Valmore Holding · EGX:VLMR
Valmore — H1 2026 Earnings Presentation
40 slides from Valmore's earnings presentation, August 2026
Slide 1: Investor Presentation H1 2026
Investor Presentation H1 2026 August 2026 1
Slide 2: Contents
CONTENTS 01 02 Overview Strategy and 2030 Vision 03 04 Investment Portfolio Financial Performance 05 06 Stock Information Appendix 2
Slide 3: Overview
01 Overview 3
Slide 4: Valmore at a Glance
Valmore at a Glance A dual -listed investment holding company with a diversified portfolio of market -leading industrial, utilities and energy businesses across MENA and Europe USD 787mn USD 1.54bn USD 602mn > 28% Market cap (1) Total assets (1) Total equity (1) Average ROE 2018-25 USD 685mn USD 322
Slide 5: A Diversified Investment Platform Built for Long-term Value
A Diversified Investment Platform Built for Long -term Value Offering shareholders unrivalled exposure to high -quality industrial, utilities and energy assets, defined by structural earnings advantages, strong market positioning, and long -term revenue visibility CHEMICALS BUILDING MATERIALS UTILIT
Slide 6: 2Q/1H26 Financial Performance Highlights
2Q/1H26 Financial Performance Highlights 13.1mn 11.5mn 29.7mn 7% 3% 8% 25.3mn Valmore delivered strong 1H26 revenue growth, led by its five largest subsidiaries, with 15% 36.4mn reported profitability impacted by a prior -year base that included sizeable non -recurring 9% 88.9mn items Revenue 6.49mn
Slide 7: Strategy and 2030 Vision
02 Strategy and 2030 Vision 7
Slide 8: 2030 Vision | Building a Resilient Global Investment Platform
2030 Vision | Building a Resilient Global Investment Platform Valmore is transitioning into a global, diversified investment platform anchored in hard -currency, concession -backed earnings, with a shift in focus toward strategic international exposure Key Strategic Pillars Geographic Expansion and
Slide 9: Investment Portfolio
03 Investment Portfolio 9
Slide 10: AlexFert | Overview
Chemicals Building Materials Utilities Oil and Gas NBFS and Diversified Holdings AlexFert | Overview Alexandria Fertilizers Company (AlexFert) is an established player in the fertiliser production space producing ammonia, urea, and ammonium sulphate, with exports to key markets in Europe and South A
Slide 11: AlexFert | Financial and Operational Performance
Chemicals Building Materials Utilities Oil and Gas NBFS and Diversified Holdings AlexFert | Financial and Operational Performance Revenues more than doubled y-o-y and rose Net profit grew 131% y-o-y to USD36.3mn in Key 48.2% q-o-q to USD115mn in 2Q26, on a sharp EBITDA grew 124% y-o-y to USD49.2mn i
Slide 12: Sprea Misr | Overview
Chemicals Building Materials Utilities Oil and Gas NBFS and Diversified Holdings Sprea Misr | Overview Sprea Misr is engaged in the production of 19 different petrochemical products at its state-of- the-art downstream petrochemicals production facility located in 10th of Ramadan USD 80.9mn USD 23.8m
Slide 13: Sprea Misr | Product Offering
Chemicals Building Materials Utilities Oil and Gas NBFS and Diversified Holdings Sprea Misr | Product Offering Sulphuric Acid Formaldehyde Liquid Sulphonated Phenol FD Resin & Urea Melamine Molding Naphthalene Melamine FD Liquid Urea Formaldehyde Resin Compound Formaldehyde Impregnated Kraft Impregn
Slide 14: Sprea Misr | Financial and Operational Performance
Chemicals Building Materials Utilities Oil and Gas NBFS and Diversified Holdings Sprea Misr | Financial and Operational Performance Revenues grew 59.0% q-o-q and 19.4% y-o-y to USD49.6mn in 2Q26, offsetting Key continued constraints on access to Gulf export routes; 1H26 revenues declined A balanced
Slide 15: Endolys | Overview
Chemicals Building Materials Utilities Oil and Gas NBFS and Diversified Holdings Endolys | Overview Endolys is Valmore’s first major investment outside the MENA region, comprising a state -of-the-art plastics pyrolysis facility in Darlington, Northeast England, that will chemically recycle post -con
Slide 16: Nilewood | Overview
Chemicals Building Materials Utilities Oil and Gas NBFS and Diversified Holdings Nilewood | Overview State-of-the-art MDF facility in Sadat City that completed commissioning and is progressing through its commercial ramp -up phase Key Milestones 2017 1Q25 4Q25 Ramp-up phase Nilewood is Successfully
Slide 17: NatEnergy | Overview
Chemicals Building Materials Utilities Oil and Gas NBFS and Diversified Holdings NatEnergy | Overview NatEnergy groups Valmore subsidiaries NATGAS, Fayum Gas, and Nubaria Gas, which develop, operate and maintain natural gas transmission and distribution 83.98% 78.00% 100% networks in five concession
Slide 18: NatEnergy | Financial Performance
Chemicals Building Materials Utilities Oil and Gas NBFS and Diversified Holdings NatEnergy | Financial Performance (1) Revenues grew 17.9% y-o-y to USD19.1mn in Net profit grew 6.99% y-o-y in 2Q26 and 26.5% 2Q26, driven by continued expansion of high- EBITDA grew 5.27% y-o-y and 30.7% q-o-q to y-o-y
Slide 19: EKACOM | Overview
Chemicals Building Materials Utilities Oil and Gas NBFS and Diversified Holdings EKACOM | Overview Valmore’s first investment in Saudi Arabia, operating under a 35 - year BOOT concession in Dammam Industrial City 3 Platform Scale and Targets Strategic Location Network capacity | MMSCFD Factories ser
Slide 20: Kahraba | Overview
Chemicals Building Materials Utilities Oil and Gas NBFS and Diversified Holdings Kahraba | Overview Founded in 2004, Kahraba is the oldest and one of the largest power developers in the region, with a generation and distribution capacity of approximately 710 MW. Kahraba serves around 1,500 industria
Slide 21: Kahraba | Financial and Operational Performance
Chemicals Building Materials Utilities Oil and Gas NBFS and Diversified Holdings Kahraba | Financial and Operational Performance Key Electricity distribution volumes grew 45.7% y-o-y in Revenues grew 39.5% y-o-y to USD20.1mn in 2Q26, lifting distribution revenue to c56% of total 2Q26, with distribut
Slide 22: Offshore North Sinai (ONS) | Overview
Chemicals Building Materials Utilities Oil and Gas NBFS and Diversified Holdings Offshore North Sinai (ONS) | Overview On the upstream front, ONS operates eight wells within a 403km 2 concession located in the Eastern Mediterranean, 65 km offshore north of Port Said city. The facilities include six
Slide 23: Offshore North Sinai (ONS) | Financial and Operational Performance
Chemicals Building Materials Utilities Oil and Gas NBFS and Diversified Holdings Offshore North Sinai (ONS) | Financial and Operational Performance Key Revenues declined 12.2% y-o-y to USD14.7mn in 2Q26 on a 14.1% y-o-y EBITDA declined 21% y-o-y to USD11.4mn in 2Q26, with EBITDA margin decline in ga
Slide 24: NBFS and Diversified Holdings | Overview
Chemicals Building Materials Utilities Oil and Gas NBFS and Diversified Holdings NBFS and Diversified Holdings | Overview Valmore's Diversified segment spans a broad range of sectors including insurance, non -banking financial services, MDF production, recycling, and natural gas distribution Key Dev
Slide 25: Financial Performance
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Slide 26: Consolidated Performance | Income Statement Highlights
Consolidated Performance | Income Statement Highlights (1) Revenues ( USDmn ) EBITDA ( USDmn ) Net Profit ( USDmn ) Attrib . Net Profit ( USDmn ) +24% 685 +26% 57 322 CAGR: CAGR: +25% +13% (5%) (1%) 552 64 362 241 27 61 82 (1%) 255 54 (3%) 17 (13%) 75 62 14 13 392 +1% 179 49 171 63 347 13 50 163 161
Slide 27: EBITDA | Earnings Quality and Contribution
EBITDA | Earnings Quality and Contribution Revenue and EBITDA Margin Evolution Key Drivers AlexFert remained the Group’s largest EBITDA contributor at 54% of Group EBITDA Revenue reached a high in 2022 amid an exceptional global commodity cycle. Despite the subsequent in 1H26, while ONS’ high-margin
Slide 28: Stock Information and Shareholder Returns
05 Stock Information and Shareholder Returns 28
Slide 29: Analyst Consensus | Overweight Ratings with Significant Upside for Valmore
Analyst Consensus | Overweight Ratings with Significant Upside for Valmore Upside as of Upside as of Research House Publication Date Target Price Publication Date 30-Jun -26 Rating 12-Jan-26 USD1.15 +69% +73% POSITIVE 5-May-26 USD1.03 +49% +55% BUY 15-Mar-26 USD1.00 +41% +50% BUY 16-Oct-24 USD1.25 +
Slide 30: Stock Information | Dual-listed with a Diverse Shareholder Base
Stock Information | Dual -listed with a Diverse Shareholder Base Valmore is listed on both the Egyptian Exchange (EGX) and Kuwait Stock Exchange (Boursa Kuwait) Share Information EGX Boursa Kuwait Currency EGP USD KWD Number of shares 352,389,240 217,530,865 613,309,446 Reuters ticker VLMR.CA VLMRA.
Slide 31: Shareholder Returns | Consistent Dividend Payouts Since Inception
Shareholder Returns | Consistent Dividend Payouts Since Inception Nearly USD1bn paid out in dividends in 2007, with distributions sustained through multiple market cycles 2007 2016 2017 Stock Dividend Cash Dividend Cash Dividend 1:10 USD 0.03125/share USD 0.05/share 2008 2015 2018 2025 Cash Dividend
Slide 32: Appendix
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Slide 33: Board of Directors
Board of Directors Loay Jassim Al -Kharafi Adel Al -Alfi Jon Rokk Sheikh Mubarak Abdulla Al - Talal Jassim Al -Kharafi Chairman of the Board Vice Chairman of the Board Group CEO Mubarak Al -Sabah Member of the Board (Non-Executive) (Non-Executive) (Executive) Member of the Board (Non-Executive) (Non
Slide 34: Management Team
Management Team Jon Rokk Hani Shehata Shady Makary Moataz Kandil Passant Fouad Chief Executive Officer Chief Operating Officer Chief Financial Officer Chief Investment Officer Chief Marketing and Public Relations Officer Tamer Badrawi Khaled El -Demerdash Hany Azzam Mohamed Wafaei Chief Human Resour
Slide 35: Consolidated Income Statement | 2Q/1H26
Consolidated Income Statement | 2Q/1H26 (in USD) 2Q26 2Q25 1H26 1H25 Total Revenues 225,658,485 180,225,987 391,910,472 347,482,711 COGS 141,651,441 115,122,492 248,774,878 226,292,342 Gross Profit 84,007,044 65,103,495 143,135,594 121,190,369 % Margin 37% 36% 37% 35% Selling Expenses (1,467,828) (1
Slide 36: Consolidated Balance Sheet | 1H26
Consolidated Balance Sheet | 1H26 (in USD) 30-06-2026 31-12-2025 (Cont’d) 30-06-2026 31-12-2025 Property, plant and equipment and projects under construction 260,808,692 242,613,059 Issued & paid-up capital 295,807,388 295,807,388 Intangible assets 17,064,008 15,813,171 Legal reserve 143,703,018 140
Slide 37: Consolidated Cash Flow Statement | 1H26
Consolidated Cash Flow Statement | 1H26 (in USD) 1H26 1H25 (Cont’d) 1H26 1H25 Net profit for the period before income tax 119,226,889 121,432,822 Cash flows from investing activities Adjustments for: Interest collected 7,467,880 6,798,540 Depreciation & amortization 24,937,126 25,771,161 Company's s
Slide 38: Charting Success | Investment Milestones
Charting Success | Investment Milestones FOUNDATION AND STRATEGIC PORTFOLIO STRATEGIC GROWTH 1997 - 2000 EXPANSION AND 2007 DIVERSIFICATION AND 2021 • Established Valmore as Egyptian • Acquired 100% of Sprea and • Increased stake in AlexFert to 57.4% Kuwait Holding (EKH) VALUE CREATION Plastichem EX
Slide 39: Disclaimer
Disclaimer This presentation was prepared by Valmore Holding (“Valmore”) and is strictly confidential and may contain market sensitive information. All recipients hereof who are permitted to receive the same are bound by the restrictions on disclosure and use and other terms thereof. The provision o
Slide 40: Investor Relations Contact Information
Investor Relations Contact Information Omar Nashaat Investor Relations Director [email protected] (+202)33363300 Maryam Saleh Senior Investor Relations Associate [email protected] (+202)33363300 IR Website: ir.valmore.com 40