ADI: Potential Revenue Estimated at MAD 25 Billion

Alliances Développement Immobilier (ADI) has delivered on its promises—and even exceeded them.
In February 2022, the group presented a development plan through 2025, projecting cumulative revenue of 8 billion dirhams and net income of 1 billion dirhams.

Four years later, strategic discipline and the robustness of its operating model have enabled the group to outperform these commitments, with cumulative results for 2022–2025 reaching MAD 8.4 billion in revenue and MAD 1.1 billion in net income—representing increases of 5% and 10%, respectively, compared with initial forecasts.

In 2025, ADI posted consolidated revenue of MAD 2.4 billion, up 3% year-on-year, following the completion of final sales of 4,831 units.

However, had the accounting rules applied in 2024 remained in force, revenue would have reached MAD 2.7 billion, reflecting a 14% increase in 2025.

The group recorded a 10.5% decline in pre-sales to 5,537 units, mainly due to lower volumes in the fourth quarter, while the value of pre-sales increased by 35%, driven by a favorable product mix.

By region, the South accounted for 75% of revenue, compared with 14% for the Central region, while Africa represented 10%.

On the operational front, gross margin improved by 10.9% to MAD 867 million, with the margin rate rising to 35.7% from 33.1% in 2024. Operating income increased by 32% to MAD 586 million.

Despite a financial result that remains negative—though improved to minus MAD 45 million from minus MAD 59 million the previous year—the group’s consolidated net income rose by 32% to MAD 402 million. This corresponds to a net margin improvement to 16.5%, compared with 12.9% a year earlier.

Reduction in Net Debt

On the balance sheet, net financial debt decreased by 24% to MAD 1.3 billion at the end of 2025.

This reduction reflects a significant strengthening of the group’s financial structure and improved cash-generation capacity, despite the issuance of a MAD 449 million bond to finance the acquisition of strategic land formerly owned by several compartments of the FT DOMUS fund.

This fundraising, linked to the Akenza project—which includes 97 hectares of land in Marrakech—represents a total investment of MAD 550 million and strengthens ADI’s development potential.

According to top management, Alliances is entering a new phase of development, supported by solid fundamentals and a sustainable growth momentum.

In the coming years, the group will roll out projects across all regions of the Kingdom, representing an overall revenue potential estimated at MAD 25 billion.

At the same time, Alliances is accelerating its diversification strategy by investing in the hospitality sector as a developer, investor, and contractor.

The group has thus entered into a strategic partnership with Rixos to develop three establishments, with the ambition of building a portfolio of operational hotels by 2029, thereby reinforcing long-term sustainable growth.

This marks the introduction in Morocco of a new concept: Luxury All-Inclusive. With an investment of MAD 3 billion, three major projects will be launched, creating 2,500 direct jobs and more than 3,000 indirect jobs.

These include Rixos Marrakech, spanning 26 hectares and featuring more than 400 rooms and around 60 branded villas; Aliée Marrakech, to be developed over 14 hectares and comprising a luxury lifestyle hotel (150 rooms) and approximately 50 branded villas; and Rixos Lixus in Larache. In addition to these projects, others are currently under study in several regions.

Alliances Darna: Secured Land Reserves

Alliances Darna, the group’s subsidiary dedicated to affordable housing, posted consolidated revenue of nearly MAD 2 billion in 2025, remaining almost stable compared with 2024, supported by final sales of 4,532 units and the production of 6,322 units.

Its activity is distributed as follows: 84% in the South, 16% in the Central region, and 1% in the North. With gross operating surplus of MAD 548 million, up 7%, consolidated net income totaled MAD 462 million, down 3%.

Alliances Darna closed fiscal year 2025 with net debt of MAD 113 million, consisting solely of reprofiled debt. It should be noted that on January 31, 2026, the group settled the third installment of this debt, amounting to MAD 97 million.

For new projects, Alliances Darna already holds a strategic land reserve across all regions of Morocco, representing several years of activity and a post-2025 potential revenue exceeding MAD 12 billion.

Beyond existing land reserves under development, additional plots are currently being acquired, with the main objective of securing attractive and liquid assets capable of generating rapid returns.

On the cash flow front, improvements in collection processes and their digitalization enabled Alliances Darna to record receipts of MAD 1.76 billion in 2025, up 19% compared with initial targets.

The Most Attractive Value in the Sector

After distributing a dividend of MAD 3.6 per share in 2024, ADI is expected to pay a dividend of MAD 4 per share for the past fiscal year. This corresponds to an estimated dividend yield of 1.3% in 2026, compared with a market average of 2.7%.

In the real estate sector, ADI remains the most attractive stock, with a price-to-earnings ratio of 16x, compared with 43x for Addoha and 26x for Résidences Dar Saada. Even relative to the broader equity market, the stock remains attractive, as the market overall trades at a P/E ratio of 21x.