| In Thousands of UAE Dirhams | Q4
2025 | Q4
2024 | % Change
(YoY) | FY
2025 | FY
2024 | % Change
(YoY) |
|---|
| Revenues | 1,700,165 | 1,695,132 | 0% | 6,359,946 | 6,324,444 | 1% |
Gross Profit
Gross Profit Margin | 385,262
22.7% | 398,609
23.5% | (3%) | 1,449,468
22.8% | 1,512,203
23.9% | (4%) |
EBIT
EBIT Margin | 51,553
3.0% | 89,186
5.3% | (42%) | 192,711
3.0% | 296,675
4.7% | (35%) |
Normalized EBIT
Normalized EBIT margin | 68,436
4.0% | 89,186
5.3% | (23%) | 237,748
3.7% | 296,675
4.7% | (20%) |
EBITDA
EBITDA Margin | 153,369
9.0% | 177,431
10.5% | (14%) | 568,948
8.9% | 650,304
10.3% | (13%) |
Net Profit
Net Profit Margin | 7,517
0.4% | 65,667
3.9% | (89%) | 20,582
0.3% | 141,811
2.2% | (85%) |
Normalized Net Profit
Normalized Net Profit Margin | 24,932
1.5% | 65,667
3.9% | (62%) | 85,029
1.3% | 141,811
2.2% | (40%) |
Nicolas Sibuet, Acting Group Chief Executive Officer said: “Our full-year 2025 results reflect the resilience of Aramex’s diversified business model and the continued execution of our transformation program and product strategy. While nearshoring and changes in global trade flows continued to reshape our revenue mix and margin profile, we delivered performance in line with our expectations, supported by disciplined cost control and ongoing progress under our Accelerate28 transformation program.
The record revenue performance achieved in December highlights the strength of our network and our people during peak season. As we move into 2026, our focus remains firmly on unlocking the full value of our transformation initiatives, strengthening product-led performance, and positioning Aramex for sustainable, long-term growth.”
Financial Performance Commentary
The results for the fourth quarter and full year ended 31 December 2025 reflect a period of stable revenues, continued margin recalibration and ongoing transformation, as Aramex navigated structural shifts in global trade driven by nearshoring and regionalization.
For the full year, Group revenues reached AED 6.36 billion, up 1% YoY, compared to AED 6.32 billion in FY 2024. In the fourth quarter, Group revenues were steady at AED 1.70 billion. Performance in Q4 was boosted by record-breaking revenue in December — the highest monthly revenue in Aramex’s history — highlighting strong seasonal demand and effective operational execution.
The Company’s revenue mix continues to evolve as businesses shift supply chains closer to end markets. This structural transition has led to consistent growth in intra-regional activity across the Group’s Domestic Express, Freight Forwarding, and Logistics products, offsetting the softness in long-haul International Express. Logistics delivered the strongest performance, achieving 18% revenue growth for the full year and 13% growth in Q4, while Domestic Express revenues increased 9% YoY for FY 2025 and 8% in Q4, and Freight Forwarding revenues grew 4% for FY 2025, with Q4 revenues declining marginally YOY.
Geographically, the GCC and MENAT regions remained the strongest contributors, supported by resilient economic activity and sustained intra-regional trade flows. Oceania showed clear signs of operational turnaround during Q4 2025, with improving performance and positive momentum expected to continue into 2026.
Gross profit for FY 2025 amounted to AED 1.45 billion, down 4% YoY, with a corresponding gross profit margin of 22.8%, compared to 23.9% in FY 2024. In Q4 2025, gross profit was AED 385 million, down 3% YoY, with a margin of 22.7%. The decline reflects the lower contribution from higher-margin international express product along with continued inflationary pressures, and investment in domestic and logistics infrastructure.
From an overhead perspective, costs remained well controlled on a normalized basis, with growth capped and broadly in line with the prior year despite ongoing transformation activities and the onboarding of new business.
Normalized EBIT stood at AED 237.7 million for the full year and AED 68.4 million in Q4, excluding one-off costs related to the Accelerate28 transformation program, restructuring initiatives and ADQ acquisition-related expenses. Normalized net profit for FY 2025 reached AED 85.0 million, compared to AED 141.8 million in FY 2024, in line with management forecasts and reflective of the ongoing recalibration in product profitability. Normalized net profit for Q4 amounted to AED 24.9 million, compared to AED 65.7 million in the quarter last year.
Looking ahead, Aramex enters 2026 with a clear focus on unlocking the full value of its Accelerate28 transformation program. With the appointment of a new Group CEO, Aramex will reinforce its product-led strategy, emphasizing customer-centric innovation, margin optimization, and investment in scalable infrastructure. Nearshoring and regionalization are expected to continue shaping demand patterns, supporting Domestic Express, Logistics and intra-regional Freight Forwarding. The Company anticipates continued strength in regional trade flows and stable execution across core segments, supported by improving performance in Oceania and disciplined cost management across the Group.
Product Performance
Express (International Express and Domestic Express Consolidated)
| In Thousands of UAE Dirhams | Q4
2025 | Q4
2024 | % Change
(YoY) | FY
2025 | FY
2024 | % Change
(YoY) |
|---|
| Consolidated Revenues | 1,095,814 | 1,095,747 | 0% | 3,987,498 | 4,098,083 | (3%) |
| Of which, International Express | 575,453 | 615,060 | (6%) | 2,144,254 | 2,412,484 | (11%) |
| Of which, Domestic Express | 520,362 | 480,688 | 8% | 1,843,244 | 1,685,599 | 9% |
Consolidated Gross Profit
Gross Profit Margin | 301,040
27.5% | 308,439
28.1% | (2%)
| 1,082,914
27.2% | 1,179,219
28.8% | (8%)
|
Of which, International Express
Gross Profit Margin | 177,952
30.9% | 194,877
31.7% | (9%)
| 676,833
31.6% | 780,824
32.4% | (13%) |
Of which, Domestic Express
Gross Profit Margin | 123,089
23.7% | 113,562
23.6% | 8%
| 406,081
22.0% | 398,396
23.6% | 2% |
Express Volumes (International Express and Domestic Express Consolidated)
| In millions of shipments | Q4
2025 | Q4
2024 | % Change
(YoY) | FY
2025 | FY
2024 | % Change
(YoY) |
|---|
Total Number of Express
Shipments | 39.7 | 38.2 | 4% | 143.4 | 139.4 | 3% |
| International Express | 6.3 | 7.2 | (12%) | 23.6 | 28.1 | (16%) |
| Domestic Express | 33.4 | 31.0 | 8% | 119.8 | 111.3 | 8% |
The Express product (consolidating International and Domestic Express services) continued to reflect the structural shift in shipment flows toward intra-regional and domestic activity.
International Express revenues declined by 11% YoY to AED 2.14 billion in FY 2025, and by 6% in Q4, reflecting ongoing nearshoring trends and reduced long-haul volumes. Shipment volumes declined 16% for the full year and 12% in Q4.
Gross profit declined 13% YoY to AED 677 million, with margins moderating to 31.6%, compared to 32.4% in the prior year, reflecting the evolving product mix.
Meanwhile, Domestic Express delivered revenue growth of 9% YoY to AED 1.84 billion, with Q4 revenues increasing by 8% to AED 520 million. Shipment volumes also grew 8% for both the full year and Q4, reflecting strong regional demand and continued volume flows from international to domestic networks.
Gross profit increased by 2% YoY to AED 406 million, though margins softened to 22.0%, reflecting infrastructure investments, inflationary cost pressures and pricing competition.
Freight-Forwarding
In Thousands of
UAE Dirhams | Q4
2025 | Q4
2024 | % Change
(YoY) | FY
2025 | FY
2024 | % Change
(YoY) |
Revenues |
454,405 |
464,481 |
(2%) |
1,791,345 |
1,723,973 |
4% |
Gross Profit
Gross Profit Margin | 48,054
10.6% | 58,038
12.5% | (17%)
| 224,740
12.5% | 219,956
12.8% | 2% |
Freight-Forwarding Shipment Volumes
| | Q4
2025 | Q4
2024 | % Change
(YoY) | FY
2025 | FY
2024 | % Change
(YoY) |
| Air Freight (KGs) | 14,051,609 | 11,217,523 | 25% | 52,324,065 | 45,970,419 | 14% |
| Sea Freight (FCL TEU) | 11,130 | 8,678 | 28% | 38,669 | 31,612 | 22% |
| Sea Freight (LCL CBM) | 8,577 | 68,003 | (87%) | 45,397 | 117,894 | (61%) |
| Land Freight (FTL) | 9,605 | 7,656 | 25% | 34,933 | 29,660 | 18% |
| Land Freight (LTL KGs) |
58,342,696 |
60,806,769 |
(4%) | 240,495,000 | 217,022,380 | 11% |
Freight Forwarding recorded steady growth of 4% YoY to AED 1.79 billion in FY 2025, supported by volume gains across air, sea and land modes. Q4 revenues declined marginally by 2% YoY to AED 454 million.
Gross profit for the segment increased 2% YoY to AED 224.7 million for the full year but declined 17% in Q4, with margins softening to 12.5% for FY 2025 and 10.6% in Q4. The decline mainly reflects reclassification
of certain transactional fees from SG&A into direct costs for the segment. This accounting shift temporarily weighed on the segment’s margin profile but did not affect underlying profitability.
During the year, freight delivered good volume growth on key trade lanes: air freight growth from Europe to the Middle East on the back of new consolidation capabilities built in Europe; sea freight growth supported by outbound volume growth from China across the network; and land freight growth in the GCC and Europe attributed to utilization gains of existing infrastructure.
Logistics and Supply Chain Solutions
| In Thousands of UAE Dirhams | Q4
2025 | Q4
2024 | % Change
(YoY) | FY
2025 | FY
2024 | % Change
(YoY) |
|---|
| Revenues | 138,462 | 122,730 | 13% | 536,748 | 455,318 | 18% |
Gross Profit
Gross Profit Margin | 26,497
19.1% | 21,013
17.1% |
26% | 104,614
19.5% | 70,362
15.5% | 49%
|
Logistics delivered a solid 18% revenue growth YoY to AED 536.7 million, with Q4 revenues increasing 13% to AED 138.5 million. Notably, this performance was broad-based, with multiple stations contributing meaningfully to growth, underscoring the scalability and consistency of Aramex’s logistics operations.
Gross profit rose 49% YoY to AED 104.6 million for the full year and 26% in Q4, with margins expanding to 19.5% in FY 2025 and 19.1% in Q4, compared to 15.5% and 17.1% respectively in the prior year.
The segment benefited from strong onboarding of long-term, well-priced contracts, supported by disciplined pricing strategies and continued investment in storage technologies that enhanced facility capacity across markets. While overall warehousing space expanded slightly, operational efficiency was maintained through capacity enhancements and cost controls — a result of sustained focus over the past few years.