11/11/2025
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11/11/2025
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Tarek Sultan, Agility Global Chairman
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KUWAIT / UAE, Nov 11: Agility Global PLC, a multi-business owner, operator and long-term investor, today reported Q3 2025 earnings of $52 million, or 0.55 cent per share. EBIT grew 21.1% to $126.7 million, EBITDA increased 19% to $214.7 million, and revenue rose 6.7% to $1.3 billion.
For thet nine-month period, earnings were $97 million, or 0.98 cent per share. EBIT grew 8% to $316 million, EBITDA increased 11% to $568.6 million, and revenue rose 10.2% to $3.7 billion.
As of September 30, 2025, Agility’s investment segment had a carrying value of approximately $5 billion, and the company’s total asset value was $12.2 billion.
Tarek Sultan, Agility Global Chairman, said: “Agility Global delivered another quarter of solid growth, building on our strategy of scaling high-performing operating businesses while maintaining financial discipline. The completion of Menzies’ U.S. acquisition during the quarter is a major milestone that strengthens our position as a global leader in aviation services.
“Our businesses continue to demonstrate momentum across geographies and service lines. Menzies achieved strong double-digit growth, with only one month of G2 consolidated. Tristar performance was healthy, and Agility Logistics Parks continues to expand its presence in the Kingdom of Saudi Arabia. This progress reflects our ability to execute effectively, create value, and deliver sustainable growth for our shareholders.”
Interim Dividends
Agility Global’s board has approved the distribution of $65 million as interim cash dividends for Q3 2025. Shareholders registered on the company’s registrar as of the settlement date 20 November 2025 are entitled to the dividends.
Controlled Segment Performance
Aviation Services – Menzies Aviation
In Q3 2025, Menzies Aviation completed the acquisition of G2 Secure Staff in the United States, significantly expanding its U.S. operations and reinforcing its position as the world’s largest aviation services company.
The G2 transaction had an enterprise value consideration of $305m plus a deferred contingent consideration of $10m payable in 2026 and is subject to achieving certain agreed upon metrics. This acquisition will strengthen Menzies position as the world’s largest aviation services provider, operating at 350 airports in 65 countries.
Menzies reported $800.2 million in revenue for the quarter; a 13.6% increase compared with Q3 2024. Part of this growth came from the newly acquired U.S. business, and part driven by higher volumes and improved yields across Ground Handling and Cargo services. The company serviced nearly 1.4 million flights during the quarter.
Q3 EBITDA grew 11.3% year-over-year, with all divisions and service lines delivering improvement.
While Menzies recently announced that its operations in Kuwait will conclude upon the expiry of the current contract in January 2026, the company remains confident in achieving its medium-term growth targets. Those targets are supported by organic growth, strong global demand, and the integration of the U.S. acquisition, which will continue to drive scale and margin enhancement across the network.
For the nine months, Menzies reported 12% revenue growth and 9.7% EBITDA growth.
Fuel Logistics – Tristar
Tristar, a fully integrated fuel logistics company, delivered a resilient performance in Q3 2025 compared to Q3 2024. EBITDA grew 2% to reach $60.3 million. Operationally The Maritime segment performed better this quarter despite ongoing market challenges. The Retail Fuel business in Sri Lanka, launched in Q3 2024, contributed to results in both comparative periods and continues to grow.
Overall, Tristar continues to deliver stable revenues and healthy operating margins, supported by disciplined cost control, and a strategic focus on efficiency and growth across its diversified portfolio.
For the nine months, Tristar reported strong performance with 16% revenue growth and a marginal decline in EBITDA.
Industrial Real Estate – Agility Logistics Parks (ALP)
Agility Logistics Parks recorded Q3 2025 revenue of $14.3 million, an 8.2% increase compared with the same period a year earlier. EBITDA was $11 million, a 14.2% increase year-over-year.
Growth was broad-based across all geographies, with Saudi Arabia contributing the majority of the total increase. Strong demand for modern warehousing in Saudi Arabia continues to drive occupancy rates above 90%. ALP’s ongoing development program of 226,000 square meters of new warehousing capacity is progressing on schedule — with half of the planned space already delivered, and the remainder expected by year-end.
The GCC warehousing sector continues to benefit from structural growth trends, including e-commerce expansion, 3PL network growth, and government-led industrial diversification initiatives. In Africa, ALP is actively evaluating new opportunities in high-growth logistics corridors, particularly in East Africa, where demand for modern logistics infrastructure remains significantly underserved.
For the nine months, ALP reported 9.6% revenue growth and 8.3% EBITDA growth.
Investment Segment
As of September 30, 2025, Agility Global’s investment segment had a carrying value of $5 billion. The segment’s key assets include stakes in DSV and Reem Mall.
● The investment segment remains anchored by its strategic stake in DSV, the world’s largest freight forwarder. DSV delivered stable financial performance in Q3 2025 against challenging market conditions and accelerated the synergy realization against its targets.
● Agility Global is the lead investor in Reem Mall on Abu Dhabi’s Reem Island, a signature shopping, dining, and entertainment family destination that spans 183.4K sqm of Gross Leasable Area (GLA). Anchored by hypermarkets and notable entertainment and home furnishing concepts, the mall will be home to around 400 international and local brands.
As of September 2025, roughly 70% of GLA was open and trading, with an additional 14% under fit-out, for an effective GLA leased of roughly 84%. The mall recorded the highest footfall in Q3 2025 with an increase of 23% over the same period in 2024.
Balance Sheet and Financial Position
As of September 30, 2025, Agility Global’s total assets stood at approximately $12.2 billion, with shareholder equity of $5 billion. Net debt (excluding lease liabilities) was approximately $3.6 billion, largely tied to the DSV-funded collar facility.
Operating cash flow for the first nine months of 2025 was $320.1 million, while net CAPEX and investments reached $317 million, reflecting ongoing business expansion and platform investment.
Outlook
Agility Global enters the final quarter of 2025 with strong momentum. The Group expects continued earnings growth, supported by the full consolidation of the G2 Secure Staff acquisition, Tristar’s efficiency programs, and new warehouse deliveries within ALP.
With a strong balance sheet, diversified portfolio, and global scale, Agility Global is well-positioned to deliver sustained value creation and profitable growth.
