Aldar Properties (ALDAR) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 reached AED 23.6 billion, up 43% year-over-year, with net profit after tax rising 30% to AED 6.0 billion, driven by robust development momentum, high occupancy, and recurring income from organic and acquired assets.

• Group development sales totaled AED 28.5 billion (+19% YoY), with UAE sales at AED 26.5 billion (+31% YoY) and a record backlog of AED 66.5 billion (+58% YoY).

• Eight new launches in 2025 and a develop-to-hold pipeline of AED 17.6 billion supported growth, with strategic expansion in Egypt and the UK.

• Major acquisitions included stakes in Al Maryah Tower, Masdar Green REIT, Dunes Logistics, and Hansa Energy, expanding the investment platform.

• High occupancy rates and rental growth across investment properties, with continued attraction of both individual and institutional investors.

Financial highlights

• EBITDA for the first nine months was AED 7.8 billion (+44% YoY), with net profit after tax at AED 6.0 billion (+30% YoY) and gross profit at AED 8.1 billion (+43% YoY).

• Effective tax rate increased to 12.6% from 4.3% due to new U.A.E. tax regulations and statutory tax rate rise to 15%.

• Total assets rose to AED 102.1 billion, with cash and cash equivalents at AED 12.3 billion and undrawn facilities of AED 17.4 billion.

• Basic and diluted EPS for the nine months was AED 0.644, up from AED 0.493.

• Gross profit margin for U.A.E. property development remains around 35%, with a commitment to deliver 40%+ on premium projects.

Outlook and guidance

• Full-year 2025 guidance maintained, expecting group EBITDA of AED 10.4–10.8 billion and development sales of AED 36–39 billion.

• Aldar Development guided to deliver EBITDA of AED 6.6–7 billion; Aldar Investment to reach adjusted EBITDA of AED 3.2–3.3 billion.

• Strong visibility across both platforms supports confidence in meeting upper end of guidance, with most revenue to be recognized within two years.

• Focus remains on disciplined investment, sustainable growth, and recurring income.

• Capex for develop-to-hold projected at AED 3–4 billion.