Valmore Holding · EGX:VLMR
Valmore — Egypt Kuwait Holding — Q3 2025 Earnings Presentation
40 slides from Valmore's earnings presentation, November 2025
Slide 1: Egypt Kuwait Holding Investor Presentation Q3 2025
Egypt Kuwait Holding Investor Presentation Q3 2025 November 2025
Slide 2: EKH Overview
EKH OVERVIEW 2
Slide 3: EKH | A Leading MENA-Based Investment Company
EKH | A LEADING MENA-BASED INVESTMENT COMPANY Egypt Kuwait Holding Company (EKH) is one of the MENA region’s fastest- growing and prominent investment companies, established in 1997 by a USD642mn USD248mn USD163mn FY24 Revenue FY24 EBITDA FY24 Attrib. Net Profit consortium of Kuwaiti and Egyptian bu
Slide 4: 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 & Exploration & Consumer & Fertilizers Petrochemicals MDF Electricity Distribution Insurance Production Microfinance & Production • 110k m² faci
Slide 5: Charting Success | Investment Milestones
CHARTING SUCCESS | INVESTMENT MILESTONES ▪ Acquired 100% of Sprea and Plastichem 1997 ▪ Established EKH ▪ Established Building Materials Industries ▪ Increased stake in AlexFert to 57.4% ▪ Established NATGAS with Shell & GAIL (India) - ▪ Acquired a minority stake in Delta Insurance 2007 Company (BMI
Slide 6: Unlocking Value | The Investment Case for EKH
UNLOCKING VALUE | THE INVESTMENT CASE FOR EKH Diversified, resilient portfolio Experienced management team Multiple Investments, with superior cashflow ` Proven track record across multiple sectors generation, diversified across various sectors and geographies and geographies to mitigate market risk
Slide 7: Our Strategy
OUR STRATEGY 7
Slide 8: Transforming to Maximize Value | The Strategic Approach for EKH
TRANSFORMING TO MAXIMIZE VALUE | THE STRATEGIC APPROACH FOR EKH Optimise core portfolio Diversify and grow foreign currency Leverage competitive advantages, improve cost efficiency, Explore new sectors, grow export capabilities, and expand and propel export potential to maximize profitability and in
Slide 9: Our Investments
OUR INVESTMENTS 9
Slide 10: AlexFert | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services ALEXFERT | OVERVIEW Alexandria Fertilizers Company (AlexFert) is an established player in the fertilizer production space producing ammonia, urea, and ammonium USD59.6mn USD27.6mn USD14.9mn sulphate, with exports to ke
Slide 11: AlexFert | Financial and Operational Performance
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services ALEXFERT | FINANCIAL AND OPERATIONAL PERFORMANCE Revenue growth driven by 35% y-o-y stronger urea EBITDA surged 64% y-o-y and EBITDA margin expanded Net profit grew 12% y-o-y driven by stronger total sales export price
Slide 12: Sprea Misr | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services SPREA MISR | OVERVIEW Sprea is engaged in the production of 19 different petrochemical products at its state-of- the-art downstream petrochemicals production facility USD38.6mn USD7.81mn USD8.08mn located in 10th of Ra
Slide 13: Sprea Misr | Financial Performance
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services SPREA MISR | FINANCIAL PERFORMANCE Revenues1 surged 41% y-o-y on higher sales volumes amid EBITDA1 declined 18% y-o-y on the back of higher raw Net profit1 fell 21% y-o-y owing to reduced operating continued execution
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 Revenues (USDmn) KEY Distribution by PRODUCTS Product | 3Q25 Formica Formaldehyde & Glue SNF Formurea Liquid & Powder Liquid & Powder Sheets Formica sheets 1%
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 Liquid Sulfonated Phenol FD Resin & Naphthalene Melamine FD Liquid Melamine Molding Urea Formaldehyde Urea Resin Compound Formaldehyde 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 EKH’s first major investment outside the MENA region under a new entity named Endolys - a state-of-the-art plastics pyrolysis plant strategically located i
Slide 17: Nilewood | EKH's State-of-the-Art MDF Facility
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services NILEWOOD | EKH’S STATE-OF-THE-ART MDF FACILITY Nilewood EKH’s state-of-the-art MDF facility, successfully completed EGP3.6bn 4Q25 73% Total investment Expected start date EKH effective ownership commissioning and is cu
Slide 18: NatEnergy | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services NATENERGY | OVERVIEW NatEnergy is the largest private sector operator of natural gas pipelines in the MENA region. NatEnergy groups EKH subsidiaries NATGAS, Fayum Gas, USD20.1mn USD5.25mn USD5.82mn and Nubaria Gas, whi
Slide 19: NatEnergy | Financial Performance
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services NATENERGY | FINANCIAL PERFORMANCE1 Strong revenue growth driven by higher installations and increased Gross and EBITDA margins contracted 7pp y-o-y owing to Double digit net profit growth driven by strong top-line perf
Slide 20: EKACOM | Securing a Strategic Role in Saudi Arabia's Energy Transition Goals
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services EKACOM| SECURING A STRATEGIC ROLE IN SAUDI ARABIA’S ENERGY TRANSITION GOALS EKH’s first investment in Saudi Arabia marks a major strategic milestone with the successful completion and launch of a natural gas distributi
Slide 21: Kahraba | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services 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 USD17.5mn USD3.49mn USD2.25mn approximately 645 MW. Kahrab
Slide 22: Kahraba | Financial Performance
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services KAHRABA | FINANCIAL PERFORMANCE Revenues1 up 41% y-o-y on higher distribution volumes, EBITDA1 surged 93% y-o-y, while EBITDA margin Net profit1 surged y-o-y on improved operating fueled by continued strong performance
Slide 23: Kahraba | Operational Performance
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services KAHRABA| OPERATIONAL PERFORMANCE Installed Capacity (MW) Electricity Distribution Volumes (mn kWh) Kahraba’s installed power distribution capacity close to doubled y-o-y in 2024, reaching 510 MW, This expansion in scop
Slide 24: Offshore North Sinai (ONS) | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services OFFSHORE NORTH SINAI (ONS) | OVERVIEW On the upstream front, ONS operates eight wells within a 403 km2 concession located in the East of the Mediterranean Sea, 65 km offshore USD14.8mn USD12.0mn USD9.31mn North of Port
Slide 25: Offshore North Sinai (ONS) | Financial & Operational Performance
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services OFFSHORE NORTH SINAI (ONS) | FINANCIAL & OPERATIONAL PERFORMANCE Revenues were largely stable y-o-y, supported by production capacity from the two new EBITDA margin widened by 6pp y-o-y, supported by lower operational
Slide 26: Non-Banking Financial Services | Overview
Non-Banking Chemicals Building Materials Utilities Oil and Gas Financial Services NON-BANKING FINANCIAL SERVICES | OVERVIEW EKH’s NBFS portfolio consists of two leading Egyptian insurance companies, Delta Insurance1 and Mohandes Insurance2, in addition to one rapidly USD28.2mn USD16.7mn (USD13.1mn)
Slide 27: Consolidated Performance
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 801 (26%) 359 (36%) CAGR: CAGR: 362 241 78 +5% +9% 186 591 18 50 231 179 66 47 171 163 58 54 6 14 226 218 83 30 62 50 185 63 +32% +51% 116
Slide 29: Stock and Shareholder Returns
STOCK AND SHAREHOLDER RETURNS 29
Slide 30: Stock Information | Dual-Listed with a Diverse Shareholder Base
STOCK INFORMATION | DUAL-LISTED WITH A DIVERSE SHAREHOLDER BASE EKH 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 352,389,240 217,096,228 613,744,083 Reuters ticker EKHOA.CA EKHO.CA EK
Slide 31: 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 Stock Dividend 1:10 Cash Dividend Cash Dividend Cash Dividend Cash Dividend 1:10 USD 0.027/share USD 0.011/share USD 0.072/share USD 0.072/share 2007 2008 2009 2010 2011 Ca
Slide 32: Analyst Consensus | Overweight Ratings with Significant Upside for EKH
ANALYST CONSENSUS | OVERWEIGHT RATINGS WITH SIGNIFICANT UPSIDE FOR EKH Upside as of Upside as of Research House Publication Date Target Price Rating Publication Date 30-Sep-25 28-Nov-24 USD1.19 +57% +64% OVERWEIGHT 5-Jan-25 USD1.26 +33% +53% +74% BUY 31-Aug-25 USD1.00 +41% +38% BUY 16-Oct-24 USD1.25
Slide 33: Appendix
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Slide 34: Board of Directors
BOARD OF DIRECTORS Loay Jassim Al-Kharafi Adel Al-Alfi Jon Rokk Moataz Al-Alfi Chairman of the Board Vice Chairman of the Board Group CEO Member of the Board (Non-Executive) (Non-Executive) (Executive) (Non-Executive) Sheikh Mubarak Abdulla Al- Saad Al-Saad Hussein Al-Kharafi Talal Jassim Al-Kharafi
Slide 35: Management Team
MANAGEMENT TEAM Tamer Badrawi Jon Rokk Medhat Bonna Khaled El-Demerdash Group Chief Human Resources Group Chief Executive Officer Group Chief Financial Officer Group Legal Counsel Officer Passant Fouad Mohamed Mager Hany Azzam Mohamed Wafaei Chief Marketing and Public Acting Group Treasurer Head of
Slide 36: Consolidated Income Statement | 3Q25
CONSOLIDATED INCOME STATEMENT | 3Q25 (in USD) 3Q 2025 3Q 2024 9M 2025 9M 2024 Total Revenues 178,693,829 134,927,922 576,016,079 436,927,473 COGS 114,005,652 90,300,665 340,297,994 265,191,211 Gross Profit 64,688,177 44,627,257 235,718,085 171,736,262 % Margin 36% 33% 41% 39% Selling Expenses 1,062,
Slide 37: Consolidated Balance Sheet | 3Q25
CONSOLIDATED BALANCE SHEET | 3Q25 (in USD) 30-09-2025 31-12-2024 (Cont’d) 30-09-2025 31-12-2024 Property, plant and equipment and projects under construction 249 568 859 239,776,509 Issued & paid-up capital 295 807 388 281,721,321 Intangible assets 811,325 - Legal reserve 140 860 661 137,960,942 Inv
Slide 38: Consolidated Cash Flow Statement | 3Q25
CONSOLIDATED CASH FLOW STATEMENT | 3Q25 (in USD) 3Q25 3Q24 (Cont’d) 3Q25 3Q24 Net profit for the period before income tax 168 036 038 166 544 921 Cash flows from investing activities Adjustments for: Interest collected 11 543 170 12 488 842 Depreciation & amortisation 38 253 847 37 185 561 (1 413 45
Slide 39: Disclaimer
Disclaimer This presentation was prepared by Egypt Kuwait Holding S.A.E. (“EKH”) 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 pro
Slide 40: Investor Relations Contact Information
Investor Relations Contact Information Omar Nashaat Investor Relations Director [email protected] (+202)33363300 Maryam Saleh Investor Relations Associate [email protected] (+202)33363300 IR Website: ir.ekholding.com Egypt Kuwait Holding | Investor Presentation