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.
The Company’s revenue remained flat at AED 178 Mn, while EBITDA grew 3.7% YOY to AED 135 Mn in 2Q25. Miqyas Al Dhad reached 87% completion as of 2Q25 and is set to be launched during 4Q25.
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