Ades Holding Company · TADAWUL:2382
Ades — Q1 2026 Earnings Presentation
25 slides from Ades's earnings presentation, May 1, 2026
Slide 1: Results Presentation 1Q-2026
STRATEGY SYNERGY SCALE Results Presentation 1Q-2026
Slide 2: Leader in Shallow Water Offshore and Onshore Drilling with 123 Rigs in 20 Countries
Leader in Shallow Water Offshore Global Scale Operations and Onshore Drilling with 123Rigs in 20 1 1 Countries Proven Consolidator Leading Scale & Visible, Contracted # of Rigs Through Cycles Profitability Growth 1 2 123 rigs 1 Revenue 1Q 26 SAR 2.39bn 1Q 25 SAR 1.47bn SAR 34.47bn 8 11 backlog 3 16
Slide 3: Market Update
ocho RERREERERK Rick Nl PEEERER PAUPSIP SIRS BSW KKKKKKRRRERG Market Update
Slide 4: Continued Demand and Investment in Oil & Gas into 2050
Continued Demand and Investment in Oil & Gas into 2050 Projected Global Energy Mix Projected Global Oil Supply Requirements 2050 (mboe/d, %)* (mmboepd)* Oil Supply 51.1 (+12% vs. last year) 19.1 2025 10.6 36.6 63 123 31.3 Oil Supply 29 8.6 11.6 (+4% vs. last 7.8 16.9 24.9 year) 14.9 51.4 99 77.5 81.
Slide 5: Size & Scale of Disruption Much Significant than Any Crisis
Size & Scale of Disruption Much Significant than Any Crisis Oil crises and tanker war – comparison with current situation, but still oil prices are only up moderately 1984-88 (Tanker Metric 1973 (OPEC 1) 1979 (OPEC 2) Today War) Global Consumption ~56 mb/d ~65 mb/d ~60 mb/d ~105 mb/d Supply Disrupte
Slide 6: Oil and LNG Disruptions
Oil and LNG Disruptions ~20 mmbbl/d of oil supply and ~110bcm of global LNG trade disrupted — equivalent to c.20% of global oil consumption and LNG trade — alongside the shutdown of c.6% of global gas production. Maximum alternative offtake through pipelines is only ~9 mb/d, but no alternative for R
Slide 7: Oil Stocks Overstate the Market's True Supply Cushion
Oil Stocks Overstate the Market’s True Supply Cushion Headline stocks remain high, but only a limited share is truly drawable before the system becomes operationally fragile Why it matters Scenario: prolonged Hormuz disruption; global oil inventories approach operational stress by Jun and the operat
Slide 8: Record-Low Jack-Up Orderbook Highlights Structural Undersupply and Long-Term Market Tightness
Record -Low Jack -Up Orderbook Highlights Structural Undersupply and Long -Term Market Tightness Jack -ups Supply -Demand Outlook Jack -up orderbook showing only a small handful of orders # Rigs Orderbook 160 35% Orderbook as % of Marketed Supply 450 100% Orderbook as % of Total Supply 140 30% 400 9
Slide 9: A Structural Supply Shock is Setting the Stage for the Next Offshore Upcycle
A Structural Supply Shock is Setting the Stage for the Next Offshore Upcycle Chronic underinvestment, a major geopolitical supply shock, fragile effective inventories and increasing producer activity are creating the conditions for a sustained tightening in offshore drilling markets. 01 02 03 04 05
Slide 10: Business Update
Business Update
Slide 11: Sustaining World-Class Safety and Operational Excellence
Sustaining World -Class Safety and Operational Excellence SAR, % YoY 1Q 2026 Comparative Utilization Rate 1 96.0% 98.0% in 1Q 2025 Total Backlog 34.47 bn vs. SAR 34.71 bn in FY 2025 Weighted Average Remaining Tenor 2 4.73 vs. 4.73 in FY 2025 TRIR 3 0.07 vs. IADC standard of 0.34 Source: ADES informa
Slide 12: Exceptional Revenue Growth and Delivering Strong EBITDA Performance
Exceptional Revenue Growth and Delivering Strong EBITDA Performance SARmn, % YoY 1Q 2026 1Q 2025 Change Revenue 2,390.7 1,470.1 + 62.6% EBITDA As a % of Revenue 1,149.6 816.3 + 40.8% - 7.4pp 48.1% 55.5% Net Profit As a % of Revenue 240.9 196.7 + 22.5% - 3.3p 10.1% 13.4% Operating Cash Flow 1 1,089.2
Slide 13: Achieving a Backlog of SAR 34.47 Billion in 1Q 2026
Achieving a Backlog of SAR 34.47 Billion in 1Q 2026, one of the highest in the industry ADES’ weighted average remaining contract tenor stood at 4.73 years (5.15 years for ADES on a standalone basis) Backlog by Segment SAR 34.47 bn Backlog by Country Backlog KSA 69% of backlog is Kuwait coming from
Slide 14: Committed to Operational Excellence & Sustainability
Committed to Operational Excellence & Sustainability Best -in-Class Safety Record Supported by The REI Drives Levels of Activity and Continued Innovation Renewals with Aramco 10% ◼ FTP 4 45% 10% IADC 2 ◼ NPT 5 35% 45% Average REI ◼ HSE 10% 0.34 Rig Efficiency Index (“REI”) Composition ◼ Local Conten
Slide 15: 1Q 2026 Financial Update
1Q 2026 Financial Update
Slide 16: Steady Backlog Performance Thanks to Contract Renewals and Awards
Steady Backlog Performance Thanks to Contract Renewals and Awards Backlog (SAR bn) Contract Awards and Renewals in 1Q 2026 0.7% Signed multi -year contracts in March 2026 for three premium jack -up rigs with a Nigeria total value of approximately SAR 2.73billion, inclusive of ADES’ in -country partn
Slide 17: Exceptional Top-line Growth and Robust Profitability Driven by Robust Offshore Activity
Exceptional Top -line Growth and Robust Profitability Driven by Robust Offshore Activity and Lean Cost Structure Consolidated Revenue by Segment (SAR mn) EBITDA (SAR mn) 55.5% 48.1% 62.6% 2,391 40.8% 14% 1,150 1,470 19% 816 86% 81% 1Q 2025 1Q 2026 Offshore Revenue Onshore Revenue 1Q 2025 EBITDA Marg
Slide 18: Building Operational Momentum Across Existing and New Geographies
Building Operational Momentum Across Existing and New Geographies Figures in SAR mn KSA 47.4% of revenue 5.0% 3.2% 12.1% Kuwait generated from GCC 8.5% countries 899 10.7% Qatar 854 West & Central Africa* Revenue by 9.6% Southeast Asia** Country 1Q 2026 Egypt 6.7% India 35.7% Norway 5.1% Algeria & T
Slide 19: Operational Excellence Underpins Profitability
Operational Excellence Underpins Profitability Net Profit (SAR mn) Group Equity (SAR mn) 13.4% 10.1% 0.1% 22.5% 6,813 6,805 241 197 1Q 2025 1Q 2026 Net Profit Margin FY 2025 1Q 2026 • The decrease in net profit margin is primarily attributable to the anticipated lower- • Group equity decreased by 0.
Slide 20: Strong Cash Flow Conversion
Strong Cash Flow Conversion Capex (SAR mn) Free Cash Flow (SAR mn) 1 88% 85% 23.6% 476 36% 94 982 364 722 168 382 196 1Q 2025 1Q 2026 CAPEX Recurring Maintenance 1Q 2025 % Cash Conversion 2 1Q 2026 • The decrease in total CAPEX reflects lower activities and deployments in • The Group’s free cash flo
Slide 21: Net Debt Evolution
Net Debt Evolution 1Q 2026 Net Debt Bridge1 (SAR mn) 17,791 364 186 40 17,580 288 (1,089) FY2025 Operating Cashflow Change in W.C CAPEX *Int. Fees & Others Tax & Provision Paid 1Q 2026 The balance of cash and cash equivalents as of 31March 2026 amounted to SAR 2,436 million. 1Net debt equals Interes
Slide 22: Outlook
= (o} o —w _~ =) Oo
Slide 23: Guidance for 2026: SAR 4.50-4.87bn
Guidance for 2026 Given that the suspensions affected only several operating days during the 1Q 2026, the impact has been limited, however, the continuation of the current regional situation may place pressure on 2Q 2026 performance should conditions persist. Nevertheless, ADES maintains its guidanc
Slide 24: Thank You
nt e nq z Y ADES ADES HOLDING asa tl yi
Slide 25: Important Notice
Important Notice This documentand information containedherein(the“Information”) has beenpreparedby ADES HoldingCompany(the“Company”) forbackgroundpurposesonlyanddoesnotpurportto be a full,accurate, completeor comprehensive analysisof theCompany’s business,financialor tradingpositionor futureprospect