Modon Holding (Modon) delivered exceptional financial performance for the full year 2025, reporting revenue of AED 13.8 billion and net profit of AED 3.9 billion, reflecting a robust operating model and accelerated execution of its strategy. The Group achieved significant year-on-year growth in revenue and profitability on a comparable basis, excluding prior-year one-off items.
2025 marked Modon’s first full year of consolidated results following its formation in February 2024. During 2025, L’imad Holding Company, wholly owned by the Abu Dhabi Government, acquired an 84.75% ownership stake in Modon Holding. Supported by stronger and more sustainable corporate and financial backing, this strategic step strengthened the Group’s institutional foundation, accelerated delivery of its strategy and enhanced its ability to achieve ambitious targets more efficiently.
In this period, the Group accelerated delivery of its strategy for bringing cities to life – integrating urban destinations with sustainable communities, underpinned by an operating model that combines development, investment and operations across its core business segments – reinforcing its foundations for sustainable growth and enhancing the Group’s long-term earnings visibility.
Real Estate led the Group’s growth during the year, underscored by record sales of AED 36.3 billion, supported by a strong business model and the effectiveness of its investment-led approach. This performance reinforces sustainable growth and enhances long-term value for shareholders, underpinned by continued progress against an integrated strategic vision focused on diversifying recurring income streams across core growth platforms, including Asset and Investment Management, Hospitality and Events, Catering and Tourism.
During the year, Modon advanced key Abu Dhabi developments, notably on Reem Island and the Hudayriyat Island masterplan, delivering successive launches, repeat sell-outs in record time and ongoing construction progress, while continuing to advance the Ras El Hekma destination in Egypt. Group revenue backlog stood at AED 46.0 billion, reinforcing forward earnings visibility and providing a strong foundation for sustained growth.
2025 Group highlights
- Group revenue exceeded AED 13.8 billion, a 2.1x year-on-year increase, driven by the recognition of a deepening development backlog, improved performance across recurring revenue platforms and contributions from strategic acquisitions.
- Group Adjusted EBITDA reached AED 4.9 billion, rising 2.5x year-on-year, with margins expanding by 521bps to 35.2%. Group net profit outpaced revenue growth, reaching AED 3.9 billion, up 19.9x year-on-year excluding prior-year one-off bargain purchase gain, reflecting strong operating performance across all core business segments.
- The Group closed the year with a net cash position of AED 1.8 billion, reflecting a well-capitalised balance sheet to support the development pipeline and strategic expansion agenda, while maintaining disciplined capital structure targets.
- Group revenue backlog stood at AED 46.0 billion, up 1.8x year-on-year, with development sales accounting for 93%, providing strong forward earnings visibility.
- Real Estate sales reached AED 36.3 billion across Abu Dhabi, Egypt and Spain, supported by rapid sell-outs of new launches in Abu Dhabi and for Wadi Yemm, the first district at Ras El Hekma, Egypt.
- Asset and Investment Management and Hospitality enhanced income visibility through higher rental yields, strong occupancy and operational efficiency, supported by strategic expansion in the United Kingdom, the United States and infrastructure-related platforms.
- Events, Catering and Tourism delivered strong growth, driven by record-breaking activity levels, operational expansion and strategic acquisitions including Arena Group, as well as the full-year impact of the consolidation of Business Design Centre (UK) and Royal Catering.
H.E. Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, said: “Building on the sustained growth momentum of recent years, 2025 marked a new phase of accelerated strategic transformation for Modon, mobilising an integrated business platform aligned across development, investment and asset management. This approach strengthened the Group’s institutional readiness to capture high-value opportunities across both local and international markets, while expanding its global footprint in line with strategic priorities and an ambitious long-term vision.
Aligned with Abu Dhabi’s ambitious long-term agenda, Modon continues to ensure its strategy supports the emirate’s broader economic development objectives, with a focus on deepening the developmental impact of its projects, expanding its ecosystem of strategic partnerships and reinforcing its position as a global developer, operator and investor capable of driving growth and delivering sustainable value.”
H.E. Abdullah Al Sahi, Group Managing Director of Modon Holding, said: “Modon Holding’s full-year 2025 results mark a clear step in delivering its long-term strategy, as the Group expanded its operations and further diversified its investment portfolio during a pivotal year of transition.
Building on an integrated platform across real estate, hospitality, asset and investment management and events, catering and tourism, Modon continued to develop integrated communities and destinations that translate development vision into sustainable economic value.”
Outlook and future growth
Modon enters 2026 with strong momentum and a clear focus on disciplined execution, underpinned by a diversified operating platform and a growing recurring income base. The Group’s full-year performance reflects its ability to translate scale into delivery, supported by a high-visibility development backlog, an expanding international footprint and resilient income streams.
Looking ahead, Modon remains focused on advancing delivery across its portfolio of destinations, converting its AED 46.0 billion backlog into revenue while maintaining construction momentum across key destinations. Continued activation of Modon’s recurring income portfolio across asset and investment management, hospitality and events is expected to further strengthen earnings visibility and capital efficiency.
