Q1 2026 Group Highlights 

• Net profit after tax increased 20% year-on-year (YoY) to AED 2.3 billion¹, driven by realisation of development revenue backlog and resilient earnings from a diversified, defensive investment properties portfolio. Earnings per share for the Q1 2026 period increased 25% YoY to AED 0.25.
• Group sales of AED 6.7 billion in the first quarter, with UAE sales contributing AED 5.9 billion. Two projects launched in the UAE in early Q1 2026: The Wilds Residences in Dubai and Baccarat Residences Saadiyat in Abu Dhabi.
• Sustained demand among international buyers, with UAE sales to overseas and expat resident customers reaching AED 5.3 billion in Q1, representing 88% of total UAE sales.
• Yas Park Place was launched in mid-April with 80% of released units sold to date, generating more than AED 800 million and highlighting continued confidence in Abu Dhabi’s real estate market.
• Development revenue backlog rose to AED 72.1 billion, including AED 62.2 billion in the UAE, providing clear visibility on revenue recognition over the next three years.
• Q1 landbank replenishment across the UAE with a Gross Development Value of AED 61 billion, including strategic land plots in key Abu Dhabi destinations, and the expansion of the Dubai Holding joint venture. 
• Aldar Investment’s adjusted EBITDA rose 18% YoY to AED 905 million supported by high occupancy and contributions from strategic acquisitions. Assets under management rose to AED 52 billion.
• The income-generating property portfolio remained resilient, supported by long-term leases and growth in the commercial, retail, industrial and logistics segments. Acquisitions of The Link at Masdar City and logistics assets at KEZAD further enhanced the platform.
• Develop-to-hold pipeline expanded by AED 2.8 billion to AED 20.1 billion through a partnership with the Department of Municipalities and Transport to deliver 9,000 value housing units for rent in Abu Dhabi.
• Strong financial position supports resilience and capital deployment strategy, with total available liquidity at AED 33.2 billion at March-end, comprising AED 13.9 billion in free and unrestricted cash and AED 19.4 billion in committed undrawn bank facilities.
• Aldar closed a USD 1.0 billion (AED 3.7 billion) public hybrid issuance in January, followed by a USD 1.0 billion (AED 3.7 billion) hybrid issuance to Apollo in February. An AED 5 billion sustainability-linked committed revolving credit facility was completed in April, attracting strong demand from a broad group of regional and international banks.
• In April, Aldar distributed a dividend of AED 0.205 per share for 2025, representing a 10.8% YoY increase and a total payout of AED 1.61 billion

   

 

• Aldar Development’s revenue increased 14% YoY to AED 6.5 billion, with EBITDA increasing 23% to AED 2.2 billion, driven by continued project delivery on a record revenue backlog.
• Group sales totalled AED 6.7 billion, a 25% YoY decline reflecting moderating sales activity in March and a disciplined approach to launches in response to evolving market conditions. Customer collections have remained strong and in line with contractual schedules, while default rates have not deviated from historical levels of around 1%, reflecting continued buyer commitment and resilience of demand.
• Cross-geography sales have been supported by the company’s international sales network, which now includes ‘World of Aldar’ experience centres in Hong Kong and London, which opened in the first quarter.
• Group development revenue backlog reached a record level of AED 72.1 billion at the end of March 2026, up from AED 71.7 billion at the end of December, providing clear visibility on revenue over the next three years.
• Project management services backlog at the end of March 2026 was AED 91.6 billion, with AED 66.7 billion under construction, reflecting the strong pipeline of government investment in infrastructure and housing.

 

UAE

• Total UAE sales decreased 30% YoY to AED 5.9 billion, reflecting moderated launch activity with two projects launched: The Wilds Residences in Dubai, and Baccarat Residences, on Saadiyat Island in Abu Dhabi.
• In April, Aldar launched Yas Park Place. Sales reached over AED 800 million, with 80% of units released sold in the first week, highlighting sustained confidence in Abu Dhabi’s real estate market.
• UAE sales to overseas and expatriate buyers represented 88% in Q1 2026, reaching AED 5.3 billion, highlighting continued strength in international demand and sustained confidence in Abu Dhabi as a global investment destination.
• UAE revenue backlog at the end of March 2026 stood at a record AED 62.2 billion, up from AED 61.0 billion at the end of December, with an average duration of 29 months.
• Cash collections in Q1 2026 totalled AED 4.3 billion reflecting the strength of buyer commitment.

International

SODIC[1]

• SODIC contribution to Aldar Development’s revenue was AED 116 million (EGP 1.5 billion).
• SODIC’s sales totalled AED 194 million (EGP 2.9 billion). Revenue backlog as at the end of March 2026 stood at AED 7.2 billion (EGP 107.1 billion), with an average duration of 39 months.

London Square[2]

• London Square’s contribution to Aldar Development’s revenue was AED 316 million (GBP 64 million).
• London Square sales totalled AED 576 million (GBP 118 million), driven by three development launches in the first quarter, including Ransome’s Wharf, Wimbledon Bridge House, and Westminster Tower.
• The revenue backlog rose to AED 2.7 billion (GBP 560 million) at the end of March 2026, with an average duration of 31 months.

[1] EGP figures stated at the average exchange rate through quarter end (Q1 2026 EGP/AED = 0.071) as applicable. Spot rate as of 31 March 2026 (EGP/AED = 0.067)

4 GBP figures stated at the average exchange rate through quarter end (Q1 2026 GBP/AED = 4.90) as applicable. Spot rate as of 31 March 2026 (GBP/AED = 4.87)

 

 

• Aldar Investment’s revenue grew 14% YoY to AED 2.1 billion, while Adj. EBITDA rose 18% to AED 905 million supported by high occupancy, robust rental rates, and contribution from recent strategic acquisitions. Aldar’s AED 20.1 billion develop-to-hold pipeline is set to drive further scale, diversification, and earnings growth over the next four years.
• Investment Properties Adj. EBITDA rose 27% YoY to AED 632 million, supported by a portfolio occupancy rate of 96%, which is characterised by long-term lease structures that support a stable income base.
  • Commercial Adj. EBITDA increased 11% YoY to AED 235 million, driven by sustained demand for Grade A office space and the contribution from Yas Place, which has achieved full occupancy since completion in Q2 2025. The portfolio remains 100% occupied and benefits from a diversified tenant base that includes government-related entities and established corporates. Recent leasing activity has been marked by strong pricing, with new leases signed at record levels in key locations such as ADGM. Continued stability in rental income is supported by fixed base rents, with many leases renewed earlier in the year under long-term contractual arrangements and limited lease rollover this year. In April, Aldar built on its joint venture with Mubadala through the AED 654 million acquisition of the Link at Masdar City, adding five fully leased mixed-use buildings to the portfolio.
  • Residential Adj. EBITDA decreased 4% YoY to AED 127 million due to the turnover of a bulk lease and strategic Eastern Mangroves refurbishment. The portfolio continues to demonstrate stable underlying performance, supported by 96% occupancy and long-term lease renewals and agreements. Further growth will be driven by the develop-to-hold pipeline on Al Reeman and Yas Island, as well as a recent 9,000-home partnership with Department of Municipalities and Transport that will contribute to Aldar’s residential portfolio reaching 20,000 rental units in the coming years.
  • Retail Adj. EBITDA increased 65% YoY to AED 228 million, driven by contributions from The Galleria Luxury Collection, following the completion in Q1 of the retail joint venture with Mubadala, as well as the increased rental rates and occupancy in Yas Mall and Al Jimi mall, which has become a major retail success story in Al Ain since its transformation completed in September 2025. Portfolio occupancy stood at 89%[1] at the end of Q1 with all tenants across major retail destinations remaining operational. Footfall has stabilised and is approaching normalised levels following an initial decline in early March.
  • Industrial and Logistics delivered solid growth, with Adj. EBITDA up 157% YoY to AED 43 million, supported by the acquisitions of assets at KEZAD and Al Markaz in 2025. Organic income growth has been supported by a high occupancy rate, which reached 96% at the end of Q1, while long-term lease agreements with logistics operators and demand from new market segments continue to underpin portfolio stability. In April, Aldar acquired further logistics assets in KEZAD from AD Ports Group for AED 650 million. Further growth will be driven by the develop-to-hold pipeline, which includes expansion of Abu Dhabi Business Hub, facilities in Dubai South and National Industries Park in Dubai, as well as build-to-suit projects such as the Tesla Experience Centre on Yas Island.
• Hospitality Adj. EBITDA rose 6% YoY to AED 98 million, supported by strong performance in January and February, with ADR increasing 24% to AED 849 and RevPAR up 13% to AED 546 for the quarter. Occupancy was 64% in Q1 reflecting softer demand in March amid disruptions to regional flight connectivity and international tourism. Performance was supported by resilient corporate event bookings and staycation demand. Aldar is accelerating its hotel transformation programme to strengthen asset positioning, while also optimising operations, to ensure the portfolio is well placed to capture demand as international travel conditions normalise.
• Aldar Education Adj. EBITDA increased 8% YoY to AED 67 million, driven by higher enrolment and a tuition fees uplift. Student enrolment in operated schools increased to 18,000 from 16,000 a year earlier, supported by the opening of Noya Yasmina British Academy, Yasmina American School, and Muna British Academy. This has taken total enrolment at operated and managed schools to over 36,000 students.
• Aldar Estates Adjusted EBITDA declined 3% YoY to AED 87 million, reflecting one-off impacts in the project management and the valuation & advisory verticals. The portfolio continues to operate at scale, managing over 145,000 residential units, 2.5 million sqm of retail and commercial space, and contracts valued at over AED 2.7 billion.

[1] Retail Occupancy: 96% excluding Remal mall

 

Group & Corporate Updates

• Aldar strengthened its balance sheet, liquidity and financial flexibility through a series of financing initiatives. These included:
  • A USD 1.0 billion (AED 3.7 billion) public subordinated hybrid notes issuance in January
  • A USD 1.0 billion (AED 3.7 billion) private placement with Apollo Global Management in February, which included the repayment of USD 500 million perpetual subordinated notes, reducing Apollo’s effective ownership in Aldar Investment Properties to 9.7%.
  • An AED 5 billion sustainability-linked committed revolving credit facility in April, which attracted participation from ten prominent local, regional, and international banks, including new lenders, reflecting Aldar’s strong credit standing.
• Aldar continued to drive digital transformation, with a focus on further developing the ‘Live Aldar’ platform for a seamless customer experience. The adoption rate for Live Aldar reached over 60% across key journeys, with continued QoQ growth in digital traffic and engagement across core platforms. The platform processed over 4,300 hospitality reservations and more than 12,700 leisure activity tickets in the quarter.
• Membership of the Darna rewards programme increased 184% YoY, with a monthly record of 46,000 new registrations in March.

ESG Highlights

As one of the UAE’s leading real estate developers, Aldar has a duty to uphold best practice international ESG standards. ESG is a core pillar of the company’s long-term growth strategy, with strong governance and responsible environmental and social impact integrated into its investment processes and business decisions. Highlights of Aldar’s recent ESG activities include:

• Aldar was recently recognised by NAFIS for its exceptional efforts in Emiratisation, with UAE nationals now representing 44.5% of the Group’s employee base.
• The latest Dow Jones Sustainability Index saw Aldar’s score increase from 61 to 67, placing the company first regionally and in the top 10% globally for the industry.
• Yasmina British Academy expansion in Abu Dhabi was named MEED Education Project of the Year, with all six campus buildings achieving Estidama 3 Pearl certification. The project delivers 40–45% water savings and 30–40% energy savings compared to baseline standards.
• Aldar deepened its collaboration with the Environment Agency Abu Dhabi and Emirates Nature–WWF to study and safeguard the near‑shore habitats of Saadiyat Marine National Park, mapping biodiversity, and generating a practical stewardship blueprint for Aldar’s coastal portfolio.
• In 2025, Aldar delivered more than 11,800 volunteering hours and reached over 100,000 beneficiaries through social impact initiatives focused on inclusion for People of Determination, education and skills development, youth empowerment, and community engagement, while also strengthening its commitment to Abu Dhabi’s social priorities through a three-year partnership with the Authority of Social Contribution – Ma’an.