Dar Al Arkan Real Estate Development Co. · TADAWUL:4300
Dar Al Arkan Real Estate Development — Debt Investor Presentation (May 2026)
53 slides from Dar Al Arkan Real Estate Development's debt investor presentation, May 2026
Slide 1: Dar Al Arkan
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Slide 2: Project Musab - Investor Presentation Q1 2026
Project Musab - Investor Presentation Q1 2026 22
Slide 3: Table of Contents
Table of Contents Page No. 1. Market Positioning, Strategy & Key Milestones 4 2. KSA Real Estate Market & Macro Economic Overview 6 3. Key Business Indicators Overview 16 4. Financial Performance Overview 22 5. Assets Portfolio Overview – Dar Al Arkan 29 6. Projects Portfolio Overview – Dar Global 3
Slide 4: Market Positioning, Strategy & Key Milestones
MARKET POSITIONING, 1| STRATEGY & KEY MILESTONES 4
Slide 5: Market Positioning, Strategy & Key Milestones – Dar Al Arkan
Market Positioning, Strategy & Key Milestones – Dar Al Arkan Dar Al Arkan was founded on 28 December 1994 ❑ A strong legacy built over three decades to become the leading real estate developer in the KSA, with a national footprint and assets of US$ Market 10.8 bn as of 31 March 2026 that includes re
Slide 6: KSA Real Estate Market & Macro Economic Overview
KSA REAL ESTATE MARKET & 2| MACRO ECONOMIC OVERVIEW 6
Slide 7: Saudi Housing Market Today
Saudi Housing Market Today Saudi real estate market is growing on rising demand for properties with strong support from government and financial institutions. ❑ Housing demand driven by ▪ Total population is 35.3 million as of 2024 and is expected to reach 39.8 million by 2030, reflecting a CAGR of
Slide 8: Saudi Housing Market Today (Cont’d)
Saudi Housing Market Today (Cont’d)… Saudi real estate market is growing on rising demand for properties with strong support from government and financial institutions. ❑ As per GASTAT, according to the 2023 Household Income and Consumption Expenditure Statistics, the average household monthly dispo
Slide 9: Saudi Real Estate Market Fundamentally Differs from UAE Market
Saudi Real Estate Market Fundamentally Differs from UAE Market Saudi real estate market is pre-mortgage, land market for locals versus UAE’s mortgage supported property market for expatriates. UAE Developers Saudi Developers ❑ Total Population of UAE 10.3 mn (as of 2022) ❑ Total Population of 32.2 m
Slide 10: Saudi Real Estate Market Fundamentally Differs from UAE Market (cont’d)
Saudi Real Estate Market Fundamentally Differs from UAE Market (cont’d..) Saudi real estate market is pre-mortgage, land market for locals versus UAE’s mortgage supported property market for expatriates. UAE Developers Saudi Developers ❑ Vast majority is apartments and townhouses. ❑ Historically vas
Slide 11: Strategy in Sync with Saudi Market
Strategy in Sync with Saudi Market Our business model is gradually moving from developing and selling sub-division lands in wholesale towards value added products for retail customers such as developed plots, villas and apartments. Bulk Land Development Retail Land Development Vertical Development M
Slide 12: FY 2026 Outlook: KSA Real GDP Growth at 4.6%
Macroeconomic Overview FY 2026 Outlook: KSA Real GDP Growth at 4.6% Average Brent Oil Prices FY 2026 Outlook: Real GDP Growth of 2026 Budget Deficit Estimated at 120 108.5 4.6% 100.9 10.0% 8.7% 3.3% of GDP 100 82.5 80.5 4.0% 2.5% 80 70.9 69.1 8.0% 2.0% 60 6.0% 4.5% 4.6% 4.5% 40 3.7% 0.0% 20 4.0% 202
Slide 13: KSA Real Estate Sector Overview
KSA Real Estate Sector Overview The strong long-term fundamentals of the market remain intact Positive Demographic Trends Supply Shortages Government Support 5 4 KSA 4 Total Population 3 3 3 3 Millions 3 2 1 1 2 2 1 1 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 1 0 0 0 0 0 0 0 0 - 0 0-4 5-9 80+ 10-14 15-19 20
Slide 14: Residential & Commercial deals decreased 22.5% (2025 vs 2024)
KSA Real Estate Sector Overview Residential & Commercial deals decreased 22.5% (2025 vs 2024) 100 86 90 80 71 66 70 30 56 56 55 60 50 52 24 50 26 44 43 19 35 21 17 40 10 16 20 12 30 56 10 47 20 40 37 35 38 34 31 34 32 10 25 - 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Residential Commerc
Slide 15: Real Estate Price Index rose YoY to 2.8% in Q1 2026
KSA Real Estate Sector Overview Real Estate Price Index rose YoY to 2.8% in Q1 2026, down from its peak of 4.3% in Q1 2025. KSA Real Estate Price Index (YoY) KSA Real Estate Price Index (QoQ) 5.0% 3.0% 4.3% 4.0% 3.2% 2.0% 1.6% 2.8% 1.2% 3.0% 0.8% 1.0% 0.7% 2.0% 0.0% 0.1% 1.3% 0.0% -0.4% 1.0% Q1-24 Q
Slide 16: Key Business Indicators Overview
KEY BUSINESS INDICATORS 3| OVERVIEW 16
Slide 17: Key Investment Highlights
Key Investment Highlights ❑ Delivering excellence for more than 30 years. ❑ Instrumental in transforming Saudi Arabia’s real estate sector, with a strong record of developing master-planned Largest Listed communities across the Kingdom (including, Parisiana, Shams Al Arous, Shams Ar Riyadh, Buraidah
Slide 18: Key Investment Highlights
Key Investment Highlights ❑ Al Qasr Mall is fully operational with close to 99.6% occupancy and footfall of approximately 1.8 mn as of March 31, 2026. Improved Asset ❑ After 15 screen cinema, now Al Qasr Mall also offering Ice-Skating Rink and Ninja Obstacle Course for unmatched Management experienc
Slide 19: Robust Governance and Risk Management Policies
Robust Governance and Risk Management Policies ❑ Professional management with significant domain expertise. ❑ Active board with clear and transparent processes. ❑ Internal audit department reporting directly to the board of directors. Strong Corporate ❑ The Board operates through three standing comm
Slide 20: Q1 2026 – Key Business Indicators
Q1 2026 – Key Business Indicators Investment In Revenues (LTM) 8.0% EBITDA (LTM) 49.0% Development Properties (LTM) 209.8% US$ 1,102 mn US$ 699 mn US$ 1,710 mn (Q1 2025: US$ 1,020 mn) (Q1 2025: US$ 469 mn) (Q1 2025 : US$ 552 mn) Gross Debt/ Cash And Bank Book Value Per Share Capitalization US$ 1,663
Slide 21: Dar Al Arkan - Real Estate Assets
Dar Al Arkan - Real Estate Assets Dar Al Arkan - Project Land Area ▪ DAAR’s Real Estate assets portfolio at cost is US$ 6.9 bn. ▪ DAAR has a strong pipeline of projects across the Kingdom totaling 12.8 mn sqm. Real Estate Properties Break up – US$ bn Total Land Area Breakdown – SQM mn Investment in
Slide 22: Financial Performance Overview
FINANCIAL PERFORMANCE 4| OVERVIEW 22
Slide 23: Financial Performance – FY 2025 Profitability
Financial Performance – FY 2025 Profitability Yearly Revenues (US$ mn) Gross Profit (US$ mn) & Margin (%) 600 35% 36% 37% 40% 43% 47% 1,710 16% 24% 1,800 - 492 1,600 - 36 500 1 427 15 1,400 389 1 400 12 31 1,200 1,047 1,002 1,040 29 931 2 282 22 285 - 1,000 2 42 74 300 1 - - 31 722 239 665 38 40 220
Slide 24: Financial Performance – Q1 2026 Profitability
Financial Performance – Q1 2026 Profitability Yearly Revenues (US$ mn) Gross Profit (US$ mn) & Margin (%) 350 310 200 40% 45% 44% 44% 48% 59% 39% 46% 293 1 - 300 270 271 1 10 159 256 1 249 1 24 245 11 160 - 142 - 11 1 227 14 3 250 14 10 8 - 17 10 10 - 10 119 - 3 9 10 26 110 109 110 114 200 10 120 10
Slide 25: Financial Performance – FY 2025 and Q1 2026 Cash Flow
Financial Performance – FY 2025 and Q1 2026 Cash Flow Cash Flow – FY 2025 (US$ mn) Income / Sources of Cash Uses of Cash / Expenses 6,000 1,063 5,000 111 1,572 4,000 2,257 266 3,000 1,040 82 2,000 1 1,000 1,793 1,995 - Starting Cash Revenue New Debt Working Debt Opex Investment in Loan to a Maintena
Slide 26: Financial Performance – Q1 2026 Debt
Financial Performance – Q1 2026 Debt Gross Debt Vs Net Debt (SAR mn) Debt* / Capitalization 5,000 50% 4,369 4,259 4,500 43% 42% 3,909 39% 4,000 40% 34% 35% 34% 34% 34% 3,500 3,065 33% 2,853 2,840 2,829 2,933 2,883 1,995 2,275 1,663 3,000 30% 2,500 2,000 1,509 1,474 1,399 1,793 1,733 1,609 20% 22% 23
Slide 27: Prudent Capital Management of Paramount Importance
Prudent Capital Management of Paramount Importance Inventory (Years) ❑ Dar Al Arkan’s policy is to maintain liquidity to meet 8,000 16.0x 13.4x 7,000 11.9x 14.0x its commitments; 10.8x 6,000 12.0x 5,000 7.9x 10.0x ▪ Debt servicing obligations to remain compliant 6.3x 6.8x 6.9x 4,000 8.0x with financ
Slide 28: A Decade of Sukuk Issuances
A Decade of Sukuk Issuances Dar Al Arkan has been a pioneer in the Sukuk space in the GCC market and issued the first US$ 1 bn KSA corporate sukuk in 2007. Dar Al Arkan has issued a total of 14 Sukuk, raising US$ 7.15 bn of which US$ 5.4 bn has been repaid. Repaid $ 5.4 bn Outstanding US$ 1.75 bn 80
Slide 29: Assets Portfolio Overview
5 | ASSETS PORTFOLIO OVERVIEW 29
Slide 30: Shams Ar Riyadh – Key Facts
Residential & Commercial Development Projects - KSA Shams Ar Riyadh – Key Facts Location - Situated in the Al - Ammariyah district (King Khalid Road), part of the growing northwest corridor of Riyadh, Shams Ar Riyadh is close to the heart of the city and is located just 19 km from KKI Airport and 9
Slide 31: Residential & Commercial Development Projects - KSA
Residential & Commercial Development Projects - KSA Parisiana Shams Al Arous Juman Project Dar Al Mashaer - Located in Riyadh city and easily - Shams Al Arous is a master-planned, - Juman project is strategically located - Located in the holy city of Mecca on accessed through King Fahad best in clas
Slide 32: Residential & Commercial Development Projects - KSA
Residential & Commercial Development Projects - KSA Qasr Khozam Etoile by Elie Saab, Sedra- Riyadh Buraidah Hills, Qassim - The project is a joint venture between - Dar Al Arkan had won a contract to develop residential - Located in Buraidah city of Al-Qassim Jeddah Development and Urban units in SE
Slide 33: Leasing Properties Portfolio
Leasing Properties Portfolio Al-Qasr Mall, Riyadh Land Area 61,949 m² Built up Area 234,147 m² Gross Leasable Area 75,265 m² No. of floors 3 Leasable Floors plus two parking Parking 1,579 Parking Spaces Latest Activity: ▪ 99.6% occupancy achieved by the end of Q1 2026. ▪ Total footfall for Q1 2026 1
Slide 34: Projects Portfolio Overview – Dar Global PLC
PROJECTS PORTFOLIO 6| OVERVIEW DAR GLOBAL PLC 34
Slide 35: Notable Changes Since The Last Issuance
Notable Changes Since The Last Issuance ❑ Dar Global PLC, an associate of Dar Al Arkan (88%), has a global portfolio of 21 active projects with an estimated Gross Development Value (GDV) of US$ 19 bn. ❑ Launched GDV stands at US$ 4.8 bn. ❑ Dar Global, flagship projects include, six in Dubai, one in
Slide 36: Local Projects Developed by Dar Global PLC
Local Projects Developed by Dar Global PLC Neptune, Interiors by Mouawad Riyadh Trump Tower, Jeddah - Neptune Villas is located in the most sought-after northern part of Riyadh, - Dar Global is set to redefine the skyline of Jeddah with its latest project, the just moments away from Expo 2030 site w
Slide 37: International Projects Developed by Dar Global PLC
International Projects Developed by Dar Global PLC Trump Plaza, Jeddah Rayana, Riyadh Amaya, Jeddah - The Trump Paza strategically located on King - Rayana is a premium residential enclave - Amaya is one of the flagship real estate Abdulaziz Road within the Amaya master within Wadi Safar, designed a
Slide 38: International Projects Developed by Dar Global PLC
International Projects Developed by Dar Global PLC Urban Oasis by Missoni, Dubai Da Vinci Tower, Dubai W Residences, Dubai - The Urban Oasis Tower is located in the - Da Vinci Tower is a residential building in - The W Residences is a residential building in Business Bay area of Dubai. Downtown Duba
Slide 39: International Projects Developed by Dar Global PLC
International Projects Developed by Dar Global PLC DG 1, Dubai Trump International Hotel & Tower, Dubai D-Villas at Jumeirah Golf Estates, Dubai - DG 1 (Dar Global 1) Tower is located in the - The Trump International Hotel & Tower, - D-Villas is the epitome of luxury living in premium location by th
Slide 40: International Projects Developed by Dar Global PLC
International Projects Developed by Dar Global PLC Sidra Project AIDA, Oman Les Vagues, Qatar By Elie Saab - AIDA sits in the heart of Muscat, 130m above - Les Vagues by Elie Saab sets new - The Sidra project site is situated in Ravne, standards of luxury living in Qatar with an the shores covering
Slide 41: International Projects Developed by Dar Global PLC
International Projects Developed by Dar Global PLC Tierra Viva, Spain Marea, Finca Cortesin, Spain Tabano, Spain The Astera, UAE Design by Automobili Lamborghini Interiors by Missoni Interiors by Aston Martin - Tierra Viva in Behanavís – Costa del - Marea, our second project in Spain - Dar Tabano ac
Slide 42: International Projects Developed by Dar Global PLC
International Projects Developed by Dar Global PLC Oh So Close, London The Mulliner, London Albert Hall Mansion, London - Oh So Close offers an extraordinary - Originally known as Gloucestor House, - 7&8 Albert Hall Mansions Penthouse is residential setting, where modern design Nº149 Old Park Lane i
Slide 43: Transaction Structure and Key Terms
7| TRANSACTION STRUCTURE, AND KEY TERMS 43
Slide 44: Transaction Structure
Transaction Structure Master Purchase Master Lease Service Agency Agreement Agreement Agreement Purchase Undertaking / Sale and Substitution Undertaking A SO >" 5 : 1 Dar Al-Arkan {as Buyer) Dar Al-Arkan Dar AL-Arkan Dar Al-Arkan Dar Al-Arkan (as (as (as (as Seller) Lessee) Service Agent) Obligor) A
Slide 45: Key Transaction Terms
Key Transaction Terms Issuer and Trustee: Dar Al-Arkan Sukuk Company Ltd Obligor: Dar Al-Arkan Real Estate Development Company Obligor Rating: B1 / Stable outlook (Moody’s) Issue Rating: B1 (Moody’s) Format: Ijara-Commodity Murabaha Distribution: Reg S only Ranking / Security: Senior Unsecured Curre
Slide 46: Appendix
8| APPENDIX 46
Slide 47: Appendix I – Statement of Financial Position
Appendix I – Statement of Financial Position US$ in 000s FY 2023 FY 2024 FY 2025 Q1 2025 Q1 2026 Investment properties, net 274,190 262,133 252,198 259,414 249,878 Long-term development properties 5,403,149 5,567,271 6,690,831 5,443,180 6,676,512 Property and equipment, net 27,672 23,897 19,036 22,6
Slide 48: Appendix II – Statement of Profit or Loss
Appendix II – Statement of Profit or Loss US$ in 000s FY 2022 FY 2023 FY 2024 FY 2025 Q1 2025 Q1 2026 Revenue 1,046,800 721,893 1,002,406 1,039,947 248,535 310,211 Cost of revenue (658,110) (436,452) (575,737) (548,318) (140,117) (168,050) Gross profit 388,690 285,442 426,669 491,629 108,418 142,161
Slide 49: Appendix III – Statement of Cash Flows
Appendix III – Statement of Cash Flows US$ in 000s FY 2022 FY 2023 FY 2024 FY 2025 Q1 2025 Q1 2026 Profit before Zakat 156,903 167,045 220,649 361,136 57,374 84,938 Adjustments for: - - Depreciation & Amortization 13,382 13,399 15,066 14,391 3,598 3,486 Provision for expected credit losses / bad deb
Slide 50: Disclaimer
Disclaimer THIS PRESENTATION IS NOT FOR PUBLICATION, RELEASE OR any investment decision. DISTRIBUTION, DIRECTLY OR INDIRECTLY, INTO AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES. This presentation contains data compilations, writings and information that are proprietary and protected under copyright
Slide 51: Our Offices
OUR OFFICES RIYADH, KSA BEIJING, CHINA LONDON, UK MARBELLA, DUBAI, UAE 12622 Makkah Road, 303-309, North Tower, 50 Hans Crescent, Conrad Dubai, Al Wizarat, Beijing Kerry Centre, Knightsbridge, SPAIN Sheikh Zayed Road, Beside Riyadh Marriott Hotel, No.1 Guanghua Road, London, SW1X ONA Marbella’s Gold
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Slide 53: Thank you
Investor Relations Thank you Riyadh – Saudi Arabia Tel: +966 11 206 9888 Ext:1670 ir@alarkan.com 53
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