Aldar Properties (ALDAR) investor relations material

Executive summary

• 9M revenue and rental income reached AED 26,187,817 thousand; profit for the period was AED 7,110,920 thousand, up from AED 5,965,844 thousand.

• 9M EBITDA increased 20% to AED 9.4bn and net profit after tax rose 19% to AED 7.1bn, supported by backlog conversion and recurring-income growth.

• Development backlog stood at AED 71.6bn and investment AUM at AED 57bn, supporting earnings visibility and diversification.

Financial highlights

• Q3 revenue and rental income rose 16% to AED 9,344,676 thousand; quarterly profit increased to AED 2,251,391 thousand from AED 1,861,407 thousand.

• 9M gross profit increased 19% to AED 9.635bn; EBITDA margin rose 266bps to 36% and adjusted EBITDA increased 21% to AED 8.718bn.

• Development revenue rose 14% to AED 19.424bn and EBITDA increased 21% to AED 6.119bn; 9M sales fell 34% to AED 18.855bn.

• Investment revenue grew 13% to AED 6.527bn and adjusted EBITDA rose 21% to AED 2.836bn; Q3 investment adjusted EBITDA increased 27% to nearly AED 1bn.

Outlook and guidance

• FY26 development sales guidance remains AED 30bn–AED 34bn; AED 18.855bn was achieved in 9M, with management expecting a stronger Q4 contribution.

• FY26 development EBITDA guidance is AED 8.9bn–AED 9.3bn, with UAE development gross margin guidance of 37%–39%; 9M margin was 38%.

• FY26 adjusted EBITDA guidance remains AED 12.3bn–AED 12.7bn; Investment adjusted EBITDA guidance is AED 3.7bn–AED 3.9bn.

• FY26 guidance is AED 3bn–AED 4bn each for M&A deployment and Develop-to-Hold capex; 2030 net profit ambition remains above AED 20bn.