Aldar Properties (ALDAR) Q2 2025 earnings summary

Executive summary

• Achieved strong H1 2025 results with revenue reaching AED 15.5 billion (+42% YoY), EBITDA AED 5.3 billion (+38% YoY), and net profit AED 4.1 billion (+24% YoY), supported by robust sales, new launches, and recurring income from organic growth and acquisitions.

• Group sales hit AED 18.3 billion (+31% YoY), with UAE sales at AED 17.5 billion (+35% YoY) and a revenue backlog of AED 62.3 billion (+47% YoY).

• Five new launches in the UAE, significant international expansion in Egypt and the UK, and successful asset acquisitions contributed to growth.

• The group operates in real estate development, investment, hospitality, education, and related services in the UAE and internationally.

• Interim financial statements for H1 2025 were reviewed by Ernst & Young, with no material misstatements identified.

Financial highlights

• H1 2025 revenue: AED 15.5 billion (+42% YoY); EBITDA: AED 5.3 billion (+38% YoY); net profit after tax: AED 4.1 billion (+24% YoY); gross profit: AED 5.34 billion (+39% YoY).

• Effective tax rate increased to 12.2% from 4.1% due to UAE tax changes.

• Total liquidity at AED 29.7 billion, with AED 17.9 billion in cash and AED 17.5 billion in committed undrawn bank facilities.

• Basic and diluted EPS for H1 2025 was AED 0.453, compared to AED 0.358 in H1 2024.

• Total assets grew to AED 98.56 billion as of 30 June 2025, from AED 85.74 billion at year-end 2024.

Outlook and guidance

• On track to reach the upper end of full-year guidance: group EBITDA AED 10.4–10.8 billion, development sales AED 36–39 billion.

• Majority of remaining performance obligations on property sales expected to be recognized as revenue within two years.

• H2 expected to be stronger, with catalysts including new asset contributions and project launches.

• Capex for D-Hold projects projected at AED 2.3 billion for FY 2025.

• Capital commitments for projects under development and management total AED 25.9 billion, spread over one to five years.