ABU DHABI, United Arab Emirates, April 27, 2026 (GLOBE NEWSWIRE) — Ittihad International Investment LLC (“Ittihad” or “the Group”), a leading diversified industrial conglomerate in the UAE, today announced its financial results for the full year ended December 31, 2025.
Financial and Operational Highlights – FY 2025 vs FY 2024
- The Group recorded USD 3.5 billion in revenue, up 4.3% year-on-year, and USD 179 million in adjusted EBITDA¹, up 22.0% year-on-year — representing growth on top of 6.0% growth in the prior year — with the adjusted EBITDA² margin expanding from 12.4% to 13.5%.
- All three principal operating segments delivered year-on-year EBITDA growth, reflecting the breadth and resilience of the Group’s diversified portfolio:
- Consumer Goods Manufacturing (CGM): EBITDA grew 3.5% year-on-year, supported by the stabilization of chemicals earnings, despite pulp-related headwind in paper and a modest decline in tissue contribution.
- Infrastructure and Building Materials Manufacturing (IBMM): EBITDA increased 48.4% year-on-year, the third consecutive year of strong growth, driven by copper, steel, and cement demand, and a full year of contribution from the copper recycling plant.
- Business Services (BS): EBITDA increased 18.4% year-on-year, the third consecutive year of strong growth, driven by geographic expansion in utility services.
- Gross leverage improved to 4.4x, maintaining the Group’s multi-year deleveraging trajectory from 6.0x in 2022, through 5.3x in 2023 and 4.7x in 2024. Net Debt to Adj. EBITDA3 stood at 3.1x
- In a landmark year for the Group’s credit story, S&P and Fitch both upgraded Ittihad’s long-term issuer credit rating to BB- from B+, reflecting years of financial discipline and growing earnings power.
- The Group executed two transformative bank financing and capital markets transactions: a USD 450 million sustainability-linked revolving credit facility closed in February 2025, and a USD 550 million 5-year 144A/Reg S Sukuk priced in November 2025, over four times oversubscribed, with 65% of allocation placed with international investors.
- Free cash flow of USD 55.4 million was generated during FY 2025, after total capex spending of USD 90.3 million, including USD 80.1 million in growth capex, primarily for the new tissue mill in Saudi Arabia — on track to commence operations in Q2 2026.
- Net cash and cash equivalents stood at USD 215.4 million as of December 31, 2025, with readily marketable copper inventories (RMI) of USD 236.5 million.
These results reflect the strength and maturity of Ittihad’s operating model, delivering record Group EBITDA through broad-based segment growth while simultaneously executing some of the most significant capital structure transactions in the Group’s history.
¹ Adjusted EBITDA is defined as net profit (loss) for the year / period from continuing operations plus finance costs, tax, depreciation, amortisation, changes in the fair value of derivative financial instruments, and gain on sale of assets.
² Adjusted EBITDA margin excluding the effect of hedged copper is defined as the mathematical result of dividing Adjusted EBITDA by the result of subtracting the LME copper price impact on revenue from total revenues.
3 Net Debt to Adjusted EBITDA comprises of total debt less cash divided by adjusted EBITDA.
CEO Amer Kakish said: “2025 marked another year of strong progress for Ittihad. We delivered a record Group EBITDA — with double-digit growth year-on-year — while simultaneously strengthening our balance sheet, extending our maturity profile, and earning a credit rating upgrade to BB- from both S&P and Fitch. What makes this result particularly meaningful is the context in which it was achieved: our largest segment, Consumer Goods Manufacturing, performed below its original budget expectations, yet the strength of Infrastructure …