Aradei Capital Sa · CSEMA:ARD
Aradei Capital Sa — Investor Presentation (May 2025)
35 slides from Aradei Capital Sa's investor presentation, May 2025
Slide 1: Platform Presentation May 2025
Platform Presentation May 2025
Slide 2: Table of content
I. Company and portfolio overview II. E&S strategy III.A story of growth Table of content Confidential & Proprietary i. Performance review since the IPO in 2020 ii. FY 2024 Financial performance iii. E&S Strategy IV. Conclusion and outlook V. Appendix 2
Slide 3: I. Company and portfolio overview
I. Company and portfolio overview 10
Slide 4: Vision and mission statement
Company and portfolio overview Vision and mission statement Vision To be the premier commercial real estate company delivering growth and return from a resilient and diversified portfolio Mission We acquire, develop and manage a portfolio of innovative assets anchored in their environment. Confident
Slide 5: Portfolio of commercial real estate assets valued at c. 8 billion MAD
Company and portfolio overview A portfolio of commercial real estate assets with a valuation reaching c. 8 billion MAD in 2024 Portfolio overview as at 31 December 2024 2024 Key business KPIs ▪ High occupancy rate of 97% 35 Assets 474,000 sqm 23 Cities 7.9 billion MAD Confidential & Proprietary ▪ Mo
Slide 6: A growing portfolio and targeted diversification beyond retail
Company and portfolio overview A growing portfolio and targeted diversification beyond retail real estate A diversified portfolio of assets Our main partners Assets types mix (GLA) ➢ 8 categories of operational assets Healthcare Industrial Units Facilities 3 Shopping centers 8% 19% Confidential & Pr
Slide 7: A presence in cities across Morocco
Company and portfolio overview A presence in 23 cities across Morocco Geographical Geographical locationlocation of the assets of thein assets terms(*) of GLA Geographical mix (Operating assets) Tanger/Tétouan 69,000 sqm Berkane Other cities; Casablanca; 3,000 sqm 15% 15% Rabat area Temara; 4% 56,00
Slide 8: A portfolio composed of various asset types
Company and portfolio overview Overview | A portfolio composed of various asset types Multi tenants, Retail Parks, Strip Retail Standalone Assets – Shopping Centers – 94,000 sqm Offices – 7,000 sqm Malls and Galleries – 166,000 sqm 56,000 sqm Confidential & Proprietary Example – almazar Example – Se
Slide 9: II. E&S Strategy
II. E&S Strategy 10
Slide 10: E&S Strategy – Environment: green buildings, solar, LED, EMS
E&S Strategy – Creating value through impact Environment I A positive impact on the environment ▪ Three assets with green certification • Office: Prism building in Casablanca (7,000 sqm) – Edge Advanced • Retail: a retail park under construction in Casablanca (30,000 sqm) – Edge Avanced • A healthca
Slide 11: E&S Strategy – Environment: adiabatic cooling, EV charging
E&S Strategy – Creating value through impact Environment I A positive impact on the environment ▪ Three assets with Adiabatic Cooling system • 3 sites: Borj Fes, Label Gallery Meknes, Sela Gallery Rabat ▪ KPI 2024 : 15% of multi-tenants assets are equipped with adiabatic cooling (in terms of number)
Slide 12: E&S Strategy – Communities
E&S Strategy – Creating value through impact Communities I A territorial anchoring of our assets ▪ KPI 2024 : 8,000 direct and indirect jobs across 23 cities in Morocco Employment Confidential & Proprietary ▪ KPI 2024 : More than 2 MMAD of free stands given to local entrepreneurs across 11 cities Su
Slide 13: E&S Strategy – People
E&S Strategy – Creating value through impact People I Diversity, equality and transparency ▪ KPI 2024 : Women accounting for: • 30% of Board directors • 40% of managers and executive team Diversity • 46% of employees Confidential & Proprietary ▪ KPI 2024 : • Equivalent to 17 hours of training per em
Slide 14: III. A story of growth
III. A story of growth i. Performance review since the IPO in 2020 10
Slide 15: Key investment milestones since 2020
A story of growth Key investment milestones since 2020 2020 2021 2022 2023 2024 ▪ Three retail park deliveries ▪ First OPCI investment ▪ First investment in ▪ Retail ▪ Retail • Atacadao Inezgane (8,200 sqm GLA) • Acquisition of a 100% stake in the healthcare • Development of the 8th • Launch of the
Slide 16: A strong financing story since the IPO
A story of growth A strong financing story since the IPO Bank financing Since 2020… up to December 2024 05 ▪ More than 2.3 bn MAD of financial debt with major local financial institutions ▪ Equity: 2.0 bn MAD ▪ Effective diversification among various financial institutions ▪ Bonds: 1.1 bn MAD 04 ▪ B
Slide 17: A dynamic and diversified investment strategy
A story of growth A dynamic and diversified investment strategy December 31st, 2020 December 31st, 2024 In % of GLA In % of GLA 90% Retail 67% Retail 29 Assets 346,000 sqm 35 Assets 474,000 sqm Incl. 4 plots GLA Incl. 3 plots GLA & 1 OPCI Confidential & Proprietary 19% Healthcare 15% 10% Industry 15
Slide 18: Continuous post-IPO growth reflecting solid fundamentals (1/2)
A story of growth 2020-2024 I Continuous post-IPO growth reflecting solid fundamentals (1/2) ▪ Dividend per share: 12.4 MAD (2020) – 18.2 MAD ▪ Key financial highlights (2021) – 19.2 MAD (2022) – 20.4 MAD (2023) – 22.0 • Revenues TCAM 20-24 : +17% MAD (2024) : a 13% average growth rate • NOI TCAM 20
Slide 19: Continuous post-IPO growth reflecting solid fundamentals (2/2)
A story of growth 2020-2024 I Continuous post-IPO growth reflecting solid fundamentals (2/2) Revenues (in MMAD) NOI (in MMAD) 583 606 567 486 491 460 450 441 421 424 398 361 341 340 313 259 271 260 199 214 Confidential & Proprietary 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 IPO Actual IPO Ac
Slide 20: ii. FY 2024 Financial Performance
III. A story of growth ii. FY 2024 Financial Performance 10
Slide 21: Activity overview
A story of growth Activity overview 606 MMAD 305 MMAD 7,9 Mds ▪ ARADEI SANTE (100% of shares) + 4% vs. 2023 + 13% vs. 2023 + 3.5% vs 2023 Acquisition of Akdital (31.85%) and BFO Foncière’s shares (17.15%) in Revenues FFO Investment properties Aradei Santé for ~MMAD 268. Confidential & Proprietary ▪
Slide 22: FY 2024 Financial results | Key income statement financials
A story of growth FY 2024 Financial results | Key income statement financials 2023 2024 Revenue 583 MMAD +4% 606 MMAD EBITDA 441 MMAD 450 MMAD +2% Confidential & Proprietary Funds From Operations 270 MMAD 305 MMAD (FFO)* +13% EBITDA Margin 75.6% 74.2% FFO per share 24.0 MAD 24.3 MAD** Dividend per s
Slide 23: FY 2024 Financial results | Key income statement financials (KMAD)
A story of growth FY 2024 Financial results | Key income statement financials In KMAD 2023 2024 Rental revenue 554,875 565,469 ▪ Revenues reached 606 MMAD by the end of 2024, reflecting a Other revenue 28,306 40,279 4% increase (+23 MMAD) compared to 2023, primarily driven by Confidential & Propriet
Slide 24: FY 2024 Financial results | Key balance sheet financials
A story of growth FY 2024 Financial results | Key balance sheet financials In KMAD 2023 2024 ▪ The evolution of cash and cash equivalents is Cash & Cash equivalents 682,328 813,652 explained, on the one hand, by the inflows generated by operations (+246 MMAD) and the two capital Investment propertie
Slide 25: A sound balance sheet structure with a controlled LTV
A story of growth A sound balance sheet structure with a controlled LTV In KMAD 31.12.2024 39% LTV and 33% LTV EPRA LTV Below Aradei Capital’s internal financing covenants (60%) ICR 3.0x Net Debt To EBITDA 5.6x Average remaining maturity 7.7 years Confidential & Proprietary Average cost of debt 4.6%
Slide 26: IV. Conclusion and outlook
IV. Conclusion and outlook 10
Slide 27: Conclusion and outlook (1/2)
Conclusion and outlook (1/2) Growth, Diversification and Transformation ✓ An investment momentum of 85,000 sqm in retail projects in Casablanca ▪ Expected opening in 2025 of Sela Plaza Casablanca, a landmark retail destination in the heart of the strategic district of Almaz (c. 30,000 sqm GLA) ▪ Lau
Slide 28: Conclusion and outlook (2/2)
Conclusion and outlook (2/2) Growth, Diversification and Transformation ✓ A consistent operating performance of existing assets ✓ Optimized capital structure and broadened market access ✓ A strengthened corporate governance to support the ambitious growth plan: separation of Chairman and Managing Di
Slide 29: V. Appendices
V. Appendices 10
Slide 30: Appendix 1a – A portfolio that doubled in size
Appendix 1a – 2024 Full-Year Results A dynamic investment strategy | A portfolio that doubled in size 100% 97% 97% 97% 96% 96% ▪ 6 retail parks delivered in 2019 and 2020 95% 95% 94% 93% ▪ An industrial unit acquired in 2019 478 474 ▪ Acquisition of an OPCI’s shares (banks) in 2021 466 Confidential
Slide 31: Appendix 1b – Portfolio valued at approximately 8bn MAD
Appendix 1b – 2024 Full-Year Results A portfolio of assets valued at approximately 8bn MAD: a 4x increase in size vs. 2015 Investment properties (in MMAD) : GLA (in thousands sqm) : 7.898 7.630 Confidential & Proprietary 7.199 100% 6.150 97% 97% 97% 96% 96% 95% 95% 5.065 5.200 94% 93% 4.326 3.657 3.
Slide 32: Appendix 2a – Shareholders and governance
Appendix 2a – Shareholders and governance A renowned shareholder base PIC Best BMCI – BNP Zakah Capital FCEC SARL Other Label’Vie BERD Flottant on behalf of GEPF Financière Paribas 36.0% 9.8% 6.8% 4.4% 3.4% 3.1% 3.1% 4.8% 28.6% Confidential & Proprietary Real Estate Investment advisory mandate REIM
Slide 33: Appendix 2b – A governance consistent with REIT standards
Appendix 2b – Shareholders and governance A governance consistent with REIT standards ▪ The Company’s governance is structured as follows: Board of Directors Investment Committee Conflict Committee Audit Committee The Committee decides on The Board of Directors determines Confidential & Proprietary
Slide 34: Appendix 2c – Investment Management, Property & Facility Management
Appendix 2c – Shareholders and governance Investment Management, Property & Facility Management Property Management Management Company Founded in 2013 by Mr. Nawfal BENDEFA and Mr. Mehdi TAHIRI JOUTEI HASSANI, REIM Aradei Real Estate Services is a wholly owned subsidiary of Aradei Capital Partners i
Slide 35: Contacts
Contacts Aradei Capital : Contacts REIM Partners : Nasser Benjelloun, RICS – Managing Director Omar Yacoubi, CFA – Deputy Managing Director n.benjelloun@aradeicapital.com o.yacoubi@aradeiservices.com + 212 6 63 42 56 55 + 212 6 61 36 13 99 Hortense Ghafir – General Secretary h.ghafir@reim-partners.c