DP World Limited announces FY2025 Results

DP World Limited

12 March 2026

 

DP WORLD REPORTS RECORD REVENUE OF $24.4 BILLION

AND RECORD EBITDA OF $6.4 BILLION

Dubai, United Arab Emirates, 12 March 2026: DP World Limited today announces financial results for the year ended 31 December 2025. On a reported basis, revenue increased by 22.0% to $24.4 billion and adjusted EBITDA³ rose by 18.0% to $6.4 billion, with an adjusted EBITDA margin of 26.3%.

USD million unless otherwise stated	2025	2024	% change	Like-for- like at constant currency % change[2]
Gross throughput (TEU '000)	93,366	88,287	5.8%	5.2%
Consolidated throughput (TEU '000)	56,087	52,042	7.8%	6.5%
Revenue	24,422	20,023	22.0%	13.4%
Share of profit from equity-accounted investees (net of tax)	246	159	54.5%	45.6%
Adjusted EBITDA[3]	6,430	5,450	18.0%	16.8%
Adjusted EBITDA margin	26.3%	27.2%	(0.9%)	28.0%[4]
EBIT	4,066	3,357	21.1%	22.1%
Profit for the year	1,960	1,483	32.2%	31.8%
Profit for the year attributable to owners of the Company	1,072	751	42.7%	-

Results Highlights

Ø Revenue increased by 22.0% to a record $24.4 billion

§ Revenue growth was driven by strong performance in Ports & Terminals and Logistics.

§ Ports & Terminals revenue per TEU increased by 8.5% on a like-for-like basis, with strong growth from the UAE, Middle East and Africa, Europe and the Americas.

Ø Adjusted EBITDA increased by 18.0% to a record $6.4 billion

§ An increase of $980 million year-on-year.

§ Reported EBITDA margin was 26.3%, with like-for-like margin of 28.0%.

Ø Profit for the year increased by 32.2% to nearly $2.0 billion

§ Profit growth reflects strong top-line performance, operating leverage and disciplined cost management.

Ø Selective infrastructure investment across key growth markets

§ Port capacity increased to 109 million TEU.

§ Capital expenditure of $3.1 billion ($2.2 billion in 2024) was invested across the existing portfolio.

§ Capital expenditure budget for 2026 is approximately $3.0 billion to be invested mainly in Jebel Ali (UAE), Drydocks World and Jebel Ali Freezone (UAE), Tuna Tekra (India), London Gateway (UK), Ndayane (Senegal) and Jeddah (Saudi Arabia).

Ø Customer-Centric Logistics Trade Platform

§ Eight focused verticals representing ~50% of global GDP and over 80% of Group logistics revenues, serving 45,000+ customers worldwide.

§ Integrated ports, logistics, marine services and economic zones aligned to sector-specific needs, delivering tailored end-to-end supply chain solutions.

§ Positioned to support customers navigating trade reconfiguration, enhancing resilience, efficiency and connectivity across global corridors.

Ø Robust cash generation and healthy balance sheet

§ Cash generated from operating activities increased by 14.0% to $6.3 billion in 2025 ($5.5 billion in 2024).

§ Leverage (Net debt to adjusted EBITDA)[5] on a pre-IFRS16 basis was stable at 3.4x (FY2024: 3.4x). On a post-IFRS16 basis, net leverage was at 4.0x (FY2024: 4.1x).

Ø Jebel Ali operational update

§ Jebel Ali remains fully operational with no infrastructure damage. However, regional security developments have temporarily reduced inbound vessel traffic into the port. The Group is implementing operational mitigation measures across its regional network.

Ø Committed to long-term sustainability transition

§ Achieved a 14% reduction in Scope 1 and 2 carbon emissions versus our 2022 base year and increased renewable electricity to approximately 67% of total electricity sourced globally.

§ Published the final Green Sukuk Allocation and Impact Report, confirming the full allocation of the US$1.5bn raised in September 2023, within two years of issuance.

§ Published the inaugural Blue Bond Allocation and Impact Report, with US$67.64m allocated to eligible blue projects.

Ø Strong 2025 performance, ROCE improving, positioned for growth despite uncertainty

§ Delivered strong financial performance in 2025, while acknowledging continued uncertainty driven by geopolitical risks and evolving global trade dynamics, with ROCE improving to 9.9%.

§ DP World remains confident in the medium to long-term outlook for global trade and is committed to delivering sustainable, integrated supply chain solutions that create enduring value.

DP World Group Chairman, H.E. Essa Kazim, commented:

DP World delivered record revenue of $24.4 billion and record EBITDA of $6.4 billion in 2025, achieving another year of strong performance despite heightened geopolitical tensions and tariff-related disruption to global trade.

In an environment defined by heightened uncertainty, our diversified portfolio, disciplined capital allocation and focus on high-yield cargo enabled us to generate resilient earnings and strong cash flow. These results reflect the strength of our integrated platform and our ability to adapt as supply chains reconfigure.

Cargo flows are increasingly shaped by regionalisation, emerging trade corridors and customers seeking greater reliability and transparency. DP World is well positioned to support this transition. By combining world-class ports and terminals with advanced logistics capabilities, we help cargo owners build more agile, efficient and resilient supply chains.

While the near-term outlook remains influenced by geopolitical developments and changes in trade policy, the long-term fundamentals of global trade remain compelling. DP World's global footprint, diversified exposure and customer-centric approach position us well to navigate volatility and continue creating long-term sustainable value for our stakeholders.

-END-

Investor Enquiries

Redwan Ahmed                                                                              Amin Fikree

DP World Limited                                                                           DP World Limited

Mobile: [phone]                                                          Mobile: [phone]

Direct:  [phone]                                                            Direct : [phone]

[e-mail]                                                  [e-mail]

12th March 2026, 12:00pm UAE (8:00am UK) - Conference Call

Ø The conference call for analysts and investors hosted by Yuvraj Narayan, Group CEO.

Ø A playback of the call will be available after the conference call concludes. For the dial in details and playback details please contact [e-mail].

The presentation accompanying the conference call will be available on DP World's website within the investor centre under Financial Results on https://www.dpworld.com/en/investors/financials-presentations from approximately 9am UAE time.

Forward-Looking Statements

This document contains certain "forward-looking" statements reflecting, among other things, current views on our markets, activities, and prospects. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may or may not occur and which may be beyond DP World's ability to control or predict (such as changing political, economic or market circumstances). Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements. Any forward-looking statements made by or on behalf of DP World speak only as of the date they are made and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. Except to the extent required by law, DP World does not undertake to update or revise forward-looking statements to reflect any changes in DP World's expectations with regard thereto or any changes in information, events, conditions or circumstances on which any such statement is based.

Group CEO statement

Resilient performance amid global trade disruption

In 2025, global trade remained volatile, shaped by geopolitical tensions, continued disruption to Red Sea shipping routes and evolving tariff policies. This increased complexity for cargo owners and carriers across global supply chains. Despite this backdrop, DP World delivered resilient performance, adapting quickly to shifting trade patterns and maintaining strong momentum across our global portfolio.

Recent regional geopolitical developments have reduced inbound vessel traffic into Jebel Ali. While infrastructure remains fully operational, we are deploying regional rerouting and operational mitigation measures to maintain supply chain continuity during this period.

Our results reflect the strength of our diversified footprint and integrated business model. ROCE improved to 9.9% as we progress toward our 15% medium-term ambition.

By combining disciplined capital allocation, operational excellence and a customer-centric approach, we continue to support customers through uncertainty while positioning the business for long-term sustainable growth. Our diversified portfolio and integrated platform position DP World to navigate ongoing volatility and deliver sustainable long-term value.

Ports & Terminals deliver resilient growth amid trade reconfiguration

DP World's Ports & Terminals business delivered a strong full-year performance in 2025, demonstrating resilience despite continued geopolitical tensions, tariff adjustments and prolonged disruption to Red Sea shipping routes. While global trade flows remained volatile, our diversified portfolio enabled us to capture new cargo opportunities and maintain solid momentum across key regions including the Americas, Europe, India, Sub-Saharan Africa and the GCC.

As carriers reconfigured networks and transit times extended due to rerouting around the Cape of Good Hope, demand increasingly shifted toward reliable gateway hubs and well-connected terminals. Our focus on operational efficiency, service reliability and disciplined yield management supported revenue per TEU growth and reinforced margin strength across the portfolio.

We continued to invest selectively in capacity expansion and productivity enhancements across strategic locations, ensuring we are well positioned to support evolving trade corridors and long-term containerised trade growth. These investments, combined with rigorous cost control and asset optimisation, enable us to scale efficiently while delivering consistent returns.

Expanding logistics capabilities within our customer-centric trade platform

Our logistics platform continues to gain scale and momentum across eight focused verticals, reflecting strong commercial traction and increasing resonance with beneficial cargo owners globally. As customers seek integrated, end-to-end solutions, our global trade platform is enabling deeper engagement and stronger cross-selling across the portfolio.

During the year, we strengthened collaboration across our network, advancing our "One DP World" operating model to unlock synergies between ports, logistics, marine services and economic zones. As we scale, our focus is firmly on driving profitable growth through improved operational discipline, cost efficiency and consistent execution across all markets.

With a growing pipeline and expanding sector expertise, we are well positioned to sustain momentum while balancing growth with quality and returns.

Marine Services: Unified under one DP World brand

In 2025, we unified our Marine Services businesses under a single DP World brand, strengthening our position as a fully integrated global logistics provider. Formerly operating as Unifeeder, P&O Ferrymasters and P&O Maritime Logistics, these platforms now operate as Shipping Solutions, Multimodal Solutions and Maritime Solutions - delivering integrated sea, rail and inland connectivity under one globally trusted identity.

Together, these businesses deliver seamless, multimodal solutions across key trade corridors. They are supported by a fleet of more than 150 feeder vessels, over 100 rail services and inland terminals across Europe and the UK, and a global maritime fleet of more than 400 vessels. By bringing them together, we strengthen our ability to provide efficient, reliable and sustainable end-to-end supply chain solutions, advancing our transformation into a fully integrated global trade platform.

Drydocks World (UAE) delivered strong performance, underpinned by major Engineering, Procurement and Construction (EPC) contracts and growing activity linked to offshore and renewable energy projects. This diversification strengthens our exposure to long-term structural demand while reinforcing our core marine and offshore capabilities.

Technology driving productivity and customer value

Technology remains central to our operating model. During the year, we further embedded digital capabilities across terminals, logistics and marine operations, enhancing productivity, visibility and service reliability. The continued rollout of our next-generation Terminal Operating System and global Freight Forwarding System is improving data integration, operational efficiency and customer experience across the platform. In parallel, we strengthened our cyber resilience, safeguarding our infrastructure and customer data in an increasingly digital trade environment.

These investments support scalable growth, operational excellence and the delivery of integrated, data-driven supply chain solutions.

Committed to long-term sustainability transition

In 2025, we further embedded sustainability across our business through a refreshed Sustainability Strategy, informed by a double materiality assessment to align our priorities with evolving regulatory, stakeholder and customer expectations.

We published the final Green Sukuk Allocation and Impact Report, confirming full allocation of the $1.5 billion raised in 2023, and released our inaugural Blue Bond Allocation and Impact Report, reinforcing our commitment to transparent and credible sustainable finance.

Against our 2022 baseline, we reduced Scope 1 and 2 emissions by 14%, with approximately 67% of global electricity now sourced from renewables, reflecting continued progress toward decarbonisation.

Our efforts were recognised externally, with EcoVadis upgrading DP World to a Gold rating, placing us in the top 98th percentile. We also strengthened our social impact agenda, reaching nearly 4.5 million people globally and investing approximately $100 million in community programmes over the past decade.

Group CFO review

DP World delivered another year of strong financial performance in 2025, with adjusted EBITDA increasing by 18.0% to $6.4 billion and an adjusted EBITDA margin of 26.3%. This performance, achieved despite a challenging macroeconomic backdrop, reflects the resilience of our diversified portfolio and the strength of our integrated business model.

Revenue increased by 22.0% to $24.4 billion, driven by solid underlying growth across the Group, particularly within our Ports & Terminals business. On a like-for-like basis, revenue grew by 13.4%, supported by strong growth from the Americas and Australia (+21.0%) and from the Middle East, Africa and Europe (+13.8%).

Our financial strength was reinforced during the year by the affirmation of our credit ratings at BBB+ (Stable) by Fitch and Baa2 (Stable) by Moody's. We maintained net leverage at 3.4x Net Debt to Adjusted EBITDA on a pre-IFRS16 basis, despite the loss of equity-like treatment following the redemption of our perpetual bond.

Segment Information

Asia Pacific and India

Results before separately disclosed items USD million	2025	2024	% change	Like-for-like at constant currency % change
Consolidated throughput (TEU '000)	13,764	13,097	5.1%	3.1%
Revenue	3,597	2,846	26.4%	2.7%
Share of profit from equity-accounted investees (net of tax)	148	102	45.7%	44.9%
Adjusted EBITDA	748	709	5.4%	0.4%
Adjusted EBITDA margin	20.8%	24.9%	(4.1%)	24.7%⁴
Net profit after tax	357	360	(0.6%)	(0.3%)
Capex	289	371	22.3%	-

The Asia Pacific and India region delivered healthy reported revenue growth, supported by resilient performance in India Ports & Terminals and the full-year contribution from logistics acquisitions across Asia. Revenue increased by 26.4% to $3.6 billion, while adjusted EBITDA rose to $748 million.

EBITDA margins declined due to a change in revenue mix, reflecting the higher contribution from newly acquired logistics businesses, which typically operate at lower margins.

We invested $289 million across the region, primarily in Kandla and Mundra (India) and Pusan (South Korea).

Middle East, Europe, and Africa

Results before separately disclosed items USD million	2025	2024	% change	Like-for-like at constant currency % change
Consolidated throughput (TEU '000)	28,601	26,238	9.0%	7.5%
Revenue	16,714	13,922	20.1%	13.8%
Share of profit from equity-accounted investees (net of tax)	82	48	69.8%	45.9%
Adjusted EBITDA	5,148	4,207	22.4%	21.0%
Adjusted EBITDA margin	30.8%	30.2%	0.6%	32.1%⁴
Net profit after tax	3,631	2,849	27.4%	27.2%
Capex	2,328	1,428	(62.9%)	-

The Middle East, Europe and Africa region delivered excellent results, driven by sustained growth in the UK, UAE and Africa.

Revenue increased by 20.1% to $16.7 billion, while adjusted EBITDA rose by 22.4% to $5.1 billion. EBITDA margins improved to 30.8%, reflecting operating leverage and disciplined cost management across key markets.

We invested $2.3 billion across the region, primarily in the UAE - including Jebel Ali Port, Drydocks World, Dubai Maritime City and EZ World - as well as in Dakar (Senegal), London Gateway (UK), Jeddah (Saudi Arabia), Dar es Salaam (Tanzania), Banana (DRC), Constanta (Romania) and our logistics platforms in Sub-Saharan Africa, Syncreon and London Gateway Park.

Australia and Americas

Results before separately disclosed items USD million	2025	2024	% change	Like-for-like at constant currency % change
Consolidated throughput (TEU '000)	13,723	12,707	8.0%	8.0%
Revenue	4,111	3,255	26.3%	21.0%
Share of profit from equity-accounted investees (net of tax)	16	9	71.9%	50.2%
Adjusted EBITDA	1,306	1,141	14.5%	16.8%
Adjusted EBITDA margin	31.8%	35.1%	(3.3%)	33.7%⁴
Net profit after tax	864	759	13.8%	19.1%
Capex	446	359	(24.4%)	-

The Australia and Americas region delivered healthy growth during the year, driven primarily by robust container volumes across the Americas. Australia maintained a steady performance, providing a stable contribution to the region's overall results.

Total reported revenue increased by 26.3% to $4.1 billion, while adjusted EBITDA rose by 14.5% to $1.3 billion. Adjusted EBITDA margins remained above 30%, with the year-on-year movement reflecting continued mix changes across the portfolio.

We invested $446 million in capital expenditure across the region, primarily in Posorja (Ecuador), Santos (Brazil), Fraser Surrey Docks (Canada), Caucedo (Dominican Republic), Callao (Peru) and our Australian terminals in Sydney, Brisbane and Melbourne.

Service Capabilities

Ports & Terminals

Results before separately disclosed items USD million	2025	2024	% change	Like-for-like at constant currency % change
Revenue	9,317	7,747	20.3%	15.7%
Adjusted EBITDA	4,602	3,940	16.8%	17.4%
Adjusted EBITDA margin	49.4%	50.9%	(1.5%)	52.6%⁴

Ports & Terminals delivered an impressive performance in 2025, supported by healthy volumes, revenue per TEU growth and a continued focus on high-margin cargo. Revenue per TEU increased by 8.5% on a like-for-like basis, contributing to strong top-line growth and resilient profitability across the portfolio.

Revenue increased by 20.3% to $9.3 billion, while adjusted EBITDA rose by 16.8% to $4.6 billion. Adjusted EBITDA margin was 49.4%, reflecting the impact of ongoing investments in greenfield developments. On a like-for-like basis, margin expanded to 52.6%, highlighting the underlying strength and operating leverage of the business.

We invested $1.8 billion across strategic locations, including Jebel Ali (UAE), Dakar (Senegal), London Gateway (UK), Santos (Brazil), Constanta (Romania), Jeddah (Saudi Arabia) and Kandla (India), supporting long-term capacity growth and enhanced connectivity across key trade corridors.

Logistics, parks and economic zones

Results before separately disclosed items USD million	2025	2024	% change	Like-for-like at constant currency % change
Revenue	10,501	8,199	28.1%	12.4%
Adjusted EBITDA	1,504	1,162	29.4%	23.2%
Adjusted EBITDA margin %	14.3%	14.2%	0.1%	15.4%⁴

Logistics, Parks and Economic Zones delivered strong revenue growth in 2025, supported by robust performance in Parks and Zones and the full-year contribution from recent acquisitions.

Revenue increased by 28.1% to $10.5 billion, while adjusted EBITDA rose by 29.4% to $1.5 billion. Reported EBITDA margin remained stable at 14.3%, with like-for-like margin improving to 15.4%, reflecting operational leverage and disciplined cost management as we scale higher-return logistics revenues.

We invested $719 million in the business, targeting capacity expansion and capability enhancements across Sub-Saharan Africa, India, the GCC and Europe, positioning the segment for continued long-term growth.

Marine Services

Results before separately disclosed items USD million	2025	2024	% change	Like-for-like at constant currency % change
Revenue	4,605	4,078	12.9%	10.9%
Adjusted EBITDA	1,095	955	14.7%	13.2%
Adjusted EBITDA margin %	23.8%	23.4%	0.4%	23.8%⁴

Marine Services delivered solid growth in 2025, driven by strong performance at Drydocks World (UAE), which benefited from new contract awards and supportive market conditions. Shipping Solutions, including feeder and short-sea services, recorded significant improvement, while Maritime Solutions maintained stable performance.

Revenue increased by 12.9% to $4.6 billion, while adjusted EBITDA rose by 14.7% to $1.1 billion. EBITDA margin improved to 23.8%, reflecting disciplined execution and favourable business mix across the segment.

We invested $569 million in Marine Services, primarily in Maritime Solutions and Drydocks World (UAE), supporting fleet enhancement and long-term capacity expansion.

Cash Flow and Balance Sheet

Adjusted gross debt⁵ (excluding bank overdrafts and loans from non-controlling shareholders) increased to $30.6 billion as of 31 December 2025 (2024: $27.2 billion), primarily reflecting higher lease and service concession liabilities and the redemption of the perpetual sukuk, resulting in reclassification from equity to debt.

Interest-bearing debt (excluding lease and service concession liabilities) stood at $22.6 billion (2024: $20.1 billion), while cash and short-term investments remained stable at $4.7 billion, resulting in net debt of $25.9 billion ($17.9 billion on a pre-IFRS 16 basis), compared with $22.4 billion in 2024 ($15.3 billion on a pre-IFRS 16 basis).

Net leverage for 2025 remained stable at 3.4x (FY2024: 3.4x) on a pre-IFRS 16 basis. On a post-IFRS16 basis, net leverage was at 4.0x (FY2024: 4.1x). Cash flow generated from operating activities increased to $6.3 billion.

Capital expenditure

Consolidated capital expenditure in 2025 was $3.1 billion (FY2024: $2.2 billion), with maintenance capital expenditure of $452 million (FY2024: $345 million). Capital expenditure was allocated 57% to Ports & Terminals, 19% to Logistics, Parks and Economic Zones and 18% to Marine Services, with the balance invested in Digital and Corporate.

We expect the full-year 2026 capital expenditure to be up to $3.0 billion to be invested mainly in Jebel Ali Port, Drydocks World and Jebel Ali Freezone (UAE), Banana (Democratic Republic of the Congo), Kandla (India), Jeddah (Saudi Arabia) and Karachi (Pakistan).

Net finance costs before separately disclosed items

Net finance costs in 2025 were stable at $1.4 billion.  

Taxation

For 2025, DP World's income tax expense before separately disclosed items increased to $725 million (2024: $490 million). In line with the requirements of the BEPS Pillar II minimum global taxation rules, the Group's income tax expense is inclusive of top-up tax totalling $109 million (2024: $2 million) in respect of DP World entities impacted by jurisdictions that have enacted the appropriate legislation at the reporting date.

The Group has recognised corporate tax liabilities in respect of the profit earned by entities subject to income tax in the UAE and on the profit earned by overseas subsidiaries. These have been calculated in accordance with the provisions of the taxation laws and regulations of the countries in which the entities operate.

Profit attributable to non-controlling interests (minority interests)

Profit attributable to non-controlling interests (minority interest) before separately disclosed items was $888 million in 2025 (2024: $732 million), mainly due to change in profit mix.

Yuvraj Narayan Group CEO

Anil Mohta Group CFO

About DP World

DP World is reshaping the future of global trade to improve lives everywhere. Operating across six continents with a team of over 126,000 employees, we combine global infrastructure and local expertise to deliver seamless supply chain solutions. From Ports and Terminals to Marine Services, Logistics and Technology, we leverage innovation to create better ways to trade, minimizing disruptions from the factory floor to the customer's door.

WE MAKE TRADE FLOW

DP WORLD FULL YEAR 2025 THROUGHPUT

DP World Limited handled 93.4 million TEU (Twenty-foot equivalent units) across its global portfolio of container terminals in full year 2025, with gross container volumes increasing by 5.8% year-on-year on a reported basis and up 5.2% on a like-for-like basis. In 4Q 2025, DP World handled 23.9 million TEU, up 4.2% on a reported and on a like-for-like basis.

Jebel Ali (UAE) handled 15.6 million TEU in 2025, up 0.1% year-on-year.

At a consolidated level, our terminals handled 56.1 million TEU during 2025, increasing 7.8% on a reported basis and up 6.5% year-on-year on a like-for-like basis.

Gross Volume '000 TEU	4Q 2025	4Q 2024	% Growth (like for like)	FY 2025	FY 2024	% Growth (like for like)
Asia Pacific & India	11,375	11,120	+2.3% (+2.3%)	44,703	43,383	+3.0% (+2.4%)
Europe, Middle East and Africa*	8,822	8,394	+5.1% (+5.1%)	34,525	31,888	+8.3% (+7.5%)
Americas & Australia	3,738	3,453	+8.3% (+8.3%)	14,137	13,016	+8.6% (+8.6%)
Total Group	23,936	22,968	+4.2% (+4.2%)	93,366	88,287	+5.8% (+5.2%)

*Jebel Ali Volumes included in Middle East, Africa and Europe region

3,966

4,109

-3.5%

15,552

15,536

+0.1%

Consolidated Volume '000 TEU	4Q 2025	4Q 2024	% Growth (like for like)	FY 2025	FY 2024	% Growth (like for like)
Asia Pacific & India Subcontinent	3,414	3,372	+1.3% (+1.3%)	13,764	13,097	+5.1% (+3.1%)
Europe, Middle East and Africa*	7,395	6,935	+6.6% (+6.1%)	28,601	26,238	+9.0% (+7.5%)
Americas & Australia	3,581	3,309	+8.2% (+8.2%)	13,723	12,707	+8.0% (+8.0%)
Total Group	14,390	13,615	+5.7% (+5.4%)	56,087	52,042	+7.8% (+6.5%)

Click on, or paste the following link into your web browser, to view the associated PDF document.  
http://www.rns-pdf.londonstockexchange.com/rns/3857W_1-2026-3-12.pdf 

---

[1] Results before separately disclosed items (BSDI) primarily excludes non-recurring items. DP World reported separately disclosed items of a $75 million loss for the year.

[2] Like-for-like at constant currency is normalised for the new acquisitions and concessions at Sabah (Malaysia), Dar es Salaam (Tanzania), Evyap (Turkey), Dubai Fruits and Vegetables, Dubai Auto Market (UAE) and other Logistics business mainly Cargo Services Group and Legend.

[3] Adjusted EBITDA is Earnings before Interest, Tax, Depreciation & Amortisation and including share of profit from equity-accounted investees (net of tax) before separately disclosed items.

[4] Like-for-like adjusted EBITDA margin.

⁵ 2024 adjusted gross debt includes 50% hybrid bonds ($738 million) as per rating agency methodology.

 

END