Aldar Properties (ALDAR) Q3 2025 earnings summary

Executive summary

• Revenue reached AED 23.6 billion for the first nine months of 2025, up 43% year-over-year, with EBITDA at AED 7.8 billion (+44% YoY) and net profit after tax at AED 6.0 billion (+30% YoY), reflecting robust growth across all business platforms.

• Growth was driven by disciplined strategy execution, new launches, strong inventory sales, recurring income from organic and acquired assets, and expansion in investment properties.

• Group development sales totaled AED 28.5 billion (+19% YoY), with a backlog of AED 66.5 billion (+58% YoY), and UAE sales at AED 26.5 billion (+31% YoY).

• Strategic market expansion continued in Egypt and the UK, with notable land acquisitions and new project launches.

• Record quarterly UAE sales of AED 9.1 billion in Q3 2025, driven by high demand and new project launches.

Financial highlights

• Group revenue rose 43% year-on-year to AED 23.6 billion for the first nine months; EBITDA increased 44% to AED 7.8 billion; net profit after tax up 30% to AED 6.0 billion.

• Gross profit for 9M 2025 was AED 8.1 billion (+43% YoY); net margin stood at 25.3%.

• Effective tax rate increased to 12.6% from 4.3% due to new UAE tax regulations.

• Total assets increased to AED 102.1 billion from AED 85.7 billion at year-end 2024.

• Free and unrestricted cash at AED 12.3 billion; committed undrawn facilities at AED 17.4 billion.

Outlook and guidance

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

• Aldar Development guided for EBITDA of AED 6.6–7 billion; Aldar Investment for adjusted EBITDA of AED 3.2–3.3 billion.

• Capex for develop-to-hold projected at AED 3–4 billion.

• Focus remains on disciplined capital deployment, recurring income growth, and sustainable value creation.

• Revenue recognition expected from a robust backlog, with most revenue to be recognized within two years.