Aldar Properties (ALDAR.AD): 2Q26 First Take: Miss vs GSe/consensus on weakness in property development; FY26 EBITDA and pre-sales

研报英文原文证据摘录

Aldar Properties (ALDAR.AD): 2Q26 First Take: Miss vs GSe/consensus on weakness in property development; FY26 EBITDA and pre-sales

Goldman Sachs Aldar Properties (ALDAR.AD)

(vs. 31 months in 1Q26).

Aldar Investments: 2Q26 revenue came in at AED2.1bn (+10% yoy), and adjusted

EBITDA came in at AED0.9bn (+18% yoy), supported by high occupancy, robust rentals

and contribution from acquisitions as well as continued growth of Aldar Education and

Estates. We note that Adj. EBITDA margin improved c.80bp yoy to 42.9%. The D-Hold

portfolio is now valued at AED20.0bn.

n Investment property: 2Q26 adjusted EBITDA came in at AED662mn (+34% yoy)

supported by occupancy of 95% (down 1pp qoq). 1H26 LFL EBITDA growth came in

at 8%yoy and reported growth came in at 30%yoy underpinned by acquisitions and

commissioning of new projects.

n Commercial: 2Q26 adjusted EBITDA stood at AED242mn (+16% yoy). Occupancy

came in at 99%, and growth was driven by strong diversified tenant base and recent

acquisitions including The Link at Masdar City. 1H26 LFL growth came in at 5%yoy.

n Residential: 2Q26 adjusted EBITDA increased 2% yoy to AED134mn due to turnover

of a bulk lease and strategic refurbishment of Eastern Mangroves, partly off-set by

contributions from residential units at the recently acquired The Link at Masdar City.

Occupancy rate stood at 96% (flat qoq). 1H26 LFL growth stood at -1%yoy.

In April, Aldar and Abu Dhabi’s Department of Municipalities and Transport

announced a AED2.8bn partnership to develop 9k value housing rental units across

two integrated communities, which are scheduled for completion in 2029 and add to

Aldar’s residential D-hold pipeline. In May, Aldar also announced the AED1.1bn

acquisition of a D-hold residential and community retail development project in