Aramex

Business and legal identity

As of: 2026-06-30 / 2025-12-31

Aramex PJSC is a Dubai-listed logistics group, trading under ARMX. The present public joint-stock company was established on 15 February 2005 and listed on 12 July 2005. It controls operating companies rather than representing a single courier depot. Its offer combines international and domestic express, freight forwarding, and logistics and warehousing.

International Express moves time-sensitive parcels and documents across borders. Domestic Express serves delivery within a country, including last-mile activity. Freight Forwarding arranges air, sea and land transport; Logistics supports warehousing, fulfilment and supply-chain operations. These activities have different pricing, capacity and margin characteristics. Faster freight revenue growth does not necessarily mean the same increase in parcel volumes or profitability.

The economic challenge is to combine global reach with local network density. Customers relocating inventories nearer their markets may need fewer long-haul express shipments but more domestic delivery and regional storage. Aramex's recent transformation responds to that change in demand.

Group, assets and geographical reach

As of: 2025-12-31 / 2026-06-30

The 2025 accounts identify significant subsidiaries as directly or indirectly wholly owned. They include Aramex Emirates, Aramex Saudi, Aramex Jordan, Aramex's Egyptian operations, Aramex Nederland, Aramex Ireland, Aramex UK, Aramex Hong Kong, Aramex India, Aramex South Africa, Aramex Fastway Holdings, Aramex New Zealand Holdings and Access USA Shipping. The consolidated group combines local operating networks and cross-border capabilities; these subsidiaries should not be treated as separate listed issuers.

The Q2 2026 presentation describes a network of more than 600 offices across more than 70 countries and over 16,000 employees. Offices and country coverage are network indicators, not proof that the group owns every facility or operates identical services everywhere.

H1 2026 revenue by reported geography included AED 648.2 million in the UAE, AED 865.2 million in the rest of the GCC, AED 432.8 million in Oceania and AED 378.8 million in Europe. The remainder came from other disclosed regions including North America, Asia and Africa. This geographical classification should not be confused with the destination of every individual shipment.

Ownership and management

As of: 2026-06-30

At 30 June 2026, Q Logistics Holding LLC held 40.47%, GeoPost held 28%, and Abu Dhabi Ports Company PJSC held 22.69%. Q Logistics and Abu Dhabi Ports are both within ADQ, giving ADQ an effective interest of 63.16%. The accounts date the change of control to 25 July 2025. This is a completed control change, not merely an acquisition proposal.

The two direct ADQ-related holdings remain distinct. In particular, Aramex does not become identical to AD Ports Group, which is a separate listed issuer. The interim balance sheet is signed by chairman Shadi Malak, chief executive Amadou Diallo and chief financial officer Nicolas Sibuet. For shareholders, control concentration and transactions with related companies remain relevant even where operating networks can benefit from closer coordination.

Annual results and the latest half year

As of: 2025-12-31 / 2026-06-30

The official results index checked on 30 August 2026 includes FY2025 and H1 2026. The table presents statutory consolidated amounts in AED million, rounded to one decimal; owners' profit is after tax. FY2024 owners' profit includes discontinued operations, unlike FY2025. Annual and half-year columns have different durations.

The modest annual revenue increase in 2025 was accompanied by weaker gross profit and substantially lower owners' profit. The first half of 2026 brought a stronger revenue and earnings performance. In Q2, management highlighted record Freight Forwarding revenue, flexible alternative routes and benefits from Accelerate28. However, its headline profit-growth percentages compare 2026 with normalized 2025 figures. They must not be presented as unadjusted statutory growth.

Revenue composition matters: forwarding can benefit from changed routing and transport prices, while the associated transport costs also increase. The presentation reported Q2 gross margin of 21.4%, below 22% a year earlier despite revenue growth. The useful question is how much additional activity converts into gross profit and cash, not simply whether shipment activity expands.

Assets, cash flow and refinancing

As of: 2026-06-30

At 30 June 2026, property and equipment were AED 930.9 million, right-of-use assets AED 894.7 million and goodwill AED 1,761.3 million. The distinction matters: leased facilities support the network, while goodwill represents acquisition accounting rather than readily available cash. Bank balances and cash were AED 502.7 million.

Operating cash flow in H1 was AED 204.4 million compared with AED 256.4 million a year earlier, despite higher accounting profit. Receivables and other working-capital movements help explain why earnings and cash do not move together. Property-and-equipment purchases were AED 100.4 million.

In February 2026 the group arranged an AED 815 million syndicated term loan, replacing prior facilities. It carries a variable EIBOR-linked rate and a single repayment after five years. Covenant categories include leverage, interest cover and guarantor coverage. This refinancing is a completed funding event, not operating revenue. The balance sheet separately reports AED 917.6 million non-current and AED 25.9 million current interest-bearing borrowings, plus lease liabilities and bank overdrafts; no covenant headroom is inferred here.

Strategy and risks

As of: 2025-12-31 / 2026-06-30

Management's Accelerate28 program targets network efficiency, digital enablement and stronger product performance. The strategic direction includes regional logistics, warehousing and more selective pricing and contracts. Management attributes part of the recent improvement to these initiatives; their future benefits remain execution-dependent.

Editorial interpretation: a broader regional logistics offering can help retain customers whose supply chains change, but success requires capacity utilization, service quality and disciplined investment. Forwarding revenue is sensitive to external freight rates and exceptional rerouting demand. Regional disruption can create urgent transport demand while simultaneously increasing fuel, line-haul and continuity costs.

Other risks include receivable collection, foreign-exchange exposure, lease commitments and the assumptions supporting goodwill. The H1 accounts describe management's expectation that conflict effects are temporary in its impairment assessment; that is an assumption, not a guaranteed outcome. Monitor product margins, cash conversion, working capital, refinancing terms and recurring benefits from the transformation separately from one-off effects.

Official contacts and dates

As of: 2026-06-30

Website: https://www.aramex.com. Investor materials: https://www.aramex.com/ae/en/investor-relations-details/quarterly-earnings-and-investor-presentations. Public IR email: InvestorRelations@aramex.com; telephone: +971 4 211 8464. Registered office: Building and Warehouse No. 3, Umm Ramool, Dubai, United Arab Emirates.

Editorial date: 30 August 2026. Financials and ownership are dated to the stated report periods. This original company profile is not investment advice or a full-document audit; future earnings, control changes and financing events should update the corresponding sections.

Sources

1. A · Source A · 2025-12-31
2. H · Source H · 2026-06-30
3. P · Source P · 2026-06-30