Alec Holdings Pjsc · DFM:ALEC
Alec Holdings Pjsc — 9M 2025 Earnings Presentation
34 slides from Alec Holdings Pjsc's earnings presentation, Nov 14, 2025
Slide 1: 9M 2025 Earnings Presentation
9M 2025 Earnings Presentation 14 November 2025
Slide 2: Disclaimer
DISCLAIMER This document may contain statements that are deemed “forward-looking.” These statements are based on current assumptions and expectations, including management’s review of historical trends, internal data, and third-party information. Forward-looking statements are inherently subject to
Slide 3: Agenda
AGENDA 1 Overview 4 Operational Highlights 2 Market Opportunity 5 Strategy & Guidance 3 9M and Q3 Financial 6 Q&A Performance 3
Slide 4: Today's Presenter John Deeb
TODAY’S PRESENTER JOHN DEEB CHIEF FINANCIAL OFFICER 9M 2025 EARNINGS PRESENTATION 4
Slide 5: Overview
OVERVIEW
Slide 6: Regional construction champion delivering complex, large-scale projects across the UAE and KSA
REGIONAL CONSTRUCTION CHAMPION DELIVERING COMPLEX, LARGE-SCALE PROJECTS ACROSS THE UAE AND KSA’S STRATEGIC GROWTH SECTORS BUSINESS OVERVIEW ROBUST FINANCIAL PROFILE Revenue EBITDA | Margin Net Income | Margin Well-established presence in the UAE since 1999; strategic expansion in Saudi Arabia since
Slide 7: High-value projects, sustained backlog growth and disciplined execution drive continued revenue growth
HIGH-VALUE PROJECTS, SUSTAINED BACKLOG GROWTH AND DISCIPLINED EXECUTION DRIVE CONTINUED REVENUE GROWTH Q U A R T E R LY R E V E N U E T R E N D S - H 2 s u r p a s s H 1 , w i t h Q 4 t y p i c a l l y s t r o n g e s t REVENUE AND PROFIT RECOGNITION POLICY AEDm Elevated revenue in Q4 Quarterly reve
Slide 8: Core engineering and construction business complemented by nine integrated suite of services
CORE ENGINEERING AND CONSTRUCTION BUSINESS COMPLEMENTED BY NINE INTEGRATED SUITE OF SERVICES CORE: ENGINEERING & CONSTRUCTION Oversees the entire lifecycle of construction projects, from initial concept and design through to final completion and handover Provides a range of specialized services tail
Slide 9: Extensive expertise in a wide range of strategic and nationally critical industries
EXTENSIVE EXPERTISE IN A WIDE RANGE OF STRATEGIC AND NATIONALLY CRITICAL INDUSTRIES S E L E C T E D E X AM P L E S W I T H I N E AC H I N D U S T RY AI R P O R TS R E TAI L C O M ME R CIAL Area: 2,000,000m2 Area: 2.0m m2 Area: 2.0m m2 Area: 1.0m m2 DUBAI AIRPORT– DUBAI HILLS MALL ONE ZA’ABEEL CONCOU
Slide 10: Operational excellence driving a sustainable edge
OPERATIONAL EXCELLENCE DRIVING A SUSTAINABLE EDGE PROJECT LEVEL Selective tendering process 3% Accepted invites I 57% Success rate 1,2 Prudent cost management and control 0.5x Net Cash / EBITDA (9M 2025) STRATEGIC AND TECHNICAL Comprehensive integrated capabilities 4 Average no. of contracts across
Slide 11: Dedicated to the highest health & safety and worker welfare standards
DEDICATED TO THE HIGHEST HEALTH & SAFETY AND WORKER WELFARE STANDARDS H E A LT H & S A F E T Y M A N A G E M E N T W O R K E R W E L F A R E S T R AT E G Y ISO 45001/14001/9001 and OSHAD1 certified health & safety management Dedicated worker welfare team reviewing subcontractors’ operations LTIFR2 o
Slide 12: Market Opportunity
2 MARKET OPPORTUNITY
Slide 13: Strongly positioned to capture significant growth in the UAE's substantial project pipeline
STRONGLY POSITIONED TO CAPTURE SIGNIFICANT GROWTH IN THE UAE’S SUBSTANTIAL PROJECT PIPELINE UAE ECONOMY EXPANDING AT HEALTHY PACE LED BY SUBSTANTIAL UPSIDE EXPECTED IN ALEC’S CORE SECTORS NON-OIL SECTORS Project Spend (AED bn) Current and upcoming hospitality supply (by C 2.0x operator classificatio
Slide 14: Well-positioned to capitalise on KSA's critical landmark project spend
WELL-POSITIONED TO CAPITALISE ON KSA’S CRITICAL LANDMARK PROJECT SPEND KSA ECONOMY SET TO SUSTAIN ROBUST GRWOTH KSA WILL CONTINUE TO DRIVE PROJECT SPEND IN THE GCC, DRIVEN BY PRIVATE SECTOR EXPANSION AND PUBLIC ESPECIALLY IN ALEC’S CORE SECTORS SPEND GCC Planned and Unawarded Projects (USD bn) Proje
Slide 15: Seizing AI-fueled data-centre growth in the UAE & KSA
SEIZING AI-FUELED DATA-CENTRE GROWTH IN THE UAE & KSA UAE AND KSA EXPERIENCING SIGNFICANT GROWTH IN NATIONAL AI STRATEGIES ARE TRANSLATING INTO MEGA DATA CENTRES CREATING CONTINUOUS DEMAND FOR CAMPUS-SCALE DATA CENTRE BUILDS SPECIALIST CONTRACTORS Announced Major Projects Regional data centre capaci
Slide 16: 9M & Q3 2025 Financial Performance
3 9M & Q3 2025 FINANCIAL PERFORMANCE
Slide 17: Delivered record 9M and Q3 performance on robust backlog conversion and operational excellence
DELIVERED RECORD 9M AND Q3 PERFORMANCE ON ROBUST BACKLOG CONVERSION AND OPERATIONAL EXCELLENCE Record revenue near AED 9 billion, on track to delivering EBITDA| Net Profit | record revenue for 2025, driven by robust backlog Revenue Margin Margin conversion and disciplined execution. 9M 2025 AED 8,90
Slide 18: 9M & Q3 outperformance: record revenue, stronger margins, earnings more than doubling
9M & Q3 OUTPERFORMANCE: RECORD REVENUE, STRONGER MARGINS, EARNINGS MORE THAN DOUBLING Q3 9 Months 9M: AEDm Change (YoY) Change (YoY) • Revenue increased by 66% YoY to AED 8.9 billion 2024 2025 2024 2025 on the back of backlog conversion across all segments. Q3: Revenue 1,945 3,544 82% 5,381 8,906 66
Slide 19: Balance sheet supports scale and disciplined growth
BALANCE SHEET SUPPORTS SCALE AND DISCIPLINED GROWTH AEDm 30-Sep-25 31-Dec-24 %Change (YTD) 30-Jun-25 %Change (QoQ) Ramp-up in execution reflected in higher TOTAL NON-CURRENT ASSETS working capital INCLUDING 1,684 1,339 26% 1,680 0% Driving investment in Equipment and Property, plant and equipmen
Slide 20: Efficient working capital management underpins operational agility
EFFICIENT WORKING CAPITAL MANAGEMENT UNDERPINS OPERATIONAL AGILITY N E T W O R K I N G C A P I TA L 1 NWC 835 850 607 747 AEDm Significant increase in net working capital driven by ramp up in execution intensity. 7,397 6405 Given the nature of the sector, there is volatility in the working capital 5
Slide 21: Capex-light model
CAPEX-LIGHT MODEL CAPEX BREAKDOWN AED m Capex for the 9M period was AED 303 million mainly directed toward enhancing capabilities within the Energy segment to Capex as % 5.4% 3.4% support future growth. 2.2% 4.1% of revenue 441 ALEC operates a low capex model with maintenance capex at c.1% of revenu
Slide 22: Attractive dividend policy aimed at supporting long-term value
ATTRACTIVE DIVIDEND POLICY AIMED AT SUPPORTING LONG-TERM VALUE CLEAR DIVIDEND POLICY C A P I TA L A L L O C AT I O N F R A M E W O R K C AS H D I V I D E N D D I S T R I B U T I O N S C H E D U L E Capex AED 200m AED 500m Minimum 50% Capex Payable in April 2026 For FY-2026 payable in Payout ratio of
Slide 23: Operational Highlights
OPERATIONAL HIGHLIGHTS »=
Slide 24: Large, secured backlog driving visible, multi year revenue growth
LARGE, SECURED BACKLOG DRIVING VISIBLE, MULTI YEAR REVENUE GROWTH CONTINUED GROWTH IN BACKLOG KSA 13% AED 32.9 billion backlog reflects ALEC’s focus on high-value, BACKLOG EVOLUTION (AEDbn) 9M 2025 strategic and nationally critical and vision-led projects. BACKLOG BY x Backlog coverage1 32.9 COUNT
Slide 25: Building & Construction (B&C)
BUILDING & CONSTRUCTION (B&C) REVENUE & GROSS PROFIT Revenue % of Total Revenue1 Gross Profit2 Gross Margin 9M 2025 AED 4,789m 47.8% AED 296m 6.2% 77% YoY 79% YoY vs. 6.1% (9M 2024) Q3 2025 AED 1,984m 48.9% AED 112m 5.6% 107% YoY 143% YoY vs. 4.8% (Q3 2024) BACKLOG K E Y U P D AT E S As of 30 Septem
Slide 26: Energy Solutions
ENERGY SOLUTIONS REVENUE & GROSS PROFIT Revenue % of Total Revenue Gross Profit2 Gross Margin 9M 2025 AED 3,230m 32.2% AED 276m 8.6% 75% YoY 87% YoY vs. 8.0% (9M 2024) Q3 2025 AED 1,218m 30.0% AED 87m 7.1% 82% YoY 93% YoY vs. 6.3% (Q3 2024) BACKLOG K E Y U P D AT E S As of 30 September 2025 Energy •
Slide 27: Related Businesses
RELATED BUSINESSES REVENUE & GROSS PROFIT Revenue % of Total Revenue Gross Profit2 Gross Margin 9M 2025 AED 2,004m 20.0% AED 253m 12.6% 45% YoY 4% YoY vs. 17.7% (9M 2024) Q3 2025 AED 858m 21.1% AED 118m 13.8% 62% YoY 13.5% YoY vs. 19.5% (Q3 2024) BACKLOG Related K E Y U P D AT E S As of 30 September
Slide 28: Strategy & Guidance
5 STRATEGY & GUIDANCE
Slide 29: Focused strategy driving future growth
FOCUSED STRATEGY DRIVING FUTURE GROWTH 1 2 3 4 5 6 Grow core business Expand KSA Establish regional Expand margins Drive efficiencies Pursuit of value in the UAE by business through leadership in high- through project and excellence accretive leveraging strong partnerships growth data centre selecti
Slide 30: On track to achieve 2025 guidance
ON TRACK TO ACHIEVE 2025 GUIDANCE Management’s Outlook 2025 MEDIUM-TERM Backlog coverage is expected to remain at ~2.0x-2.5x supported by Backlog 100% of revenue covered a healthy projects pipeline and future anticipated projects Revenue growth is expected to be ~50-55% in 2026E, of Revenue Growth ~
Slide 31: Investment Case
INVESTMENT CASE THU
Slide 32: ALEC's differentiated value proposition
ALEC’S DIFFERENTIATED VALUE PROPOSITION 3 5 1 Operational Unparalleled Strongly Large secured Robust financial 7 excellence and capabilities to positioned to backlog set to profile and risk management deliver large- continue drive visible significant Longstanding drive a scale complex capturing grow
Slide 33: Q&A Thank You
HOLDINGS Q&A — THANK YOU
Slide 34: IR Contact
JOHN DEEB CHIEF FINANCIAL OFFICER IR CONTACT ASER MOKHTAR INVESTOR RELATIONS OFFICER investor.relations@alec.ae