Majid Al Futtaim Reports Record FY 2025 Results with 41% Net Profit Growth and Strongest Balance Sheet in over a Decade

Key Highlights:

• Reported 10% increase in EBITDA, reaching AED 5.1 billion, the first time the company has exceeded AED 5 billion, and a 6% increase in revenue to AED 35.9 billion.
• Increased net profit by 41% to AED 3.6 billion including valuation gains.
• Achieved net profit growth of 48% reaching AED 2.3 billion excluding valuation gains.
• Generated AED 3.5 billion in free cash flow; net debt reduced by 15% to AED 11.9 billion with net debt-to-equity improving to 32%.
• Expanded its loyalty ecosystem with SHARE surpassing 10 million members while driving higher engagement through two new co-branded credit cards.
• Grew its UAE revenue by 11% exceeding AED 22 billion.
• Delivered 6% increase in revenue from its shopping malls and hotels business to AED 4.8 billion as footfall and tenant performance continued to strengthen.
• Recorded a 33% rise in revenue in its real estate development business, driven by strong demand across its residential communities.
• Achieved strong digital retail results with 20% growth in e‑commerce revenues with 38% growth in quick commerce and a 47% increase in Precision Media revenues, reflecting continued acceleration in online adoption and digital monetisation across the retail business.
• Diversified its grocery retail portfolio with the launch of HyperMax in three new markets and SAVA, a modern discount retailer in the UAE.

Dubai, United Arab Emirates, 16 March 2026: Majid Al Futtaim (“the Group”), a leading shopping malls, communities, retail, and leisure pioneer across the Middle East, Africa, and Central Asia, today announced its full-year 2025 financial results, delivering double-digit EBITDA and net profit growth, strong cash generation, and a record strength in its balance sheet, as the Group marks 30 years of operations building destinations where communities live, connect and thrive.

For the twelve months ending 31 December 2025, the Group reported consolidated revenue of AED 35.9 billion, up 6% year-on-year, while EBITDA increased 10% to AED 5.1 billion, surpassing the AED 5 billion mark for the first time. Net profit rose 41% to AED 3.6 billion, with net profit excluding valuation gains increasing 48% to AED 2.3 billion, fuelled by disciplined capital deployment, sharp operational excellence and a portfolio designed to generate diversified, high‑quality growth. The Group also delivered an 11% increase in UAE revenues to more than AED 22 billion, reinforcing the strength of its core market.

Majid Al Futtaim generated AED 3.5 billion in free cash flow during the year, a 25% increase year-on-year, enabling further deleveraging. Net debt reduced 15% since December 2024 to AED 11.9 billion, while net debt-to-equity improved to 32%, the lowest in a decade. With total assets of AED 71.0 billion, the Group enters its next phase from a position of strength, backed by the capacity to invest decisively in growth through a development pipeline diversified across core markets and reinforced by major reinvestments in flagship assets, including the AED 5 billion Mall of the Emirates transformation.

In October 2025, Majid Al Futtaim priced a USD 500 million 10-year Sukuk, marking its return to the international debt capital markets. The issuance was met with exceptional investor demand, with an orderbook in excess of USD 2 billion, achieving the company’s tightest ever 10-year spread. In November 2025, the company issued a new USD 500 million hybrid bond, whilst simultaneously tendering USD 590 million of its existing perpetual notes.

The Group continues to maintain a balanced debt maturity profile and healthy liquidity, with net borrowings reduced to AED 11.9 billion, a 15% decrease since December 2024. Standard & Poor’s and Fitch Ratings reaffirmed the Group’s ‘BBB’ credit rating with a stable outlook, highlighting its financial resilience and disciplined capital management.

Fadel Abdulbaqi Al Ali, Chairman of the Board, Majid Al Futtaim Holding, said: “Majid Al Futtaim’s record-breaking performance this year demonstrates our successful growth strategy and the robust corporate governance that enables us to deliver at scale. We enter our fourth decade from a position of strength, continuing to deliver resilient growth and sustainable shareholder value creation.”

Ahmed Galal Ismail, Chief Executive Officer, Majid Al Futtaim Holding, added: “2025 was a defining year for Majid Al Futtaim. Guided by a clarity of purpose, our momentum reached new heights, delivering peak performance across every dimension of our business to achieve the strongest financial performance in our history.

Driven by disciplined execution and the strength of our diversified portfolio, we surpassed AED 5 billion in EBITDA for the first time and delivered a 41% year-on-year increase in net profit, demonstrating the force of our strategy, the durability of our business model, and the exceptional experiences we continue to innovate and deliver.

Our financial position is the strongest it has been in a decade. Robust cash generation and a strengthened balance sheet give us the confidence to continue investing for the long term. Our development pipeline is diversified across asset classes and our core markets in the UAE, Saudi Arabia, and Egypt, and includes significant reinvestment in flagship assets, most notably the AED 5 billion transformation of Mall of the Emirates.

As expectations evolve, the role of physical destinations is shifting toward experience, connection and quality time and our portfolio is built for that future. We delivered record results across our shopping malls, hotels and residential developments, reflecting our leadership in experience‑led destinations.

In grocery retail, the UAE returned to strong growth, supported by continued momentum in our digital channels. Demand for our online platforms and retail media solutions remained resilient, reinforcing the progress of our omnichannel transformation and the strength of our digital engine.

I would like to express my deepest gratitude to MAFers for their unwavering commitment throughout the year, and to our partners and stakeholders for their continued trust and collaboration as we build the next chapter of Majid Al Futtaim together.”

The Group’s shopping malls and hotels business saw net revenue increase 6% to AED 4.8 billion led by the continued strength of its leasing portfolio and mall occupancy rate surpassing 98%. Footfall increased by 6%, underscoring the continued relevance of experience-led physical destinations; while the real estate development arm delivered robust results, with revenue rising 33% to AED 5.8 billion reflecting strong demand across across residential communities.

Its ecommerce business posted a solid 20% revenue growth to AED 3.2 billion, with 38% growth in quick commerce and 47% jump in Precision Media revenues. While overall retail revenue declined 1%, revenue at constant currency still grew 1%, supported by 2% like‑for‑like growth in the UAE driven by the country’s strong economic and population expansion. The launch of its flagship HyperMax grocery retail brand across Oman, Bahrain and Kuwait, as well as the launch of SAVA, the first Emirati modern discount retailer, further showcased Majid Al Futtaim’s ambition to empower local brands and combine high-quality products, affordable prices, convenience, and a modern shopping experiences tailored to local communities.

Entertainment revenue was up 9% to AED 1.9 billion largely led by cinemas with revenue growing 13%, reflecting strong box office performance and premium format uptake. The relaunch of VOX’s IMAX theatre in Mall of the Emirates last year demonstrates the Group’s commitment to evolving its destinations and bringing world class experiences to its markets.

Its lifestyle brands saw revenue increase 14% to AED 1.5 billion, supported by strong performance across fashion and new luxury brand launches. Majid Al Futtaim expanded its long‑standing partnership with Abercrombie & Fitch Co., strengthened its omnichannel reach with new Abercrombie & Fitch and Hollister e‑commerce platforms in key Gulf markets, and reinforced its position as the partner of choice for global brands with new regional entries such as PacSun and Tartine et Chocolat.

Majid Al Futtaim continued to accelerate the growth of its SHARE loyalty programme, reaching 10.3 million members in 2025, while also launching two additional co‑branded credit cards with Emirates NBD, Abu Dhabi Islamic Bank and Visa.

Sustainability remained central to how Majid Al Futtaim designs and operates its destinations, embedding environmental performance, accessibility and wellbeing into everyday experiences. The Group was recognised across four categories at the 2025 MENA Green Building Awards, including Sustainable Developer of the Year at Group level, reflecting a coordinated, enterprise-wide approach spanning design, operations, training and governance.

The Group’s shopping malls further strengthened their operational sustainability credentials, becoming the first in the region to achieve global sustainability certifications across their entire owned portfolio, including 18 LEED Platinum and 4 LEED Gold certifications.Eight additional workplaces and leisure destinations achieved WELL Health-Safety Certification during the year, underscoring adherence to global standards for air and water quality, maintenance and occupant wellbeing.