In 2025, global markets continued to experience heightened volatility, shaped by persistent geopolitical tensions, evolving monetary policies, and shifting expectations around inflation, trade, and capital flows. While uncertainty remained a defining feature of the investment landscape, it reinforced the importance of disciplined capital allocation, long-term conviction, and resilience in portfolio construction.

Against this backdrop, we delivered another year of strong performance and continued progress in executing our long-term investment strategy.

Our Assets Under Management (AUM) grew to AED 1.4 trillion, up from AED 1.2 trillion in 2024, reflecting portfolio performance and continued investment activity across key markets. Over the same period, our five-year return increased to 10.7%, up from 10.1%, while our ten-year return increased to 10.3%, up from 8.7%, significantly outperforming our benchmarks and demonstrating the strength of our globally diversified portfolio and disciplined investment approach.

During the year, we remained highly active across global markets, with record deployments of AED 143 billion. At the same time, we maintained a balanced approach to capital recycling, generating record proceeds of AED 138 billion. This ability to deploy capital at scale while realizing value across the portfolio reflects the maturity and depth of our investment platform.

Several notable transactions during the year included:

• Additional capital commitment to MGX, supporting its continued strategy to invest in the artificial intelligence ecosystem and advanced technologies.
• Significant reinvestment in PCI Pharma to support the expansion of PCI’s development and manufacturing capabilities across innovative biotherapies, biologics, and specialized drug therapies to meet growing global patient demand.
• Acquired a stake in Loscam, a leading provider of pallet pooling and returnable packaging solutions across the Asia-Pacific region, marking Mubadala’s first investment in Asia’s industrial sector.
• Partnered with Silver Lake in the take‑private of Endeavor Group, a leading global platform focused on talent representation, media, and entertainment.
• Mubadala Capital successfully completed the take-private of CI Financial, one of North America’s leading diversified asset and wealth management firms. Mubadala Capital now manages, advises, and administers for clients and limited partners over AED 1.5 trillion in assets through its asset managers and strategic partnerships.
• Abu Dhabi Investment Council (ADIC) operates as Mubadala’s indirect investment arm. In 2025, ADIC deployed US$19 billion (AED 70 billion) with top-tier GPs and fund managers.
• Partial monetization of our stake in du through a secondary public offering, supporting liquidity and continued development of the UAE’s capital markets.

2025 was also a particularly strong year for our domestic portfolio, with investments in the United Arab Emirates delivering particularly high returns exceeding 20%, reflecting the continued strength and momentum of the national economy. Our investments also continued to generate meaningful economic impact, supporting 98,000 jobs across the UAE, an increase of more than 50% since 2021, while contributing 5.7% to Abu Dhabi’s non-oil GDP.

At the same time, we continued to deepen our presence in key global markets, reflecting the depth of opportunities across AI, technology, healthcare, advanced industries, and others.

We actively managed our liquidity and financing strategy throughout the year to maintain a strong and resilient financial position capable of supporting the continued growth of the portfolio. We raised approximately AED 13 billion across multiple funding transactions, including continued issuance in the local Dirham market, reflecting our commitment to supporting the development of domestic capital markets. Our gearing ratio stood at 10.3%, underscoring our disciplined approach to balance sheet management.

Looking ahead, the global environment is expected to remain dynamic. Recent geopolitical developments, alongside evolving trade relationships and ongoing regional tensions, are likely to continue influencing the global economy, financial markets, and investor sentiment in the period ahead.

We enter this environment from a position of strength, with a globally diversified portfolio, a resilient balance sheet, and a disciplined investment framework that enables us to navigate global macro conditions. With a focus on sectors shaping the global economy, including AI, technology, advanced industries, healthcare, infrastructure, energy and others, we will continue to deliver sustainable long-term value while supporting the economic growth and global integration of Abu Dhabi and the UAE.