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14 November 2025 9M 2025 Earnings Presentation
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2 DISCLAIMER This document may contain statements that are deemed “forward-looking.” These statements are based on current assumptions and expectations, including management’s review of historical trends, internal data, and third-party information. Forward-looking statements are inherently subject to risks, uncertainties, and contingencies, many of which are beyond the Company’s control. Actual results may differ materially from those expressed or implied. No statement herein should be construed as a profit forecast or guarantee of future performance. The Company makes no representation or warranty, express or implied, as to the accuracy, completeness, or reliability of the information contained in this document, and accepts no liability for any errors or omissions, to the fullest extent permitted by applicable laws. The information provided does not constitute an offer to sell or a solicitation of an offer to buy any securities under applicable laws. In the event of any discrepancy between this document and the official financial statements, the latter shall prevail. Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances.
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3 AGENDA 1 2 3 4 5 6 Overview Market Opportunity 9M and Q3 Financial Performance Operational Highlights Strategy & Guidance Q&A
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49M 2025 EARNINGS PRESENTATION TODAY’S PRESENTER JOHN DEEB CHIEF FINANCIAL OFFICER
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69M 2025 EARNINGS PRESENTATION REGIONAL CONSTRUCTION CHAMPION DELIVERING COMPLEX, LARGE-SCALE PROJECTS ACROSS THE UAE AND KSA’S STRATEGIC GROWTH SECTORS Note: ; (1) Defined as backlog as of Sep-2025 / LTM Sep-25 revenue; (2) Growth in 9M 2025 vs. 2024 backlog; (3) Contracts won during 9M 2025 in terms of value; (4) Related businesses includes revenue from ALEC Fitout, ALEMCO, ALEC Data Center Solutions, ALEC Technologies, ALEC LITE, ALEC Facades, LINQ, ALEC Energy and AJI Rentals BUSINESS OVERVIEW Well-established presence in the UAE since 1999; strategic expansion in Saudi Arabia since 2022 as well as successful acquisition of Target Engineering. Strong investor base, 80% owned by Investment Corporation of Dubai (ICD); listed on DFM in October 2025 Well-positioned for strategic growth in two of the world’s most active and dynamic construction markets Vertically integrated platform with two core offerings and 9 specialist business units, enabling full project delivery. Expertise in delivering complex iconic projects spanning airports, data centres, giga-developments, and energy infrastructure LARGE AND SECURED BACKLOG ROBUST FINANCIAL PROFILE Proven track record with 18 years of profitability backed by a disciplined tendering process, prudent financial management, and exceptional talent. AED 32.9bn Backlog as at 30 September 2025 2.8x coverage ratio1 52% Bilateral negotiation vs tenders3 UAE 87% KSA 13% AED 16.7bn B&C AED 15.7bn Energy AED 506mn Related Businesses Backlog by country Backlog by segment FY 2023 FY 2024 9M 2025 Revenue AED 6,275m AED 8,101m AED 8,906m 74% YoY 29% YoY 66% YoY EBITDA | Margin AED 428m | 6.8% 67% YoY | 0.3% Net Income | Margin AED 238m | 3.8% 28% YoY | 1.4% AED 630m | 7.8% 47% YoY | 1.0% AED 706m | 7.9% 83% YoY | 0.7% AED 363m | 4.5% 52% YoY | 0.7% AED 432 M | 4.8% 116% YoY | 1.1%
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79M 2025 EARNINGS PRESENTATION HIGH-VALUE PROJECTS, SUSTAINED BACKLOG GROWTH AND DISCIPLINED EXECUTION DRIVE CONTINUED REVENUE GROWTH 687 806 808 1,298 1,113 1,100 1,351 2,711 1,575 1,861 1,945 2,720 2,467 2,895 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025E AEDm Elevated revenue in Q4 2023 on account of handover of a large project Lower seasonality in revenue observed in 2024 Quarterly revenue trend in 2025 expected to follow a similar pattern as 2024 Quarterly contribution % 19.1% 22.4% 22.5% 36.1% 17.7% 17.5% 21.5% 43.2% 19.4% 23.0% 24.0% 33.6% QUARTERLY REVENUE TRENDS - H2 surpass H1, with Q4 typically strongest REVENUE AND PROFIT RECOGNITION POLICY Follow industry standard percentage of completion method of accounting Implement prudent accounting and commercial management policies, whereby profits only become recognisable as their visibility grows, resulting in higher profit recognition toward the end of a project Q1 and Q2 2025 have already shown strong y-o-y growth, we expect H2 revenue to surpass H1 revenue Project execution is slower during Ramadan and summer resulting in lower revenue and profits being recognised in those periods, with Q4 typically contributing the most to yearly revenue 3,544
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89M 2025 EARNINGS PRESENTATION CORE ENGINEERING AND CONSTRUCTION BUSINESS COMPLEMENTED BY NINE INTEGRATED SUITE OF SERVICES CORE: ENGINEERING & CONSTRUCTION Oversees the entire lifecycle of construction projects, from initial concept and design through to final completion and handover Provides a range of specialized services tailored to different types of complex projects Leading EPC contractor in the Energy segment offering services in onshore and offshore areas Operates through four highly specialized business divisions including mechanical oil and gas, electrical, civil and marine INTEGRATED SERVICES Specialises in high-end fitout, theming and refurbishment for luxury hotels, retail, museums, offices, and themed entertainment venues in the UAE and KSA. Leading innovative mechanical, electrical and plumbing (MEP) contractor offering integrated electromechanical and building services solutions Provides engineering, procurement and construction services for large-scale traditional, AI, and prefabricated data centres. Offers pioneering cutting-edge ELV solutions and employs a comprehensive approach providing solutions that are fully integrated and end-user-oriented. Executes fast-track, turnkey small-scale construction and refurbishment projects across MEP, civil and architectural services. A pioneer in building envelopes and complex facades, aligning with the latest global technologies for superior engineering and execution. Leading GCC modular housing manufacturer, delivering off-site prefabricated solutions. Provides comprehensive solar photovoltaics (PV) energy solutions across the renewable energy sector. A comprehensive provider of equipment rental and custom service solutions, catering to a wide range of project needs. Large Contractor of the Year 2024 ALEC Fitout Contractor of the Year 2024 ALEC MEP Contractor of the Year 2024 ALEMCO Contractor of the Year 2023 ALEC Awarded contractor of the year 16 times250+ industry awards since inception
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99M 2025 EARNINGS PRESENTATION EXTENSIVE EXPERTISE IN A WIDE RANGE OF STRATEGIC AND NATIONALLY CRITICAL INDUSTRIES Notes: Number of projects and built-up area represent the number to date since ALEC’s founding; 1 Dubai Aviation Engineering Projects; 2 Ministry of Presidential Affairs; 3 Since Target Engineering inception Area: 2,000,000m2 DUBAI AIRPORT– CONCOURSE A Client: DAEP1 AIRPORTS UAE PAVILION – EXPO 2020 Client: MOPA 2 MUSEUMS & PAVILIONS DUBAI HILLS MALL Client: EMAAR RETAIL AQUARABIA WATERPARK Client: Qiddiya LEISURE ONE ZA’ABEEL Client: Ithra Dubai COMMERCIAL Area: 2.0m m2 Area: 2.0m m2 Area: 1.0m m2 Area: 210k m2 Area: 472k m2 ENERGY UPPER ZAKUM Client: ADNOC Delivered 500+ projects3 MARINA GATE RESIDENCES (1,2,3) Client: Select Group Area: 560k m2 COMPLEX RESIDENTIAL SELECTED EXAMPLES WITHIN EACH INDUSTRY HOTELS Wynn Al MArjan Client: Wynn Resorts Area:1.5m m2 DATA CENTRES STARGATE UAE Client: Khazna New focus sector
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109M 2025 EARNINGS PRESENTATION OPERATIONAL EXCELLENCE DRIVING A SUSTAINABLE EDGE Notes: (1) 2024 data; (2) Computed as awarded projects / “Focused” tenders; (3) Since ALEC’s inception; (4) Lost time injury frequency rate (LTIFR) calculated as: (total LTIs/total manhours) X 1,000,000 PROJECT LEVEL STRATEGIC AND TECHNICAL ORGANISATIONAL Selective tendering process Prudent cost management and control Comprehensive integrated capabilities Optimal resource allocation Innovative technology adoption World-class health and safety standards Embedded risk management culture Dedicated people and culture Net Cash / EBITDA (9M 2025) 3% Accepted invites I 57% Success rate1,2 0.5x Average no. of contracts across top 10 projects4 Subcontracted project work35-60% Digital solutions used+15 LTIFR4 (Jan – Sep 2025)0.168 Contractual performance checksBi-weekly Retention Rate (between 2018 -2024)89%
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119M 2025 EARNINGS PRESENTATION HEALTH & SAFETY MANAGEMENT Action notice and rewards schemes to prevent accidents Mandatory health & safety induction LTIFR2 of 0.168 per million manhours worked YTD ISO 45001/14001/9001 and OSHAD1 certified health & safety management Reduced summer working hours to protect workers from excess heat DEDICATED TO THE HIGHEST HEALTH & SAFETY AND WORKER WELFARE STANDARDS Notes: 1 Abu Dhabi’s Occupational Safety and Health Centre; 2 Lost time injury frequency rate (LTIFR) calculated as: (total LTIs/total manhours) X 1,000,000, 3 Various channels exist for ALEC labourers and subcontractors exist: Client-monitored labour hotline ‘Safe Call’, ‘Happiness Call’ hotline, ALEC whistleblower channel launched in 2025 WORKER WELFARE STRATEGY Dedicated worker welfare team reviewing subcontractors’ operations Mandatory welfare induction for subcontractor and labour Independent third-party worker welfare audits Mental health support program for employees 99-100% close rate in 2024 for issues raised across grievance mechanisms3
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MARKET OPPORTUNITY 2
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139M 2025 EARNINGS PRESENTATION 44% 23% 15% 9% 4%2% 3% Mixed-use Apartments Houses, villas Data centres Hospitality Offices Other STRONGLY POSITIONED TO CAPTURE SIGNIFICANT GROWTH IN THE UAE’S SUBSTANTIAL PROJECT PIPELINE Source: Company information, MEED, Knight Frank, Central Bank of the UAE Notes: Construction / project spend is the overall annual expenditure on projects, while the value of contracts and project pipeline is the expected total value of the contract regardless of cashflow timings; 1 Pipeline is described as value of announced projects expected to be delivered over the next 10-15 years, as of 30 June 2025. KEY RELEVANT UPCOMING PROJECTS Al Maktoum International Airport Dubai World Central (DWC) Expected to be one of the most prominent projects over the next decade – becoming the world’s largest airport with passenger handling capacity of 260m annually Disneyland Abu Dhabi Yas Island, Abu Dhabi First Disney theme park in the Middle East through a partnership between the Miral Group and The Walt Disney Company. Project still in design phase. 116 187 223 44 75 83 1 9 11 2024A 2029F 2033F B&C Energy Airports 161 272 317 C 2.0x Project Spend (AED bn) SUBSTANTIAL UPSIDE EXPECTED IN ALEC’S CORE SECTORS GDP Growth Private Sector Pulse (S&P Global UAE PMI) Q1 2025A 3.9% 2025E 4.9% 2026E 5.3% Sep- 2025 Aug- 2025 Jul- 2025 54.2 53.3 52.9 UAE ECONOMY EXPANDING AT HEALTHY PACE LED BY NON- OIL SECTORS Economic diversification Trade and tourism Infrastructure and real estate investment Current and upcoming hospitality supply (by operator classification) 22% 21% 26% 14% 17% Luxury Upper Upscale Upscale Upper Midscale Midscale and Economy 24% 21% 27% 13% 15% Existing supply Total supply by 2030 213,928 rooms 235,674 rooms 62%12% 7% 5% 5% 4% 3%3%Construction Transport Power Water Oil Chemical Gas Industrial AED 2.8 tn Future Pipeline Projects (by sector) AED 1.8 tn Future Pipeline Construction Projects (by subsector) CONSTRUCTION PROJECT IN THE PIPELINE TOPS AED 1 TN AS DATA CENTRES GAIN TRACTION Decline / increase vs. previous month
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149M 2025 EARNINGS PRESENTATION Sustained public & PIF-led capex Tourism liberalization Energy transition and security investments WELL-POSITIONED TO CAPITALISE ON KSA’S CRITICAL LANDMARK PROJECT SPEND Source: Company information, MEED, Knight Frank Notes: Construction / project spend is the overall annual expenditure on projects, while the value of contracts and project pipeline is the expected total value of the contract regardless of cashflow timings; 1 Pipeline is described as value of announced projects expected to be delivered over the next 10-15 years, as of 30 June 2025; 2 King Salman International Airport Development Company King Salman International Airport KSIADC2 Riyadh Expo 2030 KSA Government Expected to be one of the world’s largest airports, accommodating up to 185m passengers and process 3.5m tons of cargo by 2050 Projected to welcome c.40m site visits and over 1 bn digital visits to the metaverse pavilion, spanning an area of 6m m2 with 246 unique event participants KEY RELEVANT UPCOMING PROJECTS KSA WILL CONTINUE TO DRIVE PROJECT SPEND IN THE GCC, ESPECIALLY IN ALEC’S CORE SECTORS Project Spend (AED bn) 112 258 31369 131 156 5 24 29 2024A 2029F 2033F B&C Energy Airports 186 413 497 C 2.7x Private Sector Pulse (S&P Global KSA PMI) Sep- 2025 Aug- 2025 Jul- 2025 57.8 56.4 56.3 Q3 2025A 5.0% 2025E 5.1% 2026E 4.6% GDP Growth (YoY) KSA ECONOMY SET TO SUSTAIN ROBUST GRWOTH DRIVEN BY PRIVATE SECTOR EXPANSION AND PUBLIC SPEND GCC Planned and Unawarded Projects (USD bn) 887 434 204 127 94 37 KSA UAE Oman Kuwait Qatar Bahrain 808 158 KSA Riyadh KSA Riyadh Total Value of Projects in Pipeline (USD bn) Decline / increase vs. previous month Riyadh’s Giga Projects (USD bn) 63.2 50 32.2 10.5 10.4 8.5 8.3 4 45.7 48.3 22.6 1.2 3.4 4.4 2.2 Diryah Gate New Murabba Qiddiya KAFD King Salman Park Sports Boulevard Riyadh Expo Misk Foundation City Project Value Value in Pipeline VISION 2023 GIGA PROJECTS IN EXECUTION MODE, LED BY RIYADH BASED PROJECTS
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159M 2025 EARNINGS PRESENTATION SEIZING AI-FUELED DATA-CENTRE GROWTH IN THE UAE & KSA Source: PwC, Emirates NBD NATIONAL AI STRATEGIES ARE TRANSLATING INTO MEGA CAMPUS - SCALE DATA CENTRE BUILDS UAE AND KSA EXPERIENCING SIGNFICANT GROWTH IN DATA CENTRES CREATING CONTINUOUS DEMAND FOR SPECIALIST CONTRACTORS Announced Major Projects Announced capacity is multi-site and multi-phase, creating a durable, multi-year build cycle. Stargate (Abu Dhabi) — 1GW cluster with ~200MW online in 2026. First international deployment of OpenAI’s AI infrastructure platform, led by G42. Construction Updates: Construction of first 200MW is well underway and progressing steadily toward planned 2026 delivery. NEOM × DataVolt — Net-zero AI factory campus with first phase $5bn; plans total ~1.5GW with operations from 2028. HUMAIN (PIF) — new national AI company building next-gen data 6.6GW total planned, initial campuses with 100 MW each targeted to go online early 2026. At FII9 announced $3 billion data center partnership with Blackstone for rapid deployment and scaling. Regional data centre capacity is projected to triple from 1 GW (2025) to 3.3 GW (2030). Driven by: • Relocation to cloud solutions • Surge in AI underpinned by ambitious national AI strategies • Government-led initiatives and incentives ENABLED BY… Cost base advantage: Land and power costs in the GCC are significantly lower than major data centre hubs globally. Connectivity hub: Dense subsea cable routes compress latency and costs, positioning the GCC as an intercontinental node. Policy tailwinds: GCC trade and diplomatic ties streamline imports of AI-grade data centre equipment and open access to international compute demand, enlarging the region’s addressable market. Capital access: Active SWF and PE funding (e.g., PIF, Mubadala, KKR–Gulf Data Hub US$5bn). HOW WE WILL WIN Leverage integrated end-to-end delivery model (design to build) Build on strong relationship with existing clients and acquire new ones Prioritize markets (UAE, KSA) with accelerating spend to capture outsized share and scale efficiently
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9M & Q3 2025 FINANCIAL PERFORMANCE 3
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179M 2025 EARNINGS PRESENTATION Capex mainly directed toward executing the robust backlog and supporting healthy pipeline of the Energy segment. DELIVERED RECORD 9M AND Q3 PERFORMANCE ON ROBUST BACKLOG CONVERSION AND OPERATIONAL EXCELLENCE Revenue AED 8,906m 66% YoY 9M 2025 Q3 2025 9M 2025 EBITDA| Margin AED 706m | 7.9% 83% YoY | vs. 7.2% (9M 2024) AED 432m | 4.8% Net Profit | Margin 116% YoY | vs. 3.7% (9M 2024) Notes: (1) Calculated as Net Cash divided by trailing twelve months (TTM) EBITDA (2) Free Cash Flow to Firm is calculated as cash from operations minus capital expenditures CAPEX AED 303m Net Cash/ EBITDA 0.5x1 Free Cash Flow to Firm 2 AED 624m Record revenue near AED 9 billion, on track to delivering record revenue for 2025, driven by robust backlog conversion and disciplined execution. Sustained increase in EBITDA and margin on the back of strong operating leverage, tight cost control and prudent financial management. Net Profit more than doubled to an all time high for the nine-month period owed to robust project delivery, operational efficiencies and effective working capital management. Maintained low net cash/EBITDA and strong FCFF despite a significant rise in CapEX, reaffirming commitment to balance sheet strength and financial flexibility. AED 3,544m 82% YoY AED 277m | 7.8% 88% YoY | vs. 7.6% (Q3 2024) AED 193m | 5.4% 172% YoY | vs. 3.6% (Q3 2024)
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189M 2025 EARNINGS PRESENTATION 9M & Q3 OUTPERFORMANCE: RECORD REVENUE, STRONGER MARGINS, EARNINGS MORE THAN DOUBLING AEDm Q3 Change (YoY) 9 Months Change (YoY) 2024 2025 2024 2025 Revenue 1,945 3,544 82% 5,381 8,906 66% Gross profit 195 323 65% 551 859 56% Gross Profit Margin 10.0% 9.1% (0.9%) 10.2% 9.6% (0.6%) EBITDA 148 277 88% 386 706 83% EBITDA margin 7.6% 7.8% 0.2% 7.2% 7.9% 0.7% Finance costs, net (33) 11 (135%) (65) (34) (48%) Depreciation & Amortization (40) (68) 70% (109) (185) 70% Profit for the year 71 193 172% 200 432 116% Net income margin 3.6% 5.4% 1.8% 3.7% 4.8% 1.1% 9M: • Revenue increased by 66% YoY to AED 8.9 billion on the back of backlog conversion across all segments. Q3: • Revenue increased by 82% YoY to AED 3.5 billion, with Energy segment revenue delivering the strongest YoY performance 9M: • EBITDA rose by 83% YoY to AED 706 million with margin expanding to 7.9% driven by strong revenue, operating leverage benefits and tight cost controls across the business. Q3: • EBITDA rose by 87% to AED 284 million with margin expanding to 8.0% as ALEC continued to realize operating leverage benefits across the business. 9M: Net profit increased by 116% YoY to a record AED 432 million with margin reaching 4.8% on the back of backlog conversion, operating leverage benefit, prudent financial management, despite higher D&A costs. Q3: • Net profit surged 172% to AED 193 million on the back of accelerated activity and continued focus on operational excellence. Margin was 5.4%
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199M 2025 EARNINGS PRESENTATION BALANCE SHEET SUPPORTS SCALE AND DISCIPLINED GROWTH AEDm 30-Sep-25 31-Dec-24 %Change (YTD) 30-Jun-25 %Change (QoQ) TOTAL NON-CURRENT ASSETS INCLUDING 1,684 1,339 26% 1,680 0% Property, plant and equipment 1,186 929 28% 1,115 6% Retention receivables 162 234 (31%) 276 (41%) Advances to suppliers and subcontractors 217 49 342% 167 30% Total current assets including 8,342 6,405 30% 7,397 13% Contract and other receivables 3,247 2,800 16% 2,916 11% Gross amounts due from customer on construction contracts 3,660 2,254 62% 3,125 17% Cash and bank balances 1,301 1,254 4% 1,205 8% TOTAL ASSETS 10,026 7,744 29% 9,077 10% TOTAL NON-CURRENT LIABILITIES INCLUDING 2,486 1,459 70% 2,410 3% Advances from customers 1,456 595 145% 1,418 3% TOTAL CURRENT LIABILITIES INCLUDING 6,356 5,252 21% 5,675 12% Contract and other payables 5,698 4,366 30% 5,099 12% Gross amount due to customers on construction contracts 286 310 (8%) 152 88% TOTAL LIABILITIES 8,842 6,711 32% 8,085 9% TOTAL EQUITY 1,184 1,033 15% 992 19% Ramp-up in execution reflected in higher working capital Driving investment in Equipment and facilities Onboarding subcontractors to support project work Prudent capital structure with limited leverage Stable cash position Efficient collections of receivables Continued growth in Advances from Customers reflect ongoing new business awards Strong balance sheet enables efficient project mobilization and sustained growth
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209M 2025 EARNINGS PRESENTATION 14 3 49 217 3820 5666 6405 7,397 -183 -367 -595 (1,456) -2816 -4452 -5252 (5,675) 2022 2023 2024 9M 2025 Advances to Suppliers Current Assets Advances From customers Current liabilities EFFICIENT WORKING CAPITAL MANAGEMENT UNDERPINS OPERATIONAL AGILITY NET WORKING CAPITAL 1 AEDm Significant increase in net working capital driven by ramp up in execution intensity. Given the nature of the sector, there is volatility in the working capital requirements which ALEC manages by creating sufficient cash buffers. ALEC aims to achieve a near-neutral working capital position by matching receivables and gross amounts due with payables and accruals. Cash is controlled centrally at the group level and managed between businesses to meet working capital requirements, reducing need to draw down debt. Notes: (1) Net working capital is calculated as current assets plus advances to suppliers minus current liabilities minus advances from customers 835 850 607 747NWC
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219M 2025 EARNINGS PRESENTATION CAPEX-LIGHT MODEL CAPEX BREAKDOWN AED m 5.4%4.1%2.2%Capex as % of revenue Capex for the 9M period was AED 303 million mainly directed toward enhancing capabilities within the Energy segment to support future growth. ALEC operates a low capex model with maintenance capex at c.1% of revenue. The disciplined approach to capex has allowed ALEC to maintain best-in-class returns on capital employed. 18 48 95 6561 207 346 238 2022 2023 2024 9M 2025 Maintenance Capex Growth Capex 3.4% 303 441 211 79
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229M 2025 EARNINGS PRESENTATION ATTRACTIVE DIVIDEND POLICY AIMED AT SUPPORTING LONG-TERM VALUE Notes: (1) Calculated cash from operations minus capital expenditures (payment for purchases of property, plant and equipment, and purchase of property, plant and equipment which is right-of-use asset with corresponding lease liability). CASH DIVIDEND DISTRIBUTION SCHEDULE AED 200m AED 500m Minimum 50% Payable in April 2026 For FY-2026 payable in October 2026 and April 2027 Payout ratio of net profit, FY-2027 onwards, to be distributed semi-annually CLEAR DIVIDEND POLICY, REFLECTING: • Prudent approach to capital allocation, balancing growth-enabling investments and shareholder reward • Robust cash flow - Free Cash Flow to Firm: AED 624m (as of 30 September 2025) • Long-term earnings potential Cashflow from Operations Capex Ordinary dividends Leverage reduction Value accretive M&A Extra- ordinary dividends Capex CLEAR DIVIDEND POLICY CAPITAL ALLOCATION FRAMEWORK
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OPERATIONAL HIGHLIGHTS 4
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249M 2025 EARNINGS PRESENTATION CONTINUED GROWTH IN BACKLOG PROJECT COUNTRY BACKLOG2 (AEDm) SECTOR EXPECTED YEAR OF COMPLETION Wynn Al Marjan 5,624 Hospitality 2027 Stargate Data Centre (200MW) 5,096 Data Centre 2027 ADNOC Offshore Zakum EPC 4,778 Energy 2030 ADNOC MMBD Offshore 4,488 Energy 2028 Qiddiya Speed Park 2,658 Leisure 2027 Como Residences 1,685 Residential 2028 Ilmi Science and Technology Centre (MISK) 1,277 Education 2027 ADNOC Sahil EPC Works 955 Energy 2027 LARGE, SECURED BACKLOG DRIVING VISIBLE, MULTI YEAR REVENUE GROWTH Source: Company information Note(s): 1 Defined as backlog / LTM revenue; 2 Remaining backlog as of September 2025 BACKLOG EVOLUTION (AEDbn) UAE 87% KSA 13% 9M 2025 BACKLOG BY SEGMENT 8.6 22.1 27.5 32.9 2022 2023 2024 9M 2025 2.4x 3.5x 3.4x 2.8x Backlog coverage1x DIVERSIFIED PORTFOLIO OF CURRENT FLAGSHIP PROJECTS 9M 2025 BACKLOG BY COUNTRY AED 32.9 billion backlog reflects ALEC’s focus on high-value, strategic and nationally critical and vision-led projects. 2.8x coverage of the trailing twelve months revenue provides multi year revenue visibility. c. 50% of the contracted project exceeded AED 3 billion, demonstrating the scale of the projects ALEC delivers. Near 50:50 backlog split between B&C and Energy B&C driven by diversified projects incl. data centres Energy supported by recent major win with ADNOC Strong home market anchor with selective expansion in KSA 87% UAE | 13% KSA B&C 50.8% Energy 47.6%
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259M 2025 EARNINGS PRESENTATION BUILDING & CONSTRUCTION (B&C) Notes: (1) Excluding eliminations (1) Gross profit computed as revenue – contract costs; (2) Gross margin (pro forma) computed by consolidating Target’s revenue and gross profit for entire FY 2022; AED 4,789m 79% YoY 9M 2025 Q3 2025 AED 1,984m 107% YoY 47.8% 48.9% AED 296m 6.2% vs. 6.1% (9M 2024) AED 112m 5.6% AED 16.7 billion REVENUE & GROSS PROFIT BACKLOG KEY UPDATES Revenue % of Total Revenue 1 Gross Profit 2 Gross Margin 143% YoY vs. 4.8% (Q3 2024) • Ramp up in execution of two significant projects drove accelerated revenue and gross profit growth, namely: • Wynn Al Marjan (Hospitality, RAK) • Stargate Phase 1 (Data Centre, Abu Dhabi) 77% YoY As of 30 September 2025 B&C 51%
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269M 2025 EARNINGS PRESENTATION ENERGY SOLUTIONS (1) Gross profit computed as revenue – contract costs; (2) Gross margin (pro forma) computed by consolidating Target’s revenue and gross profit for entire FY 2022; AED 15.7 billion BACKLOG KEY UPDATES AED 3,230m 87% YoY 9M 2025 Q3 2025 AED 1,218m 82% YoY 32.2% 30.0% AED 276m 8.6% vs. 8.0% (9M 2024) AED 87m 7.1% REVENUE & GROSS PROFIT Revenue % of Total Revenue Gross Profit 2 Gross Margin 93% YoY vs. 6.3% (Q3 2024) 75% YoY As of 30 September 2025 • Strong top line growth driven by recent major, multi-year project wins with key strategic clients, namely ADNOC, including: • ADNOC Offshore Zakum EPC (Offshore, UAE) • ADNOC MMBD Offshore (Offshore, UAE) Energy 48%
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279M 2025 EARNINGS PRESENTATION RELATED BUSINESSES (1) Gross profit computed as revenue – contract costs; (2) Gross margin (pro forma) computed by consolidating Target’s revenue and gross profit for entire FY 2022; AED 506 million BACKLOG KEY UPDATES AED 2,004m 4% YoY 9M 2025 Q3 2025 AED 858m 62% YoY 20.0% 21.1% AED 253m 12.6% vs. 17.7% (9M 2024) AED 118m 13.8% REVENUE & GROSS PROFIT Revenue % of Total Revenue Gross Profit 2 Gross Margin 13.5% YoY vs. 19.5% (Q3 2024) As of 30 September 2025 • Significant number of projects undertaken as subcontractors for the B&C segment including Stargate Phase 1 and Wynn Al Marjan. 45% YoY Related Businesses 1%
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STRATEGY & GUIDANCE 5
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299M 2025 EARNINGS PRESENTATION FOCUSED STRATEGY DRIVING FUTURE GROWTH Source: Company information STRATEGIC FOCUS ON SUSTAINABLE AND PROFITABLE GROWTH BY LEVERAGING CORE STRENGTHS, UNDERPINNED BY DISCIPLINED CAPITAL ALLOCATION Grow core business in the UAE by leveraging reputation, partnership and integrated offering 1 Expand KSA business through strong partnerships and disciplined project selection 2 Establish regional leadership in high- growth data centre sector 3 Expand margins through project selection, business mix optimisation, and economies of scale 4 Drive efficiencies and excellence through investment in technology, and use of innovative construction methods 5 Pursuit of value accretive opportunities in adjacent sectors, and geographies 6
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309M 2025 EARNINGS PRESENTATION ON TRACK TO ACHIEVE 2025 GUIDANCE Management’s Outlook 2025 MEDIUM - TERM Backlog 100% of revenue covered Backlog coverage is expected to remain at ~2.0x-2.5x supported by a healthy projects pipeline and future anticipated projects Revenue Growth ~50-52% Revenue growth is expected to be ~50-55% in 2026E, of which a vast majority is contracted. Thereafter, revenue is expected to grow at an implied CAGR of ~7-8% Gross Profit Margin ~10.3% Expected to gradually improve by ~100bps EBITDA Margin ~8.5% Expected to gradually improve by ~150bps Capex ~2.0-3.0% of revenue Expected to gradually decline to ~1.0% of revenue Gross Leverage ~1x Gross leverage ratio expected to remain below 1x
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INVESTMENT CASE 5
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329M 2025 EARNINGS PRESENTATION ALEC’S DIFFERENTIATED VALUE PROPOSITION Source: Company informationSource: Company information Longstanding track record of financial and commercial success. Operational excellence and risk management drive a sustainable edge Unparalleled capabilities to deliver large- scale complex and iconic projects . Strongly positioned to continue capturing significant growth in the UAE and KSA Large secured backlog set to drive visible growth Robust financial profile and significant acceleration in revenues and profits Best-in-class management team supported by an accomplished Board of Directors 1 3 5 7 2 4 6
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THANK YOU Q&A
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IR CONTACT JOHN DEEB CHIEF FINANCIAL OFFICER ASER MOKHTAR INVESTOR RELATIONS OFFICER investor.relations@alec.ae