Aldar Properties (ALDAR) Q2 2025 earnings summary

Executive summary

• Revenue reached AED 15.5 billion in H1 2025, up 42% year-on-year, with EBITDA at AED 5.3 billion (+38% YoY) and net profit after tax at AED 4.1 billion (+24% YoY), driven by strong inventory sales, new launches, and recurring income from organic growth and acquisitions.

• Group sales hit AED 18.3 billion (+31% YoY), with UAE sales at AED 17.5 billion (+35% YoY) and a revenue backlog of AED 62.3 billion (+47% YoY).

• Five new launches in the UAE, including Fahid Island and The Wilds in Dubai, and significant international expansion in Egypt (SODIC) and the UK (London Square).

• Interim financial statements for H1 2025 were reviewed by Ernst & Young, with no material misstatements identified under IAS 34.

• The group operates primarily in real estate development, investment, hospitality, education, and related services in the UAE and internationally.

Financial highlights

• H1 2025 revenue: AED 15.5 billion (+42% YoY); EBITDA: AED 5.3 billion (+38% YoY); net profit after tax: AED 4.1 billion (+24% YoY); gross profit: AED 5.34 billion (+39% YoY).

• Gross margin for H1 2025 was approximately 34.4%; EBITDA margin at 34%; net profit margin at 26%.

• Effective tax rate increased to 12.2% from 4.1% due to UAE tax reforms.

• Total assets grew to AED 98.56 billion as of 30 June 2025, from AED 85.74 billion at year-end 2024.

• Total liquidity at AED 29.7 billion, with AED 17.9 billion in cash and AED 17.5 billion in committed undrawn bank facilities.

Outlook and guidance

• On track to reach upper end of FY 2025 guidance: group EBITDA AED 10.4–10.8 billion, development sales AED 36–39 billion.

• Development EBITDA expected at AED 6.6–7 billion; Investment adjusted EBITDA at AED 3.2–3.3 billion.

• H2 expected to be stronger, with catalysts including new asset contributions and project launches.

• Three-year guidance targets 25–30% group EBITDA CAGR; D-Hold pipeline key to achieving medium-term targets.

• Capital commitments for projects under development and management total AED 25.9 billion, spread over one to five years.