Aldar Properties

1. Company Overview & Earnings Context

Aldar Properties is one of the UAE's leading real estate developers, with operations spanning property development, investment properties, hospitality, education, and real estate services across the UAE, Egypt, and the UK. The Group continues to benefit from its diversified business model, recurring income portfolio, and disciplined capital allocation.

For H1 2026, Aldar delivered another strong financial performance, with growth in revenue, profitability, and recurring earnings. Results were driven by continued execution of its sizeable development backlog, resilient investment property income, strong international demand, and contributions from recent strategic acquisitions.

2. Financial Performance Snapshot

• Revenue: AED 16.8 Billion (+8% YoY)

• Gross Profit: AED 6.2 Billion (+17% YoY)

• EBITDA: AED 6.3 Billion (+19% YoY)

• Profit Before Tax: AED 5.5 Billion (+18% YoY)

• Income Tax Expense: AED 651.7 Million

• Net Profit After Tax: AED 4.9 Billion (+18% YoY)

• Earnings Per Share (EPS): AED 0.53 (+17% YoY)

Compared with H1 2025:

• Revenue increased from AED 15.5 billion to AED 16.8 billion.

• Gross profit rose from AED 5.3 billion to AED 6.2 billion.

• EBITDA increased from AED 5.3 billion to AED 6.3 billion.

• Profit before tax grew from AED 4.7 billion to AED 5.5 billion.

• Net profit increased from AED 4.1 billion to AED 4.9 billion.

3. Operational Highlights & Key Metrics

• Total Assets: AED 125.5 Billion

• Total Equity: AED 51.8 Billion

• Cash & Bank Balances: AED 22.7 Billion

• Liquidity Position: AED 37.1 Billion

• Development Backlog: AED 71.6 Billion

• UAE Development Backlog: AED 59.9 Billion

• Development Sales: AED 12.1 Billion

• International & Expat Buyer Sales: AED 7.6 Billion (80% of UAE sales)

• Assets Under Management (AUM): AED 56 Billion

• Develop-to-Hold Pipeline: AED 20 Billion

• Project Management Backlog: AED 87.2 Billion

• Basic EPS: AED 0.53 (+17% YoY)

4. Key Performance Drivers

Growth was primarily supported by the execution of Aldar's AED 71.6 billion development backlog, higher recurring income from its investment property portfolio, strong occupancy and rental growth, and contributions from recently acquired assets. International operations in Egypt and the UK recorded strong momentum, while demand from overseas and expatriate buyers remained robust, accounting for 80% of UAE sales. The Group also benefited from continued expansion across education, logistics, and property management businesses.

5. Outlook & Forward Guidance

Management remains focused on delivering its substantial development backlog, expanding its AED 20 billion develop-to-hold pipeline, and growing recurring income through strategic acquisitions and new developments. Upcoming launches, including Marsa Al Saadiyat and Yas Point, together with continued investment in education, logistics, and residential assets, are expected to support long-term earnings growth and shareholder value creation.

6. Investor Takeaway

Aldar delivered another impressive set of H1 2026 results, combining strong earnings growth with a record development backlog and resilient recurring income streams. Supported by a diversified business model, robust balance sheet, and significant pipeline of future projects, the company remains well positioned to capitalize on continued growth opportunities across the UAE and international markets.