Dar Global (DAR) H2 2025 earnings summary

Executive summary

• Achieved a record GDV of $19 billion, up 153% year-over-year, driven by major land acquisitions in Riyadh and Jeddah.

• Revenue surged 124% to $538.6 million, with EBITDA reaching $126.6 million, reflecting strong operational execution and capital-light growth.

• Expanded project pipeline across Saudi Arabia, UAE, Oman, Qatar, Spain, UK, and Maldives, with several high-profile branded developments launched or under construction.

• Upgraded to the ESCC category on the London Stock Exchange, marking a significant milestone for international capital access.

• Enhanced liquidity through upsizing the Litmus facility to $440 million and maintaining robust cash reserves.

Financial highlights

• Revenue increased to $538.6 million in FY25 from $240.3 million in FY24, a 124% year-over-year rise.

• Gross profit rose to $189.7 million (FY24: $87.4 million), with gross margin steady at 35.2%.

• EBITDA reached $126.6 million (FY24: $30.1 million), with EBITDA margin nearly doubling to 23.5%.

• Net profit for the period was $100.8 million, up from $14.9 million in FY24.

• Cash reserves stood at $701.5 million, a 65% increase from the prior year.

Outlook and guidance

• Strong pipeline with $4.8 billion GDV launched (25% of portfolio), and balance primed for phased launches.

• Positioned to capitalize on Saudi Vision 2030 reforms and new foreign ownership laws, with $10 billion in Saudi projects announced.

• Continued focus on capital-light, scalable growth and international expansion, including entry into Greece and the US.