Valmore Holding · EGX:VLMR
Valmore — Q4 2025 Earnings Presentation
41 slides from Valmore's earnings presentation, March 2026
Slide 1: Investor Presentation Q4 2025
Investor Presentation Q4 2025 March 2026
Slide 2: Content Page
Content Page 01 Overview 04 Consolidated Performance 02 Our Strategy 05 Stock and Shareholder Returns NEWS 03 Our Investments 06 Appendix 2
Slide 3: Overview
01 Overview 3
Slide 4: Valmore Holding | A Leading MENA-Based Investment Company
Valmore Holding | A Leading MENA-Based Investment Company Five Valmore Holding is one of the MENA region’s fastest-growing and prominent investment companies, established in 1997 by a consortium of Kuwaiti and Egyptian businessmen Strategic sectors Valmore Holding has consistently delivered superior
Slide 5: Diverse Portfolio | Investments across Five Strategic Sectors
Diverse Portfolio | Investments across Five Strategic Sectors Chemicals Building Materials Utilities Oil and Gas Non-Banking Financial Services Natural Gas & Electricity Recycling Fertilisers Petrochemicals MDF Exploration & Production Insurance Consumer & Microfinance Distribution & Production Plas
Slide 6: Unlocking Value | Our Investment Case
Unlocking Value | Our Investment Case Diversified, resilient portfolio Multiple Investments, with superior cashflow generation, diversified across various sectors and geographies to mitigate market risks Strategically positioned for expansion Focused domestic and international investments in capacit
Slide 7: Our Strategy
02 Our Strategy 7
Slide 8: Transforming to Maximise Value | Strategy Pillars and Framework
Transforming to Maximise Value | Strategy Pillars and Framework Key Strategic Pillars Geographic Expansion and Diversification Maximising Core Business Value Pursue accretive opportunities across MENA and Europe to diversify Optimise core assets by enhancing efficiency, expanding exports and earning
Slide 9: Our Investments
isa) fo) Our Investments
Slide 10: AlexFert | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services AlexFert | Overview USD251mn USD119mn USD65.0mn FY25 Revenue FY25 EBITDA FY25 Attrib. Net Profit USD72.6mn USD35.5mn USD19.6mn 4Q25 Revenue 4Q25 EBITDA 4Q25 Attrib. Net Profit Alexandria Fertilisers Company 440 ktpa 64
Slide 11: AlexFert | Financial and Operational Performance
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services AlexFert | Financial and Operational Performance Revenues rose 23% y-o-y and 22% q-o-q, on 11% y-o-y and 33% q-o-q EBITDA rose 3% y-o-y and 29% q-o-q on higher gross profit, EBITDA Net profit grew 32% q-o-q, yet declin
Slide 12: Sprea Misr | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services Sprea Misr | Overview USD177mn USD36.1mn USD33.7mn FY25 Revenue FY25 EBITDA FY25 Attrib. Net Profit USD48.8mn USD6.99mn USD7.39mn 4Q25 Revenue 4Q25 EBITDA 4Q25 Attrib. Net Profit Sprea Misr is engaged in the 195 ktpa >
Slide 13: Sprea Misr | Financial Performance
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services Sprea Misr | Financial Performance Revenues1 surged 51% y-o-y on higher sales volumes amid continued EBITDA1 declined 28% y-o-y on the back of higher raw material and Net profit1 fell 36% y-o-y, owing to reduced lower
Slide 14: Sprea Misr | Key Products and Revenue Distribution
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services Sprea Misr | Key Products and Revenue Distribution Revenue Distribution by Product | 4Q25 Revenues (USDmn) Formaldehyde & Sulfuric Acid Formica Sheets SNF Formurea Liquid & Powder 1% 0.05% +26% +126% +201% +8% SNF (liq
Slide 15: Sprea Misr | Product Offering
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services Sprea Misr | Product Offering Product Range Overview Sulfuric Acid Formaldehyde Phenol FD Resin & Urea Liquid Sulfonated Melamine FD Liquid Melamine Molding Urea Formaldehyde Resin Naphthalene Formaldehyde Compound Imp
Slide 16: Endolys | Establishing Foothold in the Circular Plastics Market
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services Endolys | Establishing Foothold in the Circular Plastics Market Valmore’s first major investment outside the MENA region under a new entity named Endolys - a state-of-the-art plastics pyrolysis plant strategically loca
Slide 17: Nilewood | State-of-the-Art MDF Facility
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services Nilewood | State-of-the-Art MDF Facility EGP3.6bn 4Q25 100% Total investment Commercial operations start Valmore’s effective date ownership STRATEGY ━ To supply raw MDF boards at a production capacity of 655 m3/day, se
Slide 18: NatEnergy | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services NatEnergy | Overview 83.98% 78.00% 100% USD75.4mn USD22.9mn USD21.1mn FY25 Revenue FY25 EBITDA FY25 Attrib. Net Profit 0.4% 14% USD21.6mn USD6.56mn USD6.32mn 4Q25 Revenue 4Q25 EBITDA 4Q25 Attrib. Net Profit 85% Valmore
Slide 19: NatEnergy | Financial Performance
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services NatEnergy | Financial Performance1 Revenue2 grew 13% y-o-y, driven by higher installations and increased EBITDA2 surged 68% y-o-y, with EBITDA margin expanding by 10pp y- Net profit2 rose 23% y-o-y, driven by strong to
Slide 20: Securing a Strategic Role in Saudi Arabia’s Energy Transition Goals
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services Securing a Strategic Role in Saudi Arabia’s Energy Transition Goals Valmore’s first investment in Saudi Arabia marks a major strategic milestone with the successful completion and launch of a natural gas distribution n
Slide 21: Kahraba | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services Kahraba | Overview USD63.5mn USD13.1mn USD8.47mn FY25 Revenue FY25 EBITDA FY25 Attrib. Net Profit USD18.2mn USD4.81mn USD3.29mn 4Q25 Revenue 4Q25 EBITDA 4Q25 Attrib. Net Profit Founded in 2004, Kahraba is the oldest an
Slide 22: Kahraba | Financial Performance
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services Kahraba | Financial Performance Revenues1 grew 18% y-o-y on higher distribution volumes, reflecting EBITDA1 declined 20% y-o-y yet rose 42% q-o-q, while EBITDA margin Net profit1 declined 27% y-o-y on higher FX gains b
Slide 23: Kahraba | Operational Performance
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services Kahraba | Operational Performance Kahraba’s installed power distribution capacity grew 13% y-o-y in 2025, reaching 575 MW, supported This expansion in scope drove a 128% y-o-y as well as a 75% q-o-q increase in Kahraba
Slide 24: Offshore North Sinai (ONS) | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services Offshore North Sinai (ONS) | Overview USD61.3mn USD49.1mn USD33.3mn FY25 Revenue FY25 EBITDA FY25 Attrib. Net Profit USD15.3mn USD11.4mn USD8.61mn 4Q25 Revenue 4Q25 EBITDA 4Q25 Attrib. Net Profit On the upstream front,
Slide 25: Offshore North Sinai (ONS) | Financial and Operational Performance
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services Offshore North Sinai (ONS) | Financial and Operational Performance Revenues grew 4% sequentially, supported by stable production volumes from recently EBITDA declined 23% y-o-y and 4% q-o-q, on the back of higher G&A e
Slide 26: Non-Banking Financial Services | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services Non-Banking Financial Services | Overview USD57.2mn USD33.1mn (USD0.32mn) FY25 Revenue FY25 Gross Profit FY25 Attrib. Net Profit (USD10.3mn) USD0.91mn (USD1.73mn) 4Q25 Revenue 4Q25 Gross Profit 4Q25 Attrib. Net Profit
Slide 27: Consolidated Performance
04 Consolidated Performance 27
Slide 28: Consolidated Performance | Income Statement Highlights
Consolidated Performance| Income Statement Highlights1 Revenues (USDmn) EBITDA (USDmn) | Margin Net Profit (USDmn) | Margin Attrib. Net Profit (USDmn) | Margin 322 +24% +26% 82 685 255 CAGR: (1%) 241 CAGR: (5%) 362 57 17 14 13 552 64 (1%) 27 50 49 61 179 54 171 +0.4% 163 161 75 17 23 226 62 218 +15%
Slide 29: Stock Information and Shareholder Returns
05 Stock Information and Shareholder Returns 29
Slide 30: 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 Rating Publication Date 31-Dec-25 12-Jan-26 USD1.15 +69% +65% POSITIVE 5-Jan-25 USD1.26 +53% +80% BUY 31-Aug-25 USD1.00 +39% +43% BUY 16-Oct-24 USD1.25 +5
Slide 31: 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 352,389,240 217,519,236 613,321,075 Reuters ticker VLMR.CA VLMRA.C
Slide 32: Shareholder Returns | Consistent Dividend Payouts Since 2007
Shareholder Returns | Consistent Dividend Payouts Since 2007 Total of +USD939mn in dividends paid out since 2007 Stock Dividend 1:10 Cash Dividend Cash Dividend Cash Dividend Cash Dividend Stock Dividend USD 0.072/share USD 0.072/share USD 0.011/share USD 0.027/share 1:10 2011 2010 2009 2008 2007 Ca
Slide 33: Appendix
06 Appendix 33
Slide 34: Board of Directors
Board of Directors Loay Jassim Al-Kharafi Adel Al-Alfi Jon Rokk Moataz Al-Alfi Saad Al-Saad Sheikh Mubarak Abdulla Al- Chairman of the Board Vice Chairman of the Board Group CEO Member of the Board Member of the Board Mubarak Al-Sabah (Non-Executive) (Non-Executive) (Executive) (Non-Executive) (Non-
Slide 35: Management Team
Management Team Jon Rokk Medhat Bonna Khaled El-Demerdash Tamer Badrawi Passant Fouad Chief Executive Officer Chief Financial Officer Legal Counsel Chief Human Resources Officer Chief Marketing and Public Relations Officer Mohamed Mager Hany Azzam Mohamed Wafaei Omar Nashaat Head of Treasury Chief G
Slide 36: Consolidated Income Statement | 4Q/FY25
Consolidated Income Statement| 4Q/FY25 (in USD) 4Q25 4Q24 FY25 FY24 Total Revenues 166,300,425 145,131,700 684,930,451 551,743,320 COGS 108,093,298 90,454,538 448,391,292 355,645,749 Gross Profit 58,207,127 54,677,162 236,539,159 196,097,571 % Margin 35% 38% 35% 36% Selling Expenses (1,296,408) (1,1
Slide 37: Consolidated Balance Sheet | FY25
Consolidated Balance Sheet| FY25 (in USD) 31-12-2025 31-12-2024 (Cont’d) 31-12-2025 31-12-2024 Property, plant and equipment and projects under construction 242,613,059 239,776,509 Issued & paid up capital 295,807,388 281,721,321 Investment properties - 343,848 Legal reserve 140,860,661 137,960,942
Slide 38: Consolidated Cash Flow Statement | FY25
Consolidated Cash Flow Statement| FY25 (in USD) FY25 FY24 (Cont’d) FY25 FY24 Net profit for the period before income tax 237,614,299 244 406 662 Cash flows from investing activities Adjustments for: Interest collected 14,534,980 14,744,945 Depreciation & amortization 49,111,548 50,474,492 Payments f
Slide 39: Charting Success | Investment Milestones
Charting Success | Investment Milestones ━ Established Valmore as Egyptian Kuwait Holding ━ Acquired 100% of Sprea and Plastichem 1997 (EKH) ━ Established Building Materials Industries Company ━ Increased stake in AlexFert to 57.4% - ━ Established NATGAS with Shell & GAIL (India) 2007 (BMIC) 2021 ━
Slide 40: 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 41: 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 41