Al Dar Properties · ADX:ALDAR
Al Dar Properties — Debt Investor Presentation (January 2025)
54 slides from Al Dar Properties's debt investor presentation, January 2025
Slide 1: Hybrid Investor Presentation
HYBRID INVESTOR PRESENTATION Aldar Properties January 2025
Slide 2: Table of Contents
TABLE OF CONTENTS 01 Aldar Properties Overview 4 02 Financial Overview 11 03 Aldar Development 19 04 Aldar Investment 25 05 Sustainability 30 A Appendix 34 2
Slide 3: Aldar Properties Overview
ALDAR PROPERTIES OVERVIEW Hybrid Investor Presentation January 2025
Slide 4: Aldar Properties' Diversified Business Model
ALDAR PROPERTIES’ DIVERSIFIED BUSINESS MODEL1 Leading real estate developer, operator and asset manager with two core businesses: Aldar Development & Aldar Investment Revenue USD 3.9bn MSCI Index BBB Market Cap USD 16.2bn5 Adj. EBITDA6 USD 1.2bn DJSI 47 Moody’s Credit Rating3 Baa2 Net Profit USD 1.2
Slide 5: Aldar Ownership
ALDAR OWNERSHIP Publicly Listed Company with strong relationship with Government of Abu Dhabi Aldar Properties PJSC originally spun- out of Mubadala to activate real Highest rated estate investment in Abu Dhabi sovereign in MENA Aa2/AA/AA (all stable) Moody’s/S&P/Fitch Government is a sizeable / lon
Slide 6: Strong Execution on Growth & Expansion Strategy
STRONG EXECUTION ON GROWTH & EXPANSION STRATEGY An Abu Dhabi based company, with a proven growth strategy showcasing 30%+ compounded annual growth rates across revenue and Adj. EBITDA, supported by strong asset base USD bn 2021 2022 2023 LTM Sept 24 2 -yr CAGR (2021-23) Market Cap 8.6 9.6 11.5 16.3
Slide 7: Strong Group Financial Performance
STRONG GROUP FINANCIAL PERFORMANCE Solid performance driven by top rank positioning in UAE and successful accretive acquisitions and JVs Revenue (USD bn) Leverage1 & LTV 17% 17% 17% 15% 19% +69% 1.4x 1.4x 4.5 1.1x 3.9 0.9x 0.9x 3.0 2.7 2.3 FY 21 FY 22 FY 23 9M '23 9M '24 FY 21 FY 22 FY 23 9M '23 9M
Slide 8: 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 9: Aldar Properties PJSC Key Credit Highlights
ALDAR PROPERTIES PJSC KEY CREDIT HIGHLIGHTS Leading real estate group with low leverage, resilient asset valuation, focused on growth and expansion Leading real estate group focusing on development, management and investments across UAE with a well 1 diversified and sustainable operating model 2 Str
Slide 10: Financial Overview
FINANCIAL OVERVIEW Hybrid Investor Presentation January 2025
Slide 11: Aldar Development
ALDAR DEVELOPMENT Strong 9M 24 Adj. EBITDA growth through effective development against sizeable backlog Group Sales (USD bn) Revenue (USD bn) Adj EBITDA1 (USD bn) +24% +95% +72% 7.6 2.3 3.1 0.9 1.0 6.5 1.9 0.3 0.7 0.1 5.3 0.4 3.9 1.0 0.4 0.1 0.5 1.6 0.4 0.7 1.1 0.4 0.2 0.0 2.0 0.9 6.6 2.8 0.1 0.8 1
Slide 12: 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 (USD mn) +32% +31% 1,667 1,154 187 114 1,469 965 1,115 11 0.3 41 +5% +0.1% +31% +62% FY 21 FY 22 FY 23 9M 23 IP H&L Education Estates Other
Slide 13: 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 USD 160 (+4% YoY
Slide 14: 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 15: Robust Group Balance Sheet Supporting Growth
ROBUST GROUP BALANCE SHEET SUPPORTING GROWTH Robust Group liquidity of USD 4.9bn (USD mn) 30 Sept 24 31 Dec 23 Group Debt Maturity Profile (USD bn) Debt 4,192 3,289 Well distributed maturity schedule, Cash 3,619 3,191 with weighted average life of 5.2 years Total Equity 11,149 10,397 1.2 Gross Debt
Slide 16: 2023-24 Capital Committed to New Projects
2023-24 CAPITAL COMMITTED TO NEW PROJECTS c. USD 2.4bn of capital deployed or committed Aldar Development (c. USD 1.6bn) Aldar Investment (c. USD 0.8bn) Transaction Value (USD mn) Transaction Value (USD mn) Al Fahid land acquisition of 3.4m sqm island between Yas Residential: RAK Staff Accommodation
Slide 17: USD 2.6bn D-Hold Pipeline
USD 2.6BN D – HOLD PIPELINE1,2 USD 1.4bn - Commercial, Retail & Hospitality in Abu Dhabi USD 0.3bn – Logistics in Abu Dhabi & Dubai USD 0.5bn - Commercial, Retail & Residential in Dubai (Expo City)3 USD 0.4bn – Commercial in Dubai 2024 - 2025 2026 2027 H1 2025 H2 2027 Abu Dhabi, Yas Island Abu Dhabi
Slide 18: Aldar Development
ALDAR DEVELOPMENT Hybrid Investor Presentation January 2025
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) Strategic landbank available with significant property development potential 1 GFA has not been assigned to all landbank 2 GFA assigned only to Al Ghadeer FX Rate: I USD= 3.6725 AED as of 30
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: Aldar Projects
Aldar Development Project Management Property Dev & Sales International Services ALDAR PROJECTS1 Aldar Projects backlog of USD 21bn Project Management Backlog Progression (USD bn) 7 22 0.3 22 21 0.3 21 0 18 (1) (1) (1) 17 17 1 1` 16 6 (1) 14 (1) 14 12 (1) 8 7 7 8 (1) 79 79 76 76 75 75 55 55 15 9 10
Slide 23: UK - London Square - Overview
Aldar Development Project Management Property Dev & Sales International Services UK - LONDON SQUARE - 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 individuals.
Slide 24: Aldar Investment
ALDAR INVESTMENT Hybrid Investor Presentation January 2025
Slide 25: 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 26: Investment Properties - Apollo Transaction
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others INVESTMENT PROPERTIES - APOLLO TRANSACTION Aldar completed long-term USD 1.4bn investment transaction with Apollo in 2022 USD 1.4BN OF LONG-TERM INVESTMENT Land Joint Venture 1 USD 500mn investment into
Slide 27: Hospitality & Leisure
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others HOSPITALITY & LEISURE HOTELS1 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, beach
Slide 28: Aldar Education
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others ALDAR EDUCATION 2nd largest private school operator in the UAE • 12 Operated Schools • +13% enrolment growth YoY, driven by organic growth and new greenfield school additions Operated Schools • 69% capa
Slide 29: Aldar Estates
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others ALDAR ESTATES1 A leading regional Property & Facility Management Company Facility Management Integrated Community Services USD 232mn Total Orderbook USD 194mn Total Orderbook Property Management Valuati
Slide 30: 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 31: 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 32: 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 33: Appendix
APPENDIX Hybrid Investor Presentation January 2025
Slide 34: Reputable Board of Directors with Linkages Across Abu Dhabi Inc
REPUTABLE BOARD OF DIRECTORS WITH LINKAGES ACROSS ABU DHABI INC Waleed Al Muhairi Mohamed Al Suwaidi Sofia Lasky First Vice Chairman Second Vice Chairman Board Member H.E. Mohamed Khalifa Al Overview • Chairman of Waha Capital and Cleveland Overview • UAE Minister of Investment as well as Overview •
Slide 35: Highly Experienced Leadership Team with Robust Governance
HIGHLY EXPERIENCED LEADERSHIP TEAM WITH ROBUST GOVERNANCE Faisal Falaknaz Jassem Busaibe Jonathan Emery Group CFO & CEO, Aldar CEO, Aldar Sustainability Officer Investment Development Talal Al Dhiyebi Overview Overview Overview Group CEO • Responsible for finance, corporate finance, investor relatio
Slide 36: 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 37: 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 38: Aldar & Mubadala Partnership
ALDAR & MUBADALA PARTNERSHIP Long-standing strategic partnership Aldar Mubadala1 “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-creatio
Slide 39: 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 > USD 8.2bn 60 : 40 (Aldar : Muba
Slide 40: 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 Post-deal Aldar : 60% ▪ Underpins Aldar as Abu Dhabi’s retail champion and 9M 24 comp
Slide 41: 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 42: 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 43: UAE - Abu Dhabi
UAE – ABU DHABI Aldar Development Al Fahid Island Acquisition in Abu Dhabi ▪ Land value of USD 0.7bn paid over 5 years ▪ Introduction of unique beachfront offering in Abu Dhabi ▪ 3.4mn sqm island between Yas Island and Saadiyat Island ▪ 5,000+ residential units and leisure, retail & hospitality faci
Slide 44: UAE - Dubai
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 2,275 units spread over 1mn sqm of land ▪ 3 communities across 3.5mn sqm of land al
Slide 45: UAE - Ras Al Khaimah
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 Rixos Bab Al Bahr & DoubleTree by Hilton Resort (both acquired in 2022) ▪ Launch
Slide 46: UK - London Square
UK - LONDON SQUARE 1 Wyvil Road, Vauxhall Zone 1 2 Richmond College campus, Twickenham Zone 5 3 Tite Street, Chelsea Zone 1 4 The Phoenix Academy, White City Zone 2 6 5 Westminster Tower, Albert Embankment Zone 1+2 4 6 Stratford Cross, Stratford Zone 2+3 5 9 3 8 7 7 Woolwich Central, Greenwich 1 Zon
Slide 47: Egypt - SODIC
EGYPT – SODIC1 Sales performance remains strong despite FX movements Sales (USD mn) Revenues(USD mn) +104% 208 +16% 832 161 145 626 114 99 440 409 235 4,707 5,439 FY 21 FY 22 FY 23 9M 23 9M 24 FY 21 FY 22 FY 23 9M 23 9M 24 USD 724mn USD 1,128mn Units sold Landbank 2,873 Land area BUA 1,984 18.6mn sq
Slide 48: Aldar Investment Timeline (1/2)
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others ALDAR INVESTMENT TIMELINE1 (1/2) Commercial Residential Retail Logistics 2022 2023 2024 2025 2026 2027 D-Hold D-Hold D-Hold H1 2025 H2 2026 H2 2027 Strata Sale Program2 Abu Dhabi, Yas Island Abu Dhabi,
Slide 49: Aldar Investment Timeline (2/2)
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others ALDAR INVESTMENT TIMELINE (2/2) Hospitality & Leisure Education Aldar Estates 2022 2023 2024 2025 2026 2027 Acquisition Acquisition Green Field Transformation Transformation D-Hold 2022 2023 AY2024/2025
Slide 50: Europe - Investment in European Private Real Estate Credit
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 in the UK and European Union. Platform Summary Strategic Partners Capital Deployment Security Inv.
Slide 51: 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 52: Income Statement, Cashflow Statement & Balance Sheet of Aldar Properties (Summary)
INCOME STATEMENT, CASHFLOW STATEMENT & BALANCE SHEET OF ALDAR PROPERTIES (SUMMARY) Income Statement (USD mn) 2021 2022 2023 9M 2024 Revenue 2,335 3,050 3,856 4,493 Finance income 13 59 136 8 Finance cost 72 108 169 143 Net finance cost 59 49 33 135 Depreciation & Amortisation 58 86 109 8 Provisions,
Slide 53: 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 53
Slide 54: Disclaimer
DISCLAIMER THIS PRESENTATION IS NOT AN OFFER OR SOLICITATION OF AN OFFER TO BUY OR SELL NOTES. IT IS SOLELY FOR USE AT AN INVESTOR PRESENTATION AND IS PROVIDED AS INFORMATION ONLY. THIS PRESENTATION DOES NOT CONTAIN ALL OF THE INFORMATION THAT IS MATERIAL TO AN INVESTOR. BY ATTENDING THE PRESENTATIO
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