Recent Research

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  FIRST LOOK NOTES

  10 Feb 2026

  Aldar Properties

  ACCUMULATE

  Last Closing Price

  10.90

  Target Price

  12.00

  Upside (%)

  +10.09%

  UAE Equity Research - Aldar Properties 4Q25 - First Look Note

  Record UAE quarterly sales of around AED 9.0 Bn in 4Q25, supported by continued strong demand across new launches and existing inventory sales. The Group revenue backlog stood at around AED 71.7 Bn in 4Q25, with AED 61.0 Bn from the UAE.

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  EARNINGS CALL INSIGHT

  10 Feb 2026

  Aldar Properties

  ACCUMULATE

  Last Closing Price

  10.80

  Target Price

  12.00

  Upside (%)

  +11.11%

  UAE Equity Research - Aldar properties 4Q25 - Earnings Call Insight

  Aldar revenue rose significantly, 58.0% YOY to AED 10.3 Bn in 4Q25, with higher revenues recorded across all operating segments. Direct cost grew 64.3% YOY to AED 6.8 Bn in 4Q25, higher than the revenue growth.

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• 

  FIRST LOOK NOTES

  30 Oct 2025

  Aldar Properties

  BUY

  Last Closing Price

  9.45

  Target Price

  11.00

  Upside (%)

  +16.40%

  UAE Equity Research - Aldar Properties 3Q25 - First Look Note

  Record UAE quarterly sales of AED 9.1 Bn in 3Q25, supported by strong inventory uptake and three successful new launches. The Group development revenue backlog stood at AED 66.5 Bn in 3Q25, with AED 57.3 Bn from the UAE.

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• 

  EARNINGS CALL INSIGHT

  29 Oct 2025

  Aldar Properties

  BUY

  Last Closing Price

  9.45

  Target Price

  11.00

  Upside (%)

  +16.40%

  UAE Equity Research - Aldar properties 3Q25 - Earnings Call Insight

  Aldar revenue rose significantly, 43.8% YOY to AED 8.0 Bn in 3Q25, driven by the successful execution of revenue backlog from new and existing projects in developments and high occupancy and rising rental rates across the investment property portfolio.

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• 

  FIRST LOOK NOTES

  30 Jul 2025

  Aldar Properties

  BUY

  Last Closing Price

  9.40

  Target Price

  11.00

  Upside (%)

  +17.02%

  UAE Equity Research - Aldar Properties- 2Q25 First Look Note

  The Group revenue backlog stood at AED 62.3 Bn in 2Q25, with AED 53.4 Bn from the UAE. Aldar’s liquidity remained strong at AED 29.7 Bn in 2Q25, including free cash of AED 12.2 Bn and an undrawn credit facility of AED 17.5 Bn.

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• 

  EARNINGS CALL INSIGHT

  30 Jul 2025

  Aldar Properties

  BUY

  Last Closing Price

  9.52

  Target Price

  11.00

  Upside (%)

  +15.55%

  UAE Equity Research - Aldar Properties 2Q25 - Earnings Call Insight

  Aldar revenue rose significantly, 45.9% YOY to AED 7.7 Bn in 2Q25, due to high-double digit growth recorded in Development and Investments. Gross profit increased significantly, 40.3% YOY to AED 2.6 Bn in 2Q25, while gross margins declined 131 bps YOY to 33.1% in 2Q25.

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