Alec Holdings Pjsc · DFM:ALEC
Alec Holdings Pjsc — Q1 2026 Earnings Presentation
39 slides from Alec Holdings Pjsc's earnings presentation, May 11, 2026
Slide 1: Q1 2026 Earnings Presentation
Q1 2026 EARNINGS PRESENTATION 11 May 2026 Q1 2026 EARNINGS PRESENTATION 1
Slide 2: Disclaimer
DISCLAIMER No statement in document is intended to be nor may be construed as a profit forecast. Any statements made in this document which could be classed as "forward-looking" are based upon various assumptions, including management’s examination of historical operating trends, data contained in t
Slide 3: Agenda
AGENDA 1 OVERVIEW 2 Q1 2026 FINANCIAL PERFORMANCE 3 OPERATIONAL HIGHLIGHTS 4 STRATEGY & GUIDANCE 5 INVESTMENT CASE 6 Q&A 7 APPENDIX FY 2025 EARNINGS PRESENTATION 3
Slide 4: Today's Presenters
TODAY’S PRESENTERS BARRY JOHN LEWIS DEEB CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER OFFICER
Slide 5: Overview
1 OVERVIEW
Slide 6: Q1 2026 at a Glance
Q1 2026 AT A GLANCE YoY % QoQ % AEDm Q1 2026 Q1 2025 change Q4 2025 change Revenue 4,609 2,467 87% 3,698 25% EBITDA 362 202 79% 400 (10) % EBITDA margin 7.9% 8.2% (35) bps 10.8% (298) bps Net Income 230 114 101% 256 (10) % Net Income Margin 5.0% 4.6% 36 bps 6.9% (191) bps F Y1 2 0 2 6 Q 5 EARNINGS P
Slide 7: Regional Construction Champion Delivering Complex, Large-Scale Projects
REGIONAL CONSTRUCTION CHAMPION DELIVERING COMPLEX, LARGE-SCALE PROJECTS ACROSS STRATEGIC GROWTH SECTORS IN THE UAE AND KSA BUSINESS OVERVIEW LARGE AND SECURED BACKLOG Well-established presence in the UAE since 1999; strategic expansion in Saudi Arabia since 2022 as well as successful acquisition of
Slide 8: UAE Infrastructure Investment Continues to Advance at Scale
UAE INFRASTRUCTURE INVESTMENT CONTINUES TO ADVANCE AT SCALE ADNOC AED 200bn1 5GW UAE-US AI Campus2 Dubai Metro Gold Line AED 34bn3 10 sq mile Abu Dhabi campus; Following OPEC exit (May 200MW Stargate UAE phase Approved 22 April 2026; 42km 2026); AED 200bn ($55bn) due Q3 2026 (G42, OpenAI, undergroun
Slide 9: Revenue More Than Doubles as Backlog Conversion Accelerates Across All Segments
REVENUE MORE THAN DOUBLES AS BACKLOG CONVERSION ACCELERATES ACROSS ALL SEGMENTS QUARTERLY REVENUE TRENDS REVENUE AND PROFIT H2 surpass H1, with Q4 typically strongest RECOGNITION POLICY Elevated revenue in Q4 Lower seasonality in Quarterly revenue trend in 2023 on account of revenue observed 2025 fo
Slide 10: Superior Expertise in a Range of Complex Projects
SUPERIOR EXPERTISE IN A RANGE OF COMPLEX PROJECTS SERVING DIFFERENT NATIONALLY CRITICAL SECTORS SELECTED EXAMPLES WITHIN EACH INDUSTRY DATA CENTRES HOTELS COMMERCIAL New focus sector Area: 1.5m m2 Area: 1.0m m2 STARGATE UAE WYNN AL MARJAN ONE ZA’ABEEL Client: Khazna Client: Wynn Resorts Client: Ithr
Slide 11: Building a Market-Leading Presence in KSA
BUILDING A MARKET-LEADING PRESENCE IN KSA, DELIVERING ON THE KINGDOM’S VISION AQUARABIA, QIDDIYA CITY W HOTEL RIYADH, KAFD ALEC delivered the full project ALEC FITOUT delivered at the scope (construction, W Hotel in Riyadh's King [Image placeholder] installation, testing, [Image placeholder] Abdulla
Slide 12: Highest Health & Safety and Worker Welfare Standards
DEDICATED TO THE HIGHEST HEALTH & SAFETY AND WORKER WELFARE STANDARDS HEALTH & SAFETY MANAGEMENT WORKER WELFARE STRATEGY ISO 45001/14001/9001 and 1 1 Dedicated worker welfare OSHAD1 certified health & team reviewing safety management subcontractors’ operations Mandatory welfare LTIFR2 of 0.104 per m
Slide 13: Q1 2026 Financial Performance
2 Q1 2026 FINANCIAL PERFORMANCE Q1 2026 EARNINGS PRESENTATION 13
Slide 14: Record Q1 2026 Performance with Net Profit More Than Doubling YoY
RECORD Q1 2026 PERFORMANCE WITH NET PROFIT MORE THAN DOUBLING YOY Record Q1 revenue of AED 4.6 billion, supported by a strong EBITDA NET INCOME order book and driven by steady project execution and delivery across the UAE and KSA. AED 362m AED 230m REVENUE 79% YoY 101% YoY EBITDA of AED 362 million,
Slide 15: Conservative Balance Sheet Supports Growth and Execution at Scale
CONSERVATIVE BALANCE SHEET SUPPORTS GROWTH AND EXECUTION AT SCALE Prudent balance sheet management AEDm | Balance Sheet Composition Non Current Current assets Equity Liabilities Assets • Cash of AED 1.0 billion, with the sequential decline from AED 1.6 billion at year-end 31-Mar-2026 31-Dec-2025 ref
Slide 16: Efficient Working Capital Management Underpins Operational Agility
EFFICIENT WORKING CAPITAL MANAGEMENT UNDERPINS OPERATIONAL AGILITY NET WORKING CAPITAL1 Q1 2026 net working capital outflows were seasonal, driven by NWC 835 850 607 856 811 higher receivables, retention balances, and contract-related amounts in line with increased activity AEDm Underlying operating
Slide 17: Maintaining a Capex-Light Model as Business Scales Investments
MAINTAINING A CAPEX-LIGHT MODEL AS BUSINESS SCALES INVESTMENTS CAPEX BREAKDOWN Q1 2026 was a quarter of significant execution activity, with CAPEX rising 78% YoY to AED 100 million as Capex as % 4.3% 3.1% 2.2% ALEC continued building delivery capacity 2.1% 3.5% of revenue 387 AED m 348 ALEC operates
Slide 18: Attractive Dividend Policy Aimed at Supporting Long-Term Value
ATTRACTIVE DIVIDEND POLICY AIMED AT SUPPORTING LONG-TERM VALUE CASH DIVIDEND DISTRIBUTION SCHEDULE CAPITAL ALLOCATION FRAMEWORK AED 335m AED 500m Minimum 50% For FY-2025, AED 85m Guided for FY-2026 Payout ratio of net distributed to ICD pre-IPO payable in October income, FY-2027 onwards, (Aug 2025)
Slide 19: Operational Highlights
3 OPERATIONAL HIGHLIGHTS Q1 2026 EARNINGS PRESENTATION 19
Slide 20: Large, Secured Backlog Driving Visible, Multi Year Revenue Growth
LARGE, SECURED BACKLOG DRIVING VISIBLE, MULTI YEAR REVENUE GROWTH CONTINUED GROWTH IN BACKLOG AED 26.7 billion backlog reflects ALEC’s focus on high-value, BACKLOG EVOLUTION (AED bn) Q1 2026 BACKLOG KSA UAE strategic and nationally critical and vision-led projects. BY COUNTRY 11% 89% x Backlog cover
Slide 21: Building & Construction (B&C)
BUILDING & CONSTRUCTION (B&C) REVENUE & GROSS PROFIT KEY UPDATES REVENUE GROSS GROSS PROFIT1 MARGIN Ramp up in execution of three significant projects drove accelerated revenue and gross profit growth, namely: Q1 2026 AED 2,875m AED 197m 6.8% o Stargate Data Center 116% YoY 120% YoY vs. 6.7% (Q1 202
Slide 22: Energy Solutions
ENERGY SOLUTIONS REVENUE & GROSS PROFIT KEY UPDATES REVENUE GROSS GROSS Sustained top-line growth driven by execution PROFIT1 MARGIN against a deep ADNOC project portfolio across Offshore, Onshore and Gas Processing, supported by: Q1 2026 AED 1,499m AED 44m 2.9% o Continued progress across multi-yea
Slide 23: Related Businesses
RELATED BUSINESSES Strong margins, reflecting specialist, value-added nature of services and continued integration across projects REVENUE & GROSS PROFIT KEY UPDATES REVENUE GROSS GROSS PROFIT1 MARGIN Significant number of projects undertaken as subcontractors for the B&C segment, including: Q1 2026
Slide 24: Strategy & Guidance
4 STRATEGY & GUIDANCE
Slide 25: Focused Strategy Driving Future Growth
FOCUSED STRATEGY DRIVING FUTURE GROWTH 6 4 5 3 2 1 PURSUIT of value accretive DRIVE efficiencies opportunities in and excellence adjacent sectors, EXPAND through and geographies margins through investment in ESTABLISH project selection, technology, and regional business mix use of innovative EXPAND
Slide 26: Guidance
GUIDANCE MANAGEMENT’S OUTLOOK 2026 MEDIUM-TERM ~2.0x-2.5x supported by a healthy projects pipeline and Backlog 100% of revenue covered future anticipated projects Revenue Growth ~50-55% Grow at an implied CAGR of ~7-8% Gross Profit Margin ~10.3% Gradually improve by ~100bps EBITDA Margin ~8.5% Gradu
Slide 27: Investment Case
5 INVESTMENT CASE
Slide 28: ALEC's Differentiated Value Proposition
ALEC’S DIFFERENTIATED VALUE PROPOSITION Longstanding track Operational Unparalleled Strongly positioned to record of financial and excellence and risk capabilities to deliver continue capturing commercial success, management drive a large-scale complex significant growth in the with close to 20 sust
Slide 29: Q&A Thank You
6 Q&A THANK YOU
Slide 30: Appendix
™_ a APPENDIX Ee
Slide 31: Integrated Platform with Specialised Services Drives Competitive Edge
INTEGRATED PLATFORM WITH SPECIALISED SERVICES DRIVES COMPETITIVE EDGE 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 tailored to different types
Slide 32: UAE Economic Momentum Underpin Market Opportunity
UAE ECONOMIC MOMENTUM UNDERPIN MARKET OPPORTUNITY UAE REAL GDP GROWTH OUTLOOK (%) PURCHASING MANAGERS’ INDEX (PMI) 6.0% 5.6% 5.6% 60 54.8 54.2 54.9 55 55.9 5.0% 54.5 54.3 54.6 52.9 52.1 Real GDP 4.3% 55 53.2 4.0% 51.6 Growth 4.0% 50 6.8% (Q3 2025) 3.0% 45 2.0% 4.5% (Q2 2025) 40 1.0% November Decembe
Slide 33: KSA's Macroeconomic Outlook Supports Sustained Construction Demand
KSA’S MACROECONOMIC OUTLOOK SUPPORTS SUSTAINED CONSTRUCTION DEMAND REAL GDP GROWTH OUTLOOK (%) PURCHASING MANAGERS’ INDEX (PMI) 5.0% 4.4% 4.6% 58.5 57.4 Real GDP Growth 4.0% 56.3 56.1 5.0% (Q4 2025) 3.0% 51.5 2.0% 48.8 1.3% 4.8% (Q3 2025) 1.0% 0.0% 4.5% (Q2 2025) -1.0% November December January Febr
Slide 34: Construction: Continued Project Spend Across the UAE and KSA
Construction: Continued PROJECT SPEND ACROSS the UAE and KSA CONSTRUCTION: CONTINUED PROJECT SPEND ACROSS THE UAE AND KSA P R O J E C T S P E N D I S E X P E C T E D TO R E AC H c . 1 T R I L L I O N I N 2 0 2 9 D R I V E N B Y T R AN S F O R M AT I O N AL P R O J E C T S PROJECT SPEND1 (AEDbn) CAGR
Slide 35: Energy: Expansionary Gas Projects and Significant Capex Programmes
ENERGY: EXPANSIONARY GAS PROJECTS AND SIGNIFICANT CAPEX PROGRAMMES SUPPORTING UPSTREAM AND DOWNSTREAM WORLD PETROLEUM & OTHER LIQUIDS PRODUCTION (MB/D) Large-scale EPC pipeline Gas expansion and refinery across upstream & gas upgrades drive multi-year 110 EPC demand 105 3.4 3.7 3.1 2.9 100 10 10.3 9
Slide 36: Data Centres: Capitalising on AI-Fueled Data-Centre Boom in the UAE & KSA
DATA CENTRES: CAPITALISING ON AI-FUELED DATA-CENTRE BOOM IN THE UAE & KSA UAE AND KSA EXPERIENCING SIGNFICANT GROWTH NATIONAL AI STRATEGIES ARE TRANSLATING INTO MEGA IN DATA CENTRES CREATING CONTINUOUS CAMPUS-SCALE DATA CENTRE BUILDS DEMAND FOR SPECIALIST CONTRACTORS Regional data centre capacity is
Slide 37: Airports: Major Infrastructure Investment Driving Long-Duration Delivery Opportunity
AIRPORTS: MAJOR INFRASTRUCTURE INVESTMENT DRIVING LONG-DURATION DELIVERY OPPORTUNITY 4 8 AI R P O R T P R O J E C T S W O R T H AED 0 . 7 T N C U R R E N T LY U N D E RWAY I N T H E G C C, W I T H AI R PAS S E N G E R S S E T TO IN C R E AS E B Y 3 0 0 % TO 1 . 1 B N B Y 2 0 4 0 UAE TO SOLIDIFY ITS
Slide 38: Hospitality & Entertainment: Multi-Year Destination Build Cycle
HOSPITALITY & ENTERTAINMENT: MULTI-YEAR DESTINATION BUILD CYCLE TOURISM GROWTH AND PREMIUM SUPPLY SCALE-UP IN TOURISM AND GIGA-PROJECTS PIPELINE SUPPORT MULTI-YEAR DEMAND DRIVES SUSTAINED BUILD ACTIVITY UAE hotel room supply (keys/rooms) KSA hotel keys • Tourism and travel sector contributed AED • T
Slide 39: IR Contact
IR CONTACT JOHN DEEB ASER MOKHTAR CHIEF FINANCIAL OFFICER INVESTOR RELATIONS OFFICER I N V E S T O R . R E L A T I O N S @ A L E C . A E Q1 2026 EARNINGS PRESENTATION 39