Almarai Company · TADAWUL:2280
Almarai — Q4 2025 Earnings Presentation
39 slides from Almarai's earnings presentation, Jan 20, 2026
Slide 1: Earnings Presentation 4th Quarter 2025
Earnings Presentation 4th Quarter 2025 20th January 2026
Slide 2: Disclaimer
Disclaimer Information contained in this presentation is subject to change without further notice, its accuracy is not guaranteed, and it may not contain all material information concerning the company. We do not make any representation regarding, and assume no responsibility or liability for, the a
Slide 3: Table of Contents
Table of Contents 4th Quarter 4th Quarter Full Year Full Year Market Business Financial Business Financial Dynamics Performance Performance Performance Performance Key Highlights / Question & Other Appendix Answer Information 3
Slide 4: Market Dynamics
Market Dynamics 4
Slide 5: Whilst Almarai maintaining Market Share Leadership in KSA
Whilst Almarai maintaining Market Share Leadership in KSA Almarai Value Share % Almarai Rank Category Dec-23 Dec-24 Nov-25 Nov-25 Dairy 49 49 49 1 Juice 43 46 45 1 Food 34 32 37 1 Bakery 55 57 56 1 Poultry (Fresh Chicken) 37 35 35 1 5 Earnings Presentation - Q4 2025
Slide 6: Innovation Pipeline
Innovation Pipeline 4 th Quarter Innovation Pipeline 2025 6 Earnings Presentation - Q4 2025
Slide 7: 4th Quarter Business Performance
4th Quarter Business Performance 7
Slide 8: Q4 2025 Key highlights
Q4 2025 Key highlights +YoY% / (YoY%) Million Revenue Operating Profit Net Income P&L Highlights 24 299 34 4% 6% 8% 5,157 5,457 591 616 431 465 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Working Capital CAPEX Free Cash Flow BS & CF Highlights 162 +281 310 (35) 246 3,812 4,122 1,113 1,275 Q4 2
Slide 9: Strong growth in KSA, Egypt and UAE
Strong growth in KSA, Egypt and UAE +YoY% / (YoY%) Million Q4 2025 Revenue is 5,457M with a total growth of 299M or 6% Bahrain Qatar Oman 96 24 Jordan 197 205 2% 0% Current Performance 4% Country 4% Growth Growth % Kuwait 266 KSA 1 25 +4% 5% Egypt ** 1 24 +39% Egypt UAE 33 +7% 444 8% Jordan 9
Slide 10: Driven by all product categories, mainly Water
…driven by all product categories, mainly Water the new category, followed by Poultry and Food +YoY% / (YoY%) Million Q4 2025 Revenue is 5,457M with a total growth of 299M or 6% Fruit Juice Water 411 87 7% 2% Fresh Dairy Long Life Dairy 1,883 Current Performance 483 Product 34% Growth Growth %
Slide 11: Driven by all channels
…driven by all channels +YoY% / (YoY%) Million Q4 2025 Revenue is 5,457M with a total growth of 299M or 6% Export / Other 236 Food Service 4% 937 17% Current Performance Channel Growth Growth % Traditional Trade 1 08 +4% Modern Trade 98 +8% Food Service 79 +9% Export / Other 15 +7% Total 299 +
Slide 12: 4th Quarter Financial Performance
4th Quarter Financial Performance 12
Slide 13: Q4 2025 Net Income Bridge
Q4 2025 Net Income Bridge YoY% / (YoY%) Million 135 (51) 10 465 431 (78) 18 Favourable Growth = 8% / 34M Q4 2024 Net Cost of Volume, Mix Operational Funding & Q4 2025 Pricing Goods Sold & Others Cost Others Operational cost includes water (1st time inclusion of acquisition) 13 Earnings Presentat
Slide 14: Q4 2025 Financial Performance
Q4 2025 Financial Performance YoY% / (YoY%) Million Revenue Operating Profit Net Income 299 24 34 4% 6% 8% 5,157 5,457 591 616 431 465 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Positive Growth mainly driven by the Strict cost control helped deliver Funding cost is slightly higher, KSA, Egypt
Slide 15: Q4 2025 Results By Segment
Q4 2025 Results By Segment YoY% / (YoY%) Million Revenue By Segment Growth Dairy & Juice 3,444 Net profit increased compared to last year due to improved Dairy & Juice +4% sales in all markets, along with tight cost management. 3,311 759 Bakery +4% 729 Bakery 1,022 Poultry +5% Net profit increased
Slide 16: Full Year Business Performance
Full Year Business Performance 16
Slide 17: Full Year 2025 Key highlights
Full Year 2025 Key highlights +YoY% / (YoY%) Million Revenue Operating Profit Net Income P&L Highlights 1,085 143 65 5% 6% 2% 20,980 22,065 2,995 3,060 2,313 2,456 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 Working Capital CAPEX Free Cash Flow BS & CF Highlights 751 310 (2,034) 1,531 (503) 3,
Slide 18: Strong growth in KSA, UAE and Egypt
Strong growth in KSA, UAE and Egypt +YoY% / (YoY%) Million Full Year 2025 Revenue is 22,065M with a total growth of 1,085M or 5% Bahrain Qatar Jordan 414 90 Oman 805 2% 0% 809 4% Current Performance Country 4% Growth Growth % Kuwait KSA 674 +5% 1,138 5% UAE 1 67 +9% Egypt Egypt ** 1 49 +10% 1,
Slide 19: Driven by all product categories, mainly Food & Fresh Dairy
…driven by all product categories, mainly Food & Fresh Dairy +YoY% / (YoY%) Million Full Year 2025 Revenue is 22,065M with a total growth of 1,085M or 5% Fruit Juice Water 1,785 169 8% 1% Fresh Dairy Long Life Dairy Current Performance 2,039 7,764 35% Product 9% Growth Growth % Food 251 +9% Ba
Slide 20: ...and growth observed in all channels
…and growth observed in all channels +YoY% / (YoY%) Million Full Year 2025 Revenue is 22,065M with a total growth of 1,085M or 5% Export / Other 928 Food Service 4% 3,508 16% Current Performance Channel Growth Growth % Traditional Trade 499 +4% Modern Trade 372 +8% Food Service 188 +6% Export
Slide 21: Full Year Financial Performance
Full Year Financial Performance 21
Slide 22: Full Year 2025 Net Income Bridge
Full Year 2025 Net Income Bridge Million 442 (179) 78 2,456 2,313 (185) (14) Favourable Growth = 6% / 143M FY 2024 Net Cost of Volume, Mix Operational Funding & FY 2025 Pricing Goods Sold & Others Cost Others Operational cost includes water (1st time inclusion of acquisition) 22 Earnings Present
Slide 23: Full Year 2025 Financial Performance
Full Year 2025 Financial Performance YoY% / (YoY%) Million Revenue Operating Profit Net Income 1,085 65 143 5% 2% 6% 20,980 22,065 2,995 3,060 2,313 2,456 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 The strong performance in core GCC Operating profit increased by 2% Funding cost is lower mainl
Slide 24: Full Year 2025 Results By Segment
Full Year 2025 Results By Segment YoY% / (YoY%) Million Revenue By Segment Growth Dairy & Juice 14,633 Dairy & Juice 4% Net profit is higher than last year due to improved sales 14,007 across the category, in addition to tight cost controls. 2,789 Bakery 5% 2,662 3,927 Poultry 4% Bakery 3,794 Net
Slide 25: Key Highlights / Other Information
Key Highlights / Other Information 25
Slide 26: CAPEX spend is in line with long-term capex deployment plan
CAPEX spend is in line with long-term capex deployment plan Million Capital Investment - 2020 to 2025 20% 21% 4,500 17% 4,000 13% 16% 3,500 9% 3,0 00 11 % 2,50 0 6% 7% 2,000 6% 1,500 1,000 1% 969 1,364 1,334 2,530 3,634 4,385 500 - -4% 2020 2021 2022 2023 2024 2025 Net Cash Used in Investing Activ
Slide 27: Strategic Management of Working Capital continues
Strategic Management of Working Capital continues Million Working Capital - 2020 to 2025 21% 22% 19% 18% 19% 16% 5,0 00 20% 15% 4,000 10 % 3,0 00 5% 0% 2,000 -5% -1 0% 1,000 3,238 2,609 3,599 4,322 3,812 4,122 -1 5% - -20% 2020 2021 2022 2023 2024 2025 Working Capital Working Capital as a % of Rev
Slide 28: Strong Operating Cash Flow
Strong Operating Cash Flow Million Operating Cash Flow - 2020 to 2025 (With Changes in Working Capital ) 31% 29% 7,000 27% 25% 23% 30% 6,000 20% 20% 5,0 00 10 % 4,000 0% 3,0 00 -1 0% 2,000 -20% 1,000 - 4,203 4,915 3,830 4,483 6,028 5,463 -30% 2020 2021 2022 2023 2024 2025 Operating Cash Flow Opera
Slide 29: Free Cash Flow – Full Year 2025
Free Cash Flow – Full Year 2025 Billion Free Cash Flow = (0.5B) OCF = 5.5B 5.7 (0.2) (6.0) (4.4) Fixed Assets (1.0) Acquisition of Water Business (0.6) Biological 2.3 (0.7) Assets & Other (1.0) 0.5 (0.1) 0.5 Cash & Cash Operating Working Capex Net of Loan & Funding Cost Dividend Others Cash & Cash
Slide 30: Stable key profitability and balance sheet trends
Stable key profitability and balance sheet trends Million Net Debt Trend EBITDA and EBIT Margins 2.29x 2.48x 23% 22% 22% 2.12x 21% 25% 2.07x 20 0% 20 % 15, 00 0 25,00 53% 53% 51% 58% 14% 14% 14% 12% 100% 15% 0% 10% 10, 00 0 20,00 -1 00 % 5% -200 % 0% 5, 00 0 1 5,00 -300 % -5% -400% 0 9,054 9,437 9
Slide 31: Debt Maturity Profile highlights average debt tenure at 5.75 Years
Debt Maturity Profile highlights average debt tenure at 5.75 Years Billion Debt Maturity by Age and by Type 1.5 2.6 0.5 0.1 3.0 4.9 2.8 0.2 1.9 38% 4.8 7.3 59% 0.1 0.2 0.4 1.2 2.4 0.5 0.1 1.1 2.1 Up to 1 Yr 1-2 Yrs 2-3 Yrs 3-4 Yrs 4-5 Yrs > 5 Yrs 3% Banks Govt / Semi Govt Inst. Sukuk 31 Earnings P
Slide 32: Cash Dividend Since Listing
Cash Dividend Since Listing Million 1,400 64% 70% 57% 50% 49% 1,200 45% 47% 47% 43% 42% 42% 42% 43% 50% 41% 40% 40% 35% 36% 36% 35% 34% 1,000 30% 800 10% 600 -1 0% 400 -30% 200 0 200 272 381 460 518 518 500 600 600 690 720 750 850 850 1,000 1,000 1,000 1,000 1,000 * 1,150 -50% 2006 2007 2008 2009
Slide 33: Question and Answer
Question and Answer 33
Slide 34: Appendix
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Slide 35: 2025 Profit and Loss Statement
2025 Profit and Loss Statement YoY% / (YoY%) Million 4th Quarter Full Year Profit and Loss Statement 2025 2024 Change 2025 2024 Change 5 ,45 7 1 00.0% 5 ,1 5 7 1 00.0% 5 .8% Revenue 22,065 1 00.0% 20,980 1 00.0% 5 .2 % (3,798) (69.6%) (3,574) (69.3%) (6.3%) Cost of sales (1 5,1 77) (68.8%) (1 4,31
Slide 36: Balance Sheet and Cash Flow as of Year End 2025
Balance Sheet and Cash Flow as of Year End 2025 Million December December Cash Flow FY 2025 FY 2024 Balance Sheet 2025 2024 Cashflow from Operating activities 5,927 5,91 6 Net Operating Working Capital 4,1 22 3,81 2 Working Capital (1 91 ) 206 PPE, ROU & Intangible Assets 27,459 23,974 End of Serv
Slide 37: Key Share Data
Key Share Data Key Statistics for Almarai (3 1 Dec 2 02 5 ) Year to date total shareholder's return since listing Share Price (SAR) 43.26 Sultan Holding Co. 24% Current P/E Ratio (ttm) 1 7.65 Others Earnings Per Share (SAR) (ttm) 2.45 55% 11% SALIC Market Cap (SAR Million) 43,260 1 6% Shares Outstan
Slide 38: Awards and Recognition 2025
Awards and Recognition 2025 Middle East Top 100 Abdullah Albader – Best CEO Listed Companies Localization Award for F&B 4th Most Valuable Dairy Brand Forbes Middle East Awarded by Ministry of Human Globally Sustainability Leader 2025 Resources & Social Development Abdullah Albader – CEO (HRSD) UAE I
Slide 39: Thank you
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