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1FY 2025 EARNINGS PRESENTATION FY 2025 EARNINGS PRESENTATION 12 FEBRUARY 2026
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DISCLAIMER No statement in document is intended to be nor may be construed as a profit forecast. Any statements made in this document which could be classed as "forward-looking" are based upon various assumptions, including management’s examination of historical operating trends, data contained in the Company’s records, and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant risks, uncertainties, and contingencies. Forward-looking statements are not guarantees of future performance. Risks, uncertainties, and contingencies could cause the actual results of operations, financial condition, and liquidity of the Company to differ materially from those results expressed or implied in the document by such forward-looking statements. No representation or warranty is made that any of these forward- looking statements or forecasts will come to pass or that any forecast result will be achieved. No reliance should be placed on any forward-looking statement. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of this communication. Furthermore, no representation or warranty is made as to the accuracy, completeness, or reliability of the information contained in this document. The information, statements, and opinions provided herein do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to buy ALEC Shares. In the event of any discrepancy or error in the numbers presented in this document, the information provided in the official financial statements shall prevail. We do not accept any liability for errors or omissions in the information contained herein.
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3FY 2025 EARNINGS PRESENTATION AGENDA OVERVIEW1 MARKET OPPORTUNITY2 FY AND Q4 FINANCIAL PERFORMANCE 3 OPERATIONAL HIGHLIGHTS 4 INVESTMENT CASE6 Q&A7 STRATEGY & GUIDANCE5
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TODAY’S PRESENTERS JOHN DEEB CHIEF FINANCIAL OFFICER BARRY LEWIS CHIEF EXECUTIVE OFFICER
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1 OVERVIEW
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6FY 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 Dec-2025 / LTM Dec-25 revenue; (2) Growth in FY 2025 vs. 2024 backlog; (3) Contracts won during FY 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 LARGE AND SECURED BACKLOG 1 ROBUST FINANCIAL PROFILE Well-established presence in the UAE since 1999; strategic expansion in Saudi Arabia since 2022 as well as successful acquisition of energy service EPC contractor, Target Engineering. Strong investor base, 81.6% 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 – UAE and KSA. 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 Proven track record with 19 years of profitability backed by a disciplined tendering process, prudent financial management, and exceptional talent. Backlog by country FY 2023 FY 2024 FY 2025 Revenue AED 6,275m AED 8,101m AED 12,604m 74% YoY 29% YoY 56% YoY EBITDA | Margin AED 433m | 6.9% 67% YoY | 0.3 pp Net Income | Margin AED 238m | 3.8% 28% YoY | 1.4 pp AED 646m | 7.8% 45% YoY | 0.9 pp AED 1,106m | 8.8% 76% YoY | 1.0 pp AED 363m | 4.5% 52% YoY | 0.7 pp AED 687m | 5.5% 116% YoY | 1.0 pp AED 30.4bn Backlog as at 31 December 2025 2.4x coverage ratio2 52% Bilateral negotiation vs tenders3 UAE 88% KSA 12% AED 15.4bn B&C AED 14.5bn Energy AED 480m Related Businesses4 Backlog by segment
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7FY 2025 EARNINGS PRESENTATION ROBUST BACKLOG AND DISCIPLINED EXECUTION DRIVE SUSTAINED REVENUE INCREASE YOY AND QOQ 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 3,544 3,698 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 2025 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 followed 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% Follow industry standard percentage of completion method of accounting Higher profit recognition toward the end of a project Q4 typically contributing the most to yearly revenue 19.6% 23.0% 28.1% 29.3% REVENUE AND PROFIT RECOGNITION POLICY QUARTERLY REVENUE TRENDS H2 surpass H1, with Q4 typically strongest
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8FY 2025 EARNINGS PRESENTATION 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 PLATFORM WITH SPECIALISED SERVICES DRIVES COMPETITIVE EDGE 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 CORE: ENGINEERING & CONSTRUCTION INTEGRATED SERVICES
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9FY 2025 EARNINGS PRESENTATION SUPERIOR EXPERTISE IN A RANGE OF COMPLEX PROJECTS SERVING DIFFERENT NATIONALLY CRITICAL SECTORS 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: MOPA2 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 Delivered 500+ projects3 MARINA GATE RESIDENCES (1,2,3) Client: Select Group Area: 560k m2 COMPLEX RESIDENTIAL SELECTED EXAMPLES WITHIN EACH INDUSTRY HOTELS Area:1.5m m2 DATA CENTRES New focus sector WYNN AL MARJAN Client: Wynn Resorts STARGATE UAE Client: Khazna UPPER ZAKUM Client: ADNOC
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10FY 2025 EARNINGS PRESENTATION 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 OPERATIONAL EXCELLENCE DRIVING A SUSTAINABLE EDGE Notes: (1) 2025 data; (2) Computed as awarded projects / “Focused” tenders; (3) Lost time injury frequency rate (LTIFR) calculated as: (total LTIs/total manhours) X 1,000,000. LTIFR encompasses the Group, including Target; for B&C only, it’s 0.158 Net Cash / EBITDA (FY 2025) 46% Success rate1,2 0.6x Average no. of contracts across top 10 projects4 Subcontracted project work35-60% Digital solutions used+15 LTIFR3 (Jan – Dec 2025)0.097 Contractual performance checksBi-weekly Retention Rate (between 2018 -2025)89% PROJECT LEVEL STRATEGIC AND TECHNICAL ORGANISATIONAL
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11FY 2025 EARNINGS PRESENTATION 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. LTIFR encompasses the Group, including Target; for B&C only, it’s 0.158, (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 1 2 3 5 4 1 2 4 5 3 HEALTH & SAFETY MANAGEMENT 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 100% close rate in 2025 for issues raised across grievance mechanisms3 WORKER WELFARE STRATEGY ISO 45001/14001/9001 and OSHAD1 certified health & safety management LTIFR2 of 0.097 per million manhours worked YTD Mandatory health & safety induction Action notice and rewards schemes to prevent accidents Reduced summer working hours to protect workers from excess heat
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12FY 2025 EARNINGS PRESENTATION 2 MARKET OPPORTUNITY
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13FY 2025 EARNINGS PRESENTATION UAE ECONOMIC MOMENTUM UNDERPIN MARKET OPPORTUNITY Sources: Federal Competitiveness and Statistics Centre, CBUAE, IMF, S&P Global, Statistics Centre, Dubai Media Office UAE real GDP growth 2023-2024 is taken from the Federal Competitiveness and Statistics Centre, 2025-2026 from the CBUAE forecasts UAE inflation outlook 2023-2024 is taken from the Federal Competitiveness and Statistics Centre, 2025-2026 from the CBUAE forecasts 52.9 53.3 54.2 53.8 54.8 54.2 53.5 53.6 54.2 54.5 54.5 54.3 40 45 50 55 60 July August September October November December PURCHASING MANAGERS’ INDEX (PMI) UAE Dubai Expansion threshold level (50) 4.3% 4.0% 5.0% 5.2% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 2023A 2024A 2025F 2026F UAE REAL GDP GROWTH OUTLOOK (%) Real GDP Growth 4.5% (Q2 2025) 3.9% (Q1 2025) ABU DHABI DUBAI Real GDP Growth 3.8% (Q2 2025) 3.4% (Q1 2025) Real GDP Growth 4.7% (Q2 2025) 4.0% (Q1 2025) GDP AED 355bn (9M 2025) GDP AED 597bn (H1 2025) 43.2% 56.8% GDP Share (H1 2025) Hydrocarbon Non-hydrocarbon 24% 12% 8% 7% 5% 45% Wholesale and Retail Trade Financial and Insurance Real Estate Construction Information and Communications Other UAE International Trade Non-oil Foreign Trade Non-oil Exports 26.8% AED 3.8 trillion (FY 2025) 45.5% AED 813.8bn (FY 2025) UAE Foreign Investment FDI Inflow Greenfield FDI 48.5% AED 167.6bn (FY 2024) No.1 globally AED 19.9bn (H1 2025) UAE Interest Rate Base Rate 4.40% January 2025 3.65% December 2025 UAE Inflation Outlook 1.6% 1.7% 1.3% 1.8% 0.0% 0.5% 1.0% 1.5% 2.0% 2023A 2024A 2025F 2026F Sector Contribution to GDP 4.9% (Q3 2025)
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14FY 2025 EARNINGS PRESENTATION KSA’S MACROECONOMIC OUTLOOK SUPPORTS SUSTAINED CONSTRUCTION DEMAND Sources: GASTAT, Ministry of Finance, IMF, S&P Global, MEED, ENBD Notes: Real GDP growth 2023-2025 is taken from GASTAT, and 2026 is taken from the Ministry of Finance forecasts Inflation outlook 2023-2025 is taken from GASTAT, and 2026 from the Ministry of Finance forecasts Real GDP Growth 4.9% (Q4 2025) 4.8% (Q3 2025) 3.7% (Q1 2025) 4.5% (Q2 2025) International Trade Non-oil Foreign Trade Non-oil Exports 25.2% SAR 1,023 bn (9M 2025) 79.3% SAR 402.5bn (9M 2025) Foreign Investment FDI Inflow Greenfield FDI 2.0% SAR 78.6bn (9M 2025) 30.1% SAR 35.0bn (H1 2025) Interest Rate Repo Rate 5.00% January 2025 4.25% December 2025 Inflation Outlook -0.8% 1.3% 4.5% 4.6% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 2023A 2024A 2025F 2026F REAL GDP GROWTH OUTLOOK (%) 56.3 56.4 57.8 58.5 57.4 40 45 50 55 60 July August September October November December PURCHASING MANAGERS’ INDEX (PMI) 60.2 808 158 KSA Riyadh KSA Riyadh Total Value of Projects in Pipeline (US$ bn) Riyadh’s Projects (US$ bn) KSA’s 2026 Budget (SAR bn) 412 1,151 735 162 Revenue Expenditure OPEX CAPEX Tax Revenue Other Revenue 19.7% 18.3% 18.0% 15.4% 9.1% 7.0% 5.5% 4.3% 2.7% Budget Allocation Health and Social Development Military General Items Education Security and Regional Administration Economic Reasources Municipal Services Public Administration Infrastructure and Transportation 63.2 32.2 10.4 8.5 8.3 4 45.7 22.6 3.4 4.4 0 2.2 Diryah Gate Qiddiya King Salman Park Sports Boulevard Riyadh Expo Misk Foundation City Project Value Value in Pipeline Saudi public spending remains sizeable, with increasing prioritisationtoward Riyadh and mega- event readiness (Expo 2030, FIFA 2034). 2.3% 2.7% 2.0% 2.0% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 2023A 2024A 2025A 2026F Expansion threshold level (50)
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15FY 2025 EARNINGS PRESENTATION CONSTRUCTION: CONTINUED PROJECT SPEND ACROSS THE UAE AND KSA Source: MEED Note(s): 1 Value of project spend or expected to be spent each year. The values of project spend for the year 2024 to 2026 are based on the project pipeline that are announced. For the forecast from 2027 to 2033, the values are based on construction output data; 2 Pipeline refers to the quantum of the future market over the next 10-15 years, 3 Energy includes the subsegments Oil, Gas, Chemical (Hydrogen Plant) and Power (Waste to Energy) PROJECT SPEND IS EXPECTED TO REAC H c.1 TRILLION IN 2029 DRIVEN BY TRAN SFORMATIONAL PROJECTS 3,435 526 208 4,170 48 112 258 313 33 68 104 130 2 5 24 29 84 185 385 471 2019A 2024A 2029F 2033F CAGR 17.2% CAGR 15.9% CAGR 5.2% B&C Energy Airports PROJECT SPEND1 (AEDbn) CURRENT PIPELINE2 (AEDbn)FY19-24 CAGRx FY24-29 CAGR FY29-33 CAGR (17)% 74% 5% 15% 11% 2% 4% 10% 5% 1,737 434 133 2,303 95 116 187 223 21 43 69 81 1 1 9 11 117 160 266 315 2019A 2024A 2029F 2033F CAGR 6.5% CAGR 10.6% CAGR 4.3% FY19-24 CAGRx FY24-29 CAGR FY29-33 CAGR 20% 37% 5% 16% 14% 4% 18% 18% 5%
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16FY 2025 EARNINGS PRESENTATION Large -scale EPC pipeline across upstream & gas Gas expansion and refinery upgrades drive multi- year EPC demand Board-approved AED 551bn (US$150bn) 2026–2030 plan to sustain operations and drive growth. Capex Reserves expected to rise to 120bn stock tank barrels (STB) of oil and 297tn standard cubic feet (scf) of gas (ADNOC board update). Reserves base Expected to produce 1.8bn scf/day of gas + 150K barrels per day (BPD) of oil & condensate. Ghasha concession Structured financing up to US$11bn; positioned as net-zero project capturing 1.5m tonnes per annum (tpa) of CO₂. Hail & Ghasha Up to 200m scf/day; new offshore platform + 4 wells tied back to Das Island (remote ops from Arzanah). SARB deep gas (FID Jan 2026) US$1.99bn PVC complex EPC award; 1.9m tpa, targeted Q4 2028 completion. TA’ZIZ (Ruwais) US$53.3bn (2024); US$52–58bn guidance (2025). Capital investment sales gas production capacity growth target revised to ~80% (2021 - 2030), including associated liquids. Strategic gas expansion Closed US$11bn midstream deal; production intended to start 2025; ramp to 2bn scf/day sales gas by 2030 (plus liquids). Jafurah Samref agreement signed to evaluate Yanbu refinery upgrade + integrated petrochemical complex. Downstream pipeline Saipem awarded ~US$600m offshore work (pipeline + topside mods + tie- ins). Offshore activity ENERGY: EXPANSIONARY GAS PROJECTS AND SIGNIFICANT CAPEX PROGRAMMES SUPPORTING UPSTREAM AND DOWNSTREAM Source: eia, IMF, FRED, public announcements (ADNOC and Aramco) Notes: UAE and KSA world natural gas production (2026-2027) forecasts are extrapolated (carry-forward of 2024-2025 growth) 91.4 93.8 94.3 94.2 9 9.4 10 10.3 2.9 3.1 3.4 3.7 80 85 90 95 100 105 110 2024A 2025A 2026F 2027F Global oil supply (excluding KSA and UAE) KSA UAE 4,044 4,077 4,156 4,210 145.5 148.8 152.2 155.6 60.7 62.5 64.4 66.3 3,800 3,900 4,000 4,100 4,200 4,300 4,400 4,500 2024A 2025A 2026F 2027F World natural gas production (excluding KSA & UAE) KSA UAE WORLD PETROLEUM & OTHER LIQUIDS PRODUCTION (MB/D) WORLD NATURAL GAS PRODUCTION (BCM)
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17FY 2025 EARNINGS PRESENTATION UAE AND KSA EXPERIENCING SIGNFICANT GROWTH IN DATA CENTRES CREATING CONTINUOUS DEMAND FOR SPECIALIST CONTRACTORS DATA CENTRES: CAPITALISING ON AI-FUELED DATA-CENTRE BOOM IN THE UAE & KSA Source: PwC; public announcements (OpenAI/G42, NEOM/DataVolt, AWS/HUMAIN, Blackstone/AirTrunk) Announced Major Projects Multi-site, multi-phase deployments create a durable build cycle, supported by U.S. approvals enabling G42 (UAE) and HUMAIN (KSA) to purchase advanced AI semiconductors equivalent to up to ~35,000 NVIDIA GB300 systems/chips each. Stargate (Abu Dhabi) — 1GW cluster with ~200MW online in 2026. First international deployment of OpenAI’s AI infrastructure platform, led by G42. NEOM × DataVolt — Net-zero AI factory campus with first phase US$5bn; plans total ~1.5GW with operations from 2028. HUMAIN (PIF) — initial 2×100MW sites (Riyadh & Dammam) for 2026, with scaling ambitions. US$5.3bn AWS AI Zone and ~US$3bn AirTrunk/Blackstone partnership. Regional data centre capacity is projected to triple from 1GW (2025) to 3.3 GW (2030), with the UAE & KSA at the forefront. 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). Leverage integrated end-to-end delivery model (design to build) NATIONAL AI STRATEGIES ARE TRANSLATING INTO MEGA CAMPUS -SCALE DATA CENTRE BUILDS Construction Updates: Construction of the first 200MW is well underway and progressing steadily toward the planned 2026 delivery. HOW WE WILL WIN 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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18FY 2025 EARNINGS PRESENTATION AIRPORTS: MAJOR INFRASTRUCTURE INVESTMENT DRIVING LONG-DURATION DELIVERY OPPORTUNITY Source: MEED Note(s):1 Expected at completion (2050 for Al Maktoum International Airport, 2030 for King Salman International Airport); 2 Inbound tourist expenditure refers to the expenditure by non-residents on tourism commodities during their overnight international trips VISA REFORMS 5-year multiple-entry visa UAE TARGET BY 2030 140m passengers UAE MAJOR AIRPORT PROJECTS KSA MAJOR AIRPORT PROJECTS Abu Dhabi International Airport Ras Al Khaimah International Airport Al Maktoum International Airport Abha Airport Red Sea International Airport King Salman International Airport Up to 45m pax / year by 2030 1m pax / year by 2025 260m pax / year by 2050 13m pax / year (10x increase) 1m pax / year by 2030 185m pax / year by 2030 UAE TO SOLIDIFY ITS POSITION AS A GLOBAL AVIATION HUB KSA SET TO TRANSFORM ITS AVIATION SECTOR TO BECOME A GLOBAL AVIATION POWERHOUSE 123 251 357 2021A 2024A 2028F CAGR 26.9% CAGR 9.2% 14 178 331 2021A 2024A 2028F CAGR 131.2% CAGR 16.8% Inbound Tourist Expenditure2 (AEDbn) Inbound Tourist Expenditure2 (AEDbn) 4 8 AI R P O R T P R O J E C T S W O R T H AED 0 . 7 T N C U R R E N T LY U N D E RWAY I N T H E G C C, W I T H AI R PAS S E N G E R S S E T TO IN C R E AS E B Y 3 0 0 % TO 1 . 1 B N B Y 2 0 4 0 VISA REFORMS Saudi eVisa KSA TARGET BY 2030 300m passengers
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19FY 2025 EARNINGS PRESENTATION TOURISM GROWTH AND PREMIUM SUPPLY PIPELINE SUPPORT MULTI -YEAR DEMAND HOSPITALITY & ENTERTAINMENT: MULTI-YEAR DESTINATION BUILD CYCLE Source: Knight Frank (UAE Hospitality Market Review – 2025), Knight Frank (Saudi Arabia Hospitality Review – 2025), Saudi Arabia Ministry of Tourism, DET 213,928 235,674 200,000 210,000 220,000 230,000 240,000 2024A 2030F 31 40 0 10 20 30 40 50 2024A 2031F CAGR 3.7% • Tourism and travel sector contributed AED 257bn to GDP(9M 2025). • Tourism sector contribution to GDP to reach AED 450bn by 2030, rising AED 27bn annually. • AED 100bn investment in the sector by 2030. • Dubai secured 504 global business events through 2029, expected to attract +270k delegates. • Hotels welcomed 23m guests (9M 2025). • Hotel revenues reached AED 45bn; occupancy at 79% (9M 2025) • 26% of existing hotel rooms are classified as upscale, 22% luxury and 21% upper upscale. • 43% of the upcoming supply in the luxury segment. • 55.9% of the UAE’s upcoming supply is in Dubai. 167,500 529,500 0 100,000 200,000 300,000 400,000 500,000 600,000 Q1 2025E 2030F 122 150 0 50 100 150 200 2025A 2030F CAGR 4.2% UAE hotel room supply (keys/rooms) UAE hotel guests (m) UAE MAJOR PROJECTS Wynn Al Marjan Island Large-scale hospitality & entertainment destination Disneyland Abu Dhabi Large-scale theme park and resort Sphere Abu Dhabi Second global location entertainment venue Warner Bros. World Abu Dhabi “Harry Potter” Expansion works to existing Warner Bros. SCALE -UP IN TOURISM AND GIGA -PROJECTS DRIVES SUSTAINED BUILD ACTIVITY • Tourism spending reached SAR 330bn during 2025. • Tourism sector contribution to GDP sits at 4.7% (2024) and is expected to increase to 10% of the GDP in 2030. • 122m tourists (domestic + international) welcomed in 2025 and 116m in 2024, with 30m international tourists. • Leisure travellers make up 30% of all arrivals (2024). • SAR 412bn investment in the hospitality sector by 2030. • 27% of existing hotel rooms are classified as upscale, 21% upper upscale and 12% luxury. • 99,500 hotel keys under construction or in the final planning stages. • 78% of the upcoming supply is anticipated in the luxury, upper upscale or upscale hotels. KSA hotel keys Number of tourists (m) KSA MAJOR PROJECTS Riyadh EXPO 2030 Large-scale hospitality & entertainment destination FIFA World Cup 2034 Nationwide hospitality & entertainment delivery programme Qiddiya Large-scale theme park and resort destination Diriyah Large-scale hospitality & cultural destination
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20FY 2025 EARNINGS PRESENTATION 3 FY & Q4 2025 FINANCIAL PERFORMANCE
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21FY 2025 EARNINGS PRESENTATION AED 387m DELIVERED RECORD FY AND Q4 PERFORMANCE DRIVEN BY ROBUST BACKLOG CONVERSION AND OPERATIONAL EXCELLENCE 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 REVENUE AED 12,604m 56% YoY FY 2025Q4 2025FY 2025 EBITDA | MARGIN AED 1,106m | 8.8% 76% YoY | vs. 7.8% (FY 2024) AED 687m | 5.5% NET PROFIT | MARGIN 89% YoY | vs. 4.5% (FY 2024) CAPEX NET CASH/ EBITDA 0.6x1 FREE CASH FLOW TO FIRM 2 AED 813m Record revenue of AED 12.6 billion, 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 nearly doubled to an all-time high during 2025, driven by robust project delivery, operational efficiencies and effective working capital management. Maintained net cash/EBITDA and strong FCFF despite a rise in CapEX, reaffirming commitment to balance sheet strength and financial flexibility. Board approved dividend distribution of AED 250m, up from the previously announced AED 200 m on the back of strong results and in line with ALEC’s commitment to rewarding shareholders. AED 3,698m 36% YoY AED 400m | 10.8% 65% YoY | vs. 8.9% (Q4 2024) AED 256m | 6.9% 57% YoY | vs. 6.0% (Q4 2024)DIVIDEND AED 250m payable in April 2026 AED 85m Distributed to ICD in August 2025 (Pre-IPO) AED 335m
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22FY 2025 EARNINGS PRESENTATION FY & Q4 OUTPERFORMANCE: RECORD REVENUE, STRONGER MARGINS, EARNINGS MORE THAN DOUBLING AEDm Q4 Change (YoY) FY Change (YoY)2024 2025 2024 2025 Revenue 2,720 3,698 36% 8,101 12,604 56% Gross profit 285 464 63% 836 1,323 58% Gross Profit Margin 10.5% 12.5% 2.0 pp 10.3% 10.5% 0.2 pp EBITDA 259 400 65% 630 1,106 76% EBITDA margin 8.9% 10.8% 1.9 pp 7.8% 8.8% 1.0 pp Finance costs, net (20) (16) (19%) (84) (34) (60%) Depreciation & Amortization (50) (82) 62% (159) (266) 67% Profit for the year 163 256 57% 363 687 89% Net income margin 6.0% 6.9% 0.9 pp 4.5% 5.5% 1.0 pp FY: Revenue increased by 56% YoY to AED 12.6 billion on the back of backlog conversion across all segments. Q4: Revenue increased by 36% YoY to nearly AED 3.7 billion, with growth being strong across all segments. FY: EBITDA broke the billion threshold and increased by 76% YoY, reaching AED 1.1 billion, with margin expanding to 8.8% driven by strong revenue, operating leverage benefits and tight cost controls across the business. Q4: EBITDA increased by 65% to AED 400 million with margin expanding to 10.8%. FY: Net profit nearly doubled, increasing by 89% YoY to a record AED 687 million, with margin reaching 5.5% on the back of backlog conversion. Q4: Net profit increased by 57% YoY to AED 256 million on the back of accelerated activity and continued operational excellence. Margin increased to 6.9%.
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23FY 2025 EARNINGS PRESENTATION BALANCE SHEET SUPPORTS SCALE AND DISCIPLINED GROWTH AEDm 31-Dec-24 31-Dec-25 %Change (YTD) 30-Sep-25 %Change (QoQ) TOTAL NON-CURRENT ASSETS INCLUDING 1,339 1.860 39% 1,684 10% Property, plant and equipment 929 1,268 36% 1,186 7% Retention receivables 234 187 (20%) 162 (16%) Advances to suppliers and subcontractors 49 260 431% 217 20% Total current assets including 6,405 8,761 37% 8,342 5% Contract and other receivables 2,800 3.304 18% 3,247 2% Gross amounts due from customer on construction contracts 2,254 3,786 68% 3,660 3% Cash and bank balances 1,254 1,575 26% 1,301 21% TOTAL ASSETS 7,744 10,622 37% 10,026 6% TOTAL NON-CURRENT LIABILITIES INCLUDING 1,459 2,391 64% 2,486 (4%) Advances from customers 595 1,329 123% 1,456 (9%) TOTAL CURRENT LIABILITIES INCLUDING 5,252 6,837 30% 6,356 8% Contract and other payables 4,366 6,013 38% 5,698 6% Gross amount due to customers on construction contracts 310 264 (15%) 286 (8%) TOTAL LIABILITIES 6,711 9,228 38% 8,842 4% TOTAL EQUITY 1,033 1,394 35% 1,184 18% 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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24FY 2025 EARNINGS PRESENTATION 14 3 49 260 3820 5666 6405 8,761 (183) (367) (595) (1,329) (2,816) (4.452) (5,252) (6,837) 2022 2023 2024 2025 Advances to Suppliers Current Assets Advances From customers Current liabilities EFFICIENT WORKING CAPITAL MANAGEMENT UNDERPINS OPERATIONAL AGILITY Notes: (1) Net working capital is calculated as current assets plus advances to suppliers minus current liabilities minus advances from customers 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 the need to draw down debt. 835 850 607 856NWC
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25FY 2025 EARNINGS PRESENTATION MAINTAINING A CAPEX-LIGHT MODEL AS BUSINESS SCALES CAPEX BREAKDOWN AED m 4.3%3.5%2.1%Capex as % of revenue Capex for the FY 2025 period was AED 387 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. 11 37 101 9464 181 247 293 2022 2023 2024 2025 Maintenance Capex Growth Capex 3.1% 387 348 218 75
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26FY 2025 EARNINGS PRESENTATION ATTRACTIVE DIVIDEND POLICY AIMED AT SUPPORTING LONG-TERM VALUE Notes: (1) Based on ALEC’s closing price on 31 December of AED 1.52 per share. (2) Based on total dividend distribution of AED 335m. (3) Based on dividend distribution of AED 250m for H2 2025. CASH DIVIDEND DISTRIBUTION SCHEDULE AED 250m 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 813m (as of 31 December 2025) Long-term earnings potential CASHFLOW FROM OPERATIONS CAPEX ORDINARY DIVIDENDS LEVERAGE REDUCTION VALUE ACCRETIVE M&A EXTRA- ORDINARY DIVIDENDS CAPEX CAPITAL ALLOCATION FRAMEWORK
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27FY 2025 EARNINGS PRESENTATION 4 OPERATIONAL HIGHLIGHTS
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28FY 2025 EARNINGS PRESENTATION CONTINUED GROWTH IN BACKLOG PROJECT COUNTRY BACKLOG2 (AEDm) SECTOR EXPECTED YEAR OF COMPLETION Wynn Al Marjan 4,776 Hospitality 2027 ADNOC Offshore Zakum EPC 4,727 Energy 2030 Stargate Data Centre (200MW) 4,535 Data Centre 2027 ADNOC MMBD Offshore 4,108 Energy 2028 Qiddiya Speed Park 2,218 Leisure 2027 Como Residences 1,613 Residential 2028 Ilmi Science and Technology Centre (MISK) 1,215 Education 2027 ADNOC Sahil EPC Works 827 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 (AED bn) B&C 50% Energy 48% Related Businesses 2%FY 2025 BACKLOG BY SEGMENT 8.6 22.1 27.5 30.4 2022 2023 2024 2025 2.4x 3.5x 3.4x 2.4x Backlog coverage1x DIVERSIFIED PORTFOLIO OF CURRENT FLAGSHIP PROJECTS FY 2025 BACKLOG BY COUNTRY AED 30.4 billion backlog reflects ALEC’s focus on high-value, strategic and nationally critical and vision-led projects. 2.4x coverage of the trailing twelve months revenue provides multi year revenue visibility. c. 46% 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 • 88% UAE | 12% KSA KSA 12% UAE 88%
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29FY 2025 EARNINGS PRESENTATION REVENUE & GROSS PROFIT B&C 50% BUILDING & CONSTRUCTION (B&C) (Note(s): (1) Gross profit computed as revenue – contract costs AED 15.4 billion BACKLOG KEY UPDATES AED 6,838m 101% YoY FY 2025Q4 2025 AED 2,049m 49% YoY 47.1% 48.1% AED 500m 7.3% vs. 6.1% (FY 2024) AED 204m 10.0% REVENUE % OF TOTAL REVENUE 1 GROSS PROFIT GROSS MARGIN 143% YoY vs. 6.1% (Q4 2024) As of 31 December 2025 Ramp up in execution of two significant projects drove accelerated revenue and gross profit growth, namely: o Wynn Al Marjan (Hospitality, Ras Al Khaima) o Stargate Phase 1 (Data Centre, Abu Dhabi) o Qiddiya Speed Park (Leisure, Riyadh) o MISK - Ilmi Science and Technology Centre (Leisure, Riyadh) 68% YoY
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30FY 2025 EARNINGS PRESENTATION REVENUE & GROSS PROFIT ENERGY SOLUTIONS Note(s): (1) Gross profit computed as revenue – contract costs AED 14.5 billion BACKLOG KEY UPDATES AED 4,626m 68% YoY FY 2025Q4 2025 AED 1,164m 20% YoY 31.9% 27.3% AED 418m 9.0% vs. 8.9% (FY 2024) AED 142m 12.2% REVENUE % OF TOTAL REVENUE 1 GROSS PROFIT GROSS MARGIN 40% YoY vs. 10.4% (Q3 2024) As of 31 December 2025 Strong top line growth driven by recent major, multi-year project wins with key strategic clients, namely ADNOC, including: o ADNOC Offshore Zakum EPC (Offshore, UAE) o ADNOC MMBD Offshore (Offshore, UAE) o ADNOC Hail & Ghasha Project (Offshore, UAE) 88% YoY Energy 48%
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31FY 2025 EARNINGS PRESENTATION REVENUE & GROSS PROFIT RELATED BUSINESSES (1) Gross profit computed as revenue – contract costs AED 480 million BACKLOG KEY UPDATES AED 3,050m 14% YoY FY 2025Q4 2025 AED 1,047m 69% YoY 21.0% 24.6% AED 373m 12.2% vs. 16.4% (FY 2024) AED 120m 11.4% REVENUE % OF TOTAL REVENUE 1 GROSS PROFIT GROSS MARGIN 45% YoY vs. 13.4% (Q3 2024) As of 31 December 2025 Significant number of projects undertaken as subcontractors for the B&C segment, including: • Wynn Al Marjan (Hospitality, Ras Al Khaima) • Qiddiya Waterpark (Leisure, Riyadh) • Guggenheim (Museum, Abu Dhabi) 53% YoY Related Businesses 2% Margins are normalizing as higher than usual margin work is delivered
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5 STRATEGY & GUIDANCE
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33FY 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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34FY 2025 EARNINGS PRESENTATION 2025 GUIDANCE: ACHIEVED ACROSS KEY METRICS GUIDANCE 2025 Backlog 100% of revenue covered 2.4x Revenue Growth ~50-52% 56% Gross Profit Margin ~10.3% 10.5% EBITDA Margin ~8.5% 8.8% Capex ~2.0-3.0% of revenue 3.1% Gross Leverage1 ~1x ~0.8x PERFORMANCE (1) Gross Leverage includes total borrowings + lease liabilities to EBITDA
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35FY 2025 EARNINGS PRESENTATION GUIDANCE MANAGEMENT’S OUTLOOK 2026 MEDIUM - TERM Backlog 100% of revenue covered ~2.0x-2.5x supported by a healthy projects pipeline and future anticipated projects Revenue Growth ~50-55% Grow at an implied CAGR of ~7-8% Gross Profit Margin ~10.3% Gradually improve by ~100bps EBITDA Margin ~8.5% Gradually improve by ~150bps Capex ~2.0-3.0% of revenue Gradually decline to ~1.0% of revenue Gross Leverage1 ~1x Remain below 1x (1) Gross Leverage includes total borrowings + lease liabilities to EBITDA
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6 INVESTMENT CASE
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37FY 2025 EARNINGS PRESENTATION 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 ALEC’S DIFFERENTIATED VALUE PROPOSITION
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7 Q&A THANK YOU
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39FY 2025 EARNINGS PRESENTATION IR CONTACT JOHN DEEB CHIEF FINANCIAL OFFICER ASER MOKHTAR INVESTOR RELATIONS OFFICER INVESTOR.RELATIONS@ALEC.AE