UAE Equity Research - Alef Education Holding PLC (ALEFEDT) 3Q26 - First Look Note
Core ADEK revenue reached AED 584 Mn in 9M26, with a contracted backlog of AED 5.4 Bn providing revenue visibility through 2033. Alef Education invested AED 47 Mn in capex during 9M26, compared to AED 45 Mn in 9M25, focusing on platform development and digital innovation.
UAE Equity Research - Alef Education Holding PLC (ALEFEDT) 2Q26 - First Look Note
Revenue from the core ADEK business reached AED 348.7 Mn in 1H26, driven by complete penetration across Grades 5–12 in Abu Dhabi public schools, with long-term contracts providing revenue visibility through 2033.
Alef Education Holding revenue increased 1.8% YOY to AED 181 Mn in 2Q26, mainly due to the increase in revenue from Education Solution segment and Support & Services segment.
UAE Equity Research - Alef Education Holding PLC (ALEFEDT) 4Q25 - First Look Note
Signed its first commercial contract for the Miqyas Al Dhad platform with a total contract value of AED 1.8 Mn, alongside a proof-of-concept MoU covering c. 30,000 students across 45 schools.
Alef Education’s revenue declined 5.2% YOY to AED 197 Mn in 4Q25, mainly due to the decline in revenue from Support & Services segment partially offset by increased in revenue from Education Solution Fees segment.
UAE Equity Research - Alef Education Holding PLC 3Q25 - First Look Note
Signed six new contracts in 9M25 with a total contract value of AED 57 Mn. Added c. 4,000 new students through charter-school migration initiative. Serves 180 schools, with c. 122,000 paying students, capturing roughly 35% of the UAE’s private school market.
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