| In Thousands of UAE Dirhams | Q2
2025 | Q2
2024 | % Change
(YoY) | H1
2025 | H1
2024 | % Change
(YoY) |
|---|
| Revenues | 1,497,690 | 1,496,254 | 0% | 3,060,707 | 3,036,955 | 1% |
Gross Profit
Gross Profit Margin | 329,265
22.0% | 345,131
23.1% | (5%) | 693,940
22.7% | 740,532
24.4% | (6%) |
EBIT
EBIT Margin | 16,129
1.1% | 46,962
3.1% | (66%) | 77,034
2.5% | 139,369
4.6% | (45%) |
Normalised EBIT
EBIT margin | 31,423
2.1% | 46,962
3.1% | (33%) | 94,507
3.1% | 139,369
4.6% | (32%) |
EBITDA
EBITDA Margin | 104,797
7.0% | 134,930
9.0% | (22%) | 251,745
8.2% | 316,104
10.4% | (20%) |
Net Profit
Net Profit Margin | (9,269)
(0.6%) | 2,893
0.2% | (420%) | 7,854
0.3% | 49,458
1.6% | (84%) |
Normalised Net Profit
Normalised Net Profit Margin | 5,405
0.4% | 2,893
0.2% | 87% | 32,866
1.1% | 49,458
1.6% | (34%) |
Nicolas Sibuet, Acting Group Chief Executive Officer said: “Our H1 2025 results reflect consistent execution and a clear alignment with shifting customer needs. While we face margin pressures and a changing product mix, we have taken decisive actions through our Accelerate28 strategy to realign our operations, enhancing our ability to better serve our customers across key markets, and lay the groundwork for sustainable, long-term value creation. The partnership with ADQ marks a significant milestone, accelerating our transformation program.”
Financial Performance Commentary
The results reflect a period of stable revenues, ongoing margin recalibration, and significant structural transformation as the company responds to evolving industry trends and positions itself for future growth.
Group Revenues reached AED 1.50 billion in Q2 2025, unchanged from Q2 2024 and H1 2025 revenues totaled AED 3.06 billion, marking a 1% increase YoY.
Looking at regional performance, Aramex posted double digit growth in revenues and GP in the GCC in Q2 2025, and single-digit growth in Revenues and GP in Asia Pacific, offsetting the softness seen elsewhere across the company’s global operations and with similar trends observed for the half year period.
As global supply chains continue to regionalize, Aramex is actively evolving its product mix, adapting to shifting logistics flows as clients reposition inventory closer to key consumption markets—a trend driven by supply chain localization and regional consolidation. The Company continues to navigate this strategic shift with a strong focus on operational efficiency, data-driven performance management, and customer-centric innovation.
Domestic Express and Logistics segments delivered robust growth (Domestic Express revenues up 12% in Q2 and 13% in H1; Logistics up 23% in Q2 and 22% in H1), reflecting increasing demand for regional and local solutions. Simultaneously, International Express revenues fell 16% in Q2 and 15% in H1 as shipment flows shifted from extended international to more regional and domestic channels in line with nearshoring trends. Freight Forwarding revenues were up 7% in Q2 and 8% in H1, buoyed by strong gains in air, sea, and land freight volumes.
Growth in volumes was delivered despite a challenging market environment with pressure on oil prices impacting activity in the energy sector; geopolitical tensions with airspace closure, and an extended holiday period with two Eid holidays during Q2 2025 reducing the number of working days.
Gross Profit for H1 2025 was AED 694 million, with a corresponding margin of 23%, down from 24% in the same period last year. In Q2 2025, the Gross Profit Margin stood at 22%, reflecting a consistent trend across the half. The margin decline reflects ongoing changes in product mix, elevated direct costs due to increased capacity in key growth markets, and persistent market pricing pressures as well as broader inflationary trends.
Group Selling, General, and Administrative Expenses (SG&A) rose by 3% YoY in Q2 2025, representing 21% of total revenues. Excluding one-off expenses associated with the regional restructure and transformation program, normalized SG&A declined 2% YoY, consistent with disciplined overheads management and the strategic focus on performance optimization. SG&A expenses in H1 2025 followed a similar trend, reflecting consistent management of overheads.
EBITDA for H1 2025 was reported at AED 252 million (down 20% YoY), while EBIT came in at AED 77 million (down 45%), reflecting the decline in gross profitability. For the second quarter period, EBITDA totaled AED 105 million, while EBIT reached AED 16 million.
Reflecting the transitional phase the Company is navigating, while continuing to invest in regional capabilities and long-term transformation initiatives, the first half of 2025 recorded AED 8 million in Net Profit, while Q2 posted a loss of AED 9 million.
The decline in EBIT and Net Profit is mainly due to the shift in product mix and decline in gross profitability, as well as certain one-off expenses incurred during the period, related to the ADQ acquisition, transformation program and regional restructuring. Excluding these one-off expenses, normalized Q2 2025 EBIT was AED 31 million, down 33% YoY and Net Income was AED 5 million, up 87% YoY. For the half year period, normalized EBIT was AED 95 million and normalized Net Profit was AED 33 million.
Balance Sheet: As of 30 June 2025, Aramex maintained a strong financial profile with AED 542 million in cash and a Debt to EBITDA ratio of 3.4x (including IFRS16), providing a solid foundation for the future investments and transformation activities under way.
Accelerate28
The transformation program, launched in Q1 2025 as part of the Accelerate28 strategy, is in its early stages and is progressing well. This is a complex transformation program across nine workstreams covering key regions, products and functions. We have more than 300 initiatives planned for implementation with the EBIT impact expected to be fully realized by 2028.
With these value capture initiatives underway, alongside the new four-region structure and a strategic growth mandate, the Company is focused on protecting its bottom line while continuing investment in strategic areas in response to the evolving industry landscape.
Product Performance
Express (International Express and Domestic Express Consolidated)
| In Thousands of UAE Dirhams | Q2
2025 | Q2
2024 | % Change
(YoY) | H1
2025 | H1
2024 | % Change
(YoY) |
|---|
| Consolidated Revenues | 916,472 | 965,374 | (5%) | 1,907,340 | 1,991,383 | (4%) |
| Of which, International Express | 494,456 | 589,300 | (16%) | 1,054,566 | 1,235,105 | (15%) |
| Of which, Domestic Express | 422,016 | 376,074 | 12% | 852,774 | 756,279 | 13% |
Consolidated Gross Profit
Gross Profit Margin | 236,421
26% | 269,540
28% | (12%)
| 508,429
27% | 583,487
29% | (13%)
|
Of which, International Express
Gross Profit Margin | 147,439
30% | 188,104
32% | (22%)
| 324,037
31% | 407,246
33% | (20%) |
Of which, Domestic Express
Gross Profit Margin | 88,981
21% | 81,435
22% | 9%
| 184,392
22% | 176,240
23% | 5% |
Express Volumes (International Express and Domestic Express Consolidated)
| In millions of shipments | Q2
2025 | Q2
2024 | % Change
(YoY) | H1
2025 | H1
2024 | % Change
(YoY) |
|---|
Total Number of Express
Shipments | 32.9 | 31.8 | 3% | 67.6 | 65.8 | 3% |
| International Express | 5.3 | 6.7 | (21%) | 11.7 | 14.4 | (19%) |
| Domestic Express | 27.6 | 25.1 | 10% | 55.9 | 51.3 | 9% |
Our Express product consists of our International Express and Domestic Express products consolidated.
Express volumes grew 3% Y-o-Y in both H1 and Q2 2025, reaching 68 million and 33 million shipments respectively. This growth was driven entirely by Domestic Express, which added 3million shipments in Q2, while international express saw outflows of 1 million shipments during the quarter. Similar trends were observed for the half-year period.
Express revenues reached AED 1.91 billion in H1 2025, down 4% Y-o-Y, with Q2 revenues at AED 916 million, a 5% decline. Gross profit for the Express product in H1 2025 stood at AED 508 million, with gross margin of 27%. Profitability was impacted by a lower share of long-haul shipments and an increase in costs associated with 1) management of higher volumes in domestic express; and 2) a growth in variable costs attributed to extra staffing to support fixed capacity during the extended holiday period.
Freight-Forwarding
In Thousands of
UAE Dirhams | Q2
2025 | Q2
2024 | % Change
(YoY) | H1
2025 | H1
2024 | % Change
(YoY) |
|---|
Revenues |
438,279 |
411,266 |
7% |
871,229 |
809,806 |
8% |
Gross Profit
Gross Profit Margin | 56,749
13% | 51,920
13% | 9%
| 117,265
13% | 108,457
13% | 8% |
Freight-Forwarding Shipment Volumes
| | Q2
2025 | Q2
2024 | % Change
(YoY) | H1
2025 | H1
2024 | % Change
(YoY) |
| Air Freight (KGs) | 12,680,807 | 11,009,289 | 15% | 25,294,141 | 23,431,971 | 8% |
| Sea Freight (FCL TEU) |
8,907 | 7,518 | 18% | 17,285 | 15,340 | 13% |
| Sea Freight (LCL CBM) | 10,364 | 6,847 | 51% | 25,728 | 19,002 | 35% |
| Land Freight (FTL) | 8,271 | 6,731 | 23% | 16,443 | 14,624 | 12% |
| Land Freight (LTL KGs) |
61,871,107 |
50,469,732 |
23% | 121,250,385 | 99,429,900 | 22% |
Freight Forwarding delivered revenues of AED 871 million for the first half of the year and AED 438 million in Q2 2025, representing a solid growth of 8% and 7% YoY respectively. The segment benefitted from robust volume growth across all modes, despite ongoing geopolitical tensions in the region which affected cross-border movements in Land Freight and Air Freight.
For the H1 period, Air Freight rose 8%, Sea Freight (FCL) by 13%, Sea Freight (LCL) by 35%, and Land Freight (LTL) by 22%. Q2 trends reinforced this growth trajectory, highlighting Aramex’s ability to serve diversified trade flows across industries and geographies. This was supported by a record setting operational highlight in Q2 2025, with Aramex freight handling the biggest charter movement in its history, on the US / ME and Dubai / ME trade lanes.
Gross Profit for the segment reached AED 117 million in H1 and AED 57 million in Q2, both periods maintaining a steady margin of 13%. Operational efficiency, disciplined pricing, and network optimization helped offset inflation and competitive pressure. However, uncertainty remains, with US tariffs leading to volatility in key trade lanes, and the drop in oil prices impacting shipping activity.
Logistics and Supply Chain Solutions
| In Thousands of UAE Dirhams | Q2
2025 | Q2
2024 | % Change
(YoY) | H1
2025 | H1
2024 | % Change
(YoY) |
|---|
| Revenues | 132,403 | 107,671 | 23% | 260,977 | 214,274 | 22% |
Gross Profit
Gross Profit Margin | 27,391
21% | 12,356
11% |
122% | 50,280
19% | 28,687
13% | 75%
|
The Logistics and Supply Chain Solutions segment posted revenue growth of 22% and 23% in H1 and Q2 2025 respectively, reflecting robust demand for warehousing and fulfillment services. Aramex continued to operate at near full warehouse capacity throughout the half-year, driven by the nearshoring trend and onboarding of new client contracts.
Gross Profit surged by 75% year-on-year in H1 to AED 50 million, while Q2 Gross Profit more than doubled to AED 27 million, driven by the change in revenue quality and improvement in revenue per square meters across key facilities.
Gross Profit Margin significantly improved to 21% in Q2 2025, underscoring the segment’s growing contribution to Group profitability. Gross Profit Margin was 19% for H1 2025 period.