Aldar Properties (ALDAR) Q1 2026 earnings summary

Executive summary

• Revenue increased 12% year-over-year to AED 8.7 billion, with EBITDA up 22% to AED 3.0 billion and net profit after tax rising 20% to AED 2.3 billion, driven by development backlog recognition, recurring income, and resilient operations despite regional tensions.

• Group sales declined 25% year-over-year to AED 6.7 billion, mainly due to subdued March sales and moderated launch activity, but backlog reached a record AED 72.1 billion.

• Strong balance sheet and liquidity, with total assets at AED 119.7 billion and available liquidity rising to AED 38.2 billion after April facility.

• Major asset contributions, hybrid note issuances totaling USD 2 billion, and a new AED 5 billion sustainability-linked revolving credit facility supported strategic expansion.

• International demand remained robust, with significant contributions from the UK and Egypt, and 88% of UAE sales to overseas and expat buyers.

Financial highlights

• Gross profit margin improved to 38%, with gross profit at AED 3.3 billion (+19% YoY), and EBITDA margin rising to 34%.

• Aldar Development revenue was AED 6.5 billion (+14% YoY), EBITDA AED 2.2 billion (+23% YoY); Aldar Investment revenue AED 2.1 billion (+14% YoY), adjusted EBITDA AED 905 million (+18% YoY).

• Hospitality & Leisure revenue AED 291 million (+7% YoY), occupancy 64%, ADR AED 849 (+24% YoY), RevPAR AED 546 (+13% YoY).

• Education revenue AED 252 million (+12% YoY), with over 36,000 students enrolled.

• Total equity reached AED 50.7 billion, with a dividend payout of AED 1.61 billion for 2025, up 10.8% YoY.

Outlook and guidance

• Full-year 2026 guidance maintained, with group sales expected at AED 45–49 billion and adjusted EBITDA at AED 9.5–10.0 billion.

• Management remains confident in operational resilience and will reassess guidance as market conditions evolve.

• Capex for develop-to-hold projects projected at AED 16.8 billion over 2024–2031, with a develop-to-hold pipeline of AED 20.1 billion.