Ad hoc announcement pursuant to Art. 53 LR.

Orascom Development Holding (ODH) announces strong operational performance in FY 2023

Altdorf, 14 February 2024 – Orascom Development Holding (ODH) announces its preliminary real estate and hotels KPIs’ for FY 2023. Full results will be announced on 26 March 2024.

Hotels: strong rebound in performance during a challenging market environment

Our hotels in El Gouna and Taba Heights generally benefited from the uptick in the Egyptian hospitality segment during 2023, with occupancies reaching 73% and 42%, respectively, despite being affected by the tension in the Middle East starting October 2023. Accordingly, the short-term strategy for Taba Heights hotels was to limit operational capacity and reduce cash burn rates while ensuring the destination's readiness to operate when tourism eventually resumes.

Orascom Development’s hotels in the Gulf region have shown a positive trend since the beginning of 2023. Hawana Salalah's total occupancy during FY 2023 increased to 61% from 41% in FY 2022. Similarly, The Cove in the United Arab Emirates (UAE) continued to perform well, with its occupancy rate increasing to 78% in FY 2023 from 65% in FY 2022.

The Chedi Hotel in Luštica Bay, Montenegro, has received significant attention and interest from local and international markets. As a result, The Chedi's average daily rates (ADRs) increased by 57.0% in FY 2023, reaching CHF 292 compared to the previous year. The occupancy rate at the hotel reached 36% in FY 2023.

Omar El Hamamsy, Group CEO of Orascom Development, commented: “With strong growth in 2023, our hotels' positive performance throughout the year reflects our resilience and leadership across markets amidst various global macro and geopolitical challenges, especially in the Middle East. The demand for our hotels remained robust throughout the year, with 2.7 million guests enjoying our unique product offerings, a significant increase of 15% compared to FY 2022. Our hotels’ success can be attributed to our commitment to delivering exceptional guest experiences and ability to rapidly adapt to changing market conditions.”

FY 2023 vs. FY 2022 Hotels KPIs:

Real Estate: remained strong and resilient despite the impact of the Egyptian Pounds (EGP) devaluation

In the fourth quarter of 2023, ODH achieved new real estate sales of CHF 236.1 million, which brought sales value for fiscal year 2023 to CHF 704.2 million, the same level as last year despite the impact of the EGP devaluation on real estate sales figures. The Egyptian subsidiary's (ODE) net real estate sales performance significantly improved during 2023 when measured in EGP. Though this operational enhancement wasn't fully reflected in ODH's value of contracted units when translated into CHF, it is worth noting that ODE's net real estate sales have increased by approximately 75% vs. FY 2022 when measured in EGP.

Omar El Hamamsy, Group CEO of Orascom Development, added: “Our residential sales results of 2023 confirm that we are progressing on the right track year after year. Our diversified real estate portfolio, geographic locations, and unique model of creating integrated communities position us as a leader in the real estate markets where we operate. We are thrilled to report a 20% increase in contracted units to 2,115 units vs. FY 2022. Our consistent achievements reflect our steadfast commitment to profitable growth. We are confident in our ability to continue building on this success by harnessing the full potential of our resources, investing in our people, and exploring new opportunities to expand our reach.”

FY 2023 vs. FY 2022 Real Estate KPIs:

* Net sales value for FY 2023 includes 7 units sold in Fayoum for CHF 0.6mn.

** Land sales in FY 2023 represent the land sold in El Gouna during the period.

About Orascom Development Holding AG:

Orascom Development Holding is a leading international developer specializing in vibrant, integrated communities in Europe, the Middle East, and North Africa. For more than 30 years, Orascom Development has been a pioneer in creating destinations where people are inspired to live, work, and play with passion and purpose.

From El Gouna’s stunning Egyptian coastal town by the Red Sea to Andermatt Swiss Alps’ breathtaking, year-round mountain destination, each master-planned community is a testament to Orascom Development's commitment to place-making at its finest. The integrated towns harmoniously combine residential areas with private villas and apartments, hotels, and award-winning leisure and commercial amenities – including golf courses, marinas, sports facilities, retail shops, and restaurants.

Orascom Development owns a land bank of more than 100 million square meters with nearly 40% developed or under development into thriving communities in Egypt (El Gouna, Makadi Heights, O West, Taba Heights, and Byoum), in the GCC (The Cove in the UAE and Jebel Sifah and Hawana Salalah in Oman), and in Europe (Andermatt Swiss Alps in Switzerland, Luštica Bay in Montenegro and West Carclaze Garden Village in the UK). Orascom Development’s hospitality portfolio includes 34 premium and luxury hotels with more than 7,000 rooms across Europe, the Middle East, and North Africa. ODH shares are listed on the SIX Swiss Exchange.

For more information, please visit https://www.orascomdh.com/.

Contact for Investors:      

Ahmed Abou El Ella     

Director of Investor Relations    

Tel: +20 224 61 89 61

mobile: +20 122129 5555      

Email: ir@orascomdh.com

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NEITHER THE COMPANY NOR ANY RELATED COMPANIES, DIRECTORS, OFFICERS, REPRESENTATIVES OR EMPLOYEES THEREOF SHALL IN ANY EVENT BE LIABLE AS TO THIRD PARTIES (INCLUDING INVESTORS) FOR ANY INVESTMENTS OR BUSINESS DECISIONS ADAPTED OR ACTS PERFORMED BY THEM ON THE BASIS OF THE INFORMATION ANY STATEMENTS CONTAINED HEREIN OR FOR ANY CONSEQUENTIAL, SPECIAL OR SIMILAR DAMAGES DERIVED THEREFROM.  ANY MARKET INFORMATION AND COMPANY’S COMPETITIVE POSITION DATA INCLUDING MARKET PROJECTIONS USED IN THIS DOCUMENT HAVE BEEN DERIVED FROM IN COMPANY’S STUDIES, MARKET RESEARCH REPORTS, PUBLICLY AVAILABLE DATA AND INDUSTRY PUBLICATIONS. ALTHOUGH THE COMPANY HAS NO REASON TO BELIEVE THAT THIS INFORMATION OR THESE REPORTS ARE INACCURATE IN ANY MATERIAL, RESPECT, THE COMPANY HEREBY STATUS THAT IT HAS NOT INDEPENDENTLY CHECKED ANY COMPETITIVE POSITION, MARKET SHARE, MARKET VOLUME, MARKET GROWTH OR OTHERS. PERFORMANCE OR ACHIEVEMENTS, AND MAY CONTAIN WORDS SUCH AS “UNDERSTANDS”, “ANTICIPATES”, “EXPECTS”, “ESTIMATES” “IT IS LIKELY” OR OTHER TERMS OR EXPRESSIONS WITH SIMILAR MEANING. THESE STATEMENTS ARE SUBJECT TO A NUMBER OF RISKS, UNCERTAINTIES AND ASSUMPTIONS. THE COMPANY CAUTIONS READERS THAT CERTAIN RELEVANT FACTORS MIGHT BE THE CAUSE FOR ACTUAL RESULTS TO DIFFER FROM THE PLANS, GOALS, EXPECTATIONS, ESTIMATES AND INTENTIONS EXPRESSED IN THIS DOCUMENT. NEITHER THE COMPANY NOR ANY RELATED COMPANIES, DIRECTORS, OFFICERS, REPRESENTATIVES OR EMPLOYEES THEREOF SHALL IN ANY EVENT BE LIABLE AS TO THIRD PARTIES (INCLUDING INVESTORS) FOR ANY INVESTMENTS OR BUSINESS DECISIONS ADAPTED OR ACTS PERFORMED BY THEM ON THE BASIS OF THE INFORMATION ANY STATEMENTS CONTAINED HEREIN OR FOR ANY CONSEQUENTIAL, SPECIAL OR SIMILAR DAMAGES DERIVED THEREFROM.  ANY MARKET INFORMATION AND COMPANY’S COMPETITIVE POSITION DATA INCLUDING MARKET PROJECTIONS USED IN THIS DOCUMENT HAVE BEEN DERIVED FROM IN COMPANY’S STUDIES, MARKET RESEARCH REPORTS, PUBLICLY AVAILABLE DATA AND INDUSTRY PUBLICATIONS. ALTHOUGH THE COMPANY HAS NO REASON TO BELIEVE THAT THIS INFORMATION OR THESE REPORTS ARE INACCURATE IN ANY MATERIAL, RESPECT, THE COMPANY HEREBY STATUS THAT IT HAS NOT INDEPENDENTLY CHECKED ANY COMPETITIVE POSITION, MARKET SHARE, MARKET VOLUME, MARKET GROWTH OR OTHERS.