The Majid Al Futtaim Group reported consolidated revenues of AED 35.9 billion, reflecting a year-on-year increase of 6%. The earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 10% to AED 5.1 billion, marking the first time the figure surpassed AED 5 billion. Additionally, net profits surged by 41% to AED 3.6 billion. When excluding revaluation gains, net profits showed a notable growth of 48%, reaching AED 2.3 billion, supported by stringent capital deployment and high operational efficiency alongside a business portfolio tailored for diverse and high-quality growth. The group also saw an 11% increase in revenue within the UAE, surpassing AED 22 billion, showcasing the robustness of its primary market.
Majid Al Futtaim generated AED 3.5 billion in free cash flow during the year, a 25% increase compared to the previous year, enabling continued debt reduction. Net debt fell by 15% since December 2024, reaching AED 11.9 billion, while the net debt-to-equity ratio improved to 32%, the lowest level in a decade. With total asset value at AED 71 billion, the group is poised for its next growth phase from a strong financial position, bolstered by its ability to invest in growth opportunities across its primary markets, alongside significant investments in its leading assets, including a comprehensive AED 5 billion transformation project at Mall of the Emirates.
In October 2025, Majid Al Futtaim issued 10-year international sukuk worth $500 million, marking its return to the global debt markets. This offering attracted exceptional demand from investors, exceeding $2 billion in orders, achieving the tightest pricing margin for a decade in the company’s history. Subsequently, in November 2025, the company issued new hybrid bonds totaling $500 million while also launching a tender to repurchase $590 million of its outstanding perpetual bonds.
The group continues to maintain a balanced debt maturity structure and strong liquidity, with net borrowing reduced to AED 11.9 billion, down 15% since December 2024. Both Standard & Poor’s and Fitch Ratings affirmed the group’s credit rating at “BBB” with a stable outlook, commending its financial resilience and disciplined capital management.
Growth Strategy
Commenting on the financial results for the fiscal year 2025, Fadel Abdulbaki Ali, Chairman of Majid Al Futtaim Holding, stated, “The robust results achieved by Majid Al Futtaim during the fiscal year 2025 reflect the success of our growth strategy and the strength of our corporate governance structure, which enable us to make significant accomplishments. As we enter our fourth decade, we are positioned to sustain resilient and sustainable growth while creating long-term value for our shareholders.”
Similarly, Ahmed Galal Ismail, CEO of Majid Al Futtaim Holding, noted, “The year 2025 was a pivotal moment for us. Thanks to our clear vision, our business momentum has reached unprecedented levels, with outstanding performance across all operations and the strongest financial results in our history. With disciplined execution and the strength of our diversified business portfolio, EBITDA exceeded AED 5 billion for the first time, while net profits surged 41% year-on-year, reflecting the power of our strategy and the robustness of our business model. Our financial position today is the strongest it has been in over a decade, with our cash flow momentum and solid balance sheet providing us the confidence to continue long-term investments. Our development projects span multiple asset classes and focus on our core markets in the UAE, Saudi Arabia, and Egypt, including significant investments to redevelop our premier assets, first and foremost being the AED 5 billion transformation project at Mall of the Emirates.”
Strong Performance
Shopping mall and hotel operations saw net revenue growth of 6%, reaching AED 4.8 billion, driven by a strong leasing portfolio and a shopping mall occupancy rate exceeding 98%. Visitor traffic increased by 6%, confirming the ongoing appeal of experience-based destinations. In contrast, the real estate development sector demonstrated strong results, with revenues climbing by 33% to AED 5.8 billion, propelled by robust demand for the group’s residential communities.
E-commerce operations grew by 20%, totaling AED 3.2 billion, bolstered by a 38% increase in rapid commerce and a 47% rise in revenues from Precision Media. Although total retail revenues decreased by 1%, constant currency revenues recorded a 1% increase, supported by similar 2% growth in the UAE due to the strength of the local economy and population growth. Majid Al Futtaim diversified its food retail portfolio by launching its flagship brand “Hypermax” in Oman, Bahrain, and Kuwait, alongside the introduction of “Safa,” the first modern discount store with an Emirati brand, highlighting the company’s ambition to support local brands and deliver high-quality products at competitive prices.
The entertainment sector saw revenues grow by 9% to AED 1.9 billion, primarily driven by cinema performance, which experienced a 13% revenue increase due to strong box office sales and heightened interest in premium offerings. The relaunch of the “IMAX” theater at Mall of the Emirates reflects the group’s commitment to enhancing its destinations and providing world-class experiences.
In the lifestyle sector, revenues rose by 14% to AED 1.5 billion, supported by strong performance from fashion brands and the introduction of new luxury labels. Majid Al Futtaim also expanded its long-term partnership with Abercrombie & Fitch, enhancing its multichannel presence by launching e-commerce platforms for “Abercrombie & Fitch” and “Hollister” in key Gulf markets, along with attracting new global brands to the region such as “Paxun” and “Tartine et Chocolat.”
The group continued to accelerate the growth of its SHARE loyalty program, which reached 10.3 million members in 2025, in addition to launching two new co-branded credit cards in partnership with Emirates NBD and Abu Dhabi Islamic Bank along with Visa.
Majid Al Futtaim remains committed to embedding sustainability principles in the design and operation of its destinations, integrating environmental performance, accessibility, and visitor well-being into everyday experiences. The group received several awards at the “MENA Green Building Awards 2025,” including the “Best Sustainable Developer of the Year” award across the group, reflecting a comprehensive approach to design, operation, training, and governance.
The group’s shopping malls have also solidified their position in operational sustainability, becoming the first in the region to achieve global sustainability certifications across its entire owned portfolio, including 18 Platinum LEED certifications and 4 Gold LEED certifications. Last year, an additional 8 locations, including workplaces and entertainment destinations, received “WELL Health-Safety” ratings, reflecting the group’s dedication to global standards regarding air quality, water management, maintenance, and user health.