Al Dar Properties · ADX:ALDAR
Al Dar Properties — 9M 2024 Earnings Presentation
49 slides from Al Dar Properties's earnings presentation, Oct 29, 2024
Slide 1: 9M 2024 Results Presentation
9M 2024 RESULTS PRESENTATION Aldar Properties 29 October 2024
Slide 2: 9M 2024 Highlights
9M 2024 HIGHLIGHTS 9M 2024 Results Presentation 29 October 2024
Slide 3: 9M 2024 Executive Summary
9M 2024 EXECUTIVE SUMMARY Group ▪ Cross-platform growth driven by ongoing recognition of development revenue Revenue EBITDA Net Profit1 backlog, record development sales, contributions from recurring income portfolio both from organic and recent acquisition ramp up contributions AED 16.5bn AED 5.4bn
Slide 4: Aldar Development
ALDAR DEVELOPMENT Strong 9M 24 EBITDA growth through effective development against sizeable backlog Group Sales (AED bn) Revenue (AED bn) EBITDA (AED bn) +24% +95% +72% 27.9 11.4 3.2 24.0 1.1 0.1 3.6 19.4 8.3 2.5 7.0 3.7 1.3 5.8 0.2 1.9 14.4 2.4 1.5 3.9 3.9 1.4 0.6 0.1 10.3 3.1 7.2 3.4 24.3 0.3 3.6
Slide 5: Aldar Investment (1/2)
ALDAR INVESTMENT (1/2) Strong 9M 24 Adj. EBITDA growth driven by organic operational performance, expansion of Aldar Estates and prior year acquisitions Revenue1 (AED mn) 9M 2024 - Key Highlights +24% AED 9.35bn D-Hold Pipeline 5,759 AED 5bn - Abu Dhabi, UAE (2025-27) • 2 Grade A towers w/Mubadala J
Slide 6: AED 9.35bn D-Hold Pipeline
AED 9.35BN D – HOLD PIPELINE1,2 AED 5.0bn - Commercial, Retail & Hospitality in Abu Dhabi AED 1.0bn – Logistics in Abu Dhabi & Dubai AED 1.75bn - Commercial, Retail & Residential in Dubai (Expo City)3 AED 1.6bn – Commercial in Dubai 2024 - 2025 2026 2027 H1 2025 H2 2027 Abu Dhabi, Yas Island Abu Dha
Slide 7: Aldar Investment (2/2)
ALDAR INVESTMENT (2/2) 2023 acquisitions contributing towards portfolio growth Investment Properties Hospitality & Leisure Education Aldar Estates1 Occupancy 95% Occupancy 71% 31 Schools Property Management Commercial 97% 12 Operated schools Facilities Management Residential 98% ADR AED 586 (+4% YoY
Slide 8: Recent Q3 2024 Announcement Highlights (1/2)
RECENT Q3 2024 ANNOUNCEMENT HIGHLIGHTS (1/2) Aldar Properties - Group 4 JVs (60:40) with Mubadala - Further expanding the long-standing strategic partnership > AED 30 bn Aldar Mubadala “Mubadala’s strategic real estate partner” “Global Sovereign Investor and Founding Shareholder in Aldar” National R
Slide 9: Recent Q3 2024 Announcement Highlights (2/2)
RECENT Q3 2024 ANNOUNCEMENT HIGHLIGHTS (2/2) Aldar Investment Logistics Park in Dubai Commercial entry into Dubai Part of previously announced AED 1bn logistics commitment (D-Hold) AED 1.8bn commitment ▪ Strategic partnership with DP World to develop ▪ AED 1.6bn Develop (D-Hold) Grade A Office Tower
Slide 10: Robust Group Balance Sheet Supporting Growth
ROBUST GROUP BALANCE SHEET SUPPORTING GROWTH Robust Group liquidity of AED 17.9bn 30 Sept 24 31 Dec 23 (AED mn) Debt and Facilities (AED bn) Available liquidity (AED bn) Debt 15,396 12,079 Committed Cash 13,292 11,718 undrawn bank Total Equity 40,945 38,183 Sukuk facilities 9M 24 6.9 8.4 9M 24 Gross
Slide 11: New LTV Methodology – Ratio and Definition
NEW LTV METHODOLOGY – RATIO AND DEFINITION With the evolution of group’s legal entity structure and foreign operations, the leverage methodology was revised to include non-UAE operations and entire gross asset base Debt Leverage Loan-to-Value (LTV) = Gross Assets Aldar Investment Aldar Development B
Slide 12: 9M 2024 Sustainability & Community Outreach Highlights
9M 2024 SUSTAINABILITY & COMMUNITY OUTREACH HIGHLIGHTS CREATING SUSTAINABLE PLACES ▪ Achieved 5% reduction in energy consumption (Jan-Jun 2024) for existing asset portfolio (year-on-year) ▪ Achieved 35% improvement in Energy Use Index (EUI) (Q3 2024) on average by design for new developments project
Slide 13: 2024 Guidance
2024 GUIDANCE FY 2023 9M 2024 FY 2024 FY2024 (Actual) (Actual) (Guidance)3 (Updated Guidance) Aldar Group Adj. EBITDA AED 4.5bn AED 5.0bn AED 6.2 to 6.5bn AED 6.8 to 7.0bn Sales AED 27.9bn AED 24.0bn AED 29 to 31bn No change Aldar Development EBITDA AED 2.5bn AED 3.2bn AED 4.1 to 4.3bn AED 4.3 to 4.
Slide 14: Q&A
Q&A 9M 2024 Results Presentation 29 October 2024
Slide 15: Group
GROUP 9M 2024 Results Presentation 29 October 2024
Slide 16: Q3/9M 2024 Group Financial Highlights
Q3/9M 2024 GROUP FINANCIAL HIGHLIGHTS Sustained growth driven by ongoing execution of development revenue backlog, record development sales and contributions from recurring income portfolio (AED mn) Q3 24 Q3 23 Var 9M 24 9M 23 Var Revenue (AED mn) +69% Revenue 5,582 3,458 61% 16,500 9,763 69% 16,500
Slide 17: 9M 2024 Group Balance Sheet
9M 2024 GROUP BALANCE SHEET Strong balance sheet position supported by prudent capital management and robust governance Balance Sheet Leverage (AED mn) 30 Sept 2024 31 Dec 2023 Aldar Investment Aldar Development Property, plant and equipment 6,656 6,513 Bank: Outstanding Debt ▪ Sukuk: AED 6.9bn ▪ UA
Slide 18: Aldar Development
ALDAR DEVELOPMENT 9M 2024 Results Presentation 29 October 2024
Slide 19: Aldar Development Q3/9M 2024 Financial Performance
ALDAR DEVELOPMENT Q3/9M 2024 FINANCIAL PERFORMANCE AED mn Q3 24 Q3 23 Var 9M 24 9M 23 Var AED mn Q3 24 Q3 23 Var 9M 24 9M 23 Var Group Sales 9,939 7,819 27% 23,955 19,395 24% UAE 7,285 6,440 13% 20,232 17,040 19% International 2,654 1,379 92% 3,723 2,355 58% Gross Profit 1,092 715 53% 3,526 2,239 57
Slide 20: 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 0.7mn sqm Abu Dhabi2 GFA 1.7mn sqm 62.1mn sqm Land Area 60.7mn sqm GFA 8.7mn sqm3 Yas Island Land Area 1.7mn sqm GFA 1.7mn sqm ▪ Larg
Slide 21: UAE Development Projects Pipeline
UAE DEVELOPMENT PROJECTS PIPELINE Projects under construction, as at 30 Sept 20241 Revenue Cash to be Launch Total Launched Sold Net Sales value NSA Avg sale % Completion Project Location % sold Area Sold Backlog collected Year Units Units Units (AED mn) (sqm) price/sqm2 completion date (AED mn) (AE
Slide 22: Aldar Projects
ALDAR PROJECTS1 Aldar Projects backlog of AED 76bn Project Management Backlog Progression (AED bn) 26 82 1 79 78 1 76 0 65 (3) (3) (3) 62 61 2 2 59 22 (3) 50 (3) 51 45 (3) 31 27 26 28 (4) 79 79 76 76 75 75 55 55 54 34 35 35 31 32 33 29 31-Dec-22 Work New 31-Mar-23 Work New 30-Jun-23 Work New 30-Sep-
Slide 23: Egypt – SODIC
EGYPT – SODIC1 Sales performance remains strong despite FX movements Sales (EGP mn) Revenue (EGP mn) +104% 9,886 +16% 39,641 7,648 6,922 29,808 5,439 4,707 20,971 19,465 11,205 4,707 5,439 FY 21 FY 22 FY 23 9M 23 9M 24 FY 21 FY 22 FY 23 9M 23 9M 24 USD 724mn USD 1,128mn Units sold Landbank 2,873 Lan
Slide 24: UK - London Square (1/3) - Overview
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 individuals. 100% Acquisition (closing date 30 November 2023) ‘Partner of choice’ work
Slide 25: UK - London Square (2/3)
UK - LONDON SQUARE ( 2/3) Acquired 10 sites YTD; adding GBP 1.7bn+ GDV to BTS & BTR pipeline 1 Wyvil Road, Vauxhall Zone 1 2 Richmond College campus, Twickenham Zone 5 3 Tite Street, Chelsea Zone 1 4 The Phoenix Academy, White City Zone 2 6 5 Westminster Tower, Albert Embankment Zone 1+2 4 6 Stratfo
Slide 26: UK - London Square (3/3)
UK - LONDON SQUARE ( 3/3) Acquired 10 sites YTD; adding GBP 1.7bn+ GDV to BTS & BTR pipeline 1. Wyvil Road, Vauxhall (Zone 1) 6. Stratford Cross, Stratford (Zone 2) o Redevelopment of existing office & warehouse buildings o Well-connected development opportunity situated in the Olympic Park totallin
Slide 27: Aldar Investment
ALDAR INVESTMENT 9M 2024 Results Presentation 29 October 2024
Slide 28: Aldar Investment Q3/9M 2024 Financial Performance
ALDAR INVESTMENT Q3/9M 2024 FINANCIAL PERFORMANCE AED mn Q3 24 Q3 23 Var 9M 24 9M 23 Var AED mn Q3 24 Q3 23 Var 9M 24 9M 23 Var Recurring Revenue1 1,730 1,514 14% 4,965 4,005 24% Adj. EBITDA1,2 674 580 16% 1,993 1,616 23% Investment Properties2 (IP) 572 545 5% 1,695 1,609 5% Investment Properties 40
Slide 29: Investment Properties Overview
INVESTMENT PROPERTIES OVERVIEW1 95% occupancy across the portfolio Commercial Residential Retail Logistics No. of assets 14 3 13 36 3 Leasable area (‘000 sqm) 469 812 521 216 Occupancy 97% 98% 89% 94% WAULT (yrs) 3.8 2.5 3.8 4.0 9M 2024 Revenue (AEDmn) 639 (+11% YoY) 428(-3% YoY) 572 (+5%YoY) 56 (+2
Slide 30: Investment Properties (1/4) – Commercial
INVESTMENT PROPERTIES (1/4) – COMMERCIAL 1 2022 2023 2024 2025 2026 2027 Acquisition Acquisition D-Hold D-Hold H2 2022 H2 2027 H1 2024 H1 2025 Abu Dhabi, Al Maryah Island Abu Dhabi, Al Maryah Island Dubai, DIC Abu Dhabi, Yas Island ADGM JV with Mubadala – 6 Falak Yas Place 4 Grade A towers 2 Grade A
Slide 31: Investment Properties (2/4) – Residential
INVESTMENT PROPERTIES (2/4) – RESIDENTIAL 1 2022 2023 2024 2025 2026 2027 Acquisition H2 2023 RAK Staff accommodations GLA 14k sqm Strata Sale Program2 2022 2023 9M 2024 169 units sold 123 units sold 191 units sold AED 240mn AED 157mn AED 209mn AED mn FY 22 FY 23 Var 9M 23 9M 24 Var FY 22 H1 23 FY 2
Slide 32: Investment Properties (3/4) – Retail
INVESTMENT PROPERTIES (3/4) – RETAIL1 2022 2023 2024 2025 2026 2027 Redevelopment H1 2024 Redevelopment D-Hold D-Hold D-Hold H1 2022 H1 2025 RAK H2 2026 Abu Dhabi, Yas Island Abu Dhabi, Noya & Yas Golf Al Hamra Mall Abu Dhabi, Lagoons Yas Mall Collection GLA 27k sqm – no change Community retail GLA
Slide 33: Investment Properties (4/4) – Logistics
INVESTMENT PROPERTIES (4/4) – LOGISTICS 1 2022 2023 2024 2025-2026 2027 Acquisition Acquisition D-Hold D-Hold D-Hold D-Hold H2 2024 H1 2026 H1 2026 H1 2027 H1 2022 H1 2023 Abu Dhabi Dubai Abu Dhabi Dubai, Jebel Ali, NIP Abu Dhabi Dubai, DIP Abu Dhabi Business Hub Grade A build-to-suit Abu Dhabi Busi
Slide 34: Hospitality & Leisure (1/2)
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, beach clubs and addition to hotel apartments courses (Yas Links) marina facilities on prime beach
Slide 35: Hospitality & Leisure (2/2)
HOSPITALITY & LEISURE (2/2) Ambitious growth plans - through greenfield, brownfield and acquisitions 2022 2023 2024 2025 2026 2027 Acquisition Transformation Transformation D-Hold 2022 H2 2026 H2 2027 H2 2025 RAK Abu Dhabi Abu Dhabi, Saadiyat Island Abu Dhabi Rixos Bab Al Bahr Eastern Mangroves to b
Slide 36: Aldar Education (1/2)
ALDAR EDUCATION (1/2) 2nd largest private school operator in the UAE Operated Schools Managed Schools • 12 Operated Schools • 19 Managed Schools • +13% enrolment growth YoY, driven by: • -15% enrolment YoY • Organic growth • New greenfield school additions • 71% capacity utilisation • 69% capacity u
Slide 37: Aldar Education (2/2)
ALDAR EDUCATION (2/2) Ambitious growth plans - through greenfield, brownfield and acquisitions 2022 2023 2024 2025 2026 2027 Acquisition Acquisition Green Field Green Field 2023 AY2024/2025 AY2025/2026 AY21/22 Dubai Abu Dhabi Abu Dhabi Abu Dhabi Kent College Yasmina British Academy Saadiyat British
Slide 38: Aldar Estates (1/2)
ALDAR ESTATES1 (1/2) A leading regional Property & Facility Management Company Facility Management Integrated Community Services AED 851mn Total Orderbook AED 714mn Total Orderbook Property Management Valuation & Advisory 156k Residential Units AED 150mn deal pipeline 1,743k sqm Commercial GLA 410k
Slide 39: Aldar Estates (2/2)
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 Properties Acquisition H1 2023 Abu Dhabi 2 Basatin Landscaping AED mn FY 22 FY 23 Var 9M 23 9M 24 Var Reve
Slide 40: Segmental Breakdown
SEGMENTAL BREAKDOWN 9M 2024 Results Presentation 29 October 2024
Slide 41: Segmental Breakdown – Q3 2024 vs Q3 2023
SEGMENTAL BREAKDOWN Q3 2024 vs Q3 2023 Revenue (AED mn) 2,786 1,361 719 560 689 545 572 344 230 348 215 199 176 237 18 33 Property Dev. Project Mgmt. Services International Investment Properties Hospitality & Leisure Education Estates Others & Sales Q3 23 Q3 24 EBITDA (AED mn) 764 466 448 405 123 17
Slide 42: Segmental Breakdown – 9M 2024 vs 9M 2023
SEGMENTAL BREAKDOWN 9M 2024 vs 9M 2023 Revenue (AED mn) 8,885 4,334 1,609 1,695 1,804 921 1,404 566 1,086 744 745 488 639 1,112 52 82 Property Dev. Project Mgmt. Services International Investment Properties Hospitality & Leisure Education Estates Others & Sales 9M 23 9M 24 EBITDA (AED mn) 2,738 1,67
Slide 43: 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]
Slide 44: Disclaimer
DISCLAIMER This presentation is intended for information purposes only and does not constitute or form part of an offer for sale or subscription or an invitation or solicitation of an offer to subscribe for or purchase securities of any kind and neither this document nor anything contained herein sh
Slide 45: Appendix
APPENDIX 9M 2024 Results Presentation 29 October 2024
Slide 46: Aldar Properties Diversified Business Model
ALDAR PROPERTIES DIVERSIFIED BUSINESS MODEL1 (31 DEC 2023) Leading real estate developer, operator and asset manager with two core businesses: Aldar Development & Aldar Investment Revenue AED 14.2bn MSCI Index BBB Market Cap AED 42.1bn EBITDA AED 5.1bn DJSI 47 Moody’s Credit Rating Baa2 Net Profit A
Slide 47: Core Business Growth Drivers
CORE BUSINESS GROWTH DRIVERS Strongly positioned to capitalize on Growth & Expansion Strategy Aldar Development Aldar Investment ▪ Become leading destination builder providing exceptional ▪ Grow recurring income portfolio through “Develop-to- experiences Hold” strategy ▪ Diversify product and custom
Slide 48: 2023 Capital Committed
2023 CAPITAL COMMITTED c. AED 9bn of capital deployed or committed Aldar Development (c. AED 5.9bn) Aldar Investment (c. AED 3.1bn) Transaction Value (AED mn) Transaction Value (AED mn) Al Fahid land acquisition of 3.4m sqm island between Yas Residential: RAK Staff Accommodation acquisition, Ras Al
Slide 49: 2022 Capital Deployment
2022 CAPITAL DEPLOYMENT c. AED 11.5bn of capital deployed or committed Aldar Development (c. AED 4.1bn) Aldar Investment (c. AED 7.4bn) Transaction Value (AED mn) Transaction Value (AED mn) Acquisition of 6.2m sqm prime land located on 3,6801 Commercial the east side of Saadiyat Island 4 Grade-A com