Baladna (BLDN) Q4 2025 earnings summary

Executive summary

• FY2025 delivered record revenue, EBITDA and net profit, supported by operating growth and substantial investment returns.

• Revenue reached QAR 1,267.8m, up 10.7% YoY; net profit was QAR 539.7m, up 192% YoY.

• International expansion advanced in Algeria, Syria and Egypt, alongside a 24% rights issue approval to support growth.

Financial highlights

• FY2025 revenue was QAR 1,267.8m versus QAR 1,145.2m in 2024; Q4 revenue reached QAR 326.5m, up 14% YoY.

• FY2025 net profit reached QAR 539.7m, up 192% YoY; Q4 net profit was QAR 158.4m, up 260% YoY.

• FY2025 EBITDA was QAR 770m, up 103% YoY, with a 60.7% margin; Q4 EBITDA was QAR 216m, up 127% YoY.

• Gross profit was QAR 329.8m; gross margin improved to 26% from 22.7% in 2024.

• Investment gains reached QAR 408m, compared with QAR 38m in 2024.

Outlook and guidance

• Priorities include disciplined delivery of international projects, investment-platform diversification and strengthening domestic and regional positions.

• Algeria’s first milk production is targeted by end-2027; expansion in Syria and evaluation of further regional markets continue.

• Current investment holdings are expected to continue generating positive returns in 2026; potential investment realizations and redeployment into higher-return opportunities remain under consideration.

• Ongoing capital investment in property, plant and equipment and expansion projects is expected to support growth.