Al Dar Properties · ADX:ALDAR
Al Dar Properties — Investor Presentation (November 2024)
59 slides from Al Dar Properties's investor presentation, November 2024
Slide 1: Investor Presentation
INVESTOR PRESENTATION Aldar Properties November 2024
Slide 2: Aldar Properties Overview
ALDAR PROPERTIES OVERVIEW Aldar Properties Investor Presentation November 2024
Slide 3: Aldar Properties Diversified Business Model
ALDAR PROPERTIES DIVERSIFIED BUSINESS MODEL1 (31 DEC 2023) Leading real estate developer, operator and asset manager with two core businesses: Aldar Development & Aldar Investment Revenue AED 14.2bn MSCI Index BBB Market Cap AED 59.9bn5 EBITDA AED 5.1bn DJSI 47 Moody’s Credit Rating Baa2 Net Profit
Slide 4: Strong Execution on Growth & Expansion Strategy
STRONG EXECUTION ON GROWTH & EXPANSION STRATEGY An Abu Dhabi based company, leveraging the strengths of its 2020 operating model, delivering an elevated platform in terms of scale, efficiencies and diversification in 2023 AED bn 2020 2023 3 -yr CAGR Market Cap 24.8 42.1 19% 3-yr TSR 88% Revenue 8.4
Slide 5: Strong Group Financial Performance
STRONG GROUP FINANCIAL PERFORMANCE Poised for growth through strategic deployment of surplus capital into new asset classes and geographies Revenue (AED bn) Net profit (AED bn) 14.2 11.2 4.4 8.4 8.6 3.1 6.3 7.1 +26% 1.9 1.9 1.9 2.3 YoY +40% YoY 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022
Slide 6: Core Business Growth Drivers
CORE BUSINESS GROWTH DRIVERS Strongly positioned to capitalize on Growth & Expansion Strategy Aldar Development Aldar Investment ▪ Become leading destination builder providing exceptional ▪ Grow recurring income portfolio through “Develop-to- experiences Hold” strategy ▪ Diversify product and custom
Slide 7: International Expansion Supports Diversification Strategy
INTERNATIONAL EXPANSION SUPPORTS DIVERSIFICATION STRATEGY Deploying capital and investing into “growth” real state sectors to address relevant long-term trends Long Term Trends “Growth” Real Estate Sectors Benefits to Aldar Winning Cities Homebuilding ▪ Enlarged sales network & client synergies Citi
Slide 8: Geographic Expansion Approach
GEOGRAPHIC EXPANSION APPROACH Identify like-minded local partners and established operating platforms to expand and build up scale New Sectors and Geographic Expansion Organic Inorganic Preferred Approach Traditional Active Financial Passive Financial Partnership Approach Investments Investments Ope
Slide 9: Aldar Development
ALDAR DEVELOPMENT Strong 9M 24 EBITDA growth through effective development against sizeable backlog Group Sales (AED bn) Revenue (AED bn) EBITDA (AED bn) +24% +95% +72% 27.9 11.4 3.2 24.0 1.1 0.1 3.6 19.4 8.3 2.5 7.0 3.7 1.3 5.8 0.2 1.9 14.4 2.4 1.5 3.9 3.9 1.4 0.6 0.1 10.3 3.1 7.2 3.4 24.3 0.3 3.6
Slide 10: Aldar Investment (1/2)
ALDAR INVESTMENT (1/2) Strong 9M 24 Adj. EBITDA growth driven by organic operational performance, expansion of Aldar Estates and prior year acquisitions Revenue (AED mn) +24% 5,759 30 4,965 4,005 692 4,120 86 1 152 3,284 +5% +0.1% +31% +62% FY 21 FY 22 FY 23 9M 23 IP H&L Education Estates Others 9M
Slide 11: Aldar Investment (2/2)
ALDAR INVESTMENT (2/2) 2023 acquisitions contributing towards portfolio growth Investment Properties Hospitality & Leisure Education Aldar Estates1 Occupancy 95% Occupancy 71% 31 Schools Property Management Commercial 97% 12 Operated schools Facilities Management Residential 98% ADR AED 586 (+4% YoY
Slide 12: D-Hold Pipeline
AED 9.35BN D – HOLD PIPELINE1,2 AED 5.0bn - Commercial, Retail & Hospitality in Abu Dhabi AED 1.0bn – Logistics in Abu Dhabi & Dubai AED 1.75bn - Commercial, Retail & Residential in Dubai (Expo City)3 AED 1.6bn – Commercial in Dubai 2024 - 2025 2026 2027 H1 2025 H2 2027 Abu Dhabi, Yas Island Abu Dha
Slide 13: YTD 2024 Announcement Highlights (1/2)
YTD 2024 ANNOUNCEMENT HIGHLIGHTS (1/2) Aldar Properties - Group 4 JVs (60:40) with Mubadala - Further expanding the long-standing strategic partnership > AED 30 bn Aldar Mubadala “Mubadala’s strategic real estate partner” “Global Sovereign Investor and Founding Shareholder in Aldar” National Real Es
Slide 14: YTD 2024 Announcement Highlights (2/2)
YTD 2024 ANNOUNCEMENT HIGHLIGHTS (2/2) Aldar Investment Logistics Park in Dubai Commercial entry into Dubai Part of previously announced AED 1bn logistics commitment (D-Hold) AED 1.8bn commitment ▪ Strategic partnership with DP World to develop ▪ AED 1.6bn Develop (D-Hold) Grade A Office Tower Logis
Slide 15: Robust Group Balance Sheet Supporting Growth
ROBUST GROUP BALANCE SHEET SUPPORTING GROWTH Robust Group liquidity of AED 17.9bn 30 Sept 24 31 Dec 23 (AED mn) Debt and Facilities (AED bn) Available liquidity (AED bn) Debt 15,396 12,079 Committed Cash 13,292 11,718 undrawn bank Total Equity 40,945 38,183 Sukuk facilities 9M 24 6.9 8.4 9M 24 Gross
Slide 16: Transparent Dividend and Leverage Policies
TRANSPARENT DIVIDEND AND LEVERAGE POLICIES Consistently applied dividend and leverage policies demonstrate strong governance and financial discipline Shareholder Returns Balance Sheet • 1yr & 3yr TSRs of 31% and 88%, respectively4 • Robust balance sheet with debt well within stipulated LTV policies
Slide 17: 2024 Guidance
2024 GUIDANCE FY 2023 9M 2024 FY 2024 FY2024 (Actual) (Actual) (Guidance)3 (Updated Guidance) Aldar Group Adj. EBITDA AED 4.5bn AED 5.0bn AED 6.2 to 6.5bn AED 6.8 to 7.0bn Sales AED 27.9bn AED 24.0bn AED 29 to 31bn No change Aldar Development EBITDA AED 2.5bn AED 3.2bn AED 4.1 to 4.3bn AED 4.3 to 4.
Slide 18: Aldar Development
ALDAR DEVELOPMENT Aldar Properties Investor Presentation November 2024
Slide 19: UAE Landbank Overview (1/2)
Aldar Development Project Management Property Dev & Sales International Services UAE LANDBANK OVERVIEW (1/2) Landbank is spread across key investment zones in Abu Dhabi, Dubai and Ras Al Khaimah Landbank1 Locations Destinations Saadiyat Island Land Area 0.7mn sqm Abu Dhabi2 GFA 1.7mn sqm 62.1mn sqm
Slide 20: UAE Landbank Overview (2/2)
Aldar Development Project Management Property Dev & Sales International Services UAE LANDBANK OVERVIEW (2/2) 1 GFA has not been assigned to all landbank 2 GFA assigned only to Al Ghadeer Aldar Investor Presentation 20
Slide 21: UAE Development Projects Pipeline
Aldar Development Project Management Property Dev & Sales International Services UAE DEVELOPMENT PROJECTS PIPELINE Projects under construction, as at 30 Sept. 20241 Revenue Cash to be Launch Total Launched Sold Net Sales value Avg sale NSA Completion Project Location % sold Area sold % completion Ba
Slide 22: UAE – Abu Dhabi
Aldar Development Project Management Property Dev & Sales International Services UAE – ABU DHABI Aldar Development Al Fahid Island Acquisition in Abu Dhabi ▪ Land value of AED 2.5bn paid over 5 years ▪ Introduction of unique beachfront offering in Abu Dhabi ▪ 3.4mn sqm island between Yas Island and
Slide 23: UAE – Dubai
Aldar Development Project Management Property Dev & Sales International Services UAE - DUBAI Aldar Development JV with Dubai Holding, Dubai ▪ Partnership with Dubai Holding in February 2023 to further extend the 1st masterplan “Haven” growing portfolio and diversified offering Offering a total of 2,
Slide 24: UAE – Ras Al Khaimah
Aldar Development Project Management Property Dev & Sales International Services UAE – RAS AL KHAIMAH Aldar Development Nikki Beach Residences ▪ Partnership between Aldar & Nikki Beach Group ▪ 3 branded residential buildings Rosso Bay Residences ▪ 3 residential buildings ▪ On Marjan Island ▪ Between
Slide 25: Aldar Projects
Aldar Development Project Management Property Dev & Sales International Services ALDAR PROJECTS1 Aldar Projects backlog of AED 76bn Project Management Backlog Progression (AED bn) 26 82 1 79 78 1 76 0 65 (3) (3) (3) 62 61 2 2 59 22 (3) 50 (3) 51 45 (3) 31 27 26 28 (4) 79 79 76 76 75 75 55 55 54 34 3
Slide 26: Egypt – SODIC
Aldar Development Project Management Property Dev & Sales International Services EGYPT – SODIC1 Sales performance remains strong despite FX movements Sales (EGP mn) Revenue (EGP mn) +104% 9,886 +16% 39,641 7,648 6,922 29,808 5,439 4,707 20,971 19,465 11,205 4,707 5,439 FY 21 FY 22 FY 23 9M 23 9M 24
Slide 27: UK - London Square (1/3) - Overview
Aldar Development Project Management Property Dev & Sales International Services UK - LONDON SQUARE ( 1/3) - OVERVIEW Premier and leading residential developer in the UK Core ‘build-to-sell’, higher margin offering, developing homes across Greater London (and the Southeast) for sale to private indiv
Slide 28: UK - London Square (2/3)
Aldar Development Project Management Property Dev & Sales International Services UK - LONDON SQUARE ( 2/3) Acquired 10 sites YTD; adding GBP 1.7bn+ GDV to BTS & BTR pipeline 1 Wyvil Road, Vauxhall Zone 1 2 Richmond College campus, Twickenham Zone 5 3 Tite Street, Chelsea Zone 1 4 The Phoenix Academy
Slide 29: UK - London Square (3/3)
Aldar Development Project Management Property Dev & Sales International Services UK - LONDON SQUARE ( 3/3) Acquired 10 sites YTD; adding GBP 1.7bn+ GDV to BTS & BTR pipeline 1. Wyvil Road, Vauxhall (Zone 1) 6. Stratford Cross, Stratford (Zone 2) o Redevelopment of existing office & warehouse buildin
Slide 30: Aldar Investment
ALDAR INVESTMENT Aldar Properties Investor Presentation November 2024
Slide 31: Investment Properties Overview
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others INVESTMENT PROPERTIES OVERVIEW1 95% occupancy across the portfolio Commercial Residential Retail Logistics No. of assets 14 3 13 36 3 Leasable area (‘000 sqm) 469 812 521 216 Occupancy 97% 98% 89% 94% W
Slide 32: Investment Properties - Apollo Transaction
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others INVESTMENT PROPERTIES - APOLLO TRANSACTION Aldar completed long-term US$ 1.4bn investment transaction with Apollo in 2022 US$ 1.4BN OF LONG-TERM INVESTMENT Land Joint Venture 1 US$ 500mn investment into
Slide 33: Investment Properties (1/4) – Commercial
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others INVESTMENT PROPERTIES (1/4) – COMMERCIAL1 2022 2023 2024 2025 2026 2027 Acquisition Acquisition D-Hold D-Hold H2 2022 H2 2027 H1 2024 H1 2025 Abu Dhabi, Al Maryah Island Abu Dhabi, Al Maryah Island Duba
Slide 34: Investment Properties (2/4) – Residential
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others INVESTMENT PROPERTIES (2/4) – RESIDENTIAL1 2022 2023 2024 2025 2026 2027 Acquisition H2 2023 RAK Staff accommodations GLA 14k sqm Strata Sale Program2 2022 2023 9M 2024 169 units sold 123 units sold 191
Slide 35: Investment Properties (3/4) – Retail
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others INVESTMENT PROPERTIES (3/4) – RETAIL1 2022 2023 2024 2025 2026 2027 Redevelopment H1 2024 Redevelopment D-Hold D-Hold D-Hold H1 2022 H1 2025 RAK H2 2026 Abu Dhabi, Yas Island Abu Dhabi, Noya & Yas Golf
Slide 36: Investment Properties (4/4) – Logistics
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others INVESTMENT PROPERTIES (4/4) – LOGISTICS1 2022 2023 2024 2025-2026 2027 Acquisition Acquisition D-Hold D-Hold D-Hold D-Hold H2 2024 H1 2026 H1 2026 H1 2027 H1 2022 H1 2023 Abu Dhabi Dubai Abu Dhabi Dubai
Slide 37: Hospitality & Leisure (1/2)
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others HOSPITALITY & LEISURE (1/2) HOTELS GOLF CLUBS LEISURE Hotel portfolio consists of assets from 3 to 5 stars, in Golf portfolio features one of the world’s top 50 golf Leisure portfolio includes beaches,
Slide 38: Hospitality & Leisure (2/2)
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others HOSPITALITY & LEISURE (2/2) Ambitious growth plans - through greenfield, brownfield and acquisitions 2022 2023 2024 2025 2026 2027 Acquisition Transformation Transformation D-Hold 2022 H2 2026 H2 2027 H
Slide 39: Aldar Education (1/2)
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others ALDAR EDUCATION (1/2) 2nd largest private school operator in the UAE Operated Schools Managed Schools • 12 Operated Schools • 19 Managed Schools • +13% enrolment growth YoY, driven by: • -15% enrolment
Slide 40: Aldar Education (2/2)
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others ALDAR EDUCATION (2/2) Ambitious growth plans - through greenfield, brownfield and acquisitions 2022 2023 2024 2025 2026 2027 Acquisition Acquisition Green Field Green Field 2023 AY2024/2025 AY2025/2026
Slide 41: Aldar Estates (1/2)
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others ALDAR ESTATES1 (1/2) A leading regional Property & Facility Management Company Facility Management Integrated Community Services AED 851mn Total Orderbook AED 714mn Total Orderbook Property Management V
Slide 42: Aldar Estates (2/2)
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others ALDAR ESTATES1 (2/2) 2022 2023 2024 2025 2026 2027 Acquisition Merger H2 2022 H2 2023 Abu Dhabi Abu Dhabi Spark Security & other Eltizam Asset Management Group Acquisition H2 2023 Abu Dhabi FAB Properti
Slide 43: Europe - Investment in European Private Real Estate Credit
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others EUROPE - INVESTMENT IN EUROPEAN PRIVATE REAL ESTATE CREDIT Strategic partners form a USD 1 billion private credit platform, which will invest in senior secured debt across diverse real estate segments i
Slide 44: Sustainability
SUSTAINABILITY Aldar Properties Investor Presentation November 2024
Slide 45: Aldar Sustainability Strategic Framework & ESG Ratings
ALDAR SUSTAINABILITY STRATEGIC FRAMEWORK & ESG RATINGS Sustainability Purpose Shaping a Better Future We aim to create a business culture where sustainability is at the heart of everything we do, and where the concept of sustainability informs the way we operate, collaborate, innovate and grow. Sust
Slide 46: 9M 2024 Sustainability & Community Outreach Highlights
9M 2024 SUSTAINABILITY & COMMUNITY OUTREACH HIGHLIGHTS CREATING SUSTAINABLE PLACES ▪ Achieved 5% reduction in energy consumption (Jan-Jun 2024) for existing asset portfolio (year-on-year) ▪ Achieved 35% improvement in Energy Use Index (EUI) (Q3 2024) on average by design for new developments project
Slide 47: Eight Levers to Decarbonise
Eight Levers to Decarbonise Scope 1 emissions are direct emissions from owned or controlled sources Scope 2 emissions are indirect emissions from the generation of purchased energy Scope 3 emissions are all indirect emissions (not included in scope 2) that occur in the value chain of the reporting c
Slide 48: 2022-2023 Capital Deployed or Committed
2022-2023 CAPITAL DEPLOYED OR COMMITTED Aldar Properties Investor Presentation November 2024
Slide 49: 2023 Capital Committed
2023 CAPITAL COMMITTED c. AED 9bn of capital deployed or committed Aldar Development (c. AED 5.9bn) Aldar Investment (c. AED 3.1bn) Transaction Value (AED mn) Transaction Value (AED mn) Al Fahid land acquisition of 3.4m sqm island between Yas Residential: RAK Staff Accommodation acquisition, Ras Al
Slide 50: 2022 Capital Deployment
2022 CAPITAL DEPLOYMENT c. AED 11.5bn of capital deployed or committed Aldar Development (c. AED 4.1bn) Aldar Investment (c. AED 7.4bn) Transaction Value (AED mn) Transaction Value (AED mn) Acquisition of 6.2m sqm prime land located on 3,6801 Commercial the east side of Saadiyat Island 4 Grade-A com
Slide 51: Appendix
APPENDIX Aldar Properties Investor Presentation November 2024
Slide 52: New LTV Methodology – Ratio and Definition
NEW LTV METHODOLOGY – RATIO AND DEFINITION With the evolution of group’s legal entity structure and foreign operations, the leverage methodology was revised to include non-UAE operations and entire gross asset base Debt New Methodology Previous Methodology Loan-to-Value (LTV) = Gross Assets Debt • N
Slide 53: Aldar & Mubadala Partnership
ALDAR & MUBADALA PARTNERSHIP Long-standing strategic partnership Aldar Mubadala “Mubadala’s strategic real estate partner” “Global Sovereign Investor and Founding Shareholder in Aldar” Positioning Abu Dhabi as the global premier business and lifestyle destination Unlocking significant value-creation
Slide 54: Positioning Abu Dhabi as Premier Business & Lifestyle Destination
POSITIONING ABU DHABI AS PREMIER BUSINESS & LIFESTYLE DESTINATION Further expanding the long-standing strategic partnership Aldar Mubadala National Real Estate Champion Prime landbank Development & Asset Management Expertise Income-generating assets 4 Joint Ventures > AED 30bn 60 : 40 (Aldar : Mubad
Slide 55: Retail
RETAIL Creation of premium retail platform in Abu Dhabi JV Details ▪ Each partner contributes key Abu Dhabi retail assets Aldar Investment Properties forming premium retail platform of 260k sqm GLA Retail Portfolio Aldar : 60% ▪ Underpins Aldar as Abu Dhabi’s retail champion and Post-deal 9M 24 comp
Slide 56: Commercial & Residential
COMMERCIAL & RESIDENTIAL Acquisition of income generating assets in Masdar City, Abu Dhabi JV Details ▪ Own & manage income-generating assets in free zone - Aldar Investment Properties Masdar City, Abu Dhabi Commercial Portfolio Aldar : 60% ▪ Adding LEED certified assets to Aldar commercial portfoli
Slide 57: Logistics and Development
LOGISTICS AND DEVELOPMENT Logistics Park & Development strategically located islands LOGISTICS – Development of Logistics Park JV Details ▪ Develop Grade A logistics park in Al Falah, Abu Dhabi ▪ Close proximity to Zayed International Airport; along E11 Aldar : 60% linking Abu Dhabi & Dubai Mubadala
Slide 58: Contact Us
ALDAR INVESTOR PRESENTATION CONTACT US For any further enquiries please contact: Pamela Chahine Head of Investor Relations Tel: +971 (0)2 810 6585 Email: pchahine@aldar.com Salma Laalej Vice President Tel: +971 (0)2 810 6504 Email: slaalej@aldar.com 58
Slide 59: Disclaimer
DISCLAIMER This presentation is intended for information purposes only and does not constitute or form part of an offer for sale or subscription or an invitation or solicitation of an offer to subscribe for or purchase securities of any kind and neither this document nor anything contained herein sh
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