Strategic Investments, Diversified Growth and Digital Scale Drive Majid Al Futtaim’s Solid H1 2025 Results

• Reported 9% increase in EBITDA to AED 2.3 billion and a 3% increase in revenue to AED 17.3 billion.

• Net profit excluding valuation and tax increased by 23% to AED 1.3 billion from AED 1.0 billion for the prior period.

• Majid Al Futtaim – Properties’ net revenue grew by 14%, while EBITDA rose by 10%, powered by its shopping malls and    residential developments. 

• Majid Al Futtaim – Retail Digital grew revenue by 23% and EBITDA four-fold; offline Retail performance remained subdued in some markets.

• Majid Al Futtaim – Lifestyle posted 15% revenue growth, driven by strong performance from fashion brands and new        luxury brand launches.

• Majid Al Futtaim – Entertainment delivered 11% net revenue growth, to AED 891 million, driven by strong growth in          Cinemas. 

• The Group opened 42 new stores across its portfolio of Retail and Lifestyle businesses.

Dubai, United Arab Emirates, 03 September 2025: 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 financial results for the first half of 2025, reflecting continued profitable growth, and progress on strategic investments and digital retail growth. 

For the six months ending 30 June 2025, the Group reported consolidated revenue of AED 17.3 billion, up 3% year-on-year (YoY), while EBITDA grew by 9% to AED 2.3 billion. Net profit stood at AED 1.5 billion while net profit excluding valuation and tax increased by 23% to AED 1.3 billion from AED 1.0 billion for the prior period. 

Majid Al Futtaim delivered AED 1.1 billion in free cash flow and reduced net debt to AED 13.4 billion, supported by effective capital management and allocation. The total assets stood at AED 70.4 billion and net debt to equity improved to 38% compared to the first half of the previous year.

Fadel Abdulbaqi Al Ali, Chairman of the Board, Majid Al Futtaim Holding said, “Majid Al Futtaim’s first half financial performance highlights both the strength of its strategic direction and the Group's commitment to delivering long-term value creation for all stakeholders.  The Board is proud to support a vision that continues to shape world-class experiences and deliver meaningful impact across the communities we serve.”

Ahmed Galal Ismail, Chief Executive Officer, Majid Al Futtaim Holding, said: “Majid Al Futtaim’s strong half-year results reaffirm the Group’s profitable growth trajectory and are a testament to the Group’s steady progress on strategic investments and transformation across our core sectors.

The launch of a landmark AED 5 billion investment in our flagship destination, Mall of the Emirates, demonstrates our dedication to setting new standards in world-class retail and lifestyle experiences. At the same time, the sustained demand for our residential communities, as well as robust leasing portfolios and healthy customer footfall across our malls reflect consumers’ enduring appetite for prestigious destinations that seamlessly blend community, commerce, and innovation.

In parallel, our focus on digital acceleration continues with our first digitally native, AI-enabled business - Precision Media - scaling rapidly, driving deeper brand engagement and unlocking new revenue streams for the Group and its partners; and the ongoing evolution of our Carrefour Now platform, a cornerstone of our Group omnichannel strategy in delivering greater convenience and value to our customers.

Within our cinema portfolio, we continue to reinforce our leadership in premium entertainment by introducing new experiences and pioneering innovations, while we continue to grow and expand our lifestyle offering, marking our entry into the Saudi luxury market in line with our ambition to bring sought-after global experiences to our customers. 

As ever, our performance is a testimony to the values-led efforts of our MAFers and the collective drive to create shared value for our stakeholders, while building future-ready capabilities that position us for the next phase of sustainable, scalable growth.” 

The Group’s Properties business continued to deliver robust results in H1 2025, with net revenue rising 14% year-on-year to AED 4.3 billion and EBITDA increasing 10% to AED 2.1 billion. The Asset Management portfolio — including shopping malls, hotels and ULOs — contributed AED 2.4 billion in revenue and AED 1.7 billion in EBITDA, driven by resilient consumer demand, strong leasing activity and a refreshed tenant mix. Footfall rose by 5%, while hotels posted higher average daily rates and higher occupancy rates overall.

The Development portfolio and its residential communities recorded revenue of AED 2.0 billion and EBITDA of AED 458 million, driven by continued strong sales in Ghaf Woods and Tilal Al Ghaf. Early phases of Capria saw high demand, underlining market appetite for premium, community-centric living. Marking a strategic milestone for the Group in Egypt, the launch of Junction, a landmark mixed-use development adjacent to Mall of Egypt in West Cairo, reflects Majid Al Futtaim’s continued ambition to deliver integrated destinations that connect community, commerce and lifestyle.

Majid Al Futtaim’s digital retail business continued to deliver robust performance in H1 2025, with revenue rising 23% to AED 1.6 billion and EBITDA increasing four-fold. This momentum reflects the 41% growth of Carrefour Now, which is scaling rapidly as a leading quick commerce platform. Newly launched in 2024, Precision Media, the Group’s pioneering AI-enabled AdTech business grew 21% in revenue. These digital-first initiatives underscore the Group’s commitment to redefining the future of retail through innovation, agility and customer-centricity.

Overall Retail revenue reached AED 11.5 billion, reflecting a 1% year-on-year decline, primarily due to softness in its brick-and-mortar business, the implementation of its turnaround programme and the ongoing impact of geopolitical tensions on consumer sentiment in certain markets. Despite this, the Group’s omnichannel model — underpinned by diversifying into high-performing digital platforms and an expansion of discounter offering— continues to enhance customer relevance and reinforce the long-term strength of the Retail business. 

Lifestyle delivered strong double-digit growth, with revenue rising 15% to AED 674 million and EBITDA more than doubling. Growth was driven by the continued success of fashion and home brands, alongside a strategic expansion into luxury. The launch of new brands in Saudi Arabia marks a key milestone in the Group’s ambition to shape the Kingdom’s high-end retail landscape and reflects its capability in delivering aspirational global experiences to regional consumers.

Entertainment net revenue increased by 11% to AED 891 million with EBITDA rising 93% compared to the previous year. VOX Cinemas delivered a standout performance with 16% revenue growth, while the Group expanded its ACTIVATE gaming concept and launched the region’s first IMAX with OMA Theatre Pods. Ski Dubai and Ski Egypt delivered double-digit revenue growth, while Snow Oman and Abu Dhabi showed steady performance. Majid Al Futtaim continues to lead in experience-driven leisure, contributing to the UAE’s and wider region’s growing experience economy.

The Group strengthened its customer loyalty ecosystem with the launch of the SHARE Credit Card in partnership with Emirates NBD. The co-branded card became ENBD’s fastest ever product to reach 10,000 cards issued, underscoring strong customer demand and brand trust in the Share brand. The launch represents a strategic step in building a connected customer ecosystem. As a fully integrated rewards and payments platform, SHARE enables deeper engagement and data-driven personalisation, enhancing customer loyalty while unlocking new cross-vertical growth opportunities across the Group’s portfolio.

Majid Al Futtaim continued to make significant strides in sustainability during the first half of 2025, with multiple industry accolades recognising its leadership in responsible development and innovation. The Ghaf Woods Forest Sales and Experience Centre achieved LEED Platinum certification, the highest recognition under the U.S. Green Building Council’s rating system, reflecting best-in-class performance in sustainable design and operations. 

The Group was also named Developer of the Year at the International Property Show Awards for the Tilal Al Ghaf Mosque, celebrated for its thoughtful, community-oriented architecture. At the Gulf Customer Experience Awards, Majid Al Futtaim received the Best ESG Framework award for the Ghaf Woods Sustainability Strategy. Further reinforcing its long-term commitment to environmental and social progress, the Group was also honoured as Sustainable Organisation of the Year at the Construction Technology ConFex Awards 2025.

Majid Al Futtaim maintained strong financial discipline in the first half of 2025. Net borrowings stood at AED 13.4 billion, reflecting a further reduction of AED 0.5 billion since December 2024. The company continues to maintain a balanced debt profile and healthy liquidity, covering more than two years of net financing needs through its cash and available committed lines.

With a proven track record of resilience, robust governance and strong cash generation, Majid Al Futtaim remains well-positioned to deliver long-term, sustainable value to stakeholders through disciplined growth, strategic diversification and continued investment in high-quality assets.