Aldar Properties: Q2 26 Earnings call: Confident messaging on H2 26E trends; better on P&L and busier on property sales

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Aldar Properties: Q2 26 Earnings call: Confident messaging on H2 26E trends; better on P&L and busier on property sales

Taher Safieddine, CFA AC CEEMEA Equity Research

(971) 4428-1654 29 July 2026 J P M O R G A N

taher.safieddine@jpmorgan.com

prevailing in the market; management expects to revisit and re-assess this medium-term

guidance by FY 26E results release.

• Management shared some operational KPIs to highlight the current macro backdrop with

mall footfall down c. 2-5% vs. pre-conflict and tenant sales down c. 6-9% over the same

period. In the education portfolio, Aldar lost 1.5% of the student body going into Term

3 of the last academic year (ended June 2026) with 75% of existing students already re-

enrolled for the new academic year (higher levels than the same period last year) with an

additional 4k applications for new students (in line with last year). All in, management

expects total enrollments to deliver low double-digit growth YoY going into the new

academic year starting September 2026.

• Management shared more color on the upcoming Marsa Al Saadiyat masterplan which

was announced last week: 1) Aldar’s share of GDV at AED 60bn+ over 7k units; 2) A

premium/luxury offering within the Island with an offering of apartments (6k units) in

addition to villas / mansions / large plots (c. 1k units); 3) A new landbank for Aldar not

within the existing perimeter of the group; 4) Gross margins closer to the 40% mark on

such development; and 5) Sales to start in the latter part of Q3 26/Q4 26E.

• Management highlighted a disciplined approach towards new launches in Abu Dhabi,

highlighting focus on value / quality vs. volume, disciplined payment plans (have offered

50-55% during construction vs. 60-65% pre-conflict) while maintaining strict approach