Depa PlcNASDAQDUBAI: DEPA

FY2025 - Results Presentation

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‌DEPA PLC

FY2025 FINANCIAL RESULTS

1





AED million

FY 2025

FY 2024

Change

Revenue

1,575.6

1,336.2

239.4

Expenses

(1,407.3)

(1,274.2)

(133.1)

Reversal of provision for impairment on financial and contract assets, net

10.7

39.8

(29.1)

Share of profit from associates

0.9

0.8

0.1

Profit before interest and tax

179.9

102.6

77.3

Net - finance cost

(3.8)

(1.3)

(2.5)

Profit before tax

176.1

101.3

74.8

Income tax expense

(21.3)

(13.5)

(7.8)

Net profit for the year

154.8

87.8

67.0

‌Summary Income Statement

  • Group's revenue has increased by AED 239.4 million (17.9%) due to strong growth recorded by Depa Interiors Group, Vedder and Carrara.

  • Net reversal of provision for impairment on financial and contract assets of AED 10.7 million primarily relates to Depa Interiors Group and Carrara having recovered impaired receivable balances.

  • Net profit has increased by AED 67.0 million (76%) to AED 154.8 million mainly due to strong increase in project-level profitability.



‌Summary Balance Sheet

AED mn

31 Dec 25

31 Dec 24

Change

Cash and cash equivalents 1

359.1

305.6

53.5

Restricted cash 1

130.2

80.4

49.8

Trade and other receivables

420.4

432.1

(11.7)

Due from constuction contract customers

139.7

132.7

7.0

Inventories

30.7

28.2

2.5

Total current assets

1,080.1

979.0

101.1

Contract retentions

119.9

82.9

37.0

Property, plant and equipment including ROU

248.8

127.9

120.9

Goodwill

32.3

32.3

(0.0)

Other non-current assets

34.6

28.7

5.9

Total non-current assets

435.6

271.8

163.8

Total assets

1,515.7

1,250.8

264.9

Trade and other payables

722.1

679.7

42.4

Income tax payable

1.5

2.5

(1.0)

Current liabilities

723.6

682.2

41.4

Employees' end of service benefits

63.4

55.4

8.0

Borrowings 2

15.6

0.0

15.6

Other non-current liabilities

72.8

49.8

23.0

Non-current liabilities

151.8

105.2

46.6

Total liabilities

875.4

787.4

88.0

Total equity including minorities

640.3

463.4

176.9

  1. Cash and bank balance of AED 489.3 million.

  2. The Group has AED 15.6 million external debt as at 31 December 2025

  3. Net asset value per share of AED 0.47 and tangible net asset value per share of AED 0.44 (2024: AED 0.34 and AED 0.31 respectively).

  4. Current ratio of 1.49 as at 31 December 2025

    (2024: 1.44).

  5. Total liabilities to equity ratio of 1.37 (2024:

    1.70).



    ‌Summary of Cash Flows

    AED mn

    FY 2025

    FY 2024

    Change

    Operating activities

    194.7

    96.5

    98.2

    Working capital changes

    (15.6)

    16.8

    (32.4)

    Other movements

    (20.9)

    (16.1)

    (4.8)

    Net cash flows from/(used in) operating activities

    158.2

    97.2

    61.0

    Investing activities

    Net capex

    (119.4)

    (25.0)

    (94.4)

    Dividends received from associates

    1.0

    1.3

    (0.3)

    Other movements

    5.6

    6.3

    (0.7)

    Net cash flows from/(used in) investing activities

    (112.8)

    (17.4)

    (95.4)

    Financing activities

    Movement in borrowings

    15.6

    (2.4)

    18.0

    Interest paid

    (9.4)

    (6.9)

    (2.5)

    Finance lease payments

    (5.4)

    (5.2)

    (0.2)

    Net cash flows from/(used in) financing activities

    0.8

    (14.5)

    15.3

    Net movement in cash and cash equivalents

    46.2

    65.3

    (19.1)

    Exchange differences arising on translation of foreign operations

    7.3

    (4.5)

    Cash and cash equivalents at the beginning of the year

    305.6

    244.8

    Cash and cash equivalents at the end of the year

    359.1

    305.6

    53.5

    • Operating cashflows of the group were net AED

      158.2 million inflows in 2025 as compared to AED 97.2 million inflows in 2024, an increase of AED 61.0 million mainly due to collections from customers.

    • Investing cashflows of the group were net AED

      112.8 million outflows in 2025 as compared to AED 17.4 million outflows in 2024; an increase of AED 95.4 million primarily due to the construction of a new factory facility in Germany.

    • Financing activities of the group were net AED

      0.8 million inflows in 2025 as compared to AED

      14.5 outflows in 2024 primarily attributable to the new loans obtained to finance the facility in Germany.

    • The group's cash and cash equivalent increased by AED 53.5 million from AED 305.6 million in 2024 to AED 359.1 million in 2025.

‌Vedder



Based in Germany, Vedder is the world's leading provider of fit-out solutions for the global superyacht, private jet and residence markets



394.5

444.1

Financial Highlights

  • Revenue: AED 444.1 million, up AED 49.6 million or 12.6% year-on-year

  • Net profit: AED 45.4 million, up AED 24.9 million or 121% year-on-year

Operational Highlights:

  • Revenue increased due to higher construction activity across projects

  • Net profit significantly improved mainly from higher gross margins on multiple projects.

Revenue

FY 2024 FY 2025



20.5

45.4

Net profit

FY 2024 FY 2025

‌Deco



The Middle East's leading provider of interior solutions for the luxury retail market and installation, and high-quality furniture and joinery works



183.3

191.8

Financial Highlights

  • Revenue: AED 183.3 million, down AED 8.5 million or 4.4% year-on-year

  • Net profit: AED 22.9 million, down AED 0.2 million or 0.8% year-on-year

Operational Highlights:

  • Continued strong relationships with long-term clients supported securing projects during the year

  • Revenue & net profit declined due to client delays on two projects and prior-year impairment reversal.

Revenue

FY 2024 FY 2025



23.1

22.9

Net profit

FY 2024 FY 2025

‌Carrara



The Middle East's leading provider for premium marble, processing and installation.



79.5

98.3

Financial Highlights

  • Revenue (including intersegment): AED 98.3 million, up AED 18.8 million or 23.6% year-on-year

  • Net profit: AED 10.5 million, up AED 9.4 million or 854% year-on-year

Operational Highlights:

  • Strong backlog growth, backed by enduring long-standing client relationships.

  • Revenue & net profit up due to project wins, sustained profitability, and receivables impairment reversal.

Revenue

FY 2024 FY 2025



10.5

1.1

Net profit

FY 2024 FY 2025

‌Depa Interiors Group



The Middle East's leading provider of interior solutions for the hospitality, residential, commercial, transport and civil infrastructure markets



718.8

878.3

Financial Highlights

  • Revenue: AED 878.3 million, up AED 159.5 million or 22.2% year-on-year

  • Net profit: AED 104.7 million, up AED 38.8 million or 59% year-on-year

Operational Highlights:

  • Revenue & net profit increased from order intake and improved profitability on existing projects.

  • Strong backlog growth compared to previous year in both UAE and KSA.

Revenue

FY 2024 FY 2025



65.9

104.7

Net profit

FY 2024 FY 2025



‌Backlog

2,405

2,400

2,052

  • Strong order book across core markets

  • Supported by hospitality, residential, retail and marine sectors

  • Reflects continued momentum into 2026

Dec-24 Jun-25 Dec-25

All numbers presented are in AED millions and after elimination of intercompany backlog



‌Outlook

The outlook for 2026 and beyond remains positive for Depa Group, supported by a strong project backlog and a healthy pipeline of opportunities across the Group's core markets. The Group is well-positioned to build on the momentum achieved in 2025, leveraging its strengthened operational platform and disciplined execution capabilities.

Following regulatory admission after year-end, the rights issue proceeds were received in early 2026. These proceeds are available to support growth initiatives and capital priorities.





‌Cautionary Statement

This document may contain certain 'forward-looking statements' with respect to Depa's financial condition, results of operations and business, and certain of Depa's plans and objectives with respect to these items. By their very nature, forward-looking statements are inherently unpredictable, speculative and involve risk and uncertainty because they relate to events, and depend on circumstances, that may occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. All written or verbal forward looking statements, whether made in this document or made subsequently, which are attributable to Depa or any other member of the Group or persons acting on their behalf are expressly qualified on this basis. Depa does not intend to update any such forward looking statements.

Depa PLC | Financial Results | FY 2025 11

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