Financial Performance Overview
As of December 31, 2025, Aradei Capital's consolidated IFRS revenue stood at MAD 647 million, up from MAD 606 million in the same period of 2024, reflecting a growth of 7%. This increase was attributed to the strong performance of the constant perimeter and the opening of Sela Park Casablanca.
The company's social revenue also saw an increase, reaching MAD 216 million at the end of 2025, compared to MAD 200 million at the end of 2024, representing an 8% rise.
Investment and Debt Analysis
Total investments made by the real estate firm amounted to over MAD 300 million by December 31, 2025, down from MAD 457 million at the end of 2024. These investments primarily focused on a mixed-use project in Casablanca, two renovation projects, and the completion of construction for Sela Park Casablanca and a project in Dar Bouazza.
As of December 31, 2025, gross debt reached MAD 3.411 billion, an increase from MAD 3.343 billion at the end of 2024. This debt structure consisted of 30% bond loans, 60% bank debts, and 10% commercial paper.
Net debt, which accounts for available cash, was reported at MAD 2.805 billion at the end of 2025, compared to MAD 2.529 billion at the end of 2024.
Operational Highlights
Key operational indicators demonstrated strong performance, confirming the quality and resilience of Aradei Capital's portfolio. The delivery and opening of Sela Park Casablanca in November 2025, covering 30,000 square meters, established a new urban destination with an occupancy rate of approximately 85% by year-end, enhancing the company's presence in the strategic Casablanca region.
Nearly 30% of the gross leasable area (GLA) is dedicated to entertainment, positioning the asset as a true family leisure hub.
In January 2026, the company will inaugurate its first Family Entertainment Center concept, 'WAW', spanning 4,000 square meters and operated by Best Leisure, a wholly-owned subsidiary of Aradei Capital.
In October 2025, the launch of the retail media agency 'Elevate' was announced, offering customized and impactful advertising solutions to enhance brand engagement.
Future Developments and Strategic Initiatives
The company continues to progress on the development of its future flagship mixed-use project, covering 60,000 square meters, located at the southern entrance of Casablanca, reflecting the ongoing expansion of its portfolio.
Renovation projects for Almazar (37,000 square meters) and Borj Fez (27,000 square meters) are advancing, aimed at modernizing the commercial offerings and enhancing customer experience.
The completion of a residential real estate promotion program linked to Sela Park Dar Bouazza, totaling 55 units, is scheduled for delivery in 2026.
In January 2026, Aradei Capital will host its inaugural Capital Markets Day, where it will present its performance and strategic directions leading up to 2030.
