Champion Delivering Complex, Large-Scale Projects
H1 & Q2 2026 OPERATIONAL STRATEGY & Q&A APPENDIX OVERVIEW FINANCIAL INVESTMENT CASE HIGHLIGHTS GUIDANCE PERFORMANCE REGIONAL CONSTRUCTION CHAMPION DELIVERING COMPLEX, LARGE-SCALE PROJECTS ACROSS STRATEGIC GROWTH SECTORS IN THE UAE AND KSA BUSINESS OVERVIEW LARGE AND SECURED BACKLOG Well-established
Slide 8: Superior Expertise in a Range of Complex Projects Serving Nationally Critical Sectors
H1 & Q2 2026 OPERATIONAL STRATEGY & Q&A APPENDIX OVERVIEW FINANCIAL INVESTMENT CASE HIGHLIGHTS GUIDANCE PERFORMANCE SUPERIOR EXPERTISE IN A RANGE OF COMPLEX PROJECTS SERVING DIFFERENT NATIONALLY CRITICAL SECTORS SELECTED EXAMPLES WITHIN EACH INDUSTRY DATA CENTRES HOTELS COMMERCIAL New focus sector A
Slide 9: Global Infrastructure Enters a New Investment Cycle to 2050
H1 & Q2 2026 OPERATIONAL STRATEGY & Q&A APPENDIX OVERVIEW FINANCIAL INVESTMENT CASE HIGHLIGHTS GUIDANCE PERFORMANCE GLOBAL INFRASTRUCTURE ENTERS A NEW INVESTMENT CYCLE TO 2050 US$151tn +54% +75% US$106tn Cumulative global infrastructure Growth in annual spend - US$4.4tn GCC infrastructure spend grow
Slide 10: UAE Project Spend to Grow to AED 315bn by 2033
H1 & Q2 2026 OPERATIONAL STRATEGY & Q&A APPENDIX OVERVIEW FINANCIAL INVESTMENT CASE HIGHLIGHTS GUIDANCE PERFORMANCE UAE PROJECT SPEND TO GROW TO AED 315BN BY 2033, BACKED BY AN AED 2.3TN PIPELINE A DIVERSIFIED ECONOMY BACKS SUSTAINED PROJECT SPEND TO 2033 SECTOR CONTRIBUTION TO GDP1 PROJECT SPEND (A
Slide 11: UAE Infrastructure Investment Continues to Advance at Scale
H1 & Q2 2026 OPERATIONAL STRATEGY & Q&A APPENDIX OVERVIEW FINANCIAL INVESTMENT CASE HIGHLIGHTS GUIDANCE PERFORMANCE UAE INFRASTRUCTURE INVESTMENT CONTINUES TO ADVANCE AT SCALE ADNOC Dar al Funoon Abu Dhabi2 Dubai Metro Gold Line AED 200bn1 AED 34bn3 Frank Gehry–designed Following OPEC exit (May perf
Slide 12: Landmark Award Wins in the UAE Across Entertainment and Energy
H1 & Q2 2026 OPERATIONAL STRATEGY & Q&A APPENDIX OVERVIEW FINANCIAL INVESTMENT CASE HIGHLIGHTS GUIDANCE PERFORMANCE LANDMARK AWARD WINS IN THE UAE ACROSS ENTERTAINMENT AND ENERGY SPHERE ABU DHABI ADNOC DAS ISLAND Alec Construction TARGET Engineering Three EPC contracts for TARGET Engineering on ADNO
Slide 13: KSA Project Spend to More Than Double to AED 471bn by 2033
H1 & Q2 2026 OPERATIONAL STRATEGY & Q&A APPENDIX OVERVIEW FINANCIAL INVESTMENT CASE HIGHLIGHTS GUIDANCE PERFORMANCE KSA PROJECT SPEND TO MORE THAN DOUBLE TO AED 471BN BY 2033 AS GIGA-PROJECTS AND MEGA-EVENTS MOBILISE GIGA-PROJECTS AND MEGA-EVENTS DRIVE A DOUBLING IN PROJECT SPEND CURRENT PIPELINE (A
Slide 14: Building a Market-Leading Presence in KSA
H1 & Q2 2026 OPERATIONAL STRATEGY & Q&A APPENDIX OVERVIEW FINANCIAL INVESTMENT CASE HIGHLIGHTS GUIDANCE PERFORMANCE BUILDING A MARKET-LEADING PRESENCE IN KSA, DELIVERING ON THE KINGDOM’S VISION AQUARABIA, QIDDIYA CITY W HOTEL RIYADH, KAFD ALEC delivered the full project ALEC FITOUT delivered at the
Slide 15: Sustained Execution Momentum Drives 68% Revenue Growth in H1 2026
H1 & Q2 2026 OPERATIONAL STRATEGY & Q&A APPENDIX OVERVIEW FINANCIAL INVESTMENT CASE HIGHLIGHTS GUIDANCE PERFORMANCE SUSTAINED EXECUTION MOMENTUM DRIVES 68% REVENUE GROWTH ACROSS ALL SEGMENTS IN H1 2026 QUARTERLY REVENUE TRENDS REVENUE AND PROFIT H2 surpass H1, with Q4 typically strongest RECOGNITION
Slide 16: Highest Health & Safety and Worker Welfare Standards
H1 & Q2 2026 OPERATIONAL STRATEGY & Q&A APPENDIX OVERVIEW FINANCIAL INVESTMENT CASE HIGHLIGHTS GUIDANCE PERFORMANCE DEDICATED TO THE HIGHEST HEALTH & SAFETY AND WORKER WELFARE STANDARDS HEALTH & SAFETY MANAGEMENT WORKER WELFARE STRATEGY ISO 45001/14001/9001 and 1 1 Dedicated worker welfare OSHAD1 ce
Slide 17: H1 & Q2 2026 Financial Performance
2 H1 & Q2 2026 FINANCIAL PERFORMANCE H1 2026 EARNINGS PRESENTATION 17
Slide 18: Revenue Up 68% YoY to AED 9bn with Strengthened Net Cash Position
H1 & Q2 2026 OPERATIONAL STRATEGY & Q&A APPENDIX OVERVIEW FINANCIAL INVESTMENT CASE HIGHLIGHTS GUIDANCE PERFORMANCE REVENUE UP 68% YOY TO AED 9 BN WITH A STRENGTHENED NET CASH POSITION Record H1 revenue of AED 9.0 billion, up 68% YoY, reflecting EBITDA | EBITDA NET PROFIT | NET REVENUE the ramp-up o
Slide 19: Strong Balance Sheet and Efficient Working Capital Management
H1 & Q2 2026 OPERATIONAL STRATEGY & Q&A APPENDIX OVERVIEW FINANCIAL INVESTMENT CASE HIGHLIGHTS GUIDANCE PERFORMANCE STRONG BALANCE SHEET AND EFFICIENT WORKING CAPITAL MANAGEMENT UNDERPINS OPERATIONAL AGILITY Net working capital of AED 1,127 million at 30 June 2026, up NET WORKING CAPITAL1 from AED 8
Slide 20: Maintaining a Capex-Light Model as Business Scales
H1 & Q2 2026 OPERATIONAL STRATEGY & Q&A APPENDIX OVERVIEW FINANCIAL INVESTMENT CASE HIGHLIGHTS GUIDANCE PERFORMANCE MAINTAINING A CAPEX-LIGHT MODEL AS BUSINESS SCALES INVESTMENTS CAPEX BREAKDOWN Capex remained broadly stable at AED 171 million in H1 2026 versus AED 168 million in H1 2025 Capex as %
Slide 21: Attractive Dividend Policy Aimed at Supporting Long-Term Value
H1 & Q2 2026 OPERATIONAL STRATEGY & Q&A APPENDIX OVERVIEW FINANCIAL INVESTMENT CASE HIGHLIGHTS GUIDANCE PERFORMANCE ATTRACTIVE DIVIDEND POLICY AIMED AT SUPPORTING LONG-TERM VALUE CASH DIVIDEND DISTRIBUTION SCHEDULE CAPITAL ALLOCATION FRAMEWORK AED 100 m AED 500 m Minimum 50% FY-2026 interim, payable
Slide 22: Operational Highlights
3 OPERATIONAL HIGHLIGHTS H1 2026 EARNINGS PRESENTATION 22
Slide 23: Large, Secured Backlog Continues to Grow
H1 & Q2 2026 OPERATIONAL STRATEGY & Q&A APPENDIX OVERVIEW FINANCIAL INVESTMENT CASE HIGHLIGHTS GUIDANCE PERFORMANCE LARGE, SECURED BACKLOG CONTINUES TO GROW, DRIVING VISIBLE MULTI-YEAR REVENUE CONTINUED GROWTH IN BACKLOG S t r o n g T e n d e r i n g P i p e l i n e (4) Related Unspecified Unspecifi
Slide 24: Building & Construction (B&C)
H1 & Q2 2026 OPERATIONAL STRATEGY & Q&A APPENDIX OVERVIEW FINANCIAL INVESTMENT CASE HIGHLIGHTS GUIDANCE PERFORMANCE BUILDING & CONSTRUCTION (B&C) REVENUE & GROSS PROFIT KEY UPDATES REVENUE GROSS GROSS PROFIT1 MARGIN Awarding of new projects o The Sphere Abu Dhabi H1 2026 AED 5,837m AED 408m 7.0% Exe
Slide 25: Energy Services
H1 & Q2 2026 OPERATIONAL STRATEGY & Q&A APPENDIX OVERVIEW FINANCIAL INVESTMENT CASE HIGHLIGHTS GUIDANCE PERFORMANCE ENERGY SERVICES REVENUE & GROSS PROFIT KEY UPDATES REVENUE GROSS GROSS Sustained top-line growth driven by execution PROFIT1 MARGIN against a deep ADNOC project portfolio across Offsho
Slide 26: Related Businesses
H1 & Q2 2026 OPERATIONAL STRATEGY & Q&A APPENDIX OVERVIEW FINANCIAL INVESTMENT CASE HIGHLIGHTS GUIDANCE PERFORMANCE RELATED BUSINESSES REVENUE & GROSS PROFIT KEY UPDATES REVENUE GROSS GROSS PROFIT1 MARGIN Significant number of projects undertaken as subcontractors for the B&C segment, including: H1
Slide 27: Strategy & Guidance
4 STRATEGY & GUIDANCE
Slide 28: Focused Strategy Driving Future Growth
H1 & Q2 2026 OPERATIONAL STRATEGY & Q&A APPENDIX OVERVIEW FINANCIAL INVESTMENT CASE HIGHLIGHTS GUIDANCE PERFORMANCE FOCUSED STRATEGY DRIVING FUTURE GROWTH 6 4 5 3 2 1 PURSUIT of value accretive DRIVE efficiencies opportunities in and excellence adjacent sectors, EXPAND through and geographies margin
Slide 29: Guidance
H1 & Q2 2026 OPERATIONAL STRATEGY & Q&A APPENDIX OVERVIEW FINANCIAL INVESTMENT CASE HIGHLIGHTS GUIDANCE PERFORMANCE GUIDANCE MANAGEMENT’S OUTLOOK Updated 2026 MEDIUM-TERM ~2.0x-2.5x supported by a healthy projects pipeline and Backlog 100% of revenue covered future anticipated projects Revenue Growt
Slide 30: Investment Case
5 INVESTMENT CASE
Slide 31: ALEC's Differentiated Value Proposition
H1 & Q2 2026 OPERATIONAL STRATEGY & Q&A APPENDIX OVERVIEW FINANCIAL INVESTMENT CASE HIGHLIGHTS GUIDANCE PERFORMANCE ALEC’S DIFFERENTIATED VALUE PROPOSITION Longstanding track Operational Unparalleled Strongly positioned in record of financial and excellence and risk capabilities to deliver two of th
Slide 32: Q&A Thank You
6 Q&A THANK YOU
Slide 33: Appendix
™_ a APPENDIX Ee
Slide 34: Income Statement
H1 & Q2 2026 OPERATIONAL STRATEGY & Q&A APPENDIX OVERVIEW FINANCIAL INVESTMENT CASE HIGHLIGHTS GUIDANCE PERFORMANCE INCOME STATEMENT AED mn (unless noted otherwise) Q2 2026 Q2 2025 %Change (YoY) H1 2026 H1 2025 %Change (YoY) Backlog - - - 32,453 35,408 -8.3% Revenue 4,380 2,895 51.3% 8,990 5,362 67.
Slide 35: Balance Sheet
H1 & Q2 2026 OPERATIONAL STRATEGY & Q&A APPENDIX OVERVIEW FINANCIAL INVESTMENT CASE HIGHLIGHTS GUIDANCE PERFORMANCE BALANCE SHEET AED mn 30-Jun-26 31-Dec-25 %Change (YTD) Total Non-current Assets Including 1,878 1,860 0.9% Property, plant and equipment 1,302 1,268 2.7% Retention receivables 223 187
Slide 36: Cash Flow Statement
H1 & Q2 2026 OPERATIONAL STRATEGY & Q&A APPENDIX OVERVIEW FINANCIAL INVESTMENT CASE HIGHLIGHTS GUIDANCE PERFORMANCE CASH FLOW STATEMENT AED mn Q2 2026 Q2 2025 %Change (YoY) H1 2026 H1 2025 %Change (YoY) Operating cashflow before change in working capital 99 254 -61.1% 478 489 -2.1% Working capital c
Slide 37: IR Contact
IR CONTACT JOHN DEEB ASER MOKHTAR CHIEF FINANCIAL OFFICER INVESTOR RELATIONS OFFICER I N V E S T O R . R E L A T I O N S @ A L E C . A E H1 2026 EARNINGS PRESENTATION 37