Afg International Company · TADAWUL:4240
Afg International — Cenomi Retail — Investor Presentation (November 2025)
47 slides from Afg International's investor presentation, November 2025
Slide 1: Cenomi Retail Investor Presentation Nov 2025
Cenomi Retail Investor Presentation Nov 2025
Slide 2: Disclaimer
Disclaimer This presentation has been prepared solely for use as an Investor presentation for Cenomi Retail (the “Company”). By attending or by reading this presentation, you agree to be bound by the following limitations. The information contained in this presentation is for background purposes onl
Slide 3: Table of Contents
Table of Contents At a Glance 04 06 Why Cenomi Retail? 10 Retail Sector Overview 13 Macro Overview 16 Strategic and Operational Review 24 Financial Overview 31 Concluding Remarks 34 Appendix
Slide 4: At a Glance
7 cenomi ed Ata Glance
Slide 5: Cenomi Retail at a Glance
Cenomi Retail at a Glance The leading franchise retailer in Saudi Arabia, and the only listed business of its type in the Middle East 778 stores 303 Saudi retail stores Kazakhstan Georgia c. 308K sqm 271 F&B outlets Armenia Azerbaijan Uzbekistan Jordan 204 Egypt 8 countries International KSA stores
Slide 6: Why Cenomi Retail?
7 cenomil ed Why Cenomi Retail?
Slide 7: A Leading Fashion and F&B Franchise Retailer in KSA
A Leading Fashion and F&B Franchise Retailer in KSA, Representing Top Global Brands Saudi Arabia’s leading fashion and F&B franchise retailer Representing Brand Champions across a well diversified portfolio No. 1 574 103 Fashion Franchise Stores Malls Apparel Retailer in KSA 303 Retail / 271 F&B Spo
Slide 8: Strong International Presence in Key Emerging Markets
Strong International Presence in Key Emerging Markets With Solid Growth Potential 7 204 35 31 85,711 Countries Stores Malls Brands GLA in SQM Diversified International footprint Tier-1 Champion Brands (% of Intl Revenues) Tier 1 Champion Kazakhstan Brands Georgia 0% 41% (Core Brands) Armenia Azerbai
Slide 9: E-Commerce Continues to Be a Strategic Priority
E-Commerce Continues to Be a Strategic Priority and a Key Growth Driver E-commerce presence …across monobrand websites Top brands with monobrand websites: 8% 20 4 Of total sales revenues Mono brand Inditex brands Websites On Trendyol 57% 24% +17% +13% ZARA & Inditex of total F&B of total Online Onli
Slide 10: Retail Sector Overview
7 cenomil ed Ret ail Sector Overview
Slide 11: KSA Retail Market Is Growing 30%+ by 2028
KSA Retail Market Is Growing 30%+ by 2028, Including Strong Growth in Fashion, Accessories, and F&B Saudi Arabia retail market, market size in SAR Bn Forecast CAGR growth in selected retail categories Market size in SAR Bn 2023A-’28E CAGR (%) +5.3% 837 (1) 310 792 F&B +3.5% 751 368 715 +29.2% 682 Fa
Slide 12: KSA Consumer Spending on Rising Trend
KSA Consumer Spending on Rising Trend POS Transactions* - KSA Market (SAR Million) POS Transactions* - KSA Market (SAR Million) +9% +2% +6% +18% 0% -21% 5% 6,68,185 +10% 6,13,957 Q3-24 Q3-25 +18% 5,59,135 67,632 +32% 64,590 4,73,258 3,57,298 24,697 26,105 1,81,738 1,79,699 21,309 21,636 1,65,704 12,
Slide 13: Well Positioned to Seize Opportunities Within Fashion and F&B
Cenomi Retail Is Well Positioned to Seize the Exceptional Opportunities Within Fashion and F&B The New KSA Consumer presents attractive prospects for Cenomi Retail, with the Fashion & Accessories segment being one of the fastest-growing at a CAGR of 4.6% for 2023-2028, and F&B being the largest at S
Slide 14: Macro Overview
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Slide 15: The Economy of the Kingdom of Saudi Arabia Is on a Solid Growth Trajectory
The Economy of the Kingdom of Saudi Arabia Is on a Solid Growth Trajectory Since the announcement of Vision 2030, KSA has firmly established itself as one of the most attractive growth stories around the globe KSA is the one of the fastest-growing economies … …with a booming consumer outlook… Relati
Slide 16: Riyadh Is a Fast Growing and Underpenetrated Market
Riyadh Is a Fast Growing and Underpenetrated Market Riyadh’s population steadily increasing Riyadh retail market is underpenetrated City Population (mn) Conservative scenario vs Organized retail penetration, GLA m2 per capita Government ambition to double the size of Riyadh 2.13 CAGR: 1.37% 7.75 7.8
Slide 17: Strategic and Operational Review
Strategic and Operational Review 17
Slide 18: Continuing Our Path to Enhanced Potential and Profitability
Continuing Our Path to Enhanced Potential and Profitability Continuing our path to enhanced potential and profitability Phase 1: Fix The House Phase 3: Achieving Optimal Potential ▪ Rationalize brand and store portfolio ▪ Scale existing brands to maximum potential ▪ Exit/stabilize non-strategic mark
Slide 19: 2025 Strategic Focus
2025 Strategic Focus FASHION F&B ONLINE Elevating in Store experience Customer-Centric Innovation Enhancing Experience ▪ Renovations focused on layout, ▪ Tailored product launches (e.g. Cinna Warmer, ▪ Focus on elevating the online fitting rooms, and category mix Bon Topping) to local tastes custome
Slide 20: Renovation Program Has Delivered an Average ~70% Sales Increase
Renovation Program Has Delivered an Average ~70% Sales Increase Continuing our path to enhanced potential and profitability • Location: Kingdom Center • Location: Mall of Arabia • Location: Red Sea Mall • Location: Kingdom Center • City: Riyadh • City: Jeddah • City: Jeddah • City: Riyadh • New GLA
Slide 21: Recently Completed Successful Renovations at Nakheel Mall
Recently Completed Successful Renovations at Nakheel Mall Over the Last Year • Location: Nakheel Mall • Location: Kingdom Center • City: Riyadh • City: Riyadh • New GLA (old): 3,000 sqm+ (1,624 sqm) • New GLA (old): 680 sqm (680 sqm) • Project duration: 4.5 months • Project duration: 2.5 months • La
Slide 22: Multiple Flagship Malls Opening in KSA
Multiple Flagship Malls Opening in KSA, Supporting New Flagship Stores Across the Brand Portfolio Unprecedented opportunity for new flagship stores Cenomi Centers Flagship Malls under construction ▪ Many new flagship malls are opening in KSA over the next few years, providing levels of customer expe
Slide 23: International Portfolio as Key Growth Driver
International Portfolio as Key Growth Driver 19.1% 204 31 35 International retail revenue increase YoY (9M-25) Total # of Stores Total # of Brands Total # of Malls ▪ International retail revenues increased to SAR 1,104.8 million in 9M-25, 26 supported by a strong third-quarter performance, which saw
Slide 24: F&B Excellence: Our QSR Strategy
F&B Excellence: Our QSR Strategy Is to Operate the Champions of Each F&B Category We operate leading F&B brands and category champions… No. 1 No. 1 25+ 30+ 24% Master Franchisee Master Franchisee Years of operation Years of operation in Online Delivery in the World in MENA MENA Revenues* ▪ Revenues
Slide 25: Al-Futtaim as a Strategic Shareholder
Al-Futtaim as a strategic shareholder marks a major milestone in Cenomi Retail’s transformation Al-Futtaim has acquired a 49.95% stake in Cenomi Retail for a total consideration of SAR 2.52 billion, at SAR 44 per share. As part of the transaction, Al-Futtaim extended a SAR 1.35 billion shareholder l
Slide 26: New Board of Directors to Uphold Governance Excellence
New Board of Directors to Uphold Governance Excellence Chairman of the Board Vice Chairman of the Board Recognized as a “Global Leader for Tomorrow” by the World Economic President of Retail Division at Al-Futtaim Group, where he has driven Hussein Ali Forum. He was the first Gulf businessman select
Slide 27: Financial Overview
7 cenomil ed Financial Overview
Slide 28: Domestic Retail and International Portfolio Drive Revenue Growth
Domestic Retail and International Portfolio Drive Revenue Growth Revenue (SAR MN) LFL consolidated sales growth ▪ Revenues in the Kingdom of Saudi Arabia, F&B and International ▪ LFL growth driven by enhancement of customer experience through increased by 1.0%, 3.9% and 20.9% YoY respectively in Q3-
Slide 29: Strategic Sales Measures Drive Revenue Growth and Profitability
Strategic Sales Measures Drive Revenue Growth and Profitability LFL Saudi retail sales growth LFL International retail sales growth ▪ Saudi retail LFL increased to -2.6% in Q3-25, driven by end-of-season ▪ International LFL grew 18.9% in Q3-25, supported by higher sales promotions, which impacted in
Slide 30: Online Sales Maintaining Strong Contribution to Consolidated Revenues
Online Sales Maintaining Strong Contribution to Consolidated Revenues Online revenues (SAR MN) E-commerce (% of total revenues) ▪ Online sales increased 9.7% YoY in Q3-25 as Zara and Inditex online ▪ Accessibility, convenience and technology adoption expected to further sales witnessed an increase o
Slide 31: Portfolio Optimization Enabling Solid Revenue per Store
Portfolio Optimization Enabling Solid Revenue per Store Revenue Per Store (Group) Revenue Per Store (KSA) 1,500 1,656 1,554 900 1,318 1,430 1,800 380 1,900 2,323 2,916 3,500 850 1,600 360 2,255 3,000 800 1,400 340 2,196 2,500 1,200 750 1,000 Number of 320 2,000 Number of 300 700 800 Stores 280 Store
Slide 32: Strategic Retail Price Positioning and Cost Optimization Help Sustain Margins
Strategic Retail Price Positioning and Cost Optimization Help Sustain Margins Gross Profit – Margin (SAR MN, %) EBITDA – Margin (SAR MN, %) ▪ Gross profit in Q3-25 totaled SAR 132.2 million, a 4.0% increase YoY from ▪ Q3-25 EBITDA stood at SAR -9.7 million, a 107.0% YoY decline from SAR SAR 127.2 mi
Slide 33: EBITDA Performance Across Segments
EBITDA Performance Across Segments EBITDA KSA Retail, SAR MN EBITDA Intl, SAR MN EBITDA F&B, SAR MN EBITDA Margin, % EBITDA Margin, % EBITDA Margin, % 120 15.0% 70 18.0% 12.0% 10.3% 15.4% 10 10.0% 100 15.4% 7.6% 16.0% 5.7% 60 13.1% 5.3% 10.0% 80 7.3% 13.8% 63 5.0% 14.0% 5 6 60 81 61 98 50 5.0% 56 58
Slide 34: Inventory Optimization Leading to Enhanced Efficiency
Inventory Optimization Leading to Enhanced Efficiency Inventory balance (SAR MN) Inventory efficiency ratios ▪ Inventory continues to be within an acceptable range, reaching SAR 621 ▪ Effective management of inventory, including streamlined procurement MN, as focus increases on inventory optimizatio
Slide 35: Disciplined Cash Management
Disciplined Cash Management FY-24 9M-25 Total Net Debt / Net Debt to EBITDA ( SAR Million ) Total Debt 1,842.6 2,793.8 Net Debt / EBITDA Net Debt 1,586.4 2,640.2 3.4x 11.0x EBITDA LTM 459.9 239.3 (Last 12 Month) 2,640 ▪ Net debt stood at SAR 2.6 billion at the end of 9M 2025, up 66.4% from FY 2024 l
Slide 36: Concluding Remarks
7 cenomil ed Concluding Remarks
Slide 37: Key Takeaways
Key Takeaways Topline Profitability Financial position Strategy Execution Revenue increased by 3.8% YoY in Ongoing cost optimization Strengthened balance sheet Ongoing transformation across 9M 2025, driven by end-of-season efforts leading to increase in through SAR 1.35bn brands, stores, and geograp
Slide 38: Appendix
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Slide 39: Income Statement
Income Statement SAR million Q3-24 Q3-25 Change (+/-) 9M-24 9M-25 Change (+/-) Revenue 1,123 1,209 8% 3,536 3,672 4% Cost of revenue (995) (1,077) 8% (3,107) (3,173) 2% Gross profit/(loss) 127 132 4% 429 499 16% Margin 11.3% 10.9% (0.4pp) 12.1% 13.6% 1.5pp Selling and distribution expenses (30) (35)
Slide 40: Balance Sheet
Balance Sheet SAR million 31-Dec-24 30-Sep-25 Change (+/-) SAR million 31-Dec-24 30-Sep-25 Change (+/-) Assets Equity & Liabilities Share Capital 1,148 1,148 0% Property, Plant and Equipment 1,081 1,036 -4% Reserves ( Statutory, Foreign Currency and Fair Value) (617) (601) -3% Right-of-Use Assets 1,
Slide 41: Stock Performance, Shareholder Composition and Peer Benchmarking
Stock Performance, Shareholder Composition and Peer Benchmarking ISIN Code: SA000A0LB2R6 Market Cap (SAR mn) LTM P/E Ratio (x) LTM P/B Ratio (x) LTM ROE (%) Average 1-year daily volume traded: 2.50M JARIR 16,740 16.50 8.71 55.39 • 1-year daily high volume: 62.4M • 1-year daily low volume: EXTRA 112,
Slide 42: KSA Is Home to an Increasing Population, Whilst Attracting More Tourists
KSA Is Home to an Increasing Population, Whilst Attracting More Tourists KSA has a high share of urban population Tourism industry is thriving in the Kingdom Share of population in urban agglomerations of more than 1 million, % 120 300 256 5 cities with 66 1+ million 100 206 250 population 80 200 47
Slide 43: KSA Has the Largest and Fastest Growing F&B Market in MENA
KSA Has the Largest and Fastest Growing F&B Market in MENA F&B Market Size per country (2022, USD bn, 2022-2026, CAGR %) GCC North Africa Levant* 45 18 9 22 CAGR (2022-2026) 11% MENA 72 Currency devaluation not Total fully taken into account in 9% the growth rate 7% 6% 6% 11 6% 5% 5% 5% 5% 5% 5% 9 4
Slide 44: ~2 Million Sqm of Prime Retail Space Opening in KSA
~2 Million Sqm of Prime Retail Space Opening in KSA, Supporting a Robust Store Opening Pipeline The Avenues New Murabba Al-Othaim Diriyah Gate (Riyadh and DAK) (Riyadh) (Riyadh and DAK) (Riyadh) Distinctive & upscale mixed-use A visionary project to build a new, Large mixed-use destination A World-c
Slide 45: Revenue Diversification Efforts Ongoing
Revenue Diversification Efforts Ongoing Revenue by division Revenue by channel Revenue by geography 4% 3% 3% 4% 4% 7% 6% 6% 7% 7% 8% 8% 8% 8% 8% 29% 28% 20% 29% 33% 33% 31% 23% 32% 37% 92% 92% 92% 93% 92% 67% 69% 77% 68% 63% 60% 63% 71% 61% 57% Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q3-24 Q4-24 Q1-25 Q2-25 Q
Slide 46: Consumer Trends
Consumer Trends Increasing digital / Moving forward, Cenomi Retail will need to cater to new consumer Scale digital e-commerce channels & reinvent trends with significant implications for the future of the industry. adoption role of stores Shift towards Re-mix portfolio to experiences & new experien
Slide 47: Thank You
cenomi THANK YOU
Cenomi Retail — Investor Presentation (November 2025) on 6ix