Alec Holdings Pjsc · DFM:ALEC
Alec Holdings Pjsc — FY2025 Earnings Presentation
39 slides from Alec Holdings Pjsc's earnings presentation, Feb 12, 2026
Slide 1: FY 2025 Earnings Presentation
FY 2025 EARNINGS PRESENTATION 12 FEBRUARY 2026 FY 2025 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 MARKET OPPORTUNITY 3 FY AND Q4 FINANCIAL PERFORMANCE 4 OPERATIONAL HIGHLIGHTS 5 STRATEGY & GUIDANCE 6 INVESTMENT CASE 7 Q&A 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: Regional construction champion delivering complex, large-scale projects across the UAE and KSA
REGIONAL CONSTRUCTION CHAMPION DELIVERING COMPLEX, LARGE-SCALE PROJECTS ACROSS THE UAE AND KSA’S STRATEGIC GROWTH SECTORS BUSINESS OVERVIEW ROBUST FINANCIAL PROFILE Well-established presence in the UAE since 1999; strategic expansion Revenue EBITDA | Margin Net Income | Margin in Saudi Arabia since
Slide 7: Robust backlog and disciplined execution drive sustained revenue increase YoY and QoQ
ROBUST BACKLOG AND DISCIPLINED EXECUTION DRIVE SUSTAINED REVENUE INCREASE YOY AND QOQ QUARTERLY REVENUE TRENDS REVENUE AND H2 surpass H1, with Q4 typically strongest PROFIT RECOGNITION Elevated revenue in Q4 Lower seasonality in Quarterly revenue trend in POLICY 2023 on account of revenue observed 2
Slide 8: 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 9: Superior expertise in a range of complex projects serving nationally critical sectors
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: Ithra
Slide 10: Operational excellence driving a sustainable edge
OPERATIONAL EXCELLENCE DRIVING A SUSTAINABLE EDGE PROJECT LEVEL Selective tendering process 46% Success rate 1,2 Prudent cost management and control 0.6x Net Cash / EBITDA (FY 2025) STRATEGIC AND TECHNICAL Comprehensive integrated capabilities 4 Average no. of contracts across top 10 projects Optima
Slide 11: Dedicated to the 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 0.097 per m
Slide 12: Market Opportunity
2 MARKET OPPORTUNITY FY 2025 EARNINGS PRESENTATION 12
Slide 13: UAE economic momentum underpins market opportunity
UAE ECONOMIC MOMENTUM UNDERPIN MARKET OPPORTUNITY UAE REAL GDP GROWTH OUTLOOK (%) PURCHASING MANAGERS’ INDEX (PMI) 6.0% 60 5.0% 5.2% 54.2 53.8 54.8 54.2 52.9 53.3 54.5 54.5 5.0% 53.5 53.6 54.2 54.3 Real GDP 4.3% 55 4.0% Growth 4.0% 50 4.5% (Q2 2025) 3.0% 45 2.0% 40 1.0% July August September October
Slide 14: KSA's macroeconomic outlook supports sustained construction demand
KSA’S MACROECONOMIC OUTLOOK SUPPORTS SUSTAINED CONSTRUCTION DEMAND REAL GDP GROWTH OUTLOOK (%) PURCHASING MANAGERS’ INDEX (PMI) 4.6% 60 58.5 5.0% 4.5% 57.8 60.2 57.4 56.3 56.4 Real GDP Growth 4.0% 55 4.9% (Q4 2025) 3.0% 50 2.0% 1.3% 4.8% (Q3 2025) 1.0% 45 0.0% 4.5% (Q2 2025) 40 -1.0% July August Sep
Slide 15: 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 4.3% CURRENT PIPELINE2 CAGR 10.6% FY19-24 FY24-29 FY29-33 (A
Slide 16: 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 17: 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 18: 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 19: 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 20: FY & Q4 2025 Financial Performance
3 FY & Q4 2025 FINANCIAL PERFORMANCE FY 2025 EARNINGS PRESENTATION 20
Slide 21: Delivered record FY and Q4 performance driven by robust backlog conversion
DELIVERED RECORD FY AND Q4 PERFORMANCE DRIVEN BY ROBUST BACKLOG CONVERSION AND OPERATIONAL EXCELLENCE EBITDA | NET PROFIT | REVENUE Record revenue of AED 12.6 billion, driven by robust MARGIN MARGIN backlog conversion and disciplined execution. AED 12,604m AED 1,106m | 8.8% AED 687m | 5.5% FY 2025 5
Slide 22: FY & Q4 outperformance: record revenue, stronger margins, earnings more than doubling
FY & Q4 OUTPERFORMANCE: RECORD REVENUE, STRONGER MARGINS, EARNINGS MORE THAN DOUBLING FY: Q4 FY Change Change Revenue increased by 56% YoY to AED 12.6 billion on AEDm (YoY) (YoY) the back of backlog conversion across all segments. 2024 2025 2024 2025 Q4: Revenue increased by 36% YoY to nearly AED 3.
Slide 23: Balance sheet supports scale and disciplined growth
BALANCE SHEET SUPPORTS SCALE AND DISCIPLINED GROWTH Ramp-up in execution reflected in higher working AEDm 31-Dec-24 31-Dec-25 %Change (YTD) 30-Sep-25 %Change (QoQ) capital TOTAL NON-CURRENT ASSETS INCLUDING 1,339 1.860 39% 1,684 10% • Driving investment in Equipment and facilities. Property, plant a
Slide 24: Efficient working capital management underpins operational agility
EFFICIENT WORKING CAPITAL MANAGEMENT UNDERPINS OPERATIONAL AGILITY NET WORKING CAPITAL1 Significant increase in net working capital driven by NWC 835 850 607 856 ramp-up in execution intensity. AEDm Given the nature of the sector, there is volatility in the 8,761 working capital requirements, which
Slide 25: Maintaining a capex-light model as business scales
MAINTAINING A CAPEX-LIGHT MODEL AS BUSINESS SCALES CAPEX BREAKDOWN Capex for the FY 2025 period was AED 387 million, mainly directed toward enhancing capabilities within Capex as % 4.3% 3.1% the Energy segment to support future growth. 2.1% 3.5% of revenue 387 348 AED m ALEC operates a low capex mod
Slide 26: Attractive dividend policy aimed at supporting long-term value
ATTRACTIVE DIVIDEND POLICY AIMED AT SUPPORTING LONG-TERM VALUE CAPITAL ALLOCATION FRAMEWORK CASH DIVIDEND DISTRIBUTION SCHEDULE AED 250m AED 500m Minimum 50% CAPEX CASHFLOW FROM OPERATIONS CAPEX Payable in April 2026 For FY-2026 payable in Payout ratio of net profit, October 2026 and April FY-2027 o
Slide 27: Operational Highlights
4 OPERATIONAL HIGHLIGHTS FY 2025 EARNINGS PRESENTATION 27
Slide 28: Large, secured backlog driving visible, multi-year revenue growth
LARGE, SECURED BACKLOG DRIVING VISIBLE, MULTI YEAR REVENUE GROWTH CONTINUED GROWTH IN BACKLOG AED 30.2 billion backlog reflects ALEC’s focus on high-value, BACKLOG EVOLUTION (AED bn) FY 2025 BACKLOG KSA UAE strategic and nationally critical and vision-led projects. BY COUNTRY 11% 89% x Backlog cover
Slide 29: Building & Construction (B&C)
BUILDING & CONSTRUCTION (B&C) REVENUE & GROSS PROFIT REVENUE % OF TOTAL GROSS GROSS REVENUE1 PROFIT MARGIN FY 2025 AED 6,838m 47.1% AED 500m 7.3% 68% YoY 101% YoY vs. 6.1% (FY 2024) Q4 2025 AED 2,049m 48.1% AED 204m 10.0% 49% YoY 143% YoY vs. 6.1% (Q4 2024) BACKLOG KEY UPDATES As of 31 December 2025
Slide 30: Energy Solutions
ENERGY SOLUTIONS REVENUE & GROSS PROFIT REVENUE % OF TOTAL GROSS GROSS REVENUE1 PROFIT MARGIN FY 2025 AED 4,626m 31.9% AED 418m 9.0% 88% YoY 68% YoY vs. 8.9% (FY 2024) Q4 2025 AED 1,164m 27.3% AED 142m 12.2% 20% YoY 40% YoY vs. 10.4% (Q3 2024) BACKLOG KEY UPDATES Energy As of 31 December 2025 Strong
Slide 31: Related Businesses
RELATED BUSINESSES Margins are normalizing as higher than usual margin work is delivered REVENUE & GROSS PROFIT REVENUE % OF TOTAL GROSS GROSS REVENUE1 PROFIT MARGIN FY 2025 AED 3,050m 21.0% AED 373m 12.2% 53% YoY 14% YoY vs. 16.4% (FY 2024) Q4 2025 AED 1,047m 24.6% AED 120m 11.4% 69% YoY 45% YoY vs
Slide 32: Strategy & Guidance
5 STRATEGY & GUIDANCE
Slide 33: 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 34: 2025 guidance: achieved across key metrics
2025 GUIDANCE: ACHIEVED ACROSS KEY METRICS GUIDANCE PERFORMANCE 2025 Backlog 100% of revenue covered 2.4x Revenue Growth ~50-52% 56% Gross Profit Margin ~10.3% 10.5% EBITDA Margin ~8.5% 8.8% Capex ~2.0-3.0% of revenue 3.1% Gross Leverage1 ~1x ~0.8x (1) Gross Leverage includes total borrowings + leas
Slide 35: 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 36: Investment Case
6 INVESTMENT CASE
Slide 37: ALEC's differentiated value proposition
ALEC’S DIFFERENTIATED VALUE PROPOSITION Longstanding Operational Unparalleled Strongly track record of excellence and capabilities to positioned to financial and risk management deliver large-scale continue capturing commercial drive a sustainable complex and significant growth success. edge iconic
Slide 38: Q&A Thank You
7 Q&A THANK YOU
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 FY 2025 EARNINGS PRESENTATION 39