Al Dar Properties · ADX:ALDAR
Al Dar Properties — Debt Investor Presentation (September 2025)
65 slides from Al Dar Properties's debt investor presentation, September 2025
Slide 1: Debt Investor Presentation
DEBT INVESTOR PRESENTATION Aldar Properties September 2025
Slide 2: Aldar Properties Overview
ALDAR PROPERTIES OVERVIEW Debt Investor Presentation September 2025
Slide 3: 20 Years of History & Experience
20 YEARS OF HISTORY & EXPERIENCE Enabling us to mobilise, optimise and provide exceptional services in the real estate market Significant Milestones 2005 2013 2018 2020 2021 2022 2023 2024 Aldar Properties Sorouh Real Estate Launched established as New JV with Expo City merger residential sales Abu
Slide 4: Aldar Properties Diversified Business Model
ALDAR PROPERTIES DIVERSIFIED BUSINESS MODEL1 (31 DEC 2024) Leading real estate developer, operator and asset manager with two core businesses: Aldar Development & Aldar Investment Revenue USD 6.3bn MSCI Index BBB Market Cap USD 20.4bn5 EBITDA USD 2.1bn DJSI 61 Moody’s Credit Rating Baa26 Net Profit
Slide 5: 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 6: 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 7: 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 2024 USD bn 2020 2024 4 -yr CAGR Market Cap 6.8 16.4 ~2.4x 25% 4-yr TSR 178% Revenu
Slide 8: Core Business Growth Drivers
CORE BUSINESS GROWTH DRIVERS Growth driven by UAE, core real estate recurring income portfolio expansion & growing platforms Aldar Development Aldar Investment ▪ Become leading destination builder providing signature experiences to ▪ Disciplined expansion of core real estate portfolio (Commercial, R
Slide 9: Financial Overview
FINANCIAL OVERVIEW Debt Investor Presentation September 2025
Slide 10: 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) Adjusted EBITDA1 (USD bn) Net profit after tax (USD bn) 27% 25% 31% 30% 27% 28% 31% 28% 6.3 1.9 1.8 3.9 1.2 1.2 3.0 0.9 2.3 0.8 0.6 0.6 +62% +53%
Slide 11: Aldar Development (1/2)
ALDAR DEVELOPMENT (1/2) Strong performance in H1 2025 driven by successful new launches and robust sales of existing inventory Group Sales (USD bn) Revenue (USD bn) +31% 4.3 +50% 9.1 0.5 7.6 1.4 5.0 3.1 1.0 2.2 3.8 0.2 1.9 2.0 0.3 3.9 0.3 0.3 1.1 0.4 3.8 0.2 2.0 0.9 6.6 7.7 2.8 1.0 4.8 3.5 +35% 1.5
Slide 12: Aldar Development (2/2) - UAE
ALDAR DEVELOPMENT (2/2) - UAE Property Development & Sales Sales Demographic, UAE Sales Breakdown RAK, 7% TOP 5: Dubai, 38% China Dubai, 30% USD 0.3bn 11% RAK, 12% USD 1.8bn 16% Russia 28% 24% 28% USD 2.4bn TOP 3: 10% UK USD 0.9bn India 12% USA TOP 5: TOP 3: India India USA India UK China UK FY 24 C
Slide 13: Aldar Investment (1/3)
ALDAR INVESTMENT (1/3) Strong organic growth supported by strategic acquisitions delivering significant contributions Revenue (USD mn) Revenue (USD mn) +16% 1,900 1,568 1,122 60 9 1,025 881 64 12 894 (1) +21% -1% +11% +20% FY 21 FY 22 FY 23 FY 24 H1 24 IP H&L Education Estates Others H1 25 Adj. EBIT
Slide 14: Aldar Investment (2/3) - Investment Properties
ALDAR INVESTMENT (2/3)- INVESTMENT PROPERTIES Strong Adj. EBITDA growth across all investment properties segments Adj. EBITDA1 (USD mn) Investment Properties Organic Disposals & Divestments Acquisitions & completed D-Hold Commercial Residential +17% +11% +35% +41% +26% 270 +30% 114 excl. divestments
Slide 15: Aldar Investment (3/3) – H&L, Education & Estates
ALDAR INVESTMENT (3/3) – H&L, EDUCATION & ESTATES Hospitality & Leisure Education Aldar Estates1 Occupancy 70% 31 Schools Property Management 12 Operated schools Facilities Management ADR USD 179 (+8% YoY) 19 Managed schools Integrated Community Services 37k Students Valuation & Advisory RevPAR USD
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 Leverage Aldar Investment Aldar Development • 1yr & 4yr TSRs of 48% and 178%, respectively4 Bank: • Total payout of USD 395 millio
Slide 17: Robust Group Balance Sheet Supporting Growth
ROBUST GROUP BALANCE SHEET SUPPORTING GROWTH Robust Group liquidity of USD 8.1bn Group Debt Maturity Profile (USD bn) (USD bn) 30 June 25 31 Dec 24 Well distributed maturity schedule, Debt 6.0 4.5 with weighted average life of 5.5 years Cash 4.9 4.1 1.5 1.5 Total Equity 12.2 11.7 1.2 Gross Debt to T
Slide 18: Aldar Development
ALDAR DEVELOPMENT Debt Investor Presentation September 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 0.6mn sqm Abu Dhabi2 GFA 1.4mn sqm 60.0mn 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 Properties - Debt 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 June 20251 Net Sales Revenue Cash to be Launch Launched Sold NSA Avg sale % Completion Project Location Total Units % sold value Area Sold Backlog
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 USD 0.7bn 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 USD 23bn Project Management Backlog Progression (USD bn) 0.1 7 5 25 24 0.1 23 22 22 0.4 21 0.3 21 17 16 0 0.4 11 (1) 11 (3) 8 (3) (3) (1) 6 14 14 12 (1) 7 (1) 8 24 24 23 23 (1)
Slide 26: Egypt – SODIC
Aldar Development Project Management Property Dev & Sales International Services EGYPT – SODIC1 Land Area 22.9mn sqm; BUA 8.2mn sqm; GDV EGP 690mn Sales (EGP mn) 48,987 Revenue (EGP mn) -18% +17% 9,893 29,808 8,648 7,648 6,922 3,999 20,971 8,801 7,233 3,406 11,205 FY 21 FY 22 FY 23 FY 24 H1 24 H1 25
Slide 27: UK - London Square (1/3)
Aldar Development Project Management Property Dev & Sales International Services UK - LONDON SQUARE ( 1/3) Land Area 0.47mn sqm; BUA 0.61mn sqm; GDV GBP 4,008mn Sales (GBP mn) Revenue (GBP mn) 233 117 80 64 59 55 48 44 41 22 29 17 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2
Slide 28: UK - London Square (2/3)
Aldar Development Project Management Property Dev & Sales International Services UK - LONDON SQUARE ( 2/3) Acquired 2 sites in H1 2025; adding GBP 272mn 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 Ac
Slide 29: UK - London Square (3/3)
Aldar Development Project Management Property Dev & Sales International Services UK - LONDON SQUARE ( 3/3) Acquired 2 sites in H1 2025; bringing additional total GDV of GBP 2.7bn+ to BTS & BTR pipeline 1. Wyvil Road, Vauxhall (Zone 1) 8. Biscuit Factory, Bermondsey (Zone 2) o Redevelopment of existi
Slide 30: Aldar Investment
ALDAR INVESTMENT Debt Investor Presentation September 2025
Slide 31: Aldar Investment Properties (AIP)
ALDAR INVESTMENT PROPERTIES (AIP) Debt Investor Presentation September 2025
Slide 32: Aldar Investment Properties Has an Established Track Record
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others ALDAR INVESTMENT PROPERTIES HAS AN ESTABLISHED TRACK RECORD Aldar Investment Properties – Highlights Region’s largest diversified real estate investment company with highest non-GRE credit rating at 1 B
Slide 33: Largest Diversified Real Estate Ownership Platform in the Region
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others LARGEST DIVERSIFIED REAL ESTATE OWNERSHIP PLATFORM IN THE REGION Aldar Investment Properties LLC ("AIP"), rated Baa1 with stable outlook by Moody’s, Abu Dhabi’s largest owns and operates a diverse and h
Slide 34: Investment Properties - Apollo Transaction
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others INVESTMENT PROPERTIES - APOLLO TRANSACTION In January 2025, Aldar reinforced its long-term partnership with Apollo through a private placement of USD500 million in subordinated hybrid notes USD 1.4BN OF
Slide 35: AIP Flagship Assets
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others AIP FLAGSHIP ASSETS Diverse portfolio across commercial, residential, retail and logistics segments COMMERCIAL RESIDENTIAL RETAIL LOGISTICS ADGM Towers Al Rayyana Yas Mall Abu Dhabi Business Hub ▪ Low-r
Slide 36: Investment Properties Overview
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others INVESTMENT PROPERTIES OVERVIEW1 97% occupancy across the portfolio Commercial Residential Retail Logistics No. of assets 27 15 295 46 Leasable area (‘000 sqm) 729 8,710 units 522 3896 Occupancy 99% 98%
Slide 37: Acquisition Strategy
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others ACQUISITION STRATEGY Pursuing portfolio growth opportunities through… …while adhering to 4 key principles… 01 Acquiring high quality income generating assets (from Aldar Properties PJSC and/or Balancing
Slide 38: Recent Developments
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others RECENT DEVELOPMENTS March 2019: February 2022: July 2022: 2023: 2024: Sold Al Murjan June 2019: March 2021: Acquired Al Hamra Acquired 4 Grade-A Acquired the freehold Acquired “6 Falak”, a newly Tower f
Slide 39: High Quality and Diversified Tenant Mix
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others HIGH QUALITY AND DIVERSIFIED TENANT MIX1 Key Highlights Examples of Tenants Lease Tenor Low tenant concentration risk Over 5 years Within 1 year 32% Reputable “sticky” tenants (majority are 20% GREs or
Slide 40: Leasing Strategy Protects & Grows Rental Income
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others LEASING STRATEGY PROTECTS & GROWS RENTAL INCOME AIP’s tenancy contract structure ensures current income is protected, including no termination clauses on majority of leases, and future income grows via
Slide 41: Recurring Revenue Stream with Long Average WAULT
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others RECURRING REVENUE STREAM WITH LONG AVERAGE WAULT Key Messages Revenue by Segment ✓ Recurring Revenues (USD 368mn in H1 2025): AIP revenues are underpinned by the strong performance of ADGM office towers
Slide 42: Robust Balance Sheet with Low Debt and Resilient Asset Valuation
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others ROBUST BALANCE SHEET WITH LOW DEBT AND RESILIENT ASSET VALUATION Prudent funding strategy with an LTV policy up to 40% of GAV Total Debt & Total Assets (USDbn) Liquidity Outstanding Debt ▪ Sukuk: USD 2.
Slide 43: Conservative Leverage Metrics & High Interest Coverage
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others CONSERVATIVE LEVERAGE METRICS & HIGH INTEREST COVERAGE Interest Coverage Leverage Ratios Secured Debt to Total Assets High interest coverage (3.7x in Q1 2025) with contracted long- Leverage ratios expec
Slide 44: Income Statement, Cashflow, Balance Sheet & Key Ratios of AIP
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others INCOME STATEMENT, CASHFLOW STATEMENT, BALANCE SHEET & KEY RATIOS OF ALDAR INVESTMENT PROPERTIES (SUMMARY) Income Statement (USD mn) 2020 2021 2022 2023 2024 H1 2025 Revenue 409 419 504 580 615 368 Finan
Slide 45: Hotels & Leisure, Education, Estates
HOTELS & LEISURE, EDUCATION, ESTATES Debt Investor Presentation September 2025
Slide 46: 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 47: 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 H1 2025 Transformation H2 2026 Transformation D-Hold 2022 H
Slide 48: Aldar Education (1/2)
ALDAR EDUCATION (1/2) 2nd largest private school operator in the UAE Operated Schools Managed Schools • 12 Operated Schools; Total Capacity: 23k students • 19 Managed Schools; Total Capacity: 30k students • 70% capacity utilisation (76% excluding Noya British School) • 71% capacity utilisation • +13
Slide 49: 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 2028 Acquisition Acquisition Green Field Green Field Green Field AY2024/2025
Slide 50: Aldar Estates (1/2)
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others ALDAR ESTATES1 (1/2) Established in 2023 , Aldar Estates represents series of strategic mergers and acquisitions that led to creation of the region's leading integrated property and facilities managemen
Slide 51: 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 Acquisition H2 2022 H1 2023 Abu Dhabi Abu Dhabi Spark Security & other Basatin Landscaping Merger H2 2023 Abu Dhabi Eltizam Asset Managemen
Slide 52: 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 53: Sustainability
SUSTAINABILITY Debt Investor Presentation September 2025
Slide 54: Sustainability Framework
SUSTAINABILITY FRAMEWORK Shaping a Better Future To create resilient, inclusive & thriving communities by integrating sustainable practices across all operations CREATING SUSTAINABLE PLACES CREATING SOCIETAL VALUE CREATING RESPONSIBLE LAGACY We are focused on shaping thriving communities Our vision
Slide 55: Sustainability & Community Outreach Highlights
SUSTAINABILITY & COMMUNITY OUTREACH HIGHLIGHTS Latest 2024 Sustainability Report published with updated sustainability framework, detailed commitments & targets, updated Net Zero plan and targets & engagement-based refreshed materiality assessment CREATING SUSTAINABLE PLACES 2025 Targets H1 2025 Hig
Slide 56: 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 57: Capital Deployment
CAPITAL DEPLOYMENT Debt Investor Presentation September 2025
Slide 58: 2022 Capital Deployed
2022 CAPITAL DEPLOYED c. USD 3.1bn of capital deployed Aldar Development (c. USD 1.1bn) Aldar Investment (c. USD 2.0bn) Transaction Value (USD mn) Transaction Value (USD mn) Acquisition of 6.2m sqm prime land located on 1,0021 Commercial the east side of Saadiyat Island 4 Grade-A commercial building
Slide 59: 2023 Capital Deployed or Committed
2023 CAPITAL DEPLOYED OR COMMITTED c. USD 2.5bn 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 acquis
Slide 60: 2024 Capital Deployed
2024 CAPITAL DEPLOYED c. USD 1.2bn of capital deployed Aldar Development (c. USD 517 mn) Aldar Investment (c. USD 0.6bn) Transaction Value (USD mn) Transaction Value (USD mn) Commercial: 6 Falak acquisition 69 International Land acquisitions, UK 517 Investment Commercial & Residential: Masdar assets
Slide 61: Develop-to-Hold
DEVELOP-TO-HOLD Debt Investor Presentation September 2025
Slide 62: USD 3.9 Billion D-Hold Pipeline
USD 3.9 BILLION D-HOLD PIPELINE1,2 2025 2026 2027 2028 H1 2025 Commercial H1 2026 Logistics H1 2027 Logistics H1 2028 Commercial Abu Dhabi, Yas Island Abu Dhabi Dubai, Jebel Ali, NIP Dubai, DIFC Yas Place Business Hub expansion Logistics Park – two modular buildings DIFC Tower4 GLA 25k sqm GLA incre
Slide 63: D-Hold Capex
D-HOLD CAPEX USD 3.3bn total capex phased over 2024 – 2029 for USD 3.9bn D-Hold pipeline Aldar 1 Segment Project Location Target Completion GLA (sqm) GDV (USD mn) Ownership Yas Place Yas Island Completed 100% 25,000 101 Saadiyat Business Park Saadiyat Island H2 2027 100% 25,000 133 Commercial One Ma
Slide 64: 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 64
Slide 65: 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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