First Milling Co. · TADAWUL:2283
First Milling — H1 2026 Earnings Presentation
28 slides from First Milling's earnings presentation, 2026
Slide 1: Earnings Presentation Q2/H1 2026
Earnings Presentation Q2/H1 2026
Slide 2: Disclaimer
Disclaimer This presentation has been prepared solely for use at this meeting. By attending the meeting where this presentation is made or accessing this presentation, you agree to be bound by the following limitation. This material is given in conjunction with an oral presentation and any question-
Slide 3: Introduction
Introduction
Slide 4: KSA's Leading Milling Platform with National Scale and Proven Market Leadership
KSA’s Leading Milling Platform with National Scale and Proven Market Leadership First mills operates Saudi Arabia’s largest milling complex in Jeddah with a strategic port-side location on the Red Sea, along with four other strategically located complexes across the Kingdom, enabling broad national
Slide 5: Most Diversified Product Platform in the Sector Driving Competitiveness & Resilience
Most Diversified Product Platform in the Sector Driving Competitiveness & Resilience An integrated product range driving competitiveness, diversified earnings, resilient margins and long-term growth Product Differentiation Strategic Growth Platform Value Optimization Commercial Growth Only Operation
Slide 6: Historical Capacity Expansions
Historical Capacity Expansions Capacity expansion has been phased alongside demand growth, enabling First Mills to maintain high utilisation while supporting future growth Total Manufacturing Capacity (tons/day) 41% 9% 7,200 6,150 6,600 5,900 5,100 5,200 2021 2022 2023 2024 2025 H1 2026 • 600 t/
Slide 7: On-Going & Future Projects
On-Going & Future Projects Project Capacity Progress Go-Live Product Mixes Additions • PESA Mill Qassim with a 130 ton per Mill "C“ Qassim 600 100% Q2 2026 day capacity set to commence in Q3 2026. This will further expand First tons/day Mills’ Chakki Atta Flour (100% Whole Wheat Flour) capacity. Mil
Slide 8: Q2/H1 2026 Financial Review
Q2/H1 2026 Financial Review
Slide 9: Financial & Operational Highlights
Financial & Operational Highlights Q2-2026 Financial Highlights • Revenue increased 21.6% YoY to in H1 2026 (Q2: +26.7%), supported by strong feed growth, resilient flour demand, and Sales (Revenue) Gross Profit Operating Profit Net Profit Att. To SH. an expanding range of value-added SAR 301.3 Mn S
Slide 10: Revenue Breakdown Analysis
Revenue Breakdown Analysis Q2-2026 Revenue by Category H1-2026 Revenue by Category (SAR in millions) (SAR in millions) Flour Flour Feed Feed 26.7% 21.6% Bran Bran 634.0 301.3 521.4 56.1 28.8 237.8 73.7 -23.9% -30.0% 101.9 231.2 41.1 137.6 +68.0% 57.0 +78.7% +22.2% 170.6 310.0 346.7 1
Slide 11: Revenue Drivers
Revenue Drivers Q2-2026 Revenue Drivers by Category H1-2026 Revenue Drivers by Category Price Volume/Mix Price Volume 221.6% 139.9% 100.0% 148.9% 68.0% 78.7% -35.3% 121.6% 8.4% 59.0% -26.7% 21.6% 18.6% 71.5% 26.7% 16.9% 0.8% 12.0% 11.8% 14.6% 16.9% 7.2% 7.6% 9.0% 9.7% 6.8% 12.1% -9.0% -52.2% -43.6%
Slide 12: Profitability Overview
Profitability Overview Gross Profit Operating Profit Net Profit Att. To Shareholders (SARmn / Margin %) (SARmn / Margin %) (SARmn / Margin %) 43.2% 47.5% 43.3% 44.2% 27.9% 28.7% 30.9% 29.3% 21.6% 21.9% 25.1% 23.0% 24.1% 15.6% 11.4% 186.1 146.0 280.5 160.9 131.1 30.5% 39.4% 226.0 28.3% 143.2 86
Slide 13: Cash and Debt Positions
Cash and Debt Positions Free Cash Flow Net Debt* (SARmn / % Conversion) (SARmn) Cash Total Debt 162.3 74.0% 1,231.7 1,192.5 63.0 1,325.0 1,341.1 32.8% (93.3) (148.5) H1-2025 H1-2026 31-Dec-25 30-Jun-26 | Q2/H1 2026 Earnings Presentation • Free cash flow totaled SAR 162.3 million in H1-2026, compared
Slide 14: Key Investment Highlights
Key Investment Highlights 01 03 05 07 Saudi Arabia’s Leading Most Diversified Integrated and Efficient Sector Fundamentals Financial Strength, Cash Pioneering ESG and Institutional Milling Platform with Product Platform in the Platform with Strong Underpin Structural Generative Model, and Operationa
Slide 15: Guidance
Guidance Total Revenue Growth Dividend guidance Total Revenue expected to grow by a CAGR of mid-single Targeting semi-annually c. 60% - 70% pay-out of digit net income Working Capital Capital Structure Working Capital is expected to remain consistent with Growth to be funded organically recent histo
Slide 16: Q&A
Q&A
Slide 17: Thank you
Thank you Please scan the QR code to access the IR webpage For More Information Contact us on: IR@firstmills.com +966 92 001 0375
Slide 18: Appendix
Appendix
Slide 19: Expansion into Higher-Margin Value-Added Consumer Products
Expansion into Higher-Margin Value-Added Consumer Products The Company operates a 240 ton/day ready mixed facility, producing value-added sub-categories including cake mixes, pasta, and semolina, enabling First Mills to capture stronger margins and build competitive differentiation across retail and
Slide 20: Our Strategic Pillars
Our Strategic Pillars Pillar Pillar 01 02 Strengthening Delivering Market Leadership as the Largest Milling Superior Products and Services with Company in KSA Unmatched Quality | Q2/H1 2026 Earnings Presentation Achieving Fostering Operational Excellence Through A Winning Culture of Agility and High
Slide 21: Delivering on Our Strategy
Delivering on Our Strategy Risk Growth Diversification Management Commissioned the new 600 tons/day Strong momentum across value- Maintained a proactive approach to Mill C at the Qassim facility, while the added product range and higher- supply chain and risk management, 130 tons/day PESA Mill nears
Slide 22: Geopolitical Risk
Geopolitical Risk Materiality Matrix High Occurrence Probability Structured geopolitical risk framework prioritizing operational continuity, cost control, and supply security Operational Supply Chain & Risk Cost Risk Utilization Adjustment Supply Chain & Logistics Disruption Management Priorities Di
Slide 23: Geopolitical Risk Mitigation Plan
Geopolitical Risk Mitigation Plan RISK RISK RISK RISK RISK RISK RISK Supply Chain & Input Cost Wheat Allocation Logistics Disruption Volatility & Prioritization Action Action Action Action Action Action Action • Diversified sourcing • Proactive forward • Ongoing coordination • Inventory coverage • F
Slide 24: Summary Income Statement
Summary Income Statement SAR H1 2026 H1 2025 Change • Revenue increased 21.6% YoY to SAR 634.0 million, reflecting continued execution of the Company's Revenue 634,002,040 521,361,912 21.6% diversification strategy, supported by strong feed growth, resilient flour demand, and an expanding range of v
Slide 25: Summary Balance Sheet
Summary Balance Sheet SAR 30 Jun 2026 31 Dec 2025 Change • Total assets stood at SAR 2,661.1 million as of 31 June 2026, representing an increase of 2.4% Current Assets 403,695,602 338,526,577 19.3% compared to 31 December 2025, primarily driven by a significant rise in current assets. • Current ass
Slide 26: Summary Cash Flow Statement
Summary Cash Flow Statement SAR 30 Jun 2026 30 Jun 2025 Change • Cash flow from operating activities increased to 168.5 million, reflecting higher operating profit and improved working capital management. Cash from Operating Activities 168,475,624 93,993,030 79.2% • Cash used in investing activities
Slide 27: Geopolitical Risks – Measures Implemented to Date
Geopolitical Risks – Measures Implemented to Date Targeted procurement, diversified sourcing, and logistics optimization have strengthened supply continuity and cost visibility under current market conditions Strategic Diversified Sourcing Logistics Optimization Inventory & Governance, Procurement &
Slide 28: Proactive Supply Chain Management and Risk Mitigation
Proactive Supply Chain Management and Risk Mitigation Disciplined procurement, diversified sourcing, and structured scenario planning underpin operational resilience Market Context & Exposure Actions Taken • Exposure concentrated in imported inputs (corn & soybean • Forward procurement secured at co
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