Q1 2021 Results Presentation Quarter Ended 31 March 2021 May 10, 2021 DISCLAIMER This disclaimer governs the use of this presentation. You must not rely on the information in the presentations and alternatively we recommend you seek advice from an appropriately qualified professional. If you have any specific questions about any matter in this presentation you should consult an appropriately qualified professional. The statements made in this presentation are only forward-thinking statements. Such statements are based on expectations and are subject to several risks and uncertainties that could differ materially from any expected outcome or results expressed or implied in these statements. Without prejudice to the generality of the foregoing paragraph, we do not represent, warrant, undertake or guarantee that the information in the presentation is accurate or use of guidance in the presentation will lead to any particular outcome or result. 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Q1 2021 RESULTS SUMMARY Q1 2021 FINANCIAL RESULTS IN SUMMARY Strong financial performance Solid quarter for Development Resilient Investment performance ▪ Revenue up 16% to AED 2.04bn ▪ Revenue up 47% to AED 1.19bn ▪ Investment NOI1 of AED 0.40bn (Q1 20: AED 1.76bn) (Q1 20: AED 0.81bn) (Q1 20: 0.40bn) ▪ GP up 11% to AED 0.78bn ▪ Sales up 227% to AED 1.09bn ▪ Resilient occupancy across Investment (Q1 20: AED 0.70bn) (Q1 20: AED 0.33bn) Properties at 87% (vs. 88% at YE 20) ▪ NP up 80% to AED 0.54bn ▪ GP up 28% to AED 0.37bn ▪ Strong performance by Aldar Education (Q1 20: AED 0.30bn) (Q1 20: AED 0.29bn) (NOI +24% y-o-y) ▪ ▪ New group operating model and Cash collection of AED 0.93bn ▪ Provis’ acquisition of Asteco adds +23k updated segment disclosure from Q1 21 units under management Robust balance sheet and Commitment to shareholder returns 2021 outlook significant liquidity ▪ Gross debt down q-o-q and leverage ▪ AED 1.14 bn 2020 dividend Outlook within policies: approved at AGM in March, paid in ▪ Project launches planned in 2021 (Noya Viva in April generated AED 1bn sales) ─ Investment (38.0% LTV) April 2021 ▪ No change to dividend policy ▪ Project management segment on track ─ Development (10.0% LTV) to achieve guidance ▪ Strong liquidity position: AED 3.3bn ▪ Exploring inorganic growth free & subsidiary cash and AED 4.2bn opportunities across the business undrawn committed facilities ▪ Strong pace of federal government ▪ Avg. cost of debt of 2.8% reforms promoting various tenures of residency (citizenship liberalisation, ▪ Avg. debt maturity of 4.5yrs remote worker visas etc.) Notes: 1. Excludes Pivot. 4 DEVELOPMENT HIGHLIGHTS – Q1 21 ▪ Solid quarter for Development, driven by strong inventory sales and higher contribution from fee segment ▪1 Sales AED bn Q1 21 Q1 20 Variance ▪ Strong inventory sales (sold pipeline at 94%) 1 +227% Sales 1.09 0.33 ▪ Total sales of 518 units and plots in Q1 21 (vs. 109 in Q1 20) 2 Revenue 1.19 0.81 +47% ▪2 Revenue Property development & sales 0.80 0.68 +18% ▪ Revenue +47% y-o-y – higher inventory sales and greater contribution from project management segment (including Project management services 0.38 0.12 +207% 2020 awarded Govt. projects accruing from Feb 2021) 3 Gross profit 0.37 0.29 +28% ▪3 Gross profit Property development & sales 0.28 0.27 +2% ▪ Gross profit margins reflect changing product mix and dilution from accounting of fixed price contracts Project management services 0.09 0.02 +455% ▪ Project management gross profit +455% on Q1 20, owing to ahead of schedule progress on Al Falah and completion of Gross profit margin 31% / 35% (ex. PM) 36% / 40% (ex. PM) (13%) / (13%) the ADQ transaction during Q1 21 4 Revenue backlog 3.35 3.471 (3%) ▪4 Revenue backlog of AED 3.4bn, slightly lower on Q4 20 1 Percentage sold 90% 90% 0% ▪ Project Noya Viva (sold out in April 21) increases revenue backlog to c. AED 4.4bn Notes: 1. As of 31 December 2020. 5 INVESTMENT HIGHLIGHTS – Q1 2021 ▪ Stable NOI performance by Investment Properties segment; strong performances by Aldar Education and Provis/Khidmah offset weakness from Hospitality and sale of District Cooling Assets AED bn Q1 21 Q1 20 Variance Recurring revenue2 0.76 0.80 (5%) ▪1 Investment Properties – NOI flat y-o-y, with stable performances by commercial and residential Net operating income2 0.40 0.40 (0.2%) ▪2 Hospitality – impacted by Covid / travel restrictions NOI margin – investment properties1 80% 80% (0%) ▪3 Education – performs strongly on increased student Occupancy3 87% 88%7 (1%) enrollments and margin expansion from cost savings Gross asset value (GAV)4 18.5 18.17 2% ▪4 Principal Investments – stabilisation of Khidmah KSA business and Provis’ acquisition of Asteco, however, Portfolio WAULT (yrs) 3.4 4.07 (15%) NOI down y-o-y due to sale of DC assets Residential bulk leases5 51% 53%7 (4%) ▪5 GAV – Increase due to addition of Bridges8 Govt./GRE commercial leases6 62% 63%7 (2%) Notes: 1. Includes retail, residential, commercial (incl. operative villages). 5. Residential bulk leases as a percentage of total residential units in portfolio. 2. Excludes Pivot. 6. Govt./GRE commercial leases as a percentage of total GLA. 3. Blended trading occupancy for retail, residential and commercial segments (weighted by GLA). 7. As of 31 December 2020. 4. Gross Asset Value of completed investment properties (retail, residential and commercial) and hospitality. 8. Multi-family development on Reem Island contributed by Aldar Development. 6 INVESTMENT – NOI BRIDGE1,2 -4 +5 -2 7 404 3 403 Education 32 -4 -4 -5 39 Education Principal 20 Principal Investments 15 Investments 18 14 Hospitality Key drivers Hospitality Margin expansion to Provis acquisition of LfL rates down c.3% LfL rates down c.7% LfL rates up c.1% LfL rates down c.25% 31% (vs. 25% PY) Asteco & Pacific Commercial 102 105 Commercial Occupancy at 88% Occupancy at 83% Occupancy at 91% Occupancy at 47% Occupancy at 77% Stabilisation of (vs. 88% at Q120) (vs. 89% at Q120) (vs. 91 at Q120) (vs. 78% at Q120) (vs. 69% at Q120) Khidmah KSA business Addition of Bridges Cost savings AM fee (AED 7m) Sale of DC assets (AED 3m) (AED 1.2m) Retail 114 110 Retail Residential 117 119 Residential Q1 2020 Residential Retail Commercial Hospitality Education Principal Investments2 Q1 2021 Notes: 1. All figures in AED millions. 2. Excludes Pivot (Q1 2021 gross profit of AED 4.2m and Q1 2020 and gross profit of AED 5.2m). 7 INVESTMENT PROPERTIES OVERVIEW Retail Residential Commercial No. of properties 34 13 15 Leasable area (sqm) 0.5m 0.9m 0.3m Portfolio occ. 83% 88% 91% WAULT (years) 3.0 3.4 3.8 Q1 2021 Revenue (AEDm) 153 141 124 Q1 2021 NOI (AEDm) 110 119 105 NOI margin 72% 84% 85% Quarter trend up down flat vs. Q4 2020 8 KEY OTHER BUSINESSES ▪ Aldar owns several strategic businesses that work alongside / support the broader offering of Aldar’s two core businesses, Investment and Development ▪ These high growth businesses fall under the segments, Aldar Education and Principal Investments (Khidmah / Provis) Business overview Financial Performance1 Profit ▪ Leading operator and provider of private education in Abu Dhabi with the largest 14% 21% 26% 25% 31% margin (%) network of schools, delivering English and American curriculums adapted for the UAE 465 478 380 ▪ Operates 4 ADNOC schools, 7 charter schools in addition to 8 Aldar Academies Aldar schools (incl. Cranleigh) and a nursery Education 98 122 128 127 ▪ Fast growing student enrolments driving revenues 55 32 39 ─ c.25k students enrolled for 20/21 academic year versus 16k in 18/19 2018 2019 2020 Q1 2020 Q1 2021 Revenue Gross profit ─ 2018-2020 revenue CAGR of 12% ▪ Aldar’s real estate services arm is comprised of Khidmah, a facilities management Profit 2% 10% 13% 10% 12% margin (%) business and Provis a property management business 405 369 385 ▪ Provis is specifically focused on sales and leasing, property management and Khidmah / consultancy services whilst Khidmah remains focused specifically on domestic, commercial and retail facility management solutions Provis2 98 125 41 50 ▪ Recent acquisitions by Provis of Asteco (Jan-21) and Pacific Owners Association 8 10 16 (Dec-20) expand presence into the Dubai market – portfolio of c. 60k residential units, 600k sqm GLA in retail assets, and 650k sqm of commercial assets 2018 2019 2020 Q1 2020 Q1 2021 Revenue Gross profit Notes: 1. In AED millions. Aldar Education numbers include income from Cranleigh. 2. In 2018, Aldar separated the properties and facilities management business into two, property management (named Provis) and facilities management (retaining the Khidmah name). This followed a move to acquire the minority stake in the business (40%) to take full control and ownership of these strategic investments. 9 BALANCE SHEET ...supported by prudent capital management and Robust balance sheet position… governance As at 31 Mar As at 31 Dec AED "000" 2021 2020 Investment Development ASSETS Outstanding Debt ▪ 2 Property, plant and equipment 2,929,402 2,961,523 Sukuk: 3.7bn ▪ Bank: 0.6bn Breakdown (AED bn) ▪ Bank: 3.5bn Investment properties 16,867,582 16,462,916 (as at 31-Mar-21) LHFS, DWIP and inventories 7,924,428 8,400,710 Leverage policy Investment in associates and joint ventures 124,372 123,889 35-40% <25% Receivables and other assets 7,427,824 6,785,791 (LTV) Cash 5,427,945 5,497,818 LTV 38.0% 10.0% Total Assets 40,701,553 40,232,647 (as at 31-Mar-21) Equity and Liabilities Equity 25,097,664 25,701,684 Cost of debt 2.8% Debt 7,778,804 8,005,161 Payables, advances and other liabilities 7,825,085 6,525,802 Total Liabilities and Equity 40,701,553 40,232,647 Avg.