Al Dar Properties · ADX:ALDAR
Al Dar Properties — FY2024 Earnings Presentation
57 slides from Al Dar Properties's earnings presentation, Feb 10, 2025
Slide 1: FY 2024 Results Presentation
FY 2024 RESULTS PRESENTATION Aldar Properties 10 February 2025
Slide 2: FY 2024 Highlights
FY 2024 HIGHLIGHTS FY 2024 Results Presentation 10 February 2025
Slide 3: FY 2024 Executive Summary
FY 2024 EXECUTIVE SUMMARY Group ▪ Strong & sustainable cross-platform growth driven by ongoing recognition of revenue Revenue EBITDA Net Profit1 backlog, record development sales, contributions from recurring income portfolio from organic and recent acquisition ramp up contributions. Core growth bus
Slide 4: Q4 2024 & YTD 2025 Announcement Highlights
Q4 2024 & YTD 2025 ANNOUNCEMENT HIGHLIGHTS Residential, Commercial & Retail developments in Al Hamra Mall redevelopment completed in RAK Acquisition of Commercial tower in DIFC, Dubai Dubai (D-hold pipeline addition) (D-hold pipeline addition) 50:50 JV with Expo City ▪ Flagship retail destination in
Slide 5: 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 AED bn 2020 2024 4 -yr CAGR Market Cap 24.8 60.4 ~2.4x 25% 4-yr TSR 178% Reven
Slide 6: 2024 Capital Deployed
2024 CAPITAL DEPLOYED c. AED 4.4bn of capital deployed Aldar Development (c. AED 1.9bn) Aldar Investment (c. AED 2.3bn) Transaction Value (AED mn) Transaction Value (AED mn) Commercial: 6 Falak acquisition 255 International Land acquisitions, UK 1,900 Investment Commercial & Residential: Masdar asse
Slide 7: AED 13.3 Billion D-Hold Pipeline
AED 13.3 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 buildin
Slide 8: Aldar Development
ALDAR DEVELOPMENT Strong performance in 2024 driven by successful new launches and robust sales of existing inventory Group Sales (AED bn) +20% Revenue (AED bn) +90% EBITDA (AED bn) +75% Guidance Guidance 4.3 AED 29 to 31 bn 15.7 AED 4.3 to 4.5 bn 33.6 0.2 27.9 1.7 5.3 3.6 2.5 8.3 14.4 7.0 0.2 1.3 1
Slide 9: Aldar Investment (1/2)
ALDAR INVESTMENT (1/2) Strong Adj. EBITDA growth in 2024 driven by organic operational performance, expansion of Aldar Estates and prior year acquisitions 1 Revenue (AED mn) FY 2024 - Key Highlights +21% 6,979 Commercial 5,759 • Al Maryah Tower operational • Acquisition 6 Falak, DIC, Dubai 4,120 40
Slide 10: 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 AED 659 (+5% YoY
Slide 11: Robust Group Balance Sheet Supporting Growth
ROBUST GROUP BALANCE SHEET SUPPORTING GROWTH 2 Robust Group liquidity of AED 18.6bn 31 Dec 24 31 Dec 23 (AED mn) Outstanding Debt (AED bn) Available liquidity (AED bn) Debt 16,386 12,079 Cash 15,136 11,718 Committed Public debt undrawn bank Total Equity 42,796 38,183 2 FY 24 6.9 facilities FY 24 Gro
Slide 12: FY 2024 Sustainability & Community Outreach Highlights
FY 2024 SUSTAINABILITY & COMMUNITY OUTREACH HIGHLIGHTS CREATING SUSTAINABLE PLACES ▪ Achieved 4% decrease in energy consumption (2024) for existing asset portfolio (year-on-year) ▪ Achieved 7% reduction in water consumption (2024) for existing asset portfolio (year-on-year) ▪ Achieved 32% improvemen
Slide 13: Aldar Group Vision 2030
ALDAR GROUP VISION 2030 Become the regional real estate champion that creates signature experiences to our customers and sustainable value to our shareholders Vision Regional EBITDA Sustainability Net Profit1 Employer development : recurring (incl. PMS) Top Champion AED 20bn+ of Choice Targeting 50:
Slide 14: 2030 Strategy Map
2030 STRATEGY MAP FY 2024 Results Presentation 14
Slide 15: 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 16: Short & Medium Term Guidance
SHORT & MEDIUM TERM GUIDANCE 2025 guidance and 3-year medium term guidance versus 2024 FY 24 FY 25 FY 27 (Base) (1yr Guidance) (3yr Guidance) Aldar Properties EBITDA AED 7.7bn AED 10.4 to 10.8bn +25% to 30% 3yr CAGR Deployment(M&A) AED 2.3bn AED 3 to 4bn AED 9 to 12bn over 3 yrs Capex (D-Hold) AED 2
Slide 17: Q&A
Q&A FY 2024 Results Presentation 10 February 2025
Slide 18: Group
GROUP FY 2024 Results Presentation 10 February 2025
Slide 19: FY 2024 Group Financial Highlights
FY 2024 GROUP FINANCIAL HIGHLIGHTS Sustained growth driven by record development performance and enlarged investment properties portfolio Revenue (AED mn) (AED mn) Q4 24 Q4 23 Var FY 24 FY 23 Var 22,998 Revenue 6,498 4,398 48% 22,998 14,161 62% 14,161 Gross profit 2,369 1,580 50% 8,045 5,573 44% 11,
Slide 20: FY 2024 Group Balance Sheet
FY 2024 GROUP BALANCE SHEET Strong balance sheet position supported by prudent capital management and robust governance Balance Sheet Leverage Aldar Investment Aldar Development (AED mn) 31 Dec 2024 31 Dec 2023 Bank: Outstanding Debt ▪ Sukuk: AED 6.9bn ▪ UAE : AED 4.9bn Property, plant and equipment
Slide 21: Aldar Development
ALDAR DEVELOPMENT FY 2024 Results Presentation 10 February 2025
Slide 22: Aldar Development Q4/FY 2024 Financial Performance
ALDAR DEVELOPMENT Q4/FY 2024 FINANCIAL PERFORMANCE AED mn Q4 24 Q4 23 QoQ FY 24 FY 23 YoY AED mn Q4 24 Q4 23 QoQ FY 24 FY 23 YoY Group Sales 9,617 8,536 13% 33,572 27,931 20% UAE 8,081 7,241 12% 28,313 24,281 17% International 1,537 1,294 19% 5,259 3,650 44% Gross Profit 1,448 795 82% 4,973 3,034 64
Slide 23: 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 24: UAE Development Projects Pipeline
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 collected Year d Units Units (sqm) price/sqm2 completion date Yas Acres-Magnolias Y
Slide 25: Aldar Projects
ALDAR PROJECTS1 Aldar Projects backlog of AED 91bn Project Management Backlog Progression (AED bn) 19 91 26 82 1 79 78 1 76 0 65 (3) (3) (3) 41 62 61 2 2 59 22 (4) (3) 50 (3) 51 45 (3) 31 27 26 28 (4) 79 79 76 76 75 75 72 55 55 54 50 34 35 35 31 32 33 29 31-Dec-22 Work New 31-Mar-23 Work New 30-Jun-
Slide 26: Egypt – SODIC
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 Landbank 2,873 Land area BUA 1,984 18.6mn sqm 7mn sqm 1,745 1,237 GDV EGP 703.2mn FY 21
Slide 27: 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 28: UK - London Square (2/3)
UK - LONDON SQUARE ( 2/3) Acquired 13 sites YTD; adding GBP 2.4bn+ GDV to BTS & BTR pipeline FY 2024 Results Presentation 28
Slide 29: UK - London Square (3/3)
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 buildings o 2 empty town centre land plots totaling 18k sqm o Build-to-rent (~320 u
Slide 30: Aldar Investment
ALDAR INVESTMENT FY 2024 Results Presentation 10 February 2024
Slide 31: Aldar Investment Q4/FY 2024 Financial Performance
ALDAR INVESTMENT Q4/FY 2024 FINANCIAL PERFORMANCE AED mn Q4 24 Q4 23 QoQ FY 24 FY 23 YoY AED mn Q4 24 Q4 23 QoQ FY 24 FY 23 YoY Recurring Revenue1 2,013 1,754 15% 6,979 5,759 21% Adj. EBITDA1,2 713 635 12% 2,706 2,251 20% Investment Properties2 (IP) 572 530 8% 2,267 2,139 6% Investment Properties 38
Slide 32: 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) 469 800 520 240 Occupancy 98% 99% 90%4 89% WAULT (yrs) 3.7 2.3 4.0 3.9 FY 2024 Revenue (AEDmn) 854 (+10% YoY) 572(-1% YoY) 765 (+6%YoY) 76 (+
Slide 33: Investment Properties (1/4) – Commercial
INVESTMENT PROPERTIES (1/4) – COMMERCIAL 1 2022 2023 2024 2025 2026 2027 2028 Acquisition Acquisition D-Hold D-Hold D-Hold H2 2022 H2 2027 H1 2024 H1 2025 H1 2028 Abu Dhabi, Al Maryah Island Abu Dhabi, Al Maryah Island Dubai, DIC Abu Dhabi, Yas Island Dubai, DIFC ADGM One Maryah Place - JV with 6 Fa
Slide 34: Investment Properties (2/4) – Residential
INVESTMENT PROPERTIES (2/4) – RESIDENTIAL 1 2022 2023 2024 2025 2026 2027-2028 Acquisition H2 2023 RAK Staff accommodations GLA 14k sqm Acquisition D-Hold Strata Sale Program2 H1 2025 H1 2028 Abu Dhabi Dubai, Expo City 2022 2023 2024 JV with Mubadala - Masdar Expo City 169 units sold 123 units sold
Slide 35: Investment Properties (3/4) – Retail
INVESTMENT PROPERTIES (3/4) – RETAIL1 2022 2023 2024 2025 2026 2027-2028 Redevelopment H1 2024 Redevelopment D-Hold D-Hold D-Hold D-Hold H1 2022 H1 2025 RAK H2 2026 H1 2028 Abu Dhabi, Yas Island Abu Dhabi, Noya & Yas Golf Al Hamra Mall Abu Dhabi, Lagoons Dubai, Expo City Yas Mall Collection GLA 27k
Slide 36: 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 H2 2025 H1 2026 H1 2027 H1 2022 H2 2023 Abu Dhabi Dubai Abu Dhabi Dubai, Jebel Ali, NIP Abu Dhabi Dubai, DIP Abu Dhabi Business Hub Grade A build-to-suit Business Hub e
Slide 37: 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 38: Hospitality & Leisure (2/2)
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 Abu Dhabi H2 2027 Abu Dhabi RAK Yas Plaza to become Abu Dhabi, Saadiyat Island Tilal Liwa to be rep
Slide 39: 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 • +12% enrolment growth YoY, driven by: • -14% enrolment YoY • Organic growth • New greenfield school additions • 71% capacity utilisation • 70% capacity u
Slide 40: 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 AY2024/2025 2023 AY2025/2026 AY21/22 Abu Dhabi Dubai Abu Dhabi Abu Dhabi Yasmina British Academy Kent College Muna British Acad
Slide 41: Aldar Estates (1/2)
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 management platform Facility Management Services provided by Geography AED 690mn Orderbook 8K+ employees Pr
Slide 42: 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 FY 24 Var Revenue (AED m
Slide 43: Segmental Breakdown
SEGMENTAL BREAKDOWN FY 2024 Results Presentation 10 February 2025
Slide 44: Segmental Breakdown: Q4 2024 vs Q4 2023
SEGMENTAL BREAKDOWN Q4 2024 vs Q4 2023 Revenue (AED mn) 2,877 1,455 848 818 698 611 572 629 530 287 372 366 199 223 24 35 Property Dev. Project Mgmt. Services International Investment Properties Hospitality & Leisure Education Estates Others & Sales Q4 23 Q4 24 EBITDA (AED mn) 868 713 714 319 246 13
Slide 45: Segmental Breakdown: FY 2024 vs FY 2023
SEGMENTAL BREAKDOWN FY 2024 vs FY 2023 Revenue (AED mn) 11,761 5,790 2,252 2,139 2,267 2,622 1,208 1,263 1,696 1,116 1,741 1,111 687 862 77 117 Property Dev. Project Mgmt. Services International Investment Properties Hospitality & Leisure Education Estates Others & Sales FY 23 FY 24 EBITDA (AED mn)
Slide 46: 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]
Slide 47: 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 48: Appendix
APPENDIX FY 2024 Results Presentation 10 February 2025
Slide 49: 2024 Capital Deployed
2024 CAPITAL DEPLOYED c. AED 4.4bn of capital deployed Aldar Development (c. AED 1.9bn) Aldar Investment (c. AED 2.3bn) Transaction Value (AED mn) Transaction Value (AED mn) Commercial: 6 Falak acquisition 255 International Land acquisitions, UK 1,900 Investment Commercial & Residential: Masdar asse
Slide 50: D-Hold Capex
D-HOLD CAPEX AED 11.5bn total capex phased over 2024 – 2029 for AED 13.3bn D-Hold pipeline Aldar 1 Segment Project Location Target Completion GLA (sqm) GDV (AED mn) Ownership Yas Place Abu Dhabi, Yas Island H1 2025 100% 25,000 370 Saadiyat Business Park Abu Dhabi, Saadiyat Island H2 2027 100% 25,000
Slide 51: 2023 Capital Deployed or Committed
2023 CAPITAL DEPLOYED OR 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 acquisit
Slide 52: 2022 Capital Deployed
2022 CAPITAL DEPLOYED c. AED 11.5bn of capital deployed 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 commercial buildin
Slide 53: 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 AED 23.0bn MSCI Index BBB Market Cap AED 60.4bn EBITDA AED 7.7bn DJSI 61 Moody’s Credit Rating Baa2 Net Profit A
Slide 54: Mubadala JV: Masdar City, Abu Dhabi – Asset Acquisitions (1/3)
MUBADALA JV: MASDAR CITY, ABU DHABI – ASSET ACQUISITIONS (1/3) JV Details Scales Aldar Investment Portfolio (AIP) by ~12% to AED 29.0bn GAV Own & manage 17 income-generating assets in free zone - Masdar City, Abu AIP Portfolio Dhabi GAV (AED mn) NOI (AED mn) Adj. EBITDA (AED mn) o/w 14 within Masdar
Slide 55: Mubadala JV: Masdar City, Abu Dhabi – Asset Acquisitions (2/3)
MUBADALA JV: MASDAR CITY, ABU DHABI – ASSET ACQUISITIONS (2/3) JV Details Commercial Assets Own & manage 17 income-generating assets in free zone - Masdar City, Abu Dhabi o/w 14 within Masdar Green REIT (MGR REIT) ➢ 9 commercial LEED Gold or LEED certified GAV AED 1.5bn; GLA 88k sqm; 98% occupancy ➢
Slide 56: Mubadala JV: Masdar City, Abu Dhabi – Asset Acquisitions (3/3)
MUBADALA JV: MASDAR CITY, ABU DHABI – ASSET ACQUISITIONS (3/3) JV Details Residential Assets Own & manage 17 income-generating assets in free zone - Masdar City, Abu Dhabi Eco Residence I o/w 14 within Masdar Green REIT (MGR REIT) ➢ 3 residential LEED Gold or LEED certified 1 GAV AED 1.3bn; GLA 127
Slide 57: Thank You
THANK YOU