Al Dar Properties · ADX:ALDAR
Al Dar Properties — Q1 2025 Earnings Presentation
47 slides from Al Dar Properties's earnings presentation, Apr 29, 2025
Slide 1: Q1 2025 Results Presentation
Q1 2025 RESULTS PRESENTATION Aldar Properties 29 April 2025
Slide 2: Q1 2025 Highlights
Q1 2025 HIGHLIGHTS Q1 2025 Results Presentation 29 April 2025
Slide 3: Q1 2025 Executive Summary
Q1 2025 EXECUTIVE SUMMARY Group • Cross-platform growth driven by successful new launches, continued sales of existing inventory, ongoing Revenue EBITDA Net Profit1 recognition of development revenue backlog, contributions from recurring income portfolio both from organic and acquisitions AED 7.8bn
Slide 4: Aldar Development (1/2)
ALDAR DEVELOPMENT (1/2) Strong performance in Q1 2025 driven by successful new launches and robust sales of existing inventory Group Sales (AED bn) Revenue (AED bn) 33.6 15.7 27.9 1.7 5.3 +42% +46% 3.6 8.3 14.4 7.0 1.3 5.7 28.3 14.0 3.4 8.9 3.9 1.4 3.9 7.2 24.3 0.3 6.3 0.5 7.0 0.4 11.0 0.2 +38% 5.5
Slide 5: Aldar Development (2/2) - UAE
ALDAR DEVELOPMENT (2/2) - UAE Property Development & Sales Sales Demographic, UAE Sales Breakdown RAK 11% 16% 10% 28% 24% 30% 10% 12% Abu Dhabi 38% 54% Q1 25 47% 79% 57% Dubai AED8.4bn 72% 43% 34% 22% 13% FY 21 FY 22 FY 23 FY 24 Q1 25 UAE Nationals Resident Expats Overseas Units Sold & Units Handed
Slide 6: Aldar Investment (1/3)
ALDAR INVESTMENT (1/3) Strong organic growth supported by strategic acquisitions delivering significant contributions Revenue1 (AED mn) +15% 6,979 104 14 1,871 5,759 1,630 123 27 4,120 3,284 ( 27 ) +22% -9% +14% +19% FY 21 FY 22 FY 23 FY 24 Q1 24 IP H&L Education Estates Others Q1 25 Adj. EBITDA1,2
Slide 7: Aldar Investment (2/3) - Investment Properties
ALDAR INVESTMENT (2/3)- INVESTMENT PROPERTIES Strong Adj. EBITDA growth across all investment properties segments Adj. EBITDA1 (AED mn) Organic Disposals & Divestments Acquisitions & completed D-Hold Investment Properties Commercial Residential +13% +1% +43% +30% +36% +49% excl. disposals & divestme
Slide 8: Aldar Investment (3/3) – H&L, Education & Estates
ALDAR INVESTMENT (3/3) – H&L, EDUCATION & ESTATES Hospitality & Leisure Education Aldar Estates1 Occupancy 71% 31 Schools Property Management 12 Operated schools Facilities Management ADR AED 683 (+10% YoY) 19 Managed schools Integrated Community Services 37k Students Valuation & Advisory RevPAR AED
Slide 9: Robust Group Balance Sheet Supporting Growth
ROBUST GROUP BALANCE SHEET SUPPORTING GROWTH Robust Group liquidity of AED 29.5bn 31 Mar 25 31 Dec 24 (AED mn) Outstanding Debt (AED bn) Available liquidity (AED bn) Free & Debt3 19,445 16,386 Bank debt unrestricted Cash 15,396 15,136 Subordinated 6.4 cash 1 Hybrid Notes 10.2 Total Equity 42,295 42,
Slide 10: 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 11: 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 Q1 2025 Hig
Slide 12: 2025 Guidance
2025 GUIDANCE On track to deliver on FY 2025 guidance; no change to guidance FY 24 Q1 25 FY 25 (Actual) (Actual) (1yr Guidance) Aldar Properties EBITDA AED 7.7bn AED 2.5bn AED 10.4 to 10.8bn Deployment(M&A) AED 2.3bn AED 0.03bn1 AED 3 to 4bn Capex (D-Hold) AED 2.3bn AED 0.7bn AED 3 to 4bn Aldar Deve
Slide 13: Q&A
Q&A Q1 2025 Results Presentation 29 April 2025
Slide 14: Group
GROUP Q1 2025 Results Presentation 29 April 2025
Slide 15: Q1 2025 Group Financial Highlights
Q1 2025 GROUP FINANCIAL HIGHLIGHTS Sustained growth driven by ongoing execution of development revenue backlog, record development sales and contributions from recurring income portfolio (AED mn) Q1 25 Q1 24 YoY Revenue (AED mn) 22,998 Revenue 7,791 5,616 39% +39% Gross profit 2,781 2,026 37% 14,161
Slide 16: Q1 2025 Group Balance Sheet
Q1 2025 GROUP BALANCE SHEET Strong balance sheet position supported by prudent capital management and robust governance Balance Sheet Leverage Aldar Investment Aldar Development (AED mn) 31 Mar 2025 31 Dec 2024 Bank: Outstanding Debt1 ▪ Sukuk: AED 7.4bn ▪ UAE : AED 6.3bn Property, plant and equipmen
Slide 17: Aldar Development
ALDAR DEVELOPMENT Q1 2025 Results Presentation 29 April 2025
Slide 18: Aldar Development Q1 2025 Financial Performance
ALDAR DEVELOPMENT Q1 2025 FINANCIAL PERFORMANCE AED mn Q1 25 Q1 24 YoY AED mn Q1 25 Q1 24 YoY Group Sales 8,938 6,313 42% UAE 8,446 6,115 38% International 492 198 148% Gross Profit 1,900 1,287 48% Egypt 228 97 135% UK 263 101 160% Margin (%) 33% 33% 32bps Revenue 5,684 3,887 46% Property Dev. & Sal
Slide 19: UAE Landbank Overview
UAE LANDBANK OVERVIEW 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 60.5mn sqm Land Area 60.4mn sqm GFA 8.1mn sqm3 Yas Island Land Area 1.7mn sqm GFA 1.7mn sqm ▪ Larg
Slide 20: UAE Development Projects Pipeline
UAE DEVELOPMENT PROJECTS PIPELINE Projects under construction, as at 31 March 20251 Net Sales Revenue Cash to be Launch Launched Sold NSA Avg sale % Completion Project Location Total Units % sold value Area Sold Backlog collected Year Units Units (sqm) price/sqm2 completion date (AED mn) (AED mn) (A
Slide 21: Aldar Projects
ALDAR PROJECTS1 Aldar Projects backlog of AED 89bn Project Management Backlog Progression (AED bn) 19 91 0.3 89 26 82 79 1 78 1 76 0 (3) 62 61 59 (3) (3) (3) 41 39 2 2 22 (4) 50 51 45 (3) (3) 27 26 28 (4) 88 88.4 79 79 76 76 75 75 72 55 55 54 50 50 35 35 31 32 33 29 31-Mar-23 Work New 30-Jun-23 Work
Slide 22: Egypt – SODIC
EGYPT – SODIC1 Land Area 18.6mn sqm; BUA 7mn sqm; GDV EGP 703mn Sales (EGP mn) 48,987 Revenue (EGP mn) +150% +27% 9,893 29,808 8,648 3,146 7,648 6,922 20,971 2,360 1,852 11,205 1,256 FY 21 FY 22 FY 23 FY 24 Q1 24 Q1 25 FY 21 FY 22 FY 23 FY 24 Q1 24 Q1 25 Units sold ( k) EBITDA (EGP mn) 2.9 +204% 2,4
Slide 23: UK - London Square (1/3)
UK - LONDON SQUARE ( 1/3) Land Area 0.59mn sqm; BUA 0.65mn sqm; GDV GBP 3,964mn Sales (GBP mn) Revenue (GBP mn) 80 233 48 44 41 29 64 59 55 22 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Units sold 723 180 120 23 40 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 2025 Results Presentation I 23
Slide 24: UK - London Square (2/3)
UK - LONDON SQUARE ( 2/3) Acquired 1 site in Q1 2025; adding GBP 100mn+ 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 Academy, White City Zone 2 5 Westminster Tower, Albert Embankment Zone 1+2 6 14 6 S
Slide 25: UK - London Square (3/3)
UK - LONDON SQUARE ( 3/3) Acquired 1 site in Q1 2025; bringing additional total GDV of GBP 2.5bn+ to BTS & BTR pipeline 1. Wyvil Road, Vauxhall (Zone 1) 8. Biscuit Factory, Bermondsey (Zone 2) o Redevelopment of existing office & warehouse buildings o Redevelopment of former commercial building into
Slide 26: Aldar Investment
ALDAR INVESTMENT Q1 2025 Results Presentation 29 April 2025
Slide 27: Aldar Investment Q1 2025 Financial Performance
ALDAR INVESTMENT Q1 2025 FINANCIAL PERFORMANCE AED mn Q1 25 Q1 24 YoY AED mn Q1 25 Q1 24 YoY Recurring Revenue1 1,871 1,630 15% Adj. EBITDA1,2 764 693 10% Investment Properties2 (IP) 679 556 22% Investment Properties 498 440 13% Hospitality & Leisure 272 298 -9% Education 226 199 14% Margin (%)1,2 7
Slide 28: Investment Properties Overview
INVESTMENT PROPERTIES OVERVIEW1 96% occupancy across the portfolio Commercial Residential Retail Logistics No. of assets 28 16 306 3 Leasable area (‘000 sqm) 722 927 513 240 Occupancy 98% 98% 90%3 91%5 WAULT (yrs) 3.6 3.7 4.1 3.9 Q1 2025 Revenue (AEDmn) 268 (+28% YoY) 178 (+28% YoY) 212 (+12%YoY) 21
Slide 29: Investment Properties (1/4) – Commercial
INVESTMENT PROPERTIES (1/4) – COMMERCIAL 2022 2023 2024 2025 2026 2027 2028 Acquisition Acquisition Acquisition D-Hold D-Hold H2 2022 H1 2025 H2 2027 H1 2024 H1 2028 Abu Dhabi, Al Maryah Island Abu Dhabi Abu Dhabi, Al Maryah Island Dubai, DIC Dubai, DIFC ADGM JV with Mubadala -Masdar One Maryah Plac
Slide 30: Investment Properties (2/4) – Residential
INVESTMENT PROPERTIES (2/4) – RESIDENTIAL 2022 2023 2024 2025 2026 2027-2028 Acquisition Acquisition D-Hold H1 2025 H1 2028 H2 2023 Abu Dhabi Dubai, Expo City RAK JV with Mubadala - Masdar Expo City Staff accommodations 3 assets – 1,383 units GLA ~22k sqm GLA 14k sqm GLA : 127k sqm Strata Sale Progr
Slide 31: Investment Properties (3/4) – Retail
INVESTMENT PROPERTIES (3/4) – RETAIL 2022 2023 2024 2025 2026 2027-2028 Redevelopment H1 2024 Redevelopment D-Hold D-Hold D-Hold D-Hold H1 2022 H1 2025 RAK H2 2026 H1 2028 Abu Dhabi, Yas Island Abu Dhabi, Noya & Yas Golf Al Hamra Mall Abu Dhabi, Lagoons Dubai, Expo City Yas Mall Collection GLA 27k s
Slide 32: Investment Properties (4/4) – Logistics
INVESTMENT PROPERTIES (4/4) – LOGISTICS 2022 2023 2024 2025-2026 2027 Acquisition Acquisition D-Hold D-Hold D-Hold D-Hold H2 2024 H2 2025 H1 2026 H1 2027 H1 2022 H2 2023 Abu Dhabi Dubai Abu Dhabi Dubai, Jebel Ali, NIP Abu Dhabi Dubai, DIP Abu Dhabi Business Hub Grade A build-to-suit Abu Dhabi Busine
Slide 33: Hospitality & Leisure (1/2)
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, beach clubs and addition to hotel apartments courses (Yas Links) marina facilities on prime beach
Slide 34: Hospitality & Leisure (2/2)
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 H2 2027 Abu Dhabi Abu Dhabi RAK Abu Dhabi, Saadiyat Island Tilal Liwa to be repositioned as Yas Pla
Slide 35: Aldar Education (1/2)
ALDAR EDUCATION (1/2) 2nd largest private school operator in the UAE Operated Schools Managed Schools • 12 Operated Schools • 19 Managed Schools • +13% enrolment growth YoY, driven by: • -6% enrolment YoY • Organic growth • New greenfield school additions • 71% capacity utilisation • 70% capacity ut
Slide 36: Aldar Education (2/2)
ALDAR EDUCATION (2/2) Ambitious growth plans - through greenfield, brownfield and acquisitions 2022 2023 2024 2025 2026 2027 Acquisition Acquisition Green Field Green Field AY2024/2025 2023 AY2025/2026 AY21/22 Abu Dhabi Dubai Abu Dhabi Abu Dhabi Yasmina British Academy Kent College Muna British Acad
Slide 37: Aldar Estates (1/2)
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 management platform Facility Management Services provided by Geography AED 731mn Orderbook 8.4K+ employees
Slide 38: Aldar Estates (2/2)
ALDAR ESTATES1 (2/2) 2022 2023 2024 2025 2026 2027 Acquisition Merger H2 2022 H2 2023 Abu Dhabi Abu Dhabi Spark Security & other Eltizam Asset Management Group Acquisition H2 2023 Abu Dhabi FAB Properties Acquisition H1 2023 Abu Dhabi Basatin Landscaping AED mn FY 22 FY 23 FY 24 Q1 24 Q1 25 YoY Reve
Slide 39: Segmental Breakdown
SEGMENTAL BREAKDOWN Q1 2025 Results Presentation 29 April 2025
Slide 40: Segmental Breakdown: Q1 2025 vs Q1 2024
SEGMENTAL BREAKDOWN Q1 2025 vs Q1 2024 Revenue (AED mn) 4,704 3,245 673 556 679 553 657 253 389 307 298 272 199 226 23 37 Property Dev. Project Mgmt. Services International Investment Properties Hospitality & Leisure Education Estates Others & Sales Q1 24 Q1 25 EBITDA (AED mn) 1,573 1,045 440 498 97
Slide 41: 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
Slide 42: 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
Slide 43: Appendix
APPENDIX Q1 2025 Results Presentation 29 April 2025
Slide 44: AED 13.3 Billion D-Hold Pipeline
AED 13.3 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, Expo City3 Retail Yas Place Business Hub expansion Logistics Park – two modular buildings 5 mixed-use buildin
Slide 45: D-Hold Capex
D-HOLD CAPEX AED 11.5bn total capex phased over 2024 – 2029 for AED 13.3bn D-Hold pipeline Aldar 1 Segment Project Location Target Completion GLA (sqm) GDV (AED mn) Ownership Yas Place Abu Dhabi, Yas Island H1 2025 100% 25,000 370 Saadiyat Business Park Abu Dhabi, Saadiyat Island H2 2027 100% 25,000
Slide 46: 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 AED 23.0bn MSCI Index BBB Market Cap AED 60.4bn EBITDA AED 7.7bn DJSI 61 Moody’s Credit Rating Baa2 Net Profit A
Slide 47: Thank You
THANK YOU