Al Dar Properties · ADX:ALDAR
Al Dar Properties — Debt Investor Presentation (May 2025)
64 slides from Al Dar Properties's debt investor presentation, May 2025
Slide 1: Debt Investor Presentation
DEBT INVESTOR PRESENTATION Aldar Properties May 2025
Slide 2: Aldar Properties Overview
ALDAR PROPERTIES OVERVIEW Debt Investor Presentation May 2025
Slide 3: 20 Years of History & Experience
20 YEARS OF HISTORY & EXPERIENCE Enabling us to mobilise, optimise and provide exceptional services in the real estate market Significant Milestones 2005 2013 2018 2020 2021 2022 2023 2024 Aldar Properties Sorouh Real Estate Launched established as New JV with Expo City merger residential sales Abu
Slide 4: Aldar Properties Diversified Business Model
ALDAR PROPERTIES DIVERSIFIED BUSINESS MODEL1 (31 DEC 2024) Leading real estate developer, operator and asset manager with two core businesses: Aldar Development & Aldar Investment Revenue USD 6.3bn MSCI Index BBB Market Cap5 USD 17.7bn EBITDA USD 2.1bn DJSI 61 Moody’s Credit Rating Baa26 Net Profit
Slide 5: Aldar Properties PJSC Key Credit Highlights
ALDAR PROPERTIES PJSC KEY CREDIT HIGHLIGHTS Leading real estate group with low leverage, resilient asset valuation, focused on growth and expansion Leading real estate group focusing on development, management and investments across UAE with a well 1 diversified and sustainable operating model 2 Str
Slide 6: Aldar Ownership
ALDAR OWNERSHIP Publicly Listed Company with strong relationship with Government of Abu Dhabi Aldar Properties PJSC originally spun- out of Mubadala to activate real Highest rated estate investment in Abu Dhabi sovereign in MENA Aa2/AA/AA (all stable) Moody’s/S&P/Fitch Government is a sizeable / lon
Slide 7: Strong Execution on Growth & Expansion Strategy
STRONG EXECUTION ON GROWTH & EXPANSION STRATEGY An Abu Dhabi based company, leveraging the strengths of its 2020 operating model, delivering an elevated platform in terms of scale, efficiencies and diversification in 2024 USD bn 2020 2024 4 -yr CAGR Market Cap 6.8 16.4 ~2.4x 25% 4-yr TSR 178% Revenu
Slide 8: Core Business Growth Drivers
CORE BUSINESS GROWTH DRIVERS Growth driven by UAE, core real estate recurring income portfolio expansion & growing platforms Aldar Development Aldar Investment ▪ Become leading destination builder providing signature experiences to ▪ Disciplined expansion of core real estate portfolio (Commercial, R
Slide 9: Financial Overview
FINANCIAL OVERVIEW Debt Investor Presentation May 2025
Slide 10: Strong Group Financial Performance
STRONG GROUP FINANCIAL PERFORMANCE Solid performance driven by top rank positioning in UAE and successful accretive acquisitions and JVs Revenue (USD bn) Leverage1 & LTV 19% 17% 17% 17% 6.3 3.9 3.0 2.3 1.4x +62% 1.1x YoY 0.9x 0.8x FY 21 FY 22 FY 23 FY 24 FY 21 FY 22 FY 23 FY 24 Adjusted EBITDA2 (USD
Slide 11: Aldar Development
ALDAR DEVELOPMENT Strong performance in 2024 driven by successful new launches and robust sales of existing inventory Group Sales (USD bn) Revenue (USD bn) EBITDA (USD bn) +20% +90% +75% 4.3 9.1 1.2 0.5 7.6 1.4 0.1 1.0 2.2 0.7 1.9 3.9 +17% 0.3 +83% 1.1 1.1 0.4 3.8 0.4 0.1 UAE 1.1 2.0 UAE 7.7 +100% 0
Slide 12: Aldar Investment (1/3)
ALDAR INVESTMENT (1/3) Strong Adj. EBITDA growth in 2024 driven by organic operational performance, expansion of Aldar Estates and prior year acquisitions Revenue (USD mn) Revenue (USD mn) +21% 1,900 1,568 1,122 881 894 40 1,900 1,568 128 176 (5) +6% -0.5% +26% +51% FY 21 FY 22 FY 23 FY 24 FY 23 IP
Slide 13: Aldar Investment (2/2)
ALDAR INVESTMENT (2/2) 2023 acquisitions contributing towards portfolio growth Investment Properties Hospitality & Leisure Education Aldar Estates1 Occupancy 95% Occupancy 73% 31 Schools Property Management Commercial 98% 12 Operated schools Facilities Management Residential 99% ADR USD 179 (+5% YoY
Slide 14: Transparent Dividend and Leverage Policies
TRANSPARENT DIVIDEND AND LEVERAGE POLICIES Consistently applied dividend and leverage policies demonstrate strong governance and financial discipline Shareholder Returns Leverage Aldar Investment Aldar Development • 1yr & 4yr TSRs of 48% and 178%, respectively5 Bank: • Total payout of USD 395 millio
Slide 15: Robust Group Balance Sheet Supporting Growth
ROBUST GROUP BALANCE SHEET SUPPORTING GROWTH Robust Group liquidity of USD 5.1bn as of Dec 2024. In January 2025, group liquidity increased to USD 8.3 bn following a raise of USD 2.5bn syndication facility and issuance of USD 1.0bn hybrid Group Debt Maturity Profile (USD mn) (USD bn) 31 Dec 2024 31
Slide 16: Aldar Development
ALDAR DEVELOPMENT Debt Investor Presentation May 2025
Slide 17: UAE Landbank Overview
UAE LANDBANK OVERVIEW Landbank is spread across key investment zones in Abu Dhabi, Dubai and Ras Al Khaimah Landbank1 Locations Destinations Saadiyat Island Land Area 0.6mn sqm Abu Dhabi2 GFA 1.5mn sqm 61.8mn sqm Land Area 60.4mn sqm GFA 8.2mn sqm3 Yas Island Land Area 1.7mn sqm GFA 1.7mn sqm ▪ Larg
Slide 18: UAE Landbank Overview (2/2)
Aldar Development Project Management Property Dev & Sales International Services UAE LANDBANK OVERVIEW (2/2) 1 GFA has not been assigned to all landbank 2 GFA assigned only to Al Ghadeer Aldar Debt Investor Presentation 18
Slide 19: UAE Development Projects Pipeline
Aldar Development Project Management Property Dev & Sales International Services UAE DEVELOPMENT PROJECTS PIPELINE Projects under construction, as at 31 Dec 20241 Net Sales Revenue Cash to be Launch Launche Sold NSA Avg sale % Completion Project Location Total Units % sold value Area Sold Backlog co
Slide 20: UAE – Abu Dhabi
UAE – ABU DHABI Aldar Development Al Fahid Island Acquisition in Abu Dhabi ▪ Land value of USD 0.7bn paid over 5 years ▪ Introduction of unique beachfront offering in Abu Dhabi ▪ 3.4mn sqm island between Yas Island and Saadiyat Island ▪ 6,000+ residential units and leisure, retail & hospitality faci
Slide 21: UAE - Dubai
Aldar Development Project Management Property Dev & Sales International Services UAE - DUBAI Aldar Development JV with Dubai Holding, Dubai ▪ Partnership with Dubai Holding in February 2023 to further extend the 1st masterplan “Haven” growing portfolio and diversified offering Offering a total of 2,
Slide 22: UAE – Ras Al Khaimah
UAE – RAS AL KHAIMAH Aldar Development Nikki Beach Residences ▪ Partnership between Aldar & Nikki Beach Group ▪ 3 branded residential buildings Rosso Bay Residences ▪ 3 residential buildings ▪ On Marjan Island ▪ Between Rixos Bab Al Bahr & DoubleTree by Hilton Resort (both acquired in 2022) ▪ Launch
Slide 23: Aldar Projects
Aldar Development Project Management Property Dev & Sales International Services ALDAR PROJECTS1 Aldar Projects backlog of USD 25bn Project Management Backlog Progression (USD bn) 5 25 22 22 7 1 21 0.3 21 0 18 1 (1) (1) 11 17 17 0.4 (1) 16 6 (1) 14 12 (1) 14 8 7 (1) (1) (1) 7 8 22 22 21 21 20 20 20
Slide 24: Egypt – SODIC
Aldar Development Project Management Property Dev & Sales International Services EGYPT – SODIC1 Sales performance remains strong despite FX movements Sales (EGP mn) Revenue (EGP mn) 9,893 8,648 48,987 7,648 6,922 29,808 20,971 11,205 FY 21 FY 22 FY 23 FY 24 FY 21 FY 22 FY 23 FY 24 Units sold Landban
Slide 25: UK - London Square (1/3) - Overview
Aldar Development Project Management Property Dev & Sales International Services UK - LONDON SQUARE ( 1/3) - OVERVIEW Premier and leading residential developer in the UK Core ‘build-to-sell’, higher margin offering, developing homes across Greater London (and the Southeast) for sale to private indiv
Slide 26: UK - London Square (2/3)
Aldar Development Project Management Property Dev & Sales International Services UK - LONDON SQUARE ( 2/3) Acquired 13 sites YTD; adding GBP 2.4bn+ GDV to BTS & BTR pipeline Aldar Debt Investor Presentation 26
Slide 27: UK - London Square (3/3)
Aldar Development Project Management Property Dev & Sales International Services UK - LONDON SQUARE ( 3/3) Acquired 13 sites in 2024; adding GBP 2.4bn+ GDV to BTS & BTR pipeline 1. Wyvil Road, Vauxhall (Zone 1) 7. Woolwich Central, Greenwich (Zone 4) o Redevelopment of existing office & warehouse bu
Slide 28: Aldar Investment
ALDAR INVESTMENT Debt Investor Presentation May 2025
Slide 29: Aldar Investment Properties
ALDAR INVESTMENT PROPERTIES Debt Investor Presentation May 2025
Slide 30: Aldar Investment Properties Has an Established Track Record
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others ALDAR INVESTMENT PROPERTIES HAS AN ESTABLISHED TRACK RECORD Aldar Investment Properties – Highlights Region’s largest diversified real estate investment company with highest non-GRE credit rating at 1 B
Slide 31: Largest Diversified Real Estate Ownership Platform in the Region
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others LARGEST DIVERSIFIED REAL ESTATE OWNERSHIP PLATFORM IN THE REGION Aldar Investment Properties LLC ("AIP"), rated Baa1 with stable outlook by Moody’s, Abu Dhabi’s largest owns and operates a diverse and h
Slide 32: Investment Properties - Apollo Transaction
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others INVESTMENT PROPERTIES - APOLLO TRANSACTION In January 2025, Aldar reinforced its long-term partnership with Apollo through a private placement of USD500 million in subordinated hybrid notes USD 1.4BN OF
Slide 33: AIP Flagship Assets
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others AIP FLAGSHIP ASSETS Diverse portfolio across commercial, residential, retail and logistics segments COMMERCIAL RESIDENTIAL RETAIL LOGISTICS ADGM Towers Al Rayyana Yas Mall Abu Dhabi Business Hub ▪ Low-r
Slide 34: Investment Properties Overview
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others INVESTMENT PROPERTIES OVERVIEW1 95% occupancy across the portfolio Commercial Residential Retail Logistics No. of assets 14 3 13 36 3 Leasable area (‘000 sqm) 469 800 520 240 Occupancy 98% 99% 90%4 89%
Slide 35: Acquisition Strategy
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others ACQUISITION STRATEGY Pursuing portfolio growth opportunities through… …while adhering to 4 key principles… 01 Acquiring high quality income generating assets (from Aldar Properties PJSC and/or Balancing
Slide 36: Recent Developments
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others RECENT DEVELOPMENTS March 2019: February 2022: July 2022: 2023: 2024: Sold Al Murjan June 2019: March 2021: Acquired Al Hamra Acquired 4 Grade-A Acquired the freehold Acquired “6 Falak”, a newly Tower f
Slide 37: High Quality and Diversified Tenant Mix
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others HIGH QUALITY AND DIVERSIFIED TENANT MIX Key Highlights Examples of Tenants Lease Tenor Low tenant concentration risk Within 1 year Over 5 years Reputable “sticky” tenants (majority are 21% 28% GREs or i
Slide 38: Leasing Strategy Protects & Grows Rental Income
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others LEASING STRATEGY PROTECTS & GROWS RENTAL INCOME AIP’s tenancy contract structure ensures current income is protected, including no termination clauses on majority of leases, and future income grows via
Slide 39: Recurring Revenue Stream with Long Average WAULT
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others RECURRING REVENUE STREAM WITH LONG AVERAGE WAULT Key Messages Revenue by Segment ✓ Recurring Revenues (USD 615mn in FY 2024): AIP revenues are underpinned by the strong performance of ADGM office towers
Slide 40: Robust Balance Sheet with Low Debt and Resilient Asset Valuation
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others ROBUST BALANCE SHEET WITH LOW DEBT AND RESILIENT ASSET VALUATION Prudent funding strategy with an LTV policy up to 40% of GAV Total Debt & Total Assets (USDbn) Liquidity Outstanding Debt ▪ Sukuk: USD 1.
Slide 41: Conservative Leverage Metrics & High Interest Coverage
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others CONSERVATIVE LEVERAGE METRICS & HIGH INTEREST COVERAGE Interest Coverage Leverage Ratios Secured Debt to Total Assets High interest coverage (3.5x in FY 2024) with contracted long- Leverage ratios expec
Slide 42: Income Statement, Cashflow Statement, Balance Sheet & Key Ratios of AIP
INCOME STATEMENT, CASHFLOW STATEMENT, BALANCE SHEET & KEY RATIOS OF ALDAR INVESTMENT PROPERTIES (SUMMARY) Income Statement (USD mn) 2020 2021 2022 2023 2024 Revenue 409 419 504 580 615 Finance income 2 1 7 20 24 Finance cost (72) (66) (88) (129) (132) Net finance cost (71) (65) (81) (109) (107) Depr
Slide 43: Hotels & Leisure, Education, Estates
HOTELS & LEISURE, EDUCATION, ESTATES Debt Investor Presentation May 2025
Slide 44: Hospitality & Leisure (1/2)
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others HOSPITALITY & LEISURE (1/2) HOTELS GOLF CLUBS LEISURE Hotel portfolio consists of assets from 3 to 5 stars, in Golf portfolio features one of the world’s top 50 golf Leisure portfolio includes beaches,
Slide 45: Hospitality & Leisure (2/2)
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others HOSPITALITY & LEISURE (2/2) Ambitious growth plans - through greenfield, brownfield and acquisitions 2022 2023 2024 2025 2026 2027 Acquisition H2 2025 Transformation H2 2026 Transformation D-Hold 2022 A
Slide 46: Aldar Education (1/2)
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others ALDAR EDUCATION (1/2) 2nd largest private school operator in the UAE Operated Schools Managed Schools • 12 Operated Schools • 19 Managed Schools • +12% enrolment growth YoY, driven by: • -14% enrolment
Slide 47: Aldar Education (2/2)
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others ALDAR EDUCATION (2/2) Ambitious growth plans - through greenfield, brownfield and acquisitions 2022 2023 2024 2025 2026 2027 Acquisition Acquisition Green Field Green Field AY2024/2025 2023 AY2025/2026
Slide 48: Aldar Estates (1/2)
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others ALDAR ESTATES1 (1/2) Established in 2023 , Aldar Estates represents series of strategic mergers and acquisitions that led to creation of the region's leading integrated property and facilities managemen
Slide 49: Aldar Estates (2/2)
Aldar Investment Investment Properties Hospitality & Leisure Aldar Education Aldar Estates Others ALDAR ESTATES1 (2/2) 2022 2023 2024 2025 2026 2027 Acquisition Merger H2 2022 H2 2023 Abu Dhabi Abu Dhabi Spark Security & other Eltizam Asset Management Group Acquisition H2 2023 Abu Dhabi FAB Properti
Slide 50: Europe - Investment in European Private Real Estate Credit
EUROPE - INVESTMENT IN EUROPEAN PRIVATE REAL ESTATE CREDIT Strategic partners form a USD 1 billion private credit platform, which will invest in senior secured debt across diverse real estate segments in the UK and European Union. Platform Summary Strategic Partners Capital Deployment Security Inv.
Slide 51: Sustainability
SUSTAINABILITY Debt Investor Presentation May 2025
Slide 52: Sustainability Framework
SUSTAINABILITY FRAMEWORK Shaping a Better Future To create resilient, inclusive & thriving communities by integrating sustainable practices across all operations CREATING SUSTAINABLE PLACES CREATING SOCIETAL VALUE CREATING RESPONSIBLE LAGACY We are focused on shaping thriving communities Our vision
Slide 53: Sustainability & Community Outreach Highlights
SUSTAINABILITY & COMMUNITY OUTREACH HIGHLIGHTS Latest 2024 Sustainability Report published with updated sustainability framework, detailed commitments & targets, updated Net Zero plan and targets & engagement-based refreshed materiality assessment CREATING SUSTAINABLE PLACES 2025 Targets Q1 2025 Hig
Slide 54: Eight Levers to Decarbonise
Eight Levers to Decarbonise Scope 1 emissions are direct emissions from owned or controlled sources Scope 2 emissions are indirect emissions from the generation of purchased energy Scope 3 emissions are all indirect emissions (not included in scope 2) that occur in the value chain of the reporting c
Slide 55: Capital Deployment
CAPITAL DEPLOYMENT Debt Investor Presentation May 2025
Slide 56: 2022 Capital Deployed
2022 CAPITAL DEPLOYED c. USD 3.1bn of capital deployed Aldar Development (c. USD 1.1bn) Aldar Investment (c. USD 2.0bn) Transaction Value (USD mn) Transaction Value (USD mn) Acquisition of 6.2m sqm prime land located on 1,0021 Commercial the east side of Saadiyat Island 4 Grade-A commercial building
Slide 57: 2023 Capital Deployed or Committed
2023 CAPITAL DEPLOYED OR COMMITTED c. USD 2.5bn of capital deployed or committed Aldar Development (c. USD 1.6bn) Aldar Investment (c. USD 0.8bn) Transaction Value (USD mn) Transaction Value (USD mn) Al Fahid land acquisition of 3.4m sqm island between Yas Residential: RAK Staff Accommodation acquis
Slide 58: 2024 Capital Deployed
2024 CAPITAL DEPLOYED c. USD 1.2bn of capital deployed Aldar Development (c. USD 517 mn) Aldar Investment (c. USD 0.6bn) Transaction Value (USD mn) Transaction Value (USD mn) Commercial: 6 Falak acquisition 69 International Land acquisitions, UK 517 Investment Commercial & Residential: Masdar assets
Slide 59: Develop-to-Hold
DEVELOP-TO-HOLD Debt Investor Presentation May 2025
Slide 60: USD 3.6 Billion D-Hold Pipeline
USD 3.6 BILLION D-HOLD PIPELINE1,2 2025 2026 2027 2028 H1 2025 Commercial H1 2026 Logistics H1 2027 Logistics H1 2028 Commercial Abu Dhabi, Yas Island Abu Dhabi Dubai, Jebel Ali, NIP Dubai, Expo City3 Retail Yas Place Business Hub expansion Logistics Park – two modular buildings 5 mixed-use building
Slide 61: D-Hold Capex
D-HOLD CAPEX D 3.1bn total capex phased over 2024 – 2029 for USD 3.6bn D-Hold pipeline Aldar 1 Segment Project Location Target Completion GLA (sqm) GDV (USD mn) Ownership Yas Place Abu Dhabi, Yas Island H1 2025 100% 25,000 101 Saadiyat Business Park Abu Dhabi, Saadiyat Island H2 2027 100% 25,000 133
Slide 62: Contact Us
ALDAR INVESTOR PRESENTATION CONTACT US For any further enquiries please contact: Pamela Chahine Head of Investor Relations Tel: +971 (0)2 810 6585 Email: [email protected] Salma Laalej Vice President Tel: +971 (0)2 810 6504 Email: [email protected] 62
Slide 63: Disclaimer
DISCLAIMER THIS PRESENTATION IS NOT AN OFFER OR SOLICITATION OF AN OFFER TO BUY OR SELL NOTES. IT IS SOLELY FOR USE AT AN INVESTOR PRESENTATION AND IS PROVIDED AS INFORMATION ONLY. THIS PRESENTATION DOES NOT CONTAIN ALL OF THE INFORMATION THAT IS MATERIAL TO AN INVESTOR. BY ATTENDING THE PRESENTATIO
Slide 64: Disclaimer
DISCLAIMER THIS PRESENTATION IS NOT AN OFFER OR SOLICITATION OF AN OFFER TO BUY OR SELL NOTES. IT IS SOLELY FOR USE AT AN INVESTOR PRESENTATION AND IS PROVIDED AS INFORMATION ONLY. THIS PRESENTATION DOES NOT CONTAIN ALL OF THE INFORMATION THAT IS MATERIAL TO AN INVESTOR. BY ATTENDING THE PRESENTATIO
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