Arabian Drilling Co. · TADAWUL:2381
Arabian Drilling — Q4 2025 Earnings Presentation
18 slides from Arabian Drilling's earnings presentation, Mar 2, 2026
Slide 1: Q4 / FY 2025 Earnings Call
Q4 / FY 2025 EARNINGS CALL 2 March 2026 15.00 KSA
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Arabian Drilling (the “Company” or “AD”) based on publicly available information and non-public information to assist you in making a preliminary analysis of the content referenced herein solely for informational purposes. It should not be construed
Slide 3: In Today's Presentation
In Today’s Presentation Fahad Albani Farid Mustafayev Bassem ElShawy Chief Executive Officer Chief Financial Officer IR & Communications Director Fahad brings nearly 30 years of upstream Farid brings over 24 years of global corporate Bassem brings over 25 years of experience in experience in drillin
Slide 4: Full Year 2025 Financial Highlights
Full Year 2025 Financial Highlights (SAR M, Versus FY 2024) 3,433M 1,240M 36.1% Revenue, -5.1% EBITDA, -17.8% EBITDA Margin, -5.5 ppts 39.1M 1,186M 2.0X Adj Net Income, -90.8% Operating Cash flow, -17.7% NET DEBT / TTM EBITDA * Before working capital changes 4
Slide 5: Q4 2025 Financial Highlights
Q4 2025 Financial Highlights (SAR M, Versus Q3 2025) 824M 263M 32.0% Revenue, -1.3% EBITDA, -10.2% EBITDA Margin, -3.2 ppts -34.2M 257M 2.0X Adj Net Income, 263.2% Operating Cash flow, -6.6% NET DEBT / TTM EBITDA * Before working capital changes 5
Slide 6: FY / Q4 2025 Highlights
FY / Q4 2025 Highlights 12,366M 75.0% 1.92% 0.46 56.00 4 Rigs BACKLOG UTILIZATION NPT - YTD TRIF RIG MOVES Resume +20% YoY Q4 ‘25 operations • Record high and • 45 active rigs / 60 • Maintaining NPT • Based on 1 • Slightly higher • First int’l offshore stable Backlog available level below 2% million
Slide 7: Backlog & Utilization Rate
Backlog & Utilization Rate 12.4 SAR, bn Backlog of SAR 12,366 Bn 11.1 11.0 10.3 9.5 4.6 • Record high and stable Backlog: 4.1 6.0 7.1 o Average remaining contracts tenure: 2.6 years 5.6 o Strong book-to-bill ratio 3.6x 6.8 7.7 4.2 3.9 4.0 • Backlog value in Q4'25 is 20% higher compared to Q4’24 Q4 ’
Slide 8: Contract Renewals - As of 31 December 2025
Contract Renewals - As of 31 December 2025 • In 2025, Arabian Drilling successfully renewed all 24 rig contracts due to expire. 21 1 • Renewals included 11 conventional gas land rigs with SLB. 11 12 0 7 • One offshore rig contract was renewed with 12 4 KJO. 9 6 2 1 2 3 0 1 • 4 rig extensions announc
Slide 9: FY 2025 Versus FY 2024
FY 2025 Versus FY 2024 -5.1% -17.8% 11.8% • Revenue (-5.1%): Mainly due to 3,619 3,433 41.7% 36.1% lower offshore and land conventional activities, largely 1,508 1,240 -90.8% offset by the strength in 426 unconventional segment . 1.1% 39 • EBITDA (-17.8%): decline mainly FY ’24 FY ’25 FY ’24 FY ’25
Slide 10: Q4 2025 Versus Q3 2025
Q4 2025 Versus Q3 2025 -1.3% -10.2% • Revenue (-1.3%): Full impact of 835 824 35.1% 32.0% reduced rig activity during -1.1% Q4, offset by longer rig moves in Q4 293 263 -9 • EBITDA (-10.2%): decreased with -4.1% lower activity and one-off demobilization/reactivation costs -34 Q3 ’25 Q4 ’25 Q3 ’25 Q4
Slide 11: Segment Analysis
Segment Analysis Land Segment Revenue and Adjusted GP % * 45 1,000 40 +13.8% 1,400 5,000 50 40 42% 35 2,436 1,200 35% 800 2,500 50 32% 35 4,000 36% 40 -2.4% 30 2,141 3,619 1,000 3,433 2,000 40 835 823 30 600 585 571 25 800 3,000 25 30 20 59% 1,500 30 600 20 71% 400 15 70% 69% 2,000 20 1,000 20 15 11
Slide 12: Net Income Bridging Q4 vs. Q3
Net Income Bridging Q4 vs. Q3 • Revenue (-11): marginally down on lower rig activity offset with higher rig moves. • Demob. Cost (-20): expenses -9 incurred with the return of -11 chartered offshore rig -2 • Taxes (7) : lower current and -20 deferred taxes due to net losses -35 position 7 Q3 ’25 NI
Slide 13: Cash On Hand Bridging Q4 vs. Q3
Cash On Hand Bridging Q4 vs. Q3 Significantly stronger Cash on hand, with strong customer collection in Q4’25 • EBITDA for the forth quarter -162 • Net Working Capital: 288 • Accounts Receivable declined -34 -87 595 in Q4 following improved client -22 collections; 263 • Inventory reduced to its lowe
Slide 14: Strong Debt Profile – Prudent Leverage and Strategic Flexibility
Strong Debt Profile – Prudent Leverage and Strategic Flexibility +0.1% • YoY Net debt stable at SAR 2.4B 3,000 -9.6% 3.02,500 2,441 2,443 3.0 • Increase from Q1 loan drawn down, 2,703 offset by the principal repayments 2,443 2.52,000 2.5 2,500 through the year. 2.0 2.0 2.0 2,000 2.0 2.0 • Cash level
Slide 15: Q1 2026 Outlook & Guidance
Q1 2026 Outlook & Guidance Revenue (Quarterly) For the first quarter of 2026, we anticipate slightly improved revenue due to rig resumptions compared to Q4 2025. CAPEX (Annual) CAPEX for the full year 2026 is projected to be in the range of SAR 750 million, including reactivation CAPEX for announced
Slide 16: Questions And Answers
Questions And Answers Investor Relations contacts: Bassem ElShawy – bshawy@arabdrill.com, Sarah AlQahtani – salqahtani@arabdrill.com 16
Slide 17: Appendix
Appendix This document and the information contained in it are given in confidence and are only to be used by the disclosing party and the receiving party to explore business opportunities relating to Arabian Drilling; they may not be disclosed to third parties or used for any other purpose without
Slide 18: Fleet Analysis
Fleet Analysis Total Available Fleet Active Fleet Inactive Fleet 61 60 45 45 16 15 2 2 2 2 1 0 10 9 6 6 5 5 3 3 49 49 37 37 7 7 Q3 ’25 Q4 ’25 Q3 ’25 Q4 ’25 Q3 ’25 Q4 ’25 Land rig Offshore rig SESV Land rig Offshore rig SESV Susp’d (Land) Uncont’d (Land) Susp’d (Offshore) Uncont’d (Offshore) 18