Slide 1: Q2 2025 Results Presentation
Q2 2025 Results Presentation July 2025
Slide 2: Agenda
Investment Strategy update 1 Delivering on our Approach 2 Agenda 3 Financial performance Vertical performance 4 Appendix 5
Slide 3: Disclaimer
Disclaimer Multiply Group (“Multiply”) prepared this presentation on a proprietary basis as general background information about the activities of Multiply. The information contained herein is given in summary form and for discussion purposes only. Some of the information that is relied upon by Mult
Slide 4: Investment Strategy Update
Investment Strategy Update
Slide 5: Our Investment Strategy | Recap
Our Investment Strategy | Recap Deploying capital across 2 distinct arms adhering to a disciplined investment approach Vertical Building Minority Investments Consolidate steady and predictable cash Target high-potential, financially flow businesses in select verticals, that MULTIPLY+ outstanding inv
Slide 6: Growing platform for further scaling
Growing platform for further scaling Sector-agnostic minority investments Vertical Aspiration Key Figures Exposure with outstanding potential Total number of assets: MEDIA & Creating a leading, integrated and 1,500+ (excluding transit) COMMUNICAT global media provider focused on Digital assets: 400+
Slide 7: Delivering on our Approach
Delivering on our Approach 1 3
Slide 8: A disciplined approach to sector selection
A disciplined approach to sector selection Consumer sectors where Multiply can Strategic sectors with healthy market size growth become the regional leading investor Sectors with high capital efficiency Sectors where Emerging Markets (profitability, CAPEX requirements, cash are making a difference g
Slide 9: Case Study – Tendam as the Showcase of our Sector Selection and Investment Strategy
Case Study – Tendam as the Showcase of our Sector Selection and Investment Strategy Criteria Description How fits Global apparel retail valued at >$1.7tn; expected to grow at 5%+ 1 GROWTH Strategic sectors with healthy market size growth CAGR Sectors with high capital efficiency (profitability, Tend
Slide 10: Where are we today? Key Highlights for Q2 2025
Where are we today? Key Highlights for Q2 2025 Entry into Tactical Growing our Launch of new vertical Exit Mobility Platform MMG Vertical financial highlights (2Q 2025) Group financial highlights (2Q 2025) Reported EBITDA from consolidated entities1,2 +69% YoY AED 503 mn AED 395 mn +39% YoY -2% YoY
Slide 11: Q2’25 Financial Performance
Q2’25 Financial Performance
Slide 12: Group P&L performance
Group P&L performance 503 403 395 Revenue growth on positive Adjusted EBITDA1 of AED 395 million contribution across all 3 verticals 361 was driven by (i) strong operational through a combination of organic performance of core verticals with blended and inorganic growth. GP margin at 52% (ii) divide
Slide 13: Healthy cash generation
Healthy cash generation Strong net OCF on cash-generating ..resulting in healthy OCF operating businesses and prudent 490 margin1 working capital management.. 97 % -20 -5 % Q2' 24 Q2' 25 Q2' 24 Q2' 25 Contribution of Vertical ..further supported by the value 32.2 bn EBITDA decreased as a result 56%
Slide 14: Robust balance sheet supporting our investment growth strategy
Robust balance sheet supporting our investment growth strategy Reasonable leverage with Net Debt / Equity 0.23x Gross debt of AED 8.9bn Net debt of AED 7.1bn Healthy Cash balance AED 1.8 bn AED 21 bn Deployed capital to-date ~ 4.9% Relatively low average funding cost amid As of 30 June 2025 a high i
Slide 15: Q2’25 Vertical Performance
Q2’25 Vertical Performance
Slide 16: Diversified portfolio across operating verticals
Diversified portfolio across operating verticals Vertical building strategy bearing fruits ..with healthy blended EBITDA margin (51%) with positive YoY growth across all from operating businesses reflecting the high verticals.. profitability of our businesses Q2’25 Revenue Split Q2’25 EBITDA Split 2
Slide 17: Media and Communications
Media and Communications1 31% of Group Revenue Revenue Gross Profit Commentary 164 86 145 49 Revenue Profitability Revenue grew by 14% organically on the Despite a low double digit growth in revenue, EBITDA Q2' 24 Q2' 25 Q2' 24 Q2' 25 back of strong market dynamics and the margin increased significa
Slide 18: Mobility
Mobility1 37% of Group Revenue Revenue Gross Profit Commentary 186 123 88 70 Revenue Profitability EBITDA of AED 186mn reflects: +81% YoY largely driven by the consolidation The consolidation of Excellence Driving Center, a Q2' 24 Q2' 25 Q2' 24 Q2' 25 of Excellence Driving Center in July’24 prominen
Slide 19: Wellness & Beauty
Wellness & Beauty1 32% of Group Revenue Revenue Gross Profit Commentary 161 128 52 41 Revenues Profitability Q2' 24 Q2' 25 Q2' 24 Q2' 25 +64% YoY largely driven by the consolidation Enhanced profitability across the board was driven of The Juice Spa & Salon in Q4’24 and TGCH inorganically by the acq
Slide 20: Closing Remarks
Closing Remarks INVESTOR PRESENTATION 25
Slide 21: Value Creation Model at the Holding Level
Value Creation Model at the Holding Level Access to high-profile deals Supportive ecosystem brings 1 in multiple synergies Financial flexibility on a wide network of lending banks Attracting high-caliber talent Attractive sectors disrupted by favourable megatrends Clear framework to identify 2 targe
Slide 22: Q &A
Q &A
Slide 23: Appendix
Appendix
Slide 24: A transformative journey
A transformative journey
Slide 25: The Multiply Journey
The Multiply Journey AED AED IHC Acquisition of 100% in ADX Listing 42.2bn 43.0bn acquired PAL Cooling Holding (AED 1.11/ Omorfia 90% in Acquisition share) of 80% acquired Multiply in IEH AED $ 100mn 100% 30.6bn in The (50% in invested in Grooming Kalyon Breakwater Company Enerji) Energy (EIG) 100%
Slide 26: Our Growth Story
Our Growth Story Revenue Adjusted EBITDA* AED ~8.8x 1.9bn AED in 3 years 2 ~5.4x in 3 years2 2.0bn 2,022 AED AED 0.4bn 0.2bn 2021 2024 2021 2024 Total Assets Market Cap3 Liquidity4 AED AED AED 43bn 27.0bn 46mn *Adjusted EBITDA = Group Net profit + net finance cost + Depreciation & Amortization - Fai
Slide 27: Today’s diversified portfolio
Today’s diversified porfolio MULTIPLY MULTIPLY MULTIPLY MULTIPLY MULTIPLY Sector-agnostic minority investments with ENERGY & UTILITIES MOBILITY MEDIA & COMMS WELLNESS & BEAUTY RETAIL & APPAREL outstanding potential 100% 48% 100% 51% 67.91% 7.3% 2% 51% 100% Subject to regulatory approval 65% 80% 1.2%
Slide 28: Investment Strategy
Investment Strategy 1 6
Slide 29: Our Vertical Building Investment Strategy
Our Vertical Building Investment Strategy Up to AED 5bn to deploy into our Vertical Building Investment strategy Objective Buy-outs of leading strong cash generating businesses in proven solid industries Generate value through EBITDA consolidation, dividend generation, value appreciation and synergi
Slide 30: Our Multiply+ Investment Strategy
Our Multiply+ Investment Strategy Objective Sector-agnostic minority investments with outstanding financial returns Asset Classes Private Companies Public Companies Fundamentally strong listed companies available at Private businesses with a strong dividend profile and a clear Rationale valuation up
Slide 31: Media Vertical Potential Listing
Media Vertical Potential Listing
Slide 32: Preparing the Media & Communications Vertical for a public listing
Preparing the Media & Communications Vertical for a public listing Consolidation Growth history Multiply Acquisition Acquisition of 100% in Investments Acquisition of Acquisition of Marketing of 35% in of 15% in Viola in Firefly 60% in 100% in Consolidation of leading Consultancy Viola Viola Media 2
Slide 33: Snapshot per Vertical
Snapshot per Vertical
Slide 34: Media & Communication
Media & Communication Multiply Group Industry • Global ad market forecast to grow by 5.9% in 2024 (vs. 3.3% in • D/OOH Media Portfolio 2023) to reach ~$770bn Plays • Digital advertising Facts • Integrated service offering • The Middle East Ad market is ~$7bn in 2024 and is expected to be the fastest
Slide 35: Mobility
Mobility Multiply Group Industry • Mobility education • Maintenance and • The global mobility solutions market size is estimated at servicing Plays • Car sales and leasing Facts $1.2tn in 2022 and is expected to grow at a 5% CAGR • Mobility-as-a-service and • Insurance and financing • Continued grow
Slide 36: Wellness & Beauty
Wellness & Beauty Multiply Group Industry • Beauty Services • Sports • Global beauty market is ~$750b and expected to grow by 4% • Beauty Products • Physical Fitness Facts Plays • The UAE beauty market is ~$3b and expected to grow by 6% • The UAE is one of the highest beauty spenders in the world wi
Slide 37: Energy & Utilities
Energy & Utilities Multiply Group Industry District cooling: • Renewable energy • Global district cooling market is set to grow at 8% CAGR Plays • District cooling (+ heating) Facts • UAE has ~4M of RT, and is expected to grow at a CAGR of 10% • Energy services • Continued growth of UAE population a
Slide 38: Multiply+ Snapshot
Multiply+ Snapshot Selected strategic investments under M+ Company Industry Footprint Description Investment Rationale One of largest listed integrated utility companies in EMEA with Global presence and AED 10 bn Attractive valuation & Taqa Energy & Utilities (7.3% holding) in ambitious growth plans
Slide 39: Capability and know-how
Capability and know-how 35
Slide 40: Experienced Board of Directors
Experienced Board of Directors SAYED BASAR SHUEB H.E. HAMAD H.E. MANSOOR AL RICK GERSON SAMIA BOUAZZA KHALFAN ALI MANSOORI MATAR AL-SHAMSI Chairman of the Board Board Member Board Member Board Member CEO & Board Member Notable CEO & Managing Director at Vice Chairman Ghitha Member of the Abu Dhabi C
Slide 41: An experienced management team
An experienced management team… Michael Katounas Mezier Briefkani Naveed Khan Chief Investment Chief Portfolio Group Finance Officer Officer Director Years of experience 20+ years 15 years 15 years Notable experience SAMIA BOUAZZA Group CEO, Managing Director and Board Mehdi Bizri Omar Fayed Lama Al
Slide 42: Supported by vertical leads with deep insights
…supported by vertical leads with deep insights Khalid Bin Aamer Alshemeili Dr. Murtaza Ata Faris Suhail Al Dhaheri Jawad Hassan CEO of Emirates CEO of Kalyon Enerji CEO of Omorfia Head of Media vertical Driving Company Years of 20 years 25 years 23 years >30 years experience Media and Leading the c
Slide 43: ESG Highlights
ESG Highlights 40
Slide 44: Sustainability framework
Sustainability framework Pillar 1: Robust Foundations Pillar 2: Growing our Human Capital Objectives Objectives ➢ Enhance governance structure for a sustainable performance while ➢ Position Multiply as an employer of choice, emphasising integrating ESG into organisational risk management workplace d
Slide 45: IR Contact Details
IR Contact Details Contact Multiply Investor Relations for any questions Mehdi El Bizri +971 50 328 1278 mehdi@multiply.ae